Indianapolis Times, Volume 47, Number 305, Indianapolis, Marion County, 29 February 1936 — Page 14

Trends Warfare Against Business Firms Continues. BY JOHN T. FLYNN

NEW YORK. Feb. 29.—For six decades the states and the central government have carried on a warfare against business concerns getting together and agreeing on prices. The Sherman AntiTrust Law was passed to prevent that practice. The Clayton Act and the Federal Trade Commission were established to reinforce the courts. The

principle on which these laws were founded was, and still is, recognized as sound by economists of widely differing schools. But the whole front against these practices has broken down as a result of the NRA. For while the NRA has collapsed, some of its unwholesome effects still remain.

Flynn

Under the NRA producers were told by the government to get together and agree on production and priecs and other trade practices. The Sherman Anti-Trust Law was suspended. non WHEN the NRA was declared illegal, it became once again illegal for business to get together in these production and price agreements. But the government that had encouraged them to do this has felt, apparently, helpless now to turn upon business groups and prosecute them for doing things they were urged to do only a few months ago. Also, the government has put in charge of the enforcement of the anti-trust laws a lawyer who has been a leading light in fighting them. For instance, under the NRA the steel makers were permitted to get together to revive the old Pittsburgh-plus or basing point system of charging for steel. This was an old practice but was stopped while Harding was President. It would look like a pretty clear violation of the anti-trust laws. When two steel makers get together and agree that when selling steel they will always add into the price the freight from some agreedon point, wnether the steel was shipped from that point or not, that comes clearly within the prohibition against agreements in restraint of trade. a tt tt THERE is the added uneconomic injustice of permitting the seller to charge the purchaser freight for shipping the steel 500 miles when, perhaps, it has been shipped only 50 miles. To put an end to this, however, although the anti-trust tlaw is already sufficient if it were enforced, Senator Burton K. Wheeler of Montana has introduced a bill making the use of the basing point system of pricing unlawful. But the bill hits at the whole vicious structure of price-fixing, collusion of all kinds, the use of agreed-on bids, formulas for pricing. Senator Wheeler ought to introduce another resolution to investigate the Department of Justice to determine why the anti-trust laws are not being enforced. Perhaps we ought to get rid of these laws, but Congress alone has the power to repeal them. No President, no Department of Justice underling has the right to give to business a license to violate these laws through the stratagem of refusing to enforce them.

CURB SEAT BRINGS SIOOO Times Special CHICAGO, Feb. 29. Sidney T. Bailey, partner of Avery & Cos., has purchased a membership on the Chicago Curb Exchange, it was learned today. The sale, reported to total SIOOO, was the first since November. 1934, when a membership was sold for S3OO. On Commission Row (Reprinted From Late Tlmei Yesterday) (Quotations below subject to change are avprsge wholesale prices being ottered to buyers by local commission dealers.) FRUlTS—Strawberries: Florida. pint. 20c; 36-pint crates. 19c. Cranberries. <5. C. Howes. Eatmores. 25-lb. box. $2.75. Pears; Washington D'Anjo (100s box), $3.25; Washington Dose (100-120s). $3.25; California, Avacado (200-245). $3.50. Grapes: Extra Fancy Emperors (34-lb. sawdust chest). $3.50. Limes: Mexican icarton 12s), 25c; Persian seedless (doz.), 45c, Dates: Fresh Arizona. $1.50. Bananas, seven hands, pound. sc. Apples: Delicious (fancy baskets). $1.50; Jonathans. $1.50; Grimes Golden, $1.25; Rome Beauty. $1.65. Lemons: Sunkist (3605), $6 Grapefruit: Texas seedless (545-80s). $3.75. Arizona Sunkist (80s). $3. Tangerines, Florida (120s, 1445, 168s), $1.75. VEGETABLES Artichoke, California (doz.) $1,15. Beans, green, round stringless (hamper). $3. Beets: Texas t3 doz. crate), $1.50; cut ofls (bu.). sl. Brussels Sprouts. California (lb ), 18c. Cabbage. New York Danish (50-lb. bag). 90c; Nbw Texas (crate). $2.25. Red Cabbage (50-lb. bag), $2. Carrots. California (6doz. crate), $2.50; Texas (3% doz. crate), $1.75 (bushel). $1.65. Cauliflower. California (12s crate). $1.75. Cclerv. Florida washed and trimmed tdoz.). 45cs$ $1; Florida (4s. 6s. Bs, 10s crate), $3.50. Cucumbers, hothouse (do*.), $1.25; (southern bushel), $6 Egg Plant. Florida (doz ). $1.50. Kale (Virginia bushet). 90c. Lettuce. Iceberg Arizona (best 4s, 5s i. $3; home grown leaf (15-lb. baskets), 85c. Endive. California (doz.). 90c. Peppers, mangoes (crate), $7: peck basket. $1.75; (doz.), 45c. Mint, hothouse (doz.), 75c. Mushrooms (pound), 30c Mustard. Texas tbunch). 75c. Onions —lndiana yellow (50-lb. bag). $1.25; Indiana yellow (10-lb. bag), 28c; Western Spanish <SO-Ib. bag). $1775. Oyster plant, home grewn idoz.t 40c. Parsley southern (long bunches do*.). 45c. Parsnips, home grown washed tbusheli, $1: (half-bushel). 60c. Peas. Florida (hamper), $2.75. Potatoes. Michigan Round Whites (100-lb. bag), $1.90. Maine Green Mountains (100-lb. bagi, $2 35; R. R. Early Ohios (100-lb. bagi. $2: R. R. Cobblers < 100-lb. bag). $1.90. Idaho Russets (100-lb. bag. $2.40; Idaho bakers (70s box). $2.50: Col. McClures, 100ib. bag), $2.10; New Texas Triumphs (50lb. bag). $2 15. Sweet potatoes. Indiana Jerseys (Is bushel) $1.50: medium • bushel). $1: Tennessee Nancy Halls • hampers), $1 15; Southern Puerto Ricans (bushel crate). $1.50. Radishes, home grown buttons (do*.). 45c; white. 40c Rhubarb, hothouse (bunch). 50c. Rutabagas. northern (50-lb. bag). 85c. Sage idoz.). 45c. Shallots. Louisiana (doz ). 454r50c. Spinach, New Texas (bushel). sl.lO. Turnips, home grown washed (bushel), $1.50. Tomatoes repacked (10lb box), $1.60; original Cuban (SO-lb. lug), $3. Produce Markets (Reprinted From Late Tinea Yesterday) The prices quoted are paid for stock gathered in the country, while delivered In Indianapolis the price is a cent higher Heavy breed heni. 18c: Leghorn breed hens. 18c: Leghorn springers. 12c: old stags Me: old cocks. 9c Ducks, white. 5 lbs. and ovar. lie: geese, full feathered, an sizes. 10c: all guineas. 1% lbs. and up. 15c No. 1 strictly fresh eggs, loss off. 19c Each full case must weigh 55 lbs. gross, a deduction of 10 cent* a pound under 55 18b. -&U) be made No. I butter. 40$$4ic;

