Indianapolis Times, Volume 48, Number 45, Indianapolis, Marion County, 2 May 1936 — Page 11

Trends Suggests Slash in War Expense Quota. BY JOHN T. FLYNN NEW YORK, May 2.—The Republican opponents of President Roosevelt’s spending policy have been demanding that the budget be balanced. No sound argument can be raised against that. But when it comes to the manner of balancing the budget, the President’s critics run into trouble. In 1932, when Mr. Roosevelt

was a candidate for office, the Democrats were bitterly assailing the Republican tariff. The Republican leaders made a very powerful argument on that point—so powerful, in fact, that the Democrats really dropped the issue. The Rebublicans, every time the subject of tariffs was raised,

ISP} t 4

Flynn

called out: Name the cuts you would make." The Democrats never got around to replying to that. Now the Republicans insist that the way to balance the budget is not to raise more taxes, but to cut expenditures. The Democrats could make a similar reply to that. They might say to every Republican who called for cutting expenditures—“Name your cuts.” “Where will we start?” a a a T AM not, of course, an advocate of greatly decreased expenditures. But I would spend the money raised very differently. And I would also raise the money very differently —by taxation rather than borrowing. But I can suggest to the Republicans an answer to the Democratic demand to “name the cuts” if the Democrats get around to making it. I would begin with the war expenditures. The President has got in his new budget about half a billion dollars in war spendings in excess of that spent by Coolidge when President. The Republicans denounce the Quoddy project and the Florida ship canal. The President has cut out both. But this curtailment, while amounting to a good deal, means a saving of not more than 15 or 20 million in a single year’s budget. n an IT IS safe to say that $250,000,000 could be cut out of the war budget without in any way impairing the nation’s essential defense arrangements. That would be as good as killing 20 Quoddy projects. Unfortunately the Republicans do not believe in this sort of curtailment. Instead they seem hungry not for cutting down on this, but increasing it. In the very week when the President announces the abandonment of Quoddy and Florida ship canal projects, thus saving next year perhaps 15 or 20 million, the Republicans vote unanimously for an airplane building program which will cost around $100,000,000 and the next day for building 54 new war vessels at a tost of about $157,000,000. As a practical matter it would be difficult for politicians to cut farm payments, veteran payments, building projects of all kinds. But here is a type of cut which would be popular. Because the American people are set against war and Armament. (Copyright, 1936, NEA Service, Inc.) 3 FEDERAL RESERVE HEADS TO KEEP JOBS Bank Chairmen to Hold Offices Until End of Year. By United Press WASHINGTON. May 2.—Three chairmen of Federal reserve banks, also acting as Federal Reserve Agents, will be continued in office for the rest of the year instead of Quitting today, the board of governors announced. The three—F. H. Curtiss of Boston. R. L. Austin of Philadelphia, and C. C. Walsh of Dallas —were originally slated for dismissal on May 1. At the same time, it was announced that J. H. Case, chairman of the Federal Reserve Bank of New York, largest in the system, had tendered his resignation to return to private business. Mr. Case’s term would have expired today. His resignation was accepted. On Commission Row < Reprinted From Lute Times Yesterday) (Quotation below subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUlT—Strawberr.es: Louisiana. 2-pt. crate, *3.25; Alabama. 24-<jt. crate. ti.J 5. Limes—Mexican, carton, 20c. Bananas, seven hands, pound. sc. Apples—Delicious • fancy baskets). *2.50. Rome Beauty. *1.60. Lemons—Sunkist i3oos). *6.25. Grapefruit Imperial Valley. *3.50. Pineapples—Cubans nSa-lOa), crate, *4. Grapes—B. America. JS'i®- bo*. *3; Honey Dews. 8. America. *3.50. VEGETABLES Beans, green, round t ringless ihampersi, *3. Beets—Texas <3 doz. crate), *1.65; cut offs ibu.). *l. Cabbage—New Texas (crate). *2.50; half crate. *1.50. Carrots—California (6-doz. *2.85; Texas (doz. crate). 60c. Cauliflower. California < 12s crate). *1.85: Celery Florida washed and trimmed • •Jos.), 45®85c; Florida i4s, Bs. 10s crate). •*. Cucumber—Hothouse (doz.). *1.25; two doe., box). *2.25. Bgg plant—Florida <*•). . *175. Kale—(Virginia bushel), *l.lO Lettuce—lceberg. Arizona (best 6s. ssi *4.25: home grown leaf (15-lb basket). *1:25. Endive—California (do*.). 75c. Pcdp*rs—Mangoes ierate>. *3.50: peck basket, 90c; dox.. 30c. Mint—Hothouse (do*.). 60c. Mushrooms—Pound. 30c. Mustard—Texas, half crate. *1.40. Onions—lndiana vellow • 50-lb. bag). 60c; new Texas Bermuda yellow. 50-lb. bag. *1.35. Parsley—Southern • long hunches, do*.). 35c. Parsnips— Home-grown washed bushel. 90c; halfbushel, 50c Peas—Florida, hamper. *2. Potatoes—Michigan Round Whites. 100-lb. bag *2 20: Michigan Katahain. 100-lb bag, *2.35: R R. Early Ohio. 100 lb. bag. *2.25: R R Triumph, 100-lb bag. *175; Idaho Russets, 100-lb. bag. *2.65: Idaho Bakers 70s box. *2 50: New Texas Triumphs, 50-lb. bag. *2. Sweet potatoes—Tennessee Nancy Halls, hampers. (1.50. Radishes—Homegrown buttons, doz.. 60c: white. 50c. Rhu-barb-Hothouse. bunch. 50c. Rutabagas— Northern SO-lb. bag. *1.25. Sage—Doz.. 45c. Phenols—Louisiana, doz.. 35c. Turnip#—New. bulk Texaa. bu.. *1.25. Tomatoes— iAepacked. 10-lb. box. *1.35; Florida, 4>rig. (6-6). lug.. *3.50. Produce Markets (Reprinted From Late Times Yesterday) The prices quoted are paid for stock ? lathered in the country, while delivered n Indianapolis the price is a cent higher. Heavy breed hens, 17c; Leghorn breed hens. 14g; eld cocks. 9e: ducks, white. 5 lb*, end over, 7c; geese full feather, all sixes, sc; all guineas I*4 lbs. and uo. 15c; No 1 strictly fresh eggs loss off, 17c; delivered in Indianapolis. 18c. Kach full ewae must weigh 5* lbs. gross; a dedue-

