Indianapolis Times, Volume 46, Number 247, Indianapolis, Marion County, 23 February 1935 — Page 16

Trends Higrhlights of News During Last Week. BY FREDERIC K MATSON Tisih Flnudil Writer

THE Supreme Court last Monday trave the New Deal a sweeping victory In the momentous ip-,ld clause rases. In three distinct cases the court held: <l> that Congress had ample authority to abrogate the gold clause in private securities; <2> that Congress exceeded its authority in abrogating the gold clause in government bonds, but in the case at issue no damage was shown and the suit was thrown out of court; 3> that Congress had authority to seize gold certificates and replace them with devalued currency. ... In each case at bar the decision was five-to-four. Justice James C. McReynolds giving the minority opinion. . . . When word of the rulings reached Wall Street trading on the Stock Exchange resumed its pred'-pression speed. Prices leaped 2 to 10 points and tickers were as much as 11 minutes late. Tremendous activity prevailed in grain markets also, necessitating suspension of trading in those at Indianapolis. Chicago. Kansas City and St. Louis. . United States government securities swept to record high prices in the bond market in a heavy investment demand caused by removal of the gold cla use uncertainties. ... By Thursday, however, the last vestige of gains made in Wall-st after announcement of the decisions was wiped out. With trading becoming steadily lighter, shares slipped back to their old lows. . . ■ Indianapolis Railways, Inc., received an allotment of $3,120,000 from the Public Works Administration for rehabilitation and modernization of its street car and bus system. * * * President roosevelt asked continuance of the NRA for two years more and put up to Congress the problem of writing the exact provisions of the new law. ... At the same time the President, In a press conference, reiterated his desire for State-NRA legislation and said publicly that he would ask for it. . . • Meanwhile. the status of the Indiana-S-NRA bill continues Jo be very uncertain. Several proposed amendments are the subject of much discussion. ... Indiana produced 418 00C tons of coal dtiring the week ended Feb. 2. the United Slates Bureau of Mines reported. This was a seasonal increase of 26.000 tons over the production for the previous week and was 56.000 tons more than produced during the same period a year ago. The state produced more than 4 per cent of the nations output. . . Addition of approximately $25,000.000 in Marion County exempt in-comc-rt turning property to the tax rolls and an estimated $100,000,000 in the state would be provided m a bill introduced in House by Rep. I. Emory Carter i D..*Fairmont >. The measure would abolish taxexempted properties earning income and profit which is held bv schools, colleges, churches, fraternal organizations, cemeteries and benevolent associations. . . . Meat packing firms and livestock traders at the Indianapolis stockyards this week paid for the first time since Nov. 11. 1930. a top price of $9.15 a hundredweight for hogs. The soaring prices were attributed principally to a scarcity of receipts throughout the country. . . . Security markets were closed yesterday in observance of Washington's birthday. a a a PERSONAL wealth of Andrew W. Mellon, former Secretary’ of the Treasury, was revealed for the first time as totaling $97,603,005.49. Tills figure, which does not include business holdings, was at a hearing before the Board of Tax Appeals in Pittsburgh by which the Federal government hopes to collect $3,000,000 additional taxes on Mr. Mellon's 1931 income. . . . Operations of the Oliver Farm Equipment Cos. at South Bend were resumed yesterday as 1400 employes ended a 25-day strika for higher wages and union recognition. . . . Possibility of a 45-day adjournment of the State Legislatuie. until Federal social and economic relief programs have been formulated. became remote. T t s pio'oable. however, that Gov. Paul V. McNutt will call a special session in the late spring. ... In one of the few public statements since he left the White House, former President Herbert Hoover urged that the Unted States should immediately return to the gold standard. . . Growing support for repeal of the publicity provision of the income tax law was evidenced in Congress. Speaker Joseph Bums said lie doubted the advisability of opening income tax reports to the public view. . . . Indiana leads the four states of the Fourth Farm Credit Administration District in the number of loans to farmers' co-operative associations, according to John E Brown, president of the Louisville Bank for Co-Operatives. . . . The lone battle which NRA waged with Henry Ford over his refusal to formally accept the Blue Eagle was ended this week in an apparent victory for Mr. Ford. Government departments, once prohibited from buying automobiles from his plant, have purchased 435 cars In recent weeks, Mr. Ford still has not signed the code. BANK CONTROL HIT Business Week Decries Move in Editorial. Bp Timet Special NEW YORK. Feb. 23 —That the Administration is about to achieve economic dictatorship in this country by the simple procedure of confiscating complete control of our banking and credit structure, is the declaration made in an editorial in today's issue of Business Week, which protests against ths seizure by government of these potiht powers. “The Federal Reserve hi? always been one of the soundest and most efficient banking systems in the world.” It is stated in the editorial, “and its failures have always been those of management.” NAMED ARMCO AGENT The Edgeeomb Steel Corp. of Newark has been made distributor of Armco Stainless steel sheets, plates and strip, the American Roiling Mill Cos, baa announced.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 16

