Indianapolis Times, Volume 47, Number 277, Indianapolis, Marion County, 28 January 1936 — Page 13

Trends 37 Billions Debt Is Estimated by July, 1937. BY JOHN T. FLYNN NEW YORK. Jan. 28.—A good many bridges have gone under the water since the President delivered his budget message. The AAA has been knocked out. the bonus has ripped a huge hole in the national Treasury and both together have knocked the budget into a cocked

hat. The President told us that he proposed to spend $6,752,000,000 in the year between July 1, 1936. and June 30. 1937. This did not include relief. Since then we have to add two immense items to ihe bill. One is the bonus which, as nearly as we guess, is going

Flynn

to mean spending $2,000,000,000. The other is relief. While the President has kept this figure secret, from hints that have been dropped, his request is going to be for about $2,000,000. Put all these items together and you have $10,672,000,000. This for a single year. an THE processing taxes have been I knocked out, but the government has another plan to pay subsidies to the farmers which will cost just about the same, so that item remains undisturbed in the budget. The President told us he looked for taxes to bring in $5,654,000,000. Since then the processing tax has been declared invalid. So the present outlook for taxes must be cut by $547,000,000. Hence we can now see in taxes, according to Mr. Roosevelt, $5,107,000,000 This leaves us faced with a deficit next fiscal year of $5,565,000.000. How is this deficit to be covered? The bonus bill proposes to supply $2,000,000,000 of it (or whatever the bonus implies) with baby bonds Issued to the soldiers. The remaining $3,565,000,000 will have to be gotten in essentially the same way—issuance of bonds or Treasury notes. a it u PERHAPS half a billion of this may be provided by increased taxes to take the place of the outlawed processing taxes. This will not mean a tax increase but merely a shifting of the taxes to some other set of shoulders. But can it be that the President seriously will rest peacefully with the imposition of another five billion dollars of bonds on our exist'ing debt load? What will that debt load be when July, 1937, rolls around? We can merely surmise. But here is mv guess. Our debt on Dec. 31 was $20,557,000,000. We will have to borrow about $1,500,000,000 to take care of emergency expenses up to June 30. Then we will have t.o borrow another $5,100,000,000 to cover the 1937 deficit mot including $500,000,000 processing taxes). Here then is a total deficit by July, 1937. of $37,157,000,000. Os course, if the Supreme Court forces the government, to refund the processing taxes the increase will be greater. But this is the outlook now. (Copyright. 1936, by NF.'i Service, Inc.) On Commission Row Quotations below subject to change are average wholesale prices being offered to buyers bv local commission dealers: Fruit—Cranberries. C. Homes. Eatmores 25-lb. box, $3.50. Pears- Washinglon D'Anjo. $3.25. California avacados. $3. 1 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-lb, sawdust chest, $3.75. Vegetables Beans, green round stringless du.. $3 25 Beets Texas. 3 dog. crate. $1 ' Cabbage New York Danish, 50-lb bag. SOe. Cauliflower—California, crate, $175. Celery Florida washed, doz.. 50041 $1 05 Cucumbers—Hothouse, dor... $1.75; Southern. bu.. $6 Kale—Virginia, bu 75c. Lettuce Iceberg California. good, $3.25; homegrown leaf. 15ih basket. $1.15. Endive —California, basket, 00c. Mangoes—Florida. crate. $5 50; small basket. $1.50. Mint—Hothouse, bunch. 75c Mustard—Texas, bu.* $1 35 Onions Indiana yellow. 50-lb. bag. $1.15; 10-lb. bag. 25c Parsley—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; j Early Ohios, bu. $1.85: Idaho Russets. $2 35 Sweet potatoes—lndiana Jerseys bu .St 50 Radishes—Ohio, button doz . baskets. 40®50c. Sage-Doz. 45c. Spinach - New Texas, bu . sl.lO. Squash—Pu., $2 50 Tomatoes 10-lb basket repacked, $1.25; 8-lb. basket. $1.35. FRUITS AND VEGETABLES ißy United Press i CHICAGO. Jan. 28.—Apples—Michigan Mclntosh, bu, 75c® $125. Carrots—lllinois, bu, 40b 50c. Sweet Potatoes—Tennessee, bu. 85S 90c Beans Florida, bu. $2®3.50. Cabbage—Sacks, per cwt. St fit 1.25. Peas California, bu. hampers. $1.75413 Spinach TYxas. bu. 85c® sl. Lettuce-Western, I erates 5 doz. s2® 2.40 Cucumbers—Cuban bu. s2f?4 Celery Florida, crate. $2.90 i 3.40. Cauliflower California, crate. $1.25® 1.50. Tomatoes- Mexican. lugs. s2r.i ■>. Onion market, ,50-lb sacks!. Illinois yellows. 75-i 85c: Michigan yellows, 754i85c; Indiana yellows. 754i85c. Produce Markets The prices ouoted are paid for stock gathered In the country, while delivered In Indianapolis the price Is a cent hisher. Heavy breed hens, 16c; leghorn breed hens, 12c; Leghorn springers l2c: old stags 14c: old cocas, 9c. Ducks, white. 5 lbs. and over, lie; under 5 lbs 9c: geese full leathered and fat 9 to 14 pounds. 10c; over 14 lbs . 9c. All guineas Hi, lbs. and tip. 20e. Turkeys—Young hens. 8 lbs. and up. 20c: voung toms. 14 to 18 lbs., 17c under 14 lbs and over 18 lbs., 16c; old hens. 17c; old toms. 14c, No. 1 strictly fresh eggs, loss off 19c: pullet eggs, 12e Each lull case must weigh 55 lbs. gross. 51 ibs. will he made No. 1 butter 36® 37cNo. 2 33®34c. Butterfat. 32c. Quoted bv I a deduction of 10 cents a pound under the Wadley Cos. (Bv United Press! CHICAGO Jan 28.—Eggs—Market easy; receipts. 8078 cases: fresh graded first’s. 25 %c; extra firsts. 26’,c; current receipts. 24 %c. dirties. 21>,c; checks. 19%e. Butter Market, unsettled; receipts. 8043 utbs extra firsts <9O-91% score'. 33%®34%c; extras (92 score,. 34%c: firsts .88-89% score'. 32 1 aCi 3oc: specials. 35@35%e standards 33%c. Poultry-Market steady easy, receipts, is trucks; 5 cars due; ducks' 17 r22c: geestv 17c; spring chickens 24® 25c hens. 18@33%c: turkevs, 20®23c capons 244,26 c; Leghorn hens. 144il8'"C; old rooster*. 17c: broilers. 24',4,26c Cheese—Twins. 16®16',c: Daisies, 16m,, 16 s r: Longhorns. 16%@16%c. Dressed poultry—Turkeys, voung toms. 27c; young hens. 27c: capons 27f?30c. PotatoesSupply moderate: demand good; market firm. Idaho Russet Burbanks. $1 854,2: U. S No. 2. $1.40',, 160: Wisconsin round whites. $1 204*1 23’,: North Dakota Bliss Triumphs $1 30: Colorada McClures. $1 40 ®155; Nebraska Bliss Triumphs. sl3s® i.45: Wyoming Bliss Triumphs. $1 37% Arrivals. 65. on track. 232: shipments. 484. OIL HEAD IS NAMED Time* Special NEW YORK. Jan. 28 —Col. Harry T. Klein, vice president of the Texas Cos, has been re-elected chairman of the American Petroleum Industries Committee for his third term in that capacity, it was announced today.

