Indianapolis Times, Volume 48, Number 58, Indianapolis, Marion County, 18 May 1936 — Page 11

T rends Defends Employes Who Render Service. BY JOHN T. FLYNN

117 ASHINGTON, May 18 A * general expression of horror went up from the critical observers of the government when Congress reached an appropriation of 189 million dollars for the new Social Security Board. The horror was not Inspired by the appropriation but by the fact that the bill made provision for 11,000 new employes.

Here, said the conservative critics of the government, is anew bureaucracy, the greatest in the history of the government —a new army of bureaucrats saddled on the backs of the people. This is a common comment now when any new government activity goes into action. It ignores some

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Flynn

very simple and obvious facts about Rovernment. For one thing, there is an impression—and big business, busy trying to make government unpopular, stresses the impression—that government departments and government employes are all a lot of “tax-eaters,’ who suck the substance of the business world and give nothing in return. a a a /"\F course government employes, in almost all cases, like all employes, are paid for rendering a service. Take this Social Security Board which is called the new bureaucracy and the latest to “climb on the people’s back.” What is it but a great insurance corporation? It is going into the business of old age pensions, unemployment insurance, and other forms of social insurance. It is going to require in the coming year 11,000 employes. The Metropolitan Life Insurance Cos. is in a similar ousiness. It employs not 11,000 but 25,000. Does any me ever think of calling the Metropolitan a bureaucracy? Do we think of their 25,000 employes as "climbing on the public's back?” Mast certainly not. The reason is plain. The Metropolitan performs a public service. It manages a great life insurance business, covering the life policies of about 15 million persons. It takes an army of 25,000 men and women to handle this vast business. Those who pay insurance premiums are glad to pay for the service and never think of the employes as riding their backs. ana THE Social Security Board will handle the old-age insurance of 25 million persons. It will, by the end of this year, supervise the unemployment insurance of some 7,500,000 persons. It will handle other agencies for succoring children and the blind. For this it asks a staff one-half the size of a great insurance company and it is described as climbing on the people's backs. It would be a good idea to remember. while we talk of taxes, as we are now doing very industriously, that they are paid out to men and women workers for performing the most essential services in our society. iCopvright.. 1936, bv NEA Service. Inc.i HOUSING BAROMETER Time* Special WASHINGTON, May 18.—The total amount ol business reported up to May 7 by private financial institutions under provisions of the National Housing Act—1,030,942 insured modernization loans totalling $370,564,094; 66,347 home mortgages accepted for insurance, amounting to $267,548,478. On Commission Row (Qiioiaiions below subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUlT—Strawberries: Tennessee. 24-qt. crate, *4,25. Limes—Mexican, carton, 20c. Banana"—Seven hands, pound 5%c. Apples -Winesnps (fancy baskets), $1.75. Lemons—Sunkist 1300si, $9. GrapefruitImperial Valley, $3.50. Pineapples—Cubans (18-30*). crate, $3.50. Grapes—S. America, 20-lb, box, $2. Honey Dews, S. America, $3. VEGETABLES Brans, green, round strineless (hampers), $2.40. Beets—Mississippi, bu., $1.35. Cabbage—Mississippi, half crate. $1.35. Carrots—California 16dor crate), $2.50. Cauliflower, California 112s cratei, $l9O. Celery-Florida washed and trimmed idoz.l, 455/85c; Florida (4s, Bs. 10s cratei. $3.50. Cucumbers—Hothouse idor..i. 90c; (two dor . box), $1.65. Frk plant—Florida idoz.l, *1.50. Kale— Virginia (bill, 65c Lettuce—lceberg. California (best 6s, ss>. *3 50; home grown leal 115-lb basket). *1 Peppers—Manßoes icratei, $3 50; peck basket, $1.15; dor.. 40c Mint—Hothouse idoz.i, 60c. Mushrooms- Pound, 30c. Mustard—Tas. half crate, $1 40. Onions—lndiana yellow i.50lb. bagi. 60c; new Texas Bermuda yellow. 50-lb bag. $125, Parsley—Southern ilong bunches, dor,), 45c. Parsnips—Homegrown. washed, bushel, 90c; half-bushel, 50c. Peas—Florida, hamper, $1,85. Potatoes Michigan Round Whites, 100-lb. bag $2 10 R. R Early Ohio, 100-lb. bag. $2 25; R R Triumph, 100-lb. bag. $2.25; Idaho Russets, 70c box, $3. Sweet potatoes—Tennessee Nancy Halls, hampers. *1.38. Radishes—Homegrown buttons, doz., 35c; white. 30c Rhubarb Hothouse, dor., 25e. Rutabagas—Northern, 50-lb. bag. $1 s*. Sage—Dor.. 45c. Turnips— New bulk Texas, bu., *1.40. Tomatoes— Repacked. 10-lh box. *1.50; Florida, orig. (8*8) lugs, *3.25. mriTS AND VEGETABLES (By United Press! CHICAGO. May 18— Apples Willow Twigs bu.. *1 25. Carrots—lllinois, bu.. 25 ■7 30c Sweet Potatoes—Tennessee, bu.. *1 1001.15. Cabbage—Mississippi, lettuce, crates. *1.40 1 60. Spinach—lllinois, bu . 40® 50c. Tomatoes—Florida, lugs. *2.50® 325 Cauliflower—California, crates. *l4O ® 1 85. Petis—California, bu.. hamoers. 01 3561.50 Lettuce—Western crates *2500 2.60. Oelerv—Florida, crates. s2ifi3.7S. Onion Market—Texas, while wax. 60570 c; Texas yellow Bermudas. 80$ 85c. Unlisted Stocks (Bv Bivth & Cos.) NEW YORK BANK STOCKS Bid. Ask Banker* Trust 56 58 Central Hanover 108% UO% Chase 371* 3 8 s, Chemical 52 r 55'. Guaranty 290 293/* Irving 15% 18 U Manufacturer* 48** 50 Nenonal City 33% 34% Cent 111 Chicago 143 146* 4 First National Boston ... 44% 46% National Shawmut 26*4 28% FIRE IN-FRANCE Aetna Fir* Ins 55 57’i American Ins of Nevarlt 14 s * 18'* Baltimore American 81* 10** City of New York 28 28 Federal In* 45 49% Franklin Firs 32** 345* Oreat American In*. 28% 30 Hanover 39% 41’* Hartford Fir* 74% 77 Home In* 36** 38 Ins Cos of A 72 75', National Fire 72'* 74% National Liberty 9’* 11V* North Liberty 24*, 28*, Phoenix 89 91*-* TJ 8 Fir* 52'* 53% Winchester Fir* 355 k 371*

4 4 Abreast of The Times on Finance 4 4

LOCAL BUSINESS MEN TO SPEAK AT CONVENTION

Employment Service Heads to Convene Here May 27-29. Unemployment Insurance is to be one of the major topics to be studied here by delegates to the convention of the International Association of Public Employment Services, according to Martin F. Carpenter, president of the organization. The gathering is scheduled for Indianapolis May 27, 28 and 29. Several local men besides Mr. Carpenter are to take prominent paits in the program. Gov. McNutt and Mayor Kern are to give welcoming addresses at the opening session to be held Wednesday morning 'i the Claypool. W. Rowland Allen, personnel manager L. S. Ayres & Cos., is to lead a discussion during the Wednesday afternoon session on “What Business Expects of the Public Employment Service.” Industries to Be Visited Thursday afternoon, May 28, the delegates are to be escorted on a tour to the Eli Lilly & Cos. plant and the Real Silk Hosiery Mills. The annual banquet is set for Thursday evening. Its chairman is to be C. C. Winegardner. vice president of the Diamond Chain and Manufacturing Cos., who is also head of the state advisory council of the Indiana State Employment Service. Following the banquet, Clarence A. Jackson. Indiana Unemployment Compensation Division director, is to speak on the subject. “Unemployment Insurance in Indiana.” W. Frank Persons, United States Employment Service director, and Richard A. Rigg, director of the Employment Service of Canada, are slated for two of the most important adresses of the convention.

