Indianapolis Times, Volume 47, Number 263, Indianapolis, Marion County, 11 January 1936 — Page 11

Trends Farm Problem Now More Insoluble Than Ever. BY JOHN T. FLYNN

NEW YORK, Jan. 11.—Every citizen of the United States should read i*id re-read the decision of Mr. Justice Roberts in the AAA case, ana the dissenting opinion of Mr. Justice Stone. They are, indeed, the first Big Berthas to be fired in what is surely now to be one of the great political struggles of this generation—p'rhaps of our

history —a struggle to amend the constitution to give the general government power to regulate our econ om i c affairs. Here let me briefly state what they are and just where we stand as a result: The court held, first, that Congress has no power to regulate agricultural production: sec-

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Flynn

ond, not having that power it can not “buy” the power by giving money to a group of farmers on condition that the farmers will submit to its regulation. This the Agricultural Adjustment Act, did by rflering to pay subsidies to farmers who would submit to conditions laid down by Congress and the Secretary of Agriculture. 8 8 8 THIRD, the processing tax levied on processors of farm products Is an integral part of this scheme and, while Congress may tax processors to raise funds for “the general welfare,” it can not do so to make effective its regulations over a subject which belongs exclusively to the states. This briefly is where we stand on the law. Where does that leave farm relief? For the time being it is completely wiped out. But can Congress now enact any new measures of farm relief? Has not the court held Congress can not regulate agriculture? Would the equalization fee stand? Hardly, since that would be open to the same objections. Would the domestic allotment lan be legal? Certainly not, since .t could not be carried out by the government without Federal grants. 8 a a WOULD the export bounty be legal? Perhaps. For Congress does have jurisdiction over export trade. What else has been proposed? Literally nothing. The farm problem is now more insoluble than ever. What of the money problems involved? The government has collected from processors $1,064,596,499 up to Dec. 31. Will the manufacturers who paid the tax, now held illegal, be able to get it back? They can not sue the government without its consent. Will a, demand for government consent be made? Will it be granted? The government still owes much money to the farmers under the act. The AAA induced many farmers to curtail their production on the promise of pavments. About $283,000,000 i*; still due farmers under such goverment promises. Should the government pay this money? Where will it come from? a a a THE next great point is—where do we go from here? Farmers, labor, coal miners, many groups believe the goverment should have the right to deal with these problems. The states are powerless. What can a single state do to protect its economy from the wild, destructive forces which beat on it from the whole world? The states can do little. The central government, is powerless under the Constitution. The result is the American people are the only people in the world who can not deal with their economic problems. Beyond a doubt this decision makes it inevitable that we face a great struggle to amend the Constitution to give the central government that power. It is significant that Justice Stone in dissenting uttered a solemn warning that such decisions may result in destroying the rights of the states in the end. (Copyright. 1936. by United Feature Syndicate. Inc ). BANKERS’ MEETING SET Annual Convention to Be Held in Seattle June 8 to 12. Time* Special NEW YORK. Jan. 11.—The thirtyfourth annual convention of the American Institute of Banking, the educational section of the American Bankers Association, is to be held in Seattle, Wash., from June 8 to 12, it was announced today. Convention headquarters will be in the Olympic Hotel. Six special trains are being arranged to carry the delegates, and it is expected that there will be an attendance of approximately 1500. Th*. .nstitute has chapters In more than 200 cities. Produce Markets (Reprinted From Late Times Yesterday) The prices quoted are paid lor stock fathered in the country, while delivered n Indianapolis the price is a cent higher Heavy breed hens. 18c; leghorn breed hens, 14c; leghorn springers, 12c: old stags, 14c; old cocks, 9c. Ducks, white. 5 lbs . and over, 11c: under 5 lbs.. 9c; geese lull feathered and fat 9 to 14 pounds. 10c over 14 lbs.. 9c. All guineas 1% lbs. and up. 20c. Turkeys—Young hens. 8 lbs. and up. 20c: young toms. 14 to 18 lbs., 17c: under 14 lbs e.nd over 18 lbs.. 16c: old hens, 17c; old toms. 14c. No. strictly fresh eggs, loss off. 20c: pullet eggs. 12c. Each full case must weight 55 lbs. gross, a reduction of 10 cents a pound under 55 lbs will be made No. 1 butter. 37%@ 38'jc: No. 2. 34%33>. Butterfr.t 34c. Quoted by the Wadley Cos. Unlisted Stocks (Reprinted From I.ate Times Yesterday) tßv Blvtb St Cos.) Bid. Ask. Bankers Trust 694 714 Central Hanovtr B it T 1194 1214 Chase ... 471, 43% Chemical National 594 61 Guaranty 32! 324% l£ vlnß , 21 Manufacturer 535, 55 Cent 111 'Chicago) 1274 1304 First National of Boston 494 514 Natl Shawmut 30% 32 FIRE INSURANCE Aetna Fire 84 66 4 City of New York. 31 33 Federal Ins 103 108 4 Franklin Fire 36 38 •Great American Ins 304 324 Hanover Fire Ins 404 424 Hartford Fire Ins 884 904 Home Ins 41% 431, Ins Cos of N A 794 814 National Fire 78 80 4 North River Ins 29 31 Phoenix Insurance 106 109'* V S Fire 57:4 593., Westchester Firt 39V* 41V 4 •Mx Div.

BENEFITS CITED ON READING OF AAAEULO6IES Higher Prices to Farmers Listed by Admiring Congressmen. BY RUTH FINNEY Tim** Special Writer WASHINGTON, Jan. 11—Over the bier of AAA eulogies were being pronounced today by congressmen familiar with its effect on farm communities. They made these points: Three months before AAA v.as born, farmers were getting 32 cents a bushel for wheat. Yesterday the price was 87 cents to $1.02 for different varieties. The price of corn rose during the life of AAA from 19 cents a bushel to 62 cents. Cotton had gone up from 5 cents a pound to 11.38 cents. Hogs have gone up from $2.73 per 100 pounds to $10.40. When AAA was born nearly 400,000,000 bushels of wheat were on hand in the United States. There were 13,000,000 bales of cotton and corresponding surpluses of swine, tobacco and other commodities.

