Indianapolis Times, Volume 43, Number 224, Indianapolis, Marion County, 27 January 1932 — Page 11

■JAN. 27, 1932.

DROP IN STEEL FORCES STOCK SHARES LOWER Reduction in Dividend Is Signal for Selling in Blue Chip.

Average Stock Prices

Averse* of thirty industrial* for Tuesday 79 70, up l ift. Average of twenty rail* 33 22, up .07. Average ol twenty utilities 32.03, up 28. Average of forty bonds 90 37. off .03. BY ELMER C. WALZER United Press Financial Editor NEW YORK, Jan. 27.—United States Steel Corporation common stock dropped 5 points to anew low on the movement at 37%, and took the entire stock market down with it today following the reduction in the steel dividend declared Tuesday. Around noon all shares were down 1 to more than 3 points. Railroads and utilities joined the reaction. General Motors alone resisted pressure and lost only a fraction, being bolstered up by the excellent cash position and earnings in line with expectations. The loss of 5 points on steel amounted to a reduction in valuation ol all listed 5hare5—8,687,435 shares -of $43,437,175. The corporation during 1931 had a deficit in operations amounting to $49,236,881. it look the stock market only a few minutes to make a paper lass almost, as great. Support Is Withdrawn Earlier in the day Steel met support. it opened at 40, dropped to 39U and then rallied toward the ' opening. Wall Street regarded this demonstration as mere ballyhood to prevent an open break and would not follow up the advance. Professionals finding it impossible to keep the issue up, withdrew support Rnd it dropped. Steel preferred broke 3% points lo 101, being affected by the action on the common stock. A Steel Corporation official Tuesday stated future dividends would depend on earnings. Later he corrected this statement to apply to common stock only. But many gained the impression the preferred dividend might be in danger at the next meeting if business did not pick up substantially. G. E. Hits New Low General Electric dropped to a new low for the present shares at 20 This stock still was under the Influence of its last quarter and 1931 sales report. In the last quarter of 1931 orders totaled only $49,321.480, against $74,168,480 in the corresixmding period of 1930. For the year 1931 orders were $252,021.496, against $341,820,312 in 1930. American Can around noon was at 58%, off 2‘; Allied Chemical, , 68, off 2%; Auburn Auto, 138, off 3; Wostinghouse Electric, 24%, off 1%; Case 36%. off 1%; Du Pont 50%, off 1%; American Telephone 114%, off 3%; Consolidated Gas 59%, off 1%; N, Y. Central 31%. off 1; Union Pacific 76%, off 1%, and Pennsylvania 20%, off 1%.

Bank Clearings

INDIANAPOLIS STATEMENT —Jan. 27 Clearing.'' $2,342,000.00 Debits 5.570 000.00 TREASURY STATEMENT —Jan. 27Net balance for Jan. 25 $346,287,481.36 Expenditures 10,855,517.51 Customs rects. mo. to date. 22,631,526.55

New York Curb Market

'By Thomson & McKinnon) —Jan. 27 11:00 11:00 Alum Cos of Am 52% Int Pet 9% Am Gas fit Elcc 33 Mead Johnson.. 5% Am Sup Pwr.. 3% Mo Kan Pipe... 1% As* Gas & Elec 4%‘Nat Invest ... 2% Braz Pwr ft Lt 11 V, Nat Bond ft Sh 20 Cent Sts Elec. 2 Nta Hud Pwr... 6% Cities Serv s%lPenroad 3% Cons Gas of B 62 Sel Indus 1% Cord 7%|So Penn Oil ... 974 t Elec Bond ft 8h ll%)Std Oil of Ind.. 15Vs Gen Aviation. . 3%jUn Gas A .... 2 Ford of Eng.. 5% Un Lt ft Pwr... 7 Goldman Sachs 3 Ut ft Indus... 2% Ciul( Oil . 28% Ut Pwr 2% Hudson Rav... 2%!Un Fndrs 1%

New York Bank Stocks

'Rv Thomson and McKinnon* —Jan. 26 Bid. sk Bankers *o%j Brooklvn Trust 190 JOO Central Hanover HI HO Chase National .. 90 s J Chatham Phoenix Natl .... 19% SI a Chemical *g'* Cltr National 47 -9 Corn Exchange Commercial ‘9J Continental ii Emmie First National 1 Manhattan * Cos i l '* Manufacturers 28 * so , N.w York Trust Public 32 4 24 *

Investment Trust Shares

ißv Gibson A: Bernard) —Jan. J 7 Bid. Ask. Am Founders Corp com 1 1% Am & Gen Sec A 4% ••• Am Inv Tr Shares 2% 2% Basic Industry Shares 2% ... Collateral Tr Shares A 4% 4% Cumulative Tr Shares 3% * Diversified Trustee Sha'es A.. 6% ... Fixed Tr Oil Shares 2 Fixed Trust Shares A * * •••_ Fundamental Tr Shares A .... 3*, 3’. Fundamental Tr Shares B 3% 3% Leaders ol Industry A *. -3% • Low Priced Shares 3*, 3% Nation Wide Securities 3% 3% Selected American Shares .... 2% 2% Selected Cumulative Shares... 5% 6% Selected Income Shares 3% 3% Shawmut Bank Inv Trust .... 1 Std Am Trust Shares 3% 3% Super Corp of Am Tr Bhares.. 3% 3% Trustee Std Oil A 3% ... Trustee Std Oil B 3% S’4 Unified Service Tr Shares A.. 2% 2% U S Elec Light & Power A .... 17% 19% Universal Trust Shares 2% 3 Chicago Stocks Opening (Bv James T Hamlll A Co.' —Jan. 27 Bendlx Aviation 16% .Com Edison ...114*. Borg Warner... 10’, Grtgsbv Grunow 1% Ciwit So West.. 5 lot Lks Arcft... 1% Cent Pub Ber A 2% Instill com 4 Cord Corp .... 7 Insull 6s ’4O 28% Cont Chi com.. 2 !Middle West .. 5% Cont Chi Dfd . 20% Swift At Cos ... 1S' 4 New York Liberty Bonds —Jan. 26 B%e 94 5 Ist 4’ 4 S 98. 4th 4%s 99.2 •Treasury 4%s 100 10 Treasury 4s 96 11 Treasury 3%s 9124 Treasury 3%s of 47 89 7 Treasury 3%s of 43 (March* 90 32 RAW SUGAR TRICES —Jan. 26 High Low. Close January 1.21 120 1.20 March 1 02 1 00 1.01 May 1.04 1.03 1.03 Julv I 09 108 109 September 1.15 1.14 1.14 December 1.20 1.19 1.19

New York Stocks •Bv Thomson Ac McKinnon.

