Indianapolis Times, Volume 48, Number 53, Indianapolis, Marion County, 12 May 1936 — Page 16

Trends Invested Capital Comes Largely from Profits. 4 BY JOHN T. FLYNN YORK. May 12—There la 4 one question which men who itiake tax bills ought to ask them■elves. It Is this: Where does the money to finance Industry, parioularly new industries, come Irom? I When she hill to regulate the F'ork Exchange was being debated, wall Street, cried out that this bill

end the Truth-ln-Secu rltles Act would kill the expansion of old industries and the development of new ones. The reason given was that industry was financed by the sale of securities, and that the Stock Exchange running as a free speculative market was essential to the floating of new security is-

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Hynn

At that time I ventured suggest that the Stock Exchange and the issuance of new stocks played but little part in the rise of new industries or, for that matter, the (development of old ones. The sale of bonds isfrequtntly used to expand old industries, but stocks, hardly ever. And neither stocks nor bonds play much part, in giving new industries their start. MUM THIS was no* believed then, but factual study of the history ot financing new industries proves the point then made. Where, then, do the new industries get the funds .for their growth? The first funds . come, as a rule, from the savings of ; some Individual or a few individ- ; uals in a purely private inter- ; prise. Sometimes the pioneer gets • a loan from some man who has ; faith in Ills plans. Later, if the > business flourishes and grows at all -it is financed out of earnings. The automobile industry is a •good example. In 1926, by which * time the industry had attained great growth, out of every SIOO of invested capital in plant and machinery of the eight leading companies, SBO were derived from earnings. ,f tt n u Lawrence h. seltzer, in Ills “Financial History of the .American Automobile Industry,” gives the following remarkable liable showing the tangible invested capital of these eight companies j ;in 1926 and the amount which represented reinvested profits. Here Jit is: Tangible Derived from Capital. Earnings. 3*ord Motors Cos ..$694,334,502 $694,344,502 den. Motors Corp. 593.107,999 306,221,101 JDodgr Bro., Inc. . 114.978,609 101,728.609 iSludcbakcr Corp.. 99,226.556 71.797,967 'Packard Mot,. Cos. 46,390.943 45.990.944 Mudson M. C. Cos. 43.073,016 42.748,026 !(Jash Motors Cos. 38.663.350 32.227.409 fceo Mot. Car Cos. 27.903,424 27.693.424 nun T DO not believe that the regula--1 tlon of the stock markets would any effect upon the financing /ftf industry. But when the taxlrvier taxes undistributed earnings, as such, he t. unquestionably ‘touching the one great source out of whir': the funds for developing new industries come. Os course I do not mean that undistributed earnings should not be taxed. But they should be taxed to raise revenue for the government. A tax to force distribution might be very serious unless the ■ lawmaker has in mind some other means of providing the money for new enterprises. To tax surpluses ’is one thing. To merely force distribution of surplus funds is another. The subject ought to be carefully studied before it is pressed J unduly. J (Copyright. 1938, by NEA Service, Inc.) PLAN TO BHARE PROFITS NEW YORK, May 12.—A plan whereby executives and officials of ,thc American Rolling Mill Cos. would .share in company profits in excess -of specified earnings is to be voted <m at the annual meeting May 21. •The proposed fund Is called “incentive compensation fund.” 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. $2 50: Alabama, 24-qt. crate. >5.23. -Limes—Mexican, carton. 20c. Bananas—,seven hands, pound. 5*40. Apples—Winesaps (fancy baskets). $1.76. Lemons—Sun;*ist (300s). SB. Grapefruit—lmperial Valley. $3.75. Pineapples—Cubans 18-JOs'. fcrate, $3.50. Grapes—S. America 20-lb. box. Honey Dews. S. America, $3 VEGETABLES— Beans. green. round •’slringlOt:-. (hampers), $2.25. Beets—Texas -tdoz. crate). 65c; cut offs <bu.). $1 Cabibage—New Texas, half crate, $1.35. Car- ’ rots—California (6-doz. cratet, $2.75. ;Cauliflower, California (12c Orate). $1.75. -Celery—Florida washed and trimmed Jtdoz.l, 450t85c; Florida (4s, Bs. 10s crate), j 53.50 Cucumbers—Hothouse (dox.t. 90c; Jt.wo doz.. box), $1.65. Egg plant—Florida -fdoz.>. $175. Kale—Virginia (bu.i, 75c. —lceberg. California (best 6s ssi, S3: home grown leaf (15-lb. basket). 75c. Peppe;*—Mangoes (crate), $3.50(rf4; peck basket, $1.15; doz.. 40c. Mint—Hothouse '*doz.t. 60c. Mushrooms—Pound. 30c. lustord—Texas, half crate, $1.40. Onions /-Indiana yellow 150-lb. bag). 60c: new Aexas Bermuda yellow, 50-lb. bag, 81.25. 'Parsley— Southern (long bunches, doz.), (? 35c. Parsnips Home-grown, washed, s, bushel. 90c: half-bushel. 50c. Peas—j Florida, hamper. $1.85 Potatoes—Michigan Round White. 100-lb. bag. $2.25; R. R. Early Ohio. 100-lb bag. 82.25; R. R. ,Triumph 100-lb. bag, $2.25; Idaho Bakers ■7oc box, 82.50; New Alabama Triumphs. !70 box. $2.50. Sweet potatoes—-Ten- • nessee Nancy Halls, hampers. $1.35. 'Radishes —Homegrown buttons, doz.. 40c; white. 50c. Rhubarb —Hothouse, doz . 25c. Rutabagas—Northern 50-lb. bag. $1.50. • Sage—Doz.. 45c. Shellnts—Louisiana doz.. ■3sc. TuriHps—New bulk Texas, bu.. $1.78. .Tomatoes—Repacked. 10-lb. box. $1.50; Florida, orig. (6-6), lugs. $3.25. Produce Markets The prlcea quoted art paid for stock gathered In the country, while delivered In Indianapolis the price la a cent higher. <H?jvy breed hens. 16c. Leghorn breed ‘hens 18c; old cocks. 9c; ducks, white 5 fibs and over. 7e; geese full feather, all v&izes. sc; all guineas 1% lbs and up. 15c \ No. I strictly fresh eggs loss off, 17c; de- • Uvered In Indianapolis. 18c. Koch full lease must weigh 55 lbs. gross; a dcduc- ’ tion of 10 cents a pound under 55 lbs. “will be made No t butter MtiVSllic: jNn 2. 27%ft28%c Butterfat. 25c. (By United Press) ,' CHICAGO. May 12.—Eggs—Market easy; > receipts. 35 826 cases; fresh graded firsts, ;21‘*e; extra firsts, 21%c; current receipts, . 20%e; dirties. 10'e; check*. I9e. Butter— Market steady; receipts. 13.573 tubs; extras •02 score). 26c; extra firsts (90-91% score). 15%®25%c firsts 188-89% score), 24%® 25c: specials. 28%'.*57c; standards. 25%c. Poultry—Market steady to firm; receipts. 27 trucks: ducks, 13*ri€,o; geest 10* lie; spring chickens. 284128 c; hens, ls#2le; tapona. tSt'Stc; turkevt, 20® 295; broilers, 30*i25c; Leghorns, 144$ 19c; ;id -oosters. <4%e: fryer* 25t<ic. Cheeae—Twins. 13% rtf%e; daisies. 14® 14%c; longhorns. 1441 14V4C. Potatoea—Old stock, supplies moderate; demand light; market steady; Idaho Tusset Buroan-s. s2® 2 10; Wisconsin round whites, tf.ft: Minnesota round whites. Aliffl.W: North Dakota cobblers. 51.30*) 1 25: new stock, supplies moderate; #cmund lieht; market strong; Alabama Rlksi Trtumohr. 2 764)2.08, LPu*iana Bliss Tciumuhs. $3413 38. U. 8. No 2. $1964* 7 !? Arrivals, 53 ears; on track, 335; shlp- • rn.*, 55u.

