Indianapolis Times, Volume 48, Number 31, Indianapolis, Marion County, 16 April 1936 — Page 28

T rends Why Abandon 15 Per Cent Tax, Asks Flynn. BY JOHN T. FLYNN—

YORK, April 16—The Senate Finance Committee trobout to take up consideration of the new tax bill. As it does, so it may consider one or two very fundamental factors in it. In our income tax laws there is what la known as a normal tax and a surtax, or in the case of corporations, an excess profits tax.

tax laws from the beginning, under Democratic and Hern in istrations, the normal tax on the earnings of individuals has been lower than the normal tax on the earnings of corporations. Under the Coolidge tax bills—and Mr. Coolidge was individual, whet her in wages or profits, was from

Flynn

1 '? to 5 per cent. But on corporations it was 13 1 i per cent. Under our existing tax laws the normal tax is 4 per cent on individuals; on corporations it is 13 per cent, save for very small concerns. ana QUPrORE that, under a Republican Administration, Mr. Hoover or Mr. Coolidge had proposed to do away with this difference and to make the normal tax on corporation dividends the same ns individual and personal earnings. What would the Democrats have said? They would have made the ceilings ring with their denunciations of the "plunderbund” and the plot of big business to escape its real burden of taxation. Whatever else is or is not done in taxation, the fart remains that this distinction between the rate on the earning.' of individuals and the rate on what the individual collects from corporation dividends has hfen established. And this is a gain for the liberals in taxation w'hich ought not. to he thrown away. Yet it is precisely this w'hich the new Roosevelt tax plan proposes to abandon. The argument for it is that under the new plan undistributed surpluses will bear heavily on the corporations and offset the loss resulting from the abondonment of the 15 per cent normal tax.

"OUT against this at least two seemingly conclusive arguments can be made. First,, it is not necessary to aban- j don the 15 per cent rate in order J In tax undisturbed earnings. Why not keep the present normal rate j of 15 per cent and the excess j profits tax on earnings over 10 per | cent and add a milder tax on un- ! disturbed earnings? The reason for a tax on undis- | turbed earnings is to force distri- j bution and by this means force the I earnings into the hands of the stockholders where they will be subjected to the surtax. The chief object is to tax them. This can be done by working out a series of schedules on undisturbed earnings which will equal what. would be gained from the surtax. But. why abandon the 15 per cent corporation tax in order to gain this? It is unnecessary. Second, there Is grave reason i to believe that the House tax plan will not increase the yield. Most experts seem to agree it won't. (Copyright, 1936, by NE.A Service. Inc.) SEVENTH FURNACE IS FIRED AT GARY WORKS Current Production Rate Highest for Last Five Years. Times Special GARY. Tnd.. Aprtl 16.—The Gary works of the Camegie-Hlinois Steel Corp.. to keep in line with the continued heavy demand for steel materials, has fired its seventh blast furnace, it was learned today. Furnafie No. 5 was fired, being the second to be added in less than two months. The plant, which has 12 furnaces, is enpoying a steady upward climb in operations. Firing of the extra furnace last week gave the Gary- works, a production rate unequaleri since 1931. Current operations at the plant for the blast department are reported at about 60 per cent of capacity. The operating rate for the plant as a whole is reported at 64.7 per cent, anew high for more than five years. On Commission Row (Quotation* below subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUlT—Strawberries: Louisiana. 24pt erate. *3. Pears—Washington D'Anjo 1 100s box). $3, Limes—Mexican, carton. 20c; Persian seedless idoz.l, 45c. Bananas, seven hands, pound. sc. Apples - Delicious ifancy baskets'. $1.75; Rome Beauty, $1 35 Lemons —Sunkisl (360si. *6.25. Grapefruit—Texas .seedless Philos'. $4 Pineapples—(24s 1 crate. *5.25. VEGETABLES Artichoke. California (dor.). SI. Beans, green round stringless ihampersi. $3.25. Beets—Texas <3 dor. rratei. $1.65: cut offs ibu.l, SI. Cabbage— New Texas icrafei, *2 50: half erate. *1 40 Carrots—California i6-d07.. cratei. S3, Texas <3* j dor. eratei. $1.50. Cauliflower California il2s eraiei. $2. Celery - Florida washed and trimmed idoz.l. 456 §sr; Florida <4s. S. 10s eraiei. $3 50. Cucumber? — Hothouse irios.l. *1.35 (southern bus''elt. *6 Fgg plant Florida tdoz.i, *175. <ale-tVirginia bushel*. 65e. L*’ttnvs— Iceberg. Arizona (best 6s. ss. *3.65: Ponte grown ’eat (15-lb. basket l. $1.50. rndtvr*-C*liftvrbla tdo7 ). 75e. Peppers— Mng"-.s teratfi. *3.50; peek ba'ket. 90c: doz iSr. Mint Hothouse <don. 75c. Mushrooms- Pound. 3flc. Mustard—TVxas. half crate, *1 40 Onions— Indiana vellow < SO-lb. bag), 75e; new Texas Bermuda yellow 50-lb bag *1 90 Parsley--Southern (long bunches, doi.t, 3Se. Parsnips—Home frown washed, bushel, $1: half-bushel, 60c. Florida, hamper *3 25. Potatoes— Michigan Round Whites. 100-lb. bag. *1.80: Maine Green Mountains 100-lb. bag, *2.40; R R Earlv Ohio. 100-lb bag. *2 R R. Triumph. 100-lb. bag *1 90; laaho Russets. 100-lb. bag, *2 65 Idaho Bakers. 70s box. *2 50; New Florida Triumphs. 50-lb. bag *2.50. Sweet Potatoes—Tennessee Nancy Halls, hampers, *1 50. Radishes Home T-own buttons, do*., 65c. white. 50c. hubarb —Hothouse, bunch. 5Cc. Rutabagas—Northern 50-lb. bag. *1.35. Sage —Dor.. 45e Shellou—Louisiana. dor.. 35c. Turnips-New bulk Texas, bu . *1.25. Tomatoes - Repacked. 10-lb. box. *1.75. Produce Markets Th* price* quoted ar* paid for stock gathered In the country, while delivered tn Indianapclis ihe price Is a cent higher Heavy breed hens. lc: Leghorn breed hn lie: Old corks. lie Ducks white. 5 m, and ovor 11c; geese, full festhered. all* sl*es. e all guineas 1* lbs and up. 18*' Nr I itrletlv fresh gi* loss off 17c: delivered In Indianapolis. 17c. Each full taae must weigh 85 ihs grots a deduttion IP cents a pound under 55 lbs wilt he tnaee No 1 butur 3SVi*i37Vac; No. 2. 32 . Jbutterfat. Sic-

PAGE 28

TRADE, PAY ROLL GAINS CITED BY EXPRESS FIRM Local Agency to Entertain Employes at Dinner Tonight. Evidence that “business Is definitely better” was offered today by J. W. Dill, Indianapolis general agent of the Railway Express Agency, when he discussed plans for entertaining local employes of the company at a dinner tonight in the Severin. “The express business has always been considered one of the best business barometers,” Mr. Dill said, and comparative figures of the Indianapolis agency indicate a definite improvement in general trade conditions.” There was a 30 per cent increase in volume of business handled by the local agency during the first three months this year over the first quarter of 1935, according to Mr. Dill. Revenue receipts increased 20 per cent, he said. “Pay rolls have increased accordingly, and we now have a 15 per cent gain in number of employes over this * time last year,” Mr. Dill declared. The meeting this evening will be in the nature of a tribute to local employes of the agency, in appreciation of their service in connection with their efforts to serve the public. W. E. Baker, Cincinnati, general manager of the Railway Express Agency is to be the principal speaker. L. W. Horning. Indianapolis attorney, will be toastmaster and Mr. Dill will be general chairman of the dinner.

