Indianapolis Times, Volume 47, Number 14, Indianapolis, Marion County, 27 March 1935 — Page 11

Wall St. Cuban Trade Pact Makes Filipinos Jump. —BY RALPH HLNUERSHOT Tlax .*nl Mrnr

N’EW YORK. March 27—World figures for January contain 'much food tor political and it is unfortunate that the Department of Commerce in Washington does not provide more detailed analysis and explanation of them. Our trade relations frequently point the way for our po-

litical relations tun foreign count ries. and many a war has found its inception in commercial developments. The results of our reciprocal trade agreements with Cuba, for instance. were indicated. They ihotnd th?t exports to that

f country during the month more than double that of a year ago. and that imports mere up in nearly the same proportion. Obviously, therefore. the arrangement SS a splendid one and justifies similar agreements with other countries. We also have trade pacts with Brazil and Belgium, but they were not signed until last month. The deal we made with Cuba also ■ffee’ed our trade with the Philippine Islands. Our imports from there jumped to $20,713.1143 for the month, from $10,030,334 in January. 1034. The explanation for this, no doubt, is to be found largely in the quota established on sugar entries. To get in under the wire the Filipinre; hustled sugar into this market, and in doing so went over their quota for last year. The surplus was held in bonded warehouses until Jan. 1, 1035. and was not counted as imports until that tune. m m m OUR imports from Germany were higher in January, but our exports fell to $4,734,542 from $125,730,085 in the corresponding month of last year. Probably Germany's lack of gold with which to meet her foreign obligations had a great deal to do with the slump. Last year that nation owed us $9 056.629 on the month's dealings, whereas this year we owed her $2,179,021. Our policy of maintaining our cotton price well above St he world market price no doubt also entered into the development. did also the class prejudices ’which have been created. France appears to huve squared trade accounts with us during the year. In January, 1934. she took $13,200,407 of our goods, and we took but $5,203,286 of her goods. This year in January, however, we sold tier only $7,543,765 of our produce and bought from her $4,666.606. Probably she would have continued to import the goods we have to sell had we opened up our market to her wines and liquors. Devaluation of the dollar should have made it posible to sell more of our goods to France than a year ago because of the higher purchasing power of the franc, but artificial restrictions kept them out. m m OUR trade with Russia provides one of the sore spots of the year s developments. Whereas after recognition we had anticipated a flood of our surplus produce to that country, we actually made a very poor showing. In January of this rear we bought nearly twice as /much from that nation as we sold to her. We imported from Russia $1 433.906 in the first month of the current year, as contrasted with but $691,083 a year ago, and exported $835,353, compared with $336,112 in January. 1934.. lifeJnsurance role STRESSED BY RIEHLE National life Underwriters President Speaks to Lord Group. A carefully planned individual finance program should supplement all social security plans advocated by the Federal government. Theodore M. Riehle. president of the National Association of Life Underwriters. declared yesterday at a luncheon for members of the Indianapolis association at the Columbia Club. More than 53.000.000 persons in the United States now possess life insurance policies, Mr. Riehle said. He urged that life insurance be considered an important part of any personal finance program. “The trouble with too many people Is that they have given thought to their own financial security, if at all. only as an incident to some other financial undertaking.” Mr. Riehle asserted. “When the American people start seeking security as a fundamental. and not merely as a byproduct, they will find it.”

On Commission Row

\ Quotations to low are aver as? wholesale ■ prices being offered to buyers bv local commission dealers. Fruits- Bananas. 5c a lb. Apples. Winesips S’. 75 Delicious. SI 85. Lemons, sunku’. ISOs. $4 25. Grapefruit. Texas, seedless $3 15. Arizona. 84s. 70s and 80s. 82 50. Limes Mexican, per carton 12s. 25c; Bs ram. seedless per hundred. 83 Pineapples Porto Ricans crate 85. Avocados. F r:da box. $1 50. Strawberries. Florida. fiat. 30 a 31c per S6-pt crate Apricots. J crate Gropes South America, white. 83 black 83 Honey Devs. South America. 82 75. Nectarines. South America. box. 82 SO VrieliMet —Cabbage. Northern Danish 50-lb bac SI 75. new red Texas, hamper. S3 50 new Texas, half crates *2 75. Or.-.ons. Western Spanish. 50-lb. bag. 82 85 Michigan yellow* 50-lb bag 82 85. P-’atces Green Mountains 100-lb. bag. *l5O selected cobblers. 50-lb bug. *175; rcr-hern round white 100-!b. bag SI; Ohio*. 100-lb bag. SI 90 Idaho Russets. 100-lb bac fl 90 New rionda Triumphs, bushel. S2 15. Sweet po’atoe*. Indiana Jersevs. bushel. SI 50. medium or seed. SI 10; Nance Halls bushel. SI 15. Beans, round s’nncless. hamper. 82 5002 75. Celenr iwashed and trimmed> medium, do?. 50c; Jumbo. dor. 75c. hearts do? . 90e Cucumbers. hot house doren. SI 50; 2 doren box. S2 75 Endue. California, doren. 90c. crate. S4 25 Egg plant. S2 50 dozen Kale, bushel. 80c Lettuce, hot house. 15-lb. basket. *1 25; Arizona Iceberg head lettuce. 5315 Yuma, crate 84 50 Mangoes. S3 a crate small basket. 50c. Mint, a dozen. 81. Parsley, dozen. 35c Peas hampers 83 25 Spinach. Texas, bushel 81 50 Radishes, dozen. 65 i Sic Florida oranges 82 75. Turnips bushel. 75c Pars,nips. bushel. 81 40. Beets, bushel. SI. /Carrot* bushel. 81; 100-ib sack. *1 7S. • Rhubarb hot house. 5-Ib carton. 50455 c dozen bunches. 1. Mushrooms, lb.. 30c. All Quotationa subject to chance up or do an. ■ FRI'ITS AND VEdET.IBUS •Bv United Prrssi CHICAGO March 27—Apples—Michtcan Jonathans 81 50H2 25. Mclntosh. *1 504* 175 Turnip*— Illinois, bushel 20 c 25c Carrots—California, crates *2 40 ■l2 90 Sseet potatoes- Tennessee, buahel 80i90c; Ird.sna. *1 256 1 30 Beans—Florida, buahel. *1 25*i 2 Spinach—Texas, bushel tl€l 50 Cabbage—Wisconsin. 100 lbs *2 75 #3 SO Onion sets— Michigan sacks, a bushel No. L 8385 n 4 Peas—California, bushel hamper*. 8343 50 Tomatoes— Florida, lugs. 82 50 31 Rhubarb—Michigan, 8-ib. ftartoag. 27bft 55c.

