Indianapolis Times, Volume 47, Number 298, Indianapolis, Marion County, 21 February 1936 — Page 28

Trends Farm Bill Passed to Succeed AAA Program. BY JOHN T. FLYNN

NEW YORK. Feb. 21—The Senate has passed the new farm bill, successor to the defunct AAA. The House is going to pass it. What will the Supreme Court do about it? The court held the AAA unconstitutional for certain reasons clearly stated. Let us see how they apply to the farm erosion bill. Feeling elated, Mr. Goldsmith was The court

said the Fede r a 1 government has no power under the Constitution to regulate agriculture. Not having that power directly it can not seize it by indirection. Under t h * general welfare clausa of the Constitution the central government can do things for the general w e 1fare which it is

Flynn

hot given direct authority to do under other clauses of the Constitution, Therefore, it can appropriate money for agriculture. It can appropriate funds for farm research, to give seeds to farmers, to pay farm subsidies. So *a,r so good. But in paying farm subsidies the fcentral government can not annex conditions to the payments which amount to a regulation of agriculture. * u THIS may or may not be good law. Six Supreme Court justices say it is. Three say it is not. But for the time being at least what those six justices say Js law. How does this apply to the new bill about to be passed to take the place of the AAA, which proyoked the decision? What was the objective of the AAA? It was to curtail production —or As necessity dictated it, to Increase production. It was to regulate production, in fact to regulate farm prices. This it proposed to do by getting from farmers agreements to reduce production in return for benefit payments in various ways. What does the new bill do? What is its objective? Soil conservation is one; also the bill says it is regulation of agricultural production to raise prices. It is not put in those words. But the meaning is clear. The bill declares one of its objectives is “maintenance of a continuous and stable supply of agricultural commodities adequate to meet consumer demand at prices fair to both producers and consumers.’’ - • ■ a a a ANOTHER objective is stated to-be re-establishment and maintenance of farmers’ purchasing power. All this means control of production and prices. What is the mechanism for accomplishing all this? The secretary of agriculture will make payments to farmers. But he would exact agreements to curtail acreage precisely as in the AAA plan. Is this national regulation of farming? The court said it was in the AAA law. Will it say differently now because soil conservation is added? The government’s power to control soil erosion rests on the same ground as its power over agriculture—the general welfare clause. If one is unconstitutional so is the other. . . I believe the AAA decision was Wrong. But what is the purpose of passing laws which are sure to be held unconstitutional? (Copyright. 1936. by NBA Service, Inc.)

BEEF PRICES DECLINE Timet Special CHICAGO. Feb. 21—Declines of from 10 to 15 per cent in the wholesale prices of better grades of beef compared with a year ago were disclosed today by Frank A. Benson, chairman of the beef committee of the Institute of American Meat Packers. On Commission Row CQuotatlons below subject to change are average wholesale prices being offered to buvers bv local commission dealers.) PRUlTfe—Strawberries: Florida, pint, 18c; 36-pint crate 17c. Cranberries, C. C. Howes, Eatmores, 25-lb. box, $2.75. Pears: Washington D'Anjo (100s Dox) $3.25; Washington Bose iloo-120s). $3.25; California Avacado (200-245). $3.50. Grapes: Extra Fancv Emperors (34-lb. sawdust chest), $3.50. Limes: Mexican (carton 12s). 25c; Persian seedless (doz.). 45c. Dates: Fresh Arizona. $1.50. Bananas, seven hands, pound, 4%c. Apples: Delicious (fancy baskets), $i.75; Jonathans, $1.50; Grimes Golden. $1.25; Rome Beauty. $1.65. Lemons: Sunkist (3605). $6. Grapefruit: Texas seedless 1545-BCs>. $3.75. Arizona Sunkist (80s), $3. Tangerines. Florida (120s. 1445. 168s). sl.7a. „ VEGETABLES Artichokes, California (doz.). $1 15. Beans, green, round stringless (hamper). $3 25. Beets: Texas (3 doz. crate). $1.50: cut offs (bu.t. sl. Brussels Sprouis, California (quart), [email protected]. Cabbage, New York Danish (50-lb. bag), 90c; New Texas (crate). $1.35. Red cabbage (SP-lb. bag). $2; Carrots, California (6-do. crate). $3 25: Texas i3%-doz. erats). $1.75 (bushel). $1.65. Cauliflower, California (12s crate). $1.75. Celery. Florida washed and trimmed (doz.), 60c@ $1; Florida (4s, 6s, Bs, 10s crate). $3.i5. Cucumbers, hothouse (doz.). $1 35; southern $6. Egg Plant. Florida (doz). $l5O. Kale (Virginia bushel. 90c. Lettuce. Iceberg Arizona 'best 4s ssi. $3.50- home grown leaf (la-lb. baskets). $1 Endive; California (doz.i. 90c. Peppers, mangoes (crate). $1: peck basket $125: (doz). 45c. Mint, hothouse (doz) 75c. Mushrooms (txsund). 30c Mustard. Texas (bunch). 75c Onions .—lndiana yellow <SO-lb. bagi, sl_2s; I°* dtana vellow (10-lb. bag). 28c: Western Spanish (50-lb. bag). $1.75: Oyster plant home grown (doz.). 40c. Parsley, southern (long bunches doz.), 45c. Parsnips, home gtown washed (bushel). $1: (half-busheli. 60c. Peas. Florida (hamper). $2 i5. Potatoes. Michigan Round Whites < 100-lb bagi, $2 Maine Green Mountains (100-lb. bag), $2.35; R. R Early Ohios (100-lb. bag). $2: R. R. Cobblers (100-lb. bag*. $2: Idaho Russets (100-ib. bag. $2.40: Idaho bakera (70s box). $2 50: Col. McClures (100lb. bag), $2 20; New Texes Triumphs (50lb bag). *2 15. Sweet potatoes. Indiana Jerseys (Is bushel. *1.50; mediums (bushel). *1: Tennessee Nancy Halls (hamper). *1.15: Southern Porto Ricans (bushel crate). *l5O. Radishes, home grown buttons (doz.). 45c: white. 40c. Rhubarb, hothouse (bunch). 50c. Rutabagas. northern (50-lb. bag*. 85c. Sage (doz). 45c. Shallots. Louisiana (doz.i. 45$i 50$. Spinach, New Texas (bushel). sl,lO Turnips, home grown washed (bushel), *l5O Tomatoes repacked < 10lb. box), $1.40; original Cuban (30-lb. lug). *3. FRI'ITS AND VEGETABLES (By United Press) CHICAGO. Feb 21—Apples—Michigan, Mclntosh, bu . [email protected]. Carrots, Illinois. bu., 50® 75c. Sweet Potatoes—Tennessee. bu.. 75(g90c. Beans—Florida, bu.. $1 50@l. Cabbage—Sacks, per cwt., sl.lO <31.50. Peas —California, bu. hampers. *2 5001.25 Spinach—Texas, bu.. 50c<<i*l. Lettuce — Western, crates. S dot., *2.4o 'it 2.50 Cucumbers —Cuban, bu.. $1.50413.75. Celery—Florida, crates. *2 50(9 3.25. Cauliflower—Califernta, crates. *i.1001.35. Tomatoes—Mexican, lugs. $20(3 75. Onion Market *SO lb. sacks)—Western Valencias. $1.35(9140: Illinois yellow*. 50c® $1; Michigan vellows 50c (a sl, California $1.75,

