Indianapolis Times, Volume 47, Number 208, Indianapolis, Marion County, 8 November 1935 — Page 26

Trends Tax Finures Do Not Reflect Incomes. BY JOHN T. FLYNN

NEW YORK, Nov. B—Dr. Epstein of the Buffalo School of Business has made some calculations to prove that confiscating excessive incomes would produce little extra income for the poor. But the figures he uses will bear examination. Dr. Epstein finds that in 1931 only 600,000

persons had incomes of over /’OOP We collected from them in income t a xes $1,150.853,000. But if we had raised the taxes so that over SSOOO earned by each man were taken from him. the amount realized would be only $4,000,00 0.0 0 0.

John Flynn

This, says Dr. Epstein, sounds like a lot of money, but if it were divided among the 40,000,000 wage earners it would give each one on;/ SIOO. This wouldn't help them very much. The figures, however, do not adequately reflect the incomes of the people, as we shall see. But why select 1931, a year of black depression when income had fairly well vanished? Suppose we look at 1928. That year 1.010.887 persons paid taxes on incomes of SSOOO and over. Their total incomes were $16,965,960,000. B B B TF pach had been allowed an income of SSOOO and all the balance taken in taxation, the sum thus taken would have been sll,901.525,000. Divide this among the 40.000.000 earners and each would receive $297.53. I daresay the several million who never get, more than S3OO or S4OO a year anyhow would relish it very much. Os course I am not advocating this wholesale confiscation of incomes over SSOOO. I merely point out, that the project can not be reduced to absurdity by any such process. But of course the matter goes much further. This income of $16,955,960,000 attributed to the fortunate upper million does not by any means include all the income of these groups. There are billions of tax-exempt bonds held by them. BUB THERE are several billions of dollars which are not included in net income because they represent deductions of all sorts —capital losses nicely manufactured for the purpose, tax payments, interest payments. Under our beneficient and loose system of tax returns a man with an income of $50,000 may report a net taxable income of S2OOO. It will be recalled that the 20 Morgan partners in the three years of 1930, 1931 and 1932 reported not one cent, of income among the 20 of them. It would be very easy to show that these 1.000,000 higher bracket taxpayers had income, not of $16,955,960,000, but nearer $20,000,000.000, and that the surplus over SSOOO divided among 40,000,000 people would easily afford them nearer S4OO each. (Copyright, 1935. NFA Service. Inc.) DIVIDEND IS DECLARED Times Special ST. LOUIS. Nov. B.—Directors of the International Shoe Cos. yesterday declared an extra dividend of 25 cents a share on common stock, payable Nov. 30. of record Nov. 15. The regular annual rate of $2 has been maintained by the company since Oct. 1, 1932.

On Commission Row Quotations below subject to change are average wholesale prices being offered u buyers by local commission dealers: Fruit—Cranberries, early blacks. 25-lb. box, $3 90. Pears—Michigan Bartletts, bushel. $2.25; Avocados, Florida, box $2.25. Cantaloupe—California Honey Dews. $2.50; Casabas $2.25; Persians, $2.50. Bnnnnns —7 hands, a pound. 5%c. Grapes—Michigan. 12-qt. basket, 35c. Persimmons—lndiana, 12-pi, case, *l. Apples—lndiana Jonathans. $1.158125 Summer Rambos. $1; Delirious. $1.2581.50. Wealthy*, $1: Grimes Qolden $1.15. Lemons—Sunkist, 3605. $7.50. Grapefruit Texas, 64s to 70s, $.3.50. Limes—Mexican a carton 12s. 20c; Persian seedless a hundred. $3. Vegetables—Beans, green, round stringless bu., $2.50 Beets —Home grown. d07,., 20c. Cabbage—New Yorx. 50-lb. bag, 75c. Carrots—Home grown and Ohio, 35c; Dew” bulk, half bu., 60c Cauliower—New York, crate, $1 50. Long Island, large crate. *lB5 Celery—Michigan. washed and trimmed, extra large. 85c; jumbo, doz., 45c. Cucumbers—Hothouse, 2 doz. box, $2.35. Kale—Home grown, bu.. 50c. Lettuce —lceberg. California, best. $4.50: home grown leaf. 15-lb. basket. sl.lO Lndive— Ohio, basket. 45c. Mangoes—California grown, craie, *3 25; small basket. 40c. Mint —Doz.. 50c. Mustard—Home grown, bu., 50c. Onions—lndiana yellow, 50-lb. bag, 90c: Indiana white 50-lb bag. sl. Western Span/ h, 50-lb, bag. $1 40. Parsley—Home grown, doz , 35c. Peas—Telephone, hampers, *3. Potatoes—Round Cobblers. 100lb. bag. $1 50; Michigan Round White. 100lb bag. $l3O. Early Ohios, bu.. $145; Idaho Russets, *2 10. Sweet potatoes—lndiana. Jerseys, bus . $1.50 Radishes—Ohio, buttons, doz. baskets. 45c. Sage—Doz., 45c Spinach—New Zealand, bu., 65c. Squash—Bu., $1.1581.25. Turnips—New b\% 90r: bunch, doz., 25c. Tomatoes— California, repacked, 10-lb. carton, $1.15. FRUITS AND VEGETABLES (By United Press) CHICAGO Nov. 8 —Apples Michigan. Mclntosh, bushel, $lB 1.25. Carrots. Illinois. bushel, 25 , (i35c Sweet potatoes. Tennessee, bushel. 90r®$l Beans. Louisiana bushel. 75c f; $1.50. Cabbage. 60-70 lb. crates, 60 8 75c Peas, California, bushel hampers. $2 5083.60 Tomatoes, California. lugs. $l 2582. Spinach. Illinois, bushel. 25m 60c Lettuce, western crates. 5 doz., $3 508 4 25. Cucumbers—Florida, bushels. $2 50 8 3.50 Celery. Michigan, crates. $1 258 1 75. Cauliflower Michigan, crates. 50c 81125. Orion market (SO-]b sacks' —Minnesota yellows, 90c: Western Valencias, $1 158 1 25; Illinois \cllows, 50 75c. Produce Markets Th prices quoted below ar paid for stock gathered In the country, while delivered in Indianapolis the price will be 1 cent higher: Heatv breed hens, 17c; Leghorn breed hens. 12c; springers, over 4% lbs. 17c: under 4% lbs 16c: old cocks, 9c; Leghorn broilers l% lbs and up. 12c; Legnorn springers. 12c: ducks, white, 4 lbs. and up. 8c: geese, full feathered and fat. 4c; old guineas. 15c; voung guineas. 1% lbs. up 55c; No 1 strictly fresh eggs, loss of 25c: pullet eggs. 18c. Each full case must weigh 55 lbs. gross, a deduction of 10c a pound under 55 lbs will be made Butter. No, 1, 32%8 33%0: No. 2. 30%'d31%c. butterfat. 28c. Quoted ißv United Press) CHICAGO No* 8 —Eggs—Market, unsettled receipts. 2768 cases fresh graded firsts. 308 30%c: extra firsts 31%c: curlent receipts 258 28%c: dirties. 20 :23c. checks. 19'u21c. Butter Market, steadv: receipts 6396 tubs: extra firsts <9O-91% score', 29% 8 29%c: extras <92 score>. 29%c. firsts (88-89% scorn. 28Vi28%c seconds 'B6-*7%c scorn 27%c; specials. 30%v 30%c: standards. 29%c Poultrv—Market unsettled; receipts, 51 trucks, ducks 15% u 18c geese. 15%c spring chickens 18 20c: hens 14®19%c; turkevs. 16823%c. Lechorn chickens. 158 lfc old roosters. 15c Cheese—Twins. lftl%e: Daisies. 16% si !6%c: Longhorns. 16%fi17c Potatoes— Supply moderate: demand slow; market slightly weaker: Idaho russet Burbanks $2 '<(2.10; Wisconsin round whites $135 commercials *! 10: Nebraska Bliss Triumphs. $1 508 1 60. Minnesota and North Dako'a Cobblers. $1 20 81 25 Rd Rive, Chios. $1 2681 35; commercials, $1 10: Colon J-. McClures. SI7OB 175 Arrival*, 78, on track. 230. shipments, 741.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 26

