Indianapolis Times, Volume 47, Number 245, Indianapolis, Marion County, 21 December 1935 — Page 13

Trends F. D. R.’s Statement Is Misleading to Many. BY JOHN T. FLYNN

VTEW YORK, Dec. 21—The President's statement that only $500,000,000 will be appropriated for public works in next year's budget does not mean that public works expenditures next, year will be any less than in this year or any other year of the Administration.

The statement was made, undoubtedly, to create the impression that next year public works outlays will be quite s m all, compared with those in 193334, 1934-35 and 1935-36. First of all, what is put in next year’s budget for public works need not have any effect whatever

Flynn

on PWA expenditures next year. Large sums already have been appropriated for varions projects. Only a fraction of these sums have been spent. There remains subject to the President's control our of moneys already appropriated for public works $3,191,000,000. o a tt SOME of this will be spent before July 1, but it is evident that at least two billion dollars will be left which the President can spend next year even if no appropriation for public works is made. Asa matter of fact in no year of this Administration has much more than $500,000,000 been spent on public works. After all, public works have a more or less definite meaning. Money approprated for public works has been spent on all sorts of things—loans to railroads, naval construction, the CWA, which was really a pure relief project—men cutting weeds, etc. —in made work projects. Between June, 1933, and Dec. 1, 1935, expenditures on public works were $2,108,937,377. This included about $400,000,000 for the CWA, $236,000,000 for the Army and Navy and various sums for the veterans administration, export and import banks and other bureaus. Here is at least $700,000,000 which would never be included in a congressional appropriation for public works. It includes over $130,000,000 of leans to railroads which Congress would never label as public works. tt tt tt IF we want to make a comparison between $500.0000.000 for public works next year specifically appropriated by Congress and public works expenditures since June, 1933, we would have to eliminate these items. Take them out and we have a total of $1,272,000,000 atually spent on public works in the last 29 months. That means $44,000,000 a month or $528,000,000 a year. So if the President appropriates in his budget no more than $500,000,000 for public works next year, that will actually be no less than has been spent for this purpose in any year thus far. If, however, he provides another $500,000,000 and this is added to the several billions which will still be unspent when the next fiscal year starts, it will be seen that the President may actually spend not only as much but even twice or three or four times as much as he has spent in any year thus far. Budget appropriations are not what count. The important thing is what is actually spent. This is not said in criticism of public works, which are a wise policy. It is said to point out that a wholly false impression has been created by the President's statement. (Copyright. 1935. NEA Service, Inc.) DIVIDEND IS FORECAST Pennsylvania Railroad Expected to Make Payment in 1936. Times Special PHILADELPHIA. Dec. 21.—Although directors of the Pennsylvania Railroad took no dividend action at their annual meeting of the year here this week, it is forecast that a 75-cent to $1 payment will be declared early in 1936. The company recently approved i an equipment program calling for an expenditure of $25,000,000. This | however, is considered a factor in the decision of directors not to declare a dividend for 1935. A dividend of 50 cents was paid last March and charged to the 1934 earnings. On Commission Row (Reprinted From Late Times Yestrdav) Quotations below subject to change are average wholesale prices being offered to buvers by local commission dealers: Fruit—Cranberries, esrlv blacks. 25-lb. box $4 50: homes. 25-lb box. *5. Pears —Washington D Anjo. $3 25. Banaras— Seven hands, a pound. s'*c. Persimmons —California, lug. $1.25 Apples—Jonathans. $1.75: Summer Rambos, $1: Delicious. $1.75: Wealthvs, $1: Grimes Golden $1 25 Lemons— Sunkist. 360 c. $7 50. Grapefruits —Texas. 64s to 70c. $3 25: Arizona Sunkist. $2 75. Limes— Mexicar. a rarton 12s. 20c: Persian seedless, a hundred. S3 Pears —D'Anjo. 100s box. $3 25; California Avacado 20s-245. $3 75. Grapes—Emperor, lug, $2; fancy Emperor. 34-lb. sawdust chest. $4 Vegetables—Beans, green, round stringless. bu.. $2 50. Beets—Texas. 3-doz crate I SI 90. Cabbage—New York Danish. 50-lb. bag SSc. Carrots—California. 6 doz. crate. 53.75. a doz , 70c. Cauliflower—California, crate. $2 35. Celery—Michigan washed and trimmed, extra large. 55c: jumbo, doz.. 85c. Cucumbers —Southerr. bu.. $3 75 doz . 90c. Kale—Home-grown, bu.. 60c’. Lettuce —Iceberg, California, good. $3 50-home-grown leaf. 15-lb basket. $1 &n. Endive—California, basket. 85c. Mangoes— California, crate. $5; small basket. 51.25. Mint—Bunch. 20c Mustard—Home grown, bu. 60c. Onions —lndiana yellow. 50-lb. bag. $1.15: Indiana yellow, 10-lb. bag. 23c; western Spanish. 50-lb. bag. $1 50 Parsley—Southern doz 50c Peas—Telephone, hampers. $3 50. Potatoes—Round Cobblers. 100-!b bag. $1 60: Michigan Round White 100-lb bag. $1.50: Early Ohlos. bu.. $175- Idaho! Russets. $2 35. Sweet potatoes—lndiana Jerseys, bu.. $1.65. Radishes—Ohio, button. doz.. baskets. 45'<?60c. Sage—Doz 45c Spinach—Broad leaf, bu., sl. Squash —Bu $2.50. Tomatoes—Florida. 10-lb carton. $1.50. Produce Markets (Reprinted From Late Times Yesterday) . The prices quoted are paid for stock fathered in the country, while delivered n Indianapolis the price Is a cent higher. I Heavy breed hens. 16c: Leghorn breed hens. 12c; springers over 4% lbs.. 17c under 4% lbs , 16c : springers. 1% lbs. and i up. 12c: old cocks. 9c. Turkevs— 1 Young hens. 8 lbs. and up, 21c: young toms. 1* to 18 lbs.. 21c; under 14 lbs. and I over 18 lbs.. 18c. old hens, 18c: old toms ! 16c. Ducks—White. 