Indianapolis Times, Volume 47, Number 287, Indianapolis, Marion County, 8 February 1936 — Page 14

Trends More Income Taxes Needed to Pay Bonus. BY JOHN T. FLYNN

YORK, Feb. B.— lt begins N to dawn upon our thrifty citizens that Congress, having decided to pay the soldiers’ bonus, has also, apparently, decided not to pay it. Thus the question is opened all over again. If you owe Smith 150 you do not

pay him by giving him an lOU for SSO. But if you agree to honor the lOU on demand and have reason to think he will present it as soon as he gets it in his hand, then the question of whether you are going to pay Smith arises all over again when he presents the lOU. We have decided to give the soldiers

Flynn

bonds which they can cash at any time. We hope they will not all present them for payment. But if and when they do, then the question of whether and how we are going to pay them arises. We will have three choices. One is to get someone else to carry Smith’s lOU. That is, we can issue another set of bonds to Brown to get the necessary SSO to pay Smith. We can raise the money by bank borrowing. Or, which is the same thing, we can make the bonds which the soldier holds negotiable, so that the banks will take them and carry them to maturity. tt tt tt TNSTEAD, we may decide to print some money. Which is what the currency inflationists W’ant. Or we can actually pay the bonus —that is, we can tax our people, raise the money and pay the bill, thus wiping it out. But how can we do that? For one thing, we will have to do it sooner or later anyhow. Presumably we plan to do it by 1945. If we do not do it then, of course, we will just lump the bonus in with all of our other mounting debts and issue new bonds payable perhaps in 1965 or later. But there is no reason why we should not do it now. That is the way to save money by avoiding years of interest payments on the bonds. Let us assume the bonus will require $2,000,000,000 at once. How could we raise that amount by taxes? The income tax for 1935 was $1,099,000,000. For this fiscal year (1935-36) it will be about $1,500,000,000. n n u TT'OR the next year the Treasury -*■ estimates the income tax will be about $2,000,009,000. This without any increase in rates save in the very highest brackets. Would it be possible to raise another billion dollars in income taxes If this were so, the bonus could be paid in two years. There is no doubt that income taxes could be raised greatly in all brackets from SIOO,OOO down. How much could be drawn in that way is difficult to say. But it is fairly certain that income taxes could be boosted sufficiently to raise $2,000,000,000 in three years. The bonus certificates could be serialized over three years or the government could make short-term loans at low interest to cash the bonds and amortize the cashed bonds—whatever the amount may be—by an increase in income taxes on all brackets over a three-year period. If we do not do this or something like it we will not be paying the bonus, but merely borrowing from Peter to pay Paul and rendering it liquid and by that operation producing inflation. (Copyright. 1936, by NEA Service. Inc.) On Commission Row (Reprinted From I.ale Times Yesterday) (Quotations below subject to change are averape wholesale prices being offered to buyers bv local commission dealers.) FRUITS —Strawberries, Florida pint, 23c; 36-pint crate, 22c. Cranberries, C. C. Howes. Eatmores. 25-lb. box, *3.25. Per.rs, Washington D’AnJo (100s boxi. $3 25; Washington Bose 1100-120s). *3.25: California Avocado (203-245), *3.50. Grape*. 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. $1.50; Grimes Golden. *1.25; Rome Beautv, *1.65. Lemons. Sunkist (360si, *6. Grapefruit. Texas seedless (545-965). $3.50. Arizona Sunkist (80s). *3.75. Tangerines, Florida (120s, 1445. 168s i. *. 75. Vegetables—Articokes, California (doz.), *1.15. Beans, green, round stringless (hamper). *3.25. Beets. Texas (3 doz. crate*. *1 50; cut offs ibu.t. *l. 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 tbest 4s, ss), $3.25; home grown leaf (15-lb baskets). *1.15. Endive, California (doz.). 90s. Peppers, mangoes tcrate), *5 50; peck basket. *1.50: tdoz.), 60c. Mint, hothouse (doz.). 75c. Mushrooms (pound). 30c. Mustard. Texas (bushel), *1.35 Onions —lndiana yellow (50-lb. bagt. *1.35; Indiana yellow (10-lb. bag). 28c; Western Spanish (30-lb. bagi, *1.65. Oyster r*lant. home grown (doz.), 40c. Parsley, southern (long bunches doz ). 50c. Parsnips, home grown washed (busheli, *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. bagi, *1 85: R R. Cobblers (100-lb. bagi, *1.75: Idaho Russets (100-lb. bag*. *2.35; Idaho bakers (70s box). *2.40: Col. McClures (100-lb. bag). *2: New Texas Triumphs (80-lb. bagi, *2.15. Sweet potatoes, Indiana Jerseys us bushel). *1.50; mediums (bushel). *1; Tennessee NsCrtcy 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). *l5O. Tomatoes, repacked (10-lb box). (1.35; original Cuban (30-lb. lugi. *3. Produce Markets (Reprinted From late Times Yesterdar) The prices auoted are paid foi stock .yatheved in the country, while delivered 1> Indianapolit the price Is a cent hlgher#r. Heavy breed hens, 18c; leghorn breed hens. 13c; Leghorn springers. 12c: old stags. 13c: old cocks 9c. Ducks, white. 5- lbs. and over, lie: gees*, full feathered, all sizes, 10c: all guineaa. 1% lbs. and up. 15c; No. 1 strictlv fresh eggs, loss off. 21c. Each full base must weight 55 lbs gross, a deduction of Id cents a pound under 55 lbs. will be made. No. 1 butter. 39#40c: No. 3. 36</ 3"e Butterfat. 36® 37c. Quoted by the Wadley Cos. LOC/Ja CASH MARKET City grain elevators are paying 93 cents feNo 2 soft wheat. Other grades on merit*. Cash corn new No. 4 yellow :bu and oats 21 cent*.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 14