UNLISTED TRADING REGULATION ASKED Head of Associated Stock Exchanges Speaks. Time* Special CLEVELAND, May 18.—The Administration’s efforts to regulate security exchanges will fail unless the “over-the-counter” markets are included, William W. Spaid, Washington, told the Associated Stock Exchanges convention today. “At the present time 75 per cent of the trading in stocks and bonds in this country is not regulated,” said Spaid, president of the organization. “An increase or decrease in margin requirements on the 25 per cent of securities traded on regulated exchanges is not going to change the economic trend of our country or the business morals of our people.” He defended the stock exchanges from the attacks of “theoretical economists who attempt to blame the failure of the practical operations of their theories on something other than the theories themselves.” “It seems that the public's attitude toward stock exchanges is such that everything calculated to kill speculation is hailed as salutary, both morally and financially,” Spaid said. “The truth is that our stock exchanges perform an absolutely essential function in our economic structure and the United States could never have obtained world leadership without the benefit of these markets for securities.” Investment Trusts (By Thomas D. Sheerin & Cos.) Bid Asked Administered Fund 2d . . si6.us *17.07 Afliliated Fund lnc 1.78 l.Mb American General Equities 1.00 1.02 ' American Business shares 1.09 1.19 Bullock Fund Ltd 17.20 18.63 Broad Street Investing . 28.<5 30.43 Century Shares Trust 26.16 28.13 Collateral Tr Shs "'A'' . 6.34 . . Corp ’ AA' or "ACC“ (modi 2.27 3.30 Cor "AA' or "ACC tunmodl 2.63 2.66 Corp Trst Shrs torigt 2.72 2.76 Diversified Tr Shs "B' .... 9.95 10.05 Diversited Trustee Shrs .... 440 444 Diversified Trustee Shs .... 6.61 6.71 Dividend Shares lnc 1.57 1.71 General Investors Trust ... 5.7S 6.28 Incorporated Investors 21.30 22.97 Investors Fund Amer ... 102 1.12 Market Street Invest Corp.. 29,30 30.84 Maryland Fund 18.50 20.00 Massachusetts Investors ... 24.85 26.19 Nation-Wide Sec Cos "B'’ .. 4.21 J Nation-Wide Voting 1.70 1.84 I North Am Tr Shs 1955 3.27 3.30 North Am Tr Shs 1936 3.23 3.26 North Am Tr Shs (origi .... 2.51 I Quarterly Income Shares .. 1.52 1.68 i Selected Am Shs Inc 1.51 1.65 I Selected Am Shares (Origi . 3.55 ; Selected Cumulative Shares 924 9.34 , Selected Income Shares 4.81 4 91 State Street Invest Corp . . 96.50 101 50 Super-Corp of Am ‘AA" 2.77 2 00 Super-Corp of Am "BB" 2 80 2 84 I Super-Corp of Amt.-ica •‘A’’. 410 4.15 ; Super-Corp of Ameriu; ‘ B 4 29 4 34 i Super-Corp ot America •C”. 7.98 Supervision Shs Inc iDeli 12.80 13.99 Trustee Stnd Oilshares "A” 692 7.02 Trustee Stnd Oilshares "B“ 6.05 615 Trustee Stnd Invest "C“ .. 291 294 Trustee Stnd Invest "D”.. 284 288 United Stnd Oilfunds l 19 1 32 Ustjps “A" 17.85 18.20 Usilps • B 2.71 ... 1 ! Us<lps Voting 1.06 •Ex-dividend. Produce Markets The prices quoted are paid for stock gathered in the country, while oelivered in Indianapolis the price is a cent higher Heavy breed hens, 16c; Leghorn breed hens. 14c; colored springers, 2 lbs and up. full feathered. 31c; Leghorn springers 1% pounds and up. full feathered. 18c bareback broilers, heavy tvpe 13c; old cocks, 9c; ducks, white, 5 ibs. 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 11.dianapolls, 18c. Each full case must weigh aS lbs. gross; a deduction of 10 cents a pound under 55 Ibs. will be made. No. 1 butter. 29%®30%c: No. 3. 26%037V*c. Butterfvt. 25c (By United Press) CHICAGO, May 18.—Eggs—Market easy: receipts. 42,964 cases; fresh graded firsts. 20%c; extra firsts. 20%c; current receipts, 19%c: dirties. 18%c: checks. 18%. Butter -Market steady: reelpts 14.156 tubs; extra 92-scorei. 26cc: extra first* iPO-92%-srorei. 25%®35%c; firsts 'BB-89%-scorei, 24 5 ,®25c: specials. 26%®27c. PoultryMarket steady: receipts. 2 cars, 26 trucks. Ducks. 12® 16c geese. 10® 11c; spring chickens 26%®2*%c; hens. 17®20%c: capons. 25®28c; turkeys, 18®20c: broilers. 240 25c: Leghorn hens. 14018 c; old roosters. 14c; fryers, 25®27%c. Cheese— Twins, 13015%c; daisies, 14® 14%c; longhorns. 14 6 14%c. Potatoes—New stock; supply moderate; demand good; market slow; Alabama and Louisiana Bliss Triumphs, 53.<502.90. Old stock; Supply moderate, demand good, market stronger; Idaho Russet Burbanks. 83 30®2.80; Colorado and Washington Russet Burbanks. 83.50* Wisconsin Round Whites. 81.5501 83: Minnesota Cobblers and early Ohios. 81.450 155: North Dakota Cobblers. 81.50. Arrivals, 165; on track, 291, shipments, 633.

