Indianapolis Times, Volume 46, Number 245, Indianapolis, Marion County, 21 February 1935 — Page 19

Wall St. Senator Thomas Is Concerned Over Bond Sales. BY RALPH HENDERSHOT

Tla'i Special Httter TLTEW YORK. Feb 21—Senator Elnvr Thomas of Oklahoma is deeply concerned over the sale of *o many government bonds. He is afraid II may lead to outright inflation. This may sound a little strange, coming from the Senator. Inasmuch as he has been eataBd as the leader of the inflationary movement In Washington.

But the Senator 3:'cla:ms the title of inflationist. He Is opposed most strenuously to inflation. he claims. favors the issuance of more money at this time to help prevent inflation. He wants to make it possible for people to pay their debts and their taxes so that inflation will be un-

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necessary. And he believes this can best be accomplished through the Issuance of a sufficient amount of new currency to bring prices back to the 1926 average level. The tall, stately Oklahoman bases his views on the theory that a plentiful supply of money will make money cheap. And if money Is cheap, he argues, commodities will increase in price. With commodity and other values restored, he holds that people will again be able to rreet their obligations and the nal:on will be sufficiently prosperous to make milation unnecessary. m m m BUT if the country is not made prosperous again in the near future, he maintains that inflation is inescapable. He places the bank holdings of government bonds -at the present time at around $15.000.000.000. This is too high, in his opinion. But if to that amount is added a large portion of the nearly $5.000 000.000 of new bonds which will be issued to take cae of relief work, the situation is likely to become critical. He foresees the possibility of a collapse of the government bend market equal in severity to the stock market crash of 1929. The banks, he pointed out, can not sell their holdings ic the general run cf investors, and other banks will be unlikely to favor the idea of sitting by and holding the bag. The Senator admits, of course, that the banks can turn their government bonds m to the Federal Reserve Banks and get cash for them, but he strongly suspects there is not enough cash in existence to take care of their huge holdings. The printing presses would be obliged to work three shifts a day, he contends, and still they would not be able to cope with such a situation if the sale of bonds continues and commodity prices do not show a further advance. mum THE monetary warrior presents a rather plausable ’ argument. Most bankers in Wall Street feel none too secure with the bulk of the government's bonds lodged in their vaults. And if these bonds are converted into cash and the printing presses are forced into active service to meet their requirements. we would appear then to be engaged in currency inflation with a vengeance. And such a development is not entirely improbable. Any substantial improvement in business might well start the oanks sellirg eovernment bonds. The interest rate on commercial transactions would be much higher than that received on these securities. But they might not sell in such emounts as to weaken the market materially, since they realize they can be converted into cash at will.

On Commission Row

Quotations below are arernee wholesale prices heme offered to buyers by local Commission dealers. Frails-Bananas. So a lb. Apples. Indisr.a Jonathans. SI 65: Golden Delicious, SI 75 :1 *5 Lemons. Sunkist. 2605. $4.25. Grapefruit. Texas, seedless. S3; Arizona. 64s 7*'s and 80s 52.50. Limes. Mexican, per carton 12s. 25c. Bvram. seedless, per hundred. S3 Pineapples. Porto Ricans, half crates. S3 50 Aiocados. Florida, box. SI Vt Stramberries. Florida, pint. 13’. 14c 3*-pt crate $4 50. Apricots. S3 crate YecetaMes—Cabbage. Northern Danisn. 5 4-lb. bag SI 25; red. 50-lb. box. SI 25; New Texas cabbage, large crate. $3.75. Onions. Idaho, sweet Spanish large. 50lb bag. S3. Michigan yellows. 15 lbs.. $1 50; wevern white. 50-lb bag. $2: Michigan ve'low. $125 Po-atoes. Green Mountains, 100-. b. bag. $1 50: northern round white. 100-'.b. bag. SI; Ohios. 100-lb. bag. $2: Idaho Russets. 100-ib. bag. $1 90; New Florida Triumphs, bushel. $2 25 Sweet potatoes. Indiana Jersevs. bushel. $1 65; Tennessee Nancv Halls, bushel. SI 35 Beans, round stringless, hamper *1.7592.50; flat. 82 75. Celerv Fonda S4 25 crate; California $4 crate: medium, dozen. 60c; Jumbo, dozen. 90c Cucumbers, hot house, dozen. 81 40 2 dozen box. S2 50 Endise California, dozen. 90c; peck basket. S3. Egg Plant. 82 25 dozen Kaie. bushel. 90c. Lettuce, hot house 15-lb basket. $150; Artona Iceberg head lef'ioe. $3 75 Mangoes. Forida. crate. IS Mint, bunch. 15c. Parsley, dozen. 35c Peas, hampers. S3 Spinach. Texas bushel. SI .85 Radishes doen 60 u 75c. Tomatoes 10-!b. carton. SI 60: Florida original. 2 75. Turnips. bushel. 75c. Parsnuzj. ought! SI 3' Bee-s bushel. SI 25. Cerro’s bu-hel $1 25" 100-lb. sack. SI.7S. Rhubarb, hot house 5-lb. carton. 50c. Mushrooms lb. 30iS5c. All wU‘-tations aubiect to chango up or <er. FBI ITS AND VEGETABLES Bv United Press l CHICAGO Feb 21 Apples Michigan Mclntosh, bushel SI 50 .1 75. Jonathans. $1 60w 1 75. Cranberries Massachusets. ’-4 bMs. $4 : 5 Turnips. Illinois bushel. 25si Ssc Lettuce wes'ern erat - $2 50 u 2 75. Pa-snips Illinois bushel. 60 u 75c Carro-s. California crates. SI?S-.'3-15 Sweet po-ta-oes. Tennessee bushel. S9os:l. Indiana. $: 25b150 Bears Forida bushel, green. 81 25' 1 1 75. Spinach. Tex-s. bushel, flat. SI 25 i 1 4>. sasov SI 15.i 125 Tomatoes. Mexican lugs. S3 50 u 4 Beets. Illinois. busheL 40 . 50c U. sf GYPSUM EARNS $2,155,369 IN 1934 Net Income Is Equivalent to 51.35 a Share on Common Stock. B Timet Spend CHICAGO. Feb. 21.—Consolidated net profit of the United States Gypsum Cos. during 1934 amounted to lent to $1.35 a share on 1.193.082 common shares, it was announced here today These figures compare with a profit of $1,738,927, or $1 a share on 1.187.660 common shares in 1933. The company s consolidated net balance sheet as of Dec. 31. 1934. shows net working capital of $18,842,831 in comparison Tith net working capital of $18.312.’01 at the close of the previous year. Current assets in the last statement amounted to $20,140,716 and current liabilities were $1,297,884. against current assets and current liabilities of $19,672,122 and $1,360,020, respectively, on Dec. 31, 1933.

