Indianapolis Times, Volume 46, Number 226, Indianapolis, Marion County, 30 January 1935 — Page 13

Wall St. Congress Expected to Act on Bond Question. BY RALPH HENDERSHOT— Times Special Writer

NEW YORK. Jan. 30 —Congress is expected to pass this year on a proposal to make federal, State and municipal bonds subject to taxation. Many members of both houses are reported in Washington dispatches to be in favor of such a measure. Secretary of Treasury Morgenthau also is said to be behind it. which probably means that

President Roosevelt likes the idea. too. Under the circumstances it probably stands a good chance of being enacted into law. Several sound reasons exist for the suggested change. Foremost among these is the fact that the ores;nt tax exemption tends to make the government too de-

w *

Ralph Hendershot

pendent upon the banks for financial assistance in times of greatest need. Under ordinary circumstances this dependence might be expected to influence legislation. Big investors quite naturally are more desirous of reducing income tax payments than are small investors. Consequently, the’ - are willing to pay a much higher premium for tax-exempt bonds. This tends to force Federal, state and municipal bonds into the hands of the “moneyed” people. nan IT will be recalled that last year an attempt was made by these people to embarrass the government in its financing operations because they were not in sympathy with the government's monetary policies. Also, they did not like the digs” President Roosevelt had been tossing in their direction. The peace pact entered into at the time of the American Bankers Association convention in Washington probably prevented an open fight between the two factions. Repeal of the tax-exempt feature would raise the income of the government and the states. This income would be most welcome at the very time when the greatest efforts are being made to evade income tax payments. It would at the same time, of course, raise the interest rates on government securities, but the higher rates would tend to halt excessive borrowing. B B B TAX-EXEMPT bonds have constituted storm cellars for those best able and qualified to take business risks during the current depression. Instead of exerting themselves in the quest of good business loans bankers and other large investors have been able to exchange their surplus funds for government boi 3s and then sit back and wait until the storm has blown over. In doing so they have played a part in the stoppage of the natural flow of capital into business, and thus have helped to aggravate the depression. It may be argued, of course, that the banks have placed themselves in a much better financial position by so doing, and consequently have provided the fullest protection for the funds intrusted thm. This argument is not entirely airtignt. In fact, the banks have too large a proportion of their funds tied up in government obligations. While it is true that most of them are short term issues and are constantly being retired, the large amount held would constitute a handicap to disposal if the necessity for quick sale should arise.

AUTO RETAIL SALES IN 1934 ARE HIGHER 33 Per Cent Increase in Dollar Volume Is Reported. By Times Special WASHINGTON. Jan. 30.—Retail sales of new passenger automobiles for the year 1934 were 33 per cent higher in dollar volume than for 1933 and 62 per cent higher than for 1932. according to preliminary figures released by the Bureau of Foreign and Domestic Commerce. Sales for December. 1934, were up 57 per cent from December, 1933, and 40% per cent from 1932. The bureau’s index, which makes allowance for the number of days in the month as well as for the usual seasonal movements, was 48 in December. 1934. on basis of 1929-31 average as 100. compared with 63 in November. The actual value of sales without seasonal adjustment declined about 31 per cent from November to December in 1934. compared with a decrease of 47% per cent in 1933 and an average decrease of about 9 per cont between those two months for the past five years. TRANSIT REVENUES DROP By Times Special NEW YORK. Jan. 30.—Transit revenues for the week ending Jan. 19. as reported by a representative group of companies, were slightly under a year ago. The Transit Journal Indicator now stands at 99.59, compared with 100.79 for the week ended Jan. 12.

New Business Books Available at Library The following new books are now available at the business branch of the Indianapolis Public Library: FEDERAL SECURITIES ACT PROCEDURE (j K Lasser and. J A Gerard)—The Securities Act is not so permeated with technicalities and snarls that legitimate financing mav not proceed in the face of its requirements. CURRENT ECONOMIC PROBLEMS iedited bv J. B Hubbard) iA prime object of the editor s been to have both sides (resented in each discussion of those public policies now enloving general attention m the United States. SOCIAL CHANGE AND SOCIAL PROBLEMS J. H S. Bastard) —An altered and expanded studv intended to take the place of the authors earlier book. "Problems of Social Well-Being.' CHAIN STORE EXPENSES AND PSOFITS: An interim report for 1932 > Malcolm P. McNair i BUILDING AND BALANCING BUDGETS FOR MEN AND WOMEN'S FRATERNITIES M. Leonard and M. F. Freeman). THF TECHNIQUE OF EXECUTIVE CONTROL <E R Schell) —A new edition of a standard book.

♦ ♦ Abreast of The Times on Finance ♦ ♦

DULL TRADING. LIGHT VOLUME GRIPS MARKET

Fractional Movements Are Rule in Steady to Firm Showing. NEW YORK. Jan. 30— Stocks were steady to firm in morning dealings, with volume small. Most changes were mraningless. Here and there a stock broke out of a fractional area in light turnover. Case rose more than a point to 54% and Hazel Atlrs Glass a point to 89%, while Pacific Mills declined l'z to anew low at 17. National Lead issues were firm at 155. up 2% points. U. S. Steel issues firmed, the '*ommon reaching 36%. up %, and the preferred 90. up %. Small gains were noted in Westinghouse Electric, U. S. Smelting. Chrysler and International Harvester. Money and Exchange INDIANAPOLIS STATEMENT ngs tI.M7.MMO Debus 5,160.000.00 TREASURY STATEMENT ißv United Press) WASHINGTON. Jan. 30 —Government expenses and receipts for the current fiscal Year to Jan 28 compared with the rrrrespondine period of ihc previous fiscal tear: This Year Last Year. Expenses $3 986.290.048 73 $3 106,621.808 36 Receipts .. 2.048 478.363 95 1.661.803.267 80 Deficit . 1 037 812.534 78 1.844.728,540.56 Cash hal. . 2 344.967.522 11 462 214.353.80

Stock Studies

R.J.REYNOLDS TOBACCO t COMMON STOCK f.f Q • i> ■ ■ ll fftlCt SHARC EARNINGS PRICE RANGC VIALf —T"U. T) — B | | I I II 40 2 > . r- 1 I | i -|| 20 0 '30 31 32 33 34 30 31 ~3g 33 34| ° WINCHESTER INSTITUTE OF FINANCE

