Indianapolis Times, Volume 46, Number 222, Indianapolis, Marion County, 25 January 1935 — Page 26

Wall St. Sale of Securities Direct Drawing SEC Attention. —BY RALPH HENDERSHOT Time* Special Writer

YORK, Jan. 25.—Several corporations in recent months have sold large blocks of securities to banks, insurance companies and small groups of other large investors and ir doing so apparently have succc- fully evaded the Securities A’t. Underwriting houses in Wall Ft reel would like to extend their i t a les, but are prevented

from do * so by r ? on o' 'he fact sh- ,‘h so deals i u .hi. other w is- prospective P " • TANARUS: ‘ 'uritiesand E ' Commission .v.se inch r. > Irown on these tra'i. actions, it is said, be use they constitute evasion of a law it is pledged to uphold.

Reports have reached the Street that it intends to do something about it, and the boys are rather curious to know how this can be done. The Securities Act does not require registration of securities which do not enter into interstate trade, and the issuers and the purcnasers are assumed to have been careful to avoid interstate dealings. The possibility may or may not exist, however that at some later date some of these securities may find their way across state borders. nan TT remains to be seen whether the *■ alterations which have been made in the commission’s rulings governing the issuance of securities b long-established corporations will eliminate r hese practices of direct sale. It would seem to be rather doubtful that such will prove to be the case. The :arge institutions have huge amounts of idle money, and the corporitions have discovered that they can save money by going direct to the purchaser. The method has one important handicap, nowever. The portfolios of the purchasers are likely to reflect lack of diversification if the practice is continued. Their funds are likely to be tied up in too few corporations Investment authorities are inclined to frown on such conditions. a a a OF course if the Securities and Exchange Commission finds its hands tied in coping with this situation it is possible that the banking and insurance authorities will have something to say about the practice in so far as it comes within the scope of their powers. And if the banks and insurance companies are obliged to divest themselves of part of their holdings in some of these concerns they may find it difficult to resell them in view of the fact that they are not registered. While it is to be assumed that the banks which have made purchases of these securities knew what they were about and did not tie up too much cf their funds in such fashion, the banking department would do well to check on their operations. Liquidity is an important factor in a banking portfolio, and unregistered securities certainly are not as easily converted into cash as are those which have been issued in compliance with the law.

JOHN HANCOCK AGENTS TO BE FETED TONIGHT Barton Rees Pogue, Entertainer, Will Be Present. Bartan Rees Pogue, well-known after-dinner entertainer and author of “The Lifter of Laughter,’’ will help make the banquet for John Hancock Mutual Life Insurance Cos. agents and their wives a i?al gala occasion, tonight at the uidianapolis Athletic Club. Dan W. Flickinger, general agent for the company in Indiana, has appointed M. E. White of Kokomo toastmaster at the banquet. Approximately 30 men will be honored at that time with production prizes, following a very successful six-week sales contest. Toastmaster White lea in paid production during the entire campaign. On Commission Row Quotations oelow are average wholesale prices being offered to buyers by local commission dealers. Fruits —Cranberries. Cape Cod. late Howes. 25-lb box. $5 25. Grapes. California Emperor 27-lb. box, $3. Persimmons. Califori. 24\ $1 35. Bananas. 4%c a lb. Apple Indiana Jonathans. $1 65 Grimes Goldt . $1.50® 1.65. Lemons. Sunkm 3605. $5 Grapelruit Texas, seedless. $3 25 Limes, Mexican per carton 12s 25c: Bvram. seedless, per hundred. $3. California rhubarb. 75c a 5-lb box. Pears. Oregon D'anlo. box. $3.50. Pineapples. 30s. $4 25 :4 50 Advocados. Florida, box. $2. Strawberries. Florida, pint. 33c. Apricots, $3 a crate. Vegetables Cabbage, Northern Danish. 50-lb. -bag 65c. red. 50-lb. box. 90c. New Texas Cabbage, 50-lb. bag. $1 50. Onions Idaho, sweet. Spanish large. 50-lb bag, $1 75. Michigan yellow, med. 10-lb. b-g 22c: western white. 50-lb bag. $1.85; Michigan. yellow. $1 25. Potatoes. Green Mountains. 100-ib. bag. $160: northern round wh'te. 100-lb. bag, $1.20: Ohios, 100-lb. bag, $2.10: Idaho Russets 100-lb. bag. $2.10. New Texai. (H.'atoes. $1 85. Sweet potatoes. Indiana Jersevs bushel. $1.75: Tennessee Narcv Halls, bushel. $1 35 Beans, strir.gless hampers. $3.50. Celerv. Michigan mediun. dozen. 75c: lumbo. dozen. 90c: hearts bunch. $1 60 Cucumbers, dozen $2 50: southern bushel. $4. Endive, dozen. 90c Egg riant. $2 25 dozen. Kale. Virginia, busnel. 60c. Lettuce, hothouse. 15-lb basket. $1 60 Arizona Iceberg head lettuce. $3 75 Mangoes. Florida, crate. $4 50 8 5 Mint bunch. 15c. Parsley, dozen. 35c Peas, hampers. $3 50. Sbinach. homegrown broadleaf. bushel. $1 25. Radishes, dozen. 65c Tomatoes. 10-lb carton. $1 50: Florida original. $2 75. Turnips, bushel. 75c. Parsnips, bushel. $135. Beets. bushel. $1.25. Carrots, bushel $1.25: 100-lb. sack. *1.75. Ail ouotatlorr übiec to change ut> or down Retail Coni 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 lump $5 20 Egg 5 03 Nut 480 Brazil BlockLump * 54 rf 5 31 Nut 504 GlendoraLump 5.34®5.i'9 In 5 18 i 5.43 Nut 4 95®5 20 West Virginia and Eastern Kentucky iGroap BI 6 77417.18 Pocahontas and New River, smokeless 7 3068 32 Coke, egg and nut S 90 Pea Coke 7.40 Anthracite 10.13 312. A

