Indianapolis Times, Volume 48, Number 5, Indianapolis, Marion County, 17 March 1936 — Page 14

Trends Peace by Treaty Is Already Proved Hopeless. BY JOHN T. FLYNN

YORK. March 17. —The German occupation of the Rhineland is an important lesson lor this country and at this particular juncture. America is. apparently, committed to keeping out of war. But there are various schools each with its own choice

of the right road. On<* group favors strict neutrality in all quarrels between foreign nati on s. Another group favors co-opera-tion with all nations In a grand collaboration to keep the peace of the world through the League of Nations. Another group favors agreements with those nations

Flynn

whose policies and interests more nearly resemble our own for group action. This would include also those pacts against war like the Briand treaties and the Kellogg pact. Still another school favors ir/.mense and formidable armament so as to make us a terror to any nation contemplating an attack on us. Without examining these various schools, the series of events which has culminated in the Rhineland occupation does at least make clear as daylight the utter hopelessness of at least one of these schemes—namely peace through pact. tt ts tt 'T'HE last few years have witnessed the most amazing tearing up of treaties and flouting of agreements. First of all Japan, to operate in China as she did, had to deny every solemn agreement she made in the League of Nations covenant. And all the nations of Europe, because none had vital interests Involved, simply let their agreements to deal with such a situation go by the board. Then Germany proceeded to arm in complete deflnance of her agreement not to do so. Before that practically every nation in Europe coldly announced, in the face of the most solemn obligations, that it would pay no more money to the United States on the war debts. Next Italy, in spite of the most binding agreements, not only within the League but in a treaty with and respecting Ethiopia, decided to invade that nation as if her agreements had never existed. tt tt tt THE League nations, bound to aid Ethiopia effectively, made certain mild sanctions against Italy and let the matter slip—at one time England and France actually proposing to Italy to “give" her a large section of Ethiopia's land— Ethiopia, a member of the League. Meantime, in at least 10 different situations, the Kellogg pact and the Briand treaties have been ignored by almost all the signatories as if they never had been made. Now Germany, although a treaty binds her to a wholly different course, tears up the treaty as a scrap of paper and sends her troops into the Rhineland. This is not the Versailles Treaty made under duress, but the Locarno Pact in which Germany acted as a free agent. When Germany does this, France Is practically helpless to resist because Italy and England, which guaranteed that treaty, refuse to do anything about it. Treaties are scraps of paper to all rations when they become inconvenient. (Copyright. 1936. by NEA Service. Inc.) On Commission Row (Quotations below subject to change are average wholesale prices being offered to buyers by local commission dalers.) FRUlT—Strawberries. Florida, pint, lfic; 36-pint crates, 15c. Cranberries. C. C. Howrs. Eatmores. 25-lb. box. $2.50. Pears: Washington D'Anjo (100s box). S3; California. Avacado i2OO-24s>, 53.50. Grapes: Extra Fancy Emperors (34-lb. sawdust chest). $3.50. Limes: Mexican carton. 20e: Persian seedless idoz,), 45c Bananas, seven hands, pound. 5%c. Apples Delicious ifancv baskets). $2 15; Jonathans $1.50: Rome Beauty. $1.35 Lemons: Sunkist 13605i. $6. Grapefruit: Texas seedless (545-80sI, $4: Arizona Sunkist, (80s), $3. Tangerines: (Florida 120s. 1445, 168si. $1.75. VEGETABLES Artichoke. California (doz.i. sl. Beans, green round stringless ihampersi. $2.75 Beets: Texas (3 doz. crate>. $1.50; cut offs ibu ). sl. Brussels Sprouts. California (lb.). 18c. Sabbage. New York Danish (50-lb. bag). 85c; New Taxas (crate), $2 Red Cabbage 150-lb bag i, $2. Carrots California '6 doz crate' $3; Texas '3% doz. crate), $l5O. Cauliflower California * 12s cratei. $1 65 Cclerv. Florida washed and trimmed (doz ). 451)850 Florida i4s 6s. Bs. 10s crate). $3.25 Cucumbers, hothouse (doz.i. $1.25 (southern bushel), $6 Egg plant. Florida idoz.l. $l5O Kale (Virginia bushel). 85c. Lettuce. Iceberg Arizona (best 6s ss'. $4: home grown leaf (15lb. baskets). $5 Endive California (doz.i. 90c Peppers, mangoes icrate'. $6 50. peck basket. $165 idoz 65c Mint, hothouse tdoz.t 75c. Mushrooms ipoundi. 30c. Mustard. Texas half crate. $1.50 Onions ern Spanish ‘SO-lb. bagi, SI 75. Oyster plant, home grown (doz ), 40c Parsley, southern ilong bunches doz.i. 45c Parsnips. home grown washed i bushel). $1; ihalf-bushe ’. 60r Peas Florida hampen. $3 60. Potatoes. Michigan Round whites (100-lb bagi. $165 Maine Green Mountains 'IOO-lb. bag' $2.25; R. R. Early Ohios 100-lb bag). $1 90 R R. Triumph. 1100-lb, bagi. $185; Idaho Russets 1100lb bag. $2 25: Idaho bakers (70s box', $2.50: Col McClures (100-lb. bag), $2.20; New Florida Triumphs 150-lb. bag). $2.25 Sweet Potatoes. Indiana Jerseys ils bushel). 1; medium (buschel). Si: Tennessee Nancv Halls (hampers). $1.15: Indiana Puerto Ricans ibushel crate), SI 50. Radishes, home grown buttons idoz ). 75c; white. 45c. Rhubarb hothouse (bunch), 45c. Rutabagas, northern 150-lb. bag). •sc. Saae tdoz >, 45c. Shallots. Louisiana (doe.i. 40e. Spinach. New Texas (bushel). sl. Turnips, new bulk Texas ibushel). $135. Tomatoes, repacked (10-lb. box). $1.60. FRUITS AND VEGETABLt (Bv United Press) . CHICAGO March 17 Apples— Michigan, bu Mclntosh 75cfi51.35. Carrots—lllinois bu. 250 35c Sweet Potatoes—Tennessee. bu . 80(<i85c. Beans—Florida, bu.. •203 Cabbage—Texas crates. •1.4001.50. Peas—California, bu. hampers. $2 75")3. Foinach—Texas, bu.. 75fi 80c Lettuce— Western crates 5 doz 53.5002.8 V Celerv— Florida, cratei. t2.25*1-3.25. Tomatoes— Mexican lues. $3 2503 75 CauliflowerCallfornia crates SI 15® 1.35. Onion'Market >SO lb. sacks!—Western Valencias. •1.25 Illlnoi* yellows 400 60c: Michigan y*llow 40*i ■ Minnesota yellows. 50fi •0c: Colorado Danvers. 85c FORECLOSURES DECLINE Timet Special WASHINGTON, March 17. January real estate foreclosures were approximately 29.3 per cent fewer than in the corresponding 1935 month, the Federal Home Loan Bank reported today. In some instances the decline amounted to 32 per cent.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 14

