Indianapolis Times, Volume 47, Number 299, Indianapolis, Marion County, 22 February 1936 — Page 11

Trends St. Louis Launching ‘Social Security’ Program. BY JOHN T. FLYNN

OT. LOUIS, Feb. 22,—1 found St. Louis in the throes of launching Missouri's version of what the President and others are pleased to call “social security.’’ It makes an excellent explanation of the rise of such social phenomena as the Townsend Plan. When the responsible leaders of society abdicate or fumble their responsibility in the

face of a grave social problem, how can we hope that the i r r e s p onsible idealist will not step in? , Much was heard of that great epochmaking piece of legislation s p o n sored by the President for social security. But in practice it is working out pretty much as its critics forecast, to say nothing of the

m r

Flynn

growing realization that it will be thrown out as unconstitutional when it reaches the Supreme Court. What I found here in St. Louis Is a commentary on the whole plan. ana About 60,000 people will file applications for old-age pensions in Missouri. The Legislature uppropriated $2,500,000 for this purpose for 15 months. This is $166,666 e. month. Figure it out. This is about $2.75 a month for each person, or, with that figure matched by the Federal government, it would be $5.50. Os course, the Legislature said it believed not more than 20,00 to 30,000 persons would receive the pensions. But even 20,000 persons could get only sl6 a month at that rate. Yet the Legislature talked about S3O a month maximum tfor single persons and s4u for married couples. The assistance board is struggling with the problem and granting pensions as fast as investigations are made. The pensions range from $7 to sl2 a month and tfor a couple $lB a month. How could a more powerful argument for the Townsend Plan or any other extreme scheme be made than by parading some of these old persons with their pitiful pittance of $7 a month—“social security”—before Congress? nun IN spite of all the big talk which accompanied the President’s Signing of the “Social Security” Act there is no social security yet bnd will be none until an adequate Jaw is adopted. Only 15 states are to share in the first Federal payments now being made. And so it will be seen that bad as this case is, it is actually far ahead of most states. It has one advantage. Actually granting $7 to sl2 a month to aged people Is so dramatic an inadequacy that the people of Missouri may be brought to see it. For while this wretched sum is being paid, it will not go to more than 30,000 people, while another BC.OOO will get nothing. And this is based on paying pensions only to people 70 and over. Another large group of those from 65 to 70 are left out because not even provided for in the law. This is an American idea of “sofcial security.”

BANK CLEARINGS SHOW INCREASE FOR WEEK Votal Reported at $5,647,394,000, a Gain of 7.5 Per Centf>p United Press NEW YORK, Feb. 22.—Bank Hearings in the United States during the week ended Feb. 19, amounted to $5,647,394,000, compared with $5,255,517,000 in the corresponding [1935 period, an increase of 7.5 per cent. Dun & Bradstreet, Inc., announced today. In the preceding $-eek. the increase amounted to only p. 2 per cent. Clearings at New York City Showed an increase of 5.8 per cent Curing the week, while centers outside reported a total of $1,992,811,000, a gain of 10.7 per cent over the total for the same week of 1935. All Cities, with the exceptions of Richtoiond and Omaha, reported gains. The percentage of increase in individual cases was lower, however, than in recent weeks, it was reported. The largest advance appeared at Seattle where a gain of 33.2 per Cent was recorded. Chicago was second with an increase of 23.1 per cent.

CONSTRUCTION VOLUME TOTALS $48,058,000 Street and Road Contracts Show Sharp Gains Over Last 4 Weeks, fime* Special NEW YORK. Feb. 22.—Higher private awards and an increased Volume of highway building raised this weeks total volume of engineering construction to $48,058,000, the Fng leering News-Record reported ioday. Os this amount $13,667,000 was for private work and $34,391,000 for public of which $857,000 is Federal and ,$33,534,000 state and municipal. Corresponding values last year were: jtotal. $10,896,000; private. $2,308,000; public, $8,587,000; Federal, $1,530,000 fuid state and municipal, $7,057,000. Street and road construction a large increase over the (previous four weeks with a total of fc10.623.000. Gains were also recordfed in all other divisions, except public buildings, which dropped slightly pf low the recent high rate. DIVIDEND IS DECLARED Eimr* Special 3 NEW YORK. Feb. 22.—Directors g American Telephone and Telejn*aph Cos. have declared a regular Quarterly dividend of $2.25 a share fin capital stock, payable April 15, 836. to stockholders of record March 14.

