Indianapolis Times, Volume 48, Number 29, Indianapolis, Marion County, 14 April 1936 — Page 20

Trends SEC Ruling By High Court Is Limited in Scope. BY JOHN T. FLYNN

YORK, April 14.—A very large mountain has been made of the mole-hill involved in the decision of the Securities and Exchange Commission case before the Supreme Court. Nothing in the decision takes away from the commission any of its essential

powers. It must be r e m e m bered that the commission administers two separate laws. One is the Securities Act of 1933 and one is the Securities Exchange Act of 1934. One law governs the issuance of new securities. It u n dertakes to regulate the conditions under which new stocks and bonds, etc., are

Flynn

issued. The,other law deals with the regulation of stock exchanges. The second law—which regulates stock exchanges—was not involved in this decision. One of the great abuses of the period before the 1929 crash was found in the issuance of securities. Investors had been robbed of countless billions of dollars by security issuers. These losses had been suffered not at the hands of blue-sky salesmen and professional security sharpers, but at the hands of many of our leading banking houses which pretended to the greatest respectability. ts n u npO meet this situation Congress passed in 1933 a law which is known as the “truth-in-securities” law. Under thus law jurisdicition was given to the Federal Trade Commission. Later when the Securities and Exchange Commission was established jurisdiction was given to it. The object of the law was not to determine what are good stocks and what are bad ones. It was not to enable the commission to advise investors and speculators what they should buy or sell. Its aim was simple—to enable any person who wanted to know all about the stock offered for sale to find out. Under the rules of the commission any corporation which wishes to issue stocks must file with the commission an application in which the corporation must set out all of the essential facts relating to the corporation, the securities to be issued anti <he persons involved. The investor may make his own decisions about the wisdom of the investment after that. The commission is authorized to refuse to permit registration of the issue and its subsequent sale if all of the requirements of the law are hot carried out. J. Edward Jones filed an application to issue certain securities. The commission ruled that the requirements of the law and the commission had not been complied with. They refused him permission to issue the securities. That action of the commission the Supreme Court has not disturbed. Therefore the great objective of the law has not been affected. The commission, however, sought to make an investigation of Mr. Jones’ adventure. But before it could do so, Mr. Jones withdrew his application. He thereafter contended that, having withdrawn his application, the commission had no more authority over him. This contention and nothing 'se has been maintained by the fcourt. (Copyright, 1936, NEA Service, Inc.) STREET CAR OFFICIALS PRESENT TAX VIEWS Chase. Tretton Confer With Rep. Hill of House Committee. Times Special WASHINGTON. April 14.—Charles Chase and James P. Tretton, officials of the Indianapolis Railways, Inc., today were here to present their views on the new tax bill to Rep. S. B. Hill (D„ Wash.), chairman of the subcommittee handling the measure. They were taken to the Ways and Means Committee and introduced to Mr. Hill by Rep. Louis Ludlow. They explained the company had made large expenditures for new trackless trolleys, street cars and busses in Indianapolis and had borrowed money from PWA. They seek to have the bill drawn so that such outlays may be amortized without paying the surplus tax proposed by the new bill. On Commission Row (Quotations below subject to change are Sverage wholesale prices being offered to uyers by local commission dealers.) FRUlT—Strawberries: Louisiana. 24pt. crate. $3. Pears —Washington D’AnJo ilOOs box), 13. Limes—Mexican, carton. 20c; Persian seedless idoz.t. 45c. Bananas, seven hands, pound, sc. Apples— Delicious (fancy baskets). $1.75; Rome Beauty, $135. Lemons—Sunkist (36fls), $6 25. Grapefruit—Texas seedless (545-80 xi, 80xi, $4. Pineapples—(24s) crate, $5.25. VEGETABLES Artichoke. California (doz.). sl. Beans, green round stringless (hampers). $3.25. Beets—Texas (3 doe. crate), $1.65; cut offs (bu.), sl. Cabbage—New Texas (crate). $2.50; half crate, $1 40. Carrots—California (6-doe. cratei. $3; Texas (3*2 do*. cratei, $1 SO. Cauliflower, California (12s crate), $2 Celery —Florida washed and trimmed idoz.), 45® *sc: Florida (4s. Bs, 10s cratei, $3.50. Cucumbers—Hothouse (doz.). $1.35 (southern bushel). $6. Egg plant—Florida (doz ), $1.75. Kale—(Virginia bushel). 85c. Lettuce—lceberg, Arizona (best 6s. ssi, $3.65; home grown leaf * 15-lb. basket). $1.50. Endive—California (do*.), 75c Peppers— Mangoes (crate), $3 50: peck basket, 90c: doz. 30c. Mint Hothouse (doz). 75c. Mushrooms—Pound. 30c. Mustard—Texas, half crate. $1.40. Onions—lndiana yellow 150-lb. bag), 75c; new Texas Bermuda yellow. 50-lb. bag. $1.90. Parsley—Southern (long bunches, do*.). 35c. Parsnips—Home grown washed, bushel. $1: half-bushel, 60c. Peas—Florida, hamper. $3.25. Potatoes— Michigan Round Whites, 100-)b. bag, $1.80; Maine Green Mountains, 100-lb. bag, $2.40; R. R. Early Ohio, 100-lb bag, $2: R. R. Triumph. 160-lb bag. $1 90; Idaho Russets, 100-lb. bag. $2.65: Idaho Bakrs. 70s box, $2 50; New Florida Triumphs, 50-lb. bag. $2 50. Sweet Potatoes—Tennessee Nancy Halls, hampers. $1 50. Radishes Home grown buttons, do*., 65c, white, 50c. Rhubarb—Hothouse, bunch. 50c. Rutabagas—Northern 50-lb. bag, $1.25. Sage —Do*.. 45c. Shellrta—Louisiana, do*.. 35c. Turnips—New. bulk Texas, bu.. $125. Tomatoes—Repacked. 10-lb. box. $1 75. Produce Markets The price* quoted are paid tor stock ? lathered In the country, while delivered n Indianapolis the price U a cent higher. Heavy breed hens, 18c; Leghorn breed hens, 15c; old cocks, 12c. Ducks, white, 5 lbs. and over, lie; geese, full feathered, all sizes, 8c; all guineas 1% lbs. and up. :15c; No. I strictly fresh egs. loss off. 16c: delivered in Indianapolis. 17c. Each full Vase must weigh 55 lbs. gross, a deduction of 10 cents a pound under 55 lbs. wiU be made, No. 1 butter. J6%®31%c; No. 3. 33% &3ihc. Butte rial. 31c.

