Indianapolis Times, Volume 47, Number 289, Indianapolis, Marion County, 11 February 1936 — Page 13

Trends V. S. Silver Policy Is Complete Failure. BY JOHN T. FLYNN

'VTEW YORK. F*b. 11.—In the midst of the war of words and decisions about so many New Deal plans, two • ■ its more or less famous instruments of recovery have been more or less forgotten. One is its gold plan or dollar devaluation. The other is its silver purchase plan. These two moves in the field of

money caused plenty of excitement at the time they were launched. The gold policy is probabjy due for a brief engagement in the spotlight soon when the whole subject of money sta - bilization is on the carpet. But what has become of the silver program ? Here is what has happened. In June, 1934, the President

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began his silver purchase plan under the law which he had just fathered. Its object was to raise the price of silver to aid the silverproducing states and to increase our foreign trade with China and other silver countries bv increasing the buying power of their money. Asa matter of fact, the principal object was to make a surrender to the silver states by boosting the price of one of their great commodities. n n n f I 'HE law required the Treasury to purchase silver .until the price reached *1.29 an ounce or until the Treasury’s stock of silver was equal to one-third the stock of gold. At the time the Treasury had *7,834.000,000 of gold. It had 696,000.000 ounces of silver worth $897,000,000. So it was clear that to bring its silver stocks up to onethird its gold stocks, the Treasury would have to buy at. least 1,330.000,000 ounces of silver. Now how far has it gotten with this? In the last 18 months the Treasury has bought 622,000,000 ounces of silver, spending $365,000,000. If our gold stocks had remained where ihey were, this would mean that thp Treasury was still short of silver some 706,000,000 ounces. But our gold stocks have increased. And now, inspite of these large purchases, the Treasury would still have, to buy about 1.100,000,000 ounces or almost as much as when/it started. nun "jIyTEANTIME the price was A pushed up to 65"* cents an ounce, or only about half the desired price, by Dec. 15. But since ihen it has declined. It was only 59 i cents by the middle of January and a day or two ago was only 44%, cents. The trade with China has not improved because Ci.ina, dominated j by British strategy, has abandoned I the silver standard and resorted to j a managed currency. And Mexico also abandoned the silver standard. The only result has been to make literally a free gift to the silver producers. And at the same time to stimulate production. For while in the year before the policy went into effect, silver production in America was 24,000,000 ounces, it was 45,000,000 last year. Thus the supply was increased, and hence a. further depressive force added.to the price. Something might be said for an international arrangement along rational lines to aid silver. Nothing can be said for action by the United States alone. The policy has been a complete failure. (Copyright. 1936. by NEA Service. Inc.) On Commission Row (Reprinted From Late Time* Yesterday) • Quotations below subject to change are sver'.te wholesale prices being offered to buv a bv local commission dealers.) Fi.'^lTS—Strawberries: Florida, pint. 50c: 36-ptnt crate. 19c Cranberries. C. C. Howes. Eatmores, 25-lb. box. $3 Pears: Washington D'Anjo ilrOs boxt. $3.25: Washington Bose (100-1 ’os> $3.25: California Avacado 1200-245), $3.50. GraDss: Extra Fancy Emperors < 34-lb. sawdust chest), $3.50. Limes: Mexican icarton 12si. 25c: Persian seedless (doz.). 45c. nates: Fresh Arizona, 51.50. Bananas, seven hands, pound. sc. Apples- Delicious -fancy baskets). 51.75: Jonathans. 51.50: Grimes Golden $1.25: Rome Beauty. 51.65. lemons: Sunkist -360s>. $6 GrapefruitTexas seedless <S4s-9s>. 53.50, Arizona Sunkist -80s). $3. Tangerines, Florida (130s 144s 1 fiSsi. $1.75. VEGETABLES Artichokes. California <doz ). 51.25 Beans gre*n round stringl*ss -hamper). $3.23. Beets: Texas (3 doz rrateV $1 SO- cat offs ibu). Si. Brussels Sprouts. California -ouart- 20c. Cabbage, New York Danish >SO-1* ba~t. 30e Nw Texas (crtei $1.50. Red rahbge -50-lb. bag). •$?: Carrots. CsMornta <6-doz. e-ate- 5315. Txas -3'.-dor rrafe). *1.75: -bushel) Skso Cauliflower California M3s rrate). $1.75. Celerv. Florida washed and tr-mrr-*d -doz). fine®* <1.05: Florida 4*. Ss. Bs. 10s cra-e). $3 85. Cucumbers, hothouse idoz.' $135: southern .bushe'l, $6. E-g Plant. Florida -dor). $1 50. Kale -Virginia bush-'. 00r. T Huce Iceberg Arizona -best 4s. ss) *3.3R; horn- erowo 'f (15-1* baske**st 15. Endive. California -do I '.' 90c Penpe's mar>ooes (c-ste). <5 p-ck basV't si.4o- (doz ). 50c. Mint, botho-’-e *ooz ). 7*-\ Mushrooms mo"ndt 30c M"strd. Tev-na ib-sh-ls) 5t.35 Onions —lndiana vellow -50-lh. bap- $1 35- Indiana yellow (10-lb h-TT- ?8o • Western Spanish (50-lh hag). SI 7S; Ovster n'ant. home grown -doz.). 40 r , p?r S i ev southern -lone hunches doz.). 50c Pa'srlns. ho—e oiown washed ihnshe 1 ). SI: -h*'<-bu'hel), fOc. Peas Flo-ida -hamner). S3 Potatoes MThi-an Bound White -100-lb. M-). si. 90; Maine Gren Mountains imn.tb bagi. *2.50: R F Farh- Ohios iIOO-'h. hag). s•>■ R. R, Conb’ers - 100-lh, hag- soTdho F-ssets (ieo-'b. bag s' 1 50: ld*h o hskers -70 box. <2 40- Cel. McClures iino. lb. hag). S' 1 25: New Texas Triumphs -50lh. bagl, 53.15. Sweet potatoes. Indiana Jerseys (Is b-'shel. $1.50; medm-s -bushel). $1; Teone'see Nancv Halls (hamper). $1.15: So>>*hero Porto Ricans (bushel orate). $1 50. Ttadishes. home crown buttons (doz.). 45-: white. 40c. Rhubarb, hothouse (hunoh' 50e R->ta-heg*. norther” -50-lb. bar) 85c. Sage (do*.) 45c Shallot* Louisiana (doz'. dsc Spinach. New Texas -huhel>. Sl.’S. T-jhnips home grown washed (bushel). *I.BO. Tomatoe* repacked (10-lb. host, $1 40; original Cuban -30-lb. ]ug> $3. ERriTS AND VEGETABLES -B” United Press' CHICAGO Feb. 11 —Apples—Michigan Mrln'osh bi’<h*l sii.4o. Carrots—lllinois bushel. 40-fi Sdo Sweet potatoes—Tennessee. hushi. 85-:i9oc. Rea ns--Florid a. hn*hel *2412 85 Cahhage—Seeks oer cwt.. *1 25®1 80 Peas__califor”ia. bushel himnere 50 Spi”ach—Texas, bushel. 75c •■*sl 25 Letfce—Western crates. 5 doz.. <7 25-572 *0 Cucumbers—Cuban, hushl. S7 @3' Celerv—Florida, crates, $3 so? 3.40 c< ower—Celifornia. orates. *V?S*M 5 Tor. 'a Mextoen lugs. *2/ , *-0 ,, 85 c*rit:. market i5-ib sacks)—Wgst.- n Valencia*. *1 12%; tllinol* yellows. 85e®*’: j Indiana c*liws, 85c® *1; Minnesota yellows, *l#los - j GRANT SALES HIGHER Tim ft Special CHICAGO. Feb. 11—Sales of the W. T. Onmt Cos. during January increased .2 per cent, totaling $5,175.406. compared with $5,165,665 in the same month of 1935, the company announced today.