♦ ♦ Abreast of The Times on Finance ♦ ♦

EMPLOYMENT IN INDIANA DROPS DURINGMONTH January Payrolls Decrease 6.4 Per Cent, State Survey Shows. Both employment and pay rolls of 2137 manufacturing and nonmanufacturing firms in Indiana showed a decrease during January, according to a survey released today by the Indiana State Employment Service. Employment decreased approximately 2.2 per cent during the period, while pay rolls were off 6.4 per cent. Man hours worked also showee a decrease of 7.0 per cent. Os the 23 major groups included in the survey only five showed employment gains, while 18 revealed losses. Four of the five groups showing increase were among the heavy manufacturing industrials, the report stated. The losses, however, were in line wtih seasonal expectations for January. Increase Is Shown From January, 1935, to January, 1936, employment in the manufacturing industries increased approximately 9.7 per cent, while pay rolls showed a gain of 17.6 per cent. The most pronounced gain occurred in the durable goods group where employment increased 17.0 per cent and pay rolls advanced 25.9 per cent. Average hours worked dropped 6.3 per cent during January to 37.5, but were 4.5 per cent above the corresponding 1935 month, the survey showed. Average weekly earnings decreased 6.1 per cent during the month to $21.98. This figure, however, was 5.1 per cent higher than the average a year ago. Employment Trend Off The iron and steel group increased employment by .4 per cent during the month, but reduced pay rolls and man hours worked 7.3 per cent and 6.6 per cent, respectively. Similar trends were recorded by railroad repair shops throughout the state. Automobile and automobile parts manufacturers in the state reported an increase of 1.4 per cent in employment. This gain, in one of Indiana’s major industries, is significant in view of the early introduction of new models of automobiles during the latter part of 1935. The largest loss in employment occurred in the tobacco manufacturing group where a decrease of 26.7 per cent was recorded. Pay rolls in the same division showed a drop of 46.0 per cent, it was reported. No cause was given concerning this drastic reduction. The retail trade group reported a drop of 17.4 per cent in employment during the last month, the survey showed.

DOLLAR PURCHASING POWER INCREASES Index of Common Stocks Placed at 137.9. Times Special NEW YORK, Feb. 22.—The purchasing power of the dollar invested in common stocks continued to rise during January, according to the monthly index of the Administrative and Research Corp., released today. This was attributed largely to a market advance in stock prices. The bond dollar’s buying power also increased further, while the purchasing power of the dollar held in cash remained virtually unchanged. At the beginning of February the index of the purchasing power of the common stock dollar stood at 137.9, compared with 132.2, at the close of December. In comparison the bond dollar still remains substantially below the common stock dollar, though it advanced to 101.7 at the beginning of the current month. The index of the purchasing power of the dollar held in cash, which is related to the United States Bureau of Labor Wholesale Commodity Index, increased slightly from 95.3 at the end of December to 95.8 at the beginning of February.

