Indianapolis Times, Volume 48, Number 62, Indianapolis, Marion County, 22 May 1936 — Page 30

Trends Sees Calmer View of Federal Tax Problem. BY JOHN TANARUS, FLYNN

MEW YORK, May 22.—Now that the President’s tax plan has been definitely checked, by the Senate, a somewhat calmer view of the situation may be taken. Fu*t, apparently ail are agreed that there is to be no effort to raise taxes sufficient to balance the budget, but only enough to meet certain items of expenditure.

This amounts to only about $635,000 ,0 0 0. Second, it is more or less generally conceded that if this sum is to be raised it must be done by income taxes. The Pr e sident Insists that new taxes are necessary to raise this amount. The R e p u blicans, apparently opposed to any further taxa-

Flynn

tion in spite of their demands for balancing the budget, seem to think that existing taxes will produce the revenue required. This is based on their belief that business is rising, profits increasing, income increasing and that therefore income taxes will increase. There is certainly grave doubt about this, and it would be a serious error to permit the budget to be unbalanced more than it already is. a a a '"■"'HE only alternative to income taxes is sales taxes and these undoubtedly Congress will resist. This leaves the issue fairly clear. What kind of income taxes will be imposed? Assuming that the President’s plan is to be scrapped, the alternatives are as follows: 1. To raise personal income taxes all along the line from the SIOOO man up; 2. To keep the present corporation tax and add corporation excess profits taxes which will yield revenue; 3. To levy a tax on undistributed corporation earnings but without abolishing the present corporation tax. My own belief is that a combination of all these methods should be employed. If Congress is seriously desirous of raising the necessary revenue and at the same time distributing the burden according to capacity to pay, then the sound course will be to adopt a tax law which will comprise the following features: First, retain the present 15 per cent normal tax on corporations earnings $40,000 or over. Second, impose an excess profits tax. Such n tax should begin after profits reach 7 per cent. However, the computation should be altered somewhat from the present system. The excess profits tax should begin at 7 per cent after all taxes, local, state and Federal, have been deducted from earnings. a a a THE tax need not be a heavy one and should be graded up so that corporations making a very high rate of return will pay more than those satisfied with smaller returns of profit. The corporation which makes 10, 20, 50 or 100 per cent profit ought to pay a heavier tax than one making only 6 per cent. Third the President was right in urging a tax on undistributed profits. He made the grievous mistake of seeking to abolish all other taxes and making this ’ he sole basis of corporate taxation. Therefore, a moderate undistributed profits tax should be levied. How high should these excess profits and undistributed profits taxes be? The Secretary of the Treasury can estimate what the return should be to produce the required revenue. They need not bo very heavy. They need not sriously affect corporate surpluses. This would be an experimental beginning in a very highly desirable field of taxation. Then at the next session the whole structure of personal tax rates could be recast. WEIRTON NEEDS WORKERS By i'nitrtl I'mtx PITTSBURGH. May 22. The Weirton Steel Cos. will give its employes the choice of vacation with pay or working through the vacation period at double wages, it was announced through offices here. Approximately 10,000 Weirton employes will benefit through the plan, which becomes effective on July 1.

On Commission Row IQootations 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. Bananas —Seven hands, pound 5%c. ApEles— Wmesaps (fancy baskets). $1.75. emons—Sunkist (300s>. $9. Grapefruit— Imperial Valley, $3 50. Pineapples—Cubans ÜB-30s). crate, *3.50. Grapes—S. America. 20-lb. box, *2. Honey Dews, S. America, $3. VEGETABLES Beans green, round stringless (hampers). $2.40. Beets—Mississippi. bu., $135. Cabbage—Mississippi, half crate. $1.35. Carrots—California (6doz. crate), *2.50. Cauliflower. California (12s crate). *1 90. Celery—Florida washed and trimmed idoz.i, 45®85c; Florida (4s, 8s los crate), *3.50. Cucumbers—Hothouse idoz.i. 90c; (two doz., box), *165. Egg plant—Florida fdox.t, *1.50. Kale— Virginia ibu.i, 65c. Lettuce—lceberg, California (best 6s. ssi, *3 50: home grown leaf (15-lb. basket). *l. Peppers—Mangoes tcratei. $3.50: peck basket, *1.15; doz., 40c. Mint —Hothouse idoz.i. 60c. Mushrooms—Pound, 30c. Mustard—Texas, half crate, *1.40. Onion* —Indiana yellow 150lb bag). 60c: new Texas Bermuda yellow, 50-lb. bag. *1.25. Parsley—Southern dong bunches, do*.), 45c. Parsnips—Homegrown, washed, bushel, 90c; half-oushel, 60c. Peas—Florida, hamper. $lB5. Potatoes —Michigan Round Whites, 100-lb. bag 2.10; R. R Early Ohio, 100-lb. bag, *2 25 R. R Triumph. 100-lb. bag. $2 25; Idaho Russet*. 70c box. *3. Sweet potatoes—Tennessee Nancy Halla, hampers, *1 *5 Radishes— Homegrown buttons, doz., 35c white, 30c. Rhubarb Hothuse, doz' 25c. Rutabagas—Northern. 50-lb. bag’ *l5O. Sage—Doz. 45c. Turnipa— New bulk Texas, bu.. *1 40. Tomatoes—i Repacked. 10-lb. box. (1.50; Florida, orig. (8-*l lugs, **.25. fruits and vegetables (By United Press) CHICAGO. May 22 Applet—Willow Twigs bu.. (1 15® 1 Carrots bu 40® 60c Sweet Potatoes—Tennessee, bu ' *1 lfl® 1 IS Beans -Louisiana, bu.. (3® 23$ Cabbage Mississippi, lettuce crates. *1 5091.45. Bpinach -Illinois, bu . 25® 30c. Tomato**—Florida lugs. bu.. 175®2 75. Caullflojwr—-California crates, *l7s® 185. Peas —(California, bu hampers, *l2s® 140. Lettuce—Western erat*s t 12 50® 2 75. Celery —Florida crates, 82 35® 375 Onion Market (50-lb. sacks)—Texas White Wax. 85c; Texas Yellow Bermudas, 80® 90c: California White Wax, *1: Louisiana Yellow Berottdas. 50c.

PAGE 30

STOCK VALUES TURN UPWARD; TRADING LIGHT Inactive Issues Gain From 4 to 6 Points on Few Sales. BY ELMER C. WALZER Unit'd Prese Financial Editor ’ NEW YORK, May 22.—The stock market made a substantial recovery today without benefit of increased trading volume. Prices rose fractions to 2 points with the highest grade Issues in best demand. More volatile and inactive issues gained 4 to 6 points on a few sales. The market opened quietly, with prices steady, then crept, forward in dealings only slightly above yesterday’s low rate. Utility issues moved up fractions to more than a point under the leadership of Consolidated Edison. They quieted late in the day but held mast of the early ii.se. Communication issues came back under the lead of American Telephone, which rose 2 points net. Steels Join Upswing Steel shares next swung into line, with U. S. Steel up more than a point. Vanadium rose a point and Bethlehem more than a point. Further talk of higher prices for third quarter delivery helped, despite some beliefs such rise would be detrimental to the industry. Some of the gains were erased. In the farm equipment group Case touched 153 Vi, up 514 points, while International Harvester gained more than 2 points and Oliver Farm Equipment was up more than a point. Mail order issues joined the upside, featured by Sears Roebuck. Mercantile issues responded to the weekly Dun & Bradstreet Review, which recorded gains in retail business of 8 to 12 per cent over the corresponding period of 1935.

