Indianapolis Times, Volume 47, Number 275, Indianapolis, Marion County, 25 January 1936 — Page 11

Trends Unemployment Seen as Permanent Problem. BY JOHN T. FLYNN

WASHINGTON, Jan. 25—To my.Tteries there is no end. One of the current ones is that we grow more prosperious, but that uhemployment fails to shrink. More men go to work, but the number who seek relief or government work diminishes hardly at all. Four years ago—January, 1932 our political champions were pre-

paring for their great presidential struggle. They pictured the and e pre ssion and promised what they would do about it. To most people the depression meant men out of work. There were 11,925,000 reported out of work by the American Federation of Labor then. Four years of cam-

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Flynn

paign, elections, Congresses, arguments, charges and defenses and the number reported out of employment is still about 11,500,000. Hardly a dent. Os course in those four years the tide of out-of-works rose. It was about 15.600,000 at one time, April, 1933. Now it is 11,500,000. That is an improvement. U U tt IT means about 4,000,000 gain on this appalling flood of unemployment. But the dark figure of more than 11.000,000 others still seeking work is there to plague us. What is the explanation? For one 'ning, during these years youngsters haven’t stopped growing older. Each month a whole flock of boys and girls arrive at the age v'hen they are ready to look for work. Each year the schools pour out countless thousands of them to join the ranks of the unemployed. Between 1930 and 19;i5, the population seeking work has been increased by 4,000,000 If there had been no increase whatever in the working population we have a right to assume that the 11,900,000 out of work in January, 1932, would be now cut to 7,900,000. As matters stand, to get back to a condition where unemployment would be normal —about 2,000,000 —we would have had to create jobs for at least 9,900,000 of those out of work then and another 4,000,000 jobs for the newcomers in industry. nun BUT in the months since 1933, when, through government spending, business began to revive, industry, as it expanded, began to put more men to work. But as It did this it began to displace others with its technological improvements—putting in new machine aids to work. Therefore instead of creating new jobs industry has been destroying jobs. It is easy to criticise business men for this. But it is natural for the business man to seek the cheapest way to do business. As prices of raw materials have risen business men have felt an additional urge to cheapen productive processes. The quickest way to do this is to improve machinery. This has gone on at a rapid rate. This then—technological improvements plus the rapidly rising number of employables—is what has kept the tide of unemployment from shrinking as fast as business has improved. Does it not look as if, whatever may happen to us, this unemployed army is to be with us a long time and that we had better be about the business of managing it as a permanent problem? (Copyright. 1936, by NEA Service. Inc.) KEYLESS LOCK CO. SELLS LOCAL PLANT Factory to Be Remodeled for Steel Equipment. Sale of one of the plants of the Keyless Lock Cos.. Pike and Hoveysts. to the Baxter Steel Equipment Cos. has been announced through the industrial commission of the Indianapolis Chamber of Commerce. Transfer of the property is to become effective Feb. 1, according to R. Norman Baxier. who will be sole owner and general manager of the new industry. The Keyless Lock Cos. will continue in business under the ownership of Arthur R. Baxter, but will not manufacture its products, it is understood. The firm, however, will continue to operate from its other plant at 1401 New-man-st. Under the new management the plant will produce steel furniture, lockers, utility cabinets and store equipment. On Commission Row (Reprinted From Late Times Yesterday) Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers: Fruit—Cranberries, C. Homes, Eatmores. 25-lb. box. *3.75. Pears—Washington D’AnJo, $3 25. Calif avacados. $3.50. Bananas—Seven hands, a pound. 5%c. Persirnons—California, lug. $1.25. Apples— Jonathans. $1.50. Delicious. $1.25. Wealthy*. *1.25 Grimes Golden. $1.25. Lemons —feunkist. 3605. $6 50. 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 Bu.. $3.50. Beets—Texas. 3-doz. crate, $1.50. Sabbago—New York Danish, 50-lb bag. 80c. Cauliflower—California, crate. $1.50. Cabbage—New York Danish, 50-lb hag. 80c Cauliflower—California, crate. $175 Celery—Michigan. washed and trimmed, do*., 50c: Jumbo. doz„ 85c. Cucumbers-Southern, bu., $6: doz.. $1.15. Kale—Virginia, bu.. 65c. Lettuce—lceberg. California, good, $3 25; homegrown leaf. 15-lb. basket. $1.50. Endive—California, basket, sl. Mangoes—Florida, crate. $4.50; small basket. $1.25. Mint—Bunch. 20c. Mustard—Texas, bu., $1.35. Onions— Indiana 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; Early Ohtos, bu., $1.75; Idaho Russets, $2 35. Sweet potatoes—lndiana Jerseys, bu.. $1.50 Radishes—Ohio, button, doz.. baskets, 40950 c. Bage—Doz.. 45c. Spinach —New Texas, bu., sl.lO Squash—Bu., *2 50. Tomatoes—lo-lb. basket repacked. $1.25; 8-lb. basket. sl.3s. Produce Markets (Reprinted From Late Times Yesterday) The prices quoted are paid for stock slatheredf lathered in the country, while delivered n Indianapolis the price Is a cent higher Heavy breed hens. 16c; leghorn breed hens, 11c; Leghorn springers, lie; old stags, 14c; old cocas, 9c. Ducks, white, 5 lbs . r.nd over. 11c; under 5 lbs.. 9c: geese full feathered and fat 9 to 14 pounds. 10c: over 14 lbs . 9c. Ail guineas 1% lbs. and up 20c. Turkeys—Young hens 8 lbs. and up 20e: voung toms. 14 to 18 lbs.. 17c under 14 lbs. and over 18 lbs.. 16c; old hens. 17c; old toms. 14c. No 1 strictly fresh eggs, loss off. 19c: pullet eggs. I2e Each full case must weigh 55 lbs. gross. 5$ lbs. will be made No. 1 butter 36037 c: No. 2. 31934 c Butterfat. 32c. Quoted by • deduction of 10 cents a pound under Um Wsdley Ca.

