Indianapolis Times, Volume 48, Number 8, Indianapolis, Marion County, 20 March 1936 — Page 40

Trends Outlook on Stocks Now Appear Bright. RALPH HENDERSHOT

NEW YORK. Mfrch 20—How much are stocks worth? John J. Raskob once said they were worth 15 times their anual camitigs. Since then we have seen them sell at msny more times their warnings than the figure he set, and we have seen them also very much lower than that level. Some

of them today are back above that basis, a few selling for as much as 30 or 40 times earnings. Obviously n o yardstick is suitable with which to measure the worth of stocks. They are worth what they will bring in the open market. And that market is con-

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Hendershot

stantly varying. Prospects constitute a big factor. So do interest rates. The element of supply and demand likewise enters into such an appraisal. When the statement is made that investors should have known in 1928 and 1929 that stocks were not worth the prices at which they were selling, the author more often than not is unaware of what he is saying. Underlying conditions in the market itself probably had more to do with the crack-up than did the existing high prices, and most investors were totally ignorant of those conditions. tt a tt TJROSPECTS at the time seemed t- good for most corporations, but other factors were not so favorable, melds were very low, much lower, fin fact, than the rate of call money, probably as safe an investment as | could be created. In other words, ithe return on stocks in a time of I ireneral business prosperity was I much lower than money rates on :the best type of security, f Moreover, most of the people who I had been accountable for the swift I rise in the price of stocks had no Intention of keeping their holdings as investments. In fact, they could not have paid for them if they had wished to do so.- They had purchased them on a shoestring and were counting on a farther advance in prices to earn them a quick profit. Those who are attempting to bnalyze stock values today have an entirely new set of conditions with which to contend, however. Prospects lor business should be much better now, inasmuch as we have ‘just been through a severe depression and a distinct shortage of goods exists. Money rates are lower than they were then, although the rates have been artificially depressed. >t u THE ratio of money available for investment to the supply of stocks on sale is considerably greater. Asa result of the market collapse most of those who held stocks when prices began to turn upward owned them outright. Such new speculation as has taken place since the beginning of the rebound has been on a much more conservative basis. This was made necessary by the higher margin requirements. And, also, almost no new stock issues have been placed on the market since the panic of 1929. We face, however, higher taxes, and we also have a great many people still on the unemployed list. Moreover, the government may be expected to cut down on its WPA expenditures. These may interfere with the progress of business and consequently, restrict the expected increase in the amount of corporate profits available for dividends on stocks. All in all, though, the market prospects would seem to be quite bright at the present time, and there would appear to be little likelihood of another crash such as we had six Vears ago. BOND MATURITIES SHOWN Timet Spccivl NEW YORK, March 20.—Corporate bond maturities in April will total approximately $40,071,768, the Standard Statistics Cos. reported today. March maturities amounted to $95,890,800. On Commission Row (Krprintfd From Lata Times Yesterday) • Quotations below subject to change are average wholesale prices being offered to buyers by local commission dalers.) FRUlT—Strawberries: Florida, pint, 16c; 36-plnt crates. 15c Cranberries. C. C. Howes. Eatmores. 25-lb. box, $2.50. Fears: Washington D’AuJo (100s box), $3; California, Avacado i2OO-245), $3.50. •Drapes; Extra Fancy Emperors (34-lb. ■awdust chest). $3.50. Limes; Mexican carton. 20c; Persian seedless (doz.). 45c. Bananas, seven hands, pound. sV*c. Apples Eelfmous (fancy baskets). $2.15; Jonathans #1.50; Rome Beautv, $1.35 Lemons: SunJclst • 360si. $6. Grapefruit: Texas seedless (545-80s>. $4; Arizona Sunkist, (80s), (3. Tangerines: (Florida 120s, 1445. 168s), #1.75. VEGFY/.RLES Artichoke. California (do*.). sl. Beans, green round stringless (hampers), $2.75. Beets: Texas (3 do*, vratc), $1.50; cut ofts <bu.), sl. Brussel* Sprouts. California (lb.). 18c. Sabbage. New York Danish (50-lb. bag), 85c; Hew Taxas (crate). $2. Red Cabbage (50-lb. bag), $2. Carrots. California 16 doz. crate). $3: Texas (3% doz. eratei, $1 50. Cauliflower. California (12s crate), #1.65. Celerv, Florida washed and trimmed (doz.), 45w85c; Florida (4s, 6s. Bs. 10s erase), $3.25. Cucumbers, hothouse idoz.i, *1.25; (southern bushel). $6 Egg plant. Florida (doz.). $1.50 Kale (Virginia bushel). 85c. Lettuce. Iceberg Arizona ibest 6s, ss). $4: home grown leaf (15lb. baskets). $5. Endive. California (doz.). 90c. Peppers, mangoes (crate). $6.50. peck basket, $1.65 (doz), 65c Mint, hothouse (doz.), 75c. Mushrooms (pound), 30c. Mustard, Texas half crate. $1.50. Onions —lndiana vellow (50-lb. bag). 90c; Western Spanish (50-lb. bag), $1.75. Oyster plant, home grown (doz.), 40c. Parsley, southern (long bunches do*.). 45c. Parsnips, home grown washed (bushel). $1; (half-bushel) 60c. Peas. Florida hampes). $3.50. Potatoes. Michigan Round whites (100-lb. bag), $1.65; Maine Green Mountains (100-lb. bag). $2.25; R. R. Early Ohlos (100-!b. bag). $1.90: R R. Triumph. (100-lu. bag). $185; Idaho Russets ilOOlb. bag. $2.25: Idaho bakers (70s box), #2.50; Col. McClures (100-lb. bag). $2.20; New Florida Triumphs iSO-lb. bag). $2.25 Sweet Potatoes, Indiana Jerseys (Is bushel), $1: medium (buschel). $1: Tennessee Nancy Halls (hampers), #1.15* Indiana Puerto Ricans (bushel crate). $1 50. Radishes, home grown buttons (doz.). 75c; white, 45c. Rhubarb, hothouse (bunch), 45c. Rutabagas, northern <SO-lb. bag), ®se. Bage (doz ), 45c. Shallots. Louisiana (do*.), 40c Spinach. New Texas (bushel), #l. Turnips, new bulk Texas (bushel), #1.35. Tomatoes, repacked (10-lb. box), #1.60. FRI'ITS AND VEGETABLES •By United Press) CHICAOO. March 20—Aplea—Michigan bushel. Mclntosh. 75c4<#1 35. Carrots— Illinois bushel. 254130 c Sweet potatoes— E bushel, 754190 c. Beans—Florida 504(3.25 Cabbage—Texas crates I. PeasKCalifornia bushel hamp--103 50. Bpinach—Texas bushel Lettuce—western crates, 5 doz >. Celery—Florida crates. *2.85*, itoes—Mexican lugs. *3.254/3 75. ,r—California crates, #1304(140 £ke| (50-lb. sacks)—Western *1.26; Illinois yellows. 40oj 60c