5 lbs. and over. 13c : 1 Under 8 lbs . 11c; geese, full feathered and fat. 9 to 14 lbs., 12c: over 14 lbs 10c old guineas. 15e; young guineas. i% lbs" and up. 28c: No. 1 strictly fresh eggs, loss off 27c: pullet eggs. 18c. Each full case must weigh 85 lbs. gross, a deduction of 10e a pound under 55 lbs will be made No. 1 butter. 36®37e: No 2. 33ff34c; buttering 34c Quoted by the WocUey Cos.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PRICE CHANGES ARE EXPLAINED BY ECONOMIST Causes of Disparity Between Farmer, Consumer Are Cited. BY A. L. JACKSON Economics Statistics, Inc. NEW YORK. Dec. 21.—President Roosevelt, in his speech in Chicago last week, stated, “It is difficult to explain why if the farmer gets an increase for his food crop over what he got three years ago, the consumer has to pay two and three and four times the amount of that increase. The answer to this question is not difficult. A few facts and figures will explain. Let us take cotton. There has been a processing tax equivalent to more than 4 cents a pound on the raw cotton processed by mills to carry out the forced crop control program of the government. A tax of 4 cents a pound does not appear to be very much on the surface, but it accounts for approximately 15 per cent of the total cost of processing cotton textiles. Labor Costs Are Factor Labor costs are also an important factor in the production of cotton textiles and, naturally, figure in the retail price of the finished production. Asa result of the NRA, wages per hour were increased to a level higher than that prevailing in 1929, but at the same time hours of work per individual per week were reduced from an average of about 48 hours per week to approximately 35 hours per week under the NRA. This condition accounts for another sharp increase in the price of the finished product. This increased labor cost, plus the increased price of the raw material due to the processing tax, accounts for the sharp rise in the price which the consumer has had to pay for his finished product. Hogs Are Considered The foregoing example is perhaps not so good because it is not a food crop. Let us consider hogs. Hog prices on the farm in January. 1933, were $2.68 a 100 pounds. Asa result of the farm program, wherein the supply of hogs was curtailed drastically, prices rose to $10.29 in September, 1935. This is an increase of 284 per cent, or is 2.84 times higher than they were before the government's control program was adopted. On top of this price must be added the processing tax, which was necessary to make the control plan effective. Inasmuch as it required 36 per cent of the total income received from these taxes to carry on administrative expenses, naturally the farmer does not get the full return. At any rate, these above figures explain why we have to pay approximately three times as much for our pork chops as we did three years ago. The same condition as I have outlined for the above two cases is true, of course, in varying degrees in the cases of wheat, sugar, corn, rice and any other food crop which has been subject to governmr.t control. CONSTRUCTION VOLUME IS HIGHEST IN 4 YEARS Contracts Awarded During Week Valued at $86,817,000. Time/i Special NEW YORK. Dec. 21.—Headed, by the $29,000,000 TVA award for a dam near Gutersville, Ga., the construction volume during the last week amounted to $86,817,000, the highest volume for any week since March, 1931, the Engineering-News Record announced today. The total was made up as follows: Private, $5,700,000; public, $81,117,000; Federal. $34,580,000, and state and municipal, $46,537,000. The volume is higher than the previous high for state and municipal awards. Corresponding values a year ago are: Total, $20,180,000: private, $13,991,000; public, $15.189.u00; Federal, $4,831,000, and state and municipal, $10,358,000. The earthwork and waterways classification at $31,785,000 shares credit for this high volume with public buildings at $24,442,000. Other classifications are approximately the same as last week except sewerage which is higher. $6,184.000 and bridges, also higher, $4,498,000. DIVIDEND IS DECLARED rime* Special NEW YORK, Dec. 21.—Directors of the American Maize Products Cos. today declared a regularly quarterly dividend of $1.75 on preferred stock and 25 cents a share on the common, both payable Dec. 31 to stockholders of record Dec. 23. Local Securities (Reprinted From Late Times Yesterday) (Because quotations on local securities are unlisted on an Exchange, The Times can not assume responsibility (or the accuracy of these figures gathered from local brokers.) STOCKS Bid. Ask. •Belt RR & Stk Yds com .. 50 53 •Belt RR & Stk Yds 6% p(d.. 53 Central Ind Pow 7‘e pld .16 19 Home Tel&Tel Ft. Wn 7% pfd 50 % 62 •Hook Drug Inc com 14‘a . •Ind & Mich Elec 7% pld ... 99 m 2 •Ind General Service 95 100 Ind Hydro Electric 53 87 Indpls Chain Sto Term pfd... 52% 60 •Indpls Gas Cos com 36 40 •Indpls Pow & Lt 6 pfd ..82 85 •Indpls Pow & Lt 6'.’'“, pfd.. 87‘a 90% •Indpls Water 5% pfd 102 Lincoln Nat Life Inc. C 0... 34 37 North Ind Pub S.’c 5 1 2 r * pfd 68 71 North Ind Pub Svc 6% pfd . 76 80 Progress Laundry com 7 9 Pub Svc of Ind 6% pfd .. ... 11% 14 Pub Service of Ind V~ pfd... 30 33 •So Ind Gas & Elec 6% pfd . 92% 96% Terre Haute Elec 6% pfd ... 80 84 Union Title com 18 21 BONDS Atlanta Dlstr Term 6'41 ... 62% 70 Buffalo Distr Term 6% '4l ... 70 75 Brooklyn Postal Sta 54% '4B . 37% 42 Home Tel&Tel FtW 54% ’35 .103 105 Home Tel&Tel FtW 6% '43 103 106 Indpls Railways Inc 5% '67 .. 50 4 53 Indpls Water 44% '4O 105 107 Indpls Water 5% 'SO & '6O .. 105 107 Indpls Water 54% '53&5<103% 105 Interstate T & T 54% '53 .. 93 96 Kokomo Water Works 'SB ...104 1054 Lafayette Telephone 5% '57 .102 Morris 5 & 10 Stores 5% 'SO 99 103 Muncle Water Works 5% '63 .1024 Noblesvllle HLA-P 64 '47 .. .. 97 100 Ohio Tel Service 6% 47 95 Richmond Water Works 5%'57 104 4 106 St. Louts Post Office 54% '3B 18 25 Seymour Wtr Ist mtg 5% '59 101 104 Terre Haute Water Wkss% 'SB 101 4 103 4 Terre Haute Wat Wks 6% 49 103 103 Traction Terminal 57 '57 .... 69 73 •$. dll’.