New York Stocks

Sales in the last hour totaled 520,009 shares, against 470,000 shares in the first four hours. The day’s total of 990,000 shares was the same as the Friday session. Curb sales were 224,000 shares, against 202,000 Friday. , Dow-Jones preliminary closing averages: Industrial, 1&0.33, off 1.09; railroads 44.98, off .13; utilities 30.41, off .12. (By Thomson Si McKinnon) Prev. Oils— High. Low. Close. Close. Amerada 94 '•* 945* 94',* 95 Atl Rig 29',, 29 29 29'/* Barnsdall 17% 17% 17'/, 17% Consol Oil 13Vi 12% 13 12 s , Cont of Del 32 31% 31% J 2% Houston (new/.. 9 B*, 8% 8% Mid Cont Pet .. 19’* 19’* 19V* 191* Ohio Oil 13V* 13'< 13V, 13',2 Pet, Corp 13'* 13'* 13V* 13'/. Phillips Pet, 42 3 4 41'/* 41V* 42% Plymouth Oil .. 14 s * 14’ < 14'4 14V* Pure Oil .... 19% 18 s * IBV4 19% Seaboard Oil ... 33% 33'* 33'* 33'* Shell Un 17’, 17% 17', 17V* Skelley Oil 25',* 25 25V* 25 Soc Vac 13 12% 13 13 SO Si Cai 38V* 37V4 37% 38% SO of Ind 35 34V, 34’* 34’, SOof N J 61 60'* 60% 61 Texas Corp 34% 33’* 33’* 34V* Tidewater Assn 16',2 16V* 16% 16% Un Oil of Cal .. 23'* 23'* 23'/* 23',2 Steels— Am Roll Mills . 27'i 27 27V* 27'4 Beth S eel ?2% 50 50 51V* Beers A M ... IBS* 18'* 18 3 , 18 Inland Steel .... 92 91'* 92 91'-. Ludlum Steel . 25V* 25 25% 25 McKeeSDort Tin 108 108 108 108 Mid Steel 39 ’* 38Va 38'* 39 Natl Steel 60% 60 60'/* 60 Otis Steel 15’* 15 15 15 Rep Iron & Steel 19% 19',* 19% 19% Rep ISi Stl pfd 82% 82% 82V* 82% U S Pipe & Fdv. 37% 36% 36% 36% U S Steel 59% 57% 57% 58V* U S Steel pfd 121'* 120'/* 120% 121 Warren Bros 9Vi 8% 8% 8% Warren P & Fdv 22'/* 22% 22'/* 23% Youngst’n S& T 54% 52% 53 53'/* Motors— Auburn . 31'4 30'4 30% 31 Chrysler 96',* 94 94 94’/* Gen Motors 63% 62'/* 62'% 62% Graham Mot ... 2% 2% 2% 2V* Hudson 15 14V* 14% 15% Mack Truck ... 30% 29% 30'/* 30% Nash 17V* 17'/, 17V* 17% Packard 11 10% 10% 10% Reo ... 5% SV, 5% s'/* Studebaker 11% 11% 11% 11% Yellow Truck .. 18% 17% 17% 18‘4 Motor Access— Bendix ..•. 29 28 28 28'4 Bohn Alum 49% 48% 48% 49’/, Borg Warner ... 72'% 71'% 71% 72 Briggs 48% 47% 47V, 47% Budd Mfg 15% 14V* 14% 15% Eudd Wheel 10% 10'/, 10'/* 10% Eaton Mfg 33 32'% 32 33 Elec Auto Lite... 36% 35% 35% 36 Elec Stor Bat . . 46% 46% 46% 47% Greyhound “B” . 56% 56% 56% 56V* Koudaille 24V* 24 24 23% Murray Body ... 16% 16 16 16'/* Stew Warner ... 19'4 19 19'/* 19 Timken Roll . . . 62'% 61% 62 61% Timken Det Axle 16'/* 15'% 15’/* 15% Mining— Alaska Jun 14% 14 14’4 14% Am Metals 29’4 29 29'4 29% Am Smelt 77'% 76% 77V* 77% Anaconda ... 34% 23'% 33'% 34 C'al Si Hecla 11% 11 11 114 Ccrro De Pasco.. 55 54'/* 55 5'% Dome Mines 58 54 56% 53% Gt Nor Ore 17 16% 16V* 17 Howe Sound 52V* 52 52% MV* Ins Copper 10% 10% 10 % 10% Int Nickel ... 47 46% 46% 46% Isl Creek Coal 28% 27% 28Vi 27% Kennecott Cop.. 37% 37 37 37V* Mclntyre Mine.. 44% 43 43% 43% Park Utah 3'% 3% 3'% 3'% Phelps Dodge . . 34’% 34% 34% 34V* St Joe Lead ... 23'% 23'/* 23% 23% U S Smelters.. 93 91'% 91'% 92 Vanadium 18% 18 18'% 18% Amusements— Crosle.v Radio . 26% 25% 26 25'% Fox Theat 23% 23% 23’* 25 Loews Inc 47V* 47% 47V, 46% Radio Corp ... 11', 10’/* 11 11’/* Paramount 9% 8% 8% 9% PRO 6'% 6'/* 6'% 6'/* Warner Bros ... 10 9% 9% 9’/* Tobaccos— An Snuff ... 64% 64 64'% 66 Am Sum Tob... 23% 23% 23 s /* 23 Am Tob "A”... 92'/* 91V* 91V* 92% Amer Tob B'. .. 93% 93 93 94 Gen Cigars 56% 56'% 56% 56% Lig * Myers 'B'. 103 107'% 103 108 Lorillard 22% 22'% 22'% 22V* Phillip Morris . 82V* 81'% 81'% 81'% Reynlds Tob ‘B’. 53V* 53'% 53'% 53% Rails— Atchison 741/2 72% 72% 72V* Atl Cst Lines .. 25 23’,2 23'% 24 B & O 19 18 18 18V* Can Pacific 12% 12% 12% 12% Ch Sr Ohio 57'% 56'% 56% 56% Chi & Gt W pfd 5V* s'/* s'/* 5V* C M Sr St P . . 1% I s /* 1% 1% Chi N W 3'/* 3 3V* 3',* Chi N W pfd . . 7'% 7 7'% 7'% Dela & Hud 42 4040% 39% Del Lac & W ... 17 15'% 15'% 16'% Erie 13% 12% 12% 12'% Erie pfd 18% 18% 18% 18V* Gt Northern pfd 36% 35'% 35% 36'% 111 Central 20% 20 20 28% K C Sou 21% 20 20 21'/* Lehigh Valley .. 9% 9% 9'% 9% Lou Sr Nash .. . 66'% 66'% 66% 66'% M K & T . 8% 7% 8% 7% MK & T pfd . 20% 20'% 20% 26 Mo Pac pfd .... 4% 4% 4% 4% N Y Cent 36 34 34V* 34'% N Y New Haven 3% 3% 3% 3% Nor Pac 28% 27% 27V* 28'% Penn R R 30% 30% 30'% 30 Reading 42 42 42 40'% Sou Pac 31% 31% 31% 32 Sou R R 15% 14'% 14'% 14% Union Pac 125’% 125'% 125'% .. West Maryland.. 9% B’% 9 9 Equipments— Am Car & Fdv . 34% 32% 33 32V* Am Loco 27% 26% 27'/, . Am Steel Fdv ... 28 27% 27% 28 Bald l Loco 3% 3% 3'% 3% Gen Am Tk Car 48% 47% 47% 47% Gen Elec 37V* 36% 36’/* 37 Pullman Inc .... 45 44% 44'% 44% West Air Br .... 39 38 38V* 38% Westingh Elec ..114% 112 112 123% Utilities— Am <fc For Pwr . 7% 7% 7% 7% Am Power At Lit 11% 10 s , 10% 10% AT&T ...161% 160% 161% 162 Am Wat Kks . 22% 21% 21V* 21% Col Gas & Elec 19% 18% 18% 18% Comm & Sou . • 32% 3 2’* Consol Gas . 31 30 30% 29% Elec Pwr & Lit 15% 14 s , 14% 14% Int Hydro Elec 3% 3% 3% 3% Interboro R T . 12% 12% 12% 12% Int T & T 14% 13 s * 13% 14 Nat. Pwr & Lit 10% 10 10% 10% North Amer 25’* 25'* 25% 26'* Pac Ct & E 36% 35% 35 s * 35% Peoples Gas ... 41 40% 41 41 Pub Serv N J . 41‘* 40V* 41% 40%* So Cal Edison 26% 26% 26% 26% Std Gas 7 6% 6% 6% Stone & Webster 18', 17 17 17 s * United Corp .. 6% 6% 6% 6% Un Gas Imp 15% 15% 15% 15% Ut Pwr &Lt “A” 81 78% 78'/* 80% Rubbers— Firestone 29 28 s * 28% 28% Goodrich 20% 20 20 20% Goodyear 26’* 25% 25% 26% U S Rubber 31% 29% 30 30% U S Rubber pfd 75 s * 72% 72% 71% Miscellaneous— Allis Chalmers .. 43 43' 43 42% Am Can . .... 130% 129% 129% 130 Am Mach & Fdv 23 22% 22’* 23 Anchor Cap 19% 19% 19% 19% Brklyn Man Tr. 46% 46% 46% 46’* Burroughs Add 26% 26% 26 s * 26% J 1 Case 154'* 153 153 153'* Conti Can .. 73% 72% 72% 73 ’4 Caterpillar Tr .. 75 74% 75 74% Crown Cork ... 55 l i 54 54 54% Curtis Pub 19 18% 18% 18%. D-rere & Cos ... 79 77% 78% 78% Gillette 16% 15% 16% 15% Glidden 47% 47% 47% 47 s * Int Bus Mach .168 163 168 166% Inter Harv 84% 84 84 88% Natl Cash Reg. 24% 23% 23% 23 s * Owens Bottle . 145 J 44% 145 144 Rem Rand ... 21% 21% 21 s * 22 Underwood E . 86% 86% 86% 85 Worthington P . 27% 27% 27% 26% Am Sugar 54% 54 54 s * 54% Armour 5 4% 5 5 Armour 6% pfd . 72% 72% 72% 72% Borden Prod ... 27 s * 27 5 , 27 s , 27’, Cal Packing 31% 31% 31% 30% Canada D G Ale 11% 11% 11% 11% Coca Cola 93% 90% 93% .. Cont Bak ‘A' .. 14% 14 14% 14 Corn Prod 77 76% 76% 76 Crm of Wheat 35'* 35% 35V* 35 Cuban Am Sugar 11% 11 11 n Gen Baking 11% 11% 11% 11% Gen Foods 38% 38% 38% 38% Gold Dust 16 15 s * 15% 16 G W Sugar ... 37% 36 s * 36% 36% Nat Biscuit .... 34% 345, 34 s 34 , Natl D Prod ... 23% 23% 23% 23 Puritv Bak .... 10 s , 10% 10 s , 10% S Por Ric Sug . 28’* 28 s * 28 s * 28% Std Brands 15’, 15% 15 s * 15’* Un Biscuit 26% 26 s * 26 s * 26 s * Unit Fruit 76 s * 75% 76% 75'Wriglev 67 67 67 67 Retail Store*— Allied Stores , 9 B s * 8% B’* Assd Drv Ooodi 14% 14% 14% 15% First Natl Sts ... 43% 43 43% 44 Gimbel Bros 10% 10 10 9% Gm Un Tea ... 3% 3% 3% 3% twel Tea 70% 70% 70% 70% Kresge S S 21% 21% 21% 21% Kroger Groc ... 22% 22% 22% 23 Macy R H 42 41 41 42 McCrorv St 12 s , 12% 12% 12% McLellan St . 12% 12 12 12% Marshall Field . 15% 15% 15% 15% Mav Dept St... 46% 46% 46% 46% Mont Ward .... 42% 41% 41 s , 42 Natl Tea 8% 8% 8% B s , Penney J C ... 76% 76 76 s , 76 Safewav St ..31 31 31 31 Searo-Roebuck . 68 s * 66 67 % 66 Woolworth .... 50% 49% 49% 49% ATiation— Aviation Corp.. 5% 5% 5% 5% Boeing Atreft .. 19% 18% 18% 18% Curtiss Wright 6% 6% 6% 6% Curtiss Wright A 15% 15% 15% 15% Douglas Air .... 58 58% 56% 57 Nor Am Av ... 8% 8 8 8 Sperry Corp ... 18% 17% 17% 18 United Air Aft N*23% 22% 22% 22%

