Indianapolis Times, Volume 47, Number 236, Indianapolis, Marion County, 11 December 1935 — Page 24

Trends Business Men Do Not Believe in Own Platform. BY JOHN T. FLYNN

XJEW YORK. Dec 11.—The platform of American business men demands freedom from government control. Os course business men do not believe this. For years an endless

parade of trade a. soc i a tion leaders have and e s c e nded on Congress and demanded regulation of business of all sorts —the other fellow's business. The same thing happens with the state leg is latures. And in addition to all this, business itself forms cou nll ess organizations of

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its own to manage, control, restrict, regular business. What Is a clearing house, but an attempt to govern banks in a community? What is a stock exchange. but a private organization of brokers to govern the securites market? a a a IF abolition of all bank examinations were proposed the bankers would rise as one against it.. Are not Interest rates regulated by law? If it were proposed to abolish that, it would bring protests from real estate, manufacturing and mercantile groups of every sort. What are trade associations in many cases but organizations to enable the employers to regulate their industry. These trade associations demand the repeal of the anti-trust laws so that they can regulate the industries more extensively. Manufacturers demand laws for price maintenance. Steel makers in their institute regulate all sorts of things, including prices to a certain extent through the basing point system of freights. The steel construction institute has a bid depository to control price competition. m * a HOW are we to explain a halfdozen steel companies filing identical bids with the government? What has become of this free competition there? Garment manufacturers want the government to give them style protection. All producers get protection of copyright laws and patent laws. The Wells-Pomerene Act is a plan (o enable producers to get together in foreign sales cartels. Protection of insurees against insurance companies, building standards and building inspection, railroad rate agreements and car pools, countless trade regulations demanded by trade associations—what, are all these in every case but denials of the principle that industry and* trade can run uncontrolled. a a a WHAT is the corporation itself, the darling of business? The corporation is the one greatest interference by government in business ever known. It is a device in which business men get. from the government a franchise to organize and enjoy immunity and privileges from the government, It is with this weapon that, they have created almost all the abuses w r hieh cry' aloud for government control. The simple truth Is that business itself has been the leader in most of the demands for regulation of business by the government or for permission from the government to do its own regulating. BUYS TRIPLEW ARE FIRM Time * Special NEW YORK. Dec. 11—Thermoid Cos. of Trenton. N. J.. has purchased thp Tripleware Brakelining Corp., with factory and main offices located at Paterson, N. J.. it was announced today.

On Commission Row Quotation* below subject to change ate average wholesale price* being offered to buyer* by local commission dealers: Fruit—Cranberries, early blacks. 25-lb box *4.50 Pears Washington D'Anjo. *3 35 Bananas 7 hands, a pound, s' 4 c. Persimmons -California. lug *1.25. Apples Indiana Jonathans. *1 60 Summer Rambo* *1: Delicious, *1.604/175. Wealthy*. *’. armies Oolden. *1.154/1.25. Lemons —Sunkist. 3605. *7.50. Grapefruit —Texas. 64* to "'Os, *3.25; Arizona Sunktst, *2.75 Limes Mexican, a carton 12s, 30c. Persian seedless, a hundred, S3 Vegetables -Beans, green round stringles* bu.. *3. Beets- Texas. 3-doz. crate. *1.90 Cabbage Northern Danish. 50-lb bag 85c. Carrots—California. 6 do/ crate. *3.i5 a d'i/ . 750 Cauliflower California craie, $2 50. Celery—Michigan, washed and trimmed, extra large. 555; jumbo, do/ . 85c. Cucumbers Southern bu *3.50. do*., 85c Kale—Home grown bu.. 60c Lettuce Iceberg. California best *4.75. home grown leaf. 15-lb. basket. *1 till Endive California. basket. Bac Mangoes California, crate. *5 small basket. *1 25. Mint Bunch. 15c. Mustard Home grown, bu , 60c Onions yellow, 10-ib. bag 22c western Spanish. 50-lb bag. $1 50 Parsley Southern, do/ . 50c Peas Telephone hampers, *3 75 Potatoes - Round Cobbler*. 100-lb. bag. *1.65; Michigan Round White, 100-lb bag *1 60 Early Ohio*, bus . *1 75; Idaho Russets, *2 40. Sweet potatoes Indiana, Jerseys, bu.. *1 65 Radishes Ohio, button do? . baskets. 45#r60c. Sage Do? 45c Spinach Broad leaf, bt: SI. Squash B.i 12 50 Tomatoes—California repacked. 10-lb. earton. *1 50 Produce Markets The price* quoted are paid for stock gathered In the country while delivered tr. Indianapoli* the price is a cent higher Heavy breed hens. 16c. Leghorn breed hens 13c; springers over 4' a lbs. 17c: under 4'/ lb* 16c: old cods. 9c: Leghorn springers. I'* lb*, and 'in. 12c. Turkeys - Young hens. * lbs and up. 2lc; young torn!. 1* to 1* lbs., 21c: under 14 lbs . 18c; old hers l*r: old toms. 18c Ducks - White. lbs and over. 13c: under 5 lbs lie; geese full feathered and fat. 9 to 14 lb* . 12r; under 9 Ihs 10c: old guineas 15c young guinea*. l' lbs. and up. 35c Nt. 1 strictly fresh egg* loss off. 27c* pullet eggs 18c Each full case must weigh 55 lbs gross, a deduction of 10r a pound under *5 lbs. will be made No 1 butter. 36 l-34i37‘ a c: No 2, 33'-<u 54'ac: butterfat. 32c. Quoted by the Wad ley Cos. ißy United Pressi CHICAGO Dec. 11. Eggs—Market weak*, rereipta, 2379 eases; fresh graded firsts. tULac: extra firsts, 29'.c; current receipts. 264>'27e; dirties. 204i21c; checks, 19c. Butter—Market steady: receipts, 3611 tubs; extra first* i9O-91'? scoret. 324/ 32’ 4 c; extras t 92 scoret, 32%e; firsts iBB-89'-score, Sl-Sl'ac; second* 'BB-87'j scorn. 30c specials. S3' 4 4J3' 4 c: standings. 32c Poultry Market steady, firm receipts. 24 trucks. 1 car due: ducks, livll'ac. geese 154/16c: spring chickens. 18'jb 21'ac. hens. IStalO'xc: turkeys 19vj25c Leghorn hens. 12trl5c old roos'ers, 14c; Leghorn chickens. 16c Cheese Twins. 18#1814e: Daisies. 18'a*> 18 sc; s c; Longhorns, U%4tlße Potatoes Supply moderate: demand slow market dull Idaho Rus-et Buroankl. II .754/ 1.80: U S No 2 *1.45 Wisconsin Round Whites. *IOSO 112'-: Commercltis. *IOSO 1.07' s : Minnesota and Merth Dakota cobbler*. *1 17*,M.20; Earlv flies 11.17‘v: Minnesota cobblers and rIT Ohio*. 95c; Colorado? McClures, (1 45 i M Arrivals, 56; on track S10; shipman ta, 452. •j_

