Indianapolis Times, Volume 46, Number 227, Indianapolis, Marion County, 31 January 1935 — Page 22

Trends An Open Letter to the N. Y. Stock Exchange. BY VINCENT S. LYONS ,mt I'iniDeitl Editor ■ RICHARD WHITNEY, presi--1 dent, New York Stock Exr iange: Within the last week Indianapolis has been visited by a governor of the New York Stoti" Exchange and a floor specia’ist of that institution. Their trip to this city was for the purpose of meeting with the personnel of the local branches of New York Stock Exchange houses. Similar missions are scheduled for other cities in the interior. The chief aim of the two Stock Exchange representatives was to explain the various functions of the country’s largest exchange.. The miscellaneous steps taken in the fulfillment of an order were outlined to the employes. The Idea behind this visit, it is understood, is to prepare the personnel of Stock Exchange member firms so ti.tt they will be able to answer more intelligently questions regarding your institution. Such action is interesting and, In the long run. should redound to the benefit of the New York Stork Exchange. However, it seems that such a mission is only a half-way propostion and does not get to the root of the matter. And the root of the matter is that the mechanics of stock market trading is something about which the average person far removed from New York has not the least conception. a a a BECAUSE of the ignorance of some people of the workings of the Stock Exchange, some very fantastic ideas have been nurtured in regard to the position the institution you head represents in the economic life of America. The question of whether there is merit in these views we shall not argue. Nevertheless, it would seem that the New York Stock Exchange is more directly responsible for this condition than any other sinele force or element. It is undoubtedly true that among the severest critics of the Stock Exchange is the person who, having little knowledge of the intricacies of stock market trading, speculated in the late lamented era of rising prices and was caught iq the jam which developed in the latter part of 1929. It Is barely possible that existing animosity to the Stock Exchange would be considerably reduced if knowledge of the many maneuvers taken in connection with a security transaction were not regarded as the private property of the employes in brokerage houses. Also it is barely possible that the aggregate of losses sustained in the 1929 collapse of values could have been mitigated to some extent by a dissemination of information. a a a WITHIN the last year or more the New York Stock Exchange has attempted to combat the tide of resentment against Wall Street by the adoption of new policies. One of these policies was the calling in of outsiders to act in an advisory capacity: another was the issuance of a financial statement for the first time in history; still another was the announcement of a campaign to educate the public. All of these steps were well received by those u*ho, recognizing the benefits of such an institution, deplored its disinclination to be “human." Undoubtedly the recent visit to this city of two representatives of the Stock Exchange is a part of your campaign to educate the public. The employes of out-of-town branches of Stock Exchange houses are thus given a broader knowledge of the business at which they are working. But the potential investor or speculator is kept m the dark as much as ever To fully comprehend stock market technique he must ask questions and many of these questions will not occur to him at the time of the interview*. The educational campaign would be much more productive, it seems, by going directly to the public. Furthermore, the best method of bringing about such a result would be to pattern a program after that used by the Bell System. The latter delegates crews to lecture and explain the intricacies of telephonic communication. a a a WITH this serving as a model the New York Stock Exchange might find it profitable to establish a separate department to take over the work of educating the public in stock market procedure. Lecturers could be appointed and given the widest training and schooling in the subject they are to discuss. It might even be possible for the exchange to erect miniature sets showing just how the Stock Exchange operates. In the event that such a program is not practical, motion pictures could be utilized. Schedules could be arranged so that the crews could visit principal cities of the nation. The expense incolved in such a program need not he heavy, as lodges and business and social clubs undoubtedly would be glad to sponsor demonstrations. Such a campaign, it would seem, can accomplish a great deal in fostering good-will. Moreover, the people of the country would be receiving knowledge of a function of economic life to which they are entitled.

Other Livestock

ißv Times Special* LOUISVILLE Jan 30—Cattle—Receipts. JOO salable supply; light killing quality plam. market auctable generally steadv: bulk common to medium steers and heifers 55;7. be-ter finished ouotable to *8 50 and above; bulk bee! cows. *3 509450; good kinds and smooth heifer tvpes eligible higher, most low cutters and cutters. *17503 25; sausage bulls mostly *4 50 down common to medium grade native Stockers and feeders, $4 25 .15 50: most Hereford stock calves. *6w6 50; good eligible higher Calves—Receipts. 3M* including around 100 stock calves; vealer market steadv to weak considering strict sort bulk better vealers. $8 50 -; 9; strictly choice. *9 50; medium grades mostly *6 50 >j 8: plainer sorts *6 down Hogs—Receipts 500 market 30c higher: top and bulk 180-250 lb weights *8 255 lbs and u s * 7 160-175 lbs $7 35: 140-155 lbs.. ftftftS: 120-135 lbs *5 90: sows. S6 25 Sheep —Receipts. 75. marke’. steadv. medium to good lambs St.Mdft.so: choice quotable to *3 or better, most light throw outs. *6. and Mi ewes. *3 50 down.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 22

