Indianapolis Times, Volume 48, Number 20, Indianapolis, Marion County, 3 April 1936 — Page 38

Trends New Tax Program Analyzed by Flynn. BY JOHN T. FLYNN

YORK, April 3.—The new Ux bill as reported by the Bouse committee gives us our first glimpse of the specific plan which is proposed to deal with corporate taxation. For the benefit of the wayfaring man, a simple explanation of the plan may be made as follows: Let us suppose a corporation has profits of SIOO,OOO. Under the exist-

ing law it will be subject to a tax of something less than 15 per cent, or $14,400.* Let as assume that the corporation put aside $40,000 to surplus and distributed the balance, or $45,560 in dividends. The dividends would not be taxed in the hands of the stockholders save through surtaxes. That is,

Flynn

they would escape the 4 per cent normal tax but would be subject to the surtax. Let us suppose that these dividends were distributed to ot/OClCholders whose taxable incomes averaged SIO,OOO. The surtax would be 6 per cent. On the $45,560 in dividends, assuming it came into the hands of stockholders averaging SIO,OOO incomes, the surtax would be roughly $2733. tt M U THE total tax collected by the government from the corporation and the individuals, therefore would be $17,173. This, of course, is a rough calculation because it is difficult to average surtaxes. Now how will it work under the proposed new act? On the income of SIOO,OOO the corporation would pay no lax; if it distributed the entire SIOO,OOO in dividends there would be no corporation tax. The corporation would be taxed only on the amount it did not distribute—on what it retained as euripus. Let us apply it to the same case. The corporation earns SIOO,OOO, It retains a surplus of $40,000 as before and thus V $60,000 to distribute in dividend-- instead of $45,560. tt a tt ON the $40,0)0 whf ;h it holds as surplus, tie tax will be 25 per cent or SIO,OOO. On the $60,000 distributed as dividends, the stockholders will have to pay the normal tax of 4 per cent or $2400. Let us assume again that the dividends come into the hands of stockholders having an average net taxable Income of SIO,OOO. The surtax would be 6 per cent on $60,000 or $3600. The total tax in this case would be: Surplus tax $10,00(1 Normal tax 2,400 Surtax 3,600 $16,000 ana IT is only where surpluses of more than 40 per cent are retained that the government will begin to break even or perhaps add a little to its income. Os course the tax is based on the theory that it will affect large number of large incomes where the surtax is as much as 75 per cent. That it will affect many such incomes is true, but there will be also an enormous number of small incomes where there will be little or no surtax. It would seem to me to be far better to keep the present corporation tax of 15 per cent, with the excess profits tax, and then work out a carefully graded tax on undistributed surplus. I Copyright, 1936, by NEA Service, Inc.) On Commission Row (Quotations below subject to chance are average wholesale prices being offered to buyers by local commission dealers.) FRUIT Strawberries: Florida. pint, 14c; 36-pint crate. $4.50. Fears—Washington D'AnJo (100s box), $3.25. Limes—Mexican, carton. 20c: Persian seedless (doz.), 45c. Bananas, seven hands, pound, SUc. Apples—Delicious (fancy baskets), $2.15; Jonathans, $1.65; Rome Beauty, $135. Lemons—Sunklst (3605), $6.50 Grapefruit —Texas seedless <s4s-80s>, $4; Arizona Sunklst (80s). $3. Pineapples—i24s) crave, *5.25. VEGETABLES Artichoke. California (doz.). sl. Beans, green round stringless (hampers). $3.50@4. Beets—Texas i3 doz. crate), $1.75; cut offs ibu.;. Cabbage—New Texas (crate), *2; half crate, *1.25. Carrots—CallfoTiia (6-doz. crate), *2.75; Texas (3% doz. cratei, $1.50. Cauli. flower, California (12s crate), $1.85. Celery —Florida washed and trimmed (doz.), 45(8) HOc; Florida (4a, 6s, Bs. 10s crate). $3.25. Cucumbers —Hothouse idoz.), $1.50; (southern bushel), $6. Egg plant—Florida (doz.), *1.50. Kale—(Virginia bushel). 85c. Let-tuce-Iceberg, Arizona (best 6s, ss), $3; home grown leaf (15-lb. baskets), 75c. Endive—California (doz.), 75c. Peppers— Mangoes (crate), $6; peck basket, $1.50; doz,, 60c. Mint—Hothouse tdoz.), 75c. Mushrooms—Pound, 30c. Mustard—Texas, half crate. *1.40. Onions—lndiana yellow (50-lb. bag), 75c; Colorado Spanish (50-lb. bag), *1 85. Oyster plant—Home grown (doz.), 40c. Parsley—Southern dong bunches. doz.), 45c. Parsnips—Home grown washed, bushel. *1; half-bushel, 60c. Peas— Florida, hamper, $4; Texas, crate, $3.50. Potatoes—Michigan Round Whites, 100-lb. bag, *1 65; Maine Green Mountains, 100-!b. bag. (2 29; R. R. Early Ohio. 100-lb. bag. *190; R. R. Triumph, 100-lb. bag, $1.85; Idaho Russets, 100-lb. bag, $2.25; Idaho bakers, 70s box, $2 50: New Florida Triumphs, 50-lb. bag. *2 75. Sweet Potatoea —Tennessee Nancy Halls, hampers, rl .15; Indiana Purerto Ricans, bu. crate. 1 50. Radishes—Home grown buttons, doz.. 65®75c; white, 50c. Rhubarb—Hothouse, bunch. 45c. Rutabagas—Northern 60-lb bag, *1 25. Sage—Doz.. 45c. Shallots —Louisiana, doz.. 45c. Spinach—New Texas. bu„ *l. Turnips— New. bulk Texzs, bu., *1.15. Tomatoes—Repacked. 10-lb. box, *1.75. FRUITS AND VEGETABLES (Bv United Press (SHICAOO, April 3—Apples—Michigan Mclntosh, bushel. 65c051.25 Carrots— Illinois, bushel. 25@30c Sweet potatoes— Tennessee, bushel. 90c. Beans—Florida, bushel, $2 50(83.75. Cabbage Texas, crates, *1.6801.75. Peas—California, bushel hampers, $3.7503.25. Spinach—Texas, bushel. 504180 c Lettuce —western crates. 5 dozen. $2 5002.85, Celery—Florida crates. *2 2503 25. Tomatoes—Mexican lugs. s34z 4. Cauliflower —California, crates, $1,650 1.75. Onion marxet (50-lb. sacks): Illinois vellows. Michigan yellows, Indiana yellows. ifhSSOc: Minnesota yellows. 7075 c; Texas.