DIRECTOR HIDES TALENTS UNDER SHY EXTERIOR Head of Federal Reserve Division Little Known Outside System. BY THOMAS L. STOKES Time* Special Writer WASHINGTON, Nov. B.—The Federal Reserve System owes a lot to a philosopher of finance and economics who has been hiding his light under a bushel around Washington for many years. The public knows little of Dr. Emanual A. Goldenweiser. the some.what shy director of the Federal Reserve's division of research and statistics, but he is well known to successive heads of the system and successive members of the Reserve Board who have leaned on him for advice. Dr. Goldenweiser's behind-the-scenes role is expected to become even more important in the next few months. Even now the board is watching closely for unhealthy inflationary or speculative tendencies growing out of business recovery, since a part of its job is to restrain a harmful boom that might repeat the evils of the pre-depression era. For this task it has enlarged powers, granted by Congress in the Banking Act. of 1935.

F'urnishes ‘'Eyes” Board officials believe they have ample means to check injurious speculative tendencies. Dr. Goldenweiser. through his trained staff, furnishes "eyes" for the board. He keeps daily lab on conditions and gets out every month an analysis, with elaborate accompanying figures, which probably is the clearest and most valuable report prepared for the public by any government in the world. This is the so-called Federal Reserve Bulletin. But Dr. Goldenweiser's service j goes far beyond statistics. From his long experience he advises the board on policies for meeting various financial and economic trends. He has been a government economist for 28 years, and attached to the reserve board since 1319. It has been suggested that he might be appointed a member cf the Federal Reserve Board in the new set-up, but Dr. Goldenweiser has always favored the background. It was months after President Roosevelt entered the White House before he saw the chief executive. He waited for the President's call —and it came. Tutor for Governors But he has been tutor and father confessor for Governors and board members, who are not always familiar with financial operations on a national and international scale. The late Gov. Eugene Black, drawling and genial Georgian, confessed to Dr. Goldenweiser his unfamiliarity with international financial operations, and “went to school” to the doctor. Dr. Goldenweiser collaborated with the present head of the board, Marrincr S. Eccles, in drafting the new banking act. He might be described as an orthodox economist with an open mind. He has been a sort of balance wheel for several Administrations. Over a period of years he has built up a body of statistical facts to guide the board in its formulation of policy. He has been a missionary in this type of service ever since he came with the government in 1907 to assist a congressional commission which studied the conditions of immigrants. He worked with that commission for three years, serving under Prof. Jeremiah Jenks of Cornell. He had taken his Ph. D. under Dr. Jenks with a thesis on Russian Immigration into the United States. Wrote Valuable Book From 1910 to 1914 he assisted in an analysis of the Twelfth Census, writing numerous chapters on social and economic trends. Thereafter he assisted Prof. William J. Spillman, chief of the office of Farm Management, in a survey of farm tenancy and farm income, a pioneer task which has since been broadened by the Agriculture Department. Dr. Goldenweiser is a native of Russia. His father, a lawyer at Kiev, in the Ukraine, was interested in economics and wrote several books in that field. The son was educated at the Kiev gymnasium, early showing an interest in economics, and when he came to the United States at 19 he entered Columbia University. He received his A. B. at Columbia in 1903, then went on to Cornell. Dr. Goldenweiser is 52. He has written a book. “The Federal Reserve System in Operation,” which is a valuable source book on the system. U. S. TO OFFER BILLS Treasury Department Asks Bid* on 5100.000,000 by Nov. 8. By t ailed Press WASHINGTON. Nov. B.—Treasury Secretary Henry Morgenthau Jr. yesterday invited tenders for two series of treasury bills amounting to an aggregate of about $100,000,000. One series will be 124-day bills and the other 273-day bills. Both will be sold on a discount basis to the highest bidders. Tenders will be received at Federal Reserve banks up to 2 p. m . EST, Nov. 8. Chicago Grain Futures •By James E Bennett & Cos.) 11:30 Prev. Wheat— Hich. Low A M. close. Dec 96 95% .95% .96' 2 May 96' j 95', 96', .96% j July 89'. .88'- 89% .89', Corn— Dec 58% 58 58', 58% Mav 59', 58', 591, 59', July 60' 59% 60 .60% Oats— Dec 26'.. .26', 26'i 26'Mav 28% 28', 26', 28S Julv 28', .28', 28', .28', Ry*— Dec 48', 46 S, 48', .*6% May 51'. 50’, hi'. .51*, LOCAL CASH MARKET City grain elevators are paying 88 cents for No 2 soil wttea. Other graces on their merits Cash corn new No. 4 yellow 50 cents and oais 19 cents,

INDIANAPOLIS, FRIDAY, NOVEMBER 8, 1935

TREND OF COMMODITY PRICES AND TRADE CHARTED 90i 1 j —j j jl SO WOODY’S DAILY / L . / 80 jt COMMODITY INDEX xA jrJ ev • • / I6o_ o I •./ § r\" : WEEKLY V'" j l ' 1 “70 j BUSINESS TREND | , 4oS / * ..,.•*** fin I moody’s investors service 120 SEP OCT. NOV. DEC. JAN. FEB. MAR. APR. MAY JUN. JUL. AUG, SEP, OCT. 1934 / " ~ \1935, ' - ~

