Indianapolis Times, Volume 47, Number 276, Indianapolis, Marion County, 27 January 1936 — Page 11

T rends Sales Tax Definite Handicap to Trade. BY JOHN T. FLYNN

WASHINGTON. Jan. 27 —Have you noticed the tax-collector hanging around your retail store? Well, even if you haven't, he's there Just the same. And just about the worst place to put a tax-collector is in a retail store. *Under our sales tax laws, which arc found in most states, towns and even the national government, the tax collectors

fasten themselves on our stores as business discouragers. This is said now because a little evidence on this point has just turned up. New York, like hundreds of other cities, has resorted to the sales tax to raise money. When the great city began this, critics said it was a tax on

Flynn

business activity and that what the country needed more than anything else was business activity. Now some facts about this tax have come to light It was adopted Dec. 10, 1034. That was the first very busy Christmas the nation had seen in several years. December started off in the stores with a bang. The first half of the month sales were 13.2 per cent greater than in December 1933. But on Dec. 10 the sales tax was adopted. u a a THEN see what happened. The The rate of increase in sales from then until Christmas dropped off sharply, in the 20 days before Christmas, retail sales were only 7 5 per cent above 1933, instead of 13.2 per cent as in the first days of the monln. But over in New Jersey, where there was no sales tax, the story was different. The rate of increase over the preceding year was the same practically for the whole period before Christmas as for the first half of thp month. t The following June New 'Jersey adopted a sales tax. The experience of New York was duplicated. Then in October, New Jersey abandoned her sales tax. Sales the following month showed an increase of 9 per cent over the preceding year, while in New York, where the sales tax lingered, the increase was, only 4 per cent. a a a THE community which has a sales tax is forcing its merchants to carry weight. The sales tax is a definite subtraction from the purchasing power of the community and here is proof of it. The most important job we have to do is to stimulate the purchasing power of the community. We are trying to get people into the stores. We are trying to get store-* keepers to buy more from the jobbers and manufacturers. But when we get the customer into the store, the tax-collector is there to pick on him. When the merchant goes to the producer, the tax-collector is there —though invisible —to pick on him. Would it not be an excellent thing if w r e got around to finding some other place to put these taxgatherers? • (Copyright. 1936. by NEA Service, Inc.l CONSTRUCTION VOLUME LOWEST IN 3 WEEKS Total Engineering Awards Valued at $45,543,000. Time* Special NEW YORK, Jan. 27—The total volume of engineering construction awards issued last week were valued at $45,543,000, the lowest for more than three weeks, Engineering News-Record announced today. Private awards, however, reached the highest total of the year. The total volume for the week was made up of $17,047,000 private; $28.496,000 public; $4,305,000 Federal, and $24 191,000 state and municipal. Total* for the corresponding week a year ago were: Private, $5,918,000; public, $19,476,000; Federal, $7,344,000; state and municipal, $12,132,000. Industrial buildings at $4,866,000. commercial buildings at $4,150,000, '•nd private unclassified at $7,738.000 showed a sharp rise. All classes of public work are lower than last week, waterworks at $1,839,000; sewers at $1,730,000; bridges at $2,718,000; streets and roads at $7,403,000, and buildings at $10,956,000.

DIRECTORS ARE ELECTED Time* Special CHICAGO. Jan. 27.—G. E. Taylor, vice president, and H. M. Hope, New York, have been elected directors of the Interstate Power Company, succeeding A. L. Jackson and P. B. Shaw, it was announced today. On Commission Row Quotations below subject to change are average wholesale prices being offered to buvers bv local commission dealers; fruit—Cranberries. C. Homes. Eatmores. 25-lb, box. $3.50. Pears—Washington D Anjo. $3.25. California avacados, $3. Bananas—Seven hands, a pound, sc. Persimmons—California. lug. *1.25. Apples— Jonathans, *1.50; Delicious. *1.75; Wealthvs. $1 25; Grimes Golden. $1 25. Lemons —Sunkist. 3605. *5.75. Grapefruit— Texas, 61s to 70s. $3.50; Arizona Sunkist, $2.75. Limes—Mexican, a carton 12s. 25c. Grapes—Emperor, lug. *2; fancy Emperor, 34-b. sawdust chest. *3 75. Vegetables Beans, green round stringless, bu . *3 25. Beets—Texas. 3 doz. crate. *l. Cabbage—New York Danish, 50-lb bag. 60c. Cauliflower —California, crate. *175. Celery—Florida washed, doz.. 50c'S *1.05 Cucumbers—Hothouse, doz. $1.75; Southern, bu., $6. Kale—Virginia, bu.. 75c. Lettuce—lceberg California. good, *3.25; homegrown leaf. 15lb. basket. *1 15. Endive—California, basket, 90c. Mangoes—Florida, crate. *5 50; small basket. *1.50. Mint—Hothouse, bunch. 75c. Mustard—Texas, bu., *1.35. Onions—lndiana yellow. 50-lb. bag. *1 15; 10-lb. bag. 25c Parslev— Southern. doz . 50c. Peas Telephone hampers. *2.75; Texas hampers, *2.50. Po-tatoes-Round Cobblers, 100-lb. bag *1 65 Michigan Round White. 100-lb bag *1 65; Early Ohios. bu. *1.85 Idaho Russets. *2 35. Sweet potatoes—lndiana Jersevs. bu . *1 50. Radishes—Ohio, button, doz baskets. 40f? 50c. Sage—Doz., 45c. Spinach —New Texas, bu . *l.lO. Squash—Bu.. *2 50 Tomatoes—lo-lb basket repacked *1.25; *-lb. basket. *1 35 P ntITTS AND VEGETABLES (By United Press) CHICAGO Jan. 27.—Apples— Michigan Mclntosh, bushel. 75c*)51.25. Carets Ulnois bushel. 404; 50c. Sweet potatoes Tennessee bushel. 854/90c Beans—Florida buahel, *2.504/3.25 Cabbage—Sacks, per cwt *l4/1.25. Peas—Calfornia bushel hamper*. *1 503 Spinach—Texas bushel. 75c*l. Lettuce —Western crates. 5 doz . *2fi2 40. Cucumbers—Florida bushel SI 504i4.95. Celery—Florida crates. *2 50 #iS.4O Cauliflower—California crates *1.25r 1.50 Toma toea—Mexican lugs' *2iJ. Onion market (50-lb sacks) Western Valenrias. *1.10; Illinois veUow*. 15c 4ir*i; Michigan yellows, 75S*5c; Indian- yellows, 85c£*l.