City Breadlines Mount Thirty million persons were dependent on farms for a living. Their income was $9,658,000,000 in 1926. In 1932 it had dropped to $4,20.1,000,000. In 1926 the farmers of the country had spent $2,867,000,000 for feed, seed, fertilizer, machinery, tractors! trucks, repairs on buildings, and : other expenses of operating their farms. In 1932 they were able to spend only $1,351,000,000 for this purpose. They had sp;nt $4,478,000,000 for food, clothing, furniture, household supplies, transportation, communication, insurance, health, education, books, vacations, and personal gifts. In 1032 they had only $1,302,000,000 to spend in this way. As the farmers stopped buying these things city breadlines grew longer. It was estimated that by the spring of 1933 there was one city worker out of work for each of the six million farm families no longer able to buy the goods of factories. Mail Order Business Up The spring AAA was born, paint was off barns in the farm states, there were leaks in the chicken - house roofs, fences sagged for want of staples, fields were bare of fertilizer. Automobiles, broken down for want of repairs, were jacked up on skids. Little red schoolhouses were closed. Taxes for two or three years past were delinquent and so were interest payments on mortgages. The effect of increased farm income under AAA on the mail order business, the business of factories manufacturing goods sold by mail order houses, farm implement makers, the fertilizer industry and the railroads has been told repeatedly. AAA itself cited one example recently. In the Southeast, where cotton and-tobacco adjustment programs were in effect, cash income of farmers increased 59.9 per cent in AAA’s first year. In that same time, railroad waybills showed an increase of 38.8 per cent in shipments of industrial and manufactured products into the region. Shipments of automobiles, parts and accessories increased 63 per cent.

PROMOTIONS ANNOUNCED International Harvester Cos. Names Four to New Positions. Times Special NEW YORK, Jan. 11.—A list of promotions by International Business Machines Corp. was made public today by Thomas J. Watson, president. It reveals that E. F. Hartley, manager of the business service department, has been promoted to the post of executive secretary; E. C. Kusterer, assistant sales manager of the time recording division, has been made European manager of the division, and William W. McDowell, secretary of engineering, has been made assistant to W. F. situs, vice president. Chicago Grain Futures (Reprinted From Late Times Yesterday) Prev. Wheat— High. Low. Close, close. Mav 1.01% 1.00% 1.01% 1.01% July 89'a .88% .89% .88% Sept 88 .87% .87% .87% Corn— Mav 60% .60% .60% .60% July 61% .61 % .61% .61% Svpt 61% .61% .61% .61% Oats— May 28% .28% .28%b .28% July 27% ,27' 2 .27% b .27% Sept 27 .26% .27 .26% RyeMay 54* 2 .53% .54% .54% July 54', .54 .54% .54% Sept 54% .54% .54% .54% Barley— May 43%n .43% La rd— Jan 11.10 b 10.95 May 11.40 11.30 11.35 b 11.25 Julv 11.15 11.10 11.1'b 11.05 (b)Bid. tniNominal.

Busigraphs

CRUDE RUBBER CONSUMED IN THE UNITED STATES (RUBBER MANUFACTURERS ASS'n) SO r—riilfcyi H i iiiiill in NDJFMAMJJASON THE PARKER CORR GENERAL DISTRIBUTORS INCORPORATED INVESTORS The crude rubber consumed in November by the manufacturers of this country exceeded a year ago by 23 per cent. This was the largest November consumption since complete records have be*n kept and the greatest for any month since August, 1933. Nine per cent more rubber was consumed in the first 11 months of the last year than in the same 1934 period. The domestic stocks of crude rubber on hand Nov. 30, were 20 per cent less than a year ago.

Abreast of The Times on Finance

'Wait—We'll Both Look!'

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New York Stocks

(By Thomson St McKinnon) (Reprinted From Late Times Yesterday) Prev. Oils— High. Low. Close, close. Amerada 84>/ 2 81% 84 81 Atl Rfg 30 V 8 29% 29% 29% Barnsdall 16% 154 16 154 Consol Oil 13 4 12% 13 12% Cont of Del .. 38 364 37% 364 Houston (new).. 8% 74 7% 74 Mid Cont Pet.. 21 20% 21 20% Ohio Oil 154 144 15% 14% Pet Corp I*% 14% 141% 1414 Phillips Pet 40 4 39 4 40*4 39% Plymouth Oil .. 14% 14 14% 14 Pure Oil 19% )8% 194 184 Royal Dutch ... 50% 50 50% 49% Seaboard Oil ... 354 35 % 35% 34% She}} Un 16% 16 16% 15% Skelley Oil 23 21% 23 21% f°e Vac 151/4 15 % 154 15 I 2 F a J (14 41% 41% 40% SO of Ind 37% 36% 3737 S O of N J .. 54% 53% 54% 53% Texas Corp ... 31% 30% 31% 30% Tidewater Assn.. 15% 14% 14% 15% Un Oil of Cal .. 25 24% 24% 24% Acme 63% 68% 69% 69% Steels— Am Roll Mills ... 32% 32% 32% 32% Beth Steel 54% 52% 53% 524 Byers AM 23% 22 22 4 21% Col Fuel & Iron 6% 5% 6% 54 Croc Steel .... 38% 36% 37% 36% Inland Steel .. .105 104 105 104 Ludlum Steel . 25% 254 25% 25 >4 McKeesport Tin 1117'% 1174 1174 117 Mid Steel 22% 21% 22 Vi 214 Natl Steel 74% 734 74 73% Otis Steel 17% 16% 16% 16% Rep I & Stl . . 204 19% 20% 194 H I £ lpe , & Fdy 24 7 * 23% 23% 234 U S Steel .. ... 50 48% 49% 47% US Steel pfd 120 118% 119% 118% Warren Bros 6 5% 6 5% Youngstn S& T 48 47 4 48 44% Motors— Auburn 44% 43% 44% 43% Chrysler 90% 88% 90% 88% Gen Motors ... 56% 55% 56% 56 Graham M0t.... 3% 33% 3 Hudson 16% 16 16% 16 Hupp „ 2% 2 2% 2 Mack Truck .... 30¥b 29% 304 30 Nash 19 17% 19 17% Packard 8 74 8 7% Reo .. 5% 5% 5% 5% Stude iaker 10% 9% 10% 9% Yellow Truck... 13% 12 13% 11% Motoi Access— Bendix 22% 22% 227* 22'% Bohn Alum 54 53% 54 53 Vi Borg Warner... 68% 66 4 68 % 66 Briggs 52% 52% 52% 52% Budd Mfg 10% 10% 10% 104 Budd Wheel 12% 12% 12% 12% Eaton Mfg 31 29% 31 29% Elec Auto Lite .. 39 37% 38% 37% Elec Stor Bat .. 54% 544 544 54 Houdaille “B”.. 29% 28% 29% 28% Murray Body .. 193% 18% 194 18% Stew Warner ... 184 17% 184 17% Timken Roll 67% 66% 67% 66% Timken Det Akle 15% 144 15% 144