HIGH INTEREST FARMING LOANS ARE REFINANCED Applications Being Rushed at This Time, Walter F. Gahm Declares. Bff Ttmr* Sprvinl WASHINGTON, Feb. 23 —An increase of at least 100 per cent in : loans by the 44 production credit associations in Ohio, Indiana, Kenj tueky and Tennessee for 1935 as compared with last year is estimated by Walter F. Gahm, president of the Production Credit Corp. of Louisville, who is here attending a conference of corporation execI utives from the 12 farm credit administration districts of the United . States. “Loan applications are increasing rapidly at this time,” Mr. Gahm said, “reflecting the financing by farmers of their requirements for i seed, fertilizers and labor for spring planting. Loans for livestock financing. too. continue in good volume. A considerable movement of western breeding cattle to the grass lands of Tennessee and Kentucky is being financed with production j credit money and demand is keen 1 for both feeder and breeding live- ; stock loans in Ohio and Indiana. Indiana Unit Active •'The Greencastle find.) Production Credit Association, for example started off the new year by lending an average of SIOOO a day 1 for each of the 31 days of January and $2,000 a day average for the j first seven days of February, his was chiefly for livestock financing. The Greencastle association made ■ its first loan in April, 1934, and i closed the year with a record of 345 loans for $124,290, with not a cent charged off for bad loans, a comfortable profit on hand and a substantial enhancement of the book value of Class B stock, held by bor-rower-members. The largest loan volume of business was done by the Black Sw r amp Production Credit Association, at Fostoria, Ohio, w r ith 565 loans for $261,000. Eighteen of our 44 associations exceeded the SIOO,OOO 1 mark during 1934. Each association made a profit for the year and in no case was there an impairment of the value of Class B stock.” Mr. Gahm stated that a considerable number of production credit , association loans have been made for the purpose of enabling farmers I to pay off loans bearing 3 per cent to 3*3 per cent a month interest rates, which were incurred for farm operation and tax payment prior to the establishment of production credit associations. Interest Rate Heavy “These farmers in some cases,” he said, “already had paid out in interest costs more than the amount originally borrowed. They had found it imposible to make any headway in repaying the principal and getring free of the debt, yet possessed collateral sufficient and a farm management program satisfactory to support a production credit loan, with its 5 per cent per year interest rate. Refinancing on the low interest basis is enabling them to pay themselves out of debt by the use of amounts which they previously paid for interest alone. “Schools of instruction are being held at this time for training county lepresentatives of production credit associations in receiving loan applications of farmers, assisting the prospective borrowers in creating accceptable plans for repayment and in otherwise prefecting loan details c o as to simplify the work of inspectors anu of the association loan committees. Simiiar one-dav training schools are also being held for inspectors in each association. "Our constant effort is to shorten the period between loan application I date and the disbursement of loan ! proceeds. - ’ said Mr. Gahm. “We are i working as rapidly as possible joi ward having a thoroughly trained I production credit association representative in each county. He not only will receive applications, as at present, but will handle many details which now r slow up the progress of farmers’ loan requests through the associations on their way to the Federal Intermediate Credit Bank of Louisvilel for discount.” ITALY MOVES TO AID ALIEN TRADE STATUS Frontier at Modane Closed to French Merchandise. Bp United Press ROME. reb. 23.—Closure of the frontier at Modane to French merchandise was attributed today to Premier Benito Mussolini s determination to cvrcome the unfavorable trade balance as .soon as possible. A study of foreign trade showed that during the first 11 months of 1934 exports of foods and finished products decreased by more than 600.000.000 lire, while imports in these classifications decreased by only 63.000.000. The trade deficit at the beginning of December was 2.185.200.000 lire compared to 1.243.300.000 for the first 11 months of 1933. TAXPAYERS GIVEN AID Local Federal Office to Extend Hours Now Until March 15. For the convenience of taxpayers the income tax division of the Internal Revenue office will be open on Saturday afternoons Feb. 23, March 2 and 9. On March 11, IS 13 and 14 the office will be open until 9:30 p. m. and until 12 midnight on March 15, the last minute for filing 1934 returns. DUTCH GOLD STOCK CUT Bp Timet Special AMSTERDAM. Feb. 23 —Gold reserves of the Bank of Netherlands last week declined 4.200.000 guilders. bringing the total such reserves Ito 810.600.000 guilders, it was reported today. Gold cover is now 86.6 per cent. %