♦ 4 Abreast of The Times on Finance ♦ ♦

PAGE 16

MARKET SHOWS YEAR'S LOWEST TRADE VOLOME | Last Hour Selling Sends Many Issues Into Net Declines. BY ELMER C. WALZER United Fra** Financial Editer NEW YORK, May 12.—Volume on the New York Stock Ech&nge today dwindled again to set a 10month low and prices followed the recent pattern—early firmness and a last-hour decline. The late dip took many issues down to net declines. Early gams had ranged to more than 2 points. Steel shares were depressed and most other groups followed. Oils appeared to receive better support than other sections, but were depressed from the highs. Auburn Breaks 3 Points Motor shares moved narrowly until Auburn developed weakness and broke more than 3 points from its early high. Chrysler was depressed to around 92 from its high of 93%. General Motors touched 64 and then eased to around 63. U. S. Steel and Bethlehem each fell more than a point from the tops. American Can declined more than 3 points from its high. Other leading industrials had corresponding lasses. A few Issues, including Procter Ac Gamble and Hershey, made new lows for the year. Nearly all sections were depressed from the best levels of the day. Exceptions included Holly Sugar, which made anew high, the mercantile shares which had gains ranging to a point, and National Lead, which gained 2 points. Rubbers were firm all day. Farm shares were mixed. Silver and copper shares were steady. Fertilizer issues dropped when the companies reduced prices on plant food. Trade experts estimated that U. S. Steel Corp. in April earned between 25 and 30 cents a common share and that the first half of the year would make a very good showing. Money and Exchange INDIANAPOLIS STATEMENT £!fu.t in * s *3.206,000 Dtb 5 6,231,000 TREASURY STATEMENT (By United Press) May 12.—Government expenses and receipts for the current a year-ago -10 a£ compared with This Year. Last Year. Expenses $6,192,942,349 $6,134,046 120 Receipts 3,463,245.699 3.203,201,109 Deficit 2,740.696,649 2,930,845,011 Cash Balance. 2,415,732.054 1,772,684 615 Public Debt 31.463 066,474 28,621,346,505 Gold Reserve 10,260,696.447 8,731,571,313 Customs .... 334,856,059 293,828,578 FOREIGN EXCHANGE (By Abbott, Proctor k Paine) Country close. ' close: England $4.97% $4.76% Si E ra , nce 0659 ,Qfs|% •o|ol Italy 0786 .0786 Vi .1695 Belgium 1698 .1699 •<035 Germany 4036 .*039 .3267 Switzerland ... .3234 2339 .6806 Holland 6760 6772 •3267 Spain 1385 .1366 •1522 Norway 2502*2 .2497 .4537 Sweden 2568 ... ;',2562 .4537 Denmark 2225 ffi k 1.6931 Canada 9994 .9998 . Daily Price Index (By United Press) NEW YORK, May 12,-Dun k Bradstreet s daily weighted nrice index of 30 basic commodities, compiled for the United Press (1930-1932 average, 100); Today. 116.28 (new low). Saturday, 117.51 (revised) Yesterday 116.60|Year ago 120 52 Week ago 118.5411936 high ....123.40 Month ago .. 121.56 1936 low 116.28 (Copyright, 1936, Dun & Bradstreet, Inc.) Local Livestock HOGS May. „A U !!K„ Top Receipt*. 5- s°!l!2'22 $10.35 4000 ?. 10.200D0.30 10.35 3500 *. 9 90(ft; 10.00 10.03 . 5500 9. 9.7078 9.19 9.80 1000 11 • 9.55®) 9.65 9.65 7000 12. 9.45® 9.55 9.60 6000 Light lisht*. (140-160) Good and choice $ 9.15c* 9.45 Medium Good and choice . 9.40® 9.60 <l9O-200) Gcod and choice . 9.00® 9.40 (180-200) Good and choice.. 9.45# 9.60 Medium 9.00® 9.45 <2OO-220) Good and choice .. 9.45® 9.80 (220-250) Good and choice 9.35® 9.45 Heavyweights. (250-290) Good and choice ... 9.10® 9.35 )290-350) Good and choice... 8.90® 9.10 Packing Sows. (275-250) Good 6.23® 80 JP ood B.io® 8.40 (425-450) Good 7.75® 8 15 (275-350) Medium 7.40® B^s Slaughter Pigs. (100-140) Good and choice .. 8.25® 9.2 ft Medium 7.65® 8.85 CATTLE —Receipt*. 2500 (550-900) Choice $ 8,50® 9.25 Good 7.50® 8.50 Medium 8.50® 7.50 Common 5.75® 6.75 (900-1100) Choice 8.25® 9.25 Good 7.50® 7.50 M-edium 6.75® 7.50 'common 5.75® 6.75 (1100-1300) Choice 8.50® 9.25 Good 7.50® 8.50 Medium 6.75® 7.50 (1300-1500) Choice 8.30® 9.25 Good 7.50® 8.30 Heifer* (550-7501 Choice .. ...... B.oo® 8.40 Oood 7.23® 8.00 Common and medium 5.75® 7.60 (750-900) Good and choice 7 23® 8 40 Common and medium 5.75® 7.25 Cow* Good 5.75® 6.25 Common and medium 5.00® 5.75 Low cutter and cutter 3.75® 5.00 Bulls, good S.oo® 6.50 Cutter, com. and med. bulk . 5.70® 6.50 VEALERS —Receipts, 800— Good and choice $ B.oo® 9.00 Medium 7.00® 8.00 Cull and common 4.50® 7.00 Calves (250-500) Good and choice B.oo® 8.75 Common and medium 4.50® 6.00 Feed and Stocker Cattle (500-80 U) Good ana choice . 7.00® 8.25 Common and medium ... 5.75® 7.25' (800-10501 Good and choic* 7.00® 8.25 Common and medium 5.75® 7.25 Cows Good 4.75® 5.25 Common and medium ... 4 50@ 4.75 SHEEP AND LAMBS —Receipts, 3000 — Lambs. 90 lbs down; good knd choice slo.lo® 10.50 Good 9.65® 10.25 Medium 8.75® 9.85 Common 7.50® 8.83 Ewts. (90-170) Good and choice .. 4.25® 5.00 Common and medium 3.25® 4.50 (Sheep and lamb auotations on clipped basis.) FRUITS AND VEGETABLES (By United Press) CHICAGO. May 12. Apples—Willow twigs bu.. $1.15® 1.25. Carrots—lllinois, bu.. 2S*i 38c. Sweet Potatoee—Tennessee, bu.. 81®l.lo. Beans—Louisiana, bu.. 81.25® 3- Cabbage Mississippi, lettuce crates, K2s® 1.80. spinach—lllinois, bu., 35®60e. Tomatoes—Florida, lugs, 1.50*i J. 50. CauUflower—California crates, *1.40®1.50 Peas —California hamper*. ll.SStr 1.6 b. LettuceWestern crates, $1 5092.10. Celery—Florida erates, 2® 3.50. Onion market (90-lb. sack*) —Texas white wax, 90®9?ttc. Rush Jobs Make Us Smile Hendren Printing Company, Inc. 470 CENTURY BLDG. Rl-8533.

