Indianapolis Times, Volume 48, Number 3, Indianapolis, Marion County, 14 March 1936 — Page 14

T rends Europe’s Financial Troubles Might Offset War. BY JOHN T. FLYNN'

NEW YORK. March 14 -In estimating the chances of war in Europe at the present time, one factor is overlooked. Yet it is of first importance. And that is the financial condition of the countries involved. The Europe of 1936 is very different from the Europe of 1914 in one respect at least. It is ridden

by debt and every national government labors under a load of governme n t obligat i o n s upon which war would immediately begin to pile new loads. It is possible for a country like Italy, for instance, to carry on a war against a small un a r m e and foe like Ethi op i a which can not strike back even in its own

Flynn

dominions and especially can not menace Italy's commerce. But a war between two first-class powers would be a very different thing. One thing is immediately evident. All of these nations, including France, have such small gold reserves that it would be practically impossible for them to do very much purchasing out of their own borders for an extended period. n IF war came, the nations involved would have to do at once what Italy did—nationalize all external investments of their citizens, that Is, force all citizens to deliver to the government foreign bonds and stocks and credits held by them. These would be used to make necessary war and other purchases in foreign lands. But the fury and size and pace of modern war would be such that these credits would be quickly exhausted. Thereafter these countries would be unable to buy abroad save for gold or commodities. And as war would immediately disrupt their commodity markets and their peace-time industries, they would be thrown back on their gold reserves. The only other alternative would be credits in friendly countries, but this wcuid surely be difficult. Therefore, the financial difficulties of Europe, which drive it toward war, also act as a restraining influence. It is hard to see how Germany, for instance, could get the necessary credits abroad. n a

IT IS certain Italy could not if war demands were greater than they now are by reason of engaging a great power. Even England is in perilous position. We hear much of England's recovery. What we do not hear so much about is England's crushing national debt, that largest in the world. With her small gold reserve England would be severely put to it to finance a major war. All these factors must weigh heavily in the balance in all European chancellories. The principal effect of this influence is to weigh against a war between single countries. Two or three great countries with a wide diversity of resources might pool the war strength and fight for some time with nothing more than internal credits. But single countries in Europe—with the exception of Russia—could hardly do this. France could go longer than others. All this leads to the feeling that unless a. group of nations can be Drought into line on one side for a war adventure, war is unlikely now in Europe. (Copyright, 193fi. bv NEA Service. Inc.) CITY AGENT IS NAMED Lincoln National Life Insurance Cos. Appoints W. H. Shreve. The Lincoln National Life Insurance Cos.. Fort Wayne, has appointed W. H. Shreve Indianapolis representative, according to John Burkhart. Indianapolis general agent. Mr. Shreve is to operate directly under the local Burkhart agency. On Commission Row (Reprinted From Late Times Yesterday) (Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUlT—Strawberries: Florida. pint. 18c; 36-pint crates. 17c. Cranberries. C. C. Howes, Eatmorcs, 25-lb. box. $2.50. Pears: Washington D'AnJo ilOOs box), $3; Washington Bose (100-120'. $3.25; California, Avacado i2OO-24si. $3.50. Grapes; Extra Fancy Empercrs (34-lb. sawdust chesti, $3 50. Limes: Mexican carton. 22c; Persian seedless idoz), 45c. Dates: Fresh Arizona, $1.50. Bananas, seven hands, pound. s ! *c. Apples; Delicious (fancy flaskets), $1.50; Jonathans. $1.50; Grime* Golden, $1.40; Rome Beauty. $1.60. Lemons: Sunklst i36os), $6. Grapefruit: Texas seedless (545-80si, $4; Arizona Sunkist (80s), $3. Tangerines: (Florida 120s. 1445, 168s), $1.75. VEGETABLES Artichoke. California (do*.), $1.15. Beans, green round stringless (hampers). $2.75. Beets: Texas (3 do*, crate), $1.50; cut offs (bu.), sl. Brussels Sprouts. California (lb.i, 18c Cabbage. New York Danish (50-lb. bag). 85c; New Texas (crate), $2.15. Red Cabbage (50-lb. bag), $2. Carrots. California (6 doz. crate;. $3; Texas (3>j doz. crate). $1 50 Cauliflower. California (12s crate). $1 65. Celery. Florida washed and trimmed (doz.), 45c , &85c; Florida i4s 6s. Bs. 10s crate), $3. Cucumbers, hothouse (doz.), $1.25; (southern bushel). $6. Egg plant. Florida (doz.). $1.50. Kale (Virginia bushel). $1 Lettuce, Iceberg Arizona (best 6s. ss), $4 25; home grown leaf 1 15lb laskets). sl. Endive, California tdoz.i. 90c. Peppers, mangoes (crate), $7: peck basket. $1.75; (doz.), 45c. Mint, hothouse idoz.), 75c. Mushrooms (pound), 30c Mustard, Texas half crate. $1.50 Onions —lndiana yellow 50-lb. bag). $1; Western Spanish (50-lb. bag), $1.75. Oyster plant, home grown (do?.). 40c Parsley, southern (long bunches doz.), 45c. Parsnips. home grown washed (buschel'. $1: (half-bushel), 60c. Peas. Florida (hamper), $2.25 Potatoes, Michigan Round whites (100-lb. bag). $1.65: Maine Green Mountains (100-lb. bag' $2 25: R R. Earlv Ohio* (100-lb. bag). $i 90: R. R. Triumphs tIOO-lb. bag). $185: Idaho Russets 1 100lb bap. $2.25: Idaho bakers (70s box), $2 50: Col. McClures (100-lb bag!. $2.10; New Florida Triumphs iSO-lb. bag), $2 00. Sweet Potatoes. Indiana Jerseys ils bushel). $1: medium (bushel). si: Tennessee Nancy Halls (hampers). $1.15: Indiana Puerto Ricans (bushel crate), $1.50. Radishes, home grown buttons idoz.), 45c; white, 40c. Rhubarb, hothouse tbunchi. 40c. Rutabagas, northern (50-lb. bag), 85c. Saga (doz.). 45c. Shallots. Louisiana (doz). 45c. Spinach. New Texas (bushel) sl. Turnips, home grown washed (bushel), $1.50. Tomatpes repacked (10-lb. box), Produce Markets (Reprinted From Late Times Yesterday) The prices quoted are paid for stock gathered in the country, while delivered in Indianapolis the price is a cent higher. Heavy breed hens. 17c: Leghorn breed hens. 14c. Leghorn springers, 12c old sugs. lSe; old cocks, 9c Ducks, white. 5 )be. and over, lie; geese, full feathered aU slzea. 10c: all guineas 1' 3 lbs. and up 15c: No. 1 strictly fresh eggs, loss off 14c' deliver in Indianapolis, 15c. Each full caae must weigh 55 lbs cross, a deduction of, 10 cents a pound under 55 lbs. will be made No. 1 butter. 34 I }fi35 l 2 c; No 2 3lV*dM>/zc. Butterfat. 29c.

