Indianapolis Times, Volume 47, Number 281, Indianapolis, Marion County, 1 February 1936 — Page 11

Trends Boosting- of Margin Requirements Is Significant. BY JOHN T. FLYNN

NEW YORK. Feb. I.—The stock market —our ancient irritant—begins to get into our hair a little once again. Stocks persist in rising, vo'ume of sales clings close to the -4wi> million mark. It has been around three million a day for brief periods. There is a feeling in

the air that things may get going in earnest again soon. The bonus money is full of promise for busy days in Wall Street. Two billion dollars will be given to the soldiers. They will very quickly pour It out into stores, banks, install ment payments, settlements ot old debts, etc. The soldiers will not take it into Wall

Flynn

Street. But they will not have it long and very soon the bonus money will be in the hands of people who will take it into Wall Street and in’o investment and speculation, chiefly speculation of all sorts. non SO now the Federal Reserve Board holds up its hands in warning. It raises margin requirements —not much, of course, just a few per cent—but as an evidence that it has its eye on the market. The increase in margins of the board will have little or no effect on speculation. But perhaps the warning gives ground for hope that the board will act c’ astica'iy when the moment calls fo-* action. However, we can not hope too much for that. The law as it stands at present does not give any government agency suffcient power to deal with this problem. Excessive speculation is an evil for various reasons. One is because it tends to draw into the markets an excessive amount of bank credit. Another reason is that it tends in various ways to upset the economic situation, without any regard to the excessive use of credit. This distinction is important. When the SEC act was originally drawn, the power to deal with any abnormal use in speculation was placed with the Securities and Exchange Commission. The commission was given authority to fix margins. tt t tt BUT Administration leaders, guided bv the Treasury and the Federal Reserve Board, which were both very amiable toward Wall Street at that time (this was before Marriner Eccles became governor), forced a change. The power was taken from the commission and given to the Reserve Board. Also, the Reserve Board was empowered to restrict margins when there was too great a flow of credit into the Street. The power was set up, not to restrain speculation, but to protect credit. There can be a runaway market without the credit resources of the banks being impaired. But as things stand, unless the credit resources of the banks are being impaired the Reserve Board is not empowered to act. There is no doubt that there is no strain on the country's credit now from Wall Street. But there is a threat of a runaway market. This might be prevented if the SEC, and not the Reserve Board, were empowered to regulate margins, not merely to protect credit, but to restrain speculation whether credit is affected or not. (Copyright. 1936. by NEA Service. Inc.) DIVIDEND IS ANNOUNCED Depositors of Fort Wayne Bank To Receive $3,100,000. By United Brens FORT WAYNE, Feb. 1. —Payment next month of a 25 per cent dividend amounting to $3,100,000 by the old First National Bank and Trust Cos. receivership was announced today by John M. Young, receiver. Distribution of the dividend checks is to begin Feb. 13, following their countersigning by the controller of the currency in Washington. The payment will affect approximately 6.000 persons. FARM SALES DOUBLE Times Special WASHINGTON. Feb. 1. The number of farms bought from the 12 federal land banks by farmers and investors in 1935 was almost double the number for 1934, and more than double that for 1933, the Farm Credit Administration reported today. On Commission Row (Reprinted From Lste Times Yesterday) Quotations below subject to change are average wholesale pricer being offered to buyers by local commission dealers: Fruit—Cranberries. C. Homes. Eatmores. 25-lb. box, 53.50. Pears—-Washing-ton D'AnJo. $3 25. California avacados. $3. Bananas—Seven hands, a pound. sc. Persimmons—California, lug. $1 25. Apples— Jonathans, *kso; Delicious, $1.75; Wealthy*. $1.25; Grimes Golden. $1 25. Lemons —Sunklst. 3605, $5 75 Grapefruit— Texas, 61s to 70s, $3.50; Arizona Sunklst. $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 doz. crate, $1 Cabbage—New York Danish. 50-lb bag. 80c. Cauliflower—California, crate. *1 75. Celery—Florida washed, doz.. 50c@ ; $1.05 Cucumbers—Hothouse, doz.. $1.75: I Southern, bu„ $6 Kale—Virginia, ; bu 75c. Lettuce—lceberg California. good. $3 25: homegrown leaf. 15- ' lb. basket. IMS. Endive—California, basket, 90c. Mangoes—Florida, crate i $5.50: small basket, $1 50 Mint—Hot- j house, bunch. 75c Mustard—Texas, bu $1 35. Onions—lndiana yellow, 50-lb. bag *115; 10-lb. bag. 25c Parsley—Southern. do* 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; Eariv Ohios, bu, $1.85, Idaho Russets. i $2 35. Sweet potatoes—lndiana Jersevs, I bu . $1.50. Radishes—Ohio, button doz baskets 4050 c Sage—Doz.. 45c Spinach j New Texas, bu., sl.lO Squash—Bu $2 50. Tomatoes—lo-lb. basket i.’packed' *1.25: 8-lb. basket. $1 35 p ' Produce Markets (Reprinted From Late Time* Yesterday) The prices ouoted are paid for stock gathered In the country, while delivered In Indianapolis the p.-tce t* a cent higherer Heavy breed hens. 18c: leghorn breed hens. 13c: Leghorn springers. 12c: old stags i 13c: old cocks 9c Ducks, white. 5 lbs I and over. 11c: geese, full feathered, all' sizes, 10: all guineas. l!-j lbs. and up, 15c: No 1 st: letlv fresh eggs loss off. 21c. Each full base must weight 55 lbs gross, a deduction of 10 cents a pound under 55 lbs. Ewlll be made No. I butter. 37%@38%e: 0 .I Butterfat, 32c. Quoted r the Wadlev Cos.

