Indianapolis Times, Volume 48, Number 64, Indianapolis, Marion County, 25 May 1936 — Page 11

Trends Supreme Court Yet to Rule on Three [Vital Acts. BY JOHN T. FLYNN

NEW YORK, May 25.—The invalidation of the GufTey Coal act by the Supreme Court leaves three important New Deal measures as yet untested. One is the securities and stock exchange measures. Another is the utility holding company act. The third Is the social security aet. What will happen to the stock

exchange and securities act and to the util--Ity holding company act no one, of course, can say. The former at least seem reasonably sure of escaping. But the social security act, in the light of the GufTey act, seems to be in troubled waters, to say the least. The GufTey act contained a provision designed to force

IBP!

Flynn

all coal producers into trade associations or code authorities like the old NRA, with powers to regulate production, prices, trade practices. In oraer to force coal producers to join the code authorities, a tax was laid. This tax was to be collected by the government on all bituminous coal mined. But if the coal producer was a member of the code authority, then 85 per cent of the tax would be remitted to him. The government would keep only 15 per cent of it. nun THIS tax .was declared by the critics of the act to be unconstitutional. The claim was based on the argument that it was not a true tax; that the government did not levy it to raise revenue, but to coerce coal producers to enter the trade agreements. It was called a penalty tax. The court did not pass directly upon this issue. But the majority decision discussed the subject and intimated that if the issue were presented alone that it would consider the tax illegal. There is a similar tax in the social security act. It relates to the unemployment insurance program. The government did not set up an unemployment insurance system. It attempted to force the states to do so. It therefore levied a tax on all pay rolls. But the law provides that if a state enacts an unemployment insurance law, then the Federal government will permit employers who pay the tax to offset what they pay the government against what is due the state up to 90 per cent of the tax. n n again the government will raise revenue. Its aim is to force the states to enact social security laws. If the state does so, then the government will remit 90 per cent of the tax to employers in such sfete. This may be a perfectly good object. But that is not the question here. The point is will the Supreme Court knock it into a cocked hat because it is unconstitutional? Will the court say it is not a true tax, but a penalty tax; that its aim is not to raise revenue but to force states to regulate industrial employment compensation according to some plan of the Federal government? At the time the law was passed many supporters of unemployment insurance warned that this was a dangerous plan. Its fate now is in the court’s hands. (Copyright. 1936. NEA Service. Inc.) Oil Commission Row (Quotations 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. Apples—Winesaps (fancy baskets), $1.75. Lemons—Sunkist (300s). $8 50. Grapefruit —lmperial Valley. $3.50. Pineapples—Cubans (18-30S). crates. *3.50. Grapes S. America, 20-lb. box, $2. Honey Dews—S. America. S3. VEGETABLES—Beans, sreen, round stringless (hampers). $2 40. Beets —Mississippi, bu„ $1.35. Carrots—California 16rioz. cratei. $3. Cau'iflower. California (12s crate), $2. Celery—Florida washed and trimmed (doz.i. 45@>85c; Florida (4s, Rs. 10s crate). $3.50. Cucumbers—Hothouse (do*, i. 75c (two doz.. boxi. $1.65. Corn—6 doz. crate. $2.75. Err Plant— Florida (doz.l, $1 50. Kale Virginia (bu,l, 65c Lettuce Iceberg, ralifornia (best 6s, ss'. $3.50; home grown leaf (15-lb. basket). 65c Peppers—Mangoes (crate'. $3.50; peck basket. $1.15; doz.. 40i. Mint —Hothouse idoz I. 60c. Mushrooms—Pound. 30c. Mustard—Texas, half crate, $1.40. Onions Texas Bermuda vellow. 50-lb. bag, $1.15. Parsley— Southern (long bunches, doz i 75c." Parsnips Homegrown, washed, bushel, 90c: half-bushel. 50c. Peas—Florida. hamper. $1.75. Potatoes—Michigan Round Whites. 100-lb. bag. 52.40; R. R. Earlv Ohio. 100-lb bag. *2.50; R. R. Triumph. 100-lb. bag, $2.60. Sweet Potatoes— Tennessee Nancy Halls, hampers. $1 35. Radishes—Homegrown buttons, doz.. 25c; white. 25e. Rhubarb—Hothouse, doz.. 25c. Rutabagas—Northern, 50-lb. bag. $l5O. Sage - Doz., 45c. Turnips—New buik Texas, bu„ *1.25. Tomatoes—Repacked, 10-lb box, *1.35; Florida, orig. (6-6) lug, $3.25. FRUITS AND VEGETABLE (By United Press) CHICAGO. May 25.—Apples—Willow twigs, bushel. $1 354/1.40. Carrots—lllinois, bushel, 50® 75c Sweet potatoes—Tennessee, bushel. *1.40® 150. Beans—Louisiana, bushel. $1.50®2. Cabbage—Mississippi crates, 51.50&1.60. Spinach—lllinois, bushel. 35®40c. Tomatoes—Florida, lugs. *2 25 'i 2.75. Cauliflower—California, crates. s2'<i2 10. Peas—California, bushel hamper.,. *1.50411.60. Lettuce—Western. crates. *2.25(1(2.85. Celerv—Florida crates, *2.50'.i 3.65. Onion market ( 50-lb. sacks): Texas vellow Bermudas. 85®90c: California white wax. #o;u9sc: Texas jumbos. 65®70c; California vellows. 87*:4190c. Produce Markets The prices quoted are paid for stock gathered In the country, while oelivered in Indianapolis the price Is a cent higher. Heavy breed hens. 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, 8a; ducks, white, 5 lbs. and over 7c: geese, full feather all sizes. sc; all guineas. Hi 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 Cund under 55 lbs. will be made. No. 1 tter. 29%®30%c; No. 2. 26%@27%c. Buttwrfat. 24c. (By United Press) CHICAGO. May 25—Eggs—Market, easy; fresh graded firsts, 20c; current receipts, I9c; dirties. 16c; checks. 17%c; extra firsts, 20%c. Butter —Market, steady: standards, 28' 4 c: extra* (92 score). 26%c; •xtra firsts 190-91 % score). 25% ® 26c; firsts (88-89 1 a scorei. 25®25%c: specials. Poultry—Market, steady; receipts. 0 trucks; ducks. llti 16c; geese. 7c; spring chickens. 26®28c; hens. 16ST9c turkeys, 164i18c; broilers, 24ft/25c: Leghorns. 13®17%c; old roosters. IHiUc fryer*. 244r28e Cheese—Twins. H+iM'.c; daisies, 14 1 a*( 14%c: Longhorns. 14 ’ a 14 ‘e. Potatoes—New stock—Supply moderate; demand active, market, strong. Louisiana Bliss Triumphs. *3.254(3 35. U B No. I. *2 354( 2 50, Russet Burbanks *3 15; Mississippi Miss Triumphs, *3 254/ $.40: U. 8. No. j. *2 354/2 50; Alabama Bliss Triumphs, *3 254(3 50; Texas Bliss Triumphs. *3 2563 35. Texas Cobblers *3 25; California While Rose. *3 504(3 60. OM stock—Supply light, demand slow: mxiket. firm. Idaho R.’tset Burbanks. *3 10® 3 25; Colorado Russet Burbanks. *2 954(3 Michigan 0"; en Mountains, $2 60; Wisconsin Round Whites. *2.30: Minnesota Given Mount (ins. *2.35; North Dakota early Ohios. (2 50. Arrivals 233; cn track 39?; shipment ! 766 tSaturdsyi.

