Indianapolis Times, Volume 47, Number 265, Indianapolis, Marion County, 14 January 1936 — Page 13

Trends Alternate Plans of AAA Wrecked by Decision. BY JOHN T. FLYNN.

NEW YORK. Jan. 14 —Thera 1 s some curiosity as to what has become of the two or three different plans which the Department of Agriculture was said to have worked out before the Supreme, Court's decision, to salvage the AAA in the event of an adverse ruling. The answer to that must be found in the profoundly far-reach-

ing character of the decision itself. Undoubtedly. the decision against the AAA not only scrapped the AAA but whatever plans the department had prepared to save it. One may well doubt if the public has yet grasped a full understand! n g of the true import of this historic case the most important, in fact, since

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Flynn

the famous Porto Rican tariff decision in which the court ruled that the Constitution did not follow the flag to newly acquired dependencies. It Is difficult for the busy man to take the time to read two long opinions and, for that matter, to read them several times in order to come at their true meaning. Nevertheless it is important that citizens should know precisely w'hat our high court has decided. Here, briefly is the point. 9 ana THE court, held that Congress has the power to lay taxes “to promote the general welfare of the United States. ’’ It held further that Congress enjoys only such powers as are granted to tt by the states in the Constitution, but that- in taxing and spending it might spend for any purpose which is for the general welfare of the nation even if that purpose is not within the powers granted in other parts of the Constitution. But it then held that while it might thus spend money it could not annex a condition to the expenditure which would result in giving it the right to regulate some field of society over which it had no special power. Thai is, Congress might tax and spend v money in aid of agriculture—although there is no special grant of power for that purpose. It could do this because this might be held to be for the general welfare. But it could not spend this rponey by giving it to farmers on condition that the farmers submit to regulation by the general government. a a a THE government has no power to regulate agriculture. That power belongs to the states. It can not, therefore, induce farmers by money payments to sign agreements to submit to Federal regulation. This would be “purchasing the power to regulate" which it did not have from the Constitution. And the court held that if it could do this in the case of farmers, it could also purchase the right to regulate every kind of business, local or otherwise, anywhere. The government spends vast sums in aid of education, health, social order. Much of these spendings in the past have been made on jr conditions. What effect will this have on all these practices? But it is clear that it will be difficult for the government to devise a plan for paying money to farmers which involves no conditions. This is what has wrecked the alternative plans. (Copyright, 1936, by NEA Service. Inc.) On Commission Row Rotations below subject to change are average wholesale prices being offered to buyers by local commission dealers: rrutt—Cranberries. C. C Hames. Eatmores, 25-lb box, $4. Pears—Washington D’AnJo. $3.25. Calif avacados, $3.75. Bananas—Seven hands, a pound. 5%c. Persime ns—California, lug. $1.25. Apples— Jonathans. $1.60. IX'licious $1.50. Wealthvs. $1.35; Grimes Golden. $1.25. lemons —Sunkist,- 3605. $7. Grapefruit Texas, fils to 70s, $3.50. Arizona Sunkist. $2.75. Limes—Mexican, a carton 12s. 22c. Grapes —Emperor, lug. $2: fancy Emperor, 34-lb. sawdust chest. $3.75. Vegetables—Beans, green, round stringless bu.. $3.75. Beets—Texas. 3-doz. crate. 81.65 Cabbage—New York Danish. 50-lb. hsg. 85c. Cauliflower—California, crate, $1.75. Celery Michigan, washed and trimmed, lfi stock bunch. 55c; Jumbo, doz , Ssci Cucumbers—Southern, bu.. $6 doz . $1.15. Kale—Virginia, bu.. 75c. Lettuce —lceberg. California, good. $3; homegrown leaf, 15-lb. basket. $1.75. Endive— CaPfornla. basket, $1 Mangoes— Flor da. crate. $5; small basket. $1.40. Mint -Bunch. 20c. Mustard—Home grown, bu.. fiOc. Onions —lndiana yellow. 50-lb bag. $1.15; Indiana yellow, 10-lb. bag, 25c. Parsley— Southern, doz.. 50c. Peas—Telephone, hampers. $2 75; Texas hampers, $2.50. Potatoes—Round Cobblers. 100-lb. bag $1 fiO Michigan Round White. 100-lb. bag $1 60 Early Ohios. bu.. $1.80: Idaho Russets'. *?.35. Sweet potatoes—lndiana Jersey, bu.. $1.85. Radishes—Ohio, button. dJ*.. baskets, 4K@6oc. Sage—Doz.. 45c Spinach --New Texas, bu.. sllO. Squash—Bu $2.50. Tomatoes—Florida 10-lb. basket! Produce Markets The prices quoted are paid for stockgathered in the country, while delivered In Indianapolis the price is a cent higher. Heavy breed hens. 16c; ]*o:horn breed hens, 12c; Leghorn springers, .2c; old stags, 14c; old cocas, 9c. Ducks, white, 5 lbs. and over, 11c: under 5 lbs. 9c; geese full feathered and fat 9 to 14 pounds. 10c: over (4 lbs.. 9c. AM guineas 1% lbs. and up. 2io. Turkeys—Young hens. 8 lbs. and up. 20c: young toms. 14 to 18 lbs.. 17c under 14 lbs. and over 18 lbs.. 16c; old hens. 17c: old toms. 14c No. 1 strictlv fresh loss off. 20c: pullet eggs. 12c F*ch full case must weigh 5S lbs. gross, a deduction of 10 cents a pound under 55 lbs will be made. No. 1 butter 37638 c; No. 2. S4ft 35c. Butterfat 34c. Quoted bv the Wadley Cos. (By United Press! CHICAGO. Jan. 14.—Eggs—Market weak, receipts 7398 cases: fresh graded firsts. 21 %c; extra firsts. 22c; current receipts. 20c; dirties. 17c; checks, 16c. Bat-ter-Market, weak; receipts, 7646 tubs; extra firsts (90-91% seorel. 33%(32%c; extras (92 score t, 33c; firsts 1 88-89 'a scorei, 31%ft31%c; seconds (86-87% 8C^ re '..?°’-sc; specials. 33%@34c; stand- • rda, 3J JI C Poultry—Market, steady; recetßfS,. 29 trucks l car due; ducks. 176 2. ' li,® 15°: spring chickens. 206 21 r at, hens. 20621 c; turkeys. 20622 c; Leghorn hens. 136 17c: old roosters. 16c. Cheese—Twins. 17%®i7%c: Daisies. 17% 18'$e: Longhorns. 17%ft18%c. Dressed poultry—Turkeys, young toms. 27. : young hertt. 37c; ducks, 20c; geese. 17c. Potatoes —Supply moderate: demand slow, market, steady. Idaho Russet Burbanks. *1.806 t? 5: U. 60 Wisconsin Round Whites. $1.2061.25: commercials $lO5 Michigan Green Mountains $1.40. North Dakota Early Ohios. $1.32%ft135 unclassified. sl.lO. Colorado McClures. $1.40 61.50. Nebraska Bliss Triumohs, $1,306 I S*. Arrivals 71, on track 253. shipments 660. f FIBER OUTPUT GAINS I t*c* Special NEW YORK. Jan. 14.—World production of textile fiber during 1935 amounted to 16.600.000,000 pounds, an increase of 1.200,000 pounds from the 1934 total, it was estimated today.

