Indianapolis Times, Volume 48, Number 11, Indianapolis, Marion County, 24 March 1936 — Page 18

Trends Present Value of Stock Prices Is Pertinent. BY JOHN T. FLYNN

YORK, March 24 —Everywhere people now are beginning to ask—has the stock market begun to misbehave again? Are stock prices too high? Have we begun to ride for another fall? If we go back to this time last year we find that the index of business activity according to one of our leading charts was 85 8.

Now it is 94. There is a rise of 8.2 points or 9.6 per cent. If we take the index of prices of our 50 most active stocks we find that a year ago the average was 81 and today those stocks stand at 120. There is an increase in stock prices of 39 points or 48 per cent. In other words, while business activity has

1

Flynn

bsen going up 9.6 per cent, stock prices have been going up 48 per cent. Furthermore, since the first of the year business activity has ceased to rise—has in fact tapered off. But stocks have taken a renewed spurt and risen more precipitately than before. a a a THE question whether stock prices are too high, therefore, is very pertinent. When that question is asked, one must ask in return what is meant by “too high"? Too high for what? Too high for speculation? Or too high for investment? Os course, no answer can be given to this question which will apply to all stocks. After all, we talk of “average’ 1 stock prices, but no one buys an average stock. The question must be answered for individual stocks. If the question is asked in reference to speculation, then we have merely to determine whether stock prices will go higher for a month or two, or five or 10, or a year or so. If prices are going to continue to rise, then of course the market is good for speculative purposes. But the investor wants a different answer. No investor wants to buy a stock which is a good investment now and may be for a month or two or a year. He wants a share at a price which will be a good investment a year from now and two years from now and so on. n AS to the first question, the speculative value of the market is based on two factors—a continuance of government spending and a fair rise in the residential building field which will stimulate all business. These are two fairly dependable elements and, though stock prices have gone up a little too fast, there is no reason w'hy these two speculative enegrgies ought not to push them up for a while longer. On the investment side, the question can only be answered for individual stocks. And I would say that such shares will remain good investments until the. general price structure crashes. No man can say when this will be. It may actually be deferred for half a dozen years or more. And if it is, it is sure to be preceded by further credit inflation. The answer, therefore, to the second question is that the investment values of the market seem good, but only for those capable of watching the market with intelligence and gauging the moment for shifting investment. It is no place for the mere amateur. (Copyright. 1936. bv NEA Service, Inc.) Investment Trusts (By Thomas D. Sheerin & Cos.) Bid Asked Administered Fund 2nd sl6 96 $18.04 Affiliated Fund Inc 2.00 2.18 American General Equities.. 1.10 1.13 American Business Shares.. 1.19 1.29 Bullock Fund Ltd 18 40 19.87 Century Shares Trust 27.41 29 48 Collateral Tr Shares “A”... 6.65 6.73 Corp AA’ or ‘Accum’ (mod.) 3.37 3.40 Corp 'AA' or 'ACC' uinmori.) 268 272 Corp Trust. Shares (ortg.t 2.83 2 86 •Diversified Trustee Shs "B" 10.65 10 75 Diversified Trustee Shs "C” 4.56 4.60 Diversified Trustee Shs ‘D" 6.88 698 Dividend Shares Inc 1.67 1.81 •Incorporated Investors .... 22.50 23.94 Investors Fund Amer 1.08 1.18 Market St Investment Corp.. 31.37 33.02 Maryland Fund 19.45 21.03 Massachusetts Investors .... 25.78 28.02 Nation-Wide Sec Cos "8".... 4 40 ‘Nation-Wide Voting 1.79 1 94 North Amer Tr Shs 1955 3.35 3 38 North Amer Tr Shs 1956 3 31 3 34 North Amer Tr Shs toriq.).. 259 vluart&rly Income Shares .. 158 173 Hepreseiitative Trust Shares 12 60 Selected Amer Shares Inc . 1.59 1.74 Selected Amer Shares (orig.) 3.70 Selected Cumulative Shares.. 961 971 Selected Income Shares ... 498 5.08 State St Investment Corp 100.50 105.00 Super-Corp of America "AA" 281 284 Super-Corp of America ' BB" 284 287 Super-Corp of America "A" . 425 4.30 Super-Corp of America "B" 4 44 4 49 Super-Corp of Amer "C’’-'D’’ 815 Supervised Shs I.sc (Dela.) 1 69 1 85 Trustee Stand Oilshares "A" 764 7.74 Trustee Stand Oilshares "B" 692 702 Trustee Stand Invest. "C" ... 299 302 Trustee Stand Invest "D" ... 203 296 Universal Trust Shares 4.33 4 40 Usleps "A’’ 18 75 19 15 Uselps 'B" 290 •Uselps Voting 1.13 United Standard Oilfunds ... 138 151 • —Ex-Dividend. Unlisted Stocks ■ (Bv Blyth A- Cos ) NEW YORK BANK STOCKS Bid Ask Bankers Trust 63% 65 Central Hanover 113% 115'* Chase 40 7 42' 3 Chemical National 58% 60% Guaranty 293 296', Irving 16% 17% Manufacturer* 52 S3 1 , National Citv 36 1 * 38% C.u.t 111 Chicago 172% 175 1 , First National Boston 46', 47’, National Shawmut 29', 31 FIRE INSURANCE American Ins of Newark 15% 17% Baltimore American 8% 10% City of New York 17% 29% Federal Ins 50 53% Franklin Fire 31% 33% Great American Ins 30% 31’, Hanover Fire Ina 38% 40% Hartford Fire Ina 77 "9% Home Ins 37% 39% Ins Cos of A 74 76% National Fire 75% 78% National Liberty 9’, 11% North River 27’, 29% Phoenix ’. 90 93% U 8 Fin* 55% 57% Westchester Fira 37% 39% LOCAL CASH MARKET City grain elevator* are paying 91 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new No. 4 yellow 50 cents and oats 21 cent*.

