Indianapolis Times, Volume 48, Number 34, Indianapolis, Marion County, 20 April 1936 — Page 11

Trends War Profits Bill Run Gamut of Committees. BY JOHN T. FLYNN

NEW YORK, April 20 —lt is about a year now since the Senate Munitions Committee was exciting the country with its proposals to take the profits out of war. What has become of that bill? Some contradictory accounts of its status and fate have appeared lately. And as a good many Amer-

cans are interested in this subject it may be well to describe here precisely what has hap p e ned to thus bill. It may be remembered that the bill aimed to take the profits out of war by adopting the theory that the profits of war come from war inflation. Wars are fought with borrowed funds. In the last war

i 'W

Flynn

we spent $33,000,000,000, but we borrowed $22,000,000,000 of it through the banks. This produced a gigantic inflation which sent prices up, made wages and profits soar and incidentally made the war cost twice as much as it should have cost and threw our whole economic system out of gear. a a a OF course, the greed of certain men helped this along. But they could have done but little if the artificial purchasing power had not been created for them by the vast government borrowing and inflation. The war-profits bill proposes to prevent the inflation by preventing the borrowing. And this it does by attempting to pay for any war we fight out of taxes. In other words, people will be taxed to pay for the war as it is carried on. The bill is built around this central idea. It was unanimously reported to the Senate favorably by the munitions committee at the last session. But because the bill had in It many provisions affecting our military affairs in the event of war, it was then referred to the military affairs committee. There representatives of the War Department and the Navy Department appeared and, after some changes, declared themselves in favor of the bill. They expressly reserved, however, that they did not presume to offer any opinion about the taxation features. The bill was reported favorably without dissent by the military affairs committee. ana THEN, because of the taxation features, it was referred to the finance committee. New bills have run the gamut of so many committees, but it was necessary in this case because of the many features hi it. A subcommittee of the finance committee, headed by Senator Tom Connally of Texas, heard discussions last session. It was decided to refer the tax features to the Treasury Department for study and to the joint committee of the Senate and House on taxation. Mr. Parker, the expert of that committee, and his assistants and the Treasury Department studied the bill through the summer. The Treasury submitted a 141page report. Asa result, the subcommittee of the finance committee took the bill back to the whole finance committee for instruction on certain elementary points of policy. The bill has now gone back to the subcommittee. And there some revision of its rates will be made. Rates in the higher brackets will be somewhat reduced and those in the lower brackets perhaps increased. But no change has been made in the fundamental conception of the bill. (Copyright, 1936, NEA Service, Inc.)

POST-EASTER BUYING BETTER THAN IN 1935 Sales Rise 2 to 5 Per Cent Over Same Week Year Ago. Times Special NEW YORK. April 20.—The aft-er-Easter decline of consumer buying was less in evidence this year, Dun & Bradstreet, Inc., reported today. Unfavorable weather of the preceding week merely postponed fulfillment of many urgent needs. The result was that sales were 2 to 5 per cent higher than in the corresponding 1935 week, which was the peak of the Easter trading. Gains in New England ranged from 4 to 8 per cent, in the East 3 to 6 per cent, in the middle West 5 to 8 per cent and in the South 8 to 10 per cent, Salqs, however, in the Southwest and the Northwest were under the totals for 1935. Wholesale trade increased. and some leading markets reported the number of buyers during the week was larger than at any time in more than a month as store stocks had been reduced. On Commission Row (Quotation below subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUIT —Btrawbernes: Louisiana. 24-pt. crate. $3.25: Alabama. 24-qt, crate. $5. L.mes—Mexican, carton. 20c. Bananas, seven hands, pound. 5c Apples—Delicious (fancy baskets). $2.15; Rome Beauty. $1.35. Lemons—Sunkist (300s), 65 23. Grapefruit —Red Ball (360s>. $5.75. Pineapples—t24s) crate, $5 25. Grapes—S. America. 20-lb. fcox, $3: Honey Dews. S. America, $3.50. VEGETABLES—Beans. green round stringless (hampers). 33 25. Beets—Texas (3 doz. crate). $1.65; cut offs (bu.). Cabbage—New Texas (crate), $2.85. half crate. $1.50. Carrots—California i6-doz. crate). *3; Texas i doz., crate). 60c. Cauliflower, California (12s crate). *1 90. Celery —Florida washed and trimmed idoz), 45© 85c; Florida (4s, Bs. 10s crate). $3.25. CucumberHHothouse tdoz.i. $135 (two doz., box). $2.50. Egg plant—Florida (dozi, $1.75. Kale—(Virginia busheli. 85c. Let-tuce-Iceberg. Arizona ibest 6s. ss). $4.25; home grown leaf (15-lb. basked. $1.25. Endive —California tdoz.t, 75c. Peppers— Mangoes (cratei. $3 50; peck basket, 90c: doz.. 30c. Mint—Hothouse idoz.i. 60c Mushrooms—Pound. 30c. Mustard—Texas half crate. *1.40. Onions—lndiana yellow (50-lb. bai,). 65c; new Texas Bermuda yellow. 50-lb. bag. *1.40. Parsley—Southern (long bunches, doz.i, 35c. Parsnips—Homegrown washed, bushel. $1: half-bushel, 60c Peas—Florida, hamper. $3 35. Potatoes— Michigan Round Whites, 100-lb. bag. $1 90Maine Green Mountains. 100-lb. bag, $2 50' R R. Early Ohio, 100-lb bag. $2 R R Triumph. 100-lb bag. *2 10: Idaho Russets, 100-lb. bag. *2.65- Idaho Bakers. 70s box, *2 50; Hew Florid* Triumphs. 50-lb. bag. *2 25. Sweet potatoes—Tennessee Nancy Halla, hamper*. II 80. Radishes -Home grown but’on*, do*., 65075 c; white, 50© 60c. Rhubarb—Hothouse. bunch. 60c. Rutabagas—Northern 50-lb bag. *1.25. Sage —Doz, 45c. Shellots—Louisiana, do*, 35c. Turnips—New. bulk Texas, bu, *1.25. Tomatoes—Repacked. 10-lb. box. 81.36 Hondo, orifc IMJ. fug. M.M.

