Indianapolis Times, Volume 48, Number 52, Indianapolis, Marion County, 11 May 1936 — Page 11

Trends Congress to Vote on Inflation Measure.

BY JOHN T. FLYNN YORK, May 11.—The next chapter In the warfare of the Inflationist* Is the Frazier-Lemcke farm-mortgage redemption bill. The smoke of this battle will be rising over Congress very' quickly now. What is the Frazier-Lemke bill which 218 members of the House have demanded, under the rules, be brought to

a vote? It is a bill to print $3,000,000 000 in paper money and to use it to pay off the mortgages of the farmers. The farmer and his mortgage ! These twain have been making the world hot for politicians since the days of Solon in Athens. When Mr. Hoover was in office, one of

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thp last and most hectic episodes in the final scenes of that administration was the uprising of the farmers against their mortgage holders. Farmers were on the roads and in the fields, armed to the teeth, threatening bankers and judges and sheriffs who dared to foreclose on their acres. tt a u UNDER Mr. Roosevelt, a Federal Farm Loan Administration was set up to save the farmer from his mortgage. This New Deal agency issued bonds and used them to pay mortgage holders who were willing to make concessions. The government has guaranteed billions of such bonds as to principal and interest.

But the farmrr and his mortgage are still in the dell. For several years Senator Frazier of North Dakota and Rep. Lemke from the same state have been trying to help the farmer out of his mortgage troubles. They propose to authorize the issuance of three billion dollars in money—greenbacks in the favorite expression—and to redeem the farmers mortgage for him. The government will take over the mortgage; the farmer will then owe money to the government but at a rate of interest that is nominal—a fraction of a per cent—enough to pay for the handling of the business. The effect upon the farmer, of course, will be to rid him of interest and to enable him to pay off the mortgage gradually. But what will be the effect upon the country? All the people who now hold farm mortgages will hold, instead, up to three billion dollars in currency. What will they do with it? They have but three choices. One is to spend it. Another to invest it. And another is to save it. If they spend it—which is entirely improbable, it will add enormously to purchasing power and produce an immense, but artificial and unwholesome stimulation of business. If they invest it, this will do the same thing. u u BUT how will they invest it? What will they put the money into? Into government bonds? Into corporation's bonds? Into new industries, new business ventures? Into construction? The mortgage noteholder is either an insurance company, a savings bank or mortgage company or he is a private investor. In any case, the noteholder represents a very conservative form of investor who does not put his money into new industries. An immense amount of the money will, then, go into banks, savings banks, insurance companies and either remain there or ultimately find its way to the most conservp''ve Grade A type of bonds, thus ri.if.ng their price. Os course, it will not remain in banks in the form of currency. The banks do not want too much cash. They will, therefore, get rid of as much cash as possible. The only cash they can get rid of easily will be Federal Reserve notes. Cne effect, therefore, will be to drive Reserve currency out of circulation and weaken the whose Reserve system. GRAIN SEAT BRINGS $4500 I'imrx Sprcinl CHICAGO, May 11.—Sale of two memberships on the Chicago Board of Trade at $4500 and $4600. respectively. was announced teday. The previous sale was for $4650. On Commission Row 'Quotation below subject to change are average wholesale prices being offered to buyers by local commission dealers.! FRUlT—Strawberries: Louisiana. 24-qt. crate. 12 50; Alabama. 24-qt crate. $5 25. Limes—Mexican, carton. 20c. Bananas—seven hands, pound. S'ie. Apples—Winesaps (fancy baskets). *1.75. Lemons —Sunkist (300s), *8 Grapefruit—lmperial Valley, *3.75. Pineapples—Cubans 18-30s>. crate. *3 50. Grapes—S. America 20-lb. box, *2.25®2.50; Honey Dews, S. America, *3 VEGETABLES —Beans. green. round stringless ihamperst. *2 25. Beets—Texas idor. crate*. 65c; cut offs ibu.t. *1 Cabbage—New Texas, half crate. SI 35. Carrots—California (6-do*. cratei, *2.75. Cauliflower. California 12c crate). $1.75. Celery—Florida washed and trimmed 'dor.l. 4541850; Florida )4s, Bs. 10s cratei. *3.50 Cucumbers—Hothouse (dor.). 90c; two do*. box), *165. Egg plant—Florida (do* >. *1.75. Kale—Virginia ibu.i. 75c. Lettuce—lceberg. California (best 6s ss), *3; home grown leaf (15-lb. basket), 75c. Peppers—Mangoes (crate). *3.500 4; peck basket, $1 15; do*.. 40c. Mint—Hothouse 'dot), 60c. Mushrooms—Pound. 30c. Mustard—Texas, half crate. *1.40 Onions —lndiana yellow :50-lb. bag), 60c; new Texas Bermuda yellow. 50-lb. bag. *1.25. Parsley—Southern 'long bunches, do*.). 35c Parsnips Home-grown, washed, bushel. #oc: half-bushel. 50c. Peas— Florida, hamper. *1.85 Potatoes—Michigan Round white. 100-lb. bag. *225; R. R Early Ohio. 100-ib bag. *2 25; R. R. Triumph. 100-lb. bag. (2 25; Idaho Bakers 70c bo*. *2.50: New Alabama Triumphs. 70s box. *2 50. Sweet potatoes—Tennessee Nancy Halls. hampers, si 35. Radishes—Homegrown buttons, do*., 40c: white, 50c. Rhubarb—Hothouse, do*.. 25c. Rutabagas—Northern SO-lb. bag. *1 50 Sage—Do*.. 45c. Shellots—Louisiana do*.. Ssc Turnips New bulk Texas, bu.. *1 75 Tomatoes—Repacked. 10-lb. box. *1.50; Florida, orig. < 6-<. lugs. *3 25. FRUITR AND VEGETABLES ißy United Press) CHICAOO. May 11—Apples—Willow Twig*, buahel. SI.IOQI 25. Carrots—lllinois. bushel. 254(50c. Sweet potatoes— Tennessee, bushel, 90c ©*l Beans—Louisiana. buihel. (1 504i2. Cabbage—Texas lettuce. crate*. *1 250 150 Spinach--Arkan-sas. bushel. 654175 c Tomatoes--Mexican, lugs. *2 2547 3 50. Cauliflower—California, crates. *1 504* 1 60: Peas—California, hampers. *1400160 Lettuce—Western crates. (292.16. Celery—Folida. crates, *1.75© J.2V Onion market (50-ib. sack*); Texas whit* wax. *L

SHARP UPTURN SEEN IN STATE HOME BUILDING Savings, Loan League Shows $71,000,000 Available for Construction. A marked upturn in home construction and purchase in the state is predicted by George Schaal, Terre Haute, president of the Savings and Loan League of Indiana. Basing his optimism on a survey just compiled by the league's secretary, he believes the state’s monthly volume of home financing should pass the two million mark within 60 days. Building permits, and registration of deeds and mortgages convince league officials that the movement is already under way. Indiana has 271 savings, building and loan associations with combined assets of $187,287,814, representing the savings of 187,450 investors whose accumulated savings have been loaned for home-building purposes to 88,500 families. 3 Million Already Loaned Persons contemplating the purchase, building or remodeling of a home will find $71,000,000 available in the state’s savings and loan associations. Ten per cent of the combined assets of these institutions is now liquid, Mr. Schaal states, the sum being $17,793,897. Furthermore, most of these associations are affiliated with the Federal Home Loan Bank with lines of credit exceeding $20,00,000. The balance of the 71 millions consists of funds in the HOLC available for the purchase of building and loan shares whenever the associations need the additional funds. The league’s survey states that more than $3,000,000 was loaned to Hoosiers for heme construction purposes during the first three montlas of 1936. Get 5000 New Accounts That the savings and loan societies of the state are constantly receiving new finance from small investors is shown by the fact that 5000 new accounts, amounting to $1,638,648, have been opened since the first of the year. In 1935, the league report states, dividends in excess of $3,000,000 where paid shareholders by Indiana building and loan associations. During the same period, $2,000,000 was added to reserves. The Federal Home Loan Bank of Indianapolis, credit reservoir for savings and loan associations of Indiana and Michigan, reports its member institutions made loans to 9000 families last year and are averaging 1000 additional loans a month thus fa rin 1936.