On Commission Row (Reprinted From Late Times Yesterdav) below subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUlTS—Strawberries: Florida, pint, 18c; 36-pint crate, 17c. Cranberries, C. C. Howes. Eatraores, 25-lb. box, $2.75. Pears: Washington D’Anjo (100s box). $3.25; Washington Bose (100-120sl. $3.25; California Avacado i2OO-245), $3.50. Grapes; Extra Fancy Emperors (34-lb. sawdust chest). $3.50. Limes: Mexican (carton 12s). 25c; Persian seedless (doz.i, 45c. Dates: Fresh Arizona. $1.50. Bananas, seven hands, pound. 4*2C. Apples: Delicious (fancy baskets), $1.75; Jonathans, $1.50; Grimes Golden. $1.25: Rome Beauty. $1.65. Lemons: Sunkist i36osi, $6. Grapefruit: Texas seedless (545-80s). $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 ibu.l. sl. Brussels Sprouts. California (quart), 20022 c. 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 i3' 2 -doz. crate). $1.75 (bushel). $1.65. Cauliflower, California (12s crate). $1.75. Celerv. Florida washed and trimmed (doz.). 60e@ $1; Florida (4s. 6s. Bs. 10s crate), $3.75. Cucumbers, hothouse (doz.i. $1.35; southern (bushel), $6. Egg Plant, Florida idoz.). $1.50. Kale (Virginia bushel. 90c. Lettuce. Iceberg Arizona (best 4s. ss), $3.50; home grown leaf (15-lb. baskets), sl. Endive, California (doz.), 90c. Peppers, mangoes (crate), $1; peck basket, $1.25: (doz.), 45c. Mint, hothouse (doz.). 75c. Mushrooms (pound). 30c Mustard, Texas (bunch). 75c. Onions —lndiana yellow (50-lb. bag). $1.25; Indiana vellow (10-lb. bag'. 28c; Western Spanish 1 50-lb. bag), $1.75: Oyster plant, home grown (doz.), 40c. Parsley, southern (long bunches doz.\, 45c. Parsnips, home Blown washed (bushel). $1: (half-bushel). 60c. Peas. Florida (hamper), $2.75. Potatoes. Michigan Round Whites (100-lb. bag), $2. Maine Green Mountains (100-lb. bag), $2.35; R R. Early Ohios (100-lb. bagi. $2. R. R. Cobblers (100-lb. bag>. $2; Idaho Russets (100-lb. bag. $2 40: Idaho bakers (70s box). $2.50; Col. McClures (100lb. bag). $2.20; New Texas T’i-viphs (59lb. bag). $2.15. Sweet potat-iea. Indiana Jerseys (is bushel. $1.50; mediums (bushel). $1: Tennessee Nano Halls (hamper). $1.15; Southern Porto Ricans (bushel crate). $1.50. Radishes, home grown buttons (doz.). 45c; white. 40c. Rhubarb, hothouse (bunch), 60c. Rutabagas. northern 150-lb. bag'. 85c. Sage (doz.i. 45c. Shallots. Louisiana (doz.i. 45050 c. Spinach, New Texas (bushel). sl.lO. Turnips, home grown washed (bushel*. $1.5(1 Tomatoes repacked (10j h to*). $1.40; .original Cuban (30-lb.

Lending an Added Gayety to the Occasion

,*■> * ’* "•'/*'. *- *■ ’- —' tepr ' tV* ' r- ■ ' r ,7' A u -.jr.^ I ****Wi&®’§ / / / J © tm NBA

Candidates Now Lining Up for No. 2Job of U. S. John R. McCarl Ineligible for Reappointment to Office of Controller General. BY FRED W. PERKINS Times Special Writer WASHINGTON, Feb. 22. —Candidates are lining up for what many people call the “No. 2 job” of the government—that of Controller General of the United States. The 15-vear term of John R. McCarl, who has had tight fingers on Federal purse strings since 1921, ends in June. Under the Budget and Accounting Act he is ineligible for re-appointment. His successor will be appointed by the President, with the Senate’s consent.