* * Abreast of The Times on Finance * ♦

LOCAL REALTY ACTIVITY RISES, FIGURES SHOW North Side Agents Predict Business Will Double 1935 Total. Judging by statistics released today by the North Side Realtors Association, construction and real estate activity in Indianapolis is running 50 per cent ahead of 1933, and last year saw a great improvement over 1934. Officers of the organization predict that within six weeks the total of property sales and new construction valuations reported by members will surpass the sum attained after the entire 12 months of 1935. After 20 weeks of 1936, the association’s figures showed that residential sales and new construction on the North Side amounted to $1,607,675. The 1935 total was $2,420,900. Fewer Permits, More Money While slightly fewer building permits were issued during the first fo'%months of 1936 than during the corresponding months of 1935, the totals for value show nearly a million dollars more listed for construction than was the case last year in the same period. For four months of this year, 1321 permits were issued in the city as a whole which called for the expenditure of $1,802,235. Eightythree of these permits, amounting to $507,150, were for residences. In the same period last year, 1473 permits, valued at only $863,590, were granted. Twenty-six of them were for dwellings with the value listed at $133,980. Interest Turns to Homes Broken down, this means that 157 fewer permits were issued but that 57 more residences were started. The home value increased this year $373,170 and the total value, $939,645. The members of the North Side group, a division of the Indianapolis Real Estate Board, reported 277 deals for the first 20 weeks of this year. They were classified as follows: 119 homes, $893,700; 122 lots, $159,150; 23 building contracts, $281,475; five farms, $26,850; eight miscellaneous, apartments and business buildings, $246,500. Building permits for 1935 increased by 504 over 1934, according to the North Side Realtors report. The increased value in permits grew about a million and a half dollars, the total for 1335 being $4,917,671 as against $3,352,226 in 1934. Comparison Shown A table for comparison of the 1934 and 1935 permit figures, as prepared by the Real Estate Board, follow. Construction is divided into five classes with the number of permits and valuation listed for each. 1934 Type 1935 —Business Buildings--75 *1,480,5331 77 $ 339,690 Dwellings 67 332,6001 153 835,515 —lndustrial Buildings—--4 41,4001 21 1,400,342 —Alteration—Repairs—--1288 523,734{1446 782,947 —Public Buildings—--4 41,350| 12 506,186 Totals—--3849 $3,352,22614353 $1,917,671 INDEPENDENT TICKET ENTERED IN CONTEST Regular Board of Trade Slate Faces Opposition. The nominees for members of the board of governors of the Indianapolis Board of Trade, as announced recently by the nominating committee, are to be opposed by an independent slate, William H. Howard, secretary, said today. The men nominated for president, vice president and treasurer are not to be opposed. The independent candidates for the board of governors are Roy Sahm, H. L. Craig, F. A. Bryan, C. B. Crets, Otis M. Earl, R. Malott Fletcher, Clarence R. Greene, Earle C. Hervey, D. C. Jillson, James A. Gloin and W. D. Springer. Ten members of the board will be elected to serve four years and one to serve two years. Slated for election on both tickets are: William L. Connor, for president; E. E. Allison, for vice president, and Albert O. Deluse, for treasurer The election is to be held June 8. The organization’s annual meeting is set so; June 4. DIVIDEND IS DECLARED Times Special BOSTON, May 25.—A dividend of 20 per cent, payable on all policies expiring during the period of July 1 to July 31. 1936, has been declared by the American Mutual Liability Insurance Cos. Other Livestock ißy United Press) FORT WAYNE. May 25.—Hogs, steady to 10c higher; 160-180 lbs., $10.15; 180-200 lbs., $lO 05: 200-225 lbs.. $9.95; 225-250 lbs . $9 85. 250-275 lbs.. $9.75; 275-300 lbs.. *9 60; 300-350 lbs., *9.35; 140-160 lbs.. *9.85: 120-140 lbs. *9.70: 100-120 lbs.. *9.55; roughs, *8.25; stags. *6.50. Calves, *9 50 Lambs. sll. LAFAYETTE, May 25.—Hogs, market steady to 15c higher: 210-235 lbs.. *lofti 10.05; 235-260 lbs . s9.Bsiii 9.95; 260-325 lbs.. *9.50® 9.75; 130-170 lbs.. $9 50® 9.75: 100-130 lbs.. *8.754(925; roughs, *8 50 down. Calves, *9.50 down. Clipped lambs. *lO down; spring lambs, *ll down. (By Times Special) LOUISVILLE. May 25.—Cattle—Receipts, 800; salable supply slaughter cattle light; demand broad from practically all buying interests; market active, steers and heifers. 254(50c higher than last Monday: most advance on steers: bulk steers and heifers salable *74(8; 6 loads distillery mash fed steers averaging 816-1114 lbs., straight at *7.25; odd head good babybeef type yearlings, upwards of *8: strictly good kinds beef type yearlings, upwards of *8; strictly good kind's quotable higher: cows about steady: bulk *565.75; good quotable to *6 or better: most low cutters and cutters $3.75®4.75; sausage bulls mostly 25c higher; bulk *5 504(6 25; odd head best heavies, bulls mostly. 25c higher: bulk *5.504(6.25: odd head best heavies, *6.50: stocker trade moderatelv active: generally steady; bulk light beef tvi>e stockers and stock calves. *6.504(7.75: choice eligible higher. Calves—Receipts. 750. including 250 stock calves: market, steady with close last week: bulk good to choice grades, *8 504(9 50: medium and lower grades. *8 down. Hogs—Receipts, 1000: market 15c higher than Saturday or 30c above last Friday; better 160-225 lbs *lO 10 23-250 lbs.. *0 80; 255-300 lbs *9.25. 305 lbs. un. *8 80: 120-155 lbs.. *9 25 sows. $7 90. Sheep—Receipts. 2300. run mostly spring lambs generally; quality very desirable: market, active: better grade springers, mostly 25c high than last Friday: bulk good to choice truckins. *l2 744(13; some longhau] springers held (13.25; plainer grade springers, nuotable. *94(11.75; clipped lambs about steady: salable mostly <9 down; clipped ewes generally s2®4, According to weight and quality.

