Indianapolis Times, Volume 47, Number 294, Indianapolis, Marion County, 17 February 1936 — Page 11

Trends I Durant Case Cited for ‘Gullible’ Citizens. BY JOHN T. FLYNN NEW YORK, Feb. 17.—As the stock market ferments and the promise of easy money invites the ever-gullible American, let him who is tempted consider the case of William C. Durant. Durant has just invoked the shelter of the bankrupt court. The founder of General Motors, the owner of several “fortunes running to many mil-

lions, has surrendered hi s troubled affairs to a United States court and put down as his assets $250 in clothes. Durant was more than a speculator. He was an industrialist of great ability. Asa youth, dissatisfied with the confining walls of his small town. he went away from it—

Flynn

not to any particular destination, but away. Among other forms of transpprtation he did a little hitch-hiking in buggies and farm wagons. One farm wagon chauffeur regaled him with the countless virtues of his vehicle and the company which made it. Durant made up his mind. He went to the manufacturer —a small one for now, but not so small then—and found a producer who knew how to make good wagons but didn’t know how to manage his finances. Before long Durant was the owner of that business. He became one of the leading manufacturers of horsedrawn vehicles. a a u HE was among the first to see that the rise of the auto had doomed the horse. And so while other wagon and buggy makers were still laughing at jokes about how old Dobbin had pulled the funny little Ford out of the ditch, Durant went to making bodies and autos. Ultimately he got hold of or founded the Chevrolet Corp. and befcame one of the largest producers of low-priced cars after Ford. Then he founded the General Motors Corp. But then he began to learn the fatal techniques of high finance—the magic uses of the corporation, corporation stock, holding companies. The great industrial producer became a great Wall Street fiperntor. Presently he war in a death struggle for the possession of his General Motors and in time that was wrested from his hands. Then he established the Durant Motor Cos. But all the time he was in Wall Street. Rumors of great coups by Durant or great losses by him were frequent. He sat surrounded by telephones leading to his brokers’ offices. u n tt WHEN he went to Europe he spent fortunes on long-dis-tance telephone calls to his Wall Street representatives. His hand was in numerous stocks. The importance of all this lies in this fact—that Durant had a mind of astonishing quickness in grasping financial mysteries. He had at times almost unlimited resources in money. He had access to inside information which no outsider ever gets save from the barber of a fellow who knows the husband of a lady who works in the office of the deputy third assistant vice president of the company. He devoted practically all his time to watching his various operations. Yet with .all this he ends with assets of $250 in clothes. This explains why you, simple-minded investor, end without even a shirt. The lesson is that you, without adequate funds, without special training in Wall Street finance, without access to reliable data, without the time to study corporate affairs, can not possibly hope to win where the Durants and Livermores and Insulls lose. CAR DELIVERIES RISE Times Special SOUTH BEND. Ind.. Feb. 17 —Retail deliveries of Studebaker cars in both December and January were the best in seven years, and came wtihin 125 units of equaling the number delivered in the same period of 1928-29. Paul G. Hoffman, president, said today. On Commission Row ("Quotations below subject to change are average wholesale prices being offered to buyers bv local commission dealers.) FRUlTS—Strawberries: Florida, pint. 18r; 36-pint crate. 17c. Cranbenies. C. C. Howes. Eatmores. 25-lb. box, $2 75. Pears: Washington D'Anjo 1 100s box'. $3.25; Washington Bose (100-i2os'. 53.25: California Avaeado <2OO-245), 53.50. Graces: Extra Fanev Emperors (34-lb. sawdust chest), $3.50. Limes: Mexican (carton 12s), 25c: Persian seedless (dor). 45c. Dates: Frvsh Arizona. $1.50. Bananas, seven hands, pound. 4%e. Apples- Delicious ifanc? baskets), $1.75: Jonathans, $1.50; Grimes Golden. $1.25: Rome Beauty. $1 65. Lemons: Sunklst (3605). $6 Grapefruit: Texas seedless <s4s-80s). $3 75 Arizona Sunklst '80s). $3. Tangerines, Florida (120s. 1445. 168s), $1.73. VEGETABLES Artichokes. California (doz i. $1 15. Beans, green, round stringless 'hamper). $3 25. Beets; Texas (3 doz. crate) $1.50; rut offs (bu.) $1 Brussels Sprouts. California (auart'. 20® 22c. Cabbage. New York Danish 1 50-lb bag). 90c: New Texas tcrate). $1.35. Red cabbage (50-lb bag). $2: Carrots. California (6-doz. crate). $3 25: Texas (3%-doz. rrate). $175 (bushel'. $165. Cauliflower, California (12s crate', $1.75. Celerv. Florida washed and trim ned idoz), 60 c ® $1: Florida '4s. 6s. Bs. '.os crate), $3 75. Cucumbers, hothouse (doz.). $1.35; southern (bushel), $6 Egg Plant, Florida idoz.), $1 50. Kale (Virginia bushe). 90c. Lettuce. Iceberg Arizona (best 4s. ss). $3.50; home grown leaf (15-lh. baskets), sl. Endive. California idoz>, 90e. Peppers, mangoes (crate), sl. peck basket. $1.25 idoz), 45c. Mint, hothouse (doz). 75r, Mushrooms mound). 30c Mustard. Texas (bunch*. 75c Onions —lndiana yellow <SO-lb bag) 31 25- Indiana vellow (10-lb. bag'. 28c: Western Spanish (50-ib bag). $1.75: Oyster plant, home grown (doz.). 40c. Farslev scuthern (long bunches doz >. 45c Parsnips, home gtnw-n washed (bushel). $1; (haif-bus'iei). 60c Peas, Florida (hamper), $2 75. Potatoes, Michigan Round Whites %00-!b bag). *2 Maine Green Mountains 1 100-lb. bag), $2 35; R R Earlv Oinos (100-lb. heg). *2- IV R. Cohb'ers < 100-lb bgi *2 Tdahf Russets (100-lb. bag $2 40: Idaho bakers (70s box). $2.50: Col. McClures (100lb. bag', $2 20; New Texas Triumphs 1 50lb bag), $2.15. Sweet potatoes, Indiana Jerseys (Is bushel. $1.50; mediums • bushel). $1; Tennessee Nancv Halls (hamper). $1 15; Southern Porto Ricans (bushel crate). $l5O. Radishes, home rrown buttons (doz.). 45c: white 40c Rhubarb, hothouse (bunch). 50c Rutabagas. northern iSO-!b. bag) 85c. Sage idoat. 45c Shallots. Louisiana (doz , 454/ 50c. Spinach, New Texas (bushrl). sl.lO Turnips, home grown washed (bushel), $1,50 Tomatoes renacked (10lb boxi, $1.40; original Cuban i3O-lb. lug), $3.

