Indianapolis Times, Volume 47, Number 290, Indianapolis, Marion County, 12 February 1936 — Page 15

Trends Jobless Problem Is One of Economic Mechanics. BY JOHN T. FLYNN

NEW YORK. Feb. 12 —For the moment the nine Justices of the Supreme Court have pushed out of the spotlight the 10 million unemployed. At least these persons haven’t been getting as much attention of late as they deserve. However, the President apparently is preparing to bring them back into the

picture. He can. in fact, hardly avoid it, since presently he must get down to brass tacks on his relief or emergency or excess or deficit budget. Rumors from Wash ington tend to create the impression that the President is planning to turn over an enormous number of relief cases

Flynn

on the states and, generally to advertise the fact, that unemployment has decreased far more extensively than is generally supposed. Unemployment is now somewhere between 9,f>00,000 and 11.500,000, according to what estimate you accept. Os this number, some fi.000,000 employables or perhaps a little less, are, in one way or another, being rescued from want by Federal government relief. tt a THIS does not mean that that many are on relief or in Works Progress jobs. It means that many employables are in the families which are cared for by the FERA and WPA. If this is true, then there are somewhere between 9.500,000 and 5.500 GOO who are not being taken care of by the government, Now the question is, how soon, if business continues its improvement, will this unemployment load be reduced to a point where ihc government may withdraw? We can make some estimates. Here are unemployment figures for January in the years 1933 to 1.136: January, 1933 14,492,000 January, 1934 12,399,000 January, 1935 12,351,000 January, 1936 (est.)... 10,500,000 If this is true, unemployment is now 4.492,000 less than it was three years ago. It will be seen that (he bulk of re-employment was made in 1933 r Very little increase was made in 1934. tt tt tt IF’ we progress at the same rate for the next three years, then unemployment w'ould still be 6,000,000. That would still be an immense number and as great, in fact, as the number now on government relief. And what right have we to assume that the improvement will continue through three more years? If it does it would be the first time such a thing has happened in our history. It all comes back to the great question of the hour which all politicians refuse to face—what plan will we adopt to deal with unemployment as a permanent problem? It is not merely a budget problem, to be handled for Ihe purpose of taking a little wind out of the sails of the Liberty League. It isn’t just a human problem, to be accepted because it stirs our pity. It is a problem in economic mechanics. Either we must deal with it or ir, will deal with us. W r e may think we have been dealing with unemployment actively these last three years. Sue it has been dealing with us more actively. We may have put a few million to work. But it has loaded is with billions in debt. (Copyright, 1936, by NEA Service, Inc.) FIRE LOSSES DECLINE DES MOINES, la.. Feb. 12.—Fire losses in lowa during 1935 totaled 53,202,393. compared with $4,262,762 in 1934, a decrease of 25 per cent, J. Vincent Pyle, state fire marshal, reported today. On Commission Row .Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUlTS—Strawberries: Florida, pint, 20c: 36-pint crate, 19c. Cranberries. C. C Howes. Eatmores, 25-lb. bos. S3 PearsWashington D’AnJo :100s box'. S3 25: Washington Bose 1 100-i2os>. $3.25: California Avacado 1200-24si, 53.50. Grapes: Extra Fancy Emperors < 34-lb. sawdust chest), $3.50. Limes: Mexican (carton i2si. 25c: Persian seedless (doz.). 45c. Dates: Fresh Arizona. $1.50 Bananas, seven hands, pound, sc. Apples: Delicious 1 fancy baskets), $1.75: Jonathans, $1.50: Grimes Golden. $1.25: Rome Beauty $1 65 Lemons: Sunkist t36os). $6 GrapefruitTexas seedless (545-965). $3 50: Arizona '80s). $3. Tangerines, Florida 1 120s. 1445. 168s i. $1.7.1, VEGETABLES Artichokes. California 'doz.i $1.25. Beans, green, round stringier* i hamper). $3.25. Beets: Texas (3 doz. crate) $1.50: cut ofTs ibu.l, sl. Brussels Sprouts, California louarti. 20c. Cabbage, New York Danish 'SO-lb, bag). 9f)c New Texas tcratei. $1.50. Red cabbags 1 50-lb. bag). $2: Carrots. California i6-doz. crate', $3.25: Texas (3’j-doz. rrate). *1.75: (bushel). $1.50. Cauliflower, California 1 12s rrate). $175. Celery, Florida washed and trimmed idoz.), 60c ® SI 05: Florida '4s, 6s. Bs. 10s crate), $3.85. Cucumbers, hothouse 'doz.i. $1.35; southern (bushel), $6. Egg Plant. Florida 'doz.i. $1 50. Kale (Virginia bushe), 90c. Lettuce. Iceberg Arizona 'best 4s. ss) S3 25; home grown leaf H5-lb. baskets' Si 15 Endive. California (doz.i. 90c Propers, mangoes (crate). $5. peck basket. $1 40: (doz), 50c. Mint, hothouse •doz). 75c. Mushrooms (pound). 30c Mustard. Texas ibushelsl. $1.35 Onions - Indiana vellow 'SO-lb bag). $135- Indiana yellow (10-lb. bag). 28c; Western Spanish 1 50-lb. bag). $1.75: Ovster plant, home grown (doz.i, 40c. Parsley, southern 'long bunches doz.i. 50c. Parsnips, home gtown washed 'bushel'. $1: ihalf-bushelt. fOe. Peas. Florida (hamper). $3 Potatoes. Michigan Round White 1 100-lb. bagl. SI 90; Maine Green Mountains 1 100-lb. bag'. *2 50. R R Farlv Ohios 1 100-lb. bag'. *2- R. R. Cobblers 1 100-Ib. bag' *2 Idaho Russets 1 100-lb bag $2 50: Idaho bakera (70s box. $2 40: Col. McClures ilOOlb. bag'. $2 25; New Texas Triumphs 150lb. bagt. *2.15. Sweet potatoes. Indiana Jerseys ils bushel. $1.50: mediums 'bushel). $1: Tennessee Nancv Hails 'hamper), *1.15; Southern Porto Ricans (bushel crate). $l5O Radishes, home grown buttons (doz.i. 45c: white. 40c Rhubarb, hothouse 'bunch'. 50c Rutabagas. northern 'SO-lb. bagt. 85c. Sage 'doz.J. 45c Shallots. Louisiana (doz.'. 45c Soinach. New Texas (bushel). *l.lß Tuhnips home grown washed ibusheli *IBO Tomatoes, repacked < 10-lb. box). *1.40; original Cuban 1 30-lb lugi. $3. FRUITS AND VEGETABLES (By United Pres*) CHICAGO. Feb. 12.—Apples—Michigan Mclntash bushel. *l©l 40. Carrots—lllinois. bushel. 40® 60r Sweet potatoes— Tennessee bushel BS6 90c Beans—Florida bushel, 24i3. Peas—California, bushel hampers. *2*13.80. Spinach—Texas, bushel. 85c® *l.l*. Lettuce —Western crates. 5 doz., 12 25*7 2 50. Cucumbers Cuban, buahel. **®3.so. Celery—Florida, crates. *2.65® 3.28. Cauliflower —California, crates. *1250 140 Tomatoes—Mexican lugs *2 Or 3. Onion market 1 50-lb. sacks)—Western Valencias. *1.2641138: Illinois vettows. sSc®*l. Indian* whites. *135. Minnesota yellows, *161.05.

