Indianapolis Times, Volume 48, Number 1, Indianapolis, Marion County, 12 March 1936 — Page 22

Trends Hits Plan to Scrap Excess Profits Tax. BY JOHN T. FLYNN

NEW YORK, March 12.—Politicians may not like to deal with taxes in an election year, but every sensible citizen knows that sooner or later the enormous bills for the depression must be paid. This means that the nation faces in the next three or 'four years the necessity of levying more and more taxes. It means that more sources of new taxation must be found.

But the Admi nis t r ation now proposes to throw into the ash can one of the most fruitful sources of taxes, namely the corporation excess profits tax. An excess profits tax is a th o roughly Just f o r m of taxation. Under our corporation tax 1a ws we have imposed a flat rate or something ap-

Flynn

proaching a flat rate on the incomes of all corporations. But clearly some distinction ought to be made between the corporation which is content with a moderate profit of 6 or 7 per cent and the corporation which manages to collect enormous percentages in profits. tt tt tt FOR instance, let us take two corporations, one with an investment of $100,000,000 and one with an investment of $10,000,000. The first gives work perhaps to large numbers of men, does a large business, contributes largely to the business activity of the country. The second involves a small investment, employs few men, makes a minor contribution toward the business activity of the country. But both these corporations have profits of $5,000,000. The $100,000,000 corporation will thus have a profit of 5 per cent. The $lO,000,000 corporation with the same money profit will have a rate of profit of 50 per cent. tt u u THERE is no reason why a corporation enjoying such excessive rates should not pay heavier taxes than the corporation operating on a moderate rate. At the present time we have a moderate excess profits tax. Corporations must pay from 12 ’2 to 15 per cent of their income, but if the net income is in excess of 10 per cent, they must pay an additional 6 per cent on the excess. If it is in excess of 15 per cent they must pay 12 per cent on the excess. As the necessity for laying taxes to meet the gigantic costs of the government and of relief is faced, we will be compelled to turn to the excess profits tax. The alternative is to lay the burden on the backs of the food-eaters and wage-earn-ers of America. This principle of taxation the President now proposes to scrap. (Copyright, 1936. by NEA Bervice, Inc.)