PAGE 14

INDIANA RETAIL VOLUME HIGHER THAN YEAR AGO ——— ! Independent Stores Report Gain of 13 Per Cent in January. Retail sales of 390 independent stores in Indiana showed an increase of 13 per cent in dollar volume during January, compared with the corresponding 1935 month, according to preliminary estimates released today by the Bureau of Foreign and Domestic Commerce. The report, which covers the larger independent stores with the execution of department stores, represents 21 classes of business, 14 of which, due to an insufficient number of reports, are contained in miscellaneous or in group totals. Six Groups Increase When adjusted for the number of working days, January sales showed a decrease of 39 per cent from December, 1935. There was more working days in January than December. Without adjustment of either for the number of working days or for seasonal influences, January sales were 37 per cent lower than for December. Six of the various classes of business represented showed increases for January this year over the same month a year ago. The greatest gains were 50 per cent shown by motor vehicle dealers, which continues to reflect the results of early introduction of new models. Lumber and building material dealers in the state reported an increase of 29 per cent and hardware stores 16 per cent. Losses were shown by the apparel group with men’s and boys’ clothing stores registering a decrease of 2 per cent. A similar decline was shown by country general stores. Declines Are Reported. Practically all lines of trade reported declines in January over December. This conforms to the usual seasonal decline -in retail trade. The largest declines were shown by hardware dealers whose sales dropped approximately 61 per cent, men’s and boys’ clothing stores which registered a 56 per cent decline and by furniture and household appliance stores, reporting a decrease of 46 per cent for the month. Os the total number of firms reporting to the bureau for January 245 showed increases over January, 1935; 131 registered declines, and 14 reported a change of less than 1 per cent. Expects Sales Gain By United Press WASHINGTON, Feb. 29.—Although adverse weather conditions continued to hamper retail trade during the week ended Feb. 22, it is expected that total February sales will exceed those of the same month last year, the Commerce Department reported today. Industrial production maintained a steady pace. Output was somewhat curtailed by the holiday. Although construction contracts awarded during the first half of the month recorded a sharp counter seasonal recession, it was said that they remained far above those of a year ago.

CANADIAN BUSINESS FAVORABLE Trade Increasing in Volume, Bank Survey Shows. Times Special MONTREAL, Canada, Feb. 29. The general business trend continues favorable in Canada although the abnormal severity of the weather has retarded retail trade and hampered the distribution of merchandise, according to the monthly business summary of the Bank of Montreal. Building permits in January showed a further tendency to rise from the low level of recent years and external trade is still increasing in volume and value, the bank reports. Although manufacturing activity has not been uniform, automobile plants and steel mills have kept busy, the mining industry has continued active and the output of newsprint has been well maintained. With the opening of Parliament under anew government, the bank reports that “there has been nothing so far to indicate that any particularly radical or disturbing innovations are included in the government program, the impression gained being that constructive measures are under way in respect to growing debts and increasing taxation of which government leaders in the House have voiced concern. INDIANAP MOVES TO DOWNTOWN DISTRICT General Service Company Located at 226 N. Alabama-st. Indianap General Service, formerly located at 1110-1112 N. Meridianst, has been moved to its new downtown location at 226 N. Alabama-st, the management announced today. The company specializes in simonizing, steam cleaning of motors, general greasing, car washing and all mechanical work. In order to avoid hurried service jobs, the company announces the introduction of anew service to the public. Customers desiring a complete grease job or wash can park their cars while attending the theater or shopping free of charge, all day or all night, while it is being serviced. The company also will continue its “wash while you wait service.” NET INCOME DOUBLES Times Special DETROIT, Feb. 29.—Net income of the C. M. Hall Lamp Cos. in 1935 more than doubled the 1934 earnings, totaling $16,369, equivalent to 45 cents a share on the commW stock, against $80,694 or 22 cents S jpmmon share in 1534. \

Abreast of The Times on Finance

. /- ©zcojvDMxesr statistics, r/vc. PERcrarr Automobiles (u.s.) iqO| —| —j —i "| ■"i-j ■ j ——i —i —j —| —i —j —r—| —i —} —ii"" 1 J ;,i. 100 1927-28 nook— —1 1— jrktC? KTe'W Sltppzv' 20 Demxkd ~ STOCKS - - ' ——— 1930 1931 1932 1933 1934 1935

Registration of new passenger cars in January is estimated at 220,000 cars, compared with 237,194 cars in December, 1935. Production of passenger cars in January was about equal to the 344,613 cars produced in December. Thus stocks of automobiles accumulated in dealers’ hands and forced curtailment of production schedules in February. Sufficient curtailment seems to have been made and production schedules are now expected to increase sharply in the near future.