FLOOD OF GOLD FROM HOARDING HELD POSSIBLE Adverse Decision on Bond Clause Seen Starting Inflation Abroad. BY BARROW LYONS lints Special Writer NEW YORK. Jan. 31. Wall Street banking authorities today were generally of the opinion that the Supreme Court would uphold the judgment of the lower courts in the gold clause cases. But there were some close observers of the business mind who held that much of this feeling could be attributed to what psychologists call “wishful thinking.” The consequences of what might happen, not only in the United States, but in the money markets of the world, if the decision were adverse to the government, were too detrimental to the United States to think of seriously, it was declared. Results Being Studied Nevertheless, some of the more cautious were figuring out what the effect would be if the court construed the contract in gold bonds as demanding payment in dollars at their previous value —the very purpose for which the gold clause was inserted. If the Supreme Court declared in favor of the plaintiffs, the value of the dollar would decline immediately. This would remove American buyers of gold from the world gold market, and the price of the metal probably would drop sharply. As the balance of trade is now strongly in favor of this country, its removal from the gold market would mean a serious upset in all exchanges, it is held. A cfecline in the gold price probably would result in dehoarding in England and France, where vast sums of gold have been accumulated. In England alone, it is estimated, private hoards amount to about 51.500.000.000. In France, hoards of gold total about $500,000,000, it is believed. Glut of Gold Foreseen The attempt to translate these hoards into appreciating currencies would mean a glut of metal in the world markets, with a result at present incalculable. Such gold would find its way into the treasuries of central banks and have a distictly inflationary effect. The course of gold prices before and after the price of gold was raised in the United States from $20.67 an ounce to $35 an ounce on Jan. 31. last, is illuminating. On Jan. 2. 1934. the open market price of gold in London was fixed at 127 shillings an ounce. Foreshadowing the presidential decree of Jan. 31, the price rose to 133 shilligs 1 penny an ounce by that date. Bv Feb. 28 the price had risen to 137 shillings 1 penny. If the United States, in response to an unfavorable decision of the Supreme Court, were to put the price of gold back at $20.67 an ounce, it is almost certain that this price movement w*ould be reversed. Certain it is that with the London price near 535 an ounce, gold would cease to flow to America. This alone would tend to depress the gold market. Alien Moneys Would Rise If Congress were to respond to an adverse decision with currency inflation, to offset the deflationary effect of such a judgment, foreign currncies would rise sharply. Such a rise in sterling probably would be met by an offsetting decrease in the gold price to maintain the stability of the pound’s purchasing power, in keeping with E lglish fiscal policy. The effect upon the gold bloc countries is more difficult for the experts to figure, for political as well as economic complications multiply the factors with which they must deal. If this country were to increase the gold content of the dollar, and thereby increase its purchasing power, the tendency would be to stimulate the export of goods from the gold bloc countries, and to some degree restore foreign travel by Americans. This would improve the economic position of the gold bloc countries externally. Cost of Living Affected But a decrease in the price of gold would mean an increase in prices of all commodities, and hence in the cost of living. This probably would occur before the benefits of expanding trade could help these countries. Whether such a condition. which would beur heavily upon the laboring populace, would fertilize the seeds of economic revolt nowgerminating appears to be beyond the scope of arithmetic, which governs the movements of trade. Certainly, the position of the banker and industrialist economically would be improved by anything which would offset the movements ■ toward devaluation of the gold bloc ; currencies, which is now becoming more and more serious. FURNITURE BUSINESS SPURTS IN DECEMBER Preliminary January Reports Point to Substantial Increase. By Times Special CHICAGO. Jan. 31.—An increase of 19 per cent in December new bus- : iness of the furniture industry was ! shown over the comparative month j last year, according to a bulletin issued today by Seidman and Seidman, certified public accountants. “This increase.” the firm pointed out. “does not, of course, take into consideration the business done at the winter markets which starred early in January. “Preliminary reports from the various market centers indicate a substantial increase in orders compared with those received in January, 1934.” CANADA’S BOND SALES DIP Total sales of new* Canadian issues in January, 1935. amounted to 513.730.000. compared with $45,799.000 in January. 1934. according i to Dominion Securities Corp.

