Indianapolis Times, Volume 48, Number 25, Indianapolis, Marion County, 9 April 1936 — Page 26

Civil Service Group Should Control Spending. BY JOHN T. FLYNN

April 9.-On Rrpv#> issue confront* the nation. Like all evil? in government it begin in a small way. Refore the people notice It, a great and vicious system has been built up too powerful to be overthrown without a series of great battle?.

The is sue brings to the front two problems so serious that they deserve a front seat at all the coming national conventions. The issue has to do with the expenditures of vast sums by a political administration. The tw o problems this brings to the front are the problem of honest government and the

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Flynn

problem of legislative government. There is no point in indicting any one. In the hurry and confusion of organizing the New Deal, with its inescapable program of spending billions, almost inevitably some mistakes had to be made. They were made by the Democrats. Had the Republicans been in power the errors probably would have been made by the Republicans. The fact, as ii stands, is that the mistakes have been made and should be corrected. MUM MAY WE not set this down as the proposition that every informed American will . übscribe to: That no purely political administration can be depended upon to have the spending of billions in relief, for public works, for security, for immense loans, without ultimately ending in scandal. I am not charging the Administration with scandal. I say merely that ultimately these expenditures will prove too potent for the virtue of mere politicians. The next point is this—that in this country we have been devoted to the principle of legislative government. The President executes the laws. The court? interpret them. But it is a Congress that is expected to make such laws—a Congress representing all sections of the people. Is there no good reason to suppose that, if hillions are at the disposal of the executive, Congress will very soon find itself powerless? In short, is there not the question to be asked—do we want to continue to have legislative government in America?

DOES all this mean that we arp to stop spending monpy for relief and for the necessary work of recovery? Not at all. That will continue whether Mr. Roosevelt or any Republican rival is President. It does mean that the control over these billions must be put beyond the reach of the politicians and beyond the reach of the President's political entourage. There is, of course, only one way to do this. The administration of these great funds—relief, public works, security—must be under the dominion of nonpolitical agencies, in which the employes are named according to a rigid civil service rule and in which the leaders are bi-partisan—or better still nonpartisan. The President could not do better than to name a commission of the ablest citizens of the nation now to prepare a permanent plan of putting all the spending agencies of the government under a group of agencies utterly unassociated with the party political machines. If he values his fame he will do this. (Copyright. 1936. bv NEA Service. Inc.) GENERAL LEVEL OF COMMODITIES LOWER Index Drops to 76." Per Cent of 1926-28 Average. T**r flprrinl WASHINGTON. D. C.. April 9. general level of wholesale commodity prices was somewhat lower in the week endpd April 4. according to the index issued by the National Fertilizer Association today. This index dropped to 76.7 per cent of the 1926-1928 average from 77.0 in the preceding week. A month ago the index was 76.9 and a year ago 77.0. This is the first time since the upward trend of commodity prices began ;n early 1933 that the price index has been under the corresponding week of the preceding year. The decline of the all-commodity index last week was largely due to drop in the group index representing food prices. Foodstuff price trends were mixed during the week with 10 items included in the group advancing and 10 declining, but the effect of fairly substantial declines in several of the more heavily weighted items resulted in the group index moving downward. On Commission Row 'Quotation* below subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUIT Strawberries: Louisiana 26 Bl crate. S3 <s3 36. Pears—Washington I'Anjo (100s box). $3. Limes—Mexican, carton. 20r: Persian seedless idoz.i. 45c. Bananas, seven hands, pound. sc. Apples Delicious ilancy baskets'. S3 15; Jonathans. SI.BO. Rome Beautv. 51.35 lemons—Bunktst 1360*1. 36 50. Grapefruit—'Texas seedless is4s-80s', S4. Pineapples—(34s) crate. 85 35 VEGETABLES Artichoke. California • dot.) SI. Beans, green round stringleas .campsest. . S3.JR Beets—Texas *3 dor erate. 11.65; cut offs ibu.i. SI Cab-b*ge~-New Ti-Jaa tcrstei S3 15; half crate. •1.Z5- Carrots —California t-dor crate'. S3; Vaxas *3>* riox crate). Sl5O, Cauliflower California 'l3s cratei. S3 Celery —Florida masned and trimmed idoa.i 45© 66c. Florida (4s, 6s. 10s c.'aie). 83 50. Cucumbers—Hothouse 'doz.i. 8135 (southern bushel). *6. Esc Diant—Florida i doz.i. 11.80. Kale -iVii-ginia bushel). 35s Let-tuce-Iceberg, Arisona (best 6s. sa), 83 35; home grown leaf tis-lb. baskets), si.ls. Endive—California do*.>. 75c Peppers— Mangoes (crate). 85; peck basket. 8135. dot.. 50c. Mint Hothouse (dot.). 75c Mushrooms—Pound. 30c. Mustard—Texas half crate. 61.4 C. Onions—lndiana vellow iSO-lb. bag), 75c; new Texas Bermuda vellow, 50-lb bag. S3. Parsley—Southern (long bunches, dot.). 40c Parsnips—Home frown washed, bushel Si; half-bushel. 60c. eas—Florida hamper. S3 50. Florida— Michigan Round Whites. 100-lb. bag. $1.65; Maine Orern Mountains, 100-lb. bag 83.35; R. R Early Ohio. 100-lb bag. 31 85: R. R TTrlumph. 100-lb baj. 81 80; Idaho Russets. 100-lb bag. S2 35: Idaho baskets. 70s box. S3 50; New Florida Triumphs. 60-lb. bag 51.75 Sweet Potatoes-- Tennessee Nancv Halls hampers. tI.SR, Radishes Home grown button*. doe. 65©75c: while. s(tc k Rhubarb—Hothouae. hunch. 50e Ruta- *. ha*s—Northera 60-lb bag 81.16 Sxge E— Dob., 46c BhiHota- Lmtalana dn 3V. Nee hulk Texae bu si ts Tomatoe* - epmtsh -New Texas bu sj, TurnipsE*caekec, 16-lb. bo*. *1.71.

PAGE 26

LEHMAN CORP. RECOUPS 1929 CRASH LOSSES Managed Investment Trust Presents Illuminating Report. BY RALPH HENDERSHOT Times Special Writer NEW YORK, April 9.—Few investors have won back in the stock market all of the money they lost in the 1929 crash. Most of them undoubtedly are happy if they have recovered half of their losses. Consequently, the report of the Lehman Corp.. an investment trust, which has just been issued, is particularly Illuminating. That trust has recovered all of its losses and has made considerable in addition. Lehman Corp. stock was offered ! to the general public at $lO4 a share in September, 1929, about a month before the crash. It immediately invested the proceeds. At the end of March, 1936. its security holdings gave its stock a value of $121.25 aj share.