Carriers Strengthen Railroad issues gained when the weekly car loadings report was released. That showed the largest total since the week ended Oct. 26, 1935. At the high, Atchison and New York Central were each up a point. Others were fractions to a point higher. • Some selling came into the automobile division near the close and General Motors eased to a small net loss. Chrysler dipped from its high of C4M), which was up 1% points. Cram’s Reports, Inc., placed automobile production this week at 109,821 units against 117,156 in the preceding week and 100,705 in the corresponding week of 1935. Recovery in oil issues reflected apparently successful efforts to stem increased production in the Rodessa field of Louisiana. Gains ranged to more than a point. Louisiana Oil preferred' jumped to a new high at 39, up 5 points, on 10share lot sales. It held a large part of the advance. Rubber Issues were better on talk of another increase in tire prices. U. S. Rubber issues made the best showing although dealings were light in these as well as other tire issues.

Money and Exchange INDIANAPOLIS STATEMENT Clearings *2,964.000 Debits 5.692,000 TREASURY STATEMENT (By United Press) WASHINGTON. May 22.—Government expenses and receipts for the current fiscal year to May 20. as compared with a year ago: This Year. Last Year. Expenses $6,383,213,814.30 $6,348,121,803.74 Receipts 3.527.027.840.88 3,278,175,033.88 Deficit . 2.856.185,973.42 3,069.946.769.86 Cash bal 2,411.940,226.47 1,611,057,016.43 Pub debt 31.596.367,735.88 28.581,276.659.73 Gold res. 10.375.314.390.20 8.749.722 046 11 Customs .. 345,653,084.66 305,102,393.80 FOREIGN EXCHANGE (By Abbott, Proctor & Paine) _ _ Prev. Por. „ Country. Close Close. $8.2397 England ... $4.97% $497 .0663 France 0658% .0658%. .0891 Italy 0784% .0785 .1695 Belgium 1691 .1692 .4033 Germany .... 4 027 .4027 .3267 Switzerland ... .3232 .3234 6806 Holland 6757 .6760 .3267 Spain 1364',1- .1363 .4537 Norway 2500 2498 .4537 Sweden 2566 .2463 .4537 Denmark 2222 .2219 1.6931 Canada 9969 .9972 Daily Price Index (By United Press) NEW YORK. Mav 22.—Dun Si Brads’reet's dailv weighted orice index of 30 basic commodities. comoild for the United Press 11930-1932 average 100): Todav—ll6.6s Yesterdav .... 116.85 Year ago . . . 120 68 Week aco 116.00 1936 high 123.40 Month ago .. 120.73 1936 low 116.00 (Copyright. 1936. Standard Statistics) Investment Trusts (Bv Thomas D. Sheerln & Cos ) Bid. Asked. Administered Fund 2nd $15.77 sl6 VS Affiliated Fund. Inc 1.73 I 91 Amer General Equities 99 1.0 l •Amer Business Shares 1.07 1.17 Bullock Fund. Ltd 16 90 18.25 Broad Street Investing 28.’.6 30.12 Century Shares Trust 25.8 u 27.80 Collateral Tr Shares 'A" . 6.26 Corp "A" or "Accum" iMod) 3.21 324 Cor “AA" or ‘‘ACC’’ (Unmod) 2.59 2.61 Corp Tr Shares lOrig) . 2.68 2.72 Diversified Tr Shares ■B" ... 990 10 00 Diversified Tr Share; "C’... 4.30 434 Diversified Tr Shares "D’’.... 6.47 6 Dividend Shares. Inc 1 56 1 59 General Investor*, Trust 5 61 6.17 Incorporated Investors 20.95 22 48 Investors Fund Amer 99 109 Market St Investment Corp . 28.98 30 49 Maryland Fund 18.15 19.64 Massachusetts Investors 24 80 25.89 Nation-Wide Sec Cos •'8".... 412 Nation-Wide Voting 1 66 1 30 No Amer Tr Shs 1955 3.22 3 24 North Am Tr Shs 1956 3.18 3.20 North Amer Tr Shs (Orig).... 2.48 . Quarterly Income Shares 1.50 1.65 Selected Amer Shares. Inc .. 1.48 1.26 Selected Amer Shares (Orig).. 3.47 Selected Cumulative Shares.. 9.06 Selected Income Shares 472 4.82 State Btreet Investment Corp 94 50 99 50 Super-Corp of Am “AA” 2 73 2.77 Bupcr-Corp of Am "BB” .. 277 2.81 Super-Corp of America "A”.. 4.01 Super-Corp of America "B”.. 420 . ... Super-Corp of America 784 ... Supervised Sh. Inc iDela) .. 12 65 1* 86 Tr Standard Ollshares A”.. 678 684 Tr Standard Ollshares ”B” 587 593 Tr Standard Investment "C” 286 2.90 Tr Standard Investment "D” 280 283 United Standard Oilfunds ... 116 1.27 Uselps A” 11 65 Uselps B ’ 268 ... . Uselps Voting 1 03 •x-dtviuend. BUSINESS ACTIVITY RISES Time* Special WASHINGTON, May 22.—Busie ness activity averaged about 86 per cent of normal during April, an increase of 30 per cent.over that of March and almost 40 per cent above that of April, 1935, it was an-! nounced today.

