Indianapolis Times, Volume 47, Number 266, Indianapolis, Marion County, 15 January 1936 — Page 13

Trends Arguments on War Causes Become Obscured. BY JOHN T. FLYNN

YORK, Jan. 15.—The argument about who caused the war gets a little obscured. Some say It was the international bankers and munition makers. Mr. Morgan says it was no such thing, that we were drawn into the war by the ruthless suDmarine warfare. First of all. no one, I believe, has seriously charged that the bankers

ever set out to drag this country into war. They did not begin their allied financing and merchandLs in g operations as part of a conspiracy to force America into the conflict. Also there is little doubt that it was the submarine warfare of Germany which was the proximate or immediate cause of our going into

Flynn

the war. But the proximate or immediate :ause of a war is seldom, if ever, the real cause. The war in Europe was not begun because Germany mobilized or because Russia mobilized first. It was not started by the murder of the archduke in Sarajevo or by Austria's ultimatum to Serbia. a a a THE real cause lay deeper than that. There was a war started once by a pirate cutting a button off the coat of an English sailor. England and Portugal fought for some years, presumably over that. But of course that w r as not the cause of the war. That was merely the spark which touched off the explosion or the final incident in a series of incidents which made war inevitable. Now the real cause of our entry into the war was this: that we built a huge industry and a great commercial expansion upon the European war. We were in a de--pression in 1914. War started in Europe. The belligerents wanted guns, powder, cotton, chemicals, money. We stationed ourselves around the fighters and sold them weapons and supplies. By 1917 we were in a great state of prosperity but that prosperity was built entirely on the war. More important, it was built entirely on trade with one set of belligerents, because the other set had no means of buying from us. Our sympathies had been largely on one side. But now our interests were on that side, so much so that the prosperity of every factory and merchant was bound up in its success. # n v TYECAUSE we chose to build our prosperity on war trade—essentially a transient thing—and on trade to one side, it was inevitable that the other side woul<} take measures to interfere with this trade which had become essential to the life of the Allies. It was our war trade which provoked the cruel and shameful submarine warfare. And of course it was the submarine which brought us into the war. But it was merely the last of a series of events and circumstances which did so. The wise men will look for the beginning of that series. The Senate hearings reveal them plainly. As soon as war or pestilence or disaster of any kind starts anywhere there are some men who ask, what can we do to prevent such catastrophes? There are others who ask—what can we do to make money out of this? This is what the Morgan firm and other bankers asked. So they went after the British and French trade, worked to get the government to withdraw its prohibitions. They got the trade. They made millions. That was the first event. The submarine was the last. (Copyright, 1938, by NEA Service. Inc.l On Commission Row Quotation* below subject to change are average wholesale prices being offered to buyers by local commission dealers: Fruit-Cranberries. C. C Hames, Eatmores, 25-lb box. $4. Pears—Washington D'AnJo, $3.25. Calif atacados, $3.70. Bananas—Seven hands, a pound. 5%c. Persimons—Ca'ifornia. lug. $125. Apples— Jonathans. $1 60. Delicious $1 50. wealthvs. $1.35; Grimes Golden, $1.25. Lemons Sunklst, 3605. $7. Grapefruit Texas, 61s 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 Du.. $3.75 Beets—Texas. 3-doz. crate. $165 Cabbage—New York Danish. 50-lb. bag. 86c. Cauliflower—California, crate, $1.75. Celery Michigan, washed and trimmed. 16 stock bunch. 55c; Jumbo, doz., 85c. Cucumbers—Southern, bu., $6 doz. $1.15. Kale—Virginia, bu., 75c. Lettuce grown leaf. 15-lb. basket. $1.75. Endive— California. basket, $1 Mangoes— Florida, crate. $5; 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. 2oc. ParsleySouthern, doz., 50c. Peas—Telephone, hampers. $3.75; Texas hampers. $2.50. Po-tatoes-Round Cobblers. 100-lb. bag. $1.60 Michigan Round White. 100-lb. Early Ohlos. bu., $1.80; Idaho Russets, $2 35. Sweet potatoes—lndiana Jersevs, bu.. $1.65. Radishes—Ohio, button, doz.. baskets, 454760 c Sage—Doz.. 45c. Spinach —New Texas, bu.. sl.lO. Squash—Bu.. $2.30. Tomatoes—Florida. 10-lb. basket. $1.25. Produce Markets The prices quoted are paid for stock gathered in the country, while delivered in Indianapolis the price is a cent highSr. Heavy breed hens, 16c: leghorn breed ens. 12c; Leghorn springers, 12c; old stags, Me; old cocas, 9c. Ducks, white, 5 lbs. and oveit 11c; under 5 lbs.. 9c; geese full feathered and fat 9 to 14 pounds. 10c; over 14 ,bs - 2 C - AU Buineas 1% lbs. and up. 20c. Turkeys—Young hens. 8 lbs. and up, 20c: voung toms, 14 to 18 lbs., 17c under 14 lbs. and over 18 lbs., 16c: old hens, 17c: old toms. 14c No. 1 strictly fresh eggs, loss off. 19c; pullet eggs. 13c Each full case must weigh 55 lbs. gross, a deduction of 10 cents a pound under lb -* "““Of No. 1 butter 37®38c; No. 3,14035 c. Butterfat, 32c. Quoted bv the Wadlev Cos. (By United Press) CHICAGO, Jan. 15. Eggs Market irteady, receipts, 7314 cases; fresh graded firsts, 21 lie! extra firsts. 22c; current redb’pts. 20: dirties, 17c; checks. 16c Butwr—Market weak; receipts. 7840 tubs; extra flms (90-91*.• score). 3l%<i3i%c extras (92 score), 32c; firsts (88-89% score) SI3I *<o- seconds (86-87*2 score). 30%c; specials. 33%®?30: standards, 32. Poultry —Market steady: receipts 21 trucks. 1 car due; ducks. 17®23c: geese, 14® 15c spring chickens. [email protected]%e: hens, 16*i20%c turkevs, 2G@37c; Leghorn hens. 13®17e- old roosters, I6c. Cheese—Twin*. 17%®i7%c Daisies, m?®l%c: Longhorns ’7%® 18 c. Dressed poultry—Turkevs. voung tomi, 2<c younsr henr 37c: duck*. 20c Sees*. ITo. Potatoes -Supply, moderate' emond alow: marker, dull Idaho Russet LMrbanks. S! 85® 1321. : U S No 2 . Wixonsin Round Whites. $1.25! Colorado McClures. St 40® 155. Nebraska Bliss Triumph*. SI 30. Arrivals 81. on track 255, shipments 555,