Arthur H. Bunker is executive vice president of Lehman Corp. He has been in direct charge of the trust’s investments. Your corre-. spondent was interested in how he had been able to do so well with the funds at his disposal, and persuaded him to discuss the question. ‘We have about fifty people in our organization,” Mr. Bunker said. "Every one of them has some important work to do in connection with our operations. They are experts in their respective fields. They are able to gather and digest facts which must be known before investments can be made safely and with the likelihood of yielding a profit.

First-Hand Information ‘‘We have men. for instance, who visit the oil fields of the country. They get first-hand information about the operations of the different companies. They are able to select those which show the greatest promise of profits. “Our success does not necessarily indicate that we are smarter than others. It does indicate that the making of investments is a specialized business, and that facts are needed before investments can be made wisely.” The corporation took it on the chin like others while prices were receding, however. Asa matter of fact, its stock at one time was worth only about SSO a share. Its greatest claim to investment superiority apparently lies in its ability to recoup, although the depression was upon it. no doubt, before it had an opporunity to get its organization well rounded out. Trusts Are Here to .Stay Its success and the success of some others in the same field suggest that investment trusts, despite the kicking around they have had in recent years, are here to stay. And the chances are that they may win back the respect they once had here and perhaps equal the regard in which they are held in Europe. Generally speaking, though, the management trusts have worked out to much more advantage than have the fixed trusts. That is not sur- j prising, for in the fixed type trust j about all the investor gets is diver- 1 sification. The advantage of in- j vesting ability is missed almost; entirely. New Bond Issues (By W. L. Lyons <Si Cos.) Bid. Ask. Assoc Tel Ltd Ist 4s ‘65 104% 105V* Atlanta Gas Lt Gen 4%s ’55 100% 101'* Balt & Ohio Sec Note 4'/*s ’39 99 99% Blackste Val G & E Coll 4s ’65 108'/, 108% Boston & Albany Ist 4%s ’43 102% 1034* Carriers & Gen Cor Deb 5s 'SO 106 107V* Cent Maine Pwr Ist 4s ’6O . 101 3 * 101% Cent 111 Lt Ist 3%s '66 ... 105% 105V* Chgo Union Sta 3%s '63 105% 105% Cleve Elec Ilium Gen 3%s '65 109V* 109% Cleve Tractor Deb 5s '45 106 Columbus Rwy P & L 4s '65 . 105V* 105% Canadian Govt 3',s '6l 99% 100% Conn River PSi L Ist 3%s ’6l 104V* 104% Consumers Power 3%s ’7O . . 103% 103% Cont Steel Deb 4%s '46 . ..102 102% Cudahy Packing 3%s '55 ... 101% 102', Dayton P & I, Ist 3%s 60... 105% 106', Duquesne Lite Ist 3Via '65 .106% 107 Eastern Gas & Fuel 4s '56 96V* 96% Edison El Illus Bost 3'*s '65 .105% 105% Hiram Walker 4V,s '45 105 105V* Inland Steel Ist 3%s '6l 103V* 103% lowa South Util Ist 5%s ’SO 102 102% Jones Laughlin Ist 4'/s '6l .98 98% Kansas P <t L Ist 4%s '65 108 Vi 108% Keystone Wire & Steel 4s '45 100 Loews 3%s '46 . 96V* 97 Los Angeles G Aj E4s '7O . . . 104% 105 Louisville Ac Nash 4s 2003 100 V. 101 Maine Cent Ist Ac Coll 4s '45 . 99% 100 Metro Edison Ist 4s ’65 . 106% 106% Monon W Penn Pow 4%s ’6O 103% 103% N Y Cent 3%s 46 97% 98V, Natl Dairy 3% ’sl 102% -2,% N Y Edi.“bn Ist 3%s '65 101% 103 Norway Kingdom 4%s ’56’.... 100% 100% Norway Kingdom is 65 97% Ohio Edison Ist 4s 65 104% 105 Pacific Lighting Deb 4%s '45 105% 106% Pacific Gas & El 3%s '6l . . 103% 103% Penn R R Gen 3%s '7O . . 100% 100% Penn Tel Ist. 45.'65 105V* .106', Pub Ser N Hemp Ist 3%s '6O 105 105% ! Pub Serv Okla Ist 4s '66 102% 102"', ■ Railwav Ac Lite Conv 4%s '55 110 111'* ; Reverse Cop At Brass 4%s ’56 103% 104 San Diego G-E Con Ist 4s 65 108% 108% Sharon Sieel 4%s '57 107% 108% Shell Union 3%s ‘sl . . 95% 95 s , So Calif Gas Ref 4s '65 104 s * 104 s , I S C*l Edison Ist A- Ref 4* 60 106% 107% I So Cali Deb 3%s '45 103% 104 Southwestern GA-E 4s '6O 102 102% 1 Sfalrv A E Ist 4s '46 . .104 104'* ! Virginia Rwy Cos 3 s ,s '66 102 s . 102% West Penn Power Ist S'-a '6 105% 106% i Wheeling Stee Ist 4%s '66 . 101% 101% I

Unlisted Stocks •By Bl.vth At Cos.) NEW YORK RANK STOCKS Bid. Ask. Bankers Trust 60 61 % i Central Hanover 112 114 Chase 39% 40% Chemical National 57% 59 Guaranty 292 295% Irving . . 16% 17% Manufacturers 49 50% National Citv . 35% 36% Com 111 Chicago 166 169% First National Boston 46% 48% ; National Shawmut 27% 29> FIRE INSURANCE Etna Fire Ins 56' i 58% i American Ins of Newark 15% it, Baltimore American 9 10'-. City of New York 27', 29*', Federal Ins 48% 51 s , Franklin Fire 31 % 33 s * ! Great American Ins 30 31 s * i Hanover Fire Ins .36 .38 j Hartford Fi-e 77% 80 In Cos of a 74 76% Home Ins 39% 41’* National Fire 77 79% | National Liberty 10% n% North River 26 s , 28% Phoenix 91% 94% O 8 Fire ft 58% ; Westchester Fire 37 39% Money and Exchange INDIANAPOLIS STATEMENT i Clearings $2 277 000 Debits 6.249,000 TREASURY STATEMENT ißv United Press) WASHINGTON April 9.—Government ! expenses and receipts for the current flscal year to April 7, as compared with a I year ago: This Year. Last Year. Expanses $5 480.551.753.19 *5.180.348.70J.58 i Receipts 3,167.794.892.70 3 945.666,988 33 Deficit 3.312.757 060 49 3.234.682.739.35 j Cah R#l 2.786 713.998 83 2.458 924.667.03 Pub Debts 3t.443.273.689 63 28 850.C12.04fl 33 .Gold Res 10.189 227.112.33 8.580.1*4.352 Bft l Customs .. 300.185.379.80 260.601.509.3*

