Indianapolis Times, Volume 47, Number 307, Indianapolis, Marion County, 3 March 1936 — Page 15

Trends Two Stands of SEC r Are Questioned By Flynn. BY JOHN T. FLYNN YORK, March 3 —The Securitlcs a id Exchange Commission has taken two stands, a little difficult to understand. One is that trading in unlisted stocks on exchanges should be continued. The other is that a policy of forcing shares from the over-the-counter market to the exchanges should be encouraged. Apparently

the commission would like, ultimately, to have all security trading done on stock e x - changes. This is an extremely dangerous position and one taken, I feel, without adequate data to support it. The point which seems to weigh with the commission is that stocks traded on exchanges may be bought and sold

, f >A’ - mm

Flynn

on the payment of a very small commission —a fraction of a per cent—while in the over-the-counter market, the broker manages to take a very much larger profit for himself by acting as a dealer. He may sell you a share for $75 but buy it himself for 73 or 72. nan spread of two or three and sometimes more points between what he pays for it and what the price he charges you is equivalent to his commission. The SEC apparently is influenced by a feeling that this is exorbitant and could be ended if the shares were traded on a recognized exchange. Thus argument overlooks, I think, a very important fact, and exaggerated the importance of the commission paid by the buyer of the stock. Far more important to the investor who buys a share of stock is the price he pays for it. It is much better, I feel sure, for him to buy a share of stock, let us say, for SIOO and pay a 2 or 3 per cent commission (or profit) to the brpker than to buy the same share for S2OO and pay only a quarter of a per cent commission, which is pretty much what happens to him in the market. t nan /T'HE whole machinery of the exchanges as at present tends to push the prices of stocks up. This, of course, every one knows to be true when we are prosperous. And it is only when we are prosperous that people have the money to invest and buy stocks. Therefore, when they have money to invest, through the instrumentalities of the exchanges, they pay excessive prices for shares that are in great demand. And when things get bad and they have to sell, they sell at greatly reduced levels. One of the factors which makes the exchange a mighty engine for indating values is this very practice of low commissions. It is the thing which encourages trading, quick turn-overs on small profits, brings a multitude of investors into the market, creates an artifical scarcity in shares in the floating supply and runs prices up to indefensible levels. The commission should proceed very warily before it persists in its efforts to force all stocks into the whirlpool of speculation on exchanges. (Copyright, 1936, by NEA Service, Inc.) NORTH SIDE REALTORS CLOSE $101,400 DEALS Chairman Reports Negotiations in January, February. Real estate deals totaling slOl,400 during the last week were fcsported by members of the North Side Realtors today. Howard W. Fieber, chairman, announced that during January and February the North Side Realtors have closed 126 deals involving a total of $473.650. Deals completed last week include 11 pieces of North Side property. 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-plnt crates. 19c. Cranberries. C. C. Howes. Eatmores. 25-lb. box, 52.50. Pears: Washington D'AnJo (100s box). $3.25; Washington Bose iIOO-t'js), $3.25: Calilornla, Avacado 1200-' s), $3.50. Grapes. Extra Fancy Emperors (34-lb, sawdust chest). $3.50. Limes: Mexican carton 22c: Persian seedless (doz.). 45c. Dates: Fresh Arizona, $1 50. Bananas, seven hands, pound. 5%c Apples: Delicious (fancy baskets), $1 50; Jonathans. $1,60; Grimes Golden. $1 25. Rome Beauty. $1.65. l>mons: Sunkist i36osi. $6. Grapefruit: Texas seedless is4s-80s>. $3.75. Arizona Sunkist 180s >. $3. Tangerines. Florida (120s, 1445. 168s), $1.75. VEGETABLES Artichoke. California (doz.), $1.15. Beans, green round stringiest. (hampers). $2.75. Beets: Texas i3 do*, cratei. $1.50; cut offs <bu.). si. Brussels Sprouts. California • lb. >. 18c. Cabbage, New York Danish (50-lb. bag). 90c: New Texas (cratei. $2.15. Red Cabbage (50-lb. bag), $2. Carrots. California (6 doz. cratei, $2 25. Texas (3% doz. crate), $1.65 (bushel). $1.65 Cauliflower California (12s cratei. $1.75. Celerv, Florida washed and trimmed (doz.). 45c(<i 90c: Florida (4s. 6s, Bs. 10s crate). $3.25. Cucumbers, hothouse idoz.l. $1.25; (southern bushel), $6 Egg plant. Florida (doz ), $1.50. Kale (Virginia bushel), 85c. Lettuce. Iceberg Arizona (best 4s. ss). $3.25; home grown leaf (15-lb. baskets). • sc. Endive. California idoz.l. 90c. Peppers, mangoes (crate), $6.50; peck basket, $1.65; (doz.). 45c. Mint, hothouse (doz.), 75c. Mushrooms (pounds), 30c. Mustard. Texas i bunch). 75c. Onions— Indiana yellow 150-lb bag). $1.25; Indiana yellow (10-lb. bag), 28c; Western Spanish (50-lh. bag). SITS. Oyster plant, home grown idoz.l, 40c Parsley, southern (long bunches doz ). 45c. Par'nips. home 5I own - washed 1 bushel), $1; (half-bushel). 60c. Peas. Florida (hamper), $2.50. Potatoes Michigan Round W'hites 1100-lb. bag). $1.75, Main Green Mountains (100-lb. • * 2 - 2 *: R- R Early Ohtos (100-lb. R Cobblers 1100-lb. bag). $1.90 Idaho Russets (100-lb. bag. $2.35; Idaho bakers (70s box). $2.50: Col. McClures, 100lb. bag), $2 10: New Texas Triumphs (50lb. bag), $2.15. Sweet Potatoes, Indiana Us bushel). st.so; medium (bushel). $1: Tennessee Nancv Halls (hampers). $1.15; Southern Puerto Ricans (bushel crate). $1.50. Radishes, home growfn buttons (doz.). 45c; white. 40c Rhubarb, hothouse (bunchi, 50c Rutabagas. northern (50-lb. bag). 85c. Sage Shallots. Louisiana (doz.t, 45fa50c. Spinach. New Texas (bushel), Tur 2. ,ps ' home * row Ti "ashed (bushel), }} "" Tomatoes repacked GO-lb. box) $160; original Cuban '3O-lb. lug). $3. FRriT* AND VEGETABLES (By United Press) M „V rh 2 —Apples—Michigan, Mclntosh, bu., 75c vi $l5O Carrots—lllinois. w ll '' Sweet Potatoes—Tennessee. 8 5 " 90f „ Beans—Florida, bu.. $1,250 • *. e “ s —California, bu. hampers. $2 50 .■ 3 7 *, Spinach—Texas, bu.. 50c usl Lettuce crß,es - ' dot $2 'i 2 50. Celerv Florida, crate $24,3 Cauliflower—Calilornla. crate *1 55r f( 145 Tomatoes-Mex-L u -*i- *2 2®- Asparagus—California, crate, $3 50i6.50 Onion market )50-lb sacks). Western Valencias. SI 35 Illinois •vellows. 50c4, $l; Michigan vellowa 60ce sl. Indiana yellows. 50c$l.

