Indianapolis Times, Volume 48, Number 21, Indianapolis, Marion County, 4 April 1936 — Page 11

Trends Tax Program Wipes Out Democratic Principle. BY JOHN T. FLYNN

YORK, April 4.—One feature of the new tax bill seems to wipe out a principle for which the President and the Democratic majority made a great fight in its early days—that was the imposition of a tax on dividends received by one corporation from another—-inter-corporate dividends. Formerly, in the large holding

company groups, the dividends earned by a subsidiary were taxed as all corporation profits were, but when they came into the hands of the holding company they were not taxed any more. A tax on inter - corporate dividends was imposed in order to speed up the simplification o f c o m p 1 icated

Flynn

holding company structures. It began to have that effect. If Corporation A paid a 15 per cent corporation tax and then paid dividends to Corporation B and Corporation B had to pay taxes on those dividends, then the additional tax could be avoided by Corporation A being absorbed into Corporation B, thus simplifying the corporate structure. a tt tt THOSE who urged this tax were disappointed that it was not made larger. They hoped it might be increased and thus speed up the process of corporate simplification. But even as matters stood the law was having a very marked effect. The many plans for reducing the number of subsidiary corporations in vast corporation webs was due in no small measure to this tax. Under the proposed plan this tax is of course abolished. When Corporation A pays a dividend to its holding company. Corporation B, the dividend shall go into its net income, according to the committee report. It will there be taxed only to the extent that it is held in surplus. The effect of this, of course, will be to speed up the distribution of earnings, but there will be no longer any incentive or pressure on the holding companies to simplify their structures. a a tt THE bill has not yet been passed and, of course, it is not too late to remedy this. But it is difficult to see how it can be remedied under this new theory of taxing only surpluses. There is one other aspect of this bill. It definitely scraps the principle so long supported and finally recognized on all sides, of taxing corporate dividends at the source and at a higher rate than personal earnings either through personal services or personally managed businesses. Should a reactionary Administration come into power it is certain it will modify this tax bill. The Democratic Administration will have played into the hands of a reactionary Administration — Democratic or Republican —by abolishing the higher corporate tax rate. All the new Administration would have to do would be to reduce the surplus taxes to bring about a tremendous uecrease in total corporate taxes. The more one looks at this bill the more it looks like, not a statesmanlike effort to deal with the problem of taxes as a social measure, but an effort to get at a few pet hates of the Administration. (Copyright. 1936. by United Feature Syndicate. Inc.) INCREASE IN QUARTER LOADINGS PREDICTED Freight Shipments Experted to Rise 9.5 Ter Cent in Second Period. Times Special WASHINGTON, April 4.—Freight carloadings in the second quarter of 1936 are expected to increase about 9.5 per cent above actual loadings in the same quarter in 1935, according to estimates just compiled by the thirteen Shippers’ Regional Advisory Boards and made public today. On the basis of these estimates, freight carloadings of the 29 principal commodities will be 4.984,325 cars in the second quarter of 1936, compared with 4,551,737 actual loadings for the same commodities in the corresponding period in 1935. All of the thirteen Shippers’ Regional Advisory Boards estimate an increase in the loadings for the second quarter of 1936 compared with the same period in 1935. On Commission Row (Reprinted From Late Times Yesterday) (Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUIT Strawberries: Florida, pint, 14c; 36-pint crate. $4.50. Pears—Washington D Anjo (100s box). $3.25. Limes—Mexican, carton. 20c; Persian seedless (doz.). 45c. Bananas, seven hands, pound, 5%c. Apples—Delicious (fancy baskets), $2.15: Jonathans. $165; Rome Beautv. $1.35. Lemons—Sunkist (3605). $6.50. Grapefruit —Texas seedless (545-80s>. $4: Arizona Sunkist (80s). $3. Pineapples—(24s) crate, $5.25. VEGETABLES Artichoke, California (doz.). sl. Beans, green round stringless (hampers). $3.5034. Beets—Texas (3 doz. crate), $1.75: cut offs tbu.). sl. CabP***— New Texas icrate), $2: half crate. $1 25. Carrots—California (6-doz. crate), $2 75: Texas (J' doz. crate), $1.50. Cauli. flower. California il2s crate). $1.85. Celery —Florida washed and trimmed (dot.). 45® 90c; Florida (4s, 6s. 8s 10s crate). $3 25. Cucumbers—Hothouse (doz.), $1.50; (southern buahel). $6 Egg plant—Florida (doz.). $1.50. Kale—(Virginia bushel). 85c. Lettuce— Iceberf. Arizona (best 6s. ss) $3 home grown leaf (15-lb. baskets). 75c. Endtve—California tdoz.). 75c. Peppers— Mangoes (crate). $6; peck basket. $1 50doz.. 60c. Mint—Hothouse (doz.). 75c. Mushroom*—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 (dot.), 40c. Parsley—Southern (long bunch#a, dot.), 45c. Parsnips—Home grown washed, bushel, $1; half-bushel. 60c. TVas— Florida, hamper. $4: Texas, crate, $3 50 Potgtoes-Mlchlgan Round Whites. 100-lb *• *p** : Mlne Green Mountains. 100->b bag. $2 25; R. R. Early Ohio. 100-lb. bag' $190; R. R. Triumph. 100-lb bag. $1 8j : Idaho Russets. !00-!b. bag, $3.25; Idaho baker.. 70s box $2.50; New FlorlSa Triumphs. 50-lb. bag. $2 75 Sweet Potatoes—Tennesse* Nancy Halls, hampers, $1.15; Indiana Purerto Ricans, bu. crate $1.50. Radishes— Home grown buttons' doz., 65f75e; white, 50c Rhubarb—Hotbuneh 45e. Rutabagas—Northern 60-lb. bag. $1.15. Ba*e—Dot. 45c Shallots —Louisiana, dot.. 45c Spinach—New Texas * 1 _ Turnips— Ne*. bulk Texas, bu' •1.15. Tomatoes—Repacked. 10-lb, box,

