Indianapolis Times, Volume 47, Number 295, Indianapolis, Marion County, 18 February 1936 — Page 13

Trends Discrepancies Seen in Income Tax Proposal. BY JOHN T. FLYNN

■VTEW YORK, Feb. 18—One of the strangest proposals for an income tax increase perhaps in the history of income taxes has bee made at the Treasury. At least it has been suggested from that quarter. The government now owes the farmers $296,000,000 promised them under the old AAA law. The farmers perhaps have no legal claim. But the government feels they have

a moral claim For the government made an agreement with them to do certain things in return for which the government would pay them certain moneys. The farmers have complied with their part of the bargain. And now, even though ihe law under which this was done has been declared unconstitutional, the

Flynn

government feels it must make the payments. To make those payments it must raise the amount by taxes. One tax proppsed—which will be enough to raise most of this sum—is an increase in income taxes. But it is a most singular increase. a tt tt THE plan is not to impose any additional rates, not to increase the income tax rate, but to make certain changes in the surtaxes. Under the present law, every married man is' entitled to an exemption of $2500 for his wife. Therefore, if his net income is $12,000, he deducts $2500 from that, leaving $9500. On this he pays a normal tax of 4 per cent. But all persons having incomes of more than S4OOO must pay, in addition to the normal tax, a surtax. That is, this $12,000 man in addition to paying his 4 per cent would have to pay additional surtaxes on everything over $4000; that is on everything between S4OOO and $9500. This surtax is graduated. The taxpayer would pay 4 per cent on the first S2OOO over S4OOO, 5 per cent on the second S2OOO and so on. But you will see that in computing the surtax, the taxpayer first deducts from his $12,000 his wife’s exemption and then his surtax exemption of S4OOO (that is, he pays no surtax on the first $400). tt H tt XJOW it is proposed to eliminate the wife’s exemption in computing the surtax. It would be retained for computing the normal tax, but not for the surtax. To illustrate, this $12,000 man now pays as follows: He deducts $2500 (wife’s exemption) and S4OOO (surtax exemption); total, $6500. This leaves $5500. His surtaxes are computed on this $5500. But under the proposed law he would not deduct the $2500, but only the S4OOO, thus paying surtaxes on SBOOO instead of $5500. Without going into the details of this, I call attention to the following fact: A $12,000-income man whose total tax is now $650, would have to pay SB2O, an increase of $l7O, or 1.41 per cent. A SIOO,OOO-income man whose total tax is now $28,650, would have to pay $29,900, or an increase of 1.25 per cent. To raise these farmers’ funds therefore, we are going to increase the taxes of the man in the lower brackets more than the man in the higher brackets. Why? If those earnings over SIO,OOO are to be selected to pay the tax, why should the smaller incomes be made to suffer most? (Copyrtght, 1936, by NEA Service, Inc.) On Commission Row (•Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUITS —Strawberries: Florida, pint, 18c; 36-pint crate, 17c. Cranberries. C. C. Howes, Eatmores. 25-lb. box, $2.75. Fears: Washington DAnjo (100s box*. $3.20; Washington Bose iloo-120s'. $3.25: Calilornia Avacado (200-245), 53.50. Grapes: Extra Fanrv Emperors (34-lb. sawdust chest), $3.50. Limes: Mexican (carton 12si. 3Sc: Persian seedless (doz.). 45c. Dates: Fresh Arizona. $1.50. Bananas, seven hands, pound. 4%c. Apples: Delicious (fanev baskets). $1.75; Jonathans, $1.50; Grimes Golden. sl.2s: Rome Beauty. $1.65. Lemons: Sunkist i36os(, $6. Grapefruit: Texas seedless <s4s-80s), $3.75. Arizona Sunkist 180s). $3. Tangerines, Florida (120s. 1445. 1S8S), sl.7a. VEGETABLES Artichokes. California tdoz.). $1.15. Beans, green, round stringless (hamper). $3.25. Beets: Texas (3 doz. crate). $1.50: cut offs (bu.l. sl. Brussels Sprouts. California (quartl. 20C022c. Cabbage. New York Danish (50-lb. bag), 90c: New Texas (crate). $1.35. Red cabbage (50-lb. bag), $2; Carrots, California (6-doz. crate'. $3 25: Texas (3%-doz. crate). *1.75 ibushell. $1.65. Cauliflower, California (12s cratet. $1.75. Celery. Florida washed and trimmed (doz.), 60c® *1; Florida (4s. 6s. Bs. 10s crate), $3.75. Cucumbers, hothouse (doz.'. $1.35; southern (bushel), $6. Egg Plant, Florida tdoz.), $1.50. Kale (Virginia bushe). 90c. Lettuce. Iceberg Arizona (best 4s. ss). *3.50- home grown leaf (15-lb. baskets). sl. Endive. California (doz.). 90c. Peppers. mangc*s (crate), $1: peck basket, $1.25: (doz). 45c. Mint, hothouse (doz.). 75e. Mushrooms (pound). 30c Mustard, Texas (bunch). 75c. Onions —lndian* yellow (50-lb. bag). $1.25; Indiana vellow (10-lb. bag'. 28c: Western Spanish (50-lb. bag). $1.75: Oyster plant, home grown idoz.), 40c. Parsley, southern dong bunches doz.), 45c. Parsnips, home giown washed (bushel). $1: (half-bushel). 60c. Peas. Florida (hamper), $2.75. Potatoes, Michigan Round Whites iloo-lb hag). $2. Maine Green Mountains (100-lb. bag), $2.35: R. R. Early Ohios (100-lb. bag). $2: R R. Cobblers (100-lb hag). $2: Idaho Russets (100-lb. bag. $2 40; Idaho bakers (70s box). $2 50: Col McClures (100lb. bag), $2,20; New Texas Triumphs (50lb. bag). $2.15. Sweet potatoes. Indiana Jerseys (Is bushel. $1.50: mediums (bushel). $1; Tennessee Nancy Halls (hamper). $1 15: Southern Porto Ricans (bushel crate). *1 50. Radishes, home grown buttons (doz.). 45c; white. 40c Rhubarb, hothouse (bunch), 50c Rutabagas. northern (50-lb. bag). 85c. Sage (doz ). 45c Shallots. Louisiana (doz >. 450) 50c. Spinach, New Texas (bushel). *l.lO Turnips, home grown washed (bushel). $l5O. Tomatoes repacked 110lb. wbox), *1.40; original Cuban (30-lb. lug), *3. FRUITS AND VF.GETABLES (By United Press) CHICAGO. Feb. 18.—Apples—Michigan Mclntosh, bushel. *1.10*? 1 50 Carrots Illinois, bushel. 50©75c. Sweet potatoes— Tennessee, bushel. 7 e .JOc. Beans—Florida, bushel. s2® 3.50. Cabbage—Sacks per cwt.. $1.50. Peas—California, bushel hampers. $24) 3.50. Spinach—Texas, bushel, 65cf(i$l Lettuce—Western crates. 5 doz , $2 25®2.50 Cucumbers—Cuban, bushel. $4 Celerv Florida crates. $2.50)0 340 Cauliflower— California, crates. $1 20©1.35 Tomatoes— Mexican, lugs. $2fi3.50 Onion market iSO- - sacks)—lllinois vellows. 75c® sl.lO- - vellows. 75c*i$l 10; Minneapolis yellows. sl4i 1.07; California whites, *l6O. PROFITS SHOW GAIN By United Press BOSTON. Feb. 18.—Of more than 400 corporate earnings reports issued since the first of the year. 70 per cent have shown increased profits, aocordfng to a survey released today in the current report of United business Service,