HOOSIER WOOL GROWERS GET HIGHERPRICES Indiana Producers Enjoy Pre-War Purchasing Power. Os the 15 commodities produced on Indiana farms and listed by the United States Department of Agrii culture, showing the average price f received by farmers, only three, wool, lambs and chickens, brought prices on Jan. 1. 1936, that gave producers pre-war purchasing power. T. I. Ferris, president of ihe Indiana Wool Growers’ Association, said today. Wool grow- sos Indiana who marketed co-operative will receive more than $50,000 in final settlement for the clip, Mr. Ferris predicted. This average settlement will be at least 5 cents a pound above the average sales made at shearing time, he said. “Conditions that govern wool marI kets now are quite the reverse of | those of last year. Wool stocks are 1 low and the demand is good,” Mr. Ferris stated. Government Action Helps "Present wool markets are much more satisfactory than in any year since 1929, with the exception of 1933, but prices still are much below those of 1922 to 1929, when the average price to farmers was 34 cents. “Two recent governmental measures have hastened wool price recovery; the first was the ruling of the Farm Credit Administration in the spring of 1933, that wools on which there was a Federal loan must be sold through accredited Eastern wool houses in an orderly way. The result of this ruling was to market a large volume of wool as required by mills, and prices at once advanced. Opportunities Are Offered "The second Federal act of importance to the wool industry was the purchase of 3,500,000 aged ewes for slaughter in the fall of 1934. the meat to be given to the needy,” Mr. Ferris continued. “The effect was to save high priced feed during the winter of 1935 and secure better prices for wool and lambs, all of which have improved the sheep industry. "In adjusting farm production it is well to bear in mind that the United States does not produce a surplus of wool, that the world production of wool for 1935 was 100,000.000 pounds below normal, and that wool has no equal as a clothing material. “Sheep husbandry and wool production in particular offer attractive opportunities to Indiana farmers.” Offices of the Indiana Wool Growers Association are located in the Lemcke Building. RETAIL ACTIVITY RISES 5.S PER CENT IN WEEK Merchants’ Advertising in 59 Cities Totals 13.483,383 Lines. Times Special CHICAGO, Jan. 28.—Retail activity, based on newspaper advertising placed by retailers in 59 cities, averaged 5.6 per cent higher for the week ended Jan. 18 than for the corresponding week of 1&35, Advertising Age announced today. Retailers in the various cities placed approximately 13,483.383 lines of advertising during the week, compared with 12,684,069 lines for the corresponding period of 1935. For the initial week of 1936, which included the New Year holiday, retail activity in the same cities showed an increase of 2.5 per cent from the 1935 level, and for the second week it w r as up 5.5 per cent. The volume of advertising placed in newspapers by retail merchants is the most accurate and speedy index of the retail business activity, because retailers must get immediate action from their ads, and the speed with which newspapers are printed enables them to change their commitments from time io time, Advertising Age reported. JAPAN BANK CIRCLES WATCH BONUS ACTION No Serious Change Expected in Foreign Money Rates. Bp United Press TOKYO, Jan. 28. Japanese banking circles are watching closely the progress of American bonus developments and are tightening operations pending final disposition of the measure. Bankers in general are not expecting any sudden or serious change in exchange rates and believe that banks here are fully prepared to meet whatever effect final passage of the bonus may have on the New York and London foreign exchange rates. The Japanese yen still is tied to the pound sterling and, thus far, no change has been proposed. 8903 CARS INSTALLED Buying Power of Class I Railroads Decreases During 1935. Times Special WASHINGTON, Jan. 28.—Approximately 8903 new freight cars were purchased by Class I railroads in the United States during 1935. compared with 24,103 in 1534, und 1879 during 1933, the Association of American Railroads announced today. The same railroads during the year purchased 40 new steam locomotives, while in the preceding year 59 new steam locomotives and 31 new electric locomotives were placed in service. In 1933 there was only one new steam locomotive installed. CAR PRODUCTION DROPS 7 imr* Special DETROIT, Jan. 28.—Production of passenger cars and trucks in the United States during the week ended Jan. 25 amounted to 92,689 units, a decline of 6702 from the preceding week’s volume of 99.391 units. (Yards Automotive Reports announced today.

Abreast of The Times on Finance

-1935-1 1935-6 MOUTHY DAILY FROM AUG. Ist1 st S4 j 52 1 ” I DAILY AVERAGE 1C j 3QO COMMON STOCKS 41 1 WETSELJdARKELEUREAU. Inc 42 1 40 1 38 j * I Jr| I • I I I I I 1 I oo r - >*r-wr , i 1 —i —;i —i i —i —— ■ T! ■T! ' ; I •tn II t t 111 $ l-l I II I I■* II I I I I I * i T"T ii ii i i*‘ ii ii i • • 1 l i I rr ' TS II I I I I I I I I I 111 I I I * *. ' * * * ' 'I 1 1 ° U T" 11 iii rii ii ii ii ii ii i 1 • | 1 ' 1 r 1 r " Aft *ItI I 1 I I I I I II I I I, I II t | 1 1 1 > 1 I 1 | * 1 1 i 111 Mi ii ■ i r“i ii ii ii i I' ; I | J !> • I > It I I I I I |l I I j | il-l I. < 1 _ 1 1 . * 1 '* * * , *ii M M ii ii ii i nT ii ii i * '‘ J ; 1 - • ’ * •"“I 'iA I*l IM ii i -i ii i t $ i_ l i • ii * 1 * * * ’ 1 ' • * ch iii ii n i r pm i —i —i —i —i i —i —i —i —i —i —j —i —i —i — \ — % —i —j—i —p 8 1522295 12 19263 10172431 7 142127 512 19262 916 SSjxs” AUG. SETT. OCT. NOV. DEC.

