Indianapolis Times, Volume 47, Number 283, Indianapolis, Marion County, 4 February 1936 — Page 13
T rends Housing in Low-Cost Group Greatest Problem. BY JOHN T. FLYNN
•XTEW YORK. Feb. 4—From the first days of the present Administration there ha.-' been a Rood deal of talk about housing. At the opening of each session of Congress the subject is brought for- ‘ wnrri. What looks like millions for '.ousipg have been appropriated. But as yet noth-
i
ing very substantial has been done. Now anew housing controversy looms in Washington. It really an old discussion in new form. There are two groups. One favors government subsidies to encourage home building. The other has a plan for Che organization of a large national mortgage corpora tion
Flynn
sponsored or financed by the government which will make money available on mortgages at low rates of interest to home builders. There ought to be no controversy between the two groups. They are aiming at wholly different purposes. In this country we may roughly divide homes into two large classifications. One class includes houses for those who can pay $25 a month or more rent. The other group includes all those who can not afford to pay that much. IT has been demonstrated that under modern conditions it is impossible to build decent homes for the second class at a profit. The first group is the one which has been occupied by the private building industry. Today the country needs houses jn both classes. The depression has almost completely paralyzed the private home building industry. Therefore, few houses have been built in the last five years. Meantime the population has increased and hundreds of thousands of homes have been destroyed by fire or otherwise and have fallen into obsolescence. There is a need for such houses. The private building industry has already begun to erect them. The low-cost group, however, is in a much more desperate situation. It was in bitter need of homes before the depression began. The need is greater now. But nobody is going to build any houses for this group. an THE government can establish a mortgage corporation and lend money at 3 per cent, if it sees fit. But no one is going into the business of erecting low-cost houses. The lending plan may help the better group, but it will do nothing for the poorer group. About the higher income group, ■we need not trouble ourselves so much. As soon as the need is sufficiently serious private builders -will supply the demand—and oversupply it. But unless the government does something about the low-cost group, no houses will be built. One great asset has been built np. In the PWA an efficient housing division has been organized. It now has accumulated experience and skill. It can be used to provide low-cost housing if the government wishes. If the government, does not act, of course, this unit will be dissolved and the great opportunity for a real housing program in America will have been lost. There is only one man who can save this. That is the President. (Copyright, 1936. by NEA Service, inc.) IRON.STEEL EXPORTS HIGHEST SINCE WAR § 9 l’. S. Shipments Amount to $3,067,336 Tons During 1935. Jt'i TJnltrd WASHINGTON. Feb. 4.—American exports of iron and steel last year, most of which went to Japan and Italy, reached the highest figure of any year since the World War. the Department of Commerce reported today. Total export trade in these products last year was 3,067.336 tons, against 2,832.415 tons in 1934 and 3.037.857 tons in 1929, the previous post-war high. Largest individual markets last year on a tonnage basis in order of importance were Japan. Italy. Canada, the United Kingdom and Mexico. INSURANCE ASSETS RISE Fidelity Life Cos. Reports Total of $106,647,000 on Dec. 31. 1935. 3 i mr* Special NEW YORK, Feb. 4—Net assets of the Fidelity Life Insurance Cos.. Philadelphia, at the end of 1935 amounted to $106,647,000. an increase of $5,062,000, Walter LeMarr Talbot, president, announced today. Contingency reserves amounted to $6,763,000. The total volume of insurance of the company outstanding at the close of 1935 was $356,720,000. while new paid business amounted to $27,444,000, Mr. Talbot said. CAB, TRUCK OUTPUT OFF Production Placed at 90.195 Units for Week Ended Feb. 1. Time* Special DETROIT. Mich.. Feb. 4—Output of new motor vehicles in the United States and Canada during the week ended Feb. 1. showed a small decline, compared with the preceding week, % total of 90.195 passenger cars and trucks being manufactured, against a revised total of 92.089 for last week. Ward’s Automotive Reports announced today. PROFITS TRIPLE IN 1935 Timet Special CHICAGO. Feb. 4.—Net profit of the Stewart-Warner Corp. was sl,700.000 for 1935, more than three times the net income of $571,968 reported for 1934.