PAGE 26

FIRMNESS OF UTILITY GROUP STOCKFEATURE Performance of General List Is Dull and Irregiar. hu t nit id Press NEW YORK, Jan. 25.—Further firmness in utility shares featured a dull and irregular stock market this morning. United Cop. preferred passed General Electric to lead th; market in activity. It rose to 29%, up lli points, duplicating yesterday's gain. Detroit Edison jumped 2 1 •>, to 78, on a few salts Federal Light and Traction preferred jumped 5 points to 55, on a sale of 20 shares. Consolidated Gas, Commonwealth & Southern preferred and several other utilities gained fractionaily. Demand continued for fertilizer shares, with Virginia Carolina Chemical up 3 points to anew high of 93. Farm equipment shares were mixed. U. S. Steel was at 37%, off *,; American Telephone 103%, of! American Can 113%, off %; General Motors 31%, unchanged; Chrysler 37%, up %, and New York Central 18%, up U. i Money and Exchange TREASURY STATEMENT ißy United Press) WASHINGTON. Jan. 25—Government expenses and receipts for the current fiscal year to Jan. 23. compared with the corresponding period of the previous fiscal year: This year. Last year. Expenses $3,947,210,63 62 $33,411,685,264.91 Receipts 2.023.308.906 75 1,638,989.548.92 Deficit-. 1,923.901,726.87 1,772.695,715.99 Cash bal. 2 360,293,672.80 486,735,450.04

Hendershot

PORKERS AGAIN MOVEUPWARD Prices Are Generally 10 Cents Higher on All Classes. Despite the wide function in prices toward lower levels during the last three trading sessions of the week, porker prices'at the Indianapolis Stockyards today showed slight strength and were near the highest point for the week. With supplies running slightly under the normal mark, most classes in early trading were generally 10 cents higher than yesterday’s average. Receipts were estimated at 5000 against 3000 yesterday. With bad weather conditions in prospect, several traders predict that hog prices will continue sharply higher. No particular interest was shown in the various classes, but a fairly active demand prevailed on most all grades. The bulk, 160 to 325 pounds, was selling at $7.70 to SB.IO. Few better grades were reported selling at $8.15, while extremely lightweights, ranging from 100 to 130 pounds, brought $5.25 to $6.25. Others, scaling from 130 to 160 pounds, cashed in at $6.50 to $7.50. Good packing sows brought $6.50 to $7.25. Holdovers numbered 694. Early activity was limited in the cattle market with beef steers and heifers scarce and unchanged at yesterday's best prices. Cows were active and strong. Bulk of steers were salable under $8.50. Receipts numbered 500. Vealers after reaching new high levels for some time were sharply 50 cents lower, selling at sll down. Receipts were 600. Only a slight change was evident in the lamb market with natives and fed western lambs stationary. Bulk of most of classes ranged from $9 down. Heavies sold at $8.75, wnile throwouts ranged from $6.50 to $8.50. Slaughter sheep held at $5.50 down. Receipts were 2000. HOGS Jan. Bulk. Top. Receipts. 19. s7.6o(<i 7.90 $7.90 3000 21. 7.905i 8.10 8.10 3000 22. 7.70® 8.10 8.10 700 J 23. 7.45® 3.85 7.85 8000 24. 7 60Si 8 00 8.00 4000 25. 7.70® 8.10 8.10 5000 Light light: i 160-1801 Good and choice $7.00® 7.75 Medium 6.50® 7.25 Light weight. 1160-180 • Good and choice . . 7.90®, 8.00 Medium 7.50® 7.75 (180-200) Good and choice .. B.oo® 8.10 Medium 7.50® 7.85 Medium weight' (200-320* Good and choice .. 8.05® 8.15 (220-250' Good and choice .. 7,90® 815 Heavyweight: (250-2901 Good and choice... 7.80® 7.95 1290-350( Good and choice .. 7.60®. 7.80 Packing sows: (275-3501 Medium 6.50® 6.90 (350-4251 Good 6.90® 7.15 (425-5501 Good 6.75® 7.00 (275-3501 Medium 6.50® 6.90 Slaughter pies: • 100-I4oi Good and choice .. 5.25® 6.75 Medium 4.25® 6.50 CATTLE Receipts, 500— —Steers—-(sso-900) Choice $9.75® 11.50 Good 8.50 ■( 10.75 Medium 6.25® 8.75 Common 4.25® 6.25 (900-1100) Choice [email protected] Good 8.75® 11.25 Medium 6.50® 9.00 Common 4.50® 6.75 (1100-1300) Choice 11.50® 12.50 Good 9.25 (j 11.50 Medium 6.750 9.50 (1300-1500) Choice .11.50<®12.f0 Good 9.25QT1 50 —Heifers—-(sso-750) Choice 8.500 9.00 Good 7.50® 8.50 Common and medium 3.75® 7.50 (750-9001 Good and choice 7.50® 9.25 Common and medium 4.00® 7.50 —Cows— Cood 5 25® 7.00 Common and medium 3.000 5.25 Low cutter and cutter 1.50® 3.00 —Bulls—(Tearlings Excluded) Good . 4.250 5.00 Common and medium 3.00® 4.25 VEALERS —Receipts. 600— Good and choice slo,ooo® 11.00 Medium B.oo® 10.00 Cull and common 4.00® 8 00 —Calves—-oJSO-SCOi Good and choice ... 6 25® 900 Common and medium 3.25® 5.75 —Feeder and Stocker Cattle — —Steers—-(soo-900) Gt and and choice-.., 500 ® 6.50 Common and medium ... 3 50® 5.00 (500-10501 Good and choice . 5 25® 6.50 Commcn and medium 3 75® 5.25 —Cows— Good 3 25® 4.00 Common and medium 2.50® 3 25 SHEEP AND LAMBS —Receipts. 2000— Lambs. 90-lbs. down, good and choice $8 75® 9.00 Common and medium ... 6 00® 8.75 90-120 Its . good and choice .. 4 503 5.50 Sheep— G2O-150) Good and choice ... 4.00® t.OO All weights, common and medium 3 00 ® 4.50