New York Stock Exchange Prices

(Bv Thomson & McKinnnon) „„ Prev. Oils— High. Low. Close. Close. Atl Rfg 28 3 s 281a 28'a 28% Barnsaall 11 16V* 16% 17 Consol Oil 12% ll 1 . Ilia 12',a Coht of Del .. 30% 29% 29% SO% Houston inewt.. 8% *t>., %8 3% Mid Cont Pet .. 19 1 2 18 'a 18". 19'a Ohio Oil 13',. 13 13 13V. Pet Corn 13 12 3 . 12, 13.. Pnillics Pet .... 41 Vi 40’. 41 41 Plymouth Oil ... 14% 14% 14% 14% Pure Oil .... 18% 18 18 18*4 Seaboard Oil ... 32 3i% 31% 314a Shell Un 17’, 17 17 17% Skeilev Oil 23 23% 23% 22% Soc Vac 124. 12V2 12% \i'h SO of Cal 33 37 37% 37% S O of Ind 33’, 334a 33% 33% SOof N J 59% 59 59Vi 58 4 Texas Corp ... 34% 34% 34% 34% Tidewater Assn 15% 15% 15',2 15% Un Oil of Cal ... 22Vi 22 2 22 Steels— Acme Steel ... 61 61 61 61 Am Roll Mills . 26’, 26% 26% 26% Beth Steel 52% 52% 52 51 Byers AM ... 17% 17% 17% 17’i Inland Steel ... 914, 90% 90'/a 91% Ludlum Steel .. 24% 24% 24 24 Mid Steel 394, 38% 39Vi 40 Natl Steel 60 60 60 59 Otis Steel 15 14% 15 14% Rep Irn & Steel 19% 18% 18’/a 18% U S Pipe & Fdy 37% 37% 37% 37’% U S Steel ... 59% 58% 59 58 Vi U S Steel Dfd ...125 124% 124% 123 Warren Bros 8% 8% B>/a 8% Youngstwn S&T 55% 54% 55 54% Motors— Auburn 29% 29% 29% 30% Chrysler 95% 94% 95% 95% Gen Motors 62% 62% 62'% 62 Graham Mot ... 2% 2% 2% 2% Hudson 14% 14% 14% 14% Mack Truck 30 Ve 29% 29% 29 Nash 17 16% 17 17 Packard 10% 10% 19% 10 % Reo 5 Vi 5 % 5 Vi 5 Va Studebaker 11% 11% 11% 11% Yellow Truck ... 1744 17% 17% 17% Motor Accessories Bendlx 28 Vi 27% 28 27% Bohn Alum 47'/a 47 47 47% Borg Warner ... 72% 72 72% 72% Briggs 47% 47Vi 47Va 47 Budd Mfg 15% 15 15% 15'/a Budd Wheel .... 10% 10% 10% 10Va Eaton Mfg 32 31% 31% 32% Elec Auto Lite . 36% 35% 35% 35' . Elec Stor Bat .. 46 45% 45% 45% Greyhound ’’B”. 59% 58 58 Vi 60 Houdaille 24 23% 23% 23% Murray Body .. 15% 15% 15% 15% Stew Warner ... 19% 19 19 18% Timken Roll ... 62% 62 62% 62 Timken Det Axle 16% 16% 16% 16% Mining— Alaska June .... 13% 13'% 13 1 a 13% Am Smelt 78 77% 77% 77 V. Anaconda 34% 33% 34 34% Cal & Hecla ... 10% 10% 10% 10% Cerro De Pasco. 54% 53% 53% 54% Dome Mines 57 56% 56% s; ■ Gt Nor Ore 17% 17% 17Vi 17% Howe Sound ... 51 Vi 50% 51 51% Ins Copper 10% 10 10’% 10 Int Nickel 47% 46'% 46’% 47 Kennecott Cop 37% 37% 37’% 37% Mclntyre Mine . 43V* 43Va 43% 43% Park Utah 3% 3% 3% 3% Phelps Dodge .. 34% 34% 341% 34 St Joe Lead 24% 23’% 24’% 23% U S Smelters... 89% 89% 89Vi 91 Vanadium 18% 18% 18% 18% Amusements— Crosley Radio .. 26% 26 26 26% Loews Inc 47% 47 47% 47*% Radio Corp 11% 11 11 11% Paramount 8% 8% 8% B*% RKO 6'/a 6% 6% 6*/a Warner Bros ... 10 9% 0% 10 Tobaccos— Am Tobacco ‘B’. 93% 92% 92% 93% Gen Cigars .. 56% 56% 56% 5(6% Ligg & Mv ‘8’..107% 107 107 ' 103 Lorillard . 22 21% 22 22 PhilliD Morris 82% 82 82 83% Reynolds Tob ‘B' 53% 53 Vi 53% 53% Rails— Atchison 71% 70% 70% 71% Atl Coast Lines 24% 24% 24% 24% B & O 18% 17% 17% 18 Can Pacific 12’% 12 12 12*4 Ch & Ohio • 57 56% 57 56% C M & St P pfd 3% 3‘4 3*4 3% Chi N W ... 32% 2% 2% Dela & Hud ... 40*4 40*4 40*4 39% Del Lac & W ... 16% 16 16% 16 Erie Dfd 18% 18% 18% 18% Gt Northern pfd 36% 36*4 36Vi 36 111 Central 19% 19% 19% 19% K C Sou 20% 20*2 20*2 20Vi Lehigh Valley .. 9% 9% 9% 9*4 Lou & Nash ... 66 66 66 65 MK&TB 8 8 7% MK & T pfd .. 21% 21% 21% 21% Mo Pac 2'i 2% 2% 2% Mo Pac pfd .... 4% % % 4Vi N Y Cent 35% 34% 34% 35% N Y N Haven . 3*4 3% 3*4 3% Norfolk & West 235% 235 235% 232 Nor Pacific 27% 27*4 27% 27%' Penn R R 30 39% 30 29'% Sou Pac 32% 31% 32 32 Sou R R 15% 14% 15% 14% Union Pac 125 124 124 124% Equipments— Am Car & Fdy. 36 35 35 35% Am Loco 27% 27 27*4 27 Am Steel Fdy... 28% 23% 28% 28% Bald Loco ... 3’% 3*4 3*4 3% Gen Am T Car.. 47% 47*4 47% 47% Gen Elec 37 36% 36% 36% Gen R R Sig 38 36% 38 35 Pullman Inc .... 46% 45'% 46% 46*4 West Air Br ... 