Indianapolis Times, Volume 48, Number 39, Indianapolis, Marion County, 25 April 1936 — Page 11

Trends Bank’s Pegging of Bond Prices Is Deplored. BY JOHN T. FLYNN

NEW YORK, April 25.—1f you have ever heard a speech by any president of the New York Stock Exchange you have been struck, I am sure, by the repetition of the assurance that the exchange Is a free market and that a free market is essential to the security business. Some days ago a large banking,

house In Wall Street announced that It was "pegging” the price of an Issue of bonds It had recently Issued. And this leads one to ask If a market where pegging operations are permitted is a free market. For years bankers have used this de--vice. The banker puts out an issue of bonds or stock. He offers the bonds

Flynn

at, let us say, 101, He sells a large number of the bonds to investors. He lists the bonds on the New York Exchange. For years bankers have used this device. The banker puts out an issue of bonds or stock. He offers the bonds at, let us say, 101. He sells a large number of the Bonds to investors. He lists the bonds on the New York Exchange. What is the exchange? In Wall Street they will tell you it is the most accurate instrument for fixing the true price of securities that the world has yet invented. What ought td be the true price of securities according to this theory? It is the price which some buyers will offer and pay to some security owner who owns a share and wants to sell it. u n a 'T'HE bankers are offering their bonds to the public at 101. They want the public to believe the bond is worth 101. Therefore, while they are still distributing the bonds to the public—and this may take some months or more—they go into the market themselves and whenever one of their bonds is offered for sale, they bid it in at 101 or 101’*, which creates an even better impression. This creates the impression in the minds of the investing public that these bonds can be readily . 1 sold for 101. But this is not the case. Because if it were, then the bankers would not have to do their pegging. This practice has been the source of endless abuses in the past. Bonds have been pegged at prices which were unreasonable and stocks have been “pegged” at prices often 50 percent higher than the original offering price. a v u TO PREVENT this, the Securities Exchange Act, when originally drawn, forbade all such practices. But, as happened in most features of this act, this was changed and the commission was given power to prohibit it. But the commission has done nothing about it. Nor has it done very much about any of the other abuses, though an effort has been made in Wall Street to create the impression that action has been taken on all these matters. Now a leading banking house declares openly that it is pegging the price of its recent bond issu* The point is made by Wall Street apologists that this is sound. They concede that it would be wrong to boost the price of the security, but that it is proper to peg the price at or near the offering price. Neither practice is honest. It is a deliberate device to deceive the investing public into believing that the bonds they hold are worth “so much” in a free market when that is not the case. (Copyright. 1936, by United Feature Syndicate, Inc.) OIL PROGRAM OUTLINED Continental Cos. to Spend $12,000,000 Drilling 300 Wells in Kansas. Times Special PONCA CITY, okla.. April 25More than $12,000,000 will be spent by Continental Oil Cos. in the state of Kansas during the next 18 months, under an extensive oil drilling program, it was announced today following a meeting of the company directors. a major portion of this expenditure will go into drilling of approximately 300 wells on proven structures in the Geneseo and Mound Ridge areis, Dan Moran, president, announced. STEEL ORDERS RECEIVED MIDDLETOWN. 0., April 25. Orders for more than 500 tons of Armro steel have been received by the American Rolling Mill Cos. from the Insulated Steel Construction Cos. and Steel Buildings, Inc., manufacturers of pre-fabricated steel houses here, it was learned today. On Commission Row (Reprinted From Lute Times Yesterday) 'Quotation below subject to change are . average wholesale prices being offered to V buyers by local commission dealers.) FRUlT—Strawberries: Louisiana. 24-pt. crate, $3 25; Alabama. 24-qt. crate. $5. 11 met—Mexican, carton. 20c. Bananas, acven hands, pound. sc. Apples—Delicious tfanev baskets'. $2 15: Rome Beauty. *1.35 Lemons—Sunklst (300s). 6* 23. Grapefruit —Red Ball i36os). *5 75. Pineapples—>24s) crate. *5 25 Grapes—S. America. 20-1 U box. *3: Honey Dews. S America. *3 50. VEGETABLES—Beans. green round stringless (hampers). 33 25. Beets—Texas <3 do*, eraiei. *165; cut offs 'bu.i. *l. Cabbage—New Texas (crate'. *2 85: half crate. *1 50 CarrM* -California i6-do*. crate). $3: Texas ( do*., crate). 60c. Cauliflower. California (12s crate., *1 90. Celery —Florida washed and trimmed (do*i. 45® 85c: Florida (4s, Bs. 10s crate'. *3 25 CucumberHHothouse (do* ). *1.35 itwodoz.. bog). *2 50. Egg plant—Florida (dozi. *1.75. Kale—(Virginia bushel). 85c. Lettuee—lceberg. Arizona (best 6s. ss'. $4 25; home grown leaf (15-lb. basket), *1.25. Endive —California (do*.), 75c. Peppers— Mangoes (crate). (3 50; peck basket. 90c: do*., 30c. Mint—Hothouse (do*.). 60c Mushrooms—Pound. 30c. Mustard—Texas, half crate. *1 40. Onions—lndiana vellow 150-lb. bag). 65c; new Texas Bermuda vellow. 50-lb bag. *1 40. Parsley—Southern (long bunches, do*.), 35c. Parsnips—Homefrown washed, bushel. (1: half-bushel. 80c eas—Florida, hamper. *3 25 Potatoes— Michigan Round Whites. 100-lb. bag *1 90Maine Green Mountains. 100-lb. bag. S2.SOIL R Early Ohio. 100-Ib. bag. *2: R R. Triumph. 100-!b baa. *2 10: Idaho Russets, 100-lb. bag, *2 65: Idaho Bakers 70s box. (2 50: New Florida Triumphs. 50-lb. bag i *2 25. Sweet potatoes—Tennessee Nancv 1 Halls, hampers. *1.50. Radishes Home grown buttons, do*., 65<*75c; white. 50® 60c Rhubarb—Hothouse. bunch 60c Rutabagas—Northern 50-lb. bag. *1.25. Sage —Do* 45c. Shellota— Louisiana, do*.. 85c. Turnips—New. bulk Texa*. bu.. $1.25 Tomatoes—Repacked. 10-lb. box. 81.35; Florid*, orig. (Mi. lug. *3.50. ' I

STATE STORES SNOW GAIN IN MARCHSALES Independent Retail Houses Report to Commerce Department. Timm Special WASHINGTON. April 25.—Retail sales of 424 independent stores in Indiana reporting to the Department of Commerce showed an increase of 18 per cent in dollar volume for March, 1936, as compared with the same month for 1935, according to preliminary estimates of the Bureau of Foreign and Domestic Commerce today. This report, which covers the larger independent stores with the exception of department stores, represents 21 kinds of business, 14 of which, due to an insufficient number of reports, are contained in miscellaneous or in group totals. When adjusted for the number of working days, March, 1936, sales showed an increase of 30 per cent from February, 1936. There was one more working day in March than in February. Without adjustment either for the number of working days or for * seasonal influences, March sales were 35 per cent higher than for February. All but two of the kinds of business represented showed increases for March of this year over March a year ago. The greatest gains were 33 per cent shown by motor vehicle dealers and 32 per cent by lumber and building material dealers. The losses were shown by the grocery group and county general •stores, with declines of 3 per cent and 2 per cent, respectively. Increases were shown in March by all lines of trade, except grocery, when compared with February. The decline in groceries was almost 6 per cent. The greatest gains between these t*o months were shown by motor vehicle dealers, with an increase of 88 per cent, and hardware stores, with 68 per cent higher sales. Os the firms reporting for March 272 (64.2 per cent) reported increases over March, 1935; 134 (31.6 per cent) showed declines, and 18 4.2 per cent) registered a change of less than 1 per cent.