New York Stock Exchange Prices

Sales totaled 800,000 shares, the smallest since June 7, 1935. against ; 680,000 shares yesterday. Curb sales | increased to 167,000 shares from yesI terday’s 158,000, Dow-Jones preliminary closing Averages: Industrials, 146,70. ort .15; railroads, 43.29, ofT .09; utilities. 29.01. up .08. *By Thomson A McKinnon l , Prev. Gils— High. Low. Close. Cleat. Amerada 95 92 92 95 R jß„ 2**ll 26 28 29 Barnsdall m* 176$ 174$ 17 >i Consol Oil .... IVA 11*4 11% 12*J Cont of Del 31V* 31</i 31’,J 31V* Houston mew).. B’/* BV* 8/ 874 Mid Oont Pet .. 19% 19V, 19>/, 19*4 Of ‘0 011 jR 13* 13 13% Pet Oorp 13 13 13 i3a A Phillip* Pet ... 41* 41 41 y* 4t Plymouth Oil .. 14</ 13Vi 14 13V* Pure Oil 19% 18 3 /. 19 18% Royal Dutch ... 57*/, 57 57>/, 56^2 Seaboard Oil ... 34V, 33'.2 33V 2 33>/ 2 Shell Un 17 7 /* l7'/ a 17' /2 17 l / 2 Skelley Oils 23 23 23 22 1 ! I Soc Vac 13 12’* 127* 12% SO of Cal . 38% 38 38 38% S O of Ind .. 35% 35 35 35 BOof N.l . 60 59 % 50% 58’/* Tex** Corp 83*. 32*, 33% 32% Tidewater Asxn 18% 15’, )B' 4 16 1 a Un Oil Os Ca! 22% 22% 22",, 22% Steel*— Am Roll Mills 27 26 % 28V a 26% Beth Steel .. 49% 43% 43% 48% Byers A M .... 17 16% 17 17 Inland Steel ... 91 90% 90% 92V* Ludlum Steel ... 25 24% 24’/* 25 McKeesport Tin 107V 2 107 107% 106 Mid Steel 36 35*% 36 36V4 Natl Steel 60% 80 60 60% Otis Steel 14 1 /, 13% 14V4 14>/ Rep Iron <fc Steel 18% 18 1 /* 18'/* 18 Rep Ir & Stl pfd 80 80 8 0 79 Vr I I! pe , * dy 34 y* 34 i 4 34 V* 33% U S Steel ...... 56% 54% 55V4 55 U 8 Steel pfd..120V4 120 120 120 Warren Bros B'/* 8 8 8% Youngs’n S&T 50 48’/ 2 49% 49Vi Motors— Auburn 3! 27% 27% 30% Chrysler .. 93% 91% 91% 92% Gen Motors .. 64 63% 63% 63% Graham Mot .. 2% 2% 2% 2% ft ud ? OI L . I* 14% 14% 14% Mack Truck . . 29 % 28% 29 29 Nash )7% 17 ]7 17 Packard .. 9’/* 9% 9% 9% Reo 3% 5% S3.' 5% Studebakcr u% n 11 111 J Yellow Truck . 18% {7% 17% n 7^ Motor Access—gebdix 27*, 26% 27 28% Bohn Alum . ... 48% 48% 48% 48% Borg Warner... 69 Vi 69 69 68% ® r 'K£s % <5% 45% 45% Budd M.fc 15 14s- 143,. 94 s; Budd Wheel .... 9% 9% 95, 4 9{£ Eaton Mfg .32 3l>: : 31V* 32 Elec Auto Lite 33% 33% 33% Greyhound “B". 50% as’li 48% 49 Houdaille . .... 23 22% 22% 23 Murray Bodv . . 15'/. 15V* 15% 15% Stew Warner ... 18 17% 175/, 1754 Timken Roll .. 6(1% 59 r * Tlmk Det Axle .. 14vJ u<& 14t5 u% Mining— Alaska Jun .... 14'i 14 14 14% Am Metals 28% 28%, 28% 28*/S Am Smelt 75% 73% 74 1 /, 74 Anaconda 33% 32% 32% 33 Cal & Hecla ... 11 10% 10% 11 Cerro De Pasco.. 54V, 53*4 54 53% Dome Mines ... 54 53% 53V 2 54% Ot Nor Ore .... 17*/, 16% 17 17% Howe Sound 51% 51V, 51 Vi 51Vi Ins Copper 10V 2 10'4 10Vi 10% Int Nickel 45V, 44% 44% 44'/. Kenne Cop 36% 35% 35% 35% Mclntvre Mine .. 43 42% 42% 42% Park Utah 3% 3% 3% 3% Phelps Dodge .. 33 32% 33 32% St Joe Lead ... 22% 22% 22% 23% U S Smelters 90 89Vi 89% 90 Amusements— Croslev Radio ... 25% 25 25% 25 Fox Theat 23% 23% 23% 23% Loews Inc 46% 46 46 46 Radio Corp .... 10 9% > 9% 9% Paramour. , 9V* 8% ■„ 8% 9V* R K O ) 6'* 5% ' 6 6 Warner Bids ... 9% 9% *•9% ; 9% Tobaccos— -■* r % Am snuff 62 62 62 62 Am Tob “A” ... 92 92 92 92 Am Tob ••B” ... 93'4 92% 93 92% Gen Cigars 55 55 55 57 Llgg & Myrs (B) 105% 105% 105*4 106 t.orlllard 22% 22% 22% 22V* rhili7 Morris • 88 85 85 85V4 Reynolds T (B) 52% 52'4 52% 52V* Rails— Atchison 70 68% 68 Vi 69 Va All Coast Lines.. 23'4 23 23 22% B& O 17*/, 16% 17 Vi 17 Can Pacific .... 12% 12, 12 12% Ch & Ohio 55% 55Vi 08% bJ% CM&SIP ... 1% 1% 1% 1% C‘ M & St P pfd 3'/* 3'/* 3Vi 3Vi cm n w 33 a 3 D'jla & Hud .. 38 4 37% 3(% 38% Del Lac & W 15Vs 15 15 15V, Erie pfd 17% 17U 17'i 16;* Gt Northern pfd 35% 34% 34% 34% M Central .. .. 19% 19V* 19V, 19‘* K C Sou 19% 18% 19% 18% Lehigh Valley .. 9 9 9 9 Lou & Nash ... 62 62 62 62% M K & T 7Vi 7Vi 7 % 7% MK k T pfd... 19% 18% 19V, I*% Mo Pac pfd ... 4% 4% 4% ... N Y Cent 83% 32% 32V* 32V* N Y New Haven 3% 3V* 3V* 3% N Y Ont k West 4% 4% 4% 4 , Nor Pacific .... 27% 28Vs 26% 26% Penn R R 30 29*/ a 29% 29% Reading 39 39 39 < 39 Sou Pic 30V* 29% 30 29% Sou R R 14 14 14 13% Union Pac 125 124 %, 125 125 „ West Maryland .. B’/, BV, BV, 8 Equipments— Am Car & Fdy 32 30% 30% 31V, 4fil Loco • • 24 24 24 24 Am Steel Fdy. 94% 24 24J4 34.% Bald Loco V/4 3 3*/ 3 Gen Am Tank C 44% 44'4 44 Vi 44 Gen Blec 36V* 35 % 35% 35-;* Pullman Inc ... 43% 42% 42% 42 West Air Br ... 37'4 36% 36% 36% Westingh Klee 106% 105V* 105V* 106% Utilities— Am 6s For Pwr 6V* 6% 6% 6% Am Power 8s Ut 9% .9% ,9% 9% A T 8s T .. • 156 Vi 155 Vi loo’a 155% Am Wat Wks . 20Vi 19% 20% 19% Col Gas 8s Elec 17 16% 1% I§% Comm 8s Sou . 2% 2% 2% 2% Consol Gas . 29 26% 28% 28 2 Elec Pwr 8s Lit. 13% 13% 13% 13V* Int Hydro Elec . 33 8 3 Interboro R T.. 19% 19% 12% % i Int T 8s T .. 13V* 13% 12% 12 Lou OBs K (A).. 10% 20% 20% 20% Nat Pwr 8s Lit.. 10 10 10 North Amer 24% 24 24 24 „ Pac GBs E 33'4 33% 33% 33 Peoples Gas ... 38% 38% 38% 38 Pub Scrv N J ... 39% 39% 39 i 39% 8o Cal Edison. 25% 25% 23% 28% Std Gas 5% 5% 5% 9% Stor eßs Webster 16% 15% 16 16 •* United Corp ... 5% 5% 5% 5% Un Gas Imp 14% 14% 14% 1* 4 Ut Pwr 8s Lt (A) 4% .4% 4% 4% v/estern Union.. 76% (4 75 75 Robbers— Firestone 28% 26'., 28Vi 28% Goodrich 1?% 19 If If, Goodvear 24% 23% 24 35% g fr*sassr-w an g* as fa New Bond Issues ,By Lyons 8s Cos.) Agk Asso Tel 5s ’66 ....104% 105V* B 8s O 39 98% 99 Brooklyn Man Tr 6%s -66 ... 100 . Cal Ore Pwr 4s - 66 95 95% Cent Maine 4s 'BO 102% 102% Cent 111 3Vis ’66 105V* 105% C 8s O Rep and Imp 5%s ’95 99% Chicago Sts 3%s ’63 106 V, 19f% Clnn Un Term 3%s ’B7l 105 105% Cleve Elec Ilium 3V4s '65 110% 111 Cleve TYactor 5s '45 104 105V* Columbia Lawy P 8s 4s ’55 105V* 105% Conn River P 8s L 3%s ’6l .104% 104% Consolidated Ed 3%s '56 ....100% 101% Consolidated Ed 4%s '46 .... 103% 103% Consumsr Power 3'is ’7O 103% 103% Cudahy Pkx 3%S 'ss 100% 100% Cudahy Pkg 4s ’SO 101% 102% Duouesne Lite 3%s '65 —107V4 107% Eastern Gas 8s Elec W4s ’56 .91 Vi 92% Edison Ilium Bost 3'is ’56 ,106V* 106% lowa South Util 5%s ’SO ....101 101% Kansas P 8s L 4%s ’6l 108 108% Jones 8s Laughlin 4%s ’6l ... 98% 99 Los Angeles G 8r E 4s ’7O ...105 105% Los Angeles G 8s 4s ’7O 105 105% Maine Cent 4s '45 100 100% Metro Ed 4s '56 107% 108 Natl Dairy 43*,s ’6l 101% 101V* N Y Edison 3%s ’7O 101% 101% N Y Cent 3%s ’46 98 98% Norway 4%s ’56 95% 95% Norway 4%s ’65 100 100** Ohio Edison 4s ’66 105% 105% Pacific Lite 4%s ’45 105 % 105% Pacific G 8t B 3%s ’6l 103% 103% Pacific Tel 3%e ’ 102% 102% Penn R R 3%s ’7O 101 101% Penn Tel 4s '56 105% 106 Pub Serv N H 3%s ’6O 104% 104% Railway & Lite 4%s ’55 ... 108 110 Saguenay Pwr 4*4s 'so ... 100 San Liego G 8s E 4s '45 .... 109 So Cal Gas 4s ’65 104% 104% So Cal Ed 4%s ’45 104'* 105% So Western G k E4s 60 ... 102% 103% So Ca! Ed 4s ’65 .. - 108** . Union Pac 3%s '7l 99 99Vi V S Pipe 8t Fdy 3%s ’46 ...104 104'* Virginia Rwy 2%s ’66 103% 103% West Penn 3%s '63 106 106% Wise B 8e D 3%s ’66 101% 102% Youngstown Sheet & Tr 4s ’Bl 98% Ygatwn Sht 8s T Deb 3%* ’3l 102% 102%