New York Stock Exchange Prices

ißy Thomson & McKinnon! 11:30 A. M. Oils— High. Low. N. Y. Close. All Rfg 29% 29% 29’/a 29V* Barnsdall 17% 17% 17% 17% Consol Oil 13% 13% 13% 13% Cont ol Del 36% 36% 36% 36% Houston (new).. 11% 11% 11% 11% Mid Cont Pet .. 21% 21% 21% 21% Ohio Oil 17% 17 17% 17 Phillips Pet .... 42% 42 42% 42 Pure Oil 20% 20'% 20% 20% Shell Un 18% 18% 18% 18% Skelley Oil 38 25% 26 25% Sov Vac 16% 16'A 16% 16'% S O of Cal 42 41 % 42 42 SO of Ind 37 36% 37 36V* SOof N J 36% 56% 56% 56 Texas Corp 34% 34% 34% 34 Tidewater Assn. 16% 16% 16’% 16% Un Oil of Cal ... 25% 25% 25% 25’% Steels— Am Roll Mills .. 31% 31 31% 30% Beth Steel 52% 51% 52% 52% Byers A M 21% 21% 21% 21% Inland Steel 105% 105 105 105'% McKeesport Tin 116% 116'® 116% 115% Mid Steel 23 22'% 23 22% Otis Steel . 15% 15% 15% 16 Rep Iron & Steel 19% 19% 19% 19% U S Pipe & Fdy. 30% 30'% 30% 30'% U S Steel 48 % 48 48 48 Warren Bros . 7% 6% 7% 6% Youngstr. S & T. 46% 46% 46% 45% Motors— Auburn 42 42 42 41%' Chrysler 88% 87% 88% 87% Gen Motors 57% 57 57% 56% Graham Mot ... 3% 3% 3'% 3% Hupp 2% 2% 2% 2'/ Mack Truck 29% 29% 29'% 29% Nash 17% 17% 17% 17% Packard 7% 7% 7% 7% Reo 5'% 5% 5'% 5% Studebaker 10 10 10 10 Yellow Truck .. 14% 14% 14% 14 Motor Access— Bendix 24% 24%' 24% 24% Bohn Alum 55% 55 55% 54% Borg Warner ... 69 69 69 69 Briggs 45'% 54'% 54'% 54 Budd Mfg 10% 10% 10% 10% Budd Wheel .... 12% 12% 12% 12% Eaton Mfg 29% 29'% 29'% 29'% Elec Auto Lite . 37% 37% 37’% 37'% Greyhound “B”. 78% 78% 78'% 79 Houdaille 27% 27% 27% 28 Murray Body ... 18% 18'% 18’% 18'% Timken Roll ■ 68% 68% 68% 68 Timken Det Axle 16 15% 16 15% Mining— Alakas Jun 16% 15% 15% 16% Am Metals 34 33% 33% 34'% Am Smelt 63 62% 62% 64 Anaconda 30% 30'-a 30% 30% Cal & Hecla . . 7% 7% 7% 7% Cerro De Pasco. 54 53% 53'% 54'% Dome Mines .... 48% 48 48% 48'% Gt Nor Ore . 17 16% 17 16% Homestake Min 520 520 520 520 Ins Copper 7'4 7% 7% 7% Int Nickel 48% 48% 48% 49 Isl Creek Coal .29 29 29 28 Kennecott Cop . 33 32% 32% 33% Mclntyre Mine.. 46% 45% 45% 47% Park Utah 5 4% 4% 5% Phelps Dodge... 33% 33% 33% 33% St Joe Lead ... 26% 26% 26% 25% Vanadium 23% 23% 23% 23% Amusements— Fox Theat 25'% 25% 25% 25% Loews Inc 52 51% 51% 52% Radio Corp 13 12% 12% 12% Paramount 10% 10% 10% 10% RKO 7% 7% 7% 7% Warner Bros ... 12% 11% 12’% 11% Tobaccos— Am Snuff 73% 73 73 73 Am Tob '‘A”... 100 100 100 99% Am Tob “8”... 102% 102% 102% 102% Gen Cigars . . 57% 57% 57% 57’% Ligg & Myers B 114% 114% 114% 114% Lorillard 26 26 26 26 Phillip Morris.. 70 70 70 70% Rails— Atchison 71 70% 70% 70% B* O 17% 17% 17% 17% Can Pacific 12% 12% 12% 12% Ch & Ohio 56% 56% 56% 56 % Chi its Gt W . 2% 2% 2% 2% Chi & Gt W pfd 6% 6% 6% 6% CMiStP 2% 2% 2% 2% C M & St P pfd 4% 4% 4 % 4% Chi N W ..... . 4 4 4 2 Chi N W pfd .. 9% 9% 9% 9% Dela & Hud 39% 39% 39'% 39 Del Lac & W ... 17 16% 17 16% £E|? 13% 13% 13% 13% File pfd 21% 21 21% ■’l% Gt Northern pfd 34% 34% 34% 33% J] 1 Central 20% 20% 20% 21 % K c Sou 15 15 15 15% Lou & Nash 69% 69% 69% 69% M K & T 8 8 8 8 % MK & T pfd . 20% 20% 20% 20% J 1 * 0 £ ac 3% 3% 3% 3% Mo Pac pfd .... 7 7 7 67. N Y Cent 31% 31 31 31% N Y New Haven. 5% 5% 5% 5% Nor Pacific 26% 26 26% 25% Penn R R 35% 35% 35% 35% Sou Pac 28% 28 28 28 Sou R R 15% 14% 14% 15 Union Pac 120% 120% 120% 120 Wabash 3% 3% 3% 3 West Maryland.. 10 10 10 9% Equipments— Am Loco 28% 28 % 28% 28 Am Steel Fdy... 25% 25% 25% 25% Da Id Loco . .. 4% 4% 4% 4% Gen Am Tk Car 54% 54% 54% 54% Gen Elec 38% 38% 38% 38% Gen R R Sig ... 48% 48% 48% 48% Pullman Inc 43 42% 42% 42% West Air Br . 39 38% 39 33% Westingh E1ec.109% 109% 109% 109% Utilities— Am & For Pwr . 8% 8% 8% 8% Am Power & Lit 10% 10% 10% 10% AT&T 161% 161% 161% 160% /\m Wat Wks . 23 22% 22% 23% Col Gas & Elec 15% 15% 15% 15% Comm & Sou .. 4% 4 4% 4V Consol Gas . 33% 33% 33% 33% Elec Pwr & Lit. 9% 9% 9% 9% Int Hvdro Elec.. 5% 5 5% 5 Int T & T . 17% 17% 17% 17% Lou Ct & E "A". 23 23 23 22% Nat Pwr & Lit . 12% 12% 12% 12% North Amer .... 29% 29% 29% 29% Pac G & E 35 35 35 34% Peoples Gas ... 46% 46% 46% 46 Pub Serv N J .. 46% 46% 46% 46% Std Gas 8% 8% 8% 8% Stone & Webster 18% 18% 18% 18 United Corp ... 8% 8% 8% 8 j Un Gas Imp 18% 18% 18% 18% ! Ut Pwr & Lt “A" 4% 4% 4% 4% Western Union.. 78% 78% 78% 77% Rubbers— Firestone 28% 28% 28% 28 Goodyear 25% 25% 28% 14% U S Rubber . 18% 18% 18% 18% U S Rubber pfd 57% 57% 57% 57% Miscellaneous— Allis Chalmers . 38% 38% 38% 38% Am Can .... 126% 126% 126% 126% Anchor Cap .19 19 19 19% Burroughs Add . 28% 28% 28% 28 Conti Can 79% 79% 79% 80 Caterpillar Tract 59% 59% 59% 60 Curtis Pub 21% 21% 21% 21% Deere & Cos . 63% 63% 63% 63% Foster Wheeler . 31 31 31 31% Gillette 18% 18% 18% 18 Inter Harv .. 59% 59% 59% 59% Natl Cash Reg. 23% 23% 23% 23% Owens Bottle .146 146 146 146 Rem Rand ... 21% 21% 21% 21% Underwood E .. 92 92 92 92% Foods— Armour 7% 7% 7% IV% Armour pf 83% 83% 83% 82 Beatrice Cream . 18% 18% 18% 19 Borden Prod . 26% 26% 26% 26% Canada D G Ale 15% 15% 15% 15% Cont Bak "A".. 15% 15% 15% 15% Corn Prod 72% 72% 72% 72% Gen Baking .... 13% 13% 13% 13% Gen Foods 35 35 35 35 Gold Dust 20% 20% 20% 20 G W Sugar .... 32% 32% 32% 32% Hershev 79% 79% 79% 79% Natl Biscuit .... 37% 37% 37% 37 Natl D Prod ... 23% 23 23% 23 Purity Bak . . 16% 16% 16% 16% S Por Rico Sug 31 30% 31 30% Std Brands . 16% 16% 16% 16% Un Biscuit 27% 27% 27% 27’* United Fruit . .. 72 72 72 71% Retail Stores— Assd Drv Goods. 7% 7% 7% 7% As*d Dry Goods 14% 14% 14% 14% First Natl Stores 46% 46% 46% 46‘ Jewel Tea 66% 66% 66% 64% Kresge S3 23% 23% 23% 23% Kroger Groc .... 27% 27% 27% 27% Macy n H 45’, 45% 45% 45’, Moat Ward .... 17% 37% 37V* 37%