INDIANAPOLIS, THURSDAY, JANUARY 31, 1935

New York Stocks

(By Thomson k McKinnon) 11:00 A M Prev Oil*— High. Low. N. Y. close Atl Rfg 24'. 241 24'. 24% Barnsaall 6’. 6% 6’. 6Consol Oil 71 71 71 T Con- of Del . IT 3 . IT'. IT 3 . IT 1 a Houston new) . 2 . 2 3 2-. 2■ Ohio Oil ...... 10 10 10 10 Pet Corp B'. B'. § 8 . Phillips Pet . 15’. 15' 15' 15% Pure OH . 6 3 . 6 3 . 61 6% Seaboard OH ... 23'* 23 23 23 Shell Cn TANARUS, 2- ~i 7. Skelley OH 71 7% 71 7% SOC Vac 14 14 14 13 a SO of Cal 30’. 29’. • 30]. 30 SO of Ind 24’. 24’. 24% 24. SOOf N J 41 401 41 401 Texas Corp 191 19% 1% 3 Tidewater Assn . 81 8 3 s 8 3 8 a Steels— Am Roll Mills ... 21 201 21 21 Be-h Steel .. . 29’a 29'. 29 _a 29% Crue Steel 211 211 211 201 Inland Steel ... 52 3 . 52 a 52'* 51 2 Ludlum Steel ... 16’. 16’* 16% 16‘. Mid Steel 12 12 12 12 Natl S-eel 48’. 43-. 48;. 471 Otis Steel 6’2 61 6* 8 a Rep Iron k Stl 14% 14 14 * 13 a Rep Ir k Stl pfd 46’a 46’g 46 a 46 /. U S Pine k Fdv 18’ 2 181 181 181 U S Steel 36', 361 361 36% U S Steel pfd •• 90’2 90 901 90 Warren Bros 4', 41 41 41 Youngst'n Sk T 18‘2 131 18 2 18 * Motors— Auburn 231 23J 2 231 231 Chrysler 37 361 37 36 a Oen Motors ... 31 301 31 30 a Graham Mot ... 2’2 2'2 2i 22 Hudson % 9', 91 . Hupp 2 3 2'. 21 2 4 (Mark Truck ... 25'. 25 3 , 2o_- 25 2 Nash • 15’a 151 151 la-a Packard 4_ 41 4;* Reo 21 2% 21 21 SMidebaker 1% ' i,* Yellow Truck .. 3’a 3’2 3 2 s 2 Motor Access — Bendix 15 Va 151 ls'a If!* Bohn Alum ■••• 54'. 541 541 54 . Briecs 26 26 26 26 Budd Mfg ... 4’ 2 4? 4 2 4% Budd Wheel ... 31 31 3'a 3% Eaton Mfg 19’* 19 10* tO Elec Auto Lite . 24’2 241 24 2 24 a Houdaille 'A' ... 8 8 8 7 s Stew Warner .. 7% 7-a 7’i 7.8 Am Smelt .... 35's 34% 341 34*2 Anaconda 101 101 101 101 Cal k Hecla .. 3 s 31 31 3'. Cerro De Pasco .41', 41 41 40, 8 Gt Nor Ore 11 11 11 Howe Sound 45% 45 45% 44 a Int Nickel 23 22% 22% 22 2 Kennecott Cop . 16'. 16’* 16% lb/s Mclntyre Mine.. 38 ! 2 38’* 38 2 38 4 Park Utah ... 32’s 32% 32% 32% Noranda Cop ... 33 3 . Phelps Dodge .. 141 14 3 b 14 a 13 8 St Joe Lead 15% la's 151 ,4§/, 2 U S Smelters 110 109,a 110 109’2 Amusements— Fox Theater .... 11 11 , 11 101 Loews Inc 32'2 32'* 32 a 3~ a Radio Corp .... 5% 51% 51* 51 Paramount 4 31 3'g 3‘a RKO 2 1 21 2V 2 Tobaccos— Am Tob (B) . • 82 811 82 82 Lies k Myers B 105 105 100 104-23 Lonllard 20 19 3 . 20 19 b Phillip Morris . 42 411 41% 42 Reynolds T iB) 48 471% 48 471s Rails— Atchison 46 451* 45% 451 B& O 11l Ills ll 3 * ll 1 . Can Pac 13 13 13 13’s Ch & Ohio 42 3 s 42’ 42’, 42’ 2 C M & St P pfd 3’g 3 3 * 31 3->8 Chi N W 4 3 , 4 3 . 4 3 . 4% Chi N W pfd 8’ 2 81 8 1 2 8 Dela k Hud ... 36’ 2 35’, 36’ 2 35% Del Lac k W ... 15’ 8 15*2 15’a 15V. Grt North pfd .. 14 3 a 13’s 14 3 s 13 ! 2 111 Central .... 13’% 131 131 13 3 s Lehigh Valiev ... 9 9 9 9 M K Ac T pfd ... 101 101 101 101 Mo Pac pfd 3’ 4 3’* 3% 31 N Y Cent 18 17% 18 17’* N Y New Haven. 61 6 3 * 61 6 3 s Nor Pacific ... 18 17 3 4 18 17% Penn R R 22 21’ 2 22. 21 2 Sou Pac 15’% 15’8 Sou R R 12 3 4 12*2 12 3 4 12’2 Union Pac 101 101 101 100 West Maryland 8 8 8 8 Eouipments— Am Steel Fdv . 17’i J 7 17 17 Gen Am T K Car 36’4 36>* 36 Gen Elec 23 ! 2 23’4 23’2 23 Pullman Inc . . 48’2 48*2 43’2 48’s West Air Br ... 25’* 25’ 4 25’* 25 Westingh Elec .. 37 37 37 37 Utilities— Am & For Pwr. 4’s 4 1 s 4‘s 4’s Am Pwr & Lit . 3’s 33 3 AT&T . 105’a 104 3 s 104 3 4 104’* Am Wat Wks . 13 7 8 13 13 3 s 13 Col Gas & Elec. 7 6 3 a 6 * 6-4 Com & Sou ... 1’ 4 IT* l’i Consol Gas 20’b 19 3 4 20’a 19*a Elec Pwr & Lit.. 2 5 % 2% 2% 2 3 a Interboro R T... 14’s 14 14’% 13’a Int TANARUS& T . . 9*4 9 9‘/4 9’s Lou G & E “A”. 13 13 13 13 Nat Pwr & Lit.. 7 7 7 7 North Amer .... 127s 127i 12’g 12’s Pub Serv N J 26 26 26 26 United Corp .... 2Ts 2 3 s 2 3 2 1 4 Un Gas Imp 12 ll’s 12 12 Ut Pwr &Lt “A” I’2 I’2 l’b 1’ 2 Western Union . 30’8 297a 30Va 29 3 4 Rubbers— Firestone 16’i 16 16_ 16 Goodrich 9’s 97'g 9 7 a 9 7 a Goodyear 22 3 * 22 22'i 22 Kelly Spring ... l 7 a l’a l 7 s IJ41 J 4 U S Rubber 14 3 4 14 5 s 14 3 4 14*2 U S Rubber pfd. 37 36 7 /a 37 36’/4 Miscellaneous— Allis Chalmers .. 16 5 s 16 1 ' 2 16’ 2 16’s Am Can 113 112’4 113 112’. Am Mach & Fdy 20 3 i 20 5 s 20 3 i 20’2 Brklyn Man Tr . 43 42 43 41 7 8 Burroughs Add . 14 5 b 14 5 b 14*4 14’2 J 1 Case 55’2 55 55’2 547s Conti Can 65’2 65’a 65 !/ 2 65 Caterpillar Tract 38’* 38’4 38U 37 7 a Crown Cork ... 24’'4 24’ * 24’/4 23°a Curtis Pub pfd . 97*2 97’ 2 97' 2 97 Deere & Cos 28 27 7 8 28 27’i Eastman Kodak .112 112 112 112;* Gillette 13-'b 13 5 s 13-'s 13's Glidden 24’ 4 24’ s 24’4 24> a Inter Harv 40’ 2 40’/a 40’/a 40_ Owens Bottle ... 87 87 87 86 7 8 Rem Rand 9 9 9 9 Foods— Armour Com ... 5’4 s’s 5 1 !* 5’4 Armour 6 r r pfd. 67's 67’2 67-'s 67'2 Borden Prod ... 24 3 24 3 s 24 3 4 24’s Cal Packing 39’i 39 39 39 Corn Bak A 6 6 6 5 3 i Corn Prod 63 62 3 4 63 62’s Crm of Wheat.. 361 36’* 361 361 Gen Baking ... 7’s 71 71 71 Gen Foods 34 S3l 331 341 Gold Dust 16 16 16 16 Int Salt 301 301 301 29 Natl Biscuit 281 281 281 281 Natl D Prod ... 16 16 16 16 Purity Bak 9 9 9 9 S Porto Rico Sug 201 201 201 201 Std Brands 171 171 177% 171 Un Biscuit 25 25 25 241 United Fruit ... 73 73 73 74 Wrigley 751 75% 751 761 Retail Stores— Assd Drv Gods 111 111 111 ll’i Best &Cos 341 34 341 34 Gimbel Bros ... 31 31 31 31 Gr Un Tea ... 3'* 3 s . 31 31 Hahn Dept Sts . 51 5 51 51 Kresge S S 201 201 201 201 Kroger Groc .... 25 241 25 _ 25 Macy R H 391 391 391 411 McCrorv St .... 101 101 10*. 10°s McLellan St 13 13 13 13 May Dent St 42 42 42 411 Mont Ward .... 26-1 25-1 261 251 Ffunev J C-... 681 681 681 68*2 Safeway St .... 401 401 401 40 Report of the Condition of the SOUTHEASTERN SAVING AND LOAN ASSOCIATION. of Indianapolis. Marion County. Indiana at the close of business on Dec. 31, 1934. —Resources— Cash on hand and due from the banks $ 4.599.83 HOLD & FFMC bonds owned.. 2,125.00 Mortgage loans 202.300.00 Other security loans 657.15 Other real estate—book value.. 48.306.08 Real estate sold on contract .. 3,705.00 Sheriff's certificates and Judgments 8,553.45 Furniture and fixtures 100.00 Accrued interest 11.11 Total $270,357.62 —Liabilities— Book value of installment shares $177,722.82 Book value of loan shares 69.595 51 Undivided profits 7,000.00 Contingent profit on real estate contracts 5,167.61 Interest earned, not collected.. 4.592 36 Mortgages payable 6,279.32 Total $270,357.62 State of Indiana. County of Marion, ss: We. the undersigned officers and directors of the Southeastern Saving and Loan Association, of Indianapolis, Indiana, do solemnly swear that the above statement is true. ELLSWORTH E HELLER. President. JOHN W RHODEHAMEL, Secretary. L C. WIESE Director. HENRY A KESPOHL. Director. HENRY BRANDT. Director. Subscribed to and sworn before me this 30th day of Jan., 1935. [SEAL] RETTA M. HALSEY. Notary Public My commission expires April 25, 1936. BE SAFE . ihIMwN —Full Protectlob v?yyOTstat Automobile Insurance Ass’n, U-8571, 7th Floor Occidental Bldg.