PAGE 28

LAWS IMPEDING BIG ABSORPTION OF POWER LIENS Many Bond Issues Drop as Uncertainty Continues in Utility Group. BY CHARLES H. HUFF Times Special Writer NEW YORK. Feb. 21.—Continued neglect of bonds in the public utility group, notable chiefly by contrast with activity in other corporate sections, is explained in some quarters as due to more than uncertainty in the Federal aspect of the power industry. Portfolio managers are described as closely watching the legislative programs in various states, with an eye directed particularly toward Albany. The view, it is explained, is not so much one of apprehension as a feeling that weeks ahead may inject disturbing notes sufficiently to cause psychological unsettlement. With a stretch of that kind just ahead of the market, investors are inclined to stand back and wait until the horizon is definitely cleared. This attitude has affected highgrade utility issues as well as those of a slightly lower rating. The highest grade bonds in the group have been giving up ground day after day, not to any laige extent, but somewhat steadily and definitely contrary to the generally firm tone for high-grades of other classifications. Asa result, many of these investment issues have become available in the market at margins below recent high prices. Utility List Hazed From the Federal angle, the sky over the utility issues is at least hazed by the destiny of the Federal holding company act of last year. States are adding to the density of the haze by the introduction of a variety of regulation measures before Legislatures now in session. There is nothing especially novel in that situation, but bond men explain that it never fails to slow up investment ardor in the market. The utility bond market also has lost some of its more recent momentum, due to a temporary lull in financing operations by units in that particular field. Distant maturities of the Erie Railroad have been pushing steadily toward higher ground as investment confidence in that carrier has been strengthened by fairly stable traffic reports. Even a slight drop in revenue cars handled during January, as compared with figures for that month of 1935, failed to check the price uptrend, marked in recent days by successive new high levels for the refunding 5s of 1967 and the 5s of 1975. Both of these issues are up into the 80’s as compared with lows around 52 less than a year ago. General lien 4s of 1996 and consolidated 4s of 1953 have drawn close to 90, representing considerable gradual price recovery within a year. Ample Help at Hand A sustaining force for these secondary issues has been found in the strength maintained by the road’s first consolidated 4s of 1996, holding wfell above par. There is considerable reassurance toward the Erie’s position gathered from the fact that the road has no early major maturities, and ample help appears to be at hand for relatively minor near-term obligations, such as bank loans, debt to RFC and equipments. The road, in fact, drew close to covering fixed charges in 1935, falling only $852,400 short, with the bulk of traffic improvement crowded into the last four months of the year after less favorable early results. Continued improvement in the general railroad situation, it is believed, will enable the Erie to be put soundly on its feet, despite something of a reversal in current position during 1935. A bright note is found in the road’s present plans to expand equipment with PWA aid. Reports that new construction is now about double that of a year ago are sharph’ reflected in the market action of the recently issued International Cement convertible 4s of 1945. Offered less than three months ago at par, the bonds have soared to above 124.

ALLEGHENY STEEL CO. EARNS $1.50 A SHARE Net Income Totals $1,151,453 in 1935 After A'l Charges. Times Special PITTSBURGH, Feb. 21.—An increase of 37 per cent in earnings for 1935 was reported today by Allegheny Steel Cos. For the year ended Dec. 31, net income totaled $1,151,453 after all charges, Federal and state taxes, equivalent after preferred dividends to $1.50 a share on 611,095 no par common shares outstanding. This compares with net income for 1934 of $835,927 or 98 cents a share on 610.695 common shares then outstanding. The 1935 earnings were the largest in five years. Dollar volume of sales in 1935 was $22,130,343. or 28 per cent larger than the 1934 volume of $17,258,657. and the tonnage of alloy products during the year showed a 36 per cent increase over 1934. As of Dec. 31, last, the company had current assets of $7,334,062. ELECTROLUX DEALERS HOLD MEETING HERE State Representatives Guests of Griffith Distributing Corp. Indiana Electrolux dealers are meeting at the Columbia Club today as guests of the Griffith Distributing Corp. to see the new 1936 models, both gas and kerosene, in operation. Comprehensive advertising and sales promotion plans are to be discussed at the meeting by R. R. Guenther, sales representative; Gordon Bloom, divisional sales manager, and J. V. Monahan, sales promotion specialist, all of Evansville. The new model refrigerator, which operates with a small flame is rapidly gaining great popularity, and the kerosene burning model is a real boon to rural communities, William C. Griffith, president of the distributing corporation, announced.