SOVIETS THIRD AS PRODUCERS OF ALUMINUM Russian Lead Over Germany, U. S. in 1937 Is Indicated. 7 imrt Special NEW YORK, March 17.—1n the last three years Soviet Russia has ascended from nowhere to third place among world producers of aluminum, and by 1937 may be advanced to primacy ahead of Germany and the United States, comparative figures indicated today, Soviet aluminum consumption is said to be running at thj rate of 40,000 to 50,000 metric tons annually. This figure is generally discounted, however, in the American trade. While still importing the light metal, ingoing shipments have dwindled sharply. French processing methods are employed, but the Russians as yet have not mastered the technique of refining, it is asserted. Plant in Urals Russia’s third big aluminum plant I is in the Urals, where there abound deposits of bauxite, the natural "re. It will have an estimated annual capacity of 25,000 metric tons of electrolytic aluminum, and its completion is due within another year. The first big Soviet plant stands at Volkhovo, near Leningrad. It started operations in 1932 and produced 6750 metric tons of aluminum in 1934. The second stands in the Ukraine at the huge hydro-elec-tric project of Dniepropetovsk. Its operations began in 1933 and 7650 metric tons were produced in 1934. The 1935 output of these two plants approximated 20,000 metric tons and the aspiration for 1936 is a production of 50,000 metric tons. Scattered deposits of bauxite near Leningrad are used. There are also ample but largely unexplored deposits of alunite, a low-grade natural ore of aluminum. Large Deposits Available Several reasons are given for Russia’s spectacular rise in aluminum production. In the first place the Soviets are amply supplied with bauxite and alunite. Power from the giant Soviet hydroelectric projects is the second factor, inasmuch as cheap electricity in large quantities is necessary in refining the metal. However, the third and compelling reason for the Communist regime's rushing headlong into aluminum production is the Soviet’s Union’s lack of copper reserves in sufficiency. In Czarist and early Bolshevik days the Soviets thought themselves secure in copper, but the reverse proved true. The result is that the Russians use aluminum in lieu of copper for electrical wiring, tubing and sheets wherever possible. Baikal Development Seen There are said to be extensive Siberian alunite reserves near Lake Baikal northwest of Mongolia. Their exploitation is due when the Soviets get around to another huge hydro-electric project, which is in prospect on the river flowing northward out of Lake Baikal. European rearmament and economic nationalism are having widespread effects on aluminum production. German production has been as spectacular as the Russian. In 1934 the Reich produced an estimated 37,000 metric tons, and in 1935 this jumped to 54,000 metric tons. Money and Exchange INDIANAPOLIS STATEMENT Clearings 32,966.000 Debits 8.917,000 TREASURY STATEMENT (By United Press) WASHINGTON. March 17.—Government expenses and receipts for the current fiscal year to March 14. as compared with a year ago: This Year. Last Year. Expenses $4,045,365,245 $4,760.142 090 Receipts 2.545.958,447 2.446 409 792 Deficit. ... 2.399,406,797 2.313.732.298 Cash Balance 1.771,183.132 2.090.607 814 •Public Debts 30.501.662.35(1 28.601.844 472 Gold Reserve 10,170.633.216 8.550,713;010 Customs 273.730770 235,670,040 Investment Trusts l ßy Thomas D. Sheerin & Cos.) . , Bid. Ask. Administered Fund 2nd $16.56 $17.62 Affhated Fund. Inc 190 208 American Gcntral Equities.. 1.09 1.12 American Business Shares . 1.15 125 Bullock Fund Ltd. .. 17.75 19.25 Century Shares Trust . ... 27.40 29 46 Collateral Tr Shares “A” 6.52 6.60 Corn AA’ or 'Accum.’ (mod.) 3.30 3.33 Corp ‘AA’ or 'ACC 1 lunmod.) 264 2.67 Corp Trust Shares (oris.)... 279 2.83 Diversified Trust Shrs ' B“ .. 10.70 10.80 Diversified Trust Shrs "C" .. 4.48 4 53 Diversified Trust Shrs “D’’ .. 6.70 680 Dividend Shares. Inc 1.64 1.78 Incorporated Investors 2C.30 23.98 •Investors Fund Amer 1.05 1.15 Market Sr Investment Corp.. 31.00 32.62 •Maryland Fund 19 00 20.39 Massachusetts Investors 25.29 27 49 Nation-Wide Sec Cos "B’’ 432 .. . . •Nation-Wide Votins 1.74 1.89 North American Tr Shs 1955 328 3.33 North American Tr Shs 1956 3.24 3.24 North American Tr Shs iorig) 2.57 .... Quarterly Income Shares ... 1.56 1.69 Rep Trust Shares 12 45 12 60 •Selected Amer Shares Inc .. 1.55 1.69 Selected Amer Shares iorig). 3.63 .. . Selected Cumulated Shares .. 9 39 9.49 Selected Income Shares ... 490 500 State St Investment Corp 96.75 101 25 Super-Corn of America "AA ' 2.76 280 Super-Corp of America "BB" 2.79 283 Suner-Corp of America "A" . 4.15 420 Super-Corp of America "B” 4 35 4.40 Super-Corn of Am C' A- ’D’ 803 .. . Supervised, Shrs. Inc tDela.) 1.66 1.81 Trustee Stand Oil Shrs ''A'' 7.64 7.74 Trustev Stand Oil Shrs 'B" 684 694 Trustee Stand Invest “C”.. 294 2.97 Trustee Stand Invest “D" .. 288 291 Universal Trust Shares 4.24 Uselps "A 18.50 19.00 Uselps “B" 284 Uselps oVtinc 1.08 United Standard Oil Funs . 1.36 1.49 •Ex-Dividend. Unlisted Stocks 'By Blyth & Cos.) NEW YORK BANK STOCKS „ , Bid. Ajk - Bankers Trust 62'* 64 Ceitral Hanover 113 115 Ctase 39% 40% C icmical National 56% 58 Guaranty 290 2?3% '£ v ‘n*, 1% n Manufacturers 45% '7 National City 29*. 31*4 Cont 111 Chicago 165 1 68' First National Boston 46 47% National Shawmut 27% 29% FIRE INSURANCE Aetna Fire 5514 57% American Ins of Newark IS> 2 17', Baltimore American 9 10% City of New York 35‘4 36% Federal Ins 53 56% Franklin Fire . 33 34 Great American Ins 30% 32 •Hanover Fire Ins 39=% 41% Hartford Fire Ins 78 80% Home Ins 57% 39 s , Ins Cos of A 72 76% National Fire . 78 80% National Liberty in% pi. 1 North River jg 30 \VT%, ' S jj; ; Iw!ESKl w !ESK n " 3,, ‘ ”*•