PAGE 20

UTILITY STOCKS HIGHER DESPITE EARLYOPINION Certain Issues Quadruple in Value, Congressman Points Out. BY RUTH FINNEY Timei Special Writer WASHINGTON, April 14.—Utility holding company stocks are considerably higher than a year ago in spite of predictions by utility executives that passage of the WheelerRayburn bill would ruin them, Rep, Henry C. Luckey -(D., Neb.), said today. A letter from a business man Identified with the Liberty League caused him to investigate the situation. The business man denounced him for helping to “destroy" the investments of millions of stockholders. Rep. Luckey looked up the figures, decided that the stockholders ought to be thanking him instead of blaming him. and put the results of his investigation in the Congressional Record for similarly harassed colleagues to see. Compared with May, 1935, when the holding company bill came from committee and utility executives got their nation-wide campaign against it under way, stocks of 23 holding companies are considerably higher today. .Stock Gains Listed “The widows and orphans and the millions of investors have not experienced a loss but instead they have received a very material gain,” Mr. Luckey said: “American Gas and Electric has increased 50 per cent in value. American Superpower has trebled in value. American Power and Light has quadrupled in value. Cities Service stock has more than trebled in values as have the stocks in Columbia Gas and Electric, Commonwealth and Southern, Electric Bond and Share and others. “Stock values have multiplied five times in Electric Power and Light, six times in North American Light and Power, and nearly five times in Stone & Webster. The A and B shares of United Light and Power have nearly eight times greater value today than in May, 1935. The stocks in those companies gained in value during the months Congress spent in consideration of the bill and they have continued to increase in value since the legislaiton became law. The widow’s mite has not been destroyed—it has been multiplied.” JOINT STOCK BANK SAILS BONO ISSOE Fletcher House to Retire $718,300 Block. Another large block of 414 per cent bonds of Fletcher Joint Stock Land Bank has been called for retirement by directors of the institution, William B. Schiltges, president, announced today. The newest step in the program of refunding operations for the joint stock bank will retire $718,300 of bonds optional May 1, 1933, and due May 1, 1953. Holders of these bonds may convert them into cash or transfer their holdings into new issues of the bank’s securities, bearing lower interest yields in keeping with present trends in the investment fields, Mr. Schiltges said. The large total of bonds just called adds to a similar amount called in March, the two calls representing approximately $1,500,000 of the bank’s 4t4 per cent issues which have been added to the refunding operations during the last 30 days. With this newest call only $2,630,800 of the joint stock bank’s 414 per cent bonds will be outstanding, subject to call, and a total of $6,498,300 will have been involved in retirement or conversion during the last 18 months. Local Livestock HOGS April. Bulk. Top. Receipts. 8. $10.85®10.95 $ll.OO 4000 9. 11.00® 11.10 If 10 3500 10. 11.00W11.15 11.15 4500 11. 11.00<6>11.10 11.15 1000 13. 10.55W11.05 11.10 5000 14. 10 95(811.05 11.10 5000 Light Lights (140-160) Gcod and choice $10.25® 10 95 Medium .. 9.70® 10.25 (160-180) Good and choice... 9.95®11.10 Medium 10.50® 10.95 (180-200) Good and choice.. 10.95(811.10 Medium 10.65W10.95 (200-220) Good and choice.. 10.95(811.10 (220-250) Good and choice.. 10.755> 10.95 Heavyweights. (250-290) Good and choice.. 10.45(810.75 (290-350) Good and choice.. [email protected] Packing Sows. (275-350) Good 9.608 9.85 (350-4251 Good 9.358 9.75 (425-450) Good 9.10® 9.50 (275-350) Medium 8.858 9.60 Slaughter Pigs. (100-140) Good and choice.. 9.50® 10.25 Medium 8.50® 9.75 CATTLE —Receipts. 3000— (550-900) Choice $ 9.00810.50 Good 7.50®! 9.75 Medium 7.25® 8.25 Common 5.75® 7.25 (900-1100) Choice 9.75810.50 Good [email protected] Medium 7.25® 8.50 Common 6.25® 7.25 (1100-1300) Choice 9.75® 10.75 Good 8.50® 10.00 Meduim 7.25® 8.50 (1300-1500) Choice 10.00®10.75 Good 8.50© 10.00 Heifer*. (500-750) Choice 8.008 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 Cow* Good 6.25® 6.75 Common and medium 5.25® 6.25 Low cutter nd cutter 4.00® 5.25 Bulls, good 6 25® 6.75 Cutter, com and med bulls 5.75© 6.50 VEALERS —Receipts, 800— Good and choice $ 8.50® 9.50 Medium 7.00® 8.50 Cull and common 5 00® 7.50 Calves. (250-500) Good end choice. .. 600 ® 9.00 Common and medium 4.50© 6.25 Feed and Stacker Cattle (500-800) Good and choice 7.00® 8.25 Common and medium 7.50® 8.25 (800-1050) Good and choije 7 25© 8.75 Common and medium 5.50® 7.25 _ Cows Common and medium 4.50® 4.75 SHEEP AND LAMBS —Receipts. 600— Lambs. 90 lbs. down; good and choice $11.00011.40 OooA 10 35® 11 00 Medium 10.00® 10 40 Common 8.50® 10.00 Ewes. (90-170) Good and choice... 4 50® 5.60 Common and medium ... 350® 475 Yearling wether*, good, choice 9 50® 10.00 Medium 8.50® 9.50

Abreast of The Times on Finance

percent Wholesale Prices and Exchange Rates BBBBBBSBBBBHI 120 ■ ii ■ *"T ■" ■ ■ ■■■■i.i—.i ■— I 1 * A WHOLIIAU PRICES OF FRANCE US. • B franc Value of dollar 110 | - c WHOLE SALE PRICES OF FRANCE M%* UX 119 S'!'' [/.. D FRANC VALUE OF POUND iOO Bg■—? ’ -11929=1001 ———■■ ■ 100 so oo 80 ! 80 w 1 U ]■ — • 1 / sS>h- 0 *’v gO m .. -.-.. °flc>?A f>T - gßl oAciri O qq go (p- 50 10 II 11-It I 1 .-1 1... I1 lit t 1-1 ■ 1 -Li—f—i— 4* J 930 1931 1932 1933 1934 1935 1936 Wholesale Prices and Exchange Rates—Following the sharp drop of the dollar and pound sterling In terms of French francs occasioned by devaluation, the ratios of French prices to prices in the United Kingdom and the United States declined steadily more than the franc value of the pound and dollar until last July. In the last seven months French prices have risen more than prices in the United Kingdom and the United States, and at the same time the franc value of the pound and the dollar remained stable. The long decline and recent rise in the ratios of French prices to United States and United Kingdom prices indicate that overvaluation of the French currency in terms of purchasing power parities has been largely corrected.