jf* 3 THE WONEY QUESTION relating to home building or buying finds a satisfactory answer in iLiwllMßkf ufflOv our lr ' ort K a K losn service. Funds ft l] || >A in any reasonable amount are //|l n|HHj|U!l t\ available here for improvements ffljj IiAM:, U as well as for mirrhaaing desiiI ' ) ably located reiudential or merit PUnflU /L cantile property. We also refinance yWlikljll'Sinlilmlllrnii yf\ existing mortgages. Low rates. / yy'v**) Convenient terms. C/H H The UNION TRUST I Mk\ ft company loan department It* K. Market St. 111. 6541

I ILL ._L ♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 38

INCOME TAXES PARE SALARIES OF EXECUTIVES Stipends of Corporation Heads Further Cut by State Levies. BY VINCENT LYONS Times Special Writer NEW YORK, April 3.—Corporation executives whose annual salaries are in the SIOO,OOO to $300,000 class must turn over from 32 to 49 per cent to the Federal government for tax purposes, a survey revealed today. These annual stipends are whittled further by taxes imposed by state governments. In the case of New York State, the income levy is graduated from 2 per cent to 7 per cent on all incomes above S9OOO. The Empire State also has a 1 per cent emergency tax. Thus those executives in the SIOO,OOO to $300,000 class have only a portion of it left for their own use after the tax collectors have taken their cut. The large inroads made into such incomes are largely the result of the heavy surtaxes now imposed by the Federal government. Steel Chief’s Case Cited. How pressing the surtax is can be seen in the case of the official of a steel company whose annual salary totals $250,000. Assuming that this individual had no other income and giving allowances to $3900 of deductions, he would have to pay a tax of $9844 based on the normal income levy of 4 per cent. The graduated surtax imposes a flat levy of $80,500 upon the incomes of $200,000 and a tax of 54 per cent on the difference between $200,000 and $300,000. Using the. same calculations as were applied to the computation of the normal income tax, the executive would have to pay an additional $103,234. After meeting these demands the $250,000 a year man has but $136,922 left. Nets Less Than 50 Per Cent Completing this transaction, the executive confronts the New York state collector. A graduated normal tax ranging from 2 to 6 per cent on the first S9OOO of income yields the state S3BO. All income in excess of S9OOO, however, is taxed a flat 7 per cent, in lieu of a surtax, and this costs the executive $14,695 more. A l per cent emergency levy brings the state payment to $17,460. Thas, after meeting the two tax bills the executive has netted but $119,462 out of his $250,000 salary, or less than 50 per cent. The higher tax basis has been followed by a tendency of corporation managements toward increasing salaries of top-ranking officers. This is being done so that the corporation indirectly pays the heavy surtax imposed upon the executive's income. Chicago Stocks (By Atkins, Hamill & Gates) 11 30 Prev. . _ . . A. M. close J. D. Adams ig Advance Aluminum 8 8 Asbestos Mfg 4% 41/_ Associated Investors 34 33 y. Bastian-Blessing n% n Berghoft 12% 12 i/. Butier Brothers g3 /4 95. Cent 111 Pub Service pfd 60 59 Cities Service 51/, 5 Continental Steel 7% 73/ Electric Household 15% 133/. General Household 8 8% Godchaux Sugar “B” 18 18 Jarvis Mfg 22% 23 Ken-Rad TANARUS& L 12% 12 Libby McNeil & Libby 9% 914 Lincoln Printing 9% 0' Lion Oil Refining 137/. 14% Loudon Packing I" 73* 71* Nachman Spring Filled 15% 15> Nat Gpysum 63 fii % Noblitt-Sparks 317/. 31 2 Signode Steel 12 12'. Standard Dredge pfd 17 16 ' Zcni: -h 19% 19 v‘t New York Curb (By Atkins. Hamill & Gates) 12:30 P. M. Prev. ... _ N Y. close. Aluminum Cos of America ... 140 141' 2 Am Cyanlmld ' B" 38 37 Am Gas & Electric 38 38% Am General 11 10 v 2 Am Superpower 2% 2 s /* Ark Natural Gas “A'’ 7 6% Atlas Corp 1334 135^ Carrier Corp 10 97, Creole Petroleum Corp 29’* 29 \ Crocker-Wheeler 13 s * 13% Elec Bond and Share 23% 23 s * Fisk Rubber 714 71® Ford Motors Canada “A" ... 24% 24 s * Glen Alden (1) 14% 14% Greenfield Tap and Die Corp. 9 8% Gulf OH Corp of Penn 95% 96 s * Humble Oil and Refining Cos. 72 72 s * Huyler's of Del pfd 33Vi 33 % Hygrade Food 5% 4 7 * Imperial Oil of Canada 23% 23 s * Irving Air Chute 25% 25 Lake Shore Mines 53% 53% Mueller Brass Cos 31\ 31 s * Molybdenum Corp of Amer ... 11% 11% Natl Bellas Hess Inc 2 s * 2 s * Niagara Hudson Pwr 10'. 2 10'4 Pan-American Airways 61 1 a 61 Pennroad Corp 4% 4% Reliable Stores Corp 18% 18*4 Root Petroleum 18 18* 2 St Regis Paper Cos 444 4% Salt Creek Producers Assn ... 8 8' Segal Lock 3<4 3% Sonotone 314 3* Sterchi Brothers Stores 6 s s * Stuts Motor Car of Amer .... S% 2% Technicolor,. Inc 30% 30% Tubizr- ChaMUon Corp 8 8 Wayne Pump 29 7 * 29% Chicago Grain Futures (By James E. Bennett * Cos.) 9:00 Prev. Wheat— High. Low. A. M. close. Mav 95% .94% .95 .94% July 84*4 .84 .84% .83% Sept 83 .82% .83 .82% Corn — May 60% .60' ■ .60*4 .60 July 59% .59% .59% .59% Sept 59% .59% .59% .59 Oats— May 25% .35% .25*4 .25% July 26% .26 ,26 .26 Sept 26% .28% .26% .26% RyeMay 52*4 .52% .52% .51% July 52% .52 .52 .51% LOCAL CASH MARKET City grain elevators are paying 87 cents for No. 2 aoft wheat. Otner grades on their merits. Casfl corn new No. 4 yellow 48 cents and oats 18 cents.

