Indianapolis Times, Volume 46, Number 200, Indianapolis, Marion County, 31 December 1934 — Page 16

PAGE 16

LIFE INSURANCE UP FIRST TIME SINIFSLUMP’ Vast Improvement Shown in Repayment of Policy Loans. BY DAN W. FLICKINGER President General Agents Assn, of Indianapolis There are several ways of judging progress made in the life insurance held during the last year. The admitted assets of legal reserve life insurance companies operating throughout the United States increased by $900,000,000 during 1934 and approximately $4,300,000,000 over the total prevailing in 1929. By the end of 1934 there will be approximately $98,000,000,000 life insurance in force throughout the United States, a slight loss from the higher figure of over $100,000,000,000 in force at .’he beginning of the depression. During 1934, however, there has oeen a remarkable improvement n lapsation and surrenders with every indication pointing to a net gain in force during 1935. A total of $2.7 00.000 000 was paid to policyholders throughout 1934, only slightly less than the corresponding figure for 1933. This vast sum of benefits is divided as follows: Living claims, i. e., matured endownments. annuities, surrender values, dividends and disability benefits . . . $1,800,000,000. Death claims (including double indemnity benefits, $900,000,000. In other words, $2 in living claims for each $1 in death claims.

New Insurance Up Fifth A total of $14,000,000,000 of new life insurance was /contracted for. 10.1 per cent more than in 1933! This is the first depression year which has shown an increased production of new business over the preceding year. Early in the year definite action was taken throughout the country by many groups toward improving general business practices of life insurance field forces. In February, the Managers and General Agents Assn, of Indianapolis adopted a code of ethics. There is now also before the Indianapolis Association of Life Underwriters a petition or memorandum, pointing out the need for further improvements in general distribution and sale of life insurance That is, better selection of representatives. more careful training of them, better control of their activities, etc. —all to the end that the general public may receive a higher type of service from the average life underwriter. A great increase has been shown in all forms of group insurance during 1934. Many firms are now giving serious study to group pension or retirement plans. Much is-expected along these latter lines during the next few years. Net Return Lower Although showing a gradual decline in n:t return on total assets invested, such change is cause for no concern in view of the way its assets are spread out over many years. That is, the great bulk of life insurance assets are now' invested at the former higher rates with maturities running many years ahead. Asa matter of future conservative practice, however, some companies have reduced their guaranteed interest factor for reserve calculation one-half of 1 per cent. Marked improvement has been shown in repayment of policy loans during 1934 with millions of dollars pouring back into the company’s hands from this source. It can be explained as resulting from three factors: <a) improved business conditions; b* increased confidence in the companies: (c) opportunity to save 5 to 6 per cent interest charges. Tremendous increases have been shown in all forms of single premium contracts purchased by the American public during 1934, both those for immediate income and those for future income purposes. This great influx of new money has presented at times a somewhat difficult investirenc problem for the companies in the present unsettled condition of the investment market. Nevertheless it’s having one good effect: Hastening the return of several leading companies back into the first mortgage investment field, particularly on individual home loans. Several companies already are soliciting and acting favorab y on applications for such new loans, though still on a rather conservative basis. INQUIRIES WELCOMED Advisory Service Maintained by Indianapolis Bond and Share. As complete information as possible concerning the credit status of the many counties, townships, cities, towns, etc., in Indiana is kept by the Indianapolis Bond and Share Corp. Asa result of these activities the firm welcomes inquiries about all types of securities. TAKES NEW QUARTERS The Decatur Cartage Cos., of which Ray G. Nease is the local manager, has moved its Indianapolis office from 525 S. Pennsylvania-st to 336 W. MeCariy-st. GROVE REPORTS GAIN Sales for the first eleven rrlonths increased 50 per cent over the corresponding month last year, according to C. C. Grove, who operates a general real estate and rental office at 44 Virginia-av. QUARTER CENTURY OLD White Oak coal has been sold in the Indianapolis market for the last 25 years. It is an outstanding West Virginia smokeless coal.

Business Opportunities Newly designed Store and Office Fixtures offer aids for doing business more congenially, more profitably! Modern business will not motivate with antiquated equipment. Let us show you Furniture and Fixtures that will aid your prosperity besides advertising it for you! Our representative can point out much, briefly. Phone us! Aetna Cabinet Cos., Inc. 321 W. Maryland St. Indianapolis, Ind. RI-E/791.