TEXTILE UNITS' SALE OF COAL BEING STUDIED Transactions With Workers Under Advisement by NRA Official. By Scripps-floicard Setcspapc* Alliance WASHINGTON. Feb. 21— NRA S latest tough job in ironing out in-ter-industry kinks is to decide whether cotton textile mills shall continue selling coal to their workers at cost—a price far below that fixed under the retail solid fuel code. A side issue is how’ much the mills shall pay the truckers who deliver the coal—whether at cotton textile i code wages or fuel code wages. The question is now under advisement after a hearing in which Frank A. Hecht, NRA deputy administrator, questioned textile mill representatives as to whether the industry's “benevolent” practices actually made better citizens. Declared a Service The industry’s spokesmen estimate that 218.000 textile mill workers, more than half of the total, buy coal from the mills at cost, at j *• v, ,-rage of $2.25 a ton less than 1 cod j prices. I r :he southern mills point out that j this is one of many services which they have supplied over a long period, including nominal rents for company houses, lights, Y. M. C. A.'s, and other community services. They have had to do this, it was brought out. because they built most of their mills outside the big cities to avoid municipal taxes. The mills are able to buy at low cast because of their big orders for factory coal, and because there is little "credit risk.” Retail coal dealers contend that the practice will lead to bootlegging, and that the northern textile mills, which have sold little or no coal to workers, may go into the business and cut down their market. First Decidod for Retailers NRA decided last August that the mills would have to come under the retail solid fuel code. The present proceeding is anew attempt by the textile mills to obtain exemption. The NRA hearing developed charges from the Detroit coal code authority that it was “common knowledge” that the Ford Motor Cos. was selling coal and coke to persons other than its own employes. Consumers in Detroit, it was said, “use every subterfuge” to buy Ford's coke at $7.75 instead of paying the regular retail price of $9.50. The Textile men testified that as far as wages were concerned, their mills were also having trouble under both trucking and construction codes. No agreement has been reached regarding an exemption from the trucking code, but one is now being worked out between the authorities of the textile and construction codes.

Ralph Hendershot

Stock Studies

S. S. KRESGE CO. t COMMON STOCK Pf* V^cf EARRINGS PRICE RANGE 3C*Lf 2 40 jTrfliX m ' * lit -20 I ILL I—l— po 31 32 33 34j30 31 32 33 34j WINCHESTER INSTITUTE OF FINANCE

The S. S. Krege Cos. operates the second largest low-priced general merchandise chain of stores in the United States and Canada. At the end of 1934 the Kresge Cos. had 731 stores in operation, compared with 702 a year previous. Forty-four of these stores are in Canada. The company operates two classes of stores: one. 5-10-25-cent stores and tie other 25 cents to $1 stores. Stores are located principally in the New England States, Middle Atlantic States and Nebraska. Kansas and North Dakota. The company owns a substantial number of its store properties. Sales in 1934 were 9 per cent greater than in 1933. FINANCIAL DATA A* es Dec. 3t. 1931 Common Stock iSIO par" 5 517.882 shares 7 Prelerrcd Stock '*loo part $ 2.000.0C0 Bond< and Mortgages 19.172.153 Surpluses 38.150.004 Cash and Securities 17 562.975 Inventories 17.508.898 To’ai Curran" Assets 35.421.430 Current Liabilities 7.879.061 During .he year 1934 cash and securities increased $7,400,000, but inventories dropped about $300,000. Bonds and mortgages payable were $3,000.00 less. Net working capital gained 54.d0.000 while surpluses gained 54.4G0.000. On Dec. 31. 1934. the current ratio was about 4% to 1, while the equity of the common stock was $76.95 representing a gain of 80 cents during the year. Earnings—Kresge has had relatively steadv earnings right through the depression with a low mark in 1932 when slOl was earned on the common. S.nce then earnings have increased with $1.76 earned on the common stock in 1934. Dividends—The past annual rate of $1.60 paid for several years on the common was reduced in 1932 and further reduced in 1933. Eighty cents was paid on the common stock in 19934. but the stock is now on an annual $1 oasis. S. S. Kresge was originaly established in D'troit in 1897 and incorported in l's present form in 1916 in Michigan Both classes of stock are listed on the New York Stock Exchange. At a current price of around 20 4 the common sells to yield better than 4\ per cent and for about 11% times earnings. (AU Rights Reservfd. Winchester Institute ol Finance. Winchester. Mass.). A. T. & T. MAINTAINS DIVIDEND By T imrs Special NEW YORK. Feb. 21—American Telephone & Telegraph Cos. today maintained its $9 annual dividend rate with declaration of a $2.25 quarterly payment April 15 to stockholders oX record March 15.

♦ ♦ Abreast of The Times on Finance ♦ ♦

INDIANAPOLIS, THURSDAY, FEBRUARY 21, 1935

NEXT—DATED BUTTER mum nun mum Poet Helps Devise Unique Scheme

BY RANDOLPH PHILLIPS Times Special Writer NEW YORK. Feb. 21.—1n a thick-beamed warehouse underneath the elevated that rattles over Greenwich-st, there may be found today a ruddy-cheeked poet directing a five billion dollar wholesale butter business. He is Walter Lowenfels, lately returned from Paris, where Carrefour published his poem, “The Suicide.” Amidst aiacks of tubs of butter standing in a refrigerated atmosphere, Mr. Lowenfels has worked out the de ; ails of a plan that may revolutionize the butter industry. “My work is revolutionary,” he said in speaking of his poetry. So is "butter control.” “Butter control” Is a method by which butter is rushed fresh from the churn to the housewife's table