U. S. SEEKS TO ! GUIDE FLOW OF BANKING CREDIT Prevention of Speculative Stock Market Boom Chief Objective. BY RICHARD L. GRIDLEY United Press Staff Correspondent WASHINGTON, Feb. 8.-The Administration sought through exercise of its wide banking powers today to guide the flow of bank credit into business channels rather than into a speculative stock market boom. While there have' been indications that the banks might soon begin to take the lending load off the shoulders of the Federal government, the recent rise in security prices has threatened to divert a part of this loosened private credit into security purchases. The boom in stocks comes at a time when Administration officials were hoping for a transition from Federal to private lending. Indications that Federal lending was at or near its peak came from President Roosevelt in an announcement that lending authorizations of government credit agencies would be cut $1,000,000,000. Demands Slacken Jesse H. Jones, chairman of the Reconstruction Finance Corp., key government lending agency, revealed demands for Federal funds were slackening and that repayments of old loaas to the RFC in the fiscal year beginning July 1 would exceed new borrowings. Greater willingness of banks to lend money and a general loosening of credit as indicated by President Roosevelt and Mr. Jones coincides with the formulation of a credit control program by the new Eoard of Governors of the Federal Reserve System which took office Feb. 1. There have been growing indications that .both Federal government and private banking leaders are becoming concerned with the possibilities of a too rapid expansion of credit which it is feared would lead to an excessive boom and a resultant collapse. Margin Requiremen!s Boosted Accordingly, the new Federal Reserve Board has begun an exhaustive study into possible restriction of bank and brokerage credit to keep it out of speculative channels. Stock market margin requirements were raised Feb. 1 to the highest levels ever put into effect but the market has continued to rise to the surprise of many officials. Now the board plans to restrict security loans by banks to the same extent that it restricts brokerage loans. Other credit resl/iction powers of the Reserve Board will be taken up shortly. A seven-member open market committee takes office March 1. and will study effects of Reserve Bank government security I transactions on credit conditions. In : addition, the board as a means of credit control may raise rediscount rates and reserve requirements of member banks.

FORD SALES IN 1935 RISE 51.6 PER CENT Total Volume Placed at 1,311,927 Units. Times S per in l DEARBORN Mich., Feb. 8. World sales r.f Ford units in 1935 reached a total of 1.311.927. it was announced today at the home offices of the Ford Motor Cos. This compared

with 865.101 total sales in 1934 and represented a gain in 1935 over the preceding year of 446,826 units, or more than 51.6 per cent. Sales of Ford V-8 units to the public in the United States totaled 1.065.002 units, compared with 677.179 units in 1934, a gain of more than 57.5 per cent.

Ford V-8 sales in the United States represented approximately 31.i per cent of sales by the entire motor car industry, giving Ford the lead for the year, it was stated. ASSETS SHOW INCREASE Canadian Investment Fund Reports Gain of More Than $1,000,000. Times Special NEW YORK. Feb. B.— The Canadian Investment Fund. Ltd., today reported total assets with securities carried at market quotations of $3,610,896.36 for 1935. compared with $2,425,538.01 for 1934. an increase of more than $1,000,000. Securities carried at a cost of $2,708,838.94 on Dec. 31. 7935. had a market value of $3,389,244.44 showing a net appreciation after providing for directors’ and management compensation and taxes of $578.055.51. Net income for the year amounted to $128,905.67. Unlisted Stocks (Reprinted From Late Times Yesterday) (By Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers' Trust 64*. 66*2 Central Hanover BSi T 115% 117'. Chase 39*. 41 s . Chemical National 55% 57% Guaranty 297 300*. Irving 17% 18*. Manutacturers 46% 48*. National City 36 *,4 37% Cont 111 Chicago 132 134*4 First National Boston 47% 49 s * National Shawmui 27% 29*a FIRE INSURANCE Aetna Flit 65 67 % American Ins or Newark 17% 19% Baltimore American 9% 11% Cltv of New York 31 33% Federal Ins no 115% Franklm Fire 337, 351 Great American Ins 32'* 34' Hanover Fire Ins 40 41 % Hartford Fire Ins 88% 90*4 Home Ins t 395, 4JI, Ins Cos of N A 82% 84% National Fire 87 BS% National Liberty n 12% North River Ins 39% 31% Phoenix ~..102 105% U S Fire 59 61% Westchester Fire 40% 42%

JAPAN—TEXTILE LEADER I r,yon >'*+**"' '• •* P ; , 3001 j 1 r ioo| MlMons of pound* I ;;AII Others ■; MHBona of square yards 1920 1925 1930 1935 1920 1925 1930 1935 ° 1932 1933 1934 1935 1 • ■ . easiness wee*.