Abreast of The Times on Finance

New York Stocks

(By Thomson & McKinnom Jlrl.i A M Pff v Oil*— Hig& Low. N.Y.' close AU R U 33% 33% 33V, 33% Barnsoail . 13’, 19'* 19% 19% Consol Oil 14% 14V, 14', 14% Corn Os Del . . 36% 36 36 36 Houston (newi 10% 10% 10% 106, Mid Cont P<*t 22% 22% 22'* 22% Ohio Oil 14% 14% 14% 146, , Phillips Ptl 48 47% 47% 48% Plymouth Oil .16 16 16 16 ; Pure Oil . .... 23% 23% 23% 23% Seaboard Oil . 39 31) 39 38% .Shell Un ... .. 17% 17% 17% 17% , Skellev Oil . . 29% 29% 29% 29% i Soc vac 14% 14% 14% 14% SO of Cal ... 44% 44% 446, 45 if 9 of.lnd ... 38% 38% 38% 38% 8O of N J 65% 65% 65% 65% Texas Corp . . 39% 38% 38% 38% : Tidewater Assn 18 18 81 17% Steels— Am Roll Mills .. 31 30% 30% 30% | Beth Steel ... . 63% 62% 62% 63% Cruc Steel . 38% 38% 38% 39 Ludlum Steel ... 31% 31% 31% 31% | Mid Steel 47% 46% 46% 46 Na't Steel ... . 68% 68 68 68% Otis Stel 19% 19% 19% 19% Rep I A Stl 26% 25% 25% 25% ' Rep I * Stl pfd 97 g- 37 97 | u S Pipe Aj Fdy 38 38 38 37% U S Steel . 72% 71% 71% 71% U S Steel pfd 130’, 129% 129% 330 ' rngstwn Saj T 59% 59% 59% 59 i Motor,— : Auburn 49% 49% 49% 49% Chrysler . 102% 101 101% 102 Oen Motors 69% 69V, 69% 69% Graham oMt ... 2% 2% 2% 2% Hudson 18% 18% 18'% 18% Mack Truck 36% 36% 36% 36% Has h 20 193, 19% 19 s, Packard 11% ip, n% ns, Reo 7% 7% 7% 7% Studebaker . 14% 14 14 14% Yellow Truck .. 18% 18% 18% 18% Motor Access — Bendix 29% 29 29 28% Bohn Alum 57 57 57 56% Briefs 59'% 59 59 V* 59'/, Budd Mfg 14% 14 14% 14 Budd Wheel 11% 11% n l , 11% Eaton Mfg 36 36 * 36 36% Etc Auto Lite .42 41% 42 41% Elec Stor aßr 50% 50% 50% 50% Slf'a h °n nfl " B ' 61 ’• !'/* 1% 60% Houdaille 28 27% 27% 28% sin ra wr R ° dy "2° 193< 19% 20 Stew Warner ... 23 22’, 22% 22% Timkpn Roll ... 60 69 69 68’/4 Min in* — Alaska Jun 14% 14% 14'/. 14s/, Am Metals 34% 34% 34% 34% Am Smelt 85 84% 84% 85 Anaconda .. 38% 38% 38% 38% Cerro De Pasco.. 55% 55% 55% 55 % Howe Sound ... 53% 53% 53% 53% Ins Copper 12% 12% 195/. TisZ Ij?. 1 I r*, '' 49 ’ 8 49 4S 49% Xsl Creek Coal.. 28% 28% 28% 28% Kennecott Cop.. 40% 40Vi 40% 40% Park Utah ... 4% 4% 43V* Phelps Dodge ... 39% 39% 39% 39% St, Joe. Lead .... 27*% 27 27 27 3 ' U S Smelters 94% 93% 94'/, 93% Vanadium 24 24 24 24 Amusements— Crosley Radio... 23 22% 22*/, 22% Loews Inc 47 46% 46% 47 Radio Corp 13 12% 12% 13% Paramount 8% 83, 8 % B, KO 6% 6% 6% 6% Werner Bors ... 11 Vi 11% 11% n .% Tobaccos— Am Tpb "B” .. . 93% 93% 93% 92% Llrr Aj My "8".,102V* 102% 102% 103 Lorillard 22% 22% 22% 22% Phillip Morris 74 74 74 74 Reynolds Tob B' 53% 53 53 53

| Rails— Atchison . 80% 79% 80 s , 80V, I Atl Coast Lines.. 29Va 29 29 293* ®* o 21 s , 21 Vi 21 Vi 21% Can Pacific )3 12% 12% 13V;. Ch A Ohio 58 58 58 57% Chi & Gt W 2 2 2 2 Chi A. Gt W pfd 6% ’ 6% 6% 6% C M & St P pfd 4(4 4Vi 4'4 41/* Chi N W 3% 3% 3% 3% Dela Ac Hud . 47% 47 47% -46% Del Lac & W 19% 19% 19% 20 Gt North pfd .. 39% 39 39V, 37% 111 Central 25V* 25V, 25V, 25V* K C Sou 24% 24% 24V* 24'/* Lehigh Valley ..12 l! 12 12 Lou Ac Nash ... 77% 7' % 77% 77 M K Ac T ... 8% 11% 8% 8% i M K Ac T pfd .. 24 24 24 23% I Mo Pec pfd 6 6 6 6 !N Y Cent .. 39% 39 33% 39(4 IN Y New Haven 3% 3% 3% 3% N Y ont Ac West, 5V* 5% 5% 5% 1 Nor Far, 34 33% 33% 34 Penn R R 35 34% 35 34% Sou Pac 36% 35% 36% 36V* Sou R. R. 17% 17 V* 17% 17 V* West Maryland . 10 10 10 10'/, F.quipments— Am Brake Shoe 48V* 48V* 48% 49 Am Car A Fd.v . 35% 35% 35% 36 Am Steel Fdy . . 29% 29% 29% 29% Bald Loco . . 3% 3 3'/, 3% Gen Am Tk Car 4.9V* 49V, 49V, 49V, Gen Elec 40'/. 39% 39% 39% Pullman Inc ... 45% 45V, 45V* 45 West Air EY ... 44 44 44 44% Westing Elec ...120% 120 120 120%

