Indianapolis Times, Volume 47, Number 280, Indianapolis, Marion County, 31 January 1936 — Page 26

Trends American Business Needs Purge of Graft. BY JOHN T. FLYNN

NEW YORK. Jan. 31— Senator William Borah .says the nation must, destroy "business thosiery”; that "the creed of the underworld where cunning and deceit and ruthlessness are recognized as the law of is a part of Its code. These are 1 rirsh words. The professional apologist for business

will now rise up and denounce the Senator for defaming American business. But read what another critic of business has said. This critic is not a politician running for office, nor a radical trying to overthrow our institutions. it is far more devastating than anything Mr. Borah has said, and it comes

HU

Flynn

from a committee of business men and bears the signature of representatives of the National Association of Purchasing Agents, the National Association of Advertisers, the National Association of Credit Men, the Associated Advertising Clubs of the World. They know their business world. Here is what they say of dishonesty and graft in business: BBS “TT is a festering sore in the com--1 mercial body of the nation. Its extinction calls for a drastic use of the knife. If allowed to proceed unchocked and uncontrolled, it destroys legitimate competition and.cancels the reward of merit. . . . There are few branches which are not honeycombed by its corroding influence.” But here is another witness for Mr. Borah. He, too, is not a raving red nor a disgruntled politician. He is Judge Edwin B. Parker, former chairman of the board of directors of the Chamber of Commerce of the United States. These remarks he made in a speech to the Chamber of Commerce itself. He said: "The times demand that we consider the disturbing evidences of a business atavism, a throw-back to the day of unrestrained individualism: a day of ‘public-be-damned,’ when men of great business ability with an eye single to their own selfish interests and immediate returns and without regard to the future, ruthlessly pursued their predatory lusts in a spirit of ‘after me the deluge.’ BUB "W/® are here concerned in VV awakening the dormant business consciences of the many stockholders of corporations who, through non-action. impliedly place the seal of approval on the acts of their offending agents. . . . They can not accept the profits flowing from corruption and escape the moral stigma which adheres to such profits.” Whatever the sources and origin of ethical rules, this at least is certain. that the capitalist system depends for its continuance on the acceptance of certain definite rules of honesty, the most fundamental of which is the acceptance of the fiduciary rapacity. The last decade has revealed the most amazing decadence of fiduciary honesty in history. (Copyright,. 1936. by NBA Service. Inc.) NET INCOME HIGHER Timex Special NEW YORK. Jan. 31.—The Ward Baking Corp. and subsidiaries today reported net income of $1,015,826 for 1935. equal to $3.97 a share on 7 per cent preferred stock. This compared with a net income of $587,951 in 1934.

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. Fears 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 Sunkisi, 3605. $5.75. GrapefruitTexas, 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, $.! 75. Vegetables Beans, green round stringless, ou.. $3.25. Beets Texas. 3 doz. crate. *1 Cabbage—New York Danish. 50-lb bag 80c Cauliflower —California, crate. $1 75. Celery Florida washed, do*., 50c(ri $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 Parsley Southern do? . 50c. Peas Telephone hampers. *2 75: Texas hampers. $2 50 Potatoes Round Cobblers, :00-lb. bag. *1.65: Michigan Round White. 100-lb. bag. $1.65; Earlv Ohlos. bu.. $1.85; Idaho Russets. $2 35 Sweet pot a toes— Indiana Jerseys, bu $1.50 Raaishes—Ohio, button, doz . baskets. 40fi50c. Sage Doz. 45c. Spinach —New Texas, bu sl.lO. Squash Bu.. *2.50 Tomatoes 10-lb. basket repacked, *1.25, 8-lb. basket. *1.35. FR FITS AND VEGETABLES 'Bv United Presst CHICAGO Jan 31 Apples —Michigan bu Mclntosh. 75c 4i *1.25. Carrots—lllinois. bu. 40 and 50c Sweet Potatoes Tennessee. bu„ 90c4i$l. Bean. Florida, bu.. $1.50413.25. Cabbage -Slicks, per cwt.. $1.15411.30 Peas—California, bu- hampers. 7Sc4fs2. Spinach Texas, bu.. [email protected]. Lettuce- Western, crates 5 doz.. $2412.50. Oierv—Florida, crate. J2.75W3.50. Cauliflower—California, crates. 51.10*61.40. To-matoes-Mexican lugs. $2 254i 2*5 Onion market 150-lb. sacks' Illinois yellows. 85c tt *1: Michigan yellows. 75cSi$l: Indiana yellows. *scsl Minnesota yellows, 11; Colorado yellows. $1 10. Product Markets The prices quoted are paid for stock gathered In the country, while delivered in Indianapolis the price is a cent higherr Heavy breed hens. 18c: leghorn breed hens. 13c: Leghorn springers. 12c old stags. 13c old cocks 9c. Ducks, white a lbs. and over. He; geese, full feathered, all sizes. 10c: all guineas. 1 % lbs and up. 15c: No 1 strictly trash eggs, loss off. 21c. Each full base must weight 55 lbs gross, a deduction of lo cents a pound under 5a lbs. will be made No. 1 butter. 37%'ii38%c: No 2. 34%4t35%c Buttes fat. 32c. Quoted bv ihe Wadlev Cos. 'By United Press! CHICAGO Jan. SI. Eggs-Market easy: receipts, 9654 cases: fresh graded flrs.s. 34%r extra firsts. 24%c; current receipts, 23c dirtle*. 20%c: checks. 18%c ButterMarket easy receipts. 8903 tubs: extra firsts '9O-91% scorei. 32%*i33%c; extras <92 scorei. 24c. firsts <BB-89% scorei. 21%832'.4c: seconds 'B6-87% score'. 31c; specials. 34%4i35c: standards. 33'*c. Poul-try-Market steady: receipts 17 trucks. I car du< ducks. 17<<i22c: geese. 17c; spring chickens. 24/>/25e: hens. 23024%c; turkeys. 20ft 23r. capons. 24*i26c: I/Cghorn hens. 15/u2oc; old roosters. 17c: broilers. 23025 c Chey&e-Twins. 164il6'*c: Daisies. 18%©18%e; Longhorns. 16%v< 16%e Dressed poultry—Turkeys, voting toms. 27c; young hens, 27c: capons. 2730 c Potatoes—Supply light: practically no early trading because of cold weather Late Thursday; Idaho Russet Burbanks. 81.850 2; U. S No. 2, *1 354)1 40: Wiacon•tn Round Whites. 11154i122%; commercials *1.10; North Dakota Cobblers. *1 20: Colorado McClures. 91.496T.56. Arrivals 70; oa uack, 160, shipments, 776,

