Indianapolis Times, Volume 48, Number 60, Indianapolis, Marion County, 20 May 1936 — Page 18

Trends Trade Treaties Are i Not Salvation of Country. —BY JOHN T. FLYNN TEW YORK, May 20 —France and the United States have lea trade treaty. "hose who believe the salvation the world's economy depends on resumption of international de rejoice at this. But what ring will it have on internals 1 trade? Irst, we mast understand why

France and. for that matter, other European countries keep out American Roods. They do so for somewhat different reasons than ours in keeping out foreign goods. Our aim is to protect certain Industries. We Insist that American industries must be built up, that our wages arc higher, that foreign producers pay low-

Flynn

wages and hence we can not comte with them. We insist that we •ep our foreign competition by cans of a tariff to protect our faeries and our laborers. France proceeds upon a different eory. Os course, in many cases e seeks to protect her industries it this is a secondary reason ance is a money-minded nation She makes a major point of protecting her gold reserves. If she buys abroad more than she sells abroad, she will have to pay the difference in gold. Therefore she uses various trade devices to keep her imports on the whole in balance and, if possible, in her favor. a a tt CHE uses not merely tariff duties on foreign goods, but import quotas. She assigns to various countries and to special industries quotas which such countries muot not exceed. But France also gives her cabinet the right to change these quotas from time to time. Therefore, ts the trade balance is against her too severely, the cabinet may reduce the quotas or even suspend them to prevent French imports from exceeding French exports and thus prevent gold from flowing out. The plan is hooked up with her money policy. In spite of this France has 'bought from us more than we have bought from her. Last year we sold her twice as much as she sold us. Now Secretary Hull has made a treaty with France. Under it we have agreed to reduce our tariff/ duties on a limited number of products bought from France while France gives to some of our products the benefit of the lowest duties, and increases our quotas on * certain products. This is beyond doubt a good thing for both countries. It will unquestionably result in an increase of American purchases from France and an increase in American sales to France. But it would be a very foolish thing to say that it will play a very large part in any revival. nan FOR instance, last year we sold to France about $116,000,000 of goods. The concessions affect about $24,000,000 or 21 per cent of those goods. Even if our sales to France as a result double on the goods affected, the increase in trade, while desirable, would have but little effect upon our economy. The point I wish to make clear is that we should hail this treaty—like many others made by Mr. Hull —but we should not make the mistake of supposing that it heralds any revival in international trade. The actual amounts of trade involved will not be great. Moreover, we must not suppose that France is going to make any change in her money policy—in her settled determination to use -her control of imports and exports to protect her financial stability. (Copyright. 1936. NEA Service. Inc.) On Commission Row (Quotation* below subject to change are average wholesale price# being offered to buyers by local commission dealers.) FRUIT- Strawberries: Tennessee, 24-qt. crate, *4.25 Limes—Mexican, carton. 20c. Bananas—Seven hands, pound s‘c. Apples—Winesans (fancy baskets), $1.75. Lemons—Sunklst t3oos). $9. GrapefruitImperial Valley, *3 50 Pineapples—Cubans (18-30s). crate, *3.50. Grapes—S. America, 20-lb. box. *2. Honey Dews. S. America, *3. VEGETABLES Beans. green, round atrlngless ihampers). *2 40. Beets—Mississippi. bu.. *135. Cabbage—Mississippi, half crate, *135. Carrots—California 16do*. crate). *2.50. Cauliflower, California (13s crate). *1 90 Celery—Florida washed and trimmed (do*.), 4f.<t/“85c; Florida i4s, Bs. 10s crate), *3.50. Cucumbers—Hothouse (dot!.). 90c; (two do*., box), *1.65. Egg plant—Florida idoz.). *1.50. Kale— Virginia (bu.). 65c Lettuce-Iceberg, California (best 6s, ssi. *3.50; hon. grown leaf 115-lb. basket). *l. Peppers—Mangoes (crate). *3 50; peck basket. *1.15; do*.. 40c. Mint —Hothouse idoz.i, 60c. Mushrooms—Pound. 30c. Mustard—Texas, half crate. $1.40. Onions—lndiana yellow 150lb bag). 60e: new Texas Bermuda yellow. 50-!b. bag. *125. Parsley—Southern (long bunches, do*.). 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. *2.35; R R Triumph. 100-lb bag. *2.25; Idaho Russets. 70c box. *3 Sweet potatoes—Tennessee Nancy Halls, hampers. *1.35. Radishes Homegrown buttons, do*.. 35c; white, 30c Rhubarb Hothouse. do*.. 25c Rutabagas—Northern. 50-lb. bag. *1 SO. Sage—Do*.. 45c. Turnip* — New bulk Texas, bu.. *1 40. Tomatoes— Repacked. 10-lb box. *1 50; Florida, orlg (6-61 lugs, 83.25 Produce Markets The prices quoted are paid for stock gathered In the country, while delivered in Indianapolis the price Is a cent higher. Heavy breed hens. 15c; Leghorn breed hens, 13c; colored stringers. 2 lbs. and up. full feathered. 21 1: Leghorn springers IV4 pounds and up. full feathered. 18c: bareback broilers, heavy type. 13c; old cock*. 8e; ducks, white, 5 lbs. and over. 7e; geese, full feather, all sixes. sc; all guineas, IV4 lbs. and up. 15c; No. 1 strictly fresh eggs loss off. 16c; delivered in Indianapolis. 17c. Each full case must weigh 55 lbs. gross; a deduction of 10 cents a Sound under 65 lbs. will be made. No. 1 utter. 3fltiSoV4c: No. 3. 26W®27Vic. Butwrfat. 24c. (By United Press) CHICAGO. Mav 20.—Eggs - Market, easv. receipts, 36.155 cases: fresh graded firsts. 3tSc: extra firsts. 20*,ic: current receipts. l#Vic: dirties. 18’c: checks. 18c ButterMarket. steadv: receipts. 12.890 tubs; standards. 25'jc. extras 1 92 score). 26c: extri first a (90-92' 1 score). 25'35 l jc; firsts )88-89Vj score) 24**i25c. specials. 26'j' 27c. Poultry—M* w et. unsettled: receipts. 3 cars. 4* tr"_*s; ducks. 12(16c: geest.. 18c: spring chickens. 26 ! ,j29c; hens. 17fr, 19'jc; --pons. 25-i 28c; turkeys. 18i20c broil'..*. 144/25c; Leghorns. 14til7&e: old roosters, 18tffl4e: fryers, 25)28c Cheese Twin*. m*ei4cc; Daisies, 1414>,4c: Longhorns. 14®14t4e. Potatoes inew s'ock) —Supply, moderate, demand good; ma.-trst, firm; Alabama BJlsa Triumphs. *2 86i2 90. Louisiana Bliss Triumphs. *2.7601: Texas cobblers. *3 *0; old stock, supply light; demand good; market strong: Idaho Russet Burbanks. *2 SS4fS; Colorado Russet Burbanks. *2 75; North Dakota cobblers. *l9O Arrival*, Ui 32i oo track, shipment*, 519.