PORKER PRICES GENERALLY 15 CENTS HIGHER Cattle, Veals Unchanged; Lambs Stationary at $10.75 Down. A decrease in receipts today at the Indianapolis stockyards as well as at surrounding livestock centers resulted in a general advance of 15 cents in porker prices. Demand also showed improvement over yesterday. Although the decrease in supplies was only moderate at the local exchange a scarcity, especially in hogs, was reported at nearby markets. This was regarded as a strong factor supporting the price increase Receipts were estimated at 4000, compared with 5000 on hand yesterday. Holdovers numbered 215. The top price paid for good and choice weights again reached $10.85, the highest level in three weeks. The bulk of 160 to 225 pounds, cashed in at $10.75 to $10.85, while medium heavies, from 225 to 260 pounds, brought $10.15 to $10.35. Light slaughter pigs, scaling from 140 to 160 pounds, sold at $10.15 to $10.40. Packing sows held at $8.75 to $9.25. The cattle market maintained a steady trading range in practically all divisions. Heifers, however, were slow and under pressure, with the bulk selling ai $6 to $7.5G. Best steers brought $11.50 to sl2. Bulls ranged from $5 to $6.75. Receipts numbered 1800. Vealers also were stationary with the bulk of good and choice kinds salable at $11.50 to sl2. Receipts were 1800. The lamb market, consisting largely of fed western grades, was steady at mostly $10.75 down. Few natives cashed in at $10.50, while slaughter sheep brought $3.25 to $5. Receipts were 1500. HOGS Jan. Bulk. Top. Receipts. 29. $10.45(®10.55 $10.55 3000 30. 10.20 (fi 10.30 10.30 5000 31. 10.30fid0.40 10.40 3000 F‘b. 1. 10.55010.65 10.65 1000 3. 10.60010.70 10.70 5000 4 10.75®10.85 10.35 4000 Light. Lights. (140-160) Good and choice $10.15® 10.65 Medium . [email protected] (160-180) Good and choice.. 10.65rir10.85 Medium . [email protected] (180-200) Good and choice . 10.7.'>@10.85 Medium 10.25©'10.75 1200-2201 Good and choice.. [email protected] (220-2501 Good and choice.. 10.55® 10.75 Heavyweights. (250-290) Good and choice . [email protected] (290-3501 Good and choice . [email protected] Packing Sows. (275-350) Good 9.15® 9.50 (350-425) Good 9.00® 9.35 (425-5501 Good 8.90® 9.25 (275-350) Medium 8.75@ 9.00 Siauchter Pigs. (100-140) Good and choice. [email protected] Medium 8.75® 9.90 CATTLE —Receipts, 1800— (500-900) Choice $10.25012.25 Good [email protected] Medium 7.00® 9.00 Common 5.25® 7.00 ■9OO-1100) Choice [email protected] Good [email protected] Medium 7.25@ 9.25 Common 5.50® 7.25 (1100-1300) Choice [email protected] Good [email protected] Medium 7.50@ 9.25 (1300-1500) Choice [email protected] Good 9.50®12.50 Heifers (500-750) Choice 9.00010.00 Good 7 50@ 9.00 Common and medium ... 4.50® 7.50 (750-9001 Good and choice [email protected] Common and medium 5.00® 7.50 Cow* 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® 7.25 Cutter, com. and med. bulls... 4.50® 6.50 VEALERS —Receipts, 600— Good and choice $1100012.00 Medium [email protected] Cull and common 4.50® 3.50 Calve* (250-500) Good and choice [email protected] 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 Cow s Good 4.50® 5.00 Common and medium 4.00® 4.50 SHEEP AND I.AMRS —Receipts. 1500— Lambs. 90-lbs. down, good and choice $10.50© 10.75 Good 10.00® 10.50 Medium ... 9.25 @IO.OO Common 7.00® 9 23 Ewes. (90-175) Good and choice .. 4.00® 500 Common and medium 3.00® 4.00 Yearling wethers good choice 9.00® 9.50 Medium 7.00® 9.00 Olher Livestock (By United Press) TORT WAYNE. Ind.. Feb. 4.—Hogs-20c higher; 160 180 lbs., $10.75; 180-200 lbs. $10.65; 200-235 lbs., $10.55: 225-250 lbs., $10.45; 250-275 lbs., $10.30; 275-300 lbs., $10.20: 300-350 lbs., $9.90; 140-160 lbs $10.20; 120-140 lbs . $9,95; 100-120 lbs.. $9 75: roughs. $8.70; stags, $6.95; calves, sl2; lambs, $10.25.
JEWEL TEA PROFIT. SALES RISE SHARPLY Earnings Equivalent to $5.49 a Share on Common Stock. Timex Special CHICAGO. Feb. 4.—The Jewel Tea Cos. today reported net profit for the fiscal year ended Dec. 31, 1935. at $1,536,186. anew five-year record. Total sales durng the period rose to the highest level in history of the company. The earnings were equivalent to $5.49 a share on 289,000 shares of no par value common stock issued or $5.66 a share, excluding 8778 shares of treasury stock. In the preceding year the company earned $4.44 a share on total issued stock and $4.61 a share, excluding 10,431 treasury shares Excluding processing and indirect taxes the company paid approximately $676,717 for taxation during 1935, compared with $589,070 in 1934. an increase of 14.88 per cent. M. H. Karker, president, announced. TRANSIT REVENUES RISE Journal Indicator Reaches NewHigh During Week Ended Jan. 25. Time * Special NEW YORK. Feb. 4.—Transit revenues for the week ended Jan. 25, as reported by a representative group or companies, continued to record improvement over the corresponding period a year ago, the Transit Journal's indicator revealed today. The indicator stood at 106.80 for the week, compared with 104.16 for the period ended Jan. 18. The indicator reached anew high during the last week which was attributed to a large gain in the East due to a storm and cold wave.