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 26

LOCAL BANKER : PRAISES WORK OF LIFE FIRMS William P. Flynn Addresses Indianapolis Insurance Underwriters. Good credit risks become better risks when the life of the debtor or borrower is adequately insured, Wil- ; liam P. Flynn, vice president of the Indiana National Bank, told members of the Indianapolis chapter of Chartered Life Underwriters at a luncheon in the Columbia Club toI day. . Speaking on "Life Insurance in Relation to Credit and Banking,” Mr. Flynn asserted that life insurance companies in this country have maintained their traditional record of stability and performance to an impressive degree throughout the ; depression. "One of the most important uses of life insurance in banking and business is known as ‘key-man’ life insurance,” Mr. Flynn said. Supports Other Collateral "When a firm or corporation bor- ! rows money or issues securities, it is important that the chief owners, | officers or executives be insured. In I that way the death of such mem- } bers will not disturb the progress j of the business. "Life insurance supports other j collateral in making a bank loan, [or in emergency a loan may be I made on the security of the policy I which has cash values.” Mr. Flynn also pointed out that life insurance to protect credit, banking and financing operations tends to give the insured borrower confidence and freedom from anxiety, and that this fact in itself may be a great aid in the success of a business venture for which a loan is made.

GARY PLANT TO BUILB NEW UNIT Carnegie-Illinois Mill to Start Construction March 1. Times Special GARY, Ind., Jan. 31.—Construction of the normalizing unit for the rail mill in Gary Works of the Carnegie-Illinois Steel Corp. will be undertaken March 1; officials announced today. The project, including building and equipment, will cost approximately $450,000. The normalizing process to be used was perfected by John Brunner, new consulting engineer of Carnegie-Illinois in the Gary-Chi-cago district. Brunner is to supervice construction of the unit and its operation. The plant building to house the unit will be erected by the force of the Gary plant of the American Bridge Company. Carnegie-Illinois already has placed an order for about 500 tons of structural steel with the American Bridge Company for the new building. The building will be 85 feet wide by 500 feet long. It will adjoin the rail mill in Gary Works. Architecturally, it will follow standard specifications, including corrugated sheet steel walls and metal roof. The normalizing process to be installed here has been used experimentally by Carnegie-Illinois, but this will be the first permanent unit to be built in any subsidiary plant of the United States Steel Corp. The process will enable Gary Works to produce a finer quality of rails than the general run and of unusual hardness, especially at the ends where buckling tendencies will be minimized. A somewhat higher price is proposed for the rails lo be produced here with the new normalizing process. SEVEN STOREROOMS ARE LEASED IN CITY 11. A. Waterman Cos. Acquires Space at 218 S. Missouri-st. Leasing of seven Indianapolis commercial storerooms by local and out-of-town business firms has been completed, W. A. Brennan. Inc., announced today. The Kinney Cos., operators of a chain of shoe stores, acquired space at 138 E. Washing-ton-st from Mrs. Charlotte Gall. Indianapolis. Other leases include a two-story building at 218 S. Missouri-st by H. A. Waterman and F. S. Holiday. Indianapolis. owners. The Walker Electric Supply Cos. rented two floors and a basement in a building at 42 S. Capitol-av. from the Guedlehoefer Cos. The latter company also rented a storeroom at 20 S. Senate-av to the Davis Universal Service, local distributors. Two branch bakeries are to be opened in Indianapolis at 2826 E. lOth-st and 2045 W. Washington-st by the National Baking Cos.. Omaha. Neb. The storerooms are owned by J. Arthur Rentsch. realtor, and the Goldsmith Brothers Realty Cos., respectively. Himes & Levy, tailors, acquired a storeroom ac 218 S. Illi-nois-st from the trustee for the Volney T. Malott estate. NET EARNINGS RISE / im<' S/n rial NEW YORK. Jan. 31—The Commonwealth and Southern Corp. and its subsidiaries earned approximately $9,406,798, or $6.27 a share during 1935, according to a preliminary report released today. This compares with $7.4443.776, or $4.96 a share earned in 1935. C RUDE OUTPUT RISES Times Special NEW YORK. Jan. 31.—Crude oil production in the United States during the last week amounted to 2,800.000 barrels, the American Petroleum Institute estimated today. This was at the rate of 75.1 per cent of capacity.''