The R. J. Reynolds Tobacco Cos. is one of our leading manufacturers of smoking and chewing tobacco and cigarets. In 1919 the company introduced the "Camel” brand of cigarets ard by concentrating its sales effort on thus one brand it has made it the second biggest seller in the country. Large expenditures for national advertising have played a big part in building up the popularity and sales of this cigaret. Its smoking tobaccos also are nationally advertised. Manufacturing plants are located at Winston-Salem, N. C. FINANCIAL DATA As of Dec. 31. 1934. Common stock 'slo par) 1.000,000 shrs. Common stock B' islo par) 9.000.000 shrs. Profit and loss surplus S 48.598.757 Cash and securities 34,161,950 Inventories 90,802.241 Total current assets 133,581.617 Current liabilities 7.735.550 The R. J. Reynolds Cos. was incorporated in 1899 in New Jersey. Both classes of stock are listed on ’.he New York Stock Exchange. At c current price of arourd 48 :i s the common “B” sells to yie’.a about 6% per cent and at 22% times earnings. (All Rights Reserved. Winchester Institute of Finance. Winchester. Mass.) CORD EARNINGS SHOWN Net Profit for Fiscal Year Ended Nov. 30 Totals $75,321. By Times Special CHICAGO, Jan. 30.—Consolidated net profit of the Cord Corp. and rubsidary companies for the fiscal year ended Nov. 30, 1934 amounted to $75,321. it was announced today by L. B. Manning, president. The balance sheet for the fiscal year shows current total assets amounting to $5,300,548 and total current liabilities of $164,635. The ratio of current assets to current liabilities was 32 to 1. Cash and marketable securities totaled $2,557.075.

On Commission Row Quotations below are average wholesale prices being offered to buyers by local commission dealers. Fruits—Grapes. California Emperors. 27lb. box. *2.75. Bananas. 4%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. $3. Pears. Oregon D anjo. box. $3 50. Pineapples. 30s. $4.25® 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. St .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. SI 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, siringless. hampers. $4.50. medium, dozen, 75c: jumbo, dozen, 90c; hearts, bunch. $1.60 Cucumbers, dozen. $2.25: 2 dozen box. $4 25 Endive, dozen. 90c. Egg plant. $2.25 dozen. Kale, bushel *l. Lettuce, hothouse. 15-lb. basket. $l6O. Arizona Iceberg head lettuce. S3 75. Mangoes. Florida, crate. $8 Mint bunch. 15c. Parsley, dozen. 35c. Peas, hampers. $3. Spinach. Texas, bushel. $1.75. Radishes, dozen 45c. Tomatoes. 10-lb. carton. $1 50; Florida original. $2.75. Turnips, bushel. 75c. Parsnips, bushel $1 35 Beets, bushel. $1.25. Carrots, bushel. *1.25; 100-lb. sack. $175. All quotations subject to change up or down. FRUITS AND VEGETABLES ißv United Press) CHICAGO. Jan. 30—Apples—Michigan Mclntosh, bushel. slso® 185. Jonathans. $1 40® 1.75. Chanberries Massachusetts. % barrels. s4® 5. Cauliflower —California, crates. sl4o® 160. Cabbage—Wisconsin. 100-lb. sack. SI 25 Sweet potatoes— Tennessee. bushel. *1 f 1.10 Illinois. *1®115; Indiana, Si 3560. Carrots —California, crates. S3 i 3 25 Turnips—Louisiana, bushel. sl® 1 25: Illinois. 25®35c Lettuce —Western crates $2 25® 3.15 Celerv cabbage—Michigan flat boxes. 50c; % bushel. 50 -i 60c Parsnips—lllinois, bushel. 50® 75c Bern*—Florida, bushel. $5.6 •creen' Rhubarb—Michigan. 5 lbs. 25® 50c. Beets—Texas. % crates. $2: Illinois, bushel 40''j 50c Spinach—Texas, bushel. S2w2 25 Tomatoes Mexican, lugs, $3.15 73 50. Cuban. $2 40® 3 15. SUGAR MEET INCREASES By l imes Special . NEW YORK. Jan. 30.—Total melt of 13 United States sugar refineries from Jan. 1 to Jan. 19 amounted to 210.000 long tons against 135.000 in the correspodning period in 1934, figures today revealed.