Minin; — Alaska Jun 16% 15V* 16 15Vi Am Metals 29% 28 29 26% Am Smelt 62% 61 62 60'/2 Anaconda 30V* 29% 29% 29% Cal & Hecla . 6% 6% 6Vi 6% Cerro De Pasco 55% 54% 55 54 Dome Mines • . 45% 44% 45>2 44% ! Granby 9% 9% 9% 9V 2 , Gt Nor Ore . 17 167* 17 9% Homestake Min 520 520 520 500 % Howe Sound ... 547* 54 54 54 Ins Sopper .... 7 6% 7 6% Int Nickel 46% 45% 46 45% Kennecott Cop . 30'/* 29 3 4 30 29 % Mclntyre Mine . 45'4 43 44 5 4 42% Park Utah ... 4% 4% 4% 4% Phelphs Dodge .28 26% 28 27 St. Joe Lead ... 24% 2414 24>4 2?% U S Smelters ... 96 94% 94% 93% Vanadium 33% 22% 23% 22% * Amusements— Crosley Radio . 18% 18% 18% If.‘4 Pox Theater 26% 26% 26% 25% Loews Inc 54% 54 % 54% 54 Radio Corn 13 3 4 13 13 13*4 Paramount 10% 10% 10% 10% RKO 7% % 7 4 7 6% Warner Bros ... 10% 1014 10% 10% Tobaccos— Am Snuff 71% 71 71 72 Am Sum Tob ... 24% 24% 24% 24 Am Tob ‘'A” .99 98 98 99% Am Tobacco “B” 101 101 101 101 Gen Cigars . . 57 57 57 56 3 4 Ligg & Myers B 112% 112 112 111% Lorillard 25% 25% 25% 25% Phillip Morris 69% 69% 69% 69 >4 Reyn Tob “B". 58% 57 3 4 57 3 4 58% Rails— Atchison 69 67% 68% 67% Atl Coast Lines . 31% 31 31% 30% B & O 18 3 4 18 18% 18 Can Pacific 11% 11% 11% 11% Ch & Ohio 54% 53% 53% 53% Chi & Gt W ... 1% 1% 1% 1% CM*StP . ... 1% 2 2% 2% C M & St P pfd 4% 3% 4 3% Chi N W 3% 3% 3% 3% Chi N W pfd .. 9 8% 9 B%' Dela & Hud ... 39% 38% 38% 38% Del Lac & W ..17 16% 16% 16% Erie 12% 12% 12% 12% Erie pfd 17% 17% 17% 17', 2 Grt North pfd . 34 33% 33% 33% 111 Central 20% 20V* 20V* 20% K C Sou 15% 15 15% 15 Lehigh Valley .. 9% 9% 9% 9% Lou & Nash 63% 63 63% 63% M K & T 6% 6% 6% 6% MK & T pfd... 16 16 16 15% Mo Pac 32% 2% 2% Mo Pac pfd ... 5% 4% 5*4 4% N Y Cent 30% 29% 29% 29% N Y New Haven 4% 4% 4% 4% Norfolk & West 217% 217% 217% 216 Nor Pacific 26% 26 26% 26% Penn R R 34% 34% 34V* 34 Reading 40% 40% 40% 41% Sou Pac 26% 25% 25% 257* Spu R R 15% 14% 14% 15 Union Pac 174 113 113 114 Wabash 3% 2% 314 2% West Maryland . 9% 97, 9*, 9% Houioments— Am Brake Shoe 48% 47% 48% 48'% Am Car &Fd • 35% 33% 33% 34 Am Loco . 26% 25% 26% 26% Am Steel Fdv 26% 25% 25'* 25% Gen Am Tk Car 52% 51% 52 52% Gen Elec .... 39% 38% 39*4 39 Pullman Inc .. 41% 40% 41% 40% West Air Br . . 36 35% 36 35% Westingh Elec ..102% 101% 102% 101% Utilities— Am & For Pwr 8% 7 7 4 7% 8 Am Power & Lit 9% 8% 8% 9% AT&T 158% 157% 158% 158 Am Wat Wks . 23% 22% 22% 23 Col Gas & Elec. 15% 14% 14% 15 Comm & Sou .. 3% 3% 3% 3 3 * Consol Gas 33% 32% 32% 32% Elec Pwr & Lit. 7% 7% 7% 7% Int Hydro Elec . 5% 4% 4% 4% Interboro R T... 18% 18% 8% 18 Int T & T 14% 14 14% 13% Lou G & E 'A’ 22 7 * 22% 22% 22% Nat Pwr & Lit,. 11% 11% 11% 11% North Amer .... 28% 28% 28% 23% Pac G& E 32% 32% 31% 31% Peoples Gas ... 45% 45 45 44% Pub Serv N J .. 46% 46% 46% 46% So Cal Edison .. 27% 26 7 * 27% 26 s . Srd Gas 8% 7% 8% 7% Stone & Web .. 17% 16% 16% 17% United Corp .... 7% 7% 7% 7% Un Gas Imp . 18 7 s 18% 18% 18% Ut Pwr & Lt 'A' 3% 3% 3% 3% West Union ... 77% 76% 77 Rubbers— Firestone 26% 25% 25% 26% Goodrich 15% 14% 14% 14% Goodyear 24% 23% 23% 23% U S Rubber . . 18% 18 18 17% U S Rubber pfd. 54% 53 53 52% Miscellaneous— Allis Chalmers.. 38% 38 38 38 Am Can 132% 132 132% 131% Am M& F 28% 28% 28% 28% Anchor Cap 20% 19% 19% 197* Brklvn Man Tr 42% 41 41% 41 Burroughs Add . 27% 26% 27 26% J I Case 100% 98 100 95 Cont Can . 84% 84 84% 83% Caterpillar Trac. 57 56% 57 56% Crown Cork 48% 45 % 48 48 Curtis Pub 22% 22% 22% 25% Curtis Pub pfd 102 102 102 1027* Deere &Cos .57 55% 56 56 Eastman Kodak 163% 161 161% 159% Foster Wheeler . 28% 28% 28% 29 Gillette 17% 18% 17% 1t.% Ghdden 50% 49% 50% 49% Int Bus Mach ..183% 183 183% 182% Inter Harv 59% 58 69% 57%