New York Stocks

(By Thomson it McKinnon) 11:15 A. M. Prev. Oils— High. Low N Y. Close. Atl Rfg 31% 30% 31% 30% Barnsdall 16% 16% 16% 16% Consol Oil 14% 14% 14% 14% Cont of Del 34’, 34 34% 33% Houston (new).. 11% 11% :i% lit. Mid Cont Pet .. 19% 19% 19% 19% Ohio Oil 16 15% 16 15% Phillips Pet 43% 43% 43% 43 Pure Oil 24 23% 84 23% Seaboard Oil ... 41% 41 41% 41 Shell Un 18% 13% 18% 18 Skelley Oil 27% 27', 27% 27% Soc Vac 15% 15% 15% 15V, SO of Cal 45% 45 45 44% S O of Ind 38 38 38 37’, SOof N J 67% 66% 67% 65V, Tidewater Assn . 18% 18', 18% 18% jUn Oil of Cal ... 27V, 27V, .17'/, 27% Steels— Am Roil Mills .. 29% 29% 29% 29% Beth Steel 56% 56% 56% 55'/, Byers A M 23% 23% 23% 22% Inland Steel 110 109% 110 109% Ludlum Steel ... 30'% 30% 30% 28% Mid Steel 38 38 38 36V, Natl Steel 69% 69 69% 67% Otis Steel . 19’, 19% 19% 19 Rep Iron ft Steel 24% 24% 24% 23% U S Pipe & Fdy. 35% 35% 35% 34% U S Steel ... 65% 64’, 65 62% U S Steel pfd ..130% 130 130% 129% i Warren Bros 7'% 7% 7% 7% I Youngstn Sit T 50% 50% ... 49;, I Motors— Auburn 49 Vi 48% 49% 48 Chrysler 95% 95% 95% 93% Gen Motors .... 61% 61% 61% 60% Graham Mot ... 3% 3% 3% 3% Hudson 18 17% 17% 17% Hupp 2% 2% 2% 2% Mack. Truck 32% 32% 32% 32V, ; Nash . 19% 19 19% 19 I Packard 11% 11 11% 11 Reo 7 7 7 6% Studebaker .. 13% 13 13 12V* Yellow Truck .. 18% 16 16% 15% Motor Acczss— Bendix . . 24% 24 24% 34V, | Borg Warner ... 80% 80% 80% 79% Briggs 61% 61 61 % 60% Budd Mfg 14 13% 14 13% Budd Wheel 12% 12% 12% 12 1 Eaton Mfg 33 3 32 Elec Auto Lite.. 32% 32% 32% 39% Elec Stor Bat ... 40% 40% 40% 49 Greyhound (B).. 65% 65% 65% 65% Houdaille 29% 29 s , 29% 29% Murray 80dy,... 20% 20% 20V* 19% Timken Roll . . 69 69 69 69 Timken Det Axle 15% 15% 15% 15% Mining— Am Smelt 83 82% 83 81% Anaconda 34% 34% 34% 34% Cal it Hecla ... 8% 8% 8% 8% Cerro de Pasco.. 50'% 50% 50% 50% Gt Nor Ore 19% 19 19% 19 Ins Copper 12% 12% 12% 12 Int Nickel 50V, 49% 50 48% Kennecott Cop.. 3814 38 38 36% Mclntyre Mine.. 41 41 41 41 Park Utah 4% 4% 4% 4% Phelps Dodge .. 36 36 36 35% St Joe Lead 27% 27% 27% 27% Amusements— Fox Theat 29% 29% 29% 29% Loews Inc 43 47% 48 47% Radio Corp 12% 12% 12% 12V, Paramount .... 9% 9% 9% 9% RKO 7% 7% 7% 7% Warner Eros .... 11% 11'% 11% 11% Tobaccos— Am Tob (8).... 90% 90% 90% 90% Lig it Myers (B) 99V, 99 99 98% Phillip Morris . . 70% 70% 70% 70% Reynolds T (B).. 51% 51% 51% 52% Rails— Atchison ...... 75% 74% 75% 74% Atl Co-ast Lines 29 Vi 28% 29 V, 28'4 B & 0 20 20 20 19% Can Pacific .... 13% 13 13% 12% £h & Ohio 56% 56 56% 55% V ,* v '° U. 1% St P 2% 2% 2% 2% Chi NW 4 4 4 4 Dela it Hud 44% 44% 44% 43% Del Lac & W.... 19% 19% 19V, 18% Brie 14 14 14 13% Gt Nor pfd 38% 35% 36% 35% 111 Centra , 24% 24% 24% 23% Lehigh Valiev .. 2V, 12% 12% 12% M K & T pfd.. 21% 21 21% 20% Mo Pac 3% 3% 3V, 3Vi Mo Pac pfd ... 5 5 i 5% 5% 6 N Y Cent 35% 35% 35% 34% Norfolk & West 233 233 233 233 Nor Pacific 30% 30% 30% 29% Penn R R 33% 33% 33% 33% Sou Pac 33% 33% 33% 32% Sou R R 17% 17% 17% 17Vs West Maryland.. 10 10 10 9% Equipments— , Am Car & Fdy. 35% 35% 35% 35% Am Loco 31% 31 31% 30% Ain Steel Fdv.. 28% 27% 28% 27% Bald Loco 5% 5% 5% 5% Gen Am Tk Car. 56% 55V, 55% 56 Gen Elec 39V, 38% 38% 38% Gen R R Sig ... 43% 43V, 43% 45% Pullman Inc .... 44Vs 43% 43% 43 Westineh Elec ..113% 113 113% 112 Vs Utilities— Am it For Pwr.. 8% 8% 8% 8% Am Pwr & Lit .. 12% 11% 12% 11% AT&T ...168% 167% 168% 168’/* Am Wat Wks .. 22% 22V* 22% 21% Col Gas & Elec.. 18% 18% 18% 18 Comm it Sou ... 3% 3% 3% 3% Consol Gas .. 