Indianapolis Times, Volume 46, Number 242, Indianapolis, Marion County, 18 February 1935 — Page 8

Wall St. Byles Defends Oil From Attack by Harold Ickes. BY RALPH HLNUERSHOT ftmM Siwrul rilfr NEW YORK. Feb. 18—Axtell J. Byles, president of the American Petroleum Institute, quite properly replies to what he regards as an “attack upon the good faith of the entire American petroleum industry" by Secretary Ickes. Federal oil administrator. He says the industry admits to faults, but that

it also has a great many achievements to its credit. The same may be said of almost all industries and most of our institutions. Their excellent achievements have been obscured by the consistent calling of attention to the mistakes they have made. The depression has made

' ——I JS |Uk “*■

the ears of the average man particularly receptive to slander, and the defense of our economic system has been so weak as to have been lost almost entirley. We still have many industrial accompl'shments of which we may justly te proud. Despite the fact that we are a young nation, particularly in respect to industry and finance we have taken world leadership in many important respects. We build better automobiles, we construct better buildings, we have excellent railroad systems, superior hydroelectric properties and a wide list of other achievements. a a a Even the New York Stock Exchange, which has been scored so bitterly and often in recent months, offers much superior facilities for trading than any of the European exchanges. The London and Paris exchanges, for instance, do not have even a ticket system where transactions can be immediately recorded and where the public can keep in constant touch with dealings. We have not developed our investing and banking sciences as well as they have in some other countries, but it is worth considering that had we been as adept in those respects, we might not have witnessed such a rapid industrial growth. In other words, some of our investing and banking faults may’ really have been virtues. We at least have been aggressive. m u YOUR correspondent has little time for those who are opposed to change when it is in the direction of improvement, but he is equally out of sympathy with those who would bring about change for change’s sake. Change —or reform, as it is sometimes called—might even take us backward. And safety, if it must be achieved at the expense of progress, may not be as highly desirable as it might seem. The retail price of gasoline in 1934. according to Mr. Byles. was half that of fifteen years ago. This reduction, brought about through individual initiative, was a boon to the country, or would have been had not taxation offset it to a very’ large extent. Taxes on gasoline and motor lubricants amounted to more than $754,000,000 in 1934. Spent for other things, it would have given useful employment to a great many people. Perhaps, if the “reform” in business practices were spread to include the excess cost of government, the lot of the average man might be easier.

PURCHASING POWER OF DOLLAR DROPS Unit Held in Common Stocks Dips 4.1 Per Cent in January. B 9 Ti mi* Special NEW YORK. Feb 18—The purchasing power of the dollar held in common stocks showed a decline of 4.1 per cent during January, the monthly survey of Administrative and Research Corp., said today. During the same period, the purchasing power of the dollar held in cash declined 2.5 per cent. The dollar held in bonds decreased 1.6 per cent. Wholesale commodities, as measured by the Bureau of Labor wholesale commodity index, stood at 79.1 on Feb. 2, as compared with 77.1 on Dec. 29. 1934. Thus the purchasing power of the dollar held in cash fell 2-5 per cent during the month. As measured by Dow-Jones industrial averages, common stocks stood at 103 9 at the beginning of the year and 102.2 on Feb. 2. When the decrease in the purchasing power of the dollar held in cash is taken into consideration, this shows a loss of 4.1 per cent in the purchasing power of the common stock dollar for the month. AIR TRAFFIC DROPS Lines Carried 461.743 Passenger! in 1934. off 6 Per Cent By Time * Special WASHINGTON. Feb. 18—Domestic scheduled air lines carried 461.743 pasesngers in 1934. the air commerce bureau of the Department of Commerce announced in publishing final statistics This compares with 493.141 passengers in 1933. indicating a decrease of more than 6 per cen r . Other statistics on the operation of domestic scheduled air lmes in 1934 compared with 1933 are: Air express poundage. 1934 —2.133.191; in 1933—1.510.215; miles flown. 1934 40.955.393; in 1933—18.771.553; passengers miles flown. 1934 —187.858,629; in 1933—173.492.119.

Money and Exchange

INDIANAPOLIS STATEMENT Clear. r_*s X)cbit4 ..... 5.213.000 00 TSEAStft' T.4TEMENI Bv (Inn i Presai WASHINGTON Feb 18 —Government experts** and receipts, for the current ftsC i v #r to Fet 15 compared with the corretoor.dme period of the previous fiscal This Year Last Year BxpenOM $4 318 J7l 436 8* 83 968 sf 87 Receipts 2 184 414 880 54 1 813 023 3RT 38 Deficit 2.126 858 545 :8 2 150 541.48140 Cash B*l 1U1.545.770.46 4J70.071.649 84