RESEARCH FOR MAGNET ALLOY IS INTENSIFIED Great Lifting Power Proves Factor in Widespread Commercial Use. BY HOWARD CARSWELL Times Special Writer NEW YORK, Jan. 15.—The success of General Electric Cos. research in developing Alnico, the permanent magnet alloy of aluminum. nickel and cobalt, which lifts 60 times its own weight, today directed attention to the 'achievements of others in development of high i strength magnets of comparable lifti ing power. Thus far the only producer under license is the Simonds Saw and Steel Cos. at Lockport, N. Y. Two or three others are expected to be licensed, including the Crucible Steel Cos. of America. Alnico contains the same three metals, but in different proportions, of a similar high strength but high cost of the permanent magnet invented by Prof. Mishima of Japan, These alloys, however, must be cast and can not be formed. Invention of Japanese While lifting power depends on physical design as well as on materials used, there are two other permanent magnets notable for their great strength and high cost. They are known as the Honda and Koester magnets and can be hot-rolled and formed. j The Honda alloy was invented some years ago by K. Honda of the Tokio Imperial University. His magnet researches have been outstanding. The Honda alloy has 35 per cent cobalt, 4 per cent tugsten and 6 per cent chromium. The Koester magnet is a German product which is too new to have commercial significance. It is an alloy containing molybdenum, cobalt and iron. Permanent magnets are not to be confused with electro-magnets of so-called “electrical” steels. While both may perform the same functions when necessary they are entirely different alloys. The electromagnet is of “soft” iron alloy and must be energized by a direct current. The permanent magnet stands on its own and is made of “hard” materials to give it the ability to retain its magnetism. Bell Pre-eminent User Permanent magnet steels probably approximate $2,000,000 in sales volume, supplied as a raw material, with at least 95 per cent being of the low-cost hard steel alloys of inferior magnetic strength. The Bell Telephone System is the pre-eminent used of permanent magnets in telephone receivers, where high strength magnets are significant because less weight and size are necessary, and less speech current required. For years the Bell Telephone Laboratories have researched on this subject under the direction of I. C. Pettit. Other big commercial uses are in magnetos, radio loud speakers, direct current testing instruments and many others. The producers are tool steel manufacturers.

8 ELECTED TO BOARD 0E MUTUAL FIRE CO. Indianapolis Policyholders Hold Annual Meeting. Seven directors of the Mutual Fire Insurance Cos. of Indianapolis were re-elected for a period of two years at the annual meeting of stockholders, it was announced today. Anew director was appointed to fill the vacancy caused by the recent death of Otto Wagner. Those elected are Louis Shelton, Louis C. Brandt, Henry W. Walters, Charles D. Brooking, Stanley A. Keller, Herman Stumph, Anton Schakel and John H. Henley. Six members of the board whose terms extend another year include Henry C. Baase, Edward F. Kramer, Fred Schmidt, William Terfz, Carl F. Brandt and Herman Kehlbeck. The annual meeting of directors is to be held Monday in the offices of the company in the Indiana Trust Building. Mr. Wagner, who died a short time ago, served for 25 years as a member of the board, and during the last five years as president. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,380,900 Debits 7,054.000 TREASURY STATEMENT (By United Press) WASHINGTON. Jan. 15 Government expenses and receipts for the current fiscal year to Jan. 13, as compared with a year ago: This Year. L' at Year. Expenses. $4,011,835,262.32 $3,762,997,830.62 Receipts 2,013.679.247.68 1.966.040.737.14 Deficit . 1.998.156.014.64 1.796.957,093.48 Cash bal. 2.130.069,653.02 2.480,902.611.99

Busigraphs

NEW MACHINE TOOL ORDERS (machine tool BUILDER? ass’n) 190 1 |Kff eo"UnE' is'thK "past TEN YEARS AVERAGE OF THE SAME MONTHS f7Tt 2 100 4 -Rt 3 --jlLp rfifllfSf THE BARKER CORP. GENERA*. DISTRIBUTORS INCORPORATED INVESTORS

An excellent indicator of future activity among some of our “durable’ industries is the index of new machine tool orders. The chart shows you what has happened in this direction. New machine tool orders in November were seasonally less than October, but 79 per cent greater than a year ago. In the first 11 months of 1935 orders went ahead of the same 1934 months by 91 per cent. Evidently many factories are anticipating a greater 1936.

- 7? - * • v ~" 1 :- ..-■ -.v-* Abreast of The Times on Finance

, COMMODITY PRICES Ih^’™^] 1 | 1 | 1 1 1 1 gs 1 ~\_ \ m ao 70 70 7* J c--60 '— *AW MATERIALS l M 2 50 1 50 ii t - to 1 1- j 40 i ! I 1932 ' * *"T933 ‘ 11 1934 ‘ 1935 ‘

There was very little change in the level of commodity prices in November as compared with the preceding month. Raw materials rose to 78.9 per cent of the 1921-1928 average in November for 78.8 per cent ir October. On the other hand, prices of semi-manufactured goods declined to 74.7 per cent of the 19211928 average in October. Prices of finished products remained unchanged at 84.1 per cent.