INDIANAPOLIS, SATURDAY, JANUARY 11, 1936

Natl Cash Reg.. 22% 22% 22% 224 Owens Bottle ..1464 144% 1464 144 Rem Rand 22 21% 22 214 Underwood E 97 93% 97 93 Worthington Pm 24% *4% 24% 244 Foods— Am Sugar 53 4 52% 53 524 Armour 5% 54 5% 54 Armour 6% pfd. 69 4 69 69 4 68 4 Beatrice Cream. 19 184 184 19% Borden Prod ... 27% 26 4 26 4 26% Cal Packing ... 36 354 36 354 Can Dry G Ale. 15% 15 15% 15 Coca-Cola .... 874 874 874 88 Cont Bak “A” .. 16 3 / 4 15% Corn Prod 71% 71% 714 72 Crm of Wheat .. 37% 37 s /* 37% 37% Cuban Am Sugar 6% 6% 6% 6% Gen Baking 14 13% 13% 13% Gen Foods 35% 35% 35% 35% Gold Dust 20 Vi 20 20 20 G W Sugar 314 314 314 31% Loose Wiles... 44 4 44 % 444 44 Natl Biscuit .. 38% 384 38% 38 Vi Natl ' D Prod... 21% 21% 21% 21% Purity Bak 17% 16% 17 16% S Porto Rico Sug 27% 27% 27% 27 Std Brands 16% 1'5% 16 16 Un Biscuit 28% 27% 27% 27% United Fruit . 69% 68% 69 >4 67 Ward Bak “B”. 3% 33% 3% Wriglev 77% 77% 77% 784 Retail Stores— Assd Dry Goods 15% 14% 15% 14Vi Best & Cos 54% 50 4 54 % 50 First Natl Stores 47% 46% 46% 47 Gimbel Bros ... 8% 6% 8 6% Gr Un Tea 5% 5 5% 4% Allied Sts 7% 6% 74 6% Jewel Tea 59 59 59 59 Kresge S S .... 24% 23% 23% 23% Kroger Groc .. 27% 27 4 27 4 27 4 Macv R H ... 48 45% 47% 45 4 McCrory Str ... 13% 12% 13% 12% McLellan St .. 13% 12V* 13% 12% Marshall Field .13 12% 13 12Vi May Dept St. ..51 50 50% 50 Mont Ward ... 38% 37% 37% 37% Natl Tea 10*4 104 10% 10 Penny J C .... 76% 75% 76 754 Safeway St 35: 34 35% 34 Sears Roebuck . 62% 61% 624 62 Woolworth 54% 53 4 53 4 53% Aviation— Aviation Corp .5 5 5 5 Boeing Aircraft 24% 23% 24 23% Curtis Wright 4% 4% 4% 4% Curtis Wright A 114 11% 11% 11 Douglas Air ... 57*4 55% 56% 554 Nor Am Av ... 7 6% 7 6% Sperry Corp ... 18*4 17*4 17% 17% Unit Aircrft New 28% 27% 27% 27% Chemicals — Air Reduction ...187 184% 137 184 Allied Chem. .. . 169 Vi 168 169*,4 1684 Am Com Alco.. 29 28% 29 28% Col Carbon 103 102% 102% 102 Com Solvents ... 22% 22% 22% 22% Du Pont 1404 139% 140 140 Freeport Tex .. 324 31 32*4 30% Liquid Carb .... 41% 41% 41% 41 Math Alkali ... 32*4 31% 31% 32 Monsanto Chem.. 96 94 96 93 Natl Dis inew). 30*4 29% 29% 30 Schenley Dist ... 43 47 4 47 4 48*4 Tex Gulf Slfph . 35*4 344 35*4 34% Union Carbide . 74% 72% 72*4 74% U U Indus Alco 43*4 43 43 42 Drugs— Bristol Myers ... 42*4 41% 42*4 42% Coty Inc 6% 6 6*4 6% Lambert . 23% 22% 22% 23 Lehn & Fink . 134 13 134 13 Sterling Prod •. 66% 66*4 66*4 66*4 Un Drug (new). 13*4 12% 12% 13 Vick Chem 42 42 42 42% Zonite Prod.... 94 8% 9 8% Financial— Adams Exp 11% 114 11% 11% Allegheny Corp. 3*4 3*4 3% 3*4 Am Int Corp ... 12*4 12 12*4 12% Chesa Corp .... 65% 644 644 64 Lehman Corp .. 97% 96% 96% 96% Transamerica .. 13% 13% 13% 13% Tr Conti Corp .. 8 7% 8 7% Building— Am Radiator 26% 26% 26% 26*4 Gen Asphalt ... 274 26 274 254 Holland Furnace 32 31*4 32 31% Int Cement .40 39% 40 39*4 Johns Manville 102 98*4 101% 98*4 Libby Owens Gls 49*4 49 49 454 Otis Elev 27 26% 27 26*4 U S Gypsum ... 89 4 88Vi 89 89 Ulen Cons 5% 5% 5% 5% Household— Col Pal Peet ... 19% 19% 19% 194 Congoleum 43 43 43 44% Kelvinator 16% 16% 16% 16% Mohawk Carpet. 21 % 20% 21*4 21*4 Proc & Gamble. 48*4 48*4 48*4 48% Servel Inc ... 16% 15% 16% 16 Simmons Bed .. 23 4 21% 23 4 22*4 Textiles— A.ner Woolen.. 10% 10*4 10*4 9% Belding Hem ... 13% 13’2 134 13*2 Celanese Corp . 30% 29% 30* 2 30% Collins Aikman 47% 47 474 47 Gotham Hose .. 11% 10% 11 10 Indus Rayon ... 31*4 30 % 30% 30*4 Kayser Julius.. 28% 28% 284 27% Real Silk 12*4 10% 11% 10%