REMOVAL SALE OFFICE EQUIPMENT Buy Now! Below Cost HILLER Office Supply Cos. 38 S. Pennsylvania St. Riley 15t7

TUESDAY, MAY 12, 1936

Allis Chalmers .41 40% 40% 40% Am Can 131% 12$ 129 128% Brooklyn Man T 46 45% 45% 45% Burroughs Add 25% 25% 25% 25% J I Case 140% 1/6 X 46 147 Conti Can 72V, VOVi 71 70V, Caterpillar Trac 71% 70 71% 69% Crown Cork .... 52% 53V, 52% 52% Curtis Pub .... 18% 18 18 18Vs Deere 8c Cos 73% 73 73 74 Kastman Kodak 163% 153 163 1 63% Foster Wheeler 28% 25% 28% 38 Gillette 15% 15% 15*, 13% Glidden 47 <7 47 47% Ingersoll Rand 106% 16 106% 104 Int Bus Mach . 162 182 162 Inter Harv .. 81% 80 81% 81 Natl Casn Reg .. 23% 22% 23% 33% Owens Bot 139 139 139 138 Rem Rand 2l'i 20V* 21% 21 Vi Worth Pmo .... 27',* 27 27% 27 Foods— Am Sugar 52 52 52 51 Vi Armour 5 4V’s 4% 5 Arm 6% Pfd ... 72% 7|% 72% 72% Beat Cream ... 21 20% 20% 20% Borden Prod ... 27V, 26% 27Vi 27% Cal Packing .. 31% 31% 31Vi ji Can Dry G Ale. 10% 10% 10Vi 10% Coca Cola . 87 V, 87% 87 Vi 87 Vi Cont Bak “A”.. 13% 13% 13% 12% Corn Prod 74% 74 74 74 Crm of Wheat .. 35 35 3 < 35 Cub Am Sue . 11 10% 1)% 10% Gen Baking .. 11% 11% 1?% 11% Gen Foods . 36', 37% 3ft 38% Gold Dust ... 15% 15% 15% 18% G W Sugar . . 35 34', Vl’< 34% Hershev 74 74 74 76 Natl Biscuit .. 34 33’, 33% 34 Natl D Prod ... 23% 22% 23% 22% Purity Bak . 9Vs 9% 9% 9% S Por Rico Sug 27 28% 27 26% Std Brands .... 15% 15% 15'/, 15% Un Biscuit 26’,* 26V* 26V* 26V* United Fruit ... 74 73V, 73% 72V, Ward Bak ‘B’... 2V, 2% 2V, 2% Retail Stores— Allied Stores ... 8% 8 8 8 First Natl Stores 43% 43 43V, 43 Vi Gimbel Bros .. 8% 8% 8% 9 Gm Un Tea 3% 3% 3Vi 3% Kresge S 5.... 21% 21% 21% 21% Kroger Groc ... 22% 22% 22% 22% Mac.v R H 41V* 40% 41V* 41 McCrory St .... 12% 12V, 12Vi 12% McLellan St .. 12'/* 12'/* 12'/* 12% Marshall Field.. 15% 15 15% 15 May Dept St ... 45% 45Vi 45V* 46 Mont Ward 40% 39% 39% 39'/* Natl Tea 8% 8% 8% 8% Penney J C 74% 73 % 73 % 75 v, Safeway St 31 30% 30% 38% Sears Roebuck . 88Vi 84% 64% 64V* Woolworth 48% 4ft V* 48% 48% Aviation— Aviation Corp .. 5% 5V4 5% 5Vi Boeing Aircraft . 17% 17% 17% 17% Curtiss Wright .6% 6 6% 6 Curtiss Wri (A) 15 14 14% 14’.: Douglas Air 55% 54% 54% 54% Nor Am Av B'/* 7% 8 8 Sperry Corp 16V* 16% 16% 18% Utd Aircraft new 22% 21*/, 21V* 22 Chemicals— Air Reduc 59% 59% 59Vi 55% Allied Chem ...188 185 188 185 V, Am Com A1 24 23% 23% 24 Col Carbon 115 114% 114% 112 Com Solvents ... 17Vi 17Vi * 17V, 17V4 Du Pont 139% 138 $l3B 138 Freeport Tex ... 29% 29'/* 29% 29% Liouid Carb ... 35% 35 35% 35% Math Alkali . . 29% 29V* 29',i 28% Monsanto Chem. 87 85% 86% 85 Natl Dis (new!.. 29% 29% 29% 29% Schenlev Dist .. 44 42% 42% 43% Tex Gulf Sulph 35% 35% 35% 35% Union Carbide .. 80 78 % 78% 78 U S Ind Ale .... 467* 45% 45'% 45Vi Drugs— Bristol Myers ... 43% 42% 42% 43% Cotv Inc 4% 4Vi 4*4 4% Lambert 20% 20'/* 20% 20% Lehn k Fink ... 15% 15% 15% 15% Sterling Prod .. 69 68 % 69 68% Un Drug (new) .. 13 12% 12% 12% Vick Chem .... 43% 43V* 43% 41% Zonite Prod .... 6% 6% 6% 6%