PAGE 8

INDUSTRY FINDS PASSE PLANTS j RETARDTRADE Replacements Will Cost From 1 to 4 Billions, Statisticians Say. BY BARROW LYONS Timts Special Writer NEW YORK. Feb. 18 —Heads of large manufacturing corporations today are doing some of the hardest figuring of their business careers. With most of the indices of indus--1 trial production pointing sharply upward the problem of the obsolete plant is looming as one of the toughest to solve —and most important —that industry has to face. It has been variously estimated, for instance, that it would require from one to four billions thoroughly | to modernize the present plants of the steel companies. Henry Ford is building a mill in which, he declares, he is going to teach the industry how to make cheap steel—and half of his outlay. Business Week deI clares, will be for electrical power machinery. In refuting the assertion of Gen. Charles G. Dawes that its estimate I [of producing capacity is at least ; 15 per cent too high because of ob- j I solescence, the American Iron and J ; Steel Institute asserted that two j | companies were producing at 100 per j I cent capacity, while the balance j averaged below 50 per cent. The inference that has been j drawn from these figures is that the ; plants best equipped with modern ; machinery may be getting ready to take the lead in the race for bust- i ness ahead, because of lower costs. Auto Trade Reviewed In reviewing conditions in the automobile industry the NRA Re- ! search and Planning Division reiiorted that many labor-saving devices had been introduced in the modernization process. It also reported that while three of the dominant companies produced 77 per cent of the automotive vehicles in j 1929 their lead increased to 88 per cent by 1934. The opinions of a few authorities upon the enormous need for replacement which now faces American industry are illuminating. Arthur G. McKee, internationally known iron and steel plant engineer, of Arthur G. McKee & Cos., is quoted in a recent issue of the magazine Steel as follows: “Today a very considerable part of the Institute’s 100 per cent capacity is not only decrepit but obsolete, and hundreds of millions of dollars must be spent in the next few years if this industry is to contribute its share to the rebuilding of the industrial equipment of the country, which means operation over a long period as near to our present 100 per cent rating as possible. “If the present enormous credit possibilities of our banking system could be released from the dam of investment control which is holding them back, capital goods industries would shortly enjoy a period of prosperity which would absorb promptly, and at good wages, all of those who are unemployed and really want to work.” $30,000,000 Spent Mr. McKee estimates that more than a billion dollars should be spent in modernization by steel in the next five years. The magazine Steel estimates that about $30,000,000 already has been spent for new strip , and tube mills, and that about the 1 same amount is now definitely scheduled to be spent in 1935. The Textile World reports that 1935 will be a “banner year’’ in modernization of textile machinery. “It must be evident to even the most casual student of textile affairs,” writes Douglas G. Woolf, editor, “that companies with inefficient plants are going to have an increasingly difficult job in getting by. There is in the cards for 1935 a greater premium on quality goods and efficient manufacturing. “Furthermore, there is now a partial answer to the ’no funds’ alibi. Jesse Jones, chairman of the RFC, stated recently that his organization will consider loans for replacing machinery and equipment where existing capacity is not materially increased. Uneconomic units must revamp and modernize.” Business Week recently reported that chemical industries were planning to spend $100,000,000 in modernization.

Ralph Hpndershnt

Stock Studies

INDUSTRIAL RAYON ( CAPITAL STOCK t 1 MU £ARN)NGS I PRICE RANGE scalT *OAT<O rdSl--0' 30 31 32 33 34 30 31 32 33 34 ° Winchester institute of finance

The use of rayon has increased very rapidly in recent years. Industrial Rayon Corp. developed into one es the four largest manufacturj ers of rayon yarns in the United States. It operates under the viscose process. Because of the modern plant equipment Industrial Rayon may be considered one of the lowest cost producers in the industry. The company has also developed methods of coloring rayon yarns, which process holds much future promise. FINANCIAL DATA As of Dec. 31. 1934 Capital stock tno pan shares 600.000 Surpluses 8 8.540.630 Cash and securities 7.136.360 Inventories 2.129.176 Total current assets 10.346.599 Cunent liabilities 1.007 503 Industrial Rayon was incorporated ■ m 1925 in Delaware. The capital stock is listed on the New York Stock Exchange. At a current price of around 31 it sells to yield 54 per cent and for nearly 14 times earnings. j < All rights reserved Winchester Institute of Finance. Winchester, Mass.)

Abreast of The Times on Finance

GREAT MAJORITY OF ACCOUNTS IN BANKS WITH DEPOSIT LIABILITIES OF OVER 50 MILLION DOLLARS FULLY INSURED, FDIC STUDY SHOWS The following tabulation prepared by the Federal Deposit Insurance Corp. from certified statements rendered by insured commercial banks and trust-companies on Oct. 1, 1934. shows the accounts and deposits in insured institutions distributed according to the size of the bank. The ratio of fully insured accounts to the total in institutions with deposits in excess of $50,000,000 is 97.16, or a little more than 1 per cent under the average for all banks. (Deposits In Thousands of Dollars) __ INSURED BANKS INSURED ACCOUNTS DEPOSITS Ratio to Dep. Ratio to Fully Ratio to Ratio Ins. All Banks Kavin* Deposits of: Number Alli<7) In*. All t% > Insured Total <%> Groups Sinn 000 and under 1.502 10.71 614.460 616.046 99.74 S 91.403 $ 09.714 91.67 .28 SIOO 00l to 6290 000 3 580 25.52 2.726.389 2.738,463 99.56 523,892 609.390 86.95 1.69 *250 001 to *SOO 000 .... 3 109 22.16 4 095 818 4,119.429 99.43 921,653 1.108.586 83.14 3.08 SSOO 001 to *750 000 ... . 1 477 10 53 2.974 979 2,995.488 99.32 720.627 903.230 . 79.78 2.51 *750 001 to *1 000 000 . . 9<3 6.72 2 577.867 2,596.962 99.26 631,175 813.367 * 77.60 2.26 tionOOOl to *2 000 000 1 630 11 62 6 196.088 6.252,654 99.10 1,703.515 2.278.799 74.62 6.34 saooo'ooi to *5 000 000 ! i! 1 oeo “Sa 7 422184 7,508.918 98.84 2.207.934 3.193.457 69.14 8.88 *5 000 001 to *SO 000 000 .. .... 631 4.50 11.839.415 12.040.862 98.33 3,978.691 8.026.511 49.57 22.31 IMMKK) 001 andover 96 .68 10.548,778 10,856.922 97.16 4,865,341 18,942,185 25.69 52.65 Totgl .. 14.028 100.00 48,995.978 49.725,744 98.53 815,647.231 $35,975,239 43.49 100.00 \’OTF Total deposits as reported to FDIC on Oct. 1. 1934. differ in some respects from gross deposits shown on bank's published statements, and can not be used as a basis for comparison with deposits on previous dates.