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 40

PRODUCTION AT GARY PLANT IS BEST SINCE ’3l

Carnegie Illinois Works Is Going at 56.7 Per Cent of Capacity. i Timm Special GARY, Ind., March 20.—Production in the Gary works of the Carnegie-Illinois Steel Corp. is proceeding this week at 56.7 per cert of capacity, f :,e highest point reached so far in 1936 and helping to give this month the peak operating average for any month since 1931, corporation officials said today. They anticipated still further ‘tains in the Gary works’ operations j either next week or for the week beginning March 30, which will conclude the first quarter. The production rate of Gary works ihis week is 2.7 points higher than the 54 per cent average marked up through each of the three preceding weeks. The current rate is ’.ess than a point below the 57.3 per , cent rate, which established the 1935 peak in the plant. 39 Open Hearths Active The peak last year, however, was maintained during a single week in December. The first two weeks of this month were at a 54 per cent rate and an even higher schedule is now in effect. The average for the month of December, 1935, was 53.2 per cent. Gary works today had 70 per cent of its production units active. Included were 39 out of 52 open hearths and six out of 12 blast furnaces. Operators explained that four of the open hearths, fired last week in the No. 1 shop which had been closed down since July, 1931, were added to the active list in preparation for an anticipated increase in orders. The furnaces will not be ready for satisfactory production for about two weeks. New Mill a Success Increased operations in Gary works also were reflected in the Gary sheet mill of the American Sheet and Tin Plate Cos., where the production schedule was back at capacity-basis. The sheet mill moved back to peak production last week, operating until Saturday night, whereas the schedule was to have concluded Saturday morning. New Mill a Success Sheet mill operators were jubilant regarding the production of the new hot-strip mill, which already is turning out excellent hot-strip steel as well as coils for cold reduction. They explained that the hot-strip output necessarily is limited since all units of the mill will not be fully installed and in satisfactory production until next month. In its quasi-completed state, the mill already has turned out as much as 80 tons of steel sheets and coils in a single day. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,026,000 Debits 5,327,000 TREASURY STATEMENT (By United Press) WASHINGTON, March 20.—Government expenses and receipts for the current fiscal year to March 18, as compared with a year ago: This Year. Last Year. Expenses. $5,802,084,690.82 $4,905,708,824.29 Receipts 2,796,785,715.47 2.641,163,340.47 Deficit. 2.285.298.975 35 2,264,545,483.82 Cash bal. 2,835,152,090.41 2.149.350.020.44 Pub. debts 31.445.592,602.38 28.611,002.894.83 Gold res. 10,173,120,766.37 8,552.893,448.72 Customs. 277,026,279.56 239,861,349.93 Investment Trusts (By Thomas D. Sheenn & Cos.) Bid. Asked. Administered Fund 2nd $16.95 $18.03 Affiliated Fund, Inc 1.98 2.16 American General Equities.. 1.10 1.13 American Business Snares.. 1.18 1.28 Bullock Fund Ltd 18.25 19.87 Century Shares Trust 27.58 29.65 Collateral Tr. Shares A 6.67 6.75 Corporate AA or Accum Mod. 3.36 3.39 Corporate AA or ACC Unmod. 2.68 2.71 Corporate Trust Shares Orig. 2.83 2.87 ■’Diversified Trustee Diversified Trustee Shares C 455 4.59 Diversified Trustee Shares D 6.90 6.98 Dividend Shares, Inc. 1.67 1.81 •Incorporated It restors .... 22.60 33.90 Investors Fund Amer 107 1.17 Market Street invest. Corp 31.43 33.08 Maryland Fund 19.45 21.00 Massachusetts Investors .... 25.79 28.03 Nation-Wide Sec. Cos. B .... 4.40 •Nation-Wide Voting 1.78 1.94 North American Tr. Shs. 1955 3.34 3.38 North American Tr. Shs. 1956 3.30 3.34 North Amer. Tr. Shs. (Orig.) 2.59 Quarterly Income Shares .. 1.58 1.73 Representative Trust Shares. 12.60 .. . Selected Amer. Shares, Inc 1.59 1.74 Selected Amer. Shares (Orig) 3.71 .. . Selected Cumulative Shares. 9.63 973 Selected Income Shares .... 4.98 5.08 tate Street Investment Corp. 100 00 104.50 Super-Corp. of America AA. 2.81 2.84 Super-Corp. of America BB 2.84 2.87 Super-Corp. of America A... 4.25 4.30 Super-Corp. of America B . 4.44 449 Super-Corp. of Am C and D. 8.17 8.27 Supervised Shares. Inc. (Del l 169 1.85 Trustee Stand. Oil Shares A 7.67 7.77 Trustee Standard Oil Shs. B 6.95 7.05 Trustee Stand Investment C 2.99 302 Trustee Standard Invest D . 2.93 2.96 Universal Trust Shares 4.33 4.38 Usetps A 18.50 18.85 United Standard Oil Funds. 1.39 1.52 •Uselps Voting 1.13 .... •Ex-Dividend.

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 burlng and selling inquiries or recent transactions. BONDS Bid. Ask. Home T & T Fort Wayne 5% 103 105 Home T & T. Fort Wavne 6 .103 106 Indianapolis Railwavs. Inc .. 66 69 Indianapolis Water Cos. 4% ..106 108 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% Noblesville Heat, Lt & Pwr. 6% 98 100% Ohio Telephone Service. 6 ... 97% Richmond Water Works, 5... 105 106% Seymour W'ater Cos., 3 101 194 Terre Haute Trac k Light. 5 106 108 Terre Haute Wajfr Works.. 102 104 Terre Haute Watlr Works ...103 105 Traction Terminal Cos., 5 75 78 STOCKS •Belt R R & Stock Yards Com 53 56% Belt R R & Stock Yards pld. 6 52 Central Ind Pwr pfd 7 16 19 Home TANARUS& T. Fort Wavne. 7 . 52% 54% Hook Drugs. Inc., com 16% 18 •Ind & Mich Elec CO., pfd 7 .103% 106% •Ind General Service Cos.. 6 . 96% 99 Ind Hydro Elec CVo 7 ... 55 58 Indianapolis Gas Cos., com.. 6 . 35 38 •Indpls Pow &Lt Cos., pfd.. 6 89 92 •Indpis Pow & Lt Cos., pfd 6% 94 97 •Indianapolis Water Cos pfii 5 102 105 Northr Ind Pub Serv pfd 5%5. 66% 69% North Ind Pub Serv pfd 6 74 77 North Ind Pub Serv pfd 7 81 84 Progress Laundry Cos com 10 11 La Pub Serv Cos of Ind pfd 6 ... 20 23 Pub Serv Cos of Ind pfd 7 ... 43% 46% •South Ind Gas & Elec pfd. 8 97% 100% Terre Haute Elec Cos. 6 ... 89 91% Un Jg* i ‘.Ex-dividegd.

