Indianapolis Times, Volume 47, Number 267, Indianapolis, Marion County, 16 January 1936 — Page 24

Trends Payment of Bonus Means Outright Inflation. BY JOHN T. FLYNN

XTEW YORK, Jan. 16.—This is a good time to attempt to say Just what will happen to us as a result of paying the bonus. For payment of the bonus is now quite a settled matter. It means an inflation of more than $1,500,000,000 How much more no one can say with certainty. The amount due plus cancelled interest is $3,-

753.350,000. This the Congress u about it) vote to pay. But with $1,471,000,000 in the certificate fund, the balance is $2,283,350,000. This is the amount which the government must now undertake to pay out in cash. But the bonus advocates are banking on two things to keep this down. One

Flynn

is the hope that about $500,000,000 of certificates will not be presented for payment, that the soldiers holding that much will hold on to them because they bear interest, of course that is a mere surmise. It is based on the fact that certificates to that amount have never been used for borrowing. But many soldiers who would not borrow would not hesitate to apply for the cash voted to them when that is done. nun THEN there is another item of $490,000,000 due the government life insurance fund. This it is believed can be taken care of by issuing government bonds to the funds which will not have to be cashed. These figures are disputed. The truth lies somewhere between the disputants. It is probable that the actual financing will be nearer $2,CC0.000.000 than $1,000,000,000. The government may pay this amount in several 1 ways. It may lay a tax, but it is certain almost that this will not be done. It may make payments out of existing emergency funds, which Congress has already gone on record against. It may. perhaps, attempt to use some of the funds of the RFC. It may pay the soldiers in bonds which they can use at the bank for loans. It may issue its bonds directly to the banks. One of the latter two methods is the most likely. In either case the financing will be done with bank funds. nun THAT is, the government will issue its bonds and cash them at the banks as it has been doing. If it gives the bonds to the soldiers, they will take them to the banks and sell them. In either case the banks will be called ■on to furnish the m^ney. The effect of this operation will be to swell bank deposits by a billion or more, depending on the amount of the bond issues and on hov many bonds are cashed. We will therefore have an inflation of bank money to the extent of somewhere between a billion and two billion. This will be brand new money created by the bonus operation as effectively as if the gove -n----ment had printed it. This has been called a non-inflation measure. That, of course, is nonsense. If yea wish to test this, look at the bank deposits of the nation as of date before the bonus is paid. Then look at It say one month or two months later and you will see how the deposits have risen. One effect will be to stimulate trade and make for what looks like more prosperity. But note one fact. This bill was passed by the Democrats accused of being spendthrifts and their Republican foes who accuse them. (Copyright, 1936, NEA Service. Inc.) On Commission Row Quotations below subject to change are average wholesale prices being offered to buvers bv local commission dealers: Fruit—Cranberries. C. C Hames. Eatmores. 28-lb box, $4. Pears—Washington D'AnJo. $3.25. Calif avacados. $3.75. Bananas—Seven hands, a pound, s'*c. Perstmons—California, lug. $1.25. 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 Sunklst. $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 fcu., $3.75 Beets—Texas. 3-doz. crate. $1.65. Cabbage—New York Danish. 50-lb. bag 85c. Cauliflower —California, crate. $1.75. Celery Michigan, washed and trim. Tied, 16 stock bunch, 55c: jumbo, doz., 85c. Cucumbers—Southern, bu., $6 doz. $1 15. Kale—Virginia, bu.. 75c. Lettuce —lceberg. California, good. $3: homegrown leaf. 15-lb. basket. $1.75. Endive— California. basket, sl. Mangoes— Florida, crate. $5; small basket, $1.40. Mint—Bunch. 20c. Mustard—Heme grown, bu.. 60c. Onions —lndiana yellow, 50-lb. bag. $1.15: Indiana yellow, 10-lb. bag. 25c. ParsleySouthern, doz., 50c. Peas—Telephone, hampers. $2.75; Texas hampers, $2.50. Potatoes—Round Cobblers. 100-lb. bag. $1.60 Michigan Round White. 100-lb. bag. $1.60: Earlv Ohios. bu.. $1.80: Idaho Russets. $2.'6. Sweet potatoes—lndiana Jersevs. bu.. $1.65. Radishes—Ohio, button, dciz.. baskets, 45@60c. Sage—Doz.. 45c. Spinach —New Texas, bu. sl.lO. Squash—Bu., $2 50. 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 higher. Heavy breed hens, 16c: leghorn breed hens. 12c: Leghorn springers, 12c: 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 14 lbs.. 9c. All guineas It's lbs. and up 20c. 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 strictly fresh eggs, loss off. 19c: pullet eggs. 12c Each full case must weigh 55 lbs. gross, a deduction of 10 cents a pound under 55 lbs. will be made. No. 1 butter 36637 c; No. 2. 33634 c. Butterfat. 32c. Quoted by the Wadley Cos. (By United Press) CHICAGO. Jan 16.—Eggs—Market, unsettled: receipts. 5694: fresh graded firsts, 31 %e; extra firsts. 22c; current receipts. 20c; dirties. 17c; checks. 16c ButterMarket unsettled: receipts. 796710; extra firsts r9O-91'a score). 31%@31 s 4 c; extras (92 score). 32c; firsts <BB-89% score). 31 @3l%e; seconds <B6-87% score), 30%c; specials. 32%@,35c: standards, 32c. Poultry Market steady at decline; receipts 1 car 20 trucks, 1 car due; ducks, 17922 c; geese. 14 915 c; spring chickens. 30@2r2c; nens, 15 A 19c; turkeys. 204i22c: Leghorn hens. 12 Al7c; old roosters, 16c. Cheese—Twins. nt.ftlTic: daisies. 17%@18c; longhorns. 17** @ 18c. Dressed poultry—Turkeys young toms. 27c: young hens. 27c; ducks, capons. 27630 c. Potatoes—Supply moderate: demand slow: market dull; Idaho Russet Burbanks. $1.7561.90: U. S No. 2. $l4O fI.SO; Wisconsin round whites. $1,106 22'*: commercials. $1: North Dakota earlv Ohios. $1.30: Minnesota early Ohios, $1 25: Colorado McClures. *1.37%® i.jo; Z Nebraska bliss triumphs. $1 4061.45. Arrivals 102; on track 274; shipments £OO. LOCAL CASH MARKET Cltr 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 18 cents.