New York Stock Exchange Prices

(By Thomson Si McKinnon) (Reprinted From Lite Times Yesterday) Prev. Oils— High. Low. Close. Close. Amerada 83 83 83 82% Atl Rfq 33'4 32>/ a 22% 32*8 Barnsdall 18% 17*8 17% 17'/* Consol Oil 14% 14% ’.4> 4 14'/a Cont of Del 38 37% 37% 37% Houston (new).. 11 % 10*2 10% 31% Mid Cont Pet .. 21% 21% 21% 21% Ohio Oil 17 16% 16% 16% Pet. Corp 17 16% 16% 17>/ Phillips Pet 45% 44% 45% 44 Plymouth Oil ... 14% 14% 14% 14% Pure Oil 20% 19% 19% 19% Seaboard Oil ... 36% 35% 36% 36% Shell Un 17% 17% 17% 17% Skelley Oil 27% 27 27 27% Soc Vac 16% 16Vi 16% 1612 S O of Cal 46% 45!4 46 46 S O of Ind 40 39!s 40 39% S O Os N J 60 59 59% 59% Texas Corp ... 34Vi 33% 33% 33% Tidewater Assn . 18% 18% 18% 18% Un Oil of Cal ... 28% 28!a 28Vs 27 Steels— Acme Steel 73% 69% 7214 69 Am Roll Mills .. 31% 31% 31% 31% Beth Steel 53% 52 53% 52% Byers A M 24% 23% 23’/* 23% Cruc Steel 37% 37% 37% 37 % Inland Steel ..106% 105% 105% 105% Ludlum Steel . 29% 23% 28% 28% McKeesport Tin 113‘/2 114% 114*2 114 Mid Steel 24% 22% 24% 22% Natl Steel 70% 68% 69 70% Otis Steel .... 16% 16% 16% 16% Rep I & Stl . 22% 21% 21% 22 U S Pipe & Fdy 35% 34% 34% 35 U S Steel ... 51% 50% 51 51 U S Steel pfd...120 119% 120 119% Warren Bros .. 6% 6% 6% 6% War Pipe & Fdy 27V a 26 26 26 Youngstn S&T 48 47% 48 47% Motors— Auburn 47 43 43% 42% Chrysler 95% 94 94% 93% Gen Motors 58% 57% 57% 58% Graham Mot ... 3% 3% 3% 3% Hudson 15% 15% 15% 15% Hupp 2% 2% 2% 2% Mack Truck ... 34% 33 34% 32% Nash 18 17% 17% 17% Packard 8% 8% 8% 8% Reo 6% 6 6 Vs 6 Studfbaker 10% 10 10 10 Yellow Truck .. 16% 15% 15% 15% Mot*r Access— Bendix 24% 23% 24 23% Bohn Alum .... 58% 57% 57% 58% Borg Warner ... 73% 72% 72% 72% Briggs 53% 53% 534 53% Buao Mfg 10% 10% 10% 10% Budd Wheel 12% 12% 12% 12% Eaton Mfg 29 Vi 28% 29 28% Elec Auto Lite.. 40% 38% 39 38% Elec Stor Bat .. 52% 52% 52% 52% Greyhound "B". 76% 74% 74% 76% Houdaille 29% 29 2914 29% Murray Body .. 19% 18% 18% 19 Stew Warner ... 21 20% 20% 20% Timken Roll ... 71*4 70% 71% 70% Timken Det Axle 16*4 15% 15% 15% Mining— Alaska Jun 16% 16% 16% 16% Am Metals 34% 33% 34!i 34% Am Smelt 63% 62 62 63 Anaconda 30% 30 Vi 30% 30% Cal & Hecla ... 7% 7*4 7% 7% Cerro De Pasco. 52% 51 % 51% 52 Dome Mines . . 48% 47% 48% 48 Gfanby 9% 9% 9% 9% Gt. Nor Ore .. 16% 16% 16% 16% Homestake Min 529 522 522 530 Howe Sound ... 53% 53% 53% 53% Ins Copper .... 7*4 7*4 7*'. 71 Int Nickel 49% 48% 48% 49*4 Kennecott Cop .. 34 33% 33% 33% Mclntyre Mine.. 45% 44% 45 47% Park Utah 4% 4% 4% 434 Phelps Dodge .. 34% 34 34 34i„ St Joe Lead ... 28% 27% 28 28% U S Smelters... 92% 91% 92 92% Vanadium 24% 24 24 Vi 24% Amusements— Crosley Radio .. 18% 17% 17% 16% fox Theat 27 26% 26% 27% Loews Inc 52% 51 5 51 x. 517,® Radio Corp 12% 12% 12*4 12* Paramount .... m, 11% n % 11% KKO 7% 7% 7% 75. Warner Bros ... 13% 12% 12% 13 Tobaccos— Am Sum Tob 24% 24% 24% 24‘A Am Tob (A) .101 100 100 102% Am Tobacco 8’.103% 102% 102% 104 p en . c ‘§ ars • 57% 57% 57 Vi 56% Lig & Myers 'B’ 116 115% 115% 115% Lor lard .... 25% 25 25% 25% Phillip Morris 71% 70% 70*4 70% Reynolds Tob ‘B’ 58% 58% 58% 58 Rails— Atchison 75 73% 741/2 74% Atl Coast Lines. 33% 32% 32% 32% ® & O 20% 19% 19% 19% Can Pacific 13% 12% 12% 13% ChA-Ohio ... 59% 58% 58% 59% Chi Gt W 2° a 2 1 o 2 5 /r 2 , 0 Chi & Gt W pfd 8 J s 7% 8 CM *St P . 2 3 4 2*B 23/4 2 l /2 CMfeSt p Pfd- 5% 5% 5 % 5% Chi N W 4* 8 4% 414 41,3 Chi N W pfd ... 11% 11 11 n% Dela Si Hud 46% 45% 46% 45% Del Lac & W ... 18% 18% 18% 18% grje 14% 14% 14% Erie pfd 26* 2 25 25% 25% Gt Northern pfd 36% 35% 36* 4 36% 111 Central 24% 23*2 23% 23% K C Sou 17V* 16% 17% 16 Lehigh Valley .. 10% 10% 10% 10% Lou & Nash ... 73% 73 73 73 M K & T 8% 8% 8% 8% MK & T pfd .. 21% 21% 21% 22% Mo Pac 4 3% 4 3% Mo Pac pfd .. . 7% 7 7% 7% N Y Cent 35% 35 35 35 N Y New Haven 5% 5*4 i.’’- 5% N Y Ont Si West 6% 6% 6% 6% Nor Pacific 28 27 27% Penn R R 35% 35*4 35*4 35'4 Reading 43% 4314 43% 44 Sou Pac 31% 31 31% 30% Sou R R 16% 15*8 15% 15% Union Pac 124% 124% 124% 124*2 Wabash 4% 3% 4% 4 West Maryland . 11% 11 11 10% Equipments— Am Brake Shoe.. 47% 47% 47% 47% Am Car Si Fdy.. 37% 36% 36% 36% Amer Lcco .... 30% 30 30 29% Am Steel Fdy 29% 28*2 29 28% Bald Loco 6 5% 5% 5*4 Gen Am Tk Car 62% 61*2 61*, 62 Gen Elec 40 39% 39% 39% Gen R R Sig 48 48 48 Pullman Inc 45*4 44% 44*4 •,, % West Air Br ... 40 39*2 39*2 39% Westingh Elec ..121*2 119*2 120% 120‘ 2 Utilities— Am <fc For Pwr B’2 B*4 B*4 8% Am Power & Lit 10% 9% 9% 10% AT&T ...171*2 169*2 169*2 170*2 Am Wat Wks 22% 22 22 22 Co* Gas Si Elec.. 16% 16% 16% 16% Com & Sou 4% 4’a 4*4 4*4 Consol Gas :... 35% 34% 35 34% Elec Pwr <fc Lit.. 10% 10 10% 10% Int Hydro Elec.. 5 4*4 4% 4% Interboro R T.. 17*4 16% 17 16% Int TSi T 18*8 17% 17 s . 17% Lou G <fc E <AI .. 22% 22 22 Nat Pwr & Lit.. 12% 11% 12 12 North Amer 29% 28% 29 28% Pac G & E 35’. 34*2 35% 35% Peoples Gas 45*4 45 % 45% 45 Pub Serv N J ... 47% 47 47 47% So Cal Edison . 27% 27% 27% 27*2 Std Gas .8% 8 8 8% Stone St Webster 17*.. 17 17 17% United Corp ... 8% 7% 7% 8 Un Gas Imp 18% 18% 18% 18% Ut Pwr Sr Lt (A) 4% 4% 4% 4% Western Union . 85% 83*2 85% 83 Rubbers— Firestone 32% 32*4 32% 32 Goodrich 19% 19 19% 19% Goodyear 26*4 25% 26% 26% U S Rubber 19*2 18*4 19 19*4 U S Rubber pfd 62*2 61*2 61 % 62 Miscellaneous— Allis Chalmers . 44% 43% 44% 44% Amer Can 125% 125 125 125% Am Mach & Fdy 27% 27 27% 26% Anchor Cap 24% 23% 23% 23*4 Brklyn. Man Tr .44 42*2 44 43*4 Burroughs Add . 30*4 29% 30% 29% J I Case 111% 109% 109% 110 Conti Can . 80*4 78*4 79 78% Caterpillar Tract 68*4 67% 67% 66*2 Crown Cork 53'* 51 53% 51% urtis Pub 21 20% 20% 21% Deere & Cos • ... 72% 71% 72 71 Eastman Kodak 159 158 159 157*4 Foster Wheeler.. 34% 34% 34% 35 Gillette 17% 17% 17 s , 17*. Glidden 50% 49 49% 49% Ingersoll Rand ..132% 132% 132% 131 Int But Mach . 183*4 183 183 184 Inter Harv .. 67% 67 67 67*4 Nalt Cash Reg .. 28*4 27% 28% 27 Owens Bottle ...144% 143*4 144% 144 Rem Rand 21% 21% 21% 21% Under E 92% 92 92** 91% Worth Pmp 34 32 32% 33 Food*— Am Sugar 55 54% 54 % 55 Armour ...... 6% 8% 6 s * 6% Armour 01d... 81% 81 81 81 % Beat Crm ... 19% 18% 18% 19*4 Borden Prod 30 29'* 29*4 29'* Cal Pack 35 35 35 34% Can D G Ale ... 15% 15% 15% 15% Coca Colt 80% 87% 53 87%