MONDAY, MAY 18, 1936

Chemicals— Air Reduction • ■ 61% 60% 61 60 s * Allied Chem ...193% 190 s , 190% 194 Am Com Alco.. 24’* 23% 23% 24 2 Col Carbon ...122 120 120 120 Com Solvents . 18’* 17% 17 5 ,1 18% Du Pont .143% 141% 141% 143% Freeport Tex ... 30% 30% 30% 30% Math Alkali .30 30 30 29 s , Monsanto Chem 83 81 81 83% Natl Dis 1 new) . 29% 29% 29% 29 s * Schenley Dist . 44% 43% 43 s * 44V* Tex Gulf Sulph . 36% 36', 36V, 36% Union Carbide .83 82% 82% 82V* U S Ind A1c0... 46% 45 45 Drugs— Bristol Myers . 42% 42% 42% 42% Coty Inc ‘ s'/* 5% 5% 5% Lambert 20% 20V* 20V* 20% Lehn & Fink .. 15 15 15 15 Sterling Prod . 69 69 69 68 % Un Drue inewi. 13 s * 13 13 13% Zonite Prod 7 7 7 7 Financial— Adams Exd .... 10% 10% 10% 10% Allegheny Coro . 3% 33 3 Am Int Coro ... 10% 10'A 10'/* 10% Chesa Coro .... 66 65 66 64*4 Lehman Coro .. 90% 95V* 96 95% Transamerica ... 12’* 12% 12 s * 12% Tr Conti Coro.. Bs*8 s * 8% 8% 8% Building— Am Radiator ... 20% 19% 19% 20% Gen Asphalt . . 25% 25% 25 2 25V* Holland Furnace 34% 33% 34% 33% Int Cement . 47% 46% 47'/* 46% Johns Manville . 98 % 95 95 95 Libbv Owens Gls 56% 55% 55'/* 55V* Ots Elev 28V* 27% 28 28 U S Gypsum ... 88 87V, 87% 87V* Ulen Cons 5 5 5 5% Household— Col Pal Peet .. 15% 14% 14% 14’/* Congoleum 35V* 35V* 35’* 36 Kelvinator 20% 20V* 20V* 20% Mohawk Carpet 22% 22% 22V* 22'/* Proc Si Gamble 42V* 41 s * 42'/* 41% Servel Inc 20% 20% 20% 20% Simmons Bed .. 27% 26% 27 27 Textiles— Amer Koolen . . 8% 8%. 8% 8% Belding Hem .. 14% 14% 14% 14% Celanese Corp . 23'/* 22 V* 22% 23 Collins Aikman .44 43’* 44 44 Gotham Hose ... 9% 9% 9% 9% Indus Rayon .27 27 27 27'/* Kayser Julius . 28V* 28% 28'/* 28V*