TIPTON INSTITUTION BECOMES FEDERALIZED Name Is Changed to First Federal Savings, Loan Association. Times Special TIPTON, Ind., March 12.—The old Home Saving and Loan Association, Tipton, has become federalized and now goes under the name of the First Federal Savings and Loan Association, it was announced today. The change was made following a recent meeting of the directors. The association is to receive its charter April 10. It then will accept deposits which will be guaranteed under the Federal laws up to SSOOO. The bank, however, will continue to function in every other line as usual up to that date. Officers of the old Home and Loan Association, who were elected last January, are to remain in charge. They are: Frank C. Suite, president; Charles H. Warne, secretary; Noah D. Brown, treasurer, and T. O. Andrews, H. F. Turnbell, Frank Suite, Joe DePasse, Dr. W. H. Hughes, Merle DeFord and N. D. Brown, directors. On Commission Row • Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUIT —Strawberries: Florida, pint. 18c; 36-pint crates. 17c. Cranberries, C. C Howes, Eatmores, 25-lb. box. $2.50. Pears: Washington D'AnJo ilOOs box), $3; Washington Bose (100-120), $3.25: Calltornla, Avacado (200-245). $3 50. Grapes; Extra Fancy Emperors (34-lb. sawdust chest), $3.50. Limes: Mexican carton. 22c; Persian seedless (doz), 45c. Dates: F- ;-v> Arizona, $1.50. Bananas, seven hands, pound. s'4c. Apples: Delicious (lancv baskets), $1.50: Jonathans, $1.50; Grimes Golden, $1.40; Rome Beauty, $1.60. Lemons: fcunkist (3605). $6. Grapetruit: Texas seedlt's (545-80s). $4: Arizona Sunklst (80s), $3. Tangerines: (Florida 120s. 1445. 1635), $1.75. VEGETABLES Artichoke. California (doz.), $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). 85cNew Texas (crate), $2.15. Rad Cabbage (50-lb. bag), $2. Carrots. California (6 aoi. * 3: Texas (3% doz. crate). $1.50. Cauliflower, California (12s crate), SI 65. Celerv, Florida washed and trimmed (doz.!, 45c$85c: Florida (4s, 6s, 8s 10s crate), $3. Cucumbers, hothouse (doz ), $1.25; (southern bushel), $6. Egg plant Florida (doz.). $l5O. Kale (Virginia bushel), sl. Lettuce, Iceberg Arizona • best 6s. ss), $4 25; home grown leaf (15jb. laskets), sl. Endive, California idoz.), * oc , PePPJJs. mangoes (crate). $7; peck basket. *1.75, (doz.i, 45c. Mint, hothouse (doz), 75c. Mushrooms (pound), 30c Mustard, Texas half crate. $1.50. Onions —lndiana yellow <SO-lb. bag). $1; Western Spanish (50-lb. bag). $1.75. Ovster plant, home grown (doz.i 40c. Parslev southern (long bunches d0..). 45c. Parsnips home grown wash ed (buschel). $l: (half-bushel), 60c. Pass Florida iham- ; ,2 ? n 5 „ ,K P °w Utoffc i. Michigan Round whites (100-lb. bag), $1.65; Maine Green Mountains (100-lb, Dag). $2.25; R. R. Early Chios ,100-lb. bag) $190: R. R. Triumphs (100-lb. bail $1.85; Idaho Russets < 100i**. 2 . 5 U. Id#ho bßkers '7os box). $2 50; Col. McClures (100-lb. bag) $2 10New Florida Triumphs 150-lb. bagi $2 oo’ Sweet Potatoes. Indiana Jersev. ,ij bushel). $1; medium (bushel). $1: Tennessee Nancy HalU (hampers). $1.15- Indiana Puerto Ricans (bushel cratei, $l5O Radishes, home grown buttons (doz.). 45c white. 40c. Rhubarb, hothouse (bunch)’ 40c. Rutabagas, northern 150-lb. bag)’ 85c. Sage (doz.). 45c. Shallots. Louisiana (doz ). 45c. Spinach, New Texas (bushel) sl. TurniDS. home grown washed (bushel) $1.50. Tomatoes repacked )10-lb. box)’ $1 35411 60; original Cuban (SO-lb. lug). $3! FRITTS AND VEGETABLES (By United Press 1 CHICAGO, March 12. — Apples —Michigan Mclntosh, bu., 75c(h$!.3S. Carrots —lllinois bu, 25®30c. Sweet Potatoes—Tennessee' bu.. 80085 c. Beans—California, bus. $2 50 ®2.85. Cabbage—Texas, ctates, 81.40 1.50. Peas—CalUor.M* bu. hampers. 82 50® 3.6s.SSpinach—Texass s bu., 75® 85c. Lettuce —Western, era tea. • dot., $2.5033. Celery —Florida, erates. 82 50*3 Cauliflower— California, crates. 81.1501.25. Tomatoes— Maxican lum, |3.2S®J.7S. Onion market < SO-lb. sacks t, western Valencias. 11. IHlnoi* yellows, 50675 c; Michigan yellow*, 606,75 c; Minnesota yellows, 50660 c. • ‘ .. . . v

PAGE 22

NATIONAL DEBT UP 3 BILLIONS TO NEW PEAK Treasury Figures Show Reduction in Annual Interest Bill. (Copyright. 1936. by United Press) WASHINGTON, March 11. Treasury statistics today showed an increase of almost $3,000,000,000 in the interest-bearing public debt during the last two years and, at the same time, a reduction in the annual interest bill by $91,064,695. The debt last month was at a record high of $29,449,000,000. Quarterly financing completed

this month involved offerings of $1,250,000,000 in 2% per cen> bonds and 1 % per cent notes. This action, Administration officials asserted, placed the debt in a position for re f u n anding as soon as the country is able to pay over surplus revenues.

| Morgenthau

Credit for reduction in the interest bill, however, has been disputed. Administration critics contend that it is due to conditions in the money markets and lack of confidence in private enterprise over a considerable period, rather than any canniness on the part of the Treasury. New Dealers Claim Credit The New Deal experts claim a share of the credit by asserting that close supervision of financial conditions and careful avoidance of overselling—and consequently glutting the market—has aided in the rate reduction and maintained popular demand for Treasury offerings. Another factor credited with aiding in lowering interest rates is the Hoover-created Reconstruction Finance Corp. New Deal refinancing was begun early in 1934 when interest rates were near 3.2 per cent compared to the present 2.551. The chief aim of the early financing was to substitute for large sums of the war time debt, paying high interest rates, low interest-bearing securities. Largest Interest in 1919 At the same time, dollar devalua-* tion profits to the extent of $344,244,850 have been used to pay off three issues of 2 per cent bonds. The debt at the end of last nionth was $29,449,803,670, as compared with $26,480,487,920 in 1934. At the same time interest charges yearly have been reduced from $842,301,133 to $751,236,447 and computed rates by more than 0.5 per cent. The largest interest burden ever carried by the Treasury was in 1919 when interest charges on a debt cf $25,234,496,273 were $1,054,204,509 at rates computed at 4.178 per cent.