TUESDAY, JANUARY 28, 1936

Natl Tea 11% 11 % 11% lHj, Penney J C 72% 72% 72% 73'% Sears Roebuck.. 63% 63% 63'/* 63 Woolworth 53’/* 53% 53'/b 53 Aviation— Aviation Corp... 5% 5% 5% 5% Boeing Aircft .. 26'/, 25% 26% 25% Curtiss Wright.. 4% 4% 4% 4% Curtiss Wr "A".. 14% 14 14% 14 Douglas Air 71% 71 71 69 Nor Am Av 7% 7% 7% 7% Sperry Corp 23V, 23V* 23V* 22% Uni Aircft New.. 29% 28% 29% 28% Chemicals— Air Reduction... 188 188 188 187% Allied Chem 165% 165% 165'/, 166 Am Com Alcohol 29% 29% 29% 29% Com Solvents .. 21V, 21V, 21'A 21 % Freeport Tex ... 34% 34% 34% 34% Liquid Carb .... 39 39 39 39% Math Alkali ... 32 32 32 31% Monsanto Chem. 96% 96% 96% 96% Natl Dis (new).. 30 29% 29% 29% Schenley Dist. .. 49% 49% 49% 50% Tex Gulf Sulph. 38 38 38 38V, Union Carbide .. 74 73 V* 74 73% U S Ind Alcohol 43 43 43 43% Drugs— Coty Inc 6 'A 6 'A 6 'A 6% Lambert 22% 22% 22% 22% Lehn & Fink ... 12% 12'/® 12'% 12’/* Un Drug (new). 14% 14% 14% 13% Vick Chem 44% 44% 44'% 44% Zonite Prod 8% 8% 8% 8% N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 92.9 91.0 105.2 96.4 Saturday 92.7 90.8 105.2 96.2 Week ago 92.5 88.7 104.8 95.3 Month ago 90.8 83.3 103.1 92.4 Year ago 87.0 85.1 93.0 88.4 1936-36 high... 93.1 90.8 105.2 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 & Paine) Treasury* Prev. Close, close. 4%s 1947-52 115.3 115.9 4s 1944-54 111.3 111.3 3%s 1946-50 109.2 109.6 3%s 1940-43 107.19 107.27 3%s 1943-47 106.26 106.26 3%s 1941-43 108 108.6 3%s 1943-45 105.30 106.1 3’is 1941 108.7 108.12 3%s 1944-46 105.14 105.18 3V,s 1946-49 103.24 104 3’/*s 1949-52 103.19 103.30 3s 1954-55 102.20 102.24 3s 1946-48 102.30 103.3 3s 1955-66 100.1 100.5 2%s 1945-47 100.1 101.5 Home Owners Loan Corp. 2%S 1940 99.16 99.22 3s 1952 100.18 100.26 Federal Farm Mortgage Corp. 3’,s 1964 102.20 102.27 3s 1949 100.30 101.5 3s 195(2 101.20 101.25 DOMESTIC Prev. Close, close. Alleg Corp 5s ’44 94 93% Alleg Corp 5s '49 86% 87% Am Frgn Pow' 5s 2030 ...; 78% 78V, Am Tel & Tel s'%s '43 113% 113'% Am Tel & Tel 5s '65 112% 112% Arm & Cos (Del) 5%s '43 97% 97% Atl Coast Line 4s '52 97’/* 97 Atl Coast Line 4%s '64 83’* 84 Atch Top & S Fe 4%s ’48....110% 110% Am Wat Wks 5s '44 113 112% Am Rolling Mills 5s '3B 124 123V* Balt & Ohio 6s '95 93 92% Balt & Ohio 4'%s '6O ........ 70 69'/ Buff Roch & Pitt 4%s '57 ... 76’/* 75% Chi Milw & St P 5s '75 23 22% Chi Milw & St P 5s 2000 9 9 Cleve Un Term 103 103 Cleve Un Term 4%s ’77 97V, 96% Col Gas 5s May ’52 101% 101% Col Gas 5s April '52 101% Col Gas 5s '6l 100% 100% Can Pac Perp 4s 90 89% Cent Pac 5s '6O 96 % 96', 2 Big Four 4%s '77 ... 90% 89% Colorado &So 4%s ’BO 69 % 69% Chi & West Ind 4s ’52 102% 102% £h! f West Ind 5%s '62 107% 107% Chi & Nor West 4/iS '49 .... 15% 15% Chesa Corp 5s '47 126' 2 125 Del & Huds 4s '43 ' 81% 81 ErJ 5 D ° C 7 k - 55 ’ 3B 63 62 Erie 5s '67 .. 771/ 77 G f t Northern 7s '36 .102% 102% Northern 4%s '76 101 100 Grt Northern 4%s '77 100 99% Ttl Ud M / 3 nha !'-- Ref 5s ’57-. 85% 85% JJf Cent 4%s 66 69 69% 111 Cent Jt 4%s '63 76 74% 111 Gent 5s '63 . 81 80 Interlake C&I 5s 'sl .. .. 92% 92% Interntl Tel & Tel 4%s '39.. 97% 97% Interntl Tel & Tel 5s '55 90% 90% Interntl Tel & Tel 4%s '52 87% 87 McKess & Rob 5%s 'SO 103% 103% Natl Dairy s'/,s ’4B .103% 103% Natl Steel 5s 56 106’* 106', 2 Nickel Plate 4%s '7B 82 82 Nickel Plate 5%s '74 94% 94 Nickel Plate 6s '35 103% 103 N Y Cent 5s 2013 92% 92 % N Y Cent 4%s 2013 (old) 86 86 Nor Pac 3s 2047 77% 77% Nor Pac 4%s 2047 97% 97% Nor Pac 6s 2047 108% 108% Nor States Pow 5s '4l .. ..105% 106 New Orleans Term 4s '53 ... 87% 87 Otis Steel 6s '4l 101% 101% Penn Rv 4%s 'B4 106% 106% Penn Rv 4%s 'Bl 106% 106% Pen Rv 4%s '7O 101’* 101% Pac G & E 5s '42 104% 104% Portland ®en El 4%s '6O 77% 77% Para Publix s'is 'SO 94 s * 94% Penn P & L 4%s 'Bl 106% 106% Postal Tel & Cab 5s '53 40% 40% Rem Rand WW 5%s '47 ...108% 108% Shell Union Oil 5s '47 102% 102%. Sou Pac 4%s '6B 87'/* 87% Sou Pac 4'is 'Bl 87 87% Sou Pac 4%s '69 87% 87% Sou Pac 4s '49 88% 88% Sou Rail 4s '56 ... 6 60% 60 Sou Rail 6s '56 77% 77 Sou Rail 6%s '56 81% 81% Sharon Stl Hoop 5%s '4B ....103% 104 Texas Pac 5s 'BO 99% 99% Texas Pac 5s '79 99% 100 Texas Pac 5s '77 100% 100'/, United Drug 5s '53 99% 98% C S Rubber 5s '47 104% 104% NY NH & Hart, 6s '4B 39% 39% NY NH & Hart 4%s '67 39 38% Warner Bros 6s '39 92 91% Western Marv 4s '52 97% 97% Youngst'n S & T 5s '7O 105 105 Youngstown S & T 5s '7B ...105% 105’* FOREIGN Argentine A 6s ’57 98% 98% Argentine B 6s 'SB 97% 98 Brazil 8s '4l 35% 35 Denmark 5%s '55 101% 101% French 7s '49 1% I’* German 5%s '65 28% 28% German 7s '49 39 39% Italy 7s ’sl 64 65 Japan 6%s '54 98% 99 Rome 6%s '52 58% 59 Tokio City 5%s '6l 82 81 Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers Trust 68% 70 Cental Hanover B & T ... 117 119% Chase 43 44 s * Chemical National 57% 59 Guaranty 303 306% Irving ... 17 s * 19% Manufacturers 50 51’, National Citv 38% 39% Conti 111 (Chicago' 123 125% First National of Boston 49 50’, Natl Shawmut .. 28% 30% FIRE INSURANCE Aetna Fire 68% 70% City of New York 32% Federal Ins 104 110', Franklin Fire 34% 36% Great American Ins 32% 33% Hanover Fire Ins 40% 42% Hartford Fire It's 89% 91% Home Ins 39% 41 1 • i Ins Cos of N A 81 83% i National lire 85 89% . North River Ins 29% 31 Phoenix 10* % 107% U S Fire . 58% 60 s , I Westchester Fire ~.40% 42%