BUSINESS FAILURES SET NEW 1936 LOW Only 174 Insolvencies Cited for Easter Week. NEW YORK, April 25.—There we~e fewer business failures in the week embracing the Easter holidays than in any weekly period so far this year, according to the Dun & Bradstreet report today. The total insolvencies for the week ended last Thursday was 174, as compared with 215 in the preceding week, a decline of 19.1 per cent, and 245 in the corresponding period of last year. Failures with liabilities of SSOOO or more in each case numbered 99, a drop of 13.9 per cent from the preceding week, and were 27.2 per cent under the total defaults in the like 1935 period. In Canada the number of insolvencies was also reduced during the week, total being 22, as compared with 27 a week earlier and 32 a year ago. LOAN REPAYMENTS RISE Times Special MINNEAUOLIS, April 25.—A gain of 21 per cent in policy loan repayments over last year reflects the increasing rate at which borrowers are paying off loans on their insurance policies, according so a report made today by the Northwestern National Life Insurance Cos. Investment Trusts (RrprLtted From Late Times Yesterday) (By Thomas L. Sheerin <fc Cos.) . . . . , , Bid. Asked. Administered Fund 2nd $16.09 $17.12 Affiliated Fund. Inc 180 199 American General Equities l.n 1.14 American Business Snares 112 122 •Bullock Fund Ltd 17.30 18 62 Broad Street Investing 28.47 30 45 Century Shares Trust 26 33 28 31 Collateral Tr Shares ’A’ 645 652 Corp A’ or ‘Accum' tmod.) 3.22 3.24 Corp 'AA' or ’ACC’ tunmod.). 2.57 2.60 Corp Trust Shares lorig.i... 267 271 Diversified Trustee Shs 8'... 10.20 10 30 Diversified Trustee Shs ‘C’... 4.37' 441 Diversified Trustee Shs D' ... 6.46 654 •Dividend Shares. Inc 157 172 General Investors Trust 5.69 626 •Incorporated Investors 21.35 22 90 Investors Fund Amer 102 112 Market St Investment Corp... 30.16 31 73 Maryland Fund 18.55 19.55 Massachusetts Investors 24 78 26 97 •Nation-Wide Eec Cos. B’ 4 14 NatlonSWide Voting 171 iBS North Amer Tr Shs 1955 3.22 324 Novth Am Tr Shs 1956 317 320 North Amer Tr Sh.'- torig.) .. 246 •Quarterly Income Shares ... 1.51 167 Selected Amer Sh ; . Inc 149 i'g2 Selected Amer Sh! (orig.) 3.51 Selected Comulative Sns 9.11 921 Selected Income Shs 475 485 State St Investment Corp .... 95.75 100 75 Super-Corp of America ‘AA' .. 2.72 276 Super-Corp of America '88'... 276 280 •Super-Corp of America ’A’.,. 398 •Super-Corp of America 'B'... 4.15 ..! Super-Corp of America C’... 7.89 Supervised Shs. Inc. (Dela.)... 12 89 14 02 Trustee Stand Oil Shs A' .. 7.12 720 Trustee Stand Oil Shs 8'... 6.37 643 Trustee Stand Invest ‘C’ 2.86 289 Trustee Stand Invest 'D' 2.80 283 United Stand Oil Shs 1.25 137 H* e ! ps 18 25 Uselps Voting 1.05 •Ex-Dividend. Unlisted Stocks (Reprinted From Late Times Y'esterday) (By Blyth & Cos.) NEW YORK BANK STOCKS 1 _ Bid Ask Bankers Trust 57** 59% Central Hanover 110 112 Chase 36 % 38% Chemical National 54% 56% Guaranty 288 291% Irving 77. 15 16% Manufacturers 47 48% National City 33% 351, Cont 111 Chicago 150% 153% First National Boston 45 s * 47% National Shawmut 27 28** FIRE INSURANCE Aetna Fire Ins 51 53% American Ins of Newark 14% 16% Baltic ore American 9 10% City of New York 26 28 Federal Ins 47 49% Franklin Fire 30 21% Great American Ins 27% 2'% Hanover Fire Ins 36 3 Hartford Fire 71% 74 Home Ins 37% 39% Ins Cos of A 72% 74% National Fire 71% 73% National Liberty 9% 11 North River . J 6% 38 Westchester Fir 36%

