Indianapolis Times, Volume 47, Number 229, Indianapolis, Marion County, 3 December 1935 — Page 15

Trends j Nation's Debt May j Be 33 Billions Next Year. BY JOHN T. FLYNN VTEW YORK. Dec. 3—Twice between now and the end of Jt-ne the end of the 1936 fiscal yar—the government must go into the market to borrow on a large

scale. The public debt at the moment is $29.598.000.000. It is probable that, from the present outlook. $1,250,000,000 to $1.500.0 0 0.0 00 may have to be added to the debt. Thn will run it up to $30,800,000 00 0 or even above $31,000,000,000. This is an optimistic view. A still more opti-

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mistic view is that this will mark the high point of the government debt. That this latter optimism prevails in Washington there seems little doubt. But it is difficult to see on what it is based. ana the government deficit x has been running heavier this year than the President anticipated. This has been accentuated by the holding up of the processing taxes through the various AAA injunction suits. Secondly, in spite of all the talk it is perfectly clear that, the government will consider itself fortunate if it can escape with a deficit of not over two billion dollars next year. There has been talk of pruning department estimates, also a reduction of increasing tax collections. There seems little reason to doubt that tax collections will improve, but no reason to hope they will improve enormously. tt tt a THE government has no right to expect more than an additional half billion dollars in taxes. It has no right to suppose that it can cut emergency expenses more than half a billion. If it succeeds in both, it will still have a two-bil-lion-dollar deficit which means another two billion in borrowing. There is one other expectation of revenue. That is from repaid bank, railroad and industrial and farm loans made by the government, This is a pretty slender thread on which to hang any hopes. With all these facts before us it seems to be a fairly safe estimate that by the end of the 1937 fiscal year the government debt will be not less than $33,000,000,000. If, however, the bonus advocates are strong enough to pass a bill at the next session of Congress, debt will be increased by whatever sum the bonus amounts to. * * * THE next question is, can the budget be balanced after 1937 without a drastic increase in taxes? Thus all these discussions come around in the end to this unpleasant subject of taxes. On the eve of an election the Administration will dodge taxes. Therefore it will indulge always in the more optimistic estimates of future collections and of future business. But to postpone the problem of meeting all expenses out of taxes is only to aggravate it. The mere act of borrowing adds io the government expenses. Thus though we have tried to avoid paying for depression costs out of taxes and have paid the bills with borrowed money, nevertheless we will have presently to find in taxes nearly half a billion dollars a year merely to pay interest on the depression loans. (Copyright, 1935, NEA Service lnc.l SAVING. INVESTMENT SYSTEM TO EXPAND Penn Mutual Life Insurance Head Forecasts Rapid Increase. Timet Special PHILADELPHIA. Dec. 3—Spread of a system of saving and investment based more upon the British principle than the one generally followed in this country prior to the depression, is forecast in the rapid increase in the income-paying life Insurance being written by the life insurance companies, in the opinion of William A. Law, president of the Penn Mutual Life Insurance Cos. The trend toward investment in life insurance providing old-age income is revealed by a survey conducted by a group of life insurance companies in conjunction with an outside agency. Over 5t per cent of the male holders of ordinary life policies believed they needed additional insurance. Os this group, while only 16 4 per cent were interested in old-age income when they bought their present insurance, more than 48 per rent would be interested in old-age income in buying additional insurance. LOAN EXTENSION ASKED />;/ United Press WASHINGTON. Dec. 3.—Fairfax Harrison, president of Southern Railway Cos., today asked Chairman Jesse H. Jones of the Reconstruction Finance Corp., for a two-year extension of the road's $14,000,000 debt maturing up to next March On Commission Row Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers Fruit Cranberries, early blacks. 25-lb box $4 25. Fears Washington O'Anjo, $2 25 Bananas— 7 hands, a pound 5%c Persimmons California, lug. $1.50 Apples— Indiana Jonathans $1 60 Summer Rambos, sl. Delicious. $1.60411.75: Wealthy*. $1; Crimes Goldne. $1 15',11.25. Lemons—Sunkist, 3605, $6 Grapefruit—Texas. 64s to 70s. $3 50. Florida seedless, i? 75 Limes— Mexican, a carton 12s 20c; Persian seedless. a hundred. $3. Vegetables- Beans, green, round stringless bu , *2.50. Beets—Texas. 3-doz. crate, *1 90 Cabbage—Northern Danish 50-lb bag. 90c. Carrots —Home grown 40c; new bulk, half bu . 60c. Cauliflower—California crate. $2.50. Celery—Michigan, washed and trimmed, extra large. 55c; jumbo, doz , 85c. Cucumbers—Southern, bu $3 50. doz. 85c. Kale—Home grown, bu., 60c. Lettuce—lceberg. California, best $5; home grown leaf. 15-lb. basket. $1.60 Endive—Ohio, basket, 85c, Mangoes -California, crate $4 75; small basket. $1.25. Mint —Bunch 15e Mustard-Home grown, bu., 60c. Onions yellow, 10-lb bag. 22c; western Spanish. s*o-Ib. bag, $1.50. Parsley—Home grown, doz 35c. Peas—Telephone, hampers $4 Potatoes- Round Cobblers 100-lb. bag *1 65; Michigan Round White 100-lb bag SI 50 Early Ohios. bu . $1.60 Idaho Russets, $2 40 Sweet potatoes—lndiana Jerseys, bu $1.65 Radishes—Ohio, button eloz baskets. 60970 c Sage—Doz 45c Spinach—Broad leal, bu 85c. Squash—*u $2 5° Tcmatoes—California, repacked, 10-lb. carton. $1.5001.75.