New York Stocks

(By Thomson & McKinnoni 11 a,m. Prev. High Low N. Y. Close Oils— Atl Rfg 24% 24 1 8 24'8 24% Barnsdall 6% 6% 6% 6% Consol Oil 7% 7% 7% 7% Cont of Del .... 18 17% 17% 18% Ohio Oil 10% 10 10 1 b 10 Pet Corp 8% 8% B*2 B'/a Phillips Pet 16' 16>a 16% 16',2 Pure Oil 7 7 7 Seaboard Oil ... 25 25 25 25 Shell Un 6% 6% 6% 6% Soc Vac 13% 13 5 a 13% 13% S O of Cal 31's 31 1 a 31 1 b 31% SO n! Ind .... 24' 2 24% 24% 24' 2 S O Os N J 40'a 40 40 1 8 40 Texas Corp 20>. 20% 20'a 20 Un Oil of Cal .. 16% 16% 16% 16'a Steels— Am Roll Mills .. 21 20 7 b 20 7 b 21 Beth Steel 30't 20% 30's 29% Cruc Steel 21% 21 7 a 21 7 s 22 McKeesport Tin- 98' 98*4 98’* 98 Mid Steel 12% 12% 12% 12% Otis Steel 6 6 6 6 Rep Iron <fc Steel 13 1 a 13'2 13% 13 5 a U S Pipe & Fdy. 18'2 18'2 18‘2 18% U S Steel ... 35'2 25'a 35’a 35 ! 4 U S Steel pfd .. S6' 2 86 86 87% Warren Bros .. 4% 4 3 4 4% 4% Youngstn S & 18 18 18 18 Motors— Auburn 23% 23’a 23> 2 23 3 4 Chrysler 39% 39 ’ 4 39' 2 39’4 Gen Motors .... 31'4 31 31’/a 31*4 Hudson 10 5 a 10’4 10% lots Hupp 2 5 s 2% 2% 2',2 Mack Truck .... 26% 26'2 26% 26 3 s Nash 16 15 7 a 16 16 Packard 4% 4'2 4% 4% Studebaker '4 's % % Yellow Truck ... 3% 3’2 3*2 3% Motor Access— Bendix 15% 15'2 15 5 e 15 3 4 Bohn Alum 56'2 56'2 56'2 56% Borg Warner ... 31 ’a 31's 31’2 31 Briggs 30 39 3 b 29% 29% Budd Mfg 4 3 4 4 3 4 4 3 4 4 3 4 Budc* Wheel 3% 3% 3% 3*B Eaton Mlg 20 20 20 19% Elec Auto Lite .26 25'a 26 25’a Houdaille A'' .. 8% B' 2 8% 8% Murray Body ... 6% 6 3 4 6■'* 6 J 4 Stew Warner ... 7% 7 5 s 7% 7 3 4 Timken Roll 34'2 34 1 2 34% 34 3 4 Timken Det Axle 6's 6's 6's 6% Mining— Alaska Jun 17 3 4 17% 17% 17% Am Smelt 37' 2 36% 37 36'2 Anaconda 10 5 s 10'j 10'2 10% Cerro De Pasco 44% 44 44'4 43% Dome Mines 38% 38% 38% 38% Gt Nor Ore 10 3 4 10 3 4 10 3 4 10% Ind Nickel ... 23 3 4 23% 23% 23>2 Isl Creek Coal .. 34’2 34 3 B 34% 34 Kennccott Cop . 16% 16% 16% i7 Mclntyre Mine . 42 a 42' 2 42'2 24'j Noranda Cop .. 33' 2 33' 2 33'2 33% Phelps Dodce ... 15% 154* 15% 15 1 4 St Joe Lead .... 14 3 , 14*7 14% 15 U S Smelters ...118 3 4 117’4 118% 117’: Vanadium 18’4 18’4 18', 13’,a Amusements— Fox Theat 10% 10% 10% 10% Loews Inc 36 33 3 4 35% 35'2 Radio Corn .... 5% s'a 5% 5% Paramount 3 3 4 3'2 3% 3% RKO 1 3 4 1% 1% 1% Warner Bros ... 3 3 4 3'2 3 3 4 3',2 Tobaccos— Am Tobacco “A" 79'2 79% 79% 79 Am Tobacco "B" 81 80% 81 81 Gen Cigars .... 57 3 a 57 3 8 57 3 a 57 Lorillard . .. 20% 20% 20% 20', Reynolds Tob B’ 48 3 4 48% 48 3 4 48'2 Rails—- ! Atchison 44 43 3 a 44 43*4 Atl Coast Lints .29 28'3 29 28’4 B & O 12’4 12' 12’i ll 7 * ! Can Pacific .... 12 ’ 12 12'a 11 3 4 I Ch & Ohio • 43' a 43 43 42 3 4 1 Chi A- Gt W pfd 3 7 b 3’4 3 3 4 3 7 a CM& St P pfd. 3% 3% 3 1 2 3's I Chi N W 4'2 4'2 4' 2 4'4 Dela A Hud 33% 33 3 a 33 3 a 33% : Del Lac & W ... 15 14 7 a 15 15 _ Erie ... 10% 10'3 1 ft’2 lst 3 a I Grt North pfd .. 14'4 14 14% 14% I 111 Central 13 12% 12 3 4 13'4 ! M K & T 3'2 3' 2 3' 2 3% M K A T pfd .. 8' 2 B’2 B'2 B's Mo Pac 2's 2% 2'/g 2% Mo Pac pfd 2 5 s 2 5 b 2% 3 N Y Cent 17 16% 17 17 Nor Pacific 17 1 4 17% 17% 17 1 it j Penn R R 21 3 a 21'a 21 3 a 21 ’a I Sou Pac 16'4 16'b 16'4 16% ; Sou R R ll 7 s H 3 4 11 7 8 12 I Union Pac 99 99 99 99 Equipments—'Am Brake Shoe 26% 26 3 b 26 3 a 26% Am Loco 16'2 16'2 16’2 16 7 b Am Steel Fdy .. 16 7 s 16 7 a 16 7 8 17 Bald LOCO 5 3 3 4 3 3 4 s’a Gen Elec 24 3 a 24 24% 24’a Pullman Inc ... 49 48'2 49 48'2 Westingh Elec .. *O% 40's 40% 40% Utilities — Am fiz For Pwr . 3'4 3'a 3'a 3 Am Power & Lit 2' 2 2 3 a 2 3 g 2 1 2 A T A T 103 3 4 103'2 103 3 4 103'2 Am Wat Wks ... 10 ! 2 10 10% 10'b Col Gas & Elec. 5‘ 4 5 s'a s'a Conn A Sou ... 1 1 1 1 Consol Gas . 16 7 a 16'a 16'a 16’4 Elec Pwr A Lit. 2'a 2'a 2’a 2'a Int T A T B*B B'2 B>2 8 3 a Lou GAEA .. 12 3 4 12 3 4 12 3 4 12 5 a Nat Pwr A Lt .. 5 7 a s'a 5 7 a 5 7 a North Amer .... 10 3 4 10’, 10 3 4 lO’i Pac G A E .... 13 3 $ 13 3 * 13 3 a 12'2 Pub Serv N J .. 22 20 3 4 21'2 21', So Cal Edison . II 5 . U'i 1 ] 2 ll 5 a Std Gas 3'a 3 3'a 3', Stone A W’eb .. 3 3 , 3'2 3'2 3 5 a United Corp ... 2 2 2 2’a Un Gas Imp ... 10 9 5 a 9 7 a 9 3 a Western Union . 28'a 28'a 28'a 28'a Rubbers— Goodrich lO'a 10'a 10'a lO'i, Goodyear 22" 22 22', 22 3 a Kelly Spg 112I 1 2 I'2 I>2 l s a U S Rubber ... 14 3 a 14’ 2 14 5 B 15 |U S Rub pfd ... 36 35'a 36 36'a Miscellaneous— Allis Chalmers . 17’i 17'a 17'a 17’a Am Can 119 3 , 119', 119'* 118'2 Am Mach A F 22'* 22'a 22', 22', Brklvn Man Tr. 43’2 43 43'2 42' 2 Burroughs Ad .. 15'. 15'i 15'i 15‘a J I Case 58’a 57'. 58 57 7 a Conti Can 70 3 , 70 70 3 4 70'2 Caterp Tract .. 42'2 41 7 a 42' 2 42 3 a Curtis Pub 20' a 19 3 , 20'a 19>2 Curtis Pub rfd.. 97'2 97’ 2 97‘2 96' 8 Eastman Kod ..121', 120'. 121'* 121'a Gillette 14'. 14 14', 14'a ! Glidden 27 7 26 1 , 27 7 a 26*a ! Int Bus Mach ..160 160 160 159>2 In Hary 4040 4040 Natl Cash Reg .. 16 3 i 16 3 7 16 3 , 16 3 t Owens Bottle .. 89 89 89 89 Rem Rand 9 3 4 9 s * 9 3 , 9 3 , Foods— Am Sugar 68' 2 68 68'2 68 Armour 5 3 a 5 3 5 3 g 5 3 a I Armour 6 pet pf 68 68 68 68’a j Borden Prod ... 24'a 24 5 a 24 7 a 24 , a Cal Packing 41 7 a 41 7 41 7 a 41 3 , ! Canada Drv G A 13 3 , 13>2 13'2 13S Cont Bak A 5 3 . 5 3 , 5 3 , 6 Corn Prod 66 5 a 66' 2 66 5 a 66 5 8 Crm of Wheat .. 39S 39 3 a 39 3 a 39 3 a Cuban Am Sug.. 6 J a 6', 6 3 a 6'2 Gen Baking 8 3 8 ! 2 BJ28 J 2 8 3 , Gen Foods 35', 35'a 35', 35’a Gold Dust 17'2 17 3 a ’7S 17‘a G W Sugar 30'a 30 30 l s 30 1 Nat IBiscuit ... 29 29 s , 29 29 Natl D Prod 16 7 a 1* 16 3 . 16a Puritv Bak 9 3 * 9 3 , 9 3 4 9 5 a , S Porto Rico Sug 24'a 23 5 a 24 23 7 s ■ Std Brands 17 5 a 17's 17'2 17 3 United FTuit ... 75*2 75 75 ! 2 75 ] 2 Wrigley 77 77 77 77 'i Retail Stores— Best A Cos 38 38 38 38_ 1 Oimfcel Bros .. 2 7 a 2 T a "a 2 7 a Hahn Dept Sts.. 5 5 5 4 * Jewel Tea 56'j 56 ! 2 56’s 56 Kresge S S 21’a 21 3 21 3 . 21 3 a Kroger Groc .... 25 25 25 25'a Mccrorv St 10', 10', 10'; lo 3 McLella'r. St .... 13 ! 2 13'2 13'a 13', Mont Ward 26 7 a 26 5 a 26*a 26 3 , Natl Tea 9'a 9>a 9 1 2 9 3 a Penney J C 69 69 69 68 2 Safeway St 41 41 41 41 2 Sears lloebuck 34'b 34 ! 23374 7 35', Woolworth .... 55'4 55'a 55Mi 55 Aviation— Aviation Corp .. 4*a 4 5 a 4 3 a Curtiss Wrignt ■ 2' 2 5 2 5 2 3 i Curt Wright "A" 8 3 4 B'a *' 3 2 3 Douglas Air . .. 22 5 22'a 2a 1 2 22 a Sperry Corp ... 9’a 9'a 9'a 9’a Utd Aircrft New 13 7 a 13 s 13 3 4 13 3 4 Chemicals— Air Reduction ..113 3 4 113 3 4 113 3 4 113 3 , Cos, Carbon 76 ! 4 75‘2 75'a 75'a Com Solvents ... 2l 7 a 2121 7 a 21 7 Dupont |.. Ssfa 95'a 95 3 ,a 95'

