Indianapolis Times, Volume 46, Number 225, Indianapolis, Marion County, 29 January 1935 — Page 13

Trends Joint Stock Land Bank Bonds to Be Refunded. BY VINCENT S. LYONS ’'imea financial Editor

It will be interesting to see what response will be made to the refunding arrangement just announced by William B, Schiltges. president of the Fletcher Joint Stock Land Bank. It will prove interesting first, because the deal represents a fulfillment of the Administration's wish to gradually case joint stock land banks out of the farming picture and second, as a straw showing holders’ reception to accepting lower interest obligations. The initial step in the Fletcher Joint Stock Land Bank's refunding operation is in connection with its 5% per cent bonds, which are outstanding in the amount of sl,100.000 and are due in 1951. This issue is the Fletcher bank's highest coupon issue in existence and the privilege of calling it has been optional since 1931. Under the proposal the Fletcher Joint Stock Land Bank offers holders of the present 5%s a total of $200,000 of new securities in exchange. Half of these new bonds will bear 3‘i per cent interest nd will mature in three years, with the option of rail at two years. The remaining SIOO,OOO will bear 3 t per cent and are due in five years, with the option of call in four years. a a a HOLDERS of the present s’i per cent bonds are given the privilege of exchanging their securities for the new lowerpriced obligations on a straight par-for-par basis. However, in the event that such holders are reluctant to accept such an exchange, both series of bonds are being offered to the g neral public at a premium of om naif of 1 per cent over par. That only $200,000 of new bonds are being offered at the present time, whereas there are $1,.00.000 of the s’jS outstanding, io explained by the fact that the institution intends to move slowly with its plan. A third offering of around SIOO,OOO of 4 per cent bonds, due in 10 years, optional in five years, will be made shortly. When the results of these three offerings are weighed, the Fletcher Joint Stock Land Bank will have something to go by. It will know whether the holders of the s'is prefer to exchange their bonds for an issue maturing in three, five or ten years. At the same time, if the exchange offer is not taken up by holders the institution will be able to determine from the amount of subscriptions it receives for the new- bonds just what issues are in greatest demand. a a a CONSEQUENTLY, the manner in which the institution is proceeding with its refunding arrangement is much more to be desired than if it were to bite off more than it could chew by making a wild guess as to just what type of issue will prove to be the most popular and launching a single refunding issue of $1,100,000 to take care of all the b'-s. H. Foster Clippinger, vice president of the Fletcher Trust Cos., who is in charge of the refunding operation, declared today that cash subscriptions to the new 3' 2 and 3% per cent obligations have been much larger than had been anticipated. Insofar as the Fletcher Joint Stock Land Bank is concerned it will stand to profit to a greater extent if a large proportion of the new issues is taken for cash. This follows from the fact that wnile owners of the 5’- per cent obligations are given the privilege of exchanging their holding for the new bonds on an equal basis, those persons which buy the new bonds for cash must pay a slight premium over par. This, naturally, has the result of reducing the net borrowing cost to the Fletcher Joint Stock Land Bank. a a a IN addition to the 5% per cent bonds, the Fletcher Joint Stock Land Bank has three other issues of bonds outstanding, consisting of 4s. 4%s and ss. The aggregate of bonded debt, including the 5%5, amounts to $11,700,100. It is possible that steps may be taken to reduce the interest rates on these issues if the present refunding arrangement is successful. Most of the issues of the Fletcher Joint Stock Land Bank, it is said, are held by banks and other financial institutions. In view of the arduous task which such sources have at present in finding an outlet for their surplus funds, it is believed that these owners of the 5 1 -s will accept the new bonds rather than tender them for cash and thus add to their accumulation of non-productive funds. The Emergency Farm Act of 1933 provides for the gradual elimination of joint stock land banks from the lending field. The work done by these agencies is now being handled by one or more of govern-ment-sponsored corporations.

10 MILLION AT STAKE IN COURT ARGUMENT Illinois Fights Suit to Compel Sales Tax Payment. By United Pre* SPRINGFIELD. 111.. Jan. 29 Estimated annual revenue of $lO.000.000 is the stake for which the state of Illinois is fighting in a suit before the State Supreme Court to compel private and publicly owned utilities to pay the state 2 per cent sales tax. The case is before the court on a petition for rehearing filed by Atty. Gen. Otto Gerner following a recent opinion :n which it was held that the utilities were not required to nay the tax. In the rehearing petition Kerner has relied or. only ont point in his efforts to have the high tribunal reopen the cast and reverse its previous ruling. The point is "whether the utilities are engaged in the sale of tangible property at retail.” If the Supreme Court declines to rehear the case and stands on its original ruling in the utility case, attorneys predict that it will be the basis for another attack on the constitutionality of the entire act. which has been declared valid by the court.

TOWNSEND AGF PENSION PLAN HELHUINOUS Would Use Half of Income Through Sales Tax, Says Expert. This in another of a series of articles written for The Indianapolis Times bv members of the economics department of New York University’s School of Commerce. Accounts and finance. BY H. B. DORAU NEW YORK, Jan. 29 —From California, that great incubator of fascinating illusions, now comes the Townsend revolving pension plan. Appealingly simple, and cue l ing the hope of heaven on earth - least after 60 years of age, it is . diff: cult to understand why thi; plan already has secured tne adm rence of an alleged 5.000.000 or more citizens, and has bee . formally introduced as a bill for consideration of the Congress. Reduced to its simplest terms, the Townsend plan proposes that the government of the United States pay a pension of S2OO a month to every worthy citizen 60 years or more of age. upon condition that the applicant has no criminal record, that he retire from gainful occupation and agrees to spend his entire monthly pension within 30 days in the United States. Touted as Cure-All While the ostensible purpose is to provide for the worthy aged, the Townsend plan, nevertheless, undertakes to attract adherents by promising to cure um rnployment, reduce criminality, end the depression, prevent future depressions and avoid further social degeneration. It is estimated that 82100.000 or more citizens could qualify for such a pension. At S2OO a month, $2400 a year, the demands on the Federal Treasury would be for $19,200,000,000 each year. If technically qualified people are justified in considering the present Federal budget of $8,000,000,000 as a threat to national solvency and a pledge to inflation, what should be the reaction of the citizen to a proposal for adding a regular burden of $19,000,000,000 more, not for a year or for an emergency. but as a continuing obligation? Half National Income The annual cost of a S2OO a month pension would, under present conditions, take almost half of our total income. One can be fully sympathetic with the desirability of adequate social care for the impoverished aged, yet realize the utter nonsense of paying 50 per cent of our total income to approximately 9 per cent of the population. Even if we took the largest figure which our national income ever reached, estimated at $90,000,000,000, the payment of such a pension would take nearly one-fourth of our total income. For the benefit of the increasing proportion of the people of this country who believe the government can create purchasing power by legislation. it is necessary to point out that ultimately in one way or another the income of this new privileged class of 8,000,000 people receiving S2OO a month would come out of the incomes of the rest of the people. Proposes Sales Tax The Townsend plan suggests a sales tax to finance this huge annual bonus. But in the form of a retail sales tax. this levy would need to be more than 50 per cent of the sales price. A substantial price rise and diminution of trade could hardly help, but would be one of the immediate consequences. A 2 per cent sales tax is termed a cancer on trade. What might we expect a 50 per cent tax to be? The ultimate result of Congress “going Townsend" or engaging in any similar extravaganzas of spending can only be insolvency or the obvious way around—inflation. Under an inflation based on the expending of $20,000,000,000 of money which the Federal government didn’t have for even a year, the beneficiaries of the Townsend plan would be lucky if their S2OO a month dream turned out to be S2O a month in purchasing power.

