Indianapolis Times, Indianapolis, Marion County, 24 March 1937 — Page 22

rr . * Ar

Rail Pay Up 12 Per Cent :

Total compensation paid railroad workers dur= ing 1936 was $1,8,8,,98,422, an increase of $205, 284,308 or 12.49 per cent over the preceding year, according to the Interstate Commerce Commission.

0IL-PRODUCING

Trends

Taxation Is Kindest Policy to Use,

* 4

oe ¢ Abreast of The Times on Finance

MARCH 24, 1937

WEDNESDAY,

PAGE

Elynn Says. eee By JOHN T. FLYNN

EW YORK, March 24.-—The question of new and more taxes comes up again. Are not taxes heavy enough? Why should anyone at this point want te impose new taxes? There is a good economic reason. The broad principle may be stated thus: That no government should ver engage in borrowing without a tax program which is an integral part of the borrowing program. Consider what happens when the Government borrows money to spend it. When it borrows a doilar and then spends that dollar, say for relief, the man who receives it promptly spends it. In other words, within a week or two after the dollar has been received by the man on relief it is in the hands of merchants. It not only aids the man on relief to buy food, but it furnishes the merchant with business and profit. He now uses to pay wages and buy goods. ® » ‘= HE dollar moves on irom employer to employee and continues to circulate, making business while it goes. But a time comes when the dollar fails into the hands of some man who decides to save it vather than spend it, who earmarks it as a part of his permanent capital savings. | Thereafter this dollar's career as a spending dollar is ended and | thus the dollar which began its career as a relief payment to a starving man, ends up as a part of the accumulated wealth of some other man. The seriousness of this lies in the | that the Government does not | but bil- |

Mr. Flyan

13aCH borrow and spend a dollar, lions of dollars, and that billions of dollars which began as relief | paviments to unemployed workers | are now part of the capital accu- | mulations of wealthy men. The effect of this is that borrowing monev and spending it to help the poor, while it achieves | that object in its first phase, in its | next phase adds to the accumulations of wealth, which is one of the reasons that there are so many poor people in the first place. | When, therefore, the Government borrows a dollar to spend for any | purpose, it should have as part of its policy some plan to recapture {hat dollar when it ceases (0 he a spending dollar and becomes an accumulated savings dollar. = = = HE nearest approach the Government can make to this is to capture these dollars in the hands those who have large mcomes from $5000 up. If the Government does this, the dollar having been recovered by taxes can be used again to spend aga for relief or, when that is no longer necessary, to pay off the it the Government does not do this these relief dollars pile up in the savings accounts of people with good incomes and remain idle less they are invested. Unfortunately it is now too late te recover most of these dollars for they have passed into the capital savings of people—billions of them. They cannot be reached save by a capital levy. However, other billions of them are still floating about in the | stream of expendable income and moreover, the Government is going to do more borrowing and spending. Therefore, according to this theory, it should at once set up a carefully calculated tax program to recapture all of these Government-borrowed and spent dollars by means of income taxes on incomes from $5000 up This will seem harsh to many men to be sure, but in the end it will be the Kindest policy for them. Copvy 1937 NEA Service, Inca

Fr wits and V ‘egetables

ions below, subject to change, are | wholesale ces being orfered “to 1 commission dealers.) California Avocados, ’ as, selected. 1b. s, 212 inches up, | X 15> inches up. 2, inches up, 32. $7.50. Limes, Mexi“Grapet ruit, Texas | $3.35. No es, California, | 25.50. Pineappi les, 30s, | 1 Cy Florida, pt., 22¢ Beans, Florida striu gles. homegrown n. bu. | crate, Briccolt

ain

joan

fQuotat

pri

20s |

128 G4s- 0s,

. Beets, 3-doz

| largest with 756 per cent.

1 Setye Suiting Sas

| prices, or a recession in

$1.34 for

new No. 3 yellow, . | Hay—No. 1 timothy, $13.50@14; No.

{ Ohio Tel Serv 6s Be F

RAW MATERIAL Retail Sales Run 12 to 20 Per Cent Above 1936 |

PRICES LIKELY TO RISE HIGHER

‘Finished Products May Be

Advanced as Result, Service Holds.

| Times Special NEW YORK, March 24.-—Basic | commodity prices, despite recent boosts, are likely to go higher, with | a probable advance in finished products, according to Brookmire Eco- | nomic Service. The report points out, however, that while the outlook continues io favor higher price levels, the possi- | bility af overspeculation and over=- | buy ing for inventory, which is capa- | ble of producing temporary set- | backs, should not be overlooked.