♦ ♦ Abreast of The Times on Finance ♦ ♦

AGREEMENT ON SILVER POLICY AGAIN RUMORED

Possibility of International Pact for Metal Is Studied. By United Press WASHINGTON, April 20. A slight increase in the open market price of silver and the recent conferences of Treasury experts with Chinese representatives prompted speculation today on the possibility of an international agreement affecting the future of the metal. Officials declined to comment on the possibility of an agreement among the United States, Great Britain and China which would help steady the silver price and bolster the Chinese currency situation. The most authoritative indications were that officials did not consider such an agreement likely at present. Speculation Still Persists Speculation persisted, however, as a result of the recent conferences of Chinese fiscal experts with United States Treasury officials and Secretary of Treasury Henry Morgenthau Jr. In some quarters opinion was that the rise in London and New York prices was due more to speculation than to arrangement between nations. It was considered possible that speculators were lifting the price in anticipation of the completion of such an agreement. Another explanation offered here for the increase was arrival of the marriage season in India, with its concurrent demand for silver to be used in dowries. This event annually has affected bullion markets. Only Slight Rise in Price The rise in price of the metal so far has been slight. Throughout the year silver has tended to maintain a much more stable level than in 1935 when the Treasury allowed the world price to collapse when it withdrew its support on the London market. The fluctuation in price this year has been comparatively slight, fiom a high of 49 3 /i on Jan. 2, to a low of 44 3 i listed in New York on Jan. 20, and maintained steadily for weeks. In London the price was also highest on the second day of the year when it remained at 22% pence. It has since fallen at times as low as 19. Economists were doubtful that any actual agreement that might affect the open market price was in the offing with China. China has suffered difficulties through the vacillations of our Treasury’s silver policies last year.

1929 RENT LEVELS SEEN IN 18 MONTHS Statistics Show Sharp Gain for January. Times Special MINNEAPOLIS, April 20.—Rents will be back at their 1929 levels in 18 months if the present rate of monthly increase of rents paid by wage-earners is maintained, C. J. Ryan, vice president of Investors Syndicate, predicated today. “Rents today are rising nearly one-quarter of one per cent a month more rapidly than they increased in the post-war bulge of 1922-1924,” said Mr. Ryan. “Residential rents in 173 American cities, population of which is onethird of the country, now are advancing 1.35 times as fast monthly as they fell monthly between 1929 and 1934. Their gain in the last 25 months was 57.2 per cent of their decline in the preceding 59 months. “A study of rent statistics by Investors Syndicate showed average rents paid in these cities are up 18.2 per cent, between January 1934 and February, 1936, or an average of .73 of one per cent a month. ISSUES QUARTERLY REPORT Times Special NEW YORK, April 20.—Fundamental Investors, Inc. today reported that total assets at market value increased from $3,873,304.35 on Dec. 31, 1935, to $5,295,737.61 at the end of the first quarter this year which ended March 31. SALES SHOW INCREASE Times Special NEW YORK, April 20—Sales of the American Colortype Cos. for the first quarter this year amounted to $2,211,916, compared with $1,968,618 for the same period of 1935. New Bond Issues (By W. L. Lyons & Cos.) Bid. Ask. Asso Tel 4s ’65 104 s . 105% Atlanta Gas Lite 4%s ’55 100 101 B& O ’39 99% 99% Blackstone Val G i E (s ’65 10b% 108 s 4 Boston & Albanv 4%s ’49 ... 103% 104% Cent Maine 4s ’6O 102% 103 Cunt 111 3%s ’66 105% 105% Chicago Sts 3%s ’63 105% 105% Cleve Elec 111 3%s '65 100% 100% Cleve Tractor 5s ’45 .104 Columbus Rw.v P & Y 4s ’65 105% 105% Canadian Gvt 3%s ’6l .. 100% 100% Conn River P & L 3%s ’6l. ,104% 104% Consolidated Ed 2%s ’46 ...102% 102% Consolidated Ed 3%s ’56 ...100% 100% Consumers Pow 3%s ’70... 103% 103% Cont toel 4s ’46 102 Cudahy Pkg 3%s ’55 102% 102% Cudahy Pkg 4s ’SO . 104 104% Dayton P & L 3%s ’6O 105% 106 Duquesne Lite 3‘is ’65 106% 106% Bastern Gas & Elec Fuel 4s ’56 96% Edison Ilium Bost 3%s ’56...104% 104% Jones & Laughlin 4%s ’6l ... 98 98% Kansas P & L 4%s ’65 108 108% Keystone W & S 4s 45 101 Loews 3%s ’46 96 96% Los Angeles G & E 4s ’7O 105% 105% Maine Cent 4s ’45 100 100% Metro Ed 4s ’65 106% Monon W P 4%s ’6O 104% 105 Natl Dairy 3%s ’6l 101 101% N Y Edison 3%s ’6O 101% 101% N Y Cent 3%s ’46 97% 97\ Norway 4%s 56 100% 100% Norwav 4%s ’65 97 Ohio Edison 4s ’66 104% 105 Pacific Lite 4%s ’45 105 s . 106 Pacific G & E 3\s ’6l 103'4103% Pacific Tel 3'is ’66 101 s . 102 Penn R R 3*s '7O 100% 100% Punn Tel 4s ’65 105% 106% Pub Serv N H 3%s ’6O 105 105% Pub Serv Okla 4s 66 102% 102% Railway & Lite 4%s ’55 110 111 Reverse Conper 4%s ’56 104 104% San Diego G & E 4s ’65 108 Sharon Steel 4%s ’57 108 108% Cos Cal Gas 4s ’65 104% 104% Cos Cal Ed 4s ’6O 107 107*, 80 Cal Ed 3%s ’45 104% 105*, So Western G At H 4s ’6O 102 s . 103% A E Staley 4s ’46 104% . Union 7*ac 3%s ’7l 98% #% Virginia Rwy 3%s ’66 102% 102% )Ve*t Penn 3%* 63 IOSk 106