Utilities— Am A For Pwr.. 9% 9V, 9% 9 Am Pwr & Lit . 13% 12% 13 12% A T A T 169', 169% 169'/, 169 Am Wat Wks .. 25% 24% 25% 2'.% Col Gas A Elec. 21% 21'/. 21V, 21 Vi Com A Sou ... 32% 2% 2% Consol Gas . 35 34% 34% 34% Elec Pwr Ac Lit. 14% 14% 14% 14V, Int Hydro Elec . 3V* 3% 3V* 3% Int TA T ... 16% 16% 16% 16V, Lou GA E 'A' .. 22% 22% 22% 22% Nat Pwr A Lit . 11% 11% 11% 11% North /mer 28% 27% 24% 28V4 Pac G A E 39 387, 38% 39 Pub Serv N J ... 42% 42% 42% 41% So Cal Edison . . 27Vi 27’, 27% 27 Stone A Webster 21% 20% 20‘, 20% United Corp ... 7% 7% 7% 7% Un Gas Imp ... 16% 16V, 16V, 16% Western Union .. 89V* 88V* 88% 89% Rubbers— Firestone 31% 31% 31% 31% Goodrich 20 V* 20', 20 Vi 20'/* Goodvear 29% 29% 29 s , 29Vi U S Rubber .. 33% 33% 33'i 33% U S Rubber pfd 79% 79V, 79'% 79% Miscellaneous— Allis Chalmers .. 49% 49% 49% 49Vi Am Can 119% 119 119 119'/* Anchor Cap • . 25% 25 25 25V* Brklyn Man Tr. 49% 497* 49% 497, Burroughs Add .30 30 30 30V* J I Case ■ 165 165 165 162 Caterpillar Tract 77% 77% 77 s , 77 Vi Crown Cork .... 58% 58% 58% 59 '4 Curtis Pub .... 217, 21% 21 s , 21V* Deere A Cos 86 85 86 85 Eastman Kodak 188 167% 167’* 168 Gillette 17 17 17 17 Glidden 55 54 % 54% 54 5 , Inter Harv .. 88% 87% 87 s , 88% Natl Cash Reg . 27% 27% 27% 27Vi Rem Rand 22 217, 22 217* Foods— Armour 5% 5% s'* 5% Borden Prod ... 27% 27% 27% 27% Cal Packing ... 33 33 S3 33 Cont Bak "A” .. 16% 16V* ISVi 16% Corn Prod 72% 72% 72V* 72V* Cub Am Sug ... 12V* 12V* 12V* 11 Gen Foods 36% 36% 36% 367* Gold Dust 19% 19% 19 s , 19% Natl Biscuit ... 35% 35 35% 34% Natl D Prod ... 23 s , 23% 23% 23% Puritv Bak 13% 13% 13V* 13 s , Std Brands 167, 16 16V* 16 United Fruit ... 74 74 74 74 Retail Stores— Allied Stores 8% 8% 8% BVi Assd Dry Goods 16% 16% 16% 16% Gimbel Bros ... 9 s , 9% 97* 9% Kresge 3 S 22%. 22% 22% 227, Kroger Groc ... 24% 24% 24'/* 24'/* McCrorv Si ... 13% 13% 13% 13% McLellan St .. 17 s , 17% 17% 13'/* Mont Ward .... 44% 43 5 , 43 s , 44V* Natl Tea 9% 97, 9% 9% Penney J C ... 77 s , 77% 77 s , 77 Safewav St ... 32 s , 32'.* 32% 32% Sears Roebuck .68 67% 67% 68', Wool worth . . . 50 50 50 50 Aviation— Aviation Corp .. 6 s , 6% 6% 6% Boning Aircft . 22% 22% 22 5 , 22 Curtiss Wright 6 s , 6% 6 s , 6% Curt Wright A’. 17 17 17 16 s , Douglas Air . . 68 67% 67% . Nor Am Av 10 10 10 9 s ,

Local Securities t ßy Indianapolis Bond & Share Corp.) The following quotations do not. represent actual bids or offerings, but merely indicate the approximate market level oh buying and selling inquiries or recent transactions. BONDS Bid Ask Home T At T Fort Wayne 6% .103 105 Home T & T Fort Wayne 6 . .103 106 Indianapolis Railways Inc . 63 66 Indianapolis Water Cos 4%s 106 108 Indianapolis Water Cos 5s . . . 105 107 Indianapolis Water Cos 5s 105 107 Indianapolis Water Cos 5% .. 104'/* 106 Indianapolis Water Cos 5% 104% 106 Interstate T T 5% . . 97 99 Kokomo Water Works 5 . 104 105% Morris 5 A- 10 Stores 5 100 103 Muticie Water Works 5 103% Noblesville Heat Lt Pwr 5% 98 100% Ohio Telephone Serv 6 ... 97% Richmond Water Works 5 . 105 106'* Seymour Water Cos 5 101 104 Terre Haute Trac A: 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 Ac Stock Yards Com 53 55% Belt R R At Stock Yard pfd 6 52 Central Ind Pwr pfd 7 ...21% 24% Home TAt T Fort Wayne 7 ... 52% 54% Hook Drugs Inc com 17 18% Ind At Mich Elec Cos pfd 7 103% 106% Ind General Service Cos 6 97 99% Ind Hydro Elec Cos 7 .. 55% 58% Indianapolis Gac Cos com * .. 34 37 Indpls Pwr At Lt Cos pfd 6 .. 89% 92% Indpls Pow At Lt Cos pfd 6% . 93 96 Indpls Water Cos pfd 5 102 105 •North Ind Pub Serv pfd 5%s 63% 66% •North Ind Pub Serv pfd 8 ... 73% 76% •North Ind Pub Serv pfd 7 . . 80% 83% Progress Laundry Cos com 10 11% Pub Serv Cos of Ind pfd 8 .. 22% 25% Pub Serv Cos of Ind pfd 7 , 44 47 South Ind Gas * Elec pfd 6 . 98% 101% Terre Haute Electric Cos 89 91% Union Title Cos com 19% 31% •Ex-dividend.

THURSDAY, APRIL 9, 1936

Sperry Corp .... 30V, 20% 20% 20 United Air new 25% 25% 25% 2o* Chemical,— Air Reduction 188% 188’, 188% 188% Am Com Alcn.. 28% 28% 28% 28 s Col Carnon ...124 124 124 124% Com Solvents . 20 s , 20% 20% 20*-. Du Po "L , 152 152 152 151% Math Alkali 33% 33% 33% 33% Monsanto C.hem 102% K'2% 1023* 102' > Natl Dis 1 new I 32 32 3? 32 Schenley Dist 45% 44 44 Tex Gulf Sulph 35% 35% 35% 35',, Union Carbide 88 88 88 8 U S Ind Alco. .56% 55% 56V, 55% Drug,— Cot v Inc 5% 5Vi 5Vi 5' Lambert 22% 22% 22% 32% Sterling Prod . . 70V, 70% 70% 70 Un Drue (new).. 14 13% 13% 14 Financial— Adams Exp ... 12% 12% 12% 12% Allegheny Corp 3% 3% 3% 3V* Am Int Corp 13 12 12 11 s , Chesa Corp .... 66 66 66 66% Lehman Corp . 100 100 100 100% 'Transamerica ... 13% 13% 13% 13% | Building— Am Radiator ... 24 23% 23’, 23 5 , Holland Furnace. 41'/, 41 41 40% Int Cement 483, 48% 48% 48% Johns ManvilJe 114 114 114 H3 Ltbby Owens Gls 60% 59% 58 s , 61 U S Gypsum ....102% 102% 102% 103 Household— Col Pal Peet is 18 is 13% Congoleum 40% 40% 40% 40% Kelv’nator .. 24% 24% 24% 24% Mohawk Carpet 28% 28% 28V, 28% Proc A Gamble 46% 46% 46% 46% Serve! Inc 21% 21% 21% 21% Simmons Bed .. 30% 20% 30% 30% Textiles— Celanese Corp .. 28% 28% 28% 28'/, Gotham Hose ... 11 Vi 11% 11% 11 Indus Rayon 34% 34% 34% 34

