Indianapolis Times, Volume 48, Number 56, Indianapolis, Marion County, 15 May 1936 — Page 24

Trends Sees High Prices as Brake on Business. BY JOHN T. FLYNN

YORK, May 15—Prices— J no one can measure the part these play In our economic drama. A writer In Harper’s writes a long article explaining what Is killing the theater. He mentions many germs. But he leaves out the most Important—price; tickets at $3.30 for shows that ought to cost $1.50. Similarly, current magazines are

filled with attempts to explain what is the matter with the construction ind ust ry. All sorts of causes for its languor are given. But no one questions the one big cau se—prices. A building ma g a zine records that in 1935 contracts for concrete roads actually let covered only 345 miles. But if you looked at

Flynn

the price lists in another part of the magazine you found the reason. Here it is: In 1932 a concrete road 7 , /a inches thick and 20 feet wide cost approximately $20,4C0 a mile. In 1934 the cost was $25,795. In 1935 it was $29,463. That is an Increase ol 44 2 per cent. u an AND remember, there Is no money for roads in the hands of the road builders —which are the states and counties. If it were not for public recovery funds supplied by Uncle Sam there would be no road money. This price boost has been effected on public recovery funds. Are we to blame the road, contractors and material men? Hardly At the beginning of this Administration the President announced that the great thing was to get prices up. Does any business man need any more encouragement than that? Yet it is the construction industry in which the greatest opportunities for new business lie. And new business of the most important type—capital goods business. How much wearing out of roads and bridges has occurred these last six years no one can tell. nun IN Toledo an old bridge—the Fasset-st Bridge—fell into the river. An undermined pier did the work. There was, of course, immediately the inevitable outcry and the demand for an inspection of other bridges of which Toledo has many. Five of them were found to be in critical condition requiring immediately emergency repairs costing $140,000. From the point of view of business, here was $140,000 of good business lying around waiting for a bridge to fall into the river to bring it to light. But, after all, city officials have to get money to build or repair bridges and roads. And it is the cities, the counties, the, states — the road and bridge builders of the country—which are hardest up for funds. And it is to these hard-pressed customers that the contractors and material men have boosted their prices 44 per cent in four years. What would an inventory of badly needed bridge and road repairs feveal? One can guess that It would reveal billions of dollars of badly needed business. Why is duch an inventory not made? Because officials know that money is scarce. What could contractors and material men do to help this 'setter than to resist the priceboosting urge? (Copyright. 1936. NEA Service. Inc.) 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. $5.25. Limes—Mexican, carton 20c. Bananas—seven hands, pound, 6’ 4 c. Apples—Wlneaaps (fancy baskets), $1.75. Lemons—Sunklst (300s), $8 Grapefruit—lmperial Valley, *3.75. Pineapples—Cubans 18-30 st. crate. $3.50. Grapes—3. America 20-lb box. *2.25®2.50; Honey Dews. S America. *3 VEGETABLES—Beans. green, round stringless (hampers). $2.25. Beets—Texas (dor. crate). 65c; cut offs <bu.>, *1 Cab-bage-New Texas, half crate, *1.35. Carrots—California (6-dor. crate), *2.75. OauUflower, California (12c crate). *1.75. Celery—Florida washed and trimmed ido?,.). 45@85c: Florida (4s. Bs. 10s crate), *3.50. Cucumbers —Hothouse (do*.), 90c; two dor., box). *1 65. Egg plant—Florida (dor ). *175. Kale—Virginia (bu.). 75c. Lettuce—lceberg, California (best 6s ss), *3; home grown leaf (15-lb. basket), 75c. Peppers—Mangoes (crate). *3.504(4; peck basket. *1 15; do*.. 40c Mint—Hothouse (dor). 60c, Mushrooms—Pound. 30c. Mustard—Texas, half crate. *1.40. Onions —lndiana yellow iSO-lb. bag(. 60c; new Texas Bermuda yellow. 50-lb. bag *1.25. Parsley—Southern (long bunches, dor.), 35c Parsnips Home-grown, washed, bushel, 90c; half-bushel. 50c. Peas— Florida, hamper. *1.85 Potatoes —Michigan Round White. 100-lb. bag. *2.25: R. R. Early Ohio. 100-lb. bag. *2.25: R. R. Triumph 100-lb. bag, *2.25: Idaho Bakers 70c box. *2.50; New Alabama Triumphs, 70s box. *2 50 Sweet potatoes—Tennessee Nancy Halls. hampers. *1.35. Radishes—Homegrown buttons, do*.. 40c; white, 50c. Rhubarb—Hothouse, do*.. 25c. Rutabagas—Northern 50-lb. bag. *1.50. Sage—Do?,., 45c Shellnts—Louisiana do*.. 35c Turnips—New bulk Texas, bu.. *1.75. Tomatoes—Repacked. 10-lb. box. *1.50; Florida, orlg. (6-6). lugs. *3.35 Other Livestock (By United Press) CHICAGO. Mav 15.—Hogs—Receipts. 5000. including 3500 directs; steady to 10 cents lower than Thursday's average; practical top. *9 60: half load. *9.65; bulk. 160-250 lbs., *9.35(d9.50; 250-300 lbs . *9.10® 9.45: few 300-350 lbs.. *8 [email protected]; sows mostly steady at *8.25tf8 50; few up to **6s. Cattle—Receipts. 1000; calves. 500: all slaughter classes steady to strong in cleanup trade: light steers. *8 25: bulk downward from *8: heifers, *[email protected]; cows very scarce: few above *5.75; cutter trades downward from *4.75; bulls and vealers steady; practical top sausage bulls *6.10; vealers. M©9.o: selects, *10; Stockers and feeder*, dull. Sheep—Receipts. 7000: fat lambs, steady; available supply small: few lnbctween grade clipped lambs *9.50©T0: holding medium wooled offerings around *10.75: clippers. 7*i7.50; most shorn ewes, *3.50® 4; few. *4.25® 4.50.

earr deposit Jill L DEPARTMENT American National Bank AT INDIANAPOLIS MmM> Fd*ral D*poit In,grant* Corporation I LOANS For Modernization For a New Home I THI It AILROADMENS iu.no. * SAVING ASSN. St Virginia A*.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 24

