Indianapolis Times, Volume 48, Number 38, Indianapolis, Marion County, 24 April 1936 — Page 26

Trends How Long Is Bull Market Going to Last? BY JOHN T. FLYNN YORK, April 24.—Once more the word "bull market” get* into our daily speech. Once more—or so it Is said—the bull makes its appearance around the corner of Broad and Wall Streets. And once more men are asking— Is the market too *igh? How long will this last? Os course no one can say how long

it will last. It must come to an end and, as always, with the usual result loss to the etern ally credulous people who buy stocks and try to forget ’em. Os course, some familiar phenomena are visible in the market. One is that, as always, it outruns business activity. This market has been rising

Flynn

for more than a year. The rise has been more or less steady. And in that respect it has been an extraordinary market. Last April, when it began its definite upward move, business activity, according to one of the well-known indexes, stood at 82. Now it stands at 97. This is a rise of 12 points. But expressed in percentages, it is a rise of a little over 18 per cent. m m m NOW what were our leading, most active industrial stocks doing in the same time? In April a year ago 25 leading stocks were priced at an average of 144. Now they are priced at 211. This is a rise of 67 points or 46 per cent. If we look at 50 stocks, made up. of 25 industrials and 25 railroads, the rise in price In the same time was 48 per cent. So to state the matter plainly, while business was increasing 18 per cent, industrial stocks were rising in price 46 per cent. Another interesting feature of this market is to be found in a comparison with the rise of the first year of the Coolidge market. Business was declining in 1923, but in September of that year the Coolidge market, which broke all records for its folly, its madness, its wildness, got under way. In the first 12 months it rase from 83 to 96. That was an increase of 13 points or 15 per cent. n n n #v IN its first 12 months this market rose from 84 to 125. That was a rise of 41 points or 48 per cent. Will this market maintain its pace? If so, where will the energy come from? And how long will it last? A good many questions might be asked about it. How rrfuch of the so-called “public” is in this market? The effort is made to create the impression that the public has seized the market and run away with it—that once again stenographers, shop girls, barbers and salesmen are making the market. I do not believe this is true. There is always a great deal of guessing about these things. I can offer only a guess. That guess is that this is a distributors’ market and that a large number of investors and incipient speculators are being drawn into it by the old methods of secondary distribution. Warnings about the stock market are, of course, always thrown away. But this is a good time to issue them. (Copyright, 1936, by NEA Service. Inc.)

On Commission Row (Quotation below subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUlT—Strawberries: Louisiana. 24-pt. crate, $3,25; Alabama, 24-qt. crate, $5. L.rnes—Mexican, carton, 20c. Bananas, seven hands, pound. 5c Apples—Delicious ifancy baskets). $2.15: Rome Beauty. $1.35 Lemons—Sunkist (300s). 65,23. Grapefruit —Red Bail (3605). $5.75. Pineapples—(24s) crate. $5.25 Grapes—S. America. 20-lb box. $3; Honey Dews. S. America. $3.50. VEGETABLES—Beans. green round stringless (hampers). 33.25. Beets—Texas (3 dor. cratei. *1.65: cut offs (bu.l, sl. Cabbage—New Texas (crate). $2.85; half crate. *1.50. Carrots—California (6-doz. cratei. *3: Texas i doa.. crate), 60c. Cauliflower. California (12s cratei. *1.90. Celery FlorMn washed and trimmed (doz). 450 85c; Florida (4s. Bs. 10s crate). *3.25 Cucumbei HHothouse (dot.), *1.35 (two doz.. box). $2.50. Egg plant—Florida (dozl. *1.75. Kale—(Virginia bushel), 85c. Lettuce—lceberg, Arizona (best 6s, ssi, *4.25: home grown leaf (15-lb basket). $1.25. Endive—California (doz.). 75c. Peppers— Mangoes icratei. *3.50: peck basket. 90c: doz, 30c Mint —Hothouse (doz.). 60c. Mushrooms—Pound. 30c. Mustard—Texas, half crate. $1 40. Onions—lndiana yellow (50-lb bag). 65e; new Texas Bermuda yellow. 50-io. bag, $1.40. Parsley—Southern (leng bunches, doz.i, 35c. Parsnips—Homegrown washed, bushel. $1: half-bushel. 60c Peas— -Florida, hamper. *3.25 Potatoes— Michigan Round Whites, 100-lb. bag, *1.90; Maine Green Mountains. 100-lb. bag. *2.50: R R. Earlv Ohio. 100-lb. bag. $2: R. R. Triumph. 100-lb. bag. *2.10: Idaho Russets. 100-lb. hag. *2.65: Idaho Bakers. 70s box. *2.50; New Florida Triumphs. 50-lb. bag. *2 25. Sweet potatoes—Tennessee Nancy Halls, hampers. *1.50. Radishes Home grown buttons, doz.. 650 75c: white, 500 60c. Rhubarb—Hothouse. bunch, 60c. Rutabagas—Northern 50-lb. bag. *1 2f. Sage —Doz., 45c. Shellots —Louisiana. do;t.. 35c. Tu%lps—New, bulk Texas, bu., *125. Tomatoes—Repacked. 10-lb. box, *1.35; Florida, orig. (*-#). lug. *3.50. Produce Markets The prices quoted are paid for stock gatherer! In the country, while delivered In 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 sizes, 8c: all guineas IV* lbs. and up. 15c: No. 1 strictly fresh eggs loss off, 17c; delivered In Indianapolis. IBc. 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%@ 33 %c; No. 2. 29%30%c. *Butterfat. 37c.

New Business Books Available at Library The following new business books tee now available at the business branch of the Indianapolis Public Library: SWEDEN. THE MIDDLE WAY, by M. W. Childs. For more than a hundred years, the Scandinavian peninsula has been at peaca—that one fact it sufficient to set Sweden and Norway apart from all the nest of the world. BE KIND TO YOUBSELF. by Vash Young. A philosophy of life whose theme is not to become upset over trifles, not to let one's thinking get all mixed up with doubts and fears. WHAT VF.BLEN TAUGHT, ed. by W. C. Mitchell. The heretic, who views his own ideas as but tomorrow's fashion In thought, needs courage. Such courage Veblen had. THE NEW IMPERATIVE, by Walter Lippmann. The ability to protect the popular standard of llte U an indispensable condition of the surv-val of political institutions. RADIO BROADCASTING MANUAL: THE RADIO AS A PUBLICITY MEDIUM *o* RETAILERS, camp, by the Sale* Promotion Division of the National Retail Dry Goods Association.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 26