PAGE 14

O'CONNOR NITS j FDIC IN BANK REPORT SCRAP Controller of Currency Attacks Agency in Controversy. By United Press WASHINGTON, March 14.—Con- i troversy between two government agencies charged with supervising the nation's banks today developed | when J. F. T. O'Connor, controller | of the currency, attacked the Federal Deposit Insurance Corp. for | allegedly attempting to usurp pow- i ers of his office. A meeting was sponsored this j week by the FDIC to simplify bank | call reports. Mr. O'Connor said to- i day that he “had no prior notice of the meeting' 1 and that “the forms ; of call reports under the Federal law are required to be prepared un- \ der the direction and authorization ! of the controller of the currency for national banks.” Attending meeting were representatives of the FDIC, the Federal Reserve Board, the American Bankers’ Association, the National Association of State Bank Supervisors. and the National Association of Bank Auditors and Controllers. It was learned that a member of the Board of Governors of the Federal Reserve System, who attended, reported to Mr. O'Connor’s office shortly thereafter and informed him of what had taken place. Treasury officials contended that the new plan favored by representatives of the various banking groups was neither more simple nor did it do away with unnecessary red tape as had been claimed by the FDIC. FLETCHER SINK TO REFUND HUGE ISSUE Directors Approve Call for $797,500 in Bonds. The Fletcher Joint Stock Land Bank, Indianapolis, is ready to undertake one of the largest refunding operations in its current bond readjustment program, W. B. Schiltges, president of the bank, has announced. A total of $797,500 of outstand- ! ing joint stock bonds has been authorized for calling by directors of the institution. These issues are to be exchanged into lower yields, in keeping with the current investment market, or to be retired for cash. Included in the call are $216,000 of 5 per cent bonds maturing Nov. 1, 1953, callable 1933, and $-157,500 of 5 per cent bonds due May 1, 1954, callable 1934. The two issues mark the calling for payment by the joint stock bank of all 5 per cent bonds of the institution which remain outstanding and are callable. In addition the authorization by directors calls for the retirement of $424,000 of 41-3 per cent bonds, due i Nov. 1, 1952, and callable in 1932. The call for retirement brings the total of bonds now called for payment on May 1, 1936. to $1,955,000. and the bonds involved in retirement or conversion, as of May 1, 1936. or prior thereto a total of $5,780,000. GENERAL MOTOR SALES RISE DURING FEBRUARY Volume in U. S., Canada Placed at 144,874 Units for Month. NEW YORK. March 14.—February sales of General Motor cars to dealers in the United States and Canada, together with shipments overseas,, totaled 144,874, compared with 121,146 in February a year ago. Sales in January were 158,572. Sales for the first two months of 1936 totaled 303,446, compared with 219.414 for the same two months of 1935. Sales of cars to consumers in the United States totaled 96,134 in February, compared with 77,297 in the same month a year ago. Sales in January amounted to 102.0934, while sales for the first two months of 1936 totaled 198.168, compared with 131,402 for the same two months of 1935. Sales of General Motors cars to dealers in the United States totaled 116,762 in February 7, compared with 92,907 in February a year ago. Sales in January were 131.134. Sales for the first two months of 1936 totaled 247.896. compared with 168.634 for the same two months of 1936.

Busigraphs

SALES OF HOUSEHOLD ELEC. REFRIGERATORS (EDISON ELECTRIC INSTITUTE) JOOI POTTED LINE IS THE FAST O m tOUR YEARS AVERAGE OF 'A m THE SAME MONTHS c —. /O' O'. O 200 £ £ s llll^ % . 11-Tm DJFMAMJJASOND THE BARKER CORP general DISTRIBUTORS incorporated investors Another record accomplishment is credited to 1935—sales of household electric refrigerators. The approximately 1,600,000 refrigerators sold last year made a 16 per cent increase over 1934 sales. Here we have one more illustration of tremendous sales volume on lowering prices, well advertised. Only four years ago the average sales price of an electric refrigerator was $245. Each year since this average price has dropped until today it is well under $l5O. Lowering electric power rates also stimulate sales.