COTTON TRADE SHOWN BETTER DURING MONTH

April Consumption Gains 100,000 Bales Over 1935 Period. liU United Prctt WASHINGTON, May 15.—The Department of Commerce has reported a decrease in the number of cotton spindles active during April compared with the same month last year. Only 23,123,536 spindles were listed in use compared with 23,854,052 in April, 1935. The department disclosed that an Increase of more than 100,000 bales consumed during April had been registered over the same month last year. Last month 576,762 bales were consumed compared with 468,402 bales in April, 1935. The report on cotton consumption showed that 4,649,521 bales had been consumed by last April 30 compared with 4,115,761 at the same date last year. Imports, Exports Rise During the month, both imports and exports of cotton rose over last year. It was reported that 12,629 bales entered the country compared with 9,060 last year. This item was listed in 500-pound bales. Exports now total 5,167,070 running bales for the nine months ended April 30 compared with 3.895,785 for the corresponding period last year. Although the United States’ best customer is still Japan, which received 1,319,385 bales for the threequarter year period, the United Kingdom has almost doubled its receipts of American cotton. Great Britain bought 1,165,754 bales for the nine-month period this year compared with 607,936 last year. Japan’s imports of American cotton last year totaled 1,284,211 bales. BUILDING VOLUME UP April Total Is $83,966,821, Gain of 7 Per Cent Over March. Times Special NEW YORK, May 15.-A further season increase was noted in the building industry during April with the dollar volume of permits issued in 215 cities amounting to $83,966,821, compared with $73,072,223 in March and $51,717,570 in April, 1935, Dun & Bradstreet, Inc., reported today. This was a gain of 7.5 per cent over March, the rise over the same month last year amounted to 62.4 per cent. The building permit volume last month was the largest recorded since August, 1931. Local Securities (By Indianapolis Bond and Bhare 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 A sk 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 4VaS '40.. 106 108 Indlanpls Water Cos 5s '6O ...105 107 Indianpls Water Cos 5s '7O ...105 107 Indlanpls Water Cos s>/ 3 s '53.103'/* 106 Indianpls Water Cos 5%s ’54.. 103% 106 Interstate TANARUS& T 5%s '53 .. 95% 98 Kokomo Water Works 5s 'SB .104 105% Morris 5 & 10 Stores 5s 'SO .100 103 Mtincie Water Works 5s '65.103% Noblesvllle H L & P 6%s '47 .101 103 Ohio Telephone Service 6s '47 99% 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 Rati & S V Com 53% 56 Belt Rail & S Y Pfd 6s 52 .. . Central Indiana P pfd 7s ... 18 21 Home Tel & Tel Ft Wye 7s 52 Va 54 Va Hook Drugs Inc Com 17 Li 19 Ind & Mich Elec Cos Pfd 75...105 108 Indiana Genl Serv Cos 6s .... 98 100% Indiana Hydro Elec Cos 75... 65 58 Indianapolis Gas Cos C0m.... 29 34 Indianapolis P&L ct pfd 65.. 87% 90% Indianapolis P&L Ct Pfd 6%s 91Va 94% Indianapolis Water Cos Pfd 5s .102% 105 North Ind Pub Serv Pfd 6%a 62 65 North Ind Pub Serv Pfd 65.. 68% 71% North Ind Pub Serv Pfd 75..., 77% 80% Progress Laundry Cos Com ... 10% 12 Pub Serv Cos of Ind Pfd 65... 20 23 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 .. 19% 21% New Bond Issues (By Lyons & Cos.) Bid Ask Asso Tel 4s '66 105 105% B& O 4%s '39 99% 99% Brooklyn Man Tr 4%s ’66 ....100 Cal Ore Pwr 4s '66 96'* 97 Cent Maine 4s '6O 102% 103 Cent 111 3%s '66 105% 105% C & O Rep and Imp 3V2S '96 ,100% 100% Chicago Sts 3%s 63 ...106% 107% Cinn Un Term 3%s '7l 105% 106% Cleve Elec Ilium 3%s '65 110% 111 Clove Tractor 5s '45 105 Columbus Railway 4s '65 .... 105% 105% Conn River P& L 3%s '6l ...104% 104% Consolidated Ed 3%s '46 104% 104% Consolidated Ed 3%s ’56 102% 102% Consumer Power 3%s ’7O 103% 104 Cudahv Pkg 3%s '55 100% 100% Cudahy Pkg 4s ’SO 102 102% Duquesne Lite 3%s ’65 . 107% 108% Eastern Gas A- Elec W 4s ’56 . 92% 93% Edison Ilium Bost W4s ’65 ...106% 106% Low a South Util 5%s 50 101% 102 Kansas P & L 4%s ’65 108% 108% Jones Si Laughlin 4%s ’6l 98% 99% Los Angeles G & E 4s ’7O 105 105% Maine Cent 4s ’45 100% 100% Metro Ed 4s '65 ... 107% 108% Monon W Cr 4%s ’6O 104% 105 N Y Edison 3%s 65 Kb% 102% N Y Cent 3%s 46 Norway 4%s ’56 100% 101 Norway 4%s ’65 95% 96 Ohio Edison 4s ’65 105% 105% Pacific Lite 4%s 45 105% 105% Pacific G & E 3%s ’6l 103% 103% Pacific Tel 3%s 66 ..102% 103% Penn R R 3%s ’7O 101% 101% Penn Tel 4s ’65 105% Pub Serv N H 3%s ’6O 105% 105% Railway & Lite 4%s ’55 108 110 Saguenay Pwr 4%s ’B6 100 San Diego G & E 4s ’65 109 % 80 Cal Gas 4s ’65 104% 104% So Cal Ed 4s ’6O 108% So Cal Ed 3%s ’45 104% 10534 So Western G & E4s ’6O 102% 103% Union Pac 3%s ’7l . 99% 99% US Pipe & Fdv 3% s ’46 106 106% Virginia Rwy 3%s 66 103% 104 West Penn 3’is ’66 106% 106% Wise GtK 3%s ’66 102% 102% Youngstown Sheet & Tr 4s ’6l 98% Ygstwn Sht & T Deb 3%s ’51.. 102 % 102%

Breed, Elliott & Harrison Established 1912 1115 CIRCLE TOWER GOVERNMENT BONDS FEDERAL AND JOINT STOCK LAND BANK BONDS HOME OWNERS' LOAN CORPORATION BONDS REAL ESTATE PREFERRED STOCKS AND BONDS BUILDING A LOAN STOCKS INVESTMENT TRUSTS

