Indianapolis Times, Volume 46, Number 223, Indianapolis, Marion County, 26 January 1935 — Page 14

Trends Highlights of the News During the Last Week. BY VINCENT S. LYONS— Tines Financial Editor

THE American Iron and Steel Institute indicated, on the basis of reports received, that the steel industry will display strong opposition to a 30-hour week . . . The Federal Trade Commission declared that state regulation of public utilities had failed to protect the public . . . Hie city of Jackson, Miss., voted against a plan to bring about municipal ownership of an electric power plant which would tie-in with the Tennessee Valley Authority . . . Feb 4 was set by Judge Frank B. Baker as the tentative date for the trial of three former officials of the defunct Meyer-Kiser Bank. ~. Lower fares and the adoption of many changes looking to the comfort of travelers was urged upon the nation's railroads by the transportation service .section of the Federal Co-ordinator of Transportation's office. . . . Marked increases and recessions in individual lines of Indiana have taken place since March 1934, but the general level of business has fluctuated within narrow limits, according to the monthly review of the Bureau of Business Administration of Indiana University . . . The rate of production for the steel industry during the current week was 49.5 per cent of capacity, the highest level since last June, according to the American Iron & Steel Institute. . . . Release of millions of dollars by Indiana banks lor the refinancing of mortgages and for the building of new homes is sought in a bill passed by the House amending the 1933 financial institutions act. a a a UTILIZATION of the sale of • baby bonds” by the United States Treasury, which would protide a wider distribution for Federal securities, was proposed in a bill introduced by Chairman Douglas of the House Ways and Means Committee. . . . Members of the House Banking Committee declared the loans to industries activities of the Reconstruction Finance Corp. has been a failure. Rep. Fish *R. , N. Y.) stated that “both the RFC and the Federal Reserve Banks have failed absolutely in carrying out our intent to make loans to private industry.” . . . Hugh V. Brady was elected treasurer of the Security Trust Cos. at the annual meeting of stockholders. . . . Five of Indianapolis’ banks are ranked among the Nations first 300 institutions, according to a compilation prepared by the American Banker. . . . The Marion County Consumers’ Council approved proposed inspection and regulation of the Indianapolis milk supply at its source. . . . Henry I. Harriman. president of the United States Chamber of Commerce, asserted that if public utility holding companies are to escape punitive legislation they must recast their financial structures. . . . The Bureau of Agricultural Economics predicted that next summer’s slaumter of hogs will be thr sma'lest since 1910. and that higher hog prices are in prospect for the rest of the year. a a a A BILL drafted to eliminate evils in receivership litigation was introduced in the state Senate by Senators Leo X. Smith and Thomas A. Hendricks, both Indianapolis Democrats. . . Electric power production in the week ended Jan. 19 established a four-year peak, reaching 1,778.273.000 kilowatt hours, an increase of 9.4 per cent over the corresponding W'eek last year, according to the Edison Electric Institute. .. W. E. Smith, president of the Standard Oil Cos. of Kentucky, flatly denied rumors that the Standard Oil Cos. of New Jersey would take over properties of his company. . . Internal revenue collections during the current fiscal year spurted to $1,674,000,000. which is $243,128,000 ahead of the collections in the same period last year. . . An article in the monthly bulletin of t ie National Industrial Conference Board asserts that until rents rise or building costs decline private capital will continue to show a reluctance to invest in new building. . . James E. Moffett, Federal Housing Administrator, envisioned a long-range housing program that would involve long terms, easy payment mortgages and eliminate present worries of ( 'home owners. . Senator Burton K. Wheeler iD.. Mont.) introduced a joint resolution to give the Federal Communications Commission $750,000 to carry on its investigation of the American Telephone and Telegraph Cos. a a a THE Public Service Commission of Indiana appro"ed new rate schedules calling for lower electric charges for consumers in 200 cities and towns in 40 Northern and Central Indiana counties. . . . Fred Hoke and Arthur Baxter have been elected to the board of directors of the city utilities district. Directors and trustees issued a statement in which they declared that it is not their intention to deprive Marion County residents of natural gas. . . . Meanwhile, the Senate passed the House bill which halts approval of the franchise application of the Users Gas Cos without approval of the Public Service Commission. . . . The Dun & Bradstreet food index rose 6 cents this week to $2.67, the highest level since Nov. 1, 1930. and contrasting with $2 in the corresponding 1934 week.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $ 1.890 000.00 Debits 4.918 000 00 Clearings lor the week 11.300.000.00 Debits lor the week 39.971,000.00 TREASURY STATEMENT ißv United Press* WASHINGTON. Jan. 28 —Government expenses *nd receipts lor the current fiscal vear to Jan. 24. compared with the corresponding period ol the previous fiscal year: This year. Last year, expenses 83 957.921 501 57 S3 4.'9.5..282 84 Receipts 2 028 406.724 35 1.644 608 750 97 Deficit 1 929i514.777.22 1 784.717 531 87 . Cash Bal 2 354,591.742 72 519.052 913 27 FOREIGN EXCHANGE <Bv Abbott. Proctor ii Paine) Prev. Close. close. Sterlm*. Rngland ... 84 86>, 84 87*4 FrancTrranc* 0651' > 0653*, Lira. Italy .0*44 0*48*4 Prana, Belrtum 2305 .2313 Mark. Germany 3978 3983 Guilder. Holland 86*4 .6708 Peseta. Spain 1351*2 .ISM Krone, Norway 3346 .2450 Krone, Denmark 127] .3178

PAGE 14

NARROW PRICE CHANGES RULE IN DULLDEALS Very Few Issues Break Out of Point Area; Paramount Leads. MARKETS AT A GLANCE Stocks dull and irregular in a narrow range. Bonds irregularly higher; U. S. Governments dull and irregular. Curb stocks mixed; specialties firm. Chicago stocks easier. Foreign exchange lower; sterling and gold rates weak. Cotton futures sell off 3 to 5 points. Rubber futures react 9 to 13 points. Silver eased % cent to 54 !4 cents an ounce. BY ELMER C. WALZER United Tress Financial Editor NEW YORK. Jan. 26.—A majority of issues fluctuated in a fractional area in today's short session on the Stock Exchange. The only feature was the market’s dullness. Only a half dozen or so stocks broke out of a point area. Paramount certificates led the market in activity. Its transactions were four times the next most ac- | five issue—General Electric. It rose % point to 4's, and its bonds also were higher. Other amusements were firm with it, Loew sand Warner Brothers making fractional advances. Weekly Review This week's movements in the stock market were entirely without feature and for all the progress the list made the exchange might as well have been closed. On net the market got nowhere and dealings were very light, tickers barely moving all week. The two major groups—railroad and industrial—lost slightly, while the utility average made a small gain. The later was not accounted for by anything in the news. Government agitation against the various units to force lower rates has not subsided and there is stil.l talk of municipal plants to be s*t up in competition with the privately owned units. Common stocks of steel companies met some profit-taking during the week as the steel operating figure mounted to around 50 per cent of capacity for the industry. Railroad shares did little better than hold their own. Car loadings made a small seasonal gain, but earnings of roads coming to light did not make a favorable comparison with last year. General Electric was the feature of the week. It was heavily traded at rising prices, coming within a i point of the year's high. The compand has invented a device that will facilitate long-distance transmission of electric power. Automobile production continued at a high rate. In fact some jompanies could not obtain steel fast enough to keep up with their production schedules. However, traders took profits in the motor shares with the result that they declined moderately. Tobaccos failed to follow up glowing reports on cigaret production. The output in 1934 set anew high record. Traders, however, had discounted that some time ago. and the stocks declined on realizing. Chemical issues were higher on the week and so were oils, fertilizer issues and some special stocks. Communication stocks lost their recent snap with American Telephone slightly easier. The latter met support each time it declined below 104. Mail order stocks failed to follow the fertilizer issues upward. Farm implement stocks were firm. Silvers were little changed. Golds declined, although selling was not particularly heavy.