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 Home TANARUS& T. Fort Wayne. 5% 104‘ d ’ lo!*’ Home TANARUS& T. Fort Wayne. 6 .103 106 Indianapolis Railways, Inc... 66 69 Indianapolis Water Cos. 4% .105 107 Indianapolis Water Cos.. 5.. 105 107 Indianapolis Water Cos.. 5 . 105 107 Indianapolis Water Cos.. 51/2 105 107 Indianapolis Water Cos.. 5%.i05 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 L t & Pwr, 6Vi 98 100% Ohio Telephone Service. 6 ... 9714 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 75 78 STOCKS § e !f 5£ * stock Yards Com. 53 55 Belt R R & Stock Yards pfd, 6 5214 Central Ind Pwr pfd 7 17 '26 Home TSz TANARUS, Fort Wavne. 7.. 52% 54% Hook Drugs. Inc., com 16% 18 •Ind & Mich Elec Cos., pfd. 7 103% 106% t I ? d t , G S ner: i. 1 , Service Cos.. 6.. 96% 99 Ind Hydro Elec Cos., 7 58 61 Indianapolis Gas Cos., com.. 6.. 35 38 •Indpls Pow & Lt Cos., pfd., 6 . 89 92 •Indpls Pow & Lt Cos., pfd., 6% 93 96 Indianapolis Wafer Cos pfd 5 .103% 106% North Ind Pub Serv pfd 5%. 68 71 North Ind Pub Serv pfd. 6... 73 76 North Ind Pub Serv pfd. 7.. 83% 86% Progress Laundry Cos. com . 9 10% d U u f,erv Cos of Indiana, pfd. 6 19% 22% Pub Serv Cos of India, pfd. 7 44 47 Terr? *<£’ Yt 6 g Un *E°x n -dTviden C d?’ C ° m - 6 20 * 23 Investment Trusts (By Thomas D Sheerin & Cos.) Administered Fund 2nd ?16.91 sl7 99 Affiliated Fund, Inc 198 216 American General Equities .. 110 113 American Business Shares ... 1.19 i'io Bullock Fund Ltd 17 80 19 50 Century Shares Trust 27.30 30.00 Collateral Tr. Shares “A"... 6.62 670 Corp AA or ‘Aecum’ (mod.) 3.35 339 Corp AA or ‘ACC’ (unmod.) 2.67 270 Corp Trust Shares (Orig.) 2.84 287 Diversified Trustee Shares B’ 10.85 10.95 Diversified Trustee Shares ‘C* 4.56 460 Diversified Trustee Shares ‘D’ 6.80 6.90 Dividend Shares. Inc 1.65 180 Incornorated Investors 22 95 24 62 xlnvestors Fund Amer 107 117 Market Street Invest Corp.. 31.55 33 19 xMaryland Fund 19.35 20 90 Massachusetts Investors ... 25.78 28 02 Nation-Wide Sec Cos. “8”... 4.35 Nation-Wide Voting 1.77 192 North American Tr Shs 1955 . 3.34 337 North American Tr. Shs. 1956 . 3.30 333 North Amer. Tr. Shs. (Orig.) 2.62 Quarterly Income Shares .. 1.58 173 Representative Trust Shares.. 12 55 12.70 xSelected Amer Shares Inc .. 1.58 1.73 Selected Amer Shares (Orig).. 3.69 Selected Cumulative Shares . 9.47 9.57 Selected Income Shares 497 5.07 State Street Investment Corp 99.00 103.50 Super Corp of America -AA” 2.81 284 Super-Corn of America "BB'* 2.84 2.87 Super-Corp of America “A”.. 422 4.27 Super-Corp of America ”B” 4 42 4 47 Super-Corn of America ‘C ‘D’ 8.14 8.22 Supervised Shs Inc (Delaware) 1.70 1.86 Trustee Stand Oilshares "A" 7.63 7.73 Trustee Stand Oilshares "B” 6.82 6.92 Trustee Stand Investment “C” 2.92 3.02 Trustee Stand Investment ”D” 2.93 2.96 Universal Trust Shares 135 TTselos "A" 18 60 18 90 Usclds •■B” 288 Uselos oVtlng 1.10 United Standard OUfunds .. 1.39 1.53 xEx-Dividend. Chicago Grain Futures _ 11:00 Prev Wheat— High. Low. A M. close. May 1.00% .99 5 , .99% .#9% Julv 90 .R 9% .89% 89V'. Sept 83% .88% .88% .88% CornMay 60% .60% .60% .603, •lulv 60% .60 s , .60 s , 60 Sept .... .61 .60 s , 60% Oats— May 27% .27% .27% 271/, Julv 27% .27 .27% "27% Sept 27% .27% .27V, .21 Rye-L May 56% .56% .56% .56% Julv 56% .55’, .56% .55% Sept 56% .56 .56 ,55V* LOCAL CASH MARKET Cltv grain elevators are paying 94 cents for No. 2 soft wheat. Other grades on their mvtts. Casa corn new No, 4 yellow 50 cents and oats 21 cents. * . \ *>. v;V.