Abreast of The Times on Finance

(By Thomson &. McKinr.jni (Reprinted From Late Times Yesterday) Oils— Prev. High Low Close Close Amerada 116 112 112 116 Au Me 30’. 30U 30 1 a 30% Barnsdall 16% 16% 16% 16% Consol Oil 14% 14 14 14% Cont of Del 35 33 1 2 33% 35% Houston inew).. 11% 10% 11 11% Mid Cont Pet .. 19% 18% 19 19% Ohio Oil 16% 15% 15% 16% Pet Corp 17% 16% 16% 16% Phillips Pet 43 4i% 41% 42% i Plymouth Oil ... 14% 13% 14 14 Pure Oil 23% 21% 22% 22% I Seaboard Oil ... 42% 40% 40% 41% I Shell Un 17% 17 17 17% j Skelley Oil 26 25 25% 25% ! Soc Vac 15% 15 15 15% I SO of Cal 45% 44% 45% 45 SO of Ind 37% 36% 36% 37% sOof N J ... 65 63% 64% 63% Texas Corp 37 35% 35% 36% ' Tidewater Assn 11% 17% 17‘ . 17% i Un Oil qf Cal .. 27% 26% 26% 27% Steels— Am Roil Mills .. 29% 28% 28% 29% i Beth Steel 54% 52% 52Vi 54% Byers AM 21 20 20% 21% ! Cruc Steel 37 35% 36 36 i Inland Steel 110 107% 107% 110 Ludlum Steel .. 27% 26% 27 27% McKeesport Tin 106 105 105 107 Mid Steel 36 33 34% 35% Natl Steel 66% 64% 64 % 66% Otis Steel 19 18 18 19% Bep Iron & Steel 23% 21% 22% 23 Rep Ir &St pfd 92% 92% 92% 95% U S Pipe & Fdy. 34 34 34 34 U S Steel 62% 60% 60% 61% U S Steel pfd .. .128% 127% 127% 127% Warren Bros. 7% 6% 7 7% Warren P <fc Fdv 25% 25% 25% 25 Youngst'n S& T 49% 48 49% 49% Motors— Auburn 48 4d% 47% 48% Chrysler 94% 'JI% 91% 94Vi Gen Motors 60% 59% 59% 60 Graham Mot ... 3% 3% 3% 3% Hudson 17% 16% 16% 17% Hupp . 2% 2% 2% 2% Mack Truck ... 32% 31% 31% 33 Nash 19 18 % 18'% 19% Fsskard 10% 10 10 10% £eo • 6% 6% 6% 6% Studebaker 12% 12V4 12% 12% Yellow Truck .. 16 14% 15% 15% Motor Access— Bendx 24% 23% 23% 24% Bohn Alum '58 1 2 57% 57% 58% Borg Warner .... 79 77 77% 7934 Briggs 60% 58% 58% 60'i Budd Mfg 13% 12% 13% 13% Budd Wheel .... 12'/* 11% 11% 12% Eaton Mfg 30% 29% 29% 21% Elec Auto Lite.. 40% 38% 38% 40 3 -, Elec Stor Bat . . 50% 50% 50% 49% Greyhound "B”. 66% 65 65 67 Houdaille 29% 28% 28 3 /* 29% Murray Body .. 19% 19% 1934 19% Stew Warner .. 20% 193'., 197* 20% Timken Roll ... 67% 66% 66% 67% Timken Det Axle 15% 14% 15 15% Mining— Alaska Jun 15 14 3 /, 15 1434 Am Metals 33% 33 33 34 Am Smelt 79% 77V, 79 *934 Anaconda 33% 32% 33% 33% Cal & Hecla .... 83;, 8% 8% 8% Cerro De Pasco.. 50 3 4 49% 49% 50’4 Dome Mines ... 44% 44 44 44% Gfanby 10% 10% 10% 10% Gt Nor Ore 18% -18 18% 18% Howe Sound ... 53 52% 52% 53 * n -? £?PPer •••• 12% 11 11 y* 12% Int Nickel .. .. 4734 46% 47 47% Kennecott Cop.. 36% 35% 35% 36% Mclntyre Mine.. 40% 4040 40 3 i Perk Utah 4% 4% 4% 4% Pnelps Dodge .. 35% 34 34% 34% ®‘ o J° e I £ Bd - ••• 263/ 26% 26Vi 26V 2 U S Smelters.... 88 85% 86 853/, Vanadium 22 21% 21 3 /, 22% Amusements— Crosley Radio .. 16% 16% 16% 16% % ater ’" 28% 28% 28% 303/, Loews Inc 49 47 47% 49 Radio Corp .... 12% 11% 12 12% Paramount 9% 91,4 914 q, RKO 8 7% 7% a Warner Bros .... 11% 10% u ny 8 Tobaccos— \ Am Snuff .... 57% 5774 5734 581/ Am Sum Tob 22% 22% 22% Am Tob (A. ..... 88% 87 87 * '99% Am Tob IB) 91 % 88% R8 3 4 903, Gen Cigars . .... 56% 56% 56% 57% * Myers B 99% 973% 98 98 Lonllard 22% 22 97 cot' Philip Morris ... 68% 66 66 69 Reynolds Tob '}&’ 53 52 52 52% Rails— Atchison 75 73% 74 75 Atl Coast Lines. 28% 27 27 28';, B& O 20 1834 193. 20% CW, nh? C 123/8 1238 12% chit otV:::: 5 f 4 T 4 svav": nt I 2 b CM& St P pfd. 43, 4 4 43" ChiNW....... 3% 3% 3% 33* Chi N W pfd ... 10% 9% 10% in Dela <V Hud .... 4V* 42 43 44% Del Lac & W ... 18% 18 % 19 Erie 14 13'/, 13% 14% Ene Pfd 21% 21% 21% 22 Gt Northern pfd 36% 33% 33% 38% 111 Cem ra i 24% 22% 22% 23% ?. ? Sou 19 Vi 18 33% 20 % Lehigh Valley ..11% 11% n% n % L°V fe 1 Na i h 6565 65 65% MK & T 73% 714 714 8 2 M K & T pfd ..20 20 20 20% Mo Pac 33/. 314 3x4 o.xj Mo Pac pfd 6 6 3 4 6% 6% K v M 6nt tr 35 32% 32 3 , 34% N New Haven 4 3 / g 4 4% 4'/* N Y Ont & West 6 434 3 4 6 1 * Norfolk & West 23 23 23 235 Nor Pacific .... 