TAX DEBATES EXPECTED TO BE EYE OPENER 1 Economist Thinks Discussion Will Provide Liberal Education. BY A. L. JACKSON Vice President, Economies Statistics NEW YORK, Feb, 11.—Plans are now h ing made for a big tax program in Congress. During the period in which this will be discussed, even though higher taxes should not be finally enacted, a sense of balance will probably be brought back to the public in general. Out of these discussions will come a general realization that we can not have our cake and eat it, too. The psychological effect which this program will have upon the Administration and Congress is probably the mast important aspect of the situation. However, it is also important to note the possible effect! upon business. Inflation Inescapable For the government to disperse billions of dollars to special groups or classes ot individuals, provided these funds are not produced through thp regulai processes of production, is inflationary. The seriousness of the inflation will vary according to the amount spent, and always when spending is begun it is hard to stop it, especially when I political considerations are invited, j This has been the history of this j nation as well as of all other na- | tions. j Such programs have always met with failure and left the different ! nations in a worse condition after the program had run its course. Certainly it has always had a stimulus on the volume of business done for a temporary period, but sooner or later this unwise spending has had to be paid for. There are two means whereby the bill can be paid —first through taxation, or, second, through accepting losses which come as a result of inflation. Result Only Temporary Inflation is always a temporary thing and can not under any conditions be made permanent. On the other hand, wherein the bill is paid through higher taxes, there is no increase in purchasing power and consequently no stimulus is afforded to business activity. Through this procedure we merely take from those who have and give it to those who have not, and thus the total “real” income of the nation is not changed whatsoever. Applying this reasoning to our present situation, I believe it is reasonable to assume that by levying heavy taxes at this time to meet the heavy expenditures being made by our government the public in general will be sobered to a point where they will demand a check to all further increases in spending, and probably demand the elimination of much of the spending program now in effect. Future Would Be Better Should this be the case it would signify more stable conditions for industry and make it possible for management to make more constructive plans for the future. Being able to do this, there would be an increase in productive activity and our unemployment problem would be eliminated. Purchasing power for the nation as a whole would be increased and our standard of living be raised. It would be wiser to curtail government expenditures first, so that higher taxes would not be necessary, but higher taxes may be necessary to make the public realize its mistake. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,658,000 Debits 5,738,000 TREASURY STATEMENT Bft T'nitcd Pres* WASHINGTON. Feb. 11.—Government expenses and receipts for the current fiscal year to Feb. 8. compared with a year ago: This Year. Last Year. Expenses $4,439,451,765.91 S4. T _>,238,816.09 Receipts . 2.202.447.128.3S 2/ 47.055.057.73 Deficit 2.237,00)1.637.55 3 >8.133.758.36 Cash bal. 1.917.038.320.52 2 426.742,624.16 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, 12c: old stags. 13c; old cocks, 9c. Ducks, white. 5 lbs. and over, lie: geese, full feathered, all sizes. 10c: all guineas. 1% lbs. and up. 15c: No. 1 strictly 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. j 36®37c. Butterfat. 34c. Quoted by the - Wadlev Cos. \ (By United Press) CHICAGO. Feb. 11. -Eggs—Market, firm; receipts. 3550: fresh graded firsts. 28c: extra firsts. 28c; current. 27%c: dirties. 24' 2 c: checks. 22c. Butter—Market firm; receipts. 3396: extra firsts <9O-91% score). 34 s vg'3s , 4c: extras ,92 score), 35%c: firsts (88-89' 2 score'. 33%®34%c- seconds (86-87 1 score). 33c: specials. 36@36%c: standards. 35' 4 c. Poultry—Market, unc-jt-tled; receipts. 14 trucks. 3 cars due: ducks. 17’ 2 ®22%c: geese. 18c; spring chickens. 24@25c; hens. 18@28c: turkeys, 20(ff23c; capons. 25#26c: Leghorn hens. 14@19c: old roosters. 17c: broilers. 18%24c. Dressed poultry —Turkeys, young Toms. 27c: voung hens. 27c: capons. 27g30c Chr*se—Twins, 15 l 4I15'j<v daisies. 15' 2<d 15%c; Longhorns, 15% ® 16c. Potatoes—Supply verylight; practically no early trading because of cold weather, late Monday, demand light; market z.ightlv stronger; late sales Monday. Id-.ho Russet Burbanks. $1.95®2.90: Wisconsin round whites. $1.35: Colorado McClures, 51.65® 1.75: Nebraska Bliss Triumhs. $1.4501.50 Arrivals, 24; on track. 82; shipments. 578. BUILDING AWARDS IRISE I Construction Contracts Valued at 550.036.000 for Week. Times Special NEW YORK, Feb 11.—Engineering construction awards were slightly higher last week due principally to heavier Federal awards. The* values reported by Engineering News-Record are—Total. $50,036,000; private. $14,257,000; public. $35,779,000. of which Federal is $5,223.000 and state and municipal, $29.556.000. Corresponding values a year ago are-i—Total, $17,237,000; private, $5.-1 102.000; public, $12,135,000, of which j Federal was $2,515,000 and state and municipal. $9,620,000. Increased volume was recorded in waterworks at $3,229,000. industrial buildings at $8,756,000, and in earthwork, irrigation and waterways at $2,049,000.