Abreast of The Times on Finance

New York Stock Exchange Prices

(By Thomson & McKinnon) Prev. High. Low. Close, elose. Oils— At; Rig 32% 32% 32% 32% Barnsdall 17% 17% 17*4 17% Consol Oil 14*2 14*/ 14*** 14% Cont of Del .. 37 37 37 37 Houston (new)., 11% 11% 11% 11% Ohio Oil 17 16’* 17 16’* Pet Corp 16% 16*4 16% 17 Phillips Pet .... 45% 44% 44% 45 Plymouth Oil .. 14% 14% 14% 14*4 Pure Oil .... 21% 21*4 21% 21 Seaboard Oil ... 36 35% 35% 36% Shell Un 18% 18% 18% 19 Skelley OH 24% 24% 24% 24 Soc Vac 16 15% 16 16 8O Os Cal 46% 46 46% 46% S O of Ind 39 38% 38 39 S O of. N J 61% 61% 61% 61% Texas fcorp .... 34% 34% 34*4 34% Tidewater Assn.. 19 18% 19 18% Un Oil of Cal... 27% 271* 277'. 27% Steels— Am Roll Mills... 33% 33% 33% 33% Beth Steel 59% 59% 59% 59% Inland Steel ...114 114 114 113% Ludlum Steel 33% 33*4 33% 32% McKeesport Tin 109% 109% 109% 110 Natl Steel 77% 77% 77% 71% Otis Steel 20*4 19% 19% 19% Rep Iron & Stl 26 25% 25% 26 Rep Iron&Stl pf 97% 97% 97% 98% U S Pipe & Fay 36% 36 36% 35% U S Steel-. ... 64% 53% 64*% 64% U S Steel pfd .. 128 127% 128 128*/* Warren Bros .. B*/* 8 8 B*/* Youngstn S& T 53% 53% 53% 53 Motors— Auburn 49 48’% 49 48% Chrysler 98% 98 98% 98% Gen Motors 61% 60% 60% 61% Graham Mot ... 4% 4% 4*% 4% Hudson 18% 18% 18*% 18 Hupp 3% 3*4 3*4 3% Mack Truck .... 36% 36 36 35*% Nash 21% 21% 21% 21% Packard 12% 11% 11% 12*'* Reo 8 7% 7% 77', Studebaker 13% 13% 13’% 13% Yellow Truck .. 16% 16 16% 15% Motor Access— Bendix 26*4 26 26 25% Bohn Alum 56% 56% 56*4 56 Borg Warner ... 80 80 80 80 Briggs 59% 59% 59% 59 Buad Mfg 12 11% 12 11% Budd Wheel .... 13*% 13% 13*% 13 Eaton Mfg 30% 30% 30% 31 Elec Auto Lite . 43% 43% 43% 43% Greyhound "B’’. 75% 75% 75% 75 Houdaille 31% 31 31*4 36% Hurray Body ... 217* 21 21 21% Stew Warner ... 21V* 21*4 21% 21*4 Timken Roll ... 70% 707/* 70*4 70*% Timken Det Axle 17*% 17 17 17 Mining— Alaska Jun 15% 15*% 15*% 15*% Am Metals 34*4 34*4 34*4 34% Am Smelt 67% 677'* 67% 68% Anaconda 35% 35% 35% 35% Cal & Hecla 81'* 874 8% B*% Cerro De Pasco. 52*% 52*4 52*4 52 Dome Mines 49 49 49 49 Granby 10% 10% 10% 11 Gt Nor Ore 20 20 20 20 Ins Copper .... 97i 9% 974 9% Int Nickel 53 5274 53 53 >% Kennecott Cop.. 38 377* 38 38 Mclntyre Mine .45 44% 4474 45% Park Utah 4% 47* 474 4% Phelns Dodge ... 35*% 35*4 35*% 35% Joe Lead ... 28 28 28 28 U S Smelters... 89 89 89 89% Vanadium 2674 26*4 26% 26 Amusements— Croslev Radio .. 1774 17*% 17*% 177* Fox Theat 26 26 26 29*4 Loews Inc 49’/* 48% 48% 49*% Radio Corp 12*% 127, 12% 12 3 4 Paramount 1074 1074 10% 1074 R K O 9% 9 9*4 9 Warner Bros ... 13% 13% 13% 13% Tobaccos— Am Sum Tob .. 24 24 24 24 Am Tob “B’' ... 98 97'% 97'% 98% Oen Cigars 55*% 55% 55% 55'% Lig & My "B” .108% 108 74 10874 1 08 3 4 Lorillard 2374 23*4 23*4 23% Phillip Morris .. 73'/* 73% 73% 73 Reyn Tob ‘'B“ . 57% 57*4 57% 57'% Rails— Atchison ..t 77% 77% 77% 77'% Atl Coast Lines. 3474 34 3 4 34% 34 B& O 24 23% 2374 23% Can Pac 16 15% 16 1574 Ch & Ohio 60*4 60 60 60% Chi & Gt W 2*4 2*4 2% 2*4 Chi & Gt W pfd 7% 7% 7% 7% C M & St P pfd 5% 5'% 5% 5*4 Chi N W 474 474 474 4% Chi N W pfd ... 12 12 12 10% Dela & Hud 51 s , 51 51 52 Del Lac & W.. 23% 2374 2274 23% Erie .. . 17 s -l'/ 17'/* 17 Erie pfd 2774 2 7 27 27 Grt Northern pfd 43 3 4 43% 4374 43*4 111 Central 28% 28 28 27*% Lehigh Valley .. 13'% 13*4 13*4 13 M K & T 9% 9*4 934 9 MK & T pfd . . 25% 25% 25V, 24% Mo Pac 37'* 314 374 3% Mo Pac pfd 7*4 7 7% 6% N Y Cent 40% 4040 40% N Y Ont & West 7*4 7% 7*4 7 Nor Pacific 36*% 35% 3574 3674 Penn R R .... 38% 38% 38% 38% Reading 47*4 46% 47*4 46 Sou Pac 38% 37% 3774 38% Sou R R 20% 20 20 20*4 Wabash 4 4 4 33/, West Maryland. 12 1174 1174 12 Equipments— Am Brake Shoe. 50*4 50*4 50*4 50*4 Am Car & Fdy.. 41 4040% 40'% Am Steel Fdy .. 32% 32 32% 32*4 Bald Loco 6*4 6% 6% 67* Gen Am Tak Car 57% 57*4 571% 57% Gen Elec 41% 4074 407* 41V* Gen R R Sig .. 4774 47*% 4774 48 Pullman Inc .. 48 47*% 48 4774 West Air Br ... 4674 46 4 6 45*4 Westingh E1ec..120*4 120 120 119*4 Utilities— Am & For Pwr . 8 774 8 77* Am Power & Lit. B* 2 8% 87* 8 AT&T 175'% 175*2 175*2 174% Am Wat Wks .. 2274 22% 22% 21% Col Gas & Elec 17 16% 16% 16'% Comm & Sou.. 3*4 3*4 3*4 3*4 Consol Gas 3474 34% 347* 34% Elec Pwr & Lit.. 9*4 9*4 974 874 Int TANARUS& T 19*4 19'/* 19’/* 19 Lou G& E “A”. 20% 20% 20% 207* Nat Pwr & Lit.. 10% 10% 10% 10% North Amer 2774 27'% 27*4 27% Pac G& E ... 34% 34*2 34'% 33*4 Pub Serv N J... 4574 44 % 45% 44%

