Decatur Daily Democrat, Volume 33, Number 306, Decatur, Adams County, 27 December 1935 — Page 5

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IEAT POLICY fcanadians lowers price Grains Decline With Kajor Cereal; Lard Futures Rise L o Dec 27 (U.R)— a devastI black rust scourge, war L drouth in Argentina, and minity over the disposal ot ta*an surplus formed the Lund for wheat trading this L the Chicago Board ot [wheat deliveries crossed the , m ark at one time during L r . December reaching Lbow levels were about zu a bushel under the highs. ■ the year ended prices were , are » just barely under the ! recorded al the start of Other grains declined. B ks of black rust, a fungus ji which dwarfs the plant Lrels the grain, across the L wheat belt in July sent | iiounding upward on the is leading gram exchanges. L wiped out approximately Lion busnels ot wneat, gram L reported. Naturally, the lapolis market reflected the •damage most clearly and futures there soared to new tat all domestic grain marwere materially affected. (possibility of a general EuI war induced another buy|re on the Chicago board of in the early tall, and prices to the highest levels of the jth conditions in the Argetiknich sizeably reduced the j crop there were about otf|a market influence by the jte of Canada's big wheat (. The crack-up of Canada’s ■rcld policy of artificial supporting brought in heavy kion in the Chicago wheat ■ich was checked only by fpearance of the black rust, brtainity over the methods ew Canadian grain board — ) after tne Liberal victory— ' use in disposing of its sin tapered builisn enthusiasm pican markets, and fear of Inions from that source ima price ceiling on United wheat. corn crop this year was tempered with the ten-year |t but the supply was much jeaerous than last year. The top was placed at 2.211.000.>Ws An interesting feature trade in corn futures on the P board of trade was the 'of the nearby deliveries of tun to maintain a premium theat futures for a time dur id-summer. Veteran traders key could recall no other i kben such a condition pre I I l‘ of oats, rye and barley abundant. Future prices in wcondary grains were subkrgely to fluctuations in Hutures scored good gain.

FARM LOANS To Responsible Borrowers LOW RATES — LIBERAL TERMS PROMPT SERVICE Application for loans submitted to Union Central Life Insurance Co. A. D. SUTTLES f S?* l —■—■ IHIIIIIWI Public Sale •undersigned commissioner, by ” r(ler .A-ernisesTat U oisrt, will sell at public auction, on the p , jbed «rth 7th St., Decatur, Ind., the following dtscrioeu state. on SATURDAY, December 2Stb At 1:39 o’clock P. M. !r b' known as the Brokaw property. feet. Quitman’s Northwestern addition, Io i>j room house, semi-modern;; garage. )be on - Do not fail to attend this sale it you et for a home. R MS-Caah. Sold free of liens, except 1!»3» i 1936. JOHN L. DeVOSS, Commissions ’■Johnson, Auct.

on the board of trade because of the light supply of hogs, which was the smallest In 50 years at the Chicago stock yards. o DAIRY PRODUCT USE INCREASES Increased Consumption Noted In U. S. For Dairy Products ! Washington, D. C. Dec. 27—Increased per capita consumption of . butter, cheese and condensed and , evaporated milk is reported by the bureau of agricultural economics. Butter consumption in 1934 was dose to the post war peak of 1924. cheese consumption was the largest on record The bureau s record cover 26 years. Consumption of condensed and evaporated whole milk was the largest in 16 years. ; In a compilation of butter supj ply, distribution and per capita consumption dating oack to 1909, the bureau estimates consumption in 1934 at 18.01 pounds per capita. .-Consumption in 1924 was 18.13 pounds. . | Butter production has increased ■ steadily for the 26 years, but not ! at a rate sufficient to increase the 11 figure for per capita consumption, i : The peak per capita consumption ; for this period was 18.72 pounds in r| 1911. i Cheese consumption in 1934 was 4.84 pounds per capita. Production has increased the last twenty-six years. Imports of cheese have declined since 1927 and eports have declined since the War, but declines in imports the last 10 years have been larger than declines in exports. Consumption of condensed and evaporated whole milk in 19 4 was 14.99 pounds. Production has increased during the 16 years for which the bureau has records on this commodity at a rate slightly greater than the increase in popu- | lation. o Arrest Trustee On Charge Os Bribery Boonville. Ind., Dec. 27 —(UP)— ■ John N. Scales, trustee of Skelton township, was arrested by sheriff Otto Gentry today on i Warrick county grand jury indictment charg- - I ing bribery. Seal s was accused of offering bribes to four persons in return 1 r their support in his race for trustee’s effice. The grand jury also filed a request for impeachment proceedings. Scales was one of five persons named in grand jury indictments. College Dormitory Damaged By Fire I Birmingham, Ala.. Dec. 2>.~(U.Rt 1 - A dormitory of Birmingham Southern college here was almost completely destroyed by tire early today. There was no loss of lite. Damage was estimated at $1 V,00°. .

