Indianapolis Times, Indianapolis, Marion County, 3 February 1937 — Page 14

Trends

Minimum Wage Law Might Not

Stick, Flynn Says. —¥ JOHN T. FLYNN

EW YORK, Feb. 3.—America faces again that baffling labor problem which afflicted it in 1932. Wages are being cut by large numbers of employers. It would not be true that all employers or, perhaps, the greatest number, are doing this. But unfortunately there are many who are deing it. And it will be attempted further on a larger scale, The curse of this is that presently the practice may be forced upon those other em=ployers who now resist it and in their souls hate it. For there are innumerable big and little employers who recoil from employ= ing men at starvation wages. But what are they to do when their competitors cut costs by cutting wages and then cut prices. They are driven to follow suit in self defense and perhaps to intensify the mechanization of their plants

Mr. Flynn

n ”

A= roan mine operator told me that he blushed when he thought that he paid mine laborers $1.80 a day and skilled men $2.10 a day—$12.60 a week for skilled labor. But, he said, that is the going rate in the mines— this was in 1931—and “I cannot raise wages and sell coal in competition with rivals who will pay no more.’ Against this there is only one protection—a minimum wage law national in its application. But how can Congress pass such a law and make it stick? The President is reported as planning another attempt to revive the NRA. But unfortunately he proposes to include in that law, according to latest advices, provisions about trade prac= tices. Even if one believes that trade practices should be controlled, the question of how to do it is full of difficulty. And any attempt to do it is sure to be fraught with endless complexities, wars, revolts. It is at least conceivable that it will run into super-heated controversies and end in disastrous unpopularity. Why mix the matter of minimum wages up with that issue, which is an entirely different one? Why subject the minimum wage objec tive to the taint of the quarrels and unpopularities which trade practice control is sure to generate? And why use the minimum wage issue as a tractor to pull a trade practice law through Congress?

HIS, of course, is not the end of the subject. Because whatever Congress does must face the peril—indeed the almost certain danger—of being nullified by the Supreme Court. The Court has definitely held that labor in industry is not interstate. It has held this in terms which make it plain that a minimum wage law could not be applied to 75 per cent of our workers, if indeed that many. The President has but four years in office. Whatever he does he must do swiftly. Time now begins to work against him. With his prestige and power now he could conceivably put through a consti= tutional amendment. But he can=not gamble that he will be as powerful and influential a year from now or two years from now or three years from now. Precious months and, what is more, a precious opportunity is being thrown away. The President may put a minimum wage law through Congress. But, as matters stand, it is practically certain to be declared unconstitutional—that is, if it is framed so as to apply to any considerable part of our working population. Why waste time upon such legislation? It is merely fooling the workers. (Copyright,

Fruits and Vegetables

(Quotations below subject to change, are average wholesale prices being offered to buyers by local commission dealers.) Fruits—Pears, Oregon D’Anjou, extra ; fancy, 110s, 84; California Avocados, 20s-24s, box, $2.75. Bananas, selected, lb. 43c. Appies, No. 1 Indiana Delicious, ‘91%, inches up. $2.25: No. 1 Indiana Golden Delicious, 212 32: No. 1 Staymans, 2% inches 1 Jonathans, 2!2 inches up, § New York Wealthy, 21% $1.85: No. 1 Winesaps, 2% 2: No. 1 New York Imperials, up, $2. Lemons, Sun$8. Limes. Mexican, car- , Grapes -Calilornia Em32.1, chest, $3.75. _ Grapefruit, seedless, 64s-80s, $3.25 Or ales: Sunkist, ) Floridas, $4.50.

pt. 16¢ Vegetables—Artichokes, doz., $1.25, Beans, Florida stringless, hamper, $3.25. Beets. hoy negrowi, bu., Phew Texas, 3 doz. cra $1.75. Broccoli, California, case, $3.75¢ bunch, 17'z¢c. Brussel Sprouts, per drum, 75: at,, 20c. Cabbage, New Soh: 50-1b. 90c; new Texas, '% at : red, _ Carrots, California, $1.25, Cauliflower, 11s, crate, . ery. Mammoth, doz. 75¢. Celery Cabbage, Michigan, doz., $1. Cucumbers, hothouse, doz. 1.50. Chives, doz. pots, 90c. Egg Plant Florida, doz., $1.50. Kale, Virginia, bu Lettuce. Iceberg. California best, $4.50: 5s, $5: leaf, hothouse, 15-1b. basket. $1.50 Endive, Calirornia, doz., $1.15, Peppers, Mangoes, crate, $3.5 doz., 40c¢ Mint, doz. €0c. ora homegrown, 1b., 80c Mustard, Texas, bu. 50, Onions, Indiana vellow, 50- 1b. pag. 75¢: Western Spanish, $1.35: Northe ern white, $1.25. Oyster Plant, doz, 45¢. Parsley. homegrown, doz., 35¢; Southern, bunch, 50c. Parsnips, homegrown, 85¢c. Potatoes. Maine Green Moun- ' 100-1b. bag. $3.25: Idaho Russets, . Michigan Rurals, $2.75; Colorado MeClures $3.75. Rutabagas, Canadian, 50-1b, bag. 90c. Sweet Potatoes, Indiana Jersey “Possums,” bu, $2: Louisiana Puerto Ricans, bu., $2.25. Radishes, buttons. hothouse. doz. 60c: white, 40c. Rhubarb, hothouse, No, 1, 5-1b. garyon, 508. Sage. doz. 45c, Spinach, Texe + Shallots, 2dor.. 30c, Squash. Hubbard. "a $1. Turnips. bu., $1; new Texas, bu., $1.50. Tomatoes. repacked, 10-1b. box. $1.40: packed, best, 10-1h. basket, $1.50.

