Indianapolis Times, Volume 48, Number 50, Indianapolis, Marion County, 8 May 1936 — Page 32

Trends Blasts Wall Street Myth on Short Supply. BY JOHN T. FLYNN

YORK, May B.—When the stock market broke in one of its many declines in 1931, Herbert Hoover blamed it on the shorts. That there were plenty of shorts and vast amounts of short selling then there can be no doubt. Now when the stock market breaks in the second serious collapse of Mr. Roosevelt's regime, down in Wall Street they will tell you it was because there were no short'!. The point is interesting. Who has not heard of the depredations of

those heartless operators who sell America short; the bears who sell stocks which they do not own in the hope of buying them at lower prices and whose selling actually makes the market sink lower. Os course down in Wall Street they know well enough what the shorts do. But there must be a neat little

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Flynn

story to handout to the dear public in defense of short selling. That story is this—that when stocks go too high there are always a number of men in Wall Street who feel they are too high and are sure they will go lower. They sell stocks, therefore, in the expectation of buying them back as the shares decline in price. aa n \ A S the shares decline in price, these shorts go into the market to buy in order to cover and this tends to support the market, to cushion it, as they say, to break the force of the decline. It furnishes buying power at the very moment when buying power is needed. When the present break appeared, of course, there was no lack of wise observers to point out that the break was made more severe because there was no short interest—no bears to rush in and buy when the break came. There were no shorts, of course, because the new SEC act makes short selling difficult. This is at least the theory. Now all this is very well. The chief weakness in it is that it is simply not true. Shorts do not sell them when the market is high and rising. They are more apt to sell them when it breaks. Instead of supplying a cushioning support when buyers are needed, the short sellers, who are mostly professionals, rush in and sell and thus add depressive force to the decline. a a a A N item in a New York newspaper furnishes an interesting piece of confirmation of this. Only a few days before, the paper pointed out that there was not much short interest in the market when the break came. But five days later it recorded that “a sizeable short interest has been built up in several issues during the last few days.” The names of the stocks in which this short interest was built up were given as Deere & Cos., United States Gypsum, Johns Manville, International Harvester, Continental Can, J. I. Case and Paramount. This short interest, therefore, was built up in the last few days; that is, while these shares were declining all the way from 4 to 30 points. In other words, instead of supplying buying power, the shorts were on the selling side at the very moment when the stocks needed support. This is the way it always is. This myth about short seupply is only one of a dozen solemnly uttered assumptions about the market to which there is not a shred of foundation. (Copyright, 1936, NEA Service, Inc.)

On Commission Row (Quotation below subject to change are average wholesale prices being offvred to buyers by local commission dealers.) FRUlT —Strawberries: Louisiana, 24-pt. crate. *2.75; Alabama. 24-qt. crate, $5.25 Limes—Mexican, carton. 20c. Bananas, seven hands, pound, 5Hc. Apples—Delicious tfancy baskets), $2.50. Rome Beauty. *1.40. Lemons—Sunkist (300s i. *<!.so. Grapefruit—lmperial Valley. *3.50. Pineapples—Cubans (18s-30s), crate, 53.50. Grapes—S. America, 20-lb. box, *2.75; Honey Dews. S. America. *3.25. VEGETABLES—Beans. green. round stringless thampers). $2.25. Beets—Texas i*3 doz crate). *1.65; cut oils (bu.), *l. Cabbage—Nw Texas (crate), $2.50; halt crate. *1.50. Carrots—California (S-dot. crate), *2.85; Texas (doz. crate). 60c. Cauliflower, California (12s crate); *1.75. Celery—Florida washed and trimmed idol.), 45tf85c; Florida (4s. Bs. 10s crate), *3.50. Cucumbers—Hothouse idoz.). *1.15 (two doz. box). *2. Egg plant—Florida (doz), *1.75. Kale—(Virginia bushel). *1.25. Lettuce—lceberg. Arizona (best 6s, sst. *3.75; home grown leaf 1 15-lb. basket). *1.25. Peppers— Mangoes (crate). *3; peck basket, 90c; doz.. 30c. Mint—Hothouse (dos.l. 60c. Mushrooms—Pound, 30c. Mustard—Texas.half crate, *1.40. Onions —lndiana yellow (50-lb. bag). 60c; new Texas Bermuda yellow. 50-lb. bag. *1 35. Parsley—Southern dong bunches, doz.), 35c. Parsnips Home-grown washed, bushel. 90c; half-bushel. 50c. Peas— Florida, hamper. *1.85 Potatoes—Michigan Round Whites. 100-lb. bag. *2.25; R. R. Earlv Ohio. 100-lb. bag. *2.35: R. R. Triumph, 100-lb. bag. *1.75; Idaho Russets. 100-Ib. bag. *2 65; Idaho Bakers 70s box. *2.50; New Alabama Triumphs. 100-lb. bag, *3.25. Sweet potatoes—Tennessee Nancy Halls, hampers. *1.50. Radishes—Homegrown buttons, doz.. 45c; white, 50c. Rhubarb—Hothouse, bunch, 50e. Rutabagas—Northern 50-lb. bag. *1.50. Sage—Dox., 45c. Shellots—Louisiana dos . Ssc. Turnips—New. bulk Texas, bu.. *1.25. Tomatoes—Repacked, 10-lb. box, *1.50; Florida, orig. (6-6), lug., (3.50. FRUITS AND VEGETABLES (By United Press) CHICAGO. May B.—Apples—Mclntosh. *1 ft 1.35. Carrots—lllinois, bu.. 25fri30c. Bweet potatoes—Tennessee bu.. *1.05b" 1.15. Beans—Louisiana, bu., Ca©2.75. Cabbage —Texas. lettu'-c. crates. ‘(1.354*1.50. Spinach—Arkansas, bu.. 25® 30c. Tomatoes —Mexican lugs. (2.3503.50 Cauliflower— California, crate*, t1.35tf1.45. Peas— Californio, hampers. *1.35® 1.40. Lettuce Western crates. *2.25tf2.50. Celery— Florida, crates. *1.504i 3.25. Onion—Market >SO-lb. sacks), Texas white wax, 65 4*soc.

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PAGE 32

SWINE VALUES SHARPLY LOWER AT STOCKYARDS Prices Dip 25 to 30 Cents; Cattle, Lambs Steady; Veals Strong. Influenced by heavy shipments and a continued weak demand, the pork market plunged sharply 25 to 30 cents lower today at the Indianapolis Union Stockyards. The top price paid for choice weights was carried down to $10.05, anew low since Jan. 9. A sharp increase in receipts, which were estimated at 5500, compared with 3500 yesterday, was largely responsible for the extreme downward movement. Holdovers were estimated at 312. Heavy supplies also were reported at surrounding livestock centers in the Midwestern district, comprising 11 major markets. This offset the local demand. The bulk of 160 to 225 pounds cashed in at $9.90 to $lO. Extreme heavy butcher classes, scaling upward from 300 pounds, brought $9.25 to $9.45. Light slaughter pigs, from 130 to 160 pounds, were offered at $9.40 to $9.90. Packing sows held at $7.75 to $8.75. With receipts estimated at only 300, the cattle market continued stationary in light trading. Bulk of steers sold at $7 to $7.50, while heifers brought $7 to $7.85. Beef cows were salable at $4 to $5. A strong undertone developed in veals, and the bulk of good and choice grades was salable at $8.50 to $9. Receipts were 600. Lambs maintained a steady trading range. Bulk of clipped grades, averaging 80 to 85 pounds each, sold at $10.25 down. Lower grades were salable at $lO. Receipts numbered 1000.