without losing its original taste. Only farmers and their families have taste! fresh butter, said Mr. Lowenfels. Residents of the cities never have, because it is from eight to fourteen days before the ultimate consumer puts it on his bread. • The difference was brought home to Mr. Lowenfels when he first arrived in France. “French butter in Paris had a very buttery taste, unlike American butter in New York, because it is drawn from the surrounding countryside “New’ York City has to get its butter from Michigan, Indiana and the states south and west of there. Why? Because New York State, contrary to popular imagination. does not make much butter. It’s not worth while. New

Freeport Tex ... 22' 2 22'\ 22’ 2 22'i Moth Alkali .... 28'2 27 3 4 27 3 4 29 Natl Dis (new).. 28 3 a 28' B 28'a 28'a Schenley Dist . 27’ 4 26 7 a 27'4 26 3 4 Tex Gulf Sulph .34 3 a 34 3 i 34'2 34'a Union Carbide . 48 3 a 48 48 3 a 48 U S Ind Ale 4040 4040 Drugs— Bristol Myers .. 34% 34' b 34% 34 Lambert 28 % 28% 28% 28% Sterling Prod .. 63 62% 62% 62% Un Drug (new) . 11% 11% 11% HU Zonite Prod .... 4% 4% 4'% 4% Financial— Allegheny Corp.. 1% 1% 1% 1% Am Int Corp ... 6 6 6 6 Chesa Corp 44% 44 44 43% Transamerica .. 5% 5% 5% 5% Building— Am Radiator • 13% 13% 13% 13% Holland Furnace 7% 7% 7% 7% Int Cement . . 28 28 28 27% Johns Manville 52 51% 52 51% Libby Owens Gls 29 28% 29 28% Otis Elev 14% 14% 14% 14% U S Gypsum .. 45% 44% 45% 44% Ulens Cons .... 1% 1% 1% 1% HouseholdCol Pal Peet ... 17% 17'% 17% 17% Coongoleum .... 33% 33% 33% 33% Kelvinator 17% 17% 17% 17 % Proc A Gamble . 48% 48 48% 48 Servel Inc 9 9 9 9% Textiles— Amer Woolen .. 7% 7'4 7% 7’4 Belding Hem ... 13% 13% 13% 13% Celanese Corp ... 30 30% 30% 30% Gotham Hose .. 4% 4% 4'% 4% Indus Ravon ... 32% 32 32% 32% Kavser Julius ... 18 18 18 18%

Chicago Stocks

(By Abbott. Proctor & Paine) 11 Prev. A. M. Close. Bendix 15% 15% Borg Warner 31% 31 Cities Service 1% 1% Com & Edison 54 % 55 Iron Fireman 14% 15 Libby 7% 7% Lynch Glass 27 27 Pub Servos Wo 111 18% 18 Swift 18% 17%

