Indianapolis Times, Indianapolis, Marion County, 27 February 1937 — Page 16

rends Slumps Caused by

Present System, Flynn Holds.

wwe BY JOHN T. FLYNN

OS ANGELES, Feb. 27.—Many L economists believe that debt plays an important part in the production of many of the ills of our economic system. Of this there can be no doubt. And if this is true there is food for serious thought in & study being made by the Bureau of Foreign and Domestic Commerce of the Department of Commerce. As a preliminary to the simple essential facts of this report the following points are offered. our capitalist sy stems cannot function, apparently, without credit Credit is the mechanism by which savings funds, otherwise removed from active functioning, are returned to the stream of expendable income. That is, when A saves 21000 he definitely decided not to spend it himself. That money will not be spent until B borrows it

the

un » ”

in borrowing it spends it. But he plans to it back In future. That to sav, at some future time he plans to set aside enough out of his Iuture meome to pay back the debt, What he has done, therefore, is to spend some of the income he will get in the future. And A, by lending him $1000, rnables him to do this. Therefore credit is a mechanism which enables one to spend in the present the income of the future. Have ing spent 1t once-in the present—he will never be able to spend it aga. Tt means that that income when rollected in the future can not be spent, but must be returned to A, the lender, to be by him returnad to his savings account. and thus removed again from the stream of spending until he lends it again. The more we spend of future income, of course, the less of that income we will have to spend when it earned Therefore if in a vear we borrow, as a Whole, 8 billion dollars and spend it then, when the future comes and this moncy be repaid, there will be a million dotlars les OX - pendable income © re which can be spen Thus we can see gets us into to of the Tutu in the sant

pay

TUS (

veals that in to 1922, private corvorations borrowed dic $20.000.000.000. eight vears, 1922 borrowed on long nother $33.000,000,000. .& $53.000000.000 of long edit—sums borrowed to be in those 18 vears but to be back in the next decade or or three, In other words §53,000.000,000 of future income was sterdlized in order to increase spending in those 18 years.

i TD

» = »

OW it is possible to see why there was so much activity in those vears., We were spending the income of those years plus this $£53.000,000,000 of future income, More than this, because to this must be added enormous billions of public borrowing. Depressions are bad things. But it will be seen that in a system like this they are inescapable. And one of the good things they do is to cancel some of this debt. This may seem cruel, but so is pulling a tooth or opening a boil or cutting ofl a diseased leg. It is cruel—-but essential to life. Now in this depression $11,500,000, 000 of this debt was wiped out, some by being paid and some by liquidation. But it will be seen that only a fraction of the debt load was relieved by the depression. In fact the actual debt load has undoubtedly increased. For while there was a liquidation of $11,500, 000,000 of private debts, there was an increase of public debt amounting to $18,000,000.000 since 1930 for the Federal Government, and several billions more for the state and local communities. This is perhaps the first depression in which this has happened, And this is because our too-wise leaders have moved heaven and earth to save the debts. And this is one reason why this has been the longest and worst of our depiossions.

(Copvy Inc )

1837, NEA Sery v fee

Fruits and V regeliibles

Quotations below, subject to change, are average wholesale prices being offered to buvers By local commission dealers.) Fruits—Peals, Oregon D'Anjou, exira fancy 110s, $4.50, alifornia Avocados 205-245-305. box, $2.50. Bananas, selected Ib., disc. Apples, No, 1 Indiana Delicious, 21: inches up, $2.50: No. 1 Shoiana Golden 21, inches up, y No, 1 Stayinches up, $1 T. No. inches up, $2.15: No. 0 Wealthy, 2'2 inches up Winesaps, 2% inches up. $2: York Imperials, 21, inches ub. Sunkist, 360s, 1.50, Limes, Mexican, carton, 12s, 30c. Gra efruit, Texas seed-64s-80s. $3.25, ranges, California, Sunkist, navels, [email protected], ineapples, 30s erate, $5. Strawberries, Florida, pt. 18c. Vegetables = Beans Florida stringless, | hamper, $4. Beets, X bu,, $1. new Texas, 3-doz. Broccoli, California, case, $3.75: sel Sprouts, per drum bage. New York, 50-1b. bag, 85c; 1, orate, $1.35. Carrots, California, bu., $1.25. Caulifiower, 10s-115-12s, crate, £2. Celery, Mammoth, 5c. Florida. 4s5-65-85-10s, crate. $3.35 y Cabbage, Michigan, doz. 906c Qucamhcrs. hothouse, 50. Chives, doz. pots, 90c., Ezg a, doz. $1.50 PRale, Virginia, . Iceberg. California best, . leaf, hothouse, No. 18 Peppers, Mangoes, crate, . _ Mushrooms, gtmogrown. k “Shion, Indiana vellow, 50-Ib. Western Spanish, large. $1.90: Nora: ern Te $1.75. Parsley. homegrown, doz., 35¢: Southern, large Diiuch, 50c. Parsnips, homegsown, la bu Peas, Mexican, hamper, $5.50 6. ‘Potatbes, Maine Green Mountains, 100-1b, $3.35; Idaho Russets, 3 80, Mich ~ Rurals, $2.85. Colo- > Be ortda. New Tri Rutabagas. CaEB Canadian. . waxed Sweet Potatoes, Ten. $1.85. Louis 35. Radishes, white,

Deiicions, 9

crate . bunch, $4, at.

bu., $2. buttons. hothouse, doz. 50c: Rhubarb, hothouse, No. Sage, doz, 45c, “Spinach Shallots, doz. Squash, 5 i $1.15. Tomatoes, packed, 10-1b. $1.25; repacked. best 10-1b, box, $1

ii. hasket. 1.50.