FAULTY BUILDING OF U. S. HOMES NOTED BY HOLC Many Houses Have Improper Foundations, Says Architect. BY FREDERICK a OTHMAN United Press Staff Correspondent WASHINGTON, March 3.—The | New Deal, which ought to know bei cause it put up the cash for the repairs, reported today that many an American home owner didn’t get his money’s worth when he bought his ! house. There were so many things wrong j with so many homes upon which the Home Owners Loan Corp. was asked j to make loans that it hired a cele- I brated architect, Pierre Blouke, Chi- | cago, to supervise remodeling. The j corporation has taken mortgages on | 990,000 houses, but it had to repair a third of them before it could safe- I

ly make the loans. Most of the repair money, included in the mortgages, went for leaky roofs and new coats of paint, <.nd averaged around S2OO for each house reconditioned. Mr. Blouke discovered, however, that many an applicant had been victimized by fasttalking “Jerry builders.” Many Foundations Improper. Numerous homes do not have proper foundations, he said, causing them to. settle and crack plaster walls and ceilings. “Very often houses are placed disregarding the natural drainage and if this is done without protecting the foundation walls by drain tile, basements become unduly damp and to some extent cause structural difficulties. “Masonry walls of any description or chimneys should never rest on wood framing. Doing this has been the cause of many masonry troubles, because the wood shrinks and pulls away fro mthe masonry, the walls settle and become fractured. Chimneys do the same, porducing a fire hazard.” Trouble From Poor Paint Many homes produced during building booms of the last several decades, he continued, suffered from the use of green framing lumber. ‘‘lt does not take very long to notice shrinkage in this lumber,” he said. “This fault can not be cured by good craftsmanship or design.” There also has been considerable trouble caused by poorly applied paint. Some contractors have painted damp surfaces, while others have done painting in the dead of winter, both practices which necessitate anew paint job a few months later. Mr. Blouke picked a particular bone with architects who have built fancy houses, with trick angles and chopped-up roofs. Lauds Colonial Architecture ‘‘Every change in direction of a wall costs money and adds a hazard which might be avoided,” he said. “Broken roof lines producing valleys, saddles and pockets for water or snow to collect, add to the Initial expense and maintenance, and increase the hazards of having a leaky roof.” He urged that the builders of low-cost homes take a few pointers from the architects of George Washington’s time. “An examination of the design and construction of early colonial homes which have stood up for 150 years discloses simplicity in structural lines and intelligent use of materials,” he said. “This Is a fundamental principle from which our Jerry builders have too frequently departed.” F. A. C. MOVE SEEN AS PREVENTIVE ACTION Council Recommends Increase in Reserve Requirements. By United Press CHICAGO, March 3. Recommendations of the Federal Advisory Council for an increase in reserve requirements of member banks in the Federal Reserve System were accepted by financial experts today as “preventive action” against the threat of credit inflation. The Advisory Council, composed of prominent bankers, issued the recommendations to the Board of Governors of the Federal Reserve System, suggesting: “A substantial increase in the reserve requirements of banks. This increase should be at least large enough to prevent a credit structure being built on that part of the gold holdings which may be deemed to be transitory or temporary.” TRUST SHARES OFFERED Times Special CHICAGO. March 3. —A public offering of 150,000 shares of 4 per cent convertible preferred stock and 250,000 shares of common stock of the American Trust Cos. is being made through a syndicate of banking firms headed by Blyth & Cos., it was announced today.

Busigraphs f CASH DIVIDEND PAYMENTS (HEW YORA TIMES) 400 m- . * ft . 8 Vakilz*:! VIII S/ Vs D°rm> LINE IS THE PAST // A 'V. V/ EIGHT YEARS AVERAGE OF V/ // Y/y Vj Vs a TH E SAME MONTHS // // V // c \ L 4, i A,l Xvv. //. I '93* C 2 THE B4RKER CORR GENERAL DISTRIBUTORS INCORPORATED INVESTORS Cash dividend payments in January exceeded a year ago by 59 per cent. That means increased purchasing power. Payments on account of accumulated dividends still leads the list. DIVIDEND CHANGES SINCE JAN. 1 Accumulated dividends paid 69 Resumed dividends 14 Increased dividends 41 Initial dividends 12 Extras 68 Total favorable changes 204 Reduced dividends 2 Omitted dividends 2 Total unfavorable changes

Abreast of The Times on Finance

SEEKS RATE CHANGE

.JK *'''* i ty&&il&&som'' '

