Indianapolis Times, Volume 47, Number 15, Indianapolis, Marion County, 28 March 1935 — Page 16

Wall St. Gold Redistribution Is Considered Vital. _Bl' RALPH HLNUERSHOT Tim*. tHtul Writer

NEW YORK. March 28—That the United States government ia interested in the redistribution of the world s supply of monetary gold a indicated in a dispatch from Washington quoting Secretary of the Treasury Morgenthau as. saving the Treasury is ready to entertain "any good proposition ’* Just what sor of proposition would be

considered good was not made clear., but if he is able to get together with other countries the results should be generally satisfactory. Most authorities are in agreement that the United States has too large a proportion of the word's gold for

—— (J

Ralph Hendershot

its own good, or for the of international commerce. The huge hoard is considerea one of the foremost 1 actors causing commodity price declines. It is a contributing cause to world price deflation. It requires no great stretch of the imagination to understand that naw.th very little gold are bound to trv to build up their reserves at a time like this, vhen it is a greatly coveted commodity and when war is threatened To secure the metal they will throw their produce on the market at almost any price. The world price influences prices here despite all our efforts to alter the economic law of supply and demand. m m m Mm rist countries in Europe are very . much afraid of inflation. The (Prman experience apparently made a great impression on them They as a backing for all currencies, and they feel, no doubt, that if their paper money is well backed with gold they can successfully guard against inflation. We in this country, however, have taken steps to bring about a certain degree of inflation. We wish to see commodity prices raised to the 1926 level. If other countries had more nearly their proportionate share of gold we might be able to get away with it. But the outside forces counteract our efforts in that direction, and the best we can do is to about hold our own. And in the meantime our gold is doing us little or no good. a a a WE would like to get rid of some of the yellow metal, but we do not want to trade it for foreign goods. Nor do we wish to send it out in the form of Irwins. We have traded some for silver, particularly in the case of Mexico, but aside from that the Administration seems unable to And any way by which redistribution can be effected. It might not be a bad idea, perhaps, if the United States made gold part of our stock in .trade when consideration is being given to reciprocal trade agreements with other countries. This could be done to best advantage, no doubt, in the ra.se of nations which do not come into direct competition with us in the sale of commodities, particularly wheat and cotton.

On Commission Row

Quotations blow are v*raee whoi***l* Brief.' bf.nc offered to buvers bv local eo-imt'Sion dealers. .... Fruit' Bananas. 5c a lb. App.es. Winecap* $1 75 Delicious. $1 85. Lemons, sunktst 260* $4 25 Grapefruit. Texas, seedless $3 25. Arizona 645, 70s and 80s. $2 50. Limes. Mexican, per carton 12s. 25c; Bvrsm seerilo-v per hundred. 83. Pineapples porto Rieans crate. *5 Avocados. Florida box. SI 50. Strawberries. Florida, pint 20® 21c. pc. S6-pt crate Apricot.*. <i crate Grope*. South America, white. V biaclt *7 Honev Devs, Sou’h America. *2 75. Nectarines. South America, box. 82 SO Vegetable*—Tabhace. Northern Danish 50-lb bae SI 75. new red Texas, hamper. $3 SO new Texas, half crates. $2 .a. Onions. Western Spanish. 50-ib. bag. tZ 65 Michican vciiow*. 58-lb. bae $2 65. P 'atoes Green Mountains. 100-lb. bae. s rd cobblers. 50-ib bae. St.-5: northern round whi’e. 180-ib. bae. $1: Ohms 100-ib bae. $1 9°: Idaho Russets, too-ib bar $J 90. Sew Florida Triumphs, bushei *2 15. Saeet potatoes. Indiana Jersey bu*hei. s’. 58. medtura or seed. sl.lO 27. ticv Hails bushel. $1 15. Beans, round st-tneies*. hamper. *2 50'.i2 75. Celerv ■ w*hed and rrimmed*. medium, dot . 50c; jumbo dor 75c. hears do*. 90c. Cucumber- hot house, doten. SI 50 2 doren box. *2 75 Et’.c.ve. California, doren 90c; crate. $4 25 Fee plant. $2 50 doren Kale, bushel IKV Lettuce, hot house. 15-lb. h.(*ker SI 25 Arizona Icebere head iet'uce. *3 25 Yuma crate. $4 50 Mangoes, *3 50 05 a crate: smalt basket. 50c. Mint a doren. St. Parsley, doren. 35c Peas.’ hamper* 83 25. Sp-.nach Texas, bushel SI si* R-,dishes, doren. 65®85c. Florida oranges *2 75. Turnips, bushel 75c Parsn;p* bushe *1 40. Beets, bushel *l- - bushel. 81; 108-lb sack, 81 *5. Rhubarb, ho* house. 5-lb. carton. 50®55c doren bunches 1. Mushrooms, lb . 30c. All Quotations subhet to change up or down. rut IT9 AND VtC.fTmt* Bv United Press’ CHICAGO March 2* Apples- MifJv.ean. Jonathans 1165 Mclntosh **so I*s T jrn:r Him s bu 2*'3Sc Carrots— California, crates s2<S'.i3. liltnots. bu. 4b c 90c Saeet Poatoes -Tennessee, bu . 75 w 9<*c Indiana. 81250135 Beans F ont.*, bt. green *l -i2 Spvr.acb. Texas, b . $1 !50 Cabbage Wisconsin. 100 lbs *. 3 **' California. Gnion Mtch-ear 'ark* a bu . vPI w. ? ,5 j3 *5 res* California bu h'r.ipers 83*i i,o Tomatoes Florida. luev i%2_ <5 Rhubarb Mtchiean. 5-lb rat-onv 30'ia5c Let*uc- w>s*ern. crates S4B 4 25. Xlllnois 10-lb baskets. 50c. FIRM TO BE DISSOLVED Stockholders of Continental Cos. Meet Today. Officials of the Continental Building Cos., former owners of the Continental Bank building, plan to dissolve the company at a stockholders’ meeting here today, according to Leslie Colvin, president. The buildmg recently was pur:hased by the Indianapolis Power & Light Cos. for sl*3 000 Sale of the building followed six months of operations at a loss by the company, which was organized less than a year ago by stockholders under court approval. Distribution of proceeds of the sale to stockholders trill be made m two small installments. It was stated. INSOLVENCY~INDEX~ OFF Bninm Failures In March Drop 11.4 Points From February. BV TANARUS, mtt NEW YORK. March 2*.—Dun & Brmdstreet’s insolvency Index for the first three week of March was placed at 46 6, the lowest level for any month since September. 1934, it was announced today. The index for the three weeks of the current month this year was down 11.4 points from February, compared with a drop of 7 points in the preceding year. The decline so far this year amounts to 19® points, while in 1934 it amounted to 10.8 point*.