Chicago Stocks (By Atkins. Hamill & Gates) 11:30 Prev. J D Adams A it*% Close Advance Aluminum #% ' Allied Products " 22% Asbestos Mfe 41., ‘ill Associated Investors . .. .! ]36 ' 35^ Cent 111 Pub Service pfd 62% 62 Chicago Yellow Cab 29% 30'% Cities Service 5 4 47^ Commonwealth Edison 104V2 104% Crane 29 3 1 70 Electric Household !!.!!!! 153. 153/ General Household 734 S ij. Godchaux Sugar B' 183. ’ Grt Lakes Dredge 32 32% Katz Drug 38 % sr Libby. McNeil At Libbv.. ! 10 10'% Lincoln Printing 10% ini,, Loudon Packing 734 73 7. Hat. Gypsum ;; 6 0 60 Noblitt-Sparks ... 32 303/, Standard Dredge pfd 171.' i®l Zenith 18% 18% New York Curb ■ (By Atkins, Hamill A Gates) 12:30 A. M. Prev. . „ .. N. Y. close. Am Cyanamid "B 37 37 Am Gas A Electric 39Vi 39% Am Superpower 2", 2% Am General 9% 10% Ark Natural Gas "A” 6% 6% Atlas- Corp I3s /g i33/ 4 Carrier Corp 10% 10% Creole Petroleum Corp 29% 29% Elec Bond & Share 23% 23% Fisk Rubber 7 71/, Ford Motors Canada "A" ... 25% 25% Glen Alden (1) 14% 15 Greenfield Tap A Die Corp ... 8% 9 Gulf Oil Corp of Penn 96% 95% Humble Oil A Refining C 0... 71V, 71 Huyler’s of Del pfd 28 28 Hygrade Food 5% 5% Imperial Oil of Canada 24 24% Irving Air Chute 22% 23% M-3ad Johnson & Cos 96 Molybdenum Corp of Amer ... 10% 10% Mueller Brass Cos 29% 31 Natl Bellas Hess Ine 2Vi 2Vi Niagara Hudson Pwr 10% 10'/, Pan-American Airwavs 62% 61V, Pennroad Corp ..' 4% 4% Reliable Stores Corp 18% 19 Petroleum 16% 16% St Regis Paper Cos 4% 4% Segal Lock 3 % 3'/, Sonotone 2% 3 Standard Oil of Ohio 32 31% Stutz Motor Car of Amer 3'/, 3'/, Technicolor. Inc 31% 31% Tubize Chat.illon Corp BVi BVi Wayne Pump 28% 28% Investment Trusts (By Thomas P. Sheerin A Cos.) ..... . Bid. Asked. ’Administered Fund 2nd $17.08 $18.17 •Affiliated Fund, Inc 2.02 2.21 •American General Equities.. 1.11 1.13 American Business Shares .. 1.21 131 Broad St Inv 29.69 31.75 Bullock Fund Ltd 18 65 20 12 Century Shares Trust 27.50 29 57 Collateral Tr Shares A 6.72 6.80 Corporate AA or Accum Mod 3.44 3.47 Corporate AA or ACC Unmod 2.73 2.76 Corporate Trust Shares lOrig) 2.86 289 Diversified Trustee Shares B . 10.73 Diversified Trustee Shares C 4.66 4.70 “Diversified Trustee Shares D 6.92 700 Dividend Shares, Inc 1.69 183 General Inv Tr 6.09 6.69 •Incorporated Investors 22.80 24.61 •Investors Fund Amer 109 119 •Market Street Invest Corp... 31.53 33.19 Maryland Fund 19.80 21.37 •Massachusetts Investors .... 26.04 28.30 Natior-Wide Sec. Cos. B 4.48 Nation-Wide Voting 1.83 1.97 North American Tr Shs 1955 3.43 3.46 North American Tr Shs 1956 3.39 3.43 North Amer Tr Shs lOrig.) 262 Quarterly Income Shares . 1.61 1.79 Representative Trust Shares.. 12.90 .. . Selected Amer Shares, Inc 1.60 1.75 Selected Amer Shares <Orig). 378 Selected Cumulative Shares . 9.75 985 Selected Income Shares .... 5.08 518 ?State Street Invest Corp 101.00 105.00 Super-Corp of America AA . 2.88 291 Super-Corp of America BB 2.92 295 Super-Corp of America A ... 433 438 Super-Corp of America B 4,52 457 Super-Corp of America C & D 8.34 •Supsrvised Shares. Inc. (Del.) 13 64 14 83 Trustee Standard Oilshares A 7.57 7.65 Trustee Standard Oilshares B 6.79 686 Trustee Standard Investment C 3.04 307 Trustee Standard Invest D. . 2.98 301 Universal Trust Shares 443 Uselps A lo in Uselps B 2'.99 Uselps Voting Ijs United Standard Oil funds... 1.34 147 ♦Ex-Dividend. CHEVROLET SALES SET RECORD DURING MARCH Total of 126,119 Units Largest in Company's History. Titne.x Special DETROIT, April 9.—The Chevrolet Motor Car Cos., a division of the General Motors Corp., today reported March sales aggregated 126,119 units, the highest for any month in the history of the company. Anew record also was established for first quarter sales which totaled 272.*f49 units, a gain of 97.839 over the same period last year. The previous high record for a single month was 122.437, reached in May, 1928. The largest previous quarter record was established in 1929 when 248.875 units were sold. Sales of used cars made by Chevrolet dealers amounted to 165.170 units in March and 481.834, anew record for first quarter, it was reported.

Busigraphs

PRODUCTION OF PLATE GLASS 200-1 (PLATE GLASS MFS. OF AM.) t- m “ >SO -ffTJ 1 - 8 < o *oo-- (t —rn ; - * m TT | •' ; _ ; b i! If !-r 1 I 0. fail I 111 II .lUil II I THE RWten CORR GENERAL DISTRIBUTORS 1 INCORPORATED INVESTORS

A sea of plate glass covering more than 4000 acres represents our plate glass output last year. This was the largest yearly production in the history of the industry, and almost double that in 1934. Records are continuing right into this year, for January production was the highest for any month, and 29 per cent above January. 1935. Recovery in the automobile industry and construction gains have played a big part in these records.