On Commission Row

Quotations below are average wholesale prices being offered to buyers bv local commission dealers. Fruits —Cranberries. Capa Cod. late Howes. 25-lb. box. $5 25. Grapes. California Emperors. 27-lb. box. $3. Persimmons California 24s $1.35. Bananas. 4%c a lb. Apples. Indiana Jonathans. $1.65: Grimes Golden. *1.50®1.65. Lemons. Sunklst 3605. $5. Gtapelrult Texas, seedless. *3.25. Limes. Mexican per carton 12s 25c: Bvram. seedless, per hundred. S3. California rhubarb. 75c a 5-lb. box. Pears. Oregon D’anio. box. $3.50 Pineapples. 30s. $4 25/.i4 50 Advocados. Florida, box. *2. Strawberries. Florida, pint. 33c. Apricots. $3 a crate. Vegetables Cabbage. NortDern Danish 50-lb. bag 65c, red. 50-lb. box. 90c. New Texas Cabbage. 50-lb. bag. 51. 50. Onions. Idaho, sweet. Spanish, large. 50-lb bag. 51. 75. Michigan vellow. med 10-lb. bag 22c: western white. 50-lb. bag. 51.85; Michigan. vellow. 51. 25. Potatoes. Green Mountains. 100-lb. bag. $1.60: northern round white. 100-lb. bag. $1.20; Ohios. 100-lb. bag, $2 10; Idaho Russets 100-lb. bag. $2.10. New Texac potatoes. 51.85. Sweet potatoes. Indiana Jersevs bushel. 81.75: Tennessee Nancv Halls, bushel. 51.35. Beans, stringless, hampers, $5.50. Ceierv. Michigan medium, dozen. 75c: lumbo. dozen. 90c: hearts, bunch. $1.60 Cucumbers, dozen $2 50; southern bushel. $4. Endive, dozen, 90c. Egg plant. $2.25 dozen. Kale, Virginia, bushel, 60c. Lettuce, hothouse, 15-lb. basket. $1 60. Arizona Iceberg head lettuce. $3.75. Mangoes. Florida, crate, $4.50@5. Mint bunch. 15c. Parsley, dozen. 35c Peas, hampers, $3.50. Spinach, homegrown broadleaf. bushel. $1.25. Radishes, dozen, 65c Tomatoes. 10-lb. carton. $1.50; Florida original. $2.75. Turnips, bushel. 75c. Parsnips. Dushel. $1.35. Beets. bushel, 5i.25. Carrots, bushel. $1.25: 100-lb. sack. $1.75. All quotations subject to ahange up or down.

Produce Markets

Delivered In Indianapolis prices: Heavy i hens. 14c; Leghorn hens. 7c: colored I springers, 12c: large stags. 8c; Leghorn ! stags. sc: old roosters. sc: ducks. 7c: ?eese. 7c: young guineas. 20c: old guineas. 5c 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; oid toms, all weights. 11c: No. 1 strictly fresh country run eggs, loss on. 23c. Each lull case must weigh 55 lbs. gross: a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter —No. 1. 37c. Butterlat—33c. Quoted by the Wadlev Cos. (Bv United Press) CHICAGO Jan 26 —Eggs—Market, easy; receipts. 5038 cases: extra firsts. 28* jc: fresh graded firsts 28c: current receipts. 26c: dirties. 25c: checks 24'.-c. ButterMarket. unsettled: receipts. 4819 tubs: extra firsts i9O-91'i score*. 33 j 4*i34c; extras 92 score). 34*4C firsts <BB-89*2 score*. 32 *4 si 33c. seconds <B6-S7' 2 score). 31*f 31'iC: specials. 35*4''i35 3 4c: standards. 33*jc Poultry—Market, steady: receipts. 6 trucks; springers. 19c: ducks. 17(|21c: turkeys. 18<o20c; geese. 16c: Leghorns, 16c; capons. 6-7 lbs . 23c: Leghorn hens, 16c: hens. 17*2c: roosters. 14c: broi.'ers. 214i 22* ; c Cheese—Twins. 165 18*4C: daisies. 16*3"il6 3 c: longhorns. 16*2*1 16*.c. Potatoes—Supply moderate: demand and trading slow, market, steady: Wisconsin round whites. 80*i85c. commercial grade. ! 77' 3 c: Idaho russts. 81.604? 1.62*3, one car I fine quality. 81.67‘j. Arrivals 40. cn track 1 188. shipments 976. 4