EMPLOYMENT MEN TO CONVENE HERE International Convention to Be Held This Month. The twenty-fourth annual convention of the International Association of Public Employment Services is to be held in Indianapolis May 27, 28 and 29, Martin F. Carpenter, president of the association, and director of the Indiana State Employment Service, announced today. The International Association, which has approximately 1000 members, is to establish convention headquarters in the Claypool during the three-day meeting. The Indiana State Employment Service, which is affiliated with the United States Employment Service, has 21 branch offices scattered throughout Indiana. Among men of national prominence scheduled on the program during the convention are W. Frank Persons, director of the United States Employment Service; Richard A. Rigg, director of the Employment Service of Canada, and Dr. William H. Stead, associate director of the United States Employment Service. $7,488,509 IN BONDS APPROVED IN APRIL \ olume of State, Municipal Issues Exceeds March Total. Timex Special f NEW YORK, May 11.—New state and municipal bond issues reported approved by the voters of 101 communities located in 27 states during April total $7,438,509, as compared with $3,417,350 in March, according to the Daily Bond Buyer, of New York. The total for April. 1935, was $18,807,400. April totals for previous years were $11,030,810 in 1934 and $1,267,500 in 1933. Duing April $2,481,900 in proposed financing was disapproved by the voters of 26 communities, as compared with $8,580,550 in March. April totals of rejected projects were $6,422,500 in 1935; $3,137,221 in 1934 and $2,225,000 in 1933. BRITISH INVESTIGATE BUDGET NEWS LEAK Firms Are Accused of Buying Insurance on Tips, By United Presx LONDON, May 11.—A government investigation of reports that a leakage occurred in information on the recent budget was started today by a judicial tribunal. At the outset of the investigation, Sir Donald Bradley Somervell, attorney general, submitted a list of insurances taken out. just before the disclosure of the budget provisions in the House of Commons, against a rise in income tax and the tea tax. bell gains stations Time* Special NEW YORK, May 11 The Bell System reports an April net gain of 77,000 stations against 77,500 in March and 48.800 in April 1935. Four months’ net gain is 278,600 stations against 161,800 in a like period last year.

Abreast of The Times on Finance

New York Stocks

Transaction* totaled • 680,000 shares, the imallest full session since June 1935, when the volume was 632,000 shares. The total last Friday was 780.000 shares. Dow-Jones preliminary averages closed: Industrials, 146.86, off .99; Railroads, 43.41, off .34; Utilities, 28.98, off .26. <Bv Thomson & McKinnon* Prev. High Low Close Close Oil*— T Amerada 97 95 . 95 /96'i At! Rfg 29’, 28’4 f 29 29 Barnsdall 18 17% 17Vi 17% Consol Oil 12% 12 12% 12% Cont of Del 324 31% 31% £7% Houston inew) . 9% 8% 8% 9 Mid Cont Pet ... 20% 19% 19% 10% Ohio OU 13% 13% 13% 13% Phillips Pet 42% 41% 41% 42% Plymouth OU ... 14% 13% 13% 14% Pue Oil 19 18% 18% 18% Royal Dutch .... 56% 56% 56% 57 Seaboard Oil ... 33% 33% 33% 34 Shell Un 17% 17% 17 17% Skellev Oil 22% 22% 22% 23% Soc Vac 13 12% 12% 13% SCI of Cal 38% 38% 38% 38V* S O of Ind 35% 35 35 35% S O of N J 59% 58% 58% 59% Texas Corp . ... 33% 32% 32% 33% Tidewater Assn 16% 15% 16% 16% Un Oil of Cal .. 22% 22% 52% 22% Am Roll Mills . 27% 26% 26% 27 Beth Steel .... 50% 48% 48% 49% Byers AM ... 17% 17 17 17'% Cruc Stel 29 28% 28% 29 Inland Steel ... 91% 91% 92% 92% Ludlum Steel . 25 25 25 24% Mid Stel 36% 35% 36% 36% Natl Stel 61 60% 60% 60% Otis Stel 14% 14% 14% 14% Rep I & St,l 18% 18 18 18% Rep I & Stl pfd 79 79 79 U S Pipe & Fdv 33% 33% 33% 33% U S Steel . . 57% 54% 54% 56% U S Steel pfd . 120% 120 120 120% Warren Bros 8% 8% 8% 8% YoungstW’n S&T 50% 49 49% 49% Motors Auburn 32% 30% 30% 32% Chrysler 95% 92% 92% 94% Gen Motors 64% 62% 63% 64% Graham Mot ... 32% 2% 2% Hudson 15 14% 14% 14% Mack Truck 29% 29 29 29 Nash 17% 17 17 17% Packard 10 9% 9% 93,* Reo 5% 5% 5% 5% Studebaker .... 11% 11% 11% 11% Yellow Truck .. jB% 17% 17% 18% Motor Access— l e P dix 27% 26% 26% 27% Bohn Alum ... 49 48% 48% 48% Borg Warner . 70 68%' 68% 69% ® r >BfS 46% 45% 45% 46% g udd Mfg 15% 14% 14% 15 Budd Wheel 9% 9% qi/~ 91/, Eaton Mfg ... 32 31% 32 31% Eec Auto Lite . 33% 33% 33 33 Elec Stor Bat 46% 45% 45% 46 Greyhound “B”. 52 48% 49 52% Houdaille ...23% 23 23 23% Murray Body ... 15% 15% 15% 15% Stew Warner ... 18% 17% 17% is Timken Roll 61% 60% 60% 61% Timken Det Axle 15 14% 14% 14% Mining— Alaska Jun . 14% 14% 14% 14% Am Metals 28% 28% 28% 28% Am Smelt 76% 74 74 76 Anaconda 34% 32% 33 33% Cal & Hccla ... 11 V 11 n 10 7 k Cerro De Pasco. 54% 53% 53% 53% Dome Mines ... 55% 53% 54% 55% Gt Nor Ore 17% 17% 17% 173/. Howe Sound .... 51% 51% 51% 51 Copper 10% 10% 10% 10% Int Nickel 45% 44% 44% 45% Kennecott Cop .36 Vs 35% 35% 36% Mclntyre Mines. 44% 42% 42% 45 Park Utah . 3% 3% 3% 3% Phelps Dodge .. 33 32% 32% 33 St Joe Lead .... 23% 23% 23% 22% U S Smelters 91% 90 90 90 % Vanadium 1814 17% 17% 177% Amusements— Crosley Radio .. 25% 25 25 25V, Fox Theat 24 23% 23% 24 Loews Inc 46% 46 46 46% Radio Corp 10 97% 974 97 Paramount 9% 9 9% qs/? RKO 6% 6 *•• 6% Warner E'ros ... 10 9% 9% 10 Tobaccos— Am Sum Tob 22% 22% 22% 22% Am Tobacco “B“ 93 92% 92% 92% Ligg & Myrs IB) 106 105% 106 105 £°T, nard 22 ' 2 22 ' 4 22 % 27% Philip Morris 87% 85 85V 4 86% Reynolds T 181 52% 52% 52% 57% Rails— Atchison 71% 69% 69% 70% Atl Coast Lines . 23% 22% 22% . ®* P 17% 16 1 , , i7 173/ Can Pacific 12% 12% 12% 12% Ch & Ohio . 55% 55% 55% 55% Chi & Gt W pfd 5% 5% 5% 5% C M & St P 1% 1% 1% 134 CM* St P pfd 3% 3% 3% 3% Chi N W 33 33 Chi N W pfd ... 7/g 7% 73. 714 Del Lac & W 15-% 15% 15% 15% fr?e • 11% 11% 11% 12% Erie nfd 174 16% 167, Gt Northern pfd 35% 34% 34% 35 111 Central 23 19 19% 1934' H C Sou 19% 18% 18% 19 Lehigh Valley .. 9% 9 9 9% Lou & Nash .... 62% 62 62% 63% M K & T 7% 7% 7% 7% MKft T pfd .. 19% 18% 18% 19% Mo Pac 2% 2% 2% 2% g y Cent 34% 32% 32% 33% N Y New Haven 3% 3% 3% 3% N Y Ont & West 4% 4% 4% 4i/ 4 Norfolk & West 225 225 225 224 Nor Pacific 27% 26% 26% 26% Penn R R 30% 29% 29' 2 29% Sou Pac 31% 29% 29% 30% Sou R R 14% 13% 13% 14 Union Pac 125 125 125 125 West Maryland . 8% 8% 8% 8% ; Equipments— Am E-ake Shoe . 43% 43% 43% 43 Am Car & Fdy.. 32% 31% 31% 30% Am Loco 24 24 24 24% Am Steel Fdv ... 24% 24 24% 24% Bald Loco ... 3Vs 33 3% Gen Am Tk Car . 44% 44 44 441, Gen Elec 36% 34% 35% 36% Pullman Inc .... 43% 42 42 43% West Air Br 37 364 36% 36% Westin Elec 108% 106 106% 106% Utilities— Am&PrgPw ... 6% 6% 6% 7 Am Pwr & Lit .. 10 9% 9% 9% AT&T 156% 155% 155% 155 Am Wat Wks .. 20% 19% 19% 20's Col Gas & Elec.. 17% 16% 16% 17% Comm & Sou ... 2% 2% 2% 2% Consol Gas .. 29V, 28% 28'% 28% Elec Pwr & Lit. 1 13% 13% 14 Int Hydro Elec 33 33 Interboro R T.. 12% 12% 12% 13% Int TANARUS& T . 13% 13 13 13% Lou G& E ‘'A” 20% 20% 20% 20% Nat Pwr & Lit . 9% 9% 9% 10 North Amer .. . 24% 24% 24% 24% Pac G & E .. . 33% 33 33 33% Peoples Gas . 38 38 38 38% Pub Serv N J . 40% 39% 39% 39% So Cal Edison . 25% 25% 25% 29% St and Gas 5% 5% 5% 5% Stone & Webster 16% 16% 16% 16% United Corp 5% 5% 5% 5% Un Gas Imp 14% 14% 14% 14% Ut P & Lt "A” 4% 4% 4% 4% Western Union 77 % 75 75 6 Rubber?— Firestone 28% 28% 28% 28% Goodrich 20 19 19 19% Goodyear 25% 25% 25% 25 U S Rubber .. 29% 29% 29% 293, U S Rub pfd ... 68 663 4 66% 67% Miscellaneous— Allis Chalmers .. 41% 40% 40% 40% Am Can ..128% 127% 128% 127 Am Mch & Fdv . 21% 21 >4 21 3 4 21 Anchor Cap .19 19 19 19 Brklvn Man Tr.. 46% 45’ 4 45’ 4 46% Burr Add 25% 25% 25% 25% J I Case 150% 146 147 iM>% Conti Can 71% 69 70 % 69 Caterpil Tract .. 70% 69% 69% 69 Crown Corv .... 53 52 % 52 % 53 Curtis Pub 18% 18% 18% 18’i Deere & Cos .... 77 74 74 76% Eastm Kodak .163% 162% 163% 162% Gillette 15% 15% 15% 15% C.lidden 48% 47% 47% 46 Inter Harv 81% 80% 81 82

