Indianapolis Times, Volume 48, Number 12, Indianapolis, Marion County, 25 March 1936 — Page 18

Trends No Real Requests in Relief Fund Requests. BY JOHN T. FLYNN

NEW YORK, March 25,-Thc President asks $1,500,000,000 tor relief for the fiscal year 1937. This looks like a very great reduction from the huge requests for the fiscal year 1936 which is drawing to a close. But it is not. It is, in fact, no reduction whatever. Last year the President asked $4,800,000,000. But all of this

$4,800,000,000 for emergency purposes has not been spent. In fact, up to date, only $2,399,000,000 has been spent. And all of this did not come out of the $4,800,000,000 appropriation. A good deal of it has been spent out of funds left over from the preceding year. From the beginning of the Administration’s

Flynn

first budget that is, June 16, 1933—the total sum provided by the government, plus the sums already appropriated when the President came into office, for emergency purposes amount to $18,311,000,000. These appropriations, made in different years, have been allocated to various projects. But the sums of money allocated have not all been spent in the years in which they were appropriated. tt t T'HE result is that there remains at this moment in unexpended balances $5,924,000,000. This much is available to be spent by the President on emergency purposes during the next year, even if not one cent is appropriated. Os course, all of this can not be spent. It will take several years to complete some of the projects. Also some of these items are for loans and are not intended to be spent, though there is nothing to prevent the President from spending them. Therefore, when the President fesks for $1,500,000,000 instead of $4,800,000,000 as he did last year, it must be understood that this $1,500,000,000 is piled on top of the unexpended balance of $5,924,000,000 which is left from prior appropriations. The President asks the whole $1,500,000,000 for WPA expenditures. How does this compare with WPAA expenditures this year? The Works Progress Administration during this fiscal year got an allocation of $1,327,000,000. To date it has spent $625,000,000. It has left, therefore, $702,000,000. it tt tt THEREFORE the appropriation for WPA for the coming year Is greater than in this year. And if we add $702,000,000 or what will be left of that by June 30, the WPA appropriation will be very much larger than last year. In fact it will be almost as large as the combined appropriation for relief and WPA for this year. Moreover, the President has not assured Congress that $1,500,000,000 additional will carry us through the year. He estimates that $2,€00,000,000 is necessary. He does not ask for $1,500,000,000 for seven months as was forecast. He asks for that, but adds that if business picks up and industry rehires men more will not be necessary. All this has one important bearing on financial matters. Government spending has played an important part in the business pickup. There is nothing in the President’s apparently reduced figure to justify the belief that government spending will be reduced. On the contrary, plenty of room is left for increasing it. (Copyright, 1936, by NBA Service, Inc.) DIVIDEND IS VOTED 3’i'mr* Special NEW YORK, March 25—Directors of the American Maize-Prod-ucts Cos. have declared a regular quarterly dividend of $1.75 a share on the preferred stock, and a 25cent payment on the common, both payable March 31 to stockholders of record March 24. Investment Trusts (Bv Thomas D. Sheerin * Cos.) Bid. Asked Administered Fund 2nd $16.87 $17.95 Affiliated Fund. Inc 1.99 2.17 Amer General Equities 1.09 1.12 Amer Business Shares 1.19 1 29 Bullock Fund. Ltd 18.25 19.75 Century Shares Trust 27 21 29 26 Collateral Tr Shares “A”.... 6.62 6.70 Corp "A" or “Accum” (Mod ) 3.35 338 Cor • AA" or ‘ ACC'' (Unmod) 2.67 2.71 Corp Tr Shares (Orig.) .. 2.83 2.86 •Diversified Tr Shares B".. 10.58 10.68 Diversified Tr Shares "C”.... 4.55 459 Diversified Tr Shares “D”.... 686 6.96 Dividend Shares. Inc 167 1.81 •Incorporated Investors .... 22 40 23.78 Investors Fund Amer 107 1.17 Market Street Investment Cor 31 34 32 98 Maryland Fund 19.35 20.90 Massachusetts Investors .... 25.71 27.95 Nation-Wide Sec Cos ' B" 4 37 . •Nation-Wide Voting 1.78 1 93 No Amer Tr Shares 1955..., 3.34 337 No Amer Tr Shs 1956 3 30 3.33 No Amer Tr Shs. tOrig.i 2 59 Quarterly Income Shares .... 1.58 1.73 Representative Trust Shares.. 12.55 Selected Amer Shares. Inc... 1.58 1.73 Selected Amer Shares iOrig.l 367 Selected Cumulative Shares.. 9.56 966 Selected Income Shares .... 4.96 506 State Street Invest Corp 99.25 104 25 Super-Corp of Am "AA" 2.79 2.83 Super-Corp of Am "B" 2 82 2 86 Super-Corp of Am "A" 4.23 4 28 Super-Corp of Amer "B" 4 42 4 47 Super-Corp of Am "C" & "D" 811 Supervisea Sh. Inc. iDelt,).. 169 1.85 Tr Standard Oilshares "A".. 7.58 7.63 Tr Standard Oilshares "B” 6 85 6 95 Tr Standard Investment "C" 2.98 302 Tr Standard Investment "D" 292 2.95 Universal Trust Shares 4.31 4 37 Vselps "A" 18 65 19.00 Uselps *‘B” 290 . .. •Uselps Voting 1.13 .... United Standard Oilfunds .. 1.36 1,49 •Ex-dividend. Unlisted Stocks (Bv Blyth A Cos ) NEW YORK BANK STOCKS Bid. Ask. Bankers Trust 63 64’* Central Hanover 113 115 Chase .. • 40% 41% Chemical National 58*4 60 Guaranty 291 294% Irving 16% 17 s * Manufacturers 50*4 52 1 - National City 36', 37% Cont 111 Chicago 170 173% First Natonal Boston 45% 47-', National Shawmut 29 30*4 FIRE INSURANCE American Ins of Newark 15*, 17 Baltimore American B', 10', City of New York. 27 29% Federal Ins 49 52% (Fire 31 ' 4 33 nerican Ins 29’, 31% Fire Ins 37% 30% Fire Ina 76*4 79 i 37% 30*4 r A 73 ! 4 75' Liberty 9’, n% ver 27 >4 29% i 55'* 57*4 ter Fir# 391*