(By United Press) CHICAGO. Feh. 27. — Apples, Mcintosh, $1.250'2 Swece Potatoes, siana Puerto Ricans, $2612.10, THinols, bu.. T5@85c. Spinach, Texas, bu, c. Tomatoes—PMorida lugs. $1. 5041 250, Lid crates. $1. v1.0, P ~ Mex hampers, $5. 7866,

an, Florian.” 10-inch, Tilinots, Sa ‘and

Loui-

’ | Ind Hydro Elec Co

iy {

40c. | §-1b, carton, 45c, |

Michigan | Carrots— |

* *

Abreast of The Times on Finance

* o

PAGE 16

WHEAT PRICES DIP EARLY BUT CLOSE STEADY

Gains Made at Opening Lost in Profit-Taking: Corn Declines.

N »

T'nited Press CHICAGO, Feb. 7.— Wheat orices moved forward at the opening here today but reacted Iater under profit-taking but at the close were about steady, Outside interest | in the market continued light in | spite of continued demand for the cash here and abroad. At the close wheat was 1; cent higher. New corn was off x to up 's cent, and old corn was off % to up i cent. Oats were off to up 's cent. Buying was of fairly good volume at the opening and the May delivery recorded a net gain of about a cent a bushel before selling pressure became heavy enough to check the rise The new crop months were relatively soft as a result of beneficial snows in the Southwest. Corn futures followed the early upturn in wheat but reacted later with all deliveries falling below previous closing levels, Traders ignored a broad demand for cash corn. Shippers reported sales at 24000 bushels, . Estimates by a local grain house indicate that Texas will probably produce 35000000 to 40.000.000 bushels of wheat. Oklahoma 45.000.000 to 50.000.000 bushels, and Kansas 140.000.000 to 150.000.0000 bushels. CHICAGO GRAIN RANGE (By Un Press)

x 4

ted

Close 1% » 1

Wheat Mav Julv Sept.

High 1 La1'y 1 1

13%, 1.13 10% 118 BY 1.06%; 1.04%, 1.01% 85

A8 420%

1.05%

bBid. ‘nAsSK. Nominal

CHICAGO PRIMARY RECEIPTS Bushels Last Week 251.000 360.000 148.000

Wheat Corn |.

Oats 140,000

INDIANAPOLIS CASH GRAIN Wheat--Market firm: receipts, 5 No. 1 red. $1.32: No. 2 Ted. ? 1 hard, $1.31: No. hard, $1.30. Corn -Market strong receipts, 23 carloads: No 3 white. £1 05'56:1.08! No, 4 white, S104'261.06'y; No. § white $1.02! 1.041, No, 3 rN $1.04%21.068; No, 4 Vy $1 034 No. 5 vellow. $141.02: mixed a Yin 21.04%: No. 4 mixed, $ 1.02! No. 5 mixed, 98° ul nn’ Market steady: receipts, 7 2 white, 47. 48¢ No. 3 white,

ears $13: o

carlo 48" GAT

CHICAGO CASH GRAIN {By United Press) Fed, 27. Wheat red, $1.30: No Corn--No. 4 vellow, 5 vellow, $1061.07! : No. 5 white. $1.05: s--No, 1 1 L404: >. sample, 49%.c, Barlev--Foed, 73@850; malting, Sioth pseed Old crop, 8666.25; 85.75% Cloversesd- 828435. Bates Lard, $12.45 nominal; nominal: Jeaf, $11.25 asked, nominal TOLEDO, Feb LY transit billing) $14015621.41',: Corn--No, “ 1.13% No : Rve--No. a

No. 2

HICAGO sample

red hard, s1.0%! 2. 0, 4 sample, No

511.00; hy

w bite, Sample, Ji 0:

bellies, $16 27 «-Grain Close in Ele- | -Wheat--No, 2 red, 2 vellow, $1, 19) white, 54'.@55'c 1 Track Prices

als |

4 vellow,

511 50;

99cm $1 03 Oats No. 2 white, Ean 1 21@2' ce,

Batter 1b

prints, 38c. Eras ~BXtLIas,

LOCAL CASH MARKET

City grain elevators are paying $128 for No. 1 red wheat. Other grades on their merits, new No. 3 vellow, $1.01. Oats, 43c. Hay--No. 1 timothy, $13.50@14, No. | 1 clover, $15@%$15.50; No. 1 alfalfa, first cutting, $16@ 16.50, second cutting, $17 7 50¢ @ 18.50.