Of the 20 basic commodities un-

{der review in the survey, Brookmire

| repor ts 10 of them are now higher m | price than in 1929, the peak year of

the previous economic cycle, Range to 756 Per Cent

arse on Seas hr ntion- Hono. 130 | | { ! 20

" >

£8 28

- So >

Sitt any of Dotigre 3

a # BF

1929 30 3 3 3 WM BS | consumer purchasing power, brought about by the | following factors: 1. An increase of 16.7 per cent in industrial production which resulted in a rise of 6.6 per cent in employment. 2. An advance of approximately $6,000.000,000 in wage and salary payments. 3. Distribution of close to $4,000,000,000 in cash dividends, or 40 per cent above the previous year. 4. A rise in farm income from $8,500,000,000 as a result of higher crop prices, benefit and relief payments. 5. Bonus a and continued Federal unemployment aid,

Continuing the upward trend of the past year, sales of the major divisions of retail trade are | currently running 12 to 20 per cent above a year ago. | Total value of retail sales during 1936 rose to $37,900,000,000 (estimated), or 14.2 per cent over 1935. According to the accompanying chart, this represented the highest point since 1930, but was still 23 per cent below peak levels of 1929 on a dollar basis. But allowing for differences in price levels, the volume of goods sold was only about 4 per cent lower than in 1929. The advance during the past year may be attributed to the continuing gain in

New York Stock Exchange Prices

11 Mi

(By Prev,

{ | |

Sugar shows the smallest percent-!

| age gain from the depression lows! RK the | 20th Century Fox !

Eight of |

with 37 per cent, and rubber

| the twenty commodities show rises

{

in excess of 200 per cent, seven show

| increases between 100-200 per cent! | and five show gains of less than 109! | per cent. The rise in basic commodity prices has eliminated the abnormal spread | between raw materials and finished product prices that prevailed for | the most part since 1929, the report i said. In fact, the survey showed, in many cases raw materials are now higher relative to finished product prices than in 1929. Pig iron price,

| for example, is now 40 per cent of

: the price of finished steel whereas in 1929 it was only 36 per cent, Brookmire said. In the accompanying table are

| shown the movements of prices of | certain finished products and their | principal raw materials,

from the vearly average of 1929-1932 and from 1932 to date:

Price Movements Listed

«Percent Change— 1929 to 1932 to 932 Finished Sorel Cumpusite <- 33. Pig iron crab steel . Tin Plate ........ Tir

Rubber Tires Tv ubber

+4 - a © >»

- Bn or DOr a

L.LE3

NS TO et Yk PIT pk tt BCS Dy et uD pa

! pt SEAR e

: - 170. 5 The Brookmire report pointed out, in connection with the foregoing ex- | amples, that changes in basic commodity prices have been of such]

SruBISAwDIOw

magnitude as to foreshadow either | Armour ....... finished product | Borden Prod

a broad rise in raw terials. It adds, however, that a of stability could be effected in both for a short period of time with a heavy, but evenly balanced, volume

{ of sales.

LOCAL CASH MARKET City grain elevators are paying No. 1 red wheat. Other | grades on their merits. Cash corn $1.04. Oats, d4c

| 1 clover, [email protected]; No. 1 alfalfa, | first cutting, [email protected]; second cut. ting, [email protected].

MATURITIES ANNOUNCED Times Special NEW YORK, March 24—Corporate bond maturities during April will total $21,178,900, according to

| the Standard Statistics tistics Ob.

Local Securities

(By Indienapolls Bond & Share Corp.) The following quotations ao not represent actual bids or offerings. but merely indicate the approximate market evel sed on buying and selling inquiries or ay, transactions

BONDS

i Citz Ind Tel (TH) 4s | H Tel & Tel Ft W 6s "a3 Ind Assoc Tel 4'cs "65 . Indiana Tel Co 5s '60 . { Indpis Railway Inc 5s "67 Indpls Water Co 3'cs "68. . Interstate Tel & Tel 5's 63 . Kokomo Water Works 55 "58 102 Morris ® & 10 Stores 5s '50...100 Muncie Water Works 5s "65 ..103% Noblesville H L & P 6lcs *47..103 100

Richmond W W “ay oe eymour Water & 5s “6% .... TH Trac & L § { T H Water Works 5s "56 ' T H Water Works 6s *¢9

| Trac Term Co 5s "57

. Ce lery. 4s-65-10s.

a 0:

Mammoth, crate, $3.75 : . $1.25. Chives. doz

Ap Po Mount ans 100- ib. “bag. ‘$3 25; $3.90: Michigan Ruralis, MecClures, $3.65: Florida, 50-1b box, $2.40. Rutadbagas, ian, waxed and tagged. $1.10. Sweet toes, Tennessee, Nancy Halls, ham) per, Radishes, buttons, hoth ouse, e, 40c. Rhubarb, hothouse. No. 1 on, 60c. Sage, doz.. $5¢ Spinach. $1. Shall ots, 2... 100. $1.3). Th

roi 0 10-1b Pasket.

e Green 0 Russets, , Colorado Triumphs

repacked "$1.40@

(Bv United Pres ad AGO, OR arch h 14.--Apples ' i Sweet $2.50. ings. 26 3. 25 s. $125@ 1.40