New York Stocks

I 11:00 A. M. Prev. Oils High Low. N. Y. close. Amerada .. 54% 54 3 s 54H 54 Atl Rfg 24 l 24% 24% 24% Barnsdall 6% 6% 6 3 s 6% Consol Oil 7% 7 5 7 5 s 7% Cont of Del 18% IT’s 18 18% Ohio Oil 10% 10 10 10 Pet Corp 8% 8% _B% 8% Phillips Pet 15% 15 15% 15 P vmouth Oil 7% 7% 7% 7% Pure Oil 6 s * 6 5 s 6% 6% Sieil Un 7 67a 6 a 6% 3oc Vac 13% 13% 13 s * 13% S O of Cal 30 1 a 30 30 30 V* S O of Ind 24 24 24 24 S O of N J 40'2 40 1 * 40** 40*s Texas Corp 20 1976 1976 20 Steels— Am Roll Mills . 20 3 e 2076 20V6 20% Beth Steel . 29 29 29 29% Bvers AM .. 157* 157* 15** 16*a Cruc Steel .22 22 22 22Vs Inland Steel . ... 53% 53 53 54 Natl Steel 48 1 2 48 48 48% Otis Steel .. 5 7 s 5 7 a 5 7 a 5% Rep Ir & Stl 13 1 2 13% 137* 13% U S Pine & Fdy 19 19 19 19 3 e U S Steel . 35*2 35*6 25 3 a 35 3 a U S Steel pfd 87** 8776 87*6 87% Youngstn S a: T 1776 1 7 1 7*4 1 774 Motors— Auburn 23 23 23 24 Chrysler .... 39 38*2 387* 3976 Gen Motors 31 1 a 30% 30*4 31% Gen Motors pfd 112% 112 1 * 112% 111 Hudson 9 7 s 9 3 * 9% 9% Hupp ... . 2*g 2% 2*a 2 5 8 Mack Truck 26 25 7 8 25 7 e 26*? Nash 16' a 16 7 a 16 7 6 16** Packard 4 5 a 4% 4% 4% Reo 2% 2% 2*6 2% Studebaker % 74 74 *6 Yellow Truck .. 37* 37* 376 3?* Motor Access— Eendix 15* 2 15*4 15'/* 15% Eore Warner 30 3 4 30' 2 30% 31 Briesrs . . 28 3 a 27% 27% 28*6 Budd Mfg ... 4 1 2 4> 2 476 4% Budd Wheel . 3% 3% 3% 3% Eaton Mfg . 19% 19% 19% 1976 Elec Auto Lite 25% 25*4 25% 26 Elec Stor Bit . 46 3 6 46* 46*4 46V* Houdallle •A .. 8% 8% 8% 8% Mullins Mfg ... 9% 9% 9% 9% Murrav Body .. 6 7 a 6 7 g 6 7 e 6 7 e Stew Warner ... 77* 77* 77* 7% Mining— Alaska Jun .. .. 16% 1674 16*4 17 Amer Smelt . ... 35% 35 3576 35% Anaconda 10*6 10*6 10*? 10% Cerro de Pasco 42 3 * 42*6 42*4 42*4 Dome Mines 37*a 37% 37% 38% Granbv . . 6 3 * 6 3 6*4 67* Gt Nor Ore . 10*a 10% 10% . Howe Sound 46% 46% 46% 4776 Int Nickel 23% 22% 23% 23% Kennecott Cop . 16% 16% 16% 16% Noranda Cop . 32% 32% 32% 32% Phelps Dodge 15 14% 14 7 6 15 St Joe Lead . 1574 15V4 1574 15% Amusements— Crosley Radio . 1574 147* 14*4 15% Fox Theat 10 10 10 10% Loews Inc 34 34 34 34% Radio Corp 5% 576 576 574 Paramount .. .. 3% 3% 3% 3% RKO ... 1 3 4 I*4 I*4 174 Warner Bros . 3% 3% 3% 3*4 Am Sum Tob . 20% 20% 20% 21% Am Tob "A" .. . 77** 77% 7774 79*4 Am Tob “B'’ 80% 78% 78% 80% Ligg & Myers B 105 105 105 104*4 Lorillard 19% 19% 19% 20 Phillip Morris 39% 39 39 39% Reynolds Tob B 47% 47% 47% 477* Rails— Atchison . .43 42 42 43% Atl Coast Lines 28 28 28 28 B& O lO** 10% 10*4 11 Can Pacific ... 12% 12% 12% 12% Ch & Ohio 41 % 41 % 41 % 411, C M & St P ... 2% 2% 2% Chi N W .. 4*6 4*4 4% 4*4 Del Lac &W . 15 14% 14% 15% Ene pfd 13% 13% 13% 13% Grt Northern pfd 13% 13% 13% 13% 111 Central . 13*4 13 13 13% MK & T pfd 10% 10% 10% 10% NY Cent ...16% 16% 16*t 16% N Y Haven ... 6% 6% 6% 6% Nor Pacific 17% 16% 16% 17% g™ Pac 14 3 * 14% 14% 15 Sou R R 11% 11% 1176 11% Bald Loco 5*6 5% 5% 5% C-en Am Tk Car 36% 36% 36% 36% Gen Elec 23% 23*4 23% 23% West Air Br 24 24 24 24 Westingh Elec .39 38% 3876 3974 Utilities— Am & For Pwr . 3% 3% 3% 3% Am Pwr & Lit .. 2% 2% 2*4 2% n , T r>* T ANARUS, 10 §i? 102% 103 103% Col Gas & Elec 5% 4% 5% 5% Com & Sou ... 1% 1 1 1 Consol Gas . . 17 1 2 17% 173' 173/. Elec Pwr & Lit . 2 1 * 2K 2*4 2 I U Int Hydro Elec . 2*4 2H 2 X \ 2*4 Interboro R r 13% 13% 13% 14% Lou G& E (A) 12% 12% 12% 12% Nat Pwr & Lit . 6 5*4 5% 6 North Amer .... 1176 I*4 11% 1174 Pac G& E 14 13** 13% 14 Peoples Gas 20% 20% 20% 20% Pub Serv N J ..22% 22% 22% 22% So Cal Edison 11% 11% 11% 11®. Stone & Webster 3% 37a 376 3% United Corp ... 2% 2 2 2 Un Gas Imp 10% 10 10 10% Pt Pwr & Lt (A) 176 1% 1% i% Western Union . 29 29 29 29 Rubbers— Goodrich 10 10 10 10 Goodyear 22% 22% 22% 22% Kelly Spring .. 1% I** 13/ p,' U S Rubber 14% 14% 14% 15 U S Rubber pfd 3576 3576 35 76 3576 Miscellaneous— Allis Chalmers . 17 16% 16% 17 Amer Can 119% 118% 118% 119% Am Mach & Fdv 21% 21% 21% 21% Brklvn Man Tr.. 41% 41% 41% 44% Burroughs Add . 15% 15 15% 15% J I tl Case 56 55% 55% 56% Conti Can .. 7074 69% 69% 69% Caterpillar Tract 42 42 42 41’* Crown Cork 26% 26% 26*4 26% Curtis Pub 18% 18% 18** 19 Deere & Cos 28% 287s 28*4 28% Eastman Kodak 119% 119 119 120 Gillette 13% 13% 13% 14 Glidden . ... 26% 26% 26% 26% Int Bus Mach 159% 159% 159% 159% Inter Harv 40% 40% .. 40% 40% Natl Cash Reg . 16% 16% 16% 16% Rem Rand 9% 974 974 974 Foi ds— Am Sugar 69% 69% 69% 70 Armour Com ... 5% 5% 5% 576 Bordto Prod ... 24% 24% 24% 25 Cal Packing 41% 41 41% K 41 Can Dry G Ale 13% 13% 13% 13% Coca-Cola 174% 174% 174% 174% Corn Prod 66% 67% 66% 67 Crm of Wheat .. 38% 38% 38% 38*4 Gen Baking .... 8% 8% 8% 8% ! Gen Foods 35 34% 35 34% Gold Dust 17 17 17 17% G W Sugar 29*4 29% 29% 29% Natl Biscut 28% 28% 28% 29 Natl D Prjd 16% 16% 16% 16% Purity Ea t 9% 6% 6% 9%

