Indianapolis Times, Volume 48, Number 28, Indianapolis, Marion County, 13 April 1936 — Page 11

Trends Wallace’s Bounty to Sugar Producers Is Flayed. BY JOHN T. FLYNN

YORK, April 13.—The Department of Agriculture has been paying some large checks to large farmers to curtail their production. These immense sums many over sloo,ooo—have shocked critics of the Administration. But one phase of this episode needs explanation. This has to do with sugar. Here

Is a commodity which makes its way to every breakfast table. The United States does not produce nearly enough sugar to take care of its needs. It depends for the great bulk of its sugar on importations from outside the States. We have a sugar industry in America. It Is made up of the cane growers in the South and beet

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growers in the West. For years a heavy tariff duty has been imposed on all sugar imported in this country. The object of that duty, of course, was to raise the price of sugar in the United States. And the object of this was to enable our domestic sugar industry to expand. n n n T? NCOURAGEMENT of domestic industry has been a policy for over a century and the tariff has been the great means of doing this. And while Democrats have always talked about free trade, they have never really done anything about it. Tariff makers have sought, therefore, to increase the output of sugar by putting a tariff on sugar. Now, however, we see the government of the United States paying huge sums to large sugar owners to curtail their production of sugar. One sugar producer in Florida got checks of more than $1,000,000 to refrain from producing sugar. Another sugar producer in Louisiana got SIBI,OOO, another $170,000, another $109,000, and another SIOI,OOO. How much was paid altogether to sugar planters to curtail sugar production, I do not know, though it is a matter of public record. It amounted to many millions. nan T>UT in the single year of 1934 the government collected $43,705,000 in sugar and sugar product duties. These duties were, of course, added to the price of sugar and paid by the American people. They therefore paid that much as a tax to encourage and make possible the expansion of domestic production of sugar. At the same time the Federal government was paying countless millions to sugar producers not to expand, but to curtail domestic production. Certainly the two policies are contradictory. The curtailment of wheat and hog production might be defended on the theory that we were producing too much wheat and too many hogs for our own use. But certainly there was no over-production of sugar. The object of all sugar deals and world combinations in the last few years has been to raise the price of sugar on the world market. Why the American government should pay out millions to get the price of foreign sugars up in our market is difficult to understand or defend. <Copyriftht, 1936, by United Press) AMERICAN NUT FIRM NOW IN NEW LOCATION Offices and Flant Are Moved to 320 E. St. Joseph-St. The American Nut Cos., which was purchased recently by C. E. Trees & Cos., Indianapolis, is now permanently located in the building at 320 E. St. Joseph-st, it was announced here today. Since its organization in 1922, the company has specialized in the manufacturing, processing and importing of all kinds of nut products. The most widely known brand is the “Simple Simon.” With the added facilities now available and under the direct management of the new owners, the company will continue the same successful policies and high standard of quality followed in the past, retaining practically all of the previous personnel. On Commission Row (Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers.! FRUlT—Strawberries: Louisiana, 24- *'*■ crate. $3. Pears—Washington D’AnJo .005 box), 3. Limes—Mexican, carin, 20c; Persian seedless (doz.), 45c. iananas, seven hands, pound, sc. Apples— Delicious (fancy baskets). $175; Rome Beauty, $1.35. Lemons —Sunkist (3605). *6 25. Grapefruit—Texas seedless (545-80s), 80s), *4. Pineapples—(24s) crate. *5.25. VEGETABLES Artichoke, California (doz.), sl. Beans, green round stringless (hampers). $3.25. Beets—Texas (3 doz. cratwl, 51.65; cut offs ibu.i. *l. Cab-bage-New Texas (crate). *2.50; half crate. *1.40 Carrots—California (6-doz. crate), *3; Texas (3% doz. crate), *1.50. Cauliflower, California lift crate). *2. Celerv —Florida washed and trimmed (doz.). -450£ 85c; Florida (4s. Bs, 10s crate), *3.50. Cucumbers—Hothouse (doz.), *1.35 (southern bushel). *6. Egg plant—Florida (doz ), *1 75. Kale—(Virginia bushel). 85c. Let-tuce-Iceberg, Arizona (best 6s. ssi, *3.65; home grown leaf 1 15-lb. basket). *l5O. Endive—California (doz ). 75c. Peppers— Mangoes (crate). *3 50: peck basket. 90c; doz. 30c. Mint Hothouse (dozi. 75c. Mushrooms—Pound, 30c. Mustard—TVxas. half crate. *1.40. Onions—lndiana yellow (50-lb. bag). 75c; new Texas Bermuda yellow. 50-lb. bag. *1.90. Parsley—Southern (long bunches, doz.), 35c. Parsnips—Home grown washed, bushel. *1; half-bushel. 60c. Peas—Florida, hamper. *3 25. Potatoes— Michigan Round Whites, 100-lb. bag $1 80 Maine Green Mountains. 100-lb. bag *2 40 : 5, R £* r ,'£v 2. h ‘2' 10 °-lb bag. *2; R. R. l6o :L b ie ba 90: “aho Russets. 15°.*i b -* J6s j * daho Bakers. 70s box. *2 50; New Florida Triumphs. 50-lb bag *2.50. Bwee. Potatoes—Tennessee Nancv Halls, hampers. *1 50. Radishes Home grown buttons, doz., 65c, white. 50c. Rhubarb—Hothouse, bunch. 50c. Rutabagas—Northern 50-lb. bag. *1.25. Sage —Do*-. 45c. Shellots—Louisiana, doz,. 35c. Turnips—New. bulk Texas, bu . *125. Tomatoes—Repacked. 10-lb. box. *1.75. Produce Markets The prices quoted ara paid for stock gathered In the country, while delivered in Indianapolis Ihe price is a cent higher Heavy breed hens. 18c: Leghorn breed hens, 14c; Leghorn springers, 12c; old stags. Uc; old cocks, 12c. Ducks, white. 5 lbs. and over, Uc; geese, full feathered, all sizes. *e: all guineas I'. lbs. and up. 15c: No. 1 strictly fresh eggs, loss oft, I*c: deliver In Indianapolis, 15c. Each full ao? must weigh 55 lbs. gross a deduction of 10 cents a pound under 55 lbs. will be made. No 1 butter. 34@36c; No. 2, 3ie 32c. JButterlat. 28c,

