Indianapolis Times, Volume 48, Number 22, Indianapolis, Marion County, 6 April 1936 — Page 13

Trends Highways of Nation Falling Into Disrepair. BY JOHN T. FLYNN

NEW YORK, April 6.—Among the unhappy reactions to the New Deal in Its moment of travail Is the current tendency to look upon all government planning as fvil in some mysterious way. There was so much talk about the "planned economy” and the blue-printing and chart-making and table-drafting of the now

unpopular “professors” that one might almost suppose that planning was inherently wicked and that in government there is a certain virtue in chaos and disorder. Yet there are a few things which cry out for a little planning. One of them is that magnificent endowment o f roads which are not so

Flynn

f lowly falling into disrepair. In the right years preceding 1929 we spent several billion dollars building automobile highways and secondaiy loads. We paid for them partly out of taxes and partly out of borrowed funds. Indeed, in many states the roads were paid for almost entirely with borrowed funds. a a a BUT now many of the states are broke, at least so far as borrwing any fresh funds is concerned. And this being so, where are our future road constructions roming from? Are we to stop building roads? And where are our reconstructions coming from—we need countless thousands of miles of this now. And where are our heavy load repairs coming from? And if we permit our roads to disintegrate pnd put an end to road building, what is to become of the automobile industry? And if the automobile industry !s permitted to languish for lack of proper roads, what is to become of that vast network of industries dependent on the auto, from the steel corporations right down to Vne hot-dog cathedrals that line the highways? a a a THIS Is occasioned by the example of New York state, which saw this situation two years ago and appointed a commission to make a plan. And now that commission has reported. What it reports must be of interest to every citizen who runs a car or works in an industry dependent on cars and roads. It points out that it will take $95,000,000 a year to carry out an intelligent, yet minimum road pro-gram-reconstruction and construction—for this great state. It reports that it is better to handle the problem this way, through planned building spread over the years, than in sudden jerks of boom building. Also it recommend tsat the road building be paid for “as we go”—cash on the nail. nan IT then points out that this sum can be raised by automobile registration fees and a 3-cent tax on gasoline, which is the present gasoline tax. plus a Federal grant of about $6,500,000. But it insists that the entire proceeds of the tax should be alloooted to road building and recovery. At present automobile and gasoline taxes are seized by legislators for all sorts of purposes. The notion that the roads are for the pleasure of the motorist is a very great error. From the building and repair of roads the whole business community benefits and from their use, Industry, the communities served by the roads, all at least indirectly benefit. DECLARES DIVIDEND Thnrs Special PHILADELPHIA. April 6. Directors of the Blawknox Cos. have declared a dividend of 10 cents a share, payable April 30 to stockholders of record April 11. Earnings for the first two months this rear were reported at about 50 per cent greater than last year. TRADE VOLUME RISES 4 JfTjwr* Special CHICAGO. April 6—Trading on the Chicago Curb Exchange during the first quarter of 1936 aggregated 671.919 shares, compared with only 118.871 for the first quarter last year. Sales In March totaled 232,503, exceeding any like period since 1931. On Commission Row (Quotations below subject to change are Bverage wholesale prices being offered to buyers by local commission dealers, i FRUIT Strawberries: Louisiana 24 pt crate. S3(O 3 25. Pears—Washington D’Anjo (100s box i, $3. Limes—Mexican, carton. 20c; Persian seedless idoz.i. 45c. Bananas, seven hands, pound. sc. Apples— Delicious (fancy baskets!. $2.15; Jonathans. *1.50. Rome Beauty. *1.35. Lemons—Sunki.n (3605). *6.50. Grapefruit—Texas seedless (545-80si, *4. Pineapples—(24s) crate, *5 25. VEGETABLES Artichoke. California (doz.i, *1 Beans, green round stringless (hampers'. $3.25. Beets—Texas (3 doz. cratei, *1.65: cut offs ibu.). *l. Cabbage—New Texas icratei. *2.15; half crate. *1.25. Carrots—California (6-doz. crate. *3; Texas i3% do? crate'. *1.50. Cauliflower. California (12s cratei. *2. Celery - Florida washed and trimmed (doz.i 45® 85c; Florida (4s. Bs. 10s crate', *3.50. Cucumbers—Hothouse idoz.t. *1.35 (southern bushel), *6. Egg plant—Florida (doz.i. *1.50. Kale— (Virginia bushel!, 15s. Lettuce—lceberg. Arizona 'best 6s. ss(. *3 75; home grown loaf (15-lb, basketsi. *1.15. Endive—California idoz.i. 75c. Peppers— Mangoes tctatei, *5. peck basket. *135; <io7 50c. Mint Hothouse (doz.i. 75c. Mushrooms—Pound. 30c. Mustard—Texas half crate. *1.40. Onions—lndiana yellow (50-lb. bag), 75c; new Texas Bermuda yellow. 50-lb bag, *2 Parsley—Southern dong bunches, doz.i. 40c. Parsnips—Home grown washed, bushel. *1; half-bushel. 60c. Peas- Florida, hamper. *3.50. Florida Michigan Round Whites. 100-lb. bag. *1.65; Maine Green Mountains. 100-lb. bag. *2.25; R R Early Ohio. 100-lb bag *1.85; R. R. Triumph. 100-lb bag. *1.80; Idaho Russets. 100-lb bag. *2 25; Idaho baskets. 70s box, *2 50; New Florida Triumphs. 50-lb. bag *2 75. Sweet Potatoes—Tennessee Nancv Halls, hampers. *1 35. Radishes Home grown buttons, doz.. 65(<i75c; white. 50c. Rhubarb—Hothouse, bunch. 50c Rutabagas—Northern 50-lb bag. *1.25. Sage —Doz.. 45c. Shallots—Louisiana, doz.. 35c. New bulk Texas, bu. *1.15 Tomatoes— Splnash—New Texas, bu.. *l. Turnips— Repacked, 10-lb. box. *1.75. FRUITS AND VEGETABLES (By United Pressi CHICAGO April 6—Apples—Michigan Mclntosh, bu., 75c@l 50 Carrots—lllinois, bu., 30© 35c. Sweet Potatoes. Tennessee, bu.. *1104*125 tteans- Florida, bu., *2.50 © 3 25. Peas—California. hampers. *2 50 525 Spinach Texas, bu.. 40@75c Lettuce- Western crates live doz.. *2 85® 3. Celery—Florida crates, t2.254t3.50 Tomatoes—Mexico lugs. *3© 4 Cauliflower— California crates. $1.7561 90. Onion market 'SO-lb sacks' Illinois yellows. 40& 60c Michigan yellows. 406 oe. Indlsi.a yellow*. 40680 c. Minnesota yellow*. 60c S-ia* yellows, US. ' t

