Indianapolis Times, Volume 46, Number 184, Indianapolis, Marion County, 12 December 1934 — Page 22

T rends m m m Saving Is Real in Connection With HOLC Debts. BY VINCENT S. LYONS Time* rtnißflll MIUi AN announcement from Washington says s hat the Home Owners Loan Corp. has discovered a method whereby some brokers have been able to grab themslves a profit of 2 per cent on handling monthly payments of individuals on mortgages. The statement has been construed in some quarters as the Inauguration of some new type V 'Tacket.” An analysis of the situation, however, discloses that such is not the case. It Just happens to be one of the curiosities which develop in finance from time to time. The operation is bona-fide, both the home owner and the broker reaping equal rewards of 2 per cent on the transaction. This profit, will continue just so long as HOLC bonds are selling at their present price. The operation Is very elementary, but, nevertheless, interesting Home owners here whose mortgages are held by the HOLC are required to send monthly payments on principal and interest to the Detroit branch of the corporation, which is the regional office for Indiana and Michigan. These payments In a large number of instances are very small; we shall state an arbitrary average figure of $lO. a a a A MAJORITY of the persons obliged to meet monthly payments do not have checking accounts and. as a result, they remit the funds through the mail. The amount of the payment, plus 13 cents for a money order, plus 3 cents for postage, brings the total outlay of the individual to $10.36 a month. The HOLC has provided that its own bonds may be tendered in payment of this obligation and will be accepted at par value. It is here that the broker is permitted to intrude himself into the picture. The 2\ per cent bonds of the corporation currently are selling around 96. or a discount of 4 points from parity. Therefore, brokers can honestly offer home owners a saving of 2 per cent on their payment by procuring SI,OOO of payments and purchasing a $960 bond, which the corporation will accept as representing SI,OOO. The difference of S4O, between the market worth of the 2 s ; per cent bonds and the value at which the corporation will accept it, is divided between the broker and the home owner. As the broker makes no handling charge for the transaction, in fact he solicits the business, the individual saves 2 per cent of his payment, plus the mail order and postal charge. a a a T TNCLp SAM is the only loser in the operation, for if the current low- value of the 2?i per cent bonds did not exist each owner would make his payment individually. Thus, 100 persons paying $lO each would have to spend a total of sl6 in the postoffice But the broker, by making these 100 payments with a SIOOO bond, spends approximately 70 cents, leaving Mr. Farley’s department with $15.30 less of business on each SIOOO received by the HOLC. This neatest trick of the week has become so widespread that the Government agency has issued a statement denying it had authorized any outside agents to make collections. This precaution was taken after some overzealous brokers had implied in literature that they were authorized representatives of the HOLC. Os course certain abuses can creep into the practice, consequently, home owners should make doubly sure that the brokers they are dealing with are legitimate enterprises. If the value of the HOLC per cent bonds should advance to par. the practice would automatically end as the profit incentive disappears. A further slump in price, however, widens the profit. Brokers are insured against loss in their activity, always providing, of course, that they can find a sufficient number of home owners with which to do business. If they anticipate an inrush of homeowners to meet their payments in this way by acquiring blocks of the 2 s * sand the bonds subsequently rise, removing the profit advantage, the broker still benefits from the appreciation in the bonds' worth.

On Commission Row

Quotations below are average wholesale prices being offered to buyers bv local commission dealers. Fruits—Cranberries. Cape Cod. late Howes. 25-lb box. S5 75 Grapes. California Emperors. 27-lb. box. *2 40 Persimmons. California 20s $125 Quinces bushel. $3 Bananas *' 2 c a lb Apples. Indiana Jonathans. $185; Grimes Golden. $1 35 j 1 75 Melons California Honey Dews $2 75. Lemons. Sunkist. 3605. $5 50; 4325. $5 50 Grapefruit. Texas, seedless. $3. Lames. Mexican, per carton 12s. 25c: Bvram seedless per hundred. $3. California rhubarb. $1 40 a box. Pears. Oregon D ar.jo box $3 50 Pineapples 30s $6 Vegetables—Cabbage. Northern Danish 50-'.b bag 65c. red 50-lb. bag 90c. New Cabbage in crates, s2's 225 Onions. Idaho. sweet. Spanish. large 50-ib. •1.50; Michigan vei!ow. med . 10-lb bag. 23c. western white. 50-lb bag. $1 85. Michigan yellow $1 35 Potatoes Green Mountains. 100-lb bag $1 50. northern round white. 100-lb bag. $1 Ohios 100-lb bag. 82 Idaho Russets 100-lb bag. $2 New potatoes $2 25 1 2 50 Sweet potatoes. Indiana Jerseys. bushel. $1 85: Tennessee Nancy Halls, bushel. $1 40 Beans flat stringless. hamper. $2 25 Celerv Michigan, medium, dozen. 50cJumbo dozen. 75c; hearts; bunch. $1 Cucumbers do*.. 90c southern bushel. $5.75. Endive dozen 50c Egg riant. $1 50 dozen Kale. Virginia, bushel. 75c. Lettuce, hothouse. 15-lb. basset 65c. California Iceberg head lettuce. $4 50 Mangos Florida crate $3 Mint bunch. 15c. Parslev dozen. 35c Peas hampers. s4*i 475 Spinach, home-grown, broadleaf. bushel. sl. Radishes dozen Toe Tomatoes, hothouse. 8-lb basket $1 35. Turnips home-grown. dozen 25c Pumpkins, dozen Si MISCELLANEOUS—Cocoanuts. Jamaica. 25 for $1 50 Ovsters. standards, gallon. $1 50. selects, gallon $1 85 Chestnuts Italian a pound. 12 l jc Sorghum molasses gallon. 65c Black walnuts. 50-ib bag $1 Cider. 4 gallons to case $2 Half-gallons. 6 to case $1 75; quarts. 12 to case. $1 90 All quotations subject to change, up or 4own , FRUITS AND VEGETABLES Bv United Presst CHICAQO. Dec 12—Apples2-Michigan Mclntosh bu $1 756 2 Jonathans $l5O 5 1.75. Sweet Potatoes—Tennessee bu . $1 *3 110: Indiana $1503 165 Jersev> Car-rots—-California crate. $2 50412 65. Ultnou. bu . 45ti 50c Beets—lllinois, bu . 40 .i 50c Beans—Florida bu . green *2 25 i 350 Cauliflower —Oregon crate. 75c4i$l 35. Cranberries—Masaachusetta. l bbl $4 50 •S 50 Lettuce —California ermte. $2 50ii 4. Cabbage—Wisconsin crate. 50ff65c. Onion market •50-lb sacks' Michigan vellows 75c 4> $lO3 . western veilow* 90c 5 jHO, XUiaou and Indiana y alio art. 754