35% 34% 34% 33^, Elec Pwr & Lit.. 16% 15% 16% 15% Interboro R T.. 15% 15% 15% 15 Int T & T 16% 16% 16% 16 Nat Pwr & Lit... 11% 11% 11% 11% North Amer 27% 27% 27% 26-’, Pac G& E 35% 35% 35% 35% Pub Serv N J 42% 42% 42% 42% So Cal Edison . 25% 25% 25% 25% Stone & Webster 16% 16% 16% 16% United Corp .... 7% 7% 7% 7% Un Gas Imp. 16% 16% 16% 16 Ut Pwr &Lt (A) 6% 6% 6V, 6 Western Union.. 87% 87% 87% 87 Rubbers — Firestone 30% 30 30'/, 30% Goodyear 28 27% 28 27% U S Rubber . 27 26% 27 26% U S Rubber pfd.. 76Vs 74% 76 74% Miscellaneous— Allis Chalmers.. 45% 45% 45% 45% Brklvn Man Tr.. 50 50 50 48% J I Case 132% 132 132% 130% Caterpillar Tract 69 68Vt 68'% 67’, Crown Cork .... 51 51 51 51 Deere &Cos 80% 80 80% 78% Eatsman Kodak 161 V, 161 V, 161% 161% Gillette 17% 17% 17% 17% Glidden 47 47 47 47% Int Bus Mach... 177% 177% 177% 179 Inter Harv 81% 81 81 % 80% Natl Cash Reg-. 27% 27% 27% 26% Rem Rand ... 21% 21% 21% 21% Underwood E .. 90% 90% 90% 90 Worth Pmp .... 31% 31% 31% 31 Foods— Armour 5% 8 6% 6% Beatrice Cream.. 24% 24 24% 23',, Borden Prod ... 28 28 28 28 Can Drv G Ale 13% 13% 13% 13., Coca Cola 90% 90% 90% 90% Corn Prod ..... <4 73 s 16 i3 s Gen tt ." 34% 34V ? 34% 34% Gold Dust 20 Vi 20% 20% 20% fr w Sutra r .... 37 37 37 3o Loose Wiles .... 43% Natl Biscuit .... 34% 34% 34% 34% Natl D Prod ... 24V, 24 24,, 24 Std Brands 16 16 16 16 United Frmt ■■■ 71 71 71 .1 Assd Goods. 16% 16% 16% 16% Kroger Groc .... 23% 23% 23 g 23/g Macv R H 47 46 47 46 McCrory St 15% 15', 15 , 15, Mont Ward 40% 4040 * 37 /* isjofi Te*a 9”a 9 7 a 10 Penney J C 70% 70% 70% 70V, Sears Roebuck. .. 62% 62 62% 61. g Woolworth 50% 50% 50 * 50/ Aviation— Aviation Corp .. 7% 7% 7", 7 Boeing Aircft ... 24 24 2* 23 , Curtiss Wright.. 8% 8% 8% 8 a Douglas Air .... 69% 68% 69% 68% Nor Am Av 9% 9% 9% 9% Sperry Corp • 21% 21% 21, ~0 g Uni Aircft New.. 28% 28% 28% 28 Chemicals — Air Reduction ..185 185 185 183'2 Col Carbon 105 105 105 104% Com Solvents ... 21% 21% 21% 21% DU Pont 142% 142% 142% 142% Freeport Tex ... 33% 33% 33V, 33 | Math Alkali .... 31% 31% 31% 31% ! Schenley Dist ... 48% 48% 48% 48 ! Union Carbide . 83% 83 83% 82% !U S Ind Alcohol. 52% 51% 51% 50% j Drugs—'Bristol Mvers. .. 47% 47% 47% 47% Local Securities (Bv Indianapolis Bond <fc 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 <Ss T Fort Wayne 5% 104 105 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%. 104% 106 Indianapolis Water Cos.. 5%..104% 106 Interstate T & T 5% 97 99 Kokomo Water Works. 5 104% 105% Morris 5 & 10 Stores. 5 100 103 Muncie Water Works. 5 . 103 Noblesvllle 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 it Light, 5 106 108 Terre Haute Water Works.. lOi 104 Terre Haute Water Works ...LO3 105 Traction Terminal Cos.. 5 75 78 STOCKS Belt RR & Stock Yards Com 53 % 58 Belt RR it Stock Yards pfd. 6 52% ... Central Ind Pwr pfd 7 17 20 Home Tit T. Fort Wayne. 7.. 52% 54% Hook Drugs. Inc., com 16% 18 •Ind & Mich Elec Cos., pfd 7 103% 104% •Ind General Service Cos.. 6.. 96% 99 Ind Hydro Elec Cos.. 7 58 61 Indianapolis Gas Cos., com.. 8 . 35 38 •Indpls Pow &Lt Cos., pfd., 6 89 92 •Indpis Pow *LtCo . pfd.. 6% 93% 96% •Indianapolis Water Cos pfd 5 102 105 North Ind Pub Serv pfd 5% 67% 70% North Ind Pub Serr pfd 6 74 77 ; North Ind Pub Serv pfd 7.. 83 86 ! Progress Laundry Cos com ... 10 Ills j Pub Serv Cos Os Ind pfd 6 ... 20 23 Pub Serv Cos of Ind ofd 7 ... 43% 46% i *Bouth Ind Gas & Elec pfd. 8 97% ioO% i Terre Haute Elec Cos. ( ... 19 91% Unton grille Cos