Sears Roebuck 341 331 341 331 Woolworth 531 53'* 531 53 a .Aviation — Aviation Corp . 51 5 51 41 Boeing Aircraft . 91 9 9 * 91 Curtiss Wright . >1 21 21 21 Curtiss Wri iAI 81 81 81 81 Douglas Air . . 231 23 231 221 Nor Am Av .... 31 31 31 31 Sperrv Corp . . 91 81 91 81 Utd Aircraft new 141 131 141 131 Chemicals— Air Reduction 111 111 111 111 Allied Cherr. 1351 1351 1351 135 ', Am Com Alcohol 281 28 281 271 Com Solvents . 211 21 211 201 Dupont 941 941 941 931 Freeport Tex ..21 21 21 201 Liquid Carb . ... 271 271 271 271 Math Alkali ... 281 281 281 271 Natl Dll inew).. 261 26 261 26 Schenlev Dist . 251 25 251 241 Tex Gulf Sulph 331 331 331 331 Union Carbide . 46 451 46 451 Drugs— Cotv Inc 61 51 61 51 Lambert 271 271 271 27 Lehn & Fink ... 161 161 161 161 Sterling Prod . 60 60 60 59- s Zonite Prod .... 4 4 4 4 Financial— Adams Exp’ 61 61 61 61 Allegheny Corp . 11 11 11 11 Chesa Corp .... 391 391 391 40 Lehman Corp ... • •• 71 Transamerica .. 51 51 51 51 Tr Conti Corp.. 31 31 31 3 Building— Am Radiator ... 141 14 14 14 Gen Asphalt ... 16’% 161 161 16 Holland Furnace 71 Int Cement 28 28_ 28 281 Johns Manville 501 49 s 501 49 Libby Owens GIS 291 291 291 291 Otis Elev . ... 141 141 141 141 U S Gypsum ... 48 48 48 48 Household — Col Pal Peet ... 161 161 161 161 Congoleum 321 321 32 J 8 321 Kelvinator 161 161 161 161 Proc & Gamble . 451 451 451 451 Servel Inc 81 81 81 B°B Simmons Bed... 9 9 9 3 Textiles — Amer Woolen ... 71 71 71 71 Celanese Corp... 301 30 301 29 * Indus Rayon ... 311 311 311 311 Real Silk 61 51 51 51