: - 0 Abreast of The Times on Finance
(By Thomson ft McKinnoni 11:15 A. M. Prev. Oils— High. Low. N. Y. close. Amerada 82% 82V* 82’, 82% At I Rfg 31% 31 ’ x 31*3 31 '* Barnsdail 17>* 17% IT, 174. Consol Oil 15 14 ■ 14% 15 Corn of Del . 36’. 36% 36’, 36“. Houston inewi . 11’, 11% 11% IT, Mid Cor* Pet . .. 21’, 21% 21’, 21% Ohio Oil 17’, 17', 17', 17 Pet Corp IT, 17', 17', 17'* Phillips Pet . 43’, 43’, 43’, 43'a Plymouth Oil ... 15', 15 15', 15 Pure Oil 20 20 20 19% Roval Dutch . . 57 57 57 57 Seaboard Oil ... 36', 36’, 36% 36', Shell Un 18 18 18 18", Bkeiley Oil 27% 27', 27', 2T, Soc Vac 16’, 16% 16% 16'., S O Os Cal . .44’, 44 3 44', 44 8 O of Ind 38® 38*.* 38 s , 38 Vi S O Os N J . 60', 60 5 , 60',, 60', Texas Corp 34’, 34’, 34%335,4 5 , Tidewater Assn. 19 18 3 , 18”, 19 Un Oil of Cal . 25’,' 25’, 25’, 25% Steel*— Am Roll Mills .. 32% 32% 32% 32'% Beth Steel . ... 53', 52% 53% 53 Byers AM 22% 22% 22% 22% Inland Steel .105'., 105 105 104 V, Ludlum Steel . 29% 29'% 29% 29 Natl Steel . ... 72% 72% 72% 72% Otis Steel 16% 16% 16% 16 s , Rep iron ft Steel 22% 22% 22% 22% Rep Ir ft Stl pfd 90% 90% 90% 90% U S Pipe & Fdy 34% 33% 34% 34 U S Steel 51% 51% 51% 51% U S Steel pfd 119% 119% 119% 119’, Youngstn S ft T 48% 48 48 48% Motors— Auburn 43 43 43 42% Chrysler 93% 93'% 93% 94 Gen Motors 59% 59% 59% 60% Graham Mot ... 3% 3% 3% 3% Hudson 15% 15% 15 s , 15% Hupp 2% 2% 2% 2% Mack Truck .... 29 29 29 28% Nash 18 18 18 18 y* Packard 8 7% 7% 8 Reo 5% 5% 5 V, 5% Studebaker 10V* 10% 10% 10% Motor Access— Bendix 23% 23% 23V, 23% Bohn Alum 58% 58% 58% 58% Borg Warner ... 72 72 72 72 Briggs 54 54 54 53% Budd Mfg 10% 10% 10% 10% Budd Wheel ... 12% 12% 12% 12% Eaton Mfg ... 29% 28’, 28% 29% Elec Auto Lite. .. 39% .38% 39 38% Elec stor Bat .. 53% 53% 53% 53 Houdaille 28% 28% 28% 28% Murray Body ... 13% 18% 18’, 19 Stew Warner ... 20 s , 20% 20% 20% Timken Roll 68 67% 67% 67% Timken net Axle 16% 16% 16’, 16 Mining— Alaska Jun 16% 16% 16% 16% Am Metals . . 35% 35% 35% 35% Am Smelt, 65% 64% 65 65% Anaconda 31% 31% 31% 31% Cal & Heel a . 8% 8 8 8% Cerro De Pasco . 54% 54’% 54% 54% Dome Mines ... 50 49% 49% 50% Granbv 9% 9% 9% 9% Gt Nor Ore 16% 16% 16% 16% Howe Sound ... 54V, 54% 54% 54'/* Ins Copper .... 7% 7% 7% 7% Int Nickel 49% 49 49% 48% Kennecott Cop.. 34% 34 34 34% Mclntyre Mine . 47% 47% 47% 47% Park Utah ... 5% 5% 5% 5 P.helps Dodge .. 35% 35% 35% 35 St Joe Lead ... 28% 28% 28% 28',i U S Smelters .. 94% 94’, 94% 95 Vanadium . .. 23% 23V, 23% 23% Amusements— Loews Inc 53 V* 53 53 53 Radio Corp 12V* 12% 12% 13 Paramount .... lIV2 11% 11% 11% RKO 7% 7% 7% 7% Tobaccos— Am Tob “A" ...101'/, 101% 101% 101 Am Tob ”B’’ .103 102% 103 103 Ligg & Myers B 114% 114’, 114% 114% Lorillard 25% 25% 25% 25% Reynolds Tob B 58% 58 V, 58 % 58% Rails— Atchison 75% 75% 75V* 75% At 1 Coast Lines. 31 31 31 31 B& O 18% 18', 18% 18% Can Pacific 13 12% 13 12% Ch & Ohio 58% 58% 58 s * 58% Chi & Gt W pfd 7% 7% 7% 7% C M & St P 2% 2% 2% 2% C M &St P pfd. 4% 4% 4 4% Chi N W 4% 4% 4% 4% Chi N W pfd .. 10% 10% 10% 10% Del Lac & W . 17% 17V, 17% 17 Gt North pfd .. 35% 35% 35% 35 111 Central . . 22% 22% 22", 22'/* Lehigh Valiev . . 9% 9% 9% 9’* MK & T pfd , • 21% Mo Pac .. . .. 3% 3% 3% 3% Mo Pac pfd .. . 6% 6% 6% 6% N Y Cent 34% 34% 34% 34% N Y New Haven. 5% 5V* 5% 5% Nor Pacific ... 27% 27% 27% 27V* Penn R. R. 36 36 36 36 Reading 43% 43% 43% 43 Sou Pac 30 s * 30% 30% 30'/* Sou R R 14% 14% 14% 14% Union Pac 22% 22% 22% 22% Wabash 4 4 4 3% West Mary. ... 10’,L 10'% lOV4 10% Equipments— Am Brake Shce 47% 47V* 47% 47V, Am Card ft Fdy 34% 34 34 33% Am Loco 28 V, 28 28% 28 Am Steel Fdy .. 29 28% 28 28% Bald Loco ... 5 5 5 5 Gen Am Tk Car. 61 60% 61 59'/2 Gen Elec 40% 40% 40% 40% Gen R R Sig . .. 49% 49V* 49% 49 Pullman Inc . . 44V* 44 44 44 West Air Br . 38% 38% 38% 38% Westingh Elec ..117 116’/, 117 118% Utilities — Am ft For Pwr. 8% 8% 8% 8% Am Pwr & Lit. 9% 9% 9% 10 AT&T 162% 162% 162% 183% Am Wat Wks ... 