New York Stock Exchange Prices

(By Thomson & McKinnon) Prev. Oils — High. Low. Close, close. Amerada 84 84 84 84% Atl Rfg 30% 30* 30% 30Va Barnsaal! 17*2 16% 17V* 16% Cont of Del . 37% 37 37V 37 Houston (new). 11% 11 Vi ll’/i 11 Mid font Pet 21% 21% 21% 2z Ohio Oil 17*2 174-8 17Vi 17*4 Phillips Pet 41 % 40 3 ,40% 40*2 Plymouth Oil .. 15V* 15 15% 15 Pure Oil ... 21 20% 20% 21 Seaboard 0i1... 36 35 36 34% Shell Un 17Vi 17 Vi 17',i 17*4 Skolley Oil .... 24 23% 24 23% Sdc Vac 16*3 16 Vs 16*/ 2 16 S O of Cal 42 41% 4? 41% S O of Ind ... 36% 36% 36% 36% 8 O of N J ... 55 54% 55 54% Texas Corp .. 33*2 33% 33% 33 Tidewater Assn 16% 16% 16% 16% Ur. Oil of Cal .. 25% 25% 25% 25% Steels— Am Roll Mills .. 31*4 31 31*4 31% Beth Steel 52% 52% 52% 52 Byers AM ... 22% 22% 22% 22% Col Fuel & Iron 6% 6% 6% 6% Inland Steel .103 103 103 102*2 Ludlum Steel . . 27% 27% 27% 26% McKeesport Tin 117 117 117 117 Natl Steel 71 70% 71 71*4 Otis Steel 16*4 16 16*4 16% Rep Iron & Steel 20 19% 20 19% U S Pipe & Fdy 27 26% 26% 26% U S steel 48% 48% 48% 48% Youngstn S& T 45% 45% 45% 45% Motors— Chrysler 90% 90 90 89% Gen Motors ... 56* > 55% 56% 55% Graham Mot ... 3% 3% 3% 3% Hudson 16% 16% 16% 16% Hupp 2 Vi 2% 2% 2% Mack Truck . . 29% 29% 29% 29% Nash 18% 18% 18% 18% Packard 8% 8 B*4 8 Reo 5% 5% 5% 5% Studebaker 10% 10% 10% 10% Yellow Truck ... 12% 12% 12% 12% Motor Accessories— Bendix 22% 22% 22% 22*4 Bohn Alum 53% 53% 53% 53Vi Borg Warner .. 67% 67% 67% 67 Briggs 53*4 53*4 53*4 53 % Budd Mfg 10% lO'/i 10% 10% Budd Wheel 13% 13% 13% 13% Eaton Mfg .... 29% 29% 29% 29% Elec Auto Lite.. 38% 38% 38% 38*4 Houdaille B .29 28% 29 29 Mullins Mfg ... 14 14 14 14% Murray Body ... 18% 18% 18% 18% Stew Warner .. 18% 18 18% 18*4 Timken Roll ... 68% 68*4 68*4 68% Timken Det Axle 14% 14% 14% 14% Mining— Alaska Jun ... 15% 15% 15% 15% Am Metals 31% 31 % 31% 31'4 Am Smelt 61% 61% 61% 61*4 Anaconda 29% 29*4 29 % 29*4 Cal & Helca ... 6% 6% 6% 6 5 Cerro De Pasco. 55 55 55 55% Dome Mines ... 44% 44% 44% 43% Granby 9% 9% 91 2 952 Gt Nor Ore ... 17*4 17% 17*4 17 Howe Sound ... 52% 52% 52% 52% Ins Copper 6*4 6% 6% 6% Int Nickel .... 46*4 46% 46*4 46*4 Kennecott Cop.. 30*4 30 30 30 Mclntyre Mine . 45% 44% 44% 451, Park Utan 4% 4% 4% 4% Pnelps Dodge... 29 28% 29 28 St Joe Lead ... 24% 24% 24% 25 U S Smelters .. 95*4 95 95*4 95 Vanadium 24% 24*4 24% 23% Amusements— Croslev Radio . 18% 18% 18% 18*4 Fox Theat 25% 25% 25% 25% Loews Inc 52% 52% 52% 53% Radio Corp 13*4 13 13*4 13*4 Paramount 10% 10*4 10*4 10% RKO 6% 6% 6% 6*4 Warner Bros ... 10 9% 10 10 Tobaccos— Ligg & Myers B 116% 116 116% 115% Lorillard 25% 25*4 25% 25% Phillip Morris 68*2 68% 68% 68% Reynolds Tob B 57% 57*4 57% 57%

Rails— Atchison ....... 7014 7014 7014 7014 Atl Coast Lines. 32 32 32 32 B& o 18% 18% 18% 18% Can Pacific .... 11% 11% 11% n% Ch & Ohio 55 54% 54% 55 Chi &Gt W pfd 8% 6% 6% 6% CM*• St P 2% 2% 2% 2% C M & St P pfd 5 4% 4% 4% Clil N W .... 4% 414 414 41* Dela <% Hud .... 39% 39 395^ Del Lac & W ... 17% 17% 17% 17% ,. 12*4 12% 12% 12% Gft Northern pfd 34% 34 34% 34% ’-’Central .... 21% 21% 21% 21% Lehigh Valiev in 10 10 9% , OU r, & o Nash •■ • 64, i 64% 64% 63% M K & T 7% 7% 7% 7% MK & T pfd .. . IR% 18% 18% 18 Mo Pac 3*2 3 j 2 3 j 2 3 3 Mo Pac .... 7 7 7 - 6 3 i N Y Cent . 30% 30% 3n% 29% N Y New Haven 5% 5% 5% 5% N Y Ont. & West 6% 6% 6% 6% Nor Pacific .... 26% 26% 26% 26% Penn R R 35 34% 34% 35 Sou Pac 27>4 27 27 27 Sou R R 15% 15% 15% 15% Union Pac 116% 116% 116% 116 West Maryland . 9% 9% 9% 9% Equipments— Am Car & Fdv . 33% 33% 33% 33% Am Loco 27 27 27 26% Am Steel Fdy 25% 25 25% 25 Bald Loco . .. 5% 5% 5% 5% Gen Am Tk Car 52% 52% 52% 52 Gen Elec ... 38% 38% 38% 38% Gen R R SiR 42 42 42 42% Pullman Inc 42 41% 41% 41% West Air Br .. 38 37% 37% 36% Westingh Elec ..101 100% 100% 100 Utilities— Am & For Pwr .8 7% 8 7% Am Power & Lit .9% 9% 9% 9% Am Wat Wks . 23% 23% . 23 Col Gas & Elec . 15% 15% 15% 14% Comm & Sou ... 3% 3% 3% 3% Consol Gas .. 33% 32% 32% 32% Elec Pwr * Lit.. 7% 7% 7% 7% Int TANARUS& T . 15% 15% 15% 15% Nat Pwr & Lit 12% 12% 12% 12% North Amer 28% 28% 28% 28% Pac G & E ... 33 33 33 32% Peoples Gas . 47% 47% 47% ’ 46% Pub Serv N J . 48% 48% 48 s * 48% So Cal Edison ..27 27 27 26% Std Gas $ 8 8 7% Stone & Webster 17% 17% 17% 17% United Corp . 8 7% 8 7% Un Gas Imp 19 18% 19 18% Ut Pwr & Lt A 3% 3% 3% 3% Western Union . 76% 76% 76% 75% Rubbers— Goodrich ...... 14% 14% 14% 14% Goodyear 23% 23% 23=4 23% U S Rubber 17% 17% 17% 17% U S Rubber pfd 53 53 53 51% Miscellaneous— Allis Chalmers 37% 37% 37% 37% Am Can 131% 131% 131% 131>Am Mach & Fdv 29% 29% 29% 29% Brklyn Man Tr 42% 42% 42% 42% Burroughs Add 28% 28% 28% 28 Caterpillar Tract 55% 55% 55% 55% Crown Cbrk . 54% 53% 53% 53 Curtis Pub ... 22 22 22 21% Deere 6r Cos ... 55% 55% 55% 55% East Kodak 163 163 163 163 Gillett 18% 17% 18% 17% GlWden 54% 53% 54% 54 4 Inter Harv .... 58% 58% 58% 6ai Natl Cash Reg 24% 24% 24% 24% Owens Bottle 146 146 146 145 Rem Rand 23% 23% 23% 23% Worthington Pm 26% 26% 26% 27 Foe Is— Am Sugar 57% 58% 58% 56% Amour 6% 6% 6% 6% Armour 6% pfd 72% 72% 72% 72 Beatrice Cream 20% 20% 20% 20 Bordtn Prod . 27% 27 27% 27% Cal Packing 36*. 36% 36% 36% Can Dry G Ale . 14% 14% 14% 14% Cont Bak “A" 15% 15% 15% 15% Com Prod 72% 72% 72% 71% i Crm of Wheat- 37% 37% 37% 37% I Cuban Am Sugar 7% 7% 7% 7% ! Gen Baking 13% 13% 13% 13% 1 Gen Foods 35% 35% 35% 35% Gold Dust 19% 19% 19% 20 | G W Suear 32 32 32 32 I Loose Wiles . .. 44% 44% 44% 44% I Natl Biscuit .... 38% 38% 38% 38 Natl D Prod . 23 23 23 23% Purity Bak 17% 17% 17% 16% I S Porto Rico Sug 31% 31 31% 30% Std Brands 16% 16% 16% 16% lUn Biscuit .. 27% 27% 27% 27% Wafd Bak ‘B’ 2% 2% 2% 2%, Wriglev 78 78 78 78% Retail Store*— Assd Dry Goods 14% 14% Gimbel Dr os ... 7% 7% 7% 7% Gr Un Tea 5% 5% 5% 5% Allied Stores . 7% 7% 7% 71Jewel Tea 59 89 59 59 Kresge S S 23% 23% 23% 23% Kroger Groc ... 27%, 27% 27% 27% Macy R H 47 47 47 46%