Chicago Stocks

(By Abbott, Proctor & Paine) 11:00 Prev. A. M. close. Borg Warner 291 291 Cities Service .1,4 1* Com Edison Cord . 31 31 Elec House I|''? 1 |!? Swift Int 33 32 Walgreen 291 29 2

New York Curb

(By Abbott, Proctor & Paine) 12 i Noon) Prev. N. Y. close. Allied Mills 13 13 Am Cyanide “B 1 ’ }6l Distillers Corp 16% 16% El Bond & Share 6% 61 Gulf Oil of Pa 57 57 Hiram Walker 291 291 Imperial Oil Ltd 161 16% Lake Shore Min 501 50% Lone Star Gas 51 51 Nia Hud Pwr 31 3% Pan Am Airways 42y 2 411 Penn Road }1 11 Sal Creek Products 5% 51 Std of Kv 191 20 Teck Hughes Gold 31 31 GRAIN VALUES DROP IN EARLY DEALINGS Liverpool Liquidation Factor in Easiness Here. By United Press CHICAGO. Jan. 31.—Liquidation at Liverpool sifted through to the local market and grain futures on the Board of Trade tended lower today. At the start wheat was unchanged to ?8 cent lower, corn also was unchanged to % cent off, oats were unchanged, and rye was off Vz cent. Broomhall said that the forecast for large Argentine shipments caused liquidation at Liverpool. Although plate shippers’ offers in the English market are firm, Broomhall said, there was little enthusiasm ta enter the market. The local market was not active. Commission houses with Eastern connections led the moderate selling wave. (By James E. Bennett) 10:00 Prev. Wheat— High. Low. A. M. close. May 96% .96 .961 .961 July 891 .87% .88% .88% Sept 871 .861 .871 .861 Corn— Mav .841 .831 .84% .831 July 801 .791 .80% .791 Sept 771 .761 .7:7% .761 Oats— May 50% .491 .50% .491 July 431 .421 .431 .421 Sept 41% .41 .41 .41 RyeMay 671 .66% .67% .661 Ju1y....... .661 .651 .661 .651 Sept 66 .65% .66 .651 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 vellow 82 cents and oats 47 cents.

'Wkm lH? PRESENTATION OFFICE SPACE The facilities and wide selection of space offered by this organization enable you to come to a quick decision based on pertinent facts reguarding any business location. KLEINe KUHN,. PROPERTY MANAGE MEN' Lincoln 3545 INDIANAPOLIS

CARRIER GROUP FEATURES RISE; DEALINGS LIGHT Only 110.000 Shares Change Hands in First Hour of Trading. By United Press NEW YORK. Jan. 31.—Improvement in rail shares brought general improvement to the stock market with gains of fractions to almost 2 points being recorded by noon. Trading, however, continued extremely light with only 110,000 shares in the first hour. Great Northern preferred was up a point at W : >, Union Pacific up 11 at 1011, Atchison up 3 i at 461, New* York Central up 1 at 18 and Northern Pacific up 1 at 18. Chrysler gained % to 371, General Motors 1 to 311, U. S. Steel 1 to 371, and American Can was "* higher at 113. In the utilities Peoples Gas gained •1 to 81, American Telephone was 1 higher at 1041 and Consolidated Gas was % higher at 201.