PAGE 24

FIGHT AGAINST INFLATION PERIL TO BE DELAYED ' Administration to Wait Until New Reserve Board Convenes. BY Kl< HARD L. GRIDLI.Y United Pres* Staff Corresponrtent WASHINGTON, Dec. 11.—Administration efforts to check a possible injurious credit expansion will be delayed at least until Inauguration of the new Board of Governors of the Federal Reserve System Feb. 1, it was Jearned today. The present, board goes out of existence Jan. 30 to be succeeded by anew body to be selected by President Roosevelt. In the absence of unforeseen developments, the exislj ing board is anxious not to adopt ’ credit policies that may bind the new agency to any definite action. Already the present board has ;e- ---' fused to appoint officials for terms ! extending beyond March 1. This is to allow tlie new board to select its ow ii personnel as well as to adopt its own policies. Inflation Hangers Aired The credit inflation possibilities of the Federal Reserve System arise out of more than $3,000,000,000 in excess reserves of member banks. It is estimated that these excess reserves, partly created by past action of the Federal Reserve Board, contain a credit inflation base of more lhair $30,000,000,000. This expansion. it is felt in some quarters, might result in a disastrous rise in prices should it develop. Dangers of possible credit inflation were brought in the open several weeks ago by the Federal Advisory Council, an unofficial advisory body of the Reserve Board. This group recommended a paring down of the excess reserves either by sale of the Reserve Banks’ $2.430.000,000 government security holdings or a raising of reserve requirements which is authorized in the banking act of 1935. Action to Be Postponed Neither of these suggestions likely will be acted upon in view of the present board’s desire not to commit the system to a policy that might not be to the liking of the new' board. A doubling of the present reserve requirements, it was pointed out, virtually would erase the excess reserves. One reserve official said today it was not the policy of the existing board to put the credit question "in the lap of the new' board,” and that action on credit policies w'ould be postponed if possible. Credit policy, however, will face the present board in another week when the open market committee, controlling the policy of buying and selling of government securities, meets here for its winter session. Because the new Board of Governors probably will be charged with the mapping of the immediate credit policies, unusual attention will be centered on President Roosevelt's appointees. They may be made this month. Marriner S. Eccles, chairman, is slated to head the new' board. J. F. T. OConnor. Controller of Currency, and Henry Morgenthau Jr. automatically are dropped. LIVING COSTS INCREASE .5 PER CENT IN MONTH Food Prices Advance 1.1 Per Cent From October to November. Time* Special NEW YORK. Dec. 11.—Tire cost of living of wage earners in the United States again advanced .5 per cent from October to November, the National Industrial Conference Board announced today. The most substantial increase was noted in food prices. In November of this year living costs had their level of November. 1934, and 17.9 per cent over the low of April, 1933, but they were 16.5 per cent lower than in November, 1929. Food prices rose 1.1 per cent from October to November. Since November. 1934. there has been an increase of 9.3 per cent and since the low' point of 1933. a rise of 39.1 per cent. Food prices, however, were still 21.2 per cent below' the level of November, 1929. Rents continued on their upward trend which has been uninterrupted since the beginning of 1934. In November. 1935. they w'ere .4 per cent higher than in October. 9.6 per cent higher than in November, 1934. and 16.4 per cent higher than in the beginning of 1934. but 20.7 per cent lower than in November. 1929. Clothing prices increased only .1 per cent from October to November. SEARS SALES SPURT CHICAGO. Dec. 11. Sales of Sears. Roebuck & Cos. for the tour weeks period ended Dec. 3 amounted to $37,988,700, the largest volume lor the 11 sales periods since 1929, it was announced today. Sales for the four weeks showed an increase of 23 per cent over a year ago. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,644,000 !* 6.180.000 TRFASI KV STATEMENT It if I titled Pre*n W ASHINGTON. Dec. 11. -Government expenses and receipt, for the current fiscal year to Dec. 9. as compared with a rear ago: This Year. Last Year. Expenses $8 327.734,402 75 $3.104 256 900 77 Receipts 1.567.216.59! 40 1 568.899 154.90 Deficit . 1 700.517.811.35 1.535 357 745 87 Cash bal. 1.348.975.811.84 1.569.778.6P5.88 THE AUTO INDUSTRY? Os all the current recovery phenomena, that of the automobile industry has been among the most heartening to date. But what lies ahead for this colossus of manufacturing? On the answer depends in large measure the prospects of the steel industry and many others. The Seripps-Howard Newspapers sent John W. Love to Detroit and other automobile centers to see what the motor men themselves think about the future. His report will be presented in a series of three articles, the first, of which will appear tomorrow on this page.

Abreast of The Times on Finance

90 r )8 o WOODY’S DAILY f L . / I 80 -x COMMODITY INDEX j\ - hj ; \ + 160 § " i / 1 weekly •••' ” ' 1 i ? 0 U BUSINESS TREND l 40 ° a***' j/ ' 50 l- MOODY>S INVESTORS SERVICE . NOV. DEC. JAN. FEB. MAR. APR. MAY JUN. JUL. AUG. SEP. OCT. MOV. DEC. ° 1934 1935