Local Securities (Because quotations on local securities are unlisted on an Exchange, The Tines can not assume responsibility for the accuracy of these figures gathered from local brokers.) STOCKS Bid. Ask. J. D. Adams Mfg 17 18 Belt RR & Stk Yds com .... 51 53 Belt RR & Stk Yds 6% pfd... 53 Central Ind Pow 77* pfd . 15 18 Home Tel & Tel Ft. Wn 77i pfd 50'/* 52 Hook Drug Inc com 15 17 Ind & Mich Elec 7cj pfd .... 100 103 Indpls Chain Sto Term pfd.. 52'/* 60 Indpls Gas Cos com 36 40 Indpls Pow & Lt 6 pfd 84 87 Indpls Pow & Lt 6V4% pfd 89 93 Indpls Water pfd 102 Lincoln Nat Life Ins. Cos 34 37 •North Ind Pub Svc 5' 2% pfd 69 73 •North Ind Pub Svc 6% pfd.. 77 81 Progress Laundry com 8 10 Pub Svc of Ind 6% pfd . ... 11 14 Pub Service of Ind 77i nfd.. 36 3S So Ind Gas & Elec 6<~ 0 pfd ... 94 97 Terre Haute Elec 6 r i pfd 83 86 Union Title com 20 23 BONDS Atlanta Dlstr Term en *4l ... 62Vi 70 Buffalo Distr Term 6? a ‘4l .. 70 75 Brooklvn Postal Sta 5Vi % '4B . 3714 42 Home Tel&Tel FtW 5Vi% ’35..103 105 Home Tel&Tel FtW 6% ’43 103 106 Indpls Railways Inc 6% '67 .. 50V4 53 Indpls Water 4V4tf> '4O 104 106 Indpls Water s<~; ’SO & '6O ..105 107 Indpls Water s *'s4 .104 106 Interstate T & T ’53 ... 94'* 97 Kokomo Water Works ’SB ...104 105V4 Lafayette Telephone 5% '57 .102 Morris 5 & 10 Stores 5% ’SO 99 102 Muncle Water Works 5% '65 .102 Vi Noblesvllle HL&P 6V4 '47 .. .. 97 100 Ohio Tel Service 6% '47 95 Richmond Water Works 5%’57 10414 106 St. Louis Post Office 5'4% ’3B 18 25 Seymour Wtr Ist mtg 5% ’59 101 104 Terre Haute Water Wkssc', *56 101V4 103V4 Terre Haute Wat Wks 6ct '49 103 105 Traction Terminal S* c '57 70 74 •Ex. div. BROKER HOUSES REOPEN Times Special N£W YORK. Jan. 11.—Fenner & Beane, brokers, today announced the reopening of three Southern offices for the winter season. They are at the Hollywood Beach Hotel, Hollywood. Fla.; Belleview-Biltmore Hotel. Belleview, Fla., and at the Bon Air Hotel, Augusta, Ga. LOCAL CASH MARKET City grain elevators are paying 96 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new No. 4 yellow 48 cent* and. oats 19 cents.

OIL COMPANIES' TRADE GAINS GN ETHIOPIAN WAR Petroleum Exports to Italy in November Show Increase. By United Press WASHINGTON, Jan. 11. The Italian-Ethiopian war is providing American oil companies with a newlucrative trade, government statistics showed today. Petroleum exports to Italy and Italian Africa, presumably to provide power for fighting machines, increased 222,162 barrels between last October and November. Results of the new business, according to figures of the United States Bureau of Mines, sent daily average domestic crude oil production to the highest level in several years. Crude prices were increasing in the Southwest. Refuse to Comment Administration officials refused to comment. They anticipated. however, that increased petroleum exports would speed congressional consideration of neutrality legislation. A survey of the export trade in gasoline and other petroleum products to Italy and Italian Africa between October and November showed: Italy received 78,284 barrels of American gasoline, none in October. A total of 100,129 barrels, including 31,845 in five-gallon cans, went to Italian Africa in November, compared to 25,714 barrels the month before. Crude Shipments Drop Italy purchased 58.214 barrels of gas oil and distillate from American sources in November and 22,822 the month before. Residual oil shipments to Italy jumped from nothing in October to 100,289 in November. Shipments of crude oil recorded the only decline, from 417,474 barrels in October to 316,955 in November. The Bureau of Mines placed November production at 86,476,000 barrels, a daily average of 2,882,500 barrels, the highest monthly figure in several months.