= ”

1937, NEA Service, Inc.)

inches up. inches up. $& 22 Jpchess Kist, ton perors, Texas California, Kumauats, 30s, crate,

12s.

: Pin~apples, Strawberries, Florida,

re-

(Pv United Press)

CHICAGO, Feb, 3. —Apples—Michigan McIntosh, $1.50@2. Sweet Potatoes—Loujsiana Porto Ricans, [email protected]. CT Illinois, bu., 75@85¢c. Spinach—Texas, " 75@ 80c. Tomatoes—Florida, Ju Sain 7: Caulifiower —~Crates, $2.10 eas— Mexican, hampers, $4, Sar 4 a5" Celery— Michigan, square crates, T5c@$1.25. Onions (50-1b, sacks)—Illinois and lows, 35@60¢;

Indiana ye

Michigan yellows, 60@61%

Chicago Grain Futures

(By James E. Bennett & Co.) Wheat May July Sept. Corn— May ......... 1.069% July wo 1. Sept. Oats—

1.20% 1.13%

293% A133 10% 1.06%

49%, 44 41%

1.10

99% 89%

138i

Soy Reans— May hae 1.563% July vues 1,568 : sSellers.

| according to Mr, | been .8 per cent.

| creased | and 9.4 per cent in payrolls during

¢ ®

Abreast of The Times on Finance

¢ ®

January employment for the 328

| the

| figures received from the Bureau of | facturing establishments employing

lin payroll during January.

PAGE 14

JANUARY SHOWS SEASONAL DROP | IN EMPLOYMENT

le for Month Decline 10.5 Per Cent Locally, Report Shows.

Employment and payrolls in In- | dianapolis decreased seasonally as | expected during January, Martin F. | Carper’cr, Indiana State Employ- { ment Service director, announced

today.

! establishments reporting was 21,117, |a drop of 85 per cent from De- | cember, according to Mr. Carpenter. | The payroll for the month was $483.800, or 10.5 per cent less than the previous month. The same trend was noticed over State, Mr. Carpenter said. Basing his statement on tabulated

| Labor Statistics, he reported that 1549 manufacturing and nonmanu-

| 121, 023 persons had a loss of 5.7 per | cent in employment and 7.9 per cent

A decline is seasonally expected | during the first month, the report said, but labor difficulties caused a greater decline than usual this year. Some Wages Boosted The most pleasing result of his survey, Mr. Carpenter declared, is the fact that 53 firms increased wages during the month. The increase benefited approximately 7346 persons. Manufacturing industries declined 5 per cent in employment and 86 per cent in payrolls in January, the report stated. Part of the change was blamed on the flooded Ohio Valley. The average

| employment

bi Tel & Tel Ft

LAFA | ket steady: 200-225 )

change during the past six years in the same period, Carpenter, has

Durable goods industries de5.7 per cent in employment

January. The nondurable industries fell 3.4 per cent and 6.4 per cent respectively in the same period. Nonmanufacturing industries had a decrease of 7.9 per cent in em=ployment and 5.2 per cent in payrolls from December to January, the report said. The change in this division was according to expectations and approximately the same as usual,

WEDNESDAY, FEBRUARY 3, 1937

Largest Single Order for Electric Ranges

The largest single order ever placed for electric ranges is signed by Harold L. Ickes, Public Works Administrator, ag A. D. Byler, vice president of the Edison General Electric Appliance Co, of Chicago, looks on. The order is for 7802 electric ranges for

installation in slum clearance projects in 12 American cities, including Boston, Stamford, Conn., New York, Buffalo, Philadelphia, Detroit, Indianapolis, Milwaukee, Nashville, Charleston, 8. C.,, Washington, D. C, and Camden, N. J. The ranges will be manufactured by the Chicago company,

New York Stock

Exchange Prices

(By Themson & MTRInNRR) High A M. Amusements— Crosley Loews Paramount Radio Corp RKO . 20th Century Fox Warner Bros .... Aviation— Aviation Corp .. oeing Aireft Curtiss Wright Curtiss wrgt * A” Douglas Air ‘ve Nor Am od sete Sperry Cory 21 United A Lines United Air New Sa Trans Contl & W 21% Building— Am Radiator ... Barber Co Lone Star . . 89% Johns Manville 14614 Libby Owens Gls 182 Otis Elev 42°