INDIANAPOLIS, WEDNESDAY, JANUARY 30, 1935

New York Stocks

(By Thomson & McKinnon* Prev. j Oil'— High. Low. Close, close. Atl Rfg 24'4 24 ' 24'* 24', Consol OH 7'a 7> 2 7% 7', Corn of Del .... 17'j 17% I7 1 2 17'2 Houston i newt.. 2% 2* 2’* 2’* Mid Cont Pet ... 11 11 11 11', Ohio Oil 9% 9% 9% 9", Pet Corp B'* B'* B'* B'* Phillips Pet 15'* 15' 15'* 15'* Pure Oil ■■>* 6’* 6% 6% Roval Dutch ... 31'2 31'.-a 31 ’ a 32', Shell Un 7 7 7 6 7 , Skeliey Oil 7' 2 7' 2 7% 7% Soc Vac 13% 13 3 * 13 3 * 13", SO of Cal 29 7 , 29 3 29 -* 29'* SO of Ind 24', 24', 24', 24' , SOof N J 40'* 40 3 * 40 3 40', Texas Corp .... 19' 2 19% 19'2 13’.2 Steels— Am Roll Mills .. 20 3 * 20' 2 20 s , 20 3 , Beth Steel 2D 3 * 29 3 , 29 '•* 29% Cruc Steel 20 7 , 20 7 , 20 7 21 Inland Steel 51'2 51'2 51'2 51'* Ludlum Steel ... 16 16 16 15% Otis Steel . 6 5 3 * 6 5 3 * Rep Iron <fc Steel 13 7 13'* 13 1 , 13% Rep Ir Ac St pf. 46 46 46 46 U S Pipe Ac Fay. 18% 18'* 18 3 , 18',* U S Steel pfd .. 90 88 7 , 89 3 , 89'* Warren Bros ... 4“* 4"* 4 3 * 4 3 * Chrysler 36', 35 3 * 36 35 3 * Gen Motors ... 30% 30', 30', 30', Hudson 9 7 , 9', 9', 9 1 , Mark, Truck ... 25‘ 2 25'2 25' 2 25'*> Nash 15% 15'2 15*2 15’, Packard 4', 4', 4', 4', Studebaker 2 17,l 7 ,1% 2 Motor Access— Bendix 15 15 15 15 Bohn Alum .... 54 54 54 53% Bore Warner ... 30 29'* 29'* 29 3 * Briggs . 25"* 25'2 25', 25 * Budd Mfg 4> 2 4'2 4'2 4>2 Eaton Mfg 19 19 19 18',2 Elec Auto Lite.. 24'* 24 24'* 24 Mullins Mfg ... 9 9 9 9'* Murray Body ... 6’, 6', 6'* 6 3 * Stew Warner ... 7 7 7 7 Timken Roll . 33 1 2 33U 33'2 33% Timken Det Axle 6% 6'a 6's 6 Mining— Alaska Jun 16 7 , 16', 18 7 r 16', Am Smelt 34', 34', 34", 34", Anaconda 10", 10", 10" r 10'* Cerro De Pasco. 40'2 40'- 40' 2 40 Dome Mines ...33 3 a 35 35', 34 3 * Int Nickel 22", 22'2 22', 22", Kennecott Coo . 16’* 16'* 16% 16'* Mclntyre Mine . 38 37' 2 37", 37", Park Utah 33 32% Noranda Cop .. 32‘2 32% 32'2 32', Phelps Dodge ..14 14 14 13% St Joe Lead .. 15'* 15% 15% 15 U S Smelters ...107% 107% 107% 107 Vanadium 18% 18 18 18 Amusements— Loews Inc 31 31% 32 31% Radio Corp ... 5% 5'% 5% 5% Paramount 3% 3% 3% 3"* RKO 2% 2 2 2% Warner Bros ... 3% 3% 3% 4 Tobaccos— Am Snuff 66 66 66 66 Am Sum Tob ..19 19 19 8% Am Tob ‘A”.. 80 80 80 80 Am Tob “B ’ ..81% 81% 81% 81 Lorillard 19% 19% 19% 19% Phillip Morris . 42% 42% 42% 42% Reynolds Tob B 47% 47% 47% 47% Ra ifs— Atchison 45% 45% 45% 45% Atl Coast Lines 29 28% 28% 29 B & O 11 11 11 11 Can Pacific ... 12% 12% 12% 13 Ch & Ohio 12% 12% 12% 13 Ch £: Ohio . . 42% 42% 42% 42% C M & St P pfd 3% 3% 3% 3% Chi N W 4% 4% 4% 4% Chi N W pfd ... 8% 8% 8% 8 Del Lac <Sc W . 15% 15% 15% 15% Erie nfd 14 14 14 14% Grt Northern pf 13% 13% 13% 13% 111 Central 13% 13% 13% 13% M K & T pfd... 10"* 10% 10% 10% 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 100% 100 100% 100% Equipments— Am Car & Fdy.. 17 17 17 17 Am Steel Fdy... 17% 16% 17% 16% Bald Loco 5% 5% 5% 5% Gen Elec 23% 22% 23 22"* Pullman Inc ... 47% 47"* 47% 47% Westingh Elec.. 36% 36% 36% 36% Utilities— Am Power & Lit 33 33% AT&T 104% 104 104% 104% Am Wat Wks .. 13 12% 13 12% Col Gas & Elec. 6 s , 6% 6% 6"* Com & Sou 1% 1% 1% 1% Consol Gas 20 19% 20 11"* Elec Pwr & Lit. 2% 2", 2% 2% Int Hydro Elec.. 2% 2’* 2’* 2'* Int T & T 9 8% 8% 8% North Amor 12% 12% 12% 12% Tac G & E 14% 14% 14% 14 Peoples Gas .... 21 21 21 21 Pub Serv N J 25% 25"* 25"* 26 So Cal Edison.. 11% 11% 11% 11% Std Gas 3"* 3% 3"* 3"* United Corp .... 2% 2% 2", 2% Un Gas Imp 11% 11% 11% 11% Rubbers— Firestone 16 15% 16 16 Goodyear 21% 24"* 21% 21% Kelly Spring .. 1"* 1% 1"* 1% U S Rubber 14% 14 14% 14% U S Rubzber pfd 36 36 36 36 Miscellaneous— Allis Chalmers.. 16% 16 16% 16 Amer Can 112 112 112 112% Am Mach & Fdy 20% 20% 20% 20% Anchor Cap 15% 15% 15% 16 Brklyn Man Tr.. 41% 41% 41% 40% Burroughs Add.. 14% 14% 14% 14% J I Case 53", 53% 53", 53% Conti Can 64% 64% 64% 64% Caterpillar Tract 38 37% 38 37% Deere & Cos . . 27% 27 27% 27 Eatman Kodak 112% 112% 112% 112% Gillette 13% 13% 13% 13% Ingersoll Rand.. 66 65", 66 65% Inter Harv 39"* 39 39% 39 Owens Bottle 86% 86% 86% 86 Rem Rand ... 9 9 9 8% Foods— Am Sugar 62 62 62 62 Armour Com ... 5% 5% 5% s'/a Armour 6% pfd 67% 67% 67% 67 Borden Prod .. 24 23',2 24 23% Cal Packing .. 39% 39 39% 38% Canada D G Ale 14% 14 14 14% Cont Bak 'A’... s"* 5% 5% 6 Corn Prod 63 63 63 63 Crm of Wheat. 36% 36% 36% 36% Gen Foods 34% 33% 34% 33% Gold Dust 16 15% 16 16 G W Sugar .. . 27% 27% 27% 27% Hershev 77% 77% 77% 77% Loose Wiles ... 35% 35% 35% 35 Natl Biscuit .. 28"* 28% 28% 28% Natl L Prod ... 16 15% 15% 15% Purity Bak .. .9 9 9 8% S Por Rico Sug 20% 20% 20'’, 20% Std Brands ... 17% 17"* 17"* 17"* Un Biscuit ... 24% 24% 24% 24% United Fruit ... 73% 73 73% 73% Retail Stores— Assd Dry Goods 11% 11% 11% 11% First Nat Stores 51 51 51 51% Gr Un Tea .. 3"* 3"i 3% 3"* Kresge S S 20% 20% 20% 20% Kroger Groc.... 24% 24% 24% 24 McCrorv St 10% 10 10% 10% Marshall Field.. B', 8% 8% 8"* May Dept 5t.... 41% 41% 41% 41"., Mont Ward 26 25"* 25"* 25% Natl Tea 10 10 10 10 Penney J C ... 69 68% 68', 68% Safeway St .... 39",* 39% 39"* 39% Chicago Stocks 11:00. Prev. A. M. close. Bendix 15 15 Berk IVarner 29% 30 Butler Brothers 6% 6% Ci’ies Service 1% 1% Cord 3% 3% Electric Household. 16% 16% Libby McNeil 7'* 7% Swift 17'* 17'* Vortex Cup 16 16 Acme Steel 46 46 New York Curb (By Abbott Proctor & Paine) Noon Prev. N. Y. close. Allied Mills 12% Alum Cos of Am 46 Am Cyanide "B" 16% Am Gas & El 19% Am Superpower 1 1 Ass Gas & El ", Atlas Corp 8% 8% British Ceianese 3 Buckeye Pipe Line 30% Can Indus Ale "A” 9 Can Marc 1% 1 7 , Carrier Corp 18 17", Cities Serv .. 1% Commonwealth Ed 54 Cord Corp 3% Creole Petrol 143, Crown Cork Inti 8% Deere & Cos 27 Distillers Lim 22% Distillers Corp 16% 16% Dow Chem 84 El Bond & Share 6% 6 Fisk Rubber 9'* Ford of Can "A” 29"* Ford of Europe 8% 8% Great Atl and Pac 128 Glen Alden Coal 20% Gulf Oil of Pa 57 56% Hiram Walker 29 Humble Oil 45% Imperial Oil Ltd 16% 16% Hud Bay Min 12 Int Petrol 29 s , Lake Shore Min 50 1 * 49% Libby McN Libby 7 Lone Star Gas 5% Mt Producers 4% Natl Bellas Hess 2% Newmont Min 35% 36 Nia Hud Pwr 3% Novadel Agene 22% Pan Am Airways 41% 40% Park Davis 34 Penn Road . . 1% 1% St Regis Paper I s , Salt Creek Potducts 5% Sherwin Wms 84% Std of Kv 19% 19% Technicolor Ind 12 3 Teck Hughes Gold 3% Un Gas 1% Un Pwr & Lt “A” 1% Wright Hargraves Mia 8%