FOOD STOCKS REGAIN FAVOR ON AAARULING Great Concentration of Demand Features Trading. BY ALBERT K. ETTLINGER Times Special Writer NEW YORK. Jan. 14.—That the Street engaged in a buying spree in the biscuit, baking and other food company stocks soon after the Supreme Court made public its decision nullifying the New Deal’s farm policy is putting it mildly—not in recent years has there been such concentrated demand as has been i put in motion. The companies which these stocks represent are more susceptible to slight changes in cost than most others. With the additional burden of the AAA taxes they found the problem of maintaining earnings in 1935 a serious one. despite the increased volume that resulted from general acceleration of the business pace. Biscuit and bread bakers, for example, which operate in a highly competitive field, where price increases can not be made without considerable diminishing of sales, were hardest hit in 1935, as earnings statements show. Profits Due for Rise Such concerns found it difficult to pass along fully to consumers the extra cost burden of AAA processing charges. Now that the Supreme Court has declared the levies unconstitutional, it is logical that profits in 1936 will make a much more favorable comparison with 1935 and that securities will anticipate such betterment. floor professionals were active on the seling side of mail order and merchandising issues. These companies depend to a large extent on farm purchasing power. Apparently, traders sold on the theory that now that the Supreme Court had invalidated the whole Administration agricultural program, the sales gains registered last year might be retarded, or perhaps a downward trend might develop. Followers of utilities, those who have been on the constructive side of this sector for months, have taken on new spirit. Floor Traders Confused Power stocks are doing well at the moment, reflecting the belief that the high court ruling on the TVA will be another blow against New Deal policies. Motor shares reflected increased bear selling and for this reason probably enjoy an improved technical position. Chrysler to date has borne the brunt of this pressure. Shorts in this stock, however, are cautious, recalling costly lessons of the past. Floor traders, according to latest reports, are confused, unwilling to make heavy commitments on either side. It seems that many feel the market may undergo further adjustment, that it will be highly sensitive until all important Supreme Court rulings have been made. UNEMPLOYMENT DROP HALTED IN NOVEMBER 12,194,000 Persons Reported Seeking Jobs During Month. Timex Special NEW YORK, Jan. 14.—After declining for three consecutive months to anew low for the recovery movement, the number of persons unemployed in the United States rose from 12.109.00 J in October to 12,194,000 in November, according to the Alexander Hamilton Institute. The number of persons employed declined from 38,537,000 to 38,476,000. As compared with the corresponding month a year ago, however, the unemployment situation in November showed a considerable improvement with 1,236,000 fewer persons out of work. The number of persons employed in November showed an increase of 1,524,000 over a year ago. The decrease in unemployment was less than the increase because of the gain in the population. TRANSIT REVENUES RISE Journal Indicator Placed at SIO2J>S for Week Ended Jan. 4. Times, Special NEW YORK. Jan. 14.—Transit revenues for the week ended Jar* 4, as reported by a representative group of comp nies, continued to record improver, *nt over last year, the Journal Indicator reported today. The indicator was placed at 102.66 for the week. The “ate of improvement for the week, including the New Year holiday, was slightly lower than that of the preceding week. There was, however, a definite gain compared with a reduction in the corresponding week a year ago. Decreases were irregular. Busigraphs •PRODUCTION OF LUMBER w IN THE UNITED STATES g- 4Q . ■ I '■ ■ ■ 2 LUk.’AE* MFGAS. ASS'n) < i Ul 3 3 0 - -<i Q I c I rn **o -1 —j j - ITJ! m HU jjj I |j jj |Tj| § !II ! j i p l [ l l‘‘l l‘ ; l l-l l j| l liu 1(11THE AfiRKEB COUP. GENERAL D!STRIBUTOS INCORPORATED INVESTORS Another industry—lumber pro-duction--is steadily emerging from the depression. Output in 1935 w*s 75 per cent above the depression low of 1932. Residential building is the largest consumer of lumber, while the furniture industry also comes in for a big share. Both of these industries showed marked gains in 1935. Lumber production is an important industry in thirty of our states, but leads in ten states as to the number of wage earners employed.

