Indianapolis Times, Volume 48, Number 10, Indianapolis, Marion County, 23 March 1936 — Page 16

Trends U. S. Tops Nations In Armament Costs. BY JOHN T. FLYNN

YORK, March 23.—When the last war ended people In America rejoiced at what they thought was one great gain. The world had been burdened by vast armaments. With autocracy de-

seated. with the principle of self-determina-tion established and the futility o f militarism proved, there would be an end of these great armaments. The United States had never been burdened by this cost as European countries were, for obvious reasons. But we looked upon it as a

Flynn

gain for the world and we celebrated accordingly. But now, as is well known, the world has taken to armament preparation as never before. And in the figures on this subject there is a fact and a lesson which ought to shock the American. nun THE London Morning Post has prepared a table of the burden on each individual citizen in all leading countries for the support of their armies. Here it is: Canada $1.24 a person New Zealand 1.50 “ Denmark 2.18 “ Australia 2.40 “ Japan 3.70 “ Belgium 4.10 “ But the United States spends $5.60. This is exceeded by Italy, w'hich is actually at war and is spending $8 a person, and by Great Britain, which defends a vast imperial empire and is engaged in frantic preparations for war and is spending $9.50. Since these figures were available the costs in almost all countries have gone up—particularly in Great Britain and the United States and Germany, for the latter of which no statistics are available.

IN this country, for the first time since the war, we have begun borrowing money to spend on arms and battleships. If, then, the amazing events of the last 16 years have proved beyond all doubt that all hopes of averting war through international agreements are false, they have equally shown that all hope of averting war through armament is equally futile. America is more than holding its own with all others in its expenditures on armaments, for it must be remembered that while the per capita cost is somewhat smaller, the actual outlay is greater than in other countries because we have a larger population over which to spread this per capita cast. This year’s budget calls for an even greater expenditure on war preparation. (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 dealers.) FRUlT—Strawberries: Florida, pint, 18c; 3fi-pint crates, 17c. Cranberries. C. C. Howes. Eatmores. 25-lb. box, $2.50. FVars: Washington D'Anjo (100s boxi, *3.25, California, Avacado <2OO-24*i, $3.50. Limes: Mexican, carton. 20c; Persian seedless idoz.), 45c. Bananas, seven hands, baskets >, $2.15; Jonathans. $1.65; Rome gour.<!, 5%c. Apples: Delicious (fancy eautv. $1.50. Lemons: Sunkist 13605>, $6. Grapefruit: Texas seedless (54.5-80.si. $4; Arizona Sunkist (80s). $3 Tangerines: (Florida 120s. 1445, 168s), $1.75, VEGETABLES Artichoke. California (doz.). sl. Beans, green round stringless (hampers). $3.25. Beets: Texas (3 doz. crate), $1.75: cut Qffs ibu.), sl. Brussels Sprouts: California ilb.i. 18c. Cabbage. New York Danish (50-lb. bag). 75c; New Texes icratet. $2. Red Cabbage (50lb bagi. $2. Carrots: California (6-doz. crate), $3; TVxas 3 1 a doz. crate), $1.50. Cauliflower. California (12s crate). $1.75. Celery. Florida washed and trimmed (doz.), 454790 r: Florida (4s. 6s. Bs. 10s crate), $3.25. Cucumbers, hothouse idoz. 1 , *1 50: (southern bushel). $6. Egg plant. Florida (do,-;.), $1.50. Kale (Virginia bushel), 85c. Lettuce Iceberg Arizona (best 6s. ss), $3.50, home grown seas (15lb. baskets), 85c. Endive. California idoz.), 90c. Peppers, mangoes icratei, *6.50, peck basket, $1.65 idoz.). 65c. Mint, hothouse (doz.), 75c. Mushrooms (pound). 30c. Mustard. Texas half crate. *1.40 Onions: Indiana yellow' (50-lb. bag). 75c; Western Spanish (50-lb. bag', *1.50. Oyster plant, home grown (doz.). 40c Parsley, Southern dong bunchvs doz.) 45c. Parsnips, home grown washed $1; half-bushel). 60c Peas: Florida (hamper). $4 Potatoes: Michigan Round Whites (100-lh. bag). $1.65: Maine Green Mountains <IOO->. hag). $2 25: R. R Early Ohios (100-lb. bag). $2: R. R Triumph (100-lb bag). *185: Idaho Russets > 1001b bag) $2 25: Idaho bakers (70s box). *2.50: Col McClures 1100-lb. bag), *2 20: New Florida Triumphs (50-lb. bagi. $2.35: Sweet. Potatoes: Tennessee Fancy Halls (hampers). *115: Indiana Puerto' Ricans tbushel crate), *1.50 Radishes, home grown buttons (doz.). 65®75c*; white. 45c. Rhubarb, hothouse (bunch). 45c Rutabagas. northern 150-lb. bag'. $125. Sage idoz.). 45c. Shallots, Louisiana idoz), 45c Spinach. New Texas (bushel). *l. Turnips, new bulk Texas (bushel). *1.35. Tomatoes, repacked 'lO-lb. box', *175. FRUITS AND VEGETABLES (By United Press) CHICAGO. March 23 —Apples—Michigan Mclntosh, bu . 75c47*i.35 Carrots—lllinois. bu . 204)300. Sweet, potatoes—Te** nessee. bu., 854 V 90c. Beans—Florida, bu.. *3 50 'ft 4 25 Cabbage—Texas, crates. *154 4)1.60. Peas California, bu. hampers, $3.25 473.50 Spinach—Texas, bu.. 804790 c. L<ttuce- Western crates. 5 doz.. $2 25472 65. Celery—Florida. 4lrrates. $3.25473 50. Tomatoes Mexican. lugs. $3.25473 75. Cauliflower—California, crates. $1.50471.75. Produce Markets The prices quoted are paid for stock gathered in the country, while delivered in Indianapolis the price is a cent higher. Heavy breed hens. 17c; Leghorn breed hens. 14c; Leghorn springers. 12c: old stags, 13c; old cocks. 9c. Ducks, white. 5 lbs. and over. 11c: geese, full feathered, all sizes. 10c: all guineas l'a lbs. and up. 15c: n i strictly fresh eggs, loss oft. 14c: dellvi In Indianapolis. 15c. Each full case must weigh 55 lbs gross, a deduction of 10 cen)s a pound under 55 ibs. will be made. No. 1 cutter, 35®36c; No. 2. 321? 33c. Butterfat, 29c. (By United Press) CHICAGO. March 23.—Eggs-Market, steadv: receipts. 21.301 cases; fresh graded firsts. 18%ic: extra firsts. 19c: current receipts. 17%r dirties, 16%c: checks. 16',c Butter —Market. steady receipts 8153 tubs, extra firsts <9O-91% score), 30c: r\'ras 193 score'. 30',c; firsts )88-89% tcore). 29’ <45 29% c specials. 30%4j 3t*,r; standards. 30c. Poultry—Market steadv: receipts 10 trucks. 1 car due: ducks. 1947 33c: geese. 1247 13c: spring chickens 25%4/ 26 %r hens 1847 23'jc: turkevs. 204/ 23 c canon*. 254?26e: Leghorn hens 1447 21c; old roosters. 16c; broilers. 24%?25%c; frwrs. 25%4?26%c. Dressed poultry—Turkeys. young toms. 254)27%c: hen turkevs. 27c: capons. 2717 30c. Cheese—Twins. 15', *,M5%c: Daisies. 15%4i)15%c: Longhorns. 16e Potatoes— Supply liberal: demand. slow; market, firm on Colorado McClures; weak on other stock. Idaho Russet Burbanks. t!.75®187%: TT s No 2 *1 50471 60 Wisconsin Round Whites *120: commercial*. *1 10 Michigan Rusaet Rurais. II 20; Minnesota F.rlv Chios $1 26C1.30 Colorado McClures. *1.92%® •1.85. Arrivals 269. on track 411. shjn'toenU 1161 Saturday, 47 Sunday.