PUT Y3UR MONEY TO WORK LOCALLY! BUY Building & Loan Shares

PAGE 18

SWINE MARKET SHOWS UNEVEN TRADING RANGE Weights From 160 to 275 Pounds Off 10 Cents; Pigs Steady. The swine market displayed an uneven trading range today at the Indianapolis Union Stockyards. Weights ranging from 160 to 275 pounds were generally 10 cants low--1 er, while heavier kinds were 5 cents higher to 5 cents lower. Light lights and slaughter pigs remeained steady. Receipts continued to increase, offI setting the local demand, which re- ! suited in the moderate downward movement in choice classes. Today's total supply was estimated at 5500, compared with 5000 on hand yesterday. Holdovers numbered 71. The bulk of 160 to 225 pounds j sold at SIO.BO to $10.90. The latter also acted as top price. Heavyweights, from 275 to 325 pounds, | brought $lO to $10.15. Extreme heavies, weighing 325 to 400 pounds, cashed in at $9.50 to $9.75. Light | slaughter pigs, from 130 to 160 | pounds, held at sfi) to $10.50. Packing sows were salable at $8.75 to $9.50. Trading also was irregular in the cattle market. Good and choice! steers were steady, while others j were weak to slightly lower. Heifers were active and unchanged. Cows were scarce and steady to strong. Three loads of choice steers, weighing around 1200 pounds, sold at $10.60 to $10.85. Heifers ranged from $7.25 to $8.25, Receipts were ; 2500. Vealers again were unchanged, with the bulk of good and choice grades selling at, $8.50 to $9.50. Receipts numbered 700. Lambs were slow' and scarce, indications around steady. The bulk was unsold early. Few natives ranged from $10.50 down. Slaughter sheep w'ere scarce and steady. Receipts were 500. HOGS Mar, Bulk. Top. Receipts. 18. $10,904/' 11.15 $11.25 4000 19. [email protected] 10.85 4500 20. 10.904/ 11.00 11.00 3000 21. 10.904/ 11.00 11.15 1000 23. [email protected] 11.00 5000 24. [email protected] 10.90 5500 Light Lights (140-160) Good and choioe. [email protected] Medium [email protected] H6O-180) Good and choice.. [email protected] Medium 10.304/ 10.75 (180-200) Good and choice.. [email protected] Medium [email protected] (200-2201 Good and choice.. 10.804/ 10.90 (220-2501 Good and choice.. 10.55® 10.80 Heavyweights (250-290) 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@ 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, 2500 (550-900) Choice $ 9.254510.50 Good 7.754/1 9.75 Medium 7.25® 8.50 Common 5.75® 7.25 (900-1100) Choice [email protected] Good 8.504/ 10.00 Medium 7.25® 8.75 Common 6.25@ 7.25 (1100-1300) Choice [email protected] Good [email protected] Medium 7.254/' 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 3.5044 4.75 Bulls, good 6.25@ 6.75 Cutter, com. and med. bulls.., 5.00@ 6.25 VEALERS —Receipts, 700Good and choice $ 8.50® 9.50 Medium 6.504/J 8.50 Cull and common 4.50® 6.50 Calves (250-500) Good and choice.... 6 00® 8.75 Common and medium 4.50® 6.00 Feeder and Stocker Cattle (500-800) Good and choice ... 7.00® 8.00 Common and medium . ... 5.50@ 7.00 (800-1050) Good and choice . 7.0044 8.00 Common and medium 5.50® 7.00 Cows Good 4.75® 5.25 Common and medium 4.50® 4.75 SHEET AND LAMBS —Receipts. 500Lambs. 90 lbs. down, good and choice slo.oo® 10.50 Good 9.60#10 15 Medium 9.0041! 9.75 Common 7.75® 9.00 Ewes (90-1701 Good and choice... 4.50® 5.50 Common and medium .. 3.50® 4.50 Yearling wethers, good choice 8.90@ 9.50 Medium 7.75® 9.00 Other Livestock (By United Press) (By United Press) CHICAGO. March 24.—Hogs—Receipts, 12.000. including 2000 directs: market, slow; 10 to 25c lower than Monday's average; weights below 200 lbs. off most; practical top. $10.75: SIO.BO bid retracted on only few heads sold at $10.85; oulk 160 to 250 lbs.. [email protected]; 140 to 160 lbs., $10.35(nT0.60; 250 to 300 lbs.. $10.254/10.50; ! cows steady to 10c lower at [email protected]. Cattle— Receipts. 8000: calves. 2500; fed ! stevrs and yearlings slow; bidding 25c ' lower on better g-ades with supply appar- ■ entlv in excess trade requirements. ! Largely steer and neifer run; better grades predominating: common and medium light steers well cleaned up: fully steady at 58.50 down; best weighty steers $1; few loads $105( 10.50. but hardly enough done to make a market; all she-stock steady: light heifers. $9 25; cows steady: bulls strong; vealers 25c higher at $9 down to $7.50; few $9.50. Sheep—Receipts. 8000; fairly active: steady trade on all classes: bulk choice fed western lambs, slo@ 10.25 to packers. Several loads averaging 87 to 90 lbs. $10.35. and $10.40 to shippers: around 105 10. weights $9.75: feeding and shearing lambs. [email protected]: fall shorn yearlings. $8 35: most fat ewes [email protected].‘ LAFAYETTE. Ind.. March 24—Hog market steady to 15c lower: 170 to 210 lbs., *10.65 /10.75: 210 to 235 lbs . $10,504/10.60: 235 to 260 lbs.. $10.30@ 10.40- 260 to 325 lbs.. $9,754*1015: 140 to 170 lbs.. $104(10.25: . 100 to 140 lbs . $9 504*9.75; roughs, $9.25 j down: calves, $8.50 down; lambs. $9,75 I down. FORT WAYNE Ind.. March 24.—Hogs. ! 5s lower: 160 to 180 lbs . $10.85; 180 to 200 lbs $10.75: 200 to 225 lbs . 10.65: 225 to 250 lbs.. $10.55 250 to 275 lbs., $10.35: 275 to 300 lbs . $lO 30: 300 to 350 lbs.. $lO 30; i 300 to 350 lbs . $10.05: 140 to 160 lbs.. : $130; 120 to 140 lbs. *1: 100 to 120 lbs. ; *9 75. Roughs. $8.75; stags, $7; calves. $10: | lambs. $9.75. FRUITS AND VEGETABLES (By United Press) I CHICAGO. March 24 Anples—Michigan, bu Mclntosh. [email protected] Carrots—lllinois, bu , 25/./30c. Sweet potatoes—Tennessee, bu . 85'h 90c. Beans—Florida, bu.. $3,754/ 4 25. Cabbage—Texas, crates, $1,504% .60. Pens—California, bu. hampers. $3 [email protected]. Spinach—Texas, bu.. 654/85c. Lettuce — Western crates. 5 doz.. $3,150(2.60. Celery —Florida, crates. $2 654*3.50 Tomatoes— Mexican lugs. $3.258 3 75. Cauliflower California. crates. $1,404(1.50. Onion market /50-lb. sacks): Illinois yellows. 25 @soc; Indiana yellows. 35®40c; lowa yellews, 504/ 60c Colorado Danvers. 85c; Colorado Spanish. $1.20.

