Indianapolis Times, Volume 47, Number 259, Indianapolis, Marion County, 7 January 1936 — Page 13

Trends Jobless Reduction Seen Moderate This Year. BY JOHN T. FLYNN

NEW YORK. Jan. 7.—As usual at this time of the year there i3 a good deal of talk about the profits of business. But unfortunately the data which Is made public is quite inadequate. One is informed that “business increased its profits in 1935.” On closer study you hear that 150 corporations——or perhaps 750—increased their

profits. But there are half a million corporations in America and there are millions of individual business men besides. To know what are the profits of business nr whether business had had any profits at all you would have to be able to offset the losses of all

' Jp

Flynn

those who operated at a deficit gainst the gains of those who made profits. There is no end of discussion of what we call the profit system. (Mr. Stuart Chase observes that it is much better called the “profit fcnd loss” system.) It would be possible for the government, while spending relief funds to make all sorts of studies, to attempt to find out just what are the net, profits of all business and whether there really are any profits to speak of for business as a whole. n h a BUT certainly some corporations have done well this last year. Running over numerous reports printed in many journals, 1 find these interesting general facts: In December 220 companies paid extra dividends. Also some 126 other companies paid back dividends and 13 paid stock dividends. I notice also that out of over 1300 corporations only seven omitted dividends this year and only eight last year. I have heard a good deal of grumbling among bankers to the effect that with heavy government financing at banks there was not much profit in banking. But I noticed that the banks declared substantially larger dividends in December than they did last year. Another group which has been shedding its tears all over the place, and pointing to the ruin wrought by the government in its business is the utilities. Looking over a list of 25 of the leading utility holding companies I notice that 16 of them increased iheir earnings this year over last and the increase was substantial. it it a WITH this record of increased earnings and with the rising tide of purchasing power the question before business is—what impression can business make, through re-empioyment, on the great total of 10,000,000 out of work in this country? A careful reading of all the forecasts for the coming year by business men indicates, after all the flamboyance is washed away, a pretty general belief that business this year will be better, but that the improvement will be moderate. What fraction, then, of the unemployed will be taken up by moderate improvement? And to what extent will this be set aside by the increases in technological processes to which business is turning. Every fact one comes across in (he search for this answer seems io indicate that the reduction in unemployment will be vcy moderate. And if this is so, " hat can business or any other agency do about these unemployed? Does this not leave us with the conviction that we must face a government probjem of looking out for from fi.000.000 to 10,000,000 unemployed persons for a long time? And finally, to put a point upon it, w'hat is to be the relation in government and business policy between unemployment, and profits? • Copyright, 1936, Nit A Bervtre. Inc.) On Commission Row Quotations below subject, to change are average wholesale prices being offered to buyers by local commission dealers: Fruit—Cranberries. C. C. Hames, Eatmores, 25-lb. hox. $4.50 Pears—Washington D’Anjo. $3.25. Calif, avacados. $3.75. Bananas —Seven hands, a pound, s’c. Persiir.ons—California, lug, $1.25. Apples Jonathans. $1.60. Delicious, $1.75: Wealthvs. $1.25; Grimes Golden. $1.25. Lemons -Sunklst. 3605. $7. Grapefruit—Texas, fils to 70s, $3.50. Arizona Sunklst. $2.50. Limes—Mexican, a carton 12s, 22c. Grapes Emperor, lug, $2; fancy Emperor, 34-lb. sawdust chest. $4. Vegetables—Beans, green, round stringless bu.. 52.50. Beets—Texas. 3-doz. crate. 1.75. Cabbage New York Danish, 50-lb. bae. 75c. Cauliflower—California, crate, *1.90. Celery—Michigan. washed and trimmed. 1 stock bunch. 55c: jumbo, doz., fine. Cucumbers—Southern, bu., sfi doz.. SI 15. Kale—Virginia, bu.. 90c. Lettuce r-own leaf. 15-lb basket. $1.60: Endive— California. basket, 85c. Mangoes Florida crate. 55.50: small basket, $1.40. Mint—Bunch. 20c. Mustard —Home grown, bu., 6(lc Onions - Indiana yellow. 50-lb bag. $1 IS: Indiana yellow, 10-lb. bag, 2oc. Parsley— Southern, doz.. 50c. Peas—Telephone, hampers. 53.25; Texas hampers, *2.50. Potatoes—Round Cobblers, 100-lb. bag, $1.60; Michigan Round White. 100-lb. bag. *1.60; Early Ohios. bu., *1.80; Idaho Russets, *2 35. Sweet potatoes—lndiana Jerseys, hu.. 55.65. Radishes—Ohio, button, doz., gaskets, 4547600. Sage—Doz., 45c. Spinach —New Texas, bu.. Sl.tS. Squash—Bu.. *2.50. Tomatoes—Florida, 10-lb. basket. *1 35. Produce Markets The prices quoted are paid for stock gathered in the country, while delivered in Indianapolis the price is a cent higher. Heavy breed hens. 17e: Leghorn breed hens. 12c; springers over 4% lbs. 18c: tinder 41* lbs., 17c; spongers, 1% lbs. and vp. 13e. old cocks. 9c. Turkevs—Young nens. 8 lbs. and up. 20c: voung toms. 14 to II lbs.. 20c: under 14 lbs. and over 18 ]hs_ 10c: old hens. 20c: old toms. 15c Ducka—White. 5 lbs, and over. 12c: under 5 lbs., 10c; geese, full feathered and fat. 9 to 15 lbe. He: over 14 lbs.. #c: old gutneas. lie; young guineas. IV? lbs. and up. 25c: No ! strtctly fresh eggs, loss off. 2ac: pullet eggs, 18c. Each full case must weigh 85 lbs. cross, a deduction of 10c a pound under 55 lbs. will be made No. 1 butter. 37%@38%c: No. 2 34%'35%c butterfat. 34c. Quoted hv the Wadley Cos. Chicago Grain Futures James E. Bennett At Cos.! - 11:00 Prev. tv heal— High. Low. A. M. close. May . 1.02'a 1.01% 1.01% 1.02% J*; 1 ? % 89% .89% .901? 3 1 * • CoT*mm May .... ... .82', .814* .61% ,j •M* • 62 s , .62% .62% .62% Oltia Mar 2*% .29% .Jg% .*B% Ju,v M'M .21% .28', .28 May J4'i .14% .84% .55% July JHH .54% .44% .55 UKISI. CASH MARKET cur Bmn elevators are paying 96 cent* w £** t Other grades on 47*cent**a nd S&IFSJT N °- 4 yt!io,,