39% 39% 39'% 39'% Westingh E1ec...114% 113*% 114V4 112% Utilities— Am & For Pwr . 7% 7*4 7*4 7'% Am Power & Lit 11 10% 10% 10% A T & T 164*4162*4 162'% 162*4 Am Wat Wks . . 21% 21'% 21’% 21’% Col Gas & Etec 19% 18% 18% 19*4 Comm & Sou ... 3 2’% 2% 3 Consol Gas . . 31% 31 31% 31’% Elec Pwr & Lit 15% 15% 15% 15% Int Hydro Elec . 33 3 3'% Interboro R T. 14% 14 14 14>/s Int T & T 14'% 13% 13% 13% Lou G & E A 21 Vi 21% 21*% 22 Nat Pwr & Lit. 10% 10*4 10*4 10% North Amer ... 26 25*% 25'% 25% Pac G & E 35'% 35 35 35 Peoples Gas ... 42% 42% 42% 41*4 Pub Serv N J .. 43% 42*% 43% 42% So Cal Edison.. 26'% 26 26 26*4 Std Gas 6% 6% 6’% 6% Stone & Webster 17% 17*4 17*4 17% United Corp ... 6% 6'% 6*4 6'% Un Gas Imp . . 15% 15*4 15% 15'% Ut Pwr & Lt A. 5'% 5 5'% 5*% Western Union . 81*4 79'% 80% 80% Rubbers— Firestone 28% 27% 28'% 28*% Goodrich 20% 19% 20 19% Goodyear 25% 25*8 25*4 25% U S Rubber . 30% 29% 30 30 U S Rubber pfd 74% 72% 72% 73 Miscellaneous — Allis Chalmers.. 44% 44 44*% 44’% Am Can 129% 129 129*% 129 Am Mach Ac Fdy 22% 22% 22% 22 Anchor Cap .. 20% 20 20 20% Brklyn Man Tr . 48 47% 47% 47% Burroughs Add . 26% 26% 26% 26% J I Case 158% 157 157% 156% Conti Can 74% 74% 74% 74% Caterpillar Tract 73’, 73% 73’, 74 Crown Cork .... 53*2 53 53*4 53% Curtis Pub 18% 18% 18*2 18% Deere Ac Cos 77% 77% 77% 77* 2 Eastman Kodak 162 160% 161 162% Foster Wheeler.. 27% 27% 27% 27% Gillette 15’, 15% 15% 15% Glidden 45% *5% 45% 45*2 Ingersoll Rand 115 115 115 113 Tnt BJS Mach .166% 168% 166% 168% Inter Harv ... 85% 85 85% 85 Natl Cash Reg . 23% 23 23 23'2 Rind 20% 20% 2 o*. 20% Worth Pmp 28 28 28 28 Foods— Am Sugar 56 55% 56 54% Armoru ... 5 4’. 4% 5 Armour 6% pfd 72 72 72 71 % Beatrice Cream . 21% 21% 21% 21V. Borden Prod . 28 27’, 27’, VI Can Drv G Ale. 13 12% 12% A3 Coca Cola .. 93 92% 92% 92% Cont Bak “A”.. 14 14 14 14 Corn Prod ... 77% 77 77% 77% Crm of Wheat . 35% 35*4 35* 4 35% Cuban Am Sug 10% 10% 10% 10% Gen Baking ... 11% 11% 11% 11% Gen Foods 38% 38% 38% 38% Gold Dust 15% 15% 15% 15% GW Sugar 35% 35% 35% 35*.* Natl Biscuit .... 34% 34% 34% 34% Natl D Prod 23% 22% 23*2 23 Local Securities (Bv IndianaooUs Bond and Share Corp.l The following quotations do not represent actual bids or offerings, but merely indicate the approximate market level based on buying and selling inquiries or recent transactions. BONDS Bid. Ask Home T & T Ft Wve 5%s ’55.103 105 Home T Ac T Ft Wye 6s '43 ..103 106 Indpls Railways Inc 5s ’67.. 65 68 Indianpls Water Cos 4%s ’4O .106 108 Indianpls Water Cos 5s '6O ...105 107 Indianpls Water Cos 5s ’7O .105 107 Indianpls Watrr So 5%s ’53 .103% 106 Indianpls Water Cos 5%s '54..103% 106 Interstate T & T 5%s '53 ... 95% 98 Kokomo Water Works 5s '56 ..104 105 Morris 5 Ac 10 Stores 5s 'SO. 100 103 Muncie Water Wks as '65 ..103% Noblesville H L <fc P 6%s '47.. 101 103 Ohio Telephone Serv 6s ’47 99% Richmond Water Wks 5s ’57. 105 106% Seymour Water Cos 5s '49 ..101 104 Terre Haute Tct Ac L 5s ’l4 .106 108 Terre Haute W Wks 5s ’56 102 104 ferre Haute W Wks 6s ’49 . 103 105 ct Terml Cos 5s '57 75 78 STOCKS Belt Rail A: S Y Com 53*2 56 Belt Rail Ac 8 Y Pfd 6s 52 Central Indiana P pfd 7s 16*2 19 * a Home Tel Ac Tel Ft Wve 7s .. . 52*2 54% Hook Drugs Inc Com .. 17% 19 Ind Ac Mich Elec Cos pfd 7s 105 108 Indiana Genl Serv Cos 7s ... 98 100% Indiana Hydro Elec Cos 7s .. 53*2 56* • Indianapolis Gas Cos Com .29 34 Indianapolis PAcL ct pfd 6s 88 91 Indianapolis P & L ct pfd 5%s 92* 3 95% Indiaupolis Water Cos pfd 5s 102*2 105 North Ind Pub Serv pfd 5%s . 68 89 North Ind Pub Serv pfd 6s .. 72 75 North Ind Pub Serv pfd 7s ... 81 84 Progress Laund Cos Com 10% 12 Pub Serv Cos of Ind pfd 6s ... 19 22 Pub Serv Cos of Ind pfd 7s 38% 41% Southern Ind. G Ac Elec pfd Ss 99 102 Terre Haute Elec Cos 6s .... 93*4 95 Union Tile Cos Com 18% 21%

