Indianapolis Times, Volume 47, Number 284, Indianapolis, Marion County, 5 February 1936 — Page 13

Trends Devalued Dollar Injures U. S. Trade. BY JOHN T. FLYNN YORK, Feb. s—Perhaps nothing interests Americans so little as the merry dance of the unstabilized dollars, pounds, francs, marks and lire. These foreign moneys seem far away from us. That is why an American traveler is always surprised at the ease with which a Euro-

pean can translate his own money Into terms of foreign moneys, wh il e the new American tourist has to stop and ask someone what “two pounds, three and six” means in England. But if many of us are uninterested, American importers and exporters—m a nufacturers and merchants

Flynn

who buy and •sell abroad—are interested. And there are in good times more than a million Americans who work for these merchants and manufacturers who depend on the foreign market. This is why, though we don't notice it, we all might well be interested in the struggle of bedeviled French ministers to save their beloved franc from slipping. In our daily affairs when we go shopping we buy goods, never money. But those engaged in foreign trade have to buy money as well as goods. nun IirHEN you buy goods in W France, you can not pay for them with dollars. You must first use your dollars to buy francs. Then you pay the bill with francs. The Frenchman who buys in America must first buy dollars to pay for the goods. It is important, therefore, that francs, pounds, dollars, lire, etc. should always cost the same. That is why merchants and manufacturers are demanding what we hear named by the impressive words 'international currency stabilization.” The trouble began w t lh England. She went off the gold standard in the fall of 1931. Her pound sterling was worth $4.86. England let it slip in foreign markets until it was worth only $3.33. You could have bought an English pound for that price in this country back in 1933. How did this help England? Well, to buy one pound’s worth of English goods, you have first to buy a pound sterling. In 1931 you would have had to pay $4.86 for it. Buy by 1933 you could buy a pound for $3.33. Therefore you could buy a pound’s worth of goods which formerly cost $4.86 for $3.33. This was the same as a heavy price cut to Americans. It stimulated buying in England. But it also curtailed British buying in America, because the price of American dollars had risen and hence the price of Roods here rose for Englishmen. a IN 1933 President Roosevelt devalued the dollar. Then the price of the English pound and French franc went up. A pound sterling cost'ss.lß. An American had to put up $5.18 to buy what once cost him $3.33 in England. We didn’t buy so much. Instead, our dollars were cheaper to France, England, other countries. The President thought this would induce foreigners to buy more American goods. But it didn't. What it did do was to upset currencies. Now France is in trouble. The high , price of her franc makes it expensive for other countries to buy there, and cheaper for Frenchmen to buy abroad. France is, therefore, losing her gold. She now appeals to Americans and Ertglish to help her save her gold. Would it not be better if this currency war was ended and currencies were stabilized so that business men knew- the value of the money they deal in? This problem now' faces the President. Will the inflationists let him act? They warn the dollar further devalued. How can he make any agreements about the future value of the dollar when he doesn’t know’ what it will be? (Copyright. 1936. bv NEA Service. Inc.) 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. Eetmores. 25-lb. box. *3 25. Pears. Washington D'Anfo ilOOs boxi 53.25; Washington Bose iIOO-120s'. $3 25: California Avocado 1 203-245(, $3.50. Grapes. Extra Fancy Empors 1 34-lb. sawdust chest). $3.75. Limes. Mexican i carton 12s). 35c: Persian seedless tdoz.i. *sc. Dates. Fresh Arizona. $1.50. Bananas, seven hands, pound, sc. Apples. Delicious (fancy basketsl. $1.75: Jonathans. $150: Grimes Golden, $1.25; Rome Beauty. $1.65. Lemons. Sunkist i36osi, $6. Grapefruit. Texas seedless <s4s-96s>. $3 50 Arizona Sunkist 1 80 st. $2.75 Tangerines. Florida (120s. 1445. 168s i. $1.75. Vegetables—Articokes, California (do*.). $1 15 Beans, g.een. round stringless 'hamper). $3.25. Beets. Texas i3 doz. crate). $1.50: cut offs ibu.t. sl. Brussels Sprouts. California iquart), 20c. Cabbage. New York Dannlsh (50-lb. bag), 90c: New Texas (crate). $1.50. Red cabbage <SO-lb. bag), $2. Carrots. California i7 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 f 15-lb. baskets). $1.15. Endive. California idoz.t. 90s. Peppers, mangoes (crate), $5 50; peck basket. $1.50; (doz,). 60c. Mint, hothouse 'doz.i. 75c. Mushrooms 'pound). 30c. Mustard. Texas (bushel). $1.35. Onions —lndiana yellow 'SO-lb bag'. $135- Indiana yellow (10-lb. bag). 28c: Western Spanish (30-lb bagi. $1.65 Oyster plant, home grown (doz.). 40c. Parsley, southern dong hunches doz.. 50c. Parsnips, home grown washed (bushel). $1; (half bushel) 60c. Peas. Florida (hamper). $3. Potatoes. Michigan Round WTiite U* n -lb. bag( $1.75; Maine Green Mountain. (100-lb. A a ;5P ; J*„ R • Ohio, (100-lb. bag'. $1.85; R R Cobblers (100-lb bag' $1.5, Idaho Russets (100-lb bagi $2 35’ Idaho bakers (70s boxi $2 40; Coi McClures (100-lb bag). $2: Mew Texas Triumphs (SO-lb. bagi $2.15. Sweet potatoes. Indiana Jerseys Gs bushel). $1.50; mediums (bushel). $1; Tennessee Nancy Halls (hamper). $1 IS; Southern Porto Ricans 'bushel crate). $1.50. Radishes, home grown bettor.* (dozi 40ft 50c; white. 40c Rhubaife. hothouse (buacht. 50c Rutabagas. northern (50-lb. bagi, 85e. Sage *do*.S. 45c Shallots. Louisiana * doz.i. ■ 45c Spinach. New Texas (bushel). 15c Turnips, home grown washed bushel). •1.50. Tomatoes, repacked (10-lb box) $1.55; original Cuban (30-lb. lug), $3.