N. Y. Bonds DAILY BOND INDEX* 20 20 20 60 Inds. Rails. Utils. Bonds. Todav 90.7 91.4 105.3 95.8 Saturday 90.8 91.3 105.1. 95.7 Week aeo 90.8 90.3 104.9 95.3 Month aeo 91.3 91.7 105.0 96.0 Year aeo 87.3 77.0 97.3 87.2 1936 high 93.4 95.6 105.5 97.9 1936 low 90.0 84.7 103.5 93.3 1 Copyright. 1936. ov Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott. Proctor Si Paine) Treasury* Prev. Close Close 4'/*s 1947L52 118 117.28 4s 1944-54 113.3 113.1 3%s 1946-56 111.14 111.10 3 3/ *s 1943-47 108.10 108.6 3V*s 1941-43 109.1 109.1 3%s 1943-45 108.1 107.27 3%s 19441 108.30 108.30 3'As 1944-46 107.24 107.30 3 Vis 1946-49 106.5 105 3s 1951-55 104.22 104.18 3s 1946-48 105.12 105.8 2V*s 1945-47 103.19 103.12 2 Vis 1951 102.10 102.5 Home Owners Loan Coro. 2%s 1949 101.27 101.22 3s 1952 103.2 102.31 Federal Farm Mortgage Corn. 3 Vis 1964 104.13 104.13 3s 1949 103.6 103.5 3s 1942-47 104 103.26 2 Vis 1945 102.14 ..... DOMESTIC Prev. Issue. Close, close. Alleg Corp 5s ’44 93V* 93V* Alleg Corp 5s ’49 86% 86% Am Frgn Pow 5s 2930 73 73'-2 Am T & T 5%s ’43 113% 113 Vi Am.T & T 5s ’65 113V* 113% Arm & Cos (Dell 97% 97% Atl Coast Line 4s ’52 96'/ 2 96% Atl Coast Line 4%s '64 78% 78V* Atch Top & SFe 4V*s ’4B ....110% 110% Am Wat Wks 5s ’44 . 102’/* 102% Am Rolling Mills 4s '55 114 114’/* Balt & Ohio 6s ’95 95 94’/* Balt & Ohio 4Vis ’6O 70Vi 70 '4 Buff Koch & Pitt 4%s '57 .... 76% 76% Beth Steel 4Vis ’6O 105'/* 105V* Chi Milw & St P 5s '75 19 19V* Chi Milw & St P 5s 2000 ... 7% 7'/* Cleveland Un Term 5s ’73 ..108 107% Cleve Un Term 4Vis ’77 102% 102% Col Gas 5s May ’52 104% 105 Col Gas 5s ’6l 104 103% Can Pac Perp 4s 91% 91% Cent Pac 5s ’6O 100 99% Big Four 4%s ’77 92% 92 Big Four 5s ’63 98% 98Vi Ch) & West Ind 4s '52 103% 104 Chi & West Ind 5%s ’62 106% 106% Chi & Nor West 4%s ’49 12 12% Con Gas as '47 103.20 103.2’ Chesa Corp 5s '47 128% 127% N Y Dock 4s ’sl 66% 66% N Y Dock 5s ’3B 66 66 Erie 5s ’75 75Vi 75% Erie 5s '67 76'% 76 Grt Northern 7s ’36 100.22 100.23 Grt Northern 4%s 76 101'* 101 Grt Northern 4%s ’77 100'/* 100% Gen Stl Cast WW s'/is ’49 ... 82'% 82% Hud & Manhat Ref 5s '57 ... 82% 83 111 Cent 4%s ’66 73 V* 73 111 Cent Jt 4%s '63 79 79% 111 Cent 5s '63 83 83% Interntl Hy Elec 6s '44 .... 41% 40% Interntl Tel & Tel 4%s ’39 ... 93% 92% Interntl Tel & Tel 5s ’55 85 84 Interntl Tel & Tel 4 Vis 52 .. 80% 80 % P Lorillard 7s ’44 132 132 McKess & Rob 5%s ’SO 103'% 103% Natl Dairy s>%s ’4B 102.29 102.29 Natl Steel 4s ’65 106*% 106'% Nickel Plate 4Vis ’7B 83Vi 83% Nickel Plate sVis ’74 94Vi 94 N Y Cent 5s 2013 92 V* 92 N Y Cent 4%s 2013 (old) 85'% 85% Nor Amer Cos 5s '6l 106'% 106% Nor Pac 3s 2047 81 81% Nor Pac 4'/ 2 s 2047 100% 101 Nor Pac 6s 2047 11l 111 Penn Ry 4%s 'B4 109% 109 Penn Ry 4>%s ’Bl 199V* ... Penn Ry 4'is ’7O 104 Vi 104% Pac G & E 5s ’42 102% 1027* Portland Gen El 4%s '6O 72% 73 Para Publix 4%s ’45 90 90% Penn P & L 4%s ’Bl 106'% 106% Postal Tel & Cab 5s 53 30% 30% Rem Rand WW 4%s '56 108% 109'% Shell Union Oil 3'2s 'sl 96Vi 96% Sou Pac 4Vis '6B 92 92 Sou Pac 4Vis ’Bl 90% 90% Sou Pac 4Vis ’69 91'/* 91 Sou Pac 4s ’49 93 93 Sou Rail 4s '56 59 59*4 Sou Rail 6s ’56 75Vi 75 Sou Rail 6%s '56 78 78% Texas Pas 5s 'BO 104% to*% Texas Pac 5s 'l9 105V* 105 Texas Pac 5s ’77 105'% 105 United Drug 5s '53 100% 100% U S Rubber 5s '47 105% lorv,. NY NH & Hart 6s ’4B 31 30 'A NY NH & Hart 4% s ’67 30% 30% Warner Bros 6s '39 92% 92>2 Western Marv 5%s '77 107 108 Western Marv 4s '52 . . .100% 100% Youngstown S & T 5s ’7O . 106.28 106.26 Youngstown S & T 5s '7B .. 105.17 105.15 FOREIGN Argentina A 6s '57 99% 100 Argentine B 6s 'SB 99% 100 Brazil 8s '4l 33% 32 Canadian Govt 4s ’6O 108 108 Denmark 5' 2 s ’55 101% 101 French 7s 49 177 174% German 5%s ’65 23 22 s * German 7s '49 30 30 Italy 7s ’sl 74% 74 % Japan 6' 2 s '54 " 98 98 Poland 7s '47 86% 89 Rome 6' 2 s '52 64% 64% Tokio City s' 2 s '6l 75% 76 Local Securities (Bv Indianapolis Bond and Share Coro 1 The following Quotations do not represent actual bids or offerings, but mre!v indicate the approximate market lave' based on buying anc selling inquiries or recent transactions. • BONDS . Bid. Ask. Home T & TFt Wve s'*s '55 103 105 Home T & T Ft Wve 6s ’43 103 106 Indnapls Railways. Inc 5s '67 65 68 Indianpls Water Cos 4' 2 s '4O . 106 108 Indianpls Water Cos 5s '6O .. 105 107 Indiapls Water Cos as '7O ..105 107 Indiapls Water Cos 5%s '53 .103*4 106 Indianpls Water Cos 5V* 54.. 103'* 106 Interstate T Si T 5%s ’53 .. 95% 98 Kokomo Water Works os 58 .104 105 Morris 5 & 70 Stores 5s ’50.. 100 103 Muncie Water Works 5s ’65 .103% NoblesviUe 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 Rail &S Y Com 53% 56 Belt Rail & S Y Pfd 6s 52 Central Indiana P pfd 7s 16% 19% Home Tel & Tel Ft Wve 7s ... 52% 54% Hook Drugs Inc Com ... 17% 19 Ind & Mich Elec Cos Dfd 7s . 105 108 Indiana Genl Serv Cos 7s ... 98 100% Indiana Hvdro Elec Cos 7s 51 54 Indianapolis Gas Cos Com ... 29 34 Indianapolis P&L ct pfd 6s 88 91 Indianapolis P & L ct pfd 6%s 92 95 Indianapolis Water Cos pfd 5s 102% 105 North Ind Pub Serv pfd 5%s . 65% 68% North Ind Pub Serv pfd 6s . 69% 72% North Ind Pub Serv pfd 7s ... 78% *l% Progress Laundrv Cos. Com ... 10% 12 Pub Serv Cos of Ind Pfd 6s . 20 23 Pub ftr? Cos of Ind Pfd 7s 39 42 South Ind Gas & Elec Pfd 6s 99 102 Terre Hama Elec Cos 6s 92 94 Union Title Company Com ... 19% 21V* Other Livestock 'By United Press) LAFAYETTE. Ind.. Mav 16 —Hogs—Market, 5010 c higher; 170-2fi) lbs . *9.4569 55; 210-235 lbs.. *9.3009.35; 235-260 lbs., *9 20 69.25; 260-300 lbs.. *8(09.10; 300-325 lbs . *8 90; 130-170 Jbs.. 89.1509.30; 100-130 lbs.. 88.5009: roughs 88 down. Cattle — calves. 88 SO down. Sheep—Clipped lambs, $9.50 down; spring iambs, $10.50 down.