PAGE 24

PRICE STABILITY VIEWED RESULT OF AAARULING Farm Income Seen Expanding as Better Demand Develops. BY A. L. JACKSON (Economics Slatistica, Inc.) NEW YORK, Jan. 16.—Whenever an artificial factor is set up to regulate, restrict or aid business or a particular industry, many readjustments are necessary. Readjustments must also be made in our economic system when the artificial factor is removed. The AAA was an act of vital importance to both agriculture and industry. It is only natural that its removal would result in wide fluctuations of commodity and security prices because of the indecision, uncertainty and misunderstanding as to the probable effects that the change might have. It is largely due to the uncertainty as to whether or not some new or counteracting measure will be adopted. As I have previously stated here, business as a whole and practically every commodity influenced by the AAA are at present sound statistically, sufficiently so to warrant increases in prices. Ultimately this will be the result. The reason for the declines during the past week Is the uncertainty as to what new political measures will be ushered in. Buying Power Aided How will the decision affect purchasing power? Over the next six months or the remainder of the current crop year, Arm income will be higher than it would have been had the AAA remained in effect. This assumption seems to be the correct and logical one because of the following conditions: Already as a result of the decision prices of finished products have been reduced. Within a week or two stability will be restored in finished goods and the demand will be increased. This will in turn increase the demand for farm products. Thus it Is logical to expect farm supplies to be reduced faster than had the AAA remained in effect. As already indicated the prices for farm commodities will also be increased. Consequently cash farm income, excluding benefit payments, will be higher. Since it is expected that payments already contracted on 1935 crops will be made to the farmers, farmers’ income from this source will be the same as if the AAA had been upheld. Only one contract has been made with farmers for the 1936-1937 crops, namely, the winter wheat crop. This may or may not be fulfilled, but will make practically no difference in the amount of farm Income. Sees Retail Sales Rise Purchasing power will also receive the additional stimulus of higher operating rates in the manufacturing industries. Profit margins have already been aided as a result of the decision. With larger unit profits possible, manufacturing activity will be increased, employment and pay rolls will be higher. With purchasing power being increased, provided no new artificial measure is brought into play and the cost of living reduced, it is logical to expect retail sales to expand considerably as the retail price structure is readjusted and stabilized. This should only require a few weeks. Since the decision indicates that other restrictive measures will also be removed, it k logical to expect the heavy goods industries to quicken. The restriction of profits and uncertainty as to new restrictions have been the principal factors retarding those lines for the past two years. Just as the heavy goods industries will be stimulated, so will the transportation industry. CANADIAN BUSINESS UP Times Special NEW YORK, Jan. 16.—General Industrial employment in Canada during November moved up to 98.2 per cent of the 1925-29 average, compared with 97.2 per cent in October, it was announced today. Local Securities (Became 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 67, pfd... 53 Central Irtd Pow 7% pfd . 16 19 Home Tel <fc Tel Ft. Wn 77, 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 88 Indpls Pow & Lt 6' 2 7, pfd .. 9® 94 Indpls Water 57, pfd 102 Lincoln Nat Life Ins Cos . 35 38 North Ind Pub Svc 5%% pfd 70 74 North Ind Pub Svc 6% pfd .. 77 81 Progress Laundry com 8 10 Pub Svc of Ind 6% pfd 17 20 Pub Service of Ind 7% pfd . 41 44 I So Ind Gas & Elec 6% pfd 94 97 1 Terre Haute Elec 67, pld 83 86 Union Title com 20 23 BONDS Atlanta Dlstr Term 6% '4l . 6214 70 Brooklyn Postal Sta 5%% '4B . s<% 42 Home Tel&Tel FtW s'*<* ’35.. 103 105 Home Tel&Tel FtW 8% '43 .103 106 Indpls Railways Inc 5% ’67.. 51 54 Indpls Water 41a7, ’4O 104 106 Indpls Water 5% *SO * 'BO .105 107 Indpls Water s>i'“<. ’53 %’54. .104 106 Interstate TANARUS& T 5Va% '53 ... 9414 97 Kokomo Water Works ’SB ...104 10514 Lafayette Telephone 57, ’57 102 Morris 5 & 10 Stores 574 ’SO 99 102 Muncle Water Works 5", ’65 .10214 ... Noblesvllle HL&P 614 '47 .. .. 97 100 Ohio Tel Service 6% ’47 .... 95 Richmond Water Works 57,’57 10414 106 St. Louis Post Office s‘*% ’3B 18 25 Seymour Wtr Ist mtg 5 % ’59 101 104 Terre Haute Water Wkss7, ’SB 101V4 10314 Terre Haute Wat Wks 67. '49 103 105 Traction Terminal 574 '57 .... 70 74 •Sx. div. Unlisted Stocks (By Blyth 8t Cos.) NEW YORK BANK STOCKS , Bid. Ask. Rankers Trust 66*4 68 Central Hanover B 8s T 119% 121*4 •Chase 4214 43H Chemical National 57% 59*, Guaranty 304 308% Irving :8 19% Manufacturers 49% 51% I 'National City 38t 391* Cont 111 .Chicago) 129 131*, First National of Boston 49% 51 Natl ,Shawmut 2914 SOI* FIRE INSURANCE Aetna Fire 65% 67 s * •City of New York 31', 33' Feeral Ins 104 UOH Franklin Fire 34% 36'2 Great American Ins 30% 331* Hanover Fire Ins 40'* 42>2 Hartford Fire In 90 s , •Home Ins 39', 40 s * Ins Cos of N A 79’ 2 81*, National Fire 78'* 80*, North River Ins 28** 30*, U S Fire •. 58 60 Westchester Fire 40 43 •Ex. div.