AGED MISLED BY TOWNSEND PLAN UTOPIA' Millions Are Contributing $2,500,000 Annually to Campaiyn, Thi, I, the first of two article, in which the Townsend Plan for old-age revolving pensions is discussed. BV CLARENCE VV. FACKLER Trofessor of Economics, New York University. NEW YORK, Jan. 7.—One. of the great difficulties in pointing out the ! fallacies in any modern-day bunko game is that the people who are | being misled have been promised so I much for practically nothing that trying to reason with them is about as ineffective as honking an auto horn to stop a cyclone. People who believe that the moon is really made of green cheese and that they can get a liberal slice of it free are generally as unyielding as a ledge of rock. “Economists have no answer to our plan,” Dr. Townsend is reported to have remarked on one occasion. “They don't know,” he continued, I “whether it will work or not, bej cause it Is new, but they haven't ! been able to convince me that it j won't work.” Supported by Millions The trouble is that the good physician is confused on his economics, and underestimates the ability’of the economists to diagnose his plan. He can hardly be blamed for these difficulties. Simply stated the Townsend proposal calls for the rearrangement of our economic life to the extent of distributing 200 tax collected dollars in pensions each month to every person over 60 years of age who is not a criminal and who does not have a private unearned income of more than $2400 a year. The number of people who have demonstrated their faith in this scheme is amazing. Since offices for this old-age revolving pension plan were first established in November, 1933, the proposition has attracted between twenty-five and thirty million supporters. Organized into some 25,000 clubs they are contributing at the rate of $2,500,006 annually to its treasury. Dismiss All Criticism By April, 1935, 56 out of the 262 congressmen who voted on the Social Security bill were converted to the advisability of writing the plan on the Federal books, and as the new year opens the plan threatens to win even a greater support in Congress and to become one of the big issues in the presidential campaign next fall. Certainly, it is remarkable how | large a following one can get today by the mere promise of easy riches, provided he will explain it in a pamphlet and send it postpaid for 25 cents in stamps or coin. So soon after being promised financial independence by diversified security purchases on margin it is surely strange, almost unbelievable in fact, that Americans are willing to try still another half-baked plan to get something for nothing. 3 INDIANAPOLIS MEN FORM NEW COMPANY Vacuum Specialties, Inc., to License Production of Articles. Anew company, the Vacuum Spe- | cialties, Inc., which is to act beI tween the patentee and the ultimate j manufacturer, has been formed here by Harry D. George, Noble B. Rich--sey and Gerald F. Branigin, all InI dianapolis residents. The intermediate firm is to manu- ! facture, distribute and license vac- ! uum devices under Freyn patent No. 11960902. The patent is on a vac- ! uum cup, but differs from the ordiJ nary cup. It has an attachment* which enables service station at- ] tendants to inspect crank case oil j without draining the car. Intentions of the company in time are to license out to other companies the right to manufacture these articles under the patents. The company, it is learned, does not intend to manufacture these articles, but license the right to manufacture to someone else. HOYNE TO TALK HERE Chicago Comptroller of Customs to Speak at Press Meeting. Thomas Temple Hoyne, comptroller of customs in Chicago, is to be the principal speaker at the winter meeting of the Hoosier State Press Association to be held at the SpinkArms Feb. 14 and 15. He is to talk on “Finance, Business Trends and the Economic Situation for 1936.” Mr. Hoyne is a former newspaper financial editor and is the author of numerous works on economics. Other speakers to be Tom Wallace, editor of the Louisville Times, and H. Dorsey Newsom, chief of the newspaper division of the Federal Housing Administration. Other Livestock ißv United Press!. CHICAGO. Jan. 7.-Hogs—Receipts. 23 - 000. including 9000 directs; slow; 50 to 75 I cents higher than Monday’s average; top 1 *10.25; bulk. 140-250 lbs.. $9.90a 10.15; 260i 300 lbs. largely. $9.75®9.90: best sows. $9. Cattle—Receipts. 9000: calws, 2000: hardly enough done to make a market; undertone steady on choice steers and yearlings, kinds selling at 512 upward: early top, $13.85: middle grades tending , lower; most bids being 25 cents off: bulk ! of run of value to sell at $8911; fat cows : and heifers easy: cutter cows steady at jSS down; bulls steady to easy; vealers. ! aside from choice weight* shipper kinds i at $ll<f?11.50: 25 cents or more lower at j *lO down: stackers steady. Sheep—Rej ceipts. 9000: fat lambs slow; asking around i steady and refusing 15 to 25 cents lower j bids early; larger interests bidding around j $10.75911 on lambs now held at, *11.25 t and above; sheep, steady; native ewes, ! $4,754) 5.2i; feeding lambs, scarce. I FORT WAYNE. Ind.. Jan.: 7.—Hogs—3s to 50 cents higher; 160-180 lbs., $10.25; I 180-200 lbs., *10.15; 200-220 lbs.. *10.50; 220-240 lbs., 59.85: 240.260 lbs.. $9.70; 260-280 lbs.. *9.55: 280-300 lbs.. *9.35 : 300350 lbs.. *9.10: 140-160 lbs.. $9.85; 120-140 lbs.. *9.55; 100-120 lhs.. *9.35; roughs. *8.75; stags. *6.25; calves, *l2; lambs. *ll. LAFAYETTE. Ind., Jan. 7.—Hog market. 50960 c higher; 160-210 lbs.. *lO.lOSi 10.20: 210-235 lbs.. $9.90 235-260 lbs.. *9.700 9 80; 360-325 lbs., *9.3599.50; 100-170 lbs., *9.50t! 10: roughs. *8.50 down: calves, (11.50 down; lambs, $10.50 down TREASURY STATEMENT ruffed Prrn WASHINGTON. Jan. 7.—Government expenses and receipts for the current fiscal year to Jan. 4. as compared with a year ago: This Year. Last Tear. Expenses. *3.839,743.11:.32 *3.626,890.239.67 Rerffcpts .930,294,619.28 1 880.37J.577.42 DeMlt... 1.909,448,494.04 1,746,316.663.25