CREDIT ACCOUNTS IN MONTH SHOW DROP Collections in February at 46.9 Per Cent. Timm Sprrinl WASHINGTON, April 16. Open-credit accounts receivable of department stores were paid at a higher rate in February than in the corresponding 1935 month, but under the rate of January triis year, according to a report released to- ! day by the Bureau of Foreign and j Domestic Commerce. The collection figures on these j accounts were 44.6 per cent for February and 46.9 per cent for ! January this year, and 416 i er cent for February, 1935. Payments on installment credit accounts receivable were made at a slightly higher rate in February than in the same month a year ago and January this year, the change from January to February being of a contra-seasonal character. The collection figures on these accounts were 17.1 per cent for February; 17.7 per cent for January and 16.3 per cent for February last year. OUTLINES AD CAMPAIGNS Timm Special AKRON. 0., April 16.—The B. F. Goodrich Cos., one of the world’s oldest rubber manufacturers, has outlined the largest advertising campaign in history of the company, which will be conducted during the current year, principally in newspapers, J. D. Tew, president, said today. Local Securities (By Indianapolis Bond <k Share Corp.) The following quotations do not represent actual bids or offerings, but merely indicate ihe approximate market level oh 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%s .106 108 Indianapolis Water Cos 5s .. 105 107 Indianapolis Water Cos 5s .. 105 107 Indianapolis Water Cos 5% . 104% 106 Indianapolis Water Cos 5% ..104% 106 Interstate TAT 5% -.97 9fl Kokomo Water Works 5 .. 104 105% Morris 5 A 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 A 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 A Slock Yards Com 53 55% Belt R R A Stock Yard pfd 6 52 Central Ind Pwr pfd 7 .21 24 Home TA T Fort Wayne 7 . 52% 54% Hook Drugs Inc com ... 17 18% Ind A Mich Elec Cos pfd 7 .103% 106% Ind General Service Cos 6 . 97 99% Ind Hydro Elec Cos 7 57 eo Indianapolis Gas Cos com 6 . 34 37 ludpls Pwr A Lt Cos pfd 6 89% 92% Indpls Pow A Lt Cos pfd 6% 93 <>6 Indlps Water Cos pfd 5 102 105 Nqrth Ind Pub Serv ptd 5%s 62% 67 North Ind Pub Serv pfd % . 72 75 Noith Ind Pub Serv pfd 7... 80 83 Progress Laundry Cos com ... 10 11% Pub Serv Cos of Ind pfd 6 ... 24 27 Pub Serv Cos of Ind pfd 7 43 45 South Ind Gas A Elec pfd 6 . 99% 102'* Terre Hauie Electric Cos 89 91% Union Title Cos com 19% 21% Investment Trusts (By Thomas D. Sheerin A Cos.) •Administered Fund 2nd VlVos Affiliated Fund. Inc. . .... 1.98 217 American General Equities .. 1.1 l Vl3 American Business Shares 1 19 1 29 Broad St Inv 2%.7- 31 81 'Bullock. Fund. Ltd 18 45 19 75 Century Shares Trust ... 27.05 29 08 Collateral Tr Shares A" 664 670 Coro "AA" or ■ Accum (Mod) 341 345 Cor "AA" or "ACC"’ (Unmodi 270 273 Corporate Tr Shares tOriß' 2 82 285 Diversified Tr Shares B" Ift 65 10 75 Diversified Tr Shares "C 4 65 4 67 Diversified Tr Shares "D" 6 86 6 96 : ‘Dividend Shares. lo*. 1 66 1 79 1 General Inv Tr 6 05 665 •Incorporated Ipvestors 22.65 24.35 Investors Fund Amer ... 107 117 Market St Investment Corp . 31.21 32 85 Marvlapd Fund 19.60 21 17 •Massachusetts Investors 25.81 28 05 •Nation-Wide Sec Cos "B" ... 4 43 Nation-Wide Voting 1.81 1 95 North Amer Tr Shs 1955 ... 339 North Amer Tr Shs 1956 ... 335 North Amer Tr Shs (Origi... 258 •Quarterly Income Shares .. 159 176 Representative Trust Shares.. 12 77 12 90 Selected Amer Shares. Inc. . 158 172 Selected Amer Sh lOrig) ... 373 Selected Cumulative Shares . 964 974 Selected Income Shares 503 5 13 State St Investment Corp ...100.00 105 00 Super-Corp of Amer "AA" ... 286 239 Super-Corp of Amer ' BB" . 290 293 Super-Corp of America “A".. 428 434 Super-Corp of America' "B" . 448 453 Super-Cor xis Am ”C" & D". 829 Supervised Sh Inc (Delat 13 51 14 68 Trustee Stand Oilshares "A” 740 748 Trustee Stand Oilshares "B" 664 672 Trustee Stand Inv "C" .... 300 304 Trustee Sland Invest 'D" ... 294 298 Iniversal Trust Shares 4 38 444 Uselps A" 19 10 Uselps "B" 2 98 Uselps Voting ... 115 ””* United S:,ni?rd Otlfunds .. 130 143 •Ex-dividend LOCAL CASH MARKET ettr grain elevator* *r paying 93 rent* fffr No. 2 soft wheat Other grade* on thei.- merit*. Cao com new No. 4 yellow 48 cel ts and oats II cent*.