DECATUR DAILY DEMOCRAT FRIDAY, DECEMBER 27, 1935.

ACTIVITY IS REPORTED IN SEAL ESTATE Optimistic Outlook Is Indicated In Farm Real Estate Washington. Dec. 27 —Brisk activity and an optimistic outlook in farm real estate is Indicated by ■ figures released today by the Farm Credit Administration on 1935 op- , erations. Over 6400 farms placed on the , market were sold by the Federal land hanks to farmers and other investors in the first ten months of the year compared to <9OO in ( all of 1934 and 4100 in 1933. In ad- , dition over a thousand part-farms were sold in 1935. Farm real estate sales during ten months of 1935 amounted to $32,154,000, with a recovery of 101.2 per cent of the carrying value, 1 \ compared to $17,600,"00 for the entire year 1934 and $14,113,000 in j 1933, with recovery of 100.1 and '97.5 per cent respectively. Farm real estate held by the banks on October 31, 1935 amounted to $95,816,000. While the emergency refinancing of farm debts undertaken by the land banks is now practically terminated. the banks have had a steady business ot normal financing during the year and an unusual demand for loans to finance tne purchase of farms. Applications tor sucn loans are now being received at the rate of about 2,000 a month. , A part of the new interest in farm purchases was generated by provisions of the Farm Credit Act of 1935 which authorized the Land Bank Commissioner to make first or second mortgage loans for farm purchases in amounts up to 75 per cent of the appraised normal value of the property to be pur-. j chased. A round $800,000,000 of I Commissioner's loans have been j made since the spring of 1933. but ■ until recently were used almost l entirely for refinancing old debts.! During the first eleven months: I of 1935 farmers paid over $61,000,-. ' 000 interest on Federal land bank loans which was approximately 90 per cent of the interest maturing, compared to about $50,000,000 ot I interest collected in the corresponi ding period of 1934 which was S7 i per cent of maturities. During the year the Federal land banks were successful in refund ing a considerable part of theit I outstanding bonds at lower rates: laud as a result gradually dropped the contract rate of interest on new : loans through national farm loan | associations from 5 tb 4 per cent. | A temporary reduction lo 3% per I cent is provided for interest install- ■ ments payable in the year ending I June 30, 1936. i| since mid-1934 approximately 1 i $625,000,0110 of bonds of the Feder- ' al land banks bearing from 4 to 5 'I per cent interest have been refund-1 ■ I ed at rates ranging from 3 to 4 per -I cent. A part of a $100,000.000 isi sue of December 10, 1935 is be- ' ing used for new loans, thus raark- | ing the return of the land banks I'to the investment market after a | s.year period, and the discontinuance of tile use of governmentguaranteed bonds of the hederal Farm Mortgage Corporation which were exchanged for land bank bonds for a period of about a year and a half. In the future the land banks expect to continue to draw funds for 1 nP w finanei'ng from the investment ■ market. Tlfr remaining purpose ot the Federal Farm Mortgage Corporation will be to provide Hinds for Commissioner's loans and to collect loans outstanding. Os the. total bond authorization of the Corporation amounting to $2,000,-, 000000, the amount outstanding on November 30, 1935. aggregated *!,-j 387,000,000Mayor Bangs Again Challenges Utility, Huntington, Ind., Dm. “ 7 “ u ’ Pl ... Mavar Clare W. II Bangs hurled another challenge al the >forthern [ndianu pr.wr company today with 1 the pnmmnemnent that patrons of 11m muniepal electric plant would |l„. furnished D .ttb' Bangs, engaged in a legal battle ’ private utility to Pormit 1". ~ i O p. of the municipal .plant. | Sy 'pulsed 300 light meters • r o;n the city Os bpringfield, • | The city plant now is servin„ 684 I,- nite a circuit court