Abreast of The Times on Finance

U. S. Finances—l9l7-37 B'j Initcd I’rcs* WASHINGTON, Jan. 7 —The course of Federal government expenditures and revenues and surpluses or deficits over the last 20 years is shown in the following figures: Year Ended Surplus or June 30 Expenditures Revenues “Deficit 1917 $ 1.977,681,751 $ 1,124.324,795 $ 853,356.956“ 1918 12,697,836,705 3.664,582,865 9,003,253,840* 1919 18,522,894,705 5,152,257,136 13,370,637,569* 1920 6,482,090,191 6,694,565,389 202,475,198 1921 5,538.209,189 5,624,932,961 86,723,772 1922 3,795,302,500 4,109,104,151 313,801,651 1923 3,657,478,020 4,007,135,418 309,657,461 1924 3,506,677.715 4,012,044,702 505,366,987 1925 3.529,643,446 3.780,148,685 250,505,339 1926 3,584,987,874 3,962,755,690 377,767,816 1927 3.493,584,519 4.129,394.441 635,809,921 1928 1929 3.848,463.190 4.033.250,225 184.787,035 1930 3,994,152.487 4,177,941,702 183,789,215 1931 4,219,950.339 3.317,233.494 902.716,815“ 1932 5,274,325.513 2.121,228.006 3,153.097,507* 1933 5.306,623,054 2.238,356.180 3.068,266,874* 1934 7,243,725,625 3,277,733.940 3,965,991,685* 1935 7,375,325.165 3.800,467,201 3,575,357,963* 1936 (estimated).. 7,645,301,338 4,410,793.946 3,234,507,392* 1937 'estimated). . 6,752,606,370 5,654,217,650 1,098.388,720*