Two of the numerous campaigns for the job now under way center around subordinates of Mr. McCarl. One is Charles M. Galloway, a counsel to the controller general —South Carolinian, Democrat, former newspaper editor, and former Civil Service Commissioner. Another counsel in the contest is O. R. McGuire of Louisiana, who has been with the General Accounting Office since its establishment. Other candidates, on the borderline between “avowed” and “receptive,” include several members of the Senate and House. Services Are Praised A bill amending the present law to permit reappointment of the Controller General was introduced last year by Senator Vandenberg (R., Mich.). It was referred to the Senate Finance Committee, headed by Senator Harrison (D., Miss.), an Administration wheelhorse. There is said to be little r obability that the bill will ever reach the Senate floor. Mr. McCarl has been the No. 1 “no man” under the Roosevelt Administration, insisting on “the let-i ter of the law” in expenditure of funds appropriated by Congress. His services have been praised by numerous members of Congress. Senator Glass (D., Va.), chairman of the Senate Appropriations Committee and a stickler for safeguards in government spending, favor permitting a reappointment. Rep. Cochran (D., Mo.), chairman of the House Expenditures Comm tee. recently told the House that Mr. McCarl has been “absolutely fair and just to all” although "he is a Republican, was named by a Republican President, and confirmed by a Republican Senate.” JAMES TALCOTT, INC. HAS LARGER INCOME Net Earnings Increase 41 Per Cent in 1935, Report Shows. Times Special CHICAGO, Feb. 22.—James Talcott, Inc., has reported for 1935 a record volume of business totaling $68,162,010, and the highest net earnings in its history, amounting' to $481,952, after all expenses, taxes and reserves. J. Fredrick Talcott, president, announced today. The 1935 volume represents an increase of approximately 29 per cent over the $52,633,549 receivables purchased in the previous year, while net earnings increased 41 per cent over the 1934 net of $339,880. The factoring branches of the company, who entered into new fields, were responsible for 14 per cent of the year's business in 1935, and are expected to show a much larger percentage during the current year, it was reported.

PROVIDES NEW SERVICE Atkins, Hamill & Gates to Install Chicago Stock Ticker. Installation of a Chicago Stock Exchange ticker was announced today by Atkins, Hamill & Gates, Indianapolis brokerage firm, with offices at 204 Electric building. The new service is to be available to customers Monday morning. Recent activity and increased interest in securities listed on the Chicago Stock Exchange has made it necessary for installation of the new service, officials of the firm declared. Members of the firm consist of W. C. -*tkins, James T. Hamill and Edward £. Gates Jr, 4 J# , ; ** -*

SATURDAY, FEBRUARY 22, 1936

Busigraphs

NEW LIFE INSURANCE WRITTEN (ASS’N OF LIFE INS. PRESIDENTS) 12001 1 DOTTED LINE IS THE PAST I/I \ TEN YEAKS AVERAGE OF/ 5 SAME months / < k 4 / J34I am^jTasond THE PARKER CORP. GENERAL DISTRIBUTORS INCORPORATED INVESTORS

Total life insurance written last December, while ahead of November, did not increase equal to the seasonal amount, and was 6 per cent under that written a year ago. The drop was in the amount of industrial insurance written which declined 21 per cent, while ordinary insurance was only slightly less. In Debember the average ordinary policy was written for SI9OO, or SSO more than that of a year ago. INVESTMENT FIRMS' EXPENSE RATIO OFF 27* Companies Show Decrease of .80 Per Cent in 1925. Times Special NEW YORK, Feb. 22.—A further decline in the ratio of expenses and taxes of 27 representative investment companies to their aggregate net assets was reported in 1&35, according to a study prepared by Distributors Group, Incorporated, which shows a drop from 0.87 per cent in 1934 to 0.80 per cent in 1935. The recent peak in the expense ratio was recorded in 1933 when it amounted to 1.00 per cent. While the ratio declined in 1933, actual total dollar expenses and taxes increased by approxmiately 16 M per cent, from $3,646,700 to $4,273,400. The decline in the raito in the face of the increase in the actual expenses is accounted for by the fact thai, aggregate net assets in 1935 averaged higher than in 1934. STUDEBAKER SALES UP Retail Deliveries Show Increase of 35.7 Per Cent. Times Special SOUTH BEND, Feb. 22.—Retail deliveries of passenger and commercial cars of the Studebaker Corp. during the first ten days of February amounted to 1065, an increase of 35.7 per cent over the same period a year ago, George D. Keller, vice president in charge of sales, announced today. Up to Feb. 30 this year the company’s retail deliveries aggregated 4963 units, the largest for any corresponding period since 1929, it was reported. NET ASSETS INCREASE Times Special CHICAGO, Feb. 22.—Assets of the Agricultural Insurance Cos. increased $1,778,358 during 1935 to a total of $13,536,896 the annual statement of the company showed today.