Portfolio of All Member Banks on Call 4 °| “I I * I 1 1 T I T 1 1 1 1 “ A Bills & Commercial Paper - b Govt Direct Debt \ c Other Sec.+Lqans ottRX * 1 A i> Loans o>t Securities oc 30 ' rTtfrrT '“rjrnT TftTTTwH&HiOV. \ e All Other Loans & - m ’ KB ■ s _ "nilT] 1 1rrrfmTTntitn11nliiliTnufTl o 3 c5 10 - HHHb | ||.||||i 11 Ml j o 1 mKm , 1929 , 1930 , 1931 1932 1933 , 1934 t 1935

ALL MEMBER BANKS—This chart reveals the major trends in the composition of the earning assets of the banks. The deficit and spending program of the government are dirictly responsible for the large holdings of government bonds. It is interesting to note that business loans \Ttem E) showed an encouraging expansion from July to the end of last year. The small increase in loans on securities is explained by the borrowing of brokers and dealers in New York City.

New York Stock Exchange Prices

(By Thomson & McKinnon) 11:15 Prev. Oil*— High. Low. A. M. close. Atl Rfg 34% 34% 34% 34% Barnsdall 18% 18% 18% 18% Consol Oil 14% 14% 14% 14% Cont of Del 36V, 35% 36’/* 36% Houston (new).. 10% 10% 10% 10% Mid Cont. Pet.... 22% 22% 22% 22% Ohio Oil 15V* 15 15 15 Pet Corp 16% IS 7 /, IS 7 /, 16% Phillips Pet 49*4 49 49 48% Plymouth Oil ... 16% 16% 16% 16% Pure Oil 23% 23% 23% 23% Seaboard Oil 38% 38% 38% 48% Shell Un 17% 17% 17% 16% Skelley OH 29% 29% 29% 29% Soc Vac 14% 14% 14% 14% S O of Cal 45% 45 45% 45% S O of Ind 38% 38 38% 38 S O of N J 66% 66% 66% 66% Texas Corp 38% 38% 38% 33 Tidewater Assn.. 18 18 18 17% Steels— Acme Steel 70% 70% 70% 71 Am Roll Mills 30% 30% 30% 30V* Beth Steel 60% 59% 59% 59*, 2 Cruc Steel 38% 38% 38% 38% Inland Steel 111 111 111 111 Ludlum Steel . . 29% 29% 29% 29% McKeesport Tin 109 108% 109 108 Mid Steel 45% 45% 45% 45% Natl Steel 69% 69% 69% 69% Otis Steel 19% 19% 19% 19% Rep Iron & Steel 24% 24% 24% 24% Rep Iron & Stl p 95’ 2 95% 95*/ z 95 U S Pipe & Fdy 37% 37%' 37'% 37% U S steel 68 % 67% 67% 68*4 U S Steel pfd .129% 129'% 129'/* 129% Warren Bros 9V* 9% 9% 9*% Youngstown S-T 51% 51% 51% 51 Motors— Auburn 50V* 50% 50% 50% Chrysler 100'/ 99% 100% 99% Gen Motors 69% 69% 69% 69% Graham Mot ... 3% 3% 3% 3% Hudson 18% IBV4 18'% 18% Mack Truck .... 34 34 34 33% Nash 20% 20V* 20 s /* 20 Packard 11% 11% 11% 11% Rco 7% 7% 7% 7% Studebaker 13% 13% 13% . 13V* Yellow Truck ... 19>% 19% 19% 19% Motor Access— Bendix 28% 28% 28'% 28*4 Bohn Alum 59% 59'% 59% 58% Borg Warner ... 81% 81% 81% 82 Briggs 62V, 61% 62V* 62 Budd Mfg . ... 14% 14'% 14'% 14*% Budd Wheel 12V* 12 12 11% Eaton Mfg 36% 36% 36% 36% Elec Auto Lite . . 42% 42 42 42 Elec Stor Bat . 49'% 49‘4 49'4 49'% Greyhound ‘'B". 64% 64'% 64'% 65 Houdaille 30% 30 30% 30 Murray Body .. 20% 20'% 20'% 20'% Stew Warner ... 23'% 23% 23'% 23% Timken Roll . . 69'% 69% 69'% 68% Timken Det Axle 17% 17'% 17'% 17% Mining— Alaska Jun 14% 14% 14V* 14% Am Smelt 87'% 87'% 87*% 86% Anaconda 37% 37 37 37V* Cal & Hecla .... 