Indianapolis Times, Volume 46, Number 215, Indianapolis, Marion County, 17 January 1935 — Page 16

Trends Rotary Club Speech By €ity Jeweler Raises Issue. BY VINCENT 8. LYONS >me Financial Editor

CHARLES B. DYER. Indianapolis Jeweler, speaking before the Rotary Club on Tuesday declared that any one who has old gold for. sale will be wise to convert it into money without delay. Substantiating this contention. Mr. Dyer asserted that there is little likelihood that gold will increase in value regardless of the Government's future attitude toward the gold standard. Like every one else, Mr. Dyer is entitled to his opinion. But the sagacity of subscribing wholeheartedly to his contention is debatable. It should be remembered that on Jan. 13. 1934, the Secretary of the Treasury made the following terse announcement: "Until further notice the Treasury will buy gold at $35 an ounce.” This statement followed in the wake of the devaluation of the American dollar. Furthermore, it will be recalled that under the Thomas amendment the President has power to devalue the dollar, or increase the price of gold, by 50 per cent. A 40 per cent cut in the dollar already has been made and no additional power would be needed by the President to go the remainder of the distance. a a a THE Roosevelt Administration is unequivocally committed to a n >licy of dollar devaluation. One v * its chief problems in the current session of Congress is to endeavor to forestall the introduction of any wild schemes which would tend to further reduce the value of the dollar in the world markets. Senator Elmer Thomas, sponsor of the original amendment under which the 'dollar was devalued, and leader of the inflationary bloc, has repeatedly called for an additional cut in the nation's monetary unit. It seems highly doubtful that the Government at the present time would give any consideration to a plan to restore the dollar to its former worth and, consequently, to lower the price of gold. When the worth of gold was Raised to $35 an ounce the Treasury was enabled to realize a handsome profit on its holdings sufficient to establish a stabilization fund for the protection of the dollar in the foreign exchange markets cf the world. If the gold buying price of the Administration was altered downward, the Government would lose all of the profit gained by the earlier move and further complicate the budgetary position of the Treasury. This is a very important point in considering the ultimate value and one that should not be lost sight of for the obvious reasons cited. ana THERE is only one thing on the economic horizon at present which would give weight to Mr. Dyer’s contention and that is of a somewhat dubious quality. This factor is the case now pending before the United States Supreme Court on the validity of the gold clause in obligations. It is possible, but not very probable, that if the Government's action in abrogating the clause is ruled invalid the United States might not be able to maintain its $35 an ounce price for gold. Consequently, in view of this eventuality, there is a possibility that the Government would reduce the price of gold. However, such an action would have repercussions throughout the world and therefore an alternative method undoubtedly would be utilized. This is readily available through the simple procedure of levying a 100 per cent tax on profits resulting from the increase in the buying price of gold. In view’ of all this evidence it would seem that the worth of gold, in so far as the United States is concerned at least, is not headed for any immediate reduction. The valuation of the precious metal is definitely fixed at $35 an ounce with a further rise easily possible. a a a WITH Mr. Dyer's statement that "when you sell gold take it to a reputable jeweler” we heartily agree. When the Government lifted its buying price of gold to $35 an ounce it enticed persons to sell articles containing this metal. "Chiselers” came upon the scene and reaped handsome profits for themselves. The measurements in computing the value of old gold are rather complicated, especially to the average person whose knowledge of economic functionings is distinctly limited at the best. Asa result a little sales talk by the buyer interwoven with such complex terms as "grains,” "grams” and "fine ounces” and the seller would complete the deal by accepting the offered price.

On Commission Row

Quotations below are average wholesale prices being ofiered to buyers by iocal commission dealers. Fruits—Cranberries. Cape Cod, late Howes. 25 lb. box. $5 25. Grapes. California Emperors, 27-lb. box. *2.50. Persimmons. California. 24s *1.35. Bananas, 4? c a lb Apples. Indiana Jonathans. *1.85: Grimes Golden. *1.50-11.65. Lemons. Sunkist 3605. *5. Grapefruit. Texas, seedless. S3-5 3 25. Limes. Mexican per carton 12* 25c. Bvram. seedless, per hundred. S3. California rhubarb. *1 a 5-lb. box. Pears. Oregon D'anjo. box. *3.50. Pineapples. 30s. *4 25'® 4 50. Advocados. Florida, box. *2. Strawberries. Florida, quart. 38c. Appricots. S3 a crate. Vegetables Cabbage. Northern Danish. 50-lb. bar 60c. red. 50-lb. box. 90c. New Texas Cabbage. 50-lb. bag. $1 65. Onions. Idaho, sweet. Spanisn. large. 50-lb. bag. it 6: Michigan vellow. med. 10-lb bag 22c: western white, 50-lb. bag. *1.85; Michigan. vellow. *1 25. Potatoes. Green Mountains. 100-lb. bag. *1.50: northern round white. 100-lb. bag. *1.10: Ohios, 100-lb. oag, *2: Idaho Russets 100-lb bag *2 25. New Texas potatoes. *1.50c 1.75. Sweet potat- \ Indiana Jersevs bushel. *175; Ten•ee Nancv Halls, bushel. *135 Beans. i gltss hampers. *5.50. Celery. Michigan mm, dozen. 75c: Jumbo, dozen. 90c: h .a. bunch. $l6O. Cucumbers, dozen *. ; southern bushel. *4. Endive, doren. *.v-®1.75. Egg plant. *2 25 dozen. Kale, Virginia bushel, 65c Lettuce, hothouse. 15-lb. bwzket. *1 60. Arizona Iceberg head lettuce. *4. Mar.goes. Florida, crate. *4® 4,50. Mint bunch. 15c. Parsley, dozen. 35c. Peas hampers *4 Spinach, home-grown brcadleaf. bushel *l.lO. Radishes dozen TSc. Tomatoes. 10-lb. carton. *1 25: F.orida original. *2 75 Turnips bushel. 75c. Parsnips, half bushel. 75c Beets, bushel. *1 35. Carrots, bushel *1.25; 100-lb. sack. SI 75. All quotations subject to oh an go, up or down. INSURANCE SALES HIGHER B 9 Times Sprcinl PHILADELPHIA Jan. 17.—An Increase of more than *16.000.000, or 12 per cent, in the sale of life insurance by the Penn Mutual Life Insurance Cos. in 1934, compared with 1933, was reported today by WUUam A. Law, president,