PAGE 16

BOND REFUNDS BV BANKS HELP U. S. INVESTORS

Services Offered to Avoid Loss of Interest Due to Error. BY CHARLES If. HUFF Time* btfrltl Writer NEW YORK, March 28 —The unusual proportions assumed by the calling of bonds before maturity, both by the federal government and ' by corporations, have created a situation in which many small investors are likely to find themselves I losers. It is proverbial, according to investment sources, that news of a redemption, exchange or retirement ,is always late in reaching a substantial proportion of bondholders, no matter how widely and repeatedly publicized the operation may be. In recognition of prevalent failure of small investors to keep themselves apprised of such developments affecting their holdings, banks and trust companies are using the present situation as an opportunity to promote a branch of their service that involves investment custodianship. Interest Already Lost The complicated features of many! of the current financing projects | | suggest the need of suen aid sos the j average small investor, if loss of interest is to be averted and reini vestment is to be promptly arranged, in *he opinion of trust officials. Belated exchange of the thirdcalled Fourth Liberty Loan 4%s for the new 2% per cent Treasury Bonds is cited as an example of lost interest, which in many cases is now affecting investors to whom the terms of the exchange offer were not readily comprehensible. A somewhat puzzling feature of this financing operation, from thej standpoint of the investor, is that, although the Liberty 4%s have been called for redemption April 15, at par and interest, the accrual of ini terest upon those bonds ceased .March 15, if they are tendered forj ‘ exchange. • Furthermore, although interest is borne by the new bonds from March 15, accrued interest from that date to the time the Liberty 4Us are submitted for exchange is charged against them. Because of indications that the : present process of refunding, in order to effect savings in interest charges, will be employed on an increasing scale by many corporations, j investors who want their placements to continue undisturbed are finding it necessary to avoid some issues which at first, glance appear to be particularly attractive. High Yields Avoided This class includes bonds of high safety rating available at quotations j which leave a definitely high yield, but are priced higher than call. The prospect that many, if not all of such bonds will be called during nearby weeks offsets their otherwise attractive features. A group of high grade oil bonds on the New York Stock Exchange list falls into that category. All arc j j rated high, and at present market j quotations, the yield to maturity Is j in excess of 44 per cent in every ! instance, but prices already are from to three points above call prices, i The extreme economy with which \ states and municipalities are find- | ing it possible to engage in financing is illustrated by the state of j Maryland's offering of $5,500,000 to be awarded April 11. The rate is 3 j per cent and the new bonds are to j be sen iced by an increased schedule , of inheritance taxes.

UNEMPLOYMENT DROPS SLIGHTLY IN FEBRUARY Decrease of 2.4 P e r Cent Shown by Conference Board Report. By Times Special NEW YORK. March 28.—Total unemployment in the United Sta f es in February amounted to 9.898,000. a decrease of 2.4 per cent from January. according to the regular monthly estimate of the National Conference Board. The figures compared with these in the corresponding month of 1934 showed an increase of 25.000. or 0.2 per cent. From January’ to February -of the current year the dej creases by industrial groups were: Manufacturing and mechanical inI dustnes. 240.000; domestic and peri sonal service. 36.000; mining, 5000; miscellaneous industries. 8000. Unemployment in trade shewed an increase of 11.000. and transportation. 10.000. Retail Coal Prices TTi* following prices represent qu->t-tlon* from leading Indianapolis cotl dealers. A 25-cent carmine charge per ton j will be added. DOMFSTIC RETAIL PRICES I Indiana lump 85 >0 Esg 5 03 Hut 480 Lurid 5 S4®s as* BraXil Block-* Lump 554 Fgr 5 31 N it 5 04 i Glendora— Ect S. 1895.43 Nut 4.9555.20 West Virginia and Eastern Kentuckv (Group B) *.77®71S Pocahontas and New River, smokeless 7.30*8.32 Coke, egg and nut 8 90 Pea Coke 7.40 Anthracite 10.13C12 88 Produce Markets Delivered lit Indianapolis prices: Hearv breed hens. 15c: Leghorn hens, lie: colored springers. 13c' heavy stags. 11c Leghorn stags. 7c; old roosters. 7e; ducks, full feathered and fat. 9e: geese, full feathered and fat. 7c: aii classes of guineas. 15c: No. 1 strictly fresh country run eggs loss off 17c. Each full cases must weigh 55 ihs gross, a deduction of 10c a pound for each pound under 55 lbs will be made. Butter—No 1. 33® 34c: butterfat. 28c. Quoted bv the Wadiev Cos. — TIN CONSUMPTION OFF Bp Ti met Special NEW YORK. March 28.—World consumption of tin during the year ended Jan. 21 amounted to 130.300 ton*, compared with 135.300 tons in the precwdim? year, according to 1 The Hagif statistical report. ’

Abreast of The Times on Finance

NEW BUSINESS BOOKS AVAILABLE AT LIBRARY The following new books are now available at the business branch o f the Indianapolis Public Library: RETAIL SELLING AND THE NEW ORDER (liT Kenneth Collins)— He *p*re no jne—Controllers, buyers, mercnndi*e managers, promotion managers, yes. even s'ore presidents. Yet ti er* u. a fine spirit throughout the pages . . . it is the grandest game In ine world." WHO PATS? <Bv Ernest Greenwood) —Are you doing your part in elimina'irg some of ’he tremendous waste of life, cf economic values of human suffering? THE GOLD STANDARD AND ITS FI TANARUS! RE 'Be T. E. Gregory >— First written Just after 'he suspense of the gold sear.dard in England, this new edition is expanded to include the march of events in the United States. INVESTMENTS ' Bv David F. Jordan) —"One which all investors will want - o have in their libraries and one which et ery new investor should h**e." SHE STRIVES TO CONQUER *Bv Eranees Maulel— The whole range of business conduc’. manners, ethics and etiquette for the young woman in business.