INDIANAPOLIS, WEDNESDAY, JANUARY 15,1936

! McLellan St 13% 13% 13% 13% May Dept St .. 50 V* 50% 50'/* 50*4 Mont Ward 37 36% 37 36% Natl Tea 1C 10 10 10% Penney J C . ... 75% 75% 75% 75% Sears Roebuck.. 62 61% 61% 62% Woolworth 53Vs 53V* 53V* 53 Aviation— I Aviation Corp .. 4% 7% 7% 4 3 4 Boeing Aircft .. 23% 23 23*4 23 Curtiss Wright.. 4*4 4V4 4% 4*4 Curtiss Wr 'A'.. 10% 10% 10% 11 Douglas Air .... 55% 54% 54% 55 Nor Am Av 6% 6% 6% 7 Sperry Corp . ... 17V 4 17 17*4 17% Uni Aircft New. 27% 27% ... 27*4 Chemicals— Air Reduction . . 187% 187 187% 186 Allied Chem 166 166 166 165% Am Com Alcohol 30*4 30 % 30 % 29 % Com Solvents .. 21% 21% 21% 21*4 Du Pont 141% 141*4 141*4 141*4 Freeport Tex ... 34% 34% 34% 34% Liquid Carb .... 41 41 41 40% Math Alkali . ... 31% 31% 31% 31% Natl Dis (newl. . 29V* 23 29*4 29'/* Schenley Dist .. 48% 48*4 48*4 48 Tex Gulf Sulph 35% 35% 35% 35% Union Carbide 76 75% 76 75% U S Ind Alcohol 44*4 44*4 44*4 44 V* TV. Y. Bonds (Reprinted From Late Times Osterday) XT. S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Treasurys . Prev. Close, close. 4'As 1947-52 115.14 115.8 4s 1944-54 111.10 111.7 3%S 1946-56 109.14 109.12 3%s 1940-45 108.2 108 3%s 1943-47 107.31 106.29 3%s 1941-43 108.13 108.10 3'As 1943-45 106.12 106.6 3 Vis 1941 108.24 108.23 3*is 1944-46 105.30 105.24 3*/*s 1946-49 104.11 104.6 3*/*s 1949-52 104.5 104.2 3s 1954-55 103.4 103.3 3s 1946-48 103.13 103.5 2%s 1955-60 100% 100.15 2%s 1945-47 101.18 101.19 Home Owners Loan Corp. 2%S 1949 99.31 99.31 3s 1952 101.10 101.3 Federal Farm Mortgage Corp. 3s 1949 101.16 101.16 3s 1947-49 102.1 102 2 3 As 1947 100.20 100.19 DOMESTIC Prev. Close, close. Alleg Corp 5s ’44 94 93% Alleg Corn 5s 49 88 ** 87% Alleg Corp 5s 'SO 57% 56% Am Frgn Pov 5s 2030 71** 70% Am Tel & Tel 5s ’65 113% 113 Arm & Cos (Dell sVis ’43 97% 94 Atl Coast Line 4s ’52 100*4 99*4 Atl Coast Line 4%s ’64 88 87% Atch Top & S Fe 4Vis ’4B 110 Vi 111 Am Wat. Wks 5s ’44 114% 113% Am Rolling Mills 5s '3B 126 127% Balt & Ohio 6s ’35 93 91 Balt & Ohio 4%s ‘6O 67Vi 66Vi Buff Roch & Pitt 4%s ’57 ... 72 71 Chi Milw &StP 5s ’75 22% 22 Chi Milw fz St P 5s 2000 9% 8% Cleve Un Term 5s ’73 103% 103% Cleve Un Term 4Vis ’77 97% 97% Col Gas 5s May ’52 100% 99 3 i Col Gas 5s ’6l 100 100% Can Pac Pern 4s 87% 87% Cent Pac 5s ’6O 95% 95 Big Four 4%s ’77 85% Colorado & So 4%s ’BO 67Va* 60% Chi & West Ind 4s ’52 101 100% Chi & West Ind sVis ’62 ....107*’* 107% Con Gas 5s ’57 . . . 105 ,2 105/* Chesa Corn 5s 47 124 J 22% Del & Huds 4s ’43 81% 81 N Y Dock 4s ’sl 69 69 N Y Dock 5s ’3B 58 58 Erie 5s ’75 74% 74 Erie 5s ’67 ?5 74% Grt Northern 7s ’36 102% 102% Grt Northern 4%s ’76 109 !? J 92 Grt Northern 4%s '77 100% JOO'/i Hud & Manhat Ref 5s ’57... 84% 86 111 Cent 4%s ’66 67% 67% 111 Cent Jt 4Vis ’63 74 74 111 Cent 5s ’63 78% 78% Interlake C&I 5s ’sl 94% 94% Interntl Tel & Tel 4%s ’39... 90% 89% Interntl Tel & Tel 5s ’55 ... 86% 84% Interntl Tel & Tel 4%s ’52... 82% 82 P Lorillard 7s '44 132 131 McKess & Rob 5%s *SO 103% 103*4 Natl Dairy s'As ’4B 103% 103% Natl Steel 5s ’56 . 106*2 106% Nickel Plate 4*is ’7B ~.. 77% 76% Nickel Plate 5%s ’74 89% 88% Nickel Plate 6s ’35 101 '2 100% N Y Cent 5s 2013 83* i 87 N Y Cent 4’as 2013 (old) 82% 81% Nor Amer Cos 5s ’6l 100 104% Nor Pac 3s 2047 75% 75% Nor Pac 4Vis 2047 97% 06-4 Nor Pac 6s 2047 108'* 108% New Orleans Term 4s ’53 .... 87 3 s 86 Penn Ry 4%s 'B4 106% 106% Penn Rv 4%s 'Bl 106% 106% Penn Rv 4%s ’7O 101 100% Pac G & E 5s ’42 104% 104’i Portland Gen El 4*is ’6O .... 74% 73% Para Publix 5%s ’SO 93% 99*2 Penn P & L 4%s 'Bl 106% 106% Postal Tel & Cab 5s ’53 37% 37% Shell Union OF 5s ’47 .103% 103% Sou Pac 4’is ’6B 85% 81% Sou Pac 4* is 'Bl 55Vi 54% Sou Pac 4%s '69 85% 85 Sou Pac 4s ’*9 36% 85 Sou Rail 4s ’36 59% f.9% Sou Rail 6s ’56 78 78% Sou Rail 6*,is '56 ... 81% 81 Sharon Stl Hoon 5%s ’4B 103 103 Texas Pac 5s ’BO 99*i 99% Texas Pac 5s ’79 99% 99% United Drug 5s ’53 99 09% U S Rubber 5s ’47 104*4 104% NY NH sic Hart 6s ’4B 38 37 NY NH H3rt 4%s ’67 37 36% Warner Bros 6s ’39 88 % 88% Western Mary 5%s ’77 107% 107% Western Marv 4s ’52 97*4 97 Youngstown S & T 5s ’7O 104% 104% Youngstown S & T 5s ’7B 104% 104 3 A FOREIGN Argentina A 6s ’57 99 99 Argentine B 6s ’SB 98% 98% Brazil 8s ’4l 30% 29% Denmark 5%s ’55 102 102% German 5%s ’65 28% 28 German 7s ’49 38*4 38% Italy 7s ’sl 63% 63 Janan 6* is ’54 100 99% Poland 7s ‘47 ...111*4 1.1% Rome 6‘is ’52 56% 57 Tokio City 5%s ’6l 85% 85%