Second Os Purdue Articles On Outlook For Agriculture

(Editor's note:—This is the second of a series of articles on "The outlook for Indiana agriculture in 1936." Information contained in the series is taken from the report prepared by members of the Purdue university depart ment of farm management in cooperation with the various divisions and departments of the department of agricultural extension, agricultural experiment stations, and schools of agriculture. Following is the outlook for farm land values, farm family living and far m labor, machinery and building materials.) Farm Land Values Compared to 1912-14 as 100, the index figure March 1. 1935 of farm land prices for the United States was 79, the East North Central States, which includes Indiana, 68 and Indiana 61. For the fourth consecutive year the East North Central group has the lowest index figure of any of the nine geographic divisions of the United States. Indiana and Illinois now tie for fifth lowest index. Missouri, South Dakota, Colorado an d Montana have index figures of 58, 54, 53, and 50 respectively. In the boom year. 1920, the index was 170 for the United States. 171 for the East North Central States and 161 for Indiana. For 13 consecutive years the price fell in all three areas. Since March, 1933, the price has risen each year in all three units. Indiana, during the past year had a rise or five points compared to a rise of three for each of the other two areas. In last year’s Outlook the following statement was made: “It farm prices and the purchasing power of farm products continue on the same September level or advance some as they did a year ago from September to March, it is probable the March 1, 1935 farm real estate indejc tor Indiana will show a rise tor the year." During the year (March, 1934. to March, 1935) when the index of farm real estate for the United States increased three points, the index of prices of farm products increased 15 points. During the last six months, March to September, these indices each increased four points. With a level of prices for farm products above pre-war and a farm land price index of less than two-thirds of pre-war, it is probable that March, 1936, will show an increase in the price of farm land for the third consecu-tive-year. According to a recent August release of the Farm Credit Administration, most of the Federal land bank districts report that farm sale prices have advanced materially in the last-few months. Indiana cash receipts from the sale of principal farm products including rental mid benefit payments for the six months period. January to July, show an increase in income of more . than 52 per cent compared to the first six months of the year previous, or 1934. Indiana farm real estate taxes per SIOO of value in 1931 were lower than any other state in the 'Last North Central group and 16 cents lower than the average of the United States. Compared to the prewar tax per SIOO of.value, the Indiana 1934 rate is less than onethird higher, the East North Central States three-fourths higher, and the United States rate more than 100 pct cent, higher. Interest rates on farm mortgage loans at four per. cent are the lowest in history. Especially is this true when the low' cost of securing the loan and the avoidance ot frequent renewals are considered. Now is a favorable time for the tiller of the soil to become its owner. The. new Federal Land Bank farm purchase plan requires but a 20 tier cent, down payment when a farm is purchased from the bank, with the balmice financed directly by the bank in a single purchase money mortgage bearing font' and one-half per epnt interest, and with either annual or scmi-atuuial amortized payments extending over periods of. from 10 to 33 years. By carrying the entire balance in the form of a dit'ect sales contract, tin- buyer saves the appraisal fees and other expenses ot obtaining a Federal Land Bunk loan. Other loaning agencies such as insurance companies are also offering favorable land purchase plans lo prospective purchasers. Farm Family Living Farm income in the United Stales, during the year 1935, increased fourteen per cent over Hie previous year; while in Indiana, the increase was fifty-three Tier cent.

