Indianapolis Times, Volume 48, Number 2, Indianapolis, Marion County, 13 March 1936 — Page 26

Trends Happy Days Over as Taxes Increase Steadily. BY JOHN TANARUS, FLYNN

TVTEW YORK, March 13.—The *■ art of political prophecy is ? difficult one. It is particularly difficult when the prophet seeks to peer into the distant years. Whoever finds himself a little bewildered as he tries to picture what will happen in 1936 will realize how much more difficult it will be to look ahead to 1940.

Yet there is one touchstone which becomes every day more obvious and which every prophet must use who would make the lonerange estimate o n American politics. That touchstone is taxes. One thing is certain: The happy days are over the happy days of low taxes save Upon easy

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Flynn

money incomes. Americans hardly realize that they have been almost freest of any people in the world from the burdens of taxation. But that period comes to an end and we may now perl our weather eyes to see how Americans will react to severe taxes. a a a / T”'His year, in New York State at least, for the first time it will be true to say that for taxpayers in certain brackets the combined Federal, state and city taxes will make certain American citizens the most heavily taxed people in the world. How smoothly, quietly, even unperceived this can come' about is illustrated in the state of Npw York. Last year the Legislature passed ii new tax bill. But a thing like that, affecting the pockets of so many, could actually go through without any one knowing that taxes were being raised to a point which gives citizens of that state a record world standing and without any one realizing it was being done. There was no outcry. People did not, until very recently, realize it. The squirming under this realization now gives some idea of the manner in which Americans everywhere will behave when we settle down to the business of taxation. a a a IT is an appalling thing to be told -*• that now the Federal government is raising only one-half the money it spdnds and that the other half is obtained by borrowing; that only 7 per cent, of the government's expenditures are obtained by personal income taxes and ft per cent by corporation income taxes and that all the rest is obtained by taxes which may be classified as one form or another of sales taxes. Obviously, beginning next year this vicious system will be abandoned. Who is going to make the break? What party is going to be resorted to? And what will be the reaction to the change? It is bound, for one thing, to provoke a violent interest in politics. It is bound to bring about a strong cleavage between those who have and those who have not. It is due to give an impetus to the populist parties and to consolidate the properties groups into tax-re-sisting armies. It may completely break up our old party lines. It is full of possibilities interesting to ponder now. It probably means that we are about to enter an era of political activity exceeding anything ever known in the country before. I Copyright. 1938. 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 —Strawberries: Florida. pint. 18c; 36-ptnt crates, lie. Cranberries. C. C. Howes. Eatmores. 25-lb. box, $2.50. Pears: Washington D'AnJo (100s box), $3; Washington Bose (100-120). $3.25; California. Avacado t2OO-245). $3 50. Grapes; Extra Fancy Emperors (34-lb. sawdust chest), *3.50. Limes: Mexican carton. 22c; Persian seedless (doa.t. 45c. Date',; Fresh Arizona. *1.50. Bananas. sevn hanus. pound. 5 tic. Apples: (fancy baskets), *1.50; Jonathans, $1.50: Grimes Gcldan. $1.40; Rome Beauty, *1.60. Lemons: Sunklst (3605). 36. Grapefruit: Texas seedless is4s-80s). $4; Arizona Sun - ktst (80s). *3. Tangerines: (Florida 120s, 1445. 168s). *1.15. VEGETABLES Artichoke, California (dot.). $1.15. Beans, green round stringless (hampers). $2.75. Beets; Texas (3 doz. crate). *1.50; cut offs (bu.), SI. Brussels Sprouts. California (lb.), 18c. Cabbage, New' York Danish (50-lb. bag) 85c: New Texas (crate). $2.15. Red Cabbage (50-lb bag). $2. Carrots. California (6 doz. CTRtei. S3; Texas 43 * a doz. crate). $l5O. Cauliflower. California (12s crate). *1 65 Celery. Florida washed and trimmed tdoz ). 45c®85c: Florida (4s. 6s. Bs. 10s crate), $3. Cucumbers, hothouse tdoz.), *1.25: (southern bushel). $6. Egg plant, Florida (dot.), $l5O. Kale (Virginia bushel'. *l. Lettuce. Iceberg Arizona ibest 6s. ss). $4.25: home grown leaf 1 15lb laske*>. sl. Endive. California idoz.i. 90c. Peppers, siangoes (crate). $7: peck basket, *1 75, (doz.). 45c. Mint, hothouse idoz.\ 75c Mushrooms (pound). 30c Mustard. Texas half crate, $1.50 Onions —Tndtara yellow 1 50-lb. bag). $1; Western Spinlsh tSO-lb. bag). $1.75. Oyster plant, home grown (doz.). 40c. Parsley, southern (long bunches doz.). 45c. Parsnips. home grown washed ibuschel'. $1: (half-bushel). 60c. Peas. Florida ihamper). $2.25 Potatoes. Michigan Round Whites 1 100-lb. bag). $1.65: Maine Green Mountains 1 100-lb. Dag). $2.25: R. R. Early Ohios (100-lb. bag). $1.90: R. R. Triumphs (100-lb. bag). $1.85; Idaho Russets (100lb 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 Jerseys (Is bushel). *1: medium (bushel), $1; Tennessee Nancy Halls (hampers). *1.15: Indiana Puerto Ricans (bushel craie), *1.50. Radishes, home grown buttons idoz '. 45c; white. 40c Rhubarb, hothouse (bunch), <oc. Rutabagas, northern (50-lb. bagi. *sc Sage (do/ ). 45c. Shallots. Louisiana ’dor '. 45c. Spinach. New Texas (bushel) sl. Turnips, home grown washed (bushel). *1 50 Tomatoes repacked < 10-lb. box'. ♦1.3551 60; original Cuban (30-lb. lug). $3. Chicago ilrain Futures (By James E. Bennett A- Cos.) 1100 Prev. High Low A M. close WhealMay 100% 0<T t I.oo'* 100'. July 90*4 89% JO 901. Sept M M% .80% .89'* CornMay 60% .60% .60 s . .60 s * Julv ‘.6lV* 60% 61 .61 Sept 615* .61 .61 .61 OaU— May Xl'k .27 s * .27 s , .27’* July 27 1 , .27 5 , .$7% ,27 s . Sept 27* ,27 s * .57* .57* Bye— May M% .56’ * 56'. .56* July *6% .56* .56* .56* Bept •*** 56 s * .56* .46* LOCAL CASH MARKET -JitT grain elevator* are paving 95 cents tor No 2 soft wheat Other grades on •heir merit* Ca*n corn new No. 4 yellow P 0 cents end oats 21 cents.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 26