Abreast of The Times on Finance

New York Stocks

Sales were 680,000 shares, against 670,000 yesterday. Curb sales were 170,000 shares, against 163,000. Dow-Jones preliminary closing averages: Industrials. 149.58, up .78; railroads 44.50, up .31; utilities 30.61, up .58. (By Thomson Si McKinnon) Prev. Oils— High. Low. Close, close. 'Amerada 91 1 i 9 lta 91'a 90% Atl Rfg 28 V* 28 23'4 27% Barnsdla) 17 16% 17 16% Consol 0:1 12 11’/, 11% 12 Cent of De 13310 1 30 30V, 30 Houston mew;.. 8% 8% 84a Bv* Mid Cont Pet 18% 18% 1874 18V: Ohio Oil . 13 12% 13 ma Philips Pet ... 40% 40 40(4 39% Plymouth Oil .. 14% 14‘i 14*4 14(4 Pure Oil 18'/* 17% 17% 17% 1 Beaboard Oil 31% 31% 31% 32 Shell Un 17Vi 16% 16% 16% Skelley OH .... 24'4 24 4 24 4 24 4 Soc Vac 124 12 1 2 124 12 4 8O of Cal 374 364 37 4 374 SO of Ind 33 4 33 4 33 4 33 -s S O of N J 58 4 57 4 58 4 57 4 Texas C'orp ... 334 33 4 33 4 33 4 Tidewater Assn. 154 15 4 154 154 Un Oil of Cal... 224 22 22 22 Steels— Am Roll Mills... 264 254 26 26 Beth Steel 504 494 50 48 7 /a Inland Steel ... 92 904 92 904 Ludlum Steel .. 24 4 23 4 24 4 22 4 McKeesport Tin 1064 1064 106(2 108 Mid Steel 39 4 36 4 39 4 364 Natl Steel 58 58 58 584 Otis Steel 144 144 144 144 Rep Iron & Steel 18(2 18 13 1 8 18 U S Pipe Si Fdy 37 364 37 364 U S Steel 574 564 57 56 U S Steel pfd .. .122 40 122 120 Warren Bros . 84 84 84 84 Y’gstown S & T 53 (1 51;* 53 53 4 Motors— Auburn 294 29 29 284 Chrysler #44 934 #44 93 Gen Motors .... 614 60 4 61(4 61 4 Graham Motors. 24 24 24 24 Hudson 144 14 V* 14(4 1;4 Mack Truck ... 29 4 23 29 29 Nash 17‘/8 164 164 13(8 Packard 1014 104 104 104 Keo 54 54 54 5Vs Studebaker 114 11 Vs 114 114 Yellow Truck .. 17% 174 17% 174 Motor Access— Bendix 2*4 27 4 274 274 Bohn Alum 47 47 47 47(4 Borg Warner ... 72 704 72 71 Briggs 464 464 46% 46 Buaa Mfg 144 144 144 144 Budd Wheel ... 104 104 104 10 Eaton Mfg 324 324 324 32 Elec Auto Lite . 354 344 354 354 Elec Stor Bat . 45 4 45 4 45 4 45 4 Greyhound ‘B’ . 56 55(4 56 55% Houdallle 24 23% 234 234 Murray Body .. 154 154 154 15 Stew Warner .. 184 174 184 174 Timken Roll .. 62 61 62 604 Timken Det Axle 16% 16 164 154 Mining— Alaska Jun ... 134 134 13% 134 Am Smelt 76 4 76 764 76 4 Anaconda 33 4 33 33 4 324 Cal & Hecla ... 104 104 104 104 Cerro De Pasco 55 54 Vs 54 4 54 4 Dome Mines ... 584 574 57% 584 Gt Nor Ore ... 17 17 17 164 Howe Sound .. 52 514 514 514 Ins Copper 10 94 94 9% Int Nickel .... 464 45 % 464 454 Isl Creek Coal .26 4 26 4 26 4 27 Kennecott Cod.. 37 4 364 364 364 Mclntyre Mine.. 44 43 4 43 4 44 4 Park Utah 34 34 3% 34 Phelph Dodge .. 33 4 33V, 33 4 334 St Joe Lead ... 224 224 224 23% U S Smelters .. 90 89(2 89 4 90 Vanadium 184 174 174 174 Amusements— Croslev Radio ..26 26 26 254 Fox Theat 24 24 24 24 Loews Inc 47 464 464 47 Radio Corn ... 11 10(2 10% 10% Paramount 84 8 4 84 BJa8 J a R K O 64 54 54 54 Warner Bros .. 94 9(2 94 94 Tobaccos — Am Sum, Tob 224 224 224 224 Am Tobacco “B" 93(2 924 934 944 Gen Cigars 564 564 564 56V Ligg-Myers ‘B\. 108 108 108 108 Lorillard 22 22 22 22 Philip Morris 834 81 83 804 Reynolds Tob 'B' 534 534 534 534 Rails— Atchison 71 704 704 70 Atl Coast Lines 24(4 24 24 24 B & O 174 174 174 17 Can Pacific .... 12 114 12 114 Ch & Ohio 564 554 564 554 C M & St P . . I 3 * 14 14 1 4 C M Si St P pfd 3(4 3(4 3V* 3(i Chi N W 24 24 24 24 Dela Si Hud ... 384 38% 384 38(4 Del Lac Si W 16 154 16 154 Gt Northern pfd 36 344 35% 344 111 Central 19(4 194 19% 194 K C Sou 20(4 20(4 20(4 204 Lehigh Valley .. 9(4 9(4 9(4 9% Lou & Nash 65 65 65 65 M K & T 7Vs 7% 74 7% MK&Tpfd .. 21 20(4 21 20% Mo Pac 24 24 24 24 Mo Pac pfd 44 44 4% 44 N Y Cent 344 334 344 33% Nor Pacific 274 27 27 4 264 Penn R R . 29% 29 29>/4 29% Sou Pac 314 30% 31% 304 Sou R R 14(4 14 V* 14 4 14 Union Pac 1244 124 V* 1244 1244 West Maryland . 8% 8% 8% 8% Equipments— Am Car Si Fdy. 334 324 334 324 Am Colo 26 25 4 . 26 Am Steel Fdy .. 274 27 274 27 Bald Loco 3% 3V4 3% 3% Gen Am Tank Cr 47% 464 474 47V, Gen Elec 36% 36 364 354 Pullman Inc ... 44% 44 444 434 West Air Br 38 37% 38 37% Westlngh Elec .112 1104 112 110% Utilities— , Am & For Pwr. 7V 4 7 7% 7 Am Pwr Si Lit 104 104 104 10% AT&T 161% 159'/, 161% 160 Am Wat Wks .. 214 21V* 21'4 20% Col Gas & Elec 19% 18% 19 18% Comm & Sou .. 3 24 33 Consol Gas .. 32% 30% 32V, 304 Elec Pwr & Lit . 15V* 144 15 14% Int Hydro Elec.. 3% 34 3% 3(4 Interboro R T .. 134 124 134 12 Int TANARUS& T . 134 13Vs 134 13(4 Lou G& E “A". 22 214 22 214 Nat Pwr & Lit . 10% 10% 10% 10% North Amer 254 25% 25% 244 Pac G& E 35% 34% 344 344 Peoples Gas 40% 39% 40% 39V* Pub Serv N J ... 414 404 414 41 So Cal Edison . 26% 264 26% 26% Std Gas 64 6% 64 6% Stone & Webster 17% 17 17% 164 United Corp . . . 6% 6% 6% 6 Un Gas Imp 15V, 15 15V* 15 Ut Pwr & Lt “A" 5% 4% 44 5 Western Union .79 76 4 784 77% Rubbers— Firestone 28% 28% 28% 28 Goodrich 19% 19 19 V* 19 Goodyear 25 24% 244 24Vi U S Rubber . 294 28 4 29 % 284 U S Rubber pfd 73 71 4 72 70% Miscellaneous— Allis Chalmers . 44 43 44 43 Amer Can 1294 129 129 129 Am Mach & Fdv 22 214 22 22 Anchor Cap .. 20 4 19% 204 194 Brklyn Man Tr . 46% 46 46% 46 Burroughs Add . 26% 26V* 26(4 26 J I Case .153% 150 153 148’% C’ontl Can . 74% 714 734 71%, Caterpillar Tract 74 73 4 73 4 73% Crown Cork 53 4 53 % 53% 53Vi Curtis Pub 18% 18 18% 18 Deere & Cos . ... 77% ,76 77V4 76 Eastman Kodak 162% 162% 162% 162 Foster Wheeler.. 26 25% 26 254 Gillette 154 154 154 154 Glidden 45% 44% 45% 45% Int Bus Mach. .. .169 168% 168% 168(2 Inter Harv 84% 82 4 84 % 8!% Nail Cash Reg.. 22 4 22%. 224 23 Owens Bottle .142 142 142 1424 Rem Rand ... 20% 20% 20% 20% Worthingt'n Pmp 28 264 274 26 Foods— Am Sugar 55 55 55 55 Armour 4% 4% 4% 4% Armour 6% pfd 72 72 72 -72 Beatrice Cream 21% 21% 21% 214 Borden Prod .. 27** 27 4 27 4 27% Cal Packing 32% 32% 32% 32% Canada D G Ale. 12** 11% 12% ’3 Coca Cola .92 4 92 4 924 -2% Cont Bak ’AV. 13% 13** 134 13% Com Prod 77% 764 764 764 Cuban Am Sug 104 10% 104 104 Gen Bak 114 11% 11% .11% Gen Foods 38% 38% 38% 38' - Gold Dust 17% 17% 17% 15'G W Sugar ... 35 4 35 % 354 354 Natl Biscuit 34** 34% 344 34% Natl D Prod ... 23% 22% 22% 23% Std Brands 15% 15% 15% 15% S Porto Rico Sug 28 28 28 28 Un Biscuit 26 4 26% 26% 26% I United Fruit . . 764 76 764 754 1 Ward Bak “B”.. 24 2% 2% 2%, Retail Stores— Allied Stores 9% 8% 9% 94 Assd Dry Goods 15% 15 15% 144 Best &Cos 12% 52"* 52** First Na,l Stores 43% 43 5 , 43 s * 43% Gimbel 8.-os 10% 10 10% 10 Gm Un Tsa ... 3 s , 3% 3% 3% Jewel Tea .... 70 70 70 69 s * Kresge ~ >?. ... 21 20% 21 21 Kroger Groc ... 22% 22 s * 224 224 Macv R H .... 42 41 % 42 41% McCrorv St .... 124 124 12% 12% Meuellan St ... 12% 12% 12% 11 s * Marshall Field . 15% 15-* 154 15% Mav Dent St ... 46 46 46 454 Mont Ward ... 42% 40% 42 41 Penney J C .79 78 78% 77% Sears Roebuck . 69% 66% 68 s * 66% Wootworth .... 50% 49% 50 50% Aviation— Aviation Com ..5% 5% 5% 5% Boeing Aircft 18 s * 18 s * 18 s * 184 Curtiss Wright 6% 6% 6% 6% Curtiss Wr "A" 15% 14 s * 15 14% Douglas Air ... 554 544 54 s * 54% Nor Am Av ... 7% 74 7% 74 SDerrv Coro 174 17% 17% 17% Unit Aircft new 22% 21% 22 214 Chemicals— Air Reduction .. 58% 58% 58% 58V, Allied Chem . . 189% 189% 189 s , 188% Am Com Alto.. 23% 22 s * 224 23% Col Carbon 117% 117% 117% 117 Com Solvents ... 174 16% 17% 174 Du Pont 1434 1414 143 142% Liquid Carb ... 34% 34% 34% 34% Math A Utah .... 29 4 29% 29% 29 Monsanto Chem 80% 794 794 *O4 Natl Dis inew) 29% 28% 29% 29% Schealey Dut ..43 42 434 41%