Abreast of The Times on Finance

New York Stocks

(Reprinted From Late Times Yesterday) (By Thomson & McKinnon) Prev. Oils— High Low. Close. Close. Atl Rf* 31 % 30 % 30% 30' 4 Barnsdall 18% 17% 17’, 18 | Consol Oil 13 12% 12% 12% I Corn of Del ... 31'4 30'/2 31 31% j Houston (new).. 9V a B*4 9 9% Mid Cont Pet .. 20% 20 20% 20*4 Ohio Oil 13*4 13% 13 1 a 13% Pet. Corp 15% 15 15 15% Phillips Pet .... 44 43% 44 44's Plymouth Oil .. 15% 15 15 * 15'/a Pure Oil . 20% 20 20'4 20 Seaboard Oil ... 34% 33*4 34% 34% She}} Un 16** I**, 16*. 17 Skellev Oil .... 26'4 25*. 25** 25* f°e vac • 14' 4 14' * 14V* 14% 8O of Cal .... 41V4 40V, 40% 40'a f O of Ind .... 36'4 35'* 36V 4 35' 4 BOof N J 62** 61*4 62 61' 4 Texas Corp .... 35% 34*4337/,4 7 /, 34% Tidewater Assn.. 17'/a 17 17% 17', 4 Un Oil of Cal .. 24% 24 24 24% Steels— Acme Steel .... 63% 63 7 , 63 7 , 64 Am Roll MILS.... 29'* 28*4 28*4 28*4 Beth Steel 55 53*4 54*4 55** Bye™ A , 19 18 1 4 18*4 184 Cruc Steel ... 33% 33> 2 33 1 a 33* Inland Steel 99% 97*4 95 100 Ludlum Steel 25% 25 25 25 Mid Steel 40*'a 39 39*4 40*4 [Natl Steel 62, 6114 62 61 Vi Otis Steel 15*4 15 l5Vi 15*4 Rep Iron & Stl 21*4 20% 20 7 /* 21% Rep Iron & Stl p 85 85 85 86% U S Pipe & Fdy.. 35 35** 35 U 8 Steel.. ... 65 63*/* 64>/ 65% U S Steel pfd . . 126% 126 126 127*4 Warren Bros 9% 9*4 9*4 9** War Pipe & Fdy 23% 2314 23% 24'* Youngstn S&T 54 52*/, 53V4 54'/a Motors— Auburn 38'i 3714 37*4 38'/* Chrysler 100 97'4 100 98 Gen Motors .... 66Vi 65 66Vi 65'4 G-aham Mot .. 2*4 2*4 2*4 2** Hudson . 16% 15Vi 15% 15% M.'ck Truck .... 31% 30*4 31** 31 Vi Nash . 18% 17*/, 18 18V* Packard 10'i 10 10% 10% Reo 6'4 6 6,* 6V* Studebaker .... 12% 11% 12V, 12** Yellow Truck . . 18 17% 17** 17*4 Motor Access— Bendix 29 28'4 28 7 /* 29 Bohn Alum 50 Vi 49*4 50% 50 Bore Warner ... 73% 72 ' 73'/ 4 72 B riSKS 51'/a 50>4 51 51% Budd Mfg 14*4 14 14% 14Vi Budd Wheel 10 9% 9% 9% Eaton Mfg 33Vi 32*4 33% 32% Elec Auto Lite . 36% 35 35 7 4 35' . Elec Stor Bat.. 48% 48% 48% 48% Greyhound B’ .. 55% 54% 55 54>4 Houdaille 24% 24 24'i 24% Murray Body ... 17% 16'/* 16*4 17% Stew Warner ... 20% 20 .20*4 21% Timken Roll .... 61% 60 61 61% Timk Det Axie 145% 14% 15'/, 15% Minin* — Alaska Jun 14 13% 13% 13% Am Metals 31 30 31 30 Am Smelt 75% 73 74% 7514 Anaconda 36*4 25% 36% 36% Cal & Hecla ... 12% 11% 11% 11% Cerro De Pasco 53% 52*4 53 53 Gt Nor Ore 17 16% 16*4 17 Howe Sound ... 50% 50 50 50% Ins Copper ... 11% 11% 11% 12 Int Nickel 47% 46% 47** 46% Kennecott Cop .. 38 36*4 37% 37% Mclntyre Mine . 43% 43 43 43% Park Utah 3% 3*4 3*4 3% Phelps Dodge .. 36% 35'4 36 35% S* Joe Lead ... 26 24 26 24% U S Smelters .... 88% 86% 87% 86 Vanadium 20% 19% 20'% 20 Amusements— Crosley Radio... 21% 19*4 21 20 7 /* ! Fox Theat 244 24 24 25 Loews Inc 46% 45 46 44% Radio Corp .... 11% 10*4 11 11% Paramount 8% 7% 8% 9% RKO 10% 10 10% 10 Tobaccos— Am Sum Tob .. 23% 23% 23 % 22% Am Tob -A' 90Vi 90% 90% 90% Am Tob B' .91 91 91 91 Lig <te Myers ‘8’,102 101% 101% 101% Lorillard 21% 21 % 21% 21% Philip Morris 79% 79 79'% 78*4 Reynolds Tob B' 51% 51'/* 51% 51'% Rails— Atchison 74% 72% 74 73 Atl Coast Lines. 23% 21% 23 23% f& O . . 18*4 18% 18*4 19% £u n „ p 2.^ c •••■ 117 115 11*4 11% Ch & Ohio 56% 55% 56 56% Chi &Gt W pfd. 5% 5% 5% 5*4 CM&StP .. .. I*4 1% 1% 13/, C M & St P pfd. 3% 3’/* 3V 2 3% Chi NW ./... 3% 33 3% Chi N W pfd ... 7Vi 7*4 7% 7% Dcla & Hud ... 41% 39% 41% 41 Del Lac & W ... 17% 16*4 16*4 16V* Erie 13 12% 12% 12% Erie pfd 19'4 19Vi 19% 20% Gt Northern pfd 35% 24 35 35% 111 Central 21% 20*/* 21 21% K C Sou 20% 19% 20'/* 19% Lehigh Valley .. 10'% 9% 10 9% M K ft T . . 7% 7',4 7% 7% MK & T pfd . 20*4 20*4 20*4 20% Mo Pac 2*4 2Vi 2% 2% Mo Pac pfd 5 4*4 4*4 4% N Y Cent 36 34% 35'/, 35% N Y New Haven 3'/* 33% 3% Norfolk & West 226 224% 224% 226 Nor Pacific 28% 2”% 28'/a 28'% Penn R R 31% 30% 31 31 % Sou Pac 33 31% 32% 32% Sou R R 15% 14% 15 15 Vi Union Pac ....120 118 118 118 Wabash 2*4 2*4 2*4 2% West Maryland. 