♦ ♦ Abreast of The Times on Finance ♦ ♦

STATE BUSINESS SHOWS MARKED ADVANCE IN ’35

I. U. Monthly Review Lists Gains in Hoosier Industries. Timex Special BLOOMINGTON, Ind.. Jan. 25. General business in Indiana during 1935 was well above that of the last three years and slightly above 1931, the current issue of the Indiana Business Review, published by the Indiana University bureau oi business research, said today. “The attempt of the automobile industry to smooth out production schedules by introducing new models two months earlier ihan usual has been an important stimulant to business during the last two months,” the Review comments. “New car sales during November and December set new records for the last two months of the year. Used car sales were higher than during any previous November and December but most Indiana dealers ended the year with relatively large stocks of used cars.” Steel Activity Stimulated The report points out that most manufacturers of auto parts and accessories were busier than at any other time in 1935 and reported their output higher than during any previous December. Automobile production was higher than during any other month in 1935. The Indiana total was higher than during any other December since 1927. Activity in the automobile industry stimulated activity in plants producing steel and other materials used in the production of automobiles. The steel industry was busier than during any other December since 1929. Regarding employment, the Review explains that industrial employment in Indiana averaged a little higher than during November. Retail concerns reported a substantial seasonal gain in the number of names on their pay rolls. Heavy Christmas Trade Electricity production made less than the usual seasonal gain but was higher than during any previous December. Building activity compared favorably with each of the four preceding years. Meat packing plants were busier than during November. Glass plants operated on schedules about equal to a month ago. “Consumers purchasing power compared favorably with recent years. Most merchants waged aggressive sales campaigns and enjoyed the best pre-Christmas trade they have had since 1930. Department store sales in the state as a whole were well above a month ago and about 10 per cent above a year ago. The Review's report on Indianapolis is as follows: “Most merchants waged aggressive sales campaigns. Newspaper advertising was higher than during any other month since May, 1920. Department store sales made a big seasonal gain and were a little above December, 1930. Total department store sales in 1935 were 10 per cent above the 1934 total. Drug store sales made a big seasonal gain. Metal Trades Up Bank debits were well above the like periods in the last four years and only slightly under December, 1930. Postoffice receipts made less than the usual seasonal gain, but compared favorably with the corresponding periods in the last four years. The number of new cars sold in 1935 was far above each of the other annual totals since 1929. Freight car loadings were a little above the December totals in each of the last four years, but well under normal. Total employment of 372 representative firms reporting to the Indiana State Employment Service was 5.5 per cent higher during the second week of December than during the •like period a month earlier. Retail concerns reported their employment and pay rolls well above a month ago. Firms selling at wholesale indicated that their employment was about equal to a month ago. The metal trades industries had a larger number of employes than during any other December since 1928. RICHFIELD SALE SET U. S. Court Decision Clears Way for Liquidation of Oil Firm. Bp United Press SAN FRANCISCO. Jan. 25.—A United States Court of Appeals decision cleared the way today for sale of the Richfield Oil Cos. properties, scheduled for Jan. 31. The court dismissed three appeals from rulings of the Federal District Court in Los Angeles in the plan to sell the properties, now in receivership. and simultaneouslv confirmed an application providing that bondholders be paid $28,000,000 in full payment of their claims. A price of $44,000,000 has been set on the properties.

Busigraphs

TREND OF HOUSE RENTS (national industrial conference board) *° I if|l fll f I 0 J!- 0 J FMAMJJASON the PARKER CORP GENERAL DISTRIBUTORS INCORPORATED INVESTORS

House rents are going steadily upward. Many cities report an actual shortage of well-located single-fam-ily houses. The low point in house rents was early in 1934. Since then the trend has been upward with scarcely a break, amounting to a 17 per cent increase. On the other hand, rents are still 20 per cent lower than at the end of 1929 and 2| per ce*\fc below 10 years ago.

New Business Books Available at Library The following new business books are now available at the business branch of the Indianapolis Public Library: I BREAK STRIKES! THE TECHNIQUE OF PEARL L. BERGOFF, by Edward Levinson A survey of 60 years of professional strike breaking and especially the career of the King of the Strike Breakers. LORDS OF CREATION, by Frederick L. Allen The general theme Is the Immense financial power which became concentrated in the hands of a few commanding financiers. TAKE IT EASY, by Walter B. Pitkin For people who are working too hard: for people who worry; for people who grow tired early in the day; for people who complain of aches and pains all over, etc., etc. YOU, PUBLIC UTILITIES AND THE GOVERNMENT, by Ernest Greenwood What will be the effect not only on the public utilities but on all business and industry if the Federal government succeeds in its plans to get control of all the sources of electric light and power}*