PAGE 16

NEW FINANCING IN AGRICULTURE REGISTERS GAIN Farm Real Estate Sold in 1935 Is Highest on Record. Time* Sperin } WASHINGTON, March 23—Agricultural loans for new financing are being made in increasing volume and the fact that gains made last year are being sustained or surpassed indicates that farm b ying power and the purchasing of farm real estate will exert a stronger influence in business activity this year than in 1935, according to an analysis made public today by the Farm Credit Administration. The proportion of Federal land bank loan proceeds used to purchase farm land has increased steadily, and the number of real estate sales by the banks is Tuning ahead of 1936, he report stated. The amount ox farm real estate sold by the banks last year was the highest on record, aggregating $28,000,000 compared to $18,000,000 in 1934. Land Banks Take Lead. Reduction of the contract interest on new Federal land bank loans to 4 per cent a year “has produced a healthy stimulation in the farm mortgage field,” W. I. Myers, governor of the FCA, said. Among institutional lenders, the Federal land banks and the Land Bank Commissioner continue to lead in farm mortgage financing, he said. Their loans in 1935 aggregated $445,000,000, while farm mortgage loans of commercial banks are estimated at approximately $168,000,000 compared to $110,000,000 in 1934, and those of life insurance companies about $76,000,000 compared to $46,000,000 in 1934. Total farm mortgage loans by all classes of creditors aggregated $1,018,000,000 last year.

Demand Is Well Supported “The Fpderal land banks and Commissioner loaned $23,000,000 in January, and $24,000,000 in February, with considerable upward trend so far during March, which is normally an active month for farm mortgage financing and farm purchasing,” Governor Myers explained. “With mortgage interest rates now generally available, the demand for farm land is well supported. Probably more tenants will make the transefr to farm ownership this year than any time since before the depression.” The Washington office of the FCA and the 12 Federal land banks are reported receiving large numbers of inquiries for information about financing farm purchases, many of them from farmers and tenants who say they intend to apply bonus payments toward the purchase of farms. The spring, demand for new financing will j#obabl.v be carried over into the summer to a considerable extent.

Local Securities <Bv Indianapolis Bond & share Corp.) rrsent .quotations do not represent actual bids or offerings hnt BONDS Home TANARUS& T Fort Wavne 6% 104' d ' los k ' TANARUS& T Fort Wayne 6.. 103 106 Indianapolis Railways Inc ... 66 69 Indianapolis Waier 'Co 4%5..106 108 Indianapolis Water Cos 5 105 107 Ind.anapolis Water Cos 5 ...105 107 Idianapolis Water Cos 5%.... 104% 106 Indianapolis Water Cos 5'% ..104% 106 Interstate T & T 5% 97 qq Kokomo Water Works 5 104 1051/, Morris 5& 10 Stores 5 100 103 Muncie Water Works 5 103 Noblesville Heat Lt Pwr 6%.. 98 100% Ohio Telephone Serv 6 971/, 3 Richmond Water Works 5 ..105 if)6% Seymour Water Cos 5 101 104 Terre Haute Trac & Light 5 .106 108 Terre Haute Water Wks 102 104 Terre Haute Water Works ...103 105 Traction Terminal Cos 5 .... 75 78 STOCKS R.R & Stock Yards Com 53 55% Belt R R & Stock Yard pfd 6 52 Central Ind Pwr pfd 7 17 20 " Home TANARUS& T Fort Wavne 7.. 52% 54% Hook Drugs Inc com 16% 18 'lnd & Mich Elec Cos pfd 7 103% 106% *lnd Geneial Service Cos 6... 96% 99 Ind Hydro Elec Cos 7 55 58 Indianapolis Gas Cos com 6 .. 34 37 ■lndpls Pow & Lt Cos pfd 6 . 89 92 •Indpis Pow & Lt Cos pfd 6% 94 97 •Indianapolis Water Cos pfd 5 102 105 North Ind Pub Serv pfd 5%s 66 69 North Ind Pub Serv pfd 6 . . 73 76 North Ind Pub Serv pfd 7.. 81 84 Progress Laundrv Cos com ... 10 11% Pub Serv Cos of Ind pfd 6 .. 19 22 Pub Serv Cos of Ind pfd 7 . 41 44 •South Ind Gas & Elec pfd 6 98% 101% Union Title Cos com 19% 21% •Ex-dividend. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2.308 000 Debits 4,854,000 TREASURY STATEMENT (Bv United Press) WASHINGTON. March 23.—Government expenses and receipts for the current fiscal year to March 20, as compared wiht a year ago: This Year Last Year Expenses $5,129,040,807.23 $4,941,585,217.19 Receipts . 2.927,137.734 81 2,745.766.340.99 Deficit ... 2.201.903.072 42 2.195.818,876.20 Cash bal. 2,917.959,188.51 2.274,064,032.60 Pub d'bts 31.441.251,301.88 28.669.534.090.23 C-ld res. 10.173.595.045.63 8.554.457.576.36 Customs .. 279,902.848.78 241.833.931.80 Investment Trusts (By Thomas D. Sheerin & CO.l Bid. Asked. Administration Fund 2nd $16.87 $ 17.95 Affiliated Fund. Inc 1.97 2.15 American General Equities . 1.08 1.11 American Business Shares ... 1,18 1.28 Bullock Fund Ltd 18 25 19.75 Century Shares Trust 27 44 29.51 Collateral Tr Shares A’ 6 61 6.69 Corp AA' or’Accum' Modi . 3.34 3.37 Corp 'AA' or 'Acc 1 >Unmod). 2.66 2.69 Corp Trust Shares lOrig) 2.81 2.84 •Diversified Trustee Shs B' 10.58 10 68 Diversified Trustee Shares C’ 4.51 4.55 Diversified Trustee Shares ‘D’ 685 6.95 Dividend Shares. Inc 1.66 1 60 •Incorporated Investors 22 40 23 82 Investors Fund Amer 1 07 1 17 Market St Investment Corp.. 31.21 32.85 Maryland Fund 19 30 20.89 Massachusetts Investors ..... 25.64 27 87 Nation-Wide Sec Cos ’B’ 4 36 •Nation-Wide Voting 1 77 1 93 No American Tr Shs 1935 ... 3.32 336 No American Tr Shs <1056 .. 328 332 No American Tr Shs lOrig).. 2.58 Quarterly Income Shares .. 157 172 Representative Trust Shares 12.53 . P-tlected Amer Shares. Inc . 158 172 Selected Amer Shares Origl. 367 Selected Cumulative Shares . 956 966 Selected Income Shares 4 94 5 04 State Street Investment Corp. 99 75 104 25 Sup/r-Corp of America AA’ 279 2 82 Super-Corp of America BB' . 282 285 Super-Corp of America A' .. 422 427 Super-Corp of America B' 441 446 Super-Corp of Am - C’ and ‘D’ 809 Supervised Shs Inc (Deli ... i.6g ] Trustee Sid Oilshares 'A' ... 7 62 7 72 Trustee Stand Oilshares A’.. 762 772 Trustee Stand Oilshares 'B' 6 90 7 00 Trustee Stand Investment C' 297 300 Trustee Stund Investment ’D’ 2.91 294 Universal Trust Shares 4 30 4 37 £ 18.85 Uselps ’B 2 88 •Uselis Voting 1.13 Unite.l Standard OiUunda ... 1.37 1.50 •Ex-dividend.