9 8% B*4 B*,i Equipments — Am Brake Shoe 45 • 43 43 45 Am Car & Fdv. 33' * 32% 3.3% 32% Am Loco 27 25% 27 26 Am Steel Fdv... 25 24V* 24% 25 Bald Loco 3% 3'% 3% 3% Gen Am Tnk Car 44*4 43% 44% 44% Gen Elec . ... 38 37% 37** 38 Gen R R Sir; .. 40*4 39 39 40% Pullman Inc 42% 41 % 41 % 41% West Air Br ... 39 37% 37% 38% Westingh Elec .. .113*4 111% 113% 113% Utilities— Am & For Pow . 7% 7% 7% 7Vi Am Power & Lit 10% 9% 10% 10** A T Sr. T 163 162% 162% 162% Am Wat Wks . . .71*4 21 21% 21% Col Gas & Elec. 18% 17% 18 18V* Comm & Sou. .. 2% 2% 2% 2% Consol Gas . . 31% 30% 30% 31% Elec Pwr &• Lit. 14% 1374 14% 14% Int Hydro IXec . 3'/* 33 Interboro R T .. 13 12% 13 13 Int T & t . 14% 13% 14 14 Lou G& E “A" 20% 20% 20*4 31% Nat Pwr <te Lit . . 10% 10% 10% 10% North Amer .... 25 7 /* 257* 25% 25% Pac G& E 35 34 >/ 2 34% 35% Peoples Gas ... 42 41% 42 42% Pub Serv N J .. 40% 49% 39% 40V* So Cal Edison .. 26% 26 26% 25*4 Std Gas 6% 5% 6 6V4 Stone & Webster 17% 16% 16% 17% United Corp ... 6'4 5% 6 6% Un Gas Imp .. . . 15% 15% 15% 15Vi Ut, Pwr &Lt "A” 4% 4% 4*4 4% Western Union.. 81% 78% 80% 80% Rubbers— Firestone 28% 27% 27% 28 Goodrich 20*, 19% 20 19% Goodyear 28% 27% 27% 27*4 U S Rubber . 31% 30 31'4 30% U S Rubber pfd 74Vi 72 73 72% Miscellaneous— Allis Chalmers.. 44% 43 44% 42% Amer Can . . 125% 122% 124% 122 Am Mach & Fdy 22% 21 % 22% 22 Anchor Cap . . 21% 21% 21% 21% Brklyn Man Tr.. 48 46% 47% 48% Burroughs Add.. 26% 25*4 26 26 J. I. Case 157 154 157 157 Vi Conti Can 78% 77 77% 77% Caterpillar Tract 73% 71% 73'i 73Vi Crown Cork .... 56% 54% 55% 56 Curtis Pub 20% 20 20 20V* Deere &Cos 79% 78 78% 89% Eastman Kodak 163** 163 163% 163% Foster Wheeler.. 29% 28% 28*4 30 Gillette 16% 16 16 16 Glidden 50% 48% 48% 49% Ingersoll Rand. .113 113 113 114% Int Bus Mach . 173 170 171 173 Inter Harv . 82% 80 82% 81 Natl Cash Reg 24% 23% 24% 23% Owens Bottle . 146 145% 146% 145% Rem Rand 22 20% 22 20% Worth Pmp .... 27% 27% 27% 27% Foods— Am Sugar 51% 51% 51% 51% Armour 5% 5% 5% 5% Armour 6% pfd 72% 72% 72V* 72% Beatrice Crmry . 22 21% 22 22 Borden Prod .. 26% 26% 26*4 26% Cal Packing .... 34% 33% 34% 33** Can Dry G Ale 12% 12 12% ll 3 * Coca Cola .. 87% 87 87 87% Cont Bak -'A”.. 14% 14% 14% 14% Corn Prod . . . 75% 74 74% 74% Crm of Wheat.. 35'* 35 35 35 Cuban Am Sugar 11*4 11% 11% 11% Gen Baking .... 12% 12 12% 12 Gv?n Foods 38% 37% 37% 38% Gold Dust 18** 18% 18% 18% G W Sugar 34 33% 34 33% Natl Biscuit ... 34% 34% 34*4 34 Natl D Prod ... 22% 22 22% 22** Purity Bak 11% 11% 11% 11*4 S Porto Rico Sug 28 27 28 30 Std Brands .... 15*4 15% 15% 15% Un Biscuit 26 25% 26 25 United Fruit, . . 73*4 73 73% 73 Wrigley ........ 74% 74% 74% 75% Retail Stores— Allied Stores 7% 7% 7% 7 Assd Drv Goods 14% 14% 14% 14% Best * Cos. 52*4 52% 52*4 52'First Natl Stores 42V* 41% 42% 42% Gimbel Bros 9 8% 8% 8% Gm Un Tea .. 3% 3*4 3% 3% Jewel Tea 70% 70% 70% 72% Krege SS r 21% 21 21 21% Kroger Groc .... 23% 23% 23% 23% Macv R H 42% 42% 42% 41% McCrory St 12% 11% 12% 12 McLellan St .... 12% 12 12%. 12% Marshall Field . 15% 15 15% 15% Mav Dept St 45% 44% 44’, 45' a Mont Ward .... 40% 39% 40% 40% Natl Tea 9% 9 9 9% Penney J C 75% 75 75% 75% Safeway St 31 31 31 31 Bears Roebuck . 65% 64% 65% 65 Woolworth .... 46% 45% s 46 45% AviationAviation Corp .. 5% 5% 5% 5*4 Boeing Aircraft.. 19% 19% 19% 19% Curtiss Wright .. 6% 6% 6% 6% Curtiss Wri iA).. 15 s * 14% 15 15% Douglas Air 62% 60 s * 61% 61% Nor Am Av 8% 8% 8% 8% Sperrv Corp 17% 16% 16% 17 Utd Aircraft new 23 22 22% 22% Air Reduction . 60 58 % 59 59% Allied Che m 188 185% 187 186% Am Com Alcohol 25 Vi 24% 24*4 24% Col Carbon ...116% 115 116% 116 Com Solvent* .. j* 17% 17% 18% Du Pont 142 140% 142 140% Freeport Tex... 30% 29% 29% 29% LI mid Cart) ... 37 35% 37 37 M.h Alkali ....30% 29% 29 4 29%