New York Stock Exchange Prices

By Thomson & McKinnon (Reprinted From I.ate Times Yesterday) High Low Close close Prev. Oils— Amerada 92% 91% 92 91 Ml Rfg 31% 31 31% 31% Barnsdall 17% 16% 17 17% Consoi Oil 14% 14% 14% 14 Cont of Del 36% 35% 35% 36 Houston (new).. 11% 10% 11% 11% Mid Cont Pet .. 19% 19% 19% 20 Ohio Oil 16% 16% 16% 16% Pet Corp 17% 16% 17 17% Phillips Pet 43% 43 43% 43% Plymouth Oil .. 14'% 14 14 14% Pure Oil 21% 20% 21% 21% Seaboard Oil ... 36% 36 36% 34% Shell Un 18% 17% 18 17% Soc Vac 16 15% 15% 15% SO of Cal 46 45 45% 46 SO of Ind 39% 38% 39 39% SOof N J 60% 59% 60 60 Texas Corp 37% 36% 37% 36 Tidewater Assn. 18% 18% 18% 18% Un Oil of Cal... 27% 27 27% 27% Steels— Acme Steel 72% 71 72% 70% Am Roll Mills.. 32% 31% 31% 37% Beth Steel 57% 57% 57% 57% Byers A M 23% 23 23% 23% Cruc Steel 38'% 37% 37 Vt 37% Inland Steel ...113% 112% 112% 114% Ludlum Steel . 33'% 32 % 32% 33 McKeesport Tin 110 109 109 109 Mid Steel 36% 34% 35 35% Natl Steel 68% 68 68 69 Otis Steel 20% 19% 20% 20% Rep Ir & Steel 25% 24 24% 25 ReP Ir & Stl pfd 94 94 94 95 H | £! pe , & Fdy 36 35 35 35% tY t H ee } ■ 64% 62% 63% 63% US Steel pfd... 129% 129'% 129% 129% Warren Bros . 7% 7% 7% 75,. Warren P & Fdy 27% 27% 27% 27% Youngstwn S& T 52'% 51% 51'% 52 Motors— Auburn 47% 46 i/ g i6y iV/s Chrysler 95% 94% 94% 96 Gen Motors 59% 58% 58% 59% Graham Mot .... 4% 4 4 4% Hudson 18% 17% 18 18% Hupp 32% 2 Mack Truck ... 36% 35 35% 34'% Hash 20% 19% 19% 20% Packard 11% 11% 11% 11% Reo 7% 714 73- 71, Studebaker ... 13% 12% 13% 12% Yellow Truck ... 18 17% 17% 17% Motor Access— Bendix 25 24% 24% 24% Bohn Alum •••• 59% 57% 58% 57% Borg Warner 79% 78% 79% 79 Budd Mfg 11% 11% n% 113/. ® u .dd Wheel ... 12% 12% 12% 12% Eaton Mfe ... 33% 32 32 31% Elec Auto Lite.. 42% 41% 41% 42% Elec Stor Bit .. 50% 50 50 52 Greyhound “B”. 75% 74% 75 74% Houdaille ... 30% 30% 30% 30% Murray 80dy... 20% 19% 19% '20% Stew Warner... 21% 21 21 21% Timken Roll ... 70% 69 69 69% Timken Det Axle 16% 16% 16% 16% Mining— Alaska Jun 15% 15% 15% 15 Am Metals 34% 34 34 34% Am Smelt 68 67 67% 66% Anaconda 3% 34% 34% 35 Cal & Hecla .. 8% 8% 8% 8% Cerro De Pasco 52% 51% 51% 51% Dome Mines ... 48% 47% 47% 48 Granbv 10% 10% 10% 10% Gt Nor Ore 19% 19% 19'% 19% Howe Sound .. . 54% 54 54 54% Ins Copper 11% 10% 10% 11 Int Nickel 52 V* 50'% 50% 52% Isl Creek Coal . 28 28 28 29 % Kennecott Cop.. 38 37% 37% 37% Mclntyre Mine.. 44% 43 43% 44 Park Utah .... 4% 4% 4% 4% Phelps Dodge .. 36% 35% 35% 35% St Joe Lead 29% 28% 29% 28'% U S Smelters ... 87 % 87 87'A 86'% Vanadium’ 25% 24% 24% 24% Amusements— Crosley Radio .. 17 17 17 17% Fox Theat 31 30 30 % 30% Loews Inc 49% 49% 49% 49% Radio Corp 12% 12% 12% 12'% Paramount 10% 10% 10% 10 % RKO 8% 8% 8% 8% Warner Bros ... 13 12% 12% 13 Tobaccos— Am Snuff ... 66 65 66 66 Tm Sum Tob .24 23 23 23% Am Tobacco “B” 99 97% 98 98 Gen Cigars 57 57 57 57 Lig & Myers ‘8’.108% 107% 108 107% Lorillard 23 22% 23 22% Phillip Morris .74 72 72% 74 Reynolds Tob ‘IT 56% 55% 55% 56% Rails— Atchison 76% 74% 75 76 Atl Coast Lines.. 34 32% 32% 33% B&O 23% 22% 22% 23% Can Pacific 15% 14% 14% 15 Ch & Ohio 59% 58% 58% 59 Chi & Ot W ... 2'% 2 2 2 Chi & Gt W pfd 7 6% 6% 6% C M & St. P .... 2% 2'% 2% 2'% CM& St P pfd. 5% 5 5 5'% Chi N W 4% 4% 4% 4% Chi N W pfd... 31% 11% 11% 11% Dela & Hud ... 51 48% 59 50 Del Lac & W ..22 20% 20% 21% Erie 16% 15% 15% 16*4 Erie pfd 26% 25 25 25 Gt Northern pfd 42% 41% 42 42% 111 Central 27% 25% 26 27 K C Sou 24 22*4 22 *4 23% Lehigh Valiev.. 13% 13% 13* 2 13% Lou & Nash ... 71% 70 70% 70% M K & T ..... 9 8 % 8% 8% M K <& T Dfd . 23 23 23 23% Mo Pac .... 3% 3% 3% 3% Me Pac pfd ... 7% 6% 6% 7% N Y Cent .... 40 38% 38% 39% N Y New Haven 5% 5% 5% 5% N Y Ont & West 7*4 6% 6% 7 Norfolk & West 229 % 229* 2 229% 223 Nor Pacific 35% 33% 34% 35 Penn R R 38% 36% 36% 37% Reading 47 47 47 46% Sou Pac 37% 34% 35% 37 Sou R R 19% 18*2 18% 19% Union Pac 132 131 131 133 Wabash 4*4 4 4 4% West Maryland. 11% 11 11 11% Equipments— Am Brake Shoe 50% 50% 50% 50 Am Car & Fdy. 40% 39% 39% 39*4 Am Loco .. 36% 34*4 34% 34% Am Steel Fdy.. 32% 31% 31% 31% Bald jOCO 6% 5% 6'% 6 Gen 2 m Tnk Cr 56% 56 56 56 Gen Elec .... 40 38% 39% 39% Gen R R Sig .. 47% 47 47* 2 45% Pullman inc .. 48% 45% 46% 46% West Air Br .. 45% 44% 44% 46% Westingh Elec .117% 116% 117 116 Utilities— Am <fe For Pwr . 8% 7% 8 B*4 A T & T 173 % 171 172% 171 Investment Trusts (Reprinted From Late Times Yesterday) (Bv Thomas D. Sheerin & Cos.) Bid. Asked. Administered Fund 2nd ...,$17.05 18.14 Affiliated Fund. Inc 1.93 2.11 American General Equities. 1.08 1.11 •Am. Business Shares 1.16 1.27 Bullock Fund Ltd 17.55 19.12 Century Shares Trust 28.50 'Collateral Tr Shares "A"... 6.51 6.60 Corporate “AA" or “Accum.” (Mod.) .. 3.23 3.28 Corporate " AA” or “ACC." (Unmod.) 2.60 2.60 Corporate Trst Shrs (Orig,).- 2.80 2.84 Diversified Trustee Shrs "B". 11.00 11.10 Diversified Trustee Shrs “C"■ 4.51 4.55 Diversified Trustee Shrs “D”. 6.64 6.74 Dividend Shares. Inc 1.65 1.77 Incorporated Investors 22.55 24.14 Investors Fund American .. 1.08 1.18 Market St. Investment Corp. 31.40 32.93 Maryland Fund 19.15 20.71 Massachusetts Investors 25.46 27.69 Nation-Wide Sec. Cos. “B" ... 466 ..... Nation-Wide Voting 1,71 1.88 N. American Tr. Shs. 1955.. 329 333 N. American Tr. Shs. 1956 . 3.25 3.29 N. American Tr. Shs. (Orig.) 2.59 . . Quarterly Income Shares .... 1.57 1.69 Representative Trust Shs. . 12.30 12 45 Selected Am. Shares. Inc. .. 1.59 1.73 Selected Am. Shs. (Orig,).. 3.54 Selected Cumulative Shares. 9.15 925 Selected Income Shares .... 4.85 4.95 State St. Investment Corp... 97.00 101.50 Super-Corp. of Am. ‘•AA' 1 .. 2.76 2.80 Super-Corp. of Am. 'BB"., 2,79 283 Super-Corp. of Am. “A” 4.08 4.13 Super-Corp. of Am. “B" ... 4.28 4.33 Super-Corp. of Am. ‘‘C’’-“D’’ 7.92 Supervised Shares. Inc. (Del.) 1.67 1.83 Trustee Stand. Oil Shs. “A'* 7.57 7.67 •Trustee Stand. Oilshs. "B". 6.68 6.78 Trustee Stand. Invest. "C",. 2.94 2.98 Trustee Stand Invest. “D’*.. 2.88 2.91 Universal Trust Shares .... 4.13 Uselps “A" K 18 65 19,00 Uselps “B" JL 2.85 U *J&!<livldMwL •*•*•*♦*♦*•*** / L9l *•••%,