PAGE 16

AUTHOR CITES JOB INSURANCE PLANjENEFITS Suggested Law Would Fix Return at $12.50 for Wholiy Idle. This it tecond of two articles on unemployment insurance written for The Indiy-apolit Times by Carl E. Munts, Ph. O. professor of economics at New l'ork University. BY EARL E. MUNTZ NEW YORK, Jan. 17. —as judged by many popular standards of today, the author readily admits the proposed model unemployment reserv es, savings and compensation law presented herewith possesses glaring defects; it does not promise something for nothing; it does not attempt to punish the employing i class; and it is not a patent medicine type of law guaranteed to cure ! all social and economic ills. On the : other hand it is presented as a safe | and practical measure capable of 1 affording the maximum of unemployment protection at the lowest ! possible cast; it is intended to provide a square deal for workers, their employers and the public. The following affords a brief summary: The proposed law is not all-in-clusive, exempting all employers and employes engaged in interstate transportation, agriculture and domestic services; it also excludes employes of governmental units. All other employers hiring four or more persons would come under the law and all their employes would be covered, regardless of salary, wage, or residence. Benefits are fixed at $12.50 per w’eek in purchasing pow’er as of the year 1032 for total unemployment, and at the difference between the purchasing power of what is actually earned and that of $12.50 for partial unemployment. Any base year other than 1932 might be used, if desired. The money sum is thus varied every three or six months so as to give benefits capable of buying at all times about the same quantity of food, clothing and shelter. One for Four Ratio One week's benefit is payable for every four weeks of past employment, but not to exceed thirteen weeks of benefit in any one year. Supplementary benefits are available through the compulsory savings feature required of employes, and described below. Eligibility is determined by bona fide partial or total unemployment, registration at a public employment office, and readiness to accept suitable employment. Refusal to accept a job vacant as a result of a labor dispute, or because wages and conditions of labor are unreasonably below the standard does no. disqualify a person. Benefits are not payable to strikers; to require such would compel employers to subsidize strikes against themselves. Every employer is required to pay into the employers’ unemployment reserve fund administered by the Government 1 per cent of his monthly pay roll during the first year of operation of the law and 2 per cent thereafter. This continues until a reserve fund of $l5O per employe in purchasing power as of 1932 has been built up. after which contributions cease until the fund falls below the 150 level. An employer’s contributions are specifically credited, to his ofn account and are used only for benefits to his employes. Benefit liability begins one year after the law goes into operation. Emergency Savings The employe makes no contribution whatever to his employer’s reserve. He is, however, compelled to set aside 2 per cent of his wages or salary as emergency savings. He may set aside more if he wishes. The compulsory emergency savings are deducted by the employer from wages or salaries, and forwarded to the governmental authority, where the proper amount is credited to each employe. Emergency savings are available as supplementary unemployment benefits after the employe has exhausted his rights to benefits from his employer's reserve fund. If fortunate enough to suffer but little unemployment, the employe’s compulsory savings accumulate until he reaches the age of 60. when they may be drawn upon for old-age benefits/ or left to accumulate as a death benefit for his heirs. If his death occurs before 60 the savings automatically go to the heirs. Should a man transfer from one employer to another his savings fund remains intact. It fir-his money, his savings, safeguarded by the Government itself, dedicated to the emergencies of life, and it is over and above what he might save in the ordinary course of events. Self-employed persons, farmers and others not covered by the law, may become voluntary savers, their savings being available for similar emergencies of life. Funds of the employers’ reserves and employes’ savings are left in the custody of state or Federal unemployment insurance commissions. The surplus, above current needs, is to be invested in such sound securities as are legal for bank and insurance company investments. Income from the funds is appropriated to the individual accounts semiannually.

MATURING INDUSTRIAL BONDS IN 1935 LOWER Total Put at Above ,200.000,00 b in in Compilation. By Time* Special NEW YORK, Jan. 17.—Industrial bonds totaling slightly more than $200,000,000 par amount mature during 1935. according to a survey released today by the Standard Statistics Cos. This figure is approximately 20 per cent less than the 1934 aggregate. Os the thirty more important maturies, payment in full seems assured in about a djzen instances, while fourteen issues represent defaulted situations, on which no action is expected to be taken. The largest individual maturity is the *10.856,000 issue of VickwireSpencer Steel, which has been in receivership since 1327,

Abreast of The Times on Finance

New York Stock Exchange Prices

<Bv Thomson <Ss McKinnon* 11 AM. Prev. Oils— High. Low. N. Y. close. Amerada 52 52 52 50*4 Barnsdail 6'a 6% 6% 62 Consol Oil .... 7 7% 7*4 7% Cont 0f Del ... 17% 17% 17% 17% Mid Cont Pet . 11** 11** 11% 11% Ohio Oil 10 1 a 10% 10'* 10*. Pure Oil 7 7 7 7 Shell Un 6% 6% 6*4 6% Soo Vac 14’ * 13 1 * 14% 13% S O Os Cal ... 30% 30*2 30% 30’, SOOf N J 41 '8 41% 41*8 41*4 Texas Coro .... 20 20 20 19% Tidewater Assn 9 9 9 8% Un Oil of Cal ... 15% la% la% 15*2 Steels— Am Roll Mills . 21*4 21'* 21*4 21% Beth Steel 31*2 30’s 31'4 30’% Bvers A M .... 17*4 17% 17 3 4 17% Inland Steel • • 542 51 */ 52 51% McKeesport Tin 93'2 93 93% 92 2 Mid Steel 12*8 12 12 3 s 12, Natl Steel 48% 48 48%, 4.% Otis Steel s*B a% s*B 5. Reo 1 & S’l 14 14 14 13;* Reo I & St-1 pfd 43*i 43*4 43*4 42% U S Pipe Sc Fav 19Vi 19 19* s 19 U S Steel Pfd 87 87 87 87*4 Youngstn S6l T 18% 18% 18% 18 3 4 Motors— Auburn 26 26 26 25*4 Chrysler 33* 2 38',4 38% 38*4 Gen Motors .... 31 3 4 31 ’2 31*4 31*4 Graham Mot ... 2% 2*2 2% 2*2 Hudson 10% 10 % 10% 10*4 Hupp 33 3 2 3 4 Mack Truck .... 26*4 26% 26% 26_ Nash 17 17 17 16% Packard 5 4% 5 4 7 a Reo 2% 2*4 2 3 ' 4 2 3 4 Studebaker 2% 2*4 2% 2U Motor Access— Bentiix 15*2 15 1 2 15'-2 15% Bohn Alum 54*4 54*4 54*4 54*4 Borg Warner ... 29*4 29% 29% 29% Briggs 27*4 27 27*4 27' 8 Budd Mfg 4'a 4*2 4% 4 3 8 Elec Auto Lite .. 25*4 25% 25% 25*2 Elec Stor Bat .. 46*2 46* 2 46*a 45 Houdaille •'A''.. 8 7*/ 2 8 7*/a Mullins Mfg .... 9 9 9 9 Murray Body ... 6% 6 7 8 6% 6% Stew Warner ... 7 7 8 7 7 8 7 7 a 7 7 a Timken Roll 34*2 3412 34*2 33% Mining— Alaska June .... 17% 17% 17% 17*; Am Metals 14% 14% 14*4 14*2 Am Smelt 36 35% 35% 25% Anaconda 10% 10% 10% 10% Cal Sc Hecla .... 3% 3% 3Va 3% Cerro De Pasco.. 41 40% 41 41 Gt Nor Ore 10% 10% 10% 10% Howe Sound ... 46’,2 46*/a 46% 46’,; Int Nickel 23 23 23 22% Kennecott Cop . 17 16% 16% 16*2 Mclntyre Mine . 38% 38% 38% 38>/ Park Utah 33 33 Noranda Cop .. 33 32”; 32% 32*4 Phelps Dodge .. 14% 14% 14% 14*4 U S Smelters ..111 109*2 111 109% Amusements— Fox Theat 11% 11% 11% 11% Loews Inc 32% 32 32% 32 Radio Corn ... 5 4% 4% 4% Paramount 3*4 3% 3*4 3*4 R K O 2 % 2*B 2 % 1 7 8 Warner Bros ... 3% 3% 3% 3% Tobaccos— Am Tob B 82 82 82 83 Gen Cigars .... 54% 54% 54% 54% Lig Sc My B 105 105 105 . 105*4 Phillip Morris . 44 44 44 44% Reynolds Tob B 47% 47'% 4774 47%