High Borg Warner ... 79'2 Briggs _.. + 96 13% « 10% 35 . 330s 421

Low

Elec Auto . Elec Stor Bat. Brevhound New. Houdaille ..... Motor Wheel Stew Warner ... 19 Axle 3% seen

0S STIRS

CITI OO = ww] se oO Gh ADEE eat

Timken Det Timken Roll

Qils— Amerada Atl Rf Barnsdall Consol Oil Cont of Del .. Houston (new)... Mid Cont Pet . Ohio Oil Pet Corp Phbis Phillips Pet Seaboard Oil Pure Oil Quaker State .

rt IONSRS NOs IBS WD rr DW DOIN Co dd EBB 0a ee

Local Securities |:

(By The following quotations do not represent actual bids or offerings, but merely indicate the approximate market leve based on buving and selling inquiries A recent transactions. BONDS

Ind Assoc Tel 4l2s '65 Citz Ind Tel (TH) 4lzs . W 5'28 '55. Tel & Tel Ft W 6s 43 .... HE Railway Inc 5s 6 Indpls Water Co 3'%8 i Interstate Tel & Tel 5'%s ’53.. Kokomo Water Works 5s ’58.. Morris 5 & 10 Stores 5s '50..100 Water

Bid. Asked.

Joasa 105% 1062 70

Muncie

44. Water Works 5s T H Water Works 6s Trac Term Co 5s Indiana Tel Co 5s

STOCKS Belt Railroad & St Yrds com.. Belt Railroad & y Yds vid. Cent Ind Pwr R fd ¥8 :..: 41 Home Tel i el Ft Wayne. . Hook Dru Ind & Mic Ind Gen Serv Ind Gen Serv Co %s Ind Hydro Elec Co Ts Indpls Pwr & Lit Co pfd 6s .. 96 Indpls Pwr & Lit Co pid 628.100 Indpls Water Co pfd 5s. ot N Ind Pub Serv pfd 5'zs.. N Ind Pub Serv pfd 6s N Ind Pub iA Fr is Progress Lau Co . Pub Serv Co yg Yord 6s Pub Serv Co of Ind 7s .. Terre Haute Elec Co 6s Union Title Co Com.....

New Bond Issues

(By Co.)

Bid Asked Allied Stores ow 5, 00 Argentine Rep 4 180% armour 4s 5% 087 4 psd Tei 4s 3 YoR1 & O 4158 39 .... 10174 Cah Oro Prw 4s '66 9 Cent Maine Pwr 4s 80 Cent Maine Pwr 3'%s

W. L. Lyons & 3

Indianapolis Bond and Share Corp.) | BY

| Liquid Carb { Math

| U

[Cinti G & B 3'%s '66 4 Cleve Tractor Ss "4! 10034 1 | Cudahy Pkg 3%s . Cudahy Pkg 4s Fla Power 4s 68 Fla Power 5s '66 Great Nor 33%s 67 Houston Lt. & Power 3'% 5 "66 indpls Water 314s "66 .. Towa Sou Util Toa : Kansas P & L 3 6 Koppers Co 4s ’ . Long Island R RB 4s ‘49 Los Angeles Q 5 & E 4s Louisville G oo ¥., 7 GH

| Mengel CV 41; Metro Ed 4s . rhbiauh Minn Gas & Lite 4s '50 Narra Elec 3% 5. Ney England Pow

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PA DRE EN ae

Ohio Edison Okla G & E 4 Oklahoma Gas & E

Peo Gas Lite Coke 4s "61 ..... Penn Tel 4s '65 vor 10 Railway & Lite See, Ales 55. . Sou Cal G & E 45 '65 «10 Sou Kraft 4s a8 . Wise G & B 3'%s 66 . Wisc Pub Serv 4s

Other Livestock

vy United Press) CHICAGO. | eb. 3.—Hogs—Receipts, including 4000 directs; J : top, $10.45: bulk, good and choice, bs., $10.25 10.40; comparable, 140mostly $9.65@ 10.30; good sows,

9500; calves 1500: fed more or less at standstill; early sales on order buyer accounts steady at [email protected]; supplies highly finished steers and vearlings apparently excessive; considering narrow Rrrer outlet: undertone barely steady: common and medium grades weak; cows slow and weak: heifers strong to shade higher; fairly active, bulls steady at $6.50 down: vealers weak to unevenly lower at $10 down to $8: most light heifer offerings $8@9; very liberal supplies steers and yearlings here at value to sell at $13 upward; prime offerings being held at $14.50 but all interests opposing the market on top cuts. Iv heen. Receipts, 6000; fat lambs in Jair. y broad demand:

17.-

1 Day $9.40 9.75 Cattlesteer few

“Receipts, market

n " 850. 25@ 10.40; now asking [email protected] and unward; early top slaughter RA Se. scattered nativs, $5@s: clipped lambs and yearlings scarce. FT. WAYNE, a —Hog Market, higher; § tbs. “30 i; 223: 50 Ibs., $10. 35: 180 $ $10.35; 28% bs. $10. 20; DS

bs., $9. 20: 8. 30: Ro lambs. $10.2 Ei Ind.. Feb. 3. —Hoas— Marbs. $10, [email protected]; 225lbs. $10.106 10.15: 250-275 Ibs. $10 0.05; 275-325 £[email protected]: 170-100 Ibs. 10.106@10,20; 150-175 Ibs $9.75@10; 130Rousbe, 8 og I LIL ULL Lambs, $9.50 down. own. LOCAL CASH MARKET City grain elevators are paying $1.26 for No. 1 red wheat. erades on their merits. Cash corn now No. 3 yellow, 97c. Oats, 44c. Hay—No. 1 timothy, $13.50@14: No. 1 clover, [email protected]; /No. 1 alfalfa, first cutting. [email protected]; second cut-

Other |

US Gypsum..... Braboald oil Warren Bros Chemicals—

Ale Reduction. 8. Com Alcohol Sos Oo Solvents ... F Son Ly i Tidewater Assn reeport Tex Fale) Asin. Un Oil of Cal...

Rails—

Atchison Atl Coast Lines B & O

Alkali Monsanto Chem. Natl Dis (new).. | Schenley Dist . N | Tex Gulf Sulph 403% Union Carbide 1097 8S Indus Alco 38% Drugs— | Bristol Myers. . Lambert Lehn & Fink.... Sterling Prod ... Un Drug (new). Vick Chem «43 RoMeImentew | Am Brake Shoe. Am Car & Fdy Amer Loco ... Am Swe! Fdy. . Bald Gen Am “Tk ‘Car Gen lec

46'4 2114

Gt °N Wi fd 3 orthern I Set kl ® 2

(TY a . 25% . 43%

6 Poo 0 ie . un Pullman me "hes West Air Westingh Eleo | oi Financial— Adams Exp Allegheny Am Int eh Comm a "er Chesa Co Comm Inv Trust 581s Lehman Corp ..129 Transamerica ... 172 Foods—

Am SUM.»

ou R Union Pace Rubbers— Firestone Goodrich Goodyear . . U 8 Rubber + B5 U 8 Rubber pfd. Retail Stores— Allied Stores .. Assd Dry Goods. 213

—

ot pa BD ~TOO 3 + «IOI DNL w @

10 A.M,

Prev. close, 58 491% 247%

18% 27M 2314 531 0%

20%

88s 8 11% 101 45 863%

Prev.

Best & Co First Natl Stores Gimbel Bros .... 25

Kroger Groc .... Macy ‘ McCrory St .. McLellan St ‘e Marshall Field ..

soars =7 WED =30

9 -

DI ee hI DO Cad rt wn) pe © >

Safeway St ..... Sears Roebuck .. Woolworth Steels— Am _ Roll Mills... 3! h 8S

RO oD ro rt pt »

1 4 Keystone Steel.. 1812 Ludium Steel ... 3h McKeesport Tin. 817s Mid Steel 3 Natl Steel Otis Steel .. Rep Iron & Stl. Sharon Steel 35! U8 Pi & Fdy iin U 8S Steel... War Pipe & Fdy 43's Youngt'w 8 & T 85% Textiles—

Adams Millis ... Amer Woolen ... Belding Hem Celanese Corp .. Collins Aikman . Gotham Home .. Indus Rayon Real Silk

Tobaccos— Am Tob (B).... Gen Cigars . L & Myers * Lorillard ....... 2 Philip Morris kd Reyn Tob “B” Utilities—

Am & For Pwr An Power &

181% Bi

2854

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BOB LS J

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Am Wat Wks 2 Col Gas & Elec

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Peoples Gas Pub. Serv N J. So Cal Edison. Std Gas Stone & Webster United Corp .... Un os Imp ut r& oe WAY Western Union..

C0 et C3 OY OS CS CD et et et 1 80 oo DPI IDO oe r= WES MI fa =I BW HW a i Ed G w FFI aT aes TRIN 7

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Armour Armour 6%

Or TB a < Tal WR ANE ENT Ne

Crm of Wheat. Cuban Am Sugar Gen Baking .... Gen Foods G WwW sugar. . Hecker Prod.. Holly Sugar .... Natl Biscuit .... D Prod

3 pl nt 3 C9 C3 CAD BI on 3 £3 1t 3Y DID Tt Ty DUN DFT DDE

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BOW rr CINT 1S Dy o - - ao

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Un Biscuit ...... United Fruit ....