PAGE 18

SWINE VALUES STEADY TO 10 CENTS LOWER Top Price Holds at $10.90; Receipts Estimated at 4000. Although the total number of receipts decreased, the pork market was around steady to generally 10 cents lower today at the Indianapolis Union Stockyards. The full loss was limited mostly to weights ranging from 160 to 250 pounds. Other weights and classes held unchanged. Light interest among buyers, both local and outside was believed largely responsible for the moderate downward movement. The decrease, however, failed to affect the top price which held at $10.90, same as in the preceding session. The total number of receipts was estimated at 4000, compared with 5000 yesterday. Holdovers numbered 245. The regular bulk of 160 to 225 pounds, sold at $10.70 to SIO.BO. Few better grades early held at $10.90. Medium weights from 225 to 260 pounds, brought $10.45 to $10.60. Extreme heavies, from 300 to 400 pounds, sold at $9.50 to $9.90. Light pigs, scaling 130 to 160 pounds, held at $lO to $10,50. A weak undertone developed in the cattle market, especially in better grade steers and heifers where prices were weak to largely 25 cents lower. Lower grades showed little change. Early sales of choice steers sold downward from $10.35. Several loads held around $9.60. Heifers were eligible from $7 to SB. Receipts were 1800. With demand weak, the veal market was sharply 50c cents to $1 lower than yesterday’s close. Bulk of good and choice kinds sold at $9.50 to $10.50. Receipts were 600. Lambs were generally steady, with good and choice western grades selling at $10.25 to $10.50. Sheep were scarce and steady. Receipts numbered 500. HOGS Mar. Bulk. Top. Receipts. 19. $10.75® 10.85 $10.85 4500 20. 10.90®11.00 11.00 3000 21. 10.90®>11.00 11.15 1000 23. 10.90Crt111.00 11.00 5000 24. [email protected] 10.90 5500 25. [email protected] 10.90 4000 Light Lights 1140-160) Good and choice. .$10.00(310.65 Medium [email protected] (160-180) Good and choice.. 10.65®10.90 Medium 10.20@ 10.65 GBO-200) Good and choice.. 10.75tfCT0.90 Medium 10.30®10.70 (200-2201 Good and choice.. 10.70®10.90 (220-2501 Good and choice.. 10.45a 10.70 Heavyweights (250-290.1 Good and choice.. 10.05®10.45 (290-3501 Good and choice.. 10.65(^10.05 Packing Sows 275-3501 Good 9.25® 9.40 (350-425) Good 9.00® D.35 (425-550) Good 8.85® 9.25 (275-350) Medium 8.50® 9.25 Slaughter Pigs (100-140) Good and choice.. 9.25®10.00 Medium 8.25@ 9.50 CATTLE —Receipts, 1800— (550-900) Choice $ 9.25® 10.50 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 10.50tfCU1.25 Good 8.50010.50 Medium 7.25# 8.75 (1300-1500) Choice 10.50tf/11.25 Good 8.75® 10.50 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 4.75tfi 6.00 Low cutter and cutter 3.50® 4.75 Bulls, good 6.25® 6.75 Cutter, com. and reed, bulls... 5.00® 6.25 VEALERS —Receipts, 600— Good and choice $ [email protected] Medium 7.00® 9.50 Cull and common 5.00® 7.00 Calves (250-500) Good and cnoice.... 6.00® 8.75 Common and medium 4.50® 6.00 Feeder and Stacker Caltle (500-800) Good and choice.... 7.00® 8.25 Common and medium 7.50® 7.25 (800-1050( Good and choice.. 7.25® 8.65 Common and medium 5.50@ 7.25 Cows Good 4.75® 5.25 Common and medium 4,50® 4.75 SHEEP AND LAMBS —Receipts, 500— Lambs, 90 lbs. down, good and choice slo.oo® 10.50 Good [email protected] Medium 9.00® 9.75 Common 7.75® 9.00 Ewes (90-170) 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 On Commission Row (Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers.) TRUlT—Strawberries: Florida, pint, 18c; 38-pint crates, 17c. Cranberries, C. C. Howes, Eatmores, 25-lb. box, 52.50. FVars: Washington D’Anjo (100s box), $3.25. California, Avacado (200-245), $3 50. Limes: Mexican, carton. 20c; Persian seedless (doz.), 45c. Bananas, seven hands, baskets). $2.15; Jonathans, $1.65; Rome pound, Stic. Apples: Delicious (fanev Beauty. $1.50. Lemons: Sunkist (3605), $6. Grapefruit: Texas seedless (545-80s), $4; Arizona Sunkist (80s). $3. Tangerines: (Florida 120s, 1445. 168s). $1.75. VEGETABLES Artichoke, California (doz.), sl. Beans, green round stringless (hampers 1. $3.25. Beets: Texas (3 doz. crate), $1.75; cut offs ibu.), sl. Brussels Sprouts: California (lb.). 18c. Cabbage. New York Danish 150-lb. bag), 75c; New Texas (crate). S2. Red Cabbage (50lb. bagi, $2. Carrots: California (6-doz. crate). $3; l\?xas (3% doz. crate), $1.50. Cauliflower. California (12s cratei. SI 75 Celery, Florida washed and trimmed (doz.), 45tff90c: Florida (4s. 6s. Bs. 10s crate), $3.25. Cucumbers, hothouse idoz.!, $1.50; (southern bushel), $6. Egg plant Florida idoz,), $1.50. Kale (Virginia busheit. 85c. Lettuce: Iceberg Arizona • best Is. ss), $3.50; home grown leaf (15lb. baskets). 85c. Endive. California (doz.). 90c. Peppers, mangoes icratei.* $6.50. peck basket, $1.65 (doz.). C r , Mint, hothouse idoz), 75c. N-• mound), 30c. Mustard, Texas Onions: Indiana yellow iSO-10. e- c; Western Spanish (50-lb. bag). $1.50. Ovster plant, home grown ..loz.i, 40c. Parsley, Southern (long bunenee doz.). 45c. Parsnips. home grtiwn ed j_bushelt. $1; half-bushel). 60c Peas: Florida (hamper). $4 Potatoes: Michigan Round Whites (100-lb. bag), $1.65: Maine Green Mountains 1100-1). bag). $2.25; R. R. Earlv Chios (100-lb. bag). $2; R, R, Triumph (100-lb bag). $1.85: Idaho Russets <IOO- - bag). $2.25: Idaho bakers (70s box), $2.50; Col. McClures (100-lb. bagi, $2.20: New Florida Triumphs (50-lb. bag). $2 35Sweet Potatoes; Tennessee Nancy Halls 1 hampers), $1.15; Indiana Puerto Ricans (bushel crate), $1.50. Radishes, home grown buttons (doz.), 65@75c; white. 45c. Rhubarb, hothouse (bunch). 45c Rutabagas, northern (50-lb. bag), $1.25. Sage idoz.), 45c. Shallots, Louisiana (doz.), 45c. Spinach, New Texas (bushel). $1 Turnips, new bulk Texas (bushel). $1.35 Tomatcws. repacked (10-lb. box). $1.75. Chicago Grain Futures (By James E. Bennett & Cos ) 9T5 Prev Wheat— High. Low. * M close May 97 S .96' .96% 96 % July 87*. .87 .87', .871* Sept 86% .Bi** .86 .86** CornMay 58*i .58** ,58% .584* £ ulv 5* • -58* .58% .58*4 Sept ..... ..... Oat*— May 25% .25% .15% .35% July 26% .26 .26 .36% Sept .y. .26% .26% ,26% .36%