Produce Markets

Delivered in Indianapol’s prices: Heavy hens. 14c: Leghorn hens. 7c; colored springers. 12c: large stags. 8c: Leghorn stags, sc: old roosters. sc: ducks. 7c: geese. 7c: voung guineas. 20c: old guineas. 15c. Turkevs —No. 1 young hens. 8 lbs. and over. 15c; young toms. 14 lbs. and over. 15c: voung toms. 11-14 lbs.. 13c: No. 2 crooked breasts and thin turkeys. 9c: old :oms. all weights. 11c; No. 1 strictly fresh country run eggs, loss off. 22c. Each full case must weigh 55 lbs. gross: a deduction of 10c a pound f or each pound under 55 lbs will be made. Butter —No. 1. 37638 c Butterfat—33c. Quoted by the Wad'.ey Cos. ißy United Press! CHICAGO. Jan. 29 —Eggs -Market unsettled' receipts. 5921 cases extra lrsts. 28’.c: fresh graded firsts. 26', c; current receipts 26' c: dirties. 25c: checks. 24' 2 c. Eutter—Markzt. steady: receipts. 10.109 tubs: extra firsts '9O-91'- score'. 33 a 4t 34'4C - extras >92 scorii,3334 c:4 3 4c: firsts ' 8889'- score'. 326633 c: seconds 'B6-87'; score! 31031' 2 c: specials. 30'4?i35-.c: standards. 33';C Poultry—Market, strong; receipts. 26 trucks; springers. 20c. ducks, small. 18c: -urkeys. 189 20c: g_eese. 18c; Leghorns 13 <il7c: capons. 6 to < lbs.. 23c; Leghorn hens. 16c: hens. 15620 c: roosters. 14c: broilers. 22.i23'-c; stags. 17c. Cheese Twins. 170 17>c: Daisies. I.' _-6 1' 3 4c: Longhorns. 17' 2 vl7 5 4C. Potatoes —Supply liberal: demand and trading slow, market cull: Wisconsin round whites. 806 85c: 3 cars fine oualitv SOc; Idaho russets. $1 ft 1.57'-: 3 cars fine quality, large size. S! 60 U S No. 2. $1 20: Colorado McClures $2: Michigan round whites. 80c. Arrival- 93. on track 258: shipments 582. MERGER IS SUPPORTED 65 Ter Cent of Stockholders Favor Consolidation. By Time* Special YOUNGSTOWN. 0., Jan. 29. Proxies have been received from owners of more than 65 per cent of outstanding preferred stock and more than two thirds of outstanding common stock in support of the proposed consolidation of Republic Steel Corp. and Corngan-McKinney Steel Cos., T. M. Girdler, president and chairman of the board of Republic, announced today. The plan further contemplates acquisition of control of Truscon Steel Cos. ‘'Only a two-thirds vote of each class of stock in support of the plan is required,” Mr. Girdler said.