Abreast of The Times on Finance

New York Stocks

(By Thomson & McKinnoni 11:15 A M. Prev. Oils— High. Low. N Y. close. Amerada 114* a 114% 114 1 a 114% Atl Rfg 13% 31 31 30 s . Barnsdall 17% 17% 17% 17% ; Consol Oil 14% 14\ 15% 14% j Cont of Del 35% 35% 35% 35% ; Houston inewi . ii' n% il% 11% ! Mid Cont Pet .. 20% 30% 30% 20% Ohio Oii 15% 15% 15% 15% Phillips Pet 45 45 45 45% Plymouth Oil ... 15% 15% 15% 14% Pure Oil . .... 24% 24 24% 24% Seaboard Oil ... 40% 40% 40% 40% Shell Un 18 17% 17% 18% Soc Vac 15 14% 15 14% S O Os Cal 46 46 46 45% SO of Ind 38% 38% 38% 38% S O of N J 67% 67 67% 68% j Texas Corp 68% 67 67% 68% Tidewater Assn . 18% 18% 18% 18 I Un Oil of Cal ..26 26 26 26 Steels— Acme Steel 70% 70% 70% 70% Am Roll Mills .. 29% 28% 29% 28% Beth Steel 56 56 56 55% Byers AM 22% 22% 22% 22 Ludlum Steel .. 28% 28% 28% 28% McKeosport Tin 105 105 105 105V* i Otis Steel 19 19 19 Rep Iron & Steel 24 28% 24 23% i U S Steel 64 63% 63% 63% ! Warren Bros . 8% 8% 8% 8% Warren P & Fdv 26 26 26 26% ; Youngtn S & T 50% 50% 50% 50 j Motors—i Chrysler 95% 95% 95% 95% i Gen Motors 64% 63% 64 64 'Graham Mot .... 3% 3% 3% 3% Hudson 18% 18 18 18 ;Hupp 2% 2% 2% 2% Mack Truck 32% 32% 32% 31% Nash 19% 19% 19% 19% Packard 113% 11% 11% 11% Reo 7% 7% 7% 7 Studebaker 13 12% 13 12% Yellow Truck... 18 18% 18% 18% Motor Access— Bendix 24% 24% 24% 24% Bors: Warm- .... 81% 81% B’% 81% gudd MU 13% 13% 13% 13% Budd Wleel .... 12 12 12 11% Eaton Mfg 35% 35% 35% 35% Greyhound (Bi.. 66% 65% 66% 65% Houdaille 29 82% 29 Murray Body 20% 20% 20% 20% I Stew Warner .. 21 20% 21 20% ’Timken Roll 69 68% 69 69 j Timken Det Axle 15% 15% 15 3 % 15% Mining— Alaska Jun 15% 15% 15% 15% Am Metals 35 34% 34% 35 :Am Smelt 88% 88% 88% 88% Anaconda 35% 35% 35% 35 I Cal & Hecla 9% 8% 9 8% ! Cerro de Pasco . 55% 55% 55% 55% Gt, Nor Ore 19% 19% 19% 19% Ins Copper 12% 12% 12% 12% Int Nickel 49% 49% 49% 49% Kennecott Cop.. 38% 38% 38% 38% Park Utah 4% 4% 4% 4% Phelps Dodge ... 38% 38 38V 38% St Joe Lead 28 28 28 28 Vanadium 22% 22% 22% 22% Amusements— Crosley Radio.. 16% 16% 16% 16% Loews Inc 47% 47% 47% 48 Radio Corp 13% 13'/g 13% 13% Paramount 9% 9% 9% 93/. B RO • • • 8 7% 7% 8% Warner Bros ... 12% 12% 123% 123% Tobaccos— Am Snuff 60% 60% 60% 60% Am Sum Tob .. 21% 21% 21% 22 Am Tob “8”.... 91% 91% 91% 91 Gen Cigars 57% 57% 57% 57% Lorilard 22% 22% 22% 22% Phillip Morris.. 73 73 73 72% Rails— Atchison 74% 74% 74% 74% Atl Coast Lines. 28% 28 28% . B* O ' 19% 19 19% 19% Can Pacific 13 13 13 13 Ch & Ohio 573% 58% 58% 57 Chi & Gt W pfd 6% 6'/a 6% 6 C M & St P 2% 2 2 214 Chi N W 3% 3% 3% 4 Del Lac & W ... 18% 18% 18% 18% Erie 14% 14% 14% 14% Gt Northern pfd 37% 37V* 37% 37% 111 Central 23 22% 23 22% K C Sou 24% 23% 24% 23% Lehigh Valley .. 113% 11% 11% 11% Lou & Nash 68% 68% 68% 69 M K & T 8% 7% 7% 7% MK & T pfd... 223 4 223-4 22% 21% N Y Cent 35 34% 34% 34% N Y New Haven. 4% 4 4 4% Nor Pacific 30% 29% SO 29% Penn R. R 33% 33 33 32% Sou Pac 33 32% 33 32% Sou RR, 17% 17% 17% 17 West Maryland.. 9% 9 3 / 4 9 3 / 4 9% Equipments— Am Brake Shoe.. 48% 48V* 48V* 48% Am Loco 30V* 29% 3*o 30% Bald Loco 5% 5% 5% 5% Gen Am Tk Oar 58% 58 58% 56 Gen Elec 39% 39% . 39% Pullman Inc .... 42 41% 42 42% West Air Br .... 43 43 43 42% Westingh Elec.. 114 114 114 114'% Utilities— Am Power & Lit 12% 12V* 12V* 12V* AT&T 160% 160% 160% 160% Am Wat Wks .. 22% 22V* 22% 22 Col Gas & Elec.. 18% 18% 18% 18% Comm & Sou .;. 