TUESDAY, MARCH 17, 1936

.Lambert 23% 23", 23% 23% Lehn & Fink ... 13% 13% ”% ”% Un Drug inew). 14% 14% 14% 141, Financial— Adams Exp .... 12% 12'i nu 1, [Allegheny Com.. 3% 3% 3% 3% Am Int Coro ... 11% u% 11% 11% I®'**®'; §6% 66% 861* 65% i Lenman Coro ... 97 97 97 97 Transamerica ... 14 14 14 13% Tr Cont Com .. 9% 9% 9% #*2 Building— Am Radiator ... 21% 21V, 21% 21% Gen Asphalt .... 31% 31'i 31 <! 311* Holland Furnace. 39 39 . 39 38% Int Cement -.44% 44V* 44% 44 Johns Manville 112 IU% U 2 111’, Dibby Owens Gls 60V4 60 % 60'i 59’1 Otis Elev 29V, 29V, 29% 29‘s U S.Gvosum ...100 100 100 100 Kelvinator 22 22 22 21% Mohawk Carnet. 25'/* 25 25V* 25 Proc it Gam 46 46 46 45% Servel Inc -. ... 19 ig% 19 18V, Simmons Bed .. 27 27 27 26% Textiles— Celanese Com .. 28 27% 27% 26% Collins Aikman.. 45 44% 45 44V* BtiW”.:: if* if 14 ?!'• !P Chicago Stocks (By Atkins, Hamlll St Gates) 11:30 Prev. A. M. Close. Advance Aluminum 8 7’, Allied Products 22'/, 21% Asbestos Mfg 5 5 ' Associated Investors 31 31 Berghoff 12% 12 Evuce EL n% .. Butler Brothers 9% 9% Cent 111 Pub Service pfd 61 1 /* 60V, Chicago Rivet & Machine .... 30 Chicago Yellow Cab 25 24’/s Cities Service 5% 5 Commonwealth Edison 103 101 Continental Steel 37% 37% Cord 6% 6% Crane 27V* 26'/, Electric Household 16% 16% General Household 4% 4'/, Godchaux Sugar "B” 16% 15% Grt Lakes Dredge 29 28% Jarvis Mfg 23 V, 22% Katz Drug 32 Lincoln Printing 8% 8% Lynch Glass 48% .. McGraw Electric 31% 31% Musk Motor Sp “A” 22 21 Nachman Spring Filled 11% .. Northwest Bancorporation.. . 11 V, 10% Public Service of Northern 111 58V* 58'% Standard Dredge pfd 14% 14 Vortex Cup 19% 19% Z-enith 17% 17% New York Curb (By Atkins, Hamill & Gates) 12:30 p.m. Prev. N. Y. close. Aluminum Cos of America 143 148 Am Cyanamid (B) 36% 35% Amer Gas and Electric 39% 38% Amer Superpower 32% Ark Natural Gas (A) 6% 6% Atlas Corp 13% 13% Canadian Indust Alcohol (A).. 10 10 Carrier Corp 9% 10 Creole Petroleum Corp 30 % 30% Elec Bond and Share 22'/a 20% Fisk Rubber Foid Motors Canada (A) 25% 25% Glen Alden (1) 15 '4 15 Greenfield Tap and Die Corp.. 9% 9% Gulf Oil Corp of Penn 96 95 Humble Oil and Refining Cos.. 73% 74 H.vgrade Food 4% 43; Imperial Oil of Canada 22% 22 Irving Air Chute 23 % 24% Lake Shore Mines 53% 53 \ 2 Mead Johnson &■ Cos 91 Molybdenum Corp of Amer.... 10% 10V, Natl Bellas Hess Inc 2Vi 2% Niagara Hudson Pwr 10% 9% Pan-American Airways 62 60% Pennroad Corp 4s/ 8 43/. Reliable Stores Corp 18% ... Root Petroleum l2'/g 11% St Regis Paper Cos s'/g 4’/g Salt Creek Producers’ Assn 8% 8% Segal Lock 3% 3% Sonotone 2% 2% Standard Oil of Ohio 28% ... Stutz Motor Car of Amer 2Vg 2Vs Technicolor. Inc 30 30 Tubize Chattllon Corp BV* ■ BVs N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 91.8 91.9 104.9 96.2 Saturday 91.8 92.1 104.8 96 2 Week ago 92.2 93.1 105.1 96 8 Month ago 93.2 94.6 105.4 97 7 Year ago 85.1 74.0 92.6 83 9 1936 high 93.4 95.6 105.5 97.9 1936 low 91.5 84.7 103.5 93 3 (Copyright, 1936, by Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Treasurys Prev. „„ Close. Close. U/S 1947-52 117.14 117.10 4s 1944-54 112.13 112.9 3% s 1946-56 110.21 110.21 3%s 1940-43 108.17 108.29 3%s 1941-43 108.31 3%s 1941 108.24 108.30 3/,s 1944-46 106.28 106.28 3 J 946-49 105.3 105.1 3V.S 1949-52 105 104.28 3S 19UJ-55 103.24 103.28 2’ss 1955-60 101.8 101.10 2%s 1945-47 102.10 102.11 Home Owners Loan Corp. 2%s 1949 101.5 101.5 3s 1942 102.7 102.6 Federal Farm Mortgage Corp. 3s 1942-47 . 103.3 103.1 DOMESTIC Prev. Close. Close. Alleg Corp 5s '44 93 93 Alleg Corp 5s ’49 86% 88 Am Frgn Pow 5s 2030 76 76% Am Tel & Tel 5%s ’43 113% 113% Am Tel & Tel 5s ’65 112 112V* Arm Cos (Del) 4s ’55 97% 97% Atl Coast Line 4s ’52 98% 98% Atch Top S Fe 4'.is ’4B 112% 112% Am Wat Wks 5s '44 Ill', 112 Balt & Ohio 6s ’95 93% 93% Balt & Ohio 4Vis ’6O 72Vi 71% Buff Roch & Pitt 4%s ’57.... 78% 79% Beth Steel 4%s ’6O 105% 105% Chi Millw & St P 5s ’75 22 22% Chi Milw & St. Paul 5s 2000.. 7V, 7% Cleve Un Term 5s ’73 106% 106 Cleve Un Term 4%s ’77 ...,101 101 Col Gas 5s May ’52 103% 104 Col Gas 5s ’6l 103'/, 103% Can Pac Perp 4s 92 92 Cent Pac 5s ’6O 94% 95 Big Four 4'As ’77 89% 89Vi Colorado & So 4%s ’BO 7’ 73% Chi & West Ind 4s '52 10i 104% Chi it West Ind 5%s ’62 Chi & Nor West 4%s '49 14'/* 14V* Con Gas 5s '57 104% 104% Chesa Corp 5s ’47 127 127% N Y Dock 4s ’sl 69% 69% Fi Y Dock 5s ’3B 69% 70 Erie 5s '75 76V, 76% Erie 5s ’67 76% 77 Gen Cable 5%s '47 105% 105 Grt Northern 7s ’36 101% 101% Grt Northern 4%s '76 103 103 Grt Northern 4%s '77 102% 102% Hud & Manhat Ref 5s ’57 86% 85V* 111 Cent 4%s '66 74% 74% 111 Cent 5s '63 84'A 84% Interlake C&I 5c 'sl 92% 93 Interntl Hy Elec 6c '44 52 52 V, Interntl Tel & Tel 4'/*s '39 ... 94% 94 Interntl Tel & Tel 5s '55 87 87 Interntl Tel & Tel 4%s '52 82 82 McKees & Rob 5V2s ’SO 103% 103‘/g Natl Dairy s',s ’4B 103'* 103% Nickel Plate 4%s 78 82% 82% Nickel Plate 5%s ’74 94 94% N Y Cent 5s 2013 89% 89% N Y Cent 4%s 2013 (old) 84 84 I Nor Amer Cos 5s '6l 105% 105% Nor Pac 3s 2047 100% 101% Nor Pac 6s 2047 110% 110 Nov States Pow 5s '4l 105% 105 V, New Orleans Term 4s ’53 .... 92% 92 Penn Ry 4%s ’B4 109% 109% Penn Ry 4%s 'Bl 109% 109% Penn Ry 4'is '7O 102% 101% Pac G & E 5s ’42 103% 103% Portland Gen El 4%s '6O 72% 72% Para Publix 5%s 'SO 89% 87% Penn P& L 4%s ’Bl 107% 107 Portal Tel & Cab 5s ’53 36% 27 Rem Rand WI 4%s 109% Shell Union Oil ss. '47 102% 102% Sou Pac 4%s ’6B 88 gB% Sou Pac 4%s ’Bl 87% 87% Sou Pac 4%s ’69 87% 88% Sou Pac 4s '49 89 89 Sou Rail 4s '56 60% 56 Sou Rail fs ’56 76 77 Sou Rail 6Vis '56 81% 83 Sharon Stl Hoop 5%s ’4B 103% 103% Texas Pac 5s '79 101 loi Texas Pac 5s ’77 101% 112 Union Pac 4s ’47 112% 117% United Drug 5s ’53 101 Vi 10' U S Rubber 5s '47 105'/, 10£% NY NH & Hart 6s ’4B 36 36% NY NH * Hart 4%s ’67 35% 36 i Warner Bros 6s ’39 93% 92 Western Marv 4s ’52 100'* 101 Youngstown S & T 5s ’7O 106 s , 108% Youngstown S & T 5s ’7B ....102% 105% FOREIGN Argentina A 6s ’57 99 993* Argentine B 6s 'SB 99 Brazil 8s '4l 32 32 Canadian Govt 4s '6O 107% 107% Denmark 5%s '55 101 101 French 7s '49 177% 177 German 5%s '65 26% 26% German 7s ’49 34% 34: z Italy 7s 'sl 68% 68% Japan 6%s '54 95% 96% Rome 6'-s ’52 60% . . Tokio City 5%s '6l 75 5 , 76% ALASKA JUNEAU NET UP Timet Special NEW YORK. March 17.—The I Alaska Juneau Gold Mining Cos. has ! reported a net Income of $1,563,798 for 1935, after all charges except depreciation, equal to $1.04 a share. Earnings a year ago were equal to $1.28 a share.