SECURITY GIFTS SHOWNBY SEC Hudson Official Gives Away $1,050,000 in Stock, Report Says. Bp United Press WASHINGTON, Jan. 25.—Roy D. Chapin, former Secretary of Commerce and head of the Hudson Motor Car Cos., gave away 70,000 shares of Hudson stock, worth sl,050,000, in November, reports to the Securities Exchange Commission showed today. Numerous other gifts of securities, possibly in anticipation of higher gift taxes effective Jan. 1, were reported by other corporation heads. Among the larger were; W. N. Reynolds, director of R. J. Reynolds Tobacco Cos., gave away 30,000 shares of Reynolds Tobacco B stock and 100 shares of A stock; worth $1,746,200. John Tysfcwski, New York City, gave away 5030 shares of common stock of Woodward & Lothrop, Washington (D. C.) department store. H. Raymond Brown, New York City, gave away 3000 shares of Bickfords, Inc., common stock. Among other transactions, Chesapeake Corp. was shown to have exchanged for other securities during November, 22,642 shares of its holdings of Chesapeake & Ohio Railway Cos. capital stock, reducing them to 3,656,571 shares. E. S. Evans, Detroit, sold 6080 shares of Evans Products Cos. common st< Lessing J. Rosenwald, Philadelphia, sold 3377 shares of Sears Roebuck & Cos. capital stock, reducing his holdings to 63,799 shares. Local Livestock (Reprinted From Late Times Yesterday) HOGS Jan. Bulk. Tod. Receipts. 18 $lO.lO (O; 10.10 $lO.lO 1000 20; [email protected] 10.45 4000 21. [email protected] 10.35 7000 22. 10.40@ 10.50 10.50 4000 23. 10.40W10 50 . 10.50 ' 1500 24. [email protected] 10.85 3000 Light Lights. (140-160} Good and choice. [email protected] Medium [email protected] (160-180) Good and choice.. [email protected] Medium . •• [email protected] GBO-200) Good and choice.. 1T)[email protected] Medium . 10.25® 10.75 (200-220) Good and choice.. [email protected] (220-2501 Good and choice.. [email protected] Heavyweights. (250-290) Good and choice.. [email protected] (290-350) Good and choice.. [email protected] Packing Sows. (275-350) Good 9.00® 9.25 (350-425) Good 8.75@ 9.15 (425-550) Good 8.60@ 9.00 (275-550) Medium 8.25® 8.75 Slaughter Pigs. (100-140) Good and choice.. [email protected] Medium [email protected] CATTLE —Receipts, 1200— (500-900) Choice [email protected] Good [email protected] Medium 7.00® 9.00 Common 5.25@ 7.00 (900-1100) Choice 12.00® 13.25 Good [email protected] Medium 7.25@ 9.25 Common 5.50@ 7.25 (1100-1300) Choice 12.25®13.50 Good [email protected] Medium . 7 50@ 9.25 (1300-1500) Choice [email protected] Good [email protected] Heifers. (500-750) Choice [email protected] 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 6.50® 7.25 Good 5.75® 6.50 Common and medium 4.75@ 5.75 Low cutter and cutter 3.50@ 4.75 Bulls, good 6.25 @ 6.75 Cutter, com. and med. bulls-. 4.25® 6.25 VEALERS —Receipts, 200-*-Good and choice $'[email protected] Medium [email protected] Cull and common 5.00® 9.50 Calves (250-5001 Good and choice ... 7 [email protected] Common and medium 4.50® 7.00 Feeder and Stocker Cattle ,500-800) Good and choice.. 7.00@ 8.25 Common and medium .. 5.00® 00 (800-1050) Good and choicfs. 7.00® LSO Common and medium ... . 5.00® 7.00 Cows Good * 4 50@ 5.00 Common and medium 4.00® 4.50 SHEEP AND LAMBS —Receipts, 2000— Lambs. 90 lbs. down, good and choice $10.25@10 60 Good 9.75@10:25 Medium 9.00& 9.75 Common 7.00® 9 00 Ewes. (90-175) Good and choice .. 4.00@ 5.00 Common and medium 3.00® 4.00 Yearling wethers, good choice 9.00® 9.50 Medium 7.00® 9.00 LOADINGS DECREASE 3620 CARS IN WEEK Association of Railroads Places Total at 611,408. Bp United Press WASHINGTON. Jan. 25.—The Association of American Railroads announced today that loadings of revenue freight, for the week ended Jan. 18 totaled 611,408 cars, a decrease of 3620 below the preceding week, but 48.582 above the corresponding week in 1935. Miscellaneous freight totaled 229,897 cars, 4172 above the preceding week and 28,889 above last year. Merchandise in less than carload lots totaled 149,016 cars, 570 above the preceding week, but 2806 below 1935. Coal loading amounted to 140,740 cars, 12,015 below the preceding week, but 3292 above last year. Grain and grain products totaled 34.715 cars, 2940 above the preceding week and 9526 above 1935. Live stock loading amounted to 13.933 cars, 954 below the preceding week and 1030 below 1935. Ore loading totaled 6066 cars, 418 below the preceding week, but an increase of 2230 above 1835.

SATURDAY, JANUARY 25, 1936

BANKER FLAYS HIGH TAXATION OF INSTITUTIONS Mylander Addresses A .B. A. Eastern District Meeting. Bp United Press PHLADELPHIA, Jan. 25—Bankers today pondered assertions that taxation of banks may reach the point of threatening or destroying their solvency, following the speech yesterday of Charles H. Mylander, vice president of the Huntington National Bank of Columbus, 0., before the Eastern District meeting of the American Bankers Association. Mr. Mylander said that in the fiscal year ended June 30, 1934, taxes on national banks averaged $1 £.89 on every SIOO of net operating earnings before taxes, and in seven of the twelve Federal Reserve Districts the average was higher. In those same districts, he said, the greatest number of bank failures occurred in 1920-1933. Mr. Mylander urged bankers to make the public realize “the selfevident truth that banks, dealing as they do only in intagible property; are not proper subjects for property taxation; that the true measure of the prosperity of a bank, and therefore its ability to pay taxes are the earnings it can make; and, finally that with all banks now bound together in the great experiment. of Federal deposit insurance, continued Federal supervision of bank taxation through an unchanged and unmodified Section 5219 is imperative.” A. G. Brown, president of the Ohio Citizens Trust Cos., Toledo, reminded the conference that the only way to get the government out of the lending business is to demonstrate that banks are able and willing to assume sound credit risk. “Governmental influence in the field of private lending will be halted only after it is generally acknowledged that there is no need for its participation,” he declared. George F. Rand, president of the Marine Trust Cos. of Buffalo, also urged banks to strive to regain lending business.

DISTRIBUTION GORP. FORMED AT BOSTON Co-Operative Store to Be Part of Business Life. j By United Press BOSTON, Jan. 25.—The co-opera-tive department store soon will be a part of American business life it was indicated today as Edward A. Filene, Boston merchant, announced formation of the Consumer Distribution Corp. to carry out the project. The corporation is capitalized at $1,000,000. The plan calls for locally owned co-operative enterprises with funds deposited in the home city. The new corporation will not be a holding company, but will offer a service for all stores of centralized buying, research and expert assistance in management, public relations and similar functions The firm would be turned over to the co-operative stores in 10 yexrs. Mr. Filene disagreed that the cooperative would harm retail trade, but said it would stimulate all sales by spurring retailers to better methods. AUTO FACTORY SALES HIGHER IN DECEMBER Cars Manufactured in United States J Total 4,009,486 for 1935. By United Press WASHINGTON, Jan. 25.—Factory sales of automobiles manufactured in the United States rose to 407,804 in December, bringing the year's total to 4.009,486, the Commerce Department reported today. The total compares with 2,753.111 in 1934. December sales in 19341 were 153,624. At the same time the department reported an increase of $7,483,914 in exports of automotive products during the month of November from the preceding month. November auto exports reached a valuation of $22,403,722. This is the peak figure for any corresponding month since 1929, when the export total amounted to $27,129,963. NET LOSS REPORTED Kelvinator Corp. Loses $153,001.74 in First Fiscal Quarter. Times Special DETROIT, Jan. 25.—The Kelvinator Corp. today reported a net loss of $153,001.74 for the first quarter, ended Dec. 31, 1935, of the current fiscal year, after all chafes, depreciation and interest. This compares with a net loss of $290,322.13 for the same period of the previous fiscal year. Directors of the corporation have declared a dividend of 12% cents a share, payable in cash April 1 to stockholders of record March 5. TIRE FIRM SHOWS LOSS By United Press AKRON. Jan. 25. —The General! Tire and Rubber Cos. today reported ! a net loss of $115,756 for the fiscal i | year ended Nov. 30, 1935. Chicago Grain Futures j (Reprinted From Late Times Yesterday) Prev. i Wheat— High. Low. Close, close. ! Mav 1.01% 1.00% 1.00% 1 00% 1 July 89% .88% .89 L 89 1 4 Sept 88 .87% .87% .87% CornMay 60' i .80% .60% .60% July 60% .60 1 * .60 % 60% | Sept 60% .60% 60%A i60% Oats— May 28% .28% ,28%8 .28% July 28 .27% 288 .27% Sept 27% .27% 27%A .27% RyeMay 55% .54% ,55%8 .55% July 53% .52% .53%8 .53% Sept 53%8 .54 Barley— May 43 %N 43% Lard— Jan 10.97 10.95 10.95A 11.05 May ...11 22 11 07 11.108 11.15 July 11.20 11.00 11.00 11.10 j A—Ask; B —Bid; N—Nominal. LOCAL CASH~MARKET 1 City grain elevators are naying 95 cents for No. 2 soft wheat. Other grades on 1 their merits. Cash corn new No. 4 yellow 50 cents and oats 21 cents. %

