Indianapolis Times, Volume 48, Number 37, Indianapolis, Marion County, 23 April 1936 — Page 19

Trends Jobless Insurance Progress Still Slow. BY JOPN X. FLYNN

NEW YORK, April 23.—0f the New Deal social measures which have survived so far, unemployment insurance seems to be having a hard time. Just how much unemployment Insurance is there in America now as a result of the Roosevelt plan? First, the Federal government did not set up an unemployment

insurance system. It adopted a law designed to encourage the states to set up their own systems. Ten states and the District o f Columbia have adopted u n employment insurance laws. These are Indiana, Alabama, C a 1 ifornia, M a ssachusetts, New Hampshire, New

'l', ' *

Flynn

York, Oregon, Utah, Washington and Wisconsin. Thus 39 states have thus far failed to act. However, in many of such states unemployment insurance laws are pending before the Legislatures. But as the New Deal encounters more and more enemies, the opponents of these laws grow bolder. man THE states can pass any sort of law they wish. The state law must conform to a few very simple standards. But the-states may fix the amount of unemployment payments and length of time of payment. As things stand in the laws thus far adopted, the unemployment benefits to be paid workers will be one-hah their normal wages, but not to exceed sls a week. In the event of unemployment the person thrown out of a Job will get from 13 to 16 weeks in any one year, depending on the state. But unemployment insurance will not start right away. The man thrown out of work must wait for two weeks in some states, for four weeks in others, for six weeks in others before his benefit payments begin. He has to carry the first two to six weeks of unemployment himself. ana Moreover, the laws apply only to those who work for the employers of eight persons or more. Almost all authorities on unemployment insurance feel the act has grave effects. But little or nothing can be done about them, because no benefit payments will be due under the act for another 18 months. Meantime a large fund and system are being built up on one foundation so that it will be difficult to change it. But this is another measure which must be passed upon by the Supreme Court. The tax provisions in the bill are held by opponents of social security to be unconstitutional, while many of the greatest supporters of social security fear the charge is correct. Until the court has passed on the case, little real progress can be hoped for. (Copyright, 1936, NEA Service, Inc.) On Commission Row (Quotation below subject to change are average wholesale prices being offered to buyers by local commission dealers.) PROl X~: s,r * wberrles: Louisiana, 24-pt. crate. *3.25: Alabama, 24-qt. crate *5 Limes—Mexican. carton. 20c. Bananas, seven hands, pound. sc. Apples—Delicious (fancy baskets). $2.15: Rome Beauty, $1.35. Lemons—Sunkist (300s), 6$ 23. Grapefruit - Red Ball 1 3605). *5.75. Pineapples— 1245) crate. *5 35 Grapes—S. America. 20-lb. box. *3; Honey Dews, 8. America, *3.50. VEGETABLES— Beans, green round atringless (hampers). 33 25. Beets—Texas (3 do*. Crate). $1,65; cut offs ibu.). *l. Cabbage—New Texas (cratei, *2.85; half crate. *1.50. Carrots—California i6-doz. cratei. *3: Texas ( do*., crate). 60c. Cauliflower, California (12s cratei. $1.90. Celery —Florida washed and trimmed (doz), 45® *sc; Florida (4s, Bs. 10s cralei. $3.25. CucumberHHothouse idoz.i. $135 (two doz., bo*' 1 I a 50. Egg plant—Florida (dozi. *1 75. Kale—(Virginia bushel), 85c. Let-tuce-Iceberg. Arizona (best 6s, ss i. $4.25; home grown leaf (15-lb. basked, $1.25. Endive-—California (dot.), 75c. Peppers— Mangoes (crate), $3.50: peck basket. 90c; do*., 30c. Mint—Hothouse idoz.) 60c ‘ Mushrooms—Pound. 30c. Mustard—Texas, half, crate. $1 40. Onions—lndiana vellow <SO-lb. bag), 65c; new Texas Bermuda vellow. 50-lb bag. $1 40. Parsley—Southern (long bunches, do*.). 35c Parsnips—Homegrown washed, bushel. $1; half-bushel. 60c Florid*, hamper. $3 25. PotatoesMichigan 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. baßl si s: Idaho Bakers. 70s box. $3 50; New Florida Triumphs. 50-lb. bag. $2 35. Sweet potatoes—Tennessee Nancy Hall*, hampers. $1 50. Radishes Home grown buttons, doz.. 65®75c; white, 50® 60c. Rhubarb—Hothouse. bunch. 60c Rutabagas—Northern 50-lb bag. $1.25. Sage —Do* . 45c. Shellots—Louisiana, doz. 35c Turnips—New. bulk Texas. bu.. $1.25 Tomatoea—Repacked, 10-lb box. $1.35 Florida, orlg. (6-6). lug. $3 50. FRUITS AND VEGETABLES (By United Press) CHICAGO. April 23.—Apples—Michigan Mclntosh, bu.. 75cM51.25. Carrots—lllinois. bu., 25® 30c. Sweet Potatoes—Tennessee. bu., $1.15471.25. Beans—Florida, bu. $3*73 25. Cabbage—Texas, bu., $247 2.15 Lettuce —Western, crates, 5 doz., $3.4063.75. Peas—California, bu.. hampers, $2*72 50. Spinach—Texas, bu.. 75*7 85c Tomatoes—Maxican, lugs, $2473 50. Cauliflower—California, crates, $1.2547 1 50. Celery—Florida. crates. $1.7547 SJB. Onions— l so-lb sacksi Illinois. Wisconsin and Indiana Yellows, 254740 c; Texas Whit* Wax. $1.25@1 30. Produce Markets The price* quoted are paid for stock f tethered In the country, while delivered n Indianapolis the price is a cent higher. Heavy breed hens. 17c; Leghorn breed hens, 15c; old cocks, 9c; Ducks, white. 5 lbs. and over. 9c: geese, full feather, all aisea, *c; all guineas 1% lbs. and up. 16c: 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. 32%@ SlVsc; No. 3, 29'j47S0(iC. Butterfat, 27c. (By United Press) CHICAGO. April 33.—Eggs—Market firm; receipt*. 30.970 cases; fresh graded firsts. 19%e; extra first*. 20%c; current receipts. l* s e: dirties, 17 , e; checks. 17%c. Butter —Market easy- receipts. 9725 tubs; extra (93 score), 3l'i*i3* 3 4C: extra firsts (90score). 2**c; first* (88-89% scorei, 27'i|27* 4 e: specials. 294i29 , 4c; standards. 2*4C. Poultry Market unsettled; receipts. 1 car. 25 truck*: ducks. 15i30c; geese, 12® 14*; spring chickens. 27® 29c; hens, 17® 224 c; turkeys, 304722 c; capons. 354728 c; Leghorns 15620',c: fryers. 26627',c. Cheesa—Twins. 14614%*; daisies. 14',6 H%e; longhorns. 14',614*4e. Potatoes Supply light; demand fair, market steady; Idaho Russet Burbank*. $2 3042.45: Wlaeonstn round whites. *155: Colorado McClures, (2 1062 40; North Dakota cobbler*. *1.75: Early Ohio*. *1.75; Minnesota cobblers. *1 8561.75; Early Ohio*. 61.706 1 78. Arrivals, 10; on track, 228; shipments, 754. Money and Exchange TREASURY STATEMENT (By United Press) WASHINGTON. April 23.—Government expenses and receipts for the current fiscal year to April 21, compared with a year i ago: This Tear Last Year Expenses .$5,810,017,862 97 *5.640.701.600 *1 Receipts .. 3.276.156.99* 04 3.041.349,192 71! Deficit .. 3.539 860 *64 93 2.599.452.406 10 Cash bal . 3.554.176.249 S3 3.0*4.467.6*1.7* Pubic dbt* 31 440.105.352 63 28.715.503.360.48 Gold rsvr.. 10,20*. *,*75,246,7*5.70 ,