PAGE 18

BOARD EXPECTS 800 REALTORS TO COME HERE Regional Meeting to Draw Delegates From 15 Indiana Cities. Realtors from at least 15 Indiana cities are expected to attend the ! Great Lakes regional convention of ! the National Association of Real I Estate Boards to be held in the Lincoln May 28 and 29. | Real estate boards in Anderson, Elkhart, Evansville, Fort Wayne, Gary, Hammond, Indianapolis, ; Muncie. New Albany, Porter Coun- | ty, Richmond, South Bend-Misha-waka, and Terre Haute are affiliated | with the National Association. In- | dividual members in Vincennes, Kentland and Jeffersonville also be- ! long. The general committee in charge of the regional gathering includes two Indianapolis men: Robert Allison, Indiana Real Estate Association president, and Millard L. Hall, head of the Indianapolis Real Estate Board. 1000 Delegates Expected Registration of at least 1000 realtors is anticipated by the local committeemen who state that about 200 delegates may be city residents. The Great Lakes Region of the organization consists of , Indiana I and the states bordering it—Michigan. Ohio, Kentucky and Illinois. Besides the 15 affiliated boards in | Indiana, there are) 70 in the. other states, each of which is to be represented by a delegation. In conjunction with the conveni tion, the Indianapolis Board is sponsoring Real Estate Week here. The opening event of the week is to be an “early bird” breakfast scheduled for 6:30 Saturday in the Lincoln. BUSINESS FAILURES UP Defaults Climb to 206 From 171 in Preceding Week. Timm Special NEW YORK. May 20.—After reaching anew low for the year, business failures in the United States advanced to 206 during the week ended May 14. compared with 171 in the preceding week. Dun & Bradstreet, Inc., announced today. The percentage of decline from last year was narrowed to the smallest figure since March 12. Practically all sections showed increases with the heaviest appearing in the South and the West. In the Dominion of Canada defaults totaled 39, against 24 in the preceding weex. Local Securities (By Indianapolis Bond and Share Corp.i The following Quotations do not reprssent actual bids or offerings, but merely indicate the approximate ma.icet level based on buying and selling inauiries or recent transactions. BONDS Bid. Ask. Home T & T Ft Wve 5%s 55 .103 105 Home T & T Ft Wve 6s '43 103 106 Indnapls Railways. Inc 5s '67 65 68 Indianpls Water Cos 4%s '4O 106 108 Indlanpls Water Cos 5s ’60... 105 107 Indiapls Water Cos 5s '7O ...105 107 Indiapis Water Cos 5%s '53 .103% 106 Indianpls Water Cos sVis 54 .103 Vi 106 Interstate T <fe T s Vis ’53 . 95Vi 98 Kokomo Water Works 5s '53 .104 105 Morris 5 & 70 Stores 5s ’SO .100 103 Muncie Water Works 5s ’65 ~103 Vi Noblesville H L & P 6Vis '47 101 103 Ohio Telephone Service 6s 47 99Vi 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 Rat! <fe S Y Com 53Vi 56 Belt Rail 5t S Y Pfd 6s 52 Central Indiana P pfd 7s . ... 16 1 i 19% Home Tel & Tel Ft Wye 7s ... 52Vi 54Vi Hook Drugs Inc Com 17 Vi 19 Ind ft Mich Elec Cos pfd 7s . 105 108 Indiana Genl Serv Cos 7s 98 100% Indiana Hydro Blec Cos 7s ... 53 ! i 56Vi Indianapolis Gas Cos Com ... 29 34 Indianapolis P Ac L ct pfd 6s . 88 91 Indianapolis P & L ct pfd 6Vis 92 95 Indianapolis Water Cos pfd 5s . 102 1 i 105 North Ind Pub Serv pfd 5%s . 65% 68% j North Ind Pub Serv pfd 6s . 69% 72% North Ind Pub Serv pfd 7*.... 79% 82% Progress Laundrv Cos. Com .. 10% 12 Pub Serv Cos of Ind Pfd 6s . 18% 21% Pub Serv Cos of Ind Pfd 7s .. 38% 41 Vi Pub Serv Cos of Ind Pfd 7s .. 39 42 Terre Haute Elec Cos 6s 92 94 Union TLle Company Com 19% 21% Investment Trusts (By Thomas D. Sheerin ft Cos.) Bid. Asked. Administered Fund 2d .... $15.65 $16.65 Affiliated Fund Inc 1.71 1.89 American General Equities .. .98 1.00 •American Business Shores .. 1,07 1.17 Bullock Fund Ltd 16.65 18.12 Broad Street Investing 28.03 29.98 Century Shares Trust 25.97 27.92 Collateral Tr Shares "A" . . 6.21 Corp "A" or "Accum imod) 3.18 3.21 Corp AA’ or ’ACC’ tunmod) 2.56 2.59 Corp Trust Shares (orlg) . 2.66 2.69 Diversified Trustee Shs "B". 9.78 9.88 Diversified Trustee Shs "C". 4.27 4.31 Diversified Trustee Shs ”D". 6.46 6.56 Dividend Shares Inc 1.54 1.68 General Investors Trust .... 5.57 6.12 Incorporated Investors 20.85 22.35 Investors Fund Amer 99 1.09 Market Street Invest Corp . 29.03 30.55 Maryland Fund 10.85 19.55 Massachusetts Investors ... 24.55 25.79 Nation-Wide Sec Cos "B” ... 4.10 Nation-Wide Voting 1.66 1.79 North American Tr Shs 1955 3.19 3.23 North American Tr Shs 1956 3.15 3.19 ■No American Tr Shs (origl . 2.46 Quarterly Income Shares 1.49 1.64 1 Selected Amer Shares Inc 1.47 1.61 Selected Amer Shares (orgi). 3.45 Selected Cumulative Shares . 8.98 908 Selected Income Shares 4 68 4.78 State Street Investment Corp 94.00 99.00 Super-Corp of America ’A" $.71 274 Super-Corp of America ”B" 2.74 2.78 Super-Corp of America "A" 4.00 4.05 Super-Corp of America "IV 4.18 4.23 Super-Corp of America “C" 7.77 Supervised Shares Inc iDela) 12.55 13.78 Trustee Stand Otlshares "A” 6.75 6 86 Trustee Stand Otlshares "B". 5.82 5.92 Trustee Stand Invest "C” 2.84 2.87 Trustee Stand Invest "D" ... 2.77 2.81 United Standard Oilfunds .. 1.14 1.26 Uselps "A” 17.55 17.85 Useips ”B’’ 2.64 .... Uselps Voting 1.01 .... •Ex-Dividend. Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask Bankers Trust 55% 57 Central Hanover 108 110 Chase 36 37*4 Chemical 52% 54*4 Guaranty 285 289% Irving 14% 16 V, Manufacturers 47% 49% * National Citv 31% 33% I Cont 111 Chicago 140 143'. | First National Boston .. 44% 45% ‘National Shxwmut . . 26'. 37% . FIRE INSURANCE Aetna Fire Ins 54 56% I American Ins of Newark .... 14% 1* Baltimore American 8% 9% j City of New York 35 27% , Federal Ins 48 50% Franklin Fire 342% 34 Great A:.>rican Ina 27% 29% Hanover 38% 41% Franlc’.n Fire 32% 34 Hor.e Ins ss% 37% Ins Cos of A 73 75% National Fire 72% 74% National Liberty 7% 11 North Liberty 25% 27Ve Phoenix *7% Wutctvutw F.* ..•<•••••!i. 341* 34% V

