Indianapolis Times, Volume 46, Number 228, Indianapolis, Marion County, 1 February 1935 — Page 28

Wall St. Big Business About to Re-Enter Market for Securities. BY RALPH HENDERSHOT

Time* Saerial Writer NEW YORK. Feb I—Big business in the United States is beginning to lose its fear of the Securities Act. Or maybe Jo&epb P. Kennedy, chairman of . the Securities and Exchange Commission. has interpreted the act in such a way that big business can now see its way clear to re-enter the open market for new capital.

Plans have been completed for the issuance of about MOO .000.000 of new securities, and applications are on file with the SEC for registration A large percentage of this money is for refunding purposes, but it is of the highest importance that several of our largest corporations are

about to re-enter the capital market for funds of any kind. Up until a few weeks ago. when the SEC revised its rules governing the sale of securities by the older and better established companies, new corporate financing had been at a standstill. Underwriting houses were afraid to offer industrial stocks and bonds, and the leading concerns were afraid to borrow money in the open market. m m n A/ - OUR correspondent is not at >■> liberty to reveal the names of the concerns which propose new’ financing. Dut it can be stated that they are of sufficient importance to set the pace for industry in this country. Under their leadership it is reasonably safe to say that the jam in the normal and natural flow of investment capital into industry finally has been broken. Business will profit materially by this development. It has been found that the government can not satisfactorily provide industry’ with the capital it desires, and it has been found also that the commercial banks can not and will not make the necessary long-term advances which are needed. No other avenues are available except the investment banking houses which are geared to secure funds for corporate use from individual investors. nun IT is doubtful, of course, if any of these securities will be placed on the market prior to the issuance of the ruling on the gold clause by the United States Supreme Court. Underwriters would not take* the chance of floating securities at a time when that market might become demoralized by an adverse court decision. Moreover, several days must elapse after registration papers have been received before they can be approved by the SEC. , Incidentally, there is reason to believe that the New York Stock Exchange, as well as other important exchanges throughout the country, w’ill be closed for a few days in the event of a decision sustaining the validity of the gold clause in security contracts. Such closings would be ordered by the SEC. it is thought, in the event the exchanges did not act themselves. TEXAS FARMERS URGED TO BALANCE PROGRAMS More Dairy Cows. Hogs and Sheep Needed, It Is Said. By United Press SAN ANTONIO. Tex.. Feb. I. Texas farmers should have more dairy cows, hogs and sheep, providing a more balanced farm program, members of the Texas Agricultural Workers’ Association declared at their annual session here. W. L. Stangel. head of the department of animal husbandry at Texas Technological College. Lubbock, said that such a balanced farm program really could be worked in with the government's program of control of crop surpluses. D. W. Wil:ilms. head of the A. & M. Department of Animal Husbandry, said Texas undoubtedly offered unlimited possibilities in the field of raising good farm horses and mules. GRAIN EXPORTS HUSHER Wheat Shipments During Week Total 2.272,329 Bushels. By TANARUS, met Special NEW YORK. Feb. 1— Shipments of wheat from the United States to Canada during the week ended Jan. 26 amounted to 2.272.329 bushels, compared with 1.817.608 in the previous week, according to Dun <fc Bradstreet, Inc. For the entire season wheat exports aggregated 93,025.309 bushels, against 123.433.237 for the same penod a year ago. Corn exports for the week amounted to 3000 bushels, compared with none in the preceding week and 28,000 bushels last year.

