Indianapolis Times, Volume 48, Number 33, Indianapolis, Marion County, 18 April 1936 — Page 11

Trends Greatest Regulator of Business Is Publicity. - * BY JOHN T. FLYNN

YORK, April 18.-An interesting scrap of information comes to us out of the very prosaic tables of reports from the Securities and Exchange Commission. It is this: The stock market has been going up merrily. The number o? shares bought and sold has increased greatly. Somebody been buying

stocks. But the executives and directors better known as the insiders—have been selling them. That is worth pondering. Whether they are wise to be unloading now or whether the wisdom is on the side of the more or less uninformed and, in many cases, quite ignorant outsiders who are buying, remains to be seen.

He

Flynn

This is not the point I wish to make. The point of importance is this—is it not a wholly proper thing that the stockholders of corporations and the investing public as a whole should know what these insiders are doing? * n u TN the past they could never know. If they know now at least in some measure, it is because the Stock Exchange Act compels them to make public to some extent their operations in the shares of the corporations which they manage. The incident presents a whole issue now so bitterly argued—the issue between publicity for the acts of men in positions of large responsibility, whether public or private, and privacy. For many years—in fact throughout most of the life of the present capitalist system—privacy in the ownership of property was almost unknown. Up to 60 years ago most of the business was owned by unincorporated persons. You knew who owned the stores and the factories. Their names appeared over the doors. You knew who was responsible for their acts. You knew who owned real estate —which was the great form of investment, as stocks are now. The assessment rolls showed every piece , of property and the name of the F man who owned it. Any citizen might go there and learn how much land and houses any man owned. We knew how much land he owned and what business he owned. # a tt BUT in the last 60 years things are now owned, not so much by men, as by corporations. And who owns the corporations no one knows. And what the men who control the corporations are doing behind their corporate mask no one knows. The corporation executive is in a sense a quasi-public official. He represents a great constituency. The Mayor of a town may represent a hundred thousand voters. The president of a corporation is elected by a hundred thousand stockholders. The same kind of ethics should govern both men. The power of the public official to use his office for his enrichment and other purposes is great. The power of the corporation official to use his office for his gain is great. The best regulation of , the public official is publicity. He is subjected to it rigorously. Reporters call on him daily and ask him the most direct and searching questions. Opposition newspapers look into his every act. The law forces publicity. This publicity beating on the public official is the greatest of all regulators. It is regulator in the case of business. (Copyright, 1936. NEA Service, Inc.) UNDERWRITERS ATTEND KANSAS CITY MEETING Indianapolis Represented at MidYear National Council Parley. Several officials of life underwriters associations, Indianapolis, are attending the mid-year national council of the National Association of Life Underwriters at Kansas City, Mo., today. The Indianapolis delegation includes Mansur B. Oakes, field consultant of the national association; Ernest A. Crane, trustee, national association; Homel L. Rogers, president, Indiana state association, and Herbert A. Lucky, national committeeman. On Commission Row (Reprinted From Late Times Yesterday) (Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUlT—Strawberries: Louisiana, 24pt crate. $3. Pears—Washington D'Anjo (100s box), $3. Limes—Mexican, carton. 20c; Persian seedless tdoz.i. 45c. Bananas, seven hands, pound, sc. Apples— Delicious (fancy baskets). *1.75; Rome Beauty. *135. Lemons—Sunkist (360s i. $6 25. Grapefruit—Texas seedless (545-80si, 80si, *4. Pineapples—(24s) crate, *5.25. VEGETABLES Artichoke, California (do*.). *l. Beans, green round stringless (hampers). $3.25. Beets—Texas (3 dox. crate). *1.65; cut offs (bu.), *l. Cab-bage-New Texas tcratei. *2.50; half crate. *1 40. Carrots—California (6-doz. cratei. L *3; Texas (3% doz. cratei, *1.50. Cauli- \ flower. California (12s crate), *2 °elerv Florida washed and trimmed idoz 454* 85c; Florida (4s, Bs, 10s crate'. .'SO. Cucumbers—Hothouse idoz), *1.35 (so'them bushel), (6. Egg plant—Florida tdoz.i. *175. Kale—(Virginia bushel). 85c. Let-tuce-Iceberg, Arizona ibest 6s. ssi, *3.65; home grown leaf 115-lb. basket I. *1.50. Endive —California idoz i. 75c. Peppers— Mangoes (crate), *3.50; peck basket. 90c; doz. 30c. Mint Hothouse (dozi. 75c. Mushrooms—Pound. 30c. Mustard—TVxas half crate. *1.40. Ontons—lndiana yellow 150-lb. bag), 75c; new Texas Bermuda yellow. 50-lb bag *l9O Parsley—Southern dong bunches, do*.). 35c. Parsnips—Home grown washed, bushel. *1; half-bushel, 60c. Peas—Florida, hamper. *3 25 Potatoes— Michigan Round Whites, 100-lb. bag. *I.BO- - Green Mountains. 100-lb. bag. *2 40; R R Early Ohio, 100-lb bag (2; R R. Triumph, 100-lb. bag *1 90; Idaho Russets, 100-lb. bag. *2.65: Idaho Bakers. 70s box (2 50; New Florida Triumphs. 50-lb. bae *2 50 Sweet Potatoes—Tennessee Nancv Hall*, hamper*. *1 SO. Radishes Home grown buttons, doz., 65c. white, 50c Rhubarb—Hothouse, bunch, 50c Rutabagas—Northern 50-lb. bag. *1.25. Sage —Doz., 45c Shallots—Louisiana, do*.. 35c. Turnips—New. bulk Texas, bu . *1.25. Tomatoes—Repacked. 10-lb. box. *1 75. Produce Markets The prices quoted are paid for stock fathered in the country, while delivered n Indianapolis .he price Is a rent higher Heavy breed hens. 18c; Leghorn breed uhens. 15c: old cocks. 12c. Ducks, white. 5 fibs, and over, lie; geese, full feathered. ' all aizea. te; all guineas 1 % lbs. and up t 15c; No 1 strlctlv fresh eggs loss off iMfce; delivered In Indianapolis, n%c ’h full ease must weigh 55 lbs. grossa deduction of 10 cents a pound under sS fw. will be made. No 1 butter 33 334 c; Ho. 2 30031 c. Butterfat, 27c.