New York Stocks

(By Thomson & McKinnon) 11:15 Oils— High. Low. N. Y. close. Amerada 108 108 108 108 Atl Rfg 32*4 32 32 31% Barnsdall 18% 18% 18% 18% Consol Oil 13% 13% 13% 13% Cont of Del ... 34% 33% 33% 34% Mid Cont Pet ... 21% 21% 21% 21% Ohio Oil ...i... 14% 14Va 14% 14% Phillips Pet ... 47 46% 46% 46% Plymouth Oil ... 15% 15% 15% 15% Pure Oil 22 21% 21% 21% Shell Un 17% 17% 17% 17% Skelley Oil 27% 27% 27% 28% Soc Vac 14% 14% 14% 14% S Oof Cal 43% 42% 42% 43% S O of Ind 37% 37% 37% 37% SOof N J 63% 63% 63% 63% Texas Corp . 38% 37% 37%, 38% Tidewater Assn. 18% 18% 18% 18 Un Oil of Cal... 25 25 25 25 Steels— Am Roll Mills... 30% 29% 29% 30 Beth Steel 59 58% 58% 58% Ludlum Steel ... 27% 27% 27% 27% Mid Steel 42% 42% 42% 42 Otis Steel 18% 16 18V# 15% Rep Iron & Stl 23% 23% 23% 23% U S Pipe <ss Fdy 36% 36% 36% 36% U S Steel 69% 68% 68% 68% U S Steel pfd... 130% 130% 130*% 130 Warren Bros . 8% 8% 8% ... Youngst’n 8& T 58% 58% 58% 58% Motors— Auburn 43% 43% 43% 43 Chrysler 99% 98% 98% 98% Gen Motors .... 67% 67% 67% 67% Graham Mot .. 8% 2% 2% 2% Hudson 17 % 17% 17% 17 Va Mack Truck ... 33% 33% 33% 33% Nash 19% 19*4 19% 19%. Packard 11 10% 10% 10% Reo 7 6% 6% 6% Studebaker 13V* 13 13% 13 Yellow Truck .. 19% 19 19% 19 Motor Acess— Bendix 29% 29% 29% 30 Borg Warner ... 73% 73 73 72% Briggs 51% 51 51 51% Budd Mfg 14% 13% 14% 13% Budd Wheel 10% 10% 10% 10% Elec Auto Lite ..38 38 38 38 Elec Stor Bat .38 38 38 38 Grey hound ‘B’ 59% 59 Vi 59 % 59 Va Houdaille 25% 25% 25% 25% Murray Body .. 17% 17% 17% 17% Timken Roll ... 63% 63 63% 64% Timken Det Axle 16 15% 15% 16 Mining— Alaska Jun .... 14 14 14 14 Am Metals 32 32 32 31% Am Smelt 79% 78% 78% 79% Anaconda 38% 38% 38Vg 38% Cal & Hecla .. 12% 12'/a 12% 12 Cerro De Pasco . 55% 55% 55% 56 Dome Mines .. 47% 47% 47% 46 Howe Sound .... 52% 52 52 52 Ins Copper 12% 12% 12% 12% Int Nickel 48Va 48 Vi 48'% 48 Kennecott Cop.. 40% 40% 40% 41% Mclntyre Mine.. 42% 42% 42% 42% Park Utah 4% 4% 4% 4% Phelps Dodge .. 38 37% 37% 38% U S Smelters 89% 89% 39% 90% Vanadium 23 22% 22% 21 Vi Amusements— Crosley Radio .. 23% 23% 23% 23% Pox Theater 26% 26% 26% 26% Loews Inc 45 44% 44% 44% Radio Corp 12% 12% 12% 12% Paramount 8% B Vs 8% 8% R K O 6 % 6% 6% 6% Warner Bros 10% 10 10 10% Tobaccos— Am Sum Tob ... 23% 23% 23% 24 Am Tob (A) 90Va 90% 90Vi 90% Am Tob fßi . .. 92% 92 92 92 Lig & Myers (B) .103% 103% 103% 103 Lori, Hard 22 21% 21% 22 Phillip Morris ... 83% 83% 83% 83 Reynolds T (B).. 52% 52 52% 52 Rails— Atchison 79 Vi 79 79 79 Atl Coast Lines.. 28% 28% 28% 28 B& O 20 Vg 20 20 20 Can Pacific 12 12% l2Vi 12% Ch & Ohio ..... 57% 57% 57% 57', C M & St P. 2 2 2 2% C M & St P pfd 3% 3% 3% 3% Dela & Hud 45 45 45 45% Del Lac & W 18% 18Vi 18% 18% Erie Pfd 20% 20 20 21 Gt Northern pfd 37% 37 37 37% 111 Central 24 23 Vi 23% 24 % IJ C Sou 21% 21 21'/a 21 Vg LOhigh Valley .. 10% 10Tb 10% 11 M K & T . . .... 8% 8% 8% 8% MK & T pfd .. 23 % 23 % 23 Vg 23 % N Y Cent 38% 38 38 39 N Y New Haven. 3% 3% 3% 3% Nor Pacific 32 32 32 32 Penn R R 32% 32% 32% 32% Sou Pac 35 Vi 35 % 35 % 35% Sou R R 16Vi 16'/a 16% 16% Equipments— Am Car & Fdy.. 36 36 36 36 Bald Loco 3% 3% 3% 3% Gen Am Tk Car 46% 46% 46% 46% Gen Elec 39% 39% 39% 39% Pullman Inc 44% 44 44% 43% West Air Br 42% 41% 42 42% Westingh Elec ..117 116% 117 117% Utilities— Am & Frr Pwr . 8% 8% 8% 8% Am Pc er & Lit 11% 11 Vi 11% n% A T & T 165 164% 165 165 Am Wa: Wks ... 23% 23Vg 23% 23 Col Gas & Elec.. 19% 19 1914 1914 Comm & Sou ... 2% 2% 2% 2% Consol Gas 32% 31% 32% 32% Elec Pwr & Lit. 14% 14% 14% 14% Int T’&T ..... 15% 15*4 15Vi 15% Lou G& 0 “A” 21% 21% 21% 21% Nat Pwr & Lit.. 11 11 11 n North Amer 27% 27% 27% 27% Peoples Gas ... 44% 44% 44% 44 Pub Serv N J ... 