New York Stock Exchange Prices

(By Thomson Sc McKinnon) Noon Prev. Oils— High. Low. NY. close. Amerada 98 98 98 96 Atl Rfg 29% 29% 29% 29% Barnsdall 18 % 17% 18 17% Consol Oil 12% 12% 12% 12% Cont of Del .... 32% 32 32 31% Houston (new) . 9% 9 9 9% Mid Cont Pet .. 20% 19% 20 19% Ohio Oil 14 13% 13% 14% Pet Corp 13% 13% 13% 13% Phillips Pet .... 42% 42% 42% 42% Plymouth Oil ... 14% 13% 13% 13% Pure Oil .... 19% 19% 19% 19% Royal Dutch ... 57% 57% 57% 57% Seaboard il . 35 34% 34% 34% Shell Un 18 17% 17% 18 Bkelley Oil .... 24% 24% 24% 24% 80c Vac 13Vs 12% 12% 13% S Oof Cal .... 38% 38% 38% 37% S O of Ind ... 34% 34% 34% 35 SOof N J ... 61% 60% 60% 61% Texas Corp 34% 34 34 34 Tidewater Assn 16% 16% 16% 16% Un Oil of Cal. 23% 23% 23% 23% Steels— Am Roll Mills . 27% 27% 27% 27% Beth Steel 51% 50V* 50V* 51% Byers AM 18 % 18 18 17% Cruc Steel ... 32 32 32 32 Ludlum Steel .. 25% 25 25 25% Mid Steel 39 38% 38V* 38% Natl Steel 60% 60 60 61 Otis Steel 15% 14% 15 14V* Rep Ir & Stl . 19% 19V* 19% 19V* U S Pipe & Fdy 35 35% 36Vs 35 U S Steel .... 58% 57V* 58 59 U S Steel pfd ...122% 122% 122V* 122% Warren Bros 9% 9 9 9 Youngstwr, S& T 52V* 52V* 52% 52V* Motors— Auburn 31% 31% 31 Vi 30-, Chrysler 96 95% 95% 95% Gen Motors 64 63V* 63% 64 Graham Mot . . 2% 2% 2% 2% Hudson .... 15% 15V* 15V* Id-* Mack Truck . . 30V* 30V* 30% 30% J 17V* 17% 17% 17% Packard 11 10% 10% 10% geo. u -, • 5% 5% 5% 5% Stude baker 11% 11% 11% u% [Yellow Truck. .. 18% 18 18% 18v* Motor Access— Bendlx 28% 27% 27% 28V* Bohn Alum 49% 49V* 49V* 49% Borg Warner ... 72’% 72V* 72V* 72' BngfS 48 47% 47V* 48’/* Budd Wheel 10% 10V* 10V* 10% Eaton Mfg .... 33% 33% 33% 33 Eec Auto Lite.. 35% 35% 35V* 35% Elec Stor Bat .. 47 46% 47 47 greyhound ”B”. 56% 56 56 56‘/a Houdallle 23% 23V* 23V4 24 Murray Body ... 16V* 16 16V, 16% Stew Warner ... 19% 18% 18% 19% Timken Roll ... 62% 62V* 62% 62V* Timken Det Axle 16% 16 16 16% Mining— Alaska Jun .... 14% 14 14 14% Am Metals 29V, 29% 29% 29% Am Smelt 79% 78% 78% 78% Anaconda 35V* 34% 34% 35 Cal & Hecla 11% 11% 113„ 11% Cerro De Pasco. 54% 54 54% 54% Dome Mines ... 53V* 53% 53% 54 Gt Nor Ore ..... 17% 17% 17% 17% Ins Copper 11 11 a u% Int Nickel .... 47V, 46V* 46V* 46% Kennecott Cop. 37% 37% 37V* 37% Mclntyre Mine. 43% 43% 43% 43% Phelps Dodge .. 34% 34% 341/2 34% St Joe Lead ... 23% 23% 23 3 /* 23V* U S Smelters .. 93 93 93 92V* Vanadium 19 19 19 19% Amusements— Crosley Radio . 26% 26% 26% 27 Fox Theat 24V* 24V* 24% 24V* Loews Inc 47 V* 47 47 471/2 Radio Corp 10V* 10% 10% 10% Paramount .... 9’/* 9 9 9 gKO 6% 6% 6% 6% Warner Bros ... 10% 9% 9% 10% Tobaccos— Am Tom “A” .. 92% 92% 92% 93 Am Tob “B” ... 94% 94 94 941/2 Lorillard 22V* 22% 22% 22% Philip Morris . 83 81% 82 83% Reynolds Tob ‘B’ 53% 53V* 53V* 53V* Rails— Atchison 73% 72 V* 72 Vi 73 Atl Coast Lines 24% 24 24 24 B &O .. • 18% 18V* 18V* 18% Can Pacific 12% 12% 12% 12% Ch & Ohio 56% 56% 56% 56% C M & St P ... 1% 1% IVi IV2 CM& St P pfd 3% 3% 3% 3% Dela & Hud .... 40 391/2 39'% 4 0 Del Lac & W ... 16V* 16 16 16'/* Erie pfd 18% IBV3 18V* 18% Gt Northern pfd 36% 35% 35% 36% El Central .... 20% 20 20 20% K C Sou 21 21 21 21% Lehigh Valley .. 9% 9% 9% gs Lou & Nash ... 66 65% 66 64% MK & T 8 7Vi 73/ 4 g MK & T pfd .. 20V* 201/2 20V2 20% Mo Pac pfd ... 4'/4 4% 4% 4% N Y Cent_ 55% 34% 34% 35 N Y New Haven 3% 3% 3% 31/* N Y Ont Sc West 4% 4% 4% 4% Norfolk fc West 231 230 231 230 Nor Pacific ... 28% 28% 28% 28% Penn R R ..... 30% 30 30% 30 Reading 39 39 39 39 Sou Pac 31V* 31V* 31V* 31% Sou R R 15V* 15 15V* 15 Union Pac 125% 125% 125% 126 Vi Equipments— Am Car & Fdy.. 32% 32 32 32% Am Loco 26 % 26 26 26% Am Steel Fdy... 27% 27 27 27% Bald Loco 66 .. 3% 3% 3Vs 3% Gen Am Tk Car. 45% 45 45% 45% Gen Elec 37% 36% 36V* 37% Pullman Inc ... 43% 4?Va 43% 43% West Air Br. ... 38% 38Vi 38% 38' Westingh Elec.. 114% 112% 112% 114 Utilities— Am & For Pwr . 7V* 7% 7% 71/4 Am Power & Lit 10% 10% 10% 10% AT&T ...161% 1601,5 160V* 162' Am Wat Wks .. 21% 20% 20% 21% Col Gas & Elec 18% 17% 18 17% Comm & Sou ... 2% 2Vi 2% 2% t Consol Gas . 30% 30 30 30% Elec Pwr & Lit. 14% 14% 14% 14% Int Hydro Elec.. 3% 33% 3 Interboro F, T .. 13 % 13 j3 Int TANARUS& T .. 14V* 14 14V* 141/ Lou G & E “A” 21'* 21V* 21% 21 Nat Pwr & Lit.. 10% 10% 10% 10% North Amer ... 25 24% 24% 25V* Pac G& E 34'% 34V* 34% ’4% Peoples Gas 41 41 41 40% Pub Serv N J ...*40% 40% 40% 40V* So Cal Edison .. 26% 26 V 26% 26 Std Gas 6% 6 6 s'/* Stone & Webber 17% 17% 17% 17% Lnited Corp .... 6 5% 5% 4 Un Gas Imn .. 15V* 15 15% is Ut Pwr & Lit ‘A’ 5 4% 4% 5% Western Union.. 80% 79% 793/4 79% Rubbers— Firestone 28% 28% 28% 2R3/„ Goodrich 20% 20 20 20% Goodyear 26 25% w. j*i U S Rubber .... 30V, 30% 30% 30% Investment. Trusts (By Thomas D. Sheerin & Cos.) Administered Fund 2nd ... *16.07 A sij 16 Affiliated Fund Inc 170 ,qa American General Equities .. 160 102 •American Business Shares . 1.09 119 Bullock Fund Ltd 17.15 10' 6 3 Broad Street Investing 28 29 30 26 Century Shares Trust 26 12 28 09 Collateral Tg Shares "A” ... 6.30 Corporate “A” or “Accum” m 3.27 3so Corporate ’’A” or “ACC" unm 2.63 2.66 Corporate Trust Shares (orig) 272 2 76 Diversified Trustee Shrs "B* 9.87 997 .Diversified Trustee Shrs “C” 4.36 440 Diversified Trustee Shrs “D" 6.61 671 Dividend Shares Inc 1 57 171 General Investors Trust 5.79 e 29 Incorporated Investors 21 05 22 88 Investors Fund Amer 100 110 Market Street Invest Corp 29.30 3o!83 Maryland Fund 18 45 19 98 Massachusetts Investors 24.85 26 87 Nation-Wide Sec Cos ”B'’ ... 4.18 Nation-Wide Voting 1.70 iB4 North American Tr Shs 1955 3.28 330 North American Tr Shs 1956 3.22 326 North American Tr Shs (or) 2.51 Quarterly Income Shares .. 1.52 168 Selected Amer Shares Inc . 1.51 Igs Selected Amer Shares (orig) 355 Selected Cumulative Shares 9.23 933 Selected Income Shares . 4.80 490 State Street Investment Corn 96.00 101 00 Super-Corp of America "AA” 2.76 280 Super-Corp of America “BB" 2.80 283 Super-Corp of America “A”. 4.09 414 Super-Corp of America “B”. 4.28 433 Super-Corp of America “C”. 7.95 Supervised Shs Inc (Del) 12.80 14.02 Trustee Standard Oilshs “A" 6.97 707 Trustee Standard Oilshs “B’’ 6.11 621 Trustee Standard Invest “C” 2.90 2.9 T Trustee Standard Invest “D” 3.83 287 •United Standard Otlfunds . 1.18 L 32 " a :‘ 17.65 .... •Selps B 269 Uselns Voting 105 •-Ex-Dividend.

