Indianapolis Times, Volume 47, Number 235, Indianapolis, Marion County, 10 December 1935 — Page 24

T rends Theories of Business Leaders Are Held Untenable. BY JOHN X. FLYNN

NEW YORK. Dec. 10.—Bu.sine.sB leaders are making use of the • breathing spell" extended to them b' the President to breaths fire and brimstone on the New Deal. They have adopted a program for American indu try. It is. of course, a blast against the Nev Deal. Read

it carefully and you will find underlying it several fundamental concepts : First—A complete assertion of faith in unmodified lais-sez-faire. Second—That tile American system did not collapse. Third That the depression break-down was due not to the

gja * rnPIL ' K W l&P

Flynn

system’s own weaknesses but to "policies that destroyed the guaranties on which American business depends—exi>erimentation witii currency, government competition and vast public debt." a a a IN the matter of laissez-faire, this is a pretty complete somersault from 15131. when H. I. Harri,man. former president of the United States Chamber of Commerce, said: "A freedom of action which might have bepn justified in the relatively simple life of the last century can not be tolerated today, because the unwise action of one individual may adversely affect the lives of thousands. We have left the period of extreme individualism and are living in a period in which national economy must be recognized as a ocoptrolling factor.” The theory that our economic system did not collapse is of course flying in the face of history. In March, 1933, all the banks had to he closed to save them from complete insolvency. Forty-nine out of every 100 Americans were unemployed. Nearly all the railroads faced bankruptcy. ana BUSINESS men rushed to the government in terror begging for rescue. In the next year business continued to function because the government, with its credit and resources, held it up as in the palm of its hand. The third proposition is that such break-down as we had was due not. to the system itself, but to government policies, government competition, currency experimentation, heavy borrowing, etc. Os course this too flies in the face of history. The collapse came by March, 1933. All of the things about which the industrialists complain came after that. The original collapse came nearly four years before at a lime when not only business itself, but the government and all the social, economic and cultural mechanisms of the nation were completely dominated by business men. The President was a business man, his Cabinet was made up almost entirely of millionaire business men or corporation lawyers. All the great agencies of the government were controlled by similar men. The crash of 1929 can not he blamed on government tinkering. a a a THE failure to recover between 1929 and 1933 can not be blamed on politicians and government tinkering lor in this period business men dominated tlie government, politics, schools, the press. The whole document of these business men is crowned with the conclusion that no change is necessary. With most of the policies of the New Deal one may disagree. But here, on the other hand, is a leadership which asserts that no leadership is necessary, that nothing is wrong, that all must be left as it is. Business men pride themselves on being optimists. Yet this is the counsel of the darkest pessimist, based on the theory, apparently, that nothing can be done about anything. iCopvrisht. 1335. NEA Service, Inc.) MILTON, HARRIS & CO. BSERVES ANNIVERSARY bacco Distributors to Celebrate Thirtieth Birthday. The Hamilton, Harris & Cos., local wholesale distributors of cigars, cigarets, tobaccos, pipes, candy and sundries, are celebrating ilv-ir thirtieth anniversary this month. The company supplies merchandise to more than 10.000 customers throughout Indiana, Michigan and Illinois. A recent sharp increase in the sales volume of the company is attributed by its executives to constant development of successful merchandising ideas that enable retailers to increase their sales of stock purchased from the company. The Hamilton. Harris & Cos., which maintains headquarters in Indianapolis, operates branches in Teire Haute. Kokomo and South Bend. Edward W. Harris is president and Earl H. Schmidt is secre-tary-treasurer. C. Bruiee McConnell is manager of sales. The company was incorporated Dec. 20. 1905. On Commission Row 1 Reprinted From l.atc Timm Vmtrrdav) Quotation* below subject to change are average wholesale price* being nOereti to buyer* by local ronimi.**ion dealers: Fruit—Cranberries, earl', blacks, 25-lb. box *4.50. Pears Washington D'Anjo *3 25 Bananas 7 hands, a pound. s‘<c Persimmom California h.g SI ji Apples Indiana Jonathans, si 00 Summer Rambos, *1: Delicious, *1 60i 175 Wealthvs. SI - Grime* Golden. *1 15<u 1 25 Lemon* Snnktst, 360* S7 50 Grapefruit - Texas 64s to 70s. 53.35 Anr.oua Suukist. *2 75. Limes Mexican, a carluu 12* 20r Pei nan seedless a huudred. S3 Vegetable*—Bean* green, round .stringless bu . S3 Beets- leva* 3-dux. crate *1 #O. Cabbage Northern Danish. 50-lb bag *sc Cnrroi* —California 6 do/ nate. *3 75. a do*., 75c Cauliflower California, crate. *2 50 Celeiy- Michigan, washed and trimmed, extra )aie-ss: Jumbo, doz.. 85c. Cucumbers -“;„t hern bu . S3 50. do/, 85c. Kale Home grown, bu.. 60c Lettuce' Iceberg. California, best. *4.75, home grown leaf 15-lb baskel, *l6O Endue California, basket. 85c Mangoe* California, crate 15 small basket *1 25 Mint— Bunch. 15c Mustard-Home grown, bu.. 60c Onions - Indiana cello* 50-lb bag *l Indiana jeflow, 10-ib. bag 22c; western Spanish. 50-lb hag *l5O Parsley -Southern dor 50c. Pea* Telephone hampers, *3 7.4 Potatoes- Round Cobbler*. 100-lb hag. *1 88 Michigan Round White 100-lb hag $ 1 far!-. Ohio*, bus *1.75 Idaho Russets. 12 40 Fweet noiatoas Indiana, .Tertejs bu . *1 85 Radishes -Ohio, button, dc? basket* ♦s4i6oc Page Dor 4V fUbatfc- Broad leaf, bu . *1 Squash B* 82 80 Tcroatoe*—CaiifcrDla, repacked, carlo is, *1.50.