Produce Markets (Reprinted From Late Time* Vesterdav) The prices quoted are paid for stock gathered in the country, while delivered in Indianapolis the price is & cent higher Heavy breed hens. 18c: Leghorn breed hens. 13c: Leghorn springers. 12c: oldsUgs. 13c: old cocks. 9c. Ducks, white. 5 lbs. and over. 11c: geese. fuU feathered, ail sizes. 10c: all guineas. lt a 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, trade: 55 lbs. ’Sill be made. No. 1 butter. 414 c: No7\ 37> 2 S8Hc Buuerfat. 35c. Quoved by tbs Wadley Co Jt

JANUARY TAX RECEIPTS GAIN Increase Fails to Offset Dip in Revenues After AAA Outlawing. Bp United Press WASHINGTON, Feb. 22.—An increase in other tax receipts failed to offset the diminution in revenues resulting from stoppage of AAA processing taxes in January, the Internal Revenue Bureau reported today. Processing and other agricultural taxes fell from $52,007,134 in Jan., 1935, to $2,780,295. Total receipts of the department amounted to $183,765,038 last month, as compared to $194,365,650 in the same month a year ago. The AAA was in effect for the first six days of January before being ruled out by the Supreme Court. An increase of $38,000,000 in total income and miscellaneous revenue collections over January, 1935, was largely stimulated by huge receipts on tobacco and liquor. Income taxes rose to $38,060,989 last month from $22,320,791 in the same period last year. Coal producers were made liable for the first time i:i the tax provisions of the Guffey Coal Stabilization Act. They paid $249,553. Local Livestock (Reprinted From Late Times Yesterday) HOGS Feb. Bulk. Top. Receipts. 15. [email protected] $11.15 2000 17. [email protected] 11.10 6000 18. [email protected] 11.30 3000 19. 11.20 011.30 11.30 5000 20. [email protected] 10.90 5000 21. [email protected] 10.90 3000 Light Lights. (140-160) Good and choice. .$10.00010.75 medium [email protected] (160-180) Good and choice.. 10.75010.90 Medium 10.25 @10.75 (180-200) Good and choice.. 10.80010.90 Medium 10.30 0 10.80 (200-220) Good and choice.. 10.80® 10.90 (220-250) Good and choice.. [email protected] Heavyweights. (250-2901 Good and choice.. 10.15010.65 (290-350) Good and choice.. 9.75® 10.15 Packing Sows. (275-350) Good 9.25@ 9.50 (350-425) Good 9.00® 9.35 (425-550) Good 8.85 0 9.25 (275-350) 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 $ [email protected] Good [email protected] 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 11.000 12.00 Good [email protected] Medium 7.000 8.50 (1300-1500) Choice 11.25® 12.00 Good [email protected] Heifers (500-750) Choice 8.000 9.25 Good 7.000 8.00 Common and medium 4.50@ 7.00 (150-900) Good and choice ... 7.000 9.50 Common and medium 5.00@ 7.00 Cows Choice 6.75@ 7.59 Good 5.750 6.75 Common and medium 5 00 0 5.75 Low cutter and cutler 3.50® 5.00 Bulls, good 6.50® 7.25 Cutter, com. and med. bulls .. 2.50@ 6.50 VEALERS —Receipts. 500— Good and Choice ...$11,00011.50 Medium 8.50011.50 Cull and common 5.00® 8.50 Calves (250-509) Good and choice.. [email protected] Common and medium 4.50® 7.00 Feeder and Stocker Cattle (500-800) Good and choice... 6.750 7.75 Common and medium 5.00 0 6.75 (800-1050) Good and choice .. 6.75® 7.75 Common and medium 5.00® 6.75 Cows Good 4.500 5.00 Common and medium 4.000 4.50 SHEEP AND LAMBS Receipts. 3000— Lambs, 90-lbs. down, good and choice SIO.OO 0 10.25 Good 9.75010.00 Medium 8.75@ 9.75 Common 7.000 8.75 Ewes. (90-175) 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 BANK BALANCES RISE Reserve System Has Increase of $48,000,000 Daring Week. Bp United Press WASHINGTON, Feb. 22.—Federal Reserve Bank balances increased $48,000,000 during the week ended Feb. 19, to approximately $3,040,000,000 in excess of legal requirements, it was announced today. An outward flow of gold was halted and the monetary gold stock of the reserve system rose $5,000,000 to $10,160,000,000, the statement of conditions of member banks showed.