PAGE 22

RELEASE OF TAX FIGURES BRINGS NEW DEMANDS FOR REDISTRIBUTION OF WEALTH Increase of Persons With Incomes of §25,000 or More Last Year Followed by Utterances of Senators Thomas, Borah and Costigan. BY H. O. THOMPSON United Press Stall Correspondent WASHINGTON, Dec. 12. Tax figures showing an increase in the number of persons with incomes of $25,000 or more last year brought new demands at the Capitol today for legislation to redistribute the nation’s wealth.

HOG PRICES UP IOTOJO CENTS Cattle Market Weak and Dull; Veals, Lambs Move Lower. Responding to a general heavy demand, porker prices at the Indianapolis Stockyards toda y were largely 10 to 20 cents higher than yesterday’s advance. Receipts numbering 9000 were considered as only slightly above normal. Initial trading turned active with several packers making fast purchases. The bulk, 160 to 200 pounds, sold at $5.50 to $5.80. Heavy butcher classes, weighing from 200 to 350 pounds, were selling at $5.90 to $6.15. Top price was reported at $6.20. Extremely small slaughter pigs, ranging from 130 to 160 pounds, were salable at $4.10 to $4.80, while others weighing 100 to 130 pounds, cashed in at $2.60 to $3.65. Good packing sows sold at $5 to $5.75. Holdovers numbered 293. Early dealings were extremely dull in slaughter steers and the price tendency was slightly lower. Practically all grades remained inactive. Receipts were 1400. Vealers again moved around 50 cents or more lower, selling at mostly $6.50 down. Better classes were quoted at $7. Receipts were 700. Lamb prices were generally 25 cents lower than yesterday, with the regular bulk selling at $7.25 down. Extreme heavies sold at $6.50 to $7, while throwouts ranged from $4.50 to $5.50. Slaughter sheep brought $3 down. Receipts were 1200. HOGS Dec. Bulk. Top. Receipts. 6. $5.35® 5 75 *6.10 9.000 7. 5.40®, 5.80 6.15 9,000 8. 5.40® 5.80 6.15 4.000 10. 5.30® 5.70 6.05 12.000 11. 5.40® 5.70 6.05 9,000 12. 5.50# 5.80 6.20 9.000 (140-160i Good and choice. $4 35® 5.15 1160-1801 Good and choice .. 5.50® 5.70 (150-2001 Good and choice... 5.70® 5.90 1200-220) Good and choice... 5.90® 6.05 1220-2501 Gcod and choice .. 6 05® 6.20 (250-290) Good and choice .. 6.10® 6.20 i2OO-350i Good and choice .. 5.90® 6.10 1275-350) Good 5.40® 5.75 Packing sows: (350-425) Good 5.25® 5.50 (275-550( Good 5.25® 5.40 (275-5501 Medium 4.85® 5.35 (100-130) Slaughter pigs good and choice 2.60® 3.65 CATTLE —Receipts. 1,400 —Steers—-(sso-900) Choice $7.00® 8.00 Good 6.00® 7.50 Medium 4.00® 6.00 Common 2.50 * 4.00 (900-1100) Choice 7.75® 8.75 Good 6.25® 7.75 Medium 4.25® 6.25 Common 3.00® 4.25 (1100-1300) Choice 8.50® 9.75 Good 6.25® 8.50 Medium 4.50® 6.25 (1300-1500) Choice 8.75# 9.75 Good 6.50® 8.75 —Heifers—-(sso-"50) Choice 6.50® 7.00 Gocd v 5.00® 6.50 Common and medium 2.50® 5.00 (750-9901 Good and choice 5.25® 7.50 Common and medium 2.50® 5.25 —Cows— Good 3.00® 3.00 Common and medium 2.00® 3.00 Low cutter and cutter 1.25® 2.25 —Bulls—(Yearlings Excluded) Good 2.85® 3 50 Common and medium 1.25® 2.00 VEALERS —Receipts. 700 — Good and choice $6.00® 7.00 Medium 4 00® 6 00 Cull and common 2.00® 4.00 —Calves—-<2so-500) Good and choice .... 4 75® 5.50 Common and medium 2.50® 4.75 —Feeder and Stocker Cattle——Steers— • 500-800) Good and choice ... 4.00® 500 Common and medium 2.50® 4.00 •800-1050) Good and choice ... 4 00® 5.25 Common and medium 2 75® 4.00 Good and choice 3.00® 4 25 Comon and medium 2.50® 3.00 —Cows— Good 2 50 ® 3 00 Common and medium 2.00® 2.50 SHEEP AND LAMBS —Receipts. 1.200 Lambs. 90-lbs. down, good and choice * 6 75® 7 25 Common and medium 4 50® 675 90-120 lbs good and choice .. 2 50® 300 Sheep—--1120-150) Good and choice... 3.00® 2.75 All weights, common and medium ... 125® 2.50