JANUARY TRADE IN INDIANAPOLIS IS NEAR NORMAL City Only Five Per Cent ‘Below Line,’ Report Reveals. Indianapolis was among the 46 cities of the United States that were closest to normal at the end of January, according to the monthly survey of business in 147 trading areas conducted by the research division of Brooke, Smith & French, Inc., Detroit advertising concern. At the end of the month Indianapolis stood only 5 per cent below normal. This represented an increase of 2 per cent over the preceding month, December, and a gain of 12 per cent over January a year ago. Sixty-three of the 147 trading areas of the United States showed business gain in January, 19 remained the same and 65 lost ground, but only slightly, according to the report. National Index Declines At. the same time the national index declined 3 per cent, due chiefly to the fact that the automobile industry put its hew cars on the market two months earlier than usual, depriving January of the stimulation that normally comes at that time. However, the January, 1936, national index—2l per cent below normal—may be compared with 33 per cent below for January a year ago, the survey reveals. January business gains were widely scattered throughout the country. New England, northern New York states, northern New Jersey and the Pacific Coast, together with the Southern oil areas, showed the most outstanding improvement. Other Cities Listed The greatest January gains were registered in the following areas, with indexes improving 5 per cent or more: Albuquerque, Augusta, Ga.; Binghamton, N. Y.; Camden, N. J.; Fort Wayne; Houston, Tex.; Joplin, Mo.; Los Angeles; Lynchburg, Va.; Newark; Philadelphia; Portland, Me.; Pueblo; Rochester, N. Y.; Shreveport, La.; Springfield, Mass.; Tampa, Fla,; Topeka, Kas.; Tulsa; Wichita, Kas. These areas were closest to normal in January: Indianapolis; Albuquerque, N. M.; Austin, Tex.; Bakersfield, Cal.; Baltimore; Bangor, Me.; Beaumont, Billings; Boise; Charleston, W. Va.; Charlotte, N. C.; Cheyenne, Wyo.; Colorado Springs; Columbia, S. C.; Columbus, O.; Dallas; Denver; Detroit; Green Bay, Wis; Greenville, S. C.; Harrisburg, Pa.; Hartford., Conn.; Houston, Tex.; Jacksonville, Fla.; Lynchburg, Va.; Manchester, N, H.; Miami; Milwaukee; Nashville, Tenn.; Oakland, Cal.; Peoria, 111.; Phoenix, Ariz.; Portland, Ore.; Reno, Nev.; Richmond, Va.; Shreveport, La.; Spokane, Wash.; Springfield, Mo.; St. Paul; Terre Haute; Washington, D. C.; Wilmington, Del.; Winston-Salem, N. C. OUTLOOK FAVORABLE FOR OIL INDUSTRY 1936 Prospects Best Since Depression Started. Times Special NEW YORK, Feb. 17.—The petroleum industry begun 1936 with the most favorable earning prospects since the beginning of the depression. according to the Standard Statistics Cos. It is too early to make even a tentative forecast of results for the year, but, if present possibilities are realized, earnings may equal or exceed those of 1930, which were second only to 1929 in the history of the industry. The favorable outlook rests upon the further strengthening of the statistical position resulting from additional gains in consumption, particularly of gasoline, and continued restriction of production. The combination is causing a moderate recovei-y in prices to the best levels in years. Although the trend of crude oil production was steadily upward during 1935, consumption increased at a faster rate, permitting a reduction of 22,300.000 barrels in stocks of crude oil during the year, according to estimates of the American Petroleum Institute. Total supplies reached approximately the lowest level since 1922. Domestic consumption of gasoline in 1935 was around 435.600.000 barrels. or 6.2 par cent above the previous record established in 1934. Early computations of 1935 demand indicate that thus trend will be extended. Busigraphs COMMERCIAL FAILURES (dun $. bradstreet) 30 (/) Ul CL = m i2O - - - - TTI w |! |f 5 _r S 10 ._ |_ ii - _if— TT —TTI- ! i II j (- , j! Il O'-art A.—— M--1929 1930 1931 1932 1933 1934 1935 THE BARKER CORR GENERAL DISTRIBUTORS INCORPORATED INVESTORS The fewest number of failures since 1920 is the record for 1935, while the total liabilities were the smallest since 1919, The number of failures last year among retailers and wholesalers increased slightly over 1934, but liabilities were less. In manufacturing lines both the number and liabilities dropped appreciably; while other commercial divisions, such as the agent and service groups, had fewer failures in number but larger total liabilities. The average failure in 1935 was for 519,372. ♦