SATURDAY, APRIL 25, 1936

Monsnto Chem.. 91% 91 91 % 91 Natl Dis (new). 30 29% 29** 29% Schenlev Dlit .. 42% 41 42% 41** Tex Gulf Sulph 35% 34% 35% 34% Union Carbide 82% 80** 82 % 81V* U 8 Indus Alch. 50 7 , 49% 50V* 50 Drugs— Bristol Myers .. 43*4 43 43 44 Coty Inc 5 4% 5 4** Lambert 21% -20% 20% 22V, Lehn & Fink .. 14% 13% 14% 13% Sterling Prod ... 67% 66** 67 68% Un Drug (new).. 12 11*, 11% 12 Zonlte Prod .... 7 6 s * 6% 7 Financial— Adams Exp 11% 11% 11% 11% Allegheny Corp.. 2% 2** 2% 2% Am Int Corp ... 11** 11 11V* 11% Chesa Corp 65% 65 65 64 7 * Lehman Corp ... 96% 96% 96% 95% Transamerica .. 12*4 12% 12% 12% Tr Conti Corp .. BV4 8% B*4 8% Building— Am Raditor 21 % 20% 21% 21 Gen Asphalt ... 29 28% 29 28% Holland Furnace 39'4 3(** 38% 39% "Int Cement ... 45 44% 44** 45V4 Johns Manville 98% 96% 97 98 Libby Owens Gls 52*4 51% 52% 51*4 Otis Elev 26% 25% 25% 26% U S Gypsum 92 7 * 89% 91% 93 % Ulen Cons 5Vs 4% s'/a 5 Household— Col Pal Peet ... 16% 16% 16*4 16*/ Congoleum 37% 36% 36*4 37% Kelvinator 20% 20 20% 20% Mohawk Carpet. 24 23*4 24 23% Proc & Gamble .44 43% 43% 43% Servel Inc 19% 19 19'/* 19V4 Simmons Bed .. 27*/* 26*4 27% 27% Textiles— Amer Woolen ... B*4 8% B*4 8% Belding Hem .. 14 13% 14 13** Celanese Corp . . 25% 24% 25 25 Collins Aikman 45% 43% 45 44% Gotham Hose . . 9*4 9** 9*4 9% Indus Ravon . 29*4 29% 29% 29 Kayser Julius .. 29*4 29% 29% 29*4 Real Silk 13 13 13 12 % Chicago Stocks (Reprinted From Late Times Yesterday) (By Atkins, Hamill & Gates) Prev. Close. Close. J D Adams .' 1714 ... Advance Aluminum 7% 7y g Asbestos Mfg 4% 4.% Associated Investors 33% 33 Dastian Blessing io'/ 4 10 Berghoff 11% 11% Butler Brothers 9 9 Cent 111 Pub Service pfd 61 60 Vi Chicago Yellow Cab 27% 28 Cities Service 4% 5 Commonwealth Edison 101 100% Continental Steel 38'% 38'i Cord 5% j*. Dayton Rubber 12 12Crane 25% 26 ’ Electric Household 16% 16 General Household 7% 71/4 Godchaux Sugar "B” 16% 17 Grt Lakes Dredge 29% 29 Jarvis Mfg 20% 21 Katz Drug 39% 38 Libby McNeil S r Libby 8% 8% Lincoln Printing 10% 10 Tjion Oil Refining 12 11% McGraw Electric 29% 30 Nachman Spring Filled 13% 13% Noblitt-Sparks 28% 29 Northwest Bancorporation .. 10% 10% Northwest Engineering 23 23% Perfect Circle 36 36% St Louis Natl Stockyards .... 85V4 85% Standard Dredge pfd 15 15 Swift Internationa! 30% 30% Williams Oil-O-Matic 12% 12% Vortex Cup 18% .. Zenith 17 17 New York Curb (Reprinted From Late Times Yesterday) (Bv Atkins. Hamill & Gates) Prev. ... _ . Close. Close. Aluminum Cos. of America 126% ' 124*4 Am Cvanamid “B” 34 331% Am Gas & Electric 37'/* 37 Am General B*4 8% Am Superpower 2'4 2% Ark Natural Gas “A” 6% 6'/* Atlas Corn 12% 12% Canadian Indust Alcohol “A”.. 8% R% Carrier Corn 8% 8% Creole Petroleum Corn 27*4 27% Crocker-Wheeler 10% 10'4 Elec Bond & Share 19 19 Fisk Rubber 6 5% Ford Motors Canada ‘‘A’’ 23% 22% Glen Alden (1) 13% 13% Greenfield Tap * Die Corp ... 7'/* 7% Gulf Oil Corn of Penn 83 83% Humble Oil S’ Refining Cos .... 65V* 65% Huvler’s of Del Pfd 27 Hverade Food 5 5Vi Int Vitamin 8 7V* Imperial Oil of Canada 22 22 Irving Air Chute 22 22 V* Lake Shore Mines 53 53 Molybednum Corp of Amer... 9 9% Mueller Brass Cos 27 28% Natl Bellas Hess. Inc 2 2 Niagara Hudson Pwr 8% 9 Pan-American Airways 54 57 Root Petroleum 15'4 15V4 St Regis Paper Cos 3% 3% Salt Creek Producers Assn .... 7% .. Segal Lock 33 Sonotone 2% 2% Standard Oil of Ohio 31% 32 Stutz oMtor Car of Amer 3% 4 Technicolor. Inc 29% 29% Tubize Chatillon Corp 7 6% Wayne Pump 29 28% New Bond Issues (Reprinted From Late Times Yesterday) (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 <fe E4s ’65.. 108% 108% Boston & Albany 4%S ’49 103% 104% Cent Maine 4s ’6O 102% 102% Cent 111 3%s '66 .....105'/* 106 Chicago Sts 3%s '63 105V4 106'% CJeve Elec 111 3%s ’65 102 105 Cleve Elec 111 3%s ’65 110V4 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 ...104V4 104'% Consolidated Ed 3%s ’ 46 102 102% Consolidated Ed 3%s '56 100 100% Consumers Power 3%s ’7O ...103V4 103% Cont Steel 4s ’46 102 Cudahy Pkg 3%s ’55 ....101% 102 Cudahy Pkg 4s ’SO 103% 103% Dayton P & L 3%s ’6O 105 105% Duquesne Lite 3%s ’65 106% 106*4 Eastern Gas & Elec Fuel 4s ’56 96% Edison Ilium Bost 3%s '56 ....105% 105% lowa South Util 5%s ’SO 101% 102% Jones <fc Laughlin 4%s ’6l .... 98 98** Kansas P & L 4%s '6l 108 108% Keystone W & S 4s ’45 101 Loews 3%s ’46 95 1 /* 96 Los Angeles G & E 4s '7O 104% 105% Maine Cent 4s ’45 99% 100% Metro Ed 4s ’65 106*4 105'a 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 97% 97% Norway 4%s ’56 .....100% 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%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*b Railway & Lite 4%s '55 110 111 Rev?- s '' Copper 4%s '56 104% 104% Sar. Diego G & E 4s '65 108% 108% Sharon Steel 4%;; ’57 107 107% So Sal Gas 4s ’65 104'/* 104*, So Cal Ed 4s '6O 107 107*4 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 '66 102% 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 or recent transactions. BONDS Bid Ask Home T & T Ft Wve. 5%s '55 103 105 Home T & T Ft Wye. 6s ’43 .103 106 Indianapolis Railways. Inc 55.. 66 69 Indianapolis Wa.er Cos 4%s ..106 108 Indianapolis Water Cos 5s ....105 107 Indianapolis Water Cos 5s 105 107 Indianapolis Water Cos 5%s ..103% 106 Indianapolis Water Cos 5%s ..103% 106 Interstate T & T 5%s 97% 98 Kokomo Water Works 5s ....104 105% Morris 5 <fe 10 Stores 5s 100 103 Muncie Wrier Works 5s .....103% Noblesville H L & Pwr 6%s .100 101% Ohio Tele Service 6s 97% Richmond Water Works 5s .. 105 1 06% Seymour Water Cos 5s 101 104 Terre Haute T <& L 5s .. 106 108 Terre Haute Water Wks 5s ...102 104 Terre Haute Water Wks 6s .103 105 Traction Terminal Cos 5s 75 78 STOCKS Belt Rail & Stk Yds Com .... 53 55% Belt Rail & Stk Yds pfd 65... 52 Central Ind Pwr pfd is 18 21 Home T<tT Ft Wayne 7s 52% 54% Hook Drugs Inc com 17% 19 Ind ft Mich Elec Cos pfd "s ..103% 106% Ind G*:n Serv Cc, 65 98 1 00% Ind Hydro Elec Cos 7s 56 V* 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 serv pfd 6s 69% 72% N Ind Pub Serv pfd 7s 77% 72 •Progress Laundry Cos com ... 10 11% Pub Serv Cos of Ind pfd 6s ... 23 26 Pub Serv Cos of Ind pfd 75... 42 45 S Ind Gas dr Elec pfd 6s 09% 102% Terre Haute Elec Cos 6s 90 92 Union Title Cos com 18% 21% •Ex-dividend.

