Indianapolis Times, Volume 48, Number 63, Indianapolis, Marion County, 23 May 1936 — Page 16

Trends Speculative Buying of Stocks Held Inevitable. BY JOHN T. FLYNN NEW YORK May 23.—The stock market got its little shaking out some weeks ago, as was inevitable and, as was also inevitable, those who think the market accurately forecasts business asked if it was foreshadowing a business decline. The simple truth is that there is a force at work which produces its

effect with certainty and persistence. That force is the infusion of fresh funds Into the blood-stream of bus in ess. As long as this force continues to act, new supplies of purchasing power are made and as long as new supplies of purchasing power are made they will be used and they will exercise their inf 1 u ence on

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production and prices. This force is the steady infiltration week after week of government emergency expenditures. As long as it continues, its effect will follow logically, and apparently it is not only going to continue but will continue at a greater pace. nun THE government has announced new loans of $1,000,000,000. How much of this will be for new money is not yet known, but we do know that in June the Treasury will begin its payments of the bonus. No settled estimate of what this will be has yet been made. It may be as much as a billion and a half dollars. When these payments are made they will mean one and a half billions of money will come into the hands of Americans into the hands of customers of American merchants. This huge sum will be in addition to the government recovery and relief expenditures. It is not possible to pour that much new purchasing power into the markets of a nation without producing effects and these effects will be felt not merely in the commodity markets and the field of retail trade, but in the security markets as well nun IN the stock market certain re-. straints are at work. The larger margin requirements of the Federal Reserve Board, together with a certain hesitancy on the part of brokers lest they force unfriendly action by the SEC may tend for a while to keep down activity in the market, but those controls will be powerless as the impact of fresh supplies of purchasing power is felt upon the market and upon its controls. Does this mean that stock prices will recover? It certainly points in that direction. The only thing that tends to hold them back is the enormous uncertainty in Europe about Germany and Austria. If nothing develops there and if the rise in residential building continues, there seems to be no force extant which will prevent speculative buying from raising stock prices, however unwise that may be. (Copyright, 1936. NEA Service. Inc.) New Bond Issues (Reprinted From Late Times Yesterday) (By Lyons Sc Cos.) Bid Ask. Asso Tel 4s '66 105 5 g 106 B& O 4%s '39 .... 987a 99% Brooklyn Man Tr 47is ’66 ...100 Cai Ore Pwr 4s ’6O 96% 97 Cent Maine 4s '6O 103 1 8 103% Cent 111 3%s '66 105 s * 106 C Sc O and Rep Imp 3%s '96 .101% 101% Chicago Sts 3%s '63 107's 107*8 Cinn Un Term 3%s '7l 106 106% Cleve Elec Ilium 3 3 4S '65 110*'* lll*e Cieve Tractor 5s ’45 104% 1057a Columbus Railways 4s '65 ...105** 106 Conn River P & I. 3*4S '6l . 105 105V* C.r>r>solldateu Ed 3'4S ’46 104** 104*a Consolidated Ed 3%s ’56 103'i 103*8 Consumer Power 3%s ’7O ....104% 104*8 Cudahy Pkg 3**s ’55 .. ... 100** 101 1 4 Cudahy Pkg 4s 'SO 1027a 102** Eastern Gas k Elec W4s '56 93 93*8 Edison Illus Bast W4s '65 ... 1077'* 10772 lowa South Util 5%s ’SO 101 Kansas PL 4%s '65 108*1, 108*4 Jones <fe Laughlin 4V*s '6l .... 99‘s 99% Los Angeles G & E 4s '7O ...105% 105 s * Maine Cent 4s '45 99** 100*4 Metro Ed 4s '65 107*4 108'4 Minn Gas k Lite 4s 'SO 103** 104’8 Monon W Dr 4%s '6O 105 105* g N Y Edison 3%s '65 102*'* 102** N Y Cent 3**s '46 97** 98'a Norway 4>4S '65 95% 96V* Ohio Edison 4s '65 105** 106 Pacific Lite 4%s '45 105% 106 Pacific G k E 3*4S '6l 104** 104*'* Penn R R 3**s '7O 101** 102 Penn Tel 4s '65 105% Pub Serv N H 3**s '6O 105’4 105*i Railway k Lite 4%s '55 108 110 Saguenay Pwr 4%s 'BB 98** 98*4 San Diego G <fe E 4s '65 109** 109* So Cal Gas 4s 60 104** 104 s * 80 Cal Ed 4s '6O 108*. 1097* So Cal Ed 3* t s '45 105 So Western G & E 4s 60 103 103'* Union Pac 3%s '7l 99** 99** U 8 Pipe A: Fdy 3>2S '46 .. 107'* 107*8 West Penn 3*2* '66 106*8 106*8 Wise G k E 3'js '66 lO"** 103'* Youngstown Sheet k Tr 4 81 .’“'a Ygstwn Sht k T Deb 3‘ ... 'sl 102’* 102** On Commission Row .Reprinted From Late Times Yesterday) lQuotatlons below subject to change are average wholesale prices b*ins offered to buyers by local commission dealers.) FRUIT —Strawberries: Tennessee. 24-qt. crate. 14.25. Limes—Mexican, carton, 20c. Bananas—Seven hands, pound 5%c. Apples—Wtnesaps (fancy basketsi. *1.75. Lemons—Sunkist (300s>. *9. GrapefruitImperial Valley, *3.50. Plneaoples—Cubans 118-305 >, crate, *3.50. Grapes—S. America. 20-lb. box. *2. Honey Dews. S. America, (3. VEGETABLES Beans. green. round atrlngless (hampers). *2.40. Beets—Mississippi. bu.. *135. Cabbage—Mississippi, half crate. *l.s3. Carrots—California 16dor crate). *2.50. Cauliflower, California (12s crate), *1.90. Celery—Florida washed and trimmed idoz.). 45®85e; Florida (4s. Bs. 10s crate) *3.50. Cucumbers—Hothouse (do*.). 90c; (two doz., box). *1.65. Egg plant—Florida (doz.). *1.50. Kale— Virginia (but. 65c Lettuce—lceberg. California (best 6s. ss>. *3 50; home yrown leaf (15-lb. basket), *1 Peppers—Mangoes (crate). *3 50; peck basket. *1.15; doz., 40c Mint —Hothouse idoz.i, 60c. Mushrooms—Pound. 30c. Mustard—Texas, half crate, *l4O. Onions—lndiana yellow 150lb. bag). 60c; new Texas Bermuda yellow. 50-lb bag. *125. Parsley—Southern dong bunches, do*.). 45c Parsnips—Homegrown. washed, bushel, 90c; half-bushel. 60c Pea*—Florida, hamper. *1.85. Potatoes—Michigan Round Whl'es, IOOi-lb. bag $2 10; R R Early Ohio. 100-lb. bag. *2 25: R R Triumph, 100-lb bag. *2 25; Idaho Russets. 70c box. *3. Bweet potatoes—Tennessee Nancy Halls, hampers. *1 35. Radlshea—Homegrown buttons, doz.. 35c; white, 30c. Rhubarb Hothouse. do*.. 25c. Rutabagas—Northern. 50-lb. bag. *1 50. Sage—Do*.. 45c. Turnips— New bulk Texas, bu., *1.40. Tomatoes— Repacked. 10-!b box, t 1.50; Florida, orig. (6-6) lugs. *3 25. Produce Markets (Reprinted From Late Times Yesterday) The price* quoted are paid tor stock J fathered In the country, while oelivered n 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 springer* 1% pounds and up. full feathered 18c: bareback broilers, heavy type, 13c; old cocks, le; ducks, white. 5 lbs. and over 7c. geese, full feather all sizes. sc; all guineas, 1% lbs. and up. 15c: No 1 strtcIv fresh eggs loss off. 16c; delivered In Indianapolis. 17c. Each full case must weigh 65 lb*, gross: a deduction of 10 cents a pound under 55 lbs. will be made. No. 1 iuui*t? £ a!£ MV * c ’ No * * a * l/ * ea7i * c -