BUYING POWER SEEN AIDED BY GAININ CROPS Increased Harvest in 1935 Shown by Agriculture Department. Time* Special NEW YORK. Feb. s.—The final report issued by the United States Department of Agriculture on the 1936 harvest indicated that the total production of crops was substantially above the 1934 vo. 1 .me which was sharply curtailed by a drought, an analysis by the-Alexander Hamilton Institute showed today. Os 23 principal crops, the yields of only three, potatoes, pears and buckwheat, were smaller than in 1934. The yields of a number of crops showed extraordinarily large increases. The rye crop, for instance. rose from 16.000.000 bushels in 1934 to 57,900.000 bushels in 1936, an increase of 261.9 per cent. Wheat Crop Below Requirements Compared with the five-year! 11928-1932) average yields, production in 1935 was not as favorable! as when compared the 1934 volume. However, the yields of 11 , of the 23 crops were above the 1928-1932 average yields. Os the j 12 crops which showed curtailment, j the largest decreases were shown by wheat with a drop of 29.9 per cent and by cotton with drop of 27.2 per cent. The wheat crop was below domestic requirements but this deficit was offset by the carryover. The total supply however, was not great enough to provide an exportable surplus. In the case of cotton, there was a sufficient supply to meet both domestic and foreign requirements due to a large carryover. Nation Will Benefit The larger harvest in 1935 than in 1934 means that a greater supply of food will be available in 1936 than in 1935. Asa result, not only food prices but the prices of all other commodities should be more reasonable with the purchasing power of the nation consequently benefiting. The most favorable feature of the 1935 harvest was the increase in the output of feed crops. This will permit the raising of a larger supply of livestock in 1936. This will ease the meat shortage and make for lower meat prices, thus removing one of the chief obstacles which hindered progress toward recovery in 1935. The combined output of the three chief feed crops, corn, oats and hay, amounted to 168,000,000 tons in 1935 as compared with 104,000.000 tons in 1934, an increase of 61.5 per cent.

LIFE UNDERWRITERS TO CONVENE HERE State Association Members to Attend Congress. Life underwriters of Indianapolis and members of various associations throughout the state are to attend the annual “sales congress” sponsored by the Indianapolis Association of Life Underwriters Friday at the Columbia Club. About four hundred are expected to attend, Claude C. Jones Jr., general chairman, predicted. Committees and chairmen directing the sales congress are Mr. Jones; vice chairman, Wendell Barrett; co-operating organizations, Herbert A. Luckey; ticket distribution, Jean Black, and publicityprinting, Edward A. Krueger. Organizations co-operating in the sales congress with the Indianapolis Association of Life Underwriters, of which James L. Rainey is president, are the following: Indianapolis General Agents and Managers Association, William H. Meub, president; Indianapolis Chapter of Chartered Life Underwriters, Carl McCann. president; Indiana State Association of Life Underwriters, Homer L. Rogers, president, and the Insurance Federation of Indiana, Herbert A. Luckey, president. Speakers are Eric J. Wilson and Leon Gilbert Simon, both of New York City; Bert C. Nelson of Milwaukee. Wis.. and Lambert D. Fowler of Cincinr 1 DIVIDENDS TOTAL 212 Favorable Changes During January Exceeds 1935 Figure. Time* Special NEW YORK. Feb. s.—Favorable dividend changes totaled 203 during January, compared with 329 in the preceding month, the Standard Statistics Cos., New York, reported today. Although the figure was seasonally lower than in December. 1935, it was about 50 per cent higher than the January, 1935, total of 136. Unfavorable changes during the month numbered nine, against 15 in December, and 23 for January. 1935. DIVIDEND DECLARED Times Special NEW YORK. Feb. s—Genera! Motors Corp. today declared th' regular quarterly dividend of 50 cents a share, payable March 12 to stockholders of record Feb. 13. Produce Markets The prices quoted ar.s paid loi stock gathered in the country, while delivered in Indianapolis the price is a cent bigherer. 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. fuU leathered, all sizes. 10c; all guineas, and up. 15c: No. 1 strictly iresh eggs, toss off. 21c. Each lull base must weight £5 lbs. gross, a deduction of lo cents a pound under 55 lbs. will be made. No. 1 butter 37%®38%c: No. 2. 34%@35%c. Butterlat. 32c. Quoted by the Waalev Cos. FRI’ITS AND VEGETABLES (By United Press) CHICAGO. Feb. s.—Apples—Michigan Mclntosh, bushel. 75ci5125. Carrots—lllinois bushel. 40® 50c Sweet potatoes— Tennessee bushel, 85® 95c. Beans—Florida bushel, $1.50® 3. Cabbage—Sacks, per cwt.. $1.3591.50 Peas—California bushel hampers. s2@3 50 Spinach—Texas, bushel. 75c ®51.25. Lettuce—Western crates. 5 doz.. $2.2592.60. Cucumbers—Cuban bushel. $2 ® 3.50. Celery—Florida crates. $2 759 3.35. Cauliflower—California crates. sl® 1.35. Tomatoes—Mexican lugs, $2.25® 2.85. Onion market (50-lb. sacks*—lllinois vellows. 75c 651.: Indiana vellows. 85c@5107%; Colosl*2s *l*®’ Washington Valencias.

Abreast of The Times on Finance

T.jrr.nft | ' ' ' fT 1 ' I" -1 I"" 1 1 ' 1 ' mm, I i GENERAL BUSINESS i i°° Compose j ESSE5°°] ac I ~ Composite, New Supply “ - _ * —i , r h-a -4^-h Composite inventories $. ■— ■ j j i too - 1192 5- 25 tool" *,.- j OO g So —— : so 6 €0 ~ 'commodity' PR ICE S 1 60 - _ I | 1 I | I 1 | | 1 1 j trial tit M 4040

The Economics Statistics’ index of new supply rose slightly to 87.3 per cent in December from 86.6 per cent in November. The increase was attributed principally to the greater than seasonal gain in automobile production. The demand index declined to 84.6 per cent from the November figure of 85.5, due to the uncertainty surrounding those commodities and industries influenced by the AAA. The new supply was in excess of the demand and inventories showed a small gain.