♦ Abreast of The Times on Finance

(By Thomson fc McKinnon! 11:00 A M. Prev. | Oil*— High. Low. N. Y. close. ! Amerada 53% 53% 53% 53% i Atl Rfg 24% 24% 24% 24% Barnsdall 6% 6% 6% 6% Consol Oil 7% 7 s * 7% Cent of Del .... 17% 17% 17% 17* Phillips Pet 14% 14% 14% 14 s * Plymouth Gil .. 8 8 8 8% Pure Oil 32% 32% 32% 32 Skelley Oil 7% 7% 7% ... Soc Vac 14 13% 13% 13% SO of Cal .... 31% 31 31 31% SO of Ind 24% 24% 24% 24% S O of N J 42 42 42 42 Texas Corp ... 19% 19% 19% 20 Tidewater Assn 8 7 ,i 8% 8% 8* Steels— Am Roll Mills .. 21% 21% 21% 21% Beth Steel 31% 31% 31% 31 Bvers A M 13% 18% 18% 18% Col Fuel k Iron 4% 4% 4% 4% Inland Steel ... 55 54% 54% 54% Natl Steel 49 49 49 49% Otis Steel . 6% 6% 6% C’a Rep Iron & Steel 14% 14% 14% 14% Rep Ir & St pfd 48 48 48 43% U S Steel 37% 37% 37% 37% U S Steel pfd .. 92 91% 92 92, Warren Bros 5 5 5 5 Youngst'n S& T 19% 19% 19% 19% Motors— Auburn 23% 23% 23% 23% Chrysler 37% 37% 37% 37% Gen Motors 31% 31% 31% il% Hudson 10% 10% 10% 10% Truck ... 25% 25% 25% 26 Nash 16% 16 16 16% Packard 4% 4% 4% 4% St.udebaker 2 1% 2 2 Motor Access— Bendix 15% 15% 15% 15% Bohn Alum .. . 55% 55% 55% 55 Borg Warner ... 30% 29% 29% 30 Briggs 26% 26% 26% 26% Budd Wheel ... 4 3% 4 3% Elec Auto Lite 25% 25 25 25 Houdaille A’ .. 8 8 8 8 Murray Body ..7% 7 7% 7 Stew Warner ... 7% 7% 7% 7% Timken Roll ... 33% 33% 33% 33% Mining— Alaska Jun 17% 17% 17% 17% Am Smelt 35% 35% 35% 35% Anaconda 10% 10% 10% l(f% Cal & Hecla •• 3% 3% 3% 3% Cerro De Pasco . 40% 40% 40% 40% Dome Mines ... 36 35% 36 36 Granbv 6% 6% 6% 6% Howe Sound .... 44% 44% 44% 45% Int Nickel 23% 23 23 23 ! /s Isl Creek Coal .. 34 34 34 34 Kennecott Cop . 16% 16% 16% 16% Mclntyre Mine .38% 38 38 38'% Park Utah 33 33 U S Smelters ...109 109 109 110 Amusements— Croslev Radio . 13% 13% 13% i4 Loews Inc 33 33 33 32% Radio Corp .... 5% 5% 5% 5% Tobaccos— Gen Cigars .... 57 57 57 57 Reynolds Tob B 47% 47% 47% 47% Rails— Atchison 48% 48% 48% 48% Atl Coast Lines. 31 31 31 31 B & O 12% 12 12% 12% Can Pacific 13% 13 13% 13% Ch & Ohio 43% 43% 43% 43% Chi & Gt W ... 1% 1% 17a 1% C M & St P ... 2% 2% 2% 2% Del Lac & W .. 16 15% 15% 15% Grt North pfd .. 14% 14% 14% 14% 111 Central ... 14% 14% 14% 14% Lehigh Valley .. 9% 9% 9% 9% Lou & Nash ... 42% 42% 42% 42% N Y Cent 18% 18% 18% 18% N Y New Haven. 6 6 6 6% Nor Pacific 18% 17% 17% 17% Sou Pac 16 15% 15% 15% Sou R R 13% 13% 13% 1374 Union Pac 1057 8 1057a 1057 8 105 Equipments— Am Brake Shoer 27% 27% 27% 27% Am Car & Fdy.. 17% 17% 17% 17% Am Loco 18% 18% 18% 18% Bald Loco 6 57 s 6 6 Gen Elec 24 23% 23% 23% Gen R R Sig ... 26% 26% 26% 26% Pullman Inc ... 49% 49% 49% 49% West Air Br 24% 24% 24% 24% Westingh Elec .. 38% 33% 38% 38% Utilities— A T & T 104 103% 103% 104% Col Gas & Elec . 6% 6% 6% 6% Com & Sou .... 1% 1% 1% 114l 1 4 Consol Gas 19% 19% 19% 19% Elec Pwr & Lit. . 2% 2% 2% 2% Int T & T 9% 9Vi 9% 9% North Amer ... 12% 12% 12% 12% Pac G & E 14% 14 14 14 Peoples Gas 21% 21% 21% 21% Pub Serv N J .. 26% 26% 26% 26 So Cal Edison... 11% 11% 11% 11% Std Gas 3% 37a 3% 3% United Corp ... 2% 2% 2% 2% Un Gas Imp ... 12 11% 12 12 Western Union.. 31% 31% 31% 31% Rubbers— Firestone 17 17 17 167a Goodrich 10% 10% 10% 10 Goodyear 22% 22% 22% 22% Miscellaneous—r Allis Chalmers. 16% 16% 16% 16% Am Can 114 113% 113% 114 Am Mach & Fdy 20% 2U‘s 20'% 20% Burroughs Add 15% 15 15 15 J I Case 55% 55% 55% 55% Conti Can 64% 64% 64% 64% Caterpillar Tract 38% 38% 38% 38% Curtis Pub pfd . 97% 97% 97% 97% Deere & Cos 28% 28 28 28% Gillette 13% 13% 13% 13 a Glidden 24% 247a 24% 247a Inter Harv 41% 41 41% 41 Natl Cash Reg .. 16% 16% IS% 167a Owens Bottle . 87 86% 86% 87 Underwood E... 58% 58% 58% 58% Foods— Am Sugar 63% 63% 63% 63% Armour Com 5% 5% 5% 5% Armour 6% pfd 68 68 68 67% Borden Prod 23% 23% 23% 23% Cal Packing 39% 38% 39% 38% Corn Prod . ... 64% 64% 64% 64% Crm of Wheat . 36% 36% 36% 36%