STOCKS XBelt Railroad & St T pfd Ts Home Tel & Tel Ft Wayne. . | XHook Drug Inc | XInd & Mich Elec Co pd 7s | XInd _Gen_ Serv Co 6s .. Ind Gas Co Com . | Ind Hydro Elec Co Ts ¥4 { XIndpls Prw & Lit Co pfd 8s . § xIndpis Pwt & Lit Co pfd 6s . 8 XIndpis Water Co ala 5s IN Ind Pub Serv Co pid 2 | N Ind Pub Serv od ie IN Ind Pub Serv pf | Progress Laundry .e | Pub Serv Co of Ind 6s .. Pub Serv Co of Ind Ts ... | Terre Haute Eile Ge Co 6s .. | Yuin Title Co 2 Van Camp Milk So oid... { Van Camp Milk Co com XP Mallory Co com xEx- Dividend

Rn Money and Exchange

INDIANAPOLIS ia | Debi rings

TREASURY STATEMENT (By United Press)

i |

ma- { Cont { Corn Prod

measure Gen Baking

" Servel Inc

| Crosley ; { Loews Inc x. 161%

| West

613% | Caterpillar Tract 93

0 Ue | § Studebaker

NON, OH vv vn 3 1 ‘ { corp . 9; ,

Thomson & McKinnon) Prev

High Low 11 a. m. Close Amusement{s— Radio

High Qen {ral . 345g Sou van 2614 Eh “Valley .

Close ! ISO of NJ { Texas Corp Tidewater Assn | Un Oil of Cal Rails— Atchison Atl Coast |B & O Can Pacilic Ch & Ohio | Chi & Gt W

2334 = 2333 111% 8% 365s

vy Warner Bros Hav *" ” Aviation— Aviation Corp Boeing Aircft Curtiss Wright Curtiss Wrght “A’ Douglas Air ... Nor Am Av ." Sherry Qorp. ... United Air Lines 2 Un Aircft New Trans Contl & wi Building— Am Radiator ... Barber Co ‘ Holland Furnace: Lone Sta 7 Libby Owens Gls Otis Elev hho Us Gypsim wi iY

Chemicals— Air Reduction .. 312 Allied Chem 2422 Am Com on PS Col Carbor Com Solvents . ee Du Pont 107 Freeport Tex .. a oe 3T%

Monsanto Chem 90% Natl Dis (new).. 33% Schenley Dist ., 49% Tex Gulf Sulph 39% Hi Carbide . 105% U S Indus Aloonol ere

. 6 { pfd {CM & St Ppfd Dela & Hud ] Del Lac & W 8° Erie rhea uay 2 ) | 102 Erie pid .... . " 3113 3% 52 Gt Northern pid I ; 5 : 50% |

Chicago Stocks

“eo 4 (By Atkins, Hamill & Gis) | May ent. 1 Bt von 63

Mont Ward 0 { Penney J C “ 4 Safeway St ww 4 Sears Roebuck .. Woolworth 52% Rubbers

{ Firestone Goodrich | Goody: Sar U S Rubber US Rubber pid 104

| Steels— Am Roll Nels or

Advance Alum . Asbestos Manuf facturing “ Associate Investors “ Athey Truss Wheel Berghoff "ahh | Butler Brothers \ Central Illinois Publ Service. . Chicago Corp Cities Service .. Cord Corp Crane Co “ Electric Household’ . Field, Marshail “ EEN Great pus Dredge "AMARA, Katz Dn . Libby Mo Neil and Libby Lion Oil Loudon Packing Mid-West Corp Schwitzer-Cummins Swift International .... Waigreen

New York Curb

(By Atkins,

ORNS EST eR NO

EE on

40% 051%

TD CITB TUN 4 1D i <F

Amer Woolen Celanese Corp .. 33's Collins Aikman.. 5% Indus Rayon . 39% Tobaccos— Am Tobacco ‘A’ { Am Tobacco ‘RB’ | Ligg-Myers ‘B’ Lorillard ‘es Philip Morris Reynolds Tob ‘B’ siia | Utilities— {Am & For Pwr 11 | Am Power & Lit 12% kT «1702 a 1

Sot pk pk $319 as re ED LOUD 1D 1 08 FOB BENS J, 1

EIR re ww

Parke Davis Walgree: “vi Sterling | Prod .. Un Drug (new).