INDIANAPOLIS, SATURDAY, FEBRUARY 23, 1935

FIRST BABY BOND OFF PRESS

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First of the baby bonds issued by the government in a campaign to put millions of them in the hands of small investors is shown here as it came from the press in the Bureau of Engraving and Printing in Washington. Secretary of Treasury Henry Morgenthau Jr., left, inspects it as it is handed to him by Director A. W. Hall. The bonds will be issued in $25. SSO. SIOO. SSOO and SIOOO denominations and sold in postoffices starting March 1.

Farmers Urged to Blast Selves Out of Drought Shooting Wells to Increase Flow of Water Has Been Successful in Nearly All Sections of Country, Institute Says. It is rather difficult for the skeptic to lime munitions with the farmer. The latter's experience with the former in quite a number of instances is limited to the occasions when this highly persuasive commodity is utilized for the purpose of scaring aw*ay pestiferous animals

from the chicken coop. Despite this precedent an organization with the bombastic title of “Institute of Makers of American Explosives,” having offices in New York City’s exclusive Park-av, has bridged the gap with consummate ease. And in the process it offers a palliative for the American farmer’s drought problem. Frequently the flow of water of a drilled well can be increased by blasting, points out the institute in calling attention to the need of resorting to the use of explosives to replenish or augment the farm supply of water in sections of the country where drought has affected deep wells. Directions Explained Ordinarily the explosive is placed at the bottom of the hole, say the experts. It sometimes happens, however, that a hole is drilledthrough a water-bearing area into a lower dry area. In such a case, it is declared, the shot should be fired not at the bottom of the well, but at the level of the water-bearing stratum.

The exact size of the charge is governed by the depth of the well, the nature of the rock to be blasted and the proximity to buildings. It is said that for a well 100 feet deep an efficient and safe charge would be from 150 to 300 pounds of 60 per cent straight dynamite, while for each additional 100 feet, this loading should be increased by about 100 pounds. A less amount of a stronger explosive could be used. The cartridges of dynamite should be carefully packed in a cylindrical shell, ranging from three to five feet in length, made of tin or galvanized sheet iron and drawn out to a point at the lower end to prevent it from catching when being lowered down the hole. Hole in Shell Urged It should be open at the top and have a wire handle or bail to which a special hock, fastened to a rope for lowering, should be attached. A hole should be provided in the point of the shell to permit the flow of water up through; otherwise, it would not sink. The shell should be made at least an inch smaller in diameter than the borehole of the well. Shooting wells to increase the flow of water, the institute points out, has been successful in nearly every section of the country provided it was done in a water-bear-ing stratum. It is not claimed, however, that it will start a flow where water was not struck in drilling. MORTGAGES OF FHA NOW AGGREGATE 4000 Total Increasing at Rate of 300 Institutions a Week. By Times Special WASHINGTON, Feb. 23.—Nearly 4.000 lending agencies in 48 states and the District of Columbia have been approved by the Federal Housing Administration under the terms of the mutual mortgage insurance plan of the National Housing Act, Administrator James A. Moffett announced this week. This nation-wide organization includes 2.128 parent companies with 1.808 branches throughout the Union. This total is increasing at the rate of approximately 300 institutions a week, according to the Housing Administration. Total resources of agencies now authorized to issue insured mortgages aggregate $24,874,373,000. LOADINGS SHOW GAIN By Times Special CHICAGO. Feb. 23—An increase I of 3 per cent was reported today in I car loadings handled by the Illinois ; Central Railroad during the week i ended Feb. 16, freight movements rising to 26.831 cars from 26.031 in the like period last year. An increase of 5 per cent over the comparable 1934 period was shown in 1 loadings handled in the previous week this year. , DIVIDEND IS CONTINUED By Timrs Special PHILADELPHIA. Feb. 23.—The existing dividend scale of the Penn Mutual Life Insurance Cos. will be continued, William A. Law. president. announced today in a letter to policyholders. LOCAL CASH MARKET CifF grain elevators ore paving 89 cents for l*o. 2 50ft red wheat. Other grades on their merit*. Cash corn No. 3 yellow 83 -ecu *nd oat* 48 cent*.