New York Stocks

(By Thomson <fc McKlnnou) OILS— Amerada 112'* 112'* 1.2% 112*2 All Rfg 31% 31 : 2 31V, 31 3 * Barnsdali 17% 17% 17% 17% Consol Oil 15 14% 15 14% Cont of Del .... 35% 34% 34% 34% Houston (new).. 11% 11% 11% 11% Mid Cont Pet ... 20% 20% 20% 19% Ohio Oil 16% 16% 16% 16 Pet Corp 17% 17 17% 17 Phillips Pet ... 46% 46% 46% 46% Plymouth Oil ... 14 14 14 13% Pure Oil 24% 24% 24% 24% Royal Dutch 54% 54 % 54% 53% Seabord Oil 42% 52 42% 42% Shell Un 18% 18% 18% 18% Skelley Oil .... 28% 28 • 28% 27% Soc Vac 15% 15 15 15% S O Os Cal 46% 45% 46% 45 % SO of Ind 3y% 30% 89% 38% S O Os N J 69% 69 69 % 89% Texas Corp ... 37% 37% 47-4 37% Tidewater Assn.. 18% 18% 18/s 18% Un Oil of Cal 21 26% 21 27% Steels — Am Roll Mills ... 29% 29% 29% 29% Beth Steel .... 57% 56% 56% 56% Cruc Steel 36-a 36.% 36-,-s 36‘,j inland steel 110% 110 110% 110 Ludium Steel ... 29% 29% 29% 30% McKeesport Tin lud% 105% 105% 10a Mid Steel 38 38 38 38 Natl Steel .... 69% 69 69%; b 9% Otis Steel 19% 19% 19% 19% Hep Iron & Steel 24% 23% 24 24% Rep ir <St Stt p(d 9(% 9da 97% 9b% U S Pipe Si Fdy. 36 36 36 35% U S Steel 60% 64% 65% 65 U S Steel pfd... 132 131% 132 131% Warren Bros .. 8% 8% 8% 8% War Pipe & Fdy 26% 26% 26% 27 Youngstn SSi T 50% 50% 50% 50% Motors— Auburn 50% 50% 50% 49% Chrysler 97% 96% 96% 96% Gen Motors 65% t 4% 64% 64% Graham Mot ... 3-., 3% 3% 3% huason 18% 18% 18% 18% Hupp 2% 2% 2% 2% Mack Truck ... 34% 34 3*% 33% Nasn 20 19% 19% 19% Packard 11% 11% 11% 11% Reo 7% 7% 7% 7 % Studebaker 13% 13% 13% 13% Yellow Truck .. 18% 18% 18% 18% Motor Access— Bendix 1 25% 25 25% 24% Bohn Alum 60% 60% 60% 6014 Briggs 62% 62% 62% 62V* Buaa Mfg 14% 13% 14% 13% Budd Wheel 12% 12% 12% 12% Eaton Mfg 35% 35% 35% 35% Elec Auto Lite .. 41% 39% 40% 40% Greyhound "IP. 65% 65 65% 65% Houdaille 30% 30% 30% 30% Murray Body ... 21% 20% 20% 21 Stew Warner ... 21 20% 21 20% Timken Roll .... 69% 69% 69% 70 Timken Det Axle 16% 16 16 16% Mining— Alaska Jun 14% 14% 14% 14% Am Smelt 91V* 91 91 89% Anaconda 36% 35% 36% 36 Cal & Hecla 9% 9 ‘/a 9 % 9 Cerro De Pasco. 55% 54% 55 54% Dome Mines .... 45% 45'A 45% 45% Granby 19% 19% 19% 11% Howe Sound .... 54% 54% 54% 6%* Ins Copper 12% 12% 12% 12% Int Nickel ... 50% 50% 50% 49% Kennecott Cop . 38 A 38V* 38% 38% Mclntyre Mine.. 42% 42 42 42 Park Utah 4% 4% 4% 4% Phelps Dodge... 39 38% 38% 38% St Joe Lead .... 23% 28% 28% 28 U S Smelters.... 9C % 89% 90 88% Vanadium 23% 23.% 23% 23% Amusements— Crosley Radio... 16% 16% 16% 16% Fox Theat 29 29 29 29 Loews Inc 48% 48% 48% 48% Radio Corp 13% 13% 13% 13 1 /* Paramount .... 10% 10 10 9% RKO 8% 8% 8% 8 Warner Bros ... 12% 12% 12% 12% Am Sum Tub ... 23 23 23 22% Am Tob ‘A’’,... 91 90% 90% 90% Am Tob ’’B”... 91% 91% 91 91 Ligg & Myers B 100 100 100 100 Lorillard 22% 22% 22% 22% Reynolds Tob B. 53% 52% 53% 53% Roils— Atchison 76% 76 76% 75%' Atl Coast Lines. 29% 29% 29V* 28% B & O 20% 19% 19% 20% Can Pacific 13% 13% 13% 13% Sh & Ohio 57% 57% 57% 57% Chi N W 3% 3% 3% 3% Del Lac & W ... 19 19 19 18% Gt Northern pfd 38% 38% 38% 38% 111 Central 23 V* 23% 23 V* 23% K C Sou 22% 22% 22% 22 Vi Lehigh Valley . 11% 11% U% 12 M K & T pfd ... 22 22 22 21% N Y Cent 35% 35% 35% 35% N Y New Haven 4% 4% 4'A 4% Nor Pacific 30% 30% 30% 30% Penn R R 33% 33% 33 % 33% Sou Pac 34 33% 34 33% Sou R R 17% 17% 17% 17% West Maryland.. 9% 9% 9% 9% Equipments— Am Car & Fdy.. 37 37 37 36% Am Steel Fdy.... 30 29 1 /* 30 29V* Bald Loco 5% 5% 5% 5% Gen Am Tnk Car 56% 56% 56% 56‘A Gen Elec 39% 39V* 39% 39% Pullman Inc ... 40% 40V* 40% 43% West Air Br 43% 43% 43% 43% Westingh Elec ..114% 113% 114% 113% Utilities— Am Si For Pwr . 8% 8% 8% 8% Am Power & Lit 12 11% 12 11% AT&T 164% 16$ 161 164% Am Wat Wks 22% 22% 22% 22 Col Gas & Elec.. 19 18% 18% 18% Comm & Sou ... 3% 3% 3'A 3% Consol Gas 35Vs 34% 34% 34% Elec Pwr & Lit.. 15% 15 15% 15 Int Hydro Blec. 4 4 4 4 Int TANARUS& T 17% 17% 17% 16% Nat Pwr & Lit. 11% 11% 11% IP, Forth Amer ... 27‘A 27 27% 26% Pac G & E ... 36% 36% 36% 36 So Cal Edison.. 26% 26% 26*% 26% Stone & Webster 17% 17 17 16% United Corp ... 7% 7% 7% 71/, Un Gas Imp ... 16% 16% 16% 16% Ut Pwr & Lt A. 6% 6% 6% 6 Rubbers— Firestone 31% 31% 31% 31% Goodrich 19% 19% 19% 19% Goodyear 28% 28% 28% 28 U S Rubber pfd 73% 73% 73% 73% Miscellaneous— Am Can 124% 124% 124% 124% Am Mach & Fdy 24% 24% 24% 24% Brklyn Man Tr 48% 48% 48% 48% Burroughs Add .29 V* 29% 29 V* 29% Conti Can 82 81% 82 81% Crown Cork .... 50% 50V* 50% 50V* Curtis Pub 20% 20% 20% 20 Deere & Cos. ... 84 83V* 83% 83 Gillete 17% 17V* 17V* 17% Glidden ~.. 47V* 46% 47'%, 46% Int Bus Mach. 180 180 180 180 Inter Harv 87% 87% 87Vi 87% Natl Cash Reg.. 28% 28V* 28V* 27% Owens Bottle ...155V* 156V* 155V* 155% Rem Rand 21% 21 21 21% Faods— , Armour 6%% 6 6 6 Borden Prod 28% 28% 28% 28% Cal Packing 34 34 34 34 Canada D G Ala 15 15 15 14% Coca Cola 91% 91 91% 90% Crm of Wheat.. 36 36 36 36 Cuban Am Sugar 12% 12% 12% 12% Gen Baking .... 13% 13% 13% 12% Gen Foods 35% 35V* 35% 35% Gold Dust 21 20% 21 20V* G W Sugar .... 36% 36% 36% 36% Nat, Biscuit ... 34V* 34% 34Vs 34V* Natl D Prod 24% 24% 24** 24% ?, td .®, ra S ds .' •• 17 - 8 161 171 * 16% United Fruit 73% 73% 73 V* 73 Retail Stores— Allied Stores ... 8% BVi 8% 8% Assd Dry Gds. . 16% 16% 16% 16% First Natl Stores 43 42% 43 42 Gm Un Tea 4% 4% 4% 4% Kresge S S 22% 22% 22% 22% Kroger Groc .... 23% 23% 23% 23% Macy R H 46% 45% 46% 46 Marshall Field.. 17% 17% 17% 17% May Dept St ... 48% 48% 46% 48 Mont Ward 41% 40% 41 40% Penney J C 72% 72% 72% 72% Safeway St .... 31% 31% 31'* 3D* Rears Roebuck.. 64% 64% 64% 63% Woolworth 50% 50Va 50V* 50% Aviation— Aviation Corp .. 7% 7% 7% 71/, Curtiss Wright . .4% 8% 8% 8% Curtiss Wr 'A”. , 8% 18% 18% 18% Douglas Air .... 73% 72% 72% 73% Nor Am Av 10% 10% 10% 10% Sperry Corp . . . 21% 21% 21% 21% Uni Aircft New. 28V* 28 28% 27% Chemicals— Allied Chem 192% 191% 192% 191% Col Carbon 117 117 117 116 Com Solvents... 22% 22% 22% 22 gu Pont 149 147% 149% 147 Freeport Tex ... 32 32 32 32 Math Alkali 33% 33% 33% 33% Monsanto Chem. 99 99 99 99 Natl Dis (new).. 32% 32 32% 31% Schenley Dist .. 48 48 48 47% Union Carbide . . 64% ■ 84' 2 84% 84 U S Ind Alcohol. 51% 51% 51% 50V* Drugs— Lehn & Fink ... 13% 13% 13% 14 Sterling Pro*. . 71% 71% 71% 71% Un Drug (r w). 14% 14% 14% 14% Vick Chem 45% 45% 45% 45% Zonite Prod .... 7% 7% 7% 7 t Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers Trust 64% 66% Central Hanover 114 116 Chase 41 42 s * Chemical National 59% 61% Guaranty 300 300% Irving 16% 16% Manufacturers 49% 51% • National City 37 38% | Cont 111 Chicago 176% 179% First National Boston 46% 47% National Shawmut 28% 30% FIRE INSURANCE Aetna Fire 55 57% American Ins of Newark 15% 17% Baltimore American 8% 10'•• City of New York 27% 29% I Federal Ins 52% 55% Franklin Fire 32% 34'* Great American Ins 30% 32% •Hanover Fire Ins 39% 41% •Hartford Fire Ins 77 79% Home Ins 38 39% Ins Cos of A 74 76% National Fire 77 791. National Liberty 10% l;-„ North River 28 % 30% Phoenix 92% #4% U S Fire 56% 58% Westchester Fir# 38 40 •JEx-tUv, JL