STEEL MILL TO CHANGE LABOR PROGRAM SOON Carnegie-lllinois Employes to Elect Committee on Feb. 2. By Vailed Press PITTSBURGH, Jan. 27.—The first step toward a drastic change in the employe representation plan of the Carnegie-lllinois Steel Cos. will be made here Feb. 22, it was announced today. Representatives of the workmen in all of the company's plants will meet and elect an executive committee. Revised plans by which the workmen will bargain collectively with the management will be started soon afterward, according to John J. Mullen, one of the employe representatives. “The sentiment at the meeting Saturday night,” Mr. Mullen said, “as expressed by the chairman and secretary of each of the employe representative groups, was that the existing plan is absolutely ineffective.” The dinner at which the new plan was discussed was attended by representatives of the 26,000 workers in the Pittsburgh and Youngstown (O.) districts. Nature of plans Not Revealed The action reflects recent demands for a national union which would take away the absolute veto power now held by the management ol the mills. Mr. Mullen did not reveal the specific nature of the new plans but said the men felt the present plan did not accomplish waht it should. Suggested changes will be put into shape by the executive committee, he added. Mr. Mullen, now an employe of the Allegheny County elections bureau, holds the distinction of being the only “outsider” to represent workmen. He is chairman of the employe representation group at Clairton, where one of the Carnegielllinois mills is located.

MOVEMENTS OF PRODUCE DROP Total Shipments Reported at 13,300 Cars; Price Trend Firm. Time* Special WASHINGTON, Jan. 25.—Produce shipments in the Midwestern district maintained a fairly steady rate during the last week, although they were slightly lower than in early January and at the same week a year ago, the Department of Agriculture announced today. The moderate decrease was attributed to a sharp drop in potato shipments. More than half of the 13,300 carloads of fruits and vegetables moved during the week consisted of potatoes, apples, citrus fruits and lettuce. The movement, however, is still light for tender Southern vegetables, but quantity is considerable in contrast with the extreme shortage a year ago after the large midwinter freeze. Recent freezing damage in the South apparently has been slight except to Texas spinach. First reports have led to firmer prices for some lines of Southern vegetables. Prices of most Northern vegetables were still sagging slowly on rather liberal supplies and dull grade. Moderate supplies and fairly steady or slightly lower prices are the rule in most of stored vegetables and fruits. Cabbage recovered slightly. Bad roads and weather conditions interfered with haulings at many northern produce shipping points. TIN CONSUMPTION GAINS Figures Show an Increase of 20 Per Cent in 1935. Time* Special NEW YORK. Jan. 25.—Tin consumption for 1935 increased 20 per cent over 1934 according to an announcement by the International Tin Research and Development Council. World production in 1935 was 138.000 tons and consumption was 142.000 tons, compared with 108.637 tons and 117.681 tons, respectively, in 1934. Although the consumption figures show an encouraging increase. they are still considerably lower than the record level of 178,029 tons reached in 1929. BUSINESS FAILURES DIP Defaults in U. S. Amount to 246 in Week Ended Jan. 16. Timr* Special NEW YORK. Jan. 27.—The total volume of business failures in the United States amounted to 246 for the week ended Jan. 16. compared with 266 in the preceding week and 274 in the same period a year ago. Dun & Bradstreet, Inc., reported today. Reta:’ defauits dropped to 160, from r J in me preceding week. The whole ale and manufacturing groups fell off 5 and 11, respectively, while a rise of 9 appeared in the other commercial classification. The largest number of failures were noted in the Central West, Western and Pacific sections. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,15T.000 Debits 4.789 000 TREASURY STATEMENT ißv United Press' WASHINGTON. Jan. 27.—Government expenses and receipts for the current fiscal year to Jan. 24. as compared with a year ago: This Year. Last Year Exponsea . *4.158.593.153 64 *3.957.921.501 57 Receipts . 2.093.900.336.56 2.028 406,724.35 Deficit . . 2.064 692.817.08 1.929.514.777 22 Cash bal. 2.082.650.787.83 2.354.591,742.72 LOCAL CASH MARKET City grain elevators ore paying 96 cents for No. 2 soft wheat. Other grades on thetr merits Ca.tn corn new No. 4 yellow 40 cents and oau 31 cents. in

Abreast of The Times on Finance

Big Ten ’ Banks Twenty-fives per cent of the deposits of commercial banks and trust companies in the United States were carried in the 10 largest banks in the land, according to tabulations by the American Banker. Here are the “Big Ten”; Ranking Deposits, Dec. 31, 1935. 1. Chase National Bank. New York City $2,075,121,091 2. National City Bank of New York City 1,652,366,244 3. Guaranty Trust Company of New York City 1,513,931,163 4. Bank of America N. T. & S. A., San Francisco 1,155,265,465 5. Continental Illinois Nat'l Bk. & Tr. Cos., Chicago... 1,021,313,904 6. Bankers Trust Cos., New York City 910,376/43 7. First National Bank, Chicago. 860,490,743 8. Cental Hanover Bank & Trust Cos., New York City 821,020,293 9. First National Bank, Boston 632,851.952 10. Irving Trust Company, New York City... 591,306,698