Ford

SATURDAY, FEBRUARY 8, 1936

Cont Bak A 13% 13% 13Vi 13% Corn Prod 70 69% 69% 70% Crm of Wh 37 Vi 37 Vi 37*4 37% Cub Am S 11% 10 11V* 9% Gen Bak 34 33% 34 34 Geld Dust 19% 19% 19V* 19% G W Sugar ...33% 32% 33 32'/* Natl Biscuit ... 34% 32% 32% 33% Natl D Prod ... 23Vs 22% 22% 22% Purity Bak .... 15 14% 14% 14% S Porto Ric Sug 31% 31 31% 31% Std Brands 16% 15% 15% 17% Un Biscuit 26% 26*4 26% 26% United Fruit ..78 77 77 77*2 Ward Bak ' B” 3% 3% 3% 3*/ Retail Stares— Allied Stores . . 7% 7% 7*4 7% Assd Dry Goods 14'/* 12% 14% 14V* N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Ind Rails Util Bonds Today 93.1 *92.6 105.0 *96.9 Yesterday 92.9 92.2 105.0 96.7 Week ago 92.7 91.0 105.2 96.3 Month ago 91.9 86.1 104.4 94.1 Year ago 86.3 82.1 92.1 86.8 1936 high 93.1 92.2 105.2 96.7 1936 low 91.6 84.7 103.5 93.3 •High. (Copyright, 1936, by Standard Statistics.) U. S. GOVERNMENT BONDS (By Abbott. Proctor Si Paine) Treasurys Prev. Close, close. 4Vis 1943-45 115.18 115.21 4s 1944-54 111.10 111.14 3%s 1946-52 109.14 109.14 3%s 1940-43 107.28 107.03 3%s 1943-47 106.30 106.26 3%s 1941-43 108.11 108.17 3!4s 1943-45 106.10 106.14 3%S 1941 108.14 108.15 3Vis 1944-46 106.1 106.5 3VsS 1943-49 104.7 104.7 3'/ 8 s 1946-52 104.6 104.6 3s 1951-55 103.6 103.8 3s 1946-48 103.13 103.15 3s 1946-48 103.13 103.15 2%S 1955-60 100.15 100.16 2%s 1945-47 101.16 101.19 Home Owners’ Loan Corp. 2%s 1940 100 99.31 3s 1952 101.7 101.8 4s 1951 102 102.9 Federal Farm Mortgage Corp. 3s 1949 107.15 101.17 2%s 1947-49 102.2 100.22 DOMESTIC Prev. Close. Close. Alleg Corp. 5s 44 94% 9434 Alleg Corp 5s ’49 90% 90% Alleg Corp 5s 'SO 741% 74% Am Frgn Pow 5s 2030 79 79% Am Tel & Tel 5%s ’43 113% 113% Am Tel & Tel 5s '65 .113% 113% Arm Si Cos (Del) 5%s ’43 97% 97% Atl Coast Line 4s '52 98 97% Atl Coast Line 4%s ’64 86 85% Atch Top & S Fe 4%S '4B 111% 110% Am Wat Wks 5s '44 109% 110 Am Rolling Mills 5s ’3B 125% 126% Balt & Ohio 5s ’95 85% 84% Balt & Ohio 6s ’95 94*/, 94% Balt & Ohio 4Vis ’6O 73% 74Vs Buff Roch & Pitt 4Vis ’57 78 77% Beth Steel 5s ’36 . 105% 105% Chi Milw Si St Pss ’75 24% 24% Chi Milw & St P 5s 2000. 9% 93 /8 Cleve Un Term 5s ’73 104% 104 Cleve Un Term 4*/is ’77 97% 97% Col Gas 5s May '52 102% 102% Col Gas 5s ’6l. lOl’/a 101% Can Pac Perp 4s 92 % 93% Cent Pac 5s ’6O 97 % 96% Big Four 4Vis ’77 90Va 90% Big Four 5s ’63 98 97% Colorado &So 4%s ’BO 72% 72% Chi Si West Ind 4s '52 103% 103 Chi Si West Ind 5%s '62 106% 106% Chi & Nor West 4%s '49 15% 16% Con Gas 5s ’57 104% 104% Chesa Corp 5s ’47 1.132% 133% Erie 5s ’67 80% 79% Grt Northern 7s ’36 102% 10% Grt Northern 4%s ’76 101% 101 % Grt Northern 4Vis ’77 100% 100% Gen Stl Cast WW 5%s ’49 96 95% Hud & Manhat Ref 5s ’57 86 86Vi 111 Cent 4%s '66 74% 73 % 111 Cent Jt 4Vis '62 79 78 111 Cent 5s '63 82% 82% Interlake C & X 5s ’sl 94 93 Interntl Tel & Tel 4%s ’39 ... 97% 97% Interntl Tel & Tel 5s '55 93% 93 Interntl Tel St Tel 4%s ’52 ... 88% 88% McKess & Rob 5%s ’SO 104% 103% Natl Dairy 5%s ’4B 103'% 103% Natl Steel 5s '56 106% 100'% Nickel Plate 4%s ’7B 82% 82 Nickel Plate 5%s ’74 92% 92% Nickel Plate 6s '35 104% 105 N Y Cent 5s 2013 92% 92'% N Y Cent 4%s 2013 (old) 86% 86% Nor Amer Cos 5s '6l 104*% 103% Nor Pac 3s 2047 78% 78*% Nor Pac 4Vis 2047 99% 99% Nor Pac 6s 2047 109% 109% Nor States Pow 5s '4l 105% 105% New Orleans Term 4s ’53 88 87% Otis Steel 6s ’4l 102% 101*4 Penn Ry 4>%s 'B4 107% 107% Penn Ry 4*%s ’Bl 107% 107% Penn Ry 4%s ’7O 101 3 % 102% Pac G &E 5s ’42 104 104% Portland Gen El 4%s ’6O 78% 79 Para Publix s'is ’SO 96% 96% f er *n ,P & L 4%s ’Bl 106'/* 106'% Postal Tel & Cab 5s ’53 40% 34% Rem Rand WW 5%s ’47 Iso% 109 Shell Union Oil 5s '47 "IoK 100% Sou Pac 4%s '6B 87% 87 Sou Pac 4%s 'Bl 87% 87% Sou Pac 4Vis ’69 87% 87V-i Sou Pac 4s ’49 88% 88 oou Rail 4s ’56 61% 60 Sou Fail 6s ’56 78 78 Sou Rail 6%s ’56 81*/* 82*% Sharon Stl Hood s!is ’4B 103*4 103 Texas Pac 5s 'BO 100% 100% Texas Pac 5s ’79 100*/* 100 Texas Pac 5s ’77 100% 100% Union Pac 5s ’47 112’% 112% United Drue 5s '53 101 Vi 101 U S Rubber 5s ’47 105 105 NY NH & Hart 6s ’4B 40*4 34% NY NH <te Hart 4%s '67 38% 38% Warner Bros 6s '39 95% 94 Western Marv 5%s ’77 107 107 Western Marv 4s '52 88*4 98% Youngstown S & T 5s '7O ....105 105% Youngstown S & T 5s ’7B 105% 105 FOREIGN Areentina A 6s '57 98 98 Argentina B 6s ’SB 97*4 97% Brazil 8s '4l . . 