FRIDAY, MAY 22, 1936

Tex Gulf Sulph . 35% 35% 35% 35% Union Carbide .. 81% 814 814 814 U S Ind Alco .39 38% 38 4 38V* Drugs—- ■ Bristol Myers .. 434 43 43 43 Lambert 20 4 20 4 20 % 20% Lehn & Fink ... 144 14% 14V* 144 Sterling Prod .. 69 68% 68% 68 Un Drug (new). 124 124 12% 12% Vick Chem 40 4 4040 41 Zonite Prod .... 6% 6% 6% 6% Financial— Adams Exp 11 10 s * 11 104 Allegheny Corp.. 32% 32% Am Int Corp ... 10 94 10 9% Transamerica .. 124 124 12% 12% Tr Conti Corp.. 8% B'/* 8% % Building— Am Radiator ... 194 19% 19% 19% Gen Asphalt ... 25% 25% 25 V* 25% Holland Furnace 34 4 33 4 34 4 334 Int Cement . .. 454 45 4 454 45 Johns Manville 94 93 4 93 4 92% Libby Owens Gls 54(4 534 54% 53V* Otis Elev 27 264 *27 26% U S Gypsum ... 874 874 874 87% Household— Col Pal Peet 14 13'4 13% 14>/* Congoleum 35% 35% 35% 35 Kelvinator 20V* 19% 20 194 Proc & Gamble .. 41‘/a 41V, 41(4 42 V* Servel Inc 204 20*/, 20% 20% Simmons Bed .. 264 26 26 4 254 Textiles— Amer Woolen .. B'/, 8% 8% B'% Belding Hem 14% 134 134 14 Celanese Corp .. 22 21 4 21 s * 21% Collins Aikman . 414 41V* 414 41 s * Gothgm Hose ..9% 9 9% 8% Indus Rayon .... 26% 26% 26% 25% Kayser Julius .. 27% 27(4 27% 27'% New Bond Issues (By Lyons & Cos.) * _ , , Bid. Ask. Asso Tel 4s '66 1054 106 B& O 4%S ’39 98% 99% Brooklyn Man Tr 4%s ’66 ...100 Cal Ore Pwr 4s ’6O 96'% 97 Cent Maine 4s '6O 103% 103% Cent 111 3%s ’66 105% 106 C & O and Rep Imp 3%s ’96 .101% 101% Chicago Sts 34s ’63 107'/s 107% Cinn Un Tetm 3%s ’7l 106 106'* Cleve Elec Ilium 34s ’65 1104 111 3 /, Cleve Tractor 5s '45 104% 105% Columbus Railways 4s ’65 1054 106 Conn River P & L 34s ’6l ..105 1054 Consolidated Ed 3%s ’46 104% 104% Consolidated Ed 3%s ’56 103** 103% Consumer Power 3%s ’7O 104(4 104% Cudahy Pkg 34s ’55 1004 101V* Cudahy Pkg 4s ’SO 102% 102 s /* Eastern Gas & Elec W 4s ’56.. 93 93% Edison Illus Bost W 4s '65 107% 107% lowa South Util 5%s *SO 101 Kansas PL 4%s ’65 108% 1084 Jones & Laughlin 4%s ’6l .... 99V, 991/2 Los Angeles G & E 4s ’7O 105V* 105% Maine Cent 4s ’45 994 100% Metro Ed 4s ’65 1074 108% Minn Gas & Lite 4s 'SO 103 4 104‘/a Monon W Dr 4%s ’6O 105 105% N Y Edison 3%S ’65 102 Va 102% N Y Cent 34s ’46 97% 98% Norway 4%s ’65 954 96'% Ohio Edison 4s ’65 1054 106 Pacific Lite 4%s '45 105% 106 Pacific G & E 34s ’6l 104% 104% Penn R R 34s ’7O 1014 102 Penn Tel 4s ’65 105% Pub Serv N H 34s ’6O 105% 105% Railway & Lite 44s '55 108 110 Saguenay Pwr 4%s ’B6 98% 984 San Diego G & E 4s ’65 109% 109% So Cal Gas 4s '6O 1044 104% So Cal Ed 4s '6O 108% 1094 So Cal Ed 34s ’45 105 So Western G & E 4s ’6O 103 103'/* Union Pac 3%s ’7l 99% 994 U S Pipe & Fdy 3%s ’46 107'/a 107% West Penn 3%s '66 106% 106% Wise G & E 3%s ’66 1024 103'/ 8 Youngstown Sheet & Tr 4s ’6l 98% Ygstwn Sht & T Deb 3%s ’51.102% 102% Chicago Stocks (By Atkins, Hamill & Gates) Prev. Close, close. Allied Products 214 ... Asbestos Mfg 3 % ... Associated Investors 4040 Bastian-Blessing 12'/, 114 Berghoff 12 114 Butler Brothers 8% 8% Cent 111 Pub Service pfd 60 59'/a Cities Service 4Vs 4'/, Commonwealth Edison 974 .. Continental Steel 31% 31 Cord 44 4% Crane .. 26'% 254 Dayton Rubber 114 . Electric Household 15 144 General Household 8% 8% Grt Lakes Dredge 23 28 Jarvis Mfg 19 184 Katz Drug 41 Ken-Rad T. & I, 11 Lincoln Printing 10% 10% Lion Oil Refining 11 Loudon Packing 7'/ a McCord Rad “A" 30'% 30% Noblitt-Sparks 27 Northwest Bancorporation .27 Public Service of Northern 111 . 53% 53 Standard Dredge pfd 14 134 Swift International 29% 29(4 Williams Oil-O-Matic 11 Dixie-Vortex Cup 19'% 19 Zenith 19% 18% New York Curb (By Atkins, Hamill & Gates) Prev. ~ . Close, close. Aluminum Cos of America 119 117 Am Cyanamid “B" 35% 35% Amer Gas & Electric 364 35'% Amer General* 8% 8% Amer Superpower 2(4 2% Ark Natural Gas (A) 5% 5% Atlas Corp 114 12 Can Indust Alcohol (A) 8 Creole Petroleum Corp 27'/ 8 264 Elec Bond and Share 194 18% Ford Motors Can (A) 21% 21% Glen Alden (1) 14 Gulf Oil C’orp of Penn *~9% 79% Humble Oil and Refining Cos . 59®,5 584 Kuyler’s of Del pfd 20% ... Hygrade Food 4(4 4V Int Vitamin 7% 7% Imperial Oil of Canada 21% 21% Irving Air Chute 20'/a . Lake Shore Mines 58 4 584 • lead Johnson & Cos 93 Molybdenum Corp of Amer 8% 8% Mueller Brass Cos 30% 29% Natl Bellas Hess Inc 2% 2(4 Niagara Hudson Pwr 84 B‘/a Pan-American Airways 55(4 ... Pennroad Corp 44 Reliable Stores Corp 16% 16'/, Root Petroleum 15 V, 15(4 St Regis Paper Cos 3®,a 34 Segal Lock 33 Sonotone 2% 2 Vi Standard Oil of Ohio 27% ... Stutz Motor aCr of Amer 2% Technicolor. Inc 30 284 Wayne Pump 284 28% Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS „ , Bid. Ask. Bankers Trust 55 564 Central Hanover 108% 110% Chase 36®a 38'/* Chemical 524 54% Guaranty 283 286'* Irving 14 16% Manufacturers 46% 48'* National City 32% 33V, Cont 111 Chicago 139 1424 First National Boston 44(4 46 National Shawmut 26(4 28 FIRE INSURANCE Aetna Fire Ins 54 564 American Ins of Newark 144 16 Baltimore American 84 94 City of New York 25% 27% Federals Ins 46 " 504 Franklin Fire 31% 32% Great American Ins 27% 29% Hanover 39 41 Hartford 734 76 Home Ins 35% 27% Ins Cos of A 73 754 National Fire 72 744 National Liberty 9% n North Liberty 254 274 Phoenix 87 89 Vi u S Fire 51(4 53% Westchester Fire £44 364 Local Securities (By Indianapolis Bond and Share Corn.) The following quotations do not represent actual bids or offerings, but merelv indicate the approximate market level based on buying and selling inquiries or recent transactions. BONDS _ „ _ Bid. Ask. Home T & T Ft Wye 5%s ’55 .103 105 Home T&T Ft Wye 6s ’43 103 106 Indnapls Railways. Inc 5s ’67 65 68 Indianpls Water Cos 4%s ’40.. 106 108 Indianpls Water Cos 5s ’6O 105 107 Indiapls Water Cos 5s '7O 105 107 Indiapls Water Cos 5%s ’53 ..103(4 106 Indianpls Water Cos 5%s 54..103% 106 Interstate T St T 5%s ’53 .. 95% 98 Kokomo Water Works 5s ’58.. 104 105 Morris 5 & 70 Stores 5s ’SO .100 103 i Muncie Water Works 5s '65 .103% Noblesville 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% 5% Hook Drugs Inc Com 17 (t 19 Ind & Mich Elec Cos pfd 75... 105 108 Indiana Genl Serv Cos 7s 98 100% Indiana Hydro Blec Cos 7s ... 53% 56% Indianapolis Gas Cos Com .. 29 34 Indianapolis P & L ct pfd 6s . 88 91 Indianapolis PStL 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 71% 74% North Ind Pub Serv pfd 7s .. 81 84 Progress Laundrv Cos. Com ... 10% 12 Pub Serv Cos of Ind Pfd 6s . 18% 31% Pub Serv Cos of Ind Pfd 75... 38% 41% Southern Ind G & Elec pfd 8s 99 103 Terre Haute Elec Cos 6s ... 93 94 Union Tule Company C0m.... 19% 31%