EXCHANGE RULE IN CORPORATION FILING PRAISED

Quarter Report Regulation Has Useful Purpose, Writer Says. • BY RALPH HENDERSHOT Time, Special Writer NEW YORK, April 24—It is rather unusual for the New York Stock Exchange to modify a ruling once it has been made publr Its decision to ask corporations to reoprt quarterly as well as for 12-month periods ended quarterly, therefore, may well be said to constitute a precedent. And the fact that it made the change as a result of outside suggestions and requests reflects anew and commendable attitude toward the general public. The alteration in its request is an advisable one. Investors like to be kept posted on current developments as well as on long-term trends. Serve Useful Purpose Statisticians would figure out the quarterly comparisons, anyway, but much more work would be involved than if the corporations did the job for the benefit of all concerned. The thought behind the Exchange's initial request was the protection of investors, who, it thought, were inclined to place too much emphasis on seasonal earnings spurts without seeking to determine what had happened in previous quarters. If the new orders are followed, however, investors will obtain the timely information they want along with the long-term figures. Both serve a useful purpose. The Market Break Stocks slumped quite sharply early this week, due largely, it was thought, to the fresh threat of war between Great Britain and Italy. The market has been very thin on both sides for months, however, and that factor nq, doubt contributed to the decline. An added influence, in all probability, was the feeling which has persisted for a week or more that a shake-out was necessary to cor.ect the market’s technical position. It is questionable whether an out- - reak of hostilities between these two nations would hurt the longterm prospects for business here. It probably would force a large amount of stock on the market, though, particularly the stocks which have been accumulated over the last year or two by British interests. Steel Output Higher The jump in steel production in the United States to more than 70 per cent of capacity this week suggests that general business is continuing its improvement, The current high rate is rather remarkable, it might be added, in view of the fact that the so-called durable industries are among the biggest users of steel, and when they get going again they may be expected to add materially to the nation’s requirements. And their prospects appear quite good. Industrial profits are becoming attractive again, and credit is cheaper than for many years. These are both important factors in the encouragement of additions and betterments to plants and equipment, which go to make up the durable goods trade. FOOD COSTS DOWN Times Special WASHINGTON, April 24.—The retail cost of food declined onetenth of 1 per cent during the two weeks period ended April 7, the Bureau of Labor Statistics reported today. The index stood at 78.9 per cent of the 1923-25 average, or 2.9 per cent below the level for the same period a year ago. SUGAR DELIVERIES~RISE Times Special NEW YORK, April 24.—March deliveries of refined beet sugar by United States companies amounted to 189,490 short tons, the largest for any month on record, the New York Coffee and Sugar Exchange announced today. Investment Trusts (By Thomas L. Sheerln & Cos.) *m in , ls i er w d f und 2nd $1*6.09^U7?12 Affiliated Fund, Inc 1.80 199 American General Equities .... ill 114 American Business Shares 112 122 •Bullock Fund Ltd 17 30 18 62 Broad Street Investing 28 47 30 45 Century Shares Trust 26 33 28 31 Tr Shares 'A' 6.45 6.52 rSJK A< 0r lm °d.) 3.22 3.24 Corp AA or ACC tunmod.). 2.57 260 Trust Shares i0r1g.1... 267 2.71 Diversified Trustee Sits ‘B’... 10 20 10 30 Diversified Trustee Shs *C\.. 437 441 ?mvfHinH and 5 K rustee Shs 'D' ... 6.46 elj Dividend Shares. Inc i57 170 General Investors Trust 569 626 Incorporated Investors 21 35 22 90 Investors Fund Amer iO2 112 K"w,Vi l ,;s“ n " nl cr -;; ■ fcssswtfsri""" ’its NationSWtde Voting . 17? j North Amer Tr Shs 1955 .. .. 322 3®* North Am Tr Shs 1956 317 320 North Amer Tr Shs (orig.) .. 2.46 Quarterly Income Shares ... 151 i67 Se eded Amer Shs. Inc 149 }’ Seeded Amer Shs (orig.) .... 351 162 Seeded Comulative Shs sill 921 Selected Income Shs 475 4as State St Investment Corp .... 95 75 100 75 Super-Corp of America -AA’... 272 27s Super-Corp of Amei’ca ’BB' ... 276 280 •Super-Corp of America A'... 398 280 Super-Corp of America -8'... 415 " " Super-Corp of America •C’... 7.89 Supervised Shs. Inc. iDela.). . 12 89 14 02 Trustee Stand Oil Shs A' ... 712 720 Trustee Stand Oil Shs 8’... 637 643 Trustee Stand Invest ‘C- 286 289 Trustee Stand Invest ’D’.... 280 283 United Stand Oil Shs I 125 fa? Uselps ‘A’ .ia? 137 useips 'B’ Useips Voting . * 4? •Ex-Dividend. 105 •**• Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS Bankers Trust 5® 1 ? Central Hanover .110 112^ Chemical National 54i 56^ Guaranty .... 288 Manufacturers ' 47 4g .s* National City 331, if,* Com 111 Chicago - igi! First National Boston 45% 471. National Shawmut 27 4 Jgi* FIRE INSURANCE Aetna Fire Ins 51 American Ins of Newark 14% lgu. Baltimore American 0 401: City of New York 2 28 Federal Ins 47 49 V Franklin Fire .. 30 3®% Oreat American Ins 27 T 4 29W Hanover Fire Ina .38 j Hartford Fire . 71% 74 Home Ins 371, 3914 Ins Cos of A 721* 745. National Fire 71% 73a* National Liberty 94* n North Rivar |% 28 r, h 2, ei U? 88 • 88 1 4 U 8 Fire 56** Westchester Fixe 34k 36k

AVERAGE <YEARLY SUPPLY * OF*ENERGY MOM MINERAL FUELS AND WATER POWER IN THE UNITED STATES; souftet u.s auot.au of nines, valuU snqwu to* at. aonaot ua *no wort* ui tiouKD m > toivLtiT tons or coot, aoauaawa a,ioo *.rx. at* l. *00 j— . ■ ■ ■ — . "-*oo^ COAL OIL I j lira--Mat* *• **- * 1901 rov 191s- 021- 192* i*s>- ists- *ai- less- *- iB9-1901- 190s-1911 191s- mi- m*- •*;(• 0 v* Itao an M9O 499 00 1909 SlO ISIS 1920 I9ZS 1930 1934 IMO (98S 1890 1893 1900 1903 I9io 19i3 1920 1923 1910 3 frooj *— mo ' NATURAL OAS WATER POWER ? |mo aooj•51800 11 ——■ 11 ■——— - ■ .i m SOO 5 5 ‘ * *4Oo| *oog . I 300 - ■■ 1 • ———— " " - - —■ ■ 300 g r Jsj o 200 J— |2oog ' * tn- wai me* *9l- *9*- 1901- i9o- in- i- 1921- 1931. laH- wat- iis- i9i- isas- 0 WSO ISB3 1890 (895 1900 ®OS *9lO 193 _ 1920 1923 1930 1934 1690 1883 1890 1893 1900 1903 1910 1913 1920 1923 1930 1934 . ' • tr J 8 LW © CMIC.AO AOUABAL 0* COHMtACt SfNOiCATf

