Indianapolis Times, Volume 47, Number 288, Indianapolis, Marion County, 10 February 1936 — Page 11

Trends President’s Act On Credits Is LongOverdue. BY JOHN T. FLYNN

NEW YORK, Feb. 10.—Washington and the country are stirred by a headline announcing that the President has canceled unused credits amounting to a billion dollars. This is merely a longoverdue act of the executive. It has nothing to do with economy. So much has

been said of gov e r n m e n t spending that we have overlooked government lending a little. All the money laid out by Uncle Sam in the Roosevelt re c o very drive was not spent outright. Avery large amount was lent either to states or municipaliti e s or to railroads, home owners, far m e rs,

Flynn

mortgage companies and others. In the last two and half years—since July 1, 1933—under the Roosevelt budgets emergency expenditures have amounted to roughly $9,600,000,000. But if the government had limited itself to relief and work expenditures—to aid the unemployed and produce work—it would have spent only about half that much. nun A N IMMENSE amount of the total was lent to various groups. The greatest lender has been the RFC, which has bought stock in shaky banks, made loans to banks, lent hundreds of millions to railroads. The Commodity Credit Corp. has lent money to farmers. And there are other lending agencies. Some of these agencies have not lent all the money they had. Others have gotten repayments of some of the funds lent. Hence large sums or at least large credits appear to the account of these agencies. The RFC has in unexpended finds as of Jan. 31, $1,670,000,000. Various other agencies have large sums available which they have not yet spent—agencies which are not lending agencies, like the Work3 Progress Administration, which at the end of January had a credit of $916,000,000. a tt A LL that the President has done is to recognize that these lending agencies do not need all the funds allocated to them. And so he is reducing their credits by a billion dollars. The lending practices of the government should have come to an end long ago. The continuance of loans to railroads and other private groups to carry on private business is indefensible, particularly when the loans are made, as many have been, to brace up crumbling capital structures. The announcement, made with a flourish, may give an impression that the President is becoming economy-minded, that he is preparing to pull in his oars in the field of spending, that, in matters of finance, he is veering strongly to the right. But in effect it merely means that some of these lending institutions will have a billion dollars less to lend, which is unimportant since they have not drawn upon these excess resources anyhow in some time. (Copyright, 1936, by NEA Service, Inc.)

CAR, TRUCK OUTPUT OFF Production Is Estimated at 6H,876 Units for Last Week. By United Press DETROIT. Feb. 10.—Last week’s production of passenger automobiles and trucks in the United States and Canada decreased sharply to a total of 69.876 units, compared with 85,790 last week, according to Cram's weekly report today. A year ago 78.453 units were produced in the corresponding week. Production and retail deliveries have been greatly affected by the unusual weather conditions, the report stated. On Commission Row (Quotations t*>!ow subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUtTS—Strawberries: Florida, pint, TOc: 36-pint crate, 19c. Cranberries, C. C. Howes. Eatmores. 25-!b. box. $3. Pears: Washington D'Anjo tlOOs boxi. 53.25; Washington Bose <IOO-120s). 53.25: California Avacado (300-245). 53.50. Grapes: F.xtra Fancy Emperors 134-lb. sawdust chest), 33.50. Limes: Mexican icarton Us), 25c: Persian seedless (doz). 45c. Pates: Fresh Arizona, $1.50. Bananas, seven hands, pound. sc. Apples: Delicious • fancy baskets). *1.75: Jonathans, *1.50: Grimes Golden. *1.25. Rome Beauty, 5i.65. Lemons: Sunkist *36os). *6. Grapefruit: Texas seedless <s4s-96st, *3.50; Arizona Sunkist 180s\. *3. Tangerines, Florida (120s. M4s 168s), *1.75. VEGETABLES Artichokes. California fdoz.). *1.25. Beans, green, round strtngiess (hamper). *3.25. Beets: Texas (3 doz. crate). *1.50: cut offs tbu.), *1 Brustels Sprouts. California louartL 20c. Cabage, New York Danish (50-lb. bag', 90c; New Texas (crate). $1.50. Red cabbage (50-lb. bag), *2: Carrots. California (6-do t. crßte). *3.25: Texas 13's-doz. crate). *1.75: 'bushel). *1.50. Cauliflower, California (12s crate). *1.75. Celerv Florida washed and trimmed <doz.), one® *1 05: Florida (4s. 6s. Bs. 10s crate), 53.85. Cucumbers, hothouse tdoz.). *1.35; southern .bushel), *6 Egg Plant. Florida (doz), *1 50. Kale (Virginia btishe), 90c. Lettuce. Iceberg Arizona (best 4s. ss). $3 25; home grown leaf (15-lb baskets). $1.15. Endive. California idoz.'. 90c, Penpers. mangoes (rraie). *5. peck basket. *l4O- (doe). 500 Mint. hothouse (doz), 75c. Mushrooms (pound) 30c Mustard. Texas (bushels). *1 35 Onions —lndiana vellow .50-lb. bag) *1 35- Indiana yellow (10-lb. hag). 28c: Western Spanish (50-lb. bag). *1.75: Ovster plant, home grown idoz.) 40r. Parslev southern (long bunches dox.t. 50c Parsnios. home gtown washed (bushel). *1; ihalf-bu'hel) 60c Peas. Florida ihamoer). *3. Potatoes. M) hfcran Round White (100-lb bag) *190; Maine Green Mountains (100-lb bag). *250; R R Earlv OMos (100-lb. beg), s?■ R R. Cohb’ers 1100-lb. bag) *2Idaho Russets (ino-lb. bag *3 50- Idaho bakers *K*. Col. McClures (100lb. bag). $2 25: New Texas Triumphs (50lb. bag). *2.15. Sweet potatoes. Indiana Jerseys (Is bushel. *1.50; mediums (bushel), *1: Tennessee Nancy Halls (hamper). *1 15: Southern Porto Ricans (btlshel crate), *1 50. Radishes, home grown buttons (doz ). 45c: white, 40c Bhubarb. hothouse (bunch). 50c. Rutabagas, northern (50-lb. bag) 85c. Sage (doz). 45c Shallots. Louisiana (doz). 45c Spinach. New Texas 'bushel'. *1.15 Tuhnips horn* grown washed (bushel) *l5O Tomato*'., repacked (10-lb. box). $140; original Cubtn <3O-lb. lug). *3. SEAT SELLS AT $173,000 Times Special • NEW YORK. Feb. 10 —Sale of a New York Stock Exchange membership for $173,000 was made public today. The price was unchany.*, from the previous transaction.