Abreast ofHThe limes on Finance

New York Stocks

(By Thomson it McKinnon i 11:15 A Vs Prv Oils— High. Low. N. Y. close. ! Atl Rfg 30U 30>, 30*4 l Barnsda'l 16% IS 1 /* IS 3 * 16 I Consol Oti ... 13’. 13 13’. 13<4 I Com of Dei 37 1 • 37 37V* 36V* i Houston mewi., 10’. 9% 10% 9% ' Mid Cont Pet . 21 7 * 21% 21 7 * 21*4 Ohio Oil 16 s * 16 ’, 16’j 16’ * Pet Corp 147, 14 i, 14% Phillips Pet .... 40V* 39’-. 39’, 39*. Plymouth Oil .. 14% 14 * . 14* Pure Oil 21 20 3 . 21 20V* Royal Dutch ... . . 50% Seaboard Oil ... 35 % 34% 35’* 35% SheJJ Un 17V. 18’. 16% 16’. Bkelley Oil ... 24 23 3 . 24 23>2 S°c Vac 15*4 14% 15% 15% SO of Cal 41% 41% 41% 41% 8O of Ind 36% 36% 36% 36% BOof N J 55 54% 55 54% Texas Corp . 32% 32 32% 31% Tidewater Assn. 16% 16 16% 15% Un Oil of Cal .. 25% 24% 25% 2i% Steels— Am Roll Mills... 31 % 31 % 31% 31% Beth Steel 52% 52% 52% 52% Byers AM 22% 22 22 22% Ludlum steel.. 26% 26% 26% 26 Otis Bteel 16% 16% 16% 16% Rep Iro nit Steel 20 19% 20 19% U 8 Pipe St Fdy 27% 27 27 26% tY <? J* 1 "; 1 ,V ■ ' 4gS/ 48% 48% 48Vi US Steel pfd....119 119 119 119% Warren Bros 6 6 6 6 Youngstn SSt T 46% 46 46% 45Vi Motors— Chrysler 90 88% 90 88% Gen Motor s ... 56’, 55% 55% 55% Graham Mot .. 3% 3% 3% 3% Hudson 16% 16% 16% 16% Hu PP 2% ,2% 2% 2% Mack Truck .... 29% 29% 29% 30 H as . h • 18% 18% 18%, 18% Packard 8% 8 8% 8 Reo 5% 5% 5% 8% Studebaker .... 10% 10% 10% 10% Yellow Truck ... 12V* 12% 12% 12V* Motor Acce**— gendix 22% 22% 22% 22% Bohn Alum 54% 54 54 53% Borg Warner ... 67 67 67 67 Briggs 53 >4 53’4 53’4 53% Budd Mfg 10% 10% 10% 10% Budd Wheel 13’,* 13 13% 12% Eaton Mfg .. 30% 30% 30% 30 Elec Auto Lite.. 38% 377* 38% 37% Elec Stor Bat ... 54 53% 54 53% Murray Bodv .. 18% 18% 18% 18% Stew Warner .. 17% 18 18 18% Timken Roll . 69 68 68% 67V4 Timken Det Axle 14% 14% 14% 14% Mining— Alaska Jun .... IS 7 * 15% 157* 15 7 /, Am Metals 31% 31% 317* 31 Am Smelt 61% 61 61 61 Vi Anaconda 29% 29’% 29*4 29% Cal St Hecla ... 6% fi% 6% 6% Cerro de Pasco.. 54% 54% 54% 55 Dome Mines .... 43% 45% 45% 15% Granby 9% 9% 9% 9% Gt Nor Ore 17 17 17 17 Int Nickel . . 45% 4574 45% 45% Kenneoott Cop 29% 29% 29% 29% Mclntyre Mine. 45% 45% 457, 45% Park Utah 5 4% 5 5 Phelps Dodge .. 25% 25% 25% 2774 Vanadium 23 % 23% 237a 23 Amusements— Croslev Radio . 18% 18 187, 18 Fox Theat .... 25% 257* 257, 25% Loews Inc 54 54 54 54 Radio Corp 13 7, 13 13 13 Paramount 10% 10% 10% 10% HKO ■ 674 6% 67, 6% Warner Bros ... 107, 107, 10% 107* Tobaccos— Am Tobacco A. 98% 98% 9874 97% Am Tobacco B 1017 a 101 V, 1017a 101% Gen Cigars .57% 5774 577* 57% Lig & Myers B 1147a 114% 1147a 11374 Lorillard 25% 25% 25% 25% Reynolds Tob B 577a a7% 577a 57% Rails— Atchison 6974 6974 69% 70% ®* G 177* 18% 1874 18 Can Pacific .... 1174 11% 1134 113/. Ch & Ohio 5474 54 1 54% 543? CM&St P . ... 2% 274 274 2’i CM St St pfd. 4% 47 a 4% 4% Chi N W ... 4 4 4 4 Chi N W pfd .. 9’/a 9% 9% 9% Dela St Hud 17 17 17 17 Erie Pfd 1874 18% 18% 18 74 Get Northern pf 3474 3474 3474 34 2* Central 21% 21’/, 217a 21 M K & T ... 6% 674 674 674 MKSt T pfd .. 177, 17 17 17 Mo Pac 3 3 % 374 31/, Mo Pac pfd .... 7 8 6% 7 8 6% N Y Cent 30 29% 30 3074 N Y New Haven 5% 5% 5% 5% N Y Ont, St West 6% 674 6% 6’Hor Pacific 26*, 26% 26% 26 * Penn RR. 34% 34% 34% 34% Reading 26% 26% 2674 40 Sou R R 1574 15% 15% 15% Union Pac 115 115 115 114% Wabash 314 3% 3% 31/. West Maryland . 9% 9% 974 g3/ 4 Equipments— Am Brake Shoe 48% 48% 4874 4914 Am Loco 267* 267* 267* 26% Am Steel Fdy .. 25% 2574 25% 25% Bald Loco . 4% 4% 4% 43/. Gen Am Tk Car 51% 51 74 51 74 52% Gen Elec 38% 38% 38% 38% Gen R R Sig ... 42% 42% 4274 . Pullman Inc ... 