New Bond Issues (By Lyons & Cos.) Bid. Ask. Asso Tel 5s '6b 104 3 * 105 B ft O '39 98 3 * 98% Brooklyn Man Tr 6%s '66 100 Cal Ore Pwr 4s '6S 95 95% Cent Maine 4s '6O 102% 102 3 4 Cent 111 3%s ’66 105% 1053* C & O Rep and Imp 5%s '95 99% Chicago Sts 3 3 4 s '63 106% 106 3 * Cinn Un Term 3%s '7l 104’ 4 104% Cleve Eiec Ilium 3%s ’65....110% 111 Cleve Tractor 5s ’45 103 105 Columbia Lawv P & 4s '55 105% 105% Conn River P & L 3 3 4 s ’6i .104% 104 s * Consolidated Ed 3%s ’56 ....100% 101% Consolidated Ed 44s '46 103 3 * 103% Consumer Power 3%s '7O 103% 103% Cudahy Pkg 3%s ’55 100 3 4 100% Cudahy Pkg 4s ’SO . 101% 102% Duquesne Lite 3%s ’65 107% 107 s * Eastern Gas & Elec W 4s ’56 . 91 3 4 52% Edison Ilium Bost 3%s '56 .106% 106 3 * lowa South Util 5%s 'SO 101 101% Jones & Laughlin 4%s ’6l 98% 99 Kansas P & L 44s ’6l 108% lOS 3 * Los Angeles G & E) 4s ’7O ....105 105% Maine Cent 4s '45 99% 100’* Metro Ed 4s ’56 107% 108 Natl Dairv 43’ 4 s ’6l 101% 101% N Y Edison 3%s ’7O 101 s * 101% N Y Cent 3’ 4 46 98 984 Norwav 4'?s ’56 95 95% Norwav 44s '65 99% 1094 Ohio Edison 4s '66 105% 105 s * Pacific Lite 4%s '45 105 105% Pacific G *. B 3’ 4 s ’6l 103 4 103% Pacific Tel 3’ 4 s '66 102% 102% Penn R R 3’ 4 s ’7O 101 101% Penn Tel 4s ’56 105% 106 Pub Serv N H 3’ 4 s ’6O 104% 104% Railway & Lite 4%s ’55 108 110 Saquenav Pwr 4 4s '66 100 San Diego G ft E 4s ’45 . ...108% So Cai Gas 4s ’65 104% 104’i So Cal Ed 4s ’65 108 1094 So Cal Ed 4%s ’45 104 4 105% So Western G & K 4s ’6O ....102% 103% A B Staley 4s ’46 104 Union Pac 3%s ’7l 98% 99% U S Pipe & Fdv 34s ’46 103 4 104 Virginia Rwv 24s ’66 ... 103% 103% West Penn 3%s ’63 10S- 1064 Wise B& 5 3%s ’66 101% 102% Youngstown Bheet * Tr 4s '*l 98% Yfisiwn Sin it T Deb 34s '31.102% 102%