Abreast of The Times on Finance

Where Business Stands Nationally

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SWINE MARKET TURNS UNEVEN Prices Steady to 10 Cents Lower; Cattle, Veals Also Weak. With hog receipts the largest since last Tuesday, despite unfavorable weather conditions, porker prices turned irregular today at the Indianapolis Union Stockyards. The market was steady to largely 10 cents lower than Saturday’s best average. The liberal supply was estimated at 6000, exceeding Saturday’s figure by 4000. Larger shipments also were reported from other livestock centers in the Midwestern area, comprising 11 major markets. This reduced demand at the local exchange and the top price slipped down to sll.lO. Holdovers numbered 93. The general bulk of 160 to 225 pounds cashed in at $10.95 to $11.05, while medium kinds, scaling 225 to 275 pounds, brought $10.45 to $10.85. Extremely heavy matured grades, from 275 to 350 pounds, sold at $9.85 to $10.25. Lightweights, scaling 130 to 160 pounds, were salable at $10.25 to $10.75. Packing sows held at $8.50 to $9.25. A weak undertone prevailed in the cattle market, resulting mostly from low-grade quality, especially steers and heifers. Cows and bulls were steady, with most steers valued to sell downward from $8.50. Few heifers brought SB. Bulls sold at $5.50 to $6.75. Receipts numbered 1200. Vealers continued to display a weak undertone, with the majority around 50 cents lower than Saturday. The bulk of good and choice grades sold at $11.50 to sl2. Receipts were 600. The lamb market was undeveloped and supply consisted mostly of fed Western grades'. No bulk price was established. Receipts were 1500. HOGS Feb. Bulk. Top. Receipts. 11. $10.90(oU1.00 $ll.OO 7000 12. [email protected] 10.90 5000 13. 10.80@>10 90 10.90 2000 14. [email protected] 11.25 2000 15. 10.950/ 11.15 11.15 2000 17. [email protected]. 11.10 6000 Light Lights. (140-160) Good and choice. . $10,250?: 11.00 Medium 9.75@:10.50 (160-180) Good and choice.. [email protected] Medium [email protected] (180-200) Good and choice.. [email protected] Medium [email protected] (200-220) Good and choice.. [email protected] (220-250) Good and choice.. [email protected] Heavyweights. (250-290) Good and choice.. [email protected] (290-350) Good and choice . [email protected] Packing Sows. (275-350) Good 9.10@ 9.35 (351-425) Good 9.00® 9.25 (425-550) Good 8.85@ 9.10 (275-350) Medium 8.75® 9.00 Slaughter Pigs. (100-140) Good and choice . [email protected] Medium 8.50@ 9.75 CATTLE . —Receipts, 1200— (500-900) Choice $ 9.50®11.00 Good 7.754/10.00 Medium 6.50@ 8.00 Common 5.00@ 6.50 (900-11001 Choice [email protected] Good [email protected] Medium 6.50@ 8.25 Common 5.00® 6.50 (1100-1300) Choice [email protected] Good 8.25® 10.50 Medium . 6.75® 8.25 (1300-1500) Choice . [email protected] Good 8.25# 11.00 Heifers (500-750) Choice B.oo® 9.25 Good 7.000 r 8.00 Common and medium 4.50@ 7.00 (150-900' Good and choice ... 7.00@ 9.50 Common and medium 5.00® 7.00 Cows Choice 6.50@ 7.25 Good 5.75® 6.50 Common and medium 5.00® 5.75 Low cutter and cutter 3.50® 5.00 Bulls, good 6.50@ 7.25 Cutter, com. and med. bulls .. 2.50® 6.50 vealers * —Receipts, 600— Good and Choice $11.50(312,00 Medium 9.00(311.50 Cull and common [email protected] Calves (250-500) Good and choice.. [email protected] Common and medium 4.50@ 7.00 Feeder and Stocker Cattle (500-800) Good' and choice .. 6.75<3 7.75 Common and medium 5.00(3 6.75 (800-1050) Good and choice .. 6.75@ 7.75 Common and medium 5.00@ 6.75 Cows Good 4.50® 5.00 Common and medium 4.00® 4.50 SHEEP AND LAMBS —Receipts, 1500— Lambs. SO-lbs. down, good and choice $10.25® 10.50 Good 10 00® 10.25 Medium [email protected] Common 7.00® 9.00 Ewes. (90-175) Good and choice... 4 00® 5.00 Common and medium 3.00® 4 00 Yearling wethers, good choice 9 003 9.50 Medium 7.00® 9.00 Other Livestock i ßy United Press) FORT WAYNE. Ind.. Feb. 18.— Hogs— Market 10c lower to 10c higher; 160-180 lbs.. $10.90: 180-210 lbs . Slo.Bo' 200-225 lbs.. $10.70: 225-250 lbs.. SlO 55: 250-275 lbs . $10.40: 275-300 lbs. $lO 25: 300-350 lbs. $lO 140-160 lbs.. $10.51: 120-140 lbs., $10.25': 100-120 lbs.. $10; roughs. $8.75: steadystags. $7. steady: calves. sl2, $1 higherlambs. $lO. steadv. LAFAYETTE. Ind.. Feb. 17.—Hogs—Market. steady: 170-210 lbs.. S10.90@ll; 210235 lbs . $10.603 10.75; 235-260 lbs.. $10.35 @10.50: 260-300 lbs. slo® 10.20: 300-325 lbs., $9 85; 140-170 lbs.. $10.25(3 10.50: 100140 lbs.. $9.5® 10: roughs. $9 25 down. Calves 50c lower; top, $11; lambs steady: top $lO. fßv Times Special) LOUISVILLE. Feb. 17.—Cattle—Receipts. 1300. including about 200 direct; salable supply slaughter cattle light; demand fairmarket moderately active, fully steadv with close last week: bulk common to medium grade steers and heifers. $5.75 0 7.25: few better finished offerings. $7.75 and $8 with good fed offerings quotable higher: bulk beef cows. $53 6: good kinds and smooth heifer tvpes quotable to around $6 50: low cutters and cutters mostlv $3.50 @4.75; bulk sausage bulls. $5.503 6.50 desirable butcher bulls higher; most light beef type stockers and stock calves !'6@B. Calves —Receipts. 350, including 50 direct: market, not fuilv established: most bids around 50c lower or largelv $10.50 311 59 for good to choic* grades: most medium vealers considered salable. $8 50® 9.50: plainer sorts. $8 down. Hogs—Receipts. 1100. including 375 direct- market 15c lower than Saturday or 25c under last Fridav: better 160-225 lbs.. $lO 8.5; 230-250 lbs . $lO 55: 255-300 lbs , $10: 305 lbs. up. $9.55- 120-155 lbs.. $9.75: sows. SB. SheepReceipts. 75; generally steadv on all slaughter sheep and lambs; better native lambs quotable mostly $9 3 9 50: choice eligible higher; plainer grades mostly $6.50 H 6.50 at esvs mostly M down.

