T rends
Mussolini Is Faced
With Severe
Test.
BY JOHN T. FLYNN
tkjEW YORK, March 31.—As
•An usual one must be content with
vague news from Italy about its
economic events. Yet out of the
rather obscurely reported transac
tions of the last few days it Is pos
sible to make some estimate' of
what has happened.
First of all the Italian episode
comprehends two features: First,
the abolition of
thp Chamber of
Deputies and
the establish
ment of a small
congress of cor
porati ves or
code authori
ties, and sec
ond, the na
tionalization of
certain large
industries. Most
emphasis has
been placed on
the nationali
zation of in
dustries, though
it is, by far, the
least important.
The abolition
of the political
Flynn
state in favor of the economic state
under a personal dictatorship had
been forecast, for a long time. The
so-called nationalization of indus
tries was not. But this feature of
Mr. Mussolini’s latest adventure
needs to be clarified.
tt ft tt
TT must be understood that
-*• Italian industry and the general
economic situation have been in a
very bad way for some time. It
must also be understood that it
has been exceedingly difficult to
finance industry. The Italian gov
ernment. like the American govern
ment, has bpen handling a serious
economic emergency on borrowed
funds.
And while the amount involved
seems not so large as here, it Is
in fact, because of the lower values
and greater poverty of the country,
very much larger. Credit for priv
ate industry has been at a low ebb.
The government has been using
bank credit and thus drawing slow
ly near to the exhaustion of its
owm credit. At the same time,
under such circumstances, private
credit has been almost dried up.
tt n tt
THEREFORE Italy has had an
institution like our RPC to
finance those industries which
have been essential to its war ef
forts. Asa. result the government
aiready either owms the stock or
controls the stock of many such
large industries.
The whole move suggests that
the economic situation in Italy has
moved into a state of crisis and
that Mussolini has chosen this mo
ment to ret up his corporative
state and take over actual control
of certain heavily state-financed
industries as the best means of
averting the crisis.
We have not yet heard the end
of this episode. No one who has
followed the course of economic
events in Italy ran believe other
than that. Mussolini faces one of
the most, serious tests of his career.
(CopyrlKhi, IM, by NF.A Service, Inc.j
J. D. ADAMS ELECTS
DIRECTORS, OFFICERS
Board Declares 15-Cent Dividend
on Common Capital Stock.
Stockholders of the J. D. Adams
Manufacturing Cos., Indianapolis
manufacturers of road building and
maintenance machinery, have
elected officers and directors for the
current year, it was announced to
day by W. W. While, treasurer.
Officers and directors are Roy
E. Adams, president; William R.
Adams, first vice president; Howard
R. Meeker, second vice president
and secretary; John E. Kendall, di
rector; Floyd D. Wallace, third vice
president; William W. Whitfe, treas
urer; Frederick E. Matson, assistant
■erretary and Walter E. Tirmen
stein, assistant treasurer. All are
members of the board except Mr.
Tirmenstein.
The directors at a special meet
ing held last week at the office of
the company declared a quarterly
dividend of 15 cents a share on
common capital stock, payable May
1. 1936. to stockholders of record at
the close of business April 15. 1936.
NEW. YORK CHICAGO
STOCK VALUES DROP
Fifty Issues on “Bis Board" De
crease .34 Per l ent During Week.
JTir Special
NEW YORK. March 31.—The
market value of 50 representative
stocks lusted on the New York Stock
Exchange at the close of business
for the week ended March 28 was
$19,427,740,000. a decrease of $66.-
433,875. or ,34 per cent from the
preceding week's total. Paul H.
Davis A- Cos. announced today.
The total market value at the
end of the previous week amounted
to $19,494,223,875. while, at the close
of the corresponding week a yeai
ago the same stocks had a market
value of >10.790,773,375. indicating
an increase of $8,636,966,625, or 80.04
per cent for the year.
7-w Special
CHICAGO. March 31.—Twenty -
five representative stocks listed on
thp Chicago Stock Exchange at the
clasp of the week ended March 28
had a market value of $1,018,395,000,
a decrease of $10,613,625. or 1.03 per
rent compared with the preceding
week, it was reported today.
STOCK INDEX STEADY
Average of 10 Leading Companies
Placed at 21.10 for Week.
T’mt Special
NEW YORK. March 31 - The in
vestment companies common stock
index remained unchanged during
the last week according to averages
compiled bv Distributors Group. Inc.,
released today.
The average for common stocks
of 10 leading management compa
nies influenced bv the leverage fac
tor stood a' 21 20 at the close of
March 27. compared with 2138 on
Marrh 30 The average of the mu
tual fund' closed at 14 53 on March
27. compa-ed with 14 67 at the close ;
cf the pievious w eek.
♦ ♦ Abreast of The Times on Finance ♦ ♦
PAGE 20
STEEL WORKERS
LOSE WAGES ON
RISE IN IMPORTS
Each Employe Deprived of
sl6 Yearly. Institute
Survey Shows.
j Times Sped cl
NEW YORK, March 31.—Every
employe of the steel industry was
deprived of an average of about sl6
in wages during 1P35 as a result
of sharply increased imports of iron
and steel from foreign countries,
the American Iron and Steel In
stitute calculated today from re
ports published by the Department
of Commerce and Labor,
Additional losses in pay were also
suffered by employes of mining and
transportation companies engaged
in supplying the steel industry with
I raw' materials.