FRIDAY, MARCH 20, 1936

Financial— Adams Exp ... 12% 12% 12% 12% Allegheny Corp . 3% 3% f,% 3% Transamerica.... 14 14 14 13% Tr Conti Corp . 10% 10% 10% 10% Building— Am Radiator ... 23% 23% 23 s * 22% Gen Asphalt 33V* 33V* 33% 32% Holland Furnace 4040 4040% Int Cement 45% 45 % 45% 45 % Johns Manville- 115% 114% 115% 114% Libby Owens Gls. 59 * 59 * 59% 59% Otis Elev 30% 30 30% 30 U S Gypsum ...100 100 100 99% Household— i Col Pal Peet ... 19% 19 19 18% Congoleum 37 % 37% 37% 37 Kelvinator 25% 25% 25V* 25% Mohawk Carpet 25% 25% 25V* 25% Proc && Gamble 46 46 46 46 Servel Inc 21V* 20% 21 % 20% Simmons Bed... 28% 27% 28% 27% Textiles— Amer Woolen ... 11% 11% 11% n Celanese Corp .. 29% 29% 29% 29 Collins Aikman. 47 47 47 46 Indus Rayon ... 30% 30% 30% 30% Kayser Julius .. 29% 29% 29% 29% Chicago Stocks (By Atkins. Hamill & Gates) 11:30 Prev. A. M. close. Allied Products 22% ... Asbestos Mfg 4% 4% Associated Investors 31 30 V* Bastian-Blessing 10% 11 Berghoff 12 12 Bruce B L 17% 17% Butler Brothers 9% 9"a Cent 111 Pub Service pfd 62 61 Chicago Rivet & Machine... 32 30% Chicago Yellow Cab 25 25 Cities Service 5% 5% Commonwealth Edison 102'* 102% Continental Stee 1 40% 39% Cord 7'/a 7 Davton Rubber 13 13 % Electric Household 16% 16% Godchaux Sugar ‘B’ 16% ... Grt Lakes Dredge 29’* 29 Jarvis Mfg 23% 23% Ken-Rad T & L 11% 11% Libby McNeil & Libby 9% 9% Lincoln Printing 9% 9% Lynch Glass 48 49'a Nat Gypsum 60 59% Koblitt-Sparks 32 V 4 32% Northwest Bancorporation ... 12V4 12% Public Service of North 111.. 58 53% Signode Steel 12% 12% Standard Dredge pfd 14% 14 Williams Oil-O-Matic 11% 11% Vortex Cup 19% 19% Zenith 18% 18% New York Curb (By Atkins, Hamill & Gates) 12:30 A. M. Prev. N. Y. Close* Aluminum Cos of America 148% 146% Am Cvnamid “B" 37 36% Am Gas & Electric 38% 38% Am General 10% 10% Am Superpower 33 Ark Natural Gas “A” 7% 7% Atlas Corp 13% 13% Canadian Indust Alcohol “A’. .9% 9% Carrier Corp 10% 10% Creole Petroleum Corp 30% 30% Elec Bond & Share 24 23% Fisk Rubber 7 7% Ford Motors Canada “A” 25 25% General Alden 14% 14% Greenfield Tap & Die Corp .. 9% 9% Gulf Oil Corp of Pa 96% 96 Humble Oil & Refining Cos 74% 74 Imperial Oil of Canada 23 Vi 23% Irving Air Chute 25 25% Molybdenum Corp of Am .... 10% 11 Natl Bellas Hess Inc 2% 2% Niagara Hudson Pwr 9% 9% Pan-American Airways 60 60% Pennroad Corp 4% 4% Root Petroleum 12% 12% St Regis Paper Cos 5% 5 Segal Lock 3% 3% Standard Oil of Ohio 32 32 Sterchi Bros Stores 6V4 6% Technicolor Inc 29% 29% Tuzize Chatillon Corp 8% 8% Wayne Pump 28% 28%