MONDAY, MAY 25, 1936

Purity Bak ... 10% 10% 10% 10% S Porto Rico Sg 28 23 28 27'/. Std Brands .... 15% 15% 15% 15% United Fruit ... 77% 76% 76% 77% Wrigley 66% 66*2 66% 66% Retail Stores— Allied Stores . . 9% 9% 9% 9% Assd Dry Goods 16% 15% 15% 16'/, First Natl Stores 44% 43% 44% 43% Gimbel Bros . . 10% 10% 10% 10 % Kresge S S 21% 21 21 21% Kroger Groc 22% 22% 22* 2 22", Macy R H 42% 42% 42% 42% McCrory St 12% 12% 12% 12% McLella St .. 12% 12% 12% 12% Marshall Field . J 6% 16 16', 16% May Dept St ... 46% 46% 46% 46 Mont Ward 43% 42 % 43 42% Natl Tea 8% 8% 8% 8 5 , Penney J C 79% 78% 79% 79% Safeway St 31% 31 31% 30% Sears Roebuck .. 72 71 72 70% Wool worth 50% 50 50% 50 % Aviation— \ Aviation Corp .. 5% 5% 5% 5% Boeing Aircft .. 19% 19% 19V, 19% Curtiss Wright . 6% 6% 6% 6'% Curtiss Wr “A”. 15% 15% 15V. 15% Douglas Air 57% 56% 57 56% Nor Am Av .... 8 7% 7% 8 Sperry Corp 17% 17% 17% 17% Uni Aircft New. 22% 22% 22% 22'% Chemicals— Air Reduction .. 5a 58% 59 58% Allied Chem 190 189 189 189'% Am Com Alcohol 23 % 23'% 23% 23 Com Solvents .. VPs 17V, 17*, 17% Du Pont 144% 144 V* 144*2 144 Freeport Tex ... ;18% 28 28 28 Math Alkali ... 29’, 29% 29% 29% Monsanto Chem. 82’ 2 82*4 82*4 82% Natl Dis (new). 29% 29% 29% 29V, Schenlev Dist . 44% 42’4 43% 43% Tex Gulf Sulnh 35% 35% 35% 35% Union Carbide . 82% 82% 82% 82% U S Indus Alco. 39% 38% 38% 39% Drugs— Lambert. 2t 20% 20% 30% L"hn Ac Fink .. 14% 14% 14% 14% Sterling Prod 68% 68*4 68 % 68% Un Drug (new). 13 12’, 13 124 Zonite Prod .... 6% 6% 6V2 6% Financial— Adams Exp 11% 11 11 11 Allegheny Corp.. 32% 2% 3 Chesa Corp .... 64% 63% 64% 63'% Lehman Corp .. 96 96 96 95 Transamerica ... 12% 12% 12% 12% Tr Conti Corp.. B*% 8% 8% B*4 Building— Am Radiator ... 20*4 19% 19'% 19% Gen Asphalt ... 25% 25% 25% 25% Holland Furnace 34'% 34'% 34*2 34*% Int Cement ... 47 46'% 46% 46'% Johns Manville . 95 94'% 94% 94'% Libby Owens Gls 54'% 54 54'% 54'% Otis Elev 27% 27'/, 27*4 27 U S Gypsum ... 90% 89 90% 88 Household— Col Pal Peet .... 14% 14 14 14*% Congoleum 35'% 35 35 35*% Kelvinator 20*% 20 2 0 20’% N. Y. Bonds (Reprinted From Late Times Saturday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Utils. Bonds. Today 90.6 91.2 105.0 95.6 Yesterday 90.5 91.0 105.0 95.5 Week ago 90.8 91.3 105.1 95.7 Month ago 90.7 90.6 104.6 95.3 Year ago 87.2 76.3 97.4 87.0 1936 high 93.4 95.6 105.5 97.9 1936 low 90.0 84.7 103.5 93.3 (Copyright 1936 by Standard Statistics) U. S.. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Treasurys Prev. Close. close. 4Vis 1947-52 118.1 117.31 4s 1944-54 113.5 113.5 3%s 1940-43 108.25 108.25 3 Vis 1943-45 108.4 108.5 3Vis 1944-46 107.28 107.28 3'%s 1946-49 106.10 106.11 3*%S 1949-52 106.9 106.12 3s 1951-55 104.25 104.26 3s 1946-48 105.16 105.16 2%S 194-47 103.24 103.22 2%s 1951 102.9 102.10 Home Owners Loan Corp. 2 3 is 1940 101.25 101.24 3s 1952 103.1 103.1 Federal Farm Mortgage Corp. 3 Vis 1964 104.16 104.17 3s 1949 103.11 103.10 3s 1942 103.31 103.31 2%s 1945 102.16 102.15 DOMESTIC Close close Prev. Alleg Corp 5s ’44 92'% 93 Alleg Corp 5s ’49 85'% 86 Am Frgn Pow 5s 2030 72 Vi 72% Am Tel & Tel s*%s ’43 113% 113% Am Tel & Tel 5s ’65 113*% 113% Arm As Cos (Del) 4s ’55 97'% 97% Atl Coast Line 4s ’52 97% 96'% Atch Top As S Fe 4*%s ’48... 111% 111 Am Wat Wks 5s ’44 102.4 102.4 Am Rolling Mills 4%s ’45 113*% 113 Balt As Ohio 6s ’96 94*% 94*% Balt As Ohio 4*%s ’6O 69*% 69% Beth Steel 4*%s '6O 105’% 105’% Chi Milw As St P 5s ’75 18% 19 Chi Milw As St P 5s 2000 6% 6% Cleve Un Term 5s ’73 107% 107% Cleve Un Term 4*%s ’77 102>% 102% Col Gas 5s May ’52 104*% 104*% Col Gas 5s April ’52 105*% 104’% Col Gas 5s ’6l 104*/ 2 104% Can Pac Perp 4s 91*% 91*% Cent Pac 5s ’6O 99% 99% Big Four 4Vis ’77 93 92 Big Four 5s ’63 99 99 * Colorado As So 4*%s ’BO 70*4 69% Chi As West Ind s*%s ’62 10C*% 106*% Chi As Nor West 4%s ’49 12% 12 Con Gas ss’ 57 103.18 103.18 Chesa Corp 5s ’47 126*% 126*%Del As Huds 4s ’43 83 83*% N Y Dock 4s ’sl 67 67 Erie 5s ’75 75*% 75 Gen Cable s*%s ’47 104% 104% Grt Northern 7s ’36 100.15 iG0.19 Grt Northern 4*%s ’76 100% 100% Grt Northern 4*%s ’77 100*4 100*% Hud As Manhat Ref 5s ’57 82 82% 111 Cent 4%s ’66 71*% 71% Interlake CAsI 5s ’sl 92’% 93 Inetrntl Hy Elec 6s ’44 40% 40% Interntl Tel As Tel 4Vis ’39 91% 92 Interntl Tel As Tel 5s ’55 85 85 Intertl Tel As Tel 4*%s ’52 .... 80% 80*% McKess As Rob s*%s ’SO 103*4 103*% Natl Dairy s>4s ’4B 102.26 102 26 Natl Steel 4s ’65 106% 106*% Nickel Plate 4Vis ’7B 84% 84 Nickel Plate s*/ 2 s ’74 94% 93% N Y Cent 5s 2013 92'% 92*4 N Y Cent 4Vis 2013 (01d).... 85'% 85 Nor Pac 3s 2047 81'% 81 Nor Pac 4*%s 2047 101*4 101 Nor States Pow 5s ’4l . 104% 104% New Orleans Term 4s '55 .... 91*4 91 Penn Ry 4'4s 'B4 109% 109% Penn Ry 4 Vis ’7O 104*4 104*4 Pac G As E 5s '42 102*% 102'% Portland Gen El 4Vis '6O 72’4 72*4 Para Publix 6s ’55 90% 90'% Postal Tel As Cab 5s ’53 30% 29'% Rem Rand WW 4*ss ’56 108% 108% Shell Unio 1 Oil 3Vis 'sl 97 97 Sou Pac 4is ’6B 91% 91% Sou Pac 4%s ’Bl 91 91 s , Sou Pac 4Vis ’69 91% 91% Sou Pac 4s '49 93% 93 Sou Rail 4s ’56 58% 53 Sou Rail 6s ’53 74 74 Sou Rail 6%s ’56 78'% 76% Texas Pac 5s 'BO 105 105 Texas Pac 5s ’79 105 104% Texas Pac 5s '77 105% 105 Union Pac 4s ’47 113% 113% United Drug 5s ’53 100% 100*4 U S Rubber 5s ’47 106 103 NY NH A- Hart 6s ’4B 39% 30 Warner Bros 6s ’39 90% 90% Western Marv 4s ’52 100 100*~ Youngstown 5 A T 5s ’7O .106.24 106 22 Youngstown S At T 5s ’7B 105.13 105.14 FOREIGN Argentine B 6s ’SB 100 99% Brazil 8s ’4l 33% 33% Canadian Govt 4s ’6O 108% 103% German 5%s ’65 25 24 German 7s ’49 30% 29% Italy 7s ’sl 74% 74 Japan 6%s ’54 97% 97% Poland 7s ’47 B J % 84*Rome 6%s ’52 62*4 64 Tokio City 5%s *6l 75% 75% Yokohama 6s ’6l 82% 83 Unlisted Stocks (Bv Blyth At Cos.) NEW YORK BANK STOCKS _ . Bid. Ask. Bankers Trust 55% 57*Central Hanover 109% 111% Chase 37% 33 3 ' Chemical 53 * 2 55*4 Guaranty 285 288'v Irving 15 16% Manufacturers 46% 48V 8 National City 33% 35% Cont 111 Chicago 143*2 146*i First National Boston 44% 46* 4 National Shawmut 26% 28Vi FIRE INSURANCE Aetna Fire Ins 53 * a 55% American Ins of Newark .... 14% 16 Baltimore American 8 9% Citv of New York 25*4 27*4 Federal Ins 46 50% Franklin Fire . .. 30% 32% Great American Ins 27% 29% Hanover 39 41 Hartford 73*2 75% Home Ins -35% 37 Ins Cos of A 71*2 74*4 National Fire 71% 73% National Liberty 9% 11% North River 26 % 28% Phoenix 87 89% U S Fire 51% 53% Westchester Fire 34 36 Money and Exchange TREASURY STATEMENT (By United Press) WASHINGTON. Mav 25.—Government expenses and receipts for the current fiscal year to May 22. as compared with a year ago: Expenses * 6.424.625.632 92 $ 6.365.534.813 S8 Receipt* 3.543.736.755.27 3,290,925.406.67 Deficit .. 2.880.883.877.65 3.074 609.407.31 Cash bl. 2.386.836,649.39 1.653.278.020.31 Pub dbt. 31.592,893.08#AS 28 624.286.917.48 Gold re*. 10.376,255.284 .4; 8.761.734.394.08 Customs 347,834, 307,0*5,466.97