♦ ♦ Abreast of The Times on Finance ♦ ♦

STATE BANKERS WILL CONVENE IN CITTMAY 21 Year’s Activities Are to Be Reported by Various Committees. The year’s activities of the Indiana Bankers Association will be reported by the various committees functioning throughout the state in behalf of the banking industry when the Hoosier bankers convene in annual convention at Indianapolis on May 21 and 22. Arrangements, annoumced here today by B. D. Mitchell, president of the Union Bank & Trust Cos., Kokomo, and head of the organization, provide for the appearance on the program of the chairmen of the four committees that have guided the bankers association activities during the current year in such fields as education of bank employees, legal affairs and legislation, organization of county associations, membership in the state association and similar affairs. More Than 600 Expected Assisting Mr. Mitchell ii; preparations for the fortieth annual meeting that will bring together almost 600 bankers and their wives are C. B. Enlow, president of the National City Bank, Evahsville, and vice president of the Indiana Bankers Association; E. E. Long, cashier of The dark County Bank. Jeffersonville, treasurer of the organization, and Don E. Warrick, Indianapolis, secretary. One of the most active committees has been that of education, the chairman of which is M. J. Kreisle, cashier ‘ Tell City National Bank and past president of the state association. This committee has endeavored to bring about bank employe conferences throughout the state for the purpose of educating the members of the bank staff as to the fundamentals involved in banking and sound banking practices. Committee Members Named The membership of the committee consists of Mr. Kreisle; K. M. Andrew, vice president, La Porte Savings Bank, La Porte; Paul N. Bogart, president, Merchants National Bank, Terre Haute; W. A. Collings, cashier, First National Bank, Crawfordsville; Frank j. De Ville, Fort Wayne National Bank, Fort Wayne; I. Floyd Garrott, president, Battle Ground State Bank, Battle Ground; William C. Grauel, cashier, Merchants National Bank, Indianapolis; A. W. Harbert, cashier, Citizens State Bank, Petersburg, and Clarence Kocher, Old National Bank, Evansville. Robert H. Myers, vice president, Merchants National Bank, Muncie; F. M. Northam. cashier, Citizens State Bank, Columbia City; Cornelius O’Brien, president, Peoples National Bank, Lawrenceburg; C. G. Pike, cashier. First National Bank, Plainfield; W. M. Wells, president, Scottsburg State Bank, Scottsburg; Lowell E. West, Gary State Bank, Gary, and A. D. Whittenberger, assistant cashier, St. Joseph Loan & Trust Cos., South Bend.

SHARP UPTURN SEEN IN BUILDING ACTIVITY 1935 Total to Be Tripled This Year. Times Special WASHINGTON, D. C„ May 2. Commitments to insure home mortgages afford the best barometers of the nation’s residential building activity, according to Stewart McDonald, Federal housing administrator, who today announced that complete reports from all over the country bear out his recent indication that at least three times as many dwelling units would be constructed in the United States during 1936 as in 1935. Mr. McDonald announced that through the week ended April 25, home mortgages selected for appraisal numbered 63,118, with a dollar volume of $254,365,064. “Commitments to insure mortgages,” Mr. McDonald said, “have to a certain extent taken the place of building permits as the indicator of actual home building that is to come, since the commitment is often issued before the contractor applies for a building permit. The commitment 'to insure a mortgage starts the hammers and saws going. “We can not, of course, insure a mortgage on a building that doesn’t exist, but when our experts have examined and approved the plans and specifications for a home, we issue a commitment to the lending institution agreeing to insure the mortgage on that structure.” Busigraphs PORTLAND CEMENT PRODUCED s. ocpt. or commerce) ts r-- - !-/ vJ 77 Ited y. Xz.TTN YEARS AVERAGE QTV? /My /y VX/the same months Ay. Z '/%/. F “ * * 5 0 n 6 Ku the barker corp. general distributors INCORPORATED INVESTORS One more durable goods industry is showing signs of life. The amount of Portland cement produced in the first two months of this year gained over the same 1935 months by 12% per cent, while the increase in shipments was not quite as large. January and February are seasonally the smallest months for the cement industry. Os importance is the definite upward trend For the last five months each month's production gained decidedly over the

If Only It Were Vice-Versa!

If * *

KREUGER WINDUP EXPECTED SOON Issuance of Swedish Match Held Last Important Action. Times Special NEW YORK, May 2.—The windup of the prolonged and painstaking salvage of the industrial empire built by Ivar Kreuger should transpire during the next few weeks in New York City, authorities stated today. This was indicated by the recent action of the Swedish Match Cos. in issuing 1,100,000 Class B shares at a special stockholders’ meeting in Joenkoeping, Sweden. The triumvirate of Kreuger & Toll Cos., Swedish Match Cos. and the International Match Corp. was plunged into a morass of intercompany claims and confusion when the depths of depression caused Ivar Kreuger, the Swedish industrialist, to commit suicide and reveal his astonishing financial operations in the bull market. However, the final settlement will be signalized when the trustee for the International Match Corp. asks the Federal District Court here for approval of the settlement plans under the round-robin plan of negotiation. The court also may pass on that general plan and agreement for settlement relating to the American bankruptcy estate of the Kreuger & Toll Cos., the erstwhile top holding company. As authorized by its stockholders’ meeting in Sweden the other day, the Swedish Match Cos. may now make conclusive offers to the Kreuger & Toll and International Match Corp. bankruptcy estates. The International Match Corp. was the American segment of the Kreuger match empire. STEEL ORDERS SHOW GAIN OF 6 PER CENT Bethlehem Corp. First Quarter Volume Totals $78,469,055. Times Special NEW YORK, May 2.—Orders of the Bethlehem Steel Corp. and its subsidiaries as of March 31 amounted to $78,469,055 compared with $74,015,251 on Dec. 31, 1935, an increase of 6 per cent, Eugene G. Grace, president, has announced. Net profit of the corporation and its subsidaries for the quarter ended March 31, totaled $603,065, compared with $2,396,026 in the preceding three months and net loss of $607,298 in the March quarter of 1935. Local Livestock (Reprinted From Late Times Yesterday) HOGS April. Bulk. Top. Receipts. 25. *11.00011.10 *ll.lO 1000 27. 10.90011.00 11.00 5000 28. 10.55010.65 10.65 6000 29. 10.55010.65 10.55 3500 30. 10.45 010.55 10.55 3500 May 1. 10.65 010.75 10.75 4500 Light lights. 1140-160) Good and choice. $10,280*10.60 Medium 9.550 10.20 • 160-180) Good and choice . 10.600 10.75 Medium . 10.100 10.60 (180-200) Good and cnoice.. 10 650 10.75 Medium 10.100 10.65 • 200-220) Good and choice.. 10.650 10.75 (220-250) Good and choice.. 10.550 10.65 Heavyweights. 1250-290) Good and choice . 10.250 10.55 (290-350) Good and choice. 10.050 10.25 Packing Sows. • 275-350) Good 9.100 9.50 • 350-425) Good 8.90 0 9.25 (425-450) Good 8.65® 9.00 (275-350) Medium 8.40® 9.10 Slaughter Pigs. (100-140) Good and choics.. 9.250 10.20 Medium 8.40® 9.75 CATTLE —Receipts, 400— (550-900) Choice * 8.500 9.75 Good 7.25 0 9.00 Medium 6.750 8.00 Common 5.500 6.75 (900-1100) Choice 9.25® 9.75 Good 8.000 9.25 Medium 6.75 0 8.00 Common 5.750 7.00 (1100-1300) Choice 7.75® 9.25 Good 7.750 9.25 Medium 7.000 8.70 (1300-1500) Choice 9.25® 9.”5 Good 7.75® 9.:15 Heifers (500-750) Choice 7.75® 8.40 Good 7.00® 7.75 Common and medium 5.75 0 7.25 (150-190) Good and choice ... 7.25® 8.40 Cows Good 6.00® 6 50 Common and medium 5.000 6.00 Low cutter and cutter 3.75® 5.00 Bulls, good 6.25® 6.75 Cutter, com and med bulk.... 5.75® 6.50 VEALERS —Receipts, 300— Good and choice *9.00010 00 Medium 7.50® 9.00 Cull and common 5.00® 7.50 Calves (250-500) Good and choice .. 6.000 9.00 Common and medium 4.40® 6.00 Feed and Stacker Cattle (500-800) Good and choice... 7.00# 7.25 Common and medium 8 50 ® 7.25 (800-1050) Good and choice... 7.00® 8.25 Common and medium 5.50® 7.25 Cow* Good < 75# 5.25 Common and medium 4:&C® 4.75 SHEEP AND LAMBS —Receipts. 500— Lambs, 90 lbs. down; good and choice *10.15® 10.50 Good *7s® 10.25 Medium 8.75® 9.75 Common 7.25® 1.75 Xwea (90-170) Good ond choice... 4.50® 5.00 JgSUflHSum SVUS

