Indianapolis Times, Volume 47, Number 291, Indianapolis, Marion County, 13 February 1936 — Page 24

Trends Neutrality Action Seen Getting Nowhere. BY JOHN T. FLYNN

YORK. Fob. 13—The brirf history of the proposed neutrality bills is a living proof of the fart that any attempt, to give discretion to the President, to apply or not to apply neutrality will be fatal neutrality. The reasons are as plain as a pikestaff.

The first point is that neutrality should be adopted as a policy during a time of peace and when there is no specific war to complicate the discussion. If that is done, then there will be just two sides to the argument those who favor our .staying out of war on one side and the jingoes on the other. But once a

Flynn

war starts anywhere in the world and. after its opening, we attempt to decide on a policy of neutrality, a whole new series of interests will come into the picture. There will be those who think neutrality will operate against the country they favor. a a a nPHERE will be those who want the government to apply neutrality, not because they are neutral, but, because they think neutrality will help thetiaMon they support,. There will be powerful trade Interests whose profits wall be immediately interfered with and who will clamor against neutrality. When all this goes on, the issue will be in the hands of the President. The war will start between two or more hostile nations. Trade will get under way. We will in fact start off by being not neutral. To shift to a policy of neutrality will require a definite and positive act on the part of the President. A politician in the White House—ahd we have had politicians there—will weigh the influence of the contending groups. He will hesitate. a a a IN the meantime, every day he delays positive aiitio'ti will become more difficult. Positive action will seem to be an unnemral act in itself since it will seem to be a blow at one of the belligerents. The issue might well end with no action, i Thus it falls out. now. The issue j is not between those who are for j and those against neutrality. On | one side are those who fear this particular war in Africa will involve England and France and who do not want, us to remain neutral in such a contest*. There are those who fear neutrality will injure some special industry which is very actively involved in this particular quarrel and is therefore more sensitive. There are those who see in neutrality a blow at the plans laid by the League in this particular fight. a a a THERE are those who want neutrality to aid the Ethiopians and so on. In the end probably nothing will be done. And in the meantime trade with the belligerents or at least one of them flourishes and becomes all the more active in its w ; ar on neutrality. Why can we not state the problem this way? No man can ; say now' that in any war which may be fought America will always want, to remain neutral. Suppose Canada were attacked by Germany or Japan? Supose Mexico were attacked by some European power. A policy of neutrality does not mean we will always remain neutral. It means that as a general policy we will do so and that, in any special circumstances, neutrality can be abandoned only by Congress and not by the subtle or bungling secret, machinations of State Department bureaucrats. (Copyright. 1938, bv NEA Service, Inc.) On Commission Row (‘Quotations below subject to change are i average wholesale prices being offered to j buyers by local commission dealers.) FRUITS - Strawberries: Florida, pint, \ 20c. 36-pint crate, 19c. Cranberries, C. C Howes. Eat mores. 25-lb box. $3. Pears: Washington D’Ajnjo 'loos box'. $3.25: Washington Bose i|oo-120s>. 53.25: California Avacado 1200-24x1, $3.50. Grapes: Extra Fancy Emperors 134-lb. sawdust chest', $3.50 Limes: Mexican icartop 13m 38c: Persian .seedless tdoz.l. 45c. Pates Fresh Arizona. $1.50. Bananas, seven hands, round, sc. Apples: Delicious (fancy baskets!, *1.75: Jonathans. $1.50; Grime- Goldi n. *1.25: Rome Beautv. si 65 Lemons' Sunkist 360s*. Grapefruit: Texas seedless is4s-96si. *3.50: Arizona Sunkist 'Bost. $3. Tangerines. Florida (120s. 1445. 168s i, 11.75. VEGETABLES Art ichokes. California fdoz.t. *1.25. Beans, green, round stringless 'hamper', $3 25. Beets: Texas i3 dot rratf. $1.50: cut offs.lbu.i. SI. Brussels Sprouts. California 'quart'. 20c. Cabbage. New York Danish 150-lb. bag'. S(V: New Texas icratei. $1.50. Red cabbage <SO-lb. bag', *2: Carrots. California (S-doz. crate*. *3.25; Texas i3%-doz. crate, S! 75: ibushel i *1.50 Cauliflower, California <!2s crate'. $1.75. Celerv Florida w ashed and trimmed ido*.', 60c® *1.05; Florida i4s. 6s, Bs. 10s crate i. $3.85. Cucumbers, hothouse 'dox.i $1.35; southern .busheli, $6 Egg Plant. Florida idoz.'. *1 50, Kale (Virginia bushel. 90c. j Lettuce. Iceberg Arizona 'best 4s, ssi, *3.35: home grown leaf 'ls-lh. baskets! *lls Endive. California idoit.i. 90<- ; Penpers mangoes* icratei. $5. peck basket, $1.40: idos.i. 50c Mint, hothouse • dor.'. 75c. Mushrooms t poundi. 30c I Mustard. Texas ibushel* $1.35 Onions - Indiana yellow "50-lb. bag>. $135: Indiana vellow 110-lb. bagi. 28c: Western j Spanish iSO-lb. bagt. *1.75- Ovster plan' home grown tdoz '. 40c. Parsley, southern ilong bunches dor..'. 50c. Parsnips, home Siown washed tbushel'. SI; ihalf-bushel'. 60c Peas. Florida (hamper). S3 Poiatrc Michigan Round White * 100-!b bag'. *190: Maine Green Mountains <IOO-lb. Hag l $2.50: R. R Earlv Ohio* • 100-lb. bag' *2; R R. Cobblers (100-lb bag>. *2: Idaho Russets (100-lb bag. *2 50: Idaho bakers (70s box. *2 40: Col. McClures (100lb. bag'. *2 25: New Texas Triumphs 150lb bags. $2 15. Sweet potatoes. Indiana Jersevs ils bushel. *1.50: mediums (bushel'. *1: Tennessee Nancv Halls • hamper). *1 15; Southern Porto Ricans (bushel crate). *1.50. Radishes, home grown buttons idti.i. 45c; white. 40c. Rhubarb, hothouse < bunchi. 50c. Rutabagas. northern ' 50-lb. bagt 85c. Sage (dor.'. 45c Shallots. Louisiana (dor..'. 45e Spinach. New Texas ibuxhel). *1.15 Tuhnips home grown washed ibushel). *l5O Tomatoes, repacked 110-lb. box'. *1.40; original Cuban i3O-lb. lugi. *3. FRUIT* AND VEGETABLES (Bv United Pressi CHICAGO Feb U.~ Apples—Michigan. Mclntosh, bu., *19140. Carrots—lllinois, bu , 404*60c. Bweel Potatoes- Tennessee, bu 75®90c. Beans—Florida, bus. $1.50 #2.85 Cabbage — Crates *1 654*1.85 Peas —California. bu. hampers. s2® 3 50 Spinach— Texas, bu.. 75®*1.10. Lettuce— Western. crates. 5 do* *2 2S®2 50 Cucumber*- -Cuban, bus *2 i3 25 Celerv —Florida, crate* *2 7593 25 Cauliflower — California. crates. $1 25® l 40 Tomatoes Mexican lugs. s2®3 Onion market—'so- - sack*'- Illinois vellows. 85c® $1 Minnesota yelk *a. *l# 1.05. Colorado vellows. *1.1001.15; California wrhltes, *l6O. LOCAL CASH MARKET City grain elevators are paying 91 reus for No 1 aoft wjicat. Other grade* on * o ’ 4