Household—

a >

these credits

| Simmons Bed Mining— | Alaska Jun Am Metals Am Smelt Anaconda . 53° Cal & Hecla..... Cerro De Pasco. Dome Mines "ei Gt Nor 1 Homestake Min’ 4h Howe Sound .. 5% Ins Copper Int Nickel . Kennecott Cop Mcintyre Mine..

a month.

joint return.

S Smelters.

Miscellaneous Allis Chalmers... 78% Am Can 110% Am Mach & Fdy 23 Anchor Cap . Brkiyn Man Tr.. 301s Burroughs Add.. 347% I Case Contl Can Caterpillar Cork

single,

621% Tae) 9915 Crown .1007%

curtis aN 19% Deere & 121% Fastman Kodak 175% Foster Wheeler. . HH Gillete ou Glidden Ingersoll Int Bus Mach ..18 Inter H Nat! Cash Reg. . Owens Bottle Rem Ran Underwood . Worthington P.. Motor:

were married.

seven-twelfths one-half of $2500.

eo Studebaker . White Mtrs “29 Yellow Truck . Motor Acess—

WES BOND bad £4 A

Your Federal Income Tax

EXEMPTIONS ALLOWED COUPLES MARRIED

AXPAYERS should note that under the Revenue Act of 1936 the credit for dependents as well as the personal exemption is required to be prorated where a change of status occurs during the taxable year and that

computing the normal tax, but also the surtax.

A fractional part of a month is to be disregarded unless it amounts to more than half a month, in which case it is considered

For example, a single man and &-—— a single woman who were married on July 20, 1936, and were living together on the last day of the taxable year, may file a

If they file their return on returns on the basis of the calendar year, they would be entitled to a personal $2208.34, which is seven-twelfths of $1000 for the husband while plus seven-twelfths of $1000 for the wife while single, plus five-twelfths of $2500 for the period during which they

If separate returns are filed, each is entitled to a personal exemption of $1104.17, which is of $1000, plus five-twelfths

F during the year 1936 the husband or the wife had the status of the head of a family prior to their marriage he or she would be entitled to his or her pro rata share of the personal exemption of $2500 allowed the head of a family for the period

(Ninth of a Series)

DURING TAXABLE YEAR

are allowable not only for the purpose of

prior to their marriage instead of merely that allowed a single person. However, for the period of their marriage any exemption to which either might be entitled as the head of a family would be merged in the joint personal exemption for that period. The joint personal exemption allowable in the case of a couple who were married and living together during the entire year may not exceed $2500. If a child under 18 years of age and dependent on the par= ent for support reaches the age of 18 years during the taxable year, the credit of $400 for a depehdent 1s required to be pro=rated in the same manner as the personal exemption. For example, should the child’s 18th birthday fall on June 30, the parent would be entitled to claim $200 credit for the dependent child — that is, one-half of $400, The same rule applies to other dependents where a change of

status occurs during the taxable year,

exemption of

DE Baas oa Fase Hag

Bendix .....\4s Bohn Alum ..... » Unlisted (By Blythe & Co.) Bankers Trust hase | Ghave, Hanover

23% FSF

Times Special

Coe AWD -ILIDR IND

a a Net

guaranty Irving

FIRE INSURANCE According

VALSPAR SALES UP DURING FISCAL YEAR

NEW YORK, Feb. 3.—A substantial increase in the consolidated net sales of the Valspar Corp. during the past year was reported today by Thurlow J. Campbell, Prcidoney to Mr.

statement the net earnings for the fiscal year ended Nov. 30 were $183,390. Annual dividend requirements of the outstanding preferred stock are $182,706. The previous fiscal year the company had a loss of $277,596,

Campbell's

Aetna Fire Insurance American Ins of Newark Baltimore fumerican Franklin re . Federal Insuranc Great American. Insurance National Hart Hord Hanow

IES ht pt

BEMIS LETTE

rd IB 0D

frebsssnenbeane

ting, a

re ter Fire ne, .

R SERVICE

303-307 Merchants Bank Bldg.

TYPEWRITTEN LETTERS AUTOMATICALLY TYPED ADDRESSING & MAILING MULTIGRAPHING STENCILS CUT MIMEOGRAPHING RULED FORMS UP YO 14° X 20" TWO NOTARIES

300-MILE RACE

444 N. CAPITOL AVE.

SWINE MARKET SHOWS FIRMER TONE LOCALLY

Prices Range From Steady To 10 Cents Higher With Run of 6000.