Other Livestock

Bv United Press i FT. WAYNE. Dec 12—Hogs—Market 5 4j 10c higher 250-300 lbs . $6.10; 225-250 lbs $5 90 20H-225 lbs $5 75; 180-200 lbs.. $5 60 160-180 lbs . $5 35 300-350 lbs $5 70: 150-160 lbs . S4 50: 140-150 lbs $4.25: 130MO lbs.. $4: 120-130 lbs. $3.50; 100-120 lbs $3 toughs. $5: stags. $3. Calves. $7. lembs. $7.25. LAFAYETTE Dec. 12 —Market Steady- to 10c higher. 150-300 lbs.. $6 10<i6 20: 300325 lbs $6 200-250 lbs . $5 9045 6: 180-200 lbs. $5 55455.70: 160-180 lbs.. $5 304 j 5 40: pigs. $4 75 down: roughs. $5.50 down. Calves $6 down: lambs. $7 down •Bv Times Special i LOUISVILLE Dec 12—Cattle—Receipts. 300: salable supplv slaughter classes: light run mo6tlv Stockers and feeders: demand onlv fair for slaughter classes; market slow about steady- at week's decline: bulk common to medium steers and heifers. $3.2545 4.75: better finished auotable $5 to around $6 50 for strictly good kinds bulk plainer grade beef cows. $2 25 32.75; practical top considered. $3: most low cutters and cutters. $161.75: best strong weights eligible around $2: sausage bulls, scarce. Quotable mostly $2.75 down; most Stockers of Qualify to sell at $4 down; run includes two loads desirable Hereford stock calves salable up to $5 or better. Calves—Receipts. 150: market. 50c lower, bulk better vealers. $5 504} 6 few strictly choice. $8 50. medium and lower grades $5 down Hogs—Receipts 800 market 5c higher: top and bulk. 230-300 lbs . $6 10 : 200-225 lbs . $5.95 305 lbs. urv $5 65 180-195 lbs $5 35: 160-175 lbs.. 54 65 140-155 lbs.. $4 15: 120-135 lbs.. $3 45: sows. $4 35 Sheep—Receipts. 100: generally- steady; Bulk medium to good lambs. choice Quotable higher; bucks $4 7545 5 25: common light throwouts. $4. fat ewes. $15015 2 DOI C.LAS NAMED TO BOARD Hy Times sptctal NEW YORK. Dec. 12.—Lewis W. Douglas, former Director of the United States Budget, who retired recently, has been appointed vicepresident and director of the American Cyanamid Cos. Dr. Douglas will fill the vacancy created by the death of W. R. Cole.

Abreast of The Times on Finance

The returns brought from Senator Elmer Thomas (D., Okla.) a renewal of his efforts toward further depreciation of the dollar and caused other senators to urge vigorous prosecution of the Roosevelt recovery program. Senator William E. Borah (R„ Ida.) said he could not subscribe to “the view of taking from those /ho have not and giving to those who have,” and linked the situation to his claims that monopoly Is increasing in America. Held Monopoly Proof “It is quite evident,” he said, ‘‘that it’s another proof of the power of monopoly and that the iilik: fellow is being more and more chiselled out, and shows the monopolists are still raking off and gathering in the dimes and quarters of the poor and putting them into the coffers of the wealthy.” In connection with the decrease in the number of incomes from SIOO to SSOOO it was pointed out the returns would not reflect any benefit of minimum wages under the NRA which did not become operative until the latter half of 1933. Senators Burton K. Wheeler (D., Mont.) and Edward P. Costigan CD. Col.) spoke of consequences from the tax revealed trend. ‘ If business leaders can not help in a movement to get a better distribution of income than this two years hence they may be looking back on the present administration as their golden age,” Mr. Wheeler said. “Such a result is to be expected.” said Senator Costigan, “particularly in a period of frozen credits and widespread unemployment. At such a time only those with financial resources are able to take and hold the country’s valuable assets. “Here is proof, as strong as any yet advanced, of the need for hastening by every practicable means the success of our national recovery program.” Thomas Gives View “The rich have their wealth in government bonds and the interest is paid promptly,” Senator Thomas said. They have a regular income and are able to report it promtly "The common people have no business and their income is diminished if not vanished altogether." Senator Thomas asserted redistribution of wealth could be attained best by further decreasing the gold content of the dollar. “The value of the dollar in February, 1933, was 167 cents,” Senator Thomas said. “The value had shrunk to 130 cents on Dec. 1, 1934. The value of the dollar should be reduced to 100 cents. Then debts could be paid at the same value as when they were contracted.” GRAIN VALUES DIP IN EARLY DEALINGS Easiness Abroad Held Cause of Selling. Bit United Press CHICAGO, Dec. 12. Easiness abroad brought scattered selling into grain futures on the Board of Trade today and prices moved lower. Wheat started unchanged to cent off, corn was down H to ** cent, oats were off M cent, and rye was off Yt cent. Broomhall cabled that the drop in Liverpool was influenced by better weather conditions in the Argentine and cheaper shipper offers. Trading in the English market was rather quiet. .... 11:00 Prev. Wheat— High. Low. A. M. close. Dec. 1.00% 1.00 1.00% 1 00’ 2 May 1 01% 1.01 1.01 Vi 1.01% July 95% .95 .95 .95*8 Corn— Dec 92% .92 .92 .92% May * .89% .88% .88% .89% July 86% .85% .85% .86% Oats— Dec 55% .54% .55% .55% May 53% .52% .53 .53% July 48% .48 .48% .48% RyeDec 78% .78% .78% .79% May 78% 77% .77% .78% July ... 77% .76% .7%6*4 .77% LOCAL CASH MARKET rt grain elevators are paving 92 cents for No 2 soft re* wheat, other grades on their merits. Cash corn No. 3 yellow 88 cents and oats 51 cents.