MONDAY, FEBRUARY 17, 1936

STOCK MARKET WEEK IN REVIEW By United. Press NEW YORK. Feb. 17.—Stocks made anew high in the average since 1931 last week, 40 representative bonds hit anew top for all time, and commodities were at new highs in the United Press index. A slight pickup in heavy industries that was reflected in better demand for the steel shares ar.d an almost imperceptible but definite rise commodity prices after a long period of stagnation came when inflation talk was apparently subsiding. Currency inflation prospects seemed more remote, although inflation credit appeared to be gaining headway. There was a slight pickup in brokerage loans which reflected a bit of increase in buying by small speculators. But the general business of the Stock Exchange continued to be done by investors who took stocks for cash. Gold continued to leave the country early in the week, but a sudden upturn in the dollar checked further shipments. Electricity output gained and so did most of the other major indices. Automobile reduction turned up after its recent series of setbacks and Chrysler along with several others of the motor division mounted to new highs. Building gains were noted in many sections. The real feature of the stock market was a rise to new. highs for more than a year in the steel division, where the old favorite, United States Steel, stood out. American Telephone starred in the truly investment issues, by to anew high since 1931. Railroad shares had their period of strength and so did the utilities. Oils were firm for a time, but they lost their snap. Late in the week, the coppers started up sharply as Phelps Dodge Corp. increased its selling price for copper metal to 9V 2 from 914 cents a pound. Aviation issues had their periods of strength and activity and most of them moved into new high ground. Chemicals picked up. Sugars were better. Automobile equipments followed the motor shares into higher ground. NEW TRUCKS INTRODUCED Times Special DETROIT, Feb. 17.—The Reo Motor Car Cos. has introduced a complete new line of stream-lined trucks and busses for 1936 with a base chassis price of $795 f. o. b. Lansing, it was announced today. Investment Trusts (By Thomas D. Sheerin & Cos.) . , Bid. Ask. Administered Fund 2d $17.01 $lB.lO Affiliated Fund Inc 1.91 2.09 American General Equities... 1.10 1.13 •American Business Shares ... 1.18 1.28 Bullock Fund Ltd 17.90 19.50 Century Shares Trust 29.00 .... •Collateral Tr Shares “A”... 6.60 6.68 Corporate “AA” or “Accum” (Mod. 3.25 3.28 Corporate “A“ or “ACC” (Unmod) 2.60 2.64 Corporate Trust Shares (Orig) 2.83 2.86 Diversified Tr Sh "B" 10.80 10.90 Diversified Tr Sh “C” 4.51 4.55 Diversified Tr Sh “D” 6.73 6.81 Dividend Shares Inc 1.65 1.78 Incorporated Investors 22.50 24.12 Investors Fund Amer 1.07 1.17 Market St Investment Corp... 31.93 33.60 Maryland Fund 19.25 20.84 Massachusetts Investors 25.53 27.75 Nation-Wide Sec Cos “B” 4.73 .. Nation-Wide Voting 1.71 1 87 North American Tr Sh 1955... 3.32 3.35 North American Tr Sh 1956 . . 3.28 3.31 North American Tr Sh (Orig.) 2.63 Quarterly Income Shares 1.58 1.70 Representative Trust Shares.. 12.48 12.63 Selected Amer Shares Inc .... 1.59 1.73 Selected Amer Shares (Orig.). 3.60 .... Selected Cumulative Shares .. 9.22 .... Selected Income Shares ..... 4.90 5.00 State Street Investment Corp. 96.75 101.25 Super-Corp. of America “AA 2.79 2.82 Super-Corp of America “BB”. 2.81 2.85 Super-Corp. of America “A".. 4.12 4.17 Super-Corp. of America “B'' 4.33 4.38 Super-Corp. of America “C” and “D” 8.00 8.08 Supervised Shares. Inc. (Del.) 1.67 183 Trustee Stand. Oil shares ‘'A” 7.56 7.66 Trustee Stand. Oil shares “B” 6.65 6.75 Trustee Stand. Invest. “C'\. 2.99 3.02 Trustee Stand. Invest.. “D“.. 2.92 2.95 Universal Trust Shares 4.18 . . Uselps “A" 19.55 19.80 Uselps ‘B” 3.05 .... Uselps Voting 1.16 1.19 •Ex-Div. 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, 28@29c. Each full case must weigh 55 lbs. gross, a deduction of 10 cents a pound under 55 lbs. will be made. No. 1 butter. 40 1 2®. 41 ! 2C; No. 2. 37 1 2®38 , 2C. Butterfat, 35c. Quoted by the Wadley Cos. (By United Press) CHICAGO. Feb. 17.—Eggs—Market, unsettled: receipts 7331 cases: fresh graded firsts. 32c; extra firsts, 32c; current receipts. 30@31c: dirties. 27c; checks, 25c. Butter—Market, firm; receipts. 9348 tubs; extra firsts (90-91 ! 2 score'. 36V*®36', 2c: extra (92 score). oo 3 4c; firsts iBB-89’ 2 score), 35@35'2c: specials. 37 1 ,@.37 3 4c; standards, 36’2C. Poultry—Market, steadyreceipts 1 car. 9 trucks; ducks, 19®23c; geese. 18c: spring chickens, 24@25c: hens, 170/22c: turkeys. 20@23c; capons. 25@26c: Leghorn hens. 144/ 19c; old roosters. 17c; broilers. 23*2® 25c. Dressed poultry— Turkeys, young toms. 27c; young hens, 27c; caponr, 27® 30c. Cheese—Twins. 15 V*®.' 15*2C, daisies, lS'i® Longhorns, 15L @16*40. Potatoes—Supply moderate; demand (air: market, steady. Idaho Russet Burbanks, $1.90® 2.10 'U. S.; No. 2. $1.40; Wisconsin round whites. $1,250/1.35; commercials. $1.20: North Dakota cobblers. $1.40® 1.50; early Ohios. $1.50: Minnesota Eiiss Triumphs. $1,230® 1.35: Colorado Me cf.ures, sl6s® 1.77*2; Nebraska Bliss Triumphs. $1,554x1.65. Arrivals, 164. on track. 203; shipments, 830 /Saturday), 63 (Sunday). Other Livestock (Bv United Press) CHICAGO. Feb. 17.—Hogs—Receipts. 13.COO. including 4000 directs: steadv to'shade lower; spots 54/ 10c lower than Friday's average: top. $11.10: bulk. 170-250 lbs.. $10.90® 11: 260-350 lbs., $10.50® 10.90; most 140-160 lbs.. 510.75@11: bulk good sows. $9.65® 10 Cattle—Receipts, 10.000: calves. 1500; largely steer run; medium grades predominating; weighty offerings scarce: early demand narrow: undertone about steady: all heifers steady: lower grades $7 down to $6; getting better ac ion on kinds value to sell at $7.50 upward; beef cows easy, but cutter cow's fully steady at $5 50 down: du to cold and sriowv weather replacement market dull and weak: selected vealers up o sl2 50. Sheep—Receipts. 9000: fat iambs opening slow; undertone weak to unevenly lower: sheep about steadv: feeding lambs little changed: good to choice ft lambs bid $lO and down: now he!d and above: scattered native eea $44t3. . .. £. „.