Abreast of The Times on Finance

New York Stocks

(By Thomson Sc McKmnonl 11AM. Prev. Oil*— High Low N. Y close. Atl Rfg 24% 24 : 24% 24% Consol Oil 7% 7% 7% 7% Cont ot Del .. 17% 17% 17% 17 1 2 Houston inewt.. 2% 2% 2% 2% Pet CorD 8% B’i 8% 8 1 Phillips Pet ... 15 15 15 15 Plymouth Oil .. 7% 7% 7% 7*, Shell Un 7% 7 7 7 Soc Vac 14 1 13% 14 13% S O of Cal 30 30 30 30 SO of 2nd 24’, 24% 24’, 24’, SOOf N J 41 ’ 2 41’, 41 ’ 2 41 1 2 T-xas, Corp 19% 19% 19% 19% Tidewater Assn . 8% 8% 8% 8% Steel*— Be’h Sterl 30 29% 30 30 Cruc Steel 52% 52 52 53 Ludlum Steel .. 18% 16% 16% 16% Natl Steel 47% 47% 47% 47% Otis Stel 6 6 6 6 Rep ISc S . 13% 13% 13% 14% Rep I & S pfd 48 46 46 46% U S Steel ... 36% 36% 36% 36- 4 U S Steel pfd ... 89% 89% 89% 90 Motors— Chrysler 36% 36% 36% 36% Gen Motors .... 31% 31 31% 31% Graham Mot 2% 2% 2% 2% Hudson 10 10 10_ 10 Hupp 2% 2% 2% 2% Nash 15% 15% 15% 16 Packard 4% 4% 4% 4% Studebaker 2 i% 1% 2 Yellow Truck ... 3% 3% 3% 3% Motor Access— Bendix 15% 15% 15% 15% Bohn Alum .... 53% 53% 53% 53% Borg Warner .. 30% 29% 30% 29% Briggs 26% 26 26% 26% Badd Mfg 4% 4% 4% 4% Eaton Mfg 19% 19 19 19% Elec Auto Lite.. 24% 24% 24% 24% Ht..daille i A)... 8 8 8 8 Mullins Mfg .... 9% 9% 9% 9% Stew Warner .. 7% 7% 7% 7% Timken Roll 33*% 33% 33% 33% Timken Dei Axle 6 6 6 6% Mining— Alaska Jun ..... 16% 16% 16% 17% Amer Metals ... 15% 15% 15% 16 Amer Smelt.... 35 34% 34% 34% Anaconda 10% 10% 10% lOV2 Cerro de Pasco. 40% 40% 40% 40 Dome Mines .... 34% 34% 34% 35 Int Nickel 22% 22% 22% 22% Kennecott Cop . 16% 16% 16% 16% Mclntyre Mine . 37 37 37 37 Noranda Cop .. 32% 32 32 32% Phelps Dodge .14% 14 14 14% U Smelters ... 108% 108% 108% 107% Amusements— Fox Thea 10% 10% 10% 10% Loews Inc 32 % 32% 32% 32% Radio Coro .... 5% 5% 5'4 5% Paramount 3% 3% 3% 4 Warner Bros. ... 66 66 66 66 Tobaccos— Am Snuff 66 66 66 66 Am Tob “A” ... 80% 80% 80% 80% Am Tob B 82 82 82 82 Ligg Sc Myers B 105% 105% 105% 105% Lorillard 20% 20% 20% 20% Reynolds Tob B 47% 47% 47% 47% Rails— Atchison 46% 46% 46 1 2 46% B & O 11% 11% 11% 11% Can Pacific 13 13 13 13 Ch & Ohio 43% 43% 43% 43% C M & St P pfd 3% 3% 3% 3% Chi N W 4% 4% 4% 4% Chi N W pfd ... 8% 8% 8% 8% Dela & Hud ... 35 35 35 35% Del Lac Sc W 15% 15% 15% 15% Gt Northern pfd 13% 13 13% 13% 111 Central 13% 13% 13% 13% K C Sou 7 7 7 7 M K & T 5% 5% 5% 5% Mo Pac 3% 3% 3% 2% N Y Cent 17% 17 17% 17% N Y New Haven 6% 6% 6% 6% Nor Pacific .... 17% 17% 17% 17% Penn R R 21% 21% 21% 21% Sou Pac 15% 15% 15% 15% Sou R R 12% 12% 12% 12'% Union Pac 102% 102 102% 102% West Maryland.. 8 8 8 8 Equipments— Ar.i Car & Fdy.. 17% 17% 17% 17% Amer Loco 16% 16% 16% 16 a Am Steel Fdy.. 16% 16% 16% 16% Bald Loco 5% 5% 5% 5% Gen Elec 23 22% 23 23 Pullman Inc .... 47', 2 47 47% 46% Westingh Elec... 37% 37% 37% 37% Utilities— Am Sc For Pwr . 4% 4% 4% 4% Am Power & Lit .3% 33 3% AT&T 103% 103% 103% 103% Am Wat Wks . 12% 12% 12% 13 Coi Gas Sc Elec 6% 6% 6% 7 Conn & Sou 1% 1 % 1% 1% Consol Gas .... 20 19% 20 19% Klee Pwr Sc Lit.. 2% 2% 2% 2% list Hydro Elec.. 2% 2% 2% 2% Interboro R T . 14 14 14 14 Int T Sc T 9 9 9 8 7 /g Lou G Sc E (A1 13 13 13 13 Nat Pwr & Lit.. 7 6% 6% 7 North Amer .... 12% 12% 12% 12% Pac G Sc E 13% 13% 13% 13% Pub Serv N J.. 26% 26 26% 26% So Cal Edison.. 11% 11% 11% 11% Std Gas 4 4 4 4 United Coro .... 2% 2% 2% 2% Un Gas Imp 11% 11% 11% 12 Ut Pwr & Lt (A) 1% 1% 1% 1 % Western Union.. 30% 30 30% 30% Rubbers— Firestone 16 16 16 16' Ke.'v Spring ... 1% 1% 1% 1% U S Rubber 14% 14% 14% 14% Miscellaneous — Allis Chalmers.. 16% 16 16 16% Amer Can 112% 112% 112% 112% Am Mach Sc Fdy 20%• 20% 20% 20% Anchor Cap ■— 16% 16 16% 16% Brklyn ManTr.. 41% 41 41% 40% Caterpillar Tract 38 38 38 38 Crown Cork 21% 21% 21% 24 Deere & Cos 27% 27 27% 27 Gillette 13% 13% 13% 13% Clidden 24% 24 24 24 Inter Harv 39% 39% 39% 39 % Natl Cash Reg .. 16% 16% 16% 16% Rem Rand ... 9 9 9 9 Armour Com .. 5% 5% 5% 5% Armour 6 r , pfd . 67% 67% 67% 67% Beatrice Cream 16% 16% 16% 17 Borden Prod ... 23% 23% 23% 23% Cal Packing .... 39 38% 38% 38% Corn Prod ... 64% 64 64 64 Crm of Wheat .. 36% 36% 36% 36% Cuban Am Sug. 5% 5% 5% 5% Gen Foods 34% 34% 34% 34% Gold Dust 16 16 16 16 Natl Biscuit 29 28% 28% 29 Natl D Prod . . 16 15% 15% 16 Purltv Bak 9 8% 8% 9 Std Brands 17% 17% 17% 18 United Fruit ... 73% 73% 73% 73 First Natl Stores 51% 51% 51% 51% Gimbel Bros ... 3% 3% 3% 3% Hahn Dept Sts . 5% 5% 5% 5% Kresge S S 20% 20% 20% 20% Kroger Groc ... 23% 23% 23% 24% McCrorv St 11 10% 10% 11% Marshall Field.. 8% 8% 8% 8% May Dept St ... 41% 41% 41 % 41% Mont Ward 26% 25% 26 26 Natl Tea 10 10 10 10 Penney J C .... 68% 68% 68% 68% Sears Roebuck.. 33% 33% 33% 33% Woolworth ...... 53% 53 53% 53 Aviation— Aviation Corp .. 4% 4% 4% 4% Boeing Aircft .. 9% 9% 9% 9% Curtiss Wright . 2% 2% 2% 2% Curtiss V. ••A''. 8% 8% 8% 8% Dougin 1 ... 23 22% 22% 21% Nor . . 3% 3% 3% 3% Spt p ... 9 8■ s 9 8% Uni New. 13% 13% 13 'a 13% Chemicals — Air Reduction .110 110 110 110 Am Com Alcohol 28% 28% 28% 28% Col Carbon 68% 68% 68% 68% Com Solvents ..21% 21% 21 % 21% Dupont 93 92% P3 92% Freeport Tex ... 20% 20% 20% 20% Math Alkali .... 27% 27% 27% 28 Monsanto Chem. 56% 56% 56% 56% Natl Dis (new). 25% 25% 25% 25% Schenlev Dist .. 25% 25% 25% 25% Tex Gulf Sulph.. 34% 33% 34% 34 Union Carbide.. 45% 45% 45% 46 Drugs— Cotv Inc 5% 5% 5% 5% Lambert 27% 27 27 27% Sterling Prod . 60 6 0 60 60% Un Drug (new). 11% 11% 11% 11% Zonite Prod .... 4% 4% 4% 4 Financial— Am Int Corp ... 6% 6% 6% 6% Transamerica .. 5% 5% 5% 5% Tr Conti Corp... 33 33%