Abreast of The Times on Finance

New York Stocks

(By Thomson <fe McKinnon) 11:15 A M. Prev. ' Oils— High. Low. N. Y. close. .Amerada 109', 2 109% 109% 109 | Atl Rfg 32% 32% 32% 32 Barnsaal! 17% 17% 17% 17% Consol Oil 14*4 14% 14*4 14% Cont of Del 36 35% 35% 354* Houston inew) . 11 10% 11 11 Mid Cont Pet ... 20% 20% 20% 20% Ohio Oil 15*4 15% 15% 15% Phillips Pet 46% 45% 46% 45% Plymouth Oil ... 15% 15 15 15% Pure Oil 23% 23% 23% 23% Seaboard Oil ... 39% 39% 39% 39 Shell Un 17% 17% 17% 17% Skelley Oil 29% 29% 29% 29 Soc Vac 14*8 14% 14% 14% SO Os Cal 45% 45% 45% 45% SO of Ind 38*4 38% 38*4 38% SOOf N J 66% 66% 66% 66% Texas Corp .... 38 37% 38 37% i Tidewater Assn.. 18 18 18 18% lUn Oil of Cal .. 26% 26% 26% 26% Steels— Am Roll Mills .. 29 % 29 29% 29 I Beth Steel 57 56% 57 56% Byers A M 23% 22% 23% 22% Cruc Steel 37 37 37 37 Inland Steel ....113% 113% 113'% 113% Ludlum Steel ... 28% 28% 28% 28% McKeesport Tin 106 106 106 107% Mid Steel 38% 38% 38% 37% Natl Steel 68 % 68 68 % 68 % Otis Steel 19 18% 19 18% Rep Iron & Stl. 23 7 / 23'% 23% 23% U S Pipe & Fdy 37 36 37 36% US Steel 64% 63% 64% 63 % Warren Bros ... 9% 9% 9% 9% Youngstn S&T 52 51% 51% 52% Motors— Auburn 51% 50% 51% 50% Chrysler 96% ?5 96% 95’/4 I Gen Motors .... 65% 64% 65% 64% j Graham Mot ... 3% 3% 3% 3% : Hudson 18% 17% IBV4 17% j Mack Truck .... 33 33 33 33% 1 Nash 1974 19% 19% 19% j Packard 11% 11% 11% n% £ e ° 7% 7% 7% 7% Studebaker 13 12% 13 12% Yellow Truck ... 19% 18% 19% 18% Motor Access— Bendix 26% 25% 26% 25 Bohn Alum 60% 60% 60 'A 60 Borg Warner ... 81% 81% 81% 81% Briggs 61 60% 61 61 '4 Budd Mfg 13% 13% 13% 13% Budd Wheel 12 11*4 12 11% Eaton Mfg 34% 34% 34% 34V* Elec Auto Lite .. 40% 4040% 40 Elec Stor Eut .. 40*4 49% 49% 50 Greyhound "B" . 67 67 67 65% Houdaille 29% 28% 29% 29 Murray Body ... 20% 20% 20% 20% Stew Warner ... 21% 21 21% 20% Timken Roll 69% 69 69% 69 Timken Det Axle 15% 15% 15% 15% Mining— Alaska Jun 14% 14% 14% 15 Am Smelt 87% 86% 87'/* 87'/* Anaconda 35'/* 34% 35(4 34% Cal & Hecla .... 8% 8% 8% 8% Cerro De Pasco . 54% 54 54% 55% Dome Mines 44% 44% 44% 45 Gt Nor Ore 19% 19'/* 19% 19% Howe Sound .... 53 53 53 54% Ins Copper 12% 12% 12% 12V# Int Nickel 49 % 49 49% 49 % Kennecott Cop .. 38 37% 37% 37% Uhelps Dodge .. 37% 37% 37% 37% St. Joe Lead 28% 28% 28% 28*4 U S Smelters ... 90 90 90 89% Amusements— Crosley Radio .. 18% 17% 18% 17% Loews Inc 47% 46% 47'* 47% Radio Corp 13'A 13% 13Vi 13'A H K O 7% 1% 7% 7% Warner Bros ... 12% 12V4 12% 12% Tobaccos— Am Sum Tob .. 24% 24% 24% 24% Am Tob "B" ... 92% 92% 92% 92*4 Lig & My "B” ..101 101 101 101% R’Jvn Tob "B".. 53% 53% 53',* 53% Rails— Atchison 74% 74 74’/* 74% Atl Coast Lines. 28% 28% 28'% 28% B& O . 