SWINE MARKET MOVES LOWER Prices Steady to Mostly 15 Cents Off; Vealers Up Sharply. Porker prices in early trading at the local stockyards today were unchanged to generally 15 cents lower than yesterday. Receipts were estimated at 5000, an increase of 1000 from the previous figures. The decline, however, came in face of a fairly strong demand which prevailed in practically all classes. Following the extremely sharp upturn in the previous session, top price for good and choice hogs today held at $9.15. The bulk, 160 to 250 pounds, sold at $9 to $9.10. Heaviest grades available, scaling from 250 pounds and upward, were salable at $8.60 to $8.95. Medium lightweight classes, weighing from 130 to 160 pounds, cashed in at $8 to $8.75, while extremely light lights, 100 to 130 pounds, sold at $6.75 to $7.75. Good packing sows held at $7.75 to $8.25. Holdovers numbered 100. With developments slow in the cattle market, general trade wastly unchanged at the previous close. Two loads of steels were valued to sell at around $12.75, while others held mostly under sll. Receipts were 700. The initial advance of the week was registered in veals where the majority of all classes were largely 50 cents higher, selling at $lO dowr.. Receipts were 500. Trading interest continued light in the lamb market and most early sales were stationary. Bulk of wooled native grades was selling at $8.25, while clipped fed westerns brought $7.50. Few classes of western lambs held slightly higher. Slaughter sheep sold at $5 down. Receipts were 700. HOGS Mar. Bulk. Top. Receipts. 22. $8 604i 8 75 $8 75 4000 23. 8 60® 8 75 8 80 1000 25. 8.85® 9.00 9.00 4000 26. 8 85® 9.00 9.05 5000 27. 9.00*1 925 9 25 4000 28. 9 00® 9.10 9.15 5000 Light light: 140-160) Good and choice . $8.50® 9.00 Medium B.oo® 8.75 Light weight: 1 160-180) Good and choice .. 9.00® 9.05 Medium 8.50® 8 80 GBO-200) Good and choice • • 9.05® 9.10 Medium 8.65® 8.90 Medium weight: (200-2*ol Good and choice .. 9.05® 9.15 (220-250) Good and choice .. 9.00® 9.15 Heavy weight: (250-2901 Good and choice .. 8 90® 9.00 (290-350i Good and choice 8 60® 8.90 1 Packing sows: (275-350i Good 8 00® 8.25 (350-4251 Good 7.90® 8.10 (275-3501 Medium 7 60® 7.90 (425-550* Good 7.75® 8.00 Slauehter pies: (100-140) Good and choice .. 6.75® 8.50 Medium : 6.00® 8.00 CATTLE —Receipts, 700— —Steer*— I (500-900) Choice $10.50® 12.50 I Good 9.50® 11.50 Medium 7.50® 9.75 ! Common 5.50® 7.50 ! (900-11001 Choice 12 00M 13.50 Good 9.50® 12.50 Medium Common 5.50® 7.75 i (1100-1300* Choice 12.504(13.75 Good 10.25® 13.00 Medium 8.50® 10.50 I (1300 1500) Choice 12.503a 13.50 —Heifer*— I (300-750) Good 10 25®13.00 ! Choice 9.25W10.25 | Good 8.25® 9.25 Common and medium 5.00® 8.25 ! (750-900 1 Good and choice ... 8.50®10.50 Common and medium 5.00ig 8.50 —Cow* — (Yearling Excluded) Good , 6 00® 7.50 Common and medium 4.25® 6.00 Low Cutters. Cutters ■•. 2.75® 425 Bulls, good 5.50® 7.00 Cutter, com. and med. bulls.. 3.75® 5.50 VEALERS * —Receipts, 500— Good and choice $9.50® 10 00 Medium 7.50® 9.50 CuU and common 3.50® 7.50 —Calves—--250-500) Good and choice 6.50® 950 Common and medium 3.50® 6.50 —Feeder and Stocker Cattle——Steers— (soo-900* Good and choice 6 00® 800 Common and medium 4 50® 6 00 (900-1050 1 Good and choice 6.00® 825 Common and medium 4.50® 6.00 —C ow S Good . .. 3.75® 4.50 Common and medium 3.25® 3.75 SHEEP AND I AMBS —Receipts, 700— 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: G2O-150* Good and choice 4.00® 5.25 All weights, common and medium 3.00® 4.25 DIRECTORS ELECTED BY J. D. ADAMS CO. Regular quarterly Dividend Is Declared at Meeting. Seven directors were elected to the board of the J. D. Adams Manufacturing Cos., Indianapolis manufacturers of road bulidmg and maintenance machinery, at the annual stockholders meeting Thursday, Roy E. Adams, president, announced today. The directors, who will hold office during the ensuing year, are Roy E* Adams, William Ray Adams, Howard R. Meeker, Frederick E. Matson, John E Kendall, Floyd D. Wallace and William W. White. A quarterly dividend of 15 cents a share on common stock. payable May 1. to stockholders of record April 15. was declared at the regular quarterly meeting, also held Tuesday. $500,000 IS ALLOCATED WASHINGTON, March 28.—The Indianapolis Life Insurance Cos. has allocated $500,000 for Federal Housing Administration loans in the Better Housing program in Indiana, James Moffett, FHA administrator, has announced.

INDIANAPOLIS, THURSDAY, MARCH 28, 1935

LEADING ISSUES ABE IRREGULAR UN BIG BUARD U. S. Smelting Makes New Low for Year. Off 7 1-4 Points. By United Presa NEW YORK. March 28.—Leading issues on the New York Stock Exchange today moved irregularly in a narrow range in dull turnover. A few stocks fluctuated widely. U. S. Smelting made anew low for the year. 101, off 7'i points, then rallied more than 2 points from that figure. Other silvers were not affected. Cerro De Pasco around noon registered a small gain and American Smelting was around the previous close. Walgreen lost a point to 27?i. International Business Machines gained 2 points to 156. Interstate Department Stores preferred hit 75, ex-dividend, up 3'i>. Coco Cola made anew high at 196’i, up l % s. American Telephone lost 1U to 101 n s. . Many issues made small gains, including most of the utilities, rails and oils. Spiegel. May, Stern rallied after a long series of declines and other mail order shares steadied. U. S Steel was at 28 7 s, off U; American Can 116%, up %; Bethlehem Steel 24%, up U; Chrysler 34, unchanged; General Motors 2811, up U; Loew’s 35%, up 3 s, and Standard Oil of New Jersey 38' *, up R 4. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,013,000.00 Debits * 4,652,000.00 TREASURY STATEMENT (By United Press) WASHINGTON. March 28.—Government expenses and receipts for the current fiscal vear to March 26, compared with the corresponding period so the previous fiscal year: . , „ This Year. Last Year. Expenses $5,014,912,559.17 $4,744,433,254.77 Receipts 2.333.164.945.63 2.289,510.021.17 Deficit • 2.181.747.613.54 2.454,923.233.60 Cash Bal. 2.367.712.261.08 4,887,666,100.16