N. Y. Bonds DAILY BOND INDEX 20 20 20 80 Inds. Rails. Utils. Bonds. Today 90.7 90.3 104.9 95.3 Yesterday 90.8 90.3 104.7 95.3 Week ago 90.5 90.3 104.6 95.2 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 34.7 103.5 93.3 (Copyright, 1936, by Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) . . Treasury* Prev. Close, close. 4%s 1947-52 - 117.22 117.21 4s 1944-54 112.28 112.26 3%s 1946-56 111.3 111.3 3%s 1940-43 108.21 108.18 3%s 1943-47 108.5 108.4 3'/*s 1943-45 107.25 107.23 3Vis 1944-46 107.14 107.14 3%s 1946-49 105.26 105.27 3%S 1949-52 105.24 3s 1951-55 104.15 104.15 3s 1945-48 105.1 105 2%s 1945-47 103.11 103.11 2%s 1951 ~..102.2 102 Home Owners Loan Corp. 2%s 1949 101.19 101.19 3s 1952 ..102.26 102.24 Federal Farm Mortgage Corp. 3%s 1964 104.13 104.11 3s 1949 103.2 103 3s 1942-47 103.27 103.25 2%s 1945 102.3 102.11 DOMESTIC Prev. Close. Close. Alleg Corp 5s ’44 94 94% Alleg Corp 5s ’49 86% 88 Am Frgn Pow 5s 2030 72% 72% Am Tel & Tel 5%s *43 112% 113 Am Xel k Tel 5s ’65 113% 113*2 Arm &Cos (Del) 4s 55 97% 97 Atl Coast Line 4s ’52 96% 96 Atl Coast Line 4%s ’64 81 78% Atch Top & S Fe 4Vis ’4B ... 111 111 Am Wat Wks 5s ’44 102.9 102.11 Am Rolling Mills 4%s ’45 ...113 113 Va Balt k Ohio 6s ’95 93V* 93% Balt k Ohio 4V 2 s '6O ...... 69% 65% Buff Roch k Pitt 4%S ’57 75 74% Beth Steel 4%s ’6O 104% 104% Chi Milw & St P ’75 18 17% Chi Milw k St P 5s 2000 6% 6% Cleve Un Term 5s ’73 .107% 107% Cleve Un Term 4'/ 2 s 77 ......102% 102'/* Col Gas 5s May ’52 104% 104% Col Gas 5s ’6l 103*/* 103% Can Pac Perp 4s 91 91V* Cent Pac 5s ’6O 99*% 98V* Big Four 4Vis ’77 91 90% Chi k West Ind. 4s '52 103% 103'/* Chi & Nor West 4%s ’49 .... 12 11% Con Gas 5s ’57 103.23 103.23 Chesa Corp 5s ’47 125% 125% Del & Huds 4s ’43 84% 83% N Y Dock 4s ’sl 65% 67 N Y Dock 5s ’3B 65% 61% Erie 5s ’75 74'/* 74 Erie 5s ’67 74% 75 Grt North 7s '36 100.26 100.26 Brt North 4%s ’76 101% 101 % rt North 4%s ’77 100% 100 Gen Stl Cast WW 5%s ’49 ..83 83 Hud k Manhat Ref 5s '57 .... 83% 83% 11 Cent 5s '63 83 82% Interntl Hy Elec 6s ’44 ... 4114 41'/a Interntl Tel & Tel 4Vis ’39 ..89% 90 Interntl Tel & Tel 5s ’55 .. 82 81V* Interntl Tel & Tel 4%s ’52.. 77V* 77% P Lorillard 7s ’44 132 132 McKess & Rob 5%s ’SO 104 104 Natl Dairy sVis ’4B 103 103 Natl Steel 4s ’65 105% 105% Nickel Plate 4Vis ’7B 82% 83 Nickel Plate 5%s ’74 93% 94 N Y Cent 5s 2013 90% 91 N Y Cent 4Vis 2013 (old) .. 83% 83% Nor Amer Cos 5s ’6l 105% 106 Nor Pac 3s 2047 81 80V* Nor Pac 4Vis 2047 ....101 100% Nor Pac 6s 2047 11l V 4 111 New Orleans Term 4s ’55 ... 90V* 90% Otis Steel 6s ’4l 102% 102% Penn Ry 4%s ’B4 108% 108 V 4 Penn Ry 4 l is ’Bl 108*/* 108 Vi Penn Ry 4Vis ’7O 104 103% Pac G ft E 5s ’42 202% 102V* Portland Gen El 4%s ’6O 70% 70V* Para Publix 6s ’55 89V* 90V* Penn P & L 4'is ’Bl 106% 106% Postal Tel & Cab 5s ’53 30 30 Rem Rand WI 4%s ’SB 109% 109% Shell Union Oil 3%s 'sl 96% 98 Sou Pac 4'is ’6B 89% 90 Sou Pas 4' 2 S ’Bl 83 88% Sou Pac 4'is ’69 89Va 89 Sou Pac 4s ’49 92V 2 92% Sou Rail 4s ’56 58 57% Sou Rail 6s ’56 74% 74% Sou Rail B%s ’56 78 77 Sharon Stl Hood s'is ’4B ....165** 103V* Texas Pac 5s 'BO 103** 103 Texas Pac 5s ’79 163V* 103 Texas Pac 5s ’77 103% 103% Union Pac 4s *47 113 Vi 113% United Drug 5s 'sl 99% 99% U S Rubber 5s '47 105% 10S% NY NH k Hart 6s ’4B 30% 36% NY NH k Hart 4Vis 67 ...... 30% 30% Warner Bros 6s ’39 92 92% Western Mary 5%s '77 107% 107 Western Marv 4s ’52 100 99% Youngstown S k T 5s *7O ...106.28 106.28 Youngstown S is T 5s '7B ~105.20 105.20 FOREIGN Argentina A 6s ’57 99'i 99% Argentine B6s ’SB 99% 99% Barzil 8s ’4l 32% 32 Canadian Govt 4s ’6O 108 108% Denmark 5%s ’55 101 % 101 French 7s '49 172 167 German 7s '49 31% 32 Italy 7s 'sl 73 74 Japan 6%s ’54 97% 96% Poland 7s *47 83% 89% Rome B%s '52 81% 84 Tokyo City 5%s '6! T 5% 75%