30% 28% 20Vi 29% £™ n 0 R R 33 31% 32 33 ! ou Pac 33 31 31% 32 Sou R R 16% 16 16 16% 6 Pac 132 128% 18% 132 Wabash 334 3% 334 35West Maryland.. 9% 934 9% 10 Equipments — Air, Brake Shoe 46% 46% 46% 47 Am Car & Fdy 34'% 33 34Vi 34% Am Loco 31% 29% 30% 31 Vi Am Stl Fdv .. 28% 27% 27% 29 Bald Loco 5% 5 5 5Vi fen Am Tk Car. 55% 55 55 56 Gen Elec 38% 37% 37% 38% Gen R R Sg ... 46 44 44 45% Pulirnan Inc ... 44% 43% 43% 44% West Air Br .. 42% 41V 2 41% 42% Westingh Elec . 115 112'/, 113 113% | Utilities— Am & For Pwr .7*4 7 7 7% Am Pwr & Lit.. 9% 9% 9 g.i 8 aT & T 168% 165 165% 169 Am Wat Wks ... 21% 20% 20% 21% rnmm aS X &EIeC ' X l\ 2 16 - 4 lfi, 0 173 > I Comm & Sou .. 3% 33 3 Consol Gas ...33% 32% 32% 33 ! Elec Pwr & Lit. 14 13Va 13% 1334 Int Hydro Elec . 3 3 4 3% 3.% ! Interboro R T.. 1C lS’i 153 8 193” ! Int T <fc T . ... 16'4 15 3 8 15% 153 8 | uOu G & E ‘A’. 21V2 2121 1 4 21 1 4 Pwr & Lit .. i 3 B 10% 10% io 3 * i North Amer ...26% 25% 25% 26 i Pac G& E 34% 34 34 34% : Peoples Gas . . 32% 31 31 34 ! Pub Serv N J.. 41 3 4 4034 4034 4134 So Cal Edison .. 25% 25%, 25% 25% i Std Gas ... 7% 7% 7% 7% Stone & Webster 15% 14% 15% 15 3 /, United Coro ... 7 6 3 4 6% 7% Un Gas Lmp 16 3 4 16% 16% 16% Lt Pwr & Lt. “A’’ 5% 5% 5% 534 W estern Union .. 86% 82 83 86% Rubbers— Firestone 30 3 4 29% 29% 30 Goodrich 18 3 „ 17% 18% 18% Goodyear 27 3 / 8 26% 26% 26% U S Rubber ... 24 22% 23 3 8 24 U S Rubber cfd. 67% 65% 66% 66% Miscellaneous— Allis Chalmers . 45*4 43% 44 44 3 4 Am Can 122 3 , 122 122% 123 Am Mach & Fdy 25% 24% 24% 26 Anchor Cap . ... 23V, 22% 23 23% Brklyn Man Tr. 49 47% 48 48% Burroughs Add . 28Vi 28 28’ 8 29 J I Case 130 125 127 128% Conti Can 79% 78% 79 79 Caterpillar Tract 67% 64 64 3 69 Crown Cork 47 3 , 46% 47 49 Curtis Pub 193, 18% 19% 19% Deere &Cos 79% 76% 76% 80 Eastman Kodak 162% 156% 156% 163% Foster Wheeler.. 31 % 31 31 32 Gillette 17% 16% 16% 17 Glidden 47% 45V, 45% 48 Ingersoll Rand..l?2% 132 132 132 Inter Harv TB% 76 77% 76% Natl Cash Reg .. 26% 25% 25 3 , 27 Owens Bottle 153 153 153 158 Rem Band .... 22 20% 21% 22% Underwood E . 90% 90 90% 90 Worthingtn Pmp 30% 29% 29% 29% Foods— Am Sugar 53% 52 3 4 52% 53% Armour 6 5% 6 6 Armour 6% Dfd 81 80% 80% 81 Beatrice Cream . 24 3 8 22% 22’, 23 3 , Borden Prod ... 27 26% 26% 27 Cal Packing 33% 33% 33% 34 Can Drv G Ale 13% 13% 12% 14 Coca Cola ... 90% 90 90 94% Cont Bak ■'A” .. 16% 16% 16% 16% Corn Prod 72 70% 71 72 Crm of Wheat 36 36 36 36_ Cuban Arr. Sugar 13% 12 3 i 12% 12% Gen Baking . ... 12% 12% 12% 12% I Gen Foods .... 34%33 3 , 34 Gold Dust 203* 19-7, 19 , 8 20% r G W Sugar 36% 35% 35% 36% : Loose Wiles .... 40% 40% 40% 41 ra Natl Biscuit .... 33% 33% 33% 34 Natl D Prod 24% 23 3 , 23 3 24% ! Purity Bak . •• 14% 14% 14% 14% 1 S Porto Rico Sug33 3 , 30% 31% 31% Std Brands .... 16% 15 s , 15% 16% Un Biscuit 25 24% 24% 25 ■United Fruit ... 72% xl% 71 % (2% Ward Bak B) - -2% 2% 2% 2', W'riglev 76 76 76 ,77 Retail Stores— Allied Stores .. 8 7% 7 5 i 8% Asad Drv Goods.. 16% 15% 16% 16% Best A: Cos 51% 51% 51% 51 % First Natl Stores 42V, 41 s , 41 3 , 42% Gimbel Bros 10% 10% 10% 10% IGm Un Tea .... 4 3 4% 4% 4% 1 Jewel Tea 70 i0 70 ,0% Kresge S S .... 22% 22% 22% 22% Kroger Groc ... 2* 23% 23% 23 3 Macy R H 46 45% 45% 46 McCrorv St .... 15% 14% 14% 15% McLellan St .. 13% 13 13 13% Marshall Field.. 17 163,* 16 3 * 17% May Dept St ... 47 46 5 , 46 3 , 47% Mont Ward ... 39% 38 s * 38 s * 39% Natl Tea S’* 9% 9’* 10 Penncv J C 71 s , 69 70 72 s . Safewav St ...33 5 , 31% 32 32 Sears Roebuck.. 61% 60 s * 61% 61 s * i Woolworth .... 50 s * 49% 49% 50% Aviation— Aviation Coro .7 6% 6% 7 Boeing Aircft .. 24% 22% 22% 24% | Curtiss W’rteht 8% 8 8% 8% i Curtiss Wright A 19% 18 11% 18%,