MASS OUTPUT SEEN SOLVING U. S.HOUSING Modernization of Building Industry Is Viewed Essential. BY DANIEL M. KIDNEY Times Staff Writer WASHINGTON, Feb. B.—Modernization of the building industry to make mass production homes possible at a cost of around S2OOO is the answer to the housing problem, Jesse T. Hadley contends in The Consumer, official publication of the Consumers Division of the Labor Department. Unless building methods are completely revolutionized, he warns, the government must grant subsidies to make home ownership accessible to 75 per cent of the people. Mr. Hadley represented the consumer in formulating the construction code under NRA. He is considered an authority on home construction. 1935 Total at 75,000 Units “Those most in need of decent houses can not afford to build them,” he writes. “There was more building in 1935 than any time since 1931 and yet the total number of new residential units built in this ‘boom’ year will not exceed, 75,000, while to meet our immediate needs of replacing those unfit for human habitation we should build 1,000,000 houses. “The truth is that we are not ble to build new dwellings for more than the upper, high income, one-fourth of our population. “In the Anal analysis, houses can only be built as cheaply as our construction industry can build them regardless of whether it is done by private capital or by government; the only difference being that in the latter case low-cost housing can be supplied at the expense of heavy subsidies —a less satisfactory expedient.” Management Costs Too High “The waste of materials in constructing dwellings is notorious,” he asserts. “The average contractor will allow about 10 per cent of his cost to cover the item of waste. . . . "The high cost and waste of material is again increased by the excessive costs of management. Each building is erected by a number of contractors and subcontractors, each of whom maintains the overhead expense of a separate organization. “In bidding, each contractor figures the cost of materials and adds 10 per cent for waste, calculates labor cost and overhead, and adds a percentage of the total for profit. All of the subcontracting bids, plus the work to be done by the general contractor with his own force, plus his overhead, his calculations for waste and error and a percentage of the total for profits, results in the pyramiding of percentages in the price quoted the buyer.”

STOCK MARKET WEEK IN REVIEW

By United Press NEW YORK, Feb. 10.—Stocks rose to new highs since 1931 last week, while the average for 40 representative bonds made a record high, the dollar regained its equilibrium after a sinking spell, and commodities eased off in the average. Business indices continued to make a favorable showing. Gains were noted in car loadings, electricity output, steel production and bank clearings. Automobile production declined. During the week there was a turnabout in the gold stream that had brought gold holdings of the United Scales to a record high at $10,172,000,000. Shipments were made to France and Holland of more than $15,000,000. Then the dollar advanced to where gold export no longer would be profitable. Bankers believed the movement would not continue because of the inherent weakness of the franc and the strength of the dollar. Chrysler Hits Stride Less was heard of inflation but the stock market continually advanced. United States government bonds rallied as the Administration gave the impression it would adhere to orthodot principles in its financial operations. The Chrysler Corp. report for 1935 revealed a record net profit of $8.07 a share, and directors declared a $1 dividend, a record high payment. The stock crossed 95 for the first time since 1929 and then ran into profit-taking. Disappointing to the automobile industry and traders were the decision of General Motors directors in ordering the regular dividend when an extra had been anticipated, and a sharp decline in output. General Motors stock declined on the week although most other motor shares were higher. Wire Issues Sensational Falling off in orders from the automobile industry were more than made up by railroads and the steel industry registered another gain in output. Steel shares, however, were little better than firm. Communications issues were sensational performers. American Telephone & Telegraph and Western Union each gained 8 points or more for the week. Investment buying was heavy in the issues as reports came of higher earnings. There were good gains by some other blue chips in the oil, utility and railroad divisions. However, toward the end of the week the leadership of the market in point of volume went to such low-grade issues as Seaboard Air Line, Packard, General Gas & Electric and a long list of coal company stocks. STORE SALES INCREASE Times Special NEW YORK. Feb. 10.—’Total sales of department stores in the metropolitan district during January showed an increase of between 8 and 10 per cent over the corre;Oonding period of 1935, the Federal Reserve Bank reported today.