Financial— Adam* Exp .... 18% 10% 10',i 10% Allegheny Corp.. ) j% 33 Am Int Corp... 10% 10 10 10% Chesa Corp 84 84 84 63 Lehman orp .. . 89 89 Transamtrica... 12% 12% 12% 12% Tr Conti Corp... 8 7*4 7% 7% Building— Am Radiator 20 19% 10% 19% Gen Asphalt . 24% 24% 24% 24% Holland Furnace 30% .30 30 % 30% Int Cement ... 44% 44% 44% 44 Johns Manvllle 91% 91% 01% 02 Libby Owens Gla 31 50% 50% 50% Otis Eev 25% 25% 25% 25 4 , U S Gypsum ... 84 84 84 81 % Ulen Cons 4% 4% 4% 4% Household— Col Pal Peet ... 13% 13% 13% 15% Congoleum 35'/, 34% 35V, 35 Kelvinator 19% 19% 10% 19% Mohawk Carpet . ... 21% 21% Proc 8c Gamble 42% 40% 40% 40% Servel Inc 19% 19% 19% 19% Simmons Bed .. 25% 25 25% 24 7 / Textiles— Amer Woolen .. 7% 7% 7% 7Vi Belding Hem .. 14% 14% Celanese Corp.. 23% 22% 22% 22'/, Collins Aikman. 42% 42'/, 42'/* 42'/* Gotham Hose . . 9 9 Indus Ravon ... 27% 27% 27% 27% Kayser Julius . 27% 27 V, 27% 27% Real Silk 12% 12% 12% 12% Chicago Stocks (By Atkins, Hamill & Gates) . Prev. Close, close. J. D. Adams 16% ... Advance Aluminum 7% 7Vi Asbestos Mfg .. 3% 4 Associated Investors 39 39Vi Bastian-Blessing 9% ... Berghoff 11% 11 Butler Brothers 8% 8 Cent 111 Pub Service pfd 59*/* 80 Chicago Yellow' Cab 25% 25% Cities Service 4% 4% Comomnwealth Edison 98% 98% Cord 47* 5 Va Crane 26 Electric Household 15 Vi .. General Household 7% 7Vi Godchaux Sugar "A” 33% 35 Jarvis Mfg . • 137* 19 Libby McNeil & Libby 7% .. Lion Oil Refining 11 % 117* McGraw Electric 30% 30 Nat, Gypsum 48V* .. Northwest Engineering ..... 20 21 Public Service of Northern 111 51 51 Standard Dredge pfd 1374 13% New York Curb (By Atkins, Hamill & Gates) Prev. Close. Close. Aluminum Cos of America 115% 115% Am Cyanamtd ‘'B” 34% 35 Am Gas k Electric 35 35 Am General .' 8% 8% Am Superpower 2 2 Ark Natural Gas “A” 6 57* Atlas Corp 11% 11% Creole Petroleum Corp 27% 28 Crocker-Wheeler 9% 9% Elec Bond k Share 17% 17V, Ftsk Rubber 5 s'/, Ford Motors Canada “A” ... 22 22 Gulf Oil Corp of Penn 82 82 Humble Oil k Refining Cos .... sftVi 5974 Int Vitamin 8 8 Imperial Oil of Canada 217i 21% Irving Air Chute 20 20'/, Lake Shore Mines 53% 57 Molybdenum Corp 6f Amer ... 8 7 7 /* Mueller Brass Cos 27% 27 Natl Bellas Hess Inc 2% 2 Niagara Hudson Pwr 8% BV* Pan-American Airways 55% 55% Pennroad Corp p'* 37* Reliable Stores COrp 1574 15% Root Petroleum 15 15% St Regis Paper Cos 3% 3% Salt Creek Producers Assn ... 7% 7% Segal Lock 2% 3 Sonotone 2% 26% Standard OH of Ohio 29 29 Sterchl Brothers Stores 4% .. Stutz Motor Car of Amer 2% 3 Technicolor Inc 27% 27% Tubize Chatlllon Corp 6 6% Wayne Pump 27 27 Unlisted Stocks (By Blythe k Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers Trust 55% 57% Central Transfer 106% 108 V, Chase 36V, 37% Chemical 53 54% Guaranty 85 289 74 Irving 14% 16 Vi Manufacturers 48V* 49% National City 32% 337* Cent 111 Chicago 142 145% First National Boston 43% 45’* National Shawmut 26 27% FIRE INSURANCE Aetna Fire Ins 53 55 74 American Ins of Newark ... 14% 16% Baltimore American 5% 9% City of New York 24% 26*4 Federal Ins 45 491/, Franklin Fire 31% 33% Great American Ins 28V, 29% Hanover Fire 38 V, 40% Hartford Fire 73 75% Home Ins 34% 36% JP* Cos Os (A) 71 *73% National Fire 711/2 73^ National Liberty 9*4 ifi? North Liberty .. 26(i Phoenix 87 $9% U S Fire 50V4 52*/, Westchester Fire 35i/ z 373^ Commodity Prices (By Abbott, Proctor k Paine) COTTON NEW YORK M.n N>. B , h .Low Close Close JJ.62 Ji-58 11.58 11.58 >J. u V v . 11.29 11.25 11.26 11.25 October 10.33 10.26 10.27 10 27 December 10.32 10.27 10.27 in 29 •January 10.30 10.27 10.27 lo!22 March 10.35 10.31 10.31 10.30 NEW ORLEANS Prev High Low Close Close Mav >ll 53 11.48 11.48 11.51 JPlv 11.21 11.18 11.19 11.17 October 10.28 10.24 10.24 10.23 December 10.29 10.24 1Q.24 10.24 January 10.26 10.24 10.24 10.24 NEW YORK COTTONSEED OIL , , High Low Close Close Julv 8.96 8.81 8.96 8.81 September 8.94 8.82 8.92 8.81 SUGAR Prev. _ . , High Low Close Close September 2.88 2.85 2.80 2.87 May 3.00 3.00 3.00 5.96 July 2.90 2.88 2.88 2.89 BUTTER Prev. „ . Close Close November 26% .267$ EGGS Prev. „ , , Close Close October 23% .23% Other Livestock (By United Press) CHICAGO. May 12.—Hogs—Receipts, 16,000 including 6000 directs; mostly 10-15 cents lower than Monday's average; instances 50 cents off on lightweights to $9.60: bulk. 140-170 lbs., *8.75®9.25; 250300 lbs., $9®>9.40; 300-350 lbs., $8.75@9; sows, [email protected]. Cattle—Receipts, 6000; calves, 2500. Fed steers and yearlings weak. Prospects slightly lower on medium weights; about steady on yearling and light steers; largely steer run; very little done. Several loads held above $9. Kellers about steady. Cows scarce and weak. Bulls steady at $6 down and vealers 25 cents higher from [email protected], and selects. $lO. Sheep—Receipts. 7000; old crop lambs lower; scattered early sales on wooled offerings. sU®ll.4O; few clinpers, $10®10.25; holding best above $10.50; springers fully steady; strictly choice native selling upward to $12.25. FORT WAYNE. Ind.. May 12.—Hoes, 15c lower; 160-180 lbs.. $0.40; 180-200 lbs., $9.30; 200-225 lbs., $9.20; 335-250 lbs., $9.05; 250-275 lbs., $8.75; 275-300 lbs. $885: 300-350 lbs.. $8.65: 140-160 lbs., $9.05; 120-140 lbs., $8.80; 100-120 lbs., $8.55. Roughs, $8; stags, $6; calves, 89; lambs, sll. LAFAYETTE, Ind.. May 12.—Market 10-15 cents lower: 179-210 lbs., $93009.40; 210-235 lbs., $9.10®9.20; 235-260 lbs., s9® 9.05; 280-325 lbs., $8.70®8.90; 140-170 lbs., $9®9.25; 100-140 lbs., $8.25®9.75; roughs. $8 down. Calves. 98 down. Clipped lambs, $9.50 down. Wool lambs, sll down. Spring lambs, sl2 down.