ROADS LARGEST STATE EXPENSE, REPORT SHOWS Highways Cost 22.6 Cents of Every Dollar Disbursed. i Construction and mainlainance of Indiana's highway system is this state’s most expensive job. a report issued today by Clarence Jackson, director of the State Gross Income Tax Division, revealed. Analyzing last year’s expenses, compiled from the official report of the State Auditor. Mr. Jackson disclosed today that $13,474,479 was spent on the state’s 8521 miles oi highway, or 22.6 cents of each dollar disbursed. In addition to this amount, there was included in the distributions to counties, cities and towns a sum of $10,223,491 from gasoline tax and auto license fees which was allocated for local use for highway and street purposes. Added together, these amounts spent for highways account for 39.7 cents of every dollar disbursed by the state last year. Schools Spend 6.4 Cents Following highways, the next most expensive state function was the operation of 19 charitable and penal j institutions, the report stated. These j institutions required the spending cx ! 9.7 cents of each dollar. Approximately one-fifth of these expenditures, however, were made from earnings which the institutions received from their farms m'd industries, and were not paid from taxes. Nearly 20.000 persons were housed in the 19 institutions at the close of the 1934-35 fiscal year. State universtiies and colleges also took a sizeable slice out of the state’s dollar, amounting to 6,4 cents. The $3,820,948 charged to the four educational institutions—lndiana, Purdue, Indiana State and Ball State—includes only the money which went through the state treasury. It does not include tuition fees and other non-taxable income of the institutions which is collected by them and retained for their own use. Parks, Game Take 1.6 Cents Fish and game protection, parks, memorials and other conservation projects accounted for 1.6 cents of each dollar expended. State police and the National Guard accounted for 1 cent. Maintenance of the state Supreme and Appellate Courts, plus payment of the salaries of 108 county pudges who are paid by the ; State, accounted for another cent. All other activities of state government, including most of those usually regarded as the “State House,”,” were responsible for the spending of 7.1 cents of each dollar disbursed from the state treasury. Os each dollar expended, 50.6 cents was not actually spent by the state but was distributed to local schools, to counties, cities and towns, paid to counties for old age pensions or used by the teachers retirement fund. New Laws Brins' Increase Schools received most of the dis- ’ tributions, getting $13,551,869 or 22.7 cents of each dollar disbursed. Payments made by the state to schools amounted to nearly onethird of the total operating expenses of schools during the 193435 school year, which came to $42,885.898. Principal of the reasons for the large increase in state distributions during the past few years has been the changing of the Indiana tax system—broadening of the tax base to take a large part of the tax load from property. These changes were brought ! about. (1) By increasing the amount |of gasoline tax and auto license funds sent to counties, cities and j towns to allow reduction of property taxes; (2) by enactment of the gross I income, intangibles and liquor tax laws, with provisions for distributingmost of the income from these sources to schools and to local governmental units to replace money they formerly raided through property taxation.

NEW ALFALFA MILL TO OPEN AT GOSHEN Industry to Provide Work for 20 to 30 Men. j Times Special GOSHEN, Ind.. Dec. 3.— I The Dwiggins & Cons Alfalfa Milling Cos., manufacturers of alfalfa meal, the newest industry established here, is expected to start operations within the next few days, it was learned today The meal is used as a supplemental feed for cattle, horses, hogs and poultry. John R. Dwiggins. who came here i several weeks ago to supervise the | installation of machinery in the old ; Banta Furiniture Cos. plant, which j occupies approximately 20.000 square I feet of floor space, will be the resi- : dent manager of the newly formed I company, it was stated. The mill will be the first of its kind to operate in the state, and | also will open anew market for al- , salsa hay in this county, which is the chief alfalfa producing county in Indiana. "We selected Goshen as a site for : the mill because of railroad shipping I facilities, low power rates and iis location to the alfalfa producing area.” Mr. Dwiggins stated. The mill is expected to operate 24 hours a day during the alfalfa season, and employ 20 to 30 men Produce Markets The prices quoted below are paid for stock gathered in the country, while delivered in Irdianapolis the price will be a cent higher Heavy breed hens, 16c; Leghorn breed hens. 12c; springers over 4% lbs.. 17c; under 4% lbs.. 16c; old cocks. 9c Leghorn springers. 1% lbs and up. 12c. Turkevs—Young hens, 8 lbs and up. 19c: toms. 13 to 18 lbs. 19c: ovtr 18 lbs.. 18c; old toms. 14c. Ducks—White 4% lbs. and up 10c: seese. 10 lbs., full feathered and fat. 9c: old guineas, 15c: vourg guineas. 1% lbs. and up. 25c No. 1 strictly fresh eggs, loss off. 25c: pullet eggs. 18c. Each full case must weigh 55 lbs. gross a deduryon of 10c a pound under 55 lbs. will be Jade. No. 1 butter, 36%®37%c; No. 2. 22 ®35%c; butterfat, 31c. Quoted by the Wedley Cos.

Abreast of The Times on Finance

in iimi Mwiwwmmtfm Twn m- ukaa-l ro-i (.wijc / cou*mc*o " I HU tA.IG / STATE \ HIGHWAYS \ . 226 XML *o£t,oh*l STati \ LE V " HC *° fUNSS SfNt TO lOC XL \ " on'ioc fd0.225.49i j 7 1 I rorsiro* mOHKArs m* I loidiVrshomi M ' i 418 OC4I W i -SO .UNO _ —i 202 TUBE BCD 19 STATE INSTITUTIONS 3 e * T!£NTS MObUS ‘VioYc* 1 * M aozu.seto NJ mi m rmnmnons nut --- v\\m r 4(t ) “**->•* TVS’?; _„\A VAX\ fN IX. ~ f EZP£NO/TU*| ' y>i COUEC t STuOIHTI - ** fir A \RID tr GROSS mcom TAX Division

This diagram, prepared by the state gross income tax division, shows what became of the money disbursed by the state of Indiana during the fiscal year ended June 30, 1935. The “dollar” shown represents $59,743,283 of disbursements. This picture of the-state's expenditures for the year reveals that for the first time in history the state government has become more of a collecting and distributing agency than a spending bureau. The chart was compiled from the official report of the State Auditor, together with information obtained from various other state departments.