Local Secur ities

{By Indianapolis Bona & Share Corp) The following qgnotations do not repre | { sent actual bias or offerings, but merely ! indicate the approximate market evel | based on buying and selling inquiries or recent transactions, |

BONDS

Citz Ind Tel (TH) 44x "81 H Tel & Tel Ft W §? ‘SS. H Tel & Tel Ft W 6s "43 Ind Assoc Tel 446s "65 .... Indiana Tel Co 5s '60 ‘ Indpls Railway Inc 5s ‘6% Indpls Water Co 3',s "68 Interstate Tel & Tel 5'vs Kokomo Water Works 8s Morris § & 10 Stores 5s Muncie Water Works 5s Noblesville H L & P d's» Ohio Tel Sery 6s 47 Richmond W W §s '5% Seymour Water Co $s Trac & L 5s "44 T H Water Works 35s T H Water Works 6s Trac Term Co &s '57 STOCKS Railroad & St Yds com | Belt Railroad & St ns ds pfd Cent Ind Pwr pid Home Tel & Tel Fu Wayne } | Hook Drug Inc ‘ Ind & Mich Elec Co nfd 7s . Ind Gen Serv Co 6s | Ind Gas Co Com

100 .. 103

8 |

63 ‘58 - ‘50. 3 wy . 3 »s 4%

‘56 49

Belt

us . | Indpis Pwr & Lit Co pfa 6s . 96 | Indpls Pwr & Lit Co pfd 6lsc 3 Indpls Water Co pfd 5s ... 10 | {N Ind Pub Serv pfd §los ...... 86 ¢ | N Ind Pub Serv pfd 6s ....... 90%: 93! | N Ind Pub Serv nfd 7s 3 Progress Laundry Co. ....... . | Pub Serv Co Ind 6s ERE . | | Pub Serv Co of Ind Ts ‘ He Terre Haute Ec Co ®s | Union Title Co com

Money and Exchange

TREASURY STATEMENT (By WASHINGTON, Feb. ~Crovernment expenses and receipts for ie current Tiss | cal year through Feb, 25, compared with "| year ago: You

This Year . $4,727,760, i. 49 sail 408,166.90 ©. 21693)286,860. 2,323,087, 754.7 Deficit 3 1034.473,517.40 2388.3 412.1 Cash bal. = 1,547,231,333.65 _1,704,825,050.5 | Pub. debt. 34,601,635,422. 4 30.500,983,0 5 8, Gold res... 11,427.500,506.64 10,162,974. | Customs .. 995,264 141.50 "282, 478, 38. 05 |

EXONANGE & Paine) orev.

w eek

Last Expenses Receipts

Ki 3 8

FORFIGN (By Abbott, Proctor

Par Country | $8.2397

0891 1895 4033 Ger . Switzerland . *Holland . Norway Sweden Denmark LL | 0)

Cash corn, | C

CG | Hecker | Holly

Swift

| Proc

| Anaconda

| Me ntyre Mine lp

United Press) Gen

he |

SATURDAY, FEBRUARY

8 —- Prepared by Administrative and Research Corporation - New York

BUILDING CONTRACT AWARDS nia IT BW. BYP ein]

A Others

XB} Resitlontio) —=4

x = Percent of Residentn/ Yo Tote!

Source *F W Dodge Corp |

1925 1826 1927 1928 1929 1830 1831 1832 1833 1934 1835 1336

ccording to figures compiled by the F. W. Dodge Corp., total construction in 1938, as measured by building contract awards in 37 states east of the Rocky Mountains, amounted to $2.875.300,000. Although this figure represented a 45 per cent gain over that of 1935 to a level more than double the 1933 low of only $1.250.000, it still was 58 per cent below the 1925-1923 average and failed to exceed the average of residential building alone in this same period (1925-1928).

New York Stocks

Transactions approximated 1,000.000 shares compared with 1,480,000 shares last Saturday. Curb trans. actions approximated 422.000 shares compared with 460,000 shares last Saturday. Dow Jones preliminary closing av. | erages showed: Fndustrials 187.30 up .13: railroads, 58.03, up 22: utilities, 34.08, up .06.

Hinh, Close,

Low Mid Cont Ohio Oil Pet Corn Phillips Plymouth Pure

Pet

— > » aw

Pat Oil Oil Ssaboard Oil Shell Un Skelley Oil y | Soc Vae S O of Cal IR O of Ind S Of NJ Texas Corp | Tidewater Assh Un Oil of Cal . Raileew Atchison Atl Coast B & O Can Pacific { Ch & Ohio

- 0 Gy Berd BLLS

BIRD YT Be he bt fh ll et 1.5 IV pet PSII JID DDI WD

& McKinnon) Close

(By Thomson Hizh Amusement see Crosley Lopws Paramount Radio Corp RKO 20th Century warner Bros Tohaceos— Am Tod "A" Am Tob “"B Ligg & Mvers B oN Lorillard a Philip Morris Ris 8 Revnolds Tob B. 55% Aviation Aviation Corp Boeing Aireflt Curtiss Wright Cur Wright ‘A’ Douglas Air Nor Am Av Snerry Corp Unit Air Lines Un Aireft new Trag Contl & W Building Am Radiator Barber Co Holland Turnace Lone Stay LAE Johns Manville 135 Libby Owens Gls 72 Qtis Eley 41% Warren Bros 10 Chemicals Air Reduction Com _ Solvents Du Pont Freeport Liquid Cath Math Alkali Monsanto Chem Natl Dis fnew) Schenlev Dist Tex Gull Sulph 41'4 Union Carbide 106% J] S§ Indus Alco 40, Am Home Prod 50» Droge

Lambert Walgreen Un Drug Viek Chem Fauipmente.. Am Brake Shoe Am Car & Fdy Am Laco Am Steel Pdy 'nk Cay

Low

Lines 5 . . i |

25 wal 261, 1}! 83% 34, 15%

4, 26 11% . 831 Fox 35 : St vo 19 CM & St p pid Chi N W . Dela & Hud Del Lac & Erie _pfd Gt Northern | Ill Central Lehigh Valley MK &