Abreast of The Times on Finance

New York Stock Exchange Prices

(By Thomson & McKinnon) Prev. Oils— High. Low. Close, close. Amerada 120 118% 118% 122 Barnsdall 17 17 17 17 Consol OH 14% 14% 14% 14% Cont ol Del .... 35% 35'* 35V* 35% Houston (new).. 11% 11% 11% 11S Mid Cont Pet... 19% 16V* 19% 20% "% OH 16% 16 16 16V* Corp 17V* 17Vs 17Vs 17V* tii.lllps Fit 42% 42% 42% 43% Pure Oil 23% 23% 23% 23V, Seaboard Oil ... 41", 40% 41 Vi 41% Shell Un 17% 17% 17% 18 s , Soc Vac . 15% 15% 13% 15% S O of Cal 46 46 46 46 SO of Ind .... 38% 37% 87V, 38% S O of N J 62% 62 62 62Vi Texas Corp 37% 37% 37% 37% Tidewater Assn. 18% 18% 18% 18% Un Oil of Cal... 28 27% 27% 27% Steels— Am Roil Mills... 29% 29% 29% 30% Beth Steel 56% 56 53 56% Byers A M 22% 22 22% 22 V, Cruc Steel 33 33 Ludlum Steel ... 28% 28% 28% 29 Mid Steel 37% 37% 37% 38'/a Natl Steel 68% 68% 68% 68 Otis Steel 19% 19V, 19% 20 Rep Ir A Steel.. 21 23% 23% 24% U S Steel .... 64 63% 64 64% U S Steel pfd ...129% 129 129 129% Warivn Bros. 7% 7% 7% 7% Warren Pioe & F 26 V 26 26 26 Youngstn S& T 50% 50% 50% 50% Motors— Auburn 49% 49 4 9 49Vi o-rysler 96% 96% 96% 97% Jen Motors ... 62 61 s * 62 62% Graham Mot ... 3% 3% 3% 3% Hudson 18% 18 18 18% Hupp 2% 2% 2% 2% Mack Truck ... 34% 34Vi 34% 34% Nash 20 19V, 19V, 20 Packard 11 11 il 11 Vi Reo 7% 7 V, 7% 7 % Studebaker ... 13% 13% 13% 13% Yellow Truck .. 16% 16% 16% 16% Motor Access— Bendix 23% 25% 25% 25% Bohn Alum 60% 60% 60% 61V* Borg Warner 81% 81% 81% 81% Briggs 61 61 61 62 Vi Budd Mfg 14 13% 1334 14% Budd Wheel 12% 12% 12% 12% Eaton Mfg 313/* 313% 31% 3x34 Eiec Auto Lite.. 41% 41 Vi *l 3 /4 42% Greyhound (B).. 68% 68 68 69 Houdaille 30% 30% 30% 31 Murray 80dy.... 21V, 20% 20% 21V, Stew Warner... 21% 21 21 21V, Timken Roll .... 70V* 70 70 70% Timken Det Axle 16 15% 15% 16 Mining— Alaska Jun 15V, 15% 15V, 15V, Am Smelt 79% 79Vi 79% 80% Anaconda 34% 34% 34% 35Vi Cal & Hecla 9% 9% 9V, 9V, Granby 10% 10% 10 3 /, 10 V 4 Gt Nor Ore 19% 19% 19% 18 3 /* Ins Copper 13 12% 13 13V, Int Nickel 48% 48% 48% 49% Kennecctt Cop .. 373/4 37 3/ g 37V* 38 Mclntyre Mine.. 423/, 42 ’ a 423/g 42 Park Utah 5 5 5 SV, Phelps Dodge . 363% 363% 36% 36 % U S Smelters ... 88 87 87 88 Vanadium 23 3 ,4 23% 23% 23 3 4 Amusements— Crosley Radio . 