WEATHER AIDS PRODUCE TRADE Price Rises in Cabbage and Onions Bring About Heavy Shipments. By Times Special WASHINGTON, Feb. 23.—The gain of about 15 per cent in car loadings of fruits and vegetables the second and third weeks of February was the result of milder weather in the north and the rapid recovery from frost injury in the south, the Department of Agriculture declared today. Recent sensational price upswings for stored onions and cabbage stimulated shipments of these lines. Nothing seemed able to jar the draggy potato markets out of the ruts, but shipments of potatoes are increasing as usual toward the beginning of spring. Potato trade continues dull despite considerable activity in some other lines of vegetables. Holdings on track in the city markets are not especially large, but fresh receipts are fully ample for the demand. Most of the midwestern cities report liberal supplies, slow demand, and dull market conditions. Price changes are slight but mostly downward. Many carload sales of Wisconsin potatoes at Chicago range between 70 and 75 cents per 100 pounds, and jobbing prices of Michigan stock ranged 80 to 95 cents in St. Louis and Cincinnati. Sharp advances in the onion market brought increased demand at shipping points and considerable speculative activity was suggested by sales in western Michigan at $1.70 to $2 per 50 pounds, compared with prevailing jobbing range of $1.35 to $1.30 in midwestern city markets. Eastern onion markets were slightly higher than midwestem on similar stock, but the top quotation in western New York producing sections was $1.85. Midwestern white onions sold ai $1.50 to $2 in Chicago and New York, and western Valencias brought mostly $1.75 to $2. Strong markets and active demand prevail in far western producing sections. Michigan shippers were estimating stock on hand in mid-February at about 1100 cars. The state already has shipped over 5000 cars, exceeding last season's total. Prices of cabbage has reached still higher levels since the middle of the month, selling at two to three times prices prevailing early in the year. Supplies of northern cabbage are fairly heavy and mostly from western New York, although W'. ’onsin is still shipping about 10 cars daily. Wisconsin cabbage is selling in midwestern markets at S4O to $45 per ton Eastern markets quote eastern cabbage from S3O to S4O. Texas shippers are selling bulk stock at $45 to SSO. AWARDS ARE LOWER Engineering Contracts Total $lO,896.000 in 4-Dav Week. By Times Special NEW YORK. Feb. 23.—Engineering awards are lower on a four-day holiday week following a holiday week, as reported by Engineering News-Record. The total for this week is $10,896,000, representing $2,309,000 in private work and 58.587.000 in public awards of which $1,530,000 is Federal and $7,057,i'00 is state and municipal. The latter volume is higher than the low volume of municipal awards last week, the report states. Highway awards at* $3,767,000 are higher than last week; waterworks at $1,171,000 are higher; commercial buildings at SKIOI,OOO are higher, but other classes of work fall below last week's volume of awards. POWER OUTPUT RISES By Times Special NEW YORK. Feb. 23.—An increase of 17 per cent in power output of the electric subsidiaries of the American 'Water Works and Electric Cos. during January lifted the total to 171.709,758 kilowatt hours from 146,767.278 kilowatt hours in January, 1934, the company reported today.