260 MILLIONS IN COTTON LOANS ARE CONTINUED Commodity Credit Corp. Acts to Prevent Dumping on Market. By T nitrd Brrss WASHINGTON, Feb I—Approximately $260,000,000 in loans on 4,500.000 bales of cotton falling due today v. ill be continued, the Commodity Credit Corp. announced. Corporation officials said the 12 cent cotton loans maturing today would be carried past due in order to prevent the cotton from being dumped on the market. /“Orderly marketing in the interest of all cotton growers and the future price of cotton as well as the present is and will continue to be the principal objective of those charged with the responsibility of administering the loans and seeing that the cotton is marketed with these purposes in view as contemplated in the act under which the loans were made.” an announcement said. Officials said efforts would be made to work out arrangements to market the cotton gradually. Jesse Jones, Reconstruction Finance Corp. chairman, said cotton held as security for the 12 cent loans would be marketed "in an orderly fashion.” Hopes for disusing of the cotton on world markets were increased by Department of Commerce statistics, showing larger exports and increased domestic consumption of cotton in recent months. Little Effect in Prices By United Press NEW YORK, Feb. 1. —Extension by the Commodity Credit Corp. of 12 cent loans on approximately 4,500.000 bales of cotton had little effect upon price movements today. The move had been anticipated in the cotton trade. Washington developments within the last few months had indicated that the powerful agriculture group in Congress would not countenance dumping of this huge supply on the market. Furthermore, liquidation of this staple at current average price of about 11.5 cents would have cost the government millions of dollars since it is estimated that an average price of about 12.5 cents a pound would have to be received for the loan cotton in order for the government to break even. The statement accompanying the extension was regarded with particular significance, being interpreted in trade quarters as an indication that the government agency would release cotton from time to time without placing too much pressure upon the market. Through this method the government, it was said would dispose of these troublesome stocks and at the same time guard against a price decline.

FREIGHT LOADINGS DECREASE IN WEEK Total Reported at 584,691 Cars for Period Ended Jan. 25. By United Press WASHINGTON. Feb. 1 —The Association of American Railroads today reported carloadings for the week ended Jan. 25 totaled 584.691 cars, a decrease of 26,717 cars under the preceding week, but an increase of 29,163 cars above the 1935 week. Loading of miscellaneous freight totaled 208,026 cars, a decrease of 21,871 under the preceding week, but 19,853 over the 1935 week. Loadings of merchandise in less than carload lots totaled 144,181 cars, a decrease f 4.835 under the preceding week and 2,131 under 1935. Coal loadings amounted to 147,550 cars, an increase over the preceding week of 6,810, but 5,906 cars below 1935. Grain and grain products totaled 29.140, a decline of 5,575 cars under the preceding week, but an increase of 5.542 above 1935. Livestock loadings totaled 12.534, a decrease of 1.399 under the previous week and *1,265 cars below 1935. F. G. AWALT TO RESIGN Controller of Currency to Take Up Law Practices. By United Press WASHINGTON, Feb. 1. —F. G. Awolt, who piloted the nation’s banks through the 1933 bank crisis, will soon resign as deputy controller of the currency and take up private law practice, it was learned today. Mr. Await, who has been with the Federal Treasury 16 years, was active controller of the currency from September. 1932 to April, 1933, a period when Federal authorities were confronted with the banking crisis. ASSET VALUE HIGHER Times Special NEW YORK. Feb. I.—The Bullock Fund, Inc., today reported a net asset value of $16.86 a share for the year ended Dec. 31. 1935, against $11.90 a share on Dec. 31. 1934. and $11.54 a share at the end of 1933. Busigraphs ‘ COTTON CONSUMPTION IN THE UNITED STATES <Jj. S. DEPT. OF COMMERCED 600 p-| H' f 11 11 ■y y, // .oorreo line is the past; y 'A Z A V V/ ' TEN AVERAGE OF . A y. * ’rAA SAMf: MaNTHS ry a <y r jip lW “jdjfmamjj as o n and . THE WVR*£R CORR GENERAL DISTRIBUTORS INCORPORATED INVESTORS One-fifth more cotton w’as consumed by the cotton mills of this country in December than in the same 1934 month. An analysis shows that 83 per cent of this consumption was in the cotton growing states and 14 per cent in the New England states. Comparing the five months ended December 31. 1935 with the same 1934 months, the New England mills consumed 4 per cent less cotton, while mills in the cotton growing statet<used 19 per cent more cotton.

Abreast of The Times on Finance

TREND OF COMMODITY PRICES AND TRADE 90] i I I I I T I I I I 'BO A. AA /A / ‘ \ jJ MOODY’S DAILY . f , N , / 80 -a COMMODITY INDEX *A— :J ‘ )60_ £ ... /• / co v , . ; .*• * t uj ....... o WEEKLY r 1 70 BUSINESS TREND |., 40 3 £Q MOODY’S INVESTORS SERVICE ___J 120 JAN. FEB. MAR. APR. MAY JUN. JUL. AUG. SEP. OCT. NOV. OEC. JAN. 1935 1936