WHEAT MARKET HAS LIQUIDATION WAVE Sharp Break in Cotton Is Held Responsible. By United Press CHICAGO, March 28.—Easiness in Liverpool and a sharp break in cotton futures started a mild wave of liquidation today in wheat on the Board of Trade. Corn held higher. At the start wheat was unchanged to % cent lower, corn was up % to % cent, oats were unchanged to Vi cent down, and rye was off !i cent. The English market opened higher but before the Chicago exchange opened, prices abroad had reacted under heavy profit-taking. Broomhail said hedging sales contributed to the downturn. Cotton futures dropped as much as 20 points locally. The market here, however, was somewhat : steadied by continued drought and dust storms in the Southwest. (By James E. Bennett) Wheat— 11:00 Prev. High. Low. N. Y. r/jse. | May 95% .94% .94% .95% July 93% .92% .92% .93*8 Sept 93 1 8 .92 V .92% .92% Corn— Mav 79% .79>s .79 1 s .79*/ July 74% .73% .73% .74 Sept 70 .69’ .69% .69% Oats— Mav 44% .44% .44% .44% Julv 39% .39 .39 .39% Sept 38V .37% .37% .37% RyeMay 55% .54% .54% .56 July 57% .55% .55% .57% Sept 58% .57 .57% .58% LOCAL CASH MARKET City grain elevators are paving 86 rents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow. 75 cents, and oat,s 42 cents. EASTMAN KODAK CO. EARNS S(L2B A SHARE Consolidated Net Income Totals 514.503.247 for Year. By Times Special CHICAGO, March 28.—Consolidated net income of the Eastman Kodak Cos., including subsidiaries, in 1934 amounted to $14,503,247, equivalent to $6.28 a share on the common stock, according to a report by Frank W. Lovejoy, president, today. This compared with net earnings equivalent to $4,76 a share on the common stock in the preceding year. The company during 1934 also established a reserve of $3,168,411 to provide for possible losses. Earned surplus at the end of 1934 amounted to $80,600,102, compared with $76,595,941 in the previous year. Current assets totaled $91,522,874, against $79,884,344 at the end of 1933. Current liabilities aggregated $15,109,871 at the end of 1934. compared with $10,926,861 at the end the previous year. Other Livestock <By United Prqss) LAFAYETTE. March 2t--Hogs—Steady to 10c lower; pigs, 15c $8 90'll9; 235-275 lbs.. $8 75ft8 85. 275325 lbs. sß.ss'</ 8.65: 170-200 lbs 58 85ft 8 90; 150-170 ’bs.. 58.50 ft 8.75: 135-150 lbs.. SB"i 8.25; 125- J 5 lbs., $7.50ft7.75 115-125 lbs' 577 25; 100-115 lbs, $6 50ft6.75: roughs. $8 down. Calves, 50c higher; $9 down. Lambs, steady, $8 down. FT WAYNE, March 28.—Hogs—Steady to 10c lower: 200-250 lbs.. $890; 250-300 lbs.. $8.75; 300-350 lbs.. S8 45; 180-200 lbs.. $8.80; 160-180 lbs.. $8.70; 150-160 lbs., $8.50: 140-150 lbs SB. 130-140 lbs.. $7.75; 120-130 lbs. $7 25; 100-120 lbs., $6.75; roughs, $7.75; stags. $5.50. Calves. $9.50; lambs. $7.75. ■By Times Special! LOUISVILLE. March 28 —Cattle Receipts. 300: slaughter cattle in light supply; quality plain: market, generally steady; spots weaker on in between grade steers; bulk, common to medium, steers and nelfers. $6 50ft6 75; better finished kinds auotable to around $lO 25: bulk beef cows. $4.50ft6; good kinds and desirable heifer types quotable to $6 50 or better; bulk low cutters and cutters. $2.75ft 4; sausage bulls very scarce and considered salable $5.25 down: bulk desirable Hereford stock calves. $6 50ft 7.50; choice kinds higher. Calves —Receipts. 250: steady; good to choice veaiers. $7 50ft 8: strictlv choice to $8.50; medium and lower grades. $6 5C down. Hogs—Receipts. 500: market steadv: top and bulk desirable 180-250 lbs.. $8 85: 255 lbs up. $8 40: 260-175 lbs. $8 35; 140-155 lbs.. $7 85: 120-135 lbs.. $6 90; sows weighing 400 lbs. down. $7.10: heavier sows discounted 50c. Sheep—Receipts. 50; generally steadv at s7ftß for medium to good lambs; choice to $8.50; throwouts mainly 66 and fat awes, 63.50 down.

HISTORY REPEATS ITSELF IN PRICE MOVEMENTS AFTER WARS

—ii n — ' ■i "ii ii ii i I— i 180 “TT V 92 6 I *> -f 5-tS. 1861-1965 * 1792-181$ _____ GvilWk I 140 “Napoleonic Wn ~ “ T* A i HO r i H —L kl-uiV— 1-‘ m\l iJr -1 ~T ~ Mk L„ B) Po * W “ ■ \ M)w W.r tt i~r m. —m js*. —" wLT7 ELsjU"--' •— L - IN n - 2 r ia n /o —I ° 1600 1610 1820 1830 1840 1850 18oC . 1870 ISBO 1690 1900 1910 1920 19)0 1940 19

(Reprinted from Business Conditions Weekly). The similarity between the trend of commodity prices since the World War and the price movements after the Napoleonic Wars and after the Civil War indicate that history is now repeating itself. After the Napoleonic Wars, the general price trend was downward for about 39 years. The Civil War was followed by a downward price trend for nearly 33 years. These movements, shown in the above chart, would seem to indicate that the decline which began in 1920 has not yet run its sourse, since only 15 years have elapsed since the W ? orld War peak.

