Indianapolis Times, Volume 48, Number 16, Indianapolis, Marion County, 30 March 1936 — Page 18

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Italy’s Corporations Resemble Old KRA Codes. BT JOHN T. FLYNN 'VT'EW YORK. March 30—Wftat ha* happened in Italy is an v*nt of the Rreatest importance. Mussolini has put an end to the Chamber of Deputies. In its place he will convoke an entirely new chamber—what he calls the Chamber of Fascios and Corporations. Henceforth, instead of a chamber made up of political representatives, there will be a chamber I m which Die 'toeillijet ■ 11; u> f /■§ c,r what in Italy arP known as corporations. jMmikm This does not mcan corporai JrVi ) IPlj lions in our | mMffl sense of the iST' XL Smm ,f rm . Hie near- ... * est approach we a I have had in this country to ■ what Mussolini Bk JKmwKEft were J code authorities. Flynn T° understand, therefore, what Mussolini has done, imagine all the code authorities back in existence in this country and all organized in a, smallpr number of national code authorities. Then imagine the House and Senate as abolished and anew chamber set up in which the members would be representatives from the code authorities—lrom ♦he steel code, the coal code, the automobile code, the textile code and so on. u * n eT'HTS is Fascism. Os course j hark of it is the dictatorship because, first, only a dictatorship could accomplish such a change and, secondly, only a dictatorship, you Id keep it going. It is absolutely j impossible under democratic insti- j tutions. This is not new entirely. Mus- j solini has been working toward it j for some years. His first outspoken j proposals were announced just j about the time we were organizing I our first code authorities. At the time I called attention to the de- ! velopmrnt which this form of gov- I eminent, was taking in Italy. For some time the code author!- i ties or corporatives in Italy have ! governed its economic life. The Chamber of Deputies controlled, in theory, its political affairs. But it soon became apparent that there could not be two such legislative assemblies in one country. nun ECONOMIC and policital life overlap at so many points that there ran not be two independent bodies governing them. One or the other had to go. In Italy, of course, it was the political body—the Chamber of Deputies—which had to go. And of course it took a dictatorship and a revolution and its slow aftermath to accomplish that end. Os course in Italy, the corporative is supposed, unlike our code authorities, to represent both labor and employer. In fact, of course, they have represented the employer. And also they have been under the dominion of the dictator. But the development which now finds its flower in the abolition of the last vestige, the last pale shadow of parliamentary authority In Italy, has been a natural one. It is based on the Fascists’s theory of self-rule in industry—the right j of industry to make rules for itself. We have played a little with that dangerous and undemocratic doctrine in this country without realizing it. (Copyright. 1938. NEA Service, Inc.) Chicago Grain Futures (By .James E. Bennett & Cos.) . , 9:00 Prev. Wheat— High. Low. A. M. close. May 96", .96** .96% 96% July 877* .87% .87% .87% Sept 867* .86 1 4 .86% .86% CornMay 60% .59% .59 v* .59'’, .lUly 50 ,59 7 ,59 7 .59 1 , Sept 60', .59 7 .597, .60 Oats— May 25% .25% .25% .25"; July .26 U .26’, .26',, .26 % RyeMay 52'i .52% .52% .52% July 52% .52% .52% .52 Bept 53 .52 .52 .52 LOCAL CASH MARKET Cltv grain elevators are paying 9C cents for No. 2 soft wheat. Otner grades on their merits. Casn corn new No. 4 yellow 48 cents and oats 18 cents. On Commission Row (Quotations below subject to change are average wholesale prices being offered to buyers by local commission dralers.t FRUlT—Strawberries: Florida, pint, 18c; 36-pint crates. 17c. Cranberries, C. C. Howes. Eatmores. 25-lb. box. $2.50. IN;ars: Washington D'Anjo (100s boxl, $3.25. California, Avacado i2OO-24si, $3.50. Limes: Mexican, cartoft, 20c; Persian seedless (dot.), 45c. Bananas, seven hands, haskets), $2.15; Jonathans. $1 65; Rome pound. SUc. Apples; Delicious (fancy Beauty. $1.50. Lemons: Sunkist (3605), $6. Grapefruit: Texas seedless (545-80sl, $4; Arizona Sunkist (80s*. $3. Tangerines: (Florida 120s. >44s, 168s). $1.75. VEGETABLES Artichoke. California (dor..). sl. Brans, g.ten round stringless ihampersi. $3.25. Beets: Texas (3 doz. crate). $1.75; cut offs tbu.), sl. Brussels Sprouts: California tlb.i, 18c. Cabbage. New York Danish (50-lb. bag), 75c: New Texas (cratel. $2. Red Cabbage (50lb. bag). $2. Carrots: California (6-do/, crate), $3: Texas (3% do/., crate). $1,50. Cauliflower. California (12s craiei. $175. Celery, Florida washed and trimmed (dor.), 45@90c: Florida (4s. 6s. Bs. 10s crate(, *3.25. Cucumbers, hothouse idoz.\ $1 50: (southern bushel). $6. Egg plant. Florida (dot.). $1 50. Kale (Virginia husheli. 85c. Lettuce: Iceberg Arizona (best 6s. ssi. *3.50; home grown leaf <ls- - baskets!. 85c. Endive. California idoz.i. 90c Peppers, mangoes icratel. $6.50. peck basket, *1.65 tdoz.), 65c. Mint, hothouse ■ dox.t. 75c. Mushrooms ipoundi. 30c. Mustard. Texas half crate, *1.40 Onions: Indiana yellow 1 50-lb. bag<. 75c; Western Spanish (50-lb. bag', *1.50. Oyster plant, home grown (do/..). 40c Parsley. Southern dong bunches doz.). 45c. Parsnips. home grown washed ibushei). tl: half-bushel), 60c. Peas - Florida (hamper'. *4. Potatoes: Michigan Round whites (100-lb. bagi. $1.65: Maine Green Mountains (100-*>. bag> *2 25; R. R. Earlv Ohio* (100-lb bag. *2: R. R. Triumph (100-ib. bag). *1.85: Idaho Russets (100lb bag). *2 25: Idaho bakers (70s boxl. $2 50, Col. McClures i!00-lb. bag(. *2 20: New Florida TrtumDh* <SO-lb. bag>. *2 35Sweet Potatoes; Tennessee Fancy Halls (hampers). *1.15; Indiana Puerto Ricans (bushel erate), *1 50. Radishes, home grown buttons tdoz.t. 6StyV>c: white. 45c. Rhubarb, hothouse ibunchi. 45c. Rutabagas. northern tSO-ib. bagi. *1.25. Sage (doz.). 45e Shallots. Louisiana (doz.i, 45e Spinach. New Texas ibtishell. tl. Turnip* new bulk Texas ibushei). $1.35. Tomatoes, repacked (10-lb box). *1.75. Produce Markets The prices ouoted ar* paid for stock gathered !i the country, while delivered In Indianaptlls the price is a cent higher Heavy breed hen*. 18c leghorn breed hens. )8c; Leghorn springers. 12c: old stags, 13e: old cocks. 12c. Ducks, white 5 Ihe. and over. 11c: geese, full feathered all sizes. fir: el) guineas 1% Ih*. and up 15c; No. 1 atridly fresh eggs, loss off. Medeliver in Indianapolis, fie. Each full case must weigh 55 ih* gross, a deduction of If cents s pound under 55 lbs will b* fide No. 1 butter, 32%4x33V5c; No. 2 Vs ©M Vac, Butter fat, 29c,