♦ ♦ Abreast of The Times on Finance ♦ ♦

CHICAGO BANKS RECORD GAIN IN DEMANDJUNOS Deposits at $1,280,000,000 in Week Ended April 8, Reserve Reports. Time,s Special CHICAGO, April 13.—Funds returning to Chicago banks after passing of the date for assessment of Illinois personal property are regarded as a principal factor in boosting demand deposits of Chicago reporting members of the Federal Reserve System $280,000,000 in the week ended April 8, observers said today. Demand deposits were $1,280,000,000 on that date, according to data released Thursday by the Board of Governors of the system. Monetary gold stocks of the nation continued their steady rise, increasing $5,000,000 to anew peak at $10,190,000,000. Member bank reserve balances of the system were up $84,000,000 to $5,906,000,000 for the week. These balances were estimated to be $2,420,000,000 in excess of legal requirements, a gain of $110,000,000 in excess reserve during the week. Loans, Investments Gain Excess reserves of the Chicago members are estimated to have increased $104,000,000 to $236,000,000, and those of New York City institutions were $10,000,000 larger at $766,000,000. Total loans and investments of the Chicago member banks were increased $131,000,000 for the week, accounted for principally by a gain of $129,000,000 in holdings of United States government direct obligationj Other or commercial loans declined $3,000,000 to $266,000,000. Time deposits increased $47,000,000, but United States government and in-ter-bank deposits each declined $15,000,000. Other or commercial loans of New York City member banks were $19,000,000 higher, holdings of United States government bonds increased $14,000,000, and reserve with Federal Reserve Bank was up $18,000,000. Total loans and investments were off $19,000,000.

1935 REPORT ISSUED RY ADVANGE-RUMELY Expenditures Exceed Year’s Income by $43,098. Times Special LA PORTE, Ind., April 13.—The Advance-Rumely Corp., manufacturers of tractors and other farm equipment, in dissolution, had a i $43,098 excess of expenditures over income in 1935, compared with a $41,307 excess of expenditures in 1934, according to the annual report released today. Giving effect to the distribution of $1 a share in cash and one-half share of Allis-Chalmers Manufacturing Cos. common stock to each share of Advance made in January, 1936, the corporation as of Dec. 31, 1935, showed total assets of $1,134,733 in receivables, $190,332 in marketable securities, $112,341 in land, buildings, and equipment, $49,074 of cash due and receivable, and $46,615 due on real estate contracts. Liabilities included $7931 accounts payable, $178,880 due Allis-Chalmers, and $805,688 reserve for contingencies, and $541,837 capital amount. Further progress was made by the corporation during the year in disposition of real estate at La Porte and Battle Creek, Mich., Finley P. Mount, president, announced. Although contracts have been made for the sale of a substantial portion of the Battle Creek plant, dividends will not be made until full payment is received, Mr. Finley stated. Local Securities (By Indianapolis Bond & Share Corp.) The following quotations do not represent actual bids or offerings, but merely indicate the approximate market level on buying and selling inquiries or recent transactions. BONDS Bid Ask Home T & T Fort Wayne 6%. .103 105 Home TANARUS& 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% 97 99 Kokomo Water Works 5 104 105% Morris 5 & 10 Stores 5 100 103 Muncie Water Works 5 103'/* Noblesvtlle 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 & Light 5 .106 108 Terre Haute Water Wks 102 104 Terre Haute Water Works 103 105 Traction Terminal Cos 5 75 78 STOCKS Belt R R & Stock Yards Com 53 55% Belt R R & Stock Yard pfd 6 52 Central Ind Pwr pfd 7 . ... 21% 24% Home TANARUS& T Fort Wayne 7 52% 54 % Hook Drugs Inc com 17 18% Ind & 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% Indpls Pow & 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 6 ... 73% 76% •North Ind Pub Serv pfd 7 80V* 83% Progress Laundry Cos com 10 11% Pub Serv Cos of Ind pfd 6 23% 26% 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% 21% •Ex-divtdend. Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS „ . m „ Bid. Ask. Bankers Trust 60% 62 Central Hanover ai2% 114% Chase 39 S 40** Chemical National 57% 59a* Guaranty 293 296% & Vl **S, 16% 17** Manufacturers 50% 51% National City 1.... 55% 37 Cont HI Chicago 164% 167% First National Boston 46% 48% National Shawmut 27% 29% FIRE INSURANCE Etna Fire Ins 55 57% American Ins of Newark 15% 17 Baltimore American 9 10% City of New York 27% 28% Federal Ins 48% 51% Franklin Fire 32 33% Great American Ins 29% 3114 Hanoivr Fire Ins 36 38 Hartford Fire 76 78% Ins Cos of A 72*4 75 Home Ins 39% 41s National Fire 75 77% National Liberty 10% 11% North River 26*1 28% W~nt* 91 93 * 4 0 8 Fire 56 58% Westchester T iro 36% 33%