Hides and Skins

(Bv E. Rauh * Sons Cos. 1 Hides—Green country cows and steers. ' 3'aC flat; Green country bulls and glues, 2c flat; Green country calf hides. 4' 2 c flat; Green country kip. 3'sc. No. 1 large horse hides with full heads, shanks, maned and tails. $2 50: medium size. $2. -All No. 2 grade horse hides. 50c less; glues and ponies half price. No. 1 rendered tallow, 4§4 l *e; No. 2 at value. Yellow grease. 3&3' 2 c: dark grease. 2> 2 g3c.

Retail Coal Prices

Tha following price* represent quotations from leading Indianapolis coal dealers A 25-cent carrying charge per ton will be added. DOMESTIC BET All PRICES Anthracite ~.813.00 Brazil Lump 6*4 Brazil Mine Run 5 25 C->ke. Nut Size 8.90 Cote. Eg* Si*e 890 Indicia Forked Lump No 4 594 Indiana Forked Lump No 8......... 5.84 Kentucky Lump Group "B" 7.18 Indiana bur 6.71 Pocahontas Em a.49 Pocahontas Lump 8.32

INDIANAPOLIS, WEDNESDAY, DECEMBER 12, 1934

(Copyright' 1934 by Time-Fortune -'■-s. \ "

AAA Agricultural Adjustment Administration B for C Banks for Cooperatives CCC Commodity Credit Corporation CWA Civil Works Administration DA Department of Agriculture (relief) ECW Emergency Conservati6n Work EHFA Electric Home and Farm Authority E-IB Export-Import Banks FCA Farm Credit Administration FDIC Federal Deposit Insurance Corpora* tion FERA Federal Emergency Relief Administration FFLB Federal Farm Land Banks

The complicated picture of what the Federal Government does with all the money it takes in has been vividly portrayed by Fortune Magazine in the graphic form reproduced above. It imagines that the Federal Treasury is a huge dam, accumulating water which runs into it from many sources, and is then distributed by pipe-lines to various pools (that is, spent or lent by the Treasury). These pools include only the alphabetical agencies of the New Deal, and not the regular Government expenses like the Army and Navy, Postoffice, and so on. The initials are those of the New Deal agencies. You can tell which is which by looking at the list above. You will find that the easiest way to unravel the scheme is to follow each pipe-line from the Treasury to its end.

ALIENS BUYING U. S, SECURITIES Activity Is Laid to Hint Federal Tax on Gains Will Be Ended. By Times Special NEW YORK, Dec. 12.—Brokers who handle a substantial portion of foreign buying and selling in New York security and commodity markets stated today that their business has shown marked signs of revival since the early part of the week. They attribute this reawakening for foreign traders’ interest to the strong intimation received from Washington several days ago that the government may forego the proposal to levy a tax on capital gain accruing to the operations of these interests in American markets. Buying which has appeared, while not of extraordinary proportions thus far, represents a distinct change for the better in the s.tuation. Foreign interests proceeded to take all manner of precautions when the Treasury officials, some months ago, ordered brokers to present data which would disclose the profits of customers falling in that category. Operations for foreign account dwindled in the interval practically to the vanishing point because, it was said, British and European speculators and investors could not see where such impost was justified. In a large way trading was halted altogether, while those who continued to make commitments, according to well-informed report, proceeded to invoke all means of so complicating their operations that it would be well-nigh impossible to trace them. Houses here with direct London connections noted evidence of the change immediately following the receipt of the Washington news in the British financial center. These firms had, prior to that time, reported a veritable dearth of interest on the part of English investors and traders, particularly the huge investment trusts which have been active in our market over a long period. Buying that has developed has been directed principally into stocks of American industrials and specialties. British investors over a long period of years had been partial to our utility shares and those of the railroads, but the current status of those indutries. with railroad earnings at a low ebb and the utilities under the legislative whip, apparently dropped them from favor, at least temporarily. NEW UNITS OFFERED Group Securities, Inc. f Announce Addition to Investment Group. By Times Special NEW YORK, Dec. 11.—Group Securities, Inc-. corporation which, through seventeen separate classes of shares, provides a method of buying diversified and weighted crosssections of stocks of seventeen separate industries, today announce the addition of an eighteenth class to provide a method of investing, under professional supervision, in the investing company field. The new class of stock will be known as Investing Company Shares of Group Securities, Inc., and investments will be confined to securities of investing companies. The initial portfolio includes leverage and non-leverage common stocks and preferred stocks.

HERE IS WHAT THE GOVERNMENT DOES WITH ITS MONEY

FFMC Federal Farm Mortgage Corporation FHA Federal Housing Administration FHLB Federal Home Loan Banks FICB Federal Intermediate Credit Banks FSHC Federal Subsistence Homesteads Corporation FSALA Federal Savings and Loan Associations FSRC Federal Surplus Relief Corporation HOLC Home Owners’ Loan Corporation JSLB Joint Stock Land Banks LBCF Land Bank Commissioner's Fund NRA National Recovery Administration PCC&A Production Credit Corporations and Associations