♦ Abreast of The Times on Finance ♦ ♦

PAGE 16

STATE BUSINESS ABOVE NORMAL, REPORTSHOWS I. U. Research Bureau Says April Curve Approached Recovery Peak. Timet {Special BLOOMINGTON, Ind., May 23. For three of the four months of this year, the Indiana business curve has been above normal due to brisk Industrial activity, a marked recovery in building trades and excellent sales of new and used automobiles, according to the Indiana Business Review which was published here today by the Indiana University Bureau of Business Research. “The Indiana general business curve moved higher during April and was within less than a point of breaking through the recent high mark of December, 1935,’’ says the Review. “Perhaps the most notable feature of the past month was the excellent showing in the major industrial lines of the state. Steel mills were operating at new high levels and pig iron production advanced sharply from March when a seasonal decline had been expected. Electricity production also was unusually high for the season. Coal production was the only industrial item of importance to fall below seasonal expectations and even in this case output was well above last year.” Pay Rolls Continue Gain Referring to Indiana emloyment during April, the Review explains that employment and pay rolls registered their third successive gain, continuing the gradual progress which has characteristized the improvement in these items during the last three years. However, the heavy burden still being borne by the Federal and state governments for public works programs and direct relief suggests that considerable gains in private employment must still be hoped for, according to the Review. With reference to agriculture, the Review points out that the new soil conservation program was still in the formative stage Crop reports indicated and Indiana winter wheat crop smaller than in 1935, while the crop in the United States will probably be larger than last year. Prices of farm products improved somewhat during the month with the important exception of wheat.

Advertising; Turns Upward “Such measures as were available for retail trade, indicated that sales volumes were considerable higher than in March,” says the Review. “Department stores in various sections of the state reported substantial gains from last month. Sales of clothing shops, furniture stores and hardware stores were likewise much improved. “Newspaper advertising, a good general index of retail business, made a better than seasonal upturn. Bank debits in the various important buying centers were closer to the normal figure than at any other time in recent months. In the automobile trade, sales moved ahead of the previous month in a contraseasonal gain. “Building activity was still at a higher level, although the expansion which began in January appeared to have halted, at least temporarily. The valuation of building permits issued within the month was slightly under the previous month. The index of building activity, based on the floor space of contracts awarded in the state, was below normal.” Local Business Sustained The Review gives the following report on Indianapolis: “Retail trade during the first part of the month was well above the corresponding period a year ago and also above the latter part of March. There was some slackening toward the end of April due to unfavorable weather conditions and buying lull. Drug store sales were slightly retarded in comparison with March. Sales of new and used cars continued ahead of this time last year. “Bank clearings stepped up 6 per cent from March and were 13 per cent increased from April, 1935. Bank debits increased 5 per cent and 16 per cent from the month and the year respectively. “Total employment of 569 concerns reporting to the State Employment Service was 2.4 per cent higher in April than in March. Pay rolls moved up 2.6 per cent. Firms reporting weekly man hours showed a gain of 1.9 per cent in this item. Retail trade made the most substantial increase in both employment and pay rolls. “Valuation of building permits was lower than in March or April. 1935, but building activity continued close to the 1931 level. Newspaper advertising lineage advanced 7 per cent from last month and 11 per cent from a year ago. Postal receipts were 11 per cent ahead of last year, after a 13 per cent gain over March. ‘Total marketing of livestock in the local market was practically unchanged from the previous month and fell below April last year by 7 per cent. Outbound freight car loadings increased 2.4 per cent from March, while inbound freight declined slightly. Both were above the corresponding period last year." FOOD INDEX IDECLINES 2-Cent Drop Registered During Week Ended May 19. Timm Special NEW YORK, May 23.—Further weakness was reflected in the wholesale food group during the last week with a drop of 2 cents in the weekly food index. Dun & Bradstreet. Inc., reported today. The index declined to $2.52 from $2.54 a week ago. This represents the lowest level reached since the final week of 1934 and compares with $2.61 for the corresponding period of 1935, or a decrease of 3.4 per cent. The latest decline was influenced by lower prices for flour, oats, barley, mess pork, bacon, lard, butter and potatoes. t?

ECCLES WELCOMED TO CITY FOR TALK BEFORE BANKERS

Wrw' v a :>, • MM ■ - m *■-' r- -■%. .^l mmr ' A * mmm*.

Marriner S. Eccles, youthful Federal Reserve Board chairman, is shown here at the right of Gov. McNutt after he was greeted upon his arrival in Indianapolis today for an address before the Indiana Bankers Association.