Abreast of The Times on Finance

New York Stocks

j • (By Thomson Si McKinnon) 1115 A M Prev. Oil*— High. Low. N. Y. close. Amerada 36 *5 86 84' 2 j At! Rfg 33'i33 3 33'2 32’. Barnsdall 17% 17> 2 17% 17% Consol Oil 14'2 14% 14' 2 14% Cont of Del 38 = 2 37% 38'2 37*2 Houston inew . 10% 10'2 10 3 ,4 10^4 Mid Cont Pet .. 21V* 21' 21'* 21 Ohio Oil 17 16V4 16 3 16 s t Pet Corp 16 s * 16*i 16~* 18v* Phillips Pet . *44 3 44’, 44!, 45 Pure Oil 20- 1 * 20'* 20 3 , 20 Royal Dutch ... 36’* 38'* 36V* 56 Shell Ur. 17 3 , 17', 17'* 17' 2 Skelley Oil 26'- 2 26'- 2 26'a 26‘ 2 Soc Vac 16'4 16V4 16V4 16V* S O Os Cal 46 3 4 46 3 46 3 * 46V* SO of Ind 39V, 39 s * 39’*333,9 3 , SOof N J 59% 59*4 59’* 59% Texas Corp 34', 3fT* 34% 34 : Tidewater Assn. 18% 18% 18% 18>a jUn Oil of Cal.. 27% 27% 27% 27% Steels— Am Roll Mills... 33% 33 33% 32% I Bsth Steel 56% 55% 56% 55% I Byers A M 24% 24% 24Va 24Vi Cruc Steel 39% 39 39% 38% Inland Steel ...106% 100 106% 105% Ludlum Steel . 30Vi 30'i 30% 30'/, I McKeesport Tin 112 V, 111% 111% 112% ! M id , Sted, 25% 25'/a 25'% 25% Natl Steel 73V, 73 73 70 i Otis Steel 17% 17% 17% 17% Rep Iron Si Steel 24’, 24% 24V, 24'% Rep Ir fc Stl Dfd 95 95 95 94 U S Pipe & Fdy 35% 35'/, 35% 34% £ | ftee 57% 56% 57% 55% U S Steel pfd 127% 126% 127% 126% Warren PSi Fdy 27% 27% 27% 27 Youngst nS & T 52V* 51'A 52% 51 Motors— Auburn 46% 4'% 46% 46 1 Chrysler 94% 94% 94% 94% : Gen Motors 53% 58 58 57 % Graham Mot .. 3% 3% 3% 31/, I w Ud f® l L 15% 15% 15% 15% Mack Truck .... 15% 15% 15% 15% I g u PP 34% . 34% 34% 34 Hash 18% 17 Vi 18 17% Packard 8% 8% 8% 8% I geo ••• fiU 6% 6% 6V4 I Studebaker 1!)% 10 10% 10 , Yellow Tr'.ek ... 16 15Vi 16 15% Motor Access— * Bendly 24% 24 24% 24V, Bohn Alum 58 57% 58 57V* Borg Warner ... 73% 73% 73% 73% ■rtff* 57', 2 56% 57% 58 ®udd Mfg 10% 10% 10% io'/ 2 Budd Wheel ... 12% 12% 12%* 12% Eaton Mfg 29'A 29Vi 29Vi . 29% Elec Auto Lite... 39% 39% 39% 395, Elec Stor 8at..... 52% 82% 52% 52% Greyhound B .. 75 75 75 75% Houdaille 29% 29% 29% 29% Murray Bodv ... 19% jgy 2 193/ 193/ Stew Warner ... 20% 20% 20% ons/. Timken Roll . 71% 71% 71% 70% Timken Det Axle 15V, 15% 15% 15% Minin *— Alaska Jun ... 16% 16% • 16V, 16% Am Metals ...... 34 34 34 31% Am Smelt 64% 64% 64% 63% Anaconda 31% 31% 31% 30% Cal Sr, Hecla ..8 7% 8 7% Cerro De Pasco . 52% 52% 53% 52 Dome Mines ... 50 50 50 47% Gt Nor Ore ... 17% 17 17% 16% H°, w Sound ... 54% 54% 54% Int Nickel.... 49V, 49% 49% 48% Kennecott Cop 34% 34% 743* ?? 8 Phelps Dodge.f. 34% 34% 34% 34 St Joe Lead.... 28 3 * 28 3 * u S Smetlers.. 93 92% 92 02% Vanadium .... 26 Vi 26% 26% 25% Amusements— Loews Inc .... 52% 517/. 57 *•<, Radio Corp 12 HVi m; .j,/ 2 Paramount .... 11% 11% . , 8 1 ft 73/. O n-i • Warner Bros .. 13 12% 13 12% Tobaccos—£‘H. T ANARUS?.k ac “ B ”- lO l'A 101% 101% 101% Gen Cigars . 56% 56% 56% 56% Llgg & Sly -B” .115 115 115 114% Lorillard 24 V* -24% 24% 25 Reynds Tob “B“ 58% 58% 58% 58% Rails— Atchison 74% 74i.j, 7*51 0,3/ R U xr C r? St Llnes 33% 33% 73Vi 32% 5As O. 20V2 20% 20% 20 Can Paci c 13% 13 171* To Ch Si Ohio .. 59 59 59* \l-r Chi &Gt W.. 2% 2% 2% ■ Chi &GtW pf 7% 7% ?% C M Si St P pfd 5% 5% V,Chi N W .... 4% 43* J'? Dela Si Hud .. 48% 48% 48% 40' 2 Er/e LaC &W " J?, 8 181/a 18 ' 3 18% Erie pfd . 26% Gt Northern pfd 37% 37% 37% 36% KcF Scm 8 ?3% it 3 '* 18% ?8 % Lehigh Valiev . . 10’* ia~, 10% 10% MK * T pfd .. 22% 22% 22% 22 * Mo Pac 371 37 97,. 07Mo Pac pfd 7% 7% 7 3 /* 7 8 M l S 6nt 4, " 36,2 35% 36V* 35% H y New Haven 5% 5% 57, N Y Ont Si West 6% 6% 7 Nor Pacific .... 28 27% 28 7?’* Penn RR. 3534 35% 35% 35% |°u Pac 32% 32V* 32% 32% Sou R R 17 16’, 17 16% Union Pac 125 125 125 Aolv West Maryland.. 11% 11% li% J io% Equipments — Am Car & Fdy.. 37 36% .76% 36% Am Loco .. 