wheat vs parity Prices ei^szcosssSS3 ’ 1 J J 1 ’ ' I 1 "" 1 * | ** 1 | ■ | > ICtNTS Ii l f au. W* 1 j 1 ! prjcH\ j j? *-V [— j | ..■■-■I. jfft ■■ ■ nm.l " . V s „ —i—j {. 1 L- pi—}— £•• i£Y_j 1 j | : 1 fT" i / i r— ~ * -H 1 4 1 1 * I—^-j j i—yi i Ii li * I k Ia- I i 1 $ i t I fc.i fc ■>— i 1930 1931 1932 1933 ,934 1935

The Administration's desire is to increase farm prices and bring them into line with prices of non-agri-cultural products. Based upon the relationship of the 1910-1914 average, wheat prices ate still low relative to non-agricultural prices. However, after including the benefit payments, the return to the wheat farmer is substantially above parity. Under these conditions, should not the processing tax be reduced to permit lower retail prices? (Copyright, Economics Statistics, Inc.)

INDIANAPOLIS, MONDAY, FEBRUARY 18, 1935

S Porto Rico Sug 23% 23% 23% 23*4 Std Brands . 17% 17% 17% 1774 United Fruit 7574 75 75% 75 Ward Bak “B”.. 1% 1% 1% 1% Retail Stores— Best & Cos 37*a 37% 37% 3774 First Natl Stores 51% 51 74 51 74 52 Gr Un Tea . 3% 374 374 374 Hahn Dept Sts . 4% 474 474 47* Jewel Tea - 56 56 56 5674 Kresge S S 21% 21% 21*4 21% Kroger Groc 25% 25** 2474 25% McCrorv St . . 10 10 10 10% McLellan St 13*4 13% 1374 13% Mont Ward 26% 257a 2574 25% Penney J C ... 69% 69 69 69% Safeway St ■ 41 41 41 407* Sears Roebuck • 35*4 3574 3 574 35% Woolworth 5474 5 4 5474 54 7s Aviation— Aviation Corp . 4% 4% 4*4 474 Boeing Aircft .. 8% 8% 8% 9 Curtiss Wright . 2% 2% 274 2% Douglas Air ... 21*4 21*4 21 74 21 74 Nor Am Av .... 374 33 374 Sperry Corp ... 9 8% 87£ 9 United Aircft new 1374 1374 1374 1374 Chemicals— Air Reduction . 112 112 112 111 Allied Chem ....137% 137% 137% 137% Com Solvents .. 20% 20% 20*4 2174 Dupont .... 94 7 a 94% 9474 95 Liquid Carb . 2774 27% 2774 28% Monsanto Chem 58 58 58 58*4 Natl Dis (new) . 27% 27 27% 27 (a Schenlev Dist . 267* 25% 25% 26 Tex Gulf Sulph 35 34*4 235% 3574 Union Carbide ■. 47 74 47 % 47% 48 Sterling Prod .61 607a 6074 61 Un Drug (new). 11 11 11 11 Zonite Prod .... 474 474 474 4% Financial— Adams Exp ... 6 6 6 674 Allegheny Corp . 1% 1% I*4 1% Am Int Corp . 57* 5 3 4 s*/ 5% Chesa Corp . ... 39% 39% 39% 3974 Transamerica ... 574 574 574 574 Building— Am Radiator ... 14 13% 13% 1374 Gen Asphalt 1574 1574 1574 15% Holland Furnace 8 8 8 77* Int Cement 28 28 28 28% Johns Manville . 5174 5174 51*4 52 Libby Owens Gls 28% 28% 28% 29 Otis Elev 1474 1 474 1 4V* 1474 Household — Col Pal Peet ... 1674 16% 1674 17 Congoleum 33 % 33 33 3374 Kelvinator 1774 17 1774 1774 Proc & Gamble 47*4 47*4 47% 4774 Servel Inc .. 8% 8% 874 B*4 Simmons Bed ... 8% 874 8% 8% Textiles— Amer Woolen .. 7% 7% 7% 774 Belding Hem 12% 12% 12% 12% Celanese Corp . 29 7a 29% 29% 2974 Collins Aikman 13 13 13 13 Gotham Hose .. 4% 4% 4% 4% Indus Rayon ... 31% 31% 31 % 3174 Kayser Julius .. 17% 17 17% 17