9% 9 9V* 8% Cerro De Pasco 54*% 54'% 54'% 54'% Gt. Nor Ore .19 19 19 18V* Homestake Min 490 490 490 Ins Copper .... 12'% 12% 12'% 12% Int, Nickel 49 3 % 49'% 49% 49% Isl Creek Coal.. 28 28 28 28'% Kennecott Cop .. .39 38% 38% 31 Mclntyre Mine . 41% 41% 41% 42'4 Park Utah 4'% 4% 4% 4% Phelps Dodge — 39 38% 38% 39'% St Joe Lead ... 28 27% 27% 27% U S Smelters... 90 90 90 90 Vanadium 23'% 23% 23'% 23% Amusements Crosley Radio . 21 21 21 20% Loews Inc 47% 47% 47'% 47'% Radio Corp .... 13% 13 13 13 Paramount 9% 9'% 9% 9% RKO 7% 7% 7% 7% Warner Bros .. 12'/* 12 12'/* 11% Tobaccos— Am Sum Tob 24'% 24'% 24'% 24'% Am Tobacco B 94 94 94 93 Ligg & Myers B 102 102 102 102 Lorillard 33% 23 23'/* 23 Phillip Morris . 75% 75 75'% 74'% Reynolds Tob B 78'% 77% 77% 78 Rails— Atchison 78'% 77% 77% 8 Atl Coast Lines. 21% 21'% 21% 21% B& O 21% 21% 21% 21% Can Pacific 13% 13% 13% 13'% Ch & Ohio 57% 57 % 57'% 57% C M & St P pfd 4% 4% 4% 4% Chi N W pfd... 10% 10% 10% 10% Dela * Hud ... 47% 47 47% 46 s * Del Lac & W. 20% 20 % 20 % 20% Erie 15% 15% 15% 15% Erie pfd 24% 24 24% 23% Gt. North pfd.. 38% 38% 38'% 38% 111 Central 25% 25'/* 24V* 25% K C Sou 25V* 25V* 25V, 25% Lou & Nash ..75 75 75 74% MK & T ... B'% 8% B'% 8% MK & T pfd .. 23% 23% 23 s * 23% Mo Pac pfd 6% 6% 6% 6% N Y Cent 37% 37%. 37% 37% Nor Pacific 33% 33% 33% 33% Penn R. R 34% 34% 34V* 34'„ Sou Pac 36% 36V, 36V, 36% Sou R R 18% 18% 18V, 18% Union Pac 134% 134'% 134'% 133'% W Maryland ... 10% 10% 10% 10% Equipments Am Brake Shoe 49% 49% 49% 49% Am Car & Fdy.. 36% 36% 36% 36% Am Loc 31% 31 31% 31'% Am Stl Fdy 30% 30% 30 Vi 30% Bald Loco 5 4% 4V* 4% Gen Am Tk Car 52% 52% 52*4 51% Gen Elec 39% 39% 39% Gen R R Sig . 45% 45% 45% 46 Pullman Inc ... 43 42% 42% 43% West Air Br ... 44'% 43% 44% 44% Westingh Elec... 121 120'% 120% 120% Utilities— Am & For Pwr. 8% 8% 8% 8% Am Pwr & Lit.. 12% 12V* 12% 12% AT&T 165% 165 165% 165',* Am Wat Wks .. 22 s * 22 22% 22 Col Gas & Elec 20% 20% 20% 20% Comm & Sou ... 3'* 3% 3% 3 Consol Gas . 34% 34 34% 33% Elec Pwr & Lit. 14% 14% 14', 141? Int Hydro Elec . i'% 3% 3% 3% Interboro R T . 15% 15% 15% 15% Int T & T 17 17 17 17 Nat Pwr & Lit. 11 % 11% 11% 11% North Amer 2’*4 27V* 27% 27' Pac G&: E 33% 38% 38% 37% Peoples Gas ... 42 42 42 42 Pub Sen; N J .. *O% 40% 40% 40% So Cal Edison .. 27% 27 27** 27% Stone & Webster 19 18% 19 18% United Corp ... 7% 7% 7% 71* Un Gas Imp ... 16% 16% 16% 16% Western Union . 89% 89% 89% 89% Rubbers— Firestone 11% 31 % 31% 31% Goodrich 20 20 70 20% Goodyear 29% 29% 29% 28% U S Ruboer . . . 29% 29% 29% 29'* Miscellaneous— Allis Chalmers . 49% 49% 49% 49% Am Can .125% 125 125% 125' Am Mach & Fdy 25% 25% 25% 25% Anchor Cap 24 5 , 24 5 , 24% 24% Brklvn Man Tr. 50 49% 50 50 Conti Can 82% 82% 82% 82% Caterpillar Tract 75% 75 75% 7 3 Crown Cork ... 50% 50 50% 50 Curtis Pub 22% 22% 22% 22% Deere & Cos 88 88 88 87% Foster Wheeler . 33% 33% 33% 33%