INDIANAPOLIS, SATURDAY, DECEMBER 21, 1935

WEEKLY INDEX OF BUSINESS TREND PREPARED BY ADMINISTRATIVE AND RESEARCH CORPORATION . NEW YORK 1926 lOO 100 ( 1 )" 'r iiii'i nii(iiimiiit ii i[ ii i|, t i ri"H in i ii ii ii i 100 90 I_V 90 __ 1934 J y hi 'i •/ ' i 60 r Hr — 'i-f 6o 30 30 40 Li--1-1-1.1 1111 II I I l-l. Illi II ! I Ii Ii iI Ii 111 Ii I I Ii ( i I : tII I I Ii I JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC

New York Stocks

(Reprinted From Late Times Yesterday) (By Thomson & McKinnon) Prev. Oils— High. Low. Close, close. Amerada 76 75 76 744 Atl Rfg 264 264 264 264 Barnsdall 144 134 144 134 Consol Oil 104 104 104 10% Cont of Del ... 304 304 304 29 4 Houston (new).. 64 64 64 64 Mid Cont Pet .. 174 174 174 174 Ohio Oil 13 124 12 4 124 Pet Corp 12 114 12 12 Phillips Pet 37 364 37 364 Plymouth Oil.. 114 114 114 114 Pure Oil 154 154 154 154 Royal Dutch ... 46 4 46 4 46 4 454 Seaboard Oil ... 34 334 334 324 Shell Un 15% 154 154 144 Skelley Oil 19 184 184 184 f°c Vac 134 134 13% 134 SO of Cal 37% 37 37 37 S O of Ind ... 31 20 4 30 4 30 4 SO of N J 484 484 484 484 Texas Corn 284 274 28 274 Tidewater Assn.. 134 124 13 13 Un Oil of Cal.. 224 21% 21% 214 Acme 70 70 70 70 Steels— Am Roll Mills... 30 29% 294 294 Beth Steel 474 45% 47 4 45% Bvers AM 184 17% 18 174 Col Fuel & Irn.. 4 34 34 .•• Cruc Steel 34 34 34 33 4 Inland Steel 101 101 101 1014 Ludlum Steel 244 24% 244 254 Mid Steel 21 204 204 214 Natl Steel 73% 73 4 73 4 74 Otis Steel ...... 15% 154 154 15 Reo Iron & Steel 17% 174 17% 174 U S Pipe & Fdv 204 20 20 20% U S Steel ... 45% 44% 454 44% U S Steel pfd,.. .113% 112 1124 1124 Warren Bros . 44 44 44 44 Youngstn S& T 39% 38 39 37% Motors— Auburn 36 4 35 4 36 4 364 Chrysler 884 864 88 864 Gen Motors .... 55 4 54 4 55 4 54% Graham Mot ... 3 24 33 Hudson 164 15% 16% 15% Hupp 24 2 2 2 Vs Mack Truck 274 264 274 27 Nash 174 17V* 17% 17% Packard 6% 64 64 64 Reo 4 Vs 4% 4% 44 Studebaker .... 10 94 10 94 Yellow Truck .. 14 7 74 74 Motor Access— Bendix 22*4 21% 224 214 Bohn Alum 494 494 39% 494 Borg Warner .. 624 624 624 62 1 a Briggs 52 51*8 514 5? Budd Mfg. 94 8% 84 Budd Wheel 124 12% 12% 1„ Eaton Mfg 27% 27 4 27 4 27 Elec Auto Lite.. 35% 354 354 34% Elec Stor Bat .. 54 534 54 524 Koudaille "8”... 30 29% 294 29% Mullins Mfg 15 134 15 14 Murray Body ... 194 184 184 18% Stew Warner ... 164 16% 16% 164 Timken Roll ... 63% 624 63 634 Timken Det Axle 11% 11 114 11% Mining— Alaska Jun 144 14 14% 144 Am Metals 28% 28 28% 284 Am Smelt 58 4 57 % 58% 58 Anaconda 27Vs 26% 27 264 Cal & Hecla ... 54 5% 5% 5% Cerro De Pasco. 53 4 524 52 4 52% Dome Mines ... 43% 43% 43% 43% Gt Nor Ore ... 15 14% 15 15 Homestake Min 483 483 483 478 Howe Sound ... 54% 53% 534 55% Ins Copper 6% 6% 6% 64 Int Nickel 43% 43% 43% 43% Kennecott Coo 27% 27% 27% 2V% Mclntyre Mine . 414 40% 40% 40’ 8 Park Utah 4 4% 4% 44 Phelps Dodge ... 25 24% 25 244 St Joe Lead 23% 23 23 23% U S Smelters ... 94% 964 97 95% Vanadium 18 18 18 17% Amusements— Croslev Radio ..18 18 18 184 Fox Theat 24% 24 24 24% Loews Inc 51% 51% 51% 51% Radio Corp 13 12% 12% 12% Paramount 94 9% 9% 9% RKO 5% 5 54 5% Warner Bros ... 9% 9% 9% 9% Tobaccos— Am Snuff 69% 69% 69% 704 Am Sum Tob ... 244 244 244 24 Am Tob (A)... 93% 92 4 92 4 93% Am Tob (Br 96% 954 96 95% Gen Cigars . . 55% 55 4 55 % 54 Lig & Myrs (B) 105=4 105 4 105% 1054 Lorillard 24 23% 23% 24 Phillip Morris .. 62% 62% -62% 62 Reynolds T (B).. 55% 54% 55 54% Rails— Atchison 56% 55 56% 54% Atl Coast Lines 30 29% 29% 294 B & O 16% 15% 16% 154 Can Pacific 11% 10% 10% 10% Ch & Ohio 50% 50% 50% 50% Chi & Gt W . . 1% 1% 1% 1% Chi & Gt W pfd 4% 3% 4% 4 CM & St P 14 14 14 14 C M & St P pfd 24 24 24 2% Chi N W 2% 24 24 24 Chi N W pfd 6% 6 6% 64 Del a & Hud ... 37% 36% 37% 36% Del Lac & W.. . 16 15% 15% 15% Erie . 11% 114 11% 11% Erie pfd 164 164 164 16% Grt North pfd . 344 34% 34% 34% 111 Central 19% 19 19% 18% K C Sou 12% 11% 12% 12% Lehigh Valley .. 8% 84 84 8% Lou & Nash .... 59 4 58 58 4 59% MK&T 5 5 5 5 MK & T pfd ... 13% 13% 13% 13 Mo Pac 2 2 2 2 Mo Pac pfd .... 3% 3% 3% 34 N Y Cent 27% 26% 27% 26% N Y New- Haven 3% 3% 3% 3% N Y Ont & West 4% 4% 4% 5% Nor Pacific 22% 21% 22% 21% Penn R R 30% 29% 30 29% Sou Pac 22% 22% 22% 22 Sou R R 13 12% 13 12% Union Pac 106 104 4 104 4 104% West Marvland . 8% 8% 8% 8% Equipments— Am Brake Shoe 41% 41% 41% 40% Am Car & Fdy. 29 4 29 29 4 29 Am Loco 24 23% 23% 24 Am Steel Fdy... 22% 21% 22% 224 Bald Loco 44 4% 4% 4% Gen Am Tank C 47% 46% 47 464 Gen Elec .... 36% 35% 36% 36% Gen R R Sig ... sO% 39% 38% 40 Pullman Inc ... 85% 35 35 35% West Air Br ... 334 33 334 324 Westingh Elec.. 93% 92% 93% 92% Utilities— Am & For Pwr 0% 6% 6% 6% Am Power & Lit 8 7% 7% 7% AT&T 151 4 150 150% 1514 Am Wat Wks .20 4 20 % 20% 20% Col Gas & Elec 13% 12% 13% 13 Comm & Sou . 24 2% 2% 24 Consol Gas . 354 30 30% 30% Elec Pwr & LI",. 5% 5 5 5% Int Hydro Elec . 3% 3% 3% 3% Jaterboro R T . 18% 17% 18 17% Int T & T .. . 13% 12% 13 12% Lou G & E 'A' 20% 20 20 21 Nat Pwr & L:t.. 9% 9% 9% 9% Norht Amer ... 14% 24% 24% 24% Pac G & E 39% 30 30% 30% Peoples Gas .... 79% 39% 39% 40 Pub Serv N J . 42 42 42 42% So Cal Edison .. 24% 24% 24% 24% Std Gas 54 5% 5% 5% Stone & Web 12% 12% 12% 12% United Corp .. . 12% 12% 12% 12’, Un Gas Imp . 17 16% 16% 16% Ut Pwr & Lt "A" 2% 2% 2% 2% West Union .. 74% 734 74% 724 Rubbers— Firestone 22 4 22 % 22% 22% iodrich 12 11% 12 11% Goodyear 20% 20% 20% 29% U S Rubber . 14% 14% 14% 144 C S Rubber pfo 42% 41% 42% 414 Miscellireous— Allis Chulmers.. 34% 33- 2 34% 33% Am Can 132% 131 32% 131 Am Mach & Fdy 28 28 28 28% Anchor Cap .. 15% 15 15% 14% Brklyn Man Tr. 42 4 42 42 4 414 Burroughs Add... 254 25 25 25% J I Case 95% 94% 95% 94% Conti Can 84 82% 84 82% Caterpillar Tract 55 54% 54% 55% Crown Ccrk 43 43 43 42% Curtis Puo . 21% 20% 21% 20% Curtis Pub pfd 101% 101% 101% 104% Deere & Cos . . 50% 50 50 49 4 Eastman Kodak 15S 155 4 155% 1554 Foster Wheeler . 25% 23% 25% 23% Gillette 17% 17 17% 17% Glidden 49 48% 49 48% Ingersoll Rand .116 115% 116 116 Int Bus Mach . 179% 179% 179% 179% Inter Harv ... 60% 60% 60 4 60% Natl Cash Reg 22% 21% 22% 21% Owens Bot 135 1234 124 124 Rem Rar.d 19% 19% 194 19*. Underwood E ... 85 85 85 85% Foods— Am Sugar 51 51 51 50% Armour 5 4% 4% 4% Armour 6T. pfd . 66% 66% 66% 66 Beatrice Creamry 17% 17% 17% 17%