41 40% 41 40% West Air Br 36% 35% 3574 357, Westingh Elec 100 74 100 74 100 74 101 Utilities— Am St For Pwr 8 7% 8 8 Am Power & Lit 974 9% 974 9% A T -St T ... 159 159 159 157% Am Wat Wks 23 22% 227a 22% Comm St Sor ... 3% 3% 3%'t 37* Consol Gas .32 >4 32 % 32% 32% Elec Pwr .* Lit. 7 3 4 7% 774 7% Int TANARUS& T 15% 15 157* 15% Nat Pwr St Lit 1174 11% 1174 11% North Amer .. 27% 27% 277', 28 Pac St E 31% 31% 31% 3174 Pub Serv N. J.. 47% 4774 4774 47 So Cal Edison. 27 26% 26% 27 Std Gas 7% 774 774 77-i Stone St Webster 17% 17% 17% 16% United Corp . . 77* 7% 7% 714 Western Union. 75% 75 75V4 7574 Rubbers— Firestone 25% 25% 25% 25% Goodrich 14% 14% 14% 14% Goodyear 23% 2374 2374 23% U S Rubber 1774 1774 17% 17% Miscellaneous— Allis Chalmers .38 37% 3774 3774 Am Can .. .132 131% 132 132 Am Mach Fdy. 28% 28% 28% 2874 Anchor Cap . 41% 41 74 41% 41% Burroughs Add 28% 2874 28’% 28% J I Case 100% 10074 100% 100% Conti Can 87 86 86 81’4 Crown Cork ... 51% 5074 51V, 50% Curtis Pub . 22 22 *22 22% Curtis Pub pfd. 102 102 102 101% Eastman Kodak 163 163 163 163% Foster Wheeler.. 28% 28% 2874 28% Gillette 17 V* 17 17 17 Inter Harv 58% 58% 58% 5974 Natl Cash Reg . 247* 24 24 24 Rem Rand . 22 7 * 2274 22% 23 Worth'ton Pmp. 26% 267, 267* 2674 Foods— Am Sugar 54% 54% 54% 54 Armour 6% 674 6 % 6% Armour 6% pfd 72 71% 71% 71% Borden Prod ... 2774 27’4 2774 2774 Cal Packing .. 377* 37% 3774 37 Canada Drv G A 15% 15% 15% 15% Cont Bak “A'’... 15% 15% 15Vi 15% Corn Prod 72 72 72 72% Cuban Am Sugar 7 6% 7 6% Gen Foods 35% 35% 35% 35% Gold Dust 19% 19% 19% 20 Loose Wiles 44% 44% 44% 44% Natl Biscuit ... 377, 37 377* 37 3 - Natl D Prod 22% 22% 22% 22% Purity Bak . 17% 17% 17’4 16% S Porto Rico Sug 29% 28% 29’ 2 28% Std Brands .. . 16% 167, 16% 16 Un Biscuit 2774 27% 27% 27% United Fruit ... 68 68 68 67’i First Natl Stores 47% 47% 47% 47V 2 Gimbel Bros 7% 7% 7% 7% Gr Un Tea 5% 5% 514 5 (? Allied Sts 7% 7% 7% 7% Kresge S S ..... 23 s * 23% 23% 23% Kroger Groc ... 28 27% 27% 28 Macy R H .47 47 47 46% Marshall Field.. 12% 12% 12% 12% May Dept St .. 50% 50% 50% 5314 Mont Werd 37% 37% 37% 371. Penney J C ... 76% 76 76% 76% Sears Roebuck.. 62% 62% 62% 76% Woolworth .... 53% 53% 53’* 53% Aviation— Aviation Coro ..’ 4% 4% 4% 4% Boeing Aircft .. 23% 23 23 23V, 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 brokers.) STOCKS Bid. Ask. J. D. Adams Mfg ..... 17 18 Belt RR St Stk Yds com 51 53 Beit RR & Stk Yds 6% pfd .. 53 Central Ind Pow 7% ptd .15 18 Home Tel St Tel Ft. Wn 7% pfd 50% 52 Hook Drug Inc com . 15 17 Ind Sc Mich Elec 7% pfd . 100 103 Indpls Chain Sto Term pfd.. 52% 60 Indpls Gas Cos com ...... 36 40 Indpls Pow St Lt 6 pfd 84 87 Indpls Pow &Lt 6%% pfd .. 89 93 Indpls Water 5% pfd 102 Lincoln Nat Life Ins. Cos 34 37 •North Ind Pub Svc 5%% 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 7% pfd . 36 39 So Ind Gas & Elec fi% P fd\.. 94 97 Terre Haute Elec 6% pfd ... 83 86 Union Title com 20 23 BONDS Atlanta Dlstr Term 6% '4l ... 62% 70 Buffalo Dlstr Term 6<r, *4l .. 70 7* Brooklyn Postal Sta 5%% ’4B .37% 42 Home Tel*Tel FtW 5%% ’35 .103 105 Home Tel&Tei FtW 6% '43 103 106 Indpls Railways Inc *% '67 .. 50% 53 Indpls Water 4%% ’4O 104 106 Indpls Water 5% ’SO Ac ’6O 105 107 Indpls Water 5%% 'S3 % ’54 104 106 Interstate T* T 5%% ’53 ... 941* 97 Kokomo Water Works ‘SB ...104 105% Lafayette Telephone 1% ’s’. .102 Morris 5 Ac 10 Stores 5% 50 99 102 Muncie Water Works 5*4 • .102% - - Noblesvlile HL&P 6% '47 .. .. 97 100 Ohio Tel Service 6* '47 9* Richmond Water Works 564’57 104V4 1M St. Louis Post Office *%% '39 It 25 Seymour Wtr Ist mtg 5% '59 101 104 Terre Haute Water WksS<4 *59 101% 103% Terre Haute Wet Wk* 6'4 *S 103 JOS Traction Terminal 5% *57 .... 70 74 ’3i. dir.