23 22% 22% 23 Col Gas & Elec . 16% 16V* 16% 16% Comm & Sou .. 4% 4% 4% 4% Consol Gas . 35% 35 35% 35% Elec Pwr & Lit 10% 10% 10% 10% Int Hydro Elec.. 5 5 5 5 Int T & T . • 17% 17V* 17% 17'* Nat Pwr & Lit. 12% '2% 12% 12% North \mer ... 29% 29% 29% 29V, F. >. E .... 35 35 35 35 Pub r / N j .. 47 47 47 46% So Cal Edison .. 27% 27% 27% 2i% Std Gas . 8% 8% 8% 8% Stone & Webster 8% 8% 8% 17% United Corp .. . 8% 8% 8% BV* Un Gas Imo . . 18% 18’, 18’* 18 Ut Pwr & Lt V. 5 5 5 5 Western Unior . 77 76% 77 76'% Rubbers— Firestone .71 30% 30% 30% Goodrich 19% 18% 19% 18% Goodyea: 25% 25% 25% 25% U S Rubber . 19-’, 19% 19% 19% U S Rubber pfd. 59% 59',* 59% 59 Miscellaneous— Allis Chalmers . 43% 43", 43% 43% Am Can ... 125% 124% 125% 124 V, Am Mach & Fdv 26% 26% 26% 27 Anchor Cap 24', 24 24 1 , 23% J I Case 109 108% 108% 108% Conti Can 90% 80 80% 79V, Caterpillar Tract 63% 63% 63’* 63% Curtis Pub 21 21 21 21% Deere & Cos .. 68% 67% 68 67 Foster Wheeler . 34% 34% 34% 34 Gillette 17% 17% 17 Vi 17% Glidden 50 50 50 49% Ingersoll Rand ..123 133 123 123 Inter Harv .. 66% 66% 66% 66% Natl Cash Reg. 25% 25 25% 25% Owens Bottle . 143 143 143 143% Rem Rand .. 21% 21% 21’, 21% Worthing’n P... 26% 26% 26'% 26 Foods— Armour 6% 6% 6% 6% Borden Prod . 28% 28% 28% 25% Canada D G Ate 15 15 15 15% Cont Bak A’.. . 13% 13% 13% 13% Cuban Am Sugar 8% 8% 8% 8 5 , Gen Foods 34 34 34 34% Gold Dust 19% 19% 19% 19% G W Sugar .. . 32% 32% 32% 32% Natl Biscuit ... 34% 34% 34% 34V* Natl D Prod ... 23 23 23 22% Purity Bak . . 14’* 14% 14% 14% S Por Rico Sug 31% 31% 31% 32 Std Brands . 16 15’* 15% 15% United Fruit 78 78 78 77’, Ward Bak “B” 3% 3% 3V* 3 Retail Stores — Allied Stores . .. 7% 7’, 7% 7% Assd Dry Goods 14’, 14% 14% 14% First. Natl Stores 46 46 46 45-, GimbMl Bros . 7% 7% 7 s , 73. Jewel Tea .... 71 71 -71 68 Kresge S S 24% 24% 24% 24 Kroger Groc 26% 26 s , 26 s , 26-% Macy R H 43% 47 48% 46 s * McCrorv St 13% 13 3 , 13’* 14 McLellan St .. 14% 14% 141 Marshall Field.. 11’* 11’, 11% 113' Mont Ward . . 39 s * 39% 39% 39 Penney J C ... 74 73% 74 72 3 , Sears Roebuck.. 64% 64’* 64’* 64 3 Wool worth 55% 55% 55% 55 V* Aviation— Aviation Corp . 6% 6% 6% 6% Boeinß Aircrft . 25 25 25 25% Curtiss Wright . 4% 4% 4% 4 s * Curtiss Wri (A) 15’* 15% 15% 13% Douglas Air ... 73% 72% 73% 72% Nor Am Av 8% 8% 8% 7’, Sperry Corp . 21’* 21% 21% 21% Utd Aircfl new 28% 28% 28% 26% Chemicals— Allied Chem 166% 166% 166% 166 Am Com Alcohol 29 28% 28’, 28’* Com Solvents . 20’, 20% 20’, 20% Du Pont 146% 146', 146% 147
-WE BUY. SELL. A and gladly furnish quotations on: Bonds of the 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. 12? EAST MARKET STREET
TUESDAY, FEBRUARY 4, 1936
New York Stocks
Freeport Tex ... 35 35 35 35’, Mata Alkali . 31% 31% 31% 31% Natl Dis <new)., 29 29 29 29 Schenley Dial . 46% 46% 46% 46% Tex Gulf Sulph . 38% 38% 38% 35 % Union Carbide 75% 75% 75% 75% U S Indus Alco 41V, 41 41V, 41 Drugs— Coty Inc 6 5% 6 6 Lambert . . 22% 22', 22% 22% Sterling Prod . 65% 65', 65 V, 60., Un Drug 'new). 16% 16 16% 16 Vick Chem 44% 44% 44% 44', Zonite Prod ... B'a 8% 8% 8% Financial— Adams Exp . 12% 12% 12% 12% Alilgheny Corp 4% 4% 4% 4% Am int Corp . 12% 12% 12% 12% Chesa Corp . 74% 74% 74% 73V* Lehman Corp ... 99 98% 98% 99 Transamerica . . 12% 12V* 12% 12% Tr Conti Corp .. 11% 11% 11% 11% Building— Am Radiator ... 24% 24 24% 23’* Gen Asphalt . 33 33 33 32 V, Holland Furnace 37 37 37 36% Int Cement 42% 42% 42% 42V4 Libby Owens Gls 52% 52V* 52 s * 52% Otis Kiev. 25% 25% 25 s * 25% Ulen Cons 6% 6% 6% 6% Household — Col Pal Pcct .. 19% 19V, 19’, 19 Kolvinator ... 18% 18% 18% 18% Servel Inc . .... 17V* 17V* 17% 17% Simmons Bed ... 23% 23V, 23% 23V, Textiles— % Amer Woolen .... 11 11 11 11% Belding Hem . 13% 13% 13% 13% Celanese Corp . . 28% 28% 28% 28% Collins Aikman 49% 49 49% 51 Kayser Julius 29 29 29 29%