Showing a slightly firmer tone, the hog market at the Indianapolis Union Stockyards today advanced 10 cents in most classes. Weights of 160 pounds were 10 cents higher and underweights were steady to 10 cents higher. Receipts totaled 6000. At the close 160 to 180 pounders sold for $10.50; 180 to 200-pound weights brought $10.55; 200 to 210 pounds, $10.60; 210 to 225 pounds, $10.55; 225 to 235 pounds, $10.50, and the 235 to 250-pound class were $10.45. Packing sows were strong to 10 cents higher and sold mostly at $9.25 to $9.75, top $9.85. Weights of 250 to 260 pounds, sold for $10.40; 260 to 275 pounders were $10.35; 275 to 285 pounds, $10.30; 285 to 300 pounds, $10.25; 300 to 3256 pounds, $10.20; 325 to 350 pounds, $10.10, and weights of 350 to 400 pounds were $10. In the lighter divisions, 155 to 160 pounders brought $10.25 to $10.35; 150 to 155-pound weights were $10 to $10.10; 140 to 150 pounds, $9.75 to $0.85; 130 to 140 pounds, $9.50 to $9.60; 120 to 130 pounds, $9.25 to $9.35 110 to 120 pounds, $9 to $9.10, and the 100 to 110-pound class were $8.75 to $8.85.

Cattle Market Steady

All killing classes were generally steady in the cattle market on a run of 1300 cattle and 700 calves. The run included three loads of prime 1198-pound steers bought to

a net income

same period of 1935.

In Legal Work

Merlin M. Dunbar, who recently resigned as vice president and trust officer of the Union Trust Co., has entered the practice of law with his son, Lucien L. Dunbar, at 925 Circle Tower, Mr. Dun=par announced that he will specialize in legal work connected with income, estate and inherit ance taxes,

N.Y. Bonds

(Reprinted From Late Times Yesterday) DAILY BOND INDEX (1026 Average Equals 100)

Yesterday .. Week ago Month ago .... 94.4 Year ago 1937 high 1937 low ¢ (Copyright, 1837, by Standard Statistics)

(Ry PF. 8. Moseley & Co) U. 8. GOYERNMENT BONDS Prev. Close

arrive at $13.75. Most sales of steers and yearlings ranged from | $7.75 to $9.75 with choice 1133- pound | weights at $12.50. Heifers were largely $6.50 to $8 | with odd head upward to $8.50. Common to medium beef cows were | $4.75 to $5.75. good to choice cows brought $7, the | cutter grades $3.75 to $4.50. Weighty sausage bulls were $6.50. Vealers were 50 cents lower with the good and choice kinds ranging | from $9.50 to $10.

Lambs were strong to 25 cents |}

higher and the bulk of the good and choice native and fed Western lambs ranged from $10.25 to $10.50 with the higher price on Western offerings. One double-deck of clipped Western lambs sold at $8.75. Slaughter ewes were steady and the bulk sold for $3.50 to $4.50, top $5.

HOGS Bulk Receipts $10.05@ 10.28 5000 1

$ 8 -0a@10. 50 [email protected]

choice.

Ln d and . 10.15410.55 01501803 Bo wR . [email protected] 9.9062,10.30

Medium Wo

(200-220) Good and (220-250) Good and Heavyweights— (250-290) Good (200-350) Good Packing Sows— (275-350) (250-425) (425-500) (275-500) Modium Slaughter Pig {100- 40) Eh and choice...

choice. . choice. .

10.2067 10.45 [email protected]

choice. . choice. .

and and

9.60@ 9.85 9.40@ 9.60 9.256 9.40 8.7166 9.50

8.76 9.85 7.75@ 9.60

—Receipts, 1300— (550-900) .

Medium Common (900-1100) O i

Common

(1100-1300) Choice

- 0 . (1300-1500) Choi 186011.78

$ [email protected] 8.25@ 9.75 5.006 8.25 8.2501 11.00 [email protected] 5.00@ 8.25

(500-750)

Common, medium, Good and choice. . Good and choice. . Common, medium.

Odd head of strictly | 35.

1949-5 EE ‘Owners Loan Corp. 5 1942-44 1949 1952 Sikhians Federal Farm Mortgage Corp. 105

106.2 103.31

, DOMESTIC

Today's Bond Leaders— Prev, close

60 87 107% 120 153Y2

Cuba Nov 5'as ’' Inter Hydro Elec 6s '’ NYCent RR 68’ Pure Oil 448 '5 Rep Steel 4's '

Prev. Close

Alleg Corp 5s Alleg Corp 5s '’ Alleg Corp 5s '50 Am Frgn Pow 5s Am Tel & Tel 5'25 '43 Am Tel & Tel bs '65 Arm & Co (Del) 4s '55 At] Coast Line 4s '52

Balt & Ohio bs 2000 Balt & Ohio 6s '95 Balt & Ohio 42s '60.... Buff Roch & Pitt 42s Beth Steel 4Y%s '60 Chi Milw & St P 8s Chi Milw & St P Cleve Un Term Bs Cleve Un Term 42 28 ’ Col Gas 6s May ’'52.. Col Gas 5s April '52. . Col Gas 5s '61 Can Pac Perp 4s’ Cent_Pac 5s '60

Grt Northern Grt Northern Grt Northern 28 Gen Stl Cast WW Hud & Manhat Ref 5s Ill Cent 434s '66 Ill Cent It 4)2s '63 Ill Cent 5s ’63 . Interboro v Biee s Trang 5s '66. . Interntl Hy '44 . Internt] Tel & Fel Was '30 Interntl Tel & Tel 5s '56 . Interntl Tel & Tel 4'2s '52

Good Common and medium Low cutter and cutter.......