HOME BUILDING OVER COUNTRY IN WIDE SPURT January Increase in Dollar Volume 104.9 Per Cent, Reports Show.' By 7’imrs Special WASHINGTON, Feb. 23.—Substantial gains in new residential constriction throughout the United States are reported by the Bureau of Labor Statistics to the Federal Housing Ac.ministration, comparing January with the same month last year. The increase in dollar volume for the country as a whole is 104.9 per cent, w r hile additions, alterations and repairs gained 15.9 per cent. Permits for new residential construction of all types reported to the Bureau of Labor Statistics, Department of Labor, by 776 cities totaled $9,112,295 last month, against $4,448,236 for the same month last year. Distribution of this residential building activity is shown by the sectional gains of last month over January, 1934, as follows: West South Central, 227.3 per cent; Mountain, 201.6 per cent; East South Central. 157.9 per cent; Middle Atlantic, 135.7 per cent; East North Central 123 per cent; South Atlantic, 86.6 per cent; Pacific, 84.4 per cent; West North Central, 74.2 per cent. Only New England reported a loss, with 7.5 per cent less than for January, 1934. Sixteen cities reported permits totaling $90,000 and more for onefamily and two-family dwellings, which are eligible for mortagage insurance by the Federal Housing Administration. Figures for threefamily and four-family dwellings, which also are eligible, are not separated from those for apartment houses. Permits for additions, alterations and repairs of the type that can be financed under the Modernization Credit Plan of the Federal Housing Administration totaled $12,255,000 last month, against $10,578,000 for the same month last year, a gain of 15.9 per cent. New York City led in this classification with $2,093,279, Los Angeles coming second with $891,720 and Washington third with $704,065. Others among the first 25, with the volume of their permit, are: Chicago, 111., $316,671; Detroit, Mich., $263,176; Philadelphia, Pa., $230,139; Boston, Mass.. $215,613; Baltimore, Md., $211,047; Cleveland. 0., $198,950; San Francisco, Cal., 197,194; Portland, Ore., $180,620; Long Beach, Cal., $128,544; Newark. N. J.. $126,100: Cincinnati, 0., $117,216. with $155,000 additional for equipmqyit installations; Oakland, Cal., $116,099; Jacksonville, Fla., $116,034; Dallas, Tex., $114,551; Miami, Fla., $104,703; Huntington Park, Cal., $103,972; Birmingham, Ala., SIOO,137; Providence, R. 1., $93,456; Pittsburgh, Pa., $88,365; Atlanta. Ga„ $87,580; Rochester, N. Y., $83,374; Framingham, Mass., $81,700, against only S7OO for the same month last year. Urbana, 111., reported $58,030, against nothing at all for the same month last year, while Honolulu, Hawaii, reported $43,307, against $20,968 for January, 1934.

Stock Studies

UNITED FRUIT COMPANY CAPITAL STOCK 4k -|PCt SMAKt EARNINGS PRICE RANGE SCALE II 100 nr 8 H—■f WINCHESTER INSTITUTE Os FINANCE Half of the world’s supply of bananas is grown and distributed by the United Fruit Cos. The company owns its own plantations bordering on the Caribbean Sea and in parts of Central America. During 1934 the company imported from its tropical division 48.879.000 seems of bananas—about 3,000,000 more than it imported in 1933. In addition the United Fruit is one of the largest producers of sugar in Cuba. The company operates a large fleet of steamers for the transportation of its own products and has also built up an important passenger, freight and mail service between the United States and Central America and Caribbean ports. FINANCIAL DATA (As of Dec. 29, 1934) Capital Stock (no pari .. 2.925,000 shares Loaned by United States Government ....$13,074,250 Profit and Loss Surplus 34.082,286 Cash and Government Securities 40:957,541 Inventories 10,159,311 Total Current Assets 55.989.473 Current Liabilities 10.028,509 During 1934 the company paid off the entire subsidiary funded debt of nearly $600,000 It also decreased the loan by the United States government by $700,000. Cash and government securities increased 53.800.000, inventories gained $2,500.000, net working capital was up $6,000,000 and profit and loss surplus increased 53.300.000. On Dec. 29. the current ratio was better than s*a to 1 and the per share equity of the capital stock was $55.31, an increase of $1.17 during the year. Earnings dropped during the depression to a low of $1.97 in 1932. Since then earnings have steadily increased with $4.12 earned in 1934. Dividends have been maintained right along although at reduced rates, in 1934 $2.25, plus a 50-cent cash extra was paid and the stock is now on a regular $3 annual basis. United Fruit was incorporated in 1899 in New Jersey. The stock is listed on the New York Stock Exchange. At a current price of around 74 it yields about 4 per cent and sells for 18 times earnings. (AU Rights Reserved. Winchester Institute of Finance. Winchester, Mass.) M. K. T. OMITS INTEREST CHICAGO. Feb. 23.—The semiannual interest payment on the 5 per cent adjustment bonds due April 1. has been omited by directors of the Missouri, Kansas and Texas Railroad, it was learned today. The interest totals $678,878 annually.