New York Stock Exchange Prices

(Bv Thomson & McKinnon) 11:15 A. M. Prev. Oils— High. Low. N. Y. close. Amerada 83% 83' B 83% 83% Atl Rfg 32 "a 32‘a 32% 32% Barnsdall J. 7% 17% 17 s * 17% Consol Oil . .. 15 14% 15 14% Cont of Del 37% 37% 37% 37% Houston (new).. 11 Vs 11% UVs 11% Mid Cont, Pet. 21% 21% 21% 21% Ohio Oil 17% 17 17% 17% Pet Corp 17% 17 17% 17'% Phillips Pet 44% 43% 43% 44 Plymouth Oil ... 15% 15% 15% 15% Pure Oil ... 19% 19% 19% 19% Seaboard Oil ... 37% 37% 37% 37'% Shell Un 17% 17% 17% 18% Skelley Oil 27% 27% 27% 27% Soc Vac 16% 16% 16% 17 SO of Cal 46% 45% 46% 45 SO of Ind 40% 39% 39% 39% sOOf N J 60 59% 59% 60% Texas Corp 34% 34 34 34% Tidewater Assn. 18% 18% 18% 18% Un Oil of Cal . 26% 26% 26% 26% Sieels— Am Roll Mills. 32% 32 32% 32 Beth Steel 53% 53 53% 52% Byers A M 22% 22Vi 22% 22% Cruc Steel 37% 37 37% 36% Inland Steel ...104-% 104% 104% Ludlum Steel ... 29% 29% 29% 29Vi Natl Steel 72% 72% 72% 72% Otis Steel 16% 16% 16% 16% Rep Iron & Stl. 22 5 , 22% 22% 22% U S Pipe & Fdy 34% 34% 34% 34% U S Steel 52% 51% 51% 51% Youngstn S & T 48 48 48 48% Motors— Chrysler 93% 92% 92% „:% Gen Motors 59% 58% 59% 59 Graham Mot 3% 3% 3% 3% Hudson .... 15% 15 s , 15% 15% Mack Truck 30% 29% 30 s : 29 Packard 3% 8% 8% 8% geo 5% 5% 5% 5% Studebaker 10% 10 10 10% Yellow Truck 15% 15% 15% 15% Motor Access—gendix 23% 23% 23% 23% Bohn Alum .. . 57V 3 57% 57% 57% Borg Warner 72% 72% 72% 72% Briggs 54 53% 53% 54% Budd Mfg 10% 10% 10% 10% Eaton Mfg 29% 29% 29% 29 % Elec Auto Lite.. 38% 38% 38% 38Vi Elec Stor Bat ... 52% 52% 52% 53. Houdaille ... 29% 29% 29% 29% Murray Body .. 18% 18% 18% 18% Stew Warner .. 21% 21>/a 21% 20% Timken Roll 68% 68 % 68% 67% Timken Det Axle lots 15% 15% 15% Mining— Alaska Jun 16 16 16 16 Am Metals 34% 34% 34% 35 Amer Smelt 64% 64% 64% 65 Anaconda 31 30% 30% 30% Cal & Hecla ... 8 8 8 8 C’erro de Pasco 54% 54% 54% 54% Dome Mines 49% 49 49 49% Granby 9% 9% 9% 9% Gt Nor Ore 16% 16% 16% 16% Howe Sound 53% 53% 53 s ,a 53% Ins Copoer 7% 7% 7% 7V, Int Nickel 48% 48% 48 48% Isl Creek Coal.. 28 28 28 28% Kennecott Cop . 34% 34% 34% 34 Mclntyre Mine 46 % 46% 46 1 4 46% Phelps Dodge .. 35% 34% 35V* 34% St Joe Lead ... 29% 28% 28% 28% U S Smelters ... 94% 93% 93% 93% Vanadium 23% 23 23 23'% Amusements— Fox Theat 27% 27% 27% 27 Loews Inc 52Vs 52Vs 52% 52% Radio Corp ... 12'% 12', 2 12% 12% Paramount 11% 11% 11% 11% RKO 7% 7% 7% 7% Warner Bros . . 12% 12% 12% 12% Am Tobacco A 101 % 101 % 101 'a I'% Am Tobacco B 103 103 103 103 % Gen Cigars 57% 57'% 57% 57 Ligg & Myers B 115'% 115'% 115% 115% Loriilard 25% 25% 25% ' 25'% Phillip Morris 71% 69% 71% 69 1 - Reynolds Tob B 58% 58% 58% 58% Rails— Atchison 75% 75% 75% 75% Atl Coast Lines 32% 32 32Vi 31% B & O 19'% 19 Vi 19% 193% Can Pacific ....13% 13% 13'% 13% Cli & Ohio .... 58% 58% 58% 58% Chi & Gt W ... 2% 2% 2% 2% 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 ... 11% 11 'i 11 'i 11'% Dela & Hud 44% 44% 44% 44% Del Lac & W ... 18% 18% 18% 18'% Erie 15 14% 15 14% Erie pfd ... 