During 1935 a total of 405 221
| gross tons of foreign-made iron and
j steel products were admitted into
this country—a 49 per cent increase
over 1934 imports of 272,369 gross
| tons. The volume of iron and steel
exports, however, exclusive of scrap
w'hich is not commonly sold by the
steel industry, declined about 4 per
! cent from 1934.
Competes With U. S. Products
Almost the entire tonnage of im
! ported iron and steel competes di
rectly with products regularly made
in this country. About 93 per cent
| of the tonnage exported from this
country, however, is bought by na-
I tions which either produce no steel
| or are dependent on outside sources
for a large part of the steel required
to satisfy local demand.
Approximately 13.414.000 man
j hours of W'ork—equivalent to 6450
| full-time jobs—would have been
required if the imported iron and
steel had been made in this coun
try, it is estimated.
Total losses in the wages of
American workers are thus
estimated at, $9,500,000 at the aver
age wage rates prevailing in 1935.
Os this total, steel mill employes
I would have received $6,700,000, or
about sl6 for each employe at work
last year.
Import Duties Low
Miners of iron ore and coal, and
limestone quarrymen w'ere deprived
of $1,500,000 in wages, it is
estimated, while employes of rail
road and ore carrying steamship
! companies lost approximately $1 -
300,000.
Asa result of the higher w'ages
paid to steel employes in this
country, and the prevailing low
rates of import duties, ranging as
much as 87 per cent below those
imposed by principal steel-making
countries of Europe, foreign-made
steel can be sold in the United
States at prices in some cases be
low cost of the labor involved in
production of domestic steel, the in
stitute said.
Local Livestock
HOGS
March. Bulk. Ton Recenit*
2a. $10,700, 10 SO $10.90 4 0 no
26. 10.704/ 10 80 ]0 B 5 4000
27. 10.70 ft 10.80 1090 8000
2S. 10.70ft10.80 10.80 X
330. 10.70 ft 10.80 10.85 6000
TU 10.80 ft 10.90 10.90 5000
Light Lights
1140-1601 Good and choice $10.15®10 80
Medium . q Jo
1160-I8O) Good and choice. 10 80ft 10 90
naoTno, V J" .•• ... 10.35 ft 10.30
il80 : 200l Good and choice.. 10.80 ft 10.90
9*>n 9Sn° i 500 ! 1 ® nd choicf ‘ • 10.80 ft) 10.90
Hea'vvweighS choice ’ 1° 50ft 10.80
lionifo! * nd ctloicp ■ 10.30ft 1 10.50
14JO-3501 Good and choice.. 9.90 ft 10.30
Packing Sows
!asn 4 : >?! c? 0n a and 960 ® 9.75
49?‘tan £°°a 9 25ft: 9.65
976*980 £r°a and .o°ft 9.50
_ ' 275-3501 Medium 8 75ft 960
Slaughter Pigs m 8 - b0
1 100-140, Goocj and choice.. 9.40®10 15
Mcdlllm 8.40 ft 9:65
CATTLE
—Receipts, 2200
(550-900) Choice $ 9.25®10 50
£°° and 7.75 ft) 975
Medium 7.25 ft: 8.50
Common 5 7567) 7
(900-1100, Choice 10.004, 11.00
Medium 7.25® 8.75
Common 6 05® 7 95
! (1100-1300) Choice 10.25 ft 1100
VL°® and 8 50ft 10.25
Medium 7 95r/r) 0 7<;
i (1300-1500) Choice . 10.25 ft 11.00
i Go<Ki 8.75 ft 10.25
Heifers
(500-750) Choice F.oo® 9.00
J?°° and ' • • 7.50© 8.25
common and medium 5.754,' 7.50
(150-190, Good and choice ... 7.50® 900
Common and medium 5.75® 7.50
Cows
°™ d 6 00® 6.75
Common and medium 5.006 r 6 00
Low cutter and cutter 3.7*W 5 00
Bulls, good . ... 6.00® 650
Cutter, com. and med. bulls... 5.25 ft 6.25
VEALERS
—Receipts, 800—
Good and choice $10.00®11.00
Medium B.oo® 10.00
Cull ana common 5.50 ft 8.00
Calves
(250-500) Good and choice ... 6.V5® 925
Common ana medium 5.00 ft 6.50
Feeder and Stocker Cattle
,500-800, Good and choice . 7.00® 825
Common and medium ... ' soft 8.25
(800-1050, Good and choice .. ',.2sft' 865
Common and medium 1.50 ft 7 25
Cows
G <*d 4.75® 5.25
! Common and medium 4.50 ft 4.75
SHEEP AND I.AMBS
—Receipts. 100—
Lambs. 90 lbs. down, good
and choice $9.75® 10 35
Go( \d : 9.50 ft 10.00
Medium 9.00® 9 75
Common 7.75® 9.00
Ewes
90-171, Good and choice ... 4.50® 5.50
Common and medium 5.50 ft 4 50
Yearling wethers, good Choice 8.90 ft 925
Medium 7.75 ft 9.00
Chicago Grain Futures
'B\ James E Bennett A- Co.i
9:00 Prev.
Wheat— High. Low. A. M. close.