29% 29% 29% 29% FdY • 3 3 3 3058 305 * 38 Bald Loco 5% .5 5% 5% Gen Elec 40% 40% 40'. .79% Gen R R Sig ... 48 2 48 48 48% Pullman Inc 46 45% 45% 45% West Air Br ... 4040 4040 Westmgh Elec ..121 121 121 121% Utilities— Am Si For Pwr . S 3 i 8% 8% 8% Am Power & Lit 10 9% 9 9% A T Si T 172 172 172 171% Am Wat Wks ... 22% 22% 22% 22% Col Gas Si Elec 16% 16% 16% l6Vi Com & Sou 4% 4Vi 4% 414 Consol Gas .. 35% 35Vi 35% 33V, Elec Pwr & Lit.. 10V* 10% IOVi 10'i Int Hydro Elec ..5 5 5 47/, Int TANARUS& T ... 18% 18% 18V4 18 Lou G Si E A 22% 22 Va 22% 22% Nat Pwr & Lit.. 12 11% nv* 12V, Pub Serv N J ... 47% 47% 47% 47 So Cal Edison .. 27% 27% 27% 27% Std Gas ...... 8% 8% 8% 8% Stone & Web .. 17% 17% 17% 17% United Corp 8 7% 8 7% Ut Pwr & Lt A 4% 4 3 * 4% 4% West Union .... 88'A 88V* 88Vi 87% Rubbers— Firestone 33 33 33 3.7 Goodrich 20% 20% 20% 20 Goodyear 29% 29% 29% 29% U S Rubber .. 20% 20% 20% 20% U S Rubb/r pfd.. 63% 63V, 63% 63% Miscellaneous— Allis Chalmers . 47% 47% 47'4 46V/* Am Can ... 125% 125 V, 125% 125 Am Mach Si Fdv 27 5 , 27% 27 6 * 27% Brklyn Man T r 45% 45% 45% •' • Burroughs Add . 31% 31% 31% .71 J I case 11l ill 111 109 Vi Conti Can. 80% 80% 80'4 SO Caterpillar Tract 70% 70% 70% 71V* Crown Cork ... 51% 51V* 51% 52' Curtis Pub . .. 21% 21 21% 21 Vi Curtis Pub pfd .102% 102% 102% 103 Deere & Cos. .. 74% 74 74% 73 Foster Wheeler . 35% 35% 35% 35% Gillette 17% 17% 17% 17% Glldden ....49 49 49 49 Int Bus Mach .. . 182 182 132 183 Inter Harv . 66% 66% 66% 66 3 '. Natl Cash Reg . 30 29% 30 29% Owens Bottle . 148% 148 148% 147% Rem Rand 21% 21% 21% 21V* Foods— Am Sugar 54% 54% 54% 54% Armour 6% 6% 6% 6% Borden Prod . 29% 29 s , 29% 29% Can Dry G Ale 15% 15% 15% 14% Coca Cola 95% 95% 95% 94% Cont Bak (A) 13% 13% 13% 13 3 * Corn Prod ..69% 69% 69% 69% Crm of Wheat 37% 37% 37% 37% Cuban Am Sugar 10’, 10% 10’, 10% Gen Foods 34 34 34 33% Gold Dust 19% 19% 19% 19% G W Sugar 33 33 33 33 Natl Biscuit 34% 34% 34% 34 Natl D Prod 22% 22% 22% 22% Std Brands .... 15% 15% 15% 15% United Fruit ... 74% 74% 74% 74% Retail Stores— Allied Stores 7’, 7% 7% 7*Best &Cos . 50% 50% 50% 49% First Natl Stores 44 44 44 44% Gimbel Bros 7% 7% 7% 7% Kresge S S 24% 24% 24% 24’, Kroger Groc ... 27 27 27 26% McCrory St 14% 14% 14% 14% McLellar, St .. 13% 13% 13% 13% Marshall Field.. 11% 11’, 11% n% Mont Ward 39’, 39’, 39% 39% Penney J C 75% 75% 75% 75% Safeway St 34% 34% 34% 34V* Sears Roebuck . 65% 65% 65% 65 Woolworth 54% 54% 54 5 , 54% ATiation— Aviation Corn ■. 6% 6% 6% 6% Boeing Aircft .. 25% 25% 25% 24% Curtiss Wright . 4% 4% 4% 4% Curtiss Wr "A”. 14% 14% 14% 14% Douglas Air 71% 70% 70% 69’, Nor Am Av 8 8 8 7% Soerry Corp . 22% 22% 22% 22V, Uni Aircft New 31% 31% 31% 30% Chemicals— Allied Chem ... 163 163 163 162% Am Com Alcohol 28% 28% 28% 38% Com Solvents .. 20% 20% 20% 20% Du Pont 147% 147% 147% 146% Freeport Tex ... 33% 33% 33 5 , 34 Math Alkali .... 32% 32% 32% 32% Natl Dis (new 1. 29% 29% 29% 29% Schenlev Disr .. 46 s , 46% 46% 45% Union Carbide . 78 s , 78% 78% 78 Drugs— Cotv Inc 6% 6% 6% 6% Lambert .. 35% 25% 35% 25% Lehn & Fink 14% 14% 14 s , 14% Un Drug (new) 15% 15% 15% 15% Zonite Prod ... 8% B*2 8% 8% Financial— Adams Exp . 12% 12% 12 s , 12% Allegheny Corp 4% 4% 4% 4% 1 Am Int Com . 12% 12% 12% ’„•* | Lehman Corp.. 98% 98% 98% j 7% j Transamerlea . 13‘a 13% 13% t3% | Tr Conti Corp. 11% 11 s , 11% il% ] BuildingAm Radiator.. 24 23 s . 24 23% ! Gen Asphalt . 34% 34% 34% 34 ! Holland Furnace 40% 40% 40% 41 Int Cement 42% 42% 42% 42% Libbv Owens G 1 57% 57’, 57’, 56% Otis Kiev ... 26% 26% 26V* 26% U 8 Gypsum . 101 101 101 101 Household— Col Pal Peet . 20 20 20 \ 19% I Congoleurn 41V 41% 41% 41V* I Proc ii Gamble 46% 46% 46 V* 46%