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 24

ISSUING HOUSES STRESS DEMAND FOR NEW FUNDS I i Optimistic Tone Is Seen in Business of Absorbing New Capital. BY CHARLES H. HUFF limes Special Writer NEW YORK, Feb. 13.—Investment houses are getting some en- | couragement from evidence that this year lias begun with a considerable improvement over the early weeks of 1935 in the business of absorbing new capital. The demand, so far as it lias actually materialized to tiie point of taking over funds, is still nothing to become hilarious about, investment | men admit, but a tangible comparative gain, coupled with certain promising indications, is accepted as reason for a higher level of sentiment. Throughout last year’s heavy schedule of refundings, the program was carefully scanned for signs of new outlets for uninvested funds. Borrowing to Follow The government and various states and municipalities were taking over part of the idle money, but corporations were largely confining their operations to an exchange of paper, substituting low-rate coupons for those of higher rates. The reassuring note throughout that period was that once refunding had its full fling the borrowing of new money would come in its turn. This belief was greatly strengthened at the turn into the new year when it appeared that industrial corporations were to become prominent in financing, with the steel and oil industries in the front ranks. Jump for Six Weeks Reporting totals for the first six weeks of this year, the Engineering News-Record puts the new capital figure at $178,820,000, compared with $31,175,000 for the corresponding period of last year. It is pointed out that construction awards are rising at least slightly, although public works continue to account for the major portion. Work of motor and railroad units, however, is becoming a sizable factor. States and cities are showing themselves decidedly wary about assuming new obligations for new public projects. Reports from variant - sections of the country indicate I that this condition may be expected , to prevail so long as the tax burden I remains in a generally muddled [ state. St. Paul Issues Favored Reports compiled by the Daily I Bond Buyer show tha£ approved projects voted in January, covering i 113 communities in 30 states,' amounted to only $5,244,000, com- j pared with a total of $11,019,000 in; December. There may be some encourage- 1 ment in the fact that the figure was j higher than that of January, 1935, ; but it was only half as large as that' of January, 1934, and represents a j sharp decline from the prevailing average of last year. The bond market is developing an ! optimistic swing into the issues of: the Chicago. Milwaukee. St. Paul & Pacific. This road has had its ups and downs in speculative favor 1 and the current word around bond houses is that bright things are ex- ! pected in the solution of the carrier’s problems. At any rate, the j following has grown sufficiently j strong to account for rises of three j points or more in a single day. Produce Markets The prices quoted are paid for stock (fathered 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, 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(W40c; No. 2. j 36((i 37c. Butterfat. 34c. Quoted by the Wadley Cos. (By United Press' CHICAGO. Feb. 13.—Eggs—Market, firm; receipts 10 937 cases: fresh graded firsts, 36%c; extra firsts. 31%c: current receipts, 30c: dirties 26c: checks. 24c. Butter — Market, firm: receipts 11.974 mbs: extra firsts (30-91'2 score'. Ss%c: extra 192 score', 36c; firsts iBB-89'2 score'. 34‘-'** 35c. specials 36%®37c; standards. 36c. Poultry—Market easy to firm: receipts 1 car. 7 trucks. 2 cars due; ducks. 184123 c; geese 18c; spring chickens, 24® 25c: hens. 18Of-32c: turkeys. 20® 23c: capons. 25t026c; Leghorn hens. 14® 19c: old roosters. 17c; broilers. 23 1 . " 25c. Dressed poultry— Turkeys young toms. 27c: young hens. 27c: capons 27® 30c: cheese--Twins. 15'. ® 15' _• c; daisies. 15' j® 15**c; longhorns, la 3 * f<r 16c. Potatoes Supply very light; demand good: market firm with strong Ui dertone. Idaho Russet Burbanks. sl.92'* '.(2,05: U. S. No. 2. *16041165 Wisconsin round whites. sl.4o<b 1.45: Michigan russet rural?. 51.50: North Dakota early Ohio?. $1 40 Colorado McClures. J1.504i1.75; U. S. No 2. SI: Nebraska bliss triumphs. $1.60.1 Arrivals 53. on track 115. shipments 822. Other Livestock (Bv Times Special) LOUISVILLE, leb 13.—Cattle Receipts. 400 including 100 direct: run late in ar- , rivins: very little early trading: few | opening sates about steady: bulk common ! to medium slaughter steers and heifers | *5.755r7.50; some plainer offerings down to $5.50 or less: better finished steers quotable upward of $8.50: bulk beef cows. $59 5.75; practical top $6- low cutters and cutters mostly $3.509 4.75: sausage bulls scarce, quotable $59 6.25: best heavies eligible higher, light beef type Stockers and stock calves s6® 8; plainer grade light southern dairvbreds ouotabie *49 5. j Calves Receipts. 200; market generally steady: bulk good (o choice vealers. sll i 12- latter price extreme top medium gradts mostly s9''i 10 plainer grades. $8 down to $5 or less for light culls. Hogs- Receipts, 600 market. 20c higher: top and bulk 160-225 lbs.. *10.85 230-250 lbs . *10.55: 225-300 lbs , $10; 305 lbs up. $9.55: 120- j 155 lbs., *9.75- sows $8 80. Sheep—Rc- ! eeipts. 50: run very light: market mostly steady: desirable native lambs largely s9® 9.50; ' plainer grades mostly $6.50® 8.50. and fat ewes quotable *4 down. Unlisted Stocks •By Blyth A- Co.' NEW YORK BANK STOCKS Bid. Ask. Bankers' 64** 66'* Central Hanover B 5: T 116% 118% Chase ..... 39% 41% ( Chemical National 55% 57% t Guaranty 298 301' ! Irving 17'* 18 s . j Manufacturer* 46'* 48 * National Cuv 36 s . 38'. Cont 111 Chicago .140 142% First National Boston 48'. 49’'. National Shawmut 28 s * 30'. FIRE INSURANCE Aetna Fire -... .... 62'i 64'* American Ins of Newark ... 18 19 s . Baltimore American 9 s * 11 % City of New York ...- 31 33% Federal Ins 110 115'* Franklin Fire 33'* 35'. Great American Ins 33% 35'* Hanover Fire Ins 404 P. Hartford Fire Jns .. 87'* 89’. Home Ins 39 40% Ins Cos of N A 82% 84'* National Fire 86% 88% National Liberty 11 12% Nonb River Ins 29% 31 7* Phoenix .102 104-3* U S Fire 59 81 WtMieiHKU* 384* 43