♦ ♦ Abreast of The Times on Finance ♦ ♦

BOARD CLOSES TAX HEARING IN MELLON'S CASE Appeal Group Chairman Sets 45-Day Limit to File Briefs. By United Press WASHINGTON, Feb. 12.—The Board of Tax Appeals today closed its hearing in the $3,000,000 Andrew W. Mellon income tax case after brief testimony by two Mellon witnesses which served to clear up the lengthy record which had already been introduced. A final resume of the government’s attempt to assess the former Secretary of the Treasury $3,075,103 for alleged income tax deficiencies and fraud penalties on his 1931 net income, will be presented when briefs are filed by Robert H. Jackson, government counsel, and Frank J. Hogan, Mr. Mellon's attorney, Ernest H. Van Fossan, chairman of the trio of examiners which has heard the hearings since they were instituted in Pittsburgh almost a year ago, closed the testimony. Filing Time Is Set In closing, Mr. Van Fossan said: "We are not going to be overgenerous in our allowance of time for preparation of briefs. Counsel has had a long time to lay the groundwork. I hope that this time has been well spent.” Mr. Van Fossan declared counsel would be allowed 45 days to file major briefs and 30 days to enter replies. After briefs are entered, approximately five hours will be alloted to each side for concluding oral arguments. The final decision of the board is expected to be made some time during the summer. Yesterday’s testimony concerned chiefly the introduction of certain records of the Union Trust Cos. of Pittsburgh. These had been subpenaed but were withheld by the bank until a Federal court directed the trust company to turn them over to the government. These dealt with certain sales to the Union Trust Cos. of securities by Andrew W. and R. B. Mellon and the subsequent resale to them by the bank. The stocks involved were 58,000 shares of capital stock of the Pittsburgh Coal Cos., 123,622 shares of its common stock, 54.000 shares of Western Public Service Corp. stock, and smaller blocks of other securities.