New York Stock Exchange Prices

(By Thomson St McKinnon) 11:15 a m. Prev. Oils— High. Low. N. Y. close. Atl Hfg 31 ,i 30% 30% 30k Barnsdall 18 18 18 18 Consol Oil 13 12% 12% 12% C’ont of Del 31% 31 31% 31% Houston (new),. 9% 9 9% 9k Mid Cont Pet ... 20'/a 20 20 20% Ohio Oil 13% 13% 13*4 13% Phillips Pet ... 43% 43% 43% 44% Plymouth 0i1.... 15% 15 15% 15% Pure Oil ... 20% 20 20 20 Seaboard Oil .... 34 34 34 34% Shell Un 16% 16% 16% 17 Skellev Oil 26% 26k 26% 25% Soc Vac 14k 14% 14k 14% SO of Cal 41% 40V* 41% 40% S O of Ind 38 35k 35 k 35% BOof N J 62k 61k 61% 61k Texas Corp 35% 35*4 35% 34% Tidewater Assn.. 17k 17 17 17k Un Oil of Cal... 24k 24 24 24% Steels— Am Roll Mills ... 29% 28% 28% 28% Beth Steel 54% 53% 53% 55% Byers A M 18% 18% 18% 18% inland Steel .... 99% 99% 99% 100 Ludlum Steel ... 25% 25% 25k 25 Mid steel 44% 44 44 40% Natl Steel 61% 61% 61% 61% Otis Steel 15Vi 15Vi 15k 15% Rep Iron & Stl 21% 20V* 20k 21% U S Pipe & Fdy.. 33% 33% 33% 33 U S Steel 65 64 64*4 65% Warren Dr os ... 9% 9% 9% 9% Youngstn S & T. 54 52-V4 5274 54/2 Motors — Auburn 38% 38% 38% 38% Chrysler 98% 97% 97% 98 Gen Motors .... 65% 64% 65 65% Hudson 16 15% 15% 15V* Mack Truck .... 31% 31% 31% 31% Nash 18% 18V* 18'/* 18% Packard 10% 10'/* 10'/* 10% Reo 6 6 6 6'/* Studebaker .... 12% 12 12 12% Yellow Truck ... 18 17% 17% 17% Motor Access— Bendix 29% 28% 28% 29 Bohn Alum ..... 50 49% 43% 50 Borg Warner ... 72'% 72 72 72 Briggs 52 50% 50% 51% Buod Mfg ...... 14% 14 14 14% Budd Wheel 10 9% 9% 9% Eaton Mfg 33 32% 33 32% Elec Auto Lite.. 36% 35'/* 35% 35'% Elec Stor Bat .. 48*% 48% 48% 48V* Greyhound "B’'. 55 54% 55 54% Houdaille 24'% 24% 24% 24'% Murray Body ... 17% 17% 17% 17% Stew Warner ... 20V* 20V* 20V* 21V* Timken Roll ... 61'/* 60% 60% 61% Timken Det Axle 15V* 14% 14% 15% Mining— Alaska Jun 13% 13% 13% 13% Am Metals 30% 30 30 30 Am smelt 75'% 74 74 75% Anaconda 36% 35% 36 36'% Cal & Hecla .... 11% 11% 11% 11% Cerro De Pasco.. 53 . 52% 52% 53 Gt Nor Ore .... 17 17 17 17 Howe Sound .... 50% 50 50 50V* Ins Copper 11% 11% 11% 12 Int Nickel . ... 46% 46% 46% 46% Kennecott Cop.. 37% 36V* 36% 37% Mclntyre Mine.. 43’% 43'% 43'% 43% Phelps Dodge .. 35% 35% 3b% 35'% St Joe Lead ... 24'/* 24% 24V* 24'% U S Smelters .. 87'/* 86% 86% 86 Vanadium 19% 19% 19'% 20 Amusements — Crosley Radio... 21% 19% 19% 20% Loews Inc 45'% 45 45% 44V* Radio Corp ... 11 10% 10% 11% Paramount 8 7% 7V* 7% RKO 5% 5% 5% 6 Warner Bros ... 10% 10 10 11 Tobaccos— Am Sum Tob .. 23 % 23'4 23 % 22% Am Tobacco “A” 901% 90% 90'% 30% Am Tobacco “B” 91 91 91 91 Ligg-Myers “B". 101% 101% 101% 101'% Lorillard 21% 21% 21% 21% Phillip Morris .79 78% 78% 78% Reyolds Tob “B” 51'% 51V* 51'/* 51'% Rails— Atchison 73'% 72% 72'4 73 Atl Coast Lines 22% 22% 22V* 23*4 B& O 18'% 18% 18'4 19'% Can Pacific 11% 11% 11% 11% Ch & Ohio .... 56% 56 56 56% Chi & Gt W pfd 5% 5% 5% 5% C M & St P 1% 1% 1% 1% C M & St P pfd 3% 3Va 3'% 3V* Chi N W 3% 3V* 3V* 3% Dela & Hud ... 40% 39V* 39V* 41 Del Lac &W .. 17% 17 17 16% Erie 13 12% 12'% 12'% Gt Northern pfd 35 34 34% 35% 111 Central 21% 21% 21% 21% K C Sou 19% 19% 19% 19'% Lehigh Valley .. 9% 9% 9* gy, MKT & T 7% 7% .7% 7% Mo Pac 2'% 2% 2'% 2% Mo Pac pfd 5 4% 5 434 N. Y Cent 35% 34'4 35% 35% N Y New Haven 3% 3V 3% 3V Norfolk & West 226 225 225 226 Nor Pacific 26% 27% 28% 28'% Penn R R 31V* 31 31 31% Sou Pac 32% 31% 31% 32% Sou R R 15% 14% 14% 15 y 4 Union Pac 118% 118 118 118 Equipments— Am Brake Shoe. 45 45 45 45 Am Car & Fdy.. 32% 32% 32% 32'% Am Steel Fdy... 25 25 25 25 Bald Loco . 3% 3% 3% 3'% Gen Am Tk Car 44% 43% 43% 44V* Gen Elec 38 37% 37% 38 Gen R R Sig 40% 40% 40% 40% Pullman Inc 42 41% 41% 41% West Air Br 39 38% 38% 38% Westingh Elec.. 113% 111% Utilities— Am Si 1 . For Pwr . 7% 7% 7% 7% Am Power & Lit 10% 9% 9% 10% AT&T 163 162*4. 162% 162% Am Wat Wks ... 21% 21 21 21% Col Gas & Elec.. 18% 17% 17% 18V* Consol Gas 31% 31V, 31% 31% Elec Pwr & Lit. 14% 13% 13% 14% Int Hydro Elec . 33 3 3 Interboro R T .. 13 13 13 13 Int TANARUS& T 14% 13% 14% 14 Nat Pwr &Lt .. 10k 10k 10k 10k North Amer 25% 25V* 25% 25V* Pac G& E 34% 34% 34% 35Vi Pub &’rv N J 40% 40% 40 V* 40% So Cal Edison.. 26% 26% 26k 25% Std Gas 6% 6% 6% 6% Stone & Webster 17k 17V* 17k 17% United Corp 6% 6 6% 6V Un Gas Imp ... 15% 15k 15k 15% Ut Pwr & Lt ‘A* 4% 4% 4% 4% Western Union .81% 80 80 80% 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 or I recent transactions. BONDS Bid Ask Home T & T Ft Wye. 5%s ’55 103 105 Home T & T Ft Wye. 6s ’43 .103 106 Indianapolis Railways. Inc 55.. 66 69 Indianapolis Water Cos 4%s ..106 108 Indianapolis Water Cos 5s —lO5 107 Indianapolis Water Cos 5s 105 107 Indianapolis Water Cos 5%s ..103% 106 Indianapolis Water Cos 5%s ..103% 106 Interstate TANARUS& 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\ss ..105 106'% Seymour Water Cos 5s 101 104 Terre Haute T & L 5s 106 10* Terre Haute Water Wks 5s ... 102 104 Terre Haute Water Wks 6s .. 103 105 Traction Terminal Cos 5s 75 78 I STOCKS Belt Rail & Stk Yds Com ... 53 55%-• Belt Rail & Stk Yds pfd 6s .. 52 Central Ind Pwr pfd is 18 21 Home T&T Ft Wayne 7s 52% 54% Hook Drugs In* com . . 17V* 16 Ind & Mich Eiefe Cos pfd 7s ..103% 106% Ind 0n Serv Cos 6s 88 100% Ind Hydro Ele<* Cos 7s 56% 59% Indpls Gas Cos com 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 62 65 N Ind Pub ftrv pfd 6s 69% 72% N Ind Pub Serv pfd 7s 77% 72 •Progress Laundry Cos com ... 10 11% Pub Berv Cos of Ind pfd 6s 23 26 Pub Serv Cos of Ind pfd 75... 42 45 8 Ind Oas St Elec Dfd 6s 99% 102% Terre Haute Elec Cos 6s 90 92 Union Title Cos com .......... 19% 31% •£x-dividend.