May 971, .96’, .971, 97
July 88 .87'’, 87’, .87’,
Sept 86 s , .86' 2 .86', .86' a
Corn—
Mav 60 1 , .60', .60% .60',
July 60', .59’, .60 .60',
Sept 60', .59’, .60 .60',
Oats—
Ma\ 26 25’, 25’, 25’,
Juiv 26', 26’, .26', ; 2 5%
Sept 26 , .26* .26 , .26-',
R ve—
Mav 52’, .52’ 2 .52', .52*,
•Mlv . .53'., .52'j .52'a .52 <
Sepi. . 52’2 .52* a .52*2 .52', 3
LOWER INTEREST RATE
Timm Sprrinl
LANSING. March 31.—'The Rro
Motor Car Cos. has completed ar
rangements with the C. I. T. Corp.
10 provide Reo dealers with a 6 per
rent finance plan for the retail
buyers of ears and trucks. D. E.
Bates, president and general man
ager. announced todav.
Rush Jobs Make Us Smile
Hendren Printing
C ompany, Inc.
170 ( i:\TURY BLDG. Rl-8533.
New York Stock Exchange Prices
(By Thomson & McKinnoni
AM Prev.
11:15
Oils— High. Low. MY. close.
A'l Rfg 34 33', 33’, 33’ 3
Barnsdall 17', 17', 17V, 17',
Consol Oil ... 14', 14', 14', MV.
; Com of Del 35’, 35’* 35’. 36
Houston <nwi.. 10’, 10*, 10', 10%
Mid Cont Pet . 22', 22', 22’, 22',
Ohio Oil . . 1;% 14’, 14’, 14’,
Pnillips Pet .. 48 47’, 48 48
Pure Oil 22’, 22’, 22’, 22’,
Seaboard Oil . 37 37 37 36’,
Shell Un 17’, 17', 17', 17
Soc Vac 14', 14', 14', 14
S O of Cal . 44', 44’, 44', 44',
3O of Ind .37', 37', 37'* 37
S O of N J . 65’, 65', 65', 65
ifxas Corp ... 37’, 37 37', 37',
i Tidewater Assn . 18 17% 18 17’,
i Tin Oii of Cal .. 26’, 26% 26’, 26%
Steels—
Am Roll Mills . 29Vi 29', 29% 29
Beth Steel ... 56 55% 55’, 55%
Byers A M 21% 21% 21% 21%
Ludlum Steel .. 28% 28 28 28',
Mid Stel .... 41', 40% 41', 40%
Rep I & stl 23% 23% 23V, 22%
U S Pipe & Fdy. 36 35% 35% 35%
jU S Steel 64% 64% 64% 64
Warren Bros ... 10', 9% 9% 9'%
Motors—
Auburn 50 49% 49’, 49%
Chrysler <,5% 95% 95% 94%
Gen Motors ... 66% 66% 66% 65’,
Graham Mot .. 3% 3% 3% 3%
Mack Truck ... 32% 32% 32% 32%
Nash 19 19 19 19
1 Packard 11% 11'/, 11% 11%
£> 7% 7% 7*,
Studebaker 13 13 13 13
Yellow Truck ... 19 18', 19 18%
Motor Access—
Bendix 27 Ti 27% 27', 27%
Borg Warner ... 80 80 80 80
Briggs 60% 60 60 60
Budd Mfg 12% 12% 121, 12%
Budd Wheel ... 11 % 11 % 11% 11%
Eaton Mfg .. 34% 34% 34% 34%'
Elec Auto Lite . 40 39% 39% 40%
Elec Stor Bat .. 49 48% 49 69%
Houdaillc ... 28% 28% 28% 28%
Murray 80dy... 19% 19% 19% 19%
Slew Warner ... 21% 21% 21% 21 %
Timken Roll 68% 68% 63% 69%
j Timken Det Axle 16 ;, 15% 16 15%
i Mining—
Am Metals ... ... 34
iAm Smelt 84% 84% 84% 84 V,
; Anaconda 34’, 34% 34% 34%
Cal & Hecla. .. 8% 8% 8% 8%
Ins Copper 11% 11% 11% 11%
; Int Nickel 48% 48% 48% 47
Kennecott Cop .. 37% 37'/* 37% 37%
; Phelps Dodge ... 37% 37 37V, 37
, Vanadium 22% 22% 22% 22%
Amusements—
-1 Crosley Radio .. 20% 20% 20% 20%
Loews Inc .. ... 47% 47% 47% 47%
; Radio Corp 12’, 12% 12’, 12’,
RKO 7% 7% 7% 7%
| Warner Bros ... 11% 11% 11% 11%
| Tobaccos—
Am Sum Tob . . 24% 24% 24% 24%
lAm Tobacco B’ 92% 92% 92% 92%
Gen Cigars 57 57 57
irfirillard 22% 22 % 22', 22%
Reynolds Tob ‘B’ 53-% 53% 53% 53%
Rails—
Atchison 73% 72% 73% 72%
B& O 19% 19% 19% 19%
Can Pacific 12% 12% 12% 12%
Ch & Ohio 57% 57 57 57V,
C M & St P 2% 2% 2% 2’%
C M ft St P pfd. 4% 4% 4% 4%
Chi N W 3% 3% 3% 3%
Del Lac & W 19 19 19 18%