19% 19% 19% 19% •••• 12% m >< 12% 12% Ch & Ohio 57 56% 57 57% CM& St P . 2'/* 2 2',* 2% CM& St P pfd 4% 4% 4' 2 4'* Dela & Hud ... 43% 43% 43% 43*A Gel Lac &W .. 18% 18V* 18*% 18% Gt Northern pfd 37% 37 37 37 111 Central 23% 23 % 23 % 23% K C Sou 25% 25 25% 24% Lou <fe Nash .. 68% 68 68 68% MK&T 8 8 8 8 Mo Pac pfd 6% 6% 6% 6% N Y Cent 35% 34% 35% 35% Nor Pacific 30% 30% 30% 29% Sou Pac 33% 33% 33% 33% Sou R R 17% 17% 17% 17% Union Pac ....134 134 134 135 Equipments— Am Brake Shoe 49% 49% 49% 49 Am Loco 31 31 31 31% Am Steel Fdy.. 30% 30% 30% 30 Bald Loco 5% s'/* 5% 5% Gen Elec 39% 38% 39% 38% Pullman Inc .. 43% 42% 43% 42% West Air Br ... 43 43 43 43 Westingh Elec. 113 113 113 113*4 Utilities— Am & For Pwr B*4 8% 8% B s * Am Power & Lit 13 12% 13 12% AT&T 162% 162*4 162*4 162 Am Wat Wks . 22% 22% 22% 22 % Col Gas & Elec. 19% 19*4 19% 19% Comm & Sou .. '/a 3*4 3*/a 3*4 Consol Gas .. 34% 34% 34% 34% Elec Pwr & Lit. 15% 14% 15% 15 Int Hydro Flpc.. 4% 4% 4% 4% Int T & T ... 15% 16*4 16% 16*4 Nat Pwr & Lit . 11% 11% 11% 11% North Amer .... 27*4 27*4 27*4 27% Pac G & E 36*4 36% 36% 36*4 Pub Serv N J . 41*4 41*4 41*4 41 % Std Gas B*4 B*4 B*4 8% Stone & Web ... 18 18 18 18 United Corp .... 7% 7% 7% 7% Un Gas Imp ... 16% 16% 16% 16% West Union .... 37 87 87 87 Rubbers— Firestone . 30% 30% 30% 31 Goodrich 19% 19% 197* 19% Goodyear 29% 29*4 29% 29% U S Rubber 28% 27% 28% 27% U S Rub pfd ... 77% 76 77% 75*4 Miscellaneous— Allis Chalmers . 46% 46% 46% 46% Brklyn Man Tr.. 50*4 50*4 50% 49% Burroughs Add.. 28% 28% 28% 29 J I Case 142 140 142 140 Caterpillar Tract 74*4 74*4 74*4 73 Curtis Pub 19% 19% 19% 19% Deere & Cos 86 86 86 85 Eastman Kodak. 161 161 161 161*4 Gillette 17*4 17*4 17% 17*4 Glidden 49% 49% 49*4 49% Int Bus Mach.. 179 179 179 180 Inter Harv 86% 86 86 86 Natl Cash Reg.. 27 26% 27 26*4 Rem Rand 20% 20% 20*4 20% Underwood E ... 89% 89% 89% 90 Foods— Armour ST* 5% 57* 57* Beatrice Cream.. 22% 22 22 22% Borden Prod ... 28*4 28*4 28*4 28% Canada Dry G A 14Vi 14*4 14*4 14*4 Coca Cola 90% 90% 90V 4 90*4 Cont Bak A 17 17 17 17% Corn Prod 73 72% 73 73 Cuban Am Sugar 12 12 12 11% Gen Foods 35% 35% 35% 35 Gold Dust 20*4 20 20 19% G W Sugar 35 35 35 35 Natl Biscuit 35 34% 35 34*4 Natl D Prod ... 23*4 23% 23% 23% Purity Bak 14% 14% 14% 14% Std Brands 16% 16% 16% 16% S Porto Rico Sug 32 32 32 32% Ward Bak "B”.. 2% 2% 2% 2% Retail Stores— Allied Stores ... 8% 8% 8% 8% Assd Dry Goods. 16 16 16 16 “ Gimbel Bros ... 9% 9% 9% 9s/, Kresge S S 22% 22% 22% 22% Macy R H 45% 45% 45% 45% McCrory St 16 16 16 15% McLellan St ... 14’* 14% 14% 14% Marshall Field.. 17*4 17% 17% 17 May Dept Sts . . 48*4 48*4 48*4 48 Mont Ward 40% 39’* 40*4 40% Penney J C 72% 72% 72% 72'A