New York Curb

(By Abbott. Proctor & Paine) Noon Prev. N. Y. Close Allied Mills 14% 14% Alum Cos of Am 45% 45% Assoc Gas & El 8% 8% Can Marc 7% 1% Carrier Corp 18% 18% Distillers Corn 17% 17% El Bond & Snare 5% 5% Hiram Walker 31 31 Imperial Oil Ltd 16% 16% Natl Bellas Hess 1% 1% Niagara Hud Power 3% 3% Novadel Agene 1% ... WHEAT PRICES GAIN SLIGHTLY IN CHICAGO Better Foreign Feeling Is Held Responsible. By United Press CHICAGO, Feb. 21.—A decidedly better feeling abroad lent relative strength to wheat futures today on the Chicago Board of Trade. Wheat opened unchanged to % cent higher, oats were up J s to M cent and rye was up % to % cent. Bartlett Frazier & Co.'s Liverpool house cabled that the English market was improved on a better demand. The market here was not active and despite the better tone, sentiment remained divided. (Bv James E, Bennett) 11:00 Prev. High. Low. A. M. Close. Wheat — Mav 97% .97% .97% .97 July 91 .90 5 a .90% .90% Sept 89% .89% .89% 89% Corn— Mav 86% .85% .86 .86% Julv 81% .81 .81% .81% Sept 77% .77 .77% .77% Oats— May 51% .50% .51 .51% Julv 44% .43% .44 .43% Sept 41 .41 .41 .40% Rve— Mav 65% .64% .64% .65% July 65 .64% .64% .64% Sept 65 . 64% .64% .64% LOCAL CASH MARKET City grain elevators are paying 89 cents for tfo. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 84 cents and oats 48 cents. INSOLVENCY INDEX IN FEBRUARY DECREASES Decline of 4.2 Per Cent Is Shown iv First Two Weeks. By Times Special NEW YORK, Feb. 21.—The insolvency index of Dun & Bradstreet, Inc., for the first two weeks of February was placed at 68.3, compared with 71.3 for January, a decrease of 4.2 per cent, it was announced here today. For the first time a year ago, when the index for the initial part of - February stood at 74.5, against 82.5 for January, the decrease amounted to 9.7 per cent, the report stated. In both years the index, however, was considered below normal for the first two months of the year. Toe average index for five years, ranging from 1925-30, during February was 128.2. against 139.5 for January. a decline of 11.3 points, or 8.1 per cent. The yearly average for these five years was 1C4.0. which is not far from a normal point. WILSON IS NAMED By Timrs Special WASHINGTON. Feb. 21.—President Roosevelt has sent to the Senate the nomination of Milburn L. Wilson of Montana, to be Assistant Secretary of Agriculture, it was learned tod 3 y.

York and Jersey farmers get more for milk, so of course they concentrate on that. You have to get a certain distance away from a big city before it pays the farmer to make butter. That is why Minnesota and lowa are the big butter creameries.” And the result is, said Mr. Lowenfels, that New Ycrk gets its butter in tubs. Some is shipped in slow freights, some in trucks, but all tub butter absorbs odors and loses its freshness when it is exposed to air. Most of the print butter which New York eats is merely tub butter which is packaged when it arrives here. So while he was in Paris. Mr. Lowenfels hit upon she idea of butter control. By a coincidence his brother Alfred, in charge of the family business in New York, was working along the same lines. Walter supplied the vision and Alfred the technique. First they devised in “open window” cellophane package. Then they had confected a special white inner fiber for the container which diu not impart an odor to the imprisoned butter. On the waxed paper in which the butter was wrapped they made the creamery perforate the date when it came out of the churn. Once out of the creamery—by a special process which prevented actual human contact with the butter—into the unique package, the butter was sped to New York in a refrigerated truck. But another difficulty remained to be solved. That was to prevent exposure to the air of unused butter when part of the quarter-pound bricks was being consumed. A special glass dish was devised and “butter control” accomplished.

N. Y. Bonds

(Reprinted from yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. B'nds. Today 86.9 83.0 94.2 88.0 Yesterday 86.0 83.4 94.2 88.2 Week ago 86 6 82.7 93.3 87.5 Month ago 86.8 85.0 91.4 87.7 (Copyright, 1935. bv Standard Statistics Cos.) U. S. GOVERNMENT BONDS (By Fenner & Beane) Libertys Prev. Close, close. Ist 3%s 1932-47 103.16 104.5 Ist 4%s 1932-47 103.8 103.5 4th 4%s 1933-38 (uncalled) . 103.14 103.16 4th 4%s 1933-38 (called) ....101.23 101.23 Treasurys 4%s 1943-45 115.5 115.5 4s 1944-54 110.22 110.24 3%s 1946-56 109.7 109.3 3%s 1940-46 106.7 106.9 3%s 1943-47 106.1 106 1 3%s 1941-43 106.6 106.9 3%s 1943-45 104.30 104.31 3%3 1941 106.4 106.9 3Vis 1944-46 104.26 104.31 3%s 1946-49 104.8 104.11 3’/as 1949-52 104.6 103.13 3s 1951-53 103.8 3s 1946-48 103.5 103.12 Home Owners Loan Corp. 2%S 1949 99.25 99.29 3s 1952 101.20 101.26 4s 1951 101.19 101.13 Federal Farm Mortgage Corp. 3’,is 1964 103.4 103.7 3s 1949 101.20 101.26 3s 1947-42 101.21 101.27 DOMESTIC Prev. Close, close. Alleg Corp 5s ’44 72’% 72 Alleg Corp 5s ’49 63% 60% Alleg Corp 5s ’SO 24 24% Am Frgn Pow 5s 2030 60% 60% Am Tel & Tel 5%s ’43 112% 112% Am Tel & Tel 5s ’65 112% 112% Arm & Cos (Del) 5%S ’43 105 104% Atl Coast Line 4s ’52 103 103 Atl Coast Line 4%s ’64 92% 92% Atch Top & S Fe 4%s ’4B ...109 108% Am Wat Wks 5s ’44 94% 95 Am Rolling Mills 5s ’3B 108 108% Balt & Ohio 5s ’35 67% 68% Balt & Ohio 6s ’95 79 79% Balt & Ohio 4%s ’6O 53 54% Buff Roch & Pitt 4%s ’57 .... 64% 66% Beth Steel 5s ’36 103% 103% Chi Milw & St PI 5s ’75 22 23 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 88% 89 Col Gas 5s May ’52 80% 80% Col Gas 5s April ’52 80% 81 Col Gas 5s ’6l 77’% 78 Can Pac Perp 4s 87 % 87% Cent Pac 5s ’6O 78% 78% Big Four 4%s ’77 70% 71 Colorado & So 4%s ’BO 65% 65% Chi & West Ind 4s ’52 98% 98% Chi & West Ind 5%s ’62 103% 104 Chi & Nor West 4%s ’49 18 19% Con Gas 5s ’57 104% 104% Chesa Corp 5s ’47 105% 104% Dodge Bros 6s ’4O 106% 106% Del & Hud 4s ’43 89% 89% N Y Dock 4s ’sl 65% 65% N Y Dock 5s ’3B 4% 47 Erie 5s ’75 67% 68% Erie 5s ’67 68 68% Gen Cable 5%s ’47 88% 88% Grt Northern 7s ’36 92% 92% Grt Northern 4%s ’76 76% 77% Grt Northern 4%s ’77 76% 76% Gen Stl Cast WW 5%s ’49 89 89 Hud & Manhat Ref 5s ’57 ... 89% 88% 111 Cent 4%s ’66 57 58 111 Cent Jt 4%s ’63 67 67 111 Sent 5s ’63 70% 70 Interlake C <fe I 5s ’sl 78% 77 1 2 Interntl Hv Elec 6s ’44 48% 48% Interntl Te. & Tei 4%s ’39 . 67% 70 Interntl Tel & Tel 5s ’55 65 65% Interntl Tel & Tel 4%s ’52 60 61% McKess & Rob 5%s ’SO 98% 98% Midvale Stl 5s ’36 103 103% Natl Dairy 5%s ’4B 103% 103% Natl Steel 5s ’56 107% 107% Nickel Plate 4%s ’7B 61 61% Nickel Plate 5%s ’74 72 72% Nickel Plate 6s 35 65 66 N Y Cent 5s 2013 .... 61% 63% N Y Cent 4%s 2013 (old) 58 59% Nor Amer Cos 5s ’6l 85 85 Nor Pac 3s 2047 76% 75% Nor Pac 4%s 2047 87% 87% Nor Pac 6s 2047 100% 100% Nor States Pow 5s ’4l 106 106 New Orleans Term 4s ’53 85% 84% Otis Steel 6s ’4l 83 83% Penn Rv 4%s ’B4 104% 104 Penn Rv 4%s 81 104% 104% Penn Rv 4%s ’7O 57 96% Pac G & E 5s ’42 107 107'* Portland Gen El 4%s ’6O 58% 58% Para Publix 5%s ’SO 69% 70(4 Penn P & L 4%s ’Bl 104% 104 Postal Tel & Cab 5s ’53 49 50 Rem Rand W W a%s ’47 100% 100% Sinclair Oil 6%s '3B 104% 104% Shell Union Oil 5s ’47 102% 102% Sou Pac 4%s ’6B 66% 66% Sou Pac 4%s 81 64% 65% Sou Pac 4%s 69 65 66 Sou Pac 4s 49 68% 69 Sou Rail 4s 56 56 56 Sou Rail 6s ’56 73 75% Sou Rail 6%s ’56 75 77% Texas Pac 5s ’BO 87 87 Texas Pac 5s ’79 92 92% Texas Pac 5s ’77 92’ 2 92% Union Pac 4s 47 110% 110% United Drug 5s ’53 90 90% U S Rubber t.s ’47 95 95 N Y 7 H & Kart 6s ’4B ->O% 41 N 7 *• H & Hart 4%s ’67.... 34% 36 Warner Bros 6s 39 55 55% Western Mary 5%s ’77 101% 101% Western Mary 4s ’52 95% 95% Young! town S & T 5s ’7O 95% 95% Youngstown S & T 5s ’7B ... 95 95% FOREIGN Argentina (A) 6s ’57 92% 92 Argentine (B < 6s ’SB 92% 91% Brazil 8s 41 32% 31 a Can Govt 4s '6O 106 105% French 7s ’49 186 184 German 5%s ’65 35 36% German 7s 49 45 46A, Italy 7s ’sl 91% 93 Japan 6%s 54 92% 93% Poland 7s ’47 ’.25% 125 Rome 6%s ’52 82% 83% Tokio City 5%s ’6l 77% 77 Yokohama 5s 61 83% 84% ! FEDERAL FARM LOAN BONDS (Bv Blvth & Cos.) Bid Ask. I 4s Julv 1. 1946-44 104% 105% 4s Nov. 1. 1957-37 .. 102% 102% ! 4s Mav 1. 1958-38 102% 103 4%s julv 1. 1956-36 302% 103% i 4%s Jan. 1. 1957-37 102% 103% I 4%s Mav 1. 1957-37 102% 103% 4%s Nov. 1. 1958-38 103% 4%s May 1. 1942-32 101% 101% 1 4%s Jan. 1. 1943-33 101% 102% 4%s Jan. 1. 1953-33 101% 101% 4%s Jan. 1, 1955-35 101% 101% I 4%s Jan. 1956-36 102% 103 s * 1 5s Mav :.. 1941-31 101% 103% c Nov. l. 1941-31 ;01% 103%