Quiet Capital Markets Seen Continued Despite Decision on Gold Clause Expected to Remain Lethargic Except for Refunding Operations on a Moderate Scale: Varied Restrictive Factors Still in Attendance. BY W. lAN MACK Times Special Writer NEW YORK, Feb. 23.—Despite the removal of the gold clause uncertainty by the Supreme Court's decision, the capital market is expected to remain lethargic, except for refunding operations on a moderate scale, for an indeterminate period. Varied factors of a restrictive nature, principally SEC and NRA provisions, are responsible for this probability in the face of a plethora of idle cash awaiting investment by institutions and individuals.

Although the market is receptive to securities of the better type, the number of corporations strongly situated to undertake either refunding deals or new financing is extremely limited. Asa matter of fact, such companies either have sufficient cash reserves to finance their capital requirements or are in a position to negotiate credits of intermediate maturity with commercial banks. The latter, incidentally, have been vieing for such business of late. For these reasons, it appears unlikely that the volume of bond issues to be offered this year will exceed that placed on the market in 1934. unless the pressure of funds seeking an investment outlet lifts the prices of intermediary and speculative corporate obligations to a considerable extent. That prospect, by the way, is regarded as remote, being dependent on a more brisk recovery in business than currently indicated for the balance of this year. Treasury Deals Awaited Now that the gold cases are out of the way, Wall Street is awaiting announcement of the Treasury’s quarterly financing. On March 15 there will be a maturity of $528,000.000 of 21-2 per cent certificates, while on April 15, $1,870,000,000 of Fourth Liberty 4 1 is are scheduled for redemption. At the same time, there are some $450,000,000 of discount bills maturing between now and the end of March. Thus the aggregate of refundings approximates $2,848,000,000. Expectations are that the bills will be paid off with the proceeds from new paper to be offered on a discount basis. Holders of Fourth Liberties, it is anticipated, will be given the alternative of exchanging their bonds for either 10 to 15-year bonds bearing a coupon rate of less than 3 per cent or for notes yielding in the neighborhood of 1 % per cent or more. The certificates, it is believed, will be refunded with other notes of intermediate maturity. In connection with the Liberty refunding, the Treasury is expected to seek about $500,000,000 additional to bolster its cash position. Bonds and Alien Holders Some Wall Street circles have expressed the belief that, under the terms of the Supreme Court’s decision in the gold clause cases, foreign holders of dollar bonds are in exactly the same position as domestic purchasers in that they can not collect more than the face value of the bonds. They contended, in this respect, that foreign holders were voluntary ones, since the various securities were offered only in this country “to people of the United States.” Moreover, it was pointed out, these bonds were never made payable in foreign currencies. Should an actual loss be incurred by a foreign holder through foreign exchange transactions, it was said that the loss was chargeable to the individual himself and not due to any action by the United States. Several' domestic corporations, notably the Bethlehem Steel Corp. and the Southern Pacific Railway, are servicing their dollar bonds held abroad in foreign currencies at the dollar’s former parity.

