Indianapolis Times, Volume 46, Number 244, Indianapolis, Marion County, 20 February 1935 — Page 11

Wall St. Advance Rulings on New Laws Held Sound Idea. _BY RALPH HENDERSHOT—

Ttnn SKtUI Writer NEW YORK. Feb. 20—Samuel Hershenstem. former assistant United States attorney, what mould appear to be a very practical suggestion that the Supreme Court provide Congress with its views as to the constitutionality of legislation before or at the time bills are enacted into law. The

a procedure was sug ges t e and quite clearly brv the gold clause decision. The uncertainty over the court's ruling in this case had a detiimental affect on business. Certainly it mas largely responsible for the dullness which developed in *he security markets and for the

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recession which occurred in prices in those markets. At a time when trade was making a hard fight to emerge from the depression it acted as an extra hurdle to get over. The idea is not anew one. according to Mr Mcrahemtrtn Several States already have adopted such a procedure. Probably the only serious difficulty in the way of adoption by the United States is the rapidity with which laws are enacted. The court would be asked to pass on so many questions that it would be in session almost constantly. And most of the justices are getting pretty well along in years. a a a JUDGE FRANCIS G. CAFFEY has ruled in the Federal Court that the Securities and Exchange Commission has no authority to bring court actions directly against individuals and corporations, but may make its complaints to a United States attorney or to the Attorney General. This would appear to be a setback for the commission, in that it tends to complicate its activities. It remains to be seen whether it is in the public interest. These officials, however, probably would not hesitate to act when they feel the proof presented is sufficient to warrant action. a a a tTTALL STREET is giving conVs siderable thought these days to ways end means by which holding companies could be dissolved. It is feared, of course, that Congress will legislate these concerns out of business, and attempts are being made to anticipate such a development. In some instances, it is thought, little difficulty will be encodntered. In others, however, the view is held that the physical and financial attachments between the holding and the operating companies are so great that divorcement would constitute a very difficult undertaking. Rumors have it that one large utility holding concern Is laying plans for dissolution before laws are enacted requiring such action.

On Commission Row

Quotations below are average wholesale puces being offered to buyers by local commission deriers. Fruit*—Bananas. 5c a lb. Apples. Indiana Jonathans. *1.65; Golden Delicious. $1.75(7 1 85. Lemons. Sunkist, 2605. $4 25. Grapefruit. Texas, seedless. $3: Arizona. 645. 70s and 80s, $2.50. Limes. Mexican, per carton 12s. 25c: Bvram, seedless, per hundred. $3 Pineapples. Porto R.cans. half crates. $3 50. Avocados. Florida, box. $1 50. Strawberries. Florida, pint. 12c. >6-pt. crate. $4 50. Aprico's. $3 crate. Vegetables— Cabbage. Northern Dan.sh. SO-lb. bag. $125: red. 50-lb. box. $1..%: New Texas cabbage, large crate. $3. 5. Onions. Idaho, sweet Spanish, large. s*lb bag. $2: Michigan yellows. 15 lbs.. $1 SJ; western whtte. 50-Ib. bag $2: Michigan fellow. $1.25. Potatoes. Green Mountains. 00-lb. bag. $1 50: northern round white. 00-lb. bag. $1; Ohio*. 100-lb. bag. $2; Idaho Russets. 100-lb. bag. $190: New Florida Triumphs, bushel. $2 25 Sweet potatoes. Indiana Jersevs. bushel $1.65: Tennessee Nancv Halls, bushel sl.3i. Beans, round stringless, hamper. $..4(i: fiat. $2.75. Celery. Florida. $4 25 a crate, 'alifornia. $4 a crate; medium, dozen, Jumbo, dozen. 90c Cucumbers, hot house dozen, $1 40. 2 dozen box. $2 50 Endive. California, dozen. 90c: peck basket. $2 Eyg Plant. $2 25 dozen Kale, bushel. 9Pc. 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 Co(g'7sc. Tomatoes 10-lb. carton. $1 60. Florida original. $2 75. Turnips. busheL 75t. Parsnips. bushel. $1.35. Beets, bushel. $1 25. Carrot*, bushel. $1 25: 100-lb. sack. $1.75. Rhubarb, hot house. 5-lb. carton. 50c. Mushrooms, lb.. 30si 35c. Ali Quotations subject to change up or down. FRUITS AND VEGETABLES ißv United Press' CHICAGO. Feb. 20 Apples Michigan Mclntosh bushel. $1.50® 175. Jonathans, $165.il 75 Cranberries- Massachusetts % barrels. $4 .i 5. Turnips—lllinois and Michig .n bushels. 25 <isoc Lettuce —Western crates $2 50.; 275 rarsnips—Illinois bushel*. 50'i,6Pc Carrots —California crates. (3 :3 25. Illinois and Michigan bushels. 40*i60c Sweet potatoes—Tennessee bushels 90c®$l: Illinois bushels. 90c >sl. Indiana. $135®1 40. Beans- Florida bushels, green $1 60 ; 1 85: wax. $2 275 Spinach Texas bushels. $1 11 50 Tomatoes—Mexican lugs. S3 25® 4. Cuban, small $2.50® 3. Beets—lllinois bushels, 40®50c.