UTILITIES TAKE LEAD IN TRADE ON BIG BOARD Other Sections of Market Mostly Irregular and Dull. By Unit'd Pet t* NEW YORK. March 27.—Utility issues continued to pull ahead on the stock market today in trading that was irregular and dull in other sections. Consolidated Gas was % higher at 19V American Waterworks was ’2 higher at 11V North American was *2 higher at IP*. Public Service was */ higher at 24% and United ! Gas Improvement was % improved at 11. A feeling that utilities have been oversold led to the improvement in this group. Rails were irregularly lower, AtI rhison declining fractionally to 36 \ and Pennsylvania unchanged at 17 V U. S. Steel was unchanged at 128 V Chrysler and General Motors [showed fractional advances while 1 other leading industrials were improved. Coca-Cola climbed to lOi I*, 1 *, anew high for the stock, for a one-point advance, while Eastman Kodak at 120 was 1\ improved.

Ralph llendershot

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,250.000 00 Debits 4.922.000.00 TREASURY STATEMENT (Bv United Press> WASHINGTON March 27—Government expenses and receipts tor the current fiscal year to March 25. compared with the corresponding period ol the previous fiscal year: This Year. Last Year. Expense* $5 006 456.143 55 $4 709 435.397 76 Rece.p-s. 2,827 165 760 03 2.281.193.713.20 Deficit 2,179 290.383 52 2.423 241.684 56 Cash Bat. 2 366.915.228 86 4.905.529.901.33

GRAIN PRICES MOVE HIGHERAT CHICAGO Trading Responds to Good Feeling at Liverpool. By United Prr* • CHICAGO. March 27 —Grain futures moved higher today on the Board of Trade in sympathy with a continued good feeling at Liverpool. First sales of wheat were to % cent higher, corn was up 4* to % cent, oats were up H to hi cent, and rye was up % cent. Cables said the English market was higher in the face of threats of heavy shipments. Broomhall said there was very little pressure on the market and prices climbed higher on outside buying, influenced by firmer Argentine offers and strength in Buenos Aires late yesterday. (Bv James E. Bennett' 11:00 Prev. Wheat — Hi?h. Lot. A. M. close. Mav 95% 94% .95 .93% Julv 93 .92% .92% .91** Sept 92% 91% .92% .91% Core— m Mav 79 .78% .78% .77% Jnlv 73% .73% .73’, .72% Sept 69% .69% .69*4 .68% Oats— Mav .44% .44 .44% .43% Julv 39% 39 .39% .38% Sept 37% 37% .37% .36% Rve— Mav 56% .56% .55% .55% Julv 57% .57% .57** .57% Sept .59% .59 59% .58% LOCAL CASH MARKET Citv grain elevators are paying 84 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow. 74 cents, and oats 42 cents.

Retail Coal Prices

The loHov-in* prices represent quote* tlons from leading Indianapolis coal dealers. A 25-cent carrying charge per ton will be added. DOMESTIC RETAIL PRICES Indiana lump 15.20 Eeg 6 03 Nut 480 Lump 6.3465. ay Brazil BlockLump 6 54 Eie 6.31 Nut 6.04 Glendora— Egg 6.18t?5.43 Nut 4.9565.20 West Virginia and Eastern Kentucky • Group Bi 6.77 67.18 Pocahontas and New River, smokeless 7.3068 32 Coke, egg and nut 8 90 Pea Coke 7-40 Anthracite 10.13® 12.88 COLT FIREARMS CO. NETS $2.89 A SHARE Income Totals $577,824 During 1934, Report Shows. By Tidifi Special HARTFORD. Conn., March 27. The Colt Patent Firearms Manufacturing Cos. earned $577,824 net income during 1934, equal to $2.89 a share on 200.00 C shares, the company's annual report showed today. This compares with $675,132, or $3 37 a share earned in 1933. With the announcement of earnings. it was revealed that directors of the company voted to pay employes a bonus of 5 per cent of total wages earned during the first three months of 1934 and that the bonus will be applicable to more than 1000 strikers at the company’s plant. transtTrevenues dip Index Placed at 96.98 for Week Ended March 16. By Timet Special NEW YORK. March 27.—Transit revenues for the week ending March 16 were placed at 96.98. a slight decrease as compared with the same month of 1934. according to the Transit Journal Indicator. The index at the end of the preceding week stood at 98 40. With the decline which was evident last week extended, it was more or less general in all sections. The revenues are reported each week by a representative group of companies. NET INCOME INCREASES By Timet Special NEW YORK. March 27.—Net income of the Continental Oil Cos. and r.ubsidianes during 1934 amounted to $4,865,357. equivalent to $1.03 a share, compared with earnings of 48 cents in the preceding year. It was learned today.