Abreast of Th% Times on Finance

951 i- —| j——l ] I—i 1 3 1 1 190 90“ —■— -i 180 j ~-WKLY BUSINESS TREND; : 085 -J x_i 170 g jg / X 4 r \ i § / / DAILY :•* V 8 £ /S f :\/* / COMMODITY INDEX 1 r I —— ’-.A f —-— 150 \i \ / \ i ? : /'•*’■ V MOODY’S INV£r*oP,r, SERVICE , * * APR. MAY JUN JUL. AUG SEP. OCT. NOV. DEC. JAN. FCB- APJV. MAY i93§

New York Stock Exchange Prices

(i*y Thomson & McKinnon) Prev. Oils— High. Low. Close, close. Amerada 88 87% 86 89 Atl Rfg 29% 29% 29% 27% Barnsdall 16% 16% 16% 16% Consol Oil 12% 11% 12% 12% Cont of Del 29% 29 20% 29% Houston (newt 8% 8% 8% 8% Mid Cont Pei .. 18% 18% 18% 18% hio Oil 12% 12% 12% 12% Pet Corp . . 12% 12% 12% 12'a Phillip Pet 39% 38% 39% 39 Plymouth il .... 14% 14 14% 14 Pure il .......... 18 17% 18 17*4 Seaboard Oil .. 31% 31% 31% 31% Shell Un 16% 16% 16% 16% Soc Vac 12% 12% 12% 12% SO of Cal 37 35% 37 36 SO of Ind 33% 33% 33% 33% SOof N J 57% 56% 57% 57% Texas Corp 32% 32 32% 32% Tidewater Assn 15% 15% 15% 15% Un Oil of Cal .. 22% 22% 22Vs 23% Steels— Am Roll Mills.. 26% 26 26Vi 28 L\;th Steel 50% 49% 49% 49 Byers A M 17% 17% 17'% 17Vs Inland Steel ... 91 91 91 91 Ludlum Steel . 27% 27% 27% 24 McXeesport Tin 108 108 108 107% Mid Steel 36% 36% 36% 36% Natl Steel 59 58'% 58'% 59 Otis Steel 14'% 14% 14% 14% Rep Iron ft Steel 18% 18'% 18% 18 3 % U S Pipe & Fdy. 36% 36'% 36'% 36'% U S Steel ... 57 55% 56% 56'% U S Steel pfd ..119 118 119 118'% Warren Bros . B'% B'% fi'% B'% Yungstwn S& T 52% 51% 51'% 51% Motors— Auburn 29% 29 29% 29 Chrysler 94% 92% 94 92% Gen Motors 61% 60% 61'% 60% Graham Mot 2*4 2% 2% 2% Hudson 14% 14'% 14'% 14'% Mack Truck ... 29% 28*4 29 29'% Nash 17% 17 17'% 17'% Packard 10'% 10'% 10% 10'% Hfo ■■ 5'% 5 SV B 5 Studebaker 11% 11'% 11% 11 Yellow Truck . 17% 17% 17% 17% Motor Access— Bendix 27'% 26% 27% 27% Borg Warner .. 69’% 69'% 69'% 69'% sril5 ri lF S w. 47 467/ * 47 46% M f g , 1 4 % 14'% 14% 14% Budd Wneel 10 10 10 9% Eaton Mfg 32% 32 32% 32 Elec Auto Lite .. 34% 34'% 34% 33% Elec Stor Bat 47'% 46% 46% 46 Greyhound "B". 55 54% 54% 55 Houdaille ...... 23% 22% 23% 22% Murray Body ... 15% 15 15'% 15% Stew Warner .. 18'% 17% 18 17'% Timken Roll . 60% 60% 60% 60'% Timken Det Axle 15% 15% 15% 15'% Mining— Alaska Jun 13% 13% 13% 13% Am Smelt 76 75'% 75’% 75% Anaconda 33% 32% 33'% 32% Cal ft Hecla .. . 10% 10V; 10% 10'% Cerro Do Pasco. 54% 54'% 54*8 53*4 Dome Mines .. . 59'% 57 59 57'% Gt Nor Ore 16'% 16% 16% 16'% How'e Sound ... 52 51% 52 52 Ins Copper 9% 9% 9% 9% Int Nickel 48% 45% 46'% 45% Isl Creek Coal .. 27V4 27 72 28% Kennecott Cop 36% 35'% 367* 35% Mclntyre Mine . 44% 44 44% 43% Park Utah ... 3% 3% 3% 3'% Phelps Dodge .. 33% 33 33'% 32'% St. Joe Lead ... 22% 22% 22% 23'4 U S Smelters .90 % 90% 90'% 90'% Vanadium 17% 17’% 17% 17 Vi Amusements— Crosley Rado ... 25'% 25'% 25'% 25% Loews Inc 47% 46'% 47 47% Radio Corp .... 11% 10% 11 107s Paramount 8% 8% 8% 8% KKO 6'% 5% 6% 6 Warner Bros .... 9% 9'% 91% 9% Tobaccos— Am Snuff 65 65 65 64'% Am Sum Tob . . 22'% 22'% 22'% 23'% Am Tob ‘A’ 90% 90% 90% 91 % Am Tobacco “B" 93'% 91 93’% 91% Gen Cigars . . 56'% 56% 56 Vi 56'% Ligg & Myers B 108 108 108 108 Laniard ...22% 22% 22'% 22% Phillip Morris 80 80 80 80% Reynolds Tob B 53'% 53 Vi 53% 53% Rails— Atchison 70'% 69'% 70 70% At! Coast Lines 24% 23'% 24 23 % B& O 17% 17 17% 16% Can Pacific 12% 12'/* 12% 12% gh .* 0hi0'..... 56% 55% 56% 56 CM& St P pfd 3Vi 3'% 3% 314 Chi N W 33 33% Dela ft Hud 39% 39 39% 38% Del Lac ft W .. 12% 15% 15% 15’% Erie 12% 12% 12% 12% Gt Northern pfd 35% 34'% 35% 34% 111 Central 1974 19% 19% 19% K C Sou 20 19'a 20 19% Lehigh Valley .. 9 9 9 9'% Lou & Nash 65 65 65 65 M K & T .7% 7% 7% 7% MK & T pfd . . 20% 20% 20% 20 N Y Cent 34% 33% 34% 33% Norfolk & West 232 232 232 Nor Pacific 27% 2674 27 26% Penn R R 29% 29V* 29% 29'% Sou Pac 30% 29% 30'% 30 Sou R R 14% 14'% 14% 14 Union Pac 125 124% 125 123% West Maryland . 8% 8% 8% 8% Equipments— Am Brake Shoe 44 44 44 43 Am Car ft Fdy . 32% 31% 32 31% Am Loco 25'% 26 25% Am Stee! Fdy ... 27 26 26% 26 % Bald Loco 3% 3% 3% 374, Gen Am Tnk Car 47 46% 46% 46'% £ en r, EI S, c '' 36t * 35 ’ 36% 36% Gen R R Sig ... 34 34 34 35 Pullman Inc .... 43 42% 43 43 West Air Br .. 37 36% 37 36% Westingh Elec .110% 109'% 110'% 109% Utilities— Am & For Pwr . 7% 7 7% 7 Am Power & Lit 10% 10 10% 10 AT&T 160 158 3 i 160 158% Am Wat Wks 21 207* 20% 29% q Elec 17 ’* 183 18 ’ Comm & Sou ... 27* 2% 2% 2% Consol Gas 30 29% 29*% 29% StePy * Lit 14% 14% 14% 14% Int Hydro Elec 32% 2% 3 Tnterboro R T 12% 12% 12% 12% Int TANARUS& T . 13*4 13% 13*! 13% L°" 2 & E A ’ 21 % 21% 21% 21% Nat Pwr & Lit 10% 10 107% 10 North Amer 24*, 24*% 24% 24% Pf£ O* E 35 34 34% 35 ? Ub^ S r r J N J 40,3 4 °% % 40% So Cal Edison . 26% 25% 26 26 Std Gas 6% 6% 67* 6% Stone & Wbstr 177% 167% 17% igv. United Corp ... 67% 6 6 6V% Un Gas Imp 15 14% 14% 15 Ut Pwr & Lit ’A’ 57% 5 5 4% Western Union. 777% 757% 777% 767% Rubbers— Firestone 28% 27% 28% 27*% Goodrich 19*4 19 197% 19V* Goodyear 2:% 24% 24% 24% U S Rubber .. 29% 287% 29V% 28% U S Rubber pfd. 72% 707* 72 70% Miscellaneous— Allis Chalmers ..42% 41 \ 42% 41% Am Can 127** 126% 1277, ijg Am Mach & Fdv 23 21% 22 227% Anchor Cap .19 18% 19 187* Brklvn Man Tr . 48'4 45 % 46% 46 Burroughs Add 26% 26% 26% 267% J I Case 149*. 147% 149% 147% Conti Can 71% 70% 71% 707, Caterpillar Tract 73 727, 73 73 V 2 Crown Cork .... 53% 53% 53% 52 s , Curtis Pub 18 18 18 18% Deere & Cos 76% 78% 76% 75 Eastman Kodak 162% 162 162 162% Foster Wheeler .36 25% 25% 26 Gillette .16 157, 15% 16 Olidden 46% 46% 46 l , 46% Int Bus M3ch INI' 2 168 168% 166% inter Harv . 837, gji, 82 s, gi% Natl Cash Reg . 23% 2*. 23% 227, Rem Rand ... 21% 21% 21% 21% Underwood E 85% 85 85 85% Worthingt'n Pmp 26 26 26 27% Foods— t Am Sugar 54 54 54 53% Armour 5 4% 5 4% Armour 8% pfd 72% 72% 72% 72% Borden Prod ... 27% 27 27% 27% Cal Packing 32 31 31 31 Canada L G Ale lli 11% 11% 11% Coca Cola 92% 82 92 % 92 Cont Bak ’A’ .. 137, 13% IJ7, fiaj, Corn Prod .... 77% 75% 77% 75% Crrn of Wheat 35% 35% 35% 86% Oen Baking .. 11% Cl% 11% 11% Qtn rood* .... It* 95k 38ta