New York Stock Exchange Prices

(By Thomson & McKinnon) 11:15 A. M. Prev. Oils— High Low. N. Y. Close. Amerada 70 70 70 70% Atl Rfg 23% 23% 23% 23-% Barnsdal! 12% 12 12% 12 Consol Oil .... 9% 9% 9% 10 Cosit of Del 26% 26% 26% 26% HcWston (new).. 6% 6 6% 6 Mid Cont Pet .. 15% 15% 15% 15% Ohio Oil 11 10% 10% 11% Pet Corp 11% 11% 11% 12% Phillips Pet .... 35% 34% 35% 34% Pure Oil 12% 12% 12% 12% Seaboard Oil ... 29% 29% 29% 29% Shell Un 14 13% 14 13% Soc Vac 12-% 12% 12% 12% S O of Cal .... 36% 36>4 36% 36% S O of Ind 26% 26% 26% 26% S O of N J - 47% 47% 47% 47% Texas Corp .... 24% 24% 24% 24% Tidewater Assn. 11 11 11 11% Un Oil of Cal .. 20% 20% 20% 20% Steels— Am Roll Mills .. 29 28% 28% 28% Beth Steel ... 47% 46% 47% 47% Byers A M 17% 17% 17% 17% Col Fuel & Iron. 3% 3% 3% . Cruc Steel .... 29% 29% 29% 21% Inland Steel ...104% 104% 104% 104 Ludlum Steel .. 24% 24% 24% 23% Mid Steel 21 % 21'% 21% 91 Natl Steel 75% 75% 75% 75 Otis Steel 15% 15% 15% 15% Rep Iron & Steel 18% 18% 18% 18% U S Pine & Fdv. 19% 19% 19% 20 U S steel . . . 46% 46% 46% 46% TT S Steel pfd 111 110% 110% 111 Youngstor S & T 35% 34% 35% 35% IMators— Auburn 38% 37% 38% 37% Chrysler 81% 80% 81% 80% Gen Motors 53 % 53% 53 % 53% Graham Mot ... . 3'., 3% 3% 3% Hudson 14% 14% 14% 14% Hupp 2% 2% 2% 2%/ Mack Truck .... 25% 25% 25% 24% Nash 16% 16 16% 16% Packard 6% 6% 6% 6% Reo 5% 4% 5% 4% Studebaker ... 9% 9% 9% 9% Yellow Truck ... 7% 7% 7% 7% Motor Access— Bendix 20 20 20 20% Bohn Alum 48% 48% 48% 48% Borg Warner ... 61% 61% 61% 61% Briggs 49-% 48% 49% 50 Budd Mfg 8% 8% 8% 8% Budd Wheel .... 12% 11% 12% 12 Eaton Mfg .. . '27% 27% 27% 27% Elec Auto Lite.. 33% 32% 33% 32% Elec Stor Bat 55 54% 55 56% Houdaille ißi... 27% 27% 27% 27% Murrav Body .... 18% 18% 18% 18% Stew Warner .... 16% 16% 18% 16'% Timken Roll -. 65% 65 65% 66 Timken Det Axle. 10% 10% 10% 10% Mining— Alaska Jun 15% 15% 15% 15% Am Metals 30 30 30 29% Am Smelt 60% 60% 60% 60% Anaconda 25% 25 25% 24% Cal & Hecla 5% 5% 5% 5% C'erro rie Pasco . 58% 57% 58% 57% Dome Mires .... 40% 40% 40% 40% Granby 8% 8% 8% 8% Gt Nor Ore 14% 14% 14% 14% Howe Sound .... 55 55 55 55% lrs Copper 6% 6% 6% 6% Int. Nickel ... 42% 41% 41% 39% Kennecott Cop .. 28 27-% 27% 27% Mclntyre Mine .. 38% 37% 38% 37% Park Utah ... 4% 4% 4% 4% Phelps Dodge .... 23 23 23 24% U S Smelters 105% 105 105% 104% Vanadium 19 18% 18% 19 Amusements— Fox Theat 22% 22% 22% 23 Loews Inc 52 51% 51% 51% Radio Corp 10% 10% 10% 10% Paramount 8% 8% 8% 8% Warner Bros .... 8% 8% 8% 8% Tobaccos— Am Tob (At 99% 99 99 99% Am Tob (81... 101 101 101 101 Gen Cigars 52 53 52 52 Lig & Myers ißi 112% 112% 112% 113 Lorillard 25% 25 25 25 % Phillip Morris .60% 60 60 59% Reynolds T (B) 54% 54% 54% 54% Rails---Atchison .. 53% 53% 53% 53% Atl Coast Lines 34% 33% 33% 33% B& O 16% 16% 16% 18 Can Pacific .11 ll n n Ch & Ohio . 51% 51% 51% 51% Chi & Gt W 1% 1% 1% 1% Chi & Gt W pfd 5% 5% 5% 5% C M & St P 1% 1% 1% ii, C M & St P pfd 2% 2% 2% 3% Chi N W 3% 3% 3% 3% Dela & Hud ... 36% 36% 36% 36‘■> Del Lac & W 16% 15% 16% 16% Erie 11% ID, n% 12% Erie pfd 17% 17% 17% 17 Grt Northern pf 31% 31% 31% 31% 111 Central 19% 19 19% 18% K C Sou 9% 9% 9 1 2 91 -> Lou & Nash .... 59% 59% 59% 58% M K & T . . 5% 5% 5% 6 MK & T pfd 14% 14% 14% 14 ! - Mo Pac 2% 2% 2% 2% Mo Pac pfd 3% 3% 3% 4 N Y Cent 26% 26% 26% £6% N Y New Haven 4% 4% 4% 4 Norfolk & West 204%, 203 204% 202% Nor Pacific 22% 22% 22% 22 1 - Penn R R 30% 30% 30% 30% Sou Pac 24% 23% 23% 24% Sou R R ... 14% 14% 14% 14% Union Pac 106 106 106 106 Wabash 2% 2% 2% 2% West Maryland 9 8% 9 9 Equipments— Am Brake Shoe 39% 39% 39% 39% Am Car & Fdy 29% 29 29% 29% Am Loco 25 24% 25 24% Am Steel Fdy 21% 21% 21% 22 Bald Loco . .... 4% 4% 4% 4>7 Gen Elec 37% 37% 37% 37% Gen R R Sig . 38 38 38 38 Pullman Inc 37% 36% 37% 37 West Air Br 31 31 31 31 Westingh Elec . 90% 89% 90% 89% Utilities— Am & For Pwr 6% 6% 6% 6% Am Power & Lit 7% 7% 7% 7% A T & T 155% 154% 155% 154% Col Gas & Elec 12% 12% 12% 13 Comm & Sou 2% 2% 2% 2% Consol Gas 31% 31% 31% 31% Elec Pwr & Lit 5 4% 5 5 Int Hydro Elec 3% 3% 3% 3% Interboro R T .. 17% 17% 17% 17% Int T & T . . 12% 12 12 12 Nat Pwr & Lit.. 9% 9% 9% S% North Amer .. . 24% 24 24% 23% Pac G * E .... 29% 29% 29% 29% Peoples Gas .. 38% 38% 38% 32% Pub Serv N J . . 44 44 44 43% So Ca! Edison 24% 24% 24% 24% S’or.e & Webster 11% 11 11% 11% United Corp ... 6% 6% 6% 6% Un Gas Imp 16% 16% 16% 16% Ut Pwr & Lt A 2% 2% 2% 3% Western Union 69% 63% 69 68 Rubbers— Firestone 18% 18% 18% 19 Goodyear 20% 20% 20% 23% U S Rubber 14% 14% 14% 15 U S Rubber pfd 40% 40% 40% 40 Miseellmneows— Am Can 138 137*, 137% 137% Am Mach & pdy 30 30 30 30 Anchor Cap 15% 15% 15% 15% Brltlyn Man Tr 42 41% 42 42