INFLATION FEAR STILL PRESENT, GROUPAGREES But Bankers, Economists, Professors at Odds as to Remedy. By United Press NEW YORK, April 4.—The Academy of Poli .ical Science today had closed its semi-annual meeting with bankers, economists and college professors, all agreeing that the United States is threatened with credit inflation, but disagreeing on what methods should be used to control it. James Harvey Rogers, professor of political science at Yale University, said that inflation was inevitable only as long as the budget continued to show further deficits, Winthrop W. Aldrich, Chase National Bank chairman, suggested immediate higher Federal Reserve requirements as a check against inflationary tendencies before they got out of hand. Insists Easy Money Vital Russell C. Leffingwell, partner of J. P. Morgan & Cos., disagreed with Mr. Aldrich, insisting that easy money was necessary for recovery and that the government’s fiscal and monetary policies must be such as to increase, not decrease, the income of the people if the budget is to be balanced. Professor Rogers pointed out that the power of the Federal Reserve Board to raise legal reserve requirements by 100 per cent' should be sufficient to forestall anything approaching uncontrolled credit inflation—provided that power is effectively exercised. International Stability Stressed “Continued budget deficits,” Mr. Rogers said, “required continued Treasury financing. Treasury financing at reasonable rates requires easy and plentiful money conditions. But all checks to inflation are based upon reversing our easy-money policy and turning it into a tightmoney policy.” George L. Harrison, president of the Federal Reserve Bank of New York, emphasized the importance of international monetary stability as a means to an international gold standard. World trade must be maintained, he said, to maintain economic stability and to produce a higher standard of living. “It may be true that a nation can live within itself,” he declared, “but the price of complete nationalism must be a lower, not a higher, standard of living.” IMPORTS OF GOLD RISE DURING WEEK Shipments to U. S. Amount to $2,391,124. By United Press WASHINGTON, April 4.—A slight rise in gold imports and a decline in receipts of foreign silver were recorded during the week ended March 27, the Commerce Department reported today. Receipts of gold and silver totaled respectively $2,391,124 and $1,489,387. No gold and only $89,225 was exported during the week. Largest sender of gold was Canada, which contributed $1,427,692, more than half the total. France sent $8645, the recorded movements having been negotiated before the recent attack on the francOs the small silver shipments, the largest came from Mexico with $657,212 and Peru with $231,072. 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 Home Tt-T Fort Wavne 6!i .104 ' 105 k ' Home T & T Fort Wayne Q.. 103 106 Indianapolis Railways Inc ... 65 68 Indianapolis Water Cos 4%5..106 108 Indianapolis Water Cos 5 105 107 Indianapolis Water Cos 5 ...105 107 Idianapolis Water Cos 5' 2 104106 Indianapolis Water Cos 5Va ..104% 106 Interstate T & T 5Va 97 99 Kokomo Water Works 5 104 10514 Morris 5 & 10 Stores 5 100 103 Muncie Water Works 5 103>/a Noblesville Heat Lt Fwr 614.. 98 10014 Ohio Telephone Serv 6 ...... 9714 ... Richmond Water Works 5 ..105 10614 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 5514 Belt R R <fc Stock Yard ffd 6 52 Central Ind Pwr pfd 7 19 2214 Home TANARUS& T Fort Wayne 7.. 5214 54% Hook Drugs Inc com 17 18 1 2 Ind & Mich Elec Cos pfd 7..10314 106% Ind General Service Cos 6 ... 97 9912 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' 2 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% 8314 Progress Laundrv Cos com .... 10 11% Pub Serv Cos of Ind pfd 6 ... 22 25 Pub Serv Cos of Ind pfd 7 .. 43'4, 4614 South Ind Gas fz Elec pfd 6 98 101 Terre Haute Electric Cos 89 9114 Union Title Cos com 1914 2114 •Ex-dlvidend. Busigraphs PRICE OF SILVER (ENGINEERING & MINING JOURNAL) dm >935 1)936 TH£ PARKER CORfi GENERAL DISTRIBUTORS INCORPORATED INVESTORS Silver has had a hectic price career the past year. In December, 1932, silver could be bought for only 25 cents an ounce, the lowest price in the last 20 years. In May, 1935, the price reached 74.4 cents," or the highest since 1920. From the high point last May to the present time the price dropped 40 per cent. At its present price the silver in a silver dollar is worth only about 38 cents.

