Indianapolis Times, Indianapolis, Marion County, 17 March 1937 — Page 14

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+ and Italy.

.probably do better this year.

than France, Britain or Italy.

+ California, case, «.'sel Sprouts, per drum, os 50;

PTE Pi

YPN

TPA

L $1. 88: Louisiana, Puerto Ricans, i

less,

100-1b. bag. N Michigan Rurals. $2. oa Colorado i Box

Trends

¢ *

Abreast of The Times on Finance

vv @

War Budgets Reach

PAGE 14

WEDNESDAY, MARCH 17, 1937

est point since June, 1930.

Commodity Prices Advance ‘A broad advance in commodity prices last week took the wholesale commodity price index compiled by the National Fertilizer Association to 87.8, the high-

Immense Total, Flynn Says.

By JOHN T. FLYNN

EW YORK, March 17. -— In these last six years of depression, the leading nations of the2 world, broke, skirting the edge of bankruptey, have Jevertheloss managed to find somehow thi four billion dollars to flor = war preparations. The expenditures are euphemistically put down as being made “for defense.” We shall have to make up our minds, therefore, whether they constitute the high price of peace or the high price of war. Whichever we decide upon Ra we shall have - to conclude xX that the price 4 3 of peace or war Mr. Flynn is certainly going up. It cost three nations four billions in 1931, five billions in 1934, nearly nine billions in 1935 and more than ten and a half billions in 1937. And

MODIFICATION OF TAX ON SURPLUS ‘PROFITS SOUGHT

Members of Senate Finance | Committee to Study New Schedules.

By LYLE C. WILSON United Press Staff Correspondent

WASHINGTON, March 17—Influential members of the Senate | Finance Committee have requested ; the Treasury to prepare revenue | estimate schedules looking toward | modification of the tax on undi- | vided corporation surplus funds. The Treasury is preparing esti- | mates of revenue which would be received if the act were amended to exempt the first 20 or 30 per cent of

{ | | | | :

thus we may actually confront before long the grim reality that peace is too expensive a luxury for a bankrupt world to afford.

ALF of all these vast outlays are accounted for by the war budgets of two countries—Germany and Russia. Eighty per cent are accounted for by the war expenditures of five governments—Russia, Germany, United States, Britain The United States holds the dubious distinction of ranking easily next to Russia and Germany. The year 1937, however, which is not included in these figures, is destined to outstrip all of the | others in the wild extravagance of the defense costs. But for last year, $13 out of every $100 in our budget is for defense. The Englishman was called to pay $20 out of every $100 for the same purpose. The Russian operated on the same ratio. France spent $30 out of every hundred for war pyrposes and Japan $46. Germany undoubtedly applied more than half of all her Government expencitures to war preparations. There is some reason to believe that these figures are conservative. Certainly they are in the case of the United States.

» »

i |

N the table from which I have taken these estimates we are put down as spending $965,000,000 for these ends. My own figures are larger. I estimate that we spent $1,180,000,000. And we will

It must be remembered that these are all expenditures for future wars. The vast burdens imposed by the old wars of the past are not included. Our own enormous outlays for interest on war debt, amortization, veteran pensions, bonuses are not included. The war expenditures of 1931 and, perhaps, up to 1934, were paid for the most part out of current budget appropriations. But these mad nations have now reached the point where they can no longer support their saber and gun rattling on current funds. Now government debts are being piled up thus making further wounds upen economic systems already shaky from other causes. It a singular fact that this country, so far removed from the war scene and the war quarrels, has been for years spending more

{Copvrizht. 1937. NEA Service. Inc.)

Fruits and Vegetables

(Quotations below, subject to change, are gverage wholesale prices being offered to buyers by local comMIstion dealers.) 1s’ EA D’Anjou, extra alifornia Avocados, 50. Bananas, selected 1 Indiana Delicious, ; No. 1 Staymans, 2'2 1 Jonathans, 2