New York Stock Exchange Prices

(By Thomson & McKinnon* 11:00 am Prev. Oils— High. Low. N. Y. close. Atl Rfg A.. 25% 25% 25 5 a 25'* Barnsdail 6% 6% 6% 6% Consol Oil 8% 8% Bs*8 s * 8 5 s Cont of Del 18% 18% 18% 18% Houston (new) . 3>B 3% 3% 3 Mid Cont Pet .. 12% 12% 12% 12% Ohio Oil 10% 10% 10 3 s 10% Phillips Pet .... 15 3 15*2 15% 15% Pure OH 7% 7% 7% 7 Shell Un 6% 6 7 a 6% 6% Soc Vac 14*8 14 1 5 14% 14*2 S O of Cal 31 3 8 31 3 s 31 3 s 31% S O of Ind 25% 25>s 25V. 25 S O of N J 43=8 43Vs 43'a 43% Texas Corp .... 21 21 21 20% Tidewater Assn . 9% 9% 94* 94* Un Oil of Cal ... 16 16 16 16% Steels— Am Roll Mills 23 s * 23% 23% 23 3 , Beth Steel 32'* 32 324, 32 Bvers AM .. . ... . i9 Col Fuel & Iron 4% 4% 4% 4% Cruc Steel ... . 24% 24% 24% 24% Inland Steel 56 56 56 54*4 Ludlum Steel . 17' 4 1744 17*4 16 7 8 McKeesport Tin. 95'a 94 95% 93'* Mid Steel U 7 s ll 7 s ll 7 * ll 3 4 Natl Steel 49% 49'4 49% 49, Otis Steel 5'2 5% 5% 5*2 Rep Iron & Steel 15 14 3 4 14 7 * 14% U S Pipe & Fdv 20% 20*4 20’* 20% U S Steel .39 38*8 38 5 s 38 3 4 U S Steel pfd .. 85’4 85% 85> 4 86 Warren Bros . 4*4 4*4 4% 4% Youngstn S & T 20 19 3 4 20 13 ■ Motors—

Auburn 25'* 25% 25% 26 Chrysler 42's 414a 42'a 41% Gen Motors 33 7 s 33% 33 7 s 33 5 a Graham Mot ... 2*2 2*2 2*2 2*2 Hudson 12 1 * 12% 12’4 12Va Hupp 3*B 33 Nash 18 5 18 5 s 18*a 18% Packard 5 4 7 e 4 7 a 5 Reo 2 s * 2'a 2% 2% Studebaker 2'a 2 2 2 Yellow Truck ... 3 3 a 3% 34* 3 5 s Motor Access— Bendix 17 3 17*4 17 3 , 17 3 s Bohn Alum 59 59 59 59 Borg Warner ... 30 7 a 30*2 30 7 a 30’2 Briggs 28 3 a 28’s 28'a 27% Budd Mfg 5*4 5’4 5’ 4 5% Budd Wheel .... 3' 2 3’ 2 3’ 2 3 3 a Eaton Mfg 19 19 19 194* Elec Auto Lite .29 29 29 29 Elec Stor Bat . . 47 3 4 47 3 4 47% 47 Houdaille A" B*4 B** 8% 8% Murray Body .. B'a 8 8 8 Stew Warner ... 8 3 4 8 3 4 8 3 4 9 Timken Roll .... 34 7 a 34% 34 7 a 34% Mining— Alaska Jun .... 19 18 7 e 19 19 Am Smelt 38 7 a 38 3 a 38 s * 38 7 a Anaconda ... ll 3 a ll 3 * ll 3 * 11 3 3 Cerro De Pasco 44% 43' 2 43% 43 5 a Dome Mines 39 38 3 4 39 39 Gt Nor Ore ll 7 a ll 3 * ll 7 a 11 1 2 Howe Sound ... 51 51 51 51% Int Nickel 24’a 24 24 24’a Kennecott Cop 17% 1"% 17 44 1 74* Mclntyre Mine.. 41'2 4'' 2 41* 2 41 l * Park Utah 34* 34* 3** 3'4 Noranda Cop ... 33% '3 3 * 33'* 33 7 a Phelps Dodge ... 15'* 15’4 16% 154* St Joe Lead ... 16 3 4 16% 16% 16% U S Smelters ...122% 121 3 4 121 3 4 121’ 2 Vanadium 20’2 20*/- 20>2 204* Amusements— Croslev Radio .. 14** 14 144* 14 Fox Theat 13 3 4 13’i 13'* * 13%