Abreast of The Times on Finance

New York Stocks

Sales today approximated 320.000 shares, compared with 390,000 shares last Saturday. Dow, Jones preliminary closing averages showed industrials 102.56, off .30, railroads 34.30, off .32, utilities 17.58, off .07. (By Thomson it McKinnon) Prev. High Low Close Close OdeAd Rla 24% 34 s . 24*4 24% Barnsdall 6% 6% 6% 6% Consol OH 7 3 4 7 s . 7% 7% Cont of Del ... 17’, 17 s , 17 s , 17 s , Ohio Oil 10 9’, 9’, 10 Phillips Pet ... 15 s , IS 1 , 15 s , 15*4 Plymouth Oil .. 7’, 7’, 7’, 7’, Pure Oil . 7 7 7 7 Roval Dutch ... 32 s , 32 s , 32 s , 32>4 Seaboard Oil ... 23 23 23 23'* Shell Un 7% 7 s , 7'a 7’, Soc Vac 14% 13’, 14 13’* S O of Cal 30’, 30*4 30'* 30% S O of Ind 24’, 24 s , 24% 24 s , S O of N J 42'4 42 42 42', Texas Corn 20 19’, 20 19’, Tidewater Assn . S’, 8 S 4 B s , 8 3 4 Un on of Cal.. 15'.i 15'4 15'4 15',4 Steel,— Am Roll Mills 21*4 21 s , 21 s , 21 s 4 Beth Steel . 31', 30 s , 30 s 4 31', Col Fuel <te Iron 4 s , 4% 4 s , 4'4 Inland Steel 54 53’, 53’, 54'2 McKeesport Tin 95 4% 94',2 95 Natl Steel 4a 48% 48% 49', Otis Steel 6% 6*B 6*, 6 s , Rep Iron & Steel 14 s , 144, 144, 14*2 Rep Iron it Stl p 48 ,8 48 48 s , U S Pipe it Fdy 19% 19'4 19'4 194, U S Steel . .... 37% 37% 37% 37% U S. Steel pfd 92 91% 92 92 Youngstn S <ss T 19% 19% 19% 19% Motors— Auburn 24 2342 24 23% Chrysler 38% 374, 374, 38 Gen Motors .... 31% 31% 31% 31% Graham Mot .. 2% 2% 2% 2% Hudson 10% 10% 10% 10'.* Hupp 24, 2% 2% 2% Mack Truck. .... 26% 26',* 26' 4 26 Nash 16% 16% 16% 16% Packard 4’, 4% 4% 44, Reo 2% 2% 2% 24, Studebaker 2 14a 1% 1-a Motor Access — Bendix 15% 15*4 154a 1544 Bohn Alum .... 56% 56 56 5j% Eoir Warner .. 30% 30 30 30% Briggs 26 s , 26% 26% 26% Buaa Mfg 4% 4% 4% 44, Eudd Wheel .... 3% 3’, 3% 4 Eaton Mfg 20% 19% 19 s , 19% El Auto Lite ... 25% 25 25% 25% Houdaille (At.. 6% 8% 8% 8% Mullins Mfg .... 11', 11'/, 11% 11 Murray Body ... 7 7 7 7% Timken Roll 34% 34% 34% 34% Timken Det Axle 6% 6% 6% 6% Mining— Alaska un 17% 174, 17% 17% Amer Metals ... 16 16 16 16 Amer Smelt .... 35 s , 35% 35% 35% Anaconaa id* iO% 10 4 10% Cal & Hecla 3% 3: 3% 34a Cerro de Pasco.. 41 41 41 40% Dome Mines .... 35% 35!a 354a 354* Granby 7 7 7 64, Gt Nor Ore .. 11 s , 114, 11% 11% Homestake Min. 347 347 347 34> Int Nickel ... 23% 23 23 23% Kennecott Cop . i6 j lb% lt>% 16‘/a Mclntyre Mine . 37-, 37 % 37% 38 Park Utah 32% 2% 2% Noranoa Cop ... 33 32% 324, 33% Phelps Dodge .. 144a 14% 14% 14% St Joe Leaa ... 16 10% 154', 16 U S Smelters. 109 ‘lO9 109 109 Vanadium 19% 19% 19 V 19 Amusements— Croslet Radio .. 14% 14 s , 14% 1444 Fox Theat .... 11% 11 11 11 Loews Inc 33*4 32% 33 32% Radio Corn 54, 5% 5% 54, Paramount 4% 3% 44, 34a RKO 2% 2% 2% 2 vvarner Bros .... 4V, 4 4% 4 Tobaccos — Am Tob • B” 82 82 82 82 ligv it Mvers B. 10o‘2 105% lost* 1U,4 4 ijoiiUara 20*4 20>,4 20% 204* Plump Morris . 43% 43% 43% 43*2 Revnolls Too B 48 47% 48 48',2 Rails— Atchison 49 47 47'% 18% All coast Lines 30% 30 30 30% B it O 12 114 * 1144 12 Can Pacific .... 1344 13V* 13% 13% Ch it Onio .... 434* 43!4 43% 434* CM&SIP... 2% 2% 2% 2% CMit St P pfd 3'* 3'* 3% 3% Chi N W 5 44* 44* 5 Deia & Hud ... 37 3b% 36% 374* Del Lac it W .. 1644 ls*/2 15% 16 Erie 10% lu% 104* 10% on Northern pf 14'/* 13 a 14 14% „il Central 144* 144, 14'% 14*2 Lehign Valley .. 9% 9% 9% 9% L,ou it Nash ... 42% 42*2 42*/2 42'4 M K & T 5 5 5 54s Mo Pac 24% 24% 24a 244 Mo Pac pfd .... 3% 3% 3% 3% N Y Cent 18*4 17% 17*4 1844 N Y New Haven. 6:* 6% 6'% 6'/* Nor Pacific 1644 1742 17% 11% Penn R R 22 45 22 y* 22 V, 22 *4 Sou Pac 16 154% 15% 104% Union Pac ..... 105 104% 105 105 1 /* Wabash 2 2 2 2 Eqnipments— Am Brake Shoe. 27% 27 27'% 27% Am Car & Fdy. 18 18 18 17% Am Loco 1844 174% 1744 1 8 Am Steel Fdy... 1744 16% 16% 17 Bald Loco 5% 54, 54, 6 Gen Am Tk Car 36% 36% 3b% 3b4i Gen Elec 24 23% 23’/, 234* Gen R R Sig ... 