MOST STOCKS MAKING GAINS ON BIG BOARD Market Is Steadier After Pressure Lifts From Utility Shares. By United Press NEW YORK, Feb. 21.—Pressure lifted from the utility shares today after they had declined in initial dealings and the whole market steadied. Around noon a majority of stocks registered small gains. Baldwin issues were depressed to new lows. The common stock at 3%, off 1%, and the preferred 13. off 5%. Other laiJroad equipment shares were weak with American Locomotive preferred at anew low of 42, off 4 points. Report of the latter for 1934 showed net loss of $2,071,825, against a 1933 ne£ loss of $1.465,504. An equally adverse report was anticipated from Baldwin, which was seen as facing real difficulty on its bond service. Baldwin bonds broke sharply on the curb. Steel common rallied to the previous close. Rails returned to last night’s closing levels and a few. including Atchison and Atlantic Coast Line, made gains. United States Smelting gained more than a point and other silvers came back. Small gains were noted in Schenley, Standard of New Jersey. Woolworth. Continental Can and American Telephone. American Safety Razor spurted 2% points to 73 >i.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings 52,168.000.00 Debits 4,676.000.00 TREASURY STATEMENT (By United Press) WASHINGTON, Feb. 21.—Government expenses and- receipts for the current fiscal year to Feb. 19, compared with the corresponding period of the previous fiscal year; This Year. Last Year. Expenses . . $4,385,969,991 98 $4,079,559,147.22 Receipts... 2,212.176.882.14 1.838.132,577.34 Deficit ... 2,173,793,109.84 2,241.426.569.83 Cash bal... 2,136,058,772.78 5,004,170,653.93

Produce Markets

Delivered in Indianapolis prices: Heavy breed hens, 14c; Leghorn hens, 9c; colored springers. 13c; heavy stags, 9c; Leghorn stags, 7c; old roosters, 6c; ducks, full feathered and fat, 10c; geese, full feathered and fat, 8c; all classes of guineas, 15c; No. 1 strictly fresh country run eggs, loss otf, 21c. 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. 39tf?40c: butterfat, 36c. Quoted by the Wadley Cos. (By United Press) CHICAGO. Feb. 21.—Eggs—Market weak; receipts, 7205 cases: extra firsts, 26%c; fres hgraded firsts, 26c; current receipts. 24%c; dirties, 23c; checks. 22%c. ButterMarket weik; receipts. 7299 tubs; extra firsts (90-91*2 score). 33-%(534c; extras (92 score), 34'/4C; firsts iBB-89% score). 33%( 33%c; seconds (86%87% scorei. 32@32%c; specials, 34%@35%c; standards, 34%c. Poultrv—Receipts. 37 trucky. one car due; hens, 17%<3;19c; Leghorns, 11%15%c; Leghorn springers. 14%c; broilers, 22%®23c; capons, 6 to 7 lbs.. 23c; old roosters, 14%c; ducks. 17(&20c; turkeys, 19*8 21c; geese, 14c: stags, 16%c: fryers, 22@22%c. Cheese —Twins, 17@17%c; daisies. 17%@17%c; longhorns, }.B©lß%c. Potatoes—Supply moderate, demand and trading moderate; market firm on russets, steady on others; Wisconsin round whites. 75c: Idaho russets. $1.55: Colorado McClures. $2.15; new stock, supply light, demand and trading limited, market weak: Florida Bliss Triumphs. $1.75 bu. Arrivals, 84; on track, 227; shipments, 936. CLEVELAND. Feb. 21.—Butter—Market, steady; extras 38c; standards. 38c. Eggs— Market, firm; extra white. 25%c; current receipts. 25c. Poultrv—Market, firm; fowls. 20(£21c; leghorn fowl. 17% 18c; ducks, old, 19%21c: turkevs. young. 22c. Potatoes Maine. $1.15% 1.25 a 100 lb. bag; Ohio, mostly 75W80c a 100 lb, bag; Michigan, 80©85c a 100 lb. bag.