FARM MEASURE IS BRANDED AS WEAK, UNSOUND

Supporting Taxes Allow No Real Benefits, Says Economist. BY A. L. JACKSON Vice President, Economics Statistics. NEW YORK, March 13.—'The farm measure passed by Congress 1 authorizes the expenditure of $300,000,000 for farm relief. The Secretary of Agriculture is directed | to distribute this money on the basis of farm population of the respective states, the value of agricultural commodities produced and the acreage and productivity of land devoted to agricultural production. The purpose is to “equalize farm purchasing power with that of the laborer.’’ The purchasing power relationship of these two groups which existed in 1909-1914 is the theoretical ideal l established as a goal. Program Called Weak The measure is extremely weak and Is not justified either from an economic or business point of view. A few of the weaknesses, or at least I Points which are op°n to serious ; question, are as follows: L What is there in the nature of ! statistics which indicates that 1909-1914 was a period when agricultural purchasing power was equal to, or at parity with, the purchasing power of labor? The only reliable data reported, that made available by the Department of Commerce, shows that, except for the war-time period when farm commodities were in great demand, the 1909-1914 level of farm purchasing power was at its highest level relative to non-agri-cultural purchasing power. Is it not probable that the “ideal,” as indicated in the present farm measure, is impractical and unworkable? Two Prime Sources 2. Where will the government secure the money which is to be distributed? There are two immediate sources—borrowing and taxation. Ultimately it can be had only through taxes. To borrow the funds means inflation to the extent of the amount borrowed and spent—it is an increase in money income not based upon production. However,'it is an accepted truth that the only source of real purchasing power is production. Sooner or later., v a larger portion of the total national production will be taken by the government to pay* the bill. Thus higher taxes will be placed on labor, industry and agriculture, which in turn means higher costs of production, a higher cost of living and no real benefit to industry. Trade Handicap Cited 3. Does not the uncertainty created by such a precedent handicap business? Developments of the recent past indicate that this is true. Just to list one example, a manufacturer here in New York told me that he was unable to make any forward contracts with his clients because he was unable to purchase the raw materials under contract to protect his firm against losses. The 1 suppliers of the raw materials refuse to make forward sales because of the tax uncertainty which may or may not influence prices. The above mentioned factors are only a few of the many reasons why the new farm measure is undesirable. I have failed to find a single element in the entire measure that can be termed beneficial in the light of current business and financial conditions. BETTY LEE SHOP TO OPEN HERE TOMORROW Jack Burd to Manage Shoe Store Store at 112 Monument Circle. Formal opening of anew women’s shoe store tomorrow at 112 Monument Circle was announced today by the Betty Lee Shoe Shop. The firm has specialized in style j arch and novelty footwear for the last 44 years. The store, which has just been remodeled, has a frontage of the “Old Colonial Style.” Jack Burd, who is to manager the local branch, has announced that the store will employe all Indianapolis people. All customers attending the opening will be given a purse with every purchase, Mr. Burd announced. The store will remain open from early tomorrow morning to 10 in the evening. Officials of the company are to be in the store throughout the day to greet customers and their Indianapolis friends. COL. A. C. ROEBUCK TO VISIT CITY STORE Co-founder of Merchandising Firm Here Tomorrow. Col. A. C. Roebuck, co-founder of Sears, Roebuck & Cos., is to visit the Indianapolis store tomorrow and will meet local friends of the merchandising firm. Col. Roebuck, a native of Ham- ! mond, Ind., went to work for 1 Richard W. Sears in 1887 and four years later with his employer formed the partnership of Sears. Roebuck & Cos., afterward changed | to the corporation of that name. After an absence of 35 years. Col. ■ Roebuck is back with the company he helped found. At present he is supervising anew division for: study and development of mechan- I ical improvements and patents under Gen. W. I. Westervelt, Sears' technical director. Money and Exchange TREASURY STATEMENT (By United Press) WASHINGTON, March 13.—Government **P* n ** Pt* for the current fiscal year ago M h * s compared with a This Year. Last Year. This Year. Last Year Bxpenses *< 886.623.962.97 $ 4.723.775.706:88 WISHES 9 2 402.146.009 67 Deficit 2.412.795.3.76 28 2.321.629 697 21 Cash bal. 1.757.235.841.47 2.038 652 563 66 Pub debt 30.506,936.3117 88 38.564.27T263 9$ Gold sets 16.169.531.047 52 8 548.831 053.36 Custom*' , 269,347,491,43 235,570.192 55

■; MUft-l-ffl | I TTM-iYti I "T’i+tt’Hm 83 -f — j s STEEL PRICE INDEX ' ~ 52 51 11 ' Average Quotations on Nine Representative ■■ 1 •<^*"** 1 51 „„ StM 930 Steel Product* at Pittsburgh ,0 W ■">■ so *, — J • H„- > J £ 2 "X t 2 47 1935*, ■ .a 47 < +■■■ ■■■■■■ ■ —■■ 1 - mfAm II ■■ IVWWVW .VAdWV fWVWW H • 2 ——<4 srf 45 f-x ,1931 4 _ r-AV* iV/.VAV N-—■ 44 - ■ "■■■ ■-■■■- ■ ■■' - y ■. t j 42 -7 —1 and 42 4! Ay I 1193 3 1 f -f ~ fUilt# IBetot Ombr -J4l ■ IIIIIIIHIII MIIIII 1M I I I

Prices of finished steel products have been easy of late. This has been reflected in a decline in the index of leading products. The easiness has been chiefly in flat rolled and wire products. The heavier goods, such as plates, shapes and bars, have displayed considerable strength. The Daily Metal Trade’s index now stands at $46.11, compared with $46.56 a month ago, $46.89 a year ago and $45.11 flve years ago.