’ a nJ y Indpls. Power & Light Cos. newton Sell V&JZZi™- TOOD

Thomson & McKinnon NEW YORK MEMBERS CHICAGO New Tork Stock Exchange. TORONTO r ° r * Cnrb ® xc h*nge. ROSTftN New Xork Cotton Exchange. Gnirri/ Dttxirt _ New Xork Coffee end Sugar Exchange, rim ir HEiWD 0 New Orleana Cotton Exchange. FT. WAYNE Chicago Stock Exchanges EVANSVILLE Chicago Board of Trade. Winnipeg Grain Exchange. I tldifUmpolis Office And other leading Exchanges. 200-214 Circle Tower LI. 5501 I

FRIDAY, MAY 15, 1936

U S Rubber pfd 71 19 70 /0% Miscellaneous— Allis Chalmers .. 43V* 43% 43V* 43% Am Can 130% 129% 129% 13v., Anchor Cap ... 19V* 19% 19% 19V* Brklyn Man Tr.. 46% 46% 46V* 46% Burroughs Add . 26% 26V* 26% 26V* J I Case 154% 154% 154% 153% Conti Can 74V* /JV, 73% 73% Caterpillar Tract 73 72V* 73 72% Crown Cork 54V* 53% 63% 54V* Curtis Pub 19 19 19 18% Deere &Cos .. 77 ,ti% 76% 77% Foster Wheeler . 27 27 27 76 *,* Gillette 16 16 18V* .5% Inter Harv 84% 83% 84 V* 84 Natl Cash Reg. . 24% 24V, 24% 24V* Owens Bottle ..143 143 143 142 Rem Rand 21V* 20% 20% 21V* Foods— Am Sugar 54 54 54 53% Armour 5% SV 5% 5 Borden Prod ... 27% 27% 27% 27% Cal Packing ... 31% 31% 31% 31 Can Dry G Ale- 11% 11% 11% 11% Cont Bak "A’’ .14 14 14 14 Corn Prod 76% 76 76 76 % Cuban Am Sug.. 11% 11V* 11V* 11% Gen Baking 11% 11% 11% 11% Gen Foods .... 38% 38V, 38% 38 s /* Gold Dust 16% 16V* 16% 16 G W Sugar 36V* 36% 36% 35V* Natl Biscuit 34V* 34V* 34% 34V* Purity Bak .... 10'/* 9% 10% 10% S Port Rico Sug 29 29 29 • 29% Std Brands 15% 15% 15V* 15V* United Fruit .. 75% 75 75 75 Ward Bak “B”.. 2% 2% 2% 2V* Wrigley 70 69% 70 70 Retail Stores— Allied Stores .. 8% 8% 8% 8% Assd Dry Goods 14* 14% 14 s * 14% First Natl Stores 44% 44V* 44% 44 Gimbel Bros ... 10% 10% 10% 10% Kresge S S ... 21% 21% 21% 21% Kroger Groc ... 227* 22% 22% 22% Macv R H ..42 42 42 42 Marshal! Field . 19% 15% 15% 16 Mont Ward ...42 41% 41V, 41% Sears Roebuck . 66V* 657* 65% 65% Woolworth 49V, 49% 49% 49% Aviation— Aviation Corp ... 574 574 5V* 5% Boeing Aircft .. 18% 187* 18% 18Va Curt Wright .. . 6% 6V* 67* 6V* Curt Wright ‘A’ 157* 15 15 14% Douglas Air ... 57 56 56 56*/, Sperjy Corp 18% 1774 17% 18 United Air new. 23% 23 23 23V* Chemicals— Air Reduction .. 60% 60'4 60V, 60% Am Com Alcohol 247* 24% 24V* 24V* Col Carbon 187* 177, 177', 16 Du Pont 143 Vs 143 V* 143 V* 143 Math Alkali .... 30 30 30 29% Monsanto Chem. 86% 85% 85V* 86 Va Natl Dis (new).. 3074 30V 4 30V* 307* Schenley Dist .. 46% 46 74 46V* 4674 Tex Gulf Sulph . 35% 3574 35% 3574 N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds Rails Utils Bonds Today 90.7 91.2 105.1 95.6 Yesterday 90.7 90.5 104.9 95.4 Week ago 90.8 90.5 104.8 95.4 Month ago ... 91.5 92.2 105.0 96.2 Year ago ...... 87.4 76.4 97.6 87.2 1936 high 93.4 95.6 105.5 97.9 1936 low 90.0 84.7 103.5 93.3 (CoDvright. 