Abreast of The Times on Finance

New' York Stocks

ißy Thomson ft McKinnoni 11 00 A M. Prev. N. Y. close. Amerada SO’-* 50% 50% 51% At: Rig • 21 1 4 ax*4 21*4 31*4 Consol Oil ... 7% 7 % .]!• , 7 i Corn ot Del 15*4 15% 15*. 15 4 M:d Cent Pet .. 10-4 10% 10% 10% Ohio OH ... 9 % ’• * Phillips Pet ... 15*. 15 a 15 1 15*. Seaboard Oil ... 23'4 23 23*4 23 Shell Un ... 5*4 5*4 5*4 5*4 Soc Vac ... 12*4 12*. 12*. 12 a 8O of Cal 29' 29'. 29’, 29 4 SO of Ind 24 23% 23*, 23 a SOof N J .... 37'a 37>, 37% 37% Texas Corp .. 17’, 17*. 17*, 17 s , Tidewater Assn 7’* 7% 7 • 7', Un Oil of Cal . 16 16 16 16% Steel*— Am Roll Mills... 16’, 16*4 16*4 16% Be h Bel •• 24', 24 24;. 24', Col Fuel ft Iron IS IS IS 1 Inland Steel ... 46'a 46% 46% 46;, Natl B‘eel 41 41 41 41 a Rep Iron A* Steel 10', 10% 10-* 10', U S Pipe & Fdy 15% 15'a 15'a 16 U S S'eel .. 28'a 28’ a 28% 28*, U 8 Steel pfd 76% 76 76 76'a Youngstn Sft Tl 4 13% 1* 13 • Motor*— Chrysler 33’* 32’* 33’* 32’, Gen Motors 27’, 27*, 27’, 27 a Graham Mot ... I*4 I*4 l’ J • Hudson 6*4 6% 6’, 6_ Hupp l’ i l* * Mack Truck .... 21 21 21 21 Nash 13 13 13 13 Packard 3*4 3’, 3*, 3*, Reo 2*a 2'a 2% 2Studebaker 2*, 2% 2*, 8 Motor Access— Bendix 12*4 12*, 12*4 12*, Borg Warner .. 30’, 30*, 30’, 30*, Briggs 25*4 25 ! 2 2a'a 25% Budd Mfg 3’, 3’g 3,3 , Elec Auto Lite .. 19 a 19*4 19’, 19 Elec Stor Bat .. 41 41 41 4i a Houdaille A’’.. 7>a 7>4 7'a 7% Murray Body 6 6 6 6 Timken Det Axle 5% s'. 5% 5% Mining— Alaska Jun 16* 16*, 16*, 16', Am Metals 15% 15% 15*a 14’, Am Smelt 33*, 33V* 33*, 33*, Anaconda 10', 10 10% 9*, Cerro De Pasco- 43*, 43% 43V* 43*, Dome Mines .... 39 38 s , 39 38*, Gt Nor Ore .... 9V* 9V* 9% 9% Int Nickel 24 23’, 23’, 23*, Kennecott Cop . 15'* 15*4 15‘a 15% Mclntyre Mine. 44% 44 44V* 44 Park Utah 2% 2 s , 2H 2% Noranda Cop... 34 34 34 34% Vanadium 14*4 14V4 14*4 14', Amusements— Crosley Radio... 14*. 14** 14 s * 14*2 Loews Inc 34% 34% 34*, 34% Radio Corp .... 4% 4*, 4*, 4*, Paramount 2% 2% 2% 2'2 RKO 1% 11,l 1 , I*4 D* Warner Bros ... 2% 2% 2 s , 2*, Tobaccos— Am Tob •'A’' ... 74 74 74 74V, Am Tob 'B” ... 75% 75 75% 70% Gen Cigars ... 50’* 50*4 50% 50 Ligg & Myers B 96 96 96 96 Lonllard ... 18*, 18% 18 5 , 18% Reynolds Tob B 43*a 43', 43Va 43 V* Rails— Atchison 37 36*, 36’, 36’, Atl Coast Lines 20', 20 20'* 20 B & O B', B'g BV, 8% Can Pacific .... 9', 9’s 9’ 9', Ch ft Ohio 38'a 38'a 38'a 38% Chi ft Gt W ... 7 * % ’a C M ft St P pfd I’, 1% 1'8 1% Chi N W 3 1 , 3’, 3V, 3 * Del* ft Hud ... 23*4 23’a 23*4 23'a Dei Lac ft W 12', 12*, 12', 12 Gt Northern pfd 10', 9’, 10'* 10 a 111 Central 10 10 10 10 a Lehigh Valley... 6% 6'* 6'* 6% Lou ft Nash ... 35 35 3a 35 N Y Cent 12’, 12** 12’, 12*4 N Y New Haven 3’* 3?* 3** 3** Nor Pacific 13 s , 13% 13*, 13;, Penn R R 17** 17*s 17*, 17J* Sou Pac 13'a 13% 13 2 13-2 Union Pac 84', 84'a 84% BaV* Equipment*— Am Steel Fdv . 12'a 12% „ 12% 12% Bald Loco l 7 a 1% l'a I*4 Gen Elec 22** 22 22 22 , Pullman Inc ... 42 , 42** 42** 42*,* Westingh Elec... 35 35 35 3a Utilities— Am & For Pwr.. 33 3 2’e Am Pwr ft Lit.. 2% 2% 2% 2'a A T ft T .102** 101*4 101*, 101;, Am Wat Wks . U l , 10** 11% 10% Col Gas ft Elec- s** 5% s* 5% C’om ft Sou .... ’/ 1 s 7 , .. 8 Consol Gas 20 19*, 19*, 19“, Elec Pwr ft Lit.. 2% 2', 2V. 2 Int T & T 6% 6*, 6% 6*. Lou Gft E "A’’. 13*, 13*, 13*, 13% Nat Pwr ft Lit.. 6 s * 6'* 6 , 6 4 North Amer .... 11** U% JJ ♦ Pac Gft E 16 s , 16*, 16% 16% Pub Serv N J .. 24** 24 24% 23', So Cal Edison .. 12’, 12'a 12*, 12 a Std Gas 3*, 3*, 3*. 2 , Stone ft Webster 3'* 3*, 3_* 3 4 United Corp ... 2% 2% 2 , 2, Un Gas Imp ... 11 10’a U 10Ja Ut Pwr ft Lt ‘A 1 5, a IVa 1% l’ 2 Western Union.. 22’. 22% 22Va 23, Rubbers — Goodyear 17% 17 17 17 A* v. Miscellaneous — Am Can ....... 114*'. 114** U4‘/ 114’/* Am Mach ft Fdy 20*a 20*, 20'a 20Ja Brklvn Man Tr. 38 s , 38’, 38’, 38** Burroughs Add.. 14', 14*, 14 , 14 4 j 1 Case 49*, 48* 49*, 48 5 , Conti Can 68 I '* 68 68'* 68V, Caterpiliar Tract 38 37** 37*4 37** Crown Cork .... 24’i 24'a 24 1 24 , Deere ft Cos 24'a 24'* 24’2 24 Eastman Kodak 120 118'a IJO I J® ■* Gillette 13’, 13*4 13* 13 * Inter Harv 36** 36'a 36 36 , Owens Bottle .. 84'4 84’* 84 * 84 Rem Rand .... B'a B*a B*2 B’* Foods— Am Sugar ... 56** 56*4 Armour 6<">- pfd 62'2 62*2 6a-a 62 a Borden Prod 22', 22', 22', 21 4 Canada D G Ale 10', 9’, 9y 10 4 Coca Cola 191 191 191 190*2 Corn Prod 64 63’, 6* 64 Crm of Wheat . 38*2 38'a 38 2 38 2 Gen Foods 33'a 33|2 ??, 2 ?2 8 Gold Dust 16', 15'* la' 15 G W Sugar 28** 28’, 28 5 , 29'* Natl Biscuit ... 24’a 24*4 24^, Natl D Prod 13** 13 s , 13;, 13** S Por Rico Sug. 22’, 22N 22 , 22 2 Std Brands 14** 14’, 14;* 14 * Wriglev 73’a <3 a 73 a <42 Best ft Cos 35'2 30'2 35' 2 35 2 First Natl Stores 46** 46** 46 * 46 2 Gimbel Bros .... 2*4 2*4 2J* 2*a Gr Un Tea ... 2*a 2 s , 2’, 2H Hahn Dept St, . 1 4 a 4>* Kresge S S . 20'* 20'* 20*, 20 Marshall Field . 7'a 7*2 7*2 7*2 Mont Ward .... 23*, 23** *3", 23 , Penney J C .... 64*. 62'2 62'a 64*a Safeway St 37 37’, 37, 38 Sears Roebuck . 34'a 34*, 34 2 34 Woolworth 53’, 53', 53*2 53 t AviationAviation Corp.. 3*4 3’, , 3*4 3’a Boeing Aircft . - 7 , 7|, 7 , Curtis Wright A i'a 7*, 7>2 J 1 Dcuglas Air .... 19*4 19*4 19'4 19 a Nor Am Av 2’, 2>2 2‘, 2'2 Chemicals— Air Reduction . 108 108 108 107 Allied Chem - 129 129 129 128 Am Com Alcohol 23*4 23*. 23*4 23*a Com Solvents... 18*, 18*, 18*, 18', Du Pont 89*4 88 S 88*4 89