Thomson & McKinnon NEW YORK members CHICAGO 11 New York Stock Ez'hange. TORONTO Kew York Curb ExCaan S“New York Cotton Exchange. C A r rr U ‘ T>i?xm _ New lork Coffee an <i Sugar Exchange x “ DE/IMU • New Orleans Cotton Exchange. FT. WAYNE 11 Chicago Stock Exchange. EVANSVILLE || Chicago Board of Trade. Winnipeg Grain Exchange. Ifldl(tHQpoll8 Office And other leading Exchanges. 200-214 Circle Tower LI. 5501

FRIDAY, APRIL 3, 1936

Gillette 17% 17% 17V, 17 Glidden 50% 50% 50% 50% Ingersoll Rr.nd .135% 134% 134% 134% Int Bus Mach ..182 180% 182 180 Inter Harv 87V* 87'/* 87% 87 Natl Cash Reg.. 28% 28% 28% 27% Owens Bottle ..157 156 156 154 Rem Rand 21% 21% 21% 21'/* Worthington P... 34'% 34'% 34% 34 Foods— Am Sugar 53% 53% 53% 53% Armour 5% 5% 5% ss/*5 s /* Beatrice Cream’y 23% 23% 23% 23V* Borden Prod .. 28V* 28 28% 27% Cal Packing..;. 34 34 34 34 Coca Cola 89 89 89 89% Cont Bak (A).... 17V* 17% 17% 17V* Corn Prod 74% 73% 74% 73% Cuban Am Sugar 12 12 12 12 Gen Baking 13 13 13 12% Ger. Foods 36% 36% 36% 36% Gold Dust 20% 20 20 20 G W Sugar 35% 35% 35% 35% Natl Biscuit. 34% 34% 34% 34% Natl D Prod 23% 23% 23% 23% Purity Bak 13V* 13% 13% 13% S Porto Rico Sug 32% 32% 32V 2 32% Std Bands .... 16% 16% 16% 16% Un Biscuit 26 26 26 26V* United Fruit.... 75 75 75 75V* N. Y. Bonds (Reprinted From Late Time* Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 91.8 92.6 104.6 96.4 Yesterday 91.8 92.0 105.0 96.3 Week ago 91.9 92.7 105.1 96.6 Month ago 92.7 93.4 105.1 97.1 Year ago 85.1 71.8 94.0 83.6 1936 high 93.4 95.6 105.5 97.6 1936 low 91.5 84.7 103.5 93.3 (Copyright, 1936, by Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Treasury* Prev. Close close 4 i/ 4 s 1943-45 117.23 117.24 4s 1944-54 112.19 112.20 3%s 1943-47 108.6 108.4 3Us 1943-45 107.19 107.18 3'As 1941 108.28 108.31 3'As 1944-46 101.11 107.10 3V*s 1949-52 105.13 105.9 3s 1951-55 104.4 104.2 3s 1946-48 104.21 104.19 2%s 1945-47 102.27 102.24 2%s 1951 101.26 101.23 Home Owners Loan Corp. 3%s 1949 101.18 101.19 3s 1952 102.17 102.20 Federal Farm Mortgage Corp. 3'As 1964 104.5 104.4 3s 1949 102.26 102.27 3s 1942-47 103.14 203.14 2%s 1949 102.8 DOMESTIC Prev. Close. close. Alleg Corp 5s '44 92% 91% Alleg Corp 5s ’49 85'/a 86', 2 Am Tel & Tel 5%s '43 113 113 Am Tel & Tel 5s '65 .. 113 113 Arm &Cos (Del.) 5%S ’43 97V* 97'A Atl Coast Line 4s ’52 98 98'% Atl Coast Line 4%s ’64 85 84% Am Wat Wks 5s ’44 . 107% 107 Am Rolling Mills 5s ’3B 122% 122'% Balt & Ohio 6s '95 95 95 Balt & Ohio 4'/as '6O 72'A 70% Buff Roch & Pitt 4%s ’57 ... 79% 78 Beth Steel 4%s '6O 105% 105% Chi Milw &StP 5s ’75 23% 23 Chi Milw & St P 5s 2000 7% 7% Cleve Un Term 5s ’73 106'A 106% Cleve Un Term 4%s ’77 101% 101% Col Gas 5s May ’52 103 103 % Col Gas 5s April ’52 ,103'A 103% (Col Gas 5s ’6l 102% 102% Can Pac Perp 4s 93 92% Cent Pac 5s ’6O 96% 95% Big Four 4Vis '77 90% 89% Big Four 5s '63 98 98 Colorado &So 4'/ 2 s ’BO 74% 73 Chi & West Ind 4s ’52 104'A 104% Chi & West Ind 5%s '62 106'A 106'/ Chi & Nor West 4%s ’49 14 13% Con Gas 5s ’57 .104 104 Chesa Corp 5s ’47 130% 129 Del & Huds 4s '43 86% 85% N Y Dock 4s 'sl 75 70 N Y Dock 5s '3B 67% 63% Erie 5s ’75 78% 77 Erie 5s '67 78% 77 Gen Cable 5%s ’47 105V* 105 V, Grt Northern 7s ’36 101% 101% Grt Northern 4'is '76 101% 101 Grt. Northern 4%s '77 101% 100% Hud & Manhat. Ref 5s ’57 .. . 86% 86 111 Cent 4%s '66 76% 74% 111 Cent Jt 4%s '63 80% 78% 111 Cent 5s '63 85 84 Interlake C & I 5s 'sl 96 95% Interntl Hy Elec 6s '44 45% 48% Interntl Tel & Tel 4%s ’39.. 96 96% Interntl Tel & Tel 5s ’55 ... 88 89 Interntl Tel & Tel 4%s ’52 .. 84 84% P Lorillard 7s '44 132% 132% McKess & Rob s'is ’SO 103% 103 Vi Natl Dairy s'As '4B 103% 103% Natl Steel 5s ’O6 106% 105% Nickel Plate 4%s ’7B 3 81% Nickel Plate 5%s '74 95 95% N Y Cent 5s 2013 91% 90% N Y Cent 4%s 2013 (old).. . 84% 84% Nor Amer Cos 5s ’6l 105% 106% Nor Pac 3s 2047 • . ...!!!!!.!. 82% 82 Nor Pac 4%s 2047 100% 100% Nor Pac 6s 2047 ..110% 110% Nor States Pow 5s ’4l 104'A 1041? New Orleans Term 4s ’53 ... 92 91% Otis Steel 6s ’4l 102% 102% Penn R.v 4'is ’B4 108% 108 7 ? Penn Ry 4%s >Bl !!i!.. 109 108% Penn Ry 4%s ’7O 102% 102% Pac G & E 5s '42 miti Portland Gen PI 4'is ’6O .. 72% 7134 Para Publix 5%5.’50 90 89% Penn P& L 4%s 'Bl 106 106% Postal Tel & Cab 5s ’53 .... 34% 34% Sou Pac 4'is '66 90 ao% Sou Pac 4'is 'Bl I'.. 89% 88% SOU Pac 4'is '69 oq-t 55’ Sou Pac 4s ’49 " oqlt 2r7' Sou Rail 4s ’56 2 55 /s Sou Rail 6s '56 7'qi/, Sou Rail 6%s ’56 "' ’ 84 sa * Sharon Stl Hoop 5%s '48.103% 103% Texas Pac 5s ’BO ... . {02% ini 7 Texas Pac 5s ‘19........ 102 inU" Texas Pac 5s '77 102% 10J3" Union Pac 4s '47 . ! United Drug 5s ’53 1“... ion% inn ® U S Rubber 5s ’47.. ins i22v NY NH & Hart 6s ’4B ’ .. 35% NY NH & Hart 4% s W. I”: 35% 34* Warner Bros 6s '39 qij. 2 0? Western Marv 5%s ’77 ..."'107% inii' Western Marv 4i*’a ‘. I! lioo* l 00% Youngstown S * T 5s '7O i&% Youngstown S & T 5s '7B 105% 105% foreign Argentina (A) 6s ’57 ino inn Argentine 181 6s ’SB qg% ms; Brazil 8s ’4l 7? 72 Canadian Govt 4 S >6O . .'"‘107% 102s' German 5%s '65 27 8 2? 3 " German 7s ’49 “ 743/ Italy 7s ’sl .......V 7?^ £& a nd. 7s . 'I* 7 , ' ••••'■ 105-% 105% Rome 6%s 52 62% fill! Tokio Citv 5%s '6l 4 SU* Yokohama 6s ’6l 80'A 80%