New York Stocks

(By Thomson & McKinnon) 11:15 A. M. Prev. Oils— High. Low. N. Y. close. Atl Rig 28 27% 28 28% Barnsdall 14'/? 14 14 14% Consol Oil .... )2% 12 12% 12 Cont Os Del ... 24% 24% 24% 24% Houston (new). 6% 6% 6% 6% Mid Cont Pet .. 20% 20 20 20% Ohio Oil 13% 13% 13% 13% Phillips Pet ... 38% 38% 38% 38% Plymouth Oil ... 12% 12% 12% 12 Pure Oil 17 16% 16% 17% Seaboard Oil ... 33% 33% 33% 33% Shell Un 16 15% 1,4% 15% Skeliev Oil . . . . 20 20 20 20% 800 Vac 15 14% 14% 14% SO of Cat 40% 40% 40% 40% SO of Irici 35 34% 34% 34% s O oil, J .42% 51% .42% 51% Texas Corp . . 203, 29% 291, 29% Tidewater Assn. 15% 15% 1.4% 1.5% Un Oil of Cal. 33% 33% 33% 33% Steels— Am Roll Mills.. .31% 31 % 31% 31% Beth Steel ...... 51% 51 .41% 51% Byers AM 20% 20% 20% 20% Cruc Steel 36% 36% 36% 36% Inland Steel ..103% 103% 103% 102% Ludlum Steel ... 24% 24% 24% 24% Mid Steel 22% 22% 22% 22% Natl Stefl 73 72% 73 73 Otis Steel 16 15% 16 16% Rep Iron Ac Steel 18% 18% 18% 18% H § £i pe , & Fd V 22% 22%. 22% 22% U S steel .. .48 47-% 48 48% U S Steel pfd. 117 116% 117 116% Warren Bros . . 5% 5% 5% .5% Youngst’n S& T 44% 43% 44% 43' Motors— Auburn 43% 43 43 42% Chrysler 87% 87% 87V, 87'% Gen Motors ... 54% 54% 54% 55 Graham Mot .. 2% 2% 2% 3 Hudson 16 154, 16 15% Hupp 1% 1% i% is a Mack Truck .... 29% 29% 29'% 30% Nash 17% 17% 17% 17% Packard 7% 7% 73, 7% Reo 5% .4 si/- 47. Studebaker .... 9% 9% qi 4 9,* Yellow Truck ... 9% 9% 9% 9% Motor Access—- • 22% 22% 22% 22% Bohn Alum 54 53% 54 53% Borg Warner ... 68% 68% 68% 68 Hr>SSS 51% 51%. 51% 52% Budd Mfg .. . . 9% 97,. 97 ? Budd Wheel ... 12% 12% 12% 10% Eaton Mfg ... 29% 29 29 29 Elec Auto Lite. 38 37% 37% 3a % Elec Stor Bat. .. 55% 5.4% 55% 55 Houdaille “B”.. 29 29 29 29 Murray Body ... 18% 18% 18% 18% Stew Warner . . 17% 17% 17% 173.:? Timken Roll . . 66% 66 66% 66% Tim Det Axle. 13% 13% 13% 12% Mining— Alaska Jun 15% 15% 1,3% 15% Am Smelt 57% 56% 57% 57% Anaconda 28%. 28% 28% 28% Cal & Hecla . ... 6 6 6 6% Cerro De Pasco. 52% 52 52 52% Dome Mines . 52% 42% 42% 42 Grt Nor One ... 16% 16% 16% 16% Howe Sound ... 52%' 52% 52% 52% Ins Copper 6% 6% 6% 6% Lit Nickel ...... 44% 44% 44% 44% Kennecott Con.. 28% 28% 28% 2 as,; Mclntvre Mine . 403- 40*" 40% 5,,7® Park Utah 4% 4% 4% 43,! Phelps Dodge .. 26% 26% 26% 26 St Joe Lead .... 23% 23% 23% 23% U S Smelters ... 91 91 91 92 Vanadium 20% 20% 20% 20% Amusements— Crosley Radio .. 18% 18 18% la Theat 23% 23% 23% 23 Loews Inc .... 52 52 52 52 Radio Corp 12-% 12% 12% 12% Paramount .... 10% 10 10% 10% RKO 5% 5% 5% 5% Warner Bros .... 10% 10 10 10 Tobaccos— Am Tob (A).... 97 97 .97 97% Am Tob (B) 100 Gen Cigars.. .. 57% 57% 57% 57% Ligg & Myr (B) 108’? 108% 108% 108 Loriliard 25% 25% 25% 25% Reynolds T (B) 57% 57% 57% 57% Rails— Atchison 63% 62% 63% 63% Ati Coast Lines . 31% 31% 31% 31 & O 17 16% 16% 17 Can Pacific 11% 11% 11% 111- ££ & Ohio .. 52 1 /? 52% 52% 52% Chi Ac Gt W pfd .4 5 5 5% CM&St P . 1% 1 % 1% jt* * St P pfd 3% 3% 3% 3% Chl N W 3% 3% 3% 3% Del Lac Ac W 16% 16% 16% 16% Erie 12% 12% 12% 12 Grt Northern pf 33% 33 33 33 111 Central 19% 1934 19% 20% Lehigh Valley .. 9% 9% 9% 9% Lou Ac Nash ... 61% 61% 61'-. 61% MK & T pfd... 15% 15% 1,4% 15 Mo Pac pfd .... 4', 4 4% 3% N Y Cent 28% 28% 28% 29% N Y New Haven. 4% 4% 4% . Nor Pacific 2.4% 25% 25% 25% Penn R R 32% 31% 32% 32% Sou Pac 24% 24% 24% 24% Sou R R 1.4 14% 1.4 15 Union Pac 109% 108% 108% 110% Equipments— Am Brake Shoe 48'? 48 48 47% Am Car & Fdy . 34% 33% 34% 33% Am Loco 26 2.4% 26 26% Am Steel Fdy .. 24% 24% 24% 24 Gen Am Tk Car. 50% 50% 50% 50% Gen Elec 37% 37% 37% 37% Pullman Inc ... 38 38 38 37% West Air Br 36% 35% 35% 35% Westingh Elec . 95% 95% 95% 95% Utilities— Am & For Pwr 8% 7% 8% 7% Am Power Ac Lit 9% 9% 9% 9% AT<fcT 158% 158% 158% 158 Am Wat Wks . 23% 22% 23% 22% Col Gas & Elec 15% 15 15% 14% Comm & Sou .. 3% 3% 3% 3% Consol Gas .. 33% 32% 33 32 Elec Pwr & Lit .7% 7 7% 6% Int Hydro Elec. 4% 4% 4% 4% Int T & T . .. 13% 13% 13% 13% Nat Pwr & Lit. . 11% 11% 11% 11% North Amer ... 28% 28 28% 28% Pac G & E ... 31% 31% 31% 32 Peoples Grs . . 46% 4.4 46% 45 Pub Serv N.l ... 47 46% 47 46% So Cal Edison ... 26 26 26 25% Std Gas .7% 7% 7% 7% Stone & Web . 16% 16% 16% 16 United Corp . . 7% 7% 7% 7% Un Gas Imp .. 18% 18% 18-'* 18 Rubbers— Firestone .. .... 25 25 25 26 Goodrich ...... 14% 14% 14% 14% Goodyear . 23% 23% 23% 23% U S Rubber ... 17% 16% 17 17% Miscellaneous— Allis Chalmers . 36% 36% 36% 37% Am Can . 132 132 132 132 Am Mach & Fdy 28% 28% 28% 29 Brkl.vn Man Tr. 40% 40% 40 s , 41 Burroughs Add . 25% 25% 25% 25% J I Case 9.4 94 94 95% Conti Can 82% 82% 82% 82 Caterpillar Tract 56% 55% 55% 56% Crown Cork . 44% 44% 44% 44% Curtis Pub . 21-% 21% 21% 21% i Curtis Pub ofd. 101% 101% 101’, 101' . I Deere & Cos. 53 52 53 54 ! Eastman Kodak 158% 158% 158% 159% Poster Wheeler 28% 28% 28% 28% I OiHette 17 ,, 17% 17% 17% , Glidden 49% 49% 49% 49% i Ingersoll Rand . 120 120 120 119 : Inter Harv . 58% 57. .48% 59% ! Natl Cash Reg.. 22% 22% 22% 22% i Owens Bottle . 158 138 138 138% I Rem Rand 21% 21% 21% 21% Worthing n Pmp 24 24 24 23% Foods— Am Sugar 52% 52% 52% 52% Armour 5% S’, 5% s’, Armour 6'. pfd 68% 63% 68% 68%

Thomson & McKinnon MEMBERS NEW YORK PHU’Affn *'' ew ior ' £ Stock Exchange. T/ydVxlWx New York Curb Exchange. lOKONTO Xew York Cotton Exchange. BOSTON || New York Coffee and Sugar Exchange SOUTH BEND i £ || New Orleans Cotton Exchange. FT. WAYNE ™ caso t toc \ E * cban r FVANQVII T F * blc,sro Bo * r<J of Trade C* V Aiao V ILtLiEi Winnipeg Grain Exchange Indianapolis Office And oth)?r lading Exchanges 200-214 Circle Tower LI. 5501