New York Stock Exchange Prices

(By Thomson & McKinnon I Tl:15 A. M, Prev, Oils— High. Low. N, Y. Close. Amerada 116 114 116 116 Atl Rfg 30 s /* 30% 30% 307a ■Barnsdal] 16% 16% 16* 16% Consol Oil 14% 14V* 14'* 14% Cont of Del .... 34% 34* 34% 35% Houston (new) . 11* 11% 11%, il% Mid Con), Pet -.19 19 19% 19% Ohio Oil 16 15% 16 • 16 s /* Phillips Pet 43 42 5 /* 43 427* Plymouth Oil ... 14% 14 14% 14 Pure Oil 23V* 22* 227* 22% Seaboard Oil ... 42V* 41 42% 41V* Shell Un 17 s /* 17 s /* 17 s /* 17% Skelley Oil 26 26 26 25%' Soc Vac 15% 15% 15% 15 s /* SO of Cal 45% 447* 45'% 45 SO of Ind 37% 37'% 37% 37% SOof N J 647* 63'% 64% 63% Texas Corp .. 36% 36 36% 36 5 /* Tidewater Assn.. 17% 17% 17 s * 177* Un Oil of Cal . . 27 27 27 27 s /* Am Roll Mills... 29% 29V* 29 5 /* 29% Beth Steel 54% 54% 54% 54'% Byers A M 21 207* 21 217* Inland Steel 110 110 110 110 Ludlum Steel .. 27% 27 27 27 s /* McKeesport Tin 106 106 106 107 Mid Steel 36 35V* 35'% 35% Natl Steel 66'% 66% 66V* 66 5 /* Otis S f eel 19 18% 19 19V* Rep Iron & Steel 23V* 22% 23'/* 23 U S Pipe & Fdy 34 34 34 34 U S Steel 62'/* 61% 62V* 61% U S Steel pfd .. 128% 128% 128% 1287* Warren Bros .. .7 7 7 7% Youngst.n S& T 49% 49 49% 41% Motors—, Auburn 47 V* 47 47 V* 48% Chrysler 94% 93'% 937* 94'/* Gen Motors 60% 60 60'/* 60 Graham Mot ... 3% 3% 37* 3% Hudson 177, 17 177* 177* Hupp 2'% 2'% 2'% 27* Mack Truck 327* 32V* 32 5 % 33 Nash 19 18V* 187* 19V* Packard 10% 10'% 10% 10% Reo 67* 67* 67* 6% Studehaker 127* 127* 12% 127* Yellow Truck .. 16 15% 16 157* Motor Access— Bendix 24V* 24V* 24V* 24% Borg Warner ... 79 78% 79 , 797* Briggs 60% SOT* . 60'% Bucld Mfg 137, 13% 13% 13'% Dadd Wheel .... 12% 12% 12V* 13'/, Eaton Mfg ... 307* 30 s /* 307* 31V* Elec Auto Lite . 40% 3974 40'/* 40% Greyhound “B”. 657* 65 657* 67 Houdaille 29% 29% 29 V* 29% Murrav Body ... 19% 19% 19’/* 19 T ANARUS% Stew Warner ... 207* 20% 207* 20'/a Timken Roll 66 5 /* 667* 66 % 67'% Timken Det Axle 557* 557* 557* 557* Mining— Am Metals .' 34'% 34% 34'% 33% Am Smelt 79% 78 787* 797* Anaconda 33% 33% 33'% 337* Cerro De Pasco. 50 50 50 507* Dome Mines ... 44 44 44 44'% Gt Nor Ore 187* 18'/* 18 V* 18% Howe Sound .... 53 53 53 53 Ins Copper 12 12 12 12 V* Int Nickel . . 47% 46% 47'/* 47V* Kennecott Cop .. 367* 367* 36% 36% Mclntire Mine . 40% 40 40'i 407i Park Utah .... 4% 4 s /, 4% 47* Phelps Dodge ... 34% 347* 347* 34% U S Smelters ... 86'% 86V* 86'% 857* Amusements— Loews Inc 49 487* 49 49 Radio Corp .... 12'4 12 12% 12'/, Paramount 97* 97* 97* 9% RKO 8 7% 77, 8 Warner Bros. .. 117* 11% 11% 117* Tobaccos— Am Sum Tob .. 22% 22% 22'% ... Am Tob “A”,-.. 88% 88% 88% R9 5 4 Am Tob "B” 91% 90% 90% 907* Ligtr & Myers B 99% 99 % 99% 99 Lorillard ..22 V* 22% 22% 22'% Phillip Morris.. 68 5 4 687* 687* 69 Rails— Atchison 75 74% 7$ 75 B & O 20 19% 20 20 Can Pacific ... 127* 127* 127* 127, Ch & Ohio ... 56 55'% 56 55 5 / C M & St P 2% 2% 2% 2% C M & St P pfd 4% 47* 4% 47* Chi N W 37* 37* 374 37* Chi N W pfd .... 10 10 10 10 Dela & Hud ... 44% 44% 44'% 44 s * Del Lac & W ... 18 s /* 18% 18 s * 19 Erie 14 137% 137* 14'% Grt Northern pfd 36% 35 35 5 % 387* 111 Central 24'/* 23'% 24% 23'% Lehigh Valley .. 11% 11% 11% 11% M X & T 77* 77* 77* 8 M K At T pfd.. 21 21 21 20% Mo Pac 3% 374 37* 3% Mo Pac pfd 6 6 6 6% N Y Cent 35 34 % 35 347* N Y New Haven 4% 4 5 4 47% 4% N Y Ont & West 6 6 6 6'/* Nor Pacific 307% 29% 3074 29% Penn R R 33 32% 33 33 Sou Pac 33 32V, 32'% 32 Sou R R 167* 16V, 167, 16% Union Pac 132 131 131 12 Wabash 3 5 4 37, 37* 3 s , West Maryland.. 97, 9% 97, 10 Equipments— Am Brake Shoe.. 46% 46'% 46'% 47 Am Car & Fdy.. 34 33% 34 34% Amer Loco 3174 31 31% 31% Am Steel Fdy.... 287* 28% 28'% 29 Bald Loco 5 5 5 5% Gen Am Tk Car 55% 55'% 55'% 56 Gen Elec 38% 38 3874 38'% Gen R R Sig 45% 45'% 45'% 45% Pullman Inc .... 44% 44V* 44'% 447% West Air Br ... 42'% 417* 42'% 42V* Westingh Elec... 115 113 115 113'% Utilities— Am & For Pwr.. 7% 7 5 % 774 7% Am Pwr & Lit.. 9% 9'/* 97* 97% AT&T 168% 168% 168% 169 Am Wat Wks ... 21'% 21 21% 21V* Col Gas & Elec.. 17% 16 5 % 17% 17 • Com & Sou 3V 3 3V* 3 Consol Gas 33% 32 % 33% 33 Elec Pwr & Lit.. 14V* 13% 14V* 137% Int Hvdra Elec.. 37* 3 s * 3 s * 3 s /* Int TANARUS& T. ... 16 157* 16 15% Lou G & E (A).. 21% 21% 21% 12% Nat Pwr & Lit.. 10 s * 10V* 107* 10% North Araer 26 26 26 26 Pac G & E 34% 34V* 34% 34% Pub fc*rv N J 41% 41% 41% 41 s * Std Ga: ... 7% 7 s * 7% 7% Stone & Webster 15% 15 s * 15% 15 s * United Corp .... 6% 6% 6% 7% Un Gas Imp ... 16% 16% 16% 167, Western Union .. 86% 85 s * 86% 86*.* Rubbers— Firestone 30% 30 s * 30% 30 Goodrich 18% 18 18 18% Goodyear 27 26% 27 267* U S Rubber 24 23 24 24 U S Rubber pfd.. 677* 667* 67 s * 66% Miscellaneous— Allis Chalmers . 447* 44% 447* 44% Anchor Cap ... 23 23 23 23 s * Brklyu Man Tr.. 49 49 49 48% Burroughs Add . 28% 28% 2874 29 J I Case 129 1277* 129 128% Conti Can 79% 79 79 79 Cuitis Pub 19% 19% 19% 19% Deere & Cos 79% 79 tg g 2 Eastman Kodak 161 % 161% 161 % 163% Foster Wheeler . 31% 31% 31V* 32 Unlisted Stocks IBv Blyth & Cos ) NEW YORK BANK STOCKS Bid Ask -Bankers 62* 64% Central Hanover 114% 116% Chase 38 s * 40 Chemical National 57 58% Guaranty 293 296% Irving 10% 17% Manufacturers 44 s * 46% National City 34% 35% Cont HI Chicago 160 163'* First National Boston 457* 47% National Shawmut 267* 28% FIRE INSURANCE •Aetna Fire 56% 58 s * American Ins of Newark 15% 17V* Baltimore American 8% 10% City of New York 28% 30 s * Federal Ins 53% 567* Franklin Fire 32 34 Great American Ins 30 s , 32% Hanover Fire Ins 39 s * 41 s * •Hartford Fire Ins 78 80 s * Home Ins 367* 38% National Fire 76 78 s * Ins Cos of A 77% 80% National Liberty 10% 12* North River 28 30 Phoenix 93% 98% U S Fire ...i 57% *9% Westchester Fire 38 40V* •Ex. div. ,