1936. bv Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasurys Prev. Close Close 4'/4S 1947-52 117.79 117.26 4s 1944-54 113.1 112.31 3V*S 1946-56 111.10 374s 1943-47 103.6 374s 1941-43 108.29 3'/*s 1943-45 107.25 107.24 3'/*s 1941 108.29 108.28 3'/*s 1944-46 107.14 107.13 3V*s 1946-49 106 105.30 3s 1951-65 104.18 104.15 3s 1946-48 ..105.6 105.5 2%s 1945-47 103.14 103.10 2%s 1951 102.4 102.3 Home Owners, Loan Corp. 2%s 1949 101.21 101.21 3s 1952 102.29 102.29 Federal Mortgage Corp 3'/4S 1964 104.13 3s 1949 103.5 103.4 2V*S 1945 102.12 DOMESTIC Prev. Issue. Close, close, Alleg Corp 5s '44 s.. 92'i 937* Alleg Corp 5s M 9 86% 87 Am Frgn Pow 5s 3030 73% 72% Am TANARUS& T 57 2 s ’43 113 112% Am T & T 5s ’65 113V* 113 7a Arm &Cos (Del) 474s ’SO 97% 97% Atl Coast Line 4s ’52 9674 96 Atl Coast Line 4%s '64 79'/2 81 Am Wat Wks 5s ’44 102.8 102.8 Am'Rolling Mills 4s ’55 114% 113 Balt & Ohio 5s ’95 91 91 Balt & Ohio 6s ’95 94 1 /* 93V* Balt & Ohio 4%s ’6O 70% 69% Buff Roch & Pitt 4Vis ’57 76 76 Beth Steel 4%s ’6O 105V* 10474 Chi MiXv & St P 5s ’75 19 18 Chi Mill/ & St P 5s 2000 6V* 6% Cleve Un Term 5s ’73 108 107 74 Cleve Un Term 4'/,s ’77 102V* 10274 Col Gas bs April ’52 105V* 104% Col Gas Perp 4s 9174 91 Can Pac Perp 4s 9174 91 Cent Pac 5s ’6O 997* 9974 Big Four 47,s ’77 91% 91'4 Big Four 5s ’63 98 V, 98'/* Colorado & So 4%s ’BO 7074 69 Chi & West Ind 4s ’52 103 V, 103% Chi & West Ind 574s ’62 ....106'/* 106'/* Chi & Nor West 474s ’49 .... 12 12 Con Gas 5s ’57 103.21 103.23 Chesa Corp 5s ’47 127 V, 126 N Y Dock 4s ’sl 6574 65% N Y Dock 5s ’3B 66 65% Erie 5s ’75 75 74'/* Erie 5s ’67 75% 7474 Gen Cable 5%s ’47 104V* 104V* Grt Northern 4%s ’76 10074 101% Grt Northern 7s *36 100.23 100.24 Grt Northern 4%s ’77 100% 100 s /* Gen Stl Cast WW 574s ’49 ... 82% 8274 Hud & Manhat Ref 5s '57 .. 83 8274 111 Cent 474s ’66 72% 72 111 Cent Jt 4V4s ’63 80 79V* 111 Cent 5s ’63 84 83V* Interntl Hy Elec 6s '44 41 41 Interntl Tel & Tel 4%s ’39. 90Va 90V* Interntl Tel & Tel 5s ’55 84 82% Interntl Tel & Tel 4%s ’52.. 7974 78V* P Lorrilard 7s ’44 132 131V* McKess & Rob 5%s 'SO 104 103V* Natl Dairy 574s ’4B 102.30 102.31 Natl Steel 4s ’65 105% 105'/* Nickel Plate 4'4s ’7B 8374 83 Nickel Plate s'4s ’74 ........ 94 93 N Y Cent 5s 2013 9174 91 N Y Cent 4%s 2013 (old).. 85 84 Nor Amer Cos 5s ’6l 105% 106 Nor Pac 3s 2047 8174 81V* Nor Pac 474s 2047 ....101% 101V* Nor Pac 6s 2047 11l 111 Nor States Pow 5s ’4l , 104V* 104% New Orleans Term 4s 555.... 90'/, 90% Otis Steel 6s ‘4l 102V* 10274 Penn Ry 4'is 'B4 108% 10874 Penn Ry 4%s 'Bl 109 108'/, Penn Rv 4%s ’7O 10474 10374 Pac G & E 5s ’42 103 103 Portland Gen El 41/28 ’6O .... 7074 70% Para Publix 474s ’45 91 1 /* 90% Penn P & L 4%s ’Bl 106% 10674 Postal Tel & Cab 5s ’53 31% 2974 Rem Rand WW 109V* 109 Shell Union Oil 374s ’sl 96 96% Sou Pac 4%s ’6B 9174 90% Sou Pac 4%s ’Bl 90 89V* Sou Pac 41 2 s ’69 90 74 897* Sou Pac 4s ’49 93 92 Sou Rail 4s ’56 59% 58% Sou Rail 6s '56 74% 74% Sou Rail 674s ’56 78'4 78 Texas Pac 5s ’BO 104% 103 Va Texas Pac 5s ’79 104'4 104 Texas Pac 5s ’77 103% 103 s '* United Drug 5s ’53 100% 99% U S Rubber 5s ’47 105% 105% NY NH & Hart, 6s ’4B 30% 30% NY NH & Hart 4%s ’67 30% 30 Warner Bros 6s ’39 92% 92 Western Mary 4s ’52 10074 100 Youngstown * S T 5s ’7O ..106.20 106.27 Youngstown S & T 5s ’7B .. .105.18 105.19 FOREIGN Argentina A 6s ’57 100 9934 Argentine B 6s ’SB 100 100 Brazil 8s ’4l 32V* 32% Canadian Govt 4s ’BO 108% 108% Denmark o%s '55 101% 101 French 7s ’49 175 172 German S%s ’65 24% 24% German 7s ’49 31% 32% Italy 7s ’sl 73% 73 Japan 6%s ’54 97% 077* Poland 7s ’47 90., 89 Rome 6%s ’52 *3% 63% Tokio City 5%s ’6l 757475%