♦ ♦ Abreast of The Times on Finance ♦ ♦

STEEL MAKERS LAG ON ORDERS DESPITEJAiNS Shipments Behind Demand as Output Hits Peak for Upturn. Time Special NEW YORK. April 6.—With steel mills of the country now operating at around 62 per cent of rated capacity and producing approximately 137,000 gross tons of ingots daily, the highest rate of activity since June, 1930, shipments to customers are still running behind orders, and a further sharp increase in mill operations this week was predicted today by the trade authority, Iron Age. "The healthy increase in shipments of steel destined for immediate consumption is the most encouraging aspect of the current market,” said the publication in its weekly review. “The automotive industry is the most spectacular exponent of this tendency, and w-ith predicted output of 500,000 cars in April, sheet, strip and bar mills are being pressed to meet its immediate requirements. Flood Work Factor "Second in importance as an outlet for steel is the construction field. Flood rehabilitation work has brought sharp impetus to steel releases from this source, which was rising rapidly before the flood. "Repairs to railroad and highway bridges, lock and dam reconstruction and general industrial rebuilding will require outstanding steel tonnages, but small miscellaneous items such as nails, fencing, standard pipe, roofing and household equipment will take an impressive aggregate total. Means Flood Control "Fortunately this business will likely spread over a long period and will be followed eventually by flood control programs of great benefit to the steel industry. "Furthermore, release of railroad materials was stepped up by the floods. Car building and repair programs are going forward rapidly, and rail and track supply specifications, are increasing this week." Prices on many steel products rose somewhat today as the second quarter quotations went into effect. Even with maximum deductions for quantity, asking prices on sheets and strip steel are at a higher level than the average during the first quarter.

STOCK MARKET WEEK IN REVIEW

By United Press NEW YORK. April 6 Industrial shares led the stock market higher last week but volume fell off to the lightest level of the year. Failure of the list to generate more substantial activity on advances led to further caution and irregularlity cropped out again late in the week. A more settled condition abroad contributed to the advance ot tne Stock market. On Friday, however, the French frahe resumed a decline that had. been arrested by a rise in the Bank of France discount rate from 3% to 5 per cent. The German situation was uncertainty over the tax bill under composition at Washington. Business news was favorable. Copper Shares Advance Predictions were made that April automobile production would reach 500,000 units, against 450,000 for March. That led to new buying in the motors and General Motors hit anew high since 1929, while Chrysler came within a small fraction of its top. Railroad shares had a period of strengths in the stock market and their average closed higher on the week. Railroad bonds also were strong. Favorable copper statistics together with higher prices abroad for the metal brought buying into the copper shares which scored gains of 1 to more than 2 points. Indications pointed to a rise generally in the domestic price level to 9*- cents a pound. Utility shares gained in the average, although individual advances were small. Electricity output turned up from the flood low last week and further gains were looked for. Stock Value Up 67 Per Cent Retail trade was up 15 to 20 per cent from the levels of a year ago. The entire mercantile group was strong early in the week, but profittaking came when the actual gains were published. Mail order issues followed farm equipments higher on outlook fQr higher farm income. They slipped back from the highs along with the general list. Oils were mixed. Sugars had a setback when the Supreme Court found the Sugar Institute in violation of anti-trust laws. Aviation stocks gained small amounts. Chemicals were strong under the lead of Allied. American Can and American Telephone were higher in their respective divisions. Numerous special issues made wide gains on the week. On Tuesday the market rounded out its twelfth consecutive monthly advance. In the year ended March 31, the aggregate market value of all listed shares rose $20,731,767,024 or 67 per cent. FOREIGN BONDS DROP Index of 50 Representative Issues Placed at 57.96. Times Special NEW YORK, April 6.—Foreign dollar bonds declined during March, according to the Foreign Bond Associates, Inc., index of 50 representative issues, which stood at 57.96 on March 31 compared with 58.94 on Feb. 29, it was announced today. The 16 South American issues included in the index rose 0.36 per cent, while the four Australasian issues fell 0.78 per cent and the 30 European issues fell 2.76 .per cent,