New York Stock Exchange Prices

(Bv Thomson ii McKinnoni 11:15 A. M. ?rev. Oils— High. Low. N. Y. close. All Rig 24?* 24V* 24? 24■ 2 Bh in .shall 13% 13V* 13% 13 Consol Oil 10% 1(1% 10% 10% Corn of Del 30% 30'/* 30% 80% Houston (newt . 6% 6% 6% 6Vn MiO Coni Pel ... 17 s /* 17% 17 s . 17% Ohio Oil 12*/* 12'/* 12% 12% Pel Corp 12V* 12 12>/ H% Phillips Pel 36% 36 36% 37% Plymouth Oil ... 11% 11% 11% 11% Pure Oil 14% 14% 14% 14% Seaboard Oil ... 30% 30% 30% 30% Shell Un 15% 15% 15% 15% Skellev Oil 16V* 16V, 16% 16 Soc Vac 14% 14% 14% 14 S O of Ind 28% 28 % 28% 28% S O of N J 48% 48 % 48 % 4S Texas Corp 25% 25% 25% 25% Tidewater Assn . 12% 12% 12% 12% Un Oil of Cal ... 21% 21 % 21% 21% Steels— Am Roll Mills ... 30% 30 30% 29% Belli Steel 48 % 47% 48% 47% Biers A M 19 18% 19 19% Col fuel At Iron 4% 4% 4% 4% Clue Steel 32% 32 32% 32 Inland Steel 104 103% 104 103% Lildlum Steel ... 24 24 24 24% Mid Steel 21% 21 Vi 21% 21% Natl Sleel 78 77% 78 77% Oils Sleel 15% 15% 15% 16 Rep Iron & Steel 18% 18% 18% 18% 0 S Pipe & f’dv 21V* 21V* 21% 20% U S steel .. 46% 46% 46% 46% U S Steel pfd .114 113% 113% 114% Warren Bros. 4% 4% 4% 4% Youngst nSIt T 39% 39 39’% 38% MXitors— Auburn 38% 38% 38% 38% ChrysTer 86% 85 85% 84*, Gen Motors .... 55% 55 55% 55% Hudson 16% 15% 16% 16% Hupp 2% 2% 2% 2% Mack Truck ... 28 27% 28 27% Nash 17 Vi 16% 17% 16% Packard 7% 7% 7V* 7% Rec . 5% 5 V* '% 5% Studebaker 9% 9% 9% 9% Yellow Truck ... 8% 7% 7% 8% Motor Access— Bendix 20% 20% 20% 20% Borg Warner . .. 63% 62% 63% 62% Briggs 52Vi 52Vi 52% 52% Budd Mfg 9 9 9 9 Budd Wheel ... 12 12 12 12 Eaton Mfg ... 27 Vi 27 Vi 27 % 27 Vi Elec Auto Lite .. 35% 35% 35% 35 Houdaille "8"... 29 28% 28% 28% Murray Body ... 19V4 19 19% 18% Stew Warner ... 17 16% 17 17 Timken Roil . 67 66 67 66 Vi Timken Del Axle 10% 10% 10% 10% Mining— Alaska Jun ... 15% 15 15Vi 15 Am Metals 30% 30 30% 31% Am Smelt 59% 58Vi 59% 58% Anaconda 28% 27% 28% 28Vi Cal At Heda .... 5% 5% 5% 6 Cerro De Pasco . 58 56% 57% 59 Dome Mines ... 44 % 44'/* 44% 44% Homeslake Min . 490 490 490 480 Howe Sound . ... 56% 55% 56% 56% Ins Copper 6% 6% 6% 7 Int Nickel . ... 44% 44% 44% 44% Isl Creek Coal .. 28% 28% 28% 28% Kennecott Cop .. 28% 28 28% 28% Mclntyre Mine . 39% 39% 39'4 39% Park Utah .... 4Vi 4 % 4% 4% Phelps Dodge ... 26% 25% 26% 26% St Joe Lead . .. 23% 23% 23% 23% U S Smelters .100% 99% 00% 191 Vanadium ..... 19% 39 19 19 % Amusements— Fox Theat 23 23 23 23 Loews Inc 54% 54 54 s * 54 Radio Corp 11% 11% 11 Vi 11 Vi Paramount 10% 10 10% 10 RKO 54 54 54 54 Warner Bros ... 10 9% 10 9% T obaccos— Am Tob 'A” .. 95 95 95 95 Am Tob "B" .. 98Vi 97% 97% 98% Gin Cigars . 52% 52 Vi 82% 82% Ligg & Myers B 109 108% 108% 110% Lorillard 25 25 25 25 Phillip Morris . 61 % 60 61 % 60% Reynolds Tob B 56V* 56 56 56% Rails— Atchison . 57% 56 s * 57% 57 Atl Coast Lines .32 31% 32 31% B& O 17% 17 17% 17% Can Pacific ... 11% 11?* 11% ji% Ch At Ohio ... 51% 51 % 51% 51% Chi & Gt W 1 % 1% 1 % 1% Chi & Gt W pfd 4% 4% 4% 4 s , C M & St P ... 