Local Securities i 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 & Stk Yds com 51 53 Belt RR & Stk Yds 6'". pfd... 53 Central Ind Pow 7% pfd 16 19 Home Tel & Tel Ft. Wn 7% pfd 50% 52 Hook Drug Inc com 15 17 Ind & Mich Elec 7% pfd ...100 103 Indpls Gas Cos com 36 40 Indpls Pow & Lt 6 pfd .. 85 83 Indpls Pow <fe Lt 6%90 pfd ..90 94 Indpls Water 5% pfd 102 Lincoln Nat Life Ins Cos ..... 35 38 North Ind Pub Svc s%?fc pfd 70 74 North Ind Pub Svc 671 pfd . 77 81 Progress Laundrv com 8 10 Pub Svc of Ind 6<7 pfd .17 20 Pub Service of Ind T r c ofd . 41 44 So Ind Gas <fc Elec 6% pfd 94 97 Terre Haute Elec 6C pfd . 83 86 Union Title com ... 20 23 BONDS Atlanta Dtstr Term 67# '4l .. 62% 70 Brooklyn Postal Sta 5%% '4B . 37% 42 Home Tel&Tel FtW 5%% 35 .103 105 Home Tel&Tel FtW 6 <7c '43 103 106 Indpls Railways Inc 5% '67 . 51 54 Indpls Water 4%% '4O 104 106 Indpls Water 'SO <fe '6O . 105 107 Indpls Water 5%7. '53 s .'34 .104 106 Interstate TANARUS& T 5%% '53 ... 94% 97 Kokomo Water Works 'SB ...104 105% Lafayette Telephone 5% ‘57 .102 Morris 5 & 10 Stores 5% 'SO 99 102 Muncie Water Works 5% '65 .102% NoblesvUie HL&P 6% ’47 .. .. 97 100 Ohio Tel Service 6% 47 95 Richmond Water Works 5*4'57 104% 106 St. Louis Post Office 5%% '3B Iff 25 Seymour Wtr Ist mtg 57, '59 101 104 Terre Haute Water Wkss% *56 101% 103% Terre Haute Wat Wks 6". *49 103 105 Traction Terminal 5% ‘57 .... 70 74 •Ex. div.