New York Stock Exchange Prices

(Reprinted From Late Times Yesterday) (By Thomson Sc McKinnon) Prev. Oils— High. Low. Close, close. Amerada 9174 9174 9174 90% Atl Rig 2874 28 2874 27*/* Barnsdial 17 16% 17 16*/ 4 Consol Oil 12 ll** 11% 12 Cont of Del 307* 30 30% 30 Houston tnew).. 8% B*/* B*4 BV* Mid Cont Pet 18% 18's 18% 187; Ohio Oil 13 12% 13 m* Philips Pet 40*4 4040% 39*4 Plymouth Oil .. 147* 1474 1474 14% Pure Oil 1874 17** 17% 17% Seaboard Oil .... 81% 31*4 31*4 32 Shell Un 17*4 16% 16% 16% Skelle.v Oil .... 247* 24% 24% 24=/* Soc Vac 12% 12% 1274 12 72 SO of Cal 37% 36** 37% 37% SO of Ind 33% 3374 33*4 33-% S O of N J 58% 5774 58% 57% Texas C’orp ... 33% 33% 33% 337* Tidewater Assn. 157* 1572 15% 15% Un Oil of Cal... 22'/* 22 22 22 Steels— Am Roll Mills... 267* 25*4 26 26 Beth Steel 50‘,? 49% 50 48*/* inland Steel ... 92 90. 8 92 907* Lualum Steel . 247* 23% 24% 22% McKeesport Tin 106% 10672 106% 103 Mid Steel 397* 36% 33% 36% Natl Steel 58 58 58 58% Otis Steel 14% 14% 14% 14’/2 Rep Iron & Steel 1872 18 18% 18 U and Pipe k Fdy 31 3974 37 3% U S Steel 57% 56% 57 56 U S Steel pfd ....122 %and 122 120 Warren Bros .. 87* 8% 8% 8% Y'gstown SSc T 5374 51 *4 53 537s Motors— Auburn 2974 2 9 2 9 28% Chrysler 94% 9j% 9474 93 Gen Motors 61% 607* 6174 61% Graham Motors. 2-i* 2% 2% 2% Hudson .. 14% 14% 14% 1;% Mack Truck ... 297* 29 29 29 Nash 17 V* 16% 16*4 1(74 Packard 10 74 10 7* 10 7* 10% Reo . 57* 5% 5% 57 s Studebaker 117* 117* 1174 117* Yellow Truck ... 177* 177* 177* I(7* Motor Access— Bendix 27% 27% 27% 27% Bonn Alum 47 47 47 47 Vs BOlg Warner ... 72 707 k 72 71 Briggs 46% 46“/* *6% 46 Buuu Mfg 14% 1472 14% 1472 Budd Wneel ... 107* 107* 1074 10 Eaton Mlg 32% 32% 32% 32 Eiec Auto Lite . 3a7* 34:* 357* 3a% Elec Stor Bat . 457a 45’,2 45V* 45% Greyhound 'B' . 56 557* 56 55% Houdaille 24 23“* 23% 237* Murray Body .. 1574 157* 157* 15 Stew Warner .. 18% 17% 18% 17% Timken Roll 62 61 62 60% Timken Det Axle 16% 16 16% 15% Mining— Alaska Jun ... 137* 13V* 13% 137* Am Smelt 76% 76 76% 767* Anaconda 33:* 33 337* 32“* Cal Sc Hecla . . 10% 10% 10t* 10=8 Cerro De Pasco 55 547* 54*/* 547* Dome Mines ... 587* 5 1-, e 57% 587* Gt Nor Ore ... T 7 17 17 16*/* Howe Sound .. 52 517* 51V* 51% ins Cooper 10 9* a 97* 9% Int Nickel 46% 45% 467* 45% Isl Creek Coal . 267 a 2672 2672 27 Kennecott Cop.. 3/7* 367* 36% 367* Mclntvre Mine.. 44 437* 43 % 44% Park Utah ... 3% 372 3% 37* Phelph Dodge .. 33% 33% 33% 33 7* St Joe Lead ... 22% 22** 22% 237* U S Smelters .. 90 89% 8972 90 Vanadium 187 k 177* 177* 17% Amusements— Croslev Radio ..26 26 26 257* Fox Theat 24 24 24 24 Loews Inc 4 7 46% 46*4 4 7 Radio Coro ... 11 10% 10% 10% Paramount 8% 8% 87* 8% R K O 67* 5% 5% 5% Warner Bros .. 9% 97* 5% 9% Tobaccos— Am Sum Tob 22% 22% 227? 2*7* Am Tobacco "B" 93% 92% 93% 94V* Gen Cigars .. 56*,* 56 V* -567* 567* Ligg-Myers 'B'. . 108 108 108 108 Lonllard 22 22 22 22 Philip Morris 837 k 81 83 80% Reynolds Tob 'B' 53% 53% 53% 537* Rails— Atchison ..• 71 70% 707 k 70 Atl Coast Lines 24 74 2 4 2 4 24 B & O 17% 177* 17% 17 Can Pacific .... 12 11% 12 11% Ch & Ohio ..... 567 k 5572 567 k 55% CM&St P.. . 1% 1% 1% 1% C M & St P pfd 37* 3% 374 37* Chi N W 2** 2** 2% 2% Dela Sc Hud .. . 38=* 38% 387* 387* Del Lac <K W 16 15 * 16 15% Gt Northern pfd 36 34** 35% 34% 111 Central 197 k 19% 19% 197* K C Sou 20% 20% 20% 207* Lehign Valley .. 97* 97* 974 97* Lou <fc Nash 65 65 65 65 M K & T ... 77* 7% 7% 7% MKkTpf and .. 21 20% 21 20% Mo Pac 2** 2** 2% 2% Mo Pac pfd 4% 4% 4 s * 4 1 2 N Y Cent 34% 33% 347* 33** Nor Pacific 27% 27 277* 26% Penn R R 29* 29 29 % 29% Sou Pac 31** 30** 31** 307* Sou R R 14% 14% 14% 14 Union Pac . ..124*4 124% 124** 124** West Maryland.. 8% 8% 8% 87* Equipments— Am Car & Fdy. 33% 32% 33% 32** Am Colo ... 26 25% . 26 Am Steel Fdy .. 27% 2 7 27** 2.' Bald Loco 3** 3% 3** 3 i Gen Am Tank Cr 47** 46% 47% 47% Gen Elec 36% 36 36% 35% Pullman Inc ... 44 s * 44 44% 43% West Air Br . 38 37% 38 37% Westingh Elec .112 1107? 112 110% Utilities— Am k For Pwr. 7% 7 7% 7 Am Pwr k Lit 10** 10% 10% IOVs AT&T ...161% 159% 161% 160 Am Wat Wks . 21** 21% 21% 20% Col Gas & Elec. 19% 18% 19 18** Comm & Sou .. 32% 33 Consol Gas . 32% 30 s * 327 k 307? Elec Pwr & Lit.. 15 1 * 14% 15 14% Int Hydro Elec.. 3% 3% 37k 3% Interboro RT .. 13% 12% 13% 12 Int TANARUS& T . 13% 13% 13% 13% Lou G& E "A”. 22 21% 22 21% Nat Pwr & Lit . 10% 10% 10% 10% North Amer 35% 25% 25% 24% Pac G& E 35% 34% 34% 34% Peoples Gas ... 40% 39% 40% 39V* Pub Serv N J ... 41** 40** 41** 41 So Cal Edison... 26% 26% 26% 26% Std Gas 6% • 6 s * 6** 6% Stone & Webster 17% 17 17% 16% United Corp ... 6% 6% 6% 6 Un Gas Imp 15% 15 15% 15 Ut Pwr &Lt “A" 5% 4% 4% 5 Western Union.. 79 76** 78% 777'* Rubbers — Firestone 28% 28% 28% 28 Goodrich 19 s . 19 19% 19 Goodyear 25 24% 24% 24Vi U S Rubber . 29% 28% 297s 28% U S Rubber pfd 73 717? 73 70% Miscellaneous— Allis Chalmers . 44 43 44' 43 Amer Can 129** 129 129 129 Am Mach & Fdy 22 21 % 22 22 Anchor Cap .. 20% 19 s * 20% 19% Brklvn Man Tr.. 467? 46 46% 46 Burroughs Add . 26% 26% 26% 26 J I Case 153% 150 153 148% Conti Can . .. 74% 71% 73% 71% Caterpillar Tract 74 73** 73% 73’. Crown Cork 53% 53% 53% 537? Curtis Pub 18% 18 18% 18 Deere & Cos 77% 76 77% 76 Eastman Kodak 1627* 162% 162% 162 Foster Wheeler . 26 25% 26 35% Gillette 15% 15% 15% 15% Glidden ... 457? 44% 45% 45% Int Bus Math.... 169 168% 168% 1687? Inter Harv ...84% 82% 84*? B'*% Natl Cash Reg.. 22% 22% 22% 23 Owens Bottle . 142 142 142 142% Rem Rand . 20% 20*'* 30% 30% Worthingt n Pmr 38 367* 37% 36 Foods— Am Sugar ...... 55 55 55 55 Armour 4% 4% 4% 4%