New York Stocks

(Bv Thomson <fc McKinnon) 11 A. M. Prev. Oils— High. Low. N. Y. close. Amerada 51 51 51 50% Barnsdail 6% 6% 6V2 6% Consol Oil ...... 7*/e 7 7*/a 7, Cont of Del ... 16 15% 16 15% Houston inew).. 2% 2 s 2% 2% Phillips Pet • • • 15% 15% la 3 /-* Pure Oil 6 5% 6 6 Seaboard Oil ... 23% 23 1 a 23% 23% S O of Cal ... 29% 29'2 295a 29® S O of Ind ... 23% 23'a 23% 23% S OOf N J ... 36'.* 37% 3837% Texas Corp .. 17% 17 5 s 17 5 /8 IT 1 a Tidewater Assn . 7'.8 7va 7 3 a 8_ Un Oil of Cal .. 157 b 15 7 8 15 3 /b 1574 Steels — Am Roll Mills . 17 1674 17 1674 Beth Steel 24 7 4 24> 2 24 3 4 24;■ Cruc Steel 16 3 a 16 3 b 16 3 b 16 3 ,8 Inland Steel ... 46 :, 4 46u 46 3 4 46'2 Ludlum Steel .. 134 13 13 3 8 13 Natl Steel 417a 4Hi 41>/4 41'a Rep I & Stl pfd 33',* 33 7* 33 >* 33'* U S Pipe <s l Fdy 16 16 16 15? 4 U S Steel • 29’* 28 3 a 29'a 29 1 B U S Steel pfd • 76 3 a 76% 76% 76 Youngs’wn S&TI4 74 14 14 7* 147* Motors— Chrysler 34' 2 33% 34 34 Gen Motors Graham Mot ... 1% 174 1% 1 % Hudson 7 ! a 7 7 6:s Hupp 1 3 ,4 1% 1% 1% Mack Truck ... 217* 2D4 2174 21 Nash . 13% 1374 13% 13 Packard 374 3 3 * 3% 3 3 i Reo 2% 2% 27i 2a Studebaker 2% 23* 2% 2% Motor Access— Bendix 13% 13's 13 * 13% Bohn Alum 53% 53% 53,% 52% Borg Warner ... 3174 31% 31% 317* Briggs 267% 26*2 2648 -®’ 2 Bud Mfg 3% 378 37a 3% Eaton Mfg 17 3 * 17% 17% 17% Eiec Auto Lite.. 21*a 20% 20% 20% Murray Body ... 6% 6% 6% 6% Timken Roll ... 30% 307* 307a 307* Mining— Alaska Jun 16 16 16 16 Am Metals 157a 1574 15% 15% Am Metals 15% 15'2 15% 15 a Ain Smelt 33% 32% 33’4 33% Anaconda 10% 10 10% 10V* Cerro De Pasco. 43% 4274 4374 43 Dome Mines ... 397a 39% 39% 39 Granby 6% 0% 6 r* 6% Howe Sound .... 46 46 46 46 Int Nickel 24% 24 24% 24 Kennecott Cop.. 16% 15% 1674 15% Mclntyre Mine • 44 44 44 44 Noranda Cop ... 34% 34% 34% 34 2 Phelps Dodge ... 13% 13% 13% IHa St Joe Lead ... 11% 11% H% 11% U S Smelters ..105 101 103 108 4 Vanadium 14% 14% 147* 14% Amusements— Loews Inc 35% 35 35% 35 Radio Corp 4% 4 4% 4% Paramount .... 2% 2% 2% 2% Warner Bros ... 2% 2% 27* 2% Tobaccos — Lib & Myers ’B 97' 4 97% 97% 97 Lorillard • 18% 18% 18% 18% Phillip Morris 36% 36% 36% 37 Reynolds Tob ‘3’ 43% 43% 43% 43% Rails— Atchison 37% 3774 37% 37% Atl Coast Lines. 20% 20% 20% 20% B&O 8% 8% 8% 8% Can Pacific .... 9% 9% 9% 9% Ch & Ohio 38% 38% 38% 38% CM JiStP .. . 1 % 1% 1% 17a C M & St P pfd 2 2 2 Chi N W 33 33 % Dela & Hud ... 24% 24% 24% 24% Del Lac &W .. 12% 12% 12% 1274 MK&T 33 3 N Y Cent 13% 1274 13% 13 N Y New Haven 4 4 4 4 Nor Pacific .... 14*% 14% 14% 14% Penn R R 18 17% 1774 1"% Sou Pac 14 13% 13% 13% Sou R R 8% 8% 8% 8% Union Pac 85'2 8 4 3 4 85 % 85% West Maryland. 6% 6% 6% 67* Equipments— Am Car & Fdy.. 11% 11% 11% 11% Gen Elec 22% 2274 2274 22% Gen R R Sig ... 18 18 18 19% West Air Br ... 18% 18% 18% 18% Westingh Elec.. 36% 357* 36 35% Utilities— Am & For Pwr 3’4 2% 3% 3 Am Power & Lit 2% 274 2% 2% AT&T 102% 102 102 102% Am Wat Wks .. 10% 10% 10% 11 Col Gas & Elec. 5% 574 5% 5% Consol Gas 20% 1974 20% 19% Int T & T . 6% 6% 6% 6% Nat Pwr & Lit. 6% 6% 6% 6' 4 North Amer ... 11% 11% 11% 11% Pac G & E 16% 16% 16% 16% Peoples Gas ..21% 21% 21% 21% Pub Serv N J .. 24% 24% 24% 24% So Cal Edison 13 12% 13 12% Stone & Webster 374 3% 3'4 3'4 United Corp 2 2 2 2% Un Gas Imp .. 11 1 4 11% 11% 11% West Union .... 2474 2474 2474 247a Rubbers— . Goodrich B’4 8% 8% B’4 Goodyear 17% 17% 17% 17% Kellv Spring ... 74 % % . 1 U S Rubber ... 11 11 11 11% Miscellaneous— Allis Chalmers . 14 13% 14 13% Am Can 116% 1157a 116% 116 J I Case 50 3 4 50 50% 50'4 Conti Can ... 70% 69% 70% 69% Caterpillar Tract 38% 38% 38% 38% Curtis Pub .17 17 17 16% Curtis Pub pfd . 93 93 93 93 Deere & Cos. 24% 24% 24% 24% Eastman Kodak. 120% 120% 120% 120% Foster Wheeler. 11% 11% 11% 11 Gillette 14% 14 14% 14% Glidden . . . 25% 25% 25% 25% Int Bus Mach.. 156 156 156 154 Inter Harv ... 37% 37 37% 37 Owens Bottle •• 84% 84% 84% 83% Rem Rand 8% 874 8% 87a Foods— Am Sugar 57% 5774 5774 57'4 Armour 4*4 4 4 4'4 Borden Prod ... 21% 21*4 21% 21% Cal Packing ... 08% 38% 38% 38% Coca-Cola • 196% 194% 196 194% Cont Bak “A”.. 5% 5% 5 1 /* Corn Prod 65 64% 65 64% Crm cf Wheat . 38% 38% 38% 38% Cuban Am Sugar 6% 6 6*4 6* a Gen Baking .... 7% 7% 7% 7% Gen Foods 33% 33% 33% 33% Gold Dust 15% 15% 15% 15% Loose Wiles 34 34 34 34 Natl Biscuit ... 24% 24% 24% 24% Natl D Prod ... 13% 13% 13% 13% Std Brands 14% 14% 14% 14% United Fruit ... 79% 79% 79% 78% Wrigley 73% 73% 73% 73% Retail Stores— Assd Drv Goods 8% 8% 8% 8% Best & Cos . 35% 35% 35% 35% Hahn Dept Sts 4% 4% 4% 4% Jewel Tea 53% 53% 53% 53% Kresge S S 20% 20% 20% 20% Kroger Groc ... 23% 23 3 * 23% 23% Macv R. H 34% 34% 34% 34% McCrorv St ... 9*4 9% 9% 8% Marshall Field . 7% 7% 7% 7% Mav Dept. St ... 36% 36% 36% 36% Mont Ward .... 23% 23% 23% 23% Nat! Tea 9 9 9 9 Penney .1 C ... 63 62% 63 62% Safewv St .. 38% 38% 38% Vi Sears Roebuck . 34* 2 34 34% 34% Woolworth 53% 53% 53% 53% Aviation— Aviation Corp .. 3% 3% 3% 3% Curtiss Wright 2% 2% 2% 2*4 Curtiss Wright A 8 7% 7% 7% Douglas Ail ... 19 s , 19*2 19% 19% Spcrrv Corp •• 8% 8% 8% 8% Utd Aircft new 11% 11% 11% 11% Chemicals — Allied Chem .. 131% 131% 131*4 132% Am Com Alcohal 24% 24% 24% 23% Col Carbon .... 73 * * 72 3 , 78% 73 Com Solvents... 18% 18% 18% 18% Du Pont 90 3 4 90*4 90% 90% Freeport Tex .. 23 % 23 *4 23% 23* 4 Liquid Carb ... 26% 26% 26% 27 Math Alkali ... 26% 26% 26% 26 Natl Dis mew). 26% 26*4 26% 26% Scheniev Dist. ..24% 24% 24% 24% Union Carbide.. 46% 46% 46 74 46 7* Drugs— Bristol Myers .. 3**4 31*4 Jl% 31% Cotv Inc 4% 4% 4% 4% Lambert • . 26% 26% 26% 26*2 Lehn & Fink .. 15% 15% 15% 15*2 Sterling Prod ... 61% 61 61% 60% Zonite Prod .. 3% 3% 3% 3% Allegheny Corp . % •% % % Am Int Corn ~ 4% 4% 4% 4% Lehman Corp 6.% 6H 6. % 67% Trtnsamerica .. 5% 5 5% 5% Tr Cont Corp . 2% 2% 2% 2% Building— Am Radiator .. 11S 11% 11% ll's Int Cement .. 24 23 23 * 24 Johns Manville . 4S 43 43 42% Libbv Owens Gls 23 * *1 23 23% Otis Kiev IS-* 12*4 12*4 l2' Household — Col Pal Peet .. 17 16% 17 16% Keivinator . 15% 15% 15% 15% Proc it Gamble . 45% 45 va 4a% 457a