New York Stocks

(By Thomson McKinnon) 11:15 AM. Prev. Oils— Hizh. Low. NY. close. Atl Rf* 32% 32*4 32 3 4 32% Barnsdall 19** is** 18% 19% Consol Oil .... 14% 14 3 * 14% 14 % Cont of Del ... 36 35% 36 35% Mid Cont Pet . 22% 22 22% 22'* Ohio Oil 14'. a 14'i 14' 2 14% Phillips Pet .... 47ta 47%' 47% 47% Plymouth Oil .. 15% 15% 15% 15% Pure Oil 22% 22% 22% 22% Royal Dutch , ... 55 55 55 55% Seaboard Oil 1 ... 38% 38 3 /4 38% 38% Shell Un 17% 17% 17% 17‘/a Skellev Oil 29% 29% 29% 30 Soc Vac 15 14% 14 3 4 14% 8O Os Cal 44% <l% 44% 44% S O of Ind ... 33% 48% 83*/* 38% SOof N 3 ..... 65% 64% 64% 65>/s Texas Corp 38 '2 38 38 38*/ 2 Tidewater Assn . 17% 17% 17% 17% Un Oil of Cal . 25% 25% 25'/* 25Va Steels— Am Roil Mills . 30% 30 30 30Vi Beth Steel 63 62% 62% 63 Byers AM 22% 22% 22% 22% Ludlum Steel ... 31 31 31 31 Mid Steel 47 46% 46% 47Vi Natl Steel 67Vi 67 % 67Vi fi" 7 Otis Steel 19% 19% 193% 19% Rep I & Stl 25% 25Vi 25V. 25% U S Pipe & Fdy 38% 38% 38% 38 U S Steel 72 70% 71% 71% U S Steel pfd... 132% 132% 132% 132% Wsrren Bros ..10 9% 9’, 9% War Pipe <fe Fdy 27% 27 27 27% Youngstn S& T 61% 60% 60% 61% Motors— Auburn 48 45% 45% 48% Chrysler . 102*% 102 >4 102% 102 Va Gen Motors 10Va 69 3 a 69 3 /a 70 Graham Mot ... 33 3 3 Hudson . 13% 18% 18% 18% Mack Truck 36 35 36 37% Nash 21 20% 20% 20% Packard 11% 11% n% n% Reo 7% 7 % 7% 7% Studebaker 14% 14% 14% 14% Yellow Truck .. 18% 18% 18% 18% Motor Access— Bendix 30% 29% 30 29% Borg Warner .. 80% 80 80% 79% Brices 58 56% 57% 57% Budd Mfg 13% 13% 13% 13% Budd Wheel 11% 11% 11% u Eaton Mfg 36% 36% 36% 36 Elec Auto Lite.. 41% 41 41 41% Elec Stor Bat . 49% 49% 49% 49% Greyhound 61 61 61 60% Houdaille 28% 28 28% 28 Murray Body ... 19% 19% 19% 20 Stew Warner. ... 22% 22% 22% 23 Timken Roll 68% 68% 68% 68% Timken Det Axle 17 16% 16% 16% Mining— Alaska Jun 14% 14*4 14% 1434 Am Metals 33% 33% 33% 34 Am Smelt 85*4 84% 54% 82% Anaconda 38% 38% 38% 38% Cal & Hecla 13% 13% 133/,, 12 Cerro De Pasco.. 56% 56% 56% 55% Dome Mines 44% 44% 44% 45 Howe Sound 53',4 53% 53% 53 iis Copper 13% 13 13% 13% li t Nickel 49% 49% 49% 49% Is, Creek Coal.. 28 28 28 28% Konecott Cop.. 41 % 41 41 41*4 Mc.:,tvre Mine ..41 41 41 • 40% Park Utah 4% 4% 4% 4% Phelps Dodge ... 40% 39V> 4040 U S Smelters .. 94% 94'.4 94% 94 Amusements— Crosley Radio .. 23’4 23% 23% 23% Loews Inc 46% 46% 46% 47% Radio Corp 12 12% 12% 12% Paramount 8% 8% 8% 8% RKO .. 7 6% 6% 7 Warner Bros 11% 11% 11% 11% Tobaccos— Am Sum Tob 25 Am Tob (A) 91 91 91 92% Am Tob (B) . 92% 92% 92% 92% Lig & Myrs (B). 102 102 102 102 Lorillard 22% 22V* 22V* 22V* Phillip Morris ... 76 73’/a 76 73'% Reynolds T (B).. 53% 53 V* 53 V* 53% Rails— Atchison 86 85 V* 85% 85% Atl Coast Lines.. 30 29% 29% 30 B & 0 22% 21% 21% 22% Can Pacific 13% 13V* 13% 13% C’h & Ohio ... 58% 58% 58V* 58% Chi & Gfc W pfd 6% ' 6% 6% 6% C M & St P 2% 2% 2% 2% CM St P pfd. 4% 4% 4% 4Va Dela & Hud 48% 48Vi 48% 49 Del Lac & W.... 20% 20% 20% 20% Erie . 15% 15% 15 s /* 15% Erie pfd 23% 23% 23% 23% Gt Nordh pfd... 39 38% 38'% 39% 111 Central 26% 26% 26% 26% Lehigh Valley .. 12% 12% 12% 12% M K & T 8% 8% 8% 8% MK & T pfd.. 24% 24% 24% 24% Mo Pac pfd ... 5% 5% 5% 5% N Y Cent 40% 40Va 40Va 40% Nor Pscific 34% 34% 34% 34% Penn T . R 35% 35% 35 % 35% Sou PuC 37% 37 37V* 37*4 Sou R R 18 18 18 18V* Equipments— Am Car & Fdy. 38% 37% 37% 38 Am Loco 31 31 31 31 Am Steel Fdy ... 30 30 30 30 Bald Loco 3% 3% 3% 3V* Gen Am Tk Car 49% 49 49V* 49'% Gen Elec 40% 40% 40 % 40 % Pullman Inc West Air Br ... 45% 45 45% 45% Westingh Elec 1.20% 119% 119% 120% Utilities— Am & For Pwr 9% 8% 8% 8% Am Pwr & Lit. 12% 12% 12% 12'/a AT&T ... 