3% 3% .3% 3% Consol Gas 34% 34V* 34% 34% Elec Pwr & Lit. 15 14% 15 15% Int Hydro Elec.. 4 4 4 4% Interboro R T.. 14% 14% 14% 14% Int TANARUS& T .. 16% 16% 16% 16% Nat Pwr & Lit.. 11% lIV2 11 % 11% North Amer .... 27 27 27 27 Pac G& E 36% 36% 36% 36% Pub Serv N J.... 40% 40% 40% 40 Std Gas 8% 8% 8% 8 Stone & Webster 18% 18% 18% 18% United Corp 7% 7% 7% 7% Un Gas Imp. 16% 16% 16% 16% Ut Uwr &Lt tA) 6 6 6 5% Western Union.. 86% 86% 86% 86 Rubbers— Firestone 31% 31% 31% 31 Goodrich 20% 19% 19% 19% Goodyear 29 V* 29% 29% 29% U S Rubber . . 26V* 26 26 25% U S Rubber pfd.. 73% 73% 73% 72% Miscellaneous— Allis Chalmers.. 46% 46% 46% 46% Brklyn Man Tr.. 48% 48% 48% 47% Burroughs Add.. 29% 29% 29% 29% J I Case 141 140 141 136% Conti Can 81 81 81 81 Deere &Cos 85% 85 85 % 83'A Eastman Kodak 162 162 162 162 Foster Wheeler.. 33 33 33 33 Gillette 17% 17% 17% 17% Glidden 50 49% 49% 50 Inter Harv 87% 87% 87% 87 Natl Cash Reg . 27% 27 27 27% Rem Rand 21% 21% 21% 21% Underwood E .. 90 90 90 90% Foods— Armour 6 5% fi 6 Borden Prod ... 28% 28% 28% 28% Cal Packing 33% 33% 33V* 33% Can Dry G Ale.. 15% 15% 15% 15% Coca Cola .. 90 90 90 90% Cent. Bak “A” . 17% 173-4 1734 77% Crm of Wheat .. 35% 35>4 35% 35% Gen Food; 35% 35% 35% 35% Gold Dust 20% 20% 20% 20% G W Sugar 35% 35% 35% 35V* Natl Biscuit 34 34 34 34Vi Natl D Prod 24% 24 24% 24 Purity Bak 1434 14% 143* ... Std Brands 16% 16% 16% 16% Un Biscuit 24% 24% 24% ... Petal! Stores— Best &Cos 51% 51% 51% ... Gimbel Bros ... 9% 9% 9% 9% Kroger Groc. .... 23 3 4 23% 23% 23% Macv R H 45% 45% 45% 45% McCrory St . ... 15% 15% 15% 15% Marshall Field.. 16% 163-4 163, 4 16% Mont Ward 40’, 40% 40’, 40% Natl Tea 9% 9’, 9% 9% Penney J C 71% 71% 71% 71 Safeway St. 3131% 31% 30% Sears Roebuck.. 64*4 64 3 4 64% 64 Woolworth .... 50% 50% 50% 50% Aviation— Aviation Corp ... 7% 7% 7% 7% Boeing Aircrft .. 23% 23% 23% 23 % Curtiss Wright . 7% 7', 7' 4 7% Curtiss Wri tA) 17% 17% 17% 17*, Douglas Air. . 72% 71% 71% 71% Nor Am Av 10% 10% 10% 10V* Sperry Corp 20 s , 20% 20% 20* 4 Utd Aircraft, new 2. . 27V* 27* 27% Chemicals— Allied Chem ... 195 193% 195 193 Am Com Alcohol 29% 29% 29% 29 Col Carbon ..116% 116*4 116% 116*i Com Solvents 2!% 21% 21% 21% Du. Pont 14", 146% 146% 147% Freeport Tex ... 31'% 32 32% 31% Liautd Carb .... 36 39 39 39 Math Alkali . ... 32% 32*4. 32 s * 32’, Monsanto Chem 100% 100 100 92 Natl Dis inewi.. 32% 32% 32% 32 Tex Gulf Sulph.. 35 35 35 35 Union Carbide . 83*4 83% 83* 4 83% U S Indus Alco 50% 50% 50% 50V* Drugs— Cotv Inc ....... 6** 6% 6% 6% Lambert 23% 23% 23% 23% Lehn & Fink ... . . 13% Sterling Prod... 71% 71% 71% 71% Financial— Adams Exp 12% 12% 12% 12% Unlisted Stocks tßv Blvth & Cos.) NEW YORK BANK STOCKS _ , „ „ Bid. Ask. Bankers Trust 63* 4 65% Central Hcnover 113% 115% Chase 404 42% Chemical National 58*4 60% Guaranty 294 297% Irvine 16% 16* 4 Manufacturers 50 51* 4 National Citv 36 5 , 38% Cont 111 Chicaeo 172 175% First National Boston 46 47*, National Shawmut 26*4 30% FIRE INSURANCE American Ins of Newark 15% 17% Baltimore American B’, 10% Citv of New Yorfk 27% 29% Federal Ins f 52% 55% Franklin Fire 31% 33 5 , Great American Ins 30% 31% -Hanover Fire Ins 36% 40% -Hartford Fire Ins 77 79% Home Ins 37% 39% Ins Cos of A 74 76’ 4 National Fire 77 79% National Liberty 27% 29& Phoenix 91 94% U S Fire 56 58 Westchester Fire ............ 27% 29% *x dlv.