COAL DECISION 1 SPURT LEAVES LIST IRREGULAR; Floor Traders Buy Leaders but Sell as Demand Fails to Develop. BY ELMER C. VYALZER United Pres* Financial Editor NEW YORK, May 18.—Wall Street’s first interpretation of the Guffey Coal decision as highly bullish brought an active spurt followed by a decline that left the stock list irregular on the day. Hasty reading of the opinion left the conclusion in the minds of traders that it was a sweeping defeat for the New Deal. As it was seen to close to future legislation Federal regulation of business through imposition of penalties, it was considered highly favorable to business and to markets. Floor traders “jumped the gun” on the first report on the decision and bought the leaders in profusion. Long strings of them appeared and tickers were four minutes late within a few minutes. Prices rose 1 to more than 3 points. But the following the floor traders had hoped to obtain failed to develop so they switched positions and sold stocks. Longs who recently acquired stocks at low prices took the opportunity of the strong market to lake profits. Short covering soon was exhausted and the list drifted into its former lethargy before the finish. Other Favorable Factors There were several other favorable factors. Steel operations rose slightly contrary to the usual seasonal trend. Car loadings of several roads reporting lor the week ended Saturday showed gains over the previous week. Du Pont declared a 70-cent extra dividend, passing on to its stockholders the recent dividend declared by General Motors Corp. On the adverse side were the prospects of a steel tax Dill and renewed weakness of the French franc. Despite assurances from French politicians, Wall Street still believes the franc will be devalued and that might upset equilibrium of world currencies. On the spurt following the Guffey decision, U. S. Steel reached 59%, up 1% point. It had touched 57Ts earlier in the day. Near the close it was back to below 58. Bethlehem dropped more than 2 points from its high and showed a net loss of a point. Chrysler was down 2 points from its top. Western Union, Westinghouse Electric, Amercian Telephone and several others performed similar to Chrysler. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,834,000 Debits 7,939,000 TREASURY STATEMENT (By United Press) WASHINGTON. May 18.—Government expenses and receipts for the current fiscal year to May 15, as compared with a year ago: This Year. Last Year. Expenses $ 6,307,963.173.47 $6,263,531,386.79 Receipts. 3,490,963,486.40 3,239,348,148.22 Deficit . 2,817,004 687.07 3,024,183.238.57 Cash bal. 2.390,069.778.11 1,654,457,166.69 Pub. debt 31.541.896.543.88 28,586.778.909.98 Gold res.. 10.354.922.395.84 8.736.686,048.60 Customs... 341,032,341.47 299,014,899.06 FOREIGN EXCHANGE (Bv Abbott. Proctor & Paine) _ Prev. Par Country Close Close $8.2387 England $4.97% $4.96% .0663 France 0658% .0659% .0891 Italv 0786 .0785% .1695 Belgium 1692 .1693 .4033 Germany 4022 .4028 .3267 Switzerland ... 3035 .323'’ .6806 Holland 6756 .6762 .3267 Spain 1365% .1366 .4537 Norwav 2499 .2455 .4537 Sweden 2564 .2560 .4537 Denmark 2221 .2217 1.6931 Canada 9975 .9972 Chicago Stocks (Bv Atkins. Hamill & Gates) Prev. Close. Close. Advance Aluminum 7% Allied Products 21% ... Asbestos Mfg 3% .■ • Associated Investors 40% 40 Berghoff II 7 * . ■. Bastian-Blessing 10% . Butler Brothers 8% 8% Cent 111 Pub Service pfd .... 60% 61% Chicago Yellow Cab 26 Cities Service 4% 4% Commonwealth Edison ...... 99% 99 Cord 5 5 Crane 27 Electric Household 15 15% General Household 8% 8% Godchaux Sugar ”A” 34 Grt Lakes Dredge 28% 28 Jarvis Mfg 19% 19% Katz Drug 42 41% Ken-Rad T & L 11% 11% Libby McNeil & Libby 7% 7 s * Lion Oil Refining 12 10% McGraw Electric 30% 31 Nat Gypsum 49% .. Northwestern Bancorporation 10 9% Public Service of Northern 111 53 52 Standard Dredge pfd 14% ... Swift International 30% 30% Zenith 18% 19 New York Curb ißy Atkins, Hamill & Gates) Prev. Close Close Aluminum Cos. of America 123% . Am Cyanamid ”B" 35% 35% Am Gas & Electric 35% 35% Am General 8% .. Am Superpower 2 s * 2% Ark Natural Gas “A” 5% 6 Atlas Corp 12% 12% Carrier Corp 8% . Creole Petroleum Corp 28% 28 Crocker-Wheeler 9% 10 Elec Bond Si Share 18% 19V* Fisk Rubber ss*5 s * 5% Ford Motors Canada ‘'A” .... 21% ... Glen Alden (1) 15% ... Greenfield Tap & Die Corp... 7 6% Gulf Oil Cotp of Penn 81 82% Humble Oil Si Refining C 0... 62% 62 Hygrade Food 4% 4% International Vitamin 7'/* 7% Imperial Oil of Canada 22% 22% Lake Shore Mines 56% 56'/* Mead Johnson & Cos 90 90 Molybdenum Corp of Am .... 8% 8% Natl Bellas Hess Inc 2% 2% Niagara Hudson Pwr 8% 8% Pan-American Airways 57% Pennroad Corp 4% 4% Reliable Stores Corp 16% 16% Root Petroleum 15% 15% St. Regis Paper Cos 3% 3 s * Salt Creek Producers Assn . 8 Segal Lock 3% 3% Standard Oil of Ohio 28% 29% Stutz Motor Car or Amer.... 3% 2% Technicolor. Inc 30 s * 30% Tubize Chatillon Corp 6 s * 6 s * Wayne Pump 28% 28% Daily Price Index 'By United Press• NEW YORK May 18.—Dun & Bradstreet's dailv weighted price index of 30 basic commodities, compiled for the United Press <1930-1932 average 100): Saturday 118.78 Year ago 121.18 Week ago ... 116 60 1936 high 123 40 Month ago 121.05 1936 low .. .. 116.00 (Copyright. 1936, by Standard Statistics'

BEMIS LETTER SERVICE 303 Merchants Bank Bldg. Lincoln 6122

FARM PURCHASING POWER GAINS ON NON-FARM (BUREAU or agricultural economics) 120 Lno'n-farm purchasing v 1 100 -V- 0 2 *0 -y/-- V •*> i 3 60 —\—/- j- V —-’- Sso 3 5?0 V- -j A- —7O g z \ / S - 60 \T 80 * ' I I I I ! I I I I I I Wt 9 1930 21 22 23 2* 192S 26 27 28 29 93Q 31 31 33 34 1935 THE BARKER CORR GENERAL DISTRIBUTORS INCORPORATED INVESTORS

General prosperity is dependent upon a parity of purchasing power among all classes. The chart shows why the farmer has had cause to complain of his relatively low purchasing power since 1920. Taking the period 1910 to 1914 as normal years, farm purchasing power reached its height in 1919, touching 31 per cent above non-farm purchasing power. It then hit bottom at 34 per cent below in 1932. The big jump from 1932 to the present lws brought farm purchasing power to a close parity with that of the city man. AAA payments helped measurably in this, for without these payments the farmer would now lag twice as far behind the city worker.