WEDNESDAY, MAY 20, 1936

COMMODITY AND TRADE TRENDS CHARTED

Gold Dust 15% 15'/ 2 15% 15% G W Sugar 36'/* 36 36 36 Natl Biscuit 34% 33% 34% 34 Natl D Prod 237* 23 23% 23% Purity Bak 107, 10'/ 2 10' 2 10% Std Brands 15% 15% 15% 157* Un Biscuit 267* 26% 267* 26% United Fruit .... 76% 75'/* 16% 75% Ward Bak "B" .. 2V* 2'/, 2V* 2Vi Wriglev 67% 667. 67 67% Retail Stores— Allied Stores ... B'/ 2 BVi 87* 87* Assd Dry Goods . 14 :, 14V, 14% 14% First Natl Stores 43V, 43% 43% 43% Gimbel Bros .... 9% 9% 9% 9% Jewel Tea 69*, 69 :* 697, 70 Krcsge S S 21% 21 21 21'/* Kroger Groc ... 22*. 22*/, 22 22*% Macy R H : 41% 41 41'/* 407* McCrorv St 12% 12% 12% 12% McLellan St ... 12 11*/, 117* 11*/, Marshall Field .. 15% 15% 15% • 15'/* May Dept St 45*. 45*, 457, 46'/, Mont Ward .... 41'/* 407* 41 40% Natl Tea 8% 8% 8% 8% Penney J C 77% 77V* 77% 77% Sears Roebuck.. 66% 66V* 66% 66*4 Wool worth 50% 49'% 50 49% Aviation— Aviation Coup .. 5*4 s'/, s*/* 57* Boeing Aircft .. 18*4 18% 18% 18% Curtiss Wright . 8% 6% 6% 6% Curtiss Wr "A”. 15*/* 14*4 15% 147* Douglas Air .... 55 54 54% 54% Nor Am Av 77* 7% 7*4 7’% Sperry Corp .... 177, 17% 17V, 17'% Uni Aircft New. 22'/, 21*/, 22 22'% Chemicals— Air Reduction.. 60*4 59 59% 59% Allied Chem ..188% 18774 188 74 188 Am Com Alcohol 23% 23 23 23 % Col Carbon ....116*4 116'% 116% 1167* Com Solvents... 17 s , 17'4 17% 17% Du Pont 144 142'% 144 141 Freeport Tex ... 29 29 29 28*4 Liquid Carb ... 34% 34% 34% 34% Math Alkali 29% 29% 29'% 29'% Monsanto Chem 81 % 80% 81*/* 80% Natl Dis (new) . 29% 23% 29 29 Schenley Dist . 42% 42V, 42% 42*4 Tex Gulf Sulph. 35% 35Vi 35*/* 35% Union Carbide . 81% 81% 81% 81'% U S Indus Alco. 41'/* 3974 40 41'% Drugs— Bristol Myers.. 42*4 42 42 42'% N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Utils. Bonds. Today 90.8 90.8 105.2 95.6 Yesterday 90.7 91.4 105.3 95.8 Week ago 90.7 90.3 104.9 95.3 Month ago 91.3 91.7 105.0 96.0 Year ago 87.3 77.0 97.3 87.2, 1936 high 93.4 95.6 105.5 97% 1936 low 90.0 84.7 103.5 93.3 (Copyright, 1936. by Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott, Procter & Paine) Treasures Prev. Close. close. 4Tis 1943-45 118 118 4s 1944-54 113.6 113.3 374 S 1946-56 111.19 111.14 3**s 1940-43 108.24 3%s 1943-47 108.17 108.14 3%s 1941-43 109.4 109.1 3'%s 1943-45 108.5 108.2 3 Vis 1941 109.1 108.30 3'%s 1941-46 107.29 107.22 3'%s 1946-49 106.7 106.7 3>%s 1949-,‘nl 106.10 3s 1951-55 104.26 104.25 3s 1946-48 105.16 105.15 2*%s 1945-47 103.20 103.20 2?is 1951 10:1.10 102.9 Home Owners Loan Corp. 2*/,s 1949 10. .27 101.25 3s 1952 103.3 103.1 Federal Farm Mortgage Ctrp. 3Vis 1964 104.8 104.14 3s 1949 103.11 103.10 3s 1942 104.1 103.30 2*/is 1945 102.16 102.15 DOMESTIC Prev. Close close Alleg Corp 5s '44 93 93 Alleg Corp 5s '49 86 86 Am Frgn Pow 5s 2030 71% 72 Am Tel & Tel 5%s '43 113% 113'/, Am Tel & Tel 5s '65 114% 114 Arm & Cos (Dell 4s '55 97 9774 Atl Coast Line 4s ’52 96% 967, Atl Coast Line 4%s 64 79% 79 Am Wat Wks 5s '44 102.6 102.8 Am Rolling Mills 4V,s '45 113 11 Balt & Ohio 6s '95 94 94 5 % Balt & Ohio 4%s '6O 69V, 687* Buff Roch ft Pitt 4Vis '57 76 76 Beth Steel 4'/s '6O . • 105% 105'% Chi Milw ft St Pss '75 18*, 18 Chi Milw & St P 5s 2000 6% 7 Cleve Un Term 5s '73 107% -07% Cleve Un Term 4%s '77 102% 102% Col Gas 5s May '52 .104% 105 Col @as 5s April 52 1047* 104% Col Gas 5s '6l 104 104 Can Pac Perp 4s 91% 91*4 Cent Pac 5s '6O 597, 99% Big Four 4'%s '77 913, 9^ Big Four 5s '63 98 98V* Colorado & So 4%s 'BO 70 70% Chi & West Ind 4s ’52 103V* 103*, Chi ft West Ind 5%s '62 106'/* 106% Chi & Nor West 4*,s ’49 n*4 12 Con Gas 5s ’57 103.20 103.20 Chesa Corp 5s ’47 126 126 N Y Dock 53 ’3B 65*4 66 V 4 Erie 5s i5 75 743% Erie 5s ’67 75% 75% Gen Cable 5%s '47 105 105 Grt Northern 7s ’36 100.21 100.22 Grt Northern 4%s '76 100% 100% Grt Northern 4%s '77 100% 100% Gen Stl Cast WW 5%s ’49 ... 81 82 Hud & Manhat Ref 5s *57 82% 82% 111 Cent 4%s '66 71% 71% 111 Cent Jt. 4%s ’63 78% 79 111 Cent 5s ’63 81% 82% Interntl Hy Elec 6s ’44 .... 40% a<)% Interntl Tel * Tel 4%s '39 ... 92U 92'> Interntl Tel & Tel 5s '55 84% 84 ' Interntl Tel & Tel 4%s '52 ... 80% 80% McKess & Rob 5%s 50 103V* 103', Natl Dairy 5%s '4B 102 28 102.28 Natl Steel 4s '65 106V4 106% Nickel Plate 4%s ’7B 83% 83 Kickel Plate 5%s ’74 93% 93% N Y Cent 5s 2013 92 91% N Y Cent 4%s 2013 (old) 85 84% Nor Amer Cos 5s '6l 106 106 Nor Pac 3s 2047 80% 80% Nor Pac 4'%s 2047 101'% 101 V, Nor Pac 6s 2047 110% 110% Nor States Pow 5s ’4l 104% 104% New Orleans Term 4s '55 90% 90% Otis Steel 6s '4l 102% 102 V, Penn Ry 4%s ’B4 ,109V* 109% Penn Ry 4V,s ’Bl 109 109 V, Penn Ry 4%s ’7O 104% 104'% Pac G ft E 5s '42 102% 102% Portland Gen E! 4%s ‘6O 72 % 71% Para Publix 6s ’55 89% 90 Penn P & L 4%s 'Bl ...106% 106% Postal Tel & Cab 5s ’53 29% 29% Rem Rand WI 4Vis ’56 148 V. 109% Sinclair Oil 6%s ’3B 9C% . Shell Union Oil 3%s 'sl 91 % 96*4 Sou Pac 4%s '67 90% 91% Sou Pac 4%s ’Bl 91 90’-; Sou Pac 4'%s '69 93 90* Sou Rail 4s ’56 58% 58 Sou Rail 6s '56 74 7414 Sou Rail 6%s '56 77 77 Sharon Stl Hoon 5%s '4B 106% 106% Texas Pac 5s 'BO 104*4 105 Texas Pac 5s '79 105 104*4 Texas Pac 5* ’77 105 105 - Unton Pac 4s 47 114'4 11*'United Drug 5s 53 100 100% U 8 Rubber 5s '47 15% 105 - Western Mary 4s '52 ... 100', 100 s , Youngstown S & T 5s '7O 106 24 106.28 Youngstown 8 & T 5s ’7B 105.16 105.17 FOREIGN Argentina (A) 6s '57 99*4 99% Argentine (B' 6s 'SB 99% 99’, Brazil 8s '4l 335, 33% Canadian Govt 4s ’6O 108 108 Denmark 5%s ’53 101% 101 % French 7s 49 176'i 177 German 5%s M 24 23 German 7s ’*9 30 29V. Italy 7 * 74* 74', Japan 6%s '54 97% 97% Poland 7s '47 84% 84% Rome 6%s '53 65 64'% ToJdo City sia ’11...75% 75%

