Indianapolis Times, Volume 48, Number 27, Indianapolis, Marion County, 11 April 1936 — Page 18

Trends Flynn Challenges National City’s Proposition. BY JOHN T. FLYNN

YORK. April 11.—The National City Bank has produced some figures to show that corporations do not have those surpluses which the President is trying to tax. The figures are extremely Interesting, but they hardly prove the proposition which the

banks sets out to demonstrate. The bank has complied the net Income of all the corporations in the United S t a t es from 1921 to 1933. It was $41,000,0 0 0,0 0 0. Now how much of this net profit remained undistributed a t the end of 1933? The bank shows that in the same time these corporations and is - tributed in dividends $50,700,-

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Flynn

000,000. That is indeed an interesting figure. The bank then draws from this the conclusion that the Treasury has last no revenue from the failure of corporations to distribute earnings because all and more of the earnings have been actually distributed. But a little examination of the facts will show that this is not true. nun THIRST of all, the President's claim is that corporations by failing to distribute earnings deprive the government of taxes. This happens this way. The corporation, of course, pays taxes on all its earnings. Let us suppose it earns $1,000,000. It pays the normal tax on that. It distributes $1,000,000 to its stockholders in dividends. They pay no normal tax on that since the tax has been paid at the source. But the $1,000,000 must be added in to their incomes when calculating the surtax. If the corporation does not distribute the' $1,000,000, but keeps it as surplus, this surtax will be last. Next we must keep in mind this fact. The earnings in question covered 13 years. But there were four of those years when there were no net earnings—when the corporations had losses—and nine years of profit. In the nine years of profit, the total net earnings were $52,000,000,000. In the four years of loss the losses were $1 i0n0.000,000. In the nine years of profits, the net earning were $52,000,000,000. The dividends were $39,100,000,000, which indicates that there were $12,900,000,000 in earnings not distributed. tt tt tt THIS means that in those years the government failed to collect surtaxes on $12,900,000,000. It is fair to assume that the government lost at least over $100,000,000 in taxes on this. However, when from 1931 to 1933 the corporations began to have deficits, they continued paying dividends. And they paid out all of this undistributed dividend plus several billions of capital. This is true. • But the earnings were withheld from distribution at a time when incomes were very high and they were paid out at a time when incomes were very low. In other words, that $12,900,000,000 of undistributed earnings, had it been distributed from 1923 to 1929, would have been piled on top of greatly swollen incomes and the surtax would have been high. When il was distributed in 1931 to 1933 it went to people whose incomes were very low because of the depression, whose net incomes in fact were wiped out. Hence it i* doubtful if very much of this was subject to surtaxes when actually paid. (Copyright. 193(1, by NBA Service, Inc.) Chicago Grain Futrfrcs 9:00 Prrv. High Low A. M. Close WheatMay 96', .95** 95*4 .94>4 July 87** .86*. .86** .85*. September ... .87'* ,85'a .87 .84 Corn— Mav 80 % .60% .60'* .60*. Julv 59 7 * .59*4 .59*4 -59', September ... .59'* .59 .59 .58'* Oats— May 25’i .25% .25*, .25% Julv 26* .26'. 26', .26', September .. .26*, .26*, .06*4 .36% Bye May 52*4 52*4 .52*4 .52*, September 53 .53 .53 52*4 On Commission Row (Reprinted From Late Times Teserday) (Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUIT Strawberries: Louisiana 24 Et. crate, s3®3 25. Pears—Washington I'AnJo tlOCs box'. *3. Limes—Mexican, carton. 30c Persian seedless (doz.i, 45c. Bananas. s< ven hands, pound. sc. Apples— Delicious (fancy baskets!, $2.15: Jonathans. $1.50. Rome Beauty. $1.35. Lemons—Sunkist (360s>. $6.50. Grapefruit—Texas seedless (545-80s), $4. Pineapples—(24s) crate, 85 25. VEGETABLES Artichoke. California (doz). sl. Beans, green round stringless (hampers'. $3.25. Beets—Texas <3 doz. cratei. $1.65: cut offs tbu.). sl. Cab-bage-New Texas (crate). $2.15; half crate, $1.25 Carrots—California (6-doz. crate'. $3; Texas <3% doz. crate). $1.50, Caulit.ower. California (12s crate). $2. Celerv —Florida washed and trimmed (doz.) 45')i 85c; Florida 14s. Bs. 10s crate), $3.50. Cucumbers—Hothouse (doz.). $1.35 (southern bushel). $6 Egg plant—Florida (doz.i. $1 50. Kale—(Virginia buahel), 755. Lettuce —Iceberg. Arizona (best 6s. ss). $3.75: home grown leaf (15-lb. baskets'. $1.15. Endive—California (doz.). 75c. PeppersMangoea tcrate). $5; peck basket. $1.35; doz.. 50c. Mint Hothouse (doz,). 75c Mushroom*— 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 (long bunches, doz.). 40c. Parsnips—Home frown washed, bushel. $1; half-bushel, 60c. eas—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-!b. bag $2 75; Sweet Potatoes--Tennessee Nancy Halls, hampers, $1.35. Radishes Home grown buttons, doz.. 6575 c; white, 50c. Rhubarb—Hothouse, bunch, 50c. Rutabagas—Northern 50-lb. bag. $1.25. Sage —Do*.. 45c. Shallots—Louisiana, doz., 35c. New. bulk Texas, bu.. $1.15. Tomatoes— Spinash—New Texas, bu . sl. Turnips— Repacked. 10-lb. box. $1.75. Produce Markets ißegrhite* From La to Times Yesterday) 3The prices quoted ara paid for stock withered in the country, while delivered fig Indianapolis ihe price U a cent higher. Hoary breed hens. lsc; Leghorn breed hens, 14c; Leghorn springers. 12c; old ettgs, lse; old cocks, lie. Ducks, white. 5 18. and over. He; geeae. full feathered. ajTalns, to: all guineas 1% lbs and up. : lap: Wo. I strictly fresh eggs, lost off. 14c; ®tvr in Indiana polls, 15c. Each lull!