SATURDAY, MAY 23, 1936

Mr. Eccles was welcomed by B. D. Mitchell. Kokomo, Indiana Bankers Association president, lower, on the right, on the Governor’s right, and Arthur V. Brown, extreme left, Indiana National Bank president.

Armour 6% pfd. 72 72 72 72 Beatrice Cream. 21% 21 74 21% 21% Borden Prod .. 27% 277 k 27% 27% Cal Packing .... 327* 327 k 32V* 327 k Canada D G Ale. 12% 11% 127 kl 2 Coca Cola . .. 927 k 92% 92V? 92V* Cont Bak 'A’.. 13% 13% 13% 13% Corn Prod . .. 77V* 76% 76% 76% Cuban Am Sug. 107 k 10% 107 k 10% Gen Bak 11% 117 k ll 1 /* 117 k Gen Foods 38% 38% 38% 387 k Gold Dust 17% 17% 17% 15% G W Sugar ... 35% 35% 35% 35% Natl Biscuit 34% 34V* 34% 347* Natl D Prod ... 237 k 22% 22% 237* Std Brands 1574 15% 1574 15% S Porto Rico Sug 28 28 28 28 Un Biscuit 26% 26% 26% 26V* United Fruit ... 767 k 76 767 k 75% Ward Bak “B”.. 2% 27k 2>/a 2% Retail Stores— Allied Stores .. . 97k 8% 9% 9% Assd Dry Goods 15% 15 15% 14% Best &Cos . . 52% 52% 52% First Natl Stores 43% 43% 43% 4374 Gimbel Bros 10 V* 10 10V* 10 Gm Un Tea .... 3% 3% 3% 3% Jewel Tea 70 70 70 69% Kresee S S ... 21 20% 21 21 Kroger Groc ... 22% 22% 22% 22% Macv R H 42 41% 42 41% McCrorv St .... 12% 12% 12% 12% McLellan St ... 12% 127 k 12% 11% Marshall Field . 15% 157* 15 1 /? 1574 Mav Dept St ... 46 46 46 45% Mont Ward ... 4274 40V* 42 41 Penney J C 79 78 78% 77% Sears Roebuck.. 69% 66% 68% 66% Woolworth 5074 49V* 50 50% Aviation— Aviation Coro .. 5% 5% 5% 5% Boeing Aircft . 18% 18% 18% 187 k Curtiss Wright 6V* 6% 6V4 6% Curtiss Wr “A” 15V* 14*/* 15 14a; Douglas Air ... 557 k 54% 54% 547 k Nor Am Av 7% 7% 7% 7% Snerrv Corp ... 17>k 17% 17% 17% Unit Aircft new. 2274 21% 22 21%