Abreast Times on Finance

New York Stocks

High Low NY - . Close Oils— Atl Rfg 30>4 3014 30% 30 Barnscall 175* 17 17% 17Vs Consol Oil 13*4 131* 131* 13% Cont of Del ... 36'4 36', 36', 36 Houston (new).. 11 3 /* 111* 11% 11% Mia Cont Pet... 21% 21% 21% 21% Ohio Oil 17 16% 17 16% Pet Corp 15 s . 15% 15% 15% Phillips Pet .... 40% 40% 40% 40 Plymouth Oil .. I*% 14% 14% 14% Pure Oil 20% 20 20** 20 Bhell Un 17% 17% 17% 17% Skelley OH .... 23% 23% 23% 23% Soc Vac 16*, 16' 2 16% 16% S O of Cal .... 41% 41% 41% 41% 8O of Ind 36% 36% 36% 36V, 8 Oof N J ... 54% 54% 54% 53% Texas Corp .... 33% 3*, 33% 33% Tidewater Assn. 16*, 16% 16% 161* Un Oil Os Cal . 24% 24% 24% 24% Acme 69 69 69 69 Steels— Am Roll Mills ..31% 31% 31% 31% Beth Steel 53% 52% 53% 52% Byers A M 22% 21% 22% 21% Col Fuel 85 Ir.. 6% 6% 6% 614 Cruc Iteel 36 36 36 36% Inland Steel ...103 102% 102% 103 Ludlum Steel ... 29% ??% 29% 28% Natl Steel 70% 70 70'/* 70 Otis Steel 16V* 16% 16V, 18V, Rep Ir <fe Stl . . 19V* 19% 19V* 19% U S Pipe 81 Fdy 28 27 28 27 U S Steel 49 49% 49 48V, Youngstn S& T 45V, 45% 45 s * 45V* Motors — Auburn * 43% Chrysler 89% 88% 88% 88% Gen Motors 55% 55% 55% 55% Graham Mot .. 3% 3'/* 3% 3 Hudson 15% 15% 15% 15% Hupp 2% 2% 2% 2% Mack Truck .... 28% 28% 28% 28% Nash 18V* 18'/* 18V* 18'/, Packard 8 7% 7V, 7% Reo 5% 5% 5% ,514 Studebaker 10% 10% 10% 10 Yellow Truck.... 12% 12% 12% 12% Motor Access— Bendix 22 21% 22 22 Briggs 53 52 V, 53 52% Budd Wheel 13% 13 13% 13 Elec Auto Lite.. 38% 38 83% 37% Houdaille .B) . ... 2814 28'/, 2814 28V, Murrav 80dy.... 18% 18% 18% 18% Stew Warner.... 18% 18% 18% 18% Timken Roll .. . 68% 67V, 67% 67% Timken Det Axle 14V* 14% 14% 1414 Mining— Alaska Jun .... 15% 15% 15V, 151, Am Metals 31% 31% 31V* 31% Am Smelt 61 60% 61 60% Anaconda 28V* 28% 28% 28% Cal & Hecla ... 6% 6% 6% 6% Cerro de Pasco. 53V* 52V, 53% 5314 Granby 9% 9% 9% 9% *Gt Nor Ore ... 17% 17% 17% 17% Homestake Min.. 520 520 520 522 Ins Copper .... 6% 6% 6% 6% Irt Nickel 46% 46 46% 46V, li.l Creek Coat . 28% 28V, 28% ... Kennecott Cep. 29% 29% 29Vs 29% Mclntyre Mine.. 44'/, 44 44 43% Park Utah 4% 4% 4% 4% Phelps Dodge... 28% 28% 28V, 29 U S Smelters.... 92% 92% 92% 92% Vanadium 24% 24 24% 23V, Amusements— Fox Theat 26 26 26 25% Loews Inc 52 51% 52 51% Radio Corp 13% 13V, 13% 13% Paramount 10 10 10 9% RKO 6% 6 V, 6% 6% Warner Bros ... 9% 9% 9% 10 Tobaccos— Am Sum Tob ... 23% 23% 23% 24 Am Tob ’’A'’ 99 99 99 98% Am Tob “B”.. 101 100% 101 100% Gen Cigars 58 58 58 58 Ligg & Myers B 115 115 115 115 Lorillard 25% 25% 25% 25% Reynolds Tob B 57% 57% 57V, 57% Rails— Atchison . 69% 69 69% 68% Atl Coast L.nes.. 31% 31% 31% 31 g& O 18% 18V* 18% 18% Can Pacific 11% 11% 11% 11% Ch & Ohio 54V, 54% 54% 54% Chi&GtW... 2% 2% 2% 2% Ch) & Gt W pfd 6’/, 6% 6% 6'/* CM&StP... 2% 2% 2% 2'/, C M & St P pfd 4% 4% 4% 4% Chi N W ...... 4% 4 4% 4 Chi N W pfd . 10 10 10 9% Dela & Hud .... 39 39 39 38' 2 Del Lac & W ... 16% 16% 16% 16% g r ! e 12% 12% 12% 12% Erie pfd .. .*.. 18 18 18 18% Gt Northern pfd 3414 34% 34% 34'/, Jjl Centrai ... 21V, 20V, 21V, 20V, K c SOU . 14% 14V, 14% 14% Lou & Nash 63% 63% 63% 63% M K & T iv, 7% 7% 7% MK & T pfd... 16% .'6% 16% 17% Mo Pac 3% 3% 3% 3'/, Mo Pac pfd 6% 6% 6V, 6% N Y Cent 30% 30% 30% 30 N Y New Haven 5% 5 5% s'/, Nor Pacific 25% 25% 25V* 25V* Penn R R 34% 34% 34% 53 Sou Pac 26% 26% 26% 26% Sou R R 14% 14% 14% 15% Union Pac 11.6 116 116 116'% Wabash 33 3 3'/, Equipments— Am Car & Fdy.. 33V* 33 33V* 33 Am Loco 27 26% 27 26% Am Steel Fdy 26 25% 26 25V, Bald Loco 5% 5% s'/* 5% Gen Am Tk Car 52 52 52 51 Gen Elec 38 V, 38 38 38'/, Gen R R Sig 42V, 41% 42% 42% Pullman Inc 39'% 38V, 39'% 41% Westing Elec ...100% 100 V, 100'% 99% Utilities— Am & For Pwr . 