New York Stock Exchange Prices

(By Thomson <fe McKinnon' 11:15 a m. Prev. | Oils— High. Low. N. Y. close. Amerada 76', 75% 75' 2 75% Atl Rfs 24', 24', 24% 24% : ! Earnsdall 11% 11% 11% 11% I Consol Oil 9% 9% 9% 9% Cont of Del 25% 25 25 25 Houston inew).. 4V, 4Vi 4 1 /. 4 ! Mid Cont, Pet ... 16’, 16% 16% 16% I Ohio Oil 11', 11% 11% 11% Pet Corp 11% 11% 11% 11', I Phillips Pet 36% 36 36 36% I Plymouth Oil 2% 12V* 12'/* 12 Pure Oil 12% 11% 12 11% I Seaboard Oil .... 32% 32% 32'% 32', : Shell Un 12% 12', 12% 12', ! Skrilev Oil 16% 16% 16% 16% I Soc Vac 12% 12% 12% 12% SOol Cal 38% 38% 38*, 38% ! S O of Ind 28', 28% 28% 28 S O Os N J 49% 49 49 49 Texas Corp 23% 22% 23% 23V, Tidewater Assn . II 1 , 11% 11’, 11% Un Oil of Cal ... 20% 20% 20% 20% Steels— Am Roil Mills.. 30 29% 29% 29% Beth Steel .. 43% 42% 42% 42% Col Fuel <fc Iron 3% 3% 3% 3% Cruc Steel 27 26% 26% 26% Inland Steel 99', 99% 99% 99% Natl Steel 77% 77% 77'% 77 Otis Steel 15% 15% 15% 16 Rep Iron & Steel 18% 18% 18% 18% U S Pipe <fc Fdy. 20'/* 19% 19% 20% U S Steel 47% 46% 47’/* 46% U S Steel pfd . 109% 109% 109'% 109% Youngst'n S <fc T 34 33 33 33% Motors— Auburn 36% 35'% 35'% 36 Chrysler . 86 84% 85 85% Gen Motors 58% 57% 58 58 Graham Mot .. 3% 3% 3% 3% Hudson 15% 14% 14% 15% Hupp 32% 2% 2% Mack Truck 21% 21% 21'% 21% Nash . 17'% 17% 17% 17% Packard 6% 6% 6% 6% Reo 4 V, 4'/* 4>/ 4 Studebaker 7% 7% 7% 7'% Yellow Truck ... 6% 6% 6% 7 Motor Access— Bendix 22% 22% 22'% 22% Bohn Alum 50% 50 50V, 49% Borg Warner 62% 61 61 61'/, Briggs 54% 54% 54% 54 Budd Mfg 7% 7% 7% 7'% Budd Wheel .... 11% 11 11 11 Eaton Mfg 28% 28% 28% 28% Elec Auto Life . 37% 36% 36% 36% Elec Stor Bat ... 54% 54% 54V* 54 Houdaille B’ . 27V, 26% 26% 27'/* Murrav Body ... 19% 18% 187* 19 Stew Warner ... 17'% 17 17 17% Timken Roll . . 67% 68% 66% 66% Timken Det Axle 10% 9% 9’% 97, Mining— Alaska Jun 14% 14% 14% 14% Am Metals 27V* 27% 27% 27% Am Smelt 58% 57 57% 58% Anaconda ... 21% 21 21 21% Cal & Hecla ... 5% 5 5'% 5 Cerro De Pasco . 59'% 58% 58% 59 Dome Mines ... 38 37% 377% 37% Granby 13 13 13 12’, Gt, Nor Ore 14% 13% 14% 14% Ins Copper 6% 6% 6% 6% Int Nickel 34% 33% 33% 33% Isl Creek Coal . 25 25 25 25% Kennecott. Cop .27 267* 26% 27 Mclntyre Mine . 34% 34% 34', 34% Park Utah 4% 4 4% 4% Phelps Dodge ... 25% 25 25 25 St Joe Lead ... 20% 20% 20% 20% U S Smelters ... 96% 96 96 95 Vanadium 19Vi 19% 19% 191% Amusements— Croslev Radio .. 18% 16% 16% 16% Fox Theat 18’/* 18% 187', 18% Loews Inc 50 49 5 , 49% 49% Radio Corp 8% 7% 8 8 Paramount 9% 9% 9'% 9% R K O SV, 5% 5% 5% Warner Bros ... 8% BV* 8% 8% Tobaccos— Am Sum Tob ... 26% 26% 26% 26% Am Tob "A" 105 104% 104% 102',, Lip fc Myrs "B”. 11874 118% 118'/ 2 119 Lorillard 26% 26 26 26% Philip Morris ... 62', 6174 62 62 Ralls— Atchison 50 49% 49% 49% Atl Coast Lines. 26% 26'4 26% 26% B & O 16% 15 15 15% Can Pacific 9% 9% 9% 9% Ch & Ohio 45% 45% 45%' 457, | C M & St P pfd 1% 1% 1% 1% Chi N W ... 2% 2% 2% 2 Chi N W pfd .. 5% 5% 5% 5% Dela & Hud ... 34% 34% 34% 34% Del Lac & W ... 14', 14*, 14*/, 14% Erie 10% 10% 1074 10% Erie pfd 13% 13% 13% 13% I Grt Northern pfd 28% 27% 27% 28 111 Central .... 15*/* 15% 15% 16 Lehigh Valley .. 9 9 9 9 I Lou & Nash ... 49% 49 49 49% I M K <fc T ... 5 5 5 4% IMK & T pfd ..11 10% 10% 10% Mo Pac pfd .... 2% 2% 2% 2% N Y Cent 24% 23% 23% 23*, N Y New Haven 33 33 Nor Pacific 20% 1974 19% 20 Penn R R 28% 28% 28% 28% Sou Pac 1974 18% 18% 19 Sou R R 9% 9% 974 1 0 Union Pac 97 96 96 96’’, West Maryland . 874 8 % 874 8 Equipments— Am Brk Shoe .. 37 36% 36*4 36*4 Am Car & Fdy. 25% 25 25 24', Am Loco 20% 20% 20% 20 Am Steel Fdy .. 23% 23 23% 23% Bald Loco ... 3V* 33% 3 Gen Am Tk Car 44% 437% 43% 44 Gen Elec ... 37% 37% 37% 36’, Gen R R Sig .. 37% 36 36 37 West Air Brk .. 27’, 27 27 27% Westing Elec ... 91% 89*4 89% 90', Utilities— Am At For Pwr . 7% 7*4 7% 6% Am Pwr <fe Lit . 9*, 9% 9% 8% AT&T ...148% 147% 147% 146 Am Wat Wks . . 21 20% 20*, 19*4 Col Gas & Elec. 15% 15% 15% 14% Comm & Sou .. 3 2’, 274 2% Consol Gas . 32% 31% 31% 30% Elec Pwr & Lit.. 6% 6% 6% s’, Int Hvdro Elec . 4 3', 3% 3V* Interboro R T.. 19% 19 19 19 Int TANARUS& T# .. 11*4 11% 11% 11% Lou G & E <A'.. 21% 21% 21% 20':, Nat Pwr & Lit.. 11% 11% 11% 10% North Amer .... 27% 27% 27% 26% Pac G & E 30*4 30*4 30% 29% Peoples Gas 39% 38% 38% 37 Pub Serv N J ... 45% 44% 44% 43% So Cal Edison .. 27 26% 26*, 25% Std Gas 6% 6 6 4’, Stone & Webster 14% 13*4 13*4 13 United Corn 7 6', 6% 6% Un Gas Imp 18% 18% 18% 17% Ut Pwr &Lt (A) 3% 3', 3% 2’, Western Union.. 66’, 65*, 65*, 65% Rubbers — Firestone 17% 17% 17% 17% Goodrich 13% 12% 12% 13% 1 Goodvear 23*, 23 23 23% |U S Rubber . 15% 15% 1574 15% !U S Rubber pfd . 42% 41 41 41% Miscellaneous—j Allis Chalmers . 36', 36% 36% 36% ! Amer Can 143’, 143 143% 143 Am Mach & Fdv 29% 29', 29', 29*4 Brklyn Man Tr . 42% 42 42’* 41*, I Burroughs Add .. 26’, 26 26 26', J I Case 105% 103% 104% 105% Conti Can 96% 95% 95% 96 Caterpillar Tract 58'* 58 58 59% i Curtis Pub 18% 18 s , 18*s 19% i Deere &Cos . . 55 54% 54% 55% Eastman Kodak 166% 166% 166', 165% 'Foster Wheeler . 22% 22% 22% 21% Gillette 17*. 17% 17% 77% Gildden 38’. 38% 38% 38% Ingersol! Rand . 118 117 117 118 Int Bus Mach .. 179% 179% 179% 179% Inter Harv 60 59 59% 58 Natl Cash Reg .. 22 21% 21% 21', Rem Rand .... 14% 14 14 14% Underwood E 81', 81', 81', 81*, Worthingt'n Pmp 22’, 22 22 21', Foods—lAm Sug 55% 54% 55% 54% Armour 4% 4% 4% 4% i Armour 6% pfd 65% 65% 65% 65 | Beatrice Cream. 17% 17% 17% 17% | Borden Prod . . 27’, 27’* 27% 27% Cal Packing 35% 35% 35% 35% ! Canada D G Ale 11% 12% 12% 12*. Coca COla . 295 294 295 293 Cont Bak -A" 7% 7% 7% 8 Corn Prod 69% 69% 69% 69% Cuban Am Sug .6 6 6 s’, Gen Foods . .. 33% 32% 33 33 Gold Dust 17*. 17% 17% 17% O W Sugar 29% 29% 29% 29% Natl Biscuit ... 35 34% 34% 34*. Natl D Prod .... 18% 18% 18% 18% Puritv Bak .... 15% 15% 15% 15 Std Brands . .. 15% 15 15% 15% United Friut . .. 67’, 67', 67’, 68 Wrigley 79% 19% 19% 19% Retail Stores— First Na’.l Stores. 47% 47% 47% 47%