These increases were due largely to actual increase In the amount of money brought into the farm treasury, as a result of larger receipts from farm products, such as. meat animals, poultry products, snd other farm produce. This was generally true throuhout the state, except in a few local cases, where benefits were offset by excessive moisture in the early spring. The ’ continuation of this Increase in far mincome in 1936 cannot be estimated at this time, however, It Is . believed the trend will be upward during the next few years. Home farm women have continued to contribute to cash income ' by selling home-baked and canned foods, home-made baskets and rugs, and other handicraft articles. I In addition, sales of poultry, eggs, > dairy products, fruits, and vegetables through roadside stands, worn ■ en's markets and by direct delivery to homes have increased the • incomes of many farm families. Fann families along main highways and near tourist resorts prob--1 ably shared in the Increased reve--1 nue from tourist trade reported ’ during the vacation season of 1935. Clothing prices for June, 1935, were five per cent lower than in . the same month, 1934. In SeptemI ber, 1935, the index number for • prices paid by farm families for ' doming was 125, a slight increase . over the June figure of 124. There I may lie slight increases in cloth- ' ing and textile prices during 1936, especially in wool, silk, and rayon. Prices of shoes probably will rise; prices of hides and leather have . risen since the summer of 1935. i Prices of goods used for household operations, such as kerosene, coal, gasoline, soap and otner supplies for laundry and cleaning, are practically the same as a year ago. prices paid by farmers for furni- ; tare and furnishings, and for build- ' ing materials tor houses, changed little during the first eight mouths of 1935. Although an upward trend ■ in industrial activity Is increasing ine uemand for building faaterials, . i there is at this time no evidence of probable increase in their prlc- . es. Many farm families will have more cash available for living expenditures during 1936 than during the year previous. Indications are that improvements in levels of i living, begun in 1933. will continue through 1936. The rise will be moderate. however, since a part of the ■ anticipated increase in cash available from agriculture will go to repairs and replacements of farm equipment ami other capital goods needed by the farm business. Ways of spending tne increased cash income available for family living will vary, depending in part i i upon the extent to which expenditures for different items have been cut during depression years. Fami- , lies that have been unable to re- • plenish their stocks of clothing probably will spend a larger pro- : portion of their increased cash for •J this item than will families which have made needed replacements II each year. Families whose incomes ■ have provided adequate food and ! clothing may spend a relatively ; large share of the increase f<s7 re- ■. placements of household furnish- • • Ings and for the purchase and up--'keep of automobiles. Studies comparing farm family expenditures -I tor the year 1934 with those for , 1 1933 when incomes were lower, in- >, j dicate that the increase will be distributed somewhat unequally over ■ many items of family living rath -I er than devoted to only one or t two. • Evon with the prospect of more i cash for family living ill 1938, it . • is probable that farm families over ■ I all the country will undertake well .! considered programs for home pro- , duction <>f food, ana In some t -• I! glona, of fuel and other goods. Onilly a small percentage live under , | conditions that warrant the pTir 'chase of nil needed goods and ser- . i vices, or have Incomes sufficient I 1 to buy all the commodities and ser--11 vices required lor satisfactory livI ing. fit most parts of the country. 19- . 35 Ims been a year of good returns i from gardens and orchards. Farm families .ire canning and storing ('many more vegetables and fruits than nsttal litis year. The compar•'ativeTy high prices prevalent tor ■ ; livestock may induce some Tamil--lies to retain less titan the usual - supply of meat products fur home use, and in consequence, to he somewhat more economical in their • consumption especially of tats. I Payment ot cash rather than ( use of “open-book ' or Installment ■ I credit has been found to be an ef.lfective method of increasing the