—Jam 27 Railroad*— eev. High. Low 1100 rlose Atchison 87 85% 87 83% All Coast Line 37 *8 Balt 4c 0hi0... 19% 18% 19% 19% Chess 4: 0hi0... 29% 28% 29L* 29% Cheaa Coro .... 19% 18% 18% 9 Can Pac 1& I<>% Chi Ort Weat... ... ... 4% Chi N We*t.... 11 10% 11 C R I Ac P.... 14% 13% 14% ,4 Del L Ac W % Del 4c Hudson 79 78, Erie 9% 9% 9% jVi Great Noorthern 21% 21 21 11% Gulf Mob 4c OU ... ... . . 7 Illinois Central 16% 18 16% 17 Kan Citv So U% Lou ft Nash 2 8% Minn S L % MKAc T ... ... ■■■, % Mo Pacific 10% 9% 10% 10% Mo Pacific nld.. 25% 33% N Y Central... 32% 31% 32% 32% Nfclcel Plate.... . • ® N Y N H Ac H.. 30 29 30 29% Nor Pacific 21 Vj 20 V* 21% 21 Pennsylvania .. 2i% 21% 2i% 72% Seabeard Air L.. .. ■■■ 7 So Pacific 35% 34% 35% 34. Southern Rv ••• 12 13 St Paul 2% 2% 2% .. 81 Paul Dfd.... 4% 4% 4% 5 Union Pacific ... 78 .7% 77% 78% Wabash 8% W Maryland..... 7 % Equipments— „ Am Car Ac Fdv.. .- ••• 7 % f Am Steel Fd 7% 7% 7% 8 Am Air Brake Sh If', 8 Gen Am Tank • • 30% 31% General Elec .. 21% 20% 20% 21 % Gen Rv Signal *5 • Poor Ac Cos 3 % Pullman 2i% 21% 21 a 22 .a Westtngh Ar 8... ... i 3 , 8 J 4 Westlngh Elec.. 25% 24% 25% 25% Rubbers— Firestone Goodrich ,2,-* Goodyear .... 15% 15% 15% 15v Kellv Sore fid 14 Au'bSmT 140% 138% 140% 141 Chrysler 13% 13% 13; * 3 8 General Motors.. 21% 21* 21 h i Graham-Paiee .. 3% 3% 3% S :::::::: 17,2 Nash 17 , 4 Packard L 8 Prerless 4 ,‘ 3 8 Studebaker .... 12% 12% 12% 12 While Mot •7,, Yellow Truck 4 * 4 * Motor Access — , Bendlx Aviation 18 2 *!% 8 Borg Warner ‘Y? Briggs 8,2 g 4 lr l Auto'Lile ... 28 27% 28 28 El storage B 29 k 30 * Haves Body £> Motor Wheel 5 4 “ 3 /4 Murray Body 2,7 Sparks W ••• “, 4 Stewart Warner 3/4 Tlmkin Roll 1® 19 • Am Sr 15 14% is 15% Anaconda Cop. .. ••• 18 J?, 8 Alaska .Jun 14% 14% 14 * } 4 8 Cerro de Pasco 'L B Dome Mines 8 ™ 8* Freeport Texas i, 4 Great Nor Ore }f Int Nickel .... 8% 8% 8% 8% Kennecott. Cop Nev Cons 3 8 ,22V Noranda ■ • -i,, %i,. i, /4 Texas Gul Sul.. 23% 23% 23% 23 U S Smelt 13/2 Oils - * 191/ Amerada • •• * ftl/ ;Z /B Atl Refining 9% 9% 9% 10 Barnsdall 4 8 4/8 Beacon ~, Houston 2,2 Mid Conti ••• *'/ 8 e, 4 Ohio Oil 5% 5% 5% 5% Phillips J, 4 1,7 Prairie Pipe 7 •'* Llf j Pr Oil ft Gas 3 / 4 Royal Dutch 15% x \{f ! Simms J. 4 * ’*3/ j Sinclair *'• Standard of Cal.. 23% 23% 23% 2- s Soc r var and . 0 .. 9% It % % .Texas Cos 11% 11% jl% 11 % j Union Oil 12% 12V* 12/* ... i Steels— A94 Am Rolls Mills.. . • .?.% , Bethlehem 8 7’i 7% 9 * i Bvers A M 13 12% 13 13% Ludlum ........ 4 % 4% 4 , 4 ; I McKeesnort Tin 4 {Midland - •; ■ \ *3/ Repub lAc 3.... 5 1 5 5 fa i U S Steel 40 39% 39 v /* , vanadium 14 • Tobaccos — in?/. Am Tob IAI new ... 78 2 , , Atn Tob B new 78'ft 77% 78 ! Lie Ar Mvers B 55,7 7 Reynolds Tob 33 ' '5 4 ; Utilities— o’A i Abltibi . * /a Adams Exp .... 4% % 48 3 ! Am For Pwr .! 4 ; * m T P & T ANARUS& L1 :::n% n' I ,fi % 1} 7 % A. E 1... 13% 13 M 13% Com & Sou 4 % fi L 4 I Cons Gas •• •• ?'g 5 8 | F.l Pwr Ac Li ... 11% H " 11 2 % 8 Gen Oas A .... • • *’. 05, LOU OasVEi':: 21% 2? 2., . Par Gas Ac E 1... 33% 33 33% 34% ! Pub Sor N J 53 sj. * 53 53 !So Cal Edison .. 30% 30% 30% 31,* Std OAc El •, ••• , 28 28 ,, United CoiT> .... 9% 8 8 8 , 3 , 4 Un Gas Imp ... .. ... I 8 ; 4 18/4 Ut Pwr Ac L A.. 9% 9% 9% 'J West Union 40 2 41/2 *& *• JS United h F?utt ’ 1!! 11 ••• 23% 23% Am Sug 27 26% 27 ... Armour A 24 ,I/ 4 Can Dry 12/8 Coca Cola J OB 109 Corn Prod 41% 40% 41 41-4 Crm Wheat .... •••, 22 , Gen Foods ..... 34% 34% 34 4 34 4 Grand Union Jewel Tea 32 ' 4 Nat V. 4i% 41 41% 41% Natl Dairv 23% 23% 23% 23% Purity Bak 13Va 13Va Pillsbury ~ ••• 2 ‘,. Std Brands 13’i 13' 13% 13* Ward Bkg 2 % Drugs—gS 85::::::: a •* < Lamoert Cos 51% 51% Lehn Ac Fink 21% Industrials— Am Radiator .. 8% 8% 6 s * 6 Gen Asphalt ' j 4% Otis Elev 19% 19% 19% 20%