Senator Burton K. Wheeler

PORKER PRICES REMAIN STEARY ✓ * Cattle Strong to 25 Cents Higher; Veal Market Sharply Lower. The pork market continued unchanged for the third consecutive session today at the Indianapolis Union Stockyards. Trading developed slowly as several buyers were hesitant in making early purchases, mostly awaiting further developments in the market. Receipts, estimated at 4500, continued around a normal figure. Both local and outside demand showed indications of weakness when surrounding livestock markets continued to report liberal supplies. Approximately 72 head of hogs were held over, from yesterday’s supply of 4000. The bulk of 160 to 225 pounds, sold at $10.65 to $10.75. The latter figure also was the top price. Medium heavyweights, scaling from 225 to 260 pounds, were salable at $10.40 to $10.60. Extreme weighty grades, from 260 to 325 pounds, cashed in at $lO to $10.30. Light weights, from 130 to 160 pounds, were selling at $9.75 to $10.25. Packing sows held at $8.50 to $9.25. The cattle market was active, especially in slaughter classes where steers and heifers were largely 25 cents or more higher. Spot were up as much as 50 cents. Bulk of steers sold at $7.25 to $9, while numerous grades of heifers were salable at $6.50 to $7.50. Lower grades brought $5.50 to $6.25. Cows were strong. Most bulls sold mostly under $7. Receipts were 1400. Vealers were generally 50 cents lower, with the bulk of good and choice kinds selling at $9 to $9.50. Receipts were 700. Lambs continued unchanged. The general bulk sold at $9 to $9.75. The total supply of 3500 consisted mostly of fed westerns. No bulk price was established for these classes. Slaughter sheep sold at $3 to $5. HOGS Feb- Bulk- Top. Receipts. 26. $10.55010.65 $10.65 2000 27. 10.55(5)10.65 10.65 2000 28. 10.55010.65 10.65 5000 29. 10.65010.75 10.75 1000 March. 2. 10.65010.75 10.75 6000 3- [email protected] 10.75 4500 Light Liehts (140-160) Good and choice..s 9.75010.60 Medium 9.25010.10 (160-180) Good and choice.. 10.60010.75 Medium . 10.10010.60 (180-200) Good and choice.. 10.60 0 10.75 Medium . 10.10010.60 (200-220) Good and choice.. 10.60 0 10.75 (220-250) Good and choice.. 10.50010.65 Heavyweights (250-290) Good and choice.. 10.15010.50 (290-350) Good and choice.. 9.80010.15 Packing Sows (275-350) Good 9.100 9.35 (350-425) Good 9.000 9.25 (425-550) Good 8.75 0 9.10 (275-350) Medium 8.50® 9.00 Slaughter Pigs (100-140) Good and choice.. 9.000 9.75 Medium B.oo@ 9.25 CATTLE —Receipts, 1400— (550-900) Choice $ 9.50 010 50 Good 7.750 9.75 Medium 6.50 0 7.75 Common 5.25® 6.50 (900-1100) Choice 10.00011.50 Good 8.25010.00 Medium 6.50® 8.25 Common 5.25® 6.50 (1100-1300) Choice 10.50011 75 Good 8.25010.50 Medium 6.75® 8.25 (1300-1500) Choice 1)[email protected] Good 3.25010.75 Heifers (500-750) Choice 7.50 0 875 Good . . • 6.750 7.50 Common and medium 5.00® 6.75 (150-900) Good and choice... 7.00® 900 Common and medium 5.25® 7.00 Cows j Choice 6.50® 7.00 Good 5.50 0 6.50 Common 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, 700— Good and choice $ 9.00 0 9 50 Medium 6.50® 9.00 Cull and common 4.00® 6.50 Calves (250-500) Good and choice... 7.00 0 9.50 Common and medium 4.50® 7.00 Feeder and Stocker Cattle (500-800) Good and choice.. 6.50® 7.50 ® nd , me <Jiun 5.000 6,50 (800-1050) Good and choice.. 6.500 750 Common and medium 5.00® 6.50 Cows Good 4.50 0 5.00 Common and medium 4.00® 4.50 SHEEP AND LAMBS —Receipts. 3500 Lambs. 90-lbs. down, good and choice $ g so® n ' G°° d 9.00® 9.50 Medium 8.50® 9.00 Ewe° mm ° n 7 o °® 850 (•10-175) Good and choice . 4.00 0 5.00 Common and medium 3 000 4 00 Yearling wethers, good choice 8.25® 900 Medium 7.00® 8.25 Other Livestock (By United Press) , March 3.—HogSr-Rec*eipts, 1-.000, including 2000 directs; lairlv active: steady to 10 cents higher than Mondavs 10 60; bulk. 150-250 lbs.. 25 .0 10 60; 2ao-300 lbs.. $9.75010.25: 300-350 lbs.. $9.5009.75; sows. S8 750 9.10. Cattle—Receipts. 7000: calves. 1500: fed steers and yearlings, strong to 25 cents higher: fairly active: all grades showing upturn: but better grade weighty bullocks and well finished light steers and yearlings up most: top. sl2 paid for 1433-lb. averages; next highest price on weighty steers, $7.75: generally S8 25® 10: market several loads weighty steers. $10011; best yearlings. $10.50: heifer yearlings. $9: beef ows. 10 to !5 cents higher: cutters, strong: bulls and vealers steady. Sheep— Reecipts, 12.000: general market about steady: few strictly finished lambs 10 cents up: all interests buving: earlv bulk desirable fed western lambs. $9.5009 85: svveral loads. $10: strictly choice 88-lb Wisconsin. $lO 10: around 80 lbs. fall shorn yearlings. $8.75: most wooled ewes. S4O 5. FORT WAYNE Ind,. March 3—Hogs—* Steady; 160-180 lbs.. $lO 55: 180-200 lbs. $10.45: 200-225 lbs.. $10.35: 225-250 lbs.. *10.25: 250-275 lbs.. $10.10: 275-300 lbs . *10: 100-120 lbs . $9.65: roughs. $8 50; $9.70: 140-160 lbs. $lO 15: 120-140 lbs.. Star-*. $6®6.75: calves. $10; lamb 6, $9.35.