INDIANAPOLIS, TUESDAY, DECEMBER 3, 1935

Where the ‘Statehouse Dollar’ Goes

Burroughs Add.. 25% 25% 25% 25% J I Case 98 98 98 97 Conti Can 91% 91% 91% 90V2 Caterpillar Tract 54'/ 2 54% 54V2 54% Crown Cork... 45 45 45 44 Curtis Pub ... 21% 21% 21% 21% Curtis Pub pfd .. 103% 103% 103% 103 1 © Deere &Cos ... 50% 49% 50% 49'% Eastman Kodak 161% 160 161% 161 Foster Wheeler. 22% 22 % 22'% 22 Gillette 7% 17% 17% 17% Glidden 43'% 43 43’/, 42% Ingersoll Rand . 118 118 118 118 Int Bus Mach .. 183 183 183 183 Inter Harv . . 60% 60 60 60 Natl Cash Reg... 21% 20 21% 19% Owens Bottle .120 120 120 119% Rem Rand .... 16% 16 16% 16% Worthing’n P ... 22 22 22 22 Foods— Armour 5 5 5 47/3 Armour 6% pfd.. 66% 66% 66% 66%

N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 90.9 81.8 102.7 91.8 Saturday 91.0 81.9 102.9 91 9 Week ago 91,1 81.1 103.0 91.1 Month ago 90.4 79.0 102.0 90 5 1935 jlien 91.4 86.4 103.1 91.9 1935 low 83 6 71.0 89.3 83.0 (Copyright, 1935. by Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasury’s Prev. ~. „ Close, close. Y iS 115. 114.31 * 1944-o4 110.20 110.18 }2!Shs® 108.27 108.30 3%s 1940-43 107.8 107.4 3%s 1943-47 106.7 106.2 3%s 1941-43 107.5 107.4 3% s 1943-45 105.6 105.55 3%S 1944-46 104.23 104.23 3%s 1946-49 103.15 103.17 3%s 1949-52 103.10 103.13 3s 1951-55 102.15 102.16 3s 1946-48 102.13 102.13 2%S 1955-60 99.25 99.24 2%s 1945-47 100.12 100.18 Home Owners Loan Coro. 2% s 1949 99.13 99.15 3s 1952 100.20 100.23 Federal Farm Mortgage Corp. 3’4 s 1964 102.14 102.14 3s 1949 100.22 100.23 3s 1942-47 101.8 101.10 2%s 1947 99.27 100. DOMESTIC Prev. Close, close. Aileg Corp 5s ’44 86®, 86% Alleg Corp 5s '59 78% 78% Aileg Corp 5s ’SO 51% 52>/2 Am Frgn Pow 5s 2030 67 69% Am T & T s'vs ’43 112’% 113 Am T & T 5s '65 113 113% Arm & Cos. .Dell 5%s ’43 .. 94 94% Atl Coast Line 4s ’52 96 95% Atl Coast Line 4%s ’64 83% 83% Am Wat Wks 5s ’44 109 110 Am Rolling Mills 5s ’3B 1'.7% 119*% Balt & Ohio 5s ’95 93Vi 93*4 Balt & Ohio 6s ’95 83% 83% Balt & Ohio 4%s '6O 58% 59 Buff Roch & Pitt 4%s '57 64% 64 Chi Mihv & St P 5s '75 ... 14 14% Chi Milk & St P 5s 2000. .. 6% 6% Cleve Un Term 5s '73 99% 99% Clevc Un Term 4%s ’77 72% 72% Col Gas 5s May 52 99% 99% Col Gas 5s April ’52 99'% 99% Col Gas 5s ’6l 98% 98 Can Pac Perp 4s 84% 84% Cent Pac 5s ’6O 86% 86% Big Four 4%s '77 75 75% Big Four 5s ’63 82% 82% Colorado & So 4%s ’BO 56 55% Chi & West Ind 4s ’52 98% 99% Chi & West Ind 5%s ’62 106' 106% Chi & Nor West 4%s '49 .... 11% 12% Chesa Corn 5s '47 116 " 116% Del & Huds 4s ’43 76% 76% N Y Dock 4s ’sl 68Vs 68 f r ; le 5S ’75 68'% 68% Erie 5s ’67 69 69'© Gen Cable 5%s ’47 100 100% Grt Northern 7s '36 102% 102% Grt Northern 4%s ’76 . .. ... 92% 93 Grt Northern 4%s ’77 . 92% 93 Gen Stl Cast WW 5%s ’49 85 85 Hud & Manhat. Ref 5s ’57 . . 80% 80 111 Cent 4%s '66 59% 59% IU Cent Jt 4*4s ’63 64 64% 111 Cent 5s '63 68 68% Interlake C&I 5s ’sl 85% 85% Interntl Hy Elec 6s '44 46'- 47 Interntl Tel & Tel 4%s ’39 ... 82% 83% Interntl Tel & Tel 5s '55 75 75 Interntl Tel & Tel 4%s '52 . .. 71 75% P Lorillard 7s ’44 130% 120% McKess & Rob 5%S ’SO 102% 102% Midvale Stl 5s ’36 36% Natl Dairy 5%s '4B 103% 103% Natl Steel 5s ’56 106 106 Nickel Plate 4%s ’7B 65% 66% Nickel Plate 5%s '74 76% 76% Nickel Plate 6s '35 82% 83% N Y Cent 5s 2013 77% 78% N Y Cent 4%s 2013 (old) 71% 71% Nor Amer Cos 5s ’6l 103% 103 Nor Pac 3s 2047 72 % 72% Nor Pac 4'is 2047 88% 88% Nor Pac 6s 2047 102% 103 Nor States Pow 5s '4l 106% 106% Otis Steel 6s '4l 102 101% Penn Ry 4%s 'B4 104% 104% Penn Ry 4%s 81 105 104% Penn Rv 4%s '7O 98 98 Pac G & E 5s '42 . . 105% 105% Portland Gen El 4%s '6O 73% 73% Para Pubjix 5%s 'SO 87 88*4 Penn P & L 4%s 'Bl 105*, 106 Postal Tel & Cab 5s '53 34% 34% Rem Rand WW 5%s '47 104*, 104% Shell Union Oil 5s '47. 103% 103*, Sou Pac 4%s '6B 76% 77 Sou Pac 4%s ’Bl 75% 78*, Sou Pac 4%,.s ’69 76% 77 Sou Pac 4s '49 80% 80' - Sou Rail 4s '56 51 51% Sou Rail 6s '56 66% 67 Sou Rail 6%s '56 69 69% Sharon S’l Hood 5%s '4B . . . 102% 102% Texas Pac 5s 'BO 82 92 Texas Pac 5s '79 92% 92 Texas Pac 5s '77 93% 93% Union Pac 4s '47 111% 111 United Drug 5s '53 94% 94*, U S Rubber 5s '47 100*, 100*, NY NH & Hart 6s '4B 30% 29% NY NH & Hart 4%s ’67 29 28 Warner Bros 6s '39 88 86 Western Mary 5%s '77 304*, 105 Western Marv 4s '52 95% 95% Youngstown S & T 5s '7O . . 101% 101% Youngstown S & T 5s '7B 101% 101% FOREIGN Areentina (A) '57 97% 98% Argentine 'B' 6s 'SB 98 97*, Brazil 8s '4l 26*, 29 Canadian Govt 4s '6O 105% 105% Denmark 5%s '55 100% 100*, French 7s '49 177 176 German 5%s '65 28% 31% German 7s '49 38% 39% Itaiy 7s 'sl 57 55*, Japan 6%s '54 98 97% Poland 7s '47 104 103 Rome 6%s '52 46% 45 Tokio City 5%s '6l 80% 80% Yokohama 6s '6l 82% 82