Money and Exchange

TREASURY STATEMENT (By United Press) WASHINGTON. Jan. 31.- —Government expenses and receipts for the current fiscal year to Jan. 29, compared with the corresponding period of the previous fiscal year: This Year, Last Year. Expenses $4,005,464,787.58 $3,543,046,106.88 Receipts 2,053.132.263.91 1,671.737.564.01 Deficit . . 1.952 332.523.67 1.871.308,542.87 Cash bal. 2.530,199,917.45 1489.063.226.36

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, 11c; 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. 37ft38c. Butterfat. 33c. Quoted by the Wadley Cos. (By United Press) CHICAGO. Jan. 31.—Eggs—Market, easy; receipts 3.908 cases; extra firsts 28%c; fresh graded firsts 28’*c; current receipts, 26c; dirties, 25c; checks. 241 c. Butter— Market, firm; receipts 4919 tubs; extra firsts (90-911 score). 341ft341c; extras (92 score), 35%c; firsts (88-891 scorei, 331ft34c; seconds <B6-871 score). 321® 33c; special 35 3 .@36'*c; standards 341 c. Poultry—Market, steady; receipts 31 trucks, one car due; springers. 20c; ducks, 18ft21c; turkeys, 18ft20c; geese, 18c; Leghorn springs. 15c: capons. 6 to 7 lbs., 23c; Leghorn hens. 17c: hens, 18ftl9c: roosters, 14c: broilers. 22ft231c; stags, 17c. Cheese —Twins, 17ft 17%c: daisies. 171st 171 c; Longhorns 171@17 3 *c. Potatoes—Supply liberal: demand and trading slow; market dull; Wisconsin round whites. 80-85 c, one car fine quality 90c. commercial grade 75c; Michigan round whites 80c; Washington Russets, $1.50; Idaho Russets. $1.50 @1.55, combination grade, sl.3oft 1.35U. S. No. 2. sl.lO. Arrivals 100, on track 297, shipments 800.

★ FORTY YEARS of DEPEXDAHLE SERVICE ★ Over $100,000,000 has been paid to policyholders and their beneficiaries by the State Life Insurance Company of Indianapolis since its organization, September 5, 1894. Payments to policyholders and beneficiaries Cash income of the company in 1934 exceeded during 1934 totaled over $7,300,000. cash requirements by more than $1,000,000. Dividends of over $700,000 were paid by the The bond account of the company was increased company in the year, to the holders of partici- more than $1,000,000 during the year by the adpating policies. dition of United States Government obligations. Fortieth Annual Statement December 31, 1934 RESOURCES Cash in banks and office $ 820,663.63 United States government securities and bonds fully guaranteed by the United States 1,197,376.89 Other bonds . ..418,095.63 First mortgage loans: Farm loans 4,122,113.34 City loans 15,521,122.12 Policy loans 16,093,512.30 Real estate 8,423,152.14 Balance from real estate sold under contracts 309,930.77 Premiums, due and deferred 1,015,000.89 Interest due and accrued 1,742,357.45 Other assets .............. 132,123.30 Total admitted assets $49,795,448.46 LIABILITIES Reserve on life and endowment policies $42,268,776.04 Reserve for disability and double indemnity benefits 2,673,914.85 Reserve for installment payments, policy proceeds left with the company, and annuities 1,267,796.00 Reserve for dividends 752,449.67 Premiums and interest paid in advance 415,018.77 Death claims due and unpaid None Death and disability claims reported—Proofs not completed .. 200,163.93 Reserve for death and disability claims not reported 163,282.78 Reserve for taxes payable in 1935 122,000.00 Current commissions and accounts accrued 93,877.78 Reserve for all other liabilities 63,572.03 Surplus fund 1,774,596.56 Total $49,795,448.46 Strength—Security—Progress Forty years of dependable performance and the facts set forth in the fortieth annual statement are convincing evidence of the strength, security and progress of the State Life Insurance Company of Indianapolis. The State Life Insurance Cos. Indianapolis 1894 ★ PURELY MUTUAL ★ 1935