Chicago Stocks (By Abbott, Proctor & Paine) . 11:00 P.-ev. A. M. close. Bore Warner 30 29% Butler Bros 6% 6% Cent Southwest % % Cities Service l'/s 1% Com & Edison 52 % 52 Chicago Mail 17% 17% Noblitt Sparks 14% 14% Quaker Oats 129 129'2 Swift 17=8 17% Swift Int 32 32 Util Inv % Va New York Curb 12 Prev. (Noon) close. Allied Mills 13 13 Am Cyanide “B” 17% 17% Am Superpower 1 1% Atlas Corp 8 3 4 8% Distillers Corp 16% 16 3 4 El Bond & Share 16 % 6 3 s Hlra Wmalker 29% 29 Humble Oil 46 45 7 b Lake Shore Min 51’ 2 1% Natl Bellas Hess 2 Nia Hud Pwr 3% 3% Pan Am Airways 41 41% Penn Road 2 ITa Sal Creek Products 6 Std of Ky 19 a 20% Technicolor Ind 11% Teck Hughes Gold 3% 3% Wright Hargraves Min 7 3 4 GRAIN VALUES DROP ON MODERATE SALES Little Attention Paid to Alien Improvement. By United Press CHICAGO, Jan. 25.—Grain prices turned lower on the Board of Trade today when a mild wave of liquidation overtook the market. At the start wheat was unchanged to 4 cent lower, corn was off ’* to cent, oats were unchanged to off *s cent lower to % cent higher. The trade paid little attention to early strength at Liverpool. Little activity was noted here and in general operators resumed their waiting attitude. (Bv James E. Bennett) Prev. Wheat— High. Low. 11:00 close. May . 96 7 .96 1 8 96% ,96 3 4 juiv 88% .88% .88% 88% Sept ,87 .86'- 2 .86 'e .8* Corn— May 84% 84% .84% .84% Julv .80% .80 .80 % 80'2 Sept 77 >. .76% .77 >. .77% Oats— Mav 51% .50% 51 .51% Julv 44% 43'a 44 .44% Sept. 42 -41% 42 .42 Rye—y- v ......... .67% .66% .67% .66*8 J ....... .67% .66% .66• s .66% Sept 66' .65% .66's .65% LOCAL CASH .MARKET City grain elevators are paying 89 cents for So. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow SO cents and oats 46 cents.

INDIANAPOLIS, FRIDAY, JANUARY 25, 1935

New York Stocks

Oen Foods 34*23334 3 3 2 34 3 * Gold Dusi 16U 16*8 16*8 16 3 n G W Sugar 27% 27% 27% 27% Hershey 80 80 80 80 Loose Wiles ... 35% 35% 3574 Natl Biscuit ... 29% 28% 29% 29% Natl D Prod 16% 16 16% 16 S Porto Rico Sug 20% 20% 20% 20% Std Brands 17% 17% 17% 17% United Fruit ... 74% 74 74% 74% Retail Stores— Best & Cos 35 34% 35 34% First Natl Stores 52% 51% 51% 52% K.-esge S S i-0% 20% 20% 20% Kroger Groc ... 25% 25 25 25% McCrorv St. ... 11% 11% 11% 11 McLelian St ... 13% 13% 15% 15% Marshall Field .. 9% 9% 9% 9% May Dept St 43% 43% 43% 53% Mont Ward . 26% 26% 26% 26% Penney J C 71 % 71 71 71% Safeway St 40 39% 40 39% Sears Roebuck .. 35 34% 35 34% Woolworth 53% 52% 53% 53 Aviation— Curtiss Wright A 8% 8% 8% 8% Douglas Air . 22% 22’a 22% 22% Nor Am Av ... 3% 3% 3% 4 Sperrv Corp .. 9% 9 9% 9 United Airft New 14 13% 13% 14% Chemicals— Air Reduction ..110% 110% 110% no Col Carbon .... 70 69% 70 68% Com Solvents .. 22 21 % 21 % 21 1 a Freeport Tex .. 23 21% 21% 23% Monsanto Chem 58% 58% 58 % 58 Natl Dis inewi 26% 26% 26% 26% Tex Gulf Sulph 33% 33% 33% 33% Union Carbide • 45% 45% 45% 45% Cotv Inc 6 6 6 5% Sterling Prod ... 60% 60% 60V4 59% Vick Chem 34% 34% 34% 35 Financial— Adams Exp .... 6% 6% 6% 6% Chesa Corp 40% 40% 40% 40 Lehman Corp ..72% 72% 72% 72 Transamerica .. 5% 5% 5% 5% Tr Conti Corp . 33 32% Building— Am Radiator ... 14% 14% 14% 14% Gen Asphalt .17 17 17 17 Holland Furnace 8% 8% 8% 8% Libby Owens Cls 29% 28% 28% 29% Otis Elev 15 15 15 15 U S Gypsum ... 48% 48% 48% 48% Kelvinator 17% 17% 17% 17% Proc & Gamble. 44% 44% 44% 44% Servel Inc 8% 8% 8% 8% Simmons Bed .. 9% 9% 9% 9% Textiles— Amer Woolen .. 8% 8 8 8 Belding Hem .. 12% 12% 12% 12% Celanese Corp .. 31% 30% 31% 30% Collins Aikman. 13% 13% 13% 13% Indus Rayon. ... 31% 31% 31 Vs 31%