SWINE VALUES DROP SHARPLY AT CITY YARDS Prices Off 10 to 20 Cents; Cattle, Lambs Scarce; Veals Strong. Following yesterday's sharp recovery, the swine market turned unevenly lower in dull trading today at the Indianapolis Union Stockyards Choice and medium weights were largely 10 to 15 cents lower, while heavier classes were off as much as 20 cents a hundred pounds. Few classes, however, including light lights and slaughter pigs, maintained a steady trading range. Heavy receipts and a slight decrease in demand was largely responsible for the downward movement. The total supply was estimated at 6000, compared with 4500 on hand yesterday. Holdovers numbered 129. Top Holds at SlO.lO The bulk of choice weights, scaling from 160 to 225 pounds, cashed in at $lO to $lO.lO. The latter price also acted as top. Medium heavy weights, from 225 to 260 pounds, sold at $9.80 to $9.95. Heavy butcher kinds, from 300 to 350 pounds, brought $9.40 to $9.80. In the lightweight division, hogs from 130 to 160 pounds sold at $9.25 to $9.75. Packing sows held at $8.25 to $8.85. Initial trading was scarce in the cattle market with hardly enough steers on hand to establish a trading range. Most all classes remained unchanged. Bulk of heifers sold at $7.75 to $8.25, while beef cows brought $5.25 to $6.25. Receipts numbered 500. Veal Prices Uneven Vealers displayed an irregular price range with the market steady to largely 50 cents higher than yesterday’s early sales. The bulk of good and choice kinds sold at $9 to $lO. Receipts numbered 700. With hardly enough supplies on hand to establish a definite trading range, lambs were mostly stationary in initial trading. Few classes of spring grades ranged downward from sl2, while a small load of shorn grades were salable at $10.50. Native ewes were salable at $3.75 down. Receipts were 300. HOGS May. Bulk. Top. Receipts. 16. $9.60® 9.75 $9.75 1590 18. 9.60® 9.75 9.80 5500 19. 9.80@ 9.90 9.95 6000 20. 9.80® 9.90 9.90 5500 21. [email protected] 10.20 4500 22. [email protected] 1C 10 6000 Light lights. (14(8-160) Good and choice. .$ 9.50® 9.90 Medium 8.85® 9.70 (160-180) Good and choice . 9.80® 10.05 Medium 9.45® 9.85 (180-200) Good and choice.. [email protected] Medium . 9.50® 9.95 (200-220) Good and choice.. 9.90® 10.10 (220-250) Good and choice.. [email protected] Heavyweights. (250-290) Good and choice.. 9.50@ 9.80 (290-33G1 Good and choice.. 9.30@ 9.50 Packing Sows. (275-350) Good 8 45® 9.00 (350-425) Good 8.35@ 8.70 (425-450) Good B.oo® 8.40 (275-350) Medium 7.75® 8.50^ Slaughter Pigs. (100-140) Good and choice . 8.50® 9.50 Medium CATTLE —Receipts, 500— (550-900) Choice $8.50® 9.00 Good 7.75®: 8.50 Medium 6.75® 7.75 Common 6.00® 6.75 (900-1100) Choice 8.50® 9.00 Good 7.75® 8.50 Medium 6.75® 7.75 Common 6.00® 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 (550-750) Choice 8.25® 8.75 Good •: 7.75® 8.25 Common and medium 6.25® 7.75 (750-900) Good and choice... 7.50® 8.40 Common and medium 6.25® 7.50 Cow, Good 6.00® 6.60 Common and medium 5.25® 6.00 Low cutter and cutter 4.00® 5.25 Bulls, good 6.25® 6.75 Cutter, com, and med. bulk 5.50® 6.60 VEALERS —Receipts, 700— Good and choice 8.50® 10.00 Medium 7.50® 9.00 Cull and common 5.00® 8.00 Calves (250-500) Good and choice... 6.00® 8.7S 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® 7.2 j Cows Good 5.00® 5.50 Conynon and medium 4.50® 5.00 SHEEP AND LAMBS —Receipts. 300— Lambs, 90 lbs. down; good and choice *10.50® 11.00 Good 10.00® 10.75 Medium 8.75)310.00 Common 7.25® 8.50 Ewes. (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 Press) CHICAGO. May 22. Hogs—Receipts. 8000, including 4500 directs; active, 10 to 15 cents higher than Thursday's average; top $10; bulk 160-250 lbs., $9.75(3 9.95; 140160 lbs., [email protected]; 250-300 lbs.. $9.55® 9.85; 300-350 lbs., $9.35®9.60; sows. $8.50)6 8.85; few. $8.90. Cattle Receipts, 1000; calves, 500; slaughter classes fairly active; steady to strong; undertone firm with good clearance; beef steers largely s7®B; better kinds negligible: heifers and cows very scarce, but staring general strength; most heifers $6.50®7.75; beef cows usually $5.50 ®8.25; cutter grades downward from $5; bulls and vealers steady; top sausage bulls, $6.40; largely s9@lo; valer market, few selects. $10.50. Sheep—Receipts, 100; salable supply all trucked ins; not large enough to fully test market; few sales strong to 25 cents higher; quality considered; clipped lambs, $9.75® 10.65; strictly choice kinds quotable upward to $10.85 or better; common offerings, sß® 9: better grade springers. $11.75®12.50; most shorn ewes, $3.50®4. ,Jf9ST,v WAYNB - 22.--Hogs—Steady. 160-180 lbs. $10: 180-200 lbs. $9 90: 200-225 lbs $9.75; 225-250 lbs.. $9.60: 250-215 lbs., $9.50: 275-300 lbs., $9.40: 300-350 lbs.. $9 25-140-160 lbs, $9.75; 120-140 lbs.. $9.50: 100120 lbs., $9.40: roughs. *8.25; stags. $6.50; calves, $9.50; lambs, *ll. LAFAYETTE. May 22.—Market steady to 15c higher; 170-210 lbs, *9.859.95; 210235 lbs.. *9.70®9.75: 235-260 lbs. *9.60® 9.65; 260-325 lbs. $9.25®9.50; 130-170 lbs. *9.50©9.75; 100-130 lbs.. [email protected]: roughs $8.50 down; calves. *9 down; clipped lambs $lO down; spring lambs. *ll down. (By Times Special) LOUISVILLE, May 22.^Cattle—Receipts, 225, including 144 directs and Stockers; salable supply slaughter cattle meager: run includes several loads directs and Stockers and feeders; market quotable fully steady on meager salable supply slaughter cattle; most steers and heifers salable 56.50®7.50; better finished lightweights considered salable upwards of $8: bulk beef cows, *5®5.75; practical top. *6; most low cutters and cutters. *3.75®4.75: sausage bulls mostly $6 down; most light beef type stockers and stock calves. $6.5045 7.75; better kinds quotable to around $8 50light southern dairybred stockers mostly *s# 6 50. Calves—Receipts, 500. including 180 stock calves; vealer market active; fully steady; bulk good to choice grades *8.50® 9 50: med turn and lower grades. *8 down to around *4.50. Hogs—Receipts. 80: market. 5c lower: top and bulk 160225 lbs., *9.80; 230-250 lbs.. $9.50; 255300 lbs.. $8.95. 305 lbs. up. *8.50 120-155 lbs.. *8 95j sows. *7.60. Sheep—Receipts, 1000: run mostly spring lambs quality fairly desirable; market active and generally steady: bulk good to choice springers, *12.50® 12.75: few mixed medium to good kinds, down to *l2; plainer grades *11.50 down to around *9 for common throwouts: most clipped lambs salable (9 down: bulk fat ewes, *2#4 according to weight and finish. *