TUESDAY, MARCH 3, 1936

SENATE GROUP TO INVESTIGATE FREIGHT RATES Committee to Hold Hearing on ‘Basing Point’ System. By United Press WASHINGTON. March 3—Many I nationally prominent persons have ; been asked to testify before a Sen- ■ ate Interstate Commerce Committee hearing on a bill to outlaw the “basing point” system of fixing freight charges, it was learned today. Senator Burton K. Wheeler CD., Mont.), author of the bill and chairman of the committee, said he expects to begin hearings in 10 days. Among those invited to appear was D. O. M. Sprague, who resigned as a New Deal fiscal adviser after disagreement over the government’s financial policies. “I have in.-ited leaders of all walks of industrial and financial life to come here and give their j views,” Senator Wheeler said. “I feel that the ‘basing point’ system not only is one of the chief causes of the depression, but has been one of the greatest obstacles to complete recovery.” The “basing point” system is used by many of the country’s principal industries, including steel, oil, cement and lumber. Here is the way it operates: A contractor in St. Louis, for example, desires to purchase a carload of cement. He places his order and the cement may be shipped from Cleveland, but he pays freight from the nearest “basing point” for that product, which may be Chicago or some other nearby city. FIVE BUILDING LEASESCLOSED McMillin & Carson Rents Downtown Structure at 225 E. Ohio-st. Negotiations involving the leasing of five Indianapolis storerooms, including a three-story downtown business building, were completed during the last week of February by W. A. Brennan, Inc., Indianapolis realtors, it was revealed today. The downtown structure was a three-story-and-basement brick building at 225 E. Ohio-st, leased by McMillin & Carson, distributors of commercial refrigerators, meat choppers, slicers, coffee mills, scales and equipment for eating establishments. The company, which leased the building for a number of years, was formerly located across the street in smaller quarters. A one-story brick building located on the property occupied by the Ohio Oil Cos. at the southeast corner of Illinois and 38th-sts, has been leased by the Anderson Chevrolet Cos., Inc., newly appointed Chevrolet dealers for the North Side. Drive-It-Yourself, Inc., have leased the building at 129 Kentuckyav from the Houghan estate, owners of the property. The company is to use the building for its new truck and commercial car department. C. W. Acker, dealer for General Electric refrigerators, radios, and other electrical appliances, has leased a storeroom at 4207 College-av, owned by the United States Post Office Corp. Benjamin F. Danford, operator of a fleet of coal trucks under contract by local companies, has rented the garage building at 871 Massachu-setts-av for a number of years from the Massachusetts-Pratt Realty Cos., owners of the property, according to the Brennan realty firm. Investment Trusts (By Thomas D. Sheerin & Cos.) Bid. Ask. Administered Fund 2nd $17.02 slß.ll Affiliated Fund, Inc 1.92 2.10 American General Equities ... 1,10 .1.13 American Business Shares ...1.16 1.27 Bullock Fund Ltd 17.75 19.12 Century Shares Trust 28 60 Collateral Tr Shares “A” 6.54 Corporate “AA” or “Accum.” (Mod.) 3.28 3.31 Corporate “AA” or “ACC.” (Unmod.) 2.62 2.66 Corporate Trust Shares (Orig.) 2.79 2.82 Diversified Trustee Shares “B” 10.93 11.03 Diversified Trustee Shares C 4.52 4.56 Diversified Trustee Shares D 6.66 6.76 Dividend Shares, Inc 1.65 1.78 Incorporated Investors 22.60 ..... •Investors Fund Amer 1.06 1.16 Market Street Invest Corp. 31.45 33.10 •Maryland Fund 19.05 20.57 Massachusetts Investors .... 25.50 27.72 Nation-Wide Sec. Cos “'B” ... 4.70 Nation-Wide Voting 1.73 1.89 North American Tr. Shs. 1955 3.31 3.34 North American Tr Shs 1956 . 3.27 3.30 North Amer Tr Shs (Orig.) 2.59 . . ... Quarterly Income Snares 1.57 1.70 Representative Trust Shares.. 12.35 12.50 •Selected Amer. Shaves, Inc . 1.57 1.71 Selected Amer Shares (Orig.) 3.61 ..... Selected Cumulative Shares.. 9.20 9.30 Selected Income Shares 4.88 4.98 State Street Investment Corp. 97.75 102.25 Super-Corp of America“AA”.. 2.78 2.82 Super-Corp. of America “BB” 2.81 2.85 Super-Corp. of America “A” . 4.12 4.17 Super-Corp. of America “B”.. 4.32 437 Super-Corp. of Amer C and D 7.98 8.06 Supervised Shares, Inc. (Dela.i 1.67 1.83 Trustee Standard Oilshares A 7.57 7.63 Trustee Standard Oilshares B 6.68 6.74 Trustee Standard Invest “C”. 2.96 300 Trustee Stand Investment D. 2.90 2.93 Universal Trust Shares 4.20 .. Uselps “A” 18.55 18.90 Uselps “B” 2.89 .. Uselps Voting l.io ..... •Ex-Dividend.

NEW BUILDING PROPOSED American Can Cos. May Construct 5150.000 Addition Here. Tentative plans for the construction of a building by the American Can Cos. at S. East-st. and the Belt Railroad have been completed, T. D. Stevenson, company attorney, announced today. The structure will cost approximately $150,000. The company is now awaiting permission from the Works Board to build an overhead bridge from its present plant across the street to the proposed addition Mr. Stevenson has been advised to present formal plans to Henry B. Steeg, city engineer, on which a public hearing is necessary. 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, 11c: geese, full feathered, all sizes, 10c; all guineas, 17 ibs. and up. 15c; No. 1 strictly fresh eggs. loss off, 17c. Each full case must ttr'gh "5 lbs gross, a deduction of 10 cents a po-...~S - nder 55 lbs. will be made. No. 1 outu.r 7 74.437 c; No. 2, 377 6387 c. Butterfat, 3>c

MONTHLY IMPORTS. EXPORTS AND PRICES OF SILVER CENTS PER *** 4M6 w* ll * WPORTS- EXPORTS PINE OUNCE * MILLIONS OP OOLLAPS 80 ' ■ 70 rh —“ 60 — l —ll 50 V ' - r' J ■ SO -v 1 -J 1 40 V' PRICE • j 40- -1 V-j -j] —/ JO -30 —/ —n 2° vV/ I lU| j ‘ 0 1925 1926 1927 i93l IM2 ‘ ‘ 1935 'i36 “ 0 FTS 22, *934 $• ,9 evso* $ c*