Borden Prod 25% 25% 25% 25% Cal Packing ... 34% 34% 34% 34% Cana Dry G Ale 17% 16% 17 16% Coca Cola 84 82% 84 83% Cont Bak "A”... 9% 9 9% 9% Corn Prod 68% 67% 68 68 Crm of Wreat . 37% 37 37 37% Cub Am Sugar. 5% 5% 5% 5% Gen Baking 11% 11% u% 114 Gen Foods 32% 32% 32% 32% Gold Dush 19% 19% 19% 19% G W Sugar 30% 294 30% 19% Hershey 76% 76% 76% 76% Loose Wiles 38 Vi 38% 38% 38 % Natl Biscuit 32% 31 4 32% 32% Natl D Prod 20% 20% 20% 20% Puritv Bak . 13% 13 13Vi 13% S Porto Rico Sug 25 24% 25 24% Std Brands.,.. 14% 144 14% 14% Un Biscuit 24% 24% 24% 24 United Fruit ... 64% 63% 63% 64% Ward Bak “B" 2% 2Vi 2% 2% Wriglev 78 Vs 77 77% 78’,4 Retail Stores— Assd Drv Goods 15% 15% 15% 15% Best & Cos ■ 54% 544 54% 544 First Nat Stores 454 45 45% 45 Gimbel Bros ... 8% 7% 7 7 / s 8% Gr Un Tea .... 3% 3% 3% 3% Allied Sts 7% 7% 7% 7% Jewel Tpa .... 60 59% 60 59% Kresge S S .... 25% 24% 25% 25 Kroger Groc ... 26% 26% 26% 26 Macy R H 49 48Vi 48% 49% McCrory St .... 13% 13% 13% 13% McLellan St ... 13% 12% 13 12% Marshall Field. 12 Vs 11% 12 12 Mav Dept St ... 52% 52 52% 52% Mont Ward 38% 38 38% 384 Natl Tea 9% 9% 9% 9% Penney J C ... 79% 78% 78% 80 Safeway St 33% 32% 32% 33 Sears Roebuck.. 65 64% 64% 64% Woolworth 53% 52% 53 53% Aviation— Aviation Corp.. 4% 4% 4% 4% Boeing Aircft .. 14% 14 14% 13% Curtiss Wright . 3% 3% 3% 3% Curtis Wright A 9% 9Vs 9% 9 Douglas Air 40% 39% 40Vi 39 Nor Am Av .... 6 5% 5% 5% Spsrry Corp ... 13% 13% 13% 13% United Air'ft N 24% 23% 24% 23% Chemicals— Air Reduction ..165% 165% 165% 165 Vi Allied Chem ...147 145% 146% 149 Am Com Alcohol 29 28% 29 29% Coi. Carbon 95 94% 95 94 Com Solvents 20% 20% 20% 20 Vi Du Pont 136% 135% 136% 135% Freeport Tex 27% 27 27 27% Liquid Carb 36% 35% 36% 35% Math A kali .... 30% 29% 29% 30% Monsanto Chem 87 86% 86% 85 Natl Dis (new).. 31 30% 30% 30% Schenley Dist .. 50 48% 49% 49% Tex Gu.f Sulph. 31 30% 31 31% Union Carbide.. 70 69% 70 70% U S Indus Alco.. 43% 42% 43 43% Drugs— Bristol Myers 444 41% Coty Inc 7% 6% 6% 6% Lambert 22% 22% 22% 22% Lehn & Fink ... 13% 12 12% 11% Sterling Prod .. 63 63% 64 63% Un Drug (new). 13% 13% 13% 12% Vick Chem 43 42% 42% 43 % Zonite Prod .... 6% 6% 6% 6% Financial— Adams Exp 11 10% 11 10% Allegheny Corp . 2% 2% 2% 2% Am Int Corn ... 9% 9Vi 9% 9% Chesa Corp 56% 56 56% 56 Lehman Corp ... 90 89% 89% 90% Transamerica .. 12% 11% 12% 12 Tr Conti Corp .. 7% 7Vi 7% 7Vs Building— Am Radiator ... 23% 22% 23% 23% Gen Asphalt ... 21 20% 21 20% Holland Furnace 28 28% 28 26% Int Cement 33 % 33 33 33 Johns Manville . 91% 90% 91% 90 Libby Owens Gls 44% 44% 44% 44% Otis Elev 24% 24% 24% 24% U S Gypsum ... 83% 83% 83% 83’% Household— Col Pal Peet 19% 19% 19% 19% Coneoleum 40% 40% 40% 41 Kelvinator 13% 13% 13% 13% Mohawk Carnet.. 20% 20% 20% 20% Proc & Gamble . 45% 45 45 45% Servel Inc 15 14% 15 15 Simms Bed .. .. 18% 18% 18% 18% Textiles— Amer Woolen... 9% 9 9% 9% Belding Hem ... 13% 13% 13% 13% Celanese Corn . 28% 28% 28% 28% Collins Aikman. 47% 46% 46% 46 Gotham Hose... 10% 9% 10% 9% Indus Ravon . . 30% 30% 30% 30 Kavser Julius... 29 29 29 28% Real Silk 10% 10% 10% 10% SWIFT & CO, DECLARES DIVIDEND OF 25 CENTS $1 a Share Paid on Common Stock During Current Year. Times Special CHICAGO, Dec. 21.—Swift & Cos., one of the nation’s largest meat packing firms, today announced the declaration of a special dividend of 25 cents, payable Feb. 15, 1936, to stockholders of record Jan. 27. The company in a recent report showed earning the best since 1928, equivalent to $2.46 a share before inventory reserve. The same payment was made in the preceding year. During the current year dividends of $1 a share have been paid on the common stock, consisting of four quarterly payments of 12’g cents each, and two special dividends of 25 cents each. In October directors of the company voted a 25-cent quarterly dividend, payable Jan. 2, 1936, doubling the regular previous rate. This, combined with the current 25-cent special declaration, brings dividends declared and payable in 1936 to 50 cents a share. Busigraphs TREND OR WHOLESALE COMMODITY PRICES 5 Y V // </.TEN years average of/7 % J Yy V, Y. '// f, THE SAME MONTHS A // Y 1.l N D J FMAMJJASON Laid I ills THE PARKER CORP GENERAL DISTRIBUTORS INCORPORATED investors Steadily upward, is the trend of wholesale commodity prices. The Department of Labor's combined index of 784 commodities was 5% per cent higher in November than a year ago. and 35 per cent above the depression low. Compared with this, retail prices, as measured by Fairchild's index, increased only .6 per cent during the last year, and were 27 per cent above the depression low. Wholesale prices are going up much faster than retail prices.