SATURDAY, FEBRUARY 29, 1936

Am Pwr & Lit.. 9% 8% 9 9 Am Wat Wks 24 22% 23% 23% Col Gas & Elec 17% 17 17% 17% Comm & Sou .. 3% 3% 3% 3*4 Consol Gas 34% 33% 34 34% Elec Pwr & Lit 10% 9 10 10% Int Hydro Elec.. 4% 4 4 4'% Interboro R T . 16% 16% 16'% 16% Int T & T 18*2 17% 17% 18V Lou G& E ‘A'.. 21% 21'% 21*% 21*% Nat Pwr & Lit.. 10% 10% 10% 10% North Amer 27% 26%' 27 27% Pac G& E 35 34% 34% 34% Peoples Gas ... 45 44% 45 45 Pub Serv N J .. 44 43 43 44% So Cal Edison... 26% 26 26% 26 Std Gas 8% 7% B'% 8% Stone & Webster 16% 16 16*/* 16% United Corp ... 7% 7 7 7*4 Un Gas Imp ... 17% 17 17% 17*% Ut Pwr &Lt ‘A 1 6% 5% 614 6% Western Union . 91*% 88% 88% 90% Rubbers— Firestone 31% 30% 31 30 Goodrich 19% 18% 19 18% Goodyear 28% 27'% 27% 27'% U S Rubber ... 20% 19% 19% 19*% U S Rubber pfd 59% 58 59 57'% Miscellaneous Allis Chalmers .. 44% 44 44% 44% Am Can 121% 119% 121% 119' Am Mch & Fdy.. 25% 25% 25% 25% Brklyn Man Tr. 46*% 54 45% 45% Burroughs Add. 31 30% 30% 31% I ICase 114 112% 113% 112*% Conti Can 80% 79*% 80 80*% Caterpillar Tract 70% 69% 70 70 Crown Cork 49% 49 49 48 Curtis Pub ..... 21% 21 21% 20% Curtis Pub pfd .. 103 103 103 102*% Deere &Cos .... 72% 71 71% 70% Eastman Kodak. 160% 160 160 160% Foster Wheeler.. 36 35 35% 35% £'!J, e j te 18% 17% 17% 18 Ghdden 50% 49% 549% 50 Int Bus Mach ..177 176% 176*% 176% L nt . e , r Harv .... 68 67 67 67% Natl Cash Reg.. 28 27*4 27% 27% Owens Bottle... .149 147% 147% 148% Rem Rand .... 22 21% 22 21% Worthington Pm 32% 31% 31% 31% Foods— Am Sugar 57% 56% 57 55% Armour ...... 6% 6*4 6% 6% Armour 6% pfd 83% 83% 83% 83 Beatrice Cream. 19% 19% 19% 19% Borden Prod ... 29% 28% 29 29*4 Cal Packing 35% 35*4 35*4 35% Can Dry G Ale 14% 13% 13% 14 Coca Cola 94% 94 94 94% Cont Bak “A”.. 18% 17% 17% 17*4 Corn Prod ... 70% 75*% 75% 76% Crm of Wheat-. 37 37 37 37 Cuban Am Sug 13% 12*4 12% 12% Gen Baking 13% 13 13 13% Gen Foods 34% 34% 34% 34%

