Indianapolis Times, Volume 48, Number 57, Indianapolis, Marion County, 16 May 1936 — Page 16

T rends Housing Problem Is Neglected by Builders. BY JOHN T. FLYNN

NEW YORK. May 16 Senator Wagner is trying to get a housing bill through Congress. It v. a very inadequate bill But the Senator has been a valiant champion of housing and he knows that this ir the best he can do. Os all the failures of the last three years, the rosy dreams of housing supply the saddest. Yet

here lies the instrument, of recovery t h‘a t the mind of man can invent in our greatest single system. For years houses have been falling into disrepair. Houses grow old and frail. And with out paint and repairs they grow older much quicker. How many houses have gone into the discard

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Flynn

these last five years would be difficult to guess. The number must be staggering. But meantime the population has increased. The need for houses grows, yet the private building industry does little or nothing about it. a a u CLEVELAND is the only city which has had the intelligence to keep continuously informed about its housing situation. The Real Prope/ty Survey which goes on there all the time keeps the property owner and the investor and the city in close touch with its realty situation. That survey recently showed some interesting facts about Cleveland. For instance it showed this: In the last four years 2417 houses, of rather dwelling units, were built. But 3004 were torn down. Thus Cleveland now has less dwelling units than it had four years ago. Yet the population has increased several thousand in those four years. nun BUT It revealed another interesting fact. There are 314,220 dwelling units in Cleveland. Back in 1932, there were nine out of every 100 of them vacant. Now there are only three. The vacancies are disappearing. There must, of course, be vacancies. There will never be precisely the same number of families and houses. Asa matter of fact there are no bona fide vacancies in Cleveland, because 9000 of these houses were found unfit for human habitation. Here is another fact. There were, as I have pointed out, 9765 houses vacant. But there were 8851 families doubled up—two families living in a single house. If these families all lived in their own homes there would be literally no vacancies. ' it it a A SITUATION like (hat must of course soon lead to some one putting up some houses. But what you can not help asking is—why have not the private builders of Cleveland begun building very actively in this situation? The direst need, of course, for houses is in the poorest type. And private builders can not make much of a profit building such houses. Senator Wagner wants to have the government finance lowcost construction for low-income groups to give an impetus to this kind of building. After all the talk about housing and building heard since the beginning of the depression one might suppose that the time was pretty nearly here for the government to do something. (Copyright. 1036. by NEA Service. Inc.)

TEXTILE ACTIVITY GAINS: Increase of 9 Ter Cent Reported During First Quarter. Times Special NEW YORK, May 16.—Textile mill activity increased by approximately j 9 per cent during the first quarter of 1936 over the corresponding 1935 period, according to Textile World. Cotton, wool and rayon all showed gains. Silk was the only fiber for which consumption was lower. Several branches of the industry are nearing over-production, with the inevitable weakness resulting in price structures. The textile mill activity thus far this year has been maintained at a higher rate than! justified by demand, it was re-1 ported. On Commission Row (Reprinted From Late Times Veserdavt (Quotation below subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUlT—Strawberries: Louisiana. 24-qt 1 crate. *2.5(1: Alabama. 24-qt crate $5 25 Limes—Mexican, carton 20c. Bananas—seven hands, pound. 5%c Apples—Winesaps (fancy baskets). *1 75 Lemons—SunkLst 1300s 1 . $8 Grapefruit—lmperial Valley. *3 75. Pineapples—Cubans 18-30si. ; crate. *3.50. Grßprs—S America 20-lh box. $2.25® 2.50: Honey Dews. S America, VEGETABLES—Beans. green. round atrlngless ihampersi. $2 25 Beets—Texas 1 (doz crate). 65c: cut c.ffs tbu.i. si Cabbagei—New Texas, half crate. $1 35 Car- 1 rots—California (6-doz. cratei. *2.75 ! Cauliflower. California 12c crate) $175 Celery—Florida washed and trimmed (doz.). 45(i(85c: Florida (4s. Bs. 10s cratei. *3.50 Cucumbers—Hothouse (doz.) 90c. I two doz.. box). *1.65 Eug plant —Florida ! 'doz .1. *1 75 Kale—Virginia (bu 1. 75c Lettuce—lceberg. California ibest 6s 5s 1 *3. home grown leaf (15-lb basket 1 75c. Peppers—Mangoes (cratei. S3 50®4: peck: basket. *1 15; do*.. 40c Mint—Hothouse j (do*.). 60c. Mushrooms—Pound 30c j Mustard—Texas, half crate. 51.40 Onions —lndiana yellcar 150-lb oagi 60c:' new Texas :4-rmuda yellow 50-lb. bag *1.25 Parsley—Southern ilo: g bunches doe.). 35c. Parsnips Home-grown. washed bushel. 90c: htlf-bushel. 50c Peas— Florida, hamper *lB5 Potatoes—Michigan Round white. 100-lb nag *2 25: R R Early Ohio. 100-ib bag *2 25 R R Trlumnh. 100-lb. bag. *2 25: Idaho Bakers 70c box. *2.50: New Alabama Triumphs. 70s box. *2.50. Sweet potatoes—Tennessee Nancy Halls. hampers tl 35 Radishes—Homegrown buttons, do*.. 40c; white. SOc Rhubarb—Hothouse. c*oz.. 25c. Rutabagas—Northern 50-lb bag si 50 Saga—Doz.. 45c Shellot*—Louisiana do* 38c Turnips—New bulk Texas, bu.. Si 75 Tomatoes—Repacked. 10-ib box. *1 50 Florida, orlg (6-61. lugs *3.25 Produce Markets (Reprinted From Late Time, Yesterday) The prices quoted are paid for stock gathered in the country, while delivered i in Indianapolu the price is a cent higher. 1 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. uarehack broilers, heavy type. i3c: old cock*, to; ducks, white. 5 lbs and over. ! 7c- geest, full feather, all sizes sc; all guineas. 1% lbs and up. 15c. No 1 strict- i iy fresh eggs less off l<r: delivered in Indianapolls. 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. 28%®30%c; No. 2. 26%®27%c. I Buuerfat, 35c. i