(Bv Abbott Proctor & Paine) 11:00 Prev. A. M. close. Allied Products 15% 16 Bendix t. 15% 15% Borg Warner 30% 31 Central Southern % % Chicago Corp 2% 2% Chicago Corn pfd 30*4 30 >g Cities Service 1 Berghoft 2% 3 Elec House 14% 1474 Kingsberry 1% 1% Marshall Fields 9 9% Libbv 7% 774 Noblitt Sparks 14% 14% Quaker Oats 131*4 131 Swift 18 18%

(Bv Abbott. Proctor & Paine) Noon Pres. N. Y. Close. Allied Mills 14% 14% Am Cyanide “B“ 16% 17 Am. Superpower % 1 Atlas Corp 8% B*4 Distillers Corp 17*5 17% El Bond & Share 5% 5% Gulf Oil of Pa 56 56 7 a Humble Oil *7% 48% Imperial Oil Ltd 16% 16% Lake Shore Min 50% 51 Natl Bellas Hess 2 2 Newmont Min 37% 37% Novadel Agene 21% 21 Std of Kv 21 % 21% Teck Tughes Gold 4 3% INSURANCE VOLUME UP Lumbermen’s Mutual Casualty Cos. Has Increase in 1934. By Times Special CHICAGO, Feb. 18.—The Lumbermens Mutual Casualty Cos. during 1934 continued to show increases in volume of insurance written, in assets and in surplus, which has been the case since organization of the company in 1912, it was reported today. Premium income during the year increased from $16,004,197.85 to $lB,307,575.46, a gain of $2,303,377.61, or 12.5 per cent. Assets, the market value of which is in excess of the statement value, increased $2,322,922.83, the report stated. CAR, TRUCK OUTPUT UP By Times Special DETROIT, Feb. 18.—Automobile and truck production during the week ended Feb. 16 registered another new high for the current year with a total of 82,119 units, compared with 78,453 last week and 63.794 ,& year ago, according to Cram’s Reports, Inc.

BENEFIT PAYMENTS RAISE WHEAT’S PRICE PARITY

Chicago Stocks

New York Curb

TRADE VOLUME GOODJNMONTH Long Standing January Records Broken, Business Week Says. By Times Special NEW YORK, Feb. 18—Business got off to a good start in January, and is holding up well, if less spectacularly, in February, despite suspense over the gold clause decision, Business Week reports in its current issue. Long-standing January records were broken by motor production and deliveries, by drug sales, deliveries of rayon and finished steel, household equipment and roofing material sales, and finally, anew low for business failures since the twenties. Factors such as these, the report continued, have added to the current optimism. On the other hand, new construction, except residential, lags behind a year ago. Department stores sales declined more than seasonally from December, but are 4 per cent higher than last January. Nineteen chain stores were 6 80 ahead of last year, though six fell behind, some as much as 7 per cent. Freight car contracts awarded last month dropped to 24 against 152 a year ago and 110 in December. Structural steel volume also fell below last year’s mark, due to the sharp curtailment of public works program. Meat prices have soared so rapidly that consumption is bound to fall off from last year’s high. Railroads have had difficulty in drumming up enough freight to edge over the January 1934 totals. Coal and miscellaneous freight, which includes steel and motor shipments, have been the most profitable divisions. “While Washington appears to be following a middle-of-the-road course between the extreme left and right,” the review said, “the comprehensive banking bill and the attacks on the proposed Republic Steel Corp. merger and utility holding companies have disturbed business men. The Administration met opposition to its plan to pay wages below the prevailing rate of the locality where relief projects are to be undertaken, but has taken steps to get its own way in the end. “Meawnhile the probability decreases that the $4,800,000,000 relief fund will be spent in the 10 remaining months of this calendar year.”

On Commission Row

Quotations below are average wholesale prices being offered to buvers bv local commission dealers. Fruits—Bananas, 5e a lb. Apples. Indiana Jonathans, $1.65; Golden Delicious, [email protected]. Lemons, Sunkist, 2605. $4.25. Grapefruit, Texas, seedless, $3; Arizona, 645, 70s and 80s. $2.50. Limes. Mexican, per carton 12s, 25c; Byram. seedless, per hundred, $3. Pineapples. Porto Ricans, half crates. $3.50. Avocados, Florida, box. $1.50. Strawberries, Florida, pint, 12c, 36-pt. crate. $4.50. Apricots, $3 crate. Vegetables —Cabbage. Northern Danish 50-lb. bag, $1.25; red, 50-lb. box, $1.25; New Texas cabbage, large crate, $3.75. Onions. Idaho, sweet Spanish, large. 50lb. bug. $2; Michigan yellows, 15 lbs.. $1.50; western white. 50-lb. bag. $2: Michigan yellow. $1.25. Potatoes. Green Mountains. 100-lb. bag. $1.50: northern round white. 100-lb. bag. $1; Ohios, 100-lb. bag, $2; Idaho Russets. 100-lb bag. $1.90: New Florida Triumphs, bushel, $2.25. Sweet potatoes. Indiana Jersevs. bushel. $1.65: Tennessee Nancy Halls, bushel. $1.35. Beans, round stringless, hamper. $3.50; flat, $2.75. Celery. Florida, $4.25 a crate; California, $4 a crate; medium, dozen, 60c; jumbo, dozen, 90c. Cucumbers, hot house, dozen, $1.40; 2 dozen box, $2.50. Endive, California, dozen. 90c: peck basket. $2 Egg Plant. $2.25 dozen. Kale, bushel, 90c. Lettuce, hot house, 15-lb. basket, $1.50; Ariona Iceberg head lettuce. $3.75. Mangoes. Florida, crate, SB. Mint, bunch, 15c. Parsley, dozen, 35c. Peas, hampers. $3 Spinach. Texas, bushel, $1.85. Radishes doen 60®75c. Tomatoes 10-lb. carton, $1.60; Florida original, $2.75. Turnips, bushel. 75c. Parsnips. bushel. $1.35. Beets, bushel. $1.25. Carrots, bushel, $1.25: 100-lb sack. $1.75. Rhubarb, hot house. 5-lb. carton, 50c. Mushrooms, lb.. 30®35c. All auotatlons subject to change up or down. FRUITS AND VEGETABLES (Bv United Pressi CHICAGO, Feb. 18.—Apples—Michigan. Mclntosh, bushel. $1.40® 1.75: Jonathans. $1.65® 1.85. Cranberries—Massachusetts. ) 4 barrels. $4,504(5. Cauliflower —California. crates. $1.15(5.1.35. Turnips—lllinois, bushel. 35®40c. Lettuce—Western crates. $2 65<S 3. Parsnips—lllinois, bushels. 50® 60c. Beans—Florida, bushels, green. s2® 2.25. Spinach—Texas, bushels, flat. $1.75® 1.85. Tomatoes —Mexican lugs. $3.50®4. Sweet potatoes—Tennessee, bushel. 90c@ $1; Indiana. $1.25(51.35. Beets—lllinois, bushels, 40® 50c.