New York Stock Exchange Prices

(By Thomson & McKinnon) 11:15 a.m. Prev. Oils— High. Low. N. Y. close. Amerada 109'/a 109% 109% 110% Atl Rfg 32% 32% 32% 32% Barnsdall 19 18% 18% 19 Consol Oil 14% 14>/ 14'/* 14% Cont of Del 35% 35 35>/s 35'/, Houston (new).. 10% 10'/a 10'/* 10% Mid Cont Pet 22V* 22% 22% 22% Ohio Oil 14% 14% 14% 14% Phillips Pet 47 46% 46% 47 Plymouth 0i1.... 15% 15% 15% 15% Pure Oil 22% 21% 21% 22% Shell Un 17% 17% 17% 17% Skellev Oil 29 % 29'/s 29'/a 29% SOC Vac 14% 14% 14% 15 S O of Cal 44% 44Vi 44% 44% S O of Ind 36V* 37% 37% 38 S O of N 3 64% 63% 63% 64 Texas Corp 38% 38% 38% 38% Tidewater Assn.. 17% 17% 17% 17% Un Oil of Ca 1.... 25% 25'% 25’% 25% Steels— Am Roll Mills 30 29% 29% 29% Beth Steel 62% 62'% 62% 62% Bryers A M 22'% 22'% 22'% 22% Cruc Steel 36'% 36'% 36'% 37% Inland Steel 111 1U 111 110% Ludlum Steel ... 30 30 30 30 Mid Steel 47 46% 47 46% Natl Steel 66% 66 66% 67 Otis Steel 19% 19 19 19 Rep Iron & Steel 25% 24% 24% 25% U S Pipe & Fdy.. 38 38 38 37% U S Steel 71% 71% 71% 72'% U S Steel pfd. .132 131'% 131% 132% Warren Bros. .. 9% 9'% 9'% 9% Warren P & Fdy 27% 27% 27V* 27V, Youngstn B& T. 59% 57% 57% 60% Motors— Auburn 45% 45% 45% 45 V* Chrysler 103% 102'% 102'% 103% Gen Motors .... 69% 69% 69'% 70 Grahan\ Mot ... 33 33 Hudson 18% 18% 18% 18'% Mack. Truck ... 35'% 35% 35'% 35% Nash 20% 20% 20'% 20% Packard 11% 11% 11% 11% Reo 7 Vi 7'% 7'% 7'% Studebaker 14 13% 13% 14 Yellow Truck ... 18'% 18% 18'i 18% Motor Access— Bendix 30% 29% 29% 30% Bohn Alum .... 54% 54'% 54% 54% Borg Warner ... 78% 78'% 78'/a 79% Briggs 56% 55 55 56% Budd Mfg 13% 12% 13 13_ Budd Wheel .... 11 10% 10% 10% Eaton Mfg 36 36 36 36 Elec Auto Lite .. 40% 40% 40% 40% Elec Auto Bat, .. 49% 49% 49% 49’% Greyhound 'B’.. 60% 60'% 60% 61 Houdaille 28 27% 28 28 Murray Body ... 19% 19 19 19'% Stew Warner ... 23% 23% 23% 23% Timken Roll ... 67'% 67% 67% 68% Timken Det Axle 16% 16% 16% 16% Mining— Alaska Jun .... 33% 33% 33% 33'% Am Metals ..... 33% 33% 33% 33'% Am Smelt 84'% 84% 84% 85 V* Anaconda 14 13 % 13 % 14 Cerro De Pasco . 57Vi 56% 57'% 56% Gt Nor Ore 18 18 18 18’% Howe Sound ... 53'% 53 53'% 53V, Ins Copper 13% 13 13'% 13% Int Nickel 49’% 48% 48% 49% Isl Creek Coal .. 28 28 28 28 Kennecott Cop.. 41% 41% 41% 41'% Mclntyre Mine.. 42 42 42 42% Park Utah 4% 4% 4% 4'% Phelps Dodge .. 39% 39% 39% 40 St Joe Lead 27% 27% 21% 27 U S Smelters ... 93 93 93 93'% Vanadium 23% 22% 22% 23 Amusements— Crosley Radio .. 24% 24% 24% 24 Loews Inc 46% 46% 46% 46'% Radio Corp 12% 12% 12% 12% Paramount 8% 8% 8% 7'% RKO 6% 6% 6% 6% Warner Bros ... 