PAGE 24

VITAL CHANGES ARE FORCED ON STEEL INDUSTRY Demand for Flat Products Necessitates Drastic Readjustments. BY LEONARD ROGERS lime* Special Writer NEW YORK. Dec. 10.—The $.3,000,000,000 steel manufacturing group, most basic and in many ways the most standpat of American industries, is facing now a series of tadical changes and readjustments in 1936 because—however incredible it sounds —the style of automobile bodies has been changed and tinned food and drinks have won wider public acceptance. Flat-rolled steel products, which include full finished sheets for use in forming car bodies, and tinplate. which is a steel sheet coated with Lin by an electrolytic process, have boomed from an insignificant position into the fastest growing and most important outlet for steel. In the Carnegie era of the industry this type of products made up 9 per cent of the total steel tonnage. So far this year it has accounted for 35 per cent, and has netted a higher percentage of the dollar value of all output. Pushed by Demand Because of the widening demand for this special product, a technical improvement in flat-rolling of steel has been perfected and introduced. Production men of tlie group say it represents the most important display of inventive genius within the industry since the Bessemer converter revolulioned steel making. The invention is a machine known in the trade as a four-high continuous strip rolling mill. Whereas sheets are rolled individually from small sheet bars by the practice in vogue during the last fifty years, the continuous mill breaks down a huge slab of semi-finished steel and finishes a wide strip some 200 feet long, which is afterward sheared into sheets of marketable lengths. Eliminates Workers 'Furthermore, a crew of 125 to 130 skilled workmen can man a continuous mill that will turn out 2000 tons of sheets a day, or about 600.000 tons annually, while dozens of hand-operated mills and 4500 workmen would be required to produce a like tonnage by the old method. American Rolling Mill Cos., a mod-erate-sized independent whose original plant is in Middletown, 0., perfected the new style flat-rolling. While it was building the first fourhigh mill at Ashland, Ky„ the Columbia Steel Cos., another sma'l independent, was building one at Beaver, Pa. Both companies finished about the same time, but the Beaver concern put the first mechanically rolled sheets on the market. That was ten years ago. America Rolling Mill later bought out its competitor lock, slock, bar-rel-and patents. Many Mills Building. During the next few years the activities of American Rolling Mill upset the whole Industry in the matter of sheet making. Most other companies arranged for licenses to manufacture under the Ohio concerns patents. A rush to build continuous mills was started. Since 1929. eight such mills have been completed and put in operation. The companies building them, at an average cost of about $15,000,000 per plant, were Youngs- ; I own Sheet and Tube Cos., Inland Steel Cos.. Weirton Steel Cos., Wheeling Steel Cos.. ,Otis Steel Cos., Great Lakes Steel Corp., Ford Motor Cos., and Allegheny Steel Cos. Bethlehem Steel Corp. and United Statps Steel Corp., two biggest uints of the group, missed the early pto- ! cession but have joined in 1935. Bethlehem will complete one mill at Buffalo within a few weeks. United States Steel is building two. Money and Exchange INDIANAPOLIS STATEMENT n. < ifi , i'L nBS *2.540 000 00 IJeblls 6.442 000.00 TREASURY STATEMENT 'B,\ United Pie.ssi \V ASHING 1 ON. Dec. 10. Government expenses and receipts for the current fiscal Y£“ r 10 UtH ’*• as compared with a vear This Year. Last Year Expenses *3.281.957 139.37 *3.085 938,920.20 Receipt,* 1.549.544.654.15 1.55*2.244 918.25 <• *| l ‘L , Cash Bat. 1.380.923.842.66 1 569 778.686.88

Local Securities (Reluiinlrd Iron] Late Time* Yesterday) 'Keeause quotations on local securities are unlisted on an Exchange, The Times ran not assume responsibility for the accuracy of these fituret fathered from local brokers.) STOCKS Bid. Ask. Belt RR & SMe Y’ds ccm 50 52% Belt RR k Slk Yii* 6w Dfd... 52 Central Ind Pow 7 • „ pfd 16 19 Home Tel&Tel Ft. Wn 7Vi pfd 50% 52 Hook Drug Inc com .14 17 Ind At Mtch F.lec 7% pfd 99 102 Ind General Service 89 93 Ind Hydio Electric 53 57 Indpls Chain Sto Term pfd . 52% 62% Indpls Gas Cos com .. 38% <2 ■lndpls Pow kLt 6 pfd . 82% 85' “Indpis Pow & Lt 6% pld 86 89% Indpls Water 5% pfd .102% North Ind Pub Svc 5%<“, pfd . g 7 70 North Ind Pub Svc 6% pfd . 75 79 Progress Laundrv com ..... 6% . Pub S\c of Ind pfd 12 15 Pub Svc of Ind 7 f , pfd 30 34 So Ind Gas A Eiec 6% ptd . 93 97 Terre Haute Elec 6% pfd . 80 84 Uuion Titio com ig 20 RONDS Atlanta Distr Term 6', 41 ... 62'% 70 Buffalo Distr Term 6‘, ’4l 70 80 Brookltn Postal Sta 5%% 48 37% 42 Home Tel&lel FIW 5%% '35 .103 105 Hume Tel&Tel Pi W 6 , 43 103 106 Indpls Railways Inc s'.- 67 .50 53 Indpls Wafer Indpls Water S' - 'SO * 60 105 107 Indpls Water 5%-. 53A 54 103% 105 Inleistatc T k 1 a' <- ’S3 93 96 Kofcomo Water Works ’SB . 104 105'% Latavetie Telephone 5T* '57 102 Morns 5 10 Stores s'i 'SO 99 102 Muneie Waiei Works 5% '65 102% Noblesvllle HLAP 6% '47 . . . 97 100 Ohio Tel Service 6% 47 95 Richmond Water Works 5<V57 104'% 106 S:. Louis Post Office 5' ", '3B 18 25 Seymour Wlr Ist mtg s‘i ’59 101 104 Terre Haute Water Wkss% ’56 101% 103% Terre Hauie Wai Wks 6% '49 103 105 Tran ion Terminal s'. ’57 . 69 73 •Ex. dlv. LEATHER DEMAND GAINS 7 iwr* Special CHICAGO. Dpo. 10.—AH hough there if still n steady demand for quality leathers, tanners in this district are working overtime on old orders, it was announced today. Some report that they are sold ahead through to the end of the first-quartet period.