N. Y. Bonds DAILY BOND INDEX (Reprinted From Late Times Yesterday) 20 20 20 60 Inds. Rails. Util. Bonds Today 92.7 94.1 105.0 97.3 Yesterday 92.8 94.1 105.2 97.4 Week ago 93*2 95.6 104.9 97.9 Month ago 9236 90.8 305.2 96.3 Year ago 86.6 79.1 94.3 86.7 1936 High 93.4 95.6 105.5 97.9 1936 Low 91.6 84.7 103.5 93.3 U. S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Treasuries Prev. Close. Close. 4%s 1947-52 116.31 116.22 4s 1944-54 112.13 112.11 3%S 1946-56 110.17 110.14 3 3 / 8 s 1940-43 108.15 108.16 3 3 /sS 1943-47 107.15 107.14 3 :, aS 1941-43 108.25 108.20 3V4s 1943-45 107. 106.27 3%s 1941 108.25 108.25 3%s 1944-46 106.20 106.16 3>, B S 1949-52 104.29 104.28 3s 1951-55 103.19 103.17 3s 1946-48 104. 103.29 2 Iks 1955-60 101.1 100.30 2%s 1945-47 102.7 102.2 Home Owners Loan Corp. 2%s 1949 100.31 100.25 3s 1952 102.2 101.30 4s 1951 101.6 Federal Farm Mortgage Corp. 3’is 1964 103.25 103.16 3s 1949 102.9 102.5 3s 1942-49 103.4 102.06 2%s 1947 101.14 102.28 DOMESTIC Prev. Close. Close. Alleg Corp 5s '44 94V* 94 3 / 4 Alleg Corp 5s ’49 91% 91 Am Frgn Pow 5s 2030 80% 80 3 / 4 Am Tel & Tel 3%s '43 113 7 / g 113% Am Tel & Tel 5s '65 114% 114% Arm &Cos (Del) s’/2S ’43 97’ 4 97% Atl Coast Line 4s ’52 99% 100 Atl Coast Line 4%s '64 86 3 / 4 86 7 a Atch Top & S Fe 4% s ’4B 113% 113% Am Wat Wks 5s ’44 111% 115 Am Rolling Mills 5s '3B 128 129% Balt & Ohio 6s '95 97% 98 Balt & Ohio 4’/ 2 s ’6O 76 76% Buff Roch & Pitt 4%s ’57 82% 83% Chi Milw &StP 5s ’75 23% 23% Chi Milw & St P 5s 2000 8% 8% Cleve Un Term 5s '73 106% 106 Cleve Un Term 4%s ’77 99% 99% Col Gas 5s May ’52 102% 102 Col Gas 5s April 52 101% . Coi Gas 5s ’6l 101% 101% Can Pac Perp 4s 93 92% Cent Pac 5s ’6O 98% 96% Big Four 4%S ’77 99% 99% Colorado & So 4%s ’BO 75% 76% Chi & West Ind 4s ’52 104% 103% Chi & West Ind 5%s ’62 107% 107% Chi & Nor West 4%s ’49 15% 15% Con Gas 5s ’57 104% 104% Chesa Corp 5s ’47 132 132% Del & Huds 4s ’43 101 101 N Y Dock 4s ’sl 72% 73% N Y Dock 5s ’3B 71% 72 Erie 5s ’75 81% 82 Erie 5s ’67 81% 82% Gen Cable 5%s ’47 105% 105 Grt Northern 7s ’36 103 102’% Grt Northern 4%s '76 103 103 Grt Northern 4%s '77 103 Vi 102’/* Hud & Manhat Ref 5s ’57 86% 85% 111 Cent 4%s ’66 80% 80 HI Cent 4%s ’63 83% 84% 111 Cent 5s ’63 87% 08% Interntl Hv Elec 6s ’44 .... 5* 54% Interntl Tel & Tel 4Vis ’39 ... 97% 97% Interntl Tel & Tel 5s ’sl, 9C% 91% Interntl Tel & Tel 4%s ’52 .... 84% 87% P Lorillard 7s ’44 132% 133 McKess <fc Rob 5%s ’SO 104 104 Natl Dairy 5%s ’4B 103% 103% Natl Steel 5s ’56 106% 106% Nickel Plate 4%s ’7B S?% 84% Nickel Plate 5%s '74 96 95% N Y Cent 5s 2013 93% 93% N Y Cent 4%s 2013 (old) 87% ... Nor Amer Cos 5s ’6l 106% • Nor Pac 3s 2047 81 81% Nor Pac 4V is 5047 101% 102 Nor Pac 6s 2047 110 s * 110% Nor States Pow 5s ’4l 105% 105% New Orleans Term 4s ’53 92% 92% Otis Steel 6s ’4l 102% 102’ 2 Penn Rv 4%s ’B4 IGP% 109% Penn Ry 4%s ’Bl 109% 109% Penn Rv 4%s ’7O 103% 103% Pac G & E 5s ’42 103% 103% Portland Gen El 4%s ’6O 747* 74 Tara Publix 5%s ’SO 90 92% Penn P <te L 4%s ’Bl 107 106% Postal Tel & Cab 5s ’53 37 37 Rem Rand WW *%s ’47 110 110 Shell Union Oil 5s ’47 102% 102% Sou Pac 4%s ’6B 91% 91% Sou Pac 4’as ’Bl 90% . 90% Sou Pac 4%s ’69 9 1 90% Sou Pac 4s ’49 90Vi 90 Sou Rail 4s ’56 64% 66 Sou Rail 6s ’56 81% 81% Sou Rail 6%s ’56 85 84% Sharon Stl Hoop 5%s ’4B 103% 103% Texas Pac As ’79 103% 102% Texas Pac 5s ’77 103% 103% Union Pac 4s ’47 113% 113% United Drug 5s ’53 101% 101% U S Rubber 5s ’47 105% 105% NY NH & Hart 6s '4B 38 38% NY NH & Hart 4%s ’67 38 38% Warner Bros 6s ’39 94 95 Western Mary 5%s ’77 108% 108% Western Marv 4s ’52 .. 100 99% Youngstown S & T 5s ’7O 106% 106 Youngstown S <fc T 5s ’7B . ..106% 106 FOREIGN Argentina A 6s ’57 99 98% Argentine B6s ’SB 98 % 90% Brazil 8s ’4l 32 31% Denmark 5%s ’55 101 % 101% German sVis ’65 27% 27% German 7s 49 37% 37% Italy 7s ’sl $4% 64 Japan 6%s ’s4 15 94% Poland 7s ’47 107% 106

Gold Dust 21 20*4 20% 20*4 G W Sugar 34% 33% 34% 33% Natl Biscuit 34 33 % 33% 33% Natl D Prod 24% 24% 24% 24*4 Purity Bak 15% 15% 15% 15% S Porto Rico Sug 32% 32% 32% 32% Std Brands 17% 17 17 % 17% Un Biscuit 25 24% 25 25 United Fruit .... 74% 73% 73% 74% Ward Bak "B" .33 33 Wrigley 77% 77% 77% 78 Retail Stores— Allied Stores .. B*4 8 8 8% Assd Dry Goods . 15% 15% 15% 15% Best &Cos 51% 51% 51% 51% Gimbel Bros .... 8% 8 8 7% Gm Un Tea .... 5% 5% 6% 5 Jewel Tea 73 73 73 72 Ur, Aircraft New 29% 28% 28% 28% Kresge S S 23% 23% 23% 23*% Kroger Groc ... 26 25% 25% 26% Marv R H 46% 45% 45% 46% McCrorv St 14 13% 13% 14 McLellan St 14% 14 14 14% Marshall Field. 15% 15 15 15 May Dept St.. 49 49 49 48% Mont Ward ... 41% 38% 39% 41*4 Natl Tea 10% 10% 10% . Penney J C .... 73 72*% 72% 72% Safeway St.. ... 33*4 37*4 37' 4 33% Sears Roebuck.. 64 *4 63 *4 63 *4 64 Woolworth 53% 52% 52% 52% Aviation— Aviation Corn.. 6*4 6 6'% 5% Boeing Aircft .. 2478 23% 24 23% Curtiss Wright.. 6% 6% 6% 6% Curtiss/Wr “A" 16% 15% 16*4 16*4 Douglas Air ... 70% 68% 69*4 68% Nor Am Av ... 8% 774 8 7% Sperry Corp .... 21% 20% 20% 20% Chemicals — Air Reduction ..183 183 183 185 Allied Chem .176 173 173% 171'% Am Com Alcohol 30% 29% 29% 30% Col Carbon 103% 102% 103*4 103% Com Solvents .. 24% 23% 23% 24 Du Pont 143% 1431/4 143% 143% Freeport Tex ... 34% 34 34% 33'% Liquid Carb .... 38% 38 38 38 Math Alkali ... 35% 34% 347a 35*/4 Monsanto Chem. 97% 97 97 97 Natl Dis (new). 31% 30% 31 30% Schenlev Dist . 51% 50% 51*4 50 Tex Gulf Sulph. 38 37*4 38 38 Union Carbide 83 82 82% 81% U S Ind Alcohol 4276 42 427s 43*4 Drugs— Bristol Myers .. 46 4574 46 45% Coty Inc 6*4 6*4 6*4 6% Lambert 25 24% 25 24% Sterling Prod .. 66% 66% 667 s 66% Un Drug (new). 147a 14% 14% 14% Vick Chem 43% 43% .43% 43% Zonite Prod .... B*4 8 8 8 Financial— Allegheny Corp. 4*4 3% 3% 3% Adams Exp 13% 13% 13% 13% Am Int Corp .. 12 11% 11% 11% Chesa Corp .... 70% 69% 69*4 71% Lehman Corp. . 98% 97% 98% 97% Transamerica ..14% 13% 14 14*4 Tr Conti Corp.. 11% 11 11 11 Building— Am Radiator ... 24 23*4 23*4 24 Gen Asphalt 33% 33 33 33% Holland Furnace 39% 38% 38% 39*4 Int Cement ... 45 44*4 44% 44*4 Johns Manville 122 120 122 122 Libbv Owens Gls 57% 57 57*4 57% Otis Kiev 31*4 31% 31*4 31% U S Gypsum ... 107% 106*4 107% 105% Ulen Cons .... 7% 67 a 6 7 4 6*4 Household— Col Pal Peet .. 19 18*4 18% 19% Coneoleum .... 39% 39*2 39% 40 Kelvinator .... .194 18% 18% 18% Mohawk Carpet 25% 25% 25% 21'4 Proc & Gamble 46*4 46 46 46 Servel Inc 19% 19% 19*4 19 3 /a Simmons 8ed.... 24% 24% 24% 237 k Textiles— Amer Woolen... 11*4 10% 10% 10% Belding Hem ... 15% 15% 15% 15% Celanese Corp .. 29 % 28*4 29 29 Collins Aikman.. 45% 43% 45% 44% Gotham Hose... 107a 10% iO% 10% Indus Ravon ... 31 30% 30% 30% Kavser Julius .. 32% 32 4 32% 32% Real Silk 14% 14*4 14% 14*4