Local Livestock

HOGS Dec. Bulk Top Receipts. 24 S6.2(Ku 6 50 56.95 3000 26 6.60'S 6.90 7.40 6000 27. 6.60<8 6.90 7 30 6000 28 6.70(g 7.00 7.40 7000 29. 6.70% 7.00 7 40 3000 31. 7.004} 7:30 7.70 6000 1140-1501 Good and choice $6,004? 6.75 i 100-1601 Good and choice ... 7.004/ 7.20 il2o-200i Good and choice .... 7.20% 7.40 (200-220i Good and choice 7.404? 7.55 1220-2501 Good and choice 7.554? 7.70 (250-290* Good and choice 7.604/ 7.70 1290-3501 Good and choice 7.404/ 7.60 i275-350i Good 6 60% 6.85 Fecfcinu sows: i350-425i Good 6.504? 6.75 (275-5501 Good 6 254/ 6.60 i275-550i Medium 6.0041 6.25 100-130i Slaughter pigs, good and choice 4.00% 5.75 CATTLE —Receipts. 1000— —Steer* — (550-900) Choice $8.00% 9.50 Good 6.754? 9.00 Medium 4.754? 7.00 Common 3.25'<t 4.75 (900-1100) Choice 9.004?10.00 Good 7.00% 9.25 Medium 4.75% 7.00 Common 3.504? 4.15 (110 C-1300) Choice 9.504U0.25 Good 7.254/ 9 50 Medium 5.00% 7.25 (1300-1500) Choice * 9.754/10.50 Good 7.50% 9.75 —Heifers—-(sso-750) Choice 7.25% 7 75 Good 5.754? 7.25 Common and medium 3.004} 5.75 (750-9001 Good and choice 6.004| 8.00 Common and medium a 3.254? 6.00 —Cows — Good 3.50% 4.50 Common and medium 2.50% 3.50 Low cutter and cutter 1.25® 2.50 —Bulls—(Yearlings Excluded) Good 3.50% 4.00 Common and medium 2.25® 3.25 CEALERS —Receipts, 600— Good and choice $8.00% 8.50 Medium 8.50® B.ou Cull and common 2.50® 5.50 —Calves— , (250-500) Good and choice .... 5.00% 7.00 Common and medium 2.50® 5.00 —Feeder and Stocker Cattle——Steers— isoo-800) Good and choice.... 4.00% 0.00 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 Common and medium 2.50® 3.00 —Cows— Good 2.50% 3.00 Common and medium 2.00® 2.50 SHEEP AND LAMBS —Receipts. 2000— Lambs. 90-lb. down, good and choice sß.oo® 8.50 Common and medium 3.504/ 8.00 90-120 lbs., good and choice-.. ■ 3.00® 4.00 Sheep—- • 120-150) Good and choice 2 50® 3.50 All weights, common and medium -• 2.00® 3.00

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers. Fruits—Cranberries. Cape Cod. late Howes, 25-lb. box. $5.50. Grapes, California Emperors. 27-lb. box. $2.25. Persimmons, California. 245, $1.35. Bananas, 4 3 4 C a lb. Apples. Indiana Jonathans, $1.85; Grimes Golden. $1.35® 1.75. Lemons, Sunkist, 3605. $5. Grapefruit, Texas, seedless. $3. Limes. Mexican, per carton. 12s, 25c; Byram. seedless, per hundred. $3. California rhubarb, $1.40 a box. Pears, Oregon D'anjo, box, $3.50. Pineapples. 30s $3.i5. Vegetables Cabbage, Northern Danish, 50-lb. bag. 75c; red, 50-lb box. 90c. New Cabbage, in crates. [email protected]. Onions, Idaho, sweet. Spanish, large. 50-lb. bag, 51.40: Michigan yellow, med., 10-jlb. bag, 22c; 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, $1.10: Ohios, 100-lb. bag, $1.90: Idaho Russets. 100-lb. bag. $2. New potatoes. [email protected]. Sweet potatoes. Indiana Jerseys, bushel, $1.85; Tennessee Nancy Halls, bushel, $1.40. Beans, stringless, hampers. $6. Celery. Michigan medium, dozen. 60c; Jumbo, dozen, 75c; hearts, bunch, $1.25. Cucumbers, dozen 90c; southern bushel, $4. Endive, dozen, 90c. Egg plant. $l.SO©2 dozen. Kale. Virginia, bushel, 65c. Lettuce, hothouse, 15-lb. basket. $1.50, California Iceberg head lettuce, $4.50. Mangoes, Florida, crate, $4. Mint, bunch. 15c. Parsley, dozen, 35c. Peas, hampers. $4.50. Spinach, home-grown broadleaf, bushel, $1.15. Radishes, dozen, 75c® sl. Tomatoes, 10-lb. carton. $1.35; Florida original. $3. Turnips, home-grown, dozen. 25c. Pumpkins, dozen. sl. Miscellaneous—Cocoanuts, Jamacla, 25 for $1.50. Oysters, standards, gallon. $1.50; selects, gallon. $1.85. Chestnuts. Italian, a pound, 12*,2C. Sorghum molasses, gallon. 65c. Black walnuts. 50-lb. bag. sl. 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 down. FRUITS AND VEGETABLES (By United Press) CHICAGO. Dec. 31. Apples. Michigan Mclntosh, bushel. $1.75® 2; Jonathans. $1.504/1.75. Beets —Illinois, bushel, 35® 40c. Beans—Florida, bushel, green; 50c® $2. Cauliflower —California, crates. sl® 1.40. Cranberries—Massachusetts. V* barrel. $5 ®5.25: few, $5.50. Lettuce—Arizona, crates. $3,504*4.50. Cabbage—Wisconsin, crates. 75c® 85c 1 100 lbs. t. Spinach—Texas, bushel SI ® 1.25. Sweet Potatoes—Tennessee, bushel. sl® 1.10: Indiana Jerseys. $1.50® 1 65. Carrots—California, crates, $2.50® 3: Illinois, bushel. 45® 50c. Celery—Michigan, sauare crates. 75c® $1.50. Onion market 1 50-lb. sacksi—Michigan yellows. 90c®$l; western vellows. $1; Illinois and Indiana yellows, 50® 90c: Michigan whites. $1.25.

