Indianapolis Times, Volume 47, Number 301, Indianapolis, Marion County, 25 February 1936 — Page 14

Trends Urges Commercial Standard for Business. BY JOHN T. FLYNN

NEW YORK, Feb. 25.—An Army officer—a colonel—has been convicted of dishonoring the serviee. The offense charged against him ■was that he accepted tro roundtrip Washington-San Francisco railroad and Pullman tickets from

the official of a company interested in selling woolen underwear to the Army. The name by which this offense is known in business circles is “commercial bri b - ery.” The importance of the trial lies in this: that it il--1 u s t r ates the high standards of conduct to which Army officers are held in fheir rela-

I ' ' 'T&flfirTT--

Flynn

tions with those who deal with the government. But far more important is the fact which is equally vividly illustrated, of the low standard of dealing which business Itself tolerates. tt a This practice of giving gratuities, favors, presents to buyers and purchasing agents of corporations in order to purchase their good will and increase sales is so widespread that more than once various business organizations have arisen to denounce it and put an end to it. But the practice is so widespread and it is condoned in high quarters on so general a scale that not the slightest headway can be made against it. Take the case of bankers who have issues to sell. Their clients in these sales are the corporations ■whose shares they handle. Yet it is a common practice for such banking houses to give all sorts of preferred and profitable opportunities to the officers of such corporations —and corporation officers are employes just as truly as office boys are. Then when the bonds are sold, they are sold by being distributed to the banks. The presidents of the banks are also the employes of tlie banks’ stockholders. Wet it is also common practice for investment bankers to give inside positions to the presidents of the banks they do business with. What a magnificent spectacle a courthiartial would be in Wall Street. The stock market has been one pf the most baleful instruments for passing around commercial bribes to corporation officers and to public officials. tt tt tt IT is so easy to “put you in a stock” or a pool in the market. And so pool operators, investment linkers and corporation officials ■With little plans to carry out, cut another corporation official or banker, or public officer or newspaper man or writer, into some juicy position out 6f which he can make a handful of money without the operation resembling §an open bribe any more than a lawyer’s fee ■when he is a member of the legislature. Those who like to sneer at the dishonesty of public office would do well to remember that graft in public office is trivial compared •With graft in business. He might Hjopder on the severe ethical standard to which the Army holds its ■ypry low-paid officers. It would be a good thing if business would create a commercial standard under which similar offenders in business might be called tp book for “dishonoring the servw J (Copyright. 1936. by NEA Service, Inc.)

COTTON DEMAND GAINS Wqrld Consumption in January Totals 1,141,000 Bales. Times Special NEW YORK, Feb. 25.—World Consumption of American cotton during January totaled 1,H1,000 bales, compared with 1.029,000 bales in January, 1935, according to New York Cotton Exchange figures. In the six months ended Jan. 31, first half of the season, consumption aggregated approximately 6,154.000 bales, compared with 5,665.000 bales ip the corresponding period of the preceding year. The increase in world Consumption of American cotton is due principally to increases in the United States, England and Russia, which more than offset a decline in the Orient. On Commission Row (Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUlTS—Strawberries: Florida. pint, 20c: 36-pint crates, 19c. Cranberries, C. C. Howes. Eatmores. 25-lb. box. $2.75. Pears: Washington D'Anjo (100s boxi. $3.25; Washington Dose <IOO-120st, $3.25; California. Avacado (200-24s>. $3.50. Grapes: Extra Fancy Emperors (34-lb. sawdust chest). $3.50. Limes; Mexican ;carton 12s), 25c; Persian seedless tdoz.), 45c. Dates: Fresh Arizona. $1.50. Bananas, seven hands, pound. sc. Apples: Delicious (fancy basketsi, $1.50; Jonathans. $1.50; Grimes Golden. $1.25; Rome Beauty $1.65 Lemons: Sunkist 13605i. $6. Grapefruit: Texas seedless (545-80s). $3.75. Arizona Sunkist (80s). S3. Tangerines, Florida (120s. 1445, 168s), $1.75. VEGETABLES Artichoke, California (dor.) $1.15. Beans, green, round stringless (hamper). $3. Beets: Texas (3 doz. crate). $1.50; cut offs (bu.). sl. Brussels Sprouts. Caiifornta (lb.). 18c. Cabbage. New York Danish (50-lb. bag) 90c; New Texas (crate). $2 25. Red Cabbage (50-lb. bag), $2. Carrots. California (i----doz. crate). $2 50; Texas (3% doz. crate), $1.75 (bushel). $1.65. Cauliflower, California (12s crate), $1.75. Celery. Florida washed and trimmed (do*.). 45cfe $1; Florida (4s. 6s. Bs. 10s crate). $3.50. Cucumbers, hothouse )doz.), $1.25; (southern bushel), $6. Egg Plant, Florida idoz.), SI 50. Kale (Virginia bushel), 90c. Lettuce. Iceberg Arizona ibest 4s. ss). *3; home grown leaf (15-lb. baskets), 85c. Endive. California idoz.). 90c Peppers, mangoes (crate), $7; peck basket. *1.75: (doz ). 45c. Min*, hothouse (doz.), 75c. Mushrooms ) pound l . 30c Mustard. Texas (bunch), 75c. Onions —lndiana yellow 150-lb. bag). $1.25; Indiana yellow (10-lb. bg>, 28c; Western Spanish (50-Sb. bag). $1.75. Ovster plant, home grown idoz.). 40c. Parsley, southern • long bunches doz.i. 45c. Parsnips, home grown washed (bushel), $1; (half-bushel), 60c. Peas. Florida (hamper), *2 75 Potatoes'. Michigan Rour.d Whites < 100-lb. bag) *l9O. Maine Green Mountains (100-lb. bagi, *2 35; R. R. Eariv Ohios 1100-lb. bag'. *2: R. R. Cobblers 1100-lb bag), *1.90 Idaho Russets (100-lb. bag. (2.40; Idaho bakers <7os box). *2.50: Col. McClures. 100lb. bag). *2 10; New Texas Triumphs (50'b. bag). *2 15. Sweet potatoes. Indiana Jerseys (Is bushel). *150; medium (bushel), *1; Tennessee Nancy Halls (hamper*). *1 15; Southern Puerto Ricans (bushel crate i. 11.50. Radishes, home grown buttons (doz.). 45c; white, 40c Rhubarb, hothouse (bunch). 50c. Rutabagas. northern 150-lb. bag). 85c. Sage (doe.). 4*c. Shallots. Louisiana (doz), 45ft50c. Spinach, New Texas (bushel). *LUh^,Turihj)S, F % .. . *