Abreast of The Times on Finance

pf*£iMT Employment Payrolls IJAMMHLMffEffyiIWB loo |%LJ 1 111 |" 1 I | l ) 1 l l'' | l ‘"I"" 1 l' l " 90 o V\. * s, • K 1 / "y!T 5 eo 1 1 50 lIIH||IHHIM / PERCENT

Employment in manufacturing industries fell to 84.6 per cent of the 1923-25 average in December from 84.8 per cent in November. The December decline, however, wa sless than seasonal, and the adjusted index advanced one point to 85.4 per cent. There was an increase in the percentage of full time operated and also an increase in wage rates during December, which resulted in an increase in pay rolls to 76.6 per cent of the 1923-25 average from 74.5 per cent in November. Thus increase was contrary to the normal seasonal tendency; the adjusted index rose to 77.1 per cent of the 1923-25 average.

New York Stock Exchange Prices

(By Thomson & McKinnon) 11:50 A. M. Prev. Oils— High. Low. N. V. close. Amerada 84 84 84 83 Atl Rfg 32% 32% 32% 32% Barnsdall 17% 17*4 17 s /* 17% Consol Oil 14% 14% 14% 14% Cont of Del .... 37*4 371/2 37*4 37% Houston (new) . 10% 10*4 10V 2 10% Mid Cont Pet .. 21% 21% 21V* 21% Ohio Oil 16% 16% 16% 16% Pet Corp 16’/a 16V 2 16y 2 16% Phillips Pet 45 44% 44% 45V* Plymouth Oil .. 14% 14'/2 14Va 14Va Pure Oil 20% 20% 10 >4 20 Shell Un 17% 17% 17% 17 Vi Skelley Oil 26% 26% 26% 27 Soc Vac 16% 16% 16% 16>/ 2 SO of Cal 47% 47V* 47% 47% SO of Ind 39 V* 39% 39% 39% SOof N J .... 59% 59V* 59% 59V* Texas Corp 33% 33% 33 V* 33% Tidewater Assn . 18% 18 18’/* 18% Un Oil of Cal .. 28Vi 28 28 28% Steels— Acme Steel 73 73 73 72% Am Roll Mills .. 31% 31% 31% 31% Beth Steel 54 53% 53 53% Byers AM 23% 23 23'/a 23 % Ludlum Steel ... 29 28% 29 28% McKeesport Tin 114 114 114 114% Mid Steel 24% 24% 24% 24 Natl Steel 70 69 70 69% Otis Steel 16% 16% 16% 16% Rep Irn & Steel 22% 22%' 22 % 22 V* U S Pipe & Pdy. 35 34% 35 34% U S Steel ... 52% 51% 52% 51% U S Steel pfd... 121% 121% 121% 121 Warren Bros .. 6% 6% 6% 6% Youngstn S& T 49% 48% 49% 47% Motors— Auburn 47% 47% 47V* 48 Chrysler 94% 94% 94% 95 Gen Motors 57% 57% 57% 57% Graham Mot ... 3% 3% 3% 3% Hudson 15% 15% 15V* 15V* Hupo 2% 2% 2% 2% Mack Truck 34% 34*'. 34% 34% Nash 17% 17% 17% 17% Packard 8% 8% 8% 8% Reo 6’% 6% 6% 6% Studebaker 10 10 10 10 Yellow Truck .. 15% 15% 15% 15% Motor Access— Bendix 24 23% 23% 23% Bohn Alum 58% 57 % 57% 58 Borg Warner ... 72 72 72 72% Briggs 53% 53% 53% 53% Budd Mfg 10% 10% 10% 10 Dudd Wheel 12% 12% 12% 12% Eaton Mfg ... 28 s ,* 28% 28% 28% Elec Auto Lite.. 39% 39% 39% 39% Elec Stor Bat... 52 52 52 52% Houdaille 29 % 29 29 29% Murray Body ... 19V* 19 19 19V* Stew Warner ... 20% 20% 20% 20% Timken Roll ... 70% 70V* 70% 70% Mining— Am Smelt 62% 62% 62% 62% Anaconda 30% 30% 30% 30% Cal & Hecla, .... 7% 7% 7% 7% Dome Mines ... 49 49 49 48% Granby 10% 10 10% 10 Gt Nor Ore ... 16% 16% 16% 16% Homestake Min.s3B 538 538 538 Howe Sound 54% 54% 54% 54 Ins Copper 7% 7’% 7% 7% int Nickel 48% 48% 48% 48% Kennecott Cop.. 34% 34% 34% 33% Mclntyre Mine.. 45% 45% 45% '45% Park Utah 4% 4% 4% 4% Phelps Dodge .. 33% 33% 33V* 34% St Joe Lead .... 28% 28V* 28V* 27% Vanadium 24'% 24% 24*% 24V* Amusements— Fox Theat 24% 24% 24% 26% Loews Inc 51% 51% 51% 51% Radio Corp 12 11% 11% 12 RKO 7% 7% 7% 7% Warner Bros ... 