. ....... .. . Abreast of The Times on Finance

New York Stocks

(By Thomson 6t McKinnon) 11:15 am. Prer. Oils— High. Low. N. Y. close. Atl Rig 32 * a 32’ 3 32'* 32% Barnsdal! 18% 18'. 18% 18 •, Consol Oi 14 13’. 14 13% Cont of DU 34' 334 1 3 34'3 34 % Houston 'new).. 10 Vw 9 7 , 9’. 9% Mid Cont Pet ... 25% 25'. 25'. 21’. Ohio Oil 14'. 14'a 14', 14% Phillips Pet 46' 3 46*3 46’ 3 46', Pure Oil 21’. 21 % 21 U 22 Seaboard Oil 33 37 37 36’, Shell Un 17V, 17 17 17V* Soe Vac . „ 15 14% 14% 14’, SO of Ind 37% 37>3 37’, 37’, S O of N 63 63 63 63 Texas Cora ... 38% 38'/, 38', 3S Tidewater Assn.. 17% K 17’, 17% Steel,— Am Roll Mills 29''a 29% 29% 29% Beth Steel 61 % 61% 61% 61% Byers A M 21% 21 \ 21% %% McKeesport Tin 109% 109% 109% 110 Mid Steel 46% 46% 46% 45% Natl Steel 66 65% 66 65% Otis Steel . 18% 78% 18% 18% Rep Iron & Stl . 24% 24 24 24% U S Pipe & Fdy 37% 37% 37% 37% U S Steel . : 70% 70% 70% 70% U S Steel pfd . 131 121 131 130’, Warren Bros 9% 9% 9% 9% Youngstn S&T6I Vi 61'/. 61 % 59% Motors— Auburn 45% 45% 45% 46'/. Chrysler 101% 100% 101 101% Gen Motors 69% 69% 69'/, 69% Graham Mot ... 2% 2’, 2% 3 Hudson 18 18 18 18 Mack Truck 35% 35 35 35 Nash 20% 20% 20% 20'/, Packard 11% 11% 11'/, 11% Reo 7% 7% 7'/, 7% Studebaker 13% 13% 13% 13% i Yellow/ Truck ... 19',, 18% 19 18% Motor Access— j Bcndix 21% 31'/a 31% 31% Bohn Alum 54% 53% 54V. 53% Borg Warner ... 77% 77'/2 77% 78 Briggs 55% 54% 54% 54% Budd Mfg 14 13% 13% 13% Budd Wheel 10% 10% 10% 10% Eaton Mfg . 35% 35% 35% 35% Greyhound 'E" . 61'/, 61% 61% 61% Houdaille 27 26% 27 26% Murray Bodv ... 19% 19'/, 19'/, 19V, Stew Warner 24% 23% 24% 23% Timken Det Axle 16% 16'/* 16% 16% Mining— Alaska Jun 14% 14'/. 14% 14 Am Smelt 83 82% 83 82% Anaconda 39% 39',, 39'/, 39% Cal Hecla 13% 13 13 13 Cerro He Pasco 56% 56% 56% 56% Dome Mines ... 44% 44% 44% 44% Howe Sound 52% 52% 52% 52% Ins Copper 13% 13% 13% 13% Int Nickel . 49% 49'/. 49% 49% Kennecott Cop.. 41 Vi 41% 41 % 40'* Park Utah 4% 4% 4% 4% Phelps Dodge... 89% 39% 39% 39% St Joe Lead 26% 26% 26% 26 % U S Smelters 92 91% 91% 91 Vanadium 22% 22% 22% 22% Amusements— Croslev Radio.. 25% 25 25 25% Fox Theat 27 27 27 27 Loews Inc 46 46 46 45% Radio Corp 12% 12% 12% 12% Paramount 8% 8% 8% 8% RKO 6% 6% 6% 6% Warner Bros ... 11 10% 10% M Tobaccos— Am Tob "B" .. 92% 92% 92% 91% Ligg & Myers B .103'., 103 V, 10.3% 103 Lorillard 22 22 22 22% Phillip Morris 84 83 83 Vi 81 % Reynolds Tob B 52Vi 52% 52% 52% Rails— Atchison 84% 83% 83 Vi 83 Vi B& O 21% 21% 21 % 21% Can Pacific .... 12% 12% 12% 12% Ch A Ohio 58% 58 58V, 58 Chj N W 3% 3% 3% 3% Dela. A Hud ... 48 47% 47% 48 Del Lac AW . 19% 19% 19% 19% Gt Northern pfd 38% 38V, 38V, 38 Lehigh Valley 11% 11% 11% 11% MK*T....... 9 9 9 9 M K A T pfd . 25 '25 25 24% Mo Par pfd 6 6 6 6 N Y Cent 40% 40% 40% 40% No; Pacific 33% 33 Vi 33% 33% Penn R R 34 33% 33% 33% Sou Pac 37 36% 36% 37 Sou R R 17Vi 17Vi 17'% 17% Equipments— Amer Loco 29 29 29 29 Am Steel Fdy 29% 29 29'/* 28% Bald Loco . 3% ,3Vi 3% 3% Gt.; Am Tk Car 48% 48 48% 47% Gen Elec 41 % 40% 41V, 40% Pullman Inc 45% 45 45% 44% West Air Br ... 44% 14% 44% 44% YVestingh Elec .121% 120'% 120% 121 Utilities— Am A For Pwr.. 8% B'% B'%- 8% Am Pwr A Lit.. 12% 12% 12'/, 12% A T A T ... 167 167 167 160 Am Wat Wks ... 2'% 24 24'% 24'/, Col Gas A Elec.. 20% 20% 20% 20% Com A Sou 2% 2% 2% 2% Consol Gas ... 33*, 33 33 S3L Elec Pwr A Lit, . 15’% 15'/, 15'/, 15% Int Hydro Elec.. 3% 3% 3'% 3% Int TA T .. 16% 16% 16'% 15% Nat Pwr A Lit.. 11% 11% 11% 11% North Amer 28% 28% 28% 29% Pac. G A E 37% 37% 37% 37'% Peoples Gas ... 44% 44 44 44 Pub Serv N J . 42% 42% 42% 41% So Cal Edison.. 27% 27% 27% 27 3 / Sid Gas 7% 7% 7% 7% Slone A Webster 20'% 20 20',, 19% United Corp 7 7 7 6% Un Gas Imp 16'/, 16 16% 16% Ut Pwr A Lt "A” 5% 5% 5% 5% Western Union.. 88 87% 88 87 Rubbers— Firestone 31% SI 3 ', 31% 31 1 i Goodrich 23% 23% 23% 23% Goodyear 31 Vi 31 Vi 31% 31% U S Rubber . 34% 34% 34% 34% U S Rubber pfd. 79% 79% 79% 79 Miscellaneous— Allis Chalmers.. 49% 49V, 49% 48% Am Can 124 124 124 124% Am Mach A Fdy 24 24 24 23% Anchor Cap . 23'/, 23V, 23'/, 23% Brklyn Man Tr 49% 48% 48% 48% J E Case 172% 172 Vi 172% 170 Vi Conti Can . .... 78 Vi 78% 78% 79 Caterpillar Tract 77% 77% 77% 77% Crown Cork ... 67% 62% 62% 62% Deere A Cos 84% 84% 84% 84% Gillette 16% 16% 16% 16% Natl Cash Reg . 27% 27 27 26% Rem Rand 22% 22% 22'/ 22 % Underwood H ... 92% 92% 92% 93 Foods— Armour ~ 6 5% 5% 5% Armour 6% pfd 76'/a 76'/* 76% 76 Beatrice Cream. 22 22 22 22 Borden Prod ... 27% 27Vi 27% 27% Cont Bak A 16 16 16 15% Corn Prod 77V, 77 77'/, 76 Crm of Wheat .. 35 35 35 35 Cuban Am Sugar 11% 10% 11% 10% Gen Foods 37% 37% 37% 37'/, G W Sugar 34% 37% 37% 37V, G W Sugar 34% 34% 34% 34'/, Natl Biscuit 35 34% 35 34% Natl D Prod ... 23% 23% 23% 23% Purity Bak . 12% 12% 12% 12% S Porto Rico Sug 31% 31% 31 % 30% Std Brands 16'/, 16 16 16 United Fruit .... 74V* 74% 74% 73% Retail Stores— Allied Stores 8% 8% 8% 6Vi Assd Dry Goods 16% 16% 16% 16%. First Natl Stores 44% 44% 44% 44% Kroger Groc 24 24 24 24 Macv R H 44% 43% 44% 43% McCrorv St ... 12% 12% 12% 12V* Marshall Field .. 17 17 17 17% Mont Ward 44% 43% 44 43% Pennev J C 78 78 78 77% Safeway St 33'/, 33% 33% 33% Sears Roebuck.. 67% 66% 67'% 66 Woolworth 48'% 48 48% 48 Aviation— Aviation Corp .. 6% 6% 6% 5% Boeing Aircft .. 21V, 21’, 21% 21% Curtiss Wright 7 6% 7 6% Curtiss Wright A 17% 16% 17% 16% Douglas Air 66% 65% 66'% 64% Nor Am Av .... 9’, 9% 9% 9% Soerry Com . 20% 20% 20% 20V, ; Unitd Aircft New 26'/, 25% 25% 25% Chemicals—--1 Air Reduction ..191 191 19l 191 Allied Chem 199 199 199 200 ! Col Carbon 127% 127% 127% 127 New Bond Issues (By W. L. Lyons A Cos.) Bid. Ask. Asso Tel 4s '65 104 s , 105 Atlanta Gas Lite 4%s '55 ... 100% 101% B A O 4%s ’39 . 99% 99% Blackstone Val G A E 4s '65 .108% 103% Boston A Albany 4%s '43 103% 108% Carriers A Gen 5s 'SO 106 Cent Maine 4s '6O 102% 102’, 'Cent 111 3%s '66 105'. Chicago Un St' 3%s '63 103% 105% Cleve Elec 111 3%s '65 110% 110 s , Cleve Tractor 5s '45 .102 105 Columbus Rwv FAY' 4s ’65.105% 105% Canadian Ov(. 3%s '6l 100 100% Conn River PAL *%s '6l 104% 104% Consolidated Ed 2%s '46 102% 102% , Consolidated Ed 3%s '56 100% 100% Consumers Pow 3%s '7O 103% 108% I Cont Stee' 4s '46 102 | Cudahy Pkg 3%s '55 102 102% Cudahy Pkg 4s 'SO 103% 104', | Dayton PAL 3%s '6O 106 Duouesne Ute 3%s '65 106% 107 Eastern Gas A Fuel 4s '56 .. 96% Edison Ilium Bost 3%s '65 .105% 105% lowa South Util 5%s 'SO 102 103 Jones A Laughlin 4%s '6l 98 98% Kansas PAL 4%s '65 108% 108% Keystone W A S 4s 45 100 Loews 3%s '46 96% 96% Los Ar.geles G A E 4s '7O 105% 105% L A Fi 4s 2003 101% 102 Maine Cent 4s '45 99% 100% Metro Ed 43 65 106% Monon W P 4%s '6O 104% 104 Vi N Y Edison 3%s '6O 101% 101% N Y Cent 3%s '46 97% 98% Norway 4%s '56 100 100% Norwav 4%s '65 97% Ohio Edison 4s '66 104% 105 Pacific Lite 4%s '45 .106 106% Pacific G A E 3%s '6l 103% 103% Penn R R 3%s '7O 100% IM>% Penn Tel 4s '65 105’* 106% Pub Serv N H 3%s '6O 104’, 105'* Pub Serv Okla 4s '66 102’, 102% Railway A Lite 4%s '55 110 111 Reverse Copper 4%s '56 104 104% San Diego G A E 4s '65 108 108% Sharon Steel 4%s '57 108% 108% So Cal Gas 4s '65 104% 104% So Cal Ed 4s '6O 107 108 So Cal Ed *\s '4* 104% 104% So Western O A R 4* #0 ..182% 103% A E Btlev 4s '46 .. v . 103'* 104 TANARUS Union Pac S%* "71 #9 99% Virginia Rwy 3%s 88 102% 103 Wtat Penn Pow J% 83 ....105% 108