WARNS OF 10P PRICE FOR COAL Commission Chairman Hints of Maximum Rate for Industry. By United Press WASHINGTON, Feb., 12, necessary “in the interest of the consumer,” the National Bituminous Coal Commission is prepared to establish maximum, as well as minimum, prices in the coal industry, C. F. Hosford, commission chairman, warned today. "Primarily, we have all thought in terms of minimum prices,” Mr. Hosford said. "Keeptin mind, however, that the commission has the further power, if circumstances warrant, to fix maximum prices. "This power will be used if it is found necessary in the interest of the consumer.” Mr. Hosford called attention to marketing provisions of the coal act, giving the commission authority to fix maximum prices "to protect the consumer of coal against unreasonably high prices.” STEEL FOUNDRIES CO. EARNS $2.06 A SHARE Consolidated Net Income Totals 8116,692 For Year. Times Special HAMMOND, Ind.. Feb. 12.—The American Steel Founderies Cos., with subsidiary plants in Hammond and Indiana Harbor, today reported a consolidated net income of sll6, 692 for 1935, equal to $2.06 a share on $56,557 shares of 7 per cent preferred stock. In 1934 the company earned $245.365, equivalent to $4.34 a share on the preferred stock. Operating earnings last year aggregated $906,181, compared with $1,168,807 in the preceding year. Despite the decrease in‘earnings, directors have declared a 50-cent dividend on the preferred * stock, payable March 31 to stock of record March 16, the same as paid in sevreal preceding quarters. OPERATING INCOME UP Times Special NEW YORK. Feb. 12.—Net operating income of the New York Telephone Cos. in December amounted to $3,066,550. an increase of 15.8 per cent over $2,646,887 reported in the same month a year ago. it was revealed today. 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. 11c: geese, full feathered, all sizes. 10c; all guineas, l' a 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. 39640 c: No. 2. 364i 37c. Butterfat. 34c. Quoted bv the Wadiev Cos (By United Press) CHICAGO. Feb. 12.—Potatoes—Supply light: demand good: market slightly stronger on northern stock: firm on other stock Idaho Russet Burbanks. *1.95® 2.10: U. S No. 2 *1 506 1.75; Wisconsin round whites $1 35 61.40; commercials. *1.25$ 1.30; Michigan Russet Rurals. $1.40; Minnesota Cobblers. $1.25; Bliss Triumphs. *130; Colorado McClures $1 SOS®.7S; Nebraska Bliss Triumphs. $1.65 Arrivals. 91; on track. 135: shipment*. 838 CheeseTwins. Is'ls'ic: daisies. 15' 2 ei5 s c: Longhorns. 15 s 4®l6c. LOCAL CASH MARKET City grain elevators are paying 91 cents for No 2 soft wheat. Other grades on their merits Cash com new No. 4 yellow 60 cents and oats 31 cents.