INDIANAPOLIS, TUESDAY, JANUARY 7, 1936

Beatrice Cream. 19% 19V, 19% 19% Borden Prod 27'/, 26% 26% 26V? Cal Packing ... 35% 35% 35% 36% Cont Bak “A”.. 13V? 13% 13'% 12% Corn Prod 72V, 72V 72V, 72% Cuban Am Sugar 6% 6% 6V 6% Gen Baking 14% 13% 14% 13’/, Gen Foods ..... 35% 35% 35% 35% Gold Dust 20% 20’, 20’, 20V, G W Sugar .... 31% 31% 31% 31% Loose Wiles 42'? 42 V? 42’/? 42 V? Natl Biscuit ... 36% 36% 36% 36% Natl D Prod ... 22% 22% 22'/, 22V, Purity Bak 17% 16V, 17% 16V? S Porto Rico Sug 27% 27% 27% 27% Std Brands .. . 16% 16% 16% 16% Un Biscuit. 27’, 27% 27% 28% United Fruit .63 68 68 68% Ward Bak "B".. 3% 3% 3% 3% Retail Stores— Assd Dry Goods. 14V? 14V? 14% 1.4 Best & Cos 48 48 48 ‘ 48% Gr Un Tea ..... 4% 4\ 4% 4% Hahn Dept Sts. 7 6% 7 6% Jewel Tea 59‘4 59% 59% 60 Kresge S S 24% 24'/, 24 % 24% Kroger Groc ... 27 27 27 26% Macy R H 46% 46% 46% 46% McCrory St, 12V, 12’/* 12% 13 McLellan St . 12% 12% 12V? 12% Marshall Field . 13V? 13% 13% 13% May Dept St .. 52 52 52 52% Mont Ward 36% 38 36 37% Natl Tea 10 9% 9% 9% Penney J C 77% 77 77 77 V, Safeway St, 33V, 33% 33% 32% Sears Roebuck.. 61’, 61% 61% 62% Woolworth 53% 52V, 53 53V? Aviation— Aviation Corp .. 4% 4% 4% 4% Boeing Aircft .. 22% 22% 22’, 22% Curtis Wright . 4% 4'/, 4'% 4% Curtiss Wr “A”. 11 11 11 11.% Douglas Air .... 54 53% 53% 54% Nor Am Av .... 6% 6% 6% 6% Sperry Corp -■. 17 16% 16% 17’% Uni Aircft New. 27% 27'% 27'% 27% Chemicals— Allied Chem . . .157 157 157 159 Am Com Acohol. 27% 27’% 27% 28 Col Carbon ... 94 94 94 94% Com Solvents .. 21 20% 21 20% Freeport Tex ... 29 28% 29 29 Liquid Carb’ .. . 38% 38% 33% 38' ? Monsanto Chem. 91% 91% 91% 91% Natl Dis (new). 29% 29% 29% 29% Schenlev Dist . 47 46% 47 47V, Tex Gulf Sulph 34 33’, 33% 33% Union Carbide . 72’? 72V? 72'? 72'? Drugs— Coty Inc 6% 6% 6Vi, 6% Lambert 23V* 23% 23% 23 Lern & Fink ... 12% 12% 12% 12% Sterling Prod .. 65% 65% 65% 65% Un Drug (new). 12% 12V? 1274 13 Zonite Prod 9% 9 9% 8% Financial— Adams Exp. .. 1! 11 11 11% Am Int Corp ... 11% 11% 11’, 11% Chesa Corp ... 61 61 61 6014, Transamerica ... 13% 13 V, 13% 13 V, Tr Cont Corp. 7% 7% 7% 7% Building— Am Radiator 26 25% 26 26V? Gen Asphalt .. 24% 23% 24 23V4 Holland Furnace 31 30% 30% 30% Int Cement . ... 39% 39% 39V? 39V? Johns Mansville .96’% 95% 96% 9574 Otis Elev 27 27 27 27 Ulen Cons 5% 5% 5% 5% HouseholdCol Pal Peet ... 20% 19% 20% 19 Congoleum 42% 42% 42% 43% Kelvinator 15% 15% 15% 15% Mohawk Carpet . 21% 21% 21% 21% Proc & Gamble. 48% 48% 48% 47% Scrvel Inc ... 157, 157, 15’, 16 Simmons Bed ... 227? 22 22V, 21% Textiles— Belding Hem .. 13% 13% 13% 14 Celanese Corp .. 31% 31% 31V? 32% Gotham Hose ... 9% 9% 9% 9 Indus Rayon .. 31% 31V, 31% 31'% Local Livestock HOGS Dec. Bulk. Top. Receiots. 30. $9.35@ 9.90 $9.90 5000 Jan. 2. 9.60® 9.80 9.30 6000 3. 9.75® 9.95 10.00 5000 4. 9.75®10.00 10.00 1500 6. 9.70® 9.85 9.85 8000 7. [email protected] 10.35 6000 Light Lights (140-160) Good and choice $ 9.85® 10.25 Medium . . 9.35® 9.90 • 160-180) Good and choice . 10.25(310.35 Medium 9.75®10.25 (180-200) Good and choice . 10.25® 10.35 Medium [email protected] Medium Weights (200-220) Good and choice.. 10.20(310.35 (220-2501 Good and choice.. [email protected] Heavyweights (250-290) Good and choice.. 9.70®10.00 (290-350! Good and choice.. 9.35@ 9.70 Packing Sows (275-3501 Good 8.50® 8.75 (350-425) Good 8.35® 8.65 (425-550) Good 8.25® 8.50 (275-550) Medium B.oo@ 8.35 Slaughter Pigs (100-140) Good and choice . 9.35® 9.63 Medium 8.50@ 9.60 CATTLE —Receipts, 2400 (500-900) Choice slo.oo® 12.50 Good 8.75®11.50 Medium 7.00® 9.00 Common 5.25® 7.00 (900-1100) Choice 12.00(313.00 Good 9.00® 12.00 Medium 7.00® 9.00 Common 5.25® 7.00 (1100-1300) Choice 12.00®13.00 Good 9.25®12.00 Medium 7.25® 9.25 (1300-1500) Choice 12.25® 13.25 Good 9.25@ 12.25 Heifers (500-7501 Choice 9.25®10.25 Good B.oo® 9.25 Common and medium 4.50@ 8.00 (750-900) Good and choice ... B.oo® 10.50 Common and medium 5.00@ 8.00 Cows Choice 6.50® 7 00 Good 5.50® 6.50 Common and medium 5.50®. 6.50 Low cutter and cutter 4.50® 5.50 Bulls, good . . 6.25® 6.75 Cutter, com. and med bulls .. 4.25@ 6.25 VEALERS —Receipts, 600— Good and choice $12.00®13.00 Medium 9.5([email protected] Cull and common - r .;”*@ 9.50 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 (800-1050) Good and choice .. 6.75® 8.50 Common and medium 4.50@ 6.75 COWS Good 4.25® 5.00 Common and medium 3.50@ 4.25 SHEEP AND LAMBS —Receipts. 3000— Lambs. 90 lbs. down, good and choice sll.oo® 11.25 Good 10.50® 11.00 Medium 9.50® 10.50 Common 8.25@ 9.50 Ewes *9O-125) Good and choice .. 4.25® 5.00 Common and medium 3.00® 4.25 Yearling wether, good to choice 9.25@ 9 75 Medium 7.50® 9.25