Abreast of The Times on Finance

(By Thomson Si McKinnon) (Reprinted From Late Times Yeterday) Prev. Oili— High. Low. Close, close. Amerada 116 113 1 a 113 1 3 115 All Rfg 34% 34 * 34’ 2 34% Barnsdall is 3 * 181* 18 1 * 18 2 Consol Oil 14 * 14% 14% 14}* Cont of Del 26** 35% 36% 36 • Houston (new).. 10% 10% 10% Mid Cont Pet 22 s * 221* 22% 22% Ohio Oil 151* 14% 15% 15 Pet Corp 16 * 16 J 2 161 2 16% Phillips Pet 49’-* 47% 47 7 48% Plymouth Oil 18% 16% 16% 16 3 Pure Oil 23% 23% 23% 23% Royal Dutch 55 V* 55 V* 55% 55% Seaboard Oil 39V* 381* 38% 38 * Shell Un 17% 17% 17% 16% Skelley Oil 301* 29% 301* 29% Soc Vac 14V* 14% 14% 14% 8O of Cal 45% 45 45 45% 3O of Ind 38'* 38% 38 s * 18 3Oof N J...... 66 s * 65 ‘ a 66% 66 V* Texas Corp 38% 38V* 38V* 38 T)dewater Assn.. 18 17% 17% 17% Un Oil of Cal... 27% 27 27 27 Steels— Acme Steels .... 70% 70% 70'/* 71 Am Roll Mills.. 30% 30% 301* 30V* Beth Steel 60% 59 59 59% Byers AM. 23 22% 2214 231* Cruc Steel 38% 38% 38% 38% Inland Steel 111% 111 111 3 * 111 Ludlum Steel .. 30% 29V* 30% 291* McKeesport Tin. 110% 108% 109% 108 Mid Steel 45% 44% 44% 45% Natl Steel 69% 69% 69 V* 69% Otis Steel 19% 19V* 19% 19% Rep Ir & Steel. 24% 24 24V* 24% U S Pipe & Fdy 37% 37'/* 37% 37% Rep Ir & Stl pfd 95% 95% 95% 99 U S Steel ... 68% 67% 67% 68'/* U S Steel pfd ..129V4 128% 129 129% Warren Bros . 9% 9% 9V* 9% Youngstown S-T 52V* 51% 51% 51 Motors— Auburn 50% 49% 50 50% Chrysler 101 99 1 % 99% 99% Gen Motors .... 70 69% 69% 69% Graham Mot ... 3% 3% 3% 3% Hudson 18% 18% 18% 18% Mack Truck 34% 33% 34% 33% Nash 20% 20 20 20 Packard 11% 11% 11% 11% Reo 8 7% 7% 7% Sludebaker 14'/* 13% 13% 13% Yellow Truck .. 19% 19% 19V* 19% Motor Acces— Bendix 29 28% 28% 28'/* Bohn Alum 59% 58% 58% 58% Borg Warner .. 81% 80 80 82 Briggs 62V* 61'/* 62% 62 Budd Mfg 14% 14'/a 14'/* 14'/* Budd Wheel 12% 12 12 11% Eaton Mfg 36% 36 36% 36'/*, Elec Auto Lite . 42% 42 42 V* 42 Elec Stor Bat .. 50 49% 49% 49% Greyhound “B”. 64% 64 64 65 Houdailte 30% 39% 39% 30 Murray Body .. 20V* 20% 20'% 20% Stew Warner ... 24 23'/* 23V* 23V* Timken Roll . . 69% 68'% 68% 68'% Timken Det Axle 17% 16% 16% 17 V* Mining— Alaska Jun .... 15 14% 14% 14% Am Metals 34% 34'% 34% 34% Am Smelt 87 Vi 85 85% 86% Anaconda 37% 36% 36% 37V* Cal & Hecla ... 9'% 8% 8% 8% Cerro De Pasco 54'% 53% 53% 54% Dome Mines ... 44 44 44 44 Gt Nor Ore 19% 18% 18% 18% Homestake Min 490 490 490 490 Howe Sound ... 53% 52% 53% 53'% Ins Copper 12% 12'/* 12V* 12'/* Int Nickel 49% 49 49 49% Isl Creek Coal . 28'% 28 28 28 % Kenneoott Cop .39 38'% 39 31 Mclntyre Mine .42 41% 42 42% Park Utah 4'% 4% 4% 4'% Phelps Dodge .. 39 38'/* 38'/* 38% St. Joe Lead ... 28 27 27 27% U S Smelters ... 90 89% 90 90 Vanadium ...... 23% 23'% 23% 23% Amusements— Crosley RlHio .. 22% 21 22% 20% Fox Theat 28 28 28 28 Loews Inc 47% 47 47 47'% Radio Corp .... 13'/*. 12% 12% 13 Paramount 9% 9% 9% 9% RKO 7% 7% 7'% 7% Warner Bro:i ... 12% 11% 11% 11% Tobaccos— Am Snuff 62'% 62 62'% 62 Am Sum Tob . 25 24'% 25 24% Am Tob "A" ... 92'% 91% 91% 91% Am Tob “B” ... 94 93 93 93 Gen Cigars ... 57 56% 56% 57 Lig & Myers ‘8’.102!4 101% 101% 102 Lorillard 23V* 22% 22% 23 Phillip Morris .. 75% 75 75 74% Reynolds Tob ‘B’ 53% 53 53 53'/* Rails— Atchison 78'% 77 77 78 Atl Ccast Lines.. 30% 30 30 30% B& O 21% 21% 21% 21% Can Pacific 13% 13 13% 13% Ch & Ohio 57% 57'/* 57% 57% Chi & Gt W 6% 6% 6'/* 1% C M & St P 2'/* 4% 4'% 2% Chi N W 3% 3% 3% 3% Chi N W pfd ... 10% 10% 10% 10% Dela & Hud .... 47% 46 46 46% Del Lac & W ... 20% 20 20 20'% Erie 15'% 14% 14% 15% Erie pfd 24% 23'/* 23% 23% Gt Northern pf. 38% 38% 38% 38% 111 Central 25% 24% 24% 25% K C Sou 26 25% 25'% 25% Lehigh Valley .. 12% 12% 12V* 12% Lou & Nash 75 74'* 74'% 74% M K & T B'% B'A B'4 B'% M K & T pfd.... 23'/* 23V* 23V* 23% Mo Pac pfd .... 