New York Stocks

(By Thomson Sc McKinnon) 11:15 A. M. Prev. Oil*— High. Low. N. Y. close. Amerada 115% 115% 115 j 115, Atl Rfg 34% 34% 34% 34% Barnstfall 18% 18% 18% 18 s , Consol Oil 14% 14 s , 14 s , 14 s , Corn of Del 36% 36% 36% 36% Houston (new; .11 n li io% Mid Cont Pet .. 22% 22% 22% 22% Ohio Oil IS 14% 14% 15 Phillips ePt 48% 48% 48% AS Vs Plymouth Oil ... 16% 16% 16% 16% Pure Oil 23% 23% 23% 23% Seaboard Oil ... 39% 39 39 39% Shell Un 17% 17% 17% 17% Skelley Oil 29% 29% 29% 29% Soc Vac 14% 14% 14% 14% S O of Cal 46 46 46 45% SO of Ind 39% 39% 39% 39% SOof N J 67 66% 66% 66*, Texas Corp 38% 38% 38% 38'/, Tidewater Assn . 18% 18% 18% 18 Steels— Am Roll Mills .. 31V, 31% 31% 30% Beth Steel 62% 62 V, 62% 61V* Byers A.M 24V, 23% 24 23% Cruc Steel 40 39% 39% 39% Inland Steel ... 111% m% m% m% Ludlum Steel ... 32% 32 32 31% Mid Steel 47% 46% 46% 46% Natl Steel 70% 70 70% 69% Otis Steel 20% 20% 20% 20 Rep Iron & Steel 25% 25% 25% 25% Rp Irn Si Stl pfd 97 97 97 96 Vi U S Pipe & Fdy. 38% 38 38% 37% U S Steel 70% 70% 70% 69% U S Steel pfd.... 130% 130 130% 129% Warren Bros .. 9% 9% 9% 9% Warren PSi Fdv 26% 26% 26% 56 Youngstp SSi T 56% 56% 56% 55% Motors — Auburn 50% 50% 50% 50 Chrysler 102 101% 101% 100% Gen Motors 70% 70% 70% 70V, Graham M0t.... 3% 3V4 3% 3% Hudson 19% 18V* 19V* 18V* Mack Truck .... 37 36% 36% 35% Mash . 20% 20% 20% 20% Packard 12 11% 12 11% Reo 8 7% 7% 7% Studebaker 14% 14% 14% 14% Yellow Truck.... 19% 19% 19% 19'% Motor Access— Bendix 29% 29V* 29% 29% Borg Warner 81% 82% 81% 81% Briggs 62% 62 62 61V* Budd Mfg 14% 14% 14% 14 Budd Wheel 12 12 12 11% Eaton Mfg 37 367* 36% 36% Elec Auto Lite.. 43% 42% 42% 427, Greyhound iB).. 63Vi 63 63 63 Houdaille 29% 29% 29% 29% Murray Body .. 20% 20% 20% 20V* Stew Warner .. 23% 23% 23% 23% Timken Roll . 68% 687, 687, 697* Timken Det Axle 17V, 17V* 17V, 17 Mining— Alaska Jun 15 15 15 14% Am Smelt 85% 85'% 85% 85% Anaconda 37V* 37 37V* 37% Cal & Hecla ... 8% 8% 8% 9 Cerro de Pasco 54% 54V* 54% 54% Dome Mines 44% 44V* 44% 437* Gt Nor Ore 19 Vi 19% 19 V, 19 V, Ins Copper 12V, 12V, 12V, 12% Int Nickel 50 497* 497* 49 7 /* Kennecott Cop.. 387* 38% 387/, 38% Mclntyre Mine.. 4% 4% 4% 4% Phelps Dodge... 38% 38V* 38V, 38% Vanadium 25 24% 25 24 Amusements— Crosley Radio .. 2374 23'/* 23V, 2374 Loews Inc 4774 477* 47% 477, Radio Corp .... 13Vi 13V, 137, 13'4 Paramount .... 974 9V, 9V 9'/* RKO 7% 7% 7% 77* Warner Bros ... 12V* 12 12 11% Tobaccos— Am Tob •'A’’ ... 92 92 92 91% Am Tob “B” ... 94% 94'% 94% 937* Lig Si My "B".. 101% 101'% 101 Vi 10174 Lorillard 23>4 2274 23% 22% Phillip Morris . 75V* 75% 75% 75'/* Reyn Tob B’’ . 53'% 537* 53*/* 53 Ra ils— Atchison 79 78'% 79 78 Atl Coast Lines. 31V, 31'% 31% 30'% B & O 22V* 2174 22V* 21% Can Pac 13'% 137* 13'% 13% Ch Si Ohio .... 5774 577* 57% 57% Chi & Gt W pfd 6% 6% 6% 5% C M & St F... 2V* 2V* 2'/, 2V* C M Si St P - 2V, 2V* 2% 2V* C M & St P pfd 4% 4% 4% 4% Chi N W 37* 37* 3 7 /* 3% Chi N W pfd .. 10 10 10 107* Del a Si Hud ... 4774 47 47'% 47 Del Lac & W .. 21'% 20% 21V* 207% Erie 15*4 14% 14V, 15V* Erie pfd 24'% 23% 24'% 23% Gt Northern pfd 39V, 38% 39% 38*4 111 Central 26% 25% 267* 25% K C Sou 25% 2574 25% 25% Lehigh Valley .. 13 12% 13 127* Lou & Nash .... 77 7674 77 76% M K & T 874 B*/, 874 B'% M K * T old .. 24'4 24 V, 2474 24'% Mo Pac pfd 6'% 6'% 6% 6V* N Y Cent 39% 38% 39V, 3874 N Y New Haven 47* 4'/, 4% 4'% N Y Ont & West 6'/, 6% 6V 674 Nor Pac 34% 34% 3474 33% Penn R R 35% 35 35% 34% Reading 4374 4374 437, 43'% Sou Pac 37 36% 37 36V* Sou R R 187* 18'% 1874 18 Union Pac 134 134 134 133'% West Maryland . 10'% 10V, 10'% 10'% Equipments— Am Brake Shoe. 49'% 49'% 49'% 49'% Am Car Si Rdy. 36 74 36'4 36'% 36'% Am Loco 317% 31% 31% 31 s % Am Steel Fdy.. 31 30'% 30% 30% Bald Loco 4% 4*4 4% • 474 Gen Am Tank C 517* 51'/, 51V4 51% Gen Elec 40V* 3974 4040 Gen R R Sig ... 45 45 45 45'% Pullman Inc ... 43% 43% 43% 42*/, Westingh Elec... 122 12174 12174 121 Utilities— Am Si Ror Pwr.. 9 9 9 87* Am Pwr & Lt . . 12% 12V, 1274 12 A T Si T 167** 167% 167% 166'% Am Wat Wks . 23% 22% 2274 22'% Con Gas Si Elec. 20% 20 s * 20** 20*% Com & Sou 3% 3% 3% 3% Consol Gas ... 34'% 347* 34% 347* Elec Pwr Si Lt . 147* 147* 147* 14% Int TANARUS& T. ..17 16*4 17 16% Nat Pwr & Lit., ll'i 11% 11'% liVi North Amer 274* 27Vi 27% 27 Pac G& E .... 38'% 38'% 38'% 38Vi Pub Serv N J ... 40% 40% 40% 40'% So Cal Edison . 26% 26% 26'% 26'% Stone & Webster 19% 19% 19% 19% United Corp 7Vi 7% 7% 7% Un Gas Imp ... 16 16 16 16'% Western Union.. 9074 90% 90'% 90 Rubbers— Firestone 31% 31'% 31'% 31 Vi Goodrich 20% 20% 20% 20 Goodyear 297* 29% 29% 29% U S Rubber .. 30 29*/i 29% . U S Rubber Dfd.. 767* 76% 76'% 7674 Miscellaneous— Allis Chalmers.. 50'4 50% 50% 50 Amer Can .. 123*4 123'% 123' . 123% Am Mach Si Fdy 25% 25% 25% 25*4 Anchor Cap 24 s , 247* 247, 24% Brklyn Man Tr.. 49% 49% 49% 49% Burroughs Add . 30 29'% 29% 28% J I Case 161 160% 161 159% Conti Can 81 80% 81 80*i Caterpillar Tract 79 79 79 76*4 Crown Cork 55% 55% 55*4 54*, Curtis Pub 21% 21',2 21% 21% Deere & C 0..... 88 88 88 87% Eastman Kodak 169*4 169% 169% 168 Foster Wheeler.. 37 36% 37 35% Gillette 17% 17% 17 Vi 17 Glidden 53 s , 52% 53% 52 Ingersoll Rand ..134 134 134 134 Int Bus Mach.... 185 184% 185 183 Inter Harv ... 88 88 88 87% Natl Cash Reg.. 28% 28% 28% 28 Rem Rand ... 21% 21% 217* 21% Underwood E .. 95% 94*, 95 93% Foods— Am Sugar 56 56 56 54% Armour 5% 5% 574 5% Borden Prod .. 28 27% 28 27% Cal Packing ... 33% 33% 33% 34 Coca Cola 91% 90 91% 89 Cont Bak 147* 177* 177* 17y* Corn Prod 74** 74% 74% 737* Cuban Am Sug. 1174 11% 117* 11% Gen Baking 13 12% 13 13 Gen Foods 36% 36% 36% 367* G W Sugar 35% 35% 35% 35% Natl Biscuit 35% 35% 35% 35** Natl D Prod. ... 23% 23% 23% 23% Purity Bak . . 13% 13% 13% 13% S Port Ric Sug 32% 32% 32% 32% Std Brands 16% 16% 16% 167* Unit Fruit 75% 75 75 75 Retail Stores— Allied Stores ... 9 8% 9 8% Assd Drv Gds . 17% 17% 17% 17% Best &Cos 56% 56% 56% 56V, Girabel Bros ... 10% 107* 10% 10% Gm Un Tea ... 4% 4% 4% 4% Kroger Groc 24% 24% 24% 24% Macv R H 48 47 47 47 McLellan St . 14% 14% 14% 14% Marshall Fieyld 19% 18% 19% 1?*, May Dept St ... 48*, 48*, 48*, 48*, Mont Ward 45% 45 45% 44% Penney J C 76*, 16*4 76% 76% Safeway S' 34% 34% 34% 347, Safeway St ... 34% 34** 34% 34% Sears Roebuck .. 60% 69 69 69 Woolworth 50% 50 50 50 Aviation— Aviation Corp .. 7*, 7% 77* 7% Curtiss Wright 7', 7% 7% 7% Curtiss Wrgt 'A' 17 s * 17% 17% 17 s * Nor Am Av 10 10 10 9% Unlisted Stocks (By Blyth Si Cos.) NEW YORK BANK STOCKS . Bid. Ask. Bankers Trust 61 62*, Central Hanover 114 116 Chase 40‘* 41% Chemical National 59 60‘* Guaranty 293% 296% Irving 16 s * 18% Manufacturers 50*, 52% National City 35% 37% Cont 111 Chicago 166 169% First National Boston 46% 48% National Shawmut 28*, 30% FIRE INSURANCE Etna Fire Ins ... 56 58 V, American Ins of Newark 15*, 17% Baltimore American 9% 10% City of New York -27% 29*, Federal Ins 49 52% Franklin Fine .. 32 s * 34% Great American Ins 31 32% Hanover Fire Ins 37** 39% Hartford Fire 78% 80 s , Ins Cos of A 74 76% Home Ins 40% 42% National Fire 77% 79% National Liberty 10% 12 North River 27% 29% Phoenix 91 93% U S Fire 5C 58% _We*che*ter fire -37% Mb