New York Stock Exchange Prices

(By Thomson & McKinnont 11 A M. Prev. Oils— High. Low. N. Y. close. Atl Rfg 24% 24is 24% 24% Barnsdall 6% 6% 6*4 614 Consol Oil 7% 7% 7% 7% Cont of Del ... 18% 18% 18% 18% Mid Cont Pet.. 11% 11% 11% 11% Ohio Oil 10 9% 10 9% Pet Corp 9 9 9 9 Phillips Pe‘ 14% 14% 14% 14% Plymouth 0i1... 8% 8% 8% 8% Pure Oil 6% 6% 6% 6% Shell Un 7 6% 6% 7% Skellev Oil . 7% Soc Vac 14% 14% 14% 14 1 - S O of Cal ... 31% 31 Vi 31% 31% S O of Ind ... 25>4 25% 25% 25% S O of N J 41% 41% 41% 41% Texas Corp ... 20% 20% 20% 20% Tidewater Assn . 9 8% 9% 8% Un Oil of Cal . 15% 15% 15% 15% Steels— Am Roll Mills . 20% 19% 20% 19% Beth Steel 29% 29% 29% 29% Byers AM ... 18% 18% 18% 18 Col Fuel & Iron 4% 414 4% 4V4 Cruc Steel 21% 21% 21% 22% Inland Steel .. 43% 43% 43% 43% L-udlum Steel . 14 14 14 14% Rep I & Stl 14Vi 13% 14% 13% Rep I & Stl pfd 41% 41% 41% 40% U S Pipe & Fdv 20Vi 20% 20% 20% U S Steel 37% 36% 37 37 Warren Bros . 5% 5% 5% 5% Youngs’wn S & T 18% 18% 18Vi 18% Motors— Auburn 25 24% 25 24% Chrysler 38% 37% 38% 381s Gen Motors .... 31% 31% 31% 31% Graham Mot ... 2% 2% 2% 2 Hudson 11% 10% 11% 10% Hupp 33 33 Mack Truck ... 26% 2614 26% 26% Nash 17% 17% 17% 17% Packard 4% 4% 4% 4% Reo 2% 2% 2% 2 Vi Studebaker 2 2 2 2 Motor Access— Bendix 16 15% 16 15% Bohn Alum 59% 57V4 57% 58 Borg Warner ... 28*4 28 28 27% Briggs 2514 25 25% 25*4 Budd Mfg 5% 5Vi 5Vi 5 Eaton Mfg 18 17% 17% 17% Elec Auto Lite 26% 26% 26% 26*4 Houdaille "A” . . 7Vi 7% 7*4 7Vi Mullins Mfg ... 9% 93*4 9*4 9% Murray Body ... 7 7 7 Stew Warner B*4 8% 8% 8% Timken Roll ... 32% 31% 32% 32 Timken Det Axle 6*4 6% 6% 6*4 Mining— Alaska Jun .... 18'2 18*4 18% 18% Am Smelt 36 35% 36 35% Anaconda 11 Vi 10% 11% 11 Cal & Hecla 33 33 Cerro De Pasco. 41% 41*4 41% 41 *4 Dome Mines ... 37 37 37 37 Gt Nor Ore 11% 11% 11% 11% Howe Sound ... 50 50 50 49% Int Nickel .23 22% 22% 22% Isl Creek Coal . 34% 34V4 34% 33 Kennecott Cop. 17*4 17 17 17% Mclntyre Mine . 41*4 41*4 41% 41 1 a Noranda Cop ... 33% 33% 33% 32% Phelps Dodge... 14% 14% 14% 14% St Joe Lead 17*4 17Vi 14*4 17 U S Smelters ...122 122 122 121*4 Vanadium 18% 18% 18% 18% Amusements— Loews Inc 34% 34*4 34% 34% Radio Corp 5% 5% 5% 5% Paramount 3% 33 2% Warner Bros ... 4% 4% 4% 4% Tobaccos— Am Tobacco "A” 80 80 80 80% Am Tob •’B'’ ... 81% 81 Vi 81% 81% Gen Cigars 57 57 57 57* 4 Ligg Sc Myers B 104% 103% 104% 102% Lorillard ... 21% 21% 21% 21% Phillip Morris 42 40*2 42 40% Reynolds Tob B 50% 50% 50% 50% Rails— Atchison 54% 53*2 53% 53% Atl Coast Lines 35% 35 35*4 34% B& O 14% 14% 14*2 14% Can Pacific 11% 11% 11% 11% Ch i: Ohio 43% 43% 43% 43% CM&Stp 2% 2% 2% 2% C M & St P pfd 4*4 4*4 4*4 4*4 Chi N W pfd .. 10% 10% 10*8 10's Dela Hud 43% 42% 42% 42 Del Lac & W ... 18% 18% 18% 18% Erie 12% 12* 2 12% 13 Grt vorth pfd 16% 16*2 16% 16% 111 Celtral ... 16% 16% 16% 16% Lou & Nash . 46*4 46% 46% 46% M K Sc T pfd . 14 14 14 13% Mo Pac pfd 2% 2% 2% 2% N Y Cent . 21% 21% 21*2 21% N Y New Haven 8% 8% 8% 8% Nor Pacific 20% 20% 20% 20% Penn R R .... 23% 23% 23% 23% Sou Pac 17% 17% 17% 17% Sou R R ... 16% 16'b 16% 16*4 Union Pac 105% 105% 105% 106 Wabash 1% 1% 1% ... Equipments— Am Brake Shoe 24% -24% 24% 24% Am Car Sc Fdv 17 17 17 17 Am Loco 16% 16 16 Baid Loco s*B s‘i s‘i 5% Gen Am Tk Car 37% 36% 37% 37 Gen Elec ... 19% 19% 19% 19% Pullman Inc . 47 46% 47 46% W>s* Air Br 24% 24% 24% 24% Westingh Elec 33% 33% 33*2 33% Utilities— Am <fc For Pwr 4% 4% 4% 4% Am Power Sc Lit 3% 3% 3% 3% AT&T 109*2 106*4 109% 109*4 Am Wat Wks . 13% 13% 13% 14', Col Gas Sc Elec 7 s , 7*2 1% 7% Conn Sc Sou I*4 1 % 1* ■ I', Consol Gas 23% 22% 23', 22% Elec' Pwr & Lit 33 33 Int Hydro Elec 2% 2% 2% 2% Int T Sc T 8% B*2 8% 8% Nat Pwr & Lit . 7% 7% 7*4 7', North Amer . . . 12% 12* 2 12% 12% Pac G & E .. 14*2 14*4 14*4 14*2 Pub Serv N J 30*2 30*, 30% 30 So Cal Edison 11% 11% 11% 11% Std Gas 5*4 5*4 5% 5*4 Stone Sc Webster 4% 4% 4% 5 United Corp 33 33% Un Gas Imp 12% 12*2 12*4 12% Ut Pwr Sc Lt A - 2*B 2 2% 2 Western Union 35*4 34*2 35 34% Rubbers— ... 16*2 16% 16% 16*2 Goodyear 24*. 23% 23% 24 Kelly Spring ... 1% 1% 1% I s . U S Rubber .... 17 16% 17 16%