PORKER PRIDES UP SHARPLY ON AAA OUTLAWIND Market Generally 50 Cents Higher; Cattle, Lambs Remain Steady. The pork market at the Indianapolis Union Stockyards today responded to the outlawing of the AAA with a price increase of 50 cents in practically all divisions. The sharp advance carried prices to the highest level since early October. Both producers and consumers will benefit by the decision, livestock officials declared. Elimination of the $2.25 a hundredweight processing tax paid to the government by packers will increase the price paid to farmers for live hogs and reduce the price paid by consumers for fresh meat, it was explained. Although receipts were sharply lower than in the preceding session, they had only a little, if any, effect on the market. Today’s supply was estimated at 6000. Holdovers numbered 170. The general bulk of 160 to 225 pounds, cashed in at $10.20 to $10.35, with the latter being the top price. The bulk of medium heavy weights, from 235 to 260 pounds, sold at $9.90 to $10.20, while extreme heavies, which have suffered the extent of decreases in recent sessions, cashed in at $9.50 to $9.80. In the lightweight division, slaughter pigs, weighing from 140 to 160 pounds, brought $9.85 to $lO.lO. Others from 100 to 140 pounds, sold at 9.35 to $9.60. Packing sows held at $3.25 to $8.75. Trading remained practically at a standstill in the cattle market, with the supply consisting largely of beef steers and short fed stock selling downward from $lO. Although no definite market was established, bidding on these classes was around 25 cents lower. A liberal supply of she stock prevailed with an easy undertone for best kinds. Receipts were 2400. Vealers were largely 50 cents higher, selling at sl3 down. Receipts were 600. The lamb market was undeveloped, with a few early sales of native classes made at $10.75 down. Slaughter sheep sold at $4.50 down. Receipts numbered 3000. REPORT SHOWS GAINS Brown Brothers Harriman & Cos. Statement Favorable. Times Special CHICAGO, Jan. 7.—The year-end financial statement of Brown Brothers Harriman & Cos. released today showed increases in total assets, deposits, capital and surplus, compared with three months ago and at the end of the preceding year.

STRAIGHT FROM THE SHOULDER TALKS ON nxml Building and Loan (Home Building) Money Iftvj yyy/y enables families to own homes years sooner than they could if the purchase required all lIIIK sJn cash. Thousands of homes would never have ' I UMil been owned at all if it was not for the pracf i I ea l, eas - y Payment plan developed by BuilddLUjl j ing) Savings and Loan Associations. Families fMJ t owning homes enjoy a happiness, a sense of 8 Nj*f pride and security paralleled by no other my possession. There is no landlord to dread. 1 1 jjj I I Building and Loan Money has taught bor.l M rowers systematic “saving” . . . the habit of Ulm \ “putting a little by” month after month. It \\\\\m\\\\ has * nocn lated a nation with THRIFT . . . VWmu an undoubted American virtue. Building \\W Tv§m and Loan Money buys homes and . . . enWIM ables you to make your present home more Modern, more Beautiful, more Livable . . .. more VALUABLE with a modernization loan. CHAPTER l. TOLD... THE MARION COUNTY “Where It Comes From" / . # Chapter 1 showed that Building and / /? fit / J /? fIsJ Loan Money was SAVED MONET. C (yUU/ W i Money “laid-by” by thousands who v Hi mm m _ _ V realize the long time desirability of T T T T T _ V X AT sound investment in building and 1 J 1 I ■ II I f\| Ii C |.l J mk loan shares. It told where it came mm m mm mm m ■■ W %jr mm mm dkih dfe w from . . . from those desiring hemes, education for children, in. yZi *xvv _ tasrsi f/imx ASSftPT & TTftWQ ings; secured by the best security in doRR Nr A mML A A JL sL O the world, IMPROVED AMERICAN NATION . . . the backbone of the Copyright. 1333. A. V. Grind!?. Indianapolis. Ind,