1% 1% 1 % i% Chi N W ... 2% 2% 2Vi 3 Chi N W pfd .. 7Vi 7% 7% 7% Dela & Hud ... 39 38% 38% 39 Del Lac & W.. 17 16% 17 17 Erie 12% 12% 12% 12% Erie pfd 17 17 17 17% Gt Northern pfd 34% 34 Vi 34% 34% 111 Certral 20% 20% 20% 20% K C Sou 13% 13% 13% 13% M K At T 5Vi 5% 5% 5% MK & T pfd . 14% 14% 14% 14% Mo Pac 2% 2% 2% 2% N Y Cent 28% 28% 28% 28% N Y New Haven 4V 4V* 4V* 4% Norfolk At West 217 216% 217 216 Nor Pacific 23% 23 23 23% Penn R R 31 s , 31 % 31 s , 31% Sou Pa? 24 23% 24 23% Sou R R 14% 13% 14% 14 s , Union Par .108% 108% 108% 101% West Maryland . 0% 9% gt, gi, Equipments— Am Brake Shoe . 41% 41 41 40% Am Car At Fdv.. 29% 29% 29% 29% Amer Loco . 25% 25% 25% 25% Am Steel Fuv ... 23 23 23 23% Bald Loco 4% 4 s , 4 s , 4 s , Gen Am Tk Car 46?< 46% 46% 48 Gen Elec 31 s * 36% 37 s , 36% Gen R R Sig . 41% 40% 41% 39% Pullman Inc .. 38%335,7 5 , 38% 37% West Air Br . . 33% 33 33% 33% Westingh Elec . 91% 89% 90% 90', Utilities— Am At. For Pwr . 6% 6% 6% 6% Am Power At Lit 8% 8% 8?, 8% A T At T 158% 157% 158% 158% Am Wat Wks 20% 20% 20V* 20% Col Gas At Elec . 13% 13% 13% 13% Com At Sou 2% 2% 2 s , 2% Cor sol Gas .. 32% 31 s , 32 % 32% Elec Pwr & Lit . 5% 5% 5% 5% Int Hydro Elec . 3 s , 3 s , 3% 3% Interboro R T . . 17 17 17 17 Int T A T . 13% 12% 13% 13% Nat Pwr A Lit . 10% 9% 10 10% North Amer . 25 s * 25% 25 s , 25% Pac GA E . ... 30% 30 30% 30% Peoples Gas . 42 41 % 42 41 s , Pub Serv N J . . 44 43% 44 44% So Cal Edison 24% 24% 24% 24% Slone A Webster 13% 13% 13% 13% United Corp . 6% 6% 6% 6% Un Gas Imp 17% 17 17% 17% Ut Pwr ALt A . 33 33 Western Union . 70% 70 70% 70% Rubbers— Firestone 23 21% 22% 22 Goodrich 12% 12% 12% 12% Goodyear 22% 21% 22% 21 s * U S Rubber . 15% 15% 15% 15% U S Rubber pfd 43% 43 43% 43 Miscellaneous— Allis Chalmers 34% 34% 34% Am Can 136% 136 136 135% D klyn Man Tr 41 s , 41 s , 41% 41% Burroughs Add 25 s , 25% 25% 25% J 1 Case 100% 99% 100% 99% Conti Can 88% 87% 88% 88% Caterpillar Tract 56% 58% 56% 56 Crown Cork 44% 43% 44% 43% Curtis Pub 21% 21% 21% 21% Deere A Cos 53% 52% 53V, 52 s , Foster Wheeler. 33% 23% 23 5 , 23% Gillette . 17% 17'., 17% 17% Glidden 47% 46% 47% 46% Ingersoll Rand 116 115% 116 115 Int Bus Mach 189% 189% 189 s , 189 Inter Harv . 62 s * 61 s , 62% 61 s , Natl Cash Reg 22 s , 22% 22% 22 Owens Bottle . 124% 124', 124% 125 Rem Rand 20 2O 20% 20% Worthington P.. 22 22 22 22 Food*— Am Sugar 51% 51 51% 51 s , Armour 4% 4% 4’, 4% Armour 6% pfd 66 s * 66% 66 s * 67 Borden Prod 26% 26% 26% 26 s , Cal Parking 35 s , 35% 35 s , 35 Can Drv C Ale . 14% 14 14% 13% Coca Cola ..87% 86% 86% 88% Com Bak lAt . 9’, 9 s , 9% 9’, Corn Prod 68% 68% 68% 69 Crm of Wheat 37% 37% 37% 37% Cuban Am Sugar 6 s * 6% 6% 6% Gen Foods 32 s , 32% 32% 32% Gold Dust 19% 19% 19% 19% G W Sugar 32 31% 31% 32% Loose Wiles ... 40 39 5 , 40 40 s , Natl Biscuit .. 34?i 34% 34% 34% Natl D Prod 20% 19’, 19% 20% Puriti Bak 14% 14% 14% 11% S Porto Rico Bug 25’, 25% 2515 26 Std Brands 15% 15 15 15 tin Biscuit 24% 24% 24% 24% United Pruit .... 69 63 67 661,

