Indianapolis Times, Volume 48, Number 6, Indianapolis, Marion County, 18 March 1936 — Page 15

Trends Flynn Picks Flaws in Roosevelt’s Tax Plan. BY JOHN T. FLYNN

NEW YORK, March 18—One way to form an opinion about ihc proposed new corporation taxes is to take an actual case and see how it works. A corporation earns $100,000,000 net before paying taxes. At present the Federal tax on that would be 15 per cent or sls 000.000 This would leave $85,000,000 to be dis-

tributed in dividends. The corporation distributed last year <1 am using an actual case, but employing round numbers for convenie n c e) $75,000,000 in dividends. These $75,000,000 and i v idends were not subject to the normal income tax when they cam,* into the stockhol and e r s’ hands having

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Flynn

been taxed already in the hands of the corporation. The President now proposes to do away with this 15 per cent tax in the hands of the corporation. Instead the dividends will be subject to tax in the hands of the stockholder. Let us assume the * same dividends are distributed — $75,000,000 plus of course the tax of $15,000,000 which the corporation did not have to pay. a tt tt HENCE the dividends would be $90,000,000. In the hands of the stockholders this would be subject to a normal tax under the new plan of 4 per cent, or $3,600,000. Thus, these dividends would pay taxes of $3,600,000 in the hands of the stockholders instead of $15,000,000 in the hands of the corporation—a loss in taxes of $11,400,000. Os course the stockholders with sufficiently large incomes would have to pay surtaxes on these dividends. But this would be true in both cases so that no comparison need be made. Os course in one case $90,000,000 in dividends would be distributed instead of $75,000,000 so that the surtaxes would be slightly larger. But this would be more than offset by the losses in taxes because millions of dollars of these dividends would be paid into the hands of taxpayers whose actual taxable income would be so small that they would pay no taxes. tt tt tt TAKE the following actual case. The total income is $11,500. Os this $7500 is from United States end New York City tax-exempt bonds, leaving only S4OOO m income from stock dividends and a few corporate bonds. But. this is subject to deductions for wife, state and city taxes, sales taxes, etc., and interest on a house mortgage, so that the actual taxable income is zero. Hence the government would get nothing on stock dividends paid into the hands of this man. instead of the 15 per cent now collected at the source. The loss of $11,400,000 in taxes suffered by the government through Ibis change would have to be made up by a tax on the corporation's undivided surplus. The undivided surplus in this acse is $25,000,000. It would therefore have to take practically half of the surplus in order to just make good its tax loss. The corporation could, of course, defeat this by distributing the money, in which case the government would get only 4 per cent and thus suffer a severe tax loss. a u tt THE methods of evasion would be many. Suppose the corporation wanted to keep $25,000,000 in surplus. This would be subject to a tax of 50 per cent. The corporation could avoid this tax by distributing the $25,000,000 and then authorizing the issuance of $25,000,000 in new stock, limited to stockholders, which they could subscribe to and pay for out of their dividends. There is another aspect of this. In the last four years the surplus tax would have brought in to the government almost nothing, since few corporations were piling up surpluses. Instead they were paying dividends out of old existing surpluses. These surpluses would not be subject to taxes .since they were already in existence. But by distributing them, under the new law. the dividends when paid to the stockholders would be subject to taxes. This would be a powerful incentive to corporations not to pay dividends out of existing surpluses and thus the measure would defeat one of Its purposes. (Copyright. 193d. bv NEA Service, Inc.l BONDS TO BE CALLED Shell Union Oil. Pipe Line Corp. to Redeem Issues on April 17. 1 1 mo Special CHICAGO. Mach 18.—Directors of the Shell Union Oil Corp. and of the Shell Pipe Line Corp. today voted to call for redemption on April 17 all of the company's $22,990,000 outstanding 5 per cent bonds of 1947 and the $24,126,500 outstanding Shell Pipe Line Corp. 5 per cent bonds of 1952. Payment will be made at a price of 102 for the Shell Union Oil bonds and at a price of 102'- for the Pipe Line bonds.

INCORPORATED INVESTORS —an investment in common stocks— Founded 1925 in Boston, Mass. Prospectus, latest quarterly report and other information available at our office Indianapolis Bond and Share Corporation 129 L Market St. Irdianapolit Riley 4551