Servel Inc 8% 8% 8% 8% Simmons Bed .. 6% 6% 6% 6% Textiles— Belding Hem ... 12% 12*a 12% 12% Celanese Corn .21 21 21 21% Collins Aikman. 10% 10% 10% 10 Gotham Hose . . 2% 2% 2% 2% Indus Ravon . 24% 24% 24% 24% Kavser Julius . 16% 16% 16% 16% j Chicago Stocks (By Abbott. Proctor & Paine) 11:00 Prev. A. M. close. Allied Products 16% 167* Butler Bros 6% 7 Borg Warner 31% 31 Chicago Corp 1% 1% Cites Service % % Cord Corp 2% 2% Grt Lakes Dredge 18% 18% Libbv 6% 6% Lynch Glass . ... 29% 28% Pub Service of 111 23% 23% Swift 15% 16 Swift Int 33 327* Walgreen 27% 27*2 New York Curb (By Abbott, Proctor & Paine) 12:00 Noon Prev. N. Y. close. Am Superpower 15-16 1 El Bond & Share 5% 5% Hiram Walker 26% 26? b Humble Oil 47% 46% Lake Shore Min 56% 56 Nia Hud Pwr 3% 3'* Penn Road 1% 174 UNITED AIR LINES REPORTS HUGE LOSS Abrogation of Contracts, Lower Payments Are Blamed. By Times Special CHICAGO, March 28.—The United Air Lines Transport Corp. operated at a loss of $2,283,595 during 1934, according to the annual consolidated financial report. Abrogation of airmail contracts and subsequent lowering of contract payments were blamed. In the preceding year, the corporation reported earnings of $177,630, equivalent to 17 cents a share on 1,043,766 shares. Approximately $1,117,567 of the 1934 loss was registered during the 90-day period when the predecessor company was deprived of all air mail contracts, the report stated. United Air Lines, formerly an operating division of the United Aircraft and Transport Corp. was created into the present corporation in compliance with regulations requiring segregation of operating and manufacturing units. The report covers operation of both organizations. AIRCRAFT PRODUCTION CLIMBS DURING 1934 Output in United States Totals 1615 Units in Year. By Times Special WASHINGTON, March 28.—Aircraft production in the United States during 1934 amounted to 1615 planes, exceeding the totals of both of the preceding years, according to a report today by the United States Department of Commerce. This was the largest output reported by the aeronautics manufacturing industry of the United States since 1930, when approximately 2800 planes were produced. The high total during the last six years was reached in 1929 when 6193 planes were built. The recent increase is particularly noticed in small civilian airplanes of the types suitable for private owners, the report stated. Os the total production in 1934, 853 planes were for domestic civil use, 393 were for deliver-*’ to military establishments, and 369 were exported.