166% 166 166 167 Am Wat Wks... 24% 24% 24% 24% Col Gas & Elec . 21V* 20% 20% 21V* Comm & Sou .. 33 32% Consol Gas .... 34% 33% 33 34V* Flee Pwr & Lit. 14% 14V* 14% 14V* Int Hydro Elec.. 3 1 /i 3% 3% 3% Int T & T ... 16% 16V* 16% 16% Nat Pwr & Lit. 11% 1)% 11% 11% North Amer 29 Vi 29 % 29% 29% Pub Serv N J ... 42% 42'/a 42% 42Va So Cal Fdison .. 26% 26% 26% 27 Std Gas 7% 7% 7% 7% Stone & Webster 20% 20 Va 20 % 20% United Corp ... 7% 7% 7% 7% Un Gas Imp 16% 16% 16% 16% Ut Pwr & Lt ‘A’ 6 5% 6 5% West Union 88% 88% 88% 88% Rubbers— Firestone 31*/* 31% 31% 30% Goodrich 20% 20% 20% 20% Goodyear 29% 29% 29% 29% U S Rubber 33% 33% 33% 34 U S Rub pfd. 79% 79% 79% 79% Miscellaneous— Am Can 120% 120% 120% 120% Am Mach & Fdy 24 24 24 24 Brklyn Man Tr. 49% 49% 49% 49% Burrougs Add... 29% 29% 29% 29% J I Case 169 169 169 167% Conti Can ... 78% 78% 78% 79 Caterpillar Tract 78% 78% 78% 78'Crown Cork ... 59% 58% 58% 58% Currs Pub 24% 23 3 4 24 23% Fos:er Wheeler . 35% 35% 35% 35 " Gillette 17 17 17 16% Glidden 54% 54 54 55% Inter Harv .... 87 87 87 87 Natl Cash Reg . 27% 27% 27% 27% Rem Rand ... 22% 22% 22% 22% Worthington P.. 33% 33V 4 33% 32% Foods— Armour 5% 5% 5% 5*A Armour 6 % pfd 74 74 74 74% Beatrice Cream. 23 22% 22% 27 % Borden Prod. . 27% 27% 27% 27% Cai Packing ... 33% 33% 33% 33% Cont Bak ’A’.... 16% 16% 16% 16% Crm f Wheat... 35 35 35 35 ?. üban Am Sug.. 10% 10% 10% 10% ■■ 36-4 36% 36% 36% Gold Dust 19 19 19 10 G W Sugar .... 34% 34% 34% 34% Hershey 7 77 77 Natl Bisciut 34% 34% 347; 'asi/. Std Brands 16% 16 16 16 /4 Retail Stores— Allied Stores ... 8% 6% * 03Best & Cos. .... 56% 56% 56'! as 8 Kresge S S .... 22% 22% "• 22% 22% Kroger Groc ... 24% 24% 24% 24 Macy R H .... 44 43% 431* LJtMay Dept St .. 48% 48 48 49 8 ward ... 44% 44% 44% 44% Natl Tea 9% 9% qi" J? Penney J C ... 77% 77% 77% 77U Safeway St ... 32% 32% 32% 33% New Bond Issues (By W. L. Lyons & Cos.) Asso Tel 4s '65 104% I £f lc ‘ B& n op a f'TO t{ 4 ' 3S ‘ 55 •••101% 101 % ** ® O 4‘aS 39 9Qi' qqi 0 BJackstone Val G Ar E 4s ’65..108U 108 3 I Bostpn & Albany 4%s '43 103 103% Carriers & Gen 5s 'SO 106% 107% Cent Maine 4s '6O 102% 10* 31 ! Cent Ills 3'is *66 105% 105% Chicago Un Sta 3%s '63 105% 106 C eve Elec 111 3%s '65 no Cleve Tractor 5s '45 106 107 Columbus Rwv P&L 4s '65... 105% 105% Canadian Govt 3%s '6l 99% 100% Conn River P & L 3%s '61... 104% 104% Consolidated Ed 3%s 46 102% Consolidated Ed 3%s '56 100% 100 % Consumers Pow 3%s '7O 103% 103% Cont Steel 4s '46 102 Cudahy Pkg 3%s 55 101% 102% Cudahy Pkg 4 S 'SO 103% 104% Dayton P & L 3%s '6O 106 Duques.te Lite 3%s '65 106% 106% Eastern Gas & Fuel 4s '56 96% 96% Edison Llum Bost 3%s '65 105% 106'* lowa South Util 5%s 50 102% 103 Jones & Laughlin 4%s '6l ... 98 98% Kansas T & L 4%s '65 108% 108% Keystone W * S 4s '45 100 Loews ?%s ’46 96% 96% Los Anf.eles G & E 4s ’7O 105% 105% L & N 4s 2003 *.lOl 101% Maine Cent 4s ’45 99% ioo Metro Ed 4s '65 106% 107 Monon W P 4%s '6O 104'* 104% N Y Edison 3%s '65 101 % 102 N Y Gent 3%s '46 98 98Vi Norway 4%s '56 97% . . Norway 4%s '65 100% 100% Ohio Edison 4s '66 104% 105 Pacific Lite 4%s ’45 105% 106% Pacific G & E 3%' '6l 103% 103% Penn R R 3%s *7O 100% 100% Penn Tel 4s '65 .105% 106 Pub Serv N H 3%s 70 105 105% Pub Eerv Okla 4s '66 102% 102% Railway & Lite 4%s '55 110 111 Revere Conner 4%s '56 104** 104% San Diego G & E 4s '65 108% Sharon Steel 4%s '57 .108 108% So Cal Gas 4s '65 104% 104% So Cal Ed 4s *6O 106% 107% So Cal Ed S%s '45 104% 45 So Western G & E 4s '6O 102% 102% A E Staley 4s '46 103% 104% Union Pac 3%s '7l . 98% 99% Virginia Rwy 3%s ‘66 102% 103 West Penn Pov 3%fi '66 105% 106% t