8% B'% 8% 8 Am Power & Lit. 9% 9% 9% 914 A T ,„* X. •• 1593/ 1591% 159% 159 Am Wat Wks .. 23% 22% 23% 22% Col Gas & Elec. 15V, 14% 15V* 14V, Com & 50u.... 3% 3% 3% 3% Consol Gas .... 33%335/.2 5 /. 33% 32V, Elec Pwr & Lit.. 8% 8 8% 7% Int Hydro Elec. 5 5 5 4% Int TANARUS& T 15% 15% 15% 15'% Nat Pwr & Lit .12 11% 12 11% North Amer 28% 28'/* 28% 28 Pac G & E ... 34% 33% 34% 33 Peoples Gas ... 46% 46V, 46% 47 Pub Serv N J .. 57V, 57% 57% 57% So Cal Edison .27 26V* 27 27 Stone & Webster 17'/, 17% 17'/, 17 United Corp ... 7% 7% 7% 7% Un Gas Imp 18V* 18 s * 18% 18'% Ut Pwr &Lt “A” 3% 3% 3% . 3% Western Un ... 76 75V, 76 75 Rubbers— Firestone 26% 26 26'/, 25% Goodyear 23V, 23% 23% 23V* U S Rubber 18 17% 18 17'/, U S Rub pfd ... 53'/, 52% 53% 52 Miscellaneous— Allis Chalmers . 37% 37% 37'% 37% Am Can 131'% 131 131 131 Am Mach & Fdy 28’% 27V, 28'% 28% Brklyn Man Tr. 42 42 42 41% Muroughs Add .. 27% 27% 27% 28 J 1 Case 99 99 99 99'% Conti Can 85% 85 85% 85V, Caterpillar Tract 55V* 55V* 55'/* 55% Crown Cork ... 52% 52% 52% 51% Curtis Pub .... 21% 21V, 21% 21% Deere & Cos .... 55% 54% 55% 54'% Foster Wheeler.. 27'* 27% 27% 28'% Gillette 18% 18% 18% 18 Glidden 51% 51% 01% 51% Inter Harv .... 58'% 58% 58% 58% Natl Cash Reg.. 24 24 24 23V* Owens Bottle ..145% 145% 145% 145% Rem Rand 23% 23% 231* 23% Foods— Am Sugar 57'% 57'% 57'% 5714 Armour 6 6 6 6 Borden Prod ... 27 27 27 27'/* Cal Packing . ... 36% 35% 36'4 36% Cont Bak ’’A”.. 16‘4 16 16% 15% Crm of Wheat . 37% 37 s * 37% 37% Cuban Am Sug 7% 7% 7% 71* Gen Baking .... 13% 13% 13% 14 Gen Foods 35% 35% 35% 35% Gold Dust 20’* 30% 30% 301* G W Sugar .... 32% 32% 32% 32% Hershev 79% 79V, 79% 79 % Int Salt . 32% Loose Wiles 44% 44% 44% 44% Natl Biscuit .... 37% 37% 37% 37% Natl D Prod ... 22% 22% 22% 23 Parity Bak 16% 16% 16% 16% F Porto Rico Sug 30% 30% 30% 30% Std Brands 16% 16% 16% 16% United Fruit .. 68 68 68 67% Ward Bak "B”.. 33 32% Retail Stores— Bes k Cos 53 53 53 53% First Natl Stores 47% 47% 47% 47% Gr Un Tea 6% 6% 6% 61, Allied Sts 7% 7% 7% 7% Jewel Tea 59 59 59 59 Xresge S S .... 23% 23% 23% 23 s , Kroger Groc ... 27 s , 27% 27% 27% McLellan St ... 13% 13% 13% 13% Marshall Field . 12 12 12 12 May Derit St .. 49% 49% 49% 50 Mont Ward . .*. 37% 37 37% 36% Natl Tea 10 s , 10% 10 s * 10% Penny J C ... 73% 73 73V* 74% Sears Roebuck.. 62V, 61% 62% 51 s * Woolworth 53 ’ 52% £2% 52 % Aviation— Aviation Corp.. 4 s , 4% 4% 4% Boeing Aircft .. 23 s * 23% 23% 23% Curtiss Wright 4% 4 4 4 Curtis3 Wght A. 10% 10% 10% 10% Douglas Air 55% 55 55% 54% Nor Am Av 6% 6% 6% 6% Sperry Corp ... 17 16 s , 17 17 U Aircraft New 27% 27V* 27% 26% Chemicals— Air Reduction . 18% 18% 18% 18% Allied Chem ...167% 167% 167% 167 Am Com Alco.. 28% 28% 28% 29 Com Solvents... 21% 21% 21% 21% Du Pont 142 141 % 141% 141% Freeport Tex .. 34 33% 34 33 s , Liquid Carb ... 29% 39 s * 39% 40% Math Alkali ... 31 31 31 31% Monsanto Cb*m 96% 96% 96% 95% Scher.ley Dist .. 47% 47% 47% 47% Tex Gulf Sulph. 35’, 34% 35% 35 Coty Inc 6% 6% 6% 6% Lambert 22% 22% 22% 22% Sterling Prod .. 66% 66% 66% 67 Un Drug tnew). 12% 12% 12% 12% Zonite Prod ... 87* 87* Bs*8 s * 87* Financial— Adams Exp 11% 11% 11% 11% Allegheny Corp . S'* 3% 3% 3% Am Int Corp .. 11 s * 11% 11 s , 11% Chesa Corp 66% 66% 66% 66% Lehman Corp ... S7 97 97 97%