a! Jah* Feb. March) April | May I June I July I Auf. | Sept- (V* iw . 2,0 ttt "1111 TTi rn rp In h i rrnrrp nll m 1111 rff 111 20 DAILY AVERAGE SOFT COAL OUTPUT l£ IP93JLj 193 * 1,8 1A in i I z- /JV a l4 6 *1932 \y' ' y 1/ .2 .2 Solly Mttal Orabt

Soft coal production spurted sharply during the week ended Jan. 4. boosting the daily average to the highest point since March 30, 1935, when the threat of a mine strike caused a sharp rise in demand.

New York Stock Exchange Prices

(By Thomas & McKinnon) (Reprinted From Late Times Yesterday) Prev. High Low Close close Oils— Amerada 83% 83% 83% 84 Atl Rig 30% 20-4 29% 30 1 i Barnsaall 17 16% 16% 16% Consol Oil l3'/4 12% 12 % 12 v Cont of Del .... 3o*s 36 36 36% Houston inew) .11 •* 10% 10% 11% Mid Cont Pet .. 21% 21 Vs 21% 21% Ohio Oil 16% 16% 16% 16% Pet Corp 15 15 15 15 Phillips Pet 41 10% 30% 40 Plymouth Oil .. 14% 14 14 14% Pure Oil 20 19% 19% 19% Royal Dutch ... 52% 52% 52% '52% Seaboard Oil ... 34% 33% 34% 34% Shell Un 18% 18 18% 18% Slceiley Oil 25% 25% 25% 25% Soc Vac 16% 15% 15% 16% SO Os Cal 42Vs 41% 41% 41% SO of Ind 36% 36% 36% 36V* SOof N J 55% 54% 55 55% Texas Corp 34% 33% 34% 33% Tidewater Assn 16% 16% 16% 16% Un Oil of Cal .. 25 24% 25% 25 Steels Am Roll Mills:.. 31% 30% 30% 31% Beth Steel 52% 51% 51% 52% Byers A M 22 21% 22 22% Cruc Steel 36% 36% 35% 36% Inland Steel ...103% 102% 103 102% Ludlur.i Steel .. 29% 28% 28% 29% McKeepsort Tin 116% 114% 116% 115% Mi'l Steel 23 22% 23% 22% Natl Steel 68% 67% 67% 67Va Otis Steel 16% 15% 16% 16% Rep Tron & Stl.. 19% 19 19 19% U S Pipe & Fdy. 32Vs 30% 31% 32 U S Steel 48% 47% 47% 49 U S Steel pfd ..120% 119VL 119% 120 Warren Bros ./. 6 5% 5% 5% Yngstwn S& T. 47 46% 46% 46% Motors— Auburn 43 42% 43 42% Chrysler 89% 88 88% 89% Gen Motors .... 56% 557(( 56% 56 Graham Mot 3% 3Vs 3% 3% Hudson 16 15% 15% 15% Hupp 2% 2 2 Vs 2 Mack Truck 30% 29% 30% 29% Nash 18% 18 Vs 18% 18% Packard 8 7% 7% 7% Reo 5% 5% 5% 5% Studebaker 10% 9% 10V* 10 Vs Yellow Truck .. 14% 13% 13% 13% Motor Access— Bendix 23% 23 % 23 % 22% Bohn Alum 52% 52 52 52 Va Borg Warner .. 69 68 68% 68 Briggs 54% 54 54% 54% Budd Mfg 11% 10% 10% 10% Budd Wheel .... 13% 12% 12% 13% Eaton Mfg ... 29% 29% 29% 29% Elec Auto Lite . 38% 37% 37% 38% Elec Stor Bat .. 55 54% 55 54% Greyhound B .. 79% 78% 79% .: . Houdaille . 28% 28 28 28% Murray Body .. 18% 18% 18% 18% Stew Warner ... 20% 19% 19% 20 Timken Roil ... 68% 66% 67% 67% Timken Det Axle 16% 15% 15% 15% Mining— Alaska Jun .... 17% 16% 16% 17% Am Metals 35% 34V* 35% 34% Anaconda 31 30% 30% 30% Cal & Hecla .. 7% 7% 7% 7% Cerro De Pasco 54% 52% 54% 52% Dome Mines ... 52% 50% 51 50% Granby 10% 9% 10 9% Gt Nor Ore ... 16% 16% 16% 16% Homestake Min 540 538 538 540 Howe Sound .... 55% 53% 54% 53% Ins Copper .7% 7V* 7% 7% Int Nickel 49 48% 43% 48% Kennecott Cop . 32% 31% 32% 32% Mclntyre Mine . 49% 47 Va 48 48 t Park Utah • 5% 4% 5 5V 4 Phelps Dodge ... 33% 32 33 32 St Joe Lead ... 26% 26% 25% 26 U S Smelters ... 96% 44% 94% 94% Vanadium 23% 23% 23% 24 Amusements— Fox Theat 26V* 26 26% 25% Loews Inc 52% 52% 52% 52% Radio Coro 13% 13 13% 13% Paramount 10% 10% iO% 10% RKO 8 7 1 /* 7% 7% Warner Bros ... 11% 11% 11% 11% Tobaccos— Am Snuff 72% 72 72% 72% Am Sum Tob ... 