6% 6'/* 6'/* 6% N Y Cent 37% 37 37 37% N Y New Haven. 4V* 4'/* 4% ... N Y Ont & West 6V* 6% 6% 6% Nor pacific 33% 32% 32% 33V* Penn R R 35 34V* 34% 34'% Reading 43 43 43 43'% Sou Pac 36% 35% 35'% 36V* Sou R R 18% 17% 17% 18'/* Union Pac 134'% 134 134 133'% Wabash 3% 3% 3'% 3'% West Maryland.. 10% 10'/* 10'% 10% Equipments—. Am Brake Shoe 49% 49% 49% 49% Am Car & Fdy.. 36% 36 36V4 36% Amer Loco 31% 31 31% 31'% Am Steel Fdy 30% 29% 29% 30% Bald Loco 5 4% 4% 4% Gen Am Tk Car 52% 52 52 51% Gen Elec 40 39% 39% 39% Gen R R Sig.... 46 45 46 46 Pullman Inc 43 41% 42 43% West Air Br ... 44% 43% 43% 44'% Westingh Elec ..121 119'% 119% 120% Utilities— Am & For Pwr.. 9 8% 8% 8% Am Power & Lit 12'% 12 12 12% A T & T 165% 165 165% 165'% Am Wat Wks 22% 22 22'/* 22 Col Gas & Elec.. 20% 20% 20% 20% Com & Sou 3’/* 3 3'/* 3 C'onsol Gas .... 34% 34 34V* 33% Elec Pwr & Lit.. 14% 14 14 14'/* Int Hydro Elec . 3% 3% 3% 3% Interboro R T . 15% 15% 15% 15V* Int TANARUS& T 17 16% 16% 17 Lou G& E “A” 22'% 22 22 22% Nat Pwr & Lit . 11'% 11'* 11'/* 11% North Amer .... 27% 27V* 27V* 27 Pac G& E 38'/* 37% 38 32% Peoples Gas ..... 42 41% 41% 42 Pub Serv NJ .. 40% 40% 40% 40V* So Oal Edison .. 27% 26% 26% 27V4 Std Gas 8% BV* B'a 8% Stone & Webster 19% 18% ig.% 18 5 g United Corp ... 7% 7%- 7% 7% Un Gas Imp ... 16% 16 16% 16'% Ut Pr <K Lit “A” 5% 5% 5% 5% Western Union . 89% 88% 88% 89% Rubbers— Firestone 31% 30% 30% 31% Goodrich 20'a 19% 19% 20% Goodyear 29'% 28% 28% 28% U S Rubber 29% 28% 29% 29% U S Rubber pfd. 76% 76% 76% 75% Miscellaneous— • Allis Chalmers . 49% 49% 49% 49% Am Can 125'% 124% 124% 125 Am Mach & Fdy 25% 25% 25% 25% Anchor Cap ... 25% 24 24% 24% Brklyn Man Tr. 50% 49% 49% 50 Burroughs Add 29 29% 28% 28% J I Case 161 % 157% 157% 159% Conti Can .. .. 82% 80% 80% 82'% Carter pillar Tra 75% 75 75% 75’ Crown Cork ... 52V* 50 52 50 Curtis Pub 22V* 21% 21% 22% Deere &Cos 89 86% 86% 87% Eastman Kodak 168'% 168 168 168 Foster Wheeler. 35 33'% 34% 39% Gillette 17% 17% 17% 17' Glidden 52 50% 52 50'% Ingt.soll Rand. .135% 134% 135',* 134% Int Bus Mach .182 181'i 182 180 Inter Harv 87% 86% 86% 87 Natl Cash Reg. . 28% 27% 27% 27% Owens Bottle. 157 156 156 154 Rem Rand 21% 20% 20% 21% Underwood E .. 83% 83 -93% 93% Worthington Pm 34% 33% 33% 34 Foods— Am Sugar 54% 53% 53% 53% Armour 5% 5% 5% 5% Beatrice Cream. 23% 23% 23% 23% Borden Prod ... 28% 27% 27% 27% Cal Packing ... 34 34 34 34 ‘ Can Dry G Ale. 14% 14% 14% 14% Coca Cola 89 87% 87% 89% Cont Bak ‘A’.. 17% 17% 17% 17% Corn Prod 74% 73 % 73% 73% Crm of Wheat. 35 35 35 35 Cub Am Sugar. 12 11% ip: 12 Gen Baking ... 13 12% 12% 12% Gen Foods, .... 36% 36% 36% 36% Gold Dust .... 20% 20 20% 20 G W Sugar .... 35% 35% 35% 35% Natl Biscuit ... 36 34% 35% 34% Natl D Prod .... 24., 23% 23% 23% Puritv Bak .. 13% 13'* 13’* 13% S Porto Rico Sug 32% 32% 32 5 a 32% Std Brands 16% 16% 16% 16% Un Biscuit 26 26 26 26% United Fruit ... 75% 75 75 75’! Wrielev 76 76 76 76 Retail Stores— Allied Stores 8% 8% 8% 8% Assd Drv Goods. 17% 17 17% 17 Best &Cos ... 56 55% 55% 56% First Natl Stores 45A 45% 45% 44% Gimbel Bros ... 10% 10 10% 10% Gm Un Tea 4% 4% 4% 4% Jewel Tea 70% 70% 70% 70 Kresge S S .... 23% 22% 22% 23 Kroger Groc .... 24% 24% 24% 24% Macy R H 47% 46% 46 s * 46% McCrory St 13% 13 13% 13% McLellan St . ... 14% 13% 13% 13% Marshall Field.. 18% 18% 18% 18% Mav Dent St ... 49 48% 48% 49% Mont Ward 44% 43% 44% 45 Natl Tea 9% 9% 9% 9% Penney .1 C 78 75 75% 75% Safeway St 33% 33% 33% 33% Sears Roebuck.. 68 s * 67% 68 68% Woolworth 50% 50 50 59% AviationAviation Corp .. 7% 7% 7% 7% Boeing Aircft .. 23% 23% 23% 23% Curtiss Wright.. 7% 7% 7 s * 7% Curtiss Wright AlB 17% 17% 17% Douglas Air 71% 70% 70% 70% Nor Am Av .... 10% 9% 9% 10 Sperry Corp ... 21 s * 20% 21% 21 Upltd Arcft New 27% 26% 26% 27