Local Securities (By Indianapolis Bond & Share Corp.) The following quotations do not represent actual bids or offerings, but merely indicate the approximate market level on buying and selling inquiries or recent transactions. BONDS Bid. Ask. H Tel & Tel, Ft. Wayne 5%% 104 105 H Tel & Tel. Ft. Wayne 6%. 103 106 Indianapolis Railways Inc 5% 70 73 Indianapolis Water Cos 4%%.105 107 Indianapolis Water Cos 5% ...105 107 Indianapolis Water Cos 5%-...105 107 Ina.anapolis Water Cos 5%%..104 105% Indianapolis Water Cos 5%%..104 105% Interstate Tel & Tel 5%%... 95 97 Kokomo Water Works 5% ...10414 105% Morris 5 & 10 Stores 5% 100 103 Muncie Water Works 5% 103 Noblesville Heat, Light & Pow 97% 100 Ohio Telephone Service Richmond Water Works 5%...104% 106 Sevmour Water Go 101 104 T H Traction & Light 5%.... 103 105 Terre Haute Water Works 5% 102 104 Terre Haute Water Works 6% 103 105 Traction Terminal Cos 5%.... 78 71 STOCKS Belt Railroad & S Y com 53 55 Belt Rail & Stock Yd pfd 6% 52% . • Central Indiana Pow pfd 7% 21*2 24% Home Tel & T Ft. Wayne 7% 52% 54Vi Hook Drugs, Inc common.... 16V2 18 Ind & Mich Elec Cos pfand Indiana Central Service Cos 6% 98 100 Va Ind Hydro Elec Cos Indpis Gas Cos com Indpls Pow &Lt Cos pfd 6%.. 88% 91' 2 Indpis Pow & Lt Cos pfd 6'2% 93Vi 96Vi Indianapolis Wa Cos prer 5% 103% 106% North Ind Pub Serv pfd sVi?e 70 73 North Ind Pub Serv pfd North Ind Publ Serv pref 7% 85 88 Progress Laundrv Cos com. 9 10 1 2 Public Serv Cos of Inand pfd Public Serv Cos of Ind pfd 7*7- 46Vi 49 V 2 South Ind Gas & Elec pfd Terre Haute Elec Com 6% ... 89 91 Union Title Company com ... 20% 23 Investment Trusts (By Thomas D. Sheerin & Cos.) Bid Asked Administered Fund 2d $17.19 $18.29 Affiliated Fund. Inc 1.93 2.11 American General Equities ... 1.11 1.14 •American Busines Shares ... 1.19 129 Bullock Fund Ltd 17.65 19.12 Century Shares Trust 29.10 30.53 •Collateral Tr. Shares “A” . . 6.55 6.63 Corp. "AA” or "Ac.” (Mod.) 3.28 3.31 Corp. "AA” or "ACC.” (Unm.) 2.62 2.65 Corporate Trust Sh. (Orig.i.. 2.85 2.88 Diversified Trustee Sh. "B”.. 10.85 10.95 Diversified Trustee Sh. “C" .. 4.56 4.60 Diversified Trustee Sh. "D”.. 6.75 6.83 Dividend Shares. Inc 1.66 1.79 Incorporated Investors 22.70 24.33 Investors Fund Amer 1.09 1.19 Market St. Investment Corp. 32.09 33.7 1 Maryland Fund 19.35 20.87 Massachusetts Investors 25 50 27.72 Nation-Wide Sec Cos. “B” ... 4.72 .. Nation-Wide Voting 1.73 1.88 North Amer. Tr. Shs. 1955 .. 3.33 3.37 North Amer. Tr. Shs. 1956 ... 3.29 3.33 North Amer. Tr. Shs. tOrig.) 2.64 . Quarterly Income Shares 1.59 1.70 Representative Trust Shares . 12.50 12.65 Selected Amer. Shares. Inc. . 1.61 1.75 t elected Amer. Shares (Orig.). 3.65 .. . elected Cumulative Shares . 9.30 940 Selected Income Shares 4.91 5.01 State St. Investment Corp. 98.75 103.25 Super-Corp. of America "AA” 2.78 2.82 Super-Corp. of America "BB” ABl 2.85 Super-Corp. of America "A”. 412 4.17 Super-Corp. of America- “B” - 4.32 4.37 Super-Corp. of Am. C and D 8.03 B. IV Supervised Shs.. Inc.. .Dela.l 1.67 t>3 Trustee Stand. Oilsh. “A” ... 7.70 (.30 •Trustee Stand. Oilsh. "8”.,. 6.B'’ 6TO Trustee Stand. Invest. “C"... ?■> 3.01 Truste Stand. Invest. “D” ... a.91 2.95 Universal Trust Shares 4.19 . Uselps ”A” 18 50 19.00 Usleps "B ’ 2.83 . .. Usleps Voting 1.10 .. .. •Ex-Dividend.

FRIDAY, FEBRUARY 21, 1936

Std Gz* 7% 7% 7% 7*2 Stone ot. Webster 18 16 16 15% United ,’orp 7*4 7*4 7% 7 Ut Pwr & Lt"A" 474 474 4% 47* Rubbers— Goodrich 19 18% 19 19*4 Goodyear 28% 28% 28% 28% U S. Rubber .. 20% 20% 20% 19% U S Rubber pfd. 61 607* 61 607* Miscellaneous— Allis Chalmers .45% 457* 45% 45*4 Am Can 118% 118% 118% 118% Am Mach & Fdy 25% *5% 25% 26 Anchor Cap ... 22% 22% 22% 22% Conti Can 79*4 79% 797* 79 Caterpillar Trac 70% 70% 70% 70% Crown Cork ... 51*4 51% 51 * 57 Curtis Pub 21% 21% 21% 21% Deere &Cos 707* 70% 70% 72 Gillette 17% 17*2 17% 17*2 Glidden ... ..50 50 50 50% Inter Harv 68% 68% 68% 67% Natl Cash Re*- 27% 26% 27*4 27% Owens Bottle .. .148% 148% 148% 148 Rem Rand 22% 22% 22% 2274 Foods— Am Sugur 547* 51 74 54% 54 Armour 6% 674 6% 6% Armour 6% pfd. 82% 82% 82% 82% Beatrice Cream. 20*4 1974 20V* 1974 Borden Prod ... 29*4 287* 28% 28% Cal Packing 36 7* 36 3 674 35% Can Dry G Ale. 13% 1374 137* 1374 Cont Bak ‘A” .. 1714 17% 17% 17 Corn Prod 7774 77% 77% 77*4 Cuban Am Sug . 11*4 11'/* 1174 1074 Gen Baking 13*/ 13 13*/* 1274 Gen Foods 34 3 /* 3474 34% 34*/* Gold Dust 2074 19*4 20% 19'/* G W Sugar 3274 32 7* 327 * 32 7* Natl Biscuits .. 3374 3374 3374 33% Natl D Prod ... 23% 23V* 23*4 32% Purity Bak 15*4 15*4 15*4 1574 S Porto Rico Sug 31*4 31*4 31% 31V* Std Brands 16V* 167* 1674 16V* United Fruit 78 78 78 78 Wrigley 7774 77*4 77*4 78 Retail Stores— Allied Stores ... 7*4 7*4 7*4 7'4 Assd Dry Goods 15 15 15 1574 Frst Natl St ... 44*4 44% 44*4 44% Gimbel Bros ... 774 774 7*/ 7% Gm Un Tea 474 474 474 4% Jewel Tea 72 72 72 72 Kresge S S 24 74 24*4 2474 24*4 Kroger Gros .... 2674 26% 2674 26% Macy R H 46*4 46*4 46*4 46*4 McCrory St ... 14% 14*4 14*4 14% McLellan St .... 13% 13 13 13*4 Marshall Field .. 15*4 15% • 1574 15 May Dept, St ... 47% 477* 47% 47% Mont Ward .... 38% 38% 38% 387, Natl Tea 10*4 10% 10*4 10% Penney J O .... 73 73 73 72% Safeway St 34 33% 33V* 34% Sears Roebuck . 62% 62% 62% 62*4 Woolworth 54 52% 52% 53% —Aviation— Boeing Aircft ... 2474 24*4 24*4 25V* Curtis Wright .. 6*4 6% 6% 6% Curtiss Wrt “A” 16% 16 3 /* 16% 16% Douglas Air .... 70% 70 70% 71 Nor Am Av .... 77', 774 774 774 Sperry Corp .... 21% 2174 21% 21*/* Un Aircft New.. 3074 30*4 3074 31 Chemicals— Allied Chem ..167 167 167 166 Am Com Alcohol 29*4 2974 29'/* 2874 Com Solvents ... 24*4 2474 24% 24*4 Du Pont 149 149 149 149*4 Liquid Carb 38% 3874 38% 38 Math Alkali ~.. 36 36 36 35*4 Monsanto Chem. 94% 94% 94% 95 Natl Dis (new).. 30*4 3074 3014 30% Schenley Dist .. 48V* 48 48 46V* Tex Gulf Sulph. 38 37V* 37V* 37% Union Carbide . 86V* 86 86 86 U S Indus Alco.. 42 3 /* 4274 42% 42% Drugs— Coty Inc 874 674 6% 6'/* Lambert 24% 24V* 24% 2474 Sterling Prod .. 66*4 66*4 66% 66 Un Drug (new).. 14% 14% 14*74 14% Financial— Adams Exp 13V* 1374 13% 13% Allegheny Corp.. 4% 474 474 474 Am Int Corp ... 12V* 1274 12V* 1274 Lehman Corp .. 98 98 98 98 Transamerica ... 14'/* 14 I4V* 13% Building— Am Radiator ... 24 24 24 24*4 Int Cement 46'/* 46 4674 45% Johns Manvillel29 128*4 129 128*4 Otis Elev 3174 3114 31V* 31 U S Gypsum ...106 106 106 106V* Ulen Cons 7 7 7 6*4