... PROGRESS OF GENERAL BUSINESS ~ CENT . _____ - CENT *2O _____ COMeOSIT BUSINESS ACTWITY IMXX ,-vA END OF APRIL j 4,0 ~T T .—I . .1 .—■ ■■ (4.7 t* CCMT BCLOW I l compwud w>TH 26 An ago j hosma*. I I J11 1 ,11 1 j 11 1 I—TTrrrvmrr-T1 —TTrrrvmrr-T Irt \ PLOTTCD MONTHLY *LOTT|D WCC&LT vzzMi I, mw !■ -i —•” ' - 40 -SO r— -SO L J.fM.AMJ JA> ? NS (5 6 >9,NC . 11929 (930 193) 1933 1933 '9 11135 '936 THE PARKER CORPORATION GCne sal oiSTiuroi INCORPORATED INVESTORS

The sharp upward tuni which occurred in general business activity was a most welcome development. Adjusted for seasonal variations, there were good gains in automobile production, steel mill activity, freight car loadings, electric power production, and a slight gain in lumber production. Retail trade increased briskly. Cotton mill activity declined.

NOTE INCREASED USEOF POWER Local Firms Report Sales of Appliances and Energy Gaining. A distinct increase in the sale of electric household appliances and in the consumption of electrical energy in the Indianapolis area during April as compared with the same month last year was reported today by several local sources. Residential consumption of electricity, supplied to 99,674 domestic consumers by the Indianapolis Power and Light Cos., was approximately 9Vs per cent greater in April than during the corresponding month of 1935, said J. C. Stipher, traffic manager. The best four-month period since 1931 was enjoyed by the Hatfield Electric Supply Cos., Thomas J. Farrell, president, said. The dollar volume of business thus far is running 45 to 50 per cent ahead of last year, Mr. Farrell said. He added that May business indicated the percentage would be improved. Permits Trend Total consumption of power in the city grew from 25,677,801 kilowatt hours in April 1935 to 28,315,842 last month, according to the Chamber of Commerce index. A study of building permits, published daily in The Times, showed that much of the new construction money has gone for installations of electric refrigerators and ranges, oil burning furnaces with stokers automatically operated with electric motors, and electric water heaters. A number of business houses recently have installed electrically powered ventilating systems and fans, and a few have purchased airconditioning apparatus. „ Home owners also have been replacing old lighting fixtures with modern installations that are more efficient and “good for the eyes,” according to Mr. Farrell. The Parker Corp., of Boston, reporting on a national survey, stated that electric refrigerator sales for January and February are 36 per cent greater than for the same months last year. The report attributed the increase to wider availability and lowering rates for electricity, favorable financing terms, and constructive advertising which has taught people the health advantages of proper food refrigeration. STORES SALES EXPAND Timex Special NEW YORK, May 22.—Department store sales in the metropolitan area of New York for the first half of May were 10.9 per cent above the like 1935 period, according to the Federal Reserve Bank of New York. CONSTRUCTION PERMITS UP Times Special WASHINGTON, May 22.—The total value of new construction permits 'issued during the first four months this year amounted to $15,477,316, the highest for any period since 1931. Produce Markets The prices quoted are paid for stock gathered In the country, while delivered m Indianapolis the price Is a cent higher. Heavy breed hens, 15c; Leghorn breed hens, 13c; colored springers, 2 lbs. and up, full feathered, 22c; Leghorn springers 1 % pounds and up, full feathered, 18c; bareback broilers, heavy type, 13c; old cocks, 8c; ducks, white, 5 lbs. and over. 7c: geese, full feather, all sizes, sc; all guineas, 1% lbs. and up, 15c; No. 1 strictly fresh eggs loss off, 16c; delivered in Indianapolis. 17c. Each full case must weigh 55 lbs. gross; a deduction of 10 cents a pound under 55 lbs. will be made. No. 1 butter, 29%®30%c; No. 2, 26%®27%c. Butterfat, 24c. (By United Press) CHICAGO. May 22.—Eggs Market steady: receipts. 28.892 cases; fresh graded firsts 20%c; current receipts. 19**; dirties, 18%c; checks. 18',*c. Butter—Market steady; receipts. 14.029 tubs; standards 26'*c; extras (92 score: 26%c; extra firsts (90-92% scorei. 26®26V*c; firsts <BB-89% score), 25®25%c; specials. 27®27%c. Poultry—Market unsettled; receipts, 44 trucks, one car due; ducks. 12@16c; geese, 7®9; spring chickens, 26®28c; hens. lS'a’Sigc; capons, 25®28c; turkeys. 18®20c; broilers, 214i25c; leghorns. 13®17%c; old roosters. 1347 14c; fryers. 25@26%c. Cheese—Twins, 13%®13 3 *c; daisies, 14® 14%c; longhorns. 14®14'ic. Potatoes New stock, supply moderate; demand slow; market steady. Alabama Bliss triumphs. $2.90® 3.10: Louisiana Bliss triumphs, $2.90®3.05; cobblers $2.90; Texas Bliss triumphs. *2.85472.95; cobblers. *2.80: California whites, $3.20® 3.25. Old stock—Supply light: demand moderate; market strong on best northerns; firm on Idaho russets. Idaho Russet Burbanks, *3; North Dakota early Ohios, $2.20; cobblers, $2.05. Arrivals, 85; on track. 190; shipments, 751. Commodity Prices (By Abbott, Proctor & Paine) COTTON NEW YORK Prev. High Low Close Close May 11.63 11.61 11.62 11.62 July 11.41 11.36 11.39 11.36 October 10.43 10.37 10.38 10.41 ; December 10 39 10 34 10.34 10 38 January 10.37 1f.37 10.85 10 36 March 10 42 1J.37 10.38 103.9 Spot, up, 2; middlings. 1169. * NHW ORLEANS Prev High Low Close Close May 11.62 11.58 11.62 11 61 July 11.34 11.30 11.32 11.30 October 10 39 10.33 10.38 10.35 December 10 35 10.30 10 31 10.35 January 10.33 10.31 10.31 10 34 March 10 37 10.37 10.37 Spot. up. 3: middlings. 11.62. NEW YORK COTTONSEED OIL Prev Close Close May 8.70 870 July 8.73 868 September 874 871 SUGAR Prev. High Low Close close May 3 00 2 98 3 00 2.97 July 2 84 2 83 2.84 2 82 September .... 2.81 2.80 2.80 2.79 BUTTER Prev. Close close November 27% 37% June 26>* 26 EGGS Prer. Close close October 23% 23