MONDAY, APRIL 13, 1936

Sears Roebuck . 67% 67 67 % 67V* Woolw-'-t;- 49% 49% 49V* 49% Aviation— Aviation Corp .. 6% 6% 6% 6% Boeing Alrcft . 22 *2 22 21% Curtiss Wriglit 7 6% 7 7 Curt Wright 'A' 17% 17% 17% 17*4 Douglas Air .... 64% 64% 64*4 64% Nor Am Av .... 10 9% 9% 9v* Sperry Oorp .. 20% 19% 20 20% United Air new. 26V* 25% 25% 26% Chemicals— Am Com, Alco 28V* 28% 28V* 28 Col Carbon 133% 133 133 134 Com Solvents .. 20% 20% 02% 20 Vi Du Pont 152% 151% 151% 151% Freeport Tex .. 31 30% 30% 30% Liquid Carb ... 4040 40 42% Math Alkali ... 33 33 33 32% Monsanto Chem 102 102 102 102 Natl Dis (new) . 31% 31% 31% 31% Schenley Dist... 43% 43% 43% 44 Union Carbide . 88 Vi 87% 87% 88 U S Ind Alco'... 57 57 57 57 % Drugs— Coty Inc ........ 5% 5% 5% 5% Sterling Prod... 69% 69% 69% 69% Financial— Am Int Corp ... 13*4 13 13*4 13*4 Tr Conti 9 % 9 % gy, 10y J Building— Am Radiator .. 24% 23% 23% 24 g e ** Asphalt.... 31% 31% 31% 31% Holland Furnace 41 41 41 42% Int Cement 48’,4 48 48 48% Johns Manville. .114% 114% 114% 114% Otis Elev 30% 30% 30% 30% Household— Col Pal Peet ... 18 18 18 17% Congoleum 4040 4040 Kelvinator ..... 24'4 24% 24V* 24% Mohawk Carpet.. 28 28 28 28 Servel Inc 21% 21% 21 s /a 21% Simmons Bed... 31 30% 31 30% Textiles— Amer Woolen .. 10 9% as; Collins Aikman . 50% 50 50 50% Indus Rayon ... 34*/* 34 34 34% N. Y. Bonds (Reprinted From Late Times Saturday) DAILY BOND INDEX 20 20 20 20 T ANARUS„, „ Inds. Rails. Util.- Bonds. Toaav 91.6 92.8 105.0 96.5 Thursday 91.6 92.7 105.0 96.4 Week aeo 92 0 92.5 105 0 96.5 Month ago 92.1 92.8 105.0 96.6 Yea/ ago 85.3 75.5 95.2 85.3 1936 high 93.4 95.6 105.5 97.9 19 36 low ....... 91.5 84.7 103 5 93.3 (Copyright. 1936. bv Standard Statistics) U. ft. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Treasurya Prev. am Close Close 4V*S 1947-52 118.4 118.4 4 ®. 112.25 112.23 3%s 1946-56 111 2 111 4 3/ s J B4B ' 45 ••• 107.25 107.24 184 L 105 - 29 ios.so ol /4S 107.12 107.11 8 V BS J 94 8 105.20 105.19 ? /aS 105.16 105.15 ?! 1046 104 - 44 oi 19 6 „; 8 ...104.27 104.26 2/4S 1951 101.30 101.30 n-,- Owners Loan Corp o! /<S Jos? * 10110 10110 3s 1051 102.23 102.24 0,/ Federal Farm Montgage Corp. 81is 1984 104.4 104.4 3® 103 102.30 3s 1942-47 103.17 103.20 DOMESTIC Prev. „ _ . ... Close. Close. Alleg Corp 5s ’44 94 . 941/, Alleg Corp 5s '49 89 V* 89 Am Frgn Pow 5s 2030 76% 76 Am Tel & Tel 5%s '43 113 112% Arm & Cos (Del) 4s '55 98 97% Atl Coast Line 4s '52 9734 9734 Atl Coast Line 4%s '64 83% 83'/ 2 Atch Top & S Fe 4*/2S '4B 111% 111% Am Wat Wks 5s '44 103.17 103.16 Am Rolling Mills 4%s '45 120% 120% Balt & Ohio 6s '95 96 'i 971/ 8 Balt & Ohio 4Vis '6O 73 73% Buff Roch & Pitt 4Vis '57 80% 80% Beth Steel 4*/ 4 s '6O 105% 105% Chi Milw &StP 5s '75 22% 22% Chi Milw & St P 5s 2000 7% 75/. Cleve Un Term 5s '73 107 107 Cleve Un Term 4'/is '77 101% 101% Col Gas 5s May '52 103% 104 Col Gas 5s April '52 104 103% Col Gas 5s '6l 103% 103% Can Pac Perp 4s 91 y, 911/, Cent Pac 5s '6O 98% 98% Big Four IVis '77 91% 9 iy 2 Big Four 5s '63 98% 97% Colorado &So 4',is 'BO 73% 73% Chi & West Ind 4s '52 ..104 3 /* 105 Chi & West Ind 5%s '62 107*/* 107 Chi & Nor West 4%s '49 13 13*4 Con Ga? 5s *57 103% 103% Chesa Corp_ 5s %7 m*/ 4 131 N Y Dock 5s '3B 68V i 68% Erie 5s '75 791/, 703/, Grt Northern 7s '36 101.11 10111 Grt Northern 4%s '77 101% loi% Hud & Manhat Ref 5s ’57 .... 85% 86' 111 Cent 4%s '66 76Vi 76% 111 Cent Jt 4%s '63 80 80% 111 Cent 5s ’62 85 85 Interlake C & I 5s ’sl 93 % 94 Interntl Hy Elec 6s ’44 39 41% Interntl Tel & Tel 4'/is ’39 ... 94V* 93% Interntl Tel & Tel 5s ’55 86 85 Interntl Tel & Tel 4*/ 2 s ’52... 80% 80% McKess & Rob 5%s ’SO 103% 103% Natl Dairy 5%s ’4 B 103% 103V* Natl Steel 4s ’6O . 106% 106% Nickel Plate 4*/2S ’7B 84 83% N Y Cent 5s 2013 933; 933; N Y Cent 4%s 2013 (old) 87'% 86% Nor Amer Cos 5s '6l 105 105% Nor Pac 3s 2047 82 82 Nor Pac 4%s 2047 102% 102% Nor Pac 6s 2047 110% 110% Otis Steel 8s '4l 102'% 102'% Penn Ry 4%s 'B4 108% 108% Renn Ry 4%s 'Bl 108% 108% Penn Ry 4'is '7O ....103 103 Pac G & E 5s '42 103'/* 103% Portland Gen El 4'%: '6O .... 73 73 Pari Publix 6s '55 87 87 Penn P & L 4'%s 'Bl 106'% 106% Postal Tel & Cab 5s '53 32% 33 Shell Union Oil 5s ’47 102 101 Sou Pac 4*%s ’6B 90'% 91 Sou Pac 4%s 'Bl 90 'i 90 Sou Pac 4*%s '69 90% 90 Sou Pac 4s '49 90 90% Sou Rail 4s ’56 63 V* 63 Union Pac 4s ’47 113% 113% United Drug 5s '53 101*4 101% U S Rubbpr 5s ’47 .. 101% 107 NYN H & Hart 6s ’4B 33% 34% N Y N H & Hart 4V2S ’67 32% 33 Warner Bros 6s '39 95 94 Western Mary s*%s '77 108 108 Western Marv 4s '52 100% 100'% Youngstown S & T 5s '7O ...106% 106 3 * Youngstown S & T 5s ’7B ....105% 105% FOREIGN Argentina A 6s ’57 99% 10 Argentina B 6s ’SB 99% 100 Brazil 8s ’4l 32 32% Canadian Govt 4s ’6O 107'% 107% Denmark s'is ’55 101V* 101 % French 7s ’49 176% 179 German 5%s '65 26% 26'% German 7s '49 34% 34% Italy 7s 'sl 73% 73% Japan 6%s '54 93% 92% Poland 7s ’47 106 105% Rome 6'%s '52 64 3 * 64 Tokyo City s'%s ’6l 74% 74 Yokohama 6s ’6l 80 79*% Investment Trusts (By Thomas D. Sheerin & Cos.) Bid. Asked. •Administered Fund 2nd..... .$17.07 $18.16 •Affiliated Fund. Inc 2.02 2.21 •American General Equities,. 11l 1.13 American Business Shares .. 1.21 1.31 Bullock Fund. Ltd 18.80 20.12 Century Shares Trust 27.38 27.38 Collateral Tr Shares “A”.... 6.72 6.80 Cor "AA" or "Accum” (Mod) 3.44 3.48 Cor “AA” or ''ACC'' (Unmod) 2.72 2.76 Corp Trust Shares (Orig) ... 2.85 2.89 Diversified Trustee Sh ''B" .. 10.80 10.88 Diversified Trustee Sh “C".. 4.66 4.70 •Diversified Trustee Sh “D”.. 6.92 7.00 Dividend Shares, Inc 1.69 1.83 General Inv Tr 6.07 6.67 •Incorporated Investors 22.75 24.54 Investors Fund Amer 1.09 1.19 •Market Street L-v Corp 31.36 33 00 Maryland Fund 19.75 21.35 •Massachusetts Investors .... 26.04 28.30 Nation-Wide Sec Cos “B” 450 . . . Nation-Wide Voting 1 83 1 37 North Amer Tr Sfcs 1955 3.43 3.47 North Amer Tr Shs 1956 ... 3.39 3.43 North Amer Tr Shs lOrig).. 2.61 Quarterly Income Shares . .. 1.62 1.80 Representative Trust Shares.. 12.90 12.98 Selected Amer Shares, Inc .. 1.60 1.75 Selected Amer Shares (Orig). 3.79 Selected Cumulative Shares . 9.74 9.84 Selected Income Shares 5.08 5.18 •State St Investment Corp.. .101.00 106.00 Super-Corp of Amer “AA” 2.87 2.91 Super-Corp of Amer “BB” ... 2.91 2.95 Super-Corp of America “A”.. 4.33 4.38 Super-Corp of Amer “B” 4.52 4.57 Super-Corp of Am '‘C” & “D” 8.35 •Supervised Sh, Inc (Dela.) . 13.62 14.81 Trustee Stand Oilshares “A”. 7.51 759 Trustee Stand Oilshares “B” 6.78 6 86 Trustee Standard Invest “C’ 3.04 307 Trustee Standard Invest “D” 2.97 3.01 Universal Trust Shares 4.43 Uselps “A” 19.15 19.40 Uselps “B” 3.00 Uselps Voting 1.16 •United Standard Oilfunds .. 1.32 1.45 •Ex-dividend. Chicago Grain Futures (By James E. Bennett & Cos.) Wheat— High. Low. A M. close. May ....t 96% .96% .96% ,96V* July 87 s * .87% .87% .87 Sept 85’* .85% .85% .85% Cern— May 60% .60% .60% .60% July 59% .59% .59% .59% Sept 58’* .58% .58% .59% Oats— May 36 .25% .26 .25% July 26% .26% .26% .26% Sept .27 .26% .26% .26% RyeMay 52% .52% .82% .52% July .52% .52%, .52% M