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 16

REALTORS OF 5 STATES COMING TO CONVENTION Regional Program Set for Real Estate Week, May 24-30. Realtors from five states of the Great Lakes region are planning to attend the second annual regional convention to be held in Indianapolis on May 28 and 29. The annual conferences were inaugurated j last year by the National Association of Real Estate Boards. In connection with the national meeting, the civic affairs committee of the Indianapolis Real Estate j Board, headed by Norman Metzger, j vice president of the Fletcher Trust I Cos., has designated May 24 to 30 as Real Estate Week in Indianapolis. Real estate associations from Illinois, Indiana. Kentucky, Michigan and Ohio, comprising the region, i are co-operating with the National Association and the Indianapolis board in completing final arrangements for the convention. Attend- i ance is expected to exceed last year’s mark. Breakfast Proposed Robinson Allison, president of the Indiana Real Estate Association, has proposed a breakfast meeting for the opening of Real Estate Week, the first ever to be held in Indianapolis. Many prominent speakers are to be presented during the two-day session. Walter W. Rose. Florida, i president of the National Associa- j tion, and Walter S. Schmidt, Cincinnati. past president, are to deal j with broad factors of the present outlook and point to the path of j real estate advance. Leo B. Varty. president of the Chicago Real Estate Board, is to ! talk on current leasing practices, j Percy Wilson. Chicago, general ■ manager of the real estate division j of Marshall Field & Cos., and J. R. Schackne, Toledo, former president j of the Toledo board and the Ohio Association of Real Estate Boards are to discuss returning rental properties to a profitable basis. Tlan Group Meetings Besides the general sessions there is to be six group conferences. They ; include financing, farm lands, brok- I erage, appraising, property manage- i ment and home building. Meeting for the first time since! 1931, secretaries of the real estate boards are planning t,o hold their national conference simultaneously with the Great Lakes regional convention. New Bond Issues i ßy Lyons & Cos.) Bid Ask Asso Tel 4s 66 108 105% B & O 4%s '39 99V, 99% Brooklyn Man Tr 4'/is '66 100 Cal Ore Pwr 4s '66 96*2 97 Cent Maine 4s '6O 102% 103 Cent 111 3'/is '66 105% 105*4 C O Hep and Imn 3'is '96 100% 100% Chicago Sts 3%s 63 106% 107* a Cinn Un Term 3'as '7l . 105% 106'a Cleve Elec Ilium 3%s '65 UO'j 111 Cleve Tractor 5s '45 105 Columbus Railway 4s ’65 105 3 s 105% Conn River P & L 3%s '6l .104% 104’* Consolidated Ed 3' 4 s '46 ...104la 104 3 a Consolidated Ed 3%s ’56 102 V, 102% Consumer Power 3'is ’7O 103% 104 Cudahv Pkg 3%s '55 100'j 100% Cudahv Pkg 4s 'SO 102 102% Dffquesne Lite 3' 2 s '65 107% lOBV4 Eastern Gas & Elec W 4s '56 92% 93'8 Edison Ilium Best W4s '65 106% 106% Lowa South Util 5' 2 s 'SO 101% 102 Kansas ? & L 4%s '65 108% 108% Jonas & Laughlin 4%s '6l . 98 7 a 99% Los Angeles G E 4s '7O . . 105 105% Maine Cent 4s '45 100'a 100% Metro Ed 4s 65 107% 108% Monon W. Rr 4%s '6O 104 105 N Y Edison 3%s '65 101% 102 Vi N Y Cent 3%s '46 97 7 a 98V, Norway 4%.> '56 100% 101 Norway 4%s ’65 95% 96 Ohio Edison 4s '65 105% 105 7 a Pacific Lite 4%s '45 105',4 105'/ Pacific G & E 3%s '6l 103 3 a 103% Pacific Tel 3 3 4S '66 102% 103% Penn R R 3%s '7O 101‘-i 101 7 a Penn Tel 4s '65 105*i Pub Serv N H 3 3 4 s '6O . 105‘s 105 3 s Railway fc Lite 4Vis '55 108 110 Saguenay Pwr 4'*s ’B6 100 San Diego G & E 4s '65 109>* So Cal Gas 4s '65 104' 4 104% So Cal Ed 4s '6O 108' 2 So Cal Ed 3%s '45 . 104' 2 105 3 4 So Western G & E4s '6O 102% 103% Union Pac 3%s '7l . ... 99’ 2 99 7 i U S Pipe A- Fdv 3%s '46 106 106 1 2 Virginia Rwv 3 3 4 s '66 103 3 a 104 West, Penn 3'is '66 106',* 106 3 4 Wise GA E 3'is '66 102' 2 102 3 4 Youngstown Sheet A- Tr 4s - 61 98% Ygstwn Sht A- T Deb 3%s 51 102 102'? Unlisted Stocks (Reprinted From I.atr Times Yesterday) *Bv Blvth A Cos.) NEW YORK BANK STOCKS B'd. Ask Bankers Trust 57' 4 59 Central Hanover 108', 110% Chase . 37% 40's Chemical 53% 5.5% Guaranty 290 293% Irving 1514 16' 4 Manufacturers 49 50 3 * •w.iuna. City 33 s * 35% Coni 111 Chicago 145 147 U First National Boston 44% 3 6' , National Shawmut 27'* 28 7 * FIRE INSURANCE Aetna Fire Ins 55'i 57' American Ins of Newark 14% 16' , Baltimore American 8 3 * 10'a City of New York 2.V>4 27% Federal Ins 45 43% Franklin Fire 33 35 Great American Ins 28 3 4 30* Hanover Fire 39% 42 Hartford Fire 74% 76% Home Ins 36% 39'a Ins Cos of A 72 75 Vi National Fire 72'j 74% National Liberty 9 7 a 11% North Liberty 24% 26 . Thoenix . 89 91', U S Fire 52' 1 54% Westchester Fire 35’? 3,-

Busigraphs SHARES TRADED ON N.Y. STOCK EXCHANGE ;i i tr * 1 111 l 3 ;/P0TT!l) USE THE PAM*^ wTFN FAR* AVERAGE OF yV/% Yj AMJJASONDJTMA 7w,r Pt5K£R coap GENtBAL D'STRIBUTORS INCOR PORAT£ D INVESTORS Stock transactions on the New York Stock Exchange dropped considerably in April from the fairly high rate of transactions in the previous months. In spite of this, nearly twice as many shares were traded than a year ago. while trading in the first four months ot this year was three times greater than the same 1&35 months. The fact that the drop in stock prices was accompanied by lighter sales indicates that the decline in stocks oas i beer only a corrective reaction.

New Business Books Available at Library The following new business books are available at the business branch of the Indianapolu' Public Library: MOTOR FREIGHT RATES AND RULES ,by H. G. Williams. Motor freight carriers need nothing so much as scientifically or constructively developed bases for determining fair and reasonable rates and rules for their services. SANCTIONS: THE CHARACTER OF INTERNATIONAL SANCTIONS AND THEIR APPLICATION, comp, by Royal Institute of International Affairs Under national systems of law sanctions usualy take the place of penalties for breach of law, THE DISTRIBUTION OF WEALTH, by W. L. Crum. Brings out numerous significant facts concerning taxable estates—their distribution as to size and as to lorm of property.