PAGE 18

PREDICT BONUS TO PUSH DEBT j TO NEW PEAK - - iTreasury Officials Plunged Into Dizzy Financial Calculations. BY HOBART C. MONTEE United Preas Staff Correspondent WASHINGTON, March 30—Payment of the soldiers' bonus, arrangements for which were under full swing today, plunged Treasury Dei partment officials into anew series i of dizzying financial calculations. The officials believed that the bonus payment would have the following effects, among others: 1. Push the United States public debt to anew ali-time high or more than $33,000,000,000. 2. Compel the Treasury to do | some additional financing on June 15 or shortly thereafter, probably j with a bond issue of $1,000,000,000 | or more. Over-Due Taxes Expected 3. Deplete the present huge working cash balance of the Treasury, now totaling almost $3,000,000,000. 4. Bring into the Treasury Department a large amount of long over-due income tax payments. 5. Bring into the Treasury a large amount of revenue from miscellaneous sources as a result of increased business, payment of private dfcbts, purchase of automobiles, increased consumption of gasoline and other tax producing activities. No estimate "v as available on the amount of money which the government expects to get back from the bonus payment. Much of it will come from such indirect sources that calculation now of its total is almost impossible, officials said. Carriers Look for Good Trade Based upon scattering returns from questionnaires sent to prospective bonus recipients, officials believe that tax and debt payments will take a large portion of the total bonus payments. A considerable I portion will go toward liquidation of 1 old debts, payment of mortgages on I homes, repair of homes, or to the I building of new homes. Vacation resorts also are expected to do a flourishing business. Railroads and steamship lines anticipate an increase in summer traffic. Although actual disbursement of the veterans adjusted service bonds will not begin until June 15, shipments of these certificates already are being made to Federal Reserve banks which are to distribute them. Wayne Taylor, Acting Secretary of the Treasury, announced.

REALTORS’ MEETING TO BE HELD IN CITY ' • National Conference Called for May 28-29. All real estate board secretaries in the United States and Canada and of the 38 existing state and provincial real estate associations have been invited to attend a national conference to be held in Indianapolis on M:.y 28 and 29 for the purpose of discussing the best ways of carrying on a local board's work. The meeting, called by the Realtor Secretaries Council of the National Association of Real Estate Boards for the advancement and safeguarding of real estate development, will be the first of its kind to I e held in several years. J. Roland Brady, executive secretary of the Pittsburgh real estate board, is chairman of the Realtor Secretaries Council. The conference will be held simultaneously with the Great Lakes regional convention of realtors from five states, Ohio, Indiana, Michigan, Illinois and Kentucky, already scheduled for Indianapolis at that date. Both local meetings follow closely upon the quarterly meeting of the board of directors of the na- ! tional association, to be held in | Chicago May 27. Local Securities \ (By Indlanßpolis Bond St Share Corp.) The following quotation? do not rep- : resent actual bids or offerings, but merely Indicate the approximate market level on buying and selling inquiries or • recent transactions. BONDS Bid. Ask. I ! Home T St T Fort Wayne 6>a .104 105 j Hgfne T & T Fort Wayne 6.. 103 196 j Indianapolis Railways Inc ... 66 69 , Indianapolis Water Cos 41i5..1U6 luß Indianapolis Water Cos 5 105 107 Indianapolis Water Cos 5 ...105 107 Idianapoli? Water Cos S'a.... 104'/a 106 Indianapolis Water Cos 5Va . .104'. a 106 j Interstate T St T 5Va 97 99 i Kokomo Water Works 5 104 10514 : Morris sit 10 Stores 5 100 103 j Muncie Water Works 5 10314 Noblesville Heat Ll Pwr 6'j.. 98 100',a Ohio Telephone Sgrv 6 9714 ; Richmond Water Works 5 . 105 106 1 /* Seymour Water Cos 5 101 104 Terre Haute Trac St Light 5 .106 108 Terre Haute Water Wks 103 104 Terre Haute Water Works ...103 105 Traction Terminal Cos 5 75 78 STOCKS •Belt R R & Stock Yards Com 53 5514 •Belt R R & Stock Yard ptd 6 52 Central Ind Pwr pfd 7 ..... 1914 22*4 j Home T & T Fort Wayne 7.. 52'a 54V* •Hook Drugs Inc com ... 17 18Va •Ind .V Mich Elec Cos pfd 7 103 Vi 106*4 •Ind General Service Cos 6... 96* a 99 Ind Hydro Elec Cos 7 54 57 j Indianapolis Gas Cos com 6 ... 34 S7 i "Indpls Pow St Lt co old 6 . 90 93 •Illdpls Pow Si I; Cos pfd 6*a 94*4 97‘i I 'lndianapolis Water Cos pfd 5 102 105 North Ina Pub Serv pfd alas 64 67 I North Ind Pub Serv pfd 6 .. 72‘i 7514 North Ind Pub Serv pld 7 ... 80 83 Progress Laundry Cos jom .... 10 1114 Pub Serv Cos of Ind pfd 6 .. 18 21 Pub Serv Cos of Ind pfd 7 40'a 43'a •South Ind Gas St Elec pfd 6 98 101 Terre Haute Electric Cos 89 tl V* Union Title Cos com 19'/a 21 Va •Ex-dividend. DIVIDEND IS DECLARED United Standard Cilfund Firm to Pay 2 Cents a Share. Directors of the United Standard Cilfund of America, Inc, Jersey City, have declared a regular quarterly dividend of 2 cents a share, payable April 15 to stock of record March 31. it was announced here today through C. O. Robinson & Cos., Inc., Indianapolis, investment counsel firm. In addition the company also declared an extra dividend of the ! same amount, payable May 15 to stockholders of record April 30. Current earnings of the corporation are approximately 6 per cent a share in excess of the amount required for the regular and extra dividends, L. A. Eddy, president, reported.