PAGE 18

ADMINSTRATION POLICY LAUDED BY ECONOMIST Budget Must Be Balanced Upward, David Coyle Declares. BY RUTH FINNEY Time* Special Writer WASHINGTON, April 11.—Victory for the Liberty League m the 1936 election, with a resumption of the unlimited growth of business debt, “would necessarily lead to a collapse of the American economic system,’’ David Cushman Coyle, engineer and economist, asserts jn the current Scribner’s Magazine. “We have apparently only two ! choices,” he says in writing “Map of the New Deal.” “If the New Deal can be made to succeed, we shall use the Federal sovereignty to drive back and hold in check the predatory rackets of the upper and under worlds, protecting for ourselves an area in which we may enjoy a reasonable degree of freedom. “Or on the other hand, the Liberty League and the National Association of Manufacturers may establish firmly the freedom of predatory financial overlords at the expense of the people In general. New*Dcal Began With Hoover “After failing to establish a stable prosperity the Liberty Leaguerers would be forced to resort to increasingly violent means of suppression, or else to foreign war, leading by natural stages to an explosion of the people, beyond which prediction is futile. Similar events have occurred abroad.” The New Deal began with Mr. Hoover, Mr. Coyle says, when he set up the RFC to stop the business cycle. “The tried business men of the National Association of Manufacturers/ he writes, “are apt to forget that only the RFC saved them from a condition of terror, when millionaires in Newport had their yachts loaded with gold, ready to flee at the crack of the revolution. The business world can not operate except by Federal support as the tories once knew but have forgotten. Mr. Roosevelt had to take over a prostrate country and set it on its feet and he or any other President must carry on.” Tax Increase Seen Speaking of the national devotion to the idea of balancing the budget downward. Mr. Coyle said: “The Administration has had to talk about budget balancing , although, of course, it could not risk destroying the nation by seriously trying to cut off spending. Even as late as Dec., 1935. the Gallup poll showed the chief demands of the people to be employment and economy—like a girl who asks only two blessings, unlimited candy and a slender figure. “Os course, the budget •will have to be balanced but not at the expense of the unemployed. The only way to balance the budget is upward . . . the income taxes will have to be increased until in good times they will carry more than the expenditures. But first the national income must be brought up to a point where the people can pay taxes, and that means running a temporary deficit.” MONTGOMERY WARD MARCH SALES SPURT Mail Order House Reports Gains of 9 Per Cent Over 1935. rime* Special CHICAGO. April 11.—March sales of Montgomery Ward & Cos., reported today, amounted to $24,844,596. the largest total for that month in the company’s history ar.d an increase of 9 per cent over lasi year’s total, the previous record high. The company reported sales aggregating $17,854,609 during February. a decrease of .3 per cent below the 1935 month. For the two months ended March 31 sales amounted to $42,699,205. compared with $40,687,975 in the 1935 period, an increase of 4.9 per cent. ELECTRIC OUTPUT IS UP Edison Institute Reports ContraSeasonal Gain in Week. Timet Special NEW YORK. April 11.—Electricity production in the week ended April 4 totaled 1,916.486,000 kilowatt hours, the largest for any week since Feb. 22, and 49,393,000 kilowatts over the preceding week, the Edison Electric Institute reposed today. The total was 12“ per cent over the corresponding 1935 week, the largest percentage advance over a year recorded this year. The gain was contra-seasonal, declines having occurred in the preceding seven years.