Retail Stores— Aliied Stores .... 8V BV, 8 7 /, 8V Assd Dry Goods 37 V* 17 17 17 Jewel Tea 70'/a 70% 70% 70 gresge SS 23 22V. 22% 23 Kroger Groc .... 24% 24% 24% 24% McCrory St 13'A 13 13 13V, McLellan St 14V* 14V* 14'/* 13% Marshall Field .. 18% 18% 18% 18% Mont Ward 44% 44% 44% 45 Penney J C 76 75% 75% 75% Safeway St 33% 33% 33% 33V* Sears Roebuck .. 68% 68 68 68% Woodlworth 50% 50 50'/* 49% Aviation— Aviation Corp .. 7% 7% 7% 7% Boeing Aircft ... 23% 23% 23% 23% Curtiss Wright.. 7% 7% 7% 7% Curtis Wr "A” ..18 18 18 IT% Douglas Air 71% 71 71 70V* Nor Am Av 10% 10 10 V* 10 Sperry Corp .... 21'A 20V* 21V* 21 Uni Aircft New.. 27% 27% 27% 27 Com Solvents ... 22V, 22V* 22'A 21% Du Pont 150 149% 150 149'A Freeport Tex ... 31% 31% 31% 32 Liquid Carb 41'A 41 41 40% Math Alkali 34 33% 33% 34'A Natl Dis 1 new). 32% 32'% 32% 32'% Tex Gulf Sulph.. 35 35 35 35 Union Carbide .. 85 84% 85 84% U S Ind Alcohol. 57% 56% 56% 57% Drugs— Coty Inc 6'A 6'/ 6'A 6'A Lambert 23 23 23 23 Un Drug (new). 14% 14% 14% 14% Vick Chem 44% 44% 44 Vi 44 V, Zonite Prod. ... 8% 8% 8% 8% Financial— Adams Exp .... 13‘/ 13V, 13% 12% Allegheny Corp . 3% 3% 3% 3% Chesa Corp 66'A Lehman Corp. . 97% 97% 97% 96% Transamcrica ... 14 14 14 14 Tr Conti Corp .. 10% 10% 10% 10% Building— Am Radiator ... 24 23% 24 24 Int Cement 48% 48V, 48% 48% Johns Manville. .113% 113 113% 112'/* Otis Elev 31% 31% 31% 31 % U S Gypsum ...104 102'/* 104 101 Household— Col Pal Peet .. 18% 18% 18% 18% Congoleum 42 42 42 41 % Kelvinator 23 23 23 23 Proc & Gamble.. 46% 46% 46% 46% Servel Inc 22'/* 22 22 22 Simmons Bed .. 32'A 32V* 32'/* 31% Textiles— Celanese Corp .. 28V, 28% 28% 28% Collins Aikman .48 V* 48 V* 48 V* 48 Gotham Hose .. 11'/a 11% 11'/a 11 % Indus Rayon .. 30Vs 30% 30% 30V* Kayser Julius .. 29% 29'/* 29% 29Vi Local Securities (By Indianapolis Bond & Share Corp.) The following quotations do not represent actual bids or offerings, but merely indicate the approximate market level on buying and selling inquiries or recent transactions. BONDS Bid. Ask. Home T & T Fort Wayne 6% .104 105 Home T & T Fort Wayne 6..103 106 Indianapolis Railways Inc ... 65 t>B Indianapolis Water Cos 4Vis. 106 108 Indianapolis Water Cos 5 105 107 Indianapolis Water Cos 5 ...105 107 Idianapolis Water Cos s'/* 104'/* 106 Indianapolis Water Cos 5Va ..104'/* 106 Interstate T & T 5% 97 99 Kokomo Water Works 5 104 105% Morris 5 & 10 Stores 5 100 103 Muncle Water Works 5 ..103'/a Noblesville Heat Lt Pwr 6%.. 98 100% Ohio Telephone Serv 6 97% ... Richmond Water Works 5 ..105 106'/* 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 19 22 % Home T & T Fort Wayne 7.. 52% 54% Hook Drugs Inc com 17 18% Ind & Mich Elec Cos pfd 7..103% 106‘/a Ind General Service Cos 6 ... 97 99% Ind Hydro Elec Cos 7 54 57 Indianapolis Gas Cos com 6 .. 34 37 Indpls Pwr & Lt Cos pfd 6 . . 89 92 Indpls Pow & Lt Cos pfd 6%. 93 '96 Indianapolis Water Cos pfd 5 102 105 •North Ind Pub Serv pfd 5%s 63% 66% •North Ind Pub Serv pfd 6.. 73% 76% •North Ind Pub Serv pfd 7... 80% 83V* Progress Laundry Cos com 10 11% Pub Serv Cos of Ind pfd 6 ... 22 25 Pub Serv Cos of Ind pfd 7... 43% 46% South Ind Gas & Elec pfd 6 98 101 Terre Haute Electric Cos 89 91 % Union Title Cos com 19% 21'A •Ex-dividend. Investment Trusts (By Thomas D. Sheerin & Cos.) Bid Asked •Administered Fund 2nd $17.00 $18.09 •Affiliated Fund Inc 2.01 2.19 American General Equities .. 1.13 1.15 American Business Shares ... 1.21 1.31 Broad St Inv 25.50 31.55 Bullock Fund Ltd 18.75 20.12 Century Shares Trust 27.26 29.31 Collateral Tr Shs “A" 6 70 6.78 Corp “AA’’ or “Accm" (mod) 3.42 3.46 Corp “AA” or "ACC” (unmd) 2.72 2.75 Corp Tr Shs (orig.) 2.86 2.89 Diversified Trustee Shs ”B”.. 10.77 Diversified Trustee Shs “C” . 4.65 4.69 •Diversified Trustee Shs ”D” 6.90 6.98 Dividend Shares Inc 1.69 1.82 •Incorporated Investors 22.65 24.39 Investors Fund Amer 1.09 1.19 •Market St Investment Corp 31.33 32 97 Maryland Fund 19.75 21 31 •Massachusetts Investors .... 25.92 28.17 Nation-Wide Sec Cos “B” 4.46 Nation-Wide Voting 1 82 1 97 North Amer Tr Shs 1955 3.40 3A4 North Amer Tr Shs 1956 3.36 3.41 North Amer Tr Shs (orig.)... 2.63 Quarterly Income Shares 1.60 177 Representative Trust Shs 12.77 Selected Amer Shs Inc 1.60 1 75 Selected Amer Shs (orig.) 3.73 Selected Cumulative Shs .... 9.69 9.79 Selected Income Shares 5.03 5 13 •State St Investment Corp.. .101.00 106.00 Super-Corp of Amer "AA”... 2.86 289 Super-Corp of Amer “BB”... 2.90 293 Super-Corp of Amer ”A” 4.31 4 35 Super-Corp of Amer “B”.. 4.50 4 55 Super-Corp of Amer “C”-“D” 829 •Supervised Shares 13.5* 14 76 Trustee Stand Oilshares “A” 7.61 769 Trustee Stand Oilshares “B” 6.84 692 Trust Stand Investment “C” 3.03 307 Trust Stand Investment “D” 2.97 3.00 Universal Trust Shares 4.39 £ se ps 'A',', Uselps Voting ilig Untied Standard Oilfunds ... 1.34 1.47 •Ex-Dividend.