INDIANAPOLIS, TUESDAY, JANUARY 14, 1936

I Curtiss Wright.. 4% 4V 4% 4% I Curtiss Wright. All 10% 10% 11% Douglas Air • ■ 56’/, 55% 55% 56 ! Nor Am Av 7 7 7 7 i Sperry Corp 17% 17 17% 17% j United Air aft N 27% 27% 27% 277, Chemicals—- ■ Coty Inc 6% 6% 6% 6% Lambert 22% 22% 22% 22 3 - Lehn St Fink ... 13% 13% 13% 131, Un Drug (newt . 12% 12% 12% 12% Zonite Prod .... 9 9 9 3% Financial— Adams Exp 11V, 11% 11% ji% Allegheny Corp. . 3V* 3% 3% 3% Am Int C’orp .. 12% 12% 12% 12% Lehman Corn ~ 96% 967* 96% 96V, Transamerica .. 13V* 13% 13% 13% Building— Am Radiator 26’,4 26% 26'/, 28 Gen Asphalt . 31 30% 31 24*, Holland Furnace 33% 33% 33% 33 % Int Cement ... 397* 39% 39% 39% Johns Manville .100% 100% 100% 100% Libby Owens Gls. 48% 48% 48% 48% Otis Elev 267* 267* 267* 26% Household— Col Pal Peet 19% 19% 197* 18% Kelvinator 16% 167* 16% 16% Mohawk Carpet . 21 21 21 21% Proc Ac Gamble . 48 48 48 48' Servel Inc ... 16% 16% 16% 16% Simmons Bed ... 24% 247, 247* 24 Textiles— Amer Woolen ... 9% 9% 9% 97* Belding Hem .14 14 14 13% Celanese Corp . 30’/, 30 30 30V* Collins Aikman 47 46% 46% 46% Gotham Hose .. 10 7 /* 10% 10% 10% Indus Rayon ... 30% 30% 30’, 30V. Kayser Julius 28% . 28*. 28 Vi 28% Pal Silk ... 12% 12% 12V* 12 Chicago Stocks (By Abbott. Proctor Ac Paine 1 11:00 Prcv. _ . _ A. M. Close Berghoff 77., Butler 774 77, A. M Castle 42 Vi 42% Chicago Corporation 5% 5% Continental Steel 42 42 Cities Service 33% 31/i Com. Edison 105 103% - 6% 67, Crane 28 28 Electric House 17% 177% General House !’ 3% jy. Great Lakes 31% 32 Iron Firemen 28 277i r by u 1( 5 5 * 107* Lynch Glass 42'- 42% Noblitt Sparks 32 31 ’i Public Service of Illinois 57 56% Quaker Oats 136 136 Swift- 247, 24 New York Curb (Bv Abbott, Proctor St Paine! 11:30 a.m. Prev. Alucin Cos of Am 101% 101 S % Am Cyanide (Bi 343% 34% Amer Superpower 32% Atlas Corn .. 131/, 131* Axton Fisher Tob s 4 i /2 5434 Can Indus Alco (A) 10% 10 Carrier Corp n iii/. Elec Bond and Share 17'/* 17 Fisk Rubber 7 6 % Ford of Can (A! 25% 25% Imperial Oil Ltd 22 21% Jt? ke Shore Min 53% 54% Nia Hud Pwr 93, 95.. Pan-Amer Airways 50 49 Penn Road 4 4 N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 j Inds. Rails. Util. Bonds. Joday 92. 88.6 104.5 95.3 Saturday 92.6 87.6 104.2 94.8 Week a go 91.8 85.6 103.8 93.6 Month ago .... 91.3 83.2 103.1 92 5 Year ago 86.9 84.7 90.6 B”'* J 935-36 high... 92.6 37.6 104.3 S4!B 1930-36 low' 83.6 71.0 89.3 83 0 (Copyright, 1936, by Standard Statistics/ S. GOVERNMENT BONDS (By Abbott, Proctor St Paine) Treasury* Prev. 1| ' - iQ.n ,n CIOSC, CIOSC. 3*'. H 1.7 111.7 L 4B A?A, 6 - 5 , 6 109.12 109.13 245 108 108 2 L BB 106.29 106.27 Si?* 108.10 108.9 2,Z 4 * J2lH 8 105.24 105.29 3i*‘c 1 o*o~ 104 8 104.3 77/ , I |c-‘cs 103.5 103.9 ?3/c ’ll 5 /*" 6 , 0 -, 100 15 100.13 27*s 1945-47 101.9 101.17 07- H onie Owners Loan Corp. ?' 4S 1840 99 30 99.31 3s J 952 101.7. 101.9 71/. 10 F /, deral Farm Mortgage Corp. 2' 4S 1864 102.25 102.27 2* ia 101.15 101.16 2 - 4S 1847 100.20 101.19 DOMESTIC Prev. Alleg Corp 5$ '44 <*%%% CI 9 °f' Alleg Corp 5s ’49 87 % 88 Aileg Corp 5s 50 56 % 56% Am Frgn Pow 5s 2030 7074 71 Am Tel & Tel 5%s ’43 109 113% Am Tel & Tel 5s ’65 113 113 Arm &Cos (Del) sVis ’43 97 96% Atl Coast Line 4s ’52 99% 991^ Atl Coast Line 4%S ’64 87Va 877* Atch Top St S Fe 4Vis ’4B 111 111 Am Wat Wks 5s ’44 113% I*3 Am Rolling Mills 5s '3B 127% l57'A Balt & Ohio 6s ’95 91 097? Balt & Ohio 4%s ’6O 66’% 65% Buff Roch & Pitt 4Vis ’57 71 6974 Chi Milw & St P 5s ’75 22 21% Chi Milw & St P 5s 2000 8% 8% Cleve Un Term 5s ’73 103% 103 Cleve Un Term 4%s ’77 9774 98% Col Gas 5s May ’52 9974 100 % S° < i as ’ 6l 100 '/< !OC% Can Pac Perp 4s 87% 88 Cent Pac 5s ’6O 95 9314 Big Four 4%s ’77 84% 83 Colorado St So 4%S 'BO 65% 65 Chi & West Ind 4s ’52 10074 100% Chi & West Ind 5%s ’62 10774 107 3/ - Chi St Nor West 474s ’49 15 137, Con Gas 5s ’57 105V* 105% Chesa Corp 5s ’47 12274 121% Del & Huds 4s ’43 81 4 80 N Y Dock 4s ’sl er 68% N Y Dock 5s ’3B 58 59 Erie 5s ’75 74 73% Erie 5s ’67 . 7414 7334 Gen Cable sVis '47 ‘..102% 102 ’A Grt Northern 7s ’36 10274 10274 Grt Northern 4%s ’76 100% ino Grt Northern 4%s ’77 100V* 9974 Hud St Manhat Ref 5s ’57 86 85% I Cent 47*s ’66 67% 66 111 Cent 5s ’63 78% 77% Ir.terlake C*l 5s ’sl 94% 94Vi Interntl Hv Elec 6s '44 51 52 V* Interntl Tel St Tel 4%s ’39 ... 89% 88% Interntl Tel St Tel 5s ’55 8474 82 Interntl Tel St T 1 4%S ’52 82 79 McKess St Rob 5%s ’SO 107% 103% Natl Dairy 5V4s ’4B 103% 103% Natl Steel 5s '56 106% 106% Nickel Plate 41% ’7B 76% 75% Nickel Plate 5%s ’74 *B% 88% Nickel Plate s '35 lon% 100% N Y Cent 5s 2013 87 83% N Y Cent 4%s 2013 (old! .... 81V, 78% Nor Amer Cos 5s ’6l 10$% 104% Nor Pac 3s 2047 75%. 75% Nor Pac 4'is 2047 96% 96% Nor Pac 6s 2047 . . 108% 108% New Orleans Term 4s '53 .... 86 85% Penn Rv 41% 'B4 106% 106% Penn Rv 4Vis ’Bl •*!<**% 106% Penn R” 4%s ’7O 100% 100% Pac G St E 5s ’43 10$% 104% Portland Gen El 4’ -s ’6O 75% 74% Para Publix 5%* ’SO 94% 9$ Penn P & L 4%s ’B4 106% iofi% ostal Tel * Cab 5s '53 37% 36% Rem Rand WW 5%s '47 ....104% 104% Shell Union Oil 5s ’47 103% 103% Sou Pac 4%S ’6B 84’% 83% Sou Pac 4%s 'Bl 8<74 83 Sou Pac 4 1 is ‘69 85 83 Sou Pac 4s ’49 85 84% Sou Rail 4s '56 59% 59% Sou Rail 6s '56 78% 77% Sou Rail fiVis ’56 81 79% Sharon Stl Hoon 5%S ’4B . 103 103V* Texas Pac 5s ’BO 99 % 99 % Texas Pac 5s '79 99 7 * 100 Texas Pac 5s ’77 99% 99% United Drug 5s ’53 99% 100 U S Rubber 5s ’47 104',* 104 NY NH St Hart 6s ’4B 37 36% NY NH Sr, Hart 4A S ’67 36% 35-% Warner Bros 6s '39 88% 88 Western Mary 5%s ’77 107*, 107% Western Marv 4s ’52 97 96% Youngstown S & T 5s ’7O . 10<% 1047* Youngstown S St T 5s ’7B 104 74 105 FOREIGN Argentina A 6s ’57 99 99 Brazil 8s '4l 29% ?9 3 Denmark 5%s ’55 .. 102% 102 Vi German 5%s ’65 28 28 German 7s ’49 387* 37% Italy 7s ’sl 63 60% Japan 6%s ’54 99% 99% Poland 7s ’47 110% 107% Rome 6%s '52 57 55 7 *' Tokio City 5%s ’6l 81% 81 Yokohama 6s ’6l 85% 867* Unlisted Stocks Blyth & Co.l NEW YORK BANK STOCKS Bid. Ask. Bankers Trust .. .... 69% 71% Central Hanover B St T 121% 123% Chase 48% 50 Chemical National 60% 61 3 '. Guaranty 324 33'.'* Irvine : 20*4 22% Manufacturers 53% 55% Cont 111 (Chicago' 132% 135% First National of Boston ... . 5i 52% Natl Shawmut 30% 32% FIRE INSURANCE Aetna Fire 64% 66% •City of New York 31% 33 Federal In* 105 110% Franklin Fire 36 38 Great American Ins 30% 32 s * Hanover Fire Ins 41% 43% Hartford Fire Ins 89 91% •Home Ins 40% 41% Ins CO of N A 78% 81 National Fire 78% 80% North River Ins 29V* 31 Phoenix Insurance 105 107% U S Fire ... 57% 59*4 [ Westchester Fire 40 43 1 •Ex. div.