SATURDAY, MAY 2,1936

N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 _ . Inds. Rails. Utils. Bonds. Today 90.1 89.6 104.3 94.7 Yesterday 90 0 89.48 104.2 94.5 Week ago 90.7 90.5 104.6 95.3 Month ago 91.8 92.0 105.0 96.3 Year ago 87.4 75.7 96.9 86.7 1936 high 93.4 95.6 105.5 97.9 1936 low 90.0 84.7 103.5 93.3 (Copyright, 1938. by Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott. Proctor Sc Paine) Libertys Prev. Close close 4s 1944-54 112.23 112.28 3%s 1940-43 108.17 108.19 3%s 1943-47 10.81 108.2 3%s 1941 108.27 108.28 3Vis 1944-46 107.7 107.10 3%s 1046-49 105.20 105.20 3s 1951-55 104.9 104.12 3s 1946-48 104.26 104.30 2%s 1945-47 103.4 103.7 2 3 /4S 1951 . 101.27 101.29 Home Owners Loan Corp. 2%S 1940 101.12 101.15 3s 1952 102.16 102.21 Federal Farm Mortgage Corp. 3%s 1964 104.8 104.10 3s 1949 102.26 102.30 3s 1942-47 103.20 103.23 2 3 /4S 1945 102.6 102.9 DOMESTIC Prev. Close. Close. Alleg Corp 5s ’44 89 s /s 90 Alleg Corp 5s ’49 83’/a 84 Am Frgn Pow 5s 2030... 71% 70% Am Tel & Tel sVis ’43 .113 112% Am Tel & Tel 5s ’65 113 112% Arm &Cos (Del) sVis ’43 97% 97 Atl Coast Line 4s ’52 95% 96 Atl Coast Line 4Vis ’64...* 77% 76% Atch Top & S Ft 4Vis ’48....11l 111 Am Wat Wks 5s ’44 102.15 102.17 Am Rolling Mills 5s ’3B 115% 115 Vi Balt & Ohio 6s ’95 91% 91% Balt & Ohio 4Vis ’6O 67Vi 66% Buff Roch & Pitt 4Vis ’57.... 73% 74 Beth Steel 5s ’36 103% 102% Chi Milw & St P 5s ’75 18(4 IBV2 Chi Milw & St Pa 5s 2000 6% 6Vi Cleve Un Term 5s ’73 106% 106 Vi Cleve Un Term 4Vis ’77 101% 101 Vi Col Gas 5s May ’52 103% 103 Col Gas 5s April ’52 103% .... Col Gas 5s ’6l .102% 102% Can Pac Perp 4s 91% 91 Cent Pac 5s v 6O 98% 96% Big Four 4%s ’77 . 89 88% Colorado & So 4%S ’BO 68 67 Chi & West Ind 4s ’52 102% 102% Chi & West Ind 5%s ’62 ’..106% 106% Chi & Nor West 4%s ’49 11% 10% Con Gas 5s ’57 103.27 103.27 Chesa Corp 5s ’47 124% 125 N Y Dock 5s ’3B 65 65% Erie 5s ’75 72% 72 Erie 5s ’67 %. 73 73% Gen Cable 5%s ’47 104% 104% Grt Northern 7s ’76 105% 101 Grt Northern 4%s ’77 100% 101 Gen Stl Cast WW 5%s ’49... 78% 76 Hud & Manhat Ref 5s ’57 83% 83% 111 Cent 4%s ’66 69% 69% 111 Cent Jit 4Vis ’63 80% 78% 111 Cent 5s ’63 83 82% Interlake CXI 5s ’sl 91 Vi 92 Vi Interntl Hv Elec 6s ’44 41% 41% Interntl Tel & Tel 4%s ’39 ..90 90 Interntl Tel & Tel 5s ’55 80 80 Interntl Tel & Tel 4%s ’52.. 75 73% McKesss & Rob 5%s ’SO 103% 103 Natl Dairy 5%s ’4B 102% 102% Natl Steel 5s ’56 ’ 104% 104% Nickel Plate 4%s ’7B 81% 81 % Nickel Plate 5%s ’74 92% 92% N Y Cent 5s 2013 89% 89 N Y Cent 4Vis 2013 (old) 82% 81 Nor Amer Cos 5s ’6l 104% 104% Nor Pac 3s 2047 79% 79% Nor Pac 4%s 2047 101 100 Nor Pac 6s 2047 11l 110% Nor States Pow 5s ’4l 104% 104% Otis Steel 6s ’4l 102% 102% Penn Rv 4%s ’B4 107% 107% Penn Rv 4%s ’Bl 108% 107% Penn Ry 4%s ’7O 102% 102% Pac G & E 5s ’42 102% 102% Portland Gen El 4%s ’6O .... 67% 67% Para Publix 5%s ’SO 86 85 Penn P X L 4%s ’Bl 106% ... Postal Tel & Cab 5s ’53 29% Rem Rand W I 4% 108% 108 Shell Union Oil 5s ’47 94% 94% Sou Pac 4Vis ’6B 87% 87% Sou Pac 4%s ’Bl 87 V* 87 Sou Pac 4Vis ’69 87% 87% Sou Pac 4s ’49 90% 84% Sou Rail 4s ’56 58 57% Sou Rail 6s ’56 73 % 73 Sou Rail 6%s ’56 77% 77% Sharon Stl Hoop sVis ’4B ....103 103 Texas Pac 5s ’BO 101% 101% Texas Pac 5s ’79 102% 101 Texas Pac 5s ’77 .102 102% Union Pac 4s ’47 113% 113% United Drug 5s ’53 99% 98% U S Rubber 5s ’47 105% 105% N Y N H & Hart 6s ’4B 31% 31 NYN H & Hart 4%s ’67 31% 30% Warner Bros 6s ’39 92 91% Western Mary 5%s ’77 108% 107% Western Marv 4s ’52 100 99% Youngstown SC Sc T 5s ’70.. 106% 106% Youngstown S Sc T 5s ’7B 105% 105% FOREIGN Argentina A 6s ’57 99% 100% Argentine B6s ’SB 99% 99% Brazil 8s ’4l 31 31% Canadian Govt 4s ’6O 107% 107% Denmark 5%s ’55 100% 100% French 7s ’49 177 170% German sVis ’65 25% 25 German 7s ’49 33% 30% Italy 7s ’sl 72% 69% Japan 6%s ’54 96 96 Poland 7s ’47 84 82 Rome 6%s ’52 62% 61% Tokio City 5%s ’6l 75 74% Yokohama 6s ’6l 79 79 THEATER ATTENDANCE UP IN FIRST QUARTER Prospects Favorable for Picture Industry, Survey Shows. Times Special NEW YORK, May 2.—Following other lines of improvement among business enterprises, the motion picture industry showed an increase in its attendance for the first quarter of 1936, which resulted in higher earnings, according - to a survey released today by Poor’s Publishing Cos. From the low point reached in 1932, motion picture attendance has advanced steadily, with 1935 recording gains better than had been expected. Theater attendance for the past year is estimated at 80,000.000 weekly, an increase of 15 per cent over 1934. A year ago income from film rentals was satisfactory, but theater box office income was low, the survey pointed out. Now, a pleasing upward trend prevailing for lth, rentals and box offices, is providing motion picture compares with earnings higher than that of the early 1935 months. LOCAL CASH MARKET (Rep Hated From Lata Time* Y sterday) ator^a: re pavinr 91 cents