28% 26% 26'% 26% Pullman Inc ... 49% 484% 48% 49% Westingh Elec .39 38% 38'/* 38% Utilities— * Am & For Pwr . 4% 44% 4% 4'% Am Power it Lit 3% 34% 34% 3% AT&T 104% 104 104 10444 Am Wat Wks ... 13% 13 s , 134a 13% Col Gas & E 1... 7% 7 7 74% Com & Sou l' IV, 14k 1% Consol Gas ... 20% 20'% 20% 20% ilicc Pwr it Lit.. 2% 2% 2% 2% int Hydro Elec .. 2% 24* 24% 2% Interboro R T .. 144, 13% 14V, 13% Int T & T 9% 94% 9% 94% Lou G & E A ... 13 13 13 13 Nat Pwr & Lit .. 7% 7 7'* 74% North Amer .... 13 12% 12% 124* Pac G& E 14 s , 14% 14% 14*% Pub Serv N J .. 27% 26% 26% 2744 So Cal Edison .. 124% Std Gas 4 3% 3% 4 Stone & Webster 4% 4% 4% 44% United Corp .... 2% 2% 2% 2Va Un Gas Imp .... 12% 12 12 12'% Western Union . 31*/a 314% 31% 314a Rubbers— Firestone 16% 16 s * 16% 1644 Goodrich 10% 10% 10% 10% Goodyear 22% 22% 22% 23 Kelly Spring .... 1% 1% 1% I’* U S Rubber . 14% 14% 14% 14% U S Rubber pfd. 37% 36% 36% 374a Miscellaneous— Allis Chalmers .. 17 16 s * 16 s * 16’, Am Can 114% 1134a 113% 114% Brklyn Man Tr . 41 s , 39% 41% 38% Burroughs Add .15 14’* 15 15 J I Case 55% 54% 55 554* Conti Can 65% 65 65% 65 Caterpillar Tract 38% 38*2 38% 384* Curtis Pub .. 20% 204* 20% 20% Curtis Pub pfd .98 98 98 98 Deere &Cos 28 27’, 27’* 28 Eastman Kodak .114 114 114 114 Foster Wheeler .15 14% 15 14% Gillette 13% 13% 13% 13% Glldden 25 25 25 24 % Ingersoll Rand .. 68 68 68 67% Int Bus Mach... 152’, 152’, 152’k 152% Inter Harv ... 41% 40% 404a 414* Natl Cash Reg 16 s , 16 s , 16 s * 16% Owens Bottle .. 87 87 8’ 8< Rem Rand 9% 9'* 9V, 94* Am°°Su6ar •••• 63% 63% 63% 63% Armour s'* 54* 54* 5% Armour 6% pfd 68% 68 68% 68 Beatrice Cream . 17% 17% I<% l]% Borden Prod 23% 23% 23% 24 Cal Packing 39 s * 39% 39 s * 39% Corn Prod •• 64% 64% 64*2 64% Crm of Wheat 36% 36% 36 s * 36% Cuban Am Sugar s’* 5% 5% .. Gen Baking . . 8% 8% 84, 8 Gen Foods 34% 34 34 34% Gold Dust 16'* 16% 16** 16% G W Sugar ... 27% 27% 27% 27 Loose Wiles .... 35 3a 35 25 * Natl Biscuit .. 29% 28’* 29 4 29 Natl D Prod .... 16% 16 16% 16 Purity Bak .... 9% 9% 9% 9% Std Brands 17% 17% 17% 17% Un Biscuit 24% 24% 24% 25 United Fruit . 74% 74 * 74% 74 Ward Bak B ... 14a 14a 14a lVa Retail Stores — Assd Dry Goods 12% 12% 12% 12% First Natl Stores 52 51% 51% 51% Gr Un Tea 3% 3% 3% 3% Hahn Debt Sts 5% 5% 54a 5% Jewel Tea 56 56 56 54% Kresge S S .. .. 20% 20 s , 20% 20% Kroger Groc .. 25 24% 24% 25% j Macv R H • 39% 39% 39% 39% ! McCrory St . 11% 10% 11% 11 Marshall Field . 9% 9% 9% 9*/2 1 Mav Dept St ... 42% 42% 42% 43 Mont Vvard .... 27 26% 26% 26% Penney J C <l% 70% 70% 71 Safeway St .. 0% 40% 40% 40 Sears Roebuck • 34% 34 s , 34 s * 34% Woolworth 53 * 4 53 4* 53 44 53 'Aviation— Aviation Corp .. 5 4% 5 4’, Boeing Aircraft..j 9 9 9. 8% Curtiss Wrignt J 2% 2% 2 s * 2 s * Curtiss Wri <A * B s * 8% 8% B‘* Douglas Air-.... 22 s , 22 22_ 22% Nor Am Av .... 4 3% 3’* 3’* Sperry Corp .... 9 8 7 * 8% 9 Utd Aircraft new 13’$ 13’* 13’, 13’, Chemicals — Air Reduction ..111 111 111 111 Am Com Alco . 29 29 29 28% Com Solvents .. 22% 22 22 22 Dupont 94% 93% 93% 944a Freeport Tex ... 22 21% 21% 21% Liquid Carb .... 28!, 28% 28% 28 Math Alkali . 29 29 29 28*4 Monsanto Chem 58 57% 57'* 58% Nat! Dis mew). 27 26% 26% 26% Schenlev Dist 26'* 25% 26 26 Tex Gulf Sulph • 34’a 34 34 34 I Union Caroide 46% 46% 46% 46 ;U S Indus Inco 39*• 4■ 39** 39** 39 Drug,— Bristol Myers . 34% 34% 34% 344, Cotv Inc 6* s’, 6 6 Lambert 28 28 28 28 Lehn & F’ink .. 17% 17% 17 s , 17 Sterling Prod . 60% 60 60% 60 Un Drug mew) . 11% 11% 11% 11% i Vick Chem 35 35 35 35 Zonite Prod ... 4% 4% 4% 4% Financial — Adams Exp 6 s * 6% 6% 6% Allegheny Corp I s , 1% I s , 1% Chesa Corp .. 40’, 40% 40% 39% Lehman Corp 72% 71'a 71% 72*4 Transamerica ... ss,5 s , ss,5 s , 5% 5% Tr Conti Corp.. JVa 34a 344