. Lem-

64s-80s, $3. Sunkist. Ba sls, [email protected]. Pineapples, 305. Strawberries, Florida. pt.. 17%2c. Vegetables — Beans, Florida tEingless, “hamper, $4.75. Beets, homegrown, - pew Texas, 3-doz, crate, .75. Broccoli, $3.25; punch, 15¢. Brus20c. Cabi ACY Texas, California, bulk, 10s-11s-12 'S,

house, doz. " C Egg Plant, orias, doz., $1.50. Kale, Virjuia Lestues, Iceberg. California 80s, $5.50; 6.25: leaf. hothouse, No. “ys basket, $1. 50. rs, Mangoes. No. 15, erate, $4: dox., 40c. Mushrooms, homerown, Ib, 30c. Onions, Indiana yellow, 0-1b. bag, $1.50; Western Spanish, large, $1.90: Northern White, $1.65. Parsley. homegrown, 3 m, Yo . $3.25: Idaho Russets, $3.90: 3.65: Florida, New Triumphs. 50-1b $2.50. Rutabagas, Canadian, 50-1b. i d and tagged, Sli. 10 Potatoes. Tennessee, Nancy Halls,

nips repacked. AN En

(By United Pi Press) CHICAGO. March ar —Apples—Michigan | McIntosh, $1.25@2 Sweet otatons— | Louisiana Porto A a, $2.35. arrots — | 75¢c@81. Spinach-—-Texas, . _ Tomatoes—Florida, lugs, 7 3.25. a alps omnis o STATES, 81.25% 1.48. Peas—Mexican, ham $4.50. Celery—Florida, 10-inch crates, Re" "$375as. 50.

Produce Markets

{The prices quoted are paid for stock gathered in the country. while for deliveries in Indianapolis the prices are 1 cent higher. Each full case of eggs must weigh 55 pounds gross). Eggs—No. 1 strictly fresh, dozen. Heavy breed hens, 5 lbs. and over. 16c. Leghorn breed hens, heavy, 12¢. Heavy breed springers, 12 Ibs. over, soft meated, 13c. Leghorn breed springers, 8c. Heavy breed stags, 8c: Leghorn breed stags, 6c; heavy breed cocks, 8c. Ducks, full-feath-ered and fat, 5 Ibs. and up, 6c. Geese full-feathered and fat, 5¢. Turkeys, young toms. 14c¢; young hens. 10 lbs. and over, 14c; old toms, 8c; old hens, 9: No. 2, 8c. Butter—Creamery, No. 1. 38@39%¢c: No. 2, 35@368¢. Butterfat—No. 1, 35¢c. No. 2, 31c

toes, $1. 25@1. 50.

loss off, 19¢

(By United Press)

CHICAGO, March 17. — Eggs — Market, firm: receipts, 19.854 cases; Beh graded firsts, 23'2c: extra firsts, 24c: dirties, 211.¢c: current receipts, 22'2¢: checks. 20'4c: storage packed extras. 21%5¢: current receipts. 22'ac; checks, 20%c: storage paskeq extras, 25c; storage packed firsts,

43; 2 B\iter—Market, 5044 tubs: extra firsts (90- 81s 35% 351,c: specials, 36@36! (92 score), 85':c; firsts, 45¢. receipts, 13

Poultr Market, : ‘spring chickens, aay 1412@18'5¢c; leghorn hens, 15@22c; Cheese—Twins, 172@17° demand slow, market weak. a Sa. 70 @ 3.05; Wisconsin Round S.

firm: receipts,

score), extras

trucks, c A) 15¢; 9% 21c: ducks, 14@20c; broilers, 25@26c: 10@1615¢: old roosters. 126113%2c; turkeys, frvers, 2512426'2c. 17@17%c¢; jaisies, 17% @17%c¢: longhorns. Potatoes (old stock) — Suppites liberal; Idaho R set Burbanks, [email protected] S. £[email protected]: Colorado Rea McClure, Commercials, $1.95: I as Cobblers. $2. Minnesota Bliss Triumphs, $2.6 rr liberal; Sia,

| corporate surplus tax be a

on all income above $40,000.

{or surplus tax on these schedules: |7 per cent of the first 10 per cent {of the amount of corporate income

retained in excess of 60 per cent of

! fund.

. which a modifying amendment

' undivided

| House conference committee filed

| Walsh and George have won new

£2.50 William Oil-O- Matic { Zenith

undivided profits from taxation. Ad-!

that such an exemption,

Agreed on Compromise The President proposed that the

- gH con- | pi Ar

TREND OF FREIOHT CARLOADINGS Weekly Average by Fortnights

Administrative and Research Corporation -New York |

a he 4 Ad | i JAN. FEB. MAR APR. MAY JUNE JULY AUG SEP OCT. NOV. DEC

New York Stocks

{By McKinnon)

Thomson & High. Low. Amusements— Crosley Radio. . ! Loews Inc Paramount Raglo | Core

20th Cent Fox. Warner Bros ...

Aviation—

2415 8'a

11%

| Aviation Corp ..