New York Stock Exchange Prices

By Thomson & McKinnon. 11.30 A. M. Prev. Oils— High. Low. N. Y. close. Amerada 91% 91 3 % 91% 91% Atl Rfg 32 31 3 ,4 32 32 Barnsdall 17 1% 17 17 >4 1714 Consol Oil 143/g 14 >4 143/s 14 V 4 Cont of Del .... 361s 36 36 3 /8 36 Houston (new) . 11% mi ills ny, Mid Cont Pet.. 19% 19% 19 7 s 19% Ohio Oil 16 7 2 16% 1614 161a Pet Corp 1714 17% 1714 1714 Phillips Pet 43% 4314 431-2 4314 Plymouth Oil ... 1.414 1414 1414 1414 Pure Oil 22% 22 22% 21''Seaboard Oil ... 37 37 37 36114 Shell Un 18 3 / 8 18% 18 3 /a 18% Skelley Oil .... 25 25 25 24% Soc Vac 15% 15% 15% 15% SO of Cal 45% 4534 453% 4514 SO of N J ... 60% 60% 60% 60 Texas Corp .... 37 3 % 37% 37% 37% Un Oil of Cal ... 27 26% 27 27 Steels— Am Roll Mills ... 32% 32 32% 32 Beth Steel 59 58 % 59 59 Byers. AM .. 23% 23% 23% 23% Cruc Steel 39 39 39 3814 Ludlum Steel .. 32% 32% 37% 32 3 / 4 McKeesport Tin 110% 110% 110% 101% Mid Steel 37%3337 3 / 8 37% 37% Natl Steel ....... 67% 66% 66% 68 Otis Steel 20% 20% 20% 20% Rep I & Stl ... 25% 2514 25'% 25>4 Rep I & Stl pfd 97 97 97 U S Pipe & Fdy 35 35 3533 3 % U S Steel 65% 65% 65 3 / 4 65% U S Steel pfd... 1293/ 4 129% 129% 12914 Warren Bros ... 7% 7% 71% 7% Young’wn S& T 53'% 5314 53% 53 3 / 8 Motors— Auburn 48% 47% 47 3 / 4 47% Chrysler 97"% 9714 97% 97% Gen Motors ... 61 3 4 61 6114 60% Graham Mot ... 4% 4% 4% 4 Hudson 18% 18% 18% 18% Hupp 33 33 Nash 20% 20% 20% 20% Packard 1214 12 12% 12 Reo 7% 7% 73% 7% Studebaker 14% 14% 14% 14% Yellow Truck... 17% 17'% 17% 17% Motor Access— Bendix 24% 24% 24% 24 3 / 4 Bohn Alum 57% 5714 5714 57% Borg Warner ... 81% 81'% 81% 81 Briggs .59% 59 59 59% Budd Mfg 13% 123/4 13% 121% Budd Wheel ... 13% 13% 1314 13 Eaton Mfg .... 323/ 8 32% 32% 32 3 / 8 Elec Auto Lite.. 4314 42% 43% 42% Elec Stor Bat... 52 52 52 52 Greyhound 8... 70% 70% 70% 70% Houdaille 30% 30% 30% 3014 Murray 80dy... 20% 20 3 / g 20 3 / 8 20% Timken Roll .. . 69 65 69 68 3 / 4 Timken Det Axle 16% 16% 16% 16% Mining— Alaska Jun .... 15% 15% 15% 15% Am Metals .... 34'% 34% 34% 34% Am Smelt 6914 68% 68% 69 Anaconda 35% 34% 34% 35% Cal & Hecla ... 8% 8% 8% 8% Dome Mines ... 48 48 48 4814 Gt Nor Ore 20% 20 20 20% Howe Sound .... 54% 54 54% 54 Ins Copper .. .. 11% 11% 11% 11% Int Nickel 51% 51% 51% 52% Kennecott Cop.. 37% 37% 37% 37% Mclntyre Mine.. 44 44 44 43% Park Utah 4% 4 3 / a 4% 4% St Joe Lead .... 2914 29 29 2914 U S Smelters ... 86 3 % 86 % 86% 87 Vanadium 25% 25% 25 3 /4 25% Amusements— Fox Theat 32 31% 32 31% Loews Tr.c 49% 49% 49 3 /a 4914 Radio Corp 123/4 12% 1214 12Vs Paramount 10 10 10 10 RKO B’4 814 814 8% Warner Bros ... 12% 12% 12% 12% Tobaccos— Am Tobacco “B” 98 97% 98 97 Gen Cigars 57% 57% 57% 57% Ligg & Myers 8.107% 107% 107% 107 Lorillard 23% 23 3 /a 23 3 / 8 23% Phillips Morris . 73% 73% 73 3 / 4 72% Reynolds Tob ‘B’ 55% 55% 55% 56 Rails— Atchison 75 75 75 74% B& O 2234 22% 22% 22% Can Pacific .... 14 3 / 4 14% 14 3 / 4 l4 3 / 4 Ch & Ohio 59’% 59% 59 % 59 % C M & St P pfd 5 5 5 43/a Chi N W 414 4*4 4% 4% Chi N W pfd 10% 10% 10% 10% Dela & Hud 48% 4814 48% 48% Del Lac & W ... 21 20% 20 3 4 20% Erie 16 16 16 15 % Erie pfd 26% 2614 26 % 24% Gt North pfd.... 42% 42V a 42% 42 111 Central 26 25% 25% 23 Lehigh Valley ..13 13 13 13 L & N 68 68 68 69% M K & T 8% 8% 8% 8% M K & T pfd.. 23 23 23 23% N Y Cent 38% 38% 38*% 38 N Y New Haven 5 5 5 4% N Y Ont & West 6% 6% 6% 6% Nor Pacific ... 34% 34% 34 3 / 8 33% Penn R R 36% 35% 36 35% Reading 47 47 47 47 Sou Pac 37 36% 36% 36 3 / 4 Sou R R 18% 18% 178% 18% Union Pac ......121% 131 131% 130% Wabash 414 414 4% 4 Equipments— Am Brake Shoe. 50% 50% 50% 50% Am Steel Fdy... 3214 32% 32% 32% Bald Loco 6 5% 6 5% Gen Am Tk Car 56 56 56 55% Gen Elec 40 39% 403 3 4 Pullman Inc ... 47% 47 3 % 47% 47 Wost Air Br .. 46% 45% 46% 45 % Westmgh Elec.. 118 117% 118 117% Utilities— Am & For Pwr.. 8% 8% 8% 7% Am Pwr & Lit. 9 3 / g 9% 9% 91/“ A T & T ...174 173% 174 173 Am Wat WkS... 24% 23% 24% 23% Col Gas & Elec 18% 18 18 in 1% Comm & Sou .. 3% 3% 3V 3 u Consol Gas 34% 34% 34% 34 3 8 Eiec Pwr & Lit 11% 11% 11% 103 4 Int Hydro Elec.. 4 4 4 4 Int TANARUS& T 18% 18% 18% 18% i,ou G& E A 21% 21% 21% 21% Nat Pwr & Lit.. 11 11 11 10% North Amer 28’a 28 28% 27% Pac G& E 34% 34% 34% 34% Peoples Gas ... 45 45 45 44% Pub Serv NJ .. 433 g 43 3 i 43 3 8 43% Std Gas B'a 8 BVs BVa Stone & Webster 16% 16 16% 16 United Corp ... 7% 7% 73. 71/Un Gas Imp .... 17 17 17 17