(By Thomson & McKinnon' 11:15 A. M. Prev. Oils— High. Low. N. Y. close. Atl Rfg 29% 29>4 29% 29% Barnsdall 16% 16% 16% 16% Consol Oil 13% 13 13% 12% Cont of Del 38% 367* 36% 35% Houston (new).. 11 Vs 10% 11% 10% Mid Cont Pet... 21% 21% 21% 21% Ohio Oil 16% 16% 16% 16% Phillips Pet 41% 41V* 41% 41 Plymouth Oil ... 14 14 14 14 Pure Oil 20% 20 20% 20% Seaboard Oil ... 34% 34% 34% 33% Shell Un 17% 17’, 177, 17% Skelley Oil 25% 25% 25% 25% Soc Vac 15% 16 16% 16 SO of Cal 42% 42% 42V, 41% S O of Ind 37 36% 36% 37 S O of N J 55% 55% 55% 55 1 2 Texas Corp . .. 34% 34% 34% 33% Tidewater Assn. , 16% 16% 16V* 1614 Un Oil of Cal... 247, 24% 24% 24% Steels— Am Roll Mills.. 31V* 30% 307), 31 Beth Steel 52% 51% 51% 51% Byers A M 22% 22 22V* 21% Cruc Steel 36 % 36% 36% 36 Inland Steel ...105% 104% 1057 2 103% Ludlum Steel ... 28% 28% 28% 28% Mid Steel 22% 22% 22% 22% Natl Steel 68% 68% 68% 68V* Otis Steel 16 15% 15% 16 Rep Iron & Stl 19% 19 197i 19 U S Pipe & Fdy 31% 31% 31 7 /s 3174 U S Steel .. 48% 48 48 48 % Youngstn S& T 46% 46% 46'% 45% Motors— Auburn 43'4 42% 43% 42% Chrysler 88’, 87% 87% 88% Gen Motors 56 56% 56% 56% Graham Mot 3% 3V, 3V, 3% Hudson 15% 15% 15% 15% Hupp 2% 2% 2V, 2 V, Mack Truck .... 29% 29% 29% 29% Nash 18% 18 18 18V, Packard 7% 7% 7% 7% Reo 5% 5% 5% 5% Studebaker .... 10 V, 10 10 10 Yellow Truck.... 137, 13% 13% 13% Motor Access— Bendix 23% 23% 23% 23% Bohn Alum 52 % 52 % 52% 52 V* Borg Warner 69% 69% 69% 69V* Briggs 54% 54% 547, 54 3udd Mfg 11V, 11 11V. 11V, Budd Wheel 12% 12% 12% 12% Eaton Mfg 29% 29% 29% 29% Elec Auto Lite.. 38 37% 38 38% Elec Stor Bat ... 55 54% 54% 5472 Greyhound Bus.. 80% 79% 80% 79% Houdaille . 28% 28 28% 28% Murray Body .. 17% 17% 17% 18% Stew Warner.... 19% 19% 19% 19% Timken Roll ... 68% 63% 68% 6774 Timken Det Axle 16% 157'* 16% 157, Mining— Alaska Jun 17 16% 16’/, 17 Am Metals 34% 34% 34% 35% Am Smelt 6474 6474 64% 64 Anaconda 31 30% 3074 3074 Cal & Hecla 774 7% 774 5 Cerro de Pasco.. 55 74 5 5 55 % 55 Dome Mines .... 4974 487* 49% 50% Granby 9% 9% 9% 974 Gt Nor 0re.... 1674 167a 1674 16V4 Int Nickel 4974 4974 4974 49 Kennecott Cop.. 32% 327, 327, 3274 Mclntyre Mine.. 48 47 74 4 8 47 7, Park Utah .... 574 5 5 SVB Phelps Dodge... 33 74 33 74 33 74 32% St Joe Lead .... 26 25% 2374 26 U S Smelters.... 95% 9574 9574 95 Amusements — Loews Inc 53% 5374 5374 53 Radio Corp .... 13% 13% 13% 137s Paramount 1074 1074 10V 2 10% RKO 77, 7% 7% 774 Warner Bros ... 11% 11V4 1174 11% Tobaccos— Am Sum Tob . 24% 2474 24% 2474 Am Tobacco B 1007a 100% IOOVa 99% Ligg & Myers B 114 114 114 11474 Lorillard 26 26 26 26 Phillip Morris . 73 72 74 72% 71 Reynolds Tob B. 5874 58V* 5874 58 Rails— Atchison 70% 70 70 70 Atl Coast Lines. 30% 30% 30% 30 B & O 18% 17% 17% 18 Can Pacific 11% 11% 11% 1174 Ch & Ohio 55% 55% 55% 55% Chi is Gt W ... 2% 2 27, 2% C M & St P pfd 4% 474 4 % 4V* Chi N W pfd ... 9% 974 974 9 Dela & Hud ... 38% 38% 38% 3874 Del Lac & W... 16% 16% 1674 16% Erie 13 V, 13 13 12% Erie pfd . 19% 19 19 18% Gt. North pfd. 34 3374 33% 3374 111 Central 21 % 20% 2174 21 K C Sou 1574 1 57, 1574 1 3 Lehigh Valiev .. 9% 974 974 9‘/a L & N 68% 68% 6874 68 M K & T 8 7% 8 774 MK & T pfd.. 2014 20% 2074 20% Mo Pac 3% 374 374 37, Mo Pac pfd ... 6% 6% 6% 6% N Y Cent 31% 31 31% 30% N Y New Haven. 5% 5% 574 5 Mo Pac pfd 6% 674 6% 6% N Y Cent 31 3 4 31 31% 3074 N Y New Haven 5% 5% 5% 5 N Y Ont & West- 6% 6% 674 6 Nor Pacific 26V, 25% 25% 25% Penn R R 357, 35 35% 3474 Reading 4074 4 0 74 4074 4074 Sou Pac 28 27% 27 3 4 27% Sou R R 1574 147* 147* 147* Wabash 33 3 274 West Mary 9% 9% 974 97a Equipments—