INDIANAPOLIS, SATURDAY, JANUARY 26, 1935

Building— Am Radiator ... 14% 14% 14'* 14’ Int Cement 29% 29 29 29 Johns Manville . 52 51 51 52 Libbv Owens Gls 29'* 28’, 29% 29 Otis' Elev 15 15 15 15 Congoleum 33 s * 33 s * 33% 33% Kelvlnator 17% 17V, IT, 174, Proc & Gamble . 45% 45 45% 45 Servel Inc 8% 8% 8% 84a Textile,— Amer Woolen ... B'* 7% 1% 8 Celanese Corp .. 31% 31 31 31% Collins Aikman. 13% 13% 13% 13_ Indus Rayon ... 32 31% 32 31%

N. Y. Bonds

DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 87.0 85.1 93.0 88.4 Yesterday 87.1 85.1 92.9 88.4 Week ago 86.8 85.0 81.4 87.7 Month ago 85.6 82.7 88.2 85.5 (Copyright, 1935. bv the Standard Statistics Cos., Inc. U. S. GOVERNMENT BONDS (By Fenner & Beane) Libertys , Prev. Close, close. Ist 4%s 1932-47 103.27 103.27 4th 4%s 1933-38 (uncalled).. 103.28 103.18 4th 44*s 1933-38 (called) 12.1 X 02.2 Treasurys 4'/is 1943-45 115.2 114.28 4s 1944-54 ■ 110.5 110.6 3%s 1946-56 108.25 108.26 3%s 1943-47 105.22 105.23 3%s 1941-43 105.26 105.28 3%S 1943-45 104.11 104.6 3%s 1941 . 105.24 105.22 3%s 1944-46 104.10 104.8 3%s 1946-49 103.31 103.26 3’*s 1949-52 103.16 103.16 3s 1951-53 102.30 102.30 3s 1946-48 102.18 102.16 Home Owner, Loan Corp. 2 s *s 1949 98.28 98.27 3s 1952 100.29 100.26 4s 1351 101.7 101.8 Federal Farm Mortgage Corp. 3'*s 1964 102.16 102.18 3s 1949 100.29 100.26 DOMESTIC Prev. . Close, close. Alleg Corp 5s ’44 74 73% Am Frgn Pow 5s 2030 57 56% Am Tel & Tel 5%s '43 109 112',a Am Tel & Tel 5s ’65 113 113 Arm & Cos (Del) 5%s ’43 105% 104 s * Atl Coast Line 4s ’52 102 102% All Coast Line 4%s 64 91% 91% Atch Top & S F 4%s ’4B ...108% 108'* Am Wat Wks 5s 44 97 96% Am Rolling Mills 5s '3B 110% 110% Balt it Ohio 5s ’95 73% 73% Balt & Ohio 4%s ’6O 56% 57% Beth Steel os ’36 103% 103% Chi Milw & St PI 5s ’75 22% 23% Chi Milw & St PI 5s 2000 6% 6’/a Cleve Un Term 5s ’73 97 96% Cleve Un Term 4 Vis ’77 89% 89% Col Gas 5s May ’52 81% 81 Col Gas 5s ’6l 80' 79V* Can Pac Prep 4s ...*. 86% 86% Cent Pac 5s ’6O 79 79% Big Four 4Vis ’77 75% 76V* Chi & West Ind 4s ’52 96% 96% Chi & West Ind sVis ’62 103 103 Chi & Nor West 4%s ’49 18% 19'/* Con Gas 5s ’57 103% 103% Chesa Corp 5s ’47 104% 104% Dodge Bros 6s ’4O 106% 106% Del & Huds 4s ’43 90 89 '/a N Y Dock 4s 51 64 63 N Y Dock 5s '3B 48% 46% Erie 5s ’75 71 71% Erie 5s ’67 71 71% Gen Cable 5%s ’47 89 89% Grt Northerp 7s ’36 92% 93 Grt Northern 4%s ’76 78'/* 77% Grt Northern 4%s ’77 ....... 78% 77V* Gen Stl Cast WW 5%s ’49 ... 99% 93% Hud Manhat Ref 5s ’57 90 89 111 Cent 4%s ’66 60 Vi 60% 111 Cent Jt 4Vis ’63 70% 69% 111 Cent 5s ’63 75'/* 75 Interlake C & I 5s 'sl ... . . 80% 81 Interntl Hv Elec 6s ’44 .. .. 50% 50% Internatl Tel & Tel 4%s '39.. 71 71 Interntl Tel & Tel 5s ’55 .... 68% 68% Interntl Tel & Tel 4%s ’52 .. 63% 63% P Lorillard 7s ’44 127% 127% McKess & Rob 5%s ’SO 97 Vi 98 Midvale Stl 5s ’36 102% 103 Natl Dairy 5%s ’4B 102% 102% Natl Steel 5s ’56 106% 106% Nickel Plate 4%s ’7B 64 64 Nickel Plate 5%s ’74 74 75 Nickel Plate 6s ’35 69% 70 N Y Cent 5s 2013 66% 66% N Y Cent 4%s 2013 (old) 61% 62 Nor Amer Cos 5s ’6l 86 85% Nor Pac 3s 2047 74% 75 Nor Pac 4%s 2047 87% 88 Nor Pac 6s 2047 101% 101 Vi Nor States Pow 5s ’4l 105% 104% Otis Steel 6s ’4l 91 89 Penn Ry 4%s ’B4 102% 102% Penn Ry 4%s ’Bl 102% 102% Penn Rv 4%s ’7O 95% 95Vi Pac G & E 5s ’42 108 108 Portland Gen El 4%s ’6O .... 59% 60 Para Publix 5%s ’SO 67% 65% Penn P & L 4%s ’Bl 100*4 100% Postal Tel & Cab 5s ’53 51% 51 Rem Rand W W 5%s ’47 199 , 100 Sinclair Oil 6%s ’3B 104% 104% Shell Ur.uon Oil 5s ’47 102% 102% Sou Pac 4%s ’6B 67% 67 Sou Pac 4 %S’Bl 66% 65% Sou Pac 4%S ’69 67% 87% Sou Pac 4s ’49 70 69 Sou Rail 4s ’56 60 % 59% Sou Rail 6s ’56 79 78% Sou Rail 6%s ’56 94% 83% Texas Pac 5s ’BO 92% 92 * Texas Pac 5s ’79 92% 92% United Drug 5s ’53 93 92% IT S Rubber 5s ’47 95 94% NY NH & Hart 6s ’4B 48% 49% NY NH & Hart 4%s ’67 41% 41 Warner Bros 6s "39 57% 55% Western Marv 5%s ’77 100% 99% Western Marv 4s ’52 92 92% Youngstown S & T 5s '7O 96 96% Youngstown S&T 5s ’76 ... 96% 96% FOREIGN Argentina (A' 6s ’57 92% 91% Canadian Govt 4s ’6O 105% Denmark 5%s '55 99% 99 German 5%s ’65 34% 34% German 7s '49 45% 45 * Italy 7s ’sl 93 92% Japan 6%s 54 91% 91 * Rome 6%s *52 86% 86 * Yokohama 6s ’6l 81% 82% FEDERAL FARM LOAN BONDS (By Blyth & Cos.) . . , Bid. Ask. 4s July 1. 1946-44 102% 103% 4s Nov. 1. 1957-37 101% 102% 4s May 1. 1958-38 101% 102% 4%S July 1. 1956-36 102% 102% 4%s Jan. 1. 1957-37 102'* 102 * 4%s Mav 1, 1957-37 102% 102'/* 4%s Nov. 1, 1958-38 102% 103 4' is May 1. 1942-32 101 101% 4%s Jan. 1. 1943-33 101% 101% 4%s Jan. 1, 1953-33 101% 101'/a 4%s Jan. 1. 1955-35 101 Vi 101% 5%s Jan. 1, 1956-56 101'/* 101% 5s May 1. 1941-31 101 101% 5s Nov. 1. 1941-31 101 101%

Chicago Stocks

(Bv Abbott. Proctor & Paine) Prev.. Close, close. Allied Products H 14 Bastian-Blossing 3% 3* Bendix Aviation 15% 15% Borg-Warner pfd 29% 30% Butler Bros 6% 6% Castle A M 26% 25% Chicago Corp com 2% 2% Chicago Coni ofd 31% 31% Chicago Mail Order 17% 17% Cities Service 1% 1% Commonwealth Edison 55 53 Crane Cos 9% 9% Electric Household 17 17 Marshall Field & Cos 9% 9% General House Util 6% 6% Great Lakes Dredge 18% 18% Kingsbury Brew Cos 2% z% Libbv-McNeil 7% 7% Lynch Corp 39% 38* Noblitt-Sparks Ind Inc 14% 14% Public Service N P 18% 18% Swift & Cos. I^% 17% Swift International 32% 32% Vortex Cup Cos 15 * 15 < Zenith Radio 1% 1%