SALES OF FARM MACHINERY TO CONTINUE RISE 1935 High Level Expected to Be Maintained in Current Year. Times Special NEW YORK, Feb. 22.—With high farm prices and increased income as favorable near-term factors, sales of farm machinery should continue at their present high level during 1936, according to a survey of the agricultural machinery manufacturing industry issued today by Poor’s Publishing Cos. The forecast points out that the longer-term outlook is necessarily obscure due to unpredictable crop conditions and the ever-present danger of agricultural over-produc-tion. From a low of $117,000,000 in 1932, “domestic sales of farm equipment rose to an estimated $330,000.000 in 1935, a return to 75 per cent of the industry’s average operating rate for 1928-29-30. However, it must be recognized that the remaining 25 per cent climb back to normal may be harder to negotiate than the ascent to present levels, the survey shows. Rural Buying Gains “The recovery of domestic farm machinery sales has been due to the sustained rise in rural purchasing power over the past two years; the farmer’s realization that power farming is necessary for low cost production; the scarcity of horses and high cost of feed, the development of the small tractor, widening the market for power equipment, and the obsolescence of implements now in use. The wearing and rusting of farm machinery have been chiefly instrumental in bringing about the sharp recovery of sales. Obsolescence, hastened by introduction of new lypes of equipment, has also played an important part. Small, oneplow tractors, selling at 65 per cent of the cost of the larger units, have proved an attractive investment for the small farmer, thus creating new markets for the agricultural machinery industry. On Jan. 1, 1930, there were 903,021 tractors on farms in the United States, almost double the number that there were five years earlier. By 1935, this had risen to 1,123,251, an increase of 22 per cent. Tractor Sales Spurt The relative importance of tractor sales to agricultural machinery manufacturers was clearly demonstrated last year when 40 per cent of the industry’s total income was a direct result of tractor sales. The Supreme Court’s nullification of the AAA is not expected to change the sales trend of the agricultural equipment industry. Purchase of farm machinery characteristically are made on the basis of the existing cash position of farmers, rather than on their prospective income. Since the government is going to carry out its contracts calling for payment of $300,000,000 to farmers, their cash position will be improved.