Gimbel Bros 7% >., % 7% 7 Gr Un Tv a . . 3% 3% 3% 3% Allied Dept. Sts 7% 7% 7% 7% Kresge S S 27% 27 27 27', Kroger Groc ... 27% 27% 27', 27% Mac.v R H 53% 53% 53% 53 MeCrory St 12% 12% 12', 12% McLellan St ... 13% 13% 13% 13*, Marshall Field . 14 13% 13% 13% May Dept St .. 53% 53% 53% 53% Mont Waid 36% 35% 35*, 35% Penney J C 80% 79% 80% 79% Safew-ay St ... 33% 33 33 32% Sears Roebuck .. 62% 61% 61 % 61% Woolworth 59% 58% 59 58% Aviation— Boeing Aircft .. 14'% 14 14 13% Curtiss Wright . 32% 32% Curtiss Wr "A”. 8% 8% 8% 8% Douglass Air ... 33% 33% 33% 33% Nor Am Av .... 4 4 4 4 Sperry Corp ... 12% 12 12 12% Unit Air New .. 20% 20 20% 20% Chemicals— Allied Chem ...164 163 163 163% Am Com Ale ... 33% 33 33 33% Col Carbon 100’, 100 100% 99% Com Solvents ... 18’, 18 18% 17’, Du Pont 141 139 139 140% Freeport Tex ... 28% 27 27 28% Liquid Carb 34% 34% 34% 34% Math Alkali ... 32',2 32% 32% 32% Monsanto Chem 93V, 93% 93% 94 Natl Dis (new).. 33 32% 32% 33% Schenlev Dist .53% 51% 51% 52% Tex Gulf Sulph 31% 31% 31% 31% Union Carbide 72 71% 71% 70% U S Ind Alcohol 46% 46% 46% 46V, Drugs— Bristol Myers ..41 41 41 41% Cotv Inc 6 5% 5% 5% Lambert 23% 23% 23% 23 Lehn & Fink ... 13 13 13 12% Ur Drug mew).. 10% 10% 10% 10',4 Zonite Prod .... 6 5% 5% 5% Financial— Adams Exp 9% 9 9 9 Allegheny Corp.. 1% 1% 1% 1% Amer Int Corp.. 10% 9’, 9’, 9% Chesa Corp 45% 45% 45% 45% Transamerica ... 10’, 10% 10% 10% Tr Conti C’orp.. 7% 7% 7% 7% Building— Am Radiator .... 20% 19% 19% 19% Gen Asphalt..... 20% 20% 20V, 20 Holland Furnace. 24% 24% 24% 24% Int Cement . 33’, 33% 33% 3.3% Johns Manville 94% 92’, 92% 93’, Libby Owens Gls 48 47 47 47*, Otis Elev 21% 20% 20% 21% Ulen Cons 4% 4% 4% 4