Abreast of The Times on Finance

New York Stocks

(By Thomson ts McKinnon) IHS A. M. Prev. Oil*— High. Low. N. Y. Close. Atl Rig ....... 33% 33 33% 32% Barnsdall IT 17 17 17% Consol Oil 14% 14% 14% 14% Cont of Del .... 36 36 36 36% Mid Cont Pet .. 22% 22 22% 21% Ohio Oil 14% 14% 14% 14% Phillips Pet 48% 47% 48% 4* Plymouth Oil . 15% 15% 15% 15% Pure Oil 23V* 22% 23% 23 Seaboard Oil ... 38 37% 37% 37% Shell Un 17% 17% 17% 17% Soc Vac 14% 14% 14% 14% S O of Ind 37% 37% 37V* 37% S O of Cal 4444 44% 44 iSOof N J 65% 65% 65% 84% | Texas Corp . 38 38 38 38 Tidewater Assn 18% 17% 18% 18 Un Oil of Cal .. 26'% 26V* 26V* 26% Steels—iAm Roll Mills .. 29 28% 29 28% Beth Steel 56% 56 56 55% Ludlum Steel .. 28% 28% 28% 27% Mid Steel 41 40 40’* 37% ' Natl Steel 69% 69% 69% 69V* Otis Steel 18% 18% 18% 18V* Rep Ir A steel 23% 23 23% 23V* Rep Ir A St pfd 93 93 93 93% U S Steel 64 64 % 64% 63V* iU S Steel pfd .. .129% 129 129 128% i Warren Bros ... 8% 8% 8% 8% i Youngstn SAT 50V. 50% 50% 50% ! Motors— Auburn - 49% 49% 49% 48% ! Chrysler 96% 95V* 96 95% Gen Motors .... 66% 66% 66% 66 Graham Mot ... 3% 3% 3% 3% Hudron . 18 17% 17% 17% Hupp 2% 2% 2% ... Nash 19% 19% 19% 19V* Packard 11% 11% 11% 11V/ ! Reo 7% 7% 7% 7;>* ! Studebaker .... 13% 13% 13% 13V* Vellow Truck... 19'/* 18V* 19 19V* Motor Access—i Bendix 28% 27% 28 27% Bohn Alum .... 57 57 57 56% Borg Warner ... 81 80% 80% 80% i Budd Mfg 12% 12% 12% 12% Budd Wheel 11% 11% 11% 11% Eaton Mis 34% 34V* 34% 34 s* Elec Auto Lite.. 40% 40% 40V* 40% Greyhound iB).. 63% 63% 63'% 63'% ! Houdaille 28% 28% 28% 28V* , Murray Boiiv ... 20V* 20V* 20% 19% Stew Warner... 21% 2t% 21V* 21% ' Timken Rod ... 69% 63% 69% 69% j Timken Det Axle 15% 15% 15% 15'% Mining—- : Alaska Jun 15 15 15 15 1 Am Metals 34 34 34 33% ; Amer Smelt .... 85 85 85 83% Anaconda 34% 34% 34% 34% Cal A Hecla 7% 8%, 8% 8% Cerro De Pasco.. 53Va 53% N 53% 52% Int Nickel 47% 47% 47% 47% Kennecott Cop.. 37% 37% 37% 37% Mclntyre Mine . 39% 39% 39% 40 Phelps Dodge ... 36% 36% 36% 36% U S Smelters... 90 89% 90 89% Vanadium 22% 22 22 22 Amusements— Crosley Radio .. 21% 21% 21% 20% Fox Theat 27'% 27% 27% 27 Loews Inc 48 V* 48 48 47 Radio Corp 13'/ 13 13 12V* Paramount 9% 9% 9% 9% RKO 7% 7% 7% 7% Warner Bros 12 12 12 12 Tobaccos— Am Snuff 82% 62V* 62% 61'% Am Tob (B) 92% 92% 92% 92% Lorillard 22% 22% 22% 22% Reynolds X (B) 53% 53% 53*4 53% Kails— Atchison 73 72% 73 72% Atl Coast Lines 29 V* 29V* 291* 28% B A O 18% 18% 18% 19% Can Pacific .... 12% 12% 12% 12% Ch A Ohio 57% 57 % 52 % 57 Vi Chi A Gl W pfd 6'/a 6% 6% 6 C 1 M A St P . 2% 2% 2% 2% C M A St P pfd 4% 4;* 4% 4Vi Deia A Hud ... 43 43 43 43 Del Lac AW 19 19 19 19% Gt North pfd .. 36% 36 36 35% 111 Central 23% 23% 23% 23'/* LAN 73 73 73 73 M K A T 8 '/* BV* 8 % BV* N Y Cent 35% 35% 35% 35V* N Y New Haven. 4% 4% 4% 4V* Nor Pacific 30% 30 V* 30% 30% Pen R R 33% 32% 33V* 32% Sou Pac 33% 33% 33% 33'% Sou R R 17% 17V* 17% 17V* Union Pac 131% 131 % 131V* 131% Am Car A Fdy. 35 35 35 34 Am Loco 30 29 Vi 30 29% Am Steel Fdy ... 29% 29% 29% 28% "aid Loco 4% 4% 4% 4% Gen Am Tk Car. 55 55 55 55 Gen Elec 38 Vi 38% 38 % 38% Gen R R Sig .. 42% 42% 42% 45 West Air Br .. 43Vi 43 Vi 43 Vi 42% Westingh Elec... 114% 114 114 114 Utilities— Am & For Pwr. 9'/* 9 9’/* 9 Am Pwr A Lit,.. 12',* 12% 12% 12% A T A T . ...163 163 163 161% Ain Wat Wks ... 22% 22 22% 22 Col Gas A Elec. 15% 19% 19% 19% Common <st Sou 3V* 33% 3 Consol Gas 33% 33% 33>/a 33% Elec Pwr A Lit. 16% 15V* 15Vi 15V* int Hydro Elec . 4% 4% 4% 4% Int TA T 16% 16% lb% 16% Lou G& E 'A'. 22 Va 22% 22% 22 V* Nat Pwr A Lit.. 11% 11% 11% 11% North Amer ... 27 26% 27 26% Pac G E 36% 36*/* Pub 3erv N J . 41V* 41% 41V* 41 1 /* So Cal Edison.. 27 27 27 27 Std Gas 8% 8 8% 8% Stone A Webster 18% 18V* 18% 18% United Corp ... 7% 7% 7% 7% Un Gas Imp ... 16% 16V* 16'/* 16% Ut Pwr A Lt 'A’ 5% 5% 5% 5% Rubbers—