Local Securities (By Indianapolis Bond & Share Corp.) The following quotations do not represent actual bids or offerings, but merely indicate the approximate market lecel on buying and selling inquiries or recent transactions. BONDS Bid. Ask Home T & T Fort Wavne 6%.. 104 105 Home T & T Fort Wayne 6 .103 106 Indianapolis Railways Inc ... 66 69 Indianapolis Water Cos 4%5. 106 108 Indianapolis Water Cos 5 105 107 Indianapolis Water Cos 5 ... 105 107 Idianapolis 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*4 . Noblesville Heat Lt r*wr 6*4.. 98 100*4 Ohio Telephone Serv 6 97 ■% . Richmond Water Works 5 ..105 106*4 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 •Belt 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 -om 16*. 18% •Ind & Mich Elec Cos pfd 7..103% 106% •Ind General Service Cos 6... 96% 99 Ind Hydro Elec Cos 7 55 58 Indianapolis Gas Cos com 6 .. 34 37 •Indpis Pow & Lt Cos pfd 6 . 89 92 •Indpis Pow & Lt Cos pfd 6'4 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 Laundry Cos com .... 10 11% Pub Serv Cos of ‘lnd pfd 6 .. 19 22 Pub Serv Cos of Ind pfd 7 . 41 44 •South Ind Gas & Elec pfd 6 98*4 101% Terre Haute Electric Cos 89 91 % Union TiUe Cos com 19% 21% •Ex-diviuend. BUY A HOME WITH A LOAN FROM A LOCAL Building ft Loan Assn.

WEDNESDAY, MARCH 25, 1936

Safeway St 30'/ 30% 30*4 30V* Sears Roebuck.. 64% 64% 64% 64 Woolworth 50*4 50 50 497* Aviation— Aviation Corp .. 7% 7% 7% 7% Boeing Aircft .. 23 % 23% 23% 23 Curtiss Wright . 7% 7% 7*4 7% Curtiss Wright A 18% 18% 18’* 18% Douglas Air 71 70% 71 70% Nor Am Av 10% 10% 10% 10% Sperry Corp 20% 20 29% 20V* Unitd Arcft New 26% 26 26'% 257* Chemicals— Allied Chem ... 195% 195 195*4 195*4 Am Com Alcohol 28% 28% 28% 28’ Col Carbon 112 112 112 113 Com Solvents ... 21% 21% 21% 21% DuPont . 148 146% 148 148% Freeport Tex .. 32 31% 31% 32% Natl Dis (new).. 32'% 32 32'% 31% Schenley Dist .. 46 457* 45% 457* Tex Gulf Sulph 35 35 35 35 Union Carbide 83% 83 83% 84 U S Indus Alcohl 48% 48% 48'% 48'% Drugs— Coty Inc 6 % 6% 6'% 6'% Zonite Prod .... 7% 7’% 77* 7% Financial— Adams Exp 12 12 12 12*% Allegheny Corp . 3% 3% 3% 3% Am Int Corp ... 11% 11% 11% 11% Chesa Corp 67 67 67 67 Lehman Corp ... 97*% 97% 97'% 97'% Transamerica ... 13% 13% 13% 13% Building— Am Radiator ... 237* 23% 23% 23% Holland Furnace. 41'% 41'% 41% 40% Int Cement 49 48% 49 48*4 Johns Manville .112 112% 113 113 Libby Owens Gls 60*4 60 % 60*4 60*4 Household— Cal Pal Peet .... 18% 18% 18% 18% Congoleum 40% 40 40*4 40 Kelvinator 24% 24'% 24*4 24*4 Mohawk Carpet . 26 26 26 257* Proc & Gamble . 46 46 46 46 Servel Inc 21 21 21 21'% Simmons Bed ... 28*4 28% 28*4 28% Textiles— Amer Woolen ... 19% 10% 10% 10’% Celanese Corp .. 29 28% 29 22% Collins Aikman . 47 47 47 45% Indus Rayon ... 31'4 31% 31*4 31% Kayser Julius ... 30'% 30% 30'% 30 Real Silk 15 15 15 15 Chicago Stocks (By Atkins, Hamill & Gates) 11:30 Prev. A. M. close Advance Aluminum 8% B'% Allied Products 21% 22 Asbestos Mfg 4% 4% Bastian-Blessing 11% 11% Berghoff 11 11 Butler Brothers 10% 9% Cent 111 Pub Service pfd 60'4 60'4 Chicago Rivet & Machine.... 32'4 Chicago Yellow Cab 27'4 26 Cities Service 5% 5'% Commonwealth Edison 102 102 Continental Steel 40'% 40 Cord 7% 714 Crane .. 26 26 Electric Household 16 16% General Household 574 5% Grt Lakes Dredge 30 29% Jarvis Mfg 23% 22% Katz Drug 36’/* 35% Ken-Rad TANARUS& L 11% 11% Lion Oil Refining 11 Loudon Packing 73% Musk Motor Sp "A" 22% 22% Nachman Spring Filled 14 13 Nat Gy sum 61% 61 Noblitt-Sparks 32 " 32'% Williams Oil-O-Matic 13 12% Zenith 18'% 18