Financial— Adams Exp 12% 12V* 12% 12 I Allegheny Corp.. 3% 3V* 3% 3V* Am Int Corp ... 12% 12% 12% 12 3 /* Lehman Corp .. 98% 98% 98V* 97’* Transamerica .. 12% 1 2% 12% 12% Tr Conti Corp .. 10’/* 10% 10% 10% Building— Am Radiator ... 26 25% 25% 26 Gen Asphalt ... 30% 30V, 30V, 30 Holland Furnace 36% 36% 36% 36% Johns Manville.. 106% 106'%, 106% 106% Otis Elev 26’/* 26% 26% 26% U S Gypsum ... 92 92 92 92 Ulen Cons 6% 6% 6% 6% Household— Col Pal Peet N.. 19V* 19% 19% • 18% Congoleum 43 43 43 42% Kelvinator 18% 18% 18% 18% Mohawk Carpet. 23% 23% 23% 23% Servel Inc 18 17% 18 17% Simmons Bed .. 23% 23% 23% 23 % Textiles— Amer Woolen .. 10% 10% 10% 10% E'elding Hem ... 13% 13’/* 13% 14 Celanese Corp .. 29% 29% 29% 29'/, Collins Aikman. 47Vi 47 47 47'/* Chicago Stocks (By Abbott, Proctor & Paine) 11:00 Prev. A. M. close. Berghoff BV* 8% Butler . 8% 8% Chicago Corp s*/s 5V* Cities Serv 5 4% Conti Steel 40% 40% | Cord Corp 6% 6% 1 Crane Cos 28% 28% 1 Elec House Util 17% 17% Gen House Util 4 4 Grt Lakes Dredge 31 31V* Noblitt Sparks 33% 33 Pub Servos 111 58% 58 Quaker Oats 136 136 Swift 24% 24% Swift Int 35% 35% Zenith 11% 11% New York Curb (By Abbott, Proctor & Paine) 11:30 A. M. Prev. 1 N. Y. Close. Can Indus 91c “A” 11% 11% El Bond & Share 18% 18% Fisk Rubber 7% 7V, Ford of Europe 8% 8% Imperial Oil Ltd 23% 23 Lake Shore Min 57V, 57% Nia Hud Pwr 10'/, 10% Pan Am Airways 50 51% ACME STEEL CO. EARNS $5.35 A SHARE IN 1935 Earnings Estimated at $1,757,973, Best in Seven Years. Times Special CHICAGO, Jan. 28.—Consolidated net income of the Acme Steel Cos. for the three months ended Dec. 31 amounted to $438,156. equivalent to $1.34 a share on 328,108 capital shares, it was announced today. In the preceding quarter the company earned $384,478 or $1.17 a share. This compares with $168,431 or 51 cents a share earned in the fourth quarter of 1934. Based on quarterly reports, the Acme Cos. earned a net income of approximately $1,757,973, or $5.35 a share on capital stock during 1935. If the above figures are contained in the audit report which is ex- i pected to be released about mid-1 April, it would be the best annual earnings since 1929, when $2,553,214 or $9.30 a share on 274,437 shares was reported. Local Securities (Because quotations on local securities j are unlisted on an Exchange, The Times can not assume responsibility for the ac- . curacy of these figures gathered from 1 local brokers.) STOCKS Bid. Ask. I 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 17 Ind & Mich Elec 7% pfd 101 103% Indpls Gas Cos com 35 39 Indpls Pow & Lt 6% pfd ..86 89 Indpls Pow & Lt 6%% pfd.. 92 95 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.. 22 25 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 ... 45 48 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 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.. 55 58 Indpls Water 4% % '4O 104 106 Indpls Water 5% ’SO & '6O .105 107 Indpls Water 5%% '53%'54 .104 106 Interstate T&T 5 % % '53.. 94'/* 97 Kokomo Water Works 'SB 104 105 % Lafayette Telephone 5% '57 102 Morris 5 & 10 Stores 5% 'SO 99 102 Muncie Water Works 5% ’65 102% Noblesville HL&P 6% '47 ... 97 100 Ohio Tel Service 6% '47 . 95 Richmond Water Works 5%’5T 104% 106 St. Louis Post Office 5%% '3B 18 25 Seymour Wtr Ist mtg b r '59 101 104 Terre Haute Water Wks 5% '56 101 % 103% Terre Haute Wat Wks ’49 103 105 Traction Terminal 5% ’57 ... 70 74 •Ex-Div. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,752,000 Debits 5,699,000 TREASURY STATEMENT By United Press WASHINGTON. Jan. 28. —Government expenses and receipts for the current fiscal year to Jan. 25, as compared with a year ago: This Year. Last Year. Expenses . $4,169,327,413.98 $3,967,861,660.67 Receipts . 2,097.272.171.90 2.035.278,124.53 Deficit ...2.072.055.242 08 1.932.583.536.14 Cash bal. . 2.097.833.292.41 2,349 870,335.36 Chicaqo Grain Futures (By James E. Bennett & Cos.) Prev. Wheat— High. Low. Close. Close. May 1.01% 1.01% 1.01% 1.01% July 89% .89% .89% .89% Sept 88% .88 .88% .88% Corn— Mav 60 s * .60’* .60% .60% July 60% .60% .60% .60% Sept 60% .60% .60% .60*4 Oat§— Mav 28% .28% .28** .28’* RyeMay 56% .56% .56% .56’* Sept .55% .55% .55% .54% LOCAL CASH MARKET City grain elevators are paying 96 cents for No. 2 soft wheat. Other grades on their merits Cash corn new No. 4 yellow 50 cent* and oats 21 centa.