32'* 31% Canadian Govt 4s '6O 108 108 Denmark 5%s '55 100% 100*4 German s*is '65 28% 28% German 7s ’49 37 37% Italy 7s ’sl 63% 62% Japan 6%s ’54 99*2 99% Poland 7s ’47 107*, 109 Tokio City 5%S ’6l 81Vi 82 Yokohama 6s '6l 88 86 Busigraphs PRODUCTION OF ZINC JN THE UNITED STATES m (AMERICAN ZINC INSTITUTE) 000- - tn fTT 2 o AOO - ■ ——■■-- - O Z M £ I I- — >ll —li THE PARKER CORP. GENERAL DISTRiBUTORS INCORPORATED INVESTORS Zinc is used in so many different industries, as well as in alloys, that its consumption is a very good measure of industrial activity. Production of zinc in 1935 was more than twice the production during the low •year of 1932. During 1935 consumption was greater than production, thus reducing stocks on hand by 29 per cent, while unfilled orders were almost doubled. However, stocks of zinc on hand are still abnormally large, *

Best & Cos 50 50 50 51% First Nat Stores 45'% 45 45 45% Gimbel Bros ... 7% 7'% 7'% 7% Gm Un Tea ... 5% 5% 5% 5% Jewel Tea 76% 74% 74% 76*4 Kresge S S ..... 24% 24% 24% 24'/* Kroger Groc 26% 26% 26% 26% Macy R H 47% 47 47 47 McCrorv St 14*4 14 14 14 McLellan St 14 13*4 13% 14% May Dept St 49% 49% 49% 49% Mont Ward 39% 38% 39 33% Natl Tea 11 10% 10% 11% Penney J C 77% 76 76 77 Safeway St 35% 34*4 34*4 34% Sears Roebuck . 64*4 64V4 64!4 64% Woolworth 55% 54% 54% 56% Aviation— Aviation Corp .. 6% 6 6 6*4 Boeing Aircit ... 24% 23% 23% ?3% Curtiss Wright . 4% 4% 4*2 4% Curtiss Wrt 'A' . 14!, 13% 13% 13% Douglas Air .... 72 70 70 71% Nor Am Av .... 7% 7% 7*4 7*4 Sperry Corp ... 21% 21% 21% 21% Chemicals— Un Aircft (new) 28% 27*4 28% 27% Air Pveduction ..192 191% 191 % 193 Allied Chem ..165% 162 162 165% Am Com A1 28% 28'% 28% 29 Col Carbon ....108 106% 108 107% Com Solvents .. 20% 20% 20% 26*4 Du Pont 146% 146 146% 145% Freeport Tex.... 34% 33% 32% 35 Liquid Carb .... 38% 38% 38%. 39 Math Alkali ... 33V4 32% 32% 32% Mon Chem 94 94% 94 95 Nat Dis (new) .. 29%. 29% 29% 29% Schenley Dist ■. 46'/* 46 46 47 Tex Gulf Sulph. 38% 38 38 38 Union Carbide .. 77% 76% 77% 77% U S In Alco 40% 40% 40% 41 Drugs— Coty Inc 6*4 6% 6*4 6% Lambert 26% 25*4 25% 26% Lehn & Fink ... 14% 14% 14% 14% Sterling Prod ... 66 66 66 66% Un Drug (new). 15% 15'/* 15% 15% Vick Chem 45% 45V* 45% 45'/* Zonite Prod ... BV* 8% 8% 8% Financial — Adams Exp 12% 12% 12% 12% Allegheny Corp.. 4% 4% 4% 4% Am Int Corp ... 12*4 11% 11% 12V* Chesa Corp .... 73% 72 72 73% Lehman Corp .. 99 98*4 98*4 99 Transamerica .. 13% 13 13 13% Tr Conti Corp.. 11% 11% 11% 11% Building— Am Radiator ... 24 23% 23% 24 Gen Asphalt . . 34% 33'/* 33% 34% Holland Furnace 42 40 V* 41 40% Int Cement .. 41*4 41% 41% 41% Johns Manville.,ll7 115V* 116 116 Libby Owens G. 56% 55*4 56 55% Otis Elev 26% 25% 26% 26% U S Gypsum ...100 99 99 99% Ulen Cons 6% 6*4 6% 6% Household— Col Pal Peet 19*4 19 19*4 19 Kelvinator 18% 18% 18% 18% Mohawk Carpet 23% 23% 23'/* 23% Proc & Gambte 46% 46'/* 46% 46% Servel Inc 20 19% 19% 19% Simmons Bed ... 23 23% 24% 24'/* Textiles— Amer Woolen .. 10% 10% 10% 10% Belding Hem ... 14% 14*4 14*4 14% Celanese Corp .. 29% 29 29*4 29 Collins Aikman . 48*4 47% 47** 47% Gotham Hos>a .. 10% 10 10 10*4 Indus Rayon .. 30 29*4 30 29 Kayser Julius . 32% 32 32% 32%