Jdeing Aireft

Curtiss Wright . | Curtiss wrizht A

Douglas Air Nor Am Av .... Corp Lines

tinuing instead of a temporary levy. Un Aireft Sx 34 It was to be substituted for existing | Trans Ctl & Wes

{

corporation income tax, capital stock |, i tax and excess profits tax, to pro-! Barber | vide a net tax increase of $620,000,- | Holland Furnace | John Manville :

000 annually. After Senate and House passed | different bills, conferees agreed on a compromise—which became the | law—as follows: 1. Corporation income tax, a graduated levy from 8 per cent on the first $2,000 of income to 15 per cent

2. A graduated undivided profits

retained; 12 per cent of the next 10 per cent of income retained; 17 per cent of the next 20 per cent of income retained; 22 per cent of the next 20 per cent of income retained; 27 per cent of the amount of income

total income. Recalls Bitter Opposition

Objection to this form of taxation rested principally upon the contention that it penalized the business, big or little, which for any reason was in the process of building up a surplus or “rainy Nay™ |

The Senate request for data upon

might be based recalls the bitter | minority opposition which accom- | panied the bill through the Senate. Two of the Senate conferees, Da. |

F. George (D. Ga.),

which said the whole plan of taxing | corporation profits was | “utterly unsound in principle” and “disastrous in application.” Three Republican members of the!

a similar minority report. There are indications now that Senators

Senate support against the undivided profits tax although thers is no assurance of action at this session.

Chicago Stocks

(By Atkins, Hamill & Gates)

Adams Manufacturing Advance A Allied reas Asbestos Manufacturing Athey Truss Wheel Bastian B r

Be Bro

Cord Cor Dayton bber Electric Qusehold © Field, Marshal General Household . WwW B

d Tube Libby McNeil & Libby. Loudon Packin

Noblitt Sparks . Northwest Band Corp TE Public Serv North mNP... Schwitzer-Cummin Standard Drudge ota Sundstrand Machine Utah Radio Prod .

New York Curb

(By Atkins, Hamill & Gals)

Aluminum Co of America ... American Airline .

Consolidated Conper Detroit Grey Iron Eagle Picher Lead Electric Bond and Share Ford Motors Canada ‘A’ General Tire Greenfield Tap and Die Gulf Oil, Penn «+ 58 Jumble Oil and Refining Co.. Hygrade Food 5

Nora Rubber Niagara Hudson Power Root Petroleum . Rustless Iron ana Steel Standard Oil of Onie “ei Stutz Motors ...

Money and Exchange INDIANAPOLIS STATEMENT Clearing: Debits 10,773, TREASURY STATEMENT

(By United Press) WASHINGTON, March 17.—Gove PR and Se for, the current i u arc with a year a San

- ld OF rea

INDIANA LAW SCHOOL

(Of Indianapolis) Established 1894 DAY AND EVENING DIVISIONS - Write or oul Segisita State Li 1

sales, carlo ts | ; shipments,

are

Libby Otis Elev Warren Bros ....

Air Reduction | Am Com on Ton0L 330

i: Du

Br Westingh Elec

Adams Exp . Allegheny Corp. . Am I Ci

Transamerica. .

| Armour Armour $57; pid. 9801

Corn Prod ..... Crm of Wheat . Cuban Am | Gen Bak vid I. Walsh (D. Mass.) and Walter | Gen Foods ... ‘ filed with the! | Heck "sugar .... | Senate a minority conference report | | Nail Std Brands Swift { Un Biscuit ; United Fruit Wrigley

Allis Shamers “"

an 1 Am Mach & Pdy 272 Briia Man Tr..

an Caterpillar Teati 2 Cork . 847%

McIntyre ta

Timk Det Axle Timken .

Building— nm Radiator OE Co : a 74 "148 © Owens Gis 71 40%

Chemicals— . 14,

Col Carb . Com Solvents vee 193 Pon 1632 Breeport Tex ... 28% Liquid Carb .... 53!; Monsanto Chem. 94

Am Home Prod

Drugs—

Bristol en “ee Lamber

Walgree Un

TUE (new).. ERdipenises

am Suet] Fdy..

5312 1482 Financial— vee 23 5 17

i 603% fom Invest Trust 7014

Lehman (13412

Corp .. 1612

Foods— 34

rden Prod 2%

Can Dry G Ale. Coca Cola Bak

ont “A». .'3 6!

Sug ing

Biscuit ....

t 00.+-1-

Household—

Col Pal Peet....

S nc Simmons Bed.

Miscellaneous— 89

914

44 Conti Can 61 =

Crown C Deere & Co .. 131 Basuman Kodak 165% i

Glidden

Ingersoll Rand . Int Bus Mach... Inter Harv 07 Owens Bottle ... Rem Rand . Worth'ton Pmp. 43

Mining—

Alaska Jun

Isl Creck Coal... Kennecott Cop .. 66a

Mine. « 40% sane 8)

— NN Hoe NOD

White Motors Yellow Truck .