TUESDAY, FEBRUARY 11, 1936

, Servel Inc . ... 19% 19% 19% 19% i Simmons Bed. 24% 24% 24% 24% Textiles— *i ; Amer Woolen.. 10% 10% 10% 10% ' Belding Hem .. 14% 14% 14% 14% | Celanese Corp. 28% 28% 28 s , 28 s * Collins Alkman 49V* 49 49 48’* Gotham Hose.. 10 10 10 10 Indus Rayon . . 29% 29% 29% 30V* N. Y. bunds (Reprinted From Late Times Yesterday) DAILY BO -D INDEX 20 20 20 SO Ind.-. Rails. Util. Bonds. Today 93.1 92.9 x 105.3 x 97.1 x Saturday 93.1 92.6 105.2 96.9 Week ago .... 92.7 91.3 105.2 96.4 Month ago 92.5 87 4 104.3 94.7 Year ago ...... 86.4 83.1 92,9 87.5 1936 High 93.1 92.6 105.2 96.9 1936 Low 91.6 84.7 103.5 93.3 xNew high. (Copyright. 1936, by Standard Statistics) . U. S. GOVERNMENT BONDSS (By Abbott. Proctor & Paine) Treasury* Prev. 4./ r- Close, close. J ’< JJ47-5J 115.22 115.18 4s. }®44-54 111.16 111.13 3%S 1943-47 107.3 106 3<s 1943-45 106.17 106.13 3J-is }94J „„ 108.18 108.15 34s } 8 41-40 106.8 106.1 3%s 1946-49 104.11 104.8 3 Vas 1949-52 104.12 104.6 3s 1951-55 103.10 103.6 3s 1946-48 103.16 103.13 2%s 1055-60 100.19 100.12 2 3 *s 1945-47 101,21 101.17 Home Owners Loan Corp. 2%S 1949 100.3 100 3s 1952 % 101.10 101.6 Federal Farm Mortgage Corp. 3’<s 1964 102.31 102 iH 101.19 101.11 2v*s 1947-49 102.6 102.1 DOMESTIC Prev. ... _ . . Close, close. Aeg Corp 5s ’44 95% 94% Alleg Corp 5s '49 92 90% Alleg Corp 5s 'SO 76 75 Am Frgn Pow 5s 2030 80'/ 2 79% Am Tel Si Tel SV2S '43 113% 113% Am Tel & Tel 5s ’65 112% 113% Arm Si Cos (Del) SV2S ’43 97V, 97V* At.l Coast Line 4s ’52 .* 99 98% Atl Coast Line 4%s ’64 .... 86 85% Atch Top Si S Fe 4Vis ’4B ...112 111% Am Wat Wks 5s ’44 110V* 109% Am Rolling Mills 5s ’3B 130 125% Balt Si Ohio 5s ’95 86Vi 86 Balt Si Ohio 6s ’95 94% 94% Balt Si Ohio 4V2S ’6O 73’, 73% Buff Roch Si Pitt 4%s ’57 . . . 79 77% Beth Steel 5s ’36 105% 105% Chi Milw Ac St Pss ’75 .... 24% 24% Chi Milw Si St P 5s 2000 9 1 /, 9% Cleve Un Term 5s ’73 104% 104 Cleve Un Term 4’is ’77 97% 97% Col Gas os May ’52 102% 103 Col Gas 5s April ’52 101’* 102 Col Gas 5s ’6l 101% 101V 2 Can Pac Perp 4s 92% 92Vi Cent Pac 5s ’6O 97 97 Big Four 4%s ’77 90% 90% Big Four 5s ’63 97% 98% Colorado & So 4%s ’BO 75 73 ' Chi & West Ind 4s ’52 103 102V* £ est Ind 51/2S ’ B2 107 106% Chi & Nor West 4%s ’49 ... 16 16V* £2 n G A s 5s e ’ 57 .„ 1° 5 * I° 43 < Chesa Corp 5s ’47 Del & Duds 4s ’43 86 85 N Y Docvk 4s ’sl 74 737N Y Dock 5s ’3B 66 65% JL r * e .5 s , ’ 75 80% 80% Erie 5s 67 go% anii Gen Cable 5%s ’47 104% 104% Great Northern 7s ’3 102% 102' - Great Northern 4%s ’77 101 101% Gen Stl Cast WW s'is ’49 ... 97 97% Hud & Manhat Ref 5s ’57 ... 85% 86 111 Cent 4%s ’66 75% 75 I” Gent Jt 4%s ’63 80Va 79Vi 111 Cent 5s ’63 84 8034 Interlake C&I 5s ’sl 94% 94% Interntl Tel Ac Tel 4%s ’39.... 98% 98V* Interntl Tel Ac Tel 5s ’55 94% 93 Interntl Tel Tel 4Vis ’52 91 88% McKess Ac Rob 5%s ’SO 104% 103% Natl Dairy 5%s ’4B 103 Vi 103% Natl Steei 5s 06 106 106 Nickel Plate Vis ’7B . 83Vi 82% Nickel Plate 5%s ’74 93% 92% N Y Cent 5s 2013 92% 92 N Y Cent 4Vis 2013 (old) 86% 86% Nor Amer Cos 5s ’6l 104% 104% Nor Pac 3s 2047 78% 78% Nor Pac 4%s 2047 99% 99% Nor Pac 6s 2047 109% 110 Nor States Pow 5s ’4l 105% 105% New Orleans Term 4s '53 88% 88 Otis Steel 6s ’4l 102% 102% Penn Ry 4%s ’B4 107% 107% Penn Ry 4%s ’Bl 107% 107% Penn Rv 4 Vis ’7O 102% 102% Pac G Ac E 5s ’42 104% 104% Portland Gen El 4%s '6O 78 78% Para Publix 5 Vis ’SO 96 Vi 96% Penn P Ac L 4%s ’Bl 106% 106% Postal Tel Ac Cab 5s ’53 40% 40% Rem Rand WW 5%s ’47 no 110 Shell Union Oil 5s ’47 102',i 102% Sou Pac 4 1 is ’6B 88 87% Sou Pac 4Vis ’Bl 88 88% Sou Rail 4s ’56 63% 61% Sou Ranis 6s ’56 80 78 Sou Rail 6%s ’56 .. 84 82 Sharon Stl Hooo 5%s '4B 103% 103% Texas Pac 5s ’BO 101% 110 s * Texas Pac 5s ’79 101% 101 Texas Pac 5s ’77 101 Vi 101% Union Pac 4s ’47 -...,111% 112% United Drug 5s '53 101% 101'* U S Rubber 5s ’47 105 105 NY NH Ac Hart 6s ’4B 40% 40% NY NH Ac Hart 4%s ’67 39V* 39% Warner Bros 6s ’49 97 96% Western Mary 5%s '77 107% 107% Western Marv 4s ’52 99 98% Youngstown S Ac T 5s ’7B ...105% 105 FOREIGN ■ Argentina A6s ’57 98% 98% Argentine B 6s ’SB 98 97% Brazil 8s ’4l 33 32% Canadian Gox-t 4s ’6O 108 108 Denmark 5%s ’55 100% 100% German 5%s ’65 28% 28V* German 7s ’49 37' 37 Italy 7s ’sl 62% 63 Japan 6%s ’54 99% 99% Rome 6%s ’52 . 55% 55% Tokio City s'is ’6l 82 81% Yokohama 6s ’6l 88% 89 Chicago Stocks (By Abbott, Proctor Ac Paine) 11:00 Prev. _ . A. M. close. Allied Prod 25% 25 V* Berghoff 8% BV* Butler 9 9 A M Castle 40% 41 Chicago Corp 5% 5% Cities Serv 6% 6% Com Edison 105 105 Conti Steel 41% 41 Vi Cord 6% 6% Crane 27% 27% Elec House 17 17 Great Lakes Dredge 29% 29% Iron Fireman 39 30 Libbv 9Vi 9Vi Lynch Corp 49 V* 48% Noblitt Sparks 34% 33% Perfect Circle 39 39% Pub Servos HI 59% 59 Quaker Oats 136 136 ; Swift 24% 24% Swift Int 34% 34% Zenith 15% 14 s , ! New York Curb (Bv Abbott, Proctor Ac Paine) 11:30 A.M. Prev. N. Y. close. Alumn Cos of Am 105 101 Am Cyanide B” 35% 35% Am Superpower 3Vi 3% Atlas Corp 14% 14% Can Indus Ale “A” 11% 11 % Carrier Corp 11V, n% El Bond Ac Share 19% 19% Fisk Rubber 9 S’* Ford of Can ”A” 24% 25% Imperial Oil Ltd , 24% 24 Nia Hud Pwr 10% 10% Pan Am Airways 51% 51% Penn Road , 5% 5% Unlisted Stocks (By Blvth Ac Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers’ Trust 65 66% Central Hanover B A: T 116% 118% Chase ... 40% 41% Chemical National 56 57% Guaranty 301 304% Irving 17% 17% Manufacturers 46% 48% National City 36% 38% Cont 111 Chicago 137 139% First National Boston 48% 50% National Shawmut 28% 30% FIRE INSURANCE Aetna Fire 63 65% American Ins of Newark .... 18 19% Baltimore American 9% 11 % Citv of N-jw York 31 33% Federal Ins 110 115% Franklin Fire 33% 35% Great American Ins 32% 34% Hanover Fire Ins . 40 41% Hartford Fire Ins 87% 39% Home Ins 39% 41% Ins Cos of N A 82% 84% National Fire . 86% 88% National Liberty 11 12% North River Ins 29% 31 s * Phoenix 102 104% U S Fire 59 61 Westchester Fire 39% 42 BOND GROUP FORMED TiMcs Special MEW YORK, Feb. 11.—Formation of a Bolivian bondholders protective committee to represent owners of Republic of Bolivia external 25year secured refunding 8 per cent sinking fund gold bonds issued in 1922, of which more than $22,000,000 now outstanding have been in default, was announced today by -%mes W. Gerard, former United States Ambassador to Germany.