Beatrice Cream.. 18'% 18'% 18% 18% Borden Prod. . . 26% 26 26*,s 26% Cont Bak “A”... 10 9'/ a 10 9*% Corn Prod 69% 69'% 69 % 69 Gen Baking ..... 12 12 12 12 Gen Foods 33% 33 33% 33 Gold Dust 20 19% 20 19% G W Sugar 32% 32 32% 32 Int Salt .. 25 25 25 25 Natl Biscuit 33'/g 32% 33% 32% Natl D Prod 19% 19% 19% 19% Purity Bak 14'/, 14% 14% 14% Std Brands ... . 14% 14% 14% 14% Un Biscuit 24 24 24 24 United Fruit ... 69 69 69 69 Ward Bak "B” .. 2% 2% 2% 2% Wrigley 76% 76 76 76% Retail Stores— First Natl Stores 48 47% 48% 48% Hahn Dept Sts .. 8% B‘/a 8% 8% Jewel TVs a 60% 59% 60% 59% Kresge S S 27 27 27 27 Kroger Groc ... 26% 26 26% 26% Macy R H 53 52% 53 52% McCrory St 13% 13% 13% 13 % McLellan St 13% 13% 13% 13% May Dept St .. 54% 54% 54% 54 Mont Ward 38% 38% 38% 37% Natl Tea 9% 9% 9% 9% Penney J C 78 78 78 78 Safeway St 33 33 33 33 Sears Roebuck . 65% 65 65% 64% Woolworth 56 55% 56 56% Aviation— Aviation Corp .. 4% 4% 4% 4% Curtiss Wright . 3% 3% 3% 3% Curtiss Wr "A”. 9% 9'/v 9% 9% Douglas Air 34% 34% 34% 34% Nor Am Av 5% 5% 5% 6 Sperry Corp ... 12% 12% 12% 12% Uni Aircft New. 22% 22% 22% 22% Chemicals— Allied Chem .. 160% 1*60% 160% 160% Am Com Alcohol 30 29% 29% 30 Col Carbon 90% 89% 90 91 Com Solvents .. 20% 20 20% 20 Du Pont 136% 136 136 136% Freeport Tex ... 27*, 27% 27% 27% Liquid Carb 35% 35% 35% 35% Math Alkali 31% 31% 31% 31% Natl Dis (new). 30% 30% 30% 30% Schenley Dist . 50% 50 50% 50Va Tex Gulf Sulph. 32 31% 31% 31% Union Carbide . 70% 70% 70% 71 U S Ind Alcohol 47 46% 47 46% Drugs— Coty Inc 6% 6 6% 6 Lambert 23% 23% 23-% 23% Sterling Prod . . 65% 65% 65% 65% Un Drug (new). 11 10% 11 10% Vick Chem 41% 41V, 41% 42 Zonite Prod .... 5% 5% 5% 5% Financial— Adams Exp ... 9% 9% 9% 9% Allegheny Corp. 3% 33 3% Am Int Corp ... 10% 10% 10% 10 Chesa Corp .... 59'/4 59% 59% 60 Lehman Corp .. 93 93 93 92% Transamerica .. 11% 11% 11% 11% Tr Conti Corp . 7% 7% 7'% 7% Building— Am Radiator ... 20% 20% 20% 20% Gen Asphalt ... 20% 20% 20% 20% Holland Furnace 30% 28% 30% 28% Int Cement . 33% 33'% 33% 32% Johns Manville 88 88 88 87% Libby Owens Gls 44 43% 43% 43% Otis Elev 23% 23 23 22% U S Gypsum ... 82 81% 81% 82 % Household— Col Pal Peet ... 17% 17% 17% 17% Congoleum .. .. 42 41% 42 42% Kelvinator . .. 14% 14% 14% 14% Proc & Gamble. 47 46% 47 46% Servel Inc 14 14 14 14 Simmons Bed .. 16% 16% 16% 16% Textiles— Amer Woolen .. 9% 9 9% 9% Belding Hem ... 13% 13% 13% 13% Celanese Corp . 29 28% 28*3 27% Collins Aikman. 42% 42'/, 42% 41% Indus Rayon ... 31 30% 31 30% Chicago Stocks (By Abbott, Proctor & Paine) 11:30 Prev. A. M. close. Berghoff 6% 6’* Butler . B*a 8% A M Castle 43% 43 Asbestos Man 4% 4% Chicago Corp 4% 4% Chicago Corp pfd 44% 44% Conti Steel 41% 40% Cities Service .. 2% 2% Com & Edison 95% 95% Crane 22 22 Elec House i 18 17*4 Gen House 3% 3% Grt Lakes 27 26% Libby ' 9 9 Noblitt Sparks 31 30' ; > Pub Servos 111 '.... 50% 50% Quaker Oats 139’- 140% Swift 20 19% New York Curb (By Abbott, Proctor & Paine! 12 (Noon) Prev. N. Y. close. Alumn. Cos of Am 87 85% Am. Cyanide "B" 29% 29% Am Superpower 2% 2% Atlas Corp 13 1374 Carrier Corp 10 9*, El. Bond & Share 14% 13*, Ford of Can “A” 26 25% Ford of Europe . 8 77. Hiram Walker 31 391, Imperial Oil Ltd 20 197, Lake Shore Min 50 50 Nia Mud Pwr 87* 8% Penn Road 3% 35 s Money and Exchange INDIANAPOLIS STATEMENT Clearings *2.798.000 Deb 'l* 7.793.000 TREASURY STATEMENT I Bv United Press) WASHINGTON. Dec. 3 —Government expenses and receipts for the current fiscal year to Nov. 30. as compared with a vear ago: „ This Year. Last Year. Expenses. *3.160.679.190.30 *2 892 632 093 1! Receipts.- 1.468.196.530 32 1.480 391 130 67 Deficit. . 1.692.482.659.98 1,432 240 962 44 Cash bal. 1,434.388.082 00 1.602,356.454 17 CUTS INTEREST RATE Timet Special NEW YORK, Dec. 3—The New York Life Insurance Cos. today announced the adoption of a lower dividend scale and a reduction to 3 per cent in the interest allowed on dividends and other funds leH on deposit, subject to withdrawal, both effective Jan. 1, 1936.