N. Y. Bonds (Reprinted From Late Time* Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 90.7 x 79.3 102.6 x 90.8 Yesterday 90.6 794 102.4 90 8 Week ago 90.1 78.7 101.9 90.2 Month ago 89.7 78.4 100.6 89.5 J 935 high 90 6 86.4 102.4 90.9 1935 low 83.6 71.0 89.3 83 0 xNew 1935 high. (Copyright, 1935, by Standard Statistics). U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasury* Prev. 43 * 1047 =7 Close. Close. 4? 115.9 115.7 43 8 ! JoiS _ 47 107.8 107.13 J 34 8 106.16 106.17 43.'c 107.14 10T.6 - 45 105.09 105.13 4i 4 c 4 C 107.25 1 07 - 28 3i 4 7 loaJ'Jo 104.31 105 4 ~?! i oio to I° 3 - 23 103.26 ,/* s J 34 ?' 32 103.8 103.21 \ S . t/ JolJia 102.27 I° 2 - 28 Hi 1® 48 ' 48 102.23 102.26 s/f* 1955-60 100.8 100.10 2iS 1955-60 101 101.03 Home Owners Loan Corp. 1212 99.27 99.29 3s 1952 101 100.30 Federal Farm Mortgage Corp. 3'' ,S jaSq 102.22 102.22 3/4S 1947 101.12 101.13 DOMESTIC Pres-. Alleg Corn 5s ’44 C gf e ’ cl ß ° o se ' A eg Com 5s '49 69 1 2 68% Alleg Corn 5s ’SO .. §4 Am Frgn Pow 5s 2030 " 69*4 - 70 Am Te & Tel 5s ’65 113*4 13% Am Tel * Tel 5s ’65 1131153% Arm & Cos iDel: 5%s ’43 ... 95% 95’g Atl Coast Line 4s ’52 933, 9414 Coast Line 4*2S ’64 79 1 2 78 1 4 Atch Ton & S Re 4%s ’4B 107 1 2 107% Am Wa*. Wks 5s ’ 44 llOVa 109*4 Am Rolling Mills 5s ’3B 120* 4 121 3 S Balt & Ohio 5s ’95 72% 72 Balt & Ohio 6i ’95 81 * i 81% sa,i5 a, i £ ° hio 4 '*s ’SO 56% 56% Buff Roch & Pitt 4*25 ’57 63 63% Chi Milw & St P 5s ’75 10 10% Chi Milw & St P 5s 2000. 3% 334 C eve Un Term 5s ’73 99% 99% Cleve Un Term 4%s ’77 91 91 Col Gas 5s Mav ’52 99 98% Col Gas 5s Anril ’52 985, 98 Col Gas 5s ’6l 973, 4 97 Can Pac Pern 4s 84*4 84% Cent Pac 5s ’6O 85* 2 85* 2 Big Four 4*2S ’77 73% 73% Big Four 5s '63 81*2 81*2 Colorado &So 4* 2 s 'BO 52*4 52*4 Chi & West Ind 4s '52 98 97 '2 Chi & West Ind 5* 2 s '62 105% 105% Chi <& Nor West 4%s ’49 B*4 B*2 Chesa Com 5s ’47 106*4 106’ 2 Del & Huds 4s '43 76 77 N Y Dock 4s 'sl 65 67*4 N Y Dock 5s '3B 54 54 *2 Erie 5s '75 65** 66*2 Erie 5s '67 66*2 66% Gen Cable s'/is '47 98% 98% Grt Northern 7s '36 102 102 Grt Northern 4* 2 s '76 92 3 4 93 3 a Grt. Northern 4%s ’77 92 3 * 93 Gen Stl Cast WW 5%s ’49 ... 84 82 Hud & Manhat Ref 5s ’57 83% 82 s a 111 Cent 4 3 4 s '66 53 '2 54', 111 Cent Jt 4’ 2 s. '63 57*2 56 3 4 111 Cent 5s ’63 59 3 4 60 3 4 Interlake C & I 5s 'sl 81 ’ 4 81’a Interntl Hv Elec 6s '44 .... 49% 44% Interntl Tel & Tel 4%s ’39 ... 80’ 2 80 Interntl Tel & Tel 5s '55 .... 73% 73 Interntl Tel & Tel 4* 2 s '52 ... 69’ * 68*9 P Lorillard 7s '44 130 130 McKess & Rob 5%s ’SO 102* a 102 3 4 Natl Dairy s’ 4 s ’4B 104% 104’ 4 Natl Steel 5s '56 106' 4 106% Nickel Plate 4%s ’7B 60% 62 Nickel Plate 5’ 2S '74 . 72 72 Nickel Plate 6s '35 66 65*h N Y Cent 5s 2013 74*4 75% N Y Cent 4* 2 s 2013 (old) 69 70 Nor Amer Cos 5s '6l 103% 103 3 4 Nor Pac 3s 2047 70% 70% Nor Pac 4* 2 s 2047 85' 2 85*2 Nor Pac 6s 2047 ... 99 99 Nor States Pow 5s ’4l 106% 106*2 Otis Steel 6s 41 100 100* 4 Penn Rv 4' 4 s 84 104*g 104% Penn Ry 4' 4 s 'Bl 104 104*2 Penn Rv 4%s '7O 97 97 Pac G&E 5s '42 . 106 105>a Portland Gen El 4*2* ’6O 73% 73 Para Publix 5*2S ’SO 92*2 95*2 Penn P & L 4%s 'Bl 105% 106 Postal Tel & Cab 5s ’53 33 3 * 33 3 a Rem Rand WW 5' 2 s '47 .104% 104% Shell Union Oil 5s 47 104 104 Sou Pac 4' 2 s '6B 74 73 3 4 Sodu Pac 4*js 'Bl 73’a 73 3 4 Sou Pac 4* 2 s '69 74 73 3 4 Sou Pac 4s '49 78 77’s Sou Rail 4s '56 45 41 Sou Rail 6s '56 554 55 Sou Pac 4' 2 s 'Bl 73 * a 73 3 Sharon Stl Hood 5* 2 s '4B ....101% 102 Texas Pac 5s 'BO 89% 90 Texas Pac 5s '79 90 90*, Texas Pac 5s '77 91% 90% Union Pac. 4s 47 103 3 111 United Drug 5s '53 92* 2 92*2 U S Rubber 5* '47 100% 100% NY NH & Hart 6s '4B 27 28*, NY NH & Hart 4%s ’67 27 27% Warner Bros 6s ’39 85 % 85% Western Marv 4s '52 96*2 95% Youngstown S * T 5s '7O ... 100% 100% Youngstown S 4 T 5s 78 100'% 100% FOREIGN Argentina A 6s '57 98 98 Argentine B 6s 'SB 97% Si 7% Brazil Bs '4l 26 26* Canadian Govt 4s ’6O 105% 105% Denmark s*2* '55 100 100 French 7s '49 178% 177 German 5*2S '65 32 32 '2 German 7s '49 40% 40% Italy 7* 'sl 63’% C 4 Japan 6* is ’54 98 95% Rome 6%s '52 54 55 Tlkyo City 5%s ’6l 62% 62%