INDIANAPOLIS, WEDNESDAY, DECEMBER 11, 1935

TREND OF COMMODITY PRICES AND TRADE CHARTED

Ward Bak (F.) .. 2% 2% 2% 2% Retail Stores— Assd Drv Goods 18 17% 17 s , 17?, Best A Cos 55 Vi 55% 55% 56 First Natl Stores 47% 46% 57V, 46', Gimbel Bros . ... 8% BV, 8% 8% Gr Un Tea 4Vs 4% 4Vs 4 Allied Sts BVi 8% 8% BVi Jewel Tea 63 63 63 63 Kresge S S 26% 26% 26’s 26% Kroger Groc ...26% 26% 26% 26% Macy R H 53 % 52 % 53% 53% McCrorv St 14% 14% 14% 14 V, Marshall Field . 12% 12% 12% 13 May Dept St... 54 54 54 53% Mont Ward ... 40% 40% 40V, 40% Natl Tea 9% 9 s * 9% 9% Penney J C 83% 82% 82% 83 Safeway St ... 35 34 5 /* 34 s , 35% Sears Roebuck .. 66V, 66% 66% 66% Woolworth 57 56% 56 V* 57% Aviation— Boeing A i rest .. 13% 13% 13% 13% Curtiss Wright . 3Vi 3V, 3% 3% Curtiss Wlight A 9?* 9% 9% 9% Douglas Air . ... 37 36V* 37 36% Nor Am Av .... 6V* 6 6% 6% Sperry Corp ... 13V, 13 13V, 13’ United Air new 231, 22% 23% 23 Chemicals— Air Reduction ..166 s /, 166% 166% 167 Allied Chem . 158% 158 158 159 Am Com Alcohol 29% 29?4 29% 30% Col Carbon .. 95 95 95 94 s * Com Solvents 20% 20% 20% 20% Du Pont ....137% 137 137V* 138% Monsanto Chem 88?-, 88% 88?4 88% Natl Dis (newt 31% 30% 31 30% Schenley Dist. . 52% 51% 52% 52% Tex Gulf Sulph.. 31 Vi 31V* 31V* 31% Union Carbide .. 70% 69% 69?* 70 U S Ind Alco . . 46?'* 46?, 46?* 46?* Brugs— Bristol Myers .. 40% 40?i 40% 40% Coty Inc 7 7 7 7 Lambert 23 s , 23% 23 Vi 24 Sterling Prod . . 64 64 64 64 Un Drug inewi. 12 11% 12 11 s , Zonite Prod ... 7% 6% 7 6% Financial— Adams Exp .... 11'/, 10% n% 11 Allegheny Corp. 3% 33% 3 Am Int Corp ... 11 10% 11 10% Chesa Corp 60 59'% 60 59% Transamerica .. 13 12% 13 12% Tr Conti Corp .. 7% 7% 7% 7:1, Building— Am Radiator ... 23'/, 22% 23% 22% Gen Asphalt ... 20% 20% 20% 20% Holland Furnace 30% 30 30% 30 Int. Cement 34% 34 34% 34% Johns Manville 92% 91'/, 92 91 N. Y. Bonds (Reprinted From Late Times Yesterday! DAILY BOND INDEX 20 20 20 60 _ . Inds. Rails. Utils. Bonds Today 91.3 83.7 103.0 92 7 Yesterdav 91.4 83 8 103.2 92 8 Week ago 91.2 82.2 102 9 92 1 Month ago 90.6 78.3 102 7 90 5 1935 High 91.4 86.4 103.4 92 8 1935 Low ....... 83.6 71 0 89.3 83.0 (Copyright. 1935. by Standard Statistics! V. S. GOVERNMENT BONDS (By Abbott. Proctor A Paine) Treasury* Prev. Close, close. 4%s 1947-52 115.3 115.3 4? 1944-54 110.23 110.27 3?,s 1946-56 109.1 109.1 3? *s 1940-45 107.17 107.16 3%s 1943-47 106.11 106.11 3%s 1941-43 107.17 107.17 3% s 1943-45 105.12 105.12 3 Vis 1941 108 3 108.1 3%s 1944-46 105.2 105.1 3%s 1946-49 103.20 103.23 3%s 1949-52 103.19 103.18 3s 1951-55 102.20 102.21 3s 1946-48 102.22 102.22 2%S 1955-60 99.31 100 2 3 /,s 1945-47 100.22 100.24 Home Owners Loan Corp. 2%s 1949 99.18 99.20 3s 1952 100.24 100.24 Federal Farm Mortgage Corp. vi;, 1964 102.14 102.14 3s 1949 100.28 100.28 3s 1942-47 101.1 101.11 DOMESTIC Piev. Close. close. Alleg Corp 5s '44 86% 86% Alleg Corp 5s 49 29 .<* T 9, Alleg Corp 5s ’SO 51 -l”, Air* r'ran Pow 5s 2030 61 Am Tel & Tel Am Tel A Tei 5s 65 _ 113 113% Arm ACo (Dell 5%s 43 94% 94-4 Atl Coast Line 4s '52 9i , 91 a Atl Coast Line 4%s '64 85% 86% Atch Top A S Fe 4%s '4B 107% 108 Am Wat Wks 5s 44 110 112% Am Rolling MiMs 5s ’3B 119 * 122 , Balt A Ohio 5s '95 75% <6% Bait A Ohio 6s ’95 85% 86% Balt A Ohio 4%s '6O 62% 62% Buff Roch A Pitt 4%s '57 66 66% Chi Milw &SiP 5s '75 15% 14% Chi Milw A St P 5s 2000 6% 6?, Cleve Un Term 5s '73 100 s , 100% Cleve Un Term 4%s '77 93 93 Col Gas 5s May '52 99% 99 Coi Gas 5s April '52 99V* 99% Col Gas 5s '6l 97% 97% Can Pac Perp 4s 85?, 34% Cent Pac 5s '6O 87% 87% Big Four 4%s '77 77 78 Big Four 5s ’63 85% 86 Colorado A So 4%s 'BO 56 s , 57V, Chi A West Ind 4s '52 99% 99% Chi A West Ind sVis 62 106% 106% Chi A Nor West 4%s ’49 11% 11% Con Gas 5s ’57 104% 105% Chesa Coro 5s '47 117% 118 Del A Huds 4s 43 78 79% N Y Dock 4s 'sl 69 68 s , N Y Dock 5s '3B 60 59 Frie 5s '75 70i 71 Erie 5s '67 70% 71 % Gen Cable 5%s ’47 100% 100 s , Grt Northern 7s '36 103 103% Grt Northern 4%s '76 94% 93’, Grt Northern 4%s ’77 93% 93% Gen Stl Cast WW 5%s '49 ... 90 89% Hud A Manhat Ref 5s '57 .... 82 82 111 Cent 4%s '66 65% 65 111 Cent Jt 4Vis '63 67 68 111 Cent 5s -63 70 s , 71% Internll Hv Elec 6s ’44 ... 45% 45% Interntl Tel A Tel 4%s ’39 . . 88% 88 Interntl Tel A Tel 5s '55 .. 79 79% Interntl Tel A Tel 4 1 is ’52 . 75% 76 McKess A Rob 5%s ’SO 102% 102% Natl Dairv 5V,s 48 104 , 104 Natl Steel 5s ’56 .105% 106 Nickel Plate 4%s ’7B 69 69% Nickel Plate 5%s ’74 78% 79 Nickel Plate 6s ’35 83 83 N Y Cent 5s 2013 80% 81% N Y Cent 4%s 2013 told) 7W 75% Nor Amer Cos 5s '6l 103% 103 s , Nor Pac 3s 2047 74 73 s , Nor Pac 4%s 2047 90”, 90 Nor Par 6s 2047 105 105', Nor States Pow 5s ’4l 105% 106% New Orleans Term 4s ’53 .... 81% 81% Oris Steel 6s ’4T 102 102% Penn Rr 4%s ’B4 105% 105% Penn Rv 4'is ’Bl 105% 105 s , Penn Rv 4%s '7O 99 98% Pac G A F 5s ’42 105% 105% Portland Gen El 4%s '6O .... 71% 72 s , Para Publix 5%s ’SO 92% 93 Penn P A L 4%s 81 105% 105 s , Postal Tel A Cab 5s ’53 37% 37 s , Rem Rand WW 5%s ’47 . 104% 104 s , Shell Union Oil 5s ’47 !02% 102% Sou Pac 4%s ’6B 77% 77% Sou Pac 4%s 'Bl 77 77 Sou Pac 4%s '69 77 78 Sou Pac 4s '49 82 81 s , Sou Rail 4 56 52'i 53 Sou Rail 6s '56 6® 69 Sou Rail 6%s '56 72% 72% Sharon Stl Hoop 5%s ‘4B .... 102% 102% Texas Pac 5s 80 94% 93% Texas Pac 5s '79 .-... 94% 93% Texas Pac 5s '77 94% 9 5 % United Drug 5s '53 97% 97 U S Rubber 5s 47 100% 101 NY NH A Hart 6s '4B 33% 33% NY NH A Hart 4%s '67 32% 33 Warner Bros 6s '39 89 89 Western Marv 5%s '77 104% 105 Western Mary 4s '52 95 96 Youngstown SA T 5s '7O 102% 102% Youngstowr S A Tss '7B ... 102% 102% * FOREIGN Argentina <A * 6s ‘57 98% 98% Argentine -B' 6s 'SB 98% 98% Brazil 8s 41 27% 27% Canadian Govt 4s '6O 105% 105’, Denmark 5%s '55 100’, 100 s , German 5%s '65 28% 29% Iralv 7s 51 65% 63% Japan 6%* '54 96% ..87% Rome 6%* '52 .. 54V4 52 Tokio City sVas ‘6l SO 79V*