PAGE 14

BIG COMPANIES ACT TO REDUCE IMPOSTBURDEN Holding Units Consolidating Subsidiaries in Many Fields. BY HOWARD CARSWELL Times Special Writer NEW YORK, Feb. 25.—The movement under way among big corporations toward simplifying their corporate structures, through consolidation of subsidiaries, aims toward reducing tax burdens and conciliating political agitation against holding companies and farflung industrial set-ups. it was explained today by corporation lawyers. The latest case in point is the action of the Gulf Oil organization in welding many of its far-flung operating units. The United States Steel Corp., the Bethlehem Steel Corp. and others are pursuing the same objective. Other reorganizations are anticipated. Tax Burden Faetor The prime influence is the new Federal policy of subjecting 10 per cent of dividends received from subsidiaries or domestic companies to the corporate income tax. A prior but less potent factor was the abolition of the consolidated income tax return by the Revenue Act of 1934. Other phases of the same problem are the capital stock and excess profits taxes. Political agitation against big business and holding companies, and the prospect of increasing tax burdens, render the problem of simplified corporate structures a very important one. The Federal policy of taxing 10 per cent of dividends received is new with 1936. This graduated tax ranges from 12!£ per cent on net incomes of $2,000 or less up to 15 per cent on net incomes of $40,000 or more. In effect, this is a per cent levy on such dividends received by big corporations. Further Imports Feared Since 1913 dividends received have been listed as gross income, then deducted 100 per cent for income tax purposes. The revenue act of 1935 subjected to 10 per cent of such dividends received to the tax, thus allowing, in effect, a 90 per cent deduction or “exemption.” Big busiiiw xecuMves now fear that this 90 cem “exemption” might be pared to 80 per cent, 50 per cent or any other figure. On a corporate set-up of superimposed holding companies this may become, in effect, multiple taxation and quite oppressive, lawyers assert. Abolition of craisolidated tax returns in the revenue act of 1934 made for higher taxes by virtue of the fact that losses of some subsidiaries were not allowed to offset profits of others. One subsidiary might be a separate entity legally, but fundamentally just another department of th§ Railroads were excepted. Knotty Problems Posed One provision of the new Federal revenue act which has puzzled tax attorneys is that relating to dissolution of a subsidiary whereby no present loss or gain is entailed thereby. Though aimed at easing the problem of simplifying corporate structures, it possesses knotty problems as to depreciation and other phases of bookkeeping. The public utlity act is retarding the utilities in this movement, according to attorneys. Not recognizing the validity of the law until tested constitutionally, nor the authority of the Securities and Exchange Commission pursuant to it, the utilities are chary of asking SEC permission to consolidate subsidiaries. Moreover, those operating in interstate commerce also are obliged to consult the Federal Power Commission.

Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,935,000 Debits 6,340,000 TREASURY STATEMENT (By United Press) WASHINGTON. Feb. 25.—Government expenses and teceipts for the current fiscal year to Feb. 21. as compared with a year ago: Expenses .*4.652.000.992.72 *4.447.509.157 13 Receipts .. 2,298.033,755.69 2.226.644 355 31 Deficit ... 2,353.967.217.02 2,220,864.801'82 Cash bal .. 1.821,773.509.04 2,083,996,411.20 BRAZIL SIGNS PACT ON FROZEN CREDITS Thawing of $30,000,000 Fund Aimod Under Control By United Press WASHINGTON. Feb. 25. —An agreement by which Brazil undertakes to release to American creditors a maximum of $30,000.000 of frozen exchange was signed at the Brazilian embassy late last week by Ambassador Oswaldo Aranha and E. P. Thomas, president of the National Foreign Trade Council. The agreement was an outgrowth of the recent reciprocal trade pact signed by the Brazilian and American governments. As a result of negotiations conducted by Secretary of State Cordell Hull. Brazil undertook to release the credits, for the purpose of stimulating trade between the two nations. The credits had been frozen before February’, 1935, Brazil having liquidated most of ner commercial transactions since then. The new accord provided that the Bank of Brazil would remit cash to American claimants having claims of $25,000 or less, and for claims larger than that amount would issue dollar certificates maturing in 56 monthly installments. RUBBER IMPORTS DROP U. S. Exports to Canada Total 19,399,173 Pounds in 1935. Times SfHcial ONTARIO, Feb. 25.—Canadian imports oi raw rubber declined more than $500,000 during 1935 the Domininon bureau of statistics reported today. During the last vear 60.188,210 pounds valued at $6,955,077 were imported by the Canadian government. These figures compare with 63,701.489 pounds valued at $7,553,661 in 1934. United States supplied 32.2 per cent of the imports with 19,399,173 pounds compared with 86.1 per cent or in the preceding year.

Abreast of The Times on Finance

Percent """"" "T^ffIBBBS3ffISBSBODBO loop- Uoo. *o*3*sl 1 J , 100 Steel Ingot Production - 80 do 60 ————— T . GO 40 y Vrt — 4C AM m—a—— ———it—— | ■ —— —, Aft * Steel Dem/ind Index ii _ ti ii ii ,i,l , | ,|,i,

Steel demand continued to decline during January, falling to 77 per cent, compared with 78.2 per cent in January and 81.4 per cent in December, 1935. Production also declined during January, falling to 63 per cent from 75.4 per cent in December. Demand remained above production, causing a further reduction in inventories held by consumers, which indicates a strong statistical position for the industry. The favorable outiook for building and railroads augurs well for demand, and thus steel production should rise in the immediate future.