BITTER DISPUTE LOOMS AMONG LABMGROUPS Type of Union Organization in Steel Industry Is Vital Point. By United Prent WASHINGTON, April 23.—Prospect for a head-on collision over rival plans for union organization of the mighty steel industry appeared today. The dLspute may be fought out in the convention of the Amalgamated Association of Iron, Steel and Tin Workers at Canonsburg, Pa., next week. This was Indicated in an announcement by the committee for industrial organization, headed by John L. Lewis, that an invitation for a $500,000 steel organizing drive had been extended directly to the Amalgamated Union. Consideration Is Promised The announcement said Michael Tlche, president of the amalgamated, had promised the proposal would receive immediate, consideration by his directors and probably would be brought to the floor of the convention. The Lewis proposal was made originally to William Green, president of the American Federation of Labor, which for some time has been contemplating a steel drive. Lewis and Green, together with large segments of organized labor, are at odds over the question of industrial versus craft unions, Lewis supports the industrial type of organization. The A. F. of L. traditionally has favored craft organization. Bitter Dispute Certain If tne proposed $500,000 steel organization drive reaches the Amalgamated convention floor a bitter dispute is considered certain. The Lewis committee emphasized this split in announcing its invitation had now been presented direct to the Amalgamated. Previously it had been sent to Green, but “to avoid further delays and disappointments,” said the committee, it was sent direct to the union involved. “Our committee has at no time challenged the claims of your organization to complete industrial jurisdiction,” the letter said. In contrast it pointed to the refusal of A. O. Wharton, president of the International Association of Machinists, to join in support of a drive to unionize the steel industry. Conditions Set Forth Two conditions were set forth as contingent to the drive. These were: Assurance that all steel workers have the right to remain united in one industrial union, with the jurisdiction of the steel union protected against claims of craft unions. Representation of unions contributing to the drive in the direction of the movement which should be placed in the hands of a “responsible and energetic” leader. The committee said it would be expected the union convention would “clear the way for ihe campaign by action that will give the organizing committee a reasonably free hand in regard to taking in independent and company unions as a body, keeping initiations and dues low enough to meet the requirements of a mass campaign and in other similar respects.” RETAIL ADVERTISING UP Times Special CHICAGO, April 23. Aided by the fact that Easter came earlier this year than last, retail advertising linage in newspapers increased 2.9 per cent during the week ended April 11, Advertising Age reported today. Investment Trusts (By Thomas D. Sheerin & Cos.) Bid. Asked Administered Fund 2d $16.50 $ 17.55 Affiliated Fund Inc 1.88 2.07 American General Equities.. 1.06 1.08 American Business Shares .. 1.15 1.25 •Bullock Fund Ltd 17.65 19.25 Broad Street Investing 29.01 31 03 Century Shaies Trust 26.55 28.55 Collateral Tr Shares ‘‘A” .. 6.45 655 Cor "AA” or ‘'Accm” (mod) 3.31 3.34 Cor ’•AA" or • ACC" (unm) 2.63 2.66 Corp Trust Sh (Oris) 2.74 2.77 Diversfled Trustee Sh "B" 10.20 10,30 Diversified Trustee Sh •'C ’’ 448 4.52 Diversified Trustee Sh "D" 6.67 6.75 •Dividend Shares. Inc 1.62 1.75 General Investors Trust ... 5.81 643 •Incorporated Investors .... 31.90 23.56 Investors Fund Amer 1,05 1.15 Market Street Invest Corp 30.63 32.23 Maryland Fund 19 00 20.54 Massachusetts Investors .. 25.27 27.47 •Nation-Wide Sec Cos "B”.. 4.28 Nation-Wide Voting 1.76 1.90 North Amer Tr Shs 1955 .. 3.32 North Amer Tr Shs 1956 ... 4.28 3 35 North Amer Tr Shs (Orix) 2.52 3.30 •Quarterly Income Shares.. 155 1.71 Selected Amer Shares' Inc . 1.53 1.67 Selected Amer Shares (Orier> 3.62 Selected Cumulative Shares.. 937 Selected Income Shares 4?' State Street Invest Corp .. 98 / 103 00 Super-Corp of Amer "AA”.. 279 2.33 Super-Corp of Amer "BB" 2.83 2.87 •Super-Corp of Amer "AA*’ 4.10 •Super Corp of Amer 4.29 . . Super-Corp of Amer "C" .. 809 Supervised Shs Inc (Dela).. 13.16 14 30 Trustee Stand Oilsh "A”... 723 729 Trustee Stand Oilsh "B" ... 6.46 653 Trustee Stand Invest "C" .. 292 295 Trustee Stand Invest "D".. 2.85 2.89 United Stand Oilfunds 1.28 1.40 Uselps "A" 18.75 Uselps "B" 284 . . Uselps Voting 1.07 Unlisted Stocks (By Blyth Sc Cos.) NEW YORK BANK STOCKS Bid Ask Bankers Trust 57*4 59*4 Central Hanover 110 1 . 112 1 . Chase 37 s , 39', Chemical Naticiial 55% 56% Guaranty 288 291'. Irvin* 15% 17 Manufacturers 48% 50'* National Citv 34*, 35% Corn 111 Chicago 153' 2 155 s . First National Boston 46% 48' National Shawmut 27** 29) FIRE INSURANCE Aetna Fire Ins 52 f*% American Ins of Newark 15 16 5 Baltimore American 9 10'a City of New York 26 28 Federal Ins 48 50% Franklin Fire 30''. 32 Great American Ins 28'a 29 3 4 Hanover Fire 1n53376 7 38** Hartford Fire 73 75'. Home Ins 38% 39 7 a Ins Cos of A 72% 74*. National Fire 73 75% National Liberty 9% 11s Phoenix 87 *.* U 8 Fire 543; s% Westchester Fire 34% 36 s . Automobile DEPOSITORY nmmmm I Son* from Your C*r Bankers Trust Cos,