YIELD REDUCED ON MUNICIPALS TO LOW LEVEL Present Average Almost at Same Mark as in February, 1901. BY CHARLES H. HUFF Times Special Writer NEW YORK, Feb. 17.—The municipal bond market, just emerging with new high averages since recovery began a few years ago, has about completed a cycle of 35 years, according to statistical records. That is, the present narrow average of yields on investments in the municipal field is almost exactly where it was in February, 1901. This is true only, however, when averages are considered. In the case of bonds of cities whose credit has encountered no reverses, present yields are much narrower than they were at the peak of 1901. Tax Exemption Attractive Cities which had to do a bit of floundering when the depression was at its worst, on the other hand, have not yet reached the 1901 levels, although their stride of credit recovery and consequent price improvement for their bonds have been wide in the last 12 months. In its most recent course the municipal bond market appears to have been restricted only by yields in the federal bond market. The attraction of high-grade investments in relation to uninvested capital, has enabled municipal and state bonds to reach a level that few optimistic dealers were willing to forecast a year ago, despite prevail* ing belief even then that the price trend was still headed upward. Long-term federal bonds now average around 3 per cent yield, whereas the Bond Buyer’s index of municipal bond prices has reached 3.11 per cent, narrowed from 3.25 per cent at the beginning of this year. At the beginning of February, 1901, the corresponding index was 3.10 per cent. Backward Cities In a breakdown of cities contributing to averages, Darby & Cos. point out that New York, Chicago, Philadelphia and Detroit may be classed in a group that has failed to make the full stride to peak prices. These four cities, it is observed, suffered financially during the depression, a factor still reflected in the market quotations for their bonds. Comparing present yields with those of 1901, using specific issues, New York yields 3.43 per cent now, against 2.98 per cent in 1901; Chicago, 3.25, against 3.10; Philadelphia, 310, against 2.90, and Detroit, 3.80, against 3.10. Stability Emphasized On the other side, helping the average to a full recovery in the 35 years, St. Louis is mentioned conspicuously as now at 2.40 per cent, against 3.05 in 1901. Boston, Baltimore and Pittsburgh are mentioned as other cities that now are at higher price peaks than before the successive downward and upward swings over a long period of years. The present position of the municipal bond market is emphasized as convincing evidence of the stability of that category of longterm investments, even taking into account the effects of reverses and depressions which cities regularly encounter in the course of events. (Copyright, 1936. by United Feature Syndicate, Inc.) WARD-STILSON FIRM BUYS GROBLE FACTORY Anderson Concern Now Operating at Full Capacity. Times Special ANDERSON, Ind., Feb. 17.—Purchase of the former Groble Regulator Cos. factory and property by the Ward-Stilson Cos. for the purpose of future expansion, was announced today by Ward K. Stilson, president of the latter company. The Ward-Stilson firm, currently operating at full capacity, employs a force of approximatley 500 persons working nine hours a day, five days a week. The increased operating schedule is attributed to heavy business in selling Maisonette products, it was reported. The company at present has no intentions of expanding, Mr. Stilson said, but is holding the newly acquired property in reserve for that purpose at some future time, when growth of business warrants an increase in factory space. In addition to ground covered by buildings, the company owns 19 1 :! acres of land near the main factory. NET INCOME LOWER Transportation Corp. Earns $2.64 a Share During 1935. Times Special CHICAGO, Feb. 17.—The General American Transportation Corp. and subsidiaries today reported a decrease in net income during 1935 to $2,208,924, or $2.64 a share from $2,384,641, or $2.91 a share in 1934. The decline was attributed to additional depreciation charges. Net earniflgs last year before depreciation amounted to $6,710,674, against $6,683,856 in the previous twelve months. Consolidated net profit for the fourth quarter of 1935 totaled $759,090, equivalent to 80 cents a share, compared with only 61 cents in 1934. DIVIDEND IS ORDERED By United Press WARSAW, Ind., Feb. 17.—Payment of a dividend of 6 or 7 per cent not later than Feb. 24 by special receiver Victor Mock of the Indiana State Bank and Trust Cos. has been ordered by Judge Robert McNagny of Whitley Circuit Court. TRANSIT REVENUES UP Times Special NEW YORK, Feb. 17.—Transit revenues for the week ended Feb. 8, as reported by a representative group of companies, continued to show improvement over a year ago. The indicator stood at 104.06.