—~TICKET ORDERS ACCEPTED NOW—

TICKETS READY FOR IMMEDIATE DELIVERY INDIANAPOLIS MOTOR SPEEDWAY CORP.

Bulls, good Cutter, com. ; Vealers —Receipts, 700 CGiood and choice vee 8 9.00010. 3.00 Medium . 30a 3. ¢ cull and medium ....ovan vee BDO0@ Calves 0 Sond and choice..$ 6.00@ (250.500): & ommon, medium., 5.00@ Youle and Stocker Cattle (500-800) Good and choice..$ 6.25@

0 - Good and choice. . 6.256) 8. 0 FOU 1050) Common, medium. 5.25@ 6.25 Heifers— Good and choice Common and medium ... SHEEP. AND LAMBS

~Receipts, 1500—

[email protected] . 10.00 10.25 8.507 10.00 7.25@ 8.50

[email protected] 4.50@ 5.50

Medium Common

Ewes—

and choice. . B)-175) oo medium

(8heep and lamb quotatio basis.)

Chicago Stocks

(By Atkins, Hamill & Gates) A M.

4.00@ 5.00 3.008 4.00 ns on clipped

Prev. close Advance Alum 9s Asbestos Manufacturing Associate Investors ........eee Bastian Blessing Berghotf centr tral Ei entra Chicago Yellow Cab Cities Service Co oS C ane Grane eed Biscuit Dayton Rubber . Cunningham Drug Electrical Household ...evoneee General Household | Cerenanene Godchaux Sugar

53 522

Lassa anaB Rr

Berens enn

Lincoln Printin Lion OH. .c.iov avers shesatasy Loudon Packing .

Public Service "North Ill NP.. Standard Dredge pfd Schwitzer-Cummins . Rindssrand

Wooda Zenith

MAY 31, 1937

Call RI ley 8608

Lehigh Valley 4s 3 03 McKess & Rob 5! Mo Kan Tex Adj “5s "67 Natl Dairy 33s ’'51 Natl Steel 4s '65

N Y Cent Conv 6s '44 Nor Amer ‘61 Nor Pac 3s 2047 Nor Pac 6s 2047 .. Nor States Pow 5s '4 New Orisalis XSrm Ny Penn 4s '63

'55

| Penn

Penn Penn 70 Portland Gen El 4!5s '60 Para Publix 6s '55 Penn P & L 4! Postal Tel 5! Rem Rand WW 4Y%s '5 Shell Unjon Oil 3!2s Socony Vac 3'2s "50 Sou Sou Sou Sou Sou Sou Texas

Third Ave “Adj “bs '60 uUnjon Pac 4s '47 ..... United Drug 5s ’'A3 U 8 Rubber 5s '47 N NH & Hart 6s °'

Ye Bros 6s '30 Western Mary 5'as Western Union 8. y Youngstown 8 & T

Youngstown 8S & T T 3% 28

FOREIGN

Argentina A 6s '57 Australia 4'58 '56 Brazil 8s ‘41 51 Canadian Govt 4s ' 108% Denmark 4'2s '56 991g German 5'zs °' reassess A3Y 24 %s. 34 30Y5 553% 9614 TT 312 9

13215

10214 102g

Tokio City 548 Yokohama 6s 61

INDIANA LAW SCHOOL

(Of Indianapolis) Established 1894 DAY AND EVENING DIVISIONS Write or Call Registrar 1-2800

303-324 State Life Bldg. INDIANAPOLIS Complying with rules of the Supreme Court and the American Bar Assn,

SAFE DEPOSIT BOXES

Reasonable Rental

Security Trust Co. 130 E. Washington

Rail Income Climbs Reports from 138 selected Class 1 railroads showed of $119,241,258 for the first 11 months of 1936, compared with a deficit of $25,122,715 for the

GROSS BUSINESS OF FHA IN 1936 AT 810 MILLION

Total Since Program Began Is More Than a Billion, McDonald Says.

Times Special WASHINGTON, Feb. 3.— Gross business transacted by the Federal Housing Administration during 1936 totaled approximately $810,000,000, according to the annual report submitted to Congress by Stewart Mce Donald, FHA administrator. Including mortgages selected for appraisal, commitments to insure large scale housing projects and modernization and repair notes insured, the total, since inauguration of FHA and up to Jan. 1, 1937, is given in the report as $1,350,157,149, On Jan. 1, home mortgages ace cepted for insurance reached a total of 151,758 with a value of $609,044, 017. Of this total $438,449,153 were accepted for insurance during 1936, representing a gain of 157 per cent over 1935, the report said. Mortgages on large scale housing projects approved up to Jan. 1 was placed at $41,141,000,