TAX SOLUTION SEEN RESTING IN EXPENSESLASH Reduction of Extravagance in Governments Seen Only Way Out. rime* Special NEW YORK, March 17—There is no solution of the current local and state tax situation other than the all too simple one of a reduction of the extravagant expenditures of state and local governments, the Standard Statistics Cos. concludes in an analysis today. Taxes on real estate have become so destructive that widespread agitation exists for some relief from the burden, the analysis states. “Real estate owners, aided by disinterested organizations seeking taxation reform, have been exerting pressure on lawmakers and local governments. Thus far, however, these efforts have not been highly fruitful. States Adopt Limitations “Pressure has been brought to bear in numerous states for the establishment of maximum rates at which real estate may be taxed. Constitutional limitations of this nature have been adopted in lowa, where the limit is 1.5 per cent of assessed value, and in West Virginia, where the limit is 1.5 per cent on rural and 2 per cent on urban properties. “With property taxes providing about 90 per cent of the cost of local government, it is evident that that the obstacles presented in securing a remedy for excessive real property taxation are enormous. Despite the V)ng-standing agitation for relief, the;e has been no great change in the nature of real estate taxation in more than 75 years. Trend is Upward “The principle of substituting state income taxes for property levies on a partial scale is sound, but in actual practice, this means undoubtedly would meet with abuse. Legislators would be likely to impose income taxes at a rate which would yield more than the relief granted to real estate, with the result that the aggregate tax burden would increase further. “Only by reducing expenditures can the burden on real estate be lessened over the near future. It would be gratifying to state that such a trend is noticeable, but actually, the trend is upward. As long as this persists, destructive real estate taxation will continue. Unfortunately, there is no simple solution to the problem.” Produce Markets The prices quoted are paid lor 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 stags, 13c; old cocks, 9c. Ducks, white, 5 lbs. and over. 11c; geese, full feathered, all sizes, 10c; all guineas- 1% lbs. and up. 15c: No 1 strictly fresh eggs, loss off, 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 !?I ade „ No - 1 butter, 35@36c; No. 2, 32® 33c Butterfat, 29c. (By United Press) CHICAGO. March 17.—Eggs—Market .•teady; receipts. 21,976 cases; fresh graded firsts, 19c: extra firsts, 19%c; current receipts, 17%c; dirties, 16%c; checks, 16c. Butter—Market, firm; receipts. 11.696 tubs; extra firsts (90-91% score'. 31%®31%c' extras (92 score), 31%c: firsts (88-89% scorel. 30%®31c; specials, 32%@32%c; standards. 31%c. Poultry—Market, firm; receipts. 19 trucks: 1 car due: ducks. 20® 24c: geese. 13c: spring chickens. 24®26c: hens. 18@24c: turkeys. 20®23c: capons. 25 ®26c; Leghorn hens. 14@21c; old roosters. 16c; broilers. [email protected]: frvers. 24@26c. Dressed poultry—Turkeys, young tom, 25® 27%c; hen turkeys ,27c: capons. 27®30c; Cheese—Twms. 15%®15%c; Daisies, 15%® 15%c; Longhorns. 15% @ 16c. Potatoes Supply moderate: table stock, on best demand moderate, market slightlv stronger: Idaho Russet Burbanks. [email protected]; U. S. Wisconsin round whites. $1.15@L25; Michigan Russet Rurals. $1.25: North Dakota cobblers. $1.45®1.50; Earlv Ohios. $1.50: Bliss Triumphs, $1.40: Minnesota Bliss Triumphs. $1.30: Colorado McClures, $1.75®1.90: Russet Burbanks. $1.70' Nebraska Bliss Triumphs. 51.50®1 65 Arrivals. 96; on track. 258; shipments. 991. Other Livestock (By United Press) CHICAGO, March 17.—Hogs—Receipts, 13.000, including 1500 directs; steady to 10 cents lower than Monday’s average; top $10.80: 140-230 lbs., [email protected]; few 230-260 lbs., $10.35® 10.60; scattering 260 300 lbs.. $10.10®10.40; trade not fully es tablished on weights above 230 lbs: sov j up to $9.60; bulk. $9.25®9.50. Cattle—R - ceipts. 7000: calves. 2500- very little done; undertone weak on practically all classes; few early sales steady; steers selling at $6.75®8; better grades at s9®lo; heifers from $8.40 down: mostly $7.50 down: common and medium grade heifers getting fairly good action: scarce: replacement market steady: cows very dull; bulls weak, and vealers 25 cents or more lower on big packer account: mostly $8 down. Sheep —Receipts. 9000: market not well estalished up to midmorning; indications fully steady on desirable lambs scaling downward from around 95 lbs.: much of supply held higher: but major packers not particularly active: early shipper bids choice medium weight lambs. $10.25 refused: very desirable fresh shorn fed west; erns sold $8.25®8.35; practically no sheep or yearlings offered. (By Times Special) LOUISVILLE. March 17.—Cattle—Receipts. 275; salable supply slaughter cattle very light: demand dependable; especially for lower grades: market moderatelv active. generally steady: bulk common to medium steers and heifers. $6.25®7.50: onlv a few common dairvbred and off colored steers and heifers down to $6 or less: better finished steers and heifers quotable to $8 and above: bulk beef cows. 54.75®5.75: practical top. $6: smooth heifer tvpes eligible higher: most low cutters and cutters. $3.50®)4.50: sausage bulls salable mostlv ss® 6: light beef tvpe stockers and sock calves salable mostly [email protected]: most native feeding steers. $6.50® 7.50. Caves— Receipts. 225: market mostlv steadv; bulk, good to choice grades, $7.50®8.50: medium sorts. s6®7: plainer kinds. $5.50 down. Hogs—Receipts. 800: market not established; some early bids 10c lower: most sellers asking steady: generally bidding SIO.BO for better 160-225-lb. weights. Sheep | —Receipts. 50: lambs steady: most better natives salable $8.5009; choice quotable higher: plainer grades mostly [email protected]; ; bulk fat ewes. $4 down. Chicago Grain Futures (Bv James E. Bennett it Cos.) 11:00 Prev. Wheat— High Low A M. Close Mav 98 w .98% .98% .99 Julv 89% .88% .89% .39% Sent 88 V .87% .88 .87% Corn— Mav 90% .60% .60% .60% Julv 60% .60% ,60 s * .60% Scot. 60% .60% .60% .60% Oats— Mav 26% .26% .26% .26% Julv 27 .26% .27 .27 I Seot 27 .27 .27 .26% 1 Rye—- | Mav 56% .56 .56% .56% | Julv .55 .55% .55% .55% ; Sept 56 .55% .55’ ,55% LOCAL CASH MARKET I City grain elevators are paying 93 cents 1 for No. 2 soft wheat. Otner grades on I their merits. Cash corn new No. 4 yellow ! 50 cents and oats 21 cents.