40% 40% 40% 40% So Cal Edison... 26% 26% 26% 26% Std Gas 7 7 7 7' Stone & Webster 18% 18% 18% 19 United Corp .... 6% 6% 6% 6% Un Gas Imp 16 16 16 16 Ut Pwr & Lt A 5% 5% 5% 5% Rubbers— Goodrich 21% 21% 21% 22 Goodyear 30 29% 29% 30% U S Rubber 31% 31% 31% 31% U S Rubber pfd 76% 76 76% 76 Vi Miscellaneous— Allis Chalmers.. 46% 46% 46% 46% Am Can 122% 122% 122% 122% Brklyn Man Tr . 48% 48% 48% 48% Burroughs Add 27% 27% 27% 27% J I Case .. .163% 162% 163% 163 Caterpillar Tract 78 78 78 77% Crown Cork . 59Vi 59% 59Vi 58 Eastman Kodak. 166% 166% 166% 165% Foster Wheeler. 33 33 33 32% Glidden 50% 50% 50% 50% Inter Harv 88% 86 86 85% Natl Cash Reg.. 25 25 25 25 Rem Rand 22 22 22 22 Underwood E .. 90% 90% 90*4 91 Foods— Armour 5% 5% 5% 5*4 Beatrice Cream. 23% 23Vi 23% 23% Borden Prod .... 27% 27% 27% 27% Cal Packing .... 33% 33% 33% 33% Canada D G Ale 12% 12% 12% 12% Coca Cola 88% 88% 88% 88% Cont Bak ‘A’ 16*2 16% 16*2 16V2 Corn Prod 75% 75% 75% 75% Crm of Wheat . 35 35 35 35 Cuban Am Sug.. 11% 11% 11% 11 % Gold Dust 18% 18% 19% 19% Natl Biscuit. 33% 33% 33Tb 34 Natl D Prod ... 22% 22% 22% 22% Purity Bak .... 12% 12% 12% 12*4 Std Brands 15% 15% 15% 15% Un Biscuit 25 25% 25% ... Retails Stores— Allied Stores ... 8 8 8 8 Assd Dry Gds.. 15% 15% 15% 16% Gimbel Bros ... 9% 9% 9% 9% Kresge S S 22 22 22 22 Kroger Groc . 23% 23% 23% 23% McLellan St ... 12*4 12% 12% 13 May Dept St ... 47 46% 46% 47 Mont Ward ... 42% 42% 42% 42% Penney J C 77 77 77 76% Safeway St ... 32% 32% 32% 32% Sears Roebuck.. 66* 3 66 *g 66 % 66 Woolworth 48 47% 47% 67% AviationAviation Corp .. 6% 6% 6% 6*/g Curtiss Wright.. 6% 6% 6% 6% Curtiss Wright A 16% 16*4 16% 16% Douglas Air 63% 63% 63*4 63% Nor Am Av ... 9% 9% 9% 91/Sperry Corp .10 19 19 19% Unit Aircraft N. 24Tb 24% 24% 24% Chemicals— Am Com Alcohol 27% 27% 27% 27% Col Carbon ... 122 122 122 122 Com Solvents ... 19 18% 19 18% Du Pont 144% 142% 144 145% Freeport Tex .. 30Vi 30 30% 30 Liquid Carb ... 39 38% 39 38% Math Alkali ... 30% 30% 30% 31 Investment Trusts (By Thomas D. Sheerin & Cos.) .. , , Bid. Ask Administered Fund 2nd $16.61 sl7 67 Affiliated Fund. Inc 1.91 210 American General Equities... 1.09 111 American Business Shares... 1.16 126 Broad St Inv 29.48 31 43 Bullock Fund Ltd 18.00 19 38 Century Shares Trust 26.73 28 74 Collateral Tr Shares ‘A’ 8.55 663 Corp ‘AA’ or Accum’ (mod.) 3.34 3.38 Corp ‘AA’ or ‘ACC (unmod.) 2.66 269 Corp Trust Shrs torig.t 2.78 281 Diversified Trust Shrs ‘B’ 10.45 10 55 Diversified Trust Shrs ’C 4.53 457 Diversified Trust Bhrs ‘D’.. 6.72 680 •Dividend Shares .Inc 164 f 677 General Inv Tr 5.93 662 •Incorporated Investors 22.50 24 04 Investors Fund Amer 1.06 116 Market St Investment Corp.. 30.86 32 48 Maryland Fund 19.25 20 76 •Massachusetts Investors .... 25 46 27 67 •Nation-Wide Sec Cos. ’B’ 432 Nation-Wide Voting 17g j 93 North Am Tr Shrs 1955 334 337 North Amer Tr Shrs 1956 330 333 North Am Tr Shrs lorig.).. 2.55 •Quarterly Income Shares.... 1.57 173 Representative Trust Shrs 12.53 Selected Am Shares. Inc 1.54 i6B Selected Am Shares (orig.) ... 3.66 Selected Cumulative Shares ... 9.47 957 Selected Income Shares 494 504 State Street Investment Corp.. 9.75 104 75 Super-Corp of America ‘A’ .. 2.81 285 Super-Corp of America ‘1..’.. 285 289 Super-Corp of America A.. 4.22 427 Super-Corp of America ‘B’ 4.41 446 Super-Corp of Am - C’ and TANARUS/ 8.14 Supervised Shrs. Inc. (Dela.) . 13 29 14.44 Trustee Btand Oil Shares A’. 7.34 741 Trustee Stand Oil Shares B’.. 658 6.66 Trustee Stand Invest ‘C’ ... 2.95 299 Trustee Stand Invest ’D‘ 2.89 293 Universal Trust Shrs 4.30 4.?5 Uselps - A‘ 18.85 .... Uselps - B' 2.89 .... Uselps Voting 1,12 United Stand Oil runds 10.30 1.43 xSx-Dividaad.