Am C & F 33 33 33 33 % Am Loco 28 28 28 27% Am Steel Fdy ... 25 5/ s 25! 25>/ 4 ... Bald Loco ...... 5 5 5 4‘/a Gen Am Tk Car. 54 54 54 54 Gen Elec 39 38% 38% 38% Pullman Inc ... 42% 42% 42% 41% West Air Br ... 110T4 109% 109'/a 108% Utilities— Am & For Pwr 8% 8% 8% BVi Am Pwr & Lit • 10% 10% 10*4 10% AT&T 1607-8 160% 160% 160% Am Wat Wks ... 22 7 a 22% 227-8 22% Col Gas & Elec 15% 15'/a 15 3 a 15Vi Comm & Sou .. 4% 4 4% 4 Consolu Gas . . 3374 33% 33% 33 Elec Pwr & Lit. 10 9 3 4 10 9% IrW Hydro Elec . 5 4 7 a 5 4% Nat Pwr & Lit 12 1 4 12 3 8 12% 12' 4 North Amer .. 29% 29 29Vs 28'2 Pac G& E 34% 34 34 ’4 34% Peoples Gas ... 46 46 46 46*4 Pub Serv N J ... 46 1 4 46' 2 46 ’ a 46% So Cal Eedison . 27 3 4 27 7 4 27Vi 27 Std Gas 9% B*4 9*4 8% Stone & Web .. Id's 18 18% 17 3 4 United Corp .. B*4 B*4 B* 4 8 Un Gas Imp 18% 18 3 4 18 7 a 18 3 i Ut Pwr & Lt A 4*4 4% 4*4 4% West Union .. 7774 7774 7774 77* /2 Rubbers— Firestone 26 7 4 26 s 8 2674 26% Goodrich IS* 4 16 16*4 15V4 Goodyear 25 Vi 25 25*a 24 * a U S Rubber 18 7 8 1874 19 7 8 197s Miscellaneous— Allis Chalmers.. 38 38 38 38 Am Can . . ..127 127 127 125*4 Brklyn Man Tr . 44* 8 44*4 44*s 44% Burroughs Add . 28* 8 28*8 28*4 27 7 4 Conti Can .... 80% 80*4 80* 2 80‘a Caterpillar Tract 59 58 3 4 59 59 Curtis Pub 21% 21 > 2 2174 21*4 Curtis Pub pfd 10174 101 3 4 10174 101% Deere &Cos 66 64% 65 64% Gillette 18 17% 1774 17% Glidden 52 52 52 51% Inter Heu’v . 60 60 60 59% Natl Cash Reg.. 24*4 24 24* 8 23 3 4 Owens Bottle .. 145* a 145 Vi 145*4 145 Rem Rand 22% 22 22 22 Produce Markets The prices ouoted are paid for stock gathered in the country, while delivered in Indianapolis the price is a cent hither. Heavy breed hens. 16c: leghorn breed , hens. 12c: Leghorn springers, lzc: old stags. 14c: old cocts, 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 IV4 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, 55 lbs. will be made. No. 1 butter 36@37c; No. 2. 33@34c. Butterfat. 32c. Quoted bv a deduction of 10 cents a pound under the Wadley Cos. By United Press) CHICAGO. Jan. 27.—Eggs—Market firm; receipts. 5329 cases: fresh graded firsts. 26c: extra firsts, 27c; current receipts, 25c; dirties. 22c: checks. 20c. Butter—Market, firm: receipts. 8299 tubs: extra firsts .9?91’ 2 score'. 34634%c; extra (92 score*. 34*30; firsts < 88-89* a score'. 334133*20: seconds 'B6-87*2 score), 32c: specials. 356 35‘-iC: standards. 34c. Poultry—Market, steady: receipts. 6 trucks. 2 cars due: ducks 174i22c; geese. 17c: spring chickens, 24'<i 25c: hens. 186 23c; capons. 24@26c; Leghorn hens. 14® 18c: oid roosters, 17c: oroilers, 25'-i 27e Cheese—Twins. 16616* 4 c; daisies. 16%616%c: Longhorns. 16* ~'a 16 3 4 c. Dressed poultry—Turkeys, young toms. 27c: young hens. 27c: capons. 27 'a 30c. Potatoes—Supply moderate: late Saturday trading fairlv active; earlv Monday trading slow because of cold weather; market steady; Idaho Russet Burbanks. $1.753190; U. S No. 2. 51.454f1.55: Wisconsin round whites. *1.12%61.20. Colorado McClures. *1.403 150: Nebraska Bliss Triumphs. 51.3531.45 Arrivals. 73; on track. 231; shipments. 688 (Saturday); 55 (Sunday). v <•