PORK MARKET STEADY TO 15 CENTS HIGHER Cattle Prices Strengthen, Veals, Lambs Remain Unchanged. Although receipts were estimated at, 4000, the pork market was steady to largely 15 cents higher today at the Indianapolis Union Stockyards. The uneven trend developed after the opening when some traders were hesitant in placing early orders. The advance, influenced mostly by a stronger demand prevailing in various classes, carried the top price for good and choice hogs up to $1.15. The general bulk of 160 to 225 pounds, sold at $10.90 to $11.15. Extremely heavy kinds, from 300 to 400 pounds, brought $9.70 to $lO.lO. Light slaughter pigs scaling 130 to 160 pounds, sold at $9.35 to $9.85. Holdovers were 345. With strictly good and choice steers absent, the cattle market was active and steady to largely 25 cents higher on lower grades and heifers. Bulk of steers ranged from $6.50 to SB. Most, heifers sold at $7.20 to SB. Beef cows were steady at $5 to 6.25. Receipts numbered 800. Vealers held stationary, with good and choice kinds salable at 8 to 9. Receipts were 600. Trading was scarce in lambs with hardly enough stock on hand to establish a market. Few heads sold at fb .25. Slaughter sheep ranged from $5.25 down. Receipts were 300. HOGS Mar. Bulk. Top Receipts. 12. $ll.OO P > 10.10 sll.lO 5000 13. 10 900/11 00 11 10 4000 14. 11.00® 11.15 11.1$ 1000 10. 11.10® 11.20 11.20 3000 17. 10.90® 11.00 11.00 4000 18. [email protected] 11.25 4000 Lighl Lights (140-160) Good and choice.. slo.lo® 10.90 Medium [email protected] GoO-180) Good and choice.. 10.8545 11.15 Medium . ........ 10.4045 10.85 (180-2001 Good and choice . 11.0047 11.15 Medium 10.5045 11.00 '2OO-2201 Good and choice . 10.9045 11.15 (220-3351 Good and Choice.. [email protected] Heavyweights irso-290i Good and choice . 10.40®10.90 (290-3501 Good and choice . 9.904510.30 Packing Sows (275-350) Good 9.2545! 9.60 (350-425i Good 9.00® 9.50 (425-550) Good 8.850; 9.15 (275-350) Medium 8.50® 9.25 Slaughter Pigs GOO-140) Good and choice 9.3545T0.10 Medium 8.35® 9.60 —CATTLE——Receipts, 800— (550-900) Choice $ 9.2545 10.50 Good 7.75® 9.75 Medium 7.2545 j 8.50 Common 5.75@ 7.25 1900-1100) Choice 10.0345 11.25 Good 8.50®!l0.00 Medium 7.2545; 8.75 Common 6.25® 7.25 (1100-13001 Choice 10.50® 11.25 Good [email protected] fyledium 7.25® 8.75 (1300-1500) Choice [email protected] Good [email protected] Heifers (500-750) Choice B.oo® 9.00 Good 7.754;! 8.25 Common and medium .. . 5.7545! 7.75 (150-190i Good and choice ... 7.75® 9.00 Common and medium 5.75® 7.75 Cows Good 6.00® 6.50 Common and medium 4.75®; 6.00 Low cutter and cutter 3.504/1 4.75 Bulls, good . 6.25®’ 6.75 Cutter, com. and mcd. bulls .. 5.00® 6.25 VEALERS —Receipts, 600— Good and choice $ B.oo® 9.00 Medium 6.00®) 8.00 Cull and common 4.00® 6.00 Calves (250-5001 Good and choice .. 5.50®! 8.50 Common and medium 4.00® 5.50 Feeder and Stocker Cattle (500-8001 Good and choice ... 7.00®! 8.00 Common and medium • 5.504/! 7.00 (800-1050) Good and choice . 7.00®! 8.00 Common and medium 5.50® 7.00 Cows Good 4.75® 5.25 Common and medium 4.50® 4.75 SHEEP AND LAMBS —Receipts, 300— Lambs. 99 lbs. down, good and choice $10.00®10.35 Good .9.50® 10.00 Medium 9.00® 9.65 Common 7.75® 9.00 Ewes )90-175) 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

On Commission Row (Quotations below subject to change are ave-age wholesale prices being offered to buyers by local commission dalers.i FRUlT—Strawberries: Florida, pint, 16c: 36-pint crates, 15c Cranberries. C. C. Howes. Eatmores. 25-lb. box. $2.50. Pears: Washington D’Anjo (100s box). $3; California. Avacado i2OO-245), $3.50. Grapes: Extra Fancy Emperors (34-lb. sawdust chestt. $3.50. Limes: Mexican carton,- 20c; Persian seedless (doz.), 45c. Bananas, seven hands, pound. S'Ac. Apples Delicious (fancy baskets i $2.15; Jonathans $1.50; Rome Beauty, $1.35 Lemons: Sunkist (3605(, $6. Grapefruit: Texas seedless (545-80s), $4; Arizona Sunkist. (80s(, $3. Tangerines; (Florida 120s. 1445. i6Bsi, $1.75. VEGETABLES Artichoke. California (doz.i. sl. Beans, green round stringless (hamperst, $2.75. Beets: Texas (3 doz. cratei. $1.50; cut offs (bu.). sl. Brussels Sprouts. California Ob.) 18c. Sabbage. New York Danish (50-lb. bag). 85c; New Taxas (crate). $2. Red Cabbage < 50-Ib. bag), $2. Carrots. California (6 doz. cratei: *3: Texas (3'j doz. crate), $1.50. Cauliflower. California (12s crate), $1.65. Celery. Florida washed and trimmed (doz.i, 45®85c; Florida (4s. 6s. Bs, 10s cratei, $3.25. Cucumbers, hothouse (doz.i, $1.25; (southern bushel), $6 Egg plant. Florida idoz.l. $1.50 Kale (Virginia bushel'. 85c. Lettuce. Iceberg Arizona (best 6s. ss). $4: home grown leaf 115lb. baskets). $5. Endive. California (doz.i, 90c Peppers, mangoes icratet. $6.50. peck basket, $1.65 r’.ozi. 65c Mint, hothouse (doz.i, 75c. Mushrooms ipound). 30c. Mustard. Texas half crate. $1.50. Onions —lndiana yellow 1 50-lb bagi. 90c; Western Spanish 1 50-lb. bagi. $1.75. Oyster plant, home grown 'doz.i, 40c Parslev. southern dong bunches doz ). 45c. Parsnips. home grown washed (bushel). $1; (half-bushel). 60c. Peas. Florida hamper'. $3.50. Potatoes. Michigan Round Whites (100-lb. bag), $1.65: Maine Green Mountains 1100-lb. bag). $2.25; R. R. Early Ohios (100-lb. bag). $1.90: R R. Triumph, 1 100-lb. bag). $1.85: Idaho Russets (100lb. bag. $2 25: Idaho bakers (70s box), $2.50; Col. McClures (100-lb. bag), $2.20; New Florida Triumphs 1 50-lb. bagi. $2.25 Sweet Potatoes, Indiana Jersevs ils bushel). $1; medium ibuschel). si: Tennessee Nancy Halls (hampers'. $1.15: Indiana Puerto Ricans (bushel cratei. $1.50. Radishes, home grown buttons 'doz.i. 75c: white, 45c. Rhubarb hothouse (bunch). 45c. Rutabagas, northern <SO-lb. bag). 85c. Sage (doz.i. 45c. Shallots. Louisiana (doz.). 40c Spinach. New Texas ibusheli. sl. Turnips, new bulk Texas (bushel). 51.35. Tomatoes repacked 10-Ib. box), $1.60.