AUTO LOANS and Refinancing 20 Months to Pay WOLF SUSSMAN, Inc. 239 W. WASH. ST. KatNhlifchrri :t Ymn , o|i|>Uhitr MHlrliuunr. LI-571*.

Abreast of The Times on Finance

New York Stock Exchange Prices

'By Thomson At McKinnon• 11:15 a m. Prev. Oils— High. Low N. Y. close. Amerada 114'* 114% 114% 114% At! Rfg 32% 32% 32% 31% Ratnsdall 17% 17% 17% 17% Consol Oil 15 14% 14% 14% Cent of Del .. 36% 36% 36% 36 Houston mew)., lit* 11% 11 % 11% Mid C'ont Pet 20% 20% 20% 20% Ohio Oil 15% 15% 15% 15% Pet. Corp 17% 17% 17% 17 Phillips Pet .. . 45% 45% 45% 45% Plymouth Oil 15% 15% 15% 15 Pure Oil 24% 24 24% 24% Seaboard Oil .... 39% 39% 39% 39’* Shell Un 13 17% 17% 17% Shelley Oil 29% 29% 29% 29% Soc Vac 14% 14% 14% 14% 8O Os Cal .... 46% 46% 46% 46% B O of Ind ... 39% 39 39V* 39 SOof N J 68 67% 67% 68 Texas Corp ... 33 37% 37% 38 Tidewater Assn . 18% 18% 18% 18% Un Oil of Cal.. 28% 26% 26% 26 % Steels— Acme Steel 70% 70% 70% 7074 Am Roll Mills.. 29% 29% 29% 29% Beth Steel 57% 57 57 56% Byers AM 23 23 23 23% Inland Steel 113% 113% 113% 113% Ludlum Steel .. 29'% 29 29 29 McKeesport Tin. 106’* 106 106 105 Mid Steel 38% 38% 38% 38% Natl Steel 68 68 68 68% Otis Steel 19% 19% 19% 197* Rep Iron ft Steel 24% 24V* 24% 24 Rep Iron ft Stl p 93% 93% 93V 2 93% U S steel 64% 64% 64% 64% Warren Bros 9% 9% 9% 9% Warren Pipe-Fdy 27 27 27 26% Youngstwn S-T 53 52% 53 52% Motors— Auburn 51% 51% 51% 50% Chrysler 96'% 95% 95% 96 Gen Motors .... 64% 64% 64% 64% Graham Mot ... 3% 3% 3% 3% Hudson 18% 18'% 18% 18% Hupp 2% 2% 2% 2% Mack Truck 33% 33% 33’/* 33% Nash 19% 19% 19% 19% Packard 11% 11% 11% 11% Reo 7% 7% 7% 7% Studebaker 13% 12% 12% 13 Yellow Truck ... 18% 18% 18% 18% Motor Access— Bendix 25 24’/* 24% 25 Bohn Alum 60 60 60 60% Borg Warner ... 81% 81% 81% 81% Briggs 62% 62% 62% 62 Budd Mfg 13% 13% 13% 13% Budd Wheel 12% 12 12 12 Eaton Mfg 35'% 35V* 35% 35 Elec Auto Lite . 40% 40% 40% 41 Greyhound "B". 66% 66 66% 67% Houdaille 29% 29% 29% 29% Murray Body ... 20% 20% 20% 20% Timken Roll 69% 69 69'% 68% Timken Det Axle 16'% 15% 16% 15% Mining— Alaska Jun .... 15 15 15 151/* Am Metals 35 34% 35 345, Am Smelt 88% 88 88% 89 Anaconda 35% 35'% 35'% 35% Cal At Hecla . . 8% 8% 8% 8% Cerro De Pasco. 55% 55'% 55% 55% Granby 3% 3% 3% 3% Ins Copper 12% 12% 12'% 12% Int Nickel 49% 49% 49 49% Is] Creek Coal .. 29% 28% 28% 29", Kennecott Cop.. 38'% 38 38% 38% Mclntyre Mine .. 42 41*% 41% 42 ’ Park Utah 4% 4% 4% 45Phelps Dodge .. 38% 38% 38% 38% Vanadium 23 23 23 23% Amusements— Croslev Radio .. 16% 16% 16% 16% Fox Theat 29 29 29 28'% Radio Corp 13'% 13% 13% 13% Paramount 9% 9% 9% 9% gKO • . 8 7% 8 8 Warner Bros ... 12% 12% 12% 12% Tobaccos— Am Sum Tob ... 24 23'% 24 23 Rm Tobacco "A" 90 90 90 90 Am Tobacco "B" 92 92 92 92 Lig ft Myers ‘8’.102 102 102 101 Lorillard 22% 22'% 22'% 22% Reynolds Tob 'B’ 53'% 53 53 53 Rails— Atchison 75% 75% 75% 74% Atl Coast Lines.. 28% 28'% 28% 27% Bft O 20 19'% 19% 19% Can Pacific .... 