Chicago Stocks

(By Abbott, Proctor & Paine) 11:00 Prev. A. M. close. Bendix 25 3 15'< Borg Warner 30 29 5 Cities Service I 3 * m Cord Corp . 3 5 * 3 s * Gen House Util 6'4 6 l * Iron Fireman 14 3 r ... Libby 76 ... Marshall Fields 8 5 * 8 7 * Swift & Cos 32 Walgreen 29 29' t

Xew York Curb

(By Abbott. Proctor <& Paine' 12 (Noon) Prev. N. Y. close. Am Cvanide 'B" 17 17'* Am Superpower 1 Atlas Coro 8 5 * B s * Can Indus Ale ••A” 9 9 Ford of Europe B'* B'* Natl Bellas Hess 2 2 Nia Hud Pwr 3‘j 36 Std of Kv 19 1 . 19 3

Hides and Skins

Hides—Green country cows and steers, 36c flat: green country bulls and glues, 36c flat; green country calf hides. 4c flat; green country Kip. 36c; No. 1 large horse hides with full heads, shanks, manes and tails. $2 50: medium size. $2 All No. 2 grade horse n:ces. SOc less; glues and ponies half price. No. 1 rendered tallow, f'aCs-.; No 2 at value. Yellow gr se, 36 Sic; aant grease. 36536 C.

INDIANAPOLIS, TUESDAY, JANUARY 29, 1935

Building— Am Radiator ... 14% 13% 13% 14 Holland Furnace 7% 7% 7% 8 Johns Manville . 49% 49% 49% 49% Libby Owens Gls 29 29 29 29 Otis Elev 15% 15 15% 15 Household— Cor.goleum 32% 32% 32% 32% Kelvinator 16% 16% 16% 16% Proc Sc Gamble. 44% 44% 44% 44 s Servel Inc ■ ... 8% 8% 8% 8 z Simmons Bed .. 9 9 9 9 Textiles— Celanese Corp . 29% 29% 29% 29% Indus Rayon .. 31% 31% 31% 31-* Kayser Julius... 16% 16% 16% 16%

N. Y. Bonds

(Reprinted from yesterday) U. S. GOVERNMENT BONDS (By Fenner Sc Beanei Liberty* Prev. Close. close. Ist 3%S 1932-47 104.13 Ist 4’ 4 s 1932-47 103.25 103.27 4th 4%s 1933-38 (Uncalled) 103.31 103.28 4th 4%s 1933-38 (Called)... 101.31 102.1 Treasury* 4',4s 1943-45 114 31 115.2 4s 1944-54 110.9 110.5 3%s 1946-56 108.26 108.25 3%s 1940-43 105.29 ...... 3%- 1943-47 105.21 105.22 33,,, 1941-43 105.28 105.26 3%s 1943-45 104.8 104.11 3%s 1941 105.23 105.24 3’ 4 S 1944-46 104.7 104.10 3%s 1946-49 103.29 103.31 3%S 1949-52 103.15 103.16 3s 1951-53 102.30 102.30 3s 1946-48 102 15 102.18 —Home Owners Loan Cor?.—2%s 1949 93.28 98 28 3s 1952 100.28 100.29 4s 1951 101.6 101.7 —Federal Farm Mortgage Corp.— 3%s 1964 ... 102.20 102.16 3s 1949 100.28 100.29 DOMESTIC Prev. Close, close. Alleg Corp 5s '44 72 74 Alleg Corp 5s '49 61% 63 Allee Corp 5s 'SO 24% 25 Am Frgn Pow 5s 2030 56% 57 Am Tel & Tel 5%s '43 112% 109 Am Tel Sc Tel 5s '65 113 113 Arm Sc Cos (Del) 5%s '43 105 105% Atl Coast Line 4s '52 102 102 Atl Coast Line 4%s '64 91 91% Atch Top Sc S Fe 4%s '4B .108% 108% Am Wat Wks 5s '44 . 96% 97 Am Rolling Mills 5s '3B .109'% 110% Balt Sc Ohio 5s '95 72 73% Balt & Ohio 6s ’95 83 83% Balt Sc Ohio 4%s '6O 55% 56% Buff Roch & Pitt 4%s ’57 .... 68% 69% Beth Steel 5s ’36 103% 103% Chi Milk & St PI 5s '75 22% 22% Chi Milw Sc St P 5s 2000 .... 6% 6% Cleve Un Term 5%s ’72 101 100% Cleve Un Term 5s ’73 96% 97 Cleve Un Term 4%s ’77 89 89% Col Gos 5s May '52 82 81% Col Gas 5s April '52 82% 80% Col Gas 5s '6l 79% 80 Can Pac Perp 4s 85% 86% Cent Pac 5s '6O 79 79 Big Four 4%s ’77 75 75% Big Four 5s '63 80% 81 Chi Sc West Ind 4s '52 96% 96% Chi Sc W Ind 5%s '62 103% 103 Chi & Nor W 4%s '49 18% 18% Con Gas 5s '57 104% 103% Chesa Corp 5s '47 104% 104% Dodge Bros 6s '4O 106% 106% Del & Huds 4s '43 89% 90 N Y Dock 4s ’sl 48% 48% Erie 5s ’75 69% 71 Erie 5s ’67 70 71 Grt Northern 7s ’36 92% 92% Grt Northern 4%s ’76 78 78% Grt Northern 4%s ’77 78 78’% Gen Stl Cast WW 5%s ’49... 93 93% Hud Sc Manhat Ref 5s ’57 ... 89 90 111 Cent 4%s '66 58 60% 111 Cent Jt 4Vis '63 70V 2 70'% 111 Cent 5s '63 74% 75% Interlake C Sc I 5s ’sl 79 80% Interntl Hy Elec 6s ’44 ... 50% 50% Interntl Tel Sc Tel 4%s '39 70'i 71 Interntl Tel & Tel 5s '55 67% 68 % Interntl Tel & Tel 4%s '52.... 62'% 63% P Lorillard 7s '44 127% 127% McKess Sc Rob 5%s 'SO 98 97% Midvale Stl 5s '36 102% 10274 Natl aDiry 5%s 48 102% 102% Natl Steel 5s '56 106% 106% Nickel Plate 4%s ’7B 62% 64 Nickel Plate 6s ’35 68 69% N Y Cent 5s 2013 64% 66% N Y Cent 4%s 2013 (old) 60 61% Nor Amer C’o 5s ’6l 87 86 Nor Pac 3s 2047 74% 74% Nor Pac 4%s 2047 87'% 87% Nor Pac 6s 2047 101 101% Nor States Potver 5s '4l 105 105*4 New Orleans Term 4s '53 85 85> /2 Otis Steel 6s '4l 88% 91 Penn Rv 4%s 'B4 102 102% Penn Rv 4%s 'Bl 102% 102% Penn Rv 4%s '7O 95'/g 95% Pac G Sc E 5s '42 108 108 Portland Gen El 4%s '6O 58 59'4 Para Publix 5%s ’SO 66% 67% Penn P Sc L 4%s 'Bl 100'4 100% Postal Tel & Cab 5s ’53 50% 51% Rem Rand W W 5%s ’47 100 100 Sinclair Oil 6%s '3B 104% 104% Shell Union Oil 5s ’47 102% 102% Sou Pac 4%s '6B 66% 67'% Sou Pac 4%s ’Bl 65% 66% Sou Pac 4%s '69 66% 67% Sou Pac 4s ’49 68'4 70 Sou Reil 4s ’56 59% 60% Sou Rail 6s ’56 78'% 79 Sou Rail 6%s ’56 83’% 84% Sharon Stl Hoop s'%s '4B .... 87'% 87% Texas Pac 5s ’BO Oil!, 92% Texas Pac 5s ’79 92'% 92% Texas Pac 5s '77 92', 93 Union Pac 4s ’47 109% 109 United Drug 5s ’53 93 93 U S Rubber 5s ’47 94% 95 NYN H & Hart 6s ’4B 47% 48% N Y N H & Hart 4%s '67 .. 40 41% Warner Bros 6s ’39 56% 57% West Mary 5%s '77 99% 100% West Mary 4s ’52 91% 92 Youngst’n S <fe Tss ....’70.. 95% 96 Youngst'n S & T 5s ’7B 96 96% FOREIGN Argentine B 6s ’57 92% 92% Argentine B6s ’SB 92% 91% Brazil 8s ’4l 30% 29% Canadian Govt 4s '6O 105% 105% Denmark 5%s ’55 99% 99% German 5%s '65 34% 34% German 7s '49 45 45', 2 Italy 7s ’sl 92% 93 Japan 5%s ’54 91 91% Rome 6%s ’52 87 86% Tokio City 5%s '6l 75% 76% Yokohama 6s ’6l 82% 81V2 FEDERAL FARM LOAN BONDS (By Blyth & Cos.) Bid. Ask, 4s July 1, 1946-44 103% 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 May t. 1957-37 102% 102% 4%s May 1. 1942-32 101 101% 4'tS Jan. 1, 1943-33 101% 101% 4%s Jan. 1. 1953-33 101% 101% 4%s Jan. 1, 1955-35 101% 101% 4%s Jan. 1. 1956-36 102% 5s May 1. 1941-31 101 101% 5s Nov. 1, 1941-31 101 101%