Household— Col Pal Peet 18 18 18 17% Congoleum 40% 4040 40% Kelvinator 14 14 14 14% Mohawk Carpet . 22’, 22% 22% 22% Proc & Gamble 49*, 49’, 49’, 50 Servel Inc 11% 11% 11 % 11% Simmons Bed .. 18% 18% • 18% 18% Textiles— Amer W001en.... 10% 9’/* 9’, 10 Celanese Corp ... 28’, 28 28% 28% Collins Aikman.. 39 38% 38% 39 Gotham Hose ... 8% 8% 8% 8% Indus Rayon .... 31% 30% 31 31 Real Silk 10% 10% 10% 9!, Chicago Stocks (By Abbott, Proctor & Paine) 11:30 Prev. A. M. close. Berghoff 5 514 Butler 8 8 Chicago Corp 4% 4% Conti Steel 35 36 Cities Service 32% Com & Edison 97 95 Cord 3% 3% Crane 21'% 21% Elec Household 18% 18% Gen Household 4% 4% Great akes 27% 27', Iron Firemen 26 26 Noblitt 33% 33 Perfect Circle 39 40% Pub Servos 111 52 51 Swift 19% 1914 Swift Int 31 30*, Zenith 11% 11% New York Curb (By Abbott. Proctor & Paine) 12 (Noon) Prev. N. Y. close. Alumn Cos of Am *B7 % 87 Am Cyanide 181 28’, 28% Amer Superpower 2% 2% Atlas Corp 13% 13% Carrier Corp 10% 11 Elec Bond and Share 17’, 16% Fisk Rubber 7 7% Ford of Can (A) 28% 29% Hiram Walker 28% 28% Imperial Oil Ltu 22 21% Nia Hud Pwr 9% 10 Pan Am Airways 39 39% Penn Road 33 Wright Hargraves Min 7% 7% Unlisted Stock (By Blyth & Cos.) NEW YORK BANK STOCKS Did. Ask. Bankers 59% 61% Central Hanover B & T 115', 118 Chase 35% 37% Chemical National 51% 53% Guaranty 291', 296 Irving 15% 17V, Manufacturers 38% 40% National City 32% 34% Cont 111 1 Chicago) 83% 85% First Natl of Boston 44 45% FIRE INSURANCE Aetna Fire 55% 57% City of New York (new) 25', 27% Federal Ins 79% Great American Ins 26% 28% Hanover Fire Ins 37% 39 Hartford Fire Ins ,78% 80% Home Insurance 34 35% Ins Cos of N A 69V, 71V, National Fire • 70% 72% North River Insurance 25% 27% Phoenix Insurance 89% 91% U S Fire 52% 55 Manchester Fire 34% 36% Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,092,000 Debits 2,921,000 TREASURY STATEMENT (By United Press) WASHINGTON, Nov. B.—Government expenses and receipts for the current fiscal year to Nov. 6 as compared with a year ago: This Year Last Year Expenses ~52,755,570,970.01 $2,444,454,271.52 Receipts .. 1.312.642.175.78 1.309.135.249.76 Deficit 1.442,928,794.23 1,135.319,021.76 Cash 8a1... 1.522.669,345.94 1,731,465,470.97 Other Livestock (By United Press) LAFAYETTE, Nov. B.—Hog market. 5 to 20c higher: 180 to 225 lbs., $9.2589 35; 225 to 275 lbs., $9.10(39.20; 275 to 325 lbs.. $989.05; 40 to 180 lbs.. $9(3(9.15: 100 to 140 lbs.. $8.50(38.75. Roughs, $8.50 down. Calves, $lO down. Lambs, $9 down. (By Times Special) LOUISVILLE. Nov. B—Cattle—Receipts. 400: outlet dependable for all classes of slaughter cattle: market moderately active, fulv steady; buk common to medium grade light grass steers and heifers. $5.2587.50; only common dairybred and colored selections down to $5 and less: better finished steers and heifers quotable to around $9; bulk grassy beef cows. s4@s: practical top. $5.25: bulk low cutters and cutter cows, $3.25473.15: few thin shelly low cutters down to $3; sausage bulls considered salable mostly $4.50(3 5.25: light beef type Stockers and stock calves mainly $6(3,8. bulk native feeding steers. $5.50(3:7. Calves —Receipts. 400. including 225 stock calves: market not established: few opening sales reported on a steady basis, but most buyers bidding 50c lower at $9(310 for bulk good to choice vealers. Hogs—Receipts. 600: market 15c higher: top and bulk. 180240 lbs.. $9.40: 245-295 lbs.. $8 90: 300 lbs. up. $8.50: 160-175 lbs . $8.90; 140-155 lbs., $8 05; 120-135 lbs.. $7.10; sows. $7.05. Sheep —Receipts. 100: lamb market generally steady: supply light and quality plain; bulk medium to good lambs salable $8.50: choice scarce, quotable upward of $9; Plainer grades including bucks mostly S6B 8: fat slaughter ewes salable mostly $3.50 down.

Busigraphs

COTTON CONSUMPTION IN THE UNITED STATES DEPT. OF COMMEPCE) eoo-i ef|CS, w~ u 400 n '//S' V // 'V DOTTED B THE PASTV X O' // /VTEN YEARS AVERAGE OFa/J S S3DJFM A M J J A S 1934 1935 THE PARKER COPP GENERAL DISTRIBUTORS INCORPORATED INVESTORS

The amount of cotton consumed by the mills of this country in September was decidedly larger than that used in any of the prenous three months, and was the closest to the ten-year monthly average of any month since last February. During the first nine months of this year slightly more cotton was used than in the corresponding 1934 months. In spite of unsettled labor conditions in several sections, cotton mills as a whole have operated at a relatively high rate. j