Gt, Northern pfd 35% 35% 35% 35%
I 111 Central 23% 23',i 23% 23
IK C Sou 23 % 23 Vi 23 % 23 '/a
I Lehigh Valiev .. 11% 11% 11% n%
MK & T pfd .. 21% 21% 21% 21%
N Y Cent . 35% 35 V, 35% 34%
Norfolk & ’Vest .229 229 229 230%
Nor Pacific 30V, 30'/, 30% 30
Penn R R 32% 32% '32% 32%
Sou Pac 33 32’, 33 32%
Sou RR. 16% 16% 16% 16%
Union Pac 131% 131 131 131%
Bald Loco 4% 4% 4% 4%
Gen Am Tank C 54% 54 % 52% 54%
i Gen Elec 38% 38% 38% 38%
West Air Br 42T, 42% 42% 43
Utilities—
Westingh Elec .. 114'* 114"* 11414 114%
Am & For Pwr. 9 8 3 * 9 8%
Am Pow & Lit.. 12Vi 12'% 12'* 11%
AT&T .163 162", 162"* 163
Am Wat Wks . 21% 21% 21% 21%
Col Gas & Elec. 19V* 19Vi 19'/* 19
Comm & Sou ... 3',* 33 3
Consol Gas . .. 33 % 33 33 33'%
Elec Pwr & Lit 14% 14% 14% li%
Int Hvdro Elec. 4% 4% 4% 4"*
Int TANARUS& T . 16% 16V* 16% 16'i
Nat Pwr & Lit. 11% 11'* 11% 11%
North Amer ... 26% 26% 26% 26%
Pac G & E .. 36'/ 36 36 36V4
Peoples Gas .. 40% 40% 40% 41
Pub Serv N J ... 41 40% 41 41'/*
So Cal Edison . 26% 26% 26% 27
St.d Gas .... 8 8 8 8
Stone & Web . 18% 18% 18% 18%
United Corp ... 7% 7% 7% 7%
Un Gas Imp . IS'* 16 16% 16%
Ut Pwr & Lt, ‘A’ 5% 5% 5% 3 a
West Union ... 85% 85% 85’/, 84',a
Rubbers—
Goodrich 19% 1914 19% 19%
Goodyear 28Vi 28'* 28'* 28%
U S Rubber 28% 28"/* 28% 28%
Miscellaneous—
Allis Chalmers . 45% 45% 4534 453;
Am Can .... 118% 118% 118% 118%
Am Mach & Fdy 24 24 24 24
Brklvn Man Tr 49% 49% 4934 493,
J I Case 150% 150% 150 150
Conti Can ..... 81% 81% 81% 81%
Caterpillar Tret 73V* 73 73'* 731.
Eastman Kodak 164 164 164 163'*
Gillette . 17% 17 17 17%
R4r, 84% 85
Natl Cash Reg .. 26% • 26 26% 26%
Rem Rand ... . 20% 20% 20% 20%
Worthington Pm 33% 33% 33% 33%
Foods—
Armour 5% 5% 5% 5"/*
Beatrice Cream 23% 2.3 23 23%
L’orden Prod .... 27% 27% 27% 27%
Corn Prod 71'/, 71 71 71
Gen Foods 35 35 35 35
G W Sugar 35 35 35 34%
Natl Biscuit 34", 34% 34'/, 33%
Natl D Prod 23% 23'* 23'/* 23'*
Purity Bak 14'* 14V* 14'/* 14%
S I’orto Rico Sug 33 33 33 32%
Std Brands 16' * 16'/, 16'’, 16%
United Fruit 72% 72% 72% 72V,
Chicago Stocks
(By Atkins, Hamill & Gates)
11:30 Prev.
A. M. Close.
Advance Aluminum 8 8
Allied Products 22% 22%
Associated Investors 31% 30%
Berghoff 11% 11 %
Butler Brothers 9% 9%
Chicago Yellow Cab 30% 29%
Cities Service 5 5%
Conlinentai Steel 42% 42
Cord 7% 7%
Crane 25% 25' .
Electric Household 15% 15%
General Household 8 5", 5%
Godchaux Sugar ”A" 36% .
Grt Lakes Dredge 30% 29",
Lion Oil Refining 14'15
Loudon Packing 7% 7%
Noblitt-Sparks . 31% 31%
Northwestern I’ancorporation.. 11 10’,
Standard Dredge pfd 16% 16%
Vortex Cup 18% 18’,
Zenith 18% 18%
New York Curb
(By Atkins. Hamill & Gates)
12:30
P M. Prev.
N Y. clsoe.
Am Cyan a mid ”B" 36% 36%
Am Gas and Electric 38% .38%
Am Superpower 2"* 2"*
Ark Natural Gas “A" 6% 6",
Atlas Corp . 13", 13",
Canadian Indust Alcohol "A". 10% 10
Carrier Corp 9’, 9%
Creole Petroleum Corp 28% 28
Elec Bond and Share . 23% 23%
Fisk Rubber 7% 7%
Glen Aider, ri) 14% 14%
Gulf Oil Corp of Penn .. 93% 93%
Humble Oil and Refining Cos . 71 71
Imperial Oil of Canada 23% 22’,
Lake Shore Mines . 53% 53%
Mead Johnson &Cos ... 10% .