Other Livestock

ißv Cmted Press* CHICAGO. Feb. 20—Hops—Receipts. 14.000 including 6000 directs: active, around 15c higher than Tuesday; 210-350 lbs *9 :9 10. top *9.10 160-210 lbs . *8 50 4:9 PS. :ight lights. *8 . 8 60: slaughter Digs. *6 25 .8: good packing sows. *8 10 i 8 30: light lights. 140-160 lbs . good and choice. *8 ,’Bes. light weigh’ 160-200 lbs.. rood and choice *8 40 <9 medium weights. 00-250 lbs good and choice. *8 83:9 10. heaw weights. 250-350 lbs., good and choice. *9 -i 9 10. packing sows. 275-550 lbs . medium and choice. *. 50 8 40: slaughter pigs 100-140 lbs, good and choice. *o 25 ft is. Cattle —Receipts. 7000 Calves —Receipts. 1500. be’ter grade fed steer* and vearlir.gs. strong to 25c higher than Monday; lower grades, steady to strong: very little beel in run; supply good and choice offerings, however, larger than lower grades, vearlir.gs *l3 25. all hellers and all grades cows, strong to unevenly higher bulls and vealers. steady; bulk steers. *8 50*i 12 50. slaughter cattle and vealers ateers 550-900 lbs , good and choice *9 25 4:12 75 900-1100 lbs good and choice. *3 50-.i 13 50. 1100-1300 lbs . good and choice. *lO :13 75 1300-1500 Ihs . good and choice. *lO 50.i13 75 550-1300 lbs common and medium. *3olo 50: heifers. 550750 lbs. good and choice *9 v 11.25; common and medium. *4 50 :9: cows. good. *6 25 *SO common and medium. (3 75'<i 6 50: low cutter and cu’ter. $3.75*14: bulls ivearlmgs excluded! good tbeef'. *s<i7; cutter, common and medium. *3 50*.; 5 25; vealers, good and choice. *7*: 9: medium. *5 50*:7: cull and common. *3 < 5 50: Stocker and feeder cattle steers 550-1050 lbs . good and choice. *6 25 .! 8 50: common and medium *5 r 6 25 Sr.eep—Receipts. 16.000; earlv bids and sales around 10 <i 25c lower on better grade slaughter lambs: sellers generallv asking fully steady; good to choice kinds bid *8 40m 8 50. now held It 8S and *8 75 and above sheep and feeding lambs steadv. slaughter sheep and lambs: iambs 90 lbs down, good and choice *8 875 common and medium. g 6 50: 810 . 90-98 lbs . good and choice. $7 75*i 8 75: ewes. 90-150 lbs. good and choice 83 90*i 550 all weights, common and medium *3 .: 450 feeding lambs. 5075 lbs good and choice. $6 25': 725 LAFAYETTE Feb. 20 Marke’--25M Ssc hither 200-300 lbs *8 90*19. 300-325 lbs. 88 85 180-200 lbs. 18 80 tr* 93 150-180 lbs.. *B*iß 25 135-150 tbs 87 50.:7 75: 125-135 lb* lis'lbs *6*i 625 roughs. *8 down. Calves 50c higher. *8 50 down. Lambs—Steadv; <B jrr- 'waYN'E. Feb 20—Hogs—104? 25c higher: 200-250 lbs. *9 250-300 lbs .. *8 85; MO-BSO lbs 88 55 180-200 lbs. 58 90 160180 lbs 88 80 150-180 lbs. 88: 140-150 lbs *7 50. 130-140 lbs. 87; 120-130 lbs.. 88 75: 100-120 lbs 86 25: rough* *7.50; ftwgw. 85 23- Calves. 89. lambs. *8 50.

♦ ♦ Abreast of The Times on Finance ♦ ♦

GOLD DECISION AIDS NEW DEAL IN AUENSTEPS Barriers to Money Parley Are Removed With Court’s Ruling. By f nitrd Prrss WASHINGTON. Feb. 20—Victory in the gold cases carried the New Deal today over obstacles to its ambitious monetary and credit policies designed to increase prive levels and ultimately peg the dollar at a sustained purchasing power. Barriers to participation in an international monetary stabilization conference fell with the decision of the court. Atty. Gen. Homer S. Cummings warned the court last month that an adverse decision would “cripple” the Administration in any international discussion. The immediate Treasury plan is believed to be to keep the dollar pegged internationally at its present level. If an unhealthy domestic inflationary boom is launched by the gold triumph, the New Deal plans to check it to avoid a repetition of the unpleasant experience of JuneJuJy, 1933. Is Major Objective International monetary stabilization is a major New Deal objective. Officials emphasize, however, that it is a matter for the somewhat distant future. So long as President Roosevelt’s authority to further juggle the dollar lacked Supreme Court approval he virtually was foreclosed from discussion with foreign powers. Under the decisions, Mr. Roosevelt may manipulate the dollar within the 50 per cent limits fixed by Congress. One year ago he reduced the gold value of the dollar to 59.06 cents. The remaining margin of 9.06 cents remains for bargaining purposes with foreign powers if and when money becomes the subject of international discussion. As New Dealers from the President down lauded the action of the court. Treasury officials planned future steps in the government's yet unrevealed monetary program. Higher price levels and a restoration of confidence were the immediate objectives. Higher Prices Sought If commodity and stock prices should advance too rapidly some action might be necessary to prevent an inflationary boom similar to that in June. 1933. Should prices begin anew decline additional credit or monetary inflation steps might be in order. Higher commodity prices is an objective of the Administration in order that debts contracted at higher prices can be paid off with dollars of nearer the same purchasing power. Administration officials have not yet revealed the manner in which this is to be accomplished, but disclosed victory in the gold clause cases had removed the principal barrier to their ultimate monetary objective.

Stock Studies

SERVEL INC. * COMMON STOC* c ("earnings price rangc *CAU TSARS EHDSD OCTOBER 31 ______ -|5 .50 wJTL- | JZ %sj -| to ’’ilmTit 1 ". 0 ‘ 30 31‘3? 3334(30 31 32 33 34 ° WINCHESTER INSTITUTE OF FINANCe

Servel, Inc., was formed in 1927 as a reorganization of the Servel Corp., having purchased at foreclosure sale all the. properties of the Servel Corp. The company manufactures mechanical refrigerators, both electrical and gas. Its gas refrigerator, the “Electrolux.” is very widely advertised and accounts for about 75 per cent of the company's sales. During the 1934 fiscal year sales of “Electrolux’’ refrigerators increased 65 per cent. Main plants, which are owned and well equipped, are in Evansville, Ind. FINANCIAL DATA A* of Oct. 31. 1934 Common Stock i3ICO part 1.766.426 shar*s Preferred Stock (SIOO par) $ 693.200 Funded Dept 1.507 070 Surpluses 4.37 ..779 Cash 3.9.1.464 Inventories ’.607.243 Total Current Assets t>.054 925 Current Liabilities 809.027 Servel was incorporated in Delaware in 1927. The common stock is listed on the New York Stock Exchange and is currently selling for around 8%. (All Rights Reserved Winchester Institute of Finance. Winchester. Mass. . NEW - FORMS ADOPTED Grain Dealers Insurance Cos. Print Policies in Pamphlets. An innovation in the priming of insurance contracts has beetx put in use by the Grain Dealers National Mutual Fire Insurance Cos. of Indianapolis. it was announced today. Called the “pamphlet policy.” it consists of an eight-page booklet. Advantages claimed for the new form are that it is more readable than the present accordion form, reference is easier and the policy is much more attractive in appearance. Although the policy has just been released a few days, company officials declare that it has been enthusiastically received by agents and policyholders.