N. Y. Bonds (Reprinted From Late Times Yesterday) 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 ago 90.9 91.4 104.9 95.7 Year ago 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 (Copyright. 1936. Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott. Proctor is Paine) Treasurys 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 Vis 1943-45 108.5 108.8 3 Vis 1947 1092 109.4 3 Vis 1944-46 107.28 107.29 3>/ 8 s 1946-49 106.11 106.12 3 > B S 1949-52 106.12 106.14 3s 1951-55 104.26 104.26 3s 1946-48 105.16 105.15 2%s 1945-47 103.22 103.26 2%s 1951 102.10 102.11 Home Owners Loan Corp 2 3 /5‘1940 101.24 101.2’, 3s 1952 103.1 103.4 Federal Farm Mortgage Corp 3V4S 1964 104.17 3s 1949 103.10 103.14 2%s 1945 102.15 102.16 DOMESTIC Prev. Issue. Close, close. Alleg Corp 5s '44 93 93 Alleg Corp 5s ’49 . 86 86 Am Frgn Pow 5s 2030 72'/ 70 Am Tel & Tel 5Us '43 113% 113% Am Tel is Tel 5s ’65 113% 114% Arm & Cos (Del) 4s ’55 97% wv a Atl Coast Line 4s ’52 96% 96% Atl Coast Line 4',is ’64 78% 78% Atch Tor is SFe 4%s ’4B .... 11l ill Am Rolling Mills 4%s ’45 113 112% Balt & Ohio 6s '95 94% 94% Balt & Ohio 4%s ’6O 69% €-8% Buff Roch & Pitt 4Vis ’57... 75% 75% Beth Steel 4 Vis ’6O 105% 105% Chi Milw & St P 5s ’75 .... 19 18% Chi Milw is St P 5s 200 6% 6% Cleve Un Term 5s ’73 107% 107 Clevel Un Term 4%s ’77 102% 101% Col Cas 5s May ’52 104% 104% Col Gas 5s ’6l 104% 104 Can Pac Prep 4s 91% 91 Cent Pac 5s '6O 99% 9934 Big Four 4%s ’77 92 91% Big Four 5s ’63 99 98% Colorado &So 4%s ’BO 69% 69% Chi is West Ind 4s ’52 103% 103% Chi is West Ind 5%s '62 106V* 106% Chi is Nor West 4%s ’49 12 11% Con Gas ’57 103.18 103.19 Chesa Corp 5s ’47 126% 126% Del & Huds 4s ’43 83% 83% 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 sVis ’47 104% 104% Grt Northern 7s ’36 100.19 100 19 Grt Northern 4%s ’76 100% 100% Grt Northern 4%s '77 100% 100% Gen Stl 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% 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 & Rob 5%s '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 Vi 92 N Y Cent 4%s 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% New Orleans Term 4s 55..... 91 90% Penn Rv 4Us 'B4 109% 109 Pen Rv 4%s '7O 1G4% 104 Pac G & E 5s ’42 102% 102% Portland Gen El 4%s ’6O ...... 72% 72*i Para Publix 5%s 'SO 90% 90% Penn P fc L 4%s ’Bl 106% 106% Postal Tel * Cah 5s ’53 29% ?0 Rem Rand 4%s ’56 108% 108% Shell Union Oil 3%s ’sl 97 97 Sou Pac 4%s ’6B 91% 91% Sou Pac 4%s ’Bl 91% 90% 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 Hood 5%s ’4B 106% 106% Texas Pac 5s ’BO 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 & Hart 6s ’4B 30 29% NY NH A- Hart 4 1 is ’67 30% 30% Warner Bros 6s ’39 93 91% Western Marv 5%s ’77 107 107% Western Marv 4s ’52 100% 100% Youngstown S & T 5s ’7O ...106 22 106.24 Youngstown S is T 5s ’7B 105.14 105.15 FOREIGN Argentina A6s ’57 99% 99% Argentine D6s ’SB 99% 99% Brazil 8s ’4l 33% 33% Canadian Govt 4s ’6O 108% 103% Denmark 5%s ’55 101 % 101 French 7s ’49 175 176% German 5%s ’65 2' 24 German 7s ’49 *s % 29% Italy 7s ’sl 1 74 75 Japan 6%s ’54 97% 98 Poland 7s ’47 84% 84% Rome 6Vas *52 ■. 64 65 Tokyo City 5%i 1 75% 75%