N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Bonds Inds. Rails Util. Bonds Today 91.9 92.5 105.1 96.5 Yesterday 92.0 92.4 105.3 96.6 Week Ago 91.8 92.4 104.9 96.4 Month Ago 93.1 94.8 104.9 97.6 Year Ago 84.6 73.6 92.5 83.6 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) Trcasurys Prev. Close, close. 4%s 1947-52 117.15 117.13 4s 1944-54 112.14 112.14 3 3 sS 1943-47 107.29 107.31 3’*s 1943%45 107.14 107.12 3%s 1941 108.31 109.1 3!4s 1944-46 107.6 107.3 3%s 1946-49 105.12 105.7 3%s 1949-52 105.5 105.5 3s 1951-55 104 103.3 3s 1946-48 104.3 104.11 2%s 1947-45 102.18 102.13 2 3 As 1951 101.16 101.16 Home Owners Loan Corp. 2 3 As 1949 101.8 101.6 3s 1952 102.12 102.10 Federal Farm Mortgage Corp. 3%S 1964 104.3 104.1 3s 1949 102.17 102.15 2 3 /is 1949 101.25 101.22 DOMESTIC Prev. Close, close. Alleg Corp 5s ’44 92% 93 Alleg Corp 5s ’49 87 87 Am Frgn Pow 5s 2030 76% 76% Am Tei & Tel 5%s '43 113% 114 Arm & Cos (Del) 5%s ’43 98 98% Atl Coast Line 4s ’52 99% 99 Atl Coast Line 4%s ’64 83 83% Atch Top & S Fe 4%s ’4B 111 112 Am Wat Wks 5s ’44 110% 111 Am Rolling Mills 5s ’3B 121% 121 Balt & Ohio 6s "95 94 95 Balt & Ohio 4%s ’6O 72% 73% Buff Roch & Pitt 4%s ’57 .... 79 78 3 A Beth Steel 4%s ’6O 106 105% Chi Milw & St P 5s ’75 24 24 Chi Milw & St P 5s 2000 8 7% Cleve Un Term 5s ’73 106 106% Cleve Un Term 4%s ’77 101% 101% Col Gas 5s May ’52 103% 103% Col Gas 5s April '52 103% 103% Col Gas 5s ’6l 7 104% 104% Can Pac Perp 4s 93 92 Vi Cent Pac 5s ’6O 108% 95% Big Four 4%s ’77 80 Colorado & So 4%s ’BO 73 73% Chi & West Ind 4s ’52 104% 104% Chi & West Ind 5%s '62 107% 107% Chi & Nor West 4%s ’49 14% 14 Con Gas 5s '57 105 104% Chesa Corp 5s ’47 130% 129 N Y Dock 4s ’sl 68% 68% N Y Dock 5s ’3B 68% 69>% Erie 5s ’75 771,3 78 i 4 Erie 5s ’67 78V* 78% Gen Cable 5%s ’47 105 105 Great Northern 7s ’36 101% 101% Great Northern 4%s '76 103% 102% Great Northern 4%s ’77 102- 101% 111 Cent 4%s ’66 74% 75% 111 Cent Jt 4%s ’63 80% 80V* 111 Cent 5s ’63.... 84% 85 Interlake C&I 5s ’sl 92% 93 Interntl Hy Elec 6s ’44 53V* 52% Interntl Tel & Tel 4%s ’39 96 95 Interntl Tel & Tel 5s ’55 89 88% Interntl Tel & Tel 4%s ’52 83% 84% McKess Rob 5%s ’SO 103% 103% Natl Dairy 5%s ’4B 103% 103% Natl Steel 5s ’56. 106% 106% Nickel Plate 4%s ’7B 83% 83% Nickel Plate 5%s ’74 94 95% N Y Cent 5s 2013 91% 91 N Y Cent 4%s 2013 (old) 85 84% Nor Amer Cos 5s ’6l 105% 105 Nor Pac 3s 2047 84 83% Nor Pac 4%s 2047 101% 102 Nor Pac 6s 2047 110% 110% Nor States Pow 5s ’4l 105% 105% New Orleans Term 4.3 ’53 92 91% Otis Steel 6s '4l 102% 102% Penn Ry 4%s ’B4 108% 109 Penn Ry 4%s ’Bl ;09 109% Penn Ry 4%s ’7O 102% 102% Pac G & E 5s ’42 103% 103% Portland Gen El 4%s ’6O 72% 72% Para Publix s‘*s 50 91% 90 Penn P & L 4%s ’Bl 107% 107% Postal Tel and Cab 5s ’53 36 36 Rem Rand WW 5%s '47 104% 104% Sou Pa* 4%s ’6B 89 89 Sou Pac 4%s ’Bl 88 87% Sou Pac 4%s ’69 88% 88% Sou Pac 4s ’49 89% 89% Sou Rail 4s ’56 62% 62% Sou Rail 6s’ ’56 78% 78% Sou Rail 6Vis ’56 83% 83 % Sharon Stl Hoop 5%s ’4B 103% 103% Texas Pac 5s ’BO 101% 102% Texas Pac 5s ’79 101% 101% Texas Pac 5s ’77 102% 101% Union Pac 4s ’47 113% 113% United Drug 5s ’53 100% 101 ‘ U S Rubber 5s ’47 ....105% 10*5; NY NH & Hart 6s ’4B 36 36% NY NH & Hart 4%s ’67 35% 36 Warner Bros 6s ’39 95 94 West Mary 5%s ’77 108% 108% West Mary 4s ’52 101% 101% Youngstown S & T 5s ’7O 106% 106% Youngstown S & T 5s ’7B 105% 105% FOREIGN Argentine A 6s ’57 9934 993^ Argentine B 6s ’SB 99s g 991 Brazil 8s ’4l 3i3 4 3j3 4 Canadian Govt 4s ’6O 107% 107% Denmark 5%s ’55 101% 101% French 7s ’49 1773* 177% German 5%s '65 25% 27 German 7* ’49 35% 35 Italy 7s ’sl 71% 70% Japan 6%s ’54 95% 96 ' Poland 7s 47 106% 106% Rome 6%s ’52 63 62