HOGS May. Bulk. Top Receipts. 2. $10.55(0)10.65 $10.65 1000 4. 10.55010.65 10.65 4500 5. 10.30®10.40 10.40 5000 6. 10.20010.30 10.35 4000 7. 10.20010.30 10.35 3500 8. 9.90© 10.00 10.05 5500 Light lights. (140-160) Good and choice.s 9.55® 9.90 Medium 9.00® 9.65 • 160-180) Good and choice.. 9.85010.05 Medium . .. 9.40®*. 9.85 (180-200) Good and choice.. 9.90®10.05 Medium 9/0® 9.90 (200-220) Good and choice . 9.90010.05 (220-2501 Good and choice . 9.800 9.90 Heavyweights. (250-2901 Good and choice.. 9.55® 9.80 (290-3501 Good and choice.. 9.35® 9.55 Packing Sows. (275-250) Good 8.50® 8.85 (350-425) Good 8.35® 8.65 (425-4501 Good B.lo® 8.40 (275-3501 Medium 7.750 8 50 Slaughter Pigs. (100-140) Good and choice . 8.65® 9.65 Medium B.oo@ 9.25 CATTLE —Receipts, 300— (550-900) Choice $ 8.75® 9 50 Good 7.75® 8.75 Medium 6.75® 7.75 Common 5.75® 6.75 (900-11001 Choice 8.75® 950 Good 7.75® 8.75 Medium 6.75@ 7 75 Common 5.75® 7 00 (1100-1300) Choice 8.75® 9 50 Good 7.75® 8.75 Medium 7.00® 7 75 (1300-1500) Choice 8.75® 9 50 Gold 7.75® 8.75 Heifers (550-750) Choice B.oo® 840 Good 7.25® 8.00 Common and medium 5.75® 7.50 (750-900) Good and choice.. 7.25® 8.40 Cows Good 6.00® 6.50 Common and medium 5.00@ 6.00 Low cutter and cutter 3.75® 5.00 Bulls, good 6.25@ 6.75 Cutter, com. and med bulk... 5.750 6.50 VEALERS —Receipts, 600— Good and choice $ B.oo® 9.00 Medium 7.00® 8.90 Cull and common 4.50® 7.00 Calves (250-500) Good and choice .. 6.00® 8.75 Common and medium 4.50® 6.00 Feed and Stocker Cattle (500-800) Good and choice... 7.00® 8.25 Common and medium 5.75® 7.25 (800-1050) Good and choice .. 7.00® 8.25 Common and medium 5.50 0 7.25 Cows Good 4.75® 5.25 Common and medium 4.50® 4.75 SHEEP AND LAMBS —Receipts. 1000 — Lambs, 90 lbs. down; good and choice $ 9.85®10.25 Good 9.50®10.00 Medium 8.50® 9.60 Common 7.25® 8.60 Ewes. (90-170) Good and choice... 4.50® 5.25 Common and medium 3.50® 4.75 (Sheep and lamb quotations on clipped basis.)

Other Livestock (By United Press) CHICAGO. Mav B.—Hogs—Receipts. 7000. including 3000 directs; generally 10 to 15 cents lower than Thursday's average: some bids off more: top. *10.10; bulk 160250 lbs.. S9.7otf/ 10; 140-160 lbs.. *9.SOW 9.75; few 250-300 lbs., $9.45®9.80; sows, $8.50®8.75; few at *B.BO. Cattle —Receipts, 1500; calves. 500; steer trade at a standstill: very few fresh arrivals, but several loads held from Thursday; best held above *8.50, but no earlv sales of importance; she stock weak: few heifers. *6®6.50: other kinds neglected: beef cows. $5.25®6: better grades. *5 down: bulls. 10@25c lower: outside sausage kinds. *5.90; vealers steady; bulk. 57.50tfT8.50: few selects. s9i 9.50 Sheep—Receipts. 550: fat lambs mostly 15tf?25c higher: shipping demand broad: choice 98-lb. wooled lambs. *11.65; best, offerings. *11.25; clippers. SlOtfilO.ls: loads with short growth of wool, *10.25: other classes steady to strong: wooled yearling wethers, *10.25; best clipped ewes. *5.25. LAFAYETTE. Ind.. Mav B—Market. 20® 30c lower: 170-210 lbs *9.70® 9.85. 210-235 lbs.. *9.60® 9.65: 235-280 lbs.. $9.50(59.55. 260-325 lbs.. $9.20(5:9.40; 140-170 lbs.. *9 25 (59.50; 100-140 lbs.. *8.50(59; roughs. *8.50 down. Calves —$8 down: wool lambs. *10.50 down: clipped lambs. $9 down; spring lambs. *l2 down. (By Times Special) LOUISVILLE. May 9.—Cattle—Receipts. 100; very little on sale: demand dependable for most slaughter classes; market ouotable steady at week’s level on all slaughter classes: bulk steers and heifers salable *7(57.50: common kinds down to *6. strictly good baby beef type yearlings eligible upwards of $8.25: beef cows mostly S5 ®6:practical top. *6.50; bulk low cutters and cutter cows. *3.75® 4.75: sausage bulls ouotable mostly *5.50#6.25: light beef tvpe Stockers and stock calves. *6.50® 7.75: choice steer calves eligible around *8.50. Calves—Receipts. 450. including 110 stock calves: market steadv; bulk good to choice grades, *7(5 8: strictly choice. *8.50: medium and lower grades. *6.50 down to *4. or less for thir, light culls. Hogs—Receipts. 900; market 35c lower: better 160-225 lbs.. *9 70: 230-250 lbs.. *9 40; 255-300 lbs., *8.85: 305 lbs. up. *8.40; 120-155 lbs.. *8 85; sows. *7.50 Sheep—Receipts. 300; market steadv on all classes of slaughter sheep and lambs: most medium to good wooled lambs. *8.50®9; choice ouotable higher: springers salable. slo® 12; according to weight and ouality; fat wooled ewes mostly *5 50 down: clipped offerings discounted around (1. LOCAL CASH MAEKET City grain elevators are paying 85 cents for No. 2 soft wheat, orner grades on their merits. Cash corn new No. 3 yellow 53 cents and oats 18 cents.