Loews 1nc3374 7 34 3 43374 7 34% Radio Corp .... 5’2 54* 5*2 54* RKO 2 ’* 2% 24* 2% Warner Bros ... 44* 44 2 44* 4 s * Tobaccos— Am Sum Tob . 23% 22 7 * 23 23 4* Am Tob "8”... 83’2 83‘a 834* 83'* Ligg & Myers B 104% 104% 104 3 * 104’2 Lonllard 204* 204* 204* 204* Phillip Morris 47 47 47 47*2 Reynolds Tob B 504* 504* 504* 504* Rails— Atchison 55 5444 5444 54 s * Atl Coast Lines. 37 364* 37 37 B & O 144* 14 14 14’* Can Pacific ... ll 5 * ll s * 114* ll 3 * Ch & Ohio .... 44 1 * 44 3 * 44% 44 C M & St P ... 2 3 * 2% 24* 24* C M * St P pfd 4 3 7 * 4 3 7 b Chi N W ... 4*4 4 3 4** 4 1 2 Chi N W pfd ... 9 3 * 9 3 * £% 9’ 2 Dela & Hud ... 424* 42** 42'* 42 3 4 Del Lac Sc W ... 18** 184 18V* 18'* Erie 134* 13*. 13% 13% Gt Northern pfd 17** 174* 174* 17'2 Lehigh Valley .. 10 5 * 10% 10% 10 3 * M K & T 5% 5' 2 54* s'. Mo Pac pfd 2 7 a 2 5 2 7 . 2 s . N Y Cent 20*4 20** 20 s * 20 3 * >' Y New Haven 7 3 * 7% 7% 74i Nor Pacific 71 3 a 21 21 21 3 * Penn R R 24 1 a 24 3 a 24'? 24% Sou Pac 18 ! 2 18*b 18*a 18'* Sou R R 15 7 a 15 5 a 15*a 15'a Equipments— Am Brake Shoe . 28'i 28 28% 28 ;Am Car & Fdv . 17 3 * 17% 17 5 a 17'* Amer Loco ... 18 3 a 18 18 18’a Am Steel Fdy IS 3 * 16** 16% 16% ! Bald Loco - ... 5 3 5% 5% s' a Gen Am Tk Car 38% 38 38'a 37'a Gen Elec 22 21% 21% 21 7 a Gen R R Sig ... 28% 284* 28'/. 28>2 Pullman Inc .... 47% . . 47% West Air Br 26 5 a 26’ 2 26% 2644 Westingh Eiec... 38 374* 374* 37 s * Utilities— Am & For Pwr.. 4'* 44* .. 4% Am Pwr & Lit.. 3% 3 3 s 3V* 3 3 a AT&T 105'4 104'* 105 104% Amer Wat Wks . 14% 14** 14% 14% Col Gas & Elec 7% 7% 7% 7% Conn & Sou 1% 1% 1% 1% Consol Gas ... 20% 20'* 20% 19 5 a Elec Pwr & Lit.. 2% 2% 24* 2% Int T & T . 9% 9% 9 3 * 9% Nat Pwr & Lit . 7% 7'a 7% 74* North Amer . 13 3 a 13’a 13% 13 Pac G & E ... 14'* 14 14'* 14 3 s Peoples Gas ... 21'a 20% 21% 20 7 s Pub Serv N J . 27 26** 27 26 So Cal Edison . 12'.a 11% 12% 12 Std Gas 4*4 4*4 4** 4% Stone & Webster 4*4 4% 4% 4% United Corp 2% 2% 2% 2% Un Gas Imp . 12% 12% 12% 12% Ut Pwr & Lt A . I** 1\ l** 1% W'estern Union 34% 33% 34% 33% Rubbers— Firestone 16% 16% 16% 16% Goodrich 10% 10% 10% 11% Goodyear 25% 25 25 24% Kelly Spring ... I*4 1% I’* 1% U S Rubber 17 16% 17 16% U S Rubber pfd 40*4 40% 40% 41 Miscellaneous— Allis Calmers .. 16% 16% 16% 16% Am Can 114% 114% 114% 114% Am Mach & Fdy 23% 23% 23% 23% Anchor Cap 18 18 18 18 Burroughs Add 15% 15% 15% 15% J I Case 56% 55% 55% 56 Conti Can 63% 63% 63% 63% Caterpillar Tract 38% 38% 38% 38% Deere & Cos 30 29% 29% 30 Eastman Kodak 1112 111% 112 112'* Foster Wheeler 15% 15% 13% 15% Gillette .14 13% 13% 14 Ingersoll Rand . 69 69 69 68 Inter Harv 43 42% 43 43 Natl Cash Reg.. 17*4 17% 17*4 17*4 Rem Rand .. 10% 10% 10% 10% Underwood E ... 58 58 58 57% Foods— Armour . ... 5% 5% 5% 5% Armour 6% pfd 67% 67% 67*4 67% Beatrice Cream. 17% 17% 17% 17 Borden Prod . . 23** 23% 23% 23% Cal Packing .. 38% 38% 38% 38% Coca Cola ...160% 160’: 160% 159% Cont Bak (A) .. 6*B 6% 6% 6% Corn Prod . . 65*8 65% 65% 65% Crm of Wheat 35% 35% 35% 36 Cuban Am Sugar 5% 5% 5% 5% Gen Baking ... 7% 7% 77* 7% Gen Foods 34% 33% 33% 34% Gold Dust 17% 17 17% 17% G W Sugar 28% 28 28 28% Hershev 73% 73% 73% 72V* Natl Biscuit 27% 27% 27*4 27'* Natl D Prod 16% 16% 16'* 16% Purity Bak 9% 9% 9*4 10 S Porto Rico Sug 22% 22% 22% 21% Std Brands 18% 18% 18% 18% United Fruit • • - ■ 75% 75% 75% 75*4 Retail Stores— Assd Drv Goods . 12% 12% 12% 11% Best & Cos 37 37 37 37 First Natl Stores 54% 54 54 55 Gimbel Bros ... 3% 3% 3% 3% Hahn Dept Sts 6 5% 5% 5% Kresge S S 21% 21% 21% 217a Kroger Groc 28% 27% 28% 28 Macv R H 44V* 44 44 43% McCfrory St 1174 11% 11% 12 McLellan St ... 15% 15% 15% 15 Marshall Field .. 11 11 11 11 May Dept St ... 43% 43% 43% 43 Mont Ward .... 29% 29% 29% 29% Penney J C ... 70 69% 70 69*4 Sears Roebuck.. 39% 39% 39% 39% Woolworth 53% 53% 53% 53% Aviation— Aviation Corp .. 5% 5% 5% 5% Boeing Aircrft . 9% 9% 9% 9*4 Curtiss Wright . 2% 2% 2% 2% Curtiss Wri (A) 9% 9% 9% 9*4 Douglas Air . . 24% 24% 24% 24% Nor Am Ay .... 3*a 3% 3% 3% Sperry Corp . 9% 9% 9*4 9*4 Utd Aircraft new) 4*4 14% 14% 14% Chemicals— Air Reduction .112% 112% 112% 112’* Col Carbon .... 74% 74% 74% 74 Com Solvents.... 21% 21% 21% 21% Dupont 96% 95*4 95*4 95',2 Freeport Tex 25 25 25 25 Liquid Carb 30*4 30% 30% _ 30%