FREIGHT CARLOADINGS DISPLAY SHARP GAIN Railraod Traffic Totals 621,839 for Week Ended Feb. 1. By United Press WASHINGTON, Feb. B.— The Association of American Railroads announced today that loadings of revenue freight for the week ended Feb. 1 totaled 621,839 cars, 37,148 above last week and 24,878 above the corresponding week in 1935. Miscellaneous freight totaled 210,679 or 2653 above the preceding week and 174 above last year. Merchandise in less than carload lots totaled 148,690 cars, 4509 above the preceding week, but 5109 below the corresponding week in 1935. Coal loading amounted to 174,389 cars, 26,839 above the preceding week and 19,047 above 1935. Grain and grain products totaled 30,575 cars, 1534 above the preceding week and 4626 above 1935. Livestock loading amounted to 11,795 cars, 739 below the preceding week and 2352 below 1935. STUDEBAKER SALES RISE Approximately 6020 Cars, Trucks Sold During January. Times Special SOUTH BEND, Ind., Feb. B. January sales of the Studebaker Corp. were one-third greater than in the corresponding month a year ago, Paul G. Hoffman, president, announced today. The corporation sold approximately 6020 passenger cars and trucks in January this year, compared with only 4507 units in the same month of 1935. In January. 1934, the company sold 2538 units, compared with 4330 in the same month of 1933. JAMES REED TO TALK Former U. S. Senator to Address Grain Dealers Association. Times Special CHICAGO, Feb. B.— J. A. Reed, former United States Senator from Missouri, is to be principal speaker at the convention banquet of the Farmers Grain Dealers Association of Illinois to be held in the Hotel LaSalle here Tuesday. He is to speak on “American Institutions and the New Deal.” The meeting marks the thirty-third annual convention of the association, which is the oldest farm co-opera-tive in the Middle West. Chicago Grain Futures (Reprinted From Lot. Times Yesterday) Prev. Wheat— High. Low. Close, close. Mav 99 •* .98'* 98% .99% July .89% .88% .88*2 .89% Sept 88% .87% .87% .88% Corn— May 60% .60% .60% .60% Julv 60% . 80* * .60'* .60*. Sept 60*. .60% ,60% .60*. Oats— May 28% .28% .28%b .28% Julv 28% .28 .28 .28% Sept 27'* .27% .27!4b .27% Rye— Mav 58% .57 s , .57*,b .58*, July 57 .56 56b .57% Sept 57 .56 ,56a .57 Barley— Mav 43 %n .43*2 LardMarch 10.82 10 80 10 82b 10.95 May 11 00 10.90 10.90 11.00 Julv 1092 10 75 10.80 b 10.90 (t)Ask; <b)Bid; <n>NominaL

REPLACEMENTS HELP UPSWING, BANKDECLARES Plant Modernization and Housing Seen Making Further Gains. Times Special NEW YORK, Feb. B.— Probably the chief reason for the improved outlook in the capital goods industries lies # in the simple fact that the existing plant and equipment are no longer adequate, the National City Bank of New York declared in its monthly bank letter today. This statement, the bank continues, may seem surprising to some in view of the acknowledged existence of much idle plant capacity in some lines, and of the claim, oft repeated in recent years, that business everywhere was over-developed and overbuilt. These latter assertions, it is held, are invariably prevalent during periods of discouragement. “Idle plant capacity is neither distributed evenly among the industries,’’ the review continued, “nor does it represent modern up-to-date equipment. Industry nowadays constantly is finding newer and better ways of doing things, and the scrapping and replacement of obsolete buildings and machinery with more efficient facilities is quite as important a part of the business of the country as the provision of added plant end equipment. Needs of Country Grow “Moreover the physical needs of the country are growing continuously, so that excess capacity, even when temporarily existent, tends to be rapidly eliminated. “The amount of new utility construction, of course, will be nothing like as great as it would be were the companies not held down to bare necessities by their anxieties over the political situation. Ordinarily, the utilities tend to build ahead of the load, and, aside from the political, many factors would indicate this to be good policy at the present time. Railway Orders Large “Railroad orders in prospect are said to be the largest since 1931, and doubtless other types of equipment and supplies also will be wanted in large quantities. All this means increased support for the heavy industries, including steel, where already orders for rails and materials for freight cars have helped sustain mill operations at a time of lessened buying by the automobile industry. “While building this year may not measure up to the most sanguine predictions, a substantial increase seems assured. This would help business in many lines, though its effects should not be overestimated. Were building to double again this year the total still would be only 37 per cent of the 1924-1928 average.”