Drugs— Coty Inc 6% 6% 6% 6% Lambert 22% 22% 22% 22% Lehn & Fink ... 12% 12% 12% 13* 4 Sonite Prod ... 9% 9 9 9 Financial— Adams Exp 11% 11% 11% 11% Allegheny Corp.. 3% 3% 3% 3% Am Int Corp ... 12% 12% 12V* 12% Chesa Corp .... 66 66 66 65 7 - Transamerica... 13% 13% 13% 13 Tr Conti Corp... BV* 8% BV* 8 Building— , Am Radiator ... 26% 26% 26% 26% Gen Asphalt ... 32 31V* 32 31% Holland Furnace 33*4 33*4 33% 33V* Johns Manville 101 Vi 101 Va 101 >2 101 Libby Owens Gls 49% 49% 49% 49*4 U S Gypsum ... 89% 89 89 90 Ulen Cons 6% 6% 6*4 6 Household— Col Pal Feet ... 19% 19% 19% 1934 Congoleum 43% 43% 43% 43** Kelvinator ... . 18 17% 18 17% Mohawk Carpet . 21*4 21% 21*4 21V* Proc & Gamble . 48 48 48 48 Servel Inc 16% 18% 16% 16% Simmons Bed ... 24% 24*4 24% 24% Textiles— Ainer Woolen .. 9% 9% 9% 9% Celanese Corp.. 30% 30% 30% 30% Gotham Hose .. 103* 10% 10% 10% Indus Rayon .. 31% 31% 31% 31% Chicago Stocks (By Abbott, Proctor & Paine) 11:00 Prev. ~ A. M. Close. Allied Products 22% 22*Berghoff 7% 7% Butler Bros 7% 7% Chicago Corp 5*4 5% Conti Steel 42 42 Cities Service 3% 3% Com Edison 110 106% Cord 6% 6% Crane A ... 27*4 2C Elec House 17% 17% Gen House 3Vi 3% Grt Lakes 32 32% Iron Fireman 28% 28*4 Lynch Glass 41% 42% Noblitt Sparks 32 31% Pub Servos 111 58*4 57% Swift 24% 24 V* Swift Int 34% 34 Zenith 12% 12*4 New York Curb (By Abbott, Proctor & Paine.) 11:30 A. M. Prev. , N. Y. Close Alumn Cos of Am 101 99% Am Cyanide “B” 34% 34 Am Superpower 3% 3% Atlas Corp 13% 13% Axton Fisher Tob 54*4 54 Carrier Corp 11 n El Bond & Share 17 3 4 17% Fisk Rubber 7 7 Ford of Can ’’A’ 25% 25% Hiram Walker 31% 32% Imperial Oil Ltd 22% 22Vi Lake Shore Min 52% 52% Newmont Min 85 82 Nia Hud Pwr 9% 9% Pan-Am Airways 50Vi 50% Penn Road 3% 4 Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS t, , __ , Bid. Ask. Bankers Trust 66 68 Central Hanover B & T 120 122*4 Chase 42% 44% Chemical National 55Vi 57% Guaranty 296 301*4 Irving 17V, 19% Manufacturers 49 50% Cont 111 (Chicago) 131 Vi 133% First National of Boston 48% 50% Natl Shawmut 29% 31 Vi FIRE INSURANCE Aetna P%re 65Vi 67% ♦City of New York 31 33 Federal Ins 104 110*4 Franklin Fire 35 37 Great American Ins 30% 32% Hanover Fire Ins : 41 43 Hartford Fire Ins 89% 91% ♦Home Ins 39% 41% Ins Cos of N A 80% 82% National Fire 78% 81 North River Ins 104% 107V* U S Fire 59 61 Westchester Fire 40% 42% ♦Ex. div. Chicago Grain Futures (By James E. Djnnett & Cos.) 11:00 Prev. Wheat— High. Low. A, M. _ close. May 1.00% 1.00% 1.00%“-.99% July 89% .89*i .89% .89 Sept 88*2 .88*4 .38% .87% Corn— Mav 60% .60% .60*4 .60 July 60% .60*2 .60*2 .60% Sept 60% Oats— May 28 27% .28 .27% July 27*4 Sept 26% .26% .26% .26% RyeMay 54% .54% ,54%8 .53% July 54% .54 ,54%8 .53% Sent 53% B—Bid. LOCAL CASH MARKET Citv grain elevators are paving 95 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new No. 4 yellow 48 cents and oats 19 cents. FRUITS AND VEGETABLES (By United Press) CHICAGO. Jan. 15.—Apples—Michigan, Mclntosh, bushel, 75c<5.51.50. Carrots— Illinois, bushel, 25@30c. Sweet potatoes— Tennessee, bushel. 85@90c. Beans—Florida bushel. [email protected]. Cabbage—Sacks, per hundred weight. 51W1.15. Peas—California, bushel hampers. $2.25® 2.90. Spinach— Texas, bushel. 50c@$l. Lettuce—Western crates. 5 doz., Cucumbers— Florida, bushel. $2.65®4.50. Celery—Michigan. square crates, 65c(551.15. Cauliflower —California, crates. $1.35® 1.50. Tomatoes —Mexican lugs. $1.50® 2.50. Onion market (50-lb. sacks) —Western Valencias, •1.30© 1.32%; Illinois yellows. Michigan yellows, Psc<gsl; Indiana yellows, $1; lowa whites, 85c.

New Business Books Available at Library The following new business books are now available at the business branch of the Indianapolis Public Library: THE PRINCIPLES OF ECONOMIC PLANNING. bT G. D. H. Cole. The system which he suggests resembles a modified guild socialism with planned distributiop of incomes. PSYCHOLOGY IN BUSINESS AND INDUSTRY, br John G. Jenkins. The oft-quoted remark that psychology has a long cast but a short history is nowhere more acorcoriate than in consideration of that curiously heterogeneous field known as “applied psychology.” MODERN FEATURE WRITING, by H. L. Harrington and L. A. Greenberg. A rewriting of a former text book on feature writing bv Professor Harington. Director of the Medill School of Journalism of Northwestern University. OPPORTUNITIES IN LIFE UNDERWRITING, romp, by Research and Beriew Service of Indianapolis. Designed to guide the man who is seeking a permanent and Drofltabie life-time career. MODERN PUBLICITY: COMMERCIAL ART ANNUAL. 19.V.-3S.

WARBURG HITS ROOSEVELT IN TALK TO G. 0. P, Former New Dealer Warns Against Continuation of ‘Dictatorship.’ B'j United Prest CHICAGO, Jan. lo.—James P. Warburg, New York banker and economist, today foresaw a continuation of the trend toward an American dictatorship if President Roosevelt is re-elected, and urged the Republican Party and the voters to stop it. Speaking before 1200 membjrs of the Chicago Association of Commerce, Mr. Warburg said the Republicans could do much worse than merely adopt the Democratic Party’s 1932 platform with the promise tc keep it. After tracing the rise of post-war dictatorships through the widespread desire for national selfsufficiency, he said: Six-Point Platform “In the election next November it is clear that Mr. Roosevelt must stand for a continuance of the world-wide trend away from democracy toward dictatorship. If he is re-elected it seems inevitable that the trend will continue farther—just how far no one can tell.” Mr. Warburg then made his sixpoint recommendation for a platform for the Republican Party: 1. “A government which will not confuse its functions with tho.se of the Deity.” 2. Select a candidate of “integrity, courage, reasonable intelligence, steadfastness of purpose and principle.” 3. Recognition of the necessity for reform but not the rubber-stamp kind of hasty legislation driven through Congress; rather a careful study by non-partisan authorities. 4. An absolute pledge that the government will live within its income. 5. Abolition of the alphabetical bureaucracy. 6. Admission of the farm problem without promising an immediate solution.

URGES USE OF GOLD PROFIT TO PAY DEBT Winthrop W. Aldrich Sees Way to Cut Reserves. By United rress NEW YORK, Jan. 15.—Winthrop W. Aldrich, chairman of the board )f Chase National Bank, largest bank in the United States, today urged use of the government’s gold profit to pay off part of the national debt when the tide of the gold flow turns toward Europe. He made this suggestion in his annual report to stockholders as a means of reducing the tremendous excess reserves of the Federal Reserve system which now totals more than $3,000,000,000. In connection with his discussion, Aldrich pointed out that his bank’s deposits at the end of 1935 had risen to a record high at $2,075,121,OSI, against $1,709,792,375'at the end s)f 1934. At the same time earnings of the bank declined from $16,509,109 in 1934 to $15,340,189 in 1935. REPORTS GOOD SALES Indianapolis, South Bend Maintain November Levels in December. Indianapolis and South Bend are among the cities maintaining levels that were generally very close to those of November, while wholesale collections and sales conditions showed a definite resistance to possible seasonal declines in December, according to a report made today by the National Association of Credit Men. The survey covered 93 cities. Forty-nine cities reported good collections, and 47 good sales. Only nine were found in the slow collections column and three were in the slow sales column. India 7 ipolis and South Bend, however, reported both good sales and collections.