RELIEF MONEY TOPS REVENUE FROMSTATES Indiana Ranks Thirteenth in Order of Grants From U. S. By United Prcst WASHINGTON. April 25.—The Treasury revealed today that exactly two-thirds of the states received in the last nine months more money in the form of relief payments than they contributed in taxes during the entire preceding fiscal year. Os the $3,299,435,000 cast into the national vaults in 1935, internal revenue levies totaling $2,515,082,158 poured back through the sluices of the $4,800,000,000 emergency appropriation. The relief payments to Arizona, for instance, were more than 13 times the Federal taxes laid upon her citizens. New York Leads in Revenues Relief funds have flowed back to the states without particular regard to their tax burden after respecting the demands of the seven heaviest revenue sources; New York, Pennsylvania, California. Illinois, Ohio, Massachusetts and Michigan. These states rank high up both as taxpayers and as recipients of the fund allotted to President Roosevelt to care for unemployment —a fund equal to one-seventh national debt. North Carolina, third heaviest taxpayer last fiscal year, got back for relief during the last nine months less than 12 per cent of its contribution to the 1935 national revenue receipts. Indiana Ranks Thirteenth The seven states named above as receiving the largest cut of the $2,500,000,000 relief fund already distributed, support more than 42 per cent of the relief rolls of the nation. Altogether they received not quite. $1,000,000,000, which is about 40 per cent of the relief funds so far paid out. These states paid 55 per cent of all money turned into the Treasury by internal revenue collectors. Indiana, listed in the order of relief grants to all the states in 1935, ranks thirteenth. Relief funds received by Indiana totaled $52,185,173, compared with $67,015,805 taken out of the state in Federal taxes. CONSTRUCTION AWARDS DECLINE DURING WEEK Total Volume Still 40 Per Cent Above Last Year. Timex Special NEW YORK, April 25.—Although engineering construction awards declined during the last week and dropped to the lowest volume for the current year, they still were approximately 40 per cent above the total for the corresponding week a year ago, Engineering News-Record reported today. The latest total was $29,081,000. The sharp drop was attributed to low state and municipal awards. Private awards, although lower than a week ago, were up to the average week for the year to date. Commercial buildings established anew high volume, totaling $7,206,000. The last week was made up of private, $11,564,000; public, $17,517,000; Federal, $1,518,000; state and municipal, $15,999,000. Corresponding values for 1935 are, total, $20,677,000; private, $7,285,000; public, $13,292,000; Federal, $2,908,000; state and municipal, $10,384,000. BRISTOL-MYERS EARNS $659,885 IN QUARTER Net Income Equivalent to 96 Cents a Share in Three Months. Times Special CHICAGO, April 25.—The BristolMyers Cos. and its subsidiaries today reported a net income of $659,885, or equal to 95 cents a share on the 686,988 shares of $5 par value capital stock outstanding in the hands of the public at the end of the first quarter qpded March 31. For the same period a year ago, comparable earnings amounted to $550,949, or 79 cents a share on the 694.998 shares outstanding on March 31, 1935. For the 12 months ended March 31. the report shows net income totaling $2,341,508, or $3.41 a share on the 686,988 shares outstanding at the end of the period, compared with $1,847,901, or $2.65 a share on the shares outstanding at the end of March, 1935. GILLETTE INCOME RISES Safety Razor Firm Reports Net of $1,227,366 in Quarter. Timex Special CHICAGO, April 25.—The Gillette Safety Razor Cos. and subsidiaries earned a net profit of $1,227,366 during the quarter ended March 31 after all charges, including depreciation and Federal taxes, compared with $1,198,663 in the same period a year ago. The profit is equivalent, after preferred dividend requirements, to 42 cents a share on 1,998,769 shares of common stock, exclusive of 20,000 shares held in the treasury, compared with 40 cents a share earned on the common stock in the first quarter of 1935. HUDSON SALES HIGHER Timex Special CHICAGO, April 25.—Retail sales of Hudson and Terraplane cars in the United States during the three weeks period ended April 18 totaled 9031, Hudson officials announced today. The week ended April 18 was the ninth successive week to show a marked increase over the previous seven-day period. CHICAGO GRAIN FUTURES (By James E. Bennett & Cos.) Msv hMt ~ Low. A. 9 m! close. l.Ol’a 1.00 V 2 1 00 J 2 1 01*k SJS MS .90% .91*4 B* pt 90% .89% .89% .90’. CornMay 64*8 .64 .64 64% July 62% .62% .62% .62-8 Sept 61 .60% .60% .60% Oats— May 26*4 .26% .26% 26* July 27% .27 .27% .27% Sept. 27% .27% .27% .27% RyeMay 52*4 .53 .53 .53% Sept .53% .53% .53% ...

PAGE 11

‘The Raven Still Is Sitting’