Mohawk Carpet. 21% 21 Vi 21% 22 Proc & Gam ... 41% 40% 40% 41 Servel Inc 21% 21*, 21% 21 Simmons Bed ... 27% 27 27 27*4 Textiles— Amer Woolen ... 8% 8% 8% 8% Celanese Corp .. 22% 22*2 22*2 22% Collins Aikman . 43% 43% 43% 42% Gotham Hose ... 98 98 93 98% Indus Rayon ... 27Vi 27*4 27* 2 26% Real Silk 12% 12% 12% 12% Chicago Stocks (By Atkins, Hamill As Oates) i’oon Prev. Chic. Close Asbestos Mfg 3% 3% Associated Investors 4040% Bastian-Blessing 12*/* 12 Berghoff 12V* 12 Butier Brothers 8% 8% Cities Service 4Vi 4% Electric Household 15 15 General Household 8% 9 Jarvis Mfg 19V* 19V* Katz Drue 41V* 41 Ken-Rad T &, L 11% 11 *4 Libby McNeil Ac Libbv 7% 7*4 Lincoln Printing 11% 10% Loudon Packing 7V* 7V* Lynch Glass 42 41 McGraw Electric 30*/* 30% Nat Gypsum 50 59% Zenith 20*/ 20% New York Curb (By Atkins, Hamill & Gates) 1:00 P. M. Prev. N. Y. Close Am Cyanamid "B” 35% 35Vi Am Gas As Electric 36% 36% Am Superpower IV4 2% Ark Natural Gas ‘‘A” 5% 6 Atlas Corp 12 V* 11% Carrier Corp 8% 8% Creole Petroleum Corp 26% 26% Crocker-Wheeler 10% 10 Elec Bond Ac Share 19% 19Vi Ford Motors Canada ‘ - A” .. 22% 22 Glen Alden (1) 14 13*,i Gulf Oil Corp of Penn 80% 80 Humble Oil Refining Cos .... 60% Hygrade Food 4*,i Lake Shore Mines 56 Mueller Brass Cos 30 30 Natl Bellas Hess Inc 2Vi 2*4 Niagara Hudson Pwr 8% 9 Pennroad Corp 4*/ 4 Root Petroleum 16 15% Salt Creek Producers Assn .. 8 Segal Lock 33 Sonotone 2% 2% Standard Oil of Ohio 28 27V* Stutz Motor Car of Amer ... 3 Tubize Chatillon Corp 30 29% Wayne Pump 29% 29V* New Bond Issues ,By Lyons 4c Cos.) Asso Tel 4s ’66 105% 106 BAs A 4 Vis ’39 98% 99'/* Brooklyn Man Tr 4Vis ’66 ... 100 Cal Ore Pwr 4s ’6O 97% 97% Cent Ma4">e 4s ’6O 102% 103'A Cent 111 3Vis ’66 105% 106 C Ac A and Rep Imp 3Vis ’96..101'/4 101% Chicago Sts 3%s ’63 107'/* 107% Cinn Un Term 3%s '7l 105% 106*/* Cleve Elec Ilium 3%s ’65 110% 111'/. Cleve Tractor 5s ’45 .. 104% 105*/i Columbus Railways 4s ’65 .... 105% 106 Conn River P Ac L 3%s ’6l .. .105 105% Consolidated Ed 3%s ’46 104*4 104% Consolidated Ed 3Vis ’56 103*4 103% Consumer Power 3%s ’7O 104 104*4 Cudahy Pkg 3%s ’55 .‘.100% 101*4 Cudahy Pkg 4s ’SO 102*/a 103 Eastern Gas A: Elec W 4s '56 . 93 93% Edison Illus Best W 4s ’56 107*4 107% lowa South Util s'is ’SO 102*4 103*4 Kansas Pi, 4%s '65 108*4 108% Jones Ac Laughlin 4'4s ’6l ... 99*4 99*4 Los Angeles G Ac E4s ’7O .... 105% 105% Maine Cent 4s '45 99% 100*4 Metro Ed 4s '65 107% 108 Minn Gas Ac Lite 4s ’SO 103% 103% Monon W Dr 4'/is '6O 104% 105*4 N Y Edison 3*4s ’65 102 102*4 N Y Cent 3%s ’46 97V* 98*4 Norway 4'4s ’65 957* 96*4 Ohio Edison 4s ’65 105*4 105% Pacific Lite 4Vis ’45 105*4 105% Pacific G Ac E 3%s '6l 104% 104% Penn R R 3%s ’7O 1017* 102*4 Penn Tel 4s 65 106 Pub Serv N H 3%s ’6O 105*4 105% Railway Ac Lite 4*4s ’55 108 110 Saguenay Pwr 4'4s 'B6 98*4 99*4 San Diego G Ac E 4s ’65 .109*4 So Cal Gas 4s '6O 104% 104% So Cal Ed 4s ’6O 108% 108% So Cal Ed 3%s '45 105 105% So Western G Ac E 4s '6O ... 104% 104% Union Pac 3*/ 2 s '7l 99% 99% U S Pipe Ac Fdy 3'4s ’46 108 108*4 West Penn 3Vis ’66 108% 106% Wise G Ac E 3*4s ’66 . .102% 103 Youngstown Sheet Ac T 4s ’6l 98*4 Ygstwn Sht Ac T Deb 3Vis ’sl 102*4 102% Investment Trusts (By Thomas D. Sheerin Ac Cos.) Bid. Asked. Administered Fund 2d $16.08 $17.11 Affiliated Fund Inc 1.78 1.96 American General Equities .. .99 1.01 American Business Shares ... 1.09 1.19 Bullock Fund Ltd 17.15 18.63 Broad Street Investing 28.41 30.39 Century Shares Trust 25.82 27.77 Collateral Tr Shares “A” ... 6.32 Corp “A” or “Accum” (mod) 3.25 3.28 Corp ’AA’ or ‘ACC’ (unmod) 2.61 2.64 Corp Trust Shares (orig) 2.70 2.74 Diversified Trust Shares “B” 10.05 10.15 Diversified Trust shares ”C” 4.35 4.39 Diversified Trust Shares “D” 6.60 6.70 Dividend Shares Inc 1.56 1.71 General Investors Trust 5.71 6.27 Incorporated Investors 21.15 22.70 Investors Fund Amer 1.01 1.11 Market St Investment Corp. 29.22 30.75 Maryland Fund 18.35 19.90 Massachusetts Investors .... 25.C0 26.23 Nation-Wide Sec Cos “8”.... 4.18 Nation-Wide Voting 1.69 1.84 North American Tr Shs 1955. 3.26 3.29 North American Tr Shs 1956. 3.22 3.26 No American Tr Shs (orig).. 2.49 Quarterly Income Shares ... 1.52 1.67 Selected Amer Shares Inc 1.51 1.64 Selected Amer Shares (orig) 3.54 .... Selected Cumulative Shares . 9.20 Selected Income Shares . 4.79 4.89 State Street Investment Corn 95.50 100.50 Super-Corp of America “AA” 2.76 2.79 Super-Corp of America “BB” 2.79 2.83 Super-Corp of America “A”. 4.07 4.12 Super-Corp of America “B”. 4.28 4.33 Super-Corp of America “C” 7.95 Supervised Shares Inc (Dela) 12.85 14.05 Trust Standard Oilshares “A” 6.85 6.95 Trust Standard Oilshares “B” 5.95 6.05 Trust Stand Investment "C” 2.89 2.93 Trust Stand Investment “D” 2.83 286 United Standard Oilfields .. 1.17 1.29 Nselps “A” 18.15 18.50 Uselos “B” 2.75 .... Uselps Voting !... 1.06 .... LOCAL CASH MARKET City grain elevators are paying 87 cents for No. 2 soft wheat. Other grades on their merits Cash corn new No. 3 vellow 56 cents and oats 18 cents. EARNS 50 CENTS A SHARE Times Special NEW YORK. May 25. The Sharon Steel Corp., formerly the Sharon Steel Hoop Cos., and its wholly owned subsidaries, earned a net profit of $212,616 during the quarter ended March 31. This was equal to 58 cents a share on 368,359 shares of common stock.