Fquipments— Am Car & Fdy.. 11% 50 Hamill & Gaten

Aluminum Co of America .... American Cynamid “B” ve Am Gas & Electric .. “ah Arkansas Natural Gas “A”. Barium { Carrier C Chicago Fi exible

9 82 101% a

Pullman Inc Air Br .. Westingh Blec Financial— Adams Exp .... 20 Allegheny Corp . 45 Am Int Corp .. 16% Cooper Bessmer Comm Credit 5912 5 ! | Dejay Stores Comm Inve, Trst 67% 7 Eagle Picher Lead | Jfehinan Corp .. 125 2 : : { rtric Bond & Share Transamercia . 157 | Ford Motors, Cains A" a General Tire . v's Foods— Gulf Oil, Penn 8 | Humble Oil & Refining Co.. { International Vitamin . | Lion Oil y { National Rubber . . | Niagara Hudson Power . Pan American Airways .. { Roct Petroleum . | Rustless Iron & Steel Segal Dock . Spencer Stores . Standard Oil of Ohio | Stutz Motors | Sunray Oil Tilo Roofing Twin Coach

New Bond Issues

(By W. L. Lyons & Co.) 3

[140% : Shaft .. Columbia Oil “eran Consolidated Copper .....

x " Am Wat Wks . Col Gas & Elec Comm & Sou | Consol Gas Elec Pwr & Lit | Interboro RT { Int T & . | Jom CG & BA Nat Pwr & Lit.. North Ame; | Pac G & FE | Pe oples Gas . { Pub Serv N J... | So Cal Edi son

x 23% 639 1 JR

STN UIES IIPS 1D I

— y BDA IIB WIND BWLD HIRE a0n Py

4014 243,

PN ENS eA

Dry G Ale.

Bak an

| Can

oF ra Wa Aad DN

Cuban 4 Sugar Ti

Gen Foods G W Sugar .. Hecker Prod Holly Sugar Natl Bisenit .... 3 Natl D Prod > S P Rico Sug .. 337 Std Brands 5 Swift & Co United FPruit ... Wrigley . Te Household—

Col Pal Peet Congoleum

xs of BD mt 1D in CHV CD 0D bh BD dt st *

C0 Cl ix OY ORI = UT U0 ND =F md RISB BO 1S Bn OY C3 19 st 1D

RWB D-INI TPIT «ID ¢

Wh CE

wo ER

| Stone & Webster | United Corp .... Un Gas Imp {Ut Pwr & | Western Union

- Other Livestock (By United Press) Ea : CHICAGO, March 24 -—Hogs—Receipts, tine Rep 4s verve B53 : | | 12,000, including 2000 directs; market now Atl City 3s "08 ovovvevonen 3, 961; | active around 10c higher than Tuesday; 8 & Oo des 39 | bulk good and choice, 200-320-]b. averSul, hit i Ry ages, [email protected]; top, $10.50, paid for | Cent Maine Pwr 4s 60 | 220-245-1b. weights; good and choice, 150Cent Maine Pwr 190 Ibs., mostly > oe 10.40; few pigs, $9@ Sn G “Ny 33% 9.50; strong weig packom Canada 3s | ing sows, $9.50 20.55. 9.85 Sie Aure Mie 4s ’ R better. » kK ireat Nor 33s '67 oy Cattle—Receipts, 7000; calves, 1500; RE RAE ag 8 Iles shippers and order buyers in market: R Pp . ya ors 35, . | operating freely at $12 sipwards on steers Rival : & Ales 65 with weight; trade, 25¢ higher, instances Loppers Co 4s '51 bs Sah more on strictly choice weight bullocks: Kresge Foundation 3 28 early top, medium weight steers, $15.5 Los Angeles Rev 3s "67 but prime heavies held at $16; es Louisville G G & E YW» loads, $13.25@ 15; highly finished yearlings, Mengel CV 4las 47 sarce; better action on all representative Metro Ed 4s '65 ; weight steers and yearlings grading comNarra Elec 3Vas_ 4 mon up to good, instances 25¢ higher, folN.Y City 38 "1 lowing Tuesday's weak close; fed heifers, N Y State Elec Gas 4s ’ steady; cows, scarce and slow, steady Northern States P 32s "67 bulls, firm; vealers, unchanged, mostly $8 . @9, with selected at [email protected].

ay 4s '63 Ohio Edison 3 ny ne. Sheep Receipts, 6000, including 300 diOkla G & E 4s 45 .h . rects; fat lambs, supply over 75 per cent Okla Gas & E “Inc 3%s from’ Colorado; opening trade, slow: indiOtis Steel 44s 62 ; cations about Steady: around $12 for best Pac Lighting 4'%s '45 lambs. Practically no ‘springers offered: Phila Elec 3'4s "67 bulk sheep, weak to 25¢ lower: few small lots choice native ewes, around $7.