Abreast of The Times on Finance

New York Stocks

'B' Thomson k McKinnom 11:15 a m. Prev. Oil*— High. Low. N. Y. close. All Rfg 24 1 2 24% 24 * 24% Earrsdall 13 •* 13*. 13", 13% Consol Oil 10' a 10*2 10*2 10 *. Con' of D*i . 30'* 30 30' * 29% Houston tnewi.. 6 , 6% b * 6% Mid Coni Pet .. 17'* 17 * 17'* 17la Ohio Oti 12' 12 12 12'. Pet Corp .... 12'* 12 12'. 12 Phillip Pet ... 37", 36% 37'* 37'. Plymouth Oil ... 11-, IP, 11', 11", Pure Oil 14'* 14', 14', 14% Seaboard Oil .31 31 31 31 % Shell Un 16' 3 16'* 16'* 18 Skeilev Oil 16 16 16 16 Soc Vac 14 ’* 14', 14’* 14'* S O of Cal 38% 38 38 38', S O of Ino 28’, 28", 28’ 28', S O of N J ... IS 49 49 49 Texas Corp . 25'* 25'* 25"* 25'* Tidewater Assn . 12",, 12'* 12", 12'. Un Oil of Cal . 21', 21",* 21% 21% Slrelx— Am Roll Mills . 30% 30% 30% 30% Beth Sieti . 40% 48% 48-, 48% Bvers AM 19% 19’, 19% 19% Coi Fuel At Iron 4% 4% 4% 4% Cruc Steel .30 30 30 30 Inland Steel 104% 104% 104'* 105 McKeesport Tin 123 123 123 123 Natl Steel . 78',a 78 78% 7<% Otis Steel . 16 15’, 151, 16 Hep Iron k Sll . 18% 18% 18% 18% U S Steel . . 47", 47% 47% 48% U S Steel pid .114% 114% 114% 114% Warren Bros . 5 4% 4% 4% Youngst'u S & T 39',a 38 , 39% 38% Motors— Auburn 39 39 39 40 Chrysler . 84 %• 83% 84% 84% Uen Motors ... 55', 55% 55% 56% Graham Mot . . 3", 3% 3% 3", Hudson . 15% 15% 15% 15% Hupp 2% 2% 2% 2", Mack Truck .... 27% 26V* 26% 27",, Nash 17% 16% 17% 17 Packard 7% 7% 7", 7", Keo . 5% 5% 5% 5% Studebaktr .. . 10% 9% 9% 9% Yellow Truck ... 8 1% 8 7'% Motor Access— Bendix 21% 21 21% 21% Bohn Alum 51% 51% 51% 51% Borg Warner .... 62% 62% 62% 62% Briggs 53 52% 52% 53% Budd Mfg 9% 9 9% 9 Budd Wheel ... 12% 12% 12% 12% Eaton Mfg . 27% 2' % 27% 27% Elec Auto Lite .. 35% 3'% 35 35% Elec Stor Bat .. 53% ?-3% 53% 52% Houdaille B' 29% 29 29", 29% Murray Body ... 19% 19% 19% 19% Stew Warner .... 17V* 17 17'* 17 Timken Roll . . 67% 67 67'* 67'% Timken De Axle 11 10% 10% 11 Mining— Alaska Jim 15% 15Vi 15V, 15% Am Metals 31% 30% 30% 32% Am Smell 61% 60% 60% 62% Cal k Hecla . 6% 6"', 6% 6% Cerro De Pasco 61'* 59% 60 62% Dome Mines .... 44% 43% 43% 44 Granby 914 9'* 9% 9% Howe Sound £B% 57 57% 59'/, Ins Copper 7% 7% 7'/* 7% Ini Nickel . .. 45% 45'/, 45% 46 * Kennecolt Cop . 29% 29% 29", 30'* Mclntyre Mine 40 39% 39% 39% Park Utah ... 4% 4% 4% 5 Phelps Dodge... 27V, 27% 27% 28 St Joe Lead ... 24% 24',* 24% 24% U S Smelters ...103 101 101 107% Vanadium 19% 19% 19% 19% Amusements— Crosley Radio .. 18"* 17% 18% 17% Fox Tlieat 23% 23% 23'% 23% Loews Inc 54% 54% 54% 54% Radio Corp 11% 11% 11% n% Paramount 10% 10% 10% 10% RKO 5% 5% 5% ?% Warner Bros ... 10% 10% 10% 10% Tobaccos— Am Sum Tob ... 25% 25% 25% 25% Am Tob "A" 96% 96V, 98% 97 Am Tobacco 'B " 98% 98% 98 s , 99% Ligg * Myers B 111 ill m 112 Lorillard 25% 25% 25% 25% Phillip Morris . 62% 62% 62% 62 Reynolds Tob B 56 , 55% 55% 56% Rails— Atchison 58% 57", 57% 58% Atl Coast Lines. 32% 31% 32% 32% B& O 17% 17% 17% 17% Can Pacific 11"* 11% 11% n% Ch k Ohio 52 51% 52 51% Chi & Gt W pfd 4% 4% 4% 4% C M k St P 1"* 1% ].i; 5% CM* St P pfd 2% 2% 2% 3 Chi N W 3% 33% 3 Dela <fc Hud ... 40% 39% 40V, 39% Del Lac & W ... 17% 17% 17% 17% Erie 13% 12% 13% 13% Erie pfd 18% 18% 18% 19 Grt Northern pf 34% 34% 341/4 35 111 Central 21% 20% 21% 21", K C Sou 14% 13% 14 13% Lehigh Valiev .. 10 9% 9% 9", M K <fe T 6 5% 6 6 M K <fe T fpd... 15 15 15 151* Mo Pac 2% 2% 2% 2% Mo Pac pfd 4 1 , 4% 4% 3% N Y Cent 29% 29% 29% 29% N Y Ont k West 5% 5% 5% 5% Norlolk * West 215 215 215 215 Nor Pacific .... 23% 23% 23% 23% Penn R R 32 31% 31% 32% Sou Pac 24", 24% 24", 24% Sou R R 14% 14 % 14% 15 Union Pae 110% 110% 110% 110", West Maryland . 9% 9% 9% 9", Equipments— Am Drake Shoe 40% 40% 40% 40% Am Car <St Fdy 30% 30 30% 31 Am Loco .. 26'% 26% 26% 26 s , Am Steel Fdy... 23% 23% 23% 23% Bald Loco 5% 4", s', 4% Gen Am Tk Car 48% 48% 48", 48% Gen Elec 37% 37% 37% 37% Gen R R Sig ... 40 37% 40 39% Pullman Inc .... 38 37% 38 37% West Air Br 33% 33% 33% 34 Westingh Elec .. 92 91% 91% 92% Utilities— Am k For Pwr . 7% 7 7 71 * Am Power & Lit 8% 8% 8% 8% A T & T .158% 158% 158% 159 Am Wat Wks .. 21% 20 s , 21 21% Comm * Sou . . 2% 2", 2% 2% Consol Ga- .32% 32 V, 32% 33% Elec Pwr tt Lit. 5% 5% 5% 5% Int Hydro Elec . 3% 3% 3% 3% Int-prboro R T .. 16% 16% 16% 17 Int TANARUS& T . . 13% 13% 13% 13% Nat Pwr & Lit.. 10% 19% 10% 10% North Amer .... 26% 26% 26% 26% Pac G& F. 30% 30% 307, 30"* Peoples Gas 42% 42 42 43", Pub Serv N J ... 45 45 45 44% So Cal Edison .. 25% 25 25 24% Std Gas .. 6 5% 5% 5% Stone & Webster 14 % 13% 14 14% United Corp . .. 7% 7 7 7% Un Gas Imp .... 17% 17% 17% 17% Ut Pwr k Lt A 33 33 West Union ..71 71 71 71", Rubbers— Firestone 21% 21'4 21% 21", Goodrich 12% 12% 12% 12% Goodyear. 21% 21% 21% 21% U S Rubber . 15% 15% 15% lot, U S Rubber pfd 43% 43', 43% 53% Miscellaneous— Allis Chalmers 34% 34% 34% 35 Am Mach k Fdy 30 29'* 29% 30% Anchor Cap . 16% 16V, 16% 16% Brklyn Man Tr 42% 42% 42% 42% Burroughs Add 25% 2.6% 25% 25% J 1 Case 100% 100 100% 100% Conti Can . 89% 88% 89 88% Caterpillar Tract 57% 56", 56% 57% Curtis Pub 22 21"* 21% 22", Eastman Kodak 161', 161'* 161% 162 Foster Wheeler , 24% 24% 24% ’>4% Gillette . .. 171* 17% 17% 17'* Glidden 48% 47% 47% 47 Inter Harv . 62% 62", 62", 62", Natl Cash Reg 23 22% 22% 22% Owens Bottle 122 122 122 I*> 1 % Rem Rand ... 19% 19% 19% 19.% Underwood E.. 86% 86% 86% 86% Food*Am Sugar 51", 51 51 52 Armour ....... s>/ 5 5 5% B-atrice Cream’y 18% 18% 18% 18% Borden Prod . ... 26% 26 26% ‘>6% Cal Packing 35% 35% 35", 35", Coca Cola . 90", 89', 89% 89% Cont Bak iA) . 10 If 10 10' Corn Prod ..69 % 6!, % 69 % 70 Crm of Wheat 37% 37% 37% 37", Cuban Am Sugar 6% 6% 6% 6% Gen Bakirg 11', 11% ip, j 2 Gen Foods 32', 32% 32% 3“>-% Gold Dust 19', 19% 19", 19% G W Sugar 32% 32% 32% 33% Loose Wiles .... 4040 40 40 s , Natl Biscuit .... 35 34% 3k', 34% Natl D Prod ... 20% 20% 20% 20% Puritv Bak 14% 14", 14% 141, S Porto Rico Stig 26% 26% 26% 26%