HOG BREEDERS TO END PARLEY TODAY Livestock Men Wind Up Local Congress. The American Berkshire Congress, which is being attended by hog breeders from six states, is to close today following a sale of Berkshire sows, gilts and boars in the Noblesville Armory this afternoon. L. E. Frost, Springfield, 111., one the pioneers in developing the Berkshire breed, at a meeting in the Claypool last night, said. Holding of congresses and sales has aided in introducing breeds. Scott Meiks, manager of the Producers’ Commission Association of Indianapolis, said the day of the gigantic hog is past and that the best selling hogs should provide plenty of lean meat, should mature rapidly and weigh no more than 225 pounds. Other speakers included Ralph W. Poulton, manager of the Independent Milk Producers’ Association of Indianapolis; E. B. Moore, superintendent of the swine department of the Lilly farms near Noblesville; Hal Royce, Clay County agricultural agent, and C. W. Mitchell of Springfield, 111., secretary of the American Berkshire Record Association. E. J. Barker of Thorntown, president of the association, presided. AUBURN ELECTS OFFICERS Times Special AUBURN, Ind., Feb. B.— Directors and officers of the Auburn Automobile Cos. were re-elected for another term at the annual meeting of stockholders this week. Roy H. Failkner, president, announced today. Local Securities (Because quotations on local securities are unlisted on an exchange, The Times can not assume responsibility lor the accuracy of these figures gathered from local brokers.) STOCKS Bid. Ask. J. D. Adams Mfg 16 17* 2 Belt RR & Stic Yds com 51% 53!* Belt RR & Stk Yds 6% pfd-- 53 Central Ind Pow 7% p1d..,. 20 25 Home T & Tel Ft Wm 7% pfd 52 55 Hook Drug Inc com 16 19 Ind Si Mich Elec 7% pfd... 102 104 Indpls Gas Cos com 35 39 Indpls Pow & Lt 6% pfd ..88 92 Indpls Pwr Si Lt 6%% pfd.. 94 97 Indpls Water s!* pfd 104 ... Lincoln Nat Life Ins Cos ... 36 38 North Ind Pub Svc 5%% pfd 70 74 North Ind Pub Svc 6% pfd. 77 80 Oakley Stores 7% pfd 76 80 Progress Laundry com ... 8 10 Pub Svc of Ind 6 % pfd 22 25 Pub Service of Ind 7', pfd 46 49 So Ind Gas Si Elec 6% pfd 97 99 Terre Haute Elec 6% pfd... 83 86 Union Ti-le com 20 23 BONDS Atlanta Distr Term 6% '4l .. 62% 70 Brooklyn Postal Sta s>/*% ’4B 37% 42 Home Tel&Tel FtW 6%’43 ...103 106 Indpls Railways Inc 5% '67.. 56 59 Indpls Water 4*/*% ’4O 104 106 Indpls Water 5% ’SO & ’6O ...105 107 Indpls Water Indpl’s Gas ’52 5%% 95% 97 Interstate T Si T 5%7 ’53.. 94% 97 Kokomo Water Works ’SB ..104 105% Lafayette Telephone 5% ’57 102 Morris 5 & 10 Stores 5% ’SO 99 102 Muncie Water Works 5% ’65 102% Noblesville HL&P 6% ’47 ... 97 100 Ohio Tel Service 6% *47 ..... 95 Richmond Water Works 5%’57 104% 106 St Louis Post Office 5%% ’3B 18 25 Seymour Wtr Ist mtg 5% ’59 101 104 Terre Haute Water wks 5% '56 101% 103% Terre Haute Wat Wks 6% ’49 103 105 Traction Terminal 5% ’5?.... 71 73

Wheat Grind Increases For the first half of the current season, United States mills ground bushels of wheat, compared with grinding of 227,303,000 bushels in the corresponding period last year.

LEADS WAGE FIGHT

H WW . .MM! y gran

William Green, American Federation of Labor president, today reiterated his promise of a fight for nation-wide wage increases to offset effects of pending currency inflation. Mr. Green said that higher wages should precede an increase in commodity prices “as a matter of sound public policy.”

RFC LEGALITY IS CHALLENGED Stockholder of Defunct 'Dawes Bank’ Takes Court Action. By United Press CHICAGO, Feb. B—Constitutionality of the Federal act creating the Reconstruction Finance Corp. was challenged today by one of 3000 stockholders of the defunct Central Republic Bank and Trust Co.—the so-called “Dawes bank’’—who are defendants in a suit for $lO, 000,000 double indemnity on their stock by the RFC. The suit, before Federal Judge James H. Wilkerson, developed from failure of the Central Republic to repay in full the famous $90,000,000 “Dawes loan” approved by the RFC shortly after Charles G. Dawes resigned as RFC board chairman to head the Central Republic. Attorney John E. Hughes, representing Ignaz Schwinn, a defendant, charged the RFC act as unconstitutional because there is no provision in the Constitution authorizing it, and because it violates the Ninth and Tenth Amendments which provide that powers not specifically given to the Federal government are reserved to the states. Mr. Hughes said that if the RFC act was upheld, the Federal government legally could purchase all private business in the nation. Local Livestock (Reprinted From Late Times Yesterday) HOGS Feb. 1. $10.55'® 10.65 $16.65 1000 3. [email protected] 10.76 5000 4. [email protected] 10.85 4000 5. [email protected] 11.00 3000 6. [email protected] 10.80 5000 7. [email protected] 10.70 5000 Light Lights. (140-160) Good and choice slo.oo® 10.50 Medium 9.50(®10.10 (160-180) Good and choice.. [email protected] Medium [email protected] (180-200) Good and choice.. [email protected] Medium [email protected] (200-220) Good and choice.. [email protected] (220-250) Good and choice.. [email protected] Heavyweights. (250-290) Good and choice.. [email protected] (290-350) Good and choice.. 9.40® 9.25 Packing Sows. (275-350) Good 9.00@ 9.25 (350-425) Good 8.85® 9.10 .425-550) Good 8.75® 9.00 (275-350) Medium 8.50® 8.90 Slaughter Pigs. (100-140) Good and choice . [email protected] Medium 8.75® 9.75 CATTLE —Receipts, 500— (500-900) Choice $ 9.75011.50 Good 8.00010.50 Medium 6.50® 8 25 Common 5.000 6.50 (900-1100) Choice 10.75012 25 Good 8.50® 11.00 Medium 6.75® 8.50 Common 5.25@ 6.75 (1100-1300) Choice [email protected] Good [email protected] Medium 7.00® 8.75 .1300-1500) Choice 11.50012.50 Good [email protected] Heifers (500-750) Choice 8.75® 975 Good 7.25® 8.75 Common and medium 4.50® 7.25 (750-900) Good and choice ... 7.500 10 00 Common and medium 5.00@ 7.50 Cows Choice 6.50® 7.25 Good 5.75® 6.50 Common and medium 5.00® 575 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, 500— Good and choice *11.50012.00 Medium [email protected] Cull and common 5.00® 9.00 Calves (250-500) Good and choice 7 00®10.00 Common and medium 4.50® 7.00 Feeder and Stocker Cattle (500-8001 Good and choice 7.00® 8 00 Common and medium 5 00® 7 00 (800-1050) Good and choice 7.00® 8.00 Common and medium .... 5.00® 7.00 Cows Good 4.50® 5.00 Common and medium 4.00® 4.50 SHEEP AND LAMBS —Receipts. 3000— Lambs. 90-lbs. down, good and choice *10.40010.50 Good 10.25® 10.40 Medium 9 [email protected] 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 TWO POSITIONS FILLED Republic Steel Corp. Appoints New Sales Representatives. Times Special CHICAGO, Feb. B. —Two important appointments were announced today by the Republic Steel Corp. R. H. Sonnenbom, who has been connected with the firm for 10 years, was appointed special sales representative of the tubular division. He is to establish headquarters in Cleveland and be responsible to N. J. Clarke, vice-president in charge of sales. Charles W. East was named district sales manager for the corporation at Houston, Tex., succeeding Robert E. Lanier, resigned. EARNS $5.31 A SHARE Times Special CHICAGO, Feb. B. —The Massachusetts Bonding and Insurance Cos. today reported net earnings of $850,168 for 1935, equivalent to $5.31 a (Share on its 160,000 shares of stoc 1 ' not including appreciation in the market value of its investment portfolio. ' I