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers. A 25-cent carrying charge Der ton will be added. DOMESTIC RETAIL PRICES Indiana iumn 15 30 Egg .. 803 Nut 480 Brazil BlockLump 8.54 Egg 6.31 Nut 6 94 Glendora— Lump .......................... e.asgfS 59 Egg 6 1835.43 Nut 4.954*3.30 West Virginia and Eastern Kentucky iGroup Bi .. 6.7707.18 Pocahontas and New River, smokeless 7 30 0 8 33 Coke, egg and nut 1-90 Pea Cou 7.40 4nihPsr.ua U.U6ILN f

INDIANAPOLIS, WEDNESDAY, FEBRUARY 20, 1935

New Business Books Available at Library The following new books are now available at the business branch of the Indianapolis Public Library: THE FLEXIBLE BUDGET. (bv John H. Williams)— Stresses budgeting as a tool of management rather than of accounting and indicates that it can be very simple. THE DESIGN OF RESIDENTIAL AREAS ibv Thomas Adams) —What are reasonably good living conditions? Then, what is their least cost? SO-O-O-O YOU’RE GOING ON THE AIR! and THE RADIO SPEECH PRIMER <bv Robert West) —When vou go on the air. do not expect to become famous overnight, the author savs. THE FINANCIAL HISTORY OF THE UNITED STATES Ibv Davis Rich Dewev) twelfth edition—Five new chapters bring this standard volume down to 1934. MANUAL OF APPRA’SAL (bv E. H. Boekrh) —Appraisals can not bv made bv rule of thumb—dozens of factors must be taken Into consideration including the use to which the appraisal is to be put.

TOP DIVIDENDS PAIDBYSOME Can, Telephone, Tobacco Companies’ Payments at Peak Levels. By Timet Special NEW YORK. Feb. 20.—The widely different effect of the depression on dividends disbursed in various lines of business and the wide range of fluctuations by industries since the middle of 1929, are shown today in an analysis of dividend payments since their prosperity peaks, prepared by Moody’s Investors Service The study uses the prosperity peak rate of each industry as 100, and compares with this the depression low point and the level to which dividends had recovered by last January 31. “Certain industries showed great stability,” says Moody's. “The can manufacturers, tobacco companies and American Telephone and Telegraph Cos. made relatively the best records, showing declines, at their lowest levels, ranging from 0 to 20 per cent from their pre-depression peak rates. At present, each of these groups has a per-share dividend rate equal to, or exceeding, the prosperity peak. “The chemical, food, shoe and banking groups follow next in order, with average declines of less than 50 per cent from prosperity peak. Currently, per-share dividends for these groups have recovered to levels ranging from 62 to 75 per cent of their prosperity peaks.” Relatively the worst records, according to Moody’s have been shown by automobile accessory, building, copper, steel, theater and rubber companies which, at their lowest points, had fallen to less than 10 per cent of their peak rates. None of these groups is now disbursing as much as 25 per cent of prosperity peak dividends.

GRAIN VALUES DIP AT CHICAGO BOARD Prices Lean Offside During Early Trading. By United Press CHICAGO, Feb. 20.—Disappointing flour business and easiness at Liverpool worked adversely on grain futures on the Chicago Board of Trade today. Prices leaned to the offside. At the start wheat was off to % cent, corn was down % to % cent, oats were off % to % cent and rye was V* cent lower. Broomhall said Liverpool opened lower, influenced by the very small consumptive demand at the present time and free offers from Argentina. The English market ruled dull throughout the morning. Commisison houses and locals led a wave of scatte ed seiiing in the local movement with plenty of grain offered for sale on the downturn. (By James E. Bennett) 11:00 Prev. Wheat — High. Low. A. M. close. May 98% .97% .97** .98% Julv 91% .91% .91% .91% Sept 90% .90 .90 .90% CornMay 86% .87 .86% .87% Julv 82% .81% .81% .82% Sept 78% .77% .77% .78% Oat— May 52 .51% .51% .52% July 44% .44% .44% .44% Sept 41% .40% .41 .41% Rye— Mav 68% .86 .66 .66% July 65% .65% .65% .65% Sept 65% .65% .65% .65% LOCAL CASH MARKET Citv grain elevators are paying 90 cents for No 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 85 cents and oats 48 cents. RUBBER STOCKS INCREASE By Times Special NEW YORK. Feb. 20.—Stocks of crude rubber in London during the week ended Feb. 16. increased 1,580 tons to a total of 85.202 tons, it was learned today. Liverpool stocks rose 803 tons to 67.846 tons.

Indiana State Bank, Back in 1832, as Institutions in Other States

BY VINCENT S. LYONS Times Financial Editor Once upon a time Indiana had a state bank which, at the conclusion of Its 25 years of chartered existence. showed a net profit of $3,500,000 after meeting both principal and interest on the capital extended to launch the enterprise. This record was unique for the period as similar enterprises in sister states were touched by the finger of suspicion and either collapsed of their owm weight or ended with the addition of more financial opprobrium on the shoulders of the taxpayers. This little episode in the financial history of Indiana is depicted in "Government Experimentation in Business.” by Warren M. Persons, Ph. D.. which is now available at the business branch of the Indianapolis Public Library. The Indiana State Bank had its inception in 1832. Under the chartar the state owned one-half of the

INDIANA GROUP ATTACKS BANK LAWREVISIONS Centralization of Control, Postal Savings Both Draw Fire. The Indiana Bankers’ Association was on record today as unalterably opposed to revisions of national banking laws which would tend to centralize credit and management control in a political body. The opposition was expressed in a resolution, copies of which were sent to the Indiana congressional delegatiin, congressional committees on banking and currency and other national leaders. The essence of the proposed legislation, in many respects, the association declared, seems to sidetrack the bank stockholder and, for the bank depositor, it is like writing a blank check to bureaucracy to invest his funds via the purchase of government bonds, as bureaucracy* sees fit. It would remove the last check against spending, it is maintained. “We recommend,” the announcement continued, “that there be taken such steps as are necessary in order to bring about a further amendment to the banking act of 1933, modifying it so as not to require non-member state banks to become members of the Federal Reserve system. “Originally postal savings was developed as an agency which would reach into territory untouched by banks and also supply a service to aliens. During the time of the ‘bank crisis’ the opponents of postal savings again urged the enlargement of the system so as to insure, as they said, adequate protection to the savings on the people. Now, under the Federal Deposit Insurance Corp., bank deposits are insured up to SSOOO. Rate Held Too High “Immigration has been definitely checked. There now exists no real reason for the further continuance of postal savings. At present, the rate of 2% per cent charged depository banks is too high. The interest charge against the government for these funds is excessive in comparison with the rate paid the Government on its other obligations. “On June 3, 1934, there was a total of $1,197,900,000 in postal savings deposits, $695,575,000 of which was redeposited in banks. This represented 58 per cent of the total deposits of postal savings and Indiana has her share, on which the banks pay 2% per cent and the government pays the depositor 2 per cent. “We sincerely believe that in the best interest of the community and recovery that postal savings should be now progressively curtailed, contracted and eliminated altogether. “We are opposed to branch banking on any other than a countywide scale. The very existence of unit banking institutions, both nation and state chartered, is continually beng threatened as is the entire American system of banking being faced with a crisis. Unit Bank Lauded “The unit bank, which in a large measure makes up this dual system of banking, is now attacked by those in favor of the foreign system of banking. The unit country bank, whether national or state, owned by and officered by men who have their homes in the community where the bank is located, has been the greatest factor in building up the community. It has prospered with the people and suffered with them from depressions which have affected their communities. “Mistakes have been made in large banks, small banks, group banking systems and large chain banking systems. Unit country banking has had its share of failures, because the people who owed the banks could not pay their obligations on account of the world-wide economic conditions over which they or their banks had no control. Banks did not fail until their borrowers failed first. “We also believe that we should use our influence to bring about the co-ordination of examinations by the several supervising authorities; that we should continue to emphasize and develop better bank management and that, in collaboration with our Indiana Department of Financial Institutions, we should continue to encourage the appointment of competent examiners with adequate pay so that all banking supervisory efforts may be as far removed from politics as possible.” SUGAR DEMAND DROPS By Times Special NEW YORK, Feb. 20.—Consumption of beet sugar in the United States during January amounted to 79.587 long tons, compared with 119,004 tons in the same month of 1934, according to B. W. Dyer, sugar economist and broker.