THURSDAY, APRIL 16, 1936

Com Solvents ... 19% 19% 19% 19% Du Pont 150 149% 149 Va 150 Freeport Tex ... 31% 31 31 31% Math Alkali . ... 32% 32% 32% 32% Natl Dis (new).. 31% 31'* 31% 31% Schenlev Dist .. 44V* 44% 44% 44% Tex Gulf Sulph . 34’, 34% 34’, 34’* Union Carbide 85", 85V* 85% 85% U 8 Inds Alcohol 54 Va 54 54 54V* Drugs— Cotv Inc 5% 5Vi 5% 5% Lambert. 22V* 22 22 % 22% Lehn A Fink ... 14% 1.7% l<% 13% Sterling Prod .70 69’* 69% 70 Un Drug (new).. 13% 13Va 13% 13V* Financial— Adams Kxp 13 13 13 13 Allegheny Corp , 3V 3% 3Vi 3% Chesa Corp .... 66% 66% 66% 65V* Lehman Corp ... 98'/* 98V* 98% 98 Transamerica .. 13% 13'/* 13’/* 13V* Tr Conti Corp .. IOV 10 10 10% Building— Am Radiator ... 23Vi 23% 23% 23% Gen Asphalt . . . 31% 31% 31% 31% Int Cement. ... 47% 47% *7% 47% Johns Manville 113'/* 113% 113'/* 112% Libby Owens Gls 58 56 58 58 V* Otis Elev 28% 28% 28% 29 Household— Col Pal Peet ... 17Vi 17% 17% 17% Congoleum 38V* 38V* 38% 38 Kelvinator 2.3% 23'/* 23% 23% Proc A Gamble 46'/* 46'/* 46'/* 46 V* Servel Inc ...... 20 20 20 20% Simmons Bed .. 31 30% 30% 30% Textiles— Amer Woolen ... 10'* 10',* 10'/* 10 Belding Hem ... 14'/* 14'/* 14V* 14 Celane.se Corp .. 27V* 27% 27’/* 27% Collins Aikman.. 51 50 50 49% Irdus Rayon ... 32 32 32 32