Mollvbdenum Corp of Amer .. 10 10%
Muller Brass Cos 30 s , 31%
Natl Bellas Hess Inc 2% 2",
Niagara Hudson Pwr 10 10
Pennroad Corp 4% 4%
Root Petroleum 17% 17
St Resis Paper Cos 4% 4%
Salt Creek Producers Assn ... 8% 8%
Segal Lock 3% 3%
Sonotone 3% 31,
Stutz Motor Car of Amer .... 2% 2%
Technicolor. Inc 29% 28’,
Wayne Pump .. 271* 2 7%
Other Livestock
•Lv United Press)
FORT WAYNE. Ind., March 31.—Hogs—
Steady; 160-180 lbs., 510.75: 180-200 Tbs..
SlO 65: 200-225 lbs.. $10.55: 225-250 lbs.,
$lO 45. 250-275 lbs. $10.30; a7n-300 lbs..
<10.20; .100-350 lbs.. $9.95: .*O-160 lbs
$lO 20; 120-140 lbs.. $9 90; 100-120 lbs
* 9 -85: roughs. •" stags, $7.25: calves.
slO.oO: lambs. $9.75.
Thomson & McKinnon
NEW YORK members
CHICAGO v ew York Stork Exchange.
TORONTO - Npw Vorl ' Curb Exrh!,u *‘ ? -
ROSTOV Now \ ork Cotton Kichanj?.
<ni'TH Rpvn A N>W inrk Coffpe and S' l -*' 1 Exchange.
* vL in nr,.NLJ • New Orleans Cotton Exchange
FT. WAYNE jl Chicago Stock Exchange.
EVANSVILLE jl Chicago Board of Trade.
Winnipeg Grain Exchange.
Office And other leading Exchanges.
200-214 Circle Tower LI. 5501
TUESDAY, MARCH 31, 1936
Gtmbel Bros .... 9% 9% 9% 9%
Kresge S S 22% 22% 22% 22%
Kroger Oroc 24% 24% 24% 24%
McCrorv Si 15% 15% 15% 15%
Marshall Field .. 17 16% 17 16’,
Mav Dept St 45% 46’, 46% 46%
Mont Ward 41% 41% 41% 40%
Safeway St 32% 31 31% 31%
Scars Roebuck . 65% 65% 65% 65%
Woolworth 49% 49% 49’, 49%
Aviation—
Aviation Corp ..7 7 7 7%
Boeing Aircft .. 22% 22% 22 '. 22%
Curtiss Wright 7’, 7% 7% 7%
Curt W'right "A” 17 t 17% 17V, 17%
Douglas Air 68% 68% 68% 68%
Nor Am Av . 9% 9% 9% 9%
Untd Aircft New 23 % 23% 23% 25
Chemicals—
Com Solvents ... 21% 20’, 21% 21
Freeport Tex ... 31% 31% 31% 31%
Math Alkali 32% 32% 32% 32%
Natl Dis 1 new 1 . 31V, 31% 31% 31%
Schenlev Dist .. 46 46 46 46
Tex Gulf Sulph . 34% 34% 34% 34%
Union Carbide .. 81% 81',2 81% 81%
U S Indus Ale... 50% 48% 50% 48%
Drugs—
Coty Inc 6 6 6 6
Un Drug (new). 14% 14% 14% 14%
Financial—
Adams Exp .... 11% 11% 11% 11’,
Allegheny Corp . 3% 3% 3% 3%
Am Int Corp .. 10’, 10% 10’, 11
Chesa Corp .... 64 64 64 64'/ 2
Transamerica .. 13 % 13% 13% 13%
Tr Conti Corp.. 10'%, 10', 10',, 10%
Building—
Am Radiator ... 23 22% 22% 28%
Gen Asphalt ... 31% 31% 31% 31%
Holland Furnace 38% 38% 38V* 39%
Johns Manville 109 108 108 110
Libby Owens Gls 59 59 59 58%
Otis Elev ... 29 29 29 29%
U S Gypsum ... 95',3 95V2 95% 95%
Household—
Col Pal Peet ... 18 18 18 17%
Congoleum 39% 39% 39% 40%
Kelvinator . 22% 22% 22% 22%
Proc A- Gamble 46% 46% 46% 46%
Servel Inc ... 21% 21’, 21% 21’,
Simmons Bed .. 31'% 31% 31'% 31'%
Textiles—
Celanese Corp .. 27% 27% 27% 28
Gotham Hose .. 11’, 11% 11% 11%
N. Y. Bonds
(Reprinted From Lata Times Yesterday)
DAILY BOND INDEX
20 20 20 60
Inds. Rails. Utils. Bonds.
Today 91.9 91.6 104.9 96.1
Saturday 91.9 91.8 104.9 96.2
Week ago 92.9 92.3 105.2 96.6
Month ago 92.6 93.6 105.0 97.1
Year ago 84.3 71,0 93.7 83.0
1936 high 9.3.4 95.6 105.5 97.9
1936 low 91.5 84.7 103.5 93.3
TI. S. GOVERNMENT BONDS
(Bv Abbott. Proctor & Painel
Treasury*
Prev.
Close. Close.
4Vis 1947-52 117.20 117.22
4s 1944-54 112.22 112.18
3%s 1946-56 110.29 111
3%s 1940-43 108.19 108.19
3%s 1941-43 108.31 108.28
3%s 1943-45 107.21 107.18
3%s 1941 108.31 108.28
3'/is 1944-46 107.13 107.10
3Vis 1946-49 105.18 105.16
3'/,s 1949-52 105.12 105.10
3s 1951-55 104.5 104.5
3s 1946-48 104.18 104.19
2%s 1945-47 102.25 102.23
2%s 1951 101.25 101.23
Home Owners Loan Corp.