Abreast of The Times on Finance

New York Stocks

(By Thomson Sc McKinnon) 11:15 a.m Prev. High Low N. Y. Close Oils— Amerada 109 7 109% 109% 109 Atl Refg 32' ■ 32 32 ’ 32 Barnsdall 18% 18% 18% 18% Consol Oil 13% 13% 13% 13% Cont of Del 33 32% 33 32% Houston (new).. 19% 10% 10% 9% Ohio Oil ... 14% 14% 14% 14% Phillips Pet 46% 45% 46 45% Plymouth Oil 15% 15% 15% 15% Pure Oil 21% 21% 21% 21% Shell Union 17% 17% 17% 17% Soc Vac 143, 14% 14% 14% SO of Cal 42 41' 41% 41% S O Os Ind 37% 36% 37% 36% S O Os N J 64% 63 7 , 63-1,, 63 j, Texas Corp .... 37% 36% 36% 36 7 4 Tidewater Assn. 18 18 18 17% Un Oil of Cal .. 24% 24% 24% 25 Steel*— Am Roll Mills.. 293. 29% 29% 29’. Beth Steel 58% 57% 57% 58 7 , Bvers A M 21 21 21 20’, Cruc Steel .... 35 35 35 35% Ludlum Steel .... 26 25% 26 26 Mid Steel 44% 41% 41% 44% Natl St el 63% 63% 63% 63% Oils Bteel 16% 16% 16’, 18% Rep ISc Stl . . 22% 22% 22% 22% U S Pipe Sc Fdy 35% 34’, 35% 34’. U S Steel . ... 67’, 66% 66% 68% U S Steel pfd ..129% 129% 129% 130 Warren Bros ... 10% 9% 9% 9% Youngst S &T. 58% 57% 57% 58',a Motors— Auburn 42 40% 40% 41% Chrysler 100% 99% 99’, 99% Gen Mot 67% 66% 66% 67% Graham Mot ... 2% 2’i 2% 2’ 4 Hudson .. 17 16% 16% 16% Mack Truck 33% 33% 33% 33% Nash 19% 19% 19% 19% Packard 10% 10% 10% 10% Reo 6% 6’, 6% 6% Studebaker 12% 12% 12% 13% Yellow Truck ... 19 18% 18% 18% Motor Access— Borg Warner ... 75% 75% 75'% 75 Briggs 43‘4 43 43 43% Budd Mfg 15% 15 15'% 15 Budd Wheel ... 10% 10% 19% 19% Elec Auto Lite. 38% 37% 37% 38'% Eaton Mfg . 333% 33 % 3334 33 5 /g Greyhound "B”. 58 57'% 58 57'% Houdaille 25 7 % 25% 25% 25% Murray Body .. 18 18% 18 17% Stew Warner ... 22’/, 22 22 22% Timken Roll ... 62 3 % 61’% 61 3 % 62 Timken Det Ax. 16% 16 16 15 3 / 4 Mining— Alaska Jun 13 7 % 13% 131% 13% Am Smelt 78 77% 77% 78% Anaconda 37% 37% 37’% 38% Cal Sc Hecla .. 12% 12% 12% 12% Cerro De Pasco. 55% 55% 55 3 4 55% Dome Mines .. 48% 48'% 48'% 49 Howe Sound .. 52 52 52 51% Ins Copper 12’4 12% 12% 12'% Int Nickel 47’% 47'% 47'% 48’% Kennecott Cop.. 39 3 % 39'% 39% 39 3 % Park Utah 4 4 4 4'% Phelps Dodge .. 37 36% 37 37 U S Smelters ... 88’% 88% 88% 89 Vanadium 21 21 21 21'% Amusements— Crosley Radio .. 22% 22% 22’4 22% Loews Inc 44% 44 44% 44% Radio Corp 11’% 11% ll’/ 4 11% Paramount 8% 8% 8% B'% RKO 6'% 6'% 6% 6% Warner Bros ... 10% 10% 10'% 10'% Tobaccos— Am Tobacco “B” 91% 91% 91'% 91 Ligg Sc Myers B 102% 102% 102% 103 Lorillard 21% 21% 21’% 22 Philip Morris .. 80'% 79% 79V, 81 3 / 4 Reynolds Tob B 51% 51 3 /4 51% 51% Rails— Atchison 77% 77 77 77 Atl Coast Line.. 25% 25'4 25'4 25)4 B& O 19% 19% 195% 19% Can Pacific .... 12% 12% 12'% 12% Ch Sc Ohio 57% 57% 57'% 57'% C M Sc St P ... 2'/, 2'% 2% 2 Dela Sc Hud ... 43'% 43 43 43'% Del Lac Sc W ... 18 18 18 18 Erie 13% 13% 13% 13% Erie pfd 20% 20% 20% 20'4 Gt Northern pfd 37% 37'% 37'% 37% 111 Cent 22% 22% 22% 23'/, K C Sou 21*% 21% 21% 21'% N Y Cent 37% 36% 36% 38'4 Nor Pac 30% 29% 30 30*/ 4 Penn R R 32'% 31’% 31-3/ 4 30% Sou Pac 34% 33% 33% 34% Sou RR .. 16'4 16'% 16% 163 /8 Equipments— Am Brk Shoe ... 46 46 46 45% Am Car Sc Fdy.. 34% 34% 34% 34% Am Loco 27% 26% 26% 26% Am Steel Fdy .. 26'4 26'/. 26% 26 % Bald Loco 33% 3% 3'% 3% Gen Am Tk Cr. 463, 45% 45 3 % 45 3 / 4 Gen Elec 38% 38'% 38 3 / 4 37 Gen R R Sig ..41 40% 40% 39% Pullman Inc ... 43% 43% 43% 43'% West Air Br ... 41 40% 40 3 / 4 40% Westingh Elec ..117% 117% 117 3 / 4 117'% Utilities— Am Sc For Pwr . 8 7% 8 8 Am Power & Lit 11% 11 11 11% AT&T 164'% 164'% 164*% 164% Am Wat Wks .. 23 22'% 22'% 22 3 / 4 Col Gas Sc Elec. 193' 8 18’, 18% 19% Comm Sc Sou .. 2’ 4 2% 2% 2'% Consol Gas ... 313% 31 > % 31% 31% Elec Pwr & Ltt. 15% 14 3 % 14 3 % 14% Int T Sc T 14% 143% 14% 14% Nat Pwr Sc It .. 10% 10% 10% 10% North Amer ... 26’% 26% 26'% 26'% Pub Serv NJ .. 41% 41% 413% 41 So Cal Edison .. 26’% 26% 26'% 26% Standard Gas .. 7 7 7 6% Stone Sc Webster 18'% 18% 18'% 18% United Corp ... 6% 6’ 8 6 3 % 6'% Un Gas Imp 16*4 16% 163% 16% Western Union.. 83'% 83',2 83'% 85'% Rubbers — Firestone 29% 29% 29% 29% Goodrich 21 3 % 21% 21% 21 Goodyear 29% 29 29 29 U S Rubber 31%333%1 3 % 31% 31 U S Rubber pfd. 75 74 3 % 74% 74 3 % Miscellaneous— Allis Chalmers . 46% 46% 46% 46 Am Can 125 125 125 126'% Am Mach Sc Fdy 22 22 22 21% Brklyn Man Tr. 49'% 49'% 48'% 49 Burroughs Add . 27 27 27 27 J I Case 165 164 164 164 Caterpillar Tract 75 75 75 75 Deere &Cos ... 83% 83 33 82'% Eastman Kodak. 165 165 165 1643% Foster Wheeler.. 32'% 32% 32'% 32 Gillette 16% 16% 16'% 16'% Glidden 61% 51% 51% 51% Inter Harv 83% 83% 83% 83% Natl Cash Reg.. 25 25 25 24% Rem Rand 22 22 22 22% Foods— Armour 5% 5'% 5'% 5% Borden Prod ... 27% 27% 27% 27'% Can Dry G Ale.. 12’’ 4 12 3 4 12% 12% Corn Prod 76% 76% 76% 76% Gen Foods 39’% 39% 39'% 39’/, Gold Dust 19 19 19 19 Natl Biscuit. 34% 34% 34 3 / 4 34 3 / 4 Natl D Prod ... 23 23 23 22 3 4 Purity Bak 12% 12% 12% 12% S Porto Rico Sug 30% 30% 30 3 4 30% Std Brands 16% 16 16% 16 Un Biscuit 25% 25% 25% 25% Retail Stores— Allied Stores ... 7% 7*4 7% 7’ 4 Kresge S S 21% 21% 21% 21% Kroger Groc ... 23% 23’ 4 23% 23% McCrorv St .... 11% 11% 11% 11% Marshall Field.. 16 16 16 16 May E>?pt St ... 46 46 46 46*% Mont Ward 42% 41% 41’/. 42% Natl Tea 9'% 9% 9% 9'% Sears-Roebuck... 67 67 67 67% Woolworth 46'% 46'% 46'% 46% Aviation— Aviation Corp... 6% 6% 6% 6% Boeing Alrcft, ... 20% 20% 20% 21 Curtiss Wright.. 6’ 4 6% 6 3 4 6% Curtiss Wright A 16% 16% 16% 16’, Douglas Air 65% 64% 64’, 65’-, Nor Am Av 9% 9 9% 9% Sperry CorD 18% 17% 181% 18% United Air'aft N 24% 24 24 24% New York Curb (By Atkins. Hamill Sc Gates) 12:30 P. M. Prev. .. . „ . . N. Y. Close Aluminum Cos of Amer 132% 133 Am Cyanamld ”B” 34% 35% Am Gas Sc Electric 37% 37 Am General 9 9% Am Superpower 2% 2’, Ark Nat Gas "A” 6% 6% Atlas Corp 13 13% Canadian Indus Ale “A” 8% 9 Carrier Corp 8% 9 Creole Pet Corp 29 28 s , Crocker-Wheeler 11% 11 Elec Bond & Share 19% 20% Fisk Rubber b 6% Ford Motors Can "A’’ 23 23% Gulf Oil Corp of Penn 89 88% Humble Oil Sc Refln Cos 67 66% H.vgrade Food 5% 5% Int Vitamin '.. B’* 8% Imperial Oil of Can 22% 22% Irving Air Chute 22’, 22% Lake Shore Mines 52’ 4 52% Molybdenum Corp of Amer ... 9% 9*, Mueller Brass Cos 28% 28 Natl Bellas Hess Inc 2 2 Niagara Hudson Pwr 9% 9% Pan-American Airways 59% 59 Pennroad Corp 4% 4% Root Petroleum 15% 15% St Regis Paper Cos 4% 4 Salt Creek Producers Assn ..3% 3 Segal Lock 32% Standard Oil of Ohio 34 33 Stunt Motor Car of Amer .... 4% 4 Technicolor Inc 30 30 Tubize Chatillon Corp 7 7 Wayne Pump 29’ 4 29%