GAR LOADINGS CONTINUE GAIN OVER YEAR AGO Freight Volume May Top 1931 If Improvement Remains. By Times Special WASHINGTON, Feb. 18. Car loading statistics show continuance of tne improvement in general business which began in November, the Railway Age declared today. The increase in loadings in the week ended Feb. 2 was relatively the largest since the improvement began. “The seven-month recession of loadings that commenced in April,” the publication said, “reduced them from about 64 per cent of the 19251929 average in March to about 55 per cent of that average in October. They increased to almost 57 per cent of it in November, to almost 60 per cent of it in December and to more than 60 per cent of it in January. “In the week ended Feb. 2 they were 64.3 per cent of the 1925-1929 average, or relatvely larger than in any week of 1934 excepting one week in March and one in April. They were 6 per cent larger in the week ended Feb. 2 than in the corresponding week of 1934, 23 per cent larger than in 1933 and 4.2 per cent larger than in 1923. “Statistics regarding the groups of commodities in which increases or decreases of loadings occurred in the week ended Feb. 2 give significant indications of recent trends in both railroad and general business. Loadings of both grain and livestock were less than in 1934, doubtless owing to effects of the great drouth last year. Load ngs of less than carlot merchandise were less than in either 1934 or 1933, which doubtless reflects the increasing inroads of truck competition. “Coal loadings increased 16 per cent over 1934 aaid 45 per cent over 1933. Forest products loadings increased 21 per cent over 1934 and 69 per cent over 1933. Loadings of miscellaneous freight, which consists principally of manufactured products, increased 11 per cent over 1934 and 37 per cent over 1933. There was also an increase in ore loadings, but shipments of it always are small at this time of the year. “The groups of commodities the loadings of which increased plainly indicate expansion of industrial production and of construction. The increase of forest products shipments undoubtedly is mainly due to enlargement of the demand for lumber caused by passage of the National Housing Act, the most cnr..tractive piece of legislation yet enacted to promote recovery. “If the increase of car loadings which has been occurring for more than three months continues railroad freight business will soon be substantially larger than since 1931.’” GRAIN VALUES MOVE DOWN FRACTIONALLY Scattered Liquidation Sets In After Opening. By United Press CHICAGO, Feb. 18. —Uncertainty over the gold decision forced scattered liquidation in ngrains on the Chicago Board of Trade today and prices moved lower. At the start wheat was Vs to 14 cent lower, corn was off % to V 2 cent, oats were down Vs to V 2 cent, and rye was 74 cent lower to 74 cent higher. There was little activity at the start as traders hung back awaiting the supreme court decision. Little attention was paid to firmness at Liverpool where a good demand sprang up from China and Japan. SUGAR PAYMENT SHOWN Farmers Have Received $1,667,490 Under Control Program. By United Press WASHINGTON, Feb. 18.—Farmers participating in the beet and cane sugar control programs have received $1,667,490 in benefit payments, the Agricultural Adjustment Administration announced today. Payments by states were: Colorado, $203,078; Idaho. $4,613; Kansas, $59,018; Nebraska, $143,029; South Dakota, $14,479; Utah, $384,706; Wyoming. $181,905, and Louisiana (cane), $676,657.

Other Livestock

(By United Press) LAFAYETTE. Feb. 18—Hog market steady to 10c lower; 200-250 lbs. $8.4501 8 50: 250-300 lbs.. $8.35® 8.40; 300-325 lbs. $8 25: 160-200 !bs. $8 3068.40: 150-160 lbs. $7.50(37.75: 135-150 lbs. S7.OO'S 7.25: 125135 lbs. S6.SO'S 6.75: 115-125 lbs. $6 00® 6.35: 100-115 lbs. $5.50®5.75: roughs. ST.SO down: calves, steady. S8 down; lambs. $8.50 down. FT. WAYNE. Feb. 18—Hogs steady: 200250 lbs. $8.60: 250-300 lbs. $8 45: 300-350 lbs. $8 15; 180-200 lbs. $8.50: 160-180. 88.40; 150-160 lbs. $7.75: 140-150 lbs. $7 25: 130140 lbs. $6.75; 120-130 lbs. $6.50; 100-120 lbs. $6; roughs. S7: stags. $5. Calves. $9: lambs. $8.50. (By Times Special) LOUISVILLE, Feb. 18 —Cattle—Receipts. 800; supply light: general quality better than week ago; market, extremely active: slaughter steers and heifers full 50®75c higher: spots up more; cows, 25®50c higher: very little done on sausage bulls: generally asking 25c higher or up to $5 for best heavies; early bulk, common to medium steers .and. heifers. $5.75®8: several lots and part loads better finished offerings. $8.50® 10; latter for 87.41® 8.20. and 911-lb. weights; bulk beef cows, 54.25®5.50; good kinds and smooth heifer types quotable $6 or better: low cutters and cutters. mostlv $2®3.75; Stocker trade moderately active: steady: bulk beef type stock calves, s6@7: inferior and‘common light southerns. $4.50 down. Calves—Receipts. 550. including 150 stock calves; market, steady with Friday and Saturday; better grade vealers. s7®B; medium and lower grades. $6 50 down. Hogs—Receipts. 1100; market, 10c lower than last Friday and Saturday; top and buik desirable 180-250 lbs $8.o0: 255 lb ; . up $8 05; 160-175 lbs.. $7.75; 140-155 lbs.. s7is: 120-135 lbs.. $6.30; sows, $6 75. Sheer—Receipts, 100; steady: bulk medium to 'ood lambs. s7®B; choice quotable around $8.50. common throwouts, $6; fat ewes. $3 50 down. LOCAL CASH MARKET City grain elevators are paying 90 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 84 cents and oats 47 cents.