HOGS DISPLAY STEADY TREND

Supply Estimated at 5500; Cattle, Veals, Lambs Are Unchanged. With medium and heavier weights receiving most attention, the pork market was generally steady in quiet trading today at the Indianapolis Union Stockyards. Few light lights and slaughter pigs were around 5 cents lower, however. Although receipts were estimated at 550, slightly above normal, demand continued to show improvement from both local and outside sources. The top price paid lor good and choice grades held at $9.80 a hundred pounds. The general bulk of 160 to 225 pounds was salable from $9.60 to $9.75, while medium classes, scaling 225 to 260 pounds, brought $9.45 to $9.55. Heavy slaughter grades, from 325 pounds and upward, sold at $9 to $9.15. Light slaughter pigs, from 130 to 160 pounds, cashed in at $9 to $9.50. Packing sows sold mostly at $8 to $8.50. initial trading was light in the cattle market with few bids and sales about steady on most classes of slaughter steers. Heifers and cows were active and strong. Small lot of medium grade steers brought $7.35. Heifers ranged from $7.25 to $7.90. Receipts were 1200. Vealers again remained unchanged. Bulk of good and choice kinds sold at $9 to $9.50. Receipts numbered 600. Only a slight change was evident in lambs, and most prices were steady. Hardly enough spring stock was on hand to establihh a trading range. Clipped lambs sold at $9 to $lO. Slaughter sheep brought $4 down. Receipts were 3000. Other Livestock (By United Press) CHICAGO. May 18.—Hogs—Receipts. 11,000, including 4500 directs; iairly active, mostly 10 cents higher than Friday's average top, $9.65; bulk 160 to 280 lbs., $9.35@ 9.80; 280 to 350 lbs., $8.90(&9.35; 140 to 160 lbs., $8.8509.35; sows, steady to strong; mostly $8.2508.50; lightweights, calves, 1500; fed steers and yearlings strong to shade higher, improved sentiment in trade. All ocher classes getting good outlets; heifers, higher; cutters, Hilly steady; bulls. 10015 c higher; vealers, steady to 25 cents lower at $10,50 down to $8; $6.25 paid freely on veighty sausage bulls; several loads steers, $8,750 8.90. with two loads, $9.25; best light heifers, $9.50. lambs in meager supply; better grades, steady to strong; other classes weak: bulk clipped lambs. $9.75010.25; few thin wooled offerings, $10010.25; medium California springers, $10.75; most shorn ewes, $304. FORT WAYNE, Ind., May 18.—Hogs— Steady: 160-180 lbs., $9.70; 180-200 lbs., $9.60; 200-225 lbs.. $9.50; 225-250 lbs.. $9.40; 250-275 lbs., $9.25; 275-300 lbs., $9.15; 300350 lbs., 58.90; 140-160 lbs., $9.30; 120-140 lbs., $9.20; 100-120 lbs., $9; roughs. $8: stags. $6.25. Calves, $9. Lambs, sll. (By Times Special) LOUISVILLE. May 18 —Cattle—Receipts, 1100, run includes nine loads distillery mash fed steers: salable supply other slaughter classes light; market, fairly active, generally steady, except spots on light butcher steers and heifers around 25c higher; most sales steers and heifers. $6.5007.50; odd lots desirable light steers and baby beef type yearlings, $7.750/8: common dairybred steers and heifers, quotable down to s§: bulk beef cows, ssOi 5.75: good beef breds quotable to around $6.25: most low cutters and cutters $3.75 0 4.75; thin shelly low cutters down to $3.50; sausage bulls very scarce, considered about steady or mostly $6 down; stocker trade moderately active, mostly steady; bulk light beef type stockers and stock calves. $6 500.7.75; better steers calves to $8.50. Calves—Receipts, 600, including 150 stock calves; market opening generally steady with close last week; bulk good to choice grades, $808.50; strictly choice $9; medium and lower grades, $7.50 down. Hogs—Receipts, 1200; market, 10c higher than Saturday or steady with last Friday; better 160-225 lbs.. $9.55; 230250 lbs , $9.25: 255-300 lbs., $8.70; 305 lbs. up, $8.25; 120-155 lbs . $8.70; sows. $7.35. Sheep—Receipts, 1000; better grade spring lambs opening 25 0 50c higher than close last week; bulk good to choice grades. $11.75012; odd lots strictly choice. $12.25: few medium springers. $10010.50; clipped lambs salable mostly $8 0 9.50; bulk fat ewes. $4 down to *2.08 or less for thin culls.

We Offer In Connection with the Refunding of \'fi% Bonds Due May /, 1954-34, Nov. 1,1954-34 and May 1,1955-35, called for payment Nov. 1,1936 $200,000 Fletcher Joint Stock Land Bank 3*4% Bond* Dated May 1,1936 Denomination SI,OOO Due May 1, 1946 Callable May 1, 1941 Ponds of this issue are free from mil federal income taxes, and State of Indiana gross income and intangibles taxes. These bonds are eligible as security for Postal Savings deposits and for the investment of trust funds. Price 101 and interest, yielding 3% to the callable date and 3V*% thereafter, unless called for payment. jfletckr (Trust dompanj EVANS WOOLLEN, Chairman H. F. CLIPPINGER HAROLD B. THARP Vice-President Manager Bond Department

Composite Earnings Increase Composite first quarter earnings for 351 companies show a gain of 12.7 per cent over a similar period for 1935. Consolidated net income, after deducting losses, was $257,315,117 as compared with $108,283,19ft in 1935.

PAGE 11

New Bond Issues (Bv Lyons & Co.i Bid. Ask. Asso Tel 4s '66 105 s * 105% B& O 4%s '39 99% 99‘2 Brooklyn Man Tr 4%s ’66 100 Cal Ore Pwr 4s '66 96% 97 Cent Maine 4s '6O 102% 103% Cent 111 3%s '65 105% 105% C & O and Rep Imp 3%s ’96 .100% 101 Chicago Sts 3%s '63 106% 107% Cinn Un Term 3%s '7l 106 106 % Cleve Elec Ilium 3%s ’65 110% 111% Cieve Tractor 5s ’45 105 Columbus Railwav 4s ’65 105% 105 s * Conn River P & L 3%s ’6l 104% 105 Consolidated Ed 3%s ’46 104% 104% Consolidated Ed 3%s ’56 192% 102% Consumer Power 3%s ’7O 104 104% Cudahy Pkg 3%s ’55 100% 101 Cudahv Pkg 4s ’SO 102% 102% Eastern Gas & Elec W 4s ’56 . 93 93% Edison Illus Bost W 4s ’65 .107 107'.* lowa South Util 5%s ’SO 101% 102 Kansas P L 4%s '65 108% 108% Jones & Laughlin 4vis ’61..., 99 99% Los Angeles G & E 4s ’7O 105'/* 105 s * Maine Cent 4s ’45 100'* 100 s * Metro Ed 4s '65 107% 108%. Monon W Dr. 4%s ’6O 105 105% N Y Edison 3'/*s ’65 101% 102'* N Y Cent 3%s '46 97% 98% Norway 4'is '56 100% 101 Norwav 4Vis ’56 95 96 Ohio Edison 4s ’65 105% 106% Pacific Lite 4'is ’45 . 105% 105% Pacific G & E 3%s '6l 104 104 '• Pacific Tel 3%s 66 102% 102% Penn R R 3%s ’7O 101% 101% Penn Tel 4s '65 •.... 105'/* Pub Serv N H 3%s '6O 105 105% Railwav & Lite 4%s ’55 108 110 Sagueney Pwr 4%s 'B6 100 San Diego G & E 4s '65 109% So Cal Gas 4s '65 104'/* 104% So Cai Ed 4s '6O 108 So Cal Ed 3%s ’45 104'.* 105% So Western G & E 4s ’6O 102% 103% Union Pac 3Vis '7l 99% 99 s * U S Pine & Fdv 3Vis ’46 107% 107% West Penn 3%s ’66 106% 106% Wise G & E 3Vis '66 102'* 102% Youngstown Sheet & Tr 4s ’6l 98% ... Ygstwn Sht & T Deb 3%s ’sl 102% 102 v 2 Local Livestock HOGS Mav. Bulk. Top. Receipts. 12. $9.45@ 9.55 *9.60 6000 13. 9.95® 9.55 9.60 4500 14. 9 65® 9 75 9.60 3000 15. 9.650 9.80 9.85 3500 16. 9.60® 9.75 9.75 1500 18. 9.600 9.75 9.80 5500 Light lights. 1140-160) Good and choice. $9.25® 9.65 Medium 8.60® 9.40 1160-180) Good and choice . 9.55® 9.75 Medium 9.200 9.60 1180-200) Good and choice . 9.65® 9.75 Medium 9.20® 9.65 i2OO-220i Good and choice .. 9.60 0 9.75 1220-250) Good and choice • 9.500 9.60 Heavyweights. (250-2901 Good and choice . $9.25® 9.50 (290-350) Good and choice . 9.05@ 9.25 Packing Sows. (275-350) Good 8.30® 8.75 (350-425) Good 8.20® 8.60 1425-450) Good 7.85® 8.25 1275-250) Medium 7.50® 8.35 Slaughter Pigs. 1100-140) Good and choice . 8.25® 9.25 Medium 7.60® 8.80 CATTLE —Receipts, 1200— (550-900) Choice $8.25® 9.00 1 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® 8.00 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 Heifers (550-7501 Choice 8 00® 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 cuter “.75® 5.00 Bulls, good 6.00® 650 Cutter, com. and med. bulk.. 5.50® 6.25 VEALERS * —Receipts. 600— 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 (500-8001 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 5.75® 7.25 Cows Good 5.00 0 5.50 Common and medium 4.50® 5.00 SHEEP AND LAMBS —Receipts 3000— Lambs. 90 lbs. down; good and choice *9.75010.25 Good 9.40010.00 Medium 8 50® 9.50 Common 7.25® 8.50 Ewes. (90-170) Good and choice . . 3 7.4® 450 Common and medium 2.50® 3.75 iSheep and lamb quotations on clipped basis.) CASH SURENDERS DROP Time* Special FORT WAYNE, May 18. The Lincoln National Life Insurance Cos. has reported that requests for cash surrender values on all types of policies decreased 48 per cent during the first four months of 1936 over the corresponding period of last year.