Stock Studies

LOOSE-WILES BISCUIT $ COMMON STOCK *C r * "I—ice Vv*H£ EARNINGS PRICE RANGE SCALE 4 . -iu—r^r“ 2 T_r_l .i l’. 1 - 20 o >1.4 .1. ——L_. o 130 31 32 33 34131 32 33 34 351 WINCHESTER INSTITUTE OF FINANCE

Loose-Wiles Biscuit Cos. is the outgrowth of a business established nearly a third of a century ago. The company manufactures about 350 varieties of crackers and fancy biscuits, mostly packaged goods, sold under the trade name “Sunshine.” The company also manufactures some candy and similar products. Management is conservative, but progressive. Plants and sales branches are well located throughout the country. FINANCIAL DATA As of Dec. 31, 1934 Common stock '825 par) 522,481 shares 7 r % preferred stock 43 500.800 Surpluses 8,917.539 Cash and securities 2.006 499 Inventories 4 035.180 Total current assets 8.263.981 Current liabilities 1.185.774 Loose-Wiles has maintained very steady earnings, although the $2.06 earned on the common in 1934 was off from the $2.74 earned in 1933. The present annual dividend rate of $2 has been maintained for several vears. while cash extras were paid in 1930. 1931 and 1932. Both classes of stock are listed on the New York Stock Exchange. At a current price of around 33b. the common sells to yield 6 per cent and at 16b times 1934 earnings. (All rights reserved. Winchester Institute of Fin sue*. Winchester, Mas*.)

INDIANAPOLIS, WEDNESDAY, MARCH 27, 1935

Freeport Tex ... 23 22’, 23 22’, Math Alkali 25*4 25', 25*, 25'a Monsanto Chem 58 1 * 58 58', 57', Natl Die newj 28 25\ 25’, 26 Schenlev Dist . 24*4 24*, 24*, 24*, Tex Gulf Sulph 30*, 29’, 30 30'a Unior Carbide 46 45’, 45 s * 45’, U S Indus Alco 36'4 36'a 36'a 36'a Drug,— Bristol Mvers .. 32*, 31'a 31* 2 32'2 Lambert 26'a 26'a 26'a 26'4 Lehn ft Fink ... IS'a 15‘a 15'a 14’, Sterling Prod .61 61 61 61', Un Drug 'new).. 10 10 10 10 Vick Chem 37', 37 37 37' Zonite Prod 3*4 3* 4 3*4 3* Financial— Adams Exp 4*4 4*4 4*4 4’, Allegheny Corp . ’, ’, ’, 1 Lehman Corp ... 57*, 67*t 67', 67 : j Transamerica .. 5 4’, 5 5 Tr Conti Corp . 2*4 2V, 2>4 2*4 BuHding— Am Radiator ... 11*4 11’, 11 s * 11 *2 Holland Furnace 6’, 6*, 6’, 6’, Int Cement ... 23** 23V 23', 23’, Johns Manville 40* a 40' 2 40' 2 40' 3 Llbbv Owens Gls 23** 23', 23', 23', Otis Kiev 12H 12'* 12'* 12S U S Gvpsum ... 42'a 42' 2 42'a 42*, Household— Col Pal Peet.... 16*i 16* 16** 16 s * Congoleum 28** 27'a 2 7' 2 28', Kelvinator .. 15', 15', 15', 15 1 , Proc ft Gamble.. 46’ 2 46'a 45* 2 46'* Servel Inc ... B'4 B*4 B'* BV, Simmons Bed ... 6* 6*4 6*4 7 Textiles— Amer Woolen ... s'a 5' 2 5' 2 s*, Indus Rayon .... 24** 24 * 2 24' 2 24’,