Abreast of The Times on Finance

New York Stock Exchange Prices

(By Thomson & McKinnon) Prev. High Low Close close Oils— Amerada ....... 96 95 95 97 I Atl Rfg 29% 29'/ 29 1 i 29% Barnsdail 17% 17% 17% 17% Consol Oil 12% 12 12V, 12V, Cont of Del ... 32% 31*4 32% 32 Houston inew).. 9 8% 8% 9’, Mid Cont Pet... 20% 20 20% 20 Ohio Oil 13% 13% 13% 13V, Pet Corp 13% 13% 13% 13% Phillips Pet 42% 41% 42 42% Plymouth Oil ... 14% 14 14V, 13% Fure Oil 19% 18% 18% 19V, Seaboard Oil ... 33% 33% 33% 34 Shell Un 17% 16% 17 17V, Skelle.v Oil 23 23 23 24 Soc Vac .3% 13 13 13 SO of Cal 38V, 37% 38% 38% SO of Ind 35% 35% 35% 36% SOof N J 59% 59 59 59% Texas Corp 34% 34 34% 34% Tidewater Assn.. 16% 16% 16% 16% Un Oil of Cal.. 23% 22% 22% 23 Am Roll Mills... 27% 26% 26V* 27% Be*h Steel 49 48% 49% 49% Byers A M 17% 17% 17% 18 Cruc Steel 29 28 28 31 Inland Steel .. . 92V, 91% 92>/ 93 Ludlum Steel 24V* 22% 24% 24% Mid Steel 36 35% 36 36 Natl steel 60% 60 60 60% Otis Steel .. . 14% 14 14% 14% Rep Iron & Steel 18% 18 18V, 18% U S Pipe & Fdy 33% 32% 33% 32% U S Steel . . 55% 54% 55% 56% U S Steel pfd ...121 120% 121 121 Warren Bros . 8% 8% 8% 8% Young'wn S& T 51% 50% 51% 51% Motors— Auburn 31% 31 Vi 31% 32 Chrysler 94 s , 93V, 94 94 Gen Motors ... 63% 62% 63V 63 Graham Mot ... 2% 2% 2% 2% Hudson 15 14% 14% 14% Mack Truck ... 29% 28% 29 28% Nash 17 V, 17V, 17% 17% Packard 10 9% 9% 9% Reo 5% 5% 5% 5% Studebaker 11% 11 11 11V, Yellow Truck .. 18V, 17% 17’/, 18'/s Motor Access— Bendix 27% 26% 27% 26% Bohn Alum .... 47% 47 47 47 Borg Warner... 69% 68% 69% 69% Briggs 46% 45 V* 46% 46% Budd Mfg 14% 14% 14% 14% Budd Wheel 9% 9% 9% 9V. Eaton Mfg 32 31% 32 31% Elec Auto Lite .. 33V* 32% 33 33% Elec Stor Bat. 46 46 46 46 Houdaille 23 22% 23 23% Murray Body ... 15% 15V* 15% 15% Stew Warner .. 18 17Vi 18 17% Timken Roll .. 59% 58% 59% 59 Timken Det Axle 15% 14% 14% 14% Mining— Alaska Jun 14% 141/2 14% 14% Am Metals 28% 28 28% 28% Am Smelt 75 74 75 75V, Anaconda 33 % 33 V, 33% 33'A Cal & Hecla ... 11, 10% 10% 10% Cerro De Pasco. 54% 54 54V, 54 Dome Mines ... 55% 54 1 /, 55V, 55 Gt Nor Ore .... 17V, 16% 17% 17 Howe Sound ..51 51 51 51 1 /, < i?, D P e r 10% 19% 10% 10% Int Nickel 45% 44% 45% 45% Kennecott Cop.. 36 35V* 35% 36'/, Mclntyre Mine.. 45% 44% 45V, 44% Park Utah 3% 3% 33/4 7.3,Phelps Dodge ... 33% 33% 33% 33% St Joe Lead ... 23 22% 22% 22V, U S Smelters.. 91 90 90 91 Vanadium 17% 17% 17’/, 18% Amusements— Crosley Radio .. 25V, 25 25 25 Loews Inc 46% 46 46% 46 V, Radio Corp 10% 9% 10 10 Paramount 9% B s /, 9 Vi 8 3 / 4 R K O 6% 6 6% 6 Warner Bros .... 10V, 93/, 10 9’/, Tobaccos— Am Snuff 62 62 62 60 Am Sum Tob 22 % 22% 22% 22% Ab Tob (Ai 91V, 91 91V, 91 Vi Am Tob (B) 92% 91 % 92% 9134 Gen Cigars 57 56% 57 54% Ligg-Myers '8’,105 103% 105 104 V, Lorillard 22% 22V, 22% 223/, Philip Morris . 85% 83 85% 81% Reynolds Tob ‘B' 52% 52% 52% 52% Rails— Atchison 70% 69% 70 70 Atl Coast iLnes. 23 V, 23 23 V, 23% ® & O . . 17% 16% 16% 17 Can Pacific .... 12% 12% 12% 12'/, Ch & Ohio 55 54% 54% 54 3 / 4 Chi &Gt W N 5% 5% 53/* C 34 CM& St P pfd 3% 3% 3% 3% Chi N W . . ... 3% 3% 3% 3% Chi N W pfd .. 7% 7% 7% 7% De a & Hud ... 38% 38 33% 38 Del Lac & W .. 15% 15% 15% 15% Gt Northern pfd 35% 347, 351/, 351/* 111 Central 1934 19% 19% iqs? K C SOU 183$ 18% 18% 18% Lehierh Valiev ... 9*4 9V 91/ 81? LOU & Nash .... 64% 63% 63% 65% M K & T 7% 7% 7% 7% MK & T Pfd... 19% 19% 19% i 9 3 Mo Pac Dfd 4% 4Vi 4% 41,0 N Y Cent 33% 32% 33 ' 33% N Y New Haven 3'4 3% 3% 3% N Y Ont & West 4% 4% 4', 43, Nor Pacific .... 27 26% 26 3 4 27 Pennn R R 29% 29% 29% 29% Sou Pac 29% :9V, 293% 29% Sou R R 14% 13% 14 14% Uion Pac .. ..124 123'% 124 124% West Maryland 8 8 8 8% Equipments— Am Brake Shoe. 44 44 44 43% Am Car & Fdy.. 30% 30V, 30% 30% Am Loco 24% 24% 24 % 24 Vi Am Steel Fdy... 23% 23% 23% 22% Bald Loco ...... 3% 33 3% Gen Am Tk Car. 44 43% 43’/, 43% Gen Elec 36% 35 Vi 36 353/ 4 Gen R R Sig ... 35% 35% 35% 36% Pullman Inc ... 41% 41V, 41 s /, 41% West Air Br ... 37 36 37 37% Westingh Elec.lo6 104 Vi 106 105'% Utilities— Am & For Pwr . 6% 6% 6% 7 Am Power & Lit 9% 9% 9% 9% AT&T 155% 153% 155% 153% Am Wat Wks . . 20V, 19% 20 19% Col Gas & Elec. 17% 16 V, 17 17 Comm & Sou ... 2% 2Vi 2% 2% Consol Gas .29 28% 28% 28% Elec Pwr & Lit. 14% 13% 13% 14 Int Hydro Elec.. 33 33 Interboro R T .. 13 12% 13 13 Int TANARUS& T 13% 13 13V, 13% Lou G& E “A” 20% 20% 20% 20'% Nat Pwr & Lit.. 10 9% 9% 10 North Amer ... 24% 24% 24% 24% Pac G& E 33Vi 32% 33% 33% Peoples Gas .. . 38% 38% 38% 39% Pub Serv NJ .. 39% 39 39% 39V, So Cal Edison... 25% 25% 25% 25% Std Gas 5% 5% 5% 5% Stone & Webster 16% 16 :SV, 16 United Corp 5% 5% 5% 5% Un Gas Imp 14% 14% 14% 14% Ut Pwr & Lt 'A* 4% 4% 4% 4% Western Union.. 75V, 73% 74 75 Rubbers— Firestone 28% 28% 28% 28% Goodrich 19% 19 V, 19% 19% Goodyear 25 24% 24% 24% U S Rubber . . . 28% 27% 28% 28% U S Rubber pfd. 66% 64% 66% 65% Miscellaneous— Allis Chalmers . 42% 41% 41% 42 Am Can 125 124% 125 126 Am Mach & Fdv 21% 2121% 21% Anchor Cao .. 19% 18% 18% 19% Brklvn Man Tr.. 4fi 1 4 45% 46% 45% Burroughs Add . 26% 25% 257, 25% J I Case 150% 147 147 150 Conti Can . 68% 67% 68% 68% Catemillar Tract 70'. 69 69 71% Crown Cork 53% 52% 53% 52% Curtis Pub 18% 18 18% 18 Deere & Cos . 757, 74 7574 75 Eastman Kodak 162% 162 162% 163 Foster Wheeler . 26% 26 26 26 Gillette 15% 15% 15% 15% Glidden . 47 46 46 46% Inter Harv ..81% 0 81 % 80% Natl Cash Reg . 23 23 23 23'/, Owens Bottle .144 142% 142 Vi 145 Rem Rand ... 21 20 s , 21 21 Underwood E ■ 86% 86% 86% 87% Worthingtn Pmp 25 24% 25 26 Foods— Am Sugar ...... 52% 52% 52% 52 Armour 5% 5 5% 4 Armour 6% pfd. 73% 72% 72% 72% Beatrice Crmry. 21 20% 20% 21 Borden Prod ... 27 26% 27 26% Cal Packing ..31 31 31 32 Can Drv G Ale 11 10% 11 II Coca Cola 86% 86 86% 86V, Cont Bak "A” . 13 12% 13 13 Corn Prod 74% 74 74% 74% Crm of Wheat.. 35 35 35 35 Gen Baking 11% 11% 11% 12 Gen Foods 38’, 38% 38% 39V* Gold Dust 16% 16 16% 15% W Suear 34% 34% 34% 34% Natl Biscuit.... 34% 33% 34% 33% Natl D Prod ... 23 22% 22 s , 23 Puritv Dak 11% 9% 10 11% S Porto Rico Sug 26% 26% *6% 26% Std Brands .. 15% 15% 15% 15% United Fruit 71% 71 71% 71% Ward Bak "B”. 2% 2% 2% 2% Wrigley 70 70 70 69% Retail Stores— Allied Stores .. 8% 7% 6% 7% Best & Cos 51 51 51 52 First Natl Stores 41% 41% .. 41% Gimbel Bros ... 9% 8% 9% 9 Kresge S S .... 21% 21% 21% 21% Kroger Groc ... 23 22% 22% 22% Macv R H 40% 40% 40% 40% McCrorv St ... 12% 12% 12% 12% McLellan St .. 12% 12% 12% 12% Marshall Field 14% 14% 14% 14% May Dept St ... 46% 45% 46% 44% Mont Ward 39% 38% 39% 39 Penney J C ... 75% 75 75 75 Safeway St 31 30% 30% 31