Net Changes

fly United Prex a NEW YORK, Jan. 26.—Closing prices and net changes on principal slocks traded today on the New York Stock Exchange follow: Uo. Off. Allied Chemical 70 s * lva American Can 61% % American Ar Foreign Power 7% American Telephone 117% 1% ... Auburn 141 ... % Bethlehem Steel 19% % .. Case 37% ... % Chrvsler 13% % ... Consolidated Gas 60% % Du Pont 51% % ... Electric Power 11% % General Electric 21% % General Motors 21% % .. International Telephone ... 9% .. Krueger A: ToU. 8% % ... N Y Central 32% .. % North American 33 % Paramount 10 % ... Radio 7% *4 ... Sears Roebuck 33 % ... Stan Oil Calif 23% % .. Stan Oil N J 27 ... .. Soconv-Vacuum 9% % Texas Corn 11% " Union Carbide 31 % ... Vanadium H .. '* Westinghouse El 26% % Woolworth 43% 2%

In the Cotton Markets

ißv Thomson & McKiDnon' NEW YORK, Jan. 26.—Prices on the Cotton Exchange this morning were steady and 2 or 3 points higher. Volume was only moderate. The weather in the south was mostly unfavorable for plowing. There were private reports that boll wevils show a high percentage of survival. The Weekly Trade Review was encouraging. ( CHICAGO —Jan. 26 — High Low Close. March 6.80 6.77 6.77 May 6.98 * 92 6 93 Julv 7.13 7 07 7.07 October 7.33 7.27 7.27 NEW YORK January 7 49 7.41 7.41 March 6 72 6 63 6.65 May 6 89 6.81 6 81 Juh 7 07 6 98 6 98 October 7.29 7 33 7.22 December 7 44 7 37 7.37 NEW ORLEANS High. Low. Last. March 6.73 6 66 6 66 May 6.90 6.83 6 83 Julv 7.05 7.00 7.00 October 7.22 7.1* 7.16 December 7.31 7.34 7.34

Indu* Chem*— Air Red 491, 493* 49% 50% Allied Chem 70% 68% 69% 70% Com Solv 7% 7% 7% 7% Dupont 51S SO 4 . 51% 51%r Union Csrb .... 30% 30% 30% 31 U 8 Ind Alco 25% Retail Stores— Assoc Dry Gd*.. ..... 7 7 Oimbel Bros 3% 3% Kresge S 3 17 18% 17 18% May D Store 17% Mont Ward .... 8% 8% 8% 8% Penny J C ... 27% 28 Schulte Ret St.. 3% Sears Roe 33% 33% 32% 33 Wooiworth 44% 43 43% 43% Amusements— Eastman Rod.. 83 81% 82% 84% Fox Film A 4 Grigsby Oru 1% Loews Inc 28 28 Paratn Fam 9% 9% 9% 10 Radio Corn ' 7 s * 7% 7% 7% R-K-O 5% 5% Warner Bros 3% 3% MiscellaneousCity Ice AcFu.... 27 Coagoleum ... 9 Proc Ac Oam ... 40 39% 39% 40% Allis Chal . .. 12 Am Can 60% 60 60 81 % J I Case 37% 37% 38% 37% Cont Can 38 Curtiss Wr ....... ... 1% 1% Gillette SR 12% 12 Gold Dust 16% 17 Int H<*rv 24% 24% 24% 25% Int Bus M 102 103% Real Silk 33% Un Aren 14% 13% 14% 13%

LUDLOW SCORES FEDERAL WASTE Denounces Extravagance, in First Congress Talk. R l/ I'nitnl T’trxn WASHINGTON Jan. 27—In his first speech of this session of congress, Representative Louis Ludlow of Indianapolis bitterly criticised the bureaucracy and extravagance of the executives department of the federal government. Ludlow declared if the executive branches were operated efficiently, congress would not now have to be "racking its brain for new schemes to raise taxes.” Ludlow asserted there is a waste of more than $200,000 annually in public printing, and exhibited to congress a photograph of a stack of 1,000,000 obsolete volumes stored in the basement of the Capitol. He said in many branches of the service, two men are employed to do the work of one, and said sl,000,000 a year could be saved in personnel costs in the customs service alone. He likewise advocated reduction of the number of industrial alcohol plants from forty-eight to ten, and said elimination of this “silly duplication” would reduce the budget $265,850 a year.

The City in Brief

THURSDAY EVENTS Advertising Club, luncheon, Columbia Club. American Business Club, luncheon, Columbia Club. Real Estate Board, luncheon, Washington. Indiana League for the Hard of Hearing, 7 p. m., Stokes building. Caravan Club, luncheon, Murat temple. Spanish Club, 6:3# p. m., Washington. United Mine Workers of America, convention, Tomlinson hall. Indiana Retail Hardware Association, convention, state, fairground. Marion Countv Bankers' Association. 6:30 p. m., Washington. Dr. Albert Dearing, president of the Oakland City college, will speak on "Keeping Faith on the Ash Heap." at 6:30 tonight at the meeting of the Christian Men Builders’ class of the Third Christiaa church. Seventeenth street and Broadway. Hector Fuller, publicity director for Outdoor Advertising. Inc., will speak at a meeting of the Advertising Club of Indianapolis at noon Thursday in the Columbia Club. “A Tax Program for Indiana,” will be discussed by Guy Cantwell at a meeting of the Indianapolis Real Estate Board Thursday noon in the Washington. Ward Hiner, independent candidate for Governor will be the principal speaker at the open meeting of the Street Car Men’s local In Union Labor hall, 312 East Market street. Thursday night. The public is Invited.

ARCHBISHOP SEATED Thousands Jam St. Paul Cathedral to Watch Ceremonies. By I niled Pres* ST. PAUL, Jan. 27.—ArchbishPP John Gregory Murray was installed on the throne of the See of St. Paul today. His pxcellency. the Most Rev. Pietro Fumasoni-Biondi, apostolic delegate to the United States, led the new archbishop to the throne previously occupied by Archbishops John Ireland and Rustin Dowling. Thousands crowded the spacious cathedral, thronged on the long steps and perched on other vantage points. RESENTS IMPORTS BAN U. S. Complains to France on Radio Goods Quota, By United Press WASHINGTON. Jan. 27.—The United States today made strong representations to France against the imposition of a quota system on imports of American radios. Ambassador Walter E. Edge at Paris was instructed to take up with the foreign office the recent French decree which would limit the number of American radio sets sold in France. In the Air Weather conditions at 9 a. m.: West wind. 16 miles an hour; temperature. 34; barometric pressure. 30.15 at sea level; ceiling, overcast, hazy, estimated 1,000 feet; visibility, 5 miles; field, wet. Building Permits Indian* farm bureau, tank and pump. 70* Henry. *2.200 Indiana farm bureau, foundation, 700 Henry. S2OO Indiana farm bureau pump house, 700 Henry. S3OO Dorothy Bailer, dwelling and garage. 102 West Forty-fourth, $5 700. Job Loss Alleged S'! Times Special SHELBVILLE. Ind.. Jan. 27. Voris Craig is an habitual drunkard and circulated reports which caused her to lose a job, Mrs. Dorothy Craig alleges in a divorce suit. The couple lived together less than two months after their marirage Jan. 24, 1931.