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

PORKERS AGAIN REACH Sll MARK AT STOCKYARDS All Classes Advance 10 to 15 Cents; Cattle and Veals Steady, Continued light receipts accompanied by a stronger demand resulted in a general advance of 10 to 15 cents In porker prices today at the Indianapolis Union Stockyards. The moderate upturn carried the top price for good and choice weights up to the sll mark. Traders were silent in commenting on the light supply, but it is believed that the sudden change in weather conditions is largely responsible for the limited shipments, which were estimated at only 3000 today, same as in the preceding session. Holdovers numbered 96. The general bulk of 160 to 225 pounds sold at $10.90 to sll, while medium heavies, from 250 to 300 pounds, brought $10.40 to $10.60. Extreme heavy slaughter classes, from 300 to 400 pounds, cashed in at $9.95 to $10.25. Lightweights, scaling 130 to 160 pounds, were salable $10.25 to $10.75. Packing sows held at $9.25 to $9.90. With only a few odd heads salable, the cattle market was scarce and unchanged. Most steers were valued at $7 to $7.75, while heifers ranged at $7.50 down. Beef cows sold at $5.50 to $6.50. Receipts numbered 500. Vealers continued stationary. The bulk of good and choice sold at sl£ to $10.50. Receipts were 700, Lambg were active and steady. A single load of choice fed Western grades sold at $10.50. Native lambs and slaughter sheep were scarce. Receipts were estimated at 700, including around 400 directs. HOGS March. Bulk. Top. Recepit.s. 28. $10.70010.80 SIO.BO 1000 30. [email protected] 10.85 6000 31. [email protected] 10.90 5000 April 1. [email protected] 10.90 4000 2. 10.75010.85 10.90 3000 3. [email protected] 11.00 3000 Light Lights (140-160) Good and choice. $10.25010.90 Medium 9.750 10.25 (160-180) Good and choice.. 10.90(5)11.00 Medium 10.45® 10.90 (180-200) Good and choice.. [email protected] Medium 10.500 10.90 (200-220) Good and choice.. [email protected] (220-250) Good and choice.. [email protected] Heavyweights (250-290) Good and choice.. [email protected] (290-350) Good and choice.. [email protected] Packing Sows (275-350) Good 9.70@ 9.90 (350-425) Good 9.35® 9.75 (425-550) Good 9.15® 9.60 (275-350) Medium 8.90® 9.75 Slaughter Pigs (100-140) Good and choice.. [email protected] Medium 8.50@ 9.75 CATTLE —Receipts, 500— (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@ 8.50 Common 6.25@ 7.25 (1100-1300) Choice [email protected] Good 8.25 @IO.OO Medium 7.25® 8.50 (1300-1500) Choice 10.00® 10.75 Good [email protected] Heifers (500-750) Choice 7.75 9 8.75 Good 7.25® 8.00 Common and medium 5.75® 7.25 (150-190) Good and choice ... 7.25® 8.75 Common and medium 5.50® 7.25 Cows Good 6.00® 6.75 Common and medium 5.00® 6.00 Low cutter and cutter 3.75® 5.00 Bulls, good 6.00® 6.50 Cutter, com. and med. bulls ... 5.25@ 6.25 VEALERS —Receipts. 700— Good and choice $ [email protected] Medium 8.00®10.00 Cull and common 5.50@ 8.00 Calves (250-500) Good and choice.... 6.25® 9.25 Common and medium 5.00@ 6.50 Feeder and Stocker Cattle (500-800) Good and choice 7.00® 8.25 Common and medium 7.50® 8.25 (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, 700Lambs, 99 lbs. down, good and choice slo.oo® 10.50 Good [email protected] Idedium 9.00® 9.75 Jommon 7.75® 9.00 E we s (90-170) Good and choice 4.50® 5.50 Common and medium 3.50® 4.50 Yearling wethers, good choice.. 9.00® 9.50 Medium 9.75® 9.00 Other Livestock (By Times Special) LOUISVILLE. April 3.—Cattle—Receipts, 200; moderately active and generally steadv market on light salable supply slaughter cattle; most common to medium grade steers and heifers. [email protected]; better finished fed steers quotable to $8.50 and above: bulk beef cows, [email protected]; practical top, $6; smooth heifer type cows quotable higher: low cutters and cutters mostlv $3A0®4.50; sausage bulls salable mostly $5.50®6.25; light beef type stockers and stock calves generally $6.50®8.50. Calves— Receipts. 750, including 425 stock calves; market steady: bulk good to choice grades [email protected]; medium and lower grades. $3 down. Hogs—Receipts, 500; market. 10c higher: better. 160-225 lbs.. $10.80; 230-250 lbs.. $10.50: 255-300 lbs., $9.95; 305 lbs. up. $9.50; 120-155 lbs.. $9.95; sows. $8.60; stags mostly $6.50 down. Sheep—Receipts, 50: lamb market quotable steady; better native wooled lambs salable mostlv 58.50@9; choice eligible higher; plainer grades. s6® 7.50; fat woc/d ewes mostly $4.50 down. HUDSON SALES INCREASE Times Special CHICAGO, April 3. Retail sales of Hudson and Terraplane cars in the United States during the first three weeks of March totaled 5655, an increase of 25 per cent over the same period last year, William R. Tracy, president, announced today.

☆ Commercial Banking Savings • Trusts , American National Bank AT INDIANAPOLIS

Good Friday Closing The New York Stork Exchange has announced it will be closed Good Friday, April 10. The Chicago Board of Trade also will suspend trading , Many commodity exchanges trill be closed for a double holiday over the Easter week-end.

New Business Books Available at Library The following new business books are now available at the business branch of the Indianapolis Public Library: THE WAR OF THE COPPER KINGS: 9ni.DF.BS OF BUTTE AND WOLVES OF WALL STREET, by C. B. Glasscock. Men who labored, roistered, starved, fought and died with neither help nor criticism from a paternal government. When opportunity offered, they seized it. when it failed to appear they made lt. WORLD MARKETING, by V. D. Collins. How one cantap the vast multi-bil-lion dollar market of world trade in the most efficient wav. LEGAL RESPONSIBILITIES AND RIGHTS OF PUBLIC ACCOUNTANTS, by W. D. Rich. The public accountant’s liability for negligence, libel and fraud, and the law relating to his certificate and to him as expert witness, and some of his special rights. INDIVIDUALIZED EDUCATION BY MEANS OF APPLIED PERSONNEL PROGRAMS, by J. E. Walters. Presents the modern personnel point of view to engineers, business men. and college students, as well as to personnel office workers. SPEECH INDEX: AN INDEX TO 4 COLLECTIONS OF WORLD FAMOUS ORATIONS AND SPEECHES FOR VARIOUS OCCASIONS, ed. by R. B. Sutton.