♦ ♦ Abreast of The Times on Finance ♦ ♦

PURDUE BUILDS CONCRETE UNIT IN HOUSE PLAN

$4997 Structure Is Part of Research Project at Lafayette. Timm Special LAFAYETTE, Ind., Feb. 18.—Resistance to fire, durability and low maintenance costs are features of the $4997 house under construction today at Purdue University as q uni/t in t.h e> Purdue Housing Research project, which seeks to develop better low-cost homes. All foundation walls, exterior and bearing walls and floors are reinforced concrete. The floor construction consists of reinforced concrete joists, which are factory made, delivered and set in place in the house. The joists and the spaces between them are covered with a concrete slab. The second story joists over the living room will be left exposed forming a beamed ceiling. Elsewhere the joists will he concealed by a plaster ceiling. The roof construction also consists of concrete joists and concrete slab. It is protected with one inch of insulation and four-ply asbestos felt composition roofing. The exterior walls are provided with a three-quarter inch air space on the inside, one-half inch insulating board and three coats of plaster. Housework Minimized After the forms are removed from the walls the exposed surfaces on the exterior will be rubbed with carborundum stones to remove the rough edges left by the forms. The walls will then be painted with two coats of cement waterproof paint. The exposed joists and concrete slab over the living room will be treated in a similar manner. This house is as virtually fireproof as a house can be made, and the basic structural elements are durable. Repairs or the renewal of surface finishes are easily made at relatively small cost. Rigidity ol the construction, it is anticipated, will greatly reduce the extent of plaster cracks which frequently annoy housekeepers. The plan of this house is simple, direct and will minimize housework, since it is compact and has no waste areas in the form of long halls and dark corners. The living room serves two purposes—living and dining. The kitchen is simple and adequately arranged for the efficient preparation and serving of food. And from it there is easy access to both basement and outdoors. While the garage is on the front of the house it is not obtrusive and is convenient to the front entrance door. Designed for Four Persons The bedrooms have unusually good wall space for furniture which hr.s been partially achieved by the use of attractive corner windows in two of the second-story rooms. A door from the third bedroom opens on a balcony which extends over part of the garage and the entrance vestibule. Clsets are well arranged to provide ample space for the clothes of all members of the family. This house is designed to meet the needs of a family of four, consisting of two adults, a boy and a girl. It was designed by Burnham Brothers and Hammond, Inc., Chicago* architects. The Charles Gambsky Cos. of Menasha, Wis., is the contractor. The house is one of nine being built in the first unit of the Purdue Housing Research project to develop more efficient methods of small-home construction. The results will be given the general public through the Better Homes in America, Inc., which now has its headquarters at Purdue. Money and Exchange TREASURY STATEMENT (By United Press) WASHINGTON. Feb. 18.—Government expenses and receipts for the current fiscal year to Feb. 15, compared with a year ago: This Year. Last Year. Expenses. $4,550,807,071.60 $4,316,271,426.30 Receipts.. 2.246.150.629.84 2.189,414.880.54 Deficit . . 2.304.656.441.76 2.126.856,545.76 Cash Bal. 1.869.016,310.94 2.181.545,770.46 Investment Trusts (By Thomas D. Sheerin & Cos.) Bid. Ask. Administered Fund 2nd $16.86 $17.94 Affiliated Fund, Inc. 1.22 2.06 American General Equities .. 1.10 1.13 'American Business Shares .. 1.17 1.27 Bullock Fund. Ltd 17.80 19.12 Century Shares Trust 28.85 . . . 'Collateral Tr. Shares (A) ... 6.52 6.59 Corn "AA” or "Accum” iMod) 3.23 3.27 Cor ••AA’’ or "ACC” (Unmod.) 5.58 2.63 Corp Trust Shares iOrig' .. 2.81 2.85 Diversified Trustee Sh "B'\. 10.70 10.80 Diversiflet: Trustee Sh "C'.. 448 4.52 Diversified Trustee Sh ‘'D’\. 6.65 6.7$ Dividend Shares. Inc. 1.64 1.77 Incorporated Investors 22.40 23.99 Invetors Fund Amer 1.06 1.15 Market Stredl Invest. Corp... 31.68 33.34 Maryland Fund 19.15 20.67 Massachusetts Investors .... 25.37 27.60 Nation-Wide Sec Cos "B" 4.68 Nation-Wide Voting 1.70 1.86 North Am Tr Shares 1955 ... 3.28 3.32 North Am Tr Shares 1956 .. 3.24 2.27 North Am Tr Shares (Orig.). 1.57 1.69 Rep. Trust Shares ... 12.35 12.50 Selected Amer Shares, Inc . 1.57 1.71 Selected Amer Shares (Orig.) 3.57 ..... Selected Cumulative Shares.. 9.12 9.22 Selected Income Shares 4.85 4.95 State Street Investment Corp 96.50 101.00 Super-Corp of Amer “AA”.... 2.75 2.79 Super-Corp of Amer ,- BB"... 2.77 2.81 Super-C'orp of Amer "A”.... 4.08 4.13 Super-Corp of Amer ”B” . . 4.28 4.33 Super-Corp of Am “C” & “D" 7.91 7.99 Supervised Sh. Inc (Delai 1.66 1.82 Trustee Stand Oilshares “A." 7.56 7.66 •Trustee Stand Oilshares ”B" 663 6.73 Trustee Stand Investment "C” 2.95 2.99 Trustee Stand Investment ”D” 2.89 2.93 Universal Trust Shares 4.13 Uselps "A” 19.25 19.55 Uselps "B” , 2.97 Uselps Voting 1.13 •x-Dividend. CATTLE EXPORTS RISE Canadian Shipments Total 112,771 Head During 1935. Times Special MONTREAL, Feb. 18.—Total exports of cattle from Canada amounted to 112,771 head during 1935, of which approximately 103,000 head w r ere sold to the United States, the Dominion department of agriculture announced today. Compared with the 1934 figures, the report stated, ‘ exports showed an increase of approximately 100 per cent to all points, while those to the United States alone were six times greater." PURCHASES NEW TOOLS Times Special NEW YORK, Feb. 18. —The Gra-ham-Paige Motors Corp. has expended $500,000 in new tools to facilitate production of the new Graham supercharger. Joseph B. Graham, president, reported today,

Low-Cost Home at Purdue

gg&ljPf * ■

i • I □_ _ ‘ 1 1 Second floor puaH FIRST FLOOR PLAN J j ‘ 111 —,| ©

This house, designed to meet the needs of a family of four, is one of nine being built in the first unit of the Purdue Housing Research project at Lafayette. Its estimated cost of $4997.