FARM WAGES RISE SHARPLY, FIGURES SHOW April Rates Highest Since 1931; Labor Supply Decreases. l’rmri Special WASHINGTON, April 18.—Farm wages paid on April 1 were the highest for that date since 1931, according to a report released today by the United States Department of Agriculture. Rates a month with board averaged $29.89 the country over; a month without board, $30.89; a day with board, $1.05, and without board, $1.43. The supply of farm labor exceeds the demand, but by a smaller margin than on Jan. 1 this year or on April 1 a year ago. This is attributed to higher wages. The April 1 supply figure is reported tne smallest for that date since 1929, the reduction being attributed to increased industrial employment, and to "the many relief and road-building projects now in operation.’’ Day wages, without board, range from an average of 92 cents in the cast south central states to an average of $2.40 in the Pacific states. Day wages, with board, range from 71 cents in east south central states to $1.62 in Pacific states. Monthly wages, without board, range from an average of $20.70 in east south central states to an average of $56.59 in Pacific states, and monthly wages with board, from $14.09 in east south central states to $36.50 in Pacific states. CONSTRUCTION VOLUME TOTALS $54,756,000 Increase Attributed to Awarding of Equipment for Steel Mill. Times Special NEW YORK, April 18.—The total volume of engineering construction issued during the last week advanced to $54,756,000 due mostly to the award of equipment for the construction of the steel sheet and strip mill of Jones and Laughlin, Engineering News-Record reported today. The total for the week was made of private, $26,285,000; public, $28,471,000, of which Federal was $990,000 and state and municipal, $27,472,000. Corresponding values a year ago were total, $26,087,000; private, $10,029,000; public, $16,058,000 of which Federal was $2,711,000 and state and municipal, $13,347,000. While the industrial building classification is responsible for most of the increase this week, highways are also higher than last week, as are sewerage, bridges, and earthwork and waterways. The volume of awards under these classifications is: industrial buildings, $23,549,000; public buildings, $5,898,000; commercial buildings, $2,387,000; highways, $10,752,000; bridges, $3,244,000; sewerage, $3,951,000; waterworks, sl,-, 070.000; earthwork, drainage, $2,289,000; unclassified, $1,616,000. MARCH CONSTRUCTION RISES 40 PER CENT Contracts in 37 States Valued at $199,628,300 in Month. Times Special NEW YORK. April 18.—March construction records, despite severe winter and harsh floods, show an increase of 40 per cent over February, and a gain of approximately 62 per cent over the total reported for March, 1935, the F. W. Dodge Corporation reported today. Contracts in 37 states during March were valued at $199,028,300, compared with $142,050,200 for February, and only $122,940,500 for Barch, 1935. Increases in construction were shown for residential and nonresidential building as well as for heavy engineering types. Gains over last year were well distributed geographically, with each of the 13 major districts east of the Rockies participating, except the New Orleans territory. Increases in construction as compared with February, 1936, totals were shown for each district except New England, where flood conditions were severe and in the New Orleans territory. INCOME SETS RECORD Hardware Mutual Casualty Cos. Earns $1,020,322 in 1935. Times Special STEVENS POINT, Wis„ April 18. —The largest year in history of the company was reported for 1935 at the recent annual meeting of policy holders of the Hardware Mutual Casualty Cos. Assets increased sl,020,322.65 to a total of $7,333,077.85 as of Dec. 31, 1935. The premium income for 1935 was $6,244,939.89, the largest in the company's history and an increase of $1,181,802.77 over 1934. Losses paid for 1935 amounted to $2,800,323.83. Busigraphs CRUDE RUBBER CONSUMED IN THE UNITED STATES MANUFACTURERS ASS’N) i-fflli! i O // YEARS AVERAGE OF , % y.V/ ..piiliil THE RkRKER CC*P. GENERAL DISTRIBUTORS INCORRORATED INVESTORS As 80 per cent of the rubber consumed in this country is used directly by the automobile industry’, automobile production is the controlling influence in rubber consumption. It is natural, therefore.! to expect the smaller use of rubber in February, which fell off 15 per cent from a year ago. However, stocks of crude rubber on hand in this country declined slightly durlrig February, and were 19 per cent less at the end of the month than on Feb. JB, 1935. I

"Abreast of The Times on Finance

What a Help He’s Gonna Be!

TRUCK DEMAND AT HIGHLEVEL Domestic Sales Expected to Establish Record This Year. Times Special NEW YORK, April 18.—Demand for commercial motor vehicles has been at a high level thus far in 1936 and, given sustained activity of general business, this year is expected to set anew high for domestic sales, the Standard Statistics Cos. reported today. • Final registration data for 1935 revealed that more than 510,000 commercial units were sold in this country, or about 97 per cent of the 1929 peak. It is estimated that domestic sales in the first quarter of 1936 were close to 25 per cent more than a year ago. Such a rate of improvement may not be fully maintained through the year, in view of the substantial volume of this type of business which was developed in the latter part of 1935, but a reasonable expansion is indicated, which should bring the 1936 total well ahead of the some 527,000 units retailed in the previous peak period. The larger vehicles, of course, still represent only a small part of truck sales, but it is probable that this division will expand somewhat more than the lighter classifications in the intermediate future, .as the heavy industries extend their recovery trend. Bus sales have also been substantial, reflecting the modernization of transit facilities of many urban systems and also an active interurban vehicle business. Local Livestock , HOGS April. Bulk. f Top. Receipts. 11. $11.00(511.10 sllls 1000 • 10 iV 15 J' lino 5000 15. i0.90®11.00 11.05 3500 16. [email protected] 11.05 4000 17. [email protected] 11,15 3500 Light Lights (1401601 Good and choice.. $10.25(511.00 Medium 9.65(8)10 40 '165-1801 Good and choice... 11.00(811 15 Medium . 10 50(51105 (180 : 200) Good and choice.!! Il!05<@ll'l5 Medium [email protected] '2OO-2201 Good and choice.. 11.05©11.15 1220-2501 Good and choice... 10.85(511 05 Heavyweights. Good and choice.. 10.55(510.85 (290-350) Good and choice.. 10.25(510.55 Packing Sows <275-350 Good 9.75® 10.00 350-4251 Good 9.50® 9.90 Good 9.25® 9.60 (275-3501 Medium 8.90@ 9.75 Slaughter Pigs. (100-140) Good and choice.. 9.50®10.25 Medium 8.500 9.75 CATTLE —Receipts, 500— (550-900) Choice $ 8.75® 10.25 good ■•••• 7.75® 9.50 Medium 7.25® 8.25 Common . r-. (900-11001 Choice 9!50®10!25 G °od 8.25® 9.75 Medium T.25® 8.25 Common 6.25® 7.25 (1100-1300) Choice 9.50 0 10.50 G °Od 8.25® 9.25 Medium 7.25® 8 25 (1300-1500) Choice 9.75®10 50 Good £.250 9.75 Heifers. (500-750) Choice B.oo® 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 5.500 7.25 Cows . Good e.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. 600— Good and choice $ 8.50® 9.50 Medium 7.00® 8.50 Cull and common 5.000 7.50 Calves. (250-500i Good and choice 6.00® 900 Common and medium 4.50® 6.25 „„„ and Seeker Cattle (500 800) Good and choice .... 7 00® 825 Common and medium 7.50® 8 25 <BOO-10501 Good and choice ... 7.25® 875 Common and medium 5.50® 7.25 Cows Good 4.75® 5.25 Common and medium 4.50® 4.75 SHEEP AND LAMBS —Receipts. 800— Lambs. 90 lbs. down; good and choice $11.00011.25 1 Good [email protected] I Medium 10.00® 10.40 Common [email protected] i Pwes (90-1701 Good and choice .. 4 50® 5.60 ' Common and medium .... 3.500 4.75 Yearling wethers, good, choice 9 50®10,00 Medium 8.50 0 9.50 LOCAL CASH MARKET City grain elevators are paying 95 cents I for No. 2 soft wheat. Other grades on ' their merits. Casn corn new No. 4 yellow 1 48 cents and oats 18 cents. TEXTILE ACfjvmT" UP Increase of 9 Per Cent Shown in; First Two Months of 1936. rimf* Special NEW YORK, April 18.—Textile mill activity during the first two months of 1936 was approximately 9 per cent over the corresponding; period of 1935. according to the , current issue of Textile World. The increase did not apply to all: fibers, however; cotton and wool were up. silk was oil, and rayon was about the same. With official j March statistics not yet available, the most trustworthy opinion is that the effect of floods on produc- j tion was limited.