MONDAY, APRIL 20, 1936

Schenley Dist .. 42% 42% 42% 43% Tex Gulf Sulph.. 34% 34% 34% 34% Union Carbide 83% 83% 83% 83% U S Indus Alcoh 52% 51% 52% 51% Drugs— Coty Inc 5 5 5 5 Lambert 22 22 22 22 Sterling Prod .. 69 69 69 69 Un Drug (new). 12% 12*% 12% 12% Zonite Prod .... 7Vi 7% 7% 7 Financial— Adams Exp Allegheny Corp . 33 33 Am Int Corp ... 12% 12% 12% 12 Lehman Corp ... 97* 8 97 97 Transamerica .. 13% 13% 13% 13% Tr Cont Corp.. 9% 9% 9% 9% Building— Am Radiator ... 22% 22% 22% 22% Holland Furnace 40V2 4040 40% Johns Manville 100 99 100 102 Libby Owens Gls 57% 56% 56% 56 U S Gypsum 92 90* 3 91 % 95y. Household— / Col Pal Peet .. 17% 17% 17% 17% Congoleum 37% 37% 37% 37% Kelvinator 22 21% 21% 22 Proc & Gamble 45% 45% 45% 45% Servel Inc ...... 19% 19% 19% 1914 Simmons Bed ... 29 28% 29 29% Textiles— Celanese Corp... 26% 26 26 26 Collins Aikman .47 46% 47 47 N. Y. Bonds (Reprinted From Late Times Saturday) DAILY BOND INDEX 20 20 20 60 Inds. Rails, Utils. Bonds. Today 91.3 91.6 105.0 96.0 Yesterdav 91.3 91.9 104 9 96.1 Week ago 91 6 92.8 105.0 96.5 Month ago 92 0 92.4 105.3 96.6 Year ago 86.3 75.0 95.9 85.8 1936 high 93.4 95.6 105.5 97.9 1936 low 91.5 84.7 103.5 93.3 (Copyright. 1936. bv Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott, Proctor is Paine) Treasurys Prev. ... .... Close Close 3%s 1940 108.18 108.19 3/4S 1941 108.31 109.2 3%s 1946-49 105.29 105.29 3%s 1949-52 105.23 105.24 3s 1946-48 104.30 104.29 2%s 1945-47 103.11 2%s 1951 102.2 102.2 Home Owners Loan Corp. 2%s 1949 101.24 101.27 3s 1952 102.29 102.30 Federal Farm Mortgage Corp. 3s 1949 103.22 103.12 3s 1941-47 103.20 103.23 2%s 1949 102.13 102.13 DOMESTIC Prev. Close close Alleg Corp 5s ’44 93% 93% Alleg Corp 5s ’49 88% 88% Am Frgn Pow 55.. 2030 76 76 % Am Tel & Tel 5%s ’43 113 113 Am Tel & Tel 5s ’65 113% 112% Arm & Cos 40 ’55 . . . 98 98 Atl Coast Line 4s ’52 96% 97 Atl Coast Line 4%s '64 81% 82 Atch Top & Se Fe 4%s ’4B ... 111% 11% Am Wat Wks 5s ’44 103 103 Am Rolling Mills 4'As ’45 119 Vi 19% Balt & Ohio 6s ’95 94 94% Balt & Ohio 4Vis ’6O 71% 71% Buff Roch & Pitt 4 Vis ’57 79 79% Beth Steel 4'As ’6O 105% 105% Chi Milw &StP 5s ’75 20% 20% Cleve Un Term 5s ’73 107 'O6 */i Cleve Un Term 4%s ’77 102% 102% Col Gas 5s May ’52 103% 103% Col Gas 5s April ’52 .103% 103% Col Gas os ’6l 102% 103 Can Pac Perjp 4s 92% 91% Big Four 4 Vis ‘77 90 Vi 91 Big Four 5s '63 97 98 Colorado &So 4%s ’BO 69% 70 Vi Chi & West Ind 4s ’52 103% 104 Chi & Nor West 4%s ’49 12% 13% Chesa Corp 5s ’47 130% 131 N Y Dock 5s ’3B 67 Va 68 7 /a Erie 5s ’75 76 76% Erie 5s ’67 7714 77i,_ Grt Northern 7s ’36 101.7 1018 Grt Northern 4%s ’77 101 101% Gen Stl Cash WW 5%s '49 31 82 Hud & Manhat Ref 5s ’57 ... 84% 85% 111 Cent 4%s ’66 751/2 701? } Cent Jt 4%s ’63 !. 80 81% 111 Cent 5s 63 83 84Vi Interntl Hy Elec 6s ‘44 42 41V4 Interntl Tel & Tel 4%s ’39.... 94% 94% Interntl Tel & Tel 5s ’55 34 85 * Interntl Tel & Tel 5%s ’52.... 30% 80% P Lonllard 7s ’44 131% 131% McKess & Rob sVis ‘SO 103% 103% Natl Dairy s*4s ’4B 103% 103% Natl Steel 4s ’65 106% 106% Nickel Plate 4Vis '7B 82 82% Nickel Plate sVis ‘74 93% 93% N Y Cent 5s 2013 92% 92% N Y Cent 4%s 2013 (old) 84% 85% Nor Amer Cos 5s ’6l 105 105 Nor Pac 3s 2047 81 81% Nor Pac 4%s 2047 102% 102% Nor Pac 6s 2047 .... 111% 111% Nor States Pow 5s ’4l 104% 104% New Orleans Term 40 ’55 91 91 % Otis Steel 6s ’4l 102% 102% Penn Ry 4'As *Bl 107% 107% Penn Ry 4%s ’7O 102 102* : > Pac G & E 5s ’42 102% 103% Portland Gen El 4%s ’6O 72% 72% Para Publix 6s ’55 86% 87 Penn P is L 4%s ’Bl 106% 106% Postal Tel & Cab 5s ’53 31% 31% Rem Rank W W sVis ’47 104.8 104 8 _ Sou Pac 4Vis '6B 90 90% Sou Pac 4Vis ’Bl 89% 89% Sou Pac 4 Vis ’69 90 90% Sou Pac 4s ’49 92% 92Vi Sou Rail 4s ’56 61 61% Sou Rail 6s ’56 79 791/2 Texas Pac 5s ’79 103 s /. 102% Union Pac 4s *47 / 113% 113% United Drug 5s ’53 100% 100% U S Rubber 5s ’47 106% 106% NY NH & Hart 4%s ’67 32% 32Vi Warner Bros 6s ’39 941/2 95 Western Mary sVis ’77 107% 108 Western Mary 4s ’52 100% 100 Youngstown S T & 5s ’7O 106% 106% Youngstown S & T 5s ’7B 105% 105% FOREIGN Argentina A6s ’57 100% 99% Brazil 8s ’4l 32 311/2 Canadian Govt 4s *6O 107% 107% Denmark sVis '55 101 101 German sVis ’65 24% 24% German 7s ’49 32% 32% Italy 7s ’sl 73% 73% Japan 6Vis ’54 94% 94% Rome 6%s '52 64% 64 Yokohama 6s ’6l 79% 80% Chicago Stocks (By Atkins, Hamill & Gates) 11:30 Prev. A. M. Close. Associated Investors 34% 34 Berghoff 12 11% Butler Brothers 9% 9'A Cities Service 5% • 5% Continental Steel 4040% Cord 6% 6 Vi Crane 29 Electric Household 15% 15Vi General Household 7% 7% Godchaux Sugar "A” 36 36% Grt Lakes Dredge 30 30% Jarvis Mfg 21% 21% Katz Drug 39% 39% Lincoln Printing 11 s ,g 11% Lion Oil Refining 12% 12% Nat Gypsum 57% 58 Northwest Engineering 24 25 Perfect Circle 36% .. Zenith 17 s ,g 17 Vi New York Curb (By Atkins, Hamill & Gates) • 12:30 a.ra. Prev. N. Y. close. Aluminum Cos. of America 132% 131 % Am Cyanamid )Bi 35% 35% Am Gas and Electric 37% 37% Am Superpower 2% 2Vi Ark Natural Gas (A) 6% 6% Atlas Corp 13% 13% Creole Petroleum Corp 28% 27% C’rocker-Wheeler 11% 11% Elec Bond and Share 21% 21% Ford Motors (Canada) “A”.... 23% 23% Gulf Oil Corp of Penn 91'4 91% Humble Oil and Refining Cos.. 67% 67% Hygrade Food 5% . 5*54 Int Vitamin 8’ 2 8% Imperial Oil of Canada 23Vg 23Vg Irving Air Chute 22 % 23 % Lake Shore Mines 53 52 % Molybdenum Corp of Amer... 10% 9% Natl Bellas Hess. Inc 2‘g 2% Niagara Hudson Pwr 9% 9% P'.n-Amer Airways 59 % 59Vg Pennroad Corp 4% 4*4 Root Petroleum 15% 15*2 St Regis Paper Cos 4% 4*4 Segal Lock 33% Sonotone 33 Sterchi Brothers Stores 4% ... Stutz Motor aCr of Amer 3% 3*4 Tubize Chatillon Corp 7% 7 Wayne Uump 30% 30% Produce Markets The prices quoted are paid for stock gathered in the country, while delivered in Indianapolis the price is 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. 1 strictly fresh eggs loss off, 17c; delivered in Indianapolis, 18c. Each full case must weigh 55 lbs. gross, a deduction of 10 cents a pound under 55 lbs. will be made. No. 1 butter. 33®34c; No. 2. 30@31c. Butterfat. 27c. TREASURY STATEMENT )Bv United Press) WASHINGTON. April 20.—Government expenses and receipts for the current fiscal year to April 17, as empared with a year ago; This Week Last Week Expen. .$ 5,727,815,453.55 $ 5.494,933.654.27 Receipts 3.244,696.664.23 3.019,917,004.33 Deficit . 2.483,118,789.32 2,475,016.649.94 Cash Bi. 2.605,050.298.73 2,180,410,850.35 Pub dbt 31.447,038,563.38 28.750.136,613.98 Gold res 10.206,202.314.73 8.571,750.730.67 Customs 311,315,2tUJ 272,108,298.49