Coty Inc 4% 4% 4% 4% Lambert 20'% 20% 20% 20% Lehn ft Fink... 14% 14% 14% 14% Un Drug (new). 12% 12% 12% 12% Vick Chem 41 41 41 41 Zonite Prod .... 6'% 6'% 61% 6% Financial— Adams Exp 7Vs 7 7'% 10% Allegheny Corp .. 32% 2% 2% Chesa Corp 65 64% 65 65'% Lehman Corp ... 95% 95 95% 96 Transamerica .. 12% 12% 12'% 12'% Tr Conti Corp .. BV* 8 BV* B'/! Building— Am Radiator ... 19'% 19 19'% 19'/* Gen Asphalt ... 25 24'4 25 24% Holland Furnace 34 33% 34 33 Int Cement ... 45% 44% 45*/ 45 Johns Manville .92 '4 91 92 94 Libby Owens Gls 54'% 53 54'% 53 Otis Elev 27 26 26% 26% U S Gypsu.ii .. 86 85 85 87 Ulen Cons .... 5 5 5 5 Household— Col Pal Peet..., 14% 14% 14'% 14*/, C'ongoleum 35'% 35'% 35' 2 35% Kelvinator 20 19'% 19% 191,Mohawk Oarpet.. 22 22 22 22 Proc & Gamble.. 4214 41% 42 41'% Servel Inc 20V* 20 20'/* 20 Simmons Bed 26% 25'% 26% 25'% Textiles— Celanese Corp 22 21% 22 22V* Collins Aikman.. 42'% 41% 421% 41% Indus Rayon .... 27 27 27 26% Kayser Julius . . 28 27% 27% 28 New Bond Issues (By Lyons & Cos.) Bid Ask Asso Tel 4s '66 105% 106 B& O 4%s ’39 98% 99y Brooklyn Man Tr 4'%s ’66 ....100 Cal Ore Pwr 4s ’66 96'% 97 Cent Maine 4s ’6O 103 103% Cent 111 3'%s ’66 105% 105% C ft O and Rep Imp 3'%s '96 .101 101'/, Chicago Sts 3%s '63 106% 107V* Cinn Un Term 3‘%s ’7l 105% 106 V, Cleve Elec Ilium 3%s ’65 110% 111 Cleve Tractor 5s ’45 105 105% Columbus Railways 4s ’65 105% 106 Conn River P ft L 3%s ’6l 104 104% Consolidated Ed 3'/4S *46 104'/, 104*% Consolidated Ed 3'%s ’56 103'/4 103'% Consumer Power 3'%s ’7O 103% 104'/, Cudahy Pkg 3%s '55 100'% 100% Cudahy Pkg 4s ‘SO 102% 102% Eastern Gas & Elec W4s '56 .. 92% 93 Edison Ulus Bost W4s '65 ... 107% 107% lowa South Util s'%s ’SO 101 Kansas P L 4'%s ’65 108'% 108% Jones ft Laughlin 4'/ 4 s ’6l 98% 99'/, Los Angeles G & E 4s ’7O 105% 105% Maine Cent 4s ’45 98 s /* 99% Metro Ed 4s ’65 107% 108% Monon W Dr 4'%s '6O 104% 105 N Y Edison 3%s ’65 101*% 102 V, N Y Cent 3%s ’46 97% 98% Norway 4%s ’65 95% 96% Ohio Edison 4s ’65 105% 106 Pacific Lite 4'%s '45 105% 105V* Pacific G & E 3%s ’6l 104 104% Penn R R 3%s ’7O 101% 101% Penn Tel 4s '65 106 Pub Serv N H 3%s '6O 105 105% Railway & Lite 4%s '55 108 110 ' Saguenay Pwr 4V,s 'B6 98% San Diego G & E 4s '65 109% '! So Cal Gas 4s ’65 104’/, 104% So Cal Ed 4s '6O 109 109% So Cal Ed 3%s '45 105 106 So Western G&E 4s '6O 102V* 103'/* Union Pac 3>/ 2 s ’7l 99% any! US Pine ft Fdy 3V 2 s ’46 106'/* 106% West Penn 3%s ’66 106% 106% Wise O&E 3%s '66 102% 102% Youngstown Sheet & Tr 4s '6l 98% Ygstwn Sht & T Deb 3%s ’sl .102% 102% Other Livestock (By United Press) ~F ? R . T , „W AYNE - Ind - Mav 20.—Hogs H>@ 2 sc higher; 160-180 lbs.. $9 90; 180-200 lbs., $9.80; 200-225 lbs.. $9.35200 lbs., $9.50; 250-275 lbs.. $9.04; 275-300 , 30 °- 35 0 >bs.. $9.15; 140-160 lbs $9.60; 120-140 lbs.. $9.40; 100-120 lbs.. *9.25; roughs, $8.25; stags, $6.50; calves, $9.50' lambs, sll. FRUITS AND VEGETABLES (By United Press) CHICAGO, May 20, Apples—Willow Twigs, bu., $1 15@1 35. Carrots bu., 35/<j 75c. Sweet Potatoes—Tennessee, bu., $1.10(li 1.15. Beans —Louisiana, bu., $2 iC 2 ;l^/. c,lbbage—^ Mississippi, lettuce crates, *1.50® 1,65. Spinach—lllinois, bu., 25(fi50c. Tomatoes—Florida lugs. *1.75®3. Cauliflower—California crates. $1.654/1.75. Peas —California, bu. hampers. $1,254/1.50. Lettuce —Western crates. $1.50®2.75 Celery— Florida crates, S2®3 50. Onion Market— Texas White Wax, 67%c; Texas Yellow Bermudas. 80®88c. MODERATE DROP SEEN IN AUTO PRODUCTION Total Output Placed at 116,855 Units for Last Week. Timm Special DETROIT, May 20. Although automobile production has apparently reached the crest of the seasonal rise, there need be no fear that the tapering off process is to be a rapid one, Ward's Automotive Reports had declared today. Output last week stood at 116,855 passenger cars and trucks in the United States and Canada, a decrease of 949 units from the previous week's total of 117.804. May production, it was said, will likely total above 485,000 assemblies, which would represent the best operations for any May since 1929. This estimated total would be less than 5 per cent below the production total for April. MORTGAGE DRIVE OPENS Timet Special PORT WAYNE, May 20.—The opening of an intensive campaign for the purchase of new mortgage loans by the Lincoln National Life Insurance Cos. was announced today. Seven new loan correspondents have been appointed in four sections of the country.

LAST FEW DAYS REMOVAL SALE OFFICE EQUIPMENT Buy Now! Below Cost HILLER Office Supply Cos. 28 S. Pennsylvania St. Riley 15OT