Busigraphs

CASH DIVIDEND PAYMENTS (NEW YORK TIMES) 500* MONTH OF FEBRUARY FT * 400 -ITU — 11 5 |! ; rn sH - ~ pr o 200 - -ij-j -fT-rHIlh ' 3 j .imrijiiiiij *930 1931 *932 *933 *934 1935 1930 THE PARKER CORP GENERAL DISTRIBUTORS INCORPORATED INVESTORS Cash dividend payments by our leading corporations in February exceeded a year ago by 29 per cent. Corporations very generally are now passing increased earnings on to stockholders. FEBRUARY DIVIDEND CHANGES Accumulated dividends paid 56 Resumed dividends 10 Increased dividends 34 Initial dividends n Extras to tySUP'Z change* v ..Ti#7 Omiitd dmdndi* 1

Abreast of The Times on Finance

BANK ACTION IS HELDJNSOUND National Housing Act Hit by Mortgage Group President. Timet Spccia’ CHICAGO, April 11.—The country’s banks being forced into an unsound investment policy under the operations of Title II of the National Housing Act that they would not willingly pursue, L. A. McLean, president of the Mortgage Bankers Association of America declared today, in a special communication to the association’s members. He pointed out that 70 per cent of all FHA insured mortgages were handled by banks and trust companies, of which 41 per cent were taken by national banks alone. “Our association has always contended that banks ought not to fill their investment portfolios with mortgages unliquid except for rediscount privileges, for the principal reason that few of them have the trained personnel necessary to properly appraise mortgages and surround them with the necessary safeguards,” Mr. McLean said. “Yet under the operations of the FHA this is exactly what is being done in many respects. At the same time the FHA, the government agency that has experienced more periods of transition and uncertainty than any other, again enters a period in which its future is very clouded and unsure. “One faction is advocating that the government appropriate several hundred million dollars for direct loans on second mortgages on low cost houses.. Another faction is advocating that the FHA extend the insurance coverage to 90 per cent for all houses costing $4500 and over. Such proposals are entirely urisound.” THURMAN BLUE JOINS CITY INVESTMENT FIRM T. P. Burke & Cos. Makes Addition to Executive Staff. Thurman Blue, Hammond, Ind.. has become associated with ihe firm of T. P. Burke & Cos., Indianapolis investment house, in an executive capacity, it was announced today. Mr. Blue has been identified with the investment business for several years with national organizations, and most recently had jurisdiction over Northern Indiana territory for the Selected Investments Cos. of Chicago. T. P. Burke & Cos. is to move its present offices located in the Circle Tower to larger quarters in the Merchants Bank Building on or about May 1. in line with the enlarged facilities of the company it was likewise necessary to increase the personnel to continue the high standard of service, Mr. Burke said.