Edward Stettinius Jr., 35, Ranks Second to Taylor in U. S. Steel

Timet Special NEW YORK, Feb. 12.—Edward R. Stettinius Jr., at the age of 35. today stands on the springboard from which industrialists believe he presently will rise to the position of head man of the greatest industrial corporation in the world. As chairman of the finance committee of United States Steel he is the second ranking executive, and he is in direct line for the position of Myron C. Taylor, chairman of the board. It has been a logical progression of circumstances that has brought this sturdy, broad-shouldered young man to the old, green-carpeted office, with its old-fashioned oak desk in the seventeenth floor of 71 Broadway. His Rise Phenomenal It has been a procession of phenomenal rises in executive positions that has brought him to the business pinnacle where no man so young has stood before. He has been headed that way since he was graduated from college. The work-packed years have taken some toll. His hair is pure white. But his face is young and firm and ruddy from workouts in the open. It is a serious face, sometimes droll as is that of whitehaired Charlie Chaplin, but he has a quick smile and the gift of geniality. The astute, driving, restless son of the late Morgan partner, Edward R. Stettinius, he has a background of "big business.” It was the elder Stettinius, former Assistant Secretary of War, who was chosen by J. P. Morgan & Cos. to become a partner and organize the purchase of munitions for the Allies during the war. His purchases totaled $5,000,000. Liked Responsibility Stettinius Jr. was born in Chicago on Oct. 22, 1900. He was educated at the Pomfret School and at the University of Virginia. A rich young man who did not have to work for any kind of living, he wanted to work. He had an inquiring turn of mind which doted on statistics. He liked responsibility. And General Motors, in 1924, gave it to him only a short time after his college graduation. In six years he moved rapidly from post to post, each new one being better than its predecessor. In 1930, Alfred P. Sloan, president, made him his assistant. In 1931, when he was 30, he was named vice president, in charge of industrial and public relations. In 1933 he was chief lieutenant of Walter C. Teagle in the "Share-the-Work” program, and in the latter part of that year he was executive secretary of the Industrial Advisory Board, serving as liaison between recalcitrant business heads and NRA enthusiasts. A Stickler for Foresight Amid the vexations of this job he revealed a particular talent for handling men. His adroitness brought belligerents together—his fairness won the respect of all, and his phrase, “What do you think?” proved an invaluably painless means of probing his subjects. Among his associates he is known as a vigorous industrialist with modern leanings. Naturally studious, a stickler for foresight, it is significant to recall that when Mr. Tayler offered him his present position, with the obvious implication that upon retirement of the chairman of the board he would succeed to that high office, he did not jump at the chance. He considered the fact that on the pay roll of Steel there are 275,000 workers. He asked for two weeks to think over the offer. Then he accepted. Salary SIOO,OOO Yearly Leaders in industry and finance are glad he did. His salary is reputed to be SIOO,OOO a year. But his activities are not confined to Steel. He is an authority on most forms of modern transportation, a director and member of the executive committee of Transcontinental and Western Air Express, a director of Eastern Transport Cos. Away from the office, he is a family man. He married the former Virginia Gordon Wallace, of Richmond. Both she and his mother were Virginia beauties. The Stettiniuses have three sons —Edward, 7, and the twins, born March 3. during the bank holiday in 1933. They divide their time between their Fifth-av apartment and their farm in Virginia. Other Livestock (By fUi-ited Press) CHICAGO, Feb. 12.—Hogs—Receipts. 14,000, including 5000 directs: unevenly 25 to 50 cents lower than Tuesday's average: top $10.75: bulk 170-250 lbs.. $10,504) 10.70; 260-350 lbs.. *lO6 10.50; few, *10.60: most 140-160 lbs.. $10610.50; sows, $9,256 9.75. Cattle —Receints. 7000; calves. 1000: general trade steady to strong: a little more active than Tuesday: killing quality plain; lower grade heifers and cutterv cows in best demand but buyers showing a little more interest in short fed steers and yearlings: also on meager supply wellfinished steers: early top steers. $11.25: some held above sl2: bulk of quality and condition to sell at $8.75 down: this suggesting plain quality of run; Stockers weak. Sheep—Receipts, 8000; opening lamb trade active on the limited numbers here: bulk of run still back: early sales around steady to 15 cents lower than uneven trade Tuesday: bulk fully in line with that day's close: cood to choice fed western lambs. $10.25610.50: best held higher: sheep steady: scattered native ewes. $4 <5 4.75. (By Times Special' LOUISVILLE, Feb. 12.—Cattle—Receipts. 325. including ahont 115 billed through and direct: supply moderate: very little early trading: most classes steady; some weakness on steers and heifers; bulk common to medium grade slaughter steers and heifers. *5.75 6 7.50:' some plainer kinds down to $5.50 and less: better finished kinds quotable upwards of *8.50: beef cows mostly SSO 5.75: practical top. *6: low cutters and cutters. $3.5004.75: sausage bulls scarce, quotable ss® 6.25; best heavies higher: light beef type Stockers and stock calves. *6® 8 and plainer grade southerns. $46 5. Calves—Receipts. 200: market, mostly steady to weak, good to choice vealers salable largely from *llO 12; latter price paid only for choice handyweight selections medium and lower grades mostly *9 50 down to around *5 for light culls. Hogs—Receipts. 700: market. 25c lower: top and bulk, 160-225 lbs., *lO 65: 230-250 lbs.. *lO 35: 255-300 lbs $9.80: 305 lbs. up. $9.35. 120-155 lbs.. $9.55: sows S8 60. Sheen—Receipts. 50; steadv: desirable native lambs. *969.50; plainer grades. (6.506 8.80. Money and Exchange TREASURY STATEMENT tßy United Press) WASHINGTON. Feb. 12—Government expenses and receipts for the current fiscal year to Feb. 10, as compared with a year ago: This Year Last Year Expenses *4.476,317.111.66 *4.217.213.411.96 Receipts 2.216.526.164 90 2.155.771.583 05 Deficit 2.259.790.946 76 2.061.441,828 91 Cash bal. 1,896.615,671.95 2,223,015,958.74