MONDAY, MAY 11, 1936

Natl Cash Reg . 23% 23% 23% 23% Owens Bottle ...142% 138 138 143 Rem Rand .... 21% 20% 21% 21% Underwood E 87% 87% 87% 87% Wo-thingtn Pmo 27 27 27 25 Foods— Am Sugar 51% 51% 51% 52’, Armour . 5% 5 5 SV, Borden Prod . 27% 27 27% 2(% Can Dry G Ale 11 10% 10% 11 Coca-Cola ... 87% 86% 87% 86 Cont Pak "A” .. 12’ 4 12% 12% 13 Corn V.'rod 74% 74 7* 74 Crm of Wheat 35 35, 35 35 Cuban Am Sugar 10 J 4 10% 10% Gen Baking . ... 11% 11% 11% 11% Gen Foods 38% 38% 38% 38% Gold Dust 16 15% 15. 4 16% G W Sugar .... 35% 34% 34% 35 Natl Biscuit ... 34% 34 34 34% Natl D Prod .. 23% 22’ 4 22’ 4 23% Purity Bak ... 9% 9% 9% 6% S Port Ric Sug. 26% 26% 26% 26% Std Brands 15% 15% 15% 16% Un Biscuit 26% 26% 26% 26% Unit Fruit .. 72% 72% 72% 71 Ward Bak “B“ . 2'% 2% 2% 2% Retail Stores— Allied Stores .... S'/s 8 8 B*/ Assd Dry Goods . 14 14 14 14 First Natl Sts ... 43% 43 43'% 43 Gimbel Bros .... 9% 9 9 9% Gm Un Tea 3% 3% 3% 3% Jewel Tea 70% 70 70V, 70% Kresge S S .... 21’* 21% 21% 21% Kroger Groc. ... 22’/„ 22’ 4 22% 22’/ 4 Macv R H 41% 40% 41 40% McCrory St 12% 12% 12% 12% McLellan St ... 12% 12% 12% 12% Marshall Field .. 15 14% 15 14% May Dept St .. 46 45% 46 46% Mont Ward .... 40% 39% 39% 39% Natl Tea 8% 8% 8% 8% Penney J C ... 75% 75% 75% 75% Sears Roebuck .. 66% 64% 64% 65% Woolworth 48% 48% 48% 48% Aviation— Aviation Corp .. 5% 5% 5% 5% Boeing Airvlt . . 18 17% 17% 18 Curtiss Wright . 6% 6 6 6Vs Curt Wright A . 14% 14 14% 14/, Douglas Air .... 56 58% 54% do , Nor Am Av 8% 8 8 8% Sperry Corp ....17 16% 16% 17 United Air new 22% 21% 22 22 Chemicals— Air Reduction .. 59 58’ 4 58% 59% Allied Chem .. 185% 180% 185% 184% Am Com Alco . . 24 24 24 24 Com Solvents .. IT’s 17V* 17Vi 17% Du Pont 14* 138 138 140% Freeport, Tex ... 30 29',2 29% 30V* Liauid Carb .... 35% 35% 35V, 35 Math Alkali 28% 28’ 4 28% 29 Monsanto Chem 80 84% 85 84% Natl Dis (new*.. 29% 28% 29% 29% Schenlev Dist .. 44 42% 43% 42% Tex Gulf Sul oh 353/i 34% 35% 36 Union Carbide . . 80% 78% 79 90% U S Indus Alco. 46V, 45% 45% 45% Drugs— Cotv Inc 4% 4% 4% 4Vi Lambert 20% 20% 20% 20% Lehn & Fink ... 15% 15% 15% 15% Sterling Prod 68% 68 3 / 4 68% 68% Un Drug (new) 13% 12% 12% 13 Zonite Prod .... 6% 6% 6% 6% Financial— Adams Exp .... 10% 10% 10% 10% Allegheny Corp.. 33 33 Am Int Corp... 10% 10% 10% 9% Lehman Corp ..89 89 89 90 V 4 Transamerica 12% 12% 12% 12% Tr Conti Core.. 8 7% 7% 7’/, Building— Am Radiator .. 20'/, 19% 19V, 19 J / 4 Holland Furnace 31% 30% 30% 30% Int cement 44% 44 44 44 Johns Manville .93 92 92 90% Libby Owens Gls. 50% 50% 50’/, 50ve Otis Elev 25% 25 % 25% 25 % U S Gypsum . . 82 % 81% 81% 80% Ulen Cons 4% 4% 4% 4% Household — CBI Pal Peet ... 15% 15% 15% 15% Congoleum 35 % 35 35 35 Vs Kelvmator .. . 19% 19% 19% 19% Mohawk Carpet 22 21’, 4 21% 21% Proc & Gamble 41 % 40 3 / 4 40% 41V 4 Servel Inc 19% 19% 19V* 19’/* Simmons Bed .. 25% 24% 24 7 /s 25% Textiles— Amer Woolen ... 8 7% 7% 7 7 /s Belding Hem ... 14V* 14 14'/* 14 Celanese Corp .. 22% 22% 22V* 22% Collins Aikman . 43% 42% 42% 43’/ 4 Gotham Hose .. 7 9 6 9 ludus Rayon . 28 3 /, 27% 27% 27% Kayser Julius 27% 27% 27% 27% 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 ouylng 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 'SB .104 105'/, Morris 5 & 10 Stores 5s ’SO .100 103 Muncie Water Works 5s '65 .103% Noblesville H L & P B%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 53V, 56 Brit Rail & S Y Pfd 6s 52 .. . Central Indiana P pfd 7s 18 21 Home Tel & Tel Ft Wye 7s 52% 54 V, Hook Drugs Inc Com 17 Vi 19 Ind & Mich Elec Cos Pfd 75... 105 108 Indiana Genl Serv Cos 6s 98 100% Indiana Hydro Elec Cos 7s 55 58 Indianapolis Gas Cos Com ... 29 34 Indianapolis P&L ct pfd 6s . 87'% 90% Indianapolis P ft L Ci Pfd 6%s 91V, 94V, Indianapolis Water Cos Pfd 5.- .102'/, 105 North Ind Pub Serv Pfd 5%s 62 65 North Ind Pub Serv Pfd 6s . 68'/, 71'/, North Ind Pub Serv Pfd 7s ... 77% 80% Progress Laundry Cos Com 10% 12 Pub Serv Cos of Ind Pfd 6s ... 21 24 Pub Serv Cos of Ind Pfd 7s 39'/, 42V, South Ind Gas & Elec Pfd 6s 98 101 Terre Haute Elec Cos 6s 92 94 Union Title Company Com... 19V, 21% Chicago Stocks (By Atkins. Hamill & Gates) Prev. Close Close Advance Aluminum 7% 7 s , 9sbestor Mfg 4 3% Asociated Investors 39V, 40 ' 4 Berghoff 11 11 % Butler Brothers 84 HVi Chicago Yellow Cab 25 25 Cities Service 4% 4% Commonwealth Edison 98% 97% oCntinental Steel 30 30% Cord 5 V, 5% Electric Household 15% 15% General Household 7% 7% Godcheaux Sugar “A” 35 34 Grt Lakes Dredge 27’ 4 27% Jarvis Mfg 19 19 Lincoln Printing 10% 10 % Lion Oil Refining 11 % 11% McCord Rad “A'’ 30 30 Nat Gypsum 48 V, 48% Noblitt-Sparks 27% 27 Vi Northwest Bancorporation ... 10 Northwest Engineering 21 21 Rerfect Circle 36 Public Service of Northern 111 51 49 Standard Dredge pfd 13% 14 Swift International 30% 30% Zenith 16% 17