NEW COMPANY IN CONTROL OF LOCAL BUILDING Management Change of C. of C. Structure Is Approved. With approval of Superior Judge Herbert E. Wilson, anew operating company today assumed control of the Indianapolis Chamber of Commerce Building. Under the name of the Chamber of Commerce Building Corp., the new organization succeeds one of the same name except that “company” instead of "corporation” was used. Approval was given yesterday. The old company was dissolved in a friendly receivership suit instituted by Bowman Elder, building manager, who is to retain that position. Protective Committee Named A mortgage is to be executed by the corporation, secured by proceeds from sale of $565,000 in 4L per cent 25-year coupon mortgage bonds. The American National Bank is to be mortgage trustee. Stockholders of the old company are requested to deposit their stock certificates with the Indianapolis Bond and Share Corp., City Securities Corp.. or Breed, Elliott & Harrison, named reorganization managers, to effect an exchange for stock in the new corporation. For each two shares of the old stock, one share of Class B common stock is to be given. A protective committee has been chosen, composed of Jacob S. White and E. Clifford Barrett, Indianapolis; Albert H. Cole, Peru; Harley T. Ristine, Crawfordsville, and Earl Crawford, Connersville.

AUTO EXPORTS SHOW INCREASE Shipments Rise 7 Per Cent in October, Report Reveals. Oil United Press WASHINGTON, Dec. 3.—The Department of Commerce reported today that exports of automotive products from the United States during October showed an increase of 7 per cent above September, halting the downward trend which has been evident since June. October exports of automotive products were valued at $14,919,898 compared with $13,938,366 in September and $12,764,001 in October, 1934. The department reported that shipments of passenger cars valued at not more than SI2OO totaled 7288 units in October, compared with 5405 in September. Total shipments of passenger cars during October amounted to 7397 units valued at $3,803,683 against 5325 valued at $3,207,448 in September. Chief market for passenger cars exported during October was the Union of South Africa with 1772 units valued at $836,973. Australia, Belgium, Japan, New Zealand and Mexico followed in that order and in each instance the shipments were substantially higher j than in September, the department said. CRUDE OIL REFINING RISES Times Special NEW YORK. Dec. 3.—Refiners during the week ended Nov. 23 ran 2,575,000 barrels of crude oil daily to stills, or at the rate of 75.6 per cent of capacity, according to the American Petroleum Institue. BONDS ARE CALLED Times Special CHICAGO. Dec. 3. All outstanding first and refunding mortgage 4% per cent Series B bonds of the New England Public Service Cos., due 1957, amounting to $10,379,000, have been called for redemption on Jan. 3, 1936, at 103, it was announced today. Chicago Grain Futures (By James E. Bennett & Cos.) 11:30 Prev. Wheat— High. Low. A. M. close. Dec 97% 56% .97 .97% May 96% .95% .96% .96% July 89% .88% .89% .88% Corn— De'C 58% .57% .58 .56% Mav I 59 .58% .58% .58% July 60% .59% .60% .59% Oats— Dec. . 25*4 .25% .25% .25% May 27% .26*4 .27 .26% July 27*8 .27% .27% .27% Rye Dec 48% .46*4 .47*4 .47 May 51% .50% .50*4 .51% July 52 .51 .51% .51% LOCAL CASH MARKET City grain elevators are paying 88 cents for No. 2 soft wneat. Othe'r grades on their meiyts. Cash corn new No. 4 yellow 51 cents and oats 19 cents. Busigraphs NEWSPAPER ADVERTISING (media RECORDS-52 CITIES) 150 / K \ * i ii i J // yTU/ y 't/OTTEU LINE IS THE PAST; '/ y, /Xy Y, SEVEN TEARS AVERAGE Of* // ..pi WMmrn J fMAMJJASO (934 1935 Ti-i£ CORP GEMEPa:. DISTRIBUTORS incorporated investors Advertising gets the business when other methods fail. Almost without exception those industries which are prospering most today are liberal advertisers. An increase in advertising clearly indicates confidence in the future with growing business. Newspaper advertising linage in October went 7% per cent above a year ago and 16 per cent ahead of September linage. Automotive advertising made the record with t monthly gain of 96 (per cent—one reason, doubtless, wj the industry’s prosperity. iT ’ e

Food Prices Continue Rise Food )>rices continued to advance during the week ended Nor. 26, carruing the index to $2.79, anew high tor the last rive and one-half gears for the second consecutive week, according to I)un & Rradstrect, Die.