NATIONAL DEBT MOUNTS, FIXED AT 34BILLI0NS Treasury Experts Worry Over How Sum Is to Be Paid. By United Press WASHINGTON, May 2.—The Federal deficit—excess of expenses over income—for the fiscal year 1936 will total approximately SSO per capita for the entire nation, Treasury statisticians figured today. The estimate was based on Secretary of Treasury Henry Morgenthau Jr.’s statement that it will cost $5,966,600,000 more to run the Federal government this year than is received from taxes and other incomes. His statement, made in connection with congressional consideration of President Roosevelt’s budget-tax bill, revealed the national debt will mount to $34,794,757 by June 30, the end of the current fiscal year. Taking a clean sheet of paper Treasury experts went to work with a freshly sharpened pencil and figured the public debt would equal approximately S3OO for each of the estimated 120,000,000 persons in this country. Debt Doubled Since 1932 But when it came to figuring out how all that debt is to be paid, the Treasury experts shook their collective heads. President Roosevelt, it was pointed out, is attempting to hold government expenses—excepting relief expenditures—to anticipated income for the 1937 fiscal year. The deficit for the current fiscal year is the largest in the nation’s history, except for the World War years. In 1918 it was $9,033,253,840 and in 1919 it was $13,370,637,596. The war-time peak of the public debt was $25,234,496,273, reached in 1919. The total debt now is at its highest point in history. It is 10 times what it was in 1863, at the height of the Civil War. The public debt will, on June 30, almost have doubled what it was on June 30, 1932. Then it was $19,161,273,540. New Bond Issues (Reprinted From Late Times Yeserday) (By Lyons & Cos.) Bid Ask Asso Tel 4s ’66 1114% 104% Atlanta Gas Lite 4%s ’55 .... 99% 100% B& O ’39 97% 98% Blackstone Val G & E 4s '65.. 108% Boston & Albany 4%s ’49 103% 104 Brooklyn Man Tr 4%s ’66 100 Cal Ore Pwr 4s ’66 99% 100% Cent Maine 4s ’6O 101% 102% Cent 111 3%s ’66 105 105% C& O Rep and Imp 3%s ’96.. 99% 99% Chicago Sts 3%s ’63 104% 105% Cleve Tractor 5s ’45 102 105 Columbia Lwy P&L 4s ’65 ... .104% 105 Canadian Govt 3%s ’6l 100% 101 Conn River P& L 3%s ’6l 103% 104 Consolidated Ed 3%s ’46 102*/, 102% Consolidated Ed 3%s ’56 99% 100*/* Consumer Power 3%s ’7O 103% 103% Cont Steel 4s ’46 .. 100 Cuhady Pkg 3%s ’55 100 100% Cuhady Pkg 4s ’SO 101 102 Dayton P & L 3%s ’6O 104% 105% Duquesne Lite 3%s ’65 106% 106% Eastern Gas & Elec F4s ’56.. 91V. 91% Edison Ilium Bost 3%s ’56 105% 105% lowa South Util 5%s ’SO 101V* 103 Jones & Laughlin 4%s ’6l 97% 97% Kansas P & L 4%s '6l 107% 108 Keystone W & S 4s ’45 100 Los Angeles G & E 4s ’7O ....104% 104% Maine Cent 4s ’45 99% 100 Metro Ed 4s ’65 106% 107% Monon W P 4%s ’6O 103% 103% Natl Dairy 3%s ’6l 100% 100% N Y Edison 3%s ’6O 101 101% N Y Cent 3%s ’46 96% 96% Norway 4%s ’56 99% 100% Norway 4%s ’65 94 94% Ohio Edison 4s ’66 104% 104% Pacific Lite 4%s ’45 105 106 Pacific G & E 3%s ’6l 102% 102% Pacific Tel 3%s ’66 101% 101% Penn R R 3%s ’7O 100 % 100 V* Penn Tel 4s ’65 105 106 Pub Serv N H 3%s ’6O 104% 104% Pub Serv Okla 4s ’6O 102% 102% Railway & Lite 4%s ’55 109 111 Reverse Copper 4%s ’56 103% 103% Saquency Pwr 4%s ’66 100 San Diego G& E 4s ’65 108 Sharon Steel 4%s 105% 106 So Cal Gas 4s ’65 103% 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 99% 99% US Pike & Fdv 3%s ’66 103 103% Virginia Rwy 3%s ’66 102% 102% West Penn 3%s ’63 105% 105% Misc G & E 3%s ’66 101% 101% Youngstown Sheet &T 4s ’61.. 98% Ygstn Sheet & T Debt 3%s ’sl 102% 102% Investment Trusts (Reprinted From Late Times Yesterday) (By Thomas D. Sheerin & Cos.) Administered Fund 2d 6 5 &6 Affiliated Fund Inc 1.67 1 87 American General Equities .. .97 99 American Business Shares... 1.07 117 •Bullock Fund Ltd 16.55 18.00 Broad Street Investing 27.75 29 68 Century Shares Trust 25.18 27.07 Collateral Tr Shares “A” 6.15 6.21 Corp “A” or “Accum" (mod.) 3.12 3.16 Corp "A” or “ACO” (unmod) 2.51 2.55 Corp Trust Shares (orig) .... 2.61 264 Diversified Tr Shares ’’B”... 9.60 9.70 Diversified Tr Shares “C”.. 4.20 4 24 Diversified Tr Shares “D”... 6.33 6.43 Dividend Shares Inc 1.55 1.66 General Investors Trust 5.50 6 04 Incorporated Investors 20.45 22 10 Investors Fund Amer 97 1.07 Market St Investment Corp.. 29.05 30.57 Maryland Fund 17.85 19.26 Massachusetts Investors 24.05 26.21 •Nation-Wide Sec Cos ’’B’’... 4.00 Nation-Wide Voting 1.62 1.78 North American Tr Shs 1955 3.13 316 North American Tr Shs 1956 3.09 3.12 North Amer Tr Shs (orig).. 2.40 .... •Quarterly Income Shares .. 1.47 1.62 Selected Amer Shares Inc .. 1.44 1.57 Selected Amer Shares (orig) 3.39 .... Selected Cumulative Shares.. 8.84 8.94 Selected Income Shares 4.61 4.71 State Street Investment Corp 91.50 96.50 Super-Corp of America "AA” 2.65 2.68 Super-Corp of America “BB” 2.69 2.72 •Super-Corp of America “A” 3.91 3.96 •Super-Corp of America “B” 4.09 4.14 Super-Corp of America “C”. 7.67 .... Supervised Shares Inc (Dela> 12.50 13.65 Trustee Stand Oilshares “A” 6.87 6.97 Trustee Stand Oilshares ’’B’’ 6.09 6.19 Trustee Standard Invest “C” 2.78 2.82 Trustee Standard Invest “D” 2.72 2.75 •United Standard Oilfunds .. 1.19 1.31 Uselps “A” 17.55 .... •Uselps "B” 2.60 Useleps Voting 99 .... SPINNING ACTIVITY OF BRITISH SHOWS GAIN 1,639,000 Bales Consumed in First Seven Months of Season. Time* Special NEW YORK, May 2.—Despite reversing trends pronounced in previous years, spinning activity in Great Britain during the last year expanded substantially at the time when such activity in Japan was contracting moderately, according to the New York Cotton Exchange service. The first seven months of the current season, from Aug. 1 to Feb. 29, consumption of all cottons by Great Britain amounted to about 1.639,000 bales, against 1,502,000 in the corresponding period last season. In Japan, however, consumption of all cottons by mills of the Japan Cotton Spinners’ Association amounted to only 1,896,000 bales, compared with 1,991,000 in the same