N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 91.5 92.1 104.9 96.2 Yesterday 91.5 92,2 105.0 96.2 Week ago 91.6 92.7 104.9 96.4 Month ago 91.8 92.1 104.9 96.2 Year ago ..... 86.1 75.5 95.4 85.7 1936 low 93.4 95.6 105.5 97.9 1936 low 91.5 84.7 103.5 93.3 (Copyright, 1936, by Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott. Proctor A Paine) Treasury* Prev. Close. Close. 4 Vis 1947-52 118.8 118.4 4s 1944-54 113. 112.25 3 ;,s 1946-56 111.10 111.3 3>/*s 1940-43 108.7 108.8 3%s 1934-47 108.9 108.4 3’/*s 1941-43 109.3 108.27 3‘As 1043-45 107.28 107.25 3 Vis 1941 109.2 108.31 3'As 1944-46 107.18 107.13 3 Vis 1946-49 105.26 105.21 3 Vis 1949-52 105.21 105.13 3s 1951-55 104.12 104.8 3s 1946-48 104.30 104.27 2%s 1945-47 103.10 103.1 2%s 1951 102.6 102 Home Owners Man Corp. 2%s 1949 .' 101.26 101.19 3s 1952 102.30 102.25 Federal Farm Mortgage Corp. 3 Vis 1964 ....104.12 104.4 3s 1949 103.7 102.31 3s 1942 103.24 103.18 2%S 1949 102.13 102.01 DOMESTIC Prev. Close. Close. Alleg Corp 5s '44 93V* 94% Alleg Corp 5s '49 87V* 88V* Am Frgn Pow 5s 2030 76'/* 75% Am Tei A Tel 5%s '43 113 112’/* Am Tel & Tel 5s '65 112'/* 112'/* Arm & Cos (Dell 4s '55 98 98% Atl Coast Line 4s "52 95% 96% Atl Coast Line 4 Vis '64 82 82 V* Atch Top & S Fe 4%s '4B 111% 111% Am Wat Wks 5s ’44 103.16 104 Am Rolling Mills 4Ves ’45 119 117 Balt A Ohio 6s ’95 95% 96 Balt A Ohio 4%s ’6O 72% 72V* Buff Roch A Pitt 4‘/2S '57 80V* 80% Beth Steel 4'/*s '6O 105% 105% Chi Milw A St P 5s '75 22 21 Chi Milw A St P 5s 2000 8 7% Cleve Un Term 4Vis '77 102 101 % Col Gas 5s May ’52 103% 103'/* Col Gas 5s April '52 103% 104 Col Gas 5s '6l 103V* 103V* Can Pac 6>erp 4s 92 91% Cent Pac 5s ’6O 99 96% Big Four 4%s ’77 91V* 91V, Big Four 5s ’63 98% 98 V* Colorado ASo 4%s ’BO 73% 73% Chi A West Ind 4s ’52 104 V* 104 V Chi A Nor West 4%s '49 .... 13 12% Con Gas 5s ’57 . 104 104 Chesa Corp 5s ’47 131 V, 130% Del A Huds 4s ’43 86V* 86V* N Y Dock 4s ’sl ... 70 69 N Y Dock 5s ’3B 68V* 68V, Erie 5s ’75 78'/* 78 Erie ,5s '67 78'/* 78V* Gen Cable 5%s ’47 101.9 105 Grt Northern 7s '36 101.9 101.10 Hud A Manhat, Ref 5s '57.... 88V, 86% 111 Cent 4%s '66 76V* 76% 111 Cent Jt 4 Vis '63 81V* 80% 111 Cent 5s '63 84% 85'/, Interlake CAI 5s 'sl 74'/* 94V* Interntl Hy Elec 6s '44 41% 38 Interntl Tel A Tel 4%s '39 .. 94V* 94 Interntl Tel A Tel 5s '55 .. 85 84% Interntl Tel A Tel 4',is '52 . 80% 80'/* McKess A Rob 5%s 'SO 103% 103'/* Natl Dairy 5%s '4B 103'/* 103'/* Natl Steel 4s '65 106% 106 Nickel Plate 4%s '7B 83% 84 Nickel Plate 5%s ’74 93% 94% N Y Cent 5s 2013 94 94 N Y Cent 4Vis 2013 (old) .... 86% 87% Nor Amer Cos 5s '6l 105% 106 Nor Pac 3s 2047 82% 81% Nor Pac 4%S 2047 102'/, 102 Nor Pac 6s 2047 11l 110% Nor States Pow 5s '4l 104'/* 104'/* New Orleans Term 4s '35 .... 92% 92 Otis Steel 6s '4l 102'/* 102% Penn Rv 4%s 'B4 108% 108'/* Penn Rv 4Vis 'Bl 108% 108% Penn Rv 4%s '7O 102% 102 3 '* Pac G A E 5s '42 103'/, 103% Portland Gen El 4'/is '6O .... 73 73 Para Publix 6s *55 86% 87 Penn PAL 4%s 'Bl 106'/* 106% Postal Tel A Cab 5s '53 32 32 V, Rem Rand WW 5%s '47 104.10 104.12 Shell Union Oil 5s '47 101.29 Sou Pac 4'/*s '6B 90V* 90% Sou Pac 4%s 'Bl 90% 90V* Sou Pac 4%s '69 90% 90'/* Sou Pac 4s '49 .'... 93 90'/* Sou Rail 4s '56 63 61% Sou Rail 6s '56 79V* 79% Sou Rail 6Vis 56 83V* 84'/* Sharon Stl Hoop 5%s '4B 103.2 103.2 Texas Pac 5s 'BO 103 102'/, Texas Pac 5s '79 102% 103 Texas Pac 5s '77 103% 103 Union Pac 4s ’47 113% 113V* United Drug 5s ’53 100% 101% U S Rubber 5s ’47 107 107 NY NH A Hart 6s '4B 33'/* 33Vi Warner Bros 6s '39 96 96 Western Mary 4s 52 100% 100 Youngstown S A T 5s '7O .... 106% 106% Youngstown S A T 5s '7B 105% 105% FOREIGN Argentina A 6s '57 100 100% Argentina B 6s 'SB 99% 99% Brazil 8s ’4l >.. 32 32’/* Canadian Govt 4s ’6O 107V4 107% Denmark 5%s ’55 101% 101 German 5%s '65 25% 26% Italy 7s 'sl 72% 72% Japan 6%s '54 94% 94% Rome 6Vis '52 62% 62% Tokyo City 5%s '6l 75 75% Yokohoma 6s '6l 30% 79