Sears Roebuck.. 33', 33 33 33% Woolworth 5% 35 53% 53 Aviation— Aviation Corp .. 4"* 4"* 4"* 4% Curtiss Wright -2% 2', 2% 2', i Curtiss Wri 'A) B', 8% 8% 8% Douglas Air 22', 22% 22% 22 j Nor Am Av 3% 3% 3% 3% Sperrv Corp .... 8% 8% 8% 8% ; Utd Aircraft new 13% 13% 13% 13% t'h-mical, — 'Am Com Alcohol 27"* 27% 27% 72'i Com Solvents . - 20% 20% 20% 20', Dupont 93% 93% 93% 93% Freeport Tex.... 20%. 20% 20% 20% Liquid Carb .... 27% 27% 27% 27 Math Alkali 28 27% 27"* 27% Natl Dis mew).. 25% 25’* 25% 25% , Schenlev Dist . 25 24% 25 24% Tex Gulf Sulph 33% 33 s , 33% 33% Union Carbide.. 46 45% 45% 45% |U S Indu Alco.. 37 37 37 36% Drugs— Bristol Mvers.. 33% 33% 33", 33% j Coty Inc 5% 5% 5% 5% Lambert 27 27 27 27 ! Lehn & Fink . . 16% 16% 16% 16% |Un Drug inewi 11% 11% 11% 11% I Vick Chem 34% 34% 34% 34% Financial— Adams Exp .... 6% 6% 6% 6% ! Allegheny Corp. 1% 1% 1% 1% Am Int Corp . 6% 6% 6% 5% Tran'america .. 5", 5% 5% 5% Budding— Am Radiator .. 14 13% 14 13% Gen Asphalt .■ . 16 15% 16 15"* Holland Furnace 7"* 7% 7% 7% Otis Elev 14"* 14"* 14"* 14% Libby Owens Gls 29 28"* 29 28% U S Gypsum .. 47 47 47 48 HouseholdCol Pal Peet . 17% 17 17% 16% Concoleum 32% 32% 32% 32% Kelvinator 16% 16% 16% 16% Proc & Gamble 45", 45% 45% 44"* Servel Inc .... 8% 8% 8% 8% Textiles— Amer Woolen ... 7% 7% 7% 7% Belding Hem .. 12% 12% 12% 12% Ceianese Corp .. 29 28"* 29 28 ■, Indus Rayon ... 31% 31% 31% 31',* N. Y. Bonds (Reprinted Irom yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds Today 86.9 83.9 92 2 87.7 Yesterday 87.0 84.5 92.7 88.1 Week ago .... 86.7 85.3 91.8 88.0 Month ago 85.6 83.6 88.7 86.0 Copyright. 1935. bv the Standard Statistics Cos.. Inc. U. S. GOVERNMENT BONDS (By Fenner & Beanei Libertys Prev. Close, close. Ist 3%S 1932-47 104.10 104.13 Ist 4'*s 1932-47 103.26 103.25 4th 4'*s 1933-38 (uncalled)... 103.26 103.31 4th 4'/*s 1933-38 (called) 101.31 101.31 Treasurys 4%s 1943-45 114.26 114.31 4s 1944-54 ...in 110.3 110.9 3%s 1946-56 108.20 108 26 3%S 1940-43 105.22 105.29 3"aS 1943-47 105.20 105.21 3%S 1941-43 105.24 105 28 3'*s 1943-45 105.2 104 8 3'*s 1941 105.20 105.23 3' *s 1944-46 104. 104.7 3%s 1946-49 103.26 103.2 J 3%S 1948-52 103.10 103 x 5 3s 1951-53 102.24 102.30 3s 1946-48 102.10 102.15 Home Owners Loan Corp. 2"*s 1949 98 21 98.28 3s 1952 100.21 100.28 4s 1951 101.6 101.6 Federal Farm Mortgage Corp 3%s 1964 102.17 102.20 3s 1949 100.23"' 100.28 DOMESTIC Prev. Close, close. Alleg Corp 5s ’44 71 72 Alleg Corp 5s ’49 58Vi 61% Alleg Corp 5s ’SO 24% 24% Am Frgn Pow 5s 2030 56 % 56% Am Tel & Tel 5%s 43 112% 112% Am Tel & Tel 5s 65 113 113 Arm & Cos 'Del) 5%s ’43 104% 105 Atl Coast Line 4s ’52 101 Vi 102 Atl Coast Line 4%s ’64 90"* 91 Atch To j & S Fe 4%s '4B 108% 108 % Am Wat Wks 5s ’44 95 96% Am Rolling Mills 5s ’3B 109 109% Balt & Ohio 5s ’95 71 72 Balt & Ohio 4%s ’6O 53 55% Buff Roch & Pitt 4%s ’57 65% 68% Beth Steel 5s ’36 103% 103% Chi Milw & St PI 5s ’75 22% 22% Chi Milw & St P 5s 2000 6!4 6Vi Cleve Un Term 5%s ’72 101 101 Cleve Un Term 5s ’73 96% 96V4 Cleve Un Term 4%s ’77 89 89 Col Gas 5s May ’52 82% 82 Col Gas 5s April ’52 81% 82", Col Gas 5s ’6l 80 79% Can Pac Perp 4s 84% 85 Vi Cent Pac 5s ’6O 79 79 Colorado & So 4%s ’BO 68 68% Chi & West Ind 4s ’52 95% 96V, Chi & West Ind 5%s ’62 102'% 103% Chi Nor West 4%s '49 18% 18% Con Gas 5s ’57 103% 104% Chesa Corp 5s ’57 104% 104% Dodge Bros 6s ’4O 106% 106% Del & Huds 4s ’43 89% 89% N Y Dock 4s ’sl 64 64 N Y Dock 5s ’3B 47 48% Erie 5s ’75 68% 69% Erie 5s ’67 68% 70 Gen Cable 5%s ’47 88% 89 Grt Northern 7s ’36 92% 92V4 Grt Northern 4%s ’76 77% 78 Grt Northern 4%s '77 77% 78 Gen Stl Cast W W 5%s ’49.... 92 93 Hud & Manhat Ref 5s ’57 89 7 /s 89 111 Cent 4" is ’66 68 58 111 Centl Jt 4%s ’63 70 70% 111 Cent 5s ’63 73 74% Interlake C & I 5s ’sl 76 79 Interntl Hv Elec 6s ’44 49 50% Interntl Tel & Tel 4%s ’39.. 69 70% Interntl Tel & Tel 5s ’55 66V* 67% Interntl Tel & Tel 4%s ’52 61 62% McKess & Rob 5%s ’SO 97 98 Midvale Stl 5s ’36 103% 102% Natl Dairy sVis ’4B 102% 102% Natl Steel 5s ’56 106% 106% Nickel Plate 4%s ’7B 61 62% Nickel Plate o%s ’74 72% 74 Nickel Plate 6s ’35 67% 68 N Y Cent 5s 2013 64 64"/* N Y cent 4Vis 2013 (old) 59% 60 Nor Amer Cos 5s ’6l 86'* 87 Nor Pac 3s 2047 73% 74% Nor Pac 4%s 2047 87 87'% Nor Pac 6s 2047 100% 101 Nor States Pow 5s ’4l 105 Vi 105 Otis Steel 6s ’4l 88 88V* Penn Ry 4%s 'B4 101% 102 Penn Rv 4%s ’Bl 102% 102% Penn Rv 4%s ’7O 95% 95% Pac G & E 5s '42 108 108 Portland Gen El 4%s '6O 56% 58 Para Publix 5%s 'SO 65% 66% Penn P & L 4%s ’Bl 100 100V4 Postal Tel & Cab 5s '53 49% 50% Rem Rand WW 5%s ’47 99"* 100 Sinclair Oil 6%s *3B 104% 104"* Shell Union Oil 5s *47 102% 102% j Sou Pac 4%S '6B 66% 66% Sou Pac 4%S 'Bl 65 65% Sou Pac 4%s ’69 66 66% Sou Pac 4s '49 67% 68% Sou Rail 4s ’56 59 * 59% Sou Rail 6s ’56 77% 78% Sou Rail 6%s ’56 82% 83% Sharon Stl Hoop 5%s ’4B 87% 87% Texas Pac 5s 'BO 91 91"* Texas Pac 5s '79 91 92% Texas Pac 5s ’77 92% 92% Unioon Pac 4s '47 109% 109% United Drug 5s ’53 92% 93 1 U S Rubber 5s ’47 93% 94% ! NY NH & Hart 6s ’4B 45% 47‘,2 NY NH & Hart 4%s '67 40", 40 Warner Bros 6s ‘39 56 56% Western Mary 5%s '77 99 99% Western Mary 4s ’52 91 91"* Youngstown S&T 5s '7O .... 95% 95% Youngstown S&T 5s ’7B ... 95% 96 FOREIGN Argentina A 6s '57 92 92% Argentine B 6s ’SB 92 92% Canadian Govt 4s ’6O 104% 105", Denmark 5%s ’55 98% 99% German sVis ’65 34% 34% German 7s ’49 44% 45 Italy 7s ‘sl 92% 92% Japan 6%s ’54 90 91 Rome 6%s ’52 87 87 Tokio City 5%s '6l 75 75% Yokohama 6s ’6l 81 82% FEDERAL FARM LOAN BONDS (By Blyth & Cos.) !sid Aslc 4S. JUlv 1. 1948-44 103", ‘ 103% 4s. Nov. 1. 1957-37 101"* 102% 4s May 1 1958-38 101"* 102% 4%5. July 1. 1956-36 102", 102% 4%5. Jan. 1. 1957-37 102% 102% 4%5. May 1. 1957-37 102", 102% 4%5. Nov. 1. 1958-38 102% 4%5, Mav 1. 1942-32 101 101% 4%5. Jan. 1. 1943-33 101", 101% 4%s Jan. 1. 1953-33 101% 101% 4%5. Jan. 1. 1955-35 101% 101% 4%5. Jan. 1. 1956-36 102% . ss. Mav 1. 1941-31 101% 101 Vi ss. Nov. 1. 1941-31 101% 101% 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 05-20 Egg 5^03 Brazil Block— - ... Lump s 54 Egg 6 31 Nut 5-0* Glendora— Lump 5.34®5.59 Egg 5.183 5.43 Nut 4.9505.20 West Virginia and Eastern Kentucky (Group B) 6.7707.18 Pocahontas and New River, smokeless 7.3008 32 Coke, egg and nut 8 90 Pea Coke Anthracite 10.13012.88