FIRST QUARTER CAR SALES RISE Six Large Manufacturers Report 18 Per Cent Increase. Timm Special NEW YORK. May 16.—Showing a first quarter gain of 18 per cent in combined volume over the first three months of 1935. the six prin- | cipal automobile manufacturers, ex- j elusive of Foro Motor Cos., expanded their aggregate net profits by more than 60 per cent to $65,933,000. a survey today revealed. Profit figures of the Ford Moto? Cos. are never available. Reports on first quarter net income are not yet available from several of the smaller producers. Profits in the initial three months : of 1936 were up 5 per cent over the June quarter of last year, but 2% per cent under the final quarter of 1935. The latter decline reflects mainly year-end adjust*ments and seasonal variations in accounting practices. The final quarter of 1935 was the initial period with the 1936 car models. The prime influence in the expansion of net profits over the first quarter of 1935 was the General Motors Corp. Each of the six big auto makers, excepting Ford, showed gains over last year, and the four independent manufacturers included in the group transformed a combined net loss of nearly $2,000,009 in the first 1935 quarter to a combined net gain of $2,016,000 in the first three months of this year. Local Livestock (Reprinted From Late Times Yesterday) HOGS May. Bulk. Top Receipts 9. s9.7o<fi> 9.6(1 $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 lit 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 1160-1801 Good and choice . 9.65® 9.35 Medium ... 9.30® 9.70 1180-200) Good and choice . 9.75® 9.85 Medium .. 9.30® 9.75 1200-220D Good and choice . 9.75® 9.85 (220-2501 Good and choice . 9.65® 9.75 Heavyweights )250-290i Good and choice . 9 40® 9.55 1290-356) Good and Choice . 9.20® 9.30 Packing Sows 1275-350) 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. 1100-140) Good and choice .. 8.40® 945 Medium 7.89® 9.00 CATTLE —Receipts, 200— 1550-900) 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® V. 50 M-sdium ... 6.75@ 7.50 Common . 5.75® 6.75 (1100-13001 Choice 8.25® 9.00 Good 7.50® 8.50 Medium . 6.75® 7.50 (1300-1500) Choice 8.25® 900 Good 7.50® 8.25 Heifers (550-750) Choice 8 00® 8.50 Good 7.23® 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 Cows 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, com. and med. bulk . 5 50® 6.25 VE4LERS —Receipts, 500 — 1 Good and choice 8.50® 9.50 Medium 7.50® 8.50 Cull and common 4.50® 7.50 Calves 1250-5001 Good and chotce 6 00® 8 75 Common and medium . -. 4.50® 6.00 Feed and Stocker Cattle i iSOO-800i Good ana choice . 7 00® 8.25 Common and medium ... 5.75® 7.25 i 'BOO-10501 Good and choice . 7 00® 8.25 Common and medium 5 7s® 7.25 Cows Good 4.75® 5:25 | Common and medium 4.50® 4.75 SHEEF AND LAMBS —Receipts. 500— 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. <9O-170 Good and choice .. 4.00® 4.75 Common and medium 3 00® 4.00 (Sheep and lamb Quotations on clipped oasis t RAILROAD EQUIPMENT INDUSTRY PICKS UP Retirements of Rolling Stock Greater Than Replacements. Times Special NEW YORK, May 16.—Revival of the long-depressed railroad equipment industry is gathering momen- : turn, although most companies, especially the rolling stock builders, are still unable to realize worthwhile profits, according to a current analysis by the Standard Statistics Cos. Inquiries for equipment, which slackened in March, have picked up appreciably in recent weeks. Contracts placed thus far in 1936 show a wide expansion over the early 1935 business volume. Meantime, the basic elements affecting demand for original equipment and replacement items are attaining a'potency that can not long be denied. With retirements of roll- : ing stock running far ahead of re- : placements, inventories of serviceable units contmue to shrink. CHICAGO GRAIN FUTURES (By James E. Bennett & Co.t 9:00 Prev. Wheal— High. Low. A. M does. May 93% .92'? .93’* ,93V July 85’, .85', .85'a .85 s , Sept 85 84 s , .85 .85', Corn— May 63 U .62.63', 62 s , July SOU .60% .60 3 , .60% Sept 58 s , .58% ,58 s . .58% Oats— May 254* 25% ,25 s * ,25 s . July 26 .25% .26 .25% Sept 26*. .25 % .26'* .26% Rye—i July 54 7 .54*3 .54V\ ,54 s * I Sept 55% .55 .55% .55

SATURDAY, MAY 16,1936

JUNE FINANCING BY GOVERNMENT IS ANTICIPATED

Bonus Payment, Maturity of Securities Makes Issues Likely. By T'nitcel Press WASHINGTON, May 16.—This government’s anticipated June financing may be assisted materially by the uncertainties of European financial and' political conditions, Treasury observers believed today. Although Treasury officials declined to commit themselves definitely either on the amount likely to be borrowed or the probable date of the financing, it is believed this government will be compelled to borrow another $1,000,000,000, or more, in addition to such refinancing as is decided upon, early in June. Heavy borrowing is anticipated because of the soldiers’ bonus payment, which will begin soon after June 15. In addition, there is $686,616,400 in government securities falling due June 15 which probably will be refinanced. Also, some additional money may be required to meet the ordinary running expenses of the government for the next three months. Discussing the possibility of a large bond and note issue early in June, it was pointed out that notice of such financing is likely to coincide with the change of governments in France and the attendant money uncertainty in Europe. In the past, such European uncertainties, when they coincided with government financing here, have resulted in a quick and heavy ovor-sub-scription of this government's bonds.

SHOE RETAIL SALES INCREASE SHARPLY

Gain of 15 to 20 Per Cent Made in Four Months. Times Special NEW YORK, May tial increases were recorded in practically all divisions of the shoe industry during the first four months of 1936, according to a survey released today by Dun & Bradstreet, Inc. Production ranged from 3 to 6 per cent higher than in the comparative 1935 period, wholesale volume gained 8 to 11 per cent, and retail sales showed an increase ranging from 15 to 20 per cent. With prospects of further improvement, volume consumers have come into the market for larger quantities since the middle of April. Asa result, cutting departments are working close to capacity. Consumer demand started to broaden rapidly during March, with the increase extended more widely in April. Current wholesale prices average about 10 to 20 per cent higher than a year ago. MORTGAGE BANKERS HIT U. S. SPENDING Expect Bonus Money to Be Used for Automobiles, Times Special CHICAGO, May 16.—Members-of the Mortgage Bankers Association of America are virtually a unit in believing that governmental spending is too high for economic stability. Eighty per cent of them replying to a questionnaire say that Federal expenditures have reached a point where further business recovery is being held back because of uncertainty created by mounting deficits, George H. Patterson, secretary, said today. “While members, with one exception, agreed that governmental expenditures have reached an excessive point, there was considerable difference of opinion as to which of the many various spending agencies needed curtailing most,” Mr. Patterson said. “Fifteen per cent of the members replying to the poll rated WPA as the place where expense cutting should begin, while 22 per cent thought PWA expenditures should be the first to feel the ax. “Our poll’s question as to the result of the soldiers' bonus upon payment of delinquent mortgages shows that 40 per cent of our members think it will have no appreciable effect, while 26 per cent believe that there will be a sn|ht effect. Fortyfour per cent ot the membership declared they expected the payment of the bonus to have only a slight effect on new buildings, and 27 per cent looked for no change at all as a result. Asa whole, members of the association looked for the bonus payments to find their way into automobiles principally.” FLETCHER LAND BANK BONDS TO BE RETIRED Local Institution Calls $1,271,300 Issue in Refunding Move. William B. Schiltges, president of the Fletcher Joint Stock Bank, today announced that directors of the institution have authorized the calling for retirement of $1,271,300 of 4% per cent bonds on Nov. 1. The original program included in the refunding a total of $9 576.000 bonds, all of which have been called except $1.332,500. Holders of the called bonds may convert them into cash or exchange them for a limits u time into anew 3% per cent issue, dated May 1. 1936. callable May 1, 1941. due May 1, 1936. The exchange of the 4% per cent issues for the new ones will be madj .at par. with interest adjusted as of Nov. 1. 1936. The new group of bonds called for retirement includes: $251,700, optional May 1, 1934. due May l, 1954: $613,400. cptionai Nov. 1. 1934. due Nov. 1, !954. and $406,200, optional May 1, 1935, due May 1, 1955. CARPENTERS BUSY j Special I ; WASHINGTON. May 16.—Buildj ing permits for 234 one-family j houses were granted in April in the j District of Columbia, breaking a sixjyear record.