New York Stocks

(By Thomson <fc McKinnoni 11:30 VV. Prev. Oils— High. Low. N. Y. Close. Parnsdall 17 16’, 16% 17’. Consol Oil 14*2 14’s 14’ a 14 Cont of Del . . 36% 36% 36% 36% Houston inewi . 11*2 IP* 11*2 11*2 Mid Cont Pet ... 21*4 21 21*4 21 % Ohio Oii 16’, 16% 16% 16=4 Pet Corp 17*, 16% 17*. lfi'a Phillips Pet . 43*, 42*. 43’, 43 Plymouth Oil ... 14*2 14*. 14% 14* a Pure Oil . . 19% 19*2 19% 19% Seaboard Oil ... 34% 34% 34% 34*2 Shell Un 17*. 17 * a 17 s . 17’a Skellev Oil 25*4 25*4 25*, 25*2 Soc Vac 16* 16 16 * 16* S O of Cal 43’* 43*4 43*4 43*4 S O of Ind ... 37**. 37'* 37*4 37’* SO of N J 53% 58 58% 58% Texas Corp 34% 34*, 34% 34*. Tidewater Assn . 16*4 16% 16 4 .6*? Un Oil of Cal .. 25 24’* 25 25** Siee Is— Am Roll Mills .. 31*2 31*. 31% 31** Beth Steel 51 % 50*4 51*2 51*4 Byers AM 21% 21**4 21**4 21*1* Inland Steel ... 104*2 104'2 104*2 104*2 Ludlum Steel .. 27*4 27’. 27>, 2K Mid Steel 22' a 22% 22*2 22*2 Natl Steel 71*4 70**4 7**4 70_ Otis Steel 16 15*4 16 15% Rep Iron 8z Steel 20*2 20*4 20*2 20*4 U 8 Pipe & Fdy 33'* 32-* 53*2 32 U S Steel 48 7 * 48*, 43 7 s 48*, U S Steel pfd 119 1183, 118 s * 118=* Warren Bros .... 6:• 6% 6 J * 6**4 Motors— Auburn 42'* 42', 42'* 41*2 Chrysler 91*** 90*. 91". 897* Oen Motors 58*4 58 7 * 58*4 57% Graham Mot ... 3% 3*'* 3*** 3",4 Hudson 157* 1.6*, 15% 15*/J Hupp . 2*4 2* * 2*/ 2*4 Mack Truck .. . 27 s , 27'* 27'* 27'.* Nash 18* * 17 s , 18'/, 17% Packard 7% 7 7 a 7 1 * 774 Reo 5% 5*7, s'* SUs Sludebaker .... P'% 9 3 /4 9 7 * 9 7 * Yellow Truck .. 15 7 4 15 s * 157, 157* Motor Access— Bendix 23 74 23 2374 23'4 Bohn Alum .... 58 5774 57**4 5772 Borg Warner ... 69' i 69 69 69 Briggs . 53*2 53", 5374 53*4 Budd Wheel ... 12% 12', 12*4 127* Eaton Mfg . . 29% 29", 29*** 29 Elec Auto Lite. 37*2 367* 377a 377* Hondaille 28 27 *4 27% 27% Murray Body .. . 1774 17% 17% 18 Stew Warner ... 20% 207* 2074 1974 Timken Roll . . . 67** 67 67** 677* Timken Del Axle 15*2 157* 15 3 1574 Mining— Alaska Jttn .. 333* 333'a 3334 3334 Am Smelt 63 63 63 64 Anaconda • .... 29 7 * 2974 29 7 a 3074 ADome Mines ... 50 50 50 5074 Gt Nor Ore .. 16% 16% IS% 16*2 Ins Copper 67* 6 7 67* 6% Int Nickel 4874 48% 4874 49 Kennecott Cop . 32 74 3 2** 32 7* 32% Mclntyre Mine . 47V* 477* 47'* 47*** Park Utah 4% 4 3 /4 434 47, Phelps Dodge ... 32 74 3 2"/* 327* 32% St Joe Lead ... 26", 26", 2694 26** Vanadium 23',* 23*, 23', 2334 Amusements— Crosley Radio .. 18 7 4 1774 18 s * 17% Fox Theat .... 25'* 25% 2574 26 Loews Inc 51 74 5 1 51V, 5174 Radio Corp ... 13*** 1374 137* 137* Paramount 113, 117* 11% 11V, RKO .. ....... 8 77* 8 77* Warner Bros ... 137* 127* 13 12% Tobaccos— Am Snuff 71 Vi 7174 7174 7174 Am Tob ‘A' 100 100 100 99*4 Am Tob "B”.. 102 * 4 101% 102 74 102 Ligg At Myers B. 113*2 113*2 113', 11374 Lorillard 2574 25 74 25', 25'/* Phillip Morris . 69*2 697 2 69% 69% Reynolds Tob B 58 58 58 58 Rails— Atchison 7274 72 72 7274 Atl Coast Lines 307a 30'* 3074 30*4 B & O 1794 17 s * 17% 1774 Can Pacific 12% 127, 129* 127* Ch & Ohio ... 57*', 37', 37% 377* Ch ft Gt W .. 2*4 2',4 274 2*4 C M & St P ... 27* 2*/2 274 2% C M At St P pfd 4*2 474 47* 474 Dcla At Hud ...41 "4 4134 41% 41 3 4 Del Lac At W ... 16% 1694 1694 1694 Erie .... 131, 1374 1374 13*4 Erie pfd 22'2 21 9, 2194 227* Gt Northern pf. 3474 34*/2 34'2 349* 111 Central 22 21 s * 22 217* K C Sou IS*, 15*4 1574 1574 Lehigh Valley .. 97* 994 9% 9% Lou At Nash 74 737, 74 7334 MKAt T pfd ... 21*4 217a 2174 21% N Y Cent 339* 33 * 33 s , 33'* N Y New Haven s* 53* 57* 574 Nor Pacific 25% 257* 25 7 * 26 Penn R R 35 s * 35 35 35* 2 Sou Pac 289-4 28'** 2894 28% Sou R R 14 7 * 14 s * 14 s * 1494 Union Pac 1227a 122 12274 1213* Wabash 4 3 1 * 4 3% West Maryland.. 10** 10*/* 103'* 103* Equipments— Am Car At Fdy.. 33 33 33 32 s * Am Loco ... 26**8 26*4 26*4 26*4 Am Steel Fdy... 27’ a 27*** 27 3 * 26% Bald Loco . ... 