Busigraphs

PRODUCTION OF ZINC IN THE UNITED STATES 10. I* ME " ICAN ZINC tWSTITUTE) v I if 1 o - / Vs// y 'd°(TH> KNf is 1 its past y 5 7/ '/ V. % V lfN vt **‘ SIIXAi.K Us. // Mwmmi THE PARKER CORP. GENERAL DISTRIBUTORS INCORPORATED INVESTORS

Th*" production of zinc is one of the best single measures we have of industrial production. This is because zinc and its compounds are used in such a variety of manufactured products. Although the monthly production of zinc seems to remain fairly constant, it has. nevertheless, steadily increased since the low point in 1932. Zinc output in the first 10 months of this year was double that in the corresponding 1932 months, and nearly 20 per cent ahead of the same months of last year.

INDIANAPOLIS, TUESDAY, DECEMBER 10, 1935

Std Brands ... 14'. 14% 14’* 14 ■ Un Biscuit . ... 24% 2Y% 24", 24% United Fruit.... 68% 68% 68% 68% Wrigley . 78 78 78 73 Retail Store,— Assd Drv Goods 17', 17', 17', 18 First Natl S ires 47 47 47 47 Gimbei Bros . 8% 8% 8% 8% Gr Un Tea .. 4% 4% 4% 4% Hahn Dept Sts . 8% 8% 8% 8% Jewel Tea 62% 62% 62% 62 Kresge S S 27 26 % 26% 27 Kroger Groc ... 26"* 26% 26% 26% Macy R H 55 54% 54 , 54% McCrorv St 14% 14% 14% 14% McLellan S 14 13’, 14 14% Marshal] Field 13% 13% 13% 13% May Dept St... 54 53% 53% £4 Mont Ward . ... 40% 4040% 40% Natl Tea 9% 9% 9% 9% Penney J C 84 83 83% 82% Safeway St . 35 V* 35% 35% 35% Sears Roebuck 67% 67 67% 67 Woolworth 57% 56% 57 , 57% Aviation— Aviation Corp .. 4% 4% 4% 4% Boeing Aircft . 14% 13V, 13% 14 Curtiss Wright 3% 3", 3", 3% Curtiss Wright A !>’ 9 s , 9% 9% Douglas Air .... 37% 37 37% 37% Nor Am Av .. . 66, 6 6% 6% Sperry Corp . 136* 13% 13% 13% United Airc’t N 24 23% 23% 23% Chemicals— Air Reduction .167% 167'* 167% 168 Allied Chem 160 158% 158% 160'* Am Com Alcohol 31% 30", 30% 31% Com Solvents ... 20 * 20% 20% 20", Du Pont 139", 139% 139% 139 Freeport Tex ... 28% 28% 28% 28% Liquid Carb .... 36'* 36 36% 35% Math Alkali .31 30% 30% . Monsanto Chem 88% 88 88 89 Natl Dis (newt. 31% 31% 31% 31 Schenley Dist . 53% 53 53 53% Tex Gulf Sulph 31V* 31% 31% ?1% Union Carbide . 71% 71% 71% 71'% U S Indus Alco 47% 47 47 % 47", Cotv Inc 7% 7% 7% 7% Lambert 24% 24% 24', 24% Sterling Prod -. 64% 64V, 646, 64 Un Drug tnewi.. 12'% 11 % 12 11% Zonite Prod .... 6% 6% 6% 6 Financial— Adams Exp 11% 11% 11% 11", Allegheny Corp . 3% 3% 3% 3", Am Int Corp .. 11 10", 10% 11 Chesa Corp 58"* 58% 58", 59 Trarsamerica .. 13 12', 12', 13 Tr Conti Corp... 7’, 7% 7% 8 Building— Am Radiator ... 22% 22% 22% 226* Gen Asphalt 21 20", 20% 20", Holland Furnace 30% 30V, 30', 30% Johns Manville 92 6* 92 92 91% Libbv Owens Gls 44% 44% 44% 44% Otis Elev 25% 256* 25% 25', U S Gypsum ... 85 84 84 85 Household— Col Pal Peet ... 18% 18 18 18", Congoleum 42% 42% 42% 42V* Kelvinator .. 13", 13% 13", 13% Proc & Gamble. 46% 46 46% 46 Servel Inc ... 14% 14", 14% 14% Simmons Bed .. 17% 17V* 17% 17% Textiles— Amer Woolen .. 9% 9% 9% 9% Belding Hem ... 13', 13% 13’a 13', Celanese Corp . 28% 28 28 28% Collins Aikman 45% 4.4 45 44% Gqiham Hose .. 10% 106, 10% 10 Indus Rayon .. 30", 29% 29% 30% Kayser Julius .... ... Real Silk 10% Chicago Stocks ,By Abbott, Proctor & Paine) 11:30 Prev. A. M. close. Allied Products 22% 22'% Butler Bros 9 9 A. M. Castle 43 43% Chicago Corp 4V* 4% Chicago Corp pfd 45% 45 Conti. Steel . 416* 42% Cities Service 262 2'* Com k Edison 97 97 6* Cord 5 56, Crane . 22 Vi* 22% Elec House 16% 16% Gen House 46* 4 Grt Lakes 29 29 Iron Firemvn 29% 29 % Libby 9 6* 9% Noblitt Sparks 31 31 Swift 19% 20 Swift Int 33 33 Zenith 1362 13 6*