4480 NEW CARS SOLDINCOUNTY First Quarter Registrations Exceed Year Ago by 757 Units. New car registrations in Marion County during the first quarter of the current year aggregated 4484, compared wtih 3727 in the corresponding period a year ago, according to a report released here today by the Indiana Clipping Service. The latest figure was an increase of 757 units over 1935 and compared with the total of 4511 registered during the boom year of 1929. The most remarkable increase in the present registrations over a year ago was made by Chevrolet, which totaled 1081 against only 552 a year ago. Ford was second on the list with 1052, against 1215 in the preceding year. Plymouth registrations, which totaled only 620 in the latest quarter, against 696 a year ago, displayed a decrease of 76 units for the year. Other registrations ranking in the “first ten” include: Dodge, 392 against 341; Oldsmobile, 343, compared with 275; Pontiac, 202, against 157; Buick, 142, compared with 57; Terraplane, 131, against 93; Studebaker, 111, against 41, and DeSoto 93, compared with 64 a year ago. LOCAL FIRM CLOSES 4 BUSINESS LEASES Klein & Kuhn Announce New Contracts in City. The closing of four business leases with Indianapolis concerns, was announced today by Klein & Kuhn, Inc., local contractors and real estate dealers. D. W. McNew, Inc., operating the Peacock Shoe Shop at 28 Monument Circle, was the first to complete negotiations for a longterm lease. The Crown Jewelry Cos. has leased larger quarters at 4 W. Market-st for a retail jewelry and optical store. Appointment of Virgil Hoagland and M. C. Smith, local architectual firm, to design one of the most modernistic stores of its type in the city, was announced by Maurice Tavel, manager. Acquiring space at 112 Monument Circle, the Park Liquor Store is installing one of the most modern and up-to-date store of Its type in the city. Leases also have been closed with the Thompson Ice Cream Cos. in seven Indiana cities, together with several additional locations in Indianapolis. The cities are Princeton, Brazil, Vincennes. Washington, Marion, Muncie and Sullivan. STOCK INCREASE ASKED Timet Special CHICAGO, April 3.—Authorization of an increase in the common stock of the Graham-Paige Corp. from 2,500,000 to 3,500,000 was asked at the stockholders' annual meeting recently. Subsequent to the stockholders approval, 600,000 shares will be offered them for subscription at $3 a share, on the basis of one share for each four held.

Office Managers and Stenographers LOOK! GIYEN AWAY $2 Bex of CARBON or RIBBONj given wiih g_ g. pn w (10 reams) all for 11 Box of CARBON or RIBBONS given wiih p C/% s*.so worth of SECOND SHEETS. w (80 reams) all for —— 15 Box of CARBON or RIBBONS given wiih P W <SO reams) all tor ■ Your gift can boa combination of Carbon Paper and Typewriter Ribbon. M you prefer. The second sheet. *ro yellow. I PILOT Stapling Machine GIVEN .. fl I with 25,000 staple, at *0.95 M I ACE Stapling Machine GIVEN I I with 50,000 staples at 5.75 1 (f=y|Aooo GEM CUPS ... $1 10 theusaad 25,000 or more $1.75 16c pwm. RhsJlkksdiMlUU North Side Store: 109 E. 34th Street

INCREASE DUE IN ORDERS OF WARJIRCRAFT Marked Gain in Government Plane Purchases Is Predicted. Timet Special NEW YORK. April 3.—A marked increase in government aircraft buying is due in the fiscal year beginning July 1, Standard Statistics Cos. reported today. Allocations for Army plane purchases are indicated at approximately $45,000,000, up $16,000,000 or 55 per cent as compared with the 1934-1935 year, the survey disclosed. The Navy is scheduled to get around $40,000,000, an increase of $14,000,000 or 54 per cent. Also, the chance is improving that the proposal to put a 10 per cent limit on profits from Army business, the maximum allowed on Navy orders, will not get through to enactment. Commercial Outgrowth Favorable The House approved the restriction, but the Senate threw it out and, without a record vote, refused to reconsider its elimination. No one knows, or at least no one will say, how much difference a 10 per cent limitation would make to a company like Douglas or United, and while it is likely that the manufacturers would fare considerably better under such a restriction than they would have one believe, there is not much question but that their profits will be bigger without it. Meanwhile, the outlook for foreign and domestic commercial demand remains generally favorable, particularly in the engine field. Replacement of commercial engines is expected to run well ahead of 1935, and while sales of commercial planes may fall short of yeari-earlier levels during the next few months, a lot can happen between now and Dec. 31. 34 LOANS APPROVED Banks Borrowed $5,740,830 From RFC During February. By United Brest WASHINGTON, April 3.—During February the Reconstruction Finance Corp. authorized 34 loans to banks and financial institutions, Chairman Jesse H. Jones reported to Congress today. The loans aggregated $5,740,830. Also, increases in loans authorized prior to Feb. 1 and aggregating $313,144 were made. Os this total of $6,053,974, $3,962,653 was used to aid in the reorganization or liquidation of closed banks and trust companies, Mr. Jones reported. 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, 18c; Leghorn breed hens, 'i6c; Leghorn springers. 12c: old stags. 13c; old cocks, 12c. Ducks, white. 5 lbs. and over. 11c; geese, full feathered, all sizes, 8c: 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, 33 , 2 @34%c; No. 2, 30%@31%c. Butterfat. 29c. (By United Press) CHICAGO. April 3.—Eggs—Market, easy: receipts. 32.781 cases: fresh graded firsts, 18Uc; extra firsts. 18%c: current receipts. 17%c; dirties. 16c; checks, 15’ 2 c. Butter —Market, steady: receipts. 7228 tubs; extra firsts (90-91% score). 29%c: extras i92 score), 29 3 ic; firsts (88-89% score). 28%® 29>4c; specials, 30V@30%c; standards. 29%c. Poultry—Market, steady; receipts. 17 trucks. 2 cars due; ducks. 17%(&23c; geese, 13®17c; spring chickens. 25®27c; hens, 17®22c; turkeys. 23@26c; capons. 25 @26c; Leghorn hens. 13@19c; old roosters, 16%c; broilers. 25@26c; fryers, 25®27c. Cheese—Twins. 14V, (a 14%c: Daisies. 14% @ 15c; Longhorns. 14%@15c. Potatoes—Supply moderate, demand good, market firm; Idaho Russet Burbanks. 51.85® 1.95; U. S. No. 2. $1.50; Wisconsin round whites, $1.15 @1.25; commercials. $1; Michigan russet Burbanks, *1.30; North Dakota cobblers. *1.25; Early Ohios, $1.37%; Minnesota Cobblers, $1.25; Early Ohios. $1.20® 125; Colorado McClures. $2.25® 2.35. Arrivals. 68; on track, 350; shipments. 553. Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS Bid Ask Bankers Trust 60 s * 62% Central Hanover 11l 3 * 114% Chase 39% 41% Chemical National 58 59% Guaranty 287'* 290% Irving 15% 17 s , Manufacturers 51% 52% National City 35 s * 38% Cont 111 Chicago 165 168'.* Flfst National Boston 45% 47% National Shawmut 28% 30V# FIRE INSURANCE Etna Fire Ins 54% 56% American Ins of Newark 15% 17% Baltimore American 8% 10% City of New York 26% 28% Federal Ins 48% 51% Franklin Fire 32% 33% •Great American Ins 30% 32% Hanover Fire Ins 37% 38% Hartford Fire 77% 79% Ins Cos of A 72% 74% Home 1n533 3 40% National Fire 74% 76% National Liberty 10 11% North River 28 30 Phoenix 88 90% U S Fire 55 57 Westchester Fire 37 39 •Ex-Dividend.