WHAT INTEREST SHOULD YOU PAY? The PROPERTY SCORE CARD WILL TELL Get it at the Home Show (South Inner Aisle) Or it will be mailed on request. F. B. McKIBBIN First Mortgage Loans 846 Consolidated Bldg. RI. 1328

THURSDAY, APRIL 23, 1936

Chemicals— Air Reduction .. 61% 61% 61% 61% Allied Chem 191% 191 191% 191 Am Com Alcohol 26% 26% 26% 26% Com Solvents.. 19 18% 19 18% Du Pont 146 145 146 144% Freeport Tex ... 30% 30 3 4 30% 30’ Liquid Carb 37% 37% 37% 38 Math Alkali 30% 30% 30% 30',4 Natl Dis tnew).. 30% 30 3 /4 30’ 4 30% Schenley Dist 43% 43 43 % 43’, Tex Gulf Sulph.. 34’ 4 34% 34% 34% Union Carbide .. 83% 83% 83% 83 U S Indus Alco. 52% 52% 52% 53 Drugs— Bristol Myers ... 44 44 44 44% Coty Inc 5 5 5 4% Allegheny Corp . 2% 2% 2% 2% Transamerica ... 13 13 13 13 Tr Conti Corp .. 9% 9% 9% 9% Building— Am Radiator .... 22% 22% 22% 22 Gen Asphalt 30 29% 29% 29% Int Cement 46 46 46 46 Johns Mans 102 102 102 102'4 Libbv Ow Gls ... 55 55 55 54 Otis Elev 27% 27% 27% 25% U S Gypsum ... 94% 94 94% 91 Household— Kelvinator 21% 21% 21*/s 21% Servel Inc 20% 20 20 20 Textiles— Celanese Corp .. 26% 26 26 26*4 Collins Aikman . 46% 46% 46% 46‘4 Indus Rayon ... 30 3 /4 30% 30% 30% Kayser Julius .. 29% 29 3 /4 29 3 / 4 29 3 /4 Chicago Stocks (By Atkins, Hamill Sc Gates) 11:30 Prev. A. M. close. Asbestos Mfg 4% 4% Associated Investors 34'4 34% Bastian-Blessing 10’/s 10% Berghoff 11% 11% Bruce F L 15% 15'% Butler Brothers 9 9 Chicago Yellow Cab 29 29% Cities Service s'/a 5% Commonwealth Edison 101 101 Continental Steel 40 39% Cord 5% 6% Crstne 26% 27 Electric Household 16'% 16'4 General Household 7'% 7% Grt Lakes Dredge 30 29% Jarvis Mfg 21% 22% Katz Drug 38% 39 Lincoln Printing 11 11% McCord Rad “A" 41 41 Nat Gvpsum 57 55'% Noblitt-Sparks 29 3 / 4 29’ 4 Northwest Bancorporation ... 10’/ 4 10 3 / 4 Standard Dredge pfd 15'% 15Va Swift International 31 31 Zenith 17'/a 17'% N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Utils. Bonds. Today 90.9 91.4 104.9 95.7 Yesterday 90.8 91.1 104,9 95.6 Week ago 91.5 92.1 104.9 96.2 Month ago 02.0 92.0 105.3 96.4 Year ago 86.4 75.9 96.2 86.2 1936 High 93.4 95.6 105.5 97.9 1936 Low 91.5 84.7 103.5 93.3 U. S. GOVERNMENT BONDS (By Abbott, Proctor Sc Paine) Treasurys Prev. Close, close. 4%s 1947-52 117.31 117.29 4s 1944-54 112.31 113.4 33/ 4S 1946-56 111.6 111.7 3%s 1940-43 108.19 108.17 3%s 1943-47 108.3 108.4 3%s 1941-43 108.15 109 3%s 1943-45 107.25 107.26 3%S 1941 108.31 108.31 3%s 1944-46 107.12 107.12 3'%s 1946-49 105.25 105.21 3VaS 1949-52 ..." 105.22 105.21 3s 1951-55 104.14 104.12 3s 1946-48 104.25 104.27 2’/ 4 s 1945-47 103.7 103.5 2%s 1951 101.29 101.27 Home Owners Loan Corp. 2%s 1940 101.19 101.19 3s 1942 102.22 102.20 Federal Farm Mortgage Corp. 3s 1949 102.29 102.25 3s 1942-47 103.17 103.18 DOMESTIC Prev. Close. Close. Alleg Corp 5s ’44 92 92 Alleg Corp 5s '49 87'% 87% Am Frgn Pow 5s 2030 76 75% Am Tel Sc Tel 5%s ’43 112% 112% Am Tel & Tel 5s ’65 113% 113% Arm &Cos (Del) 4s ’55 97% 97% Atl Coast Line 4s ’52 97 97 Atl Coast Line 4%s ’64 81'% 81’4 Atch Top & S Fe 4%s ’4B 111% 111% Am Wat Wks 5s ’44 102.20 102.24 Am Rolling Mills 4% ’45 120'% 119 Balt Sc Ohio 6s '95 94 93% Balt Sc Ohio 4%s ’6O 70'% 70% Buff Roch Sc Pitt 4%s *57 78 77 Beth Steel 4%s ’6O 104% 104’% Chi Milw Sc St P 5s ’75 20 19-% Chi Milw & St P 5s 2000 7% 7% Cleve Un Term 5s ’73 106'% 106'% Cleve Un Term 4%s ’77 102% 102% Col Gas 5s May '52 103% 103'% Col Gas 5s ’6l 102'% 102'% Can Pac Perp 4s 92’/ 4 92% Cent Pac 5s ’6O 99 99 Big Four 4%s ’77 90% 90 Big Four 5s '63 96% 96% Colorado Sc So 4%s 'BO 69 69 Chi Sc West Ind 4s ’52 103% 103% Cht Sc Nor West 4%s ’49 12% 12 3 % Con Gas 5s ’57 103.30 104 Chesa Corp 5s ’47 129% 128 N Y Dock 4s ’sl 66'% 67% N Y Dock 5s ’3B 67'% 67% Erie 5s ’75 76% 75% Erie 5s ’67 77 76’% Grt Northern 7s 36 101.5 101.6 Grt Northern 4%s ’76 101% 101% Grt Northern 4%s ’77 101% 101 Gen Stl Cast WW 5%s ’49 77% 76% Hud Sc Manhat Ref 5s ’57 84 84% 111 Cent 4 3 / 4 s ’66 73 3 / 4 72% 111 Cent Jt 4%s ’63 80 78% 111 Cent 5s ’63 83% 82'% Interstl Hv Elec 6s ’44 43 42% Interim Tel Sc Tel 4%s ’93 92% 93% Interntl Tel Sc Tel 5s '55 .. 84% 83% Internt.l Tel Sc Tel 4%s '52.. 80 79 3 4 P Lorillard 7s ’44 131% 131% McKess Sc Rob 5%s ’SO 103% 103% Natl Dairy 5%s ’4B 103 103 Natl Steel 4s ’6O 106% 106% Nickel Plate 4%s ’7B 83 81% Nickel Plate 5%s ’74 93% 92% N Y Cent 5s 2013 90% 90 3 / 4 N Y Cent 4%s 2013 (old) 84% 84 Nor Amer Cos 5s ’6l 105 1053% Nor Pac 3s 2047 80% 80% Nor Pac 4%s 2047 102% 102% Nor Pac 6s 2047 . 111% 111 3 , Nor States Pow 5s ’4l 104% 104% New Orleans Term 4s ’55 91% 91 Otis Steel 6s ’4l 102% 102% Penn Rv 4%s ’B4 108 108 V, Penn Rv 4%s ’Bl 108 107% Penn Rv 4%s '7O 102% 102% Pac G & E 5s ’42 103 103 Portland Gen El 4%s ’6O 72% 72% Para Publix 6s ’55 85 84 Penn P Sc L 4%s ’Bl 106% 106% Postal Tel Sc Cab 5s '53 31% 31% Rem Rand WW 5%s ’47 104.8 104.8 Sou Pac 4%s ’6B 90% 89% Sou Pac 4%s ’Bl 89% 89 Sou Pac 4%s ’69 89% 89% Sou Pac 4s ’49 91 91% Sou Rail 4s ’56 60 60 Sou Rail 6s ’56 76% 76% Sou Rail 6%s ’56 81 80'% Texas Pac 5s ’BO 102'% 102% Texas Pac 5s '77 102 103 Union Pac 4s ’47 113% 113% United Drug 5s '53 100% 100’% U S Rubber 5s ’47 106% 107 NY NH Sc HarC 6s ’4B ... .. 81 30% NY NH Sc Hart 4%s ’67 31% 31% Warner Bros 6s '39 94% 93% Western Mary s'%s ’77 107 3 4 107% Western Mary 4s ’52 100% 100% Yungst’n S & T 5s ’7O 106% 106% Youngst’n S Sc T 5s ’7B 105% 105% FOREIGN Argentina A 6s '57 100 100% Argentine B 6s ’SB 99% 100% Brazil 8s '4l 32 32 Canadian Govt 4s '6O 107 3 4 108 Denmark 6%s ’55 101% 101% German 5%s '65 25% 25% German 7s '49 32 32 Italy 7s 'sl 72% 73 Janan 6%s '54 9434 95 Rome 6%s '52 62% 63 Tokio City 5%s ’6l 75% 75 3 % Yokohama 6s ’6l 80 80 OIL PRODUCTION UP Times Special TULSA, Okla., April 23.—0il production of the nation averaged 2.919,575 barrels a day during the last week, compared with 2,895,740 barrels daily in the preceding week.