RAILROADS' NET INCOME HIGHER, SURVEYJHOWS Class I Carriers Report $500,07 i 924 Earned During 1935. Time* Special WASHINGTON, Feb. 11.—Class I railroads in 1935 had a net railway operating income of $500,071524, which was a return of 1.93 per cent on their property investment, according to complete reports for the year filed by the carriers with the Bureau of Railway Economics of the Association of American Railroads. The net railway operating income in 1934 was $465,688,586, or 1.78 per cent on their property investment. Property investment is the value of road and equipment as shown by the books of the railroads, including materials, supplies and cash. The net railway operating income is what is left after the payment of operating expenses, taxes and equipment rentals, but before interest and other fixed charges are paid. This compilation as to earnings in 1935 is based on reports from 145 Class I railroads representing a total mileage of 237,661 miles. The increase *n net operating income in 1935, compared with 1934. occurred as the result of an increase in revenue due to increased freignt and passenger traffic. The greater part of the increased revenue was, however, absorbed by higher operating costs, including complete restoration since April 1 of the wages of employes to the standard levels in effect prior to 1932. Total operating revenues of the Class I railroads in 1935 amounted to $3,450,495,032 compared with $3,271,566,817 in 1934, an increase of 5.5 per cent.

INSURANCE VOLUME INCREASES SHARPLY Indianapolis Life Cos. Reports $2,356,089,000 Gain* The Indianapolis Life Insurance Cos. had an increase of approximately $2,356,089,000 in insurance in force on Dec. 31, 1935, compared with the total at the end of the pre-

ceding j-ear, Edward B. Raub, president, announced today. The total in force at the end of the year was $95,756,258.000. Assets of the company increased $1,081,584 during the year, bringing the total to $17,202,655.63, the largest in the company’s history.

IIF '

Surplus which amounted to $1,203,247.40 also was at anew high. Improvement in general business conditions was reflected by a marked decrease in requests for policy loans and cash surrenders, the report stated. Cash on hand and government bonds increased to a total of $2,246,903.40. The two Indianapolis agencies, the Home Office Agency and the Lloyd's Wright Agency, were first and second, among all agencies in various states. The company showed increases in new business in 1935 over 1934 in 70 per cent of the states in which it operates. CHEVROLET JANUARY SALES BREAK RECORD . -t Increase of 103 Per Cent Reported Over Same Month Year Ago. Times Special DETROIT, Feb. 11. —Sales by dealers of the Chevrolet Motor Car Cos. throughout the United States in January broke all existing records in history of the company and shattered the largest business volume in 90 days after the announcement of new models that the company has ever known, W. E. Holler, vice president and general sales manager, reported today. New records were estabished both for new car# and trucks and used cars. January sales of new cars and trucks totaled 75,412 units, an increase of 103 per cent over the corresponding month last year. New unit sales for the period since the 1936 model announcement# totaled 247,666, compared with 130,867 for the best previous corresponding period, 1929-30. This was a gain of 89 per cent. “The combined sale of new and used cars by Chevrolet dealers in January amounted to 242,378 units and the combined sale f new and used cars during the three months’ period, reached ihe total of 648,383 units,” Mr. Holler stated. Other Livestock (Bp United Press) CHICAGO. Feb. 11.—Hogs—Receipts. 5000. including 1000 directs; mostly 25 to 35 cenf.v higher than Monday's average; a part ol earlv advance lost; top, *11.15; bulk, 170-250 lbs., *10.90® 11.15: 260-350 lbs.. $10.50®.11.05: best light lights. *11.10; most sows, t9.50-g.lO. Cattle —Receipts, 5500; calves. 500: market again slow: killers resisting higher asking prices; undertone barely steady to weak, following Monday’s forced -‘•advance: largely steer and heifer run; this suggesting more tonnage than numbers indicate: good and choice weighty steers to shippers up to *ll. but bulk of crop *9 down: practically everything of quality and condition to go to killers, weather being against normal stocker and feeder movement; cows scarce: strong to 15 cnts higher; bulls and vealers 2o cents higher: selected vealers to *13.50: weighty sausage bulls to *7.25 Sheej>—Receipts. 12,000: fat lambs opening slow: indications 15 to 25 cents or mor-3 lower: sheep steady, bididng *10.50 and down on most better grade lambs now held *10.75® 10.85 and above; done on yearlings scattered native ewes S4@4 75. DECLARES DIVIDEND Times Special CHICAGO. Feb. 11.—Directors of the Chicago Corp. have declared a quarterly dividend of 75 cents on preferred stock, payable March 1, to stockholders of Feb. 15, it was announced today.

fll -- ' —t WEEKLY INDEX OF BUSINESS TREND [ IV ADMINISTRATE! AND RESEARCH CORPORATION . NEW YORK j 1926 - iOO 100 ; Tl" 1 j-l VI I!1Ij II I I ITT, -.lj 1I I 1 1| ) li i 11 I I ;1 I ,1 , 100 90 90 1936, 40 ftp-1- 3JZL-! i ir4"M i !70 i'Njp 1.• /■ i— 70 I i*.., V—' : 60 -f f **; -J 60 Ls —j. U - ? $ - Y ** V | •$0 - * 50 j | | 40 Li-i-i i ii ii ' )i i ' ii ) i' i irr i tr i ii in i 1 1 t ii ! AO < JAN. FCt. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. ]

In spite of continued cold weather the Administrative and Research weekly index of business trends rose fractionally during the week ended Feb. 1 to 77.5. This compare? with 77.2 in the preceding week and 69.6 for the corresponding period last year.