FRIDAY, APRIL 24, 1936

Rubbers— Firestone ...... 28 28 28 28 Goodrich 20% 19Vs 20 19 7 / g Goodyear 28k 28 28 27% U S Rubber .... 31% 30% 31 30% U S Rubber pfd. 73% 73'/* 74 72 7 /* Miscellaneous— Allis Chalmers 43% 43V* 43V* 43% Am Can 125 122'/* 125 122 Am Mach & Fdy 22 21 7 / a 21 7 /* 22 Brklyn Man Tr.. 47V* 47 47'% 48k Burroughs Add.. 26k 26k 26k 26 J I Case 156% 156% 156% 357% Conti Can 78V* 78% 78V* 77% Caterpillar Tract 73 73 73 73 k Crown Cork 55 55 55 56 Curtis Pub 20% 20% 20% 20% Eastman Kodak. 163 163 163 163% Foster Wheeler 29% 29% 29% 30 Gillette 16 16 16 16 Glidden 50; 50 50 49% Int Bus Mach ..173 172'/* 172V* 173 Inter Harv 80% 80% 80% 81 Natl Cash Reg .. 23 7 /s 23'/* 23V* 23% Owens Bottle ....146 146 146 145% Rem Rand 20% 20% 20% 20% Foods— Am Sugar 51% 51% 51V* 51% Armour 5 V* 5 k s'/* 5 7 /* Beatrice Cream.. 22 22 22 22 Borden Prod .. 26% 26% 26% 26% Cal Packing ... 33% 33% 33% 33% Cont Bak ‘A’. .. 44% 14% 14% 14% Corn Prod 75 V* 74% 75 V* 74% Gen Baking ... 12 12 12 12 Gen Foods 38% 38 38 38% G W Sugar 33 k 33 k 33 k 33'/* Nat Biscuit 34V* 34'/* 34k 34 Natl D Prod .... 22% 22 22 22% Purity Bak .... 11% n% n% n % Std Brands 15% 15% 15% 15% Gimbel Bros ... 9 9 9 8% Gn Un Tea ... 3% 3% 3% 3% Jewel Tea 70% 70V* 70% 72V* Krusge S S .... 21% 21V* 21% 21% Kroger Groc ... 23'/ 4 23'% 23V* 23V* McCrory St .... 12 11% 11% 12 McLellan St ... 12% 12% 12'/* 12V* Marshall Field.. 15'% 15'/* 15V* 15% Mont Ward .... 40% 40 40'/* 40% Natl Tea 9% 9% 9% 9V* Penney J C .... 75% 75V* 75% 75'/* Pears Roebuck-. 65 64V* 64V* 65 Woolworth 45% 45% 45% 45%