New York Stocks

(Bv Thomson Sc McKinnon) (Reprinted From Late Times Yesterday) Prev. Oil*— High. Low. Close. Close. Amerada 102 100 100 102 Atl Rfg 29% 28% 29 28% Barnsdall 17% 16* 17 % 17 Consol Oil 12% 12 12% 12 Cont of Del ... 32 31% 32 31% Houston tnew) . 8% 8% 8% 8% Mid Oont Pet.. 19% 18% 19% 18% Ohio Oil 13% i3% 13% 13% Pet Corn 13% 13% 13% 13 Phillips Pet .... 42% 42% 42% 42% Plymouth Oil ... 14 13% 14 14 Pure Oil 19% 18% 18% 19 Seaboard Oil ... 34 33% 33% 33% Shell Un 15% 15% 15% 15 Soc Vac 13% 13% 13% 13% SO Os Cal .... 38% 37% 37% 38% SO of Ind 34% 33% 34 34% SOof N J 59% 58% 59% 58 . Texas Corp 34% 33% 34 33 % Tidewater Assn . 16% 16% 16% 16% Un Oil of Cal .. 22% 22% 22% 22 Steels— Am Roll Mills .. 27% 26% 27 27% Beth Steel 50% 48% 49% 49 s Byers A M 17% 17% 17% 17% Cruc Steel 30% 29% 29% 28 Inland Steel ... 94% 93% 94% 94 Ludlum Steel ... 24% 24 24 23% McKeesport Tin. 107 107 107 104 Mid Steel 37% 36% 36% 37 Natl Steel 60 58% 60 58 Otis Steel 14% 13% 14% 13% Rep I & Stl .. 18% 18% 18% 18% Rep I & S pfd. 80 80 80 79 U S Pipe & Fdy 33% 33 33 32% U S Steel 57% 56% 57% 57% U S Steel pfd. .122% 122 122% 123% Warren Bros .. 8% 8% 8% 8% War Pipe & Fdy 23 23 23 22 Youngstn SSc T 52% 51% 51% 51% Motors— Auburn ,34% 33% 34% 33% Gen Motors .... 62% 60% 62 61 Chrysler 95% 94% 95% 95% Graham Mot .. 2% 2% 2% 2% Hudson 14% 14% 14% 14% Mack Truck 29 % 29 29 29 Nash 17% 17% 17% 17% Packard 9% 9% 9% 9 Reo 5% 5% 5% 5% Studebaker 11% 11% 11% 11% Yellow Truck .. 18% 17% 17% 17% Motor Access— Bendix 27% 26% 27% 27% Bohn Alum .... 47% 47% 47% 48 Borg Warner ... 70 68V* 70 68% Briggs 47% 46 46% 46% Budd Mfg 14(4 14 14% 14V, Budd Wheel 9% 9V* 9 % 9% Eaton Mfg 32% 31% 32% 31% Elec Auto Lite .. 34 33 33% 34 Elec Stor Bat ... 46% 46% 46V* 46 Greyhound ”B’’.. 53% 52(2 43% 45 Houdaille 24% 23% 23% 24% Murray Body ... 15?/, 15% 15% 15 Stew Warner ... 18% 18 18% 18% Timken Roll ... 59% 58% 59% 57% Timken Det Axle 15% 15% 15% 15% Mining— Alaska June .. 14% 14% 14% 14% Am Metals 27% 27% 27% 27% Am Smelt 74% 73 73% 72% Anaconda 33% 32% 33% 32% Cal & Hecla ... 10’/, 10% 10% 10% Cerro De Pasco 53% 52% 53% 53% Dome Mines ... 52% 51% 52% 51% Gt Nor Ore .... 16% 16% 16% 16% Howe Sound ... 50% 49% 50% 49% Ins Copper .... 10% 10% 10% 10% Int Nickel 45% 44% 45% 45% Kennecott Cop .. 36V, 35% 3S 35% Mclntyre Mine . 43% 42 43% 42 Park Utah 3% 3% 3% 3% Phelps Dodee ... 32% 31% 32% 31% St Joe Lead 23'% 22’/, 23% 23% U S Smelters a.. 89 88 88 88% Vanadum 18% 17% 18% 17% Amusements— Croslev Radio .. 26% 26% 26% 26% Fox Theat 24 23% 23% 23 Loews Inc 46 45 45% 35% Radio Corp 10% 10% . 10% 10% Paramount 8% 8% 8% 8% RKO 5% 5% 5% 5% Warner Bros ... 10% 9% 9% 9% Tobaccos — Am Snuff 60 60 60 59 Am Sum Tob ... 22% 22% 22% 22% Am Tob ’A’ 89% 89 89% 89 Am Tob ‘B’ .. . 90'% 90 90 90% Lii & Myers ‘B’.lOl 101 101 101% Lorillard 22% 22% 22% 22*% Philip Morris .. 81 78% 81 79 Rey Tob ‘8’.... 51% 50% 51% 50% Rails— Atchison 71% 70% 70% 70% Atl Coast Lines. 23% 23Vs 23% 23% B & O 17V, 16% 16V, 17V, Can Pacific .... 11% 11% 11% 11% Ch & Ohio 55% 54 % 55 V, 54 Chi & Gt W pfd 5 5 5 4% C M & St P ... 1% 1% 1% 1 % C M Sc St P pfd 3% 3% 3% 3% Chi N W 2% 2% / 2% 2% Chi N W pfd ... 6% 6% 6% 7% Lela & Hud ... 39 38 38% 39 Del Lac Sc W ... 16 15% 15% 15% Erie 12% 12 12 12% Erie pfd 18 17 17V, 16% Gt Northern pfd 35% 34% 34% 35% 111 Central 20% 19% 19V, 20 K C Sou 19% 18% 19 18% Lehigh Valiev .. 9% 9% 9% 9% MK & T pfd... 20 19% 19% 20 Mo Pac 2% 2% 2% 2% Mo Pac pfd 4% 4% 43% 4% N Y Cent 34% 33*4 34 34% N Y New Haven. 3% 3% 3% 3 N Y Ont & West 4% 4% 4% 4% Norfolk & West 225 225 225 220 Nor Pacific 27% 27 % 27% 27% Penn R R 30 >4 29 % 30 V, 29 % Sou Pac 30 Vi 29 % 30% 30% Sou R R 14% 14V, 14% 14'4 Union Pac .....124 123% 123% 124 West Maryland. 