New York Curb (By Atkins. Hamill & Gates) Prev. Close, close. Aluminum Cos of America 119 1154 Am Cyanamid ”B’’ 35 35 Am Gas & Electric 35% 35 Am Superpower 2% 2 Ark Natural Gas “A” 6 5% Atlas Corp 12 11’* Canadian Indus Alcohol "A”. 84 Creole Petroleum Corp 28 28 Elec Bond & Share 17% 17% Fisk Rubber 5% 5 4 Glen Alden (1) 144 14% Gulf Oil Corp of Penn .... 83% 82 Humble Oil & Refining Cos ... 61% 59% Huyler's of Del. pfd 20% . Int Vitamin 8 8 Imperial Oil of Canada 21’i 21% Lake Shore Mines 56% 57 Molybdenu-n Corp of Amer 7% 7% Natl Bellas Hess Inc 2 2 Niagara Hudson Pwr 8% 8% Pennroad Corp 4 3 7 Reliable Stores Corp 16 15% Root Petroleum 15% 15% St Regis Paper Cos 3’ 4 ... Salt Creek Producers Assn 7% .. Segal Lock 33 Sonotone 2% 2% Standard Oil of Ohio 9% 29 Stutz Motor Car of Amer 3% 3 Technicolor, Inc 27% 27V* Wayjie Pump 27% 27 Daily Price Index (By United Press) NEW YORK. May 11—Dun & Bradstreet’s daily weighted price index of 30 basic commodities. comDiled for the United Press: (1930-1932 average 100): Today 116.60. Saturday .... U 7.5 7 1936 high .. .. 123.40 Week aog .... 118.91 1936 low ... 117.3* Month ago 121 09 gj 081 Copyright. 1936, by Dun & Bradstreet. Inc. DIVIDEND IS ANNOUNCED Time* Special . NEW YORK, May 11.—The Railroad Credit Corp., on May 15 Is to make its twenty-seventh liquidating distribution, aggregating $4,415,284. to participating carriers, according to E. G. Buckland, president of the afenej.

DULL SESSION FORCES MOTOR SHARK DOWN Trading at Slowest Pace for Year; J. I. Case Off 4 Points. BY ELMER C. WALZER United Press Financial Editor NEW YORK, May 11.—Selected industrials firmed on the New York Stock Exchange today, but other sections weakened with pressure most pronounced on agricultural equipment, motor and metal shares. Trading was at the slowest pace for the year, dipping below 700,000 shares. Case led the downturn in the agricultural issues by losing almost 4 points, while International Harvester dropped more than a point. Chrysler slipped off more than 2 points below 93, while General Motors and Auburn dipped about a point each. Metal shares were led lower by American Smelting and Refining, which reacted 2 points to around 74. Kennecott, International Nickel and Dome Mines were down one to 2 points each, while others in this group displayed fractional losses after earlier resistance. Steels weakened after early firmness. Bethlehem sold off almost 2 points from an early high to a fractional loss, while United States common dropped more than a point. Oil Issues Ease Oils were somewhat easier. Phillips eased more than a point, while Standard Oil issues generally were fractionally lower. American Telephone hald a gain of aobut a point, while Western Union eased fractionally. Rails were mixed. Union Pacific held a point gain while other carriers eased fractionally after an earlier display of resistance. Steel shares were strong early in the day but slumped along with other leading issues despite favorable news regarding prices on finished steel products. It v;as anticipated that these prices would be increased. $2 to $3 a ton for third quarter delivery. Steel common closed slightly above its low for the day at 55, off lt4 points on the day. It touched 57% earlier. Bethlehem touched 50% and closed at 48%, off % point on the day. Money and Exchange INDIANAPOLIS STATEMENT Clearings “ $2,290,009 Debits 5,625,000 TREASURY STATEMENT (By United Press) WASHINGTON. May 11. —Government expenses and receipts for the current fiscal year to May 8. as compared with a year ago: This Year. Ljst Year. Expenses $6,175,304,117 $6,113,033,451 Receipts 3.443.143.579 3.192,048.402 Deficit 2,732.160,537 2,920.985,048 Cash Balance 2,424.529,473 1.782.309 725 Public Debt 31.463.772,797 28.626,743.351 Gold Reserve . 10.257.575.115 8.727.860,888 Customs 333,735,969 292,751,814 FOREIGN EXCHANGE (Bv Abbott, Proctor & Paine) far „ Country Close. Close.' $8.2397 England $4.78% $4.98 .0663 France 0659 V, .0658% .0891 Italy 0786'% .0786 .1695 Belgium 1699 .1703 .4033 Germany 4039 .4048 .2367 Switzerland ... .3239 .3230 .6806 Holland 6772 .6750 .3267 Soain 1366 .1365 .4537 Norwav 2497 .2504 .4537 Sweden 2562 .2569 .4537 Denmark 2218 . 2250 1.0931 Canada 9997 1.00 Unlisted Stocks (By Blythe & Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers Trust 57% 59 Central Transfer 106 3 / 4 108 3 4 Chase 37'% 39 Chemical 53 Vi 55 Guaranty 290 293‘/ 4 Irving 15% 16% Manufacturers 49V* 50 3 / 4 National City 33% 34% Cent 111 Chicago 144 147% First National Boston 44% 45% National Shawmut 26% 28 FIRE INSURANCE Aetna Fire Ins 53% 55% American Ins of Newark 14% 16% Baltimore American B%< 9% City of New York 24% 26 7 4 Federal Ins 45 49% Franklin Fire 31% 33% Great American Ins 28% 30V, Hanover Fire 39 40% Hartford Fire 73Vi 75 3 4 Home Ins 35 Vs 36 3 i Ins Cos of (A) 71 733/ 4 National Fire 71% 73% National Liberty 9% 11% North Liberty 24 26 Phoenix - 87 89'4 U S Fire 50% 52% Westchester Fire 35% 38 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 up. 15c; No. 1 strictly fresh eggs loss off, 17c: delivered in Indianapolis. 18c. Each full case must weigh 55 lbs. gross; a deduction of 10 cents a pound under 55 lbs. will be made. No. 1 butter. 30%@31%c; No. 2. 27%@28%C. Butterfat. 25c. (By United Press) CHICAGO. May 11.—Eggs—Market, firm; receipts, 32,476 cases; fresh graded firsts, 21V4c; extra firsts, 21%c: current receipts, 20%c; dirties, 19V4c; checks, 19c. Butter —Market, easy; receipts 12,917 tubs; extras (92 score), 26c; extra firsts (90-91% score), 25%c; firsts (88-89% score). 25(8 25%c. Poultry—Market, steady; receipts 1 car, 11 trucks; ducks, 13@16%c; geese, 10471ie; spring chickens, 25@27c: hens, 1945 21c; capons. 25@28c: turkeys. 20®22c: broilers. 24@'25c; old roosters. 14%c; Leghorns, 14®" 18c: fryers, 24®.25c. Cheese— Twins, 13%@14%c; Daisies. 14@14%c; Longhorns, 14@14%c. Potatoes Old stock: Supply moderate: demand light; market, steady. Idaho Russet Burbanks. $1.90412.20. Wisconsin Round Whites. [email protected]. Minnesota Early Ohios. $1.25. New stock; Supply moderate: demand good: market, stronger. Alabama Bliss Triumphs, $2.70(5 2.75. Louisiana Bliss Triumphs. t2.55®2.85; U. S. No. 2, $1.65 @1.85. Arrivals 61, on track 214, shipments 394.

Commodity Prices (By Abbott, Proctor & Paine). COTTON Prev. High. Low. Close, close. Mav 11.60 11.57 11.58 11.60 July 11.26 11.21 11.25 11.25 October 10.29 10.21 10 27 10.29 December .... 10.30 10.21 10.29 10 30 January 10.29 10.22 10.22 10.31 March 10.33 10.25 10.30 10.33 Spot, off 3; middlings. 11.63. NEW ORLEANS Prev. High. Low. Close, close. May 11.51 11.50 11.51 11.51 July 1108 11.13 11.17 11.18 October 10.25 10.17 10 23 10.25 December 10 26 10.18 10.24 in 27 January 10.26 10.24 10.24 10.28 NEW YORK COTTONSEED OIL .. Prev. High. Low. Close, close. July 8.86 8.79 8.81 8.89 September 8.90 8.78 881 8.87 SUGAR High. Low. Close. Close. Prev. September .... 287 288 287 286 May 3 00 2 94 2 98 2.94 July 2.89 2.86 2.89 2.87 BUTTER Prev. Close. Close. November 26% .27 EGGS Prev. Close. Close. October 3,1% .33% Juns ..