N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Utils. Bonds. Today 93.3 95.2* 104.8 97.8 Yesterday 93.1 94.8 109.4 97.6 Week ago 93.1 94.1 105.4 97.6 Month ago 92.5 88.7 104.8 95.3 Year ago ....... 86.9 83.0 94.2 88.0 1936 high 93.3 94.8 105.5 97.8 1936 low 91.6 84.7 103.5 93.3 U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasurys Prev. Close Close 4Vis 1043-45 116.20 116.12 4s 1944-54 112.12 112.6 3Vis 196-56 110.19 110.27 3%s 1940-43 108.14 108.1 3%s 1943-47 107.16 107.11 3%s 1941-43 108.22 108.20 3'/4S 1043-45 106.28 106.28 3 Vis 1941 108.20 108.21 3!is 1944-46 106.18 106.14 3 Vis 1946-49 * 104.30 104.22 3s 1951-55 103.23 103.20 3s 1946-48 104.2 104 2 Vis 1955-60 101.2 100.30 2 Vis 1945-47 102.1 102.1 Home Owners Loan Corp. 2Vis 1949 100.20 100.18 3s 1952 ...101.24 101.23 Federal Farm Mortgage Corp. 3 Vis 1964 I 103.16 103.10 3s 1949 102.2 102 3s 1942-49 102.20 102.19 2Vis 1947 101.4 100.31 DOMESTIC Prev. Issue. Close, close. Alleg Corp 5s ’44 96 96Vi Alleg Corp 5s ’4O 95 Vi 94 Vi Alleg Corp 5s ’56 80% 79 Am Frgn Pow 5s 2030 80 Vi 80 Am T & T sVis ’43 113 Vi 114 Am T & T 5s ’65 ...113% 113 Vi Arm & Cos. (Del) 5%s ’43 .... 967i 97 Atl Coast Line 4s ’52 99Vi 99Vi Atl Coast Line 4%s ’64 87 87Vi Atch Top & S Fe 4Vis ’43 .* 113 112% Am Wat Wks 5s ’44 108 Vi 107 5 / Am Rolling Mills 5s ’3B 133 Vi 133 Vi Balt & Ohio 5s ’95 89 89 3 / Balt & Ohio 6s ’95 91 97Vi Balt & Ohio 4Vis ’6O 99% 99 Buff Roch & Pitt 4Vis ’57 .... 80Vi 82Vi Beth Steel 5s ’36 106 105 Vi Chi Milw & St P 5s ’75 24% 23 Chi Milw & St p 5s 2000.... 9% '9 Cleve Un Term 5s ’73 195% 105 Cleve Un Term 4Vis ’77 99% 99% Col Gas 5s May '52 ...' 101% 101% Col Gas 5s ’6l 100 Vi 100 Can Pac Perp 4s 93Vi 94 Cent Pac 5s ’6O 99 99 % Big Four 4Vis ’77 93V4 93% Big Four 5s ’63 101% 101 Colorado & So 4Vis ’BO 79 78 Chi & West Ind 4s ’52 104% 104 Vi Chi & West Ind sVis ’62 ...,102V® 107V® Chi & Nor West 4%s ’49 .... 15 13% Con Gas 5s ’57 .....104Vi 105% Chesa Corp 5s ’47 135 Vi 135 Del & Huds 4s ’43 90 88% N Y Dock 4s ’sl 75 75 Erie 5s ’75 85% 84Vi Erie 5s ’67 85 Vi 84% Gen Cable 5%s ’47 104% 104% Grt Northern 7s ’36 102 ,4 102 3 ® Grt Northern 4%s ’76 103 103% Grt Northern 4%s ’77 102% 103% Gen Stl Cast WW 5%s *49.... 95 94% Hud & Manhat Ref 5s *57 ... 88% 88V 111 Cent 4Vis ’66 83V* 82% 111 Cent Ja 4%s ’63 87 83% Interlake O&I 5s ’sl 91% 90% Internatl Hy Elec 6s ’44 95% 96 Interntl Tel & Tel 5s ’55 98% 98% Interntl Tel & Tel %s ’52 ... 93 93V 2 McKes & Rob sVis ’SO 104. 103% Natl Dairy 5%s ’4B 103% 103% Natl Steel 5s '56 106% 106% Nickel Plate Vis '7B 87 85% Nickel Plate 5%s '74 96% 96 N Y Cent 5% 2013 95% 95% N Y Cent 4%s 2013 (old) 89 89 Nor Amer Cos 5s ’6l 105% 105 Nor Pac 3s 2047 80% 79% Nor Pac 4%s 2047 102% 101% Nor Pac 6s 2047 110% 110% Nor States Pow 5s '4l 105% 105% New Orleans Term 4s '53 92 % 92 Otis Steel 6s ’4l 102% 103 Penn Rv 4%s 'B4 108% 109 Penn Ry 4%s ’Bl 108% 108% Penn Ry 4%s '7O 103 102% Pac G & E 5s '2 103% 104 Portland Gen El 4%s '6O 74% 75% Para Publix 5%s 'SO 94V* 94% Penn P & L 4%s 'Bl 107 107 Postal Tel & Cab 5s '53 38 29% Rem Rand W W 5%s ’47 112% 113 Sinclair Oil 6%s '3B 102% 102' 2 Shell Union Oil 5s '47 91% 90% Sou Pac 4%s '6B 90% 89% Sou Pac 4%s 'Bl 91% 90% Sou Pac 4%s ’69 91% 91% Sou Rail 4s ’56 67% 66% Sou Rail 6s ’56 83% 83% Sou Rail 6%s '56 87 87% Sharon Stl Hoop 5%s '48....103% 103% Texas Pac 5s 'BO 103V* 103% Texas Pac 5s ’79 103 103% Texas Pac 5s '77 103% 103% Union Pac 4s ’47 112% 112% United Drug 5s ’53 101% 101% U S Rubber 5s '47 104% 105 NY NH <Sz Hart 6s *4B 39 38% NY NH * Hart 4%s '67 39 38% Warner Bros 6s '39 . 97 97% Western Mary 5%s ’77 107% 107% Western Marv 4s '52 ..... 99% 99% Youngstown S & T 5s ’7O 105% 105% Youngstown S & T 5s ’7B .. .105% 105V* FOREIGN Argentina (A) 6s '57 98 98% Argentine 181 'SB 97% 98% Brazil 8s ’4l 32% 31 s . Canadian Govt 4s ’6O 108 V 108% Denmark SVis ‘55 101% 102 V. French 7s '49 181% 181% German 5%r ’65 28% 28% Qero.an 7s '49 a. 37% 37% Italy 7s 'sl 68 67 Japan 6%s '54 99 99 Poland 7s '47 107 107 Rome 6%s ’52 .. 60% 59% Tokio City 5%s '6l 81% 81% Yokohama 6s '6l *7Va 66V*