New York Stock Exchange Prices

(By Thomson & McKinnon) (Reprinted From Late Times Yesterday) Prev. Oils— High. Low. Close. Close. Ameraua 83(4 82 83Vi 83 Atl Rfg 30% 30 30% 29% Barnsdall 17% 16% 17V4 17% Consol Oil 14% 14Vi 14% 14 Cont of De! 36% 36% 36% 36% Houston (new) . 14% liVi 11(4 11(4 Mid Cont Pet .. 21(4 21 21(4 21% Ohio Oil 17(4 16% 17 16% Pet Corp 17% 16% 17% 16% Phillips Pet .... 43% 42% 43% 43 Plymouth Oil ... 14% 14V* 14% 14(4 Pure Oil 19% 19'/a 19% 19% Royal Dutch ... 55 54% 55 54% Seaboard Oil ... 35% 34% 35% 34'/a Shell Un 18% 17>/a 18% 17% Skelley Oil 25 % 25(4 25% 25'/a Soc Vac 16% 16 16% 16(4 SO of Cat 44% 43(4 43% 43% SO of Ind . . 38% 37% 38% 37% SO Os N J 60(4 58% 59% 58% Texas Corp 34% 34 34% 34'4 Tidewater Assn 17% 16% 17% 16% Un Oil of Cal .. 25(4 24% 25% 25*4 Steels— Acme Steel 68% 68% 68% 68 Am Roll Mills .. 32% 31% 32% 31 % Beth Steel 52% 50% 52% 51*4 Byers A M 28% 21% 22 21% Cruc Steel 36% 36 % 36% 36 Inland Steel ...106 104% 105% 104% Ludlum Steel .. 28% 27% 28(4 28 McKeesport Tin 114 114 114 114% Mid Steel 23 22(4 23 22Vi Nat Steel 72 70 72 72 Otis Steel 16% 15% 16% 15% Rep I& S 22 20'4 21% 20% Rep I&S pfd ... 89% 89% 89% 88% USP & F 34% 32% 34% 32 U S Steel 50% 48% 50% 48% U S Steel pfd .119% 118 119% 118% Warr< n Bros • 6% 6% 6% 6% Warren P Si Fdv 26% 26(4 26(4 26% Youngst'n SSi T 47% 46 47% 45% Motors— Auburn 43 42% 43 41 % Chrysler 94% 90(4 94 89% Gen Motors ... 59% 57% 59V* 57% C-raham Mot ... 3(4 3% 3% 3% Hudson . 15 % 15'/a 15% 15% Hupp 2% 2'4 2% 2 >4 Mack Truck 29 27% 28(4 27(4 Nash 18 Vi 17% 13 17% Packard 8 7% 8 7% Reo 5% 5% 5% 5% Studebaker 10% 9% 10 9% Yellow Truck ... 16 15% 15% 15% Motor Access— Bendix 23% 23 23% 23 Vi Bohn Alum .... 58% 57% 57% 57% Borg Warner .. 69% 69 69% 69 Briggs 53% 53 >4 53 % 53 Vi Budd Mfg II 10% 10% 10% Budd Wheel .... 12% 12(4 12% 12% Eaton Mfg 29% 29 29(4 29 Elec Auto Lite . 38% 36% 38% 37'/a Elec Stor Bat .. 53 % 53 53 53% Greyhound ... 78 77% 77(4 77(4 Houdaille ’B’ .. 28% 27% 28% 27% Murray Body .. 18 17% .17% 18 Stew Warner ... . 20% 20% 20% 19% Timken Roll . 68 67 68 67% Timken Det Axle 15(4 15% 15% 15(4 Mining— Alaska Jun ... 16% 15% 16% 15% Am Metals 34% 33(4 34% 33% Am Smelt 64% 62% 64% 64 Anaconda 30% 29% 30% 30% Col Si Hecla .... 7% 7% 7% 7% Cerro De Pasco 53% 52% 53(4 52>4 Dome Mines ... 50(4 49% 50 50% Granby . 9% 9% 9Vi 9% Grt Nor Ore ... 16% 16% 16% 16% Howe Sound .... 53% 52% 53 63% | n CpPPer .... 7% 6% 7% 6% Int Nickel 49% 48% 49% 49 Isl Cr Coal 29 28% 29 28% Kennecott Cop .. 32% 32% 32% 32% Mclntyre Mine .. 47% 46% 46% 47% Park Utah 4% 4% 4% 434 Phelps Dodge .. 33% 32% 32% 32% St Joe Lead ... 27U 26% 27 26% U S Smelters .. 93% 92% 93% 93 Vanadium 24% 23% 24% 23% Amusements— Crosley Radio .. 15% 17% 18 17% Fox Theat 26% 25% 26% 26 Loews Inc 52 51 52 51% Radio Corp 13% 13 13% 13% Paramount 11% 11 >4 11(4 11% RKO 8 7% 7% 77,. Warner Bros 13% 12% 12% 12% Tobaccos— Am Snuff ..... 