THE INDIANAPOLIS TIMES

GOOD DEMAND SENDS PORKER PRICESJIGHER Cattle Generally Steady With Upward Trend: Sheep Weak. More active demand for hogs resulted in higher prices this morning at the city yards. Sales generally were 10 to 15 cents above Tuesday’s ave-age. The bulk, 130 to 325 pounds, sold for $3.85 to $4.40, early top holding at $4.40. Receipts were estimated at 4,000; holdovers were 92.

Trade in cattle was steady with more action shown than in recent sessions. The tendency was higher. Receipts numbered 800. Vealers were unchanged at $9 down. Calf receipts were 400. Somewhat lower trend was apparent in sheep, the bulk selling at $6 to $6.25. Morning’s early top was $6.50. Receipts were 1,600. Hogs opened steady to strong at Chicago, good to choice 180 to 200pound weights selling at $4.10 to $4.15; 220-pound averages, $4. No early sales on heavier weights. Receipts were 27,000, including 6,000 direct. Holdovers were 5.000. Cattle receipts were 9.000; calves. 2,000, steady. Sheep. 24.000, steady.

HOGS i Too. Bulk. Early Top. ReceioU. 21 *3.7oig> 4.20 $4.25 4.000 22. 3.75® 4.35 4.35 2.000 23. 3.75® 4.30 4 30 1.500 25. 3.75® 4.25 4.25 5.500 26. 3.75® 4.25 4.35 6.000 27. 3.85® 4.40 4.40 4,000 Receipts. 4.000; market, steady. (140-160' Good and choice....! 4.00® 4.25 —Light Lights—-(l6o-1801 Good and choice.... 4.40 - Light Weights—-(lßo-2001 Good and choice.... 440 (200-220) Medium and g00d... 435 —Medium Weights—-(22o-250) Good and choice..., 4.15® 4.35 —Heavy Weights—-(2so-290) Medium and g00d... 3.95® 4.05 (290-350) Good and choice.... 3.75® 3.95 —Packing Sows—-(3so-500) Medium and g00d... 3.00® 3.50 (100-130) Slaughter, pigs 3.75 CATTLE Receipts. 800; market, steady. Good and choice $ 3 -75® 9.75 Common and medium 3.00® 5.75 (1,100-1,800) Good and choice ? Common and medium 4.25® 6.d0 —Heifers—-(soo-850) c Good and choice 2’5S Common and medium 3.00® 5.00 —Cows —

Good and choice 3.25® 4.25 Medium 2.75® 3.25 Cull and common 1.50® 2.75 —Bulls (yearling* excluded)— Good and choice beefs 3.00® 4.25 Cutter, common and medium.. 2.00® 3.00 CALVES AND VEALERS Receipts, 400: market, steady. —Vealers— Good and choice $ 8.50@ 9.00 Medium 6.50@ 8.50 Cull and common 4.50® 6.50 —Calves — Good and choice 4.00® 6.50 Common and medium 2.50® 4.00 —Stockers and Feeder Steers— Good and choice 4 -25@ 6-00 Common and medium 3.00®f 4.25 (600-1.500) Good and choice 4.25® 6.00 Common and medium 3.00® 4.25 SHEEP AND LAMBS Receipts, 1,600; market, lower. Good and choice $ 6.00® 6.50 Common and medium 3.50® 6.00 Ewes, medium and choice.... 1.50® 2.50 Cull and common 50® 1.50

Other Livestock By United Press CHICAGO. Jan. 27.—Hogs—Receipts. 27,000, including 6,000 direct; slow, strong to 5c higher; 170-210 lbs., [email protected]; top. $4.20: 220-250 lbs.. [email protected]; 260-325 lbs.. [email protected]; 140-160 lbs.. [email protected]; few pigs, [email protected]; packing sows, 3.3503.50; light lights. 140-160 lbs., good and choice, [email protected]; lightweights, 160-200 lbs., good and choice, [email protected]; medium weights, 2000250 lbs., good and choice, $3.85® 4.20; heavyweights, 250-350 lbs., good and choice $3.7003.90; packing sows, $2.7505; medium and good, [email protected]; slaughter pigs. 100-130 lbs., good and choice. s3® 3.65. Cattle—Receipts. 9,000; calves. 2,000; good and choice steers and yearlings, strong to 25c higher on shipper account; numerous loads. sß@9; best heavies. $9.40; yearlings. $10.25: lower grades, dull; fat cows, weak to 25c lower; slaughter cattle and vealers: steers. 600-900 lbs., good and choice, $70)10.50; 900-1.100 lbs., good and choice, [email protected]; 1,100-1,30 lbs., good and choice, $701.50; 1,300-1,500 lbs., good and choice, [email protected]; 600-1.300 lbs., common I and medium, $3.50@7; heifers, 550-850 lbs.. : good and choice, [email protected]; common and j medium, [email protected]; cows, good and choice, $3.5004.75; common and medium. $2.75® ! 3.50; low cutter and cutter cows. $1.25® \ 2.75; bulls, yearlings excluded, good and i choice beef, [email protected]: cutter to medium. I [email protected]; vealers. milk fed, good and choice. $7.50@9; medium, [email protected]; cull and common, [email protected]; Stocker and feeder cattle: Steers. 500-1,050 lbs., good and cnoice, [email protected]; common and medium, [email protected]. Sheep—Receipts, 24,000; few sales about steady with Tuesday’s decline; packers bidding lower; good and choice lambs, [email protected]; best held around $6.50: slaughter sheep and lambs: Lambs, 90 lbs. down, good and choice. [email protected]; medium. $4.75®6; all weights, common. $4 @4.75; ewes. 90-150 lbs., medium to choice, [email protected]; all weights, cull and common. $1.5002.50; feeding lambs. 50-75 lbs., good and choice, [email protected].