WHITE MOTOR ORDERS INCREASE 77 PER CENT Deliveries Also Show Substantial Gain During January. Times Special CLEVELAND, Feb. 18. Orders placed for White and Indiana trucks and buses during January increased approximately 77 per cent over the corresponding 1935 month, J. H. Bauman, vice president of the White Motor Cos., announced today. Deliveries of the company were up around 64 per cent for the month. Business in the first two weeks of February indicates that the month may show a gain of more than 100 per cent over the 1935 month, Mr. Bauman said. The company also may be forced to increase production. The firm already reports a number of departments operating on two shifts, with some running to three shifts daily, it was reported. Both employment and pay rolls have been increased since the first of the year due to the substantial increase in orders. Hourly pay now is reported higher than average for 1929. STEEUNDUSTRY~PAYS $11,500 ON EACH JOB Total of $4,700,000,000 Invested in Metal Trade. Times Special NEW YORK, Feb. 18—Approximately $11,500 is required to finance and maintain the average job for an employe of the steel industry, the American Iron and Steel Institute revealed today. This amount represents the average of providing an employe with a place to work, tools to work with and materials to work on. The manufacture of iron and steel products requires such a concentration of heavy, complicated machinery and such a large investment in raw material properties and equipment and in manufacturing lands, buildings and machinery that for each employe of the industry an average of $8990 is required for the necessary real estate, buildings, machinery and other equipment. An ample supply of raw, semifinished and finished iron and steel products must be constantly maintained which requires a further huge investment amounting to SISBO an employe. All of these items represent a total investment in the steel industry of over $4,700,000,000 or an average of approximately $11,500 an employee. Local Livestock (By United Press) CHICAGO. Feb. 18—Hogs—Receipts. 12,000, including 4000 directs; mostly 10 to 15 cents higher than Monday’s average; top. $11.20: new high for season; bulk. 170-250 lbs.. sll® 11.15; 260-350 lbs.. $10.65 11.10; better grade. 140-160 lbs., mostly slo.Bsfd 11.10: best sows, $10.15. Cattle— Receipts, 7000; calves, 1000; comparatively few cattle yarded; bulk of run being delayed bv subzero weather; not enough done on steers to make a market, undertone strong on better grade weighty offerings; steady to weak on others; best weighty steers early $9.50; Stocker trade at standstill; fully steady market on all grades of heifers ana sows; cutter and common grade cows and medium grade heifers in broadest demand; bulls active and firm; weighty kinds selling largerly at s7.ls©' 7.25; vealers, $12.50 down: largely sll4s 12, Sheep—Receipts. 6000: fat lambs opening slow; indications around steady; few sales good to choice lambs. $lO down: best held around $10.15: bids at $9.75 usually refused; good yearilngs. $9: choice around 120-lb. fed western ewes, $5.35. FORT WAYNE. Ind.. Feb. 18 —Hogs— Market 25c higher: 160-180 lbs.. $11.15: I*9200 lbs.. sll 05; 200-225 lbs.. $10.95; 225 jO lbs , $10.80: 250-275 lbs.. $10.65: 275-300 los.. $10.50: 300-350 lbs., $10.25: 140-160 lbs.. $10.75; 120-140 lbs.. $10.50: 100-120 lbs.. $10.25; roughs, $9; stags. $7.25; calves. sl2' lambs. $9.75. LAFAYETTE. Ind.. Feb. 18 —Hogs—Market steadv to 25c higher: 170-210 lbs.. $11.05 @11.10; 210-235 lbs.. *[email protected]; 235-260 lbs . $10,601?? 10.75: 260-325' lbs.. $lO 10© 10 45: 140-170 lbs.. $10.25 10.50: 100-140 lbs.. $9.50® 10: roughs. $9.50 down. Calves. sll down. Lambs. $lO down. (By Times Special) LOUISVILLE. Feb. 18—Cattle—Receipts. 250; salable supply slaughter cattle meager: d-emand dependable: market mostly steady with Monday; bulk common to medium steers and heifers salable, $5,754? 7.25: few common dairy-bred and off colored kinds down to $5 or less: better finished fed offerings practically absent: auotable to around $8.50: bulk be>tf cows. $5?? 6: good kinds and smooth heifer types salabie to around $6.50: low cutters and cutters, mostly $3.50®4.75: sausage bulls very scarce; salable "mostly $6.50 down; light type Stockers and stock calves mainly s6© 8. Calves—Receipts. 175; market not fully established, indications about steady at $10.50® 11.50 for good to choice grades’ medium sorts mostly $8.50® 9.50: plainer kinds. $8 down. Hogs—Receipts. 800. Including 130 direct; market. 30c higher: top and bulk better, 160-225 lbs., *11.15: 230-250 lbs. $10.85: 255-300 lbs.. *lO 30: 305 lbs. up. $9.85: 120-.35 lbs.. *10.05: sows, $9.10. Sheep—Receipts. 50: generally steady: most better antive lambs. s!)© 9.50: choice eligible higher; plainer grades, *6.5098.50; fat ewes mostly *4 (town. *