Thomson & McKinnon NEW YORK members CHICAGO NeW Tork Stock E*c>nge. TORONTO Kew York Curb Exchange. bow fork Cotton Exchange. ?ni!TH RFvn A New Tork Coffee ,nd Su * ar Exchane - SUUIH BtilNLI • New Orleans Cotton Exchange. FT. WAYNE .J Chicago Stock Exchange. . EVANSVILLE I Chicago Board of Trade. Winnipeg Grain Exchange. Ifldl(lll(lj}0ll8 Office and other leading Exchanges. 200-214 Circle Tower LI. 5501

FRIDAY, MAY 8, 1936

Sears Roebuck. 65Vi 84V* 64% 64% Woolworth .... 48% 48% 48% 48 % Aviation— Aviation Corp.. 5% 5% 5% 5% Boeing Aircft .. 18% 17% 18V, 17% Curtiss Wright . 6% 6 6% 6% Curtiss Wright A 14% 14% 14V, 14% Douglas Air ... 55V* 54% 55 54% Nor Am Av ... BV* 8 8% 8% Sperrv Corp . 17% 16% 16% 17 United Air aft N22 21% 21% 22% Chemicals— Air Deduction .. 59% 58% 58% 59 Allied Chem ...183% 181% 183% 185% Col Carbon .. 112 112 112 114 Com Solvents .■ 17% 17% 17% 17% Du Pont 139% 138 V, 139 138% Freeport Tex .. 30% 30 30% 30% Liquid Carb .. 35% 35% 35% 3a% Math Alkali ... 29% 29% 29% 29% Monsanto Chem 85% 83% 83% 96 Natl Dis (new) .29% 29 20 29% Schenlev Dist .. 43% 42% 43 42% Tex Gulf Sulph . 35% 34% 35 35 Union Carbide . 79% 78% 79V, 78% U S Ind Alco.. 47 45% 45V, 40% Drugs— Bristol Myers .. 43% 43% 43% 44 Coty Inc 4% 4 % 4% 4% Lambert 19% 19% 19% 20V, Lehn & Fink ... 15% 15V* 15% 15V, Sterling Prod .. 68% 67% 68% 67% Un Drug (new). 13 12% 13 12% Vick Chem 41% 41% 41% 40 Zonite Prod .... 6% 6% 6% 6%