MONDAY, APRIL 6, 1936

Sperry Corp 21 20% 20% 31% Un Aircraft new 27V, 27% 27V, 27% Chemicals— Air Reduction .188*, 188% 188*, 188% Am Com Alco .. 29% 29*, 29% 29% Col Carbon ...123 123 123 123 Com Solvents ... 21% 21*4 21% 21% Du Pont 152 151 V, 152 151% Freeport Tex ... 32 32 32 32 Liquid Carb 43% 43 43% 42 s * Math Alkali 32% 32% 32 s , 32% Schenley Dist 47 46*, 47 4%', Tex Gulf Sulph. 35% 35', 35% 35% Union Carbide . 95% 95% 95% 85 U S Indus Alco. 58 56% 56% 56% Drugs— Coty Inc 5% 5% 5% 6 Lambert 22% 22% 22 s , 22’, Sterling Prod .. 71V* 71% 71V, 71V* Un Drug inewi. 14% 14% 14% 14% Zonite Prod .... 8% 8% 8% 8% Financial— Adams Exp 13 13 13 13'; Allegheny Corp . 3 s , 3 s * 3% 3% Am Int Corp 12% 12% 12% 12 Lehman Corp 100 99% 100 100% Transamerica .. 14 13% 13% 13% Tr Conti Corp.. 10*4 10% 10% 10'% Building— Am Radiator.... 24% 24 24'/* 24 Gen Asphalt . 32V, 32% 32% 32 Holland Furnace 43 43 43 42V* Johns Manville .115 115 115 115 Libby Owens Gls 61*, 61*4 61% 61% Otis Elev 31V* 31V, 31V, 31% U S Gypsum ...106% 10S% 106% 104 Household— Col Pal Peet ... 18'4 18V4 18V4 18V, Congoleum 41 % 41% 41% 40 % Kelvinator 23 V* 23 23 V* 23 Servel Inc 21% 21% 21% 21% Simmons Bed... 32 31% 31% 31% Textiles— Amer Wooten ... iov* Beldir.g Hem ... 14% 14% 14% 14% Celanese Corp .. 30% 30 30% 29% Collins Aikman. 48*4 48’% 48% 48% Indus Rayon .. 33V4 32*4 33% 32% Kayser Julius.. 29% 29% 29% 30 V, Chicago Stocks (By Atkins. Hamill & Gates) 11:30 Prev. A. M. Close Advance Aluminum 8 8 Asbestos Mfg 4Vi 4% Associated Investors 34'/, 34'/, Bei ghoff 12'/, 12% Butler Brothers 9% 9% Cent 111 Pub Serv pfd 60% 60 Chicago Yellow Cab 28% 29 Cities Service s'/* 5 Continental Steel 45% 45 % Cord 7% 7% Crane 26% 26V, Electric Household 15% 16 General Household 8 7% Grt Lakes Dredge 32% 32% Jarvis Mfg 22% .... Katz Drug 37% 37% Libby McNeil Si Libby 10% 9% Lincoln Printing 10% 11 McLion Oil Refining 13V, ... McGraw Electric 32 31% Nat Gypsum 62% 62.% Noblitt-Sparks 32 Vi 31 Northwest Cancorporation ... 11V* Standard Dredge pfd 17% 16% Williams Oil-O-Matic 12 '/a 12% Zenith. 19% 19 % New York Curb (By Atkins, Hamill & Gates) 12:30 P. M. Prev. N. Y. close. Aluminum Cos of America 142 Am Cyanamid “B” 37% 37'/ 4 Am Gas & Electric 38% 38 Am General 10% 10% Am Superpower 2% 2% Ark Natural Gas "A” 6% 6% Atlas Corp 14 14V, Carrier Corp 10% 10% Creole Petroleum Corp 29% 29% Elec Bond Si Share 23% 23% Fisk Rubber 7V* 7 Ford Motors Canada "A” 25% 26% Gulf Oil Corp of Penn 95 95 Humble Oil & Refining Cos ... 71 71 Huyler's of Del. pfd 32 Vi 33 Hygrade Food 6V, 6'/* Imperial Oil of Canada 24 23% Irving Air Chute 25% . Lake Shore Mines 53Vi 53Vi Mead Johnson & Cos 101*4 ... Mueller Brass Cos 31 Vi 31 Molybdenum Corp of Amer ... 11V4 ... Niagara Hudson Pwr 10% 10V, Pennroad Corp 4% 4% Reliable Stores Corp 19% 19% Root Petroleum 17 16% St Regis Paper Cos 4% 4% Segal Lock 3% 3Vi Sonotone 3'/s 3'/* Standard Oil of Ohio 30 30 Stutz Motor Car of Amer 2% 2% Technicolor. Inc 30% 30% Tubize Chatillon Corp 8% 8% Wayne Pump 29% 29% Investment Trusts (By Thomas D. Sheerin & Cos.) Bid Ask •Administered Fund 2d *17.01 $lB.lO •Affiliated Fund Inc 2.03 American General Equities.. 1,13 1.15 American Business Shares .. 1.22 1.32 Broad Street Inv 29.52 31.57 Bullock Fund Ltd 18.75 20.12 Century Shares Trust 27.56 29.64 Corp 'AA’ or Accum (mod) 3.44 3.47 Corp ‘AA’ or Acc (unmod).. 2.74 2.76 Corp Trust Shares (origt ... 2.88 2.92 Diversified Trustee Sh C’ .. 4.68 4.71 •Diversified Truste Sh ‘D’.. 6.90 6.96 Dividend Shares Inc 1.69 2.83 General Inv Tr 6.02 6.62 •Incorporated Investors .... 22.75 24.31 Investors Fund Amer 1.09 1.19 •Market St Investment Corp 31.57 33.32 Maryland Fund 19.85 21.39 •Massachusetts Investors ... 25.96 28.22 Nation-Wide Sec Cos 'B' 4.46 Nation-Wide Voting ..... 1.83 1.97 North Amer Tr Sh 1955 3.42 3.45 North Amer Tr St 1956 3.38 3.40 North Amer Tr Sh (orig)... 2.64 Quarterly Income Sh 1.61 1.78 Representative Trust Sh 12.77 Selected Amer Sh Inc 1.59 1.61 Selected Amer Sh (orig) ... 3.77 Selected Cumulative Sh 9.72 Selected Income Sh 5.06 5.16 •State St Investment Corp 100.50 105.50 Super-Corp of Amer ‘AA’.... 2.88 291 Super-Corp of Amer BB’ 2.92 - 294 Super-Corp of Amer ‘A’ 4.33 Super-Corp of Amer ‘B’ 4.52 Super-Cp of Am ‘C’ and ‘D’ 8.33 •Supervised Shares Inc (Dell 13.63 14 82 Trustee Stand Oilshares ‘A’ 764 770 Trustee Stand Oilshares ‘B’ 684 690 Trust Stand Invest ‘C’ 3 04 3 08 Trustee Stand Invest ’D’ 2.98 3 01 Universal Trust Sh 4 42 Uselps ‘A’ 19.00 Uselps ’ 2.04 Uselps Voting 1.14 United Standard Oilfunds . 1.35 148 • Ex-dividend.