11% 11 n H'% Tobaccos— Am Snuff 61% 61% 61% 61'% Am Tobacco ‘A’ 90% 90% 90% 91 Am Tobacco ”B” 92'/a 92'% 92'% 92'% Ligg-Myers ‘'B'Mo2% 102% 103% 102 Lorillard 22'% 22 22 22'/* Phillip Morris .76 76 76 75% Reynlds Tob “B” 52% 52'% 52% 52'% Rails— Atchison 85 84% 85 86'% Atl Coast Lines. 30% 30 30 30'% 5* ° 22% 21% 21% 22% Ch & Ohio 58% 57'% 57'% 58 Dhi &Gt W pfd 6>/ 2 6'% 6% 6'% CM&Bt P—. 2'% 2'% 2'% 2'% Chi N W 3% 3% 3% 3% Eei a L?c H &V:: Eo% &% tlk pfd 3% n m 3% ?li Wa? f“ il'% !§■• 8* 26'% K C Sou 23'% 23'% 23'% 24 Lehigh Valley,... 12% 12% 12% 12% MK & T .... 9% ?% qu oi,MK & T pfd.... 25% 25% 25% 2 5% Mo P&c pfd 6'% 6% 6% 6% NY Cent- 41% 40% 40% 42 N Y New Haven 4 4 4 37/ Nor Pacific 34% 34 34 35 Penn R R 35% 34% 34% 35% Sou Pac 38'% 37 37% 38 Sou R R 18% 17% 17% 18% Union Pac 133 133 133 133V* Wabash 3% 354 3 */ 3s’ West Maryland.. 10% 10% 10% 10% Equipments— Am Car <fc Fdy.. 37% 37 37 3774 Amer Loco .. 30% 30% 30% 30% Am Steel Fdy.. 29% 29% 29% 29% Bald Loco .. . 3% 3% 3\ 3% Gen Am lit Car 49% 48% 48% 491. Gen Elec 40% 40% 40 V* 40% Gen R R Sig ... 43 43 43 43 Pullman Inc 45% 45% 45% 4514 West Air Br ... 45 45 45 4474 Westingh Elec ..120 120 120 120% Utilities— Am & For Pwr.. 8% 8% 8% 8% Am Potsxr & Lit 12% 11% 12 12% AT & r 166% 166 166 166% Am Wat Wks 24% 23% 23% 24% Col Gas & Elec-.. 21 20% 20% 20% Com * Sou 2% 2% 2% 2'. Consol Gas .... 3% 3% 3.1, 33., Elec Pwr & Lit . 14% 13% 14 14 Int Hydro Elec. 33 33 Int TANARUS& T 16% 16 16 16 Nat Pwr & Lit.. 11% 11% n% 11% North Amer ... 29% 29% 29% 29% G& E ..... 38% 38% 38% 39 Pub Serv N J ... 42 41% 41% 42 So Cal Edison... 27% 27% 27% 27 Stone & Webster 20% 20% 20% 20% United Corp .... 7 1 /* 7 7L. 71Un Gas Imp .... 16% 16% 18% 16V* Ut Pwr &Lt A” 5% 5% 5% 53 Western Union.. 87% 87% 87% 87V* Rubbers— Firestone 31% 31% 31% 31% Goodrich 22% 22 22 °2 Goodvear 30% 30% 30% 30% U S Rubber 34% 34% 34% 34V. Miscellaneous— Allis Chalmers.. 48 48 48 48% Am Can .. .mi, 121 V. 121% 121% Am Mach <& Fdy 23% 23% 23% 24 Anchor Cap .. 23% 23% 23% 23% Brklyn Man Tr . 49% 49% 49% 49% Conti Can 78’ * 77% 77% 77% Caterpillar Tract 78% 78% 78% 78% Crown Cork .... 60% 60 60 59% Curtis Pub 23% 23% 23% 23% Deere &Cos 85% 85% 85% 85 Gillette 16% 16% 16% 16% Inter Harv ... 86% 86% 86% 86% Natl Cash Reg .. 27 27 27 27 Owens Dottle ..164 164 164 163% Rem Rand 22% 22% 22% 22% Wortington Pm 32% 32% 32% 32% Foods— Beatrice Cream 22 22 22 22% Cal Packing .. 32% 32% 32% 32% Can Dry G Ale. 13% 13% 13% 13% Cont Bak “A”... 18% 16 16 16V. Corn Prod ... 73% 73% 73% 72% Cuban Am Sugar 10 j 10% 10% 10% Gen Baking 12 s , 12% 12% 12% Gen Foods 37% 37% 37V* 37 Gold Dust 19 19 19 19 G W Sugar 34% 34% 34% 34** Natl Biscuit 34% 34% 34% 34%