Motor Access—

CDs pa BD Wt 30 OO pes BY

Nan

WLI aN

CID Ty rt et CII BD a

IIIA is uh Ga en SD SA 13 BIRD et Ba a 5D et et CVO 1 BD

DL com a

Ro! Oils— Amerada .. 1 Rf

[= — D>

ouston (new)... id Cont Pet.. o Oil hillips Pet ... lymouth Oil.

Texas Corp .. Tidewater Assn.. Un Oil of Cal

Ruilbe Atchisi Atl Const Lines. .

343% 331,

— TICKET ORDERS

2 | Am

? | American Business Shares ..

11:00 | High A. M. Close | Gt Northern pfd oh, I Central . 37

C Sou Fehigh

Low

Valley

* to 120 pounds, | to 110-pound

| Reaaing | Sou Bae ria esee i Sou R Sahshe Unton Pac “anes Wabash West Mary land . Retail Stores— Allied Stores Assd Dry Goods Best & Co First Natl Stores 5 Gimbel Bros .. Gd Un Tea oe Kresge, S S .... Kroger Groce

eid Marshall Field: “ Mont Ward .... 68 Natl Tea

Sears Roebuck 8 Woolworth § Rubbers— Firestone Goodrich Goodyear U S Rubber U S Rubber pid’ 109% Steels— Am Roll Mills. . Beth Steel .... Byers Cruc Steel | Inland Steel ... | Ludlum Steel...

411, 013

Otis Steel Rep Iron & Sharon Stasi & Fdy 6

3 . 193 Youngst S & T. 95% Textiles—

Amer Woolen ... Celanese Corp.. Collins Aikman... Incus Rayon .... Real Silk

Tobaccos— Am Sum ™, ‘es

227s ‘Stl 4513 a) s

121% 34

Philip Morris - Reyn Tob "B’.. Utilities— Am & For Pwr... |Am Pwr & Lit.. AT&T. .... Wat Wks

| | { | | ! | |

| | | | { |

Prev. |

| | |

| 160-pounders | 155 pounds

| | |

sl 1 | (1100-1300) 8 |

| Peoples Gas _... Pub Serv N J .. | So Cal Ediscn .. | Std Gas | Stone & Webster 2 ynitee Corp ....

Bed BUC 3d DLT

} 33s . 87:

-1

ii i New Bond Issues

(By W. L. Lyons & Co.)

Bid. Ask. 2 90}

Argentine Rep 4s Ass’d Tel 4s '65 Atl City 3'as "64 B & O 4'>s '39 .. Calif Oro Pwr 4s '66 Delotex 4'2s 47 Cent Maine Pwr 4s’ Cent Maine Pwr 3'2s '66 Cinti G & E 3'2s '66 Cudahy Pkg 334s '55 Cudahy Pkg 4s '50

Dom Canada 3s '6 Elec Auto Lite 4s Great Nor 33s 67 . ante & Pwr 3's '66 ..

103 96343

952

103

Koppers Co 4s '51 . Kresge Foundation 312s 47 Los Angeles Rev 3 Louisviile G & Mengel CV 42s '47 Metro Ed 4s '65 Narra Elec 3':s 66 N ¥ City 3s '7 eet N Y State Elec Gas "4s '88 .. Norway 4s '63 Shis & dison 33s Okla Ss aes Okla Sal & E Inc 3%s 68 aes

| Otis Steel 4!:s 62

Pac Lighting 458 45 Sou Kraft 4'as '46 “ Wise G &

Wisc Pub Serv 4s

gb Servas SY... 10314 Investment Trusts (By M. P, Crist & Co., Inc.) y Bid 20.64 12.02 1.35 37.51 24.00 27.80 3.86

Ask 21.96

13.12 1.48

| Administered Fund 2d Inc .. | Affiliated Fund Inc

*Broad Street Invest Corp... Bullock Fund Ltd Century Shares Trust Corp ‘AA’ or ‘Accum’ (mod.) Corp ‘AA" or ‘Acc’ (unmod.) Corp Trust Shares (orig.) _ . *Divarsified Trustee Shs 'B’. Diversified Trustee Shs ‘C’.. Diversified Trustee ay ‘D’ Dividend Shares got tors ‘Inc . 35

25.78

“Fundamental Inve General Capital Corp . General Investors Trust Incorporated Investors ...... Market Street vest Corp. .e Maryland Fund Massachusetts RA Trust Mutual Investment d 18 *Nation-Wide Voting North American Tr Shs 1955 North American Tr Shs 1956 North Amer Tr Shs (orig.).. Quarterly Income Shares . Selected Amer Shares Inc .. Selected Amer Shs torig.).. Selected Cumulative Shares Selected Income Shares .... State Street Invest Cor 00 Supervised Shares Inc ( el.) 5 82 Trustee Am Bk B ‘ 00 Trustee Standard Oilshs ‘A’. 8 37 Trustee Standard Oilshs ‘B’ 7.89 *Ex-Dividend.