WEEKLY INDEX OF BUSINESS TREND PREPARED BY ADMINISTRATIVE AND RESEARCH CORPORATION . NEW YORK 1926 - 100 ! 100 1111 II I I’l ITT T'l'l 1 II I Ii I iI ii i"HTj’n"l II n ;| I | M 100 V > • > -N - -s \ I I 90 —; j 90 i 1936 f ? 40 f'T\ 40 ! 70 —A* f - N ~jr L j 1 —7O r /■ v 1 \A i ~t~r i, 1 ' v v > 1 — 60 -j—-fi iff: 60 . ;r \.... ~J. a r > ' ' l* ./ v ; 50 I—p I—' -V V—- \ > ~ r ' r —' f' ~ '"/■ ■> ~ ~ > , / v/ v > U >’%_✓*.>- - I4Q ULU I 1-1.1 1 1.1 114 1 II I II I 1I Ii 1I I 1I I II I I I1 1 11 1 HQ JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. . OCT. NOV. DEC ’ I

As shown by the accompanying Administrative and Research Corp. Weekly Index of Business Activity, business eased to 88.1, losing .2 from the previous week’s level of 88.3 as contrasted with 76.5 for the cor-

N. Y. Bonds DAILY BONDS INDEX 20 20 20 60 Inds. Rails. Utils. Bonds Today . 90.8 90.3 104.7 95.3 Yesterday 90.8 90.6 104.8 95.4 Week ago 90.1 89.7 104.4 94.7 Month ago 91.6 92.8 105.0 96.5 Year ago 87.5 75.8 97.7 87.0 1936 high 93.4 95.6 105.5 97.9 1936 low 90.0 84.7 103.5 93.3 (Copyright, 1936, by Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasurys Prev. Close. Close. 4%s 1947-52 117.21 117.21 4s 1944-54 • 112.26 112.24 3%s 1946-56 111.3 111.1 3%s 1941-43 108.27 108.29 3%s 1943-45 107.24 107.23 3V- 4 s 1941 108.25 108.28 3V 4 s 1944-46 107.14 107.10 3VsS 1946-49 105.27 105.28 3s 1954-55 104.15 104.11 3s 1948-48 105 104.31 2%s 1945-47 103.11 103.8 2%s 1951 102 101.28 Home Owners Loan Corp. 2%s 1949 101.19 101.10 3s 1952 102.24 102.22 Federal Farm Mortgage Corp. 3V 4 S 1964 104.11 104.6 3s 1949 103 102.26 3s 1942-47 103.25 103.24 2%s 1945 102.11 102.8 DOMESTIC Prev. _ Close, close. Alleg Corp 5s ’44 94% 94 Alleg Corp 5s ’49 88 87 Alleg Corp 5s ’SO 67 66Vi Am Frgn Pow 5s 2030 72% 73 Am Tel & Tel 5%s '43 113 113 Am Tel & Tel 5s '65 113% 113% Arm & Do (Del) 4s '55.. 97 97% Atch Top & S Fe 4%s ’4B 111 HO 3 , Am Rolling Mills 4%s ’45 113% 114% Balt & Ohio 6s '95 93% 94 Balt & Ohio 4Vis ’6O . 69% 69V, Buff Roch & Pitt 4Vis ’57 74 3 4 75% Beth Steel 4%s ’6O 104% 106 Chi Miiw &StP 5s ’75 17% 18% Chi Milk & St P 5s 2000 6% 6% Cleve Un Term 5s ’73 107% 107% Cleve Un Term 4%s ’77 102 V, 102% Col Gas 5s May ’52 104% 104 1 , Col Gas 5s '6i 10334 103% Can Pac Perp 4s 91 3 % 91 % Cent Pac 5s ’6O 98% 984* Eig Four 4'is ’77 90% 90% Big Four 5s '63 ? 98 98V, Colorado & So 4‘is 'BO 70 69% Chi & West Ind 4s '52 103'4 103% Chi & West Ind 5%s 62 106 V, 106V* Chi & Nor West 4%s '49 11% 11% Cor. Gas 5s '57. 103.23 103 Chesa Corp 5s '47 125% 125 N Y Dock 4s 'sl 67 66 Erie 5s '75 74 74'Erie 5s '67 75 75% Gen Cable 5V;s '47 .-04% 105% Grt Northern 7s '36 100.26 100.28 Grt Northern 4Vis '76 101 V, 1013, Grt Northern 4%s ’77 100 1 00% Ge.l Stl Cast WW 5%S ’49 83 83% Kud & Manhat, Ref 5s ’57 83% 83 111 Cent 43 4 s '66 72% 71 Vi 111 Cent Jt 4Vis '63 79% 79 111 Cent 5s '63 82% 82 Vi Interlake C & I 5s 'sl 93 92V4 Interntl Hv Elec 6s '44 . .... 41% 42 Interntl Tel & Tel 4%s '39 ... 90 89% Interntl Tel & Tel 5s ’55 .... 81% 81% Interntl Tel & Tel 4%s ’52 ... 77% 78 McKess & Rob 5%s ’SO 104 1 03’, Natl Dairy 5%s ’4B 103 103% Natl Steel 4s ’65 105% 105% Nickel Plate 4%s ’7B 83 83% Nickel Plate 5%s ’74 91 93% N Y Cent 5s 2013 91 91 N Y Ont 4Vis 2013 (old) 83% 83% Nor Pac 3s 2047 80% 80 Nor Pac 6s 2047 11l 111 Nor States Pow 5s ’4l 104% 105 New Orleans Term 4s ’55 .... 90% 90% Otis Steel 6s ’4l 102% 102% Pennn Rv 4%s ’B4 JDB Penn Rv 4%s ’Bl 108% 108% Penn Rv 4%s ’7O 103% 103% Pac G & E 5s ’42 102% 102% Portland Gen El 4%s ’6O 70% 70% Para Publix 6s ’55 ,90% 90% Penn P & L 4%s ’Bl 1®* 3 /* rstal Tel & Cable 5s '53 30 30 % Rem Rand WW 5%s ’47 109% 109 Shell Union Oil 5s ’47 96 95% Sou Pac 4%s ’6B 90 89% Sou Pac 4%s ’Bl 88 3 / 4 88 s Sou Pac 4Vis ’69 89 89 Sou Pac 4s ’49 92% 92 Sou Rail 4s ’56 57% 58_ 4 Sou Rail 6s ’56 74% 74 Sou Rail 6' is ’56 77 T 8 Texas Pac 5s ’BO 103 103% Texas Pac ss’ 79 103 103% Texas Pac 5s '77 103% 103% Union Pac 4s ’47 113% 113% United Drug 5s ’53 99% 100 U S Rubber 5s ’47 105% 105% NY NH & Hart 6s '4B 30% 31 NY NH & Hart 4%s '67 30% 30% Warner Bros 6s '39 92% 93% Western Mary 5%s '77 107 107'Western Mary 4s ’52 . . 90% 100 Youngst'n S&T 5s '7O ... 106 28 106.29 Youngst’n S & T 5s '7B ....105.20 105.21 FOREIGN Argentina A 6s '57 99% 97 3 4 Brazil 8s '4l 32 32 Canadian Govt 4s ’6O 108 V* 108 Denmark 5 Vis '55 101 101 % French 7s ’49 167 167 German 5%s '65 25 25 3 ', German 7s ’49 32 32% Italy 7s ’sl 74 IS 3 * Japan 6'is '54 96 % 96% Poland 7s ’47 89 Vi 90% Rome 6'ss ’52 64 65 % Tokio City 5%s ’6l 75 3 4 75 Investment Trusts (By Thomas D. Sheerln & Cos.) Bid. Asked. Administered Fund 2nd $15.78 $16.79 Affiliated Fund. Inc 1.71 1.39 Amer General Eauities 98 1.00 Amer Business Shares 1.08 1.18 Bullock Fund. Ltd 16.90 18.38 Broad Street Invecting 27.93 29.87 Century Shares Trust 25.95 27.91 Collateral Tr Shares “A” 6 14 Coro "AA” or ’’Accum” (Modi 3.17 320 Corp “A" or “ACC” lUnmodt 2.55 2.59 Corp Trust Sh (Orig.i ... 264 2.68 Diversified Tr Shares “B” ... 9.61 9.71 Diversified Tr Shares “C".... 425 6.29 Diversified Tr Shares “D” . ... 6.42 6.52 Dividend Shares Inc 1.55 1.69 General Investors Trust .... 5.55 6.01 Incorporated Investors 20.75 22.16 Investors Fund Amer 99 1.09 Market St Investment Corp . 28.90 30.4 1 Maryland Fund 18.10 19.52 Massachusetts Investors 24.40 26.41 Nation-Wide Sec Cos “B’* 4.08 Nation-Wide Voting 166 130 No Amer Tr Shs 1955 3.18 3.21 No Amer Tr Shs 1956 3.14 3.17 No Amer Tr Shs <Orig) 2.44 . ... ©uartelv Income Shares 1 49 1.64 Selected Amer Sh. Inc 1.48 1.61 Selected Amer Sh (Origt ... 3.45 .... Selected Cumulative Shares.. 8.97 9.07 Selected Income Shares 4.67 4.77 State St Investment Corp 93.50 98.50 Super-Corp of America “AA” 2.69 2.73 Super-Corp of Amer “88”.... 2.73 2.76 Super-Corp of Amer “A”.... 3.97 4.02 Super-Corp of Amer “B” ... 4.18 4.21 Super-Corp of Amer “C" ■ . 7.72 Supervised Shares. Inc iDela) 12.55 13 74 Tr Standard Oilshares “A”.. 6.88 698 Tr Standard Oilshares ‘ B” 6.05 6.15 Tr Standard Investment "C” 2.82 286 Tr Standard Investment “D” 2.76 2.79 *Utd Standard Oilfunds 1.19 131 Uselps "A'' 17.55 17.85 •Uselps “B” 2.62 Uselps Voting 1.01 .... •Ex-dividend. DIVIDEND PAYMENT MADE Timex Special FORT WAYNE, May 11.— The second quarterly dividend payment of 30 cents a share on the stock of The Lincoln National Life Insurance Cos. has just been made. Remaining dividends for the year 1936 are payable !|ug. 1 to stock of redord July 25, and Nov. 2 to stock of record Oct. 26.