GRAIN VALUES OPEN MODERATELY LOWER Evening-Up of Positions at Year-End Noted. B)j Vtiitrd PrrKg CHICAGO, Dec. 31.—A lower close at Liverpool and evening up of positions for the year-end brought fractionally lower grain prices on the Board of Trade today. At the start wheat and corn were unchanged to % cent lower, oats were unchanged to off % cent, and rye was unchanged to % cent off. The undertone at Liverpool was steady but selling for an Argentine account induced a lower trend. There was rather heavy selling of the December here as the year’s last session began. (By James E. Bennett) 11:00 Prev. Wheal— High. Low. A. M. close. Dec 98 .97% .97% .98% Mav 99% .99% .99% .99% July 931/2 .93% .93% .93% CornDec 92% .91% .92% .92% Mav 89% .88% .89% '.Sg's July 85% .85 .85% .85',* Pats— Dec. 56% .55% .56% .56 Mav 53 .52% .53 .52',* July 47% .47 .47% .47% EveDec 76% .75% .75% .76*s May 76V* .75% .76 .76% July 75% .75 .75% .75% LOCAL CASH MARKET City grsin elevators are paying 91 cents for No. I soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 85 cents ind oats 48 cents.

Hides and Skins

Hides—Green country cows and steers. 3%c flat; green country bulls and glues. 2c flat: green country calf hides. 4%c: flat: green country kip. 3'/2c; 0. 1 large horse hides with full heads, shanks, mames end tails. 52.50: medium size. $2 All No 2 grade horse hides. 50c less: glues and u nies half price. No. 1 rendered tallow. '4/4'*c: No. 2 at value. Yellow grease "i®3%c dark erease. 2%®3c