LUCKEY NAMED TO HEAD STATE INSURANCE BODY

Recodification of Laws Is Praised by Interests at Conference. Approximately 500 insurance executives, agents and brokers which met yesterday at the Indianapolis Athletic Club lauded state administration efforts to recodify the insurance laws in co-operation with insurance interests. The changes are to be incorporated in a bill, which is expected to be introduced within the next week. Herbert A. Luckey of Indianapolis was named president of the Insurance Federation of Indiana to succeed R. C. Grisowld, also of this city. Other officers named are as follows: Vice presidents, W. J. Henshaw, Homer L. Rogers, John E. Messick and James Curtis, all of Indianapolis; Ralph G. Hastings. Washington; Chris Zoercher, Tell City; Verlin J. Harrold, Ft. Wayne; treasurer, A. L. Riggsbee, Indianapolis, and secretary-counsel, Joseph G. Wood, Indianapolis. The following were named members of the federation’s advisory board, Joel T. Traylor, Russell T. Byers, E. A. Crane and Milton Elrod, all of Indianapolis; Austin W. Stults, Ft. Wayne; James Black, South Bend, and Herbert Cramer, Terre Haute, all representing life insurance companies; Roy P. Elder, L. J. Fischer, E. E. McLaren, C. O. Bray, E. R. Shoemaker, Ross A. Moore and E. L. Barr, all of Indianapolis, representing fire insurance companies; R. C. Griswold, David P. Layton, Freeman P. Davis, William H. Stafford, Dudley R. Gallahue and Parke Cooling, of Indianapolis, representing casualty insurance firms; C. W. Owens, Farmland; Omer O. Rhodes, Terre Haute; Joseph W. Stickney, Indianapolis; George W. Fishering, Ft. Wayne; G. B. Woodward, Bloomington; Howard Bruner, South Bend; H. J. Gescheidler, Hammond, and George Kleder, Marion, representing local agents; C. F. Merrell, Ed Gallagher. Burrell Wright and Richard M. Hennessey, all of Indianapolis, representing attorneys; John C. Snyder, Crawfordsville; John D. Volz, Indianapolis, and E. L. Fuson, Amo, all representing fraternal insurance companies, and Harry E. McClain, state insurance commissioner. John D. Cramer, chief deputy insurance commissioner of Indiana, said that copies of the proposed recodified laws are not available yet. The new laws, he explained, would embody the best insurance practices throughout, would continue much in the present laws and would modernize parts of the old laws that should be changed for the betterment of the insurance practice.