STOCK VALUES RISE SHARPLY IN MARCH Increase of $446,229,613 Is Reported for Month. Times Special NEW YORK, April 6.—The total value of all securities listed on the New York Stock Exchange increased by approximately $446,229,613 during March, according to the monthly report of the exchange today. At the end of the month the total value of all stocks listed on the big board was $51,667,867,515, compared with $51,201,637,902 at the close of February. At the end of March, 1935, the total was $30,986.100,491. The average price of each share listed was $38.85 at the end of March 31, 1935. In the last 12 consecutive monthly advances, stock values increased $20,767,024 or 67 per cent, the report showed. At the end of the month there were 1192 issues listed on t-ie exchange, with total shares outstanding amounting to $1,329,775,654, compared with 1192 issues and 1,322.819.050 shares respectively* on Feb. 29. Chicago Grain Futures (By James E. Bennett & Cos.) Wheat— High. Low. a M. close. May 93% .93% .93% .94 July 84% .83% .84% .84% Sept 83% .82 s , 83% .83 Corn— May 60 .59 s , .59% .56% July 59 .58% .59 .59% Sept 58% .58% .58% .58% Oats— May .25% .24’, .35% .25% July 25% .25% ,25 s . .25% Sept 26% .26 .26% .26% RyeMay 51% .51 s , .51% .51% Sept 51% .51% 51% .51% LOCAL CASH MARKET City grain elevators are paying 87 cents for No. 2 soft wheat. Otner grades on their menu. Casn corn nw Mo. 4 yellow H cent* and oats ifi cent*,

AUTO WORKERS' EARNINGS RISE SHARPLY IN'35 $1250 Listed as Average Wage, Compared to $941 in 1934. Times Special DETROIT, April 6.—The substantial improvement in the earnings of automobile factory employes during the last year was thrown into sharp relief today through publication by the Department of Labor of a report covering the annual wages prevailing in 1934. Reports to the Automobile Manufacturers Association at Detroit upon 1935 earnings of individual factory workers employed at the peak indicate an annual wage averaging over $1250. In contrast, the Labor Department’s analysis for the preceding year gives $941 as the comparable figure for 1934. 30 Per Cent Gain Recorded Internal records of the automobile companies show an increase of 28 to 30 per cent in all individual workers' annual earnings between the two years. The Department of Labor study calls attention to the fact that 1934 was a year 'of extreme irregularity of employment in the automobile industry. This was in part the product of work-sharing policies then in effect. In 1935, the automobile manufacturers’ long-planned stabilization program became effective, bearing fruit in the improved annual earning cited above. 1935 Average at SI4OO Despite the marked irregularity of work in 1934, the Department of Labor found that one-third of the employes whose earnings were studied actually worked 50 or 52 weeks. The wages of this group, when averaged, amounted to $1240 each. No strictly comparable computation has been made for 1935, but the weekly average earnings for the industry, as reported by the Bureau of Labor Statistics, indicate that the average for those who received full-time employment last year was not less than SI4OO.

SUSPENSION UPSETS PUNS OF SHIPPERS Chicago Firms Relying Upon Eastern Facilities. Times Special NEW YORK, April 6.—Shipping plans of many of the national merchandising chains were upset last week by the suspension by the Interstate Commerce Commission of the effective date of the eastern pick-up delivery service, it was learned today. Several of the chains found similar services in other districts invaluable in effecting quick delivery and the consequent saving in costs, traffic officials of several prominent companies revealed. The officials also stated that merchandising chains are probably the largest less than carload freight shippers and that free store door pick-up and delivery service in effect in certain districts since Jan. 20 has filled a long needed want. Several Chicago business firms state that they were relying upon the eastern pickup and delivery facilities to complete an already accelerated delivery system for their products but will have to delay such plans until at least Nov. 1. Money and Exchange TREASURY STATEMENT (By United Press) * WASHINGTON. April 6.—Government expenses and receipts for the current fiscal year to April 3, as compared with a year ago: This Year. Last Year. Expenses $5,401,591,821.18 $5,115,610,492.12 Receipts. 3.131.a03.923.24 2,899,790.474.92 Deficit .. 2.270.087.897.94 2.215.820,017.20 Cash bal. 2.857.599,018.10 2,437,187,074.86 Pub debts 31.479,414.538.38 28.814.570,649.73 Gold res. 10.185.589.090.50 8.567.832.679.39 Customs 296.206.620.67 257,376,271.96 Other Livestock (By United Press) LAFAYETTE, Inch, April 6.—Hogs—Market, 10 to 15 cents higher: pigs steady. 170-210 lbs., $10.904111: 210-235 lbs., $10.70 @10.80; 235-260 lbs., [email protected]; 250-325 lbs., [email protected]; 140-170 lbs.. $10.25@ 10.50; 100-140 lbs.. $9.50(310; roughs, $9.75 down; calves, $9.50 down; lambs, $9.75 down. (Times Special) LOUISVILLE, April 7.—Cattle—Receipts. 1000; salable supply slaughter cattle moderate to light; demand fair: market opening slow and uneven; early sales steers and heifers fully steady, but undertone weak; cows generally steady; sausage bulls strong to 25 cents higher; early bulk common to medium grade steers and heifers, [email protected]; several loads and lots better finished offerings, [email protected]; latter price the early top for load good 885 lb. steers; bulk beef cows, [email protected]; practical top, $6; but smooth heifer type cows to $6.50; most low cutters and' cutters, $3.50®4.50: sausage bulls considered salable mostly [email protected]; best heavies quotable higher: bulk light beef type Stockers and stock calves. $6.50(3 8.50. Calves —Receipts. 725. including 225 stock calves; market not fully established, indications about steady wuth close last week; good to choice vealers at close last week, [email protected]: medium and lower grades. $8 down. Hogs—Receipts. 1000: market. 10 cents higher than last Friday and Saturday; better 160-225 lbs., $10.90; 230-250 lbs., $10.60: 255-300 lbs.. $10.05: 305 lbs., up $9.60; 120-155 lbs.. $10.05; sows, $8.70: stags mostly $6.50 down. Sheep—Receipts. 7a. market quotable. generaly steady: better native wooled lambs, mostly $8.50(39; choice eligible higher: plainer offerings, $6(3 7.50: bulk fat ewes, $4.50 down; 10 head 58 lb. spring lambs. sls. 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; j 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 1% lbs. and up, 15c; No. 1 strictly fresh eggs, loss cff, 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%@34%c; No. 2, 30%@31%c. Butterfat. 29c. (By United Press) CHIC2AGO. April s.—Esgs—Market steady: receipts. 42.255 cases: fresh graded firsts. 18‘4c: extra firsts. 18 3 <c: cur?nt Butter—Market firm; receipts. 9257 tubs; receipts, 17Vic: dirties, 16c: checks. 15%c. *92 score >, 30c: firsts <BB-89 score). 29@ extra firsts (90-91% score), 29 3 .c; extra trucks: ducks. 17%c: geese. 13@17c; spring Poultry—Market steady; receipts three 29%c: specials. 30%@3ic; standards. 30c. chickens, 25<3 27c: hens, 17® 22c; turkeys, 23@26c; capons, 25@26c: Leghorn hens. 13 @l9c; old roosters. 16'-c; broilers. 25@ 26c: fryers. 25927 c. Cheese—Twins 14’. < ®l4%c; daisies. 14%® 15c; longhorns. 14% ®lsc. Potatoes—Supply liberal; demand strong; market firm Idaho Russet Burbanks. $1.95® 2.25: U. S No 2. 31.65. 1.75; Wisconsin round whites. $1 10: North Dakota earlv Ohms. $1.359 1 50 Minnesota Cobblers, $1.159130- unclassified. 81.10: South Dakota early Ohios, $1.10; Colorado McClures. $2.25 9 2 40. Arrivals, 170 cars; pa lrack, _338 car;. ssjjpg|ou, §i§ cart,