2%s 1949 101.19 101.19
3s 1952 102.22 102.19
Federal Farm Mortgage Corp.
3'is 1964 104.6 104.9
3s 1949 102.29 102.25
2%s 1949 102.8 102.9
DOMESTIC
Prev.
Close, close.
Alleg Corp 5s ’44 ... 92% 92’,
Am Frgn Pow 5s 2030 76 76
Am Tel & Tel 5%s '43 113'% 113’%
Am Tel & Tel 5s '65 112 V, 112%
Arm & C 1 Del I 5'/ 2 s ’43 97Vi 97%
Atl Coast Line is ’52 98% 98%
Atl Coast Line 4%S ’64 85 85'/,
Am Wat Wks 5s '44 108 108
Am Rolling Mills 5s ’3B 120 119%
Balt & Ohio 6s ’95 93'% 93 Vi
Balt & Ohio 4'%s '6O 69*% 70
Buff Roeh & Pitt 4%s ’57 76% 77
Chi Milw & St P 5s '75 22% 22%
Chi Milw & St P 5s 2000 7% 7%
Cleve- Un Term 5s ’73 106 106%
Cleve Un Term 4%s ’77 101% 101'%
Col Gas 5s May '52 103'% 103'%
Col Gas 5s April ’52 104 103%
Col Gas 5s ’6l 103% 103%
Can Pac Perp 4s 92% 92%
Cent Pac 5s '6O .95 95%
Big Four 4Vis '77 89 89V,
Big Four 5s '63 98% 98%
Colorado & So 4 >%s 'BO 73 73
Chi & West Ind 4s '52 103% 103'%
Chi & West Ind 5%s '62 107% 107
Chi & Nor West 4%s ’49 .... 13’, 13%
Con Gas 5s '57 104 V* 104
Chesa Corp 5s ’47 129'% 129 Vi
Del & Huds 4s ’43 85% 88
N Y Dock 4s ’sl 78 70
N Y Dock 5s '3B 67% 67%
Erie 5s ’7 5 76% 76%
Erie 5s ’67 76% 77V*
Gen Cable s'is ’47 105 105
Grt Northern 7s ’36 101% 101%
Grt Northern 4'%s ’76 101 101
Grt Northern 4Vis '77 100 100 Vi
Hud & Manhat Ref 5s ’57 86% 86%
111 Cent 4%s ’66 74 74
111 Cent 5s ’63. . 83% 84'%
Interlake C <fc Iss ’sl 95V* 95%
Interntl Hy Elec 6s ’44 56’, 57
Interntl Tel & Tel 4*%s ’39 ... 95'/, 95
Interntl Tel & Tel 5s ’55 ... 87% 87'%
Interntl Tel & Tel 4'%s ’52 ... 83 83Vi
McKess Rob s*%s ’SO 103V* 103%
Natl Dairy s'is ’4B 103% 103%
Natl Steel as ’56 105% 105%
Nickel Plate 4'is '7B 80Va 80'%
Nickel Plate 5V 2 s ’74 94 93%
N Y Cent 5s 2013 90 90
N Y Cent 4V 2 s 2013 (old) 84 84%
Nor Amer Cos 5s ’6l 105% 105%
Nor Pac 3s 2047 82 82V*
Nor Pac 4*%s 2047 101% 102
Nor Pac 6s 2047 110'/, 110%
Nor States Pow 5s ’4l 104'* 104',
New Orleans Term 4s '53 90’, 92
Otis Steal 6s ’4l 102% 102%
Penn Rv 4%s 'B4 108'% 108'%
Penn Ry 4%s ’Bl 108% 108%
Pen’.l Rv 4Vis ’7O 102% 102%
Pac G & E 5s ’42 103'* 103%
For'land Gen El 4'is ’6O 72 71%
Para Publix s’is ’SO. 90% 89%
Penn P & L 4'%s ’Bl 106'% 106%
Postal Tel and Cab 5s ’53 34 34*%
Rem Rand WW s'%s ’47. 104.17 104.17
Sou Pac 4Vis '6B 89'i 89 Vi
Sou Pac 4Vis ’69 88% 88 %
Sou Pac 4%s ’Bl 88% 88%
Sou Rail 4s ’56 61'% 62%
Sou Pac 4s ’49 89 88%
Sou Rail 6s ’56 78% 79
Sou Rail 6Vis ’56 83*% 82‘i
Sharon Stl Hoon s' 2 s '4B ... 103.5 103.9
Texas Pac 5s ’BO 102 102
Texas Pac ss’ 79 102% 102
United Drugs 5s ’53 100 V, 100',
U S Rubber 5s ’47 105% 105%
NY NH & Hart 6s ’4B 35% 36
NY NH <fc Hart 4Vis ’67 33'3 33%
Warner Bros 6s '39 95 95%
Western Mary 5' 2 s ’77 107% 107%
Western Marv 4s ’52 ... 100% 100%
Youngstown S ft T 5s ’7O ...106' 2 106%
Youngstown S ft T 5s ’7B ...105% 105 s ,
FOREIGN
Argentina A 6s '57 100 100
Argentine B 6s ’SB 99% 100
Brazil 8s ’4l 32% 32%
Canadian Govt 4s ’6O 108 108',
German s'is 65 26% 27
German 7s '49 33%' 34%
Italy 7 s 'sl fip.t; 7014
Japan 6' 2 s ’54 94% 9413
Poland 7s ’47 m. 5% 107%
Rome 6' 2 s '52 gj gp,
Tokio Citv 5%s '6l 7g 7g%
Yokohama 6s ’6l R 2 82%
Produce Markets
(Reprinted From Late Times Yesterday)
The prices quoted are paid for stock
gathered in the country, while delivered
in Indianapolis the price Is a cent higher.