stock and all subscriptions, whether made by the state or individuals, were paid for in specie—an unusual provision. Tne state floated bonds to raise its share of the initial capital and, in addition, advanced to individuals 6H per/cent of their subscriptions, taking a lien on their shares and real estate security as collateral. “If fraudulent insolvency occurred,” Professor Pearson writes,” the president and directors would be subject to unlimited liability, and if that were insufficient, the stockholders would be individually liable for amounts equal to the amount of shares they held. "The bank had ten branches scattered throughout the state, each capitalized at $160,000. The central board at Indianapolis could inspect these branches, and whenever it saw fit could close any branch under a receivership. The assets of each local bank belonged to the local

New York Stock Exchange Prices

(By Thomson & McKinnon t 11:00 A M. Prev. Oils— High. Low. N. Y. close. Atl Rfg 24% 24*, 24 s , 25 Barnsdail 6% 6% 6% 6% Consol Oil B’, 8 8 ! 8% Cont of Del ... 18% 18 18% 18% Houston 'old) .. 15% 15% 15% 15 ! < Phillips Pet ... 15 s , 15% 15 s , 15 s , Pure Oil 7% 7 Seaboard Oil • 25 25 25 25 Skellev Oil 8 8 8 7% Soc Vac 13 7 , 13% 13’, 13*4 SO of Cal 31 1 z 31% 31" 1 , 31% SO of Ind 24 1 4 24 1 4 24% 24'4 S O of N J 41 41 41 41'* Texas Corp . .. 20% 20 1 2 ?0% 2C S 4 Steels— Am Roll Mills .. 21*4 21% 21% 21 s , Be’h Steel 31 30% 31 30% Ludlum Steel 16% 16% 16% 17 McKeesport Tin 98% 98% 98% 98’, Mid Steel 13 13 13 13 Natl Steel 47% 47 *7% 47% Rep Iron & Steel 14% 13% •14 14 Rep Ir <% St pfd 42% 42 s * 42% 43% U S Steel 36% 36% 56% 36% U S Steel pfd 88 88 88 88 Youngstn S& T 18% 18% 18 s * 18% Motors— Chrysler 49% 39% 39% 39% Geri Motors . ... ?2% 32 32% 32% Gen Motors pfd 1.2 112 112 112% Graham Motor: 2% 2 s , 2% 2% Hudson 10% 10% 10 s 4 11 Hupp 2 s , 2% 2 s , 2% Nash 16% 16*4 16% 16% Packard 4% 4% 4 s * 4 s * Studebaker % % % Vi Motor Access— Pendix 16V, 16 16% 16% Borg Warner 31*4 30% 31*4 30% Briggs 29% 29 29% 29% Eudd Wheel 3% 3% 3% 3% Eaton Mfg 20% 19% 19% 19*4 Elec Auto Lite . 26% 25% 26% 26% Elec Stor Bat 47% 47% 47% 46% 1 Houdaille (A) 8% 8% 8% B*4 Mullins Mfg .10 10 10 10% Murray Body ■ ■ 6% 6% 6% 7 Stew Warner . 8% 8% 8% 8% Timken Roll 35% 35 35% 35 Timken Det Axle 6% 6% 6% 6% Mining— Alaska Jun 17% 17% 17% 17% Amer Metals .. 16% 16 16 16% Amer Smelt 37Vs 37% 37% 36** Anaconda 11 10% 11 il Cerro de Pasco.. 44 43% 44 43 Dome Mines .... 38 37% 38 38% Granby 6% 6% 6% 6% Howe Sound 48% 48 48 Vi 47 7 , Int Nickel ... 23% 23 5 , 237% 23% Kennecott Cop .17 16% 17 167* Mclntvre Mine .42 41’2 42 42 Park Utah 3% 3% 3% 3 Noranda Cop 33% 33% 33% 33% Phelps Dodge ... 15% 15% 15% 15% St. Joe Lead .... 15% 15 15 15% U S Smelters ..117% 117 117% 118 Vanadium 18% 18% 187, 19 Amusements— Croslev Radio . 15 14% 15 15 Fox Theat .... 11 10% 10% 11% Loews Inc 34% 34% 34% 34% Radio Corp .... 5% 5% 5% 57* Paramount 3 s , 3% 3% 3*B RKO 1% 1% 1% 1% Warner Bros ... 3% 3% 3% 3% Tobaccos— Am Tobacco ”B'’ 81 81 81 81% Gen Cigars .. . 57% 577 k 57% 57% Ltgg&M'vers ‘B‘ 105 105 105 105% Lorillard 20% 20% 20% 20% Reynolds Tob B' 48% 48% 48% 48% Rails— Atchison 45% 45 Vi 45% 45% Atl Coast Lines- 29 28 29 28% B & O 12% 12Vi 12% 42% Can Pacific 12% 12% 12% 12% Ch & Ohio 42% 42% 42% 42% Chi &Gt W pfd. 3% 3% 3% 4 C M & St P 2% 2% 2*4 2% C M & St P pfd 3% 3*4 37* 3% Chi N W ... 4% 4% 4% 4% Chi N W pfd . 8% 8% 8% 9 Dela & Hud .. 34% 34 34% 35 Del Lac &W .. 15% 15% 15% 15% Erie 11% 11% 11% j? Grt North pfd. . 14% 14% 14% 14% 111 Central 13% 13% 13% 13% Lou & Nash ... 43% 43% 43% 44 M K & T 4% 4 4 4% M K & T pfd . 8% 8% 8% 9 N Y Cent 18% 17% 17% 18% N Y New Haven 6% 6% 6% 6*4 Nor Pacific .. 18*4 17% 18 18 Penn R R 22 217 k 22 2% Sou Pac 16% 16% 16% 16% Sou R R 12% 12% 12% 12% Union Pac 101 100% 101 101V* West Maryland . 8% 8 1 2 8% 8% Equipments— Am Car & Fdy. 17% 17% 17% 17% Am Loco . ■ ... 17% 17% 17% 17% Am Steel Fdy.. 17% 17% 17% 17V* Bald Loco ... 5% 5% 5% s** Gen Am Tank C 37 36% 37 36% Gen Elec 24 5 , 24% 24% 24% Gen R R Sig ... 26% 26 26% 27 Pullman Inc ... 497* 49% 49% 49% West Air Br ... 24% 237 k 24% 23% Westingh Elec.. 41 39% 407 k 39% Utilities— Am & For Pwr 3% 3% 3% 3% Am Power & Lit 2% 2% 2% 2% AT&T 104% 104 104% 104 Am Wat Wks 10% 10% 10% 10% Col Gas & Elec 5% 5% 5% 5% Com & Sou 1% 1 1% 1 Consol Gas 17 16% 16% 17% Elec Pwr & Lit. 2% 2% 2% 2% Int Hyro Elec.. 2Vi 2% 2% 2% Interboro R T.. 15% 14% 14% 15*4 Int T & T 8% 8% 8% 8% Nat Pwr & Lit . 5% 5% 5% 57k North Amer .... 10*4 10% 10% 11% Pac G& E 13% 13% 13% 13% Peoples Gas .... 20% 19% 19% 20% Pub Serv N J ... 22% 20% 20% 22% So Cal Edison .. 11% 11% 11% 117 k Std Gas 3% 3% 3% 3% Stone & Webster 3% 37k 3% 3% United Corp 2% 2 2 2 Un Gas Imp. 9% 9% 9% 9% Ut Pwr &Lt (A) 1% 1% 1% 1% Western Union . 29% 28% 28% 29% Rubbers— Goodrich 10% 10% 10% 10% Goodyear 22% 22% 22% 22% U S Rubber. ■ 15% 15 15% 15% U S Rubber pfd 37% 37% 37% 36'% Miscellaneous — Allis Chalmers.. 17% 17% 17% 17% Amer Can 120 120 120 119% Erklvn Man Tr.. 43% 42% 43 43% Burroughs Add . 15% 15% 15% 15% J I Case 597 k 58% 59% 59% Conti Can 72 71% 71% 71 Caterpillar Tract 43% 42% 43 42*4 Curtis Pub 19 19 19 19% Deere & Cos .29% 29% 29% 29 % Eastman Kodak 123 121% 121% 122% Foster Wheeler . 15 14% 15 15 Gillette 14% 14% 14% 14% GHdden 27% 26% 27% 26% Ingersoll Rand . 69% 69% 69% 68% Inter Harv . 41% 41 41% 41% Natl Cash Reg .17 16% 16% 17% Rem Rand 9% 97k 97k 10 Underwood E ... 60% 60 60 61 Foods— Am Sugar 68% 68% 68V, 67% Armour Com . 5% 5% 5% 5% Armour 6% pfd. 68% 6874 68 % 68% Borden Prod .. 25 25 25 24% Cont Bak “A”.. 6 6 6 6 Crm of Wheat . 39% 39% 39% 39% Cuban Am Sugar 7 6% 7 6% Gen Baking .... 8% B*l 8% 8% Gen Foods 35% 35% 17% 35% G W Sugar 30% 307 k 307 k 30 Loose Wiles 3674 3 6 36 % 36 Natl Biscuit ... 2974 28% 2974 2 87, Natl D Prod ... 17 16% 17 17 Purity Bak 10 9% 10 1074 S Porto Rico Sug 24% 23% 24% 24 Std Brands 17% 17% 17% 17% Un Biscuit 25% 25% 25% 25% United Fruit ... 75% 75% 75% 74% Retail Stores— Assd Dry Goods 10% 10% 10% 11 First Natl Stores 52% 51 52% 51% Gimbel Bros ... 33 33 Gr Un Tea 3% 374 3% 3% Kresge S S .... 21% 21 s , 21% 21 % Kroger Groc 25% 25% 20% 25*i Macv R H 39% 39% 39% 38% McCrorv St 10% 19% 10% 10% McLellan St .... 13% 13% 1374 14 Marshall Field-. 9 9 9 8% May Dept St .. 42 42 42 43 Mont Ward 27% 27 27% 27% Natl Tea 10 9% 9% 10 Pennev J C ■••• 69% 68% 68% 68% Sears Roebuck . 36 35% 36 36 Woolworth .... 55% 54% 557 k 54*4 Aviation— Curtiss Wright . 2% 2% 2% 2% Curtiss Wri (A) 8% 8% 8% 8% Douglass Air. ... 22% 22% 22% 22 2 Nor Am Av .... 3% 3% 3% 3, Soerrv Corp 974 9 % 9*-4 9% Utd Aircraft new 14 13% 13% 13% Chemicals— Air Reduction • .114% }13% 113% 113% Allied Chem 139% 139% 139% 139% Am Com Alcohol 29 s , 29% 29% 29%