By United Press EAST ST. LOUIS, Jan. 27—Hogs—Receipts 10.000, including 3,000 through and direct; market, slow, opening strong to 10c higher; pigs and sows steady; early i sales 150-220 lbs.. [email protected]; top, $4.25; few 230-260 lbs, $3.90@4; 100-150 lbs.. $3.50 @4.10; sows largely $3.15-3.25. CattleReceipts, 2.500; calves, receipts 1.000; market. opening modelately active: steers strong to 25c higher; mixed yearlings, heifers and cows, steady; spots strong: bulls, weak to 25c lower: vealers. 25c higher early steer sales *[email protected]; mixed and heifers. $4.50@6; good and choice vealers, *9.25. Sheep—Receipts, 2,000; marke.t, slow; few choice lambs to city butchers steady to strong at [email protected]: packers talking weak: indications steadv on throwouts and sheep. By United Press FT. WAYNE. Ind., Jan. 37.—Hogs—Market, steady to 25c higher; 100-140 lbs., $3.50: 140-160 lbs.. *3.75; 160-200 lbs.. $4.25; 200-225 lbs.. *4.05; 225-250 lbs.. *3.95; 250275 lbs., $3.85: 275-300 lbs.. $3.75; 300-350 lbs.. *3.65; roughs, $2.75; stags, *1.50: calves, $9; lambs, *5.50. By United Press LAFAYETTE. Ind.. Jan 27.—Hogs— Market, 10@25c higher; 160-180 lbs.. $4.15; 200-225 lbs., *4.10: 225-235 lbs.. *4; 235-250 lbs., $3.90; 250-275 lbs.. $3.80: 275-300 lbs. $3.70; 300-325 lbs., *3.60; 150-160 lbs., *4; 130-150 lbs.. *3.50; roughs. *2.75 down; top calves. *8; top lambs. $5 By Times Special LOUISVILLE. Jap. 27.—Hogs—Receipts, 750. 5c higher; 175-240 lbs., $4.30; 240-300 lbs* $4: 300 Ijjs. up. $3.40; 175 lbs. down, *3.90; packing sows, *[email protected]; stags, $2.15. Cattle —Receipts. 250. steadv: most slaughter steers and heifers, [email protected]: slaughter cows and bulls, $3.50 down; stockers and feeders. $3 @5. Calves, 200; steady; best fancy vealers, $8; bulk, tVS 7.50; throwouts. $5 down. Sheep and lambs. 100, steady; best fat lambs, $6; buck lambs. $5; throwouts, *3.50 down; fat ewes. $2.50 down. 'Tuesday’s shipments; Cattle, none: calves, 1(56: Hogs, none, and sheep none. By United Press CINCINNATI. 0.. Jan. 27—Hogs—Receipts, 4,100. include 1,900 direct; held over. 340: salable supply was well cleaned up early at generally steady prices; better trade Iso to 225 lbs.. *[email protected]: mostly 4.50 on 220 lbs down: 230 to 260 lbs., *4® 4.35; 270 to 310 lbs.. $3.75®3.85: some S3 90; 120 to 150 lbs., *3 8504 sows, S3@ 3 25. Cattle—Receipts. 400: calves. 400: slow, about steady; supply light, scattered sale*, common and medium steers and heifers. [email protected]: a few better finished yearlings up to $6: beef cows. *[email protected]; low cutters and cutters. *3@S: bulls, *3@ 3.75; a few *4; vealers fully steady; good and choice, $8.5009; lower grades. $8 down. Sheep—Receipts, 600; steady: better grade lambs. $6®6.50: common and medium, *405.50: les* desirable throwouts down to *3.50; sheep steady. *2 down. By United Press EAST BUFFALO. N. Y.. Jan. 27.—Hogs —On sale. 3.300; dependable trade to packers: strong to 5c over Tuesday's average; bulk 160-210 lbs.. $4,60; few decks. *4.65; 230-250 lbs.. *4.35® 4.50; 140 lbs.. *4.25; pigs downward to $3.75. Cattle—Receipts. 125: rather slow, mostly steady; common and medium steers and heifers. *4.506 5.35; cutter cows. s2@3; calves, receipts. 250: vealers. steady to weak: good to choice. $lO to mostly $10.50; common and medium. [email protected]. Sheep—Receipts. 900; lambs alow. 107i25c lower; gofefl to choice largely *6.50: few *6.6% medium. *5.75; common. M.UfitsM.

Dow-Jones Summary

Grand Union Company declared the regular ouarterly dividend of 75 cents on convertible preference stock, payable March 1. | of record Feb. 15. Output *f Portland cement in December was 5.998.000 barrels, aranst 8.161.- . non in November and 8.480.000 barrels in December. 1930 t shipments totaled 4.112.m barrel*, arainst 7.156.000 in month previous and 5.688.000 barrels a year ar®. Cleveland Union Stockyards Company in year ended Oct. 31. 1631. net profit, amounted to $101,095 after depreciation federal taxes, etc., equal to $1.31 a share on 77.096 shares, against *121.567, of $1.57 a share in preceding fiscal year. New York cables opened in London at 3.45%. against 3.46%: Paris, checks. 87.75; Amsterdam. 8.585; Italy, 68.H75. and Berlin. 14.687. Bangor ft Aroostook Railroad Company In year ended Dec. 31. 1931, preliminary net income amounted to $623,133 after taxes and charges, equal after allowing for dividend requirements on $7 preferred, to $2.67 a share on 141,792 shares of common stock, against $1,557.762. or $9.26 a common share in 1930. Car loadings in United States iin week ended Jan. 16. total 573.276 cars, an increase of 772 cars over preceding wrek, cut a decrease of 118.447 from like week in 1931. Pennsylvania Railroad Company including West Jersey & Seashore reported December net operating income at $2,259,167. against $3,836,206: twelve months’ net operating income $51,055,806, against $32.341.355. Wesson Oil and Snowdrift. Inc., declared the regular quarterly dividend of $1 on convertible preferred stock, payable March 1, of record Feb. 15. Savage Arms Corporation and subsidiaries in year ended Dec. 31, 1931, preliminary net loss amounted to $560,452 after depreciation, taxes, inventory adjustment and provisions for foreign exchange depreciation, against $339,942 in 1930, equal after allowing for dividend requirements on 6 per cent preferred to $1,996 a ahare on 161.715 common shares. Sun Oil Company and subsidiaries iij year ended Dec. 31. 1931. net profit was $3,107,147 after interest, depreciation, depletion. federal taxes and deduction of $2,261,377 for inventory adjustments equal after dividend requirements on 6 per cent preferred to 51.63 a share on 1,535.456 common shares, against $7,745,484 in 1930, equal to $5.10 a share on 1,409,247 common shares. Stocks of gasoline held by refiners tn United States ended Jan. 23 totaled 39.738,000 barrels, an increase of 530,000 over previous week; domestic crude oil production in week averaged 2.161,500 barrels daily, an increase of 31,950 barrels, according to American Petroleum. Hawaiian Pineapple Company. Ltd., year ended Dec. 31, 1931. net loss amounted to $3,875,100 after charges and inventory losses of $2,425,300, against net profit of $2,531,346, equal to $3.38 a share on 748,158 shares in 1930. Directors of Poor At Cos. voted to omit, quarterly dividend of 37% cents a share on class A stock due at this time. Copper imports by United States in December totaled 34,880 short tons, against 20,386 in November and exports were 9.122 tons, against 11.072 in November.