N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds Todav 92.5* 87.4* 104.3 94.7* Yesterday 92.1 86.6 104.3 94.3 Week aeo 91.7 85.4 103.7 93.6 Month ago 91.4 83.7 103.1 92.7 Year ago .... 87.1 86.4 90.9 88.1 1935-36 High... 92.1 86.6 104.3 94.3 1935-36 Low . 83.6 71.0 89.3 83.0 “New 1935-36 high. (Copyright. 1936. bv SBtandard Statistics) tJ. S. GOVERNMENT BONDS (Bv Abbott. Proctor & Paine.) Treasury’s. Prev. Close, close. 4 , / 4 s 1943-45 115.9 11.519 4s 1944-54 111.6 111.9 3%s 1946-56 109.13 109.10 3%S 1940-46 107.31 108 3%s 1943-47 106.27 106.27 3%s 1941-43 108.9 108.11 374s 1943-45 106.2 106.4 3 74s 1949-46 105.24 105.23 3V*s 1046-49 104.2 104.1 3V*s 1949-52 104.1 104 3s 1951-55 .. 103 103 3s 1946-48 103.3 103 2 %s 1955-60 100.9 100.9 2%s 1945-47 101.10 101.11 Home Owners’ Loan Corp. 2%s 1949 99.30 99.30 3s 1952 101.7 101.8 Federal Farm Mortgage Corp. 374s 1964 102.27 100.23 3s 1948 101.14 101.17 3s 1947-49 101.30 102.14 2%S 1947 100.19 100.20 DOMESTIC * Prev Close. Close Alleg Corp 5s ’44 92% 91 Alleg Corp 5s ’49 87 85 Alleg Corp 5s ’SO 56% 56 Am Frgn Pow 5s 2020 71 71 Am Tel & Tel 57is ’43 113 V 2 113% Am Tel & Tel 5s ’43 .. 113'/* 113% Arm & Cos (Del) 5%s ’43 96% 96% Atl Coast Line 4s ’52 9G 1 /* 99 Atl Coast Line 4Vis ’64 88 88% Atch Top & S Fe 4%s ’4B 1107a 110% Am Wat Wks 5s ’44 114 115 Am Rolling Mills 5s ’3B 128% 128% Balt & Ohio 6s ’95 89 87% Balt & Ohio 4%s ’6O 65% 6472 Buff Roch & Pitt 4%s ’57 70 69 Chi Milw & St P 5s ’75 21% 21% Chi Milw & St P 5s 2000 ... 7 1 /* 8% Cleve Un Term 5s ’73 103 102% C’leve Un Term 4%s ’77 9874 98% Cnl Gas 5s Mav ’52 100 74 101 % Cul Gas 5s April ’52 100 % 100 Can Pac Perp 4s 88 88 Cent Pac 5s ’6O 92 91% Big Four 4%s ’77 81% 80V 4 Colorado & So 4%s ’BO 65% 65 Chi & West Ind 4s ’52 10074 100% Chi & West Ind 5%s ’62 ....107% 108% Chi & Nor West 4%s ’49 13% 13V* Con Gas ss, 57 105% 105 Chesa Corp 5s ’47 112V* 1217* Del & Huds 4s ’43 80 78% N Y Dock 4s ’sl 68% 6874 Erie 5s ’75 72% 72% Erie 5s ’67 7374 72% Grt Northern 7s ’36 102% 102% Grt Northern 4 Vis ’76 99V 2 99% Grt Northern 4Vis ’77 99% 99% Hud & Manhat Ref 5s ’57 ... 85 84% 111 Cent 4%s ’66 66% 66 111 Cent Jt 4Vis ’63 727i 7274 111 Cent 5s ’63 76% 76 Interlake C & I 5s ’sl 94 91 Interntl Hv Elec 6s ’44 52% 53 Interntl Tel & Tel 4%s ’39.... 88% 88% Interntl Tel & Tel 5s ’55 81% 8174 Interntl Tel &-Tel 4%s ’52.... 787* 77% McKess & Rob 5%s ’SO 103% 103 Natl Dairy 5%s ’4B 103% 103% Natl Steel 5s ’56 106 106 Nickel Plate 4%s ’7B 75% 73Vi Nickel Plate 5%s ’74 88 87% Nickel Plate 6s ’35 100 7 * 1007a N Y Cent 5s 2013 83% 83 N Y Cent 4Vis 2013 (old) 77% 77 Nor Pac 3s 2047 75 74% Nor Pac 4Vis 2047 967'. 96% Nor Pac 6s 2047 108% 10874 New Orleans Term 4s '53 857 2 85 Penn Ry 474s ’B4 106% 106% Penn Ry 4%s ’Bl 106% 107 Penn Rv 47 2 s ’7O 101 101% Pac G & E 5s ’42 104% 104% Portland Gen El 4%s ’6O 74% 74% Para Publix sVis ’SO 94% 94% Penn P & L 4Vis ’Bl 106V* 106% Postal Tel & Cab 5s ’53 36 35% Rem Rand WW 5%s ’47 104% 104% Sou Pac 4%s ’6B 82% 79% Sou Pac 4%s ’Bl 81% 80 Sou Pac 4%s ’69 82% 80% Sou Pac 4s ’49 847* 83% Sou Rail 4s ’56 59 v 7 Sou Rail 6s ’56 75 75 Sou Rail 6%s '56 79V* 77 Sharon Stl Hoop 5%s ’4B .103 103 Texas Pac 5s ’BO 99% 98 Texas Pac 5s ’79 99% 98% Texas Pac 5s ’77 99% 99 United Drug 5s ’53 100 100% U S Rubber 5s ’47 104 104% NY NH & Hart 6s ’4B 36% 36% NY NH &Hart 4%s ’67 3574 35 Warner Bros 6s ’39 88% 88% Western Mary 5%s ’77 107 3 * 107% Western Mary 4s ’52 97 96% Youngstown S & T 5s ’7O ...104% 104% Youngstown S & T 5s ’7B 104% 105 FOREIGN Argentina A 6s ’57 99 98% Argentine B 6s ’SB 98% 98% Brazil 8s ’4l 29 28% French 7s ’49 178 179% German 5%s ’65 28% 28 German 7s ’49 37% 37% Italy 7s ’sl 60% 61 Rome 6%s ’SJ 557* 55% Yokohama 6s ’6l 85% 86% Buy Building & Loan Shares Your Money itays Here, Works Here—Earns Here General Banking Security Trust Cos. 11l North Pen nay Ivan la Street

Maytag Dealers to Meet Here Monday

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Dealers and factory representatives of the Indianapolis territory of the Maytag Cos., washing machine manufacturers, are to assemble at the Antlers for an all-day meeting Monday. Fred L. Maytag II (left), son of the firm's president, is to be guest speaker. L. M. Greene, Indianapolis brant h manager, will be in charge of the meeting.