N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 _ . Inds. Rails. Utils. Bonds. Today 90.7 90.6 104.6 95.3 Yesterdav 90 9 91.4 104.9 95.7 Week Ago 91.4 92.0 104.8 96.1 Month Ago 92.2 92.3 105.2 96.6 Year Ago 86.5 76.5 96.3 86.4 1936 High 93.4 55.6 105.5 97.9 1936 Low 90.8 84.7 103 5 93.3 (Copyright. 1936. bv Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Treasury* Prev. .., Close Close 4%5, 1947-52 117.28 117.31 4s. 1944-54 112.27 112.11 3%5, 1943-47 108.5 108.3 3%5, 1943-45 107.25 107.25 3%5, 1941 108.30 108.31 3%5, 1944-46 107.14 107.12 3'/*S, 1046-48 105.26 105.25 3>/*s. 1949-52 105.21 105.22 3s 1951-55 104.14 104.4 3s 1946-48 104.29 104.25 2%5, 1945-47 103.5 103.7 2%s 1951 101.31 101.29 Home Owners’ Loan Corp. 2%5, 1940 101.17 101.19 3s, 1952 102.23 102.22 Federal Farm Mortgage Corp. 3%5, 1964 104.7 104.8 3s, 1949 102.28 102.29 3s, 1942-47 103.19 103.17 2%5, 1945 102.9 102.9 DOMESTIC Prev. „„ _ .... Close, close. Alleg Corp 5s ’44 91% 92 Alleg Corp 5s ’49 87V* 87% Am Frgn Pow 5s 2030 74% 76 Am Tel & Tel 5%s '43 112% 112% Am Arm &Cos (Dell 4s ’55 97% 97% Atl Coast Line 4s '52 96% 97' Atl Coast Line 4%s ’64 80% 81% Atch Top & S Fe 4%s ’4B 111% 111% Am Wat Wks 5s ’44 120.20 102 20 Am RoHing Mills 4V*s '45 117% 120% Balt & Ohio 6s ’95 93 94 Balt & Ohio 4%s ’6O 69% 70% Buff Roch & Pitt 4%s ’57 ... 77 7 Beth Steel 4%s ’6O io3 7 / 104% Chi Mi w&St Pss ’75 19 * 20 Chi Milw & St P 5s 2000 6% 7*% C eve Un Term 5s ’73 106% 106% Cleve Un Term 4%s ‘77 102% 102% 5s May ’52 102% 103% Can Pac Perp 4s 925; o?a, Big nt F^ C r 5 4 8 . . P °,. V 98% 99 * Big Four 4%s ’77 89% 90% Big Four 5s ’63 97a* ort! Colorado &So 4%s ’BO 67% 69 * n d ’52 103% 103% Si}! 4 s West Ind A*/2S ’62 106% 106% Chi & Nor West 4%s ’49 .12 12% Chesa G Cor 5 n S 103.30 103 30 N h^ a Do c c°k p 4s s -si 47 Eril s°°’7s 55 .! 38 .;; $ Erie 5s ’67 75 7? '* Gen Cable 5%2S *47 io*> Grt Northern 7s ‘>6. ......1015 Grt Northern 4%s ’76 lOlih 101% 8m stfcSww 1?K '?Kt J® BS S? Interlake C & I 5s ’sl 94 93% Interntl Hv Elec 6s ’44 42% 43 Interntl Tel & Tel 4%s ’39 92% 92% Internt Tel & Tel 5s ’55 .... 83<* 84'* Interntl Tel & Tel 4%s ’52.... 79% 80 P. Lorillard 7s '44 131% 1311% McKess & Rob 5%s ’SO 103 103% i^ lr , v /Hlc’ 48 103 103 Natl Steel 4s 65 106 106% Nickel Plate 4%s ’78..... 81% 83 Nickel Plate 5%s '74 92% 93% N Y Cent 5s 2013 90 90% N Y Cent 4%s 2013 (old) 83V* 84% Nor Amer Cos 5s '6l 104% 105 Nor- Pac 3s 2047 79 3 -4 80% Nor Pac 4%s 2047 102% 102% Nor Pac 6s 2047 11l ill 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 107% 108 Penn Rv 4'/*s ’Bl 107% 108 Penn Rv 4%s ’7O 102 102% Pac G & E 5s ’42 102% 103 Portland Gen 71 4%s ’6O 72 72% Para Publix 6s '55 84 85 Penn P& L 4%s ’Bl * 106% 106% Postal Tel & Cab 5s ’53 31% 21% Rem Rand W W 5%s ’47 104.% 104 3 * Sou Pac 4%s ’6B 89% 90V* Sou Pac 4%s ’Bl 88% 89% Sou Pac 4%s ’69 89 89% Sou Pac 4s ’49 90% 91% Sou Rail 4s ’56 58V* 60 Sou Rail 6s *56 75% 76y* Sou Rail 6%s ’56 79% 81 Texas Pac 5s ’79 102 Vi 102 Union Pac 4s ’47 113 113% United Drug 5s ’53 100 100% U S Rubber 5s ’47 106% 108% N Y N H & Hart 6s ’4B 31 31 NYN H & Hart 4%s ’67...... 30% 31V* Warner Bros 6s ’39 94% 94V* Western Mary 4s '52 100 100'* Youngstown 8 &T 5s ’7O 106% 106% Youngstown S&T 5s ’7B 105% 105% FOREIGN Argentina A 6s '57 100 100 Argentina B 6s 'SB 100 99% Brazil 8s ’4l 31% 32 Canadian Govt 4s ’6O 107% 107% Denmark 5%s ’55 101V* 101% French 7s '49 176% 176V* German 5%s '65 32% 32 Italy 7s 'sl - 70 72% Japan 6%s '54 *5% 94% Poland 7s ’47 102% 103 Rome 6%s ’52 62 62% QfiFF DEPosn □Aril DEPARTMENT American National Bank AT INDIANAPOLIS M***ber Federal Deposit Insurance Corporation

(Chicago Journal of Commerce.)

Aviation— Boeing Aircft •. 19% 19% 19V* 19% Curtiss Wr "A”. 15% 15V* 15 Vi 15 V 2 Curtiis Wr “A”. 15% 15V* 15% 15'/* Douglas Air 62'/* 61% 61V* 61% Nor Am Av .... 8% B'% B'/* f,% Sperry Corp 17 V* 17'/* 17 V* 17 Uni Aircft New. 22% 22% 221 22 s /* Chemicals— Air Reduction... 60 59% 59 V* 59% Allied Chem 188 187V* 187V* 186% Am Com Alcohol 25 V* 25 V* 25'% 24% Col Carbon 116'/* 116% 116'/* 116 Com Solvents .. 18 17 7 /* 18 18'/ 4 Du Pont 141 140V* 140'/ 4 140% Freeport Tex ... 30'/* 29% 29 7 /* 29V* Liquid Carb .... 36V* 36 36 37 Math Alkali 30 1 /* 30 30 29'/* Monsanto Chem. 91 91 91 91 Natl Dis (new).. 30 29 5 / 29% 29% Schenley Dist .. 41V* 41 41'/* 41% Tex Gulf Sulph. 34% 34% 34% 34*4 Union Carinas . 81% 81'/* 81'/* 81% U S Ind Alcohol. 50% 50 50 50 Drugs— Bristol Myers... 43% 43’/* 43% 44 Coty Inc 4V / * 4% 4 7 /* 4% Lambert 21% 20% 20% 22V* Sterling Prod ... 67% 67% 67% 68% Zonite Prod .... 8% 6% 6% 7 Financial— Adams Exp 11% 11% 11% 11% Allegheny Corp . 2% 2% 2% 2% Am Int Corp... 11 11 11 11% Chesa Corp ... 65% 65% 65k 64% Lehman Corp ... 98'/* 96% 96V* 95V* Transamerica .. 12% 12% 12% 12% Tr Conti Corp .. 82Vi 8% 8% 8% Building— Am Radiator ... 21% 21k 21k 21 Gen Asphalt ... 28% 28% 28% 28% Int Cement 45 44 k 44'4 45'4 Johns Manvllle 97% 97 97% 98 Libby Owens Gls 52% 52k 52% 51% Otis Elev 26'/* 26 26 26% U S Gypsum .. 92% 92% 92V* 93 '/ 2 Ulen Cons 4% 4% 4% 5 Household — Col Pal Peet ... 37% 37k 37k 37*4 Kelvinator 20% 20% 20'/* 30% Proc & Gamble . 44 44 44 43% Servel Inc .... 19% 19 19% 1914 Simmons Bed ... 27% 27k 27*4 27V* Textiles— Amer Woolen ... 8% 8% 8% 8% Belding Hem ... 13% 13% 13% 13% Celanese Corp .. 25k 25 25 25 Collins Aikman 44 V* 44 44 4434 Gotham Hose .. 9% 934 934 9% Indus Rayon 29% 29'4 29 Vi 29 ' Real Silk 13 13 13 12%