Libby Owens Gls 44 44 44 45% Otis Elev ...... 25% 25 25 s , 25 U S Gypsum 82% 82% 82’, 83 Ulen Cons 4 4 4 4 Household— Col Pal Peet ... 18 18 18 18 Kelvinator 14 13% 13’, 13’, Mohawk Carpet 20% 20?, 20% 21 Proc A Gamble 46% 46'/, 46’, 46% Servel Inc ... 14% 14% 14% 14% Simmons Bed ..17 17 17 16’, Celanese Corp .. 28V, 27% 27% 27% Collins Aikman. 48% 46?-, 8% 47 5 , Indus Rayon.... 30% 30'/, 30V* 30V* Chicago Stocks (By Abbott. Proctor A Painei 11:30 Prev. A. M. close. Allied Products 22 22% Berghoff 6 6 Butler 9 B’, Chicago Corp 4V* 4 s , Chicago Corp pfd 45% 45 V* Conti Steel 41V* 41V* Cities Service 2% 2% Com A Edison 97 97 Cord 4% 5 C'rane 22% 22 V* Elec House 16% 16% Ger House 4% 4% Great Lakes 29 29 Noblitt Sparks 32% 32% Swift 20 20 V* Swift Int 33 Vi 33 V* Zenith ' 14% 13? New York Curb (By Abbott, Proctor A Painei 12 iNoont Prev. N. Y. close. Alumn Cos of Am 87 88 Am Cyanide (Bi 29% 29% Amer Superpower 2% 2’i Atlas Corp 13 13V* Axton Fisher Tob 54% 53% Carrier Corp 12?, 11% Elec Bond and Share 15% 16 Fisk Rubber 6% 6% Ford of Can (A) 26’/* 26 Hiram Walker 33 32% Imperial Oil Ltd 20V* 20 Pan-Am Airways 39% 40 Penn Road 3% 3’, Wright Hargraves Mir. 8 8 Local Securities (Because quotations on local securities are unlisted on an Exchange, The Times can not assume responsibility tor the accuracy of these figures gathered from local brokers.) STOCKS Bid. Ask. Belt RR A Sti: Yds com ...... 50 52V* Belt RR A Stk Yds 6% pfd... 52 Central Ind Pow 77, pfd 16 19 Home Tel&Tel Ft. Wn 77, Pfd 50 Va 52 Hook Drug Inc com 14’/2 16% Ind A Mich Elec 77, Pfd 99 102 Ind General Service 95 100 Ind Hydro Electric .... 53 57 Indpls Chain Sto Term pfd... 52'/a 62% *lndp!s Gas Cos com 37 41 •Indpls Pow A Lt 6 pfd 82 85 •Indpls Pow A Lt 6% pfd ... 87 90 •Indpls Water 57, pfd 102 North Ind Pub Svc 5% 7, pfd 68 70 North Ind Pub Svc 67® pfd.. 75 79 Progress Laundry com 7 9 Pub Svc of Ind 6% pfd 11% 14 Pub Svc of Ind 77, pfd 28 31 So Ind Gas A Elec 67, pfd.. 93 97 Terre Haute Elec 6% pfd ... 80 84 Union Title com 18 20 BONDS Atlanta Dlstr Term 67® ’4l ... 62% 70 Buffalo Distr Term 67® ’4l • - 70 80 Brooklyn Postal Sta 5%7® '4B • 37% 42 Home Tel&Tel FtW 5%7® '35 .103 105 Home Tel&Tel FtW 67® '43 . 103 106 Indpls Railways Inc 5% ’67 50 53 Indpls Water 4% 7® ’4O 105 107 Indpls Water 57® ’SO A ’6O . 105 107 Indpls Water 5%7® ’53&’54103% 105 Interstate T & T 5Vi % *53 ... 93 96 Kokomo Water Works 'SB ...104 105'% Lafayette Telephone 5% '57 102 Morris 5 A 10 Stores 5% ’SO 99 102 Muncie Water Works 5% '65 .102% Nobiesville HL&P 6% ’47 .. .. 97 100 Ohio Tel Service 6% 47 95 Richmond Water Works 5%’57 104% 106 St. Louis Post Office 5%% ’3B 18 25 Seymour Wtr Ist mtg 57® ’59 101 104 Terre Haute Water Wkss7® '56 101 % 103% Terre Haute Wat Wks 67® *49 103 105 Traction Terminal 5% ’57 .... 69 73 *Ex. div. Unlisted Stocks (By Blythe A Co.i NEW YORK BANK STOCKS Bid. Ask. •Bankers 69% 71% Central Hanover BAT 131 133 Chase 40% 42% Chemical National . 56 s , 58 s , Guaranty 320 323 Irving 17% 19 Manufacturers 44 5 , 46% National City 39% 41 Cont 111 (Chicago* 114',! 116?, First National of Boston 46% 48% Natl Shawmut 28', 29% FIRE INSURANCE Aetna Fire 59V% 61% City of New York (new) 28% 30 Federal Ins 88 Franklin Fire 30% 31% Great American Ins 29 s * 31V, Hanover Fire Ins 39 % 41 % Hartford Fire Ins 81% 84 Home Ins 37% 38?, Ins Cos of N A 74% 76 s , National Fire 76% 79 North River Insurance 28 29% Phoenix Insurance 96 98% U S Fire 53 55 Westchester Fire 35% 37 •Ex. div. STEEL OUTPUT DROPS CHICAGO, Dec. 11.—Steel mill ingot production in the Chicago district thus week was placed at 59 per cent of capacity, a decrease of three points from the preceding week, it was learned today. A slight reduction is usually expected at this time of the year.

Busigraphs

COTTON SPINDLE ACTIVITY (U.S. DEPT. OP COMMERCE) l? 0 DOTTEH LIN* IS THE PAJT” >■ TEN VEAItS AVERAGE OF Z ~, thf same months i| I THE PAPKER CORP. GENERAL. DISTRIBUTORS INCORPORATED INVESTORS

Our cotton mills are busier when measured by cotton spindle activity. Activity in October was the highest for any month since April, 1934. and nearly 7 per cent greater than a year ago. Furthermore, both September and October cotton spindle activity passed ahead of the 10-year average tor those months. One unfavorable condition, however, is the unequal distribution of activity among the cotton mill sections of the country.