4% 4 7 * 47* 4 7/ a Oen Am Tk Car 56% 56 56*, 56*/a Gen Elec 38"* 3874 38% 38*4 Gen R R Sig 46% 46*, 4674 471* Pullman Inc 43*, 43 43*4 43 Westingh Elec .. 109* 4 108 74 109 V* 1089* Utilities— Am At For Pwr . 9 894 9 87* Am Power At Lit. 10 s * 10% 109* 10 7* A T At T 1609* 160 160 161 Am Wat Wks ... 22 7 * 2294 22 s * 22*4 Col Gas At Elec.. 16 1594 16 15*4 Comm At Sou ... 4 s * 4% 494 494 Consol Gas 35% 34*** 35% 349* Elec Pwr At Lit. 10 7 * 10% 1074 1094 Int Hvdro Elec. 5 5 5 534 Intcrboro R T . 18 7 16", 1634 177* Int. T At T IT* 17 173* 167* Lou G At E ‘A\ 227* 22% 22% 23 Nat Pwr At Lit. 123* 12% 127a 12* 2 North Amer ... 28 s * ' 2874 2894 289* Pac G At E 3494 343a 3494 34% Pub Serv N .1 . 45% 45% 45% 45 s * Stone At Webster 17 7 * 17% 17* 179* United Corp ... B', 87* 8 1 , 87* Ur Gas Imp . 18% 18% 187* 19 Ut Pwr At Lit ‘A’ s*'* 5% 5% 5% Western Union . 76% 75% 76',* 767* Rubbers— Firestone 28% 28 28 27% Goodrich 16'* ’674 16% 16% Goodvear 24% 24 34 24 % 24', U S Rubber . . 18% 17% 17% 18'*' U S Rubber pfd. 5634 563* 567* 563* Miscellaneous— Am Can 120* a 120 12074 120% Am Mach At Fdy 27'* 26% 27% 27% Anchor Cap . 1894 18*4 18% 1834 Brklyn Man Tr. 43% 43% 43 74 43*% Burroughs Add 27% 27% 277, 26 7 4 J I Case 105 105 105 106 Conti Can . ... 75 73% 75 74% Caterpillar Tract 63 63 63 63 3, Curtis Pub 20% 20 s * 2094 21 Deere &Cos . ... 66 6534 66 6534 Eastman Kodak 157 7* 157 1573* 158 Foster Wheeler . 30 30 30 3074 Gillette 18 18 18 17% Glidden 49% 49*4 49% 49 Inter Harv . ... 64% 64'* 64*4 64% Na,U Cash Reg .. 23%. 23% 23% 23% Owens Bottle . .145% 145*4 145% 1457, Rem Rand . . 20% 20% 20% 21 Worthingt'n Pmp 25*% 25% 259* 25% Foods— Armour 6% 6% 6% 6% Armour 6'„ pfd 81% hi 81% 80% Beatrice Cream.. 18% It. 1 4 18% 18% Borden Prod 27 s * 27** 27 7 , 27% Cal Packing ... 34% 34% 34% 35 Canada D G Ale 15 15 15 15% Coca Cola .. . 85* 84 84 85% Cont Bak ‘'A” 14** 14% 14*4 1434 Corn Prod . 71% 71 71% 71 Cuban Am Sug. 8"* 8% 8% 8% Gen Bak 12% 12*4 12% 12% Hershey 98'* 98% 98 7* 98% Loose Wiles ... 44 44 44 44'* Natl Biscuit .... 35 s * 35*4 35*4 35% Natl D Prod .... 227a 22* a 22% 22% Purity Bak 15 14% 15 15 Std Brands 15% 15"* 153;, 15% Un Biscuit ... 27'* 27i% 27’* 27% United Fruit 76'* 76 76 76% Ward Bak B' . 3% 3% 3% 33* Wriglev 77 77 77 777* Retail Stores— Allied Stores ... 7% 7% 7*4 7% First Natl Stores 46 46 46 46% Gimbel Bros ... 7% 7% 7% 7% Gm Un Tea ... 57* 5% 5% 51* Kresge S S ..... 24 27% . 23% McLellan St 13% 13 s , 13 s * 13% Mont Ward' 37% 36% 37% 37% Natl Tea 11% 11** 11% 11 Penney J C 71‘* 71 71 743* Safeway St 33'* 33'* 33'* 33% Sears Roebuck .. 63% 63 b.3% 63 Woolworth 53 s * 53'* 53’* 53% Aviation— Aviation Corp .. 6% 6% 6% 6% Boeing Aircft .. 25% 25'* 25'* 2 ss*5 s * Curtiss Wright . 4% 4 s * 49* 4 s , Curtiss Wr "A". 13 s * 13% 13 s * 13*. Douglas Air 73% 73 733* 731 Nor Am Av .... 8% 8 8% 8% Sperrv Corp ... 22% 21% 22', 22% Uni Aircft New . 28% 28'* 28'* 28% Chemicals— Allied Chein .. 164% 163% 164% 163*% Am Com Alcohol 27 27 27 27% Col Carbon ... 104% 104% 104% 104% Com Solvents ... 20% 20'* 20% 20% Du Pont 144% 144", 144 3 , 144% Freepo;t Tex ... 33% 33% 33% 33% Liquid Carb .38 38 38 38% Monsonto Chem 95"* 957 a 95% 96% Math Alkali ... 31 30'* 30 s * 30 s * Schenlev Dist .. 45% 45% 45% 45 s * Tex Gulf Sulph .37 36% 36% 36% Union Carbide 74% 74% 74% 73"* U S Ind Alcohol 42 41% 42 42% Drugs— Cotv Inc 6 6 6 6% Lambert 22% 22% 22% 22% Un Drug inew 13% 13% 13'* 13 s * Vick Chem 44% 44% 44% 44% Zonite Prod .... 8% 8% 8% 8% Financial— Adams Exp ■ N.* ll 7 * ll 1 * 11 T * 12% Allegheny Corp . 3% 3% 3% 3 * Ain Int Corp .12 ll 7 , ll 7 , 12% Chesa Corn 68% 68', 68'* 68% Tr Conti Corp . 10% 10% 10% 10% Building— Am Radiator.... 23'* 22% 23% 23% Gen Asphalt .. 31". 31% 31% 30% Int Cement .39% 39% 39% 39% Johns Manville 108 108 108 108 Libbv Owens Gls 49’* 49% 49% 50 U S Ovpsum ..94 93% 93% 94% Household— Col Pal Pert... ttt# 18% 18% 18% , Kelvinator .. 18% 18% 18% 18% Proe it Gamble. 47*. 47% 47% 47%