27 27 27 26*% Gt Northrn pfd 36% 36% 36'% 26 111 Central .. 23% 23% 23% 23% Lehgh Valley... 10% 10% 10% 10'/ 4 Lou & Nash 73% 73% 73% 72% M K <fc T 8% 8% 8% 8% Mo Pac 3% 3% 3% 3% Mo Pac pfd 7% 7% 7% 7% N Y Cent 35 34% 34% 35' N Y New Haren 5% 5% s s , 5% N Y Ont & West 6% 6% 6% 6% Norfolk & West. 28% 27% 27% 27V, Penn R R 35% 35% 35% 35% Reading 44 44 44 44 Sou Pac 30% 30 s , 30% 31 Sou R R 15 15 15 14% Union Pac 123 123 123 123% Wabash . . 4% 4% 4% 4% West Maryland. 10% 10% 10% 10% Equipments— Am Brake Shoe. 47% 47% 47% 48% Am Car & Fdy.. 34% 33% 33% 34% Am Loco .. 29% 29% . 28% Am Steel Fdy .. 29% 29% 29% 29 Bald Loco 5’ 4 5 5% 5 Gen Elec 40% 40% 40% 40% Gen R R Stg ... 49 49 4.9 50 Pullman Inc ... 44% 44 s , 44 1 2 44% West Air Br .. 39% 39', 39% 38% Wesllngh Elec .119% 119 119 119% Utilities— Am & For Pwr . 8% 8% 8% 8% Am Power Sz Lit lON 10% 10% 10% AT*T .165 164% 164% 164% Am Wat Wks .. . 22% 22% 22% 22% Coi Gas &: Elec 16' 4 16 16 16 Comm & Sou .. . 4% 4% 4% 4% Consol Gas .. 35 34% 34% 34% Elec Pwr & Lit.. 10% 10% 10% 10% Int Hydro Elec.. 5 5 5 4% Interboro R T . 17 17 17 17% Int TANARUS& T .. 16% 16% 16% 17 Lou G& E (A 1 . . 22' 2 22 1 2 22% 22% Nat Pwr & Lit.. 12', 12', 12% 12% North Amer ... 29% 29% 29% 29% Pub Serv N J ... 47*4 47% 47% 46% So Cal Edison.. 27% 27% 27% 27% Std Gas 8% 8% 6% 8% United Corp 8% 8% 8% 8% Un Gas Imp 18% 18% 18% 18% Ut. Pwr & Lt (A) 5 5 5 5 Western Union . 79% 79 '4 79% 78% Local Securities (Because quotations on local securities are unlisted on an exchange, The Times can not assume responsibility for the accuracy of these hgures gathered from local brokers.) STOCKS Bid. Ask. J. D. Adams Mfg 16 17% RR <fc Stk Yds com .. 51% 53% Belt RR & Stk Yds 6% pfd . 53 Central Ind Pow 7 % pfd 20 25 Home T & Tel Ft Wm 7% pfd 52 55 Hook Drug Inc com 16 19 Ind & Mich Elec 7% pfd . 102 104 Indpls Gas Cos com 35 39 Indpls Pow & Lt 6% pfd ..83 92 Indpls Pwr & Lt 6%% pfd.. 94 97 Indpls Water 5% pfd 104 Lincoln Nat Life Ins Cos . 36 38 North Ind Pub Svc 5%% p:d 70 74 North Ind Pub Svc pfd 77 80 Oakley Stores 7% pfd 76 80 Progress Laundry com 8 10 Pub Svc of Ind 603 pfd ..22 25 Pub Service of Ind 7% pfd 46 49 So Ind Gas & Elec 6% pfc. 97 99 Terre Haute Elec 6% pfd .. 83 86 Union Title com 20 23 BONDS Atlanta Distr Term 6% '4l 63% 70 Brooklyn Postal Sta 5%% '4B 37% 42 Home Tel&Tel FtW 6% ’43 . 103 106 Indols Rallwavs Inc 5% '67.. 56 59 Indpls Water 4%c r '4O 104 106 Indpls Water 5% ’SO & ’6O 105 107 Indpls Water 5%' 53% 54 104 106 Indp**, Gas 52 5%% 95%: 97 Interstate T As T 0%% *53 . 94 % 97 Kokomo Water Works 'SB . 104 105% Lafayette Telephone 5% ‘57 102 Morris 5 As 10 Stores 5% 'SO 99 102 Muncie Water Works src5 r c '65 102% Noblesville HL&P 6% '47 ... 97 100 Ohio Tel Service '47 95 Richmond Water Works 5%'57 104% 106 St. Louis Post OAice 5%% '3B 18 25 Seymour Wtr Ist mtg 5% ’39 101 104“ Terre Haute Water Wks 5% '56 101 Va* 103% Terre Haute Wat Wks 6% '49 103 105 Traction Terminal 5% 57.... 71 75