Percent EMPLOYMENT PAYROLLS !11jI | j | | i j 100 192J-l9*s*lOoj = j o 80 PAYROLLS 1 2**. V DURABLE COOPS f N. Z-yL —X T*. rra 4 0 / ms-ms ..oo 600DS^ "* T\.'/ EMPLOYMENT V * 2Q *JONDUR*BLZ GOQPS gQ I —*'* ■ s I / EMPLOYMENT < I ***, / Durable Goods\ -

EMPLOYMENT AND PAY ROLLS—The chart illustrates two important facts. First, it shows that, although the rate of recovery in the durable goods industries during the last three years has been greater than in the non-durable goods industries, most of our present une nployment is in the durable goods category. Second, it shows that the recovery in pay rolls has not been equal to the recovery in employment. The principal reason for this condition has been in the tendency toward the share-the-work program, with more men being put to work at “minimum wages.”

New York Stock Exchange Prices

(Reprinted From Late Times Yesterday) (By Thomson & McKinnoni Prev. Oils— High. Low. Close. Close. Amerada 98 96 96 96 All Rfg 29% 29 29 3 s 29'a Barnsdall 18', 17 1 , 18 17 7 * Consol Oil 12 3 4 12' a 12% 12'/ 2 Cont of Del 32', 2 32 32V* 32% Houston (new).. 9'/ 9 9 9 1 /* Mid Cont Pet ... 20V, 19% 20 19% Ohio Oil 14 13% 13% 14V* Pet Corp 13' 2 13 13 13% Phillips Pet .... 42% 42% 42% 42% Plymouth Oil .. 14% 13V* 14 13V* Pure Oil 19% 19 s * 19% 19% Royal Dutch ... 57% 57% 57V, 57% Seaboard Oil ... 35 34% 34% 34% Shell Un 18 17% 17% 18 Skelley Oil 24% 24% 24V* 24Vi Soc Vac 13'/* 12 7 * 12% 13V* S O of Cal 38% 38% 38Vi 37V* S O of Ind 34% 34% 34% 35 S O Os N J 61% tO% 60V* 61% Texas Corp,. .. 34% 33% 34% 34 Tidewater Assn 16% 16 16% 16% Un Oil of Cal .. 23% 23% 23 Vi 23% Steels— Am Roll Mills . 27% 27% 27'/, 27% Beth Steel 52% 50% 51% 51% .Byers A M .... 18% 18 18 17% Cruc Steel 32 32 32 32 Inland Steel ... 92 91% 91% 92 Ludlum Steel .. 25V* 25 25% 25% M’Keesport Tin 108 107% 108 107% Mid Steel 39 38% 38% 38% Natl Steel 60% 60 60% 61 Otis Steel ....... 15V* 14% 15 14% Rep Irn & Stl 19% 18V* 18'/* 18'/* U S Pipe & Fdv 37 35 3 * 36% 35 U S Steel . . 59% 57% 58Vi 59 U S Steel pfd.122% 122% 122% 122% Warren Bros 9'/* 8% 8% 9 Yngstwn S&T 53 52% 53 52% Motors— Auburn 31% 31% 31% 30% Chrysler 96V* 95% 55% 95% Gen Motors .... 64 63% 63% 64 Graham Mot ... 2% 2% 2% 2% Hudson 15% 15 15 15% Mack Truck .... 30% 30'/, 30% 30% Nash 17% 17% 17% 17% Packard 11 10% 10% 10% Reo 5% 5% 5% 5% Studebaker 11% 11% 11% 11% Yellow Truck .. 18% 18 18% 18% Motor Access— Bendix 28% 27% 28 28% Bohn Alum ... 49% 49% 49% 49% Borg Warner .. 72% 72 •72 (2 Briggs 48 47% 47% 48% Budd Mfg 15% 15% 15% 15% Budd Wheel 10% 10% 10% 10% Eaton Mfg 33% 33 33 33 Elec Auto Lite .36 35% 36 35V* Elec Stor Bat 47'/* 46% 47% 47 Greyhound "B". 57 56 56% 56% Houdaille 23% 23% 23% 24 Murray Body ... 16V, f6 16V* 16'/* Stew Warner .. 19% 18% 19 19% Timken Roll 62% 82V* 62% 62% Timken Det Axle 16V* 16 1C 16% Mining— Alaska Jun .... 14'/* 14 14 14 Am Metals 29% 29% 29% 29'/a Am Smelt 79% 78% 78% 78% Anaconda 35V* 34% 34% 35 Cal & Hecla 11% 11% 11% 11% Cerro De Pasco . 55 54 54% 54% Gt Nor Ore .. . 17'/* 16V* 17V* 17% Dome Mines ... 53V* 53% 53% 54 Hotve Sound ... 51% 51% 51V* 51% Ins Copper 11 10% 11 11V 2 Int Nickel 47V* 46% 47'/* 46V* Kennecott Cop.. 37% 37V, 37% 37% Mclntyre Mine •• 43% 43'% 43'A 43% Park Utah .... 3% 3% 3% 3% Phelps Dodge ... 31% 34% 34% 34% St Joe Lead .... 23% 23% 23% 23V, U S Smelters ... 93 93 93 92% Vanadium 13 18% 13% 19V, Amusements — Crosley Raido .. 