(By Abbott. Proctor & Paine! Prev. Close, close. Allied Mills 13 13% Am Beverage 1% 1% Am Cyanide ’B” 17V* 17% Am Gas & El 21 20% Am Superpower „ 1 I‘* As Gas & El 7-16 % Atlas Coro 8% Bs*8 s * Ax’.on Fisher Tob 58% . ■ British Celanese 3 s Can Marc 2% 2‘ Carrier Coro I?'* I®, Cities Serv 1% } Consol Gas of Balt 54% 34 a Cord Coro 3% - Deere &Cos 27 * -8 Distillers Corp 16% 16 El Bond & Share 6% 6% Fisk Rubber - 9w ®’ Tord of Can "A” 30% 30% Glen Alden Coal j. 21% 20% Hiram Walker 29% 29% Humble Oil *6% 46 Imperial Oil Ltd 16% 16% Lake Shore Min 51 al% Libby McN Libby 7% 7% Natl Bellas Hess 2% 2% Nla Hud Pwr 3% 3% Park Davis 33% 34 Penn Road } ' } w St Regis Paper 1% 1% Sal Creek Products 5% 5% Sherwin Wms 86 86 Std of Ky 1?% 21% Technicolor Ind *2 11% Teck Hughes Gold 3% 3% Un Gas }% 1% Wright Hargraves Min 8% 8%

New York Curb

GRAIN FUTURES END UNEVEN IN NARROWRANGE Wheat, Oats Close Fraction Lower; Corn Moves Up Slightly. BY HARMAN W- NICHOLS United Press Staff Correspondent CHICAGO, Jan. 26.—Grain operators virtually deserted the pits on the Chicago Board of Trane today and prices drifted aimlessly in a narrow range. At the close wheat was % to % cent lower; corn was Vs cent lower to \s cent higher, and oats were off V cent. Wheat traders were disposed to stay close to shore pending developments at Washington and in Canada. Sentiment on the exchange floor was decidedly mixed with supply and demand factors receiving little attention. Trade in corn, oats and rye was quiet and buying and selling was mainly of a local character. Profit taking appeared on the minor upturns in provisions. Prices held within narrow limits. Wheat— Prev. Open. High. Low. Close, close. May.. .97% .97% .97 .97% .97% July.. .89% ,89 s * .89 .89% .89% Sept.. .87% .88% .87% .87% .87% Corn— May.. .84% .85% ,84% .84% .84% July.. .80% .81% .80 s * .80% .80% Sept.. .77% 78% .77'% .77% .77% Oats— Mav.. .51% .51% .51 Vi .51% .51% July.. .44 s * ,44 s * .44% .44% .44% Sept.. .42% .42% .42 .42 .42% Rye— Mav.. .67% .68% .67% .68% .67% July.. .66% .67% .66% .67% .66 s * Sept.. .66% .66% .66% .66*, .66% Barley— May.. .75% .75'* .75% .75% .75% July.. .70 .70 .70 j .70 .70 Lard— Jan. 12.67 12.72 12.67 12.70 12.70 Mar. 12.75 12.75 12.75 12.75 12.80 May. 12.85 12.87 12.75 12.77 12.87 July. 13.00 13.00 12.87 12.90 13.00 Sept. 13.00 13.00 12.92 12.92 13.07 Bellies— Jan 16.00 16.00 16.00 16.00 16.00 Mav. 15.70 15.70 15.70 15.70 15.70 July. 15.87 15.87 15.87 15.87 15.87 CHICAGO PRIMARY RECEIPTS —Bushels— Today. Last week. Wheat 120.000 174,000 Com 221.000 337,000 Oats 83.000 61.000

Cash Grain

INDIANAPOLIS Wheat— Easy; No. 1 red. 88%®89c: No. 2 red. 87%®88%c; No. 2 hard. 90%® 91 %c. Corn—Steady; No. 2 white. 87 % © 89%c: No. 3 white. 86%@88%c: No. 2 yellow. 80%®81%c; No. 3 vellow'. 79%@80%c; No. 2 mixed. 79%©80%c0 No. 3 mixed. 78%®79%c. Oats—Steady: No. 2 white. 51 @s2c; No. 3 white, 50®51c. LOCAL CASH MARKET City grain elevators are paying 89 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 80 cents and oats 46 cents. (By United Press) CHICAGO, Jan. 26.—Cash grain: Wheat —No sales. Corn—No. 2 yellow, 90®90%c; No. 4 yellow. 87%@87%c; No. 5 yellow, 84c, restricted billing'; No. 3 white, 95%®98c; No. 4 white. 93%c; No. 5 white, 92c. Oats —No. 3 white, 55c. Barley—Quotable, 75c @51.20. Timothy—sl6.7s@lß.7s. Clover seed—sls.7s@ 22.60. Sov beans—No. 2 yellow, $1.20 @1.22. Cash provisions—Lard, $12.72; loose, $12.70; leaf, $12.75; bellies, sl6. TOLEDO, Jan. 26—Grain close (In elevators, transit billing) Wheat—No. 2 red, $ 1.02%@ 1.03%. Corn —No. 2 yellow, 92%® 93%c. Oats —No. 2 white, 57@58c. Rye— No. 2, 76%®77%c. (Track prices, 24%c rate) Wheat—No. 1 red, 98%@99c: No. 2 red. 97%®98c. Corn—No. 2 yellow, 88® 89c; No. 3 yellow, 87®87%c; No. 4 yellow, 85%@86%c. Oats—No. 1 white, 55%55%c; No. 2 white, 54@55c.

Commodity Prices (Rv Fenner <fe Beane)

COTTON New York Prev. High. Low. Close, close. March 12.48 12.43 12.46 12.49 Mav 12.51 12.47 12.51 12.53 July 12.51 12.47 12.51 12.54 October 12.44 12.40 12.428 12.46 December 12.51 12.47 12.49 12.52 Spot, steady; unchanged. Middlings 12.65. New Orleans High. Low. Close, close. Prev. March ........ 12.47 12.43 12.47 12.47 Mav 12.51 12.48 12.51 12.54 July 12.52 12.49 12.52 12.54 October 12.42 12.40 12.418 12.45 December .... 12.47 12.47 12.48N 12.51 Spot, steady: unchanged. Middlings 12.55. NEW YORK COTTONSEED OIL Prev. High. Low. Close, close. January . % J? }? n2 \forcii ..•••• - ••• 11.02 b 11.05 Mav 11.08 11.05 11.05 b 11.10 July 11.11 11.06 11.07 11.12 BUTTER Prev. High. Low. Close, close. January 32% -32% .32V* .32% February 32 .31% .31% .32 March 31% .31 .31% .31,* EGGS Prev. High. Low. Close, close. January 25% .24% .25 b .26% April 21% .21% ,21 s * .21% October 23% .23% .23% .23% SUGAR Prev. High. Low. Close, close. March 1.88 186 1.868 1.88 May 1 92 1.91 1.92 1.93 July 1.96 1.95 1.95 1.96 September 2.01 2.09 l-OJJS December ..... 2.07 2.07 2.078 2.08

Daily Price Index

(By United Press) NEW YORK. Jan. 26.—Dun & Bradstreet’s daily weighted mice index of 30 basic commodities compiled for the United Press: (1930-1932 average 100). —Today 122.31 Yesterday ... 122.33!Year Ago 104.88 Week Ago ... 122.77 1934-1935 High 124.23 Month Ago 120.7511934-1935 Low 101.05 Copyright. ’35. Bv Dun & Bradstreet. Inc. CLEVELAND PRODUCE CLEVELAND. Jan. 16.—Butter—Market, steady; ext.as. 39c; standards. 27%c. Eggs —Market, steady; extra white. 29c; current receipts. 28c. Poultry—Market steady; fowls, colored. 4% lbs. and up 19@20c: ducks, light. 15c: ducks. 5 lbs. and up. 20c; geese. 14@15c; turkeys, young. 20c. Potatoes— Maine. $1.15® 1.25 a 100-lb. bag; Ohio, mostly 75c a 100-lb. bag: New Jersey. *1 a 100-lb. bag.