13 .13 13 12% Tobaccos— Am Tobacco ‘8’.101% 101% 101% 102 Gen Cigars 56% 56% 56% 56% Lorillard 25 25 25 25 Phillip Morris 70 70 70 70% Reynolds Tob ‘B’ 58% 58% 58% 58% Rails— Atchison 74% 74 74 74 Atl Coast Lines. 32 32 32 32% B&O 19% 19% 19% 191/2 Can Pacific 13 12% 12% 12V* Ch & Ohio 58% 58% 58% 58% Chi & Gt W ... 2% 2% 2% 2 s /* Chi & Gt W pfd 8 8 8 8 CM& St P • . 2% 2% 2% 2% CM& St P pfd. 51/2 5% 5% 5% Chi N W 4% 41/4 4V 41/4 Dela & Hud .... 48V* 47% 48 47*4 Del Lac &W. .. IBV4 18 18*4 18 Gt Northern pfd 36 35% 36 35% 111 Central 23% 23% 23% 24 K C Sou 17% 17% 17 s /* 17% Lehigh Valley .. 10% 10% 10% 10% Mo Pac • 3% 3% 3% 3% Mo Pac pfd 7V* 7% 7V* 7% N Y Cent 35*4 35% 35% 35% N Y New Haven 5% 5% 5% 5*4 Penn R R 35*4 35 35% 35V* Reading 43% 43% 43% 43% Sou Pac 31*4 31 31V* 31 Sou R R 15% 15% 15% 15% Union Pac .....125 125 125 124 West Maryland . 10% 10% 10% 10% Equipments— Am Car & Fdy . 36% 36% 36% 36% Am Loco 29% 29% 29% 291* Am Steel Fdy .. 29% 29% 29V* 28% Bald Loco 5% 5*2 5*4 5% Gen Elec 39% 39% 39V* 39% Gen R R Sig ... 48 48 48 48 Pullman Inc ... 45*4 48% 48V* 45 West Air Br ... 40 39% 39% 40 Westingh Elec ..121 120% 120'/* 120% Utilities— Am & For Pwr 8% 8% 8% B*/* Am Power & Lit 10 10 10 9% AT&T 170 170 170 169% Am Wat Wks .. 22% 22% 22% 22*4 Col Gas & Elec. 16 s * 16'* 16% 16*i Comm & Sou .. 4% 4% 4*4 4% Consol Gas ... 35% 35 35*4 34% Elec Pwr & Lit . 10% 10% 10*/ 2 10*4 Int Hydro Elec.. 4% 4% 4% 4% Int. TANARUS& T .. 17% 1714 17% 17*4 Nat Pwr & Lit.. 12 12 12 12 North Amer 29* ■ 29 29 28% Pub Serv N J ... 47% 47% 47% 47 So Cal Edison . 27% 27% 27% 27% Stone & Webster 17% 17% 17% 17V* United Corp 8% 8 8 7% Un Gas Imp. . 18% 18% 18% 18% Ut Pwr &Lt (A) 4% 4 s * 4% 4% Western Union. 86% 85% 86 85*4 Rubbers— Firestone 32% 32% 32% 33 Goodrich 20% 19% 20*4 20*4 U S Rubber 19% 19% 19% 20 U S Rubber pfd.. 63V* 63 63 63 Miscellaneous— Allis Chalmers .. 45** 45 45 44% Burroughs Add.. 31 31 31 31V4 Conti Can 78*4 78 78% 78% Caterpillar Tract 68% 68% 68% 68% Crown Cork .... 52% 52 V* 52 V* 52 V* Curtis Pub 20% 20% 201* 21 Deere & Cos . 73 72 s * 73 72% Eastman Kodak 156*4 156*2 156% 157 Gillette 17*4 17% 17% 17% Glidden 49 48% 48% 49 s * Inter Harv 67*4 67 67 66% Natl Cash Reg . 28% 28% 28% 28% Owens Bottle .145 145 145 145 Rem Rand ..... 21% 21% 21% 21% Worth Pmp ... 32 '2 32V 2 32% 32*4 Foods— Armour 6% 6*2 6% 6*4 Borden Prod 29’* 29% 29 s * 29% Can Dry G Ale.. 15V4 14% 15% 15 Coca Cola 93% 92*2 92% 92 Cont Bak “A”.. 13 12% 13 13% Cuban Am Sug. 11% 11 11% 11 Gen Foods .... 33% 33% 33 s * 33% Gold Dust 19% 19% 19% 19% G W Sugar 33 33 33 33 Natl Biscuit .... 33% 33% 33% 33% Nat D Prod 22% 22% 22% 22% S Porto Rico Sug 30% 30 s * 30 s * 31‘* Std Brands .... 15% 15% 15 s * 15% Un Biscuit .... 25% 25% 25% 26 United Fruit ... 76*2 76% 76% 76% Wrigley 78% 79 s * 79% 78% Retail Stores— Allie Stores 7% 7% 7% 7% Best & Cos 49 s * 49 s * 49 s * 50 Gimbel Bros ... 7 s * 7 s * 7% 7% Kresge S S .... 24% 24% 24% 24% Kroger Groc.. S.i 25 s * 25% 26’* Macv R H *6 46 46 46% McCrory St ... 14% 14% 14% 14V* McLellan St . 14% 14% 14** 14 Marshall Field 11% 11% 11% 11% Mont Ward .. 39'* 39% 39% 39% Penney J C 76'* 76 76% 76% Sears Roebuck. 64% 64% 64% 64% Woolworth ... 54 53% 53% 54% Aviation— Aviation Corp 6 6 6 8 Boeing Aircft.. 24% 24% 24*4 24% Curtiss: Wrgt 4% 4% 4% 4% Curtiss Wrt "A” 14% 14 14% 14 Donuglae Air ... 89% 69 69 & 70 Nor Am Av.... ft $ • 7%