DINNER MEETING IS HELD Mallory & Cos. Executives, Workers Convene at Antlers. A dinner meeting of factory ex- ? -utives and all men employed in tne P. R. Mallory & Cos. apprentice training course was held Wednesday at the Antlers. Fred Boyes, assistant factory manager; T. R. Johnson, chief tool designer, and E. E. Green, vice president of Technical High School, were the principal speakers. The apprentice course was started at the Mallory company several months ago to train skilled mechanics in two lines, tool and die making and automatic screw machine operation. There are now ten men following the three-year course. PAYMENTS RESUMED Timet Special CHICAGO. April 11.—Directors of the Calumet & Hecla Consolidated | Copper Cos. have resumed payments lon the capital stack with a riivi-

SATURDAY, APRIL 11,1936

There Are Such!

Increasing Use of Rare Metals Spurs Search Small Amounts of Minerals Perforin Vital Functions in Various Groups of Industries. BY HOWARD CARSWELL Times Special Writer NEW YORK, April 11. —The fact that small amounts of rare metals can perform important functions has stimulated industrial reearches in finding more and more commercial uses for them. Barium is exemplary, as are caesium and rubidium, while columbium today figures usefully in making stainless steels. Zirconium, tantalum and titanium

also nave special uses in steel alloys for special purposes. Were it not for small pellets of barium which combine stray gases in vacuum tubes, radio communications, talking pictures and other functional devices of the vacuum tube would revert to crudity. Barium is also alloyed with nickel for spark plug wire. Caesium and rubidium, which are closely related, are very sensitive to light and therefore serve as the “retina” in “electric eyes,” or photoelectric cells. Columbium for Steel Being radioactive, thorium is used in tungsten wire filaments in electric lights and for coating electrodes in vacuum tubes. It holds down the grain size in this finely spun tungsten wire. The use of columbium in refining stainless steels is anew development of large commercial importance. It is used mainly in the principal commercial grade of stainless steel, which is an alloy of 18 per cent chromium and 8 per cent nickel. Much of it also goes into the -lower chrome steels which the oil industry buys in heavy volume. Zirconium is considereda coming metal. It makes for a cleaner steel through its ability to take out impurities in the refining. Tantalum has a singular resistance to special acids and virulent chemicals which attack most metals. This makes it valuable in special alleys for chemical processes. Tantalum carbide, being one of the hardest of substances, is used in speed machine tools because of its hardness and cutting edges while red hot. This is also true of titanium and tungsten carbide. Calcium Considered Rare Coming from ordinary borax, boron is rare only as to usage. So extren\ely hard is boron that it is used as an abrasive in grinding wheels. While calcium is one of the commonest of all elements, whether in bone, milk or limestone, it is considered rare in the elemental metallic state and costs $1.25 a pound. It is valued in the refining of steel, copper and lead. Because of its very low melting point gallium is used as a substitute for mercury in special thermometers. It may have use in fusible alloys, but today its value is primarily scientific. Other rare metals of highly specialized use include thallium, indium, germanium and rhenium. Figuring prominently in researches to adapt rare metals to commercial usage are the Union Carbide and Carbon Corp. and the Fansteel Metallurgical Corp., near Chicago. The Titanium Alloy Manufacturing Cos. is the leading sponsor of titanium alloys. NEWSTOCK APPROVED Continental Can to File Statement With Securities Exchange. Timet Special NEW YORK, April 11.—Directors of the Continental Can Cos., Inc. have approved a statement to be filed with the Securities and Exchange Commission covering registration prior to issuance of 252,679 shares of common stock under the Securities Act, officials announced today. The directors also declared &