71% 71% 71% 71% Am Sum Tob 25 25 25 25 Am Tob A 100% 100 100% 99% Am Tob B 102% 101% 102% 102 Lig & Myers ‘B’ 114 113% 114 113(4 Phillip Morris 70% 69% 69% 69% Reynolds Tob ‘B’ 58 57% 57% 58 Rails— Atchison 7434 72 74% 72% Atl Coast Lines. 31% 30(4 30% 30*4 BSi O 18% 17% 18% 173„ Can Pacific 12%, 12% 12% 12% Ch & Ohio 58% 57% 58% 57% Chi Si Gt W . . 2% 2(4 2 3 4 2(4 Chi & Gt W pfd 7% 7(4 7% 7(4 C M & St P 2% 2% 2% 2(4 C M Si St P pfd 434 4% 4V* 4% Chi N W 434 3% 4% 334 Chi N W pfd ... 10% 9% 10% 9% Dela Si Hud 43% 41% 43 4P 4 Del Lac & W ... 17** 16% 17% 16% Erie 14% 13% 13% 13(4 Erie pfd 24% 21% 24 22% Gt Northern pfd 35% 34% 35% 34% ID Central 22% 21 s , 22% 21% V- C Sou 15% 15(4 15% 15% Lehigh Valley ... 10 9% 9% 9% Lou A: Nash 74% 73(4 74 73% .1 K & T 8% 8 8% 7% MKSi T pfd .. 21% 21% 21% 21% Mo Pac 3(4 3% 3% 3% Mo Pac pfd 7 6% 6% 6% N Y Cent 34% 33 34% 33% N Y New Haven. 5% 5% 5% 5% N Y Ont <fc West 6% 6% 6% 6% Norfolk & West 225 225 225 225 Nor Pacific 27(4 25% 26% 26 Penn R R 36 35 36 35% Sou Pac 30% 28% 30% 28% Sou R R 15 14% 15 14% Union Pac 122% 120% 123% 121% Wfthash 4 IV. 'll, *5 7, West Maryland ! 10% 10 10% 10(2 Equipments— Am Brake Shoe 47% 47% 47% 47% Am Car & Fdy. 337* 33 334 32% Am Loco 27% 26% 27% 26% Am Steel Fdy .. 28% 27% 27% 26% Bald Loco . 5% 4% 5% 4% Gen Am Tk Car 56% 56 56% 56% Gen Elec 39% 38% 39% 38 % Gen R R Sig ... 47% 46% 47% 47V* Pullman Inc ... 44 43 44 43 West Air Br ... 38% 38 38% 38% Westingh Elec .113% 108 113% 108% Utilities— Am & For Pwr. 9 8% 8% 8% Am Pwr <te Lit 10% 10 10% 10% AT&T 162 160 161% 161 Am Wat Wks . 23% 22% 23% 22% Col Gas & Elec 16% 15% 16% 15% Comm Si Sou .. 4% 4% 4% 4% Consol Gas 36% 34% 36% 343! ■r i0 3 4 10% 10% 10^2 Int Hldno Elc 5% 5 s% si; }*} er *°l° 5T .. 18% 18% 18% 17% Int T & T 17 3 16"* ifiTfc IC7 Lou OSi E "A” 23% 22% 23 23 * Nat Pwr A- Lit . 12% 12’, 12% 12% North Amer . . 29% 28% 29 s * 28% Pac G & E ... 35% fc% |JsJ Peonies Gas .47 46 46% 44% Pub Serv NJ . 47% 45% 47% 45>£ So Ca' Edison 28% 27% 27% 27% Std Gas 9% ?.% 6 3_ is Stone & Webster 18% 17% 17% 17% United Corn... 8% 8% 8% B*J Un Gas ItnD 19% 18% u% 14 Ut Pwr <fc Lt "A” 5% 5% 5% 53. Western Union 77 V. 75% 76% 76% Rubbers— Firestone 28% 27% 28% 27% Goodrich 17% 16% 17% 16% Goodyear 25% 24% 25% 24% U S Rubber 19 17’. 19 18% U S Rubber Dfd 57% 56% 57% 56% Miscellaneoua— Allis Chalmers 41% 40 41 40% Am Can 124 120 123% 120% Am Mach & Fdv 27% 26% 27% 27% Anchor Cap 21 18% 21 18% Brklvn Man Tr 43% 43% 43% 43% Burroughs Add 27% 27 27 % 26% J I Case 106% 105 105% 106 Cont! Can 78% 73% 77% 74% Caterpillar Tract 63 62% 63 63% Curtis Pub 21 20% 20% 21 Curtis Pub ofd 101 101 101 101% Deere Si Cos 66 653* 65 3 * 65% Eastman Kodak 157% 157 157% 158 Foster Wheeler . 31% 30 31% 30% Gillette 18 17% 17% 17% Glidden ... 50% 49% 49% 49 Ineersoll Rand . .120% 120% 130% 120 Int Bus Mach . 183 183 182% 182% Inter Harv . . 65% 64% 65% 64% Natl Cash Reg 23% 33% 23% 23% Owens Bottle 145% 145% 145% 145%