VIEWS INDUSTRY BOOM

’.-r. Me

The United States is on the threshold of its greatest industrial boom, but it must use more intelligence in solving national problems, Alfred P. Sloan Jr., president of General Motors, told company officials and Pontiac (Mich.) civic leaders at a dinner this week.

PORKERS SHOW UNEVEN TREND Prices Mostly Steady to 5 Cents Higher; Veals Unchanged. A combination of light receipts and a slightly improved demand checked the recent downward movement in porker prices at the Indianapolis Union Stockyards today. And as a result prices were mostly steady to 5 cents higher than yesterday's weak average. Receipts were estimated at only 2000, the lightest supply on hand this week. This, however, increased competition in the choice grades and buyers were bidding around 5 cents higher. Approximately 403 hogs were held over from the previous session. The general bulk of 160 to 225 pounds, cashed in at SIO.BO to $10.90. with the latter acting as top price. Medium heavyweights, scaling 225 to 260 pounds, sold at $10.55 to $10.70. Extreme heavies ranged downward to $9.50. Light slaughter pigs, from 130 to 160 pounds, were salable at $lO to $10.50. Packingsows held at $8.75 to $9.25. With only a light supply of steers and heifers available, the cattle market, however, held to a steady trading range. Early steer sales ranged from $6 to $8.50, while heifers brought $7. Cows and bulls were steady to strong. The latter sold at $5.50 to $6.75. Receipts numbered 600. Vealers also continued unchanged, with the bulk of good and choice kinds selling at sl2 to $12.50. Receipts were 300. Lambs remained stationary. Bulk of fed westerns sold at $10.25 to $10.50, while yearlings brought $9.50. Slaughter sheep held at $3.25 to $5. Receipts were 30C0. HOGS Feb. Bulk. Top: ■ Receipts 7. $10,604(10.70 $10.70 5000 8. 10.7547(10.85 10.85 10G0 10. 11.054fU.t5 11.15 . 3000 11. >0.9041)11.00 11.00 7000 12. 10 8041*10.90 10 90 • 5000 13. 10.804/10.90 .10.90 . .2000 Light Lights. 'l4O-160' Good and choice $10.004710 75 Medium 9.504*40.25 • l(jf)-180l Good and choice.. 10.75w10.90 Medium . . ;.. 10.254f10.75 'IBO-2001 Good and choice.. 10.754( 10 90 Medium . 10.25WT0.75 '2OO-2201 Good and choice. 10.754/ 10.90 • 220-250' Good and choice. . 10.60® 10 80 Heavyweights. • 250-290• Good and choice irr.3offiTo.6s (290-350' Good and. choice.. 9.75 W 10.30 Packing Sows. (275-350' Good 9 104? 9.35 (350-4251 Good 9.004* 9.25 (425-550' Good 8.75® 9.10 '275-350' Medium 8.604) 9.00 Slaughter Pics. 1100-140) Good and choice.. 9.25® 10.00 Medium 8.25® 3.50 CATTLE —Receipts, 6000— (500-900) Choice $ 9)50® 11.00 Good 7.754i 10.00 Medium 6 50® 8.00 Common 5.00® 6.50 (900-1100) Choice 10.004/ 11 75 Good 8.254/ 10.25 Medium 6.50® 8.25 Common 5.00® 6.50 (1100-1300) Choice 10.50® 11.75 Good 8.254; 10.50 Medium i 6.75® 8.25 (1300-1500) Choice 11.00W11.75 Good 8.254/ 11.00 Heifers (500-750) Choice B.oo® 9.25 Good 7.00® 8.00 Common and medium 4.504/ 7 00 (750-900' Good and choice .... 7.OU"z 9.50 Common and medium 5.00® 7.00 Cows Choice 6.50® 7. 1> 5 Good 5.75® 6.50 Common and medium 5.00® 5.75 Low cutter and cutter 3.50® 5.00 Bulls, good 6.5)4/ 7.25 Cutter, com. and med. bulls.. 2.50® 6.50 VEALERS —Receipts, 300Good and choice $12.00® 12.50 Medium 9.504/ 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 Feedei and Stocker Cattle tSOO-800i Gota and choice 6.75® 7.75 Common and medium ... 5.00® 6.75 (800-10501 Good and choice . 6.75" 7.75 Common and medium 5.004* 6.75 Cows Good 4.504? 5.00 Common and medium 4.00 ii 4.50 SHEEP AND LAMBS Receipts. 3000— Lambs. 90- lbs. down, good and choice $10.25® 10.50 Good 10.004/ 10.25 Medium 9.004/ 10.00 Common 7.00® 9.00 Ew es. 190-175' Good and choice.. 4.00® 5.00 Common and medium 3 00® 4.00 Yearling wethers good choice 9.00® 9.50 Medium 7.00 m 9.00 Other Livestock (By United Press) CHICAGO. Feb 13.—Hogs—Receipts. 18 - 000. including 5000 directs; active. 