Union Carbide ..82 81% 82 82 U S Inds Alcohol 4874 46 % 46V* 477* Drug*— Britsoi Myer* .. 43 43 43 43 Coty Inc 5% 4% Lambert 20% 207* 20% 207* Sterling Prod .. 68% f.% 68 V* 68% Un Drug (new).. 137* 13 13 13% Zonite Prod 6 67* 674 67* Financial— Adams Exp 1074 10% 10% • 107* Allegheny Corp.. 32% 33 Am Int Corp 10% 10% 10% 10% Chesa Corp 64% 64% 64% 64 Lehman Corp 95 s , 95% 95% 93 Transaraerica .. 12 s * 8% 8% 12% Building— Am Radiator .... 20% 20 20 20% gen Asphalt ... 26 26 26 25% HollandFFurnace3l/,e33 1 /, 33% 33 74 33 Int Cement . 46% 4674 46 % 46% Johns Manville . 95% 95 95 95 Libby Owens Glas 56% 56 56 56% Otis Elev 27% 27 74 27 % 277, U S Gypsum... 87% 87% 87% 87 s * Ulen Cons 574 5% 5% 5 Household— Col Pal Peet 15V* 157* 15% 14% Kelvlnator 207* 207* 207* 207* Mohawk Carpet. 22 22 22 22 Proc & Gamble . 42 42 42 42 Servel Inc 20% 20 20 20 Simmons Bed .. 27% 2674 2674 27 Textiles— Am Woolen 8% ' 8% 8% 874 Celanese Corp .. 23% 23 V* 23 V* 23'/* Collins Aikman . 44 5 /* 44 44 447* Indus Rayon ... 28 28 28 28 Kayser Julius •. 287* 2874 28% 287i Chicago Stocks (By Atkins, Hamill & Gates) Noon Prev. Chicago, close. Advance Aluminum 7 s * 7% Asbestos Mfg 3% 37* Associated Investors 40% 40% Bastian-Blcssing 10% 10% Butler Brothers 87* 87* Cent 111 Pub Service pfd 62 60 Cities Service 4% 4 % Commonwealth Edison 98 Continental Steel 31 74 31 74 Cord 5% 574 Crane 277* 2874 General Household 8 77* Godchaux Sugar (A) 34 74 ... Godchaux Sugar (B) 16 Grt Lakes Dredge 28% 2874 Jarvis Mfg 19% 197* Katz Drug 39% 38% Lynch Glass 42 41% Musk Motor Sp (A) 1874 18 Noblitt-Sparks 28 Zenith 18% 19 Northwest Bancorporation .... 9% 10 Perfect Circle .. 3674 36 Standard Dredge pfd 14% Swift International 30 30% New York Curb (By Atkins, Hamill & Gates) 1:00 P.M. Prev. N.Y. close. Alumirtum Cos. of America ....124 ..123 Am Cyanamid “B” 23'/a 36 Am Gas & Electric 357* 35% Am Superpower 2V* 274 Ark Natural Gas “A" 6 6% Atlas Corp 127* 1274 Carrier Corp 9 9 Creole Petroleum Corp 28 V* 2874 Crocker-Wheeler 1074 10 V* Elec Bond & Share 187* 1874 Fisk Rubber 5% 57* Ford Motors Canada “A” ... 22% 22% Glen Alden (1) 14V* 14V* Gulf Oil Corp of Penn 83Va 83% Humble Oil & Refining Cos. ... 61 % 61 Va Int Vitamin BV* BV* Molybdenum Corp of Amer.... 87* 872 Mueller Brass Cos 28 74 287* Niagara Hudson Pwr 87* 87* Pennroad Corp 474 474 Reliable Stores Corp 16% 16% Root Petroleum'. 16 16 St. Regis Paper Cos 3% 374 Salt Creek Producers Assn ... 774 7% Segal Lock 374 374 Standard OH of Ohio 2974 30 Stutz Motor Car of Amer... 274 274 Technicolor, Inc 29 74 29% Wayne Pump 29 29% Money and Exchange INDIANAPOLIS STATEMENT Clearings $3,274,000 Debits 7,436,000 TREASURY STATEMENT (By United Press) Washington, May 15.—Government expenses and receipts for the current fiscal year to May 13, as compared with a year ago: This Year Last year Expenses ..$6,263,806,396.98 $6,232,109,989.19 Receipts .. 3.474,440,181.55 3.229,808,377.06 Deficit 2,789,366,215.43 3,002,301.612.13 Cash, bal . 2,429,375,952.21 1,697,261,714.30 Pblic debt 31.510.169,638.88 28.612,557,414.23 Gold rsrv.. 10,302.380.026.47 8,735,586,835.77 Customs... 338,204,548.20 298,403,446.11 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, 14c; colored springers, 2 lbs. and up, full feathered, 21c: Leghorn springers 1% pounds and up. full feathered, 18c; bareback broilers, heavy type, 13c; 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 Sound under 55 lbs. will be made. No. 1 utter, 2974<®30%c; No. 2, 26i/2@27'/2C. Butterfat, 25c. (By United Press) CHICAGO, May 15. Eggs Market steady; receipts, 300,811 cases: fresh graded firsts, 2074 c; extra firsts, 21V*c; current receipts, 1974 c; dirties, 1874 c; checks, 18'/ac. Butter—Market steady; receipts, 12,913 tubs; extras (92 score). 26c; extra firsts (90-91% score), 25V*@25‘/2C; firsts !88.'89% score). 24%<&25c; specials, 26%@27c. Poultry—Market steady: receipts, 30 trucks; ducks, 135D16c; geese, 10 @llc; spring chickens, 26%1>28%c; hens, 17@22c; capons, 25Vt28c; turkeys, 18(b20c; broilers, 24<fi25c; Leghorn hens, old - roosters, 14c; rfyers, 25@27%c. Cheese —Twins, 13%@13 3 /c; daisies, 14'/*c; longhorns, i4@l4'/c. Potatoes New stock, supplies moderate; market, slow; demand, weaker; Alabama Bliss Triumphs, $2.85#?) 2.90; Louisiana Bliss Triumphs. $2.80#i2.90. Old stock, supplies light; demand, moderate; market, stronger; Wisconsin round whites. [email protected]; Minnesota cobblers, *1.40; Early Ohios, *1.30; North Dakota Early Ohios, $1.30. Arrivals, 78; on track, 231; shipments, 656. FRUITS ANL VEGETABLES (By United Press) CHICAGO. May 15.—Apples—Willow Twigs, bu.. *1.25. Carrots—lllinois, bu.. 23 @3oc. Sweet Potatoes—Tennessee, bu., *l.lO. Beans—Louisiana, bu., Cabbage—Mississippi lettuce, crate. *i.2s@ 1.40. Spinach—lllinois, bu., 40®60c, Tomatoes—Florida, lug. *2®3.50. Cauliflower —California, crate, [email protected]. Peas—California, hampers. *1.40©1.60. LettuceWestern, crate, 52.50®2.75. Celery—Crate, Florida, *[email protected]. Onion market (50-lb. sacks): Texas white wax. 85®90c; Texas yellow Bermudas, 80@90c. REPORT HOUSING NEEDS CINCINNATI, May 15.—This city needs between 8500 and 9000 housing units, according to a survey recently made by the Cincinnati Better Housing League.

Letters YOUR BANK OVERSEAS! f The financial services of this Bank / f * I • | extend to wherever commerce leads L I y*/>* /J - A you. The Letters of Credit which we A \ V I (/(I ]1 } Issue to you here, will be honored by w Wlf If * Bank co-operatlnr with us, in any i '*nd to which you travel. In the y. - J g-Y rZj.f... - matter of Letters of Credit, as with I§gjgtt every branch of modern Banking, we are organized to serve you capably. The UNION TRUST TRAVEL DEPARTMENT 120 X. Market St. XL 5341

ABBOTT, PROCTOR & PAINE MEMBERS New York Stock Exchange Chicago Board of Trade New York Curb Exchange Chicago Stock Exchange New York Cotton Exchange Chicago Mercantile Exchange New York Produce Exchange Commodity Exchange, Inc. New York Cocoa Exchange, Inc. Montreal Curb Market New York Coffee Sc Sugar Exchange, Inc. 8 EAST MARKET STREET INDIANAPOLIS TELEPHONE, RILEY 5491 NEW YORK CHICAGO BOSTON, MASS. MONTREAL, CANADA RICHMOND* VA. ANDERSON. IND. CLEVELAND. O. APPLETON.I Wl§. BRISTOL, VA, ROANOKE, VA. NEWPORT NEWS, VA. DANVILLE, VA. STAUNTON. VA. PETERSRrRfe, VA. NORFOLK. VA. KNOXVILLE, TERN. CHARLOTTE, *. C.