REMOVAL BIG REDUCTIONS CHAIRS—DESKS—STEEL FILES OFFICE MACHINES EVERYDAY NEEDS FOR THE OFFICE Buy Now—Your Opportunity to Save HILLER Est CO. 28 S. Pennsylvania St. RI. 1597 Watch for the Opening of Our New Building

RFC LOANS IN MARION COUNTY AT 511,217,411 $9,237,712 Already Disbursed to Borrowers, Manion Announces. Loans totaling $11,217,411 have been authorized by the Reconstruction Finance Corp. in Marion County, Clarence Manion, Indiana director of the National Emergency Council, disclosed today. Out of the total amount authorized, $9,237,712 has actually been

disbursed 1 0 borrowers in Marion County, Mr. Manion said. Not included in the breakdown for the county are loans of the following types: Loans to Federal Land Banks, loans to Federal Intermediate Credit

Manion

Banks, loans to Regional Agrisultural Credit Corporations, loans to railroads, loans for refinancing exports of agricultural surpluses, loans to the Commodity Credit Corp. and amounts made available for relief work. The amount of loans authorized and disbursed by the RFC in Marion County includes the period since the establishment of the agency in 1932 until last Feb. 29. The figures announced by Mr. Manion include loans to banks, trust companies, building and loan associations, insurance companies, receivers or liquidating agents of closed or insolvent banks or buildings and loan associations and direct loans to industries to aid in re-establishing employment.

INSURANCE COMPANY BUSINESS INCREASES Indianapolis Life Firm Has Gain of $551,021. The Indianapolis Life Insurance Cos., a legal reserve mutual firm organized in 1906, today reported an increase in insurance in force of $551,021 for the first quarter of the current year, compared with a gain of only $92,895 in the corresponding 1935 period. Total insurance in force March 31 amounted to $96,307,279. The ratio of business renewing w T as 94.17 per cent during the period, compared with 91.05 per cent in the same period a year ago. Mortality rate continued favorable, the ratio being only 46 per cent of the expected, against 47 per cent for the first quarter last year. There also was evident an increase in the buying of new life insurance particularly among certain groups of people, the report stated. Executives and owners of business lead in volume of new insurance applied for in the company, the report said. A large number of policies on children for educational purpose, thrift and protection, similar to adult policy plans are also being written. Many more farmers now are buying insurance than in 1934 and 1935, the report revealed. Other Livestock (By United Press) CHICAGO, April 23. Hogs—Receipts, 13,000, including 4500 directs; steady to 10 cents lower than Wednesday's average; top, $11; bulk 160-250 lbs., [email protected]; 140-160 lbs., [email protected]; 275-300 lbs., [email protected]; 300-350 ibs., [email protected]; sows, [email protected]. Cattle—Receipts, 7000; calves, 2000; little done on better grade led steers; mostly weak to 25 cents lower; mostly steer run; buyers attempting to take off advance scored last Tuesday and took prices back to Monday’s level; few strictly choice loads, $9.500/10, and better light cattle early around s9® 9.75 bid on Colorado stockers and feeders a little more active; all she stock steady; bulls steady to weak; vealers strong $9 down; outside on weighty bulls. $6.50, mostly $6,250/6.40; light heifers, $7.50. Sheep—Receipts, 10.000, active, strong to 25 cents higher; old crop lambs mostly 15 to 25 cents higher; choice wooled lambs, [email protected]; several'loads $11.40; most wooled ewes, [email protected]. FORT WAYNE, Ind., April 23.—Hogs— Market s@loc higher; 160-180 lbs., $10.95; 180-200 lbs., $10.85; 200-225 lbs., $10.75; 225-250 lbs., $10.65; 270-275 lbs., $10.50; 275-300 lbs., $10.40; 300-350 lbs., $10.25; 140-160 lbs,, $10.50; 120-140 lbs.. $10.50; 120-140 lbs., $10.25; 100-120 lbs., $lO. Roughs, $9; stags, $7.25. Calves, $9.50. Lambs, $10.75. Chicago Grain Futures (By James E. Bennett Sc Cos.) 9:00 Prev. High Low A. M. close Wheat— May 1.01% 1.00% 1.01 1.01'% July 92 .91% .91% .92% Sept 90'% .89 3 4 .90 .90'% CornMay 64 3 4 , 64 3 4 .64% .64% July 62% .62 3 /g .62'% .62% Sept 61% .61 .61'% .61% Oats— May 2734 .27% .27% .27 3 4 July 27% .273 8 .27% .273, Sept 28% .28% .28% .28% Rye— May :53 s * .53% .53% .53% July 533.4 .53 5 * .533* .5334 Sept 54% .533* 53% .54% BUSINESS EDUCATION Strong Accounting. Bookkeeping. stenographic and ’"'cietarial courses. Day and evenin tssions. Lincoln 3337. Fred W. Cas .. Principal. CENTRAL Business College Architects and Bnilders Building f 'nnsylvania A Vermont Sts.. Indpls.

WEEKLY INDEX OF BUSINESS TREND PREPARED #Y ADMINISTRATIVE AND RESEARCH CORPORATION . NEW YORK 1926 - 100 100 hr • 1 rni 'iTi 1111 n 11111111111 nln 11 h i 1111111111 100 ■r>* > / > I V \ V, I 9° 7 r— — 1936,. , 50 80 70 —y - V \ A) L 70 7 ■•••■' v 11 \rv i 1 —l/“ _ ! \ —— r 60 f —/ -fj—\ 60 L ; 7 ; [i: —- —— 7 —’ o - - J _ V W v J k J' . J V -- 40 '' ' ■' > '■ > >' 1 < '> ' ■■ ■ '' ' ' '■ ' '' ' 1' 1 ' ■1 i 1 ''- 40 7 JAN. 4 FEB. „ MAR. . APR. i MAY JUNE . AUG. SEP. _ OCT.. NOV. DEC -

As illustrated by the Administrative and Research Corporation weekly index of business trends, business last week continued to move upward to 85.0, a gain of 2.1 over the preceding week and compared with 77.8 for the corresponding period in 1935. Electric power output surpassed the usual seasonal expectations and a continued upward swing in automobile and steel activity helped to hold the favorable outlook firm.