TUESDAY, FEBRUARY 18, 1936

SWINE VALUES RISE2SCENTS Cattle, Vealers Slow and Unchanged; Lambs Undeveloped. With a light supply of receipts on hand today at the Indianapolis Union Stockyards, porker prices were sharply 25 cents higher than yesterday’s average. Few underweights, however, remained unchanged. Receipts were estimated at only 3000, compared with 6000 in the previous session. This was attributed to the severe change in weather conditions, hampering transportation facilities throughout the state. Holdovers numbered 95. A slightly stronger demand, prevailing for and heavy grades, also added to the upturn which carried the top price to $11.30, the highest for the current year. The bulk, of 160 to 225 pounds, cashed in at $11.20 to $11.30. Extreme heavies, from 275 to 350 pounds, sold at $lO.lO to $10.50. Light slaughter pigs, from 130 to 160 pounds, held at $10.25 to $10.75. Initial trading was unchanged in the cattle market, due largely to higher asking prices, especially for slaughter steers. The majority of steers were salable under $8.50. Some held at $lO. Heifers, cows and bulls were steady to strong. Heifers sold at $6 to $7.50. Bulls brought $5.50 to $6.75. Receipts numbered 1800. Vealers also displayed a steady trading range, with the bulk of good and choice grades selling from $11.50 to sl2. Receipts were 600. The lamb market was undeveloped, with the total supply consisting largely of fed Western grades billed direct and through. No bulk price was established. Receipts were 300. HOGS Feb. Bulk. Top. Receipts. 12. slo.Bo© 10.90 $10.90 5000 13. 10.80 ©T0.90 10.90 20<)0 14. [email protected] 11.25 2000 15. [email protected] 11 15 2000 17. 10.95®>11.05 11.10 6000 18. [email protected] 11.30 ) 3000 Light Lights. (140-160) Good and choice. .$10.25@T1 00 Medium 9.75© 10.50 (160-180) Good and choice.. 11.00©11.30 Medium [email protected] (180-200) Good and choice.. 11.20©11.30 Medium [email protected] (200-220) Good and choice.. 11.20®11.30 1220-250) 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 9.40© 9.75 (350-425) Good .. 9.25© 9.50 (425-550) Good 9.00© 9.40 (275-350) Medium 8.75@ 9.25 Slaughter Pies. (100-140) Good and choice . 9.50© 10.25 Medium 8.50® 9.75 CATTLE —Receipts, 1800— (500-900) Choice $ [email protected] Good 7.75©10.00 Medium 6.50@ 8.00 Common 5.00© 6.50 (900-1100) Choice [email protected] Good 8.25© 10.25 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 7.00© 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 6.504? 7.25 Good . . 5.75© 650 Common and medium 5.00© 5.75 Low cutter arc cutter 3.50© 5.00 Bulls, good ... 6.50© 7.25 Cutter, com. a i med. bulls .. 2.50© 6.50 VEALERS —Receipts, 600— Good and Choice $11.50© 12 00 * Medium 9.00© 11.50 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© 7.75 Common and medium .... 5.00© 6.75 (800-1050) Good and choice .. 6.75® 7.75 Common and medium 5.00® 6.75 Cows Good 4 SO© 5.00 Common and medium 4.00© 4.50 SHEEP AND LAMBS —Receipts. 4000 — Lambs. 90-lbs. down, good and choice *lO 00® 10.25 Good 9.75© 10.00 Medium 8.75© 9.75 Common 7.00© 8.75 Ewes. (90-175) 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® 9.00 LOCAL CASH MARKET City grain eWators are paying 92 cents for No. 2 sole wheat. Other grades on their merits. Cash corn new No. 4 yellow 60 cents and oats U ctaSK

PROBABLE GOLD OUTFLOW SEEN NOT DANGEROUS

U. S. Is Not Likely to More Than $450,000,000, Institute Says. Times Special NEW YORK, Feb. 18.—Despite the recent abrupt ending of the huge influx of gold into the United States, when exchange rates suddenly declined below the gold export point, the amount of yellow metal likely to be withdrawn from this country need not cause concern, the Alexander Hamilton Institute reported today. It has been estimated, according to the institute, that approximately $1,200,000,000 to $1,500,000,000 of the gold that has entered the United States since passage cf the gold reserve act of 1934 represented an influx of foreign capital. "Part of this capital is here in the form of bank deposits. The remainder, or a substantial part thereof, has been invested in American securities. The foreign bank deposits, estimated at about $450,000,000. can be withdrawn at any time at the option of their owners. The funds invested irh securities can be withdrawn only after the securities have been liquidated. Situation Not Alarming "It is not likely, however, that foreigners will liquidate any considerable portion of their American securities in view of the fact that they feel that the huge volume of credit in the United States is bound to influence favorably the movement of the security market. "Secondly, it is felt that even if the United States were to further devalue the dollar, the resulting upswing in security prices would more than offset their exchange losses. It is probable, therefore, that any movement to withdraw foreign capital from the United States would not go much beyond the amount of bank balances kept in the country. "Consequently, in view of the fact that the United States has over $10,000,000,000 of gold, the outflow of the yellow metal need not cause any concern. It is a well-known fact that the United States has more gold than it can use for credit purposes without creating credit inflation.”