PORKER PRICES DROP 15 CENTS Supply Estimated at 7000: Cattle, Lambs Move Slightly Lower. Despite a moderate decrease of 15 cents in the general bulk, porker prices maintained the sll level today at the Indianapolis Union Stockyards. Underweights, less active, continued unchanged. The price reaction, however, was expected following yesterday's sharp upturn which carried tfie market to the highest level for the current year. The first sign of weakness was evident at the opening when today’s shipments were estimated at 7000, more than doubling yesterday’s total supply. Improved weather reports combined with more favorable transportation conditions was largely responsible for the sharp increase in receipts which reduced demand for hogs throughout the Midwestern area. Holdovers numbered 147. The general bulk of 160 to 225 pounds, sold at $10.90 to sll. Extreme heavies brought $9.65 to $10.05, while light lights, from 140 to 160 pounds, cashed in at $10.25 to $10.50. A liberal supply of steers and heifers reduced competition in the cattle market, and resulted in a decrease of around 25 cents in steers. The majority were valued to sell under $lO. Early sales of heifers were largely 15 cents lower at $7.65 down. Cows and bulls held steady. Receipts were 3000. Vealers settled down to a steady trading range, with the bulk of good and choice grades selling from sl2 to $12.50. Receipts numbered 600. Lambs displayed in uneven trend. The market was steady to 10 cents lower than yesterday. Bulk of fed westerns sold at $10.65 to $10.75. Slaughter sheep ranged from $3.25 to $5. Receipts were 6000. „ „ HOGS Feb. Bulk. Too Receint* 5. 810.90® 11.00 sll so 3000 6. [email protected] 10.80 5000 7. 10.60-5.10.70 10.70 5000 8. [email protected] 10.85 1000 10. 11.05mi.15 11.15 3000 11. 10.90mi.00 11.00 7000 Light Lights. (140 r 160) Good and ch0ice..510.2505)10.85 Medium 9.85®)10.50 (160-180) Good and choice . [email protected] Medium 10.25®10.85 (180-200) Good and choice.. [email protected] Medium 10.40@10 90 (200-220) Good and choice . 10.90(51100 (220-250) Good and choice.. [email protected] Heavyweights. (250-290) Good and choice . 10.35(510.70 (290-350) Good and choice . 9.95(510.35 Packing Sow-s. (275-350) Good 9.25@ 9.50 (350-425) Good 9.00(5) 935 (425-550) Good 8.90@ 915 (275-350) Medium 8.75@ 9.C0 Slaughter Pigs. (100-140) Good and choice.. [email protected] Medium [email protected] CATTLE —Receipts, 3000— (500-900) Choice $ 9.75011.50 Good [email protected] Medium 6.50(5- 8.25 Common 5.00@ 6.50 (900-1100) Choice 10.75(612.25 Good 8.50(5-11.00 Medium 6.75(6- 8.50 Common 5.25(5) 6.75 (1100-1300) Choice [email protected] Good * [email protected] Medium 7.00@> 8.75 (1300-1500) Choice 11.50(512.50 Good [email protected] Heifers (500-750) Choice 8.75@ 9.75 Good 7.25(5 8.75 Common and medium 4.50-6 7.25 (750-900) Good and choice . . 7.50(6-10.00 Common and medium 5.00& 7.50 Cows Choice 6.50(5! 7.25 Good 5.75-5- 6.50 Common and medium 5.00-5- 5.75 Low cutter and cutter 3.50-5; 5.00 Bulls, good 6.50-5- 7.25 Cutter, com. and med. bulls.. 2.50@ 6.50 VEALERS —Receipts. 600— Good and choice sl2 00-5 12.50 Medium 9 50-5 12.00 Cull and common 5.50(2: 9.50 Calves (250-500) Good and choice.. 7 00(5 10.00 Common and medium 4.30(2 7.00 Feeder and Stocker Cattle (500-800' Good and choice... 7.00@ 800 Common and medium 5.00-5; 7.00 (800-1050) Good and choice... 7.00-6. 800 Common and medium 5.00@ 7.00 Cows Good 4.50® 5.09 Common and medium 4.00-2 4.50 SHEEP AND LAMBS —Receipts. 6000— Lambs, 90-lbs. down, good and choice $lO 50(510 75 Good 10.25(510.50 Medium 9.50(210.25 Common T.25(2 9-50 Ewes, (90-175) Good and choice.. 4.00® 5.00 Common and medium . . 3.00(5. 4.00 Yearling wethers good choice 9 00® 9.50 Medium 7 00(2 9.00 Other Livestock (By United Press) FORT WAYNE, Ind.. Feb. 11.—Hogs. 10 (020 c lower; 160-180 lbs.. *10.80; 180-200 lbs., *10.70; 200-225 lbs., *10.60; 225-250 lbs., $10.45; 250-275 lhs., *10.35; 275-300 lbs., $10.20; 300-350 lbs., $9.95: 140-160 lbs.. *10.25: 120-140 lbs.. $10; 100-120 lbs., *9.75; roughs, *8.75; stags, *7. Calves, $12.50. Lambs, *10.50. LAFAYETTE. Ind.. Feb. 11.—Hogs— Market, steady to 20c lower; 170-210 lbs., *10.65-210.75 ; 210-235 lbs.. *10.50010.60; 235-260 lbs., *10.30-210.40 ; 260-325 lbs.. *9.80-210.20; 100-170 lbs.. 59.75<g10.25; roughs, $9.25 down. Calves, $11.50 down. Lambs. $10.25 down. -By Times Special) LOUISVILLE, Feb. 11.—Cattle—Receipts. 300; run late in arriving; quality rather plain; demand dependable; market generally steady with Monday; bulk, common to medium slaughter steers and heifers. *5.75® 7.50; some plainer kinds below; better finished quotable to *8.50 and better: bulk beef cows. *5®5.75: practical top. *6: sausage bulls, largely *526.25; best heavies quotable to *6 50: light beef type stockers and stock calves. *6® 8: plainer grade southern dalrybreds, *42 5. Calves—Receipts, 200 market mostly steady; bulk, good to choice vealers. Sll@12: latter price extreme top, medium and lower grades. *lO down. Hogs—Receipts. 700 including 110 direct; market. 10c iower; top and.bulk 160-225 lbs., *10.90; 230-250 lbs., *10.60; 255-300 lbs . *10.05: 305 lbs. up. *9.60: 120-155 lbs.. *9.80; sows. *8.85. Sheep— Receipts. 50; steady; desirable natives lambs. *[email protected]: plainer grades large- , ly *6 50-28.50; fat ewes quotable, 84 down.