HOGS DISPLAY STEADY TREND ATCITY PENS Cattle Market Irregular; Vealers and Lambs Stationary. With interest about evenly divided among the various classes, porker prices settled down to a steady trading range in a quiet session today at the Indianapolis Union Stockyards. The top price held at $9.90. Receipts, estimated at 5500, continued above the normal figure but demand again was strong enough to offset the heavy shipments. Approximately 160 head of hogs were held over from the preceding session. The bulk of choice weights, from 160 to 225 pounds, cashed in at $9.80 tc $9.90. Medium heavyweights, scaling from 225 to 260 pounds, sold at $9.65 to $9.80, while extreme heavies, from 300 pounds upward, brought $9.20 to $9.35. Light slaughter pigs, weighing 130 to 160 pounds, were offered at $9.15 to $9.65. Packing sows held at $8.25 to $8.75. The cattle market failed to establish a definite price range. Early bids were slightly lower on most classes of steers. Other classes were mostly active and fully steady. Choice heifers sold at $8.25 downward. Most steer prices were undeveloped. Receipts numbered 1400. Vealers showed only a slight change with the bulk of good and choice holding at $9 to $9.50. Receipts numbered 800. Lambs also continued stationary, but slaughter sheep were around 25 cents lower than yesterday’s close. Fed choice spring lambs sold at sl2, while top and bulk of clipped grades ranged downward from $10.50. Slaughter sheep sold at $3.75 down. Receipts were 600. HOGS May. Bulk. Top. Receipts. 14. $9.65® 9.75 *9.60 3000 15. 9.65® 9.80 9.85 3500 16. 9.60® 9 75 9.75 1500 18. 9.60® 9.75 9.80 5500 19. 9.80® 9.90 9.95 6000 20. 9.80@ 9.90 9.90 5500 Light lights. (140-160) Good and choice $ 9.40® 9.80 Medium 8.75® 9.60 (160-180) Good and choice . 9.70® 9.90 Medium 9.35® 9-75 (180-200) Good and choice . 9.80® 9.90 Medium 9.40® 9.85 (200-220) Good and choice . 9.80® 9.90 (220-250) Good and choice . 9.70® 9.80 Heavyweights. (250-290) Good and choice $ 9 45® 9.70 (290-350) Good and choice.. 9.25® 9.45 Packing Sows. (275-350) Good 8 45@ 8.95 (350-425) Good 8.35® 8.75 (425-450) Good B.oo® 8 40 (275-350) Medium 7.65® 8.50 Slaughter Pigs. (100-140) Good and choice . 8.40® 9.40 Medium 7.75® 8.95 CATTLE —Receipts, 1409 (550-900) Choice *8.25® 9.00 Good 7.50® 8.25 Medium 6.50(0) 7.50 Common 6.00® 6.75 (900-1100) Choice 8.25® 9.00 Good 7.50® 8.25 Medium 6.75® 7.50 Common 6.00® 6.75 (1100-1300) Choice 8.25® 9.00 Good 7.50® 8.50 Medium £.75® 7.50 (1300-1500) Choice 8.25® 9.00 Good 7.50® 8.25 Heifers (550-750) Choice B.oo® 8.50 Good 7.25® 8.00 Common and medium 6.00® 7.50 (750-900) Good and choice... 7.25® 8.50 Common and medium 6.00® 7.25 Cows Good 6.00® 6.50 Common and medium 5.25® 6.00 Low cutter and cutter 4 00® 5.25 Bulls, good 6.00® 6.50 Cutter, com. and med. bulk 5.50® 6.40 VEALERS —Receipts. 800— Good and choice 8.50® 9.50 Medium 7.50® 8.50 Cull and common 4.50® 7.50 Calves (250-500) Good and choice . 6.00® 8.75 Common and medium 4.50® 6.00 Feed and Stocker Cattle (500-800) Good and choice ... 7.00® 8.25 Common and medium 5.75® 7.25 (800-1050) Good and choice . . 7.00® 8.25 Common and medium 5.75 0 7.25 Cows Good 5.00® 5.50 Comv.on and medium 4.50® 5.00 SHEEP AND LAMBS —Receipts, 600— Lambs. 90 lbs down; good and choice *10.00®10.50 Good 9.50010.00 Medium 8.50® 9.50 (90-170) Good and choice ... 3.50® 4.00 Common and medium 2.50® 3.50 (Sheep and lamb quotations on clipped basis.) Other Livestock (By United Pr#ssi CHICAGO. May 20.—Hogs—Receipts. 11.000. including 4000 directs: fairly active early; mostly 10c higher than Tuesdav's average; later trade slow. top. *9.05; bulk 160-250 lbs.. $9.60/19.80; 140-160 lbs.. *9.25 09.60: few, 250-300 lbs.. *9.4009 75; sows. *8.400 8.85. Cattle—Receipts. 9000: calves. 1500: weighty steers weak to 25c lower; some bids lower: supply liberal; early too *9.30; some choice to prime offerings hea higher; numerous loads to sell at $8.25® 8.75: light cattle steady: moderately active in contrast with slow trade on weighty bullocks; common and medium weight very scarce: stockers slow: heifers and she stock steady; cows very scarce; cutter cows *5.50 downward; bulls steady: vealers steadv to weak; light kinds getting much action at $9 down; selects up to $10.50. SheepReceipts, 7000; fat lambs strong to 25c higher; clippers. *19.500 10.75; California springers. *12012 25, straight and with light sort available; supply small, few throwouts. clipped lambs. *7.5008; shorn ewes. *303.75. steadv. LAFAYETTE. Ind.. May 20.—Market steady: 170-210 lbs.. *9.6509.75; 210-235 lbs., $9.5009.55; 235-260 lbs.. *9.40®9.45: 260-325 lbs.. *9.100.9.30: 130-170 lbs.. *9.35 0 9.50; 100-130 lbs.. $8.7509.25: roughs. $8 down: calves. 88.50 down: clipped lambs. *9.50 down; spring lambs. *10.50 down. (By Times Special) LOUISVILLE. May 20 —Cattle—Receipts, 150; salable supply slaughter cattle very light: market opening moderately active and fully steadv- bulk steers and heifers salable, *6.5007.50: one lot good light yearlings. *8; bulk beef cows. *SO 5.75; good beef breds quotable to *6 and above; most low cutters and cutters. *3.7504.75; sausage bulls weak to 25c lower; bulk salable. ss@6; light beef type stockers and stock calves salable mostly *6.50® 7.75; better steer calves to around $8.50. Calves —Receipts, 300; market active; better grades strong to 50c higher for two days; bulk good to choice. $8.500 9: few strictly choice, *9.50; medium and lower grades. *8 down. Hogs—Receipts. 800; market not fully established: opening sales 5c higher at *9.75 for better 160-225-lb weights: 230250 lbs.. $9.45: 25-300 lbs.. *8 90: 305 lbs. up. $8.45: 120-155 lbs.. *8.90; cows, *7.55; some bids steady. Sheep—Receipts. 1000; better grade spring lambs in broad demand: market opening fully 25c higher: bulk good to choice. $!2®12.25: few strictly choice, *12.50; medium grades quotable *10011; common throwouts down to *9; most clipped lambs salable *7 5009; clipped ewes, *4 down to $2 or less for thin culls.