Showed Profit Were Collapsing

shareholders, and each was locally managed subject to the rules laid down by the Indianapolis directors who had exclusive power to declare dividends.” Notes of every branch were redeemed in specie on demand, each was compelled to receive the notes of all other branches, but all notes were issued only with the permission of the central board. Each local institution was liable for the debts of all the others. In the depression of that time the bank temporarily suspended payments in 1837, but with returning prosperity fears diminished and it lived out its charter. The bank had paid regular dividends, ranging from 11 to 22’2 per cent, and at liquidation in 1857 the stockholders received $153.70 net per share. The state's dividends had paid the interest on the bank bonds, plus $1,955,461 to the sinking fund.

PAGE 11

Col Carbon .... 76 75 76 75 Com Solvents . 22% 22% 22% 22;, Dt%ont ... 97 96% 97 96-2 Freeport Tex ... 23% 22 s , 22 s , 23% Liquid Carb ... 29 29 29 29% Math Alkali 29% 28 29 28 Monsanto Chem 59% 58 s * 58** 59% Natl Dis (new) . 28% 28% 28*, 28% Schenlev Dist 27 5 , 27 27 5 , 26 1 , Tex Gulf Sulph 35 7 . 34% 54% 35% Union Carbide 48** 48% 48*, 48% U S Indus Alco 40% 4040 40% Drugs— Bristol Myers . 34% 34 34 34% Cotv Inc ... s'* s** 5*4 6 Lehn & Fink ... 16% 16% 16% 16 s , Sterling Prod 62%. 62% 62% 63 Un Drug mew) . 11% 11 s , 11 s , 11% Vick Chem 33% 35% 35% 36% Zonite Prod ... 4** 4** 4** 4% Financial— Adams Exp 6% 6% 6% 6% ! Allegheny Corp 1% 1% 1% 1% Amt Int Corp *6% 6% 6% 6% Chesa Corp •' 43% 43 43% 41 s , Lehman Corp . 73 72% 73 73** Transamerica ... 5% 5% 5% 5% Building— Am Radiator 14** 14 14 14% Holland Furnace 8 S 8 8% Int Cement . . 28% 28% 28% 28% Johns Manville 52 52 52 527,