Other Livestock

(By United Press) CHICAGO. Feb. 21.—Hogs—14.000. including 5.000 directs; slow. 5 to 10 cents lower than Wednesday: weights above 210 lbs. $8.90% 9; top. $9: 180-210 lbs. sß.7s<a 8.90: 140-180 lbs. $8(8 8.75: slaughter pigs. S6B 8; good packing sows. $8.15(8 8.25; light lights. 140-160 lbs. good and choice $7.908 8.55: lightweights. 160-200 lbs. good and choice. $8.258 8.90; medium weights. 200-250 lbs. good and choice. $8.758 9; heavv weights. 250-350 lbs. god and choice. 58.9089: packing sows. 275-550 lbs. medium and choice, $7.50® 8.35; slaughter pigs. 100-140 lbs. Good and choice. $688.10 Cattle—sooo; calves, 1500; fed steers and yearlings strong to 25 cents higher; all heifers and cows sharing advance; market active upturn, which regains Monday s decline on all classes: she-stock at new high for season: best fed sters. $13.70: these scaling 1109 lbs. few loads. $l3B 13.30 but lower grades predominating in crop at 12.80 down to $8.50: best light heifers. S10.50: bulls strong: vealers higher. Slaughter cattle and vealers—Steers. 550-900 lbs. god and choice. $9.508 13: 9001100 lbs. good and choice. $9 75813.70: 1100-1300 lbs. god and choice. 10.258 14: 1300-1500 lbs. god and choice. $lO. oo® 14- 550-1300 lbs. common and medium $5 IS 10.50: heifers. 550-750 lbs. god and choice $9.25811.50: common and medium. 54,, 5 IS 9 25: cows. good. $6.508 9; common and medium. $4 8 6.50; low cutter and cutter S3B 4.25: bulls, vearlines excluded, good beef SSB 7: cutter, common and medium. $3.5085.25: vealers good and choice. S7B 9- medium. $5.5087; cull and common. $3.50 8 5.50. Stocker and feeder cattle— Steers. 550 8 1 050 lbs. good and choice. $6.258 8 50: common and medium. SSB 6.25. Sheep— 16.000: fat lambs opening slow: generally asking fullv steady and better: trade delayed, however, bv -weak to 25 cent lower bidding: sheep and feeding lambs changed; best slaughter lambs held $8.75 upward: initial bids around $8,258 8 50: slaughter ewes. $4.50 8 5.25: best held higher: nothing done on feeding lambs. Slaughter sheep and lambs—Lambs 90 lb. down god and choice. SBB 8.85; common and medium, $6 5088 10; 90-80 lbs. good and choice. $7.7588.75: ewes. 90-150 lbs. good and choice. $3.908 5.50; all weights, common and medium. S3B 4.50. Feeding !„i~,bs—so-75 lbs. god and chaice. $6,258 7.25. LAFAYETTE. Feb. 21—Market steady; 200-300 lbs., $8.9089: 300-325 lbs., $8 85:, 160-200 lbs.. $8 808 8 90: 150-160 lbs.. SBB 8 25’ 130-150 lbs., $7.5087.75; 125-135 lbs . $787.25; 115-125 lbs., $6.5086.75: 110-115 lbs.. S6B 6.25: roughs. $8 down: calves. 50c lower. $8 down; lambs, steady, $8.50 down. FT WAYNE. Feb. 21.—Hogs—Market steady. 200-250 lbs.. $9: 250-300 lbs.. 58.85; 300-350 lbs.. $8.55; 130-200 lbs., $8.75; 160180 lbs. $8.80: 150-160 lbs . $8: 140-150 lbs.. $7.50; 130-140 lbs.. $7: 120-130 lbs., 56.75: 100-120 lbs. $6.25: roughs, $7.25; stags. $5.25. Calves. $9. Lambs. $8.50. (By Times Special) LOUISVILLE. Feb. 21— Cattle—Receipts. 325, fairly broad demand for all slaughter classes: market fairly active: fully steady; bulk common to medium slaughter steers and heifers, $5 758 8; load 340-pound steers. $9.10: bulk beef cows. $4 258 5 50; good heavy beef types and smooth heifer cows to $6 or better; sausage bulls quotable $5 down: bulk desirable Hereford stock calves. $8 50 8 7.50: good kinds higher. Calves—Receipts. 250; market steady; bulk better vealers. S7B 8: medium and lower grades. $6 50 down to around $3. Hogs— Receipts. 600. weights from 180 lbs. up. 1 and sows 5c higher, lighter weights and ! pigs 25c higher: top and bulk better ISO--250 lbs $9.05: 255 lbs. up. $8 60: 160-170 lbs . $8 50: 140-155 lbs.. $8: 120-135 lbs., j $7 05: sows. $7,30. Sheep—Receipts, 50. generally steady; bulk medium to good lambs. S7B 8: choice quotable to around j $8.50; common throwouts, $6: and fat . ewes, $3.50 down. LOWER TAX RATES PROPOSED NEW YORK. Feb. 21.—More than 1500 measures directly affecting the ownership and operation of motor vehicles were introduced in the leg- ! islature of 43 states during the first 1 five weeks of 1935, according to legislative records compiled by the | American Petroleum Industries i Committee.

What Does It Mean? Holding Company—An enterprise ichich holds the securities of other companies and mhose income is derived from dividends on those shores is classified as a holding company.

PAGE 19

SPENDS $47,000,000

, jj|

William A. Irvin A $47,000,000 modernization program has just been announced by the United States Steel Corp., of which Wiiliam A. Irvin is president. Os the expenditures $15,000,000 will be allocated to the American Sheet & Tin Plate Cos., a subsidiary in Gary, Ind.

SWINE VALUES TURNJJNEVEN General Bulk Unchanged, Lightweights Mostly 25 Cents Higher. Initial trading interest in the pork market at the Indianapolis Stockyards today centered in the lightweight division, where prices were largely 25 cents higher than yesterday's snarp upturn. The general bulk, however, was practically unchanged. Receipts continued at an extremely light lev"l and a heavy demand was evident throughout, the various classes. Today’s supplies were estimated at 4000, an increase of 500 compared with yesterday’s figures. Despite the closing of various 6tock, grain and commodity exchanges tomorrow in observance of Washington's birthday, the local livestock market will remain open as usual. The bulk, (60 to 300 pounds, was selling at $9 to $9.10, while weighty kinds, ranging from 300 pounds and upward, sol! at $8.85 to $8.95. Top price held at $9.15. Light grades, weighing 130 to 160 pounds, cashed in at $7.50 to $8.50, while slaughter pigs, scaling 100 to 130 pounds, brought $6.70 to $7.25. Packing sows held at $7 75 to $8.25. Holdovers numbered 131.