MONDAY, FEBRUARY 10, 1936

Sperry Corp... 21% 21% 21% 21% Un Aircraft new 29% 29% 29% 29% Chemicals— Air Reduction 192 192 192 192 >/ 2 Allied Chem ...163'/* 163'/* 163*/* 162*/ 2 Col Carbon • • •*. • • 106 Com Solvents.. 20% 2(7*4 20% 20% Freeport Tex.. 33V* 33 33 33% Math Alkali... 32% 32% 32% 32% Natl Dis (new) 29 28 7 / 29 28V* Schenley Dist. 46 46 46 46*4 Tex Gulf Sulph 38 38 38 38*4 Union Carbide 78 77 % 78 77% U S Ind Alcohol 41V* 40V* 4074 40% Drugs— Coty Inc 6V* 6'/* 6V* 6V Lehn & Fink 14V* 14V* 14% 14V* Un Drug (new).. 15Vi 15% 15% 15% Vick Chem 87* 8% 8% 45*/* Financial— Adams Exp 12V* 12V* 12V* 12% Am Int Corp ... 12V* 12*4 12'/* 12 Chesa Corp 72 72 72 72 Lehman Corp .. 98* i 98% 98% 98 Transamerica .. 13*4 13*4 13*/4 13'/* Chicago Stocks (By Abbott, Proctor & Paine) 11:00 Prev. A. M. Close. Allied Prod 25 24% Berghoff 8 7% Butler 9 V* 9 Chicago Corp 5% 5% Cities Service 6% 5% Com Edison 104% 104*4 Conti Steel 4040% Cord 67* 67'* Crane 28 28*4 Gen House 3% 3*4 Grt Lakes Dredge 29 29*4 Iron Fireman 30% 30 Lynch Corp 48% 49 V* Noblitt Sparks 34 33% Quaker Oats 136 135% Swift 24*.4 23V* Zenith 14% 1474 New York Curb (By Abbott, Proctor & Paine) 11:30 A. M. Prev. N. Y. close. Alum Cos of Am 100*4 101 Am Cyanide "B” 35 35 Am Superpower 3% 3*4 Atlas Corp . . 14’/* 14*4 Axton Fisher Tob 55 55*4 Can Indus Ale “A” 11% 11% Carrier Corp 11*4 H% El Bond & Share .... 1874 18% Fisk Rubber 8% 8% Ford of Can “A" 25*4 25% Ford of Europe B*4 8% Nia Hud Pwr 10% 10% Pan Am Airways 52 52% Penn Road 5V* 5% Stutz 2V4 ... ' Unlisted Stocks (By Blyfh & Cos.) NEW YORK BANK STOCKS , Bid. Ask. Bankers’ Trust 64*4 66*4 Central Hanover B & T 115% 117% Chase 40*/* 41% Chemical National 56 57% Guaranty 296 299*4 Irving 17% 18% Manufacturers 46% 48*4 National City 36% 38% Cont 111 Chicago 133*4 135% First National Boston 47% 49% National Shawmut 2774 29% FIRE INSURANCE Aetna Fire 63 65*4 American Ins of Newark 18V* 19% Baltimore American 9% 11*4 City of New York 31 33*4 Federal Ins ill 116*4 Franklin Fire 33% 35*4 Great American Ins 32% 34*4 Hanover Fire Ins 40 41% Hartford Fire Ins 87*4 89% Home Ins 39% 41 Ins Cos of N * 82*4 84% National Tire 86*4 88% National Liberty 11 12*4 North River Iris 29% 31*4 Phoenix 102 105*4 U S Fire 59 61 Westchester Fire 39% 42

Money and Exchange TREASURY STATEMENT (By United Press) WASHINGTON. Feb. 10.—Government expenses and receipts for the current fiscal year to Feb. 7, as compared with a year ago: Thic Vpar I .act Vpar Expenses. *4.417.883.128.05 *4.184,964,542.28 Receipts.. 2.193,509.600.28 2,135.505,190.48 Deficit 2.224.373.527.77 2.049.459.351.80 Cash bal.. 1.918.912,785.06 2.234.127,601.36 Local Livestock HOGS Feb. Bulk. Top. Receipts. 4. $10.750110.85 $10.85 4000 5. 10.9005:11.00 11.00 3000 6. 10.70(0)10.80 10.80 5000 7. 10.600510.70 10.70 5000 8. 10.750510.85 10.85 1000 10. [email protected] 11.15 3000 Light Lights. (140-160) Good and choice. *10.250510.85 Medium 9.85(310.50 (160-180, Good and choice.. 10.8505 11,15 Medium 10.25® 10.85 (180-200) Good and choice . 11.0505 11.15 Medium 10.50®11.05 (200-220) Good and choice.. 11.050511.15 (220-250) Good and choice.. 10.8505 11.05 Heavyweights. 1250-2901 Good and choice.. 10.50® 10.85 (290-350) Good and choice.. 10.00(2,10.50 Packing Sows. (275-350) Good 9.25® 9.50 (350-425) Good 9.00® 9.35 (425-550) Good 8.90® 9.15 (275-350) Medium 8.75® 9.00 Slaughter Pigs. (100-140) Good and choice.. 9.75®10.25 Medium . [email protected] CATTLE —Receipts, 1000— (500-900) Choice $ 9.75®11.50 Good B.oo@ 10.50 Medium 6.50® 8.25 Common 5.00® 6.50 (900-1100) Choice 10.75® 12.25 Good 8.50®11.00 Medium 6.75® 8.50 Common 5.25® 6.75 (1100-1300) Choice 11.255T2.50 Good 8.75®11.25 Medium 7.00® 8.75 (1300-1500) Choice 11.50®12.50 Good 8.75® 11.50 Heifers (500-750) Choice 8.75® 9.75 Good 7.25® 8.75 Common and medium 4.50® 7.25 (750-900) Good and choice... 7.50® 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® 5.75 Low cutter and cutter 3.50® 5.00 Bulls, good 6.50® 7.25 Cutter, com. and med. bulls.. 2.50® 6.50 VEALERS —Receipts, 300— Good and choice $12.00® 12.50 Medium 9.50® 12.00 Cull and common 5.50® 9.50 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 (800-10501 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. 1500— Lambs. 90-lbs. down, good and choice $10.50® 10.75 Good 10.25® 10 50 Medium 9 50® 10.25 Common 7.25® 9.50 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