Sou Kraft 4'ss 46 (By Times Special)

Wise G & E 3%s Wisc Pub Serv 4s °’ LOUISVILLE, March 24, — Cattle—Receipts, 325, including 168 directs; salable supply slaughter cattle, steady; trade un1 interesting due to meager supply; run includes few head good baby beet type steers at $9.95; Yu warmed up plain quality Ent wei butcher steers and heifers, $7.50@8.* 0: ga) cows, [email protected]; 00d beet cows, scarce; stocker trade, slow; ew well marked Western heifer calves, $8.25. Calves—Receipts, 250; vealors, steady with week's previous decline, but trade slow; top, $10. bulk good and choice, $9@ 10; others down to around $6; little culls, $4@5. Hogs—Receipts, 900, including 200 directs: market hi 106 15¢ lower than Tuesday's average: practical top. $10.10; few lots. $10.15: Aik desirable, 170-260 lbs. 39 | $9.90 10.10; lighter weights uneven: most 7.53 | 140-160 1lbs., $9.25@ 9.75. 7.77] 100; little done on fat lambs; undertone weak to unevenly lower: supply very light: bidding [email protected] on merely good grade { ewes and wethers: nothing choice here; | common lightweights, £8.50%9. Receipts, 2 | Tuesday—Cattle, 160; calves, 371: hogs, 3| 1120; sheep, 56. Shipments, Tuesdav—Ca . | tle, none; calves, 87; hogs, 323; sheep, 407.

Pa ed FEE put — va»

BS «7 i Neh «3

2 | Argen Assd Tel 4s

Simmons Bed ... 5 Miscellaneous— Allis Chalmers. . m Ca

n 10: in Mach & Fdy 2 Anchor Cap Brkiyn Man Burroughs Add

0 $9.75; most © lightweights,

Crown Cork Tas Curtis Pub 177% Deere & Co 12434 Eastman Kodak 1602 Foster Wheeler . 47 Gillette ... 1934 Glidden vo 453g Int Bus Mach .. 165% Inter Harv .. 103 Natl Cash Ree. . 36% Rem Rand . 25% Underwood E Worth'ton Pump Mining— Alaska Jun Am Metals

107? . | 100!

Ss "66 ..

Howe Sound .... Ins Copper Int Nickel Con. Rennecon op May me ore . Investment Trusts ar a .. ’ ’ 4 8 (By M. P. Crist & w Ine.) Phelps DD dee oH ‘ ) By M. P. Crist & Co at St Joe vou BE 58 2 88% | Administered nd So me. 19.83 US Sas EN Affiliated Fund « 3 Vanadium American Bus 8 on Cares “a Motors-— Bae Erect lave Corp ulloe mn Auburn Qentury Shares Trust Cor CAAT or ‘Accum’ (mod) Cor “AA” or “Acc” (unmod) Cor Trust Shares (orig) “e's *Diversified Tr Shares 'B” Diversified Tr Shares *C Diversified Tr ? Dividend Sha *Pundament al ® ivestors, | Gen Capital Corp "vay | General Investors Trust..... Incorporated Investors ...... Market Street Invest Corp... | Maryland Fund, Inc 2 * | Massachusetts Investors Trust 29.6¢ { Mutual Investment Fund i *Nation-Wide Voting ve North American Tr Shs 1955.. North Amer Tr Shs 1956

¢ 13

severa

47 1.22 30, 42 25 7.1

#535

Graham Mot Jason

ash “he Packard .. Re

G8 EN

White Mirs Yellow Truck

Motor Access—

SEFETEL Fae

COBms PAIS BIO <TD vt pt U3 COLIs matINS OD aTO0 Dr

ow - - a

hk oY fn 15 © pt <0 C3 1 ty re

han >

Op ul oF UF ERE RO BAO Drs VOI A “

| $9.75.

8 |

2 [to $9.25.

Sheep—-Receipts, |

160 POUNDS DIP IN HOG MARKET

Drop 5 Cents in Slow Trade; Other Classes Steady; Receipts 6000.

Weights over 160 pounds dropped 5 cents today in extremely slow trade at the Indianapolis Union Stockyards. Underweights were steady. Receipts were 6000, with 618 holdovers. Packing sows were steady with most sales at $8.90 to $9.50. Weights of 160 to 180 pounds sold for $10.15; 180 to 200 pounders brought $10.20; 200 to 210 pounders were $10.25;

210 to 225 pounds, $10.20; 225 to 235 pounds, $10.15, and weights of 235 to 250 pounds were $10.10. Weights of 250 to 260 pounds were $10.05: 260 to 275 pounds sold for $10; 275 to 285 pounds, $9.95; 285 to '300 pounds, $9.90; 300 to 325 pounds, $9.85; 325 to 350 pounds, $9.80, and 350 to 400 pounders were

Cattle Trade Strong

| In the lighter divisions, 155 to

150 to

$9.15: 120 to 130 pounds,

The cattle market was strong on all killing classes. Top price for |steers was $15, the bulk from $9 to $10. 50. Most heifers went at $8.25 Common to medium beef | cows ranged from $5.25 to $6.25, low

+ cutters, $4 to $5. Vealers were steady

and the good and choice kinds sold for $9.50 to $10. Receipts were 1400 cattle and 700 calves. Quality considered, lambs were mostly 25 cents lower. A few native lambs sold for $11, with the bulk at $10.50 down. Slaughter ewes were steady at $6.50 down Receipts

were 300.