26% 26 26 27 Fox Theat 24% 24'/, 24% 24% Loews Inc 47% 47 47 47% Radio Corp .... 11% 10% 11'* 10% Paramount 9'A 9 9% 9 RKO 6% 6% 6'a 6'a Warner Bros ... 10% 9% 10 10% Tobaccos— Am Sum Tob 23 22 % 23 22% Am Tobacco “A” 92% 92% 92% 93 Am Tobacco “B" 94 Vi 94 94 94% Ligg & Myers B 109 109 109 109 Lorillard 22% 22% 22% 22'/ Phillip Morris 83 81'4 81% 83% Reynolds Tob B 53% 53% 53% 53% Rails— Atchison 73% • 72'/* 72% 73 Atl Coast Lines. 24% 24 24'/* 24 B & O 18% 18V* 18% 18% Can Pacific 12% 12% 12% 12% Ch & Ohio ... 5v% 56*4 56% 56% CM& St P 1% 1% i% l% C M & St P pfd 3% 3% 3% 33,. Chj N W 3% 3% 3% 3>4 Dela & Hud .... 40V* 39% 40% 40 Del Lac &W . . 16% 16 16% 16'/* Ene Pfd .....18% 18% 18% 18% Gt. North pfd .. 36% 35% 36% 36V* Jll Cent 20% 20 20% 20% K C Sou .. 21V* 21 21% 21% Lehigh Valley .. 9% 9% 9% qsZ Lou & Nash .. 66 65% 66 64'* MK&TB 7% 8 8 M K & T pfd . . 21 21 21 20% Mo Pac pfd ... 4% 4% 4% 4% N Y Cent 35% 34% 34% 35 N Y New Haven 3% 3% 3% 314 N Y Ont & West 4% 4% 4% 4% Norfolk & West 232 230 232 230 Nor Pac 28% 28% 28% 28% Penn R R 30% 29% So'4 30 Reading 39 39 39 39 Sou Pac 32% 31% 32% 31 3 4 Sou R R 15% 14 3 4 14% 15 Union Pac . .125% 125% 125'/? 126% West Maryland . 9 9 9 9 Equipments— Am Brake Shoe 44 44 44 44 Am Car & Fdy . 33% 32 33 32% Am Loco . . 27% 26 26% 26', 4 Am Steel Fdy .. 28 27 28 27% Bald Loco 3% 3% 3% 3% Gen Am Tk Car 46% 45 46% 45% Gen Elec ... 37% 36% 37 37% Gen R R Sig .. 36 36 35 35% Pullman Inc .. 44% 43% 3 4% 5 3% West Air Br 38% 38% 38% 38 Westingh Elec 114% 112', 113% 114 Utilities— Am & For Pwr 7% 7% 7% 7% Am Power & Lit 10% 10% 10% 10% AT&T 162% 160% 161% 162 Am Wat Wks 21 % 20% 21V* 21% Col Gas & Elec . 18% 17% 18% 17V* Comm & Sou . . 2% 2% 2% 2% Consol Gas . 30% 29% 29% 30V* Elec Pwr & Lit . 14% 14% 14% 14% lint Hvdro Elec 3% 33 3 Interboro R T .13 12% 12% 13 I Int TANARUS& T 14% 13 7 * 14% 14V* ’ Lou G & E "A” 21% 21% 21% 21 Nat Pow & Lit . 10 s , 10% 10% 10% North Amer ... 25% 24% 24% 25% Pac G & E . 34% 34% 34% 34% Peonies Gas .41 41 41 40% Pub Srv N J . 40% 39", 39% 40% So Cal Edison . 26% 26% 26 5 . 26 Std Gas 8% 6 6% 5% Stone & Web .. 17 s * 17 17% 17% Unit Corn .. 6 5% 5% 6 Un Gas Imo 15% 15 15% 15 m Pwr &Lt “A" 5 4% 5 3% West Un 80V* 79% 79% 79% Rubbers—--1 Firestone 2 58% 29 28% Goodrich 20% 20 20 20% Goodyear 26 25% 25% 25' ? IT S Rub 30% 30 30 30% U S Rub Dfd . 72% 70 72 % 70 V 2 Miscellaneous— Allis Chalmers 43% 43 43 s * 43% Am Can . . 130% 129 129% 130% Am Mach & Fdy 22% 22% 22% 22 Anchor Cap 19% 19% 19% 19% ! Brklyn Man Tr . 46% 46% 46% 46% Burroughs Add 26% 26% 26% 26% J I Case 154% 152% 153% 153% Conti Can 74% 72 s , 73% 73% Caterpillar Tract 74% 72 5 , 74 72% Crown Cork 54% 53% 54 54% Curtis Pub 19 18% 18'i 18% Deere & Cos. 79 76% 78% 77% East Kodak 118 165% 166 1 65% ; Foster Wheeler . 27% 26% 27% 26% 1 Gi'lette 16 15 s , 15 s , 15% Glidden .. 47% 47% 47 s , at., Int Bus Mach 166 166 166 166 Inter Harv 86% 83% 85% 84 Natl Cash Reg 24% 24 24 24% ; Owens Bottle 143 143 143 142 Rem Rand ... 21% 20% 21% 21% i Underwood E .. 88% 87% 88% 88% Worthington P. 27 27 27 27 V. Foods—- , Amer Sugar ... 54 54 54 53 A : Armour 58 58 58 58 Armour 6% pfd 72% 72% 72% 7', 2 : Borden Prod 27% 27% 27V, 27% Cal Packing .. 31% 31% 31% 31 Can Drv G Ale . 11% 11% 11% 11% iCont Bak <A>... 14% 14 14% 14 Corn Prod .. 76 7 , 75% 76% 76% i Crm of Wheat*. 35% *5% 35% 35% Cuban Am Sutar. 11% 11 11 11% Gen Baking ” 11% 11% 11% 11%