r— WE BUY. SELL. and gladly furnish quotations on: Bonds of ths Unilsd States Government, Its Territories And Insular Possessions Moms Owners’ Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Gorp. 12* EAST MARKET STREET \

270 MILLIONS ESTIMATED AS WHEAT INCOME

Board Expects Winter Crop to Sell for IV/2 Cents a Bushel. (Copyright. 1936. by United Press) . WASHINGTON, May 12.—Preliminary estimates today indicated that American farmers will derive approximately $270,000,000 from the 1835-1936 winter wheat crop. The estimates were based on the Agriculture Department’s crop reporting board forecast of a winter wheat crop of 463,708,000 bushels, and on the current price of 84Vi cents for September wheat on the Chicago Board of Trade. In making allowances for outside factors which enter into the compiling of cash in iome figures, it was noted that approximately 155,000,000 bushels of wheat—both spring and winter—is held off the market each year. Os this, 80,000,000 bushels is used for seed, 60,000,000 for feed, and 15,000,000 for consumption by the farmer himself. Based on Past Figures Government officials pointed out that these figures on the amount to be held off markets are rough estimates, based on past figures, and that sharp changes in market prices might result in more or less being held off the market according- to the price changes. The winter wheat crop usually is about twice as large as the spring wheat crop, hence the amount of winter wheat which could reasonably be expected to be held off the market, for seed. f eed, and home consumption, would be approximately 100,000,000 bushels. Thus, approximately 363,708,000 bushels of the winter wheat crop may be expected to find its way into regular markets. Government reports showed, in past years, the average differential between farm and market prices for winter wheat has been about 11 cents a bushel, representing the cost of transportation, brokerage fees and similar items. Thus it would appear that, according to current prices, the farmer should receive about 73’i cents for his winter wheat crop. Lowers Earlier Estimate The $270,000,000 figure is arrived at by assuming the nation’s farmers will sell 363,708,000 bushels for 73 cents a bushel. The estimate of a 463,708,000btlshel winter wheat crop showed a drop of 6 per cent below the estimate made on the basis of April 1 conditions. This was ascribed by the board to poor weather and lack of moisture. The estimated yield this year is more than 433,447,000 bushels actually harvested In 1935, but was less than the estimate of 493,166,000 bushels made by the board last month on the basis of April 1 conditions. However, the board noted, in a general summary of crop prospects, that “since the first of May there has been a very marked improvement in conditions” as a result of warmer weather and widespread rains in the great plains area "where they were most urgently needed.” The notation clearly left the inference that further revisions may be expected, forecasting larger crops, in the report to be made next month on the basis of June 1 crop conditions.

Investment Trusts (By Thomas D. Sheerin * Cos.) Bid. Asked. Administered Fund 2nd .....$15.78 $16.79 Affiliated Fund. Inc 1.71 1.89 Amer General Equities 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 . ... Corn "AA” or “Accum” (Mod) 3.17 3.20 Corp "A” or “ACC” (Unmod) 2.55 2.59 Corp Trust Sh (Orlg.) 2.64 2.68 Diversified Tr Shares “8”.... 9.61 9.71 Diversified Tr Shares “C" 4.25 4.29 Diversified Tr Shares *‘D’’ 6.42 6.52 Dividend Shares Inc . 1.55 1.69 Oeneral Investors Trust 5.55 6.01 Incorporated Investors 20.75 22.18 Investors Fund Amer.. 99 1.00 Market St Investment Corp . 28.90 30.4< Maryland Fund 18.10 19.52 Massachusetts Investors .... 24.40 26.41 Nation-Wide Sec Cos “B” 4.08 . Nation-Wide Voting 1.66 1.30 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 . ... Quartelv Income Shares .... 1.49 1.64 Selected Amer Sh, Inc 1.48 1.61 Selected Amer Sh (Orig) 3.45 .... Selected Cumulative Shares.. 897 9.07 Selected Income Shares .... 4.67 4.77 State St Investment Corp .. 93.50 98.50 Super-Coro of America “AA” 2.69 2.73 Super-Coro of Amer “BB" 2.73 2.76 Super-Corp of Amer “A” 3.97 4.03 Super-Corp Ot Amer "B” 4.16 4.21 Super-Corp of Amer ”C”.... 7.72 . . Supervised Shares. Inc (Dela) 12.55 13.74 Tr Standard Oilshares “A”.. 6.88 6.98 Tr Standard Oilshares “B’’ • 6.05 8.15 Tr Standard Investment “C” 2.82 2.86 Tr Standard Investment “D” 2.76 2.79 Utd Standard Oilfurds ...19 1.31 Uselps “A” 17.55 17.85 •Uselps “B” 2.62 Uselps Voting 1.01 •Ex-dividend. FIRST immsim mortgage LOANS Indianapolis LJ A Weekly Payments! ■ No Commissions! Home Builders Savings and Loan Association 1000 Lemcke Bldg.

Four-Month Dividends Greater Dividends declared by .leading corporations in. 1h& first four months of this year amounted to Sh'Stt,s4B,Ul -9, a 19 per cent, increase over the. amount distributed in the same period of 1955.

Local Securities (By Indlanapolla Bond and Share Corp.i The following quotations do not represent actual bids or olferlngs, but merely indicate the approximate market level bated on ouylnf and telling inquiries or recent transactions. BONDS Bid Ask Home T 8k V Ft Wye B%s ’55 . .103 105 Home TBcT Ft Wye 6s ’43 .. 103 108 Indnapls Railways, Inc 5s ’67 84 67 Indianpls Water Cos 4%3 ’40.. 106 108 Indianpts Water Cos 5s ’6O ...105 107 Indianpls Water Cos 5s ’7O ..105 107 Indianpls Water Cos 5%s '53 103% 106 Indianpls Water Cos 57 2 s ’54..103% 106 Interstate T k T 3%s '53 ..94 97 Kokomo Water Works 5s 'SB 104 105% Morris 6 k 10 Stores 8s 'BO ..100 103 Muncie Water Works &s *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 t 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 71 STOCKS Belt Rail A8 Y Com 53% 58 Belt Rail & 8 Y Ptd 6s 53 .. . Central Indiana P pfd 7s 18 21 Home Tel k Tel Ft Wye 7s 52% 54'% Hook Drugs Inc Com 17% 19 Ind k Mich Elec Cos Pfd 75... 105 108 Indiana Genl Serv Cos 6s 98 100% Indiana Hvdro Elec Cos 7s 55 58 Indianapolis Gas Cos C0m.... 29 34 Indianapolis PkL ct pfd 6s . 87% 90% Indianapolis P*L Ct Pfd 6%s 9J% 94% Indiananolis Water Cos Pfd 5s 103% 105 North Ind Pub Serv Pfd 5%s 62 Rft North Ind P\(b Serv Pfd 6s 6R% 71% North Ind Pub Serv Pfd 7s . 77% 80% Progress Laundry Cos Com 10% 12 Pub Serv Cos of Ind Pfd 6s .20 23 Pub Serv Cos of Ind Pfd 7s 39% *2% South Ind Gas k Elec Pfd 8s 98 101 Terre Haute Elec Cos 6s . 92 04 Union Title Company Com .. 19% 21%