FRIDAY, MARCH 13, 1936

PRICE INDEX LOWER FOR FINISHED STEEL

Gillette 17'/* 17 17 17 Glidden 47% 47% 47% 48 Inter Harv .... 76'/* 76 76V* 767* Natl Cash Reg 267* 26% 267* 27 Foods— Am Sugar 53% 52 5 /* 527*’ 53 Armour 6 6 6 6 Armour 6% pfd- 81 81 81 81 Borden Prod. .. 26 5 /* 267* 26 s /* 27 Cal Packing 137* 13% 13% 34 Coca Cola 90 90 90 39% Cont Bak “A” .. 16% 16'% 16'% 16% Corn Prod .... 71% 71% 71% 72 Crm of Wheat . 36 36 36 36 Cuban Am Sug. 1274 1274 1274 1274 Gen Foods 34'% 34'% 34% 347* Gold Dust 207* 207* 207* 20 s /* Natl Bisciut 337* 337* 337* 34 Nat! D Prod .*... 24% 24 24 V* 24 V* Purity Bak 14% 147-* 147* 14 5 4 S Por Rico Sug 31V* 31% 31V* 31% Std Brands 16 16 16 16V* United Fruit 72'% 72'/* 72V* 72% Retail Stores— Allied Stores .... 8 8 8 87* Assd Dry Goods .16 157, 16 16V* First Natl Stores 42 % 42% 42% 42% Gimtwl Bros. . . 107* 107* 1074 10% Gm Un Tea ... 47* 47* 47* 47* Kresge S S 227* 227* 227* 227* Kroger Groc 24 24 24 2374 Macy R H 45 45% 46 46 McCrory St 15 15 15 15V* McLellan St 13% 13V* 13% 13'4 Marshall Field.. 167* 167* 167* 15 Vi Mont Ward ... 39% 387* 39 s % 39V* Penney J C 71% 71% 71'% 72 5 . Sears Roebuck . 61% 607* 617* 617* Woolworth 5074 507; 50% 507* Aviation— Aviation Corp .. 67* 67* 6% 7 Boeing Aircft . . 24 5 4 24V* 24% 247* Curtiss Wright 87* 8% 8% 8% Curtiss Wright A 19% 187* 18V* 187* Nor Am Av 9V* 9% 9V* 97* Sperry Corp .... 21 207* 21 207* United Aircf new 297* 29'/* 297* 29'% Chemicals— Allied Chem 184'% 184% 184% 184% Am Com Alcohol 29 V* 29 V* 29'/* 30 Col Carbon 98'% 98'% 98'% 98 Com Solvents .. 81% 21% 21% 21% Du Pont 143'% 143'% 143'% 145 Math Alkali 327* 32 5 % 327* 32% Monsonto Chm.. 98 98 98 99'% Natl Dis (new) . 31'% 31'/* 31'/* 31V* Schenley Dist .. 48'% 47'% 48'% 42% Tex Gulf Sulph 35% 35'/* 35% 35% U S Indus Alcoh 52 51V* 52 51% Drugs— Coty Inc 6>/< 6V 6V 6% Lambert 237, 23V* 23% 24 Sterling Prod .. 70 70 70 70 N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY PRICE INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 97.7 92.4 104.9 96.4 Yesterday 91.9 93.3 105.2 96i8 Week ago 92.6 94.2 105.1 97.3 Month ago 93.1 93.5 105.5 97.4 Year ago 85.9 74.3 93.2 84.5 1936 high 93.4 95.6 105.5 97.9 1936 low .. . . 91.6 84.7 103.5 93.3 (Copyright. 1936, by Standard Statistics) U. S. GOVERNMENT RONDS (Bv Abbott. Proctor & Paine) Treasury* Prev. Close close. 4%s 1947-53 117.13 117.13 4s 1944-54 112.10 112.2 37 4 s 1946-56 110.24 111 37s 1940-43 108.22 108.19 3%s 1943-47 > 108.1 108.1 3%s 1941-43 108.31 109.1 3'*s 1943-45 107.9 107.9 3',is 1941 108.30 108.30 3 Vis 1944-46 107. 106.30 3%S 1946-49 105.5 105.4 3Vss 1942-52 105 105.21 3s 1951-55 103.26 103.28 3s 1946-48 104.5 104.8 2Vis 1955-60 101.8 101.12 27*s 1945-47 102.8 102.12 Home Owners Loan Corp. 27*s 1946 101.4 101.4 3s 1952 102.8 102.10 Federal Farm Mortgage Corp. 3'/*s 1964 104.3 3s 1949 102.12 102.13 3s 1942-47 103.4 103.6 2%s 1947 101.24 101.23 DOMESTIC Prev. Issue Close, close.. Alleg Corp 5s '44 93 94% Alleg Corp 5s '49 88'A 89% Alleg Corp 5s ’SO 78 77% Am Frgn Pow 5s 2030 78% 80 '.* Am Tel & Tel s%s' '43 113% 1137* Am Tel & Tel 5s ’65 1127* 1127* Arm &Cos (Del) 5%s '43 ... 98 97% Atl Coast Line 4s ’52 98% 987* Am Wat Wks 5s ’44 1127% 114 Am Rolling Mills 5s ’3B 122 123 % Balt & Ohio 6s '95 96 96V* Buff Roch & Pitt 4%s '57 .. 79 s /* 81 Beth Steel 5s ’36 1057* 105% Chi Milw & St P 5s ’75 22% 23Vi Chi Milw & St P 5s 2000 ... 7V* 8 Cleve Un Term 5s ’73 105% 106 Cleve Un Term 4%s ’77 101 101 Col Gas 5s May '52 10374 103'% Col Gas 5s ’6l 103% 103'% Can Pac Perp 4s 91'/* 92% Cent Pac 5s '6O 97 97 Big Four 4V 2 S ’77 99'/* 91 Colorado & So 4'%s ’BO 74 75'/* Chi & West Ind 4s ’52 104% 1.05 Chi & West Ind s'/is ’62 107V* 107% Chi & Nor West 47is ’49 14 s /* 15'/* Con Gas 5s ’57 104V* 104% Chesa Corp 5s '47 ;...-127% 129 Del & Huds 4s ’43 101V* 101% N Y Dock 4s ’sl 71 727* N Y Dock 5s '3B 71 70 Brie 5s ’75 76% 79’% Erie 5s '67 77% 87% Gen Cable 5%s ’47. 105 105 Great Northern 7s ’3B 101% 101% Great Northern 4%s ’76 104 104 Great Northern 4%s ’77 —lo3 s * 1037* Hud & Manhat Ref 5s '57. .. 86 88% 111 Cent 47is '66 75% 75% 111 Cent 5s *63. . . - 85% 87% Interntl Hy Elec 6s '44 .... 52% 53 Interntl Tel & Tel 4%s '39.... 94% 95% Interntl Tel & Tel 5s ’55 88 89 Interntl Tel jc Tel 4%s ’52 82 83% P Lorillard 7s ’44 132% 132% McKess > Bob 5%s 'SO 103% 10374 Natl r nry 5%s ’4B 103% 103% Natl Steel 5s ’56. 106% 106% Nickel Plate 4% 5 ’7B 82 s * 84V* Nickel Plate 5%s ’74 94% 95V* N Y Cent 5s 2013 90% 91% N Y Cent 4%s 2013 told) 84% 84% Nor Amer Co,ss ’SI 10574 106 Nor Pac 3s 2047 84 84 s /* Nor Pac 6s 2047 110V* 110% Nor States Pow 5s '4l 105 105% New Orleans Term 4s ’53 92Vi 92 Otis Steel 6s ’4l 1047* 103 Penn Rv 4'*s ’B4 199% 110% Pac G & E 5s ’42 103% 103', Portland Gen El 4%, ’BO 73 73% Para Publix 5%s ’SO 87 89 Penn P & L 4%s ’Bl 107 107% Postal Tel & Club 5s 53 36 36% Rem Rand WW 5%s ’47 104% 104% SOU Pac 4%s '6B 9BV* 90% Sou Pac 4%s 'Bl 88% 8? Sou Pac 4%s '69 68% 89 s * Sou Far 4s '49 . 89% 89% Sou Rail 4s '56 ... 61 % 62% Sou Rail 6s 56 77', 78 s * Sou Rail %s '56 82 s , 84 Texas Pac 5s ’BO 102 103 s * Texas Pac ss' 79 102 103 Texas Pac 5s ’77 103 103% Union Pac 4s '47 113% 1137* United Drug 5s 53 ..101 s * 102 U S Rubber 5s *47 104V* 105% NY NH & Hart 6s ’4B 36 s * 38 NY NH & Hart 4%s ’67 36% 37 Warner Bros 6s '39 91% 91% Western Mary 5%s '77 108% 108 Western Mary 4s ’52 101 101 Youngstown S & T 5s ’7O. ...106 s * 106% Youngstown S & T 5s '7B 105% 105% FOREIGN Argentina A6s ’57 #9% 99% Argentine B 6s ’SB 99 % 99% Brazil 8s ’4l 32% 32% Denmark 5%s ’55 101 101% Fic.:ch 7s '49 178 178 German 5%s ’65 26% 27 1 % German 7s '49 35% 36% Italy 7s 'sl 70 70 Japan 6%s '54 *6% 97 Rome 6%s '52 62 62 T kio City 5%s *1 76% 78 Yokohama 6s 61 >3 63%