1 “y Indpls. Power Light Cos. newtos sen we

INDIANAPOLIS, THURSDAY, JANUARY 16, 1936

Transamerica .. 13 12 s * 127* 127* Tr Conti Corp .. 8% 8 8 8 Building— Am Radiator ... 25 s * 52% 25 s * 26% Gen Asphalt ... 31% 30% 30V* 30% Holland Furnace 35V, 35 35V* 35% Int Cement 39% 39 39'/* 39V, Libby Ow Gls .. 49V* 49% 49',* 49V* Household— Col Pal Peet ... 19 s * 19% 19% 19% Kelvinator 18% 187 18% 17 s , Mohawk Carpet. 21V* 21 217* 21V, Proc & Gamb .. 477* 47 s * 47% 47 5 , Servel Inc 187* 167* 16% 16V, Simmons Bed .. 23% 23% 23% 23% Textiles— Amer Woolen ~ 10 s * 10% 10 s * 97* Belding Hem ... 14 14 14 14 Celanese Corp .. 30% 30% 30% 30 Collins Aikman. - 49 s * 48% 49% 48% Gotham Hose .. 10 s * 10% 107* 10 s * Indus Rayon ... 31 31 31 31 N. Y. Bonds (Reprinted From Lato Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 92.8 89.0 104 8 95.6 Yesterday 93.1 89.5 104 6 95.7 Week ago 92.0 86.5 101.3 94.3 Month ago 91.3 82.8 103.1 92.4 Year ago 86.6 84.2 90.4 87.1 1935-36 High.... 93.1 89.5 104.6 95.7 1935-36 Low 83.6 71.0 89.3 83. (Copyright. 191-6. bv Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott, Procter & Paine) Treasurys Prev. Close. Close. 4',*s 1947 52 115.15 115.14 4s 1944-54 111.11 111.10 3%s 1946-56 109.13 109.14 3%s 1943-47 106.30 107.31 3%s 1941-43 108.11 108.13 3'/,s 1943-45 106.8 106.12 3%s 1941 108.21 108.24 3*/,S 1944-46 105.26 105.30 3Vis 1946-49 104.8 104.11 3'/*s 1949-52 104.2 . 104.5 3s 1934-55 103.22 103.4 3s 1946-48 103.7 103.13 2%s 1955-66 100.12 100.18 2%s 1945-47 100.15 101.18 Home Owners Loan Corp. 2%s 1949 99.29 99.31 3s 1952 101.7 101.10 Federal Farm Mortgage Corp. 3'/,s 1964 102.25 102.18 3s 1949 101.14 101.16 3s 1947-49 101.30 102.1 DOMESTIC Prev. Cloce. close. Alleg Corp 5s ’44 93 V, 94 Alleg Corp 5s ’49 88V, 88% Al'eg C’orp 5s '50.. 57% 57% Am Frgn Pow 5s 2030 737* 71% Am Tel and Tel s>*s ’43 113% 109 Am Tel & Tel 5s ’65 / 113 113% Arm & Cos (Del.) s'/2S ’43. 9774 97% Atl Coast Line 4s ’52 99 s * 10074 Atl Coast Line 4'%s '64 88% 88 Atch Top & S Fe 4%s ’4B 111% 11074 Am Wat Wks 5s ’44.... 113 11474 Am Rolling Mills 5s ’3B 124 126 Balt & Ohio 6s ’95 93 93 Balt & Ohio 4%s '6O 66'/, 67'* Buff Roch & Pitt. 4>*s '57 727* 72 Chi Milw & St P 5s ’75 22 s * 22'* Chi Milw & St P 5s 2000 9V* 9V* Cleve Un Term 5s ’73 103 74 1 03% Cleve Un Term 4'*s ’77 96% 97% Col Gas 5s May ’52 101 100'* Col Gas 5s ’6l 100'* 100 Can Pac Perp 4s 87 s * 87% Cent Pac 5s ’6O 96 95 s * Big Four 4.'*s ’77 85 8572 Colorado So 4'*S 'BO 66% 677-2 Chi & West Ind 4s ’52 101 % 101 Chi & Nor West 4V,s '49 15V, 15V, Con Gas 5s ’57 10574 105'* Chesa Corp 5s '47 123'* 124 Del & Huds 4s ’43 81V* 81'* N Y Dock 4s ’sl 69 s * 69 Erie 5s ’75 73% 74 s * Erie 5s ’67 73% 75 Grt Northern 7s ’36 102'* 102 s * Grt Northern 4'*s ’76 109'* 109'* Grt Northern 4'*s ’77 100’* 10074 Hud & Manhat Ref 5s ’57 ... 84% 84'* 111 Cent Jt 4'*s ’63 73'* 74 111 Cent 5s ’63 78 78% Interlake C & I 5s ’sl 95'* 94 s * InteThtl Tel & Tel 4'*s '39... 90'* 90% Interntl Tel & Tel 5s ’55 ... 86 86% Interntl Tel & Tel 4>*s ’52. .. 83 82'* McKess & Rob s'*s ’SO 10374 103'/, Natl Dairy 5'4 s ’4B 103% 103% Natl Steel 5s ’SB 106% 106'* Nickel Plate 4'*s ’7B 76 77'* Nickel Plate 57 2 s ’74 89 89% Nickel Plate 6s '35 102 101'* N Y Cent 5s 2013 87 88 * N Y Cent 4%s 2013 (old) 81% 82V, Nor Pac 3s 2047 76V* 75 s * Nor Pac 4%s 2047 977* 9774 Nor Pac 6s 2047 108% 1087* Nor States Pow 5s ’4l 105% 105% New Orleans Term 4s ’53 88'* 87% Otis Steel 6s ’4l 102'* 103 Penn Ry 474s ’B4 106'* 106% Penn Ry 4'4s 'Bl 107 106% Penn Ry 4'*s *7O 101 101 Pac G & E 5s ’42 104'* 104 s * Portland Gen El 4'*s ’6O ... 74 74'* Para Publix s'*s ’SO 93'* 93% Penn P & L 4%s ’Bl 106'* 106 s * Postal Tel <fc Cab 5s ’53 36'* 37'* Sou Pac 4'*s ’6B 85 85 V, Sou Pac 47*s ’Bl 8424 85'* Sou Pac 4%s ’69 85 s * 85% Sou Pac 4s ’49 87% 86% Sou Rail 4s ’56 587* 59% Sou Rail 6s '56 77 78 Sou Rail 6'*s '56 80% 81% Texas Pac 5s ’BO 997* 99'* Texas Pac 5s '79 98% 99% Texas Pac 5s '77 100 99% United Drug 5s '53 99% 99 N Y N H & Hart 6s ’4B 38 38 NYN H & Hart 4' 2 s ’67 36'* 37 Western Marv 5%s '77 107% 107% Western Marv 4s ’52 97V, 97'* Youngstown S & T 5s ’7O 105 104 s * Youngstown S & T 5s ’7B ...104% 104% FOREIGN Argentina A 6s ’57 98% 99 Argentine B 6s ’SB 98'* 98 s * Brazil 8s ’4l 31% 30% Denmark 5%s ’55 101% 102 German 5%s ’65 27% 28% German 7s ’49 37% 3874 Italy 7s ’sl 63 63% Poland 7s ’47 110% 111% Rome 6%s ‘52 57% 56 s * Tokio City s**s ’6l 80% 81 Yokohama 6s ’6l 85'* 85 s * Chicago Stocks (By Abbott, Proctor & Paine) 11:00 Prev. • A. M. Close Allied Prod 22'/, 227* Berghoff 7'* 7'* Butler Bros 7 s * 7% Chicago Corp 5 5% Conti Steel 41% 427* Cities Service 4'* 4 Com Edison 110 1097* Cord -6% 6% Crane 27 277* Elec House 17 s * 17% Gen House 3'* 3'* Grt Lakes Dredge 31% 31 Libby 7T 10'* 10% Lynch Glass 42 41'* Swift 23V* 23V* Swift Int 34 33% Zenith 12% 12'* New York Curb (By Abbott, Proctor & Paine) N. Y. Prev. 11:30 close. Am Cyanide (B) 34 34'* Amer Superpower 3'* 3 Atlas Corp 137* 13% Axton Fisher Tob 547* Carrier Corp 11 10 s * Elec Bond and Share 17% 1774 Ford of Can (A) 25% 28 Imperial Oil Ltd 22 s * 22% Lake Shore Min 52 s * 52% Newmont Min 83 s * 847* Nia Hud Power 9 s * 9% Penn Road 4 4 CHICAGO FUTURES RANGE (Bv James E. Bennett & Cos.) 11:00 Prev. Wheat — High. Low. A. M. close. May 1.00 .99% .99 s * .99% July 88% .87 s , .88% .88% Sept .877* .867* ,86 s * ,87 Corn— Mav 60'* .59% .60% .60 Julv 60% .60% .60% .60 s , Sept 60% .60'* .60% .60% Oats — Mav 28 .27 s * .27% .27 s * Julv 27 s * . .27% .27% .27% Sept.. 26% ,26 s * .26% ,26 s , Ry*— May 54% .54% .547* .547* SEEKS SHARE SPLIT Time* Special NEW YORK, Jan. 16.—The Michigan Steel Tube Products Cos., Detroit, is to propose to stockholders a split of its outstanding shares of common stock, it was announced today by C. E. Miller, president.