Quotations below are average wholesale prices being offered to buyers by local commission dealers. Fruits—Grapes. California Emperors. 27lb. box, $2.75. Bananas. 4 3 . c a lb. Apples. Indiana Jonathans. $1.65; Grimes Golden, $1.65. Lemons. Sunkist. 3605, $4.75. Grapefruit. Texas, seedless, $3.25; Arizona. 645. 70s and 80s. $2.75. Limes. Mexican per carton 12s 25c; Byram, seedless, per hundred. S3. Pears. Oregon D’anjo, box, $3.50. Pineapples. 30s. 54.25<<?4.50. Avocados. Florida, box. $1.50. Strawberries, Florida, pint. 22c: per 26-pt. crate, 20c. Apricots. $3 a crate. Vegetables—Cabbage. Northern Danish, 50-lb. bag 75c; red, 50-lb. box. 90c. New Texas Cabbage, 50-lb. bag. $1.65. Onions, Idaho, sweet, Spanish, large, 50-lb. bag. $1.85. Michigan yellow, med. 10-lb. bag 22c: western white, 50-lb. bag. $1.85; Michigan. yellow. $1.25. Potatoes, Green Mountains. 100-lb. bag. $1.50: northern round white. 100-lb. bag. $1.10; Ohios, 100-lb. bag. $2: Idaho Russets 100-lb. bag. $2. New Texas Triumphs, 50-lb. bag. $2; New Florida Triumphs bushel, $2.50. Sweet potatoes. Indiana Jerseys bushel, $1.65; Tennessee Nancy Halls, bushel. $1.35 Beans, stringless, hampers, $5; medium, dozen, 75c: jumbo, dozen. 90c; hearts, bunch. $1 60. Cucumbers, dozen, $2.25: 2 dozn box, $4.25. Endive, dozen. 90c. Egg plait. $2.25 dozen. Kale, bushel, *l. Lettuce, hothouse, 15-lb. basket. $1.60. Arizona Iceberg head lettuce. $3.75. Mangoes. Florida crate. $8 Mint bunch, 15c. Parsley, dozen. 35c. Peas, hampers. $3. Spinach, lexas, bushel, $1.75. Radishes, dozen. 45c. Tomatoes. 10-lb. carton. $1.50; Florida original. $2.75. Turnips, bushel, 75c. Parsnips, bushel 51.35. Beets, bushel, *1.25. Carrots, bushel, *1.25; 100-lb. sack, *1.75. All quotations subject to change up or down. FRUITS AND VEGETABLES (By United Press) CHICAGO. Jan. 29—Apples—Michigan Mclntosh, bushel. $1.509 1.85; Jonathans. $1 409 1.75. Cranberries —Massachusetts. ’■4 barrels. *4.75(65. Cauliflower—California. crates, $1,506 1.65. Cabbage—Wisconsin. 100 lbs . 51.25. few higher. Sweet potatoes—Tennessee, bushel. $lO 1.10: Indiana *1.359 1.65 Carrots —California, crates. *3O 3.25. Turnips—lllinois, bushel, 250 40c Lettuce —Western crates. $2.500 3 25; Illinois. 10 lbs., leaf. 65975 c Celery cabbage—Michigan, flat boxes. 400 50c; 6 bushel. 50660 c Parsnips—lllinois, bushel 50675 c. Beans—Florida, bushel, *s@6. Rhubarb— Michigan. 5 lbs. 256 45c. R- ets —Texas. 6 crates $1.7561.85; Illinois. Michigan, bushel. 40 0 60c Spinach— Texas, bushei. S2O 2 25. Tomatoes—Mexican, lugs, $3.2563.50,