New York Stocks

(By Thomson & McKinnon) 11:15 AM. Prev. High Low N. Y. Close Oils— Amerada 82'i 82*2 82'i 83'/ Barnsdall 17Vt 17*4 17*4 171* Atl Rfg 33 3 s 33*4 33V* 33 Consol Oil 13 3 4 13 5 a 13 3 4 13 3 4 Cont of Del ... 37*4 36*2 38*4 36 3 4 Houston (new).. 10 3 a 10 3 a 10 3 a 10 3 a Mid Cont Pet.. 20* t 20'* 20 1 * 19 5 a Ohio Oil 16*/* 16 16 16 3 s Pet Corp 16 16 16 16 Phillips Pet ... 43 7 a 43 7 , 43 7 a 44>a Plymouth Oil . 13-S 13 5 a 13 5 a 13 J 4 Pure Oil - 20*2 20 3 a 20*2 20 Seaboard Oil .. 35 3 4 35 3 * 35 3 4 36 Shell Un 17V* 17'/a 17>* 16 3 4 Skelley Oil 24 24 24 25 Soc Vac 16 15 7 * 15 7 a 16 S O of Cal .... 46 46 46 46 S O of Ind 37 3 4 37 5 a 37 3 4 37 3 4 S Oof N J ... 59 3 4 59V* 59 3 * 59^ Texas Corp ... 34V4 34 34 34* s Tidewater Assn. 18 V* 18 18*4 18 Un Oil Os Cal.. 27 26'* 26 3 * 27 Am Roll Mills.. 33 33 33 32 3 4 Beth Steel .... 57'4 56 3 4 56 3 4 56 7 a Byers A M ... 247* 24*2 24 3 * 24 3 4 Cruc Steel .... 39 38 3 4 39 35*. Inland Steel ...110 3 4 lio 3 * 110 3 4 110 3 a McKeesport Tin. 111% 111*4 111 3 * 110*4 Mid Steel 27Va 27' 2 27 1 *. 27' 4 Natl Steel 72 72 72 72 3 :, Otis Steel 19 18 3 4 19 18 3 4 Rep Irn& Steel.. 257* 25 1 z 25Vi 25 do pfd 97 97 97 95 U S Pipe&Fdy. 37 !/ 2 37*4 37Vi 37% U S Steel . 60*2 60’* 60*4 59% U S Steel rffd...129*2 129> 2 129'- 129*. Warren Bros . 6V2 6‘ 2 6*2 6% Warren P & Fdv 28 27* 2 27V 2 28 Youngstn S& T 53*.4 53 53V* 53 Motors— Chrysler 96% 96 96 96* > Gen Motors 59% 59% 59% 59% Graham Mot 3% 3% 3% 3% Hudson 16Va 15% 16 16% Hupp 2% 2*a 2*/* 2* a Mack Truck 36 35% 36 35*2 Nash 19Vi 19 19V4 19% Packard 11% 10% 10% 10% Reo 7Va 7 7Vs 6% Studebaker 11*4 11% 11% 11 Yellow Truck.... 15% 15% 15% 15*4 Motor Access— Bendix 26% 26'/* 26% 26% Borg Warner ... 75'% 75 75'% 74 Briggs 57% 57% 57 >2 57% Budd Mfg 11V4 11 Vs 11V4 11 Budd Wheel 12 7 / g 12% 12% 12% Eaton Mfg 31V4 31 % 31V4 31 Elec Auto Lite.. 43'% 43 43*/2 42% Elec Stor Bat... 52% 52% 52% 52% Greyhound (B).. 77 77 77 77 Houdaille 29% 29 ',2 29% 29% Murray Body .. 20V4 20 20 20% Stew Warner ..21 21 21 20% Timken Roli 71% 71'% 71% 71% Timken Det Axle 16% 16% 16% 16% Mining— Alaska Jun 16'/* 16% 16’/* 16'/ Am Metals 34% 34% 34% 34% Am Smelt 68 67% 67% 67% Anaconda 35% 35V4 35 V 4 34% Cal & Hecla B*4 B*4 BV4 BV4 Ceddo De Pasco 53% 53% 53% 54 Gt Nor Ore 19% 19% 19% 19% Kowe Sound... 57% 57% 57% 57% Ins Copper 8% 8% 8% B'% Int Nickel 50% 50% 50% 50% Kennecott Cop.. 37% 36% 36% 36% Mclntyre Mine.. 45% 45% 45% 45% Park Utah 4% 4% 4’% 4% Phelps Dodge .. 38 38 38 37% St Joe Lead 28% 28 2§ 29 Vanadium 26% 26 26 25% Amusements— Crosley Radio .. 17% 17% 17% 17% Fox Theat 27 27 27 27 Loews Inc 52 51% 51% 52% Radio Corp 12% 12Vz 12% 12% Paramount .... 11% 11 % 11% 11% RKO 8% 8% 8% 8 Vs Warner Bros .... 13% 13'/* 13V* 13'/* Tobaccos— Am Sum T0b.... 24% 24% 24% 24% Am Tob (A).... 99% 99% 99% 39% Am Tob (Bl 100% 100% 100% 100% Gen Cigars .... 56 56 56 56 Lig & Myra (B) 113% 113% 113'% 113 Lorillard 23% 23% 23% 24 Phillip Morris .. 71% 71 % 71% 71 Reynolds T tB) 58 58 58 58 Rails— Atchison 76 75% 76 75% Atl Coast Lines. 34% 34% 34% 33% Atl Coast Lines.. 34% 34% 34'% 33% B & 0 21 Va 21V* 21% 21V4 Can Pacific .... 14% 14 14V* 13% Oh & Ohio 59% 59% 59% 59V* Chi N W 4% 4% 4Vs 4 Dela & Hud.... 49% 48% 49% 48% Del Lac & W 19V* 18% 19V* 18% Erie 15% 1 a % 15*% 15'% Erie pfd 27% 27% 27% 26% Gt Northern pfd 41% 41% 41% 41% 111 Central 26% 26% 26% 26'% Lehigh Valley .. 11% 11% 11% 11% Lou & Nash .... 71% 71'% 71% 71'% M K & T 8% 8% 8% 8% MK & T pfd... 24Vt 24Vi 24'/* 24 Mo Pac pfd .... 