N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Utils. Bonds. Today 93.3 94.5 105.2 97.7 Saturday 93.2 94.6 105.4 97.7 Week ago 93.1 92.9 105.3 97.1 Month ago 92.8 89.3 105.1 95.7 Year ago 86.8 82.8 93.9 87.8 1936 high . 93.2 94.6 105.5 97.7 1936 low 91.6 84.7 103.5 93.3 (Copyright, 1936, by Standard Statistics) (Reprinted From Late Times Yesterday) U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasurys Prev. Close. Close. 4V 4 S 1947-52 116. 115.28 4s 1944-54 111.26 111.23 3%s 1946-56 109.26 109. 3%s 1940-43 107.9 107.31 3%s 1943-47 108.18 107.6 3%s 1941-43 106.22 108.18 3V4S 1943-45 108.18 106.21 3V4S 1941 106.10 108.18 3V4S 1944-46 104.20 106.8 3%S 1946-48 104.14 104.16 3%S 1949-52 103.18 104.14 3s 1951-53 103.27 103.13 3s 1946-48 100.25 103.21 2 7 /aS 1955-60 101.27 100.24 2%s 1945-47 100.15 101.24 Home Owners Loan Corp. 2%S 1949 101.19 103.2 3s 1952 101.23 4s 1951 101.28 Federal Farm Mortgage Corp. 8%8 1964 102.19 103.2 3s 1945) 101. 101.23 3s 1942-49 102.19 102.18 2 3 As 1947 101. 100.31 DOMESTIC Prev, Close, close. Alleg Corp 5s ’44 96% 97 Alleg Corp 5s ’49 94)4 95 Alleg Corp 5s ’SO 79 77% Am Frgn Pow 5s 2030 81% 83 Am Tel & Tel 5%s ’43 114 113% Am Tel & Tel 5s ’65 113% 113’4 Arm & Cos (Del) 5%s ’43 97 96% Atl Coast Line 4s ’52 99% 99 7 / a Atl Coast Line 4%s ’64 86% 87 1 2 Atch Top &S Fe 4%s ’4B 112% 112 Am Wat Wks 5s ’44 10*4 113 Am Rolling Mills 5s ’3B 129 Vi 131 .Bait & Ohio 5s ’95 88 87% Balt & Ohio 6s ’95 96 96% Balt <fc Ohio 4Vis ’6O 76% 75 Buff Roch <fc Pitt 4Vis ’57 82% 82 Beth Steel 5s ’36 105% 105% Chi Milw & St P 5s ’75 23Vi 23V? Chi Milw ft St P 5s 2000 9 8% Cleve Un Term 5s ’73 104% 105 Cleve Un Term 4',is ’77 99% 99% Col Gas 5s Mav ’52 101% 102 Vi C’ol Gas 5s April ’52 101 % 102 Col Gas 5s ’6l 101 101 Vi Can Pac Perp 4s 94% 94% Cent Pac 5s ’6O 98% 98% Big Four 4%s ’77 93 93 Big Four 5s ’63 99% 97 Colorado &So 4Vis ’BO 80% 79% Chi & West Ind 4s ’52 104 103 Vi Chi & West Ind 5%s '62 107% 107% Chi & Nor West 4%s 49 15Vi 15 Con Gas 5s '57 105% 104% Chesa Com 5s '47 133% 132% Del & Huds 4s ’43 87% 88 N Y Dock 4s ’51.. 77 75% Erie 5s ’75 84 83% Erie 5s ’67 84% 84 Gen Cable 5%s '47 104 102% Grt Northern 7s ’36 102% 102% Grt Northern 4%s ’76 103 102 Grt Northern 4%s '77 102% 102 Gen Stl Cast WW 5%s ’49... 96% 97% Hud & M'anhat Ref 5s ’57 87Vi 87% 111 Cent 4%s 66 - 70 78% 111 Cent .Tt 4%s ’63 84% 85 111 Cent 5s ’63 89% 88% Interlake C&I 5s ’sl 96% 96% Interntl Tel & Tel ‘%s ’39... 99% 99% Interntl Tel & Tel 5s ’55 ... 95% 94% Interntl Tel & Tel 4Vis ’52 ... 91 91% P Lorillard 7s ’44 . 132% .. . McKess & Rob 5%s ’SO 103% 103% Natl Dairy 5%s '4B 103% 103% Natl Steel 5s ’56 106% 106% Nickel Plate 4%s '7B 86 86% Nidkel Plate 5%s ’74 96% 97% N Y Cent 5s 201 3 95 95% N Y Cent 4%s 2013 (old) .. . 88% 89% Nor Amer Cos 5s ’6l 105% 104% Nor Pac 3s 3047 78% 78% Nor Pac 4%s 2047 100% 100% Nor Pac 6s 2047 110 110% Nor States Pow 5s ’4l 105% 105% New Orelans Term 4s ’s3f ... 92 92% Otis Steel 6s '4l 102% 102% Penn Ry 4%s ’B4 108% 108% Penn Ry 4%s ’Bl 108% 108% Penn Ry 4%s ’7O 102% 102% Pac G & E 5s ’42 103 s * 104 Portland Gen El 4%s ’6O 78 79 Para Publix 5%s ’SO v 5 95% Penn P & L 4%s ’Bl 196% 106% Postal Tel & Cab 5s ’53 39% 40% Rem Rand WW 5%s ’47 113 113% Sinclair Oil 5%s '3B 192% Shell Union Oil 5s '47 102% 102% Sou Pac 4%s ’6B 90% 90% Sou Pac 4%s 81 89 89% Sou Pac 4%s '69 90% 87% Sou Pac 4s ’49 91% 9914 Sou Rails 4s ’56 66 67% Sou Rail 6s ’56 83 83 * Sou Rail 6%s ’56 86% 86% Sharon Stl Hooo sVis ’4B 193% 103% Texas Pac 5s 'BO 102 102% Texas Pac 5s '79 102% 102 Texas Pac 5s '77 102 ♦ 102% Union Pac 4s '47 112% 112% United Drue 5s 's3 101 101% U S Rubber 5s ’47 104% 105 NY NH Hart 6s ’4B 39% 39% NY NH A- Hart 4>?ss ’67 38% 39% Warner Bros 6s ’39 97% 98 West Maryland 5%s '77 107% 107% West Maryland 4s '52 - ... 99', 99% Youngstown S ft T 5s '7O ...lose, 105% Youngstown S & Tss ’7B 105% 105% FOREIGN Argentina A 6s ’57 98% 98% Argentine B 6s ’SB 97% 97% Brazil 8s '4l 32% 32% Canadian Govt 4s ’6O 108% 108 German 5%s ‘65 28% 28% German 7s ’49 37% 37 Italv 7ss ’sl 65% 63% JaD&n 6%s ’54 98% 93% Poland 7s ’47 106% 106 Rome 6%s ’52 . • 58% 57 Tokvo Citv 5%s ’6l 82V* 82% Yokohama 6s ’6l il 87i*