VERBAL FEUD IS STARTED OVER POWER POLICY

New Deal Advisers Revive 20-Year-Old Debate on Electrification. BY NED BROOKS Times Special Writer WASHINGTON, Nov. B.—A verbal feud between two of President Roosevelt's advisers on electric power policy was disclosed today, reviving a 20-year-old debate. The principals are: Chairman Arthur E. Morgan of the Tennessee Valley Authority, who was chief engineer for the $32,000,000 Miami River flood control project that Ohio built after the Dayton flood of 1913, and— Morris L. Cooke, head of the Rural Electrification Administration and of the Electric Home and Farm Authority which grew out of the TV A program. The dispute started with a memorandum issued from Mr. Cooke's office recalling that when the Miami Conservancy District was established a specific prohibition was placed against use of the dams for power development. “Those of us who have followed during the last 25 years the struggle for some adequate recognition of the public interest in power matters have encountered some queer things,” said Mr. Cooke's statement, which pointed out Dr. Morgan's earlier connection with the development. Dams for Power Prohibited Each of the Miami dams, Mr. Cooke continued, contains an inscription in stone forbidding its use for power or storage because of the ‘‘menace to the cities below.” “That power dams are menaces to cities below will be to some a new and disturbing thought,” the statement said. Dr. Morgan, accepting full responsibility for the Miami restrictions, now has replied that “responsible and informed engineers know that no one man can tell when floods will come or how great any particular flood may be.” “If the reservoirs are used to store water for power, they may not be empty and ready for use when floods come,” he said in a statement issued from TVA headquarters in Knoxville. Dr. Morgan said he was “primarily responsible” for the court order forbidding power development and had the inscriptions placed lest "in later years, when the principles of the design had been forgotten by the general public, some uniformed enthusiast might start a campaign to use the dams for power development.” Dams Have Permanent Openings Dr. Morgan said he welcomed an opportunity to repeat his contention that “safety from floods of this rich and populous valley with its chain of industrial cities absolutely demands that the conservancy dams ba not used for power development.” He recalled that the 1913 flood destroyed $200,000,000 worth of property in and around Dayton and cost 400 lives. Design of the dam system, he explainer was necessitated by physical conditions and requirements for flood storage. They are provided with permanent openings which allow as much water to flow through as the channels can hold, control being automatic. Farm lands above the dams are enriched rather than harmed by spring flood waters, he said. Power possibilities were examined at the time the dams were constructed and again 10 years later, and both times the plan was rejected as unsound, he continued. He -challenged Mr. Cooke’s contention that the Ohio Conservancy Act (which Dr. Morgan sponsored) forbids water power development on any other streams. “Unfortunately,” he said, “Ohio provides but few water power opportunities which will compete in cost with steam power.”

3D QUARTER PROFIT BY STEEL INDUSTRY SHOWN Earnings of $7,600,000 Reported by 82 Per Cent of Producers. Times Special CHICAGO, Nov. B—Profits totaling $7,600,000 for the iron and steel industry for the third period just ended against a loss of $24,700,000 in the same period in 1934 are shown in a survey recently released. Nine months profits in 7935 were $26,900,000 against a lass of $10,000.COO in the corresponding period of list year. The survey covering 82 per cent of the iron and steeel producers of the country was released by the magazine Steel. 8,019,385 tons of ingot iron were produced in the third quarter at an average profit of 95 cents a ton. it was estimated. F,arnings averaged $1.12 a ton for the nine months period against a loss of 49 cents in 1934, HOLDERS TO GET DIVIDEND Times Special LOUISVILLE, Nov. B.—The equivalent of a 98 per cent dividend on stock of the Federal Land Bank of Louisville now owned by National Farm Loan Associations of Ohio, Indiana. Kentucky and Tennessee accrues to farmers of the states holding land bank loans, by reason of emergency interest reductions granted to them during the five-year period ending June 30, 1938. according to Myron Grigg, vice president and treasurer. Commercial Eanking Va Savings • Trusts , American National Bank AT INDIANAPOLIS Your Local Building & Loan Association Makes Modernization Loans and Loans on New Homes.

Depositors to Receive 60 Per Cent ’ r,# : It is expected that depositors in closed hanks will receive an average of SO per rent of their money, when all dividends are paid, according to Leo F. Crowley, head of the Federal Deposit Insurance Corp.

FEUDIST

j, *****

Dr. Arthur E. Morgan The revival of a 20-year-old debate on electric power has started a feud between two of President Roosevelt’s advisers, the principals being Dr. Arthur E. Morgan, chairman of TVA. and Morris L. Cooke, head of REA and EHFA.

PORKERS AGAIN MOVEJJPWARD Market Generally 5 Cents Higher: Cattle, Veals Stationary. A strong undertone continued in hog trading at the Indianapolis Union Stockyards today and as a result prices were generally 5 cents higher than yesterday's advance. The increase sent the top price up to $9.55, the highest in more than a week. Although receipts continued light, trading developed slow due to a light demand prevailing at the opening. Today's supply was estimated at 3000, same as in the preceding session, and the lightest for the week. Approximately 174 hogs were held over for tomorrow's session. The general bulk of 160 to 275 pounds, cashed in at $9.40 to $9.50. Heavy butcher classed, weighing from 275 pounds and upward, brought $9.05 to $9.35. Light slaughter pigs, scaling 100 to 160 pounds, sold at $8.75 to $9.25. Good packing sows ranged from $8 to $8.85. The cattle market continued stationary with a week-end cleanup trade prevailing on the light supply of low grade slaughter classes. Steers and heifers, consisting mostly of odds and ends, were valued to sell downward from $7.50. Beef cows held at $4.50 to $6. Receipts numbered 500. Veal prices also remained unchanged, with bulk of good and choice grades selling from $10.50 to sll. Receipts were 400. The lamb market showed only a little change. Bulk of better grade ewe and wether lambs sold at $9.25 to $lO. Slaughter sheep held at $3 to $5, while bucks were discounted from 50 cents to sl. Receipts were 1500. HOGS Nov. Balk Top Receipts 1. $9.40(3’ 9 50 $9 50 4000 2. 9.30(8 9 40 9.45 1200 4. 9.45(8 9.55 9 55 4000 5. 9 35 8 9.45 9.50 4000 6. 9 30(8 9.40 9.45 4000 7. 9.35(8 9.45 9.50 3000 8. 9.40(8 9.50 9.55 3000 Light lights. (140-160) Good and choice. $9,008 9.25 Medium 8 25® 9 00 Lightweights. (160-180) Good and choice... 9.258 9 45 Medium 8.758) 9.25 (180-200) Good and choice... 9 408 9.50 Medium 8.908 9.40 Medium Weights. (200-2201 Good and choice... 9.458 9 55 (220-2501 Good and choice... 9 40 8 9.50 Heavyweights. (250-2901 Good and choice .. 9 353 945 (290-3501 Good and choice... 9.158 935 Packing sows. ■* (275-3501 Good 8.50 8 8.85 (350-4751 Good 8.358 875 (425-450) Good 8.00 8 8.50 (275-450) Medium 7.75® 8.25 Slauehter Pigs. (100-140) Good and choice .. 8 758 9.00 Medium 8 00® 8.85 CATTLE —Receipts. 500— (500-900) Choice $lO 25811.50 Good 8.75811.00 Medium 7 00 8 9 00 Common 5 00® 7 00 (900-1100) Choice 11 25 8 12.25 Good 9 25811.50 Medium 7 25 8 9 25 Common 5 25 8 7 25 (1100-1300) Choice 11.75812 75 Good 9 75811.75 Medium 7.25® 9 75 (1300-1500) Choice 11 75812 75 Good 9.75011.75 Heifer* (500-750) Choice 9 2581025 Good 7.758 9 25 Common and medium 4 25 8 7 75 (750-900) Good and choice... 8 25810 50 Common and medium 4 50® 8.25 Cowe Good 5 258 6 25 Common and medium 4.25® 5 25 Low cutter and cutter 3 00 ® 4 25 Bulls, good ... 5.50 8 6 00 Cutter, com. and med. bulls . 4.000 5.50 VEALERS —Receipts, 400— Good and choice $lO 508 11 00 Medium 8 50810 50 Cull and common 5 50 0 8 50 Calves (250-500) Good and choice .. 700 8 950 Common and medium 4 00® 700 —Feeder and Stocker Cattle—-(soo-8001 Good and choice 6 758 8 75 Common and medium . 4 so® 6 75 (800-1050) Good and choice.... 7 008 8 75 Common and medium 4 508 7 00 Good 4 00® 4 75 Common and medium ? 50® 4.00 SHEEP AND LAMBS —Receipts. 1500— Lambs. 90 lbs. down, good and si>oice *9 25810 00 (90-125) Good and cho'ce .. 4 008 500 All weights, common and me- ■ 3 50® 4 50 (120-150) Good and choice .. 3 000 4.00 Other Livestock (Bv United Press) FT WAYNE. Nov. B—Hogs. 10c higher: 160 to 180 lb*., *9 35: 180 to 200 lbs., *5 25 200 to 220 lbs., $9.15: 220 to 240 lbs $9 05 : 240 to 28 lbs., $8 90: 290 to 300 lbs.' $8 80 300 to 350 lbs.. $8 60: 140 to 160 lbs.. $9 10 120 to 140 lbs.. $8 85: 100 to 120 lbs $8 60 oughs, $7.75; stags. $6. Calve*, 11. ambs. $9 25.