r/KD safes’ FIREPROOF CHESTS FOR VALUABLES KEPT AT HOME W. C. BRASS Assoc. I IS4 8. Meridian. Rl. 9727

TUESDAY, APRIL 14, 1936

Natl D Prod .... 33'% 2,3’/ 23'% 23'% Purity Bak 13% 13'% 13'% 13% S Porto Rico Sug 31'% 31'% 31'% 31'% Std Brands 16% 16 16 16'% United Fruit ... 73'% 73'% 73'% 72% Wrigley 77 77 77 76'% Retail Stores— Allied Stores ... 8% B*% 8% 8% Assd Dry Goods. 16'% 16'% 16% 16% First Natl Stores 45'% 45'% 45'% 45 Kroger Groc 24% 24% 24% 24'% Macy R H 44 44 44 43% McCrory St 12% 12'% 12'% 12% McLellan St .... 13% 13'% 13% 13% Marshall Field.. 17% 17 17 17% Mont Ward 44% . 43% 43% 44% Penney J C 78% 77% 78% 77'% Safeway St 33'% 33 33 33% Sears Roebuck.. 67'% 67 67 67 Woolworth 48% 48% 48% 48% Aviation— Aviation Corp.. 6'% 6'% 6'% 6'% Curtiss Wright.. 7 6% 6% 6% Curtiss Wright A 16% 16% 16% 16% Douglas Air 61 59% 60% 61% Nor Am Av 10 9% 9% 10 Sperry Corp .... 19% 19% 19% 20 United Air’aft N 25'% 25 25 25% Chemicals— Air Reduction ...191 191 191 190 N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails Util. Bonds Today 91.6 92.6 105.1 96.4 Saturday 91.6 92.8 105.0 96.5 Month ago 91.5 91.4 104.6 95.8 Month ago 91.5 91.4 104.6 95.8 Year ago 85.7 75.7 95.3 85.5 1936 high 93.4 95.6 105.5 97.9 1936 low 91.5 84.7 103.5 93.3 (Cpyright, 1936, by Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Treasury* Prev. Close. close. 4%s 1947-52 118.1 118.4 4s 1944-54 112.25 112.25 3%s 1943-47 .108.4 108.7 3%s 1941-43 *108.28 109 3%s 1943-45 107,24 107.25 3'/is 1941 108.29 108.29 3%s 1944-46 107.13 107.12 3*%s 1949-52 105.13 105.16 3s 1951-55 104.7 104.6 2%s 1951 101.29 101.30 Home Owners Loan Corp. 3%s 1949 101.21 101.19 3s 1952 102.25 102.23 Federal Farm Mortgage Corp. 3s 1949 103 103 3s 1942-47 103.18 103.17 DOMESTIC Prev. Close, close. Alleg Corp 5s '44 94 94 Alleg Corp 5s ’49 87% 89% Am Frgn Pow 5s 2030 76'% 76% Am Tel & Tel s‘/ 2 s '43 113 113 Am Tel & Tel 5s ’65 112% 113% Arm & Cos (Del) 4s ’55 98 98 Atl Coast Line 4s ’52 96% 97% Atl Coast Line 4'%s ’64 83'% 83'% Atch Top & S Fe 4'%s ’4B 111% 111'% Am Wat Wks 5s ’44 103.24 103.10 Am Rolling Mills 4'%s ’45 121'% 120'% Balt & Ohio 6s ’95 96'% 96'% Balt & Ohio 4'%s ’6O 73'% 73 Buff Roch & Pitt 4>%s ’57 80'% 80'% Beth Steel 4V4s ’6O 105'% 105'% Chi Milw &StP 5s ’75 22% 22'% Chi Milw & St P 5s 2000 7% 7% Cleve Un Term 5s ’73 107 107 Cteve Un Term 4'%s '77 101% 101% Col Gas 5s May ’52 103% 103% Col Gas 5s April ’sl! 104 104 Col Gas 5s ’6l 103'% 103'% Can Pac Perp 4s 92 9i>% Cent Pac 5s 7 60 88% 98'% Big Four 4>%s '77 91% 91% Big Four 5s ’63 98'% 98% Colorado & So 4'%s ’BO 74 73% Chi & West Ind 4s ’52 104'% 104% Chi & West Ind s'%s ’62 107% 107% Chi & Nor West 4%s '49 12% 13 Con Gas 5s ’57 104 103% Chesa Corp 5s ’47 131% 131% N Y Dock 4s ’sl 69 68'% N Y Dock 5s '3B 68'% n6V* Erie 5s ’75 78 % 79% Erie 5s ’67 78% 79% Gen Cable s'%s 47 105 105'% Grt North 7s ’36 101.11 101 11 Ljrt North 4'%s *76 101% 101.11 Hid & Manhat Ref 5s ’57 .. 85% 85% IL Cent 4%s ’66 79'% 76'% 111 Cent Jt 4'%s ’63 81% 80 111 Cent 5s ’63 85'% 85 Interlake O&I 5s ’sl 94% 031% Interntl Hy Elec 6s '44 38% 39 Interntl Tel & Tel 4'%s ’39 95 94% Interntl Tel & Tel 5s ’55 85 86 Interntl Tel & Tel 4‘%s ’52 .. 82 80% Nat} Dairy 5%s ’4B 103% 103'% Natl Steel 4s 65 . 106% 106'/ Nickel Plate 4%s ’7B 34 84 Nickel Plate 5' 2 s ’74 941, 941/. N Y Cent 5s 2013 941* Qsif N Y Cent 4'%s 2013 (old) ... 88 87% Nor Amer Cos 5s ’6l 195% 105 Nor Pac 3s 2047 81% 82 Nor Pac 4%s 204 7 102'% 102% Nor Pac 6s 2047 no% 110% Nor States Pow 5s ’4l 104% 104% New Orleans Aerm 4s ” 92% 92 Otis Steel 6s '4l 102% 102% Penn Ry 4%s ’B4 108% 108% Penn R.v 4%s ’Bl 108 1 Penn Ry 4%s '7O 102% 103 Pac G * E 5s '42 103% 103% Portland Gen 71 4%s ’6O 72% 73 Para Publix 6s ’55 86% 87 Penn P L 4 ! 2S ’Bl loe’a IQ6V£ Postal Tel & Cab 5s ’53 .... 33% 32% Rem Rand WW s'%s 47 104 12 104 12 Union Oil 5s ’47 ....".l&i! 102.14 Sou Pac 4 1 2S 68 ............. 01 Qfti% Sou Pac 4%s ’Bl go)/ n o i? Sou Pac 4%s ’6 !o% 90% Sou Pac 4s ’49 90% 90 Sou Rail 4s ’56 g3 Sou Rail 6s 'SS 793/. ro Sou Rail 6%s '56 ! 85 84 Sharon Stl Hoop 5%s '4B 103.2 103.2 Texas Pac 5s ’BO 102% 102% Texas Pac 5s 77 103 102% Union Pac 4s '47 113% 1133? United Drug 5s ’53 loi 3 / 101% U S Rubber 5s '47 J 07% 107% NY NH & Hart 6s '4B . 33% 33% NY NH & Hart 4%s '67 ...i! 32% 32% Warner Bros 6s '39 95% 95 Western Mary 5%s '77 108 108 Western Mary 4s '52 .. 100'% 10 3 a Youngstown S & T 5s '7O 106% 106% Youngstown S&T 5s '7B 105 s . 105% FOREIGN Argentina A6s '57 100'* 99% Argentine B6s 'SB 99% 995! Brazil 8s '4l !! 32 32 Canadian Govt 4s '6O 107% 107% Denmark 5%s '55 101'* 101% German 5%s '65 !. 26% 26% German 7s '49 35 34,? Italy 7s 'sl i!! 72% 73% Yokohama 6s '6l 79 go

Thomson & McKinnon NEW YORK MEMBERS CHICAGO I New York Stock Exchange. TORONTO New Tork Curb Excha °s e - BOSTON ** eW ork C° tton Exchange. ertTTT'U •DTTXTTV _ New Tork Coffe > nd Suar Exchange. xSEiIND • New Orleans Cotton Exchange. FT. WAYNE Chicago Stock Exchange. EVANSVILLE Chicago Board of Trade. Winnipeg Grain Exchange. Indianapolis Office And other leading Exchangee. 200-214 Circle Tower LI. 5501