17 17 177 17 Loews Inc 50% 50% 50% 50% Radio Corp 12 3 /* 12% 12% 12 3 /* Paramount 10 9 3 /4 9 1 /, 9% RKO B*4 8% 8 Vi B'/a Warner Bros ... 12% 12 12 12% Am Tob '‘A” .. 90% 90 90 90% Am Tob “B” . 93 92 92 92% Ligg & Myers B 101 101 101 101 Philip Morris . 70 70 70 70% Reynolds Tob B 53 53 53 53 3 /, Rails Atchison 78 77% 78 78% Atl Coast Lines.. 29V, 28% 29V, 30% B & O 21 20% 203/* 21% Can Pacific 13 3 /, 13 m, 13V, Ch Ac Ohio 56% 56% 56% 56% C M' & St P ... 2% 2V, 2V, 2% C M & St P pfd 4 % 4Vs 4% 5 Chi N W 4Vi * 4V 4% 4% Dela & Hud ..47 47 47 47V, Del Lac & W .. 193% 1934 1934 20% Erie 15 I*% 14% 1534 Gt Northern pfd 39% 39 39 40V, 111 Central 24% 24% 24% 25% K C Sou 22 21% 21% 21% M K Ac T 8% BVs 8% 8% MKAc T pfd 22% 22% 22% 22% Mo Pac pfd 6% 6% 6% 6% N Y Cent 36 35% 35% 37 N Y New Haven 4% 4% 4Vi 4% Norfolk & Vest .235 235 235 236 Penn R R 34% 33% 33% 34% Sou Pac 33% 33% 33% 34 3 /* Sou R R 17 Vi 17 17% 18 Union Pac 135% 135% 135% 135% West Maryland.. 10% 10% 10% 10% Equipments— Am Car & Fdy.. 37 36% 36% 37% Am Loco 31 3 /* 313/4 31% 31% Am Steel Fdy.... 30 30 30 29Vi Bald Loco 5Vi s s /4 5% 5% Gen Elec 39% 39 39% 40% Pullman Inc .... 45'/* 44% 44% 45% West Air 8r... 44 44 44 45% Westingh Elec ..117 117 117 117% Utilities— Am Power A: Lit 9% 9Vi 9% AT&T 170 170 170 173 Am Wat Wks ... 21% 21% 21% 22% Col Gas & Elec.. 17% 17% 17% 18% Comm & Sou 3'/s 3Vs 3% 3V* Consol Gas ... 34% 33% 34% 34V4 Elec Pwr & Lit.. 13% 12% 13 13% Int Hydro Elec.. 4 4 4 4 Interboro RT .. 16% 16% 16% 16 3 / 4 Int T & T 163/ 4 16% 163/, 17 Nat P & Lit .. 11 11 11 10% N Anver 27% 26% 26% 27% Pac G & E 35 35 35 35% So Cal Edison. 25V* 25'/ 4 25% 25% Stone & Web.... 16% 16% 16% 15% United Corp ... 7 3 / a 7% 7 3 / a 73/ g Ut Pwr & Lt A. 534 a 3 /* 53* 6 West Union .... 87% 87% 87% 89 Rubbers— Firestone 31 3 /* 30 3 /* 30 3 4 31% Goodrich 19% 19V* 19% 19% Goodyear 28 28 28 28 3 4 U S Rubber ... 23% 22% 22Vs 23Vs U S Rubber pfd 64% 63 3 /* 64V* 64% Miscellaneous— Allis Chalmers . 47V* 47 3 / g 47Vi 47% Brklyn Man Tr.. 49% 49% 49% 50 J I Case 132V* 132% 132% 134 Curtis Pub 203/s 20 3 /i 20% 20% Deere & Cos. .. 82V, 81% 82% 81 Foster Wheler .. 33 3 /* 33 3 /* 33% 34 Gillette 17% 17% 17V* 17% Glidden 48% 48% 48 V* 45 V* Int Bus Mach... 179 179 179 181 Inter Harv . ... 79 77% 77% 80 Worthington P.. 31% 31% 31% 31

Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask. •Bankers 64% 66% .Central Hanover .. 115 117 Chase 39 40% Chemical National 58% 60% Guaranty 294 298% Irving 17 18% Manufacturers 45% 47 % National City 35% 37 Cont 111 Chicago 164% 167% First National Boston 46% 48% National Shawmut ... 26% 28V2 FIRE INSURANCE Aetna Fire 57’% 59% American Ins of Newark 15% 17% Baltimore American 9V, 10% City of New York 28% 30% Federal Ins 53V2 56% Franklin Fire 32V, 34V, Great American Ins 30% 32% Hanover Fire Ins 39% 41V, Hartford Fire Ins 80% 82% Home Ins 36% 38% National Fire 79% 81% Ins Cos of A 76 78% National Liberty 10% 12V, North River 28% 29% Phoenix 95 Vi 97% U S Fire 57 58% Westchester Fire 38% 40% •Ex div. New York Curb (By Atkins, Hamill & Gates) 12:15 A. M. Prev. N. Y. close. Aluminum Cos. of America —l4O 141% Am Cyanamid “B” 36 36% Am Gas & Electric 38% 38% Am Superpower 2% 2% Ark Natural Gas "A” 6% 6% Am Superpower 2% 2% Ark Natural Gas “A” 14 14 Carrier Corp 10% 10% Creosa Petroleum Corp 30% 30% Crocker-Wheeler 13% 14 Elec Bond <& Share 18 Vi 19 V, Fisk Rubber 7% 7% Ford Mot Canada “A” 25% 25% Glen Alden il) 15% 15% Grevnfleld Tap & Die Corp 9% 9% Gulf Oil Corp of Penn 96 97% Humble Oil & Refining Cos. .. 76% 74% Huyler sos Del, pfd 36% 36% Bvgrade Food 4% 4% Imperial Oil of Canada 22% 23 Lake Short Mines 54% 54’'Molybdenum Corp of Amer... 10% 11 Natl Bellas Hess Inc 2% 2% Niagara Hudson Pwr 9V, 9% Per nroad Corp 5% 5 Reliable Stores Corp ........ 18 Root Petroleum 11 % 11% St Regis Paper Cos 4’, 4% Segal Lock . 4% 4% Sonotone 2% 2% Technicolor. Inc 31 % 31 Tobize Chatillon Corp 9 9Vi Wayne Pump 28’, 29 Automobile DEPOSITORY Bonk from Yoor Cor Bankers Trust Cos. INVEST with Ist Mortgage Security on Improved Real Estate BUY Building & Loan Shares "C"—■ mmsm .

THURSDAY, MARCH 12. 1936

Food, — Am Sugar M 53% 54 53 3 i Armour 6% 6% 6% 6% Beatrice Cream y 25 25 25 25% Borden P/od ... 27V* 27% 27% 28 Can Dry G Ale.. 14% 14% 143, 14% Corn P:od ... 72% 72V* 72% 72% Cuban Am Sugar 14 14 14 133* Gen Baking 12% 12% 12% 12 3 , Gen Foods 35% 34% 34% 34% G W Sugar3 3 3 37V4 373.4 38 Natl B.scuit 34% 34 34% 35 Natl D Prod 24% 24% 24% 24% Purity Bak 15 15 15 15% S Porto Rico Sug 32 31 Vi 31% 32 Std Brands 16% 16% 16% 18V, Retail Stores— Allied Stores 8% 8% B*i 8% Assd Dry Goods 16% 16% 16% 17 Gimbei Bros .... 10% 10% 10.% 10 Gm Un Tea 5% s’/, 5Vi 5% Kresge S S 23% 23Vi 233, 23% McCrory St 15% 15% 15% 15% McLellan St ... 13% 13% 13% 14% Marshall Field . 17V, 17 3 * 17% 173, Mont Ward 39% 39% 39% 40% Penney J C 72 71V, 72 72 V* Safeway St 32% 32% 32% 32% Sears Roebuck .. 63% 63% 63% 64% Woolworth 51% 51V, 51V, 51% AviationAviation Corp .. 7 3 ,, 1% 7% 7 3 i Curtiss Wright 9 8% 8% 8% Curtiss Wright 'A’ 20 193* 193 4 x 9 3 /4 Nor Am Av 10 93% 9*/* 10 Sperry Corp 22% 21% 22 22 Utd Aircft New.. 31 30% 30% 30% Chemicals— Allied Chem 190'i 190% 190% 190% Am Com Ale 31% 31% 31%333:,1 3 :, Com Solvents ... 22% 22% 22V, 22% Liquid Carb 39% 39% 39% 39% Math Alkali .... 34% 34% 34% 34% Natl Dis mew) . 32V* 32V, 32% 32% Tex Gulf Sulph . 35% 35% 353* 36 V, Union Carbide .. 84% 84% 84V, 86% U S Indus Ale .. 52% 51 Vi 52 52V, Drugs— Bristol Myers ... 48% 48% 48% 48% Coty Inc 6Vi 6% 6% 6% Lambert 23% 23% 23% 23 3 * Lehn & Fink ... 13V* 13% 13% 13 3 * Sterling Prod .. 69Vi 69 % 69% 70 V* Vick Chem 43 Vi 43% 43 V* 43% Financial— Adams Exp .... 12% 12 3 * 12% 12% Allegheny Corp.. 3% 3% 3% 3% Am Int Corp ... 12 12 12 12% Lehman C'orp... 98 98 98 98% Transamerica .. 14 13% 14 13% Tr Conti Corp.. 10% 10% 10% 10V* Building— Am Radiator.... 22 21% 21% 23V, Gen Asphalt.... 33 32 3 * 32% 32% Holland Furnace 37'/, 37% 37V, 37% Johns Manvllle 118 118 118 118 Libby Owens Gls 60 3 /* 60% 60 3 * 61 Vs U S Gypsum.... 105% 104% 104% 104 3 /* Household — Col Pal Peet.... 18V, 18V, 18V, 18%