FRIDAY, JANUARY 81, 1936

Textiles— Amer Woolen .. 10% 10'* 10’* 10% Celanese Corp . 23% 28% 28'* 28% Collins Aikman . 49% 49% 49% 48% Go'ham Hose 10", 10% 10% 10% Indus Ravon .. 28% 28% 28% 29 Kayser Julius .. 27’, 27 * 27 * 27% N. Y. Bonds (Reprinted From Late Time, Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails Utils. Bonds Todav 92.7 90.9 105.1 96.2 Yesterday 92 8 91.1 105.1 96 4 Week ago 92.9 90.7 105.0 96.2 Month ago 89 1 79.5 100.5 89.7 Year ago 86.8 83.6 92.4 87 6 1935-36 high ... 93.1 91.1 105.2 96.4 1935-36 low 33.6 71.0 89.3 83 0 (Copyright, 1936, by Standard Statistics) IT. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasury, Prev. Close, close. Y* S 1947-52 115.12 115.10 4s 1944-54 111.9 111.9 3%s 1946-56 109.9 109.14 3•’*s 1940-43 107.28 107 26 3% S 1943-47 106.28 106,27 3%s 1941-43 108.6 108 7 3%s 1943-45 106.9 106 9 3 7*S 1941 108.12 108.13 3%s 1944-46 105.25 105.28 3 Vis 1945-49 104.31 103.31 33 s s 1949-52 104.1 104 2 3s 1951-55 152.31 102.30 3s 1946-48 103.11 103.12 3%s 1949 100.14 100.15 3s 1952 101.16 101.15 Home Owners Loan Corp. 2%s 1949 99.27 99.28 3s 1952 101 101.2 Federal Farm Mortgage Corp. 3s 1949 101.12 101.12 2 "/is 1947-49 100.17 100.20 DOMESTIC Prev. Close. Close. AUeg Corp 5s ’44 95 93 AUeg Corp 5s ‘49 88 s * 87% Alieg Corp 5s 'SO 64% 603a Am Tel & Tel 5%S ‘43 113 7a 113 s * Am Tel & Tel 5s '65 . 113 113 Arm <fc Cos 1 Del 1 53 2 s '43 97% 977* Atl Coast Line 4s '52 97 97% Atl Coast Line 4'.is '64 8334 833a Atch Top Si S Fe 4'.is ’4B ...110% 110% Am Wat Wks 5s '44 112% 1127'* Am Roiling Mills 5s ’3B 125% 126 Balt & Ohio 6s '95 93 93 Balt & Ohio 4'/ 2 s '6O 69Vi 69% Buff Roch & Pitt 4%s '57 ... 757a 757* Chi Milw &StP 5s '75 22% 22% Chi Milw & St P 5s 2000 ... 87* 9 Cleve Un Term 5s '73 103'* 103% Cleve Un Term 4Vis ’77 97 97 Vi Col Gas 5s May ’52 1017* 101% Col Gas 5s ’6l 100'/ 2 100 Can Pac Perp 4s 90% 90 Cent Pac 5s ’6O 957* 96 Colorado & So 47is ’BO 72Vi 72% Chi & West Ind 4s ’52 1027* 102% Chi & Nor West 4 s *s ’49 16% 16 Con Gas 5s ’57 1053* 105 74 Chesa Corp 5s '47 130 1.31 Del & Huds 4s ’43 82 81**4 N Y Dock 4s ’sl 73% 73 N Y Dock 5s '3B 65 65 Erie 5s ’75 76% 767* Erie 5s ’67 77% 77 Grt Northern 7s ’36 102% 102 Va Grt Northern 100'/* 100% Grt Northern 4%s '77 99% 99% Grt Northern 4Vis ’77 . . . 99 s , 99% Hud & Manhat Ref 5s 57 86 85% 111 Cent 4%s ’66 69 7 * 69 111 Cent Jt 43 2 S ’63 76 75 7 * 111 Cent as ’63 81% 81 Interlake C & I 5s ’sl 93 93 Interntl Tel & Tel 4%s 39 96Vi 97 Interntl Tel & Tel 5s ’55 90% 91 % Interntl Tel & Tel 5%s ’52 ... 863* 873* P Lorillard 7s ’44 132 133% McKess & Rob sVis ’SO 103"* 103 Vi Natl Dairy 57*s ’4B 1037* 1033* Natl Steel 5s ’56 . 106% 106V* Nickel Plate 4Vis ’7B 80% 81 % Nickel Plate 5%s ’74 92% 92>/ 2 Nickel Plate 6s ’35 103 103% N Y Cent 5s 2013 91 9134 N Y Cent 4%s 2013 told) 85 85% Nor Amer Cos 5s ’6l 105V 2 105** Nor Pac 3s 2047 77% 77% Nor Pac 4%s 2047 987* 97% Nor Pac 6s 2047 1097 2 109 Nor States Pow 5s ’4l 106 1057* New Orleans Term 4s ’53 ... 8® 87 Otis Steel 6s ’4l 701 % 1013* Penn Ry 4Vis ’B4 106% 106% Penn Ry 4%s 'Bl 106% 1067* Penn Ry 4%s ’7O 101% 102% Pac G&E 5s ’42 104>/ 2 104% Portland Gen El 4Vis '6O 79 78% Para Publix s* 2 s ’SO 96 95% Penn P &. L 4%s ’Bl 106'* 106% Postal Tel & Cab 5s ’53 39"* 39% Rem Rand WW 5%s ’47 ....108'* 108 Shell Union Oil 5s '47 102% 1023* Sou Pac 4'68 ~.. 87 87 Sou Pac 4%s ’Bl 86% 86% Sou Pac 4'/ 2 s '69 86% 87 Sou Pac 4s ’49 88 88 Sou Rail 4s ’56 587i 57% Sou Rail 6s ’56 76 76% Sou Rail 6Vis ’56 78 80'/* Sharon Stl Hoop sVis '4B ....103 103 Texas Pac 5s ’BO 9974 99% Texas Pac 5s 79 100'/* 100 Texas Pac 5s ’77 100 100 Union Pac 4s ’47 112'i 112% United Drug 5s ’53 99% 99'*> U S Rubber os ’47 105'/* 104% NY NH <fc Hart 6s ’4B 38 4074 NY NH & Hart 4%s '67 39 39% Warner Bros 6s '39 92% 92'4 West Mary 5%s '77 107 107 Western Mary 4s ’52 98 98 Youngst'n S & T os '7B 104% 104% FOREIGN Argentina A 6s '57 98% 9R"Argentine B 6s ’SB 98 98% Brazil 8s "41 35% 35% Denmark SVis 55 100% 100 German 57is '65 29 28% German 7s '409 38% 38 s , Italy 7s ’sl 63% 64% Japan 6' 2 s ’54 98Vi 97% Rome 6%s ’52 53% 537, Yokohama 6s ’6l 87 86'/* Chicago Stocks (Bv Abbott, Proctor & Painei 11:00 Prev. , _ , A. M. Close. Allied Prod ~... 22 22 Berghoff 8 774 Butler Bros 8% 8% A M Castle 40 39% Chicago Corp 57* 5 Chicago Corp pfd 46 46 Cities Serv 37'* 53; Conti Steel 40% 40 % Cord 6% 6% Crane 27 27% Elec House Util 16% 17 Gen House Util 4% 4" a Iron Fireman 26% 26% Libby 91% 9% Lvnch 5174 47% Noblitt Sparks 34 33% Pub Servos 111 59 59 Quaker Oats 135 136' i Swift 24 24% Zenith 14% 137* New York Curb (Dy Abbott, Proctor & Paine! 11:30 A. M. Prev. N. Y. Close. Alumn Cos of Am 94% 94% Am Cyanide ’B' 33% 34 Am Superpower 4 3% Atlas Corp 14% 14 Axton Fisher Tob 55% . Can Indus Ale "A" 117* 11% Carrier Corp 11% 11% Creole Petrol 31% 30% El Bond & Share 19% 19% Fisk Rubber 8 7% Ford of Can ".V’ 25% 25% Ford of Europe 8% 8% Imperial Oil Ltd 23% 23’* Int Petrol 38% 387* Lake Shore Min 58 58% Nia Hud Pwr 10% 10% Pan Am Airways 53 51 % Penn Road 574 5% Unlisted Stocks (By Byth & Cos. NEW YORK BANK STOCKS Bid. Ask. Bankers’ Trust 67% 69 1 * Central Hanover B Sz T 116'* 118% Chase . 42 7* 43% Chemical National 56% 58% Guaranty 303 306'/* Irving ... 17% 19% Manufacturers 49% 50% National City 38% 39 s * Cont 111 iChicagoi 129% 131 First National of Boston 48% 49% National Shawmut 28% 30 FIRE INSURANCE Aetna Fire 65% 67", Amer Ins of Newark 16% 18% •Baltimore American 9'* 11% Citv of New Yorx 32% 34% Federal Ins 104 100% Franklin Fire 34% 36% C eil American Ins 32% 34% Hanover Fire Ins 40% 42% Hartford Fire Ins 88 90% Home Ins 39 s * 41% Ins Cos of N A 82 84% National Fire 84% 86 1 •National Liberty 10% 12% North River Ins 29% 31% Phoenix 101 104% U S Fire 58% 60% Westchesier Fire 40% 42% •Ex. div. Money and Exchange INDIANA PCI.IS STATEMENT Clearings $ 1.993.000 Debits 7.044.000 Clearings for month 72.767.000 Debits for month 132.900.000 TREASURY STATEMENT ■By United Presst WASHINGTON. Jan. 31.—Government expenses and receipts for the current fiscal year to Jan. 29. as compared with year ago: This Year. Last Year. Expenses *4.225.659.534.10 *4,005.464.787 58 Receipts .. 2.117.415,956.23 2.053.132.263.91 Deficit ... 2.109.243.577.87 1.951,332.523.67 Cash bal. . 2,018.136,441.22 2,330.159,917.43