New York Stock Exchange Prices

(By Thomson & McKinnon 11:15 Prev. Oils— High. Low. N. Y. close. Amerada 84% 84% 84(4 84(4 Atl Rfg 32 1 a 32 32(8 22% Barnsdall 17V* 17(4 17(4 17(4 Consol Oil 14 13% 14 13% Cont ol Del .... 37 37 37 36% Houston (new) . 11(4 11 1114 11 Mid Cont Pet.. 19% 19% 19% 20(4 Ohio Oil 16% 16( 2 16(2 16% Pet Corp 16% 16% 16% 16% Phillips Pet 43% 43% 43(4 43(2 Plymouth Oil ... 14 13% 14 14 Pure Oil 16 (4 16% 16(4 16% Seaboard Oil 34% 34% 34% 34% Shell Un 18% 18% 18% IBV2 Soc Vac . 15% 15% 15% 16 S Oof Cal .... 45% 45(4 46% 45% S O of Ind .... 38% 38% 38% 38-a S O of N J ... 60% 60 60% 60% Texas Corp 35(4 34% 35(4 34% Tidewater Assn . 18% 18% 18% 18% Un Oil of Cal .. 27% 27% 27% 27% Am Roll Mills. 32% 32% 32% 33 Steels— Am Roll Mills . 3274 32% 32% 33 Beth Steel 57(4 56% 57% 57% Byers A M 23% 23 23 23% Cruc Steel 38 38 38 37% Ludlum Steel ... 32(4 32(4 32% 32(4 Mid Steel 31% 31 31 27% Natl Steel 70 70 70 69% Otis Stei ....... 19% 19 19% 19 Rep I & Stl 24% 24 24 24% U S Pipe & Fdy 35 35 35 35% U S Steel 62% 62% 62% 63% Young’wn S & T 51 51 51 54% Motors— Chrysler 97 96(4 96% 96% Gen Motors 59% 59% . 59% 59% Graham Mot ... 4% 4% 4% 4% Hudson 17% 17% 17% 18 Hupp 33 33 Mack Truck ... 35(4 35(4 35(4 35% Nash 21 20% 20% 20% Packard .11% 11% 11% ny Tleo 7% 7% 7% 7% Studebaker 13% 13 13 13% Yellow Truck ... 18 17 7 / a 17% 17% Motor Access— Bendix 25% 24% 24% 25% Bohn Alum 56 55% 55% 56' Borg Warner... 77(4 77% 77(4 77 Budd Mfg 11% 1134 n3/. ny Budd Wheel ... 12% 12% 12% 12% Elec Auto Lite . 42 41% 41% 42>4 Greyhound ”B”. 74% 74% 74% 7434 Houdaille .... 30% 30% 30% 30% Murray 80dy... 20% 20% 20(4 20% Timken Roll ... 70 69% 70 69% Timken Det Axle 16% 16% 16% 16% Mining— Jun 15% 15% 15% 15% Am Metals 33% 33% 33% 34% Am Smelt 67(4 67(4 67% 67 Anaconda 34% 34% 34% -145;, Cal & Hccla ... 8% 8% 8% 8% Cerro De Pasco. 50(4 50(4 50‘4 50% Gt Nor Ore ... 19% 191* lyi/t Howe Sound ... 52% 52% 52% 52% Ins Copper 11% 10(4 .11 11 u Bit Nickel 52 51% 52 52 Kennecott Cop.. 37% 37% 37% 38% Mclntyre Mine .. 44% 43% 43% 4414 Park Utah ...... 4% 4% 43-; 11? Phelps Dodge .. 34% 34% 34% 34% St Joe Lead 27% 27% 27% 28 Amusements— Crcsley Radio .. 17% 17(4 17% 17% Fox Theat 28% 27% £B% 27% Loews Lie 49% 48% 48% 48 Radio Corp 12% 12(4 12(4 12% Paramount .... 10% 10% iO % 10% HKO ... 8% 8% 8% 8% Warner Bros ... 1% 13% 13% 13% Tobaccos— Am Sum T0b.... 23% 23% 23% 23% Am Tob (B) 96% 96 96 97% P. en Cigars ... 55% 65% 55(4 54% Lig & Myrs (B)108 107% 107% 108% Lorillard ... 22% 22% 22% 223* Phillip Morris .. 72% 71% 71% 713* Reynolds T (B).. 57 56% 56% 56% Rails— Atchison 76% 76 76 76% Atl Coast Lines.. 34% 34% 34% 34% B & 0 23 22 23 Can Pacific .... 15Vs 15 15Va 15^ & Ohio 59% 59 59% 59% Chi & Gt W pfd 7 7 7 7 C M & St U pfd.. 5% 5 5% 5 Chi N W 4% 4% 4*3 43/. Chi N W pfd 11% 11% 11% ip® Dela & Hud 5049% 50% 49H Erie 16% 16% 16% 16% Gt Northern pfd 42 41% 42 * 42 111 Central 26% 26% 26% 26% ?J? v So ,? 