15 to 25 cents higher than Wednesday's average: top. *10.95 bulk desirable I*o-260 lbs.. $10.75® 10 90: 270-320 lbs. largely, $10.60® 10 75; better grade 140-160 lbs.. $10.50® 10.85; good sows. $9,504* 10. Cattle—Receipts. 8000; calves. 1000; fed steers and yearlings steady to strong with better grade weighty kinds slightly higher to shippers on a forced market due to storm, basic undertone trade weak because of continued sluggish dressed beef market; all low-priced cattle getting good action: best fed steers. $11; bulk. $7.50® 9 50: stocker and feeder trade at standstill; very active market on weighty sausage bulls at $7.25. Sheep—Receipts. 10.000: fat lambs fairly active; bulk fully steady to strong: spots 10 to 15 cents higher; aged sheep firm, good to choice fed western lambs. $10.25® 10.65; few best held higher: bulk $lO 50: native ewes, s4l* 4.75; few light weights. $5. FORT WAYNE Ind„ Feb. 13.—Hogs- U> to 20c higher; 160 to 180 lbs. $10.90; 180 to 200 lbs.. $lO 80; 200 10 225 lb*.. $10.70; 225 to 250 lbs $1u.50; 250 to 275 lbs., $10,40. 275 to 300 lb*., *10.25: 300 to 350 lbs.. *10; 140 to 160 lbs.. *10.40; 120 to 140 lbs.. *13.15: 100 10 ISO lbs. *9 90. Rough? $8.75, steady Stags—*7. AjrSdj. Calves—

THURSDAY, FEBRUARY 13, 1936

11935 EARNIN6S OF INDUSTRIES RISE SHARPLY 40 Per Cent Increase Over Previous Year Is Recorded. j Timr a Special NEW YORK, Feb. 13.—’The 237 I important industrial corporations I tnat to date have issued reports for i 1935 show aggregate net income of i $565,165,000, an increase of 48 per cent over the preceding year, according to the Standard Statistics Cos. General Motors, with a 76 per cent gain, and United States Steel, which turned a large deficit into a small profit, weighed heavily in the improvement. Without these two, the industrial total would show an increase of only 28 per cent. Among the principal industrial groups, automobile, auto parts, building, household products and machinery made the best relative showings, judging by reports to date. Railroads Show Better Food products companies as a group enjoyed only a slight increase, | while retail trade and paper comj panies reported declines. The steel j industry turned a substantial defiI cit in 1934 into a fair profit in j 1935. Canadian industrials made | a better average showing than do- ! mestic companies. Railroads, with substantial im- ; provement in the final quarter, are | making a better aggregate showing j for the full year than would have seemed possible a few months ago. Similarly, utility earnings for the December quarter were the largest since the first quarter of 1932, with the result that full year utility earnings were up almost 15 per cent. Although additional reports will change the comparison with 1934 somewhat, total industrial earnings j are expected to be up about 40 per cent. Indications are that aggre- I gate railroad fixed charges were earned for the first time since 1931. The relative utility showing may be somewhat changed by later income I statements, with individual compaI nies reporting wide variations, SPRINGER TO HEAD SAVING, LOAN GROUP American Building Firm Elects Officers. Edward W. Springer, secretary of the Atkins Savings and Loan Association, has been elected president of the Indianapolis chapter, American Building, Savings and Loan Institute, it was announced today. Other officers are Harold R. Taylor, first vice president; Miss June Hefner, chief clerk of the Federal Home Loan Bank of Indianapolis, second vice president; John A. Eagleson, clerk of the Railroadmen’s Building and Savings Association, secretary, and Miss Mary K. Dwyer, clerk of the Ce’tic Savings and Loan Association, treasurer. INSURANCE ASSETS HIGHER DURING 1935 John Hancock Life Cos. Has Total of $731,500,916.33. Assets of the John Hancock Mutual Life Insurance Cos., Boston, Mass., increased to a total of $731.500,916.33 during 1935, according to a preliminary report received here today from Dan W. Flickinger, Indiana general agent, who is attend- j ing the seventy-third annual policy- j holders meeting at the home office | in Boston. The report also showed an in- j