PAGE 15

CITIES BUSINESS GAIN

W 9 ■p " r I

A sharp decline in industrial loan applications to the Reconstruction Finance Corp. was cited this week by Jesse H. Jones, chairman, as evidence of business improvement. He said borrowers were now going to banks and “there is no doubt that banks are really trying to lend.”

PORKER PRICES REMAIN STEADY Cattle Market Unchanged: Veals Move Sharply 50 Cents Higher. Although receipts continued to flow in heavy supply today at the ! Indianapolis Union Stockyards, the pork market managed to display a steady trading range. The total supply was estimated at 8000, same as in the preceding session. With only 111 hogs held over from yesterday’s session, the market turned fairly active after the opening despite the liberal supply on hand. The top price remained at $9.95. The general bulk of 160 to 300 pounds, cashed in at $9.80 to $9.90, while heavy packing kinds, weighing from 300 pounds and upward, brought $9.50 to $9.70. In the lightweight division, slaughter pigs scaling 100 to 160 pounds, sold at $9.25 to $9.75. Good packing sows were offered at $8.50 to $9.25, few lights brought $9.50. Early trading was mostly steady in the cattle market, with beef cows j receiving the majority of attention. ; Most steers were valued to sell downward from $lO, while a few head brought sll. As in the preceding session, choice grades were absent. Heifers sold at $5 to $7.50. Bulls held $4.25 to $6. Receipts were 2000. Vealer prices were strong to largely 50 cents higher. The bulk of good and choice kinds sold at $11.50 to sl2. Receipts were 600. Lambs were weak to around 25 cents lower. Bulk of better grade natives sold at $11.25 down, while slaughter sheep held at $3.25 to $5.25. Fed western grades remained unsold. Receipts numbered 2500. HOGS Nev. Bulk. Top. Receipts. 26. $9.60© 9.75 $9.75 6000 27. 9 70''/ 9.80 9 80 3000 29. 10.05©10.15 10.15 6000 30. 9.90&10.00 10.00 2500 3. 9.80# 9.90 9.95 8000 3. 9.30© 9.90 9.95 8000 Light Lights (140-160) Good and choice $9.50® 9 75 Medium 9.00© 9.60 Lightweights (160-180) Good and choice . 9.80® 985 Medium . ......... ... 9.30"'/ 9.80 (180-200) Good and choice . 9.80© 995 Medium 9.30© 9.80 Medium Weights (200-220) Good and choice 9 85® 9 90 ,220-250) Good and choice . 9.80® 9.85 Heavyweights (250-290) Good and choice 9 75® 9.85 ,290-350) Good and choice .. 9.60© 9 90 Packing Sows (275-3501 Good 9.15® 9.50 (350-425) Good 9,00® 9 35 (425-450) Good 8 85® 9.25 (275-4501 Medium 8 50® 9.00 Slaughter Pigs (100-140) Good and choice .. 9.25® 9.75 Medium 8 50© 9.50 CATTLE —Receipts, 2000— (500-900) Choice $lO 75® 12 50 Good 9.00® 11.50 Medium 6.75© 9.00 Common 5.25® 6.75 (900-1100) Choice 12.00® 13 00 Good 9.50©12 25 Medium 7.50© 9.50 Common 5.75® 7.25 (1100-1300) Choice 17.25® 13.25 Good 9.75® 12.25 Medium . . 7 50® 975 I (1300-1500) Choice 12.25® 12.50 ] Good 9.75 0 12.25 Heifers (500-750) Choice ... 9 75® 11 00 Good 8 25® 9.75 Common and medium .. 4.75® 8 25 i750-800( Good and choice 9 00®11.25 Common and medium 5.00® 9.00 Cows Good 5 25© 6 25 Common and medium ... 4 25® 525 Low cutter and . . cutter... 3 00® 425 Bulls, good .5.75@ 6 23 Cutter, com. and med. bulls. 4.00® 5.75 VEAI.ERS —Receipts, 600— Good and choice sll 50® 12 00 Medium ... 9.50® 11.50 Full and common 5 50© 9 50 Calves (250-5001 Good and choice . . 7.00® 9.50 Common and medium . 4.00© 7.00 Feeder and Stocker Cattle (500-8001 Good and choice .... 6 50® 825 Common and medium . . 4 25© 650 (300-1050) Good and choice.. 6.504/ 850 Common and medium . 4.25© 6.50 Cows Good 5.00® 6.50 common and medium 4.00© 5.00 SHEEP AND LAMBS —Receipts. 2500 Lambs. 90 lbs. down, good and choice $lO 50® 11.50 Medium 8.75® 10.50 Ewes 1 90-1251 Good and choice. . 4 25® 525 All weights, common and medium 3.75® 4 75 1120-150/ Good and choice 3.525© 425 Other Livestock 'By United Press) ,JfT. WA .Y ! i E D “ c 3 —Hogs, steadv 180180 lbs., $9.80; 180-200 lbs.. $9 80 200-220 ihs-. *9.75: 200-240 lbs S9 70; 240-230 lm 89 f? : we O VL O n O > 89 50 300-350 lb *3 J4O-160 lbs,,, 59.60; 120-I*o lbs $9 35; 100-120 lbs. $9 10: roughs $8 25 stags, *6.50. Calves. sll 50. Lamb® *ll. ’ ( By Times Special* i>J' OU , ISV^LLE Dec - 3.—Cattle—Receipts, 300: slaughter cattle in light suppiv; demand fairly broad; market moderately active, fuily steady with Monday's advance; most common to medium grade steers and heifers and heifers. *6 -, 8 common dairybred and off colored kind' down to *5 50 or less: 15 head 573-lb. year.ings $lO 50: bulx beef cows $4 25 ■ a 50: smooth heifer types quotable highermost low cutters and cutters S3 25® 4 sausage bulls mostly *4 50® 5.50: light beef type stockers and stock calves mostiv Id 75®7.75. Calves—Receipts. 150. marke- 1 steady; bulk good to choice grades. *9 50 / 10.50; medium and lower grades $8 50 down to around *5. Hogs—Receipts, 700: market. 5c lower; top and bulk 180-220 i lbs. *9.75: 225-250 lbs , $9 60: 255-30®-lbs ! $9.15: 305 lbs. up. *8 75; 120-155 lb ! *8.55; sows. $7.30. Sheep—Receipts. 100 j salable supply very light; demand del pendable; market, mostiv steady; bulk j medium to good native larv-s *9® 950 choice quotable to around *11156 with fed westerns eligible higher: plainer grade lambs including bucks mostiv $6 50©8 50 fat ewes generally *3.30 down.