24 23(4 23(4 23% Lehigh Valley .. 14 13% 13% 133- £, OU T, & r N 2, sh 711 71 ' 71% 71 M K & T 9(8 9 9 9(/ s Mo Pac pfd 7 6% 7 6% N Y Cent 39(4 39 39(4 38% N Y New Haven 5 5 5 5% N Y Ont & West 7% 7% 7% 7(4 Norfolk & West 232% 232% 232% 233 Nor Pacific 35 34% 45 34% Penn R R 37*4 37% 37*4 37% Sou Pac 36% 36% 36 a 36% Sou R R 19% 18% 18% 19 Upton Pac 132% 132% 132% 132% Wabash 4 4 4 4% West Maryland. 11% 11% 11% n% Equipments— Am Brake Shoe 50% 50% 50% 50% Am Car <fe Fdy.. 38% 38% 38% 39% Am Loco 35% 35 35 35 Am Steel Fdy .. 31% 31 31 31% E’ald Loco 6(4 5% 6 6% Gen Elec 39% 39% 39% 40% Pullman Inc 46% 46% 46% 46% West Air Br ... 47% 47% 47% 47% Westgh Elec ...116% 116% 116% 117(4 Utilities— Am & For Pwr . 7% 7% 7% 7% Am Power & Lt. 8% 8(4 8% 8% A T •& T 174 174 174 174 (a Am Wat Wks .. 22% 22% 22% 23 Col Gas & Elec.. 16*8 16% 16% 16% Com & Sou 3% 3% 3% 3% Consol Kas 33% 33% 33% 33% Elec Pwr & Lt... 9 9 9 9% Int Hydro Elec. 4% 4% 4% 4 Int T&T . . .18 17% 17% 18 Nat Pwr & Lit. 10% 10% 10% 10% Pac G&; E 33% 33% 33% 33% Peoples Gas ... 44% 44% 44% 45% Pub Serv N J .. 45 45 45 44% So Cal Edison . 26% 26% 25% 26% Stone & Webster 13% 13% 13% 15% United Corp . 7 6% 6% 7 Ut Pwr & Lt A 5% 5% 5% 5% Rubbers— Firestone 30 30 30 30 Goodrich 18 18 18 18% Goodyear 27% 27% 27% 27% U S Rubber .... 19% 19% 1914 1914 Miscellaneous— Allis Chalmers . 44 44 44 44% Anchor Cap 23% 23% 23% 23% Brklvn Man Tr 45 45 45 441 . Burrouehs Add.. 31% 31% 31% 311, Conti Can ... 77% 77 77 771; Caterpillar Tract 70 70 70 70% Curtis Pub 20 20 20 20% Deere & Cos . . 1 70% 70% 71% Foster Wheeler 36% 36% 36% 36% Gillette 17% 17% 17% 18 Inter Harv 69 68% 69 69% Owens Bottle ..147% 147% 147% 148 Rem Rand 22% 22% 22% 22% Underwood E ... 90 90 90 91 Worthington P.. 30 29*4 29% 30% Foods— Amer Sugar ... 56% 56% 56% 55% Armour 6% 6% 6% 6% Borden Prod 28% 28% 28% 28% Cal Packing 35% 35% 35% 35% Can Dry G Ale.. 14 14 14 14 Coca Cola ... 93% 93% 95% 94 Cont Bak (A).. 17% 17% 17% 17% Cuban Am Sugar 12% 12 12% 12% Gen Baking 13% 13% 13% 13% Gen Foods 35% 35 35 35 u Gold Dust 21% 20% 21 21*-* Natl Biscuit 34% 34% 34% 34 Natl D Prod 23% 23% 23% 23% Puritv Bak 15% 15% 15% 15% S Porto Rico Sug 32% 32% 32% 32% Std Brands 17% 17% 17% 18 Un Btscuit 25% 25% 25% 25% Untied Fruit 74% 74*4 74*4 75 Retail Stores—- } Allied Stores ... 7% 7% 7% 7% Assd Drv Goods 14% 14% I*% 14% Kresge S S ... 54 24 24 24(1 Marshall Field ..15 15 15 15 May Dept St ... 47 47 47 47 Mont Ward 38% 38% 38% 38% Natl Tea 10% 10% 10% 10% Penney J C ... 72 72 72 72% Sears Roebuck . 62% 62% * 62*8 62% Wc-lrtrth .... 53*8 53% 53 s * 53% Aviation Aviation Corp . 6 6 6 6 Curtiss Wright . 6% 6% 6% 6% Curtiss Wri (A) 16 15% 16% 16% Douglas Air 70% 69% 70% 69** Nor Am Av 7% 7% 7% 7% Sperrv Corp 20% 20*4 20% 20% Utd Aircraft new 23% 29% 29% 29% Chemicals— Allied Chem ... 166 168 168 168 3