N. Y. Bonds (Reprinted from yesterday) U. S. GOVERNMENT BONDS (By Fenner & Beane) Close. Prev. close. Libtrtys Ist 3%s 1932-47 104.17 104.18 Ist 4%s 1932-47 103.26 103.27 4th 4%s 1033-38 (uncalled' . 103.31 103.27 4th 4Vis 1933-38 (called) 103.1 102.2 Treasurys 4%s 1943-45 114 30 114.27 4s 1214-5 t 110.5 110.8 3%s 1946-56 108.24 108.27 3%s 1940-43 105.27 106 3%s 1943-47 105.22 105.24 3%s 1941-43 105.26 105.31 3Vis 1943-45 104.10 104.11 3% s 1941 105.22 105 25 3%s 1944-46 104.9 104.13 3'/aS 1946-49 103.30 104 3%s 1949-52 103.17 103.20 3s 1951-55 102.29 103.6 3s 1946-48 102.18 102 19 Home Owners’ Loan Corp. 2%s 1949 98.16 98.13 3s 1952 100.21 100.22 4s 1951 101.10 101.10 Federal Farm Mortgage Corp 3 Vis 1964 102.1 102.16 3s 1949 100.21 100.21 DOMESTIC Prev. Close, close. Alleg Corp 5s ’44 73% 73Vi Alleg Corp 5s ’49 63% 64 Alleg Corp 5s ’SO 24% 24% Am Frgn Pow 5s 2030 56% 56% Am Tel & Tel sVis ’43 112% 112'% Am Tel & Tel 5s ’65 . 112% 112% Arm & Cos (Del) 5%s ’43 104 Va 104% Atl Coast Line 4s ’52 102 Vi 102 Atl Coast Line 4%s ’64 91% 94 Atch Top it SFe 4Vis ’4B 108% 108% Am Wat Wks 5s ’44 96% 96% Am Rolling Mills 5s 38 110% 110% Balt & Ohio 5s ’95 73% 73 Balt & Ohio 6s ’95 83% 83Vi Balt & Ohio 4%s ’6O 56% 56% Buff Roch & Pitt 4%s 57 70 70 Beth Steel ’36 103% 103% Chi Milw &StPlss 75 23 % 24 Chi Milw & St P 5s '75 6% 6% Cleve Un Term 5%s ’72 100% 101% Cleve Un Term 5s ’73 96% 96% Cleve Un Term 4%s ’77 89 89% Col Gas 5s Mav ’52 80% 79 Col Gas 5s April ’52 80% 81 Col Gas 5s ’6l 79% 77% Can Pac Perp 4s 86% 87 Cent Pac 5s ’6O 78% 78% Big Four 4Vis ’77 75% 75% Big Four 5s ’63 80% 82 Colorado & So 4%s 'BO .... 69 69% Chi & West Ind 4s ’52 95 94% Chi & West Ind 5%s ’62 102% 102% Chi & Nor West 4%S ’49 .... 18% 19% Cons Gas 5s ’57 103% 103% Chesa Corn 5s ’47 104% 104% Dodge Bros 6s ’4O 108% 106% Del & Huds 4s ’43 90% 90% N Y Dock 4s ’sl 63 60 N Y Oock 5s ’3B 46 44% Erie 5s '75 -.. 71% 71% Erie 5s ’67 71% 71 1 2 Gen Cable sVis ’47 89% 89% Grt Northern 7s ’36 92% 92% Grt Northern 4%s ’76 77% 78 Grt Northern 4Vis ’77 77% 77% Gen Stl Cast WW 5%s ’49... 93% 95% Hud & Manhat Ref 5s ’57 ... 90 88% 111 Cent 4%s ’66 59% 60 111 Cent Jt 4Vis ’63 69% 71% 111 Cent 5s ’63 74% 75% Interlake C & I 5s ’sl 81 82 Interntl Hv Elec 6s ’44 50% 51% Interntl Tel & Tel 4'is ’3P 70% 70% Interntl Tel & Tel 5s ’53 ... 68 68 Interntl Tel & Tel 4%s ’52 .. 63% 63% McKess & Rob sVis 'SO 97 96% Midvale Stl 5s ’36 102% Natl Dairy 5 is ’4B }02% *9?.? Natl Steel 5s ’55 106% 106% Nickel Plate 4%s ’7B 63% Nickel Plate 5%s ’74 75 74% Nickel Plate 6s ’35 69 69% N Y Cent 5s 2013 67% 67 N Y Cent 4Vis 2013 (old) ... 61% 61% Nor Amer Cos 5s ’6l 84% 84 Nor Pac 3s 2047 74% 74% Nor Pac 4%s 2047 87% 87% Nor Pac 6s 2047 101 101% Nor States 5s '4l 105 105% New Orleans Term 4s %3 85% 85% Otis Steel 6s ’4l 86% 86 Penn Ry 4%s 'B4 102 a 102 a Penn Ry 4%s ’Bl 102% 10T ? Penn Rv 4' is ’7O 95% 95% pic G&E 5s ’42 . 108 108% Portland Gen El 4%S 60 59 t 58 4 Para Publix RVis s’o 64% 64 1 Penn PAc L 4%s ’Bl . ■ • 100% 100% Postal Tel & Cab 5s ’53 50% 51% Rem Rand WW sis ’47 99% 99% Sinclair Oil 6%s 38 _ 104% 104 2 Shell Union Oil as 47 102 V* 102% Sou Pac 4%S 68 67 67 4 Sou Pac 4'is ’Bl 66 66 Sou Pac 4Vis ’69 67% 67 - Sou Pac 4s 49 69 69 Sou Rail 4s 56 60 60 4 Sou Rail 6s ’56 ™ v la Sou Rail 6'is ’56 87% 83 Texas Pac 5s ’BO - 92% 9-% Sharon Stl Hood 5%s 48 87 4 87 '4 Texas Pac 5s ;79 Texas Pac 5s 77 92% 93 Union Pac 4s ’47 109 108 2 United Drug 5s 53 9- al 4 U. S. Rubber 5s 47 94-4 * NYNH &H 6s ’4B 49% 49% NYN H & Hart 4%s ’67 41 >3 42% Warner Bros 6s 39 55 56 4 Western Marv 5%s 77 99 2 99 4 Western Marv 4s 52 .. • 91% 91 2 Youngstown S&T 5s 70 96j 2 9o 4 Youngstown S6zT .s <8 .... 96/4 96 r oreiffn Argentina A 6s ’57 91% 92% &g‘sf V*. Ed NEW REFUND PROPOSED Railroad Credit Corp. to Release Fourteenth Distribution. By Times Special WASHINGTON, Jan. 25. A liquidating distribution of $726,165, or 1 per cent, will be made by the Railroad Credit Corp. to participating carriers on Jan. 31, E. G. Euckland. president of the agency, declared today. This will make the fourteenth distribution which has been voted since liquidation began in June, 1933, and will bring the total amount distributed to $21,353,344, of which $9,442,565 is cash and $11,910,779 credits. cement use higher Gain of 19 Per Cent Over 1933 Reported During 1934. 1 By Times Special CHICAGO, Jan. 25.—While use of Portland ’cement was still far below the average for the last five years, there was a gain of about 19 per cent in 1934 over 1933, E. J. Mehren, president of the Portland Cement Association, declared today.