Busigraphs

r mr ■ ■ ■■ 1 1 FARMS USING ELECTRICITY (EDISON ELECTRIC INSTITUTE) 9 00] (A M fM 5_ , I 500 —— - -f- - - ~ u ' Q 2 O X 0 . - .ii i> -1929 1930 1931 1932 1933 1934 1935 THE PARKER CORP GENERAL DISTRIBUTORS INCORPORATED INVESTORS

Right through the depression the number of farms using electricity ncreased continuously. There are now 37 per cent more farms using electricity from central stations than there were back in 1929, while the jump in 1935 was 6 per cent. Every additional farm equipped with electricity is a potential purchaser of electrical equipment. Perhaps that is one reason for the rapidly increasing sales of equipment. At the present time only about 11% per cent of our farms are using electricity. . % \ ■■■:;<

STOCK MARKET FLUCTUATES IN NARROW RANGE Prices Firm; Louisana Oil and Sears, Roebuck Hit New Highs. BY ELMER C. WALZER United Press Financial Editor NEW YORK. May 25.—The stock market began the new week with prices strong and trading moderately active, turned irregular and dull and then fluctuated narrowly. Here and there an issue held a gain of 1 or 2 points. A few losses ran to that amount. But a majority moved in a fractional area in listless dealings. Initial dealings were featured by the steel shares, which made further response to outlook for higher steel prices. u. S. Steel touched 59%. up l's, and Bethlehem 52%, up 1%. These gains were reduced by one-half before the close and the issues quieted. Tire Shares Steady Automobile issues were mixed in a fractional area late in the day, with the exception of Auburn Automobile, which lost a point. Mack Trucks touched 30%, up 1%, and held most of it. Yellow Truck also was firm. Motor equipments were dull. Fire shares were steady to firm in light dealings. Public Service Company of New Jersey rose more than a point, but other utility common stocks declined fractionally after their advances last week. The group as a whole moved narrowly. Silvers eased with U. S. Smelting down more than a point. Coppers and golds were dull. Several Gain One Point Oils behaved well in light dealings. Standard of New Jersey opened a opint higher at 59% and held most of the rise. Louisiana Oil soared 10 points to 51'%. anew high and then lost 3 points of it. Its 1936 low is 13. Sears Roebuck touched anew high at 72, up 1%, and was near the top at the close. Westinghouse Electric at its high of 114 7 / s , was up 2Vs. Other issues to gain a point or more included American Bank Note, American Telephone, American Telephone, American Typefounders, Case, National Steel, National Supply, U. S. Gypsum and American Sugar Refining. STOCK MARKET WEEK IN REVIEW BY ELMER C. WALZER United Press Financial Editor NEW YORK, May 25.—The feature of the stock market last week as in recent weeks was its dullness. Prices sagged in the week and later recovered partially. Investors were on the sidelines and investment trusts out of the market. Small buyers were restricted by high margin rules. Business news was distinctly favorable but it was felt that the best course for stock traders would be to await such developments as adjournment of Congress, the political conventions, installation of the new French government, and the effect of 55 per cent margins placed in operation May l by the Federal Reserve. Experts said the margins definitely were reducing market operations. Business Picture Rosy The business picture was very rosy for this time of year. Steel operations turned up again and tin plate production was at a record high, actually above 100 per cent of theoretical capacity. Electricity production set anew high since Feb. 1. Retail trade was 8 to 10 per cent over a year ago. Building turned up with lumber production at anew top since 1930. In line with expectations automobile production had a setback. However, it was anticipated sales of new cars would continue at a high level and the production curve smooth out. The bonus payment is to be made June 15 when it is expected the automobiie industry as well as many others in the consumer goods group will be stimulated. Utilities Perform Best The French difficulties are still considered highly important marketwise. In event France is forced off the gold standard and the other gold bloc countries —Holland and Switzerland—follow, the whole currency problem may be reopened. Utility Stocks performed the best of any group on the Stock Exchange. Several companies reported | favorable earnings and the outlook i for the industry improved. The Supreme Court’s Guffey act decision gave hope that a similar one might eventually come in the WheelerRayburn bill. Then, too. paradoxically the proposed tax bill seems to be more lenient with the utilities than the present one. Utilities showed net gains on the week in contrast with most other groups. Oil shares had a sinking spell when crude production set an all time record high above 3,000,000 barrels daily, swelled by increases in the Rodessa field of northern Louisiana. The oil group recovered part of the losses but was down for the week. RAY-GLO CORP. PLANT IS SOLD BY RECEIVER Columbns, 0., Industrialist Buys Shelbyville Factory. Times Special SHELBYVILLE. Ind.. May 25. Sale of the Ray-Glo Ccrp. plant in this city to Edwin H Davis of Columbus, 0„ has been announced by Herbert C. Jones, receiver for the company. The Ray-Glo, to manufacture gas heaters and appliances, was established here several years ago. Mr. Davis, secretary of the New York Coal Cos., has other diversified industrial interests. He has announced that the plantfwill.be in full operation soon. i

100 Per Cent Building Gain Seen Residential construction in the United States is expected to show an increase of 100 per cent in 1936 over the precedin'i year, a national survey by the Investment Bankers' Association has indicated.

PAGE 11

NAMED BY BANKERS

Jam

F. W. Van Antwerp, president of the First National Bank and Trust Cos. of South Bend, has been elected vice president of the Indiana Bankers Association to serve for the ensuing year. He served as a member of the legal affairs committee during the last year.