WEDNESDAY, FEBRUARY 12, 1936

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HOS PRICES DIP 10 TOl5 GENTS Cattle Market Irregular; Veals Unchanged at $12.50 Down. A further decline of 10 to 15 cents in the general bulk carried the top price of hogs down to $10.90 at tlie local stockyards today. This was the lowest level for the current week. Underweights were steady and in some cases as much as 50 cents lower. Trading developed slowly in the majority of classes as buyers were hesitant in making early purchases, mostly awaiting further developments. Receipts were estimated at 5000, a decrease of 2000 from the previous supply. The bulk of 160 to 225 pounds, cashed in at SIO.BO to $10.90, while medium heavy kinds, scaling 225 to 260 pounds, brought $10.50 to $10.70. Extreme weighty butcher classes sold at $9.40 to $9.90. Light slaughter pigs, from 130 to 160 pounds, cashed in at $lO to $10,50. Packing sows held at $8.75 to $9.25.' Bidding was slightly lower in the cattle market, especially on slaughter steers and heifers, which consisted largely of medium classes. Most steers were valued to sell at $9 down. Better grade heifers were steady to weak selling under $7.25. Cows and bulls also were unchanged. Receipts numbered 1000. Vealers continued stationary, selling at $12.50 down. Receipts were 600. The lamb market was largely 15 to 25 cents lower with most of the total supply of 1500 billed through and direct. Few grades sold at $10.25 to $10.50. Slaughter sheep brought $3.25 to $5. HOGS Feb. Bulk. Tod. Receipts. 6. $10.70 0 10.80 SIO.BO 5000 7. 10.60010.70 10.70 5000 8. 10.75010.85 10.85 1000 10. 11.05011.15 11.15 3000 11. 10.90611.00 11.00 7000 12. [email protected] 10.90 5000 Lifrht Lights. (140-160) Good and choice $lO 00010.75 Medium . 9.50610.25 (160-180) Good and choice . 10.75610.90 Medium 10.25010.75 (180-200) Good and choice 10.75010.90 Medium . . 10.25® 10.75 1200-220) Good and choice . 10.700.10.90 (220-250) Good and choice.. 10.50 010 80 Heavyweights. (250-290) Good and choice 10.15010.50 (290-350) Good and choice . 9.65 0 10.25 Packing Sows. (275-350) Good 9.10® 9.35 (350-425) Good 9.000 9.25 (425-550) Good 8.750 9.10 (275-350) Medium 8.600 9.00 Slaughter Pies. (100-140) Good and choice . 9.25010.00 Medium 8.25 0 9.50 CATTLE —Receipts. 1000— (560-900) Choice $ 9.50@11/0 Good 7.75© 10.00 Medium 6.506 800 Common 5.006 6. 0 (900-1100) Choice 10.00® 11.75 Good 8.25610.25 Medium 6.50 6 8.25 Common 5.000 6.50 (1100-1300' Choice 10.506 11.75 Good 8.25® 10.50 Medium 6.75® 8.25 (1300-1500) Choice 11.00011.75 Good 8.25011 00 Heifers (500-750) Choice . 8.000 9.25 Good 7.00© 8.00 Common and medium 4.50® 7.00 (750-900) Good and choice .... 7.00 6 9.50 Common and medium 5.00® 7.00 Cows Choice 6.500! 7.25 Good : 5.75® 6.50 Common and medium 5.000 5.75 Low cutter and cutter 3.50® 5.00 Bulls, good ■ 6.50® 7.25 Cutter, com. and med. bulls.. 2.500 6.50 VEALERS —Receipts. 600— Good and choice $12.00012.50 Medium 9.500.12.00 Cull and common 5.50® 9 50 Calves (250-500) Good and choice.. 7.00010.00 Common and medium 4.50® 7.00 Feeder and Stocker Cattle (500-800 1 Good and choice . . 7.00® 800 Common and medium ... 5.00® 7.00 (800-1050' Good and choice .. 7.00 0 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, goad and choice $10.25610.50 Good 10.00 0 10.25 Medium 9.00010.00 Common 7.00© 9.00 Ewes. 190-175) 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 Other Livestock )Bv United Fress) FORT WAYNE. Ind.. Feb 12—Hogs— Steadv to 10c lower; 160-180 lbs., $lO 70: 180-200 lbs.. *10.60: 200-225 lbs. *lO 50. 225-250 lbs., $10.35: 250-275 lbs $10.25: 275-300 lbs . *10.10: 300-350 lbs.. *9.85: 140160 lbs.. *13.25; 120-140 lbs.. $10: 100-120 lbs.. $9.75. Roughs—*B.7s. steady; stags. *7: steady: calves, sl2 50: steady: lambs. *10: 50c lower. LAFAYETTE. Ind . Feb. 12 —Hog market. 15 to 30c lower: pigs, steady to 50c lower: 170-210 lbs.. *10.50010.60;' 210-235 lbs.. *10.256 10.35; 235-260 lbs 310.056 10 15: 260-325 lbs. *9 50 6 9.95: 140-170 lbs. *lO6lO 25: 100-140 lbs *9 256 9.75: S3 down: calves, *11.50 down; lambs. $10.25 down.