On Commission Row

COURT VOTES REVISION PLAN OF STUDEBAKER Payment of $23,600,000 Debts Assured by Proposal. By United Press FT. WAYNE, Ind.. Jan. 29.—Reorganization of the Studebaker and Roekne Motor Corporations and payment of debts totaling $23,600,000 was assured today—barring success of a possible appeal—by a Federal court order approving formation of anew company. Success of Studebaker’s fight to overcome apparently insurmountable financial difficulties provided one of the most dramatic of modern stories of business. It is the first time that an automobile concern ever has survived a receivership and it saves .'he oldest firm in the world in the field of motor manufacture. New Cash $5,500,090 New cash cf $5,500,000 is guaranteed under the reorganization plan by Field, Glore & Cos., Chicago; Lehman Brothers, Goldman Sachs & Cos., and Hayden, Stone & Cos., all of New York. Debts of the two old corporations will be paid with cash and 532,000 shares of White Motor Cos. stock, of which Studebaker holds 95 per cent. The new firm will be authorized to issue $7,000,000 in debentures and $5,000,000 in new common stock and to begin operation with plants and equipment written down to a valuation of $15,400,000. Assets will total $14,000,000, including $7,000,000 cash, against liabilities of $3,000,000. Attorneys representing common stockholders opposed to the plan said they would appeal, but attorneys for the receivers said 75 per cent of creditors, 23 per cent of preferred stockholders and 20 per cent of common stockholders approt ed. the reorganization and would fight to maintain it. Launch “Ad” Campaign The fight of Studebaker’s receivers to beat the jinx of a receivership began on the very day they were appointed in March, 1933. Late at night they called Federal Judge Thomas W. Slick from bed to ask his approval of an unprecedented measure—an immediate SIOO,OOO advertising program. They hoped to prevent the usual disintegration of dealer organizations and loss of public confidence in a product manufactured by a “broke" company. Judge Slick approved and the company almost miraculously showed a profit in 1933. In 1934 it was eighth in new car registration. Studebaker traces its history back to the wagon plant of Henry and Clement Studebaker, established in 1852. It began manufacturing “horseless carriages" in 1902 and in 1923 did a $116,000,000 business. Over-capitalization, with resultant loss of working capital in dividends, was blamed for its later troubles.

STATE LIFE INSURANCE ISSUES ANNUAL REPORT Old Age and Juvenile Policies Popular, Sweeney Says. Old-age income and “Juvenile” life insurance policies for children at ages from one day to nine years are two of the most popular types of policies in which the insuring public is interested today, Robert E. Sweeney, president of the State Life Insurance Cos. of Indianapolis, declared today in issuing the company’s statement for 1934. “Asa feature of the 40th anniversary in September,” Mr. Sweeney said, “a series of juvenile life and endowment policies for children at ages from one day to nine years. The response was immediate from our policyholders, and also from others. “The State Life has over $200,000,000 of life insurance in force, and operates in 27 states. In 1934 the company passed the $100,000,000 mark in payments to policyholders and their beneficiaries.” PENNSY’S GROSS, NET IN DECEMBER SPURTS Full l r ear’s Operating Income Off Only Slightly. By Times Special PHILADELPHIA, Pa., Jan. 29. December earnings of the Pennsylvania Railroad Cos. for December indicates gross earnings of $26,911,000, an increase over the 1933 months of $1,851,000, or 7.4 percent. Net railway operating income for the month, amounted to $4,816,000, an increase of $1,135,000 over December. 1933. For the full year 1934, gross earnings amounted to $343,669,000, an increase of $18,953,000, or 5.8 per cent over the year 1933. Operating expenses increased $22,018,000, net railway operating income amounted to $61,317,000, a decrease of only $660,000.

Trend of Carloadings

thousands m.uoHs OF CARS OF CARS HOO— • ■ YEAR 5 JANUARY 19 - PATE r 1068 ::: —± ”- - 23*OO ——j )——-———————— 22 850—— a,— — 20 — 800— - 750 —— 18— -j 550 cinS —I 12 o i 500— ogg 11 ~ j CvJ 8 CT <\J ;C5; V 'i/ll( 1 35° “|"l'9r| Pl nF 7—4 £CO *> Irt 300— 6 < ££ : 2 _2ji 11 I I I AhUjJ^

Baby Bonds Flotation Will Have Result of Coercing Banks to Lend More Freely to Business.

Times Financial Editor This is the fourth of a series of articles exulaininc the eontemulated 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. WHILE it may be true that the primary consideration of the flotation of “baby bonds’’ on a large scale will be to effect a wider distribution of such securities, th program also will have the additional result of coercing banks to lv and more freely to business. This will be brought about on several fronts.

PORKER PRICES DROPUNDER $8 General Run Mostly 10 Cents Lower; Cattle, Veals Steady. A 10-cent drop in the pork market in early trading at the local stockyards today, sent all prices of hogs, including good and choice grades, below the $8 mark for the first time in several weeks. The top price today for extremely good and choice weights was paid for 160 to 325 pounds which sold from $7.50 to $7.90. Several livestock handlers believe that packers are attempting to lower the market before making heavy purchases to stock up their plants. Receipts numbered 5000. Initial demand was slightly weaker on practically all grades with no particular interest evident. *However, activity was at a fairly active pace. Light hogs, scaling 130 to 160 pounds, brought $6.30 to $7.30, while 100 to 130 pounds, cashed in at $5.05 to $6.05. Packing sows ranged from $6.50 to $7.15. Holdovers were 525. Although slaughter steers continued active, trading interest dwindled in the cattle market and practically all classes remained fully steady at yesterday’s best prices. Early steer sales ranged from $6.50 to $8.75. Few better grades were exceptions and reached the sl2 marie. Dealings were extremely light in the veal market and prices continued stationary at sll down. Receipts were 600. A strong undertone prevailed in lambs and the market was generally 25 cents higher. Bulk of better grade natives and fed western lambs sold at $9 to $9.25. Throwouts brought $6.50 to $8.75, while slaughter sheep sold at $5.50 clown. Receipts were 2500. HOGS Jan. Bulk. Top. Receipts. 23. $7.45® 7.85 $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 28. 7.60® 8.00 8.00 6000 29. 7.60@ 7.90 7.90 5000 Light light: , , . „„„ (160-180) Good and choice. $6.80® 7.55 Medium 6.40@ 7.15 Light weight. , _ _ „„ (160-180) Good and choice... 7.70® 7.80 Medium 7.25® 7.55 (180-200) Good and choice .. 7.80® 7.90 Medium 7.40@ 7.65 Medium weight. . . _ (200-220) Good and choice... 7.85® 7.90 (220-250) Good and choice... 7.80@ 7.90 Heavvweight. . . . „„ (250-290) Good and choice .. 7.60® 7.80 (290-350) Good and choice.. 7.40@ 7.60 Packing sows. (275-350) Medium fi.9o® 7.15 (350-425) Good 6.85® 7.10 (425-550) Good 6.75® 7.00 (275-350) Medium 6.25® 6.85 Slaughter pigs. „ (100-140) Good and choice... 5 16® 6.65 Medium 4.25® 6.30 CATTLE —Receipts, 1500— •—Steers—-(sso-9001 Choice $9.75® 11.50 Good 8.50®10.75 Medium 6.25® §-2§ Common 4 - 2 15 ) ,5?5 (900-1100) Choice [email protected] Good 8.75® 11.25 Medium 6.50® 9.00 Common (1100-1300) Choice l i-S9S}?-22 Good § -25ff1n.50 Medium (1300-1500) Choice 9.25®11.50 —Heifers—-(sso-750) Choice 8.50® 9.00 Good 7.50® 8.50 Common and medium 3.75® 7.50 (750-900) Good and choice 7.50® 9.25 Common and medium 4.00(5! 7.50 —Cows— Good 5.25® 7.00 Common and medium 3.00® 2 22 Low cutter and cutter 1.50® 3.00 —Bulls—(Yearlings Excluded) Goo d 4.25® 5.00 Common and medium 3.0042 4.25 VEAEERS —Receipts, 600— Good and choice 22 Medium 5'22?, 1 022 Cull and common 4.00® 8.00 —Calves—-(2so-500) Good annd choice .. 6.25® 9.00 Common and medium 3.25® o.io —Feeder and Stocker Cattle——Steels— (500-900) Good and choice.. 5 00® 6.50 Common and medium 3.ao® 5.00 (900-1050) Good and choice... 5.25® 6.50 Common and medium 3.75® 5.20 —Cows— Good 3.25® 4.00 Common and medium 2.50® 3.25 SHEEP AND LAMBS —Receipts. 2500 — Lambs. 90-lbs. down, good and choice $8.75® 9 25 Common and medium ? 2'22 90-120 lbs., good and choice... 4.50® 8.50 ?120-*iso> Good and choice 4.00® 5.00 All weights, common and medium 3 o °® 4 - 50 ARGENTINA TRADE GAINS By Times Special NEW YORK, Jan. 29. foreign trade for the previous year amounted to $840,510,000, compared with $665,610,000 in 1933 and $700,920,000 in 1932, it was announced today. Imports totaled $365,970,000, against $295,020,000 in 1933.