For February Ist Occupancy Today’s Times Offers You the Most Desirable Rental Listings in the City. See Page 12 Now and Prepare Yourself for February Ist ocupancy.

Baby Bonds Discount Basis Arrangement Now Used by Treasury in Sale of 182-Day Bills to Banks. BY VINCENT S. LYONS

Time, Financial Editor Thi, I, the second of a series of articles explaining the contemplated program of the United State, Treasury to use “baby bonds” in its borrowing operations, and the result, which might be expected from the utilisation of thi, novel financing method. NEITHER the sale of “baby bonds” nor the “discount basis” are new in fact, although the utilization of these two in practice, under one operation, is something that has never been done before. The government has proposed the flotation of “baby bonds” on other occasions, particularly in the last few years, but has never proceeded intensively with such a drive.

The “discount basis” system of selling is now used by the Treasury in its sale of bills of short duration to banking institutions. But this method is different from its use in connection with “baby bonds.” For instance, the bills, generally of 182-day duration, are sold to various banks throughout the country on the basis of the highest bids received. In this latter connection, however, the Treasury does not pay any interest on the obligations. The equivalent of interest is received through the difference between the face value of the obligations and the price which was paid by the banking institutions. a a a WHAT are the advantages to government in selling “baby bonds” to the general public? The advantages which might accrue from the pursuit of such a policy are manifold, but many of them are potentialities which might or might not ensue. Undoubtedly, the major consideration by the Treasury has been that the flotation of “baby bonds” will tend to exert a steadier influence on the general market for United States government obligations. As the situation exists today, the banks of the country are virtually bankers for the government. The vaults of these institutions are heavily laden with Federal securities. Some critics believe that this method of distribution is unsound, but it should be remembered that many bankers realize that, with other high grade investments scarce, the government bond market is the principal existing market for surplus funds. a a a THE belief then that a steadier structure would follow from the sale of “baby bonds” is predicated on the assumption that such sales will mean wider distribution of the government’s obligations than is now possible by the offerings of bonds in denominations of SI,OOO, or more. In view of the fact that no peace-time test ever has been made of the scheme to arrange government bond issues in such a way that the general public would be enabled to take part in the program, it is difficult to try to imagine the reception which would be accorded this new venture. Certain it is, however, that the trial should be made. Monday: Debt Conversion-

Other Livestock

(By United Press) CHICAGO, Jan. 26.—Hogs—Receipts. 8000, including 7000 directs; holdovers, lOOO; market steady; nominal top $8 compared with $7.85 week ago. Cattle—Receipts 400 commercial. 100 government; calves 200 commercial, 100 government; compared Friday last week; fed steers and yearlings unevenly 50 to 75 cents higher; top at $13.50; standing 85 cents up for the week: best yearlings. $12.75; choice steers sold actively at sl2; choice cows up to $7.50; part load strictly choice hellers. $11.50: 723-lb. mixed offerings. $11.65: bulls, 25c higher: vealers. $1 and more up; stockers and feeders strong to 25 cents higher at $5.25@7. Sheep—Receipts. 5,000: for week ended Friday 4800 directs, compared Friday last week; fat and feeding lambs, around 15@ 25 cents higher; aged sheep. 25@50 cents up; week’s top lambs $9.60 paid early: late top. *9.35 paid freely to ail interests; closing bulk. $9.25® 9.35; aged ewes. s4@ 5.25; bulk. $4.50® 5. FT. WAYNE. Jan. 26.—Hogs—Market, mostly steady. 300-350 lbs.. 20c lower: 200250 lbs., $8; 250-300 lbs. $7.85; 300-350 lbs., $7.50: 180-200 lbs.. $7.85; 160-180 lbs., $7.75: 150-160 lbs.. $7.25: 140-150 lbs., $6.75: 130-140 lbs.. $6.25: 120-130 lbs.. $6; 100-120 lbs.. $5.50: roughs. $6.50; stags, $4.50. Calves —$10.50: lambs. $9. LAFAYETTE. Jan. 26—Market, steady; 200-225 lbs. $8: 225-235 lbs . $7.85; 235-250 lbs.. $7.80: 250-275 lbs.. $7.75; 275-300 lbs.. $7.65: 300-325 lbs., $7.50; 180-200 lbs., $7.90; 160-180 lbs.. $7.80: 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. $9. Calf market, steady top $10.50. (Bv Times Special) LOUISVILLE. Jan. 26—Cattle—Receipts. 100; market, nominal, compared last week's close: slaughter steers and heifers, strong to 25c higher: bulls. 25@ 50c higher; other fully steady; closing trade, fairly active and dependable: week’s bulk common to medium steers and heifers. [email protected]: better finished kinds mostly $7.50® 8.50; bulk beef cows. [email protected]; good kinds to $5 or above for heifer types; low cutters and cutters mainly $1.75© 3; common to medium stockers and feeders mainly. $4.25©5.50: desirable Hereford stock calves. [email protected]: sausage bulls mainly [email protected]: heavyweights. higher. Calves —Receipts. 225, including about 100 stock calves; market, steady: bulk good to choice vealers. s9#lo; medium ana lower grades, $8.50 down to around $5 for light culls; market. $- higher than last Saturday. Hogs—Receipts 200; supply light; market not established at a late hour, asking steady prices: no bids; top Friday. $8 paid for desirable 180-275-lb. butchers: Friday’s market compared with week earlier unevenly 10@35c higher. Sheep —Receipts. 25: market: nominal compared with last Saturday; lambs. 25@50c higher. and fat sheep fully 50c up; closing bulk medium to good lambs. [email protected]: choice quotable to $9 or better; bulk light throwouts, $6. and fat ewes. [email protected].

I Y. M. C. A. EVENING SCHOOLS For Men and Women High School and Business College (Accredited by State Department of Education) Classes Beginning Now Electric Welding: Radio Service Acetylene Welding: Salesmanship Show Card Lettering Public Speaking I 310 N. Illinois Street

Your State University Downtown , Afternoon , Evening Classes Beginning February 4 FRESHMAN SUBJECTS BUSINESS COURSES ARTS English Composition Accounting Continental Novelists English Literature Income Tax Interior Decoration Chemistry Finance and Banking Mathematics Personnel Relations Rhythmic Dancing History Psychology Advertising Copy Contemporary Drama Economics Acting French and German Public Speaking Astronomy Observatory Mental Hygiene of Maturity Advanced Professional Courses, Teacher Training Fees $1 to $25 a Subject Indiana University Extension Division, 122 East Michigan Street RI. 4297

What Does It Mean?, Professiojials — When 'professional buying or selling is mentioned in stock or grain market reviews, it means that professional traders, as opposed to the general public, are engaging in such activity .