Goodrich 19% 19% 19% 19% Goodyear 28 % 28% 28% 28% U S Rubber .. . 28% 28V/ 28% 28% U S Rubber pfd 75% 74% 74% 74% Miscellaneous— Am Can 119 118 119 119 Brklyn Man Tr. 49’% 49% 49% 49% J X Case 151 149 151 147% Curtis Pub 21% 21% 21% 21% Deere <fc Cos . . 84 84 84 83’/* Eastman Kodak 164 I '* 164 1 /* 164 ■/* 163% Foster Wheeler. 32’% 32% 32'% 32% Glidden 48% 48% 48% 48% Int Bus Mach .177'% 177'% 177'% 177 Natl Cash Reg.. 26'% 26% 26'% 26% Foods— Am Sugar 51% 51% 51% 52% Armour 5% 5% 5% 5% Borden Prod ... 27'% 27% 27% 27% Can Dry G Ale.. 13% 13;* 13% 14 Gen Baking 13 127* 127* 12% Gen Foods 35% 35% 35% 35 Gold Dust 19% 19% 19% 19% G W Sugar 35 35 35 34% Natl D Prod ... 23% 23% 23% 23V* Std Brands .... 16% 16% 167% 16 7% United Fruit ... 73 73 73 73'/* Ward Bak "B”.. 2% 2% 2% 27* Wrigley 76 V* 76% 76 V* 757% Retail Stores— Assd Dry Goods. 16 16 16 15% eßst & Cos 54 54 54 52% First Natl St ... 43'% 43Vi 43'% 1 * Kresge S S 22% 22% 22% 22 7* Macy R. H. .. 46 457* 46 457, McLellan St 14% 14'% 14",* 14 % Marshall Field . 177* 177* 177* 17 Mont Ward ... 41% 41 41V* 407* Natl ea 97* 9",* 9"/* 9% Penney J C ... 74% 74 74 74 Sears Roebuck . 66% 65'% 657* 65% Woolworth 49% 49% 49V* 49% Aviatioln— Aviation Corp ... 7% 7 1 * 77* 7% Boeing Aircft .. 23% 23% 23 7* 22% Curtiss Wright . 7% 7", 7% 7% Curt Wright A.. 17% 177, 177* 17% Douglas Air 70 70 70 69% Nor Am Av .... 9% 9% 9% 9-^ Sperry Corp ... 207* 207* 207* 207* United Air new. 25V 2 25 7* 25% 25% Chemical*— Air Reduction 187'% Allied Chem 200 200 200 200 Com Solvents .. 217* 21 217* 20% Freeport Tex . 317* 317* 317* 317% Monsanto Chem 101 101 101 100"* Natl Dis (new).. 31'% 31 % 31% 317% Investment Trusts (By Thomas D. Sheerin & Cos.) . , , . . Bid. Asked. Administered Fund 2nd $16.70 *l7 77 Affiliated Fund. Inc 1 87 2.15 Amer General Equities 1.10 1 12 American Business Shares 1.18 1.28 (Bullock Fund, Ltd 18.15 19 62 Century Shares Trust 27.01 29.04 ; Collateral Tr Shares “A”.... 6.55 662 1 Corp "A” or ‘'Accum” (Mod.) 3.32 335 Cor “AA’’ or ”ACC” (Unmodi 2.65 2.68 Corp Tr Shares (Orig) .. 2.30 2.83 !‘Diveisified Tr Shares ‘ B'\. 10.48 10.58 [Diversified Tr Shares ”C” ... 4.51 4.55 (Diversified Tr Shares ”D”... 6.80 688 Dividend Shares. Inc 1.65 1 97 ‘lncorporated Investors 22.20 23.56 Investors Fund Amer ....... 106 116 Market St Investment Corp. 31.04 32.66 Maryland Fund 19.20 20.72 (Massachusetts Investors .... 25.57 27.79 ! Nation-Wide Sec C’o “B” 435 ... . •Nation-Wide Voting 1 77 1 92 ' North Amer Tr Shs 1955 3 30 3 34 | North Amer Tr Shs 1956 3.26 3 30 North Amer Tr Shs 'Origi 2.58 ... Quarterly Income Shares ... 157 1.72 Representative Trust Shares.. 12.45 Selected Amer Shares, Inc. . 1.56 171 Selected Amer Shares <Orig) 3.62 ..... Selected Cumulative Shares . 9.40 950 Selected Income Shares 4.89 4 99 State St Investment Corp 98.00 102 50 Super-C’orp of America "AA” 2.78 2.81 Super-Corp of America "BB” 282 2.85 Super-Corp of America “A”.. 4.20 4.25 1 Super-Corp of Americg ‘ B” 4.39 4.44 I Super-Cor of Am ”C” (fe "D” *OS 813 1 ’Supervised Sh, Inc (Delai . 166 182 ; Trus Standard Oilshares "A” 7.51 759 1 Tru* Standard Oilshares ‘-B” 6.71 679 Trus Standard Investment ”C” 296 2.99 ITr Standard Investment ”D” 290 2.33 1 Universal Trust Shares 4.26 4.31 , Uselps "A” 18 80 19 10 : Uselps "B ’ 2.90 •Uselps Voting 1.14 [ United Standard Oilfunds .... 1.34 1.47 •Ex-dividend.