BEMIS LETT

TYPEWRITTEN LETTERS AUTOMATICALLY TYPED ADDRESSING & MAILING MULT GRAPHING STENCILS GUT MIMEOGRAPHING RULED FORMS UF TO 14 X 20° TWO NOTAR a:

ACCEPTED NOW —

300-MILE RACE - MAY 31, 1937

TICKETS READY FOR OLIS MOT

IMMEDIATE. DELIVERY

40.12 |

303-307 Merchants Bank Bldg. LI-612:

. { (1300-1500) 8

PORKER MARKET

UP 10 CENTS ON | ~ BETTER DEMAND

Lower Receipts Strengthen Prices on All Classes; Cattle Active.

Responding to a better demand from lighter receipts, hog prices today at the Indianapolis Union Stockyards were generally 10 cents higher. Receipts in 11 packing centers today were 45000 compared with

| 62,000 last week. Local receipts were { 4000 with 198 holdovers.

Packing sows were $9.10 to $9.60, top, $9.70. Weights of 160 to 130 pounds sold for $10.25; 180 to 200pounders brought $10.30; 200 to 210 pounds, $10.35; 210 to 225 pounds, $10.30; 225 to 235 pounds, $10.25, and weights of 235 to 250 pounds were

$10.20. Vealers Steady to Higher Weights of 250 to 260 pounds brought $10.60; 260 to 275-pounders were $10.10; 275 to 285 pounds,

$10.05; 285 to 300 pounds. $10; 300 326 to 350 | | pounds, $9.90 and weights of 350 to |

to 325 pounds, $9.95; 400 pounds were $9.85. In the lighter divisions, were $9.85; brought $9.60;

150 to

[150 pounds, ®$9.35; 130 to 140 pounds, 110 | $8.60 and the 100! | Kokomo Water Works 5s

$9.10; 120 to i30 pounds, $8.85;

class was $8.35. The cattle market was active and strong on most killing classes. The

to $11.50, top $12.25. Most heifers went at $8 to $9. Common to medium beef cows brought $5 to $6, the cutter grades, $3.75 to $4.75. Receipts were calves. Vealers were steady to 50 cents higher and the good and choice kinds ranged from $11 to $12. With hardly enough sale to make a market, prices were quotable steady or $13.25 for the | strictly choice grades. sheep were steady with the bulk of the good and choice slaughter ewes ranging from $6 to $6.75, top $7. Receipts were 500.

Top $10.10 10.20

11. 9.95@ 10.30 Light Lights— 1140-160) Good and Medium Lightweights— (160-180) Good and fTedium (180-200) Sood and Medium Medium Weights — (200-220) Good 1220-250) Good Heavyweights— 1250-290) Good (290-350) Good Packing Sows— (275-350) Good 1350-425) Good (425-550) Good

$ [email protected] 8.60@ 9.95

9.95@ 10.30 [email protected] 10.154010.35 [email protected]

[email protected] 10.132 10.50

[email protected] 9.85610.00

choice

choice...

“choice. .

choice. . choice...

and and

choice choice. .

and

(100-140) Good and choice. .

Medium CATTLE —Receipts, 1500— Choice Good Medium Common

(550-900)

(900-1100) Good . Medium Common Choice Good ..... . % Medium [email protected] Choice 1: T5@13. 5 Good 2512.75

(500-750) ‘medium. Good and choice . Common, medium Cows

(750-900)

Good .... shui Common and medium .... Low cutter .and cutter.. Bulls, goo Cutter, com. cian bas Vealers — Receipts, Good and choice Medium . Cull and medium ...

..$10.506012.00 [email protected] 5.50@ 9.00

(250-500) Good and choice .$ 6.50@ 9.00 Common, medium. 5.00@ 6.50

Feeder and Stocker Cattle

(500-800) Good and choice .$ 6.50@ Common, medium. 5.50@ (850-1050) Good and choice . 6.50m@ ommon, medium. 5.50@ Heifers—

8.5 6. 8. 6.50 Good and choice 00 7.60 4.75@ 6.00 SHEEP AND LAMBS

—Receipts Lambs— pts, 500—

wes— 190-175) Sond and choice . mon, medium

(Shee and’ Rs 0 basis) p quotations bo pI

Chicago Grain Futures (By James E. Bennett & Co.)