buying power of the farm family's dollar. Recent studies show a wide variation in Interest rates on Installment credit and on time purchases. Many stores hide such charges In their customary prices and do not give the cash customer the arvantage he should receive if he does not use this credit service. With a more widespread knowledge of the costs of installment credit, many farm families probably will use less expensive credit facilities when they are unable to pay cash | tor their purchases. More families than heretofore ' are making long-time plans for the use of total available cash, budgeting funds for both the farm business and for family living. Buch budget-making should focus atteni tlon upon a consideration of all family needs, in addition to emphasizing financial progress. Finan cial planning has been stimulated by the Increased use of farm and Home accounts. As the farm Income is increased, the lieavy burden of home production will decrease, and the woman on the farm should have more time to devote to the cultural phases of homemaking and to planning for the intelligent expenditure of the improved farm in- ' come available for family living. Farm Labor The supply of farm labor in the United States in relation to demand dropped considerably in 19.35 from the high point of 1534. In July, 1935, for example, the supply of farm labor in Indiana was 98 per cent of normal as compared to 116 per cent a year earlier, and the j demand for farm labor was 93 per , cent of normal as compared to 72 , per cent in July, 1934. The changed relationship in 1935 was partly the result of increased farm work required by the larger crop of 1935 as compared to 1934, and partly the result of increased employment of laborers away from farms, on government and private projects. The relation of supply of farm labor to demand for it in 1936 will! depend greatly on the amount of revival in industrial activities. While farm wage rates will be influenced not only by- the rehatron ship of supply to demand, bui al- ’ so by possible changes in the general price level. It is probable that . they will continue the upward ' trend shown In 1935 a.Hhougb prob I ably remaining relatively low com-, ! pared to most other prices. Machinery costs to farmers have not tended to increase, as rapidly as farm wage? during the past two year, whicli means that the advantage of machine methods over i hand methods in tasks where machinery apd labor are substitutes is becoming more marked. This is a reversal of the situation prevailing for a few years following the drop In the general price level In 1929. Sales of farm machinery in 1935 have been the largest for any year since 1930, and tor some machines sales have been so large that deliveries have been greatly delayed. I In view of the low level of replace- ' ment of farm machinery in the [ last 5 years, however, the age of i machines on farms Is still above I average and it is probable Uiat sales of farm machinery will con ! tlnue to be large in 1936. PiTces paid by farmers for building materials are likely to remain at about present levels during 1936 since wholesale prices of lumber, the principal building material purchased by farmers, snowed practlvally no change during the ■ last year. Although sales of building material have been increasing considerably since the spring of 1935, and are expected to continue to increase, owing to the upward trend in building contracts awarded. there is as yet no indication ot any major change in prices. Even if there should )be a change in wholesale'prices it would probably not be reflected In prices {raid by farmers for several months becauso ot the lag between changes in wholesale and retail prices. Labor costs of building on farms are liktfiy to advance hi line with fann-wage rates. Wage rates for carpenters and other craftsmen in rural art<s. although usually higher than vl'age rates for hired farm labor, ordinarily are not governed by union wage scales. Tlic demand for electricity on forms continues to increase. Electrienl facilities available to fanners may be 'expanded considerably during the .next few years. The renewed inlerest of private utilities in this field.ap ,wpl.l as loans available through the Rural Electrical Administration for this purpose are making this possible. Increased farm incomes have also been a factor in increasing the interest of furmers in' the development o,fj electrical service in rural areas. o Trade in a Good Town — Decatur

LIVESTOCK AT HICO LEVELS — Livestock Prices Hit Highest Level In Five Years In 1935 Chicago, Dec. 27 (U.R)—Livestock values at the Chicago stock yards boomed to the highest levels in five years in spectacular price fluctuations during 1935. The smallest receipts in the modern history of the uarket forced hog prices to the highest level since the boom days of 1929. A peak of $12.25 per hundred pounds was paid for choice hogs on September 14. climaxing two months of steadily advancing prices, it j was the highest price paid at the world's largest stock yards since | July, 1929. Drouth in 1934 and the reduc-i tion program resulted In small re celpte which formed the back ground for the advance in hog prices. The supply of swine was the smallest since 1873. and stock yard officials were forced to dose