13 12’% 13 13'% Ch ft Ohio 58'% 58 58'% 57% Chi&GtW... 1% 1% 1% 1% Chi ft Gt, W pfd 6'% 6'% 6'% 6 Dela ft Hud 44'% 44% 44'% 44'% Del Lac ft W ... 18% 18% 18% 18% Erie 14% 14% 14% 14% Erie pfd 22 22 22 21% Gt Northern pfd 37% 37'% 37'% 37% 111 Central 24% 24 24 22% K C Sou 25'% 25 25 25 Lehigh Valley .. 11% 11% 11% 11% MK&T 8 8 8 8 M K ft T pfd... 23 23 23 22% N Y Cent 36 35% 36 35'% N Y Few Haven 4'% 4 4'% 4 Norfolk ft West 234% 234% 234'% 231% Nor Pacific 31 30'% 31 30’% Penn R R 33'% 33'% 33% 33'% Sou Pac 34'% 33’% 34' 4 33% Sou R R 17% 17% 17% 17'% Chicago Stocks (By Atkins, Hamill At Gates) 11:30 Prev. . „ . . A M. close. J. D. Adams is'% 18% Advance Aluminum 8% 8% Asbestos Mfg 4% 4% Associated Investors 30% ~ Bastian-Blessing 12 12 Berghoff li'% 111% Bruce F. L. 18 18 Butler Brothers 97% 9’% Chicago Yellow Cab 27 26 Cities Service 5'% 5% Commonwealth Edison 101% 101'% Continental Steel 41 40% Cord 7% 7% Crane 26 26'% Dayton Rubber 13'% 13'% Electric Household 16% 16% General Household 5'% 5 Grt. Lakes Dredge 29% 29'% Jarvis Mfg 22% 23 Lincoln Printing 9% 9'% Lion Oil Refining 11% 10% Musk Motor Sp (A) 23 22 Noblitt-Sparks 32 Northwest Bancorporation .... 11% 11% Standard Dredge pfd 16% 15% Williams Oil-O-Matic 13 12'% New York Curb (By Atkins. Hamill At Gates) 12:30 P. M. Prev. N. Y. Close Aluminum Cos. of America ...143% 145 Am Cyanamid “B” 37’/* 37% Am Gas & Electric 39 39% Am General 10 10'/* Am Superpower .* 2’* 2% Ark Natural Gas ‘‘A’’ 7% 7% Atlas Corp 15t 2 15'% Carrier Corp 10'% 10V* Creole Petroleum Corp 30% 30% Crocker-Wheeler 13 13% Elec Bond At Share 24'% 23% Fisk Rubber 7% 7% Ford Motors Canada "A’’ 24% 24% Gulf Oil Corp of Penn 95% 96 Humble Oil At Refining Cos ... 74% 73% Hygrade Food 4% 4% Imperial Oil of Canada 23 23'% Lake Shore Mines f>3% 53% Natl Bellas Hess Inc 2% 2% Niagara Hudson Pwr 9% 9% Pennroad Corp 4% 4% Root Petroleum 13% 13% St Regis Paper Cos 4% 5 Salt Creek Producers Assn 8% B'% Segal Lock 3% 3 3 , Sonotone 2% 2% Sterchi Brothers Stores 5% 5'% Stutz Motor Car of Amer ... 2% 2 Tecnicolor Inc 29'* 29% Tubiz>a Chatillon Corp 8% 8% Wayne Pump 28 28% Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,162,000 Debits 4,983,000 TREASURY STATEMENT (By United Press) WASHINGTON. March 24.-—Government expenses and receipts for the current fiscal year to March 21, as compared with a year ago: This Year. Last Year. Expenses $t.142.094,913 $4,954,809,114 Receipts 2.957.739.560 2.776,675 886 Deficit 2.184,355.353 2,178.133.228 i Cash Bal. ... 2.933.449.204 2,314,145,055 Public Debts. 31.440.124.675 28 685.678 164 I Gold Reserve 10.173.738.112 8.554.852.368 j Customs 280.934.048 242 999,133 BREWERY ALTERS NAME Indiana Breweries, Inc., Now Known as Indianapolis Brewing; Cos, Inc, The name of the Indiana Breweries. Inc., 316 Agnes-st, Indianapolis manufacturers of Burgomaster beer, has been changed to the Indianapolis Brewing Cos., Inc., according to an announcement made today by C. A. Frey, secretarytreasurer.