SLIGHTLY USED STEEL FILES and DESKS At Substantial Reductions HILLER SUPPLY CO. 2* S. Tenn. St.

Monday, March 30,1936

Schenley Dist ..46 46 46 45% Tex Gulf Sulph 34% 34% 31 % 34 Union Carbide . 81V* 81% 81% 81% U S Ind A1c0.... 48 48 48 48% Drugs— Sterling Prod ... 71 71 71 70 Un Drug mew).. 14% 14Vi 14% 14% Zonite Prod 8 ’* 8% 8% 8% Financial— Adams Exp 12 12 12 12 Allegheny Corp.. 3% 3% 3% 3% Chesa Corp ... 65V* 65 65% 65 Lehman Corp .. 95% 95% A5% 95% Transamerica ... 13% 13% 13% 13% Tr Conti Corp.. 10'* 10'* ... 10% Building— Am Radiator f.. 23 22% 22% 22% Gen Asphalt 3i% 31% 31% 31'* Int Cement . 47% 47% 47% 47% Libby Owens Gls 57% 57% 57'% 57% Household— * Kelvinator 23", 23% 23% 23 Serve] Inc 22% 22% 22% 22% Simmons Bed 31% 31% 31V* 30% Textiles— Celanese Corp . 28% 27% 27% 27% Collins Aikman 45% 45% 45 , 45% Gotham Hose .. 11V* 111* 11% 11 N. Y. Bonds (Reprinted From Late Times Saturday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 91.9 91.8 104.9 96 2 Yesterday 91.8 92.1 104.9 96.3 WecV ago 92.0 92.0 105 3 96 4 Month ago 92.7 94.1 105.3 96.4 Year ago 84.1 71.8 93.8 83.2 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 A Paine) Treasurys Prev. Close. close. 4 Vis 1947-52 117.22 117.22 4s 1944-54 112.18 112.21 3 Vis 1946-56 m 110.30 3%S 1940-43 108.16 108.19 3%S 1941-43 108.28 108 3 Vis 1943-45 107.18 107.23 3 Vis 1941. 108 28 108.31 3 Vis 1944-46 107.10 107.14 3 Vi* 1946-49 105.16 105.20 3 Vis 1949-52 105.10 105.16 3s 1951-55 104.5 104.7 3s 1946-48 104.19 104.22 2%S 1945-47 102.23 102.29 2%s 1951 101.23 101.28 Home Owners Loan Corp. 2%S 1949 101.19 101.24 3s 1952 102.19 102.25 Federal Farm Mortgage Corp. 3 s 1949 102.25 102.31 3s 1942-47 103.13 103.15 DOMESTIC Prev. Close, close. Alleg Corp 5s ’44 92’/* 93 Alleg Corp 5s ’49 86% 86% Am Frgn Pow 5s 2030 76 75% Am Tel and Tel 5%s ’43 113*% 108 Vi Am Tel and Tel 5s ’65 112% 112% Arm ACo (Del) 5%s 43 97V* 97 Atl Coast Line 4%s ’64 85% 85% Atch Top AS Fe 4%s ’4B 117'% 111% Am Wat Wks 5s '44 108 107% Am Rolling (Mills 5s ’3B 119% 119% Balt A Ohk 6s ’95 93% 93% Balt A Ohio 4Vis ’6O 70 69% Buff Roch A Pitt 4%s '57 77 77’% Beth Steel 4%s ’6O . 106% 106 Chi Milw AStP 5s ’75 22% 23% Chi Milw A St P 5s 2000 7’/* 7% Cleve Un Term 5s ’73 106% 106 Cleve Un Term 4Vis ’77 101% .101 Vi Col Gas 5s Mav '52 103% 103% Col Gas 5s ’6l 103% 103 Vi Can Pac Perp 4s 92% 92V* Cent Pac 5s ’6O 95% 96 Big Four 4%s ’77 89V* 89% Big Four 5s ’63 98% 98V* Chi A West Ind 4s ’52 103% 104 Chi A Nor West 4%s '49 113% 114 Con Gas 5s ’57 104 104 Chesa Corp 5s '47 129% 129% N Y Dock 4s ’sl 70 64% Erie 5s ’75 76% 77% Erie 5s '67 771/4 yg Gen Cable 5%s ’47 105 105 Grt North 7s ’36 101% 101% Grt North 4 Vis ’76 101 101 Grt North 4 Vis ’77 100% 100 Vi Hud A Manhat Ref 5s ’67 .. 86% 85V* 111 Cent 4%s ’66 74 74% 111 Cent Jt 4%s ’63 79 78 111 Cent 5s ’63 84% 84% Interlake C A I 5s ’sl 95% 95% Interntl Hy Elec 6s ’44 57' 56% Interntl Tel A Tel 4Vis ’39.. 