Chemicals— Air Reduction... 58V* 587 k 587 k 58'/? Allied Chem . ..189% 1897* 1897* 188% Am Com Alco. . 23% 22% 22*4 23% Cql Carbon 1177* 117V* li7V* 117 Com Solvents ... 177? 16% 177 k 17% Du Pont 143 V? 141% 143 1427 k Liquid Carb ... 3474 3474 347* 34V* Math Alkali .... 29V 2 297 k 29 1 /? 29 Monsanto Chem 80‘k 79% 79% 80% Natl Dis (new) 29% 287 k 29V* 29V* Schenley Dist ..43 42 42% 41% Tex Gulf Sulph . 357 k 35*4 35V* 35% Union Carbide .. 817 k 81V? 81% 81% U S Ind Alco .39 38V* 38% 38% Drugs— Bristol Myers .. 43 1 /? 43 43 43 Lambert 20 1 /? 207? 20 V 2 20% Lehn & Fink ... 14% 147 k 14% 14% Sterling Prod .. 69 687 k 68 1 /* 68 Un Drug (new). 12% 12% 12% 12% Vick Chem 40% 4040 41 Zonite Prod .... 6 1 /* 6 1 /* 6ik 6 1 /* Financial— Adams Exp 11 10% 11 10% Allegheny Corp.. 32% 32% Am Int Corp ... 10 9% 10 9% Transamerica .. 12% 12% 12% 12% Tr Conti Corp.. 8% 8% 87a % Building— Am Radiator ... 19% 19V4 1974 1 9 1 /* Gen Asphalt ... 25 74 25V* 2574 257* Holland Furnace 347 k 337 k 347 2 33% Int Cement . ... 45*4 457 k 45% 45 Johns Manville 94 937 k 93% 92% Libby Owens Gls 54V* 53% 54V* 53V* Otis Elev 27 26% 27 26 % U S Gypsum ... 87% 877 k 87% 8774 HouseholdCol Pal Peet 14 13 1 /* 13V* 14>/ Congoleum 357 k 35>4 35V* 35 Kelvinator 2074 19% 20 19*/* Proc & Gamble.. 41% 41V* 41 1 /* 42V* Servel Inc 20% 207 k 20% 20% Simmons Bed .. 26% 26 26% 25% Textiles— Amer Woolen .. BV* 8% 8% 8 1 /* Belding Hem 14V* 13% 13% 14 Celanese Corp .. 22 21% 21% 217 k Collins Aikman.. 41% 41% 41% 41% Gotham Hose .. 9% 9 9% 87k Indus Rayon 26% 26% 26% 25% Kayser Julius .. 27% 27% 27% 277 k Chicago Stocks (Reprinted From Late Times Yesterday) (By Atkins, Hamill & Gates) Prev. Close, close. Allied Products 21% ... Asbestos Mfg 3% Associated investors 4040 Bastian-Blessing 12% 11% Berghoff 12 11% Butler Brothers 8% 8% Cent 111 Pub Service pfd .... 60 59% Cities Service 47k 47 k Commonwealth Edison 97% ... Continental Steel 317 k 31 Cord 4% 4 1 /* Crane ... .' 26% 25% Dayton Rubber 11% . Electric Household 15 14% General Household 87k 87k Grt Lakes Dredge 28 28 Jarvis Mfg 19 18% Katz Drug .. 41 Ken-Rad T. & L 11 Lincoln Printing 10% 10% Lion Oil Refining ll Loudon Packing 774 • McCord Rad “A” 3074 30 7k Noblitt-Sparks 27 Northwest Bancorporation ... 27 Public Service of Northern 111 . 53 % 53 Standard Dredge pfd 14 13% Swift, International 29% 2974 ' Williams Oil-O-Matic 11 Dixie-Vortex Cup 19*4 19 Zenith 19% 18% New York Curb (Reprinted From I ate Times Yestet and iy) (By Atkins, Hamill & Gates) Prev. ... „ Close, close. Aluminum Cos of America 119 117 Am Cvanamid “B” 35*4 35% Amer Gas & Electric 36% 35 % Amer General gi,j Amer Superpower . 2% 2H Ark Natural Gas (A) 5% 5% Atlas Corp 11% 12 Can Indust Alcohol (A) 8 Creole Petroleum Corp 27 1 /* 26% Elec Bond and Share 19% 18% Ford Motors Can (A) 21% 217? Glen Alden (Ft 14 . Gulf Oil Corp of Penn .. 79% 79 !/ . Humble Oil and Refining Cos . 59% 58% Kuyler’s of Del pfd 20% .. Hygrade Food 4% 4% Int Vitamin 714 7% Imperial Oil of Canada 21% 21% Irving Air Chute 207 k . Lake Shore Mines 58*/* 58% Mead Johnson & Cos 93 Molvhdenum Corp of Amer 8% 8% Mueller Brass Cos 30% 29% Natl Bellas Hess Inc 2% 27* Niagara Hudson Pwr 8% 8% Pan-American Airways 55% ... Pennroad Corn 44 Reliable Stores Corp 16% 16V* Root Petroleum 15 1 /* 15% St Regis Paper Cos 3% 3% Segal Lock 3 3 Sonotone 2% 2% Standard Oil of Ohio . 277? .. Stutz Motor aCr of Amer 27k Technicolor. Inc 30 28% Wayne Pump 28% 28% Unlisted Stocks (Reprinted From Late Times Yesterday) (Bv Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask Bankers Trust 55 56% Central Hanover 108% 110% Chase 36% 38’4 Chemical. 52% 54% Guaranty 283 286% Irving 14 167? Manufacturers 46% 48% National Citv 32% 33% Cont 111 Chicago 139 142 V* First National Boston 4474 46 National Shawmut 26% 28 FIRE INSURANCE Aetna Fire Ins 54 56% American Ins of Newark 14% 16 Baltimore American 8% 9% City of New York 237 k 27% Federals Ins 46 5074 Franklin Fire 31% 32% Great American Ins 27% 29% Hanover .. - 39 41 Hartford 73% 76 Horae Ins 35% 37% Ins Cos of A 73 75% National Fire 72 74% National Liberty #7k 11 North Liberty 25% 27% Phoenix 87 89% U S Pire 51% 53% Westchester Fire 34% 36% CHICAGO GRAIN FUTURES (By James E. Bennett St Cos.) Prev. Wheat— High Low 9A. M. Close May 95% .93% .93% .95 July 85% .8374 .85% .88% September . .85% .84% .84% .85% CornMay .62% .62 .62 . 62% July 59% .59 .59 .59% September . .57% .56% .567% .577* Oats— May J 4% .24% .24% .24% July .25% Jt’k .24% .25 = September . .25% .25% .25% J 5% Rye— May 54% .54 .54% .54% Jttly 84 .58% .53% .54 September . .53% Min

MACHINE TOOL BUILDING RISES TO HI6H LEVEL

Orders at Recovery Peak; Index Climbs to 110.9 for April, Times Special CLEVELAND, May 23.—Machine tool building for domestic orders reached a peak for the recovery movement in April, with the index of the National Machine Tool Builders’ Association rising to 110.9. The average for 1926 is equal to 100. The previous high was scored in February, when the index for domestic orders reached 99.8. Despite a 'decline in foreign ordeis the combined index rose to 125.7, as against the previous peak of 125.8 reached in August last year, when foreign orders were more than three times present volume. And the indications were that anew recovery peak for machine tool building would be reached in May. Industry Refurbishing This development is regarded dearly as an integral phase of American industry’s expenditure of an estimated $1,000,000,000 this year cn factory modernization, replacements and expansion. Total volume of orders for the first four months of 1936 average 84 per cent above the comparable period of last year. The National Machine Tool Builders Association has done much to promote the thesis that the increasing use of machinery serves to expand jobs through greater industrial activity generally, and that usage of efficient machinery in lieu of hand labor is not the basic cause for unemployment. Summer Outlook Bright The outlook for the summer appears promising for machine tool manufacturing, the association opined. Foreign orders account for only 12 per cent of the April volume, whereas last summer they accounted for better than 30 per cent of the total. Disturbed conditions in Europe, quota restrictions and sundry tariff barriers are limiting the volume of machine tool orders for foreign purposes. Prosperity Broadens A significant phase of the upward sweep of the machine tool business is the increasing spread of orders throughout the industry. In the first quarter last year only 4.2 per cent of the companies reporting had increased their business to 200 per cent, or better, of the 1926 level. In April 17.6 per cent had doubled the parity level. In the first quarter last year 26.8 per cent of the companies were operating at less than 20 per cent of the index base, while in April the number of these had been reduced to 8.8 per cent of the total. Local Livestock (Reprinted From Late Time* Yesterday) HOGS May. Bulk. Top. Receipts. 16. $9.60® 9.75 $9.75 1500 18 9.60® 9.75 9.80 5500 19. 9.80® 9.90 - 9.95 6000 20 9.80® 9.90 9.90 5500 21. 10.05® 10.20 10.20 4500 22. [email protected] 10.10 6000 Light lights. „ (140-160) Good and choice .$ 9.50® 9.90 Medium 8.05® 9.70 (160-180) Good and choice.. [email protected] Medium . . •• 9.45® 9.85 (180-200) Good and choice . 9.90®10.10 Medium 9.50® 9.95 1200-220) Good and choice . 9.90® 10.10 (220-250) GOO 4 and choice . 9.80®10.00 Heavyweights. (250-2901 Good and choice . 9.50® 9.80 (290-350) 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 7.85® 9.05 CATTLE —Receipts, 500— (550-900) Choice $8.50® 9.00 Good 7 75® 8.50 Medium 6.76® 7.75 Common 6 OC® 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 Cows Good 6.00® 8.50 Common and medium 5.25® 6.00 Low cutter and cutter 4.no® 5 55 Bulls, good 6.25® 6.75 Cutter, com, and med. bulk 5.50® 6.60 VEALFRS —Receipts. 700Good and choice 8.50® 10.00 Medium 7.50® 9.00 Cull and common 5.00® 8.00 Calves (250-5001 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® 725 (800-1050) Good and choice .. 7.00® 8.25 Common and medium 5.75® 7.25 Cows Good 5.00® 5.50 Common 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® 10.00 Common 7.25® 8 50 Ewes. _ (90-170) Good and choice ... 3 50® 400 Common and medium .. 2 50® 350 (Sheep and lamb quotations on clipped basis.) MUNCIE BONDS OFFERED Times Special MUNCIE, May 23.—Offering of $185,000 city of Muncie 3 per cent bonds, due 1946-59, is being made Dy Robinson and Cos., Inc., Chicago. The same concern is offering $40,000 city of Evansville 4 per cent bonds, due 1944-54, to yield 2.60 to 3.10 per cent. TREASURY STATEMENT (By United Press) WASHINGTON. May 23—Government expenses and receipts for the current fiscal year to May 21. as compared with a year ago: This Year. Last Year. Expenses. $ 6 403.504 619 70 $6,359,583.160 73 Receipts . 3.535,814.512 63 3.283.374,389.77 Deficit . 2,867.690.107.07 3.076.208.770.96 Cash bal.. 2.399,870,461 34 1.606.160.650.64 Pub debt 31 593.656 624.13 28.579.848.390 98 Gold res.. 10.375.544.147.72 8,750.646.334.01 Customs 346,678,546.97 306,074.739.83