INCOME TAX TOTAL XT NEW 1936 HIGH Collections Exceed Billion Mark on March 21. By United Press WASHINGTON, March 25—Income tax collections totaling more than $1,000,000,000 were recorded for the first time this year in the daily Treasury statement for March 21, issued today. The statement for that day totaled income tax collections for the fiscal year 1936 at $1,002,301,437.55, as compared with $760,826,771.88 last year. On the same date miscellaneous internal revenue reached $1,542,731,796.95, as compared with $1,228,082,961.77 for the same period of the 1935 fiscal year. The increased collections were reflected in the huge cash balance being carried by the Treasury Department at present. This balance is now approaching the gigantic sum of $3,000,000,000, the balance for March 21 being $2,933,449,204.42, LARGEST ISSUE OFFERED Pacific Gas and Electric Bonds Valued at $90,000,000. Times Special CHICAGO, March 25.—The largest single bond flotation so far undertaken under the Securities Act of 1933 was under way this week with the offering of an issue of $90,000,000 Pacific Gas and Electric Cos. first and refunding mortgage bonds, Serial H, 3% per cent, due in 1961, through a nation-wide underwriting group headed by Blyth & Cos., Inc. The bonds are priced at 102% and accrued interest. NET INCOME LOWER Times Special CHICAGO, March 25.—Consolidated net income of the United Biscuit Cos. of America amounted to $895,498 during 1935, equal to $1.74 a share on 459,054 shares of common stock, compared with $949,787 or $1.85 a common share in 1934. NEW LIFE SALES DROP Times Special TORONTO, March 25.—New insurance issued in Ontario duripg 1935 declined 6 per cent from the total of the preceding year, according to figures released today by the Ontario department of insurance. 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- 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. 320 33c. Butterfat. 28c. BUSINESS EDUCATION Strong Accounting. Bookkeeping. stenographic and Secretarial courses 8. Fred WSL. W°&l. CENTRAL Business College Architects and Builders Buildinr Pennsylvania & Vermont Sts.. Indpis. / / eg) We Make LOANS of Value AUTOMOBILES, RADIOS Diamonds, Watches, Jewelry, Fur Coats, Men’s and Women’s Clothing l and Musical Instruments Chicago Jewelry Cos. 146 E. Washington lit. Between Pennsylvania * Deiaware-sta.

FLOOD EFFECTS IN INDUSTRY TO BE WIDESPREAD Economic Repercusions Are Cited in Analysis of Situation. Times Special NEW YORK, March 25.—Aside from the human misery and widespread discomfort caused by floods over a wide portion of the East and the Ohio River Valley, there will be important economic effects on various corporations and industries in the ensuing months, a standard Statistics survey indicated today. These repercussions will not be confined to the corporations with factories or business in the flood areas, the report pointed out, but will also affect many companies and trades far removed from the overflowing rivers and creeks. “The economic legatees of the floods may be divided roughly into three classes. The outstanding class is that made up of corporations whose physical property is damaged oi’ destroyed. Direct Effect Limited “Another class consists of corporations in the same lines of business outside the flood areas, which naturally will do more business because of the enforced shutdowns of their competitors. Still another is made up of corporations and industries which will furnish materials for rehabilitation of the stricken areas.” The analysis pointed out that the’ direct effect, for the most part, is limited to the actual flood area, and to individuals who have lost employment and individuals and corporations whose property has actually been damaged. From an industrial standpoint, activity in several important lines will’be temporarily retarded, but the later stimulus should more than compensate for this immediate effect, the report said. Cement Demand Expected “Counting up the financial damage by industries, it is probable that steel companies and the railroads will be the heaviest losers. Not only will the carriers have increased maintenance charges, but they will also suffer a temporary drop in carloadings, only partly offset by the increased tonnage of materials brought in for repairs. Practically all Eastern roads will suffer. “Lumber, cement and roofing companies, as well as manufacurers of road-building materials and furniture will experience considerable demand for replacement of flooddamaged property. Makers of electrical equipment and cables may also benefit from injury to utility plants and lines.” LOCAL CASH MARKET City grain elevators are paying 91 cento for No. 2 soft wheat. Otner grades on their merits. Cash corn new No. 4 yellow 48 cents and oats 19 cents.