Local Securities ißy 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. g T & T Port Wayne 577..104 105 H T & T Fort Wayne 6% .103 106 Indianapolis Railways Inc 57. 67 1 a 70 Indianapolis Water Cc 47%.. 105 107 Indianapolis Water Cos 5c;,... 105 107 Indianapolis Water Cos 57c 105 107 Indianapolis Water Cos 57%..105 107 Indianapolis Water Cos 57%..105 107 Interstate Tel & Tel 577 95 97 Kokomo Water Works 5% 1047 105 3 Morris 5 & 10 Stores 5% 100 103 Muncie Water Works 5% 103 Noblesville Heat. Light & Row 98 1007 Ohio Telephone Service 67.. 9714 Richmond Water Works 57... 104 7 106 Seymour Water Cos 57, 101 104 T H Traction & Light 57 ...106 108 Terre Haute Water works 57.102 104 Terre Haute Water Works 67 .103 105 Traction Terminal Cos 57* 78 81 STOCKS Belt Railroad & S Y com .53 55 Belt Rail <fc Stock Yd ptd 87 52 1 2 Central Indiana Pow pfd 77. 20 23 H'me Tel & T Ft Wayne 7%.. 52' 2 547 Hook Drugs. Inc., common ... 16 1 2 18 Ind & Mich Elec Cos pfd 77 1037 1067 Indiana Central Service Cos. 6796 7 99 Ind Hydro Elec Cos 77 59 62 Indpls Gas Cos com 67 35 38 Indpls Pow &Lt Cos pfd 67.. 867 89 3 < Indpls Pow & Lt Cos 6 1 2 7 ..92 95 Indianapolis Wa Cos pfd 57 1037 1067 North Ind Pub Serv pfd 577 69 72 North Ind Pub Serv pfd 67.. 757 787 North Ind Pub Serv pfd 77.. 85 88 Progress Laundry Cos com ... 9 107 Pub Serv Cos of Ind pfd 67 •21 7 24 7 Public Serv Cos of Ind pfd 7745 7 487 South Ind Gas & Elec 67 96 7 99 7 Terre Haute Elec com 67.... 87 7 897 1 t’Qioa Title Company c0m.... 20 7 23

Ut Pwr & Lt 'A’ 6% 6% 6% 6% Western Union'.. 91V 4 9114 91% 90% Rubbers— Firestone 30% 30% 30% 30% Goodrich 19% 19% 19% 19% Goodyear 28'% 28% 28% 28 U S Rubber ... 20 20 20 19 3 i U S Rubber pfd 60% 60 60% 59'% Miscellaneous— Allis Chalmers... 44% 44 44 44 Am Can 126 126 126 125% Brklyn Man Tr. 45% 45% 45% 45% J I Case 122 121% 121 3 / 4 121 % Conti Can 80% SO% 80% 80% Caterpillar Tract 70% (014 70% 70 3 4 Crown Cork 49% 49% 49% 49Vi Curtis Pub 20% 20% 20% 20% Deere &Cos 72 % 72 % 72% 72 Vi Foster Wheeler.. 35*4 35% 35% 34% Gillette 17% 17 7 / 8 17% 17% Glidden 49% 49% 49% i9VB Int Bus Mach... 175% 175% 175 3 / 4 175 3 /4 Inter Harv 60 % 60 3 /a 60 % 60 Natl Cash Reg.. 27% 27% 27% 2714 Armour 6% 6% 6% 6% Beatrice Cream'y 20 20 20 19 3 / 4 Can Dry G Ale.. 13% 133/i 13 3 4 13% Cont Bak (A).. 19% 19 19% 18% Crm of Wheat.. 37 37 37 37 Cuban Am Sugar 13% 13% 13% 1314 Gen Baking 13% 13% 13% 13% Gen Foods 34 34 34 34 G W Sugar 35% 35% 35% 35% Natl Biscuit 33% 331a 33%33 3 Natl D Prod 24V 8 24% 24% 24% Purity Bak 15% 15% 15% 15% S Porto Rico Sug 34% 34% 34% 34 Std Brands ... 17% 17 17 17 Un Biscuit 24% 24% 24% 24 3 / 4 Retail Stores— Allied Stores 8% 8% 8% 8 3 /a Assd Dry Goods 16% 16% 16% 16% Best & Cos 52 52 52 52 First Natl Stores 44 43 3 / 4 43 3 /4 44% Gimbel Bros 8% 814 8% 8% Kresge S S 23% 23'% 23% 23% Kroger Groc ... 25 25 25 25 Macy R H 46 3 /4 46% 46% 46% Marshall Field.. 18 17'% 17% 16% Mont Ward 3 33 / 4 39 3 / s 39% 39% Natl Tea 10% 10% 10% 10% N. Y. Bonds DAILY BOND INDEX 20 20 20 60 Inds. Rails Util. Bonds Today 92.6 93.4 105.1 97.1 Saturday 92.6 93.6 105.0 97.1 Week Ago 93.4 95.4 104.9 97.9 Month Ago 92.6 91.1 105.1 96.3 Year Ago 86.7 79.1 94.6 86.8 1936 High 93.4 95.6 105.5 97.9 1936 Low 91.6 84.7 103.5 93.3 (Copyright 1936 by Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Treasurys Prev. Close, close. 