New York Curb (By Abbott, Proctor k Paine) 12:00 Noon Prev. NY. Close. Alumn Cos of Am 906* 90% Am Cyanide "B” 29% 29% Am Superpower 264 264 Atlas Corp 13% 13% Carrier Corp . 126* 11 El Bond & Share 16 15',% Ford of Can ' A" 26% 26% Ford of Europe 8% 8% Hiram Walker 326a 32% Imperial Oil Ltd 19% 206* Lake Shore Min 53 52% Pan Am Airways 41 64 42 Pen Road 3% 3% Wright Hargraves Min 7% 7% Dividends Declared Dividend rates are given in dollars and cents unless stated otheryise. Company— Rate Per'd Payable Close Cincin Gas k Ei 5% p 1.25 Q Jan. 2 Dec. 13 Darby Petroleum .25 . Jan. 15 Jan. 3 Deisel Wemmr .12'% Q Jan. 2 Dec. 20 Deisel Wemmr .37% ex Jan 2 Dec. 20 Det Grav Iron .10 .. Dec. 20 Dec. 14 bFedders Mfg .37% .. Jan. 2 Dec. 20 aFormica Insula .20 Jan. 1 Dec 15 Manfrs Trust ... .25 Q Jan. 2 Dec. !4 Manfrs Trust .. .25 spe Jan. 2 Dec. 14 Minn Pw & Lt 7% P 1.75 Q Jan. 2 Dec. 11 Minn Pw & Lt $6 p 1.50 Q Jan. 2 Dec. 11 Minn Pw & Lt 6 % P 1.50 Q Jan. 2 Dec. 11 Motor Prods 100% stk Feb. 1 Dec. 20 Motor Prods... .50 .. Dec. 31 Dec. 20 Motor Proas . .30 .. Mar. 31 Mar 20 Motor Prods . .50 . . June 30 June 20 Old Colony Tr . .15 Q Jan. 2 Dec. 16 Carriers k Gen. .05 .. Jan. 2 Dec. 19 Cons Mng k Smelt 5% p 1.25 .. Dec. 31 Dec. 16 Consol Mng & Smelt bonus 4.00 . Dec. 31 Dec 16 United Fruit .. .75 Q Jan. 15 Dec. 19 a Forty cents was paid in October. blnitial dividend of 25 cents was paid. Chicago Grain Futures (By United Press) CHICAGO FUTURES RANGE (By James E. Bennett k Cos.) Prev. Wheat— High. Low. Close, close. P/c 96 6* .94 s * .96 .94% CornP/c 58% .57% .58% .58 Ma.v 9% .58% .59% .58% Ju| . v 60' 2 .60 . 60% .60% Oats— Dec 25", .24’, .25", .24% Mav 26% .26% .26% .26' July 27 6* .27"* .27", 27% Rye— Rec 47% .46% .47% .47% May 50% .49% .50% 50% July 50’, .50% .50% ISO'! TAX ASSESSMENT CASE PROTESTED BY UTILITY Corposation Fights Fraud Penalty Imposed 7 Years Ago. By l nited TV/-** WASHINGTON. Dec. 10.—Asserting that the period of limitation for assessment of any liability as transferee has expired, the Utilities Trading and Securities Corp., of New York City, has filed petition protesting a tax assessment and fraud penalty of $354,645.39. it was revealed today by the Board of Tax Appeals. A Federal income tax assessment of $283,716.51 and 25 per cent fraud penalty of $70,928 88 was imposed on the corporation for the taxable year of 1928, as transferee of the Barnsdall Corp. Class A stock and warrant syndicate. The syndicate, which was managed by the brokerage firm of Hornblower and Weeks after its inception in 1927 was transferred to W. A Harriman Cos. in 1928 and Wiliia.n H. Loucks. president of utilities trading, became its manager. TREATY AIDS CARRIER ' Times Special NEW YORK. Dec. 10.—Because ot its strategic position as a North and South main route between New York and Montreal and Boston and Montreal. the Rutland Railroad should receive substantial benefits from the new Canadian-American reciprocal tariffs, according to a studyprepared by John E. Sloane & Cos,

HOLDING BANK TO GET 0. K. ON STOCK VOTE Reserve Board to Approve Request of Giannini's Transamerica. (Copyright. 1935. by United Press) WASHINGTON. Dec. 10.—A. P, Giannini's Transamerica Corp. is being granted permission by the Federal Reserve Board to vote its huge stock holdings in about 400 banks at the January annual meetings, it was learned today. Bank holding companies like Transamerica are required by the banking laws to obtain permits from the reserve board before they may exercise voting rights in the selection of bank officers and formation of policies bv individual banks. Some 50 bank holding companies, including the Marine Midland Corp., already have asked the board's permission to vote their stock. The board has adopted a policy of strict secrecy in these matters. Action Shrouded in Mystery Permission on the Transamerica request followed a personal plea bpfore the board nearly two weeks ago by the dynamic Giannnini. The board’s deliberations on Mr. Giannini's plea were shrouded in mystery. Members refused to discuss the case today and Elliott L. Thurston, assistant to Chairman Marriner S. Ecc.les, said he "didn't know" what action was being taken. Drastic restrictions, the United Press learned, however, are placed on bank holding companies before voting permits are issued. To insure secrecy of the board’s action, code word signifying the action is telegraphed to Federal Reserve agents for transmission to the holding company. Requirements Are Listed A letter from Chester Morrill, secretary of the board, to Federal Reserve agents in each of the 12 districts outlining the voting permit regulations indicated that most of the requests would be granted. The voting permission agreement provides that bank holding companies must do the following: 1. Charge off within two years all losses and depreciation of securities. 2. Require that its banks write off losses in loans, discounts and on securities. 3. Require banks to maintain "a sound financial condition.” Must Comply With Suggestions 4. National banks must comply with suggestions of Federal Reserve officials in the district in which the bank is located. 6. Loans and extension of credit by the banks are subject to various provisions of the Federal Reserve Act. 7. The holding company must require its banks to maintain sound financial policies and not allow' any change in the general character of the banks’ business or investments without permission of the Reserve Board.