crease in total surplus resources to $64,987,816.03. Both increases were comprised of a contingency reserve held for asset fluctuation of $18,000,000, and a general surplus of $46,987,816.03. New business of the company paid for in 1935 amounted to $553,691,004, bringing the total outstanding insurance in force up

to $3,593,148,522. Approximately $87,736,087.35 was paid out to policy- ; holders and beneficiaries during the last year. PETERS ANNOUNCES FHA DEFAULT POLICY Rigid Collection of Obligations Stressed by Director. The policy of the Federal Housing Administration regarding default on loans made under the National Housing Act was announced j today by R. Earl Peters, state FHA : director. “When a borrower under the modernization credit plan defaults on a loan, the lending institution files claim with the FHA for the insurance on the loan,’’ Mr. Peters said. “The matter of collecting the defaulted obligations is turned over to the FHA. In such cases it will be the policy of the FHA to be just as rigid as the Treasury Department in the collection of taxes.” DIRECTS HOME SHOW J. Frank Cantwell in Louisville Supervising Exposition. J. Frank Cantwell, managing director of the Indianapolis Home Complete Exposition, today is in Louisville, where he is also directing the Realtors' National Home Show, which opens Feb. 28. The Indianapolis exposition is to be held in the Manufacturers’ Building at the State Fairground. April 16 to 26. NET INCOME INCREASES I CHICAGO. Feb. 13—A net income of $2,162,113 was shown by Ihe Wheeling and Lake Erie Railway in its preliminary report for 1935. This compares with a net income of $1,197,549 for 1934.