Ry 5%

nd 95 110% 264s ’11, H53'e

Ww pfd 4s 28

Ee DO rt nt INNDTIDD

@ -

>»

w =

Haven ont & West Pacific 3

IN Y No: | Penn R 1 Sou Pag {Sou R R i Union Pac Wabash | West Marviand Retails Storese Allied Stores | Assd Dry Bast Gimbel {Gd Un Kresge Kroger Macy R MeCrory MelLellan Marshall Field Ay Dapt St Ward Tea Penney J © Safeway St Sears Roebuek Woanlworth Rubbers Firestone | Goodrich Cioodyear vy 301, USK ubhHer 567% U 8 Rubber pfd.l12 Stee)sesw Acme Steel Roll Mills

A | Crue Steel Inland Stee Kevstone Steel Ludlum Steel Mid Steel Natl Steel + | Otis Steel | Rep Tron & Steel 33 Fheron Steel ht 8S Pine & Pdy RS U Steel 11% U | Steel nfd 146 Warren Pipe & 43% Youngs'n 8 & Utilities Am & For Am Power AT \

50 TYPICAL STOCKS SHOW SLIGHT GAIN

Timer Special

NEW YORK, Feb, 27 The value

Baa aDE

LIES ES mr TY LIES EI me THES DOOD NDVI H -— - CPB ad

OY Be oe 8S TWO

3 - uy ow

BI DY 6 “Vin ID LD

4 183% + 1 2014 391, 2a 03 31% 48%

St St

SET BT PEI NI ESDP WIT yg er 5

= ’

“~o >

{ 00% 58g

» DRY Dk TTT ee EINES EI HDI I DEIEIN TBI NCI Te

373% 10', 3 Nr ns mew) 14% 43%

“3 ~ o> -

1 1

Do 3»

a A

—

Blt PTSD BLD ew 15 -WINID

Bald Loco | Gen Am Gen Elec Gen R R_Sigr Poor & Co | Pullman West Air Westingh Bee

Finaneiale

Adams FPxp Alegnen) oY Am Int n C omm C dit Chesa Corp § Com Invest Trust Transamerica FoodseArmour Armour 67, nfd Beatrice Cimpy

»-

36° 3 8 2 2 f 35 7

v 3 1

+ a + =. 4 1 a 2 4 2

Dn DID TAY LIN Wd ed D Sy

it > =

WHA O =

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Pwr & Lit

it BD mF pt Ca ag

FLD Ls me BIBI I FN

Bo AB PDD DN pw 3D

SIU 5S rt WRI CH =F NITIES Fa

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5) BD et pt ED Se Be

“ on w ~

| Quban Gen aking Gen Foods WwW Sugar Prod Sugar Wile Biscuit .. Natl D rod : Purity ak S Porto Rico Sug 3 Std Brands ) & Co. Swift Intl Un_ Biscuit United Fruit Wrigley Household Col Pal Peet Congoleum Mohawk Carpet 334 & Gamble 82 Servel Inc 3 Simmons Bed Amer Woolen | Belding Hem | Celanese Corp | Collins | Gotham Indus Ravon Real Silk ... Mining. Alaska Jun Am Mnrtals Am Smelt

™ Sugar y.

a L -¥ oh =

— 30 »

BF tt BD 0 C3 BY et BT et ot BT

SIAN DIB-TLS

J0 Vn 6% 15 334 My

—

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ANT AZITB Lan aw

Bans 29 85 «AY

“TIE USED er LD ESET UD 50 CS et 3 fu oct st 2, EID DI PNET D0 La ad Te SH

20% Jy

N . 81%, 12% 14% 361% 5! 3! " Aikman . 58 am 87 i Hose

New York Stock Exchange at the | close of last week showed an | crease of $539,125 or over 0.002 per cent over their market value the | preceding week, according to Paul Davis & Co. The report showed a 2098 per | cent increase over the correspond{ing week last year. A report by this company on twenty-five stocks on the Chicago . | Stock Exchange showed a loss last , week of $22559.375 or 192 per cent | over the preceding week, but a 8.27 | per cent increase during the year,

Cal & Hocla .. 18 1 Cerro De Pasco i Dome Mines Gt Nor Or Homestake Min. Howe Sound | Ins Cop Bet | Int Nick Isl Crock ! gon | Kennecott Cop | Magma Copper

LaF TY pd gp

: FREIGHT LOADINGS GAIN 23,266 CARS

IDS

S Smelters , Vanadium

Miceellaneonse

Allis Chalmers By United Press Am an

Am Can L108 106 i's WASHINGTON, Feb, 27. The As. | Aa TY ae 81" 3%. [sociation of American Raidroads re | Burroughs Add $5 ported today loading of

case | Conti Can Caterpillar Crown Cork Deere & Co 21! Eastman Kodak 160% 181

Glidden ou Int Bus Mach . 1% | Inter Harv 107 Natl Cash Reg . 37 | Rem Rand 7 Worthngtn Pmp 31, Motors Chrysler MOS

w WDOPIS BIII-TIDB PrD

» 4 »

80 Trac Hi ‘totaled 714.884 cars, an increase of ia 23,266 cars or 3.4 per cent 17015 | the preceding week . hh | The car loadings for the period 17113 | showed an increase of 128.307 oars 3. [OF 219 per cent above the cor. {i | responding week in 1936.