Un Drug (new).. 14% 14% 14% 14% Financial— Adams Exp 11% 11% n% 131% Allegheny Corp .. 3% 3% 3% 3% Am Int Corp 11% 11% 11% 11% Chesa Corp 65 Vi 85% 65 'a 66 Transamerica, .. 13% 13% 13% 13 s * Tr Conti Corp.. 10% 10'/* 10'/* 10% Building— Am Radiator 21% 20% 21% 21% Gen Asphalt 31 s /* 31V* 31 s /, 32 Holland Furnace 37V* 37V* 37% 37% Int Cement, .. 42% 42 42 42'% Johns Manville 114 1127* 113'% 116 Libby Owens Gls 57'% 57'% 57 % 59% Otis Elev 30% 30 30 V, 30% U S Gypsum 101 100% 100% 104' Household— Col Pal Peet.... 17% 17% 17% 18 Congoleum 37% 37'% 37 5 /, 37% Kelvinator 21'% 21% 21'% 21% Servel Inc 18% 18% 18% 19V* Simmons Bed .. 25% 25% 25% 25% Textiles— Amer Woolen . . 9% 9% 934 93/ Celanese Corp . 27V, 27V* 27'/, 27’ Collins Aikman . 43Vi 43V, 43% 44 Gotham Hose .. 11% 11'% 11 % n% Indus Rayon 28'% 28% 28'% -29 Real Silk 15 15 15 16% Chicago Stocks (By Atkins, Hamill & Gates) 11:30 Prev. • , A. M. close. Advance Aluminum 7% 8 Asbestos Mfg 43/, 4.% Butler Brothers 9% 93,^ HI Pub Service pfd 60'% 60% Chicago Riyet & Machine 30 28 Cities Service ±y m 474 Continental Stel i.. 36% 36% Crane ;;;* oSa? 2 7 Dayton Rubber w* Electric Household 163,; ts General Household 4 41/ Godchaux Sugar "B" 15 i*ia Grt Lakes Dredge 29 29% Jarvis Mfg .. 21 Kern-Rad TANARUS& L 10% 11 Libby McNeil & Libbv 9% 93/. Loudon Packing 734 o'* McCord Rad (A) 39 39 McGraw Electric 31% 3? 1,4 Nat Gypsum *i% $9 Noblitt-Sparks 32 3314 ?fJ™J. es L Ba . ncorporation •’ • 108 10% Signode Steel 12 12* 11 /* Standard Dredge pfd 14% 15% Vortex Cud 1334 Zenith 16% 16% New York Curb (By Atkins, Hamill & Gates) 12:30 a.m, Prev. N. Y. close. Aluminum Cos of America 134 137 Am Cyanamid 181 36 37 Am Gas & Electric 38 38% Am Superpower .. 2% 24 Ark Natural Gas (A) 6 s -, 6% Atlas Cort! 131/* ,334 Canadian Indus Alcohol (A).. 9 3 /* 10 Carrier Corp 10% 10% Creole Petroleum Corp 30 30 Crocktr-Wheeler 12% 13% Elec Bond and Share is 18Vi Fisk Rubber ... ... 7 Ford Motors Canada (A) 25'% 25V* Glen Alden ill 157. I*l, g u ' f Oil Corp of Penn 94 91'/, Humble Oil and Refining Cos. 73% 72 % Huyler's of Del pfd 36 38 Imperial Oil of Canada 22 21% , al f*u§ hore ines 53 % 54 Molybdenum Corp of Amer 10% 10 '% Natl Bellas Hess Inc 2% 2% Niagara Hudson Pwr 9 914 Pan-American Airways 62 63% Pennroad Corp 41% 41., Root Petroleum n 103,. St Regis Paper Cos 4% 434 Segal Lock | 4 8 Sonotone 2% 2% Stutz Motor Car of Amer 2 2 Technicolor Inc 30% 31 Tubize Chatillon Corp BV* 8% Wayne Pump 27'% 27% Investment Trusts tßy Thomas D. Sheerin & Co.l Bid Asked W2f}} n } st J r Z, and ? und 3d $16.53 $17.59 Affiliated Fund Inc 190 208 American General Equities ... 108 111 American Business Shares ... 1.16 126 Bullock Fund Ltd 17 60 19 00 Century Shares Trust 27.56 29 63 Collateral Tr Shares ‘A’ 6.47 657 Corporate ’AA’ or 'Acu (modi 3.27 3.31 Corp ‘AA’ or ‘Acc’ (unmodi . 2.52 266 Corporte Trust Shares (orig) 2.79 283 Deposited Insurance Sh ‘A’.. 4.33 442 Diversified Trustee Sh ‘B’.. 10.77 10.87 Diversified Trustee St ‘C’ 4.48 452 Diversified Trustee Sh ’D’ 6.65 6G5 Dividend Shares Inc 163 177 Incorporated Investors 22.45 23 98 •Investors Fund Amer 1.04 114 Market St Investment Corp... 31.19 32.83 •Maryland Fund 18.90 20 41 Massachusetts Investors 25.26 27 46 Nation-Wide Sec Cos ‘B’ 4.27 Nation-Wide Voting ........ 174 187 North American Tr Sh 1955.. 3.26 330 North American Tr St 1956 .. 3.22 326 Selected Cumulative Shares .. 9.27 937 Selected Income Shares 4.85 495 State Street Investment Corp 96.75 101 25 Super-Corp of America ‘AA’.. 2.75 279 Super-Corp of America ‘BB’.. 2.78 282 Super-Corp of America A ... 4.13 418 Super-Corp of America ‘B’ . 4.33 4 38 Super-Corp of America ’C.’ ’D’ 7.96 Supervised Shares Inc (Deli 1.66 182 Trustee Standard Oilshares 'A‘ 760 770 Trustee Standard Oilshares ’B’ 6.78 6.88 Trustee Standard Investm ‘C 2.92 2.96 Trustee Standard Investm ‘D’ 2.86 290 Universal Trust Shares 4.24 Uselps ‘A’ 18.15 18.50 Uselps ’3' 2.81 Uselps Voting 1.07 United Standard Ollfunds 1.37 1.50 * Fx-dividend ORDERS AIRPLANE MOTORS Times Special WASHINGTON, March 13.—The Wright Aeronautical Corp., Paterson, N. J., has received a contract from the government for the construction of 512 airplane engines, of which 432 are to be the most powerful type ever built. The order is valued at $3,850,000.