SATURDAY, APRIL 18, 1936

N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 _ . Inds. Rails. Utils. Bonds. Todav 91.3 91.9 104.9 96.1 Yesterday 91.4 92.0 104.8 96.1 Week ago 91.-6 92.7 105.0 96.4 Month ago 92.0 92.3 105 3 96 5 Year ago 36.2 75 5 95 7 85.8 1936 high 93.4 95.6 105.5 97.9 1936 low 91.5 84.7 103.5 93.3 1 Copyright. 1936. bv Standard Statistics) U. S. GOVERNMENT BONDS Treasury* . Prev. Close. Close. 4%s 1947-52 118.3 118.4 4s 1944-54 113.4 113.4 ! 3%s 1941-43 109 109.1 I 3%s 1943-45 107.28 107.30 I 3>/4S 1944-46 107.17 107.18 3!aS 1946/49 105.29 106.1 3%s 3s 1951-55 104.18 104.13 3s 1946-48 104.29 104.31 2%s 1945-47 103.11 103.10 2%S 1951 102.2 102.6 Home Owners Loan Corp 2%s 1949 101.27 101.27 3s 1952 102.30 102.31 Federal Farm Mortgage Corp. 3V 4 s 1964 104.11 104.10 3s 1949 103.2 103.6 3s 1942 103.23 103.25 2%s 1949 102.13 102.16 DOMESTIC Prev. Close. Close. Allcg Corp 5o '44 93'a 93>/* Alleg Corp 5s '49 88% 88 Am Frgn Pow 5s 2030 76'% 76 Am Tel & Tel 5%s '43 113 113 Am Tel & Tel 5s '65 112% 113 Arm & Cos (Del.) 4s '55 98 97% Atl Coast Line 4s '52 97 96'% Atl Coast Line 4‘%s '64 82 81 Am Wat Wks 5s '44 103.4 103.12 Am Rolling Mills 4', 2 s '45 ....119Vs 118% Balt & Ohio 6s 95 94% 94% Halt k Ohio 4'%s '6O 71% 72% Buff Roch & Pitt 4%s '57 79% 79% Beth Steel 4%s '6O 105% 105% Chi Milw kStP 5s '75 20 V* 21% Chi Milw & St P 5s 2000 7% 7% Cleve Un Term 5s '73 106‘/a 107 Cleve Un Term 4>%s ’77 .... i02% 102 Col Gas 5s May '52 ...103% 103 Col Gas 5s April '52 103'/2 TO?% Col Gas 5s '6l 103 103% Can Pac Perp 4s 92>/ a 92 '/2 Cent Pac 5s '6O 99% 99% Big Four 4Vis '77 91 91 Big Four £s '63 98 98Vi Colorado &So 4Vis 'BO 70% 71 Chi k West Ind 4s '52 104 104% Chi k Wes*. Ind 5%s '62 107 107 Chi & Nor West 4%s '49 13% 12% Con Gas 5s '57 104 104 Chesa Corp 5s '47 131 131 Erie 5s '75 76% 77% Erie 5s '67 77% 78% Grt Northern 7s '36 106% 101% Grt Northern 4%s '76 101% 101% Grt Northern 4%s '77 101% 101% Gen Stl Cast WW 5%s '49 82 84% Hud & Manhat Ret 5s '57.... 85% 85 111 Cent 4%s '66 76% 76% 111 Cent 5s '63 84% 84% Interlake C&I 5s '44 41% 41% Interntl Tel & Tel 5s '55 .. 85 85% Interntl Tel k Tel 4%s '52.. 80% 80% McKess & Rob 5%s ’SO 103% 103% Natl Dairy 5%s '4B 103% 103% Natl Steel 106% 106 Nickel Plate 4%s '7B 82% 83 Nickel 5%s '74 93% 93% N Y Cent 5s 2013 92% 93% N Y Cent 4Vis 2013 (old) 85% 86% Nor Am Cos 5s '6l 105 105% Nor Pac 3s 2047 81 Vi 82 Nor Pac 6s 2047 111% 111% Nor States Pow 5s ’4l 104% 104% New Orleans erm 4s ’53 91% 92% Otis Steel 6s ’4l 102% 102% Penn Ry 4%s ’B4 107% 107% Penn Ry 4%s 'Bl 107% 108 Penn R if 4%s '7O 102% 102 Pac G k 5s '42 103% 103 Portland Gen El 4%s ’6O 72% 72% Para Publix 6s '55 87 87 Penn P <fe L 4%s 'Bl 106% 106% Postal Tel k Cab 5s '53 31 Vi 31% Rem Rand WW s',is ’47 104.8 104.10 Sou Pac 4Vis '6B 90% 90% Sou Pac 4%s 'Bl 89% 90 Sou Pac 4Vis '69 90% 90% Sou Pac 4s '49 92 Vi 92% Sou Rail 4s '56 61% 62 Sou Rail 6s '56 79% 79% Sou Rail 6Vis '56 83Vi 83% Sharon Stl Hoop 5%s '4B 103.1 103.1 Texas Pac 5s 'BO 102 102% Texas Pac 5s 79 102% 103 Texas Pac 5s '77 103 103% Union Pac 4s 47 113 Vi 113 1 - United Drug 5s '53 100% 100% U S Rubber 5s ’47 106% 106% NY NH k Hart 6s '4B 33 32% NY NH & Hart 4%s '67 32% 32% Warner Bros 6s '39 95 96 Western Mary 5%s '77 108 108 Western Marv 4s '52 100 100% Youngstown SA- Tss '7O 106% 106% Youngstown S k T 5s '7B 105% 105% FOREIGN Argentina (A) 6s '57 99% 100% Argentine (B) ’SB 99% loots Brazil 8s '4l 31% 31% Canadian Govt 4s '6O 107% 107% Denmark 5%s '55 100 100% German sVis '65 24% 25 German 7s '49 32% 32% Italy 7s 'sl 73% 72% Japan 6%s 54 94% 94% Poland 7s ’47 103 102% Rome 6%s '52 64 63 Tokio City 5%s '6l 75 > 2 75 Yokohama 6s '6l 80% 80% New Bond Issues (Reprinted From Late Times Yesterday) (By W. L. Lyons k Cos.) Bid Ask. Asso Tel 4s ’65 104% 105 Atlanla Gas Lite 4%s '55 ....100% 101% B A O '39 99% 99% Blackston-a Val G A E 4s '65 .108% 103% Boston & Albany 4%s '49 103'* 103 1 2 Carriers & Gen 5s 50 106 106% Cent Maine 4s ’6O 102% 103 Cent 111 3%s '66 105% 105% Chicago Un S’s 3%s '63 ....105% 105% Cleve Elec II! 3%s '65 110% 110% Cleve Tractor 5s '45 102 104 Columbus Rwy P & Y 4s '65 .105% 105% Canadian Gvt 3%s '6l 100 100'* Conn River P & L 3%s '61.... 104% 104% Consolidated Ed 2%s 46 102% 102% Consolidated Bd 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 4s 'SO .. 103% 104% 1 Dayton P & L 3%s '6O 105% 106% Duquesne Lite 3%s '65 .... 106% 106% Eastern Gas & Elec Fuel 4s '56 96' j ... Eastern Gas & Fuel 4s '56 ... PU% . . Edison Ilium Bost 3%s '65 ..105% 105% lowa South Util 5%s 'SO 102 103 Jones k Laughlin 4%s '6l 98 98% Kansas P L 4%s '65 108% 108% Keystone W k S 4s '45 100 Loews 3%s '46 .. 96% 96% Los Angeles G <fc E 4s ’7O 105% 105% L & N 4s 2003 101% . Maine Cent 4s '45 99 3 100% Metro Ed 4s - 65 107 Monon W P 4%s '6O 104% 104% N Y Edison 3%s '6O 101% 101 * N Y Cent 3%s '46 97% 98 Norway 4%s '56 100 100' 2 Norway 4%s ’65 97% Ohio Edison 4s '66 104% 105% Pacific Lite 4%s '45 ~..106 106% Pacific G & B 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 Serv Okla 4s '66 102*i 102% Railwav k Lite 4%s '55 110 111 Reverse Copper 4%s '56 104% 104% San Diego G & E 4s 65 108 108% Sharon Steel 4%s ’57 108% 108% So Cal Gas 4s '65 104% 104% So Cal Ed 4s '6s 106’ 2 108 So Cal Ed 3%s '45 104% 105% So Western G k H 4s '6O ..102% 102% A E. St a lev 4s '46 .103% 104% Union Pac 3%s '7l 98% 99% Virginia Rwy J%s '66 ..102% 102% Wut Penn S%* 63 105% 106