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PROGRESS OF GENERAL BUSINESS •<: CENT CENT ♦2O COMWOSIT BUSINESS ACTIVITY INCCX nCNO or r emu ary COUAARCO WTR 2A.9 *t * ‘V T ' i I I IT7TITH r II 111 li 111 !|' |'+ \ I *LOTT£O MONTHLY j ■LOTTtO WU*A.Y * yt C :_.zaU. j fillips ~ L-A MX- — -40 -so 11929 '930 t93t 1932 1953 1934 1936 '834 THE PARKER CdRPORATION GCNCAAt. STRiauTO* INCORPORATED INVESTORS

For the second month this year the trend of general business activity was downward, but the reaction was normal and in no way upsets the long range progress of business. During February automobile, steel and lumber production declined relative to the seasonal trend: while electric power output, car loadings and bank debits (outside New York City) increased. The value of all stocks listed on the New York Stock Exchange gained 2 per cent during February, while the Dow-Jones average of 40 bonds increased about one-half of 1 per cent. Wholesale commodity prices dropped just slightly. Retail sales were relatively low, due to weather conditions, but started up with a rush during the last few days of the month.

PORKERS DROP 10 TO2O CENTS Cattle Market Irregular; Veals Sharply Lower at $9 Down. The pork market moved unevenly lower today at the local stockyards, influenced largely by a sharp increase in receipts. Weights ranging from 160 to 250 pounds were around 20 cents lower, while all other classes dropped 10 cents, A weak demand also contributed to the lower movement *which carried the top price for good and choice grades down to sll. Receipts were estimated at 5000, compared with only 3000 available yesterday. Shippers holding for better prices were influenced by yesterday’s moderate upturn, resulting in increased supplies. Holdovers numbered 207. The general bulk of 160 to 225 pounds sold at $10.90 to sll. The latter price also acted as top. Medium heavies, from 260 to 300 pounds, brought $10.20 to $10.45. Others from 300 to 400 pounds held a: $9.60 to $lO. Light lights, from 100 to 130 pounds, cashed in at $9.25 to $9.75. Packing sows remained at $8.75 to $9.50. Initial trading was somewhat irregular in the cattle market. Beef steers were slow about steady, while heifers were active and steady to strong. Bulk of steers ranged from $7.50 to $9. A single load was eligible around $10.50. Beef cows sold at $3.50 to $4.50. Receipts were 200. Vealers were sharply 50 cents lower. The bulk of good and choice grades sold at $8 to $9 Receipts were 700. Lambs were mostly steady with improved quality considered. Choice fed westerns sold downward from $10.35. The general bulk ranged from $lO to $10.25. Slaughter sheep were 25 cents higher, salable at $3.50 to $5.50. Receipts were 2500. HOGS Mar. Bulk. Top. Receipts. 11. $10.70010.90 $10.90 5000 12. [email protected] 11.10 5000 13. 10.90011.00 11.10 4000 14. [email protected] 11.15 1000 16. 11.10011.20 11.20 3000 17. 10.90011.00 11.00 5000 Light Lights (140-160) Good and choice. slo.oo® 10.80 Medium 9.50010.00 (160-180) Good and choice.. 10.70® 11.00 Medium 10.20® 10.70 (180-200) Good and choice.. 10.90® 11.00 Medium 10.40010.90 1200-220) Good and choice.. J 0.900U .00 (220-335) Good and choice.. [email protected] He i2soV29o| ht Good and choice.. 10.20010.65 (290-350) Good and choice.. 9.80®10.20 Packing Sows „ (275-350) Good f o?n (350-425) Good §.75® 9.10 (425-550) Good §.75@ 9.10 (275-350) Medium 8 40® 9.10 Slaughter Pigs . , , 1100-140) Good and choice.. §2s® 10.00 Medium 8.25 9.50 —CATTLE——Receipts. 2000 — (550-90°) Choice $' 2 7 £| Ijjs l jjs Sum-.v.v::.v.v.;: 7.00® 8.00 Common 5.50® 7.00 000-llOO) Choice Medium' y.V.W. UOO® 8.75 (1100-1300) Choice rinnri B.SUW. IU.OU Medium 9 °o@ 8.75 (1300-1500) Choice 10.75®1150 Good 8.75® 10.75 Heifers (500-750) Choice * 8 00® 8.75 Good 7.00®! 8.00 CorranuP and medium 5.25® 7.25 (150-190) Good and choice.... 7.50® 9.00 Common and medium 5.25'® 7.2a Cow# Good 5.50® 6.50 Common and medium 4.75@ 5.50 Low cutter and cutter Bulls, good 6.25® 7.00 Cutter, com. and med. bulls... 5.00® 6.50 VEALERS —Receipts. 700— Good and choice $ §.oo® 9.00 Medium |-§® Cull and common 4.00® 6.00 Calves (250-500) Good and choice ... 6 00® 9.00 Common and medium 4.50@ 6.00 Feeder and Stocker Cattle (500-800) Good and choice ... 8.75® 7.75 Common and medium 5.250 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 SHEEP AND LAMBS —Receipts. 2500 Lambs. 90 lbs. down, good and choice $10.00®.10.35 Good 9.5001000 Medium 9.00® 9 65 Common 7.75® 9.00 Ewes '9O-1751 Good and choice... 4.50® 5.50 Common and medium 3.50® 4.50 Yearling wetthers, good choice 8.75® 9.50 Medium 7.75® 8.90 (By United Press) FORT WAYNE. Ind.. March 17.—Hogs—--5c lower; 100-180 lbs.. $10.85; 180-200 lbs., $10.75 200-225 lbs.. $10.65: 225-250 lbs., $10.55: 250-275 lbs., *10.40; 275-300 lbs., *10.30: 300-350 lbs.. *10.05; 140-160 lbs.. $10.25; 120-140 lbs.. $10.05; roughs, $8.75; stags, *7; cajves, *9; lambs. *9.50. LAFAYETTE. Ind. March 17.—Hoes— Market. 10 to 25c lower: 170 to 210 lbs.. $10.75010.85: 210 to 235 lbs.. 81C.60® 10.65: 235 to 260 lbs.. 810.25010.50; i0 to 325 lbs.. *9.75010.15: 140 to 170 lbs.. *lo® 10.25: 100 to 140 lbs . *9.2509.75: roughs. $9.25 down: calves. 16 down; lambs. s9® 9.75 down.