Stock Studies

FREEPORT TEXAS t COMMON stock per " "■ IPW'Ct SMAOE EARNINGS PRICE RANGE SCALE 3 20 "iMM — w O. r t A/ Clr' /rY (*Y< i. L—L—L—l . o 13Q31 32 33 34131 32 33 34 351 WINCHESTER INSTITUTE OF FINANCE

The Freeport Texas Cos. through its subsidiaries is the second largest producer of sulphur in the world. About half of the company’s output is sold to manufacturers of sulphuric acid. The company’s sulphur reserves are located on the Gulf of Mexico near Freeport, Tex., where they are sufficient to last for at least 25 years. The Cuban-American Manganese Cos. is a wholly owned subsidiary. FINANCIAL DATA As of Dev. 31, 1934 Common stock 'slo par)... 796,381 shares 6% preferred stock $1,230,100 Surpluses 5,785,418 Cash 3.125.588 Inventories 5.438 240 Total current assets 7.680,834 Current liabilities 2.276,889 Freeport Texas was incorporated in 1913 in Delaware. Both classes of stock are listed on the New York Stock Exchange. At a current price of around 21 the stock sells to yield 4 a i per cent and at 12 times 1934 earnings. 9. (All Rights Reserved. Winchester Institute at Finance, Winchester, Mass.)

What Does It Mean? Export Point—When a currency reaches a point where it becomes profitable for someone oiciny money abroad to ship gold instead of dollars this is known as the gold export point.

NEW TWIN ZEPHYRS HEADY FOR SERVICE Diesel-Powered Trains Will Start Run April 21. The Twin Zephyrs of the Burlington Route that have just been completed at the Budd Manufacturing Cos. shops at Philadelphia will be put into regular service between Chicago and the Twin Cities of St. Paul and Minneapolis effective April 21, according to Mr. O. G. Hageman, general agent of the Burlington's Indianapolis office. Tese new streamlined Diecelpowered trains, similar to the first Zephyr which was exhibited in Indianapolis last spring, will travel the 431 miles between Chicago and St. Paul at an average speed of 66.3 miles an hour. The Twin Zephyrs will be the only streamlined Diesel-electric powered trains in the Chicago-Twin Cities service, and they will have a cruising speed exceeding 100 miles an hour. The route of the Twin Zephyrs will be west from Chicago to Aurora and Savanna and then north along the Mississippi River for 300 miles. The addition of the Twin Zephyrs to the Chicago-Twin Cities run will give the Burlington five trains in each direction daily. The Mississippi Riverview will be scheduled to leave Chicago at 10 a. m. instead of 11 a. m., and it is expected to be on a faster schedule.

N. Y. Bonds (Reprinted from yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 83.6* 72.3* 93.8 83.2* Yesterday 83.8 73.1 93.7 83.6 Week ago 84*> 74.0 92.9 83 8 Month ago . . 86.5 78.8 93.9 Bt>.4 ♦—New 1935 lows. (Copyright, 1935, by Standard Statistics) U. S. GOVERNMENT BONDS (By Fenner & Beane.) Prev. Close, close. Liberty's Ist 3'is 1932-47 101 15 101.15 Ist 4 *4s 1932-47 101.17 101.16 4th 4',*s 1933-38 (uncalled) 102.75 102 24 4th 4*/ 4 s 1933-33 (called* . 100.5 100.26 Treasurys 4%S 1943-45 115.24 115.24 4s 1944-54 m. 2 110.28 3%s 1946-56 109.16 109.11 3%S 1940-43 107.12 107 6 3%s 1943-47 106.26 106 20 3%s 1941-43 107.13 107.9 S%s 1943-47 106.26 106.20 3%S 1941-45 107.13 107.9 3%s 1943-45 105.16 105.10 3%s 1941 107.17 107.18 3 **S 1941-40 105.7 105 4 3 **s 19041-40 105.7 105.4 3%s 1946-49 -04 9 104.9 3%s 1949-52 . 104 11 10*8 3s 1954-55 103.12 103.11 3s 1946-48 103.10 103.8 2%s 1955-56 101.5 101.1 Home Owners’ Loan Corporation. 2 3 is 1949 100.8 100.8 3s 1952 101.23 101.23 4s 1951 101.2 101.3 Federal Farm Mortgage Corp. 3%s 1964 103.8 103.9 3s 1949 101 24 101.26 3s 1942-47 101.25 101.22 DOMESTIC Prev. Issue Close, close. Alleg Corp 5s ’44 66% 66 Alleg Corp 5s ’49 54% 55 Alleg C'orp 5s ’SO 14 14% Am Frgn Pow 5s 2030 56 55 7 B Am Tel & Tel s*/as ’43 113 112% Am Tel & Tel 5s ’65 112% 112 Arm & Cos (Del) 5%s ’43 105 105% Atl Coast Line 4s ’52 98 99% Atl Coast Line 4*is '64 80% 81% Atch Top & SFe 4%s ’4B 105% 105 *, Am Wat Wks 5s '44 91% 91% Am Roiling Mills 5s ’3B 104 104% Balt & Ohio 5s ’95 55% 56 Balt fz Ohio 6s ’95 64 65 Balt & Ohio 4%s ’6O \... 40’,i 40*2 Buff Roch & Pitt 4%s ’57 54% 54% Beth Steel 5s ’36 103% 103% Chi Milw & St PI 5s ’75 12% 12 Chi Milw & St P 5s 2000 3% 3% Cleve Un Term 5s ”13 87 87% Cleve Un Term 4%s ’77 81% 81% Col Gas 5s Mav ”52 79 79% Col Gas 5s April ’52 79 78% Col Gas 5s ’6l 78% 77% Can Pac Perp 4s 82% 83 Cent Pac 5s ’6O 71% 72 Big Four 4*is ’77. 52% 54% Chi & west Ind 4s ’52 97 97 Chi & West Ind 5%s ’62 104% 104% Chi & Nor West 4%s ’49 11% 11% Con aGs 5s ’57 105% 105% Chesa Corp 5s ’47 102% '02% Dodge Bros 6s '4O 105% .05% Del & Kuds 4s '43 76 75% | N Y Dock 4s ’sl 62% 63% I Erie 5s '75 53% 54 I Erie 5s ’67 54% 55 Gen Cable 5%s '47 88% 88% Grt Northern 7s ’36 85 89% Grt Northern 4%s 76 69 70 I Grt Northern 4%s ’77 69% 69% ; Gen Stl Cast WW 5%s '49 .. 54 58% Hud & Manhat Ref 5s ’57 . 88 88% 111 Cent 4%s ’66 ... 45 45% 111 Cent Jt 4%s ’63 51% 51% 111 Cent 5s ’63 54% 55% Interlake C & I 5s ’sl 75% 75% Interntl Hv Elec 6s ’44 . .. 31% 35 Interntl Tel fz Tel 4%s '39 . 63% 63 Interntl Tel & Tel 5s 55 ... 59% 59*4 Interntl Tel & Tel 4%s ’52 .. 54% 54% McKess fz Rob 5%s ’SO 97% 97% Midvale Stl 5s ’36 103% 103% Natl Dairy Stl 5s '35 103% 103 Natl Steel 5s ’56 106% 104% Nickel Plate 4%s ’7B 48% 48% Nickel Plate 5%s ’74 59% 58% Nickel Plate 6s 35 49 -V) N Y Cent 5s 2013 47% 47% N Y Cent 4%s 2013 (old) 43% 44 Nor Amer Cos 5s ’6l 87% 87% Nor Pac 3s 2047 74 74 Nor Pac 4%s 2047 79% 80% Nor Pac 6s 2047 92 93 Otis Steel 6s ’4l 85 85 Penn Rv 4%s 84 102% 102% Penn Rv 4%s 'Bl 102% 102% Penn Rv 4%s ’7O 92% 92% Pat G & E 5s 42 107 107 Portland Gen El 4%s ’6O .... 56 56 Para Publix 5%s ’SO 71% *2% Penn P & L 4%s 'Bl 103 102% Postal Tel fz Cap 53 ’53 42% 42% Rem Rand WW 5%s ’47 100% 100% Sinclair Oil 6%s 38 104 1 04% Sou Pac 4%s 68 58% 58% Sou Pac 4%s ’Bl 58 58 Sou Pac 4%s '69 58 58% Sou Pac 4s ’*9 61% 62% Sou Rail 4s ’56 39% 40-2 Sou Rail 6s '56 . 50% . Sou Rail B%s ’56 54 57 Sharon Stl Hoop 5%s ’4B .... 81 81 Texas Pac ss’ 79 83 85% Texas Pac 5s ’77 84 86 Union Pac 4s '47 110% 110% United Drug 5s '53 87% 88 U S Rubber 5s ’47 91% 91% NY NH & Hart 6s ’4B 33** 33% NY NH & Hart 4%s ’67 29 29% Warner Bros 6s '39 51% 50% Western Mary 5%s '77 97% 97% Western Marv 4s '52 92 92 * Youngstown S & T 5s '7O .... 92 93 Youngstown S&T 5s ’7B 92** 92‘a FOREIGN Argentina A 8s 57 93% 92% Argentine B 6s ’SB 93 91% Brazil 8s ’4l 29 28 * Canadian Govt 4s ’6O 106% 106% German 5%s '65 28% 28** Italy 7s ’sl 81 81 Japan 6%s '54 98 92% Rome 6%s ’52 71% *91% Tokio City 5%s '6l 78% 77% Yokohama 6& ’6l >2 3 82