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DETERRENTS TO EUROPEAN WAR ARE STRESSED

Chances of Armed Conflict in Near Future Are Held Slim. BY A. L. JACKSON Vice President, Economics Statistics NEW YORK, March 20-There is widespread inquiry as to how business and the money markets would be affected should a European conflict develop. However, since financial resources are as important as men and arms, it is doubtful that such a catastrophe will materialize in the near future. Germany, which is generally looked upon as the starting point, is least of all in a position of financing a serious conflict. Secondly, it is a fact that England does not want a war, and it is unlikely that France, Belgium, Italy or Germany will take steps that might draw opposition of Great Britain’s diplomacy and vast resources. England in Driver’s Seat In the third place, England now realizes the unbearable economic strains that have been placed on Germany. She has also observed the adverse economic effects of Germany’s position on herself and other nations and realizes that unless basic economic conditions in Germany and Italy are straightened out, threatening war conditions will continue in Europe. Thus, it seems that Great Britain is now in the driver’s seat and we can expect British diplomacy to be very effective in the present emergency, her aim being to remove those economic limitations which are not conducive to sound social and political conditions. But should a European war occur, the United States will not only be the safest place in the world for capital, but it will also be a major source of supplies for the combatants, our neutrality bill notwithstanding. Although, many people emphasize the possibility that the governments at war would nationalize their peoples’ holdings of American securities and sell them, causing a severe decline in United States securities and an upset in the money markets, this result does not seem probable. Would Need Dollar Balances The purpose of this selling would be to establish dollar balances, but when we consider the fact that the dollar balances acquired by foreign governments would stay in the U. S. to finance war purchases, it is obvious there would be no effect on excess reserves. Furthermore, because foreign governments know that a war would be bullish on business in this country, their liquidation of U. S. securities would be carried out slowly and carefully. It is unlikely that the dollar balances created by the nationalization of foreign-owned American securities would prove adequate to finance war material purchases in the United States. The necessity of acquiring additional dollar exchange thus could only be met by shipments of gold to this country. Foreign Loans Forbidden Dollar balances might be obtained in another manner that of loans to warring governments. However, the Johnson act prevents borrowing by the nations most likely to go to war and further restraint would be found in the evidence brought out in the recent Nye investigation. War conditions would sharply increase the demand for our raw materials and manufactured products. This would naturally expand credit sharply on account of business needs and speculation. Should such a development get under way, inflated credit conditions would naturally result unless the Federal Reserve stepped in to control the situation. This could be done through the raising of reserve requirements and the sale of government bonds by the Federal Reserve banks. Such action, is the only factor likely to cause any change in the present money rate structure. Produce Markets (Reprinted From Late Times Yesterday) The prices quoted are paid tor 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 made. No. 1 butter, 35@36c; No. 2, 32@ 33c. Butterfat. 29c. (By United Press) CHICAGO, March 20.—Eggs—Market, steady; receipts, 15,365 cases; Iresh graded firsts, 18%c; extra firsts, 19c; current receipts, 17%c; dirties, 17c; checks, 16c. Butter—Market, weak; receipts, 10.489 tubs; extra firsts (90-91% score 1. 30c; extras 192 score), 30%c; firsts (88-89% score), 29%@29%c; specials. 30%(531%c: standards. 30%c. Poultry—Market, steady; receipts 14 trucks, 1 car due: ducks. 20@24c; geese, 12@13c; spring chickens, 25% 4, 26%c; hens. 22%4(24%c: turkeys, 20(&23c; capons. 25@26c: Leghorn hens. 144121 c; old roosters, 16c; broilers, 24%c; fryers, 25 %<S 26%c. Dressed poultry—Turkeys, young toms. 25@27%c; hen turkeys. 27c; capons, 2747 30c. Cheese—Twins, 15% (a; 15%c; Daisies, 15%<f?15%c; Longhorns, 15 3 *4716c. Potatoes—Supply rather light, demand slow, market barely steady. Idaho Russet Burbanks. $1.75(31.90; N. S. No. 2, 51.45(31.50. Wisconsin Round Whites, $1.20(31.22%; commercials. $1.15. North Dakota Cobblers. $1.50; U. S. No. 1. *1.40; Early Ohios, 51.45. Colorado McClures. $1.85. Nebraska Bliss Triumphs. 51.5013 1.60. Arrivals 65, on track 190, shipments, 1052. DISTRIBUTION APPROVED Times Special NEW YORK, March 20.—Directors of the National Bondholders Corp. have approved cash distributions aggregating $1,500,000 on 46 different series of the corporation’s participation certificates, it was announced today by C. E. O’Neil, president.

M.ORJGAGti MONEY ADVANCED JR £% PROMPTLY NOW Js the time to submit tout apf . plication to us lor a mortgage loan fl l \I to meet your requirements. Our ,i M H abundant cash resources and know--1 \L \ ® ledge o( realty values enable us to l.g*' Pti,' V act promptly on all applications. Save I'\ \ fcs. j i tirae by celling here lirst. You'll lind !ij|':!‘j jk Xj our service lacilities exceptional. f A A * COMPANY m | r A I * LOAN department J , VJ m *• mm * u t ttim

WEEKLY INDEX OF BUSINESS TREND PREPARED BY ADMINISTRATIVE AND RESEARCH CORPORATION - NEW YORK 1926 - )00 too r-H ii 111 111 i"f 111 nn i 1111 1 11 *] 1111 111 | n 111 11111111 too 1 t—t > -* c— —r 90 ' m — -tY\ BO 70 /- ~ 70 r' .•••■ .if I \r i / I t 1 1>... uJ 60 /-% 1 1 r 1 60 Ifi 1/ In f\ 50 : ‘ ’T - .. >s_ > . X'■ ■V , ' ' ' \ f ' N ‘ ' ' . „ V ■ ~ j V . L / \ /.. , V J , -v > : 40 1 11, iiliiilliil ii -M Ii ii lli ill 11 iliri! ii i■ : r,i.,i.1..:-r 111 ii 1 j,q ~>JAN. 'FEB. MAR. APR.) MAY JUNE 1 JULY ' AUG. SEP. 2 OCT. _ NOV. DEC - *

Giving reassurance to a favorable spring outlook the administrative and research weekly index of business trend advanced to 76.5 for the week ended March 7. as compared with 73.5 in the preceding week and 70.2 in the coresponding week in 1935. * Behind the advance was a sharp increase in automobile output and a two-point rise in steel operations. The up-trend in these two important divisions of industry was more than sufficient to offset declines in electric power production and freight movements.