7V* 7% 7'/* 7>/a N Y Cent 83% 38V* 38% 37% N Y New Haven 5% 5% 5% 5% Nor Pacific 32% 31% 31% 29‘/a Penn R R 36'/2 36% 36'% 36'/s Sou Pac 36 35% 35% 35% Sou R R 19% 18% 18% 17'% Union Pac 129 129 129 128% Equipments— Am Drake Shoe. 50% 50 50'% 49% Am Car & Fdy.. 38>% 38 38 38'% Am Loco 30% 30 Vi 30% 30% Am Steel Fdy... 30'% 30 30'% 30% Bald Loco 5% 5'% 5'% 5% Gen Elec 41% 41 41 41 Pullman Inc ... 46% 46% 46% 46% West Air Br 40% 4040% 40 Westingh Elec ..119% 119 119 lIBV4 Utilities— Am & For Pwr 8% 8% 8% B'% Am Power & Lit 10 9% 10 10 A T & T 177 176 V* 177 177% Am Wat Wks... 23% 23 23 23 Col Gas & Elec.. 18V* 18 18'4 18 Comm & Sou .. 4'% 4% 4% 4% Consol Gas .... 37 36% 37 36/6 Elec Pwr & Lit.. 10% 10'% 10% 10 A Int TANARUS& T 18% 18'% 18% 18% Nat Pwr & Lit . 12'% 12'% 12% 12% Pac G& E 36% 36% 36% 36% Peoples Gas .... 46'/4 46Vi 46Vi 46% Pub Serv NJ .. 27'% 27'% 27'% 28 Std Gas BVi BVi BVi 8% Stone & Webster 17% 17% 17% 17% United Corp .... 8% B'% B'% 8% Un Gas Imp . 18% 18% 18% 18% Ut Pwr & Lt “A” 5% 5% 5% 5% Western Union . 93 93 93 91% Rubbers — Goodrich 20% 20 20 20 Goodyear 30% 30Vi 30'/ 4 30% U S Rubber . . .. 21 21 21 20% U S Rubber pfd. 62'% 62%' 62'% 62% Miscelaneous— Allis Chalmers . 45% 45% 45% 45 Am Can .121 121 121 120% Am Mach & Fdy 26'% 26Vi 26'% 26% Anchor Cap . ■ 23% 23'% 23'% 22% Brklyn Man Tr. 45% 45% 45% 45% Burroughs Add.. 32% 32'% 32% 32'% J I Case 114 111 114 109 Conti Can 78'4 78 78 77 7 % Caterpillar Tract 68% 68% 68/4, 68'% Curtis pub 20% 20% 20'% 20% Deere & Cos 70% 70% 70% 71 Foster Wheeler . 37% 37'% 37% 37 Gillette 17 7 % 17% 17 7 % 17% Glidden 50 50 50 49% Inter Harv 67'% 67 67% 86% Natl Cash Reg . 28% 28 28% 27'% Rem Rand 22% 22% 22% 22% Underwood E . . 90Vi 90'% 90'/ 4 90V4 Worthingtn Pmp 32Va 32% 32% 32% Foods— Am Sugar 54 54 54 54 Armour 6% 6 Vi 6% 6 Vi Borden Prod ... 28% 28% 28% 28% Cal Packing ... 35% 35% 35% 35% Can Dry G Ale-. 14 14 14 14'% Coca Cola .. 97 '4 97 97 97'% Cont Bak “A”.. 13% 13% 13% 13% Corn Prod . ... 71'% 70% 70% 71 Crm of Wheat . 37% 37'% 37'/a 37'% Cuban Am Sugar 9% 9% 9% 9 7 % Gen Baking .... 12% 12% 12% 12% Gen Foods 33% 33% 33'% 33% Gold Dust 19% 19% 19% 19% G W Sugar 32% 31% 31'% 32% Natl Biscuit .... 34% 34% 34% 34% Purity Bak 15Vi 15% 15% 15'% S Porto Rico Sg 30 7 * 30% 30% 37'% Std Brands 15% 15% 15% 15% Un Biscuit 24% 24% 24% 24% United Fruit ... 75% 75'% 75% 75'% Retail Stores— Allied Stores ... 7% 7% 7% 7% Kresge S S 24% 24% 24% 24% Kroger Groc 26% 26% 26'% 28% Macy R H 43 46 46 461% Marshall Field . 12% 12'* 12% 12% May Dept St .. 49 49 49 48% Mont Ward 38% 38% 38% 38% Finney J C ... 73% 73% 73% 74% Safeway St 34% 34% 34% 34'% Sears Roebuck . 63% 63% 63% 64 Woolworth 54% 54Va 54% 54Vi Aviation— Aviation Corp .. 6Vi 8% 6V 6% Boeing Aircraft. 25 25 25 25Vi Curtiss Wright 5% 5% 5Vi .5% Curtiss Wright A 16% 16 16 157* Douglas Air ... 73 72% 72% 72% Nor Am Av ... 7 7 * 7% 7% 7% Sperry Corp .. 21% 21% 21% 21% Unit Aircraft N 30% 307* 30% 30% Allied Chem ...165'% 165'* 165% 166 Chemicals— Am Com Alcoho. 29 28% 29 287* Com Solvents... 22% 22V * 22% 22 Du Pont 148 148 148 148 Liquid Carb ... 39 38% 39 38% Math Alkali . . 36% 36 36'% 35** Natl Dis (new) 29% 29% 29% 29% Union Carbide... 83 82% 83 82% U S I.id A1c0... 40% 40% 40'% 40% Drug;— Bristol Myers... 45% 45% 45% 45 Coty Inc 6% 6*2 6% 6% Lambert .. 24% 24% 24% 24% Sterling Prod ./ 66* 4 66% 66% 66 Un Drug (new).. 15% 15 15% 15 Zonite Prod .... 3 8 8 8% Financial— Adams Exp ... 13% 13% 13% 13% Allegheny Coro .4% 4 4 4 Am Int Corp . 12% 12% 12% 12% Lehman Corn .. 98 98 98 98% Transamerica .. 13% 13% 13% 13 Tr Conti Corp . 11% 11% 11% 11% Building— Am Radiator... 24% 24% 24% 24% Gen Asphalt 33 33 33 32% Int Cement ... 43% 43% 43% 43% Johns Manville 122% 122 122% 122 Libbv Owens Gls 57 57 57 56% Otis Elev 28% 28% 23% 28% U S Gvpsum.... 110% 110% 110% 110 Household— Col Pal Peet.,.jJ3la 19% 19% 19%