HODS DISPLAY UNEVEN TREND Prices Steady to 10 Cents Lower; Veals, Lambs Stationary. Although receipts were estimated at 6000, porker prices were steady to only 10 cents lower today at the Indianapolis Union Stockyards. Weights ranging upwards from 160 pounds showed the full decline. Demand, however, was slightly improved compared with recent sessions. Only 97 head of hogs were held over from yesterday’s market. The top price paid for good and choice weights was $9.60. The bulk of 160 to 225 pounds cashed in at $9.45 to $9.55. Medium heavyweights, from 225 to 260 pounds, brought $9.30 to $9.40. Extreme heavies, ranging upward from 325 pounds sold at SB.BO to $8.90. Light lights, 130 to 160 pounds, were saleable at $9 to $9.50. Packing sows held at $7-75 to $8.50. Trading developed slowly In the cattle market, and prices were unevenly lower. Few light yearlings held about steady. The bulk price was not established. Receipts numbered 2500. Vealers remained unchanged, selling at $8.50 to $9. Receipts were 800. Sheep also were stationary. Bulk of choice strip lambs brought $10.50. Other classes sold at $lO to $10.25. Slaughter sheep were mostly 25 cents lower. Receipts were 3000. OTHER CASH GRAIN (By United Press) CHICAGO, May 12.—Cash grain: WKeit —No sales. Corn—No. 3 mixed, 62@62%c; No. 1 yellow, 66c; No. 2 yellow, 65@65%c: No. 3 yellow. 62%®64c: No. 4 vellow. 60® 61c: No. 5 yellow, 59%@60%c; No. 1 white. 68%C; No. 2 white. 68%@69c; No. 3 white, 67(@;68c: No. 4 white, 65%c; No. 5 White, 62c: sample grade, 27@59%c. Oats —No. 2 white, 30V4C; No. 3 white, 26%fr/ 29%c; No. 4 white. 24%<fip25%c. Barley feed quoted, 30@48 nominal: malting auoted, 45®92 nominal. Rye—No sales. Timothy Seed, $2.75®3. Clover Seed, sls® 22.50. Cash Provisions—Lard $10.42 asked; loose. $9.70 asked; leaf, $9.62 nominal; bellies, $13.25 asked. TOLEDO, May 12. —Grain close: In elevators—transit billing. Wheat—No. 2 red, 95@96c. Corn—No. 2 yellow, 67%®68%c. Oats—No. 2 white. 32%@33%c. Rye—No. 2, 59%®60%c. Track prices, 24 %c rate. Wheat— 2 red, 90®91c; No. 3 red. 88<& 90c. Corn—No. 2 yellow. 63®64c; No, 3 yellow, 61 (5)62',4c. Oats—No. 2 white, 29@ 31c; No. 3 white, 25®40c.

GREYHOUND FARES are lower GREYHOUND TRIPS more pleasant and convenient Compare any FIRST CLASS ALL the world loves a savtraval fare* with these: XX ing! That’s why millions NEW YORK $15.00 of travelers S° by Greyhound CHICAGO .... .. . 4.00 every Th y save dollars, DETROIT 6.00 yet er U oy the utmost in comPITTSBURGH !!! . * ort ’ convenien -e and scenic ST. LOUIS s*oo beauty - This s P rin S fares are WASHINGTON ... 13.00 exceptionally low, with reduced BUFFALO 11 00 T7 * nter rates still in effect. Greyi . i r- nre ,bound serves all America, with LOS ANGELES .... 32.50 moderri coaches> fr e ue n t CINCINNATI 2.75 schedules, dependable service. LOUISVILLE 2.30 Phone for complete information. TRACTION TERMINAL BUS STATION lUiaots and Market Streets phone RL Bt9L

WHEAT REACTS SHARPLY AFTER EARLY UPTURN Heavy Liquidation of May Contracts Forces Prices Off 1 3-4 Cents. By United Pres* CHICAGO, May 12.—Heavy liquidation of May contracts generated a sharp reaction in wheat prices after early firmness today on the Board of Trade. At the end wheat was off 14 to I*4, cents, corn was unchanged to off 3 ,x cent, and oats were unchanged to off % rent. Wheat prices opened firm a* a result, of the bullish government crop report which estimated winter wheat at around 464,000.000 bushels lower than expected by most grain interests. Lower Liverpool and Kansas City markets and light precipitation reported over a large part of the Southwest wheat belt were among the bearish factors in the downward trend of wheat prices. Corn, Oats Uneven There was heavy liquidation of May by local operators. There was some selling which was regarded as spreading with rye and some buying of May against sales of July along with selling of May against purchases of September. Corn followed wheat in the downturn. Volume of trade was light. There was some changing between May and July. Cash corn interests bought May and sold July while one broker who usually acts for a local house sold May and bought July. Oats eased in sympathy with other grains in a dull market. Rye held within a narrow range. (By United Press) Prev. Wheat— High. Low. Close, close. Mav 94% .91% .92 .93% July 86% .84% .84% .85% Sept. 85‘4 .83% .84 .84’% Corn— May 63 .62% .62% .62% July ! -... .61 ,60V* .60% .60% Sept 59 .58 .58% .55% Oats— May 26% .26 ,26%a .36% Julv 26V* .25% ,35%b .26 Sept 26% .26% .26%b .28% Rye— Mav 53% .52% .52%b .52% Juiv 53 ,52V* ,52%a .52% Sept 53% .52% .53*/.a .52% Barley— May 37b .31 Lard— Mav 10.40 10.25 10.35 10.40 July 10.47 10.22 10.32 b 10.37 Sept 10.47 10.25 10.40a 10.32 (a) Ask; (b)Bid. CHICAGO PRIMARY RECEIPTS Bushels • Today Last Wk. Wheat 284,000 268,000 Corn 587.000 703,000 Oats 228,000 260,000 INDIANAPOLIS Wheat—Weak: No 1 red. 88%®89%e; No. 2 red, 87%®88%5. Corn—Steady; No. 2 white, 60%®/62%c; No. 3 white, 58®61c; No. 4 white, 57®58c: No. 2 yellow, 59® 60%c; No. 3 yellow, 56%®59c; No. 4 yellow. 54® 56c; No. 2 mixed. 58®>59c; No. 3 mixed, 55%®57%c; No. 4 mixed, 52%® 54%e. Oats—Steady; No. 2 white, 24®26e; No. 3 white, 22®24c. LOCAL CASH MARKET City grain elevators arc paying 85 cents Tor No. 2 solt wheat. Otner grades on their merits. Cash corn new No. 3 yellow 56 cents and oats 18 cents.

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