Notice that the territory at the left side is arid and desert. That is to show that the money going there is spent—gone. The more fertile territory at the right hints that the money going into those pools is lent and may get back eventually to the Treasury dam from which it started. The little windmills indicate agencies which are beginning to stand on their own legs, either through their own income or because the public is beginning to lend to them direct instead of through Treasury pipe-lines. For instance, the Government hopes the whole group in the lower right-hand corner, a group of fjym-aid agencies, will eventually support itself, and require no more water from the Federal pipe-line. The amount printed across the face of each pool shows how much money had been started toward it through the Treasury pipe-line up to Oct. 15, 1934.

U S Rubber pfd 42 41*% 41 % 41 Miscellaneous— Allis Chalmers-• 14% 14% 14% 14 3 % Am Can 107'% 107 107% 106% Am Mach & Fdy 20% 20% 20 >% 20 Vs Anchor Cap 18 18 18 18 Brklyn Man Tr. 41 41 41 40% Burroughs Add-. 15% 15 15 15% J I Case 52% 51% 51% 51% Conti Can 61% 61 61 60% Caterpillar Tract 34 33% 34 33% Crown Cork . 25Vi 25% 25% 25 Curtis Pub pfd - 94 94 94 94 Deere & Cos 23% 23% 23% 23 Eastman Kodak 112 112 112 111% Foster Wheeler.. 14% i4% 14% 14% Gillette 13% 13% 13% 13% Glidden 26% 26% 26% 26% Int Bus Mach . 162 162 162 160 Inter Harv ... 37% 36% 37% 37% Natl Cash Reg . 17% 17 17% 17 Rem Rand 9% 9% 9% 9% Foods— Amer Sugar .... 64% 64Vi 64% 64 Armour Com ■ . 5% 5% 5% 5% Armour 6% pfd 67% 67 67 67 Beatrice Cream’y 17% 17% 17% 17% Eorden Prod 24% 24% 24% 24% Cal Packing ... 37% 37% 37V* 37% Can Drv G Ale.. 15*, 55% 55% 15% Cont Bak (At... 6% 6% 6% 6% Corn Prod 65% 65 65 65 C'rm of Wheat . 34% 34% 34% 34% Gen Baking 7% 7% 7% 7% Gen Foods .... 34% 34% 34% 34% Gold Dust 17% 17% 17% 17% G W Sugar 29% 28% 28% 28% Loose Wiles .... 35% 35 35 35 Natl Biscuit 29 28% 28% 29 Natl D Prod 16% 16% 16% 16% Purity Bak .... 9% 9% 9% 91/, S Porto Rico S 23 22% 23 23 Std Brands .... 19 18% 18% 18% Un Biscuit .... 23% 23% 23% 23% United Fruit .... 72% 72'% 72% 72% Retail Stores— Best & Cos 37 36% 37 36% Gimbel Bros .4% 4 4 4% Hahn Dept Sts . 6% 6% 6% 6% Kresge S S 20% 20 % 20% 20% Kroger Groc ... 28% 28% 28% 28% Macy R H 45 45 45 45 McCrorv St 7% 6% 6% 7 McLellan St .14 14 14 13% Marshall Field.. 11 10% 10% 11% Mont Ward 28% 28% 28*4 28% Natl Tea 11% 11% 11% 11 Penney J C .... 72% 71% 72 72 Safeway St 47% 47 47% 45 Sears Roebuck .40 39% 40 39% Woolworth 52% 52 52% 52

Stock Studies

The Murray Corp. of America is one of our most important manufacturers of automobile bodies and body accessories. The company has many large customers, among which are Ford, Chrysler, Hudson and Studebaker. In order to diversify production and help even off the seasonal demands from the automobile industry, Murray Corp. has converted its Memphis, Tenn. plant to the manufacture of moderately priced furniture. The firm also manufactures steel beer barrels and fabricated, specialized, stainless steel products. Plants are located near Detroit and in Memphis. The company now is working out a plan for the extension of the bonds of the old Murray Body Cos., which were due Dec. 1, 1934 and not paid. FINANCIAL DATA As of Aug. 31. Common Stock ($lO pari .. 768.331 Shares. Funded Debt $1 875.000 Surpluses 5.568.132 Cash 470.897 Inventories 1.666 226 Total Current Assets 4.610.861 Current Liabilities 771,927 During the first eight months of this year the funded debt was reduced by $125,000, cash was $235,000 less, inventories dropped $740,000 and net working capital was about $200,000 less. Surpluses also decreased about SIOO,OOO. On Aug. 31 last the current ratio was nearly 6 to 1, while the book value of the common stock was $15.75 or a gain of 13 cents in the eight months period. During the past few years defiicits have ruled. However, 36 cents was earned on the common stock in the first six months of this year. No dividends have been paid on the common since 1929. The Murray Corp. of American was incorporated in its present form in 1926 in Delaware as a reorganization of the old Murray Body Cos. then in receivership. The common stock is listed on the New York and Detroit Stock Exchanges. It is currently selling for 7 1 *. iAll Rights Reserved. Winchester Initituta a l w>Bata. Winchester. Mass.!.