. B.A ISTO CONVENE

yi | Times Special | CHICAGO, Feb, 21. \* [annual convention of the In. hite “Mtrs 5, | vestment Bankers Association of Matar Arerss- "2 America 1s to be held at the Green. . [Brier Hotel, White Sulphur Springs, Va. Nov, 3 to 7, it Was an.

2 Ta ™

ndso “vy Mack Mrruck “ry ash “vi ackard Tdebaker

CII PRINS HES

St WwW Y

Bonn ! Al ohn Alum | w

§ Wie,

> AEE

. » dent of the association. | WOTAL ASSETS TNOREASE

Times Special

NEW YORK, Feb. 27-~Cuardian | Life Insurance Co. of oY to-

a - _w

EID DARINPEI Dre 8G =F =F F

oo EAE F -¥ FIED ot Bu i ok tt oY BET bi gd democt rie TED rb BI Jt Lo I ok oh nF 0 BT

Syste tt oY SES = OD EPP Bee Ser N er

k Fir

'of fifty representative stocks on the |

in|

revenue | poe | freteht for the week ended Feb, 20 |

above

-The 28th |

| nounced today by E. B. Hall, presi. |

(

PORKER MARKET UNEVEN; PRICES FRM TO LOWER

275 to 285- Pound Weights Up § Cents, Only Class Showing Gain.

The hog market was uneven today | {at the Indianapolis Union Stock- | yards and prices were steady to 10 | cents lower although the 275 to 285- | pounders gained 5 cents. Receipts | were 3000. | Weights of 160 to 180 pounds sold | for $10.20; 180 to 200-pounclers | brought $10.25; 200 to 210 pounds, 1 $10.30; 210 to 225 pounds, $10.25; 225 | to 235 pounds, $10.20, and weights of 235 to 250 pounds were $10.15, | | Packing sows were weak to 10] {cents lower at $9 to $9.50. Weights | of 250 to 260 pounds, sold for $10.10; | 260 to 275-pounders brought $10.05; | 275 to 285 pounds, $10; 285 to 300 pounds, $9.90: 300 to 325 pounds, £0.80; 325 to 350 pounds, $0.70 and! 550 to 400-pound weights were $9.60,

Week's Steer Top, $14.50

In the lighter divisions, 155 to 180pounders sold for $9.75; 150 to 155 (pounds, $9.50: 140 to 150 pounds, (89.25: 130 to 140 pounds, $9: 120 to 130 pounds, $8.75: 110 to 120 pounds, $8.50, and the 100 to 110-pound class were £8.25. Compared with the close of last week, slaughter steers, vearlings and heifers were steady to 25 cents | lower. The week's steer top was $14 50, bulk sales ranged from $8 to $10.50. Heifer top for the week was $9.50: bulk, $7 to $850. Cows and bulls were steady. Vealers were 50 | cents higher, closing the week with | la top of $10. Today's receipts were | 50 cattle and 50 calves, The lamb market was nominally {steady today with a run of 25.

ark

HOGS Rulk $10 204: 10.50 9.904210 28 9.80710.10 10.006210.25 10.006110.40 av, 9.906110.80 Light Light (140-160)

Receints 5000 | 13000 | 6000 4000 5000 | 3000

Good and Medium Lightweight: 1160-180)

choice ‘ 8.506 9.90

Good and Medium Good and Medium Medinm Weights 1200-220) Good 1220-250) Good Heavyweights (250-290) Good 1280-350) Good Packing Sows 1275 5.880) Good 1350-425) Good 425-550) Good 1275-550) Medium Slane er Pig «140) Cond and Medium CATTLE Receipts, Choice Good Tedinm Common Choice Clood Medinm Common Choire Gnod . Meadinm Choice Good

chojee

(180-200) choice

choice | choice...

and and

10.056710.1 10.066: 10

9800 1. 80 3 0.60@

0 386 9.150 8.00 2h.

25% 00

choice choice

and and

0.50 | 9.35 9.20 35

choice | 25

(500-900) 504013 | 8.006011,5¢ B00 0.

(900-1100)

1100-1300)

(1300-1500) | 50@ 11, (500-550) Choire Good Common, CGiood and choiee | Common medium

Cows

{ d0@10 2hty BF 506i 8.25 | 257110, 5.5060 8.

medium 1750-000)

Giond gar and “medium Low cutter and cutter Bulls, good Cutter, com

nem 8 5% HW 375m 4 25% 6 5a 6 Vealers Receipts, Gond and choice Medium Cull and medium Calves (250-800) Cond and cholee § 8.007 Common, medium 5.00@ Feeder and Stocker Cattle (500-800) Good and choice § 6.50@ Common, medium bh 50 (800-1050) Cinod and choice . 650@ ommon, medium bH0@

50 $ 0.504710 00ar Af 506n 8

0 8

[ € ( | € 1 I I Til 1 I I I I

Hetfersw Good and eholee Common and medium SHEEP AND LAMBS Receipts,

5 0a ©

2% Lambe. i Choice Good Medium Common

5060 10.7¢ A561 10.7 5610.25

Gland and chalice Common, medium (Sheep and lamb quotations basis.)