AUTO MAKERS AIDED BY NEW TRADE TREATY

France and United States End Decade-Long Tariff War* BY JOSEPH M. BAIRD United Press Staff Correspondent WASHINGTON, May 15.—A de-cade-long diplomatic war over tariffs has been ended by a comrfiercial treaty designed to promote a profitable flow of trade between France and the United States. The pact insures American auto makers, fruit growers, canners of fish and others a more profitable French market. At the same time, it gives French perfumers, vintners and lacemakers opportunity for a wider sale of their products in the United States. America and France, though comrades in two wars, have waged a bitter struggle over trade' arrangement. This fight became particulirly acute a decade ago when the French started regulating imports by quotas. Lowers Tariff in 71 Items The present treaty, while not abolishing the French quota system, greatly expands the allocation of imports from the United States. Duties are lowered on 19 prime American export articles, quotas expanded on 44 others and guarantees given that the present duty on still other articles will not be raised. In return, the United States grants France tariff reductions on 71 articles. France for many years ranked among America’s five best customers. Recently, however, trade has declined. Exports to France fell from $265,000,000 in 1929 to slll,000,000 in 1932. In 1935 they increased to $116,900,000. Aids Hosiery Industry Perhaps the most important single concession made by the French was on American automobiles and parts. Duty on chassis for passenger cars will be lowered 50 per cent and a quota of 3062 quintals (a quintal of 220.4 pounds) annually established for them, in addition to the present quota of 932 quintals. Important American exports on which the French either lowered duties or raised the import quota were: Fresh fruit, dried fruit, canned fruit, rice, tobacco, canned and frozen fish, lumber, motion picture films, refrigerators, radios and radio tubes, typewriters, silk nosiery, tractors and agricultural machinery. Local Livestock HOGS May. Bulk. Top Receipts. 9. $9.70@ 9.60 $9.80 1000 11. 9.55® 9.65 9.65 7000 12. 9.45@ 9.55 9.60 6000 13. 4.95® 9,55 9.60 4500 14. 9.65® 9.75 9.80 3000 15. 9.65® 9.80 9.85 35000 Light lights. (140-160) Good and choice * 9.40® 9.75 Medium 8.75® 9.50 (160-180) Good and choice.. 9.65® 9.85 Medium 9.30@ 9.70 (180-200) Good and choice.. 9.75® 9.85 Medium 9.30®! 9.75 (200-220)) Good and choice.. 9.75® 9.85 (220-250) Good and choice.. 9.65® 9.75 Heavyweights (250-290) Good and choice.. 9.40® 9.65 (290-350) Good and choice.. 9.20®) 9.30 Packing Sows. (275-350) Good .; 8.45® 8.90 (350-425) Good 8.35®) 8.75 (425-450) Good B.oo® 8.40 (275-350) Medium 7.60® 8.50 Slaughter Pigs. (100-140) Good and choice .. 8.40@ 9.45 Medium 7.80® 9.00 CATTLE —Receipts, 200— (550-900) Choice $ 8.25® 9.00 Good 7.50® 8.25 Medium 6.50® 7.50 Common 5.75® 6.50 (900-1100) Choice 8.25® 9.00 Good 7.50® 7.50 Medium 6.75@ 7.50 Common 5.75® 6.75 (1100-1300) Choice 8.25® 9.00 Good 7.50® 8.50 Medium 6.75® 7.50 (1300-1500) Choice 8.25® 9.00 Good 7.50® 8.25 Heifer* (550-750) Choice B.oo® 8.50 Good 7.25® 8.00 Common and medium 5.75® 7.50 (750-900) Good and choice.. 7.25@ 8.50 Common and medium 5.75® 7.25 Cow* Good 5 75® 6.40 Common and medium 5.00® 5.75 Low cutter and cutter 3.75® 5.00 Bulls, good 6.00® 6.50 Cutter, cm. and med. bulk.. 5 50® 6.25 VEALERS —Receipts, 500— Good and choice 8.50® 9.50 Medium 7.50® 8.50 Cull and common 4.50® 7.50 Calves (250-500) Good and choice .. 6.00® 8.75 Common and medium ... 4.50® 6.00 Feed and Stocker Cattle (500-800) Good and choice... 7.00® 8.25 Common and medium 5.75® 7.25 (800-1050) Good and choice .. 7.00® 8.25 Common and medium 5.7*® 7.25 _ Cow* Good 4.75® 5.25 Common and medium ... 4.50® 4.75 SHEEP AND LAMBS . —Receipts, 500— Lambs. 90 lbs. down; good and choice slo.lo® 10.50 Good [email protected] Medium 8.75® 9.85 Common 7.50® 8.35 Ewes. (90-170) Good and choice .. 4.00® 4.75 Common and medium 3.00® 4.00 (Sheep and lamb quotations on clipped basis.) LOCAL CASH MARKET City grain elevators are paying 86 cents for No. 2 soft wheat. O'tner grades on their merits. Cash corn new No. 3 yellow 56 cents and oats 18 cents.

Farm Income Higher Cash income from the sale of farm products in March was 19.5 per cent higher than in the same month last year. The price level was lower, hut there teas a per cent increase in the quantity of products marketed.

Busigraphs

GROWTH OF OUR NATIONAL DEBT im END OF APRIL U n+Ho n n| 1 10 -lj-l - |-l|- - |-| - I Q.lll liil Ini l|,l liil liil I THE R4RKER CORP. GENERAL DISTRIBUTORS INCORPORATED INVESTORS

Figures have little meaning when they get up into billions. Do you know what it means when we say our national debt is 31% billion dollars? The average factory wage earned in this country is about $22 a week. If five thousand average workers should save all their earnings it would take over five thousand years to save enough to pay the National debt. But this is not all, it is estimated that our national, state and municipal debt is now well in excess of 50 billion dollars.