New York Stocks

SATURDAY, APRIL 4, 1936

Chemicals— Air Reduction ..188 187 187 188% Allied Chem 207'a 205 205 206% Am Com Solvent 30 29V* 29V* 29% Col Carbon 120‘4 117% 120 117% Com Solvents .. 22% 21% 21% 21% Du Pont 151 149% 149% 149 Freeport Tex ..32 31% 31% 32 Liquid Carb .... 42 41 41% 40% Math Alkali .... 34 33% 33% 34% Monsanto Chem. 100% 100 100 100% Natl Dis (new) . 32% 32% 32% 32',* Schenley Dist .. 47% 47% 47% 47 Tex Gulf Sulph. 35% 34% 34% 35 Union Carbide .85 84% 84% 84% U S Indus Ale.. 57% 55% 56V* 57% Drugs— Bristol Myers .. 47% 47’* 47% 47Vi Coty Inc 6% 6 6 6V* Lambert 23 22% 22% 23 Lehn & Fink ... 13V* 12% 12% 13% Sterling Prod ■. 71 70% 70% 70% Un Drug (new). 14% 14% 14% 14% Vick Chem 44% 44% 44% 44% Zonite Prod 8% 8% 8 3 /* 8% Financial— Adams Exp 13% 13 13 12% Allegheny Corp. 3% 3% 3% 3% Am Int Corp ... 11 s * 11% 11% ll 5 * Chesa Corp .... 68 66 66 66% Lehman Corp ..100% 97% 100% 96% Transamerica .. 14 13 3 /* 13% 14 Tr Conti Corp . 10 7 /* 10% 10% 10% Building— Am Radiator ... 24 23'/a 23% 24 Gen Asphalt .. 32% 32 32 32% Holland Furnace 42 40 41% 39% Int Cement .... 49% 48V2 48% 48% Johns Manville 115% 113 114 112% Libby Owens Gls 61% 60% 61% 60 3 * Otis Elev 31% 31 31 31'% U S Gypsum .104% 103% 104 101 Ulen Cons 6% 6% 6% 7 Household— Col Pal Peet 18% 18'* 18% 18% Congoleum 42 41% 41'% 41'% Kelvinator 23% 22% 22% 23 Mohawk Carpet. 26% 26% 26% 27 Proc & Gamble.. 47% 46% 47 46% Servel Inc 22% 21% 21'% §2 Simmons Bed .. 32V* 31 31 Sf% Textiles— Amer Woolen ... 10'/* 10'% 10'/* 10'/* Belding Hem ... 15 15 15 15'/* Celanese Corp .. 29% 28% 29 28% Collins Aikrr\an.. 48% 47V* 47'/* 48 Gotham Hose ... 11’% 11% 11% 11 % Indus Rayon ... 31 30 31 30V 7 * Kayser Julius .. 29% 29'/* 29'/* 29'% Real Silk 15% 15% 15% 15V* N. Y. Bonds (Reprinted From Lata Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails Util. Bonds Today 92.0 92.5 105.0 96.5 Yesterday 91.8 92.6 104.9 96.4 Week Ago 91.8 92.1 104.9 96.3 Month Ago 92.7 93.8 1(>6.0 97.2 Year Ago 84.8 72.0 94.1 83.7 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 Treasury* Prev. Close. Close. 4'/*s 1947-52 117.26 117.23 4s 1944-54 112.22 112.19 3%s 1940-43 108.15 108.15 3%s 1943-47 108.4 108.6 3%s 1941-43 108.29 108.31 3'/*s 1943-45 107.19 107.19 3>/s 1941 108.29 108.28 3'/*s 1944-46 107.9 107.11 3%s 1946-49 105.20 105.17 3%s 1949-52 105.25 105.13 3s 1951-55 104.4 104.4 3s 1946-48 104.22 104.21 2%S 1945-47 102.30 103.27 2%s 1951 101.27 101.26 Home Owners loan Corp. 2%s 1949 101.19 101.18 3s 1952 102.24 102.17 Federal Farm Mortgage Corp. 3s 1949 102.26 102.23 3s 1942-47 103.17 103.14 DOMESTIC Prev. Close close Alleg Corps 5s ’44 '. 93'% 92% Alleg Corp 5s ’49 87% 85'% Alleg Corp 5s ’SO 77 Am Frgn Pow 5s 2030 76'% 77 Am Tel & Tel 5%s ’43 113 113 Am Tel & Tel 5s ’65 113% 113 Arm & Cos (Del) s'%s ’43 97'% 97'% Atl Coast Line 4s ’52 98% 98 Atl Coast Line 4'%s ’64 85 85 Atch Top & S Fe 4Vis ’48.... Ill'/* 117'% Am Wat Wks 5s ’44 107'/* 107'/* Am Rolling Mills 5s ’3B 121% 122% Balt & Ohio 6s ’95 95% 95 Balt V Ohio 4Vis ’6O 72% 72'% Buff Roch & Pitt 4Vis '57 ... 79 79% Beth Steel 4'/*s ’6O 105'% 105% Chi Milw &StP 5s ’75 23V* 23'% Chi Milw & St P 5s 2000 7% 7V 7 s Cleve Un Term 5s ’73 106% 106'/* Cleve Un Term 4'%s ’77 101% 101% Col Gas 5s ADril ’52 103 103'/* Col Gas 5s ’6l 102% 102'% Can Pac Perp 4s 92% 93 Cent Pac 5s ’6O 97’/* 96% Big Four 4>%s 57 90V* 90'% Big Four 5s ’63 98'i 98 Colorado &So 4'%s ’BO 737% 74V* Chi & West Ind 4s ’52 104'/* 104'/* Chi & West Ind 5%s ’62 106V* 106V* Chi & Nor West 4%s ’49 .... 13% 14 Con Gas 5s ’57 103% 104 Chesa Corn 5s ’47 129'% 130% Erie 5s ’75 77% 78'% Erie 5s ’67 78 75% Grt Northern 7s ’36 101 Vi 101 % Grt Northern 4Vis ’76 102 101'%. Grt Northern 4'%s ’77 101% 101% Hud & Manhat Ref 5s ’57 .... 867% 86!i 111 Cent 4%s ’66 76'/* 76V* 111 Cent Jt 4'/is ’63 80 80% 111 Cent 5s ’63 85 85 Interlake C & I 5s ’sl 96 96 Interntl Hy Elec 6s '44 46 45% Interntl Tel & Tel 4'%s ’39 ... 96% 96 Interntl Tel & Tel 5s ’55 87'% 88 Interntl Tel & Tel 47is ’52 ... 84% 84 P uorillard 7s ’44 132 132'% Natl Dairy s'%s '4B 103'% 103'% Nickel Plate 4'is '7B ..... 83 83 Nickel Plate s'%s ’74 95% 95 N Y Cent 5s 2013 913% 911/, N Y Cent 4Vis 2013 (old) 85% 84% Nor Amer Cos 5s ’6l 105'% 105'% Nor Pac 3s 2047 82'% 82'i Nor Pac 4'%s 2047 102% 100% Nor Pac 6s 2047 1107% 110'/* New Orleans Term 4s ’53 91'% 92 Otis Steel 6s '4l 102'% 102'% Penn Ry 4%s ’B4 108% 108'% Penn Ry 4>%s ’Bl 108% 109 Penn Ry 4’is ’7O 102'% 102% Pac G & E 5s '42 103 3 * 103’% Portland Gen El 4'%s ’6O 73 72'% Para Publix s’is ’SO 89% 90 Penn P & L 4Vis ’Bl 106'% 106 Postal Tel fz Cab 5s '53 34% 34'% Sou Pac 4'/is ’6B 90 90 Sou Pac 4'is ’Bl 89V4 89V4 Sou Pac 4Vis '69 89!% 89% Sou Pac 4s ’49 89% 89'% Sou Rail 4s ’56 62% 63 Sou Rail 6s ’56 84 Sou Rail 6>%s ’56. 101 7 % ... Sharon Stl Hoop s*%s ’4B 103'% 103'i Texas Pac 5s ’BO 102!* 102'i Texas Pac 5s ’79 103 102 Texas Pac 5s ’77 102'% 102% Union Pac 4s ’47 11374 113'% United Drug 5s ’53 100% 100 % U S Rubber 5s '47 106% 106 NY NH fz Hart 6s ’4B 35% 35 % Warner Bros 6s ’39 94% 947% Western Marv 4s ’52 1007% 100% Youngstown S & T 5s '7O 1067* 106% Youngstown S& T 5s ’7B 1057* 105% FOREIGN Argentina (A) 6s ’57 100 100 Argentine (B) 6s ’SB 99% 997% Brazil 8s ’4l 32% 32 Canadian Govt 4s ’6O 107% 107*^ Denmark 5%s ’55 101% 101 Vi German 5%s ’65 27 27 German 7s '49 35 34% Italv 7s 'sl 72 71 3% Japan 6%s ’54 92% 977* Rome 6%s ’52 63!% 627* Tokio City 5%s ’6l 74 3 % 75 Yokohama 6s '6l 79% 80% Investment Trusts (Reprinted From Late Times Yesterday) (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) 3.42 346 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” . 4.65 469 •Diversified Trustee Shs ”D” 6.90 698 Dividend Shares Inc . •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 21.81 •Massachusetts Investors .... 15.92 28.17 Nation-Wide Sec Cos - 'B” .... 4.46 Nation-Wide Voting 1.82 1.97 North Amer Tr Sns 1955 3.40 3.44 North Amer Tr Shs 1956 .... 3.36 3.41 North Amer Tr Shs (orig,)... 2.63 Quarterly Income Shares 1 60 1.77 Representative Trust Shs .... 12 77 Selected Amer Shs Inc 1.60 1.75 Selected Amer Shs (0rig.).... 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 2.93 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 . 13.58 14.76 Trustee Stand Oilshares “A” 7.61 7.69 Trustee Stand Oilshares “B” 6.84 6.92 Trust Stand Investment “C” 3.03 3.07 Trust Stand Investment “D” 2.97 3.00 Universal Trust Shares 4.39 Uselps ”A" 19.00 „ Uselps “B” 295 Uselp* Voting 1.16 United Standard Oilfunds ... 1.34 1.47 •Ex-Dividend. LOCAL CASH MARKET Citv grain elevators are paying 87 cents for No. 2 soft wheat. Other grades on their merlta. Cash corn new No. 4 yellow 48 cents and osts 18 cents.