GOLD VALUE 35 MILLION Times Special CHICAGO, Jan. 15. Approximately 1,000,000,000 ounces of gold valued at $35,000,000,000 has been mined in the United States since 1800, according to figures compiled today by J. W. Finch, director of the bureau of mines. Other Livestock (Bv United Press* CHICAGO, Jan. 15.—Hogs—Receipts. 23.000. including 8000 directs: slow: mostly 5 to 10 cents higher than Tuesday's average: a part of early 10 to 20-cent advance lost: early top $10.15; bulk. 180-250 lbs., $9.90®10: 260-300 lbs., largely $9.8009 95better grade 240-170 lbs.. $9.60® 9.95: best sows, $9. Cattle—Receipts. 11.000: calves 1500: strictly good: choice and prime steers scarce: fairly active, steady; bulk such kinds selling at $12.50 upward: several loads. sl3® 14.25: extreme top. earlv. $14.40. some held higher: lower grade steers in excessive supply; mostly 25c lower at $10.50 downward: lower grade heifers and practically all cows uneventlv weak to 25c lower: better grade heiefers steady: best yearling heifers selling up to $11.10: bulls easy: vealers steady; practical top sausage bulls. $6.35. Sheep—Receipts, 8000: fat lgmbs very slow; indications around steady; generally asking stronger: asking $10.85® 11 on better grades; as yet few bids; sheep steady; native ewes. $4.75®5.50; feeding lambs scarce: quotable steady. FORT WAYNE. Ind., Jan. 15—Hogs, steady: 160-180 lbs., $10: 180-200 lbs.. $9.90; 200-220 lbs., $9.80 : 220-240 lbs.. $9.70: 240260 fts.. $9.60: 260-280 lbs.. $9.45; 280-300 lbs.. $9.25: 3£.0-350 lbs.. $9; 140-160 lbs., $9.65: 120-140 ids.. $9.40: 100-120 lbs.. $9.15; roughs. $8: stags, $6.25. Calves. sl2. Lambs. $10.50. By Times Special.) LOUISVILLE. Jan. 15.—Cattfe, receipts 300; salable supply slaughter cattle ligr.t: killing quality plain: demand fairly dependable; market mostly steady; bulk common to medium steers and heifers $5.50® 6.75: common dairybred and off-colored kinds down to $5.00; good fed offerings quotable to SB.OO. and above: bulk beef cows. $4.75®5.75: practical top, $6.00: low cutters and cutters mostly. $3.50©4.50; sausage bulls. $5.0006.00 according to weight and quality- most light beef type Stockers and stock calres. $5.75® 7.75: choice to $8.25 or better. Calves, receipts, 175; market steady; bulk good to choice grades $10.00011.00: medium and iower grades. $9.00: down to around $4.50. Hogs, receipts, 600: market 10c higher: top and bulk oetter 160-200 lbs.. $10.00: 205-250 lbs.. $9.70: $255-300 lbs.., $9.15; 305 lbs., up. $8.70; 120-155 lbs., $8.90; sows. $7.95. Sheep, receipts. 250; native slaughter sheep and lambs steady: nothing done on fed westerns: bulk medium to good native lambs. $9.00© 10.00: good to choice fed westetus considered salable around $10.50; plainer grade natives including bucks, $6 50® 8 50; most fat eves, $4.00 down.

Diamond Turnover Doubles Amsterdam's leading diamond dealers report turnover of rough diamonds during 1935 doubled the 1935 total because of the increased demand from industrial sources and for small stones from America .

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BLASTS NEW DEAL

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Jafoes P. Warburg;

HOGS DISPLAY UNEVEN TREND Heavy Kinds 5 to 30 Cents Higher; Others Steady to Lower. A two-way trading range developed in the hog market today at the Indianapolis Union Stockyards. Lightweights and medium neavy grades were steady to around 5 cents lower, while heavier kinds weighing above 225 pounds were salable at 5 to 30 cents higher than yesterday's best average. Pressure from the recent heavy supplies was lifted somewhat today when receipts were estimated at only 5000, compared with 8000 in the preceding session. The sharp decrease stimulated demand and trading was fairly active throughout the session. ‘Holdovers numbered 13G. The bulk of 160 to 225 pounds cashed in at $lO to $lO.lO, while extreme heavies, ranging from 275 pounds and upward, were salable at $9.45 to $9.75. In the lightweight division, slaughter pigs from 100 to 160 pounds sold at $9.50 to $9.75. Packing sows brought $8 to $9. Early developments were slow in the cattle market, especially in slaughter classes, where a lower tendency prevailed. Early trading, however, was confined largely to finished steers weighing around 1925 pounds, selling at $13.25, and some small lots of all classes. Many early bids were around 25 cents or more lower. Receipts were 1500. Vealers again continued unchanged, with the bulk of good and choice grades selling from $11.50 to sl2. Receipts were 600. Lambs were generally 25 to 50 cents lower, salable mostly at $10.50 down. Few held at $10.75, while slaughter sheep ranged from $3.25 to $4.50. Receipts were 1500.