CHICAGO FAIR CLOSES BOOKS WITH SURPLUS $276,084 to Be Distributed Among Various Civic Organizations. 1 Times Special CHICAGO, April 18—After having created a minimum of $100,000,000 business in Chicago, A Century i of Progress Exposition wound up its J affairs with a $276,084 surplus, divisible among various civic organizations, it is revealed in the report of Rufus C. Dawes, its president, and released this week. The exposition itself disbursed $18,632,625 as administrative and operating expenses; $13,719,164 of construction costs, and $9,724,200 for repayment of its gold notes. In addition concessionaires and exhibitors disbursed an additional $57,300,000 as construction, installation, and operating costs. On March 1, 1936. A Century of Progress had total assets of $278,269, including cash of $142,736. receivables of $10,533, and $125,000 deposited with the Chicago Park District. compared with liabilities of i $2,185, leaving a net balance of $276,084, Mr. Dawes reported. Obligations Fulfilled All obligations of the exposition to the Chicago Park District wish respect to demolition of the buildings, restoration of the premises and complying with the park ordinances have been fulfilled, he explained, adding that two classes of claims still remaih, those for personal injury and those from operations of the exposition not covered by insurance. The personal injury claims were covered and are being handled by the insurance companies, Mr. Dawes added. When the exposition was established as a non-profit organization, provision was made for the possibility of a surplus resulting from its operations, Mr. Dawes explained, agreements being made to compensate various civic organizations for their assistance in making the exposition a success. Under the terms of such agreements, the Chicago Park District will receive 25 per cent of the syrplus; the Museum of Science and Industry, founded by Julius Rosenwald, 25 per cent; the Art Institute of Chicago 20 per cent, agid the Adler Planetarium 10 per cent. The Yerkes Observatory also will participate. Local Securities (By Indianapolis Bond and Share Corp.) The following quotations do not represent actual bias or offerings, but merely indicate the approximate market level based on buying and selling inquiries cr recent transactions. BONDS Bid Ask Home TkT. Ft Wve, 5%s ’55 103 ' 105 Home T & T. Ft Wye. 6s ’43 103 106 Indianapolis Railways. Inc.. 5s 65 68 Indianapolis Water Cos., 4%5..106 108 Indianapolis Water Cos., 55... 105 107 Indpls Water Cos.. 5s 105 107 Indianapolis Water Cos.. 5%5. 104% 106 Indianapolis Water Cos., 5%s 104% 106 Interstate T & T. 5%s 97% 98 Kokomo Water Works. 5s .... 104 105% Morris 5 & 10 Stores. 5s 100 103 Muncie Water Works, 5s ...103% Noblesville H. L & Pwr. 6%s 100 101% Ohio Tele Service. 6s 97 % Richmond Water Works, 5s ..Hi 106% Seymour Water Cos.. 5s 101 104 Terre Haute T & L. 5s l(i6 108 Terre Haute Water Wks, 5s 1f,2 104 Terre Haute Water Wks. 6s .103 105 Traction Terminal Cos., 5s .... 74 77 STOCKS Belt Rail & Stk Yds Com 53 55% Belt Rail & Stk Yds pfd. 6s .. 52 Central Ind Pwr pfd. 7s ... 21 24 Home T & TANARUS, Ft Wayne, 75.. 52% 54% Hook Drugs. Inc., com 17 18% Ind & Mich Elec Cos. pfd, 75..103% 106', a Ind Gen Serv Cos, 6s 97 100 Ind Hydro Elec Cos.. 7s 57 60 Indpls Gas Cos., com, 6s 34 37 Indpls Pwr &Lt Cos, pfd. 6s .. 89 92 Indpls Pwr & Lt Cos., pfd. 6%s 93 96 Indpls Water Cos., pfd. 5s .. 102 105 N. Ind. Pub. Serv., pfd. 5%s .. 63 65 N. Ind. Pub. Serv.. pfd.. 65... 71 74 N. Ind. Pub. Serv.. pfd. 7s .80 83 Progress Laundry Cos., com 10 11 % Pub. Serv. Cos. of Ind.. pfd., 6s 24% 27% Pub. Serv. Cos. of Ind., pfd., 7s 43 46 S. Ind. Gas k Elec. pfd. 6s 99% 102% Terre Haute Elec Cos.. 6s. .. 89 91% Union Title Cos., com 19% 21% FARM CAShTnCOME HIGHEST IN 3 YEARS Products Sold in February Are Valued at $469,000,000. Times Special * WASHINGTON, April 13.—Farmers throughout the country sold $469,000,000 worth of farm products in February, compared with $401,000,000 in the same month a year ago, $391,000,000 in February, 1934, and $257,000,000 in the corresponding 1933 period, the Department of Agriculture announced today. Cash receipts this February were larger than in the same month a year ago in all states except Kansas, South Carolina, Kentucky, Tennessee* Arkansas and Louisiana. For the country, receipts from crops were 17 per cent greater than a year ago, and from livestock and livestock products 14 per cent greater. There were no governmental rental and benefit payments to farmers this February; payments in February a year ago totaled $51,671,000. Cash receipts this February were larger than the combined figure from sales of principal products plus benefit payments a year ago. RETAIL ACTIVITY RISES Increase of 1.8 Per Cent Shown During Week Ended April 4. Times Special CHICAGO. April 18.—Retail activity for the week ended April 4 increased by 1.8 per cent over the corresponding week a year ago, Advertising Age reported today. For the year to date, retail trade is about 2.2 per cent ahead of the levels reached in 1935. These figures are based on the total volume of retail display advertising placed in the newspapers of 66 major cities. For the week ended April 4, retailers in these cities placed a total of 19,291.587 lines of advertising in newi-papers, compared with 18.847.427 lines during the corresponding period of last year. REPORTS NET ASSETS Times Special NEW YORK. April 18.—The TriContinental Corp. today reported net assets as of March 31 at $53,571.058, equivalent to $196.81 a share of preferred stock and $10.34 a share of common stock outstanding.