TUESDAY, FEBRUARY 25, 1936

Freeport Tex ... 32% 32% 32% 32% Math Alkali 35% 35% 35% 35% Natl Dis (new).. 31 30% 30% 30% Schenley Dist.. 48% 48% 48% 48K Tex Gulf Sulph.. 37% 37% 37% 37% Union Carbide.. 83% 83% 83% 83% Drugs— Bristol Myers.. 45% 45% 45% 45% Sterling Prod .. 66% 66% 66% 66(4 Financial— Adams Exp 13% 13% 13% 13% Allegheny Corp .. 4(4 4 4(4 4(4 Am Int Corp .. 12 11% 11% 12 Transamerica ... 14% 14% 14% 14% Tr Conti Corp .. 10(is 10% 10% 101 b Building— Am Radiator ... 24% 24% 24% 24% Gen Asphalt .... 33(g 33(4 33(4 33% Holland Furnace 40% 40% 40% 40% Int Cement .... 45% 45% 45% 45*4 Johns Manville 124% 124% 124% 125% Ulen Cons .... 6% 6% 6% 6% Otis Elev .‘...32 32 32 32(4 Household— Col Pal Peet ... 18% 18% 18% 18% Congoieum 4040 40 39% Kelvinator 18% 19(4 13% 18(4 Mohawk Carpet . 26 26 26 26 Proc 61 Gamble. 46% 46% 46% 46% N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 „ . Inds. Rails. Util. Bonds. Today 93.4 X 95.4 104.9 97.9 Friday 93.2 95.6 104.9 97.9 Week ago 93.3 94.5 105.2 97.7 Month ago 92.8 90.8 105.0 96.2 Year ago 86.9 81.8 94.4 87.7 1936 High 93.3 95.6 105.5 97.9 1936 Low 91.6 84.7 103.5 93.3 xNew high. U. S. GOVERNMENT BONDS (By Abbott. Prccotr & Paine) Treasurys Prev. Close, close. 4(4s 1947-52 116.19 116.20 3%s 1946-56 110.16 110.16 3%s 1943-45 106.27 106.30 3(4s 1944-46 106.12 106.16 3s 1954-65 103.19 103.18 3s 1946-46 103.28 104.3 2%s 1955-60 100.30 101 Home Owners’ Loan Corp. 2%s 1949 100.18 100.20 3s 1902 100.19 101.21 Federal Farm Mortgage Corp. 3s 1942-49 .7 102.19 102.24 DOMESTIC Issue. Close, close. Prev Alleg Corp 5s ’44 96 96 Alleg Corp 5s ’49 93% 94% Alleg Corp 5s ’56 80% 80 Am Frgn Pow 5s 2030 80(4 80(4 Am T & T s(is ’43 113% 113% Am T & T 5s ’56 114% 114 Arm & Cos (Del) .'(is ’43 97 97 Atl Coast Line 4s ’52 99% 100 Atl Coast Line 4%s ’64 87% 87% Atch Top & S Fe 4%s ’48.... 113 112% Am Wat Wks 5s ’44 112% 110 Am Rolling Mills 5s ’3B 132 133 Balt Ohio 6s ’95 99 99 Beth Steel 5s ’36 105% 105% Chi Milw & St P 5s ’75 ... 23% 24% Chi Milw & St P 5s 2000 9 9% Cleve Un Term 5s ’73 105% 105% Col Gas 5s Moq ’52 101% 102 Col Gas 5s ’6l 101% 101(4 Can Pac Perp 4s 93% 93% Cent Pac 5s ’6O 99% 99% Big Four 4%s ’77 94 94(4 Colorado & So 4(is ’BO 77 % 78% Chi & West Ind s(is ’62 107% 107% Chi & Nor West 4%s ’49 16(4 16% Con Gas 5s 57 *. . 104% 104% Chesa Corp 5s ’47 134 134% Dodge Bros 6s ’4O 88% 89% N Y Dock 4s ’sl w 73% 75 Erie 5s '75 85% 85% Erie 5s ’67 85% 85% Gen Cable 5( 2 s ’47 104% 104% Grt Northern 7s ’36 102% 102 Grt Northern 4%s ’76 103% 104 Grt Northern 4%s ’77 104 104 Gen Stl Cast WW 5%s ’49 ... 94% 94% Hud & Manhat Ref 5s ’57 .... 83 88% 111 Cent 4%s ’66 :,s 83 83% 111 Cent Jt 4%s ’63 86 87% 111 Cent 5s ’63 90% 92% Interntl Tel & Tel 4%s ’39 ... 97 98% Interntl Tel & Tel 5s ’55 90% 92% Interntl Tel & Tel 4( 2 s ’52 86 88 P Lorillard 7s ’44 132 132 McKees & Rob 5%s ’SO 104 104 Natl Dairy 5%s ’4B 103% 103% Natl Steel 5s ’56 106% 107 Nickel Plate 4%s ’7B 86 87% Nickel Plate 5%s ’74 97 96% N Y Cent 5s 2013 95% 95% N Y Cent 4%s 2013 (old) .... 89% 89% Nor Amer C oss ’6l 105% 105% Nor Pac 3s 2047 81 81% Nor Pac 4%s 2047 111% 111 New Orleans Term 4s ’53 91% 91% Otis Steel 6s ’4l 102% 102% Penn Ry 4%s ’B4 109 108% Penn Ry 4%s ’Bl 109% 108% Penn Ry 4%s ’7O 103% 104 Portland Gen El 4%s ’6O 74% 75% Para Publix 5%s ’SO 94 94 Postal Tel & Cab 5s ’53 37% 37% Rem Rand WW 5%s ’47 113 112% Sinclair Oil 6%s ’3B 102% 102% Shell Union Oil 5s ’47 93 92 Sou Pac 4’is ’6B 90% 91% Sou Pac 4%s ’Bl 91% 91% Sou Pac 4%s ’69 92% 92% Sou Rail 4s ’56 ~. 67% 67% Sou Rail 6s ’56 83% 85 Sou Rail 6(is ’56 87% 87 Union Pac 4s ’47 113% 113% U S Rubber 5s ’47 105% 105% NY NH & Hart 6s ’4B 39*4 40% NY NH U Hart 4 1 is ’67 39 39 Warner Bros 6s ’39 95% 96% Western Mary 5%s ’77 108 108 Western Marv 4s ’52 99% 99% Young .town S & T 5s ’7O 105% 105% Youngstown S & T 5s ’7B 105% 106 FOREIGN Brazil 8s ’4l 32% 32% Canadian Govt 4s ’6O 105 108% Denmark 5%s ’55 101% 101% German s (is ’65 28% 28% German 7s ’49 37 37% Italy 7s ’sl 69 69% Rome 6%s ’52 61 60*4 Yokohama 6s ’6l 87% 87% . Local Securities (Reprinted From Late Times Yesterday) (By Indianapolis Bond Sc 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 T & T Ft. Wayne 5%%.104 105 H T at T Fort Wayne 69i . 103 106 Indianapolis Railways Inc 5%. 67% 70 Indianapolis Water Cos. 4%%.. 105 107 Indianapolis Water Cos 5% 105 107 Indianapolis Water Cos 5% 105 107 Indianapolis Water Cos. 5%%..104 105% Indianapolis Water Cos. 5%%.. 104 105% Interstate Tel & Tel 5%% . 95 97 Kokomo Water Works 5%.... 104% 105% Morris 5 & 10 Stores 5%.... 100 103 Muncle Water Works S'"* 103 Noblesville Heat, Light & Pow 98 100 Ohio Telephone Service 6%.. 97% Richmond Water Works 5%.. 104% 106 Seymour Water Cos 5% 101 104 T H Traction & Light 5% . . .103 105 Terre Haute Water Works 5% 102 104 Tern? Haute Water Works 6% 103 105 Traction Terminal Cos 5% 78 71 STOCKS Belt Railroad Si S Y com 53 55 Belt Rail & Stock Yd pfd 6% 52% Central Indiana Pow pfd If* 21% 24% Home Tel Si TFt Wavne 7% 52% 54% Hook Drugs. Inc common . 16% 18 Ind & Mich Elec Cos pfd 7ri- 103% 10% Indiana Central Service Cos 6% 98 100% Ind Hydro Elec Cos 7% 62 65 Indpls Gas Cos com 6% 35 38 Indpls Pow & Lt Cos pfd 6%.. 89 92 Indpls Pow &LtCo6% r V 93% 96% Indianapolis Wa Cos pfd 5% 103% 1% North Ind Pub Serv pfd 5%% 69% 72% North Ind Pub Serr pfd 6C. 76 79 North Ind Pub Serv pref 7%.. 85 88 Progress Laundry Cos com 9 10% Pub Serv Cos of Ind nfd pfd 6% 19% 34 Public Serv Cos of Ind pfd 7% 45 48 South Ind Gas Si Kite 6% 97 99