GRAIN PRICES TURN UPWARD >T CHICAGO Oversold Condition, Betterment Abroad Factors. By United Press CHICAGO, Jan. 30.—An Improved sentiment at Liverpool and an oversold condition in the local market led to buying of grain futures on the Board of Trade today. Asa result prices turned higher. At the start wheat was up !4 cent, corn was up 14 to % cent, oats were unchanged to % cent improved and rye was unchanged to up M cent. Bartlett Frazier & Co.’s Liverpool house cabled that the English market was steadier because of an improved demand. (By James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. close. May 95% .95% .95% .95 July 88% .87% .87% .87% Sept 86% .86% .86% .85% Corn— May 83 .82% .82% .82% July 79 .78% ,78% .78% Sept 76T* .75% .76% .75% Oats— May 49' * .48% .49% .48% July 42"* .42", .42% .42% Sept 40% .40.40% .40% Rye— Mav 66% .65% .64% .66 July 65% .65% .65% .65 Sept 65 .64 .64% .64% LOCAL CASH MARKET City grain elevators are paying 87 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 vellow 81 cents and oats 47 cents. 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, lie; No. 1 strictly fresh country run eggs, loss off, 21c. 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®38c. Butterfat, 33c. Quoted by the Wadley Cos. (By United Press) CHICAGO. Jan. 30.—Eggs—Market, unsettled: receipts. 4536 cases; extra firsts. 28' *c: fresh graded firsts. 28c: current receipts. 26%c; dirties, 25c: checks. 24%c. Butter—Market, firm; receipts, 5078 tubs; extra firsts (90-91% score). 34®,34%c; extras 192 scorei, 35c; firsts '88189% scorei. 33®33%c: seconds 'B6-87% score). 32®: 32%c; specials. 35%®36c; standards. 34c. Poultry—Market, about steady; receipts, 32 trucks; springers. 20c; ducks, 18®2lc: turkeys, 18® 20c: geese. 18c: Leghorns springs. 14c: capons. 6-7 lbs,. 23c; Leghorn hens. 17c: hens, light. 19%c: roosters, 14c; broilers, 22®23%c; stags. 17c. Cheese — Twins. 17®17'*c; daisies. 17%® 17"*c. Longhorns. 17%®17"*c. Potatoes—Supply liberal: demand and trading slow; market, dull; Wisconsin round whites. 80®85c. 2 cars fine quality. 90c: commercial grade. 75c: Michigan round whites. 80c; Idaho russets. 51.50®1.55; one car fine quality large size. $1.60. U. S. No. 2. *1.1501.20. Hides and Skins Hides —Green country coVs and steers. 3%c flat: green country bulls and glues. 2%c flat: green country calf hides, 4c fiat: green country kip. 3%c; No. 1 large horse hides with full heads, shanks, manes a.id tails. $2 50; medium size. $2 >ll No 2 grade norse mces. 50c less: g,ues and ponies half price. No. 1 rendered tallow 4®4%c: No. 2 at value. Yellow grease. 3%54c; cars grease. 3%23%c.

PAGE 13

Baby Bonds Flotation of Obligations Seen Having Healthy Effect on General Situation. __ BY VINCENT S. LYONS Times Financial Editor This is the fifth and last of a series of articles explaining the contemplated program of the United States Treasury to use ‘babv bonds'' in its borrowing operations. and the results which might be expected from the utilization of this naval financing method. IN the opinion of some people any large scale flotation of "baby bonds" will have tne effect of reducing the amount of deposits in savings and commercial banks. This trend is expected to follow particularly if the Treasury attaches a rate of interest to its bonds greater than the rate which is obtainable on funds lodged in banking institutions.

In a manner, the "baby bond” market will be competing with banks as a medium of investment. However, this competition, on the basis of the outlook at the present time, will have a favorable rather than an unfavorable effect on both the banks and the general financial situation. Short-sighted critics of the proposal declare that by affixing interest rates on its obligations a notch above the prevailing interest on savings deposits the Administration can entice funds away from the banks. This view, of course, presupposes that the rate of return available on bonds” will remain stable despite a sharp expansion in demand for such obligations. aa , u TOUT such critics forget that the yield obtainable on Government bonds is predicated on market conditions. Thus, if there is a large demand for such issues at a certain figure, and other conditions are propitious, the Treasury may attempt to reduce its net borrowing cost by shaving the interest which it w.M I pay. In the event of such a downward correction, there would be little to choose between Government bonds and deposits in banks. In some quarters it is expected that bankers might recommend that such persons with thrift and savings accounts place their funds in "baby bonds.” In the event of such a development this would be proof positive that the banks do not look unkindly at the idea of this threatened “competition.” tt a 'T'HE withdrawal of savings accounts from banking institutions and their investment in “baby bonds” will nave the tendency of reducing the excess reserves of Federal Reserve member banks. This would follow from the fact that as proceeds from the offering are returned to the banks, increased reserves would be needed as the corresponding sums are transformed from time to demand deposits. The necessity of maintaining larger reserves on demand deposits will act as a brake in the event that a too rapid expansion in credit should ensue as a result of improvement in business.