Chicago Stocks (By Abbott, Proctor ft Paine) 11:00 Prev. A. M. Close. Allied Prod 22V* 22'/* Butler 9% 9 Chicago Corp SV 5 1 /* A M Castle 40% 41 Chicago Corp pfd 47% 47 % Cities Service 7% 6V* Com Edison 105% 106’/* Conti Steel 41 % 41% Cord Corp 6% 6'A CrYfne 27% 27% Elec House Util 17% 17V* Gen House Util \4% 4% Grt, Lakes Dredge ?l 31% Iron Fireman 27% 26% Lynch Corp 52 53 , Noblitt Sparks 34% 34 V* Perfect Circle 4040 Pub Servos 111 58 59 Quaker Oats 135 I*s, Swift 23V* 23% New York Curb (Bv Abbott. Proctor & Painel 11:30 A.M. Prev. N. Y. close. Alum'.i Cos of Am 102 101 Am Superpower 3% 3/, Atlas Corp . 14% 14V, Axton Fisher Tob . 55% .■■ Can Indus Alco “A” 11% 11% Creole Petrol 32 32 El Bond and Share 19 19% Fisk Rubber 8% 8% Ford of Can “A” . 26 25/* Ford of Europe 8% 8% Imperial Oil Ltd 24V* 24 Int Petrol 39V, 38V* Lake Shore Min 58% 58 Vi Newmont Min 95% 9o Nia Hud Pwr 10% 10% Pan Am Airways 53% 53 Park Davis 46% Penn Road 53 V* 53 V* Unlisted Stocks (By Blyth ft Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers’ Trust 65 67 Central Hanover B & T 115% 117-% Chase 40% 42V* Chemical Ntaional 55V* 57 Guaranty 298 301% Irving . 17 18% Manufacturers 47% 49V* National City 36% 38V* Cont 111 .Chicago! 128 Vis 131 V, First National Boston 47% 49V, National Shawmut 27% 29*/a FIRE INSURANCE Aetna Fire 65% 68 Amer Ins of Newark 16% 18% Baltimore American 9% 11% City of New York 32V* 34% Federal Ins 105 110% Franklin Fire 34 36 Great American Ins 32 Vi 33’/* Hanover Fire Ins 40 Vi 42% Hartford Fire Ins 88V, 90% Home Ins 34% 41% Ins Cos of N A 82 Vi 84'/a National Fire . 86 National Liberty 11 12% North River Ins 29% 31% Phoenix 103 106 Vi U S Fire . 58% 60% Westchester Fire 40V, 42 Vi VALUE OF 50 STOCKS HIGHER DURING WEEK Total Shows Gain of 2.84 Per Cent Over Preceding: Week. Timet Special NEW YORK, Feb. 4.—The market value of 50 representative stocks listed on the New York Stock Exchange at the close of business for the week ended Feb. 4 was $18,715,438.250. an increase of $517,638,000 or 2.84 per cent over the total for the preceding week, Paul H, Davis & Cos., announced today. The total for the preceding week amounted to $18,197,800,250. At the close of the corresponding week a year ago, the same 50 stocks had a market value of $11,637,967,000, indicating an increase of $7,077,471,250, or 60.21 per cent for the year. Timet SpccAal CHICAGO, Feb. 4.—Total value of 25 representative stocks listed on the Chicago Stock Exchange at the close of the week ended Feb. 1 was $1,001,375,875, an increase of $42,135.250. or 4.39 per cent over the previous week, it was reported today. CORPORATE PROFIT UP Times Special NEW YORK, Feb. 4.—lncreases in corporate earnings in January were almost twice as numerous as declines, compared with January a year age, according to The Financial World. Chicago Grain Futures (By James E Bennett & Cos.) 11:00 Prev. Wheat— High. Low. A. M. Close. May 99 3 4 .99% .99% .99% July .83% ,88% .88% .88% Sept 87% .87% .87% .87% Corn— May 60% .60% .60% .60% July 60% .60-% .60% .60% Sept 61 .60% .61 .60% Oats— May 28 s * .28% ,28% .28% July 23% .28 .28 .28 Sept 27% .27% .27% .27% Rye— May 57% .57% ,57 s * .57% July 56% .56% .56% ,55 s * *. 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 yellow 50 cents and oats 21 cents. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,964,000 Debits 7.406.000