N. Y. Bonds

(Reprinted from vesterdav) DAILY BOND INDEX 20 20 20 60 Ind. Rails. U’til. Comb. Yesterday .. 86.6 84.2 90.4 87.1 Week agcf ... 86.9 90.5 87.9 Month ago • 85.7 83.4 89.0 86.0 Copyright 1935 by Standard Statistics. Inc. U. S. GOVERNMENT BONDS (By Fenner & Beane.) Libertys Prev. Close. Close. Ist 3%s 1932-47 104.4 104.5 Ist 4%s 1932-47 103.22 103.27 4th 4%s 1933-38 (Uncalled) 103.31 103.29 4th 4%s 1933-38 (Called).. 101.31 102.1 Treasury* 4%s 1943-45 113.28 113.28 4s 1944-54 109.22 109.23 3%s 1946-56 107.23 108. 3%s 1940-43 105.12 105.13 3%s 1943-47 105.1 105.4 3%s 1941-43 105.9 105.17 3Us 1943-45 103.22 3Us 1941 105.2 105.3 3 1 4S 1949-46 103.24 103.25 3Us 1946-49 103.6 103.6 3'as 1949-52 102.21 102.26 3s 1951-55 102.5 102.5 3s 1996-48 101.24 101.29 Home Owners Loan Corp. 2%S 1949 97.29 98. 3s 1952 100.1 100.4 4s 1951 101.5 101.5 Federal Farm Mortgage Corp. 3Us 1964 101.24 101.31 3s 1949 99.31 100.4 DOMESTIC (By Fenner & Beane) Prev. Close, close. Alleg Corp 5s ’44 72 72 Alleg Corp 5s ’49 6114 61 A.lleg Corp 5s ’SO 23 Am Frgn Pw 5s 2030 56% 56 Am Tel & Tel 5%s ’43 112% 112% Am Tel & Tel 5s ’65 112 U 112% Arm & Cos (Deli 5%s ’43 103% 103 At 1 Coast Line 4%s '64 91% 91% Atch Top & S Fe 4%s ’48...107% 108 Am Wat Wks 5s ’44 95 94 Am Rolling Mills 5s ’3B llO'/g 109*4 Balt & Ohio 5s ’95 71* 71 Balt & Ohio 6s ’95 82% 82 Balt <fc Ohio 4% '6O 55% 54% Biff Roch & Pitt 4%s '57.... 69*4 68% Eeth Steel 5s ’3B 103*8 103% Chi Milw r <fc St PI 5s ’75 22'2 22 Chi Milw & St P 5s ’75 6% 6% Cleve Un Term 5! 2 s ’72 102% 102 Cleve Un Term 5s ’73 96% 96*4 Cleve Un Term 4Us ’7 90 89 Col Gas 5s May ’52 80 80 Col Gas 5s April '52 80 80 Col Gas 5s ’6l 78 77 Can Pac Perp 4s 86% 86*4 Cent Pac 5s '6O 70*/ 2 79 Big Four 4%s '7 75 75 Colorado &So 4%s ’BO 68*4 71 Chi & West Ind 4s ’52 94 94* s Chi & West Ind s*/ 2 s '62 102% 102% Chi & Nor West 4%s '49 19% 19 Con Gas 5s 57 103% 103 Chesa Corp 5s ’47 103 3 4 103% Dodge Bros 6s ’4O 106 106% Del & Huds 4s ’43 £3% 93 N Y Dock 4s ’sl 61% 61 N Y Dock 5s '3B 44 Erie 5s ’75 69% 69% Erie 5s ’67 70 70 Gen Cable 5Us ’47 88*4 88U Grt Northern 7s ’36 93 93 Grt Northern 4Us ’76 754 .. Grt Northern 44s ’77 75 4 75*4 Gen Stl Cast WW 5Us '49 .... 99% 90 Hud & Manhat Ref 5s ’57 .... 88% 884 111 Cent 44s '66 58 * a 57 * 2 111 Cent Jt 44s ’63 70 71U 111 Cent 5s '63 73*4 74 Interlake C&I 5s 'sl 79 4 784 Interntl Hv Elec 6s ’44 524 52 Interntl Tel &: Tel 44s '39 .. 69 4 69 Interntl Tel & Tel 5s ’55 ... 67 66 Interntl Tel & Tel 44s ’52.. 61% 61% McKess <& Rob 5 1 as 'SO 95 1 2 95% Midvale Stl 5s '36 102% 102% Natl Dairy 5%s '4B 102 4 102 4 Natl Steel 5s '56 106% 1064 Nickel Plate 44s ’7B 61 60 Nickel Plate 54s ’74 71 71 N Y Cent 5s 2013 65*4 65 N Y Cent 44s 2013 (old) .... 60 60 Nor Amer Cos 5s ’6l 84 4 84 Nor Pac 3s 2047 74 74% Nor Pac 44s 2047 874 87% Nor Pac 6s 2047 101 101 Nor States Pow 5s '4l 104% 104% New Orleans Term 4s ’53 ..85% ... Otis Steel 6s '4l 77 77 Penn Ry 4%s 'B4 1014 101% Penn Rv 44s ’Bl 102 1014 Penn Ry 44s ’7O 95 95 Fac G & E 5s '42 108*4 1074 Por* -nd Gen El 44s ’6O 53‘, 53 Pa> Publix 54s 'SO 60 594 Pe* a P & L 44s 'Bl 100 99% P" tal Tel & Cab 5s ’53 46% 46*4 ..cm Rand WW 54s '47 99% 99% Sinclair Oil 64s '3B .103% 103% Shell Union Oil 5s ’47 102% 102* 2 Sou Pac 4%s '6B 66 66% Sou Pac 44s 'Bl 64 4 64 Sou Pac 44s ’69 65% 65 Sou Pac 4s '49 67 67 Sou Rail 4s '56 58% 58% Sou Rail 6s '56 78% 78*4 Sou Rail 64s '56 83 82 Sharon Stl Hoop 54s '4B 85 85 Texas Pac 5s 80 90% 89% Texas Pac 5s ’79 904 90*8 Texas Fac 5s ’77 90 4 89% Union Pac 4s ’47 108% 108% United Drug 5s ’53 89* a 90 U S Rubber 5s ’47 94 94 N Y N H & Hart 6s ’4B 48 48 N Y N H * Hart 44s ’67 ... 42 42 Warner Bros 6s ’39 54 4 53 * a Western Mary 54s ’77 96% 97 Western Mary 4s ’52 88% 87% Youngstown S & T 5s ’7O 96 96 Youngstown S <Ss T 5s ’7B 95 95