New York Stocks

(Reprinted From Late Times Yesterday) (By Thomson k McKinnon) Prev. Oils— High. Low. Close, close. j Amerada lit) 108 110 107% , Atl Rfg 33 32 32'* 31% j Barnsdall 18% 18 1 a 18% 18% Consol Oil 14% 13% 13% 14 Cont of Del ... 35 34V* 34% 34% I Houston inew) . 10% 9% 10% 9% Mid Cont Pet. .. 21 21% 21% 21% Ohio Oil 14% 14% 14% 14% Ptt Corp 16% 16% 16% 16 Phillips Pet 47% 46% 46% 46% Plymouth Oil ... 15% 15' 2 15% 15% Pure Oil 22% 21 1 a 22'* 22 Royal Dutch .... 56 56 56 55% Seaboard Oil ... 38% 37 37% 37 Shell Un 17% 17 17 17% Skelley Oil 28% 27% 28% 27% Soc Vac ... 15% 14% 14% 14% S O of Cal ... 44% 43% 43% 44% S O of Ind ... 38% 38 38 37% SOof N J 65% 64% 64% 64% Texas Corp 38% 38 38 38% Tidewater Assn . 18Vs 17% 18 17% Un Oil of Cal.. 26 25V, 25% 25% Steels— Acme Steel 70% 69% 69Vi 70 Am Roll Mills... 30 29% 29% 29% Beth Steel 60 59V, 59% 60% Byers A M 21% 21% 21% 21V* Inland Steel ...109 109 109 109 Ludlum Steel... 28% 28 28 28% Mid Steel 44% 44% 44V* 45 Natl Steel 65% 64% 64% 65% Otis St el 18% 16% 16% 18V* Re.’ I & Stl 23% 23% 23% 23 % U S Pipe & Fdy. 37% 37 37% 37% U S Steel .... 69% 68% 68% 69% U S Steel pfd... 131 130'/, 131 130% Warren Bros 9'/* 8% 9% 9% Warren Pipe-Fdy 25% 25% 25% 25% Youngstown S-T 60% 59% 59% 60% Motors— Auburn 45% 43% 44 45% 1 Chrysler 100% 99% 99% 100'/* Gen Motors 68% 67% 67% 68 Graham Mot .. 2% 2% 2% 2% Hudson 17: 17% 17% 17% I Macs Truck 34% 34V, 34V, ! Hash 20 19% 19% 20% i Packard 11'/, 10% 10% 11% I Reo 7 6% 6% 7 Stud,’baker .... 13% 13 V, 13 V* 13% Yellow Truck ... 19% 19% 19% igj /a Motor Access—- : !?<*• 31% 30% 30% 31 Bohn Alum .... 53 V a 52 52 53% , Borg Warner ... 76 75'/* 75% 77 ; Briggs 53 V 52% 52% 53% i Buaa Mfe 14 13% 137. 13s. Ea ten Mte* 1 •"a- 1 ! 2 U>lV* 11% Eaton Mfg 30% 3 a 351. 35 E ec- Auto Lite . 39% 38% 39 39% Elec Stor Bat .. 49% 49 49 49 Greyhound 'B’ . 60% 59% 59% 60 Houdaille 26% 26% 26% 26% Murray Body ... 18% 18% 18% 19% Stew Warner ... 24% 23% 23% 23% Timken Roll ... 67 66 66V* 67% Timken Det Axle 16% 16% 16% 16% Mining— Alaska Jun 14 13% 13% 14 Am Metals 33 33 33 32% Am Smelt 80'/* 78% 78'* 88% Anaconaa 38% 38'* 38% 39 Cal & Hecla .... 13 12', 12V* 12% Cerro De Pasco. 57 55% 57 55% Dome Mines ... 45 45 45 44% Gt Nor Ore 17% 17% 17% 18 Howe Sound 52 52 52 52 Ins Copper 13 12% 13 12% Int Nickel 48% 48'/ 48% 49 Kennecott Cop . 41% 40% 41% 41% Mclntyre Mine.. 41% 41% 41% 40% Park Utah 4% 4% 4% 4% Phelps Dodge .. 39V* 38% 38% 38% St Joe Lead 26 V, 26'% 26 V, 26% U S Smelters .. 90% 89 89V* 90 Vanadium 22V, 21'/, 21% 22% Amusements— Crosley Radio .. 24V4 23% 24 23% Fox Theat 23 V* 26% 27% 27 Loews Inc 45% 44', 45% 45% Radio Corp 12 V* 12'% 12% 12 V* Paramount 8% B'% BV* 8% RKO 6% 6 V* 6% 6% Warner Bros ... 10% 10% 10% 11 Tobaccos— Am Sum Tob ... 24 24 24 24% Am Tobacco "A" 91 90% 90% 90% Am Tobacco “'B” 92 91% 92 91.% Gen Cigars .. . 57V* 56% 57% ah'* Ligg & Myrs (B) 104 103 103 103% Lonllard 22% 22 22 22 V* Phillip Morris .. 85', 81'/, 83% 82 Reynolds T (B) 521, 51% 51V, sL‘* Ralls— Atchison 82% 80% 80% 82'/* Atl Coast Lines.. 28% 28 28 28% H &0- 20% 20 V 4 20'* 20% Can Pacific .... 12% 12', 12% 12% Ch k Ohio 58 57% 57% 57% Chi & Gt W.... 1% 1% 1% 134 Chi k Gt W pfd 6% 6 6 6 C M & St P pfd 4'/, 4 4 4 Chi N W 3% 3% 3% 3% Dela & Hud 47 46 46 46% Del Lac & W.... 19% 19 19 19% Erie 15 14% 14% 14', Erie pfd 21% 21', 21% 22 Gt Northern pf 37', 36% 37% 38 111 Central 25 24% 24% 24', K C Sou 22 21 21% 22% Lehigh Valley .. 11% 11 11% 11% Lou k Nash 76 76 76 76 M K & T 9V, 8% 8% 8% MK & T pfd ... 