New York Stocks

SATURDAY, MARCH 14, 1936

Dotsglas Air 69 s * 66% 67% 68% Nor Am Av 9 s . B s , 9 9 S B Sperry Corp .... 21% 20 20% 20% Uni Aircft New. 29% 27Vi 28 29% Chemical*— Allied Chem ... 184% 178 178 184% Am Com Alcohol 30 29% 29% 30 Col Carbon 98 s * 98 98 98 Com Solvents .. 21 s * 20 3 , 20 s , 213. Du Pont 341 % 141 % 141 % 145 Freeport Tex ... 31 30% 30% 31% Liquid Carb 38V, 37% 37% 39 Math Alkali ... 33 32% 32’, 32% Monsanto Chem. 98% 98 98% 49% Natl Dis (new).. 31% 30% 30’, 31% Schenley Dist .. 48% 46 46% 47% Tex Gulf Sulph . 35% 35% 35S 35’, Union Carbide . 82% 80 81% 83 U S Ind Alcohol. 52 49% 50V2 51V, Drugs— Bristol Myers .. 47 47 47 48% Coty Inc 6% 6 6 6% Lambert 23% 23% 23% 24 Lehn & Fink ... 12’i 12% 12 s * 131/, Sterling Prod . 70% 70 70% 70 1 Un Drug (new).. 14% 14% 14% 14% Vick Chem 44 43 V* 44 43 % ■ Financial— Adams Exp 11% 11% 11% 12% ! Allegheny Corp.. 3% 3% 3% 3 5 8 Am Int Corp IP* 10% 10% 11% Chesa Corp 65V 2 63Va 63% 66 Lehman Corp .. 96’, 96 96% 97’1 Transamerica .. 13% 13% 13% 13% Tr Conti Corp.. 10% 9% 9% 10% Building— Am Radiator ... 21% 20% 20’i 21 3 8 Gen Asphalt ... 3P', 30 3 8 30-% 32 Holland Furnace 37% 37V, 37% 3714 Int Cement . 42% 42 42 42% Johns Manville 114% 112% 112% 116 Libby Owens Gls 58 56’ 4 56% 59% Otis Elev 30% 28 3 4 28 3 /, 30’% U S Gypsum 101% 99% 100 104 Ulen Cons 6 3 * 6% 6% 6V Household— Col Pal Peet... 17’i 17% 17% 18 Congoleum 37% 36% 36% 37% Kelvinator 21 % 20% 20% 21% Mohawk Carpet. 24% 24% 24% 25% Proc & Gamble. 44’, 44% 44 s * 46 Servel Inc 19V 8 18% 18% 19% Simmons Bed .. 25% 25 25% 25% Textiles— Amer Woolen .. 9’4 9% 9% 934 Belding Hem ... 14% 14% 14% 14% Celanese Corp .. 27 1 /, 26% 26% 27 Collins Aikman. 44 42 42% 44 Gotham Hose . IP', 11 11 n% Indus Rayon .. 28 3 /, 28% 283', 29 Kayser Julius.. 30 29% 29 Vi 30% Real Silk 15 15 15 16V' 8 N. Y. Bonds DAILY BOND INDEX 20 20 20 20 Inds Rails Utls Bonds Today 91.5* 92.4 104.9 96.4 Yesterday 9.7 92.4 104.9 96.4 Week aeo 92.6 94.4 105.3 97 4 Month aeo 93.1 94.1 105.4 97.6 Year aeo 85.6 73.8 92.3 83.9 1936 high 93.4 95.6 105.5 97.9 1936 low 91.6 84.7 103.5 93.3 ‘New 1935 high. (Copyright. 1936. bv Standard Statistics) U. S. GOVERNMENT BONDS (Bv Abbott. Proctor & Paine! Treasurys Prev. Close. Close. 4%S 194 Y-52 117.10 117.13 4s 1944-54 112.9 112.2 3%s 1946-56 110.21 111. 3%S 1940-43 108.19 108.19 33, 8 S 1943-47 107.26 108.1 3'is 1943-45 107.4 107.9 3 Vis 1941 108.26 108.30 3'is 1944-46 108.26 106.30 3%s 1946-49 104.28 105.4 3Vs S 1949-52 104.28 105.2 3s 1951-55 103.20 103.28 3s 1946-48 104.2 104.8 2%S 1955-60 101.4 101.12 2%s 1945-47 102.4 102.12 Home Owners Loan Corp. 2’is 1940 103.3 101.4 3s 1952 102.2 102.10 Federal Farm Mortgage Corp. 3%S 1964 103.30 3s 1942-47 103.1 103.6 2%s 1947 101.22 101.23 DOMESTIC Prev. Close. Close. Alleg Corp 5s '44 93Vs 93 Alleg Corp 5s '49 86% 88V, Alleg Corp 5s ’SO 75 78 Am Frgn Pow 5s 2030 75% 78V 2 Am Tel & Tel 5%s 43 1133/„ 1133/ 8 Am Tel & Tel 5s '65 . 112% 112% Arm At Cos iDell 5%s ’43 97% 98 Atl Coast Line 4s ’52 981/2 98% Atch Top & S Fe 4%s ’4B 113 113% Am Wat Wks 5s ’44 111% 112% Am Rolling Mills os ’3B 119% 122 E'alt & Ohio 6s ’95 94'/, 96 Balt & Ohio 4%s ’6O 70 3 /, 72'/2 Buff Roch & Pitt 4V2S ’57 ... 79V, 79% Beth Steel 4%s ’6O 105'% 105 3 /, Chi Milw &StP 5s '75 21% 22 3 i Chi Milw & St P 5s 2000 7Vs 7V, Cleve Un Term 6s ’73 106 105% Cleve Un Term 4%s ’77 101 101 Col Gas 5s May ’52 103 103 3 ,4 Col Gas 5s April ’52 103 102% Col Gas 5s ’6l 103 103 3 / 8 Can Pac Perp 4s 91 91% Cent Pac 5s ’6O 95 97 Big Four 4V 2 S ’77 87% 89% Colorado & So 4Vis ’BO ,72 74 Chi & West Ind 4s ’52 104% 1043/ 8 Chi & West Ind 5%s ’62 107 3 /, 107% Clii & Nor West 4 3 /is ’49 14 14% Chesa Corp 5s ’47 125% 127% Del & Huds 4s ’43 83 3 /, 85Vi N Y Dock 5s ’3B 70 71 Erie 5s ’75 75% 76% Erie 5s ’67 76Vi 773 /8 Gen Cable sVis ’47 105 105 Grt Northern 7s ’36 101% 101% Grt Northern 4' 2 s '76 102% 104 Grt Northern 4%s ’77 103 103% Hud & Manhat Ref 5s ’57 85 86 111 Cent 4%S ’66 73 75% 111 Cent 5s ’63 84 85'/ 2 Interntl Hv Elec 6s ’44 51 Vi 52% Interntl Tel & Tel 4%s ’39 .. 91% 94% Interntl Tel At Tel 5s '55 ... 86 1 , 88 Interntl Tel At Tel 4%s ’52... 80% 82 P Lorillard 7s ’44 132 V, 132% McKees At Rob 5%s 'SO 103% 103% Natl Dairy 5V,s ’4B 103% 103% Natl Steel 5s ’56 106 106'/, Nickel Plate 4%s '7B 81% 82 3 ', Nickel Plate sVis ’74 94 94% N Y Cent 5s 2013 89 1 /, 90V, N Y Cent 4'is 2013 (old) 84 84% Nor Amer Cos 5s ’6l 105 3 /i 105 3 /!, Nor Pac 3s 2047 83 84 Nor Pac 4%s 2047 101 10P, Nor Pac 6s 2047 104% 110% Nor States Pow 5s ’4l 105 3 * 105 New Orleans Term 4s ’57 .... 92 92'i Otis Steel 6s ’4l 102% 103 3 ', Penn Rv 4%s 84 109', 109% Penn Ry 4%s ’Bl 109% 110 Penn Rv 4%s '7O 102 102% Pac G & E 5s ’42 ... 103% 103% Portland Gen El 4'is ’6O ... 72 3 8 73 Para Publix 5%s ’SO 87 87 Penn P At L 4%s ’Bl 106 3 , 107 Postal Tel At Cab 5s ’53 ... 36% 36 Rem Rand WW 5%s ’47 IC4-% 104% Shell Union Oil 5s ’47 102’, 102% Sou Pac 4%s ’6B 87% 89% Sou Pac 4%s 'Bl 87 88% Sou Pac 4%s ’69 87 88% Sou Pac 4s ’49 87 3 4 89% Sou Rail 4s ’56 58% 61% Sou Rail 6s ’56 76 77% Sou Rail 6Vis ’56 82 82% Sharon Stl Hoop 5%s ‘4B 103' 103% Texas Pac 5s 'BO 101% 102 Texas Pac 5s ’77 102 16 3 ,. Union Pac 4s ’47 113% 113% United Drug 5s '53 101 101", U-S Rubber 5s ’47 103% 104% NY NH At Hart 6s '4B 36% 36 3 i NY NH At Hart 4%s ’67 36% 36% Warner Bros 6s '39 91% 91% Western Mary 5%s ’77 108% 108% Western Marv 4s '52 100% 101 Youngstown S At T 5s '70....106 3 , 10631, Youngstown SAt Tss ’7B ......105% 105% FOREIGN Argentina (A) 6s '57 99 3 i 99% Argentine 'BI 6s 'SB 99% 99** Brazil 8s ’4l 32 32% Canadian Govt 4s '6O 107% 108 3 * French 7s '49 117% 178 German 5%s '65 26 26% German 7s '49 33 3 i 35% Italy 7s 'sl 68 3 ', 70 Japan 6%s ’54 95% 96', Poland 7s ’47 106% 106', Rome 6%s '52 60' 8 62 Tokio City 5%s '6l 76 76% Yokohama 6s '6l 82 s i 83 Investment Trusts (By Thomas D. Sheerin At Cos.) (Reprinted From Late Times Yesterday) Bid Asked Administered Fund 2d $16.53 $17.59 Affiliated Fund Inc 190 2.08 American General Equities ... .1.08 1.11 American Business Shares 1.16 1.26 Bullock Fund Ltd 17.60 19.00 Century Shares Trust 27.56 29.63 Collateral. Tr Shares 'A’ 6.47 6 57 Corporate 'AA' or ’Acu (mod) 3.27 331 Corp ‘AA’ or ‘Acc’ (unmodi . 2.52 2.66 Corporte Trust Shares torig) 2.79 2.83 Deposited Insurance Sh 'A'.. 4.32 442 Diversified Trustee Sh 'B' 10.77 10.S’ 7 Diversified Trustee St ‘C 4.48 4.52 Diversified Trustee Sh ‘D’ 6.65 6.75 Dividend Shares Inc 1.63 1.77 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 1,74 187 North *merican Tr Sh 1955 . 3.26 330 North American Tr St 1056 .. 3.22 326 Cumulative Shares .. 9.27 937 Selected Income Bhares 485 495 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' 4,33 438 Super-Corp of America ’C.’ - D’ 7 96 Supervised Shares Inc iDeD 166 182 Trustee Standard Oilshares A’ 7.60 770 Trustee Standard Oilshares B’ 6.78 688 Trustee Standard Investm ‘C 292 296 Trustee Standard Investm ‘D’ 286 290 Universal Trust Shares 4 24 Uselps ’A’ ~.. 18 15 18.50 Uselps ’B’ 281 Uselps Voting 1.07 United Standard Oillunds .... 1.37 1.50 * Ex-dividend.