PORKER PRICES PASS $9 MARK Values in All Divisions Are Generally 25 to 35 Cents Higher. By United Press CHICAGO, Feb. 20.—Another new four-year top was established for choice hogs at the Chicago Stockyards today. Best fed swine soared 15 cents above yesterday to a peak of $9.10 a hundredweight, the highest since Nov. 11, 1930. Small supplies were responsible for the upturn. Meat packing firms and livestock traders at the Indianapolis Union Stockyards today paid for the first time since Nov. 11, 1930, $9.15 a hundredweight for hogs, resulting mostly from a scarcity of receipts throughout the country. The new four-year high level was reached at the local market following an increase in all divisions ranging from 25 to 36 cents higher than yesteray’s advance, which established a top of $8.85 a hundredweight. The sharp spurt in prices, how’ever, has been advocated by many traders realizing the great scarcity of supplies. Receipts today were estimated at only 3500, the lightest on hand for a full trading session for approximately a week. Practically all supplies are sold immediately after arriving at the local pens, which indicates an extremely heavy demand for pork Top price today was paid for 200 to 250-pound grades, which sold at $9.10 to $9.15. The general bulk of 160 to 300 pounds cashed in at $9 to $9.10, while extremely heavy classes ranging from 300 pounds and upward sold at $8.85 to $8.95. Light slaughter pigs, scaling 130 to 160 pounds, brought $7.25 to $8.25. Other light lights, weighing 100 to 130 pounds, were salable at $6 to $7. Good packing sows sold at $7.50 to $8.25. Holdovers numbered only 115. Following the trend of the hog market, trading in slaughter steers in the cattle division also was tending slightly higher. Beef steers were salable at $1 down, while good classes of heifers brought $9.25. Most cows ranged from $4 to $7. Receipts were 1000. Vealers were largely 50 cents higher, salable mostly at $9.50 down. Receipts were 500. With practically no change registered in the lamb market, prices for all classes continued unchanged. Early trading interest was light. Bulk of good and choice grades were selling at $8.50 to $8.75, while heavies cashed in at $8.50 down. Yhrowouts ranged from $6.50 to SB, and slaughter sheep sold at $5 down. Receipts were 500. HOGS Feb. Bulk Top Receipts 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® 8.70 8.70 2000 18. 8 50® 8.60 8 65 5000 19. 8.75® 8.85 8.85 4000 20. 9.00® 9.10 9.15 3500 Light light:' (140-160) Good and choice . $7.75® 8.50 Medium 7.25® 8.25 Light weight: (160-180) Good and choice... 9.00® 9.05 Medium 8.50® 8.85 (180-200) Good and choice . 9.00® 9.10 Medium 8.60® 8.90 Medium weight: (200-220) Good and choice .. 9.10® 9.15 (220-250) Good and choice .. 9.10® 9.15 Heevvwetght (250-290) Good and choice ... 9.00® 9.U) 1290-350) Good and choice .. 8.90® 9.00 Packing sows: (275-350) Good 8 00® 8.25 (350-425) Good 7.85® 8.15 (425-550) Good 7.75® 8.00 (275-350) Medium 7.50® 7.85 Slaughter pigs. (100-140) Good and choice ■ 6.00® 7.75 Medium 5.00® 7.25 CATTLE —Receipts, 1000— —Steer*— (550-900) Choice $10.25®12.25 Good 9.25® 11.50 Medium 6.75® 9.50 Common 5.00® 7 00 (900-1100) Choice 11.75® 13 25 Good 9.50® 12.25 Medium 9 25® 9.75 Common 5.00® 7.50 (1100-1300) Choice 12 25®13.50 Good 9.75® 12.50 Medium [email protected] (1300-1500) Choice 12.25®13.50 —Heifers—-(soo-750) Good 10 00® 12.50 Choice 9.00® 10.00 Good B.oo® 9.00 Common and medium 4.00® 8.00 (750-900) Good end choice... 8.25®10.50 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% 5.00 VEALERS —Receipts, 500— Good and choice $9 00® 9.50 Medium 7 00 ® 9.00 Cull and common 3.50® 7.00 —Calves—-'2so-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. 500— Lambs. 90 to 120 lbs. good and choice $8 00® 8 75 Common and medium 6 00® 8.00 90-120 lbs., good and choice 4 003 5.00 Good and choice 3 50 3 4 75 All weights, common and medium 2.50® 3.75

NONCANCELLABLE Health and Accident The moit popular and necessary form of Insurance today. MONARCH LIFE INS. CO. SPRINGFIELD, MASS. An Old Line Legal Reserve Com pane. (Only bonded, full-time men employed) Stale Office: 317 Circle Tovrer Bldg.

What Doeß It Mean? Junior Stocks —Those securities of companies ichich are secondary to other outstanding issues are called junior stocks. Common stocks are usually givqn this distinction.

Llbbv Owens Gls 28** 28% 28% 29 Oils Elev 15 14% 14% 14-s U S Gvpsum .. 46% 45% 45% 47 Household— Col Pal Peet .. 17% 17% 17% 17% Congoleum . ... 33% 33% 33% 33 Kelvmator 17 s , 17% 17% 17 s , Proc & Gamble 48% 48', 48% 48’, Serve! Inc 9% 9% 9% 9% Simmons Bed . 9** S s 9% 9% Textiles— Amer Woolen .. 7% 7% 7% 7 s , Belding Hem 13% 13% 13% 13 Celanese Ctp 31*, 30% 31% 31 % Gotham Hose 4% 4% 4% 4% Indus Ravon 43’* 32 s , 32 s , 32% Real Silk 5% %5 7 * 5 7 * s**