Produce Markets

Eggs (country rum—Loss off delivered In Indianapolis. 12c: henerv auaiitv No. 1. 14c: No. 2. 9c, Poultry tDuymg prices)—Hens weigning 5 lbs. or rver. 15c: under 5 lbs,. 14c: Leghorn hens, 10c; broilers, fuil leathered. 3% lbs. and uup. 12c; barbeback. 9c: Leghorn broilers. 10c; spring h lbs. and up. *3c: under *2c: old cocks. 7c: ducks, full feathered. 9c: geese 6c. These prices are for No 1 too oualitv auoted bv Kinsan & Cos Butter (wholesalel—No. 1. 26@27c: No. 2 25026 c. Butterfat —22c. Cheese (Wholesale selling price per pound)—American loaf, 23%c; pimento loaf, 25%c: Wisconsin firsts. 19c; Longhorns. I9c; New York liberger 30c. By United Press NEW YORK. Jan. 27.-Potatoes—Market, dull: Long Island. [email protected] barrel: Southern. $2 per crate: Idaho. $2.25(a2.50 sack; Bermuda. $4.50@9 barrel; Maine. 51.50©2 barrel: Canada. [email protected] barrel. Sweet potatoes—Market, dull: Jersey, baskets. 40c 051.25 Southern baskets. 35@65c. FlourMarket. quiet; spring patents. $4,200:4 60. Pork—Market, dull; mess. $17.50. LardMarket. dull; middle west spot. $5.4535.55 per 100 lbs. Tallow —Market, auiet: special to extra. 82%@8275c. Dressed poultry —Market, steadv; turkeys. 19@28c: chickens. 'SO 33c: fowls. 10@23c: broilers. 15® 27c; capons. 18@34c; ducks. 10@16c; Ling Island ducks. 19c. Live poultry—Market, quiet: geese, ll@18c; ducks. 110:25c: fowls, 15 @ 18c: turkevs. 15@32c: roosters. 10c. Cheese—Market, auiet: state whole milk fancv to specials, 12@18c; Young America. 13@13%c. By United Press CLEVELAND. Jan. 27.—Butter—Extras, 25%c; standards. 25%c; market, easy. Eggs—Extra firsts, 16c; current receipts, 15c; market, easy. Poultry—Heavy fowls, 19c; medium. 18c: Leghorns, 15@16c; smooth springers, 16@18c; ducks, 20c; turkevs. 25c; geese, 15c; stags, 14c; market, steady. Potatoes—Ohio, 45@55c per bushel: Maine Green Mountain, mostly sl.lo® 1.15 per 100-lb. sack: Idaho Russet large. $2.10®2.25; medium to large, $1.95@2 per 100-lb. sack.

By United Press CHICAGO. Jan. 27.—Eggs—Market, easy: receipts 8,934 cases; extra firsts, 16@16%c; firsts, 15%c; current receipts, 14@15c; seconds, 10@13c. Butter—Market, easy; receipts 7, 976 tubs; extras, 21 %c; extra firsts 20%@21c; firsts, 19'/i@2oc; seconds, 18V2@19c; standards, 2iyc. Poultry— Market, steady to easy: receipts 1 car; fowls, 15c; springers, 16c: Leghorns, 12c; ducks, 17@20c; geese. 13c; turkeys, 15 % 20c; roosters, 10c. Cheese —Twins. 11% @l2c: Young Americas, 12'/4®I2V2C. Potatoes—On track 256: arrivals, 73; shipments, 486; market, dull; Wisconsin Round Whites, 75@80c; Nebraska Triumphs, $1.05 @1.10; Idaho Russets. [email protected]. By United Press CINCINNATI, 0., Jan. 27.—Bitter —Steady: creamery in tub lots acco ling to score, 17@21c; common score discounted. 2@3c; packing stock No. 1. 33c: No. 2. 12c; No. 3,8 c; butter fat. 17@19t Eggs—Steady; cases included: extra firsts, 16c; firsts, 15c; seconds. 12%c; nearby ungraded, 15c Live Poultry—Thin and coarse stock sells onlv at heavy discount; fowls 5 lbs. and over,'l6c; 4 lbs. and over, 16c: 3 lbs. and over, 16c; leghorns. 3 lbs. and over, 14c: roosters, 9c; broilers colored 1-lb. and over. 20c: l’/j lbs. and over. 20c; 2 lbs. and over. 20c; fryers 3 lbs. and over. 20c; partly feathered,' 12c: leghorn broilers 1-lb. and over. 15c: 1% lbs. and over. 15c: 2 lbs. and over. 12c: Leghorn stags, 10c; stags, 12c; black springers. 10c; roasting chickens, 4 lbs. and over. 20c; ducks under 3 lbs. sell at liberal concessions: ducks white. 4 lbs. and over, 14c: under 4 lbs., lie; colored 4 lbs. and over. 14c: under 4 lbs.. 11c; capons 8 lbs. and over. 21e; under 8 lbs., 2Cc; slips, 15c; turkeys No. 1 hens 8 lbs. and over, 25c; Young Toms No. 1 ten lbs. and over. 22c.

RAILWAY COPS PRAISED No Politics to Interfere With Duties, Efficiency Is High, Says Speaker. Railroad police today were described as “the best officers, because they are not controlled by politics,” by Levi A. Louderback of Brazil, retiring president of the Railroad Policemen’s Association of Indiana. The annual meeting, including an election of officers, was held at the Severin. Members of the association discussed means to curb theft of coal from railroad property. Officers elected: E. J. Cline of Indianapolis, Big Four, president; E. B. Reed, Indianapolis, Pennsylvania, vice-president, and George Hoffmayer of Indianapolis, Big Four, secretary. MANY GIVEN DRILL “A'’ Twenty Indianapolis Students at Indiana U. Get High Mark. Twenty Indianapolis students will be among 278 to receive grade “A” for military training in the Indiana university R. O. T. C.. O. P. Robinson, unit commandant, announced today. They are: James B. Funkhouser. Harry Fogle. Burnett Forman. Jason Weiss. Walter L. Cohn. Holland C. Huestis. Herbert H. Smelzer. Richard Swan. Robert E. Carlsen. Merrill Taylor. Robert Hiatt. Robert Loser. Mark Pangborn. Robert Ghere. Norman ParnelL Croan Greenough. William C. Strang, James a. Stuart Jr, Robert Hammer and Nathan Regrnstreiw

GREATER LOAN ! FACILITIES FOR U. S. PROPOSED Plan Would Make Eligible Notes on Collateral Not j Used Now. BY RAYMOND CLAPPER United Press Staff Correspondent WASHINGTON, Jan. 27.—Efforts to further expand credit facilities) and provide the basis for additional currency are to be pressed in congress. They will around a proposal by Sena® Vandenberg (Rep., Mich.) for pemiitting federal reserve banks to expand loan facilities bx. accepting promissory notes of banks based on collateral i not now eligible for rediscount, such as warrants, notes and other se- : curities of the federal government, I states, counties, municipalities and other political units. Would Provide Huge Sum The plan is said to be receiving sympathetic consideration in administration quarters though no

public indorsement has been given. The White House has made known its unqualified opposition to any currency inflation in the European sense of issuing money backed by no reserves of gold or securities. European assertions that this country was embarking on such inflation through the administration’s financial relief program were declared to be entirely unfounded. Vandenberg says that under his plan $2,000,000,000 in new currency could be obtained, if needed, without in any way impairing the soundness of the federal reserve system. I; would merely permif federal reserve banks, now restricted to making loans on ninety-day paper, to also loan on good public bonds. Aid for Small Banks Vandenberg will offer his bill as an amendment to the Glass bank--1 ing reform measure soon to come up. The plan is urged to help Small banks which have in many cases exhausted their borrowing capacity on short term paper. j “Would that constitute inflation?’ Vandenberg was asked. “I would call it reflation,” he replied. “It would not interfere with j the liquidity of the system. All I propose to do is to say that federal reserve banks need not be restricted to ninety-day paper in making loans but could loan on long-term ! securities of sound value and good ! marketability. It would eliminate short maturity as the test of liquidity.”