:00 Prev.

11 High Low A. Close

1.37 1.22% 1.20

1.08 7

A441 42 1.00%

1.03'2 96%

1.543%

1.52 1.51%

COMMODITIES

Orders Executed in Futures in all Commodity Markets

PRIVATE WIRES

W. L. LYONS & CO.

Estab, 18%»

MEMBERS:

New York Stock Exchange, New York Curb. Chicaro Stock Exchange, Chicago Board of Trade.

40 N. Penn. St. LI-6563 Russell McDermott, Mgr.

155 to |

140 to | | Ind Assoc Tel 4's

bulk of the steers sold for $8.50 | Ribmbad 3 3

{ TH Trac & L 5s ’44

1500 cattle and 500 |

| xInd

lambs on

Slaughter | N N Ing

Receipls 5500 |

New York Bonds

(Reprinted From Late Times Yesterday) DAILY BOND INDEX (1926 Average Ratals 100) 2 20 60 Ss, Ralls Utils. Bonds 5 X 103. 3x 98. x 103.7 98.5 104.4 99.5 104.9 99.8 1049 96.2 106.0 100.7 103.7 98.5 1937. by Standard Statistics)

Today ........ | esterday 93. | geste BRO «..uun § Month ago Year ago . 1837 high 1937 low

xNew Low (Copyright, By E. 8S. Moseley & Co.)

U. S. GOVERNMENT BONDS Treasurys

Fail FARM MORTGAGE CORP. 104.30 103.24

Local Securities

(By Indianapolis Bond & Share Corp.)

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

H Tel & Tel Ft W 6s '43 '61 Indiana Tei Co 5s '60 Indpls Railway Inc 5s '67 Indpls Water Co 3'2s '66.. Dorstate Tel & Tel 528 "63. '58..10 Morris 5 & 10 Stores 5s '50... Muncie Water Works 5s ’65... Noblesville H L355 P_6Y28 '41. s '47 Richmond W W 5s ’57..... Seymour Water Co 5s 67 T H Water Works 5s '56.. T H Water Works 6s '49.. Trac Term Co 5s '57

STOCKS

Belt Railroad & St Yds co Belt Railroad & ‘St Yds pid Cent Ind Pwr pfd Ts . Home Tel & Tel Ft Wayne... Hook Drug Inc & Mich Elec Co pfd 7s. xInd 5 Serv Co Ind Gas Co Com ... Ind Hydro Elec Co Ts | xIndpls Pwr & Lit Co pfd 6s.. xIndpls Pwr & Lit Co hid 62s 98% | xIndpls Water Co pfd 5 104 Pub Serv pfd 5': os . Ind Pub Serv Co pid 6s N Ind Pub Serv pid Ts.... Progress Laundry Co . Pub Serv Co of Ind 65 -+.vr.4s 33 Pub Serv Co of Ind Ts Terre Haute Elec Co 6s....... 109 Union Title Co com Van Camp Milk Co pfd Van Camp Milk Co com XP R Mallory Co cCOm...ovsee. xEx-Dividend

Other Livestock

(By United Press)

CHICAGO, March 17.—Hogs—Receipts, 12,000, including 4500 a market generally 10@15c¢ higher; good nd choice 200-300-1b. averages, $10.15@ 10. 30; $10.35; comparable 150-190 1bs., 10.25; few common and medintg igs, oe 8.25; bulk packing sows, $9.5 , PIE Cat ttle—Receipts, 8500: a. recei 1500; long-fed steers and . active at advance; steers; several Sia ". .25; best yearlings selling at $14 85; shippers and order-buyers working freely from $6.50 upward; common and medium grade steers firm to 25¢ higher; weighty kinds showing most upturn; feeders 25c¢ higher in sympathy with fat steers: heifers firm: cows steady to strong: bulls firm, vealers steady to 25c¢ higher; weighty shipper kinds showing advances on preEaster trade in selling up to $11 Se aeceIntS, 4000. including 500 direct, about 50 per cent fat lamb supply from Colorado; few opening sales around steady at $12.78@13: practically no strictly choice handyweights offered; fat sheep strong to 23c higher: off lot choice handyweight 0 up to $7.75; few head lightweights to $8. LAFAYETTE, Ind. Market, 10c higher; pi 200-225 1bs., $10, 10@1 3. 9010; 250-275 lbs.