23% 23% 23% 24% Mo Pac pxd .... 5% 5% 5% 5% S £ £ ent „ 39 > 38 “* 387 39% N Y New Haven 3% 3% 3% 3% N Y Ont & West s', 5% 5% 5% Nor Pacific 33% 32% 32', 33 Penn R R 33% 33% 33V, 33% Reading 43% 43% 43', 44 Sou Pac 36% 35% 35% 36% Sou R R 17'/, 16% 16% 17 Union Pac 132 131 132 131 Wabash 3% 3% 3'/, 3% West Maryland.. 10% 10% 10% 10 Equipments— Am Brake Shoe 47', 47% 47% 47% Am Car & Fdy. 36% 36% 36% 36% •Am Loco 28 28 28 28 Am Steel Fdy.. 29% 28% 28% 28% Bald Loco 3% 3% 3% 3% Gen Am Tk Car 48 47 V* 47% 47% Gen Elec 40% 39% 4040% Gen R R Sig... 40% 4040% 40% Pullman Inc ... 45 44% 45 44% West Air Br 43 41% 42', 42% Westingh Elec.. 19% 18% 18V* 49% Utilities— Am & For Pwr B', 8% 8% 8% Am Power & Lit 12% 11% 11% 11% A T & T 167', 165 165 167 Am Wat Wks . 23% 23% 23% 23% Col Gas k Elec. 19% 19% 19V* 19% Commn & Sou . 2% 2% 2% 2% Consol Gas . . 32% 32V* 32’/* 33 Elec Pwr k Lit 15 14', 14', 15 Int Hydro Elec. 3% 3% 3% 3% Interboro R T .. . ... 14% 14% Int T & T 15% 15% 15 s , 15% Lou G & E ’A’ 22 22 22 21% Nat Pwr & Lit. 11% 11 11 11% North Amer . . 28% 28 28 28', Pac G & E ... 38% 37% 38 38V* Peoples Gas .... 45', 44% 44% 44', Pub Serv N J .. 41% 41 41 41', So Cal Edison. 27% 26% 26% 27% Std Gas 7Vi 7'/* 7% 7Vi Stone & Web .. 19% 19 19 19Vi United Corp 6% 6% 6% 7 Un Gas Imp ... 16V, 16 16 16 Ut Pwr & Lit A 5% 5% 5% 5% West Union ... 87 85% 85% 86% Rubbers— Firestone 30% 30% 30% 31% Goodrich 22% 21% 22 22% Goodyear 30% 29% 30'4 30% U S Rubber ... 33% 32% 32% 33% U S Rubber pfd 77% 77 77 77% Miscellaneous— Allis Chalmers.. 48 s , 48% 48% 48% Amer Can 125% 123% 123% 125 Am Mach & Fdy 23Vi 23V, 23V, 23% Anchor Cap .. 22', 22% 22% 22% Brklyn Man Tr.. 49 48V, 49 48V, Burroughts Add .. 28% 28', 28'/, 28% J Case 167 165 166 169 Conti Can 78% 78Vi 78% 78% Caterpillar Tract 78% 78% 78 77', Crown Cork 61 59 59 61 Curtis Pub 22% 22% 22% 22', Deere k Cos .... 84 83', 84 84 Eastman Kodak 166 165 165% 165% Foster Wheeler.. 33% 33% 33% 34 Gillette 16% 16', 16% 16% Glidden 52% oi% 51% 52% Tngersol! Rand .123 120', 120', 124% Int Bus Mach.. 180 180 180 180 Inter Harv . .. 87% 86 87% 86% Natl Cash Reg . 26', 26 26 28% Owens Bottle ...158', 158% 158% 160 Rem Rand . ... 2% 22 22% 22% Worthingtn Pmp 30% 30% 30', 30’, Foods — Am Sugar 53% 53% 53% 53% Armour 5% s', 5% 5% Armour 6% pfd 74', 74', 74% 75 Beatrice Creamry 23V* 22'/* 23V* Borden Prod ... 27% 27% 27% 27% Cal Packing 33 32 33 32% Can Dry 0 Ale 13 13 13 13 Coca Cola 89% 88% 88% 88% Cont Bak ‘A’’... 16% 16V* 16V* 16 Corn Prod 77% 76 76', 76 Crm of Wheat.. 35 35 35 35 Cuban Am Sugar 12 11% 11% n% Gen Baking 12% 12% 12% 12% Gen Foods 37% 37% 37% 37V* Gold Dust 19 18% 19 19 G W Sugar .... 34 33% 33% 33% Natl Bisciut . .. 34% 34 34 34% Natl D Prod ... 23% 23 23% 23% Purity Bak 12% 12% 12', 12% Std Brands 16 15% 15% 15% Un Bisciut 25% 25% 25% 25 United Fruit .... 75V* 74% 7*% 74% Wrigley 77% 77% 77% 77 Retail Stores— Allied tSore, .. 8% 8% B', 8% Assd Dry Goods 16% 16% 18% 16% Best & Cos. . . 55% 55V* 55% 55% First Natl Stores 44% 44 44 tsr. Gimbel Bros. .. 9% 9% 914 ,1* Gm Un Tea .. 4% 4% 4% 4 * Jewel Tea 73% 73% 73% 74 Kresee S3 22% 22 22 V, Kroeer Groc ... 24 23 % 23% 22V. Macv R H 44% 44 44% 43% McCrorv St ... 12% 12% 12% McLellan St .... 13 13 13 12% Marshall Field .17 16% 16% Mont Ward 43% 42% 43% Natl Tea 9% 9% 9% !! Penney J C 77% 77 77 77 Safeway St 32% 32% 32% 33 Pars Ro-buck . . 67% 66% 6% 66% Woolworth 48% 47% 47% 48% Aviation— Aviation Corn .. 6% fi% 6% 6% Boeing Aircft 21 20%