95 95% Interntl Tel A Tel 5s ’55 87% 87 % McKess A Rob 5%s ’SO 103% 103% Natl Dairy 5%s ’4B 103% 103% Natl Steel 5s ’56 105% Is 6 Nickel Plate 4'/is ’7B 80% 81 Vi Nickel Plate s'is ’74 93% 94 N Y Cent 5s 2013 90 90% N Y Cent 4%s 2013 (old).. 84% 84% Nor Amer Cos 5s ’6l 105% 105 Nor Pac 3s 2047 82% 82 Nor Pac 4%s 2047 102 101% Nor Pac 6s 2047 no'/* 110% New Orleans Term 4s ’53 92 92 Otis Steel 6s ’4l 102% 103% Penn Ry 4%s ’B4 108% 108'% Penn Ry 4%s ’7O 102% 102 Pac G A E 5s ’42 103 Vi 103 Para Publix 5%s 'SO 89% 90 Penn. PAL 4Vis ’Bl 106V* 106% Postal T A Css ’53 34% 34% Rem Rand WW 5%s '47 104 17 104 2 Shell Union Oil 5s ’47 102 4 102 Sou Pac 4'/is ’6B 89% 89 Sou Pac 4Vis ’Bl 88% 68% Sou Pac ,%s ’69 88% *BB% Sou Rail 4s ’56 62% 62% Sou Rail 6s ’56 79 79 ' Sou Rail 6Vis ’56 82% 82% Sharon Stl Hoop 5%s ’4B 103.9 103% Texas Pac 5s ’BO 102 101 % Texas Pac 5s ’77 102 102 Union Pac 4s ’47 113% 113% United Drug 5s ’53 100% 100% U S Rubber 5s ’47 155% 105% NY NH A Hart 6s '4B 36 35% NY N T I A Hart 4'% ’67 33% 35 Warner Bros 6s '39 95% 96 Western Mary sVis ’77 107% 107% Western Marv 4s ’52 100V* 100% Youngstown S A T 5s ’7O ...106% 106% Youngstown S A T 5s ’7B ...105% 105% FOREIGN Brazil 8s ’4l 32V* 31% Canadian Govt 4s ’6O 108V* 107% German 7s ’49 34"* 35% Yokohama 6s ’6l 82% 82'% Chicago Stocks (By Atkins, Hamill A Gates) 11:30 Prev. A. M. Close Advance Aluminum 8% 8 Allied Products 22% .... Asbestor Mfg 4% 5 Associated Investors 20V2 30% Bastain-Blessing u n% Berghoff ll'/* u% Butler Brothers 9% 9% Cent 111 Pub Serv pfd 59 59 Chicago Yellow Cab 28 Vi 26 Vi Cities Service 5% 5% Continental Steel 42% 42 Cord 7s, 7% Crane 25Vi 24% 1 Electric Household 15% 153* ! General Household 5 5% ; Godchaux- Sugar "B” 16% 16 Grt Lakes Dredge 29Vi 29 Jarvis Mfg ' 22 Vi 22 % Lion Oil Re ning 15 141, Loudon Packing 7% 73, ’McCord Rad “A - ’ 391, 40 Nat Gypsum 63% 61% Noblitt-Sparfcs 32 Northwest Bancorporation ... 11% Zenith 173/* ij” New York Curb (Bv Atkins, Hamill A Gates) 12:30 A. M. Prev. . „ . . „ , N. Y. Close. Am Cyanamid ”B * 36 * 37 I Am General 9% Am Superpower ‘ 2% * 2% Ark Natural Gas “A 7' g 7 Atlas Corp i33 g 111;, Carrier Corp J Creole Petroleum Corp 28’* 28 Crocker-Wheeler 12% 12% Elec. Bond A Share .. 24 23% Fisk Rubber 71, . Ford Motors Canada “A" ... 24% 24% Glen Alden •1) 143,, i4, g Gulf Oil Corp of Penn 93% 92% Humble Oil A Refining Cos. ... 72 Hygrade Food 4% 4% Imperial Oil of Canada 22 3 * Lake Shore Mines 53 531; Malybdenum Corp of Amer ... io'4 10% Natl Bellas Hess Inc 2% 2% Niagara Hudson Pwr 9% 9% Pennroad Corp 4% 4V* Root Petroleum 16% 17% St. Regis Paper Cos 4 7 * 4‘-* Salt Creek Producers Assn. ... 8% 8% Segal Lock 3% 3% Sonotone 3% .. Stutz Motor Car of Amer .... 2% 2% Technicolor. Inc 28% 29 Tubize Chatillon Corp 8 7 T Wavne Pump 27% ...