What Does H Mean?

Bimetallism When a government sets up two metals as legal tender and fixes the ratio of valve between the two this is known as bimetallism. Lae of gold and silver together would bring this about.

PLAN ACCEPTED

f ■ |H pi r

Joseph P. Kennedy Recommendations for reorganization of the New York Stock Exchange offered by the Securities and Exchange Commission has been followed by a plan of cooperation submitted by Richard Whitney, head of the exchange. Joseph P. Kennedy, SEC chairman, will lay the exchange’s plan before the full commission this week.

PORKER PRICES DROMOCENTS Choice Weights Salable at $8.65 Down; Receipts Number 5000. First decline for nearly a week was evident in the pork market in early trading at the Indianapolis Stockyards today, resulting from a larger run of supplies on hand as compared with previous sessions. Receipts were estimated at approximately 5000, the largest number on hand since the early, part of last week. This was believed the major factor sending prices of practically all classes 10 cents lower than last week’s close. Holdovers numbered 124. Despite the slight decrease, prices for good and choice weights held at $8.65, anew high for approximately four years. Initial trading held at an active pace and a fairly heavy demand prevailed in all classes. The bulk, 160 to 275 pounds, was selling at $8.50 to $8.60. Extremely heavyweights, ranging from 275 upward, cashed in at $8.25 to $8.45, while light slaughter pigs, weighing 130 to 160 pounds, were salable at $6.75 to $7.75. Smallest kinds available, scaling from 100 to 130 pounds, brought $5.50 to $6.50. Good packing sows sold at $7 to $7.65. With no change of importance registered in the cattle market, most slaughter classes of steers held slightly higher, but early sales remained around steady. Early bulk of steers was valued to sell at $9 down. Receipts were 900. Vealers also remained unchanged, selling at $9 dpwn. Receipts were 500. With trading interest in the lamb market centered in native grades, which were largely 25 cents lower than Saturday’s close, practically all fed western stock remained unsold. Bulk of handyweights sold at $8.50 to $8.75, while heavies brought $8.50 down. Throwouts cashed in at $6.50 to $8 and slaughter sheep ranged from $4.50 down. Receipts numbered 3000. HOGS Feb Bulk Top Receipts

11. $8.40® 8.50 $8.55 4000 12. 8.15® 8.25 8.30 5000 13. 8.25® 8.35 8.35 4000 14 8 50® 8 60 8.60 4000 15. 8.60® 8.70 8.70 3000 16. 8.60® P. 70 8.70 2060 18. 8.50® 8.60 8.65 5000 Light light; (140-1601 Good and choice . $7 25® 8.00 Medium 6.85® 7.75 Light wptghf-(l6o-180) Grod and choice... 8 50® 8.55 Medium 8 00® 8.35 (180-200) Good and choice . 8.50® 8.65 Medium B.lo® 8.4 U Medium weight: (200-220) Good and choice .. 8 55® 865 (220-250) Good and choice .. 8.55® 8.65 Heavyweight: ' (250-290) Good and choice .. 8.45® 8.60 (290-350) Good and choice .. 8.30® 8.50 Packing sows: (275-350) Good 7 40® 7.65 (350-425) Good 7.35® 7.60 (425-550) Good 7.25® 7.50 (275-350) Medium 7.00® 735 Slaughter pigs. (100-140) Good and choice . 5 50® 7.00 Medium 4.50® 6.75 CATTLE —Receipts. 900— —Steers—-(sso-900) Choice $lO 25812.25 Good 9 25® 11.50 Medium 6.75® 3.50 Common 5.00® 7 00 (900-1100) Choice 11.75813.25 Good 9.50® 12.25 Medium 9.25® 9.75 ! Common 5 00® 7.50 l 11100-1300) Choice 12 25813.60 Good 9 [email protected] Medium 7.50)810.00 (1300-1500) Choice 12.25® 13.50 —Heifers—-(soo-750) Good 10.00® 12.50 Choice 9.00 <BIO.OO Good B.oo® 9.00 Common and medium 4 00® 8.00 )750-900> Good end choice... 8.25810.50 Common and medium 4.25® 8.25 —Cows— Good 5.75® 7.50 Common and medium 4.00® 5.75 Low cutter and cutter 2.00® 4.00 -Bulls—(Yearlings Excluded) Good 5 00® 6.00 Common and medium 3.25 3 4 5.00 VFALERS • —Receipts. 500— Good and choice $8 50 ® 9.00 Medium 6.50® 8.50 Cull and common 3.00® 6.50 —Calves—--1250-500) Good ond choice ... 6 25® 9.00 Common and medium 3.50® 6.25 —Feeder and Stocker Cattle——Steers— (soo-900) Good and choice 5 50® 7.75 Common and medium ... 4.00® 5.50 (900-1050) Good and choice.... 5.75® 7.75 Common and medium 4.25® 5.75 —Cows— Good 3.50® 4.25 Common and medium 3.00® 3.50 SHEEP AND LAMBS —Receipts. 3000 — Lambs. 90 to 120 lbs. good and choice sß.oo® 8.75 Common and medium 6.00® o.'H) i 90-120 lbs., good and choice 3 500 4.5.. ! Sheep: , G2O-1501 Good and choice 3.00® 4.25 All weights, common and medium 2.00® 3.25 | REPRESENTATIVE NAMED tty Times Special FT. WAYNE, Ind., Feb. 18.—Appointment of M. L. McDermond as representative of the Lincoln National Life Insurance Cos., was announced here today. He will conduct business at the Burkhart <S$ Moore office.