MONDAY, MARCH 23, 1936

I Allegheny Corp . 3% 3% 3 s , 3 s , Am Int Corp ... 11% 11% n% 11% i Transamerica . . 13’* 13’, 13% 13’, Tr Conti Corp.. 10% 10% 10% 10% Building— Am Radiator ... 24 23 s , 23% 23% Gen Asphalt. . 32% 32 s * 32% 31% Holland Furnace 41% 40% 41 % 40 Int Cement 47% 46’* 47% 4% Johns Manville .113% 113% 113% 113% Libby Owens Gls 60% 60% 60% 60% Ulen Cons 7% 7% 7% 7% Household— Congoleum 38% 38% 38% 38% Kelvinator 24% 24% 24% 24 5 , Mohawk Carpet. 25% 25% 25% 25% Proc & Gamble. 46V* 46% 46% 46 Serve! Inc 21% 21% 21% 21% Simmons Bed 28% 28V, 27% Textiles—j Amer Woolen... 10% 10% 10% 10% Belding Hem ... 15% 15 15% 14% Celanese Corp .. 28% 28% 28% 28% N. Y. Bonds (Reprinted From Late Times Saturday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Utilj. Bonds. Today 92.0 92.0 10f 3 96.4 Yesterday 92 0 92.0 105 3 96 5 Week ago 91 8 92.1 104 8 96.2 Month ago 93.2 95.6 104.9 97.9 Year ago 84.5 74.1 93.5 84.0 1936 high 93,4 95.6 105.5 97.9 1936 low 91.5 34.7 103.5 93.3 (Copyright, 1936, by Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasurys Prev. Close. close. 4%s 1943-45 117.15 4s 1944-54 112.15 112.13 3%s 1946-54 110.26 110.26 3%S 1943-47 108.4 108.4 3*/*s 1941-45 108.31 109 3Vis 1943-45 107.20 107.21 3 Vis 1941 108.31 109.2 3 Vis 1944-46 107.12 107.12 3%S 1949-52 105,4 105.13 3s 1951-55 104.15 104.15 2%s 1945-47 102.24 102.21 2%S 1951 101.21 101.24 Home Owners Loan Corp. 2%s 1949 101.11 101.13 3s 1952 102.17 102.16 Federal Farm Mortgage Corp. 3s 1949 102.20 1.02.19 3s 1542-47 103.10 102 2%s 1049 102 103.9 DOMESTIC Prev. Close. Close. Alleg Corp 5s ’44 91*/ 4 91*/* Alleg Corp 5s ’49 96% 86V4 Am Frgn Pow 5s 2030 74*/ 4 75% Am Tel & Tel 5%s ’43 113'% 113V 4 Arm & Cos (Del.) 5%S ’43 .... 98 98 Atl Coast Line 4s ’52 98'% 99 Atl Coast Line 4%s ’64 84% 84 Atch Top &S Fe 4%s ’4B ....111V 4 111% Am Wat Wks 5s '44 110 110% Am Roiling Mills 5s ’3B 119% 120% Balt & Ohio 6s '95 91*/ 4 94 Balt & Ohio 4%S ’6O 71 69'% Bu Roch & Pitt 4%s ’57 ... 77 76% Beth Steel 5s ’36 106V 4 106 Chi Milw & St Pss ’75 23% 23% Chi Milw & St P 5s 2000 7% 7’% Cleve Un Term 5s ’73 105% 106 Cleve Un Term 4%s ’77 101% 101% Col Gas 5s May '52 103*% 103*4 Col Gas 5s April ’52 103% 103% Col Gas 5s ’6l 103% 103% Can Pac Perp 4s 93 93 Cent Pac 5s ’6O 96 108V* Big Four 4%s ’77 89% 89% Colorado & So 4%s ’BO 73 73Vi Chi & West Ind 4s ’52 104% 104 Vi Chi & West Ind 5%s ’62 107’/ 4 - 107% Chi & Nor West 4%s ’49 13% 14V* Con Gas 5s ’57 104V* 104V* Chesa Corp 5s ’47 129’/* 130% N Y Dock 5s ’3B 68% 68% Erie 5s ’75 77% 77% Erie 5s ’67 78 78 Grt, Northern 7s '36 101% 106% Grt, Northern 4%s ’76 102% 102*-, Grt Northern 4%s '77 101% 101% Hud & Manhat Ref 5s ’57 86% 86Vi 111 Cent 4%s ’66 73 72% 111 Cent Jt 4Vis ’63 78% 78% 111 Cent 5s ’63 83% 83% Interntl Hy Elec 6s ’44 53% 53% Interntl Tel & Tel 4%s ’39.... 96V 4 97 /interntl Tel & Tel 5s ’55 88% 88% Interntl Tel & Tel 4Vis ’52 84% 84% McKess & Rob 5%s ’SO 103% 103% Natl Dairy 5%s ’4B 103% 103% Nickel Plate 4%s ’7B 82 82% N Y Cent 5s 2013 90% 90% N Y Cent 4%s 2013 (old) 84 84 Nor Amer Cos 5s '6l 104% 105 Nor Pac 4%s 2047 101% 102 Nor Pac 6s 2047 110% 110% Nor States Pow 5s ’4l 105% 105% New Orleans Term 4s ’53 92 92 Otis Steel 6s ’4l 102% 102% Penn Ry 4%s ’B4 108’/* 109% Penn Ry 4Vis ’Bl 109% 109% Penn Ry 4%s *7O 102% 102 Pac G & E os ’42 103 V* 103% Portland Gen El 4 Vis ’6O 72 % 72 Vi Para Publix 5%s 50 91 91 Penn P & L 4%s ’Bl 107% 106’/* Postal Tel & C’ab 5s ’53 38% 36 Rem Rand WW 5 Vis ’47 104 104 Sou Pac 4 Vis ’6B 89 89 Sou Pac 4%s ’Bl 88 83% Sou Pac 4%s ’69 88Vi 88 % Sou Pac 4s ’49 89 88% Sou Rail 4s ’56 61 % 62 Sou Rail 6s ’56 79 79 Sou Rail 6Vis ’56 82% 83 Texas Pac 5s ’BO 101V 4 101% Texas Pac 5s ’79 101V* 101% Union Pac 4s ’47 114% 114 Vi United Drug 5s ’53 100% 100% U S Rubber 5s ’47 105’/* 105% NY Nh & Hart 6s ’4B 36 35% NY NH & Hart 4%s ’67 35% 35% Warner Bros 6s ’39 96 95% 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 Argentina A 6s ’57 99% 99% Argentine B 6s ’SB 99% 99'% Brazil 8s ’4l 32% 33 Canadian Govt 4s ’6O 107% 108% Denmark 5%s '55 101% 101'% German 5%s '65 27% 28 Italy 7s ’sl 74'/* 74 Japan 6%s '54 95’/* 95% Yokohama 6s ’6l 81% 82