Foreign— Argentina A6s *57 93*4 93*4 Argentine B 6s 'SB 93 : 2 93V4 Brazil 8s 41 . 29 Canadian Govt 4s '6O 104*4 105 Denmark s*is '55 100 99*4 French 7s '49 182 182 German 5 5 is '65 34 1 4 33*4 German 7s '49 4374 43 A* Italv 7s 'sl ...**•••••••••••• 93 92i, Japan 6'is '54 92>4 91 Poland 7s '47 , 120> a 120 Rome 6’zs '52 84 1 * 84*4 Tokio City s'sS '6l 74*4 75 Yokohama 6s '6l 8144 81U FEDERAL FARM LOAN BONDS (By Blyth & Cos.) Bid. Ask. 4S. JulV 1. 1946-44 101*4 102*4 4s. Nov. 1. 1957-37 101*4 101*4 4s. May 1. 1958-38 101'* 101*4 4*4 s. JulV 1. 1956-36 101*. 101*. 4>*s. Jan. 1. 1957-37 101** 101*. 4 1 4S Mav 1. 1957-37 101N 101*4 4‘*s. Nov. 1. 1958-38 101* 4 102 U 4’as. Mav 1. 1942-32 101*, 1017* 4'ss. Jan. 1. 1943-33 101 l a 102 4 l *s. Jan. 1. 1953-33 101 ■* 101 \ 4>iS. Jan. 1. 1955-35 101*. 1017* 4’aS. Jan. 1. 1956-38 101** 102 U 5s May 1. 1941-31 101*. 101*. to Nov, 1. 1941-31 10144 10174

INDIANAPOLIS, THURSDAY, JANUARY 17, 1935

Bails— Atchison 50% 49% 50 49*4 Atl C Lines ... 31% 31% 31% 31% B & O 13 13 13 13 Can Pac 12% 12\ 1324 12% Ch & Ohio .... 43% 43*4 43* 43 C M & S P ... 2% 2% 2% 2*4 C M & S P pfd 4 4 4 3% Chi N W 4*4 4*4 4*4 4% Chi N W pfd .. 8% B*2 8% 8% Dela Sc Hud ... 38 37% 38 37 Del L & W 16*4 16* a 16*4 16% Grt North pfd . 14% 14*2 14 3 t 14*2 Lehigh Valiev . 9% 9% 9% 9% M K & T pfd.. 12 12 12 12*2 N Y Cent 19 18*2 18% 18% Norfolk Sc W ..172 172 172 172*2 Nor Pacific 18*2 18*4 18% .18% Penn R R 22% 22% 22% 22 Sou Pac 16% 16'* 16% 16*4 Sou R R 13% 13 7 a 13% 13% Union Pac 105% 105 105 105 West Maryl U... BV4 B*4 B*4 8 Equipments— Am Brake S ... 27*4 27*4 27*4 27*4 Am Stl Fdy ... 16% 16% 16 s * 15% Bald Loco 6 6 6 5% Gen Am Tk Car. 37 36% 36 36% Gen Elec 21% 21% 21% 21% Pullman Inc ... 49 49 49 48% Westingh El ... 38*4 38 38 38 Utilities— Am & F Pow .. 4*4 4*4 4*4 4*; Am P & Lt ... 3% 3*4 3*4 3% A T & T 105 194% 104% 104* 2 Col G & El ... 7 7 7 6% Com & Sou .... 1% 1% 1% 1% Consol Gas 20% 20% 20% 20 Elec P & Lt ... 2% 2% 2% 2% Int- Hvdro Elec . 2% 2% 2% 2% Interboro RT . 13% 13* 2 13% 13'* Int T & T 9*a 9 9 9 Lou G& E A . 13*4 13% 13*4 13 Nat Pwr Sc Lit. 8% 6* a 6% 6% North Amer 12% 12% 12% 12% Pac G & E ... 14% 14'* 14% 14 Pub Serv NJ .. 26% 26% 26% 26% United Corp ... 2% 2% 2% 2% Un Gas Imp ... 12% 12% 12% 12% West Union .... 31% 31% 31% 31 Rubbers— Goodrich 10% 10% 10*4 10% Goodyear 23'4 23% 23% 23 Kelly Spring 2% 1% 2% 1% U S Rubber pfd 37% 37'% 37>/4 37% Miscellaneous— Allis Chalmers . 16*4 16 16% 16 Am Can .112% 111% 112% 111*4 An. Mach Sc Fdv 20% 20% 20* 2 20% Brxlyn Man Tr. 39% 38% 39% 38% Burroughs Add.. 14% 14% 14% 14% J I Case 54% 54*4 54% 53% Conti Can 64% 64% 64% 64*4 Caterpillar Tract 38% 38% 38% 38 Curtis Pub 20% 20% 20% 20% Deere & Cos. ... 26% 26% 26*4 26 Foster Wheeler . 15 15 15 15 Gillette 13% 13*4 13% 13% Glidden 24% 24% 24% 24% Inter Harv .... 39% 39% 39% 39 Owens 80tt1e.... 87 87 87 86 Rem Rand 9% 9*4 9% 9% Armour 5% 5*4 5*4 5% Beatrice Cream. 16% 16% 16% 16% Borden Prod ... 24% 24% 24% 24% Crm of Wheat.. 36 36 36 36 Gen Baking .... 8 8 8 8 G W Sugar 27 27 27 27 Natl Biscuit .... 28% 28% 28% 23% Natl D Prod 16*4 16% 16% 16% Std Brands 18% 18 18 17% United Fruit ... 74 74 74 74 Retail Stores— Assd Dry Goods 13 12% 13 12% First Nat Stores 50 49% 50 50 Gimbel Bros ... 3% 3*4 3% 3*a Hahn Dept Sts. 5% 5% 5% 5% Kresge S S 20% 20% 20% 20% Kroger Groc .. 27% 26% 27% 27 Macv R H 40% 40% 40% 40 McCrorv St 12% 11*2 12*4 11% McLellan St 13% 13% 13% 13% Marshall Fd ... 10% 10% 10% 10 May Dept S ... 42% 42% 42% 42 Mont Ward 27% 27% 27% 27% Natl Tea 10'/* 10% 10% 10 Penney J C ... 72% 72 72*4 71% Safeway St 43% 43 43% 42% Sears Roeb .... 36% 36% 36% 36% Woolworth 52% 52 52 52 Aviation— Aviation Corp . 4% 4*4 4% 4% Boeing Aire .... 9 9 9 8% Curtiss Wr 2% 2% 2% 2’/* Curtiss Wr A .. 8% 8% 8% 8 Douglas Air .... 21% 21% 21% 21% Nor Am Av ... 3'/a 3% 3% 3% Sperry Corp ... 9 9 9 8% Un Aire new ... 13% 13% 13% 13%