HO6 PRICES UP 10TUJ5CENTS Cattle, Lambs Unchanged; Veals Rise Sharply; Top Is $10.50. Porker prices continued to recover in active trading today at the Indianapolis Union Stockyards, and practically all classes were generally 10 to 15 cents higher than Saturday’s best levels. Heavy receipts, numbering 6000, were offset by a continued strong demand which prevailed in most all divisions. The top price of good and choice weights advanced to $10.40, compared with the low of $9.65 last week. Holdovers numbered 100. The bulk of 160 to 225 pounds cashed in at $10.30 to $10.40. Medium heavyweights, frem 225 to 260 pounds, sold at $lO.lO to $10.30. Extreme heavy butcher weights, scaling from 300 to 350 pounds, brought $9.70 to $9.90. Light slaughter pigs, from 130 to 160 pounds, were offered at $8.55 to $9.25. Packing sows held at $8 40 to $9. Early developments were slow in the cattle market with practically all classes steady. Few early sales of steers ranged from $7 to $7.75, while most heifers brought $7.50 to SB.IO. The top price for the latter held at $8.40. Receipts were 1500. Resulting mostly from a strong demand, the veal market was sharply 50 cents or more higher than Saturday’s close. The bulk sold at $9.50 to $10.50. Receipts were 700. Lambs were mostly steady. Few sprir g grades brought $12.50 down. Several loads of undesirable cliDped lambs ranged from $10.50 to $10.75. Receipts numbered 1200. HOGS May Bulk. Tod. Receints. 19. $9.80(T() 9.90 $9.95 6000 20. 9.80® 9.00 9.90 5500 21. 10.050(10.20 10.20 4500 22. 10.00ai0.10 10.10 6000 23. 10.15(ffi10.25 10.25 1000 25. 10.30® 10.40 10.40 6000 Light lights. (140-160) Good and choice $ 9 80ffi 10.20 Medium 9.15® 10.00 (160-180) Good and choice . 10. 10.35 Medium 9.75® 10.15 (180-200) Good and choice... 10.20® 10.40 Medium ... 9.80® 10.25 (200-220) Good and choice .. 10.20® 10.40 (220-250) Good and choice... 10.10@ 10 30 Heavyweights. (250-290) Good and choice .. 9.80® 10.10 (290-350) Good and choice... 9.60® 9.80 Packing Sows. (275-350) Good 8.60® 915 (350-425) Good 8.50® 8.75 (425-450) Good 8.25® B.bo (275-3501 Medium 7.85® B.bo Slaughter Pigs. (100-140) Good and choice . 8.75® 9.80 Medium B.lo@ 9.30 CATTLE —Receipts, IJO0 — (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® 875 Good 7.75® 8.25 Common and medium 6.25® 7.75 (750-90 C) Good and choice . .. . 7.50® 8.40 Common and medium 6 25® 7.50 Cows Good 6 00® 6.50 Common and medium 5 2.5® 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— Oodn and choice ... * 8 50® 10 50 Medium 7.50® 9 00 Cull and common 5.00® 8.00 Calves (250-500) Good and choice ... 6.00® 8 75 Common and medium 4 50® 6.00 Feed and Stocker Cattle (500-800) Good and choice . 7.00® 825 Common and medium 5 75® 7.25 (800-10501 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. 1200— 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 .. 3.5G® 4.00 Common and medium 2 50® 3 50 • Sheep and lamb quotations on clipped basis.) Other Livestock (By United Press) CHICAGO. May 25.—Hogs—Receipts. 1 17.000. including 6000 directs: active, steady i to 10c higher than Friday's average: prac- i tical top. $10: part load. $10.05: bulk 160- I 250 lbs.. $9.80®10: ’550-300 lbs.. $9.65®9.30- I 300-350 lbs.. *9.45®9.75; 140-160 lbs . $9 60 ®9.95; sows, $8.50®8.90: few ud to $9. Cal- , tie—Receipts. 15.000: calves. 1500; yearlings and light steers steady: medium weights and weighty steers unevenly steady to lower: mostlv 10® 15c lower with middle grades showing most decline: moderatelv I active on all grades light cattle: earlv toe weighty steers. $9.15: vearlings. *8.75 heifer yearlings. *8.50: all grade heifers steady; cows again very scarce: largely steady with cutters and common grad* beef sows getting most action: bulls strong to 10c higher: *6.50 paid for weighty sausage offerings: vealers steady to weak at *10.50 down: mostlv *io down: stock*rs scarce. Sheep—Receipts. 9000: ail killing : classes in meager snpjJlv: steady: plain nualltv considered: few medium clipped iambs. *lo®lo 25: throwouts. *B® 8 50; belter grade native springers. *11.75® 12 50 io packers: common Californias. *9 so thin southwestern shorn vearlings. *4 75: 2 and 3-vear-old wethers in some consignments *4: best shorn ewes, *4. BEMIS LETTER SERVICE 303 Merchants Bank Bldg. Lincoln 61*12

WHEAT VALUES STRENGTHEN IN ACTIVE SESSIUN Interest Centers Around May Contracts: Corn Also Higher. By United Pres * CHICAGO. May 25. —Price gyrations of expiring May wheat contracts held the spotlight in ths wheat pit today, but all deliveries tended to firm as the old crop month displayed a stubborn tone. At the close on the Board of Trade wheat was % to 2 cents higher. corn was up % to 1% cent, and oats were off % to up % cent. Open interest in May wheat was 11.161.000 bushels at the start of today’s session, and with only two days remaining for closing out May contracts routine new developments were overlooked as determined longs and shorts strove to gain the advantage. News Is Bearish Failure of long-rumored scarcity of cash wheat to materialize and the stubbornness with which both longs and shorts mataine dtheir positions lent unusual Interest to the May situation. Deliveries on May contracts can be made during the las tthree business days of the month, but no new obligations can be made after the New crop months slumped early close of tomorrow’s trading, in response to bearish weather news from the Southwest and a reactionary Liverpool market. Firmness in the May and a general disinclination to force either side ot the market until the old crop month is closed out soon effected a fair rally in July and September, and anitial losses were regained. Interest in com, oats and rye wera small and the marget featureless. Corn rued firm most of the day. (By United Press) Prev. Wheat— High. Low. Close, close. Mav 95% .93% .95 % .93% July 35% .84% .85% .85% Sept 85% .84% .85% .84% Corn— May 63% .62% .63% .62 July 59% .53% .59% .58% Sept 58 .57% .57% .55% Oats— May 24V* .23% .23% .24% July 24*4 .24% *.24% .24% Sept 25% .25% .25% .25% Rye— May 54% .54 t. 54% .53 7 /a Julv 53% .53% +.53% 53% Sept 54'* .53% *.54% .53% Barley— May +.37 .37 Lard— May 10.17 10.02 10.05 10.20 July 10.10 10 00 10.05 10 10 Sept #10.12 10.05 10.17 10.07 ‘Asked; tBTd. BANK CLEARINGS SHOW GAIN OF 3.8 PER CENT Domestic Total Is $5,275,135,000 for Week Ended May 20. Times Special NEW YORK, May 25.—Bank clearing in the United States during the week ended May 20 amounted to $5,275,135,000, against $5,084,202,000 for the same week a year ago, an increase of 3.8 per cent. Dun & Bradstreet, Inc., announced today. The total for the week showed a gain of $55,775,000 or 10.5 per cent when compared with that of the preceding week. For the corresponding two weeks a year ago, a rise of $360,834,000 was recorded. All reporting cities, except Kansas City and New York, showed an increase in clearings over a year ago. Gains were particularly marked at Pittsburgh, Cleveland, Atlanta, New Orleans and Dallas. NET EARNINGS DROP Columbia Picture Corp. Earns $3.13 in Nine Months. Times Special CHICAGO, May 25 Net earnings of the Columbia Pictures Corp. for the nine months ended March 28 totaled $958,578 after all charges and provisions for Federal income and other tases, compared with $1,572,720 in the corresponding 1933 period, it was announced today. The total is equivalent to approximately $3.13 a share on 280,413 shares of common stock outstanding after deducting preferred dividends and compares with $5.47 earned on a similar number of shares in the preceding peiiod. SEEKS I. C. C. APPROVAL Times Special CHICAGO, May 25.—The Southern Pacific Railroad Cos. has petitioned the Interstate Commerce Commission for approval of extension to Nov. 1, 1936, of maturity of its $5,200,000 loan from the Reconstruction Finance Corp. which is due to expire June 1.

From CHICAGO to COLORADO 9 Day, ...Only *sl” Available on selected da tea. YELLOWSTONE 9 Days .. . Only *113*2 I Go any day during the eeaeon. CALIFORNIA 14 Days.. . Only *132” Go July 5 or 19, August 2 or 18. Many itineraries from which to choose. Ask for descriptive folder. I J. H. CLARKSON, D. F. * P. A. | Rock Itland Line* I I 1912 Merchant* Bank Bid* I | Indianapolis, lad., Phon* Lincoln 5700 I Please tend me free literature on ell- J , expense tours to C Colorado C Yellow- | I stone □California. Check booklets | I desired. I I I I Name I I I | Address 284 I