'YOUNGSTERS'TO DIREQT NATION'S FISCALPOLICIES Reserve Board Appointees Have Wide Training in Bank Affairs. BY HERBERT LITTLE Times Special Writer WASHINGTON, Jan. 28.—Six “young fellows,” whose ages average about 49 years, have been named by President Roosevelt, mostly without benefit of political pressure, to direct the nation's bank policies under the 1935 banking act, starting Feb. 1. These men, whose nominations are expected to be approved by the Senate with the active support of Senator Carter Glass (D., Va.) will make up six-sevenths of the new-long-term Board of Governors of the Federal Reserve System. The new act widens greatly the board’s power over national banking and monetary policies. Open-mindedness, lack of adherence to any particular money dogma, and wide training in fiscal and banking problems mark the six men, according to Administration men close to the problem. President Roosevelt chose them from a list of more than 60. some of whom were supported by powerful political figures. He will soon name a seventh, who is expected to represent the farm background. Bankers “Supreme Court” These seven, along with five men selected annually by Federal Reserve Banks, will sit as a bankers’ “supreme court.” The new act provides that “no Federal Reserve Bank shall engage or decline to engage.” except under the group’s regulations, in the open-market operations which largely govern credit. Four of the appointees are schooled in Federal service as well as in business. Two of them at least are nominal Republicans, including young Marriner S. Eccles, the Utah banker and present chairman, w’ho is to be designated chairman by President Roosevelt following his confirmation. Mr. Eccles’ views in favor of Federal spending and a free use of Federal powers to govern credit have been well known since his spectacular 1933 testimony before a congressional committee. Mr. Eccles, 45, is a Westerner in more ways than birth, as is the other carryover from the present Federal Reserve Board, M. S. Szymczak of Chicago, but both of them are reported to have been notably successful in maintaining harmonious relations with the bankers of the country. Professor at De Pauw Mr. Szymczak, 45. is the “baby” of the board. Before his board appointment three years ago, he was Chicago city controller, business man, and professor of economics and business administration at De Pauw University. Mr. Eccles’ new appointment is for four years. Josepa A. Broderick, New York, is the only one of the six named for the full 14year term. Future members are to be named to full terms as the others just appointed drop out. Mr. Broderick, who is M, performed the difficult task of navigating New York’s banks, as banking superintendent, through the exciting and trying period starting with his appointment by Gov. Roosevelt in 1929. He was the first chief examiner of the Federal Reserve Board after its founding in 1914, and also served as its secretary. Known as Conservative Ronald Ransom of Georgia, also 54, provides the new board a close contact with the American Bankers Association, in the affairs of which he has been prominent for years. He has been a director in several corporations and vice president of the Fulton National Bank, Atlanta, since 1922. Although known as a conservative, he was head of the bank code authority under NRA. Ralph W. Morrison of Texas, 53, has a wide background of foreign finance through his experience in selling railroad equipment in fbreign countries, and in domestic business and finance through his Central Power and Light Cos., which he sold out to the Insulls before they crashed. He is a close friend of Vice President Garner. His only public service has been as a delegate to the London World Economic Conference. John McKee, of Ohio, 44, a native of Pittsburgh, was recruited from the RFC, where he has been chief of the examining division. Mr. McKee. a Republican, became insolvent bank receiver for Ohio and Pennsylvania in 1931, transferring to the RC in Washington in 1932. DIESEL PRODUCTION UP Horsepower Almost Quadrupled in Last Three Years. Times Special NEW YORK, Jan. 28.—Almost quadrupling in three years, Diesel motor production has increased from 350.000-horsepower in 1933 to 750.-OQO-horsepower in 1934 and 1.250.000horsepower in 1935, E. J. Tangerman, associate editor of Power, said today. Diesel engines sold last year in the United States were nearly a quarter as much as all that have been installed in this country during the last 40 years. Although invented 42 years ago. Mr. Tangerman points out that the Diesel did not begin its meteoric rise : until after the World War, when ; Germany used this type of engine successfully in certain type of submarines. SURPLUS SHOWS GAIN Times Special NEW YORK, Jan. 28.—The Atlantic Mutual Insurance Cos., one ! of the oldest companies in the marine and transportation insurance field, today reported surplus for policy-holders as of Dec. 31. 1935, at $10,673,486, compared with $9,829,318 at the eiod of 1934.