N. Y. Bonds

(Reprmteo trom vesterdavl DAILY BOND INDEX 20 20 20 80 Inds. Ralls. Util. Bonds Today 86 9 83.4 +94 2 88 2 Yesterday 87.0 83.6 94 1 88 2 Week ago 86 5 83 0 83 0 87 5 Month ago 86 8 85 0 91.4 87.7 t New 1935 high. (Copyright, 1933 by Standard Statistics Cos Inc.) U. S. GOVERNMENT BONDS ißv Fenner & Beane Prev. Close. close. Ist 3%S 1932-47 ... 104 5 104 12 Ist 4%s 1932-47 . . 103,5 103 9 4th 4%s 1033-38 (Uncalled) 103.16 103 16 4th 4%s 1933-38 (Called) 101.23 101 20 Treasurys 4%S 1943-45 115.5 114 29 4s 1944-54 110 24 110 16 3**s 1046-56 109.3 108 29 3*,s 1940-43 106.9 106 6 3*es 1943-47 106.1 105 29 3%S 1941-43 106 9 106 2 3%s 1943-45 104.31 104 2 3%s 1941 106.9 106 3%s 1944-46 104 31 104 2 j 3%s 1946-49 104 11 104.5 3%s 1949-52 103.13 103.4 |3s 1946-48 103.12 103.4 Home Owners Loan Corp. | 2%s 1949 99.29 99 18 I3s 1952 101.26 101.14 4s 1951 101.13 101.10 Federal Farm Mortgage Corp. 3‘S 1964 103.7 102.30 3s 1949 . 101.26 101.15 3s 1947-42 101.27 101.16 DOMESTIC . Prev. Issue Close, close. Alleg Corp 5s ‘44 72 72 Alleg Corp 5s ’49 60% 60 Alleg Corp 5s ’SO 24% 24 Am Frgn Pow 5s 2030 60*4 61 Am Tel & Tel 5%s '43 112% 112 s , Am Tel & Tel 5s '65 112% 112% Arm & Cos (Del) 5%s '43 .. 104*, 104% Atl Coast Line 4s '52 103 102% Atl Coast Line 4%s '64 '92% 92% Atch Top & S Fe 4%s '4B ... 108% 108*, Am Wat Wks 5s '44 95 95 Am Rolling Mills 5s '3B 108** 108** Balt & Ohio 5s '95 68% 70 Balt & Ohio 6s '95 79% 80 Balt & Ohio 4%s '6O 54% 56% Buff Roch & Pitt 4%s '57 . 66% 66’ a Beth Steel 5s '36 103% 103*, Chi Milw & St P 5s '75 23 24 Chi Milw & St P 5s ’75 6 6% Chi Milw & St P 5s 2000 100 100*, Cleve Un Term 5s ’73 95% 95% Cleve Un Term 4%s '77 89 88% Col Gas 5s May '52 80** 80% Col Gas 5s April '52 81 80% Col Gas 5s '6l 78 78 Can Pac Perp 4s 87% 87 Cent Pac 5s '6O 78 7 , 78% Big Four 4%s '77 71 71% Big Four 5s ’63 78% 78% Colorado & So 4%s ’BO 65*k 65 Chi & West Ind 4s '52 98*, 98 Chi & West Tnd 5%s '62 104 103% Chi & Nor West 4%s ’49 19% 19% Con Gas 5s '57 104% 104% Chesa Corp 5s '47 104% 105 Dodge Bros 6s '4O 106*, 106% Del & Huds 4s '43 89% 90 N Y Dock 4s ’sl 65% 65 N Y Dock 5s ’3B 47 46% Erie 5s '75 68% 68% Erie 5s ’67 68% 69 Gen Cable 5%S '47 88% 89% Grt Northern 7s '36 92% 92 Grt Northern 4%s '76 77% 77% Grt Northern 4%s ’77 76% 76% Gen Stl Cast WW 5%s ’49 . 89 88% Hud & Manhat Ref 5s ’57 . 88% 88 111 Cent 4%s ’66 58 59% 111 Cent Jt 4'% ’63 67 67 111 Cent 5s ’63 71 72 Interntl Hv Elec 6s ’44 48% 48% Interntl Tel & Ten 4%s ’39 . 70 69% Interntl Tel & Tel 5s ’55 ... 65% 66% Interntl Tel & Tel 4%s ’52... 61% 61% P Lorillard 7s '44 127% 127% McKess & Rob 5'% ’SO 98% 98 Midvale Stl 5s ’36 103% 103 Natl Dairv 5%s '4B 103% 103 Natl Steel 5s ’56 107% 107'', Nickel Plate 4%s ’7B 61 % 62% Nickel Plate 5%s '74 72% 72*, Nickel Plate 6s ’35 66 66 N Y Cent 5s 2013 63V* 64% N Y Cent 4%s 2013 (old) .... 59% 59% Nor Amer Cos 5s ’6l 85 86% Nor Pac 3s 2047 75% 74 Nor Pac 4%s 2047 87% 86”. Nor Pac 6s 2047 100% 100*', Nor States Pow 5s ’4l 106 105% Otis Steel 6s ’4l 83% 82% Penn Rv 4%s ’34 104 103 ”, Penn Rv 4%s 'Bl 104% 103% Penn Rv 4%s ’7O 96% 95% Pac G & E 5s '42 ... 107% 107 Portland Gen El 4%s '6O 58% 5ff 7 , Para Publix 5%s 'SO 70% 70% Penn P ft L 4%s 'Bl ... 104 103*, Postal Tel & Cab 5s *53 .... 50 51 Rem Rand WW s'is '47 .... 100*, 100% Sinclair Oil 6%s '3B 104% 104' Shell Union Oil 5s '47 102% 102% Sou Pac 4'is '6B 66% 66% Sou Pac 4%s ’Bl 65% 65% Sou Pac 4%s '69 66 66% Sou Pac 4s '49 69 69 Sou Rail 4s '56 56 56 Sou Rail 6s ’56 75% 74% Sou Rail 6%s '56 77V* 77 Texas Pac 5s 'BO 87 87 Texas Pac 5s '79 92% 92 Texas Pac 5s '77 92% 92% Union Pac 4s ’47 110% 110% United Drug 5s '53 90% 90% TT p T„Hber 5S '47 05 95% NY NH & Hart 6s '4B 41 42% NY NH & Hart 4%s ’67 36 37% Warner Boos 6s '39 55% 55% Western Marv 5%s '77 101*;, 100 s , Western Marv 4s '52 ... . 95% 95 Youngstown S&T 5s ’7O .. .. 95% 95”, Youngstown S&T 5s '7B 95% 95% FOREIGN Argentina A 6s '57 97 92 Argentine E6s 'SB 91% 91 s ', Brazil 8s ’4l 31% 31% Canadian Govt 4s '6O 105% 105% Denmark 5%s ’55 100% !00% German 5%s ’65 36% 36’, German 7s ’49 46% 46% Italv 7s ’sl 93 93”, Janan 6%s ’54 93% 93% Poland 7s ’47 125 123 Rome 5%s ’52 83 s ', 83 Tokio City 5%s ’6l 77 76% Yokohama 6s '6l 84V< 83 FEDERAL FARM LOAN BONDS (Bv Blvth & Cos.) Bid. Ask. 4s. Julv 1. 1916-44 104% 105 4s. NOV. 1 1957-97 102% 102% 4s. Mav 1. 1958-38 102% 102 s , 4% s. Julv 1. 1056-36 102% 103 4%5. Jan. 1. 1957-37 102% 103% 4%5. Mav 1. 1957-37 102% 103% 4%5. Nov. 1. 1958-38 103 4'is Mav 1. 1942-32 101”, 101 % 4'is. Jan 1. 1943-33 101% 102 4'is. Jan 1. 1953-33 101% 101% 4'is, Jan. 1. 1955-35 101% 101% s'is, Jan 1 1956-36 102 ss. Mav 1. 1941.31 101% 101% ss. Nov. 1. 1941-31 101V* 101% CASH REPAYMENTS AT PEAK DURING JANUARY Phoenix Mutual Life Cos. Report* Gain of 123 Per Cent Over 1934. By Times Special HARTFORD. Feb. 20.—The Phoenix Mutual Life Insurance Cos. for the initial month of the current year reported the largest volume of i cash repayments of any month in its history, it was learned today. This represents an increase of 123 per cent over January, 1934, and marks the third time in the last four months that policyholders have set anew peak for voluntary cash repayments on policy loans. Loans repaid in full during the month also established anew record and showed a gain of 34 per cent over January, 1934 I