Average Dollar Sales Gain Doily average dollar sales of general merchandise in small towns and rural areas in January were up approximately 10 per cent compared with January f 1935.

PAGE 11

Congoleum 41% 41% 41'* 42 Mohawk Carpet . 26-% 26% 26% 26% Proc & Gamble.. 49% 49% 49% 46% Servel Inc ... 19* a 19 19% 19 Simmons Bed ... 23% 23% 23% 23*2 Textiles— Amer Woolen... 10% 10% 10% 10% Beiding Hem ... 15% 15% 15% 15% Collins Aikman.. 48% 48% 48% 49 Gotham Hose.... 11% 11 11% 11 Indus Rayon.... 29% 29% 29% 30% Kayser Julius •• 31% 31% 31% 31% Chicago Stocks (By Abbott, Proctor & Paine) 11:00 Prev. A M. close. Berghoff 8% 8% Butler Bros 8% 8-* Chicago Corp 5% 5% Cities Serv 6% 6*4 Com Edison 106 105 Conti Steel 43 43 Cord 6% 6*4 Crane 27% 27% Elec House Util 16% 16*2 Grt Lakes Dredge 31* a 29 7* Noblitt Sparks 33% 34 Perfect Circle 37 37% Swift 24% 24*g Swift Int .34 34 Zenith 16% 16% New York Curb (By Abbott, Proctor & Paine) 11:30 a m. Prev. N. Y. close. Am Cyanide (B) 38% 37% Am Superpower 3% 3% Carrier Corp 11 11% Elec Bond and Share 20% 20% Fisk Rubber 8% 9 Imperial Oil Ltd 23% 24 Nia Hud Pwr 10% 10% Pan-Amer Airways 55* a 55% Tenn Road 5% 5% Stutz 2Vi ... Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers’ 64% 66% Central Hanover B & T 116*4 118% Chase 38% 40% Chemical National 55 56% Guaranty 296 299 % Irving 16% 18% Manufacturers 45% 46% National City 36V* 37% Cent 111 Chicago 154 156% First National Boston 48% 50% National Shawmut 28*2 30% FIRE INSURANCE Aetna Fire 61% 63% American Ins of Newark 17% 19 % Baltimore American 9% 11% City of Nw York 31 33% Federal Ins 11l 116% Franklin Fire 33Vi 35 Great American Ins 34 33% Hanover Fire Ins 40 41% Hartford Fire Ins 87% 90 Home Ins 38% 40% Ins Cos of A 82% 84 3 4 National Fire 86 88% National Liberty 10% 12% North River Ins 29% 31 % Phoenix 101% 104*/ 4 U S Fire 59 61 Westchester Fire 40 42 Chicago Grain Futures (By James E. Bennett & Cos.) Prev. Wheat— High. Low. Close. Close. May 98 ,97'z .97% .98% July 89% .88% .88% .89V 4 Sept .88',i .87% .877* .88Vi Corn— May 61% .61 .61 % .61V 4 July 61% .61 Vz .61% .61% Sept 61 % .61'/a .61% .61% Oats— May 29'/* .29 .29 .29% Sept 28 .27% ,277 k .28V* RyeMay 58 .57% .58 .58% July 57 .56% .56% .57% Sept 56'/a .56% .56'% .56% LOCAL CASH MARKET City grain elevators are paying 93 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new No. 4 vellow 50 cents and oats 21 cents. U. S. TO CONSOLIDATE BANKS IN 5 STATES Federal Government Outlines Stronger Financial System. By United Press WASHINGTON, Feb. 17. Between 50 and 60 banks in five states are to be consolidated or liquidated by the Federal government in an effort to strengthen the banking system. The operation will be conducted by the Federal Deposit Insurance Corp. under broad powers granted it by the banking act of 1935. The first consolidation involves three banks at Ann Arbor, Mich. —the First National, the Farmers and Mechanics and the Ann Arbor Savings Bank. Names of the other prospective consolidations or liquidations were withheld pending a completion of the transactions. Slow moving assets of the consolidated or liquidated banks will be acquired by the FDIC for later salvage. Depositors in the insured banks will be guaranteed against loss. CALLS EXTRA ISSUES Holly Sugar Corp. to Retire $221,000 6 Per Cent Bonds on April 1. Times Special NEW YORK, Feb. 17.—Holly Sugar Corp. announced today that in addition to satisfying the April 1 sinking fund amounting to approximately $316,000, it had instructed the bond trustee to call by lot as of April 1 an additional $221,000 principal amount of its outstanding first mortgage 6 per cent sinking fund bonds, Series A. The call price of these bonds is to be fixed by the mortgage at 102 plus aferued interest. This redemption will leave oustanding as of April 1 $4,000,000 of bonds. 3 SEEK REGISTRATION Foreign Firms File Applications With Security Commission. Times Special WASHINGTON, Feb. 17.—Three additional foreign issuers have applied for permanent registration on the New York Stock Exchange, the Securities and Exchange Commission revealed today. Companies filing applications included the City of Antwerp, Compagnia du Chemin de Fer du Nord and the Departmento de Antioquoia of the Republic of Colombia. SELLS COTTON SEAT Times Special NEW YORK, Feb. 17.—The New York Cotton Exchange today reported the sale of a membership at $12,500, an increase of $250 from the previous sale. TREASURY STATEMENT 'Bv United Press) WASHINGTON. Feb 17 —Government expenses and receipts for the current fiscal year to Feb. 14, compared with a year ago: This Year Last Year. Expenses $4,531,946,932 52 $4,303 464,731 77 Receipts . 2.239.132,936.05 2.182.054.162 17 Deficit . 2.292.763 996 47 2.121.410.569.60 Cash bal. 1.870.007.946.19 2.189.041.449 66

LOANS REPAIRS j AND NEW HOME BUILDING See Your Local Building and Loan Assns. -i A

COLD WEATHER DELAYS SPRING RETAILORDERS Store Executives Act With Caution. Business Week Says. Times Specia: NEW' YORK, Feb. 15.—" An oldfashioned winter may be all right for coal, fuel, oil, electric power, gas and railroad transportation, but it’s getting to be a bit tiresome to the fellows making a living by selling cars, or producing them,” Business Week declares in its issue today. “While retailers have been pleased to clear shelves of winter goods, they have been hard put to know what to do about ordering spring goods,” the magazine said. “Most of them have been cautious. At the same time, store executives have been cheered up by the way the public takes hold of merchandise whenever the weather permits. The Business Week index continues to explore the region about 71 per cent of normal, but should taka an upward turn before long. “The merchandise premium business has gained sharply since ths death of the NR A. Last year’s business amounted to $350,000,000, while 1936 is conservatively placed at $400,000,000. Prominent premium buyers in the market now lor spring and summer campaigns include food, soap, tobacco, brewery and home equipment firms. Steel Output Headed Up “Department store sales for January ran 7 per cent ahead of last year for the country as a whole, and several regions surpassed the national average. Steel production was at a better rate than the weekly records disclosed, and is now headed upward. “Motor production and sales compared favorably with some of the best years on record. Employment in factories probably showed no more than the usual seasonal decline. Nearly twice as many telephones were installed last month as a year ago. “Construction in 37 states fell 23 per cent below the unusual December peak, which represented anew high in the recovery. But it was 105 per cent beuer than a year ago, with nonresidential construction booming 175 per cent ahead of a year ago as many companies added new factory facilities or modernized old ones. Residential contracts finished the month 67 per cent ahead of January, 1935. New Financing Service “Construction costs took a jump in January and continued rising in February after the signing of new contracts for labor and two successive increases in wholesale lumber prices. Engineering News-Record index rose to 201.2 per cent of the 1913 average early this month, compared with 199.5 per cent in January and 194.9 per cent in December. “Commercial Investment Trust is providing anew financing service under which used car loans will be based on a percentage of the official blue book value of each tradein. Facilities for financing the sale of used cars of recent vintage on terms approximating the newly established rates for new cars are also provided. Railroads Improve “Machine-tool distributors said that early February sales lagged a bit from January levels, chiefly because the cold weather interrupted deliveries and slowed up the activity of consumers. “Railroads are beginning to buy black ink again after three years of deficits. The net operating income in 1935 for 145 Class I roads passed the $500,000,000 mark for the first time since 1931. “Motor assemblies by all companies except Ford last month numbered 276,350 units, 35 per cent ahead of a year ago, but 14 per cent under December. For these companies, this was the best January on record, but it is doubtful whether the addition of the Ford assemblies will lift the January total above the 422,538 of January, 1929. February will fall below January, and March will show a substantial gain.” EARNINGS SET RECORD Owens-Illinois Glass Cos. Has Net of $7,883,496 for 1935. Times Special CHICAGO, Feb. 17.—Net earnings of the Owens-Illinois Glass Cos. for 1935 were the largest in history of the company, accoraing to a preliminary report released today. The cons/lidated net income for the year is estimated at $7,883,496. The total is equivalent to $6.57 a share on 1,200,000 common shares. This compares with $6,496,359, or $5.41 a share in 1934. The totals include other income of $834,076 in 1935, and $444,361 in 1934.

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