Chicago Stocks (By Atkins. Hamill & Gates) 11:30 Prev. .. ... A. M. close. Advance Aluminum 7 7 /* 7% Asbestos Mfg 4% 4% Associated Invetors ...; 33% 33 Berghoff 11 y* 11% Butler Brothers 8% 9 Chicago Yellow Cab 27% 28 Cities Service 4% 5 Commonwealth Edison 100% 100% Continental Steel 38 38% Cord 5% 5% Crane 25% 26 Dayton Rubber J 2 12% Dayton Rubber 12 .12V* Electric Household 16% 16 General Household 7% 7V4 Great Lakes Dredge 29'/* 29 Jarvis Mfg 21 21 Libby McNeil & Libby 8% 8% Lincoln Printing 10 10 Lion Oil Refining 12 11% McGraW Electric 29% 30 Machman Spring Filled 14 13% Noblitt-Sparks 28% 29 Northwest Bancorporation 10% 10% Perfect Circle 36 36% Standard Dredge pfd 14% 15 Swift International 30% 30V4 William Oil-O-Matic 1% 12% Vortex Cup 18% ... New York Curb (By Atkins, Hamill & Gates) 12:30 P. M. Prev. N.Y. close. Aluminum Cos of America 128 1 24% Am Cyanamid ‘B’ 33Vi 33% Am Gas & Electric 37% 37 Am General 8% 8% Am Superpower 2V* 2% Ark Natural Gas ’A’ 6% 6% Atlas Corp 12% 12% Canadian Intiust Alco ‘A’ 8% 8% Carrier Corp 8% 8% Creole Petroleum Corp 28% 27% Crocker-Wheeler 10% 10% Elec Bond & Slyire 18% 19 Fisk Rubber 5% 5% Ford Mot Canada ‘A’ 23 22% Glen Alden (1) 13Vi 13% Gulf Oil Corp of Penn 84 V* 83% Humble Oil & Refining Cos 65 % 65% Huyler’s of Del pfd 26'/* ... Hygrad? Food 5 5% Int Vitamin 8 7% Imperial Oil of Canada 22% 22V* Irving Ai ■ Chute 22 22% Molybdenum Corp of Amer 9 9'/* Mueller Brass Cos 27 28% Natl Bellas Hess Inc 2 2 Niagara Hudson Pwr 9 9 Pan-American Airways 55 57 Pennroad Corp 4% 4% Reliable Stores Corp 15 15% Root Petroleum 15 15% St Regis Paper Cos 3% 3% Segal Lock 2% 3 Sonotone 2% 2% Standard Oil of Ohio 32% 32 Stutz oMtor Car of Amer 3% 4 Technicolor, Inc 29 % 29% Wayne Pump 29% 29% RICHMOND INDUSTRIAL CONFERENCE TO OPEN Eli Lilly Personnel Director to Speak at Meeting; Tomorrow. Times Special RICHMOND, Ind., April 24.—J. W. Reinhardt, Canton, 0., national president of the Foremen’s Association. and Rev. Robert Hall, Michigan City, chaplain of the Indiana State Prison, are two principal speakers at the regional industrial conference to be held here tomorrow under the sponsorship of the Richmond Foremen’s Club. Various topics will be discussed during the separate conference periods which have been set up by a committee in charge. The conference is open to every one interested in industrial problems and an attendance of more than 300 is expected.

INSURE home OWNERSHIP /. (~°Tr~7/?7 yO \ with the aid of a mortgage loan. Your lack M 1 isoA. V of the complete purchase price of a home ■I- 1 need be no handicap in the way of making HR * 1 4 your dream come true. Whether you are BA \ i*l planning to buy or build you should there- ■>. \ ItM fore consult us st once regarding the 11(E—. A JLJH nancift’, assistance you need in the form of g a mortgage loan. W Th * UNION TRUST. 1 B l?p3 jIL W company LOAN DEPARTMENT 1M & Market It U. 8341.

GAS DEMAND IS SEEN BOOSTED BY TRADE GAIN Peak Consumption Indicated in Near Future, Says Economist. BY A. L. JACKSON Vice President, Economic Statistics, Inc. NEW YORK, April 24.—Adversely influenced by weather conditions, the consumption of gasoline was sharply curtailed during February, demand for all oils being reduced to 3,248,000 barrels daily in February, compared with 3,315,000 barrels in January. However, the production of gasoline was not reduced accordingly. In fact, on a seasonally adjusted basis, gasoline production rose to the highest point ever reported. Consequently, there was a sharp increase in gasoline stocks. There has been much comment on this development, with reports circulated that these inventories were at the highest level in history. This is far from being the case. They are the highest recorded since March, 1933, but, in terms of current consumption, we have only to go back to September, 1934, to find a period when the situation was more unfavorable. But even this relationship is not a fair means of measuring the current conditions. Under 1936 Volume The rise in gasoline stocks during February was only slightly greater than is seasonally normal, and actual inventories at the present time are approximately 30,000,000 barrels less than were held in March, 1930, when the all-time high was established. The increase in the stock-con-sumption ratio was mainly due to the sharp decline in demand, which, as explained above, was due to bad weather. Already, as indicated by weekly statistics, this condition has been corrected. . The advance in gasoline stocks also should be considered in connection with the favorable crude oil situation. While gasoline stocks have been accumulating, there has been a corresponding decline in stocks of crude oil, so that the total supply of all oils above ground has remained at a very favorable low level. Stocks of oils at the close of February amounted to 542,900,000, compared with 541,300,000 barrels at the close of January. Buying Power Rising The January figures were the lowest reported since the early part of 1927. In terms of consumption of all oils, stocks were never lower than they were reported at the close of January. In addition to the above factors, it should be noted that the current level of purchasing 'cower is favorable relative to the current level of demand of all commodities and the trend of purchasing power is upward, with the probability that it will be further stimulated as a result of government disbursements and higher business activity. Thus we can expect the February declines in gasoline consumption to be short-lived. Gasoline consumption should rise to new all-time, peaks within the near future and result in further gains in the prices of both crude oil and gasoline.