(By Thomson Sc McKinnon). 11:15 A. M. Prev. Oils— High. Low. N. Y. close. Atl Rfg 33 7 8 33 s s 33 7 8 33 3 /4 Bainsdall 17% 17% 17% 17% Consol Oil 14% 14% 14% 14% Cont of Del 38% 38'* 33’a 38% Houston (new).. 10% 10% 10% lO'/i Mid Cont Pet... 21% 21% 21 1 a 21 Ohio Oil 16% 16% 1(1% 16% Phillips Pet ... 44% 44 % 44% 44 7 8 Plymouth 0i1... 14% 14% 14% 14% ure Oil 20% 20% 20% 20% Seaboard Oil ... 36 35% 36 35% Shell Un 77% 17% 17% 17% Skelley Oil 26% 26% 26% 26% Soc Vac 16% 16 16 16% SO of Cal 47% 47% 47'% 46% SO of Ind 39% 39 39 39% S O of N J 60% 60% 60% 60% Texas Corp 34% 34% 34 %• 34% Tidewater Assn. 18% 18% 18% 18% Un Oil of Cal... 27% 27% 27% 27% Steels— Am Roll Mills... 33% 33% 33% 33% Beth Steel 57% 57 57 56% Byers A M 25% 25 25% 24% Cruc Steel 40% 40% 40% 39% Inland Steel ...109% 109% 109V* 107% Ludlum Steel .. 32% 31% 32%i 31% McKeesport Tin 109 109 109 110 Mid Steel 25% 25% 25% 25% Natl Steel 73% 73% 73% 73% Otis Steel 18% 18% 18% 18% Rep Iron <fc Steel 25% 25% 25% 25 Rep Ir & St.l pfd 96% 96% 96% 94% U S Pipe & Fdy 36% 36% 36 Vi 35% U S Steel . ... 59' 2 59 59 58% U S Steel pfd... 128% 128% 128% 127% Youngsto S& T 52% 52 52 52% Motors— Auburn 46% 46% 46% 46 Chrysler 95% 94% 94% 94% Gen Motors .... 59% 59% 591, 59 Graham Mot ... 3% 3% ?% 3% Hudson 16% 16 16 15% Hup 2% 2% 2% 2% Mack Truck ... 33% 33% 33% 33% Nash 19 18% 19 18% Packard 9 8% 8% 8% Reo 6% 6 V, 6V3 6% Studebaker 10% 10% 10% 10% Yellow Tr 15% 15% 15% 15% Motor Access— Bendix 24% 24 24 23% Bohn Alum 57% 57 57 56% Briggs 57% 57 57% 56% Budd Mfg 10% 10% 10% 10% Budd Wheel ... 12% 12% 12% 12% Eaton Mfg 19% 19% 19% 19% Elec Auto Lite .. 40 % 40% 40% 29% Elec Stor Bat .. 52% 52% 52% 52% Greyhound •■B” . 77% 77 77% 76 Houdaille 29% 29% 29% 29 Murray Body ... 19 19 19 19 Stew Warner ... 20% 20% 20% 20% Timken Roll ... 71% 71 71% 70% Timken Det Axle 15% 15% 15% 15% Mining— Alaska Jun .... 16% 16% 16% 16 Am Metals 34% 34% 34% 34V. Am Smelt 66 65% 66 65% Anaconda 33% 33 33 % 32% Cal & Hecla ... 8% 8 8% 8 Dome Mines ... 49% 48% 48% 41% Gt Nor Ore ... 18% 18% 18% 17% Howe Sound ... 56 56 56 55% Ins Copper 7% 7% 7% 7% Int Nickel ...... 49% 49% 49% 49% Kennecott Cop.. 35% 35% 35Vi 35% Mclntvre Mine.. 45 45 45 46 Park Utah 4% 4% 4% 4% Phelps Dodge.. 35% 35% 35% 35% St Joe Lead ... 29% 28% 29Vi 27% U S Smelters... 94% 94 94 93% Vanadium 26% 26 26% 26V* Amusements— Fox Theat 26% 26% 26% 26% Loews Inc, 52% 52 52 51 % Radio Corp 11% 11% n% 11% Paramount 11% 11% 11% ijs, RKO 8% 8% 8% 8% Warner Bros ... 12% 12% 12% 12% Am Tob “A" .. 100 99% 99% 100% Am Tob "B” ...101% 101% 101% 101% Gen Cigars .. 56 5 , 56% 56% 56% Ligg & Myers B 115% 115 115% 115% Lorillard ... 24% 24% 24% 24% Philip Morris 68% 68% 68% 69 Reynolds Tob B. 58% 58% 58% 58% Rails— Atchison 76 75% "6 753. Atl Coast Lines 33 33 33 32 s , 8 & O 21U 20% 20% 20% Can Pacific ' 13% 13 13 13% £ h vr & ,°o iO T, 59 ' 2 59 '‘ 59 ’ 3 59 '< C M Sc St P pfd 5% 5% 5% 5% Chi NW . ... 4% 4% 4% 4% Chi N W pfd... 11 11 11 Dela & Hud ... 48% 48 48% 47% Del Lac &W .. 19% 19% 19% 19% ? r ! e 15% 15% 15% 15% Erie pfd 26% 26% 26% 26 Gt North pfd .. 40% 39% 39% 3<", 111 Central 25*4 25% 25% 25 Lehigh Valley . 11% ny 4 iis ß jj> 4 Lou & Nash ..72% 72 72'5 73% M K <k T ... 8% 8% 8% 8% MK & T pfd.. 23% 23% 23% 23% Mo Pac pfd ... 7% 7% 7'* 7% N Y Cent . . 36% 36 5 , 36% 36% N Y New Haven 5% 5% 5% 5% N Y Ont & West 7 7 7 7 Nor Pac 28% 28% 28% 28% Penn R R 36', 36 36 36 Reading 44% 44% 44% 44% Sou Pac <34% 34 34 33 5 , Sou R R 18% 18% 18% 17*, Union Pac 126% 126 s , 126’% 126 Equipments— Am Brake Shoe 50% 50Vi 50% 50 Am Car & Fdy. 37% 37% 37% 38 Am Loco . 30% 30% 30% 30 Am Steel Fdy ..31% 31 31 31% Bald Loco ..... 5% 5% 55% s*, Gen Elec 41% 40% 40% 40% Gen R R Sig ... 47 47 47 48 Pullman Inc ... 47% 47 47 47 West Air ... 40% 39% 39% 40% Westingh Elec .120 120 120 121 Utilities— Am <fc For Pwr. 9 8% 8% 9 Am Pwr & Lit.. 10% 10% 10% 10% AT&T .. 173% 172% 173% 171% Am Wat Wks .. 12% 12 12% 12 Cos! Gas & Elec 18 17 s , 17% 17% Comm & Sou .. 4% 4% 4% 4% Consol Gas .37 36% 36% 36 Elec Pwr & Lit. 10% 10 s , 10% 10 s , Int Hvdro Elec.. 5 4% 5 5 Interboro R T . 17% 17% 17% 17%

.V.V.V.-V v.v.v.--. V/V.v.v. v.w.v.

Flickinger

Automobils depository ymm — Btnk fron Your Cor Bankers -Trust Cos.

INVEST with Ist Mortgage Security on Improved Real Estate BUY Building & Loan Share*