LIVING COST OF. WAGE EARNERS DIPSJNMONTH; Declines V 2 Per Cent From January to February. Timm Sprcial NEW YORK, March 14.—The cost of living of wage earners in the | United States declined one-half of ! 1 per cent from January to February, the first drop in total living costs since last July, the National Industrial Conference Board reported today. The decrease in total living costs was brought about by reductions in food and clothing prices. Rents, coal prices and the cost of sundries inadvanced from January to February, the board stated. The cost of living in February, 1936, was 2.4 per cent higher than in February, 1935, and 18 per cent higher than in April, 1933, the low point during the depression, but 15.5 per cent lower than in February, 1929. Rents Show Advance Food prices declined 1.4 per cent, considerably more than seasonally. They were, however, 2.6 per cent higher than In February, 1935. and 38.4 per cent higher than in April. 1933. Since February, 1929, food prices have declined 18.9 per cent. Rents advanced .3 per cent from January to February. They were 9.9 per cent higher than a year ago and 18.2 per cent higher than in January, 1934, when their low point was reached. The level of rents in February, 1936, however, was still 19.4 per cent below that of February, 1929. Clothing prices declined .5 per cent from January to February. They were 2.9 per cent lower than in February, 1935, and 25.9 per cent lower than in February, 1929. Since the low point of April, 1933, clothing prices have advanced 22.1 per cent. Dollar Value Rises Coal prices advanced .7 per cent from January to February, which made them 1 per cent higher than a year ago but still 7.3 per cent lower than in February, 1929. The cost of sundries in February, 1936, was .1 per cent higher than in January, .5 per cent higher than in February, 1935, and 4.7 per cent higher than in April, 1933, but 6.3 per cent lower than in February, 1929. The purchasing power of the dollar was 118.5 cents in February as compared with 117.9 cents in January, 121.4 cents in February, 1935, and 100 cents in 1923. HUDSON SALES BREAK TWO 6-YEAR RECORDS Volume Increases 17 Per Cent in First Two Weeks of March. Times Special CHICAGO, March 14.—Two sales records have been broken by the Hudson Motor Car Cos. during the last two weeks, according to an announcement made today by W. R. Tracy, vice president in charge of sales. Sales of Hudson and Terraplane cars during the first week of March and throughout February shattered all records for those periods since 1930. Retail sales in the United States for the first week in March totaled 1738 cars, exceeding the previous week by 17 per cent and the same week of 1935 by 22 per cent, although snow still covers a large part of the best-selling territories in the country. The automotive industry is in for what may be its greatest spring selling season for all time, states MrTracy. The stage is set for a tremendous sale of new cars, even the hard winter contributing to this situation by the creation of a pentup sales demand that is only waiting for favorable weather to be released. 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% 103 105 Home T & 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.. 5% 105 107 Indianapolis Water Cos.. 5% 105 107 Interstate T & T 5% 97 99 Kokomo Water Works. 5 104% 105 3 /, 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 75 78 STOCKS Belt R R & Stock Yards Com 56% 56 Belt R R & Stock Yards pfd, 6 52% Central Ind Pwr pfd 7 17 20 Home TANARUS& TANARUS, Fort Wayne. 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 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 Water Cos pfd 5 .102 105 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 ... 10 11% Pub Serv Cos of Ind pfd 6 .... 19 22 Pub Serv Cos of Ind pfd 7 .. 43 46 South Ind Gas & Elec. pld. 5 98 101 Terre Haute Elec Cos. 6 ... 89 91% Union Title Cos com 196 21% •Ex-dividend. Unlisted Stocks (By Blyth & Cos.) (Reprinted From Late Times Yesterday) NEW YORK BANK STOCKS Bid Ask. •Bankers 62% 64% Central Hanover 114% 116% Chase 38 3 * 40 Chemical National 57 58% Guaranty 293 296% Irving 16 3 * 17% Manufacturers 44", 46% National City 34% 35% Cont 111 Chicago 160 163% First National E’oston 45 3 i 47% | National Shawmut 26% 28 3 8 FIRE INSURANCE •Aetna Fire 56% 58 5 American Ins of Newark 15% 17% Baltimore American 8% 10 3 * j City of New York 28% 30 s , Federal Ins 53% 56 3 , : Franklin Fire 32 34 jGreat American Ins 30% 32% Hanover Fire Ins 39 3 ', 41 s , •Hartford Fire Ins 78 80 3 , Home Ins 36 s , 38% National Fire 76 78 3 Ins Cos of A 77 % 80% National Liberty 10% 12% North River 28 30 Phoenix 93% 96% U S Fire 57% 59% Westchester Fixe 38 40% •Ex. div*