ABBOTT, PROCTOR & PAINE MEMBERS New Y’irk Stock Exchange Chicago Board of Trade New York Curb Exchange Chicago Stock Exchange New York Cotton Exchange Chicago Mercantile Exchange New York Produce Exchange Commodity Exchange. Inc. New York Cocoa Exchange, Inc. Montreal Curb Market New York Coffee <& Sugar Exchange, Inc. 8 EAST MARKET STREET INDIANAPOLIS TELEPHONE, RILEY 5491 NEW YORK CHICAGO BOSTON. MASS. .MONTREAL. CANADA RICHMOND, VA. ANDERSON. IND. CLEVELAND. O. APPLETON. WIS. BRISTOL VA. ROANOKE. VA. CHARLOTTE. N. C. Danville, va. staunton. va. Newport news. va. NORFOLK, VA. KNOXVILLE. TENN. PETERSBURG, VA.

U. S. OR STATE RULE OF RAILS VIEWED ISSUE

Eastern Carrier Contests Fare Reduction by I. c. c. Times Special NEW YORK, March 13.—Decision of the New York, New Haven & Hartford Railroad to contest the Interstate Commerce Commission's recent order for a reduction of passenger fares on Eastern lines is causing many well-informed persons to wonder whether the carriers will abandon the time-honored policy of favoring Federal regulation over state. The roads always have favored control by the United States government rather than the states because many lines operate under perpetual charges restricting passenger fare charges to 2 cents a mile. This is the case with the line of the New York Central Railroad operating between Albany and Buffalo. Further Increase Ordered In 1917, when the government took over the railroads, the director general immediately ordered passenger fare increases and, soon after they were returned to their owners, the Interstate Commerce Commission ordered another increase which brought the fares up to their present levels. The state of New York immediately brought suit against the I. C. C., declaring that the original charter of the Central prevented a higher fare than 2 cents a mile. The Supreme Court, however, upheld the Federal government's right to direct increased passenger fares which served to stop similar suits by other states. This decision, handed down in 1923, is important today also because of its bearing on the proposed test of the constitutionality of the public utility holding company act of 1935. The utilities always have favored state regulation and have fought any move to bring them under the Federal government. Decision Termed Sweeping In view of this decision by the Supreme Court 13 years ago and which is described by well informed individuals as rather sweeping, the question is raised as to whether the tribunal may use it as a precedent when it comes to decide the holding company case. Many corporation officials and lawyers see the possibility of the court quoting tha* decision even though a state and not a corporation was the other party to the suit. If such should be the case, it would insure the constitutionality of the bill, interested parties declare. The possibility certainly is not raising the confidence of the interests involved, particularly following the recent setback in the North Carolina Federal Court. Local Livestock HOGS March - . Bulk Ton Receipts 7. $10.65(6 10.75 *10.75 1000 9. 10.75(6’10.65 10 85 3500 10. 10.85(®11.00 11.00 5000 11. 10.70(5>10.90 10.90 5000 12. 11.00(6-11.10 11.10 5000 13. Light Lights (140-160) Good snd choice slo.oo® 10.80 Medium 9.50®10.10 (160-180) Good and choice.. 10.80®>11.10 Medium 10.30® 10.80 (180-200) Good and choice.. 10.90®11.00 Medium 10.40® 10.90 (200-220) Good and choice.. [email protected] (220-225) Good and choice.. [email protected] Heavyweights (250-290) Good and choice.. [email protected] (290-350) Good and choice.. [email protected] Packing Sows (275-3501 Good 9.20®) 9.50 (350-425) Good 9 10®! 9.35 1425-550) Good 8.85® 925 (275-3501 Medium 8.50®j 9.20 Slaughter Pigs (100-140) Good and choice... 9.25®10.00 Medium 8.25® 9.50 CATTLE —Receipts, 400— (550-900) Choice $ [email protected] Good 7.75® 9.75 Medium 8.00 Common Good 8.50®,10.00 Medium I 225; §l2 Common • 6.00®' 7.25 (1100-1300) Choice 10.50® 11.30 Good 8.50@>10.50 Medium 7.00® 8.75 (1300-1500) Choice 10.75®11.50 Good [email protected] Heifers (500-750) Choice $ 8.00 8.75 Good 7.00# 8.00 Common and medium 5.25® 7.25 (150-190) Good and choice 7.50® 9.00 Common and medium ...... 5.25® 7.25 Cows Good 5.50® 6.50 Common and medium 4.75® 5.50 Low cutter and cutter 3.50® 4.75 Bulls, good 6.25® 7.00 Cutter, com. and med. bulls... 5.00@ 6.50 VEALERS —Receipts. 500— Good and choice $ 8.50® 9.50 Medium .. 6.50® 8.50 Cull and common 4.50® 8.50 Calves (TSO-500) Good and choice.. 6.00® 9.00 Common and medium 4.50@ 6.00 Feeder and Stocker Cattle 'SOO-800’ Good and choice 8 75® 7.75 Conmon and medium .. 5.25® 8.75 ’BOO-1050) Good and choice.. 6.75® 7.75 Common and medium 5.25® 6.75 Cows Good 4 50® 5.00 Common and mr.dium —... 4.25® 4.75 SHEEP AND LAMBS —Receipts, 2000— Lambs, 90-lbs. down, good and choice [email protected] Good [email protected] Medium 9.00® 9.75 Common 7.75® 9 00 Ewes, 190-175’ Good and choice... 3.25® 4.25 Common and medium 3.25® 4.25 Yearling wethers, good choice 8.85® 960 Medium 7.75® 9.00

Miami Building Boom Twenty-eight new residences in 29 days is the February record of Miami Beach , Fla. Total valve of construction in February for the Miami suburb was SSB6,BJsO.