4%s 1947-52 117 116.22 4s 1944-54 112.12 112.11 3%s 1940-43 108.16 108.16 3%s 1941-43 108.25 108.20 314s 1943-45 106.30 106.27 3'/ 4 s 1941 108.25 108.25 3Vis 1944-46 106.20 106.16 3%s 1946-49 104.27 104.29 3%s 1949-52 105 104.28 3s 1951-55 103.19 103.17 3s 1946-48 104.3 104.29 2%s 1955-60 101.2 100.30 2 3 / 4 s 1945-47 102.5 102.2 Home Owners’ Loan Corp. 2 3 / 4 s 1949 101.3 100.25 3s 1952 102.6 101.30 Federal Farm Mortgage Corp. 3%s 1964 102.27 3s 1949 102.13 102 5 3s 1942-49 103 . 2%s 1949 101.14 i 02.28 DOMESTIC Prev. Close. Close. Alleg Corp 5s '44 93 93 Alieg Corp 5s ’49 89% 90% Alleg Corp 5s ’SO 771% 77 Am Frgn Pow 5s 2030 80 79 3 % Am Tei & Tel 5%s ’43 114 115 Am Tel & Tel 5s ’65 114% 114% Arm &Cos (Del) 5%s '43 973% 97 i/ 4 Atl Coast Line 4s ’52 99 99% Atch Top & S Fe 4%s ’4B 114 113% Am Wat Wks 5s ’44 113% 111% Am Rolling Mills 5s ’3B 127% 127% Balt & Ohio 6s ’95 96 3 /4 97 Balt & Ohio 4%s '6O 75 3 / 4 75% Buff Roch Si Pitt 4%s ’57 81 3 / 4 81% Beth Steel 4%s ’6O 105% 105% Chi Milw &StP 5s '75 22% 22% Chi Miiw & St P 5s 2000 8% 8% Cleve Un Term 5s ’73 105 3 /i 106% Cleve Un Term 4%s '77 99'% 99% Col Gas 5s May ’52 102 3 / 4 102V 8 Col Gas 5s April '52 101% 101% Can Pac Perp 4s 92% 92% Cent Pac 5s ’6O 97% 98% Big Four 4%s ’77 91 91% Colorado &So 4%s 'BO 75% 75 Chi J West Ind 4s '52 103% 104 Chi & West Ind 5%s ’62 107% 107% Chi & Nor West 4 3 / 4 s '49 15% 15 Con Gas 5s ’57 104% 104% Chesa Corp 5s ’47 131% 132% Del & Huds 4s ’43 101 Va 101 Erie 5s ’75 80 3 / 4 80% Erie 5s ’67 81 80% Gen Cable 5%s '47 105 105 Grt Northern 7s ’36 102% 103% Grt Northern 4%s ’76 103% 103% Grt Northern 4%s ’77 102% 103 Hud & Manhat Ref 5s ’57 .... 86% 87% 111 Cent 43/ 4 s ’66 78% 78 111 Cent Jt 4%s ’63 82% 82% 111 Cent 5s '63 87% 88 Interlake C&I 5s 'sl 95V8 94 Interntl Hy Elec 6s ’44 53 Va 53 % Interntl Tel & Tel 4%s ’39 96% 97 Interntl Tel & Tel 5s ’55 90% 91 Interntl Tel & Tel 4%s ’52 ... 86 87% P Lorillard 7s ’44 132% 132% McKess & Rob 5%s ’SO 103% 104 Natl Dairy 5%s ’4B 103% 103% Natl Steei 5s ’56 106% 106% Nickel Plate 4%s ’7B 83% 83 Nickel Plate 5%s '74 94 95% N Y Cent 5s 2013 92% 92% N Y Cent 4%s 2013 (old) 86 86% Nor Amer Cos 5s ’6l 105% 105% Nor Pac 3s 2047 81 3 / 4 81% Nor Pac 4%s 2047 102 101% Nor Pac 6s 2047 111% 110% Nor States Pow 5s '4l .. 105 105 New Orleans Term 4s ’53 .... 92% 92% Otis Steel 6s '4l 1023/g 102 3^ Penn Rv 4%s ’B4 110% 110 Penn Rv 4%s ’Bl ...110% 109% Penn Ry 4%s '7O 103 3 i 103% Pac G & E 5s ‘42 94’i 96% Portland Gen El 4%s ’6O 74'% 74% Para Publix 5%s ’SO 89 88 Penn P & L 4%s ’Bl 107% 107 Postal Tel & Cab 5s '53 373 j, 37% Rem Rand WW 5%s ’47 109% 109 Va Sou Pac 4%s ’6B 91 % 90% Sou Pac 4%s 'Bl 90% 90% Sou Pac 4%s ’69 90% 90% Sou Pac 4s ’49 90 9014 Sou Rail 4s ’56 64 % 65 Sou Rail 6s ’56 81% 81% Sou Rail 6%s ’56 84 85 Sharon Stl Hoop 5%s ’4B ....103% 103 3 4 Texas Pac 5s ’BO 102% 103 % Texas Pac 5s ’79 103 103% Texas Pac 5s ’77 103% 10314 Union Pac 4s ’47 114% 113% United Drug 5s ’53 101*% 101 U S Rubber 5s ’47 106 105% NY NH & Hart 6s ’4B 35 37% NY NH & Hart 4%s ’67 35 37 Warner Bros 6s ’39 93 94 Western Marv 4s ’52 100 99% Youngstown S & T 5s ’7O ...106% 106% Youngstown S & T 5s ’7B ...106% 106% FOREIGN Argentina A 6s ’57 100 99% Argentine B 6s ’SB 9914 99 Brazil 8s ’4l 32 31 3 4 Canadian Govt 4s ’6O 108% 108% Denmark 5%s ’55 102 101% German 5%s ’65 27% 27% German 7s ’49 37 37 3 4 Italy 7s ’sl 69 65% JaDan 6%s ’54 97 95% Poland 7s ’47 107% 107% Rome 6%s ’52 60 56% Tokio City 5%s *6l 78% 79 Yokohama 6s ’6l 83% 83%