MONDAY, JANUARY 27, 1936

New York Stocks

Foods— Am Sugar 57 56% 56% 57 Armour 774 7 7 % 6% Borden Bak (A) .15% 15% 10% 1574 Cont Bak (A) •• 15% 15% lj>% 15% Cuban Am Sugar 7% 77* 7% 7% Gen Foods 35% 35 35 34% G W Sugar 3*, 32>4 32% 32% Natl Biscuit .... 27V, 3674 37 74 3774 Natl D Prod ... 23 22% 22% 22% Purity Bak .... 16% 1674 167* 16% S Porto Rico Sug 30% 30% 30% 30% Std Brands .... 167* 16V, 1674 167s Un Biscuit 27% 27 74 27 7a 27 74 United Fruit .. 70% 707, 70% 70% Ward Bak (B).. 374 374 3% 3Va Retail Stores— Allied Stores ... 7% 774 77* 77* Assd Dry Goods 14% 14% 14% 14% Gimbel Bros .... 7% 774 7 % 7% Gr Un Tea 5% 5% 57* 5% Kresge S S 23% 23V* 23V* 23% Kroger Groc .... 27 74 27 2 7 26% McCrory St 13% 13% 13% 13% May Dept St ... 48% 48% 48% 4874 Mont Ward 37% 37Va 37% 37% Natl Tea 11% 11% 11% 11% Safeway St 33% 33% 33% 33% Woolworth 5274 5274 5274 53V4 Aviation— Aviation Corp .. 5% 574 574 5% Boeing Aircft. .. 25% 25% 2574 25% Curtiss Wright . 4% 4% 4% 4% Curtiss Wr "A'’. 13% 13% 13% 1374 Douglas Air .... 6774 67% 67Va 6674 Nor Am Av 774 774 7% 7% Speery Corp .... 22% 22 22% 21% Uni Aircft New. 2874 2874 2874 2874 Chemicals— Am Com Alcohol 30% 29% 307-4 29 Com Solvents ... 21% 217s 2174 2174 Freeport Tex ... 34% 34% 34 74 34% Math Alkali 3174 31V* 31% 31% Natl Dis (new).. 3074 29% 30 29% Schenley Dist .. 5074 50 50 497, Tex Gulf Sulph .38 37% 38 3774 Union Carbide .74 74 73 74 74V* 74% U S Ind Alcohol. 44 7 * 4374 44 74 4374 Drugs— Cotv Inc 674 674 674 674 Lambert :2% 22% 22% 23% Sterling Prod . '5% 65% 65 s 65* Un Drug (new).. 13% 13 13% 127, Vick Chem 4474 44% 44% 45 Zonite Prod .... 874 874 874 87, Financial— Adams Exp .... 1274 12 12% 1174 Allegheny Corp .3% 3% 34 3 Am Int Corp 1274 1 2 12 /4 1 2 Lehman Corp .. 97 97 97 97 /a Transamerica .. 127, 12% 12% 12/4 Tr Conti Corp.. 9 3 /* 974 974 9V2 Building— Am Radiator... 27 26% 2674 26% Gen Asphalt .... 297, 29 74 29% 29% Int Cement • . 407* 40% 40% 38 Vs Johns Manville 10674 1067* 1067* 106 Libby Owens Gls 50% 5074 907* 50 Otis Elev 27% 27 27 26% Ulen Cons 7Va 7% 7% 7% Household — Congoleum 4274 42% 42 74 41% Kelvinator 18V4 187* 18% 18% Mohawk Cdrpet.. 24 24 24 237* Servel Inc 1714 J2J B 11/? iZj* Simmons Bed .. 2374 23 % 2374 2 37s Textiles— Celanese Corp.. 29% 2974 29% 29% Real 5 Silk ° n .'.15% 1574 1574 .1574 Chicago Stocks (By Abbott,, Proctor & Paine) 11:00 Prev. A. M. close. Allied Prod 2274 2174 Berghoff 8 , 7 / ■ Butler Bros 874 8% Chicago Corp Cities Service 4% 4% Com Edison 108 107 Conti Steel 40 4014 Cord Corp 674 6% Crane 29 28/4 Elec House 1714 17 Va Gen House 4 4 Libby .. 10 9 8 Noblitt Sparks •• 33% 33 Perfect Circle 407, • Pub Servos 111 58 587, Quaker Oats 136 * 136 Swift 2474 24% Swift Int 35 34\a New York Curb (By Abbott, Proctor & Paine) 11:30 A.M. Prev. N. Y. Close. Alumn Cos of Am 98 9774 Am Cyanide B 34% 34% Atlas Corp . 14% 14% Can Indus Ale A 11% 11% El Bond & Share 18% 18% Fisk Rubber 7 <74 Imperial Oil Ltd 22% 32% Int Petrol " 37% 37% Nia Hud Pwr 10 9% Penn Road 47, 474

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*4 18 Belt RR & Stk Yds com 51V4 5374 Belt RR & Stk Yds 6% pfd.. 53 Central Ind Pow 7% pfd 16 19 Home Tel & Tel Ft Wm pfd 51 53 Hook Drug Inc com 15 17 Ind & Mich Elec 7% pfd ... 100 103 Indpls Gas Cos com 36 40 Indpls Pow & Lt 6% pfd ... 86 89 Indpls Pow &Lt 6V4% pfd.. 9174 9474 Indpls Water 5% pfd 102 Lincoln Nat Life Ins Cos ... 36 38 North Ind Pub Svc 5*4% 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% pfd . . .. 17 20 Pub Service of Ind 7% pfd.. 41 44 So Ind Gas & Elec 6% pfd.. 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 574% ’4B 377a 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*4% ’4O 104 106 Indpls Water 5% ’SO & ’6O .105 107 Indpls Water 5‘ 2 % ’53 3 a '54 .104 106 Interstate T & T 5%% ’53.. 94 74 97 Kokomo Water Works ’SB .104 10574 Lafayette Telephone 5% ’57 102 Morris 5 & 10 Stores 5% ’SO 99 102 Muncie Water Works 5% '65 102*4 Noblesville HL&P 6*4 ’47 ... 97 100 Ohio Tel Service 6% ’47 ..... 95 Richmond Water Works 5%’57 10474 106 St. Louis Post Office 574% ’3B 18 25 Seymour Wtr Ist mtg 5% ’59 101 104 Terre Haute Water wks 5% ’56 1 0174 103*2 Terre Haute Wat Wks 63, ’49 103 105 Traction Terminal 5% ’57 ... 70 74 Unlisted Stocks (By Blythe & Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers Trust 68*4 70% Central Hanover B & T ..118% 120% Chase 43% 45 Chemical National 57% 59% Guaranty 303 307% Irving 17% 19% Manufacturers 50 51 5 a National Citv 38% 40 Conti 111 (Chicago 1 125 127% First National of Boston 49% 50% Natl Shawmut 29 30% FIRE INSURANCE Aetna Fire . 69 71% City of New York 32% 34% Federal Ins 104 110% Franklin Fire ... 34% 36% Great American Ins 31% 33% Hanover Fire Ins 41 % 43% Hartford Fire Ins 90 92% Home Ins 39% 41V* Ins Cos of N A 81 83 7 4 National Fire 84 North River Ins 29% 30 % Phoenix 104% 107% U S Fire 58% 60% Westchester Fire 40* 2 42 1 2 Chicago Grain Futures (By James E. Bennett & Cos.) 11.00 Prev. Wheat— High. Low. A. M. close. May 102 1.01% 1.01% 1.01% July 90 89% .89% 89 2 Sept 88% .88’ a .88% .88% CornMay 60% .60% .60% .60% July 61‘a .60% .61*8 .61 Sept 61 .60% .60% .60% Oats— May 28% .28% .28% .28% July 27% .27% .27% .28* 4 Sept 28 .27% .27% .2774 Rye— May 56% .55% .56 .55% Jul’ 54% .54% .54% .54% *