Government Bonds Home Owners’ Loan Corporation and Municipal Bonds BOND DEPARTMENT The Union Trust Cos. of Indianapolis 120 E. Market RI ley 5341

SHARES MIXED. TRADING LIGHT ONBIG BOARD Utilities Drop to New Lows for Several Years: Rails Still Off. By United Pres, NEW YORK, Feb. 20 Stocks moved irregularly during morning dealings in light turnover. Utilities declined to new lows for several years, many to record lows. Rails were off fractionally. Industrials were mixed in a narrow range. United Stores issues dropped to new lows for the year on omission of the dividend on the preferred stock. New lows were made by Consolidated Gas at 16%, off %, and the preferred at 74%, off %>, American Water Works. 10%, off %; Public Service of New Jersey, 20%, off 1%, and the 5 per cent preferred. 64%, off 1%; North American. 10%, off •%. and United Gas* Improvement, 9%,0ff %. Wet stocks were steady to firm, and so were the motors. Chemicals moved narrowly. Several special issues, including Fairbanks Morse shares, Mesta Machine and Commercial Credit made new highs. J. C. Penney and First National Stores were higher. Case rase nearly a point. Some of the sugars gained.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $1,778,000.00 Debits 5.561.000.00 TREASURY STATEMENT (By United Press) Washington. Feb. 20—Government expenses and receipts for the current fiscal year to Feb. 18. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $4,371,583,616.69 $4,034,245,760.99 Receipts 2,206.844.883.87 1.828.408.214.54 Deficit 2.164.738.732 82 2.235 837.546 45 Cash Bal. 2,142.661,198.08 4.213,574,982.71

Chicago Stocks

(By Abbott, Proctor & Paine) 11:00 Prev. A M. close. Bendix 16% 16 Bork Warner 31' 2 30*4 Chicago Corp 2% 27* Chicago Corp pfd 30' 2 31 Cities Service 11* iy Com & Edison 55 55 Cent 111 pfd 7' 4 7>4 Cord 3' 2 3 '2 Elec House 15 1 B 15 V* Noblitt Sparks 15U 15 Public Service 18 18'i Swift 18 '4 187* Swift Int 3474 35'/* Vortex Cup 17 17 Walgreen 30'4 30*/*

New York Curb

(By Abbott. Proctor & Paine) 12 iNooni Prev. N. Y. close. Allied Mills 14% 14% Amer Cvanide (B) 17’ 2 17*4 Amer Superpower *4 74 Atlas Corp 8% B'/4 Con Marc 17* 2 Carrier Corp 18'4 18*4 Distillers Corp 18 18 El Bond & Share 5*4 s'/2 Hiram Walker 31*4 3174 Humble Oil 50 49*4 Imperial Oil Ltd 16*4 16** Lake Shore Min 54 53*4 Newmont Min 3874 39*4 Novadel Agene 21V* 2144 Penn Road I*4 174 St of Kv

Produce Markets

Delivered in Indianapolis prices: Heavy breed hens. 13c: Leghorn hens, 9c; colored springers. 13c: heavy stags, 9c: Leghorn staffs, 7c; old roosters. 6c; ducks, full feathered and fat. 10c: geese, full feathered and "at. 8c; all classes of guineas, 15c; 170. 1 strictly fresh country run eggs, loss off, 21c. Each full case must weigh 65 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 bv the Wadley Cos. ißv' United Press) CHICAGO. Feb 20. Eggs Market, steady; receipts 5235 cases. Extra firsts. 29c; fresh graded firsts, 29c; current receipts. 27c: dirties. 25c: checks. 24%c. Butter—Market, east receipts. 4998 tubs. Extra firsts 190-91% icorei. 34%®35c; extras (92 score) 35%c. firsts (88-89 score), 34®34%c; seconds, (83-87% corei 33®33%, specials. 36®36%c; standards, 35c. Poultry—Market. firm: receipts. 22 trucks: hens. 14%®18%c: leghorns. ll®15c; springers 19®20c; broilers. 22®23c: capons. 6 to 7 lbs. 23c; old roosters 13® 14c; ducks. 17®20c: turkevs. 19® 21c: geese. 14c: stags. 15%c; fryers. 21® 22c. Cheese—Twins. 17(5 17%c: daisies. 17%® 17%c; longhorns. 18®18%c. Potatoes— Supiv liberal: demand and trading moderate: market, firm: Wisconsin round whites. 80®85c; unclassified. 65c; Idaho russets, $1.50®1.55. Arrivals, 38; on track 239; shipments, 861. CLEVELAND. Feb. 20.—Butter—Market, steady. Extras. 39'2c: standards, 39c. Eggs—Market, firm: extra white. 28%c: current receipts, 28c. Poultry—Market, firm: fowls. 205 21c: leghorn fowl. 17® 18c; ducks, voung. 24®25c; ducks, old. 19®21c: Turkevs* voung. 22c. Potatoes—Maine. $1.15® 1 25 a 100 lb. bag Ohio mostly. 75® 80c a 100 lb. bag: New York. 85c a 100 lb. bag; Texas. $1.50 a 50 lb. bag. BUSINESS SEEN BRIGHT L. S. Crowder, Retail Credit Head, Is Optimistic. By Times Special ST. PAUL, Feb. 20.—A business increase of from 10 to 20 per cent over 1934 was predicted for the current year by L. S. Crowder, general manager of the National Credit Assedation. “Contracts with merchants and credit executives in leading cities of the Middle West, South and East during the last four months reveal an optimism not present since 1929,” Mr. Crowder said.

_j. BE SAFE Insurs Voir Car Today Automobile Insurance Ass’n. f.I 8571. 7th floor Ocddytal BUg.