New Business Books Available at Library These new business books are now available at the business branch of the Indianapolis Public Library: EXCHANGE EQUALIZATION ACACCOUNT. by N. F. Hall The institution snd operation of an Exchange Equalization Account bv Great Britain in 1932 has plsv*d a large part In the economic life of the world. THE CONSUMER SEEKS A WAT. bv Clark Foreman and Michael Roa* An unemployed clerk, seeking to understand present day economic problems, reaches the conclusion that there must be more consumer control of our resources and productive activity. THE GAT REFORMER, by Maoriti Hallgren He pictures the President as an able, well-intentioned and self-con-fident economic Illiterate raised to great power in a United States beginning to move downward in the last stages of capitalistic decay. MINUTES OF EVIDENCE TAKEN BEFORE THE COMMISSION OF INQUIRY ON PUBLIC SERVICE PERSONNEL Questoins pertaining to the selection of government service people, their classification, their provinces their competency. EXPORTER’S E NCYCLOPEDIA. 1936

PORKERS SHOW UNEVEN TREND Prices Steady to 10 Cents Lower on All Classes; Top at sll.lO. Despite a sharp decrease in receipts today at the Indianapolis Union Stockyards, the pork market displayed a two-way trading range. Weights ranging from 160 to 250 pounds were generally 10 cents lower while all other grades, including packing sows, remained steady. The total supply was estimated at i 4000, compared with 5000 on hand yesterday. This, however, had only a slight effect on the market. Demand was less active than In the preceding session due mostly to recent heavy supplies. Holdovers numbered 4000. The general bulk of 160 to 225 pounds, sold at $10.90 to sll. The top price of sll.lO was paid for a single load of choice grades weighing around 180 pounds. Medium heavies, from 260 to 300 pounds, sold at $10.20 to $10.45, while extreme heavies, from 300 to 400 pounds, cashed in at $9.60 to $lO. Slaughter pigs, scaling 130 to 160 pounds, held at $lO to $10.50, Trading was moderately active and steady in the cattle market. Choice slaughter grades were scarce. Bulk of other kinds held at $7.75. Few heifers brought $7.50 to $9. with an odd head holding at $8.50. Receipts were S4OO. Vealers also were unchanged. The bulk of good and choice grades sold at $8.50 to $9.50. Receipts numbered 500. Lambs displayed an uneven trend. Bulk of fed westerns was around 10 cents lower, selling at $10.25 down, while native classes were scarce and steady. Slaughter sheep sold at $3.25 to $5.25. Receipts were 2000. Other Livestock (By United Press) CHICAGO. March 13.—Hogs—9000. Including 3000 directs: fairly active steadv to 10 cents higher than Thursday's average: top. $10.75; bulk 160-250 lbs., slo.4o®' 10.75: 140-160 lbs.. *10.35® 10.65; 250-350 lbs.. *9 85® 10.50; sows, $9.15®9 50. Cattle--2500; calves. 500; fed steel's and yearlings slow; better grades without reliable shipper outlet; lower grades mostly *7.50®9: hardly as active as earlier in week hut still 25 to 40 cents over a week ago; good and choice steers barelv steadv with week ago: all heifers fully steadv todav; strictly choice weighty kinds *9; light o erings $8.75; fairly broad demand for lowergrade heifers: *1! grade cows 10 to 15 cents lower; bulls and vealers slow, steadv. Sheep—ll.ooo; lamb trade opening steadv; early sales around 92-96-lb. fed westerns $10.25; two loads around 100 lbs., $10.10: all to packers: deck strictly good to choice 88-lb. fed western yearlings. *9.50: 2-year-olds off at $8.50; deck choice heavy fleeced fed western ewes, $6.25. FORT WAYNE. Ind.. March 13.—Hogs— Steady; 160-180 lbs., $lO 90; 180-200 Tbs $10.80; 200-225 lbs., $10.70; 225-250 lbs S10.60; 250-275 lbs., $10.45: 275-300 lbs. *10.30; 140-150 lbs., $10.30; 120-140 lbs $lO 20; 100-120 lbs., $9.75; roughs, *8.75; Stags, $7; calves, $9.50; lambs. $9.50. Produce Markets The prices quoted are paid for stock gathered In the country, while delivered m Indianapolis the price is a cent higher. Heavy breed hens. 17c: Leghorn breed hens. 14c; Leghorn springers, 12c: old stags. 13c; old cocks. 9c. Ducks, white, 5 lbs. and over. 11c, geese, full feathered, all sizes, lOr all guineas- IV* lbs, and up, 15c; No. 1 strictly fresh eggs, loss off. 14c: deliver in Indianapolis, 15c. Each full case must weigh 55 lbs gross, a deduction of 10 cents a pound under 55 lbs will be made No. 1 butter. 34%@35%c. No. 2. 31%@32%c Butterfat, 29c. (By United Pressi CHICAGO. March 13.—Eggs—Market steady: receipts, 10,662 cases: fresh graded firsts. 19c; extra firsts. 19%e: current receipts. 17%c: dirties. 16%c; checks, 15%c. Butter—Market steady; receipts. 9983 tubs; extra firsts (90-91'% score). 30# 30’,4c: extras (92 score). 30%c: %firsts 188-89% score), 29%®29%c: specials. 31', ®3l%c; standards. 30%c. Poultry—Market, steady; receipts. 16 trucks; ducli, 21@24c; geese. 15c; spring chickens. 24@25c; hens. 20%®22'%c; turkeys. 20@23c; capons. 25® 26c; Leghorn hens, 14®19%c: old roosters, 16%@18c: broilers. 23®24c; fryers. 24% 25c Dressed Poultry—Turkeys, young Toms. 25 @27%c; hen turkeys, 27c: capons. 27®30c. Cheese—Twins. 15'/@ls'%c; daisies, 15%® 15 s ,c: Ijonghorns. 15%@16e. Potatoes — Supply light: demand slow- market firm on table stock. Idaho Russet Burbanks. *1.80: Wisconsin round whites. *1.20® 1 25: Cobblers. *1.40: Minnesota Cobblers. *1 30% 1.35: North Dakota Cobblers. *1 45; Colorado McClures. *l.Bo®l 30: Nebraska Bliss Triumphs. *l.s® 1.60 Arrivals 79. on track 164. shipments 1048