. March Bul 17. $9.95@ 0. 30 [email protected] 9. na) 2 53 9.90@1 10. 20610. 30 [email protected] 9. 25619. 25 Light Lights— (140-160) Good and Meaium Lightweights— (160-180) Good and fedium (180-200) Good and dium. Medium Weightse (200-220) Good (220-250) Good Heavyweights (250-290) Good (290- 350) Good Packing Sows— (275-350) Good 9.35@ 9.50 (350-425) Good 9.15@ 9.35 rood 8.90@ 9.15

(425-550) Goo 1275-550) acum 8.25 9.35 8.40@ 9.40

Slaughter Pas (100-140) Good and choice.. Medium . 7.00@ 8.40 CATTLE Receipts, 1400 Choice Good Medium Common Choice Good Medium Common Suis

choice .$ [email protected] 8.55@ 9.85

: [email protected] [email protected] [email protected] [email protected]

[email protected] [email protected]

[email protected] 9.75@ 9.90

choice. .

‘choice. .

d choice . and choice. .

choice. . choice.

[email protected] 9.50 712.00 7.75@ 9.50 © 6.00@ 7.75 12.75 14.00 . 10.00712.75 7.754010.00 ee _6.50@ 7.75 ceversaees [email protected] . 10.506012.%5 8.00@@10.50 voanaves +.. 13.006214.00 a naheven ve. [email protected]

(550-900) (900-1100)

(1100-1300)

M (1300-1500) G

[email protected] [email protected] 6.00 9.00 [email protected] 6.00@ 8.75

(500-750) S

Common, medium. Good and choice . Common, medium

(750-300)

Good $ 6.250 7.25 Common and medium 5.00 6.25 Low cutter and cutter Bulls, good Cutter, com. Vealers —Receipts, T00— Good and choice Medium Cull and common

$0. 00@10. % 7.50@ 9 430@ 1.50

(250-500) Sud and choice $ 6.50@ 9.00 Common, medium. 5.00@ 6.50 Feeder and Stocker Cattle 00-800) Goa and choice 8 6.75@ 8.75 5 mmon, medium. 5.75@ 6.75 (850-1050) Good and choice . 6.76@ 8.75 Common, medium. 5.99@ 6.75 Heifers— Good and choice Y 25 Common and medium : 25 SHEEP AND LAMBS

—Receipts, 300—

Tera IERIE Ey $11.506112.00 10.75@ 11. p0 [email protected] 8.50@ 9.75

Ew (90- 175) Sid and choice... 5.50@ §.30 Common, medium 4. 3 oe (Sheep and lamb quotations on oJipped basis.)

Other Livestock

(By United Press)

LAFAYETTE, Ind, March 24. —Hogs— Market, 5@15¢c lower; pigs, 4 wt Ne 10.10; 225- ~250

5 1bs., $9. oe vi 60: 17 0-200 Ibs. $9. D5 E890: 150~ 170 Tbs. £0256 9.60; 130- 150 1bs., $8.75@9: 100- 130 Ibs., [email protected]. Roughs. $9 down. Calves, $9.50 down. Lambs, $11.50 down.

| FT. WAYNE, Ind. March 24.Market, 5¢c lower; 200-225 lbs. 250 lbs., $10: 180-200 lbs. : $9.85; 160-180 Ibs., $9.90; 2 300- 350 Ibs... $9. 55: 150 1bs.. $9.20: 130 1bs.. $8.60; 100-120 $8 5: stags, $7.50; |§h1 7 75.

Lambs

Medium

calves, $10; lambs,

North Amer Tr Shs (Orig)... Quarterly Income Shares Selected Amer Shares, Inc Selected Amer Shares (orig) .. Selected Cumulative Shares. . Selected Income Shares . State St Investment Corp . Supervised Shares, Inc Dela) 15.29 Trustee Am BK “B” 99 *Ex-Divide nd

BORD bed J lt fw] «

i B13 PID D Ot S10 05

NaF

39 rk fn ok pt Be Tol 1S

Frm ORIN

Phillips vor 9 5 | Diyeduth Ol ... 30° Orders Executed in Futures

in all Commodity Markets

~ PRIVATE WIRES of Ind ...

You Can Depend on Sears OPTICAL DEPARTMENT!

| Today’ s Rong Venter 0 "60

| Alleg Corp 5s Am Frgn Pow 5s 2030

WEIGHTS ABOVE [vv 2oors |

(Reprinted From Late Times DAILY BOND INDEX (19268 Average Equals 100) 20 20 Inds. Rails 92 4 96 4 96.5 97.9 100.1 92.3 101.2 96.5

20 60 Util. Bonds 102. 6x 9 102.7 103.5

Yesterday Week Ago .. Month Ago ... 94, Year Ago ...... 92.2 1937 High 1937 Low ... XxNew low.

(Copyright,

97.2 2 98.3

1937, Standard Statistics)

(By F. S. Moseley & Co.) U. S. GOVERNMENT BONDS Prev,

Close Close

Treasury 1947-52

Home Owners Loan Corp.