SEC ATTACKS ELECTION RULE OF EXCHANGES

Naming of Officers by All Members Urged in Report to Senate. By United Press WASHINGTON, Jan. 25.—Stock exchanges should revise their rules to permit election of officers by direct expression of all members instead of by restricted committees which may perpetuate control by a small group, the Securities and Exchange Commission advised the Senate today. These revisions, the commission said, would make the governing board more fifepresentative and “more vigilant in protecting the investors and public.” Chairman Joseph P. Kennedy submitted the report in conformance with a Senate resolution asking the commission to inquire into classification of stock exchange members, elections of officers and rules for suspension or expulsion of members. SEC Issues Warning The commission said it was not recommending legislation because the suggestions could “be put into effect by the voluntary action of the exchanges themselves.” The commission warned, however, that it Vould report later to Congress on progress of the exchanges in effecting the changes. The report, however, carried an implied thieat that the commission might seek new legislation if exchanges did not enforce provisions for disciplining members for violation of the Securities Exchange Act. Under the commission's proposal non-members of exchanges would be allowed to hold the presidency of other executive offices and the nomination of the President would be by petition and vote of the full membership instead of by committee. Commission Brokers Favored The commission suggested a larger representation of commission brokers on governing committees because they are in direct contact with the public. Nominations to the governing committees should be by membership petition instead of by nominating committees, the commission said. It suggested one-third of the members of these committees be elected each year instead of onefourth. It urged that arbitration expenses be reduced and adequate provisions made for appeal of decisions to the governing committee. In demanding a larger representation on the governing committees for commission brokers, it was pointed out that commission houses now own 52 *p e r cent of the 1,375 seats on the New York Stock Exchange, but have only 14 governors, or one quarter of the board. In discussing the desirability of electing a non-member as president of an exchange, the commission wrote “this possibility might result in bringing an impartial administrator to the exchange who could consider not only the interests of the exchange as a whole but also the public interests.” Other Livestock (By United Press) CHICAGO, Jen. 25.—Hogs—Receipts, 13,000. including 5000 directs; slow, steady to 10c higher than Thursday; weights above 200 lbs.. $7.90® 8: top. $8: 160-200 lbs., $7.60® 7.90: 140-160 lbs., [email protected]: 100-140 lbs.. $5.25® 7.25; packing sows mostly $7,407? 7.50: light lights, 140-160 lbs., good and choice, [email protected]; light weight. 160-200 lbs., good and choice, $7.40(1(7.90; medium weights. 200-250 lbs., good and choice, $7.75®8: heavy weights, 250-350 lbs., good and choice, $7.90(1/8: packing sows. 275-550 lbs., medium ana choice, $6.25:%7.65; slaughter pigs, 100-140 lbs., good and choice. $5,250/7.35. Cattle — Receipts. 4000 commercial, 100 government; calves. 1000 commercial. 100 government: fed steers and yearlings comparatively scarce in run: rather slow but mostly steady, edge off market for all she-stock; bulls 15 to 25 cents lower: vealers steady to weak: holding best weighty steers above sl2; good 1500 lbs. at $11: most warmed up and short fed yearlings and light steers. $7(/i 9.50; better grade heifers practically absent: cutter and lower cutter cows mostly $2,507/ 3.75; bulk vealers, so® 10.50: few selects, sll. Slaughter cattle and vealers. steers. 550-900 lbs., good and choice. $8.75'(i12; 900-1100 lbs., good sr.d choice. s9® 12.75; 1100-1300 lbs., good and choice. $9.25(0 13: 1300-1500 lbs., good and choice, $9.757/13; 550-1300 lbs., common and medium, $4.75(5/9.75: heifers. 550-750 lbs., good and choice. $8.50®10.50; common and medium. $4.50®8.50: cows, good. $5.50@7 r 9; common and medium, $3.75® 5.50; cutter and cutter. $2.25®3.75; bulls (yearlings excluded i. good ibeefi, $4 25®5 50; cutter common and medium. s4® 4 50: vearlings, good and choice, sß® 11; medium, s7®B: cull and common, ss® 7 Stocker and feeder cattle, steers, 5501050 lbs. good and choice. $5.50® 7.75; common end medium, 54.5055.50. Sheep— F.eceipts. 8000; slaughter classes fairly active, buvtrs talking fully steady on offerings no.v held 25c and more higher; feeding lambs little changed: bulk slaughter lambs held [email protected]: buyers talking around $£ early: ewes, $4.50®5 mostly. Slaughter sheep and lambs, lambs. 90 lbs. down, good and choice. $8.60®9.35; common amd medium. $7®:8.75: ewes. 90-150 lbs., good and choice. [email protected]: all weights common and medium. $3®4.25. Feeding lambs, 50-75 lbs., good and choice, s7® 8. FT. WAYNE. Jan. 25.—Hogs—5c to 10c highef: 200-250 lbs. $8: 250-300 lbs.. $7.85; 300-350 lbs.. $7.70: 180-200 lbs.. $7.85; 160180 lbs.. $7.75: 150-160 lbs. $7.25; 140-150 lbs. $6.75: 130-140 lbs.. $6.25; 120-130 lbs.. S6: 100-120 ibs.. 55.50: roughs. $6.50; stags, $4.50. Calves —$11. Lambs—sß.7s. LAFAYETTE. Jan. 25.—Market 10®15c higher: 200-225 lbs.. $8: 225-235 lbs.. $7.85; 235-250 lbs.. 37.80: 250-275 lbs.. $7.75: 275300 lbs.. $7.55! 300-325 lbs.. $7.50; 180-200 lbs . $7.90: 160-180 lbs.. $7.80: 155-160 lbs.. 57.80; 155-160 lbs.. $7.50: 150-155 lbs.. $7 25; 140-150 lbs.. $7; 100-140 lbs.. $5.25® 6.75: roughs, $7 down. Native lambs. $8.50; western lambs. S9. Calf market 50c lower top $10.50. ißy Times Special) LOUISVILLE. Jan. 25.—Cattle—Receipts. 150’ suppiv light, demand fairly broad: market fuilv steaay; common to medium steers and heifers. ss® 7.25: better finished absent early quotable 57.50®8.50; bulk beef cows. $3.50®4.50; good kinds to $5- low cutters and cutters. $1.75<&3; sausage bulls mostly $4.25 down: heavyweights higher common to medium Stockers and feeders. $4.25®5.50: desirable Hereford stock calves mainly $6®6.50. Calves—Receipts. 350. including 100 stock calves; vealers steady; bulk good to choice. s9® 10; medium and lower grades $8 50 down to around $5 for light culls. Kogs—Receipts. 500; market 5c higher: top and bulk desirable. 180-275 lbs.. $8: 280 lbs. and up. $7.55: 160-175 lbs., $1.35: 140-155 lbs.. $6.85; 120-135 lbs.. $5.90; sows $6 25. Sheep—Receipts, 25; generally steadv: medium to good lambs quotable $7.50®8.50: choice up to $9 or better; light throwouts $6. and fat ewes salable $2.50® 3.50 ASSETS REGISTER GAIN By Times Special SPRINGFIELD. Mass., Jan. 25 Total assets of the Massachusetts | Mutual Life Insurance Cos. as of the dose of last year amounted to $498,389.360, contrasted with $469,015,312 Li the preceding year.