BUILDING, LOAN GROUPS CURB DIPINASSETS Institutions Show Definite Break in Downward Fiscal Trend. TitAcs Special CINCINNATI. Jan. 27.—Reports from 57 of the savings, building and loan associations in the country above $5,000,000 in size show a definite halt in the downward trend of assets which the business has noted since 1931, and 18 of the group had a net gain in assets during the last six months amounting to $4,778,009, the United States Building and Loan League announced today. The reporting group includes 9 per cent of the total assets in all associations. Forty of the 57 reporting have resources between $5,000,000 and $10,000,0000 and the comparison of their aggregate assets as of Dec. 31 with the figure for June 30 shows a decrease of only 63-190 of 1 per cent, the report shows. Fourteen of those showing gains in assets were in this group, including one Chicago institution which holds the record increase for the period of $894,893. 17 in $10,000,000 Class The other 17 reporting were in the above 10-million-dollar class, and the decreases in their aggregate assets for the period was 2.45 per cent. Four reporting associations in this size group, located in Rhode Island, Massachusetts, Ohio and Kentucky, showed net gains. The small amount of decrease for the reporting group as a whole, 1.56 per cent, and the actual gains noted by a third of them are considered particularly notable in view of a change in bookkeeping practice which so many associations have made during the last year, tending to reduce asset figures. “Direct Reduction Loan” The league explains that where formerly borrowers in a majority of the institutions made their loan repayments in the form of shares in the association, such accumulating until they canceled the amount of the mortgage, the so-called “direct reduction loan” now being widely adopted provides for immediate application of the monthly payment to the amount outstanding, so that the total of mortgage loans on the one side of the ledger and that of share liabilities on the other side are equally reduced in amount. “Obviously the gains in spite of this widespread reduction in balance sheet footings are all the more indicative of returning activity among these local home-lending agencies, and of their steady regaining of their old place in the community,” the league report stated. Seventy-five per cent of the associations showing gains for the last part of 1935 decreased in assets the same period ihe year before, it was pointed out. New money from investors and advances from the Federal Home Loan Bank System are sources of the new funds with which they have increased assets. CHASE ECONOMIST TO BE C. OF C. SPEAKER * Dr. Benjamin M. Anderson to Address Group. Dr. Benjamin M. Anderson Jr., chief economist for the Chase National Bank, New York, is to speak here Thursday at a luncheon in the Indianapolis Athletic Club sponsored. by the Indianapolis Chamber of Commerce. Dr. Anderson, who has served as economist for the nation’s largest bank during the last 16 years, will discuss money, inflation, and the relationship of the general banking situation to business. In addition to his long service as economist, Dr. Anderson has written a number of articles on economic subjects. The address is to follow a luncheon at the Athletic Club, starting promptly at 12:15. The address, originally planned for members of the commercial body and their guests, has been opened to the public due to widespread interest. Reservations for the luncheon will be necessary. SPECIAL AGENT NAMED William H. Shreve Joins Staff of Lincoln National Life Cos. William H. Shreve, formerly connected with the Indianapolis Association of Credit Men, has been appointed special agent in Indianapolis for the Lincoln National Life Insurance Cos., John Burkhart associates have announced. Mr. Shreve is a graduate from Technical High School, a member of the Mystic Tie Lodge, F. & A. M.. and treasurer of the Hoosier Athletic Club.

Busigraphs

1 PASSENGERS CARRIED ON OUR AIR TRANSPORT UNL* (BUREAU OF AIR COMMERCE) *ooi =T <A a Ul | c ui 600 - m r-" 2 m 5 rm im a i 2300 - ; - - -i - - - s i ; I Jill 111! llj lill 1 Ini 1930 1931 1932 1933 1934 1935 TH£ PARKER CORP GENERAL DISTRIBUTORS INCORPORATED INVESTORS

The year 1935 was a big one for civil aviation. The number of passengers carried on our scheduled air lines not only made a record but passed 1933, the previous high year, by 50 per cent. The number ol miles flown increased 34 per cent over 1934. while 55 per cent was the gain in express carried, and air mail nearly doubled. Last, but far from least, was the establishment of trans-Pacific scheduled flights of the China Clipper.

He's Still Standing There

—■■■■■ .— i. i ■ Xj ~. n- ~- - - ••~rre

HOG QUOTATIONS REMAINSTEADY Cattle, Lamb Values Tend Lower; Vealers Hold Stationary. Trading turned dull in the hog market today at the Indianapolis Union Stockyards, and prices were generally steady at Saturday’s best average. The top price continued to hold at $10.50, a drop of 30 cents from last week's high level. Receipts, estimated at 5000, held at a normal figure. Demand was somewhat smaller on all classtes, and approximately 120 hogs were held over from the closing session last week. The general bulk of 160 to 225 pounds cashed in at $10.40 to $10.50, while 225 to 275 pounds, brought $9.95 to $10.30. Extreme heavies, from 275 to 350 pounds, sold at $9.50 to $9.85. Light slaughter grades, from 140 to 160 pounds, held at $9.75 to $lO. Packing sows sold at $8.28 to $9. Activity developed slowly in the cattle market and prices were tending slightly lower on all classes, expecially slaughter steers. Hardly enough trading was done to establish market position. Few loads of steers sold at $12.50. Low grade cows continued unchanged. Receipts were 120 C Vealers again continued stationary, with the bulk of good and choice kinds selling at $11.50 to sl2. Receipts numbered 400. Trading also was undeveloped in the lamb market, with a few early bids ranging sharply lower. Receipts were 3000.