Simmons Bed . 24% 23% 23% 24% Textiles— Amer Woolen .. 9% 9% 9% 9% Celanese Corp .. 29% 29% 29% 29% Collins Aikman . 48% 47% 48% 48% Indus Rayon ... 31% 30* 4 31% 30% Kayser Julius .. 33(4 32% 33(4 32% Chicago Stocks (By Abbott, Proctor Si Payne) 11:30 Prev. N. Y. close. Allied Products 23% 23 J. P Adams 16% 16% Berghoff 9(4 9(i Butler Bros 10 9% Chicago Corp 5% 5% Cities Service 5% 5% Com Edison 104 104(4 Conti Steel 41% 40% Cord Corp 6% 6% Crane 28% 28 Elec Household 16 16% Gen Household 4(4 4% Great Lak-s Dredge 30 30 Iron Fireman 28% 28% Libby McNeil 9% 9% Nauchman Springfield 12 11% Nobblitt Sparks 33 32% Perfect Circle 38 38 Quaker Oats 134% 134 Swift 24% 24% Zenith 17 17% New York Curb (By Abbott. Proctor & Paine) Prev. Close Alumn Cos of A ;n 119% 119*4 Am Cyanide “B” 37 37% Am Superpower 2% 3 Atlas Corp 15(4 15% Can Indus Ale ‘“A” 12(4 12% Carrier Corp 11(4 11% Creole Petrol 30% 31 El Bond & Share 17 17% Fisk Rubber 8% 8% Ford of Can “A” 26% 26% Ford of Europe 9 9 Imperial Oil Ltd 23% 23% Nia Hudson Pwr 9% 9% Pan American Airways 58 58% Penn Road 5% 5% Salt Creek Products 8% 9 Investment Trusts (By Thomas D. Sheerin & Cos.) Bid. Ask. Administered Fund 2nd $17.04 $18.13 Affiliated Fund. Inc 1.91 2.09 American General Equities.. 1.09 1.12 •American Business Shares... 1.17 1.27 Bullock Fund Ltd 17 50 19.00 Century Shares Trust 29.00 30.12 •Collateral Tr. Shares “A’’.. 6.52 6.60 Corp ’AA’ or ’Accum.’ (mod.) 3.26 3.29 Corp ‘AA’ or ‘ACC’ (unmod.). 2.59 2.63 Corp Trust Shares torig.) . 2.83 2.86 Diversified Trustee Shares ‘B’ 10 !80 10.90 Diversified Trustee Shares 'C 4.53 4.57 Diversified Trustee Shares ‘D’ 6.63 6.75 Dividend Shares, Inc 1.64 1.77 Incorporated Investors 22.50 24.08 Investors Fund Amer 1.08 1.18 Market Street Invest Corp.. 31.73 33.42 Maryland Fund 19.20 20 72 Massachusetts Investors 25.36 27.57 Nation-Wide Sac Cos ‘B’’ .... 4.70 Nation-Wide Voting 1.71 1.87 North American Tr Shs 1956 3.31 3.34 North American Tr Shs 1956 3.27 3.30 North American Tr Shs (orig) 2.63 .... Quarterly Income Shares .. . 1.58 L7O Representative Trust Shares. 12.40 12.55 Selected Amer Shares, Inc . 1.59 1.73 Selected Amer Shares (orig) 3.60 Selected Cumulative Shares.. 9.18 9.28 Selected Income Shares 4.86 4.96 State Street Investment Corp 96.87 101.38 Super-Corp of America “AA”. 2.76 279 Super-Corp of America “BB” 2.78 2i82 Super-Corp of America “A”.. 4.09 4.14 Super-Corp of America “B“ . 4.29 4.34 Super-Corp of Am ‘C’ & ‘D’ 7.95 8.03 Supervised Shares, Inc (Delal 1.65 1.81 Trustee Stand Oil Shares ‘A’ 7.63 7.73 •Trust Stand Oils Shares ‘B’ 6.74 684 Trusters Stand Investment ‘C’ 295 2.99 Trustee Stand Investment ‘D’ 2i89 292 Universal Trust Shares 4.15 Uselps “A’’ 18.50 19.00 Uselps “B” 2 82 Uselps Voting 1.10 •Ex-Dividend. Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS _ , , Bid Ask Central Hanover 114 116% Chase 37% 39 Chemical National 56% 58% Guaranty 292% 295% Irving 16% 17% Manufacturers 4374 45% National City 30(4 32% Cont 111 Chicago, 152 155)4 First National Boston 46% 48% National Shawmut 26% 28% FIRE INSURANCE Aetna Fire 56% 58(4 American Ins of Newark 15% 18% Baltimore American 8% 9% City of New York 31 33% Federal Ins ;..106 111% Franklin Fire 32 34 Great American Ins 31% 33% Hanover Fire Ins 39% 41% Hartford Fire Ins 81 83% Home Ins 36% 37% National Fire 80 83% Ins Cos of A 77% 80% National Liberty 10% 12% North River 27% 29% Phoenix 96 99% U S Fire 58% Westchester Fire 39% Chicago Grain Futures (By James E. Bennett Si Cos.) Wheat—--11:30 Prev. High Low A. M. Close May 99% .99% .99% .99% July 90% .89% .90 .89% Sept 89% .88% .89; .88(4 Corn— May 60 % .60% .60(4 .60% July 60% .60*8 .60% .60% Sept 60% .60% .60% .60% Oats— May 28*4 .28% .28*4 .28% July 28% .28(4 .28% .28% Sept 28% .28% .28% .28% RyeMay 57 .56% ,57(b .56% July 56b 55% Sept 55% b Bid. Produce Markets The prices quoted are paid for stock gathered in the country, while delivered in Indianapolis the price is a cent higher. Heavy breed hens. 18c; Leghorn breed hens. 13c: Leghorn springers. 12c; old stags. 13c: old cocks. 9c. Ducks, white. 5 lbs. and over. Uc: Reese, full feathered, all sizes. 10c: all guineas. 1% lbs. and up. 15cr No. 1 strictly fresh eggs, loss off. 19c. 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@41c; No. 2. 387i39c. Butterfat, 35c. Quoted by the Wadley Cos. (By United Press) CHICAGO. Peb. 25.—Eggs—Market unsettled; receipts 19,874 cases; fresh graded firsts, 23 %c; extra firsts. 25c; current receipts. 22%c; dirities. 21c; checks, 19c. Bui*er—Market, weak: receipts. 17,592 tubs: extra firsts (90-91% score). 34%c; extras t 2 score). 35c: first • 8889' 2 score 1. 33%tfr33%c: specials, 3536c; standards. 34%c. Poultry Market steady at decline: receipts 18 trucks, 1 car due: ducks. 21 e24c: geese. 18c: spring chickens, 23i24c: hens, 18@22tic; turkevs. 20@23c; capons. 25®26i:: Leghorn hens, 14 ©riOc: old roosters, 17c; brolers. 23c. Dressed poultry—Turkeys, young Toms. 29c; hen turkeys. 264i26c; capons. 27ft30c. Cheese —Twins. 15(4ftl5’jc; daisies. 15%ft 13%e: Longhorns. 15%ft16%c. Potatoes — Supply liberal: demand very slow; market dull with weaker undertone. Idaho Russet Burbanks. *1.70# 1.77%; U. S. No 2, J1.45S 1.60: Wisconsin round whites. *1.20 ®1.32%: U. S. No. 2, 80 c; Minnesota cobblers, *li®l.os; Colorado McClures. *1.506 1.60; Nebraska Bliss Triumphs, $1.32*1.45. Arrivals, 80; on track, 369; shipment*,