10 1 1 1 i 1 1 r 1 What Banks Do With Their Money | Weekly t*parting Member tanks In 101 CHtee 8 192. 1930 1931 1932 1933 1934 1935 1936 3U$t£SS #££

Local Livestock HOGS March. Bulk Top Receipts 7. $10.65010.75 $10.75 1000 9. 10.75510.85 10.85 3500 10. 10.85511.00 11.00 5000 11. 10.70510.90 10.90 5000 12. 11.005U.10 11.10 5000 13. 10.905H.00 11.10 4000 Light Lights (140-160) Good and choice. .$10.00010.80 Medium 9.50010.10 (160-180) Good and choice.. 10.800 11.10 Medium . 10.30010.60 (180-200) Good and choice.. 10.90011.00 Medium 10.40S 10.90 i2OO-220i Good and choice.. 10.850 10.95 (220-225) Good and choice.. 10.25510.90 Heavyweights (250-290) Good, and choice . 10.20010.60 (290-350) Gord and choice.. 9.80010.20 Packing Sows (275-3501 Good 9 200! 9 50 (350-425) Good 9.10® 9.35 (425-550) Good 8.85® 9.25 (275-350) Medium 8 50® 9.20 Slaughter Pigs (100-140) Good and choice... 9.25 0 10.00 Medium 8.25® 9.50 CATTLE —Receipts, 400— (550-900) Ohoice $ 9.25010.50 Good 7.750 9.75 Medium 7.000 8 00 Common 5.50® 7.00 (900-110) Choice 10.00011.50 Good 8.50 0 10.00 Medium 7.000 8.75 Common 6.000 7.25 (1100-1300) Choice 10.50 011.50 Good 8.50010.50 Medium 7.000 8.75 (1300-1500) Choice 10.75 011.50 Good 8.75010.75 Heifers (500-750) Choice $ 8.00 875 Good 7.00 0 8.00 Common and medium 5 25® 7.25 (150-190) Good and choice 7.50 0 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® 6.50 Calves (230-500) Gt-od and choice.... 6.00 0 9.00 Common and m--dium 4.50® 6.00 Feeder and Stocker Cattle (500-800) Good and choice.... 6.75® 7.75 Common and medium 5.25® 6.75 (800-1050) Good and choice.. 6.75® 7.75 Common and medium 5.25® 6.75 Cows Good 4.50® 5.00 Common and medium 4.25® 4.75 SHEEr AND LAMBS —Receipts, 2000— Lambs. 90-lbs. down, good and choice •.. .$lO 00®10.35 Good 9.60® 10.00 Medium 9.00® 9.75 Common 7.75® 9.00 Ewes, (90-175) Good and choice... 3.25® 4.25 Common and medium 3.25®' 4.25 Yearling wethers, good choice 8.85® 9.60 Medium 7.75® 9.00 GENERAL FOODS CORP. EARNS $2.23 A SHARE Aggregate Net Income Placed at $11,730,768 for 1935. Times Special NEW YORK, March 14.—Net income of the General Foods Corp. for 1935 totaled $11,730,768, equal to $2.23 a share on the common stock, against $11,143,876 or $2.12 a share earned during 1934, according to the annual report today. Earnings in the fourth quarter of the year amounted to about 56 per cent of the total for the entire year of 1934, and approximately the same as in the third quarter. Net income in the fourth quarter of 1934 was equal to 40 cents a share. Sales in dollars during 1935 were .the largest since 1930. according to Clarence Francis, president. Expansion of the frosted food lines continued during the year, Mr. Francis said, ‘stating that about 1200 retail outlets are now handling the lines, against 742 stores early last yeai. J. !. CASE CO. EARNS $5.70 A SHARE IN 1935 Farm Implement Firm Has First Income in Three Years, Times Special CHICAGO. March 14—The J. I. Case Cos., one of the nation's largest manufacturers of farm implements, has returned to a profitable operating basis after a lapse of three years, according to the 1935 annual report released today. The income for the year amounted to $1,804,835, equal to $5.70 a share on the outstanding common stock after annual requirements on the preferred stock. The figure compares with $699,923 earned in 1934. The company paid dividends on the 7 per cent preferred stock at the rate of 4 per cent annually during the year, Leon R. Clausen, president, announced. Dividend accumulations on the issue at the end if the year amounted to $9 a share. The favorable earnings were attributed to the increase in farm income. TRANSAMERfCA NET UP Corporation Reports Income Equal to 87 Cents a Share for 1935. Times Special CHICAGO. March 14. The Transamerica Corp. consolidated companies and controlled subsidiaries, not consolidated, today reported a net income amounting to $20,319,276. equal to 87 cents a share on 23,181.568 shares of capital stock outstanding for 1935. This is an increase of 77.45 per cent over the $11,450,587 net income. or 48 cents a share on 23,621.897 shares of capital stock reported for the preceding year. General reserve of the corporation was increased from $3,500,000 to $5,250,000 during the year. OHIO PLANT CLOSED Times Special CINCINNATI. March 14. The Container Corp. of America has definitely closed its Cincinnati plant and is planning to transfer operations to other cities, it was announced today. Strike threats were believed largely responsible for the change.

Grain Futures Report In the first report of its kind, the Groin Futures Ad ministration shows that volume of trading in indemnities totaled 3*5,100,000 bushels wheat bids and 313,650 bushels offers from Oct. 1 to Feb. 29.