New York Stocks

(By Thomson & McKinnon 11:15 A. M. Prev. Oils— High. Low. Close, close. Amerada 84 84 84 83*,* Atl Rfg 33’* 33 33', 32>^ Barnsdall 17 16% 17 16 s . Consol Oil 13% 13 s . 13% 13 s . Cont of Del .... 36', 35'a 36', 36% Houston mew)., 10', 10 10', 10', Mid Cont Pet ... 19‘, 19', 19 1 , 19 Ohio Oil 16 15*i 16 157* Pet Corp 16 s . 16 16 s . 16 Phillips Pet 43*. 43'. 43*. 43% Plvmouth Oil ... 13*, 13’, 13*, 13'. Pure Oil 19 s . 19% 19 s . 19*. Seaboard Oil ... 35*2 35 1 •> 35'2 35*2 Slwll Un 17 16*, 16*, 17 Skelley Oil .... 23*. 23*. 23*. 23'. Soc Vac . 15 7 . 15', 15> 3 15% S O of Cal .... 45*. 45', 45V* 45% S O of Ind .... 37'. 36 1 a 47'. 36*, S O of N J 59V. 58 7 58'. 58*, Texas Corp ... 34 33*, 33*, 3374 Tidewater Assn . 18*. 18*. 18*. 18'2 Un Oil of Cal . 26',2 26'2 26% 26% Steels— Am Roll Mills . 32% 32 >2 32% 32% Am Roll Mills.. 32% 32% 32% 32% Beth Stel 57'. 56% 57% 56% Byers AM... .24 23% 24 23% Inland Steel ...110 110 110 110 Mid Steel .... 27 26% 27 26V, Ludlum Steel ... 31% 38*. 38% 30% Natl Steel 71 70‘/ 2 71 70% Otis Steel 19 18% 19 18% Rep I & Steel . 25% 24 5 , 25% 24% Rep I & Stl pfd 95% 85*, 85% 87 U S Pipe & Fdy 27 27 27 27 U S Stel .... 61*. 59% 61*, * 60 U S Steel pfd . 128*, 128 128% 129% Young’wn S & T 52% 52% 52% 51*, Motors— Chrysler 95% 94% 95% 94% Gen Motors 59*. 58% 59% 58% Graham Mot ... 3% 3% 3% 3% Hudson 16V* 15% 16V* 15% Hupp 2'% 2 V, 2% 2% Mack Truck .... 35% 34% 34% 35% Nash 18% 18% 18% 187* Packard lIV2 11% 11% 11V, Reo 7Va 7% 7% 7% Studebaker 11 10% 11 107* Yellow Truck ... 15'/* 15'/* 15% 15 Motor Access— Bendix 26 25% 26 25% Bohn Alum 57% 57 57% 57 s * Borg Warner ... 74% 73% 74% 73 Briggs 56% 56 56', 2 56 V 2 Budd Mfg 11 107'* 10% 10% Budd Wheel ... 12'2 12% 12% 12% Eaton Mfg 30% 30 30 30% Elec Auto Lite.. 43% 42% 43V* 42% Elec Stor Bat... 52% 527* 52% 52% Greyhound ”B”. 76% 75% 76'% 75Vs Houdaille 28% 28% 28% 28V 2 Murray Body .. 19% 19% 19% 1974 Stew Warner ... 20V 20 20% 20 Timken Roll ... 71% 71% 71% 71V* Timken Det Axle 17'/s 16V2 17'/* L 6% Mining— * Alaska Jun .... 15% 15% 15% 15% Am Metals 34% 34% 34% 35 Am Smelt 68 67 68 67 Anaconda 35V* 34% 35 35Vs Cal & Hecla ... 8% 8% 8% 7% Cerro De Pasco 53% 53 53% 53 % Howe Sound ... 57 57 57 56% Ins Copper 97* BVa 9'/* 8% Int Nickel 51% 51 51 Va 51 Kennecott Cop.. 37% 37% 37V* 37'% Mclntyre Mine.. 457* 45% 45% 45 Park Utah 4% 4% 4% 4% Phelps Dodge .. 37% 37'% 37V, 37% St Joe Lead 28% 28% 28% 28V2 Vanadium 25 Via 24% 25Va 25 Amusements— Fox Theat 26% 26% 26% 26>/a Loews Inc 527% 52 52'/4 51% Radio Corp 12'/* 12% 12V* 12% Paramount 10% 10% 10% 11 RKO 8% 8 8% BV, Warner Bros ... 13% 13*/, 13% 13V, Tobaccos — Am Tobacco ‘S’. 99% 99% 99% 99% Gen Cigars 56'/4 56'/4 56% 56 Lig & Myers ‘8’.110% 110% 110% llO'/a Lorillard 23% 23 Va 23% 23% Philip Morris • 70% 69 70‘/ 2 70 Reynolds Tob ‘B’ 57% 57’% 57% 57% Rails— Atchison 75 75 75 75 Atl Coast Lines. 33% 32% 33 32% B& O 21% 20% 21V, 20% Can Pacific .... 13.% 13% 13% 13% Ch & Ohio 59% 597* 597* 59% Chi & Gt W 2Vs 2'/* 2'/* 2% CM & St P pfd. 5 47* 5 5 Chi N W 4 4 4 4V* Chi N W pfd ... 10 97* 10 10% Dela & Hud 48 Va 48 48','2 47% Del Lac & W .. 18% 18% 18% 18% Erie 15% 15% 15% 15V, Erie pfd 26'/ 2 26 26'/ 2 26 Gt North pfd... 41% 40% 40% 40% 111 Central 26% 26% 26% 26 K C Sou 19'/2 19'/2 19 % 18% Lehigh Valley .. 11 10% 11 10% M K & T 8% BV* 8% 874 Mo Pac 372 3'/ 2 3',2 3% N Y Cent 39% 37% 38V, 377* N Y New Haven s'/,- 5% 574 5 Nor Pacific ... 32 3174 31'/a 30% Fenn R R ..... 36'% 36 36'/2 36% Reading 43 7a 4374 43'/, 44% Sou Pac 36 35V* 36 35% Sou R R 18% 18 18% 18 Union Pac 12674 126 126% 127% Wabash 4 4 4 4 W Maryland .. 10% lO'/a 10% lOV2 Equipments— Am Brake Shoe. 50 50 50 49% Am C & Fdy.. 37% 3774 37% 37 Am Loco 307* 30% 30% 79'/2 Am Steel Fdy .31 30'% 31 30'/* Bald Loco 5% 5'% 5'% 5'% Gen Am Tk Car 56 56 56 5674 Gen Elec 41V, 40'4 41V, 4074 Gen R R Sig.. 4'%'% 46'% 46'% 46'% Pullman Inc ... 46’4 45% 4674 45% West Air Br ... 41% 40 41% 40% Utilities— Am & For Pwr. B'/* 7% B'/* 7% Am Pow & Lit. 8% 87% 8% 8% A T & T 176 174'/, 175 174 Am Wat Wks.. 22% 22 22*/* 22*% Col Gas & Elec. 17 16'% 16% 16% Com & Sou ... 3'% 374 374 3% Consol Gas ... 35% 35V, 3574 35 Elec Pwr & Lit. 9V, 87* 974 9% Int Hydro Elec.. 4% 37* 4% 4% Int TANARUS& T 18% 18 18% 18V4 Lou G & E (A).. 21 21 21 22 Nat Pwr & Lit.. 11V* 10% 11V* 11% North Amer 28'i 27'% 287, 28% Pac G & E 34% 34 34 35 Peoples Gas 45% 45'% 45% 4574 Pub Serv N J.. 45% 45 45'% 46'% So Cal Edison.. 27'% 27% 27'% 27V, Std Gas .., . 7% 7% 7% 7% Stone & Webster 16% 16% 16% 1674 United Corp .... 7'% 774 7'% 7% Un Gas Imp.. . 18 17% 17% 18 Ut Pwr &Lt (A) 5 4% 5 5 Western Union.. 91 90% 90% 90'% Rubbers— Firestone 3 1 74 30 % 31V* 31 Goodrich 19 18V* 19 1974 Goodyear 28% 287* 28% 29V, U S'Rubber.... 20V* 20% 2074 20V, Miscellaneous— Allis Chalmers .. 45 44’% 45 4574 Amer Can 119% 119% 119% 120 V, Am Mach & Fdy 26% 26% 26% 26% Brklyn Man Tr.. 457* 45% 457* 4574 Burroughs Add.. 327* 32*4 32% 32% J I Case 116'% 113'% 116 113 Crntl Can 787* 787* 78% TB% Caterpillar Tract 68% 6874 68*/, 68H Deere & Cos 72 71 72 71% Foster Wheeler.. 37 37 37 38 Gillette 19*4 19% 19% 17% Glidden 4974 49 V, 4974 49'% Inter Harv 68% 67 68V, 66 Natl Cash Reg .. 27% 277* 27% 28 Rem Rand 23% 23 23% 23 Underwood E .. 89 89 89 90 Worthingtn P.3 274 32 74 32V, 32% Foods— Armour 6% 6*4 67* 674 Armour 6% pfd.. 827, 827, 82% 83 Borden Pr0a..... 28% 287* 28% 2874 Coca Cola ...... 9574 95 72 95% 96 Cont Bak ‘A’... 13% 1374 13% 13V, Corn Prod 71% 7174 71% 707* Crm of Wheat. . 37V* 3774 377* 3774 Gen Foods 337* 337* 3374 3274 Gold Dust 1974 19% 19% 19’% G W Sugar 32 32 32 32% Natl Bisciut .... 34% 34 74 34 % 34% Natl D Prod ... 22V, 2274 22 74 22% Purity Bak 15 15 15 14*/, Std Brands .... 1574 15% 15% 15% Un Biscuit 23% 237a 2374 24 7* United Fruit .... 75 75 75 74% Ward Bak -B’ . 3'4 374 374 3 Wrigley 7874 787* 727* 78% Retail Stores— Allied Stores .... 7*4 7V 774 774 First Natl Stores 45% 45 45% 447* Kresge S S 24% 24% 24% 24Va Kroger Groc ... 26'4 26'4 26'4 26% McCrory St 13*4 13*, 13% 1374 McLellan St 13V, 13% 13'/, 1374 Marshall Field.. 1274 127* 12% 12% May Dept 5t.... 48% 48 48% 49 Mont Ward 38% 33 38% 38 Natl Tea . 10% 10% 10*, 10% Penney 3 C 72% 72% 72 7 2 71% Safeway St 34% 34% 34% 337* Sears-Roebuck.. 63% 63% 63% 63 Woolworth 54 53% 54 5374 Aviation— Aviation Corp.. 6 5% 57* $ Boeing Aircft .. 24% 24% 24% 24*4 Curtiss Wright-. 5% 5'4 5*4 ... Curtiss Wright A 1674 15% 16% 15*/ Douglas Air 73 72** 72% 727, Nor Am Av ... 7% 7% 7% 7% Speerv Corp ... 217a 217* 21% 217* United Air’aft N 3074 29% 307, 29% Chemicals— Allied Chem 165 165 165 165 Com Solvents... 22% 22% 22% 22% Du Pont 147% 147% . 146% Freeport Tex.... 33% 33% 3374 34 Liquid Carb 387* 38% 38% 38 % Math Alkali 36 35% 36 35% Natl Dis 1 new).. 20*4 29 29% 29% Schenley Dist.. 47% 47% 47% 46*, USED OFFICE FURNITURE Repairing—Refinishing W. C. BRASS ASSOCIATES 13$ S. Meridian. Kl-9727 PUT YOUR MONEY TO WORK LOCALLY! BUY Building & Loan Shares