Other Livestock

By United Press)

WAYNB, Ind, Feb, 27, : _300- 395 Ibs, § x. $0.50; . $0.88: 275-300 1bs : 180- 160 1bs,, $9.45 140: $8.85: 190-130 |

8.75; JOS ad

stags, $7 ayl0 Ry $10; Hy Times Special) LOUISVILLE, Kv, Estimated receipts, 180, [| 90 on through billing: today inal: for the week, heet steers lings strong to as much as COWS also strong to 28c up; bulls un= | changed; stockers slow, weak to 28¢ low- | | er, several loads good steers and Veariings [807% 10; bulk short feds from 87.5068 plain steers and heifers down to $8 and below Weighty fat cows and heifer $8.5060%, mos bee! cows, $4 75608; | cutters and ‘outters. £3 506/%4.50, $5.50%08.50, medium and good calves, 87 Plain $6 HL geld clearance, Calves Extimated receipts, 178, around 100 stock calves: today's vealer trade | steady; good IRL $0.75 down | | ehofeo ‘auotable to $10 for the week; veal fre strong to H0c higher: bulk, | Erades, $8 80@ 80.50; few choice late § medium and common grade, $8350 down to_85: culls below, Hoge-BEstimated receipts, 180: I market, mostly 10¢c lower, after few | fteady early top. $10.25; most sales {and choice: 100-240 Ibs, $10 and $10.15; Rood 260 Ibs. at $10; for the week, market | around 10 to 15¢ higher; closing extreme top, $10.25: bulk good and choice; 170-300 Ibs, Friday, $106710.25: 140-180 1b. 10 50% 9.90: sows, $8258.75. Sheep -Kstimated | reenipts, none; market nominal: for the | | Week, fat lambs steady, other classes of | sheep searce ' Rood, nd choice, | £106710.80: few the top common and medium redo. Yio 86: | RB bucks and heavies, 89.50 down, Few light. [#8 weight slaughter ewes, £5 and $5.50, | ’ -

OHIO FINANCE CO. | VOTES DIVIDENDS

Times 8pecial COLUMBUS. O,, Feb, 27.-A dividend of $1.50 per share on the 6| per cent preferred stock, cents per share on common will be | |pajd to the shareholders of Ohio | ‘Finance Co. on April 1, it was an- | nounced today by company officials, Payment will be made to share- | holders of record as of March 10th, | the anhouncement Stated.

Ry Peb, 27 including around 5 market homand years 25¢ higher

Oattle

ineinding

today's | early ood

|b 1 bh

8 1

INDIANAPOLIS LIFE fii Huh

REPORTS INCREASE

| | A gain of $5,010,871 or 5.23 per | de ‘cent in total insurance in foree { {was reported for 1936 by the Indian- | lapolls Life Insurance Co, | The report stated that assets had | increased: $1,44683159 during the 1929 had shown a

| Week Ago Mo

$ 0.00610.20 | 3°

Today's

Rep of Cuba py 8 | Goodrich A +N YOnt& w 45 {Ph Read C & 1 6 Portland G

Balt & Ohio 414s "60 5 | Buff Roch & Pitt 4128 | Beth 0 Chi Milw Chi Milw

Col Gas Bs

Big Foul Chi & West Ind he 3h. | Ohi & Nor West 4%;s ' Container Chesa

| I Me

Mo Kan Natl

| Leghorn

| full= feathered ad fat, toms,

f Me

and 25 | No

Wisco | Rus

nod, ols

sponding period of 1936.

(30th of

return of gross income. Among such items are

endowment contract, which are less than or exactly equal to the premiums or consideration paid therefor, are exempt from Federal income tax, Any excess received over the consideration paid is taxable. Amounts received as an annu= ity under an annuity or endowment contract shall be included in gross income; except that each year the excess of amount received over 3 per cent of the aggregate premiums or consideration paid for the an- , huity is tax-free until the aggregate of such sums excluded from gross income for the taxable year 1936 and prior years equals the aggregate premiums or consideration paid for the annuity,

u ”

HERE are also exempt from tax amounts received by Rift, bequest, devise, or inherit= ance; interest on obligations of the District, of Columbia, any territory, state, county, or municipality; interest on certain

Your Federal Income Tax

ITEMS EXEMPT FROM TAX

ERTAIN items are specifically exempt from the income tax and need not be included in the taxpayer's

ance policies paid by reason of the death of the insured. Amounts received (other than amounts paid by reason of the death of the insured and interest payments on such amounts and other than amounts received as annuities) under a life msurance or

a Series)

the proceeds from life insur-

A) NN

bonds issued by the United States Government or its possessions, and on Federal farm loan bonds; amounts received through accident or health ine surance or under workmen's compensation acts for personal injury or sickness, and damage received on account of such inJuries or sickness.

Pensions and compensation received by veterans from the United States are exempt; and pensions received from the United States by the family of a veteran for services rendered by the veteran to the United States in time of war are exempt, as gifts.

There is also exempt from Federal income tax the rental value of a dwelling house and appurtenances thereof furnished to a minister of the gospel as part of his eompensation. Othe er items excluded from gross ine come are alimony and city jury fees,

New Yo

DAILY BOND INDEX (1926 Average Eauals 100) 20 20 20 Inds. Rails 94.4 90.6 04.4 94.8 84.9 92.8 04.1 3a 101.3 09.6 > Standard Sta

PF. 8, "Moseley & Co) GOVEKNMENT BONDS TREASURYS

Todav Yesterdan 99.8 100.4 09.9

ARO

tk ok rk ft ok ok ODIO SBR TER 2 ao=woam

tCopyrigh i987, tisties)

(Ry

et 3 et ot VEE DS es CY Se

SDT

| gu 1042-44

29,8 1940 19562

1064

OMESTIO Bond oy ders

‘48 Bs a2 40 80 ‘a4 ‘40

E 45x

Allez Corp Bs Alleg Cord 5s

108% 4 Fry .