PWA Public Works Administration PW-I Public Works (federal projects) PW-II Public Works (non-federal projects) PWEHC Public Works Emergency Housing 1 Corporation RFC Reconstruction Finance Corporation RFC-I Reconstruction Finance Corporation (direct loans and expenditures) SLCPL Seed Loans and Crop Production Loans TVA Tennessee Valley Authority TVAC Tennessee Valley Associated Cooper* atives X Other Administrative Agencies

Aviation— - Aviation Corp .. 5% 5% 5% 5 5 * Boeing Aircit .. 10% 10 10% 9% Curtiss Wright . 32% 32% Curtiss Wr “A“. 9% 8% 9% 9 Douglas Air 23% 22% 22% 22% Nor Am Av 3% 3% 3% 3*4 Speery Corp . 8% 8% 8% 8% Uni Aircft New. 14'% 13% 13% 13% Chemicals— Air Reduction ..110% 110% 110% 111 Allied Chem 133 133 133 133 Am Com Alcohol 31% 31'% 31% 31% Col Carbon 72 72 72 721% Com Solvents .. 21% 20% 21 21 Dupont 96% 95% 96 96 Freeport Tex ... 24% 23% 24% 24% Liquid Carb 28% 27% 27% 27 Monsanto Chem 56% 56 56V* 56% Natl Dis (new) 27% 27 27 26% Schenley Dist . 26% 25% 26 26 Tex Gulf Sulph 34% 33*4 34 34% Union Carbide 45% 45% 45% 45% U S Ind Alcohol 43% 43*4 43'% 43% Drugs— Bristol Myers ... 32% 32% 32% 32% Lambert 28% 28% 28% 28*4 Sterling Prod . . 59% 59V* 59'/* 59% Un Drug (new). 13% 13% 13% 13% Vick Chem 34% 35V* 34V* 34'. Zonite Prod .... 4’/* 4'/* 4'/* 4*4 Financial— Adams Exp 7*4 6% 7*4 7 Allegheny Corp.. 1% 1% 1% 1% Am Int Corp ... 6% 6% 6V 6% Lehman Corp .. 71% 71 % 71 % 70*4 Transamerica 5% 5% 5% 5% Tr Conti Corp... 3% 3% 3% 3% Building— Am Radiator .. 15'/* 15 15 15 Holland Furnace 7% 7*4 7% 7% Int Cement ... 28 27% 28 28% Johns Manville 52 51 % 52 51'% Libbv Owens Gls 28 27% 28 28 Otis Elev 14% 14% 14% 14% U S Gypsum 47'% 47 47'% 47V* Ulen Cons 1% 1% 1% 1% Household— Col Pal Peet ... 17% 17'4 17'4 17% Congoleum 33 % 32% 33*4 33 Kelvinator .. 16'/* 16'% 16V* 16 Proc & Gemble.. 42% 42% 42% 42% Servel Inc 6% 6*4 6% 6% Textiles— Amer Woolen 7 s * 7% 7% 7’* Belding Hem ... 12 12 12 11% Celanese Corp . 31 '4 30 30% 29% Collins Aikman.. 13% 13% 13% 13% Gotham Hose ... 4V* 4% . 4% 474 Indus Rayon ... 28% 27% 28'% 27%

Chicago Stocks

(By Abbott. Proctor & Paine) 11:00 Prev _ AM. close. Bendix 16'* 16 Borg Warner 28 27% Butler Bros. 7% 7*4 Chicago Corp pfd 29% 29% Cities Serv 1% 1% Crane Cos 9 9'4 Cord 9 9% Cord 4'% 4'. Elec House 13% 13% Cent 111 pfd 7 7 Chi Mail Order 15*. 15% Grt Lakes Dredge 17% 17% Iron Fireman 18 % 18% Libbv 5% 5 7 4 Marshall 11 11% Noblitt Sparks 15% 14% Quaker 17% 17% Swift 17* 17% Swift Int 33 % 33*4 Util Invest pfd 1% IV*

New York Curb

(By Abbott. Proctor Sc Paine* 12 (Noon) Prev. l. Y. Close Mills 12*4 12*8 Am Cyanide "B” 16*2 16*2 Am Superpower 1% 1% Atlas Corp 9% 9*B Carrier Corp 14 % 14% Distillers Corp 14% 14*2 El Bond Sc Share 7% 7% Fis Rubber 9% Ford of Europe B*2 B*2 Gen Aviation . 5% Hiram Walker 25% 26% Humble Oil 44 44*2 Natl Bellas Hess 2% 2% Nia Hud Pwr 3% 3% Park Davis 32% 33*8 Penn Road 2 1% St Regis Paper I*B 1% Std of Ky 17% 17% •MOP’ PROBE ORDERED Bankruptcy of M., K. & T. Railroad To Be Investigated. By Times Special NEW YORK, Dec. 12.—An Interstate Commerce Commission investigation into the cause of bankruptcy of Missouri Pacific Railroad Cos. has been ordered by the independent committee for the company bondholders, it reported today. The bondholders’ committee, in a letter, charges that large sums of the rail firm’s money were lost through transactions by the road in its own and other railroad stocks. The committee is composed of Charles A. Beard, Matthew Josephson and James B. Murray.