A summary of corporation news prepared by the Standard Statistics Cos., Inc., New York, follows: Bureau of Air Mail of Interstate Commerce Commission recommended to the commission a general revision of air mail rates to prevent possible destruction of commercial aviation. It asserted that an investigation clearly shows that most of the routes are being operated at substantial losses. Central Railroad of New Jersey deficit for the 11 months ended Nov. 30, 1934, was $1,375,265, against deficit $1,979,397. Cherry-Burrell Corp. deficit declared a dividend of 25 cents on common stock. On Nov. 1, 1934, distribution of 15 cents was made. Dow Chemical Co.—Federal Judge Kenamer, Tulsa, Okla., ruled that the acid treatment process of casing gas and oil wells to increase their flow is not patentable in dismissing the application of company for an injunction against Williams Bros. Well Treating Corp. An appeal is to be take to the Circuit Court of Appeals. Endicott-Johnson Corp. is understood to have marked up prices of shoes 2 1 2 cents to 5 cents a pair over levels recently prevailing. Early in fall, it was pointed out, company was making downward adjustments so that with current advance price level stood about 10 cents a pair under that prevailing for spring lines a year ago. Insuransharb Certificates, Inc., net asset value on Dec. 31, 1934, equaled $5.44 a share, against $3.85 on Dec. 31, 1933. Island Creek Coal Cos. coal mined in December totaled 237,748 tons against 216,966 tons in December, 1933. In the 12 months total was 3,475.325 tons against 3.688.500 tons. Italian Superpower Corp. net asset value on Dec. 31, 1934, equaled $151.58 a preferred share, against $114.14 on Dec. 31. 1933. Kelly-Springfield Tire Cos. protective committee has been formed for holders of company's notes. W. B. Sratton is chairman. Metro-Gold wyn Pictures Corp. preferred share earnings 12 weeks ended Nov. 22, 1934, were $8.75 against $7.55 in 12 weeks ended Nov. 23, 1933. Missouri-Kansas-Texas Railroad president said deficit of company in 1934 was greater by $1,374,477 than 1933 loss. Ryerson, Joseph TANARUS„ & Son, Inc., declared a special dividend of 25 cents on common stock. On Dec. 19, 1934, special distribution of 50 cents a share was made on common stock.

Delivered In Indianapolis prices: Heavy hens. 13c; Leghorn hens, 7c; colored springers. 12c: large stags. 8c; Leghorn stags. sc; old roosters, sc: ducks. 7c; geese. 7c: young guineas. 20c: old guineas 15c. Turkeys No. 1 young hens. 8 lbs. and over. 15c: voung toms. 14 lbs .and over. 15c: young toms. 11-14 lbs.. 13c: No. 2, crooked breasts and thin turkevs. 9c: old toms, all weights, lie; No. 1 strictly fresh country run eggs, loss off. 23c. Each full case must weight 55 lbs. gross; a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter. No. 1. 33® 34c. Butterfat—3oc. Quoted by the Wadiev Cos.

Hides—Green country cows and steers. 4c fiat; green country bulls and glues, 2%c fit; green country calf hides, 4%c; flat; green country kip. 4c: No. 1. large horse hides with full heads, shanks, mames and tails $2.75, medium size $2.25. All No. 3 grade horse hides. 50c less: glues and ponies half price. No. 1 rendered tallow. 4®4*c; No. 2 at value. Yellow grease. 3%@3%c; dark grease, 303*e>

Gleaning the News

Produce Markets

Hides and Skins

Chemicals— Air Reduc 111% 111% 111*4 111% Col Carbon .... 69 68% 68% 69 Com Solvents .. 21% 21% 21% 21 % Dupont 94 94 94 94 % Liq Carb 28 28 28 27% Math Aik 29*4 29 29 29% Natl Dls (new) 26% 26*4 26% 26‘a Schenlev Dist .. 25% 25% 25'* 25 Tex G Sul 34'a 34% 34% 33% Un Carbide .... 45 45 45 44* U S Ind Ale ... 36% 38% 38% 38% Drugs— Cotv Inc 6*4 6% 6*4 6*4 Lambert 27*4 27% 27% 27 Lehn & Fink ... 16 16 16 15% Sterling Prod .. 59'* 59 59 59 Un Drug inew). 11% 11% 11% 11% Financial — Adams Exp 6% 6 s * 6% 6% Allegheny Corp.. 1% 1% 1% 1% Am Int Corp ... 6 6 6 6 Chesa Corp .... 39% 39% 39% 40* 4 Lehman Corp ... 70% 70% 70% 70V* Transamerica .. 5*2 5% 5*2 5*2 Tr Conti Corp .. 3'* 3% 3% 3% Building— Am Radiator ... 14*4 14% 14% 14% Gen Asphalt ... 17 17 17 16% Holland Furnace 8 8 8 7% Int Cement 29% 29% 29% i‘B% Johns Manville . 51% 51% 51% 51% Libby Owens Gls. 30% 30 30*2 29% Otis Elcv 14 14 14 14 U S Gypsum ... 4914 49% 49% 49 HouseholdCol Pal Peet ... 17% 17% 17% 17 Congoleum 32 % 32% 32% 32% Kelvinator 17% 17% 17% 17'a Mohawk Carpet. 43% 43*4 43% 14% Servel Inc 8% 8% 8% 8% Textiles— Amer Woolen ... B*4 B*4 B*4 8% Belding Hem ... 12% 12% 12% 12% Celßnese Corp .. 32 31% 32 32% Collins Aikman.. 13% 13% 13% 13 * 2 Indus Rayon ... 31% 31% 31*2 31% Kayser Julius .. 15% 15% 15% 16

Chicago Stocks

(Bv Abbott. Proctor & Paine) Berghoff 2% 2% Borg Warner 29% 29% Butler Bros 6% 6% Chicago Mail 16 16 Com & Edison 52% 52% Cities Service 1% 1% Cord Corp 4 3% Elec House 14% 14% Gen House 6% 6 Grt Lakes Dredge 18% 18% Hand Her B 8% 7*2 Libbv 7*4 6% Marshall Fields 10*4 10 F R Thompson 5% . Swift Sc Cos 18 17% Swift Int 32% 32 *3 Quaker 129 129 Pub Servos 111 18% 18 Prima 3 3*4 Noblitt Sparks 14 13%