Safe Deposit Boxes The Indiana National Bank of Indianapolis

Crude Rubber Consumption Rises March crude rubber consumption by manufacturers in the United States is estimated at 42,703 long tons, against 36,746 tons for February, or an increase of 16.2 per cent.

PAGE 11

Curtiss Wright . 8% 6V . % 6% Curtiss Wr A’.. 16% 16% 16% 16 s * Douglas Air ... 65% 63% 64% 63% Nor Am Av 9% 9% 9% 9% Snerrv Corp 19% 19 19% 19% Utd Aircft inewl 25% 25 25% 25% Chemicals— Air Reduction. 188% 188% 188% 1*9% Allied Chem 197% 196 s . 197% 127 Am Com Alcoh 27% 27% 27’, 37% Col Carbon 127 127 127 126% Com Solvents .. 19V, 19 19 19 Du Pont 150 147*. 147 s , ;*9' Freeprt Vex ... 30% 30% 30% 30% Liquid Carb ... 39 38'* 39 39% Math Alkali ... 32% 31% 31% 32% Monsanto Chem. 98% 98 98 99% Natl Dis (new). 30’, 30% 30% 30% Schenley Dist 44% 44 44 44% Tex Gulf Sulph 34% 34% 34% 35 Union Carbide 85 84% 85 85 U S Indus Alcoh 53% 52% 52% 52% Drugs— Coty Inc 5% 5% o', 5% j Lambert 22% 22 22 22% Lehn & Fink... 14% 14% 14% 14% | Sterling Prod .. 69% 69% 69% 69% Un Drug inew) 13 12% 12% 13 Vick Chem 44 44 44 44% Zonite Prod ... 7% 7% 7*. 7% Financial— Adams Exp ... 12% 12% 12% 12% Allegheny Corp.. 3% 33 3%; Am Int Corp ... 12% 12% 12% 12% Chesa Corp .... 65% 65% 65% 66 Lehman Corp .. 98% 97% 97% 98% Transamerica .. 13', 13V* 13% 13% Tr Conti Corp .. 10V, 9% 10V, 10 Building— Am Radiator ... 23% 22% 22% 23% Gen Asphalt ... 31% 30% 31 31% Holland Furnace 4040 40 39% Int Cement ... 48 47 s , 47% 47% Johns Manville 114 112 112 114% Libby Owens Gls 57% 57 57 57% Otis Elev 28% 27% 27% 28% U S Gymsum ...100 100 100 100% Ulen Cons 6V* 6V* 6% 6% Household— Col Pal Peet... 17% 17% 17V* 17% Congoleum 37', 37', 37', 38 Kelvinator 23 V, 22% 22% 23 Mohawk Carpet. 27 26 26 27 Proc k Gamble. 46 45% 45% 46% Servel Inc 19% 19 s , 19 s * 20 Simmons Bed .. 30V* 29V, 30 30V* Textiles— Amer Woolen .. 9% 9', 9V* 9% Belding Hem ... 14% 14V* 14% 14% Celanese Corp .. 27 26', 26% 27% Collins Aikman.. 49% 48% 48% 48% Indus Rayon ... 31% 30% 30% 31% Kayser Julius .. 28% 28', 28% 28% Chicago Stocks (Reprinted From Late Times Yesterday) (By Atkins, Hamlll k Gates) Prev. Clhse close Advance Aluminum B', 8% ! Allied Products 22 V, 22 V* Asbestos Mfg 4*, 4% Associated Investors 34 35% Bastian-Blessing 10% 11% Berghoft 12% 11', Butler Brothers 9% 9% Cent 111 Pub Service pfd 63 64 Chicago Yellow Cab 29', 31V* Cities Service 5% 5% Commonwealth Edison 102’, 103 Continental Steel 41 42 Cord 6', 6% Electric Household 15% 15% General Household 7% 7V, Godchaux Sugar "A’' 37‘, 37 Godchaux Sugar ‘‘B’’ 18% 18% Grt Lakes Dredge 30 30 V, Jarvis Mfg 22 21% Katz Drug 39% 38 Ken-Rad T & L 11 Lincoln Printing II 1 , 11 Lion Oil Refining 13 13% McGraw Electric 31 31V, Nat Gypsum 58V4 58V* Northwest Engineering 25 25', St. Louis Natl Stock Yds 89 Signode Steel 11 12 Standard Dredge pfd 16V, 16 Swift International 30% 30% Williams Oil-O-Matic 12% 13 Vortex Cup 19V4 . Zenith 18 18 V 4 RAIL REVAMPING IS TARGET OF RANKER R. G. Page Warns I. C. C. on Reorganization Plan. By United Press WASHINGTON, April 17.—R. G. Page, vice president of the Bankers Trust Cos., New York, warned the Interstate Commerce Commission today that it might “run into serious constitutional difficulties’’ if it approves the reorganization plan of the Missouri Pacific Railroad, providing for substitution of bonds now well secured. He charged that the plan, proposed by the Van Sweringen interests, would force holders of good bonds to trade them for new issues of unknown worth. He suggested in particular that $6,966,000 in first mortgage 4 per cent bonds of the Pacific Railroad of Missouri be left undisturbed by the reorganization and that provision be made to pay them off at maturity, Aug. 1, 1938. The Van Sweringen plan would substitute the bonds with anew issue of 4 per cent first mortgage securities issued by the Missouri Pacific Railroad. FRENCH GOLD EXPORTS TOU. S. ARE $1,541,677 American Imports in Week Ended April 10 at $7,313,336. By United Press WASHINGTON, April 18.—Only $1,541,677 worth of gold was imported from France during the week ended April 10, the Commerce Department reported today. Much of the metal engaged for shipment following a period of extended weakness of the franc fell due for shipment during this week. The Commerce Department report showed that negligible amounts were sent to the United States. Total gold imports during the week were $7,313,336 compared with exports of $756,794. Silver imports were $1,164,912 compared with meager exports of $46,028. ADDITION IS COMPLETED International Harvester Finishes Fort Wayne Building. Times Special FORT WAYNE, April 18.—A sl,000,000 addition to the Fort Wayne Works of the International Harvester Cos., started last summer, has been completed with the exception of a few minor details, C. M. Harrison, superintendent, announced today. Gradual expansion of the company’s repair department into the last of the three units is progressing slowly, however, because of a steady flow of orders which is hold- i ing employes to production work, Mr. Harrison stated.