5000 BORROWERS REPAY Debtors Refund $10,000,000 to Home Owners’ Loan Corp. By United, Press WASHINGTON, April 24.—The Home Owners’ Loan Corp today announced that nearly 5000 borrowers have paid back all their loans, totaling $10,000,000, instead of using the 15 years granted them. Most of the borrowers repaid their loans in full, the HOLC said, without giving any explanations. Others reported that they had obtained inheritances, that they had cashed in on insurance, that their business had improved, or that they had sold their property to buyers who cleared off the mortgage incumbrance. New Bond Issues (By Lyons & Cos.) Bid. Ask. Asso Tel 4s '65 104% 104% Atlanta Gas Lite 4%s ’55 100 101 B &, O '39 98% 99% Blackstone Val G & E 4s '65.. 108% 108% Boston & Albany 4%s '49 103% 104% Cent Maine 4s 60 102V* 102% Cent 111 3%s . ’66 105% 106 Chicago Sts 3%s '63 105V* 106% Cleve Elec 111 3%s ’BS 102 105 Cleve Elec 111 3%s ’65 110'/* 110% Cleve Tractor 5s ’45 102 105 Columbia Rwy P & L 4s '65.. 105% 106 Canadian Gvt 3%s '6l 100% 100% Conn River P & L 3%s '6l ...104% 104% Consolidated Ed 3%s ’ 46 102 102% Consolidated Ed 3%s ’56 100 100% Consumers Power 3%S '7O ...103*/4 103% Cont Steel 4s ’46 102 Cudahy Pkg 3%s ’55 101% 102 Cudahy Pkg 4s ’SO 103% 103V* Dayton P & L 3%s ’6O 105 i05% Duquesne Lite 3%s ’65 106% 106% Eastern Gas & Elec Fuel 4s ’56 96% . . Edison Ilium Bost 3%s ’56 ....105% 105% lowa South Util 5%s ’SO ....101% 102% Jones & Laughlin 4%s ’6l .... 98 98% Kansas P & L 4!is ’6l 108 108V* Keystone W & S 4s ’45 101 Loews 3Vis ’46 95V* 90 Los Angeles Q & E 4s ’7O 104% 105% Maine Cent 4s ’45 99% 100% Metro Ed 4s ’65 J 106% 105% Monon W P.4%s ’6O 104% 105% Natl Dairy 3%s ’6l 101 101 % N Y Edison 3%s ’6O 101% 102 N Y Cent 3%s ’46 97V* 97% Norway 4%s ’56 100V* 100% Norway 4%s ’65 97% ... Ohio Edison 4s ’66 104% 104% Pacific Lite 4%s ’45 105% 106 Pacific G & E 3%s '6l 102% 103% Pacific Tel 3%s ’66 101% 101% Penn R R 3 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% RaUway & Lite 4%s ’55 110 111 Reverse Copper 4%s ’SB 104% 104% San Diego G & E 4s ’65 108% 106', 2 Sharon Steel 4%s ’57 I|7 107',i So Sal Gas 4s ’65 104% 104% "So Cal Ed 4s ’6O ■ 107 107% So Cal Ed 3%s ’45 104 105 So Western G & H 4s ’6O ....101% 102 A E Staley 4s ’46 103% ... Union Pac 3%s ’7l 87% 99% Virginia Rwy 3%s '66 102V* 102% West Penn 3%s '63 105% 105%

Curb Short Interest Off The Neiv York Curb Exchange has announced that the short position in all securities on March 31 totaled 55,00.0 shares as compared with 89,250 shares on Feb. 28.

‘Best Since... ’ Times Special NEW YORK, April 24.—The phrase, “best since,” is applied as follows by Standard Statistics, Inc., in a summary today: Steel production, best since June, 1930; automobile sales, 1929; Easter retail trade, 1930; copper prices. May. 1931; electric power output, all-time record; residential building, October, 1931; cotton consumption (for March), March, 1929; newsprint production, (March), March, 1931; world shipbuilding. 1931; cigaret output, all-time record; gasoline consumption, all-time record; magazine advertising, 1930.

PORKERS SHOW UNEVENTREND Market Steady to 10 Cents Higher; Cattle, Veals Stationary. The pork market continued un- ! settled today at the local stockyards. Prices were steady to generally 10 cents higher than yesterday’s close. Weights ranging upward from 160 pounds showed the full advance, while slaughter.pigs were unchanged. Receipts, estimated at 4000, dropped to around the normal mark, and only approximately 351 head of hogs were held over from the preceding session. The top price paid for good and choice grades moved up to sll.lO. The bulk of 160 to 225 pounds was offered at sll to sll.lO, while medium weights, from 225 to 250 pounds, cashed in at SIO.BO to $10.90. Heavyweights, scaling from 300 pounds and upward, brought $10.20 to $10.40. Light slaughter pigs, from 130 to 100 pounds, sold at $10.25 to $10.75. Desirable packing sows held at $9.25 to $9 90. With the total supply consisting largely of cows, the cattle market was mostly unchanged. Only a few odds and ends of steers and heifers were available. Low cutters and cutters sold at $4 to $5, while common to medium beef cows brought $5.25 to $6. Receipts were 400. Continuing unchanged, the bulk of good and choice veals sold at $9 to $9.50. Receipts numbered 600. Lambs were mostly 25 cents higher, especially on clipped grades. Wooled grades and sheep were scarce. Clipped lambs weighing around 90 pourfds sold at $9.75. Few choice native spring lambs around 60 pounds each brought sl4. Receipts were 2300. HOGS April Bulk. Top. Receipts. 18. *11.00(511.15 11.15 1000 20. 11.05® 11.15 11.15 6500 21. [email protected] 11.05 5500 22. 10.85® 10.95 10.95 4500 23. . 10.90(5-11.00 11.00 4500 24. 10.90® 11.00 11.10 4000 Light lights. (140-160) Good and choice. .$10.35(510.95 Medium 9.75-510.40 (160-180) Good and choice.. 10.95(511.10 Medium [email protected] (180-200) Good and choice. .11.00® 11.10 Medium 10.505 11.00 (200-220) Good and choice. [email protected] (220-250) Good and choice.. Heavyweights. • (250-290) Good and choice.. 10.50(510.80 (290-350) Good and choice.. [email protected] Packing Sows. (273-350) Good 9.60(010.00 (350-425) Good 9.40(5) 9.75 (425-450) Good 9.00(5) 9.40 (275-350) Medium 8.85@ 9.60 Slaughter Pigs. (100-140) Good and choice.. [email protected] Medium 8.60® 9.85 CATTLE —Receipts, 400— (550-900) Choice $ 8.50® 10.06 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@ 800 Common 6.00 0 7.00 (1100-1300) Choice [email protected] Good 8.000 9.50 Medium 7.000 8.00 (1300-1500) Choice 9.50010.25 Good B.oo® 9.50 Heifers (500-750) Choice 7.750 8.50 Good 7.000 8.00 Common and medium 5.75 0 7.25 (150-190) Good and choice ... 7.00® 8.50 Cows Good 6.000 6.50 Common and medium 5.00 0 6.00 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, 600— Good and choice $8,500 9.50 Medium 7.000 8.50 Cull and common 5.00® 7.50 Calves (250-500) Good and choice ... 6.00 0 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 5.50® 7.25 (800-1050) Good and choice... 7.25 0 8.50 Common and medium 5.50® 7.25 Cows Good 4.75 0 5.25 Common and medium 4.50® 4.75 SHEEP AND LAMBS —Receipts 2300 Lambs, 90 lbs. down; good and choice [email protected] Good [email protected] Medium 10.00% 10.50 Common 8.50®10.00 Ewes. (90-170) Good and choice .. 4.50® 5.60 Common and medium 3.50@ 4.75 Yeaning wethers, good choice 9.25® 9.85 Medium 8.50® 9.50 MARCH SHIPMENTS RISE Times Special GRAND RAPIDS, Mich., April 24.—Shipments of Leonard electric refrigerators during March increased approximately 153 per cent over the total for the corresponding month of the preceding year, it was announced today. DIVIDEND IS DECLARED Times Special NEW YORK, April 24.—Directors of the Columbia Pictures Corp. have declared a regular quarterly dividend of 68 cents a share on $2.75 convertible preferred stock, payable May 15 to stockholders of record May 2, it was learned today.