New York Curb

(By Abbott, Proctor & Paine) 12 noon Prev. N. Y. Close Am Beverage 1% 1% Am Cyanide “B” 16% 16*2 Am Gas Sc El 19% 19*2 Atlas Corp 8% B*2 Can Indus Ale A 9% 9*4 Carrier Corp 15% 15% Consol Gas of Balt 93% 55% Distillers Corp 16% 16% Dow Chem 88% 89 El Bond & Share 6% 6% Fisk Rubber 10 10'/* Hiram Walker 29*4 28% Hud Bay Min 12% 12% Int Petrol 29% 29% Lake Shore Min 51 50 Lone Star Gas 5% 5% Mt Producers 4V* 4*4 Newmont Min 37% 37 Std of Ky 18% 18% Wright Hargraves Min 8% 8%

Missouri Pacific Railroad deficit for the 11 months ended Nov. 30, 1934, was $12,608,218, against deficit $11,616,465. Montgomery Ward & Cos. common share earnings for 11 months ended Dec. 31, 1934, were $1.79. Mosser (J. K.) Leather Corp. declared a dividend of 50 cents on capital stock. On July 16, 1934, a similar distribution was made. Northern Indiana Public Service Cos. preferred share earnings for the 11 months ended Nov. 30, 1934, were $3.61, against $4.55. Pond Creek Pocahontas Cos. coal mined in December totaled 121,717 tons, against 84,448 tons in December, 1933. For the 12 months total was 1,563,082 tons, against 1,431,044 tons. Shell Union Oil Corp.’s subsidiary, Shell Eastern Petroleum Products, Inc., advanced price of gasoline % tank cars one-fourth cent a gallon at New York and New England points.

GRAINS AGAIN MOVE IN HIGHER DIRECTION Traders Pay Little Attention to Liverpool. By United Press CHICAGO, Jan. 17.—Grain prices continued higher on the Board of Trade on bullish developments. At the start wheat was unchanged to M cent higher, corn was Vs cent lower to % cent higher, oats were unchanged to up % cent, and rye was up 14 to Vs cent. Local traders paid little attention to the Liverpool market, which failed to reflect the sharp upturn in North American markets yesterday. Bartlett Frazier & Cos. said: "Liverpool is easier owing to dormant speculation. The demand for wheat from China and Japan is well maintained.” (By James E. Bennett) 11:00 Prev. WHEAT— High. Low. A. M Close. Mav 97 .96% .96% .96* 2 July 88% .87% .88*4 .88*4 Sept 87% .86*4 .86% .36% CORN— May 86*4 .86 .86% .86 July 81% .81*4 .81% .81% Sept 77% .77% .77% .77% OATS— Mav 52% .52 .52'a .51% July 45% .44% .44% .44% Sept 42% .42 ,42V* .41% RYE— May 69 .68% .68% .68% July 68% .68% .68% .68*4 Sept 68 .67% .67% .67% LOCAL CASH MARKET City grain elevators are paving 89 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 81 cents and oats 86 cents.

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers. A 25-cent carrying charge per ton will be added. DOMESTIC RETAIL PRICES Indiana No. 4 Lump * 5.45 Egg 5 28 Nut 4.90 Indiana No. 5 Lump 5.03 Esg 5.03 Nut 4.80 Indiana No. 6 Lump 5.34 Egg 5.11 Nut 4.85 Brazil Block— Lump 5 54 Egg 5.71 Nut 5.04 Glendora — * Lump 5.3435.59 Egg 5.18®5.43 Nut 4.9595.20 West Virginia and Eastern Kentucky (Group B) 7.18 Pocahontas and.-New River, smokeless 8.32 Coke, egg end nut B.SO Pea coke 7.40 Anthracite 13.50

STOCK SNARES SHOW GAINS IN LIGHTTRAOING Mercantile Issues Soar to New Highs for Year; Steels Firm. By Unit'd Pre* NEW YORK. Jan. 17.—The stock market continued to gain and around noon showed advances of fractions to more than a point in light trading. Mercantile issues featured. Preferred stocks made wide gains. Rails and utilities were steady. Steels were firm. National Department Stores preferred made % new top for 1934-35 at 33%, up 3 points, while its common made anew top at 4%, up %. McCrory Stores Issues were bid up with the preferred up ? points at 69. City Stores shares were active and higher, with the A stock soaring 2% points to 6%, anew high. Spiegel, May, Stern made anew high at 79%, up 1%. Mullins Manufacturing preferred reached 44, up 3 points; American Typefounders preferred 17%, up 2%; Houdaille Hershey A stock 34 %, up 3%; Kelly Springfield preferred 13 3 s, up 476, and American Smelting 6 per cent preferred 11114, up 174 and anew high. , United States Steel, American Telephone, American Can and New York Central were fractionally higher, silver and gold shares firmed.

Stock Studies

Tte Simms Petroleum Cos. through its subsidiaries, is active in the production of crude oil and the refining and marketing of oil products. The company's chief producing area is in the Yates pool, west Texas, and in the east Texas field. Other properties are in Arkansas, Oklahoma and Louisiana. Through stock ownership company also has an interest in Venezuelan oil interests. Simms crude reserves are large. Most of company’s properties are leased with leaseholds totaling nearly 108,000 acres. Seventy per cent of its sales are through its wholesale stations. The company makes large charges for depreciation and depletion. FINANCIAL DATA (As of June 30, 1934) Capital stock ($lO par) 461,698 shares Surpluses $1,916,623 Cash 496,531 Inventories 1,155,605 Total current assets 2,134,778 Current liabilities 463.102 During the 12 months’ period ended June 30, 1934, cash increased slightly, inventories gained SIOO,OOO, while net working capital was nearly $300,000 larger. Surpluses, however, dropped more than SIOO,OO. On June 30 the current ratio was about 4% to 1 while the book value of the commoij stock was $12.10, or 22 cents more than a year previous. Simms Petroleum has operated at a deficit for the four years 1930, 1931, 1932 and 1933, with the largest deficit in 1931. During the first nine months of last year 44 cents was earned on -,he capital stock, but the income for the entire year has been estimated at only 35 cents a share. Dividends were omitted in 1931 and 1932. Twenty-five cents was paid in 1933 and 55 cents paid in 1934 while 50 cents has been declared payable Feb. 1. The stock is not on a regular dividend basis. The Simms Petroleum Cos. was incorported in 1919 in Delaware. The capital stock is listed on the New York Stock Exchange. It is currently selling for around 17%. (All Rights Reserved. Winchester Institute of Finance. Winchester. Mass.)