‘CUSTOM BUILT' HOMES SET ON PURDUEMMPUS University Conducts Tests in Prefabricated Houses. LAFAYETTE. Ind., Jan. 31.—The current interest in prefabricated houses is reflected in activities of the Housing Research Campus at Purdue University. Viewed by many as the ultimate answer to construction of livable homes at minimum cost, nine such structures are being erected by the Purdue housing research project. An argument advanced in favoi of prefabricated houses is th: economy of making standard construction units in a factory, shipping them to the city and erecting them with a minimum of time and labor, Frank Watson, project director. explained today. The first of these houses under construction at Purdue is pictured in the accompanying illustration. It was designed by Howard T. Fisher, Chicago, and is being built by General Houses, Inc., also of Chicago. The contract price is $4624.75. Utility Room Featured In constructing the home, the ground was first leveled and trenches dug for the foundation, which consists of reinforced concrete piers and reinforced sills or beams as pan of the piers. Steel angles were bolted to the foundations and steel wall columns bolted t* the sill angles. The wall panels are made of asbestos cement board and plywood with an air space between in which is placed aluminum foil insulation. The roof is made of similar panels, has the same insulation, and is covered with sheet metal roofing. Interior partitions are built with steel studs and plywood panels. Notable features of the plan of this house are the isolation of the bedrooms from the living portion of the house and the use of a utility room in place of the usual cellar. The separation of the sleeping rooms from the living area has been obtained without excessive hall space, by the use of a reception hall, closets and location of the bath room. Space Economy Stressed The utility room contains the heater, oil storage tank, hot water heater and tank, laundry equipment and small storage space. Modem heating equipment no longer requires placing the heater in the basement, and other household equipment also may be more convenient on the first floor. The kitchen is compact and its shape permits placing of sink, range, refrigerator and work table within easy reach of the housewife, who welcomes the step savers. For economy in space and corresponding reduction in cost, the dining room has been combined with the living room. This permits the small house to have one good-size room that is practical to use, instead of two small rooms that seldom are ent.irel ysatisfactorv. Other Livestock (By United Press! FORT WAYNE. Ind.. Jan, 31— Hogs. 15c higher; 160-180 lbs., $10.25; 180-200 lbs.. $10.15: 200-225 lbs., $10.05; 225-250 lbs.. $10: 250-275 lbs., $9.30: 275-300 lbs.. $9.70; 300-350 lbs., $9.40: 140-160 lbs., $9.75; 120140 lbs.. $9.50; 100-120 lbs., $9.30; roughs. $8.50; stags, $6.75, Calves, $12.50. Lambs, $10.25. (By Times Special) LOUISVILLE. Jan. 31.—Cattle—Receipts, 250: salable supply slaughter cattle very light: demand only fair; market, quotable about steady at week's levels; bulk common to medium grade light steers and heifers salable $5.75ifi;7.25; few common dairybred and off-colored kinds salable down to $5.25: better finished steers and heifers, salable $7.50 to around $9 for good fed steers with weight; bulk beef cows. $4.75<a5.75; practical top, $6; smooth heifer type cows eligible higher: most low cutters and cutters, $3.50®4.50: sausage bulls salable mostly SSO/6.25; light beef type Stockers and stock calves, mainly $6 8. Calves—Receipts. 200; market not fully established, indications around 50c lower than Thursday’s close; lidding slo.soffisll.so for good to choice vealers; strictly choice offerings considered eligible higher; medium and lower grades mostlv $9.50 down. Hogs—Receipts. 700. including 125 direct; market, 15c higher: top and bulk desirable 160-225 lbs. $10.35; 230-250 lbs., $10.05: 255-300 lbs.. $9.50: 305 lbs. up. $9.05; 120-155 lbs.. $9.25: sows. $8.30. Sheep—Receipts. 50- *a!?bie supply almost negligible; market quotable steady: most better native lambs salable. S9(/i'9.50: plainer sorts, $6.50(u8.50: bulk fat ewes. $4 down. Chicago Grain Futures (Bv J?mc3 E. Bennett & Cos.) 11:00 Prev. Wheat— High. Low. A. M. Close. Mav 1.00 .99% 1.00 .99% July 89% .88% .39 .887* Sept 83 .87% .87 7 * .87% Coro— Mav 60% .59% .60 .59% Julv 60% .60% .60% .60% Sept 60% .60% .60% .60% Oats— May 28% .28% .28% .28% July 28 .27% .28 .28 Sept 27% .27% .27% .279* Rye— May 57% .56% .57% .56% July 55% .55% .55% .55% LOCAL CASH MARKET City grain elevators are paying 94 cents for No. 2 soft wheat. Other grades on their merits Cash corn new No. 4 vellow 50 cents and oats 21 cents. Busigraphs COST OF BUILDING ASSOCIATED GEKI. CONTRACTORS OF AMi FOR OCTOBER EACH YEAR 200 rm m —; - H TT ,9,3=,0 ° jtti !- 1 : - -HHIH-F----o , r * ,o °- HmH ~'M 1 1 I Mi ll * 1929 >930 1931 1932 1933 1934 1935 THE RAPIKER CORP. GENERAL DISTRIBUTORS INCORPORATED INVESTORS The cost of building construction was. on the whole, very constant during the years 1923 to the middle of 1931. This plateau of costs was at a height just about double the average fur 1913. The drop from this height to the depression low was close to 20 per cent. During last year building costs went down, while building activity went up. Such a condition in an industry has | generally proved a stimulant to further activity.