■WE BUY. SELL. and gladly furnish quotations on : Bonds of ths Unitsd Statss Government, Its Territories and Insular Possessions Homs Owners* Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Corp. 129 EAST MARKET STREET

Where Some of the Money Goes There are 11,120,925 persons receiving all or part of their income from the Federal government, according to an estimate of the National Industrial Conference Board.

NORTH SIDE PROPERTY DEALS TOTAL $600,000 Association Reports Real Estate Sales at $62,225 in Week. Real estate valued at approximately $62,225 was sold by the North Side Realtors, a division of the Indianapolis Real Estate Board, during the last week, carrying the total of residential property, sold by the North Side group to $600,000 since the first of January, it was announced at the weekly meeting held in the Architects and Builders Building yesterday. This week’s meeting was devoted largely to sales reports, listing of properties and final approval of changes to the by-laws of the association. F. C. Cash reported the sale of four on which dwellings are to be built in the future. Fifty-three persons already have enrolled in the appraisal clinic to be held March 24 to 26, M. L. Hall, president of the Indianapolis Real Estate Board, announced at the meeting. Only a few more applicants will be acceptecf- ( he said. Howard W. Fieber, chairman, presided. TANARUS, P, BURKE & CO. TO HOVE NEW OFFICES Investment Firm to Occupy Merchants Building. • T. P. Burke & Cos., local investment securities firm, has completed negotiations for larger offices on the second floor of the Merchants National Bank Building, T. P. Burke, president, announced today. A long-term lease has been signed for more than 3000 square feet of floor space for the new headquarters of the local firm. The new offices will be ready for occupancy May 2, Mr. Burke said. Need of additional space made a change from present offices imperative, he said. The company, which confines its operations entirely within the state, has branch offices in Terre Haute, South Bend and Fort Wayne. It has a sales staff of 22 representatives. NET EARNINGS CLIMB 133 PER CENT IN 1935 Phillips Petroleum Corp. Reports Income at $3.23 a Share. Timet Special CHICAGO, March 17.—Net earning? of the Phillips Petroleum Corp. showed an increase of 133 per cent during 1935, according to the annual report. In addition to this the company broke all records in production and sales in every department. Net profit for the period after all charges, including depreciation and depletion, amounted to $13,421,703. equal to $3.23 a share. The total compares with $5,757,308, or $1.38 a share, for the preceding period. An increase of more than 19.5 per cent to $92,748,873 was reported in gross operating income, while operations and general expenses were less than 1 per cent higher, despite a rise of more than 9 per cent in production and sales. The company’s financial condition also showed improvement during the year. WILSON TO TALK HERE Marshall Field Executive to Speak Before Real Estate Group. Percy Wilson, general manager of the real estate division of Marshall Field & Cos., Chicago, is to be principal speaker at a luncheon meeting of the Indianapolis Real Estate Board to be held in the Washington Thursday. Mr. Wilson, a director of the Chicago Real Estate Board and the Chicago Better Business Bureau, has been an active figure in real estate for the last 28 years and in 1934 helped organize the Federal Housing Administration. Mr. Wilson is to speak on “The Modern Trend of Mortgage Financing.”

USED OFFICE FURNITURE Repairing—Refinishing W. C. BRASS A.So/IATE, 134 8. Mridin. Rl-9727

GOLD OPTION IS EXERCISED BY CHICAGO BANK Reserve Takes $800,000,000 in Certificates From Treasury. Bp United Prrtt WASHINGTON, March 17.—The Federal Reserve Bank of Chicago has taken $800,000,000 in gold certificates from the Treasury Department as credit for gold on deposit with the Federal Reserve System, the Treasury announced today. No transfer of currency or bullion was involved in the transaction. The Chicago bank merely exercised its option under the Gold Reesrve Act to take these gold certificates in exchange for the deposit memorandum which heretofore has held as a receipt for the gold deposited. About two weeks ago the Federal Reserve Bank of New York took $2,000,000,000 worth of gold certificates in the same manner. The New York and the Chicago Federal Reserve Banks are the only Federal Reserve banks which have exercised their options of taking the gold certificates from the Treasury's gold certificate fund. The Chicago bank took 8000 certificates of SIOO,OOO each in credit for the gold deposited with the Treasury. Deal to Be Registered The transaction will be registered on the next daily payment of the United States Treasury under the heading of gold. In the March 13 statement the gold account stood as follows: Assets—Gold, $10,170,300,784.65. Liabilities—Gold certificates; outstanding (outside of the Treasury), $2,120,547,419. Gold Certificate Fund —Board of Governors Federal Reserve System, $5.652378.911.61. Redemption Fund—Federal Reserve notes, $15,253,478.99. Gold Re5erve—5156,039,430.93. Exchange Stabilization Fund—sl, 800.000.000. Gold in the General Fund—s426,081.544.12. Total -$10,170,300,784.65. NET WORKING ASSETS OF UV S. STEEL CORP. RISE of $13,257,291 Is Reported for Yerajr Ended Dec. 31, 1935. Timet Special x NEW YO&K, March 17.—Net working assets oil, the United States Steel Corp. incrbsed $13,257,291 during 1935, recording &Q the annual report. Net working < sfc3fAfcs as of Dec. 31 amounted to $387,393.375. v against $374,136,082 at the end of 1934. The increase was shown despite expenditures for new construction and the payment of maturing obligations of $2,111,798, amounting In all to $35,238,548, and the continued payment of the preferred dividends at the rate of 2 per cent totaling $7,205,622. In a previous report the corporation and subsidiaries showed a net profit for 1935 of $1,146,708 after depreciation, interest, reserves and other charges, compared with a loss of $21,667,780 in the preceding year. Deficit amounted to $6,058,914 for the year after payment of $7,205,622 in preferred dividends, against a deficit of $28,873,402 in 1934. BANK DEPOSITS DROP Timet Special CHICAGO, March 17.—Debits to individual deposit accounts reported to the Federal Reserve Bank Chicago lor the week ended March 11, 1936, by 162 banks in 41 leading clearing house cities in the Seventh Federal Reserve District, aggregated $1,074,867,000, a decrease of 16.5 per cent compared with $1,286,717,000 a week ago.

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