Baby Bonds

Treasury May Float Such Obligations Having Direct Appeal to Persons of Limited Means. BY VINCENT S. LYONS Times Financial Editor Thin is the first of a series of articles exlaining the contemplated program of the United States Treasury to use ‘‘baby bonds'* in its borrowing operations, and the results which might be expected from the utilization of this novel financing method. LEGISLATION has been introduced in Congress which would allow the United States Treasury to issue long-term “baby bonds” to the public as part of the government’s gigantic borrowing program. It was parenthetically explained that such bonds would be of 10 to 20year maturities and that they would be sold on a discount basis.

What are "baby bonds”? What is meant by a “discount basis”? What is to be gained by such a venture? These are some of the questions that have been asked since the measure was introduced. “Baby bonds” are given that term because they are really that in contrast to the general bond obligation, which is almost universally in SIOOO denominations. Under the present arrangement the bond market is virtually closed to the person having a limited amount of savings. This impediment would be removed immediately under the terms of the newly introduced measure. a a a TT is contemplated that the Treasury sell future bond issues in denominations ranging from as low as $25 to as high as SIO,OOO. However, this does not mean that only the person with $25 or more would be able to participate in the bond sale. The fact that the obligations will be sold on a “discount basis” will make it possible for persons with less than $25 to come in on the deal, if they so choose. Instead of paying the face amount of a 10-year bond valued at $25 and receiving 2 per cent interest yearly, the person of limited means will be able, under the “discount basis” arrangement, to buy a $35 “baby bond” for S2O. However, he will not receive any interest on the bond until the maturity date, when the accumulated payments over the 10-year period, plus his principal, are paid to him. Thus a person who buys a bond for S2O will be able to redeem it 10 years later for $25; a person paying S4O will receive SSO; a person paying SBO will receive SIOO, etc. a a a 'T'HEREFORE, selling “baby bonds” on a “discount basis” consists of the Treasury offering bonds to investors at a discount from the value stamped on the face of the contract. This discount actually represents the interest on the obligations, which, instead of being paid quarterly or semi-annually, 'is deferred until the bond matures. Can such a “baby bond” be readily sold or must it be held until maturity? If John Jones, who invested S2O in such a way finds at the end of five years, that a doctor’s bill must be met, and he is in fieed of ready cash, he can sell his bond for $22.50. This figure is the price he paid for the bond, plus the accrued interest for five years. When, as and if such a program is adopted by the Government it will mark the first time since the World War that the average person of moderate means will be in a position to own a Government bond. At that time, it will be remembered, the Liberty Loan drive made it possible for people with limited money to purchase Federal obligations. Tomorrow—lts Advantages. Produce Markets Delivered in Indianapolis prices: Heavy hens, 14c; 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; young toms, 14 lbs. and over, 15c; young toms, 11-14 lbs., 13c; No. 2. crooked breasts and thin turkeys, 9c; old toms, all weights. He; No. 1 strictly fresh country run eggs, loss off, 23c. Each full case must weigh 55 lbs. gross; a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter —No. 1,37 c. Butterfat —33c. Quoted by the Wadle.v Cos. (By United Press) CHICAGO. Jan. 25.—Eggs—Market unsettled; receipts. 4315 cases; extra firsts, 29%c; fresh graded firsts, 29c; current receipts. 27c; dirties. 26c; checks. 24%c Butter—Market unsettled: receipts, 6218 tubs; extra firsts (90-91% score), 34%c: extras (92 score). 34%c; firsts (88-89% score), 32%®32%c; seconds (86-87% score), 31®31%c; specials, 35%®35%c; standards. 33%c. Poultry—Market steady; receipts, 33 trucks: springers, 19c; ducks, 17®21c; turkeys. 18®20c: geese. 16@17c; Leghorns. 16c; capons. 6 to 7 lbs., 23c; Leghorn hens, 16c; stags. 15c: hens. 17%c; roosters, 14c: broilers. 21®22%c. Cheese— Twins. 16®16%c; Daisies. 16 %® 16%c: Lognhorns, 16%® l(L%c. Potatoes—Supply moderate: demand and trading moderate; market steady. Wisconsin round whites, 80®90c; Idßho russets. 51.57%®1.60; fine quality, $1 65; United States No. 2. $1.25: combination grade. $1.35; Michigan round whites. 85c. Arrivals, 37; on track, 197; shipments, 365. Hides and Skins Hides—Green country cows and steers. 4c fiat; greer. country bulls and glues, 2%c fit; gree.i 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. 2 grade horse hides. 50c less: glues and Donies half price. No. 1 rendered tallow. 4®4%c: No. 2 at value. Yellow grease 3%@3%e: dark grease. 3®3Vic SHARP SPURT SHOWN IN HUDSON SHIPMENTS Volume for 1934 Up 109.4 Per Cent, Company Announces. Hudson Motor Car Cos. shipments for 1934 aggregated 85,835 cars, including both Hudsons and Terraplanes, the company announced today. This total, in addition to representing an increase of 109.4 per cent over 1933 shipments of 40,982 cars, is the largest reported for any year since 1930. The figures include Canadian and export shipments, which were 159 per cent greater chan in 1933. Based upon the above figures, Hudson's percentage gain in 1934 was far greater than that reported for the industry as a whole. According to the latest official figures covering the calendar year 1934, the industry’s shipments totaled 2,296,000 cars, an increase of 41.1 per cent, compared with 1,627,367 cars shipped in 1933.