Chicago Stocks (By Atkins, Hamill & Gates) 11:30 Prev. A. M. close J D Adams 17% Advance Aluminum 8% 8V Asbestos Mfg 4 % 4% Associated Investors 35% 35 Berghoff IP, 11% Cent 111 Pub Service pfd 64% 63 % Chicago Yellow Cab 30% 29% Cities Service 5% 4% Commonwealth Edison 103% Cord 6% 6% Crane 30 29% Dayton Rubber 13% 13% Electric Household 15% General Household 7% 7% Godchaux Sugar "B” 18% 18', Grt Lakes Dredge 30% 30% Jarvis Mtg 22',a 22 Libbv McNeil A Libbv 8% 9% Lincoln Printing 11 % 11 Lion Oil Refining 13% 13 % Nat. Gypsum 59 59% Northwest Bancorporetion ... 11'/* New York Curb •By Atkins. Hamill & Gates) 12:30 p.m. Prev. ... _ , , NY. close. Aluminum Cos of America 140 139% Am Cyanamid 181 36 36% Amer Gas and Electric 38% 38% Amer General 9% 9% Amer Superpower 2% 2% Ark Natural Gas (A) 6% 6% Atlas Corp 13% 13% Canadian Indust Alcohol (A).. 9 9% Carrier Corp 8% 9% Eiec Bond and Share 22% 22% Fisk Rubber 7 6% Ford Motors Canada IAI 54 24% Glen Alden (li i4% 14% Greenfield Tap and Die Corp . g% • Gulf Oil Corp of Penn ..91 92% Humble OH and Refining Cos 69% ti u ‘ Hygrade Food 6 5% Ini Vitamin 7% 7% Imperial Oil of Canada 23 22% Irving Air Chute 23% 22% Lake Shore Mines 52% 53 Molybdenum Corp of Amer ... 10% 10% Natl Bellas Hess. Inc 2'* 2% Niagara Hudson Pwr 10 9% Pan-American Airways 60% 59% Pennroad Corn 4% 4% Root Petroleum 16% 16% St Regia Paper Oo 41* 4% Segal Lock 3% 3% Sonotone 33 Standard Oil of Ohio 35 34% Sfut* Motor Car of Ar.ler 3% 3 Technicolor. Inc SO% 30% Tub!re Chatlllon Crp 7% 7% Wayne Pump 31 <l%

BETTER COTTON LOAN PLAN FOR 1936ISSTUDIED Agriculture Officials Seek to Prevent Forced Disposal By United Bret* WASHINGTON, April 16.—Government agriculture officials today studied methods to work out a 1936 cotton loan prop ra m to prevent repetition of forced disposal of cottcn surpluses at a loss to the government. The importance of such a policy was emphasized by the opening of the government’s program to dispose of 1,000.000 bales of cotton, held under the 1934 12-cent loan, at a loss expected to be approximately 2 cents a pound. More than 4,000,000 bales of cotton are held in storage under the 12-cent loan. The government is trying to dispose of nearly onefourth of the total in order to liquidate the large surplus as a depressing factor in the cotton market. AAA, CCC Involved The 12-cent loans were made on the 1934 crop. Because the then current market price was considerably lower than the loan rate, many farmers accepted the government's loan offer. Before the program was concluded more than 4,000.000 bales were found to have been put up as collateral for loans. The newly inaugurated conferences to work out a program for the 1936 crop involved principally officials of the Department of Agriculture. the AAA, and the Commodity Credit Corp. The latter corporation, a Reconstruction Finance Corp. subsidiary, was charged with the task of administering the loan programs under the New Deal. Many Favor Stopping Loans Many officials, it was understood, were in favor of abandoning all government loans on cotton. They pointed to a. recent survey of the Brookings Institute, which found that government cotton loan policies. both under the old Republican Federal Farm Board and the New Deal’s Commodity Credit Corp., had proved "dismal failures.” They said political flare-ups invariably result from discussions of a cotton loan policy. Last year, they noted, premature announcement of a 10-cent loan program resulted in Congress being forced to stay in session two days longer than it had anticipated, until a compromise was worked out whereby the government guaranteed a 12-cents-a-pound return to growers.

COTTON CONSUMPTION INCREASES IN MARCH 548,913 Bales Sold in U. S., Against 482,373 Year Ago. By United Press WASHINGTON. April 16.—Cotton consumed in the United States during March totaled 548,913 bales, as compared with 482,373 bales in March a year ago. Consumption for the eight-month period ending March 31 totale 1 4,072,759 bales, as compared with 3,647,359 bales during the same period a year ago. Imports of foreign cotton during March totaled 15,662 bales as compared to 9917 bales imported during March, 1935. Total imports for the eight months ending March 31 were 89,529 bales, as compared to 74,437 bales for the same period a year ago. LOCAL AGENT HONORED John Burkhart Wins Recognition for Production Record. John Burkhart, Indianapolis general agent for the Lincoln National Life Insurance Cos., won national recognition for his personal production record during March, according to word received here today from the home office in Fort Wayne. Ind. Mr. Burkhart led all agents of the company in number of paid applications secured during the month. He also ranked fifth in personal paid production for the morith. BUSINESS TREND UPWARD Bv United Press WASHINGTON, April 16—Renewed activity in flooded areas, a further increase in automobile production and the pre-Easter expansion in retail buying evidenced a general improvement in business during the two weeks ended April 4.. the Commerce Department reported today. FINANCE CORP. REPORTS Times Special NEW YORK, April 16.—Net profit of Seaboard Finance Corp.’s for the six months’ period ended March 31 amounted to $91,697. The total includes all operating expenses and reserves. Os the profit, $48,546 was credited to the second quarter which terminated March 31. and the remaining $43,151 to the preceding quarter. Other Livestock (By United Preset CHICAGO April 16.—Hogs—Receipts. 10.000. including 3500 direct; steadv to 5 cents higher than Wednesday average; instances 10 cents up; top. 511; bulk. 160250 lbs.. $10.75611; 160-250 lbs.. *10.756 11: 250-350 lbs.. *10.45610.90; 140-150 lbs., *10.40610.75: sows. *9.5069.85. CattleReceipt*. 4500; calves. 2000; very little beef In rue; killing quality plain *8.75 down to *7.50; best steers $lO.lO. but several loads held from Wednesday not being shown; stockers and feeders weak, slow: heifers about in line with V,Wednesday, weak to 25 cents late downturns; cows 10 to 15 cents lower; bulls, vealers steady; practical top weighty sausage bulls. (6.50; vealers. $7 68.50; outside IS; very few sales. (9.50. Sheep—Receipts. 11.000; slow, steady to weak; wool crop lambs. 10-15 cents lower in Instances: early bulk choice offerings. *11611.25: choice 107-lb. Colorados. *10.85. some interests bidding til downward; aged classes very scarce; few wooled ewes. *5 356 6. FORT WAYNE Ind., April 16.—Hogs steady; 160-180 lbs., tIC 90; 180-200 lbs. *10.80: 200-225 lbs.. *10.7,1 225-250 lbs.. *10.45 : 275-300 lbs., (10.15; 300-350 lbs.. *1010; 140-160 lbs.. *lO 40: 120-140 lb? *10.15; 100-130 lbs.. *9 90: rough*. *9; stags. *7.25; calves, *9.50; lambs. *10.50. LAFAYETTB. Ind.. April 16.—He —Market. 5615 c lower: 170-210 lbs.. *10.756 10 85: 210-235 lbs. *10.60610 70; 235-275 lb? . *lO .10610 50: 275-325 lbs *1,610.20: 150-175 lbs *10.50: UJO-150 Ibi . *9 506 10.25 calves, steady, top, *8 50; lambe, steady; top. 810.