“| Allfed Products

ho. 448 . Rt P ds 1S Vi & St P 5x 1000 haa Un. Term 4!.s ay "52 Bx ApH 83. Ba '

Steel &

Cleve

Gay

Aa.

4148

SOT DVDISOI~W S IT

CAI PTOI IT FU wT in Tad ie CCG Shain i an im Bi a oa

"48 4 ‘43

Corn corp Bs ; Huds 4s I

RHE = ¥ 3

‘48 RL i “avon Hp 7

Northern SE . irt Northern Yo irt. Northern 4! ten Stl Cast w ud & Manhal 11 Cent 43g ° I Cent 3 a 11 Cent Bs "683 nterboro Rapid nterntl Hy nterntl Tel & nterntl Tel nterntl Tel & ehigh Yale Ro

Ress & : Tex Adj 8% ‘67 Dairy 39 hs "81

Busigraphs

TREND OF HOUSE RENTS [NATIONAL INDUSTRIAL CONFERENCE BOARD)

-e 6oTT#D INE is dy go

TEN YEAR AVERAGH “sy THE SAME WORTHY |

Drsaecs » =

Rel 5s 63

Trans

Se sama

— DPD aF FIO 3 DW IBD PUD FF AT DT I ol

i !

RE -.-

WOEX FIGURES RAN

ESN

- ats

INCORPORATED INVESTORS

For 35 consecutive months house rents throughout the country have made a steady unbroken elimb, resulting in a 30 per cent jump from the low point in January, 1834, In the last year alone rents weno up 11's per cent and are now only 11 per cent under December, 1029,

Produce M Markets

(The prices quoted are pajd for stock | athered in the country, while for delivs ries in Indianapolis the prices are 1 cent igher. Bach Ju case of eggs must weigh

5 pounds Kross, - N ¥irietly fresh, Yoss off, 17¢

canadll 0 1 Heavy breed hens, 5 Ibs, my Dee, 140; heavy, Heav

breed hens, reed springers, 11% hs, over, soli meated, Je fc, Heavy

Leghotn breed springers,

ai ‘old tom

veed stags, 9c: roe reed stags Wri, young Bc. a hens, fe; trer = SiCremer 2

eavy breed cooks gn, alt foathred and fat, Ths. an cone, . youhs hens, 10 Ibs. and over 4 oid, be. " ButterfateNo. 1, 3%:

(By United Press) 27, we ~Hggs-Market,

CHICAGO as Join a

jet ded; oe.”

un=

| tubs, | 83150; score),

Wpeelals, 34V,@34%¢; extras 33%0c; firsts, 3194@32%0; standards,

dady receipts, duck Hoe, # 10a 2c; broflers 236024¢; hens, joghorn hens, Ter ise; old roos3c, jurkess. 15 “Tins, 17% AlTh

Poultry nrEet. geese, 4c;

| 9 poe oonghe Fill

ts 30 we he Rea o Mehirel ee

2.45, nim Soto. Bliss Ranlnte. demand

ema slow; Burhanks hao, Boloratio nan pene 1) “4 oh,

At Stock. Al

"| Japan

» | Woodall

rk Bonds

> Fs

0 | Pon Orleans erm 4x Penn Ry 4s | Penn Ry 4! 5 ae | Penn Ry 4's '81 .. | Penn Ry 3%s *70 Portland Gen El 455 "60 Para Publix 6s '55 Penn P & L 44s ‘81 " Postal Tel & Oab 55 '33 ... Rem Rand WW 4Yx "56 | Shell Union ol wr Sou Pac 414s Sou Pac 4s 4 Pac 4s ‘49 Rail 4s Rail Rail Texas ‘Bs ' Third Ave Ady A 80... Union Pac 48 '47 United Drug Bs 5 U8 Nhe) Bs . NY & Hart NY NH 3 qa Warner Bros 6: Western Marty Blas ' Youngstown 8 & T 4s #1, Youngstown 8 & T 3§! !

FOREIGN 87. 8.

55 856.

Po ek pk ek

Prt aT DT DI = Ths 20 ie RICE

WIOOBIO ODD m= 3

;

1331, |

25%

061) 81%

8, f Rome 82 8

Chicago Stocks

(By Atkins, Hamill & Cates) Prey { Close | Advances Alum 217% | Aksociate Investors hh

| fthey Truss Wheel

| pergho it Butler Brothers

Central illinots

131 170 9% 6

%'n 123

Publ Berv ,...

Libby

DG ht DI i J eB

—

- New York Curb

(By Atkins, Hamill & Cates) Clore Aluminum Ca o America American Alrlin | Amerjean A id "B | Am AL and rte American eneral Arkansas Na burn Chas

Parfum 3

ted Copper .. i]

cher Lead ond and Shaye Oanada "A" Greenfield RY dD an an fe Gulf Oil Pen f umble Ofl and Refining Cn yerade Fond ' Internptional Vitamin on Oil ational Rubber ‘ ingars Hudson Power American Afrwave Petroleum : " Tron ahd Steel

Spencer Stores Standard Ol af Ohin tutz Motors Sunray Oil Twin Coach

Investment Trusts

(By Thomas D. Bheerin & Co.) Bi

d | Administered fund 2d 28 Affiliated Fund, Inc | meriean Business Shares rone Sireet thvesting Bullock Fund, Ltd | Benet Shares Trust