SATURDAY, FEBRUARY 1, 1936

Rem Rand 20% 20% 20% 21 Worthington P 26% 25% 26% 25% Foods— Am Sugar 57% 56% 56% 58% Armour 6% 6% 6% 6% Armour 6% Dfd 81% 81 81% 80% Beatrice Cream 19% 18%* 19% 18 Vi Borden Prod ... 27% 27% 27% 27% Cal Packing.. 37% 37% 37% 35 Can Dry ® 91e 15% 15 15% 15% Coca Cola . 85% 84 85% 85% Cont Bak "A". 14% 12% 13% 14% Corn Prod ... 71% 70% 70% 71 Crm of Wheat 37% 37% 37V. 37% Cuban Am Sugar 8% 8% 8% 8% Gen Baking... 12% 12% 12% 12% Gen Foods 35 34% 34% 34% Gold Dust 19% 19% 19% 19% G W Sugar ... 32% 32% 32% 32% Hershey 78% 77% 77% 78% Loose Wiles 44 44 44 44 Vi Natl Biscuit 35% 34% 34% 35% Natl D Prod ... 23% 22% 23 22% Purity Bak 15 14% 14% 15 S Porto Rico Sug 32% 32V* 32% 32% Std Brands 15% 15% 15% 15% Un Biscuit 27% 27 27 27% United Fruit .. 76% 76 76% 76% Ward Bak 3% 3% 3% 3% Wriglev 77 77 77 77V* Retail Stores— Allied Stores ... 7% 7% 7% 7% Assd Dry Goods 14V* 13% 14 13% N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds Rails Util Bonds Today 92.7 91.0 105.2 96.3 Yesterday 92.7 90.9 105.1 96.2 Week ago 92.8 90.8 105.0 96.2 Month ago 91.4 84.3 103.6 93.1 Year ago 86.7 83.6 92.S 87.6 1935-36 high 93.1 91.1 105.2 96.4 1935—36 low . 83.6 71.0 89.3 83.0 (Copyright, 1936, by Standard Statistics.) U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasurys • Prev. ... Close, close. 4 Vis 1947-52 115.10 115.12 4s 1944-54 111.6 111.9 3%s 1940-43 107.25 107.28 3%s 1943-47 106.24 106.28 3(4s 1943-45 106.15 106.9 3’is 1941 108.10 108.12 3Vis 1944-46 105.25 105.25 3%S 1946-48 104. 104.31 3VaS 1949-52 103.30 104.1 3s 1954-55 102.27 102.31 3s 1946-'3 103.9 103.11 2 (is 1945-4.- 101.10 100.11 Home Owners Loan Corp. 2(is 1949 99.23 99.27 3s 1952 101. 101. Federal Farm Mortgage Corp. 3S. 1949 101.8 101.12 3s 1952 102. 102. 2%s 1947-4S 100.18 100.13 DOMESTIC. Prev. Issue Closa close Alleg Corp 5s '44 95 95 Alleg Corp 5s '49 88% 88% Alleg Corp 5s 'SO 75 64% Am Frgn Pow 5s 2030 78 Vi 77% Am T & 8 5%s '43 113 Va 113% Am T & T e - '65 113V* 113 Arm & Cos iDe. 5%s '43 .... 97% 97% Atl Coast Line '52 97% 97 Atl Coast Line 4%s '64 83% 83% Atch Top Si S Fe i% 48 110% 110% Am Wat Wks os '44 114% 112% Am Rolling Mills 5s '3B 128 125% Balt & Ohio 6s '95 92% 93 Balt & Ohio 4Vis '6O 89% 69% Chi Milk Si St P 5s '75 .... 23 22% Chi Milw A St P 5s 2000 ... 9% 8% Cleveland Un Term 5s 73 ....103% 103V* Cleve Un Term 4%s '77 .... 97% 97 Col Gas 5s May '52 101% 101V* Col Gas 5s '6l 100% 100% Can Pac Perp 4s 90% 90% Oant Pac 5s '6O 95% 95(4 Big Four 4Vis '77 89% 89% Colorado &So 4%s 'BO 71% 72% Chi Si West Ind 4s '52 .102% 102V* Chi Si West Ind 5%s '62 ....107% 107 Chi & Nor West 4%s '49 16% 16% Con Gas 5s '57 105% 105% Chesa Corp 5s '47 130% 130 Del Si Huds 4s '43 82% 82 N Y Dock 4s 'sl 73 73% N Y Dock '3B 65 65 Erie 5s '75 77 76% Erie 5s '67 77% 77% Grt Northern 7s '36 102% 102% Grt Northern 4%s '77 99% 99% Hud & Manhat Ref 5s '57 .... 86 86 111 Cent 4%s '66 70(4 69% 111 Cent Jt 4Vis '63 76 76 111 Cent 5s '63 81 81 Vi Interlake C&I 5s 'sl 93 % 93 Interntl Tel & Tel 4%s '39 ... 96% 96% Interntl Tel & Tel 5s '55 90% 90% Interntl Tel & Tel 4%s '52 ... 86% 86% McKess & Rob sVis 'SO 103% 103% Natl Dairy SV4S '4B 103% 103% Natl Steel 5s '56 106% 106% Natl Steel 5s '56 106% 106% Nickel Plate 4%s ’7B 80% 80% Nickel Plate 5%s '74 91% 92% Nickel Plate 6s '35 104 103 N Y Cent 5s 2013 90% 91 N Y Cent 4%s 2013 (old) 85% 85 Nor. Amer Cos 5s '6l 105V* 105% Noi* Pac 3s 2047 78% 77% Nor Pac 4%s 2047 98% 98V* Nor Pac 6s 2047 109% 109% Nor States Pow 5s '4l 106 106 New Orleans Term 4s '53 88 88 Otis Steel 6s '4l 101% 101 Vi Penn Rv 4%s 'B4 106% 106% Penn Ry 4%s 'Bl 106% 106% Penn Ry 4%s '7O 101% 101% Pac G Si E 5s '42 104% 104% Portland Gen El 4% s ’6O 78% 79 Para Publix 5%s 'SO 96% 96 Penn P & L 4%s 'Bl 106V* 106V* Postal Tel & Cab 5s '53 39 37% Rem Rand W W 5%c '47 ....108% 108V* Sou Pac 4%s '6B 87 87 Sou Pac 4%s 'Bl 87 86% Sou Pac 4%s '69 86% 86 s * Sou Pac 4s '49 87% 88 Sou Rail 4s '56 58 58% Sou Rail 6s '56 74% 76 Sou Rail 6%s '56 ... 79 79 Sharon Stl Hoop 5%s '4B 103 103 Texas Pac 5s 'BO 99% 99% Texas Pac 5s '79 99% 100% Texas Pac 5s '77 99% 100 Union Pac 4s '47 112% 112% United Drug 5s '53 99% 99 s * U S Rubber 5s '47 105 105V* NY NH & Hart 6s '4B 39 39 NY NH & Hart 4%s '67 38% 39 Warner Bros 6s '49 92% 92% Western Mary 4s '52 98% 98 Youngstown S & T 5s '7O 104% 104 s * Youngstown S & T 5s ’7B .... 104% 104V* FOREIGN Argentina A 6s '57 98 98 % Denmark 5%s '55 100% 100% German 5%s '65 28% 29 Italy 7s 'sl 62 63% Japan 6%s '54 98V* 98% Rome 6%s '52 55% 58% Tokio City 5%s '6l 81% 81% Yokohama 6s '6l 86% 87 Unlisted Stocks (Reprinted From Lste Times Yesterday) (By Byth Si Cos. NEW YORK BANK STOCKS Bid. Ask. Bankers’ Trust 67% 69% Central Hanover B & T 116% 113% Chase 42% 43% Chemical National 56% 58% Guaranty 303 306% Irvine 17% 19V* Manufacturers 49% 50% National City 33% 39% Cont 111 1 Chicago 1 ' 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 s * 11% City of New York 32% 34% Federal Ins 104 109% Franklin Fire ... 34% 36% Great American Ins 32% 34% Hanover Fire Ins 40% 42% Hartford Fire Ins 88 90% Home Ins 39% 41% Ins Cos of N A 82 84% National Fire 84% 86% •National Liberty 10% 12% North River Ins 29% 31% Phoenix 101 104 V* U S Fire 58% 60% Westchester Fire 40% 42% •*x. div. _ %