WEDNESDAY, FEBRUARY 5, 1936

Rubbers— Firestone 31% 31% 31% 31% Goodrich 19 18 % 19 18% Goodyear 26% 28% 26% 25'/, U S Rubber . 19% 19% 19% . U S Rubber pfd 62 % 62% 62 % 62 Miscellaneous— Allis Chalmers.. 44% 44 44 44% Amer Can .. 126 126 126 125% Am Mach & Fdv 26% 26% 26% 26% Anchor Cap .. 23% 23 % 23% 23% Burroughs Add.. 28% 23% 26% 28'/s Conti Can 82% 82% 82 % 81% Curtis Pub.... 21% 21% 21% 21% Deere As C 0.... 69% 69 69% 65% Eastman Kodak 157'% 157'% 157'% 157 Foster Wheeler.. 35% 35% 35 '2 35'% Gillette 17'% 17'% 17% 17% Glidden 49% 49% 49% 49V* Ingersoll Rand ..127 127 127 127 Inter Harv . . 67 66% 67 66% Natl Cash Reg 26% 26 26% 25% Owens Bottle .144% 144% 144% 144 Rem Rand ...21% 21% 21% 21% Underwood E . 93% 93% 92% 92% Worthingt'n P. . 28% 28Va 28'/a 27% Foods— Armour 6% 6% 6% 6% Borden Prod ... 28% 28% 28% 28 Cal Packing ... 34% 34% 34% 34% Canada D G Ale 15% 15% 15% 13% Coca Cola 87 86% 87 85% Cont Bak “A" ..14 14 14 13% Cuban Am Sugar 8% 8% 8% 3% Gen Foods .... 33 5 , 33% 33% 33% Gold Dust .... 19% 19% 19% 19% G W Sugar ... 32% 32% 32% 32% Loose Wiles 43% Natl Biscuit ... 34% 34% 34% 34‘,4 Natl .D Prod ... 22% 22% 22% 22% Purity Bak .... 15 14 V, 15 15 Sid Brands .... 15% 15% 15% 15% United Fruit -j 79 79 79 78% ' v ard Bak "B” 3 % 3% 3% 3%' l.ctail Stores — Allied Stores . . 8 8 8 7% As.'d Drv Goods 14V4 14% 14% 14% Krrsge S S 24V, 24% 24V, 24% Kroger Groc ... 27 26% 26% 26% Macy R H 47% 47% 47% 47% McCrory St 14 14 14 14'% Marshall Field ..12 12 12 12'/* Mont Ward 39 38% 39 39 '/ 4 Natl Tea 11 11 11 11 1 Penney J C 75 1 2 75% 75% 75', 4 Safeway St 33% 33% 33% 33% Sears Roebuck .. 65% 65% 65% 65% Woolworth 56 55% 56 55% Curtiss Wright... 4% 4% 4% 4% Vurtiss Wr “A”. 13% 13% 13% 12% Di "ilas Air ....71% 71 71% 71% Nor Am Av 8 8 8 8 Sperry Corp .... 22% 21% 21% 21% Uni Aircft New. 28% 28',a 28% 28% Chemicals— Am Com Alcohol 29% 29% 29% 30 Com Solvents ... 21% 21% 21% 21% N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails Util. Bonds Today 92.8 91.7 x 105.2 96.6 x Yesterday 92.7 91.3 105.2 96 4 Week ago 92.8 90.3 105.2 96.3 Month ago 91.9 86.0 103.8 93.9 Year ago 86.7 78.7 94.6 86.7 1935-36 high ... 93.1 91.3 105.2 96.4 1935-36 low 96.6 84.7 103.5 93.3 x—New Hign. (Copyright, 1936, by Standard Statistics) * U. S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Treasury* Prev. Close. Close 4 Vis 1947-52 115.14 115.11 4s 1344-54 111.7 111. 3%s 1946-56 109.10 109.5 3%s 1940-46 107.22 107.22 3%s 1943-47 106.23 106.20 3%s 1941-43 108.6 108.3 3%s 1943-45 106.5 106.9 3' 4 s 1941 108.7 108.7 3'is 1944-46 105.22 105.21 3%s 1946-49 103.30 104. 3VsS 1949-52 103.31 103.29 3s 1951-65 102.27 102.25 3s 1946-48 103.8 103.7 2%s 1955-60 100.1 100.7 2%s 1945-47 f 101.11 101.10 Home Owners Loan Corn. 2%s 1949 99-22 99.21 3s 1952 100.29 100.31 Federal Farm Mortgage Corn. 3s 1949 101.06 101.4 3s 1952 102. 102. 2%S 1947-49 100.19 101.17 DOMESTIC Prev. close. Alleg Corp 5s ’44 94% 95 Alleg Corp 5s ’49 91 90 Alleg Corp 5s ’SO 75 74 / 2 Am Frgo Pow 5s 2030 78 77% Am Tel As Tel 5%s ’43 113% 113% Am Tel Ac Tel 5s ’65 113% 112% Arm Ac Cos (Del.) s'/ 2 s ’43 ... 97% 97V* Atl Coast Line 4s ’52 97% 97% Atl Coast Line 4%s ’64 83% 83% Atch Top Ac S Fe 4%s ’4B ...110% 111 Am Wat Wks ’44 113 114 Balt Ac Ohio 6s ’95 94% 92% Balt Ac Ohio 4Vis ’6O 72% 71% Buff Roch Ac Pitt 4'is ’57 ... 77% 76 Chi Milw Ac St P 5s ’75 24 22% Chi Milw & St P 5s 2000 9% 9% Cleve Un Term 5s ’73 104 103% Cleve Un Term 4%s ’77 97% 97% Col Gas 5s May ’52 102',* 101% Col Gas 5s April ’52 102 Col Gas 5s ’6l 101 100% Can Pac Perp 4s 91 Vi 91'a Cent Pac 5s ’6O 96% 96Va Colorado Ac So 4%s ’BO 72 72 Chi Ac West Ind 4s ’52 102% 102', 2 Chi Ac West Ind 5%s '62 107 107 Chi Ac Nor West 4%s 49 . .. 17 16% Chesa Corp 5s ’47 132% 131 '2 Del Ac Huds 4s ’43 84 82% N Y Dock 4s ’sl 71 5 a 72 N Y Dock 5s ’3B 65% 66 Erie 5s ’75 78% 78 Erie 5s ’67 78% 77% Grt Northern 7s ’36 102% 102'% Grt Northern 4%s ’76 101 100% Grt Northern 4%s '77 100% 99 5 a Hud Ac Manhat Ref 5s ’57 ... 86 86% 111 Cent 4%s ’66 71% 70% 111 Cent Jt 4%s '63 76% 76 111 Cent 5s ’63 81% 81'i Interlake C Ac I 's ’sl 93% 92% Interntl Tel Ac Tel 4'is ’39 . . 96% 97 Interntl Tel Ac Tel 5s ’55 91% 91% Interntl Tel Ac Tel 4%s ’52 87 86% McKess Ac Rob sVis ’SO 103% 103% Natl Dairy 5%s ’4B 103% 103 Va Natl Steel 5s '56 105% 106% Nickel Plate 4%s ’7B 83 82 Nickel Plate 5%s ’74 92% 91% Nickel Plate 6s ’35 104% 103% N. Y. Cent 5s 2013 92% 91% N Y Cent 4%s 2013 (old) . . 86% 86 Nor Amer Cos 5s ’6l 104'. 104% Nor Pac 5s 2047 78% 78 V* Nor Pac 4%s 2047 99' 4 99 Nor Pac 6s 2047 109% 109% Nor States Pow 5s ’4l 105', 105% New Orleans Term 4s ’53 88% 88% Otis Steel 6s ’641 101% 101% Penn Ry 4'is ’B4 106% 106% Penn Ry 4%s ’Bl 107 V, 107% Penn Ry 4%s ’7O 102% 102% Portland Gen El 4%s ’6O 78% 77% Para Publix a'bs ’SO 96** 96% Penn P Ac L 4%s ’Bl 106% 106 s , Postal Tel Ac Cab 5s ’53 38% 38' 2 Rem Rand WW 5%s ’47 108*4 108% Sinclair Oil 6%s ’3B 102% Shell Union Oil 5s ’47 102% 102% Sou Pac 4%s '6B 87 s * 86* 2 Sou Pac 4%s 'Bl 87 86% Sou Pac 4'is ’69 87% 86 s , Sou Pac 4s '49 87 88 Sou Rail 6s '56 76'i 75 Sou Rail 6%s ’SB 80% 79% Sharon Stl Hoop 5%s ’4B 103 103 Texas Pac 5s 'BO 99' 2 99% Texas Pac 5s ’79 99 % 99 % Texas Pac 5s *77 99 s * 99% Union Pac 4s ’47 112 111% United Drug 5s '53 100'* 100 U S Rubber 5s ’47 105 104% NY NH Ac Hart 6s '4B 40 39 NY NH & Hart 4%s '67 39 38 Warner Bros 6s ’39 93% 93 Western Marv 5%s ’77 107% 107% Western Marv 4s ’52 98% 98% Youngstown S Ac T 5s ’7O 105'* 105 Youngstown S Ac T 5s 7S 105 105 FOREIGN Argentina A6s ’57 98% 98% Argentine B 6s 'SB 98 98% Brazil 8s ’4l 33% 34% German 5%s ’65 28% 28 % German 7s ’49 38% 38% Italy 7s ’sl 63 61V* Japan 6%s ’54 98% 98% Poland 7s ’47 108 107 Rome 6> 2 s ’52 56 54% Tokio City 5%s 61 .......... 81% 81%