SILVER IMPORTS TRIPLE; BRITAIN BIGGESTSHIPPER Gold Entries Up More Than 600 Million, Commerce Department Says. By United Press WASHINGTON, Jan. 13.—Silver imports during 1935 were more than triple the amount of 1934, the Commerce Department revealed today. In 1935, $354,531,000 worth of silver entered the country as compared with $102,725,000 in 1934. Exports of silver last year totaled $18,801,000, a slight increase over the 1934 total of $16,551,000. Gold imports for the year increased almost $600,000,000. In 1935, $1,740,979,000 worth of gold entered ihe country, compared with $1,135,671.000 in 1934. Only $1,960,000 worth of gold was exported during 1935. In 1934, $52,759,000 left the country. France Exports Gold During December, gold exports totaled $169,689 as compared with $242,322 in November. Imports of gold last month amounted to $190,179,513, compared with $210,809,729 in November. Silver imports fell somewhat from November when they totaled $60,065,379. Last month > $47,602,525 worth of silver was received in this country. In December, 1934, only $8,710,685 was received. Silver exports continued negligible with only $769,286 worth of the metal leaving the country. In November, $511,864 was exported. Chief shipper of gold in December were France, with $145,388,055; the United Kingdom, with $8,599,521, and Canada, with $9,059,825. The chief silver shipper was the United Kingdom, with $34,326,932. Canada sent $3,518,030 and Mexico, $5,834,743. FLETCHER TRUST GO. DIRECTORS RENAMED Stockholders Hear Yearly Report at Meeting. Fletcher Trust Cos. directors were re-elected at the annual stockholders meeting yesterday. A report of the company’s business during 1935 was read and approved. Directors named were: Henry C. Atkins, Albert Baker, Joseph J. Daniels, William A. Durkin, Carl F. Eveleigh, Frank E. Gates, Hugh McK. Landon, vice chairman of board of Fletcher Trust Cos.; Norman Metzger, Samuel D. Miller, Almus G. Ruddell, Robert F. Scott Jr., George P. Torrence, Stowell C. Wasson, Evans Woollen, chairman of the board of Fletcher Trust Cos., and Evans Woollen Jr., trust company president. Shareholders of the Fletcher Joint Stock Land Bank, a subsidiary of Fletcher Trust Company at a prior meeting elected directors. They in-! eluded: Henry C. A*kins, Albert Baker, Joseph J. Daniels, William A. Durkin, Carl F. Eveleigh, Frank E. Gates, Hugh McK. Landon. Norman Metzger, Samuel D. Miller, Almus G. Ruddell, William B. Schiltges, First Vice-President Fletcher Trust Cos., and President of the Joint Stock Land Bank. George P. Torrence, Stowell C. Wasson, Evans Woollen and Evans Woollen, Jr. VALUE OF 50 STOCKS CLIMBS 3.52 PER CENT Total Placed at $17,911,010,125 for Week Ending Jan. 11. Times Special NEW YORK, Jan. 14.—The market value of 50 representative stocks listed on the New York Stock Exchange at i.he close of the week ended Jan. 11 amounted to $17,911,010,125, an increase of $630,999,875, or 3.52 per cent, compared with the preceding week. Paul H. Davis & Cos. announced today. The total value in the previous week amounted to $17,280,010,250. At the close of the corresponding week a year ago the same 50 stocks l.ad a market value of $11,674,798,625, indicating an increase of $6,236,211,500, oi 53.42 per cent for the year. Timex Special CHICAGO, Jan. 14.—Twenty-five representative stocks listed on the Chicago Stock Exchange for the week ended Jan. 11 had a market value of $902,178,125, an increase of $33,167,625, or 3.82 per cent, compared with the preceding week, it was announced today. EVANSVILLE DEPOSITS INCREASE $6,000,000 Business Improvement Shown in Monthly C. of C. Barometer. Times Special EVANSVILLE. Ind., Jan. 14. Bank deposits at Evansville at the end of December amounted to $46,620,795, compared with $40,417,280 listed at the end of the corresponding month a year ago, an increase of $6,000,000, or 15 per cent, according to the monthly barometer of the Chamber of Commerce, released today. Other signs of prosperity included in the report were a sharp gain in building permits and postal receipts. Building permits during the month were valued at $120,164, compared with $14,525 in the same period of 1934, while postal receipts amounted to $60,787.61, against $53,321.16, respectively. FRUITS AND VEGETABLES (By United Press) CHICAGO. Jan. 14.—Apples—Michigan, bushel. Mclntosh. 75c@J!.50. Carrots Illinois, bushel. 25r30c. Sweet potatoes— Tennessee, bushel. 85fi90c. Beans—Florida, bushel, 81.7541.3.30. Cabbage—Sacks, per owt.. 81 ft 1.10. Peas—California, bushel hampers, 83.35e2.9A. Spinach—Texas, bushel. 50ce81.15. Lettuce—Western crates. 5 doz.. Cucumbers Florida, bushel. 82.250.5. Celery—Michigan square crates. 50C051.10. CaultBower. crates, 81.2501 50. Tomatoes Mexico, lags. 81.75®2.25. Onion market • 50-lb. sacks!: Western Valencias. 81.250 1.30: niinols yellows. 63® 90c: Michigan yeUows. 66c 081: Indiana veliows. 81st 1.05. Colorado yellows. 81.1001.12%.

MOVEMENT OF PRIVATE CAPITAL CHARTED

sew.* " , I- r —r<— '-*•* CoRPORiTt Inmtsn —c—- =^-i — ——! ■•* "-■L B.M *'*** T* — I i.iM r * M ] * rijAlfW A ND ftfFUNOIN&j — ♦j* —r ‘YlCoupomte /asufol—--2 j - \l ! -J *•••*■ V; f— f —r l '** o © *= V\ j * £,.*** {<s£ClM/77f£ PftOVIWM&|-\\ iA/fw Corporate Funds \ 3 \' ® J 44 —V A i- ’ JTJO > V *409 O JM — Y Vi 36 V f 2do nit *23 ‘l* ?ir T* 17 '3B ’if ’SO it da *JJ ti s 'JS rfii

To what extent wilkfjrivate capital in 1936 resume its normal function of supplying industry and trade with the golden stream of power that makes the wheels go round? Technically there are several factors that point toward substantial renewal of investment in private enterprise this year. The chart is on a logarithmic scale to show rate of change. Although the amount of new capital investment is still very small, the increase is aimost as rapid as for both new and refunding.