Other Livestock (By United Press) CHICAGO, Jan. 17.—Hogs—Receipts, 13,000, including 6000 direct; market unevenly 10c to 35c higher than Wednesday; lights up most; weights above 220 lbs., $7.90® 8; top. $8; 160-220 lbs., $7.50®. 7.90; light lights. $7(57.50; slaughter pigs, $5.60i56.75; packing sows, $7.25(5 7.50; light lights. 140-160 lbs., good and choice. $7(5 7,o0; light weights. 160-200 lbs., good and choice. $7.25®7.75; medium weights. 200250 lbs., good and choice. $7.60'58; heivyweights. 250-350 lbs., good and choice, $7.90@8; packing sows. 275-550 lbs., medium and chrfice, $6.50(5 7.60; slaughter pigs, 100-130 lbs., good and choice, $5.25 @7.25. Cattle—Receipts. 5000 commercial, 100 government; calves, receipts, 1500 commercial, no government; not much beef in run; buying side not very active, however: taking only strictly good and choice steers and yearlings at steady prices; all others weak to unevenly lower than ’ate last week; dresse dbeef costs excessively high and general undertone of c f eer market dull except on meager supply toppy grades; best light steers today, sl2: meager supply sll up; rank and file, $7.50 @10.50 slaughter cattle and vealers: steers. 550-900 lbs., good and choice, sß® 11.50; 900-1100 lbs., good and choice. $8.25® 12: 1100-1300 lbs., good and choice. $8.50® 12.15: 1300-1500 lbs., good and choice. $9 @12.15; 550-1300 lbs., common and medium. s4@9: heifers, 550-750 lbs., good and choice. $745 9.50; commo nand meaium. $3.50® 7: cows, gcbd, s4® 6.50; common and medium. $2.75®5; low cutter and cutter. $1.75®2.75; bulls (yearlings excluded*, good beef. s4® 5; cutter, common and medium. $3.50® 4.40: vealers. good and choice. $7.50® 10; medium. [email protected]: culls and common. 74 505 6.50; stocker and feeder steers. 550-1050 lbs., good and choice. $5.50® 6.75; common and medium. s4® 5.50. Sheep—Receipts. 13.000; opening slow. Indications steady on slaughter classes; feeding lambs strong; better grade lambs held $9.25 upward; no early bids: choice 66-lb. feeding lambs carrying short killer end $7.85: slaughter sheep and lambs; lambs. 90 lbs. down, good and choice. $8.25® 9.25; common and medium. $6.755.8.40: ewes. 90-150 lbs., good and choice. $3.255 5: all weights, common to medium. $35 3.75: feeding lambs, 50-75 lbs., good and choice. $6.75®7 85. FT. WAYNE. Ind.. Jan. 17—Hogs—20c to 25c higher; 250-300 lbs.. $7.95; 225-250 lbs . $7.85: 200-225 lbs.. $7 75: 130-200 lbs.. $7.65; 160-180 lbs.. $7.55; 300-350 lbs.. $7.55: 150-160 ibs.. $7: 140-150 lbs.. $6.50: 130-140 lbs.. $6: 120-130 lbs.. $5.75; 100120 lbs., $?.25: roughs. $6.50; calves, $9.50 down; lambs, $9. LAFAYETTE. Jan. 17.—Hogs—Market 20 to 25c higher: 275-300 lbs,. $8; 300-325 lbs., $7.70; 225-275 lbs., $7 90 ; 200-225 lbs.. $7 80; 180-200 lbs.. $7.70: 190-180 lbs.. $7.60: 155-160 lbs.. $7 25: 150-155 lbs.. $7: 140-150 lbs . $6.75; 135-140 lbs.. $6.50; 100135 lbs., ss® 6.25: roughs. *7 down; native lambs. $8 25 down: western lambs. $9 down; calf market $1 higher. $9.50 top. (Bv Times Special) LOUISVILLE. Jan. 17. Cattle Receipts. 225; market generally steady on ail slaughter classes: bulk common to medium steers and heifers. ss@7; few to $7.50 and strictly good kinds quotable around $8.50: bulk beef cows. $3 25® 4.25; food kinds and smooth heifer types eligiie higher: low cutters and cutters mostly $1.7593: sausage bulls. $4 down: common to medium grade native Stockers and feeders. [email protected]: better Hereford stock calves to around $6.25. Calves—Receipts. 425. including 275 stock calves: market mostly 50c nigher: good to choice vealers. sß@9; medium and lower grades, $7 50 down. Hogs—Receipts. 450; market mostly 20c higher: 200-300 lbs.. $7.90: 305 lbs. up. $745; 180-195 lbs.. $7.40: 160-175 lbs.. $7; 140-155 lbs.. $6.50: 120-135 lbs.. $5.55; sows. $6.15. Sheep—Receipts. 50; general--1 vsteady: most medium TO good lambs s7®B; choice quotable to 8.75 or better: most common light throwouts. $5.50; fat •wm. s2® 3. t

What Does It Mean? Longs—Persons who buy stock or commodities in anticipation of a rise in price are “longs” in trading phraseology. Any person, therefore, is “long of” when he has bought. “Longs” are also known as “bulls.”

HEAR CHIEF TALK

v %<• ' £'M M fr.'!

Ray Patterson

Local agents of the Penn Mutual Life Insurance Cos. gathered last night at the Indianapolis Athletic Club to listen, by long distance telephone, to the address of W. W. Law, company president, originating in Philadelphia. Ray Patterson, general agent for this district, headed the group.

SWINE VALUES CLIMB SHARPLY Prices Generally 20 to 25 Cents Higher Than Yesterday. With receipts extremely light and demand broadening, porker prices in early trading at the Indianapolis Union Stockyards today registered the first substantial increase since the turn to lower levels on Jan. 8. Prices were generally 20 to 25 cents higher than yesterday. Today’s sharp increase was attributed largely to a sudden decrease in supplies and a scarcity of hogs prevailing throughout the country. Several officials at the yards predicted that the effects of the Government’s slaughtering program last fall is now being felt. The increase was similar to those recorded from Dec. 18 to Jan. 8, w’hen prices soared to new high levels since July, 1931. Receipts were estimated at only 3000, with a heavy demand prevailing on all classes. The bulk of good and choice kinds, weighing from 160 to 350 pounds, sold at $7.70 to SB, again reaching the $8 level. In the lightweight division, porkers scaling 130 to 160 pounds, were salable at $6.25 to $7.25, while extremely small slaughter pigs, ranging from 100 to 130 pounds, cashed in at $5 to $6. Packing sows held at $6.75 to $7.50.1 Holdovers were 186. With only little activity evident in the cattle market, steers, heifers and good cows remt ined unchanged at the previous close. Common and medium cows were tending slightly lower. Bulk of steers held under $9, while one load of good and choice kinds ranged upward above $11.50. Vealers were largely 50 cents higher, selling at $10.50 down. Lamb prices remained stationary, with the general bulk salable'at $9 to $9.25. Extreme heavies sold at $8.75 down. Fed Western grades were unsold. Throwouts brought $6.50 to $7.75, while slaughter sheep held at $5 down. Receipts were 3000.