DEBASED FRANC 1 SEEN UNLIKELY BY ECONOMIST Political Suicide Forecast for Party Making Such Move. BY A. L. JACKSON Vice President, Economic, Statistics NEW YORK, April 9.—One of the most important questions confronting the business and financial fields today is—will France devalue the franc? In view of the present ecoj nomic and political trend, devaluaj Ti°n is not probable in the near I future. Economically, France is in a strong position to maintain the parity of its currency. Financially, the banks of France are in an impregnable position. The Bank of France could easily lose 10,000,000,000 francs of gold without weakening its position materially. Also, foreign balances are at a minimum. In addition, business activity and prices are increasing and unemployment is declining. This is true despite the fact of the large volume of hoarding and the unsettled political conditions in France.

Broad Improvement Shown The business improvement has been fairly broad, and indicates that devaluation has run its course, and is now yielding to the natural economic forces of recovery. As direct evidence as to the extent of the recovery, it is found that commodity prices in France have risen considerably more since last July up to the present time than has been the case in either the United States or the United Kingdom. The principal threat to the franc is the lack of confidence prevailing in the country as is indicated by the weakness in the French rentes and the large amount of hoarding. It is estimated that 30,000,000,000 paper francs and 15,000,000,000 gold francs are hoarded at present. Naturally, should confidence return, these funds would flow back to the banks and cause money rates to decline, which in turn would enable the French government to refund its short-term debt. Lack of Confidence The principal causes of this lack of confidence are the agitation, for devaluation, the budget deficit of the government and the long continued business depression. However, the recovery in business now under way should ease the concern over the deficit and eliminate the basic arguments for devaluation. It seems therefore that the major threat to devaluation now lies in the potential shift that may occur in the political control of the country. While a large group of French capitalists and industrialists, which would be aided by devaluation, favors such action, the large majority of people in France are opposed to devaluation. Thus, such action would be political suicide for any party. Should there be a change in the political control, it is probable that industrialists and capitalists might engineer a flight of capital that would necessitate the abandonment of gold. Although possible, such action is not probable.

CONDITION OF WOOL MARKET UNSETTLED Attention Is Centered on Flood Damage. “The attention of the wool trade, as well as the whole textile industry, has been centered on the damage done by the flood rather than trading in grease wool.” T. I. Ferris, president of the Indiana Wool Growers’ Association said today. “The damage was not confined to flooding machinery and floors of manufacturing plants, but a vast amount of destruction was caused by flooding manufactured and semimanufactured goods held in storage. The extent of the damage is not known. Suffice to say. it will require two to three months for some mills to get their factories back to normal. “Little o: no trading has taken place for about ten days in domestic wool. The depressed feeling caused by the flood has generally permeated the market, until practically all manufacturers and some dealers are talking lower prices. Sales are negligible. Only one sale of any consequence was reported for the last week. “This, we understand, was an original 1936 clip of Arizona sold on the basis of 90 cents clean, which is the full strength of recent market quotations when trading was general. This would indicate that manufacturers will pay the price when in need of wool. The situation, as we see it, is now largely up to the growers themselves. If they weaken at this time and accept less than values indicated by contracts made some three weeks ago, the the market will sllr> to that extent,” Mr. Ferris stated. CAN COMPANY REPORTS 23,928 Holders Registered on Books To Set New Record. Timm Special NEW YORK. April 9 —The number of stockholders of Continental Can Cos.. Inc., reached the highest in its history at the end of March when 23,928 holders were recorded on its books, it was officially stated today. Previous to 1935, the high record was 22,431 holders in August, 1935. The company has over six times as many stockholders now as it had 10 years ago, the total holders of record at the end of March, 1926, having been 3778. The largest growth in its stockholders’ list occurred in the period beginning with 1929. in which year the total mounted to 13,987 holders.

WEEKLY INDEX OF BUSINESS TREND MERARED BY ADMINISTRATIVE AND RESEARCH CORPORATION - NEW YORK 1916 - 100 100 ■ll■jl■.■) ,1111 j 1 ■ . :I f. !',■!!,'! !T rTT-* j'/TT - ': H 100 I*' 7 ! ; ~n~r\ 1. _1 —:n — 90 1 90 j ' 1936 [ | U j j 1 ; --XjS M 70 —V— r ; - v-A - /——Lt I . y !|Ja , j ! I ty '—t - —!?R\ ~ 60 i / —— l sk. 1 30 rr —T l —n n —r 7 30 ; NA s N / IV V>' 4 V • / N j - j -'n n, • — ~ r-'x r-4 r —* c' % : *O L 1 ; ; ■' i : ; 1 i,: 1 . ...i i : * 0 ‘ ' JAN. f FEB. ‘ MAR. # APR. < MAY JUNE JUIYjAUO. SEP.fcOCT.jNOV.; DC.i|* j

With the subsidence of the floods, business activity for the week ending March 28 was up sharply. The Administrative and Research weekly index of business trends was at 79.7 for the week as compared with 75.9 in the previous week and 74.2 in the corresponding week last year. The steel industry, badly hampered by the floods, recovered quickly, and the operating rate ascended to anew high for the season. Freight car loadings increased, and both automobile production and electric power output resumed their upward trend.

HOG QUOTATIONS MOSTLY HIGHER Few Lightweights Steady; Cattle Market Strong; Vealers Even. The pork market displayed a strong tone in active trading today at the Indianapolis Union Stockyards. Weights ranging from 160 pounds and upward were largely 15 cents higher than yesterday’s best average. Lightweights and slaughter pigs remained unchanged, however. Partly responsible for the unexpected upturn was a further decrease in the total number of receipts to 3500 from 4000 in the previous session. A slightly stronger demand which prevailed for the medium and heavyweights also supported the advance. Holdovers numbered 123. The general bulk of 160 to 225 pounds sold at sll to sll.lO. The latter also acted as top price. Medium weights scaling 225 to 250 pounds, brought SIO.BO to $10.90. Heavies, from 300 pounds and upward. were salable at $10.05 to $10.35. Light slaughter pigs, from 130 to 160 pounds, cashed in at $10.25 to $10.75. Packing sows held at $9.25 to $9.90. Cattle were active and steady to strong, especially in all slaughter classes, including steers and heifers. Cows also were strong to slightly higher. Two loads of steers, averaging 1125 pounds, sold at $9.75. General bulk held from $7.75 to $8.50. while most heifers sold at $7.25 to SB. Receipts numbered 800. Although interest was around normal in face of a liberal supply, vealers remained mostly stationary. The bulk sold at $9 to $lO. Receipts were 700. Lambs also were steady with the bulk of choice fed western clipped grades salable at $9. Native wooled grades sold at $lO. while native spring lambs ranged from sl2 to sl4. Receipts were 1500.