First Natl Stores 46 45% 46 46(4 | Gimbel Bros ... 7% 7% 7% 7’/a Gm Un Tea 5% 5 1 /* 5Vs 5% Jewel Tea 68 68 68 68% Kresge S S 24 23Vi 23% 23% Kroger Groc ... 27 Vs 26% 26% 27 Macy R H 46 45 46 45 McCrory St .. 14% 14% 14% 13% Marshall Field .11 % 11% 11% 11% May Dept St 48 48 48 47 Mont Ward 37% 36% 37% 37% Natl Tea 11(4 10% 10% 11 Penney J C 71% 70% 71% 71% Safeway St 33% 33 33 V* 33% Sears Roebuck . 64% 63 64% 63 Wool worth 53 Vi 53 % 53% 53(4 Aviation— Aviation Corp .. 6% 6% 6% 6% Boeing Aircft .. 25% 25% 25% 25% Curtiss Wright . 4% 4Vi 4% 4% Curtiss Wrt 'A' 13% 13% 13% 13 % Douglas Air 74 72% 73(4 72% Nor Am Av 8% 8 8% 8% Sperry Corp . . 22% 22% 22% 22% Unit Aircraft N 28% 28% 28% 28% Chemicals— Air Reduction . 180 180 180 190 Allied Shem . 165% 163% 165% 163% Am Com Alcohol 27% 27 27% 27V* Col Carbon ... 108 104% 107% 104% Com Solvent 20% 20% 20 s * 20% gu Pont 147 144% 146% 144% .Freeport Tex... 34% 33% 34% 33(i Liauid Carb ... 38% 38% 38% 33% Math Alkali .... 31 % 30% 31% 30% Natl Dis 1 new) 28% 28% 28% 28% Schenlev Dist 46% 45% 46 45% Tex Gulf Sulnh 37%- 36% 37% 36% Union Carbide 76 74% 76 73% U S Indus Alcoh 42 41% 41% 42(4 Drugs— Cotv Inc 6Vs 6 8 6% Lambert 22 Vi 22 22 22 s * Lehn & Fink .. 13V* 13% 13% 13 Sterling Prod . 65 % 65% 65% Sn% Un Drug inew) 14% 13% 14% 13% Vick Chem 44% 44% 44% 44 Vi Zonite Prod ... 8% 8% 8% 8% Financial— Adams Exp ... 12% 11% 12% 12% Allegheny Corp. 4% 3% 4% 3(* Am Int Corp... 12% 11% 12'% 12V* Chesa Corp 70% 68 70 % 68% Lehman Corn... 98 97% 98 98 Transamerica .. 12% 12% 12% 12% Tr Conti Corp.. 11 Vs 10% 10% 10% Building— Am Radiator... 23% 22% 23 s /* 23V* Gen Asphalt. ... 31% 31V* 31% 30(4 Holland Furnace 36 35(4 35% 35% Int Cement 40% 39% 40% 39% Johns Manville 111 108 111 108 Libbv Owens Gls 50% 49% 50% 50 Otis Elev ... 26 2-% 25% 3fi% U S Gypsum .... 96V* 93% 96V* 94% Ulen Cons 6% 6% 6% 6% Hosehold— Col Pal Pect ... 19 18% 18% 18V* Congoleum 41V* 41% 41% 42% Kelvinator 18% 18V* 18V* 18% Proc & Gamble. 47% 46% 46% 47% Servel Inc 18 17% 18 17% .Simmons Bed .. 22% 22V* 22% 23 Textiles— Amer Woolen .. 11% 10% 11V* 10% Celanese Corp .. 29% 28% 29 28V4 Collins Aikman . 49% 48% 49% 48% Gotham Hose ... 10% 10V* 10% 10% Indus Rayon ... 29% 28% 29 29 Kayser Julius .. 29% 27% 29% 27% Real Silk 16% 16% 16V* 16%

FURTHER DEVALUATION OF DOLLAR ADVOCATED Step Necessary to Bring Farm Prices to “Parity Levels.” By United Press DECATUR, HI.. Feb. I.—Further devaluation of the dollar to bring farm prices to “parity levels” was advocated today by Edward A. O’Neal, president of the American Farm Bureau Federation, a stanch supporter of New Deal farm policies. He said the federation “emphasizes the need of maintaining an American market for American farm products, through adjustment of supply to demand; the necessity of further devaluation of the dollar, so farm prices will reach toward parity levels, and the shortening of distribution steps between production and consumption of mutual benefit to producers and consumers.” INSURANCE MEN MEET Howard Nyhart Agency Hold Sales Congress at Columbia Club. Members of the Howa rd E. Nyhart agency of the Connecticut General Life Insurance Cos. are attending a sales conference at the Columbia Club today. Speakers arc T. P. Rise, assistant superintendent of agencies and George Goodwdn, secretary of the accident department at the home office, Hartford Conn. Other speakers include Carl B. Endicott, past president of Kiwanis International and the company’s representative at Huntington; Herbert J. Foelber, district manager at Fort Wayne; Ben O. Stoner, district manager at South Bend; John C. Hargrave. La Porte, and James L. Rainey, manager of the Guardian Life and president of the Indianapolis Association of Life Underwriters. CAR, TRUCK OUTPUT OFF Automobile Production Drops to 85,790 Units in Week. By United Press DETROIT, Feb. I.—Production of passenger cars and trucks in the United States this week declined slightly for the third successive week to a total of 85,790 units, compared to 86.455, the revised total for last- week, according to Cram's Reports, Inc. One year ago this week production amounted to 83,000 units. Unfavorable weather conditions have slowed up considerably the rate of retail deliveries reported. RAIL PURCHASE APPROVED By United Press WASHINGTON. Feb. 1. The Louisville and Nashville Railway Cos. has been authorized by the Interstate Commerce Commission to absorb properties of the Southeast, and St. Louis Railroad Cos., wholly owned subsidiary/, operating between Evansville, Ind., and East St. Louis, 111. LOCAL CASH MARKET City ( ria elevstor* are paying 94 cent* (or No. 1 soft wheat. Other grades on their merita. Cash corn new No. 4. yellow M cents and oats 31 cents.