March 17.—Hogs— s. market steady. 20; 225-250 1bs., [email protected]; 275- 325

Gown; $11.50 down; 3 down, FT.- WAYNE, Ind., March 17.-—Hogs— Market steady to 10c higher; 200-225 lbs., $10.20; 225-250 lbs $10.10;

calves, lambs,

$8 75; stags, $7.50; calves.

5: S, Jamba $12 es Special) LOUISVILLE, March 17.—Cattle—Estimated receipts 350, iucluding 175 billed direct: all killing classes fully steady; indications early clearance: part load low, good grade around 850 lbs. fed yearling steers, $9.50; several lots in plain and medium flesh, $7.50678.50; best fat cows, $7; cutter grades, [email protected]., Stocker Supply light: most sales this week, @"7.50. Calves—Estimated receipts, 250; vealers in lig ht supply: market strong: instances 50c die on better grades: selects, $11.50; k good and choice. $10@11; others down nd below. Hogs—Estimated reod "800.

including 310 direct; mostly 10¢ higher than T

$11;

market uesday precuce] $10. 25; part load, $10 30: Buk. 170- 260 . underweights down 50: sows, $8.75 down. RE Snatty receipts, 50; few head good grade old crop lambs held above £12; otherwisse trade confined few head plain around $9@10; not enough here to test values. Receipts Tuesday: Cattle, 108; calves, 257; hogs, 971; 7 Shipments Tuesday: Cattle,

sheep, 1. 58; calves, none: hogs, 266; sheep, none.

LOCAL CASH MARKET

City grain elevators are paying $1.33 for No. 1 red wheat. Other grades on thelr merits. Cash corn, new No. 3 yellow, $1.02. Oats, 44c. Hay—No. 1 timothy, $13.50@14; No. 1 clover, $15@$15.50; No. 1 alfalfa, first cutting, [email protected]; second cutting, $17.50@ 18.50.

Prev. Close 103.24 102.26

3s 1042-47 .... 2348 1949 ... MESTIC Today's Bond JOMEST

Gt Norths G 4s '4 133 Montana Power 3048 168 sven N Y Cent 6s 20 Portland G E 4!2s '60 Rep Steel 4'2s ’50

Alleg Corp 5s Allez orp 5s ’49 rgn Pow 5s Am Te & Tel 5Y; rm & Co Ad Coast Line 4s Atl i Line os 54 Ach 1 & 8S

44 L...ee000e 98% 93}

t P 5s '715 Chi Milw & st P 5s_2000 Cleve Un Term 5s ’13

Bi Colorado & So 4'as '80 .. Chi & West Ind 4s '52 ........ Chi & Nor West 4%s gg lo! Container Corp 6s '4 ConGas 43s ’51

Grt Northern “G' 4s Grt Northern “H' 4s’ Grt Northern 4'as '77 Gen Stl Cast WW 5128 '49 .... Hud & Manhat Ref 5s '57.... 111 Cent ‘66 Ill Cent . Ill Cent 5 3s i sarin Interboro Rapid Trans 5s '68 . Interntl Hy Elec 6s '44.. ..... Internt] Tel & Tel 4'2s '39.... Interntl Tel & Tel Bs '55 “iia Interntl Tel & Tel 45s '52.... Lehigh Valley 4s 2003

Micke] Plate 514 2S 74. N Y Cent 5s 2013 .. N Y Cent 4'us 2019 (old) N Y Cent Conv 6s '44 Nor Amer Co Nor Pac 3s Nor Pac 6s 2047 ... . New Orleans Terms 4s Penn Ry 4s '63 Penn Ry hs 84

Penn Ry 334s '170 Portland Gen El 4's '60. Para Publix 6s ’'35

Ran AS Shell Union Oil 312s '51. Socony Vac 3'.s ’'50 Sou Pac 44s '68 Sou Pac 4'2s 81. Sou Pac 4s '49... Sou Sou Sou

S 3 nr NY NH & Hart -6s '48 NY NH & Halt 4'2s '67 Warner Bros 6s '39 Western 3 oon ®5s ’60 Youngstown oS & T 4s '81..... Youngstown 8S & T 3'»s '51. FOREIGN Argentina A 6s '57 Australia as *56. . Brazil 8s’ Canadian Got 4s "60 x 3s a

YEAR’ ear TOTALS $4,975,888

Times Special BOSTON, March 17.—Net working capital at the close of 1936 was $3,525,089, and net income for the year amounted to $4,975,888, the Gillette Bafety Razor Co. stated today. The company reported this equal to $1.72 a share of common stock, compared to $1.51 shown for 1935.