BUSINESS FAILURES LARGEST IN 3 WEEKS Total in U. S. Reported at 217, Against 179 in Preceding Period. Times Special NEW YORK, Jan. 11.—The volume of business failures in the United States during the week ended Jan. 2 increased to 217, compared with 179 in the previous week, Dun & Bradstreet, Inc., announced today. The number also exceeded that of two weeks ago, and compared with 248 for the corresponding short week a year ago. Os the four geographical sections into which the record is divided, the East, South and West showed increases, while on the Pacific Coast a decline of one failure appeared. Defaults with liabilities of SSOOO and over, in each instance, numbered 127, against 104 in the preceding week, and 143 a year ago. Failures in the Dominion of Canada during the week amounted to 20, compared with 29 a week ago, and 143 in the same period last year. STEEL EXECUTIVES NAMED Times Special NEW YORK, Jan. 11.—Appointment of three new vice presidents for special executive duties was announced today by the United States Steel Corp. The new officers are Harold L. Hughes. W. A. Forbes and Charles H. Hughes. Local Livestock (Reprinted From Late Times Yesterday) HOGS Jan. Bulk. Top. Receipts. 4. $9.75@ 10.00 SIO.OO 1500 6. 9.700 9.85 9.85 8000 7. 10.20010.35 10.35 6000 8. 10.20010.35 10.35 8000 9. 9.85010.00 10.00 7000 10. [email protected] 10.35 5000 Light Lights 1140-160) Good and choice $ 9.85010 25 Medium ... 9.35# 9.90 (160-180) Good and choice.. 10.25010.35 Medium 9.75(5:10.25 (180-200) Good and choice.. 10.25010.35 Medium [email protected] Medium Weights (200-220) Good and choice.. [email protected] (220-250) Good and choice.. [email protected] Heavyweights (250-290) Good and choice.. [email protected] (290-350) Good and choice.. 9.35® 9.70 Packing Sows (275-350) Good . 8.60® 9.00 )350-425) Good 8.35@ 8.75 (425-550) Good 8.25® 8.60 (275-550) Medium B.oo® 8.35 Slaughter Pigs (100-140) Good and choice . 9.35@ 9.85 Medium 8.50® 9 60 CATTLE —Receipts, 500— (500-900) Choice slo.oo® 12.00 Good [email protected] Medium 6.75@ 8.75 Common 5.25® 7.00 (900-1100) Choice [email protected] Good [email protected] Medium 7.00@ 9.00 Common 5.25@ 7.00 (1100-1300) Choice 12.00®13.00 Good [email protected] Medium 7.25@ 9.25 (1300-1500) Choice [email protected] Good [email protected] Heifers (500-750) Choice [email protected] Good B.oo® 9.25 Common and medium 4.50® 8.00 (750-900) Good and choice [email protected] 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, 500— Good and choice [email protected] Medium 9.00® 11.50 Cull and common 4.50® 9.00 Calves (250-5001 Good and choice.... 7.00® 10.00 Common and medium 4.50® 7.00 Feeder and Stocker Cattle (500-800) 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. 1500— Lambs, 90 lbs. down, good and choice . [email protected] Good [email protected] Medium 8.75® 9.75 Common 7.50® 8.75 Ewes (90-1251 Good and choice .. 4.00® 5.00 Common and medium . . 3.00® 4.00 Yearling wether, good to choice 9.00@ 9.50 Medium 7.00® 9.00

Money Invested In Our Shares Participates In Dividends Declared, From Date of Investment! Fletcher Avenue Saving & Loan Association, Dec. 31,1935, Declared Its Semi-annual Dividend AT THE RATE OF 4% Per Annum Financial Statement as of Dec. 31,1935

ASSETS Cash on hand and due from banks $ 172,598.89 Home Owners’ Loan Corporation bonds 313,375.00 Other securities 14,469.31 Federal Home Loan Bank stock 119,400.00 Mortgage Loans 7,501,666.42 Stock or pass book leans 2.945.00 Other real estate—book value 1.281,557.76 Real estate sold on contract 364,213.52 Sheriff’s certificates and judgments 163,350.61 Furniture and fixtures 1,500.00 Junior liens to HOLC mortgages 48.827.01 Total $9,983,903.52

Average Yearly Dividend Rate Paid Since 1929 4.5% TOTAL RESERVES $1,002,885.63 Since January, 1933, This Association Has Paid Taxes on All shares. Shares in Hands of Stockholders Are Tax Free MEMBER FEDERAL HOME LOAN BANK Fle-tc'her Ave. Saving & Loan Association A BUILDING AND LOAN ASSOCIATION 10 E. MARKET ST. IN THE HEART OF THE BUSINESS DISTRICT

Iron Ore Production Up Iron ore mined in the United States in 1935 totaled tons, an increase of 5,896,383 tons over the 1931 output, the United States Bureau of Mines reported today.