New York Bonds

(Reprinted From Lte Times Yesterflavi DAILY BOND INDEX 20 20 20 ec Inds. Rails. Utils. Bonds Todav 31 8 85.7 103 8 93 8 Saturdav 91.9 86.0 103 3 93 9 Week ago 90.9 83 5 103 3 92.5 Month ago 91.2 83 4 103 2 92.8 1935 high 91.3 86 4 103.8 93 9 1935 low 83.6 71 0 89 3 83 0 (Copyright, 1936 by Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott. Proctor ,4e Paine.) Treasury*. Prev. Close, close. 4',s 1947-53 115.8 115.7 4s 1944-54 111.9 111 8 3%s 1046-56 109.10 109.9 3%s 1941-43 108.9 108 7 3%s 1943-45 105.30 106.2 3Vs 1941 108.22 108 26 3%s 1944-46 105.20 105.20 3%s 1946-49 103.31 103.30 3%s 1949-52 104 104 3s 1951-55 103 102 30 3s 1946-48 103.4 102 31 2%S 1955-60 100 8 100 6 2%S 1945-47 101.9 101.6 Home Owners’ Loan Com. 2%s 1949 99.24 99 28 3s 1952 101 7 101 4 Federal Farm Mortgage Corp. 3s 1343 JOl.lB 101 15 DOMESTIC Trev. Close. Close. Alleg Corp 5s '44 90 89’, Alleg Corp 5s ’49 80% 'Bl Alleg Corp 5s ’SO 52% 52 Am Frgn Pow as 2030 70% 70% Am Tel & Tel 5V?s ’43 113% 114% Am Tel & Tel 5s ’65 ...113% 113% Arm &Cos (Del) s>/?s ’43 96’% 95V? Atl Coast Line 4s ’52 98V? 97% Atl Coast Line 4 Vis '64 85 85 Atch Top & S Fe 4>/?s '4B 110% 110% Am Wat Wks 5s ’44 115% 114% Am Rolling Mills 5s 38 125 128 Bait & Ohio 6s ’95 86% 87 Balt & Ohio 4V?s ’6O 63 64 Buff Roch & Pitt 4Vis ’57 ... 67% 67 Chi Milw & St P 5s 75 19% 21 Chi Milw & St P 5s 2000 8 8% Cievel Un Term 5s ’73 101% 101% Cleve Un Term 4%s ’77 95% 95' Col Gas 5s Mav '52 99% 100 Col Gas 5s ’6l 99 99 Can Pac Pevp 4s 88' ( 87 % Cent Par. 5s ’6O 90 90 Big Four 4%s ’77 80', 80 Colorado * So 4%s '7O 63 65 Chi & Nor West 4%s ’49 12'. *13% Con Gas 5s '57 105', 105% Chesa Corp 5s '47 118% 121% Del <fc Huds 4s ’43 79 79% N Y Dock 4s ’sl 671, B7 i s N Y Dock 5s ’3B 58% 59 Erie 5s ’75 70’, 72 Erie sse ’67 71',? 72 Gen Cable s'%s ’47 102 102’’, Great Northern o%s ’76 97’, 97% Great Northern 4V?s ’77 .... 97’, 97% Hud & Manila! Ref 5s ’57 83 83 111 Cent 4%s ’66 64% 67 111 Cent Jt 4>/?s ’63 70% 71 Til Cent 5s ’63 74% 74 Interlake C & I 5s ’sl 89% 87 Interntl Hy El-c 6s ’44 . .. 50% 49% Interntl Tel fz Tel 4V?s '39.. 88% 88% Interntl Tel & Tel 5s ’55 79 80 Interntl Tel & Tel 4%s ’52 ... 75% 76 P Loriliard 7s ’44 131% 129 McKess & Rob sVis ’SO 102% 103 Natl Dairy 5%s ’4B 104 103% Natl Steel 5s ’56 ..106% 106’, Nickel Plate 4V?s ’7B 73% 74% Nickel Plate 5%s ’74 85% 86 Nickel Plate 6s ’35 100', 100% N Y Cent 5s 2013 75% 77% N Y Cent 4>/?s 2013 (old 82% 84 Nor Amer Cos 5s ’6l 104% 104% Nor Pac 3s 2047 75 75% Nor Pac 4Vis 2047 95% 95V? Nor Pac 6s 2047 108 107% New Orleans Term 4s ’53 .. . 84 81V, Penn Rv 4Vis ’B4 105% 106% Penn Rv 4Vs ’Bl 106% 106% Penn Rv 4Vis *7O 100% 100% Portland Gen El 4%s ’6O 74% 73% Para Publix 5V?s ’SO 93% 93% Penn P & L 4V?s ’Bl 106% 106% Postal Tel & Cab 5s ’53 35V? 37 Shell Union Oil 5s ’47 103% 103% Sou Pac 4 Vis ’6B 78 % 79 Sou Pac 4V?s ’Bl 78% 78 Sou Pac 4Vis ’69 79% 79 Sou Rail 4s ’56 56% 57'% Sou Rail 6s ’56 73 72% Sou Rail 6Vis ’56 76 76% Sharon Stl Hoon 5%s '4B 103 103 Texas Pac ss’ 79 98% 98 Texas Pac 5s ’77 99 99 Vi Union Pac 4s ’47 112% 113 U S Rubber 5s ’47 104 104 NY NH & Hart 6s ’4B 32% 33V? NY NH & Hart 4V?s ’67 31% 33% Warner Bros 6s ’39 86% 86% Western Marv sVis ’77 106% 106% Western Marv 4s ’52 97 96% Youngstown S fz T 5s ’7O .. 104% 104% Youngstown 3 & T 5s ’7B 104'/? 104% FOREIGN Argentina A 6s ’57 98% 98% Brazil 8s ’4l 28% 28

Indiana Bituminous Coal Production Indiana produced 381,000 tons of bitnminov* coal in the week ended, Dec. 21, the United States Bureau of Mines reported todaif. This represented wore than 5 * 2 per cent of the national tonnage of 3,383,000 tons.