Local Livestock

(Reprinted from yesterday) HOGS Peb. Bulk. Top. Receipts. 14. $8.50® 8.60 $8.60 4000 15. 8.60® 8.70 8.70 3000 16. 8.60® 8.70 3.70 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 21. 9.00® 9.10 9.15 4000 22. 9.00® 9.10 9.15 4000 Light light: (140-160) Good and choice.. .sß.oo® 8.75 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 Heavvweight: (250-290) Good and choice... 9.00® 9.10 (290-350) Good and choice... 8.90® 9.00 Packing sows: (275-350) Good 8.15® 8.50 (350-425) Good B.lo® 840 (425-5501 Good B.oo® 8.25 (275-350) Medium 7.75® 8.10 Slaughter pigs. (100-140) Good andchoic# ... 6.25® 8.00 Medium 5.25® 7.50 CATTLE —Receipts 700— —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 j 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 7.50®10.00 (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 and choice... 8.25®. 10.50 Common and medium 4.25® 3.25 —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 3.2544 5.00 VEALERS —Receipts, 600— Good annd choice $8 50® 9.00 Medium e.... 6JO® 8.50 Cull and common 3.00® 6.50 (250-500) Good ond choice.... 6.25® 9.00 Common and medium 3.50® 625 —Feeder and Stocker Cattle——Steers— (soo-900) Good and choice 5.50® 7.75 Common and medium 4.00® 5.50 (900-1050i Good and choice.... 5.75® 7.75 Common and medium 4.25® 5.75 —Cow*— Good 3 50® 4.25 Common and medium 3.00® 3.50 SHEEP AND LAMBS —Receipts, 3500 Lambs. 90 to 12 A ibs.. good and choice $8 00® 8.75 Common an' —'ll- m 6 00® 8.00 90-120 lba., gr. .md chuice... 4.00® 5.00 Sheen: 1 120-150) Good and choice .. 3 50® 4.75 AU weights, common end medium

What Doeß It Mean? Income Statement —An income statement of a company comprises a resume of its activities and shows where the unit received its earnings, where expenses went and how much is available for stockholders.

MOVES UP NOTCH

B" ■ ■ :;|9H ~*** jt

I. G. Saltmarsh

The election of I. G. Saltmarsh as secretary of the Indiana Lumbermen’s Mutual Insurance Cos., to succeed the late Cicero Disher. was announced today. Mr. Saltmarsh formerly was assistant secretary.

INSURANCE UP SHARPLY HERE January Volume Increases More Than $500,000 Over December. January life insurance business of 43 .companies doing approximately 90 per cent of the total volume in Marion County, spurted to $5,073,905, an increase of more than $500,000. or 13.2 per cent, over the preceding month, according to figures issued today by the Insurance Research and Review Service. The record for last month marks the fourth successive month in which an increase was recorded over the immediately preceding period. Comments by general agents and managers show that the increase is far in excess of the anticipated production for the month. One office reports that its seemingly impossible allotment by the home office for January was exceeded by a good margin; another says that its written business more than doubled any other single month in the history of the agency. The agencies report an encouraging outlook for the entire year. One Indianapolis agency that has an organization throughout the state paid for more than $500,000 of life insurance in the first 11 days of February. The Equitable Life Insurance Cos. of lowa has notified its countrywide organization that its Indianapolis agency stands first in production for January and that E. E. Smith of the local agency ranks first among the personal producers of the company for the country. FOOD, CHEMICALS LEAD IN TRUST PORTFOLIOS Best Gains in Popularity Made by Groups in 1934. By Timet Special NEW YORK, Feb. 23 Common stocks of food and allied companies and of chemical companies appear to have made the best comparative gains in popularity among the groups of stocks appearing in the portfolios of the first 33 management investment trusts reporting for 1934, according to a survey by the Bureau of Industrial Service, Inc. Common stocks of 14 food and allied companies and of seven chemical companies were listed among the 75 leaders in this preliminary survey. An analysis of 78 portfolios at the close of 1933 showed common stocks of 10 companies in the food group and six chemical stocks among the 75 most popular, issues. CANADIAN TRADE~ UP Economic Outlook for 1935 Held as Generally Favorable. By Times Special NEW YORK. Feb. 23—Canada's economic outlook for 1935 is generally favorable, supported by the continuing upward trend in virtually every index of business, industry, agriculture and mining, according to a current survey by the Standard Statistics Cos. The record of the past year has been particularly encouraging, with the official economic index for January, 1935, reaching a high of 104.9 (1925 equals 100) as compared with 90.3 a year earlier. GOLD AT NEW PEAK London Value Up 414 Pence in Terms of Sterling. By United Press LONDON. Feb. 23.—G01d reached another new high in sterling today when the price was fixed at 143 shilings 11 pence an ounce, 4'i pence up from yesterday which was also anew high. The price in dollars was $34.97. not anew high. The pound was $4 86, below its | par of $4.86 2-3.