Abreast of The Times on Finance

New York Stocks

(Ey Thomson & McKinnon) 11:15 A. M. Prev. Oils— High. Low. N. Y close. Amerada 1 ’ a 118 118% 117% Barnsdail 17 17 17 18% Consol Oil 14% 14' 2 14' 2 14% Corn, of Del 34i* 341,, 341, 34*, Houston (new) .. 11% il->, n> 11% Mid Cont Pet . . 19® 19 1 * 19 *, 19 s , Ohio Oil 16 16 16 IS’, E^„9 orp 17' 17', 17 1 17 Phillips Pet 44', 431* 43% 43% Plymouth Oil ... 14 14 14 14% Pure Oil 24'* 24', 24', 24 Seaboard Oil ... 41*, 41 41'* 4lt* Shell Un 18 s , 18'- 18 s , 18% Skelley Oil 28 273, 28 27% Soc Vac 15% 15'* 15", 15>* SO of Cal 44% 44 1 , 44 7 , 443, I 2 nl . l" a nd.- •••• 38 * 38 38% 37% SOof N J 67V, 66 * 66** 66'* Texas Corp 38 37** 37', 37** Tidewater Assn 18", 18!, 18 V, 18',* Steels— Acme Steel ... 70 69% 70 68 Vi Arn Roll Mills . 30 29 7 , 29 7 , 30 Beth Steel 57% 56 7 , 56% 57% Byers A M ..... 23 23 23 23", Cruc Steel 37 37 37 37"* Inland Steel ...109% 109% 109*i 109‘* Ludlum Steel ... 31'* 30% 30% 30'/* Mid Steel 39V* 39 30 39 Natl Steel 70% 70% 70% 70’i Otis Steel ...... 19% 19% i9t 2 191, Rep Iron & Stl 24** 24", 24", 24", V, § & Fd y 36 38 38 35v, u S Steel 65% 85% 65% 66% Warren Bros 7% 7** 7*4 7s, Warren Pipe & F 28'2 26' 2 26'/ 2 26 Youngstn S& T 51V4 50"* 50*,* 50'/* Motors— Auburn 50", 49 7 , 49 7 , 51'/* Chrysler 96** 95** 96t* 96% Gen Motors ... 62'!, 61 7 , 62 62V* Graham Mot 3 7 , 3*/* 3*4 3 7 , Hudson 18 17*4 17** 17% Nash 19*, 19'2 19'2 19** Packard 11% 11V* 11% n, Reo 7'/, 7 7 7 Studebaker 13% 13 13 13% Yellow Truck 17V* 17% 17% 17*/, Motor Access— Bendix 25 24V* 24*4 24% Bohn Alum 61*4 61% 61% 61*/ 4 Borg Warner 81 % 81 81 81 Briggs 62 7 , 62 > 2 62',/ 62% Budd Mfg 13% 13% 13 7 * 13V, Budd Wheel 12'. 2 12', 2 12' 2 12 Eaton Mfg ... 34*/* 34% 34% 34V* Elec Auto Lite.. 40% 40V, 40', 40% Elec Stor Bat .. 49V, 48V, 49% 49 Greyhound 181.. 64% 63% 63% 64'/ 2 Houdaille . ... 30 Vi 30'/* 30% 30'/, Murray Body .. 20% 20", 20% 20V 2 Timken Roll 69% 69 69 69% Timken Det Axle 16 15",4 16 15% Mining— Al.-i'ka Jun .... 143; ,*l', 14% !4 ; % Am Metals 34% 34% 34'/* 331, Am Smelt 37% 87V, 87V, 86% Anaconda 35", 35V, 35% 35V, Cal & Hecla .. 9% 9% 9% gv, Cerro de Pasco . 51% 51 51V* 51% Dome Mines 45", 45 45 45% £f a 3 bv „ i°’* ln7 10V-i 10% Gt Nor Ore 20 19% 19% 197, 8 Ins Copper 12*, 12V, 12V, 12% Int Nickel 50V, 49** 49% 50% Isl Creek Coal .. 28** 28% 28% 28% ICennecott Cop . 38% 38% 38% 39 Mclntyre Mine . 42 42 42 42 Park Utah 4*4 4% 434 4.% Phelps Dodge-.. 38% 38V, 38V, 38% St Joe Lead V.. 28 28 28 27% U S Smelters ... 88% 88% 88% 87% Amusements— Crosley Radio .. 16% 16", 16% 16% Loews Inc 49 48% 48% 49% Radio Corp 13V4 13V, 13% 13 Paramount 9% 93, 01,, ny, RKO 8% 8 8 V, 8% Warner Bros ... 12'/* 12',4 12V, 12 Tobaccos— Am Snuff 60% 60% SS% 60 Am Sum Tob 22% 22% 22% 22% Am Tobacco ‘B’. 90% 90% 90% 90% Am Tobacco ‘B\ 92V* 92 92V* 91% Gen Cigars . 57% 57% 57% 57% Lig & Myers '8’.100% 100% 100% 100% Phillip Morris 73V, 73% 73% 70% Reynolds Tob ‘B’ 52',4 51% 51% 52",, Rails— Atchison 76*4 76 76 75*4 Atl Coast Lines . 29% 29% 29% 29% gA) O 21 20", 20 s , 20% Can Pacific 13% 13% 13% 13% Ch & Onio 58%, 57% 57% 56% C M ,& St P 2% 2% 2% 2% C M <fe St P pfd 4** 4% 4% 4% Del Lac & W .. 19% 19'/, 19V, 19% Erie 15V, 15 15", 14% Erie pfd 23% 23% 23% 22*4 Gt North pfd... 38V, 38% 38% 37*/* 111 Central 24'4 24 24 24'/, Lfehigh Valley . 