Business Studies

COMMODITY. PRICES and . INTEREST RATES !'T\l 1 I !I —I —f ‘ i i so *—” ; is T a “ 1 *' \ / \ i\ si J 40 ' V-f-*; 2 • o T i*'- - ‘sj a INTEREST RATES-'’* £ ° ° 1929*** ' 1930 1931 1932 1 1933 1 1934 1935 1936 ’ 0 ~ l j THE BARKER CORP. GENERAL DISTRIBUTORS INCORPORATED INVESTORS

WHEN IS INFLATION COMING? This question has been constantly flashed before us, even during the depths of one of the worst periods of deflation ever experienced. Today our banking structure has a foundation which can support a tremendous credit inflation. The danger is that once credit expansion starts it will quickly get out of control. General excessive inflation is accompanied by two outstanding conditions —both commodity prices and interest rates run high. At present wholesale commodity prices, as measured by the Department of Labor's index, are only 80 per cent of the 1926 level. Interest rates are even proportionately lower. This means that just now we have no inflation. For signs of any coming inflation watch both commodity prices and interest rates.

SEEKS ABROGATION OF RENT‘IN GOLD’ Times Special KANSAS CITY, Mo., April 6. —Emery, Bird Thayer, one of Kansas City's largest department stores, today is threatened with eviction because a lease signed in 1898 specified rent must be paid in gold if demanded. The situation was revealed when the firm filed a petition in United States District Court asking abrogation of the gold clause in the lease, an injunction against its enforcement, and the recovery of rent increases.