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* T & T Ft. Wayne 5%%.104 105 H T & T Fort Wayne 6%...103 106 Indianapolis Railways Inc 5%. 67% 70 Indianapolis Water Cos. 4%%.. 105 107 Indianapolis Water Cos 5%.... 105 107 Indianapolis W T ater Cos 575.... 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 Muncie Water Works 5% .... 103 Noblesville Heat, Light & Fow 98 100 Ohio Telephone Service 675.. 97% Richmond Water Works 575.. 104% 106 Seymour Water Cos 57$ 101 104 T H Traction & Lieht 575...106 108 Terre Haute Water Works 5%. 102 104 Terre Haute Water Works 6%. 103 105 Traction Terminal Cos. 57$ 78 81 STOCKS Belt Railroad & S Y c0m.... 53 55 Belt Rail & Stock Yd pfd 6% 52% . . Central Indiana Pow pfd 77$ 21% 24% Home Tel &T Ft Wayne 77$ 52% 54'% Hook Drugs, Inc common • ■ 16% 18 Ind & Mich Elec Cos pfd 7% 103% 106% Indiana Central Service Cos 67$ 98 100 Vi Ind Hydro Elec Cos 7% 59 62 Indpls Gas Cos com 67$ 35 38 Indpls Pow & Lt Cos pfd 675-. 89 92 Indpls Pow &Lt Cos 6%7$ 93% 96% Indianapolis Wa Cos pfd 57$ 103'% 106'% North Ind Pub Serv pfd 5*%7$ 69 72 North Ind Pub Serv pfd 6 r s. . 75% 78% North Ind Pub Serv pfd 775•• 84'% 87% Progress Laundry Cos com .. 9 10'% Pub Serv Cos of Ind pfd 67$ .20 23 Public Serv Cos of Ind pfd 77$ 44 47 South Ind Gas & Elec 675.. 96 99 Terre Haute Eiec com 6%..,. 87% 89 Union Title Company com ... 20'% 23 Unlisted Stocks (By Blyth & Cos) ißeprinted From Late Times Yesterday) NEW YORK BANK STOCKS Bid. Ask. Bankers’ 65*4 67*4 Central Hanover 115* 2 117% Chase 38% 40% Chemical National 58% 59% Guaranty 297 301*4 Irv.ng 16% 18% Manufacturers 44% 46% National Citv 35% 37 % Cont 111 Chicago . 162 165*4 First National Boston 46% 46% National Shawmut 27Va 29 FIRE INSURANCE Aetna Fire - 57 59V4 American Ins of Newark 15% 18% Baltimore American 9*4 10% City of New York 30V* 32*4 •Federal Ins 52 56 V 4 Franklin Fire 33 35 Great American Ins 31% 33% Hanover Fire Ins 39 V 4 41% Har ford Fire Ins 82 84% Home Ins .. .* 30 39% National Fire So'% 83*4 Ins Cos of A 77*i 79% National Liberty 10% 12% North River 28 30 Fhoenix 97 100'* U S Fire 57 59% Westchester Fire 37% 40 •Stock split. YATES STOCK SUSPENDED Times Special CHICAGO. Feb. 29.—Notice of suspension of Yates-American Machine Cos. participating preference stock from trading has been given by the Chicago Stock Exchange. The order became effective yesterday. Action was ‘taken due to discontinuance of register and transfer agent by the company. LOCAL CASH MARKET City grain electors are paying 95 cvnts for No. 2 soiJfc’heat. Other grades on their Ko. #