Metropolitan Life Insurance Company Policyholders have an interest in this Annual Report TT may be assumed that these policyholders The figures below show the amount of the took out their insurance through a sense claims paid by this Company last year. They of responsibility for those in whose protection also show how well prepared the Company is they are interested. to meet its responsibilities in the future. When they pay their premiums, there falls The number of policies and the amount of upon the Insurance Company a responsibility insurance in force reflect the confidence to pay current claims and to provide adequate reposed in the Company by the people of the funds for the payment of all future obligations. United States and Canada. •"= —— * —♦ Report for the Year Ending December 31, 1935 (In accordance with the Annual Statement filed with the NewYork State Insurance Department) INSURANCE IN FORCE BUSINESS IN 1935 FIGURES) Life: New Life Insurance issued: Ordinary * • • • • • * $10,483,415,421.00 Ordinary Industrial* <••••* 6,829,500,380.00 ' KMcmcioio/) rr, , A Group *••••••* 172,083,462.00 Total •••••••• $20,269,349,576.00 ~ Total * . * . 8 • • * $2305395,227.00 Accident and Health Revived and Increased . • < $813,312,899.00 Weekly Indemnity • • • $15,650,772.00 Policies: EsjUtiF* Payments to Beneficiaries Life (Including 1,670,041 Group MIT andPolicyholderss Certificates) ....*. 42,165,146 EL Death benefits **o . . $157,889,172.69 AcC il en '? n i Hea !i h (^ cludin g M Other payments to 865,981 Group Certificates) . , 1,082,250 JiL policyholders * , . . $377362,411.32 ASSETS AND LIABILITIES ||||| Total *•• • • $535,251,584.01 Assets ••••••**• $4,234,802,511.49 Jgi) BUSINESS IN 1935 (DAILY AVERAGES) Liabilities: SjaH Life policies issued and revived per day 18,242 Statutory Policy Reserve s 3,689,776,768.00 ISSSjiSa ,r 1 • *j j , ~ Number of claims paid per day • Dividends payable to policy- T -r • . , . , holders in 1936 . . , 95,994,851.00 fU lgi Llfe insurance issued, revived and Other Liabilities .. . > 144,221,171.70 |i|g increased per day ... . . $10,327,510.00 Contingency Reserve • • 45,000,000.00 g“i If’ >avm , ent ; s beneficiaries and Total Liabilities •* * $3,974,992,790.70 l reserve per day. *•• • 52330,620.00 Unassigned Funds (Surplus) • $259,809,720.79 Increase in assets per day $• 5674,485.00 *• ■ I The Metropolitan is a mutual organization . Its assets are held for the benefit of its policyholderst and any divisible surplus is returned to its policyholders in the form of dividends METROPOLITAN LIFE INSURANCE COMPANY FREDERICK H. ECKER NEW YORK LEROY A. LINCOLN President { Vice-President and General Counsel