Edward R. Stettinius Jr.

New Business Books Available at Library The following new business books are now available at the business branch of the Indianapolis Public Library: COLOR IN MODERN PACKAGING, by Faber Birren. The good package has an important Job to accomplish in commanding attention and in winning some measure of emotional appeal. CORPORATION FINANCE, by Edward S. Mead. 7th Edition. Some reasons for this new edition— Railroad securities no longer occupy the first rank, liberal bond capitalization can no longer be approved. reorganizations have grown drastic, liquidation has assumed greater prominence. FREEDOM OF THE PRESS, by George Seldes. Is the press meeting its responsibility today in telling us the truth, keeping us intelligently informed on important issues? WORLD ECONOMIC SURVEY, 59331934, comp, by League of Nations. Changes in the economic order in the various countries—a special chapter is dedicated to the American recovery program in comparison with England, Japan, Germany, France, Sweden, etc. CONGRESSIONAL DIRECTORY, 74th Congress, 2nd Session, January, 1936.

VALUE OF 50 STOCKS HIGHER DURING WEEK Increase of 8163,005,250 Shown Over Preceding Period. Times Special NEW YORK, Feb. 12.—The market value of 50 representative stocks listed on the New York Stock Exchange at the close of business for the week ended Feb. 3 was $18,880,443.500, an increase of $165,005,250. or 0,88 per cent over the preceding week, Paul H. Davis & Cos. announced today. The total value of the same stocks at the end of the previous week was $18,715,438,250. At the close of the corresponding week a year ago the total market value was $11,582,125.250. indicating an increase of $7,298,318,250, or 63.01 per cent for the year. Times Special CHICAGO, Feb. 12.—'The total value of 25| representative stocks listed on the Chicago Stock Exchange at the close of business for the week ended Feb. 8 amounted to $1,019,922,750, an increase of $18,546,875, or 1.85 per cent over the precet. ug week, it was reported today. RAILROADS ARE URGED TO REVERSE ATTITUDE Government Ownership Otherwise Inevitable, Engineers Say. By United Press NEW YORK, Feb. 12.—Government ownership of railroads is inevitable unless the attitude which has characterized Congress and the public through six years of depression is reversed soon. New York engineers were warned today. Samuel O. Dunn, editor of Railway Age, national publication! said a complete lack of "public sentiment for doing anything about it” would be to blame. "We have been for years following policies that have been undermining the earning capacity of the railroad industry,” he said. “Congress at every session adds to these policies and is confronted with demands for more. I f they are not reversed. private capital will refuse to go into or stay in the railroad industry.” NET DROPS IN 1935 Times Special NEW YORK, Feb. 12.—Net income of the Consolidated Cigar Corp. totaled $553,142 in 1935, equal to 36 cents a share on 22,249 shares of 7 per cent cumulative preferred stock. This was a decrease compared with the total earned in 1934.