Helps in Other Work

Modernization and repair notes numbering 1,326,102 amounting ta $500,220,642 were insured up to Jan. 1. Of this amount $246,149,913 were insured during 1936, a gain of 10 per cent over 1935, according to Mr, McDonald's statement. In addition, he estimated that the Better Housing Campaign sponsored by the Federal Housing Administration has generated over $2,000,000,« 000 worth of modernization and re= pair work which does not show in its own records. Careful checkups, he said, have disclosed that for every dollar of repair work insured by FHA ap~« proximately $4 have been spent on jobs paid for in cash or financed by other methods. The entire program of the Federal Housing Administration, Mr. Mc=~ Donald estimated, has created the equivalent of at least one year's work for 2,000,000 men. In many localities, he said, where formerly there was much unemploy= ment among building workers, shortages of skilled labor now are being reported.

New York Curb

(By Atkins, Hamill & Gates) 10 A. M, Prev, Close Close Aluminum Co of America bersas 164'2 164 American Airline American Cynamid “Bp” Am Gas & Electric American General Arkansas Natural Gas

204 33% 4413 11%4 102s

39:4

DO Y tn

PREC AP BARE DARD

Oil Consolidated Copper Cooper Bessmer .. Detroit Grey Iron .. Eagle Picher Lead .. Electric Bond & Share Ford Motors, Canada General Tire .' Greenfield Tap % Disc. Gulf Oil, Pen Humble Oil & "Refining Co.v. Huyler nfd Lion Oil National Rubber Niagara Hudson Pan American Airways Root Petroleum Rustless Lion & Steel .... . Segal ‘ess Standard “ol ‘of OND 1erennys Sterchi Brothers ...... ‘ves Sunray Oil Tilo Roofing Twin Coach

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $3,406,000 Debits .. .. 8,975,000 TREASURY STATEMENT (By United Press)

WASHINGTON, Feb. 3.—~Government ex. penses and receipts for the current fiscal year ending eb. 1, compared with a year ago.

This Year Expenses, $4,330,441 322.40 2,460,960,551,20 1,788,478,271.20 . 1,720,873,946.68 Pub. Debt 34,548,132,037.90 Gold Res. 11,357,666,447.11 Customs 259,734,089.99

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Bh eh G3 et fk Tet bet et BD 00 OB 4 BD BD BD BI LO Ea

10,197.235.557.50 224,052,653.13

Produce Markets

(The prices quoted are patd for stock gathered in the country, while for deliv= eries in Indianapolis the prices are 1 cent higher. Each Fa case of eggs must weigh 55_pounds gros Eggs—No, 1 Sitictly fresh, loss off, 17a

Heavy breed hens, 5 lbs. and over, l4c: Leghorn breed hens, heavy, 9c, Heavy breed springers, 1%, Ibs. over. soft meated. 13 Leghorn breed springers, 8c. breed stags, 9c: heavy breed cock ered and fat, 3 an ' full-feathered and fat be, Birkevs, young ms, 12¢: voung hens, lbs, and over, , 8c: old hens, 9c: No, 2. 8c. But ter—Creameny, No 1, 36@37¢; No. 2, 33@34c. Butterfat—No. 1, 33¢c; No. 32. 310.

RS, Fuk xs, full- a 7c. Geese,

(By United Press)

CHICAGO, Feb. 3,—Eggs—Market unset. tled; receipts, 9057 cases: fresh graded firsts, 22c: extra firsts, 22c; dirties, 18120; current receipts, 207ac: checks, 17Vic Butter—Market firm; recei ts, 3850 tubs: extra firsts (90-9112 score), 32% @33c: spe= cials, 34@34%c;: extra (92 33oreh 33150; firsts, 32@32%%¢: standards, 331% Poultry—Market stea dy: res ipts 28 trucks; geese, l4c; ducks, 106 18¢: spring chickens, 186220c: broilers, 21@22¢: ens, 13@17'2¢; leghorn hens, 9@12c; old roose ters, 12@13c; turkeys, 13@18c. Cheese—T wins, 17 17V0e: daisies, 17% 17%e¢; longhorns, 171% @17%%¢ Potatoes (old opie rather deman slow: market steadys Idaho Russet Burbanks. $3.35@3. 50; Colo= rado Rel MCOJur ess [email protected]: M 8 riump 5: sconsin Roun Whites, S35 3.45 Michigan Russet Ru rals, orth Dakota Bliss Tri« a 26 New Sn Supplies moderate; light: market steady; track carlots; F105 1da bushel $2.10; U, 8.

Os.

demand sales; less than crates, Bliss Trie

@1.85. on Novak, 260; shipe

624,

COMMODITIES

Orders Executed in Futures in all Commodity Markets PRIVATE WIRES

W. L. LYONS & CO.

Estab, 1878

MEMBERS:

New York Stock Exchange, New York Curb, Chicago Stock Exe change, Chicago Board of Teada,

Russell McDermott, Mgr.

ments,