No Shortage of Fuel

New York Stock Exchange Prices

Int T & T 17% 17% 17% 17% Nat Pwr & Lit.. 12% 12V, 12V, 12>/s North Amer ... 29% 29 5 , 29% 29% Pac G & E 36 35% 36 35 V, Peoples Gas .... 46 46 46 46 Pub Serv N J ... 47% 47% 47% 47% So Cal Edison.. 27% 27% 27% 27% Std Gas ....... 8% 8% 8% 8% Stone & Webster 18% 18 18% 17% United Corp 8% 8% 8% BV, Un Gas Imp 18V, 18% 18 1 /, 18% Ut Pwr & Lt A 5% 5% 5% 5% Western Union.. 95 94% 95 92 Rubbers— Firestone 32% 32% 32% 32% Goodrich 20 20 20 19% Goodyear 29 29 29 29 V, IT S Rubber .... 20% 20% 20% 20% U S Rubber pfd 62% 62% 62% 62 % Miscellaneous— Allis Chalmers.. 46% 46% 46% 46% Am Can . . .124 124 124 124 Am Mach & Fdy 27*4 27% 27% 27 % Burroughs Add.. 32% 32% 32% 32% Conti Can .... 81 79% 80 80% Caterpillar Tract 69% 69% 69% 69% Crown Cork 51% 51% 51% 51' . Deere & Cos . . 73 73 73 72% Eastman Kodak 157% 157% 157% 157% Foster Wheelor.. 38V* 37% 38% 37% Gillette 18 17% 17% 18 Glidden 50% 50 50% 49% Ingersoll Rand 143 143 143 141% Inter Harv 67% 67% 67% 66% Natl Cash Reg.. 29% 29% 29% 29'/, Owens Bottle ..148% 148% 148% 148'* Rem Rand .... 21% 21% 21% 21% Underwood E ... 90 90 90 91 Foods— Armour 6% 6% 6% 6% Armour 6% pfd. 82% 82% 82% 81’, 2 Borden Prod .29 28 3 , 28% 29 Canada Dry G A 14% 14% 14% 14% Coca Cola 95% 95 95'% 95 % Corn Prod 69% 69% 69% 68% Cuban Am Sug. 10% 10 s , 10% 10% Gen Baking 12% l2’/ a 12V 2 12% Gen Foods 33% 33 s , 33% 33% Natl Biscuit 34% 34% 34% .34 ',2 Natl D Prod 22’, 22% 22% 22% Purity Bak 14% 14% 14% 15V, Std Brands .... 15% 15% 15% 15% Un Biscuit 25% 25% 25V z 25% United Fruit . 74% 74% 74% 74 Ward Bak “B” 3V, 3Va 3V* 3% Wriglev ... 79 Retail Stores— Allied Stores .•. 7% 7% 7% 7% First Natl Stores 45% 45 45 45 Gr Un Tea 5% s'/* 5% s'/, Kresge S S .. 24% 24% 24% 24% Kroger Groc 26% 26 5 , 26% 26% Macy R. H 46% 46% 46V* 46 McCrorv St .... 14'* 14% 14% 14% McLellan St .. 13% 13% 13% 13% Marshall Field. 12 12 12 12% May Dept St .. 51% 50‘,2 50% 50 Mont Ward 40% 4040 34% Natl Tea 11% 11% 11% 11% Penney J C ,75 75 75 74% Safeway St 33*4 33% 33% 34% Sears Roebuck .. 65% 65 65 65'* Woolworth 54% 54% 54 s * 54 Aviation— Aviation Co*p .. 6'* 6% 6V* 6% Boeing Aircft ... 25% 25% 25% 24% Curtiss Wright . 4% 4'-. 4% 4 s , Curt Wright A 14% 14% 14% 14% Douglas Air 71*4 71 71% 70% Nor Am Av 7% 7% 7% 7% Sperry Corp ... 22% 22% 22% 21% United Air new . 31% 30% 30% 30% Chemicals— Allied Chem ...169% 169% 169% 167% Am Com Alco. 25% 23'/, 28% 2f% Com Solvents ... 20% 20% 20*, 20% Du Pont 148 148 148 147% Freeport Tex ... 34% 33% 34% 33% Liquid Carb ~ 38% 37% 38% 38% Math Alkali . 32% 32 1 a 32% 32% Monsanto Chem 96 95** 96 96 Natl Dis (new) 29% 29% 29% 24*, Schenlev Dist . 47 47 47 46% Tex Gulf Sulph. 33% 38% 38% 38% Union Carbide .80 79% 80 79% Drugs— Bristol Mvers . 45% 45% 451:. 4g Coty Inc 6% 6% 6% 6% Lambert ... 25% 24% 25 Lehn & Fink 14*, 14% 14% 143. Sterling Prod 66% 66% 66% 67 Un Drug mew) 15** 15% 15% IS 7 , Vick Chem ... 45% 45% 45% 45 Zonite Prod... 8% B'* BV* B'% Financial—. Adams Exp 12% 12% 12% 12% Allegheny Corp 4'* 4% 4% 4% Am Int Corp... 12 s , 12% 12% 12% Chesa Corp ... 73% 73 73% 72** Lehman Corp .. 98 98 98 98% Transamerica . 13V, 13'/* 13'4 13% Tr Conti Corp 11% 11 s , 11% 11% Building— Am Radia'or 24% 24% 24% 24% Gen Asphalt... 34 33% 33% 34

*’Frm Date of Investment!* 9 •p.. . * , Money invested in the shares of this Association ParticiJJlMdenaS pa+e ; n Dividends Declared, from Date of Investment. at the rate of • Reserves Over ONE MILLION pe-annum • All Shares Are TAX FREE were declared . Total Assets $9,983,903.00 by this 1 . Association • Modernize... Buy a New Home With Dec. 31, 1935 a Long-Term Fletcher Avenue Loan A Proved, Amply Secured, Long Time Investment Dec. 31,1935, This Association Declared Its 90th Consecutive Semi-Annual Dividend MEMBER FEDERAL HOME LOAN* BANK FLETCHER AVE. SAV. & LOAA ASSLV 10 E. Market St. In the Heart of the Business District

Petroleum Industry Wages Gain Total wages paid in petroleum refineries in 1935 are placed at 3167,793,000 compared with an estimated $159,313,000 in 1931.