9 8% 8% 9 Equipments— Am Car & Fdy.. 32 30% 32 31% Am Loco 25% 24% 25 25 Am Steel Fdy ... 24% 23% 23% 23% Bald Loco 3 % 3% 3% 3 Gen Am Tnk C. 44% 43% 43% 43% Gen Elec 36% 36 36% 35% Gen R R Sig ... 36% 34% 36% 33% Pullman Inc ... 41% 40% 41% 41 West Air Br ... 37Vs 36% 37Vs 36 % Westingh Elec ..107% 104% 106 105% Utilities— Am & For Pwr 7 6% 7 6% Am Power & Lit 9% 9% 9% 9% AT&T 154 151% 151% 155 Am Wat Wks . 20 % 20 20 >4 20% Col Gas & Elec. 17% 17% 17V, 17*4 Comm & Sou . 2% 2% 2% 2% Consol Gas 29% 29*4 29% 29% Elec Pwr & Lit. 14% 13% 13V, 13% Int Hydro Elec. 32% 2V 2V* Interboro R T. 12*4 11% llVe 12 Int T & T .... 13% 13 13 13% Lou G& E “A”. 20V, 20V, 20% 20*4 Nat Pwr & Lit . 10 9*4 9% 10 North Amer .... 24% 24 24*4 24*4 Pac G& E 34 33% 33*4 34 Pub Serv N J... 40*4 40 40*4 40 So Cal Edison .. 25% 25% 25V, 25*4 Std Gas SV 5% 5% 5% Stone & Webstr 16V, 16% 16V, 16*4 United Corp .. SV, 5% 5% 5% Un Gas Imp ... 14% 14*4 14% 14% Ut Pwr &Lt “A” 4% 4% 4% 4% Western Union.. 77*4 73*4 75% 76% Rubbers— Firestone 28% 27% 28 27V, Goodrich 19 18% 18% 18% Goodyear 25*4 24% 24*4 24 s /* U S Rubber .. 29V, 28 28*4 28*4 U S Ruber pfd . 68*4 66V, 67V, 67 Miscellaneous — Allis Chalmers.. 43% 43 43 43 Am Can 125 124% 125 125 Am Mach & Fdy 22% 22 22% 22*4 Anchor Cap . 22% 22% 22V, 22 Brklyn Man Tr. 47 46% 47 46% Burroughs Add.. 27% 26 27 25% J I Case-. 149*4 144% 149% 144 V, Conti Can 75 74 s /s 75 73% Caterpillar Tract 69 68 69 66% Crown Cork . .. 54% 54 54*4 55% Curtis Pub 19 18% 19 19 Deere & Cos 77% 76(4 78*4 75% Foster Wheeler.. 28% 26% 26*4 26*4 Gillette 16 15% 16 16 Glidden 46% 45% 46% 45% Ingersoll Rand. 110 110 110 110 Int Bus Mach ..168 168 168 162 Inter Harv ... 81*4 80*4 81 80 Natl Cash Reg.. 23% 23% 23*4 23 Owens Bottle ..142 142 142 141 Rem Rand 21% 21 21*4 21% Underwood E .. 87 87 87 86 Worth Pump ... 26% 26 26 24 Foods— Am Sugar 60*4 50*4 50*4 50 Armour 5 4% 4% 4% Armour 6% pfd. 71 71 71 70*4 Beatrice Cream. 21 20% 21 20% Borden Prod ... 26% 26 26% 26% Cal Packing . .31 30% 30% 31*4 Can Dry G Ale 11*4 11*4 11*4 11 Coca Cola .. 85% 85 85% 84% Cont Bail "A”.. 14 13% 14 13% Corn Prod 73% 72 73% 71% Crm of Wheat.. 35 35 35 35 Cuban Am Sugar 10% 10 10- 10% Gen Baking ... 11% 11% 11% h% Gen Foods ..... 38% 37% 38*4 37% Gold Dust . ... 18 17% 17% 17% G W Sugur.. ..33% 33 33% 33 Hershey 75*4 75*4 75*4 75% Natl Biscuit 33’, 33 33V, 32% Natl D Prod ... 22% 21*4 22% 21*4 Purity Bak 11% 11% 11 % 11% S Porto Rico Sug 27*4 27% 27% 27V4 Std Brands 15V* 15V, 15V, 15% Un Biscuit 25% 25% 25% 25V* United Fruit ... 70% 70 70*/* 70 Ward Bak “B”.. 2% 2% 2% 2V, Retail Stores— Allied Stores ... 7*4 7*/* 7V 7% First Natl Stores 41% 41 41% 41 Gimbel Bros ... 8% 8% B*4 8% Gm Un Tea .... 3% 3% 3% 3% Jewel Tea 68 68 68 69 Kresire S S .... 21% 21 21% 21% Kroger Groc ... 22% 22% 22% 22% Macv R H 41*4 40% 41 40% McCrorv St 12% 12% 12*4 12% McLeUan 8t ... 12% 12 12 11% Marshall Field .. 15% 14% 15% 15% Map Deot St . 44% 44% 44*, 43% Mont Ward .... 39% 38% 38% 38% Natl Tea 9 9 9 9 Penney J C ... 73 73 7 3 73 Safeway St ....31% 31% 71% 31% Sears Roebuck.. 65% 64% 1,5 65 Woolworth 48% 47% 48% 48% Aviation— Aviation Ooro ..5% 5% 5% 5 Boeing Asrcft ... 18% 17% 18% 17*4 Curtiss Wright . 8% 5% % 5% Curtiss Wrt ‘A’. 15% 13% 15% 13% Douglas Air ... 56% 53% 54% 56% Nor Am Av .. . 8% 7% 8% 7%

Safe Deposit Boxes The Indiana National Bank of Indianapolis

French Gold Stocks Plunge Gold stocks of the Bank of France fell 551,326,030 francs ($36,304,819) to a total of 61,937,000,000 francs ($4,078,551,450) in the week ended April 24, the lowest level in five years .