BUSINESS INTERESTS BELIEVED ENCOURAGED Have Reconciled Themselves to New Burdens of Secuiity Program. By Times Special NEW YORK, Jan. 30.—Business interests are beginning to picture the legislative prospect for the current session of Congress in realistic terms and are drawing encouragement from the generally moderate character of the measures thus far sponsored by the Administration, Standard Statistics Cos. reported today. The economic security measure submitted by the President has been the cause of much foreboding in recent months, but the actual bill provides for gradual steps over a period of years, an undertaking which should prove reasonably acceptable as business has already begun to reconcile itself to the assumption of burdens for this purpose, the weekly summary said. SHOE OUTPUT SOARS Marion Plant Now Operating at Full Capacity. By Times Special MARION, Ind., Jan. 30.—The local plant of the Daly Brothers Shoe Cos, one of Marion’s newest factories, is employing 290 persons at capacity production, company officials said today. The plant has been running at capacity since July 9, when work was started, except for a short period in November, the officials stated. A five-day, 40-hour w’eek is being observed and 2400 pairs of shoes are manufactured daily. Headquarters of the Daly Brothers Shoe Cos. are in Boston. The company opened the plant here last summer after a financing campaign conducted by citizens. WOOL GROUP TO MEET Indiana Growers’ Association Will Convene Here Feb. 11. The annual meeting of the Indiana Wool Growers’ Association will be held at the Washington Feb. 11, T. I. Ferris, president, has announced. The association handled 572,000 pounds of the Indiana clip last year. The county Farm Bureau ce-operatives act as receiving agencies, then ship out in carlots to Ft. Wayne, where the wool is warehoused, it was explained. The Indiana organization is directly affiliated with the National Wool Growers’ Corp., w r hich acts in the capacity of a national sales agency. LEATHER DEMAND RISES Shoe Factories Throughout Nation Speed Up Production. By Times Special CHICAGO, Jan. 30.—With shoe factories throughout the nation stepping up production, a steady increase in demand for leather has been evident during recent weeks, it was announced today. Tanners recently have reported a good demand for calf and kid leathers xyith prices holding about firm. With the demand for garment leathers stronger than in the earlier part of the season, several tanners report volume business.

W hat Does It Mean? Tired Longs — This term is applied to those persons who have been long on the market and have grown tired of the inability of the market to arouse itself from a lethargic state.

SWINE VALUES RISE2SCENTS Top Prices Still Below $8 Mark Broken First Time Yesterday. By United Press CHICAGO, Jan. 30.—Steer prices today moved to the highest level 1 since January, 1931. at the Chicago Stock Yards. Prime heavyweight steers sold for 513.65 per hundred pounds in the most active trading session of the season. Supplies on hand were particularly light. Only 7000 cattle and calves moved into market this morning. Prices increased 25 cents in the general run of the hog market in early trading at the Union Stockyards this morning, although the top price, $7.90, was the same as yesterday. It was the second day in several weeks that all prices were below the $8 mark. Light hogs, scaling 130 to 160 pounds, brought $6.30 to $7.30, while the extremely light weights, 100 to 130 pounds, cashed in at $5.05 to $6.05. The choice grades, 165 to 300 pounds, were quoted at $7.70 to $7.90. Receipts totaled 4000 and holdovers numbered 272. Trading was active in the cattle market today, with the slaughter classes strong to 25 cents higher. Top steers brought sl3, with others mostly $9 down. Receipts were 900. Vealers were $1 lower, with prices ranging from $lO down. Receipts numbered 600. Lambs were steady in the sheep market, the bulk being quoted at $9 down. Throwouts cashed in at $6.50 to $8.75 and slaughter sheep were bringing $5.50 down. HOGS Jan. Bulk. Top. Receipts. 24. 7.60® 8.00 SB.OO 4000 25. 1.10(d) 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 30. 7.70® 7.90 7.90 4000 Liaht 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 7.400 7.65 Medium weight. (200-220) Good and choice... 7.85® 7.90 (220-250) Good and choice .. 7.80@ 7.90 Heavyweight. (250-290) Good and choice .. 7.70® 7.80 (290-350) Good and choice... 7.60® 7.70 Packing sows. (275-3501 Medium 7.00® 7.25 (350-425) Good 6.85® 7.15 1425-550) 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, 900— —Steers—-(sso-900) Choice slo.oo® 11.75 Good 8.75® 11.00 Medium 6.50® 9.00 Common 4.25® 6.50 (900-1100) Choice 11.00® 12.50 Good .../ [email protected] Medium 6.75® 9.25 Common 4.75® 7.00 (1100-1300) Choice 11.75® 13.00 Good [email protected] Medium 7.00® 9.50 (1300-1500) Choice 11.75013.00 —Heifers—-(soo-750) Choice 9.50® 12.00 Good 8.75®; 9.25 Common and medium 3.75® 7.50 (750-900) Good and choice • . 7.50® 9.25 Common and medium 4.00® 7.50 —Cows— Good 5.50® 7.00 Common and medium 3.25® 5.50 Low cutter and cutter 1.75® 3.25 —Bulls—(Yearlings Excluded) Good 4.50® 5.50 Common and medium 3.00® 4.50 VEALERS —Receipts, 600— Good and choice $ 9.00® 10.00 Medium 7.00® 9.00 Cull and common 3.00® 7.00 —Calves — (250-500) Good annd choice .. 6.25® 9.00 Common and medium 3.25® 5.75 —Feeder and Stocker Cattle——Steels— (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. 1000— Lambs. 90-lbs. down, good and choice $8 75® 9.25 Common and medium 6.25® 8.75 90-120 lbs., good and choice . ■ 4.50® 8.50 Sheep—-(l2C-150) Good and choice 4.00® 5.00 All weights, common and med um 3.00® 4.50 Other Livestock (By United Press) LAFAYETTE. Jan. 30.—Hogs—Market, steady to 20c higher; 200-235 lbs., $7.70® 7.80; 235-275 lbs . $7 60® 7.65; 275-325 lbs , $7.50® 7.55; 170-200 lbs., $7.60® 7.70; 155170 lbs.. $7.25® 7.55; pigs, $7 down; roughs, $7 down. Calves—sl lower. $9 down. : Western lambs—Steady, $8.75 down, native lambs, steady, $8 50 down. FT. WAYNE. Jan. 30.—Hogs—5c higher; 200-250 lbs., $7.85; 250-300 lbs.. $7.70: 300350 lbs., $7.35; 180-200 lbs. $7.70; 160-180 lbs. $7.60: 150-160 lbs, $7 20: 140-150 lbs., $6.70; 130-140 lbs., $6 20: 120-130 lbs.. $5.95: 100-120 lbs.. $5 45: roughs. $6.50: stags, 4 50. Calves. $9.50. Lambs. $8.75. (By Times Special) LOUISVILLE. Jan. 30.—Cattle—Receipts, 200: market opening slow: demand easier from all buying sources; very little early trading with most bids on butcher cattle; cows and bulls weak to 25c lower; common to medium steers and heifers quotable mostly ss® 7.25; better finished kinds eligible to around $8 50; bulk beef cows. S3 75® 4.75: low cutters and cutters, $1.75® 3.25: sausage bulls mostly, $4.50 down; common to medium grade native Stockers and feeders. $4 25® 5.50; Hereford stock calves mostly s6® 6.50; good eligible higher calves. *2.50; vealers. steady: good to choice offerings. $8 50® 9.50: mediums mostly $6.50® 8; Plainer sorts, $6 down. Hogs—Receipts. 800; market, steady: top and bulk desirable. 180-250 lbs.. $7.70: weights 255 lbs and up $7 25; 160-175 lbfe $7.05; 140-155 lbs . $6.55: 120-135 lbs , sows. $5.95 Sheep—Receipts, 100 market steady: bulk medium to good lambs. $7.50® 8.50; choice quotable to $9 or better: most common light throwouts, $6 and desirable fat ewes. $3.50 down. BONDHOLDERS ASK PROBE B>J Timm Special CHICAGO, Jan. 30.—The independent committee for the Missouri Pacific Railroad bondholders, in a public letter, today demanded a thorough governmental investigation of railroad financing and bankruptcy proceedings.