N. Y. Bonds (Reprinted From Late Times Saturday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 91.9 92.7 105.0 96.5 Yesterday 92.0 92.5 105.0 96.5 Week ago 91.9 91.8 104.9 96.2 Month ago 92.7 93.9 105.0 97.3 Year ago 84.9 72.2 94.5 83.9 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 <fc Paine) Treasury* Prev. Close. close. 4 Vis 1947-52 117.27 117.26 4s 1944-54 112.22 3 3 is 1946-56 110.31 3 3 /aS 1940-43 108.15 3%S 1943-47 108.4 3%s 1941-43 108.28 108.29 3%s 1943-45 107.20 107.19 3 Vis 1941 108.28 108.29 3Vis 1944-46 107.10 107.9 3%s 1946-49 .... 105.19 10C 20 3VgS 1949-52 105.15 105.25 3s 1951-55 104.4 104.4 3s 1946-48 104.21 104.22 2 3 /is 1945-47 102.31 102.30 2%s 1951 101.27 101.27 Home Owners Loan Corp. 2 3 /is 1949 101.21 101.19 3s 1952 102.23 102.24 Federal Farm Mortgage Corp. 3s 1949 102.29 102.26 3s 1942-47 103.19 103.17 2%s 1949 102.10 102.8 DOMESTIC Alleg Corp 5s ’44 94 93% Alleg Corp 5s ’49 87% 87 3 /a Am Tel & Tel 5%s ’43 113 1 /* 113 Am Tel & Tel 5s ’65 97% 97% Atl Coast Line 4s ’43 98% 98Va Am Wat Wks 5s ’44 108 107V4 Am Rolling Mills 5s ’3B ....125 121% Balt & Ohio 6s ’95 95% 95% Balt <te Ohio 4%s ’6O 73% 72% Buff Roch & Pitt 4Vis ’57 80% 79 Beth Steel 4%s ’6O 105% 106 Vi Chi Milw &St Pss ’75 23% 23 % Chi Milw & St P 5s 2000 8 7% Cleve Un Trac 4%s ’77 .101% 101% Col Gas 5s May ’52 103% 103 Col Gas 5s April ’52 103 103 Col Gas 5s ’6l 103 102% Can Pac Perp 4s 92Vi 927a Cent Pac 5s ’6O 97% 97% Big Four 4 Vis ’77 91% 90% Big Four 5s '63 98% 98% Colorado & So 4Vis ’BO .... 74% 73% Chi & Nor West 4%s ’49 ... 14 13% Con Gas 5s ’57 103 7 a 108 7 a Chesa Corp 5s ’47 130% 129% N Y Dock 4s ’sl 71 75 f r?e I s ,’ 7 - 5 *78% 77% Erie 5s 67 79 75 Grt Northern 7s ’36 101.16 101 Vi Grt Northern 4Vis ’76 102 1 2 102 Grt Northern 4Vis ’77 101 Vi 101% I*} Cent 4%s ’66 76% 76'% 111 Cent 5s ’63 85 85 Interlake C & I 5s ’sl 96 96 Interntl Hy Elec 6s ’44 45 46 Interntl Tel & Tel 4Vis ’39... 96 96% Interntl Tel & Tel 5s '55 ... 86% 87% Interntl Tel & Tel 4Vis ’52 .. 82% 84% McKees & Rob 5%s ’SO 103% 103% Natl Dairy 5%s '4B 103% 103% Nickel Plate 4%s ’7B 83% 83 Nickel Plate 5%s ’74 95% 95% N Y Cent 5s 2013 93% 91% N Y Cent 4%s 2013 (old) ... 86% 85% Nor Pac 4Vis 2047 102% 102% Nor Pac 6s 2047 110% 110% Nor States Pow 5s '4l 104% 104% New Orleans Term 4s '53 91% 91% Otis Steel Vis ’4l 102% 102% Penn Ry 4%s 'B4 108% 108% Penn Rv 4%s ’Bl 108% 108% Penn Rv 4Vis ’7O 102% 102% Pac G & E 5s 42 103% 103% Portland Gen El 4%s ’6O ... 73 73 Para Publix sVis ’SO 89% 89% Penn P * L 4%s ’Bl 106 106% Postal Tel Ai Cab 5s 53 34 34% Rem Rand w w 5%s '47 104 104 Sou Pac 4%s ’6B 90 % 90 Sou Pac 4V 2 s ’Bl 89% 89% Sou Pac 4%S ’69 89% 89% Sou Pac 4s ’49 jo% 89% Sou Rail 4s ’56 83% 62% Sou Rail sis ‘56 79% 791, Sou Rail 6%s ’56 85 84 Sharon Steel Hoop 5%s ’4B 103% 103% Texas Pac 5s ’77 103 102% Union Pac 4s ’47 113% 113% United Drug 5s ’53 ino% 100% U S Pubber 5s ’47 106% 106% N Y N H & Hart 6s ’4B .35% 35% N Y N H & Hart 4%s ’67 35 35% Warner Bros 6s '39 95 94% Western Marvland 5%s '77.... 107% 107% Western Maryland 4s '52 100 100% Youngstown S & T 5s ’7O 106% 106% Youngstown S & T 5s ’7B 105% 105% FOREIGN Argentina A 6s ’57 99% 100 Brazil 8s ’4l 31% 32% Vanadian Govt 4s ’6O i07% 107% German 5%s ’65 26 % 27 German 7s ’49 . 34% 35 Italv 7s 'sl 74% 72 Japan 6%s ’54 92%, 92% Rome 6%s ’52 . 65% 63% Tokvo Citv s'is '6l 74% 74% Yokohama 6s ’6l 79 79Vi 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 i T Fort Wavne 6' 2-.103 105 Home T & T Fort Wayne 6 .103 106 Indianapolis Railways Inc ... 65 08 Indianapolis Water Cos 4Vis. .106 108 Indianapolis Water Cos 5 105 107 Indianapolis Water Cos 5 ...105 107 Idianapolis Water Cos 5%....104% 106 Indianapolis Water Cos 5Va ..104% 106 Interstate T & T 5% 97 95 Kokomo Water Works 5 104 105% Morris 5 At 10 Stores 5 ...100 103 Muncie Water Woiks 5 103% Noblesville Heat Lt r*wr 6%.. 98 100% Ohio Telephone Serv 6 97% . Richmond Water Works 5 ..105 106% Seymour Water Cos 5 101 104 Terre Haute Trac At Light 5 .106 108 Terr Haute Water Wks 102 104 Terre Haute Water Works ... 103 105 Traction Terminal Cos 5 75 78 STOCKS Belt R R At Stock Yards Com 53 55% Belt R R & Stock Yard pfd 6 52 Central Ind Pwr pfd 7 19% 22% Home T At T Fort Wayne 7.. 52Va 54% Hook Drugs liic com 17 18% Ind Si Mich Elec Cos pfd 7.. 103% 106% Ind General Service Cos 6 ... 97 99% Ind Hydro Elec Cos 7 55 58 Indianapolis Gas Cos com 6 .. 34 37 Indpls Pwr At Lt Cos pfd 6 . 89 91 Indpls Pow & Lt Cos pfd 6% 93' 2 94% Indianapolis Water Cos pfd 5 102 105 •North Ind Pub Serv pfd 5%s 63% 66Vi •North Ind Pub Serv pfd 6 . 73% 76% •North Ind Pub Serv pfd 7... 80% 83% Progress Laundrv Cos com .... 10 11% Pub Serv Cos of Ind pfd 6 23% 26% Pub Serv Cos of Ind pfd 7 45 48 South Ind Gas At Elec pfd 8 99% 191 % Terre Haute Electric Cos 89 91% Union Title Oo com 19% 31% _ *£x-(Undefid.

Chicago Sailings to Europe This summer, fortnightly sailings will he made by a freight steamer with accommodations for from 6 to 12 passengers, leaving Chicago for European ports, the Ffcll Line has announced.