Marriage Licenses Carl Johnson. 31. of Columbus. 0.. barber. afid Mary Watts. 24. Roosevelt hotel, te Davld M. Dorsey. 18. of 4466 Guilford avenue, truck driver, and Sarah Marguerite Day, 16. of 5260 Guilford avenue. Lavaughn M. Hamilton. 21. of 525 North Belle Vieu place, laborer, and Dorothy Wilma Martin, 18, of 5865 Central avenue, housekeeper. _ , Patrick J. Kelly Jr.. 24. of 238 Richland street, clerk, and Evangeline Kearney, 20. of 529 North King avenue. Simeon P. Basco. 24, of 1301 West Thir-ty-eighty street, clerk, and Imogene Sweitzer. 22. of 2866 North Denny street,. Dr. Hiney Earl Levi. 37. of Columbus, 0.. physician, and Melinda Louise Magly, 28, of ' 4162 College avenue, teacher. Mallard R. Sears, 36, of Roosevelt hotel, salesman, and Lucina M. Scheberl, 18, of 522 East Fletcher avenue. Robert J. Williams, 26, of Cleveland, physician, and Mary E. Goodwin. 24, of 3120 Park avenue, stenographer William H. Geckler, 23. of 24.44 Belle- ! fontaine street, photographer, and Amy Lee Axt.on. 23. of 1207 North Kealtng avenue, stenographer.

Births Boys Bobby and Pernie Mahaney. 807 Coffee. Maurice and Mary Harrod, St. Vincent’s hospital. Robert and Helen Murphy, St. Vincent's hospital. John and Marie Augustin. 1432 East Ohio. George and Mary Powers, 1124 West New York. Joe and Dorothy Ross, 2145 Drexel. Dale and Dorothy Pond. 4020 East Twenty-sixth. 1 Girl* Paul and Francis Dunn, 2934 North Gale. Theodore and Margaret Stine, 2324 Kenwood. John and Hazel Glinchy. 757 Parkway Malen ana Alberta Piercy, 1636 Quill. James and Mildred Johnson. 1761 East Tabor. Edwin and Garnet Worley, 545 North Belmont. James and Dana Crossen, 834 Vi South East. George and Margaret Stoykovich, 1210 Haugh. James and Edna Roberts, 127 North Herman. Oliver and Julia Strawberry, 1901 Capitol. Charles and Katherine McClary. 1051 South Tremont. Deaths Alfred Mulholland, 69, 2705 Station, angina pectoris. jjary Fahle. 57, Central Indiana hospital. chronic myocarditis. Carl Bunner. 12. Long hospital, acute pericarditis. Jesse Erbine Taylor. 33, Methodist hospital. lobar pneumonia. Frank Brown. 57, city hospital, cere or r> spinalmenlngitip. . Thomas W. DeHass, 75, 2355 College, coronary occlusion. Other Livestock By United Press TOLEDO. Jan. 27.—Hogs--Receipts, 15C: market, steadv: heavies. [email protected]: memedium. 53.75@4: Yorkers. [email protected]: pigs. $3.50 @>3.75. Cattle—Receipts-, light: market, steadv. Calves—Receipts, light; market steadv. Sheep—Receipts light: market steady. By United Press CLEVELAND. Jan. 27.—Hogs—Receipts. 3.400: holdover, none: slow; scattering near steadv: manv without bid: talking 25c down on some heavies: few 150-230 lbs.. $4.50; mixtures early. $4.40: 240-300 lbs.. $4.15 down: some silghtlv heavier bid. $3.75. Cattle—Receipts. 550: steers again on peddling basis: over supply common to medium kind: all classes tending lower: low grade cows down least; few common steers. *[email protected]: cutter grades coWs. ?1.25@ 2.75. Calves—Receipts. 750: weak to mostly 50c lower: better grades. $9.50(510: medium. sß®9: mostly *8.50 down. Sheep— Receipts. 3.300; lambs. 25c lower: around $6.25®6.50; best held higher: wool throwouts. *[email protected]; ewes. *3 down, steadv. By United Press PITTSBURGH. Jan. 27—Hogs—Receipts. 900: holdovers. 300: market, fairly actl-'e to 10c higher; 160-220 lbs.. [email protected]: 240280 lbs.. *[email protected]: 100-140 lbs $3 75® 4.25: packing sows steady at [email protected]. Cattle—Receipts. 10; market. nominal. Calves— Receipts. 125: market, not established: asking steadv to, lower on yealers few bids ud to $9.50: best held to $lO. Sheep—Receipts. 1.000: lambs slow; orening bid around 25c lower at $6.50 for choice handvweiehts. AUSTRIAN CABINET OUT Resigned Chancellor Immediately Ordered to Form New One. By United Press VIENNA, Jan. 27.—The Austrian government resigned today. Dr. Karl Buresch, the resigned chancellor, was commissioned immediately to form anew cabinet. The old cabinet was formed last June, ! replacing the one headed by Dr. Otto Ender.

Specialists in Unlisted Securities Edw. W. Zaiser Securities Corporation *l4 Continental Hank Bldg. KTley 4643

Bright Spots of Business

By United Pres* NEW YORK Jan 27—Steel operations have advanced 1 per cent to 29 oer cent of caDacitv this week and the tndustrv la making slow headway against adverse influences. "Iron Age” said WASHINGTON—AutomobiIe oalpnt and and ahne production tnrreaaed eonaiderabiv in December, despite a more than seasonal decline in other tines, according to the federal reserve hoard. KILGORE. Tex.—The oil industry will be on the road to economic recovery within thirtv days. Amos L. Beatv president of the American Petroleum, said. SAN FRANCISCO—Pacific Lighting Corporation and subsidiaries reported for 1931 net profit of *8.020.124. compared with $7,969,466 in 1930. | DETROlT—Scotten Dillon Company declared an extra dividend of 20 cents a share in addition to the regular quarterly dividend of 30 cents. NEW YORK —Third Avenue Railway svs- | tem reported for the six months ended | Dec. 31. surplus of *266.911. compared with | a surplus of *75.750 in the corresponding period of 1930 and a deficit of *210.204 in j the 1929 period.