N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX ' 20 20 20 60 Inds. Rails. Utils. Bonds. Today 90.8 90.5 104.8 95.4 Yesterday 90.8 90.9 104.8 95.5 Week ago 90.0 89.4 104.2 94.5 Month ago 91.8 92.6 104.8 96.4 Year aeo 87.6 76.6 97.5 87.2 1936 hieh 93.4 95.6 105.5 97.9 1936 low 90.0 84.7 103.5 93.3 (Copyright. 1936. bv Standard Statisticst U. S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Treasurys Prev. Close. close. 4%s 1947-52 117.23 117.22 4s 1944-54 112.24 112.23 3%s 1946-56 111.1 111.2 3%s 1943-47 108.4 108.3 3%s 1941-43 108.29 108.26 3%s 1943-45 107.23 107.24 3 Vis 1941 108.28 108.27 3%s 1944-46 107.13 107.2 3Vss 1946-49 105.28 105.24 3s 1951-55 104.13 104.15 3s 1946-48 105.1 105 2%s 1945-47 103.12 103.10 2%s 1951 102 102.1 Home Owners Loan Corp. 2-Vis 1949 101.17 101.16 3s 1952 102.25 102.24 Federal Farm Mortgage Corp. 3%S 1964 104.11 104.10 3s 1949 102.30 103.2 3s 1942-47 103.24 103.25 2%s 1945 102.11 102.14 DOMESTIC Prev. Close close Alleg Corp 5s ’44 94 V* 93 Alleg Corp 5s ’49 88 88 Am Frgn Pow 5s 2030 73 74 Am Tel & Tel 5%S ’43 112% 113 Am Tel & Tel 5s ’65 113% 113% Arm &Cos (Del) 40 ’55 97% 97% Atl Coast Line 4s ’52 96 % 96 V* Atl Coast Line 4%s ’64 80 80 At.ch Top & S Fe 4%s ’4B ....110% 110% Am Wat Wks 5s ’44 102.11 112.12 Am Rolling Mills 4%s ’45 ....115 116 Balt & Ohio 6s ’95 94 94% Balt & Ohio 4%s ’6O 69 69% Buff Roch & Pitt 4%s ’57.... 76 76% Beth Steel 4%S ’6O 104% 104 V, Chi Milw & St P 5s ’75 18V, 19V, Chi Milw & St P 5s 2000 6% 7 Cleve Un Term 5s ’73 107 107 Cleve Un Term 4%s ’77 102 102% Col Gas 5s May ’52 104% 104% Col Gas 5s April ’52 105% 105% Col Gas 5s 61 103 V, 103 Can Pac Perp 4s 92% 92 Cent Pac 5s ’6O 99 99% Big Four 4Vis ’77 90 90% Colorado & So 4%s ’BO 71 71 Chi & West Ind 4s ’52 103 V, 106 V, Chi & West Ind 5%s ’62 106% 106% Chi & Nor West 4%s ’49 11% 11% Con Gas 5s ’57 103.25 103.26 Chesa Corp 5s ’47 124% 126% Del & Huds 4s ’43 83% 83% N Y Dock 4s ’sl 68% 66 N Y Dork 5s ’3B 66% 66Vs Erie 5s ’75 74% 74% Erie 5s ’67 75 75% Grt Northern 7s ’36 100.78 101% Grt Northern 4%s ’76,- 101% 100% Grt Northern 4%s ’77 100% inn% Gen Stl Cast WW 5%s ’49 84% 84 Hud & Manhat Ref 5s ’57 83 83 II! Cent 4%s ’66 70Vi 70% Internatl Hy Elec 6s ’44 42 43 Interntl Tel & Tel 4%s ’39 78% 78V* Interntl Tel & Tel 5s ’55 78% 75% P I-orillard 7s ’44 132 132 Nati Dairy sVis ’4B 103 V, 103% Natl Steel 4s ’65. 105% 105% Nickel Plate 4 Vis ’7B 82 % 83% Nickel Plate SV2S ’74 93% 93% N Y Cent 5s 2013 90Vs 91V2 N Y Cent 4%s 2013 (old) 83% 84% Nor Amer C’o 5s ’6l 105% 105% Nor Pac 3s 2047 80% 80% Nor Pac 4Vis 2047 100% 101 V, Nor Pac 6s 2047 110% 111% Nor States Pow 5s ’4l 104% 104% New Orleans Term 4s ’55 90V4 89% Otis Steel 6s ’4l 102% 102% Penn Ry 4%s ’B4 108% 108% Penn Ry 4%s ’Bl 108 108% Penn Ry 4%s ’7O 103% 103 V 2 Pac G & E 5s ’42 102% 102% Portland Gen El 4%s ’6O 69% 69% Para Publix 6s ’55 90 90 Penn P & L 4%s ’Bl 106% 106% Postal Tel & Cab 5s ’53 30 30% Rem Rand WW 5%s ’47 108% 108% Shell Union Oil 5s ’47 95% 95% Sou Pac 4%s ’6B 89% 89% Sou Pac 4%s ’Bl 88% 89 Sou Pac 4Vis ’69 89% 89 Sou Pac 4s ’49 92 92% Sou Rail 4s ’56 57% 59 Sou Rail 6s ’56 * 74% 75Vi Sou Rail 6%s ’56 77% 78% Texas Pac 5s ’BO 102% 102% Texas Pac 5s ’79 102% 102% Texas Pas 5s ’77 103% 103% Union Pac 4s ’47 .. 113% 113 United Drug 5s ’53 100 100 U S Rubber 5s ’47 105% 105% N Y N H & Hart 6s ’4B 31 31 % N Y N H & Hart 4%s ’67 ... 31% 32% Warner Bros 6s ’39 . 92% 93 Western Mary 5%s ’77 108 108 Western Marv 4s ’52 100 100 Youngstown S&T 5s ’7O .. . .106.29 106.3' Youngstown S & T 5s ’7B ...105.12 105.22 FOREIGN Argentina A 6s ’57 99% 99% Argentine B 6s ’SB 99% 100 Brazil 8s '4l 32 32 Canadian Govt 4s ’6O 108 107% Denmark 5%s ’55 101 100% French 7s ’49 173 176% German 7s '49 32 Vi 32 % Italy 7s ’sl 74% 75 Japan 6%s ’54 96% 95% Rome 6%s '52 64% 65 Tokio City 5%s ’6l 75 75 Yokohama 6s ’6l 80% 80 V*

Investment Trusts (By Thomas D. Sheerin & Cos.) Bid Asked Administered Fund 2nd $15.71 $16.71 Affiliated Fund Inc 1.70 1.88 American General Equities .. .98 1.00 American Business Shares ... 1.08 1.18 Bullock Fund Ltd 16.75 18.25 Broad Street Investing 28.09 29.99 Century Shares Trust 25.95 27.90 Collateral Tr Shares “A" ... 6.10 Corp "AA" or "Accum" (modi 3.15 3.19 Corp “AA" or “ACC" iunmd) 2.54 2.58 Corp Trust Shares lorig) .. 2.63 2.67 Diversified Trustee Shs "B".. 9.58 9.68 Diversified Trustee Shs “C".. 4.22 4.26 Diversified Trustee Shs “D”.. 6.35 6.45 Divided Shares Inc 1.54 1.68 General Investors Trust 5.52 6.07 Incorporated Investors 29.60 22.24 Investors Fund Amer .99 1.09 Market St Investment Corp 29.04 30.56 Maryland Fund 18.00 19.49 Massachusetts Investors 24.30 26.37 Nation-Wide Sec Cos "B" 4.08 Nation-Wide Voting 1.64 1.79 North Amer Tr Shs 1955 3.15 3.18 North Amer Tr Shs 1956 ... 3.11 3.14 North Amer Tr Shs (orig)... 2.43 Quarterly Income Shares 1.49 1.64 Selected Amer Shares Inc ... 1.47 1.60 Selected Amer Shares (orig).. 3.42 Selected Cumulative Shares.. 8.91 9.01 Selected Income Shares 4.63 4.73 State Street Invest Corp . 93.50 98.50 Super-Corp of America “AA" 2.67 2.70 Super-Corp of America “BB” 2.71 2.74 Super-Corp of America “A".. 3.94 399 Super-Corp of America “B".. 4.13 4.18 Super-Corp of America “C" . 7.75 Supervised. Shares Inc (Del.) 12 55 13.72 Trustee Stand Oilshares "A” 6.88 6.98 Trustee Stand Oilshares “B" 6.04 6.14 Trustee Stand Investment “C" 2.80 284 Trustee Stand Investment “D" 274 277 •United Standard Oilfunds .. 1.19 1.31 Uselps “A" 17 40 •Uselps "B" 2 60 Uselps Voting 1.00 •Ex-Dividend.

Financial— Adams Exp 10% 10% 10% 10% APigheny Corp.. 32% 2% 3% Am Int Corp ... 9% 9% 9% 10% Chesa Corp .... 63 63 63 63 Lehman Corp .. 90% 90% 90% 91% Transamerica .. 12% 12% 12% 12% Tr Conti Corp.. 7% 7% 7% 7% Building— Am Radiator ... 19Vi 19Vi 19% 19% Gen Asphalt .. 24% 24% 24% 20% Holland Furnace 31% 30% 30% 31% Int Cement .44 V* 44% 44V* 44% Johns Manville 90% 89 Vi 90 91 Libby Owens Gls 50% 50 50 Vi 50% Otis Elev 25% 25% 25% 25% U S Gypsum ... 81 % 80% 80% 82V* Ulen Cons 4% 4% 4% 5 Household— Col Pal Peet ... 15% 15% 15% 15% Congoleum 34% 34 34 34 % Kelvinator 19% 19V* 19% 19% Mohawk Carpet. 22% 21% 21% 22% Proc & Gamble. 41% 41 41 Vi 42 Servel Inc ... 19 18% 19 19V, Simmons Bed .. 25% 24V* 25V, 24% Textiles— Amer Woolen .. 7% 7% 7% 7V, Celanese Corp . 23 22% 22V* 23 Collins Aikman 42% 442 V, 42% 42% Gotham Hose .. 9 9 9 9% Indus Rayon ... 27V* 26% 27% 27 Kayser Julius . 27% 27% 27% 27% Real Silk 12% 12% 12% 12%