Oongoleum 38% 38 38 38% Kelvinator "2% 21% 21% 22% Proc & Gamble . (6 46 46 46V, Servel Inc 19% 19*, 19 s , 19 3 4 Simmons Bed .. 27 26% 26% 27V, Textiles— Amer Woolen .. 10 % 10% 10% 10% Bedding Hem ... 15% 15% 15% 15% Celanese Corp . 28% 28% 28% 28% Collins-Aikman . 46% 46% 46% 46% Gotham Hose ... 12 11% IP, ll 3 4 Indus Rayon 29% 29% 29% 29% Kayser Julius .. 30 3 4 33 3 30 3 4 333,9 3 , Real Silk 16% 16% 16% 15% Chicago Stocks (By Atkins, Hamill & Gates) 11:00 Prev. A. M. close. J D Adams i B % 18% Advance Alumnum 8% 8% Berghoff 11% 11% Butler Brothers 10% 10% Cent 111 Pub Service pfd .... 60% 61 Chicago Rivet & Machine .... 29 Chicago Yellow Cab 25 25V, Cities Service 5% 5 2 Commonwealth Edison loi' 101 Coed 6% 7V, Crane 27% Electric Household 16% i6% General Household 4% 4' Godchaux Sugar "A” 36 36 Godchaux Sugar *'B” 15 s * 16 Grt Lakes Dredge 29’; 29’: Jarvis Mfg 22% 22 5 , Ken-Rad TANARUS& L 11% 12 Libby McNeil & Libby 9 3 ; . Lincoln Printing 8% 8 3 i Loudon Packing BV, 8% McGraw Electric 32% 32% Nat Gypsum 58 57 3 / 4 Northwest Bancorporation ... 11 HV, Signode Steel 12% 12% Swift International 32% 32% Vortex Cup 19V* 19% Zenith 17% 17V, Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,591,000 Debits 6,179,000 TREASURY STATEMENT (By United Press) WASHINGTON, March 12.—Government expenses and receipts for the current fiscal year to March 10, as compared with a year ago: This year. Last year. Expenses $ 4,875,987,713.88 $ 4,686,058,499.29 Receipts . 2,458,278,939.95 2,379,519,548.89 Deficit ■ . 2,417,708,773.93 2,306,538.950.40 Cash bal. 1,762,164,811.20 2,050,357.720.98 Pub. dbts. 30,507,882,339.63 28.559,872.780.95 Gold res. 10,169,062,897.73 8,547,422,440.31

SEEK UNIFORM, ‘CALL REPORT' FOR ALL RANKS Group Oters Proposals to Cut Unnecessary Red Tape. By United Press WASHINGTON. March 12.—A plan to eliminate unnecessary red tape in banking was*" offered banking associations throughout the nation today in tentative drafts of a proposed uniform “call report.” The Permanent Standing Committee for the Standardization of Bank Call Reports drew up the plan which it hoped will simplify gathering of information now required of banks by different authorities. The meeting was attended by representatives of the Federal Deposit Insurance Corporation, the Federal Reserve Board of Governors, the American Bankers Association, the National Association of State Bank Supervisors and the National Association of Bank Auditors and Controllers. The commitee was formed last May 23. Seek to Cut Duplication The proposed plan is somewhat similar to that used by insurance companies in limiting reports to a standardized form. Chief objectives are to eliminate red tape and duplication. Under the present system calls are usually made several days after the named date, allowing closed books to be requested immediately. The Federal Reserve System requires four calls a year; the FDIC asks two; and the various states each usually request four or five

Coal Demand Is Light Many mines in practically all coal fields arc taking idle time in the light demand. Business is very quiet and no improvement is held in sight, subject to colder weather.

FACES INDICTMENT

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Arthur W. Cutten, famed Chicago grain speculator frequently referred to as the “Sphinx of La Salle Street,” today faces a Federal indictment charging a willful attempt to evade income taxes for 1929. The true bill was returned by a Federal grand jury in Chicago. inspections of the banks’ assets and debits. Committee members said several states had already agreed td abide by the uniform draft plan if it works out satisfactorily. At present 22 states are using identical forms for their reports but there is wide diversification among the others. OTIS STEEL EARNS $1.69 CLEVELAND, March 12.—The Otis Steel Cos. today reported net earnings for 1933 at $2,288,664, equal to $1.69 a share on the common stock. This was the best income reported by the company since 1929.

PREDICTS 1936 MEAT OUTPUT TO DEJIGHER Current Production Placed at 15 Per Cent Above 10-Year Average. Times Special TOPEKA. Kan., March 12.—Meat production in the United States this year will probably be slightly greater than 1935 production, although still apparently 12 or 15 per cent below the 10-year average just preceding, said George M. Lewis, Chicago, associate director of the Department of Marketing of the Institute of American Meat Packers, said today. Beef production this year probably will be somewhat larger than normal, he said, although hardly as large as the unusually large amount produced in either of the last two years. A > to pork, however, the long-ex-pected upturn in hog production has already begun, the annual live stock survey of the United States Department of Agriculture having shown 3% million more hogs on American farms in January, 1936, than in the preceding January. This increase in production should be reflected in increased marketings very soon. “If normal weather conditions prevail; the Federally inspected slaughter of hogs in 1936 will probably be between 31 and 32 million head, as compared to last year’s 26 million, whic haccording to the Department of Agriculture was the lowest since 1910, and the second lowest since 1869,” Mr. Lewis asserted.