HO6 PRICES 5 CENTS HIGHER Few Underweights Steady; Vealers Strong at $9.50 Down. The pork market displayed a strong undertone today at the Indianapolis Union Stockyards and weights ranging upward from 160 pounds were generally 5 cents higher than yesterday’s best average. Light lights and slaughter pigs were mostly unchanged. Shipments continued at above the normal rate. Today’s supply was estimated at 4500, same as in the preceding session. Holdovers numbered 431. The bulk of 160 to 225 pounds sold at $10.90 to sll. Extreme heavies, upward from 300 pounds, brought $lO.lO to 10.30. Light kinds from 130 to 160 pounds brought $10.25 to $10.75. With trading slow, the cattle market was mostly unchanged. Cows were active and strong. Bulk of steers and heifers sold at $7 to $8 Receipts were 1200. Vealers were generally 50 cents higher, selling at $9 to $9.50. Receipts numbered 700. Lambs continued stationary, with the bulk of the run consisting largely of clipped grades salable at $9.50 down. These classes averaged from 85 to 92 pounds each. Wooled lambs and slaughter sheep were scarce. Receipts were 2500. HOGS April Bulk. Top. Receipts, if. $11.05 (S; 11.15 $11.15 3500 18. [email protected] 11.15 1000 20. [email protected] 11.15 5500 21. [email protected] 11.05 5500 22. 10.85@ 10.95 10.95 4500 23. 10.90 3 / 4 11.00 11.00 4500 Light lights. (140-160) Good and choice. [email protected] Medium [email protected] (160-180) Good and choice.. 10.85@ 11.00 Medium 10.35(510.90 : 180-200) Good and choice.. 10.90@ 11.00 Medium [email protected] (200-220) Good and choice.. 10.90@ 11.00 (220-2501 Good and choice.. 10.70® 10.90 Heavyweights. (250-2901 Good and choice.. [email protected] (290-3501 Good and choice.. [email protected] Packing Sows. (273-350) Good 9.55@ 9.75 (350-425) Good 9.35®< 9.65 (425-450) Good 9.00@ 9.40 (275-350) Medium 8.75@ 9.55 Slaughter Pigs. (100-140) Good and choice... [email protected] Medium 8.50® 9.75 CATTLE —Receipts, 1200— (550-900) Choice ..$ [email protected] Good 7.50@ 9.25 Medium 7.00@ 8.00 Common 5.50@ 7.00 (900-1100) Choice [email protected] Good B.oo@ 9.50 Medium 7.00@ 8.00 Common 6.00® 7.00 (1100-1300) Choice [email protected] Good B.oo® 9.50 Medium 7.00® 8.00 (1300-1500) Choice [email protected] Good B.oo® 9.50 Heifers (500-750) Choice 7.75® 8.50 Good 7.00® 8.00 Common and medium 5.75® 7.25 (150-190) Good and choice.... 7.00® 8.50 Cows Good 6.00® 6.50 Common and medium 5.00® 6.09 Low cutter and cutter 4.00® 5.00 Bulls, good 6.25® 6.75 Cutter, com and med bulk... 5.75@ 6.50 VEALERS —Receipts, 700— Good and choice $8.50® 9.50 Medium 7.00® 8.50 Cull and common 5.00@ 7.50 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 7.00® 8.25 Common and medium 5.50® 7.25 (800-1050) Good and choice... 7.25® 8.50 Common and medium 5.50® 7.25 Cows Good 4.75® 5.25 Common and medium 4.50® 4.75 SHEEP AND LAMBS —Receipts, 2500 Lambs. 90 lbs. down; good and choice $10.75®11.00 Good 10.25®’ 10.75 Medium [email protected] Common 8.25® 9 75 Ewes. i9O-170> Good and choice.. 4 50® 5.60 Common and medium 3 50® 4 75 Yearling wethers, good choice 9.25® 9.65 Medium 8.25® 9.25

mimLr

Trade Treaty Proclaimed The trade agreement signed last September between the United States and Colombia and officially proclaimed by President Roosevelt this week, becomes effective May 20. ,

PAGE 19

New Bond Issues (By W. L. Lyons Sc Cos.) Bid Ask Asso Tel 4s ’65 104% 105 Atlanta Gas Lite 4%s ’55 100 101 B Sc O ’39 . 98% 99% Biackstone Val G Sc E4s '65 .1083* 108 3 4 Boston Sc Albany 4%s 49 103 3 4 104'% Cent Maine 4s 60 102% 103 Cent 111 3%s ’66 105'% 105'% Chicago Sts 3%s '63 105% 105'% Cleve Elec 111 3%s '65 110'% 110% Cleve Tractor 5s ’45 103 105 Columbia Rwv P Sc Y 4s ’65..105 105'% Canadian Gvt 3%s ’6l 100'% 100% Conn River PSc L 3 3 /4S '6l 104'% 104 3 Consolidated Ed 3'%s '46 ...102 102% Consolidated Ed 3%s ’56 100 100% Consumers Power 3%s ’7O ....103 103% Cont Steel 4s ’46 102 Cudahy Pkg 3 3 %s ’55 102 102% Cudahy Pkg 4s ’SO 104 104'% Dayton P & L 3%s ’6O 105% 105% Duquesne Lite 3%s '65 106% 106% Eastern Gas Sc Elec Fuel 4s '56 96% Edison Ilium Bost 3%s '56 105% 105% lowa South Util 5%s 