24% 24% 24% 24 Am Tobacco "A" 99% 98 Va £B% 99 Am Tob "B” 100% 99% 99% 100% Gen Cigars .... 547% 57% 57% 57% Lig & Myers ‘B’ 112% 110% 110% 113 lorillard 25% 25% 25% 25% Philip Morris .. 71% 70% 71 70% Reyns Tob ‘B’.. 58 57% 57% 57% Rails— Atchison 71% 70% 70% 70% Atl Coast Lines. 31 Va 30 30% 31 B& O 18% 17% 17% 18% Can Pac 12 12% 12% li /* Ch & Ohio .... 55% 55 55% 55 Chi & Gt W ... 2Va 2 2% 2% Chi & Gt W pfd 6% 6% 6% 6% CM&StP ... 2% 2Vs 2% 2% C M & St P pfd 4% 4Va 4Va 4% Chi N W 4V* 4 4 4Vs Chi N W pfd.. 9% 9% 9% 9% Dela & Hud ... 39% 38% 38% 39% Del Lac & W... 17% 16% 16% 16% Erie 13% 13 13 13 Vs Erie pfd 19% 18% 18% 19% Grt North'n pfd 34% 34 34 34% 111 Central 21% 20% 20% 21% K C Sou 15% 15% 15% 15% Lehigh Valley... 9% 9% 9% 9% Lou & Nash 68 67% 67 % 68% M K & T ... 8% 7% 7% 8V MK & T pfd... 20% 19% 19% 20% Mo Pac . 3% 3% 3% 3% Mo Pac pfd .... 7% 6% 6% 6% N Y Cent 31% 30% 30% 31% N Y New Haven 5% 5% 5% 5% N Y Ont & West 6% 6 6 6'/a Nor Pacific ... 26'% 26 26 26% Penn R R 35% 34% 35 35% Reading 41 4040 40% Sou Pac 28% 27% 27% 28% Sou R R 15% 14% 14% 15% Union Pac 120% 120 120% 120% Wabash 2% 2% 2% 2% West Maryland.. 9% 9% 9% 9% Equipments— Am Brake Shoe. 50% 49 50% 49 Am Car & Fdy 34 33% 33% 34 Am Loco 28 27% 27% 27% Am Steel Fdy.. 26% 25% 25% 26 Bald Loco ... 5 4% 4% 5 Gen Am Tk Car 54 52 % 54 52‘/a Gen Elec 39% 38% 38% 39% Gen R R Sig 48V* 47% 47Vi 47% Pullman snc ... 41% 41% 41% 41% West Air Br ... 39% 38% 39 39% Westingh Elec. 110% 108% 109% 103% Utilities— Am & For Pwr . 8% 8% 9% 9% A T & T 160% 169% 160 160 Va Am Wat Wks . . 22% 22 22% 22% Col Gas & Elec 15% 14% 14% 14% Comm & Son .. 4 3% 3% 3% Consol Gas 33% 32% 32% 32% Elec Pwr & Lit 8% 7% 8% 8 Int Hyro Elec .. 4% 4% 4% 4% Interboro RT.. 18 17% 17% 18 Int T & T .... 17% 17 17 17% Nat Pwr & Lit .. 12 11% 11% 11% North Amer . 28% 27% ' 28% 28% Pac G & E ... 34% 34 34 34% Peoples Gas .... 46 44% 44% 43 Pub Serv N J .47 46% 46V* 47 So Cal Eison.. 27% 27 27 27% St Gas . . ... 8% 7% 8% 8 Stone & Web... 17% 17% 17% 17% United Corp 7% 7% 7% 7% Un Gas Imp . 18% 18% 18% 18% Ut Pwr & Lt A 4 3% 4 4 West Union ... 78% 77% 77% 78% Rubbers— Firestone 26% 25% 26 26% Goorich 15% 15% 15% 15% Gooyear 24% 23% 23% 23% U S Rubber ... 18% 18% 18% 12% U S Rubber pf 56% 55V4 55% 56% Miscellaneous— Allis Cham 38% 38 38 33% Am Can 126% 125% 125% 127% Am M& F .... 27% 27 27 27% Anchor Cap .... 19% 19 19% 19% Brlyn MTr 45% 44% 44% 44% Burr Add 28 27% 27% 20% J I Case 103 100% 100% 102% Cont Can 83% 81% 81V 82V* Caterpil Tract .. 59% 58% 58% 58 , Crown Cork 53 53 53 53V* Curtis Pub 21% 20% 21% 21V* Deere &Cos .... 60 59 % 59% 60 East Kodak 160% 160 1 60% 159% Post Wheeler ... 31% 31 31% 31% Gillette .... 18% 17% 17% 17% Glidden 51% 51V* 51% 50% Inger Rand 119 V* 118 118 119 Int Bus Mach ..181% 180% 180% 181 Inter Harv 59% 59% 59V* 59% Natl Cash Reg .. 24% 23% 23% 23% Owens Bot 145% 145 145 145% Rem Rand 23% 22 22V* 22% Underw E 9s % 94 94 94% Worth Pmp .... 26:.- 26 26 26 Food*— Am Sugar , 57V* 56% 56% 57% Armour S’* 5% 5% 5% Arm 6% pfd ... 72 71% 71% 72% Bord Prod ...... 26% 26% 26% 26% Cal Pack 35% 35 35 35 Can Dry G Ale .. 16 15% 15% 16 Coca Cola 88% 88 88 88%