Tr Conti Corp .. 11*4 11*4 11*4 11*4 Building— Am Radiator ... 234 23*4 23*4 23% Gen Asphalt ... 33*2 33% 33*4 33% Holland Furnace 41% 41*4 41 % 41 Libby Owens Gls 56% 56% 56% 56% Otis Elev 26 26 26 26 Household— Col Pal Peet ... 20V* 19% 20V* 19% Congoleum 41V* 41% 41% 41% Kelvinator 18% 18% 18% 18% Servel Inc 19% 19% 19% 19*4 Simmons Bed .. 24 24 24 24*4 Textiles— Belding Hem ... 14V* 14V* 14V* 14% Celanese Corp... 28% 28% 28% 29*4 Collins Aikman.. 47% 47% 47% 47% Indus Rayon ... 30*4 30 30 30% Kayser Julius .. 32% 32% 32*4 32*4 Real Silk 14% 14% 14% 14*4 Chicago Grain Futures (By J. uifcs E. Bennett & Cos.) 11:00 Prev. Wheat— High. Low. A. M. Close. May 98V* .97% .9774 .98*4 July 89% .887* .89 .88*/* Sept 88*4 .88 ,88 V* .88*4 Corn— May .60*4 . 60*4 .60% .60*4 July 60% .60*2 .60% .60V* Sept 61 .60% .61 ,60V* Oats— May 28% .28*4 .28*4 .28% Sept 27% .27% .27% .27% Rye— May 57% .57*4 .57% ,57V* July 56V* .55% .56’/* .56 Sept 56 .56 .56 .56*4 LOCAL CASH MARKET City grain elevators are paying 93 cents for No. 2 soft wheat. Other eradee on their merits. Cash corn new No. 4 yellow 50 cents and oats 21 cents. Produce Markets The prices quoted are paid for stock gathered in the country, while delivered in Indianapolis the price is a cent higher. Heavy breed hens, 18c; Leghorn breed hens, 13c: Leghorn springers, I2c; old stags. 13c: old cocks, 9c. Ducks, white. 5 lbs. and over, 11c; geese, full feathered, all sizes, 10c; all guineas, I*4 lbs. and up, 15c: No. 1 strictlv fresh eggs, loss off, 23c. Each full case must weigh 55 lbs. gross, a deduction of 10 cents a pound under 55 lbs. will be made. No. 1 butter, 39(5>40c; No. 2, 36®37c. * Butterfat, 34c. Quoted by the Wadley Cos. (By United Press) CHICAGO, Feb. 10.—Eggs—Market firm; receipts, 8105 cases; fresh graded firsts, 27‘4c; extra firsts, 27*4c; current receipts, 27c; dirties, 24c; checks. 21 Vic. ButterMarket firm; receipts, 7165 tubs; extra firsts (90-91*4 score), 34‘4@34%c; extras (92 score), 3574 c; firsts (88-89*4 score), 3*/ 2 @34c; seconds (86-87*4 score), 32%c; specials, 35%@36*/4c; standards, 35c. Poultry—Market steady; receipts, 4 trucks, 1 car due; ducks, 17 1 4@22*4c; geese, 18c; spring chickens, 24@25c; hens, 18@23*4c; turkeys, 20@23c; capons, 25@26c; Leghorn hens, 14@19c; old roosters, 17c; broilers, 23’4(5!25c. Dressed Poultry Turkeys, young toms. 27c; young hens, 27c; capons, 27@30c. Cheese —Twins. 15(ffT5*4c; Daisies, 15% @ 16c; Longhorns, 15%@16c. Potatoes —Supply very light; practically no early trading because of cold weather; market firm. Idaho Russet Burbanks, [email protected]; North Dakota Bliss Triumphs, $1.40; Colorado McClures, $1.65@1/70; Nebraska Bliss Triumphs. [email protected]. Arrivals 64, on track 99, shipments 640 (Saturday), 42 (Sunday).

STANDARD LIFE GO. ENDS FINANCE STEP Firm Announces Sale of All Capital Stock. Sale of all of the 10,000 shares of authorized capital stock of the Standard Life Insurance Cos., Indianapolis, completing the original financing program of the company,

was announced today by Harry G. Leslie, president. The firm, formed less than a year ago, has made outstanding accomplishments in the insurance field throughout the state. Head offices of the company have been moved to the second floor

iIPL km

Leslie

of the Guaranty Building. This move was necessary after the sharp increase in the company’s business, Mr. Leslie explained. The firm wrote its first life insurance policy in May, 1935. Other officers of the local firm are: Floyd E. Williamson, vice president; John W. Cherry, vice president; George F. Flagg, secretary; E. J. Barker, treasurer, and Arthur H. Wyatt, investment counselor and director of sales.