Household— Col Pal Peet ... 19*• 19 19 1874 Congoleum 401* 40% 40% 40% Kelvinator 18'* 18'* -874 -8% Servel Inc 19% 19% 19'a 19% Simmons Bed .. 24% 24% 24% 24% Textiles— Amer .Woolen .. 9% 9% 9% 10 Belding Hem ... 15'* 15% 15V* 15'* Celanese Corp .. 28% 28*2 28% 28*2 Collins Aikman . 49 49 49 48% Indus Ravon ... 30% 307'* 30*4 30 Kayser Julius ... 32% 32** 3274 327* Real Silk 14% 14% 14*4 141* Chicago Stocks (3y Abbott, Proctor & Paine) 11:00 Prev. A. M. Close BerghoF 9% 9 Butler Bros 10*2 1074 Chicago Corp 6 6 Cities Service 5% 5% Com Edison 150 104 7a Conti Steel 42 42*4 Cord 6*4 6% Elec Household 16% 16% Grt Lakes Dredge 40 >* 407* Noblitt Sparks 3374 337* P S N Illinois 58*2 57*4 Quaker Oats 135 133 Swift 24 V* 2474 Zenith 16% 15% New York Curb (By Abbott, Proctor & Paine) Prev. Close Close Alumn Cos of Am 119 114*4 Am Cyanide "B" 38% 39 Am Superpower 27* 2% Can Indus Ale “A” 11% 11% Carrier Corp 11% n% El Bond & Share 17% 17% Fisk Ruljber 774 8 Ford of Can “A” 2874 28 Ford of Europe 9*/* 974 Lake Shore Min 58 58 Nia Hud Pwr 9% 974 Pan Am Airways 58% 57% Penn Road 5*4 5*4 Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS , Bid. Ask. Bankers’ 657, 6774 Central Hanover B & T 1147* 116% Chase 38*4 39% Chemical National 56% 58*4 Guaranty 296 299% Irving 1674 187s Manufacturers 44V* 45% National City 35*4 37 Cont 111 Chicago 173*4 176*4 First National Boston 4874 5074 National Shawmut 2874 30 FIRE INSURANCE Aetna Fire 58 607* American Ins of Newark 17% 19 Baltimore American 9*4 1074 City of New York 31 33*4 Federal Ins 108 113*4 Franklin Fire 33 34 3 4 Great American Ins 32 34*4 Hanover Fire Ins 39% 41% Hartford Fire Ins 85 87% Home Ins 3774 3874 National Fire 82% 8374 Ins Cos of A 81*4 84*4 National Liberty 10% 1174 North River Ins 29 30 74 Phoenix 98 102*4 U S Fire 58*4 60% Westchester Fire 3974 41 % Money and Exchange INDIANAPOLIS STATEMENT Clearings $ 2.296.000 Debits 5.372,000 Clearings for week 10,915,000 Debits for week 28,291,000 TREASURY STATEMENT (By United Press) WASHINGTON, Feb. 21.—Government expenses and receipts for the current fiscal year to Feb. 19, compared with a year ago: Thi<; Vpsr t,oct Vpqt* Expenses .$4,616,676,483.79 $4,385,969.99L98 Receipts... 2.280,601.694.96 2,212,176.882.14 Deficit ... 2.336.074.788.83 2,173,793.109.84 Cash bal.. 1.840,422,653.29 2,136 085,772.78

ADVANCE PAINT CO. RENTS MORE SPACE Leases 3-Story Building in Downtown District. The Advance Paint Cos., manufacturers of wood and metal finishing materials, has signed a long-etrm lease on the three-story and basement building at the northeast corner of Capitol-av and New Yorkst, Edward Barker & Sons, realtors, announced today. The company, which has been in business in Indianapolis for the last 36 years, is now located at 545 W. Abbott-st, and has assets in excess of $1,000,000. The newly acquired building is now being reconditioned and modernized. Officers of the company are T. J. Kelly, president; J. J. Minta, vice president; R. Emmett Kelly, secre-tary-treasurer, and W. A. Queisser, director. Leasing of approximately 1500 square feet of space by the Enochs Cos., manufacturers of physicians’ furniture, in the Hurty Peck Cos. building at 1423 Naomi-st, also was announced by the local real estate dealers. The firm expects to move into its now location about March 1. ELECTRIC OUTPUT GAINS Times Special CHIHCAGO, Feb. 21. Electricity production of the Associated Gas and Electric System for the week ended Feb. 8 totaled 649.262 kilowatt hours, an increase of 9.8 per cent over the same week of 1935, it was reported today. Produce Markets The prices quoted are paid for stock gathered in the country, while delivered in Indianapolis the price Is a cent higher. Heavy breed hens, 18c; Leghorn breed hens, 13c; Leghorn springers. 12.-:: old stags. 13c; old cocks, 9c. Ducks, white. 5 lbs. and over, lie; geese, full feathered, aii sizes, 10c: all guineas. 1% lbs. and up. 15c: No. 1 strictly fresh eggs, loss off, 25c. 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%@ 41%c; No. 2. 37%@38%c. Butterfat. 35c. Quoted by the Wadley Cos. vßy United Press) CHICAGO. Feb. 21.—Eggs—Market weak; receipts. 6572 cases; fresh graded firsts, 31c; extra firsts, 32c; current receipts, 30c; dirties, 28c; checks. 26c. Butter— Market, easy; receipts, 7836 tubs; extra first? (90-91% score), 36@36%c; extras 1 92 score). 37c; firsts (88-89% score), 35® 35%c; specials. 37%@38c; standards, 36c. Poultry—Market, steady: receipts,- 15 trucks; ducks. 21@24c; chickens, 24<g25c; hens, 21%24c; turkeys, 20®23c; capons, 25®26c; Leghorn hens, 14@19c: old roosters. 17c: broilers, 24® 25c. Dressed poultry—Turkeys: Young toms, 29c; hen turkeys, 36®29c: capons. 27® 30c. Cheese Twins. 15%@15%c; daisies. 15%<0T5%c; longhorns, 15% ® 16%. Potatoes —Supply moderate, demand slow; market steady to weak; Idaho Bliss Triumphs, *1.7501.85; U. S. No. 2. $1.40® 1.57 V®; Bliss Triumphs. $1.45; Wisconsin round whites. $1.4001.45: U. S. No. 2,85 c; Michigan russet rurals. $1.42%: North Dakota early Ohios $1.35® 1.40: Colorado McClures. $1.60® 1.72%; Nebraska Bliss Triumphs. $1.50. Arrivals, 107; on track, 234; shipments. 972. Chicago Grain Futures (By James E. Bennett & Cos.) 11:00 Prev. High Low A. M. Close WheatMay 99% .98% .98% .97% July 88 3 .85% .85% .88% Sept 88% .87% .88 V® .88 CornMay 67% .60% .61 .61% July 61% .61 .61 .61% Sept 61% .60% .60% .61V® Oats— May 29% .29 .29 .29% July 28 s * .28% .28% .28 s * Sept 28% .28% .28% .28% RyeMay 57% .57% .57% .57% July 56% .56% .56% .56% Sept 56% LOCAL CASH MARKET City grain elevators are paying S3 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new No, 4 yellow SO cents and oats 31 cents.