INDIANA LAW SCHOOL UNIVERSITY OF INDIANAPOLIS ESTABLISHED 1894 For Information, Address the Registrar, § E. Market St, Indianapolis

Electrical Business Gains

The installation of air conditioning equipment by large and small companies has resulted in a substantial increase in electrical business, according to a publication released by the General Electric Cos.

New Business Books Available at Library The following new business books are now available at the business branch of the Indianapolis Public Library: PSYCHOLOGY OF HUMAN RELATIONSHIPS FOR EXECUTIVES By J. L. Rosenstrin Mr. Rosenstein, consulting psychologist for EU Lillv & Cos., “offers a basis for understanding the worker and suggestions for techniques of dealing with the human element in management relations. SOCIAL SECURITY IN THE UNITED STATES. By Paul H. Douglas One of the pioneers and chief exponents of social security In the United States considers in every detail the new Federal Social Security Act. THE KNACK OF SELLING MORE By Burton Bigelow, three volumes Vol. 1. Planning for More Sales. Vol. 2 The Sales Story. Vol. 3. Handling Objections and Closing. MERCHANDISING FOR BANKS, TRUST COMPANIES AND INVESTMENT HOUSES, By L. D. Meredith How to sell the intangible commodities of financial Institutions. PEOPLE’S WANTS AND HOW TO SATISFY THEM By Paul T. Cherington

FINDS COUNTRY READYTO BUILD FHA Head Reports Interest in Real Estate After Western Tour. NEW YORK, May 23—The building industry is showing a definite upturn everywhere, J. Howard Ardrey, assistant to the Federal Housing Administrator, said today upon his return from a trip to the Pacific Coast. It included visits to every important financial center in that and other sections. He conferred with officials of financial institutions and leaders in the real estate and mortgage fields and says that everywhere the new mortgage system which provides for self-amortizing mortgages over long periods up to 20 years is being generally adopted by mortgage institutions whether they are doing business under the Federal Housing Administration plan or independently. In addition to other benefits .which the building revival has brought, is the fact that the durable goods industries have been immensely stimulated and hundreds of millions of dollars of private capital have been put into circulation, Mr. Ardrey said. Found People Optimistic . “Wherever one goes around the country these days,” said Mr. Ardrey, “he finds an immensely improved frame of mind and this is based largely on the steady advances being made in the construction industry. “Real estate, long a drug on the market, is again assuming its true value, and I believe that the present spring season will see a residential building upswing that will be country-wide. This renewed faith in real estate has been built largely on the new mortgage system which permits a home owner to pay off his ’mortgage out of his current income. The old system of paying interest and renewing over and over again seems to have departed for good. “The advantage which the banks have found in the new system lies in a number of things. The impartial appraisal of properties made by the Federal Housing Administration helps to a more accurate determination of the real value of a bank’s existing mortgage assets. The refunding of present mortgages takes them from under the moratoria making them current obligations subject to ready sale as insured mortgages. While held in the portfolios of banks, insured mortgages, upon default and foreclosure may be converted into debentures bearing 3 per cent interest and guaranteed as to principal and interest by the United States government.” EMPLOYMENT AT PEAK Times Special CHICAGO, May 23—The Tri-City Manufacturers’ Association, which includes Moline, Davenport and Rock Island, today reported that a new peak was reached in employment during the last week of April, with 73 firms reporting a total of 23,815 employes on the factory pay rolls. Investment Trusts (Reprinted From Late Times Yesterday) (By Thomas D. Sheerin Sc Cos.) Bid. Asked. Administered Fund 2nd $15.77 SI6.VC Affiliated Fund. Inc 1.73 1.51 Amer General Equities 99 1.0 l •Amer Business Shares 1.07 1.17 Bullock Fund. Ltd. 16.90 18.25 Broad Street InvestinK 28.16 30.12 Century Shares Trust 25.85 27.80 Collateral Tr. Shares “A” 626 . Coro “A 1 ' or “Accum” (Mod) 3.21 324 Cor “AA’’ or “ACC” (Unmod) 2.59 2.61 Corp Tr Shares (Oriqi ... 2.68 2.72 Diversified Tr Shares “B’’ ... 990 10.00 Diversified Tr Shares “C”... 430 4.31 Diversified Tr Shares “D'’ 6.47 6. i7 Dividend Shares. Inc 1.56 1.59 General Investors Trust 5.61 6.17 Incorporated Investors 20.95 22.48 Investors Fund Amer 99 1.09 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”.... 4.12 . Nation-Wide Votine 1.66 1.33 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 <Orlc)-. 3.47 Selected Cumulative Shares . 9.06 . . Selected Income Shares 4.72 4.82 State Street Investment Corp 94.50 99.?0 Super-COrp of Am “AA" 2.73 2.77 i Super-Corp of Am “BB“ .. 277 2.81 Super-Corp of America “A’’.. 401 Super-Corp of America “B''.. 4.20 . ... Super-Corp of America ’XT’.. 7.84 Supervised Bh. Inc iDelai .. 12.65 13 36 Tr Standard Oilshares "A'' . 678 654 Tr Standard Oilshares “B” 5.87 5.93 Tr Standard Investment "C" 286 290 | Tr Standard Investment “D” 280 2.33 United Standard Oilfunds ... 1.16 1.2< Useips “A" 17.65 Cselps “B“ 268 ... . Useips Voting 1.03 •x-dividend.