Chicago Stocks (By Atkins, Hamill & Gates) 11:30 Prev. A. M. close Advance Aluminum 8% 8% Allied Products 22% Asbestos Mfg 4 3 4 4% Bastian-Blessing lit/, 1i, 2 Berghoff ni/ 2 ii 3/ 4 Bruce E L 17% Butler Brothers 10 9% Cent 111 Pub Service pfd 61 61 Chicago Rivet & Machine 32 Chicago Yellow Cab C 4- 24 Cities Service 5% ss/. Commonwealth Edison 102 102% Continental Steel 40% 40% Cord 71/, 71/, Crane 26Vi 26% Dayton Rubber 131,- 13 Electric Household 191, iai/, Ken-Rad T & L 111* 3 Libby-McNeil & Libby 9 3 k 9s; Lincoln Printing 91/, 91 McGraw Electric 32% Northwest Bancorporation .... 12 12' Standard Dredge pfd 16 1434 Williams Oil-O-Matic n% 11% Zenith 18% 18% New York Curb (By Atkins. Hamill <fc Gates) 12:30 p.m. Prev. Aluminum Cos of America ...AiJ' 146% Am Cyanamid (Bt 371/. ? Am Gas and Electric gas,. 30 i* Am General 10 Am Superpower 0% 51,'. Ark Natural Gas (A) 7% 71J Atlas Corp 131, 173’ Carrier Corp 19S Creo e Petroleum Corp 30% 30 Crocker-Wheeler . . 131" Elec Bond and Share 23 3 4 22% Fisk Rubber 7% 71 . Ford Motors Canada (A) 24% 25 Glen Alden ill 35" Greenfield Tap and Die Corp . 01: Gulf Oil Corp of Penn 95 95 Humble Oil and Refining Cos.. 73% 72% Hygrade Food . 43,4 45, Imperial Oil of Canada ... 23% 23 Irving Air Chute 24% Lake Shore Mines " 3% Mead Johnson &Cos 99% 971 Molybdenum Corp of Amer 10% 10% Natl Bellas Hess. Inc 2% 2% Niagara Hudson Pwr 9% 93, Pan-Amer Airways 59 Pennroad Corp 4% 4% Root Petroleum 131, 131, St Regis Paper Cos ... . 47? Salt Creek Producers’ Assn.... 8% .. Segal Lock 4 37' Sonotone 2% 2% Standard Oil of Ohio sl% . Stutz Motor Car of Amer. .. 2% 2% Technicolor. Incs 29% 29% Wayne Pump 28% 28 ELGIN TO RAISE WAGES Times Special ELGIN, 111.. March 23.—Employes of the Elgin Watch Cos. will receive a 5 per cent increase in piece work and hourly wage rates effective April 1, it was learned today. The increase will make the basic wage rates the highest since 19K. BEMIS LETTER SERVICE 303 Merchants Bank Bldg. Lincoln 6122

LARGE EASTER RETAIL TRADE IS PREDICTED Business Should Throw Off Cold Weather Effects, Magazine Says. Time* Special NEW YORK, March 23.—With the official arrival of spring last week, Business Week magazine in its issue today predicted the index of business activity should begin to throw off the effects of cold weather. “Purchases by motor centers should add their weight to the rising steel activity,” the magazine said. “Building operations, which have held up surprisingly well this year, are due for further expansion. Good Easter Trade Expected “Retail trade, where not hampered by rain or floods, is headed for a substantial pre-Easter bulge. The railroads increased their net income by carrying heavy coal shipments due to cold, and now they are expecting heavier traffic in farm and manufactured products. “Food and clothing prices dropped enough last month to offset increases in rent, fuel, and sundry costs. At the moment, the greatest increase over a year ago is in rents, which are 9.9 per cent higher; while food, as a result of the recent decrease, is only 2.6 per cent higher. “Floods forced textile mills in New England to shut and disrupted traffic and trade in Pennsylvania and in parts of New York state and Maryland. Steel Hits 60 Per Cent Rate “Cement producers stand to profit by the winter’s severe toll on highways, which will necessitate heavy repairs. Some of the proposed sl,500,000,000 fund for WPA should find employment in road repair. “Steel unexpectedly hit the 60 per cent capacity level this week as a result of the recent firm showing of the industry on prices. “Industry is continuing its efforts to reduce costs by making plants more efficient. This is apparent from the ltest report on machinetool orders, which covers February; the total business in the first two months of 1936 runs 93 per cent ahead of last year. Large machinetool buyers in the next few weeks should be the automobile industry.

INDIANAPOLIS UNIT MANAGERS NAMED John Hancock Insurance Cos. Appoints Two Executives. The appointment of two Indianapolis unit managers, E. R. Grisell and W. B. Lichtenstein, was announced today by Dan W. Flickinger, Indiana general agent for the John Hancock Mutual Life Insurance Cos. Mr. Grisell, who has represented the company as a personal producer during the iast 25 years, was also engaged in organization work from 1918-23. Mr. Lichtenstein, who ranked as a leading Indiana producer last year, has been a lifelong resident of Indianapolis, entering the insurance field with the same company in 1928. Both men qualified for the home office convention of agency leaders last year. They are to take joint charge of new production in Indianapolis, allowing Ray O. Woods, sales manager, more time for work among agents in other Indiana cities, Mr. Flickinger said. PAPER BOX SHOW SET Times Special PHILADELPHIA, March 23.—An exposition of paper box supplies, materials and manufacturing equipment is to be held in the Traymore Hotel, Atlantic City, May 16 to 20. in conjunction with the eighteenth annual convention of the National Paper Box Manufacturers’ Association, it was announced today. Other Livestock (Bv United Press) ('iiICAGO. March 23 —Ho2S—Rprpinf c h! h OO Vl cludl i? s ’.i 7000 directs: 10 to °i5 S c f}J,. - r fii' han , Friday's average: mostly 10c VPk , u slow .. a j' advance: too. $11: bulk. ]®o-250 lbs.. $10.604710.90; 250-300 lbs. *10.30® 10>.65: 300-350 lbs., Slo.lo® 10.35: i $10.604710.85: sows mostly. $9.50479.65: too. $9.75. ■ Cattle—Receiots. 12.000: calves 1500: all killing classes strong to 25c higher: mostly 25c uo: active at upturn; common and medium grade steers more than 25c higher in instances: this tending to firm uo stocker and feeder trade. Killers buying freely at $8.50 down: feeder dealers at $8.20 down; best fed steers. $11.50 early, but nrime kinds held higher: bulk better grades. $lO uoward: best heavy heifers. $9.35: cutter cows. $4.75 down: selected vealers to *9.50 and weighty sausage bulls. *6.10. Sheet)—Receiots. 13.000: fat lambs averaging under 95 lbs.; fully steadv: oualitv considered: bidding lower on heavies: few choice Colorado and corn belt fed westerns averaging 85 to 95 lbs.. $10®10.25: best held above $10.35: bidding. $9.50479.75 on weights above 100 Ibs.: sheep very scarce: few wooied native ewes. $4.50® 5.50: steadv: load 79-lb. shearing lambs. $9.50. LAFAYETTE. Ind.. March 23 —Hog market steadv to 15c hieher: 170-200 lbs.. $10.85: 200-210 lbs. $10.75: 210-225 lbs.. $10.70: 225-250 lbs.. $10.50 lbs.. $10.5010.60: 250-275 ibs. $10.15® 10.35: 275-325 Ibs.. $9.7547 9.90: 150-170 lbs. $10.25: 100- 150 lbs.. $9.25®10.00: roughs. $9 25 down: calves, steadv: ton. $8.50: lambs, steadv: too. $9.75. FORT WAYNE. Ind.. March 23.—Hoes, steadv: 160-180 lbs.. $10.90: 180-200 lbs.. $lO 80: 200-225 lbs.. $10.70: 225-250 lbs.. $10.60 : 250-275 Ibs.. $10.45: 275-300 lbs.. $10.35: 300-350 lbs. $10.10: 140-160 lbs.. $10.35: 120-140 lbs. $10.05: 100-120 lbs. *9.80: roughs. $8.75: stags. *7: calves, *9.50; lambs. *9.50. LOCAL CASH MA*KET Cltv grain elevators are paying 91 cents for No. 2 soft wheat. Ctner grades on their merits. Cash corn new No. 4 yellow 50 cents and oats 21 cents. BUY YOUR CAR NOW! Spring means more buyers and a smaller opportunity to get just the car you want. Select yours now while prices are lowest. See Today's Times Used Car Column