Heavy breed hens. 18c: Leghorn breed
hens, 16c: Leghorn springers. 12c; old
stags. 13c: old cocks, 12c. Ducks, white. 5
lbs. and over, lie: geese, full feathered,
all sizes 8c: all guineas IVi lbs. and up.
15c: No. 1 strictly fresh eggs, loss off. 14c:
deliver in Indianapolis, 15c. Each full
c ? s t^lus * , Teigh 55 lbs. gross, a deduction
of 10 cents a pound under 55 lbs. will be
roadP-.No. 1 butter, 32%@33%c; No. 2
29%®30%c. Butterfat. 29c
PUT YOUR MONEY
TO WORK LOCALLY!
BUY
Building & Loan Shares
Libby Owens Gls 53% 57% 58 s , 57%
Otis Elev 29'* 29% 29% 29%
U S GVDSUm .... 95 95% 95% 95
Ulen Cons ...... 6% 6’* 6% 6’*
Household—
Col Pal Peet ... 17% 17’* 17% 18'*
Congoleum 40 % 4040% 40
Kelvinator . . . 23’, 22% 22’- 23
Mohawk Carpet.. 27% 27 27 * 27
Servel Inc . . 22% 21% 21', 22%
Simmons Bed .. 32% 31 31% 30’,
Textiles—
Amer Woolen .. 10% 10 in in%
Belding Hem ... 15 15 15 15
Celanese Corn . 28% 27’, 28 27’,
Collins Aikman . 45% 44% 44% 45',
Loca l Seenrities
(By Indianapolis Bond <fc Share Corp.)
The following quotations do not rep
resent actual bids or offerings, but
merely indicate the approximate market
level on buying and selling inquiries or
recent transactions.
BONDS
Bid. Ask.
Home Ti T Fort Wayne 6*/a. .104 105
Home T & T Fort Wayne 6.. 103 106
Indianapolis Railways Inc .. 66 69
Indianapolis Water Cos 4'%5..106 luß
Indianapolis Water Cos 5 105 107
Indianapolis Water Cos 5 ...105 107
Idianapolis W-ter Cos 5% 104% 106
Indianapolis Water Cos 5% ..104V a 106
Interstate T & T 5% 97 99
Kokomo Water Works 5 104 105'%
Morris 5 & 10 Stores 5 100 103
Muncie Water Works 5 103'%
Noblesville Heat Lt Pwr 6%.. 98 100'%
Ohio Telephone Serv 6 97'%
Richmond Water Works 5 ..105 106',’ 2
Seymour Water Cos 5 101 104
Terre Haute Trac <fc Ligh; 5 .106 108
Terre Haute Water Wks 102 104
Terre Haute Water Works ...103 105
Traction Terminal Cos 5 75 78
STOCKS
Belt R R Sz Stock Yards Com 53 55%
Belt R R A Stock Yard pfd 6 52
Central Ind Pwr pfd 7 19 22%
Home T & T Fort Wayne 7 . 52% 54%
Hook Drugs Inc com 17 18%
Ind & Mich Elec Cos pfd 7.. 103% 106%
Ind General Service Cos 6 96% 99
Ind Hydro Elec Cos 7 54 57
Indianapolis Gas Cos com 6 .. 34 37
Indpls Pow A: Lt Cos pfd 6 90 93
Indpls Pow &Lt Cos pfd 6% 94% 97',i
Indianapolis Water Cos pfd 5 102 105
“North Ind Pub Serv pfd 5%? 63% 66%
“North Ind Pub Serv pfd 6 ... 72 75
“North Ind Pub Serv pfd 7... 80 83
Progress Laundry Cos com .... 10 11%
Pub Serv Cos of Ind pfd 6 ... 18 21
Pub Serv Cos of Ind pfd 7 . 40'% 43'%
South Ind Gas & Elec pfd 6 98 101
Terre Hautu Electric Cos 89 91%
Union Title Cos com 19'% 21'%
•Ex-dividend.
Unlisted Stocks
(Reprinted From Late Times Yesterday)
IBy Blyth Ac Co.l
NEW YORK BANK STOCKS
_ , „ Bid. Ask.
Central Hanover 111 113'/,
Chase 39'% 41V,
Chemical National 57 58'*
Guaranty 285 288 V*
Irving 15’/, 17",
Manufacturers 51% 53%
National City 35", 37
Cont 111 Chicago 166 169V*
First National Boston 45% 47'*
National Shawmut 28% 30V*
FIRE INSURANCE
Etna Fire Ins 53% 55"/*
American Ins of Newark ... 45% 17%
Baltimore American BV* 9’/,
City of New York 27 29V*
Federal Ins 49 52V*
Franklin Fire 31'* 33
Great American Ins 29V, 31'*
Hanover Fire Ins 77 79'/*
Ins Cos of A 72 % 74%
Home Ins 37"/, 39
National Fire 74'% 76%
National Liberty 9% 11V*
North River 27V* 29V,
Phoenix 89 91"*
U S Fire 54'% 56"/*
Westchester Fire 36V* 38%
"THE LARGEST INSURER OF AUTOMOBILES IN INDIANA"
. i,s ...