M’COTTER NAMED HEAD OF INSURANCE UNION Mutual Group Holds Fortieth Annual Meeting. Gage McCotter today assumed his duties as president of the Mutual Insurance Companies Union of Indiana, following his election at the fortieth annual meeting of the union at the Claypool last week-end. Mr. McCotter, who is also secretary of the Grain Dealers National Mutual Fire Insurance Cos., heads the new list of officers composed of Artemus H. Myers, vice president, and Mrs. Glenna Watkins, secretarytreasurer. New directors are Fred Billes, Judson; Howard Uphaus, Richmond; W. E. Clark, Fort Wayne; Carl Russel, Mount Vernon, and Cure en Learning. Romney. D. W. Biddle, Remington, is the retiring president. LOANS REPAIRS | AND NEW HOME BUILDING See Your Local Building and Loan Assns.

PAGE 11

REAL ESTATE UPTURN SHUWN IN NEWREPORT Selling Prices Higher, in All Sections, Rents Iso Rise. Times Special CHICAGO. Feb. 10—Decided upturn for real estate in every section of the country, with earning power of existing buildings—index of real estate health—maesurably rising is reported in the twenty-sixth semiannual survey of the real estate market released today. The survey, covering 275 cities, is made by the National Association of Real Estate Boards from confidential reports by its local member boards. Dominance of the factor of favorable mortgage supply as affecting amount of new home building is a notable development, the survey finds. “People who are ready to build a house can in many communities get a mortgage loan at interest costs perhaps 1 per cent lower than last year, and on terms that enable them to take advantage of land prices before they rise further. In these communities new roofs are rising by the fifties, even the hundreds. “Many communities still report that only the borrower who needs no more than a 50 per cent loan finds any financing source open.” Principal Elements Listed Wide variations in degree of real estate’s recovery as between communities where distressed properties have been dumped and those where the market has had orderly management is also cited by the report. The following are principal elements of the market as shown in the 275 cities: 1. Real estate is selling at prices higher than a year ago in 60 per cent of the cities of the country. The rise has reached 82 per cent of the very largest cities. 2. Turnover is more rapid than a year ago in 91 per cent of all cities over the 100,000 population mark, and in 85 per cent of all cities surveyed, great and small. 3. Shortage of single-family dwellings exists in two out of every three cities reporting. 4. Rents—index of how close we are getting to any appreciable volume of new construction, are coming out of the sub-cellar. For apartments they are up 10 per cent over last year in approximately three out of every four cities reporting, and up 15 per cent in one-third of the cities. Business Property Higher They are rising in 76 per cent of all cities surveyed. But apartment rates even in major cities are still less than 60 per cent of the level prevailing in 1926. Detached houses, even more generally than apartment, show rents risen. They went up 10% or more in 83% of the cities and are up 15% in one out of every three cities. They ‘ are now within 20% of the 1926 level. Central business property is leasing at higher rates than a year ago in 54% of the cities, the first time in ten years of these semi-annual surveys that a majority of cities report such a trend. 5. Actual interest rates at which first mortgage loans on new moder-ate-priced hmoes are now commonly being made range as low as 5% in 14% of communities reporting. Six months ago only 2% of cities reported this rate as yet come into existence. No city of over 100,000 population, whatever its geographical section, now shows its common rate on first moregage home loans as over 7%

INSURANCE ASSETS UP $158,8699,000 IN 1935 Equitable Life Assurance Society Enjoys Record Year. Total assets of the Equitable Life Assurance Society of the United States for the year ended Dec. 31, 1935, were $1,816,170,000, an increase of $158,869,000, Caleb L. York, Indianapolis agency supervisor, revealed today. The formal statement was announced at a meeting of the executive committee in New York by Thomas I. Parkinson, president. This is the largest increase in assets for any year in history of the society, he said. Outstanding insurance of the society on Dec. 31 totaled $6,226,286,000, an increase of $83,128,000 for the year. Unassigned surplus showed an increase of $11,650,000, bringing it up to $54,799,000, it was reported. EMPLOYMENT GAINS Times Special CLEVELAND, Feb. 10.—January industrial employment in Cleveland, as guaged by the Chamber of Commerce index, showed increases over both December and January, 1935, it was reported today. Index figures for last month were 94.9, compared with 94.7 in the preceding month. H I I Kj I- MICHIGAN i 1 | *j ■JPtvTTJ 1 Medical Aru Building

Cotton Consumption Gains The New York Cotton Exchange Service today estimated December world consumption of American cotton at bales, versus 862,000 bales for the corresponding period a year ago.

OPPOSES FARM BILL

I gasp-.. \ 7

Among the leaders of Democratic criticism of the farm bill is Senator David Walsh (Mass.), who has branded the measure as “neither valid in law nor valid in economics and public policy.”