Standard Oil Reports Best Year Since 1930 Profits Total $30,000,000 or $1.98 a Share, Indiana Concern Discloses. CHICAGO. April 16.—The pamphlet report of Standard Oil Cos. of Indiana, released to stockholders today, shows that this company and its subsidiaries enjoyed in 1935 the best year's business since 1930.

Profits totaled $30,279,895 or $1.98 a share on 15,215,677 shares out- | standing at the end of the year, as compared with $18,949,680, or $1.25 . share in 1934. Part of the increase is due. the report explains, to changes in manner of charging expenditures on oil wells and depreciating value of plants, but straight increase in operating profits was responsible for more than half the gain shown. As of the end of the year the company had net working capital of $170,876,327. including $65,428,442 in cash, marketable securities and short-term commercial notes. The ratio of current assets to current liabilities was 6 to 1. $81,000,000 Tax Payments The report shows that of a total of $367,086,054 which customers and others paid to Standard and its subsidiaries in 1935, $67,948,954 went to employes, $187,347,903 were paid out for raw materials, supplies, and other operating expenses, $81,327,018 were passed on to governments in payment of taxes, and $30,179,895 were earned for stockholders. Commenting on the tax problem. Edward G. Seubert. Standard president, said that for several years the oil industry has been objecting to the size of the tax burden piled on its properties, processes, and products. “The protest has not been due to any inclination to shirk a reasonable share of the task of financing government,” he declared, “but to a growing sense of outrage that this one industry and its customers should be continually called upon to pay new and additional taxes.” Sales of Products Larger Sales of petroleum and its products by the Standard of Indiana group increased in volume in 1935 by about 10 per cent. The dollar gain was smaller. The report announced that as the result of enactment of chain store legislation the company is gradually going out of retail operation of service stations and turning even owned stations over to former employes and others to operate as independent dealers. The number of owners of Indiana stock increased about 2000 in 1935 to 94,405 and the average holding decreased to 161 shares a person. Employes now own about 658,000 shares.

HOMES REPAIRED IN LAKE COUNTY AREA 335 Jobs Now Under Way. HOLC Reports. Timm Special HAMMOND. Ind., April 16.—Approximately 3335 home repair jobs are now under way in Lake County, J. Clinn Ellyson, first district manager of the HOLC, announced totoday. Sixteen additional contracts were awarded last week for $4904, increasing the number let to 1497 and the amount to $358,340. A total of 1165 jobs, costing $282,648 have been completed and paid for, leaving 332 in progress. The current number is the highest of active contracts in progress since last fall when the HOLC began to curtail such work because of cold weather. jjn addition to the home repair contracts let last week, the HOLC also refinanced 15 distressed mortgages which amounted to $41,422. Gary received nine for $22,886; Hammond, four, for $10,488, and East Chicago two, for $8047, A total oY 7046 distressed mortgages have been refinanced to date, aggregating $19,150,587. All HOLC financing will be discontinued on June 3 unless Congress extends the life of the present act. PREDICTS REVENUE GAIN Railroad Official Sees Upturn of 5 Per Cent for 1936. By United Prem NASHVILLE. Tenn., April 16 Fitzgerald Hall, president of the Nashville, Chattanooga and St. Louis Railway, has predicted a gross revenue increase of 5 per cent in 1936 over last year, in his quarterly report to the board of directors. His prediction was made despite a deficit of $105,799 for the quarter. However, this figure lepresented a reduction of $153 354 from the net loss of the same quarter last DETROIT OFFICIALS HERE Robert C. Graham, F. R. Valpey to Preside at Meeting. Robert C. Graham and F. R. Valpey, executive vice president and general sales manager, respectively, of the Graham-Paige Motors Corp., Detroit, were to preside over a meeting of all Indiana Graham dealers at the Lincoln today, Joe B. Wiles, president, of Wiles & Wilson Motor Service, Inc., Indianapolis distributors, has announced.

Unlisted Stocks •By Blyth Sc Cos.) NEW YORK BANK STOCKS Bid Ask Bankers Trust 59% 61% Central Hanover 113% 115% Chase 39% 40% Chemical National 56% 58V* Guaranty 292% 295% Irving 15 17% Manufacturers 50% 51% National Citv 35% 36% Cont 111 Chicago 160 163 V* First National Boston 46% 46% National Shawmut 27% 29% FIRE INSURANCE Etna Fire Ins 53% 55% American Ins of Newark 15% 16% Baltimore American 9% 10 Citv of New York 27 29 Federal Ins 49 51% Franklin Fire 30% 32% Great American Ins 28% 30% Hanover lire Ins 36% 38% Hartford Fire 75 77% Home Ins 38% 40% Ins Cos of A 72% 75 National Fire . 74% 76% National Liberty 10 n% North River 26% 7*% Phoenix 89% 91% P N Fire 55% 57% Westchester Fire 36 38

Oil Prospects The Wall Street Journal announces that the oil industry is expected to spend between $75,000,000 and SIOO,OOO this year on new construction and modernization.

POSSIBLE CONTROLLER

■ I 111 ' B -

Rumor has it that Morris S. Tremaine (abo\’e), New York State Controller, will be suggested by Postmaster James A. Farley in connection with the Federal office oi Controller General, to replace John R. McCarl, whose term expires in June,