12V ; , 12*, 12*4 12% M K &; T . 8% 8% 8% 8% M K <fe T pfd. 22% 21% 22% 21% Mo Pac pfd.... 6'., 6% 6' 4 6% N Y Cent 36*, 36 36 36'/, N Y New Haven 4% 4'4 4',* 4% N Y Ont & W-JSt 6% 6% 6% 6'/, Norfolk & We5t.234% 234% 234% 234' , Nor Pacific 31*, 31V* 31V* 31% Penn R R 34% 34 34 34'/* Sou Pac 33** 33% 33% 33% Sou R R 18 17*4 17*,* 18 West Maryland. 10% 10 10 ,10% Equipments— Am Car & Fdy 36% 36% 36% 36** Am Loco 33 32% 32' ■ 31% Am Steel Fdy .. 29*4 29', 29% 29'/, Bald Loco 6 5% 5 7 4 5*4 Gen R R Sig ... 44'4 44'* 44V* 46 Pullman Inc .. 44** 44% 441% 44'.', West Air Br .... 44"* 44% 44% 45 " Westingh Elec . 115% 114% 115 115 Utilities— Am & For Pwr.. 9% 8% 8% 8% Am Fwr-& Lit.. 12% 12 12 12 AT&T ...169** 169*4 169*4 169 Am Wat Wks 23% 22** 22% 23 Col Gas & Elec 19V* 18% 19 18% Comm & Sou . 3% 3V, 3% 3% Oonsol Gas . 35% 34% 34% 34% Elec Pwr & Lit 16 15% 15% 15% Int Hydro Elec .4 4 4 3*4 Int TANARUS& T . 16% 16*4 16*4 16% Lou G& E “A'’. 22% 22 22% 22 Nat Pwr & Lit.. 12% 12 12 11% North Amer .... 27% 27*, 27*4 27'% Pac G& E 35% 35% 35% 35 Pub Serv N J .. 42% 42** 42% 42*, So Cal Edison... 25% 25*, 25% 25% Std Gas B*4 8% B*, B*, Stone Sc Webster 17 16% 17 16®, United Corp 7% 7% 7% 7% Un Gas Imp 16V, 16% 16% 16% Ut Pwr & Lt, ‘A’ 6% 6% 6% 6V, Western Union.. 88 88 88 88'/, Rubbers— Firestone 31'/, 31 31 30% Goodrich 19% 19 19 19% Goodyear 28 27% 27*4 27% U S Rubber . . 26*4 25% 25% 26% U S Rubber pfd. 74', 2 73% 73% 74% Miscellaneous— Am Can 124 124 124 123 Am Mach & Fdy 25% 25% 25% 25% Anchor Cap . 24% 24 24% 24% Brklvn Man Tr 49®, 49®, 49% 49V* J I Case 134", 133% 133%, 133% Conti Can 83 82% 82% 82% Crown Cork 50% 50% 50% 50% Curtis Pub 20% 19-% 20% 19*4 Deere &Cos 79** 79 79** 79 Eastman Kodak 102% 162'/ 162% 162 Gillette 17** 17% 17% 17% Glidden 47 47 47 46% Int Bus Mach . 179 178"* 17P 178 Inter Harv . 83% 83 83', 2 81% Natl Cash Reg. 27"* 27% 27% 27% Owens Bottle .157% 157% 157'- 157 Rem Rand 21"* 21% 21% 21% Foods— Am S-.'gar 55% 55% 55% 54% Armour 6% 6 6 6 Borden Prod. ... 28'* 28% 28% 28% Cal Packing ... 34% 34% 34% 34 Cont Bak 'A'.. 18% 18% 18% 18% Corn Prod . . 73% 73% 73V, 73"* Cuban Am Sug 13 13 13 13 Gen Baking ~13 13 13 13 Gen Foods 35** 35% 35** 35 5 , Gold Dust 21*, 21% 21% 21% Natl Bisciut ... 35 34% 34% 34% Natl D Prod ... 24** 24** 24% 24% Std Brands . .. 16% 16** 16** 16% Un Bisciut 24% 24** 2-,% 25 United Friut . 72 72 72 72 Ward Bak B’. 33 32% Wrigley 76% 76% 76% 76 Retail Stores— Allied St-res . 8% R-% 8% 8% First Natl Stores 43 42% 43 411., Gimbel Bros 10*8 10% 10% 10% Jewel Tea 70 70 70 70 Kroger Groc 23% 23** 23% 23% Macv R H 46% 46% 46% 46-* McCrorv St .... 15% 15% i5% 15% McLellan St . 13** 13** 13% 1331 Marshall Field . 17% 17 17% 16*. May Dept St .. 48 48 48 47"* Mont Ward .... 40% 4040 40

To All Users of OFFICE EQUIPMENT ... We are pleased to announce our appointment by the SECURITY STEEL EQUIPMENT CORP. of Avenel, N. J., as the exclusive distributor for their STEEL DESKS and OFFICE FURNITURE, SAFES ... STEEL SHELVING . . . STEEL FILES and ALL TYPES of SPECIAL STEEL EQUIPMENT. We are prepared to serve your needs NOW and will be glad to answer inquiries and supply estimates. Opportunities Open For Two Good Salesmen HILLER Office Supply Cos. 28 S. Pennsylvania St. R| ley 1597