27,000,000 Tons of Steel on Island The 22 square miles of Manhattan Island contain 27.000,000 tons of steel, it is estimated. Steel is used in bridges, tunnels, buildings, docks, transit lines, pipe lines, poles, rolling stock, automobiles and other machinery.

Busigraphs CHAIN. STORE SALES (CHAIM STORE AGE). AVERAGE SAME MONTHS I2S-fS3twlOO !20T ii "Illlllilß iJUiUiUUU ■ H M A M„ J J A S O N D J F M ills— LiaasTHE PARKER CORP. GENERAL DISTRIBUTORS INCORPORATED INVESTORS Our chain stores as a whole conj tinue busy. The index of sales in March was just slightly above February and 5 per cent higher than a year ago. During the past year, however, apparel chain stores sold 13 per cent more goods, and grocehy chains 6 per cent more. Taken as a whole, the chain store sales have not increased quite as fast as department store sales. This indicates purchases of higher priced goods such as house furnishings and furniture—not carried by chains. MAJOR GRAINS SPURT UPWARD Short Covering and Price at Minneapolis Are Factors in Upturn. By Uni fed Tret* CHICAGO. May 20.—Visions of an impending “squeeze” in May wheat sent shorts scurrying to cover today, and the current month spurted sharply upward on the Board of Trade. At the end wheat was up 1 to 2si cents. Corn was unchanged to up % cent and oats were unchanged to off V* cent. To some extent the sharp advance in May wheat at Minneapolis was responsible for the rally here, but short covering accelerated the upturn. Buying of wheat by houses with Eastern connections was noted on the upturn. Wheat opened lower in response to lower outside markets and generally remained quiet as most of the traders were inclined to mark time pending final adjustment of May contracts until a rally In Minneapolis wheat futures generated considerable nervousness among shorts and May wheat bounded up. Corn prices failed to respond to the rally in wheat and held about steady with yesterday's close in a dull featureless market. Activity remained light throughout the session as traders chose to wait further developments. Oats moved within a narrow range as offerings were light in a featureless session. Rye showed a weak undertone in the market and closed steady with yesterday’s prices. (By United Press) Wheat— High. Low. Close, dose! May 95% .91% .95 .92% JulT 86% .84% .86% .85 Sept 85% .84’/* .85% .84% Corn— May 63% .63% .63% .63% SeP* 58% .58% .58% .58% Oats May 34% .24% ,24%A .24% July ••• 25% .25% .25%A .25*, Sept 26% .25% .26 .26 RyeMay 55V, .54% ,54%8 .55 July 54% .53*4 ,54%8 .54% Sept 55 .54'/, ,54%A .54*/, Barley— May .378 .37 Lard— May 10.27 10.20 10.278 10 25 July 10.15 10.07 10.15 10.15 Sept. 10.20 10.12 10.208 10.20 A—Ask; B —Bid; N—Nominal. LOCAL CASH MARKET City grain elevators are paying 87 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new No. 3 vellow 56 cents and oats 18 cents. (By United Press) CHICAGO. May 20. —Cash grain: Wheat —No sales. Corn—No. 1 yellow. 66%c: No. 2 yellow. 65%066c: No. 3 vellow. 62® 65c: No. 4 yellow, 64%0 64*/,c; No. 1 white. 69%c: No. 5 white. 64%c: sample grade. 43 0.61 %c. Oats—No. 3 white. 250 26%c; No. 4 white. 230 24c; sample grade. 20020%c. Rye—No sales. Barley—Sales. 75c: feed quoted. 30 0 48c; malting quoted. 45092 c. Timonthy seed, *2.75®3. Clover seed. *l2 020. Soy beans—Sample yellow. 45c I Cash provisions—Lard. *10.27 bid; loose.' *9.65; leaf, $9.50 nominal; bellies. *12.50 nominal. TOLEDO. 0., May 20.—Grain close: Grain in elevators, tvansit. billing. Wheat —No. 2 red. 97%0 98%c. Corn—No. 2 vellow, 67'20.68'ic. Oa's—No. 2 white. 310 32c. Rye—No. 2. 61062 c. Track prices. 24%c rate. Wheat—No 2 red. 92%®93%c; No. 3 red. 90%0 92%c. Corn—No. 2 yellow, 63 0 64c; No. 3 yellow. 61%063c Oats —No. 2 white, 27%@29c; No. 3 white. 24 028 c. WORK TO START SOON ON INDIANA PROJECTS| Whitley, Shelby Counties Ready to Build REMC Lines. Work is to start on the two Indiana Rural Electrification Membership Corp. projects included In the 1000 miles of new rural lines in 12 states to be financed with Rural Electrification Administration loans totaling $1,296,400 as soon as legal and engineering requirements are met and loan contracts signed, it was learned today. The Whitley County REMC at Columbia City, which was allotted $84,000, is to begin construction on a county-wide project that will eventually include 588 miles of line to serve about 200 customers. Power is to be purchased from the Columbia City municipal plant. The allotment of $12,500 to Shelby County at Shelbyville also is for a county-wide project. When com-; pleted the project will reach 21821 customers over 486 miles of line. The Indianapolis Farm Bureau or-! ganization is sponsoring both proj- I ects.