h are more pictures of the 1U 61 G men responsible for J FINAL WINTER CLEARANCE - OF USED CARS - °• LilteloMu " II ~ M m Barnlcirdt Litzelman & Mor- y _ , H. M. Van Matre, Meridian Motor rison Oakley Motor Sale lnc Sale , „ , i j—..... , w. Side Chevrolet F rank Hatfield Cos. I. Wolf Ante Cos. 30th & Central Sale* BUY THAT USEDCAR NOW! PRICES ARE LOWER—SELECTION IS GREATER WIN A USED CAR CONTEST RULES IFind out how many ads each firm has car for that amount, apply it as part in today's Times Used Car Ads. payment on a higher priced used car or apply it as part payment on anew 2 Visit at least one used-car show-room car. The credit may be used only with or lot of one of the advertisers in to- a dealer participating in The Times day’s used car columns and write a Final Winter Clearance of Used Cars suggested ad about a used car NOT feature, advertised in today’s Times. Begin the ad with the make of the car and de- C Neatness, and originality of presentascribe the car fully. w tion will be counted in the judging. No entries will be returned and The Times 3 Entries must be in The Times Want Ad can no t enter into any discussion of office not later than Tuesday, March entries. The decision of the judges will 31st, at 6 p. m. Entries received later final, will not be counted in the judging. 4 6 The contest is open to any one other than employes of The Times and Inwinner, who may use it to buy a used dianapolis automobile dealers. FOR TODAY'S BEST BUY TURN TO PACE 17 IN THE WANT ADS

New York Bonds

(Reprinted From Late Time* Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 92.1 92.6 105.2 96 6 Yesterday .—. 92 2 92 3 105 3 96 6 Week ago 92.0 92.3 105.3 96 5 Month ago 93.4 95 4 104 9 97 9 Year ago 84.3 74 5 93 8 84 2 1936 high 93.4 95.6 105.6 97 9 1936 low 91.5 86.4 103 6 93 1 (Copyright, 1936. by Standard Statistics) V. S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Treasury* Prev. ,Close. close. 1 45 117.18 117.14 4s 1944-54 112.17 112.14 3%s 1046-56 ill n0.26 9%s 1940-43 108.20 108.20 3%s 1943-47 106.6 108.3 3%S 1941-43 108.31 109 3%s 1943-45 107.24 107.24 3'is 1941 108.30 108.31 3%s 1944-46 107.15 107.13 3%s 1946-49 105.16 105.9 3%s 1949-52 105.15 105.14 3s 1951-55 104.3 104.3 3s 1946-48 104.18 104 18 2%s 1945-47 102.27 102.25 2%s 1951 101.25 101.23 Home Owners Loan Corn. 2%s 1949 101.14 102.16 3s 1952 102.15 101.12 Federal Farm Mortgage Coro. 3s 1942-47 103.10 103.10 2%s 1949 102.3 102 DOMESTIC Prev. Close, close. Alleg Corp 5s ’44 92% 92 Alleg Corp 5s ’49 87 87% Am Frgn Pow 5s 2030 75% 74% Am Tel & Tel 5%s ’43 113% 113% Am Tel & Tel 5s '65.. 112% 112% Arm &Cos (Del) 5%s '43 977* 98 Atl Coast Line 4s ’52 99 98 Vi Atl Coast Line 4%s ’64 84% 84% Am Wat Wks 5s ’44 110 110 Am Rolling Mills 5s ’3B 120 120% Balt & Ohio 6s ’95 94% 93% Balt & Ohio 4%s '6O 71% 71% Buff Roch & Pitt 4%s ’57 78 77% Beth Steel 4Vis '6O 106% 105% Chi Milw & St P 5s ’75 23% 24 Chi Milw & St P 5s 2000 7% 7% C’leve Un Term 5s ’73 106% 106*2 Cleve Un Term 4%s ”77 101% 101% Col Gas 5s May ’52 104 104 Col Gas 5s '6l 103% 104 Can Pac Perp 4s 92% 93% Cent Pac 5s ’6O 97 96*/ 4 Big Four 4%s ’77 90*% 90 Big Four 5s ’63 98% 98 Colorado & So 4%s ’BO 74 73% Chi & West Ind 4s '52 104 104% Chi & Nor West 4%s ’49 14 13% Chesa Corp 5s ’47 130 130% N Y Dock 5s '3B 69% 68*4 Erie 5s ’75 75 78% Erie 5s ’67 79 V* 78 % Gen Cable 5%s ’47 105*/* 105 Grt Northern 7s ’36 101% 111 3 * Grt Northern 4%s ’76 102 102% Grt Northern 4%s ’77 101% 101% Hud & Manhat Ref 5s ’57 88% 86% 111 Cent 4%s '66 75% 75 111 Cent Jt 4%s ’63 79 79 111 Cent 5s ’63 84% 84 Interlake C & I 5s ’sl 95 94% Internatl Hv Elcc 6s ’44 54 53% Intern Tel & Tel 4%s ’39 96 96% Intern Tel & Tel 5s ’55 89% 89% Intern Tel & Tel 4%s ’52 ... 84*% 84% McKess & Rob 5%s ’SO 103*/ 4 103% Natl Dairy 5%s ’4B 103% 103’,2 Natl Steel 5s ’56 106 106% Nickel Plate 4%s ’7B 83 82*% Nickel Plate 5%s ’74 94% 94 N Y Cent 5s 2013 90*% 90% N Y Cent 4%s 2013 (old) .... 85 84% Nor Amer Cos 5s ’6l 105 104% Nor Pac 3s 2047 83 83% Nor Pac 4%s 2047 101% 101% 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% Pen Ry 4%s ’B4 109 109 Penn Ry 4%s ’Bl 109% 109% Penn Ry 4%s ’7O 102'/ 4 102% Pac G & E 5s ’42 103*4 103% Portland Gen El 4%s ’6O 72% 72% Para Publix 5%s ’SO 91 91 % Penn P & L 4*•>s ’Bl 106% 106’* Postal Tel & Cab 5s ’53 35% 35% Sou Pac 4%s ’6B 89 88% Sou Pac 4%s 'Bl 88% 88 Sou Pac 4%s ’69 88% 88% Sou Pac 4s ’49 89% 89% Sou Rail 4s ’56 62% 63'/* Sou Rail 6s ’56 78% 78*/ 4 Sou R.ail 6%s ’56 83 83 Sharon Stl Hoop 5%s ’4B 103*4 103*4 Texas Pac 5s ’BO 101% 101% Texas Pac 5s ’79 101% 101*/* Texas Pac 5s '77 102% 102*4 United Drug 5s ’53 101 '/* 101 U S Rubber 5s ’47 105’/* 105% NY NH & Hart 6s ’4B 36 36 NY NH & Hart 4%S ’67 34% 34% Warner Bros 6s *39 96% 96 Western Mary 5%s ’77 107% 107% Western Mary 4s ’52 100% 101 Youngstown S&T 5s ’70...... 106% 106*4 Youngstown S &T 5s ’7B 105% 105% FOREIGN Argentine A 6s '57 100 99% Argentine B6s 'SB 99V* 99%