Municipal Financing Rises State and municipal financing for the month of January totaled $91,197,126, compared with $83,002,978 in January, 1935, according to the Daily Bond Buyer.

PAGE 13

Tex Gulf Sulph. 37% 37% 37% 37% Drugs— Bristol Myers... 45 45 45 45 Coty Inc 6% 6', 6', 6% Lambert 24 23*, 23% 24*, Un Drug (new). 14% 14% 14% 14% Zonite Prod .... 8% 8 8% 8 Financial— Adams Exp 13 13 13 12’* Allegheny Corp . 4% 4 4% 4 Am Int Corp ... 12% 12% 12% 12 Lehman Corp .. 98% 98 98% 98% Transamerica .. 13’* 13 13% 13 Tr Conti Corp .. 11V* 11 117* 11 Building— Am Radiator ... 24', 23% 24', 24% Gen Asphalt ... 33% 32% 33% 32% Hoiland Furnace 40% 40% 407* 40% Int Cement 42% 42% 42% 42% Johns Manville 123 123 123 122 Libbv Owens Gls 57 57 57 57 Otis' Elev 27% 27% 27% 28 U S Gypsum ... 109*, 109% 109*, 108% Household— Col Pal Peet ... 19% 19V* 19% 19 s . Kelvinator 18 18 18 17% Proc & Gamble. 46% 46 46% 46 Serve! Inc 19% 19% 19% 18% Simmons Bed .. 24 23% 24 237, Textiles— Amer Woolen .. 9% 9% 9% 10% Celanese Corp .. 28% 27% 28 s * 28% Collins Aikman.. 48% 47% 48% 48% Gotham Hose .. 20% 16% 10*, 10% Indus Rayon ... 29% 29*, 29*, 29% Kayser Julius ..31% 31% 31% 31% Real Silk 14*, 14% 14*, 15% Chicago Stocks (By Abbott. Proctor <fc Paine) 11:00 Prev. A M. close. Allied Prod 24*, 24*, Berghoff 8% 8% Butler Bros 8% B s * Chicago Corp 5% 5% Cities Serv 5% s*, Com Edison 105% 104% Conti Steel 43 42 Chicago Corp 67* 6*s Elec House 16*, 16% Grt Lakes Dredge 31% 30% Nobblitt Sparks 33% 33% Swift 24% 24 Zenith 15% 15% New York Curb (By Abbott, Proctor & Paine) 11:30 A. M. Prev. , N. Y. close. Alum Cos of Am 108' - 106 Am Cyanide ”B" 36% 37% Am Gas & Elec 40'/* Am Superpower 2% 37* Can Indus Ale “A” 11% Carrier Corp 10% 10% El Bond & Share 17*, 18 Fisk Rubber .: 8% 874 Ford of Can “A” 25% 25'* Ford of Europe B s * 87* Nia Hud Pwr 974 10 Pan Am Airways 54 54 % Penn Road 5 4% Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS _ , , Bid. Ask. Bankers’ 64'% 66% Central Hanover B & T 116 74 1187, Chase 39 40'% Chemical National 55V, 57 Guaranty 297 300'% Ji vin g, • • 16*4 18% Manufacturers 44% 453* National Citv 35% 37% C?nt 111 Chicago 160 163 V, First National Boston , 487% 30% National Shawmut 28% 30'/* FIRE INSURANCE Aetna Fire 60-34' 63 American Ins of Newark 17% 19% Baltimore American 9% 111/. City of New York 31 3314 Federal Ins no 115% Great American Ins 33% 35*4 Hanover Fire Ins 395- 413Hartford Fire Ins 87*2 90% Home Ins 33 “ 305Ins Cos of A 82 , 2 043. National Fire .... p v h r& e Westchester Fire 40 42 Produce Markets ff ath?r.B ri . c * s quoted are paid for stock cout ?try. While delivered Hp™ S l s (, the pr l?. e is . a cent higher. ?a e r y „a b . re r ed v. hens ’ ! 8c; Le g h om breed hens. 13c, Leghorn springers. 12c: old stags 13c, old cocks, 9c. Ducks, white. 5 lbs °, v n ® r ’ ?, lc: .geese, full feathered, all sizes 10c. all guineas. 174 lbs. and up. 15c: C,°-J strictly fresh eggs, loss off. 28@29c rfoa.Y * fuU ca / e ,„ must weigh 55 lbs. gross, a ?H edUC „ ,°, n a 0f lc „ ce ts a pound under 55 S bf % m 2J?, e / No - 1 butter. 40 %(a q.A c ' h 2- 37'%j®38%c. Butterfat, 35c. Quoted by the Wadley Cos. (By United Press) CHICAGO. Feb. 18.—Eggs Market flr e <3s y %9a? elpt , S ’ 1225 J Ca * es : fresh graded firsts. 32c, extra firsts, 32c; current receipts. 31c; dirties, 27c; checks. 25c. Butter—Market, firm; receipts, 11,208 tubsextra firsts (90-9174 score). 3<ST4©36'%c: extras (92 score 1, 36%c; firsts (88-89 7. s ? or j )- 35©.35%c; specials. 37V,(h 37%c----36%c. Poultry—Market,' firm; receipts, 5 trucks. 1 car due: ducks. 19® PC- geese 18c; spring chickens. 24@25cf8@23c; turkeys, 20 (a 23c: capons, 25 %26c; Leghorn hens, 14©19%c; old roosters, 17c: broilers, 23%©25c. Dressed poultry—Turkeys, young toms, 27c; young hens, 27c: capons, 27® 30c. CheeseTwins. 15 74©15%c: Daisies. 15%®T5%cLonghorns, 15*4 ©1674c. Potatoes—Supply moderate; practically no early trading because of cold weather; market steady Idaho russet Burbanks. $1.90©2: Wisconsin round whites. $1.30©1.40: Bliss Triumphs, $1.35; Colorado McClures, $1.50© 1.75, Nebraska Bliss Triumphs. $1.45®1.60 Arnva.s, 81; on track, 201; shipments. 483.' Chicago Grain Futures CHICAGO FUTURES RANGE (By James E. Bennett & Cos.) _. . . 11:00 Prev. Wheat— High. Low. A. M. close. July 89'* .887* .887* .887, Sept 8874 .877* .887* .88 CornMay 61%, .61% .6174 .6174 July 61% .6174 .61% .61% Sept 61% .61'% .61'% .61% Oats— May 29v, .28% .29 .29 July 28% .28 74 .28% .28% Sept 277* .27% .277* .28 Rye— May 57% .57 .57'% .57% July .5674 .56 .5674 .56'% REPORTS NET INCOME Indiana Pipe Line Earns $167,187 After Charges in 1935. The Indiana Pipe Line Cos. haTreported net income for 1935 at $167,187 after all charges, depreciation and Federal taxes, equal to 56 cents a share on 300,000 shares of capital stock. This compared with $117,249, or 39 cents a share in 1934.