SWINE VALUES REMAINSTEADY Cattle, Lambs Scarce and Unchanged; Vealers Even at sll. Extremely dull trading featured the porl. market in the final session of the week at the Indianapolis Union .Stockyards today and the majority of all classes remained steady at yesterday’s best prices. With no particular interest evident during the early part of the session, demand was weak and receipts extremely light as usual for a week-end session. Today’s supplies were estimated at only 2000, while holdovers numbered 504. The bulk, 160 to 325 pounds, held at $7.70 to SB.IO. while the top price for better grades was reported at $8.15. Lignt lights, weighing from 100 to 130 pounds, sold at $5.25 to $6.25. Others, scaling 130 to 160 pounds, brought $6.50 to $7.50. Packing sows ranged from $6.25 to $7.25. With trading practically at a standstill in the cattle market, all classes of slaughter steers continued stationary. All grades were extremely scarce, and receipts numbered 75. Vealers also were scarce and remained unchanged, selling at sll down. Receipts were 50. With hardly enough stock on hand in the lamb market to establish a trading range, interest was lacking in all classes. No early bulk prices were reported. Receipts amounted to only 50 head. HOGS Jan. Bulk. Top. Receipts. 21. S7.9O(Si! 8.10 SB.IO 3000 22. 7.70® 8.10 8.10 7000 23. 7.45® 7.8a 7.85 8000 24. 7.60® 8.00 8.00 4000 25. 7.70® 8.10 8.10 5000 26. 7.70® 8.10 8.15 2000 Light, light: (160-180) Good and choice.. .$7.00® 7.75 Medium 6.50® 7.25 Light weight. (160-180) 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® 8.15 Heavyweight: (250-290) Good and choice... 7.80® 7.95 (290-350) Good and choice... 7.60® 7.80 Packing sows: (275-350) Medium 6.50® 6.90 (350-425) Good 6.90® 7.15 (425-550) Good 6.75® 7.00 (275-350) Medium 6.50® 6.90 Slaughter pigs: (100-140) Good and choice... 5.25® 6.75 Medium 4.25® 6.50 CATTLE —Receipts. 75 —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 [email protected] Good 9.25® 11.50 Medium 6.75® 9.50 (1300-1500) Choice 11.50®12.50 Good 9.25® 11.50 —Heifers—-(sso-750) Choice 8.50® 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 Good 5 25® 7.00 Common and medium 3.00® 5.25 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, 50— Good and choice $10.000(fill.00 Medium B.oo© 10.00 Cull and common 4.00® 8.00 —Calves—-(2so-500) Good and choice ... 6.25® 9.00 Common and medium 3.25® 5.75 —Feeder and Stacker Cattle——Steers— (soo-900) Good and choice.... 5.00® 6.50 Common and medium 3.50® 5.00 (900-1050) Good and choice... 5.25® 6.50 Common and medium 3.75® 5.25 —Cows— Good 3.25® 4.00 Common and medium 2.50® 3.25 SHEEP AND LAMBS —Receipts, 50— Lambs, 90-lbs. down, good and choice $8.75® 9.00 Common and medium 6.00® 8.75 90-120 lbs., good and choice... 4.50® 5.50 Sheep—-(l2o-150) Good and choice 4.00® 5.00 All weights, common and medium 3.00® 4.50 UTILITY’S NET DECLINES Earnings of Pacific Lighting Corp. for 1934 fell short of covering the $3 annual common dividend by a margin of 28 cents a share, according to the preliminary statement. Net income was equivalent to $2.72 per share on the outstanding common stock, against $3.28 for 1933.

600 INSURANCE MEN OF STATE ATTENDPARLEY Life Sales Congress Opens in Claypool; Frank M. Moore Presides. Six hundred life insurance repre* sentatives from Indianapolis ants various parts of the state were it* attendance at the annual Indiana Life Insurance Sales Congress, in the Claypool Hotel today, sponsored by the Indianapolis Association of Life Underwrkers. Frank M. Moore. Indianapolis general agent of the Lincoln National Life of Ft. Wayne, presided. Traylor Leads Singing The program opened with community singing led by Joel T. Traylor, general agent of the Northwestern National Life Insurance Cos. Howard C Nyhart. president of the Indianapolis Association of Life Underwriters welcomed the delegates. Earle W. Brailey, general agent of the New England Mutual Life Insurance Cos. at Cleveland. O. spoke on “Peace of Mind/' A series of sales clinics featured the morning session. Clinton C. Doyle, superintendent of agencies of the Reserve Loan Life Insurance Cos.. Indianapolis, spoke on “Prospecting.” James F. Callahan, St. Louis. Mo., secretary of the National Association of Life Underwriters, discussed "Sales Presentations.” C. C. Robinson, Indianapolis, editor of The Insurance Salesman, explained “Approaches in the Sale.’* James M. Keplar, Elkhart, district supervisor of the Bankers Life Cos., discussed “Closing the Sale.” Luncheon Is Given A luncheon in the Rilav room ol the Claypool Hotel was followed by the afternoon general session. Claude M. Vorhees, Hartford, Conn., counsel of the Connecticut General Life Insurance Cos., spoke on ''•falling Life Insurance Through Income Settlements.” “This Business of Life Insurance*, was the subject of Alfred L. Dern, Ft. Wayne, vice president of the Lincoln National. C. Vivian Anderson, Cincinnati, 0., immediate pastpresident of the National Association of Life Underwriters, discussed the subject, “Selling Life Insurance by Servicing Old Policyholders.” Guests at the speakers’ table were the presidents of the co-operating organizations, J. A. Townsend, Indianapolis General Agents and Managers’ Association; Homer L. Rogers, Indiana State Association of Life Underwriters, and Edward A. Krueger, Indianapolis Chapter of Chartered Life Underwriters. Want to Look Young? The secret of keeping young is to feel young—to do this you must get at the cause—there’s no need of having a sallow complexion—dark rings under your eyes—pimples— a bilious look in your face—dull eyes with no sparkle. Your doctor will tell you ninety per cent of all sickness comes from inactive bowels. Dr. Edwards, a well-known physician in Ohio, perfected a vegetable compound as a substitute for calomel to act on the intestines, which he gave to his patients for years. Dr. Edwards Olive Tablets are gentle in their action yet always effective. They help bring about that natural buoyancy which all should enjoy by clearing the system of impurities. Dr. Edwards Olive Tablets are known by their olive color. 15c, 30c, 60c.—Advertisement.

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