FARMERS PAY LOW INTEREST Mortgage Rate Drops to Smallest Level in Seven Years. Times Special WASHINGTON, April 25. A smaller part of the farmer’s income now goes to pay farm mortgage interest than at any time since 1929, W. I. Myers, Farm Credit Administration governor, stated today. “Increased income and lower debt charges have put the farmer in the most favorable position with respect to interest payment since before the depression,” Mr. Myers said. “Lower interest rates, debt conciliations and other factors have lifted a $160,000,000 interest load from the farmer’s back since 1932 and reduced the total farm mortgage interest bill to the lowest point since 1917,” he continued. According to his statement, the farmer’s mortgage interest bill, which rose to nearly 10 per cent of gross farm income in 1932—the all-time high point—dropped to 5 per cent in 1935, compared to 4.7 per cent in 1929. The interest bill, which stood at $510,000,000 in 1932, dropped steadily to approximately $350,000,000 in 1935. GAIN SEEN IN EXPORTS Larger Foreign Consumption of Efog Products Expected. Timex Special WASHINGTON, April 2f*. A moderate increase in United States exports of hog products is in prospect during the remainder of 1936 on the basis of larger domestic hog slaughter and concessions obtained in foreign trade agreements, notably with Cuba, according to a report of the Bureau of Agricultural Economics’ on world hog and pork prospects. . Three years ago the United States supplied Great Britain with 91 per cent of her lard imports. The proportion since last October has been only 33 per cent, the decrease being attributed to reduced hog production in the United States resulting from the 1934 drought. This figure may be raised, it is suggested, with increase in United States production. Local Livestock (Reprinted From Late Times Yesterday) HOGS April Bulk. Top. Receipts. 18. $11.00<@11.15 11.15 1000 20. 11.05@ 11.15 11.15 5500, 21. 10.90® 11.05 11.05 5500 22. 10.85® 10.95 10.95 4500 23. 10.90®11.00 11.00 4500 24. 10.90g>11.00 11.10 4000 Light lights. (140-160) Good and choice $10.35® 10.95 Medium 9.75® 10.40 (160-180) Good and choice.. 10.95® 11.10 Medium 10.45® 11.00 (180-200) Good and choice. .11.00® 11.10 Medium 10.50® 11.00 (200-220) Good and choice.. 11.00®’ 11.10 (220-250) Good and choice.. [email protected] Heavyweights. (250-2901 Good and choice.. 10.50® 10.80 (290-350) Good and choice . 10.30® 10.50 Packing Sows. (273-350) Good 9.60® 10.00 (350-425) Good 9.40® 9.75 (425-450) Good 9.00® 9.40 1 270*350) Medium 8.85® 9.60 Slauehter Pigs. 1 100-140) Good and choice.. [email protected] Medium 8.60@ 9.85 CATTLE —Receipts, 400— (550-900) Choice $ [email protected] Good 7.50® 9 25 Medium 7.00® 8.00 Common 5.50® 7.00 (900-1100) Choice 9.25® 10.00 Good B.oo® 9.50 Medium 7.00® 8 00 Common 6 00® 7.00 (1100-1300) Choice 9.25®10.25 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® 6.00 Low cutter and cutter 4.00® 5.00 Bulls, good 6.25® 0 75 Cutter, com and med bulk... 5.75@ 6.50 VEALERS —Receipts, 600Good and choice $8.50® 9.50 Medium 7.00® 8.50 Cull and common 5.00@ 7.50 Ca!ves (250-500) Good and choice',... 6.00® 9.00 Common and medium 4.500 6.25 Feed and Stocker Cattle (500-800) Good and choice ... 7.00® 825 Common and medium 5.50® 7.25 (800-1050) Good and choice... 7.25® 850 Common and medium 5.50® 7.25 Cows Good 4.75® 5.25 Common and medium 4.50® 4.75 SHEEP AND LAMBS —Receipts 2300 Lambs. 90 lbs. down: good and choice *[email protected] Good- 10. SOS 11 00 Medium 10 00® 10.50 Common [email protected] Ewes. (90-170) Good and choice .. 4.50® 5.60 Common and medium - 3.50® 4.75 Yearling wethers, good choice 9.25® 9.85 Medium 8 50 g 9 50

Safe Deposit Boxes The Indiana National Bank of Indianapolis

Week*B Gold Imports Gold shipments into the country during the week ended April 17 totaled $6,447,791, and silver imports amounted to $1,137,518, the Commerce Department reported today.

N. Y. Bonds (Reprinted From Late Times Y'esterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Utils. Bonds. Today 90.7 90.5 104.6 95.3 Yesterday 90.7 90.6 104.6 95.3 Week ago 91.3 91.9 104.9 96.0 Month ago 92.1 92.6 105.2 96.6 Year ago 86.9 76.8 96.3 86.7 1936 High 93.4 95.6 105.5 97.9 1936 Low 90.8 84.7 103.5 93.3 (Copyright, 1936, by Standard Statistics). U. S. GOVERNMENT BONDS Treasurys Close Close Prev 4s 1944-54 112.31 112.27 3%s 1940-43 108.17 108.19 J 1 4 S 1941-43 108.30 108.15 3 !*s 1945-45 107.23 107.25 3 1 4 s 1041 108 28 108.30 3>4S 1944-46 108.13 107.14 3%S 1946 105.22 105.26 3s 1951-55 104.13 104.14 3s 1946-48 104.28 10492. 2%s 1945-47 103.6 103.5 2%s 1951 102 101.31 Home Owners Loan Corp. 2'%s 1949 101.21 101.17 3s 1902 102.26 102.23 Federal Farm Mortgage Corp _ \ 9 a 6 * 104-3 104.7 3S 1949 102.28 102.28 DOMESTIC Prev. _ .... Close. Close. Alleg Corp 5s ’44 91% 9i* 4 Am Frgn Pow 5s 2030 74% 74*4 Am Tel & Tel 5%s '43 ’..112% 112*4 Am Tel & Tel 5s '65 113% 113% Arm &Cos (Del) 5' 2 s ’43 97* g 97% Atl Coast Line 4s '52 96% 96% Atl Coast Line 4%s 64 79% 80% Atch Top & S Fe 4'/as '4B ....111% 111% Am Wat Wks 5s ’44 120.20 120.20 Am Rolling Mills 5s ’3B 117% 117% Balt & Ohio 6s ’95 92% 93 Balt & Ohio 4%s ’6O 69% 69% Buff Roch & Pitt 4%S ’57 76% 77 Beth Steel 5s '36 ’..103% 103% Chi Milw & St P 5s ’75 ....!. 19 19 Chi Milw & St P 5s 20Ct) 6% 6% Cleve On Term 5s '73 106% 106% Cleve Un Term 4%s ’77 '.lO2V* 102% Col Gas 5s May ’52 103% 102% Col Gas 5s April ’52 102% 103 Col Gas 5s ’6l 102*4 102*1 Can Pac Perp 4s 92% 92% Cent Pac 5s ’6O 98% 98% Big Four 4%s '77 89% 89% Big Four 5s ’63 97% g7 s Colorado &So 4%s ’BO 69*/* 67% Chi & West Ind 4s '52 103 103% Cm & West Ind 5%s '62 106% 106% Chi & Nor West 4%s ’49 12'/* 12 Con Gas 5s ’57 103.30 103.30 Chesa Corp 5s ’47 120.6 129% Erie 5s 75 75 7 t Erie 5s '67 ...W 75 75 Gen l Cable 5%s ’47 105% 104% Grt Northern 7s '36 105*4 101 4 Grt Northern 4%s ’76 101% 101% Grt Northern 4%s ’77 100% 101 Gen Stl Cast WW 5%s ’49... 76 77% Hud & Manhat Ref 5s '57 .. 83% 83 % 111 Cent 4%s '66 72 72% 111 Cent Jt 4%s ’63 791/, 78% 111 Cent 5s ’63 82% 82% Interlake C & I 5s ’sl 94 94 Interntl Hy Elec 65 ’44 42% 42% Interntl Tel & Tel 4%s ’39.. 92% 92% Interntl Tel & Tel 5s ’55 ... 83 83% Interntl Tel Sr Tel 4%s '52 79% 70% McKess & Rob s'/as ’SO 103% 103' Natl Dairy 5/ 4 s *4B 103 103 Natl Steel 5s '56 105% 106 Nickel Plate 4%s ’7B 81% 81% Nickel Plate 5%s ’74 92% 92% N Y Cent 5s 2013 90% 90 N Y Cent 4%s 2013 (01d).... 83% 83% Nor Amer Cos 5s ’6l 79% 79% Nor Pac 4%s 2047 102% 102% Nor Pac 6s 2047 ...11l ill Nor States Pow 5s '4l 104% 104% New Orleans Term 4s ’53 ... 88 91% Penn Ry 4%s 'B4 107% 107% Penn Ry 4%s ’Bl * 107% 107'/ 4 Penn Ry 4%s ’7O 102 102 Pac G & E 5s ’42 103 102% Portland Gen El 4%s ’6O .... 70*/* 72 Para Publix 5%s 'SO 85 84 Penn P & L 4%s ’Bl 106'/* 106% Postal Tel & Cab 5s ’53 .... 30% 31% Rem Rand WW 5%s ’47 104.6 104 6 Sou Pac 4%s ’6B 89% 89% Sou Pac 4%s 'Bl 88% 88% Sou Pac 4%s ’69 88% 89 Sou Pac 4s ’49 91 90*4 Sou Rail 4s ’56 59% 59% Sou Rail 6s ’56 75 75% Sou Rail 6%s '56 78% 793, Texas Pac 5s ’BO 102 102% Texas Pac 5s ’79 101% 102% Texas Pac 5s ’77 102% 102 Union Pac 4s ’47 113% 113 United Drug 5s ’53 100% 100 U S Rubber 5s '47 106% 106% NY NH & Hart 6s ’4B 32 31 NY NH & Hart 4%s '67 30% 30% Warner Bros 6s '39 93% 9414 Western Mary 5%s ’77 108 '07% Western Mary 4s '52 100% luO Youngstown S ft T 5s ’7O 106% . Youngstown S & T 5s '7B 105% ... FOREIGN Argentina A 6s '57 100 100 Argentine B 6s ’SB 99% 100 Brazil 8s ’4l 32% 31% Canadian Govt 4s ’6O 107% 107% Denmark 5%s ’55 101 101% French 7s ’49 176'/* 176% German 5%s ’65 25% 25% German 7s ’49 33% 32% Italy 7s ’sl 70 70 Japan 6%s *54 95 95% Poland 7s ’47 103 102% Rome 6%s '52 61 % 62 Tokyo City 5%s '6l 75% 75% Yokohama 6s '6l 80 80 Produce Markets (Reprinted From Late Times Yesterday) The prices quoted are paid for stock gathered 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 1% lbs. and up. N P-„ 1 st l ictl ? 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 J,®*-, w iU be made. No. 1 butter. 32%® 33%c; No. 2. 29%@30%c. Butterfat, 27c. LOCAL CASH MARKET City grain elevators are paying 94 cents for No. 2 soft wheat. Other grades on their merits. Casn corn new No. 4 yellow 50 cents and oats 18 cents.