DEBT INTEREST LARGEST ITEM OF U. S. COSTS

22 Cents of Every Dollar Used to Pay Charges, Statistics Show. BY RICHARD L. GRIDLEY United Press Staff Correspondent WASHINGTON. Jan. 30—Twen-ty-two cen’s out of every Federal taxpayers’ collar pays interest on the national debt, compared with 1 only 2 cents before the war, Treasury figures showed today. Out of this fiscal year's Federal government income of $3,711,650,688. Treasury statisticians estimated that $835,000,000 would be spent for interest charges on the present peak national debt of $28,500,000,000. [ This is the highest single item in the cost of running the Federal government In the 1917 fiscal year interest charges took only $24,742,702 of the government's $1,124,324,795 income. Increase Is Contemplated In the 1867 fiscal year, when the Civil War deot reached its peak, interest took $143,781,592 of the government's $490,634,010 income, or 29 cents out of each dollar. In 1792 interest took $3,201,628 of the j government's 54.418.913 income, or I 72 cents out of each dollar. A further increase in the debt | charges is contemplated in the new fiscal year neginning June 30. when government officials predict the public debt will reach another record peak of $34,238,000,000, on which, because of lower interest rates, the government will pay only $875,000,000. This will be lower, however, than the peak interest charges of $1,055,923,690 in the fiscal year 1923, when the Treasury launched its war debt liquidation program at high interest rates. New Refunding Policy Idle investment money has poured into United States government se- ! curities, making it possible for the Treasury to successively refund | high inteiest bearing securities with lower-coupon obligations. Further steps to keep interest charges from mounting in the face of a further rise in the national debt are likely to be taken soon by Treasury Secretary Henry Morgenthau Jr., in a refunding into lower interest bearing securities of the remaining high interest bearing national debt. A total of $5,122,327,400 in Liberty Bonds still is outstanding. These pay interest rates of 3% to 4% per cent. Os this total $1,875,000,000 are to be refunded into lower interest rate securities by April 15, and the remainder are likely to be called for refunding into new securities before the end of the current year. FARM CASH RECEIPTS . IN INDIANA SHOW GAIN Increase of $60,000,000 Revealed During 1934. Cash receipts of Indiana farmers were $60,000,000 higher in 1934 than in the previous year, J. H. Skinner, director of the Purdue University agricultural extension department said today. Receipts in 1934 were $209,600,000, compared with $149,429,000 in 1933, he announced. “Increased farm income was due tp general increases in farm produce prices,” Mr. Skinner explained. "It is an indication that agriculture is leading other industries to a better business basis.” Report of the Condition of the ASHLAND SAVINGS & LOAN ASSN. Os Indianapolis, Marion County, Indiana, at the close of business on Dec. 31. 1934. —Resources— Cash on hand and due from the banks S 3,043.89 HOLC & FFMC bonds owned .. 1.375.00 Federal Home Loan Bank stock. 2.500.00 Mortgage loans 103.900.00 Stock or pass book loans 2,044.36 Other real estate —book value.. 6,620.14 Real estate sold on contract.... 3,563.13 Total $123,046.52 —Liabilities— Book value of installment shares $ 17.993.84 Book value of loan shares 27,762.62 Book value of paid up shares... 54,593.38 Due borrowers on loans 60 Advancements (Federal Home Loan Bank) 20,200.00 Contingent Fund 1.043.33 Undivided Profits 1,430.95 Mortgage Release Fund 21.80 Total $123,046.52 State of Indiana, County of Marlon, ss: We. the undersigned officers and directors of the Ashland Savings & Loan Assn., of Indianapolis Ipdiana. do solemnly swear that the above statement is true. TRACY W WHITAKER. Vice President. EMIL A. GRUNEISEN. Secretary. BRUCE H. McINTOSH, Director. JOHN C. LOUCKS. Director. R. H. EDWARDS. Director. Subscribed to and sworn before me this 29th day of January. 1935. - ELIZABETH SHELLEY. [SEAL] Notary Public. My commission expires May 18. 1936. Report of the Condition of the SOUTH TARK SAVING & LOAN ASSOCIATION Os Indiananolis. Marion County. Indiana, at the close of business on Dec. 31. 1934. —Resources— Cash on hand and due from the banks •$ 3.797.35 HOLC & FFMC bonds owned ... 5.850.00 Insurance and taxes advanced. 11.23 Mortgage loans 96.100.00 Stock or pass book loans 1,650.00 Other real estate—book valie.. 5.340.36 Real estate sold on contract... 2 700.00 Furniture and Fixtures 250.00 Total *115,698.96 —LiabilitiesBook value of installment shares $ 52.301.54 Book value of loan shares 28.583.60 Book value of paid up shares... 23.400.00 Borrowed money (Individuals).. 4.900.00 Contingent Fund 3.500.00 Undivided profits 3.013.82 Total *115.693 98 State of Indiana. County of Marlon, ss: We the undersigned officers and directors of the South Park Saung & Loan >s'ociation of Indianapolis. Indiana, do solemnly swear that the above statement is true. ALBERT J. REBENTISCH. President. CHRISTIAN J. EMHARDT, Secretary. ALFRED J. ROBT. Director. WILLLAM J. DUDLEY. Director. JOHN W. EMHARDT. Director. Subscribed to and sworn before me this 28th dav of January. 1935. FRED R BENHAM. [BEALI Notary Public. My commission expires December 3. 1938.