INCORPORATION PAPERS FILED BY 2 PERU FIRMS Indiana Loan, StariVard Cabinet Organize for 50 Years. Times Special PERU, Ind., Jan. 14.—Incorporation papers have been filed at Peru with Frank Dunn, recorder, for two firms, the Indiana Loan Cos. and the Standard Cabinet Manufacturing Cos., it was announced today. Both incorporations are for a period of 50 years. Peru resident agent for the loan company is Herbert L. Howard, who, accbrding to the articles of incorporation, started business with paid-in capital amounting to $20,000. The firm is incorporated to issue 4300 shares of stock with a par value of $65,000. Paid in capital of the Standard Cabinet Cos. amounted to SSOO with 100 shares of capital stock of no par value. Earnest W. Theobald is president of the company which engages in the manufacture of furniture, radio cabinets and similar products. KOKOMO MONEY ORDERS, POSTAL SAVINGS GAIN Deposits Increase 4 Per Cent Over 1934 Period. Times Special KOKOMO, Ind., Jan. 14.—Both postal savings and money order departments of the Kokomo postoffice showed a sharp increase during 1935, compared with figures of the preceding year, it was announced today. Postal savings deposits at the end of the year amounted to $712,344, compared with $682,917 at the end of 1934, an increase of $29,427. Money order clerks handled a total of $766,856.43 in orders during 1935. against $68,131.80 in the preceding year, an increase of $83,724.63. Fees charged by the postoffice for handling the money orders increased approximately $1,155.72 over the same period a year ago. The total number of money orders issued during the year was 73,167, a gain of 12,995. Stamp receipts for 1935 showed an increase of $16,435.52. LOCAL MEN AT MEETING Hatfield Representatives Attend Newark Sales Parley. I. G. Kahn and R. E. Hoshaw, representatives of the Hatfield Electric Cos., Indianapolis, are attending the annual sales convention of the Carrier Engineering Corp. in Newark, N. J., where approximately 500 air-conditioning experts from all parts of the country are gathered. Sales of the Carrier dealers during 1935 were reported 83 per cent ahead of the previous year, and 25 per • e '"it in excess of the quota. The rele- 0/ new buying power for comr..( cial refrigeretion units in the lood processing industries was forecast as a result of the death of the AAA program. Other Livestock (By United Press! CHICAGO, Jan. 14.—Hogs—Receipts. 30.000, including 10.000 directs; mostly 10 to 20 cents: spots 25 cents lower than Monday’s average; early top 89.95: some higher; bulk 170-250 lbs.. 89.750:9.90, 2£3340 lbs. mostly. $9.65®9.85; better grai'ie 140-160 lbs., $9.6009.85: good lightweights sows, $8.90. Cattle—Receipts. 9000; calves, 2000; very dull and weak to unevenly lower market on most killing classes; few loads outstanding steers and yearlings promised to sell steady at sl3 upward with ton well above sl4. but general run cattle selling at sl2 downward; 25 cents off; even common kinds under pressure: heifers steady to weak, scarce; other she stock tending lower; cows ruling 15 to 25 cents down lor week to date; bulls 10 to 15 cents lower: vealers 25 to 50 cents off; stockers easy. Sheep—Receipts. 13,000: fat lambs opening slow; generally aski.-.g around steady and refusing lower bids early; good to choice native and fed western lambs bid $10.50 and less: now asking $10,750-10.85 and above; sheep about steady; native ewes. $5.50 down. FORT WAYNE. Ind., Jan. 14-Hogs, steadv to 10c lower; 160-180 lbs.. $10: 180200 lbs.. $9.90; 200-220 lbs., $9.80; 220-240 lbs.. $9.70; 240-260 lbs.. $9.60 : 260-280 lbs.. $9.45: 280-300 lbs., $9.25 : 300-350 lbs $9-140-160 lbs.. $9.65; 120-140 lbs.. $9.40; H)0120 lbs.. 59.15; roughs. $8; stags. $6.25. Calves, sl2. Lambs, $10.50. LAFAYETTE, Ind., Jan. 14.—Hogs—Market, 10<g.25c lower: 170-210 lbs.. $9.90010-210-235 lbs.. $9.7009.80; 235-260 lbs. $9 50 09.60; 260-325 lbs.. $9.1509.40; 100170 lbs.. $9 0 9.50; roughs. $8.50 down. Calves. sll down. Lambs, $10.25 down. (Bv Times Special) LOUISVILLE, Jan. 14.—Cattle—Receipts. 300: salable supply slaughter cattle light; killing quality plain; market slow but generally steady with Mondav; bulk common to medium steers and heifers. $5.50 06.75: very little available of quality to sell above $7. but good fed offerings quotable upwards of $8: bulk beef covs. $4.75 0 5.75: practical top. $6: most low cutters and cutters. $3.5004.50; sausage bulls, generally $506; light beef type stockers and stock calves, [email protected] choice to $8.25 or better. Calves—Receipts, 200; market not fully established: indications steady to in spots 50c lower than Monday: most interests talking slOOll on good to choice vealtrs. and 89 down on medium and lower grades. Hogs—Receipts. 700: market. 15c lower; top and bulk better 160-200-lb. weights. *9.90: 205-250 lbs.. 89.60: 255-300 lbs.. 89.05: 305 lbs. up. 88.60; 120-155 lbs.. 88.80: sows. 87.85. Sheen— Receipts. 100: salable supply very light; mostly natives slaughter sheen and lambs; market generally steadv; bulk medium to good natives salable 89010: plainer grades including bucks. 86.5008.50; bulk fat ewes. 84 down. Chicago Grain Futures (Bv James E. Bennett St Co.l 11:00 Prev. Wheat— High. Low. A. M. close. Mav 1.00% .99% 1.00 l.ofl Julv 98% 88% .89 .88% j Bept 87 7 .87% .87% .87V, j Corn—- ; Mav 60% .59% .60% .59% j Julv 60% 80% .60** .60 s , j Sept 60% .60% .60% .60% Oats— May 28% .28 .28 .28 I Julv 27% .27% .27% .27% i Sept 28% J6 7 * .26% .26% j RyeMay ........ .53% .53% .53% .53% I July $3% .33% .53% .53%

Five Cents a Loaf! For the first time in two years a pound loaf of bread today sold for 5 cents in Chicago. A chain store organization announced the rut from 6 to 5 cents resulted from reduced flour prices following AAA invalidation.