(Reprinted from yesterday 1 DAILY BOND INDEX 20 20 20 60 Inds Rails Util Bonds Today 83.8 73.1 93.7 83.6 Yesterday 84.2 74.0 93.7 84.0 Week Ago 84.6 73.6 92.5 83.6 Month Ago 86.7 78.3 94.0 86.3 i Copyright. 1935. By Standard Statistics) U. S. GOVERNMENT BONDS (By Fenner & Beane.) Libertys Prev. Close. Close. Ist 3>is 1932-47 101.15 101.9 Ist 41' *s 1932-47 101.16 101.14 4th 4>*s 1933-38 (Uncalled).. 102.24 102.24 4th 4' 4 s 1933-38 (Called) ... 100.26 100.25 Treasury, 4'*s 1943-45 115.24 115.24 4s 5944-54 110.28 110.27 3*,S 1946-56 109 11 103 13 3*,s 1940-43 107.6 107.5 3*,s 1943-47 106.20 106.20 3*,S 1941-43 107.9 107.9 3'*s 1943-45 105.10 105.4 3' 2 s 1941 107.18 107.11 3'<S 1944-40 105.4 105.2 3',s 1946-49 104.9 104.8 3',s 1949-52 104.8 104.2 3s 1951-55 103.11 103.5 3s 1346-48 103 8 103.3 2’,s 1955-56 101.1 100.30 Home Owners Loan Corp. 2**s 1949 100.8 100 8 3s 1952 101.23 101.19 4s 1951 101.3 101.3 Federal Farm Mortgage Corp. 3**S 1964 103.9 103.8 3s 1949 101.26 101.19 3s 1942-47 101.22 101. 4 DOMESTIC Prev. Issue Close, close? Alleg C’orp 5s '44 .. 66 66 Alleg Corp 5s '49 55 55 s i Alleg Corp 5s 'SO . 14% 14', 2 Am Frgn Pow 5s 2030 55’, 55 Am Tel & Tel s' 2 s '43 112*4 112*4 Am Tel ft Tel 5s '65 112 112 Arm & Cos (Del) s' 2 s '43 105' 4 105)4 Atl Coast Line 4s '52 99’, 100 Atl Coast Line 4' 2 s '64 81 1 2 83% Atch Top ft S Fe 4' 2 s ’4B .105 * 105** Am Wat Wks 5s '44 91'* 91' 2 Am Rolling Mills 5s '3B 104V* 104% Balt ft Ohio 5s '95 .. v 56 57 Balt ft Ohio 6s '95 63 66 Fait ft Ohio 4'as 60 40' 2 42% Bluff Roch ft Pitt 4%s '57 ... 54% 54% Beth Steel 5s '36 103% 103% Chi Milw ft St PI 5s '75 12 12% Chi Milw ft St P 5s 2000 3*4 3% Cleve Un Term 5s '73 87% 87% Cleve Un Term 4%s '7 81’* 81’* Col Gas 5s Mav '52 79% 78% Col Gas 5s April '52 78% 79)4 Col Gas 5s '6l 77% 77% Can Pac Perp 4s 83 84 C?nt Pac 5s '6O 72 72% Big Four 4%s ’77 54% 56% Colorado ft So 4%s 'BO 57 57 Chi ft West Ind 4s '52 97 97 Chi ft West. Ind 5%s t'2 104% 103% Chi ft Nor West 4%s ’49 11% 11% Con Gas 5s ’57 105% 105% Chesa Corp 5s ’47 102% 103 Dodge Bros 6s ’4O 105% 105% Del ft Huds 4s ’43 75 V* 78 Erie 5s ’75 54 55 Erie 5s ’67 55 56% Gen Cable 5%s ’47 88*4 88% Grt Northern 7s ’36 84=, 85 Grt Northern 4%s ’77 69% 71% Gen Etl Cast W W 5%s ’49... 58% 62 Hud ft Manhat Ref 5s ’57 .... 88*, 88% 111 Cent 4*4s ’66 45’, 46 111 Cent Jt 4%s ’63 51% 52% 111 Cent 5s ’63 55% 55% Interlake Cftl 5s ’sl 75% 75% Interntl Hv Elec 6s ’44 .... 35 35 Interntl Tel ft Tel 4%s ’39 ... 63 63% Interntl Tel & Tel 5s ’55 .... 59% 58% Interntl Tel ft Tel 4%s ’52 .. 54% 54 McKess ft Rob 5%s ’SO 97** 97% Midvale Stl 5s ’36 103% 103% Natl Dairy 5%s ’4B 103 10^? Natl Steel 5s ’56 106% 106% Nickel Plate 4%s ’7B 48% 50 Nickel Plate 5%s ’74 58% 60 Nickel Plate 6s ’35 a0 51 N Y Cent 5s 2013 47% 50% N Y Cent 4%s 2013 (Old) ... 44 4b% Nor Amer Cos 5s ’6l 87% 88 •? Nor Pac 3s 2047 74 .4 Nor Pac 4%s 2047 80% 81 Nor Pac 6s 2047 93 94% Nor States Pow os 41 107 Otis Steel 6s ’4l 85 84% Penn Rv 4%s ’B4 102% 102% Penn Rv 4%s ’Bl 1 2?i/ 8 Penn Rv 4%s ’7O 92% 92'/* Pac G ft E 5s '42 107 107 Portland Gen El 4%s '6O 56 56 Para Publix 5%s ’SO 72% 72% Penn P ft L 4%s ’Bl 102** 103% Postal Tel & Cab 5s ’53 42% 42 Rem Rand WW 5%s ’47 ...-100 y 2 100% Sinclair Oil 6' 2 s ’3B 104% 104% Shell Union Oil 5s '47 102% 103 Sou Pac 4%s ’6B 58% 60% Sou Pac 4%s *Bl 58 59% Sou Pac 4%s ’69 58% 60 Sou Pac 4s '49 62% 62)4 Sou Rail 4s '56 40% 42 Sou Rail 6%s ’56 57 58 Sharon Stl Hoop 5) 2 S 48 .... 81 80 * Texas Pac 5s 'BO 84 86 Union Pac 4s ’47 110% 110 2 United Drug 5s 53 88 88** U S Rubber 5s ’47 91% 91% NY NH ft Hart 6s ’4B _ 33 * 33^, NY NH & Hart 4%s ’67 29% 30 Warner Bros 6s ’39 50% 50 ( Western Mary 5>2S 77 97 4 98 4 Western Mary 4s 52 . .... 92 4 93 4 Youngstown S ft T 5s 70 93 92 4 Youngstown SftT 5s ’78.... 92 a 93 * FOREIGN Argentina A 6s ’57 92% 91 s * Argentine B 6s 58 Brazil 8s 41 .. • ,?§- 4 .2| 3/ Canadian G<**'t 4| 60 'nos 4 Denmark 5%s '55 98% 98% French 7s, ’49 _ 175% 177% German 5%s 65 58, 28, Italy 7s 51 §® 3 , Japan_ 62'2S 54 92 4 92 4 Poland. 7s Rome 6* 2 s 52. 71* J Yokohoma 6s 61 82 82 y*

(By Abbott. Proctor ft Paine) 11:00 Prev. A. M. close. Chicago Corp • ••■ } 7 a J 3 * Chicago. Corp pfd * * Com Edison 63 % 63 * Gen House Util 4% 4 * Libbv 6% 7 Swift • • *6 Util Ins pfd Vortex Cup 17 **

(By Abbott, Proctor ft Paine) 12:00 Noon Prev. N. Y. close. Allied Mills 1* IJ% Atlas Corp 7 * < El Bond ft Share 5 5% Humble Oil ff% 46 s Imperial Oil Ltd 16 15** Lone Star Gas j> 5 Long Island Lighting 2% 2% Natl Bellas Hess 1% 1% Newmont Min 37 37** Nia Hud Pwr 3% 3% Pan Am Airways 4040 Penn Road 1; Salt Creek Products 5% s**

Delivered In Indianapolis prices: Heavy breed hens. 15c; Leghorn hens. 11c; colored springers. 13c; heavy stags. 11c; Leghorn stags. 7c; old roosters, 7c; ducks, full feathered and fat, 9c: geese, full feathered and fat. 7c: all classes *of guineas. 15c; No. 1 strictly fresh country run eggs, loss off 17c. Each full cases must weigh 55 lbs. gross, a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter—No. 1. 33 4 34c; butterfat, 28c. Quoted by the Wadley Cos. 4