STREET QUERIES REVISION MOTIVE BY COTTON BELT Rise in Earnings at Time of Bankruptcy Held Strange. BY CHARLES H. HUFF Times Special Writer NEW YORK, Feb. 29.—1n a wave of post-mortem analysis, which has in it a flavor of wonderment, some bond market circles which identify themselves especially with the railroad group have developed a large question mark concerning the St. Louis Southwestern Railway Cos. The question, which is being specifically phrased, and with some vehemence in some quarters, asks why the road was permitted to fall under the 778 reorganization banner as late as last December when, as revealed in reports now at hand, the carrier was on the high road to recovery. The point most greatly emphasized in this aftermath of critical surprise is that the “Cotton Belt’’ apparently was abandoned at a time when it had turned the corner and was making the best showingin earnings since 1931. No one disputes that the, road was confronted with financial obligations it could not at the moment discharge, in which category as of last December the “Cotton Belt” did not exactly stand alone among the country’s carriers. But it is mentioned that the major portion of such obligations was represented by debt to the RFC and the Railroad Credit Corp., which agencies have not particularly pressed roads which were developing recuperative powers. Immediate obligations to those agencies amounted to $19,874,630, alongside $4,500,000 of bank debt and only $584,632 in funded debt interest. Fixed Charges Colored. From reports now available it is discovered that the “Cotton Belt” more than covered fixed charge requirements in October, November and December. With the aid of those three healthy months, after unfavorable results from April to September, the road was able to bring the year’s total income up to 86 per cent of fixed charges. It is necessary to go back to 1931 to find a better record, when the year produced 94 per cent coverage. In 1932 there was an operating loss, and coverage amounted to 57 per cent in 1933 and 66 per cent in 1934. The stride toward full recovery achieved during the latter part of 1935 is illustrated by an increase in carloadings of 24.9 per cent in November and a 29.1 per cent jump in December. It was while those results were being accomplished that the reorganization petition was filed bn Dec. 12 and procedure authorized by the Federal Court at the beginning of this year. The court has ordered that the reorganization plan be filed by next July 1. Bonds Display Firmness The principal bond issues of the “Cotton Belt” have been notably firm since the reorganization proceedings were begun. The road’s first 4s of 1989 are around the 1935-36 high, above 89, on the New York Stock Exchange, having registered recent advances. The second 4s of 1989 also are near the two years’ high mark in the middle sixties. The road is virtually a Southern Pacific accessory through 87 per cent stock ownership. On earlier occasioons the South Pacific guaranteed RFC loans to the “Cotton Belt.” Aside from RFC loans and bank debt, the road has maintained a fairly favorable current position. Advised tradings observers report that this week’s setback in railroad bonds reflects the result of overextension in street speculation, without attendant disturbance in the undertone and a generally constructive outlook for the earlier group.

NET INCOME DROPS Sales of Yellow Truck Cos. Total §35,856,799 in 1935. Times Special PONTIAC, Mich., Feb. 29.—Net sales of the Yellow Truck & Coach Manufacturing Cos. for the year ended Dec. 31, 1935, were $35,856,799, Irving B. Babcock, president, announced today. Preliminary consolidated net profit amounted to $503,000 after deducting provision for depreciation of $909,033 for plants and equipment, and $45,012 for Federal income taxes. This copared with a consolidated net loss of $886,468 for the year ended Dec. 31, 1934. PETROLEUM STOCKS DIP Domestic and Foreign Holdings Total 311,148,000 Barrels. By United Press WASHINGTON, Feb. 29. —The United States Bureau of Mines reported today that stocks of domestic and foreign crude petroleum totaled 311,148,000 barrels the week ended Feb. 15, a decrease of 1,211,000 from the previous period. Daily average production was 2.805.000 barrels compared to 2,795,000 the previous week. Imports of crude oil declined from a daily average of 142,000 barrels to 47,000. Chicago Grain Futures (Reprinted From Late Time* Yesterday) ißv United I res*) Open Hizd Low Close Close Prev. WheatMay .. 1.00' 2 1.00% 1 00% 1.00% 1.00 s * July .. .91% .91% .91 -91 91% Sept . .90V* .90% .90 .90 90% Corn — May .. .60% .60% .60% ,80'i .60% July .. .60% .60% .60% .60% .61 Sept .60% .60% .60% .60% .61 - Oats— May... .29% .28% .29 .29* .29% July .. .28% .28% .28% .28% .28% Sept... .28 % .28 % .28% 28 Vi* .28 Vs Mav Te T .56% .57% .58% .56% .56% July - . .56% 56% .56% .56%t .36% Sept.. .56% .56% .56% ,56 %t .56% Barley— May 43 %t .43% March 10.73 10.75 lO.lfe 10.75 t 10.72 May ..10.82 10.87 10, 10.77 10.80 l * n 10 - 7^ tAUWI *3ia| - .

Employment , Payrolls Drop Employment and payrolls in Illinois, including metropolitan Chicago, decerased 2.7 per cent and 3.2 per cent, respectively, during the period between Dec. 15 and Jan. 15, according to the Illinois State Dcpatrment of Labor.

Busigraphs

TOTAL BOND SALES NEW YORK STOCK EXCHANGE W (DOW, JONES A CO} V 7 J4OC- - —— < DOTTED LINE IS THE PAST y > V7t TEN YEARS AVERAGE OT '/, 7l ’// THE SAME MONTHS Y, —a X - 200 l!ll§ :MHI lias hfl THE BARKER CORR GENERAL DISTRIBUTORS INCORPORATED INVESTORS