NEW AGENCY TO PROBE JOBLESS IS ESTABLISHED National Research Program Set Up; Weintraub to Take Charge. B'J United Pie** WASHINGTON. Dec. 11.—The NewDeal today started a $12,000,000 i search for an answer to this important Administration question: What are the prospects for private industry re-employing the 3.500.000 needy we are caring for under the ! 54,000.000.000 works-relief fund? Administrator Harry J,. Hopkins, seeking to solve the problem in preparation for future relief policies, will make work for some 24,000 needy assigned to determine "the effects of recent changes in the techniques of production upon the volume of employment and unemployment.” Weintraub to Take Charge The project—to be known as the National Research Program—will be administered from Philadelphia. David Weintraub, who bears the title "director of study,” will be in charge. In pointing out the need for an answer to it's employment question, a government bulletin said that "although technological changes haye resulted in tremendous increases in the volume of goods and services produced and have thus made possible the attainment of ever higher standards of living, they have been accompanied by ... greater economic insecurity of the individual worker.” Statistics Are Revealed From 1929 to 1929. ti was pointed out, manufacturing production increased 37 per cent and employment dropped 2; despite an increase in agricultural commodity production, 800,000 farm workers were displaced between 1919 and 1927; coal production gained 10 per cent from 1919 to 1929, while employment declined 14 per cent. The question can be answered, the government said, only by a “comprehensive examination of the human and economic resources, of the development of the techniques of production and of the effect of these changes on the volume of production . . .and on the volume of employment and unemployment.” Officials who set up the study said results could be collected and reported to relief directors in a year's time. Dividends Declared Dividend rates are given in dollars and cents unless stated otherwise. Company Rate Per’d Payable Close Aetna Fire Ins $ 40 Q Jan. 2 Dec. 16 Ainsworth Mfg. .. .25 Q Dec. 28 Dec. 21 Do extra 25 Dec. 28 Dec. 21 Am Brake Shoe . .26 Q Dec. 31 Dec. 20 Do extra 25 . . Dec. 31 Dec. 20 Am Europ Sec p. 1.50 Dec. 27 Dec. 20 Am Motories Ins .60 Q Jan 1 Dec. 24 Am Thermos Bot 77, p. ... .87'% Q Jan. 1 Dec. 22 Bk of N Y Tr . . 3.50 Q Jan. 2 Dec. 20 Briggs Mfg 50 Q Dec. 31 Dec. 20 Do ,xtra 50 Dec. 31 Dec. 20 Canfield Oil p... 1.75 Q Dec. 31 Dec. 20 Central Maine Pow 7% p 75 .. Jan. 1 Dec. 10 Do $6 pfd 75 Jan. 1 Dec. iiO Claude Neon El. . .25 Q Jan 2 Dec. 20 Diamond Shoe . . 25 Q Jan. 2 Dec. 20 Driver-Harris .. .25 Jan. 20 Jan. 10 First Nat Bk 25.00 Q Jan. 2 Dec. 16 Galland Mercantile Laundry 87% Q Jan, 1 Dec. 15 Heller & Cos W E $2 par 10 Q Dec. 31 Dec. 20 Do 7% p 43% Q Dec. 31 Dec. 20 Howe Sound 75 Q Dec 31 Dec. 23 Do extra .. .75 Dec. 31 Dec. 23 Industrial Rayon .42 Q Jan. 1 Dec. 20 Ins Nor Am ... 1.00 Sa Jan. 15 Dec. 31 Do extra 50 Jan. 15 Dec. 31 Ontario Mfg 25 Q Dec. 31 Dec. 20 Do pfd 1.75 Q Dec. 31 Dec. 20 Penn-Mex Fuel .. .75 Dec. 20 Dec. 17 Penney. J C 75 Q Dec. 31 Dec. 20 Do extra 1.50 Dec. 31 Dec. 20 Procter A Gam 8% p 2.00 Q Jan. 15 Dec. 24 Prov Wash Ins .. .25 Q Dec. 24 Dec. 12 Do special 25 Dec. 24 Dec. 12 Root Petrol p .30 Q Jan. 1 Dec. 20 Roval Typewriter 772 cum p . 3.50 •• Dec. 24 Dec. 17 Singer Mfg 1.50 Q Dec. 31 Dec. 10 Do extra 2.50 Dec. 31 Dec. 10 Do special ...15.00 .. Dec. 31 Dec. 10 So Calif Gas _ 6% o 37% Q Jan. 15 Dec. 31 , Do 6'r A pfd .37% Q Jan. 15 Dec. 31 j 8 Stroock 1.00 Dec. 23 Dec. 17, Telephone Inv ... .25 M Dec. 23 Dec. 20 j Univ Leaf Tob ... .60 Q Feb. 1 Jan. 17 Virginian Rv • ■ 2.00 Dec. 30 Dec. 20 White Rock Min . .35 Q Jan. 2 Dec. 20 Youngstown i Sheet p .. 1.37% Q Jan. 1 Dec. 21 | Allied Mills . 25 Dec. 28 Dec. 20 Tide Wat Asso Oil 1.50 Q Jan. 2 Dec. 20 Tide Water Oil .50 Dec. 31 Dec. 20 Chicago Towel p 1.75 Q Dec. 31 Dec. 20 Noblitt-Sparks . .37% Q Jan. 2 Dec. 20 Woodlev Pe'rol . 10 Q Dec. 31 Dec. 16 Bk Am NT SA .62% Q Dec. 31 Dec. 15 Do extra 50 Der. 31 Dec. 16 Bk. Am. Calif 42 s , Q Dec. 31 Dec. 15 Local Livestock HOGS Dec. Bulk Top Receipts. 5 JIO.OO'S 10.10 *10.15 6000 6 10.00(510 10 10 10 FOOD 7. 9.90® 10.00 10 00 2000 9. 10 00*510.25 10 25 5000 10. 9.85*510 00 10.00 8000 11. 9.70® 9.75 9.75 6000 k'%4o-160** 11 Good and choice ■ *9.35® 9.60 Medium 8.85® 9.35 Lightweights *l6O-1801 Good and choice • ■ 9 60® 9.75 Medium 9.10® 9.60 ilßo-300i Good and choice .. 9.60® 9. *5 Medium 9-20® 9.60 Medium Weights *2OO-220i Good and choice . . 9.70® 9. *5 *220-250* Good and choice .. 9.60® 9.70 HeavvweighU ______ (250-290* Good and choice .. 9.60® 9. <0 (290-350* Good and choice . . 9.50® 9 60 Packing Sows *275-350* Good 9 10® 9.35 (350-425* Good 9.00® 9.25 (425-450* Good 8.85® 9.10 *275-460* Medium 8.75® 9.00 Slaughter Pies *IOO-140* Good and choice .. 9.10® 9.60 Medium 8.25® 9.35 CATTLE —Receipts, 1200— (500-900) Choice *lO 75®13.50 Good 9 00® 11.30 Medium f-75@ 9 00 Common 5.25® 6.75 i tSmo-HOOi Choice 12.00® 13.00 Good -50®12.2S Medium 7 50® 9 50 Common 5 75® < 25 (1100-1300* Choice 17 25® 13.25 Good 9 75®U\25 Medium 7 50® 9 75 *I3OO-1500) Choice 12.25612.50 Good 9.75012.25 Heifer* (500-7501 Choice 9 7591100 Good 8.25® 9 75 Common end medium ... 4 75® 8?5 ,750-800' Good and choice .. 9 00® 11.25 Common and medium 5 00® 9 00 Cowl Good 5 25 0 8 25 Common and medium 4.25® 525 Low cutter and cutter 3.00® 425 Bulls, good . : 5.75® 625 Cutter, com. end med bulls.. 4.000 5.75 VEALERS —Receipts, 500Good and choice *lO 50® 11.00 Medium 8.50010 50 Full and common 4 50® 8.50 Calve* (250-500* Good and choice 7.00® 9 50 Common and medium 4.000 7.00 Feeder and Stocker Cattle (500-800* Good and choice .... 6 50® 825 Common and medium ... 4 25® 6 50, (800-1050* Good and choice.. 8 50® 850 Common and medium 4.25® 6.50 Cow* Good 5 OCQ 6 50 Common and medium 4.00® 5.00 SHEEP AND LAMBS Receipts. 800— Lambs. 90 lbs. down, good and choice *10.25® 11 00 Medium 8.50® 10 25 Ewes • 90-125' Good and choice 4 00® 500 All weights, common and medium ... 3 SO® 4.50 (120-150) Good and choice... 3.00® 4.00

Silver Break Comment Congressional silver authorities today regarded the break in silver prices at London and Montreal as a transitory phase of the silver program and not as an indication of any permanent change in the American buying program.