Weekly Business Studies

RAILROAD PASSENGER TRAFFIC I CLASS ONE railroads j<2 (interstate commerce COmmision)| ,Joo b s N. PASSENGER REVENUE— v less wtnurxc 'S W L I 30 V oo§. 5 - PASSENGER MILES-*. ' C) 6 * \\ • i l 20 I—\\ AOOS ® I ~ 1 I 1 ~l ii ii 1'" l i—t 300 * l' 1925 K)3Q j DISTRIBUTORS INCORPORATED INVESTORS j

Dwindling passenger traffic and revenues have been a prob'em to our railroads since 1921, just after railroad passenger fares were increased. This chart shows you that passenger revenue has declined faster than passenger miles. In other words, the revenue received for carrying the average passenger one mile has steadily dropped. What is the reason? The commuter, who travels at a low rate and is a large user of the railroad terminal facilities, continues to commute. He gets a lot for his money. However, the traveler who pays full fare often finds it more convenient or cheaper to use his automobile, the bus, or even stay at home. Thus the railroad loses its more profitable customer. By the adoption of a 2-cent-a-mile rate on all our railroads it is hoped to win back the full-fare passenger. At least he will get more for his money, and industrial history proves that nothing makes bigger business like bigger values.

PORKERS AGAIN REMAINSTEADY Cattle Market Active to Strong; Veals, Lambs Stationary. The pork market again continued unchanged today at the Indianapolis Union Stockyards. Trading was practically a continuation of Saturday’s session, with exception of the top price dropping 15 cents to sll. Receipts were estimated at 5000, while holdovers numbered 50. The general bulk of 160 to 225 pounds, sold at $10.90 to sll, while 225 to 260 pounds, brought $10.65 to SIO.BO. Extreme heavies, scaling 300 to 400 pounds, were salable at $9.55 to $9.95. Light slaughter pigs, from 130 to 160 pounds, sold at $lO to $10.50. Packing sows held at $8.75 to $9.50. Although choice grades were scarce, the cattle market was active and steady to strong, especially on slaughter classes. Prices paid for these grades ranged from $7,50 to $9. Most heifers ranged from $8 down. Best held above $8.25. Beef cows sold at $5 to $6.25. Receipts were 1200. The veal market also remained steady, with bulk of good and choice kinds selling from $8.50 to $9.50. Receipts were 500. With approximately half of today’s run consisting of choice yearlings, the lamb market was mostly unchanged. A limited number of choice lambs brought $10.50. Yearling kinds held at $9.50. Receipts were 800. HOGS Mar, Bulk. Top. Receipts. 17. $10.90(5)11.00 $ll.OO 4000 18. 10.90® 11.15 11.25 4000 19. [email protected] 10.35 4500 20. 10.90 @>ll.oo 11.00 3000 21. [email protected] 11.15 1000 23. 10.90® 11.00 11,00 5000 Light Lights H4O-160) Good and choice. .slo.oo@ 10.85 Medium [email protected] (160-180) Good and choice.. [email protected] Medium [email protected] (180-200) Good and choice.. [email protected] Medium [email protected] (200-220) Good and choice.. 10.90®11.00 (220-250) Good and choice.. 10.60® 10.90 Heavyweights (250-290) Good and choice.. [email protected] (290-350) Good and choice.. [email protected] Packing Sows (275-3501 Good 9.25@ 9.50 (350-425) Good 9.00@ 9.40 (425-550) Good 8.85® 9.25 (275-350) Medium 8.50@ 9.25 Slaughter Pigs > (100-140) Good and choice.. [email protected] Medium 8.25® 9.50 CATTLE -—Receipts, 1200— (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 8.50@*10.00 Medium 7.25® 8.75 Common 6.25® 7.25 (1100-1300) Choice [email protected] Good 8.50® 10.50 Medium 7.25® 8 75 (1300-1500) Choice [email protected] Good [email protected] Heifers (500-750) Choice B.oo® 9.00 Good 7.75® 8.25 Common and medium 5.75® 7.75 (150-1901 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 3.50® 4.75 Bulls, good 6.25® 6.75 Cutter, com. and med. bulls... 5.00® 6.25 vealers —Receipts. 500— Good and choice $ 8.50® 9.50 Medium 6.50® 8.50 Cull and common ' 4.50® 6.50 Calves (250-50 K Good and choice.... 6.00® 875 Common and medium 4.50® 6.00 Feeder and Stocker Cattle (500-8001 Good and choice 7.00® 8.00 Common and medium 5.50® 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, 800Lambs. 90 lbs. down, good and choice slo.oo® 10.50 1 Good 9.60® 10.15 I Medium 9.00@ 9.75 i Common 7.75® 9.00 j Ewes (90-170) Good and choice... 4.50® 5.50 ! Common and medium 3.50® 4.50 1 Yearling wethers, good choice 8 90® 9.50 ' Medl m 7.75® 9.00

'• ## V ""^"Xly.