Rl. 9381

TUESDAY, MARCH 24, 1936

Union Pac 135 134% 135 134 Wabash 3% 3% 3'% 3% Equipments— Am Car At Fdy.. 36 35% 35% 35% Am Loco ... 31% 31% 31% 31 Am Steel Fdy .. 30% 30% 30% 30% Bald Loco ... 5% 5% 57% 5% G\?n Am Tk Car 57 57 57 56% Gen Elec 39% 39% 39'.a 39V* Gen R R Sig ... 43% 43% 43% 43 Pulman In,- 42% 41’* 42% 42% West Air Br . 43% 43% 43% 437$ Westing Elec ..116 116 116 116 ' Utilities— Am At For Pwr. 8% 8% B’* 8% Am Pwr At Lit.. 13% 12% 13% 12% AT&T 162% 161% 161% 161% Am Wat Wks .. 23 227* 23 22% Col Gas At Elec 19% 19% 19% 19%. Comm At Sou .. 3'% 3V* 3V 3% Consol Gas . 35 34% 34% 34% Elec Pwr & Lit. 15Vi 15% 15% 15V* Interboro R T... 15% 15% 15% :5 Int T & T . ... 16% 167* 16% 16% Nat Pwr & Lit.. 11:. 117* 11% 11% North Amer 27% 27V* 277* 27% Pac GAt E 367* 367* 367* 36'% Pub Serv N J .. 41% 41 41% 41 % So Cal Edison... 26% 2u * 267* 267* Std Gas 8% 8% 8% 8% Stone & Webster 18% 18% 18% 187* United Corp ... 77* 7% 77* 77* Western Union.. 88% 83 88% 88V* Rubbers— Firestone 317* 31% 31% 31 Goodrich 2074 20 20% 19% Goodyear 30 2974 30 297* U S Rubber .... 27'/* 267'* 27’/* 26'/* U S Rubber pfd. 74% 74 74% 74 Miscellaneous— Allis Chalmers... 47% 47 47% 4774 Am Can 125-'/* 12174 122*/* 121 Brklyn Man Tr.. 50V* 49(4 50'/* 49 J I Case 143' 2 143% 143'/ 2 142 Conti Can 8274 82% 82>/ 2 82 Caterpillar Tract 73 73 73 72% Crown Cork ... 50% 507* 5074 507* Deere &Cos .... 867* 8674 86% 86 N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 92.2 92.3 105.3 96.6 Saturday 92.0 92.0 105.3 96.4 Week ago 91.8 91.9 104.9 96.2 Month ago 93.2 95.6 104.9 97.9 Year ago 84.3 74.5 93.8 84.2 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 At Paine) Treasurys Prev. Close close 4Vis 1947-52 117.14 117.15 4s J 944-54 112.14 112.15 •J3/.C 1946-54 110.26 3%s 1949-52 108.20 108.19 3%s 1943-47 108.3 108.4 3%s 1941-45 109 108.31 3'/*S 1943-45 107.24 107.20 3'/*s 1941 108.31 108.31 3>/*s 1944-46 107.13 107.12 3%s 1946-48 105.9 3'/*s 1949-52 105.14 105.14 3s 1951-55 104.3 104.3 3s 1946-48 104.18 104.15 274s 1945-47 102.25 102.24 27*s 1951 101.23 101.21 Home Owners Loan Corp. 3s 1952 102.16 102.17 2%S 1949 101.12 101.11 Federal Farm Mortgage Corp. 4Vis 1964 104.2 104.2 3s 1949 102.17 102.20 3s 1942-47 103.10 1031.0 2 3 /4s 1949 102 102 DOMESTIC Prev. Close. Close. Alleg Corp 5s ’44 92 91% Alleg Corp 5s '49.. 87Vi 9674 Amer Tel and Tel s’/ 2 s ’43 113% 113% Amer Tel and Tel 5s ’65 112% 113 Arm & Cos (Del) 5%s ’43 98 98 Atl Coast Line 4s ’52 98% 98 Vs Atch Top &S Fe 4%s ’4B 111% 1117* Am Rolling Mills 5s ’3B 120% 119% Balt At Ohio 5s ’95 91 Bait & Ohio 6s ’95 93% 91Ti Balt & Ohio 4%s ’6O 71% 71 Buff Roch & Pitt 474s ’57 77'% 77 Beth Steel 474 s ’6O 105% 10674 Chi Milw St P 5s ’75 24 2374 Chi Milw & St P 5s 2000.... 