WEDNESDAY, MARCH IS, 1936

Natl Tea 10 10 10 10 Penney J C 72% 72% 72% "2% Safeway St . 31% 31% 31% 31% Sears Roebuck . 63% 62% 62*8 62** Woolworth .. .. 49** 49% 49% 49"* Aviation— Aviation Corp. ...7", 7% 7®, 7% Boeing Aircfr . . 24 24 24 24 Curtiss Wright . 8% 8", 8% 8% Curt Wright A . 19% 19% 19% 13 Douglas Air . . 71% 71 71 71% Nor Am Av .10 9’* 9% 9*4 Sperry Corp 21% 21 21 21% United Air new. 29 29 29% 28*8 Chemicals— Allied Chem . 190"* 190 190 190 Col Carbon .. 116% 118 116% 112% Com Solvents 22% 22 22 21** Du Pont 145"* 145"* 145** 145 Math Alkali 33*8 33% 33", 33% Natl Dis inew) 32*a 32% 32% 32% Schenley Dist. . 45*- 48 48 48% Tex Gulf Sulph. V ; 35% 35** 35% Union Carbide . ... 2 83% 82% 84 U S Ind Alco 52 52 52 51% Drugs— Coty Inc 6' 2 6% 6% 6% Lambert 23% 23** 23% 23% Lehn & Fink .. 14 13% 14 13% Sterling Prod . 71% 71% 71% 71% Un Drug (new). 15% 15% 15% 15 Zonite Prod .... 8 8 8 8% Financial— Adams Exp 12*i 12% 12"'* 12% Allegheny Corp.. 3-% 3% 3% 3% Am Int Corp ... 11% 11®* 11% 11% Lehman Corp .. 97% 97% 97% 97** Transamerica .. 14 13% 13% 13** Tr Conti Corp .. 10% 10 10 10',, Building— Am Radiator ... 21% 21% 21% 21% Int Cement . 45 44% 45 45V* Johns Manville 114 114 114 114 Libby Owens Gls 61% 61* 8 61% 61% U S Gypsum ... 99', 99 99 98% Household— Col Pal Peet ... 18% 18',* 18% 18®b Congoleum 37% 37% 37% 36*4 Kelvinator 23% 23% 23'/* 23% Proc & Gamble.. 46% 45V* 45% 46% Servel Inc ... 19% 19% 19% 19% Simmons Bed .. 27% 27% 27% 27*4 Textiles— Belding Hem ... 1.5% 15% 15% 15% Celanese Corp .. 27% 27% 27% 27% Collins Aikman.. 45*a 45% 45V, 45 Kayser Julius .. 29*/* 29*4 29% 29%

Chicago Stocks (By Atkins. Hamill & Gates) 11:30 Prev. A. M. Close Allied Products 22% 22'/* Asbestos Mfg 5 4% Bastian-Bles-sing ~... 10 9% Berghoff 12',4 12% Butler Brothers 10 10 Cent, 111 Pub Service pfd 62 61% Cities Service s'/* 5V4 Commonwealth Edison 103 101% Continental Steel 37'/a 38 Cord 6*4 6% Crane 27'/* 27% Dayton Rubber 13 i3V* Electric Household 16*4 16% Godchaux Sugar ‘ B" 16% 16% Grt, Lakes Dredge 29% 29% Jarvis Mfg 23% 23% Ken-Rad T&L 11% 11% Libby McNeil & Libby 9% 10 McGraw Electric 33 31*,4 Musk Motor Sp "A’’ 22 22 Nat Gypsum 58 58% Noblitt-Sparks 33% 33% Northwest Bancorporation .... 11% 11% Signode Steel 12'4 12'/* Swift International 32** 32% Zenith 19 * 13 New York Curb (By Atkins, Hamill & Gates) 12:30 p.m. Prev. N. Y. close. Aluminum Cos of America 142 143 Am Cyanamid ißi 36 35% Am Gas and Electric 38% 39'/8 Amer Superpower 32% Ark Natural Gas (A) 7 6*4 Atlas Corp 13% 13V, Canadian Indust Alcohol (A).. 9% 10 Carrier Corp 10*, 10% Creole Petroleunm Corp 30% 30 ,/ ' Crocker-Wheeler 13% • 13®,, Elec Bond and Share 21% 22'* Fisk Rubber 7% 7% Ford Motors Canada (A) 24% 25V4 Glen Alden (1) 14% 15'/* Greenfield Tap and Die C’orp . 9% 9% Gulf Oil Corp of Penn 96% 96*4 Humble Oil and Refining Cos.. 74 74% Hygrade Food 4% 4% Imperial Oil of Canada 22% 23V, Irving Air Chute 24% 23% Lake Shore Mines 53** 54 Molybdenum Corp of Amer ... 10’* 10% Natl Bellas Hess Inc 2V* 2V* Niagara Hudson Power 9% 9% Pan-American Airways 61 62 Pennroad Corp 4*4 4% Reliable Stores Corp 19% 19 Root Petroleum 12 12V* St Regis Paper Cos s'* 5V* Segal Lock 3% 3% Sonotone 2*/* 2% Standard Oil of Ohio 31% 29 Sterchi Brothers Stores 6% 6V4 Stutz Motor Car of Amer 2’/a 2Va Technicolor. Inc 30 30V* Tubize Chatillou Corp B*4 3*, Wayne Pump 23",* 21 Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,443,000 Debits 7,235,000 TREASURY STATEMENT ißy United Press) WASHINGTON, March 18.—Government expenses and receipts for the current fiscal year to Marcn 16. as compared with a year ago: This Year Last Year Expenses $ 4.976,095.575.14 $ 4,788.423,829.97 Receipts 2,603,733,278.28 2,477,150,404.41 Deficit 2,372.362.296.86 2.311.225,425.56 Cash Bal. 2.756.749J)61.83 2,129,222.155.49 Pub. Dbts 31,447, 28.594,738,092.08 Gld Rsrv. 10.172,380,855.56 8.551.808.332.37 Customs 275.380,231.18 236,973,594.89 Chicago Grain Futures (By James 'E Bennett & Cos.) 11:00 Prev. Wheat— High. Low. A. M. close. May 99% .98% .99% .98% July 89% .89% .89% .89% Sept 88% .88 .88% .87% Corn— May 60*4 .60% .60% .60V, July 60 7 8 .60% .60% .60% Sept 61 .60% .60% .60*4 Oats— May 26*4 .26% .26*4 .26% July 26% .26% .26% .26% Sept 26% .26% .26% .27 Rye— Mav 56% .56 .56% .56% July 55% .55*4 .55"* .55** Sept 55% .55% .55% .55% Other Livestock (Bv United Press) FORT WAYNB. Ind.. Marchlß.—Hogs Steady; 160-180 lbs., $10.85: 180-200 lbs., $10.75; 200-225 lbs., $10.65; 225-250 lbs.. 510.55; 250-275 lbs.. $10.40: 275-300 lbs.. 510.30. 300-350 lbs.. $10.05; 140-160 lbs. 510.25: 120-140 lbs.. $10.05; roughs, $8.75; stags, $7; calves. $9: lambs, $9.50. NET INCOME INCREASES Timeg Special CHICAGO. March 18. —Net income of the Texas Gulf Sulphur Cos., Inc. amounted to $7,468,017 during 1935 after depreciation, amortization, taxes etc. This was equal to $1.95 a share, against sl.Bl in the previous year.