What Doeß It Mean? Opening Gong—Trading on the New York Stock Exchange is inaugurated each day with the ringing, of a gong at 10 o’clock. A hell also signifies the cessation of trading at 3 o’clock.

EARNS DISTINCTION

ML

C. D. Vawter Special distinction as vice president of the William Montgomery Quality Club has been earned by C. D. Vawter, agent of the Acacia Mutual Life Cos. Mr. Vawter sold $340,904 of life insurance to quality buyers in 1934.

WIRE MONOPOLY AFFECTS 64,500 Western Union’s Employes at 47.800, Postal’s Set at 16,700. By Times Special NEW YORK, Jan. 25.—Unification of America’s telegraph service would affect about 64,500 workers, it was estimated today. The merger, which was recommended yesterday by the Federal Communications Commission, is being considered by Congress. At present Western Union employs about 47,800 workers and Postal Telegraph about 16,700. It is estimated that wages and salaries of these employes consume approximately two-thirds of each company’s annual revenues. On this basis, the present pay roll of Western Union is roughly $60,000,000 annually and that of Postal Telegraph about $13,750,000. In “normal” times the pay roll is considerably higher. The industry has employed a total of 85,000 workers. Little change in employment took place in 1934, as compared with 1933. In order to safeguard workers from the effects of the proposed merger, the Communications Commission has recommended that annuities or dismissal compensation based on age and service be required as a condition of discharge. One of the major benefits of the merger would be the lowered operating expense made possible by joint operation of the two wire systems. The major portion of this decrease eventually would come from pay rolls, but by not filling places left vacant by retiring employees and other workers dropping out in the normal course or events, it is believed that undue hardship on the workers would be avoided. U. S. USE OF SILVER ABOVE OTHER NATIONS Non-Coinage Consumption in 1934 25,000,009 Ounces. By United Press NEW YORK, Jan. 25.—The United States continues to be the largest consumer of silver in the arts and industries of any other country in the world. During 1934, America consumed 25,000,000 ounces of silver for purposes other than coinage, an increase of 1,000,000 ounces over the previous year’s consumption. About half of this total was used for silverware which, because of the low price of silver, is now brought within reach of people of moderate means.

Government Bonds Home Owners’ Loan Corporation and Municipal Bonds The Union Trust Cos. of Indianapolis BOND DEPARTMENT 120 E. Market Riley 5341

r—WE BUY. SELL. and gladly furnish quotations on: Bonds of the United States Government, Its Territories and Insular Possessions Home Owners* Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Corp. 129 EAST MARKET STREET

CONGRESS AIMS TO ASSAIL RFC ON LOAN POLICY

Members to Cite Small Number Made in Their T\reas. By Srripps-Hotcard S'cictpaper Allian / 'e WASHINGTON, Jan. 25.—Congressmen from the small-irdustries states are preparing today to put a firecracker under Jesse H. Jones, chairman of the Reconstruction Finance Corp., for failing to make loans to industries in their areas. Powder for the firecracker will be compounded from RFC statistics. According *to figures from Mr. Jones’ office, as supplied to one of the congressional critics, onlv $7,505,031 in actual cash has been distributed to small industries by RFC since 300 millions of RFC funds were earmarked for that purpose last session. Only 681 Approved As of Jan. 16, ju/t 681 such loans had been approved, amounting to $36,958,753. this Congressman was told. They ranged in size from SSOO to SIOO,OOO. One complainant reported that a small manufacturer came to Washington with $150,000 in bona fide orders for his products, but couldn't borrow enough from RFC to get his plant started and meet the first pay roll, it would have taken 1400 men off relief, according to this version. It was for just such cases that the money was earmarked, the Congressmen contend. An additional $250.000,000 was sent to the Federal-Re-serve banks for the same purpose, but House members expected that the RFC would be less strict in lending. Instead, the reverse has been true. Beckman Report Cited. Additional ammunition for the Jones critics has been found in the Beckman report prepared for the small industries committee of Secretary Roper’s Business Advisory and Planning Council, In this report both the Federal Reserve Banks and RFC are criticised for failure to make loans to small industries, and definite recommendations are made for liberalization. The report points out that the money was earmarked to RFC “for the purpose of maintaining and increasing the employment of labor.” It charges that the RFC has lost sight of this purpose. What stand the Roper Council took on the report was never disclosed by me Secretary of Commerce. DIRECTORS RE-ELECTED DETROIT. Jan. 25.—At the annual stockholders’ meeting, of Kelvinator Corp., the following directors were re-eiected: J, S. Bache, Percy J. Ebboct, George W. Mason, H. G. Perkins. H. T. Pierpont, Ernest Stauffen Jr.., Merlin Wiley.

Breed, Elliott & Harrison Established 1912 1115 CIRCLE TOWER GOVERNMENT BONDS FEDERAL AND JOINT STOCK LAND BANK BONDS HOME OWNERS’ LOAN CORPORATION BONDS REAL ESTATE PREFERRED STOCKS AND BONDS BUILDING & LOAN STOCKS INSURANCE All Kinds With the Exception of Life A. J. Wichmann & Go., Inc. 712 Circle Tower •ZT BE SAFE Insnrp Voiir Onr Today State Automobile Insurance Ass’n. 7th Floor Occidental Hldg. us *3,360,0°°