7% 7% Cleve Un Term 5s ’73 106'% 105% Cleve Un Term 4’%s ’77 101% 101% Col Gas 5s May ’52 104 103% C’ol Gas 5s April ’52 104 103% Col Gas 5s ’6l 104 103% Can Pac Perp 4$ 93% 93 Cent Pac 5s ’6O 96% 96 Big Four 4%s ’77 77 89% Big Four 5s ’63.. 98 99% Colorado &So 4'%s ’BO 73% 73 Chi & West Ind 4s ’52 104'/4 1047* Chi & West Ind 5%s ’62 107 107% Chi N or West 4%s ’49 13% .1378 Chesa Corp 5s ’47 13074 139% N Y Dock 5s '3B 6874 6874 Erie 5s ’75 787* 71% Erie 5s ’67 787* 78 Gen Cable 5%s ’47 105 105'% Grt Northern 7s ’36 10174 101 3 /* Grt Northern 4%s ’76 102 3 % 102'% Grt Northern 4%s ’77 101% 101’% Hud & Manhat Ref 5s ’57.... 86% 86 3 % 111 Cent 4%s ’66 75 73 111 Cent Jt 4Vis ’63 79 78% 111 Cent 5s ’63 84 83% Interlake C&I 5s 'sl 94’% 92% Interntl Hy Elec 6s ’44 53'% 53% Interntl Tel At Tel 4'%s ’39... 967* 96V* Interntl Tel & Tel 5s ’55 89 3 % 88 3 /* Interntl Tel At Tel 4Vis ’52 .. 847* 84V* McKess & Rob 5%s ’SO 103'/* 1037* Natl Dairy sVis ’4B 103'% 103'% Natl Steel 5s ’56 106% 106V4 Nickel Plate 4*%s ’7B 82'% 82 Nickel Plate s‘%s ’74 94 94 N Y Cent 5s 2013 9074 90'% N Y Cent 4%s 20-3 (old) 847* 84 Nor Amer Cos 5s ’6l 1047* 104% Nor Pac 3s 2047 83% 837* Nor Pac 4%s 2047 101% 1017* Nor Pac 6s 2047 HO'/* 1107* Nor States Pow 5s ’4l 105'% 1057* New Orleans Term 4s ’53 .... 92 92 Otis Steel 6s ’4l 102% 102'% Penn Ry 4'/*s ’B4 109 108% Penn Ry 4'/*s ’Bl 109’% 109'% Penn Rv 4%s ’7O 102% 102'% Pac G & E 5s ’42 1037* 103'% Portland Gen El 4'%s ’6O 72'% 72'% Para Publix 5%s ’SO 91'% 91 Penn P & L 47 2 s 'Bl 1067* 10774 Postal Tel & Cab 5s ’53 35'% 357* Rem Rand WW s'%s ’47 104.21 104.20 Shell Union Oil 5s ’47 102 5 102 Sou Pac 4'%s ’6B 887* 89 Sou Pac 4%s ’Bl 88 88 Sou Pac 4'%s ’69 8874 88'% Sou Pac 4s ’49 89% 89 Sou Rail 4s '56 63V* 61 Va Sou Rail 6s ’56 7874 79 Sou Rail 6%s ’56 83 82'% Sharon Stl Hoop s'%s '4B 103 74 103 74 Texas Pac 5s ’BO 1017* 101 >4 Texas Pac ss’ 79 101'% 101'% Texas Pac 5s ’77 10274 102% Union Pac 4s ’47 114’% 11474 United Drug 5s ’53 101 100'% U S Rubber 5s ’47 1057* 105% NY NH At Hart 6s ’4B 36 36 NY NH os Hart 4Vis '67 3474 35'% Warner Bros 6s ’39 96 96 Western Mary sVis ’77 10774 108 Western Mary 4s ’52 101 10074 Youngstown S & T 5s ’7O 106% 1067* Youngstown S & T 5s ’7B ...1057* 1057* FOREIGN Argentina A6s ’57 9974 991/ Argentine B 6s ’SB 99% 997' Brazil 8s ’4l 32'% 327:, Canadian Govt 4s ’6O 108 107% Denmark 5%s ’55 101% 101'% French 7s ’49 179 1773,? I German s'%s ’65 27% 277* German 7s ’49 35 35% ! Japan 6%s '54 9574 957. Poland 7s '47 107% 106% Rome 6%s ’52 .. 65% 65 ! Yokohama 6s ’6l g 2 817*