Apked

:' mod) Conmad) \ hs “Rp” Wx ag

rustee iversified Trustee Diversified oral hs "“D" | Dividend Shares, The Cleneral Investors Trust Theorporated Inyestors | Investors Mund A Market 8t RH Corp | | Maryland fun ' Massachusetts Investors Mutual Investment Fund atfon-Wide Votine Ameriean i Rh 1068 p

JAY

ows

Dr NV RJV/OT

Tl ee AY WI VF BD te Dd

N American hs 1956 N American Shs (orig) nartarly rneome Shs .. elected Amer Shs, Ine Selected Amer Shy (orig) bas IK Suma {ve Bhs elected Income tate Si ah ihe mon upervised a rustee Am ristee Stan tod Trustee 8 Stan ard

Corp e. DO ) lshs “A Hishs ig’

—

— a k } omni Lies WAIT DD TF ~T-IND

| RTS EIRTIINE PRAPODVDIDVIREDI IAP u—

Daily Price / ndex

NEw “Puy sre t's day nT price

Ete 0 United Prom The 1032 Cay Xoday= 144,71

1: i iid fifi

13. 37 Low i991, by Pun & Bradstre

Brad Dae of lied for RraRe 100)

Yesterday .. Week Ago Month h Ago

(Copyright, ———_

marke NAlRE, CATs

Morida Bums Frhimpha bu

shel crates, |

Ey, umn

}

‘| 143.

on | erations

id | second 1 | believed, will open the way for pi. ' | increases,

i" | son Oil & Snow Dri,

06 10214 |

fin

Hl cineinnatl 6

Great

| Central

Bank Clearings Up Rank elearings from 22 Bradstreet, for the five-day wo; ending Feb, $5,591,156,000, or a rise of 11.)

erties as reported to Dun &

) |

/ the corre

were

) per cent over

STOCK MARKET ‘UP IRREGULARL ~ INQUIET TRADE

Wercaritiie Sac: Climb in Response to Favorable Trade Reports.

| By United Press NEW YORK, Feb. 27=Dealings lightened on the Stock Exchange today with prices irregularly higher, | Mercantile issues were higher in | response to favorable trade raports, Amusements were active and firm, | Some oils gained. Packing issues made new highs for the year or longs er. Coppers dipped on profit-take ing. Motors and steels gained small amounts, New highs were made by Allfed Stores at 197%, up %: Gimbe) Broth« ers 27%, up 1's; R. H. Macy 57, up 1%, and Marshall Field 267%, up 3%, Montgomery Ward equaled its high al 64'«, up 1%. Sears Roebuck rose a 10 90%. Packing Yssues in Demand

Department store issues wera helped by the monthly review of tha New York Federal Reserve Bank, which reported that during the first hall of February total sales of the | reporting stores in the New York area were 11 per cent above 1038, Demand was keen for packing ctocks, Wilson made a new high at up and Armour at 18%,

"Hack Trucks jumped 3% points te 4 on ROOd earnings report, Other automobile issues were dull with prices slightly higher Airplane issues were steady in quiet turnover,

Steel Operation Up

Bethlehem Steel gained move than a point, while U. 8, Steel was [up fractionally. Sloss=-Sheffield | spurted 7 points to a new high at Great Northern Ore made a new high at 247%, up Steel op= now are around the best [ levels in history, On March 5, Cars | negie- Illinois will announce new quarter prices, which, it is

| Among wider painers we “Wess which hit 50, (up 1%; American Telephone, 177%, [up 1%; Cerro de Pasco, 78, up 1%, , | ond a new high; and Pacific Mills, up 1. Heaviest loser was New | York Air Brake, which declined 25 pointf to 801. International Nickel

and Anaconda lost more than a

pays REGULAR DIVIDEND

| Timer Special JERSEY CITY, PFebh, 27=The Maryland Fund, Tne, has announced the declaration of the regular quars [terly distribution of 6 cents per ‘share in eash plus an extra b cents in cash to stockholders, payable March 15.

14% |

New Bond Issues

"6h Bi 0 4x Orn Prw 4; Maine Pwr Mri: Pwi 4; & 1

Lyons & Coa

[ Argentine 2 and Tel Atl B & Calif Cent Cent

Clty

Cudahy Ondahy qr Elo Auto Lite ! Nor 3%x '6% Houston Li & | Indnls > ates ’ {Kansas P & LL 455 '6 Konpers Co 4s 'H Kresge Ponda tion

Pkg 2 Pky

Wine & y | Wise Pub Rervice

C ommodity Prices

(By Abbott, Proctor & Paling)

PPD

| July October

DODDS

#not 13.34, un 7 NEW YORK COTTONSEED O

March May

| July Heptemhbay

High 22.58 2.62 98 2.83

BUTTER

! Low Mareh 82.51 May 980 July Heplember

Mareh FOoGs Mareh

Unlisted Stocks By Blyth & Co.) Bankers Trust Chave Hanovei

| Chemie

‘al Continental Illinois

| Guaranty Irving

Manufacturers

a | National City

National City Cleveland

| National Shawniut

| Aetna

First National Boston FIRE INSURANCE

Fire Insurance

| American Ins of Newark

Baltimore American Federal Franklin Pire great American Thsuranee Nationnl Fire | Hartford Hanover Fire | National Liberty | North River | Phoenix Us Mir : Westchenter Fire