HOGS April Bulk. Top. Receipts. 3. [email protected] $ll.OO 3000 4. 10.90ftclV.00 1100 1000 6. 11.00@>11.10 11.10 3500 7. [email protected] 10.95 5000 8. [email protected] 11.00 4000 9. [email protected] 11.10 3500 Light Lights 1140-160) Good and choice [email protected] Medium [email protected] (160-180) Good and choice.. [email protected] Medium 10.55® 11.00 1180-200) Good and choice.. [email protected] Medium 10.70® 11.00 (200-220) Good and choice . [email protected] (220-250) Good and choice.. [email protected] Heavyweights '250-290' Good and choice.. 10.50® 10.80 (290-3501 Good and choice.. [email protected] Packing Sows '275-350' Good 9.75@ 9.90 1350-425) Good 9.5(1® 9.85 (425-4501 Good 9.25@ 9.65 (275-350) Medium 9.00@ 9.75 Slaughter Pigs (100-140) Good and choice.. 9.50® 10.25 Medium 8.50® 9.75 CATTLE —Receipts. 800--(550-900) Choice 8 9.00® 10.25 Good 7.75®' 9.50 Medium 7.25®; 8.25 Common 5.75© 7.25 (900-1100) Choice [email protected] Good [email protected] Medium 7.20©; 8.50 Common 6 25© 7 2-(1100-1300) Choice 9.75® 10.50 Good [email protected] Medium 7 25® 8.50 (1300-1500) Choice 9.75© 10.50 Good [email protected] Heifers (500-750) Choice 7.75® 8.75 Good 7.25®! 8 00 Common and medium 5.75® 7.25 050-100) Good and choice ... 7.25®> 875 Common and medium 5.50® 7.25 Cow* Good 6 .00© 6 75 Common and medium 5.00® 6 00 Low cutter and cutter 3 75® s.on Bulls, good . .. 6.00® 6.50 Cutter, com. and med. bulls . 5.25® 625 VEALERR —Receipts, 700Good and choice $ 9.00© 10 00 Medium 7.50© 9.00 Cull and common 5.00@ 7.50 Calve* (250-500) Good and choice .... 6.25® 9.25 Common and medium 5.00@> 6.50 Feeder and Stocker Cattle (500-8001 Good and choice ... 7.00® 8.25 Common and medium ... 7 50® 8.25 (800-1050i Good and choice .. 7,25® 865 Common and medium 5.50@ 7.25 Cow* Good 4.75© 5 25 Common and medium 4.50® 4.75 SHEEP AND LAMBS —Receipts. 1500— Lambs. 90 lbs. down, good and choice [email protected] Good 9.50® 10 00 Medium 9 00® 9.75 Common 7 75® 9 00 Ewes >9O-170' Good and choice.. 4 50@ 5.50 Common and medium 3.50® 4.50 Yearling wethers, good choice. 900 ® 950 Medium 7 75@ 9.00 Produce Markets The prices quoted are paid for stock gathered In the country, while delivered in Indianapclls ihe price Is a cent higher. Heavy breed hens. 18c; Leghorn breed tens, Y6c; Leghorn springers. 12c; old stags. 13c; old cocks. 12c. Ducks, white. 5 lbs. and over, 11c; geese, full feathered, all sizes, 8c; all guineas lta 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. 34@35c; No. 2, 31® 32c. Butterfat. 28c. BUSINESS EDUCATION Strong Accounting. Bookkeeolng. Stenograohic and Secretarial courses. , Dav and evening sessions. Lincoln 4337. Fred W Case. Principal. CENTRAL Business Colleje Architect* and Builder* Building Pennsylvania A Vermont At*.. Indnl*

Barge Canal Opening The New York state barge canal is to open about April IS and the rate on grain vntl be approximately S cents . officials have announced. The hirer (r, cat Lakes and the St. Lawrence are to open about the same time.

N. Y. Bonds (KeorintcH From Late Time* Yeserdar) DAILY BOND INDEX 20 20 20 60 Inds. Rails Util. Bonds Todav 91.6 92.7 104.9 96.4 Yesterdav 91 8 92.7 104.8 96 4 Week ago 91.8 92.0 105.0 96.3 Month ago 92.4 94.1 105.3 97 3 Year ago 85.3 74.2 95.1 84.9 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 & Paine) Treasury* Prev. Close, close. 4%s 1947-52 118.2 118 4s 1944-54 112.23 112.23 3%S 1946-56 111.4 111.2 3%s 1940-43 108.18 108.16 3%s 1941-43 108.31 108.30 3%s 1943-45 107.26 107.24 3'is 1944-46 107.13 107.14 3%s 1946-49 105 19 105.19 3%S 1949-52 105.16 105.17 3s 1951-55 104.9 104.8 3s 1946-48 104.28 104.28 2%s 1945-47 103.1 103.3 2%s 1951 102 102.2 Home Owners I-oan Corp. 2%S 1.949 101.21 101.23 3s 1952 102.29 102.28 Federal Farm Mortgage Corp. 3s 1949 102.31 102.29 2%S 1949 102.12 102.10