Cont Bak A .... 16 15% 16 15V* Corn Prod 72 71% 71% 71% Crm of Wh 37% 37Va 37% 37% Cub Am S 7% 7V* 7% 7% Gen Bak 13% 13% 13% 13% Gen Foods 35 34% 34% 35V* Gold Dust 20% 20 20 20% G W Sugar 32% 32% 32% 32% Hershey 79% 79% 79% 79% Loose Wiles 44% 44% 44Va 44% Natl Biscuit ... 37V* 36% 36% 37% Natl D Prod 22% 22% 22% 22% Purity Bak 16% 15% 15% 16% S Porto Rico Sug 30% 30 30% 30 Std Brands 16% 16V* 16% 16% Un Biscuit 27V* 27 27V* 27V* United Fruit .... 70 68% 69% 68% Ward Bak B\. 3% 2% 3% 3 Wrigley 78% 77V* 78% 78% Retail Stores — Allied Stores .. 7% 7% 7% ... Assd Dry Goods. 14 s a 14% 14% 14% First Natl Stores 47% 47 47 47V* Gimbel Bros ... 7% 7% 7% 7% Gm Un Tea .... 5% 5% 5% 5% Jewel Tea 60 50% 60 59% Kresge S S .... 23% 23y 22% 23-/* Kroger Groc ... 27V* 27 27 27% Macy R H 47 46V* 46% 46% McCrory St 14% 13% 13% 13% McLellan St ... 13 1 /* 12% 13 12% Marshall Field. 11% 11% 11% 11% May Dept St ... 49 48 48 48% Mont Ward 38% 37% 37% 38% Natl Tea 11% IV% 11% 11% Penney J C 73'/a 71% 73 73 V*

N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 20 Inds. Rails Util. Bond* Today 92.9 90.8 105.0 96.2 Yesterday 92.8 90.7 105.0 96.2 Week Ago 92.8 89.3 105.1 95.7 Month Ago 90.9 83.3 103.1 92.4 Year Ago 86.9 84.9 92.8 88.2 1935-36 High ...... 93.1 90.7 105.1 96.2 1935-36 Low 83.6 71.0 89.3 83.0 (Copyright, 1936, by Standard Statistics.) U. S. GOVERNMENT BONDS (By Abbott. Proctor Si Paine) Treasurys. Prev. Close, close. 4%s 1947-52 115.7 115.11 4s 1944-54 111.2 111.7 3%S 1946-56 109.9 109.10 3%S 1943-47 106.28 107.1 3%s 1941-43 108.10 108.12 3%s 1943-45 106 106.11 3>/4S 1944-46 105.17 105.22 3‘/sS 1943-49 104.1 104.2 3VbS 1949-55 103.30 103.31 3s 1951-53 102.24 102.30 3s 194b-4b 103.12 103.7 3s 1955-66 100.4 100.8 2%S 1945-47 101.2 101.7 Home Owners’ Loan Corp. 2%s 1940 99.23 99.25 3s 1952 100.23 101.2 Feeral Farm Mortgage Corp. 3'/*s 1964 102.2S 102.31 3s 1952 101.26 102.2 2%S 1947-49 100.15 100.18 DOMESTIC Prev. ~ Close, close Alleg Corp 5s ’44 94% 94 Alleg Corp 5s ’49 87% 88 Alleg Corp 5s ’SO 58 58% Am Frgn Pow 5s 2030 78% 76% Am Tei & Tel 5%s ’43 113% 113V* Am Tel & Tel 5s ’65 112% 113 Arm &Cos (Del) 5%s ’43 .... 97% 97% Atl Coast Line 4s ’52 98 98% Atl Coast Line 4%s ’64 84 85 Atch Top % S Fe 4 Vis ’4B 110% 111% Am Wat Wks 5s 44 11l 110% Am Rolling Mills 5s ’3B 124 124% Balt & Onio 6s ’95 93% 92V, Balt & Ohio 4 Vis 60 69% 70 Buff Roch & Pitt 4Vis ’57 75% 74% Chi Mil & St P 5s ’75 23 23% Chi Mil & St P 5s 2000 8% 9% Clev Un Terms 5s ’73 103 103 Clev Un Term 4%s ’77 97 97% Col Gas 5s May '52 101 Vi 101% Col Gas 5s ’6l 100% 100 7 /, Can Pac Perp 4s 89% 89% Cent Pac 5s ’6O 96% 97V* Big Four 4Vis ’77 89% 89 Col & So 4Vis ’BO 71 71 Chi & West Ind 4s ’52 - 102 101% Chi & West Ind 5%s ’62 107% 107% Chi & Nor West 4%s ’49 15% 16 1 /* Con Gas 5s ’57 ....105 105% Chesa Corp 5s ’47 124V* 124 V, Del & Hud 4s ’43 81% 81% N Y Dock 4s ’sl 70 70 N Y Dock 5s ’3B 62 61V, Erie 5s ’75 76% 76% Erie 5s ’67 77% 76% Grt Northern 7s ’36 102% 102% Grt Northern 4%s ’76 100% 100% Grt Northern 4%s ’77 99% 100% Hud & Manhat Ref 5s ’57 ... 85% 85% 111 Cent 4%s ’66 69% 69 111 Cent Jt 4Vis ’63 75% 74% 111 Cent 5s ’63 81 80 Vi Interlake C & I 5s ’sl 93 94 Interntl Hy Elec 6s ’44 52% 51 Interntl Tel & Tel 4%s ’39 . . 96% 96% Interntl Tel & Tel 5s ’55 89% 90% Interntl Tel & Tel 4%s ’52... 86% 87 McKess & Rob 5%s ’SO 103% 103% Natl Dairy 5%s ’4B 103V* 103V* Natl Steel 5s ’56 106% 107 Nickel Plate 4%s ’7B 81% 82% Nickel Plate 5%s ’74 93V* 93V* Nickel Plate 6s ’35 103% 103% N Y Cent 5s 2013 92% 91% N Y Cent 4%s 2013 (old) 85% 85% Nor Amer Cos 5s '6l 105% 105% Nor Pac 3s 2047 76% 76% Nor Pac 4Vis 2047 97% 98% Nor Pac 6s 2047 108% 108% New Orleans Term 4s ’53 87V* 87 Otis Steel 6s ’4l 102 102 Penn Ry 4%s ’B4 106% 106% Penn Ry 4'/*s ’Bl 106% 106% Penn Ry 4%s ’7O 101% 101% Pac G & E 5s ’43 104 Vi 104% Portland Gen El 4%s ’6O 77% 77% Para Publlx 5%s ’SO 94V* 94% Penn P & L 4%s ’Bl 106% 107 Postal Tel & Cab 5s ’53 40Vi 41% Rem Rand WW 5%s ’47 108 108 Shell Union Oil 5s ’47 102% 193V* Sou Pac 4Vis ’63 87% 87% Sou Pac 4%s ’Bl 87V* 87 Sou Pacific 4%s ’69 87% 87% Sou Pac 4s ’49 89 89% Sou Rail 4s ’56 59% 60% Sou Rail 6s ’56 78% 77% Sou Rail 6Vis ’56 82 82% Sharon Stl Hoop 5%s ’4B ...104 103V* Texas Pac 5s ’BO 99% 99% Texas Pac 5s ’79 100 100 Texas Pas 5s ’77 100% 100% United Drug 5s ’53 98% 98% U S Rubber 5s ’47 104% 104 NY NH & Hart 6s ’4B 4040% NY NH & Hart 4%s ’67 38% 40V* Warner Bros 6s '29 91% 91 Western Mary 5%s ’77 107 107 Western Marv 4s ’52 97% 98 Youngstown S & T 5s ’7O 105% 105 Youngstown S & T 5s ’7B 105 105 FOREIGN Argentina A 6s ’57 98 98% Argentine B 6s ’SB 98% 98% Brazil 8s ’4l . . 35 33% Denmark 5%s ’55 101 Vi 101% German 5%s ’65 28V, 29 German 7s '49 39% 38% Italv 7s ’sl 64 54% Japan 6%s ’54 99 98% Rome B%s ’52 59% 58% Tokio City 5%s ’6l 80% 80% Yokohoma 6s ’6l 85% 85% Unlisted Stocks (Reprinted From Late Timet Yesterday) (By Blythe & Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers Trust 68% 70% Century Hanover B Si T 119% 121% t Chase 42% 44% Chemical National 58 60 Guaranty 305 308% Irving . 18 19% Manufacturers 49% 51% National City 37% 39% •Conti 111 (Chicago) 124% 127V* First National of Boston 48% 50% Natl Shawmut 29% 31 FIBE INSURANCE Aetna Fire ... 70 72% City of New York 30% 33% Federal Ins 104 110% •Franklin Fire 35 38% Great American Ins 31% 32% Hanover Fire Ins 41% 43% Hartford Fire Ins 90% 92% Home Ins 39% 41% Ins Cos of N A 80% 82% National Fire 84 North River Ins 29' 21 Phoneix 105 107% U S Fire 59 Westchester Fire 40% 43%