Thomson & McKinnon MEMBERS NEW YORK CHICAGO l ork k *'”l " Ich * nf * THPnVTn York Curb Eichtnn IURUIV lv *New York Cotton Exchanjrt BOSTON New York CofTe# *nd Sujrir Exchmgt SOUTH BEND •'I N>w Orlegnt Cotton F ebang* pq* WAYNE Chicago Stock Exehang* T P Chicago Board of Trad. “ ’ * ILiLiKs Winnipeg Grata Exchange Indianapolis Offict n( j other leading Exchangea 200-214 Circle Tower LI. 5501

TRADE TREATY BETWEEN U. S„ CANADA SOUGHT Roosevelt and Canadian Premier Confer Today on Agreement. BY HOBART C. MONTEE Time, Sperial Writer WASHINGTON, Nov. 8 President Roosevelt and the newly elected Canadian Prime Minister, William Mackenzie King, today warily approached the most important of Secretary of State Cordell Hulls proposed trade treaties, j and the most difficult of negotiation. | Both hoped that a conference in , the President's executive offices this ! afternoon, and more informal con- : versations at the White House flre- ' side this evening would determine whether the proposed United State.'Canadian reciprocal trade agreement is as great a bugbear to botix governments as it has been touted. | Mast officials here believe that bv S comparison of the importance of the size and value of the trade involved, or the difficulties impeding the negotiations. the State Department | “Yankee Traders" havp dealt merc- ; lv with pygmies in the trade agreements concluded so far. Ten Billion Dollar Trade During the last 10 years trade between this country and Canada had an estimated total value of 10 billion dollars. During 1929 its value was $1,451,000,000. During the last j four years both volume and value have shrunk to approximately onethird the total reached in 1929. Canada still provides, however, a market for American products ap- | proximately as large as the whole of | Asia: about twice as large as Geri many or South America, and nearly three times as large as France or Japan. In other words. Canada is one of the United States' best customers, second only to the United Kingdom in the value of goods purchased from this country. On the other side of the ledger. Canada sells about 30 per cent of all her exports in the United States. In terms of dollars and cents, the United States has the better part of the trade, Canada purchasing approximately $1.60 of American products for each $1 worth of Canadian goods purchased by Americans. Trade Agreement Desired The desirability of a reciprocal trade agreement is admitted by officials on both sides of the border. Notwithstanding this, however, tho first official correspondence concerning the proposed agreement was exchanged 13 months and a day ago and the agreement apparently is but little nearer actuality than it was at that time. The difficulties arise from the fact that many of the basic products of the two countries are similar and compete. This is particularly true of agricultural products, lumber, fish, dairy products and livestock; also several minerals, both metallic and non-metallic. These are the Canadian products which would compete most severely wfith similar American products if the American tariff were reduced. Hundreds of American manufactured products, if granted reciprocal ! tariff concessions by Canada, would 1 compete with the output of the still | infant Canadian manufacturing industry. Pledged to fv?ek Agreement On both sides of the border larg* ! and politically important group? of producers and manufacturers are known to be watching the trade negotiations closely with a view to lodging emphatic protests with their respective governments if their particular industries or interests are threatened by tariff tampering in the proposed agreement. Both governments, however, are pledged to seek such an agreement and are threatened with the lass of “face” if they fail. Mackenzie King, in his election campaign, promised Canada a trade agreement with this country before the end of this year. Both the President and Hull cut short their vacations to return herx for the Mackenzie-King discussions. The 'Canadian official arrived yesterday. Notir of Redemption to Holder* of KINGSTON PRODUCTS CORPORA. TION Flr*>t Mortgage S'/ Sinking Fond (.old Bond*—Hated Heeeniher I. UJi Notice is hereby given that in accordance with the terms of a eeriaiq Trust Mortgage dated a n< peeember 1. 1927. between Kingston Product* Corporation, an Indiana corporation, and Guardian Trust Company of Ite‘roit. now Union Guardian Trust Company. and Lewis K. AValker. as Trustees. revering an issue of the Corporation's First Mortgage” Six Per Ons i%| Sinking Fund Gold Bonds in the aggregate principal amount of Two linn, j tired Fifty Thousand Hollars iK2Sn,Onot. Kingston Produets Corporation fca* | elected and does hereby elect o call | for redemption, on the first dav of | December. 19‘Ji. at the rate of One Hundred tine and One Half Per Cent 1101’-) of the par of said Bond*, together with accrued interest to that date, all of ihe outstanding Bonds of said l*su. On December 1, 19T.7. interest on all of said Bonds will cease, and all interest coupons maturing thereafter will be null and void. Holder* of atieh bonds are requested to present the same at the office of the f.'nion Guardian Trust Company. Detroit. Michigan, for such payment and redemption. Bond* should be accompanied by ail interest coupons maturing o n and after December 1. 19X5. and by proper Federal Income Tax Ownership Ortiflcatea in connection with the coupon* maturing De-ember 1, 1935. KINGSTON PRODUCTS CORPORATION, by .T. Panl Johnson. President. Dated: Detroit. Michigan, November A. 1955.