AIRS CARRIER TROUBLE

aUKk v iHH ;; -

The so-called "railroad problem” is a misnomer. John J. Pelley, president of the Association of American Railroads, reiterated today. It is not merely a railroad problem, he said, but ratuer a transportation problem, "to be solved finally not only by the efforts of the railroads themselves, but also by the correction of the unwise public transportation policies which are at the root of the trouble.”

SWINE MARKET AGAIN DECLINES Prices Steady to Mostly 25 Cents Off: Cattle, Lambs Weak. Another sharp decrease in porker prices today at the Indianapolis | stockyards resulting mostly from re- , cent heavy supplies and evidence of j a weak demand, sent the top price for good and choice weights below | the $lO level which has been maintained for more than a week. The general market was steady to i mostly 25 cents lower, while underweights were off 15 cents from yes- | terday’s close. Although receipts were estimated at 6000, a decrease of 2000 from yesterday’s figures, consumers were still determined to push prices lower. Holdovers numbered ; 648. i The bulk of 160 to 250 pounds ! cached in at $9.70. to $9.75, while heavies from 250 to 400 pounds sold at $9.50 to $9.60. In the light slaughter weight division, pigs scaling from 100 to 160 pounds brought $9.10 $9.60. Packing sows were salable from $8.75 to $9.35. The cattle market displayed a weak undertone, with steers and heifers around 25 cents lower than a week ago. Cows and bulls remained steady. Two loads of steers were valued to sell at $12.25. while a single load of heifers, weighing ! 742 pounds, cashed in at $9. The bulk was valued to sell under SB. Bulls sold at $4.50 to $6. Receipis numbered 1200. Vealers again remained unchanged, with the bulk of good and choice kinds selling from $10.50 to sll. Receipts were 500. The lamb supply consisted largely of native grades at around 25 cents lower. The bulk of better kinds sold at $lO t $10.75. Top held at sll. Slaughter sheep sold at $3.50 to $4.75. Receipts were 800. Chicago Grain Futures (By James E. Bennett A Cos.) Prev. Wheat— High. Low. Close. close. Dec 95% .95 .95’, 96 May 95% .95% .95% 95 s , July 88% .88% .88% .89 Corn— Dec 58% .58% .58% .58% May 59% .59% .59** 59% July 60% .60% .60% .60’, Oats— Dec 25% .25 s , .25 5 , .25%, Mav 26 s , .26% .26% 26% July 27% .27% .27% .27 s , 1 RyeDec 48 .47% .47% 47% May 50% .50% .50% .50% LOCAL CASH MARKET City grain elevators are paying 87 rent.' for No. 2 soft wneat. Other graaes on thetr merits Cash corn new No, 4 yellow * 46 cents and oats 19 rents

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Government Bonds Home Owners * Loan Corporation and Municipal Bonds The Union Trust Cos. ★ of Indianapolis + BOND DEPARTMENT 120 E. MARKET R 1 ley 5341

Thomson & McKinnon MEMBERS NEW YORK rHir ACfl New Tork Stock Exchan** TORONTO * >W lorlc Curb E * cb,n * IUKUIa IU New York Cotton Excbang* BOSTON I New York Coffe* and Sugar Exchan** SOUTH BEND • Kew Orleans Cotton Exchan** FT WAWR Chicago Stock Exchan** RVAYgVIT IP Chic,eo BosM of Tr * d# u V AiioYILLIil Winnipeg Grain Exchange i Indianapolis OfKct A „, 200-214 Circle Tower LI. 5501

JOHNSON HITS ECCLES 1 IDEA OF INFLATION General Charges Reserve Board Chairman With •Ignorance.* RV HUGH N. JOHNSON DODGI CITY, Kan.. Dec. 11 Mr. Eccles has burst forth again on the subject of inflation. No® he says it is "the condition brought about when the means of pavm-nt in the hands of those who will spend increases faster than goods can be produced. The sentence reveals about p

much ignorance of the history it involves and illogic on its vital substance as any 23 words that ever fell from the lips of a Federal official —and this man controls inflation in the United States. Cites History Did the "means of payment in the hands of” the American colonist increase

ll

faster than goods could be produced when colonial money became nol worth * continental, and New York had to pass a law attempting to limit pricer, to 200 fold of pre-Revolutionarv prices? Were the means of payment ,?f salaried people and wage earners in the Confederacy increased in the Civil War faster than production when a college professors salary wouldn’t buy food for his cat? Were the substance and property of the bourgeoisie in the France of the assignats, or of John Law, or of the Germany of the flight from the mark, or in the Russia of the Bolshevist printed rouble, or in the Rome of the Tiberian degradation of coinage destroyed because the | means of payment in their hands increased faster than production? He’s “Playing With Dynamite" It is an assertion contradicted by every fact in history since mon<=y became a medium of exchange. The parlor-pink is playing with I dynamite in the very sanctum where | repose the savings of our people, i the buying of workers’ wages, the salaries of the white-collared. th endowments of every charitable or scholastic institution, the insurance protecting widows—in short, the economic security of 80 per cent of I our people. No respectable authority believe* :as he does. Others think that, j when you adulterate money, you I destroy property and wages and all fixed income. That is inflation. i (Copyright. 1935. bv Tlnitel Featur* Syndicate. Inc.i EXECUTIVES START AT BOTTOM, SAYS SURVEY Nine Out of Every 10 Steel Head* Work Way Up From Ranks, | Time* Special NEW YORK. Dec. 11.—Nine out of every 10 men who now are top executives of represenatitvp steel companies started at the bottom of the ladder and worked their way up. Three out of every four got their knowledge of steel in the operating departments of the mills. These facts were revealed by information recently obtained bv the American Iron and Steel Institute from 176 executives—chairmen, presidents and vice preisdents—of companies representing more than 95 per cent of the capacity of the steel industry. Os the 176 executives. 128 have had close contact with the operating departments—B4 as laborers m the mills. 25 as engineers or chemists and 19 as messenger bovs. Only 13 out of the 176 executives entered tie steel industry in an executive position. Training in the business offices of steel companies likewise proved to be a good foundation for future steel executives, for 26 out of 176 started in as clerks or steprvcr*’f*r*y*<>**c

Johnson