WAGNER OFFERS SLUM CLEARIN6 BILL TOSENATE U. S. Loans Authorized in New Measure to Aid Housing Plan. WASHINGTON, April 4.—Senators today were studying a bill authorizing the Federal government to make loans for slum clearance and construction of new homes for persons of low income, introduced yesterday by Senator Robert F. Wagner (D., N. Y.). Senator Wagner said his bill carried “every possible safeguard”

against competition with private industry. He said, the direction, planning and management in connection with the proposed housing program would be decentralized and vested in local authorities. The bill contemplates use of nearly $1,000,000,000 of Federal money in hous-

Hr* ~ 111! Hi/

Wagner

ing grants and loans. An initial appropriation of $51,000,000 for Federal grants would be made, together with authorization for a bond issue of $100,000,000 for loans during the fiscal year ending June 30, 1937. Passage at this session of Congress was regarded as unlikely. Bond issues of $150,000,000 for loans for each of the next succeeding years also would be authorized. Subsequent Congresses v/ould be asked to appropriate $75,000,000 for 1938, $100,000,000 for 1939 and SIOO,000,000 for 1940, this money being used for Federal grants. Grants to Supplement Loans The bill provides for loans to state or local housing authorities to assist in developing safe and sanitary low-rent dwellings within the reach of families of low income, and to clear slum areas. The Federal grants would supplement the loans. No grant would be for more than 45 per cent of the construction cost of a project. Limited dividend corporations capable of assisting in housing developments would be given loan privileges. Administration of the housing program would be by an independent Federal housing authority. The Secretary of Interior would serve ex-officio with four other directors to make up the board. The four would be appointed by the President subject to Senate confirmation. WARNS FARMERS ON BUYING SEED CORN 1935 Crop Not Expected to Grow, Official Says. Due to the high moisture content of seed corn when harvested last fall, and also to the extremely low temperatures during the past winter, very little of the 1935 crop will germinate, Ivan J. Sours, seed division manager of the Indiana Farm Bureau Co-operative Association, Inc., announced today. “This situation has created a mad scramble for sted corn, resulting in extremely high prices, ranging in many instances from $8 to $lO a bushel. As the season advances, a more liberal supply of 1934 seed corn appears to be available. This corn shows a good germination. “Farmers should be very careful regarding the purchase of seed corn from territories where seed Wiuld not be adaptable to the state. Truck loads of southern Missouri and western Nebraska corn are being sold in Indiana. This corn is not suitable for Indiana planting, according to advice from Purdue University,” said Mr. Sours. “The Co-operative Association, continuing the same thoroughness as in the past, is assembling stocks of seed corn of known origin and adaptability for Indiana farmers.” ENGINEERING AWARDS TOTAL $43,563,000 Construction Volume Increases $18,407,000 Over 1935. Times Special NEW YORK, April 4.—The total engineering construction volume for the last week was valued at $43,563.000, compfred with only $25,156,000 in the corresponding period a year ago, the Engineering NewsRecord announced today. Private awards made during the week were $9,538,000; public, $34,025,000; Federal, $1,978,000 and' state and municipal, $32,047,000. The figures represent normal work going ahead and have not yet begun to reflect the major reconstruction that will be necessary due to the widespread flood damage. The increase this week was partly due to a jump in highway awards to $15,580,000. Public buildings also gained, reaching a total of $9,154,000. Other classes of work show the following totals: Commercial buildings, $2,885.000: industrial buildings, $2,396,000; bridges, $1,397,000; sewerage, $1,488,000; waterworks, $2,065,000; earthwork, drainage, $2,550,000, and unclassified, $6,048,000. ELECTRIC OUTPUT GAINS Production in Last Week of March 9 Per Cent Above 1935. Times Special NEW YORK, April 4—Domestic production of electricity increased moderately during the last week to a level 9 per cent over the comparable 1935 week, according to* a repet released today by the Edison Electric Institute. Total output for the week ended March 28 amounted to 1.867.093.000 kilowatt hours, against 1,712.863,000 in the comparable week of 1935. In the week ended March 21 production totaled 1,862,387,000 kilowatt hours.