HEAVY BURDEN IS FORESEEN IN SECURITY LEVY Deficits Instead of Profits Viewed Probable at High Tax Rate. Times Special NEW Y’ORK, April 13.—The moderate incomes reported by United States Steel and American Ice for last year would have been changed to deficits if the 1 per cent tax on pay rolls for unemployment insurance, which went into effect Jan. 1, had beeu levied in 1935, a Standard Statistics survey indicated today. The 32 large corporations on which comparable date have been secured, the tax, at the rate of 1 per cent of pay rolls, would have taken $4.20 of every SIOO of 1935 profits, the report showed. At the maximum rate under the Social Security bill—6 per cent of pay rolls beginning in 1949—more than one dollar of each four earned at the 1935 rate wduld go for unemployment and old-age pension taxes. At this rate, many additional corporations would find profits transformed into losses, if earning power before taxes remained at the same rate as in 1935. The tax burden is heaviest on those companies whose operations are relatively inelastic, and which must maintain large pay rolls even when business declines and profits vanish. In a period of rising earnings, the burden can probably be borne without difficulty by most companies. When earnings are declining, employers will be tempted to discharge employes as rapidly as possible to prevent taxes from eating up profits. Thus the effect of the tax may well be to increase unemployment in times of depression. Eventually, of course, the imposts will be passed on to consumers in the form of higher prices, with a deflationary effect on purchasing power.

STUDY TO BE MADE OF FOREIGN TRADE George F. Bauer to Survey New England Concerns. Times Special NEW YORK, April 13.—Foreign trade interest of New England’s manufacturing concerns was being studied today by George F. Bauer, manager export department, Automobile Manufacturers Association, who has undertaken a field trip through Massachusetts, Connecticut and Rhode Island. Mr. Bauer’s schedule calls for visits to 16 of the leading industrial cities in these three states. In each of these cities, he will confer with business leaders about their foreign trade problems and operations. The purpose of his trip is to ascertain the extent to which industries in New England are dependent, directly or indirectly, uopn overseas markets. He will also discuss with the bus*ness leaders of each city plans for Foreign Trade Week, which will be held throughout the United States, May 18 to 25, under the auspices of the United States Chamber of Commerce. NEW TRAIN DESIGNED FOR SANTA FE ROAD Chicago-Los Angeles Time to Be Reduced 14 Hours. By United Press PHILADELPHIA, April 13—Construction of an eight-car, lightweight stainless steel train, designed to reduce running time on the Santa Fe Railroad between Chicago and Los Angeles by 14 hours, will begin soon, the Edward G. Budd Manufacturing Cos. announced today. The train will weigh about hal£ as much as those now in use, interiors will be wider, and each car will be virtually a one-piece steel unit, the company said. Santa Fe officials said the new train would make a round-trip between Chicago and Los Angeles each week. It is designed to make the 2225-mile run between the two cities in 39 hours, 45 minutes. The present schedule is 53 hours, 45 minutes for the Santa Fe’s fastest train. UTILITY FILES WITH SEC Pacific Gas & Electric Cos. Seeks Listing of $30,000,000 Issue. Times Special SAN FRANCISCO, April 13.—The Pacific Gas & Electric Cos. has filed a registration statement with the San Francisco office of the Security and Exchange Commission to cover a proposed $30,000,000 issue of first and refunding 3?i per cent bonds, to mature in 1961. The new issue will raise the company’s operations since March of last year to $215,000,000. The company has been the foremost among public utility corporations in carrying out refunding operations for more than, a year. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,622,000 Debits 0,592,000 TREASURY STATEMENT (By Uaited Pressi WASHINGON. April 13.—Government expenses and receipts for the current fiscal year to April 10. as compared with a year ago: This Year. Last Year. Expenses *5.546.862 251 $5,238,062,344 Receipts 3,199,274.230 2.980.755.939 Deficit 2.347.588.021 2,257.306,405 Cash Balance 2,740.245,390 2.439.788,705 Public Debts 31.437,348.070 28.855.017.826 Gold Reserve 10,192,494.275 8,614,278,051 Customs 303,682.702 265,373,542 LOCAL CASH MARKET City grain elevators are paying 91'cents for No. 2 soft wheat. Otner grades on their merits. Cash corn new No. 4 yellow 4$ cents , and. oats 18 aati^„

PAGE 11

Business Studies

!... PROGRESS OF GENERAL BUSINESS . CENT CENT #2O compos.it business activity index END of march V 1 ——■ —■' t 0.6 *l ciwt Mlnokmal ] COM*U>tO wrx 24.6* ru* *os —hr i m 1 11 tti rTfi i 'i'Ti'rn :„ _±lr I Mphzz--I .JO Jr 1929 1930 193* 1932 1933 1934 (93S (93C THE PARKER CORPORATION general exstriboTOßJ INCORPORATED INVESTORS

After several months of an almost uninterrupted rise in business activity it is natural to expect some reaction. The downward trend of business the last three months, therefore, is perfectly natural. From July, 1935, general business activity increased nearly 18 per cent to the third week in December. Since then it has dropped off only 6% per cent. During March automobile production sped wel lahead of February. Adjusted for seasonal variations, steel and lumber also gained, but freight car loadings and electric power output declined. Flood conditions in sections of the country temporarily upset retail trade. The value of all stocks listed on the New York Stock Exchange gained a little, while the Dow-Jones average of 40 bonds and wholesale commodity prices declined slightly,