USED OFFICE FURNITURE Repairing—Refinishing W. C. BRASS ASSOCIATES I 131 S. Meridian. Kl-9727

Securities Sales at Peak^ The SEC has announced that dollar value of sales on all registered securities exchanges in January uas the largest since the commission began compiling figures on this basis in October, IV3^.

PAGE 15

Safeway St 33 33 33 33 Sears-Roebuck.. 64% 63% 63% 633 g Woolworth 52% 52% 52% 53 Aviation— Aviation Corp . 6 5% 5% 6% Curtiss Wright.. 6% 6% 6Va 6 Curtiss Wright A 16% 16% 16’* 16% Douglas Air .... 70% 70’ 3 70% 69% Nor Am Av ... 8 8 8 B’a Sperry Corp .... 20% 20% 20% 20% United Airc’ft N 29 29 29 28% Chemicals— Allied Chem ...178 177 178 176 Com Solvents.. 23% 23 3 4 23 23% DuPont 1431 2 143% 143% 142 Freeport Tex ... 33 3 4 33 3 * 33 3 4 33% Math Alkali ... 34% 34% 34% 34% Natl Dis (new).. 30 3 4 30’ 4 30 3 4 30% Schenley Dist . 50% 50% 50% 511a Tex Gulf Sulph 371% 37% 37% 37% Union Carbide .. 83% 83% 83% 84% U S Indus Alco 43% 43 43 43% Lambert 24% 24% 24% 25% Sterling Prod .. 67 67 67 66% Un Drug (new).. 15% 15% 15% 15% Zonite Prod .... BV 4 BV 4 8V BVa Financial— Adams Exp 13 3 / g 1334 13% 13 3 a Am Int Corp ... 11% 11% 11% ll 3 4 Transamerica .. 14 Va 14 141a* 14 Tr Conti Corp... 10% 10% 10% 10% Building— Am Radiator ... 23% 23% 23% 23% Gen Asphalt .... 33% 33% 33% 32% Holland Furnace 4040 4039 3 fe Int Cement ... 44% 44% 44% 441* Johns Manville .123% 123'% 123'% 1211% Libby Owens Gls 59% 59'% 59% 591% Household— Congoleum 38% 38% 38% 38% Kelvinator 19% 19% 193% 19 ya Mohawk Carpet. 26% 26% 26% 26% Proc & Gamble. 45% 45% 45% 45 3 4 Servel Inc 19% 19 19 19 Simmons Bed .. 24% 24% 24% 24% Textiles— Amer Woolen .. 10 3 % 10 3/ 4 10% 10*% Celanese Corp .. 29% 29 3 / a 29% 28% Collins Aikman.. 46% 46'% 46'% 46% Indus Rayon ... 30'% 301% 301% 30'% Kayser Julius .. 30'% 30'% 30'% 31'% Chicago Stocks (By Abbott, Proctor & Paine) 11:00 Prev. A. M. close. Allied Products 23 23 Berghoff 10'% 10% Butler Bros 10 10 % Chicago Corp 5% 6 J D Adams 161% 17 Cities Service 5% 5% Conti Steel 4012 40% Cord 6 Va 6'% Crane 28 27 % Elec House 15% 16 Gen House 4% 4'% Grt Lakes Dredge 29 3 % 29'% Iron Firemen 28'% 281% Libby 9 7 % 9% Lynch Glass 50'% 50 7 % Noblitt Sparks 33% 34'% Pub Servos Northern H 1... 58'% 60 Swift 24 24 Zenith 18% 183% New York Curb (By Abbott, Proctor & Paine) 12:30 A. M. Prev. N. Y. close. Alumn Cos of Am .....134 129 Am Cyanide “B” 36% 37% Can Indus Ale “A” ... 11% H’% Carrier Corp 11% H'% Creole Petrol 30% 30'% El Bond & Share 18% 18 Fisk Rubber 8 8 Ford of Europe 9% 8_ Imperial Oil 24 23%’ Lake Shore Min 57% 57 Niag Hudson Power 9'% 9 7 % Pan Airways 62'% 63'% Pennroad 41% 5 Root Pet 10% 11 St Regis Paper 5 s'/a Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers' 65'% 67 Central Hanover 114'% 116'% Chase 401% 41 7 % Chemical National 59 3 % 61'% Guaranty 296 300'% Irving 161% 18% Manufacturers 48’% 50 National City 333%6 3 % 38 Cont 111 Chicago 165'% 168'% First National Boston 47'% 49 National Shawmut 47'% 49 FIRE INSURANCE Aetna Fire 59% 61% American Ins of Newark 16% 18'% Baltimore American 9'% 10 3 4 City of New York 30*% 32% Federal Ins 54 57'% Franklin Fire 33'% 35'% Great American Ins 32 33% Hanover Fire Ins 40'% 42'% Hartford Fire Ins 84% 86% Home Ins 38 39% National Fire 82 84'% Ins Cos of A 77'% 79'% National Liberty 10% 12'% Phoenix 98 101'% U S Fire .. 57 59'% Westchester Fire 38 40 Chicago Grain Futures (By James E. Bennett & Cos.) 11 00 Prev. Wheat— High. Low. A. M. close. Mav I.OO'/a .99% 1.00% .99% July 90 7 a .89% .89% .90% Sept 8914 .88% .88% .89% Corn— \ Mav 60% .60% .60 3 4 ,60 s i July 60% .603% ,60 3 % .60% Sept 61 .60% .60% .60% Oats— May .28% .28% .28% ,28 3 % July 28'% .28'% .28% .28% Sept 28 .28 ,28 .28% RyeMay 57*4 .57 .571% .57% July 57 .56% .56% .56% Sept 56% .56% .56% .56 % LOCAL CASH MARKET City grain elevators are paying 95 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new No. 4 yellow 50 cents and oats 21 cents.

PUT YOUR MONEY TO WORK LOCALLY! BUY Building & Loan Shares

I—WE BUY. SELL. and gladly furnitb quotations on: Bond* of th* United State* Government, Its T*rritoriM and Insular Possessions Homs Owners' Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Corp. 129 EAST MARKET STREET

GOST OF LIVING RISES STEADILY; SHOWS Cheap Money -Changes Trend Toward Lessening Expenses. By United Prc** WASHINGTON. March 3—Success of the policy of promoting recovery by raUsing prices has caused a mounting trend in the cost of living. statistics compiled by the Board of Governors of the Federal Reserve System disclosed today. Cheap money, resulting from forcing commodity values upward, has reversed a trend toward lessening living expenses that started even before the collapse of the bull market of the nineteen-twenties, perusal of the board’s index tabulations revealed. A steady fall in commoditv prices was checked in 1933 when the nation began to climb out of the depression and the decrease in the dollar’s purchasing power began. Index Rises Since 1933 From 1926. when the general index was 103 (based on 100 for the average years 1923-1925), it fell continually until 1933. In that year, when economic conditions had just begun to improve, the figure was only 76. The index rose to 78 in 1934, and during the last year to 81. Thfcre has been a 25 per cent increase ni food prices since 1933, it was disclosed. In that year they were at the average level of 1913 with an index figure of 100. Last October, the most recent month for which statistics have been compiled, they were listed at 124. Coincident with this increase in prices has been development of a year-old rising market in the nation’s stock exchanges. Tabulations by the Bureau of Labor Stastistics disclosed at the same time a contradictory trend of rents, forced downward by government housing projects and municipal low cost establishments. Clothing Prices Mount Rents were at their highest during years immediately following the war. In 1924 the index mounted te 165 and then sank back to 153 in 1929. Since then it has continuea downward without a break to 101.8 last month, when most recent tabulations were made. Price of clothing has mounted steadily since June. 1933, when the index was 122.8. Since then it has climbed more than 11 per cent. Wholesale prices of grouped commodities were at a low of 65 in 1932 and improved only slightly to 66 in 1933. They reached a recent peak of 81, compared with the 100 level of 1926. Fuel prices have remained comparatively low, although they climbed eight points since 1933. BUILDS NEW ENGINE Times Special NEW YORK. March 3.—The Gra-ham-Paige Motors Corp. today announced the production of a Gra-ham-biult 112-horse power marine engine embodying the “supercharger’ efature used in modern airplanes and in the new Graham supercharger motor car.

SAFE t • # If you were surrounded by a squad of G-Men, you couldn't be safer than you are when you ride a trolley or a bus. In ten years, there hasn't been a passenger fatality on an Indianapolis trolley or bus. In that time, mora than 750,000,000 passengers have ridden. Ride with us and play safe! vnVfcj£LMLli2.(Y!Ll RAILWAYS