What Does It Mean? Buyers' Market—When the demand for shares or commodities remains unsated despite a good rise this is known as a buyers’ market. When the opposite is true it is known as a sellers' market.

PAGE 13

In the first place any conversion of short-term debt to longterm debt will tend to close an existing profitable investment outlet for banks; in the second place the utilization of “baby bonds” will tend to eliminate the practice of banks, among others, in padding their subscriptions to new issues of Government securities. And right here it might not be amiss to discuss this padding of subscriptions. As is well known, when the Treasury launches a large issue of bonds buyers are requested to send in applications stating the amount of the flotation to which they will subscribe. In recent years the terms of such financing have been so favorable that the issues were oversubscribed several times. an n AS a consequence of the good reception accorded these governmental ventures into the bond market, the allotment of the issue to the individual buyers was considerably less than they anticipated. In order to circumvent this, buyers devised the method of applying for subscriptions larger than they wanted. By this padding the bonds eventually allotted to them would not be as small as if they subscribed for just the amount of the bonds they actually needed. With this avenue of investment obstructed, banking institutions undoubtedly will be forced to seek other outlets for their funds. The next question, of course, is where will these investments be made. The Administration for the last two years has been endeavoring to make banks inject more credit into the business channels of the Nation. The “baby bond" arrangement, therefore, will almost make it mandatory for banks to make deeper explorations into the possibility of business loans. a a a IF the banks do not search out other forms of investment to compensate for the partial loss of the government bond market, their earnings, which have been small in recent years, will experience a further sharp recession, according to some authorities. Thus it can be seen that in the event that such outlets' are not found the institutions will find themselves with an increasingly lower ratio of earnings assets. If new loans and investments are made the result will be to increase the ratio of earnings assets of such institutions. Tomorrow Competition with Savings.

GRAIN PRICES AGAIN OFF ON LIQUIDATION Chicago Market Is Affected by Drop Abroad. By United Press CHICAGO, Jan. 29. Further liquidation appeared in grain futures on the Board of Trade today and prices continued their downward course. The market locally was affected by a drop abroad. At the start wheat was !4 to % cent lower, corn was off Va to % cent, oats were % to % cent lower, and rye was down % cent. Provisions were about steady. Cables reported Liverpool slightly lower. There was a letup in demand from the Orient on account of holidays in Japan and China and this item depressed the English market. Eastern houses and locals led in the selling here. (By James E. Bennetti 11:00 Prev. Wheal— High. Low. A M. close. Ma 96'. .95 ,95 3 / .95% Juiv 88% .87% .88'g .88 Sept 86% .86' g .86'2 .86'2 Corn— May 83'g ,82'2 .83 .83 Julv 79 .78% .78% ,78 7 g Sept 76' .75% .76 .76'g Oats— May 50 .49% ,49 7 g .50 Julv 43*. a .42** .43 ',g .43' g Sept. 41 14% .41 .41% Rye— Mav 67 .66'2 .67 .67 Julv .66 .65% .68'4 .66% Sept 65' .4 .65 .65 U .65% LOCAL CASH MARKET City grain elevators are paying 88 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 81 cents and oats 47 cetns. TRUCK SALES CLIMB Ford Has Best Business in January Since Year of 1926. Bp Times Special DEARBORN, Jan. 29.—A strong indication of the upward trend of business this year was seen today in the announcement at the home office of the Ford Motor Cos., that retail truck sales for the first 20 days of January were the highest for this period in the past nine years. The figures also showed that only twice in the company's history have sales for the first twenty days of January surpassed the present 20day figures, and then only by a slight margin. Ford truck sales reached a higher 20-day January January total in January of 1925 and 1926. CANNERS’ CONFERENCE SET By Times Special LAFAYETTE, Ind., Jan. 28.—The eighth annual canners’ and fieldmen’s conference will be held at Purdue University Feb. 12 and 13. it has been announced. iAt the sixth “Sons of the Soil'’ banquet, the United States "Won” Club medals for quality and quantity tomato production will be presented.