Allied Chem 204 202% 204 201% Am Com Alcohol 27% 27% 27% 27% Col Carbon 127% 125 125 128 Com Solvents.. 20% 20'/a 20V* 20% Du Pont ..151% 150'% 150'% 152 Freeport Tex 30% 30% 30% 30% Math Alkali ... 32% 32'% 32% 32'% Monsonto Chem. 101 101 101 100 Natl Dis (new).. 30% 30% 30% 31% Schenley Dist... 46% 45% 45’/* 47% Tex Gulf Sulph. 35V* 35 35 35'/* Union Carbide., 87V* 86% 87% 87% U S Indus Alco. 55 53% 53% 55 Vi Drugs— Coty Inc 5 3 /* 5% 5% 5% Lehn & Fink ... 12'% 12% 12'% 12V* Sterling Prod ... 69% 69% 69% 69% Un Drug (new). 13'% 13'% 13'% 13% Vick Chem B'/ B'A 8% 44'% Financial— Adams Exp 13% 13% 13% 13'% Allegheny Corp.. 3'% 3'% 3% 3'% Am Int Corp ... 12% 12% 12% 13'/* Chesa Corp 66 66 66 66 Lehman Corp ... 99% 99'% 99% 100 Transamerica .. 13'% 13% 13% 13% Tr Conti Corp... 10% 10'% 10'% 10 Building— Am Radiator ... 23% 23% 23% 23% Holland Furnace 41'% 41% 41% 41% Int Cement 46% 46% 46% 47% Johns Manville .114% 114'% 114'% 115 Libby Owens Gls 58 57'% 57'% 58 Otis Elev 29% 29% 29% 29% U S Gypsum.... 103% 103% 103% 103% Household — Col Pal Peet.... 17% 17% 17% 17% Congoleum 39% 39% 39% 39% Kelvinator 23% 23'% 23% 24 Mohawk Carpet. 27% 27% 27% 28% Servel Inc 20% 20% 20% 21 Simmons 8ed....31% 30% 30% 30% Textiles— Amer Woolen .. 9% 9% P% 9% Belding Hem ... 14% 14'% 14% 14% Celanese Corp .. 28 27% 27% 27% Collins Aikman. 49% 48% 49% 49% Gotham Hose ...11 11 11 11 Indus Rayon ... 32% 31 31 33'% Kayser Julius •• 29'% 29 29 29 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 T & T Fort Wayne 6 ..103 106 Indianapolis Railways Inc 65 68 Indianapolis Water Cos 4'/2S ..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 fz 10 Stores 5 ,100 103 Muncie 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 & Light 5 106 108 Terre Haute Water Wks 102 104 Terre Haute Water Wks 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 57 60 Indianapolis Gas Cos com 6.. 34 37 Indpls Pwr &Lt Cos pfd 6 . 89% 92'% Indpls Pow & Lt Cos pfd 6'% 93 96 Indips Water Cos pfd 5 102 105 North Ind Pub Serv pfd 5%s 62% 67 North Ind Pub Serv pfd '%.. 72'% 75% North Ind Pub Serv pfd 7... 80 83 Progress Laundry Cos com ... 10 11% Pub Serv Cos of Ind pfd 6 25'% 28'% Pub Serv Cos of Ind pfd 7 ... 44 47 South Ind Gas & Elec pfd 6.. 99'% 102'% Terre Haute Electric Cos 89 91'% Union Title Cos com 19% 21'% Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS r, , _ , * Bid. Ask. Bankers Trust 59'% 61'% Central Hanover 112% 114% Chase 39 40'% Chemical National 57 3 % 59 Guaranty 292 295% Irving 16 17% Manufacturers 49 s/ * 51% National City 35 36'% Cont 111 Chicago V 163 166'% First National Boston 46% 48% National Shawmut 27% 29% FIRE INSURANCE Etna Fire Ins 53'% 55% American Ins of Newark 15% 15 Baltimore American 9 10'% City of New York 27'% 29'% Federal Ins 48% 51'4 Franklin Fire 31% 33% Great American Ins 29'% 31% Hartford Fire 76 78 3 4 Hanover Fire Ins 36 38 Ins Cos of A 72 3 4 75 Home Ins 3 9 3 % 41 >4 National Fire 75 77 3 % National Liberty 10% 11% North River t 26 3 % 28% Phoenix 91 93% U S Fire 55% 55% Westchester Fire 36 38% Money and Exchange TREASURY STATEMENT (By United Press) WASHINGTON. April 14.—Government expenses and receipts for the current fiscal year to April 11, as compared with a year ago: This Year. Last Year. Expenses $ 5.562.960.035.30 *5.251.527.239.78 Receipts. 3.204,453.437.66 2.986,961.326.10 Deficit ... 2.358.506,59,7.64 2.264.575,913.68 Cash baL. 2,726.517,225.02 2,436.441.124.00 Pub debts 31.457.865.646.63 28.858,992.929.73 Gold res...-0.192.803.029.56 8,614,816.091.99 Customs .. 304’ 599,714.75 266.290,940.29 HIGHER RENT PREDICTED Times Special NEW YORK. April 14.—The 1929 rent level will be reached within a year and a half if the present rate of increase paid by rent earners is maintaind, C. J. Ryan, vice president of Investors Syndicate, Minneapolis, predicted today.