LABOR URGES U. S. BUSINESS TO GUT HOURS

A. F. of L. Warns Industry Present Is no Time to Temporize. By United Press WASHINGTON, April 18.—The American "Federation of Labor warned today that business must increase wages, shorten hours and put unemployed to work in industry, or be reconciled to maintaining “a standing workless army seething with discontent.” The rising tide of business expansion, the A. F. of L. said, in its monthly business review, is becoming “irresistible,” marked by increased industrial profits and a rising stock market. On the other hand, the review pointed out, more than 12,000,000 persons remain unemployed “in spite of all the gains of the last three years.” “No Time to Temporize” “The present is no time for temporizing,” the A. F. of L. declared. “Either we make the transition from government support to provite employment by increasing wages, shortening hours and putting the unemployed to work in industry, or we keep a standing workless army seething with discontent because of the injustice done them on denying jobs at decent pay. “Already the unemployed are organizing and recent demonstrations show that American workmen will not submit forever to forced idleness and public support. This is the more true, since they know that American industry is equipped to produce goods and services enough for a comfortable level of living for every American family, and that capacity production, planned to meet the nation’s needs, would give work to every man and woman desiring it.” Proper Schedule Urged Failure of industry to absorb the unemployed was blamed by the A. F. of L. on lack of “a plan to coordinate our thousand industries and make them produce for the nation’s needs. “Once such a program for production, distribution and service were put in effect, the problem of unemployment would solve itself,” the review stated. Under a “proper schedule of workhours,” the federation contended, wage and salary workers would increase from 25,637,000 as of last February, to 38,072,000 —a gain of 12,435,000 which would take care of all unemployment.

SHIPMENTS OF PRODUCE GAIN Carlot Movements Increase 2000 in Second Week of April. Times Special WASHINGTON, April 20.—Shipments of fruits and vegetables increased approximately 2000 cars during the second week of April, due mostly to a more active movement of potatoes, new crop onions, cabbage, asparagus, cauliflower and peas, the weekly report of the Department of Agriculture revealed today. Leading midwestern markets reported a fairly good demand for standard fruits and vegetables. Cold weather for this time of year had a tendency to retard the consumption of such products as strawberries, new potatoes and cabbage, and also strengthened the market for a few lines because of lateness of southern truck crops. The market for southern onions, however, is still weak after the severe declines of early April and potatoes show hesitation after recent rapid price gains. Prices of new cabbage strengthened, while western lettuce declined. Southern celery sold at irregular prices, and asparagus maintained a steady trading range. Texas beets advanced 10 to 25 cents a half crate. Prices of carrots are irregular and generally a little lower. Output was about steady for apples, citrus fruits, strawberries, lettuce and sweet potatoes, and moderately lighter for spinach, celery, tomatoes and peppers. Heaviest carlot gains occurred in potatoes, but price setbacks near the middle of the month cut down activity at various shipping points. Local Securities (Bv 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 or recent transactions. BONDS Bid. Ask. Home T & T. Ft Wye. 5%s ’55 103 105 Home T i TANARUS, 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 <5: Pwr, 6 1 ,is. 100 101% Ohio Tele Service. 6s 97% ... Richmond Water Works. 5s ..105 1 06% Seymour Water Cos.. 5s 101 104 Terre Haute T <fc L. 5s 106 108 Terre Haute Water Wks, 5s 102 104 Terre Haute Water Wks. 6s . .103 105 Traction Terminal Cos., 5s 74% 77% STOCKS Belt Rail <Ss Stk Yds Com 53 55% Belt Rail & Stk Yds pfd. 6s .. 52 Central Ind Pwr pfd, 7s ... 21 24 Home T&T. Ft Wavne. 75.. 52% 54% Hook Drugs Inc., com 17 18% Ind & Mich Elec Cos. Dfd. 7s .103% 106% 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 92% 95% Indpls W’ater Cos., pfd, 5s 102 105 N. Ind. Pub. Serv., pfd, 5%5... 63 65 N Ind Pub Serv., pfd 6s 70 73 N Ind. Pub Serv.. pfd. 7s 79 82 •Progress Laundry Cos., com 10 11% Pub Serv. Cos. of Ind., pfd., 6s 23 26 Pub Serv Cos of Ind., pfd., 7s 42 45 S. Ind. Gas & Elec. pfd. 6s 99% 102% Terre Haute Elec Cos.. 6s .. 89 91% Union Title Cos., com 19% 21% Ex-dividend. LOCAL CASH MARKET City grain elevators are paying 96 cents for No. 2 soft wheat. Otner grades on their merits. Cash corn new No. 4 yellow 86 cents and oats 16 cents*

PAGE 11

Business Studies

TREND OF OUR FOREIGN TRADE IS UPWARD boot j 1 1 — 1 roo I (U. S. DEPT. OF COMMERCE) J U A “j io ° 7-Nj\X* 5 “ O 9200 TP.A -/'-Tj'lr2 IMPORTS' — * ° (9?9 030 | 1931 1932 ~1933 19M~~ 1935 ~ )936 ~° THE BARKER CORP. GENERAL DISTRIBUTORS INCORPORATED INVESTORS

The business history of this country conclusively shows that our foreign trade directly gives unemployment. It is estimated that in normal times our foreign trade accounts for one-tenth of our production and employs about three million workers. In spite of unsettled foreign politics, and lack of international money stabilization, our 1935 exports gained 7 per cent over 1934 and 41 per cent over 1932; 1935 imports were 24 per cent greater than in 1934. Our imports increased faster than our exports. Reciprocal trade agreements by our State Department have been concluded with 10 foreign countries —Brazil, Canada, Cuba, Belgium, Haiti, Sweden, the Netherlands, Switzerland, Honduras and Colombia. Agreements also are being negotiated with seven other countries.