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ADVISORY BODY SEEKS WAY TO CONTROL CREDIT Curbing Possible Inflation Chief Problem of Council. BY RICHARD L. GRIDLEY United Press Staff Correspondent WASHINGTON, Feb. 12. —"The problem of curbing a possible credit inflation was brought before the Federal Reserve Board again today by its unofficial advisory agency, the Federal Advisory Council. The council, which comprises one representative from each of the 12 Federal Reserve districts prepared at its regular quarterly meeting to submit recommendations concerning credit inflation possibilities. The council has been outspoken in its economic and financial views. It was likely that new recommendations would be made to the Reserve Board that excess reserves of banks, or idle funds, be curtailed to prevent a runaway inflation. Base For Credit Expansion The excess reserves of Federal Reserve member banks, or the amount of money they have on deposit in the Federal Reserve regional banks ir. excess of requirements, now amount to $3,090,000,000 It was believed theese idle funds provide the base for a credit expansion of some $30,000,000,000. In order to prevent thus possible sudden expansion in credit, the Federal Advisory Council late last year urged that they be reduced or eliminated either by having the 12 regional Reserve banks sell their $2,430,000,000 holdings of government securities or by doubling the reserves which the member ba*ks must carry with the Federal Reserve banks. These recommendations were not acted upon by the Federal Reserve Board. The attitude of the new board appointed Feb. 1 toward credit inflation possibilities is not known. Reserve Board Not Bound The Reserve Board is not bound by the recommendations of the advisory Council. In the past the board has not been inclined to interfere with financial and credit conditions. The Federal Advisory Council several months ago criticised financial policies of the Administration, a field which Reserve Board officials said was out of the jurisdiction of the Advisory Council. The council’s attack at that time drew censure from Reserve Board heads. The credit inflation possibilities were expected to be the chief subject of the Advisory Council deliberations. Aside from the uncertain credit picture, members of the council brought further glowing accounts of the course of economic recovery in many parts of the counrty For the last several meetings, the members generally have been optimistic in reports of economic conditions, CONSUMER’S INCOME HIGHER IN 1934-35 Increase, However, Is Offset by Living Costs Rise. Times Special NEW YORK, Feb. 12.—After declining from $647 in 1929 to $357 in 1933, the per capita money income received by the people of the United States rose to $396 in 1934 and to a preliminary figure of $4Ol in 1935, according to the Alexander Hamilton Institute. The consumer’s purchasing power, nowever, has not shown a corresponding recovery since his income has been accompanied by an increase in the cost of living. The cost of living index, on the basis ox 1929 as 100, rose from 74.8 in 1933 to 79.4 in 1934 and to 83.1 in 1935. The index of the consumer’s purchasing power recovered from the depression’s low of 73.8 in 1933 to 77.1 in 1934 and then dropped back to 74.6 in 1935, a figure only .08 points above the 1933 level. The two primary factors accounting for the lack of any real improvement in the consumer’s purchasing power and the consequent persistence of the unemployment problem have been the restriction of production on the farm and the curtailment of working hours in the factory. B. & 0. LOADINGS RISE Increase of 2613 Cars Reported for Week Ended Feb. 8. Times Special BALTIMORE, Md.. Feb. 12 —Carloadings on the Baltimore & Ohio lines for the week ended Feb. 8 totaled 43,787, an increase of 2613 cars over the corresponding 1935 week, and 1883 over the previous week ended Feb. 1. 1836, the company announced today. This was the best weekly total reported in February since 1931, and the best week’s total since Nov. 2, 1935. For the same week in 1935 approximately 41,174 cars were loaded, consisting of 27,124 on line and 14,050 received from connections. MAINTAINS DIVIDEND Times Special NEW YORK. Feb. 12.—Directors of the Fidelity Fund, Inc., at an annual meeting recently indicated that they expect to maintain the quarter dividend rate of 50 cents a share, paid Feb. 1. throughout the current year, it was announced today.

Markets Suspend Trading All major security and commodity exchanges suspended trading today in observance of Lincoln's birthday. Livestock markets, hoicever, remained open.

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newspaper ADVERTISING (media RECORDS-12 CITIES) 110 , i ’OO 3 vy | | 6 - y V/ sy uni is the past ,/y y 3 V// y/ SE '* lN ' EA*S AVER-AGE OT vj // AmmmM °Tj fmamjjasond 1341 1935 THE RARKER CORR GENERAL DISTRIBUTORS INCORPORATED INVESTORS

One of the most construcitve developments of recent months has been the gain in newspaper advertising. During last November and December newspaper advertising lineage increased against the seasonal trend which was downward. The importance of this gain m advertising lies in two ways: 1. It indicates that those business men who are increasing advertising appropriations have confidence in the future: and 2. there is nothing like well-placed advertising to stimulate sales.

LARGER RETAIL VOLUME SEEN Grant County Reports Gain in Income Taxes and Store Licenses. Times Special MARION, Ind„ Feb. 12.—A greater volume of retail business is indicated for Marion and Grant County during 1936 with an increase in both gross income taxes paid and the number of store licenses issued, it was revealed today. Store licenses issued in Grant County during 1935 totaled 1163, compared with 1086 issued in the preceding year, an increase of 77, according to figures released by Clarence Jackson, director of the gross income tax division. The amount of license issued so far this year are well In excess of the number issued in the corresponding period of 1935, Mr. Jackson reported. Final tabulations for 1936 will not be completed for several weeks. The total volume of licenses issued in 1935 was 65,154, compared with 61,922 in the preceding year. Gross income tax payments in Grant County during the first three quarters of 1935 averaged 17.7 per cent above payments made in the corresponding 1934 period. The total payments during the period aggregated $114,417.99, an increase of $17,232.98 over the same period a year ago. Approximately $126.2)0 was returned in two payments to Grant County schools last year toward the payment of school teachers’ salaries. The first appropriation for the current year is expected to be made within a few days from collections in 1935, it was reported. DIRECTORS ARE NAMED TO KOKOMO CHAMBER Board to Direct Activities During Coming Year. Times Special KOKOMO, Feb. 12.—More than 100 members were present at the annual meeeting of the Kokomo Chamber of Commerce, at which 10 directors were elected to direct activities of the organization in 1936. Os the 20 names presented in nomination the following were selected: E. W. Benson, C. V. Haworth, Glen R. Hillis, J. Paul Johnson, J. H. Meguire, Ray Mehlig, F. D. Miller, P. H. Palmer, C. H. Wills and Karl A. George. The election and business meeting was preceded by a banquet held at the Hotel Frances. The board of directors was to hold its first meeting Monday evening and select executive officers for the body. NEW SALES DIRECTOR NAMED BY CITY FIRM Fred Crostreet Appointed Manager of H. H. Ochiltree Cos., Inc. Fred E. Crostreet has been announced as the general manager and director of sales for the Harry H. Ochiltree Cos.. Inc., food brokers, 221 W. Georgia-st. Mr. Crostreet, for several years was connected with the Indianapolis branch of the Kroger Grocery Cos. as sales manager, and consequently has a wide acquaintance with both the wholesale and retail trade in the city. Harry H. Ochiltree, founder of th? company, died in Hollywood, FlaDee. 25. while spending the honidays with his family.