N. Y. Bonds

Chicago Stocks

New York Curb

Produce Markets

SIMILAR STATE UNEMPLOYMENT LAWS PRESSED Best Remedy Until Federal Constitution Is Amended, Elbert Says. Col. Robert G. Elbert, a member of the Unemployment Insurance Committee ot President Roosevelt's Industrial Advisory Board, has -rritten six articles for The Indianapolis Times, ot which tbia is the fifth. BY COL. ROBERT G. ELBERT The nation is an industrial unit, and so far as industry is concerned the boundaries of the states are imaginary. To enact separate laws in 48 states would be to take a course distinctly out of harmony with industrial economics. However, there is considerable doubt if direct Federal legislation on unemployment insurance would be constitutional. It is an open question if an act which sets up a Federal unemployment law would stand up in the Supreme Court. But, of course, the Constitution is subject to amendment; or, if amendment seems impracticable at this time, an excise tax law may be enacted by Congress imposing a tax on employers in all the states, which will clearly define what the states have to do in unemployment insurance to avoid the tax. In the absence of Federal jurisdiction the next best thing would be to institute identical plans in all the states and keep them going until the Constitution is properly amended. After that takes place the state administrations may be transferred to the Federal government. Summary of Plan The main features of the Elbert plan are summarized here: The plan should be compulsory on all employers and workers that fall within its scope. Coverage would include all employes in industrial and manufacturing establishments that employ one or more insurable people. Also workers in the transportation systems, systems of communication, mines, oil wells, garages, filling stations, and so forth, forestry (except those employed by the government), fisheries, etc. Also clerical labor in establishments where three or more insurable persons are employed and all workers in stores, wholesale and retail, if three or more insurable persons are employed. It also would include farm laborers, domestic servants, professional people, such as physicians, lawyers, engineers and employes of the Federal, state, county and city governments. Contributions would amount to 4 per cent of the wages or salaries of all entitled to insurance under this plan, provided they earn no more than SSO a week. The employer is to pay one-half on these contributions, that is, 2 per cent, and the worker 2 per cent. Contributions or premiums would be pooled into a national reserve fund (assuming in this case a Federal, nation-wide insurance act). There are to be no segregated reserves for industries, corporations or individuals. Eligibility for Benefits Any insured person who has worked at an assured employment for 96 days during the previous 52 weeks or 192 days in the past 104 weeks is qualified for benefits in case of unemployment. No benefits shall be paid in any event until the plan has been in operation for 40 weeks. The time a man has worked in the past year or two years is not to be computed by weeks but by days. The requisite 96 days of employment during the past year may run along four or five days a week instead of being continuous. The weekly payment of benefits should be limited on the ratio of one week’s benefit to three weeks of insured employment during the past two years, but in no case should the weekly benefit payments exceed 26 in one year. An employe who loses his job must report within six days to the local Federal employment office. The unemployed worker’s name would be registered and an effort is made to find a job for him in his regular trade, and he is expected to look for himself. He should be required to report twice a week at the employment office. After a waiting period of four weeks an insured person goes on the benefit pay roll. He continues to report to the employment office twice a week. Penalty for Misconduct There should be a penalty for those who are discharged for misconduct or who have quit their jobs voluntarily: the waiting period might be twice as long. After eight weeks they should be put on the benefit pay roll and treateed as any other unemployed person. Benefits should not be paid to insured persons who are participating directly in a strike. The weekly benefit payments should be varied from 35 per cent to 55 per cent of the beneficiary’s former wages, according to the number of his dependents. No benefit should be less than $5 a week, and none more than S2O a week, including allowances for dependents. This tentative plan undoubtedly would be subject to change as to details, such as amounts to contribution, extent of benefits, coverage and the ratio of income to expense. Any unemployment insurance system will necessarily have to be experimental to some extent in the beginning. There should be no compromise, however, as to the importance of these two vital principles: 1. The plan should be national in scope and controlled by the Federal government. 2. Employers and workers should participate equally in both contributions and management. NET PROFIT REPORTED By Timtt Special CHICAGO. March 27.— Net earn r ings of the American Radiator and Standard Sanitary Corp. at the end of 1934 amounted to $1,455,227. compared with a loss of $881,575 during 1933, according to a report today by Clarence M. Wooley, chairman.

PAGE 11

600,000 Autos in 1935 Viewed by Makers as Total of Sales Abroad

January Business Is 40 Per Cent Ahead of That of Last Year —South Africa and Sweden Excellent Markets for United States. BY HOWARD CARSWELL Times Special Writer NEW YORK, March 27.—0n the basis of present indications there should be 600,000 American-designed automobiles purchased outside the United States during 1935, George F. Bauer, export manager of the Automobile Manufacturers Association, forecast today. January sales abroad exceeded 35,000 and were nearly 40 per cent above January, 1934.

SWINE VALUES RISESHARPLY Prices Range From 10 to 50 Cents Higher; Cattle, Veals Steady. New strength developed in the pork market at the Indianapolis Union Stockyards today and all classifications were irregularly higher than yesterday’s best average. The general run of hogs was largely 10 to 25 cents higher, while lightweights, with a strong demand prevailing, were up 25 to 50 cents. This was the sharpest advance evident at the local exchange for more than a month. Scarcity of hogs among packers was believed partly responsible for the increase. Bulk of 160 to 250 pounds, sold at $9 to $9.25, while weighty kinds, scaling 250 pounds and upward, brought $8.50 to $9. Light lights, weighing 130 to 160 pounds, cashed in at $7.90 to $9.15. Others ranging from 100 to 130 pounds, sold at $6.65 to S7.SO. Receipts were estimated at 4000; holdovers, 129. Only a slight change was shown in the cattle market, with a single load of light steers selling at $12.50. Weighty kinds held slightly higher. She stock were steady. Vealers also were changed at $9.50 down. Lambs were scarce, with few choice wooled grades salable at $8.25. Good lambs were quotable at $7.50.