PAGE 11

s °| i 1 i~l 1 1’ 0 1 . Bank Deposits at Work (ind Play) 45 At 9 J l |4O *y^'L/ ,/V W > r Net Demand Deposits /*' 8 | j Outside N.Y.C, / a f m \ J “ 30 i N\ i — 6 “ il- - upKl^-’I 20 * ar> k Depot Outside N.Y.C, y’ *Adjusted C 1111111 111 LL-L1I111I11!11iI!11!I!1iI!(1!1iii1;;11IIIf11111ii.i'!IIKI' • 11:II111:: 1 ; Ii I!! II! M ( Hl 3 1929 1930 1931 1932 1933 1934 1935 1936 Business K/f*

MACHINERY PROSPECTS BEST, SURVEY SHOWS Tool Orders Up to 112.1 Per Cent of 1926 Average in February. Times Special NEW YORK. April 4—With a growing demand for machine tools and a pressing need for heavy machinery, prospects for the machinery industry were the brightest of 28 industries surveyed recently by F. & B. Industries Service, according to an issue published today by Fenner & Beane, Only two other industries, building supplies and petroleum, were given the same rating. New orders for machine tools advanced to 112.1 per cent of the 1926 average in February, from 110.8 per cent in January, the National Machine Tool Association reported. Orders during the initial two weeks of March held at the same high level with the major part of the tool and die business for the new 1937 automobile models yet to be placed. First quarter operating results of most machine tool makers are expected to record further improvement over earnings reported in the final 1935 quarter, the survey stated. Local Livestock (Reprinted From Late Times Yeserday) HOGS March. Bulk. Top. Recepits. 28. [email protected] SIO.BO 1000 30. [email protected] 10.85 6000 31. 10.80® 10.90 10.90 5000 April 1. 10.75®10.85 10.90 4000 2. [email protected] 10.90 3000 3. [email protected] 11.00 3000 Light Lights (140-160) Good and choice. [email protected] Medium [email protected] (160-180) Good and choice.. 10.90@ 11.00 Medium 10.45@ 10.90 (180-200) Good and choice.. 10.90<fi 11.00 Medium [email protected] (200-220) Good and choice.. 10.904/11.00 (220-2501 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.. 9.50©10.25 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 8.25® 10.00 Medium 7.25t® 8.50 Common 6.25@ 7.25 (1100-1300) Choice [email protected] Good [email protected] Medium 7.25® 8.50 (1300-1500) Choice [email protected] Good [email protected] Heifers (500-750) Choice 7.75® 8.75 Good 7.25® 8.00 Common and medium 5.75@ 7.25 (150-190) Good and choice 7.25@ 8.75 Common end 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 [email protected] 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, 700— 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.. 9.00® 9.50 v. Medium 7.75® 9.00 Produce Markets (Renrinted From Late Times Y’eserdav) 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, 16c; Leghorn springers, 12c; old stags, 13c; old cocks, 12c. Ducks, white, 5 lbs. and over, 11c; geese, full feathered, all sizes, 8c; all guineas I'% 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 bujter. 33%@34'%c; No. 2, 30'%@31%c. Butterfat. 29c. Unlisted Stocks (By Blyth & Cos.) (Reprinted From Late Times Yesterday) NEW YORK BANK STOCKS _ , _ . ' Bid Ask Bankers Trust 60% 62% Central Hanover Ill 3 * 114% Chase 39% 4p g Chemical National 58 59% Guaranty 287'% 290% Irving 15% 17 s , Manufacturers 51% 52% National City 35% 35% Cont 111 Chicago 165 168!* First National Boston 45% 47% National Shawmut 28% 30! FIRE INSURANCE Etna Fire Ins 54*% 56'i American Ins of Newark 15% 17% Baltimore American 8% 10% City of New York 26% 23% Federal Ins 48% 513. Franklin Fire 32% 33% •Great American Ins 30% 32% g an ° ve r Fire Ins 37% 38% Hartford Fire 77% 79% Ins Cos of A.. ; 72% 743* Home Ins 333. 4Q3 g National Fire 74% 76% National Liberty 10 11% North River I.! 28 30 U S Fire I”;””*” 55 5S' 4 Westchester Fire 37 39 Chicago Grain Futures (By James E. Bennett & Cos.) _. , 9:00 Prev. Wheat— High. Low. A. M. Close. May 94% .94% .94% .94% July 84% .84 .84% .84 Sept 82% .82% .827 • .82% Corn— May 59% .59% .59% .59% July 59 .58% .59 .59 Sept 58% .58% .58% .59% Oats— May 25% .25% .25% .25% July 25% .25% .25% .26 Sept 26% .26% .26% .26% RyeMay 51% .51% .51% .52% July 51% .51% .51% .52

Process Tax Adds to Costs Processing taxes accounted for from 9.3 to 11.13 per cent of the cost of manufactuirng cotton goods during the first six months of 1935, according to Federal Trade Commission report.