DIESEL CONCERN TO BUILD NEW PLANT Cummins Engine Cos. Outlines Expansion Program. Times Special COLUMBUS, Ind„ Feb. 22.—Industrial prospects for 1936 were brightened here today by announcement that the Cummins Engine Cos., Diesel engine manufacturers, will soon construct anew building to house experimental laboratory units. Purchase of a three-acre tract, situated near the factory’s main plant, was disclosed by C. L. Cummins, company president. Construction work on the new building, he announced, is to begin as soon as weather permits. The new experimental building, a steel frame structure 85 feet long by 30 feet wide, is to house research laboratories, several offices and a well equipped machine shop. Transfer of all experimental work to a separate building, Mr. Cummins stated, was deemed advisable because present factory space is taxed to capacity by production activities. SHELL UNION OIL CORP. SEEKS BOND LISTING Registration Statement Filed With Securities Commission. Times Special CHICAGO, Feb. 22.—The Shell Union Oil Corp. has filed a registration statement with the Securities and Exchange Commission covering an issue of $60,000,000 3% per cent 15-year debenture bonds to be offered by a group of underwriters headed by Dillon, Read & Cos. and Hayden, Stone & Cos., it was announced today by J. C. Van Eck, chairman of the executive committee. The proceeds of the issue are to be used for retiring approximately $23,000,000 of the company’s outstanding 20-year 5 per cent sinking fund gold debentures, and about $24,000,000 of the outstanding 25year 5 per cent sinking fund gold debentures of the Shell Pipe Line Cc.rp., and for other corporate purposes. The new debentures are to have the benefit of a sinking fund of $1,200,000 for the first year and increasing thereafter. LOCAL CASH MARKET City grain elevators are paying 93 cents for No. 2 soft wheat. Other arades on their merit*. Cash corn new No. 4 vellow 50 cents and oats 21 cents.

Safe Deposit Boxes The Indiana National Bank of Indianapolis

Markets Suspend Trading All major security and commodity exchanges suspended trading today in observance of Washington’s birthday. Banks also are closed. Livestock markets, however, remained open.

PAGE 11

HEADS NEW FIRM

m

W. L Lyons & Cos., members of the New York Stock Exchange, announces the opening of their Indianapolis office, here Monday. The offices, 512-514 Circle Tower Bldg., are to be managed by Russell W. McDermott (above), who recently resigned as manager of Abbott, Proctor and Paine. One of the oldest financial institutions in the South, W. L. Lyons & Cos. was established in 1878 in Louisville. Ky. Three generations of the family have been actively connected with the firm. Mr. McDermott said his company would engage in general stock business. The company, Mr. McDermott stated, holds memberships in other leading stock and commodity exchanges in the country. Mr. McDermott received his training with Halsey-Stuart and was manager of Fenner-Beane when the latter merged with Abbott, Proctor & Paine about a year ago.

PRODUCE TRADE SEENIMPROVED Current Shipments Still 15 to 20 Per Cent Under Year Ago. Times Special WASHINGTON, Feb. 22.—Milder temperatures In the Midwestern district during the last week resulted in better trading conditions in the majority of wholesale produce markets, according to the weekly report released today by the Department of Agriculture. Much of the accumulation of stocks damaged by frosts were moved before the middle of the month and a fairly good demand developed for nearly all lines, it was reported. An increase in potato prices, together with an improved demand and an increased movement of apples from cold storage, featured trading during the week. Supplies of produce have increased, both by motor truck and rail, in the southern district, while many northern points report movements at a standstill. Shipments increased approximately 10 per cent during the second week of February, and have continued fairly active. Currently they are 15 to 20 per cent lower than at the same time a year ago. Recent gains were conspicuous for western potatoes, apples, oranges, Texas cabbage and spinach, but most were small to moderate, except in potatoes. They decreased in the Great Lakes region because of bad weather conditions. FILES BONDS WITH SEC Terre Haute Firm Asks for Listing of 414 Per Cent Issues. Times Special CHICAGO, Feb. 22.—The Citizens Independent Telephone Cos., Terre Haute, Ind., has filed a registration statement with the Securities and Exchange Commission covering sl,450,000 first mortgage 4T4 per cent series A 25-year bonds, it was announced today. The company is one of the units of the Telephone Bond and Share group with practically all of its stock owned by the Telephone Bond and Share Cos. Lawrence Stern & Cos., Inc., is underwriting the entire issue. CAR, TRUCK OUTPUT OFF Production Decreases to 62,803 Units During Week. Bp United Press DETROIT, Feb. 22.—Production of passenger cars and trucks in the United States and Canada showed a sharp decline this week to approximately 62,803 units, compared with 74,720 recorded a week ago, according to Cram’s Reports, Inc. This week or next is expected to be the low point for the spring season, the statisticians reported.