LOANS ON ANYTHING SACKS BROS. LOAN COMPANY 306-308-310 Indiana Avew

USED OFFICE FURNITURE Repair ing—Refinish ing W. C. BRASS isso i c ' I S TES 134 S. Meridian. RI-97’7

Inquiries Invited Relative to All Our REAL ESTATE ISSUES Breed, Elliott & Harrison Establislied 1912 Circle Tower Riley 2561

Eastman Kodak. 162 162 162 162 Foster Wheeler. 33% 33% 33 'a 33% Gillette 17% 17% 17% 17% Glidden 50 >4 50 50 74 50 Inter Harv 88% 88 88% 87% Owens Bottle .. 155% 155% 155% 155% Rem Rand 21% 21 21 21% Underwood E ..91 90% 91 90% Worthington Pm 34% 34% 34% 34% Foods— Am Sugar 53% 53% 53% 54% Armour 5% 5% 5% 5-* Borden Prod ... 28’* 28% 28% 23% Can Dry G Ale.. 15% 15 15% 14% Cont faak A'.. 17% 17% 17* 2 17% Corn Prod 72% 727* 72% 72 Cuban Am Sugar 12% 12% 12% 12% Gold Dust 20% 20% 2072 20% G W Sugar 35% 35% 35% 3a I. Natl Biscuit 33% 337* 33% 34 Natl D Prod 24% 24 24 247* Purity Bak 14 1 * 14% 1474 14% Std Brands 17% 16 7 * 17 16% Un Biscuit 24% 24% 24% 25 United Fruit ... 74’ /4 7474 747* 74% Retail Stores— Allied Stores ... 8 1 * 87* 8% 8% Assd Dry Goods. 16% 167 2 167 2 16% First Natl Stores 40% 40% 40’* 407* Gimbel L'ros 9% 9% 6% 9% Kresge S S 22% 22 7* 22% 22 *4 Kroger Groc ... 237* 237* 23% 237* Macy R H 46 46 4b 45 % McCrory St 17% 177* 1774 15% Marshall Field .. 177* 177* 17% 17Va May Dept St ... 487* 48 48 47% Mont Ward 41 40% 40% 40% Natl Tea 97* 9% 9% 9% Penney J C ... 73 73 73 72% Safeway St 30 3 /4 3074 307* 30V 2 Sears Roebuck . 65 65 65 64% Woolworth 5074 50 50 50 Aviation— Aviation Corp... 7% 774 774 7% Boeing Aircft .. 23% 237* 23V 2 23% Curtiss Wright. . 7% 7% 77-4 7% Curtiss Wr "A’’ 18' 2 187* 18% 18% Douglas Air .... 717* 7174 71% 7) Nor Am Av 107* 10% 10% 10/ 4 Sperry Corp ... 207* 20% 20% 20% Unit Air New ... 267* 267* 26'/* 27 Chemicals— Air Reduction ..18774 187 74 187 74 1 86% Allied Chem ...199% 199'/a 199% 199 Va Am Com A1 297* 29’/* 29% 29’/* Com Solvents ..22 22 22 21% Du Pont 148 147% 14? 148 Freeport Tex ... 33'/* 33 74 33'4 32% Monsanto Chem. 100% 1007* 100% 10074 Natl Dis .(new) . 32% 32% 32% 32V4 Schenlev Dist .. 47'/* 47 47 47'/* Tex Gulf Sulph. 35 74 35 % 35 74 35*/* Union Carbide . 84% 84V* 847* 83% U S Indus A1 .. 50% 49% 507* 50 Lehn & Fink ... 137* 13% 13% 13% Un Drug (new). 15 1474 1474 15 Vick Chem 4474 44% 44% 44V* Zonite Prod .... 7% 774 7% 7% Financial— Allegheny Corp.. 37* 3% 374 374 Am Int Corp ... 1174 1174 11% 11% Chesa Corp .... 67 67 67 67% Transamerica .. 13 7 /s 1374 1374 13% Building— Am Raditor 24% 24 24 23% Gen Asphalt ... 3374 3274 33 33% Holland Furnace 4174 41% 4174 40 Int Cement .. 49 74 48 74 49 % 48'/* Libby Owens Gls 61% 6174 61'/* 61 Otis Elev 30 30 30 3074 Ulen Cons 7% 7% 774 7% Household— Congoleum 4 1 397 * 40 74 39'/a Kelvinator 25 24 3, 4 24% 25 Pros & Gamble.. 46% 46 46 74 45% Servel Inc 2174 217* 217* 21% Simmons Bed .. 29'/* 29 29'/* 29 % Textiles— Amer Woolen ... 1074 10% 1074 10% Belding Hem ... 15% 15% 15% 15'/* Celanese Corp .. 2874 2874 2874 29 Gotham Hose .. 107* 1074 107* 10% Indus Rayon .. 30% 307* 3074 30'/* Kayser Julius .. 30% 30 74 30 74 30 74 Real Silk 15 HOTELS FORGED TO SPENDj4OO,OOO,OOO Expenditures at Less Than 50 Per Cent of Normal. Hotel owners throughout the United States are facing the necessity of spending more than $400,000,000 to put their properties in proper condition, according to a survey by the Greater Chicago Hotel Association and released here today by Kenneth H. Cox, executive secretary of the Indiana Hotel Association. The backlog of needed repairs and replacements have been built up in the last five years due to the depression, Mr. Cox said. The bill includes obsolesence and depreciation of buildings and the wear-out of carpets, curtains, furniture, china, glass, silverware and other equipment. Expenditures of these items have been running at less than 50 per cent normal. It is anticipated, now that the hotel business is on the upgrade, that this backlog will be wiped out at the rate of about $100,000,000 a year and that the industries supplying hotels will profit proportionately. Plans and methods for bringing about these replacements are to be discussed at the annual convention of the Illinois and Greater Chicago Hotel Associations, which is to be held at the Stevens Hotel, Chicago, March 24 to 27.

Save Your Fenders! ... and guard domestic peace! When coming downtown leave the car at home. There's safety and convenience in riding buses. It's a lot more economical—and it's EASY on the nerves. \ PEOPLES MOTOR COACH COMPANY

O'CONNOR ASKS CORRECTIONS IN BANKIN6 LAWS Currency Controller Would Enlarge Powers of His Office. By United Press WASHINGTON. March 24.—J. F. I. O'Connor, Controller of the Currency, suggested “corrective and clarifying amendments” to present banking law today in a 178-page report to Joseph W. Byrns, Speaker of the House. The suggested changes would enlarge powers of the controller’s office and extend his authority over the nation’s banks. These were made by Mr. O'Connor in his annual report. His 1935 annual report formed the basis for the 1935 banking act. He asked that Congress “grant the general power to Controller of the Currency to make such rules and regulations as are necessary to enable him effectively to perform his duties, functions or services specified in the banking laws.” Mr. O’Connor pointed out that such general regulatory authority has already been vested in the Secretary of the Treasury, the Federal Deposit Insurance Corp. and the Federal Reserve Board. Makes 3 Principal Proposals His principal suggestions were: 1. That FDIC loans to facilitate mergers and consolidations of insured banks be placed upon a permanent basis and continued beyond July 1, when the provision allowing for them under the 1935 act, becomes dead. 2. Revocation of banking statutes limiting dividend payments by national banks on their shares of common stock to a semi-annual basis. 3. That he be authorized to approve conversions of state banks into the national banking system “provided the capital of the national bank into which it is converted is adjusted to meet present statutory requirements as soon as the conversion shall have been approved.” In a general summation of the condi ..on of the nation’s banks, commerce, and the trend of money movements, the report disclosed that national banks were heavily buying government securities and decreasing their investments in domestic bonds, real estate and foreign offerings. Chicago Grain Futures (Reprinted From Late Time* Yesterday) (By United Press) Wheat— High. Low. Close. (Rose! May 98% .97 .97 .97% ; u IY 68% .8674 .86% .88 Se P‘ 877* .85% .8574 .8674 CornMay 58% .58(4 .58% .59 July 59% .58% .58% .59% Sept 5974 .5874 .58'% .59% Oats— May 25 74 .25% .25%a .25% July 26 .2574 .25% .2574 Sept 267 k .26(4 .26’/* .26% Rye— May 5574 .5374 ,54b .557* July 52% .5274 .5274 b .54'/* Sept 54(2 .5312 .537 2 a .55(4 BarleyMay .40 Lard— May 11,02 b 10.95 May 11.17 11.10 11.10a 11.05 July 11.20 11.10 11.12a 11.05 a Ask. b Bid. AWARDS AIR CONTRACT Times Special NEW YORK, March 24.—A contract calling for the installation of air-conditioning in the Younker Brothers Department Store, Des Moines, has been awarded to the Carrier Engineering Corp., it was learned today.