PROCESS TAX RECEIPTS OIP 200 MILLIONS Huge Slump in Collections Is Due to Litigation, Treasury Reveals. By United Press WASHINGTON. Dec. 21.—A $200.000.000 slump in processing tax collections since June because of litigation over their constitutionality was revealed today by the Treasury Department. Collections from July 1 to Dec. 17. it was reported, fell to $65,084,946 from $263,645,157 in the same period last year. The loss in revenue from these taxes, however, has been offset by increased collections in other fields. Total government revenues in the period reached $1,759,129,816, compared with $1,723,206,417 in the corresponding period of last year. November Revenues Down President Roosevelt has indicated that should processing taxes be invalidated by the Supreme Court, Congress must supply new tax revenues from other sources. Detailed tax collection figures showed revenues from these sources in November were under a year ago for the third successive month. Subsequent Treasury figures, however, showed a sharp recovery in Federal revenues in the first half of November because of large fourth quarter income tax collections. Total tax collections in November were $184,096,317, compared with $189,118,630 in November, 1934. Processing taxes supplied $9,197,366 against $44,682,409 a year ago. Liquor Brings Most Revenue Alcoholic beverages were the largest source of revenue in the month, bringing in taxes of $44,399,887, against $34,376,929 a year ago. Tobacco taxes accounted for $38,590,465, against $35,512,322 a year ago; manufacturers’ excise taxes, $36,519,372, against $25,746,782, and income and excess profits taxes, $21,985,365, against $22,677,886. The rise in revenues in many directions was offset by the slump in processing tax collections. Sugar cane and beet processing taxes brought in $4,069,094, against $6,074.723 a year ago; tobacco, $1,126,150, against $2,583,833; wheat, $1,157,105, against $11,556,558, and hogs, $877,208, against $17,010,515. FARM BUYING AIDS INDUSTRIAL UPTURN Retail Sales 93 Per Cent Above Depression Low. By United Press WASHINGTON, Dec. 21.—Improved farm purchasing power is responsible for approximately 40 per cent of the industrial improvement from depression lows, L. H. Bean, AAA economic advisor, said today. He said that from 1929 to the first quarter of 1933, farmers’ cash income fell 61 per cent while rural retail sales declined 57 per cent. From the bottom of the depression to the present time, farm cash income has advanced 86 per cent while rural retail sales have increased 93 per cent or approximately 40 per cent of all industrial improvement. Mr. Bean estimated that total retail trade would amount to $30,700,000,000 this year, of which $6,900,000,000 was from rural areas. This marked an increase of $2,000,000,000 over last year, which was about evenly divided between farming and urban areas. SILVER SPECULATORS SHOW LARGE PROFIT Net Earnings Amount to $3,000,000 in Last 18 Months. By United Press WASHINGTON, Dec. 21.—American silver speculators and dealers were revealed today to have profited nearly $3,000,000 over the last 18 months. Since June, 1934, when the Federal government began its secret silver purchases in domestic and world markets, the Treasury revealed the government had collected $1,436,587 in taxes on profits of private silver transactions. The tax is 50 per cent of the profit. Indicating that reported profits were nearly $3,000,000. Treasury officials refused to divulge the nature of the private operations, but some quarters believed most of the profits were made in transactions in this country. IMPROVEMENTS ARE SET Business Buildings, Residences Get Rehabilitation. Painting and other improvements to cost $14,000 is under way in property holdings of the National Securities Corp. of Indiana, holding company for Indianapolis real estate valued at $200,000. Arthur R. Valinetz, president-treasurer, announces. The property consists of residences and business buildings. Arthur Fairbanks is general manager. Unlisted Stocks (Reprinted From Late Times Yesterday) (By Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask. •Bankers 65% 67% Central Hanover B &T 125% 127% Chase 41% 42% Chemical National 54% 56% Guaranty 308% 311% Irving 17% 18% Manufacturers 45% 47 National Citv 37% 38 Cont 111 (Chicago) 11l 114% •First National of Boston ... 45% 47% Natl Shajrmut 30% 32% ' FIRE INSURANCE Aetna Fire 58 60% Citv of New York (new) 28% 30 Federal Ins 87 90% Franklin Fire 33 35 Great American Ins 29% 30% •Hanover Fire Ins 39% 41% Hartford Fire Ins 82% 85% Home Ins 39 40% Ins Cos of N A 75 77 National Fire 76 78% North River Insurance 27 28% Phoenix Insurance 98 98 U S Fire 54% 56% Westchester Fire 37% 39% I *J5x. div,