Postal Savings Under Fire Abolition of the Postal Savings System, or at least a sharp reduction in its interest rate, is to be demanded by the American Bankers’ Association, convention speakers told Missouri and Kansas bankers.

PAGE 11

responding week in 1935. Electric power production continued to increase, indicating an unusually high year. Steel and automobile production also showed perceptible strength.

HOGS CONTINUE SHARPDECLINE Prices Unevenly 10 to 25 Cents Lower; Cattle, Veals Steady. With the continuation of heavy shipments and a weak demand prevailing for fresh pork in the East, further weakness was evident in the hog market today at the Indianapolis Union Stockyards. Prices of weights ranging upwards from 160 pounds were 10 to 15 cents lower, while light lights and slaughter pigs dropped 25 cents. The total number of receipts was estimated at 7000, the largest daily supply for several weeks. Heavy supplies also were indicated at surrounding livestock centers. Holdovers numbered 104. Bulk of 160 to 225 pounds sold at $9.55 to $9.65. Top price also held at $10.65. Extreme heavy butcher weights, scaling from 300 pounds and upward, brought $8.90 to $9.10. Light lights, from 130 to 160 pounds, cashed in at $9 to $9.50. Packing sows held at $7.75 to $8.40. Early trading developed slowly in the cattle market, especially on all killing classes. Most prices remained unchanged. Few traders, however, were talking 25 cents lower on weighty steers. Bulk of steers sold at $7 to SB. Few yearling classes were eligible around $8.35 to $8.50. Receipts were 1500. Only a slight change was evident in thq veal market. Most classes were steady, and the bulk of good and choice grades sold at $8.50 to $9. Receipts were 600. The lamb market was active and mostly 25 cents higher. Bulk of choice, weighing 93 to 107 pounds, sold at $10.50 down. Few medium spring lambs brought $lO to sll. Shorn ewes were eligible at $4.75 down. Receipts numbered 1200.

HOGS May. Bulk. Top Receipts. 5. $10.30(310.40 *10.40 5000 6. 10.20® 10.30 10.35 4000 7. 10.204J10.30 10.35 3500 8. 9.9047:10.00 10.05 5500 9. 9.70® 9.80 9.80 1000 11. 9.55® 9.65 9.65 7000 Light lights. H4O-160) Good and choice $ 9.15® 9.55 Medium 8.70® 9.30 1160-180) Good and choice . 9.50® 9.75 Medium 9 10© 9.50 (180-200) Good and choice . 9.50® 9.73 Medium 9.10® 9.55 (200-2201 Good and choice . 9.55® 9.75 (220-2501 Good and choice.. 9.45® 9.55 Heavyweights. (250-290) Good and choice... 9.20® 9.45 1290-350) Good and choice... 9.00® 9.20 Packing Sows. (275-2501 Good 8.25® 8.60 (350-4251 Good B.lo® 8.40 (425-4501 Good 7.85® 8.15 (275-3501 Medium 7.50® 8.25 Slaughter Pigs. (100-140) Good and choice .. 8.25® 9.25 Medium 7.65® 8.85 CATTLE —Receipts, 1500— x (550-9COI Choice * 8.75© 9.50 Good 7.75® 8.75 Medium 6.75© 7.75 Common 5.75® 6.74 (900-11001 Choice 8.75® 9.50 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.on© 7.75 (1300-1500) Choice 8.75® 9.50 Good 7.75® 8.75 Heifers (550-750) Choice B.oo® 8.40 Good 7.25® 8 00 Common and medium 5.75© 7.50 (750-9COI Good and choice.. 7.25® 8.40 Cows Good '. 6.00® 6.50 Common ar.d medium 5.00® 6.00 Low cutter and cutter 3.75® 5.00 Bulls, good 6.25® 6.75 Cutter, com. and med bulk... 5.75® 6.50 VEALERS —Receipts. 600— Good and choice $ B.oo® 9 on Medium 7 00® 8 00 Cull and common 4.50® 7.00 Calve* (250-5001 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® 825 Common and medium ... 5 75® 725 (800-1050) Good and choice .. 700 © 825 Common and medium 5 50® 7.25 Cow* Good 4 75® 5 25 Common and medium 4.50® 4.75 SHEEP AND LAMBS —Receipts. 1200— Lambs. 90 lbs. down; good and choice *lO 10® 10 50 Good 9 65® 10,25 Medium 8.75© 9 85 Common 7.50® 8 35 Ewes. (90-1701 Good and choice .. 4.50® 525 Common and medium 3.50® 4.75 (Sheep and lamb quotation* on clipped basis.) Other Livestock (Bv United Press) CHICAGO. May 11. Hogs Receipts. 16.000, including 5000 directs; mostly 25c lower than Friday’s average; too *9 80; bulk 160-250 lbs.. *9.5009.70: light weights scarce; 250-350 lbs.. *909 55; sows *8.25 0 8.50; few *8 60. Cattle—Receipts 12 00<V Calves—Receipts. 1500. Steers and yearling trade semi-demoralized: largely steer and heifer run; few early sales 25c lower but crop 250 50c lower all through list, steers will show most downturn: heifers, weak to 25c lower: cows scarce but weak; bulls and yealers steady at (6 down and *9.50 down, respectively. Sheep—Receipts. 7000: fat lambs In meager supply. 25® 50c higher: clippers up most; aged classes weak to 25c lower; choice around 85 lbs.. *10.60; few medium wooled lambs. *llO 11.25; California springers. *11.50; most shorn ewes, *4.5005. LAFAYETTE. Ind.. May 11.—Hogs—Market. 10015 c lower: pigs 25c lower: 170-210 lbs.. *9.45®9 55; 210-235 lbs. (9 2509 35 235-260 lbs . *9.10 0920 : 2604-325 lbs *8 80 ©9: 150-170 lbs.. *9 25: 100-140 lbs.. *8 250 8.75; roughs. *8.25 down. Calves—Stead v top. *8: spring lambs steadv. *l2; wool lambs, *11; 50c higher; clipped lambs. *9.50 down.