PORKERS AGAIN REMAIN STEADY Cattle Market Irregular; Vealers Stationary; Lambs Strong, With both trading and receipts around normal, the pork market settled down to a steady price range today at the Indianapolis Union Stockyards. Receipts were estimated at 4000, while holdovers numbered 224. Interest was light at the opening, but picked up as the session progressed. Outside demand was limited due mostly to liberal supplies reported at surrounding livestock centers. The top price paid for good and choice hogs held at $11.05. General bulk of 160 to 225 pounds cashed in at $10.90 to sll. Medium heavy classes, scaling 225 to 250 pounds, brought $10.70 to SIO.BO. Heavy slaughter classes, from 300 to 400 pounds, were salable at $lO to $10.25. Lightweights, from 140 to 160 pounds, brought $10.50 to $10.75. Pasking sows held at $9.25 to $9.85. Trading was slightly irregular in the cattle market. Practically all classes of cows remained steady, while best grades of slaughter steers were weak to unevenly lower than yesterday's average. Bulk of steers sold from *8.50 down. Heifers ranged from $7 to $7.50. Beef cows sold at $5.75 to $6.25. Receipts were 700. Veals continued unchanged. The bulk of good and choice held at $9 to $9.50. Receipts numbered 500. The lamb market was active and steady to strong. Bulk of desirable clipped lambs, weighing from 82 to 104 pounds, sold at $9.75. Few good and choice native wooled skins brought sll. Spring lambs and sheep were scarce and. steady. Receipts were 1000. HOGS April. Bulk. Top. Receipts. 10. $ll.OO ($11.15 $11.15 4500 11. 11.00'S) H 10 11.15 1000 13. 10.95(3111.05 11.10' 5000 14. [email protected] 11.10 5000 15. iO.90(311.00 11.05 3500 16. 10.90(311.05 11.05 4000 Good and ch0ice..511)25(3.10.90 Medium [email protected] (160-180) Good and choice . [email protected] Medium 10.45(3 10 90 (180-200) Good and choice . 10.90<311.05 Medium •• [email protected] (200-2201 Good and choice . [email protected] (220-7501 Good and choice . 10.70@10 90 Hca vvw.;iehts (250-290) Good and choice . 10 [email protected] (290-350( Good and choice.. 10.10(310.40 Packing Sows (275-3501 Good 9.60® 9 85 (350-4251 Good 9.35(9 975 (425-450( Good 9 10@ 9.50 (275-350) Medium 8.85® 9.60 Slaughter Pigs. (100-140) Good and choice.. 9.50@10 25 Medium 8 50® 9.75 CATTLE —Receipts, 700 — (550-9001 Choice $ .75@ 10.25 Good 7.75@ 9.50 Medium 7.25 (ft) 8.25 Common 5.75@ 7.25 (900-11001 Choice [email protected] Good 5.25@ 9.75 Medium 7.25(3 8 25 Common 6.25@> 7.25 (1100-1300) Choice [email protected] Good 8 25)3 9 25 Medium 7.25@ 8.25 (1300-1500) Choice 9.75(310.50 Good 8.25® 9.75 Heifers. (500-750) Choice 8 00® 8.75 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 Cowa Good 8.25® 6.75 Common and medium 5 25@ 6 25 Low cutter and cutter 4 00® 5.25 Bulls, good 6.25® 6.75 Cutter, com and med bulls 6.75® 6.50 VEALERS —Receipts, 500— Good and choice $ S 50@ 9.50 Medium 7.no@ 8 so Cull and common 5 00® 7.50 CaW. (ISO-500> Good and choice. .. 6 00® 9.00 Common and medium 4 50® 8 25 Feed and Stocker Cattle (500-800' Good and choice 7 00® * 25 Common and medium . ... 7.56® 825 (SOO-lOoOi Gcod and choice .. 7.35® 375 Common and medium 5 50® 7 25 Cow* Good 4.75® 5 25 Common and medium 4.50® 4.75 SHEEP AND LAMBS Receipts, 1000— Lambs. 90 lbs. down; good and choice [email protected] Good 10.35@ 11 oo Medium 10.00©10.40 Common 8.50® 10.00 Bwes. (90-170) Good and choice .. 4.50® 5.60 Common and medium . .. 350 ® 4.75 Yearling wethers, good, choice 9 5010 00 Medium 8 50 © 9 50

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N. Y. JUSTICE HITS SECURITY SALES SYSTEM Rosenman Terms Present Methods as ‘Unjust’ in Ruling. By r nifed P*-,** NFW YORK. April 16.—Modern methods of selling securities are “unjust" and possess fraudulent, potentialities despite their legality, said the opinion of New York. Supreme Court Justice Samuel I. Rosenman, studied by investment huoses and investors today. He denounced the trust indenture plan when he “reluctuntly” absolved the Chase National Bank of liability in a $10,000,000 suit brought against it by 125 security holders of the National Electric Power Cos., a former insull utility holding company. Prospective investors were induced to buy debentures by the name and prestige of the trustee rather than by the terms of the bond contract, he said. Indenture Held Unjust “The facts o; this case show." Justice Rosenman said. “. . . how utterly unjust to the investing public is the modern trust indenture. “It is safe to assume that many investors in these debentures of the National Electric Power Cos. were led to purchase them, in large measure, by the fact that the Chase National Bank, or its predecessor (the Equitable Trust Co. - ), with all its power and prestige in the financial community. was named as trustee. “Reliance is placed almost, completely upon belief that experience, power, financial acumen and integrity of the trustee will serve as a protection. ‘Sad Picture of Finance* “The cruel fact is that not only is the trustee not required to exercise that greater skill and watchfulness and prudence which it. has, but. it is even absolved from exercising merely the ordinary care which a single individual should exercise as to his own affairs." The plaintiffs charged the hank with bad faith and gross negligence in permitting substitution of now valueless holding company securities for operating company securities as collateral for their debentures. In what he termed “a sad picture of high finance,” Justice Rosenman held that under the terms of the trust indenture under which the debentures were issued, the trustee was not guilty of negligence. He added, however, that under the standards of care imposed upon a common-law trustee the bank would have been held negligent. FURNITURE MAKERS PREDICT BIG SEASON May Market Prospects * Reported Best Since Boom Times, Timm Sprrinl CHICAGO. April 16. The nations furniture makers, who found demand for their goods in January and February maintaining the high level that prevailed through the latter half of 1935, are preparing for the coming spring markets with high hopes that at least the first half of this year will see the industry’s comeback continuing apace. Three major factors are cited as grounds for a prediction of further acceleration oi furniture production this spring by George B. Atkinson, manager of the furniture division of the Merchandise Mart. They are: Payment of the soldiers’ bonus, widespread need for replacement merchandise in floodstricken areas, and the persistent, depleted condition of retail stocks. The May market is forecast to be the most active the industry has known since boom times. INDIANAPOLIS-N. Y. RUN TO BE CUT 15 MINUTES Pennsy Announces New Schedule' Effective April 26. A faster anrl more convenient schedule between ’lndianapolis and New York on the American of tha. Pennsylvania Railroad was announced today by H. w. Jones, Indianapolis, general superintendent of the Pennsylvania. The improved running time will become effective April 26 with the adoption of the spring time tables and the change to daylight saving time by numerous cities. On its new eastward schedule, the American will leave Indianapolis at 1:37 p. m. (C. S. T ), five minutes earlier than at present, but will arrive in New York at 7:30 a. m. <E. S. TANARUS.) 20 minutes earlier than on its present run. No change will be made in the westward schedule of the American, which leaves New York at 6:05 p. m. <E. S. TANARUS.) and arrives in Indianapolis at 10:43 a. m. <C. S. TANARUS.). Chicago Grain Futures (By Jamea E. Bennett * Cos.) 9:00 Prey. Wheat— High. Lot. A M. close. May .98% 97% .98 9* July 90% .89% 89% 90% SP> 88% 88 .88% .88% C nrn— May .61 .60% 60'i 6% July 61 60% n% 80% Sep* 60 .SO’, .59% .59 Data— May ?% 28% .24% .77 July 27% .27% 2"% .27% SW 28 .27-* .27% .28 Rye— May .53% .53 53% .53% July 54% .53% .53% 54% Sept 54% 54% 54% .54% BUSINESS EDUCATION Strong Acconntinir. Bookkeenin*. Stenogrranhlc and Secretarial courses. as. CENTRAL Businest College Architect, and Builder, BuiMinr renniylvanla * Vermont gts.. lndpl.