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Soerrv Corn ... 17% 18% 17*4 18% Utd Aircft mew) 22% 21% 22% 22 Chemicals— Air Reduction .. 60*4 59% 60% 60 Allied Chem ...186 184 185% 182 Am Com Alcohol 24 23*2 23% 24 Col Carbon ....112** 111% 112% 107% Com Solvents .. 17% 17% 17% 17% Du Pont 140 138% 139 139 Freeport Tex .. 30% 30% 30% 30 Liquid Carb .... 36% 36 36% 39% Math Alkali ... 30% 29% 30% 28 Monsanto Chem. 94% 94 94* 94 Natl Dis (new).. 28% 28% 28% 28% Schenley Dist .. 40 38% 39 40 Tex Gulf Sulph 35 34% 35 34 V* Union Carbide 78V, 78 78V, 77V* U S Inds Alcohol 48 47V* 47V* 47% Drug,— Bristol Myers .. 43% 43% 43% 43% Coty Inc 4% 4*4 4% 4% Lambert 20 19% 19% 20 Lehn & iFnk... 15% 15% 15% 15% Sterling Prod .. 67 *■* 67 67 % 67 Un Drug (new) . 11% 12% 11% 11% Zonite Prod ... 6% 6% 6% 6*2 Financial— Adams Exp 10% 10% 10*4 10% Allegheny Corp. 2% 2% 2% 2% Am Int Corp ... 10% 10% 10*4 10% Chelsa Corp ... 64 64 64 65% Lehman Corp . 92% 92 % 92% 90% Transamerica .. 12 11% 11% 11H Tr Conti Corp.. 8% 8% 8n 8% Building Am Radiator .. 20*4 19V* 19*;, 19% Gen Asphalt ... 25V, 24% 24’, 25% Holland Furnace 34% 34 34 33% Int Cement 45% 44% 44*4 43% Johns Manville. 97V* 96% 97% 95 Libby Owens Gls 50% 49% 50% 49% Otis Elev 25% 25V, 25% 25(4 U S Gypsum... 86(2 85 86% 86% Ulen Cons 5 5 5 4% Household— Col Pal Peet... 16 15% 15V, 16 Congoleum .... 36% 36% 36% 35% Kelvinator 20% 20 20 20% Mohawk Carpet. 23% 22% 23% •>2% Proc & Gamble 42V* 41% 42% 42' Servel Inc .. 17% 17* * 17% )g% Simmons Bed.. 26 25% 25% 25% Textiles— Amer W01en.... 8% 7(4 7% 8(4 Belding Hem... 14 14 14 14% Ceianese Corn.. 23 % 22% 22% 23* • Collins Aikman. 42V* 41% 41% 42% Gotham Hose... 9 8% 9 8% Indus Rayon 29 28% 28% 28% Kayser Julius ... 28 27*4 27% 28' 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. 4 BONDS Home T&T Ft Wye. 5%s '55 lM d lOS Sk Home T & T Ft Wye. 6s '43.. 103 106 Indianapolis Railways. Inc 55.. 65 68 Indianapolis Water Cos 4%s ..106 108 Indianapolis Water Cos 5s 105 107 Indianapolis Water Cos 5s 105 107 Indianapolis Water Cos 5(48.. ,103V* 106 Indianapolis Water Cos 5%s ..103% 106 Interstate TANARUS& T 5%s 97V, 98 Kokomo Water Works 5s 104 105% Morris 5 & 10 Stores 5s ...... 100 103 Muncie Water Works 5s 103% Noble6Ville HL & Pwr 6%s ..100 10i% 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 5s 102 104 Terre Haute Water Wks 6s ..103 105 Traction Terminal Cos 5s 76 79 STOCKS Rail & Stk Yds Com 53 55% Belt Rail & Stk Yds pfd 65... 52 Central Ind Pwr pfd 7s 18 21 g°nj e T&T Ft Wayne ‘7s .... 52(4 54% Hook Drugs Inc com 171/. 10 Ind Hydro Elec Cos 7s 55 58 l n 3 Se S7 Cos 6s 98 100% Ind Hydro Elec Cos. 7s 55 58 Indpls Gas Cos com 30 35 Indpls Pwr & Lt Cos pfd 65... 87 90 Indpls Pwr & Lt Cos pfd 6 Vis.. 91 94 Indpls Water Cos pfd 5s 102 105 N Ind Pub Serv pfd 5%s 60 63 N Ind Pub Serv pfd 6s 67 70 N Ind Pub Serv pfd 7s 77 80 •Progress Laundry Cos com ... 10 li*A Pub Serv Cos. of Ind pfd 65... 17 20 Serv Cos. of Ind pfd 75.. 35'.i 39% a Ind Gas & Elec pfd 6s 99 102 Terre Haute Elec Cos 6s 92 94 Un -Mwdend°. C ° m 191/1 21 * Chicago Stocks (Reprinted From Late Times Yesterday) (By Atfenes. Hamill & Gates) Adance Aluminum 7% 7% Allied Products 21% 21 Asbestos Mfg 41/* 37/. Associated Investors 32 32 Bastian-Blessing 9% 95^ Berghoff ioia 10 A. Butler Brothers 8% B'i Cent 111 Pub Service Pfd 59 58% Chicago Rivet & Machine ... 28(4 Chicago Yellow Cab 26 25% Cities Service 4/ g 4,/. Commonwealth Edison 99'% 99*% Continental Steel 351/2 34% C’ord 51A s' Crane .'25 * 25 Dayton Rubber 11% 1114 Electric Household 1514 1534 General Household •6% 6% Goodchaux “A” Grt Lakes Dredge 27% 27(4 Jarvis Mfg 1974 2 0 Ken-Rad T & L 10 10 Libbv. McNeil & Libby 8 7% Lincoln Printing 10% 10% Lion Oil Refining 12 12 McGraw Electric 27 % 27 Noblitt-Soarks 27 26 Northwest Engineering . 21 20(4 Pub Service of Northern 111 ... 50*4 497, Standard Dredge pfd 14 14 Swift International 29V* 28V* Vortex Cud 18% 18*4 Zenith 16 3 /* 16% New York Curb (Reprinted From Late Times Yesterday) (By Atkins, Hamill & Gates) Prev. Close. Close. Aluminum Cos of America ...121 122 Am Cyanamid “B” 33V* 32V* Am Gas & Electric 35 V, 34 V* Am General Bs/,8 s /, 9 Am Superpower 2*/, 2V, Ark Natural Gas ‘‘A’’ 6 6% Atlas Corp 12 12% Canadian Indust Alcohol “A” 8 7% Carrier Corp 8% 8% Creole Petroleum Corp 27*4 28 Crocker-Wheeler 9% 9% Elec Bond & Share 18 18*/, Fisk Rubber SV SV, Ford Motors Canada “A” ... 1 22% 22 Glen Alden (1) 13V* 13V* Gulf Oil Corp of Penn 85 8214 Humble Oil & Refining Cos .. 65% 65V, Huyler’s of Del pfd 21V, 24 Hygrade Food 4V 4% Int Vitamin 7V 7% Imperial Oil of Canada .... 21V* 21 Irving Air Chute 22% 20% Lake Shore Mines 54% 53% Mueller Brass Cos 26 25% Natl Bellas Hess Ins 2 1% Niagara Hudson Pwr 8% 7% Pen-American Airways 53 51 Pennroad Corp 3V 4 Reliable Stores Corp 15 14% Root Petroleum 15V* 15 St Regis Paper Cos 3% 3 s /, Salt Creek Producers Assn.. 7% 7% Segal Lock 2% 2% Sonotone 2% 2% Standard Oil of Ohio 9% 29% Stutz Motor Car of Amer ... 3% 3V* Technicolor Inc 27 27% Wayne Pump 27V* 27*% Unlisted Stocks (Reprinted From Late Times Yesterday) (By Blyth & Cos.) NEW YORK BANK STOCKS Bid Ask Bankers Trust 55% 57 V* Central Transfer 104% 107 Chase 34% 36% Chemical National 52% 54 Guaranty 275 278V* Irving 14% 16% Manufacturers 44 V* 46 National City 31% 33% Cont 111 Chicago 143 146V* First National Boston 43% 45% National Shawmut 24% 26% FIRE INSURANCE Aetna Fire Ins 50% 52% American Ins of Newark 13% 15V, Baltimore American 7% 9% City of New York 24 26 % Federal Ins 44 48V* Franklin Fire 30 42 Great American Ins 27(4 29 V* Hanover Fire Ins 36V, 38% Hartford Fire 70 72 V* Home Ins 34% 36% Ins Cos of A 70 72% National Fire 68 70% National Liberty 9V* 10% North River 25 27 Phoenix 82% 85V* U S Fire 52% 55V* Westchester Fire 33 35% Westchester Fire 32 34V*