Gen Foods 38% 38 s , 38% 38% Gold Dust 16% 16 16, 16 G W Sugar . .. 36% 23% 26% 26% Natl Biscuit ... 34% 34 34>, 34% Natl D Prod ... 23% 23% 23% 24% Purity Bak . 10% 9% 10% 10% S Porto Rico Sug 29 29 29 29% : Std Brands ... 15% 15% 15% 15% Un Biscuit. 26% 26% 26% 26% ! United Fruit ... 75% 75% 75% 75 I Ward Bak 8‘... 2% 2% 2% 2% Wrigley 70 66 66 70 Retail Stores— Allied Stores . 8% 8% 8% BV* Assd Dry Goods. 14% 14% 14% 14% Best & Cos . ... 52% 52% 52% 52% First Natl Strs . 44% 43 43 44 Gimbel Bros • . 10V* 10 10V* 10% Jewel Tea 71 71 70 70Vi Kresee S S .... 21% 21 21% 21V, Kroger Groc .. 23 22% 23 22% Macy R H ... 42 41% 42 42 McCrorv St .... 13 12V* 12% 12% McLellan St .. 12 s , 12% 12% 12% Marshall Field . 15% 15 s * 15% 16 Mont Ward 42 41% 41% 41% Natl Tea 8% B s , 8% 8% Jenney J C 76 74% 76 75% Sears Roebuck . 66 65% 66 65% Woolworth 49V* 49% 49V* 49% Aviation— Aviation Corp .. 5% 5 s * ss*5 s * 5% Boeing Aircft . 18% 18% 18% 18% Curtiss Wright 6% 6% 6% 6% Curtiss Wrt 'A' 15% 14% 15% 14% Nor Am Av BV* BV* BV* BV* Douglas Air .. 57% 56 56% 56% Sperry Corp .. 18% 17% 18V* 18 United Aircft n 23% 22 7 * 22V* 23% Chemicals— Air R ♦ uc 60' 2 60U 60% 60% Allied Ohem 194 192% 194 192 Am Com Alcohol 24 s * 24% 24% 24Vi Col Carbon ...116 116 116 116 Com Solvents ... 18% 17% 18 18 Du Pont 143% 151V* 153 153 FreeDort Tex ... 30% 30 30% 29% Liquid Carb ... 36% 36% 36% 36% Math Alkali 30 30 30 29% Monsanto Chem 86 3 * 84% 85 86' 2 Natl Dis (new).. 30% 30V* 30% 30% Schenlev Dist . 46% 45 45 V* 46% Tex Gulf Sulnh 36V? 35% 36% 35% Union Carbide .. 82% 81 % 82% 82 U S Ind Ale ... 48% 45V, 47V, 47V, Drugs— Bristol Mvers ... 43 42% 42% 43 Cot,v Inc 5% 4% 5 4% Lambert 20% 20% 20% 20V, N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Utils. Bonds. Todav 90.8 91.2 105.1 95.7 Yesterday 90.7 91.2 105.1 95.6 Week ago 90.9 90.5 104.8 95.4 Month ago 91.5 92.1 104.9 96.2 Year ago 87.4 76.5 97.5 87.1 1936 high 93.4 95.6 105.5 97.9 1936 low . . 90.0 84.7 103.5 , 93.3 (Copyright. 1936. bv Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasury* Prev. Close. Close. 4'As 1947-52 117.30 117.29 4s 1944-54 113,1 113.1 3%s 1940-43 108.18 3%s 1941-43 109.1 108.29 3%s 1943-45 107.27 107.25 3%s 1941 108.29 108.29 3%s 1944-46 107.20 107.14 3s 1951-55 104.21 104.18 3s 1946-48 105.6 105.6 2%s 1945-47 103.13 103.14 2%s 1951 102.5 102.4 Home Owners Loan Corp. 2%s 1949 101.22 101.21 3s 1952 102.29 102.29 Federal Farm Mortgage Corp. 3%s 1964 104.14 104.13 3s 1949 103.5 103.5 3s 1942-47 103.26 .... 2%s 1945 102.14 102.12 DOMESTIC Prev. Close close Alleg Corp 5s '44 93 % 92% Alleg Corp 5s '49 86% 86% Am Frgn Pow 5s 2030 73% 73 % Am Tel & Tel 5%s '43 113'/, 113 Am Tel & Tel 5s 65 113'/, 113% Arm &Cos (Del) 4%s 56 97% 97% Atl Coast Line 4s ’52 96% 98% Atl Coast Line 4%s ’64 78% 79% Am Wat Wks 5s ’44 102.7 102.8 Am Rolling Mills 4s ’SS 114% 114V* Balt & Ohio 6s ’95 94% 94'/, Balt & Ohio 4%s ’6O 70V* 70% Buff Roch & Pitt 4%s ’57 .... 76% 76 Beth Steel 4%s ’6O 105'/* 105 V, Chi Milw & St P 6s ’75 18% 19 Chi Milw & St P 5s 2000 7Vi 6Vi Cleve Un Term 4%s ’77 102'* 102% Col Gas 5s May 52 104% 104 V, Col Gas 5s '6l 103% 103% Can Pac Perp 4s 91% 91% Cent Pac 5s ’6O 99% 99% Big Four 4%s ’77 91% 91% Big Four 5s ’63 98 V* 98% Colorado & So 4%s 'BO 71 70% Chi & West Ind 4s ’52 103% 103% Chi & Nor West 4%s '49 12% 12 Con Gas 5s ’57 103.21 103.21 Chesa Corp 5s '47 ,127 127% N Y Dock 4s ’sl 65% 65% Erie 5s '75 75% 75 Erie 5s ’67 75% 75% Gen Cable 5%s '47 104% 104% Grt Northern 7s '3B 100.23 100 23 Grt Northern 4%s '76 101% 100% Grt Northern 4%s ’77 . inn% ion' . Gen Stl Cast WW 5%s '49 . 82% 82% Hud & Manhat Ref 5s '57 83 83 111 Cent 4%s '66 73 72% 111 Cent Jt 4%s ’63 79% 80 111 Cent 5s ’63 83% 84 Interntl Hv Elec 6s '44 . 40% 4V Interntl Tel & Tel 4%s '39 .. 92% 90% Interntl TOl & Tel 5s ’55 83% 81 Interntl Tel & Tel '52 . 80 79% McKess & Rob 5%s ’SO 103% 104 Natl Dairy 5%s '4B 102 29 102 30 Natl Steel 4s '65 106 105% Nickel Plate 4%s '7B 83% 83% Nickel Plate 5%s '74 94 94 N Y Cent 5s 2013 ... 91% 9J% N Y Cent 4%s 2013 (old) 85 85 Nor Amer Cos 5s '6l ... 105% 105% Nor Pac -3s 2047 81% 81 % Nor Pac 4%s 2047 101 Vi 111% Nor Pac 6s 2047 11l 111 Nor States Pow 5s '4l 104% 104% New Orleans Term 4s '55 90% 90% Penn Rv 4'*s %4 108% 10"% Penn Ry 4'is 'Bl 109. 109 Penn Rv 4%s '7O 104-s J22'<> Pac G & E 5s '42 102% 103 Portland Gen El 4%s '6O ..... 73 70% Para Public 4%s '45 91 91% Penn P & L 4%s 'Bl 106% I';' Postal Tel & Cab 5s 53 30% 31% Rem Rand WW 5%s '47 ...109% 109% Shell Union Oil 3%s 'sl 96% 96 Sou Pac 4%s '6B 92 91% Sou Pac 4%s 'Bl 90% 90 Sou Pac 4%S -69 91V, 90% Sou Pac 4s '49 93 93 Sou Rail 4s '56 59 s * 59% Sou Rail 6s %6 '.5 *4% Sou Rail 6%s '56 J* ??% Texas Pac 5s 'BO 104% 104% Texas Pac 5s - 79 104 % 104% Texas Pac 5s '77 J?*, Union Pac 4s '47 114% 113 s , United Drug 5s '53 100% 100% U S Rubber 5s '47 105% 105% NY NH & Hart 6s '4B 30% 30 s , NY NH & Hart 4%s '67 30% 30% Warner Bros 6s '39 92% 92% West Marv 4s '52 . .. 100% 100% Youngstown S & T 5s *7O ... 106.26 106.26 Youngstown S & T 53 '7B ...105.18 105.18 FOREIGN Argentina A 6s '57 99% 100 Argentine B 6s 'SB 99% 100 Brazil 8s ’4l 32 32% i Canadian Govt 4s '6O 108% 108% | Denmark 5%s '55 101% 101% French 7s '49 175 175 ! German 5%s '65 22% 24% i German 7s '49 39% 31% Italy 7s 'sl 72% 73% Jaoan 6%s '54 98 97% Poland 7s '47 89 90 Rome 6%s '52 . 63 % 63% Tokio City 5%s '6l 75', a 75%