WE BUY li Waste paper i I CALL RILEY 6341 1 330 W. MICHIGAN ST.

SWINE MARKET ACTIVE. STEADY AT CITY YARDS Supply Estimated at 6000; Cattle Weak to 25 Cents Lower. The pork market was active and maintained a steady range today at the Indianapolis Union Stockyards in face of a sharp increase in the total number of receipts. The supply was estimated at 6000. the largest number on hand in several weeks. This, however, was offset with a fairly strong demand prevailing in the majority of classes. The top price paid for good and choice weights held at $10.85. Holdovers numbered 76. Bulk of choice kinds weighing from 160 to 225 pounds sold at $10.70 to SIO.BO, while mediums, scaling from 225 to 250 pounds, brought $10.45 to $10.60. Extreme heavyweights, from 300 to 400 pounds, were salable at $9.50 to 59.90. Slaughter pigs, from 130 to 160 pounds, cashed in- at $lO to $10.50. Packing sows held at $8.75 to $9.50. Trading developed slowly in the cattle market with a weak undertone evident. Most classes of steers were around 25 cents lower, while heifers and cows were steady due to light receipts. Bulk of steers sold at $7.25 to $8.25. Beef cows held at $5.50 to $6.50. Receipts numbered 1600. Only a slight change was evident* in veals. The bulk of good and choice grades sold at $10.50 to sll. Medium kinds brought $8.50 to $lO, and cull and common $6 to SB. Receipts were 700. Lambs were largely 10 cents higher with best fed westerns salable at $10.35 down. Sheep were scarce and steady. Receipts were 1500. HOGS March. Bulk. Top. Recepits. 24. SIO.SOfeUO.aO $10.90 5500 25. 10.70® 10.80 10.90 4000 26. 10.70fa!10.80 10.85 4000 27. 10.70(® 10.80 10.90 5000 28. 10.70(8)10.80 10.80 1000 30. [email protected] 10.85 6000 Lgiht Lights (140-160) Good and choice. $10.00(5:10.65 Medium 9.50(8)10.00 (160-180) Good and choice.. 10.65#10.85 Medium 10.20®10.65 (180-200) Good and choice.. [email protected] Medium 10.30(8)10.70 (200-220) Good and choice.. [email protected] (220-2501 Good and choice.. [email protected] Heavyweights (250-290) Good and choice.. [email protected] (290-350 Good and choice.. 9.65(5)10.05 Packing Sows (275-3501 Good 9.25<8> 9.40 (350-4251 Good 9.00@ 9.35 (425-550) Good 8.85<8) 9.25 (275-350) Medium 8.50® 9.25 Slaughter Pigs (100-140) Good and choice.. 9.25(8)10.00 Medium 8.25@ 9.50 CATTLE —Receipts, 1600— (550-900) Choice $ [email protected] Good 7.75@ 9.75 Medium 7.25@ 8.50 Common 5.75@ 7.25 (900-1100) Choice [email protected] Good [email protected] Medium 7.25® 8.75 Common 6.25@ 7.25 (1100-1300) Choice [email protected] Good [email protected] Medium 7.25(8) 8.75 (1300-1500) Choice 10.25(8)11.00 Good [email protected] Heifers (500-750) Choice B.oo@ 9.00 Good 7.50@ 8.25 Common and medium 5.75@ 7.50 (150-1901 Good and choice.... 7.50® 9.00 Common and medium 5.75@ 7.50 Cows Good 6.00@ 6.75 Common and medium 5.00@ 6.00 Low cutter and cutter 3.75@ 5.00 Lulls, good 6.00@ 6.50 Cutter, com. and med. bulls... 5.25@ 6.25 VEAI.ERS —Receipts, 700Good and choice [email protected] Medium [email protected] Cull and common 6.00@ 8.00 Calves (250-500 Good and choice.... 6.25® 9.25 Comrr ,i and medium 5.00@ 6.50 eeder and Storker Cattle (500-80 C, Good and choice 7.00@ 8.25 Common and medium 7.50@ 8.25 (800-10501 Good and choice... 7.25@ 8.65 Common and medium 5.50@ 7.25 Cows Good 4.75(8> 5.25 Common and medium 4.50@ 4.75 SHEEP AND LAMBS —Receipts. 1500— Lambs, 90 lbs. down, good and choice [email protected] 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@ 9.25 Medium 7.75@ 9.00 Unlisted Stocks (By Blyth A Cos.) NEW YORK BANK STOCKS n „ Bid. Ask. Central Hanover 11l 113% Chase 391% 41V* Chemical National 57 58% Guaranty 285 288% Irving 15% 17% Manufacturers 51% 83V* National City 35% 37 Cont 111 Chicago 166 169% First National Boston 45% 47% National Shawmut 28% 30% FIRE INSURANCE Etna Fire Ins 53% 55% American Ins of Newark ... 45% 17V Baltimore American 8% 9% City of New York 27 29% Federal Ins 49 52% Franklin Fire 31% 33 Great American Ins 29% 3'/\ Hanover Fire Ins 77 79% Ins Cos of A 72Vi 74% Home Ins 37% 39 National Fire 74% 76% National Liberty 9% 11% North River 27V* 29% Phoenix 89 91"* U S Fire 54% 56% Westchester Fire 36 V* 38% EXCHANGE OPENS TODAY PITTSBURGH, March 30.—Directors of the Pittsburgh Stock Exchange have authorized its re-open-ing, and trading was to get under way at 10 a. m. today. Trading was suspended on March 18 due to the rising flood waters. NET PROFIT INCREASES NEW YORK, March 30.—Net profit of the Underwood Elliott Fisher Cos. for the first two months this year increased by approximately 28 per cent, P. D. Wagoner, president, announced at the recent stockholders meeting.

LOANS REPAIRS AND NEW HOME BUILDING , See Your Local Building and Loan Assns.

BEMIS LETTER SERVICE 303 Merchants Bank Bldg. Lincoln 6122

Weekly Business Studies

'■ —' s=s=J- -J_' . ... COMMERCIAL FAILURES CONTINUE LOW , *0 J- - -j r4ooo r 40' "42 \ r 5 Yo'-t== j- /l—V - eooj? < 25' J r—■ rs \l \jf “ 1 r 'SOO > 120 -Jr 4 - N-TAILURES *\ 6 I „ }■-[ I ■ I ■ • t (DUN 1 BRADSTREET) £ i b-i? 27 ’.aae rb 1930 tay *33 tVM iwaggS the barker corp. general DISTRIBUTORS incorporated investors 1 1 -- 111 - , "r.T-s.-.-s=ar.aiJ

In every business cycle commercial failures increase rapidly as the depression deepens and decline in number as we travel upward toward normal. Both business failures and their liabilities hit the top in 1932. Since then they have declined very rapidly, until last year they were the lowest in 15 years. Since 1932 liabilities have dropped faster than the number of failures, which means that the average failure is for a smaller amount. Failures continued high during the years of apparent prosperity—--1927, 1928 and 1929. This was largely due to heavy debt accumulations. Today business and debts are well liquidated. Those concerns now in business represent the “survival of the fittest.”

PRODUCE PRICE TRENDUNEVEN Shipments Continue Heavy at Rate of 17,000 Car Loads Daily. Timex Special WASHINGTON, March 30.—Although trading was fairly active in fruits and vegetables at the major markets in the Midwest last week, the general price trend was irregular, according to the weekly report of the United States Department of Agriculture released today. In the Eastern section Pittsburgh and some other major centers were greatly disturbed by severe flood conditions and the price action was erratic for a few days, it was reported. Aside from this division, the price trend for potatoes, celery, cabbage and green onions continued higher. Wholesale prices were about steady in the Midwestern area for onions, lettuce, tomatoes, sweet potatoes, beets, peas, carrots and apples. Spinach declined following a sharp upturn in the preceding week. The carlot movement of produce continued heavy, reaching 17,000 carloads during the third week of the current month, an increase of more than one-fourth over the same week last year. The market for potatoes, lettuce and citrus fruits was much more active than in the corresponding week a year ago. Potato prices, which have been strong for more than a month, continued to advance in the East and in some of the Midwestern producing sectios. but held about unchanged at Chicago and in the Far West. Shipments continued at the rate of about 1000 cars a day, including much seed stock. Apple prices continued lower with increased shipments largely responsible. BANKERS TO MEET Timex Special CHICAGO. March 30. —Bankers from 14 states are making arrangements to attend the conference on banking service to be held in Chicago April 2 and 3, it was indicated today by advance registrations received by the local bankers’ committee in charge of arrangements for the meeting.