GOLD IMPORTS ABOVE EXPORTS Shipments Into U. S. Totaled $937,847 During Week Ended March 6. By United Press WASHINGTON, March 14.—Although the condition statement of Federal Reserve member banks showed an increase in the nation’s monetary gold stock during the week ended March 4, Commerce Department figures released today showed that during the week ended March 6, imports of gold barely overbalanced exports. Shipments of bullion into the country totaled $937,847 during the seven days ended March 6, as against exports of $903,144. During the previous week imports were $1,228,099. compared with exports of $649,396. For the four weeks ending March 6, exports overbalanced imports, being respectively $8,155,035 and $6,598,083. Moderately heavy imports of silver were reported. During the week ended March 6, $3,837,587 entered the country, compared with $29,304 shipped out. For the four-week period, silver imports totaled $12,422,116, against exports of $130,945. Two export shipments of $559,283 and $343,861 in gold went to the United Kingdom and The Netherlands, respectively. Largest imports came from the rhilippine Islands and Mexico, which sent $267,611 and $262,097, respectively. Heaviest silver shipments came from the United Kingdom, which sent $2,435,850. BUSINESS DEFAULTS HIGHER DURING WEEK Failures Total 201, Against 188 in Preceding Period. Time* Special NEW YORK, March 14.—Business failures in the United States during the week ended March 5 aggregated 201, compared with 188 in the short preceding week, and 208 for the corresponding 1935 period, Dun & Bradstreet, Inc., announced today. Failures with liabilities of SSOOO or over, in each instance, continued about the same proportion to the total as they have in recent previous weeks. The number of such defaults was 121. compared with 118 in the five preceding days and 138 a year ago. The total number of defaults in the Dominion of Canada during the week fell to 37, or 1 less than the 38 in the preceding week. A year ago the total was reported at 26. STORE SALES CLIMB SHARPLY INJ-EBRUARY Gain of 13 Per Cent Reported by 254 Cities for Year. By United Press WASHINGTON, March 14.—Department store sales in 254 cities recorded an increase of 13 per cent over sales during February, 1935, according to Federal Reserve report stoday. At least a portion of the increase was accounted for, it was stated, by the fact that February this year had 29 days, and one more Saturday than February of a year ago. Sales continued at about the same level as in January. The Reserve Board’s index for February was 80 per cent of the 1923-25 average, as compared with 79 per cent for January. FARM INCOME LARGER January Total Shows Increase of 8.8 Per Cent Over Year Ago. Times Special NEW YORK, March 14.—The government paid farmers only $1,000,000 in benefit payments during January, compared with $70,000,000 in the corresponding month a year ago, according to a report made today by the Alexander Hamilton Institute. No payments, however, were made after Jan. 6, this year, when the Supreme Court invalidated the processing taxes. Income “from marketings, however, showed a sufficient increase to more than offset this difference in benefit payments, it was pointed out. The total farm cash income in January. 1936. amounted to $566,000,000, against $520,000,000 in the same monht last year, an increase of 8.8 per cent. OIL MARGIN NARROWER Times Special NEW YORK, March 14.—Current daily crude oil production now is only about 225.000 barrels daily larger than the rate a year ago. In the last few months the rate compared with a previous year was considerably larger. COLUMBIA INCOME DIPS Times Special NEW YORK. March 14.—Earnings of the Columbia Pictures Corp., for the 26 weeks ended Dec. 28. amounted to $781,273, equal to $2.74 a share on common stock outstanding. In the preceding six months the linn earned $3.26 a share, ,

810 REFUNDINGS TO BE OFFERED SOON, ISBELIEF Underwriters Expect Little Difficulty in Marketing Projected Issues. BY CHARLES H. HUFF Time* Special Writer NEW YORK, March 14.—Considerable corporate refunding is expected to be crowded into the last 10 days of this month, with a scattering of substantial offerings scheduled to make an appearance in the meantime. Judging from the present temper of the investment market, marked almost invariably by an eagerness that expresses itself in rising bids immediately after the bell is rung for anew offering, underwriting syndicates interested in approaching operations expect little difficulty in placing promsed issues. Aside from an offering of $60,000,000 of 3% per cent debentures of the Shell Union Oil Corp., no important financing, in point of size, is likely this week, but the outset of next week may induct several substantial operations. Involves Largest Borrowing Probable offerings at that time will include $22,000,000 of 4 per cent debentures and 44.000 shares of common stock of the American General Corp. and $40,000,000 of first mortgage bonds of the Jones & Laughlin Steel Corp. The latter offering will attract considerable notice in investment circles because it represents largely a call for new money to be used for plant construction and equipment. It will involve the largest single borrowing of actual “new money” since the securities and Exchange Commission came into existence. For the remainder of the month noteworthy offerings are promised |in abundance. Among them ara $40,000,000 of long-term first mortgage bonds of the Consumers’ Power Cos., $69,545,000 of debentures and notes of the National Dairy Products Corp.. $75,000,000 of bonds of Eastern Gas and Fuel Associates and $62,900,000 of bonds and notes of the New York Central Railroad, the latter awaiting I. C. C. approval. Rail Issues Well Received With railroad refunding becoming a more prominent factor in financing operations than was the case last year, investment market observers have watched closely the results of recent offerings in this field. The verdict is that the issues have been readily absorbed and that investment sources apparently are ready to accord an enthusiastic reception to further operations on behalf of the carriers. While regulation SEC processes do not attend financing offerings by the railroads, it has become the practice of underwriters to issue fairly comprehensive circulars which carry at least a flavoring of the regulation SEC prospectus. The circular issued in connection with the recent $44,000,000 offering of Chicago Union Station Cos. first mortgage 3 3 i per cent bonds was unique for its brevity. It confined itself largely to presentation of pertinent balance sheets and income reports, and carried only about three printed pages of text. The contrast with the usual 70 or 80 page prospectus that heralds an offering registered with the SEO was pronounced. The figures, incidentally, constituted a convincing story on behalf of the new bonds. PROFIT REPLACES LOSS Allis-Chalmers Cos. Net Income at $1,985,137 for 1935. Times Special CHICAGO. March 14—The AllisChalmers Manufacturing Cos., manufacturers of various types of large industrial and farm machinery equipment, today reported the best net income for 1935 for the last six years. The total for the year was placed at $1,985,137, equal to $1.47 a share on 1,334,394 shares of capital stock, exclusive of 16,206 shares held in the treasury. In the preceding year the company reported a net loss of $1,039,406. ENTERS NEW FIELD Times Special DETROIT, March 14.—The Kelvinator Corp. has entered into th® gas range business, it was announced recently, with the presentation of six models, each qualified to meet a particular demand as to price, utility or capacity. Chicago Grain Futures (Reprinted From Lste Times Yesterday! (By United Press) .... Prev. Wheat— Hieh. Low Close. Close. May 1 01 3 &n% 1.01 1,00% 'July 91% .89% .90% .90% i Sept 89% .88% .89 .89% , Corn—- , May 61 .60% 60% 60% July 61 3* 60% 61% 61 Sept 61% 61 .61'% .61 Oats— May 27% .27% 27 3 ,b .27% July 27% .27% .27’,a .27% Sept 27 3 , .27% ,27 s * 27% Rye— May 57% .56% 57%a 56% July .56% .56% ~s6’ab 56% Sept 57 56 3 * ,57b. .56% Barley— May 40b 4 Lard— Mar 10 62 10 62 10 62b 10 7Y May 10 72 10 70 10 72a 10 82 July 10.72 10 70 10.72a 10 80 a Ask. b Bid. n Nominal. LOCAL CASH MARKET City grain elevators are paving 95 eena for No. 2 soft wheat. Otner grades on their merits. Cash corn new No. 4 yellow 50 cents and oats 21 cents.

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