Sugar Quota 42 Per Cent Filled Forty-two per cent of the 1936 quota of 1,852,575 short ions granted Cuba for shipment to the United States under the terms of the Joncs-Costigan act ha3 been potentially filled up to March 1.

Brazil 8s '4l 32 32'* Canadian Govt 4s '6O 108% 108 Denmark 5%s ’55 101** 101% German 5%s '65 27% 27% Italy 7s 'sl 70 74'* Japan 6%s '54 95% 95% Rome 6%s ’52 62% 65% Tokio City 5%s '6l 76% 76% Yokohama 6s '6l 82% 82

PRESIDES AT DINNER

■ sWmm ,- v /J

R. L. Newton, (above) assistant general sales manager of the Cadillac Motor Car Cos., Detroit, is to preside over a meeting and dinner for Cadillac-LaSalle dealers and salesmen from the Indianapolis territory tonight at the Indianapolis Athletic Club, according to C. M. Hammond, president of the Hoosier Cadillac Cos., local distributors.

REORGANIZATION OF CELTIC LOIN NEARS 63 Per Cent of Group Votes Approval of Plan. Shareholders of the Celtic Savings and Loan Association today awaited further steps in the reorganization of the association under the Federal government system, after having been notified at a meeting last night in the Claypool that written consent for the proposed move had been received from 63 per cent of the stockholders. The plan specifies that approximately 26 per cent of the liquid assets of the Celtic association be set aside as capital for the reassociation, while the remainder of assets of approximately 74 per ccut will be liquidated by trustees appointed by the State Department of Fin ncial Institutions. Trustees appointed include Leo F. Welch, Harold Victor and Norman Fox. Mr. Victor represents the State Department of Financial Institutions.

JOBS IN STATE SHOW DECLINE FORFEBRUARY But Pay Rolls Increase Over Preceding Month. I. U. Report Reveals. By United Press BLOOMINGTON. Ind., March 25. —Pay rolls in Indiana made a slight increase during February, although employment was siighUy below that of the previous month, the Indiana University Bureau of Business Research reported today. “Manufacturing industries increased both employment and pay rolls, and thus non-monufacturing industries, chief among which is the retail trade, were responsible for the decreases,” the bureau said. "There were no outstanding developments in agriculture except for an increase in livestock receipts over the corresponding month last year. Not much definite information was available as to wheat crop prospects.” “Business movements during February in Indiana were mixed and irregular, but there was sufficient weight on the downward side to bring the general business curve a few points lower. The principal sustaining influences were building activity, coal production and livestock sales, all of which had abovenormal trend during both January and February. Building Industry Recoups “Newspaper advertising bank debits, sales of new and used automobiles, pig iron production and stone shipments were factors in the downward movement. “Despite the irregularity, there were a number of very definite points worthy of notice in regard to Indiana business. First, retail trade continued to be very slow and dollar sales volumes were about the same as last year. This was attributed not to a. fundamental weakness in consumer purchasing power, but to weather and other seasonal causes. “Second, the decline in automobile sales was more tha nseasonal and automotive industries failed to make the normal gains for this month. “Third, the building industry continued to show signs of renewed life. Permits issued in both January and February have been far above the comparable months in 1935.” Save Money On Quality Paint ADVANCE PAINT CO/S FACTORY STORE 301 N. Capitol Ave. RI. 1774.

Fountain Pens—Pencils Sold and Repaired THE PEN HOSPITAL Fit B Washington St.