FINAL USED CARS

WIN A USED CAR —RULES—1. Find out how many ad* e.ach firm ha* in today's Times Used Car Ads. 2. Visit at least one used-car showroom or lot of one of the advertisers in today’s used car column* and write a suggested ad about a used car NOT advertised in today’s Times. Begin the ad with the make of the car and describe the car fully. 3. Entries must be in The Time* Want Ad office not later than Tuesday. March 31st, at 6 p. m. F.ntrics received later will not be counted in the judging. 4. A credit of $256 will be issued to the winner, who may use it to buy a used ear for that amount, apply it as part payment on a higher priced used car or apply it as part payment on anew car. The credit may be used only with * dealer participating in The Times Final Winter Clearance of Used Cars feature. 5. Neatness and originality of presentation will he. counted In the judging. No entries will he returned and The Times ran not enter into any discussion f entries. The decision of the judges will he final. * The eontest is open to any one other than employes of The Times and Indianapolis automobile dealers.

TODAY’S OFFERS ON PAGE*I7 The Indianapolis Times

Bank of China Seeks Agency An application has been filed by the Bank of China with the Neiv York State Banking Department seeking permission to establish an agency in New York City. H’. R. White, superintendent of banks, is considering the application.

STOCK MARKET WEEK IN REVIEW

By United Prcxx NEW YORK, March 30.—Trading on the New York Stock Exchange sagged to the lightest levels of any week this year during the last six days and prices sagged off in nearly all directions. There were periods of strength when the automobile shares performed on the upside and wide gains were made by the farm implements and some of the chemicals. Late in the week, however, the market easily slipped back as traders took to the sidelines awaiting more definite indication of the trend. Franc Embargo Rumored Impetus for Friday’s selling was furnished by fears the gold bloc was about to crumple. The French franc fell below the point at which it is profitable to import gold from France. It was understood New York banks were arranging to take gold from Paris. Meanwhile rumors circlated here and in Paris that the French government was contemplating an embargo on gold. Such embargo would be deflationary in dollar terms and might bring selling in stocks and commodities, experts said. However, the majority opinion was the financial community has been amply prepared for abandonment of gold by the French. Early in’ the week flood news predominated and there was further hesitation over the Hitler situation. The latter has not yet been settled to the satisfaction of the financial community, although none now believe war will result at this time. As for the floods, the actual losses have not yet been measured and some believe the market has not fully reacted to the huge economic destruction. Sugar Futures Set Records Commodity prices were irregular with the indexes showing very little change for the week. Some experts feel that commodities would drop sharply at least for a time if the French were forced off the gold standard. Sugar futures stood out, making new highs for eight years. Outlook for heavier demand for new automobiles brought new buying into the leading automobile issues. General Motors made anew high since 1929 before the late reaction. It held part of its gain, as did several other members of the group.

Final winter clearance of used cars offers your best opportunity to buy a car at rock-bot-tom prices. Dealers have reduced prices especially for this event. And the alphabetical listing of hundreds of good "buys" makes it easier to select just the car you want.

EASTERN FLOOD REPAIR PUSHED AT RAPID PACE Reconstruction Expected to Add Impetus to Spring Trade. Reconstruction is proceeding rapidly in the flooded Eastern states and will add a marked impetus to the normal spring expansion in business. Business Week magazine said in its issue today. Paint, machinery, lumber, glass, structural steel, chemicals, drugs and retail merchandise of all types are due for an added fillip, the publication declares. “Retailers whose stocks were waterlogged just as the Easter buying spree was getting under way are pressing wholesalers for immediate attention. Shutdowns in steel, textile and paper mills are temporary. Motor plants suffered no delay on steel deliveries, but continued to increase production. Pipe Order Largest in 5 Years “Machine-tool and machinery builders believe the flood will bring them a windfall of business. Many plants will find that equipment now on the borderline of usefulness will not be worth the effort to clean. Restoration of Pittsburgh steel operations to 45 per cent of capacity was achieved in short order, against the 50 per cent rate attained just before the flood. “Construction steel business booked so far has totaled 478.947 tons, against 332,971 in the same weeks of 1935, with private projects looming larger than they did last. year. Reconstruction work following the flood will alio bring in sizable tonnages. “Pipe fabricators are rheered by | the 44,000-ton order of 22-inch pipe which the Panhandle Eastern Pipe Line recently placed, constituting ! the largest pipe order in five years. An $18,000,000 project, it will bring ; natural gas from Indiana to Detroit, 800 miles. “In states outside the flood sections, business continues to gain momentum. Retail trade is set for the biggest spring season in at least five years. Delivery problems constitute the most trying obstacles to sales.” NET EARNINGS DOUBLE American Radiator Corp. Earns 21 Cents a Share During 1935. | Timex Special CHICAGO. March 30.—Due to widespread improvement in the building industry during 1935, the American Radiator and Standard Sanitary Corp. today reported earnings double those of the preceding year. Consolidated net income for the year amounted to $2,798,000, or 24 cents a share on the common stock, i against a net of $1,455,227 or 11 cents i a share in the previous year. During | the six-year period from Dec. 31. 1929, to close of 1935, the company has paid common dividends in the sum of $22,086,676. according to Clarence M. Woolley, chairman of the board. DECLARES DIVIDEND Timex Special CHICAGO, March 30.—Directors of the Gotham Silk Hosiery Cos. have announced the accumulation of $1 and a regular quarterly of $1.75 | on the preferred stock, both are pay- ! able May 1 to stock of record April ‘ 13.