MEUB NAMED HEAD OF INSURANCE GROUP State Agent Elected Chief of Association. William H. Meub, general Indiana agent for the New England Mutual Life Insurance Cos., today had assumed his duties as president of the General Agents and Managers Association following his election at the annual meeting held Friday night at the Columbia Club. Edwin Harris, superintendent for the Prudential Insurance Cos., was named vice president and Mansur B. Oakes, president of the Insurance Research and Review Service, was re-elected secretary-treasurer. A gift was presented to Mrs. Floyd Barnes, assistant secretary, in appreciation of her 10 years of service as recorder for the organization. Carl A. Peterson, supervisor of agencies for the Northwestern National Life Insurance Cos. talked on processes in selecting men and demonstrated methods by means of engineering practices. NOVEMBER SALES GAIN Safeways Stores, Inc., Reports Rise of 25.7 Per Cent. Times Special SAN FRANCISCO. Dec. 10.— Total sales of Safeway Stores, Inc. during the four weeks period ended Nov. 30 amounted to $24,379,975, against $19,383,248 in the corresponding period a year ago, an increase of 25.7 per cent, it was announced today. For the 48 weeks period then ended the total amounted to $268.859.918. compared with $222,209,946. an increase of 20.9 per cent. Sales of $24,303,058 in the four weeks ended Nov. 2 showed an increase of 26.3 per cent over the total for the corresponding period in 1934. Produce Markets The prices quoted below are paid for stock gathered in the country, while delivered in Indianapolis the price will be a cent higher. Heavy breed hens, 16c: Leghorn breed hens. 12c: springers, over 4Va lbs.. 17c: under 4Mi lbs.. 16c: old cocks. 9c: Leghorn springers, l\i lbs. and up. 12c. Turkeys—Young hens. 8 lbs. and up. 19c: toms. 13 to 18 lbs.. 13c: over 18 lbs.. 18c; old toms. 14c. Ducks—White. 4'j lbs. and up 10c: geese. 10 lbs., full feathered and fat. 9c: old guineas, 15c: yirg guineas, l'i lbs. and up. 25c. No. 1 strictly fresh eggs, loss off. 35c: pullet eggs. 18c. Each full case must weigh 55 lbs. grass, a deduction of 10c a pound under 55 lbs. will be made. No. 1 butter. 36',2®37’ic; No. 2. 33 ! .- u 34*2c; butterfat. 32c. Quoted by the Wedley Cos. (Bv United Press) CHICAGO. Dec 10. Eggs—Market, weak; receipts, 3377 cases; fresh graded firsts 29'ic- extra firsts, 30' 2 c: current receipts. 26@27c; dirties. 20<021c; checks. 19c. Butier—Market unsettled; receipts. 4448 tubs: extra firsts i9O-91'2 score). 324 j 32' 4 c: extras >92 scorei. 32 3 c; firsts iBB-89’2 score'. SlfeSl’ac: seconds ■ 8687 1 a scorei. 30c: specials. 33'33 3 4 c; standard. 32c. Poultry—Market, steady; receipts. 33 trucks ducks. 14'?4r1gc: geese. 14irl5c: spring chickens 194i?K: hens. 17’20' 2c: turkeys. 22i24c: Leghorn hens. 12©14' 2 c: old rooster*. 14c. Cheese : —Twins. 18*il8'e: dßLsles. 18'j#lS 3 c; Longhorns, 18 3 @l9e. Potatoes— Supply moderate: demand very slow; market duli. Idaho Russet Burbanks. 51.754r1.7”'-3: U. 8. No. 2. 51. 20*i1.55; Minnesota and North Dakota Cobblers. Sl^ 1 ?: early Ohios. 51.2. V Bliss Triumphs. 51. 20, Colorado McClures. sl.so#'MO. Arrivals, 84, on track, 339, shipmlats, 415,

Under Observation

( ) \ AAA v 4g7

PORKER PRICES DROPSHARPLY Market Generally 25 to 35 Cents Lower: Receipts Number 8000. Another sharp increase in hog receipts at the local stockyards today resulted in a gpneral decrease of from 25 to 35 cents in all classes. The total supply was estimated at 8000, compared with 5000 in the preceding session. Demand, however, was fairly active at the sharply lower prices. The market showed some improvement as the session progressed and near the end was only around 10 to 20 cents lower than yesterday’s close. Holdovers numbered 87. The general bulk of 160 to 250 pounds cashed in at $9.85 to $lO, while extremely heavy butcher classes ranging from 250 to 400 pounds brought $9.50 to $9.75. Small slaughter pigs, scaling from 100 to 160 pounds, sold at $9.25 to $9.75. Packing sows brought $8.50 to $9.50. Initial trading developed slow in the cattle market, especially in steers and heifers. Medium grade steers were mostly steady to 15 cents lower. Early steer sales ranged Irom $7 to $lO, while a few better kinds were valued to sell at sll, or above. Heifers brought $8 down, with a few kinds slightly higher. Cows and bulls were steady, selling at $4.25 to $6. Receipts numbered 2300. Vealers also continued to display a steady trading range. The bulk of good and choice grades sold at $10.50 to sll. Receipts were 600. Native lambs were mostly 25 cents lower, selling at sll down. Few Westerns were steady at $11.25, while slaughter sheep brought $4.74 down’. Receipts were 2500. HOGS Dec. Bulk Top. Receipts4. $9.90(iJT0.00 $10.05 4000 5. 10.00(®i0.10 10.15 6000 6. [email protected] 10.10 8000 7. [email protected] 10.00 2000 9. [email protected] 10.25 5000 10. [email protected] 10.00 8000 Light Lights 1140-160) Good and choice $ 9.50@9 75 Medium 9.00® 9.50 Lightweights 1160-180) Good and choice . 9.75® 10.00 Medium 9.25% 9.75 (180-3001 Good and choice .. 9.75(8:10.00 Medium 9.23# 9.75 Medium Weights 1200-2201 Good and choice... 9 75® 9.95 '220-2501 Good and choice .. 9.65#: 9.85 Heavyweights (250-290' Good and choice... 9.50® 9.65 (290-3501 Good and choice.. 9.55(810.00 Packing Sows (275-3501 Good 9 25® 9.50 1350-4251 Good 9.10@ 9.40 (425-4501 Good 9.00® 925 1275-460) Medium 8.75® 9.15 Slaughter Pies HOO-140) Good and choice... 9.25® 975 Medium 8.50® 9.50 CATTLE —Receipts, 2300 (500-900) Choice . $10.75812 50 Good [email protected] Medium 6.75® 9.00 Common 5.25® 6.75 (900-11001 Choice 12.00@13 00 Good [email protected] Medium 7.501® 9 50 Common 5.75# 7 25 (1100-1300) Choice 12.25(813 25 Good [email protected] Medium . r 7.50® 9.75-(1300-1500) Choice 12.25® ( 2.50 Good [email protected] Heifers (500-750) Choice 9.75® 11 00 Good 8.25® 9.75 Common and medium 4.75® 8.25 \750-800i Good and choice .. 9 [email protected] Common and medium 5.00@ 9.00 Cow Good 5.250 6 25 Common and medium 4.25® 5 25 Low cutter and cutter 3 00® 4.25 Bulls, good ; 5.75® 6.25 Cutter, com. and med. bulls.. 4.00@ 5.75 VEALERS —Receipts, 600— Good and choice $10.50811 00 Medium 8.50® 10.50 Full and common 4.50® B,£o Calves | (250-500' Good and choice 7.000 9 50 Common and medium 4 00@ 7.00 Feeder and Stocker Cattle (500-8001 Good and choice .... 6.508 825 1 Common and medium 4 25® 6.50 (800-10501 Good and choice.. 6 50® 850 Common and medium 4.25® 6.50 Cows Good 5.00® 6.50 Common and medium 4.00® 5.00 : SHEEP AND LAMBS —Reecipts. 2500 Lambs. 90 lbs. down, good and choice $10.50811.25 Medium 8.75@ 10.50 Ewes 190-125' Good and choice . 4 00® 5.00 ! All weights, common and medium,. 3 508 4.50 (120-laOi Good and choice .. 3 00® 4.00 LOCAL CASH MARKIT City grain elevators are paying 86 cents for No. 2 soft wneal. Other grades on their merits Cash corn new No. 4 yellow 46 cents and oats 19 cents Unlisted Stocks ■By Blythe & Cos.) NEW YORK BANK STOCKS ~ . Wd. Ask. Bankers (1 4 Central Hanover B k T 131"* 133"* Chase 40% 42 Chemical National 57 58"* Guaranty 326 329 9 s , Manufacturers 44' 2 46i 2 National City 35% 40', Cont 111 .Chicago' 109 6* 112% First National of Boston .... 46% 48% Natl Shawmut 28% 30 FIRE INSURANCE Aetna Fire 59% 61 City of New York mew . 28% 30% Federal Ins 88 Franklin Fire 30% 31% ; Great American Ins 29% 31 Hanover Fire Ins 33% 40% Hartford Fire Ins 81% 83% Home Ins ]|6, 37’* Ins Cos of N A 75 77 'National Fire :.... 77 79% North River Insurance 27% 29% Phoenix Insurance ........... 36 M% V 8 Fire . *.53 55 Westchester Fire .........ft 35 38%