n 7 FINAL Clearance USED CARS ■i■—■ ' ■ I. WIN A USED CAR —RULES— Final winter clearance of used 1. Find nut how many ad* each rr j . . car*Ad*. s in t,MUy ’* riMes Lsed cars otters your best opportun2. Visit at least one used-car showroom or lot of one of the adver- * I l Ii 1 i 'ad c .°bo u „T n : ity to buy a car at rock-bottom used car NOT advertised in today's ' • Times. Begin the ad with the make , of the car and describe the car _ * P\ _ prices. Dealers have reduced 3. Entries must be in The Time* • Want Ad orfiee not later than Tuesday, March 31st, at 6 p. m. • ‘llf I I • i counted^the*ffing w,u not be prices especially tor this event. 4. A credit of 5250 will be issued to the winner, who may use it to buy * 111 II! I* I I • , • r it^ e % f ar r t payment a on o T’hffi And the alphabetical listina ot priced u*ed car or apply it as part payment on anew car. The credit , I l r ii hundreds of good "buys" makes feature. 5. Neatness and originality of pres- * 1 _ • _ _L I l • 111 -si x,sr a•“ It easier to select iust the car turned and The Times can not enter into any discussion of entries. decision of the judges will be yOU Want . The contest is open to an v one other than employes of The Times and Indianapolis automobile dealers. TODAY'S OFFERS ON PAGE 17 The Indianapolis Times

New Outlets for Soy Beans Chicago Board of Trade merchants found new outlets for soy beans in 1935 and, as result of their efforts, the record American crop of 39 million bushels last year returned an average of 73Yj cents a bushel to the growers.

SEEKS MORE CONTROL

—

J. F. T. O’Connor

FAR WEST BUSINESS GAINS IN FEBRUARY Increase of 12 Per Cent Is Shown Over Year Ago. Times Special CHICAGO, March 24.—Business in the Far Western district during February, as measured by the Bank of America index, moved ahead of January levels and showed a gain of 12 per cent over February, 1935, according to the bank's current review released today. The most marked gain was shown in the construction field, with building permits of 11 Western states approximately 53 per cent higher than in the corresponding month a year ago. Building, which was stimulated by favorable weather conditions in February, increased 14 per cent over January. The rate of bank debits also improved during the month. The second month of the year increased 27.5 per cent over the corresponding 1935 month, while both January and February showed a gain of 26.9 per cent over the like period of 1935. Other signifiicant gains of February over the same month last year were shown in electric power production, up 21 per cent; retail sales which gained 12.8 per cent and carloadings, increasing 11.6 per cent. OIL OUTPUT HIGHER Times Special TULSA, March 24.—0il production in the United States averaged 2,837,950 barrels a day during the last week, compared with 2,800,325 barrels daily in the preceding week, it was announced today.

r—WE BUY. SELL. and gladly furnish quotations on: Bonds of the United States Government, Its Territories and Insular Possessions Home Owners’ Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Corp. 129 EAST MARKET STREET

CALUMET AREA OIL REFINERIES FACE'BIG YEAR' Five Firms in District Are Expected to Break All Production Marks. Times Special HAMMOND. Ind., March 24 Preparations were being made today by five of the Calumet districts oil refineries, representing one of the most heavily concentrated refining groups in the central states, to break all previous production records this summer, including the record high output of last year. Installation of new equipment in three of the refineries is scheduled to be completed in time to take care of the heavy summer demand, and enlarged production is anticipated by each of the five refiners in order to meet increased demand of a greater automobile registration, ft was reported. Near-capacity operations are expected this summer when output Is stepped up to keep pace with demand and additional workers are employed by all of the five refineries. The Standard Oil Cos. of Indiana, the world's largest complete refinery, located at Whiting, Ind. has a pay roll of 4000 men and women. The Sinclair Oil Cos. of East Chicago is maintaining a pav roil of around 1200 employes Petroleum Corp. in Hammond and East Chicago is using 800 workers; Empire Oil Cos.. East Chicago, 400. and the Wadhams Oil Cos., East Chicago, 155 workers. NET UP 33 PER CENT Times Special NEW YORK, March 24.—Net profit of the Southern California Edison Cos., Ltd., during the first two months of the current year totaled $1,942,124, or 33 per cent larger than last year, H. J. Bauer, president, announced at the recent annual meeting.

FIRST MORTGAGE LOANS On well located modern Indianapolis property! 6 17 INTEREST /4 /O Weekly Payments No Commission HOME BUILDERS SAVINGS & LOAN • ASSOCIATION • 1000 Lemcke Bldg.