Math Alkali .... 29 29 29 29 Monsanto Chem 58% 58*4 58% 58 Natl Dis (new).. 28*4 28% 28% 28% Schenlev Dist .. 27% 27% 27% 27% Tex Gulf Sulph.. 34 33% 34 33% Union Carbide . 47'/a 47 47 46 * U S Indus Alco 45% 45 V* 45 V* 45'* Drugs— Bristol Myers.... 34% 34% 34% 33 Coty Inc 6% 6% 6% 6 Lambert 27% 27% 27% 27% Sterling Prod 59% 59% 59% 59% Un Drug (new). 13% 13% 13% 13 Vick Chem 34% 34V* 34% 34 Financial— Allegheny Corp.. 1% IV* IV* 1% Chesa Corp 43 % 43% 43% 44% Transamerica .. 5% 5% 5% 5% Tr Conti Corp.. 3% 3% 3% 3% Building— Am Radiator ... 15 3 i 15% 15% 15% Gen Asphalt ... 16 15% 16 15*4 Holland Furnace 8% 8% 8% B*4 Int Cement ... 29% 29% 29% 29% Johns Manvllle 54 53% 53% 54% Libby Owens Gls 32% 31% 32% 30% Otis Elev 13'/* 13% 13% 13% Household— Col Pal Peet ... 17% 17% 17% 17% Congoleum 35 34% 34% 34% Kelvinator . 16% 16*4 16*4 16 3 * Mohawk Carpet 15% 15% 15% 15V* Proc & Gamble 43% 43% 43% 45% Servel Inc ... 8% 7% 8 8% Simmons Bed .. 10 10 10 97* Textiles— Amer Woolen .. 9% 9% 9% 9% Belding Hem ... 12% 12% 12% 12% Celanese Corp .. 34% 34 34 32% Collins Aikman. 14% 14% 14% 14% Indus Ravon ... 32% 31% 31% 31% Kayser Julius .. 16% 16% 16% 16V a

Chicago Stocks

(By Abbott. Proctor & Paine) 11:00 Prev. A. M. close. Bendix 17% 17% Borg Warner 30*4 30% Cent 111 pfd 7% Chicago Corp 2% 2% Chicago Corp pfd 29% .. Cities Service 1% 1% Cord Corp 4 4% Elec House 13% 13% Kingsberry 1% 1% Iron Fireman 13% 13% Lvnch Glass 37 35% Noblitt Sparks 14% 14% Swift 19 18% Swift Int 34 34*a Berghoff 27* 3%

New York Curb

(By Abbott. Proctor & Paine) 12:00 noon Prev. N. Y. close. Am Cyanide (B) 16% 16 Atlas Corn 9*B . 9% Carrier Cirp 17% 17% Distillers Corp 16% 16% El Bond & Share 7% 7% Gulf Oil of Pa 56% 55% Hiram Walker 25% 25% Natl Bell.'s Hess 2% 2% Penn Road 1% 1% Std of Ky 18 18

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $ 1,736.000.00 Debits 4,838.000.00 Clearings for the month 51,720.000.00 Debits for the month 139.380.000.00 Clearings for the year 610,843,000.00 Debits lor the year 1,558,965,000.00 TREASURY STATEMENT (By United Press) WASHINGTON, Dec. 31—Government expenses and receipts for the current fiscal year to Dec. 28. compared with the corresponding period of the previous fiscal year: Expenses $3,538,294,403.41 $2,621,870,537.03 Receipts.. 1,842,007.542.34 1.468.897,941.28 Deficit... 1,696,286.861.07 1,152,972,595.75 Cash bal. 2.561,953,249.18 1,072,247,019.54

Other Livestock

* (Bv United Press) FT. WAYNE, Dec. 31—Hogs—25@35c higher; 250-300 lbs.. $7.50; 225-250 ibs., $7.35; 200-225 lbs., 57.25: 18-200 lbs.. $7.15; 160-180 lbs., $6.80; 300-350 lbs.. $7.15; 150160 lbs., $6: 140-150 lbs., $5.75; 130-140 lbs.. $5.35: 120-130 lbs.. $4.75; 100-120 lbs., $4.35; roughs, $6; stags $4. Calves, $8; lambs, $8.50. LAFAYETTE. Dec. 31—Market—25®40c higher; 250-300 lbs., $7,554/7.65; 300-325 lbs., $7.45; 220-250 lbs., $7,404/ 7.45; 200-220 lbs., $7.35: 180-200 lbs., $74/7.15; 160-180 lbs.. $6,754/6.85: 150-160 lbs.. $64/6.25: pigs, $5.75 down; calves. $7.50 down, 50c lower. Lambs, steady, $8.50®9 down. (By Times Special) LOUISVILLE, Dec. 31.—Cattle—Receipts, 850, government 500; run mostly steers and heifers; quality fairly desirable; market, active, fully 50c or more higher on slaughter steers and heifers; other killing classes mostly 25c up; Stockers and feeders. 25c higher; bulk common to medium slaughter steers and heifers, $4.50®5.75; fair quota better; finished offerings, s6® 6.85; top, $7.25 for package good 575-lb. yearlings; bulk beef cows, $2.75®3.25: good kinds and smooth heifer types quotable to 53.75 or better; most low cutters and cutters, $1.50®2.50: sausage bulls, $3.25 down; most native Stockers, $4.50 down. Calves—Receipts, 450: market, steady with Friday and Saturday; bulk better vealers, $6.50®7.50; strictly choice, $8; medium and lower grades, $6 down. Hogs—Receipts. 900, including 142 direct: market, 25c higher than Saturday and 25®50c higher than Friday; top and bulk desirable 230-300 lbs.. $7.65; 200-225 lbs., $7.50; 305 lbs. up. $7.20; 180-195 lbs.. $6.90; 160-175 lbs.. TSe.SO: 140-155 lbs.. $6: 120-135 lbs.. $5.05: sow's. $5.90. Sheep—Receipts, 150: steady; bulk medium to good lambs, $74/ 7.50: choice eligible somewhat higher; bucks discounted; common light throwouts, $5; better fat ewes, [email protected].