Auto Radio Sales at New Peak Sole? ot automobile radios have passed the million mark for the first time and mill probably reach a total of J. 100.000 for the year. This comjmres with a total of 780,000 sets sold in 193 J.

N. Y. Bonds (Reprinted From Late Time* Yes(erday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Utils. Bonds. Today 91.4 83.8 103 2 92.8 Saturdav 91 4 83.7 103 4 92 8 Week ago 90.9 81.8 102.7 91.8 Month ago 90.6 78.3 102.7 90.5 1935 high 91.4 86.4 103.4 92.8 1935 low 83.6 70.0 89.3 83.0 Copyright, 1935, by Standard Statistics) L T . S. GOVERNMENT BONDS. (By Abbott. Proctor <fc Painei Treasury. Prev. Close, close. 4%S 1947-52 115.3 115.4 4s 1944-54 110.27 110 25 3%s 1943-47 106.11 106.10 3%S 1941-43 107.17 107.19 3%s 1943-45 105.12 105.9 3'*s 1941 108.1 * 107.30 36*s 1944-46 105.1 104.30 36as 1946-49 103.23 103.18 3s 1951-55 102.21 102.20 3s 1946-48 102.22 102 18 2%S 1955-60 100 99.31 2%S 1945-47 100.24 100 21 Home Owner*’ Loan Corp. 2"<s 1949 99.20 99 20 3s 1952 100.24 100.23 Federal Farm Mortgage Corp. 3s 1949 100.28 100.27 3s 1942-47 101.11 101.11 2%s 1947 100.2 100 DOMESTIC Prev. Close, close. Alleg Corp 5s '44 86% 866, AUeg Corp 5s '49 79 6* 79 Alleg Corp 5s 'SO 51% 51 Am Frgn Pow 5s 2030 67 676* Am Tei & Tel 5%s '43 121V* 112% Am Tel k Tel os ’65 113", 1136* Arm &Cos (Deli 5%s ’43 94% 94% Atl Coast Line 4s '52 97% 97 6* Atl Coast Line 4%s 64 866* 86% Atch Top k S Fe 4%s ’4B .108 107% Am Wat Wks 5s '44 112'/* 112 Am Roiling Mills 5s ’3B t22v* 122 Balt & Ohio 5s ’95 96% 9664 Balt & Ohio 6s ’95 8662 86 6* Balt k Ohio 4%s '6O 626a 62 Buff Roch k Pitt 4%s '57 666* 66 Chi Milw k St P 5s '75 14'* 15'* Chi Milw & St P 5s 2000 6% 6% C’leve Un Term 5s '73 1006* 100'* Cleve Un Term 4%s ’77 93 92% Col Gas as May ’52 99 99 Col Gs 5s ’6l 97% 98 Can Pac Perp 4s 84% 84% Cert Pac 5s '6O 871* 87% Big Four 4', 2 s ’77 73 78 Big Four 5s 63 86 856 2 Colorado k So 4 62s ’BO 57 6* 56 Chi & West Ind 4s ’52 99 % 99 6* Chi & West Ind 56*s '62 106"* 106% Chi & Nor West 4%s ’49 11% 11V2 Con Gas 5s ’57 105% 106% Chesa Corp 5s '47 118 118 Del & Huds 4s ’43 79% 79% N Y Dock 4s ’sl 68% 69 N Y Dock 5s '3B 59 58 Erie 5s ’75 71 70"* Erie 5s ’67 71% 71% Gen Cable 5%s ’47 100% 100"* Grt Northern 7s '36 103 6, 103% Grt Northern 4' /2 s '76 93% 94 6* Grt Northern 4', 2 s '77 93% 9462 Gen Stl Cast WW o'/js '4-1 .... 89% 87% Hud k Manhat Ref 5s ’57 82 83 111 Cent 4%s 66 65 66 111 Cent Jt 4%s ’63 68 67 111 Cent 5s '63 71'/a 71 Interlake C & I 5s 'sl 84% 83", Inter Hy Elec 6s '44 45% 44% Inter TANARUS& Tss '55 79 % fO% Inter T k T 4%s ’52 76 766* P Lorillard 7s ’444 130 130 McKess & Rob 5%s 'SO 102% 102% Nat Dairy 5%s '4B 104 1046* Nat Steel 5s ’SB 106 1066* Nickel Plate 4%s ’7B 69% 70 Nickel Plate 5%s 74 79 80 Nickel Plate 6s ’35 83 841* N Y Cent 5s 2013 81 ’/a 81 N Y Cent 4%s 2013 (old) 75 6a 74% Nor Amer Cos 5s ’6l 103% 103 Nor Pac 3s 2047 73% 73% Nor Pac 4%s 2047 90 89 6a Nor Pac 6s 2047 . 105% 1046, Nor Slates Pow 5s ’4l 106% New Orleans Term 4s ’53 31% 81% Otis Steel 6s ’4l 102% 102% Penn R.v 4%s ’B4 105% 105", Penn Rv 4%s ’Bl 105% 105 Penn Rv 4%s ’7O 98% 98% Pac G k E 5s ’42 .105% 505% Portland Gen El 4%,s ’6O 72% 72 6* Para Public 5%s 'SO 93 92 Penn P & L 462s ’Bl 105% 106 Postal Tel k Cab 5s '53 37% 37% Rem Rand WW 5%s ’47 104% 105 Shell Union Oil 5s ’47 102’,. 102% Sou Pac 4%s ’6B 77% 77% Sou Pac 4%s 'Bl 77 77% Sou Pac 4 62s ’69 78 78 Sou Pac 4s ’49 81% 8* Sou Rail 4s '56 53 53% Sou Rail 6s ’56 69 6962 Sou Rail 6%s '56 72% 71% Sharon Stl Hoop 5%s ’4B .. 102% 102% Texas Pac 5s 80 93% 93% Texa., Pac 5s '79 93', £3% Texas Pac 5s ’77 94% 946* Union Pac 4s ’47 112% Ill's United Drug 5s '53 97 96 U S Rubber 5s ’47 101 100% NY NH k Hart 6s '4B 336* 32", NY NH & Hart 4%s ’67 33 326% Warner Bros 6s ’39 89 88 Western Mary 5%s 77 105 105 Western Mary 4s ’52 96 95% Youngstown SkT 5s '7O ... 102% 102'* Youngstown S & T 5s '7B ....102% 102', FOREIGN Argentina A 6s ’57 98% Argentine B 6s 'SB 98'* 98% Brazil 8s ’4l 27% 27’, Canadian Govt 4s '6O 105% }os' Denmark 5%s ’55 100% 100 s , French 7s ’49 176% 177 German 5%s '65 29% 29"* German 7s '49 396'* ."8 Italy 7s ’sl 63% 61 JaDan 6%s ’54 97% 98", Poland 7s 47 105% 105 s , Rome 6%s ’52 52 39"* Tokio Citv 5%s ’6l 79% 79% Yokohama 6s '6l 83% 82% NOTES TO BE REFUNDED $418,000,000 in Treasury Issues to Mature Deo. 15. By UnilfA Pr^nit WASHINGTON. Dec. 10.—Hc.der$ of $406,000,000 of the maturing $418.000.000 Treasury notes falling due Dec. 15 have agreed to refund them into new securities, the Treasury has announced. A total of $247,000,000 of the maturing notes was exchanged for two five-year 1% per cent notes and $159,000,000 for 10-to-12-year 2\ per cent bonds.