With trading continuing active in practically all classes of slaughter steers in the cattle market, the price trend was strong to slightly higher than yesterday. Bulk of steers ranged from sll down. Trading interest was dull, in other kinds and prices were mostly steady. Receipts were 800. Vealers lost the previous advance, meving 50 cents lower at $9 down. Receipts were 500. With interest still lacking in the lamb market, practically no change was displayed in any classes and prices were fully steady. Bulk of better classes was salable at $8.50 to $8.75, while extremely heavy kinds brought $8.25 down. Throwouts cashed in at $8 down. Slaughter sheep sold at $5 down. Receipts were 2500. HOGS Feb. Bulk. Top Receipts. 14. $8.50© 8.60 $8.60 4000 15. 8.608 8.70 8.70 3000 16. 8.60® 8.70 8.70 2000 I 18. 8.508! 8.60 8 65 5000 i 19. 8.758! 8.85 8.85 4000 j 20. 9.000! 9.10 9.15 3500 I 21. 9.00@ 9.10 9.15 4000 Light light: (140-160) Good and choice sß.oo®, 8.75 j Medium 7.50© 8.50 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 Heavyweight (250-290) Good and choice... 9.00®! 9.10 (290-350) Good and choice .. 8.90® 9.00 Packing sows: (275-350) Good B.lo® 8.40 (350-425) Good B.oo© 8.25 (425-550) Good 7.858, 8.10 (275-350) Medium 7.75® 8.00 Slaughter pigs. (100-140) Good andchoice ... 6.25® 8.00 Medium 5.25® 7.50 CATTLE —Receipts, 800— —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.a0 (1100-1300) Choice 12 25©13.00 Good 9.75812.5 u Medium [email protected](i (1300-1500) Choice 12.25©13.00 —Heifers—-(soo-750) Good 10.00012.50 Choice 9.00© 10.00 Good B.oo® 9.00 ; Common and medium 4.00® 8.00 j (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 I 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 annd choice $8 50®, 5.00 ; Medium 6.50© 8.50 , Cull and common 3.00© 6.50 ] —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 i Common and medium 4.25© 5.75 j —Cows— Good 3.50® 4.25 I Common and medium 3.00® 3.50 \ SHEEP AND LAMBS —Receipts, 2500 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 .. 4.00© 5.00 Sheep: 1120-150 Good and choice 3 50® 4 75; All weights, common and medium 2.50® 3 75 |

Hides and Skins

Hides—Green country cows ana steers 4c flat; green country bulls and glues 2%c flat; green country calf hides. 4%c flat; green country kip. 4c: No. 1 large horse hides with full heads shanks manes and rails. $2 50. medium size. $2 All No. 2 grade norse maes. 30c iess; glues and pomes half price No. 1 rendered tallow. 4%©5c; No. 2 at value. Yellow grease, 4g4%c; dark grease. 3%®3%a.

ALIEN OUTLETS FARMING NEEO, FACKLER SAYS Good Salesman Rather Than Economic Doctor Is Advocated. This is anothrr of a series of articles I written for The Indianapolis Times, bv members of the economics department of I New York University's School of Com* ! mcrce. Accounts and Finance. BY CLARENCE W. FACKLER NEW YORK. Feb. 21.—What the agricultural industry needs is not an economic physician but a good ; salesman. Artificially supported 1 prices, loans, sabotage and rest cures : will not reinvest the farmer with that independence for which he yearns. Such devices are only the ; working tools of the leech doctor. Their validity always rests upon ihe belief that the way to revive a patient is to bleed him to death. How soon, therefore, the farmer can ! regain his old freedom to run his business unmolested depends upon how quickly he discards these halfempty medicine bottles and takes to the highways looking for business. Asa drummer in the world markets, he must reinduce foreigners to buy farm products on a large scale without American loans. Besides putting his Sunday suit in his traveling bag, therefore, he needs to tuck away some new American orders for foreign goods. Curbs, Taxes Enter Bright vote-getters in 1933 hit upon the brilliant plan of restricting production and taxing the domestic consumers of farm products in the cities. The idea was to secure funds to pay the farmers to quit work, slaughter their livestock, and plough under their crops. Probably it never occurred to them that farmers might not want to kill their animals, destroy what they had planted, and migrate to the cities. Even if they had, their entrance to the urban centers might have deprived factory and office workers of full employment. But supposedly unemployment results from reducing tariffs and not from reducing acreage, and so the whole plan became muddled, and was supported only half-heartedly. Her© and there were politicians who knew the truth. Higher domestic prices for some finished goods would encourage the use of substitutes, benefit foreign buyers to the extent that goods were dumped abroad at a loss, and encourage the foreign production of raw materials to the degree that high prices were maintained. Indeed, the farmer might not be benefited at all. But few listened. Farmers, as well as other producers, must stop shuddering at the thought of being compelled to live on the diet of Chinese coolies, merely because there is some real necessity of purchasing products outside of the United States. They must realize that in this country only a limited amount of staple in-season farm products can be consumed. After all, the stomachs of men are just so large. Can't Eat Gold Manufactured products and out-of-season produce have, seemingly, an insatiable demand. Obviously, the importation of these goods should be encouraged. How else can foreigners get the money to buy farm products? And, furthermore, as nations begin to pay for their orders more with goods and less with gold, the monetary problems of the world will largely disappear. But, as it now stands, 49 cents out of eveiv $1 of imports into the United States is gold, which nobody eats ind few wear. When citizens are told what can and wnat can not be imported, it is ; only a short step to telling the farm--1 ers what they must and must not produce. With 10,000,000 unemployed still on a relief diet, if one must worry, he had better concern himself with how rapidly such a standard of living is approaching the oriental level. But, f at orders with cash inclosed are better than fretting about calamities, which ihe use of some good horse sense will avoid. ISSUE OF SECURITIES SEEN SINCE DECISION Gold Ruling Will Prove Stimulant, Blyth & Cos. Believe. B\) Times Special CHICAGO. Feb. 21. Simplification of the registration of securities and the elimination of uncertainty as to the gold clause decisions should stimulate greatly the issuance of new securities, according to Blyth & Cos., In.c„ investment bankers. These two developments, the bankers say, clear up conditions that have impeded the normal flow of security issues either for refunding or new capital purposes. Registration requirements for new financing have now been made practically the same as those for permanent listing of security exchanges. “The net effect of these changes.” according to the statement. “is that corporations which now have listed securities may engage in new financing without supplying any materially different information than is required in connection with the listing statement.” investorlvins suit ON WORTHLESS STOCK Investment Brokers Ordered to Pay $42,862 and Costs. By United Press NEW YORK, Feb. 20.—The firm of Bonner, Brooks & Cos., investment brokers, was ordered in Supreme Court today to pay Ralph Lesher of Detroit ssl 829, representing the amount he paid for allegedly worthless stock, plus interest and court costs. I he brokers had contended Michigan courts which first granted the judgment had no jurisdiction here. Lesher claimed a representative of the company induced him to buy $42,862 worth of General Laundry Machinery Cos. stock by misrepresentation.