HOGS Jan. Bulk. Top. Receipts. 21. $10.25610.35 $10.45 7000 22. 10.40610.50 10.50 4000 23. 10.40(5)10.50 10.50 1500 24. [email protected] 10.85 3000 25. 10.40610.50 10.50 4000 26. 10.40(510.50 10.50 5000 Light Lights. (140-160) Good and choice .$ 9.75(510.40 Medium 9.25610.25 (160-180) Good and choice.. 10.40610.50 Medium 9.90# 10.40 (180-200) Good and choice.. 10.40610.50 Medium 9.90610.40 (200-220) Good and choice... 9.406 10.45 (220-250) Good and choice... [email protected] Heavyweights. 250-290) Good and choice.. [email protected] (290-350) Good and choice.. 9.50®. 9.85 Packing Sows. (275-350) Good 8.75(5 9.00 (350-4251 Good 8.50 6 8.85 (425-550) Good 8.256 8.75 (275-350) Medium B.oo® 8.60 Slaughter Pigs. 100-140) Good and choice .. 9.256- 9.75 Medium 8.50® 9.50 CATTLE —Receipts, 1200— (500-900) Choice $10.25612.25 Good 8.55611.50 - Medium 7.006 9.C0 Common 5.256 7 00 (900-1100) Choice 12.006 13.25 Good 9.25612.25 Medium 7.256- 9.25 Common 5.50® 7.25 (1100-1300) Choice 12.25613.50 Good 9.25612.25 Medium 7.50® 9.25 (1300-1500) Choice 12.50613.50 Good 9.50® 12.50 Heifers (500-750) Choice 9.00610.00 Good 7.50 6 9.00 Common and medium 4.506 7.50 (750-900) Good and choice.... 7.506 10.25 Common and medium 5.00® 7.50 Cows Choice 6 50® 7.25 Goods . 5.75® 6.50 Common and medium 4.756 5.75 Low cutter and cutter 3.506 4.75 Bulls, good 6.25® 6.75 Cutter, com. and med. bulls.. 4.25® 6.25 VEALERS —Receipts. 400— Good and choice $11.50 6 12.50 Medium 9 006 11.50 Cull and ermmon 4.50® 9.00 Calvea (250-500) Good and choice.... 7.00610.00 Common and medium ...... 4.50® 7.00 Ueeder and Stocker Cattle <SOO-800) Good and choice .. . 7.006 8.25 Common ana medium 5.00® 7.00 (800-10501 Good and choice.. 7.006 8.50 Common and medium 5.00® 7.00 Cows Good 4.506 5.00 Common and medium 4.00® 4.50 SHEEP AND LAMBS —Receipts. 3000— Lambs. 90 lbs. down, good and choice *10.00610.25 Good 9.506 10.00 Medium 8.756 9.50 Common 6.50® 8.75 Ewes. 190-175) Good and choice... 4.006 5.00 Common and medium 3.006. 4.00 Yearling wethers, good choice 9.00 6 9.50 Medium. 7.00® 9.00 Other Livestock (By Times Special) LOUISVILLE. Jan. 27.—Cattle—Receipts. 1200. salable supply slaughter cattle moderate; market very uneven: light butcher steers and heifers about steady; steers weighing upwards of 900 lbs. 25c or more lower; cows: and bulls strong to 25c higher; early bulk common to medium grade steers and heifers. *5.756 7.25; few common dairybred and off colored kinds down to around, *5 25: early top $8.50 for package 620-lb. yearlings; bulk beef cows, $4.756 5 75; practical top. $6: sausage bulls mostly $4.7566; odd head best heavies. $6.25; stcoker and feeder trade slow about steady; most light beef type Stockers and stock calves, $66 8. Calves— Receipts. 475, including 150 stock calves: market, steady with close last week; bulk good to choice vealers. *10.50611.50: medium and lower grades *9.50 down to around *5. Hogs—Receipts. 1100. including 350 direct; market 15c lower than Saturday or 45c under last Friday: top and bulk desirable. 160-225 lbs. weights. $10.30; 230-250 lbs . *10: 255-300 lbs., *9.45: 305 lbs. up. $9; 120-155 lbs.. *9.20. sows. $8.25. Sheep—Receipts. 150. salable; supplv very light; market quotable about steady: most better native lambs. *9 6 9 50: plainer sorts. *6.506 8 50; bulk fat ewes, *4 down.

SHOWS $97,717 LOSS

Time * Special CHICAGO. Jan, 27.— The American Agricultural Chemical Company today reported a net loss of $97,717 for 1935, compared with $125,233 in the preceding year. v

———————————-——■ Margin Requirements Increased The Federal Reserve Board has increased stock market margin requirements to a range of 25 to 55 per cent of market prices from a spread of 25 to 45 per cent, effective Feb. 1.