2 BILLION CUT PREDICTED FOR U. S. SPENDING Curtailment Believed to Indicate Confidence in * Business Rise. BY RICHARD L. OR IDLE Y l nttrd Prp*s Staff Corrr*pondrnt WASHINGTON, Feb. 23.—A curtailment of Federal spending for the current fiscal year was predicted todr.y as the Treasury revealed its money borrowing program for the next five months. Os the 58.581.069.026 estimated in the budget to be spent in the fiscal year ending June 30. the Treasury has spent only $4.385.969,992. leaving 54.195.100.034 to be spent by June 30. Conservative estimates placed government expenditures for the vear at not more than $6,500,000,000, or $2,000,000,000 under estimates. Indications government expenditures would be tapered off cams from Secretary of Treasury Henry Morgenthau Jr., who announced plans to borrow about $500,000,000 in “new funds.” aside from refunding operations, between now and June 15, at the rate of $25,000,000 a week. Reflects Confidence The proposed curtailment of spending was believed to indicate confidence of increased business activity this spring. Officials have reiterated government spending will be curtailed as soon as its place is taken by private spending. During January, the Bureau of Internal Revenue reported, tax collections amounted to $194,365,650, against $333,784,921 in December and $182,404,924 in January, 1934. By groups, processing taxes brought in $52,007,134 in January against $43,312,413 a year ago; tobacco. $40,328,943, against $40,974.585; liquor. $26,120,306. against $22.146,119; manufacturers’ excise taxes. $25,845,747, against $28,753,739, and income taxes, $22,320,791, against $15,850,315. Industrial Output Up The Federal Reserve Board said in its 1934 easiness survey, "Output of industrial products was at 79 per cent of the 1923-25 average, as compared with 76 in the preceding year, and with the low point of 64 in 1932.” “Factory employment and pay rolls in 1934 were at a higher level than in 1933, and at the end of the year factory employment and output, was in about the same volume as at the end of 1930.” Among durable goods industries the most marked increase over 1933 was in automobiles, where output was 45 per cent above 1933 and double that of 1932, the board reported. Activity in the steel industry also showed a further increase, while lumber production continued at an unusually low level. Industries producing non-durable goods showed little change in aggregate output. OPPOSITION TO PLAN OF STUDEBAKER ENDS : Independent Protective Group Will Give Co-operation. By Times Special CHICAGO, Feb. 23.—The independent protective committee for the Studebaker Corp. common stock has sent a letter to holders of certificates of deposit of that issue I notifying them that it has instruct-' ed George L. Schein, its counsel, to do “anything and everything necessary” to consummate the plan of reorganization for Studebaker, and has arranged to release, without cost to stockholders, all stock under deposit under the committee’s deposit agreement of March 24, 1933. At the consummation of the Studebaker reorganization plan in the United States District Court late in January, the independent committee had indicated an intention to appeal the plan in the United States Circuit Court of Appeals. NOTE INFLATION PLANNED By Times Special TORONTO. Feb. 23.—Inflation of another $50,000,000 Canadian note isue to help meet deficit and to pay what is left of last year’s public works program, is reported to have been decided upon by the dominion government. m m BUSINESS LOCATION Business is seeking more profitable locations, moving to better buildings . . . business men are demanding this advantage..: together with the conveniences and economies which only buildings ot the better type provide. KLEIN* KUHN, PROPERTY MANAGEMENT Lincoln 3545 INDIANAPOLIS