ANNOUNCEMENT We Are Pleased so Announce the Opening of Our Indianapolis Office on MONDAY, FEBRUARY 24+h located at 512-514 CIRCLE TOWER under the supervision of RUSSELL W. McDURMOTT Resident Manager W. L. LYONS & CO. Established 1878 MEMBERS New York Stock Exchange Chicago Stock Exchange New York Curb (Associate) Chicago Board of Trade Louisville Indianapolis Lexington Danville

U. S. AGENCIES TO ASSIST WITH HOMEBUILDING Hopes to Speed Recovery of Durable Goods Industries. Timex Special WASHINGTON. Feb. 22—Th® Federal government’s intention to deal with the current housing shortage, through the agencies directly concerned with this problem, is expected to result in considerable emphasis on large scale housing activity of the Federal Housing Administration, it was announced today. The need of speeding recovery in the durable goods industry through modernization of real property and the establishment of a single mortgage system of home financing, thus far has served to obscure the large scale housing movement of the Federal Housing Administration. Insures Mortgages Apart from insuring home mortgages, the Administration also insures mortgages on large scale housing developments that are privately owned, operated and financed. The general policy of the Housing Administration involves three main conditions in this respect. First, that the project provide housing for persons of low income; second, that it be such as to encourage improvement in housing standards; third, that it be economically sound. Beyond that, another condition, imposed by the facts and circumstances where private limited dividend corporations are concerned, is that the project be such as to promise a reasonable return to the private funds supplied in the form of equity capital. Strict enforcement of standards, proof of the need for the project in the proposed location and economic soundness, probably served to eliminate a great many of the projects. Improbability of financing eliminated others. Rental Costs Low The large scale housing project, according to Miles L. Colean, head of the Federal Housing Administration’s large scale housing division, is not necessarily one calling for apartment house construction, although this is the type likely to be proposed. The Federal Housing Administration, he said, can insure mortgages on groups of single family, multiple family or row houses provided thei groups of dwelling can be so organized that a single mortgage can be given on the entire group and that the group may be managed and operated as a coherent enterprise throughout the life of the mortgage. A point deserving of special emphasis, Mr. Colean said, is the desirability of organizing projects to provide accommodations at the lowest rentals consistent with sound operation. Generally speaking, the lower the cost of the accommodations, he’said, provided in structures of adequate standards, the greater the fundamental economic soundness of the undertaking.

FULL RATE RESTORED Crane Cos. Declares Quarterly Dividend of $1.75. Times Special CHICAGO, Feb. 22.—Stockholders of Crane Cos. are to receive the full annual dividend of $7 a share on the company’s 7 per cent cumulative preferred stock, it was learned today. This was assured when directors of the company noted a quarterly dividend of $1.75 a share on the preferred stock payable March 16 to holders of record March 2. In the preceding 12 months four quarterly dividends of $1 each were declared. NET INCOME DECREASES Times Special NEW YORK, Feb. 22.—Net income of the Public Service Corp. for the 12 months ended Jan. 31, 1936, declined to $23,505,876, equal to $2.48 a common share, compared with $25,108,445 or $2.75 a common share in the previous year, it was reported today. January gross totaled $lO,788,545 and net $2,247,040. TOTAL ASSETS REPORTED Times Special CHICAGO, Feb. 22.—The Colonial Life Insurance Cos. of America today reported total assets of $18,346,385 as of Dec. 31, 1935, an increase of $304,655 over 1934. The reserve funds for policyholders rose to $16,080,885. New insurance paid for during 1935 was $28,919,618. Buy Building & Loan Shares Your Money Stays Here, Works Here—Earns Here