, ,
, SS^S^33SS®<V..
toi "•• •>-’^,9 1 5 - 6 „
,r 9 63“ ’ v g* ft 9
$2, < 9t*-°
$ 3 > 0
*’Jy,-, * ihh H9b
<HHHr F w
jPv jp
You are most cordially invited to
tend our Open House” Wednesday,
April Ist, celebrating our nineteenth
birthday . . . Souvenirs to All Our
Friends!
SEVENTH FLOOR OCCIDENTAL BUILDING—LINCOLN *SSI—INDI iNAroLIS
RETAIL STORES
IN STATE SHOW
GAINS IN SALES
Independent Houses Report
February Business Up
Over 1935 Month.
Timm Special
WASHINGTON. March 31.—Re
tail sales of 410 independent stores
in Indiana reporting 10 the Depart
ment of Commerce showed an in
crease of 10 per cent in dollar vol
ume for February, as compared
with February, 1935, according to
preliminary estimates of the Bu
reau of Foreign and Domestic
Commerce today. Without adjust
ment for the extra day in February
this year, the increase would have
been 14.5 per cent.
This report, which covers the
larger independent stores with the
exception of department stores,
represents 21 kinds of business, 15
of which, due to an insufficient
number of reports, are contained in
miscellaneous or in group totals.
When adjusted for the number of
working days, February, 1936. sales
showed an increase of 12 per cent
from January, 1936. There were two
more working days in January than
in February. Without adjustment
either for the number of working
days or for seasonal influences.
February sales were 3 per cent
higher than in January.
Hardware Stores Drop
All but one of the kinds of busi
ness represented showed increases
for February of this year over
February a year ago, hardware
stores recording a drop of 2 per
cent. The greatest gains were 28
per cent shown by lumber and
building materials dealers; 22 per
cent by men's and boys’ clothing
stores, and 21 per cent by the total
apparel group.
Between January and February
of this year slight decreases were
shown by men’s and boys’ clothing,
hardware* drug stores and the mis
cellaneous group. All of the other
lines showed moderate gains except
USED OFFICE
FURNITURE
Repairing—Refinishing
W. C. BRASS * sso '™ Tr ,
1.34 S. Meridian. KI-9727
'■■■■■■■■■a 1
Superphosphate Statistics
The United States leads nil countries of the world
hoth in production and consumption nf snprrphnaphntr
—the oldest artifrinl fertilizer material — h y n udde
margin, France ranks second , Japan third and Italy
fourth.
GUEST SPEAKER
Jiip/
Eighty-seven per cent of all es
tates in this country as in the
form of life insurance. Charles J.
Frisbie. president of the Life Un
derwriters Association of Seattle.
Wash., told members of the In
dianapolis association in a lunch
eon meeting at the Y. M. C. A.
auditorium today.
"Life insurance does two impor
tant jobs." he added. "It pro
tects the individual and his de
pendents against the hazard of
dying too soon, or the hazard of
living too long.”
the total furniture and household
appliance group, which recorded a
gain of almost 33 per cent.
Os the firms reporting for Febru
ary, 301 (73.4 per cent) reported in
creases over February, 1935; 95 (23.2
per cent) showed declines, and 14
(3.4 per cent) registered a change
of less than 1 per cent.
-WE BUY. SELL.
and gladly furnish quotations on:
Bonds of the United States Government,
Its Territories and Insular Possessions
Home Owners’ Loan and Land Bank Bonds
Indiana Municipal and Corporate Securities
General Market Securities
Indianapolis Bond and Share Corp.
129 EAST MARKET STREET
SWINE VALOES
RISE 10 TO 35
CENTS AT PENS
Cattle, Vealers Steady to
Weak; Lambs Scarce,
Unchanged.
The pork market moved sharply
higher today at the local stockyards.
Weights from 275 pounds and down
ward w’ere up 10 to 15 cents, while
heavy butcher classes advanced as
much as 25 to 25 cents a hundred
pounds.
Although receipts were heavy,
estimated at 5000, a strong demand
developed for the various classes.
The bulk of 160 to 225 pounds sold
at $lO 80 to $10.90. Heavy butchers,
from 325 to 400 pounds, were salable
at $8.95 to $lO. Light slaughter pigs.
130 to 160 pounds, cashed in at
$10.15 to $10.65. Holdovers numbered
81.
An uneven trading range devel
oped in the cattle market with the
total supply of 2200 consisting
largely of slaughter steers. Prices
were steady to slightly lower. Bulk
of steers sold at $7 to $9.
Veals also were steady to weak
with the bulk of better kinds selling
from $lO to sll. Receipts were 800.
Lambs were scarce with hardly
enough stock on hand to establish a
trading range. The first shipment,
of spring lambs arrived at the local
market today. Receipts were 100.
LOCAL CASH MARKET
Cltv grain Plavatnr-. at* paving 90 pan*a
for No. 2 solt wheat,, otner grades on
their merits. Casn corn new No. 4 yellow
48 cents and oats 18 rents.