PAGE 13

John Ruddick Ohsenjcs Thirtieth Anniversary in Telephone Industry

Chief Accountant of Indiana Bell Cos. Makes Long Service Record. John R. Ruddick. chief accountant of the Indiana Bell Telephone Cos. and national and state treasurer of the American Legion, today I is celebrating the thirtieth anniversary of his service in the telephone industry. Mr. Ruddick, who lives at 5645 N. Delaware-st, came to Indianapolis from Chicago in September, 1912. 1 Before that time he had worked in the revenue accounting department; of the old Chicago Telephone Cos. for seven years. He was transferred to the Central Union Telephone Cos., which later in Indiana was taken over by ! the Indiana Bell, as auditor of re- j ceipts. in which capacity he served j until Dec. 1, 1922, when he was made j auditor of disbursements. On May ! 1, 1926, he was appointed to his present position of chief accountant. Mr. Ruddick has been a member of the Telephone Pioneers of America since 1927. He is also first vice commander of Bell Telephone Post No. 134, American Legion.

U. S. CONTROL OF RAILSURGED Railroad Labor Executives Advocate Government Ownership. By United Press WASHINGTON, Dec. 21.—The Railway Labor Executives’ Association today advocated government ownership and operation as a means of easing distress among the nation’s railroads. In a letter to all congressmen, the organization attributed “cause of the general railroad distress’’ to control of “banking interests more intent on ‘milking’ the roads than in rendering the service which the railroads are capable of rendering.” It charged that banking interests wrecked the Denver & Rio Grande Railroad in 1921, resulting in the loss of millions of dollars by “savings banks, trustees and widows and orphans,” whose money was invested in securities of the road. “We are of the opinion,” the letter asserted, “that the only way out of the morass in which the roads have been placed by bankers is over the road that leads to government ownership and democratic control of the main arteries of commerce—the railroads." OIL RESERVES TOTAL 12 BILLION BARRELS Texas Rates First Having Largest Underground Supply. Times Special NEW YORK, Dec. 21.—Underground reserves of petroleum known in field in the United States are estimated at 12,177,000,000 barrels, according to an estimate made today by the American Petroleum Institute. The estimate is based on data obtained from numerous reliable sources by the institute’s special committee on production and supply. Texas was given the largest reserves, 5,500,000 barrels, while California was second with an estimate of 3,500,000 barrels, and Oklahoma third with a total of 1,200,000 barrels. In the Eastern division Indiani had a reserve of 5.000.000 barrels when last estimated, 10 years ago. Local Livestock (Reprinted From Late Times l'esterday) HOGS r Dec. Bu'k. Top. Receipts. 14. $9.65@ 9.75 $9.80 1000 16. 9.604?) 9.70 9.75 7000 17. 9.5542 9.65 9.70 6000 18. 9.5042 9.60 9 60 4000 19. 9.65® 9.75 9.80 4000 20. 9.80® 9.90 9.90 3500 Light Lights (140-160) Good and choice. $9.5342 9.75 Medium 9.00® 9.50 (160-180) Good and choice.. 9 75® 990 Medium 9.2 542 9.75 (180-200) Good and choice .. 9.80® 9.90 Medium 9.30® 9.80 Medium Weights (200-220i Good and choice.. 9.80® 9.90 (220-2501 Good and choice... 9 75® 9.80 Heavyweights (250-290) Good and choice... 9 65® 9.75 (290-3501 Good and choice... 9.45® 9 65 Packing Sow’s (275-350) Good 8 8542 8.90 1350-425) Good 8.50® 8.75 (425-4501 Good 8.3542 860 (275-4501 Medium 8.25® 8.50 Slaughter Pigs (100-140) Good and choice... 9 25® 9.75 Medium 8.50® 9.50 i CATTLE —Receipts, 409 (500-900) Choice $lO 50®12 25 Good 8.75® 11.50 ! Medium 6.75® 9.00 Common 5.25® 6.75 (900-1100) Choice 11.75® 13 00 Good 9 00® 12 25! Medium 7 00® 9 00 Common 5.50® 7.00 (1100-1300) Choice 12 25# 13.25 i Good 9.25® 12-50 Medium 7 25® 9.00 (1300-1500) Choice 12.25® 13 50 Good 9.25® 12.25 i Heifers (500-750) Choice 9.50®10.50 1 Good B.oo® 9.50 j Common and medium 4 50® 8.00 i750-800i Good and choice .. 8.50® 11.00 j Common and medium 5.00® 8.50 Cows Good 5.25® 6.25 Common and medium 4 25® 5.25 Low cutter and cutter 3.00® 4.25 Bulls, good 5.75® 625 Cutter, com. and med. bulls.. 4.00® 5.75 VEALERS —Receipts, 400— Good and choice slo.oo® 10.50 1 Medium B.oo®lo 00 ] Full and common 4.00® 8.00 ; Calves (250-500) Good and choice ... 7 00®10 00 : Common and medium 4 50 ® 7.00 Feeder and Stocker Cattle (500-8001 Good and choice.... 6.75® 8.25 Common and medium 4 50® 6.75 (800-10501 Good and choice.. 6.75® 8.50 Common and medium 4.50® 6.75 j Cowa Good 4 50 ® 6 75 Common and medium 3.50® 4.25 SHEEP AND LAMBS —Receipts 3500 Lambs. 90 lbs. down, good and choice $lO 25011 25 Medium 4 00® 4.75 Ewes (90-125) Good and choice . 8.50®10.50 All weights, common and medium 3.50® 4.50 (120-150) Good and choice .. 3.00® 4.00 LOCAL CASH MARKET City grain elevators are paying 91 cents tor No. 3 soft wneat. Other grades on their merits. Cash yen new No. 4 yellow 1 46 cents and oats ? cents.