STATE BUILDING PEBMITS CLIMB Hammond Reports Increase of 498 Per Cent in First Quarter. Times Special HAMMOND, Ind., April 4.—Budding permits issued in Hammond during the initial quarter of the current year increased by approximately 498 per cent in value over the corresponding 1935 period and 2066 per cent over the first quarter of 1934, according to a report released today by Joe P. Guy, building commissioner. The permits for the current period were valued at $676,887, against $112,868 in 1935, and $30,785 in the same quarter of 1934. The issuance of a $524,000 permit for the new Edison school was largely responsible for the sharply higher volume. Included in the 192 permits issued during the first quarter this year was the construction of six new residences at a cost of $21,800. A $30,000 permit was issued for the construction of anew factory for the LaSalle Steel Cos. Times Special FORT WAYNE, Ind., April 4 Approximately 105 building permits were issued in Fort Wayne during March, Miss Helen Jacxson, clerk of the City Building Department, reported today. The permits valued at $116,272, compared with 38 issued in February and valued at $41,046. In March, 1935 permits issued totaled 95 and were valued at $74,931. ENGINEERING AWARDS HIGHER THAN IN 1935 Construction Volume Increase 65 Per Cent During Year. Times Special NEW YORK, April 4.—Engineering construction awards in March exceeded a year ago by approximately 65 per cent but failed to maintain the high rates of January and February, the Engineering News-Record reported today. The drop in awards for the twomonth period was entirely in public awards, both Federal, state and municipal. Private awards increased 41 per cent ov r February, 73 per cent over January and 169 per cent over March a year ago. Values for the month are; Total, $150,197,000; private, $59,448,000; public, $90,749,000; Federal, $7,316,000. Corresponding values for last year are; Total, $90,958,000; private, $22,084,000: public, $68,874,000; Federal, $13,439,000. The drop in public awards is due chiefly to public buildings, although highway awards declined slightly. ACME STEEL CORP. NET INCOME HIGHER IN 1935 Earnings Equal to $5.37 a Share, Against $3.11 During 1934. Times Special CHICAGO, April 4.—The Acme Steel Corp. and its subsidiaries today reported a net income for the year ended Dec. 31, 1935, at $1,760,965, a slight increase over the preliminary figures of $1,575,973. Net profit was equal to $5.37 a share based on 328,108 shares at the end of the year. In the corresponding 1934 period, the company’s consolidated net income totaled $1,020,533, equal to $3.11 a share on the basis of 328,121 shares outstanding. Approximately half of the year’s earnings were distributed as dividends, charged to surplus in the amount of $861,296. Net current assets amounted to $3,201,929 at end of December, 1935, against $3,228,704 at the close of the preceding year. AD CAMPAIGN OUTLINED Oldsmobile Chooses Newspapers For Spring Advertising. By United Press DETROIT, April 4.—V. C. Havens, advertising manager for Oldsmobile, today announced that his firm has chosen newspapers as a medium for a heavy spring advertising campaign. “More than 3300 newspapers are being used,” Mr. Haven said, “and the expenditure of a much larger sum than ever before has been spent by Oldsmobile in any single year in newspapers has been authorized. We are convinced that Oldsmobile’s story can best be told by larger metropolitan dailies.” REPORTS NET ASSETS Times Special CHICAGO. April 4.—The net asset value a share on 2,000,000 shares of capital stock of the Petroleum Corp. of America outstanding at the close of business March 31, 1936, was $20,238, it was reported today.

Safe Deposit Boxes The Indiana National Bank of Indianapolis

TBANSACTIONS OF LIFE FIBMS FOBrCIBCLE’ Curious Anomaly Created by Southern Company’s Stock Sale. BY FOSTER EATON Unitrd Press Staff Correspondent ST. LOUIS. April 4.—Recent sale of a controlling stock interest in the General American Life Insurance Cos. of St. Louis to interests identified with the Southwestern Life Insurance Cos. of Dallas, Tex., has resulted in a financial anomaly. It is: General American owns stock control of Southwestern Life, which enjoys the same relationship to General American—an almost complete financial circle. Out of this situation has come the demand of R. Emmet O'Malley, Missouri insurance superintendent, that David A. Milton, son-in-law of John D. Rockefeller Jr., who sold General American control to Southwestern, withdraw from the General American directorate. ’Determined to Penalize’ Mr. O'Malley announced he was “determined to penalize” Mr. Milton for allegedly secretly selling to Southwestern, and asserted that when he had finished with the business he would “effectively discourage the return of stock manipulators and insurance racketeers” to Missouri. Two and one-half years ago. ths Missouri State Life Insurance Cos., then in receivership, was acquired by the newly formed General American with $2,000,000 invested by Equity Corp., of which Mr. Milton is head. Missouri State Life, however, owned 52' 2 per cent of Southwestern Life stock, purchased at a total cost of $7,300,000 and now held in trusteeship. Round and Round The recent Milton deal transferred control of General American to Southwestern through sale of 90 per cent of General American stock to interests identified with Southwestern for a consideration of $2,700,000. Southwestern actually bought 3334 shares of General American outright for $200,040, and through an investment company supplied funds for the purchase of 41,666 additional shares for $2,499,960. The net result of the various transactions is that Missouri State Life’s account within General American controls Southwestern which now controls General American which owns Missouri State Life. SECURITY PRICES TURN LOWER DURING MARCH 100 Representative Common Issues Valued at $20,599,484,000. Times Special NEW YORK, April 4.—For the first time since March, 1935, stock prices turned downward in the last month, as measured by the market value of 100 representative common stocks, according to the monthly compilation of Frazier Jelke & Cos. Recessions in miscellaneous industrials as well as in the railroad and rail equipment groups offset a sharp improvement in motors. The total market appraisal of the selected stocks stood at $20,599,484,000 at the end of the month, a decline of only $9,140,000, or 0.04 per cent. For the 12 months, however, the market recorded a substantial rise, as indicated by the fact that $8,952,454,000 was added to the valuation of the list, an improvement of 77.3 per cent. Os the 13 individual groups only four advanced, the motors, chemicals, oils and mines. The percentage appreciation of the motors was 11.3 and that of the chemicals 4.6. The sharpest decline was In the miscellaneous Industrials, which lost 15.7 per cent. Rail equipments dropped 8.2 per cent and rails 5 per cent. OIL POOL DISCOVERED BY CONTINENTAL FIRM Indicates Production of More Than 25,000 Barrels Daily. PONCA CITY, Okla., April 4. The discovery of another major pool in Oklahoma was indicated today when the Continental Oil Cos. announced that it had brought in a heavy producer on its lease 20 miles southeast of Ada, Okla. The new well, known as McCarty No. 1. came in at 4693 feet at a rate which indicates a production of more than 25,000 barrels a day. A few weeks ago the Continental drilling crew drilling an offset well in this field struck the pay at 4640 feet with a flow of 500 barrels an hour. The company’s lease of 1780 acres in the new field is one of the largest units of acreage owned by a single company in the state. FEBRUARY EXPORTS UP Chemical Shipments Valued at $11,501,000 in Month. By United Press WASHINGTON, April 4. —The Commerce Department reported today that $11,651,000 worth of American chemicals had been exported during February, compared to $3,444,000 during February, 1935. Agricultural implements valued at $2,760.527 were shipped abroad, compared with $2,227,464 in February, 1935.

FIRST MORTGAGE LOANS On well located modem Indianapolis property! 6 t/ INTEREST /4 /O Weekly Payment* No Commission! Home Builders Savings and Loan Association