Produce Markets

Delivered in Indianapolis prices; Heavy hens, 11c: Leghorn hens, 7c; colored springers, 12c; old rootsters. ss; ducks. 7c: geese. 7c: 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 fr_sh country run eggs, loss off. 22c Each full case must weigh 55 lbs. gross: a deduction of 10c a pound for each Sound under 55 lbs. will be made. Butter. o. 1 33®34c. Butterfat—2Bc. Quoted by the Wadley Company (By United Press) CLEVELAND. Dec. 31.—Butter—Market, steady: extras. 35c: standards. 33c. Eggs— Market, steady; extra white. 29c; current receipts, 26%c. Poultry—Market, steady; fowls, colored. 4% lbs. and up. 17c; ducks, light. 16c; ducks. 5 lbs. and up. 19c; geese, heavy fat. 15®16c; geese, ordinary. 14c; turkeys, young, 21®23c; old hens, 18c; old toms, 15c; No. 2 turkeys. 14c. Potatoes— Maine. $1.15® 1.25 a 100-lb. bag; Ohio best, mostly 75@85c a 100-lb. bag; Michigan. 80 ®9oc a 100-lb. bag.

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THE INDIANAPOLIS TIMES

TRADE PAPER EDITORS VIEW 1335 OUTLOOK Organs Vision Further Improvement in Position. Editors of leading trade papers display an optimistic frame of mind ! in making their forecasts of the outlook for their respective industries in 1935. American Machinist, Kenneth 11. Condit, Editor— After a disappointing year the metal-working industry faces a decidedly more hopeful prospect despite the meager statistical evidence to support this statement. Certain factors that have been working to stimulate the heavy machinery industries give strong indication of bearing fruit during 1945. This year witnesses a marked recovery in the automobile industry and in the retail field, but, for the most part, showed a declining trend in the manufacture of durable goods. The downward trend was uninterrupted from January to July, but since then has turned moderately upward. Prolonged use of obsolete equipment leads to inefficient operation; the neccooity for cost reduction means an abandonment of this policy. This is especially true when design and development of improved equipment has proceeded as vigorously as it has during the last few years. The need for modern manufacturing facilities should be strong enough during 1935 to overcome the present hesitancy regarding long-term capital commitments. Coal Age, Sydr-'v A. Hale, Editor. —Although bituminous coal output in 1934 was approximately only 10 per cent ahead of 1933, the general position of the soft-coal industry was materially improved. Thanks to code regulation under NRA, basic wage levels and actual earnings of labor have been substantially increased; elimination of destructive price competition has had a marked effect upon the financial position of the industry and profits—long non-existent in the records of hundreds of mines—have reappeared. Textile World, Douglas G. Woolf, Editor— There is definite indication of an increase in * textile mill activity in 1935 over 1934. A conservative estimate would place that increase at 10 per cent at least. This would mean that 1935 would be about a “normal” year based on the 1923-25 average. The effect of the general textile strike and also of a certain amount of buyer-resistance to higher costs resulting from codes and processing taxes was noted in the performance of the industry in 1934 Total mill activity during that year was some 15 to 18 per cent below that of 1933. Final statistics are not available at this writing. So far as profits are concerned, 1934 showed a decline frpm 1933, primarily because 1933 financial statements reflected inventory profits to a considerable extent. I would estimate 1935 as a fair profit year, for a company which has kept itself in shape both so far as its plant and its policies are concerned. In arriving at predictions for 1935, the following favorable factors in textiles have been taken into consideration curtailment of wagechiseling as a result of NRA; injection of somewhat improved trade practices under the codes; sounder and more aggressive merchandising policies, and apparently wellwarranted anticipation of improvement in general business and particularly in the capital goods industries. Against these, the major unfavorable factors are: possibility of further labor troubles, and additional buyer-resistance to increased costs created by codes and processing taxes. The balance is definitely on the side of the favorable factors. Radio Retailing, Ray V. Sutliffe. Managing Editor —Set, tube and Dart sales this fall are topping last year’s record by approximately 35 per cent in dollar volume, according to telegraphic reports received from radio men all over the country. It is estimated that sales for the first half of 1935 will exceed even this amazing comeback. Approximately 4,700.000 radio receiver of all types will have been sold during 1934 thus establishing an alltime record sos unit sales. That the radio manufacturers, as a body, feel that their business is now on a firm foundation is evidenced by the two all-industry campaigns recently launched by the Radio Manufacturers Assn., namely a national publicity drive and a national noise elimination project. Radio’s comeback shows a percentage gain far ahead of many other industries. No business appears to have a brighter future. Spineless selling is the only thing that will retard the momentum with which the radio industry enters the new year.