PORKERS SHOW UNEVENTREND Weights From 160 Pounds Upward Steady; Others Unchanged. A weak undertone ruled in the pork market today at the local stockyards where prices were steady to generally 5 cents lower than Saturday’s best average. The moderate decline, however, limited largely to weights above 160 pounds. Light lights and slaughter pigs continued unchanged. Weakness developed at the opening as trading got off to a slow start when buyers were hesitant in placing early orders, awaiting further developments in the market. Receipts were estimated at 5000, and holdovers numbered only 54. The general bulk of 160 to 225 pounds cashed in at $10.95 to $11.05. The top price paid for choice kinds moved down to sll.lO. Medium weights, from 225 to 250 pounds, sold at $10.75 to $10.85, while extreme heavies, scaling 300 pounds and upward, brought $lO to $10.30. Light slaughter pigs, from 130 to 160 pounds, were salable at $10.25 to $10.75. Packing sows held at $9.25 to $9.75. Trading in the cattle market was moderately active and mostly steady with last week’s close, especially on all slaughter classes, consisting of medium and low grade quality. Choice kinds were absent. Best grades held above $9.75, while the bulk ranged from $7.50 to $8.50. Lightweight heifers bi ought $7.50 to $8.25. Receipts were 1000. Vealers recovered sharply in active trading. Opening $1 lower, the market was off only 50 cents at the close. The bulk of good and choice grades sold at $9 to $lO. Receipts were 700. Lambs were scarce with early sales strong to higher. Few native choice wooled skins held at sll down. Small lot of choice 106pound clippers brought $9.25. Receipts were 300. HOGS April. Bulk. Top. Receipts. 7. $10.85@10 95 $10.95 5000 8. 10.85(3:10.95 11.00 4000 9. [email protected] 11.10 3500 10. 11.00(7? 11.15 11.15 4500 11. [email protected] 11.15 1000 13. [email protected] 11.10 5000 Light Lights (140-160) Good and choice . .$10.25(310.95 Medium [email protected] (160-180) Good and choice... [email protected] Medium [email protected] (180-200) Good and choice.. [email protected] Medium 10.65(310.95 (200-220) Good and choice.. 10.95©11.10 (220-250) Good and choice.. [email protected] Heavyweights. (250-290) Good and choice.. [email protected] (290-3501 Good and choice.. [email protected] Packing Sows. (275-3501 Good 9.60@ 9.85 (350-425) Good 9.35® 9.75 (425-450) Good 9.10® 9.50 (275-350) Medium 8.85@ 9.60 Slaughter Pigs, (100-140) Good and choice.. [email protected] Medium 8.50@ 9.75 CATTLE —Receipts. 2000— (550-900) Choice $ [email protected] Good 7.50@ 9.75 Medium 7.25® 8.25 Common 5.75® 7.25 (900-1100) Choice [email protected] Good 8.25© 10.00 Medium 7.25@ 8.50 Common 6.25@ 7.25 (1100-1300) Choice [email protected] Good 8.50® 10.00 Meduim 7.25@ 8.50 (1300-1500) Choice 10.00®10.75 Good 8.50® 10.00 Heifers. (500-750) Choice B.oo® 9.00 Good 7.25® 8.25 Common and medium 8.75® 7.25 (150-190) Good and choice .... 7.25@ 8.75 Common and medium 5.50® 7.25 Cows Good 6.25® 6.75 Common and medium 5.25® 6.25 Low cutter and cutter 4.00® 5 25 Bulls, good 6.25® 675 Cutter, com and med bulls 5.75@ 6.50 VEALERS —Receipts, 700— Good and choice $ 9.00® 10.00 Medium 7.50® 9.00 Cull and common 5.00@ 7.50 Calves. (250-500) Good and choice 6.00® 900 Common and medium 4.50® 6.25 ~ ee< L and Stocker Cattle (500-800) Good and choice 7.00® 8.25 Common and medium 7.50® 8 25 (800-10501 Good and choice ... 7.258 75 Common and medium 5.50@ 7.25 Cows £ 00 <* 4.75®5.25 Common and medium 4.50® 4.75 SHEEP AND LAMBS —Receipts, 300— Lambs, 90 lbs. down; good and choice $10.50®11.00 Common 8 .25@ 9.50 (90-1701 Good and choice.. 4.75® 550 Common and medium 3.50® 415 Yeaning wethers, good choice 8.20® 9.25 Medium B.lt @ 9.25 BELGIUM BANK SHOWS GAIN IN GOLD STOCK Rise of 24,200,000 Belgas Reported For Week Ended April 8. Times Special BRUSSELS, April 13.—The National Bank of Belgium today reported an increase of 24,200,000 in gold stock for the week ended April 8, which was offset by a rise of 19,000,000 belgas in note circulation. Gold stock, as of April 8, was 3,363,600,000 belgas, against 3.339,400,000 a week ago. Balance abroad increased from 1,194,600,000 to 1,212,400.000; note circulation rose to 4.241,000.000 against 4,222.000,000 and sight liabilities increased from 4,940,800,000 to 4,075,100,000 belgas. The ratio of gold to notes stood at 79.31, compared to 79.09 last week, while the ratio of gold to sight liabilities was 68.60 against 68.58 in the preceding week*.. ** • >

Sugar Quota Increased The Agricultural Adjustment Administration has announced an increase of 175,537 tons in the 1936 sugar quotas.

, STOCK MARKET WEEK IN REVIEW

By United Press NEW YORK, April 13. —Reduced by the Good Friday holiday, and caution of traders, volume on the New York Stock Exchange this week was the lightest of the year. The railroad and utility averages advanced sufficiently to offset a, small decline in the industrial average so that the general average made no progress in either direction. Business continued to make broad gains. Steel operations set anew high mark since mid-June, 1930, at 66 per cent in the Iron Age compilation. The U. S. Steel Corporation’s shipments of finished steel for March jumped 107,237 tons over the February total despite the floods, and set anew high except for June, 1934, since April, 1931. General Motors Corp. reported total sales for March at 196,721 units, anew high since June, 1929. First quarter sales of 500,167 cars and trucks also was the best quarter since 1929. The Automobile Manufacturers Association reported output of its members—all the principal producers except Ford—for March totaled 323,160 cars and trucks, compared with 220,581 for February and 280,758 for March, 1935. That was an increase of 47 per cent over the previous month and 15 per cent over a year ago. Production for the first quarter wai 820,186 units, against 704,935 in the corresponding period of 1935, a gain of 16 per cent. The first quarter's output has been exceeded only in 1928 and in 1929. Aviation Shares Drop On the stock market, U. S. Steel and Bethlehem made new highs since 1931. General Motors and Chrysler made new tops since 1929. All these issues held part of their gains despite profit-taking. For a time the utilities were active an I strong. Some of them retained gains. Late in the week the rails picked up. Coppers were carried ahead on outlook for a general rise tj 9% cents a pound for the metal. Before profit-taking, new highs were made by Anaconda and Kennecott. Silvers had a bit of a whirl. Aviation issues had a setback when a giant Douglas plane of the Transcontinental Western fleet crashed with loss of 11 lives. Douglas dropped more than 5 points and Transcontinental several points. Allied Chemical, Sears-Roebuck, Westinghouse Electric, National Steel, and R. H. Macy were down 1 to 3 points. A poorer than anticipated showing for 1935 was revealed in Macy’s annual report.