Steel Output Increases The steel output for the Chicago area was at 55.5 per cent of capacity last week, up 3.5 paints. .4 part of the improvement was traced to a slightly increased demand from the- automotive industry.

PAGE 13

Busigraplis WOOL CONSUMPTION IN THE UNITED STATES (U. S. DEPT. Os COMMERCE) $0 vn tr J7V7i_ s Try, \ 60 1 jipSfljf! - YjY/ Y vOOTTEt* LINE IS THE A 2 y y Y/ a'teac.e **yY/'// y.y, y ya ™e same months /y// y c m M i. t.i i rt i/i NO J FMAMJJASONi 1)9341 1935 THE BARKER COBP. GENERAL. DISTRIBUTORS INCORPORATED INVESTORS The year 1935 was a busy one for our woolen mills. For the five months of 1935. from July through November. 137 per cent more wool was used in our mills than in the corresponding 1934 months, while November consumption exceeded a year ago by 85 per cent. Spindle activity in both woolen and worsted mills also made ’arge gains. The wholesale prices of woolen and worsted goods increased 10 par cent during the year.

PORKERS SHOW UNEVENTREND Weights Under 260 Pounds N Steady, Others 5 to 15 Cents Higher. An irregular trading range developed in the pork market today at the local stockyards as activity increased. Weights under 260 pounds continued stationary, while others were generally 5 to 15 cents higher than yesterday's best average. Although receipts were estimated at 4000, a decrease of 1000 from the preceding figure, no apparent effect was shown during the early trading. Demand strengthened in all classes, but was limited largely to the heavier grades. Approximately 104 hogs were held over from the preceding session. The top price today again remained at $10.50, while the general bulk of 160 to 225 pounds sold at $10.40 to $10.50. Medium heavy classes, from 260 to 325 pounds, brought $9.80 to $lO, while extreme weighty butcher grades cashed in at $9.40 to $9.65. Light slaughter pigs, from 140 to 160 pounds, sold at $9.75 to $lO. Packing sows held at $8.25 to $9, with a few at $9.25. General trade was active and mostly steady in the cattle market. Best slaughter steers sold at sll to $12.50, while the general bulk ranged from $7 to $lO. A single load of heifers, averaging 757 pounds, brought $9. The bulk ranged from $6.50 to $7.75. Bulls sold at $5 to $6.25. Receipts were 1800. For the third consecutive session, veal prices continued unchanged. The bulk of good and choice kinds ranked from sl2 to $12.50. Receipts numbered 500. With the supply consisting mostly of fed western grades, the lamb markets also remained steady. Few native classes sold downward from $lO. Slaughter sheep brought $3.25 to $5. Receipts were 3500. j „ „ hogs Jan. Bulk. Ton Rpcpint*; 22. $10.40(&:10.50 sin.Bo 4000 23. 10.40 <BIO.SO 10 50 1500 24. [email protected] 10.85 3000 ™ 10-50 4000 26. 10.40 fa 10.50 10 50 5000 7 27 - [email protected] 10!50 4000 Light Lights. (140-160) Good and choice . $ 9.754710.40 Medium 9 25@10 25 (160-180) Good and choice . 10.'40<810.50 Medium . 9 gothic 40 (180-200) Good and choice!] 10.404/ 10.50 Medium 9.90® 10 40 '2OO-2201 Good and choice..! 9.40® 10 45 (220-2501 Good and choice... 10.20(810 40 Heavyweights. 250-290i Goo and choice ... 8 90® 10 20 (290-350) Good and choice.. 9.65® 990 Packing Sows. 'la/wo?! 8^.904® 9.25 *250-425 Good 8.75® 900 '425-550; Good 805.0 8.90 (275-350) Medium . 8.25® 8.75 Slaughter Pigs. 100-140) Good and choice .. 9 25fa 975 Medium 8.50® 9.50 CATTLE —Receipts. 1800— (500-900) Choice $10.254712 25 Y,°°y 8 [email protected] Medium 7.00® 9 CO Common 5 25® 7 00 (900-1100) Choice 12.004, 13 25 Good 9.25® 12.25 Medium 7.25® 9.25 Common s 504,, 7 2s (1100-1300) Choice 12 25® 13 50 S°od 9.254/ 12.25 (1300-1500) Choice 12:504, 13 50 Heifers (500-750) Choice 9.n0®10 00 Good 7 50® 9.00 Common and medium 4 50® 7 50 (7ao-9001 Good and choice 7.5081025 Common and medium 5.00® 7.50 Cows Choice 6.50® 7.25 Goods 5.75(0 6.50 common and medium 4 75® 5 75 Low cutter and cutter 3.50® 475 Bulls, good ... 6 25® 6.75 Cutter, com. and med. bulls.. 4.25® 6.25 VEALERS —Receipts. 500— Good and choice $11.50® 12.50 Medium 9.00® 11.50 Cull and common 4.50®. 9.00 Calves (250-500) Good and choice.... 7.00® 10 00 Common and medium 4 50® 7.00 Feeder and Stocker Cattle (500-800) Good and choice ... 7 00® 825 Common and medium ... 500 ® 7.00 (800-1050) Good and choice . 7.00® 850 Common and medium 5.00®) 7.00 Cows Good 4.500 5.00 Common and medium 4.03® 4.50 SHEEP AND LAMBS —Receipts. 3500 Lambs 90 lbs. down, good and choice $lO 00® 10.25 Good 9 50® 10.00 Medium 8 7547 9.50 Common 6 50® 8.75 Ewes. (90-175) Good and choice .. 4 00® 5 00 Common and medium 3.00® 4 00 Yearling wethers, good choice 9.004/ 950 Medium 7.00® 9 00 FAR WEST TRADE RISES Times Special SAN FRANCISCO. Jan. 28.—General business in the Far West during the last 12 months was at a higher level than in any year since 1931, according to the Bank of America business review released today.