HOGS Mar. Bulk. Top. Receipts. 21. $8.60® 8.70 $8.70 45C0 22. 8.60® 8.75 8.75 4000 23. 8.60® 8.75 8.80 1001) 25. 8.85® 9.00 9.00 4000 26. 8.85®, 9.00 9.05 5000 27. 9.00® 9.25 9.25 4000 Light light: 1140-160) Good and choice $8.40® 9.15 Medium B.oo® 8.90 Light weight: 1160-180) Good and choice . 9.00® 9.20 Medium ••• 8.50® 8.90 (180-200) Good and choice 9 Qo@ 9.25 Medium 8.65® 9.00 Medium weight: „ (200-2201 Good and choice 9.15® 9.25 (220-250) Good a id choice 9.00® 9.25 Heavy weight: (250-2901 Good and choice ■ B.Bo® 9.10 (290-3501 Good and choice 8.60® 8.90 Packing sows: (275-350) Good 8.15® 8.40 (350-425) Good B.oo® 8.25 (275-350) Medium 7.75® 8.00 (425-550; Good 7.7a@ 8.15 Slaughter pigs: iICO i4oi Good and choice .. 6 65® T.40 Medium 6.00® 8.00 CATTLE —Receipts. 1400— —Steers—-(soo-900) Choice $10.50® 12.50 Good [email protected] Medium 0® 9- 7 £ Common (900-1100) Choice 12.00® 13.50 Good [email protected] Medium 7 - 7 6'i}T0.00 Common 5.50(gt 7.70 (1100-1300) Choice 12.50® 13.7a Good 10.2^(0)13.00 Medium g.so® 10.50 (1300-1500) Choice [email protected] —Heifers—-(soo-750) Good 10.25® 13.00 Choice 9.25® 10.25 Good 8.25® 9.25 Common and medium 5.00® 8.25 (750-900) Good and choice ... 8.50® 10.50 Common and medium 5.00® 8.50 —Cows—(Yearling Excluded) Good 6.00® 7.50 Common and medium i §-29 Low Cutters. Cutters \ Bulls, good s.do@ 7.00 Cutter, com. and med. bulls . 3.75® 5.50 VEALERS —Receipts. 700 — Good and choica 89 00® 9.50 Medium .... 7 00® 9.00 Cull and common 3.00® 7.00 (250-500) Good and choice 6.50® 9.50 Common and medium 3.50® 6.50 —Feeder and Stocker Cattle——Steers— (soo-900) Good and choice ... 6.00® 8.00 Common and medium 4.50® 6.00 (900-1050) Good and choice... 6.00® 8.25 Common and medium 4.50® 6.00 —Cows— Good 3.75® 4.50 Common and medium 3.25® 3.75 SHEEP AND LAMBS —Receipts, 300 — Lambs. 90 to 120 lbs., good and choice $7.75® 8 25 Common and medium 6.00® 7.75 90-120 lbs., good and choice... 4.50® 5.50 Sheep: (120-150) Good and choice 4.00® 5.25 All weights, common and medium 3.00® 4.25

Other Livestock

(By United Press) LAFAYETTE, March 27.—Market. 154 20c higher: 200-235 lbs., $8 9549.05: 235275 lbs.. $8 75<5 8.85: 275-325 lbs.. $8 554 8 65: 170-200 lbs.. $849: 155-170 lbs , 58.65 •38.80; 140-155 lbs.. $8.1548 40: 125-140 lbs. $7.6547.90: 115-125 lbs.. $7.153 7.40; 100-115 lbs . $6.40 4 6.90; roughs, $8 down. Calves, steady, $8 50 down. Lambs, $8 down. FT. WAYNE, March 27.—Hogs—10415c higher: 200-250 lbs.. $9: 250-300 lbs.. $8 85; 300-350 lbs. $8 55: 180-200 lbs. $8 90; 160180 lbs., $8 80: 150-160 lbs.. $8.50: 140-150 lbs.. $8: 130-140 lbs.. $7.75; 120-130 lbs., $7.25; 100-120 lbs.. $6.75: roughs. $7.75; stags. $5.50. Calves. $9; lambs. $7.75. (By Times Special) LGU-SVILLE. March 27.—Cattle—Receits. 200: supplv light: duality plain; market generally steady; bulk common to medium slaughter steers and heifers. $6 50 48.75: better finished kinds auotable up to around $10.25: bulk beef cows. $4 503 6; good cows and smooth heifer types to $6 50 or better; bulk low cutters and cutters. $2.754 4: sausage bulls verv scarce and considered salable from $5 25 down; bulk better Hereford stock calves, $6 504 7.50; choice kinds to $3. Calves—Receipts 250; steadv: bulk good to choice. s7.of B:strictlv choice to $8 50: medium and lower grades. $6 50 down Hogs—Receipts 500: market. 5c higher: top and bulk desirable. 180-25 C lbs. $8 85: 205 lbs. up 8840: 160-175 lbs . $8 35. 140-155 lbs . 755- 120-135 lbs.. $6 90: sows. 400 lbs down. S7.IC: hea-ier sows discounted 50c Sheep—Receipts. 50: generally steadv: bulK medium to good lambs. $74 8 choice uotabie to $8 50. common light throwouts. 6. and fat ewes. $3 50 down. OFFICERS ARE RE-ELECTED By Timet Special CHICAGO, March 27.—A1l directors of the Borg-Wamer Corp. were re-elected at the annual stockholders’ meeting here, it was learned today. At a subsequent directors’ meeting all officers were re-elected. Charles S. Davis is president.

What Does It Mean? Import Point—When a currency reaches a quotation which allows persons owing money in the country to ship gold instead of exchange this is known as the gold import point.

January salesrof association members, which comprise about two-thirds of production, were 52 per cent ahead of the like 1931 month. Automobile production continues at a fast pace. During 1934 there were 430.000 American autos sold abroad, which contrasts with the 1932 low of only 180,000, and the 1929 peak in foreign sales of nearly 1,000.000 cars. The term “export" was avoided by Mr. Bauer on grounds that Canadian plants of American manufacturers account for an appreciable share of American cars going to all parts of the world. The Union of South Africa, Australia and Sweden are currently excellent markets for American autos, with the gold bloc nations lagging in aggregate purchases behind those whose currencies have been devalued. Last year's sales in Sweden were double those of 1933. Roosevelt Policy Effective Tariffs and currency revaluation have been important influences in the world market for American automobiles, according to Mr. Bauer. Efforts of the Roosevelt Administration toward breaking down tariff barriers already have created better sentiment abroad toward this country, even though the tangible results of the Administration’s reciprocal treaty program thus far has not been great. Dollar devaluation has proved a boon to foreign demand for American cars, said Mr. Bauer. Ordinarily with dollar devaluation, it was to be expected that auto prices would be raised. This did not. however, happen. Half the Price in Spain Thus the purchase price of an American auto dropped appreciably in terms of foreign currencies. In the case of Spain, for example Mr. Bauer pointed out that it now requires only half as many Spanish pesetas to buy an American automobile as it did in 1932. Peculiarities and certain taboos relating to likes and dislikes in automobile color and types were discounted by Mr. Bauer. The principal exception to this is the Oriental aversion for red and yellow automobiles. In Japan red connotes the privilege of royalty and yellow is the color of mourning. The Chinese similarly place a taboo on American cars in the color of mourning. Autos Civilize World "The worldwide popularity of movies and the common usage of the automobile have been prime influences in knitting the peoples of the world closer together," said the export manager of the Automobile Manufacturers Association. “Many customs and taboos are fast disappearing. As far as American automobiles go, the Mexican, South African or British Indian buy their autos with essentially the same tastes and preferences based on price, service and performance.”