Du Pont 146% 146 146’ 4 146 Freeport Tex ... 35% 35% 35% 35% Liquid Carb 33% 38% 38% 1 38% Math Alkali . 31% 31% 31% 31% Natl Dis (new’).. 30 30 30 30 Schenley Dist - 48% 48% 48% 48% Tex Gulf Sulph. 38% 38% 38V 4 38% Drugs— Coty Inc 6% 6% 6'/* 6% Lambert 23% 23% 23% 23 Lehn Ac Fink . 13% 13% 13% 13% Un Drug (new). 16'/a 16 16'/* 16 Zonite Prod .... B*3 8% 8% 8% Financial— Adams Exp 12% 12% 12% 12% Allegheny Corp . 4 s , 4% 4% 4% Am Int Corp ... 12% 12V, 12% 12% Lehman Corp ... 99 99 99 99% Transamerica .. 13% 13% 13% 13% Tr Conti Corp.. 117 3 11% ... 11% Building— Am Radiator ... 24% 24 24 24% Gen Asphalt ... 34 33% 33% 33% Int Cement 42% 42 % 42 % 42 % Johns Manville .H3% 115% 115% 115% Libby Owens Gls 53% 53% 53% 53% Otis Elev ....... 26 25% 25% 26'/, U S Gypsum .. 99% 99% 99% 100% Ulen Cons 6% 6% 6% 6% Household— Col Pal Peet ... 19% 19% 19% 19Vi Servel Inc 18% 18% 18% 18% Textiles— Amer Woolen ... 10% 10% 10% 10% Belding Hem ... 13% 13% 13% 13% Celanese Corp .. 28% 28% 28% 28% Collins Aikman.. 48% 48% 48% 48% Indus Rayon ... 29% * 29% 29% 29% Kayser Julius ... 32 31% 31% 31% Chicago Stocks (By Abbott, Proctor Ac Paine) 11:00 Prev. A. M. close. Allied Prod 22% 22 Berghoff 8 7% Chicago Corp. 9% 9Vi Chicago Corp pfd 47Vi 47 V* Cities Service 7 7Vi Com Edison 105% 105% Conti Steel 42 42 Vi Cord Corp 6’/i 6% Crane Corp 27% 27% Gen House 4% 4% Grt Lakes Dredge 30'i 30% Iron Fireman 27V* 27 Lynch 52 Vi 52 Noblitt Sparks 34% 34% Quaker Oats 131% 131 % Swift 23% 23% Swift int 35 35% Zenith 15'A 15'/8 New York Curb (By Abbott, Proctor Ac Paine) 11:30 A. M. Prev. N. Y. close. Alumn Cos of Am 100',i 101 Am Cyanide B” 34 s * 34% Am Superpower 3% 3% Atlas Corp 14% 14% Axton Fisher Tob 55 % . Can Indus Ale "A” 11% 11 % Carirer Corp 11% n'/ 2 El Bond Ac Share 19% 18% Fisk Rubber 8% 8% Ford of Can “A” 25% 25% Ford of Europe 8% 8% Imperial Oil Ltd 24% 24% Lake Shore Min 58 58% Pan Am Airways 53 52% Penn Road 5 5% Unlisted Stocks (By Blyth Ac Cos.) NEW YORK BANK STOCKS _ , , _ Bid. Ask. Bankers Trust 65 67 Central Hanover B Ac T 114% 116% Chase 41% 42% Chemical National 54'/* 56 Guaranty 293 296' 4 Irving is 19% Manufacturers 46% 49% National City 37 38% Cont 111 (Chicago 129 130', 4 First National Boston 47% 49 National Shawmut 27% 29 FIRE INSURANCE Aetna Fire 65 67 % American Ins of Newark 16% 18% Baltimore American 9% 11% City of New York 31 % 33% Federal Ins 109 114% Franklin Fire 34 36 Great American Ins 32% 34 Hanover Fire Ins 40 42 Hartford Fire Ins 87% 89% Home Ins 39 % 41% Ins Cos of N A 82 % 84% National Fire 86 National Liberty 11 12% North River Ins 29% 31V, Phoenix 101% 104% U S Fire 58 % 60% Westchester Fire 40% 42% ELWOOD ASSOCIATION TO BE FEDERALIZED Preliminary Approval Given Application at Washington. Tima Special ELWOOD, Ind., Feb. s.—Application of the Rural Savings and Loan Association, Elwood, for charter as a Federal institution, has been given preliminary approval in Washington, it was announced today. Final approval of the federalization which is expected within approximately 30 days, will place the Elwood association under Federal supervision and provide insurance on investors’ accounts up to SSOOO for each shareholder. Under Federal supervision the association will be reorganized on a strictly mutual basis and all parent stock is to be converted into shares of the new institution. . Approximately 3000 persons who now have about $135,000 invested in the local association may transfer their holdings at par value to shares in the Federal association. JANUARY REAL ESTATE DEALS TOTAL $239,100 North Side Realtors Report Best Business in Final Week. Transactions involving sale of residences, apartment houses and building sites completed by members of the North Side Realtors of the Indianapolis Real Estate Board during January amounted to approximately $239,100, it was announced today. The large total was established during the month despite a handicap of severe cold weather. The final week was the most active of the month, when the total volume of business was reported at $130,650. Sale of seven dwellings. 72 lots, start of anew residence in Arden addition and sale of an apartment building marked transactions for the week ended Jan. 3L A special committee was appointed a*, the weekly meeting to study certain phases of the organization's by-laws.