INVEST with Ist Mortgage Security on Improved Real Esta-J BUY Building & Loan Shares

SCRIPPS PLAN IS STUDIED BY SENATORNOIRiS Taxes Should Be Collected ‘Without Injury,' Says Nebraskan. BY ROBERT W. HORTON Times Special Writer WASHINGTON, Jan. 16.—Provision should be made for the collection of estate and other taxes “without injury either to individuals or to business generally,” Senator George W. Norris (R., Neb.), said today. In cases of estate and inheritance levies, he believes, “every law of this kind should provide for application to the courts for delay, if immediate action is thought dangerous.” The Senator was commenting on the proposal of Robert P. Scripps, controlling stockholder of the Scripps-Howard Newpapers, that the existing system of collecting estate taxes be reformed to eliminate the danger of sudden heavy taxes forcing liquidation of a substantial part of an estate merely to pay the levy. Seen Danger to Estate This, Mr. Scripps pointed out, might easily cripple the estate, particularly if it were a business, and thus deprive the government thereafter of such income taxes and other levies as the business has paid annually in the past. Forced liquidation might also, it is generally agreed, transfer control of a business to a competitor who would be in the market to snap up the portion that had to be liquidated. Mr. Scripps has proposed acceptance by the government of longterm paper, 15 to 25 years, bearing current rates of interest. Senator Norris, long an advocate of high estate and inheritance taxes, agreed that something of this kind would be desirable. Extension Is Criticized “Under the laws of Great Britain,” he said, “an extension of eight years in proper cases can be secured. Under our own law, with our comparatively light tax, provision is also made for an extension of eight years. I can see no objection to a still more liberal rule, if desirable.” The provision for extension in the United States law has been criticized on the ground that such extensions are made or denied at the discretion of government officials; and 18 months after the death of the owner of the estate, payment can be demanded with no recourse left to the stockholder. Under Senator Norris’ suggestion, the delay would be determined by the court, rather than by the Internal Revenue Bureau. Insurance Coverage Suggested Asa possible alternative to longtime payment of the tax, he suggested the possibility of insurance covering the amount of the tax. The owner of the estate, under this plan, would take out sufficient insurance during his life to cover anticipated death duties. However, instead of the bulk of this insurance being counted into the taxable worth of the estate after death, it would be exempt if the policy were payable to the estate itself for tax purposes cr, for instance, to the collector of internal revenue. In this way, the Senator said, “the government would get its money almost as soon as the widow receives her death benefits from an insurance policy.” CROSLEY MEETING SET Local Dealers, Salesmen to Dine at Antlers Tonight. Approximately 350 Crosley dealers and salesmen of the Indianapolis territory are to gather at the Antlers hotel tonight to attend a dinner and sales meeting as guests of the Kiefer-Stewart Cos., local Crosley distributors. The dealers will be welcomed by G. Barrett Moxley, president of the Kiefer* Stewart Cos.