DISCOUNT PLAN SEEN ENABLING OIG BONDDEALS Provisions of New Banking Bill Found Creating Expanded Funds Outlet. By Times Special NEW YORK. Feb. 18— So liberal are the discount provisions of the proposed Banking Act of 1935 that they should, in the opinion of market observers, create a vast I outlet for high grade bords. Al- | though yielding an average of only about 3 ; 7* per cent, such obligations, it was indicated today, would be absorbed by banks on such an expanded scale that returns would be I reduced still further under the impetus of idle funds seeking investment. In some quarters, incidentally, the conviction was expressed that the dearth of primary liens available in the open market might make even more probable the spilling over of funds into reasonably safe but somewhat lower grade issues. Over the long term, it was felt, this development should exert a favorable influence upon the new capital market, since the emission of bond issues would be facilitated by the strength imparted to the bond market generally. Wide Powers Stressed With respect to this possibility, authorities pointed out that, under the terms of the bill now under consideration by Congress, member banks could be advanced funds on any asset acceptable by the Federal Reserve Board, which, by the way, would be given almost complete control of the Federal Reserve Banks. ThU provision is in striking contrast to the narrow legal definition which now exists. Some of those more conservatively inclined, novvever, are of the belief that the Federal Reserve Board might restrict discount privileges only to such obligations, including real estate loans, which are mentioned specifically in the measure. Moreover, me thought prevails that, before the bill meets with legislative approval, revisions might be made which would limit borrowing on corporate bonds to a considerable extent. MOP Program Watched Bankers who have floated bonds of railroads now in bankruptcy and who are anxious to protect the interests of their clients are closely following developments in the reorganization of the Missouri Pacific Railroad. Os the many railroads in bankruptcy, only two have attempted to effect reorganization since the depression. The plan of the St. Louis-San Francisco Railway was soon overturned by the opposition of important institutional bondholders. Insurance companies have drawn up a plan of reorganization for the bankrupt Chicago and Eastern Illinois Railway, but action toward consummating the plan has been postponed. The plan now proposed by the Van Sweringens for the Missouri Pacific may turn out to be the real trail blazer so far as the New Deal is concerned. O. P. Sweringen was in conference last week with Jesse Jones, president of the Reconstruction Finance Corp., on details of the plan which the former, as representative of the debtor, is bringing forward. Cut in Charges Aimed Because of this conference, it is assumed that Mr. Van Sweringen’s plan will embody the Administration’s concepts of reorganization, although this is not certain to be the case. Preliminary reports of the plan indicate a dractic reduction in fixed charges, with the holders of the first and refunding issues being asked to accept income bonds for a major portion of their present holdings. If holders of the better grade bonds are to be asked to accept income bonds in railroad reorganizations, there undoubtedly will develop a demand for some recompensation in the form of common or preferred stock, according to prominent institutional bondholders. Since this demam' will have the effect of threatening the continuance of control by pre ;ent stockholders, Wall Street expe :ts that railroad reorganizations unler the New Deal will produce many a lively battle.

Produce Markets

Delivered in Indianapolis prices: Heavy breed hens. 13c; Leghorn hens 9o; colored springers. 13c: heavy stags. 9c: Leghorn stags. 7c; old roosters. 6c; duck’,, full feathered and fat, 10c; geese, full feathered and fat, 8c; all classes of guineas. 15c; No. 1 strictly fresh country run eggs, loss off. 22c. Each full case must weigh 55 lbs. gross, a deduction of 10c a pound for each pound under 55 lbs will be made. Butter—No. 1 39®40c: butterfat. 36c. Quoted by the Wadley Cos. (By United Press) CHICAGO, Feb. 18.—Eggs—Market, weak, receipts, 3111 cases: extra firsts. 23c; fresh graded firsts. 28c: current receipts. 264 c; dirties, 25c: checks. 244 c. Butter—Market. weak; rec°ipts. 5230 tubs; es:ra firsts (90-91' 2 score). 34 3 4 ®35c: extras '92 score). 35' 2 c: firsts *88®894 score' 34 344 c; seconds (66®874 score). 33®334C; specials. 36®36'2C: standards, 35c. Poultry—Market ,-teacv: receipts. 20 trucks. 1 car due; hens. 17® 174 c: Leghorns, 144 c; springers. 19® 20c; broilers. 22® 23c: capons. 6 to 7 lbs., 23c; old roosters. 13®> 14c; ducks, 17® 20c; turkeys. 19®21c; geese, 14c: stags, ?o4c Cheese—Twins. 17*7$ 17’ 4 c; Daisies. 174®17 3 / 4 c; Longhorns, 174® 17 3 4 c. Potatoes—Supply liberal; demand and trading slow; market dull; Idaho russets. $1.424® 1.45; commercial grade. $1.27*2. Arrivals 156, on track 330. Shipments 1058 Saturday. 29 Sunday. BONDS TO MATURE By Times Special NEW YORK. Feb. 18.—Corporate bond maturities during March will amount to $39,524,325, compared with $75,057,850 in Februray, the Standard Statistic Cos. announced today.

NONCANCELLABLE Health and Accident The most popular and necessary form of Insurance odav. MONARCH LIFE SURANCE COMP. >Y An Old Line Legal ..eserve Companv. 'Only bonded, full-time men employed) Stale Office: 317 Circle Tower Bldg.

J. EDWARD JONES ROYALTY TRUST CERTIFICATES Chapin Seward & Shiel, Inc. Fletcher Trust Bldg. LI-4466.