New Business Books Available at Library The following new business books are now available at the business branch of the Indianapolis Public Library: LIVESTOCK UNDER THE AAA. by D. A. Fitzgerald—A study o£ the livestock program of the AAA well Illustrates the difficulties and percussions, in agriculture alone, of attempts at economic planning. REX COLE ON SALESMANSHIP, by Rex Cole and E. D. Frazer —Perhaps the salesman is not as picturesque as those men who trekked across the country in their covered wagons but those who have the urge to pioneer can break their way into virgin territory and boundless riches. HOW TO DRAW CARTOONS SUCCESSFULLY, by Carl Anderson—The creator of “Henry” of Saturday Evening Post fame, tells others how to do it. THE RECRUITING PROCESS, by The Insurance Research and Review Service, Indianapolis—The technique of finding new men—contacting them —establishing selection standards—presenting the case for life insurance as a life work. PHOTOGRAPHIC ENLARGING, by Franklin I. Jordan —A book primarily for amateurs.

IMPROVEMENT SEEN IN PUBLIC SPENDING Rising Employment, Pay Rolls Restore Confidence. Timet Special NEW YORK, April 11.—Rising employment and pay rolls in the last three years have substantially repaired the spending public's confidence and loosened up its purse strings, a survey of current changes in spending habits released today by the Standard Statistics Cos. A sharp contraction in personal expenditures was noted during the depression; even those factory, store and office workers who were still employed, farmers who were making money, and individuals whose incomes had not ceased were apprehensive of the future, and inclined to hold on to what they had. With the trend of income now reversed, and rising pay rolls, farm revenues and security prices and a munificent government, providing additional cash income, greater confidence has inspired more liberal spending policies.' Most conspicuous has been the reversal of .the trend away from high-priced cars and toward those in the lowest price grouping. In 1934 about 65 per cent of all automobiles sold carried a wholesale price of SSOO or less—corresponding to a retail price of about S7OO. In 1935 the proportion in the lowest-price class was reduced to about 58 per cent and a further moderate extension of the trend has been noted so far this year. DECLARES DIVIDEND Timet Special NEW YORK, April 11.—Directors of Dividend Shares. Inc., have declared a dividend of 2%’ cents a share, payable May 1 to stockholders of record April 15, 1936. In the previous quarter a payment of 214 cants a share was made.

LIGHTING FIXTURES . HATFIELD*ELECTRIC ! SUPPLY COMPANY .