SEASONAL DIP IN PAY ROLLS IS RECORDED HERE State Employment Service Reports Statistics for January. Employment and pay rolls in-In-diana during January retained most of the ground gained in 1935, despite general decreases throughout 31 groups of major industries, Martin F. Carpenter. Indiana State Employment Service director, announced today. The declines, however, were in line with seasonal expectation, Mr. Carpenter said. Total employment, as reflected in preliminary tabulations from reports received from 1720 establishments employing 136,662 persons in January, declined 2.1 per cent from December. Pay rolls decreased 6.6 per cent during the same period. Best Since December, 1931 Employment in manufacturing industries in the state dropped 1.3 per cent from the December peak, and manufacturing pay rolls decreased 7.3 per cent during the month. Manufacturing employment w’as on a level with November, 1935, and with the exception of December, was well above any month since June, 1934. Indiana manufacturers paid more to their employes during January, with the exception of December, 1935, than in any month since December, 1931, the first date upon which such information is available for the state. The expected seasonal trend of manufacturing industries is reflected by the fact that during the last 16 years in the United States employment has decreased on the average of 1.3 per cent from December to January, and pay rolls have experienced an average decline of 4 per cent. All But Three Have Losses Employment in Indiana manufacturing industries in January was 9.1 per cent above January, 1935. Pay rolls were 16.9 per cent greater than during the corresponding moi*th a year ago. Os 14 major groups of manufacturing industries studied, all but three experienced employment losses during the month. Gains were confined to the machinery, 3.6 per cent; railroad repair shops. 4.4 per cent, and the non-ferrous metals, 0.1 per cent, groups. The transportation group, in which the automobile and automobile parts manufacturers are predominant, decreased employment only 0.3 per cent. This small decrease in one of Indiana’s major industries is significant in view of the early introduction of new models during the latter part of 1935. The greatest loss occurred in the tobacco industry, where employment fell 37.5 per cent. Other employment decreases were as follows: Iron and steel, 0.6 per cent; lumber and allied products, 2.8 per cent; stone, clay and glass, 3.8 per cent; textiles, 0.1 per cent; leather, 2.8 per cent; foods, 2.0 per cent; paper and printing, 4.8 per cent; chemicals, 2.1 per cent; rubber, 8.5 per cent. Non-Durable Group Slides A 0.1 per cent employment and a 7.3 per cent pay roll decrease in the durable goods group of manufacturing industries can be attributed to seasonal factors. The non-durable goods group of manufacturing industries decreased both employment and pay rolls in excess of seasonal expectations. Employment in this group declined 4.2 per cent and pay rolls fell 7.4 per cent. Employment in this group of industries in Indiana during January was 2.4 per cent above January, 1935, and pay rolls were 8.3 per cent greater than during the same month a year ago. Indiana non - manufacturing industries in total decreased employment 5.8 per cent and payrolls 2.8 per cent. WHOLESALE PRICES DOWN Times Special WASHINGTON, Feb. s.—The index of wholesale commodity prices, based on the 1926-28 average, declined to 77.9 for the week ended Feb. 1 from 78.0 in the preceding week, according to the National Fertilizer Association. Other Livestock (By United Press) CHICAGO. Feb. s.—Hog 5000. including 2000 directs: unevenly 10’225c higher than Tuesday’s average; sows, steady; top $10.85: bulk 170-240 lbs., $10. 6a m 10.85; 250-300 lbs.. $10.35(510.65; better grade 140-160 lbs . $10.35(510.80: few sows. $9.35*59.50. Cattle— Receipts, 5000; calves receipts, 500. Run abridged in face of subzero weather: market not so active as reduced receipts might suggest; generally steady to 25c higher on most killing classes, particularly steers and heifers; most steers. $7.75*5 10.75; better grade. sll upward; not much here of value to sell above sl2; feeders, dull in sympathy with inclement weather: light weight heifers up to $10: bulk, $7.25(5 8.25; most weightv sausage bulls. $6.60*5.6.90; sprinkling of vealers. $12.50 down. Sheep—Receipts. 9000: bids and sales around steady to 25c lower on better grade fat lambs: sheep about steadv: better grade lambs opening around $10.50(510.75 with most bids toward inside; best held higher: as yet little done on yearlings; native ew’es, s4*s 4. ia; best held $5 and above. FORT WAYNE. Ind.. Feb. s.— Hogs—lo*s 15c higher: 160-180 lbs.. $10.85; 180-200 lbs., $10.75; 200-225 lbs., $10.65; 225-200 lbs., $10.50; 250-175 lbs.. $10.40; 275-300 lbs.. $10.25; 300-350 lbs.. $10; 140-160-lbs.. $10.25. 120-140 lbs.. $10: 100-120 lbs . $9.75: roughs, $8.50; stags, *6.75; calves, sl2; lambs. $10.25. LAFAYETTE. Ind., Feb 5 —Hogs—Market. 10®20c higher; 170-210 lbs 10 85: 210-235 lbs.. $10.55® 10.65: 235-260 lbs.. 510.3:5®10.45: 260-325 lbs.. 100-170 lbs.. $9.75® 10.25: roughs. $9.50 down; calves. $11: top lambs. $10.50 top. (Bv Times Special) LOUISVILLE, Feb. s.—Cattle—Receipts. 300 including 50 on through billing; salable supplv light; most classes fully steadv; low cutters and cutters around 25c higher than Monday: bulk common to ! medium steers Snd heifers. $3.7537 25: few dairvbreds down to $5.25 or less: better finished steers quotable upwards of $8.50: bulk beef cows. [email protected]; practical toe. $6: low cutters and cutters mostly $3 75® z. 75; sausage bulls Quotable mainlv. Ss®6 25- best heavies to $6 50; bulk light beef tvpe stockers and stock calves. s® 8: plainer grade light southern dairvbred stockers. *4® 5. Calves —Receipts 175: market not fully established; earlv indications ?reng to higher on hetter grades: bulk good to choice vealers Tuesdav *10.50® 11.50: mdium and lower grades $9.50 down Hogs—Receipts. 6O0: market lftc higher: too and bulk. 160-225-Ihs *10.65 : 230-250 lbs *10.55: 255-300-lbs $10; 305 !bs up *9 55: 120-155 lbs.. *9.75: sows. SB.BO. Shep—Receipts. 50: suooly verv light: market quotable steadv: bulk desirable native lambs. 9®9.50: plainer grades. $6 5038 50; fat ewes, $4 down,

Customs Collections Boosted ‘*'s**H Increasing American imports in the last of last year boosted customs collections to $199,505,917 from $151,623,56 in the corresponding period nf 1934.

PAGE 13

Busigraphs

BANK DEBITS OUTSIDE NEW YORK CITY 25 (FEDERAL RESERVE BOARD) £ 20 - to // V YEARS average o*v/ //. % 6 ‘DJFMAVI J J A S O N D 1341 1935 THE BARKER CORP general DISTRIBUTORS INCORPORATED INVESTORS -

Greater speed in the circulation of money is shown by bank debits. December debits, outside New York City, gained nearly 20 per cent over a year agb, and was the largest amount for any December since 1930. Debits for the entire year 1935 went ahead of 1934 by 15 per cent and gained 33 per cent over the low year of 1933. These figures show that money is working harder. Here is the paradox: The harder it works the more work it gives to others.