PAGE 13

German S%s *5 2'% 28% German 7 43 37-% 38% Italy 7s 'sl 63% 63% Tokio City 3%s '6l 81 80% Local Securities (Because quotations on local securities are unlisted on an Exchange, The Times can not assume responsibility for the accuracy of these figures gathered from local bribers.) STOCKS Bid. Ask. J. D. Adams Mfg 17 18 Belt RR & Stk Yds com . 50 53 Belt RR & Stk Yds 6% pfd . . 53 Central Ind Pow 7% pfd 15 18 Home Tel & Tel Ft. Wn 7-. pfd 50% 52 Hook Drug Inc com 14% Ind & Mich Elec 7% pfd 99 102 Indpls Chain Sto Term pfd . 52% 60 Indpis Gas Cos com 36 40 Indpls Pow & Lt 6 pfd 82 85 Indpls Pjw fz Lt 6% % pfd 87% 90% Indpls Water S', pfd . 102 Lincoln Nat Life Ins. Cos . . 34 37 •North Ind Pub S'c 5%-> pfd 67% 71 •North Ind Pub Svc 6', pfd 77 SI Progress Laundry com .. 7% Pub Svc of Ina 6% pfd 11 1 t Pub Service of Ind 7% nfd . 3S 37 So Ind Gas As Eire 6c- ptd 32% 96% Terre Haute Elec 6*, pfd S3 85 Union Title com 20 23 BONDS Atlanta Dlstr Term 6% ’4l ... 62% 70 Buffalo Distr Term 6% ’4l .. 7# 75 Brooklyn Postal Sta 5V?% '4B . 3.’% 42 Home TelAsTel FtW 5%% ’35..103 105 Home TelAsTel FtW 6‘/ ’43 . 103 108 Indpls Railways Inc 57 '67 .. 50% 53 Indpls Water 4Vi t / ’4O 105 107 Indpls Water 5% ’SO As ’6O .. 105 107 Indpls Water 5%% ’53Ar 54.103% 105 Interstate T As T 5Vi% ’53 ... 93 96 Kokomo Water Works ’SB ...104 105% Lafayette Telephone 5% ‘57 .102 Morris 5 As 10 Stores 5% ’SO 99 102 Muncie Water Works s‘/ ’65 .102% Noblesville HLAfcP 6V? '47 .. .. 97 100 Ohio Tel Service 6% ’47 95 Richmond Water Works sri’S75 r i’S7 104% 106 St. Louis Post Office s'/?% -38 is Seymour Wtr Ist mtg 5% ’59 101 104 Terre Haute Water Wkss% >56 101% 103% Terre Haute Wat Wks 6% ’49 103 105 Traction Terminal 57, '57 .... 6* 73 •Ex. div. Unlisted Stocks ißy Blvth As Co.i Did. Ask. Bankers Trust 69% 71% Central Hanover B A: T 117", 119% Chase 44 45% Chemical National 55 56% Guaranty 31 a 321% Irving is 19% Manufacturers 48% 49’, National City 38% 39% Cont 111 (Chicagoi 126 128% First National of Boston ... 46% 48% Natl Shawmut 30% 31% FIRE INSURANCE Aetna Fire . 64'/? 66*4 City of New York 29 31 Federal Ins 102 108 Franklin Fire 36% 38% •Great American Ins 30% 32 Hanover Fire Ins 39% 41 % Hartford Fire Ins 89% 91", Home Ins 39% 41% Ins Cos of N A 77% 79% National Fire 79% 81% North River Ins 28% 30% Phoenix Insurance - 106 109', U S Fire . 56% 58% Westchester Fire 39% 40% •Ex. div. CONTRACT IS APPROVED 5225,00<l Loan Is Allotted for Rural Electrification. B<i T'nit.ed f’ress WASHINGTON. Jan. 7.—A contract to lend $225,000 to construct 215 miles of electric distribution lines to serve 860 farms in Logan County, Ohio, was approved today by Rural Electrification Commissioner Morris L. Cooke. The loan will be to the Logan County Co-Operative Power and Light Association. Inc., of Bellefontaine, O. It will be a standard, self-liquidating loan with interest at 3 per cent and repayment spread over 20 years.

MANUFACTURING MAKES FOURTH MONTHLY DAIN High Rate Due to Expansion in Automobile Output; Survey Reveals. Timrx Special NEW YORK. Jan. 7 Manufacturing activity increased In November for the fourth consecutive month and regained the high point of the recovery movement momentarily touched in July, 1933. in the sharpest spurt after the bank pan.c. the Alexander Hamilton Institute reported today. The index of factory output, based on 1923-25 as 100 and unadjusted for seasonal variation, was 97 in November as compared with 73 in the same month a year ago, with tho depression’s low of 55 in July, 1932. and with the pre-depression high of 128 in April and May, 1929. The index in November represented the recovery of 57.5 per cent of the ground lost in the 1929-1932 period of curtailment. * Increase Due to Expansion The increase from October lo November wav due primarily 'o a sharp expansion in automobile production. although there was a moderate gain in steel output, the surve? said. The textile, shoe and tobacco industries showed rurtailment while activity in the food industry remained unchanged. All the ma jor industries in November, however, ivere more active than in the same month of 1934, with the exception of the food industry. Greatest gain was reported by the automobile industry with an increase of 380.8 per cent over a year ago. The output of food industry was 20.3 per cent lower than a year ago. a reflection of the 1934 drought and the government's agricultural curtailment program. Since the relatively high rate of manufacturing activity in November was dependent to a large extent upon the automobile industry, it was of a somewhat artificial nature. Tho automobile industry was abnormally active because of its newly adopted poliey of starting work on the next, year's requirements at an earli ß r date. This will tend to modify the rate of activity which would otherwise occur during the first half of the following year. Setback Due in March Preliminary reports indicate that manufacturing activity in December continued to be bolstered up by the automobile industry, and factory output as a whole apparently experienced little year-end recession. The prospect is that manufacturing will continue to hold up well during January and February, although there is little probability of any particular expansion.