'SO 102'% 103 Jones Sc Laughlin 4'%s ’6l 98 98% Kansas P Sc L 4'is '6l 108 108% Keystone W Sc S 4s ’45 101 Loews 3%s ’46 96% 96% Los Angeles G & E 4s ’7O 105 105% Maine Cent 4s '45 99-% 100% Metro Ed 4s ’65 106% 104% Monon W P 4%s ’6O 104% 105 Natl Dairy 3 3 4 s ’6l 100% 100% N Y Edison 3'%s '6O 101% 101% N Y Cent 3%s ’46 96% 96% Norway 4%s 'SB 100'% 101 Norway 4%s ’65 97 Ohio Edison 4s ’66 104% 104% Pacific Lite 4%s ’45 105'% 106 Pacific G Sc E 3%s ’6l 103% 103% Pacific Tel 3 3 %s ’66 101% 101% Penn R R 3%s ’7O 100’% 100% Penn Tel 4s ’65 105 106 Pub Serv N H 3%s ’6O 104% 105'% Pub Serv Okla 4s '66 102'% 102'% Railway Sc Lite 4'%s ’55 110 111 Reverse Copper 4'%s ’56 104*% 104% San Diego G & E4s ’65 108'/* 108% Sharon Steel 4'%s ’57 108 108-% Cos Cal Gas 4s ’65 104 3 /* 104% So Cal Ed 4s ’6O 107 107 3 4 So Cal Ed 3%s ’45 104'% 105 So Western G Sc H4s ’6O 102'% 102 3 % A E Staley 4s ’46 104 Union Rac 3%s ’7l 98% 99% Virginia Rwv 3%s ’66 102'% 102'% West Penn 3'%s ’63 105% 105% Local Securities (By Indianapolis Bond and Share Corp.) The following quotations do not represent actual bids or offerings, but merely indicate the approximate market level based on buying and selling Inquiries cr recent transactions. bonds Home T&T. Ft Wve. S%s '55 lof ld ’ 105 k ' Home T Sc T. Ft Wye. 6s ’43 103 106 Indianapolis Railways, Inc., 5s 66 69 Indianapolis Water Cos.. 4‘%5..106 108 Indianapolis Water Cos., 55... 105 107 Indpls Water Cos.. 5s 105 107 Indianapolis Water Cos., s'is,. 104% 106 Indianapolis Water Cos.. 5V 2 s .104'% 106 Interstate TSc T. s'%s 97'% 98 Kokomo Water Works. 5s 104 105% Morris 5 Sc 10 Stores. 5s 100 103 Muncie Water Works. 5s 103% ... Noblesvtlle H, L Sc Pwr. 6'%s 100 101% Ohio Tele Service. 6s 97% ... Richmond Water Works, 5s ..105 106'% Seymour Water Cos.. 5s 101 104 Terre Haute T & L. 5s 106 108 Terre Haute Water Wks. ss. 102 104 Terre Haute Water Wks. 6s ..103 105 Traction Terminal Cos., 5s 75 78 STOCKS Belt Rail Sc Stk Yds Com 53 55'% Belt Rail Sc Stk Yds pfd, 6s .. 52 ... Central Ind Pwr pfd, 7s ... 21 24 Home TSc T Ft Wayne, 75.. 52% 54% Hook Drugs Inc., com 17*4 19’ Ind Sc Mich Elec Cos. pfd, 75..103% 106'% Ind Gen Serv Cos 6s 98 ioi % Ind Hydro Elec Cos., 7s 57 60 Indpls Gas Cos., com 34 37 Indpls Pwr Sc Lt Cos. pfd, 6s .. 89 92 Indpls Pwr Sc Lt Cos., pfd. 6'%s 93 96 Indpls Water Cos., pfd. 5s 102 105 N Ind Pub Serv., pfd.. 5%5... 62 65 N. Ind. Pub. Serv., pfd. 65... 69 72 N. Ind. Pub Serv., pfd, 7s 77% 80'% •Progress Laundry Cos., com . 10 11% Pub Serv. Cos of Ind., pfd., 6s. 22 25 Pub Serv Cos of Ind., pfd, 7s 41 44 S. Ind. Gas Sc Elec, pfd, 6s. 99% 102 % Terre Haute Elec Cos., 6s 90 92 Union Title Cos., com 19% 21% Ex-dividend. Other Livestock (By Times Special) LOUISVILLE. April 23.—Cattle—Receipts, 175; fresh receipts of slaughter cattle very light; demand only fa,r; market generally steady at week's levei on all slaughter classes; medium to good slaughter steers and heifers salable mostly s7® 8: strictly good light steers and heifers considered salable to around $8.50; common kinds down to $6.50 or less; bulk beef cows, ss@6; good kinds to $6.50, and smooth heifer types higher; most low cutters and cutters, [email protected]; sausage bulls scarce considered salable mostly *5.50® 6.25; light beef type Stockers and stock calves salable mostly *6.50@8; better steer calves eligible higher. Calves—Receipts, 200; market not fully established, but indications strong to 50c higher; advance largely on better grades; bulk good to choice vealers considered salable, *7.50® 8.50, with medium and lower grades $7 down. Hogs—Receipts, 700, including 154 directs; market steady; better, 160-225 lbs., $10.80; 230-250 lbs., $10.50; 255-300 lbs., $9.95; 305 lbs. up. $9.50; 120-155 lbs.. $9.95; sows. $8.60; stags mostly $6.50 down. Sheep —Receipts, 50; market quotable steady for old crop sheep and iambs: better native wooled lambs salable, $8.50@9; choice eligible higher; plainer grades quotable, s6® 7.50. LOCAL CASH MARKET Citv grain elevators are paving 95 cents for Ho. 2 soft wheat. Other grades on their merits. Cash corn new No. 4 yellow 50 cents and oats 18 cents.