. 100.3 100.6 « 101.24 Federal Farm Mortgage Corp.

99.30 98.29 101.14

DOMESTIC

Close B 12s . 9 : Chi & B Ul 5s ’5 N ¥ Cent 6s 44 .. ‘50

Close 2 T8la 413 40

Rep Steel 4s

| Youngstown 3las ’ I.

"44

113% 95%

Am Tel & Tel 5's ’43...... ve Arm & Co (Del) 4s '55.....,.. Atl Coast Line 4s 5: Atl Coast Line 4'.s 64 Atch Top & S Fe 4.9 '48.... Am Wat Wks 6s '75 Balt & Ohio 6s ’ Balt & Ohio 4'zs '60 Buff Roch & Pitt 412s 57... Beth Steel 4%s '60 Chi Milw & St P 5s '75...... Chi Milw & St P 5s 2000

Cleve Un Term 5s ’75.. Cieve Un TN

113% 951% 101 93 1087; 10% 4 10015 782

erm 4'%s Col Gas 5s May '52 Col Gas bs '61 Can Pac Perp 48 v.evvvinnnees €

g s Colorado & So 428 '80 Chi & West Ind 4s '52 ....... Chi & Nor West 43s '49...... 22 Container Corp, 6s ' Con Gas 4 Chesa Cor Del & Huds

Grt Northern ‘G' ds ‘46 Grt Northern ‘H' 4s 46 Grt Northern 4Yes 77 Gen Stl Cast WW 5s *49 .... 912 Hud & Manhat Ref 55 '57 .... 82 Ill Cent 43s '66 7 Ill Cent Jt 42s "63 ) Ill Cent 5s '63 . 85 Interboro Rapid Trams bs '66.. $2 Interntl Hy Elec 6s ’' Internt! Tel & Tel ives 30 .... 81 Interntl Tel & Tel 5s '55 ww J Interntl Tel & Tel 4'%s i Lehigh Valley 4s 2003 McKess & Rob 5's 50 Mo Kan Tex Adj 5s '67 Natl Dairy 33%s ’51 Natl Steel 4s '65 Nickel Plate 4'%s ’ Nickel Plate 5'os N Y Cent 5s 2013 N Y Cent 44s og oid) N Y Cent Conv 6s Nor Amer Co 5s Nor Pac 3s 2047 Nor Pac 6s 4

Penn Ry 3%s "7 Portland Gon Bl On bs "60 .. Para Publix Bs . ‘ay Penn P & L 4} 31 . Postal Tel & Cab 5s Rem Rand WW 4s Shell Union Oil 3'%s Socony Vac 3%s '50.... Sou Pac 45s 68 Sou Pac 4'zs 81 Sou Pac 4s '49 Sou Rail 4s '56 .... Sou Rail 6s '56 Sou Rail 6s 156 . Texas Pac 5s '79.. Third Ave Adj 5s "60. . Union Pac 4s "47 .... United Drug 5s °’ U S Rubber 5s 0 .

Warner Bros 6s '39 Western Mary 5's w Western Union 5s '60.. Youngstown 8 5 T 4s '61 9 Youngstown 8 & T 3's 51 .. FOREIGN Argentina A 6s '57......101 23-32 Australia 4l2s 56 . 99 Canadian Govt 4s Denmark 4izs ’S German 5s German Ts '49. Italy Ts ’51 Japan 6les Poland Ts Rome 62s ’

101 24-32 Ja 100

Chicago Grain Futures

(By James E. Bennett & Co.) 1 Prev. High Low A.M. Close Wheat— May July Sept. «...v0e

Corn—

« 1.413, 1.27% « 1.24%

1.41 1.265% 1.23%

141% 1.39 1.27% 1.25% 1.24%: 1 1.32% 1.11% 1.1 1.07% 1.0 1.027% 1.03 GT's Ads 42

1.10% 1.07% 99%

Yesterday) |

| ed out. “| tion is said to be the increasingly

COUNTRIES SEEN CHANGING VIEWS

Tend to Tighten Restrictions Against Exploitation, Officials Say.

By SANDOR S. KLEIN United Press Staff Correspondent WASHINGTON, March 24.—The' growing tendency throughout the world to increase restrictions against petroleum exploitation by others than nationals of oil-producing countries was emphasized today by Government officials who are studyeing the United States’ oil supply.

Department of Commerce statise tics reveal that this nation’s oute put of crude petroleum is declining in comparison with world production. The output in 1933 was 63 per cent compared with the rest of the word. In 1936 it had fallen to 60.