Safe Deposit Boxes The Indiana National Bank of Indianapolis

‘FREE RIDERS' TO BE HALTED BY TREASURY

Plan to End Easy Money for Operators of United States Bonds. BY C. L. SULZBERGER United Press Staff Correspondent WASHINGTON, May 23. Thff Treasury today set out to eliminate the so-called “joyriders” who have been making easy money out of recent enormous government financial operations. These operators have sprung up during the last two years, Treasury officials said, to hamper the equitable distribution of government securities. They are known as “free riders” in market parlance. They consist of buyers who make quick profits on bonds and notes between the allotment and selling dates. Also included are those who purchase Treasury offerings as “dummies” and immediately sell them at a slight profit to buyers desiring larger allotments than the Treasury is willing to give. Three Appointed Three officials have been given the task of supervising such speculation. They are Daniel W. Bell, acting director of the budget; William S. Broughton, commissioner, and Edwin L. Kilby, assistant commissioner of the public debt service. They are now working to issue new rulings before the Treasury floats its huge June financing. It is believed that one of two measures will be taken. 1. The cash deposit, amounting to 5 per cent of subscriptions asked, may be raised—probably to 10 per cent. 2. Closer scrutiny and rigid supervision of all subscribers may be instituted to assure equal allotment of securities and to prevent unfair subscriptions. Some Can Be Spotted “Free riders” frequently can be spotted as purchasers who are customarily in the business of distributing government bonds and notes and who are requesting larger subscriptions than would fit their financial means. When the Treasury floats a bond issue, it asks for subscriptions two weeks ahead of the effective date. Allotments are announced one week later. Persons seeking to make quick profits ask for large subscriptions and pay the 5 per cent deposit. They then sell their full allotments before the effective date and realize a small profit. The situation has been aggravated by present money market conditions. Steadily falling interest rates have made government secuirties, with fixed rates, a good buy. With the increase in popularity, noted by constant over-subscriptions, the “joyriders” have had ample opportunity to make money. Smaller Buyers Come First Because of the enormity of current requests for offerings, the Treasury is forced to allot only portions of subscriptions requested. This is done on a pro rata basis after all request for amounts under SSOO are cared for. Officials hope that the new rulings will be effective before June 1, when announcement of the June 15 financing will be made. Secretary of Treasury Henry Morgenthau Jr., is expected to ask for between $1,500,000,000 and $2,000,000,000. COAL CARS ORDERED Times Special ROANOKE, Va., May 23.—Contracts for 1000 steel hopper coal cars have been awarded to the Pressed Steel Car Cos. at McKees Rocks. Pa., and the Virginia Bridge Cos., Roanoke, Va., by the Norfolk & Western Railroad Cos., it was announced today. f Local Securities (By Indianapolis Bond and Share Corn.) The following quotations do not represent actual bids or offerings, but mere'* indicate the approximate market level based on buying and selling lnouiries or recent transactions. BONDS gome T Sc T Ft Wye 5%s '55 lol** Home T&T Ft Wye 6s '43 103 106 jiidnapls Railways. Inc 5s '67 65 68 Indianpls Water Cos 4%s '4O . 106 108 Indianpls Water Cos 5s '6O 105 107 Indiapls Water Cos 5s '7O . 105 107 Ir.diapls Water Cos s'/?s '53 .103% 106 Indianpls Water Cos Interstate T & T s‘/?s '53 .. 95% 98 Kokomo Water Works 5s 58 .104 105 Morris 5 & 70 Stores 5s '50., 100 103 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 os '57 75 7g STOCKS Belt Rail Sc S Y Com 53% 56 Belt Rail & S Y Pfd 6s 52 Central Indiana P pfd 7s 16% 19% Home Tel & Tel Ft Wve 75.... 52% 54% Hook Drugs Inc Com . ... 17% 19 Ind Sc Mich Elec Cos oM 75... 105 108 Indiana Genl Serv Cos 7s .. . 98 1 00% Indiana Hydro Blec Cos 7s ... 53% 58% Indianapolis Gas Cos Com .. 29 34 Indianapolis P&L ct pfd 6s 88 91 Indianapolis P&L ct pfd 6%s 92% 95% Indianapolis Water Cos pfd 5s .102% 105 North Ind Pub Sorv pfd 5%s .. 65% 6S North Ind Pub Serv pfd 6s 71 % 74% North Ind Pub Serv pfd 7s .. 81 84 Progress Laundry Cos. Com ... 10% 12 Pub Serv Cos of Ind Pfd 6s . 18% 21% Pub Serv Cos of Ind Pfd 7s 38% 41V* Southern Ind G & Elec pfd 6s 99 102 Terre Haute Elec Cos 6s 92 94Union Tule Company Com ... 19% 21% LOCAL CASH MARKET (Reprinted From Late Times Yesterday) 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. BUSINESS EDUCATION Strong Accounting Booxkeeoin* Stenographic and Secretarial courses i?,av and evening sessions Lincoln 3337 Fred W. Case, Principal. CENTRAL Business College Architect* and Builder* Balldina Pennsylvania & Vermont Sts. Indpls.

FIRST MORTGAGE LOANS On well located modern Indianapolis property 6'A% Int. HOME BUILDERS ' SAVINGS & LOAN Weekly Pay- ASSOCIATION meats No 1000 Lemcke Bldg. Commissions -