PAGE 11

TRADE VOLUME UP 50 PER CENT AT SHELBYVILLE Merchants Group Reports Steady Pickup in Business. Times Special SHELBYVILLE, Ind., Feb. I.—An increase up to 50 per cent in volume of business here within the last four months was reported today by A. D. Spurlin, secretary of the Shelbyville Merchants Association. Furniture manufacturing has been the city’s chief industry for many years, Mr. Spurlin pointed out. The stock market collapse of 1929 had an immediate effect on this industry, causing Shelbyville to suffer more than many other communities during the depression. Local furniture factories have resumed operations on a close-to-normal scale since the summer of 1935, and their representatives came back from the recent furniture markets at Chicago and Grand Rapids with numerous orders and were jubilant over the prospect for the year. Chambers Corp. Keeps Busy Busiest among the local manufacturing plants is the Chambers Corp.. which now employs about 300 men in the construction of “flreless cooker” gas ranges. The corporation’s output has increased in the last four months from 60 stoves a day to 110 a day. Out of about 2500 people employed in local factories, 1500 or more are working in furniture plants. Two new furniture factories, the Gerling Manufacturing Cos. and the Henry Joseph Furniture Corp., have been opened in the last six months. Older concerns in that same line of production are the Albert Furniture Cos., the Spiegel Furniture Cos., the Shelby Shops, Inc., the Davis-Bire-ly Table Cos. and the Meloy Manufacturing Cos. The Kennedy Car Liner & Bag Cos. employs about 300 men and women in the production of paper bags and other printed paper items. Smaller local concerns produce carpet sweepers, women's garments, canvas gloves, mirrors, overalls and other articles. Seasonally, three canning factories provide additional employment. New Developments Under Way “Government money” by the hundreds of thousands is expected to be placed in circulation here in 1936, with three major PWA projects scheduled for completion this year. One is the construction of anew court house, at a cost of approximately $225,000. Another is the construction of anew concrete bridge over Blue River, at the northern edge of Shelbyville. The third improvement is the rerouting and paving of State Road 44, between Shelbyville and Rushville. PWA workers also will be engaged in the erection of a consolidated school in Union Township, east of Shelbyville. Development of a Rural Electric Membership Corp in Shelby County, to provide electric lines for farmers in the county not already served by existing lines, is now under way, and a Federal loan of $475,000 will be sought to finance construction of the lines. Local dealers in electrical equipment anticipate a decided stimulus to their business with the completion of the REMC project in the county.

CHICAGO SPRING SHOW T(KBEGIN ON MONDAY 2700 Manufacturers, Wholesalers Expected to Attend. Times Special CHICAGO, Feb. I—The annual spring market opening, sponsored by the Chicago Association of Commerce, to start next Monday is expected to be attended by approximately 2700 manufacturers and wholesalers, it was announced today. Out-of-town merchants attending the meeting will be given full opportunity to become acquainted with the latest in Chicago wares. A fashion show is to be held in the Stevens Hotel, a gift show in the Merchandise Mart, and other important expositions also will be held. Through special arrangements with various railroads, visiting merchants will be able to save a third on fares of round trips from mast American states and some Canadian provinces. The spring show is to last two weeks. FOOD PRICES DECLINE Decrease of .9 Per Cent Reported for Two Weeks Period. By United Press WASHINGTON. Feb. I.—Food prices declined .9 per cent during the two weeks ended Jan. 14 principally because of a drastic drop in the cost of pork, the Bureau of Labor Statistics reported today. Pork chops declined 7.5 per cent. Pork loin roast dropped 8.9 per cent as the full effect of the Supreme Court’s AAA ruling became apparent. The current index stood at 81.7, however, which was 7.8 per cent higher than in January last year and 30.7 higher than in January, 1933. G. E. MANAGER RESIGNS By United Press FORT WAYNE, Ind., Feb. 1. Walter Scott Goll today announced his retirement as manager of the Fort Wayne plant of the General Electric Cos., a post he has held since 1922.

Fidelity Trust Company Member Indianapolis Clearing House Association 148 E. Market St. General Commercial Banking Your Account Solicited

More Silver From China Huge shipments of silver from China boosted American imports of the metal to $14,615,530 in the week ended Jan. 24 from $2,709,589 in the preceding week, the Commerce Department reported today.

New Business Books Available at Library The following new business books are now available at the business branch of the Indianapolis Rubiic Library: THE MONEY REVOLUTION, by Sir Charies Morgan-Webb —r The moves on the chessboard of l.nance since 1922 ... a brilliant interpretation of the economic disasters of the last decade. MAKING A LIVING IN RADIO, by Zeh Bouck Assuredly the radio field, like other major competitive industries, is no loafer's paradise. EAT. DRINK AND BE WARY, bv F. ,1. Sehlink—One of the authors of •'100.000.000 Guinea Pigs" now charts the way for the puzzled consumer through the noxous Jungle of today's commercial foods. EXPENSES AND PROFITS OF LIMITED PRICE VARIETY STORES IN 1935. by Stanley F. Teele. OPERATING RESULTS OF DEPARTMENT STORES IN THE PACIFIC COAST STATES: 1934, by Carl N. Sehmalz —Two recent bulletins from the Harvard Graduate School of Business Administration.