HOGS DISPLAY UNEVENJREND Market 5 Cents Higher on Heavy Classes; Others Steady, Lower. The pork market fluctuated in a narrow range in slow trading today at the Indianapolis Union Stockyards. Weights upward from 200 pounds were generally 5 cents higher than Saturday’s best average, while other classes were mostly steady. Bidding was lower on late arrivals. A more than normal supply, estimated at 5500, was offset by a strong demand prevailing in the various classes, encouraging the upturn in medium and heavy weights. Holdovers numbered 112. The top price held at $11.15. The bulk of 160 to 225 pounds cashed in at $11.05 to $11.15. Medium heavyweights scaling 250 to 300 pounds sold at $10.55 to $10.75. Heavy slaughter classes, weighing above 300 pounds, brought $10.15 to $10.40. Light slaughter pigs, from 130 to 160 pounds, were salable at $10.25 to $10.75, Packing sows held at $9.35 to $9.85. With prices tending irregular in the cattle market, initial trading developed slowly. Early indications were weak to largely 25 cents lower on most killing classes. Some low grade cows remained unchanged. Strictly good and choice steers were absent. Bulk eligible around $7 to $8.50. Heifers sold at $7 to $8.35. Probable bulk $8 down. Receipts were 1400. Veal prices were generally 50 cents lower. The bulk of good and choice kinds sold at $8.50 to $9. Receipts were 600. Fat lambs also were mostly 25 cents lower with quality considered. Bulk of Jambs weighing from 80 to 82 pounds sold at $9.35, while a single load of 93pounders sold at $9.25. No desirable wooled grades were available. Spring lambs and sheep scarce. Receipts were 1500. HOGS April Bulk. Top. Receipts. 14. $10.95011.05 sll.lO 5000 15. 10.90011.00 11.05 3500 16. 10.90011.05 11.05 4000 17. [email protected] 11.15 3500 18. 11.00011.15 11.15 1000 20. [email protected] 11.15 5500 Light lights. (140-160) Good and choice. .$10.25011.00 Medium 9.65010.40 (160-180) Good and choice... [email protected] Medium 10.50011.00 (180-200) Good and choice... 11.05011.15 Medium 10.60011.05 (200-220) Good and choice.. 11.00011.15 (220-2501 Good and choice.. 10.800-11.00 Heavyweights. (250-290) Good and choice.. 10.50 0 10.80 (290-350) Good and choice.. [email protected] Packing Sows. (273-350) Good 9.75 0 9.50 (350-425) Good . ... 9.50 0 9.85 (425-450) Good 9.250 9.60 (275-350) Medium 8.90@ 9.75 Slaughter Pigs. (100-140) Good and choice... 9.50010.25 Medium 8.50® 9.75 CATTLE —Receipts, 1400— (550-900) Choice $ 8.75 0 10.25 Good 7.75® 5.50 Medium 7.25@ 8.25 Common 5.75 0 7.25 (900-1100) Choice 9.50010.25 Good 5.250 9.75 Medium 7.25® 8.25 Common 6.250 7.25 (1100-1300) Choice 9.25010.25 Good 8.25® 9.25 Medium 7.25® 8.25 (1300-1500) Choice 9.50010.25 Good 8.25® 9.75 Heifers (500-750) Choice 8.000 8.75 Good 7.250 8.25 Common and medium 8.750 7.25 (150-190) Good and choice.... 7.250 8.75 Common and medium 5.50® 7.25 Cows Good 6.250 6.75 Common and medium 5.250 6.25 Low cutter and cutter 4.000 5.25 Bulls, good 6.25® 6.75 Cutter, com and med bulls... 5.75® 6.50 VEALERS —Receipts. 600— Good and choice SB,OOO 9.00 Medium 6.500 8.00 Cull and common 4.50© 7.00 Calves (250-500) Good and choice ... 6 00© 9.00 Common and medium 4.50® 6.25 Feed and Stocker Cattle (500-800) Good and choice 7.000 8.25 Common and medium 7.50 0 8.25 (800-1050) Good and choice .. 7.25 0 8.75 Common and medium 5.50© 7.2S Cows Good 4.75 0 5.25 Common and medium 4.50® 4.75 SHEEP AND LAMBS f —Receipts, 1500— 9 Lambs, 90 lbs. down; good and choice $10.75011.00 Good [email protected] Medium 9.750 10.25 Common 8.25@ 9 75 Ewts. (90-170) Good and choice . 4.500 5.60 Common and medium 3.50© 4.75 Yearling wethers, good choice 9.25© 9.65 Medium 8.25® 9.25 Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS Did. Ask. Bankers Trust 59% 61 % Central Hanover 111% 113% Chase 38% 39% Chemical National 55% 57% Guaranty 291 294% Irving 15% 17% Manufacturers 43% 51% National City 35 36% Cont 111 Chicago 152 1 56% First National Boston 46% 48% National Shawmut 27% 29 s . FIRE INSURANCE Aetna Fire Ins 51 53% American Ins of Newark 15% 16% Baltimore American 9% 10% Citv of New York 26% 28*4 Federal Inc 48% 51% Franklin Fire 30% 32 5 . Great American Ins 28 s . 30 Hanover Fire Ins 36% 38% Hartford Fire 72% 74% Home Ins 38% 39*4 Ins Cos of A 72% 74 5 , National Fire 72% 74% National Liberty 9% 11 s . North River 26% 28 % Phoenix 87% 89% U 8 Fire 55% 57% Westchester Fire 35V, 37% INDIANAPOLIS STATEMENT Clearing* $2,439,000 Debus 5,362.000

German Bond Issue Filed Another German bond registration, under rules compelling foreign issuers to register securities traded on American exchanges, has been announced by the Securities and Exchange Commission.

STOCK MARKET WEEK IN REVIEW

By United Press NEW YORK, April 20.—The main stock list declined moderately last week with trading at the lightest levels of the year. However, the volume for the year to date crossed the 200,000,000-share mark, the earliest this level has been reached since 1930. In 1935 the 200,000,000 mark was not touched until Sept. 5. The daily average trading this week was only 1,405,000 shares for the full sessions while the average for the year to date is around 2,200,000 shares daily. Bonds eased with stocks, but commodities improved. Wheat gained more than 2 cents a bushel Friday with the May option touching the dollar mark, the first dollar wheat in more than a month. Silver got out of its rut at New York, rising only J /i cent to 45 cents an ounce. Rubber Futures at Peak It was the first time there has been a variation in the 43?i-cent-an-ounce price since Jan. 20 and the first time there has been an advance since Aug. 23, 1935. Cotton gained on the week. Rubber futures made new highs. Despite favorable business news automobile shares met some profittaking and eased from their recent highs. Auburn Automobile was under pressure for a time when it was learned an investigation was under way in the issues of the company, but it steadied later. Steel operations rose to the best levels since mid-June, 1930, at 67.9 per cent of capacity in the American Iron & Steel Institute compilation. That was a gain of 3.4 points over the previous week. Steel shares were easier, however, with losses extending to more than 3 points. Quarter Earnings Favorable Earnings reports for the first quarter in the aggregate showed a gain of more than 50 per cent over the 1935 period, but several of the companies reported smaller incomes than a year ago. That made for selectivity in the stocks. For example, the oils, which had good reports, moved up and some of them recorded substantial advances for the week. The earnings curve of the utilities continues downward and that group eased fractions to 2 points. Rails were depressed after receiving support. Farm issues were in demand for several days, but they slipped back late in the week. American Smelting was a heavy loser and other silver dipped until the late trading Friday, wiien they made belated response to the firmer silver quote. Coppers were firm on a general rise in the metal to 9% cents a pound. EXPORTS TO CANADA TOTAL $85,153,452