Pittsburgh Employment Up Employment in Pittsburgh factories was around 69.9 per cent of normal during March, the highest level reached since 1030, when the total was 72.6 per cent of normal, according to a survey of the Employers Association of Pittsburgh.

N. Y. Bonds DAILY BOND INDEX 20 20 20 60 Inds. Rails. Utils. Bonds. Today 90.5 91.0 105 0 95.5 Yesterday 90.5 91.0 105.1 05 6 Month aeo 90 9 91.4 104.9 95.7 Year aeo 87.1 76.4 97 3 86.9 1936 high 93 4 95 6 105.5 97.9 1936 low 90.0 84.7 103.5 93.3 iCopvrieht. 1936. Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasury's Prev. Close. close. 4'*s 1947-52 117.31 118.3 4s 1944-54 . 113.5 113.10 3%s 1940-43 108.25 108.26 3%s 1941-43 109.6 109.4 3'*s 1943-45 108.5 108,8 3%S 1947 1092 109.4 3%s 1944-46 107.28 107.29 3'aS 1946-49 106.11 106.12 3%S 1949-52 106.12 106.14 3s 1951-55 104.26 104.29 3s 1946-48 105.16 105.19 2 3 is 1945-47 103.22 103.26 2%S 1951 102.10 102.11 Home Owners Loan Corp 2 s / 4 s 1940 101.24 101.2’, 3s 1952 103.1 103.4 Federal Farm Mortgage Corp 3'*S 1964 104.17 3s 1949 103.10 103.14 2 3 / 4 S 1945 102.15 102.16 DOMESTIC Prev. Issue. Close, close. Alleg Corp 5s '44 93 93 AUfg Corp 5s ’49 86 86 Am Frgn Pow 5s 2030 72'/* 70 Am Tel & Tel 5%s ’43 113% 113% Am Tel & Tel 5s ’65 113% 114', Arm &Cos (Del) 4s ’55 97% 97% Atl Coast Line 4s ’52 96% 96% Atl Coast Line 4%s '64 78 s * 78% Atch Top &S Fe 4%s '4B ... 11l in Am Rolling Mills 4%s ’45 113 112% Balt & Ohio 6s ’95 94% 94% Balt & Ohio 4%s ’6O 69% 68% Buff Roch & Pitt 4%s ’57... 75% 75% Beth Steel 4%s ’6O 105% 105% Chi Milw & St P 5s ’75 19 18% Chi Milw & St P 5s 200 6% 6% Cleve Un Term 5s ’73 107% 107 Clevel Un Term 4%s ’77 102% 101% Col Gas 5s May ’52 104% 104% Col Gas 5s 61 :.104>* 104 Can Pac Prep 4s gi'j 91 Cent Pac 5s '6O 99% 993* Big Four 4%s ’77 92 91 s , Big Four 5s ’63 99 987a Colorado &So 4%s 'BO 69% 69% Chi & West Ind 4s ’52 103'/4 103'* Chi & West Ind 5%s '62 106'* 106% Chi & Nor West 4%s '49 12 11% Con Gas ’57 103.18 103.19 Chesa Corp 5s ’47 126% 126% S e lr & r. H V dS . 45 „' 43 831/3 83,3 N Y Dock 4s ’sl 67 66% N Y Dock 5s '3B 65% 65% Erie 5s '75 75 75 Erie 5s ’67 75% 75% Gen Cable s'is ’47 104% 104% Grt Northern 7s ’36 100.19 100 19 Grt Northern 4%s ’76 100% 100% Grt Northern 4'is ’77 100% 100% Gen 3tl Cast WW 5%s '49 ... 82 82 Hud & Manhat Ref 5s ’57 ... 82% 82% 111 Cent 4%s '66 71% 71% 111 Cent Jt 4%s ’63 78% 78% 111 Cent 5s ’63 81% 81 Interntl Hy Elec 6s ’44 40% 40'i Interntl Tel & Tel 4%s ’39 ... 92 92 * Interntl Tel & Tel 5s '55 85 84% Interntl Tel & Tel 4%s ’52 .. 80% 80% P Lorillard 7s ’44 132 131% McKess & Fob s'is ’SO 103% 103'* Natl Dairy 5%s '4B 102.26 102.26 Natl Steel 4s '65 106% Nickel Plate 4%s ’7B 84 83% Nickel Plate 5%s ’74 93% 93% N Y Cent 5s 2013 92% 92 N Y Cent 4'/is 2013 (old) 85 84% Nor Pac 3s 2047 81 80% Nor Pac 4%s 2047 101 101 % Nor Pac 6s 2047 110% 110% Nor States Pow 5s ’4l 104% 104'/ 2 New Orleans Term 4s 55 91 90% Penn Rv 4'4s ’34 109% 109 Pen Rv 4%s ’7O 104% 104 Pac G Si E 5s '42 102% 102% Portland Gen El 4%s ’6O 72'/* 72% Para Publix 5%s 'SO 90% 90V* Penn P & L 4%s 'Bl . 106% 106% Postal Tel & Cab 5s ’53 29% 30 Rem Rand 4%s ’56 108% 108% Shell Union Oil 3%s 'sl 97 97 Sou Pac 4’is ’6B 91% 91% Sou Pac 4‘/2S 'Bl 91% 9Q% Sou Pac 4%s ’69 91% 91% Sou Pac 4s ’49 93 93 Sou Rail 4s ’56 58 58 Sou Rail 6s '56 74 74% Sou Rail 6%s ’56 76% 76% Sharon Stl Hoop 5%s ’4B 106% 106% Texas Pac 5s 80 105 105 Texas Pac 5s ’79 104% 105 Texas Pac 5s ’77 .. 105 105 Union Pacific 4s ’47 113% 114 United Drug 5s ’53 100% 100 U S Rubber 5s ’47 106 105% NY NH Si Hart 6s '4B 30 29% NY NH & Hart 4%s '67 30'/* 30% Warner Bros 6s '39 93 91% Western Mary s'/is ’77 107 107% Western Marv 4s '52 100% 100% Youngstown S & T 5s '7O 106.22 106.24 Youngstown S & T 5s ’7B 105.14 105.15 FOREIGN Argentina A6s '57 99% 99% Argentine E' 6s 'SB 99% • 99% Brazil 8s '4l 33% 33% Canadian Govt 4s '6O 108% 108% Denmark s'is '55 101 % 101 French 7s ’49 175 176% German s'is '65 24 24 German 7s ’49 29% 29% Italy 7s 'sl 74 75 Japan 6%s ’54 97% 98 Poland 7s ’47 84Vi 84% Rome 6%s '52 64 65 Tokyo City 5%s '6l 75% 75% JOHN HUNTER HEADS , SOUTH BEND C. OF C. Four Vice Presidents Elected at Directors’ Meeting. Time* Special SOUTH BEND, Ind., May 22. John N. Hunter, former postmaster *of South Bend, has been elected president and general manager of the South Bend Chamber of Commerce, it was announced today. Other appointments at the meeting which was attended by all directors of the local chamber, included four vice presidents. They are Max Adler, George L. O’Brien, Ralph S. Sollitt and Otto A. Scherman. Carl L. Hibberd was named j treasurer, corporation secretary and chairman of the finance committee. Mr. Hunter, a member of long standing on the Chamber of Commerce’s board of directors, served nearly 16 years as postmaster before his retirement several weeks ago. CIGARET OUTPUT RISES Times Special WASHINGTON, May 22.—Cigaret production set anew high record during April, totaling 11,868,891,200, compared with 10,696,781,120 in the same period a year ago, the Treasury has announced.