PAGE 11

STOCK MARKET WEEK IN REVIEW

By United Press NEW YORK, Jan. 27.—The American dollar descended below parity last week to the accompaniment of a horde of inflation reports that reverberated throughout world markets. Late in the week stock market traders turned extremely cautious and there was some irregularity but the market closed higher. On Thursday the Dow-Jones composite average of 70 stocks hit anew high since 1931. Fair sized gains were noted in a majority of the sessions in curtailed turnover. Volume sank below the two-million share mark on Monday and on Tuesday it barely crossed one million shares. The average daily trading for the five-hour sessions was 2.154,000 shares against 2.896,000 in the preceding week. Death of King George V slowed down business on Tuesday when many foreign markets and commodity markets closed or curtailed trading hours. Financial markets here remained open but a majority of them will defer their openings an hour tomorrow for the King’s funeral. Wall Street watched Washington daily. On Monday there was somt disappointment when the Supreme Court failed to hand down the expected decision on TVA. Inflation talk spread when a soldier bonus was passed, and it increased when the House passed the bonus over a presidential veto. Europeans were first to scent danger in the dollar's future. They sold dcJars heavily. Then New York took up the selling. The pound sterling climbed above $5 for the first time since late 1934. Gold currencies crossed their parities and the Dutch guilder was above the point at which it would be profitable to take gold from the United States. Bankers envisioned an outflow of gold in the very near future. Meantime rumors spread about silver, including stories of devaluing the silver dollar and numerous others. The silver market did not take the stories seriously. Silver dropped a cent in New York. Silver stocks, however, moved higher. Gold issues made new highs. Automobile issues gave some response to the bonus agitation. Traders held that the veterans would buy automobiles with their bonus. CANADA BENEFITING BY BUSINESS SPURT Bank of Montreal Reports Steady Upward Trade Movement. Times Special NEW YORK, Jan. 27.—The Dominion of Canada is benefiting from a slow but steady upward movement in business, the Bank of Montreal reported today in its monthly business summary. Canada is enjoying an industrial expansion and an increasing volume of external trade, the report said. Other improvement has been noted in index prices of field products, which in some instances increased substantially, and agricultural prices. .The Christmas trade was the largest in any recent year, and buying of special items has continued at a fairly active pace. The stocks of both urban and country merchants have been considerably depleted and a generous inflow of replacement orders is coming to wholesale houses and manufacturers, the report stated. TRADE CONGRESS OPENS 1000 Representatives Expected at World Business Session. Times Special NEW YORK. Jan. 27.—With approximately 1000 representatives of International Business Machines Corp. and its affiliated companies from the United States, Canada. Europe, South America and Asia in attendance, the annual world business congress, sponsored by Thomas J. Watson, president of the company, is to open at the WaldorfAstoria today. RETURNS TO LOCAL AGENCY Robert C. McDermond, after a leave of absence for eight months, has returned to join the staff of John Burkhart Associates, Indianapolis agency for the Lincoln National Life Insurance Company, it was learned today.

LOANS REPAIRS AND NEW HOME BUILDING See Your Local Building and Loan Asm

BUSINESS HOLDS STEADY DESPITE INFLATION FEAR Trade Activity Is 74.5 Per Cent of Normal, Survey Shows. Times Special NEW YORK. Jan. 27 —General business activity is steady at 74.5 per cent of normal, despite unsettlement following the AAA crackup. the chilling of motor sales by the damper of cold weather and snow and the flicker of inflation fears aroused by bonus bonds and farms relief proposals, Business Week states in its issue today. “Commercial failures in 1935 numbered only 11.870. lowest since tha boom year 1920." the magazine said. “Liabilities reached 5230.000.000. also lowest since 1920. But those who fail in business are few. compared with those who quit voluntarily—about 1 in 20. Since 1929. the business birthrate has averaged 372,000 firms a year. Average voluntary closings each year have totaled 374.000; compulsory closings, only 22.000. Carloadings Jump Ahead “Steel mills are slowly stepping up operation, even without much support from motor makers. Steel orders from the motor industry probably will slip 20 per cent below the December totals, but the Industry looks for a good rebound before the end of the first quarter. Fear of ieduced farm buying as a result of the AAA decision is now fading. “Carloadings jumped ahead to 11 per cent above last year's level. Electric power and coal production are following the usual seasonal line, which is downward. Retail trade reports, with but few exceptions. indicate that the public is in a buying mood. “General Motors is planning Its special showings in 45 cities somewhat earlier this year, starting in Southern states on Feb. 1. Last year’s records indicate Chrysler shipped 41 per cent more passenger cars and trucks than in 1934, probably set anew high in earnings. General Motors sales in the United States, Canada, and abroad ran 38 per cent ahead of 1934. Eight Billion Deficit Seen Ford's production in the United States and Canada approached 1,300,000, 78 per cent better than the year before. Packard's output was nearly nine times greater than 1934, due to favorable reception of Model 120. “Machine tool sales closed 1935 at 98.3 per cent of the 1926 average, bringing the year's average to 86 per cent compared with 46 per cent in 1934. “Business Week estimates that the Federal government will have a deficit of $8,000,000,000 in the two fiscal years 1936 and 1937 (from July 1, 1935, to June 30, 1937), and that this will require additional borrowing of $6,500,000,000 in new money in the next 17 months unless new sources of revenue are found. This is all new financing; it does not include refunding of government obligations falling due before June 30, 1937.” BANK CLEARINGS RISE SHARPLY DURING WEEK Twenty-Two Cities Report Increase of 14.7 Per Cent. Times Special NEW YORK. Jan. 27.—Bank clearings reported by 22 leading cities in the United States for the week ended Jan. 22 amounted to $5,820,632,000, against $5,076,403,000 in rhe same week a year ago, an increase of 14.7 per cent. Dun & Bradstreet, Inc., announced today. In the preceding week the total volume showed a decrease of .6 per cent. Clearings in New York City this week totaled $3,853,459,000, a gain of 12.8 per cent over the corresponding w'eek a year ago. Centers outside of New York displayed an increase of 18.4 per cent above last year’s total. The total volume reported In the third week of January was above those for the second week by $158.915.000, whereas for the .wo similar weeks a year ago a decline of $619,057,000 appeared. All cities reported gains this week, the highest which occurred at Philadelphia. Cincinnati, New Orleans, Louisville, Kansas City, Omaha and Seattle.

OFFICE SPACE 'll Reviving bailnn* activity is bringing many inquiries per* taining to better of* fiee and business locations . . . The facilities and wide selection of space of* sered by this organ* ization enable you te make an intelligent decision without lose of time. KLEIN * KUHN las. Property ManagemeNt LINCOLN 9948