G. M. C. NET EARNINGS IN 1934 SHOW GAIN Income Equivalent to 51.99 a Share After Dividend Payments. By Times Special NEW YORK. March 27.—Net earnings from operations of the General Motors Corp. during 1934 amounted to $94,769,131, compared with $83,213,676 in the preceding year, according to the annual report released today by Alfred P. Sloan Jr., president. The net income for the year was equivalent to approximately 10.3 times the dividends on preferred capital stock. After deducting $9,178,220 for regular dividend payments, net earnings were equivalent to $1.99 a share, compared with $1.72 a share on the common stock outstanding in 1933. Dividends of $1.50 a share were paid on the common stock during 1934. This is equivalent to $64,443.490 distributed to approximately 330.000 common stockholders. Dividends paid on common stock in 1933 were $1.25. Net working capital as of Dec. 31, 1934 amounted to $275,645,886. MODEL LOAN SERVICE ANNOUNCES PURCHASE Personal Finance Cos. of Indianapolis Is Taken Over. Model Loan Service, Inc., has acquired the Personal Finance Cos. of Indianapolis, Paul A. Hancock, general manager of the former company, announced today. The transaction was completed over the weekend. Model Loan Service, Inc. has been in its present location at 8 East Market-st for the last 20 years. The Personal Finance Cos. of Indianapolis had been locatec} at 34 South Pennsylvania-st. This office will be given up and the facilities merged with the Model Loan Service. KELLY REPORTS LOSS By Timet Special NEW YORK, March 27.—The Kelly-Springfield Tire Cos., now in receivership, has reported a consolidated net loss of $851,906 for 1934. The loss was exclusive of court costs of receivership and interest acquired on the 10-year 6 per cent notes due April l, 1942.

OPTIMISM OF PUBLIC HELPS RETAIL TRADE Buying Resumed on Fairly Large Scale During Depression. BY CHARLES H. HUFF, Time, Special Writer NEW YORK. March 27. The consuming public has thrown off depression pessimism sufficiently to resume deferred-payment buying on a farily large scale. Evidence of this, cited today by A. W. Zelomek, director and economist of the International Statistical Bureau, was described as the most conclusive indication of acutal recovery in retail trade since business hit bottom in the current post-boom era. Pointed out in conjunction with a sharp increase in general retail sales in February, it was contended that the obvious willingness of rank and file consumers to go into debt for semi-luxury purchases is to be taken as a positive indication of prevailing confidence in an improved state of welfare. Consumers Point Way In this regard, according to Mr. Zelomek. who bases his observations and statistical summaries on day-to-day survey of retail trade throughout the country, the wage and salary classes have oustripped merchants and business executives in developing optimism. If not outright optimism. Mr. Zelomek said, buyers at least have become tired of retrenchment and are expanding to the extent of their available funds and credit. Merchants on the whole still lean toward pessimism, he adds. Concrete evidence of retail trade improvement was provided in estimetes that public expenditures in department stores, mail order houses, general chain and variety stores in February amounted to $319,126,000, the largest amount for any February in three years and ab’Jut $20,000,000 ahead of February, 1934. The total was 3.3 per cent greater than January. Autos Top Purchases Touching on deferred payment nurchases, Mr. Zelomek pointed out that automobiles were at the top of the tabulation in increased sales. He offered an estimate that the American public spent $150,000,000 for automobiles in February, or almost one-half of the total expended for general merchandise. That represented a gain of almost $50,000,009 over February of last year. Other retail channels which profited especially from the increased trade in February included shoe chain stores, apparel chains and drug chains. Department store sales, according to the estimate, jumped about 5 per cent ahead of the 1934 month.

PURE OIL NET LOSS IS $884,372 IN 1934 Annual Rpport Shows $2,000,009 Reduction in Funded Debt. By Times Special CHICAGO, March 27.—The report of the Pure Oil Cos. and its subsidiaries for the fiscal year 1934, issued today showed a reduction of $2,000,000 in funded debt, and approximately $300,000 in bank loans and notes payable. The net working capital was $12,175,502 including $3,534,486 cash. Profits applicable to interest charges on the gold notes and depreciation and depletion reserves were $8,622,280, as against the interest and discount on gold notes of $1,924,410. After giving effect to depreciation and depletion reserves of $6,938,436 and all other charges, including interest, there was a net loss of $884,672 which does not reflect the company’s equity in the net income of associated companies, not consolidated, which amounted to $1,067,118. The statement reflects the consolidation of a number of subsidiary companies heretofore carried as investments. CANADA BUSINESS, is UP Increase of 12 Par Cent Shown In Week of March 9. By Times Special NEW YORK, March 27—“ Business conditions in Canada reflect inherent strength rather than any stimulating external influencs," the Bank of Montreal reported in its current summary. The bank reports that business has made the most of its opportunities and has maintained improvement during March. Compared with conditions in 1934, the economic index of the Domini*n Bureau of Statistics showed an increase of nearly 12 per cent in the week of March 9. Bargain Week-End Trips Each Week-End CHICAGO $5.50 Leave on any train 10:45 a. m. Friday to 1:55 a. m. Monday. Return limit Monday. Reduced round trip Pullman fares. Next SaUrdaj CLEVELAND 54.5 C Leave 10:00 p. m. or 10:50 p. m. Return on any train until 2:50 a. m. Monday. Coach service. DETROIT $4.50 TOLEDO . 4.00 Leave 10:00 p m. Return on any train Sunday. Coach service. SANDUSKY $4.00 Leave 10:00 p. m. Return Sunday evening. Coach service. BIG FOUR ROUTE

1 BE SAFE Insure Tour Car Today —Fall I’roteetlo* Automobile insurance Ass’n. LI-*ft7l. 7th Floor Qc-ldea.-l Bldg.