PENALTIES FUR FRAUU IN lULE PRUJECT URGED Malfeasance in Operation of Plan Is Held Inevitable. Col. Robert G. Elbert, a member of the Unemployment Insurance Committee of President Roosevelt% Industrial Advisory Board, has written six articles for The Indianapolis Times, of which this it th* last. BY COL. ROBERT G. ELBERT Anything is subject to fraud If it has to do financially with large numbers of people. Fraud in the operation of unemployment insurance must be anticipated and prevented and punished whenever possible. There will be employers who hire people on a secret understanding thta the worker pay not only his share but the employer's share of the contribution. One abuse of the system, will come from lazy, unembitious people who work only long enough to qualify for benefits, then they get themselves out of a job. Nor are these the only oppoi’unities for fraud and graft that would develop to harass the administrators of an unemployment insurance system. It is useless to close our eyes to the fact that such a system would be subject to at least as many abuses and frauds as are our other government social services. Vital Questions Fosed Shall the employer's contribution be collected annually as a tax or in some other way? How shall we keep track of insured workers? Who is to decide on controversial points? In what way may we determine fairly that an unemployed person is entitled to benefits? How shall the employment offices tor labor exchanges) be organized? What shall we do if an insured worker changes from one job to another, perhaps half a dozen jobs in a year? There is no conclusive answer to these questions or to many others like them without the results of actual experience before us. Nevertheless, we shall have to begin with some sort of framework of administration. It may be changed later. The idea of taxing the employer annually—or even monthly—for his share of the contribution is involved and unduly laborious. It is easy to buy stamps at a post office, so why not adopt the British method of contributions paid in stamps? All payments to the unemployment insurance fund might be made in stamps—of a special issue, good for nothing else—and these stamps should be on sale at every post office. The insured employe ought to have an employment book of small sizeto carry in the pocket, something like a passport book. Under this stamp book method the bookkeeping of the system is simplified. The employer buys stamps from the postoffice. On pay day he pastes in a stamp equal to his and his employe’s contribution and deducts half the amount from the employe's pay. At the same time he cancels the stamp. The worker, as a matter of self-interest, will see that the stamp is pasted in. He keeps the book. New Problem in America In going into unemployment insurance we are entering an unknown land, as far as American experience is concerned. Nevertheless, we do know some things that are essential. We know, for instance, that no unemployment insurance plan has ever worked out successfully where the worker did not contribute some percentage of his wages. It gives him an interest in the fund. He becomes a part owner. Under the Elbert plan the worker contributes 2 per cent of his wages and the employer puts up 2 per cent. In terms of annual wages, this means that the worker contributes his wages for one week in the year and the employer contributes one week's pay roil. Now, if anybody can not do that we are certainly in a bad way, indeed. Another factor of importance is the waiting period. Our American statistics show that in normal times more than 50 per cent of those who Jose their jobs get new jobs within four weeks. Under the Elbert plan we propose to take care of all those whose unemployment lasts more than four weeks.

★ MEASURED We invite you to use our custombuilt service . . . Planned ofiice space is more effective because it provides the greatest number of useable square feet. KLEIN E KUHN,., PROPERTY MANAGEMENT V ncoli 35 45 INDIAN APOLIS