ABBOTT, PROCTOR & PAINE MEMBERS New York Stock Exchange Chicago Board of Trade New York Curb Exchange Chicago Stock Exchange New York Cotton Exchange Chicago Mercantile Exchange New York Produce Exchange Commodity Exchange, Inc. New York Cocoa Exchange, Inc. Montreal Curb Market New York Coffee & Sugar Exchange, Inc. 8 EAST MARKET STREET INDIAN APOUS TELEPHONE, BILEY 5491 NEW YORK CHICAGO BORTOV, MASS. MONTREAL. CANADA RICHMOND. YA. ANDERSON. ; IND. CLEVELAND. O. APPLETON. IYI*. BRISTOL, VA. ROANOKE. VA. CHARLOTTE. N. O. DANVILLE, VA. STAUNTON, VA. NEWPORT NEWS. Tl NORFOLK. VA. KNOXVILLE. TKNX. PETERSBURG, VA. I

RESOURCES OF INSURED BANKS GAININSTATE Assets of $224,322,000 Are Reported as ' Cash Items. Bp Scripps-Howard Xeicspapcr Alt(ance WASHINGTON, April 24. Aggregate resources of the insured commercial banks in the State of Indiana stood at $759,419,000 on Dec. 31, 1935, according to an abstract of their condition released today by the Federal Insurance Corp. Assets in this amount represented an increase of 9.3 per cent over the figure shown on Dec. 31, 1934. Os the assets reported at the end of 1935, $224,322,000 were being held as cash items in process of collection or as balances with other banks; $47,583,000 was shown to be invested in securities fully guaranteed by the United States government and $139,433,000 in United States obligations. Holdings of other bonds, stocks, and securities by the insured commercial institutions of Indiana advanced from $83,620,000 to sllO.669,000*in the interim between Dec. 31, 1934, and the same date in 1935. In the same period loans and discounts rose from $184,320,000 to $201,480,000. Deposits Increase Total deposits were $667.6531)00, an increase of 20.4 per cent during the year. On Dec. 31, 1935, demand deposits were $380,924,000 and time deposits $234,787,000. Nationwide, total assets of- insured commercial banks increased by 10 per cent in the 12 months and were $51,000,000,000 on Dec. 31, 1935. The 14,121 insured banks in the country for which figures were tabulated hold 98 per cent of the total commercial bank assets. INDIANA BELL RENAMES DIRECTORS, OFFICERS Both Groups Hold Meetings in General Offices. All directors of the Indiana Bell Telephone Cos. were re-elected yesterday at the annual meeting of stockholders. Following the shareholders meeting, the directors met and renamed all officers. The directors are: James F. Carroll, Fred C. Gardner, Frank A. Montrose, Nicholas H. Noyes. Curtis H. Rottger, Thomas D. Sheerin, W. Richardson Sinclair, Elmer W. Stout, all of Indianapolis, and William G. Irwin, Columbus, Ind. Officers include: Mr. Carroll, president; Mr. Montrose, vice president and general manager; H. S. Hanna, vice president; P. T. Watson, secretary and treasurer, and W. J. McWilliams, general auditor. The meeting was held in the general offices of the company. ASSETS SHOW INCREASE Quarterly Income Shares Reports Gain of $2,655,387.82. Times Special JERSEY CITY, N. J., April 24. Quarterly Income Shares, Inc,, a group investment fund supervised by Administrative and Research Corp., New York, today reported net assets at market value of $40,842,349.06 for the quarter ended .April 15. This represents an increase of $2,655,387.82, exclusive es a tax reserve of $1,766,338.20 on unrealized profits, over the quarter ended Jan. 15, and of $10,155,005.21 over a year ago. Chicago Grain Futures (By James E. Bennett & Cos.) 9:00 PreT. Wheat— High. Low. AM. close. May 101 100% 1.00 % i.00% July 91% .91 >, .91% .91% Sept 90 .89% .89% .89% Cori#May 64% .64% .64% .64% July 62% .82% .63% .62% Sept 61 .60% .60% .60% Oats— May 26% .26% .26% .28% July 27% .27% .27% .27', Sept 27% .27% .27% .27% LOCAL CASH MARKET City grain elevators are paying 94 cent* for No 2 soft wheat. Otner grades on their merit*. Cash corn new No. 4 yellow 50 cents and oats 18 cents.

Breed, Elliott & Harrison Established 1912 1115 CIRCLE TOWER GOVERNMENT BONDS FEDERAL AND JOINT STOCK LAND BANK BONDS HOME OWNERS’ LOAN CORPORATION BONDS REAL ESTATE PREFERRED STOCKS AND BONDS BUILDING & LOAN STOCKS INVESTMENT TRUSTS