Paul L. Hopper of the Commerce Department's petroleum-coal sec= tion, said surveys show that dis covery of new oil reserves is hardly Keeping abreast of production, If this country’s internal needs increase, in the opinion of oil experts, it may become necessary to reduce petroleum exports and to | increase imports. In 1836, the United States exports ed 51,430,000 barrels of crude pes troleum, 95 per cent of it to Japan, Canada and France. This was an increase of approximately 1,000,000 barrels over 1935. Crude imports in 1936 aggregated 33,018,000 barrels. | American exploitation of foreign | fields is slowly but gradually being | restricted, Commerce officials point= At the bottom of this situa«

| |

| nationalistic policies ef many oilproducing nations. If the restrictive tendencies ex» tend to other spheres of American operations, Government oil experts here said, there may come a time when the United States will have to tap its huge deposits of both coal and oil suitable for the production of petroleum. American interests are members of the international hydrogenation patents group which controls basic processes already being utilized abroad for the manufacture of oil from coal.

SEARS REPORTS NET OF OVER 30 MILLION

1936 Cited as ‘Best Year in Company’s History.’

A net profit made by Sears,

of $30,660,198 was Roebuck & Co. for the fiscal year 1936, S. W. Shipnes, manager of the company in this city, said today. Mr. Shipnes summarized was called “the best company’s history” by citing earnings of $6.27 a share on common stock outstanding compared with $4.45 a share the previous year. A sum of $30,484,713 was reported paid out in dividends and $575,000 provided as a surtax on undistributed profits, since taxable income is greater than income shown in statement. The statement showed inventories to be $19,000,000 higher than 1935, and are well balanced, Mr. Shipnes said, the increase in inventories be ing proportional to increase in sales,

what year in the rE AAU—————————

Mr. Shipnes

the company’s

SAFE DEPOSIT BOXES

Reasonable Rental

Security Trust Co. 130 E. Washington

ly : .. and More

Celtic F MORTGA

Interest AND Principal Reduced Month-

With a

Monthly Payments Include

® TAXES and INSURANCE ® PRINCIPAL and INTEREST

Convenient Terms

EDERAL GE LOAN

- 3

W. L. LYONS & CO.

Estab. 18%

MEMBERS:

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

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

Payments on our 12-year mortgage plan are $10.00 per month for each 1,000, plus 1-12 of annual tax and insurance. No Commissions. 6% Interest. Loans on one to four-family dwellings in Marion County

are solicited

OUR INSURED SAVINGS ACCOUNTS ARE NOW EARNING 39 DIVIDENDS

TYPEWRITTEN LETTER: AUTOMATICALLY TYPED ADDRESSING & MAILING MU T' GRAPHING STENCILS CUT |

Your eyes are your most valuable pos= session, give them expert care. We are completely equipped with the most modern instruments for eye examining, and our optometrist is most efficient and painstaking, insuring the best service possible for your eyes!

QUALITY GLASSES! DEPENDABLE SERVICE!

Produce Noho

{The prices gucied are paid for stock gathered in th country, while for deliv: ash. bal... 1514 y X Indi anapol is the prices are 1 cent 34,556,008 tix . SHE 3 a . 46 |

| Expenses

LETTER MIMEOGRAPHING RULED FORMS | 3 ful 1 case of eggs must weigh | Gold res. Uv TO 14° X 20° »5 boy ngs gro y Iv ‘fresh. { Customs TWO NOTAR« ges—No stiict res loss off. 19¢ aos : — =———=— 1 303-307 Merchants Bank Bldg. LI-612

yeghorn breed ent, Py He Hen WORKMAN'S COMPENSATION INDIANA LAW SCHOOL (Or Indianapolis) shed 1894

breed springers. ll: Ibs. over. soft meated 13¢. Leghorn breed soringers, 8c. Heavy INSURANCE GEORGE A. POTEET

breed stags. 8c: Leghorn breed stags €c breed cocks, 8¢ Ducks, full-feath. 5 Ibs. and up. 6c. Geese full -feathered and fat, Sc. irkeys, vou: toms ldc: voung hens. 10 General State Agent J4c: old mn Merchants Bank Bldg utter—

303-324 State Life Bldg. 85@3%c. But ERITELY. ON = POL LIS

Complyi NN f the m ng wi ru of t Su Court and the American Bar en

oF No. 2 Bie

DR. WALDO E.

USE SEARS EASY STEIN, Optometrist

PAYMENT PLAN!

— TICKET ORDERS ACCEPTED NOW —

500-MILE RACE - MAY 31, 1937

TICKETS READY FOR IMMEDIATE DELIVERY

INDIANAPOLIS MOTOR SPEEDWAY CORP. 444 N. CAPITOL AVE, Call Rl ley 8605

Cam

SAVINGS ¢& LOAN LOAN ASSOCIATION) of Indianapolis Y Block West of Meith

BUSINESS EDUCATION

Strong Accounting. Bookkeeping, Sienographtc and Secretarial prada Day and even sessions. Lincoln 8337. Fred W. Case, Principal.

Central Business College

Architent Bu bes Sa

PLAN DELAWARE

Sears, Roebuck and Co.

Free Parking—Alabama at Vermont St.—Free Bus

23 W. Ohwo St.