HO6 PRICES UP 10 TOl5 CENTS

Cattle Market Unchanged; Veals, Lambs Hold Steady. With the total supply of receipts estimated at only 3000, the pork market recovered part of yesterday’s sharp decline in fairly active trading today at the Indianapolis Union Stockyards. Choice classes, weighing from 160 to 275 pounds, were largely 10 to 15 cents higher. Light lights and slaughter pigs remained steady. The moderate advance, which was influenced mostly by the light run of receipts, carried the top price of good and choice hogs up to the sll mark after dropping to SIO.BO yesterday. Approximately 212 head of hogs were held over from the preceding session. The general bulk oi 160 to 225 pounds, sold at $10,90 1;o sll. Medium heavy grades, from 225 to 250 pounds, cashed in at $10.70 to SIO.BO. Extreme heavies, scaling from 325 to 400 pounds, brought $9.55 to $9.75. Lightweights, from 130 to 16G pounds, cashed in at $lO to $10.50. Packing sows held at $8.25 to $9.50. Although receipts were light, the cattle market continued slow and unchanged. Bulk of slaughter steers sold at $7 to $7.25, while most heifers brought $7.50 to $7.65. Common and medium beef cows were salable at $5 to $5.75. Receipts numbered 100. Veal settled down to a steady trading range, with the bulk of good and choice kinds salable at $8.50 to $9.50. Receipts were 500. The lamb market also was stationary. The bulk of good and choice fed western grades was salable at $10.25 to $10.50. Few scattered natives sold at $10.25 down. Slaughter sheep held at $5.25 down. Receipts were 1200. HOGS Mar. Bulk. Too. ReceiDts 14. $ll.OO @11.15 $11.15 1006 16. [email protected] 11.20 3000 17. 10.90® 11.00 11.00 4000 18. 10.90 (&11.15 11.25 4000 19. [email protected] 10.85 4500 20. [email protected] 11.00 3000 Light Lights (140-160) Good and choice. [email protected] Medium [email protected] (160-180) Good and choice.. [email protected] Medium [email protected] (180-200) Good and choice.. 10.90® 11.00 Medium [email protected] (200-220) Good and choice.. [email protected] (220-250) Good and choice.. [email protected] Heavyweights (259-290) Good and choice.. [email protected] (290-350) Good and choice.. [email protected] Packing Sows (275-350) Good 9.25@ 9.50 (350-425) Good 9.00@ 9.40 (425-550) Good 8.85@ 925 (275-350) Medium 8.50(g) 9.25 Slaughter Pigs (100-140) Good an(J choice.. [email protected] Medium 8.25@ 9.50 —CATTLE——Receipts, 400— (550-900) Choice $ [email protected] Good 7.75® 9.75 Medium 7.25@ 8.50 Common 5.75@ 7.25 (900-1100) Choice [email protected] Good [email protected] Medium 7.25@ 8.75 Common 6.25@ 7.25 (1100-1300) Choice [email protected] Good [email protected] Medium 7.25@ 8.75 (1300-1500) Choice [email protected] Good 8 [email protected] Heifers (500-750) Choice B.oo@ 9.00 Good 7.75@ 8.25 common and medium 5.75@ 7.75 (150-190) Good and choice.... 7.75@ 9.00 Common and medium 5.75(§ 7.75 Cows Good 6.000 6.50 Common and medium 4.75@ 6.00 Low cutter and cutter 3.50@ 4.75 Bulls, good 6.25@ 6.75 Cutter, com. and med. bulls... 5.00@ 6.25 VEALEKS —Receipts, 500— Good and choice $ 8.500 9.50 Medium 6.500 8.50 Cull and common 4.50@ 6.50 Calves (250-500) Good and choice 6.000 9.00 Common and medium 4.50@ 6.00 Feeder and Stocker Cattle (500-800) Good and choice.... 7.00 0 8.00 Common and medium 5.500 7.00 (800-1050) Good and choice.. 7.000 8.00 Common and medium 5.50@ 7.00 Cows Good 4.75 0 5.25 Common and medium 4.500 4.75 SHEEP AND LAMBS —Receipts, 1200— Lambs. 90 lbs. down, good and choice #10.00010.50 Good [email protected] Medium 9 00® 9 75 Common 8.90@ 9.60 (90-175) Good and choice... 4.50@ 5.50 Common and medium 3.50@ 4.50 Yearling wethers, good choice 8.75® 9.50 Medium 7.75@ 8.90 LOCAL CASH MARKET City grain elevators are paying 93 cents for No. 2 soft wheat. Otner grades on their merits. Cash corn new No. 4 yellow 50 cents and oats 21 cents.

30-Day Extension Granted The Interstate Commerce Commission has granted another extensioyi of 30 days for the filing of revised import and export rates to and from gulf and South Atlantic ports.

SKINNERS, INC., NAMES RAY DORR MANAGER Returns to City as Director of Retail Shoe Firm,, Ray C. Dorr has been appointed general manager of Skinners, Inc., a retail shoe firm at 35 Monument Circle, Norma Skinner, owner of the store, announced today. The com-

pany specializes in Foot Saver and Vitality shoes. Mr. Dorr opened the original Foot Saver Boot Shop in Indianapolis in 1927. Four years later he took charge of a group of retail Foot Saver stores for the Julian & KoCenge Cos., Columbus, O.