FDIG SEEKS TO BOLSTER U. S. SANK POSITION Merging of Weak Houses With Stronger Ones Is Proposed. By United Press WASHINGTON, March 18.-A new program intended to strengthen the nation’s banking structure was disclosed today as an immediate objective of the Administration. The first move was made with introduction Monday of a bill to continue for two years the authority of the Federal Deposit Insurance Corp. to help in financing consolidations of insured banks. FDIC officials have charted their whole organization of banks and have come to the conclusion that at least 1000 of them would be in an improved position if merged with stronger institutions. The presence of weak banks in the chain of insured banking houses is regarded as a dangerous influence on the whole structure through subjecting the FDIC to possible drains in making good on insured deposits. Danger Points Spotted If those weaker banks could be absorbed by stronger institutions the tone of the entire banking structure would be improved, Leo T. Crowley, FDIC chairman, contended. It was understood that the danger points have been spotted and that definite moves to eliminate them are in progress or being planned. The authority of the FDIC to purchase assets or to loan on assets was carried in the Banking Act of 1935 for one year only. It expires next July 1. Hopes that the cleaning up process could be completed in a year were not realized. Many consolidations and mergers were undertaken during the trial period. At least 100 banks are now being taken over by stronger ones, and nearly 1000 more are slated for a similar process. In the first enthusiasm for insurance of deposits many banks hurried to become members of the corporation. Subsequently it has been found that some were not high class risks although the corporation rules provided that all banks admitted to membership must be solvent. Fletcher Is Sponsor Corporation officials, after learning from their surveys that there were a certain number of weak banks among those whose deposits were insured, have concluded it would be cheaper for the corporation to merge the unsound banks with the better ones than to let the situation develop until the corporation is called upon to make good its insurance. As an example, the case of a bank with $200,000 in deposits could be cited. If the bank closes the corporation would pay out approximately that much. If it could save the bank by merging it with a stronger one at a cost, say, of $20,000, it would save the difference between the two amounts. Duncan U. Fletcher, chairman of the Senate Banking Committee, is sponsoring the extension in the Senate.

American National Bank AT INDIANAPOLIS Condensed Statement of Condition at the Close of Business March 4, 1936. RESOURCES Cash on hand and on deposit with Federal Reserve Bank and other banks $ 7,941,500.42 United States government securities 12.855,835.32 Other bonds and securities 1,076,272.69 Stock in Federal Reserve Bank 100,800.00 Loans and discounts 3,648,281.74 Bank buildings and equipment 1,000,000.00 Customers’ liability account letters of credit and acceptances 38,568.75 Accrued interest receivable and other resources.. 128,251.30 $26,789,490.22 LIABILITIES Capital stock: Preferred $1,800,000.00 Common 1,000,000.00 Surplus 560,000.00 Undivided profits 441,550.16 $ 3.801,550.16 Reserve for taxes, interest, contingencies, etc. 138,795.10 Reserve for dividend on preferred stock 11,200.00 Letters of credit and acceptances outstanding 38.568.75 Interest collected but not earned 12.991.71 Deposits 22.786,384.50 $26,789,490.22 Member Federal Deposit Insurance Corporation

i The Indiana National Bank OF INDIANAPOLIS Condensed Statement of Condition at the Close of Business March 4, 1936. RESOURCES Cash on hand and due from Federal Reserve and other banks ' $30,828,175.51 United States government securities 44,201,882.13 Other bonds and securities 10,848,548.77 Loans and discounts 11,007.423.98 Overdrafts 5,204.50 Bank building and equipment 1,289.639.17 Other real estate owned 94,537.64 Customers' liability account acceptances 11,083.82 Accrued interest receivable 141.995.69 Other resources 520.20 $93,429,011.41 LIABILITIES Capital $ 3.000,000.00 Surplus 3,000.000.00 Undivided profits 415.585.77 Reserves 140.926.80 Deposits 91,861,125.06 Acceptances outstanding 11,083.82 Other liabilities • 289.96 $98,429,011.41 Member Federal Deposit Insuiance Corporation