GRAIN MARKET UNSETTLED IN SMALL RANGE

Needed Rains, Weakness at • Liverpool Creates Easy Tone. Ry I'nitrii Prr** CHICAGO, May 18.—W T heat prices eased today on the Board of Trad as a result of a weaker Liverpool market and good rains in most of the Southwest winter wheat belt. At the end wheat was off ** to up cent. Corn was off to up ** cent, and oats were off % to up *•*. After a slump in the first few minutes of trade as reports of a disappointing Liverpool market and that crops in most sections of the wheat belt had received beneficial moisture overnight, prices rallied somewhat but held an easy tone through the session. The uncertainty of the outcome of the May contracts acted as a check on activity and traders were cautious. Scattered selling by commission houses and locals was responsible for the early downturn. Com eased early in sympathy with wheat, but rallied later. Interest in cash wheat was light in comparison with last week and stock corn was reported much lower. Small scattered sellipg affected the market as volume of trade was light. Oats eased in a featureless market and rye held within a narrow range. Lard held about steady with Saturday's close. (By United Press) Wheat— Prev, Open. High. Low. Close. Close. May... .92% .93% .92% .93% .93% July... .84% .85 s * .84 s , ,85% .85% Sept... .84% .85% .84% .85% .84% Corn— Mav... .63% .64 .63 .63% .63% July... ,60 s iT .60% .60% .60% ,60 s * Sept... .58% .58% .58% .58% .58 s * Oats— May... .63'* .64 .63 .63% .63% July... .26 .26 .25% .25 s * .26 Sept... .28'/* .26% ,26V* .26 s * .26% Rye— Mav... .55'* .55% .55% ,55%a .55% July... .54% .55% .54% ,55%a .55 Sept... .55*/* .56 .55% ,55’b ,55 5 /* Lard— Mav. 10.25 10.27 10.17 10.20 b 10.22 Julv. 10.17 10.20 10.15 10.15 b 10.15 Sept, 10.22 10.27 10.22 10.22 10.22 a Ask. b Bid. CHICAGO PRIMARY RECEIPTS Bushels. Today Last Week. Wheat 674.000 455.000 Corn 545.000 875,000 Oats 322,000 319,000 INDIANAPOLIS Wheat—Steady; No. 1 red. 91®92c; No. 2 red, 90@91c. Corn—Firm; No 2 white. 62®64%c : No 3 white 59%®62%c; No 4 white, 58%® 59%c: No. 2 yellow. 59%®61c; No. 3 yellow, 57® 59%c, No. 4 yellow. 54% 0 56%c: No 2 mixed, 58%®59%c: No. 3 mixed. 560 58c: No. 4 mixed. 53® 55c. Oats —Steady; No. 2 white. 24@26c; No. 3 white. 22 0 24c. LOCAL CASH MARKET City grain elevators are paving 86 centa for No. 2 soft wheat. Other grades on their merits. Cash corn new No. 3 yellow 56 cents and oats 18 cents. tßv United Press) CHICAGO. Mav 18.—Cash grain: Wheat —No. 3 hard. 97%c; No 4 hard. 94c. Corn —No. 3 mixed. 65% 0 65%c; No 4 mixed, 63**c; No. 2 vellow. 05%@66c: No. 3 yellow. 65c: No. 4 vellow, 63%® 64c: No. 5 yellow, 61 '/2®62%c: No. 2 white. 69%c; No. 3 white. 68® 68%c: No. 4 White. 67c; No. 5 white. 65®65%c; sample grade. 38 ®6o%c. Oats—No. 2 white. 29%c: No 3 white. 25®27%c: No. 4 white. 24%®25c: sample grade. 22®24%c: sample feed. 22%c. Barley. 57®83c; feed auoted 30®> 48c; malting. 45® 92c. Timothv seed. $2.750 3 Clover seed. *l2O 22.50. Sov beans. 70c. Cash provisions—Lard $10.25, ask: loose, *9.55; leaf, *9.50, nominal; bellies, $12.62 ask. TOLEDO. Mav 13—Grain close: Wheat —No. 2 red. 96%®97%c. Corn—No. 3 vellow. 68%@69%c. Oats—No. 2 white. 31V*® 32 %c. Rve—No 2. 61%0 62%c. Track prices (24%c rate); Wheat—No. 3 red. 91'/*@92%c: No. 3 red 89%®91%r„ Corn—No. 2 vellow, 64®65c; No. 3 vellow. 62%@63%c. Oats —No. 2 white. 28030 c: No. 3 white. 24% 029 c. Commodity Prices (By Abbott, Proctor & Paine) COTTON NEW YORK Prev. High. Low. Close, close. May 11 64 11 62 11.62 11 62 July 11 43 11.37 11 40 11 38 October 10.52 10.47 10.49 10.44 December 10.50 10 43 10.46 10 43 January 10.48 10.43 10.47 10.42 March 10.51 10.45 10.48 10.43 Spot, unchanged; middlings, 1:.72. NEW ORLEANS Prev. High. Low. Close, close. May 11.63 11 56 11.63 11.58 July 11.34 11.30 11 34 11.30 October 10.47 10.42 10 44 10 40 December .... 10.45 10.41 10.42 10 39 January 10.44 10.43 10 43 10.39 March 10.45 10.43 10.43 10.40 NEW YORK COTTONSEED OIL Prev. High Low. Close, close. Mav 8 90 8 90 July 8.95 8.88 8.95 8 92 September 8.92 8.87 8.92 8.93 SUGAR Prev. High. Low. Close, close. September 2 84 2 82 2.84 2 84 May 2.98 2 98 2 98 2 98 July 2 88 2 85 2.85 2.88 BUTTER Prev. Close. close. November 27 .27'/* EGGS Prev. Clo? close. October 22 s * 23% May 21% .. ..