Thomson & McKinnon NEW YORK MEMBERS CHICAGO New lork Stock Exchang*. TORONTO New lork t ’ urb Exchang*. RONTON lork t ' ottoD Exchang*. cni’TU Drvn _ Torlt Coffe* and Sugar Exchang*. cULIxI OllilMJ • New Orleans Cotton Exchang*. FT. WAYNE I Chicago Stock Exchange. EVANSVILLE Chicago Board of Trad*. I Winnipeg Grain Exchang*. Indianapolis Office „„„ 200-214 Circle Tower LI. 5501

MAJOR GRAINS RISE FRACTIONS IN DUIIJRADE Tension on May Contracts Restricts Volume and Price Movement. By United Frcti CHICAGO, May 22. —Prospect* for a "squeeze” in May wheat faded today, but the tension on current month contracts was strong enough to restrict trade both in volume and price movement on the Board of Trade. At the close wheat was % to cent higher, corn was off to a * cent and oats were unchanged to off H cent. Operations in expiring May contracts held the attention of the wheat trade in spite of diminishing fears of a serious “squeeze” before May 26. the final day for closing out May commitments. Liberal selling by holders of cash wheat allayed fears of spectacular price gyrations in the old crop month, and most traders felt that there was no concentrated long interest in that delivery. Corn Prices Slump Short lines claimed to have cash wheat to satisfy their obligations. Deliveries on May contracts were 185,000 bushels, and notices of intention to deliver 278,000 bushels tomorrow were filed, in spite of the more optimistic outlook on the May situation. Consequently the market was dull and trade moved at a snail’s pace. Deferred wheat deliveries eased early in response to the break in Winnipeg and Liverpool where new seasonal lows were touched. The stubborn tone of the May here checked selling, and prompted a small rally later, however. Corn slumped early as good weather prevailed over the belt, and the market showed little recuperative power. September was off to a new seasonal low on the extreme. Oats an drye markets were stagnant. Lard some easiness despite firmness in hogs. (By United Press) Prev. Wheat— High. Low. Close. Close. May 95% .84% .95 .94% July 86% .85% .86% .85% Sept 85% .84% ,85 s * .85% Corn— May 63 .62% .62% .63% July 59% .59% .59V* .60 Sept 57% .57 '/a ,57V* .57% Oats— May 24V* .24% .24%b, ,24V* July .35% ,25 ,25b .25% Sept 25% .25% .25% .25% Rye— May 54% .531* .54%a .54% July 54% .53% ,54a .54 Sept 54% .54 ,54%b .54'/* Barley— May 37b .37 Lard — May 10.30a 10.30 July 10.30 10.12 10 12 10.30 Sept 10.37 10.20 10.20 10.35 a Ask. b Bid • CHICAGO PRIMARY RECEIPTS —Bushels— Todav Last Week Wheat 444.000 438.000 Corn 614.000 507.000 Oats 253.000 223.000 INDIANAPOLIS Wheat Steady; No 1 red, 90@91c: No. 2 Red. 89®90c. Corn—Easv: No. 2 white, 59®61c: No. 3 white. 56%®59c: No. 4 white, 55® 56c. No. 2 vellow. 58%® 58%c: No. 3 vellow. 54®56%c: No. 4 vellow. 51% ®s4c: No. 2 mixed. 54%®56%c: No. 3 mixed. 52%®64%c: No. 4 mixed. aO%® 52%c. Oats—Steadv. No. 2 white. 23® 25c: No. 3 white, 21®23c. LOCAL CASH MARKET City grain elevators are paying 87 cent* for No. 2 soft wheat. Other grades on their merits. Cash corn new No. 3 yellow 56 cents and oats 18 cents. (By United Press) CHICAGO, May 22.—Cash Grain: Wheat —No. 2 mixed, §B%c. Corn—No. 1 mixed, 66c; No. 4 mixed, 60s; No. I yellow. 64’/*® 65c; No. 2 yellow, 63%®64%c; No. 3 yellow, 61%®63%c; No. 4 yellow, 60%®81%c; No. 5 yellow. s&®6lc; No. 2 white, 68c: No 3 white, 66%c: No. 4 white, 60%®65%c; No. 5 white. 58®63c; sample. 40®59e. Oats — No. 2 white, 28c : No. 3 white, 24%®26%c; No. 4 white, 24®24%c; sample. 22®24c. Rye—No sales. Barley Bales. 80c; feed quoted. 30®--8c; malting, 45®92c. Timothy Seed, $2.75®3. Clover Beed—sl2®l9 Soy Beans—No 4 yellow, 78%®81c; samp!# yellow. 74® 75c. Cash Provisions Lard, $10.30, nominal; loose. $9.65 nominal: leaf, $9.37, ask; bellies, $12.50 nominal. TOLEDO. May 22—Grain Close- In elevators—transit. billing. Wheat—No. 2 red, 97%®98%c. Corn—No. 2 vellow, 66®87c. Oats—No. 2 white. 30%®31%c. Rye—No 2 61® 62c. Track prices. 24' jc rate. WheatNo 2 red. 92%®93%c; No. 3 red. 90%® 92%c. Corn—No. 2 yellow. 61%®62%c; No. 3 yellow. 60®61%c. Oats—No. 2 white, 27® 29c: No. 3 white, 23%28c. 203 DEBTS ADJUSTED Indiana Farm Loans Reduced by Resettlement Administration. Farm debt adjustment cases settled in Indiana during April numbered 203, according to a report made today by R. C. Smith, i Champaign, 111., regional Resettle- : ment Administration director. ]ji |4he6e cases debts amounting to ”464,645 were reduced to $399,916. During April. 1403 adjustments were made in Mr. Smith’s territory which consists of Indiana, lowa, Missouri, Illinois and Ohio. This was by far the largest number of settlements made In any month since '..he Resettlement Administration began co-operating with voluntary local committees last September, Mr. Smith says. enrv deposit □nr L DEPARTMENT American National Bank AT INDIANAPOLIS Mawber Fdrpl O+pe.i) ln tU fonc Corporti#B