TRADE PICKUP IN CANADA TO FOLLOW U. S.

Economic Recovery on Its Way, But at Slower Pace, Is Forecast. Times Special NEW YORK. Feb. B.— The Dominion of Canada may be expected to follow the United States closely in economic recovery over the coming year, although at a somewhat slower pace, a Standard Statistics survey showed today. The official Canadian index of general business, just published, shows an average of 99.7 for the year 1935, compared with 93.5 in 1934, a gain of 6.6 per cent. Wholesale and retail prices have risen 2 per cent and 2.4 per cent and bank debits actually declined from $32,867,000,000 to $31,500,000,000. Life insurance sales are likewise down, but in the other hand there has been a slight gain in bank deposits. Trade Treaties to Help In construction, according to League of Nations figures, Canada has made greater percentage gains than most other countries, but still stands close to the bottom of the list in its comparison with 1929 levels. The principal unfavorable factor is that the increase in employment has failed to keep pace with the increase in production, with relative gains of 5.8 per cent for employment and 17.6 per cent for production, in December over a year earlier. Thus far the dominion government has taken no effective steps to meet this situation. The new year, however, presents definitely improved prospects in many lines and general betterment in world trade, aided to some extent by the new tariff arrangements, should help to accelerate the rate of Canadian recovery. The longterm trend in the dominion is upon a more rapidly rising scale than that in the United States, although 1936 prospects appear to be more favorable here than in Canada. two locallsusiness BUILDINGS ARE LEASED Indianapolis Hosiery Cos. Acquires Space on S. Meridian-st. Two downtown business buildings located in the 10G and 200 block S. Meridian-st have been leased by Indianapolis firms, according to Edward Barker & Son, local realtors. Both leases were made for long terms. A five-story and basement building at the southwest corner of Meridian and Gcorgia-sts has been rented by the Indianapolis Hosiery Cos., now located at 257 S. Meridianst, for a term of five years. The building, which is being remodeled, is owned by the McKee Realty Cos. Philip Kafoure, owner of the Hosiery Cos., said that alterations would be completed soon. A three-story and basement building at 107 S. Meridian-st has been acquired by the State Wall Paper and Paint Cos. The company recently moved into the new quarters from the building leased by the Hosiery Cos. The building is owned by W. J. Holliday and Henry W. Bennett, both of Indianapolis.

BANK CLEARINGS RISE SHARPLY DURING WEEK Increase of 20.5 Per Cent Shown Over Same Period of 1935. Times Special NEW YORK, Feb. B.— Total bank clearings reported by 22 leading cities in the United States for the week ended Feb. 5 amounted to $5,912,328,000, the highest weekly total since Jan. 8, Dun & Bradstreet, Inc., announced today. Compared with the same week a year ago when clearings aggregated $4,905,008,000, the latest total showed an increase of 20.5 per cent. In the previous week the gain was only 3.0 per cent over the same period a year ago. Clearings in New York City increased 22.2 per cent over the same week of 1935. The total for centers outside of New York aggregated $1,878,988,000, an increase of 17.1 per cent from last year’s total. Gains were reported at all centers, with the exception of Cincinnati and Louisville. Substantial increases were shown at Boston, Philadelphia. Buffalo, Pittsburgh, Cleveland, Detroit and Chicago. BUSINESS FAILURES . DROP DURING WEEK Dun & Bradstreet Reports Total at 220 for Last Period. Times Special NEW YORK, Feb. B.—' The total number of business failures in the United States during the week ended Jan. 30 amounted to 220, compared with 246 in the preceding week, Dun & Bradstreet, Inc., announced today. The cumulative total for the surrent year to date is 1175. As usual, approximately two-thirds of the failures appeared in the retail group. Os the various trade groups, manufacturing insolvencies were slightly below the average for the last five weeks. The lower trend also characterized failures in the retail construction and commercial service groups, the most notable decline appearing among retailers. In the wholesale division failures were slightly above the average. LOANS For Modernization. For a New Home. THE RAILROADMEN’S BLDG. & SAVINGS ASSN, BWIiIHMKMWMMIMBCTBMMMr Buy Building & Loan Shares Your Money Stays Here, Works Here—Earns Here