HOGS Jan. Bulk Top. Receipts. 9. $9 85® 10.00 SIO.OO 7000 10. [email protected] 10.35 5000 11. [email protected] 10.35 2000 12. 10.10® 10.25 10.25 6000 13. 10.10® 10.15 10.15 8000 14. 10.00® 10.00 10.10 5000 Light Lights (140-160) Good and choice $ 9.50®10.00 Medium . 9.00® 9.60 1 160-180) Good and choice.. 10.00® 10.10 Medium 9.50® 10.00 (180-200) Good and choice . 10.00010.10 Medium . ... [email protected] (200-220) Good and choice . 10.00®10.10 (220-250) Good and choice. 9.90® 10 00 Heavyweiehts (250-290) Good and choice 9.75® 9.90 ,290-350) Good and choice.. 9.45@ 975 Packing Sows (275-350) Good B.oo® 9.00 (350-4251 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 00® 9.50 Medium 8.50® 9.25 CATTLE —Receipts, 1500— (500-900) choice $10.00@12 00 Good 8.50® 11.50 Medium 6.75® 8.75 Common 5.25® 7 00 (900-1100) Choice 11.75Q13.00 Good 9.00® 12 00 Medium 7.ro® 9 00 Common 5.25® 7 00 (1100) Choice .* 12.00® 13 00 Good . 9.25® 12.00 Medium 7.25® 9 25 %300-1500) Choice ]2.25@12 25 Good 9 25012.25 Heifers (500-750) Choice 9.25®10 25 Good B.oo® 8.25 Common and medium ... 4.50® 800 ,750-9001 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 8.50® 650 Low cutter and cutler 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 $1100@12,00 Medium 8.50® 11.00 Cull and common 4.00® 8.50 Calves (250-500) Good and choice .. 7.00®10 00 Common and medium . 4.50® 7 00 Feeder and Stocker Cattle (500-800i Good and choice . 7.00® 825 .Common and medium .. 4.75® 7.00 (800-1050) Good and choice . 7.00® 850 Common and medium 4.75® 7^oo _ Cows Good . 4 so® 5.00 Common and medium 3.75® 4.50 SHEEP AND LAMBS —Receipts. 1500— Lambs. 90 ibs. down, good and Ghoice • *lO 00® 10.75 Good 9.50® 10.00 Medium 8.75® 9.50 E common 7.00® 8.75 ’9O-125) Good and choice 4 00® 5.00 Common and medium 3.00® 400 Yearling wether, good choice 9.00® 9.50 Medium 7.00® 9.00 PROFIT EQUALS $4,21 Times Special NEW YORK, Jan. 15.—Net profit of the Endicott-Johnson Corp. for the year ended Nov. 30, 1935 amounted to $2,117,403 after all charges, depreciation and taxes, it was announced today.

Thomson & McKinnon MEMBERS NEW YORK New Inrk Stock Exchange. TARfiVTD * VeW York Curb Kxcha n-*-Dac - New Vork Co,ton Exchange. BOSTON New York Coffee and Sugar Exchange SOUTH BEND d|| New Orleans Cotton > xchange. pep WAYNF Chicago Stock Exchange W 4 VClfll T 17 Chicago Board of Trade \ AINo VlLiLdi# Winnipeg Grain Exchange Indianapolis Office And other leading Exchange* 200-214 Circle Tower LI. 5501

OFFICERS AND DIRECTORS OF BANKSRENAMED Three National Institutions Operating Here Hold Elections. Depositors of the three national banks operating in Indianapolis today studied results of elections of officers and directors of the institutions held at the annual stockholders meetings yesterday. Q. G. Noblitt, president of the Noblitt-Sparks Industries. Inc., was named a director of the American National Bank, succeeding Frank H, Sparks, who resigned recently when he moved his residence to California. Stockholders also elected William H. Mooney. American Oak Leather Cos. president, as an additional director. All officers and directors of the Indiana National and Merchants National Banks were re-elected. Eight members of the Indiana National staff were promoted from minor positions to the office of assistant cashier. They are Byron D. Bowers. C. Merle Brockway, Paul C. Buckler, who was also named auditor. L. G. Burck, John R. Fletcher, John W. Keller, Henry A. Pfarrer and Edward C. W. Wischmeier. Modest Earnings Reported Despite prevailing low interest rates and lack of commercial and industrial borrowings, modest earnings for the year were reported by presidents of all three banks. Election results are as follows; Indiana National Bank—Officers: Arthur V. Brown, president; Gwynn F. Patterson, Edward D. Moore, vies presidents; R. Malott Fletcher, vice president and cashier; William P. Flynn, Rollin W. Spiegel and Harry R. Fuller, vice presidents; John F. Kurfiss. Robert B. Malloch. James L. Fish, Clarence T. Brady. C. Merle Brockway, Edward C. W. Wischmeier, assistant cashiers; Paul C. Buckler, assistant cashier and auditor; L. G. Burck, John W. Keller, Byron D. Bowel’s. Henry A. Pfarrer and John R. Fletcher, assistant cashiers. Directors: Roy E. Adams. Fred G. Appel, Henry W. Bennett, Arthur V. Brown, Volney M. Brown, Eugene H. Darrach, G. A. Efroymson. Brodehurst Elsey, Edgar H. Evans, R. Malott Fletcher, J. S. Holliday, W. G. Irwin, John J. Madden, Gwynn F. Patterson, Norman A. Perry, Charles S. Rauh, Peter C. Reilly, Obie J. Smith. Samuel 3. Sutphin, William L. Taylor and Russell L. White. Other Officials Listed Merchants National Bank Officers: J, P. Frenzel Jr., president; O. N. Frenzel Jr., Carl H. Bals, vica presidents; William C. Grauel, cashier; George J. Ohleyer, G. F. Lichtsinn, assistant cashiers; Thomas A. Kessler, manager bond department. Directors: Fred C. Dickson, Miles Chapman, Fred C. Krauss, F. T. Holliday, Robert B. Failey, Edward J. Bennett, John P. Frenzel Jr. and Otto N. Frenzel Jr. American National Bank Officers: Elmer W. Stout, chairman of the board; James S. Regan, president; Harold S Cross, vice president; Henry L. Hilkene, cashier; Robert F. Keller, E. Marion Lutz and Frank F. Wocher. assistant cashiers; Eugene H. Iglehart, trust officer. Directors: j. I. Holcomo, William J. Mooney Sr., G. Barrett Moxley, James S. Rogan. Charles B. Sommers, Quinton G. Noblitt, William H. Mooney, Elmer W. Stout, Thomas D. Taggart and J. H. Trimble. Union Trust Elects Election of officers and directors of the Union Trust Joint Stock Land Bank was announced today. Officers are Arthur V. Brown, president; John E. Reed and Merlin M. Dunbar, vice president; Robert Bracken, vice president and manager; Charles N. Fultz, assistant manager; Harry F. McNutt, treasurer; Alfred F. Gauding, secretary; Cornelius O. Alig and J. Floyd King, assistant treasurers and Alan A. Ritchie and Everett E. Lett, assistant secretaries. Directors are Messrs. Brown. Reed, Gauding, Alig, King, McNutt, and Fred G. Appel, Volney M. Brown, and William G. Irwin. COFFEE CONSUMPTION UP Time* Special NEW YORK. Jan. 15.—Worlrt coffee consumption during the firs { half of the crop year, July through December, totaled 12.813,147 bags, an increase of 16.8 per cent above the similar 1934 period, the New York Coffee and Sugar Exchange announced today.

LOANS For Modernization. For a New Home. THE RAILROADMEN’S BLDG. & LOAN ASSN. BUY A HOME WITH A LOAN FROM A LOCAL Building & Loan Assn.