Thomson & McKcnnon NEW YORK members CHICAGO - Npw York stock Exchange. TOROYTO New York Curb Exchange. inTnv Vew York Cotton SftliTH RFNn m i ew Tork CofW and s,,?ar Exchan s e SUL ill rSE/>L • New Orleans Cotton Exchange FT. WAYNE I Chicago Stock Exchange. EVANSVILLE II Chicago Board of Trade. Winnipeg Grain Exchange. IndianapollS Office And other leading Exchanges. 200-214 Circle Tower LI. 5501

Cloak and Suit Trade Active Cloak and suit markets are more active than at any other time this year, with the result that'mMs have been compelled to withdraw some fabrics from sale because of inability to deliver.

STOCK-MARKET WEEK IN REVIEW

Bu United Prcx* NEW YORK, March 23.—An improved view of the foreign situation brought gains in tahe stock marget last week which late flood nervousness could not offset. The consequence was that stocks advanced fractions to more than a point—some individual issues gaining up to 7 points—and the DowJones industrial average pushed into a position just about a point below the five-year high made earlier this year. Foreign bonds recovered sharply. United States government issues were strong and domestic corporation bonds irregular as result of late-in-the-week selling in some railroad securities. Carrier Issues Suffer Easing of tensien over European difficulties was a decidedly favorable factor the forepart of the week. The Street had not been convinced war was imminent but sudden remilitarization of the Rhine zone had brought nervous caution. This died out and on Tuesday the market climbed sharply. Then damaging floods came to the vast industrial regions of Pennsylvania, the Ohio River valley and New England. At first there was no market reaction save cautiousness, but late in the week railroad issues suffered on estimates that property damage would cut widely into the small profits now existing for the carriers. Bonds suffered the widest decline, Baltimore & Ohio issues particularly, but Boston & Maine issues and some others operating in flood distric were sold. Meanwhile fears of franc devaluation increased as the French treasury was authorized to increase its short term advances by some five billion francs without providing taxes to provide for this.

Motor Car Output Gains To many in this district it meant the opening path to inflation in France and as a consequence the French currency was carried below par in relation to the dollar and other gold block monies dropped with the franc. The industrial picture, aside from floods, was far from disconcerting. Steel production started the week at 60 per cent of capacity, the highest operating rate since 1930. The rate undoubtedly declined later in the week as the giant Pittsburgh plants were forced to close down as flood waters seeped into the mills. Motor car production according to private estimates increased about 5000 units and there was no indication that floods are causing . any diminution of buying demand for automobiles. Retail trade gained 8 to 12 per cent over the corresponding 1935 week and Dun & Bradstreet, Inc., found that consumer buying was the greatest now in five years. * DIVIDEND IS DECLARED Times Special CHICAGO. March 23.—Directors of the General Investors Trust have declared a dividend of 8 cents a share, payable May 1 to stockholders of rec% and March 31, it was reported today. This is an advance of 1 cent a share over the dividend I paid on Nov. 1, 1935. LOANS REPAIRS 11 AND NEW HOME BUILDING See Your Local Building and Loan Assns.

HOUSING BILL WOULD CREATE CENTRAL BODY Measure Is Expected to Be Introduced Early in April. Bu United Pret WASHINGTON, March 23. A new Administration housing bill to subsidize nation-wide construction of low rental apartments, it was disclosed today, would provide for: 1- Creation of anew central agency to supervise loans and grants. 2. An appropriation of about $25,000.000 to launch the program. 3. Federal aid for municipal and state projects in 55 per cent grants and 45 per cent loans issued on a long term basis. The tentative bill was written by Senator Robert F. Wagner (D., N. Y.). It resulted frem a series of conferences between President Roosevelt, Mr- Wagner. Peter Grimm, recently resigned Treasury housing expert, and other New Deal authorities. Grants Made Directly The bill will not be introduced in Congress until the end of the first week of April, when the President is expected back from his Southern vacation. The measure would provide for loans to states and their subdivisions to construct apartments charging a maximum rental of $5 or $6 a room. Grants would be made directly by the new agency to start the programs. The local recipients would be expected to repay 45 per cent of the original appropriations. The remaining 55 per cent would be allowed to stand as a direct subsidy. Senator Wagner is believed to have worked out a method by which interest and amortization costs may be repaid at small rates. The bill does not intend that the government should enter the second mortgage and direct construction business. This was opposed by Mr. Grimm while he was special assistant to Henry Morgenthau Jr., Secretary of the Treasury. Disagrees With Grimm Proposal In one vital respect it disagrees with the program recommended by Mr. Grimm before he handed in his resignation. That is the demand for anew agency and for an appropriation. Mr. Grimm wanted Federal assistance only in making up municipal losses on low-cost projects on an annual basis, after the difference between rents and charges had been computed. Omission of this method in the bill is believed, in some sources, to have hastened Mr. Grimm’s departure. The proposed measure deals with low-rental housing as a permanent rather than an emergency problem. It recognizes possibility of further co-operation in slum clearance through the Reconstruction Finance Corp.

BUICK OUTPUT HIGHER Sales In First 10 Days of March Rise 117 Per Cent. Times Special FLINT. Mich., March 23.—As a result of substantial gains in domestic and export deliveries, the Buick Motor Car Cos., a division of the General Motors * Corp., has been forced to increase production during March, it was announced today. Output scheduled for the month now amounts to 15 254 cars, exclusive of Canadian shipments, compared with the earlier schedule calling for slightly less than 13,000 units. Retail sales in the first 10 days of March averaged 117 per cent larger than in the same period a year ago, it was reported. Chicago Grain Futures •By James E. Bennett & Cos., w hea(— High. Low. A*' M° close’ May 98% .97 .97', .97% Sept 87% .86 .86 .86% Corn— May 59% .58% .58% .59 My 59% .58% .58% 5914 Se Pt 59% .53% .58% .59% Oats— May 25% .25% .25% .25% •7 ul y 26 .25 5 .25% 25% Se P* 26% .26% .26% .26% RyeMa.v 55% .54% .54% .55% SePt 54% .54% .54% !55% ATTENTION Office Managers Stewart's Sale 5000 //fj) GEM ////// CL,PS U* 1 10 Thousand $1.75 25 Thousand or more, per M... jQ( 16-lb. Sulphite Bond Paper B*/2 x I * "Moistrite" ££, 70 TcTi 45" 3.y jmmmm v Stock Up Now j 44 E. WASHINGTON