Meue IN INDIANAPOLIS Colonial Plan Loans AND FINANCING __ „ u _ /I COLONIAL many years Colonial Finance Company has provided cash loans, financed or LL hi ay cCATBDCt A refinanced automobiles and other installment purchases, furnished a complete per- 1 rLPH tCfl IH KC sonal money service to the citizens of many cities. Now, Colonial’s recognized finance reduced rate on loans plans and loan services are available to residents of Indianapolis and Marion County. OVER SIOO .We invite you to become acquainted with this new—and better—money service. FURTHER REDUCTION IN QUICK CASH LOANS REFINANCE YOUR CAR 0081 FOR PROMPT PAYMENT Balancing the family budget is a real problem at If you are buying a car on payments and your this time of year. There are so many more bills to monthly installments are proving too heavy for EOUAL MONTHLY meet—so many extra needs to provide for. The y° u * Colonial offers a reasonable cost refinancing question is-how and where are you going to get P l *? that . iU r , ed . uce > - . ou . r payments materially, PAYMENTS the extra money to meet them? A Colonial Plan and P rovid f “* in ,ddmon ’ and needed * If 7°" , , 7 , ~ , . , . car is paid for you can get a cash loan very FREE PARKING loan has answered this question to the satisfaction quickly< No other sccurity is neC essary and no _ of thousands of families. We lend up to S3OO on endorsers are required. If you are planning the k your car or other security—on convenient repay* purchase of anew or used car, ask your dealer to mem terms arranged to fit your income. finance it on the COLONIAL PLAN. JEUppt-r ■ To apply for a Colonial Plan Loan just come in, telephone or write.. • • M \ Complete information without obligation. j STREET * T,pn J^ l "Let Colonial Plan Your Way Out of Debt n Hfejj rnm FREE PARKING ACROSS THE STREET ■r across the s tr eet, bring your Mllfr *r INDIANA, Ik) . 1 / Jlp 115 EAST MICHIGAN STREET 81-1591 y°? r business. We stamp the 4!LI INDIANAPOLIS „ou S one bout. (.

Stop Worrying!* Ford Urges Industry Chiefs in Predicting New Era Future of America Depends Upon Intelligence, Decency and Self-Control of Business Man, Motor * # Magnate Declares. By United Pres* NEW YORK, Jan. 16.—Based on the belief that "we have never had overproduction, only under-distribution,” Henry Ford predicted today a new and sounder prosperity, with jobs for all employables.

In an article in the issue of the American Magazine out today he advised leaders of industry to stop worrying and to “go sanely and resolutely ahead with wealth production followed by wealth-sharing through high wages and low prices.” “In my opinion,” he said, “there is so much useful work in this country to be done that we should be able to use every employable person for a long time to come. . . .* What we need is a money engineer who will see to it that the money system is made capable of bearing the load of the widest popular consumption. Science Marches Ahead “While many businesses have stagnated in the last few years, science has continued to march ahead. Consequently there is a vast job of modernization to be done in America.” Although he disclaimed any ability as an economist, Mr. Ford asserted that there is something wrong with our system of money and finance, adding that when money failed to facilitate the constant exchange and distribution of useful goods it fell down on the job. “When a method is found to make money do its job properly,” he said, “that method will be adopted, and whether that method is called socialistic or capitalistic won’t make any difference.” Two Kinds of Prosperity Mr. Ford said that there are two kinds of prosperity—one expressed by bounding stock markets, crowded night clubs and spectacular riches for the few, while the other is a “sound prosperity” described as “an ever widening distribution of useful goods and services.” “Whether America is doomed to another cycle of boom and collapse does not depend on the government, which can neither help nor hinder much,” he said. “It depends upon the intelligence, decency and selfcontrol of the American business man.” Among the causes Mr. Ford listed as leading to his optimistic outlook for the future were that industry is capable of absorbing all employables among the unemployed; that a vast job of modernization must be accomplished in replacing light materials with heavy ones, and that the modern tendency is toward the decentralization of industry. Busigraphs SHARES TRADED ON N.Y. STOCK EXCHANGE 1200-1 </> UJ “600 - —rj-j <n rm 2 rm o □ 400 - - - I O' III! 1111 111 l HJi mi Hi* 1929 1930 1931 1932 1933 1934 1935 The PARKER CORR GENERAL distributors INCORPORATED INVESTORS Stock trading on the New York Stock Exchange showed a very healthy activity during the last part of 1935. The number of shares traded in the last four months of the year nearly equaled the first eight months trading. For the full year 1935, activity was 17% per cent greater than in 1934. Evidences of much speculation were not present, for the continued low rate of brokers’ loans indicates that most of the purchasing was for cash.

Radio Sales Total smmm Soles of radio sets, tubes and. replacements in 1935 amounted to $300,000,000. A total of 5,375,000 sets with a retail value of $254,500,000 were manufactured during the year.