PAGE 15

New York Bonds

(Reprinted From Lte Times Testerdsy) DAILY BOND INDEX , 20 20 20 60 Indf. Rails. Util. Bonds. Todav 92.0 92 3 105.3 96.5 Yesterday 91.8 91 9 104 9 96 2 Week ago 92.0 92 8 105 0 96.7 Month ago 93.3 94 5 105 3 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. bv Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasures Prev. Close. close. 4'*s 1947-52 117.17 117.14 ■ls 1944-54 112.14 112.13 3**s 1946-56 .110.23 110.21 3%s 1940-43 108.19 108.17 3%s 1943-47 107.31 107.29 3%s 1941-43 109 108.31 3'*s 1043-45 107.12 107.10 3%s 1941 108.30 108.29 3%s 1944-46 107.2 106 23 3%s 1946-49 105.7 105.2 3%S 1949-52 105.5 105 3s 1951-55 103.29 103.24 3s 1946-48 105.7 105.2 3%s 1949-52 105.5 105 3s 1951-55 103.29 1 03.24 3s 1946-48 104.11 104.5 2*4 S 1951 101.16 101.7 2%s 1955-60 101.1 101.8 Home Owners Loan Corp. 2**s li)40 101.7 101.5 3s 1952 102.8 102.7 Federal Farm Mortgage Corp. 3' is 1964 104.1 103.7 3s 1949 102.13 102.9 3s 1942-47 103.7 103.3 DOMESTIC Prev. Close, close. Alleg Corp 5s '44 93*4 93 Alleg Corp 5s '49 . 87% 86%

PROPOSES MERGER

BBBF..

Leo T. Crowley

Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers Trust 62% 64% Central Hanover 112% 114"* Chase 39% 40% Chemical National 57% 59 Guaranty 293% 296% Irving 16 Vi 18 Manufacturers 45% 47% National City 35% 37% Cont 111 Chicago 171 174'* First National Boston 46 47 s * National Shawmut 28 29% FIRE INSURANCE Aetna Fire 55 57% American Ins of Newark 15% 17V* Baltimore American 9 10% City of New York 35% 36% Federal Ins 53 56V* Franklin Fire 32% 34% Great American Ins 30% 32% *Hanover Fire Ins 39% 41% Hartford Fire Ins 77 % 79% Home Ins . 33 39*,* Ins Cos of A 72 76% National Fire 77% 79% National Liberty 10% 11% North River 28% 30% Phoenix 93 95% U S Fire 56% 58% Westchester Fire 37 % 39% “Ex-div.

*Bank Night* Cover Banned The Iov:a insurance department has banned ü bank night” insurance for lowa theaters. Indemnity teas offered winning ticket holders for any loss due to their absence at prize drawings.

Alleg Corp 5s 'SO 75 % 7$ Am Frgn Pow 5s 2030 77% 76 Am Tel A- Tel 5%s 43 . . 413% 113 s * Am Tel * Tel 5s '65 113 112 Arm <fc Cos (Del) 5%s '43 ... 98 97% Atl Coast Line 4s '52 99 98 Atl Coast Line 4%s '64 83 Atch Top S Fe 4%s '4B 112 113 Am Wat Wks '44 .. 111 * a in'* Am Rolling Mills 5s 38 122 121% Balt & Ohio 6s 95 95 93% Balt & Ohio 4%s '6O 74% 73% Buff Roch & Pitt 4%s '37 ... 79% 78% Beth Steel 4%5--60 105% 105% Chi Milw &StP 5s '75 22% 22 Chi Milw & St P 5s 2000 7% 7% Cleve Un Term 5s 73 106 106% Ceve Un Term 4%s '77 101% 101 Gel Gas 5s Mav '52 103% 103% Col Gas 5s ’6l 104 103% Can Pac Perp 4s 92% 92 Cent Pac 5s 60 95 94% Big Four 4%s '77 90% 89% Colorado <fc So 4%s 'BO 74 73 Chi & West Ind 4s '52 104% 104 Chi & West Ind 5%s '62 107% 107*4 Chi & Nor West 4**s '49 14 s * 14'/ Chesa Corp 5s '47 128% 127 Del Huds 4s '43 86% 83% N Y Dock 4s 'sl 68"* 69% N Y Dock 5s ’3B 68 69% Erie 5s ’75 If. 76% Erie 5s '67 76** Grt Forth 7s ’36 lul% 101** Grt North 4%s '76 102** 103 Grt. North 4%s '77 . ...102% 102*4 Hud & Manhat Ref 5s '57 . . 86** 86% 111 Cent 4**s '66 76** 74% 111 Cent Jt 4%s '63 80% 82% 111 Cent 5s '63 85 84% Interlake C & I 5s 'sl 93 82** Interntl Hv Elec 6s 44 ... 52% 52 Interntl Tel & Tel 4%s '39 .. 95** 94% Interntl Tel & Tel 5s '55 .. . 88** 87 Interntl Tel & Tel 4%s '52 82'/ 82 McKess & Rob 5%s 'SO 103% 103 Natl Dairy s'*s '4B 103% 103'Natl Steel 5s '56 106% 106% Nickel Plate 4%s '7B 83% 82% Nickel Plate 5%s '74 95 94 N Y Cent 5s 2013 91% 89% N Y Cent 4%s 2013 (ol) .. 85 84 Nor Amer Cos 5s '6l 105% 105** Nor Pac 3s 2047 83"* 83** Nor Pac 4 Vis 2047 102 100% Nor Pac 6s 2047 110(4 110% For States Pow 5s '4l 105',* 105% New Orleans Term 4s '53 .... 91% 92% Penn Ry 4%s 'B4 108% 109% Penn Rv 4%s ’Bl 109 109% Penn Ry 4%s '7O 102*4 102% Pac G & E 5s '42 103% 103% Portland Gen El 4'is '6O 73 72* Para Publix 5%s 'SO 90 89% Pen P & L 4%s 'Bl . 107% 107% Postal Tel & Cab 5s '53 36% 36% Rem Rand WW 5%s '47 104% 104"* Shell Union Oil 5s '47 102% 102% Sou Pac 4Vis 68 89 88 Sou Pac 4%s 'Bl 87% 87% Sou Pac 4Vis '69 88®* 87% Sou Pac 4s '49 89% 89 Sou Rail 4s '56 62 60% Sou Rail 6s ’56 78 76 Sou Rail 6Vis '56 83 81% Sharon Stl Hoop 5%s '43 103'* 103% Texas IPac 5s ’79 101"* 101 Texas Pac 5s ’77 101% 101% Union Pac 4s ’47 113'* 112** United Drug 5s '53 101% 101% U S Rubber 5s ’47 105% 105% NY NH & Hart 6s ’4B 36 36 NY NH & Hart 4%s ’67 36 35"* Warner Bros 6s '39 94 93% Western Mary 5%s '77 108% 108% Western Marv 4s '52 100% 100'Youngstown S & T 5s '7O 106% 106** Youngstown S & T 5s '7B 105% 105% FOREIGN /rgentine A6s '57 99% 99 Argentine B6s 'SB 99% 99 L-azil 8s '4l 313* 32 Denmark 5%s ’55 101 Vi 101 French 7s '49 177% 177% German s Vis ‘65 26% 26% German 7s '49 35 34% Italy 7s ’sl 69% 68% Japan 6%s ’54 95% 951* Poland 7s ’47 106'* 106% Rome 6%s '52 60** 60% Yokohama 6s '6l 82% 82*/ LOCAL CASH MARKET City grain elevators are paying 93 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new No. 4 yeliow 50 cents and oats 21 cents.