Silver Purchases Slump Foreign silver purchases by the United States Treasury last week showed a sharp slump from the heavy buying over the year end, Department of Commerce statistics showed today.

PAGE 11

Safeway St 34% 34% 34% 34% Sears Roebuck.. 63% 62% 62V4 70% Woolworth 53V* 52% $3 53 Aviation— Aviation Corp .. 5% 5% 5% 5 Boeing Aircft .. 20% 24% 24% 24 % Curtiss Wright 4% 4% 4% ♦% Curtiss Wright A 13% 12% 18% . Douglas Air 68% 65 66 64% Nor Am Av .... 7% 7% 7% 7% Sperry Corp 20% 19% 20V, 18% United Air'aft N 29% 28Vi 28V* 28% Chemicals— Air Reduction .186% 186% 186% I*s Allied Chem ...168% 166 166 167% Am Com Alco . 30% 29% 29% 29% Col Carbon ...104% 103% 104 V, 104% Com Solvents .. 21% 21Ve 21% 21V* 5 U Pon t 144% 143% 144% 143 Freeport Tex ... 34*/* 33V* 33V* 34% C * a ,l b ,/• •• , 40 , V 39 ’* 39% 40% Math Alkali .. 31V* 30% 31% 31% Monsanto Chem 96% 95% 96% 96 Natl Dis (new) .30 29% 29V, 29 Schenley Dist .. 50% 49 50 44 Tex Gulf Sulph 36 35% 36 36% Union Carbie ... 74% 74% 74% 74% U S In A1c0... 44</* 43 43% 43 Drugs— Bristol Myers .. 42% 42% 42% 42 P>ty Inc 6% 6% 6% 6% Lambert 22% 22Va 22% 22% L*hn & Fink ... 12% 12% 12% 12% Sterling Prod . 65% 65% 65% 86% Un Drug (new). 13 12% 12% 13 Vick Chem 45 45 45 43% Zonite Prod .... 9Vi 8% 8% 8% Financial— Adams Expr .... 12% 12 12% 12V, Allegheny Corp . 3% 3% 3% 3% Am Int Corp ... 12% 11% 11% 12 Chesa Corp 65 64% 64% 65% Lehman Corp .. 98 97% 97% 97% Transamerlca .. 12% 12% 12% 12% Tr Cont Corp .. 9% 9 9% 9% Building— Am Radiator ... 27 26 26% 20% Gen Asphalt .. 291, 29% 29% 29% Holland Furnace. 36 35% 35 V* 34% Int Cement 40 39 Vi 39% 39% Johns Manville .108 106% 107% 106% Lib Owens Gls.. 50% 49% 49% 4 b s„ Otis Elev 26% 25% 26% 25% US Gypsum ... 92% 91% 91% 91% Ulen Cons 7% 7V* 7% 7% Household— Col Pal Peet 19% 19 19 19% Congoleum 42% 42 42% 42% Kelvinator 18V* 18% 18% 18% Mohawk Carnet . 24V* 24 24 23% Proc & Gamble . 48% 48V* 48% 48% Servel Inc .... 17% 17 17V, 17 Simmons Bed ... 24% 23% 23% 24 Textiles— Amer Woolen ... 11% 10% 10% 11 Belding Hem ... 14 13% 13V, 13% Celanese Corn .. 30Va 29‘/a 29% 30% Collins Aikman .48 47% 47% 48% Gotham Hose ... 10% 10% 10% 10% Indus Rayon ..31 30% 30% 30% Kayser Julius ... 28% 28% 28% 28 Real Silk 15 14Va 14% 15 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 16% 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 Wm 7 % pfd 51 53 Hook Drug Inc com 15 J 7 Ind & Mich Elec 7% pfd 100 103 Iridpls Gas Cos com 36 40 Indpls Pow & Lt 6% pfd .. 86 89 Indpls Pow &Lt %% pfd.. 91 Vi 94Vi Indpls Water 5% pfd 102 Lincoln Nat Life Ins Cos 36 38 North Ind Pub Svc 5%% pfd 70 74 North Ind Pub Svc 6% pfd.. 77 81 Oakley Stores 7% pfd 76 80 Progress Laundry com 8 10 Pub Svc of Ind 6% j)fd 17 20 Pub Service of Ind pfd.. 41 44 So Ind Gas & Elec 6% p/d .94 97 Terre Haute Elec 6 % pfd... 83 86 Union Title com 20 23 BONDS Atlanta Distr Term 6% ’4l .. 62% 70 Brooklyn Postal Sta 5%% ’4B 37% 42 Home Tel&Tel FtW 5%% ’55. .103 105 Home Tel&Tel FtW 6%’43 ...103 106 Indpls Railways Inc 5% ’67. 52 55 Indpls Water 4%% ’4O 104 106 Indpls Water 5% ’SO & ’6O .105 107 Indpls Water 5%% ’53%’54.. 104 106 Interstate TANARUS& T 5%% ’53.. 94% 97 Kokomo Water Works ’SB .104 105 Vi Lafayette Telepnone 5% ’57 .102 Morris 5 & 10 Stores 5% ’SO 99 102 Muncie Water Works 5% '65 102 Vi Noblesville HL&P 6% ’47 ... 97 100 Ohio Tel Service 6% '47 .. 95 Richmond Water Works 5%’57 104% 106 St. Louis Post Office 5%% ’3B 18 25 Seymour Wtr Ist mtg 5% ’59 101 104 Terre Haute Water wks 5% ’56 101% 103% Terre Haute Wat Wks 6% ’49 103 105 Traction Terminal 5% ’57 ... 70 74 WEEKLY FOOD INDEX CONTINUES DECLINE Wholesale Prices Drop 3 Cents lo $2.66 Daring Week. I'imcs Special NEW YORK, Jan. 25. —A further loss of 3 cents, marking the third successive decrease in the weekly food index, brought the figure down to $2.66 for the week ended Jan. 7, the lowest since July 30, 1935, Dun & Bradstreet, Inc., announced today. The decline during the last three weeks amounted to 13 cents, or 4.7 per cent. The current index is 1 cent under the $2.67 figure recorded in the corresponding week of 1935, marking the first time that the wholesale food price level has been below the corresponding period of the preceding year since April, 1929. The decline during the week was largely due to the sharp drop in cheese a:id mess pork, and smaller losses in rye, bacon, butter, eggs, potatoes, steers, sheep and lambs. Advances were regiseted in com, oats, lard, sugar, coffee, cottonseed oil, beans and hogs. Safe Deposit Boxes The Indiana National Bank of Indianapolis Buy Building; k Loan Shares Your Money Stays Here, Works Here—Earns Here General Security Trust Cos. 11l Nartli Fennaylvaala Street