Thomson & McKinnon NEW YORK members CHICAGO Kew Tork Stock Exchange. TORONTO il New York Curb Ezchange BOSTON f * orlt C° ,ton CAUTU BPVn m i, * w Tork Coffee and Sugar Exchange. " New Orleana Cotton Exchange. .tT. WAYNE Chicago Stock Exchange. EVANSVILLE Chicago Board or Trade. Winnipeg Grain Exchanga. Indianapolit Office , lb „ Ilchl , w 200-214 Circle Tower LI. 5501

CAR OUTPUT UP FOR 3 SEASONS. REPORTSHOWS Sharp Decrease Predicted in Total Production This Year. Timet Special NEW YORK. May 20.—The volume of automobile production in the United States, after declining from the pre-depression peak of 5.358,000 units in 1929 to 1.371.000 in 1932, recovered sharply during the following three years, rising to 4,009.000 units in 1935. according to ! a report released today by the ! Alexander Hamilton Institute. Despite the favorable production | rate maintained during the first | four months this year, indications | of output for the remaining twoj thirds of the year are not so favor- | able, the report stated. Decline Follows Excess “If production equals or exceeds that of 1935 it will be the result of a demand in excess of normal, similar to that which occurred last year,” the report says. “In both 1934 and 1935, demand was excessive and ever since the end of the war, two consecutive years of excess always has been followed by a subnormal demand. “If this proves to be the outcome this year, the annual production of automobile, in 1936 will fall below 3,347,000 tors as compared with 4.009,000 units in 1935. This suggests a sharp curtailment of automobile production in the near future, since the output in March, which preliminary figures indicate was exceeded in April, was at the annual rate of 5.100.000 units. “In 1935, an excessive demand was responsible to a large extent for the high rate of output. Normal requirements last year called for an output of only 3.003,000 cars, whereas the actual production amounted to 4,009,000 units. Car Prices Lower “Since the estimate of normal requirements for 1936 is larger than those of 1935, it would take less of an excess in the demand than it did last year for the 1936 output to equal that of a year ago,” the report stated. The average price of an automobile today is approximately 12 per i cent lower than in 1929, according to a recent complication by the Bureau of Labor statistics. Wage rates in the industry, on the other hand, are slightly higher than before the depression, while the average price of steel is only about 9 per cent below the 1929 level. Money and Exchange INDIANAPOLIS STATEMENT Clearings *2.431,000 Debits 6.245.000 TREASURY STATEMENT (By United Press) WASHINGTON, May 20. Government expenses and receipts for the current fiscal year to May 18, as compared with a year ago; This Year Last Year Expenses $6,353,307,999.08 $6,304,456.254 48 Receipts . 3,510,777.640 23 3.253,946 822 72 Deficit 2,842,530,358.85 3,050.599.431 76 Cash bal 2,369,345,184.79 1.627.786 416 52 P’blic debt 31.538,891,225.13 28.585 982 330 73 Gold rsrv. 10.356.829,301.42 8,748.836.31* 96 Customs . 343,553,565 26 302,249,759.09 ty Chicago Stocks (By Atkins. Hamili & Gates) Prev. T n Close. Close. J. D. Adtms 16 Advance Aluminum 7% 7% Asbestos Mfe 3% 3% Associated Investors 11% 10% Bastian-Blessine 11% 11% Butler Brothers 8% 8% Cent 111 Pub Service Dfd 59% 59' 2 Chicazo Yellow Can 25 25 Cord 4% 4 ; t Electric Household 15 % 14% General Household B’. 3% Irving Air Chute ...... 7*, 7*, Mol.vbodenum Corp of Amer.. 8% 8 Mueler Brass Cos 28% 28 Natl Bellas Hess, Inc 2' 2% Niagara Hudson Pwr 8% 8% Pennroad Corp *% 4% Reliable Stores Corp 15 16% Root Petroleum 14% if. Salt C’reek Productr’ Assn.... 8 3 Segal Lock 2 3% Sonotone 2*, 2% Standard Oil of Ohio 27% '2l 1 Stutz Motor Car of Amer 2% 2% Technicolor Inc 28% 29% Tubize Chatillon Corp 28% 28 New York Curb (By Atkins, Hamili & Gates) 1:00 P M. Prev, NY. Close, Aluminum Cos of America ... 112% 114 Am Cyanamld "B" 34% 34% Am General 3', 8% Am Superpower 2% 2% Ark Natural Gas "A” 5% 5% Atlas Corp 11', 11% Carrier Corp 8% 8% Creole Petroleum Corp 27 27% Crocker-Wheeler 9% 9% Elec Bond & Share 13% 13 Gulf Oil Corp of Penn 77% 79% Humble Oil ft Refining Cos ... 58 57% Hygrade Food 4% 4% Int Vitamin .. 7% 7*, Imperial Oil of Canada 21% 22% Lake Bhore Mines 56% 57% Natl Bellas Hess Inc 2% 2% Niagara Hudson Pwr 8% 8% Pennroad Corp 4% 4% Root Petroleum 15 14% Salt Creek Producers Assn ... 8 3 Segal Lock 2% 2% Sonotone 4% 4*, Stutz Motor Car of Amer 2% 2*, Technicolor Inc 28% 29*, Wayie Pump 29 28 KELVINATOR SHIPMENTS UP Timet Special DETROIT. May 20.—Refrigerator shipments of the Kelvinator Corp. for April totaled 43,418 units as compared with 39,087 for the same month last year, an increase of 11 per cent.

I LOANS Kor Modernization For a New Home THE RAILROADMEN’S BLDG. A SATING ASSN.