FEDERAL FARM LOANS Now At 4 ' THE ADAMS COUNTY NATIONAL FARM LOAN ASSOCIATION, of Decatur, Indiana has received a Charter and has been duly authorized and empowered to make farm loans in -II of Adams County. If you are expecting to re-finance your farm loan call or write this association at once. Office: 133 South Second Street Decatur, Indiana ! S. Burt Lenhart, Sec'y-Treas. Fred T. Schurger. Investigator Public Auction 6 Room Semi-modern Home I will sell at public auction, without reserve, the following described real estate, at 228 North First street. Decatur. Ind. Sale on the premises, on SATURDAY, December 28th at 2:30 I’. M. I 6 room, cottage type house, in a good state of repair, good garage, cistern, cellar, toilet, house on good cement block foundation. An ideal location, on bnck street. Immediate possession. TERM3—SoId subject to a $300.00 mortgage. Balance cash. HENRY FOREMAN, Owner Roy S. Johnson, Auct. ' , NOTICE OF SALE OF REAL ESTATE The undersigned administrator de Bonis Non of the estate of Frank M. Schtrmeyer. deceased, hereby gives noliie that by virtue ot an order yf the Adams Circuit Court he will offer for sale nt the 1 o'clock A. M. on the 3rd Day of .January, 1936 at the La.w Office of Clark J. Lutz al No. 153 Soulh.'Second Street the City of Decatur, Indiana, and from da> to day thereafter until wold, offer for sale at private sale, all of the intercut of suit! decedent to wn The undivided 2-3 in and to the following described ■ • real estate, all of which is located in the City of Decatur, Adams County, Indiana to wii: TRACT NO. 1. Commencing »t the south east corner of Inlot Number 851 tn tho sautborn addition lo the town, now city of Dccutur, Indiana. Thence north on the west lino of .Mercer Street «« fe-t. thence in a southwestern direction pat.dlel with Kugg street HU feel, theme Hi a southiunlj rect on 66 feet more or less to the north line of Uugg Street, thence eastern" to the "lace of beginning. Thb being th. Sehirtneyer Residence on Mercer Avenue. TRACT NO. 2. Commencing 132 feet west of the south east < orner ot Inlol No _ M h. the southern addition to tlx town, now ( Uy. ot I’’ - ‘’i'. cm"' tv Indiana thence weatcrnly along the mirth line ot Kugg Street LOL 1 feet less to the alley then in a mtrtherh dbt-e.tlan along the p-mt linp of said alley 72 topt more or le v. , tlmn dhsWU p t nalhl with Rugg Street 73 feet more or less then In a southernly direct ion tn the "' al 'Thls h being"he vuea.it lot or. Rugg Street back of the Sehinnw . l. '>.L f'. 7. IS. *L ’"" I 1,1 Citlu ' n "' Or ” Addltwrito ,^^:rn7,8. 11 .i.i3. lßW nd 2 <. p®y wm'lrn subject to the appro, al Os the S for not les. than the lull upurai-"d vnlm and upon the following terms and conditions. T c. H M o M leu I % cusb ill totnd. bi,l ‘"V. e 1,1 lwo P,, " ul nnt 'ro .A.-i ed : liu.l 6 months, deterred payments to bear pujublo tn ,nfred uv mortgage on property sold. Said "'te' üb old fr..' fron. Ibm except taxes payable in I9:m. Abstract will be furnished purchasers on lull payment ot inuchusc ’ ri l DANIEL SPRANG CLARK .1, LI TZ. AHorm v Admmisl.at.or De Bonis Non. N OTIC E The undesigned, widow of -'Ud < l '’''e<i"ui «i" "tnV'w i . 11 titv undivided I ‘.I DDJ i (M f Ulh of Said T I «l‘l« O* Ddll.M'' C itdi' Deed will be executed to ptueitaser coueurreully with deeds executed by the admiuiatrutor. l S( , hirmeyer ,

PAGE FIVE

acres of hog pens in August when receipts were lightest. Refusal of housewives to pay the high prices asked for dressed pork and slightly increased receipts of nsw crop pigs finally brought a recession from the highest points. The low price for the year was the $8 top per hundred pounds paid on January 5 and February 2. Receipts for 1955 were 2,7(0,UOO head llflhter than year ago. Light receipts uiso prompted an advance In cattle prices. Best steers sold at a top of $18.25 per hundred pounds on May 14. tho peak since January, 1930. The drouth largely was responsible for the small supply. Receipts were 375,000 head lighter than in 1934. The high price on choice vealers was $11.50, touched four times In September and October. The SB.OO top (mid for vealere January 5 and July 20 was the lowest of the year. An improved wool market and the advance in other livestock prices lent strength to the sheep market. The top on lambs soared to the highest point in more than Old crop lambs sold at a top of $11.65 early in December, while the low of $8.25 on these kinds was touched In the spring. On the new crop a peak of $8.15 per hundred pounds was reached on July 22. The low of $7.15 on clipped lambs was paid May 2. 0 - Fuelling Funeral Services Sunday Funeral services for Mrs. Charles Fuelling will be held Sunday afternoon at 1 o’clock C. S. T. at the home and at 1:15 at St. Peter's Lutheran church. - ~o —— Trade In a Good Town — Decatur