Chicago Stocks (By Atkins, Hamill & Gates) Prev. Close. Close. Asbestos Mfg 3’, 3% Associated Investors 39 37 PerghofT 11 11% Bastian-Blessing 11 11V* Butler Brothers 8% 8% Cent 111 Pub Service pfd 60 60 Cities Service 4Vi 4% Commonwealth Edison 97% ... Continental Steel 30% 31 % Cord 5% 5% General Household 7 7 Godchaux Sugar “A” 34% 34 Grt Lakes Dredge 27Vi 28 J irvis Mfg ... 19 19 Vi J.atz Drug 38 38V, Jncoln Printing 10% 10% Lion Oil Refining 11% 12 McGraw Electric 30 29 % Northwest Bancorporation 9% 9% Northwest Engineering 20% 21 Standard Dredge pfd 13% 14 Swift International 30% 29% New York Curb (By Atkins, Hamill & Gates) Prev. Close. close. Aluminum Cos of America ... 35% 35 Am Cyanamid “B” 35 34% Am Gas & Electric 8% 8% Am General 8% 8% Am Superpower 2% 2 Ark Natural Gas “A” 5% 6% Atlas Corp 11% 12 Canadian Indust Alcohol “A”. 8% BV, Carrier Corp 8% 8% Creole Petroleum Corp ...... 28 27% Crocker-Wheeler 9% 9 -Vi Etec Bond & Share 17% 17% Fisk Rubber 5% 5% Ford Motors Canada “A” 22% 23 Glen Alden (1) 14V4 14% Greenfield Tap & Die Corp.. 7 Gulf Oil Corp of Penn 82% 82% Humble Oil & Refining Cos ... 61% 61% Huyler’s of Del pfd 22 % '22% Int Nitamin 7% 8% Imperial Oil of Canada 21% 21% Irving Air Chute 20V* ... Lake Shore Mines 56 V* 56 V, Mead Johnson & Cos 92 Molybdenum Corp of Amer... 7% 7% Natl Bellas Hess Inc 1% 1% Niagara Hudson Pwr 8 8% Pennroad Corp 3% 4 Root Petroleum 15% Is'/s St Regis Paper Cos 3% 3% Salt Creek Producers Assn .. 7% 7V, Segal Lock 33% Sonotone 2% 2% Standard Oil of Ohio 29 29% Stoutz Motor Car of Amer 33 Technicolor, Inc 27V, 27 % Wayne Puump 27% 27V4 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 Duylng and selling inquiries or recent transactions. BONDS Bid Ask Home T & T Ft Wye 5%s ’55..103 105 Home T & T Ft Wye 6s ’43 103 106 Indnapls Railways Inc 5s '67 65 68 Indianpls Water Cos 4%s ’40.. 106 108 Indianpls Water Cos 5s '6O 105 107 Indianpls Water Cos 5s '7O ...105 107 Indianpls Water Cos 5%s ’53.. 103% 106 Indianpls Water Cos 5%s ’54.. 103% 106 Interstate T & T 5%s ’53 ... 94 97 Kokomo Water Works 5s '58.. 104 105% Morris 5 & 10 Stores 5s 'SO ..100 103 Muncie Water Works 5s ’65..103% Noblesville H L & P 6%s ’47 .101 103 Ohio Telephone Service 6s '47. 98% .. Richmond Water Wks 5s ’57.. 105 106% Seymour Water Cos 5s '49 ...101 104 Terre Haute Tct & L 5s ’44.. 106 108 Terre Haute W Wks 5s ’56... 102 104 Terre Haute W Wks 6s '49... 103 105 Tct Terml Cos 5s ’57 75 78 STOCKS Belt Rail *S Y Com 53 % 56 Belt Rail & S Y Pfd 6s 52 .. .. Central Indiana P pfd 75.... 18 21 Home Tel & Tel Ft Wye 7s 52 % 54% Hook Drugs Inc Com 17 % 19 Ind & Mich Etec Cos Pfd 75... 105 108 Indiana Genl Serv Cos 6s 98 100% Indiana Hydro Elec Cos 7s 55 58 Indianapls Gas Cos Com .... 30 35 Indianapolis P&L ct pfd 6s . 87% 90% Indianapolis P&L Ct Pfd 6%s 91 % 94% Indianapolis Water Cos Pfd 5s .102% 105 North Ind Pub Serv Pfd 5%s 61% 64 % North Ind Pub Serv Pfd 65.. 68% 711/2 North Ind Pub Serv Pfd 7s ... 77% 80% Progress Laundry Cos Com 10% 12 Pub S-srv Cos of Ind Pfd 6s ... 21 24 Pub Serv Cos of Ind Pfd 7s .. 39% 42% South Ind Gas & Elec Pfd 6s. 99 102 Terre Haute Elec Cos 6s 92 94 Union Title Company Com... 19% 21 % Unlisted, Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers Trust 56% 57V4 Central Transfer 106% 107% Chase 36% 36% Guaranty 290 294% Irving 14% 15 Manufacturers 48% 49% National City 32% 32% Cent 111 Chicago" 145 147 First National Boston 43% 44 National Shawmut 25% 26% FIRE INSURANCE Ae .na Fire Ins . 53% 54 American Ins of Newark .... 14% 15% Baltimore American 8% 8% City of New York 25 25% Federal Ins 43 46 Franklin Fire 31 31% Great American Ins 28% 29 Hanover Fire 37% 38% Hartford Fire 73% 74% Home Ins 35% 35% Ins Cos of A 70 73 National Fire 71% 72% National Liberty 97, 10% North Liberty 21% 25 Phoenix 87 88 U S Fire 51 52 Westchester Fire 36% 36% LOANS TOTAL 1,017,638 Mortgages Accepted for Insurance Reported at 64,690. Times Special NEW YORK. May B.—The total number of insured modernization loans as of May 1 reported by private financial institutions under provision of the National Housing Act amounted to 1,017,638, and were valued at $365,609,493, it was reported today. The number of new home mortgages accepted for insurance on the same date was 64,690. Total valuation of these mortgages was placed at $260,772,071.

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 Ss Sugar Exchange, Inc. 8 EAST MARKET STREET INDIANAPOLIS TELEPHONE, RILEY 5491 NEW YORK CHICAGO BOSTON. Mass. MONTREAT,. CANADA RICHMOND, VA. ANDERSON. IND. CLEVELAND, O. APPLETON, WIS. BRISTOL, VA. ROANOKE. VA. NEWPORT NEWS. VA. DANVILLE. VA. STAUNTON. VA. PETERSBURG, VA. NORFOLK, VA. KNOXVILLE, TENN. CHARLOTTE, X. C.