New York Bond Quotations

(Reprinted trom yesterday) DAILY BOND INDEX 20 20 20 60 Inds Rails. Util. Bonds Today 86 8 83 6 92 4 87 6 Yesterday 86 9 33.9 92 2 87 7 Week aeo ■ 86 9 85 1 92 4 88 1 Month ago . 85.6 83 6 88 7 86 0 (Copyright. 1935 bv the Standard Statistics Cos.. Inc. i U. S. GOVERNMENT BONDS (Bv Fenner & Beanei Liberty* Prev. Close, close Ist 31s 1932-47 104 10 104.10 Ist 4’*s 1932-47 103 20 103 26 4th 4’ *s 1933-38 (uncalled) 103 29 103 26 4th 41s 1933-38 (called) 102 10131 Treasurys 41s 1943-45 114.24 114.26 4s 1944-54 .'..110.21 110.3 31s 1946-56 108 23 108 20 31s 1940-43 105.23 105 22 31s 1943-47 105 16 105 20 31s IS4I-43 105 24 105 24 31s 1943-45 104 31 105.2 3*s 1941 105 18 105.20 31s 1944-46 103.31 104 31s 1946-39 103.24 103 26 31s 1948-32 .103.6 103.10 3s 1951-55 102.22 102 24 3s 1946-48 102.6 102.10 Home Owners Loan Corp. 21s 1949 98 19 98 21 3s 1952 .100.16 100 21 4s 1951 101.7 101.6 Federal Farm Mortgage Corp, 31s 1964 102 19 102.17 3s 1949 100.20 100.23 DOMESTIC Prev Close, close Alleg Corp 5s *44 7H 71 Alleg Corp 5s '49 601 581 Alleg Corn os 50 241 241 Am Frgn Pow 5s 2030 561 561 Am Tel & Tel 51s '43 109 1121 Am Tel & Tel 5s ’65 ... 1121 113 Arm & Cos (Del) 51s ’43 102’% 1041 Atl Coast Line 4s ’52 1041 1011 At! Coast Line 41s '64 90-1 901 Atch Top & S Fe 41s ’48... 108'* 1081 Am Wat Wks 5s ’44 941 95 Am Rolling Mills 5s ’3B 108 109 Balt & Ohio 5s '95 71 71 Balt & Ohio 6s ’95 . 811 83 Balt & Ohio 4ls ’6O 53 53 Buff Roch & Pitt 41s ’57 681 651 Beth Steel os ’36 1031 1031 Chi MiHv & St P 5s ’75 23 221 Chi Milw & St P 5s 2000 61 61 Cleve Un Term 51s ’72 1001 101 Cleve Un Term os ’73 96 961 Cleve Un Term 41s ’77 891 89 Col Gas 5s May ’52 821 821 Col Gas 5s 61 791 80 Can Pac Perp 4s 85 84% Cent Pac os '6O 781 79 Big Four 41s '77 731 75 Big Four 5s ’63 791 801 Colorado & So 41s ’BO 661 68 Chi & West Ind 4s ’52 951 951 Chi & West >nd 51s ’62 1021 1021 Chi & Nor West 41s ’49 181 181 Con Gas 5s 57 1031 1031 Chesa Corp 5s ’47 104 1041 Dodge Bros 6s ’4O 1061 1061 Del & Huds 4s '43 89!% 891 N Y Dock 4s ’sl 65 64 Erie 5s ’75 681 681 Erie as ’67 681 681 Grt Northern 7s ’36 911 921 Grt Northern 41s '76 781 771 Grt Northern 41s ’77 771 771 Gen Stl Cast WW 51s ’49 921 92 Hud & Manhat Ref 5s ’57 ... 891 891 111 Cent 4ls 66 58 58 111 Cent 5s ’63 721 73 Interntl Hy Elec 6s '44 49% 49 Interntl Tel & Tel 41s ’39 ... 691 69 Interntl Tel & Tel 5s '55 67 66!. Interntl Tel & Tel 41s '52 61 61 P Lorillard 7s '44 128 1271 McKess & Rob 51s ’SO 97% 97 Midvale Stl 5s ’36 103'% 1031 Natl Dairy 51s ’4B 1021 1021 Natl Steel 5s '56 106!i 1061 Nickel Plate 41s ’7B 611 61 Nickel Plate 51s ’74 731 721 Nickel Plate 6s '35 66% 671 N Y Cent 5s 2013 641 64 Nor Amer Cos 5s '6l 86!i 86'* Nor Pac 3s 2047 74 731 Nor Pac 41s 2047 87 87 Nor Pac 6s 2047 1001 1001 Nor States Pow 5s *4l ... 105’% 105'* Penn By 41s ’B4 1011 101% Penn Rv 41s ’Bl 102 1021 Penn Ry 41s ’7O 941 951 Pac G & E 5s ’42 107% 108 Portland Gen El 41s ’6O 561 56% Para Publix 51s ’SO 651 651 Postal Tel & Cab 5s ’53 491 491 Rem Rand WW 51s '47 99’% 991 Sinclair Oil 61s ’3B 1041 1041 Shell Union Oil 5s ’47 1021 1021 Sou Pac 41s '6B 651 6624 Sou Pac 41s ’Bl 641 65

What Does It Mean? Trading Posts—The trading floor of the New York Stock Exchange is comprised of many posts, at which various stocks are bought and sold. Scores of issues are dealt in at each pos*. a

Sou Pac 41s 69 651 66 Sou Pac 4s 49 67 671 Sou Rail 4s 56 58 59 Sharon Stl Hoop 51s '4B .... 86 87% Texas Pac 5s 'BO 90’. 91 Texas Pac 5s '79 90 1 91 Texas Pac 5s ’77 92’. 92'. Union Pac 4s '47 1091 1091 United Drug 5s '53 921 92'. U S Rubber 5s 47 94 031 NY NH & Hart 41s ’67 401 401 Warner Bros 6s '39 551 56 Western Marv 51s '77 99% 93 Western Marv 4s '52 911 91 Youngstown S & T 5s ’7O .... 95 951 Youngstown S&T 5s ’7B .... 951 951 FOREIGN Brazil 8s *4l 291 30% Canadian Govt 4s ’6O 1041 104'* Denmark 51s ’55 981 981 German 51s ’65 341 341 German 7s ’49 .. 45 441 Italy 7s 'sl 921 92-b Japan 61s '54 90 90 Foland 7s '47 1181 118 Rome 61s *52 87'. 87 Yokohama 6s '6l 81 81