STATE STORES ENJOY GAIN IN RETAIL SALES Independent Indiana Houses Report Increase of 17 Per Cent. 7 imr? Special WASHINGTON. Dec. 3 —Retail sales of 301 independent stores m Indiana reporting to the Department of Commerce increased about 17 per cent in dollar volume for October. 1935. as compared with October. 1934. according to preliminary estimates of the Bureau of Foreign and Domestic Commerce. Without adjustment for the number of working days or for seasonal influences. October sales were J 2 per cent above September of this year Or. an average daily basis, it is estimated that sales of the reporting firms would show relatively no change in October as compared with September, since there were three more working days in October than in the preceding month. During September there had bee* an increase of 9 per cent over September, 1934. The August to September figures showed a loss of 6 per cent without adjustments, and an estimated increase of 6 per cent or an average daily sales basis. Only One Exception to Gain All but one of the kinds of businesses represented showed increase from last year. This exception, motor vehicle dealers, showed a dej cline of about 4 per cent. The greatest gains were in furniture and i household appliances, with an increase of 40 per cent, followed by lumber and building material deal- : ers and men and boys’ clothing ! stores, which showed gains of 38 per cent and 33 per cent, respectively. Without adjustment, the greatest gain from September to October was reported by men and boys’ clothing stores, with an increase of 46 per cent. The decline of 7 per cent showed by motor vehicle dealers, is considerably less than the usual seasonal decline for all states. Os the 301 firms reporting for October. 229, or 76.1 per cent, reported an increase over October a year ago; 63. or 20.9 per cent, registered declines, and 9. or 3 per cent, had less than 1 per cent change. 1936 FARM OUTLOOK BRIGHT. EXPERT SAYS Purdue Marketing Sperialist Makes Address Here. So far as prices are concerned the 1936 farm outlook is as good as for 1935, Dr. W. B. Stout, marketing specialist of Purdue Univer.;- , ity, said in an address yesterday at I the Lincoln before a district meeting of county agents and other farm I leaders. Dr. Stout urged continued development of farming despite higher operating costs. Counties represented at the meeting were Marion, Morgan. Hancock, Hamilton, Shelby, Johnson and Bartholomew. L. M. Busche, assistant county agent leader at Purdue, presided. Local Securities (Because quotations on local securities are unlisted on an Exehanee, The Times can not assume responsibilitv for the aeruraev of these figures gathered from local brokers.) STOCKS Belt RR & Stk Yds com s(j d 52% Belt RR & Stk Yds 6% ofd 52 Central Ind Pow TANARUS, pfd 16 19 Home Tel&Tel Ft. Wd 7% pfd 50% 52 Hook Drug Inc com 14 15% Ind & Mich Elec 7% pfd 99 102 Ind General Service 89 93 Ind Hydro Electric 53 57 Indpls Chain Sto Term pfd 52>/ a 62% Indpls Gas Cos com 38 Indpls Pow &Lt 6 pfd 82 85 Indpls Pow Ac Lt 6';,% pfd 88 91 % Indpls Water 5% nfd 102% North Ind Pub Svc 5%”4, pfd .67 70 North Ind Pub Svc 6'i pfd 75 79 Progress Laundrv com 5% Pub Svc of Ind 8% nfd . 12 15 Pub Svc of Ind 7© pfd 30 34 So Ind Gas A- Elec 6© pfd 93 97 Terre Haute Elec 6% pfd 80 84 Union Title com 13 20 BONDS Atlanta Dlstr Term 6% '4l ... 62% 70 Buffalo Dlstr Term 6% '4l .70 80 Brooklyn Postal Sta 5 '2 % '4B 37% 42 Home Tel&Tel FtW 5% '/o '35 103 105 Home Tel&Tel FtW 8% '43 103 lb Indpls Railways Inc 5© 'B7 50 53 Indpls Water 4%% ’4O ..105 i/f Indpls Water 5% *SO & '6O 105 107 Indpls Water 5" 2 '4. '53&'54 103% 105 Interstate T & T 5%% '53 S3 96 Kokomo Water Works 'SB 104 105% Lafayette Telephone 5% '57 102 Morris 5 & 10 Stores 5% 'SO 99 10J Muncie Water Works s'„ '65 102% Noblesville HL&P 6% 47 . 97 100 Ohio Tel Service 6% 47 95 Richmond Water Works 5%'57 104% 105 St. Louis Post Office 5% % '3B 18 25 Seymour Wtr Ist mtg 5% '59 101 104 Terre Haute Water Wkss% '56 101% 103% Terre Haute Wat Wks 6"- '49 103 105 Traction Tertninal 5© 57 69 7J Unlisted Stock •Bv B'yth & Cos > NEW YORK BANK STOCKS D , Bid. AsV, Bankers 66% 68% Central Hanover B & T 123 125 Chase ... 371, 39 /' Chemical National .. . 55% 57% Guaranty 308 310 Irving ip/, 17 ,/ Manufacturers 40% 41% National City 34% 335^ Cent HI 'Chicago/ . 92% 95 First National of Boston 42 41% Natl Shawmut 25% 26% TIRE INSURANCE Aetna Fire 58 57 - 4 City of New York inewi 23 29 4 Federal Ins 83% Franklin Fire 39 31% Great American Ins . . 26% 28% Hanover Fire Ins . . 371, 391* Hartford Fire Ins 79% 01 u Home Ins . . 35 / | 7 Ir.s Cos of N A 68 70 National Fire 7J., 73,North River Insurance 27% ’9% Phoenix Insurance . 91 931 J U S Fire 52% 54'> Westchester Fire 34 35^ Other Livestock (Bv United Press( LAFAYETTE D'-c 3 —Hogs, market feady 160-100 ]b< *9.70© 97* ' , OO-3'> lb= *9,40® 9.60 100-ieo lb= J9®9 50laughs. $9 down Calves, 110 go down! Lambs. *lO 75 down

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We Pay Highest Cash Prices for TYPEWRITERS Lincoln ‘ZT Loan Co v 201 W. Wash, a .’bMV'V.Y I