Silver Imports Gain Silver imports for the week ended Dec. 13 showed an increase of $3,510,110 over the previous week, despite collapse of prices in the London market, according to a Commerce Department report.

lg|& # ■

—Photo by Dexheimer-Carlon Jrhn H. Huddirk

N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Raiis. Utils. Bonds Today 90.0 82.9 103.1 92 3 Yesterday 91 0 82.7 103 1 92 2 Week ago 91 3 83.1 103.1 92.5 Month ago ... 91.4 79 6 103 0 91 3 1933 high 91 4 86 4 103.4 92 8 1935 low 83.6 71.0 89.3 83.0 (Copyright. 1935. bv Standard Statisticsi V. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasurys Prev. Close, close. 4%s 1947-52 115.2 114 29 4s 1944-54 110.23 110 25 3%s 1946-56 109 108 30 3%s 1940-43 107.15 107.15 3%s 1943-47 106 8 106.8 3%s 1941-43 107.21 107.17 3%s 1943-45 105 9 105.12 3%S 1941 108 4 108.3 3%s 1941-46 105.1 105 3%s 1946-49 103 20 103 20 3%S 1949-2 103.20 103.16 3s 1954-55 102.17 102.16 3s 1946-48 102 20 102 21 2%s 1955-60 99.26 99.18 2%s 1945-47 100.19 100.19 Home Owners Loan Corp. 2%s 1949 99.14 99.15 3s 1952 100.2 100.22 Federal Farm Mortgage Corp. 3%S 1964 102.11 i02.1l DOMESTIC (By Abbott, Proctor & Paine) Prev. Close. Close. Alleg Corp 5s ‘44 85% 85 Alleg Corp 5s '49 7i% 7<% Am Prgn Pow 5s 2030 64% 64% Am Tei & Tel s‘ 2 s 43 113% 113% Am Tel & Tel 5s 65 113% 113 Arm &Cos (Del) 5%s '43 91% 94% Atl Coast Line 4s '52 96% 97 Atl Coast Line 4%s '64 84 84 Atch Top & S Fe 4%s '4B 108% 108% Am Wat Wks 5s '44 11l 111 Am Rolling Mills os '3B 120 119% Balt & Ohio 5s '95 74% 74 Balt & Ohio 6s '95 83% 83 Balt & Ohio 4%s '6O 59% 59% L'uff Roch & Pitt 4%s '57 .... 64% 64% Chi Milw & St P 5s '75 16% 16% Chi Milw & St P 5s 2000 6% 6% Cleve Un Term 5s '73 100% 100% Cleve Un Term 4%s '77 93 92% Col Gas 5s May '52 99% 95)4 Coi Gas 5s '6l 98% 97% Can Pac Perp 4s 86% 87' 4 Big Four 4%s '77 77 76% Big Four 5s '63 85% 86 Colorado & So 4%s 'BO 56 56 Chi & West Ind 4s ’52 99% 99% Chi & West Ind 5%s '62 107 106 Chi & Nor West 4%s '49 10% 10% Con Gas 5s '57 105% 106 Chesa Corp 5s '47 115 114% Del & Huds 4s '43 76% 76 N Y Dock 4s 'sl 68% 68% Erie 5s '75 68 67% Erie 5s '67 68% 68 Gen Cable 5%s '47 100% 101 Grt Northern 7s '36 102% 102% Grt Northern 4%s '76 97 95% Grt Northern 4%s '77 96% 95 Gen Stl Cast WW 5%s '49 88% 89 Hud & Manhat Ref 5s '57 80 79% 111 Cent 4%s '66 62% 62% 111 Cent Jt 4%s '63 65% 66% 111 Cent 5s '63 69 % 70 Interlake C&I 5s 'sl 82 % S2> 2 Interntl Hy Elec 6s '44 .. .. 46 46% Interntl Tel & Tel 4%s '39 .87 87 Interntl Tel & Tel 5s '55 ... 79% 79% Interntl Tel & Tel 4%s '52 ... 76 76 McKess & Rob 5%s 'SO 102% 102)2 Natl Dairy 5%s '4B 103% 104 Nickel Plate 4%s ’7B 68% 68% Nickel Plate 5%s ’74 79 701, Nickel Plate 6s 35 97 N Y Cent 5s 2013 80 '791, N Y Cent 4%s 2013 (old) 73% 73% Nor Amer Cos 5s '6l 103% 103% Nor Pac 3s 2047 733* ,7 4 Nor Pac 4%s 2047 91 q n Nor Pac 6s 2047 '.'.105% ins 1, Nor States Pow 5s '4l 1055* 105% New Orleans Term 4s '53 .... 80 go Otis Steel 6s '4l 102 1021', Penn Ry 4%s 'B4 105% 105% Penn Ry 4%s 'Bl 106 106 Penn Ry 4%s '7O 99 u gfs,, Pac G & E 5s '42 .'.104% 104% Portland Gen El 4%s '6O 71 70% Para Publix 5%s 'SO 91% qn% Penn P & L 4%s 'Bl ... ' 105% inss 4 Postal Tel & Cab 5s '53 .... 75% 35s 4 Rand WW 5%s '47 104% 1043’ 1 Shell Union Oil 5s '47 1023 to!% Sou Pac 4%s '6B aid 7c, 4 sou Pac 4%s -si 74% 74% Sou Pac 4 j 2S 69 753. 76 1 ! Sou Pac 4s ’49 7 oi l 4qi Sou Rail 4s '56 501® iqr Sou Rail 6s '56 fi7ij ro 2 Sou Rail 6%s '56 .. .V.” 70 2 2f Sharon Stl Hoop 5%s '4B JO3 102 7 = Texas Pac 5s 'BO 9331 94 8 Texas Pac 5s '79 931* 04s, Texas Pac 5s '77 95 043 8 Union Pac 4s '47 112 7 '. 1191 United Drug 5s '53 '..11 98% U S Rubber 5s '47 102% 10?% NY NH & Hart 6s '4B 30% 31 4 NY NH Hart 4%s '67 jo% 31 Warner Bros 6s '39 ggs* e 7 Western Mary 5%s '77 105% 1043, Western Marv 4s '52 953;. 93% Youngstown S & T 5s '7O 103% 103% Youngstown S & Tss '7B 103% 103% FOREIGN Argentina A 6s '57 98% 98% Brazil 8s '4l 26% 26 3 . Canadian Govt 4s '6O 105% 106 Denmark 5%s '55 101' , 101% German 5%s '65 28% 2S 3 * German 7s '49 393i 40 Italy 7s 'sl 61 63% Janan 6%s 54 993, 991 Poland 7s '47 106% 103 Rome 6’is '52 51% 53% Tokio City 5%s '6l 80% 81 Chicago Grain Futures (Reprinted From Late Times Yesterday) Prev. Wheat— High. Low. Close, close Dec 102% 1.01*4 102*4 M0 7 . May 99% .98% .99 99% 1 July 90% .89% .90% .90% Corn—Mav 59’i .59% .59% . .59% July 61 .50% .60% .61 Oats— Dec 27 .26% ,27a .25* i Mav 28% 27% 28a .27% July 28% .28% ,28%a .28*4 RyeDec 50% .50% .50%a .50% j May 3 2% .52% .523,a .52% July a .52 % J Barley Dec .45 Lard— Dec 11 90 11 85 11 85 11 80 Jan 11 80 11 80 11,80 11.85 May 11.95 11 90 11.90 11,95 la'Ask. (b>Bid.