SAFETY MARGIN SPURS DEMAND FOR RAIL LIENS Bond List Is Scrutinized for Neglected Issues on Market. BY CHARLES H. HUFF Times Special Writer NEW YORK. April 23. The swing of additional railroads into the fixed charge coverage class, in reflection of improved traffic and revenues since the turn of the year, has been one of the chief causes of concentrating the bond market's major speculative interest in the second grade carrier group. The score card is being kept up to date most scrupulously and its periodic changes are held directly -esponsible for the obvious selectivity characterizing market movements in that section of the bond list. For a long time after evidences of railroad recovery became inescapable, second grade rail bonds moved forward on a broad and relatively indiscriminate front. General improvement in traffic returns was being discounted. Divergence in Attitude When the medium bracket had covered considerable ground in its advance, speculative attention swerved to lower priced bonds and even almost hopeless issues of bankrupt carriers shared in some of the overflow enthusiasm. In contrast with that sweeping forward movement for all categories of rail securities, recent weeks have disclosed increasingly a divergence of speculative attitude, concrete results already attained being substituted for blanket optimism for railroad outlook as a whole. Test on this basis convinced speculative factions that some issues had soared too far while others had not fully discounted the pace of improvement. The result has been an irregular market, but one tending toward a more firmly established footing. A year ago the list of railroads covering fixed charges was painfully small. It is not yet exactly a gratifying compilation, but it has some notable additions as compared with the early months, of last year. Improved Roads Listed Among roads that have moved into the select group, by virtue of recent recovery, are the Southern; the Nickel Plate; Texas and Pacific; Chicago, Burlington & Quincy; Gulf, Mobile and Northern, and the Alabama Great Southern. The Nickel Plate had only little ground to gain, but the Southern was down to 62 per cent coverage a year ago. The Texas and Pacific has moved up from 82 to 110 per cent. The relatively narrow gains in gross revenue required by some of the roads to cross the line become emphasized by results thus far tabulated. An increase of 17 per cent in gross enabled the Alabama Great Southern to move from 15 to 120 per cent coverage of fixed charges. The Burlington changed from 40 to 128 per cent coverage by swelling gross by a little less than 19 per cent. Roads with topheavy debt structures, however, reveal strikingly contrary results. Numerous carriers which have gained from 20 to 33 per cent in gross still fail to cover fixed charges. LIGHT FIRM ELECTS DIRECTORS, OFFICERS Indianapolis Power Utility Holds Annual Meeting. All directors of the Indianapolis Power and Light Cos. were re-elected at the annual stockholders meeting held yesterday. They are Harley L. Clarke, Chicago; H. T. Pritchard, Emmet G. Ralston, W. C. Richardson, Elmer E. Scott, Arthur V. Brown, Elmer W. Stout and Fred Bates Johnson. At a special session of the directors following the stockholders meeting the following officers were named: Mr. Clarke, chairman of the board; Mr. Pritchard, president; J. N. Canavan, Chicago, Wallace O. Lee and Messrs. Ralston, Richardson and Johnson, vice presidents. Mr. Scott was elected secretary; W. A. Horner, Chicago, and Mr. Richardson, assistant secretaries, and H. L. Fogg and Mr. Horner, assistant treasurers.

b Z Effective ' April 26 No. 19 Leave Indianapolis . . 1:30 p.m. Arrive Chicago . . . . 5:55 p.m. Air-Conditioned No. 21 Leave Indianapolis , . 1:30 p.m. Arrive St. Louis . . . 6:10p.m. Air-Conditioned Parlor Car and Dining Lounge Car The Sycamore Leave Indianapolis . . 4:45 p.m. Arrive Chicago .... 8:25 p.m. Air-Conditioned For complete information consult Ticket Agent—Phone Rl ley 2442. BIG FOUR ROUTE -a