Government Bonds Home Owners' Loan Corporation and Municipal Bonds The Union Trust Cos. ★ of Indianapolis ic BOND DEPARTMENT 126 E MARKET RIEEY 5311 Thomson & McKinnon MEMBERS NEW YORE rHlfiffi *" orlt Exchange. T-rJofwrrt K * w Tork Curb Exehan s TORONTO New York Cotton Exchange. BOSTON N w York Coffee and Sugar Excbanf* SOUTH BEND • New Orleans Cotton Exchange. FT WAYVF Chicago Stock Exchange PVAVOimiP Chicago Board of Trade b\ ANSV ILLE Winoipeg Grain Exchange lndianttpoliß Office And other leading Exchangee 200-214 Circle Tower LI. 5501

HOME BUILDING DUE FOR JUMP, SPEAKER SAYS Russell Creviston Talks Before Construction League. A 100 per cent increase in residential building this year was the forecast today of Russell G. Creviston, advertising and sales promotion director of Crane Cos., Chicago. Mr. Creviston. a former Indianapolis resident, made this prediction at a dinner meeting of the Indianapolis Construction League at the Lincoln last night. Approximately 150 attended the meeting. “All factors financial, social, political and economic—point toward a 100 per cent increase in residential buildfng for 1936,'” Mr. Creviston said. Need for 750,000 Homes Summarizing the reasons for his statement, he declared that the. committee on economic recoverv finds a need for the construction of 750.000 new homes every year for the next 10 years. “With banks, insurance companies and building and loan associations seeking an outlet for their funds, the construction industry can draw upon the greatest reservoir in history,” the speaker said. “Savings banks have over 23 billions in deposits; there are over 20 billions of life insurance company assets, and building and loan associations have seven billion to invest. Other Factors Cited “The absorption of over three billion dollars worth of distressed property of the Home Owners Loan Corporataion, in effect, places that much additional credit at the disposal of the construction industry.” Other factors favoring a resumption of activity in residential construction on a large scale cited by Mr. Creviston are the increasing value of real estate due to higher rents and better occupancy; increases in the marriage rate; improvement in general business and greater confidence; improvement in rural life, and greater public interest in residential construction. INTEREST ON U. S. DEBT CONTINUES TO DECLINE Average Rate 2.55 Per Cent at End of 1935, Report Shows. Times Special NEW YORK. Feb. 12.—The average rate of interest on the direct interest-bearing debt of the United States government was 2.55 per cent at the end of 1935, compared with 2.9(v per cent at the close of 1934, according to C. J. Devine & Cos., Inc., specialists in United States government securities. Total government interest-bearing debt, both direct and guaranteed, increased $3,100,000,000 or approximately 19 per cent in 1935, the study shows. The total direct interestbearing debt of the government, as officially reported, increased to $29,569,328,978 from $27,944,034,650, a gain of $1,652,294,328 or 5.9 per cent, during the 12 months ended Dec. 31, 1935. During the same period annual interest requirements decreased 8.6 per cent and the average rate of interest dropped to 2.55 per cent to compare with 2.96 per cent at the end of 1934. PITTSBURGH RAILROAD ASKS LOAN EXTENSION Company Reveals Optimism Over Steel Prospects. By Times Special WASHINGTON, Feb. 12. Revealing its optimism over steel prospects in the Pittsburgh district, the Pittsburgh and West Virginia Railroad today asked the Interstate Commerce Commission to approve a $500,000 Reconstruction Finance Corp. loan extension until May 28, 1936. The road's application said that if business conditions continued to improve it would be able to market bonds in the near future. It said the prospects for extra business from the steel companies were particularly bright. DIVIDEND IS DECLARED 'Times Special NEW YORK, Feb. 12.—Directors of the Allen Industries, Inc., today declared an initial quarterly dividend of 25 cents a share on new common stock, payable March 5, to stockholders of record Feb. 20.

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