Raub

CCC Factor in Food Market Food purchases by United States Quartermaster Corps for approximately 500,000 CCC men, at sl2 a man a month, are rated as a considerable factor in the food market.

PAGE 13

FOUR HOUSES, TWO LOTS SOLD IN CITY Real Estate Transactions Valued at $29,000 in Week. Four residences and two lots, involving a total valuatoin of approximately $29,000, have been sold in Indianapolis during the last week, it was announced at the weekly lucheon meeting of the North Side Realtors. The Pike Realty Cos. purchased the two lots located on the south side of 46th-st, west of Cornelius-av. They were owned by William A. Kurman. Chicago. Miss Charlotte Carter, Indianapolis, purchased a modern, five-room house at 6121 Haverford-av. The home was formerly owned by L. H. Patterson. The Hall-Hottel Cos. acquired a modern house in the 4100 block on Ruckle-st, Forest B. Kellogg, representative, announced. Two other properties were included in the week’s transactions. They were located at 3345 Washington-blvd and at 1335 N. Riley-av. Names involved in the latter transaction were not revealed. PERU FIRM TO ADD NEW DEPARTMENT McLoughlin Manufacturing Cos. to Increase Employment. Times Special PERU, Ind., Feb. 11.—Plans have been completed for the addition of anew department to the McLoughlin Manufacturing Cos., which already employs approximately 255 persons, William Cox, manager of the Peru plant, announced today. Head offices of the concern, which operates branch factories also at Franklin, Ind., and Winchester, Va.. are located,in Indianapolis and New York City. The new department in which new equipment is now being installed will be used to manufacture knit polo shirts, Mr. Cox said. The Peru branch manufactures underwear and uses approximately a million yards of cloth a year. Addition of the new department will increase employment by about 30 persons, and bring the total number of power machines in use up to 240, which is twice the number formerly used, it was reported. UNION STATION REVISES INFORMATION OFFICE Reorganization Now Underway to Provide Better Service. Modern improvements are to be made in the ticket and information office at the Union Station in order to provide more efficient service for the public. The reorganiza-tion-plans were announced by J. J. Liddy, terminal superintendent. With completion of the new arrangements three rotary trunk lines will be available for the public seeking information by telephone. Six persons will be placed at the information desk to answer calls and provide information. Under the new system, the information number, Riley 3355, at the ticket office will automatically make connections on any of the three trunk lines. TOBACCO EXPORTS RISE Shipments from U. S. Valued at $143,025,699 in 1935. Times Special CHICAGO. Feb. 11.—Tobacco exports from the United States during 1935 aggregated $143,025,699. compared with $133,088,352 in 1934. an increase of $9,937,247, the Department of Commerce revealed today. Foreign sales of manufactured tobacco during the year were valued at $8,982,761, against $8,024,224 in the preceding year. Increased export sales of cigars and cigarets were largely responsible for the improved trade, it was said. * ‘ 250 TONS OF ICE CUT State Reformatory to Save S2OOO on Winter Harvesting. Bp United press PENDLETON, Ind., Feb. 11.—A saving of approximately S2OOO has been effected at the State Reformatory by cutting 250 tons of 12-inch ice from a lake on the premises., A. E. Miles, superintendent, said today. Fifty inmates cut and stored the ice, which was the first ever harvested at the institution. LOCAL CASH MARKET gr f in ! levators are paying 91 esnt* ® w i> eat - Other grades on their merits Cash com new No. 4 vellow 50 cents and oats 21 centa

PUT YOUR MONEY TO WORK LOCALLY! BUY Building & Loan Shares

LITTLE CHANGE IS FORESEEN IN FARMJNCOME Upward Movement Has Run Its Course, Survey Indicates. Times Special NEW YORK, Feb. 11.—In only two of the 14 previous expansion periods since the Civil War has * farm income experienced a more extensive rise than the one of the last three years, the Alexander Hamilton Institute reported today. The rise of 60.2 per cent in the 1933-35 period was exceeded only by the 1912-1919 expansion of 165.7 per cent and the 1896-1901 expansion of 62.7 per cent. The 19121919 expansion was the result of the start of a long term credit inflation. Conditions which prevailed in these two previous periods of expansion were thus entirely different from conditions which existed in the 1933-1935 period. Consequently, the report says, there are grounds for believing that the current upward movement of farm incom# may now have run its course. Government Borrowing Large “In addition, there is other historical evidence which points to a similar conclusion. In the 1923-1925 period of expansion which followed the depression of 1921 and ushered, in the post-war period of prosperity when the supply of private credit was much greater than it is today, farm income showed a rise of oniy 34.1 per cent as compared with the 1933-1935 rise of 60.2 per cent. “A more comparable period is the 1879-1881 period since this period followed the secondary depression after the Civil War, which corresponds to the depression which began in 1929. In the 1879-1881 period, farm income showed an expansion of 51.1 per cent, or an increase lower by 9.1 points than the 19331935 rise. “While the evidence afforded by history indicates that, in the normal course of events, a recession in farm income should be due to occur in 1936, the fact should not be overlooked that this year will be another year of large borrowing and spending by the government. “The government’s financial policy will thus tend to block a recession in farm income which otherwise might be expected to occur. Under the circumstances, it may be estimated, for the present, that farm income in 1936 will be about equal to that of 1935.'' Chicago Grain Futures (By James E. Bennett & Cos.) 11:00 Prev. Wheat— High. Low. A. M. close. Mav 97% .96% .97 .97 July 89 .88% .88% .88% Sept 88% .87% .88 .87% Corn— Mav 60% .60 .60% .60% July ,60 s * .60% 60% .60% Sept 60% .60% .60% .60% Oats— May 28% .28% .28% .28% Jll> 27% .27% .27% .27% Sopt 27% .27% .27% .27'-, Rye— May 57% .56% .57 .56% Ju.y 56 .55% .56 .55% JANUARY SALES SPURT Spiegel, May, Stem Cos. Has Gain of 15.6 Per Cent in Month. Times Special CHICAGO, Feb. 11,—Sales ot Spiegel, May, Stem Cos., Inc., amounted to $1,457,489 in January, compared with $1,260,469 for the same month of 1935, an increase of 15.6 per cent, the company reported today This marked the 36th consecutive month in which net sales of the company showed an increase over the same month of the preceding year. The Interstate Department Stores reported total sales for the month at $1,080,954, against $1,019,324 in the same period of 1935, an increase of 6.0 per cent.

Hurrah For The Ice! s • when you’re on skates. But NOT when you’re driving a car. No worry about skidding or parking or frozen motors when you ride the trolleys. Just safe, dependable transportation for you and youri. RAILWAYS