BUSINESS EDUCATION SK. wrtlf,. SSffiii. ““•■• CENTRAL Business College Architects and Builders Buildinr Pennsylvania Ac Vermont Bts. g Indpls

Thomson & McKinnon NEW YORK members CHICAGO I New York Stock Exchange. TORONTO ow iork turb Exchange. Now York Cotton Exchange. SoiTTH RFXn NeW V ° rk Coffe * BMd SuKar E hanget SUL lit DEifNLI • New Orleans Cotton Exchange. FT. WAYNE II Chicago Block Exchange. EVANSVILLE j| Chicago Hoard of Trade. Winnipeg Grain Exchange. Indianapolis Office And other leading Exchanges. 200-214 Circle Tower LI. 5501

ONE-TENTH OF POPULATION TO GET IU FUNDS Scale of Payment Ranges Widely, Survey Discloses. By United Press WASHINGTON. April 25.—Income direct from the Federal Treassury in 1936 will go to a gross total of 12,538.552 persons, or roughly one cut of every ten of the nation's 120,000.000 citizens, a United Press survey showed today. Os the total Treasury checks, more than half have been added to the list since the New Deal took over in 1933, although officials pointed out that a certain amount of duplication necessarily is included in the totals. Estimated on the normal basis of dependents to each recipient of a Federal check, and with the necessary exceptions, a total of 35.000.000, or about one out of every three citizens will be dependent in whole or part on the national pocketbook in 1936. Overlapping Is Undetermined Payments in 1936 range from a few dollars to the $75,000 paid President Roosevelt and are in the form of salaries, pensions, relief payments. farm program benefits and rehabilitation loans or grants. Government experts were unable to estimate the exact amount of overlapping or duplication where one person received checks from two or more Federal agencies. It was pointed out, however, that such duplication would be small in comparison to the total number receiving checks, and all payment figures were computed to make allowance for overlapping. Relief Group Is Largest The Federal pay roll in the executive branch, including full-and part-time, permanent and temporary employes engaged in administrative work, increased from 528,542 in 1926 to 815,789 at the start of this year. Largest single group receiving government financial support during the year is under the $4,880,000,000 emergency relief appropriation and the proposed $1,500,000,000 requested for carrying on the program after July 1. At present, approximately 3,800,000 are receiving checks from this source. Next in size is the bloc of approximately 3,500,000 World War veterans eligible to receive advance payment in full of their adjusted service certificates about June 15. OUTLOOK FAVORABLE FOR RADIO INDUSTRY New Sales Record Is Expected for Current Year. Times Special NEW YORK, April 25.—The outlook for the radio industry for the current year is definitely favorable with prospects for anew sales record, according to a report released today by the Alexander Hamilton Institute. According to current estimates approximately 22,400,000 or 71.5 per cent of homes in the United States are equipped with radios. In 1935, the number of radio sets purchased for replacement amounted to 2,664,000. The • replacement demand for the current year is expected to total 3,100,000 sets. Os the total number of automobiles registered in the United States, only 2,300,000 have radio sets. During 1935, 1,100,000 auto radio sets were sold, compared with 780,000 in the preceding year. Sales of new automobile sets this year are estimated at 1,400,000. C. OF C. HEAD RESIGNS Times Spccjal FORT WAYNE, Ind., April 25. Resignation of Edward A. Jordan, assistant secretary of the Fort Wayne Chamber of Commerce, is to become effective Monday. Mr. Jordan has accepted a sales position with the local Horton Manufacturing Cos.

A LEGAL RESERVE MUTUAL COMPANY ORGANIZED IN 1905 The Indianapolis Life is equipped to provide for all the needs for every member of the family. Our contracts are unsurpassed for meeting needs for adequate Insurance and for a safe method of investing to guarantee future income. • Tune in on "Life’s Episodes” a short play broadcast regularly over WIRE. Edward B. Raub, Pre. INDIANAPOLIS LIFE INSURANCE COMPANY Meridian and 30th