INTEREST RATE ON PUBLIC DEBT DROPSjHARPLY Average Charges Paid at End of 1935 Lowest in 19 Years. Times Special NEW YORK, Feb. 25.—The average rate of interest paid on the public debt at the end of 1935 was the lowest since 1916, according to an article published in Financial World. A more manageable public debt by a .more even distribution of maturities was effected last year by the Treasury Department, the article stated. “This accomplishment was largely the result of successfully refunding the last of the war bonds, a program which had its inception in October, 1933. “As at present constituted, the debt is probably in better condition from the tandpoint of maturities than for some years past. It is interesting to draw a comparison of its construction on Jec. 31, 1935, with three years ea-lier. Next Maturi ties 1941 “Currently there are no bonds maturing before 1941, although there are, of course, note and bill maturities. Between 1941 and 1960 the amount of bonds maturing in any single year is not in excess of $1,700,000,000. Besides, there are no maturities in 1942, 1944, 1950, 1951, 1953, 1957, 1958 and 1959, interim periods which may be utilized in the event of short-term financing of maturities approaching those dates. “The amount of debt maturing within five years was larger at the end of 1935 than on Dec. 31, 1932. Maturities of Treasury bills up to nine months increased from $540,000,000; certificates of indebtedness creased from $2,300,000,000 to a special issue of $250,000,000, and Treasury notes, all of which mature within five years, increased from $3,000,000,000 to $12,000,000,000. The amount of notes maturing during each year varies from $1 700,000,000 to $2,900,000,000. “At the close of 1932, in contrast, the government was faced with the problem of retiring slightly more than $6,000,000,000 of Fourth 4 '/. per cent Liberty Loan bonds on or before Oct. 15, 1938. The last of these was exchanged during 1935. The next maturity was slightly less than $1,000,000,000 of bonds in 1943; $2,400,000,000 in 1947; less than $1,000,000,000 each in 1949 and 1952; sl,100,000,000 billion in 1954; $800,000,000 in 1955, and $500,000,000 in 1956. Lower Interest Rates “Aside from the better distribution of debt, refundings have been undertaken at lower interest levels, bringing the average rate of interest paid on the debt at the end of 1935 to 2.55 per cent, the lowest since 1916, when, at the end of the fiscal period June 30, the rate averaged 2.376 per cent. Only a year ago, Dec. 31, 1934, the average interest rate was 2.96 per cent. “The interest bearing debt on Dec. 31, last, totaled $29,600,000,000 on which annual interest charges averaged $750,000,000. Three years earlier that debt amounted to $20,400,000,000, carrying on interest charge of $700,000,000. Expressed in another way, the debt increased 44 per cent, while the interest cost disclosed only a 7 per cent additional burden.” Other Livestock (By United Press) CHICAGO. Feb. 25.—Hogs—Receipts, 15,000, including 4000 directs; steady to 10c lower than Monday’s average; spots off more; top, $10.40; bulk 180-250 lbs., *lO.lO @10.35; 250-300 lbs., [email protected]; most 140-170 lbs., $9.50@10; bulk sows, s9@ 9.25. Cattle—Receipts, 8000; calves, 1500; trade very sluggish; generally 50c lower for week to date, instances more, this downturn applying particularly to steers and heifers, undertone on which continues W'eak to lower; liberal carryover Monday and hardly enough done today to make a market; indications weak with Monday’s extreme downturn; most steers, [email protected]; choice 1100-lb. steers, $10.50; most fed heifers, $7 down to $6, very few above $7; cutter cows, $4.50 down to $3.50; bulls, 25c lower at $6.50 down; vealers another 50c off at $9.50 down. Sheep—Receipts, 9000; fat lambs in fairly broad demand; bids and sales fully steady to stronger; other classes little changed; good to choice fed western lambs, 59.85@10; early top, $10.15, best held $10.25 and above; scattered native ewes, *[email protected]; feeding lambs scarce. LAFAYETTE. Ind., Feb. 25.—Hog market steady to 10c lower; 170-210 lbs. $10.20 @10.25; 2.10-235 lbs., [email protected]; 235-260 lbs., $9.95ft,10; 250-325 lbs.. [email protected]; 140-170 lbs., $9.75(610; 100-140 lbs., s9@ 9.50; roughs, $9 down. Calves—slo down. Lambs—s9.so down. FORT WAYNE. Ind.. Feb. 25.—Hogs— Steady; 160-180 lbs., *10.45; 180-200 lbs., $10.35; 200-225 lbs., 510.25; 220-250 lbs., $10.15; 250-275 lbs., $10; 275-300 lbs.. $9.95; 300-350 lbs.. $9.60; 140-160 lbs.. $10.10; 120140 lbs., *9.80; 100-120 lbs., *9.65. CattleSteady; roughs, $8.45; stags, $6.70; calves, $11; lambs, $9.50, steady. (By Times Special) LOUISVILLE. Feb. 25.—Cattle—Receipts. 300; opening trade rather slow, undertone weak on beef cows, but other classes about steady; bulk common to medium grade steers and heifers, $5.50@7; common dairybred and off colored kinds down to $5 or less; better finished offerings quotable to around $8; most beef cows salable, quotable to $6 or better; low cutters and $4.75(5.5.75; only good smooth heifer tvpes cutters mostly [email protected]; sausage bulls practically absent; most buyers talking. $6.50 down; light beef type stockers and stock calves salable mostly s6@B. Calves —Receipts, 200; market not established; most bids weak to around 50c lower at [email protected] for good to choice grades; sellers asking up to $lO for strictly choice handpicked vealers. Hogs—Receipts, 700, including 150 direct; market 10c lower; top and bulk better 160-225 lbs.. 10.30; 230-250 lbs., $10: 255-300 lbs., $9.45; 305 lbs. up. $9; 120-155 lbs.. $9.20; sows. $8.10; soft hogs of distillery mash feeding subject to a discount of $2 or more. Sheep—Receipts 50, generally steady; market for meager auota slaughter sheep and lambs: better native lambs salable mostly $8.50(6 9; choice quotable higher; plainer-grade natives, [email protected]; most fat ewes $4 down. STOCK IS SUSPENDED Times Special CHICAGO, Feb. 25.—Trading in Storkline Furniture Corp. $25 par value convertible preference stock has been suspended by the Chicago Stock Exchange, it was reported today. The recently proposed plan of the company to recapitalize by exchanging preferred shares of stock for common shares is now tied up in a court injunction. NET PROFIT REPORTED Times Special * CHICAGO, Feb. 25.—St. Joseph Lead today reported net profit of $485,200 after all deductions for the year ended Dec. 31 as compared with a net loss of $812,534 for the previous year. PUT YOUR MONEY TO WORK LOCALLY! BUY Building & Loan Share*