DOMESTIC Prev. Close, close. Alleg Corp 5s ’44 ..., 941; 943, Alleg Corp 5s ’49 89% 89 Am Frgn Pow 5s 2030 76 s i 77 Am Tel A Tel 5%s ’43 113 113% Am Tel A Tel 5s '65 113% 113% Arm A Cos iDel) sVis '43 98 97% Atl Coast Line 4s '52 97 s , 98’, Atl Coast Line 4Vis ’64 83 3 % 84% Am Wat Wks 5s ’44 103% 103% Am Rolling Mills 5s ’3B 124% 124'* Balt A Ohio 6s ’95 96 96% Balt A Ohio 4'/ 2 s '6O 73% 73% Buff Roch A Pitt 4%s ’57 81 81 Beth Steel 4%s ’6O 105V* 105% Chi Milw AStP 5s ’75 22% 22 s , Chi Milw A St P 5s 2000 7% 7% Cleve Un Term 5s ’73 107 106'* Cleve Un Term 4Vis '77 101 s , 101 s , I Col Gas 5s May '52 103% 102% Col Gas 5s ’6l 103% 102% Can Pac Perp 4s 92V, 93 s , Cent Pac 5s '6O 98% 97 s , Big Four 4Vis ’77 91% 91% Big Four 5s '63 98% 98 Colorado A So 4Vis ’BO 74 73% Chi A West Ind 4s '52 105'% 105V* Chi A West Ind sVis '62 107 100'* Chi Nor West 4%s ’49 13% 13% Con Gas 5s ’57 104% 104 Chesa Corp 5s '47 131 130 V, N Y Dock 5s '3B 68 68V* Erie 5s ’75 78% 78 Erie 5s ’67 78% 78% Grt Northern 7s '36 101.12 101.15 Grt Northern 4%s ’76 102 102% Grt Northern 4*/*s '77 101% 101% Hud A Manhat Ref 5s '57 .... 86 85% 111 Cent 4V*s '66 77',, 76% 111 Cent Jt 4%s ’63 80% 80'/, 111 Cent 5s '63 85% 85 Interlake CAI 5s ’sl 94V* 94'% Interntl Hy Elec 6s '44 41% 43% Interntl TAT 4V*s '39 94% 94% Interntl TAT 5s ’55 84% 96V* Interntl TAT 4%s ’52 .... 80 81’ • Natl Dairy 5(4s *4B 103', 103’, Nickel Plate 4’is ’7B 83 s , 83'% Nickel Plate sVis ’74 95 95% N Y Cent 5s 2013 93V* 92% N Y Cent 4Vis 2013 (old) 86% 86% Nor Pac 3s 2047 82% 82% Nor Pac 4V*s 2047 102% 102 V, Nor Pac 6s 2047 11l 111 Otis Steel 6s ’4l 102'* 102% Penn Ry 4%s ’B4 108% 108% Penn Rv 4%s 81 108 s , 108% Penn Ry 4V*s ’7O 103 103 Pac G A E 5s ’42 103% 103 Portland Gen El 4Vis '6O 72% 73 Para Publix s‘/*s 'SO 87% 89 Penn PAL 4%s 'Bl . 106V* 106% Postal Tel A Cab 5s '53 ... 33% 33% Rem Rand WW 5%s '47 ....... 104.12 104 15 Shell Union Oil 5s '47 101.30 102 1 Sou Pac 4Vis '6B 90% 90V* Sou Pac 4Vis ’Bl 89V, 89% Sou Pac 4Vis '69 90 89 s , Sou Pac 4s '49 90 89% Sou Rail 4c, ’56 53% Sou Rail 6s ’56 80 80% Sou Rail 6Vis ’56 84 84% Texas Pac 5s '79 103% 103 Texas Pac 5s '77 102% 103% Union Pac 4s ’47 113% 114 United Drug 5s '53 101', 101 U S Rubber 5s '47 107 107 NY NH A Hart 6s '4B 33% 34% NY NH A Hart 4Vis '67 33% 33% Warner Bros 6s '39 94% 94 s , Western Mary sV*s '77 108 108 Western Mary 4s '52 100% 100’, Youngstown S A T 5s '7O 106% 106 s , Youngstown S A T 5s '7B 105% 105%

FOREIGN Argentina A 6s '57 100 100% Argentine B 6s 'SB 100 99 s , Brazil 8s '4l 32% 31% Canadian Govt 4s ’6O 107% 107V* Denmark sV*s '55 101 101% German 5%s '65 26% 26% German 7s '49 34% 3414 Italy 7s 'sl 73Vi 74% Japan 6%s '54 92% 91% Rome 6Vis ’52 64 64 Tokyo City 5%s ’6l 73% 74 PONTIAC DELIVERIES UP Timex Special DETROIT. April 9.—Retail deliveries of Pontiac cars during March amounted to 17,466, more than doubling those of February, and were the highest for any month since July. 1929, H J. Klingler, president of the Pontiac Motor Car Cos., announced today.

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CO-OPERATION OF U. S„ STATE GROUPS LAUDED Joint Action of Government Units in Motor Carrier Act Is Cited. jTimcs Special CHICAGO, April 9.—Joint participation of state and Federal gov. emments In regulating interstate motor-carrier traffic as legalized in the motor carrier act of 1935 is sn outstanding example of carefully planned administrative co-opera- ! tion, Paul G. Kaupcr, New York attorney, says in the current issue of State Government, publication of the Council of State Governmen%<% This new example of Federalstate co-operative effort puts the. duty of regulating interstate passenger busses and trucks on the Interstate Commerce Commission, but with the enlistment of the administrative aid of state commissions, Mr. Kauper said. Some controversies arising under the act are to be heard and decided by the commission itself. All disputes involving not more than three states must be referred by the commission to joint state boards. Those taking in more than three states may be referred to joint boards. The joint boards are composed r.f one member from each state involved in the dispute. Members are nominated by the state regula- ! tory commissions or the Governor, and are approved and appointed by the Interstate Commerce Commission. Decisions by Majority Vote. All . decisions and recommendations made by the joint boards are I to be by majority vote, and recommendations must be approved by the Interstate Commerce Commission before they become orders. If exceptions are filed, the Federal commission hears them and decides. Interstate motor carrier operations are a relatively small part of all motor carrier traffic, and the bulk of motor carrier operations that are interstate in scope do not involve extensive and far-flung operations through a number of states. The object was to get a degree of decentralization, yet not too much of it. The plan outlined in the act, Mr. Kauper explains, is ‘‘more practicable than decentralized Federal administration.” Use of joint state boards in regulating interstate carrier traffic “does not mean that reasonable uniformity of motor carrier regulation will not be attained.” Mr. Kauper said. Furthermore, “the use of state commissions to administer Federal regulations should be persuasive force for co-ordination of interstate and intrastate motor carrier policies.” ULEN OFFICES MOVED Construction Firm Headquarters Located at Lebanon. Timex Special LEBANON. Ind.. April 9.—Home offices of the Ulen Construction Cos. which have been maintained at Chicago for the last 27 years are being moved to Lebanon, it was announced today. The offices are to be located in the large Ulen building in the downtown district, formerly the home of the Ulen Cos., which for io years was engaged in building public works abroad. The Chicago firm deals in the construction of public works in the United States.

NEW OFFICERS MEET Indiana Adjusters Association Holds Luncheon Meeting. Newly elected officers of the Indiana Casualty Adjusters Association met for the first time Monday at a luncheon meeting in the Washington. Officers elected to serve during the year are. Clifford T. Reese, president: W. E. Noble, vice president, and Leslie C. Everson, secretary-treasurer. The association is comprised of claim men for the various casualty companies and insurance attorneys. Chicago Grain Futures (By James E. Bennett A Cos ) 9:00 Pre*. Wheat— High. Low. AM. close. May 94% .94% .94% .95 July 85 s , .85% 85% 35% Sept 84% .84% .84% .84% Corn— May 60% .60 .60 80% July 59 s * .59’ i .59 % 59 Vi Sept .59 .58% .58 s , .59 Oats— May 25% .25% ,25 s . 25 s . July 26% .26% ,26V. .36% Sept 3 s , .25% .23% .23% RveMay ,52 s , .52% .52% .59 July 52 s . .52% ,52 s . .43% Sept 53% .53% .53% .53% LOCAL CASH MARKET City gram elevator? are paying 89 ten*, for No. 2 aoft wheat. Otner grades on their merit*. Casn corn new No. 4 yellow 48 cents and oata 18 cent*.