INVESTORS SHY OF MUNICIPALS; BUY lUBONDS Analysts Unable to Explain Hesitancy of Large Institutions. BY CHARLES H. HUFF Times Special Writer NEW YORK, April 11.—Investors appear to be drawing a peculiarly sharp line of discrimination between United States government bonds and the top grade of securities in the municipal market. The immediate effect of that partiality Is that while the more active issues in the Federal list are being pushed ahead to new peak prices, the municipal bond market is virtually at a standstill, because of an apparently unbridgeable gap between buyers and sellers. Believe in High Price Levels It appears that sellers in the municipal market, which means largely dealers, have unshakable faith in the high price levels attained during more than a year of steady narrowing of yields and coupon rates, and are willing to shade prices in order to promote business. The usual run of customers in the municipal field, comprising mainly institutions, on the other hand, are reported to be giving weight to one or more distributing elements, to such extent that the available supply of state and municipal bonds does not interest them unless embellished by something on the order of a price concession. In the perverse absence of concessions, the potential buyers continue as only potential, according to report. Apprehension Cited Explanatory of institutional aloofness in the market for municipal bonds, it is pointed out that the uncertainty of the European situation and the unsettled domestic fiscal problem are direct causes of investor hesitancy. These same factors, however, ordinarily would influence investors in the Federal bond market, yet they seem to be disregarded in that field if the course of prices is to be accepted as conclusive evidence. These same factors, incidentally, were reported no more than a week ago to be unsettling the investor mind in the Federal bond market, in reflection of which prices settled back somewhat and activity tapered off considerably. Whatever may have been the extent of such apprehnesion in the Federal bond market, it appears to have been quickly dissipated. Yield Levels Close. A somewhat different explanation of prolonged apathy toward the blue-ribbon category of municipal bonds is heard in some quarters, the gist of which is that institutions believe the municipal issues have crowded too close to Federal securities on the scale of yields. Municipals, as a matter of fact, have had to crowd the heels of Federal securities, if they were to maintain any sort of discernible lead over highest grade corporates, in the unanimous procession toward dwindling yields. The whole range of yields in the high-grade investment market has become so crowded, analytical observers point out, that the natural investment trend is toward Federal bonds, which still retain first position, next to actual cash, as strictly an asset item. CAR FIRM EARNS FIRST PROFIT IN FIVE YEARS White Motor Cos. Deliveries Increase Sharply in Initial Quarter. CLEVELAND, April 11. “The White Motor Cos. is currently operating on a profitable basis for the first time in five years,” Robert F. Black, president, announced to stockholders today. Total deliveries of trucks and busses in th? first quarter of 1936 were 2483 as compared with 1261 in 1935, or an increase of 96% per cent. Deliveries in March were greater than any single month since 1927. Orders for busses in March were the largest in the company’s history. For the year ended. Dec. 31. 1935, the company and its subsidiaries had a net loss of $2,911,736, which was after charges of $647,312 for depreciation, $409,951 for amortization of dies, etc., and $445,732 write-down of inventory. The company’s balance sheet shows cash on hand of $1,757,201 at the year-end while current assets totaled $13,771,598, and current liabilities amounted to $2,139,854, which gave working capital of $11,631,744. HUDSON SALES HIGHER First Quarter Volume at 29,730 Cars, Best Since 1930. Timet Special CHICAGO, April 11.—Retail sales of the Hudson Motor Car Cos. for the first quarter of the current year amounted to 29,730 units, breaking all decords for the company since 1930, William R. Travy, vice president in charge of sales, announced today. Sales of Hudson and Terraplane cars during the week ended April 4 increased by approximately 39 per cent over the corresponding 1935 period, Mr. Tracy stated. For the last consecutive seven weeks each period has shown a substantial gain over the preceding week.

Thomson & McKinnon NEW YORK members CHICAGO ?, ’* w Tork stock E * ch *n*eTORONTO New York Curb Exchange. ■RACITrtK f<eW Tork Co - ton Exc &ange. snriw upvn * Tork Col!fee and Sugar Exchane - All DciiNU • New Orleans Cotton Exchansa. FT. WAYNE Il Chicago Stock Exchanse. EVANSVILLE || Chicago Board of Trade. Winnipeg Grain Exchange. IndiollopollS Office And other leading Exchanges. 200-214 Ciftcle Tower LI. 5501

Gold Imports Tops Exports Gold imports overbalanced exports by more than $5,000,000 during March. Shipments entering the country totaled $7,794,700, compared with expotrs of $2,314.690 .

INSURANCE SPEAKER

V- . ■ • ■'. ■ i % fli

Officials of the Standard Life Insurance Cos. of Indiana are expecting a capacity attendance at the company’s second annual dinner Friday in the Columbia Club ballroom. Hon. Fred A. Wiecking (above), judge of the Indiana Appellate Court, is to give the principal address. Judge Charles E. Smith of Madison Circuit Court will be toastmaster. Harry G. Leslie, former Governor, is president of the company.