MARKET RIVEN STEADY TREND BY AUTO NEWS Light Volume of Trading Is Blamed on Situations Abroad. BY ELMER C. WALZER United Press Financial Editor NEW YORK, May B.—Favorable news for the automobile industry had a steadying influence on a dull stock list today. Motor shares rallied to small net gains and the whole list firmed after an early dip of fractions to more than 3 points. Lightness of the volume reflected, observers said, the reticence of traders to place commitments on the long or short side until numerous uncertainties clear up. These include the French currency troubles, the Italian situation, the tax bill, and the tendency of some major industries to slip back seasonally. The automobile reports were encouraging. Cram’s reported automobile shipments for the last week at 118,786 units, against 118,764 in the previous week and 87.395 in the corresponding week of 1935. General Motors reported its April sales at a record. The Automobile Manufacturers Association had April sales the best for any month since May, 1929. Rubber Shares Rally Around closing time, small gains were recorded in Chrysler, General Mtors and Studebaker. Motor equipments were dull but firm. Rubber shares rallied after a decline yesterday. Truck stocks were up small amounts with the automobile company shares. Steel shares came back part wayafter declines ranging to more than a point. At the low Bethlehem sold at 48%, off IV*; U. S. Steel 54%, off 1% and Republic Steel 18, off %. Utility shares met support at intervals, although dealings were light. Oil issues recovered most of early losses. Electrical equipments moved higher, led by Westinghouse Electric. Paramount issues led the movies upward. DUouglas gained in a firm aviation group. Coppers and silvers rallied from early lows. American Telephone gained more than a point.

Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,507,000 Debits 7,277,000 TREASURY STATEMENT (By United Press) WASHINGTON. May B.—Government expenses and receipts for the current fiscal year to May 6, as compared with a year ago: This Year. Last Year. Expenses .$6,123,671.351 58 $6,066,870,721.01 Receipts .. 3,422,819,982.03 3.171,034,851.70 Deficit 2.700.851,369.55 2,895,835,869.31 Cash bal. . 5,456,731,108.17 1,830,523,022.75 Pub debt.. 31,468,526,885.13 28,657,387,434.23 Gold res .. .10.247,614.703.14 8,726.146.596.10 Customs . 330.912,593.55 290,999,111.50 New Bond Issues (By Lyons & Cos.) Bid Ask Asso Tel 5s ’66 104% 105% B& O ’39 98*/* 98% Brooklyn Man Tr 6%s ’66 100 Cal Ore Pwr 4s ’66 95 95% Cent Maine 4s ’6O 102% 102 V, Cent 111 3%s ’66 105 105% C & O Rep and Imp S%s '95-. 99% •• ■ Chicago Sts 3%s ’63 105% 106% Cinn Un Term 3%s '7l 104% 104% Cleve Elec Ilium 3%s ’65 110 111 Cleve Tractor 5s ’45 103 105 Columbia Lwy P & L 4s ’55 .105% 105% Conn River P & L 3%s ’6l ...104% 104% Consolidated Ed 4%s ’46 103% 103% Consolidated Ed 3%s ’56.., .100% 100% Consumer Power 3%s ’7O 103% 103% Cudahy Pkg 3%s '55 100% Cudahy Pkg 4s ’SO 101% 102% Duquesne Lite 3%s ’65 107% 107% Eastern Gas & Elec W 4s ’56.. 91% 92 Edison Ilium Bost 3%s ’56 ...106 106% lowa South Util 5%s ’SO 100% 101% Jones & Laughlin 4%s ’6l .... 98% 98% Kansas P & L 4%s ’6l 108% 108% Los Angeles G & E 4s ’7O 105 105% Maine Cent 4s ’45 99% 100% Metro Ed 4s ’56 105 105% Mnon W P 4%s ’6O 104% 104% Natl Dairy 43%s ’6l 101 101% N Y Edison 3%s ’6O 101 % 101 % N Y Cent 3%s ’46 97% 98V, Norway 4%s ’56 99% 100% Norwav 4%s ’65 95% 95% Ohio Edison 4s ’66 105 105V* Pacific Lite 4%s ’45 105% 105% Pacific G & B 3%s '6l 103 V, 103% < Pacific Tel 3%s ’66 102% 102% Penn R R 3%s ’7O 100% 101 V, Penn Tel 4s 56 105 Vi 106 Pub Serv N H 3%s ’6O 104% Railway & Lite 4%s '55 108 110 Saquenav Pwr 4%s '66 100 San Diego G & E 4s '65 108% ... So Cal Gas 4s '65 104 V, 104% So Cal Ed 4s '65 108 109 So Cal Ed 4%s '45 104% 105% So Western G & E 4s '6O ....102% 102 V, A E Staley 4s ’46 104 Union Pac 3%s ’7l 98% 99% U S Pipe & Fdv 3'is '46 103% 104 Virginia Rwv 2%s '66 103V* 103% West Penn 3%s ’63 .' 1051, 106 V, Wise B & E 3Vis ’66 102% 102% Youngstown Sheet & Tr 4s ’6l 98% Ygstwn Sht & T Deb 3'is '3l .102% 102% Produce Markets The prices quoted are paid for stock gathered in the country, while delivered in Indianapolis the price Is a cent higher. Heavy breed hens. 16c: Leghorn breed hens 16c; old cocks. 9c; ducks, white 5 lbs. and over. 7c; geese full feather, all sizes. sc; all guineas 1% lbs. and un. 15c; No. 1 strictly fresh eggs loss off. 17c: delivered in Indianapolis. 18c. F.ach full case must weigh 55 lbs. gross: a deduction of 10 cents a pound under 55 lbs. will be made. No. 1 butter. 30%@31%c; No. 2, 27Vi@28Vac. Butterfat. 25c. (By United Press) CHICAGO. May B.—Eggs—Market, firm: receipts 35,567 cares: fresh graded firsts, 20%c; extra firsts. 21%c: current receipts. 19%c: dirties 18%c; checks. 18%c. Butter —Market, firm: receipts 12.325 tubs: extra (92 score). 26%c; extra firsts (90-91 % score), 26%c; firsts (88-89% score), 25% @26c; specials, 27®27%c: standards, 26%c. Poultry—Receipts 3 cars 25 trucks; market, steady: ducks. 13@17c: geese. 11c; spring chickens, 25@27c: hens. 19®21c; capons, 25©28c; turkevs. 20@22c; broilers, 24®25c: Leghorns. 14® 19c; old roosters, 14Vic; frvers, 24®25c. Cheese—Twins. 13V„@ 13%c; daisies. 14®14Vic; longhorns, 14® 14*4c. Potatoes —Old stock, supplies moderate, demand slow, market weaker; Idaho Russet Burbanks, $1.90® 2.10; Michigan. Green Mountain. $1.50; Wisconsin Round Whites. $1.5001.55: North Dakota Early Ohios, $1.4001.45; New stock: Alabama Bliss Triumphs. $2.4002.60; U. S. No. 2. $1.60. Arrivals 77, on track 281. shipments 721.

Cotton Acreage Increased Cotton planted and to be planted this year is estimated at 32,201,000 acres, an increase of 15.5 per cent over last year, but a decrease of 1,000,000 acres from estimates a month ago, reports Federal International Bureau.

Busigraphs

AUTOMOBILE PRODUCTION IN THE UNITED STATES (US. DEPT, or COMMERCE) 600 w - lr DOTTED LINE IS TH€ PAST TEN YEARS AVERAGE Os THE SAME MONTHS s4o° 2'6 —pm E rlkJy 1933 . 1838 THE BARKER CORR general/distributors incorporated investors

Automobile production is proceeding full speed ahead. Although March production was just slightly under that of a year ago, the first quarter of this year exceeded the same 1935 months by 2% per cent. Figures, however do not tell the whole story. New-car registrations in March reveal that there were more than twice as many of the more expensive makes registered than in March of last year. Furthermore, there was a large increase in the registration of new trucks and commercial cars.