MONEY FOR YOUR FUTURE VACATIONS Do you enjoy Fishing or playing Golf? Would you like to see the beauty spots of America, foreign lands? Thousands of your fellow citizens will in later years take vacations—go where they please, stay as long as they please, free from money worries, knowing that another income check will arrive each month. They have arranged an Insured Income Plan with us. Ask for details on how you can start YOUR plan. Indianapolis Life Insurance Cos. Jth ud Meridian, A Quill, Comp.”,

ORDERS KEEP STEEL OUTPUT ATHIGH RATE 72 Per Cent Capacity Mark Viewed Continuing Through 'May. rimes Special HAMMOND. Ind., May 2. —A sudden influx of orders from a wide diversification of consumers caused Calumet district steel mill officials to predict today that the current high rate of 72 per cent of capacity will prevail throughout this month. Much of the current improvement is traced to the automotive industry which has increased its requirements through a step-up in assemblies of new cars. Demand from the farm imple- , ment industry remains in undiminished volume whth no signs of a letdown yet apparent. Each producer of the heavier type of implements, such as tractors, combines and similar farm operating devices, is placing steel orders here that call for a continuance of high operating schedules through May. Construction Demand High A similar situation is reported for miscellaneous consumers which represent a large group of heavy users of finished steels of varied type. Additional seasonal implements is being shown in the demand from the cnstruction industry, coming from new public works, such as bridges, trestles, dams and locks, new buildings and industrial expansion and modernization programs. Further large tonnages are in prospect from the oil industry for contemplated rehabilitation and expansion movements. SAVINGS, LOAN GROUP TO BE FEDERALIZED Conners ville Association Given Federal Charter. Times Special CONNERSVILLE, Ind., May 2. Federalization of the Fayette Savings and Loan Association here has been approved in Washington, according to an announcement today by A. G. Trusler, president. With approval of the Federal charter, more than $3,000,000 will become available to families in Connersville who wish to purchase, build, or modernize their homes. Mr. Trusler was informed of the approval in a letter from Fred T. Greene, president of the Federal Home Loen Bank of Indianapolis. Conversion of the association into a Federal institution will insure depjositors up to SSOOO through the Federal Savings and Loan Corp., a $100,000,000 government instrumentality. QUARTER INCOME RISES Consolidated Gas Electric Light Cos. Earns $1.37 a Share. Times Special NEW YORK. May 2.—Net income of the Consolidated Gas Electrio Light & Power Cos. of Baltimore in the first quarter this year amounted to $1,881,705, equal, after preferred dividends, to $1.37 a common share, aocording to a report released today. The total compares with 9. net of $1,770,297 or $1.27 a share after preferred dividends in the same period last year. Total operating revenues for the quarter was $8,980,110, against $8,095,615 in the first three months of 1935, a gain of $874,495. BUSINESS FAILURES UP. Dun & Bradstreet Reports Total of 193 for Week. Times Special NEW YORK, May 2.—Business failures in the United States during the week ended April 23 increased to 193 from 174 in the preceding week, Dun & Bradstreet, Inc., announced today. For the same week a year ago failures numbered 241. Os the five trade groups, construction was the one which showed an increase over the average for the last 17 weeks. The wholesale group was about on a par with its average, whereas in the preceding week these failures showed a rising tendency. CHICAGO GRAIN FUTURES (By James E. Bennett Sj Cos.) 9:00 Prev. High Low A. M. closa Wheat— May 97% .97% .97% .97% July 86 1 2 86 1 * .86% .86% Sept 84% .84% .84% .84% Corn— Mav 63% .82% .62% .63% July 61% .60% .60% .81% Bept 59% .59'.* .59% .59% Oats— May 25% .25% .25% .25% July 26% .26 .26 .26 RyeMay 50% .50*4 .50% .50% July 50'a .50% .50*2 .50% Sept 51% 51% 51% .51% ft" First Mortgage jrfs loans mm •J On well located ■ modern Indianapo■fpt lis property. j / 6t / INTEREST 74% Weekly P^rmenta. No Commission! HOME BUILDERS SAVINGS and Loan Association 1000 Lemcke Bide.