Cash Grain

-*-Jan 26 The bids for car lots of grain at the call of the Indianapolis Board of Trace, f. o. b. shipping DOint. basis 41 %c New York rate, were: Wheat—Easy. No. 1 red. 46®48c: No. 2 red. 45047 c; No 2 hard. 46©47c. Corn—Easv: No. 3 white. 28©29c: No. 4 white. 27®26c; No 3 vellow. 26®27c; No. 4 vellow. 25®26c: No. 3 mixed. "5®26c: No 4 mixed. 24®25c. Oats—Easv: No 2 white. 20%®21‘ 'C: | No. 3 white. 19%®20%c. Hav—Steadv: (F. o. b. country '.nint.s taking 23%c or less rates to Clnc'nmti or Louisville.) No. 1 timothv. *7®7.5f: j No 2 timothv. *6© 6.50. —lnspections Wheat—No. 2 red. 4 cars: No. 3 red. 2 ! cars: No. 3 mixed. 1 car. Total. 7 cars. , Corn—(Newt No 4 white. 2 ears: No. 3 vellow. 4 cars: No 4 vellow. 7 ’’ar.*: No 5 vellow. 1 car: No. 4 mixed. 2 .*~rs. Total. 16 cars. Oats—No. 2 white. 1 car; No. 3 white. 4 cars: No. 2 mixed. 5 cars: samole vHxed. 1 car. Total. 11 cars. Rye—No. 2. 1 car. Total. 1 car. Bu Times Special CHICAGO. Jan. 26.—Primary receipts: Wheat. 680.000 against 864.000: corn. 368,000 against 639.000; oats. 199.000 against 198.000. Shipments—Wheat. 480.000 against 454.000: corn. 126.000 against 478.000: oats. 102.000 against 261.000. By United Press CHICAGO. Jan. 26.—Cash grain close: Wheat—No actual sales reported. •tom —No. 4 mixed 36%®36%c: No. 2 veJow. 38c; No. 3 vellow. 36@37%c: No. 4 /ellow. 35%@36c: No. 5 vellow. 35c: No. 3 white. 36%@37%c: No. 4 white. 38@36%c. Oa% —No. 2 white. 2545 26c: No. 3 whits. 24® 25V*c. Rve —None. Bariev -41®58c. Timothy—*[email protected]. Clover—*Bol4.7s. By United Press v TOLEDO. Jan. 26.—Cash grain—Close: Elevator prices: Wheat—No. 2 red, 59% ©6o%c. Corn—No. 2 veliow. 39®40c. Oats—No. 2 white. 28®29c. Rve—No. 2. 48c Grain on track. 28Vic rate. Wheal —No. 2 red. 54V2@55c: No. I red. I cent premium. Corn—No. 2 vellow, 34%®25c: No. 3 vellow. 32% @33 Vic. Oats—No. 2 white. 254526 c: No. 3 white. 23%©25c. Clover —Prime. $8.75; February. $3.85: March. $9. Alsike—Cash. $8.75; February. $8.85; March. $9. Butter—Fancv creamery. 244527 c. Eggs—Extras. 14%®15c. Hav —Timothv. oer cwt.. SI.OO. EMBALMERS IN SESSION State Board Opens Three-Day Meeting at I. U. Center. Three-day session of the Indiana i board of embalmers opened today at the Indiana university medical center, with addresses by several midwestern authorities. George M. Bender of North Manchester. president of the state ; board, opened today’s session. Adi dresses were made by Professor ' Cliarles O. Dhonau of the Cincinnati College of Embalming; Dr. Hilton I. Jones of Wilmette. 111., and Professor J. Raymond Schutz of Manchester college.

IT E OFFER $62,500 Marion County, Indiana ( Includes City of Indianapolis ) 4Va% Track Elevation Bonds Denomination $1,230 Principal ami semi-annual interest January loth and July loth. Payable at the offics K of the County Treasurer, Indianapolis, Ind. , • EXEMPT FBOM ALL FEDERAL, STATE AXD LOCAL TAXE4 • MATURITIES *6,250 Hue each July 15th, from July, 1940 to and including July, 1949 A'fteaaed Valuation . , $797,871,149.00 Total Debt 7,314,535.0$ Population, 422,666 These bonds are a direct general obligation of the entire County and are payable from unlimited ad valorem taxes levied against all the taxable property of Marion County. • PRICED TO YIELD Fletcher American Company INDIANAPOLIS

PAGE 11

GRAIN FUTURES SELL DOWN IN UNEVEN TRADE s Weak Cables and Securities Combine to Depress All Options. BY HAROLD E. RAINVILLE United Pres* Stall Correspondent CHICAGO, Jan. 27—A break in stocks, coupled with a sharp decline at Liverpool, sent wheat quotations lower on the Board of Trade at the opening today. The decline was uneven but confined to fractions at the start with fair support met just below the 57-cent mark for May. Liverpool was weak on continued Argentine pressure and little demand, while the cut in Steel dividends weakened stocks. Liverpool Prices Drop Corn was off with wheat but met little pressure. Oats was slow but. firmer, taking an independent course. At the opening wheat was % to ** cent lower; corn was li to % cent lower, and oats were unchanged to % cent higher. Provisions were weak. Liverpool was much lower than due and declined to 1 pence bv imid-afternoon, equal to to % cent. Corn Support Seen May corn continues to receive sup--1 port at or under the 40-cent level. Country offerings are running light, and there still is no indication of an increased movement to market. The slow cash demand is disappointing. There is nothing of interest in oats except somee changing from I May to July. Traders believe that, there .are more possibilities in the, | distant position than in the nearby.

Chicago Grain Range Jan. 27 — WHEAT— Prrv. High. Low. 11:00. close. Mar 54% ,54 s * .54% .55% Mav 57% .56% .57% .57% Julv 57% .36% .57% ,57% Sept 53% .58% .58% .38% OORN— Mar 37% 37<. .37% .37% Mav 40 ,39% .‘0 40% Jtllv 41% .41% 41% .42 Sept .. : 43 OATS— Mav 25% .25% .25% 25% Julv 25% .24% .24% .25% Mav YE 7T 45% .45% ,43'i .43% Julv 46% .45% .46% .46% LARD— Mar ... 5.25 Mav 5.30 5.27 3.27 5 40 July 5.45 5.42 5 4? 5.54 Sept ... 5.55 .... By Times Special CHICAGO, Jap. *7.—Carlots: Wheat. 13; corn. 53; Oats. 20: rye. 2. and barley. 8

Local Wagon Wheat

Cit.v grain elevators are paving 44c for No. 2 red wheat and 44c for No. 2 bard wheat. NEW YORK COFFEE RANGE —Jan. 26High. Low. Close. March 5.86 5.85 5.86 Julv 6.08 6 06 6 06 December 6.26 6.23 6.23

Zaiser & Zaiser Incorporated Brokers Stocks and Bonds 129 E. Market Lincoln 9373 Lincoln 2167