W. L. WILLKIE COMMENTS ON TVADECISION Utility Chief Says Court Failed to Rule on Validity of Act. Times Special WASHINGTON, Feb. 21.—Lawfulness of the construction of the wartime Wilson Dam and the acquisition of connecting transmission lines were the chief issues in the TVA case ruled upon in the current decision of the Supreme Court, Wendell L. Willkie, president of the Commonwealth and Southern Corp., commented today. “As Chief Justice Hughes stated, the court did not pass on the validity of the present TVA act,” Mr. Willkie said. “It did not decide upon the right of the TVA to build dams, to install power houses to distribute electric energy, or to acquire property for such purpose in all of which activities the TVA is presently engaged. In other words, the threat of the TVA to take the government into the power business and drive private industry out of it was not under consideration.” Stop Further Invasion “Likewise, the court did not and could not pass on the social or economic wisdom of collecting hundreds of millions of dollars from taxpayers in all parts of the country and spending that money in one selected area. Nor can it pass on the justice of thus jeopardizing the investments of several hundred thousand electric security holders, although the power companies operating in the area could sell electricity at least 25 per cent under the TVA rates if given the same subsidiaries from the Federal Treasury. “The social or economic wisdom of legislation is the responsibility of Congress. The companies, as Federal taxpayers and the security holders must continue to ask Congress and the Administration to stop the further invasion of their property rights and the profligate spending of the taxpayers’ money. “In an effort to minimize the TVA threat certain government officials have pointed out an increase in the sale of electricity by operating companies operating in that area. Security Values Low “The fact of the matter is that the sale of electric power by these companies has failed to keep pace with the increase in sales in our Northern areas. Even with such increase as has occurred the securities of the companies in the TVA area have been selling at prices too low to attract additional investment. “The increasing inability of the operating companies to finance themselves is the more significant in view of the effect of the companion legislation of the Public Utility Holding Company Act. If this latter act is declared constitutional the holding companies will be unable to continue the advancement of the necessary funds to their operating affiliates for construction and refunding requirements. The inevitable result to the security holder of the utilities in not alone the TVA area but in other areas where similar government projects are being constructed will be the gradual disintegration of the American power industry unless Congress definitely and specifically defines the limits of the government operations.”

JOINS SALES STAFF Ralph Coble Becomes Associated With T. P. Burke & Cos. Ralph B. Coble, Indianapolis, has joined the sales department of T. P. Burke & Cos., local investment house, it was announced today. Mr. Coble is to specialize in the sale of trust investment and equity securities. Following his graduation from Butler University in 1932, Mr. Coble became associated with the Standard Oil Cos. He recently was connected with the firms of Harris, Upham & Cos. and Thomson & McKinnon. Local Livestock HOGS Feb. Bulk. Top. Receipts. 15. [email protected] $11.15 2000 17. 10.95® 11.05 11.10 6000 18. 11.20 (5i11.30 11.30 3000 19. [email protected] 11.30 5000 20. [email protected] 10.90 5000 21. 10 [email protected] 10.90 3000 Light Lights. G4O-160) Good and choice. slo.oo® 10.75 medium 10.50® 10.75 (160-180) Good and choice.. [email protected] Medium [email protected] (180-200) Good and choice.. [email protected] Medium 10.30® 10.80 (200-220) Good and choice.. 10.80® 10.90 (220-250) Good and choice.. 10.65010.80 Heavyweights. (250-290) Good and choice.. [email protected] (290-350) Good and choice.. [email protected] Packing Sows. (275-3501 Good 9.250 9.50 (350-425) Good 9.00® 9.35 (425-550) Good 8.85® 9.25 1275-350) Medium 8.75® 9.00 Slaughter Pigs. (100-140) Good and choice.. [email protected] Medium 8.25® 9.50 CATTLE —Receipts. 600 — (550-900) Choice $ 9.75®11.00 Good B.oo® 10.00 Medium 6.75@ 8.25 Common 5.25® 6.75 (900-1100) Choice 10.25® 12.00 Good [email protected] Medium 6.75® 8.50 Common 5.25® 6.75 (1100-1300) Choice 11 00® 12.00 Good 8.50® 11.00 Medium . 7.00® 8.50 11300-1500) Choice 11.25® 12.00 Good 8.50® 11.25 Heifer* (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 6.75® 7.59 Good 5.75® 6.75 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, 500— Good and Choioe $11.00011.50 Medium [email protected] Cull and common 5.00® 8.50 Calve* (250-500) Good and choice.. 7.00® 10.00 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 4.50® 5.00 Common and medium 4.00® 4.50 SHEEP AND LAMBS Receipts. 300fe— Lambs, 90-lbs. down, good and choice $10.00010.25 Good 9 [email protected] Medium 8.75® 9.75 Common 7.000 8.75 Ewes. *9O-175) Good and choice... 4.000 5.00 Common and medium 3.00® 4.00 Yearling wethers, good choice 9.00® 9.50 Medium 7.00® 9.00

Air Mail Volume Increases Air mail carried by the United Air Lines’ during 1935 amounted to 5,097,037 pounds, compared with 3,245,742 in 1934, an increase of 57 per cent, according to M. F. Rcdfcrn, district traffic manager.

Busigraphs

ELECTRIC POWER PRODUCED (u., DEPT, or THE INTERIOR) 2 ,00 TrW —— =r o x HII m __ ini 1 1 ?5 —TI I * 1 *" ” I” Hr 125 - !- - L <*> 0.-LJ.Jlll 1111 I I Jlil liil 1111 THE barker corp. general DISTRIBUTORS INCORPORATED INVESTORS

Another record goes to the credit of 1935. Electric light and power production passed ahead of the previous peak year of 1929. At the end of 1935 our electric companies served about 25,400.000 customers, an increase of more than half a million during the year. Household customers constitute 83 per cent of the total served, small commercial users 15 per cent, and large commercial users only 2 per cent. Many more are realizing how electricity lightens the work in the home.