$9,899,000.00 WHEN IT WAS MOST NEEDED From December 31, 102 ft. to Dooonthor 31. 1833. * difficult period reople-T H E INDIANAPOLIS LIKE INSURANCE COMPANY p.'d Aft.Sftft.ofi3.no to policy holders and beneficiaries me Company's assets increased 64.57 r during this sains period! Tune in on T* l6 Indianapolis Life is equipped afternoon at A:45 needs of any member of the orer WIRE . .. L family. INDIANAPOLIS LIFE INSURANCE CO. A Legal Reserre, Mutual Life Insurant** Company Organised in I9.>—Meridian and s<Mh

N.Y. BANKS BUY GOLD IN LONDON OPENMARKETS First Shipment Bought for Profit Arrives on Aquitania. BY VINCENT LYONS Time, Special Writer NEW YORK. April 18.—With gold in the Lonton open markets selling at a point where it is profitable to buy the metal there and ship it to the United States for sale to the United States Treasury at $35 an ounce, a London-to-New York gold movement apparently was under way today. Indication of this came when the S S. Aquitania arrived here this week with 12 boxes of bar gold, six of which, aggregating approximately $646,056, were consigned to the Irving Trust Cos., wJiich acted as an agent in the transaction. J. P. Morgan & Cos. was designated as consignee for the other six boxes. An air of mystery, however, surrounded the receipt of the metal, which is the first to be received from England since January. In some quarters it was stated that the gold might have originated in India and trans-shipped to New York to taka advantage of the higher price prevailing in this country. London Price Low Circumstances of the transactions, however, were accepted in other quarters as an indication that tha shipment represented a bonafida movement of gold directly from England. A flow of gold from London to New York is made possible by the prevailing low dollar equivalent of gold in the English market, a natural result of the British Exchange Equalization Funds’ extensive sales of sterling and purchases of French francs in an effort to support the French currency. On April 8. the day on which the Aquitania left Southampton, the London open market price of gold was 140 shillings, 10 pence. Bankers Expect More Based on the British pound sterling value at the time of the gold price fixing, the dollar equivalent was $34.84’!> cents an ounce, or a gross profit to the shipper of 15 % cents on each ounce shipped for sale to the American Treasury at its statutory price of $33 an ounce. Inquiries in banking quarters elicited the information that further shipments of gold from London to these shores are contemplated. Since the Aquitania left England the gold price abroad has fallen lower, increasing the attractiveness of plans to send gold here. STANDARD LIFE FIRM OBSERVES FIRST YEAR 300 Officers, Salesmen and Friends Celebrate Anniversary. The first anniversary of the Standard Life Insurance Cos. of Indiana was celebrated by approximately 30 Oofficers, salesmen and friends at a banquet at the Columbia Club last night. Harry C. Leslie, president of the company and former Governor of Indiana, was introduced by Judge Charles E. Smith of the Madison Circuit Court, who acted as toastmaster. Floyd E. Williams, vice president, and Judge Fred A. Wiecking of the Indiana Appellate Court, who was the principal speaker, also were presented with Mr. Leslie. Preceding the banquet yesterday afternoon, all officers and board members were re-elected at a stockholders meeting held in the company’s offices. E. M. Boss, Brownstown, and Dr. J. N. Canaday, Indianapolis, were elected as new directors for two-year terms. Mr. Leslie pointed out at the business meeting that the firm had written $3,101,000 in life insurance during the last year. PL A MERGER 0 F 3 OIL FIRMS REPORTED Richfield, Pan-American, Rio Grande May Consolidate. By United Press LOS ANGELES, April 18.—Plans for consolidation of Richfield Oil Cos. of California, Pan-American Petroleum Corp. and Rio Grande Oil Cos. were disclosed today by attorneys for Harry F. Sinclair, chairman of the executive committee of Consolidated Oil Corp. The proposed consolidation, now being worked out by the New York banking firm of Kuhn, Loeb and Cos., soon will be presented in Federal court for approval. The Sinclair statement did not indicate what price would be offered for the Richfield properties, which are being operated by a Federal receiver. Federal Judge William P. James recently set a minimum sale price of $29,655,510. Sinclair previously refused to bid on the properties at that price.

FIRST MORTGAGF. LOAMS wrfrU On well located. \ modern Indian- laißLff BwfiiT apolis property. 6 1 * INTEREST /A. m Weekly Pay- / y 'o meat*. No Commission. HOME BUILDERS SAVINGS * LOAN ASSOCIATION 1000 Lemcke Bide.