Mr. Dorr, who returned to Indianapolis during the latter part of February, has a large number of friends in this city. He is to assume his new duties immediately. MARYLAND FUND, INC., HAS GAIN IN ASSETS Total of $6,807,623 Reported for Quarter Ended Feb. 29. Times Special JERSEY CITY, N. J., March 20. The Maryland Fund, Inc., a group investment fund operating under the supervision of Administrative and Research Corp., today reported net assets, at closing quotations, of $6,807,623.21 for the quarter ended Feb. 29, 1936. This is a gain of $1,950,863.09 over total assets at the end of the previous quarter. Investments of the fund costing $5,796,221.20 had a value at closing quotations Feb. 29 of $6,680,587.50, making an excess of market value over cost equivalent to $884,366.30. Liquidating value as of Feb. 2f was $18.64 a share, against $17.33 a share at the end of the previous quarter. The major changes in the fund’s holding during the quarter included the addition of the following companies: American Radiator and .-stand. San., 2700 shares; American Smelting and Refining, 2000; Chesapeake & Ohio Railway, 1100; Johns-Manville Corp., 700; Kennecott Copper Corp., 3500; Pacific Lighting Corp., 900; Pennsylvania Railroad, 1900; Phelps Dodge Corp., 5500; Sears, Roebuck & Cos., 2000; U. S. Gypsum Corp., 600; Western Union Telegraph Cos., 1100; Westinghouse Electric and Manufacturing: 1700. Other Livestock (By United Press) March 20.—Hogs—ReceiDts 7000, including 3500 directs; active; 5 P to la cents higher than Thursday’s average; mostly 10 cents up; top, $lO 85- bulk llnl 250 lbs.. $10.50010.85; 250 350 lbs slo°, 10.60, sows, mostly [email protected]; smooth to $9.75. Cattle-Receipts 1500, calves, 500; steer trade generally steady; very uneven! light steers and yearlings unevenly higher late in week and this tending to slow down weekend moderate supply $74,8 kinds- but all steeers here fully steady if not higher than week ago having regained earlv downturn; bulk, s7@B today; b-st $lO active; instances io to 15 cents * bu *i s ■ stron fte r an d vealers fully steady at $9 down: best sauage bulls, $5. Receipts, 9000; fat lambs slow; mostly steady; wegihty kinds weak to ft' a a t sf„. ea h Kr ’ ct! l er „ killing Classes fully Steady, sheep and feeding lambs absent?o r 24i C rf f l d * estern lamb s. $104,’ 10.25, best held higher: godo wooled sß*2v* n rpap ' s j orn . 80-lbfl offerings, $8 T 2^*de^,.around u5 -* b ewes, $5.75 LAFAYETTE, Ind., March 20 Hog *in r ss et bil ? her: 170-200 lbs f iR-25 • 200-210 lbs., $10.75: 210-225 lbs *10.70: 225-250 lbs.. $10,504,10.60 ; 250-275 1 275-325 lbs.. $9.75'& 9.90: 150-lio lbs.. $10.25; 100-150 lbs.. $9 25-5 10’ d ? wl }' Calves—Steady; top. $8.50, lambs, steady; top. *9.75. Chicago Grain Futures (By James E. Bennett & Cos.) 11:00 Prev. Wheat— High. Low. A. M. Close. July 89% .88% .89 .89% SePt •871* .87% .87y .87% CornMay 60 3 * .60% .60% .60% July SO 3 * .60' * .60% .603, Sept 60% .60% .60% .60% Oats— May 25% .25% .25’* .25% July 26% .26% .26% .263, Sept 26% .26% .26% .26% RyeMay 55% .55% .55% .5534 July 55% .55 .55 .55%

ABBOTT, PROCTOR & PAINE MEMBERS New York Stock Exchange Chicago Board of Trade New York Curb Exchange Chicago Stock Exchange New York Cotton Exchange Chicago Mercantile Exchange New York Produce Exchange Commodity Exchange, Inc New York Cocoa Exchange, Inc. Montreal Curb Market New York Coffee & Sugar Exchange, Inc. 8 EAST MARKET STREET INDIANAPOLIS TELEPHONE, RILEY 5491 NEW YORK CHICAGO BOSTON, MASS. MONTREAL. CANADA RICHMOND TA ANDERSON. IND. CLEVELAND. O. APPLETON Wig BRISTOL. VA. ROANOKE. VA. CHARLOTTE. N. 'C. DANVILLE. VA. STAUNTON, VA. NEWPORT NEWS VA. NORFOLK. VA. KNOXVILLE, TENN. PETERSBURG. VA.

OCEAN'S YIELD OF MAGNESIUM VIEWED LARGE

Huge Stores for Structural Materials Predicted in Report. Timm Special NEW YORK, March 20.—Commercial recovery of magnesium from ocean water for large-scale consumption was forecast today by M. Henry Chesny of Marine Chemicals Cos., Ltd., in a special report to the American Chemical Society describing successful production of the metal from sea water near San Francisco, Cal. One of the commonest elements of the earth, magnesium is one-third lighter than aluminum, and its increasing industrial application points to an interesting future as a structural metal for airplanes, automobiles. railroad cars, electrical appliances and so on. The successful production of inexpensive magnesium salts opens large fields for future applications, according to Mr. Chesny. Chief among them should be the manufacture of refractories for making better alloy steels by their high temperature resistance, long life and freedom from chipping. Uses Vary Widely The time when magnesium salts must be included in fertilizers is not far distant, according to Mr. Chesny. Researches also indicate their value to humans. Present commercial uses for magnesium vary widely, from flashlight powder and epsom salts to spherical gondolas for balloons exploring the stratosphere. Steel, rubber, ink. salt and pharmaceutical industries consume great quantities of different megnesium compounds. Commercial recovery of minerals from the sea. ar> inexhaustible source, is proceeding on both the Atlantic and Pacific coasts. Bromine for anti-knock gasoline is extracted from ocean water near Wilmington, N. C., by the Ethyl Gasoline Corp. and the Dow Chemical Cos., pioneer in the production of magnesium compounds, from well brines near Midland, Mich. INSURANCE ASSETS AT NEW HIGH DURING 1935 National Life, Accident Cos. Reports Total at $42,771,528.76. Net assets of the National Life and Accident Insurance Cos., Nashville, increased more than $4,000,000 in 1935, reaching a record figure of $42,771,528.76, according to the thirty-sixth annual report released today by C. A. Craig, chairman of the board, through John A. Mullen, manager of the Indianapolis branch. The volume of life insurance in force showed an increase of $58,831,398 for the year, carrying the amount of insurance on the Company’s books at the end of the year to $455,933,875, anew all time high. The company paid out approximately $5,577,471.05 to beneficiaries during the last 12 months. Capital and surplus in 1935 amounted to $6,432,856.47, compared with $6,280,569.24 in the preceding year. The bond account of the company has increased over $3,000,000 and now totals $21,753,599.41. W. R. Wills is president of the company. U. S. FOREIGN TRADE IS FAVORABLE IN JANUARY. Both Exports and Imports Show Gain Over Previous Months. By United Press WASHINGTON, March 20.—Foreign trade of the United States for the month of January showed a favorable balance of $11,607,261, according to figures released today by the Department of Commerce. Both exports and imports showed a steady increase over the figures of previous months. Exports for January totaled $197,957,957. Imports totaled $186,350,696. Both exports and imports were substantially higher than for January, 1935. For that month, exports were $176,223,314 and imports were $168,481,902, leaving a favorable trade balance of $7,741,712. INSURANCE SALES~DROP New Business in February Showi Decrease of 7.6 Per Cent. Times Special NEW YORK. March 20.—Sales of new life insurance in February total $1,346,646,000, compared with $1,544,501,000 in the corresponding month a year ago, a decrease of 7.6 per cent, according to figures compiled by the Association of Life Insurance Presidents. Ordinary sales dropped 13.8 per cent, amounting to $869,768,000, compared with $1,091,493,000 paid for in February, 1935. Group business showed an increase of 49.6 per cent and industrial sales 1.5 per cent. This compared with the February, 1935, totals of $30,498,000 and $212,055,000, respectively.

Dorr

☆ Commercial Savings • Trusts' , American National Bank AT INDIAKAPOLIS