10-YEAR OPTION FILEDWITH SEC Unknown Person Has Right to Buy Gen. American Security Shares. By United Prest WASHINGTON, April 11.—A 10year option granted to an unknown person to buy up to 2000 shares of the common stock of General American Securities Corp. is listed on the company’s registration statement with the Securities and Exchange Commission today. The option provided that, from Sept. 8, 1933, the company might sell up to 2000 shares at $25 each for five years from that date and at sls additional for each share for each year or fraction subsequent to that date until the period is up. The statement has been on file with the SEC since September, 1935. The corporation is a subholding company of the General American Life Insurance Cos. of St. Louis. It was organized shortly after the insurance company went into bankruptcy and was taken over by the State of Missouri, later to be acquired by the Equity Corp., New York investment trust. The investment trust sent Walter W. Head, former president of the American Bankers Association, to run the insurance company. The equity, it was said by SEC officials, has only recently started to pay dividends and a suit has been instituted to prevent such payment. Local Livestock (Reprinted From Late Times Yesterday) HOGS A . pril Bulk. Top. Receipts. 1 sii.oo iooo 6. [email protected] 11.10 3500 7. [email protected] 10.95 5000 8. [email protected] 11.00 4000 9. 11.00011.10 11.10 3500 10. [email protected] 11.15 4500 Light Lights (140-160) Good and choice .$10.25010.00 Medium 9.75@10 35 .a® o-180 * Good and choice.. 11.00011.15 Medium i0.55#11.00 (180-200) Good and choice., [email protected] Medium io 70011 00 (200-220) Good and choice.. 11.00011.15 (220-2501 Good and choice.. 10.80011.00 Heavyweights Good and choice.. 10.50010.80 (290-350) Good and choice.. 10.20010 50 Packing Sows nsniv?! 9- 00 * 9650 985 f4 25-450l Good 9.15® 9.35 (275-350) Medium 8.850 9.65 Slaughter Pigs (100-140) Good and choice.. 9.50 010 25 Medium 8.50® 9.75 CATTLE —Receipts. 300— (SSO-SOO) Choice $ 9.00010.50 MwHnm 7.75® 9.75 ft ::::::::::::::::::: 1f 6 % ?•£ (9 rv^H° oj Choice 9.75010.50 STS?- 8.25010.00 UIM-USOO) Choice : 9.75® 10.75 mnn d iES? 7-25® 8.50 (1300-1500) Choice 10.00010.75 Good 8.50010.00 Heifers W Choice 8.00 0 9.00 Y?™ 7.250 8.25 msn m edium 5.75® 7.25 (150-190) Good and choice 7.25 0 8 75 Common and medium 5.50® 7.25 Cows G " od 6 00 0 6.75 common and medium 5 25® 6 25 and cutter 4.00® 5 25 ■tjuus. good * 6 Cutter, com. and med. bulls.. 5.500 635 VEALE AS r .„. . —Receipts. -4)o—- - $ 9.50® 10.50 rfn .IHF- B.oo® 9.50 Cull and common 5.500 8.00 Calves (250-500) Good and choice .... 6.25® 9 25 Common and medium ... . . 5.00® 625 isnn * nn Fe^ der * nd B‘o'ker Cattle (500-800) Good and choice ... 7.00® 825 j* nd “tedium 7.50® 8.25 (800-1050' Good and choice .. 7.25® 865 Common and medium 5.50® 7.25 Cows Good 4.75® 5 25 Common and medium 4.50® i.lb SHEEP AND LAMBS . , . . —Receipts. 300— Lambs, 90 lbs. down, good and choice 6 [email protected] Medium 9.25 0 9.75 8 00® 9.25 (90-170) Good and choice... 4 75® 550 Common and medium 3.50® 4 75 Yearling wetthers. good choice.. 9.25® 9 75 Medium 8 00® 9 25