HOGS CONTINUE STRONUREND Market Steady to Mostly 10 Cents Higher; Veal Prices Hold. The pork market continued to recover today at the Indianapolis Union Stockyards with the majority of classes around 10 cents higher than yesterday’s clo.se. Few grades, however, remained unchanged. A further improved demand combined with less than normal supplies continued to act as a price stimulant. Today’s supply was estimated at 3500, and holdovers numbered 149. The top price moved up to $9.85, compared with a low top for the week of $9.65. The general bulk of 160 to 225 pounds sold at $9.55 to $9.85, while medium heavies, scaling 225 to 260 pounds, brought $9.60 to $%70. Heaviest weights, from 260 to 325 pounds, cashed in at $9.20 to $9.50. Light lights, from 130 to 160 pounds, were salable at $9.50 to $9.65. Packing sows held at $8 to $8.75. With hardly enough stock on hand to establish a trading range, the cattle market remained unchanged. Few steers, weighing around 1142 pounds, sold at SB.IO. Others ranged down to $7, while heifers brought $7 to $7.50. Receipts numbered 200. Veals and lambs also continued stationary. The bulk of good and choice calves sold at $9 to $9.50, while top and bulk clipped lambs brought $10.50. Few native shorn grades cashed in at sll. Slaughter sheep held mostly at $3.75 to $4. Receipts were 500 and 500, respectively. Other Livestock (By United Press) LAFAYETTE. Ind., May 15.—Hog market steady; 170-210 lbs., [email protected]; 210235 lbs.. [email protected]: 235-260 lbs., *9.20® 9.25/ 260-325 lbs., $8 [email protected]; 140-170 lbs/, [email protected]; 100-140 lbs., [email protected]; roughs, $8 down. Calves steady, $8.50 down: wooled lambs, sll down: clipped lambs, $9.50 down; spring lambs $10.50 down. FORT WAYNB. Ind.. May 15.—Hogs, steady to 25c higher; IJO-180 lbs., $9.65; 180-200 lbs.. $9 55; 200-225 lbs., $9.45; 225250 lbs.. $9.35; 250-275 lbs. $9.20; 275-300 lbs.. $9.10; 300-350 lbs.. $8.85; 140-150 lbs., $9.25; 120-140 lbs., $9.15; 100-120 lbs., $9. Roughs, S8; stags, 6.25; calves, $9.50; lambs, sll. (By Times Special) LOUISVILLE. May 15.—Cattle—Receipts 200; salable supply slaughter cattle very light.; cows predominating; demand dependable; market opening generally steady; bulk steers and heifers salable, $6.75® 7.50; good baby beef type yearlings considered eligible to around $8.25; common dairybred steers and heifers down to $6; bulk beef cows, [email protected]; good kinds quotable around $6.25; most low cutters and cutters, $3.75 to $4.75; thin shelly low cutters down to $3.50; bulk sausage bulls, $5.50@6; best heavies considered salable. $6.25; most light beef type stockers and stock calves. $6.50® 7.75; better steer calves eligible around $8.25. Calves —Receipts 500; including 175 stock calves; marret mostly steady; bulk good to choice grates, $8®8.50; trictly cholc. $9; medium <nd lower grades, $7.50; down to around $4.50. Hoges—Receipts, 900; market 10c higher; top and bulk better. 160@225 lbs., $9.55; 230-250 lbs., *9.25 255-300 lbs., *8.70; 305 lbs. up $8.25; 120-155 lbs. $8.70; sows. $7.35. Sheep—Receipts, 500; market on spring lambs not fully established; odd sales and early Indications around steady; better springers Thursday. *ll to mostly $11.75: clipped lambs salable mostly *7.50 @9; clipped ewes mostly 50c lower; bulk, $4 down SUGAR MELT HIGHER Timet Special NEW YORK. May 15.—Sugar melt of 13 United States refiners from Jan. 1 to May 2 totaled 1,510,000 long tons, against 1,465,000 iif the like 1935 period, it was announced today.

Crown *%•% Jewelry L.o. JL I SOUTH ILLINOIS ST. rib, | Watch for the OPENING of our NEW STORE! | CROWN JEWELRY C 07" 21 S. ILLIMOIS ST

BILLIONS SPENT BY GOVERNMENT REVIVING TRADE

War on Depression Costs Three Times Amount in Circulation. Bp United Prrtt WASHINGTON, May 15.—Th Federal government has amassed and partially spent a sum equal to three times the amount of money noyr in circulation to fight the depression since July 1, 1931, the Treasury had reported today. ■Not quite $18,000,000,000 has been borrowed, appropriated, paid out and loaned since the beginning of the 1932 fiscal year. This sum is more than three times the $5,885.806.514 in bills and coins in circulation on April 30. Os $12,699,083,884 spent by the Treasury to rehabilitate industry and feed unemployed, $1,697,200,000 was spent by the Hoover Administration and $11,001,083,884 by President Roosevelt. RFC Fund Set Aside An unexpended balance of $5,072.355,452 was listed on the Treasury statement, which recorded the status of the national ledger as of May 9. About $2,000,000,000 of this represents money which may be borrowed by the Reconstruction Finance Corp. for making loans and grants. Certain sums of this balance already have been obligated and part of it has been paid out in checks that have not been cashed by the Treasury. Nevertheless, President Roosevelt is estimated to have nearly $3,000,000,000 on hand with which to continue his emergency expenditures. An additional $1,425,000,000 probably will be handed to him before Congress adjourns this year. This is included in the $2,364,000,000 deficiency bill already passed by the House. Relief Costs High The first Treasury expenditure for emergency purposes was paid out in February, 1932. This came when the Hoover-created RFC began spending its original $500,000,000 stock subscription. The first expenditure for direct relief was in August, 1932, under the Emergency Relief and Construction Act of 1932. Since then more money has flowed out than the United States now possesses in gold or silver. Unlisted Stocks (Bv Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers Trust 57% 59 Central Hanover 108% 110% Chase 37 % 40V* Cnemical 53% 55% Guaranty 290 293% Irving 15% 16% Manufacturers 49 50 s * National City 33% 35% Cont 111 Chicago 145 147% First National Boston 44% 46% National Shawmut 27'/* 28% FIRE INSURANCE Aetna Fire Ins 55% 57% American Ins of Newark 14% 16% Baltimore American Bs*8 s * 10% Citv of New York 25 s * 27% Federal Ins 45 48% Franklin Fire 33 35 Great American Ins 28% 30% Hanover Fire 39% 42 Hartford Fire 74% 76% Home Ins 36% 38% Ins Cos of A 72 75% National Fire 72% 74 5 /* National Liberty 9% 11% North Liberty 24% 26% Phoenix 89 91V* U S Fire 52'/* 54% Westchester Fire 35% 37 V* Chicago Grain Futures (By James E. Bennett & Cos.) 9:00 Prev. Wheat — High. Low. A. M. Close. May 93 ,92'i .93 ,92 s * July 85’ 2 .85 V* .85'/* .85% Sept 85'/* .34% .85'/* .84% Corn — May 62% .62% .62% .62% July 60% .60% .60% .60'/* Sept 58% .58% .58'/* .60% Oats— May 25% .25% .25% .25% Sept 26% .26% .26"* .26% July 26V* .26'/* .26'/* .26'/* RyeMay 54 Vi .54% .54% .54% July 54% .54 .54% .54% Sept 55% .54% .55% .54% Automobila DEPOSITORY Sink from Your Cir Bunkers -Trust C&,