✓->* MORTGAGE FINANCING Service w® not only do mortguze finxnrins’ hot do if quickly, courteously ij snd without “rfj tape.” This is our J/ idea of s mortgage loan service \ MB' . F P*r excellence; and it will he \ A CF •*/N n |y \ yours, too, once you enter into \ j* ‘ / I 1 negotiations with us for such fl--7 03 f"a' : "ffl I J nanclal assistance. We extend the Y for further details. The UNION TRUST \ COMPANY LOAN DEPARTMENT r 12 E. Market SI. Rl. 34l

Thomson & McKinnon MEMBERS .NEW YORK THTfArfl fork Stock Exchange. tnßn\Tn New loric Curt> lUivUlilll New York Cotton Exchange. BOSTON New York Coffee and Sugar Ixcbangt SOUTH BEND f|| New Orleana Cotton Exchange, •pm W *YNF Chicago Stock Exchange RVAKOiriTTP Chicago Board of Trad* Hi V Al*o Vl-LLiEi Winnipeg Grain Exchange Indianapolis Office And other leading Exchanges 200-214 Circle Tower LI. 5501 A

EUROPE CRISIS CREATES FRESH GOLD PROBLEM Heavy Imports to U. S. Are Resumed; Cause Much Anxiety. By United Pres * WASHINGTON. March 12 —Gold forced out of Europe by war threat* appeared likely today to become a major problem at the next meetinir of the Open Market Committee of the Federal Reserve System. A resumption of heavy gold imports during the last three weeks is giving board officials caust* for worry, the United Press was informed on high authority. Every ounce of gold entering the country boosts the present total of over $3,000,000,000 in excess reserve* beyond legal requirements by s3s— present value of the metal. Completes March Financing Probability that the committee would act at its next meeting was seen now that the Treasury has completed its heavy March financing. The enormous bulk of the excess is considered a threat of potential inflation by many economists. The chief deiay in convening the committee is its lack of organization. George Harrison, president of the New York bank of the Federal Reserve System, is the only one of the five elective members yet to have been chosen. Other members will be selected from the combined Chicago-St. Louis. Philadelphia-Cleveland. Rich-mond-Atlanta-Dallas, and Minneapol is-Kansas City-San Francisco districts. Their appointment has been held up by the delay in electing presidents for the Richmond. San Francisco, and Philadelphia banks. Dangers Outlined The seven members of the Board of Governors of the system constitute the remaining quorum of the committee. Although a seventh man | has not yet been appointed to the | board since its membership was increased by one, officials said the committee probably would meet with 11 attending as soon as the flve selections were completed. It was regarded as probable that the problem would be dealt with by i increasing the reserve requirements | of banks rather than by selling the ! $2,400,000,000 in government securities held by the Reserve System. Although the fatter method would effectively reduce inflationary possibilities, it would at the same time be likely to depress the market and force the Treasury to raise interest rates in its next financing. CELTIC SAVING, LOAN FIRM CALLS MEETING Stockholders Asked to Vote on Federalization Proposal. Stockholders of the Celtic Savings and Loan Association, Indianapolis, are to meet March 24 to vote on a proposal of reorganization and conversion of the association into a P’ederal savings and loan institution, Leo F. Welch, secretary, has announced. The plan provides that certain assets of the association, having a book value of approximately $6,013,288.10 as of Sept, 30, 1935, will be transferred and conveyed to trustees for liquidation. Each investment shareholder under the new plan would receive a participation certificate for approximately 74 per cent of his share account, and would retain an investment share account in the reorganized association equal to the remaining 26 per cent. The proposed plan would place the association under the jurisdiction and examination of the Federal Home Loan Bank, resulting in insurance on individual accounts up to SSOOO. VOTES DIVIDEND^ Timet Special LOS ANGELES. March 13.-Di-rectors of the Bank of America National Trust and Savings Association have voted to pay a halfyearly dividend of $3,000,000, or 51.50 a share on the 2.000.000 bank -hares outstanding, it was learned today.

☆ Commercial Banking Savings \ Trusts , American National Bank AT INDIANAPOLIS Your Local Building & Loan Association Makes Modernization Loans and Loans on New Homes.