Safe Deposit Boxes ! The Indiana National Bank of Indianapolis

SIBLEY FLAILS / EXAGGERATIONS OF POLITICIANS Chamber Head Denounces Selfish Attacks on Business. By United Prest WASHINGTON, April 11.—Harper Sibley, president of the United States Chamber of Commerce, today reiterated his charge that business had become “handy whipping boy of politics,” and demanded cessation of “misrepresentations and exaggerations designed to serve passing political ends.” Mr. Sibley contended in a radio

address that prejudice and antagonism toward business had “harvested dragon's teeth in the form of hasty and unwise laws, cumbersome restriction of legitimate enterprise, agitation of needless industrial strife, dislocation o f legitimate enter-

prise, agitation of needless industrial strife, dislocation of markets for goods and crops, and the heaping of still further burdens of taxes and public debt upon the backs of those already straining to make ends meet.” The Chamber of Commerce president contended that national welfare depends upon the successful carrying on of business. “Business Is Not Perfect” “This is the thing which seems to be forgotten by those who stand on the sidelines and criticise,” he said. “Business is not perfect. Far from it. But also, as in any other field embracing millions of persons, there have been mistakes of knowledge or of judgment far more often than of cunning design or of callous disregard, of the rights of others.” Mr. Sibley charged that attacks upon business have been undertaken “to give some political party a momentary advantage; to enable some office seeker to gain publicity as an embattled ‘friend of the people’; to enable some government bureau to invent anew duty by which to perpetuate its existence and thus strengthen and enlarge ita grip upon the public treasury.” Flays Political Exploitation He charged that there has been a systematic effort to “create the illusion that business men are hardhearted, deaf to the appeals of persons in distress, and bitterly opposed to their being aided by public funds.” “Nothing could be further from the truth,” he said. "Steadily through the depression, essential relief operations have been financed by funds forthcoming largely from business sources, either in the form of contributions to community chests, advance payment of taxes to state and local governments, or large-scale lending to the Federal government through purchase of its bonds. He urged business men to “set themselves resolutely against political exploitation of business, by any party, by any candidate, by any campaigner.” Local Securities (By Indianapolis Bond it 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 Tit T Fort Wayne 6%.. 103 105 Home T & T Fort Wayne 6 103 106 Indianapolis Railways Inc ... 63 66 Indianapolis Water Cos 4'%5...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% 27 99 Kokomo Water Works 5 104 105% Morris 5 & 10 Stores 5 100 103 Muncie Water Works 5 .....103% Noblesville Heat Lt Pwr s'/*... 98 100% Ohio Telephone Serv 6 97% Richmond Water Works 5 105 1 06% Seymour Water Cos 5 101 104 Terre Haute Trac * Light 5 .106 108 Terre Haute Water Wks 102 104 Terre Haute Water Works 103 105 Traction Terminal Cos 5 75 78 STOCKS Belt R R it Stock Yards Com S3 55% Belt R R St Stock Yard pfd 8 52 Central Ind Pwr pfd 7 . ... 21% 24% TANARUS& T Fort Wayne 7 52% 54% Hook Drugs Inc com 17 18 V* Ind St 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 6 .. 34 37 Indpls Pwr &Lt Cos pfd 6 ... 89'% 92% In dp Is Pow St Lt Cos pfd 6%.. 93 96 Indpls Water Cos pfd 5 102 105 I North ind Pub Serv pfd 5%s 63% 66% * nd Pub Serv Pfd 6 73% 76% North Ind Pub Serv pfd 7 ... 80% 83% Progress Laundry Cos com .... 10 n% Pub Serv Cos of Ind pfd 6 .... 23% 26% Pub Serv Cos of Ind pfd 7 .44 47 South Ind Gas St Elec pfd 6.. 98% 101% Terre Haute Electric Cos 89 91% Union Title Cos com 19% 21% •Ex-dividend. ** LOCAL CASH MARKET Citv grain elevators are paying 89 cents f2 r . * o ’ * of JE Uet. otner grades on their merits. Cash corn new No. 4 yellow 48 cents and oat* 18 cent*.

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