HOG SLAUGHTER IN MARCH SHOWS GAIN 2,617,000 Head Killed, Compared With 2,158,000 in 1935. Times Special CHICAGO, April 13. Hog slaughtering at all inspected markets in the United States amounted to 2,617,000 head during March, compared with 2,158,000 head a year ago. With the exception of 1935, it was the smallest total for the period in more than 50 years. March cattle slaughter totaled 763,000 head, against 685,000 head a year ago. This was a decrease of 8000 head compared with 1934 figures, but with that exception it was the largest number since 1926. The hog slaughter is expected to increase between 30 and 35 per cent after mid-summer because of a larger movement of last fall pigs, according to a recent survey made by the Department of Agriculture. Only slight improvement, however, is anticipated for the market during the next three months. CANADIAN IMPORTS RISE Vegetable Oil Shipments Valued at $978,342 in February. Times Special Montreal, April 13.—Canadian imports of vegetable oils during February were valued at $978,342, an increase of $141,342 over the corresponding 1935 period, the Dominion bureau of statistics reported today. The principal suppliers were: United Kingdom, $351,999; United States, $333,347; China, $155,920, and Nigeria, $59,340. NEW PLAN SUBMITTED Times Special NEW YORK, April 13.—Apian of reorganization of the Western Newspaper Union, Inc., under Section 778 of the bankruptcy act, proposed by the Security Holders’ Protective committee in opposition to a reorganization plan sponsored by the present management, has been sent to holders of the company for their consideration and approval.

DESKS—CHAIRS—FILES Slightly Used at Substantial Reductions ml I FR OFF,CE SUPPLY CO. 28 S. PENNSYLVANIA ST.

INDICES SHOW TRADE VOLUME IMPROVEMENTS Business Back to Pre-Flood Levels at Start of Second Quarter. With the opening of the second quarter. Business Week's index has rebounded to the 70-per-cent-of-normal level, putting business volume back to where it stood in midFebruary, before cold weather and floods put a temporary crimp in trade, the magazine's current issue reported today. The index for last week stood at 70.1, compared with 67.4 a week ago, 68.8 a month ago and 63.2 a year ago. Steey activity is reaching new high ground since 1930, making a quick recovery following the flood interruption, and coal production has adjusted itself to more normal weather conditions, but is stepping up operations in response to industrial demand, the report said. Rail Tonnage Increases “Power output is running nearly 13 per cent ahead of last year. Check transactions again topped the $10,000,000,000 mark per week, a 22 per cent increase over a year ago. Wherever tornado, flood dust storms, rain or freak cold spells haven’t been an obstacle, the Easter trade has been up to expectations. “Rail tonnage alone in the first quarter amounted to 460,000 tons, a 113 per cent increase over a year ago. In the whole of 1935. only 711,537 tons were produced. Besides, the roads have ordered 8913 freight cars against 830 in the first quarter of 1935, and 73 locomotives against 9 a year ago. “Farm implement production continues to expand. Last year saw the building of some 158,460 tractors valued at $120,809,833, a 114 per cent increase over the 1931 record, the last census year in this field. Shipyard Orders Gain “American shipyards on March 1 were building or had under contract to build for private shipowners 153 vessels against 142 the month before. “In the textile field, there -has been little to encourage brisk "business outside of woolens where extensive back-logs permitted mills to operate substantially above last year. Even here, resistance to high wool prices has slowed up sales in recent weeks. High silk prices have cut mill consumption of this fiber 20 per cent below that of 1935. Rayon deliveries have held 10 per cent above last year’s totals. Cotton consumption by domestic mills ran about 6 per cent ahead of the first quarter of 1935, but there is talk of curtailment unless buying shows a decided revival.”

NET EARNINGS IN 1935 CLIMB 22.9 PER CENT McKesson & Robbins, Inc. Reports Total of $2,115,410. Times Special CHICAGO, April 13.—The McKesson & Robbins, Inc. today in its pamphlet report showed net earnings for 1935, after interest, depreciation, taxes and all charges against operations, at $2,115,410, compared with $1,720,259 for 1934, an increase of 22.9 per cent. Consolidated net sales of the company amounted to $132,097,248, an increase of $7,644,617, or 6.14 per cent compared with the 1934 total. Os the total sales for 1935, the wine and liquor division contributed $20,270,186, compared with $17,393,578 for 1934. The company’s balance sheet as of Dec. 31, 1935, shows total consolidated current assets of $56,808,768, including cash of $3,199,017, compared with current liabilities of $10,329,319, representing a current ratio of 5.49 to 1. This indicates a working capital of $46,479,449 against $43,288,577 a year ago, an increase of $3,190,871. PATTERSON SHADE CO. TO HAVE NEW HOME Local Firm Signs 10-Year Lease on Meridian-st Building. A 10-year lease on the four-story building at 1142 N. Meridian-st has been signed by the Patterson Shade Cos., Klein & Kuhn. Inc., property management agency, has announced. The Patterson firm, manufacturers of Venetian blinds and window shades, now located at 1525 N. Meridian-st, expects to reopen in its new home June 1. Approximately 40,000 square feet are contained in the four floors and basement of the re-enforced concrete and fireproof structure. The company has taken the lease with an option to purchase the property from the Western <te Southern Life Insurance Cos. of Cincinnati, owners. stock~Tndex advances Average for 10 Leading Common Issues Placed at 21.72. Times Special NEW YORK, April 13.—The common stock price index of investment companies continued to rise slightly during the last week, according to averages compiled by Distributors Group, Inc. The average for 10 leading common stock management companies influenced by the leverage factor stood at 21.72 at the close of April 9. compared with 21.52 on April 3. The average of th% mutual funds closed at 14.99 April, against 14.86 at the close of the previous week.

BEMIS LETTER ' SERVICE 303 Merchants Bank Bldg. Lincoln 6122