Thomson & McKinnon MEMBERS NEW YORK CHICAGO Tork Stock Exrhan * f. VTA New York Curb Exchange NeW T ° rk CottOD E*<^ n ** DvJftIUJN New York Coffee and Suga* Exchange SOUTH BEND • New Orleana Cotton Exchange FT. WAYNE Chicago stock Exchanga FV AIWCVII II? Chicago Board of Trada Cj > ILiLtCj Winnipeg Grain Exchanga lndianapolis Office And other leading Exchangee 200-214 Circle Tower LI. 5501

FARM MACHINE IMPORTS SEEN AS GOOD OMEN Gain in Implements Brought Into State Cited by Hoosier Bureau. Large importations of farm machinery into the state were viewed as significant of better business and farming conditions today by Edmond C. Foust, publicity director of the Indiana Farm Bureau. Inc. “When farm implements move into Indiana by the trainload, manufacturers have confidence in the future,” he declared. “This confidence is based on the greater purchasing power of farm people, and the purchasing power is gauged by the prices received for agricultural commodities. “Four years ago,” Mr. Foust said, “no manufacturer would have taken such a chance in the building and distribution of farm imprements in such great quantities, for he knew that farmers could not purchase them during the following year. Hoosiers Benefit From Drought “Economic changes do not come about without the assistance of I someone who is particularly inter- : ested.” he continued. "The rise in ; the prices of agricultural commodities, at least partially, may be attributed to the work that has been carried on by organized agriculture. “It is quite true that the calamity of drought that befell tha Western farms, resulting in curtailed production, has benefited Indiana farmers. This drastic action of nature brought about a balance between production and consumption of agricultural commodities more quickly than would have been possible by man-made methods. However, the principle was the same. Only nature would have dared to go to the extreme that she did.” Farm Prices Not at Parity “Increased income on the farm reflects into all other lines of business, and particularly into the securing of those articles used on the farm,” Mr. Foust said. “There yet may be need for adjustment between living costs and wages, and, according to statistics, there is need for adjustment between agricultural prices and the prices of commodities used and purchased by farmers. In other words, the agricultural prices have not reached a parity with industrial prices, and foodstuffs today have not reached the high prices paid by the consumer in 1929. “After all, the farmers of the nation are not seeking undue advantage of other groups, but ask only that the prices received for their commodities be on a fair exchange basis with those things they purchase.” HARDWARE SALES SPURT Christmas Demand Reported Best for Any Year Since 1929. Times Special NEW YORK, Dec. 21.—Hardware stores are probably enjoying the best Christmas trade since i929, and the retail gift sales volume is likely to reach within 5 or 10 per cent of the record of that year, Hardware Age said today in its market summary. At the same time wholesale hardware shipments have improved sharply, with December volume to date averaging 20 to 30 per cent larger than the same period of 1934. Manufacturers of bicycles have been rushed to the limit to supply the demand. In many instances, stocks of toys have been depleted and manufacturers or wholesalers are frequently unable to deliver replacement orders in time for the holiday trade. The heavy volume of Christmas business on radios has brought about a shortage of radio cabinets.

General Banking Security Trust Cos. lit North Prnnsj-lranla Street

Safe Deposit Boxes The Indiana National Bank of Indianapolis

Buy Building & Loan Shares Your Money Stays Here, Works Here—Earns Here

Fidelity Trust Company Member Indianapolis Clearing House Association 148 E. Market St. General Commercial Banking Your Account Solicited