Int Cement . . . 43% 43% 43% 43% Libby Owens G 1 584, 58'* 58 V* 58 Va Otis Elev 27% 27% 27% 26% U S Gypsum. .. 104% 104% 104% 101% Household— Col Pal Peet.. 19% 19% 19% 19% Kelvinator 18% 18% 18% 18V* Mohawk Carpet . . . . . . 23** Proc & Gamble 47 47 47 46Vi Servel Inc . .. 19% 19*'* 19% 19% Simmons Bed.. 24V* 24V* 24'% 24% Textiles— Amer Woolen.. 10% 10% 10'/* 10% Celanese Corp.. 29% 28% 29 29% Collins Aikman 51% 50% 51 50% Gotham Hose. 10% 10% 10% 10% Indus Rayon .. 30V* 30V* 30V* 30% Kayser .Tulius.. 32 32 32 32% Real Silk 15% 15% 15% 14% Chicago Stocks (By Abbott, Proctor & Painet 11:00 Prev. A. M. close. Allied Prod 25% 25% Butler .. 9 g Chicago Corp 5% 5% Cities Serv 6% 6% Com Edison 104% 105 Conti Steel 42'* 41% Cord 6% 6 s , Crane 27% 28 Elec House 16% 16% Grt. Lakes Dredge 29 V* 29% Iron Firemen 30% 30 Noblitt Sparks 34% .3414 Pub Servos 111 6p.% 59% Quaker Oats 136 J 36 Swift 24% 24% Swift Int 35 343 Zenith 15 15 New York Curb (By Abbott, Proctor Paine) 11:30 A. M. Prev. N. Y. Close Alumn Cos of Am 108 104% Am Cyanide “B" 35 35 Am Superpower 3% 33* Axton Fisher Tob 54% 54% Can Indus Ale “A” 11% 11% Carrier Corp 11 11V2 El Bond & Share 20 s , 20'% Fisk Rubber 8% 9 Ford of Can “A” 25% 25% Imperial Oil Ltd 24 24 Lake Shore Min 57'/, 57Vi Newmont Min 94 93 Nia Hud Pwr 10% luVi Pan Ain Airways 54 54 Penn Road 5% 5% Money and Exchange INDIANAPOLIS STATEMENT Clearings *3.063.000 Debits 6,438,000 TREASURY STATEMENT IBy United Press) WASHINGTON, Feb. 13.—Government expenses and receipts for the curren' fiscal year to Feb. 11, compared with a year ago: This Year. Last Year. Expenses. $4,485,834,941.12 $4.244.686.304.29 Receipts. 2.220.677.671.51 2.170.191.352.50 Deficit 2.265.157.269.61 2.374.494.951.79 Cash Bal. 1.896.892.123.04 2.209.337,888.29 Chicago Grain Futures (By James E. Bennett <fc CO.l 11:00 Prev. Wheat— High. Low A. M. close. May 98% .97*4 .97% .97*, July .89 % .88% .83% .88 3 Sept 88% .87% .87% .371, Corn— May 60% .60%* .60% .60% July 61'* .60% .61V, .60*, Sept 61% ,61V* ,61V* .61 Oats— May 28% .28% .28% .28% July 28 .28 .28 .27% Sept 27% .27% .27'% .27'/* RyeMay 58% .58% .58 % .58% July 57% .57 .57 .56% Sept 57 .56% .56% .55 %

SUN OIL’S PROFIT PUTS SPOTLIGHT ON ENTIRETRADE First Major Unit to Report Cites Best Net in Five Years. Time* Special NEW YORK. Feb. 13.—Wall Street today showed unusual interest in the 1935 statement of the Sun Oil Cos. because it was the first complete annual exhibit to be issued by a major petroleum unit and tended to confirm reports that the industry as a whole had fared well last year. Most significant is the fact that the company’s income of $7,100,239. after all charges, was the best since 1930, when it had a balance of $7,450,484 applicable to dividends. For 1934 Sun Oil reported earnings of $6,650,464, equal to $3.51 a share on the common. The pershare net last year was lower, but more stock was outstanding. Oil Shares Retain Favor That oil shares are popular with the trading public at the present time is indicated by what has been taking place in the group during recent sessions. Standard of New Jersey, the bellwether of this department, has given the most bullish demonstration in years. Os course, inflation sentiment helped, but concrete factors in the news came in for considerable study. Followers of oil stocks wera cheered particularly by bullish developments in the California situation. which for some ime had made for uncertainty. The plan for curtailing crude output on the West Coast was made immediately effective by a committee of producers. Previously, it had been decided that restrictions would not begin until this week. Accordingly, it wa.s reported that production was limited in several fields. The aim of the committee is to reduce production from the present daily flow of 680,000 barrels to 537,000. EARNINGS AT NEW HIGH Lumbermen’s Mutual Casualty Cos. Releases Year-End Report. Timm Special CHICAGO, Feb. 13.—Earnings, premium income, assets and surplus of the Lumbermen’s Mutual Casualty Cos., Chicago, reached new highs in 1935, according to the financial statement released today by James S. Kemper, president. The underwriting and investment earnings for the year total $4,003.437.67, compared with $3,025,616.40 in 1934, which up to that time was the best year in the company's history. Earnings for 1929, the last predepression year, totaled $2,307,388.59.

orrics SPACE The available vacancies in the several office buildings under our management offer'd full Ifcnge in price,'size end type of office spacer KLEIN ft KUHN Inc. Property Management LINCOLN 3545