January sales of bonds on the New York Stock Exchange shot upward to a total 42 per cent greater than sales in January a year ago. Bond sales were heavy all through 1935; furthermore, prices were strong with many of the gilt-edged bonds selling at record high prices and low yields. The strength of the bond market, together with the activity and strength of stocks, is partly the result of the pressure of idle money seeking employment. GOLD IMPORTS ABOUT NORMAL Shipments to U. S. Valued at $1,531,728 for Week Ended Feb. 21. By United Press WASHINGTON, Feb. 29.—Normal imports of gold were registered during the week ended Feb. 21 when $1,531,728 was shipped into the country, the Commerce Department revealed today. Although only $703,374 was exported, imports for the four preceding weeks failed to overbalance shipments from the country during the same period. . Bolstered by inordinately heavy exports during the two weeks ending Feb. 14, the four-week total of shipments from the country amounted to $23,241,332 as compared with imports of $8,021,003 during the same period. Silver imports during the week totaled $5,332,883 compared with exports valued at $23,623. During the four weeks $22,970,954 worth of silver was received as compared with $128,874 shipped out of the country. The largest gold shipments came from Mexico, which sent $409,112, and Hongkong, which sent $348,830. Largest silver imports were received from Great Britain, Mexico and Canada, which sent $4,491,550, $696,000 and $103,019, respectively. Local Livestock (Reprinted From Late Times Yesterday) HOGS Feb. Bulk. Top. Receipts. 22. [email protected] $10.90 1000 24. [email protected] 10.65 4000 25. [email protected] 10.50 3000 26. [email protected] 10.65 2000 27. [email protected] 10.65 2000 28. [email protected] 10.65 , 5000 Light Lights. (140-160) Good and choice .$ [email protected] Medium [email protected] (160-180) Good and choice.. [email protected] Medium 10.00@ 10.50 (180-200) Good and choice.. [email protected] Medium [email protected] (200-220) Good and choice . [email protected] (220-250) Good and choice.. [email protected] Heavyweights. (250-290) Good and choice.. [email protected] (290-350) Good and choice.. 10 [email protected] Packing Sows. (275-350) Good 9.25@ 9.50 (350-425) Good 9.10@ 9.40 (425-550) Good 9.00@ 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, 800— (550-900) Choice $9.25® 10.50 Good 7.50@ 9.50 Medium 6.25@ 7.75 Common 5.00@ 6.25 (900-1100) Choice [email protected] Good [email protected] Medium 6.50@ 8.( 0 Common 5.00@ 6.15 (1100-1300) Choice [email protected] Good [email protected] Medium 6.50@ 8.00 (1300-1500) Choice [email protected] Good [email protected] Heifers (500-750 Choice 7.50® 8.75 Good 6.50@ 7.50 Common and medium 4.50® 6.50 (150-900) Good and choice... 6.75@ 9.00 Common and medium 5.00@ 6.75 Cows Choice 6.50@ 7.00 Good 5.50@ 6.50 Comnjon and medium 4.75® 5.50 Low cutter and cutter 3.50® 4.75 Bulls, good 6.50@ 7.25 Cutter, com. and med. bulls.. 5.00@ 6.50 VEALERS —Receipts. 500— Good and choice slo.oo@lo 50 Medium [email protected] Cull and common 4.50@ 7.50 Calves (250-500) Good and choice... 7 00@ 9.50 Common and medium 4.50@ 7.00 Feeder and Stocker Cattle (500-800) Good and choice .. 6.50® 7.50 Common and medium 5.00@ 6.50 (800-1050) Good and c .olee . 8.50@ 7.50 Common and medium 5.00@ 6.50 Cows Good 4.50® 5.00 Common and medium 4.00@ 4.50 SHEEP AND LAMBS —Receipts, 3500Lambs. 90-lbs. down, good and choice $ 9.75® 10.00 Good 9 50@ 9.75 Medium 8.50@ 9.50 Common 7.00@ 8.50 Ewes. (90-175) Good and choice . 4.00@ 5.00 Common and medium . 3 00@ 400 Yearling wethers, good choice 8.50® 9.25 Medium 7.259 8.50 CEMENT SHIPMENTS UP Portland Cos. Shows Gain in All Divisions for January. Times Special WASHINGTON, Feb. 29.—The Portland Cement Cos. produced 3,630,000 barrels of cement in January, shipped 3,889,000 barrels from mills and had 22,649,000 barrels in stock at the end of the month it was announced today. An increase of 13.4 per cent was shown in the production division, and a gain of 36 per cent in shipments, compared with January, 1935. Portland cement stocks at mills were 4 per cent higher than a year ago. CLERK IS TRANSFERRED William OXaughlin to Succeed H. T. Owen at ShcJbyville. Times Special SHELBYVILLE. Ind., Feb. 29. Transfer of William OTaughlin, a chief clerk for the Public Service Cos. of Indiana, from the Franklin district to the local branch, was announced by officials today. Mr. O’Laughlin is to sue ieed Herbert T. Owen, newly appointed manager of the company’s office at Spencer. Richard T. Miller, a Columbus employe, is to ftlil the Franklin vacancy when the ch&iiges re mads Monday i .

OIL REFINERIES FILL 'GAS' TANKS FOR BIGSEASON Stocks of Motor Fuel Rise 10,000,000 Barrels During Month. Times Special NEW YORK, Feb. 29.—Better-than-seasonal expansion in stocks of motor fuel held at refineries and bulk terminals in the United States lifted the total approximately 10,000,000 barrels during the month ended Feb. 22, in contrast to a gain of approximately 6,675,000 barrels in the like 1935 period. While some of this increase was due to the higher operating rate of refineries to cope with the record demand for fuel oil, the primary factor in the sharp jump is the desire of oil coompanies to build their working stock to adequate levels. Record Set in 1935 In 1935, when consumption of gasoline showed sharp expansion over the previous year to set anew record high, some of the major oil companies were caught somewhat unprepared. Late in the year threatened shortages of motor fuel in certain major consuming areas brought contra-seasonal advances in prices. T ANARUS“ This year, with gasoline demand seen likely to establish new high levels, the major companies are planning to meet all posable demands from motorists. Demand in the first two months of 1936, while hampered by the curtailed passenger auto traffic resulting from severe weather conditions, is holding up very well. A factor that has been largely ignored in considering gasoline consumption, oil men point out, is that the large number of gasoline-pow-ered vehicles used throughout the country jn snow removal work do much to offset the lessened gallonage resulting from general abandonment of the automobile. Truck Freight Gains Again, the increased use of motor freight is held a potent factor in the probable rise of gasoline consumption to new highs during the current year. Bus travel also continues to expand. Transcontinental bus travel is a well established sac- ■ tor, but transcontinental motor freight movements are anew influence. Holdings of finished gasoline at refineries and bulk terminals on Feb. 22 were set at 62.306,000 barrels by the American Petroleum Institute, compared with 59,939,000 barrels re* ported on Feb. 28 a year ago/ The institute’s figures place the Jan. 18 total at 52,312,000 barrels, against 53,266,000 a year ago. ” The use of the one month period is due mainly to the fact that on Jan. 18 the American Petroleum Institute changed the form of its weekly report. Use of the Bureau of Mines figures was initiated on that date in contrast to the previous custom of using reports of a majority of the refineries to the A. P. I. STANDARD OIL FIRM? INCREASE DIVIDENDS Companies Distribute $19,901,570 in First Quarter of 1936. Times Special NEW YORK, Feb. 29.—Cash dividend payments by the companies of the Standard Oil group for the first quarter of 1936 are estimated at $19,901,570, compared with $13,122,737 in the corresponding quarter of 1935, according to figures compiled by Carl H. Pforzheimer & Cos. However, in the March quarter last year the Standard Oil Cos. of New Jersey distributed in the form of a stock dividend 1,399.345 shares of Mission Corp., which on date of distribution had a market value of approximately $13,206,000 and whic% is not included in the total for that quarter. The Standard Oil Cos. of Indiana, Humble Oil and Refining, and Standard Oil of Kentucky, all of which are currently paying dividends at the rate of 25 cents quarterly, are among the leading companies of the group to continue regular dividends this quarter. BLAW-KNOX CO. EARNS $565,230 DURING 1935 Income Equivalent to 42.7 Cents & Share After All Charges. Times Special PITTSBURGH. Pa., Feb. 29. The Blaw-Knox Cos. today reported net earnings of $65,230.01 for 1935, equivalent to 42.7 cents a share, after provision for interest, depreciation and all taxes. This compares with net profits of 35,504.36 or 3 cents a share for the preceding year. A According to I. F. Lehaman, president, shipments for 1935 showed an increase over 1934 and at the same time administrative and gen- f eral expense decreased. Improvement of plant facilities also was continued during the year. Business prospects for 1936 indicate an even better year for the concern, as business booked so far shows a marked increase over the same period of 1935. SUBMITS LOW BID Times Special HAGERSTOWN, Ind.. Feb. 29. Town officials today were advised that a base bid of $27,272, awarded William E. Mick, Inc., Indianapolis, for construction of a sewage disposal plant here, has been approved by the Public Works Administration. Safe Deposit Boxes The Indiana National Bank of Indianapolis Buy Building & Loan Share* Your Money Stays Here, Works Here—Earns Here