Prefabrication at Purdue

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The first of nine prefabricated houses being erected on the Housing Research Campus at Purdue University is shown above. Plans for the home were drawn by Howard T. Fisher, Chicago, and it is being built by General Houses, Inc., also of Chicago. The contract price is $4624.75.

HOG QUOTATIONS RISE JO CENTS Supply Estimated at 3000; Cattle, Vealers and Lambs Steady. A strong undertone developed In hog trading today at the local stockyards, resulting mostly from a sharp decrease in receipts which were estimated at only 3000. The market was generally 10 cents higher than yesterday's best average. Trading was fairly active at the opening as demand showed signs of strengthening. Holdovers numbered 115. The bulk of 160 to 225 pounds, sold at $10.30 to $10.40, while 225 to 260 pounds, cashed in at $lO to $10.20. Heavier grades, from 260 to 350 pounds, brought $9.60 to $9.90. Lightweights, from 140 to 160 pounds, held at $9.75 to $lO. Packing sows sold at $8.50 to $9. The cattle market continued unchanged, with a week-end clearup trade prevailing. Bulk of heifers sold at $5.50 to $7, and beef cows at $5 to $6.25. Supplies were scarce, numbering 300. Vealers showed only a slight change, with the bulk of better grades continuing to sell from sl2 to $12.50. Receipts were 400. Lambs also were unchanged. The bulk of fed western grades remained unsold, while natives brought $10.50. Slaughter sheep held at $3.50 to $5. Receipts were 2500. HOGS Jan. Bulk. Top. Receipts. 25. $10.40® 10.50 slo.ao 4000 27. 10.40® 1 10.50 10.50 5000 28. 10.40® 10.50 10.50 4000 29. 10.45® 10.55 / 10.55 3000 30. 10.20® 10.30 10.30 5000 31. [email protected] 10.40 3000 Light Lights. 1140-160) Good and choice .$ [email protected] Medium 9.10® 9.85 • 160-180) Good and choice.. 10.25® 10.40 Medium ... 9.75® 10.25 • 189-200) Good and choice.. 10.30®10.40 Medium .... 9.80® 10.30 • 200-220) Good and choice.. 10.30®>10.40 • 220-2501 Good and choice.. 10.10®10.30 Heavyweights. • 250-2901 Good and choice.. [email protected] (290-3501 Good and choice.. 9.60® 9.80 Packing Sows. (275-350) Good 8.85® 9.25 (350-425) Good 8.75® 9.10 • 425-5501 Good 8.60® 9.00 • 275-350i Medium [email protected] Slaughter Pigs. 1 100-l4oi Good and choice . 9.25® 9.75 Medium 8.50® 9.50 CATTLE Receipts, 300— (500-900) Choice $lO [email protected] Good .'. 8.55® 11.50 Medium 7.00® 9.C0 Common 5.25® 7.00 (900-1100) Choice [email protected] Good 9 [email protected] Medium 7 25® 9.25 Common 5.50® 7.25 (1100-1300) Choice [email protected] Good 9.25® 12.25 Medium 7.50® 9.25 (1300-1500) Choice 12.50®13.50 Good \ 9 [email protected] Heifers (500-750) Choice 9 00®10.00 Good - 7.50® 9.00 Common and medium .... 4.50® 7.50 (750-900• Good and choice.... 7.50® 10.25 Common and medium 5.00® 7.50 Cows Choice 6.50® 7.25 Good 5.75® 6.50 Common and medium 5.00® 5.75 Low cutter and cutter 3.50®.5.00 Bulls, gooc 6.50® 7.25 Cutter, com. and med. bulls.. 4.50® 6.50 VEALERS —Receipts, 400— 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 • 500-8001 Good and choice 7.00® 8.25 Common and medium .... 5.00@ 7.00 (800-1050) Good and choice.. 7.00® 8.50 Common and medium 5.00® 7.00 Cows Good 4 50® 5.00 Common and medium 4.00® 4.50 SHEEP AND LAMBS —Receipts. 2500 Lambs. 90-lbs. down, good and choice $10.50® 10.75 Good 10.00® 10.50 Medium 9.25® 10.00 Common 7.00®, 9.25 Ewes. 90-175i 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 Other Livestock •By United Pressi CHICiGO, Jan. 31.—Hogs—Receipts. 7000. including 2000 directs; active, 15 to 25 cents higher than Thursday s average, underweights up more; top. $10.25. bulk 170-250 lb*.. slo® 10.20; 260-350 lbs., $9.75® 10.10; bettor grade. 140-160 lbs. $9.85® 10.15- most sows. s9® 9.35. Cattle—Receipts. 500; fed steers and yearlings broke sharplv lat? Thursday: some sales better grade light cattle 50 oents off; today's market a peddling affair; about in line with Thursday's downturn; better grades absent: best around $10; bulk. $7.75® 9: cows steady; heifers steady to weak, but generally 25-50 cents under high time this week on common and medium grade: others steady to 25 cents lower: cows fuls,y steady, bulls and vealers unchanged: both classes ruling considerably lower than last week. Sheep—Receipts. 8000; fat lambs in fairly broad demand: early bids mostly steady; asking unevenly Higher: good to choice native and fed western lambs bid upward to $lO 50 freelv; now asking $10.75® 10.55 and*,above; yearlings strong; aged sheep and feeding lamb* firm, scattered ewes, 4-st7s.