BONDHOLDERS ARESQUEEZED Articles Suggests Investors Guard Against Lower Dollar Income. Times Special BOSTON, Feb. 1. —As the calling of 5 to 6 per cent bond issues and the refunding by 3% to 4 per cent issues continues unabated in volume, trust funds, individuals and estates holding bonds that have been refunded are being squeezed by the combination of lower interest rates and higher living costs, according to Brevits, weekly publication of Massachusetts Distributors, Inc., general distributors for shares of Massachusetts Investors Trust. The article does not advise against the purchase or holding of bonds at the present time, but suggest that investors “build some defense against the possibilities of a continued reduction in dollar income through refunding operations and the possibilities that the reduced number of dollars received will buy still less in goods and living as time goes on.” The artice also points out that since March 1933, the purchasing power of the dollar has decreased 15 per cent as the result of an increase in the cost of living since that time amounting to 17.6 per cent. It is noted, however, that a further increase of about 23 per cent could take place before 1926 levels are reached. The rise in commodity prices since March 1933, amounting to 35.2 per cent, is held as being largely responsible for the increase in living costs. Local Livestock (Reprinted From Late Times Yeslerday) HOGS „ Bulk. Top. Receipts. 25. [email protected] $10.50 4000 27. 10.40® 10.50 10.50 5000 28. 10.40(®10.50 10.50 4000 29. 10.45(® 10.55 10.55 3000 30. [email protected] 10.30 5000 31. [email protected] 10.40 3000 Light Lights. (140-160) Good and choice . $ [email protected] Medium 9.10® 9.85 (160-180) Good and choice.. 10.25® 10 40 Medium .... 9.7510.25 (189-200) Good and choice.. [email protected] Medium .. 9.80® 10.30 (200-220) Good and choice.. [email protected] (220-2501 Good and choice.. 10.10@10 30 Heavyweights. (250-2901 Good and choice.. [email protected] (290-350) Good and choice . 9.60® 980 Packing Sows. (275-350) Good 8.85@ 9 25 (350-425) Good 8.75® 9 10 (425-550) Good 8.60® 9 00 (275-3501 Medium [email protected] Slaughter Pigs. (100-140) Good and choice . 9.25@ 9.75 Medium 8.50® 9.50 CATTLE —Receipts, 300— (500-900) Choice $lO 25@12 25 Good 8.55011.50 Medium 7.00® 9 0© Common 5 25® 7 00 (900-1100) Choice 12.00013 25 Good 9.25 @12.25 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 50013.50 Good [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, good 6.50® 725 Cutter, com. and med. bulls.. 4.50® 6.50 VEALERS —Receipts, 400Good and choice $11.50® 12 50 Medium [email protected] 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® 8.25 Common and medium 5.00® 7.00 (800-1050) Good and choice.. 7 00® 850 Common and medium 5.00® 7.00 Cows Good 4.50® 5.00 Common and medium 4 00® 4.50 SHEEP AND LAMBS —Receipts, 2500Lambs. 90-lbs. down, good and choice $lO 50@ 10.75 Good ...: [email protected] Medium 9 25® 10.00 Common 7.00® 9.25 Ewes. (90-175) Good and choice . . 4.00® 5.00 Common and medium . . 3.00® 4.00 Yearling wethers, good* choice 9.00@ 9.50 Medium 7.00® 9.00 Chicago Grain Futures (Reprinted From Late Times Yesterday) IBy United Press) Prev. Wheat— High. Low. Close. clos<2. May 1.00% .99% .99% .99% July 89V* .88% .89 .88% Sept 88 .87% .87% .87% Corn— May 6©% .59% .60 .59% July 60% ,60 s * .60% .60 s * Sept. 60% .60% ,60 s * .60% Oats— May .28% .28% 28%b .28% July 28V* .27% ,28b .28 Sept 27% .27% .27% .27% RyeMay 57% .56% .57 %b .56% July 56% .55V a .55 %n .55 Barley— May ■ 43 %n .43% (b)Bid; iniNominal.

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STEEL MAKING. POWER OUTPUT REFLECT CHECK Tapering Off of Industrial Activity Has Effect on Two Lines. Times Special NEW YORK, Feb. I—The seasonal recession in industrial operations. particularly the lull in the motor car industry, continued to act as a dampening influence on iron and steel production and electric consumption, it was disclosed here today. Production of electricity by the electric light and power industry last week was 1.955,507,000 kilowatt hours, contrasted with 1,781,666,000 kilowatt hours in the corresponding week last year, an increase of 9.8 per cent, the Edison Electric Institute reported. In the preceding week output aggregated 1.949.676.000 kilowatt hours, an increase of 9.6 per cent over the same 1935 week, when the figure was 1,778,273,000 kilowatt hours. Spread Over 1935 Cut Four of the seven geographical regions of the country reported reduced percentage improvements over a-year ago. The widest change was in the Rocky Mountain area, where the gain was pared from 23.4 to 22.4 per cent. On the favorable side the best showing was contributed by the West Central territory, which raised its gain from 10 to 11.7 per cent. The lull in the motor car industry, as well as among other steel consuming interests, has had its effect on market sentiment, the Iron Age declared in its weekly review. Projected advances in various finished steel products now seem remote, and non-integrated mills are increasing their pressure against present semifinished quotations in an effort to restore the margin that their products formerly held. Used Cars Seen Key “Used car sales, which hold the key to the production of new motor cars,” the review continued, “have been virtually halted. But in the face of this condition automotive orders for sheets have improved slightly, though they were uniformly for small tonnages, reflecting the current conservatism of the motor trade. “Meanwhile, railroad demand for steel continues to improve, and greater activity is noted among machinery builders, farm equipment makers, valve and fitting shops, washing machine manufacturers and stove plants.” BETHLEHEM STEEL NET INCOME AT $4,291,253 Earnings Equal to $4.59 a Share on Preferred Stock. Times Special NEW YORK, Feb. I.—Preliminary reports of the Bethlehem Steel Corp. released today showed net earnings of $4,291,253 for 1935. compared with $550,571 in the preceding year. This is equivalent to $4.59 a share on preferred stock, against only 59 cents a share on the same stock in 1934. After allowance of preferred dividends, net income of the corporation for the December quarter amounted to 24 cents a share on common stock. In the final quarter of 1934 the company earned 44 cents a share on preferred stock. Gross sales for the year will total approximately $192,543,358, compared with $167,736,124 in 1934, the report stated. New business booked by the corporation increa,sed to $210,033,300 from $157,340,326 a year ago. Current operations w;rc reported at 44 per cent of capacity, against 43.9 per cent in the final quarter of 1935. KASTAN BAKERY TAKEN OVER BY REGENSTRIEF $25,000 Modernization Program for Plant Is Announced. Acquistion of the Kastan Bakery, 818 S. Meridian-st, and a $25,000 modernization program for the plant was anounced today by Issac Regenstreif, president of the South Side Baking Cos. Work wil be started immediately on the new plant, which will be operated under the name of the Regen Baking Cos., and will include a modern exterior, complete interior remodeling and new equipment for the production of quality breads and pastries, Mr. Regenstreif said. Associated with Mr. Regenstreif in the new enterprise will be his sons, all of w’hom hav chad wide experience in the baking industry. Safe Deposit Boxes The Indiana National Bank of Indianapolis Buy Building & Loan Share* Your Money Stays Here, Works Here—Earns Here