PORKER PRICES REACH sll MARK

Market Generally 10 to 15 Cents Higher: Cattle Unchanged. Porker prices again were generally 10 to 15 cents higher today at the local stockyards. This carried the top to sll, the highest level reached since July 22. Continued light receipts in face of a strong demand was largely responsible for today’s upturn. Weather conditions, however, had some effect with the return of subzero temperatures. The supply was estimated at only 3000, and holdovers numbered 94. Receipts also continued scarce at surrounding livestock centers, strengtfffening the local demand. The general bulk of 160 to 225 pounds cashed in at $10.90 to sll. Medium heavies, from 225 to 260 pounds, were salable at $10.60 to SIO.BO, while extreme heavies brought $9.95 to $10.20. Slaughter pigs, from 140 to 160 pounds, cashed in at $10.25 to $10.50. Packing sows held at $8.75 to $9.50. No change of importance was shown in the cattle market. Sales were steady on most all classes, including steers and heifers. Steer quality was plain with the bulk valued to sell from $9 down. Bulk of heifers ranged from $6 to $6.50. Bulls and cows were steady to strong, with the latter salable at $5 to $6.50. Receipts numbered 900. Following a steady opening the veal market moved sharply $1 higher under a strong demand. At the close prices ranged from sl3 down. Receipts were 400. Lamb prices were generally 25 cents higher, Three loads of fed Westerns sold at sll, while a single load of better grades brought $lO5. Native classes ranged from $10.75 down. Slaughter sheep held at $3.25 to $5. Receipts were 1500. HOGS Jan. Bulk. Top Receipts. 30. [email protected] 51C.30 5000 31. 10.30® 10.40 10.40 3000 F'ab. 1. 10.55(®10.65 10.65 1000 3. 10.60® 10.70 10.70 5000 4. 10.750310.85 10.85 4000 5. 10.90® 11.00 11.00 3000 Light Lights. (140-160) Good and choice $10.25010.75 Medium . •- [email protected] 1160-I8O) Good and choice . [email protected] Medium . 10.25 Oi 10.75 ,180-200) Good and choice . 10.90® 11.00 Medium 10.40 @10.90 ,200-220) Good and choice.. 10.90%11.00 (220-250) Good and choice . [email protected] Heavyweights. i250-290) Good and choice. 10.40® 10.70 (290-3501 Good and choice . [email protected] Packing Sows. (275-350) Good 9.25® 9.50 ,350-425) Good 9.15® 9.40 *425-550) Good 9.00®, 9.35 (275-350) Medium 8.75@ 9.15 Slaughter Pigs. 1100-140) Good and choice-. 9.75® 10.25 Medium [email protected] CATTLE —Receipts, 900— (500-900) Choice [email protected] Good [email protected] Medium 7.00® 9.00 Common 5.25® 7.00 *9OO-1100) Choice 12.00®i3.25 Good 9.25® 12.25 Medium 7.25® 9.25 Common 5.50® 7.25 (1100-1300) Choice 12.25® 13.50 Good 9.25®.12.25 Medium 7.50® 9 25 (1300-1500) Choice 12.50 9 13.50 Good 9 [email protected] Heifers (500-750) Choice 9 [email protected] Good 7.50®! 9.00 Common and medium ... 4.50® 7.50 (750-900) Good and choice .. 7.50910.25 Common and medium 5.00® 7.50 Cows Choice fi.so@ 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 I Cutter, com. and med. bulls... 4.50® 6.50; VEALERS —Receipts, 400— Good and choice $11.50® 13.00 ; Medium . 9.00® 11.50 Cull and common 5.00® 9.00 ; Calves (250-5001 Good and choice 7.00910.00 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® 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. 1500— Lambs. 90-lbs. down, good and choice sll [email protected] Good . 10.509 11.00 Medium 9.75® 10.50 Common 7.509 9.75 Ewes. *9O-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 -

INCORPORATED INVESTORS -—an investment in common stock*— Founded 1925 in Boston, Mess, Prospectus, latest quarterly report and other information available at our office Indianapolis Bond and Share Corporation 129 E. Market St. IndianapoGs Riley 4551

CREDITS ABSORB MOST OF HUGE GOLD RESERVES Less Than 500 Millions of Metal in Treasury Is Unobligated. B]f United Press WASHINGTON. Feb. s.—The Federal government has less than $500,000,000 in ‘free'' or unobligated gold in its vaults out of its rec-ord-breaking reserves of $10,182.246.742, Treasury figures showed today. Os the total gold reserves. $7.758,995.366 has been .set up as a credit to the 12 Federal Reserve banks and $2,000,000,000 has been set aside for the exchange stabilization fund to keep the dollar steady in the world markets. An additional $156,039,431 Is set aside as a gold reserve for United States notes and $15,684,053 as a redemption fund for Federal Reserve notes. This leaves “free" gold of $451,527,992 in the Treasury. Treasury Keeps Metal Treasury officials were unperturbed because more than threequarters of the government’s gold is credited to the Federal Reserv® banks. The Reserve banks can not demand the gold for their own possession and the Treasury will release it for export only when the dollar falls below par. Physical possession of the gold rests with the United States Treasury. The Treasury sets on its books a credit for the 12 reserve banks of $5,636,372,017 against some of the gold and has given the Federal Reserve Bank of New York certificates against another $2,000,000,000 worth. The Reserve banks in turn are using this gold credit and gold certificates as backing for their outstanding $3,500,000,000 in Federal Reserve notes. But neither the public nor the Reserve banks can get physical possession of the metal. Bookkeeping Is Necessary Treasury officials said this bookkeeping was necessary to furnish the Reserve banks with gold backing for the notes and to enable the government to spend the gold. In either case, however, the government continues to hold possession of the gold even though credits against it are spent and used as backing for Reserve notes. Should the government wish to use the gold for such purposes as export, however, it would be necessary for the Treasury to borrow or obtain money to reimburse the Federal Reserve banks for the credits and currency they have extended to the Treasury against the gold.

AMERICAN WOOLEN CO. DECLARES DIVIDEND Directors Vote SI a Share on Preferred Stock. Tima Special NEW YORK. Feb. s.—Directors of the American Woolen Cos. have declared a quarterly dividend of $1 a share on preferred stock on account of arrears, it was announced today. The payment is to be made March 16, to stockholders of record Feb. 20, The company earned approximately $5,110,145 during 1935 before depreciation and Federal income taxes, according to preliminary figures. A net profit of $3,196,577 before provision for Federal income taxes was reported. The net income this year replaced a net loss of $5,458,495 for 1934. Directors expressed the belief at the recent meeting that earnings for the year warrant the continuance of quarterly dividends at the current rate during 1936, unless conuitions change materially. Chicago Grain Futures (By James E. Bennett & Cos.) Prev. Wheat— High. Low. Close. Close. May 1.00% .99% .99% .99% July 89% .88% .88% .38% Sept 88% .87% .88% .87% CornMay 61% .60% .61% .60% July 61 % .60% .61% .60C* Sept 61% 61% .61% .60% Oats— May .28% 28% .28% .28% Sept 27% .27'* .27% .27% RyeMay 53% .57% .53% .57% July 57 .56% .57 .36% 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 Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,463,000 Debits 7.219,000 TREASURY STATEMENT Bv United Press) WASHINGTON. Feb. s.—Government expenses and receipts for the current fiscal year to Feb. 3. as compared with a year ago: This Year. Last Year. Expenses $4,329,274,133.07 $4,052 389.675.14 Receipts . 2.155.923.768.45 2.070.267.839.3’) Deficit... 2.173.350.369.62 1.982.121.835.25 Cash bal. 1.956.254 931.23 2.298.940.241.70

BUY A HOME WITH A LOAN FROM A LOCAL Building & Loan Assn.