Whither Taxation Business Men Who Do Not Heed the Cry of Equality of Sacrifice in Days of Present Held Lacking Foresight, Broker Says. BY GAVIN L, PAYNE

The year 1934 was memorable in that it witnessed the breakdown of the taxation system. When the adict of Augustus Caesar sent Joseph, the carpenter, to register for taxation at the little town of Bethlehem, the momentous time of man-kind’s ’history began with that year 1. The advent of the Outshining Humanitarian gave the race a spiritual uplift. “And it came to pass in those days,” as St. Luke wrote the gospel, “there went out a decree from Caesar that all the

world should be taxed.” In that ancient record there is a haunting parallelism with recent annals. The year 1934 shows more defaults of municipalities and units of government iivour union of states than ever before in history. The bulk of taxes within those states were on homes, real property representing the savings of lifetimes, and on farms from whence the food comes. The toil on farms and the income from real property could not sustain the tribute to Caesar. Delinquent taxes piled up everywhere. In this year 1934 we see property destroyed by our system of taxation—the ownership destroyed just as effectively as if the property were swept by flqmes. Examples in City In our own beloved city we see a modem fireproof office building that cost something around $1,000,000 sold for $26,000. On Monument Place we see the stock on one of our finest structures selling for a fourth of its honest cost. On our main street in the very heart of business precincts, we see a hotel investment wiped out because of the three-fold increase of taxes within less than a generation; and there never has been a default in the rental by the tenant. And on and on we could go with these tales. Ohio, Illinois, California, and other states are far ahead of Indiana, bcause the $1.50 law has been .so juggled in this state by the politicians that it lost its effectiveness except in a proportion of the counties. Even at that, the law forced reductions of between 40 and 50 millions of taxes soon after its enactment in 1932. This tax limitation can not be aborted long. The people will not permit it. They are in an ugly mood, if the truth must be known. Wealth Redistributed The year 1934 has been notable over the United States in development of the idea of redistribution of wealth. Ten years ago that theme was as taboo as communism. Many of us believe in the profit system as a stimulation to an industrial system but I believe honest government is warranted in restraining a profit system where it becomes inordinate and injures society. On the other hand I believe 5 per cent of an industry should not be allowed to destroy 95 per cent of the industry. That is w'hat we call “bootlegging” —what the bootlegger calls “competition.’ But out of all the disordered- thought in our nation, many of us are sure the sanity of the American people finally will prevail. Much good can come after this fitful fever is over. So frequently during 1934 we have heard opponents, on various theories of taxation, refer to “selfish greed.” It is a favorite expression of one of my friends who pays far less his proportion of the tax burden than any one I know. Yes, selfish greed is at the bottom of it all. No one can peer down the future far enough to see it eliminated from human nature. But when this human greed precipitates itself in the open against the taxpayers who are demanding that the tax base be broadened to save their homes and other property, greed must remember the trend of the times. The home owners or the p/operty owner will not be c' 3 ’ 3nt ;o see their savings wiped o u by taxes, while the man whose wea%h is in other forms escapes. In a recent brief filed in the Supreme Court it was asserted that the in-

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tangible wealth in Indiana was greater than realty. In the deluge, if it comes, all weaith must share the tragedy. The recent utterance of Secretary of Agriculture Wallace as to the men who have more than $75,000 income is significant—that was one of the events of 1934.' The Dr. Townsend scheme was another. An adequate pension for those of old age is sure to come—even though it falls short of the extravagant Townsend plan. The air is surcharged with notions to level wealth. The year 1935, with its coming Congress and coming Indiana Legislature, may see strange legislation. Those business men who do not heed rhe cry of “equality of sacrifice,” in qays like these, it seems to me, are lacking foresight. Those who thunder in the index for economy in governmental affairs, and who do nothing to bring it about, are on a plane of hypocrisy. The property tax limitation which some of them are trying to undermine, through high salaried tax agents, will do more to force economy than any measure yet suggested. It is better for them to put the house in order before there begins the avalanche of taxation to pay interest on the colossal and mounting Government debt.

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OIL INDUSTRY'S GAINSRELATED Statistical Position in 1934 Much Improved, Say A. P. I. Head. BY AXTELL J. BYLES President, American Petmeum Institute, Substantial progress was made during 1934 in improving the statistical position of the petroleum industry. This improvement was due to a number of factors: Substantial increase in consumption. Failure to discover new oil pools of great magnitude in spite of the incentive of higher * crudi? prices. High degree of co-operation among the great majority of producers of crude oif and gasoline. Efforts of the oil-producing spates having proration laws to enforce them. Recent application by the Federal Government of Section 9-C of the NIRA prohibiting interstate com% merce in crude oil produced in vio-l lation of state laws.

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