r—WE BUY. SELL. and gladly furnish quotations on: Bonds of ths United States Government, Its Territories and Insular Possessions Home Owners* Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Corp. 129 EAST MARKET STREET

INDUSTRY GAIN AT NIGH POINT IN SEVENYEARS December Activity Best Since 1929 Month, Report Shows. By l nilrd Prrxt WASHINGTON. Jan. 27.—Industrial activity during December reached its highest level for that month in seven years as a result of expansion in the heavy industries, the Federal Reserve Board reported today in its monthly business survey. The board estimated that industrial output last month was 103 per cent of the 1923-25 average, the highest of any month since May, 1930. and the highest of any December since 1928. Except for the month of July. 1933, when production was boosted by a speculative boom, activity has been under the 1923-25 a\erage in every month since the early stages of the depression. December Trend Listed The course of December business through the depression was shown by the board in the following index based on 1923-25 as 100. December, 1929 9fl December. 1930 "7 December, 1931 fig December, 1932 fiO December, 1933 69 December, 1934 7g December, 1935 103 “As in other months.” the survey (aid. "during the last half of 1935 the rise in the index was due in large part to increases in output of durable manufactures, particularly iron and steel and automobiles. “During the first half of January production of steel and automobiles increased somewhat, following declines in the holiday period. Output at mines was also larger in December than in November. Factory Fay Rolls Larger “Activity at cotton and silk textile mills declined less than is usual in December, while at woolen mills there was a more than seasonal decrease in operations. Output at shoe factories increased. “Factory employment showed little change between the middle of November and the middle of December, when a slight decline is customary. The number employed continued to increase at steel mills, automobile factories, foundries and machine shops, and at shoe factories. Seasonal declines were reported by many other important industries. Factory pay rolls were larger in the middle of December than a month earlier.” TRANSIT REVENUES UP Journal Indicator Placed at 104.16 for Week Ended Jan. 18. Times Special NEW YORK. Jan. 28.—Transit revenues, as reported by a representative group of companies, for the week ended Jan. 18, again continued to show improvement over the corresponding week a year ago, according to Transit Journal Indicator. The Indicator for the week was placed at 104.16. Increase in revenues, however, continued at a rate only slightly less than in the preceding week, and were considerably higher than for the same week last year. Other Livestock (3y United Press) CHICAGO. Jan. 28.—Hogs—Receipts. 18.000. including 4000 directs; steady to 10 cents higher than Monday's average; part of early 10 to 15-cent advance lost: early top $10.40: bulk 170-250 lbs.. slo® 10.25; 260-340 lbs.. mostly $9.90® 10.15; best lights early, $10.30; most sows. $9 1089.45; few $9.50 and 9.55. Cattle—Receipts. 6000; calves. 1500; fed steers and yearlings strong; killing quality very plain; weighty kinds in best demand: very little beet in crop but practically everything going on killing account; best fed steers, *ll. onlv a few odd head up to *l2; most better grades. $9.54® 10.75- hulk of crop of valu# to sell at $9.50 down; heifers steady; mostly $6.75® 3.25: cows scarce, fully steady; bulls 25 cents higher: vealers firm at sl2® 13; best sausage bulls. $7.25. Sheep —Receipts, 13.000: fat lambs in fairly broad demand; bidding fully steady at upward to $10.25 on lambs now held $10.50 and $10.60 and above: sheep steady: desirable ewes downward from $4.75; feeding lambs little changed. FORT WAYNE. Ind Jan. 28.—Hogs—15e to 20c higher; 160-180 lbs , $10.40: 180-200 bs., $10.30; 200-225 lbs., $10.20; 225-250 lbs.. $10.10; 250-275 lbs.. $9.90; 275-300 lbs. $9 80: 300-350 lbs $9.50: 140-160 lbs. $3.85; 120-140 lbs . $9.60 100-120 lbs.. $9 4fl! Roughs. $8.25; stags, $6.50; calves, $12.50. lambs. $10.25. LAFAYETTE Ind.. Jan 28—Hogs—Market, 170-325 lbs., steady to 10c higher. Others 25c lower; 170-210 lbs. $lO 20® 10.25; 210-235 lbs $10.05® 10.15; 235-260 lbs.. $9.85® 9.95: 260-325 lbs.. $9.5089 75; 100-170 Ibs , $9 25® 9.75 Roughs. $8.75 down; calves, $11.50 down; lambs, $lO down. (By Times Special) LOUISVILLE. Jan. 28 Cattle—Receipts, 175: slaughter cattle In very light supply; demand fair for most classes: market auotable steady with Monday's levels; bulk common to medium grade steers and heifers salable. $5 75® 7.25: few common dairvbreds down to around *5.25; better finished steers quotable above $8; bulk bt’/f cows. $4.75® 5.75; practical top. $6: most low cutters and cutters $3 50® 4.50 sausage bulls salable mostly $4.75® 6; light bee/ type Stockers and stock calves salable s6®B Calves—Receipts. 125: market mostly steady; bulk good to choir* grades. $10.50; medium and lower grades. $9.50 down to around $5. Hogs—Receipts. 400; market mostly 15c higher, some held for more advance: top and bulk better 160-225 lbs wutghts earlv. $lO 45. 230-250 Ibs. $lO 15; 255-300 lbs.. $9.60 : 305 lbs up. $9 15: 120-155 lbs . $9.35: =ows. $8 40. Sheep—Receipts. 50: run meager and mostly native slaughter sheep and iambs Quotable about steady: better native iambs salable mostly s9® 9.50: plainer sorts, $6 59® 8 50; bulk fat ewes. $4 down.

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