Safe Deposit Boxes The Indiana National Bank or Indianapolis

Insurance Assets Expand Total assets of all life insurance companies in the United States reached anew hiph of $23,828,173,000 at the end of 1035. The figure is nearly $2,000,000 greater than the total at the end of 103 J,.

Lehn & Fink .15 15 15 15 Sterling Prod 68% 68 68', t)B% Un Drug mewi 13', 12% 13 13', Vick Chem 41 41 41 42% Zonite Prod 7 6% 7 6% Financial— Adams Exp .... 10% 10% 10% 10% i Allegheny Corp . 3% 2% 33 Am Int Corp . 10% 10% 10% 10% Chesa Corp Lehman Corp . . 96 95', 96 93 Transamerica .. 12% 12% 12% 12% Tr Conti Corp .. 8% R% 8% 8% Building— Am Radiator .. 20% 20 20 20% Gen Asphalt .. 26 25'* 25% 25% Holland Furnace 33% 33% 33% 33 Int Cement ... 46% 46% 46% 46% Johns Manville .97 95 95% 95 Libby Owens Gls 56% 56 56% 56', Otis Elev 27% 27% 27% 27 s , U S Gypsum .. 88% 87% 88', 87-, Ulen Cons SV s', 5% 5 Household— Col Pal Peet .. 15V* 14% 15 14% Congoleum 36% 38 36 "36 Kelvinator .... 20% 20% 20% 20% Mohaw'k Carp . 22% 22 22% 22 Groc & Gamble. 42 42 42 42 Servel Inc ... 20% 19% 20% 20 Simmons Bed . 27% 26% 26% 27 Textiles— Amer Woolen .. 8% 8% 8% 8% Celanese Corp .23'? 23 23 23', Collins Aikman. 44% 44 44 44', Gotham Hose .. 9% 9'* 9% 9 Indus Rayon . . 28 27% 27% 28 Kavser Julius . 28% 28% 28% 28% Real Silk 12% !2% 12% 12% Chicago Stocks (Reprinted From Late Times Yesterday) (By Atkins, Hamill & Gates) Prev. Close close Advance Aluminum 7% 7% Asbestos Mfg 3% 3% Associated Investors 40% 40% Bastian-Blessing 10% 10% Butler Brothers 8% 8% Cent 111 Pub Serv pfd 61% 60 Cities Service 4% 41/2 Commonwealth Edison 99 Continental Steel . 31% 311/, Cord rv- si* Crane 2 8 28% Dayton Rubber lit* hj. Electric Household Ist* is% General Household 8% 7% Godchaux Sugar "A” 34 Godchaux Sugar ‘'B” 16 Grt Lakes Dredge 28% 28 7 Jarvis Mfg T 0.,? fL* Katz Drug . 40 sai Libby McNeil & Libbv 7% 8 2 Lincoln Printing 103, Lion Oil Refining . in 3 , ‘ Lvnch Glass 42 41% McGraw Electric 31 30% Musk Motor So "A’’ 18% ir Nat Gypsum 491, 4974 Noblitt-Soarks ...! Northwest Bancorooration . . 9% 10 Perfect Circle 36% Public Service of Northern 111 52 Standard Dredge nfd 14% 14% Swift International 31) sn% Zenith 19 91 New York Curb (Reprinted From Late Times Yesterday) (By Atkins. Hamill & Gates) Prev Close. close Aluminum Cos of America . . 122 123 Am Cyanamid (B> 35% 36 Amer Gas and Electric 3i% 30% Amer General 8% 9 Amer Superpower 2% 2', Ark Natural Gas (A) 6 6% Atlas Corp 12V* 12V* Carrier Corp 8% 9 Creole Petroleum Corp 28% 28% Crocker-Wheeler 10% 10% Elec Bond and Share 18% 18% Fisk Rubber 5% 5% Ford Motors Canada (A) 22% 22V4 Glen Alden (II 14% 141., Gulf Oil Corp of Penn . .. 83 83% Humble Oil and Refining Cos.. 61 % hi*. Huyler's of Del pfd 22% 22 " Hygrade Food 4% 4% Int. Vitamin 7% 8% Imperial Oil of Canada 22% 22% Lake Shore Mines . .... 56' 4 56% Molybdenum Corp of Am ... BV* 8% Mueller brass Cos 28% 23% Natl Bellas Hess Inc 2% 2% Niagara Hudson Power 8% 3% Pan-American Airways 57% 56 Pennroad Corp 4% 43, Reliable Stores Corp 16% 16% Root Petroleum 16% 16 St Regis Paper Cos 3% 33* Salt Creek Producers Assn ... 7% 7 s , Segal Lock 3% 3% Sonotone .... 2% 2 s * Standard Oil of Ohio 29% 30 Stutz Motor Car of Am ... 2% 2% Technicolor. Inc 30 29% Wayne Pump .. 28% 29% Local Securities (By Indianapolis Bond and Share Corp.) The following quotations do not represent actual bids or offerings, but merely tndicate the approximate market level based on Duvlng and selling inquiries or recent transaction*. BONDS Bid Ack 5 0me X*l 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 '4O . 106 108 Indianpls Water Cos 5s '6O .. 105 107 Indianpls Water Cos 5s '7O .105 107 Indianpls Water Cos 5%s 53 103 V, 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 j Muncie Water Works 5s '65 103V2 \ Noblesville H L & P 6%s '47 101 103 Ohio Telephone Service 6s '47 99% Richmond Water Wks 5s '57 105 106V2 . 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 Ss '57 75 7g STOCKS Belt Rail & S Y Com 53 >/, sg Belt Rail & S Y Pfd 6s 52 Central Indiana P pfd 7s . 16 19 Home Tel & Tel Ft Wye 7s 52% 54% Hook Drugs Inc Com 17% 19 Ind & Mich Ek?c Cos Pfd 7* .. 105 108 Indiana Genl Serv Cos 6s 98 100% Indiana Hydro Elec Cos 7s .. 51 54 Ind-anapohs Gas Cos Com .. 23 34 Indianapolis P&L ct pfd 6s 88% 91% Indianapolis P&L Ct pfd 6%s 92% 95% Indisnanolis Water Cos Pfd 5s 102% 195 North Ind Pub Serv nfd 5%s 63% 68% North Ind Pub Serv Pfd 6s 68% 71% North Ind Pub Serv Pfd 7s . . 77% 80V? Progress Laundry Cos Com . 10% '2 ; Pub Furv Cos of Ind Pfd 6s 20 YJ Pub Jerv Cos of Ind pfd 7s 38 41 Sou.h Ind Gas & Elec pfd 6s 99 102 lerre Haute Elec Cos 6s 92 94 Union Title Company Com 19% 21% LOCAL CASH MARKET (Reprinted From Late Times Yesterday) City grain elevators are paying 86 cents for No 2 soft wheat Other grades on : their merits. Cash corn new No 3 yellow 56 cents and oats 18 cents