MAP PLANS TO DISBURSE HU6E BONUSOUTLAY Treasury to Designate 300 Postoffices to Handle Veterans’ Funds. By United Press WASHINGTON, April 14.—The Treasury Department today prepared the huge money machine which will turn out cash for the veterans’ bonus at top speed beginning June 15. Treasury officials, acting on the assumption that a large majority of veterans will desire to convert their service bonds into cash immediately, arranged to designate almost 300 first and second class postoffices throughout the country to act as disbursing offices. Details of the plan are expected to be announced shortly by Henry Morgenthau Jr., Secretary of the Treasury. Instructions will be given veterans as to the simplest way to convert their service bonds into cash. The exact number of postoffices which will be designated as disbursing offices has not been decided. Neither is there available a list of the cities in which they will be located. In general, however, it was believed that practically all first class postofflees and a number of second class postofflees would be authorized to pay out cash. Bonds Can Be Converted Some Treasury estimates were that at least $1,500,000,000 in bonus cash will be paid out of Treasury funds between June 15 and Sept. 1. Arrangements for getting the service bonds and petty cash into veterans’ hands have been completed. Bonds in equal multiples of SSO and checks for the remainder due the individual veteran over the total sum divisible by SSO will be sent the veteran by registered mail beginning June 15. The veteran can convert his service bonds into cash by taking them to his postoffice and indorsing them. If that postoffice has not been designated as a disbursing office the postmaster will give the veteran a receipt for his bonds and the bonds will be forwarded to the nearest disbursing postiffice. A check for the amount of the bonds will be returned to the veteran by registered mail. AUTO MANUFACTURERS QUIT U. S. CHAMBER National Association Withdraws From Trade Group. By United Press WASHINGTON, April 14.—The Automobile Manufacturers’ Association has withdrawn from the United States Chamber of Commerce, it was revealed today. Its annual membership was allowed to lapse when it expired two months ago. Both the Chamber of Commerce and the Automobile Manufacturers’ Association declined to give a reason for the withdrawal. It was recalled that controversy developed at the last annual meeting of the Chamber of Commerce on the question of Federal regulation of busses and trucks. The auto manufacturers group opposed a resolution, which was passed, indorsing Federal regulation of motor transportation. Investment Trusts (By Thomas D. Sheerin & Cos.) Bid. Asked. ‘Administered Fund 2nd ‘Affiliated Fund, Inc. 2.02 2.21 ‘American General Eauttles... 1.11 l-ij American Business Shares 1.21 1.31 Broad St Inv 29.91 31.99 Bullock Fund Ltd 18.65 20.25 Century Shares Trust 27.28 29.34 Collateral Tr. Shares “A".. 6.71 6.78 Corp ‘AA’ or ‘Accum’ (mod.) 3.44 3.84 Corp ‘AA’ or ‘ABC’ (unmod.) 2.71 2.75 Corp Trust Shares (orig.) . 2.84 2.88 Diversified Trust Shares “B’\ 10.77 10.87 Diversified Trustee Shares ‘C • 4.66 4.70 •Diversified Trustee Shares ‘D’ 6.92 7.00 Dividend Shares, Inc 1.69 1.83 General Inv Lr .5 25 .5'55 ‘lncorporated Investors 22.80 24.66 Investors Fund Amer 1.08 148 •Market Street Invest Corp... 31.44 33.09 Maryland Fund 1215 Hl'ss •Massachusetts Investors .... 26.01 28.27 Nation-Wide Sec Cos ‘B’ 4.49 Nation-Wide Voting 1.83 1.97 North American Tr Shs 1955.. 3.43 3.46 North American Tr Shs 1956 . 3.39 3.42 North American Tr Shs (orig 2.60 Quarterlv Income Shares 1.62 1.80 Representative Trust Shrs... 12.90 12.97 Selected Amer Shs, Inc 1.60 1.74 Selected Amer Shs (orig.)... 3.78 .... Selected Cumulative Shares.. 9.73 9.83 Selected Income Shares 5.07 5.17 •State Street Investment Corp. 101.50 106.50 Super-Corp of America 'AA'.. 2.87 2.92 Super-Corp of America ’BB’.. 2.91 2.95 Super-Corp of America 'A' .. 4.32 432 Super-Corp of America ‘B’ .. 451 456 Super-Corp of Am ‘C’ & ‘D’ 8.35 .... •Supervised Shs, Inc (Dela.). . 13.61 14.80 Trustee Stand Oil Sh.i ‘A’.. 7.49 7.57 Trustee Stand Oil Shs ‘B’... 6.74 6.82 Trustee Stand Invest ‘C’ .... 3.03 3.06 Trustee Stand Invest ‘D’... 2.97 3.00 Universal Trust Shs 4.43 4.48 Uselps 'a' 19.15 19.40 Uselps 'B' 2.99 .... Uselps Voting 132 1.45 •United Stand Oil Funds .... 1.32 1.45 •Ex-Dividend. LOCAL CASH MARKET City grain elevators are paying 90 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new No. 4 yellow 48 cents and oats 18 cents.

1 f sc Lilly’s Paints f $2.60 w ““ ■" d . D * ,k Cr ”":. $2.70 tr_ n „ 5 Gallons of one co'or In one paekrrom Factory * Kr , St p , r sa |. redaction. to You Ask for Color Cards & Free Estimates l|ll|ggi WILLIAM LILLY PAINT CO. | 2044~N7TLurar"sL " ’"C11.~0944:

r—WE BUY. SELL. and gladly furnish quotations on: Bonds of the United States Government, Its Territories and Insular Possessions Home Owners’ Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Corp. 129 I AST MARKET STREET I

Safety Record in Transportation Approximately 370 million pounds of dynamite and black powder were handled by United States and Canadian railroads in 1935 without death or injury to any person and with no property loss.