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MOVEMENTS OF PRODUCESPURT Fruit, Vegetable Shipments Rise Sharply in First Week of 1936. Times Special WASHINGTON, Jan. 11.—The car lot movement of fruits and vegetables in the Midwestern district during the initial week of January increased sharply, according to thp weekly report of the Department of Agriculture released today. Potatoes, however, led shipments from the producing sections, nearly doubling the movements of the preceding week. Demand for cabbage strengthened as prices were affected by weather conditions and reports of freezing in the South Increases in apple shipments were about evenly divided between the East and West, although movement was less than during the corresponding week a year ago. Celery, lettuce and pears were among the few items showing decreases from the week before and were much less than a year ago. Potato prices in Midwestern city markets held about the same level as the preceding week despite sharply Increased receipts. Although cabbage continued to meet slow demand at Chicago there was only a slight change in the price level. Winconsin shippers and dealers reported an improved demand for old stock at slightly higher prices. The celery market was strong and prices advanced under lighter supplies. Lettuce supplies continued heavy during the week and the market was generally dull and weak. Prices at Chicago were largely 25 to 50 cents a crate lower. Beans also showed weakness, declining $1 to $1.25 a bushel at Chicago. Apple movements were slightly heavier during the week at lower prices. The movement for the season to date is about 9000 cars less than a year ago. On Commission Row (Reprinted From Late Times Y’esterday) Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers: Fruit—Cranberries. C. C. Hamcs. Eatmores. 25-lb. box, $4.50. Fears—Washington D’Anjo. $3.25. Calif, avacados. $3.75. Bananas —Seven hands, a pound, 5%c. Persimons—California, lug, $1.25. Apples— Jonathans. $1.60. Delicious, 51.75; wealthys. $1.25: Grimes Golden, $1.25. Lemons —Sunkist, 3605. $7. Grapefruit—Texas, 61s to 70s, $3.50. Arizona Sunkist, $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.. $2.50. Beets—Texas. 3-doz. crate. $1.75. Cabbage—New York Danish. 50-lb. bag. 75c. Cauliflower—California, crate. $1.90. Celery—Michigan, washed and trimmed. 16 stock bunch. 55c; jumbo, doz.. 85c. Cucumbers—Siuthern, bu.. $6 doz., $1.15. Kale—Virginia, bu., 90c. Lettuce —lceberg. California, good. $3: homegrown leaf. 15-lb. basket. $1.60: Endive — California. basket. 85c. Mangoes— Florida, crate. $5.50; small basket. $1.40 Mint—Bunch. 20c. Mustard —Home grown, bu.. 60c. Onions —lndiana yellow. 50-lb. bag. $1.15: Indiana yellow. 10-lb. bag. 25c. ParsleySouthern, doz.. 50c. Peas—Telephone, hampers. $3.25: Texas hamners. $2.50. Potatoes—Round Cobblers. 100-lb. bag. $1.60; Michigan Round White. 100-ib. bag $1.60; Early Ohios. bu., $1.80: Idaho Russets. $2 35. Sweet notatoes—lndiana Jerseys, bu.. $1.65. Radishes—Ohio, button, doz.. baskets. 45®60c. Sage—Doz.. 45c. Spinach —New Texas, bu.. $1.15. Squash—Bu. $2.50. Tomatoes —Florida. 10-lb. basket. $1.35. Safe Deposit Boxes The Indiana National Bank of Indianapolis

MERCHANDISE EXPORTS MAKE GAINS IN 1335 Shipments to Foreign Lands Rise Over Previous Year’s Totals. By United Press WASHINGTON. Jan. 11.—Eports of merchandise from the United States rose during the last year, the Commerce Department figures showed today. For the 11 months ended November, total exports were valued at $2,058,355,857, as compared with $1,962,146,688 during the same period of 1934. During November, 1935, exports rose to $269,310,247. as compared with $194,711,633 in November, 1934. November exports to Italy rase almost a million dollars from November, 1934. In that month $9,125.278 worth of merchandise was sent to Italy, compared with $8,444,849 in November. 1934. For the 11 months ending last November exports to Italy were $64,506,360. as compared with $59,756,939 in the same period last year. Merchandise sent to Japan during November was valued at $26.945.098, compared with $22,846,328 for the same month in 1934. However. total exports for the 11 months ending November fell from $187.177.620 in 1934 to $176,214,248 in 1935. Although merchandise sent to Germany fell tremendously for the 11 months period from $i03.964.131 i 7 1934 to $79,090,787 last year, November exports rose from $5,055,71 in 1934 to $14,363,499 last year. LARLOADINGS INCREASE 73,305 DURING WEEK Association of American Railroads Reports Total of $541,984. By United Press WASHINGTON. Jan. 11.—The Association of American Railroads announced today that carloadings for the week ended Jan. 4 totaled 541.984 cars, an increase of 73.305 above the preceding week and 44.710 above the corresponding week of 1935. Miscellaneous freight totaled 199,1957 cars, increases of 28,803 above j the preceding week and 17,993 above 1 1935. Merchandise in less than carload lots totaled 127,074 cars, an inj crease of 4.560 above the preceding i week, but a decrease of 2,416 below last year. Coal loading amounted to 146.374 cars, increases of 28.800 above the preceding week and 18,897 above 1935. Grain and grain products totaled 25,078 cars, increase of 5,329 above the preceding week and 3,057 above last year. Report of the Condition of the Western Saving and Loan Association of Indianapolis, Marion County, Indiana, at the close of business on December 31, 1935. RESOURCES Cash on hand and due from the banks $ 67,686.21 HOLC bonds owned .. .. 15.250.00 Other U. S. Government securities owned 68,000.00 Other bonds owned 2.600.00 Mortgage loans 192,750.00 Other real estate—book value 5,600.00 Total $351,886.21 LIABILITIES Book value of installment shares $229,169.09 Book value of loan shares 65,583.78 Contingent fund 27,000.00 Undivided profits 30.133.34 Total $351,886.21 State of Indiana, County of Marion, ss: We. the undersigned officers and directors of the Western Saving <Sb Loan Association, of Indianapolis, Indiana, do solemnly swear that the above statement is true. J. P. FRENZEL JR.. President WM. C. GRAUEL, Secretary OTTO N. FRENZEL. Director CARL H. BALS. Director EUGENE C. MILLER. Director Subscribed to and sworn before me this Bth day of January, 1936. THOS. A. RESSLER. Notary Public. My commission expires April 2, 1936.

LIABILITIES Book value of installment shares . $7,044,834.70 Book value of paid shares 1,503.351 50 Book value of loan shares 164.558.34 Advancements, Federal Home Loan Bank 199.980.00 Borrowed money (commercial banks) None Borrowed money (other than bank* 19.416.34 Contingent fund Bonooo.OO Undivided profits 103,093.18 Contingent reserve for r?al estate sold on contract .' 74,787.47 Reserve for real estate repairs 25.000.00 Reserve for junior liens to HOLC mortgage 48.827.01 Total $9,983,903.52