MONEY FOR YOUR FUTURE VACATIONS Do you enjoy Fishing or playing Golf? Would you like to see the beauty spots of Amenca, foreign lands? Thousands of your fellow citizens will In later years take vacations—go where they please, stay as l<sng as they please, free from money worries, knowing that another income check will arrive each month. They have arranged an Insured Income Plan with us. Ask for details on how you can start YOUR plan. Indianapolis Life Insurance Cos. 30th and Meridian A Quality Company

CITY NOW MS LARGEST U. S. LOAN SOCIETY

Railroadmen’s Building and Savings Association to Federalize. Indianapolis today has the largest Federal savings and loan association in the nation following action last night of the shareholders of the Railroadmen's Building and Savings Association, wlio approved the conversion of the institution from a state to a United States chartered organization. Henceforth the institution is to be known as the Railroadmen's Federal Savings and Loan Association. It has approximately 27.000 shareholders and assets of about $39,000.000. Practically the only changes that are to result from the conversion, according to Fermoi S. Cannon, president of the association, are to be the insurance feature and the government supervision and examination. The personnel is to remain unchanged and investing shareholders are to hold investments of like amounts in the new setup as in the old association. Supervised From Washington The Railroadmens is npw to be supervised from Washington and is to be examined by representatives of the Federal Home Loan Bank Board. Asa state-chartered institution, supervision came from the Building and Loan Division of the Indiana Department of Finan- ; cial Institutions Shares up to a maximum of SSOOO are to be insured through the Federal agency. The meeting of shareholders was held in the Claypool and was ad- ; dressed by Mr. Cannon and by Nathan V. Morgan, field representI ative of the Federal Home Loan Bank Board. The most important result of the federalization. Mr. Cannon said, is the credit expansion. Asa state institution the Railroadmen’s could borrow up to 20 per cent of its credit liabilities from the Federal Home Loan Bank, whereas now its credit is extended to 35 per cent. The new charter also makes it possible to use credit available in the Home Owners Loan Corp. on a three-to-one basis. Thus. Mr. Cannon. explained, ample funds are available for persons of the commnuity wishing to borrow for home building, remodeling, modernization and repair work. Met Rigid Requirements Mr. Morgan said that the application of the Railroadmen’s to federalize was accepted only after the most rigid examination of the association’s solvency, policies and management. He explained that withdrawals can be made 30 days after a written aoplication is filed with the association. Fred T. Greene, president, and B. j F. Burtless. secretary-treasurer, represented the Indianapolis Federal I Home Loan Bank at the shareholdI ers meeting. Mr. Greene stated that his organization is the credit i reservoir for building and loan as- | sociations of Indiana and Michigan and that 167 of them are members i of the bank. There are 343 state-chartered building and loan associations in ! Indiana and 88 Federal savings and | loan associations in the state, acI cording to a report of the Depart- : ment of Financial Institutions. The Railroadmen’s is 49 years ! old. having been formed in 1887. It, is the third largest institution of its kind in the United Stales and the first of the large ones to federalize. DIXIE BUILDING HOMES Times Special ATLANTA, Ga„ May 16.—Building permits in the Sixth Federal Reserve District for the first quarter of 1936 were the largest since before the depression, according to the Atlanta Federal Reserve Bank. Investment Trusts (Reprinted From Late Times Yesterday) (By Thomas D. Sheerin & Cos.) Bid. Asked. ; Administered Fund 2nd ... $16.07 $17.10 [Affiliated Fund Inc .. 1.78 196 I American General Equities 1 00 1 02 j‘American Business Shares . 109 119 | Bullock Fund Ltd ... 17.15 18 63 , Broad Street Investing 23.29 30 2t j Century Shares Trust . ~ 26.12 28.09 Collateral Tr Shares ' A" 6 30 j Corporate "A” or ' Accum” m 327 3.30 ! Corporate “A" or ACC” unm 263 288 ; Corporate Trust Share, lorigi 2 72 27 : Diversified Trustee Shrs ' B'' 987 997 I Diversified Trustee Shrs ”C" 4.36 4‘o j Diversified Trustee Shrs "D” 6.61 671 [ Dividend Shares Inc 1 57 1 71 | General Investors Trust 5.79 6.29 I Incorporated Investors 21 05 22 88 Investors Fund Amer .. 1.00 110 Market Street Invest Corp . 23.30 30 83 Maryland Fund .. . 18.45 13 53 Massachusetts Investors 24.85 26 87 Nation-Wide Sec Cos 'B” ... 4.13 Nation-Wide Voting . 1.79 1 3* North American Tr Shs 1955 3.26 330 North American Tr Shs 1956 322 328 North American Tr Shs iori 251 Quarterly Income Shares 1 52 1.68 Selected Amer Shares Inc 1 51 1 63 Selected Amer Shares iorigl 3.55 Selected Cumulative Shares 9.23 933 j Selected Income Shares 4.30 4 90 I State Street Investment Corn 98.00 101 00 ’ Super-Corp of America ”AA' 276 280 ‘ Super-Corp of America BB' 2.80 283 Super-Corp of America A' 409 4.14 Buper-Corp of America B 4.23 433 SuDer-Coro of America 'C". 755 Supervised Shs Inc iDel) 12 30 14 03 Trustee Standard Oilshs ‘A 1 697 707 | Trustee Standard Oilshs B 611 6.21 i Trustee Standard Invest "C ’ 290 293 Trustee Standard Invest 2 33 2.87 •United Standard Oilfunds . 118 1.33 CselDS "A” . 17.65 •Selps "B" 2 69 ... Uselos Voting 105 *—Ex-Divideud. BUSINESS EDUCATION*" Strone Accounting. Boockeeoinc Stenographic and Secretarial courses ?3 a 37 Fred ESSfe. L ’ nC ° lP CENTRAL Business College Architect, snd Builder, Building Pennsylvania ii Vermont Sts. Indpls.