Pension'' Totals $840,255 The Bethlehem Steel Corp. paid out $81,0,255 in pensions to its employes during 1935, anew high record, according to a report made today by the pension board. This brought the total payments to pensioners to $7,591,,796 since Jan. 1,1923.

New Business BoGks Available at Library The following new business books are now available at the business branch of the Indianapolis Public Library: THE COMING AMERICAN FASCISM. Lawrence Dennis. It seems likely that it will be as a radical program of sociological rationalization to bring our social machinery up to date that Fascism will exercise a strong appeal .n the United States. THE RUN FOR YOUR MONEY, by L. J. Ellison and F. W. Brock. “Stuffed flats.” “Help the blind.” “Twisters.” "Sell and switch.” ‘Wanted man w.th car.” “Free lots.” ’’Chain letters,” and other swindles bv which the great American public is fleeced. HOW TO GET PUBLICITY, br Milton Wright. Is it better that the formation of public opinion be given conscious direction than that it be left to chance? FUNDAMENTALS OF ACCOUNTING, bv Earl A. Saliers. ■The organization and Interpretation of accounts in a single volume whose author is already well-estab-lished by his earlier books. OFFICE APPLIANCE EXERCISES, by J. T. A. Ely and A. C. Beaver.

SWINE MARKET TURNSUNEVEN Prices Steady to 15 Cents Lower; Heavy Butchers Higher. The pork market, influenced by heavy receipts at surrounding livestock centers, displayed a threeway trading range today at the Indianapolis Union Stockyards. Prices generally were steady to 15 cents lower than yesterday's average, excepting some heavy butcher grades which advanced 10 to 15 cents. Although receipts were estimated at only 3000, competition was light in the various classes due to a light demand prevailing. This was attributed largely to the limited outside interest. Holdovers were 99 head. The bulk of 160 to 225 pounds cashed in at $10.40 to $10.50, while medium weighty classes, from 225 to 275 pounds, sold at $10.20 to $10.35. Extreme heavies, scaling from 275 pounds and upward, brought $9.75 to $10.15. Light slaughter pig?. 130 to 160 pounds, were salable at $9.75 to $10.25. Good packing sows held at $8.75 to $9.50. With a liberal supply of slaughter classes available, interest was limited in the cattle market. Very few steers were sold. Bidding was unevenly lower on all classes. Bulk of the supply was salable at $8 down. Heifers were steady at $7.75 down. Cows were steady to weak, and bidding around 25 cents lower on bulls. Receipts numbered 1600. Vealers displayed a steady trading range, with the bulk of good and choice kinds selling from $10.50 to sll. Receipts were 600. Early sales of lambs ranged upward to $lO. Most bids, however, were under that figure, indicating a slightly lower market. The supply consisted mostly of fed western grades. Slaughter sheep sold at $3.25 to $5. Receipts were 3000. HOGS Feb. Bulk. Top. Receipts. 19. [email protected] $11.30 5000 20. 10.80@ 10.90 10.90 5000 21. 10.80 ft: 10.90 10.90 3000 22. 10.80@ 10.90 10.90 1000 24. [email protected] 10.65 4000 25. [email protected] 10.50 3000 Light Lights. (140-160) Good and choice..* [email protected] Medium 9.25 ft 10.90 (160-180) Good and choice.. 10.40# 10.55 Medium 9.90# 10.40 (180-200) Good and choice.. 10.40 ft 10.50 Medium 9.90 ft 10.40 (200-220) Good and cho.ce.. 10.40 ft 10.50 (220-250) Good and choice.. 10.30# 10.40 Heavyweights. (250-290) Good and choice.. [email protected] 290-350) Good and choice., [email protected] Packing Sows. (275-350) Good 9.25@ 9.50 (350-425) Good 9.10# 9.40 (425-550) Good 9.00 ft. 9.25 (275-350) Medium 8.75® 9.10 Slaughter Pigs. (100-140) Good and choice-. 9.00® 9.75 Medium B.oo® 9.25 CATTLE——Receipts, 1600— (550-900) Choice $9.25# 10.50 Good 7.50 ft 9.50 Medium 6.25 ft. 7.75 Common 5.00 ft 6.25 (900-1100) Choice 9.75ftn.25 Good [email protected] Medium 6.50@ 8.00 Common 5.00 ft 6.25 (1100-1300) Choice 10.50 ft 11.50 Good B.oo# 10.50 Medium 6.50# 8.00 (1300-1500) Choice 10.75(®11.50 Good [email protected] Heifers (500-750 Choice 7.500 8.75 Good 6.50# 7.50 Common and medium 4.50# 6.50 (150-900) Good and choice... 6.75 ft 9.00 Common and medium ..... 5.00@ 6.75 Cows Choice 6.250 7.00 Good 5.50# 6.25 Common and medium 4.75# 5.50 Low cutter and cutter 3.50# 4.75 Bulls, good 6.250 700 Cutter, com. and med. bulls.. 4.50@ 6.25 VEALERS —Receipts, 600— Good and Choice $lO 50# 11 00 Medium B.ooft 10.50 Cull and common 4.50® 8.00 Calves (250-500) Go6cl and choice... 7.00 0 950 Common and medium 4.50® 7.00 Feeder and Stocker Cattle (500-800) Good and choice... 6.50# 7.50 Common and medium 5.000 6.50 (800-1050) Good and choice.. 6 50@ 750 Common and medium 5.00# 6.50 Cows Good 4.50# 5.00 Common and medium 4.00@ 4.50 SHEEP AND LAMBS —Receipts, 3000— Lambs. 90-lbs. down, good and choice 9.75# 1000 Good ...” 950 ft 9.75 Medium 8.50@ 9.50 Common 7.00 ft 8.50 Ewes. (90-175) Good and choice.. 4.00# 5.00 Common and medium .. 3.00 ft 4.00 Yearling wethers, govd choice 8.50# 9.25 Medium 7.25# 8.50 USED OFFICE FURNITURE Repairing—Refinishing W. C. BRASS ASSOCIATES 134 S. Meridian, KI-9727

-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 EASY MARKEY SYREEY

STEEL OUTPUT HIGHER OURIN6 LAST3YEARS Recovers 49 Per Cent From Low Point Reached in 1930-32. Times Special NEW YORK, Feb. 25.—Steel production expanded in 1935 for the third consecutive year. The output of steel ingots last year was 30.5 per cent higher than in 1334 and ' 150.9 per cent above the depression’s low In 1932. Production in 1935, however, was still 38.5 per cent below the predepression peak in 1929, and represented the recovery of only 49.0 per cent of the ground lost m the 1930-32 period of curtailment, according to the Alexander Hamilton Institute. The gain in steel output in 1935 over the 1934 volume was due to the increase in the national income, to the larger proportion of the national income available for the purchase of steel, to a more than normal amount of money spent on steel as against a less than normal amount in the previous year and to the fact that the increase in ths price of steel was only slight and consequently failed by a considerable margin to offset the expansion in the amount of funds available for the purchase of steel. Price Shows Gain However, the price of steel in 1935, relative to the amount of money available for the buying of steel, was much higher than in 1929. The amount of available money in 1935 was 47.8 per cent lower than in 1929. The amount of available money in 1935 was 47.8 per cent lower than in 1929 while the price level was lower by only 7.5 per cent. The fact that the index of the money sppply in 1935 was thus only 52.2 on the basis of 1929 as 100, while the price index was 92.5, accounts for the lower output of steel in 1935 than in 1929. The steel price index advanced from 85.0 at the low for the depression in 1933 to 92.5 in 1935, an increase of 8.8 per cent. The price movement consequently retarded recovery, but it did not block recovery because the index of the supply of money rose from 25.0 in 1932 to 52.2 in 1935, an increase of 108.8 peri cent. One of the major factors ing for the relatively high price of steel in 1935 was the cost of labor. Wage rates advanced from the depression’s low of 52.0 cents an hour in 1933 to 66.2 cents an hour in 1935. Wage Rates Higher Wage rates last year were only 1.8 per cent lower than in 1929 when they amounted to 67.4 cents an hour. The rise in the cost of food was primarily responsible for this increase in wage rates. While working hours were increased from 36.8 hours a week in 1933 to 40.2 hours in 1935, this increase was not sufficient to raise the worker's earnings to the cost of food level without an increase in wage rates also. LOCAL CASH MARKET City grain elevators are paying 94 cent* for No. 2 soft wheat. Other itrades on their merits. Cash corn new No. 4 vellow 50 cents and oats 21 cents.

PROUD OF CUR MEN Yes, Indeed we've good reason to be excited about our bus and trolley operators* '.They had 24% less accident*' in 1935 than in 1934—de* spite heavier traffic on the streets. These men who pilot the cart and buses make safety a habit every day—that's why, we haven't had a passenger fatality in ten years—that'* why you’re safer inside a trolley or bus than anywhere else ; n the street. vnAmq<io@A RAILWAYS