PUTATU PRICES, SHIPMENTS RISE Frost Damage Unsettles Market in Early February. Times Special WASHINGTON, Feb. 10.—Potato shipments, which were stimulated somewhat by higher prices at country shipping points, increased moderately during the initial part of February, the Department of Agriculture announced today. Carlot movements of onions and basket apples also increased during the first week. With Northern markets still under the winter influence, trading was light and slightly lower. The continued severe cold weather increased the cost and risk of deliveries in many sections. Considerable frost damage was reported at most points and the offering of partly frozen stick tended to unsettle the market for ether grades, the report stated. Carlots of produce sold slowly during the last week, but supplies on track were reduced and the general market trend was steady to firm with some price gains in potatoes, cabbage, lettuce and apples. Prices of sacked potatoes at midWestern and Eastern shipping points held recent gains, owing to light holdings and fairly good demand. Weather conditions at Michigan shipping points resulted in an advance of 15 cents, while similar action due to the same conditions was reported at many Eastern producing sections. Onion prices showed only a slight change, but sentiment was weaker due to incoming reports of larger stocks. The cabbage markets continued firm, owing to the interruptions in Southern shipments. Stimulated by an active demand, carrot prices also were firm. Price increases were scattered in the apple division, with markets for Illinois and Missouri grades displaying a slightly weaker trend. STEEL INDUSTRY TO SPEND $200,000,000 Modernization Programs Outlined by Various Mills. Times Special DEL MONTE, Cal., Feb. 10.—The steel industry is to spend approximately $200,000,000 for modernizing equipment and for new finishing capacity in 1936, Walter S. Tower, executive secretary of American Iron and Steel Institute, said today. “The expected outlay this year compares with $140,000,000 in 1935,” Mr. Tower said. “These expenditures will aid little or nothing to the capacity of the industry to produce raw steel. Practically every dollar is being spent to improve methods of manufacture and to make a better product for the customer.” According to Mr. Tower, employment in the steel industry has reached a figure approximating the totaal number of employes in the years of peak activity in 1928 and 1929.

"Announcement The original authorized 10,000 shares at Capital Stock of tha Standard Life Insurance Company of Indiana has been fully subscribed. This having been accomplished, good-will, stability and enduring good accrues to stockholder, policy* holder, and the institution alike. The confidence in the company by people of Indiana, is expressed, by a constantly increasing volume of life insurance being written, on the lives of representative citizens in all parts of the state. Future bid and ask quotations on the stock of Standard Life Insurance Cos. of Indiana may be obtained through the investment firm of Arthur H. Wyatt, Guaranty Bldg., Indianapolis. STANDARD LIFE INSURANCE CO. OF INDIANA OLD LINE LEGAL RESERVE LIFE COMPANY # HARRY G. LESLIE, PrttidtM EIGHTH FLOOR GUARANTY BUILDING • INDIANAPOLIS Unusual Opportunist An Os fund Competent Ufa Insurant UndarwrPart

SWINE VALUES RISE 30 TO 40 CENTSjT PENS Sharp Increase Carries Top Price to $11.15, Highest Since July, 1935. Extremely light shipments of hogs received at various terminals throughout the Midwestern district, comprising 11 markets, resulted in a sharp upturn in porker prices today at the Indianapolis Union Stockyards. Weights from 160 to 300 pounds were generally 30 to 40 cents higher than last week's close. Heavy butchers and underweights, less active, were largely 25 cents higher. Transportation facilities were hampered at practically all points by ice-covered highways. Most shipments were being received by rail. Today’s strong upward movement carried the top price for matured stock up to $11.15, anew high for the current year. This was the highest price paid for any classes of hogs since early July, 1935. Holdovers numbered 47. The bulk of 160 to 225 pounds sold at $11.05 to $11.15. Cattle, Veals Higher Medium heavy weights, scaling 225 to 250 pounds, brought $10.85 to $10.95, while extreme heavy butcher classes were salable at $9.80 to $10.20. Light slaughter pigs, from 140 to 160 pounds, ranged from $10.25 to $10.50. Others weighing, 100 to 140 pounds, sold at $9.75 to $lO. Good packing sows held at $8.75 to $9.25. The cattle market also was strong with steers around 25 cents higher, selling mostly under $lO. Two outstanding loads were valued at $13.50. Heifers were slow because of higher asking prices and the bulk was eligible under $7.50. Cows and bulls were steady. Receipts were 1000. With only approximately 300 calves on hand, the market was generally 50 cents higher. The bulk of good and choice kinds sold at sl2 to $12.50. Lamb prices increased 25 cents with the bulk of fed westerns salable at $10.75. Few native held up to $10.50, while slaughter sheep brought $3.25 to $5. Receipts numbered 1500. Other Livestock (By United Press) LAFAYETTE. Ind., Feb. 10.—Hogs—Market, 20/tf3sc higher; 170-210 lbs . $lO 804/ 10.90; 210-235 lbs., $10.654/ 10.75; 235-275 lbs., $10,354/10.55: 275-325 lbs.. $lO4/ 10 20; 100-170 lbs.. $9.754/10.25: roughs. $9.25 down. Calves, $11.50 down. Lambs, $lO down. FORT WAYNE. Ind.. Feb. 10.—Hogs— Market, 50c higher: 160-180 lbs.. $11; 180200 lbs., $10.90; 200-225 lbs., $10.80; 225250 lbs., $10.65; 250-275 lbs.. $10.55; 275300 lbs.. $10.40: 300-35 lbs., $10.’5; 140-160 lbs., $10.35; 120-140 lbs., $10.10; 100-120 lbs., $9.85; roughs, $8.75; stags. $7. Calves, sl2; lambs. $10.50 donw. DIRECTS KASTAN FIRM Regenstreif Article in Times in Error; Not With South Side. Isaac Regenstreif, who recently acquired the Kastan Bakery, 818 S. Meridian-st, is not now connected with the South Side Baking Cos., as was erroneously reported in The Times. Mr. Regenstreif will devote himself exclusively to operation of the old Kastan firm, now known as the Regen Baking Cos. After eight hours at the _ office Is your pep gone—energy dissipated? Maybe it's your chair? Switch to a Harter and find out. The Harter Posture Cheir is fitted to the worker by quick adjustments. You can relax —your body fully supported. Try e Harter for seven days FREE. Then decide. Cal) ur.i Hiller Office Supply Cos. 28 S. Penn St. Phone RI-1597 “If it's for the office, get it from Hiller.”