-WE BUY, SELL. and gladly furnish quotations on: Bonds of the United States Government, Its Territories and Insular Possessions Home Owners' Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Corp. 129 EAST MAKKET STREET

Thomson & McKinnon MEMBERS NEW YORE nTTPArh Tork Stock Exchange. TADAMTA NeW Y ° rk CUrb Exchange - TORONTO New York Cotton Exchange. BOSTON New York Coffee and Sugar Exchange SOUTH BEND • r ' ew Orleana Cotton Exchange. ii’P WAVVP Chicago Stock Exchange PVivei “ Chicago Board of Trade E\ ANSVILLE Winnipeg Grain Exchange Indianapolis Office II And other leading Exchangee 200-214 Circle Tower LI. 5501

MOTOR WHEEL'S MARKET STATUS HELD IMPROVED \ Stock Reflects Favorable 1935 Report in Good Demand. B 1 ALBERT K. ETTLINGER Times Special Writer NEW YORK. Feb. 18.—Through diversification of operations the Motor Wheel Corp. in 1935 was able to show the best earnings for any years since 1929 when it reported a balance of more then $4 a share for its stock. Although benefiting greatly from the accelerated activity in the automobile industry, which was responsible for a substantial gain in sales, the company’s oil burner, heater appliance and barrel business was conducted on a profitable basis for the first time in a number of years and this contributed to the expansion in earnings in a number of years. Reflecting the marked improvement in the corporation's position, the stock is attracting considerable attention in speculative circles, reaching a price that has not been equaled since 1929. Much of the present demand, however, is predicated on the belief that the management may adopt a more liberal dividend policy, either increasing the current 60-cent annual rate, or supplementing it with an extra. Outlook Favorable Net income of $1,987,978 for 1935 was equal, after all charges, to $1.28 a share on 850,000 shares of capital stock, compared with a profit of $409,673, or 48 cents, in 1934. In 1933 net amounted to only 14 cents a share, while in both 1932 and 1931 a deficit was reported. According to H. F. Harper, president, the new business which the company has obtained for 1936 will be reflected in the second quarterly report. "The sales forecast by our automobile customers and orders already received by our heater and cooperage divisions indicate increased operations this year,” he pointed out. The Motor Wheel executive explained, moreover, that sales of the heater department in 1935 were about three times those of 1934 and that shipments of wheels in December were the largest for any month in the corporation’s history. NEW YORK, CHICAGO STOCK VALUES RISE Fifty Issued on "Big Board” Total $19,478,589,875 for Week. Times Special NEW YORK, Feb. 18.—The total market value of 50 representative stocks listed on the New York Stock Exchange at the close of business for the week ended Feb. 15 was $19,478,589,875, an increase of $598,146,375, or 3.17 per cent over the total for the preceding week, Paul H. Davis & Cos. announced today. The previous week’s total amounted to $18,880,443,500, while at the clbse of the corresponding 1935 week, the same 50 stocks had a market value of $11,544,376,750, indicating an increase of $7,934,213,125, or 68.73 per cent for the year. Times Special CHICAGO, Feb. 18.—Twenty-five representative stocks listed on the Chicago Stock Exchange had a market value at the close of the week ended Feb. 15 of $1,062,428,375, an increase of 4.17 per cent over the previous week, according to a report released today. ADDITION IS APPROVED Times Special JERSEY CITY, N. J., Feb. 18.~ Stockholders of the Quarterly Income Shares, Inc. have voted approval of the addition of 31 companies to its eligible list, bringing the total number of companies in which investment may be made to 100, Ross Beason, president, announced today. Loans to Manufacturers, J.iibers & Wholesalers D. G. Morgan, representing a Chicago commercial banking firm, will be at the Severin Hotel,, Indianapolis, Tuesday, Wednesday and Thursday. If you do not have sufficient WORKING CAPITAL through your present bank connections, submit your requirements to me. Rates reasonable. Inquiries treated confidentially.