Forecast Gain in Oil Shipments An increase of 4.2 per cent in carload lot shipments of crude oil and petroleum products is looked for in the first quarter of 1936 by 13 shippers' rcr/ional advisory boards.

INSURANCE COMPANIES NAME STATE MANAGER Mutual Casualty, Alliance Life Cos. Appoint Emmet E. Smith. Emmet E. Smith. Indianapolis, has been appointed Indiana, manager for both the Mutual Casualty Cos., Chicago, and the Alliance Life

Insurance Cos., Peoria. 111. Both companies have outlined an expansion pr ogram for insurance sales throughout the state. Mr. Smith, who has a long and successfu record in the insurance business, was recently elected a member of the

board of directors of the Indianapolis Life Underwriters’ Association. He also is chairman of the association's general affairs. Mr. Smith is to have control over state branches of both companies which are located at Kokomo. Elkhart, Fowler. Terre Haute, Muncie, Fort. and Union City. For the last six years he has been the leading agent for the J. R. Townsend Agency of the Equitable Life Insurance Cos., lowa.

BANKS MAY DRAW ON GOLD ACCOUNT Certificates Expected to Be Received in Exchange. By United Prese WASHINGTON, Jan. 31. All Federal Reserve banks probably will draw down their gold account credits with the Treasury and receive actual gold certificates. Henry Morgenthau Jr., Secretary of Treasury, indicated today. The 12 Federal Reserve banks now have credit of $5,603,872,017 in gold with the Federal Treasury. This is far in excess of the amount needed for settlements among the banks and it was likely that individual banks would withdraw this excess in the form of gold certificates to be put in their own vaults. Last week the Federal Reserve Bank of New York withdrew $2,000,000,000 of its gold credit with the Treasury and took delivery on that amount of gold certificates. GRAIN MEETING CALLED Canadian Government Sets Feb. 23 for Winnipeg Conference. By United Prrxn OTTAWA, Jan. 31.—The Canadian government has summoned for Feb. 29 at Winnipeg a conference of grain dealers, producers, millers and wheat board to discuss the whole wheat situation in Canada and best methods for the disposition of the crop. The meeting will not deal in particular with the present surplus, but with the wheat question generally.

Government Bonds Home Owners' Loan Corporation and Municipal Bonds The Union Trust Cos. ★ of Indianapolis ic BOND DEPARTMENT 120 E. MARKET RII.EY 3311

Thomson & McKinnon MEMBERS NEW YORK v v _ rHIFArn " ork Exchansp. TGDAX'TA Yirk Curb Exchange. TORONTO New York Cotton Exchange. BOSTON York Coffee and Sugar Exchange SOUTH BEND ®II Orleans Cotton Exchange. pvr< Ti' i yyT Chicago Stock Exchange r*Ar*4 V T CArTT T r Chicago Board of Trade EVANSVILLE Winnipeg Grain Exchange /ndianapolis Oftico Other leading Exchangee 200-214 Circle Tower Ll. 5501

BRITISH BANKER ASSAILS U, S. SILVER POLICY Westminster Bank Chairman Blames Program for Slow Recovery. Bp Vnitrd 7Vr* LONDON, Jan. 31. —Reginald McKenna. chairman of the Midland Bank, Ltd., largest bank in the world, warned today against belief that monetary management can create wealth for distribution. Mr. McKenna, a former leading advocate of managed currency, told stockholders of his bank that the problems of safe And “efficient' money had not yet been solved. Simultaneously Rupert Beckett, chairman of the Westminster Bank. Ltd., another of the British "big five.” blamed the American silver policy for retarding Britain's economic recovery in 1935. Last Year Britain's Best Mr. Beckett said that while last year was Britain's best since the depression, she had been handicapped like the rest of the world by gradual further depreciation of currencies. "The existing dislocation of currencies," he added, "has been aggravated by the chaotic condition of the silver market." Mr. McKenna pointed out that “more than one exponent of monetary management has been misled into the belief he has discovered a simple method whereby every person can be made better off without working. "All that monetary management can do is to remove obstacles in the way of industries and assist in its expansion. It can help extend the area of employment and bring consumption and production into better relationship, but notwithstanding many dogmatic assurances to the contrary, it can not of itself create wealth available for distribution.” C. & N. W. PURCHASES 35,000 TONS OF RAILS Firm Places Second Order with Car* negie-Illinois Steel Cos. Tirare Special CHICAGO. Jan. 31.—The Chicago North Western Railway has placed an order for 35,000 tons of steel rails with the Carnegie-Illinois Steel Cos., it was announced today. The rails are to average about 112 pounds each. The recent purchase is the second made this year by the railway. Approximately 16.000 tons of steel rails was purchased from the Inland Steel Cos. early this year, involving an expenditure of around SBOO,OOO. The latest order, together with necessary track fastenings, which are to be purchased later, is to involve a total expenditure of about $1,750,000. The two lets of rails, aggregating 51,000 tons are to be used in replacements of 300 miles of track.

Smith

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