FIVE MILLIONS IN GOLD READY FOR SHIPMENT Treasury Releases Huge Stock as U. S. Dollar Breaks Further. BY RICHARD L. GRIDLEY United Press Stafi Correspondent WASHINGTON, Feb. 4.—The Federal government prepared today to part with a good portion of its huge $10,182,246,742 monetary gold stocks to keep the American dollar from falling below par in world markets. Persistent inflation talk, with a consequent shifting of funds to Europe, has sent the dollar to 99.06 cents of par in relation to the French franc. At this level it was profitable for American banks to buy gold from the Treasury with depreciated dollars and ship it to France and Holland for sale. The decline in the dollar sent three gold shipments aggregating $5,240,000 to France and one amounting to $365,000 to Holland. More shipments are expected should the dollar continue depressed. Although officials doubted an extended flow of gold out of the United States, the outward movement amused considerable discussion in financial circles. Fears of possible currency inflation legislation by Congress were believed instrumental in causing a movement of credit to Europe. New Board Meets Today An extended movement of gold to Europe would be welcomed in many quarters. The export of the metal would tend to re-establish foreign monetary reserves and hence aid in restoration of world prosperity. It also would wash away a part of the huge American hoard which threatens to form the base for an American credit inflation along with a possible currency inflation. The outward movement of gold coincided with the initial meeting today of the new Board of Governors of the Federal Reserve System, which is charged with broad powers to prevent a runaway credit inflation by restriction of credit. Gold has moved into the United States in every month except September, 1934, over the last two years. The loss in that month was only $18,670,000, leaving a net gain in American gold imports over the last two years of more than $3,000,000,000. Produce Markets The prices auoted are paid for stock gathered in the country, while delivered in Indianapolis the price is a cent higherer. Heavy breed hens. 18c; leghorn breed hens 13c: Leghorn springers. 12c: old stags. 13c; old cocks 9c. Ducks, white. 5 lbs and over. 11c: geese, full feathered, all sizes, 10c; all guineas. I'% lbs, and up, 15c: No 1 strictly fresh eggs, loss oft. 21c. Each full base must weight 55 lbs. gross, a deduction of 10 cents a pound under 55 lbs. will be made. No. 1 butter. 37 1 / 2 @38 1 /2c: No. 2. 34%@35%c. Butterfat. 32c. Quoted bv the Wadlev Cos.
STRAIGHT FROM THE SHOULDER TALKS ON HOME BUILDING Iijjjs CHAPTER 4 How to Get It The answer is, BORROW IT . . # HIRE IT! I u/z!*l. I Hire it to purchase anew home .. . hire it to nlh]jm MODERNIZE your present home. SubstanI film I tial citizens own improved real estate. They; I 111 1 have a stake in the community and are re--10 spected for it. Install in your present home sj\Si;< the comfort-giving, drudgery-banishing seaI \y tures found in today’s modern homes ... it is 11 M good business to do so. Home Building Money tmWWWWI * • • Millions of it, is ready to work for you WWm •• • ai| d> full recovery depends upon the res\\WM\ toration of the building industry . . . the HOME BUILDING industry, to its normal \\Vflim\V activity. HIRE some of this money to increase your own comfort and happiness. CHAPTER 1 TOLD ... THE MARION COUNTY “W here It Comes From ” / / Of rr ” b “ i " ,iD ‘ a ” d 10 ‘" WTTTT HTMAflftlM Chapter! TOLD “WHAT IT DOES!’’ \ ■d W *UmJ * V 4 lr U\t AJLII It enables families to own homes of their own which they pay for in small, jmN, __ ___ _ _ easy, monthly payments. It modern- y tVoX V and W* W T izes out-of-date homes, increasing H UJ U. ■ #A I 111 |\| both their value and living comfort, A fc# fc# W(r V* m mm m m OR Bo# on the same payment plan system. IfO^V^VsSS. COSTS/* It is hheand terest as its wages, and today it costs less to make it work for you than ever •surrlthL 1935, A. T. Grind!., Indlintpelti Ini
New York Bonds
DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 92 1 91.3* 105 2 96 4 Saturday 92.6 91.1 105.1 96.3 Week ago 92.9 91 0 105 2 96.4 Month ago .... 91 8 85 4 103.7 93.6 Year ago 86.9 83 1 92.5 87.5 1935-36 h‘gh . . 93 1 91 1 105 2 96 4 1935-36 lo ) 91 6 84.7 103.5 93 3 •New high. (Copyright. 1936. by Standard Statistics) V. S. GOVERNMENT (By Abbott. Proctor & Painel Prev. Close, close. Treasury* 4%s 1943-45 115.11 115.11 4s 1944-54 111 2 111.5 3%s 1946-56 109.5 109.5 3%s 1943-47 106.20 106.20 3%s 1941-43 108.3 108.4 3%s 1943-45 106.5 106.5 3%S 1941 108.7 108.9 3%s 1944-46 105.21 105.21 3%s 1946-49 104 103.31 3%s 1949-52 103.29 103.27 3s 1951-55 102.25 102.27 3s 1946-48 103.7 103 8 2’is 1955-60 100.7 100.10 2%s 1945-47 101.10 101.9 Home Owners Loan Corp 2%s 1940 99.21 99.24 3s 1952 100.31 100.30 Federal Farm Mortgage Corp. 3s 1949 101.4 101.9 3s 1952 102 101.31 2%s 1947-49 101.17 100.18 DOMESTIC Prev. Close. close. Alleg Corp 5s ’44 95 95% Alleg Corp 5s ’49 90 91% Alleg Corp 5s ’SO 74% 74 Am Frgn Pow 5s 2030 77% 77 3 * Am Tel & Tel 5%s ’43 113% 113% On Commission Row (Quotations below subject to change are average wholesale prices being offeied to buyers by local commission dealers.) FRUlTS—Strawberries, Florida pint. 23c; 36-pint crate, 22c. Cranberries, C. C. Howes. Eatmores, 25-lb. box, $3 25. Pears Washington D’Anjo ilOOs box). $3.25; Washington Bose iloo-l20s). $3.25- California Avocado (203-245), $3.50. Grapes. Extra Fancy Empors (34-lb. sawdust chest). $3.75. Limes, Mexican (carton 12s (, 25c; Persian seedless (doz.i, 45c. Dates, Fresh Arizona, $1.50. Bananas, seven hands, pound, sc. Apples, Delicious (fancy baskets), $1.75; Jonathans. 51.50; Grimes Golden. $1.25: Rome Beauty. $1.65. Lemons, Sunkist (3605). $6. Grapefruit. Texas seedless (545-965), $3.50. Arizona Sunkist (80s). $2.75. Tangerines, Florida (120s, 1445, 168s I, $1.75. Vegetables—Articokes, California idoz.), $1.15. Beans, green, round stringless (hamper). $3.25. Beets. Texas (3 doz. crate), $1.50: cut offs (bu.), sl. Brussels Sprouts. California (quart), 20c. Cabbage, New York Dannish (50-lb. bag). 90c; New Texas (crate). $1.50. Red cabbage (50-lb. bag). $2. Carrots, California (7 doz. crate), $3.50; Texas (3% doz. crate), $1.75; (bushel). $1.50. Cauliflower, California (12s crate). $1.75. Celery. Florida washed and trimed (doz.). 60c@ $1.05; Florida (4s, 6s, Bs. 10s crate). $4. Cucumbers, hothouse (doz.). $1.75; southern (bushel), $6. Egg Plant. Florida (doz.), $1.50. Kale, Virginia (bushel), 90c. Lettuce, Iceberg Arizona (best 4s. ss), $3.25; home grown leaf (15-lb. baskets), $1.15. Endive, California (doz.l. 90s. Peppers, mangoes (crate), $5.50; peck basket. $1.50; (doz.), 60c. Mint, hothouse (doz.). 75c. Mushrooms (poundi. 30c. Mustard, Texas (bushel), $1.35. Onions —lndiana yellow (50-lb. bag). $1.35: Indiana yellow (10-lb. bag), 28c; Western Spanish (30-lb. bag). $1.65. Oyster plant, home grown (doz.), 40c. Parsley, southern Jlong bunches doz.), 50c. Parsnips, home grown washed (bushel). $1; (half bushel). 60c. Peas. Florida (hamper). $3. Potatoes. Michigan Round White (100-lb. bag). $1.75; Maine Green Mountains (100-lb. bag), $2.50; R. R. Early Ohios (100-lb. bag). $1.85; R. R. Cobblers (100-lb. bag). $1.75; Idaho Russets (100-lb. bagi. $2.35; Idaho bakers (70s box), $2.40; Col. McClures (100-lb. bag). $2; New Texas Triumphs (50-lb. bag), $2.15. Sweet potatoes, Indiana Jerseys (Is bushel), $1.50; mediums (bushel), $1; Tennessee Nancy Halls (hamper). $1.15; Southern Porto Ricans (bushel crate), $1.50. Radishes, home grown buttons (doz.). 40®50c; white. 40c. Rhubarb, hothouse (bunch), 50c. Rutabagas, northern (50-lb. bag), 85c. Sage (doz.). 45c. Shallots. Louisiana (doz.), 45c. Spinach, New Texas (bushel). 15c. Turnips, home grown washed bushel). $1.50. Tomatoes, repacked (10-lb. box), $1.35: original Cuban (30-lb. lugi. $3.
Air Traffic Record Airlines in the United States last, year carried 746,916 passengers, wore than that of any other year in history and 61 per cent wore than in 1954. according in the Bureau of Air Commerce.