Local Livestock

HOGS Jan. Bulk. Top Receipts. 25 $7.70 8.10 $8 10 5000 26. 7.70® 8.10 8.15 2000 28. 7.60/71 8.00 8 00 6000 29. 7.60'S 7.90 7.90 5000 30 7.705 1 7.90 7 90 4000 31. 7 80@ 8.00 8.05 5000 Licht light: 1160-180) Good and choice . $6 90'ii' 7.65 Medium 6 50'S 7.25 Lie’-.t weight. 1160-1801 Good and choice .. 7.80'S 7 90 Medium 7.2541 7 65 'IBO-2001 Good and choice .. 7.90'b 8 00 Medium 7.50'S 7.75 MeHjuni weight (200-220( Good and choice .. 795 ft 8,05 (220-2501 Good and choice... 7.90 ft 8.05 Heavyweight. (250-2901 Good and choice .. 7 80ft 7.90 (290-350i Good and choice .. 7.70@ 7.80 Packing sows. (275-350' Medium 7 00ft 7.25 (350-4251 Good 6 85ft 7.15 (425-5501 Good 6.75 ft 7.00 (275-350) Medium 6.25® 6.85 Slaughter pigs. (100-1401 Good and choice... 5 15ft 6 65 Medium 4.25 ft 6.40 CATTLE —Receipts. 700— —Steers—-(sso-900) Choice $10.00ft11.75 Good 8.75ft1l .00 Medium 6.50 ft 9.00 Common 4.25 ft 6.50 (900-1100) Choice 11.00®12.50 Good 9 00ft 11.50 Medium 6.75 ft 9.25 Common 4.75 ft 7.00 (1100-1300) Choice 11.75 ft 13.00 Good 9 25ft 12 00 Medium 7.00 ft 9.50 (1300-1500) Choice 11.75ft13.00 —Heifers—-(soo-750) Choice 9.50ft12.00 Good 8.75 ft) 9.25 Common and medium 375 ft 7.an (750-9001 Good and choice.--. 7.50 ft 9.25 Common and medium 4.00® 7.50 —Cows— Good 5.50 ft 7.00 Common and medium 3.25 ft 5.50 Low cutter and cutter 1.75 ft 3.25 —Bulls—(Yearlings Excluded) Good 4.50 ft 5.50 Common and medium 3.00 ft 4.00 VE.4I.ERS —Receipts, 600— Good and choice slo.ooft 11.00 Medium 7.50 ft 10.00 Cull and common 3.50@ 7.50 —Calve* 5(250-500) (250-500) Good annd choice .. 6.25tf? 9.00 Common and medium 3.25 ft 5.75 —Feeder and Stocker Cattle——Steels— (s3o-900) Good and choice . 5.00 ft 6.50 Common and medium ... 3.50 ft 5.09 (900-1050) Good and choice .. 5.25® 6.50 Common and medium 3.75 ft 5.2a —Cows— Good 3.25 ft 4.00 Common and medium 2.50® 3.25 SHEEP AND LAMBS —Receipts. 2500 — Lambs. 90-lbs down, good and choice sß.7sft 9.25 Common and medium 6.25 ft 8.75 90-120 lbs. good and choice ■. 4.50 ft 8.50 fl 20 P -'l50) Good and choice ... 4.00 ft 5.00 All weights, common and medium 300 ft 4.50

SWINE VALUES RISE 10 CENTS AT LOCAL YARD Cattle Active and Strong; Veals Sharply Higher at sll Down. Following two days of dull trading, the pork market showed slight strength at the Indianapolis Union Stockyards today with the majority o 4 prices generally 10 cents higher than yesterday’s average. Top price today for good and choice hogs was quoted at $8 05. Despite an increase in receipts from the previous session, trading interest in practically all classes showed improvement. Supplies were estimated at approxnr ately 5000, compared with 4000 yesterday. Several packers, however, still were hesitant in making early purchases. The increase sent prices for hogs weighing from 160 to 300 pounds up to $7.90 to SB. while better kinds were higher. The bulk of 130 to 160 pounds brought $6 40 to $7.40. Small pigs, weighing 100 to 130 pounds, sold at $5.15 to $6.15. Good pneking sows cashed in at $6.75 to $7.25. Holdovers were 183. With the general trade active and strong in the cattle market, few cla ses of low-grade steers were sellii g from $6.50 to $9.65. Practically all good and choice supplies were absent. She stock were in demand, selling at firm prices. Receipts were 700. Vealers were sharply 50 cent* to $1 higher, salable at $lO to S,U. A strong undertone prevailed in the lamb market with better grads natives ranging from $9 to $9.25. Heavy classes sold at $8.75 down, while throwouts brought $6.50 to $8.50. Fed Western lambs were unsold. Slaughter sheep cashed in at $5.25 down. Receipts were 2500.

Other Livestock

(Bv United Press) FT WAYNE. Jan. 31.—Hogs—Market. 5® 10c higher: 200-250 lbs.. $7 95; 250-300 lbs.. $7.80; 300-350 lbs.. $7.45; 180-200 lbs.. $7.80; 160-180 lbs.. $7 70; 150-160 lbs., $7 30; 140-150 lbs.. $6.80. 130-140 lbS., S6 30: 120-130 lbs.. $6; 100-120 lbs,. ssftO; roughs, $6.50; stags. $4.50. Calves $lO. Lambs—sß.7s. I AFAYETTE. Jan. 31.—Hogs—Market, strndv to 10c higher: 200-235 lbs.. $7 80ft 700 235-275 lbs $7,704/7.75: 275-325 lbs.. ejft 7.65; 170-200 lbs. *7.704/ 7.80; 155170 lbs $7.254/.65: 140-155 lbs.. $6.75® 7; 130-140 lbs $6,254/ 6.50: 120-130 lbs . 55.75 4/6 100-12 C ibs.. $54/ 5.50; roughs. $7 dowp; top calves. &9.50 down; western lamhs. $8.75 down: native lambs. $8.50 down. ORDERS UP 166 PER CENT By 2 imrs Special CLEVELAND, Jan. 31.—Steel and Tubes, Inc., world's largest producer of electrically welded tubing, reports a gain of 166 per cent in orders for the first 21 days of January this year over the same period in 1934.