TOWNSENDITES EXAGGERATE IN PENSION CLAIMS

Old-Age Arguments Are Sincere but Loose, Flynn Says. Tim i (hr third and last of a strlM of article, on the Townsend old-agt pension plan. BY JOHN T. FLYNN (Copyright. 1936. by NEA Service. Inc ) WASHINGTON. Jan. 25.—The $19,000,000,000 tax would be a tremendous discrimination against all goods made wholly in America. Thus a suit which was a home product from the sheep’s back to the final garment would have to bear a long series of 2 per cent taxes on a numerous series of transactions. But a suit made abroad and imported would have to pay only on the one or two transactions which took place in America after its arrival. The Townsendites put the cost of their plan at about $19,000,000,000 —52400 a year to each of not more than 8,000.000 people over 60. About 2,300,000 others will be exempt for various reasons. “Fantastic Figures” But they insist, and with some justification, there will be an offset against this heavy charge. One of these offsets will be, they point out. the saving of $2,500,000,000 the cost of supporting 775,000 inmates of poorhouses. Where these fantastic figures come from I do not know. The last enumeration of people in poorhouses by the Census Bureau was in 1923. There were then only about 51.134 persons 60 years of age and over in almshouses. It is fair to assume they did not cost the people more than SSOO each. But if we put the amount at SIOOO each and if we assume the number has doubled, the total cost would not exceed $100,000,000, which is very far from $2,500,000,000. It will be seen, therefore, that this offset is of no importance. Error in Arithmetic The Townsendites assert that, as old persons receiving pensions must withdraw from work, the jobs they vacate would be available for younger men and women. It is difficult to get precise figures on the number employed. In 1930 the number of persons 60 years and over and gainfully employed was about 4,000.000. Many, however, were proprietors, professional men. Here the advocates of the plan make an error in arithmetic. They subtract from 10,300.000 persons over 60, some 2,300.000 who would not receive pensions because of criminal records or because they have incomes over $2400 a year or will not give up work. Having subtracted them once, they can not subtract them again. They can not subtract all of the employed from the remainder of 8,000,000. Persons 60 years and over with criminal records would be about 500,000. The gainfully employed with incomes would be about 1,800,000. These are included In the 4,000,000 old persons with jobs. As they would not get pensions and give up their work, the number who would quit work would be at the outside 2,200,000. Job Claims Exaggerated Are we to assume that the retirement of these 2,200,000 will create that many jobs? Some 1,200,000 of these are farmers. Os course, they do not hold jobs at all. Their retirement would not make jobs for anybody—merely leave a farm vacant for some other farmer to buy. What is more, many of those left are not employes. They are proprietors of their own small establishments—little stores, service enterprises of various sorts. Their retirement might clear up that particular business, perhaps, but would not create employment. It is not possible to arrive at a figure in excess of a million jobs which would be made accessible to younger persons. This is something, but it very far from the 5.000,000 jobs which the Townsendites claim. These are not arguments against the fundamental duty of society to provide for its aged population. But they have an important bearing on the benefits which will result to the balance of society from the program and show the looseness of the argument in favor of the plan. Report of the Condition of the Security Building & Loan Association of Indianapolis, Marion County. Indiana, at the close of business on December 31, 1935. RESOURCES Cash on hand and due from banks $ 11.007.(n HOLC and FFMC bonds owned 24,975.00 Other U. S. Government securities owned .. 10,000.00 Mortgage loans 76,350.00 Other real estate —book value 12.929.08 Total $135,261.35 LIABILITIES Book value of installment shares $ 39,345.09 Book value of loan shares 2,004.44 Book value of paid up shares .. 579.45 Book value of matured shares 34.008.58 Contingent fund 8.000.00 Undivided profits 9,923.81 Total $135,261.15 State of Indiana, County of Marlon, ss: We, the undersigned officers and directors of the Security Building & Loan Association, of Indianapolis. Indiana, do solemnly swear that the above statement is true. EDWARD H. RESENER. President OTTO BUSCHING, ecretary FRED J. POGGEMEYER. Director WM. M. SCHUMACHER, Director PETER LAW ALL, Director. Subscribed to and sworn before me this 24th day of January 1938. THOS. A. RESSLER. Notary Public. My commission expires April 2, j 1938.