Unlisted Stocks

(By Blyth & Co.)

Bankers Trust Cha Central ‘Hanover .. Chemical ..

First National Boston Guaranty Irving Manufacturers National City

FIRE INSURANCE Aetna Fire Insurance American of Newark Baltimore American ederal

Great eR Insurance .... Hartford

Phoenix National Fire . National Liberty soe North is

SAFE DEPOSIT BOXES

Reasonable Rental

Security Trust Co. 130 E. Washington

CARRIERS PLAN EARLY PARLEY ON PAY BOOSTS

Increases of Approximatel $360,000,000 Will Be ‘ Discussed.

By CHARLES A. DONNELLY

Times Special Writer NEW YORK, March 17.—Conferences between representatives of railroad labor and officials of the in= dividual carriers to consider proe posed wage increases of approximately $360,000,000 will begin the latter part of this month, it was pre=-

dicted today in transportation circles. No conference has yet been called, but the end of March will complete the 30-day period by which time meetings between the two parties must begin after formal demands

4 | have been served on the carriers.

The Louisville & Nashville, one of the most prosperous of the carriers, will, ,in all probability, be the first road called upon to deal with its employees relative to an advance in wages amounting to 20 cents an hour. The L. & N. was the first road served with the demands, and its time period under the Federal law naturally will be the first to elapse.

Demands Are Different

The sixteen unions, exelusive of the Big Four, are asking a 20 cents an hour rise and are the only one which have to date served notice, The Big Four is seeking a flat 20 per cent advance, It is generally expected that the carriers and the unions, after prolonged negotiations, will finally reach an agreement on an increase ranging from 5 per cent to 8 per cent. Based on wages paid in 1936 of $1,800,000,000, as complied by Dr. Julius H. Parmalee, director of the Bureau of Railway Economics, an 8 per cent increase would amount to a rise of $144,000,000, while a 5 per cent advance would mean an increase of $90,000,000.

Initial Rejection Seen

Well-informed railroad authorities do not expect that the increases will go into effect before the latter part of the summer or early fall. The individual roads will, in all probability, reject the demands of labor, which will be followed by a request for conference of representatives of all the carriers and delegates from the unions. In addition, labor is asking for a guarantee of full employment for ail regularly assigned forces and a guarantee of two-thirds of full time for all stand-by forces, those employees subject to call for duty at any time. The labor group sought to have a national conference at first, but the railroad executives apparently are sticking to the provisions of the law, which first calls for conferences by individual carriers.

BARGAIN RIL]

SPECIAL ROUND TRIP FARES

From INDIANAPOLIS Saturday or Sunday, March 20-21

$4.75 ST. LOUIS

Leave Indianapolis 11.20 pm, Saturday, 2.28 am, 7.30 am or 8.20 am, Sunday

$3.00 EFFINGHAM Leave 2.28 am or 7.30 am, Sunday

$1.75 TERRE HAUTE

Leave 7.30 am or 8.20 am, Sunday

Every Saturday or Sunday (Except March 27-28)

$6.50 PITTSBURGH Leave 8.40 pm or 11.00 pm, Saturday

$3.75 COLUMBUS $2.25 DAYTON

$1.50 RICHMOND Leave 8. 40 Im or 11.00 pm, Saturday 6.30 am, Sund day

Every Sunday y Morning (Except March 28) $2.50 LOUISVILLE

Leave 4.05 am or 8.20 am, Sunday

Returuing leave destinations Sun. Night Coach Service Only

Phone Riley 9331

PENNSYLVANIA

RAILROAD

Member Federal Home

A “Fletcher Avenue’’

‘Variable Interest’ LOAN

May Reduce the Cost of Buying Your Home

Because a

"Fletcher Avenue"

HOME

Loan Bank System

LOAN Gives

the BORROWER the benefit of a possible LOWER

interest

rate,

based upon the

security offered

Such a loan may make possible a substantial interest saving over a long loan-payment period . .. and you deal personally with loan headquarters, here at home! Prompt service assured. Closer contact,

Also You SAVE the Expense of Fees for Mortgage Insurance and Service Charges

$500,000 Available for Loans on Indianapolis Homes

Reserves Over $1,000,000

Money Invested in Fletcher Avenue Shares Participate in Dividends Declared From Date of Investment

Fletcher Ave.

PER ANNUM DIVIDENDS HAVE BEEN PAID BY FLETCHER AVENUE SINCE DEC. 31,

1935

Saving & Loan Assn.