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Am Tel & Tel 5s ’65 112'* 113 Arm & Cos (Del. 1 5%s '43 .. 97% 97 Atl Coast Line 4s ’52 97% 96% Atl Coast Line 4%s 64 83% 83% Atch Top & S Fe 4%s 43 111 110% Am Wai Wks 5s '44 114 113 % Am Rolling Mills 5s ’3B 128 126' Balt ft Ohio 6s 95 92% 92’* Balt & Ohio 4%s ’6O . ... 71% 71 Buff Roch ft Pitt 4%.* '57 76 76 Chi Milw & St P 5s ’75 22% 23 Chi Milw & St P 5s 2000 .9% 9 Cleve Un Term 5s '73 103% 10.7% Cleve Un Term 4%s '77 97% 97% Col Gas 5s May '52 101% 101’* Col Gas 5s ’6l 100% 100’* Can Pac Perp 4s 91% 90’* Cent Pac 5s '6O 96% 05% Colorado & So 4%s 'BO 72 71% Chi ft West Ind 4s ’52 102% 102% Chi & Nor West 4%s '49 16% 16% Con Gas 5s '57 106 106 Chesa Corp 5s ’47 131% 131% Del & Huas 4s ’43 82 % 32% N Y Dock 4s ’sl 72 73 N Y Dock 5s 38 66 65% Erie 5s ’75 78 76% Erie 5s *67 77 s . 77% Grt Northern 7s ’36 102% 102% Grt Northern 4%s ’76 100% 100% Grt Northern 4%s ’77 99% 99 s , Hud & Manha! Ref 5s ’57 .... 86% 86% B 1 Cent 4%s ’66 70% 69% HI Cent Jt 4%s ’63 76 76% 111 Cent 5s ’63 81% 81 Interlake C&I 5s ’sl .... 92% 93% Interntl Tel & Tel 4%s 39 . 97 95% Interntl Tel ft Tel 5s ’55 .... 91% 90% Interntl Tel & Tel 4%s ’52 .. 86% 86 P Lorillard 7s ’44 132% 132% Natl Dairy 5%s '4B 103% 103% Natl Steel 5s '56 106% 106 Nickel Plate 4%s '7B 82 81% Nickel Plate 5%s '74 91% 91% Nickel Plate 6s '35 103’* 10% N Y Cent 5s 2013 91-% 91 N Y Cent 4%S 2013 (old) 86 85% Nor Amer Cos 5s '6l 104% 105 Nor Pac 3s 2047 78% 78 % Nor Pac 4Vis 2047 99 99 Nor Pac 6s 2047 . 109% 109% Nor State Pow 5s '4l . 105% 106 New Orleans Term 4s *53 ... 88' 1 88% Otis Steel 6s ’4l 101% 101% Penn Ry 4%s 'B4 106% 106% Penn Ry 4%s ’Bl 107'/* 106% Penn Rv 4%s ’7O 102% 101% Portland Gen El 4%s ’6O . .. 77% 78% Para Publix 5%s ’SO 96% 96% Penn P & L 4%s ’Bl 106% 106V* Postal Tel & Cab 5s '53 38% 37 Rem Rand WW 5%s ’47 108% 108% Sou Pac 46s ’6B 8,6% 86% Sou Pac 4%s ’Bl 86% 86% Sou Pac 4%s '69 B', 88% Sou Rail 4s ’56 58% 58% Sou Rail 6s ’56 75 74% Sou Rail 6%s ’56 79% 79 Sharon Steei Hoop sVis ’4B .103 103 Texas Pac 5s ’BO 99% 99 % Texas Pac 5s '79 99% 99% Texas Pac 5s '77 99% 99 s * Union Pac 4s ’47 Ill 3 * 112 United Drug 5s '53 100 99% U S Rubber 5s ’47 104% 105 NY NH Hart 6s 48 39 39% NY NH & Hart. 4'is ’67 38 38% Warner Bros 6s ’39 93 92% Western Mary s'is ’77 107'* 107 Western Mary 4s ’52 98V* 98% Youngstown S & T 5s '7O . 105 104% Youngstown S T 5s ’7B 105 104% FOREIGN Argentina A 6s ’57 98% 98% Argentine B6s ’SB 98% 98 Denmark 5%s '55 100’* 100’% German s Vis ’65 28% 29 German 7s ’49 38% 39 Italy 7s ’sl 61% 61% Japan 6Vis '54 98Vi 99 Poland 7s ’47 107 107 Rome 6Vss ’52 54% 56 Tokyo City 5%s '6l 81% 81% Yokohama 6s '6l 86 86
Thomson & McKinnon MEMBERS NEW YORK Npw York Stock Exchange. mrvor kt York Curl> ETCllßns *- TORONTO New York Cotton Exchange. BOSTON New York Coffee and Sugar Exchange SOUTH BEND 0 ll New Orleans Cotton Exchange. PT WAYTSIF Chicago Stock Exchange FVAVCVTriP Chicago Board of Trade Cj V AJNSY lULilii Winnipeg Grain Exchange Indianapolis Office And other leading Exchanges 200-214 Circle Tower Ll. 5501
TOWNSEND PLAN TAXING BURDENS CITED BY BOARD Group With Modest Incomes Would Be Hurt Most, Survey Shows. Bp Vailed Prrtt NEW YORK. Feb. 4.—Not the ‘ socalled rich,” but the millions “with annual incomes of less than $2400.” would have to finance an old-age pension such as the Townsend Plan, according to a survey today by the National Industrial Conference Board. In addition to placing the burden of paying for such a system upon those less able to support it, the application of the 2 per cent gross transactions tax. according to the report, would bring about a. ■•general paralysis” of the country’s production, trade and finance. The report continued that, the plan would result in “suspension and bankruptcy of individual business concerns, elimination of many lines of business, reduced production and trade, increased unemployment, impoverishment of farmers, workers and persons and institutions depending upon fixed incomes, partial destruction of all savings, insurance and investments, increased labor conflicts and class strife.” Would Reduce Real Income By transferring $20,000,000,000 of depreciated currency to a fraction of the population, the survey contended, the plan would reduce, the real income and standard of living of the nation as a whole. Most corporations, even in the year of peak prosperity, 1929. the iepo*rt said, would have'found it impossible to pay the Townsend tax out of profits, either because they had no net income or because netincome was less than 2 per cent of the gross. The cost of government with the plan in effect, the board’s statisticians estimated, would rise to $40.000,000.000. This increase, they added, could be met only by general inflation of prices and depreciation in the value of money.