, HOGS ‘?? n ’ Bulk. Top. Receipts. 11. $7.65® 8.00 SB.OO 7000 12. 7.70® 8.00 8.00 2000 14. 7.70® 8.00 8.05 7000 15. 7.50® 7.80 7.85 9000 16. 7.50® 7.80 7.85 5000 17. 7.70® 8.00 8.00 3000 Light light: 1160-180) Good and choice.... $6.75® 7.50 Medium 6.25® 7.25 Light weight: (160-180) Good and choice... 7.70® 7.80 Medium 7.25® 7.50 (180-200) Good and choice .. 7.80® 7.90 Medium 7.35® 7.60 Medium weight: (200-220) Good and choice... 7.90® 7 95 t220-250i Good and choice... 7.95® 8.00 Heavy weight: (250-3901 Good and choice... 7.90® 8.00 (290-3501 Good and choice .. 7.70® 7.90 Packing sows: (275-350) Good 7.10® 7.50 (350-425) Good 7.00® 7.35 (425-550) Good' 6.85® 7.25 (275-350) Medium 6.75® 7.10 Slaughter pigs: 100-140) Good and choice ... 5.00® 6.00 Medium 4.25® 6.25

CATTLE —Receipts. 700— —Steer.— (550-900) Choice *9.50®11.00 Good 8.001510.25 Medium 5.755 8.00 Common 4.00® 5.75 (900-11001 Choice 10.50® 11.75 Good 8.50® 10.75 Medium 6.25®, 8.50 Common 4.25® 6.25 (1100-1300) Choice 11.00512.10 Good 8.75511.00 Medium 6.25® 9.00 (1300-1500) Choice 11.005 12.00 Good 9.00^11.00 —Heifers—-(sso-750) Choice 3.25® 8.75 Good 7 25® 8.25 Common and medium 3.75® 7.25 (750-9001 Good and choice ... 7.25® 8.75 Common and medium 4.00® 7.25 —Cows— Good 4.75® 6 50 Common and medium 3.00® 4.75 Low cutter and cutter 1.50® 3.00 —Bulls—(Yearlings Excluded) Good . 4 25® 5.00 Common and medium 3.00® 4.25 VEALERS —Receipts. 400— Good and choice $9.50 5 10.50 Medium 7.005 9.50 Cull and common 3.50® 7.00 —Calves—-(2so-800) Good and choice .. 5.50® 7.50 Common and medium 3.00® 5.50 —Feeder and Stocker Cattle——Steers— (soo-900) Good and choice .... 4.50® 6.00 Commcc and medium 3.00® 4.25 (900-10501 Good and choice... 4.75® 600 Common and medium 3.25® 4.75 —Cows— Good 3.75® 3.75 Common and medium 2.00® 3.25 SHEEP AND LAMBS —Receipts, 3000— Lambs. 90-ibs. down, good and choice *8.75® 9 35 Common and medium 6.25® 8.75 90-120 lbs., good and choice ... 3.75® 4.75 Sheep—-(l2o-1501 Good and choice 3.25® 4 25 All weights, common and medium 2.50® 3.75

Government Bonds Home Owners’ Loan Corporation and Municipal Bonds The Union Trust Cos. of Indianapolis BOND DEPARTMENT 120 E. Market T RI ley 5341

SAVING VIEWED BETTER POLICY TO END SLUMP i Heavy Federal Expenditures Fail to Cut Idle, Economists Say. BY JULES BACKMAX .AND A. L. JACKSON Editors. Economic Statistics, tnc. A reader asks, "Don’t you think that less emphasis on spending and more on saving might help us get out of the depression?” This point is well taken. One of the most interesting phenomena during the last year and a half has been the almost complete absence of any suggestions from official quarters that hard work, thrift and saving would be an important aid in getting us well on the way to recovery. It is not often realized that we entered this depression on the crest of a wave of excessive creation of debt. We spent our way in and no\# it is suggested that we spend our way out. In 1927 to 1929 the funds that were spent were obtained through the creatior of private debts. In 1933 to 193i the funds have been obtained through the creation of public debt.

Considered Illogical Does it not seem illogical to expect us to get out of our difficulties by taking the same treatment that caused these difficulties to arise? Will more green apples cure the stomach ache caused by eating too many green apples? The emphasis should be upon the reduction of debt. Instead of this, the emphasis is on additional creation of debt. The President’s budget message is a-recent example of this "spend your way to prosperity” program. The spenders conveniently forget that someone must pay and that this payment can only be made through the imposition of high taxes or inflatioary measures. By failing to provide for new taxes, the true nature of the spending program is kept hidden. Redistributes Wealth From whom will these funds be obtained? They must be secured from someone. That someone is the person who has funds. In other words, the spending program really is a means of redistributing wealth. However, rather than decrease the purchasing power of "those who have” by taxing them now, the Government continues to borrow new funds. At some future time the funds must be repaid. If they are paid through heavier taxes, it means that we are now spending future moneys which, in turn, indicates that future purchasing power will be reduced. The Treasury recently has pointed out that the per capita debt of this country is smaller than that of certain other countries, notably Great Britain. Since this is the case, some people argue that the increases in debt cat take place safely and can be sur ported by the people. Heavily Taxed Now What is overlooked is the fact that England is one of the heaviest taxed countries in the world. If one believes that this is conducive to a higher standard of living, or that because someone else owes money, that we should borrow in order to keep up with them, all well and good. We can not see it that way. The best indication of the futility of these spending policies has been given during the last year. Unemployment has not decreased to any extent. The number of people on relief Is now larger than it was a year ago. Since these spending policies have not helped solve the situation, why not, as this reader asks, give savin? i chance? RECEIVES NEW ORDERS By Times Special YORK, Pa., Jan. 17.—S. E. Lauer, general sales manager of the York Ice Machinery Corp. of York, Pa., announces the receipt of orders for the refrigerating equipment for five new ice plants. The five new plants will have a daily capacity of 124 tons of ice.

Report of the Condition of the Security Building & Loan Association of Indianapolis Marion County. Indiana, at the close of business on December 31. 1934. RESOURCES Cash on hand and due from , the banks $ 4,958,79 HOLC Bonds Owned .. 16,825.00 Other U. S. Government Securities Owned 10,000 00 Insurance and Taxes Advanced. 293 70 Mortgage Loans 164 375.00 Btock or Pass Book Loans 1,000.00 Other Real Estate—Book Value 7.310.69 Total *204.763 18 LIABILITIES Book Value of Installment Bhares * 44 283.73 Book Value of Loan Shares .... 60,796.55 Book Value pf Paid Up Shares.. 47.524.45 Book Value of Matured Shares.. 35.458 56 Contingent Fund 7.500 00 Undivided Profits 9.199.89 Total *204 763 18 Btate of Indiana. County of Marion, ss; We. the undersigned officers and directors of the Security Building <fe Loan Ass’n., of Indianapolis Indiana. do solemnly swear that the above statement is true. EDWARD H RESENER. President. OTTO BUSCHING. Secretary. PETER LAWALL, Director. FRED J. POGGEMEYER Director. CHARLES HOLTMAN. Director. Subscribed to and sworn before me thla 2nd day of January 1935. THOS. A RESBLER, fSEAL] Notary Public. My commission expires April 3. 1936.