NOG PRICES DIP 10 TOISCENTS Cattle Weak to Slightly Lower; Veals, Lambs Stationary. Although hog receipts were estimated at only 3000 today at the local stockyards, porker prices continued to move lower, carrying the majority of classes around 10 to 15 cents under yesterday’s weak average. The light supply had no effect on on the price situation due to a weak demand prevailing in practically all classes. Supplies at surrounding livestock centers were still large enough to hold outside interest. This was partly responsible for the drop in local demand. Aprpoximately 277 hogs were held over from the previous session. Bulk of 160 to 225 pounds, cashed in at SIO.BO to $10.90. Others, scaling 225 to 260 pounds, brought $10.50 t $10.75; 260 to 325 pounds, sold at $lO to $10.35; 130 to 160 pounds, held at $lO to $10.50, and 100 to 130 pounds were salable at $9.25 to $9.75. Good packing sows held at $8.75 to $9.25. Cattle prices were weak to slightly lower with the light supply consisting largely of common and medium steers. The bulk of steers ranged from $7.50 down. Heifers and cows were unchanged, while bulls were steady to weak. Bulk of heifers sold at $6 to $7. Bulls bought $5.50 to $7. Receipts numbered 600. The veal market settled down to a steady trading range with the bulk of good and choice kinds selling at sll to $11.50. Receipts were 500. Lambs also were steady. Fed western grades sold at $10.25, while natives were valued at $lO down. Slaughter sheep ranged from $3.25 to $5. Receipts were 3000, Other Livestock ' (By United Press) CHICAGO. Feb. 21. Hogs Receipts, 15,000, including 5000 directs: unevenly s@lsc lower than Thursday's average; top, $10.50; bulk, 180-250 lbs., $10.25*5:10.45; 250-325 lbs., $10<& 10.40; better grade, 140170 lbs., mostly $10(?/10.35; good medium weight sows, $9.50. Cattle —Receipts, 3500. Calves —Receipts, 1000. General trade dull: weak to 25c lower; common and medium grades, predominating in crop; most steers selling at $8.25 down to $6.75; week-end feeder demand narrow; a depressing influence on lower grade killers; best fed steers, $10.35; sl2 paid late Thursday for well finished heavies; all she stock again weak to unevenly lower; cutter cows selling at $5 down to $4; most beef cows, $5.25@6; practical top weighty sausage bulls, $7; vealers, $10.50 down. Sheep —Receipts, 8000; fat lambs opening mostly steady; aged sheep and feeding lambs, little changed; yearlings under pressure; as yet few sales; good to choice fed western lambs, $9.75(510; bulk at outside to local packers; best held $10.15 and above; scattered slaughter ewes, [email protected], according to kind. LAFAYETTE, Ind., Feb. 21.—Hogs, market, steady to 15c lower; 170-210 lbs., $10.45(510.50; 210-235 lbs., $10.351410.40; 235-260 lbs., $10.104410.25; 260-325 lbs., $9.60@10; 140-170 lbs., [email protected]; 100-140 lbs., $9.25(5 9.75; roughs, $9.50 down. Calves, $10.50 down. Lambs $9.50 down. (By Times Special) LOUISVILLE, Feb. 21.—Cattle—Receipts, 350: outlet dependable for most classes slaughter cattle; market moderately active, generally steady; bulk common to medium grade steers and heifers salable $5.75(r(i7.25; load good fed around 1150-lb. steers held above $9; bulk beef cows, $5 (56; good smooth heifer type cows quotable to $6.50; low cutters and cutters mostly $3.50'g>4.75; sausage bulls $5146.50. according to weight and quality; light beef type Stockers and stock calves, $6 @8; plain Southern dairybreds. $4(5 5. Calves—Receipts, 350, including 50 stock calves; market not fully established; some bids around 50c lower, but sellers generally asking steady to in spots 50c off for best vealers; most good to choice at SO.SO'ft'IO.SO; medium grades, $7.50(5 9. and plainer sorts, $7 down. Hogs—Receipts, 700, including 150 direct; market 5c lower; top and bulk better; 160-225-lb. weights $10.70; 230-250 lbs . $10.40; 255-300 lbs., $9.85; 305 lbs, up, $9.40; 120-155 lbs., $9.60; sows, $8.65; sort hogs of distillery mash feeding subject to a discount of $2 or more. NET PROFIT INCREASES Times Special CHICAGO, Feb. 21.—Preliminary reports of Briggs Manufacturing Cos. and subsidiaries for 1935 show a net profit of $9,258,046, equivalent to $4.77 a share, against $9,121,625, or $2.64 a share, in the preceding year.

WHEN YOU TRAVEL ——* you will appreciate the conven- — icnce of one of our Letters of Credit that you can turn into cash instantly, anywhere. We also issue Travelers’ Checks, ~ ~ equally negotiable, for smaller —amounts. Before taking your Cjs, next trip * aslc * or urttler hetails regarding the banking service we offer to travelers. X a/ _ The UNION TRUST company TRAVEL DEPARTMENT 120 E. Market St. RI-5311

Thomson & McKinnon MEMBERS NEW YORE PHirAfn New York Stock Exchange. TORONTO N9W Y ° rk Curb ExchanKelLlx\Ui>lU New York Cotton Exchange. BOSTON New York Coffee and Sugar Exchange SOUTH BEND 0 || New Orleans Cotton Exchange. RT WAY\’P Chicago Stock Exchange PVAVOVTUP Chicago Board of Trade "* AiNoV lLLhi Winnipeg Grain Exchange lndi(M(ipoli& Office And other leading Exchangee 200-214 Circle Tower LI. 5501

MECHANIZATION CREATES WORK, SURVEYSNOWS Production Volume Answer to Unemployment Problem. Times Special NEW YORK. Feb. 21.—Machinery and its rapid expansion throughout American industry has not been responsible for the major increases in unemployment, according to a survey released today by the National Industrial Conference Board. On the contrary, the survey states, mechanization has created, rather than destroyed employment. Approximately 18 new manufacturing industries, which came into existence since 1879, have accounted for 18 per cent of the total increase in employment and for 40 per cent of the rise in the per capita employment in the manufacturing industries from 1879 to 1929, the survey showed. Living Standard Higher By increasing the output a person in production of commodities the machine has brought about major developments in trade, transportation, and the various service industries, it was pointed out. An increase of 432 per cent in national income produced and a rise of 140 per cent in its purchasing power occurred from 1899 to 1929, the period covering the rapid growth of mechanization in American Industry. A vastly higher standard of living has resulted from the extensive mechanization of industry, the survey stated. Wage rates, annual earnings and their purchasing power all have shown marked increases since the growth in the use of machinery, it was reported. Purchasing power of the annual wage earner increased approximately 39 per cent from 1899 to 1929. The answer to the problem of unemployment does not lie in placing restrictions on the use of machinery, but in increasing the volume of production which would increase the purchasing power of the people, and lead to full re-employment, tha board’s study revealed. Labor Supply Gains During 1932, which marked the low point of the depression, the volume of production in the manufacturing industries was only 53 per cent of the 1929 level and employment declined to 61 per cent. In 1934, however, the survey shows, production increased to 66 per cent of the 1929 level, while employment rase to 75 per cent, showing a proportionately greater increase than production. In June, 1935, the last month for which figures were available, the volume of production was 71 per cent and employment 76 per cent of the 1929 average. Since 1929 the labor supply has increased by approximately 1,800,000 workers owing to the increase in population, the survey shows. STOREROOM IS RENTED Stationers, Inc., Acquire Larger Business Quarters. Leasing of a storeroom at 39 N. Pennsylvania-st, by Stationers, Inc., dealers in stationery, greeting cards, modern office furniture and filing equipment, was completed yesterday through the Spann Cos., Indianapolis realtors, representing all parties. The company is to move into its new location about April 1, M. L. Ober, secretary and treasurer, announced. The building, which is now being thoroughtly modernized and redecorated, is owned by the Central City Cos. Officers of the stationery firm are H. E. Ruch, president, and H. R. Ellis, vice-president. PLANT EXTENSION STARTS Times Special NEW YORK, Feb. 21—The Ruberoid Cos., manufacturer of asphalt and asbestos building and roofing products, has started construction of an extension to its Mobile (Ala.) plant, which will cost more than $200,000, Herbert Abraham, president, announced today. It is expected to be completed by July 1. A_ Commercial Banking Va Savings • Trusts < American National Bank AT INDIANAPOLIS Your Local Building & Loan Association Makes Modernization Loans and Loans on New Homes.