PAGE 13

PORKERS AGAIN DROPHKENTS Cattle Mostly Unchanged: Veals, Lambs Remain Stationary. A sharp increase in receipts today at the Indianapolis Union Stockyards resulted in another general decrease of 10 cents in porker prices. Today’s session, however, was practically a continuation of yesterday's market. * The total supply was estimated at 8000, compared with 6000 on hand yesterday. Under pressure of the liberal supply demand showed signs of weakness, resulting in the downward movement. Holdovers numbered approximately 168. The bulk of 160 to 225 pounds cashed in at $lO to $10.15. The latter also acted as the top price. Others, scaling 225 to 260 pounds, brought $9.70 to $9.90, while 260 to 350 pounds, ranged from SS.3O to $9.60. Lightweights, 140 to 160 pounds, held at $9.65 to $9.90, while 100 to 140 pounds were salable at $9.15 to $9.40. Packing sows remained at $8 to $8.75. Prices of slaughter steers were irregular in the cattle market, with other classes around steady. Early steer sales ranged from $6 to $lO, while some held above sll. A single load of heifers sold at $9. The bulk ranged downward from SB. Bulls sold at $5 to $6.25. Receipts were 2200. Vealers continued stationary, with the bulk of good and choice grades selling at $11.50 to sl2. Receipts numbered 800. Lambs u’ere fully steady and improved quality was considered. Bulk of fed western kinds sold at $10.85, while clipped lambs brought $9.50 to $9.75. Slaughter sheep sold at $3.25 to $4.50. Receipts were 2500. HOGS ’ ror) - Receipts. 8. $10.20 010.35 $10.35 8000 9. 9.85010.00 10 00 7000 10. [email protected] 10.35 5000 11. [email protected] 10 35 2000 12. 10.10010.25 10.25 6000 13. [email protected] 10.15 8000 Light Lights (140-160) Good and choice $ 9.65010.00 Medium 9.250 9 75 (160-180) Good and choice.. 10.00010.15 Medium .■ 9.50010.00 (180-200) Good and choice., in. ooo 10.15 Medium 9.50010.00 (200-220! Good and choice. 10.00010 15 (200-2501 Good and choice. 9.80 0,10.00 Hcsvywcijhts (250-290) Good and choice $ 9.50 0 9.80 (290-350) Good and choice . 9.150 9.50 Packing Sows (275-350) Good 8.000 9.00 • 350-425) Good 8.350 8.75 (425-550) Good 8.25 0 8.60 ,275-550) Medium 8.000 8.35 Slaughter Pigs (100-140) Good and choice. 9.150 9.65 Medium 8.50@ 9.40 CATTLE —Receipts, 2200 (500-900) choice SIO.OO 012 00 Good 8.50 011.50 Medium 6.750 8.75 Common 5.25@ 7.00 (900-1100) Choice [email protected] Good [email protected] Medium 7.00 0 9.00 Common 5.250 7.00 (1100) Choice 12.00013.00 Good [email protected] Medium 7.25 0 9.25 (1300-1500) Choice 12.25012 25 Good 9 [email protected] Heifers ,‘SOO-750) Choice 9.25010 25 Good 8.000 9.25 Common and medium .. 4 50 0 8 00 i750-900l Good and choice .. B.oo@lo 50 Common and medium .... 5.000 8.00 Cows Choice 6 50@ 7 00 Good 5.50 0 6 50 Common and medium 8.500 650 Low cutter and cutter 4.500, 550 Bulls good 6 250 675 Cutter, cam. and med. bulls.. 4.250 625 VEALERS " —Receipts, 800— Good and choice $11.00012 00 Medium 3.500 11.00 Cull and’ common 4.00 0 8.50 Calves (250-500) Good and choice .. 7.00010 00 Common and medium 4.500 7 00 Feeder and Stocker Cattle (500-800i Good and choice.. 7.00@ 825 Common and medium 4.75® 700 (800-1050) Good and choice . 7.00® 850 Common and medium 4.75@ 7.00 Cows G° o<l 4 50 0 5.00 Common and medium ... 3.75@ 4.50 SHEEP AND LAMBS —Receipts. 2500 Lambs. 90 lbs. down, good and choice $10.250 10.75 Gcod 10.000 10.50 i Medium 9.00010 00 Common 7.50® 9.00 Ewes •90-125) Good and choice . 4.00@ 503 Common and medium 3.000 400 Yearling wether, good choice 9.000 9.50 Medium 7.000 9.00 USUAL DIVIDEND DECLARED NEW YORK, Jan. 14.—Directors of Foreign Bond Associations. Inc., j have declared a dividend of 75 cents a share on common stock, payable Jan. 15 to stockholders of record i Jan. 8, it was announced today. \

-WE BUY. SELL, , and gladly furnith quotations on: Bondi of thi United Statu Govrnmtnt, Iti TimtoriM and Imular Possmioni Hem* Ownin' Loan and Land Bank Bonds Indiana Municipal and Corporal* Securitin Oimral Markit Securities Indianapolis Band and Share Corp. 129 EAST MARKET STREET a

ill. S. CITIZEN'S 'REAL' INCOME UP 10 PER CENT Average American Better Off Last Month Than Year Ago. J Times Special | MINNEAPOLIS. Jan. 14,-Th# average American, because his cash | income from either wages or salary and investments rose faster than his living expenses, was nearly 10 per cent better off in real income on Dec. 1, 1935, than on the same day I year earlier, according to the conjsumers' study made by Investors ■ Syndicate today. j Real income—that is. the relationI ship between actual earnings and living costs—during the 12 months rose 9.99 per cent. Actual income : advanced 15.08 per cent, thanks to gains of 25.36 per cent in wages, : 16.09 per cent in salaries and 4.71 | per cent trom investments. Actual cash expenditures, in tha same period, were up 4.58 per cent, | the gains of 9.52 per cent for housing, 9.12 per cent for foods and 0.53 per cent for general expenditures i being held down by the decline of 1 3.70 per cent in clothing prices, j which resulted from reduced cloth- ! ing sales caused by unseasonal j weather. Wages have increased the most of ; any form of income in the 12-month period previous to Dec. 1. 1935, being at the highest level covered by the Investors Syndicate study. Wages, of course, had farther t go, since that form of income suffered most during the depression ; years. Salaries held up somewhat l better than wages, but by far the most stable form of income during I these years was that derived from | investments. MODINE CO. DOUBLES QUARTERLY DIVIDEND • La Porte Firm Expected to Earn $4 a Share in 1935. Times Special LA PORTE, Ind., Jan. 14.—Following the declaration of a 50-cenfc dividend doulbing the rate paid in 1934, the Modine Manufacturing Cos., LaPorte, is expected to show earnings in excess of $4 a share for 1935, it was announced today. The dividend is payable Feb. 1 to stockholders of record Jan. 20. Although the annual report is not expected to be released until February, current indications are that earnings will approximate $400,000 on 100,849 shares of capital stock outstanding. In 1934 the company earned $228,525, or $2.26 a share. 1 General improvement in the com- | pany’s business for 1935 is reflected I in the substantial increase in earn- ! ings, especially in the closing months of the year. The company, it is said, attained new records in earnings during November and December. The company increased it quarterly rate to 25 cents on Feb, 1, 1935. FORT WAYNE TO HOLD 12 BUSINESS MEETINGS : Community Leaders to Outline 1938 Booster Program. Times Special FORT WAYNE. Ind., Jan. 14. A series of 12 group business meetings are being held in the Chamber of Commerce here this week. The purpose of the meetings is to prepare a progressive booster program for the city for 1936. The sessions, which began yesterday and will continue through Thursday, will be conducted by Chamber of Commerce leaders and j prominent workers in community ; affairs, and will be attended by S representatives of various business I and professional fields. The meetings are scheduled to be held three times daily, lasting approximately 45 minutes, according to Charles Biederwolf, Chamber of Commerce secretary. “We want this to be a popular | community program, not just a Chamber of Commerce drive,'* Thomas J. Kelly, president of the Chamber, said. FOOD CONSTRUCTION UP Contracts Valued at $18,655,000 for Year Ended Dec. 31, 1935. Timas Special NEW YORK. Jan. 14.—Awards for construction in the food industries totaled $19,655,000 in 1935, compared with $20,674,000 for 1934, Food Industries reported today. Last year the beverage industry led with $6,030,000, milk products was second with $3,174,000 and meat products held third position with $2,235,000. For December, 1935. the total was $1,760,000. Milk products led with $1,000,000 and beverages was second with $600,000. Money and Exchange INDIANAPOLIS STATEMENT Clearing* $2.918 030 D* l ”* 6,113.000 TREASURY STATEMENT (By United Press) WASHINGTON, Jan.. 14.—Government expenses and receipts for the current fiscal year to Jan. 11, as compared with a year ago: This Year. Last Year. Expenses. $3,978,278,306.98 $3,737,995 662 4J Receipts 2 002.436.915.06 1.961.110 369 09 Deficit . 1.975.791.391.92 1.776.885.293 31 Cash bal. 2.153.219.860.65 2,501.833.580 27