FRA MORTGAGES ARE m TERM Insurance Records Show 17 to 20 Years Allowed for Amortizing. Times Special WASHINGTON, May 3.—The majority of mortgages accepted for insurance by the Federal Housing Administration under its single mortgage system are designed to be amortized over a period of from 17 to 20 years, an analysis of the records show. Os mortgages covering new construction, 70.8 per cent are for terms of 17 to 20 years, and refinanced instruments for the same period represent 49.1 per cent of the total of that type, or 54.9 per cent of all mortgages accepted for insurance. Thirteen to 16 years was the period covering 21.6 per cent of new construction and 29.4 of refinancing. The percentage distribution of other mortgage terms included: Nine to 12 years, 6.8 per cent for new construction, 19.1 per cent for refinancing; five to eight years, .7 per cent for new construction, 2.3 per cent for refinancing; four years and less, .1 per cent each for new construction and refinancing. Practically all mortgages that are accepted for insurance are consummated, according to records, which indicates that from 5 to 6 per cent of the instruments are not completed after acceptance by the Federal Housing Administration. TOPS 8-YEAR RECORD Price for West Texas Wool Hits 32 Cents a Pound. By United Press SAN ANGELO, Tex., May B.—The best price paid for West Texas wool in the last eight years was recorded today. A car of 12-month wool brought 32% cents a pound. This sale followed one that set the previous record for the year at 32 cents for 80,000 pounds. HUPP STOCKHOLDERS WIN By United Press CINCINNATI, May B.—The U. S. Circuit Court oi Appeals today affirmed a decision of the Eastern Michigan Federal District Court, granting an interlocutory injunction to stockholders of the Hup Motor Corp., enjoining Archie M. Andrews from directing affairs of the company. HUPP SHOWS 1935 LOSS Times Special NEW YORK, May B.—The Hupp Motor Car Corp. showed a loss of $2,607,115 for 1935 in a recent report to the Security and Exchange Commission.

WE OWN AND OFFER $265,000.00 Trustees of Indiana University m% General Obligation Bonds (For School of Medicine Building) Dated May 1, 1936 Denomination, SI,OOO-SSOO Principal and semi-annual interest payable May Ist and November Ist of each year at Fletcher Trust Company, Indianapolis, Indiana, the first coupon being payable November 1, 1936. MATURITIES AND YIELDS Amount Year Amount Y’ear $6,500 1938 1.75% $10,500 1950 3.05% 6.500 1939 2.00% 10,500 1951 3.05% 7,000 1940 2.35% 11,000 1952 3.10% 7,000 1941 2.50% 11,500 1953 3.10% 7.500 1942 2.60% 12,000 1954 3.10% 7.500 1943 2.70% 12,500 1955 3.10% 8,000 1944 2.80% 13,000 1956 3.10% 8.500 1945..., 2.90% 13,500 1957 3.15% 8.500 1946 2.95% 14,000 1958. 3.15% 9,000 1947 3.00% 14,300 1959 3.15% 9.500 1948 3.00% 15,000 1960 3.15% 9,500 1949 3.00% 15,500 1961 3.15% $16,500 1926 3.15% These bonds are issued by the Trustees of Indiana University under authority provided by Chapter 53 of the Acts of the General Assembly for the year 1535, and in accordance with a resolution adopted by the Board of Trustees of Indiana University on the 7th day of December, 1935. The proceeds of this issue are to be used for the construction and equipment of anew School of Medicine Building on the campus of the University at Bloomington, Indiana. The total cost of the building will be approximately $476,342.00, of which amount the Federal Government through the PWA has made an outright grant of $211,342.00. The bonds are a general obligation of the Trustees of Indiana University payable out of any income of the University. * In the opinion of counsel, based on rulings of the State Board of Tax Commissioners and the Federal Treasury Department, these bonds are free from Indiana Intangible and Federal Income Tax. Legality approved by Matson, Ross, McCord & Clifford, Indpls. City Securities Corporation 417 Circle Tower LI ncoln 5535

SELLING WAVE FORCES WHEAT PRICESJ.OWER Bearish Weather News Southwest Weakens Market. By T’nitrd Press CHICAGO. May 8. Bearish weather reports from the Southwest dry area turned traders to the selling side today on the Board of Trade and wheat prices took a sharp drop. At the end wheat was off 1% to 2 T s cents; corn was unchanged to off % cent, and oats were unchanged to off % cent. Rains estimated as the best in five years in the Kansas "’dust bowl” and other sections of the Southwest winter wheat sections, including the dry Oklahoma Panhandle, was the leading factor in the large selling movement. Corn, Oats Lower Resting orders to buy July wheat furnished some of the support on the setback in the new crop months. There was some buying of July credited to milling interests which aided in checking the downturn. Kansas City showed the greatest weakness and in the first few minutes wheat dropped over 3 cents. Corn was rallied by steadiness in the cash market after falling in the first few minutes of trade. Fair demand for May corn by locals was a supporting factor. Offerings were light and buyers were bidding the price up. Oats and rye dropped in sympathy with wheat in a rather dull trade. • (By United Press) Prev. High Lost Close close WheatMay 94% .92% .93 .95% July 86% .85% .86% .87% Sept 85 .84% .84% .86 Corn— May 64 .62% .63% .63% July 61% .61% .61% .61% Sept 59% .59% .59% .59% Oats— May 26% .26% ,26%a .26% July 26% .26 V, ,26%a .28% Sept 26% .26% .26% .27 Rye— May 51% .51% .51% .52% July 51% .51% .51% .52% Sept 52% .51% .51% .52% Barley May 37 .35% Lard— May 10 70 10.55 10 55a 10.67 July 10.50 10 45 10.45a 10.55 Sept 10.55 10 45 1C.45b 10.55 a—askj’b—bid. (By United Press) „ CHICAGO. May B. Cash grain: Wheat— No. 3 hard. 99%. Corn—No. 4 mixed. Sic; No. 2 yellow. 66®66%c; No. 3 yellow. 64% ®66c: No. 4 vellow. 60%®63%c: No. 5 yellow, 60 1 2® 61%c: No. 2 white. 69%®69%e; No. 3 white. 69c: No. 4 white. 66% C ; No. 5 white, 61c: sample grade. 44®62c. Oats— No. 2 white. 30’ic: No. 3 white. 26%@ 28%c; No. 4 white. 25 , /*®26 l 4c: sample grade. 22%@25%c. Rye—No sales. Barley—No. 3 malting. 83c: No. 3 Wisconsin. 80c: quoted feed. 30®48c. Timothyseed—s2.7s®3. Buckwheat—No. 1. $1.22. Soy beans—No. 2 yellow. 84c; No. 3 vellow. 31 ®B2%c; sample yellow. 76c. Cloverseed—sls(o 22.50. Cash provisions: Lard. $16.60. asked: loose. $9.92; leaf, $9.87. asked; bellies, $17.75 asked. QUARTERLY EARNINGS LESS CLEVELAND, May 8. The Cleveland Graphite Bronze Cos. for the quarter ended March 31, 1936, reports net income of $318,456, after all charges, including provision for depreciation and Federal taxes, equivalent to 99 cents per share on 321,920 shares of $1 par value common stock. This compares with $547,917, or $1.70 per share, in the same period of 1935. GOLD FLOWING TO U. S. WASHINGTON, May B.— Signs of the increasing gold movement from France to this country were disclosed today in the Commerce Department’s weekly statement showing that $4,105,244 had been received from France during the week ended May 1. CUFF DEPOSIT our L DEPARTMENT American National Bank AT INDIANAPOLIS M,br Federol Depot, t Insuronce Corpora'*®,