U. S. Shipments Show Increase of $7,462,036 in 3 Months. By United Press OTTAWA, Ont., April 20,—A survey of the first three months operation of the trade agreement between Canada and the United States showed that total imports to Canada from the United States for January, February and March totaled $85,153,452, an increase of $7,462,036 over the corresponding period of 1935. Canadian exports to the United States amounted to $69,484,791, an increase of $14,000,000 in comparison with the three months corresponding. While the balance of trade, the survey revealed, still is with the United States, the rate of increase in exports from Canada is almost double that of the imports. HUDSON SALES SPURT Times Special CHICAGO, April 20.—Hudson and Terraplane sales for the first half of April are rapidly approaching the 6000 mark, and probably will surpass that figure when final returns have been tabulated, according to William R. Tracy, vice president in charge of sales of the Hudson Motor Qar Cos. MACHINERY SALES RISE Times Special NEW YORK, April 20.—Net sales of the York Ice Machinery Corp. totaled $6,283,138 for the first six months of the fiscal year, as compared with $5,700,004 for the same period a year ago, it was reported today. Chicago Grain Futures (By James E. Bennett & Cos.) 9:00 Prev. Wheat— High. Low. AM. close. May 1.00% 9|% .99% 1.01% July 93% .92% .92*4 .93% Sept 91% .90% .90% .92 Corn— May 63 .62% .62% 63% July 62% .61% .62% .62% Sept 61% .60% .61 .61% o*l* May 27% .26% .27 .27% July 27% .27% .27% .27*4 Sept 28% .28% .28% .28% ByeMay 53% .53% .53% .54% July 54 .53% .54 .54% Scpt. *•*••#• Jt’i -54% >55%

GAIN IN DEFICIT REVEALED FOR FISCAL PERIOD

$37,000,000 Increase Is Shown During First Three Quarters. By United Press WASHINGTON. April 20. The Treasury deficit increased $37,000.000 over last fiscal year in the first three quarters of 1936, it was disclosed today, despite a cut in emergency relief costs and rising business activity which boosted general receipts. At the end of the third quarter, the New Deal’s cash box showed: 1. That the excess of expenditures over income from Juiy 1, 1935, to March 31, 1936. was $2,237,130,511 this year, compared with $2,199,698,969 at that date a year ago. 2. That payments for emergency relief had dropped $174,804,022 on that date, to a total of $2,430,300,889. 3. That, nevertheless, the grand total of national expenditures had mounted from $5,062,459,201 to $5,337,110,349. 4. That a drop of $332,005,870 in processing tax revenue due to the Supreme Court decision has been more than overbalanced by a rise of $560,060,747 in income tax, customs, and miscellaneous receipts. The rise in the deficit, attributed in part to an Army and Navy program, which has cost the taxpayers $64,444,182 more in 1936 than in 1935, and by higher sinking fund costs, coincided with further reports of an industrial boom. FERTILIZER SALES 6 PER CENT LOWER Cold Weather, AAA Court Ruling Is Blamed. Times Special NEW YORK. April 20.—As a result of cold and rainy weather and the temporary uncertainty created by the Supreme Court’s decision in invalidating AAA, fertilizer tag sales in 12 Southern states for the first quarter were 6 per cent less than in the corresponding period of 1935, according to a report of the Standard Statistics Cos. The decline at the outset of the active selling season reduced tax tag sales for the first nine months of the current year to the end of July 30 by 3.2 per cent, as compared with a year ago. Preliminary reports indicate that April sales are about the same as a year ago. Worthwhile gains are expected for the remaining two months, however, but for the year to end June 30, tag sales in the 12 Southern states will probably be about the same as a year ago.

AM. ROLLING MILL CO. EARNS $2.41 A SHARE Increase of 41 Per Cent Reported in Sales During 1935. Times Special NEW YORK. April 20.—The American Rolling Mill Cos. today reported an increase of 41 per cent in sales for 1935, and that earnings were more than four times the total reported in the preceding year. Consolidated net income for the year was $4,310,129, equal after preferred dividends to $2.41 a share on the common stock, compared with $966,566, or 49 cents a common share in 1934. Sales amounted to $76,799,385 in 1935, against $54,485,115 in the preceding year. Total assets of the company as of Dec. 31, 1935, amounted to $42,700,477, including $7,191,024 cash, against current liabilities of $11,937,613. A year ago current assets were $31,001,650, cash and government securities $2,724,989, and current liabilities $7,585,016. GEN. MOTORS OVERSEAS SALES RISE IN MARCH 32, <9B Cars, Trucks Sold, Increase of 22.9 Per Cent Over 1935. Times Special NEW YORK, April 20.—Sales of General Motors cars and trucks to dealers in the overseas markets during March totaled 32,798 units, and represented the highest sales volume of any month since May, 1929, officials announced today. This volume was 22.9 per cent over the volume in the corresponding month of last year, and 17.5 per cent over the volume in February of this year. In the first quarter of 1936, sales totaled 86,291 units, representing an increase of 24.5 per cent over sales of 69.309 reported for the first quarter of 1935. These figures include the products of the corporation’s American, Canadian, English, and German factories sold outside of the United States and Canada. NETS 31 CENTS A SHARE Associated Oil Cos. Reports for First Quarter of Year. Times Special NEW YORK, April 20.—Consolidated net income of the Associated Oil Cos. for the first quarter this year totaled $2,707,702. After preferred dividend requirements, net was equal to 31 cents a share on 5.671,398 shares of outstanding common stock. This compares with a consolidated net income of $1,220,991 for the similar 1935 quarter, equal to 5 cents a share on the common after preferred dividends. The company reported that 1936 first quarter earnings were the largest for any quarter in its history. LIQUIDATING VALUE UP Times Special CHICAGO, April 20.—Supervised Shares, Inc. on March 31 reported a net liquidating value of $9,202,930.63. compared with $9,006,439.92 at the end of 1935. and $7,133,994.17 on March 31, 1935.

BEMIS LETTER SERVICE 303 Merchants Bank Bldg. Lincoln 6122