Latest Stock, Bond and Commodity Quotations

STOCK MARKET MOVES UPWARD IN EARLYDEALS Standard Gas Preferred, Howfcver, Breaks to New Low for Year. sty t'nited Press NEW YORK. Dec. 12 —Stocks made a slow recovery in the morning dealings and at noon had accumulated gains of fractions to 2 points. Standard Gas 7 per cent preferred. on which the dividend was passed yesterday after the close, broke to 15, off 3% and anew low for the year. Other utilities, however, were unaffected. Consolidated Gas reached 23%, up %, and North American 12%, up %. American Telephone rose fractionally and so did Western Union. U. S. Smelting gained 1% to 122% in a firm silver group. Liggett & Myers B featured the tobaccos with a 2-point gain to 104%, while Phillip Morris rose nearly 2 points to 42. Wilson A was the most active stock on the board. It made anew high at 30%, up 2 points, while its preferred made anew high at 101, up 1. Steel common was slightly lower as were other steels but dealings were light in the group. Loews, Packard, National Distillers, Lorillard, Radio and Radio preferred B were active with prices steady to firm. Rails were generally higher with Atlantic Coast Line up a point.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,204,000.00 Debits 4.914,000.00

Treasury Statement

(By United Press) WASHINGTON, Dec. 12—Government expenses and receipts for the current fiscal vear to Dec. 10. compared with the corresponding period of the previous fiscal vear: This Year. Last Year. Expenses $3.146,046.527.10 $2,108,269,057.17 Receipts . 1,594.009.151.78 1.237,736.432 91 Deficit ... 1,552,037.375.32 870,532.624.24 Cash bal. 1.555.472.478.37 1,025.866,407.95

Produce Markets

Delivered In Indianapolis prices: Heavy hens. 12c; Leghorn nens, 7c; colored springers, 12c; old roosters, sc; ducks. 7c; geese. 6c; young guineas, 20c; old guineas, 15c. Turkeys—No. 1 young hens, 8 lbs., and over, 15c; young toms, 14 lbs. and over. 14c; young toms. 11-14 lbs., 15c; No. 2. crooked breasts and thin turkeys. 9c; old toms, all weights. 11c; No. 1 strictly fresh country run eggs, loss off. 23c Eeach full case must weigh 55 lbs. gross: a deduction at 10c a pound for each pound under 55 lbs. will be made. Butter No. 1. 324i 33c. Butterfat—26c. Quoted by the Wadley Company. IBy United Press) CHICAGO, Dec. 12.—Eggs—Market unsettled; receipts. 1280 cases; extra firsts. 26* 2c; fresh graded firsts, 26%c: current receipts, 23Vic; dirties: No. 1, 19%c.: No. 2, 18c; checks: No. 1. 17%c: No. 2. 16c. Butter—Market, unsettled; receipts. 7928 tubs; extra firsts (90-91% score). 284/29c; extras (92 score). 29c; firsts 188-89% score 1. 26'® 27%c: seconds (86-87*2 score). 24%''/ 25c: specials. 29%4/30c; standards. 23c. Poultry —Market, steady: receipts, 33 trucks. 1 car: springers. 13*2'V/16c; ducks, 134/16c; geese, ,13c; turkeys. 17c: hens. 9*24/140; capons, 6 to 7 lbs.. 19c; Leghorn springers, 10 %c. Cheese—Twins. 13%4/ 14c: Daisies, 14*44/ 14%c; Longhorns. 14%4/14%c. Po-tatoes-Supply moderate; demand and trading slow; market about steady: Wisconsin round whites asking 90 cents; bidders offering 85 cents; Idaho russets. $1.55; Colorado McClures, $1.95. Arrivals, 44; on track. 183; shipments. 423. CLEVELAND, Dec. 12— Butter—Market, steady: extras. 33c; standards. 32c. Eggs —Market, steady: extra whites. 27c; current receipts. 24c: pullets. 20c. Poultry Market, steady: fowls, colored. 4*2 lbs and up, *l7c; colored fowls, medium, 134/14c; ducks, light. 13c; geese heavy fat. 14c: geese, ordinary, 12c; turkeys, young. 204/ 21c: old toms. 15c; old hens. 16c: No. 2 turkeys. 14c. Potatoes—Maine, sl4/1.10 a 100-lb. bag; Ohio best, mostly 75f/85c a 100-lb. bag: Michigan. 804/90C a 100-lb. bag.

NEW BUILDING PLANS AID PAINTING, REPAIR — 1 Completion of New Construction Speeds Modernization. By Times Special WASHINGTON, Dec. 12.—The building industry, reassured by the success of the property repairing, repainting and rehabilitation that had already been launched under title I of the National Housing Act, is looking forward to the active operation of titles II and 111 of the NHA which deals with the construction of new buildings and the financing of mortgaged properties. The modernization and repair program at present is running a a $100,000,000 clip with one-fourth of this amount being spent for paint protection, NHA officials reported. New business is developing at the rate of between $2,000,000 and $3,000.000 a day, and construction material manufacturers, in some cases, have reported increases in their business ranging up to 500 per cent, according to James Moffett, housing administrator. NATIONAL STEEL CORP. TO SPEND $12,000,000 Outlay for Mills and New Equipment Aimed in Next Six Months. By United Press PITTSBURGH. Dec. 12—Investment in mills and new equipment totalling approximately $12,000,000 will be made within the next six months by the National Steel Corp., E. T. Weir, chairman of the board, announced today. Mr. Weir said the expansion and revision program had been contemplated for a year, but had only been determined upon definitely recently. The largest single expnditure will be for anew mill at the corporation’s Great Lakes plant in Illinois. The exact amount to be spent there was not announced.

@BE SAFE lnnre Your Cur Today Stitt Automobile Insurance Ass’n. Li-6571. 7th Floor Occidental Bldg.