PAGE 13

PORKER PRICES RISE 10 CENTS

Cattle Steady ty Strong; Veals, Lambs Remain Stationary. A strong undertone influenced by light receipts developed in the pork market today at the Indianapolis Union Stockyards, resulting in a general advance of 10 cents. Few odd grades, however, remained unchanged. Trading was extremely active in practically all divisions where a strong demand appeared. Receipts were estimated at only 3500, the lightest Monday supply in several weeks. Holdovers numbered 93. The paid for good and choice kinds held at sll.lO. The general bulk of 160 to 225 pounds cashed in at sll to sll.lO, while medium kinds, scaling 225 to 250 pounds, brought SIO.BO to $10.90. Extreme heavies, ranging from 300 pounds and upward, sold at $10.05 to $10.35. Light pigs, from 130 to 160 pounds, were salable at $10.25 to $10.75. Packing sows held at $9.36 to $9.90. Initial trading was active and steady to strong in the cattle market, especially in slaughter steers where prices ranged from $7 to $8.50. Odd head brought $9.50. Most heifers were salable at $7.25 to SB. Beef cows were salable at $5.50 to $6.50. Receipts numbered 1200. Vealers were stationary. The bulk of good and choice grades sold at $lO to $10.50. Receipts were 400. With hardly enough stock on hand to establish a market, the lamb market was quotable steady. Few choice native sold at $10.50 down, while two small bunches of medium spring lambs were salable at sll to sl2. Receipts were 300. * HOGS March. Bulk. Top. Receipts. 31. slo.Bo® 10.90 10.90 5000 April 1. 10.75® 10.85 10.90 4000 2. [email protected] 10.90 3000 3. 10.90® 11.00 11.00 3000 4. 10.90® 11.00 11.00 1000 5. [email protected] 11.10 3500 Light Lights H4O-160) Good and choice. .*10.25® 11,00 Medium 9.75® 10.35 (160-180) Good and choice., li.oo® 11.10 Medium 10.55® 11.00 (180-200) Good and choice.. 11.00® 11.10 Medium 10.60® 11.00 1200-220) Good and choice.. 11.00®11.00 (220-2501 Good and choice . [email protected] Heavyweights (250-2901 Good and choice.. 10.50® 10.70 (290-350) Good and choice.. [email protected] Packing Sows (275-350) Good 9.80®1000 (350-425) Good 9.45® 9.85 (425-250) Good 9.25® 9.70 (275-350) Medium 9.00® 9.85 Slaughter Pigs (100-140) Good and choice.. 9 50® 10.25 Medium 8.50® 9.75 CATTLE —Receipts, 1200— (550-900) Choice $ 9 [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 7.20® 8.50 Common 6.25® 7 25 (1100-1300) Choice 10.00® 10.75 Good 8.25® 10.00 Medium 7.21® 8 50 (1300-1500) Choice 10.57® 10.75 Good 8 50 @IO.OO 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 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© 6.00 Bulls, good 6.00® 6 50 Cutter, com. and med. bulls . 5.25® 6.25 VEALERS —Receipts, 400— Good and choice * 9 50© 10 50 Medium B.oo® 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® 825 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. 3000— Lambs, 90 lbs. down, good and choice *lo.oo® 10 50 Good 9.50® 10.00 Medium 9 00 © 9 75 Common 7.75® 9 00 E/WCS (90-170) Good and choice.. 4.50® 5.50 common and medium 3.50© 450 Yearling wethers, good choice. 9 00©; 9.50 Medium 7.75® 9.00 Other Livestock (Times Soeciali . CHICAGO, April 6.— Hosts —Recpiot* 12 000. including 5500 direct; actually most *10.15, cents higher, top *11: bulk better &Bde 160 to 250 lbs, *lo.7<®ll; 250 to 300 lbs.. *10.60® 10.85: 300 to 350 lbs *10.45® 10.70; 140 to 160 lbs.. *10.65® 10 98 : ??L mos i ly *9-90® 9.85 Cattle—Receipts'. I n.000: calves. 1500: general market strong I to 25c higher, active advance: better 1 grade fed steers. *lO upward; early top *11; lower grade steers getting action on most killers and on replacement accounts; all she stock active excepting Ugh*, weight cutters; shippers buying a big factor in trade; bulls up to *6.35: light heifers up to *8 50; heifers over 800 lbs strong; vealers steady at *lO downward Sheep—Receipts. 16.000: general market slow mostly steady; 10c higher cliDped lambs and SDringers: several loads of fed western lambs. *10.25© 10.35 to packers ! holding best around *10.50: strictly choice 70 1® clipped. *8.85; Colorado Pringers. *l3: few natives. *12.50® 14 for Easter trade; wooled native ewes, *5®5.50. FORT WAYNE, Ind.. April 6 —Hogs—lac higher: 160 to 180 lbs , *100: 180 to 200 lbs.. *10.90: 200 td 125 lbs.. *10.80: 225 to 250 lbs.. *10.70: 250 to 275 lbs.. *lO 55 275 to 300 lbs.. *10.45; 300 to 350 lbs.. *10.20: 140 to 16 lbs.. 10.45; 120 to 140 lbs., *10.15: 100 to 120 lbs . *9.90 Roughs—*9; stags, *7.25; calves. 10; lambs, *9.75.

BEMiS LETTER SERVICE 303 Merchants Bank Bldg. Lincoln 6122

LOCAL UTILITY SNOWS GAIN IN SERVICE SALES Indiana Public Service Cos. Submits Report to Stockholders. Although one hundred million kilowatt hours more were sold by the Public Service Cos. of Indiana in 1935 than in 1932. gross operating revenue from electric service was $63,000 less, according to the report to stockholders at the annual meeting today in the Traction Terminal Building. The decrease in revenue, in spite of increased business, was attributed to the effect of sweeping rate reductions which have been made in the last three yars. Six directors of the company were re-elected, and William Stewart o* Indianapolis was elected to the board, succeeding F. Marshall Dale, who resigned in February of this year to become vice president and general manager of the Indiana Service Corp. at Fort Wayne. Directors are J. N. Shannahan, Indianapolis; Laurence K. Callahan, Chicago; E. J. Booth and G. J. Oglebay, Indianapolis; K F. Dickinson, Lafayette; G. O. Nicolai, Terre Haute, and Mr. Stewart. Kilowatt Hour Sales Up Gross earnings of all properties of the company, which include electricity, gas and water sen ice m 52 Indiana counties, amounted to $12,497,329.22 ini 935, an increase of 6.8 per cent over 1934. according to the report. Kilowatt hour sales of electricitj increased 13.27 per cent over 1934. Net income was $311,498.35 compared with $1,748.76 in 1934. but the net income fell short $753,954.52 of providing dividend requirements on preferred stock. The company now is in arrears $2 759,800 in preferred dividend payments, no dividends having been paid since October, 1933. Rate Cut Effects Cited Taxes of the company in 1935 totaled $1,550,984.18, an increase of nearly 10 per cent over tax requirements in 1934. Comparative figures contained in the report show that the company’s taxes in 1935 were $432,538.25 greater than in 1932. Tax payments of the company in 1935 represented 12.41 per cent of gross earnings, in comparison with 9.4 per cent in 1932. Further effect of electric rate reductions made by the company is shown in a comparison of customers’ bills for service received since 1932. Last year the average annual usage per residential customer was 525.85 kilowatt hours, for which the annual bill was $27.96, an average of $2.33 per month, in 1932 the average of customers’ annual bills was $29.12 for 440.44 kilowatt hours of service. Rates now in effect provide customers with 85.41 more kilowatt hours for $2.16 less a year than in 1932.

BOARD OF TRADE IN EIGHTY-NINTH YEAR Nation’s Largest Grain Exchange Founded in 1848. Times Special CHICAGO. April 6.—The Chicago Board of Trade, established by 82 pioneer grain belt merchants April 3, 1848. today was in its eightyninth year of service as a market center of farm products. Robert P. Boylan, president of the nation's largest grain exchange, in citing the exchange’s unparalleled record, pointed out that, while Chicago grain receipts declined in 1935. they accounted for more than 15 per cent of the total grain received at 15 prominent western terminals. Merchant members of the exchange have found markets in all parts of the world for the wheat, com, oats, rye and barley which make up this immense volume. The amount of grain marketed at Chicago, if shipped today, would fill a train long enough to encircle the earth almost three and one-half times, it was said. BUSINESS FAILURES DROP 13 PER CENT Dun & Bradstreet Reports Total of 194, Against 218. Times Special NEW YORK, April 6.—Business failures in the United States declined 13 pet. cent during the week ended March 26, Dun & Bradstreet, Inc., announced today. The total reported amounted to 194, compared with 218 in the preceding week and 223 for the corresponding 1935 period. For the first 13 weeks of the current year the total number of business insolvencies recorded amounted to 2811. Os the five trading groups, manufacturing, wholesale and construction ranged higher than their 13 weeks average. After rising six failures above the average last year, retailers showed a drop of 25 from the 13 weeks’ period, and the number in the commercial service group was two lower than the average. KROGER SALES DECLINE Times Special CHICAGO, April 6.—Sales of the Kroger Grocery and Baking Cos. for the four weeks period ended March 21 amounted to $17,939.000, compared with $18,072,000 in the like 1935 period, it was reported today.

SLIGHTLY USED Desks, Chairs, Files At Substantial Reductions HILLER scerLvCO. 28 S. Penn. St. LOANS REPAIRS AND NEW HOME BUILDING See Your Local Building and Loan Assns.