IliHr j * ■§<Jp

Henry Ford

CRUDE PRICE BOOSTED Michigan Increases Oil 10 Cents to $1.32 a Barrel. Times Special DETROIT, Jan. 16—The price of crude oil in Michigan has been increased 10 cents a barrel to anew high level of $1.32, it was announced today. The Pure Oil Cos., the leading buyer, posted the new price for the Midland grade. The increase follows a similar advance Dec. 15 and another on Nev. 17. Production recently reached 55,000 barrels daily, but last week the total averaged 39,000 barrels daily. The normal demand for the oil currently is placed at 50,000 barrels. Other Livestock (By United Press) CHICAGO. Jan. 16—Hogs—Receipts. 20,000, including 5000 directs; slow; steady to 10c lower than Wednesday’s average; top, $10.05; 180-270 lbs.. $9.85® 10; 250350 lbs. largely. [email protected]; better grade. 140-170 lbs.. $9.5509.90; best sows. $9. Cattle —Receipts. 6000: calves, 1500; fed steers and yearlings mostly steady, following Wednesday's active close; shipper demand not as good as Wednesday, but comparatively few long fed steers suitable for shipping purposes in crop; best mediumweights. $14.25; few loads. $11012; not much here of value to sell above $10; other killing classes uneven: cutter cows fully steady; beef cows and all grades heifers slow, steady to weak; best sausage bulls around $6.25: selected vealers to $11: Stockers weak. Sheep—Receipts. 14.000: fat lambs in fairly broad demand: generally asking around steady; early bids 15c to 25c and more lower: native and led western offerings bid. $10.50® 10.65 early; most big packer bids at inside; asking. [email protected] and better; sheep about steady; ewes. $4.75®5.50; feeding lambs supply limited; talking around steady. FORT WAYNE. Ind.. Jan. 16—Hogs— Steady to 5 cents higher; 160-180 lbs., $10.05: 180-200 lbs.. $9.95: 200-225 lbs., $9.85; 225-250 lbs.. $9.75: 250-275 lbs., $9 65; 275-300 lbs., $9.55: 300-350 lbs.. $9.30: 140160 lbs., $9.65; 120-140 lbs.. $9.40: 100-120 lbs., $9.15; roughs, $8; stags, $6.25; calves, sl2; lambs, $10.50. LAFAYETTE, Ind., Jan. 16.—Hogs— Market steady to 15c higher: 200-225 lbs.. slo® 10.10; 225-250 lbs.. $9.80: 250-275 lbs $9.70®9.75; 275-325 lbs.. $9.50 0 9 60’ 170200 lbs.. $10; 100-170 lbs.. S9O 9.50: roughs $8.75 down. Calves. sll down. Lambs. $lO down. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,582,000 Debits 6,919.000 TREASURY STATEMENT (By United Press) WASHINGTON, Jan. 16.—Government expenses and receipts for the current fiscal year to Jan. 14, as compared with a year ago: This Year Last Year Expenses .$4,027,531,597.47 $3,788,766,593.38 Receipts .. 2,020,208.403.78 1,975,724,364 93 Deficit 2,007.323.193.69 1.813.042 228 45 Cash bal... 2,124.295,315.73 2,460,517 536 27

HOG PRICES 10 GENTS HIGHER AT LOCAL PENS Cattle, Lambs Show Weak' Vealers Unchanged. New strength was injected into the pork market today at the Indianapolis Stockyards, and as a result were generally 10 cents higher than yesterday’s uneven average. This marked the first general advance of the current week. The cause of the moderate increase in prices could not be determined in early trading, but was largely attributed to a sharply improved demand which prevailed in practically all classes. Trading was active throughout the session. Receipts were estimated at 6000, whila holdovers numbered 148. The general bulk of 160 to 225 pounds was salable at $lO.lO to $10.20, with the latter price acting as top. Medium heavyweights, scaling 225 to 275 pounds, cashed in at $9.90 to $10.05, while others from 275 pounds and upward brought $9.55 to $9.85. Light kinds, from 140 to 160 pounds, sold at $9.60 to $9.85. Good packing sows ranged from $8.25 to $9.15. With exception of choice steers, which were scarce, a weak undertone prevailed in the cattle market. Two loads of steers, weighing around 1140 pounds, cashed in at $13.25, while common and medium grades were salable under $9. Due to lower bids, the majority of shestock moved slowly selling under $7.50. Receipts were 800. Trading continued stationary in the veal market, with the bulk of good and choice kinds salable from $11.50 to sl2. Receipts were 600. Although the market was not fully developed, lambs were easy to slightly lower. Early sales ranged mostly from $10.50 down. Slaughter sheep sold at $3.25 to $4.50. Receipts numbered 3000. HOGS Jan. Bulk Top. Receipts 10. $10.20(1/10.35 $10.35 5000 11. 10.20® 10.35 10.35 2000 12. [email protected] 10.25 6000 13. [email protected] 10,15 8000 14. 10.00S 10.00 10.10 5000 15. [email protected] 10.25 6000 Light Lights (140-160) Good and choice $ 9.60® 10 10 Medium 9.10® 9.75 (160-180) Gootf and choice.. [email protected] Medium [email protected] (180-200) Good and choice.. [email protected] Medium ... 9.60@ 10.10 (200-220’ Good and choice.. 10.10@10 20 (220-250) Good and choice. [email protected] Heavyweights (250-290) Good and choice.. 9.85® 10.00 (290-350) Good and choice.. 9.55ifr 9.85 Packing Sows (275-3501 Good 8.75@ 915 (350-425) Good 8.50® 9.00 (425-550) Good B.oo@ 8.50 (275-550) Medium 8 00® 8.50 Slaughter Pigs GOO-140) Good and choice.. 9.10® 9.60 Medium 8.50® 9.35 CATTLE —Receipts, 800— (500-900) choice $10.00®12.00 Good [email protected] Medium ATS® 8.75 Common 5.25® 7.Q0 (900-1100) Choice 11.75® 13.00 Good [email protected] Medium 7.00 @ 9 00 Common 5.25® 7 00 (1100) Choice 12.00® 13.20 Good [email protected] Medium 725® 9.00 (1300-1500) Choice [email protected] Good [email protected] Heifers 1500-750) Choice 9.00® 10.00 Good 7.50® 9 00 Common and medium 4.50® 7.50 (750-900) Good and choice.. [email protected] Common and medium 5.00® 7.50 Cows Choice 6 25® 7.00 Good 5.50® 6.25 Common and medium 5.50® 6.25 Low cutter and cutter 3.25® 4 50 Bulls, good 6.25® 675 Cutter, com. and med. bulls.. 4.250 6.25 VEALERS —Receipts, 600— Good and choice [email protected] Medium 8.50® 11.00 Cull and common 4.000 8.50 Calves (250-500) Good and choice .. 7.00® 10.00 Common and medium 4.50 0 7.00 Feeder and Stocker Cattle (500-800) 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@ 7.00 „ , Cows Good 4 50® 5 00 Common and medium 3.75® 4.50 SHEEP AND LAMBS —Receipts, 1500— Lambs. 90 lbs. down, good and Choice slo.oo® 10.71 Good [email protected] Medium 8.75® 9 50 Common 7.00 0 8 75 Ewes (90-125) Good and choice... 4.00® 5.00 Common and medium .... 3.00® 400 Yearling wether, good choice 9.000 9.50 Medium 7.00 0 9.0*