Thomson & McKinnon MEMBERS NEW YORE rijjT/* * pi-* New York Stock Exchange. TnRHAJTrP Kew York Curb Exchange, ivJrvVPiN Iv/ New York Cotton Exchange. BOSTON | New York Coffee and S (gar Exchange SOUTH BEND •|| New Orleans Cotton Exchange. FT. W4YNE Chicago Stock Exchange i-*t | \rr,-t-t t ti Chicago Board of trade EVANSVILLE Winnipeg Grain Exchange Indianapolis Office And other leading Exchangee 200-214 Circle Tower LI. 5501

Fletcher Trust Company Condensed Statement of Condition at the Close of Business March 4, 1936. BANKING DEPARTMENT * RESOURCES Cash on hand and with Federal Reserve Bank and other banks $ 6,547,297 58 United States securities 13,'357,249 32 State, municipal, corporate securities 7’463[291 83 Loans and discounts 6!264,276 61 Bank buildings and equipment 1',115i202 69 Other real estate 392,172 34 Other resources 101,129 75 $35,240,620 12 LIABILITIES Capital stock $ 1,500.000 00 Preferred capital debentures 1 000,000 00 Surplus and profits 719,411 23 $ 3,219,411 23 Reserves 185.466 17 Guaranteed mortgage certificates 57,100 00 Deposits: Demand 18.509,910 73 Time 12.496.878 01 First-lien trust funds 771,853 98 31.778,642 72 $35,240,620 12 TRUST DEPARTMENT Trust funds invested $15,838,060 54 Trust funds uninvested 771,853 98 Customers’ securities 2,016,969 34 Corporate trusts 17.338,534 00 Real estate trusts 8,362.541 56 Member Federal Deposit Insurance Corporation

The Merchants National Bank OF INDIANAPOLIS Condensed Statement of Condition at the Close of Business March 4, 1936. RESOURCES Cash on hand and on deposit with Federal Reserve Bank and other banks $14,769,755.19 United States government securities 5,161,765.43 Other bonds and securities 2,157,288.22 Loans and discounts 4,097.394.47 Bank building and equipment 1,000,000.00 Other real estate owned 5,000.00 $27,191,203.31 LIABILITIES Capital $ 1,250.000.00 Surplus 1,250.000.00 Undivided profits 726,551 68 Reserve for taxes, interest, etc 222.638.30 Deposits ; 23.742,013.33 $27,191,203.31 Member Federal Deposit Insurance Corporation

SALARY GUTS ARE RESTORED BY MORGAN GO. Depression Wage Reductions Ended; General Raises Are Given. By United Press NEW YORK. March 18 —All depression wage reductions have been restored by J. P. Morgan and Cos., and general raises have been made over the 1929 prosperity peak, it was reported today. The increase was effective March 1. A partner indicated the report was true, although no member would positively either confirm or deny it in accordance with a policy refraining from any announcements relating to salaries. Brokers and Wall Street Investment houses have been restoring employes to pre-depression scales for several months. Some firms, after raising salaries to 1929 levels last fall, gave Christmas bonuses to employes. “Scotch Holiday" Eliminated Other signs of recovery have appeared in the financial community in recent months. One was the virtual elimination of the "Scotch holiday"—the one payless week a month which employes in many brokerage houses were forced to take off. Many investment houses and brokerages increased salaries 10 to 15 per cent although this, in a good many instances, did not quite cover the reductions made at the height of the depression. Some cuts during that period were as high as 40 per cent. In addition many firms have reemployed workers who were let out in the economy wave. Numerous brokerage firms have reopened branch offices, requiring additional employes. Produce Markets The prices quoted are paid for stodg 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 eees. 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, 35@36c; No. 2 32® 33c. Butterfat, 29c.