New Bond Issues (By W. L. Lyons Sc Cos.) Bid. Ask. Asso Tel 4s ’65 104% 105 Atlanta Gas Lite 4%s '55 ....101% 101% B& O 4%s '39 39% 99% Blackstone Val G A- E 4s ’65 .108% 108% Boston & Albanv 4%s ’43 103 103% Carriers & Gen 5s ’SO 106'* 107% Cent Maine 4s ’6O 102% 102% Cent Ills 3%s ’66 105% 105% Chicago Un Sta 3%s ’63 105% 105% Cleve Eiec 111 3%s ’65 110 Cleve Tractor 5s ’45 106 Columbus Rwy P & Y 4s '65 .105% 105% Canadian Govt 3%s '6l 99% 100% ! Conn River PAL 3%s ’61... 104'/ 104% Consolidated Ed 2%s ’46 102% 102% Consolidated Ed 3%s ’56 100% 101 Consumers Pow 3%s *7O 103% 103% Cont Steel 4s '46 102 Cudahy Pkg 3%s ’55 102 102% Cudahy Pkg 4s ’SO 104 104% Dayton P & L 3%s '6O 106 Duquesne Lite 3%s ’65 108% 106% Eastern Gas & Fuel 4s ’56 .... 96% 96% Edison Ilium Bost 3%s ’65 .. 105% 106 lowa South Util 5%s ’SO 102 103 Jones & Laughlin 4%s ’6l ... 98 98% Kansas PAL 4%s ’65 108V* 108% Keystone W A S 4s ’45 100 Loews 3%s ’46 96% 96% Los Angeles G A E 4s '7O ....105% 105% L A N 4s 2003 101',/ 101% Maine Cent 4s '45 99 100 Metro Ed 4s ’65 106% Monon W P 4%s ’6O 104% 104% N Y Edison 3'/s ’6O .101*. 101% N Y Cent 3%s ’46 98 98'a Norway 4%s ’56 97% . Norwav 4%s ’65 100% 100% Ohio Edison 4s ’66 105% 105% Pacific Lite 4%s ’45 105% 106 Pacific G A E 3%s ’6l 103% 103% Penn R R 3%s ’7O 100% 100% Penn Tel 4s ’65 105 106 Pub Serv N H 3%s ’6O 105 105% Pub Eerv Okla 4s ’66 102% 102% Railway A Lite 4’/s '55 110 111 Revere Copper 4%s '56 104'/ 104% San Diego G A E 4s ’65 108% Sharon Steel 4%s ’57 108% 108% So Cal Gas 4s ’65 104% 105 So Cal Ed 4s ’6O 106% 107% So Cal Ed 3%s '45 104% 105% So Western G A E 4s ’6O 102% 102% A E Staley 4s ’46 103% 104% Union Pac 3%s ’7l 99 99% Virginia Rwv 3%s '66 102’/ 103% West Penn Pow 3%s '63 105’* 106% SWINEMARKET ACTIVLSTEADY Cattle Mostly Unchanged; Veals Dip 50 Cents; Lambs Higher. Although receipts again were estimated at 5000, the pork market continued unchanged in active trading today at the Indianapolis Union Stockyards. Approximately 129 head of hogs were carried over from the preceding session. Improved outside interest aided largely in offsetting the heavy supply. The bulk of 160 to 225 pounds sold at $10.05 to $11.05. The top price held at sll.lO. Medium weights, from 225 to 250 pounds, sold at $10.75 to $10.85. Extreme heavies, scaling 300 pounds and upward, brought $lO to $10.30. Packing sow held at $9.25 to $9.85. Trading was somewhat irregular in the cattle market. Steers were mostly steady and cows strong to slightly higher. Low grade steers showed little change, valued to sell upward from SB. Several loads of best grades ranged from $9.75 to $lO and above. Most classes, however, were eligible around $8 to $9.25. Early talking on most heifers ranged from $7.50 to $8.25, while beef cows sold at $5.75 to $6.50. Receipts were 3000. Vealers were steady to 50 cents lower. The bulk sold at $9 to $9.50. Receipts were 800. With receipts light, the lamb market was active and mostly 25 cents higher on better shorn grades. A single load of choice, averaging 95 pounds, sold at $9.75. Part deck native wooled skins brought sll. Native ewes were in demand at $5.50 down. Receipts totaled 600. NORTH SIDE REALTORS LIST SALES OF $71,000 Transactions Since First of Year Total $1,000,000. Members of the North Side Realtors Club at their weekly luncheon yesterday reported total transactions since the first of the year well over the million-dollar mark. J. W. Robbins, club secretary, said that members now boast a 50 per cent gain over the same time last year. Members who reported sales amounting to $71,000 are: William R. Rice, 5225 and 5244 Comelius-av, $19,000; Charles Benkley and Thomas F. Carson, 5331 Washing-ton-blvd, $15,000; Clarence S. Cipher, 57th and Delaware-sts, $lO,000; Ford Woods, 12th and Ban-croft-sts, $3500; Fay Cash, 58th-st lot, S2IOO, and J. W. Robbins, Brook-side-av, S3OOO. DIVIDEND IS DECLARED Times Special NEW YORK, April 14.—Directors of the Fidelity Fund, Inc., have declared a regular quarterly dividend of 25 cents a share, payable May 1 to stockholders of record April 20, it was learned today. Chicago Grain Futures (By James E. Bennett A Cos.) . . 9:00 Prev. Wheat— Hiqh. Low. A. M. close. May 96 .95% .95% .95% July 87% .87% .87% .87% Sept 85% .85% .85% .85% Corn— May 60% .60 .60 .60'/ July 59% .59% .59% .59% Oats— May 25% .25% .25% .25% July 26% .26% 26% .26% Sept 26% .26% .26% .26% RyeMay 52% .52% .52% .52% July 52% .52% .52% .52% Sept 52’* .52% .52% .53

HOUSE GROUP STUDIES NEW TAXJEASURE Revenue Possibilities of New Deal Proposal Worries Experts. BY THOMAS L. STOKES Times Special Writer WASHINGTON, April 14.—The revenue-raising potentialities of President Roosevelt's proposed tax on undistributed corporate earnings were questioned anew today as the Ways and Means Committee prepared a final draft for submission

to the House. Rep. Samuel B. Pettengill <D., Ind.) who first called attention to a probable deficit in the first year of collection pointed out today that a further loss of revenue might be entailed if dividends were paid in stock instead of cash. The committee

Pettcngill

has not determined whether stock dividends are to be taxable under the proposed new law. When this question was raised in the public hearings it was pointed out that the Supreme Court has held that stock dividends do not constitute taxable income. Urges Retention of Flat Tax Business representatives who appeared before the committee pointed to this possible form of evasion among others tint undoubtedly would be used to avoid taxation. Mr. Pettengill recommended that the committee, instead of repealing present flat corporation taxes, retain them and build its graudated tax on profits on them. This suggestion also has come from other quarters. Senatorial students of the President’s plan also questioned today whether it would raise the estimated revenue which is necessary, along with the windfall tax, to close the gap caused by the soudier bonus and invalidation of the processing taxes. One authority argued that as a revenue producer the new plan would not be effective, since it removes the tax from a certain and definite source, the corporation, and transfers it to an indefinite and questionable source, the stockholder who receives dividends. Effects Are Studied It would be impossible, he said, to get the revenue expected from the stockholder. The effect of the plan, as he saw it. would be to influence corporations to raise wages, on the one hand, in order to improve labor relations with their employes, and on the other to cut prices in order to gain new business—both laudable objectives, but not contributory to increased revenue. It was indicated today that the question of how much revenue can be raised would be scrutinized carefully by the Senate Finance Committee when it begins to consider the proposed tax plan in a few days. APPROVE STOCK LISTING James Talcott, Inc., to Place 3000 Shares on Curb Exchange. Times Special NEW YORK, April 14.—The listing application of James Talcott, Inc., 82-year-old factoring firm, covering 30,000 shares of the company’s 5V 2 per cent participating preference stock, has been approved by governors of the New York Curb Exchange, it was learned today. Trading in the stock on the exchange is to begin as soon as registration under the Securities Exchange Act of 1934 has become effective. Through its listing on the Curb Exchange, stock of the company will be made available for public trading for the first time.

Spring Is In the Air Get out and GO places ... by TROLLEY. Visit the parks, the golf courses, the ball games. No parking troubles to worry abou t. . . no driving expenses .. , just a pleasant, carefree trip for 7 cents, or four tokens for a quarter. EASY ON THE NERVES RAILWAYS