MAJOR GRAINS WEAKEN UNDER SELLING DRIVE Favorable Weather News From Southwest Sets Off Decline. By United Prrx* CHICAGO. May 11.—Favorably weather reports from the Southwest prompted moderate selling of wheat futures today, and prices dipped on the Board of Trade. At the end wheat was off % to 1 cent, corn was off % to % cent and | oats were unchanged to off % cent. The market remained very dull i during the session as traders were inclined to wait for the government winter wheat crop estimate which was to be released after the close. With the Winnipeg market closed j today and the uncertainty over the government report, there was little j incentive for operators to trade actively on either side. Com Also Lower May wheat showed a relatively stronger tone throughout the day than the new crop months which were under mod~rate pressure because of additional moisture released in the Southwest. The failure of Liverpool to fully reflect the upturn in prices here Saturday was a factor in the downward trend of new crop months. Corn eased in accordance with the new crop wheat deliveries as commission houses sold all futures in small amounts. Trading was quiet. Oats held within a narrow range as a two-day market developed in featureless trade. May rye showed a relatively, firm tone throughout the session while the new crop deliveries eased in an inactive market. •Bv United Press) Wheat- Hich. Low. dose, cto V t '] > '853: Corn— May 63% .62% .62% 63% Sep;|t 59V, .58', 2 .58% .59% Oats— May 26% ,J 6 .26% 26% July 26% 26 2fi Sept -26% : 2 6% .26% 26% RyeMay 523* .52% .52 % £ ul V 52% .52 .52% 52% Sept 52% .52% .52% ;52% BarleyMay 37 .37 .37 .37 Lard— May 10.50 10.40 10 40 10 52 Se fb) B id 1047 10 32 10 32b I<M7 CHICAGO PRIMARY RECEIPTS —Bushel— Today. Last weefc. ° at! 319,000 315.000 LOCAL CASH MARKET e ]* Vßt P rs are Paving 87 cent* Z l sof i ® Pral Otner grades on tneir merits. Cash corn new No 3 vellow 56 cents and oats 18 cents. <By United Press) CHICAGO, May 11.—Cash grain: Wheat —No sales. Corn—No. 2 mixed. 63%c: No? 3 mixed, 62%c: No. 4 mixed. 62c; No, s3 y - llo M’ 65@65%c; No. 3 yeliow. 65<J 65%c; No. 4 yellow. 61®62'ic; No 5 vel* low’, 59%@61%c: No. 5 white. 61*20; sample grade, 32®60%c. Oats—No * white, 30%c; No. 3 white. 25%@28%c: No. 4 white, 24®26c; sample grade, 21%®26c. parley—Malting, quoted at 45@92c nominai Soy beans—No. 2 yellow. 85c: No, 3 yellow. 82®83c; No. 4 yellow, 80c. [email protected]. Cash provisions—Lard, $10.50 ask: loose. $9 82 ask; leaf $9.7$ ask; bellies, $13.62 ask. TOLEDO. May 11.—Grain close; In eley|,toLs t- l . ransit “IHng- Wheat—No. 2 red. 96%@97%c. Corn—No. 2 vellow. 68@69c. 2 whi,e - 32%®33%c. Rve—No. 59 .® *9 C ' „ Tr ack prices, 24%c rate. 2 red - 91'3@92''ic: No. 3 red, 89%®91%c. Corn—No. 2 vellow 63 %4 64%c; No. 3 yellow. 61%®63c. Oats— No. 2 white, 29@31c; No 3 white. 25<&31c. Other Livestock IBy Times Special) LOUISVILLE. Mav 11.—Cattle Receipts. 850; supply slaughter cattle light; market, moderately active; light slaughter steers and heilers storng to mostly 25c higher; steers and other killing classes I £ r /H ly ,n Sleady; . bul . k steers and heifers. $6 [email protected]: top. $8 for few lots lightweights; nothing strictly good here; common slaughter steers and heifers down to $6: bulk beef cows, ss@6; good kinds to around $6.50: most low cutters and cutters. $3.7a 3 4 .75 : sausage bulls. $5,504, . , m ? st lifht beef type Stockers and stock caives. $6.50® 7.75; better steer calves to around. $8.50: calves, receipts. 900 including 350 stock calves: market generally steady: bulk good to choice grades, $7 50®) 8; some strictly choice to $8.50: medium and lower grades. $7 down to around $4 Hogs—Recemts 1000; market 25c lower than Saturday or 40c under last Friday top and bulk better. 160® 225-lb weights' 89,30- 230-250 lbs.. $9; 255-300 lbs . S8 45-' 305 lbs.. $8 45: 305 lbs. up. $8; 120-155 lbs , $8 45: sows. $7.10. Sheep—Receipts ant)run mostly spring lambs; market not fuily establishes on these: early bids and indications steady at slo® 12. according to weight and quality; wooled lambs strong to higher: quotable mostly $lO downc ipped offerings discounted around *1; clipper ewes mostly 25c higher at $4 7$ down. FLOOD DAMAGE ITEM AWAITSJ3OARD ACTION Allegheny Steel Has Net Earning of 45 Cents a Share. Timex Special PITTSBURG. May 11. Plant damage estimated at SIIO,OOO caused by the Allegheny River flood of March 17, was not included in the quarterly statement of the Allegheny Steel Cos. Disposition of the extraordinary expense awaits action of the Board, according to Harry E. Sheldon, president. Net earnings for the quarter ended March 31, 1936. were $336,964, after all charges and estimated taxes, equivalent, after deducting proportionate preferred dividends, to 45 cents a share on 612.685 common shares, comparing with $324,145 and 43 cents for the corresponding 1935 period. HOSIERY SHIPMENTS UP Increase of 6.7 Per Cent Shown in March Over Year Ago. Time* Special NEW YORK. May 11.—Shipments of all kinds of hosiery during March amounted to 10,420,286 dozens, an increase of 6.7 per cent over the corresponding 1935 month, and a gain of 20.3 per cent over February this year, it was reported today. For the first auarter of the current year shipments of all types of hosiery were 1.8 per cent greater than during the corresponding 1933 quarter. BEMIS LETTER SERVICE 303 Merchants Bank Bldg. Lincoln 6122