GENERAL LIST MOVES AHEAD IN DULLDEALS Slightly Higher Tendencies Prevail Early: Studebaker Active. By United Press NEW YORK, Jan. 29 —The main stock market list firmed slightly this morning in dull turnover. A few issues got out of a fractional area. Dovoe & Raynolds dropped 6% points to 40: McCrory preferred lost 2% to 60 l z; and Inland Steel lost a point to 52. Armour preferred rose to 108, up 1 and anew high; Pullman 47* i, up 1; Wesson Oil & Snowdrift 35%. up 1, and Studebaker preferred 16. up o Small gains were made in u. S. Smelting, Atchison. Chrysler, Consolidated Gas, Du Pont. Douglas Aircraft, New York Central. Westinghouse Electric, General Electric, and Radio. U. S. Steel lost fractionally as did American Telephone, Kennecott, and American Smelt’ng.

Money and Exchange

TREASURY STATEMENT (By United Press) WASHINGTON, Jan. 29.—Government expenses and receipts for (he current, fiscal year to Jan. 26. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $3,974.854 372 40 $3,493,347,631.39 Receipts. 2,040.148.567.87 1,657.941,007.30 Deficit 1,934.705.804.53 1 835.406.624 09 Cash Bal. 2,346.581.363 05 497.784.792 42

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 lump $5.20 Egg 5.03 Nut 480 Brazil Block— Lump 5.54 Egg 5.31 Nut 5.04 GlendoraLump [email protected] Egg 5.18 'i5.43 Nut 4.95(35.20 West Virginia and Eastern Kentucky (Group B) ■■ 6.77<®7.18 Pocahontas and New River, smokeless 7.3008.32 Coke, egg and nut 8.90 Pea Coke 7.40 Anthracite 10.13012.88

Other Livestock

(By United Press) CHICAGO. Jan. 29.—Hogs—Receipts, 28,000. including 12,000 directs; slow, steady to 10c lower than Monday; weights above 200 lbs., $7,754/7.90: top, $7.90: 140200 lbs.. $74; 7.75; slaughter pigs. $54/6.75; bulk good packing sows, $7.35(ii 7.45; light lights 140-160 lbs., good and choice, $6.75 4; 7.40; light weight 160-200 lbs., good and choice. $7,154;7.80; medium weights 200-250 lbs., good and choice, $7 654/7.90; heavy weights 250-350 lbs., good and choice, $7.80 'n 7.90; packing sows 275-550 lbs., medium and choice. $6,254; 7.60; slaughter pigs 100140 lbs., good and choice, $54/7.10. Cattle —Receipts. 8000 commercial. 300 government. Calves—Receipts, 2000 commercial, 100 government; generally steady trade, especially on better grade fed steers and yearlings: inbetveen grade offerings slov'. weak; bidding lower; common and medium kinds, mostly steady: fairly broad demand for stockers and meaty feeders; supporting lower grade killing steers; top on fat steers, sl3; bulk better grades, $11.75 upward; not many well finished steers in run: she stock unevenly steady to 25c lower: vealers 50c 3 '4sl oft at $9.50 down: slaughter cattle and vealers: teers 550-900 lbs., good and choice, $8 754/ 12; 900-1100 lbs., good and choice. $94; 12.75; 1100-1300 lbs., good and choice, $9,254/13; 1300-1500 lbs., good and choice. $9,754/13; 550-1300 lbs., common and medium. $4,754/9.75: heifers 550-750 lbs., good and choice. $8 25 'n 10.50: common and medium, $4.50(5.8.50; cows good, $5 25(5 7.50; common and medium. $3.50(55 50; low cutter and cutter, $2.50'5 3.75; bulls, yearling excluded, good, beef. $4.25(5 5.50; cutter, common and medium. $4(5 4 65: vealers. good and choice, SB4/10; medium. $74/8; cull and common. $54/6; stocker and feeder cattle: Steers 550-1050 lbs., good and choice. $5,504/7.75; common and medium. $4 504/5.50. Sheep Receipts. 12,000; opening fairly active, far lamb undertone, fully steady to strong: asking higher; sheep and feeding lambs little changed: better grade lambs held $9 254/9 35 and up: few bids $8 854/9; slaughter ewes, $4 504/5; best held $5.25 and above; slaughter sheep and lambs. 90 lbs. down, common and medium, $8,354; 9.25; common and medium. $6 754/8.50; ewes, 90-150 lbs., good and choice. $3,754® 5.35: all weights, common and medium. $3 254/4.35; feeding lambs, 50-75 lbs., good and choice. $74/7.75. tßy Times Special) LOUISVILLE. Jan 29—Cattle—Receipts, 175. supply light; killing quality generally plain; market, mostly steady: bulk common to medium steers and heifers. ss® 7.25; most better finished kinds, $7,504/8 but $8.50 bid for some good around 900lb. steers: bulk beef cows. $44/5; good cows and smooth heifer types quotable to $5.50 or better: bulk low cutters and cutters. $1 754/3 25: sausage bulls quotable $4 75 down; common to medium grade native st.ockets and feeders. $4 254/5 50; most Hereford stock cajves, SB4/6.50; good quotable higher. Calves—Receipts, 125. mostly 50c lower: bulk good to choice. $8,504/9.50; medium and lower grades. $8 down to ( round $4 50 for light culls. Hogs—Receipts. 700: sorting changed on top hogs: market mostly 10c lower: top and bulk better 180-250 lbs . $7 70: 255 lbs. up. $7.25; 160-175 lbs $7 05: 140-155 lbs., $6 55: 120135 lbs. $5 60; sows. $5 95. Sheep—Receipts. 100; generally steady; bulk medium (o good lambs. $7,504/8 50; choice quotable to $9 and above; common light throwouts. f6; most fat ewes. $3.50 down. DEPARTMENT STORE SALES VOLUME DIPS Value Is Higher, but Quantity Drops to New Low. By Times Special NEW YORK, Jan. 29 —The value of department store sales in the United States during 1934 was 13 per cent higher than in 1933, when the low for the depression was reached, according to Business Conditions Weekly, an Alexander Hamilton Institute publication. Sales in 1934 also were higher than in 1932, showing a gain of 10 per cent. However, as compared with 1929, last of the pre-depression years, the value of sales last year showed a decrease of 31.5 per cent. The expansion in 1934 over the previous two years was due entirely to the higher price level. The quantity of gojds sold last year apparently dropped to anew low for the depression, the publication states. STOCK VALUES LOWER By Times Special NEW YORK, Jan. 29 —The market value of fifty representative stocks listed on the New York Stock Exchange Jan. 26, amounted to sll.734,967,500, compared with $11,803,-. 773,000 at the close of the previous week, a decrease of .58 per cent, according to Paul H. Davis & Cos. SECURITY ASSETS^RISE By Time* Special NEW YORK. Jan. 29.—Net assets of the United States & International Securities Corp. on Dec. 30 amounted to $23,171,447, equivalent to $96 a share for first preferred stock, it was learned today. This compared with $21,916,000, or SB9 a share afe the end of the preceding year,