•WE BUY. SELL. and gladly furnith quotation t on : Bonds of tha United States Government, Its Tsrritories and Insular Possessions Home Owners' Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Shan Corp. 129 EAST MARKET STREET

CHARGES U. S, USES DEBT TO INFLATE MONET Johnson Hits Eccles’ Policy; Declares It’s ‘Deadly Dangerous.* BY HUGH S. JOHNSON CHICAGO, Dec. 10.—The government is using its debts for money. Instead of printing a piece of paper to pay for some of Rex Tugwell's unbounded nonsense (which piece of paper says: "This is 10 dollars ’i, it puts an I O U in bank X. and on this I O U bank X gives Rex a piece of paper saying, ’’This is 10 dollars.” I! isn't 10 dollars in either case. You can’t get anything for it from the government except another piece of paper saying, ’ This is 10 dollars.” The effect on money and prices is just the same as if it had been printed in the more direct way. Flays Eccles' Policy Mr. Eccles. who is in charge of inflation, thinks this is a good thing because it makes monev cheap and prices high. He says there is no danger because nobody is now using this funny money in "frantic bidding.” . Mr > Eccles is right that "inflation is not the deadlj* dangerous things he is doing. When it comes it will be the effect of them—not them. He is like a man waving a sputtering torch in a powder magazine and crying. "This torch won't blow you to bits—only the explosion it will cause can do that.” Inflation is a runaway price structure caused by popular conviction that the government is going to make money worthless, and that, the only salvation of savings is to turn all money and fixed securities into goods. Mr. Eccles says he is going to make money only a little worthless—like a “fairly good egg.” “Just a Nightmare” Inflation is popular monevphobyt —like the tulip craze, the Mississippi Bubble and the Florida boom. Mr. Eccles can cause it. but he can neither time it nor regulate it. Nobody can. There have been plenty of experiments at the hands of dewy-eyed dreamers, but may all angeis and ministers of grace defend us from this one. It is like turning a human heart over to a tinker for a surgical operation—the substance of the United States puts at the mercy of a bucolic and opinionated theorist with fuil power to act. It. can't be true. It's just a nightmare. (Coovrieht. 1935. by United FeatUM Syndicate. Inc.) LOCAL CONTRACTORS AWARDED I. U. BIDS City Firms to Participate in Erection of College Building. Timet Special BLOOMINGTON. Ind., Dec. 10 Three of the five contracts for erection of a music building on the Indiana University campus have been awarded Indianapolis firms. Leslie A. Colvin, on a bid of $277,790, received the general construction contract. The others were R. M. Cotton Cos., plumbing, $8713, and Sanborn Electric Cos., electric wiring, $19,535. Others awarded were Fled W. Feneman. Bloomington, heating, $32,918, and Warner Cos., Cincinnati, $2695, elevator. The structure, scheduled for completion by next fall, is part of the university’s $1,000,000 building program. $118,809,719 IN BONDS IS APPROVED BY VOTERS Proposed Financing Disapproved in November at $37,497,582. Tim ~- Special NEW YORK. Dec. 10.—New state and municipal bond issues approved by voters of 437 communities located in 38 states during November amounted to $118,809,719, compared with $43,767,739 in October, according to the Daily Bond Buyer. Bond approvals are usually heavier in November than any other month due to general elections, it was stated. This year, however, although the total amount of bonds approved was somewhat smaller than last November, the number of issues amounted to 438, compared with only 109 in the same month a year ago. During the month approximately $37,487,582 in proposed financing was disapproved by the voters of 46 communities in 23 states, compared with $8,115,825 in the preceding month. TUNG OIL OUTPUT UP November Shipments to U. S. Total 9.528.000 Pound*. By United Pren WASHINGTON, Dec, 10.-Heavy shipments of new crop tung oil were made from Hankow, China, during November, practically all destined for the United States, it was reported today by the chemical division of the Department of Commerce. Total shipments from Hankow in November reached 9,528,000 pounds compared with 3.730,000 during the preceding month.