Produce Markets

Delivered In Indianapolis prices: Heavy breed hens. 14c. Leghorn, hens. 7c; colored springers. 13c: heavy stags. 9c Leghorn stags 7c. old roosters. 6c ducks, lull feathered and fat. 10c. geese, full feathe ed and fat. (Sc. all classes of guineas 15c No. 1 strictly fresh countrv run eggs loss off 21c Each full case must weigh 55 !br gross, a deduction of 10c a pound for ech pound under 55 lbs will he made Butter—No 1. 374T38C. butterfat. 35c. Quoted bv the Wadlev Cos. Bv United Pressi CHICAGO s>b I—Eggs—Market firm receipts 5248 cases; extra firsts, 28 ! .-c. fresh graded firsts, 28'.c. current receipts. 56'.-c. dirties. 25*.e. checks. 24’jc Butter Jrket firm receipts 8155 tubs; extra *9O-21*2 score*. 35*viS5'2C. extras score*. 38c firsts *B-89'- score *, S34 J .c: seconds 'B6-87'2 score*. 33*i : 5pecia15.33 1 5937 c; standards. 35’c rv—Market steady to easy, receipts, rucks 3 cars due; springers, 20c cucas 18821 c: turkeys. 18£20c: geese. 18-: Leghorn Springers. 15c: capons. 6 to T lbs. 53c. Leghorn hens. 15c. hens. 17*j 18e; roosters. 14c: broilers. 22vi23'.-c; stags. 17c Cheese—Twins. 17#17'.e: Daisies. 17*2*6 I7’c: Lognhorns. 17*2*, 17\c Potatoes—Supply liberal; demand and trading very slow: market slightly weaker; Wisconsin round whites, one car line quality 85c. unclassified 70c Idaho russets *1 5091 52*2 Arrivals. 92. on track 285. shipments. 902.

Hides and Skins

Hldrs —Gr-*n countr corns and sttert. 3%e flat; green countr bull* and slues. 34e flat: green country calf hades. 4c flat green country Kip J%c. No. 1 large fcota* hides with full heads, shanks, roanea and tails. *1 50 medium size. I* Alt No. 3 grade Borae nides. 30c less; glues and pomes half price. No. 1 rendered (Allow. 4®4%c; Nik 3 value. Yellow grease. H*Q(c; cat* grease.

PAGE 28

NATION WEIGHS FIRST YEAR OF CUT INDOLLAR Officials Seek to Gauge Economics Result of Devaluation. BY RICHARD L. GRIDLEY United Prfi Staff Correspondent WASHINGTON. Feb I—Further monetary’ experimentation by the government was considered remote I today as Administration officials sought to gauge the economic results of devaluation of the gold dol- ! lar a year ago. At 3 10 p m. Jan. 31, 1934. President Roosevelt dramatically affixed his signature to an order reducing the content of the gold dollar to 15 5-21 grains from 25.8 grains ninetenths fine. The effect of this order was to replace the American dollar on an international gold bullion standard at 59.06 per cent of the content that had been in effect for more than a generation. The hoped-for effect of the devaluation was a corresponding rise in American price levels to relieve debtors; to give the government incrased control over money, and to give the government a ‘profit" of $2,811,000,000 from the gold taken out of the dollar. Specific Power Asked In a special message to Congress Jan. 15, 1934, President Roosevelt asked specific authority to devalue the dollar to between 50 and 60 per cent of its lormer gold content. Two weeks later the Gold Reserve Act of 1934 was passed by Congress and President Roosevelt immediately decreed the devaluation of he dollar as 15 5-21 grains of gold ni’ietenths fine. Results of the first year of devaluation 3jp difficult to gauge with various groups of citizens ta ung opposite ’dews. Inflationists said the government did not devalue far enough to raise prices; conservative interests were dissatisfied, while the Administration itself claimed wide benefits. Commodity prices in the entire period of Administration monetary legislation rose only 28 per cent from March. 1933, to October, 1934, and business activity approximately the same per cent. They hoped for effect of the dollar devaluation was that the 70 per cent rise in the price of gold would bring a 70 per cent rise in commodity prices. Exchange Fund-Created With the 2,811,000.000 ‘‘profit’’ arising from the reduction of the gold content of the dollar, the government set up a $2,000,000,000 Exchange Stabilization Fund. A $200,TOO.OOO portion of this fund has been in operation for nearly a year in • pegging" ti e dollar at its new value in the world markets and in pursuing the silver purchase program. Because of the apparent stability of the dollar at its new gold content and the unlimited buy-and-sell price placed on gold by the United States, a huge influx of gold to the United States followed the devaluation. But the dollar was kept on an even keel. Gold held by the Treasury was nritten up to around. $7,000,000,000 following devaluation and about $1,250,000,000 of additional gold was attracted to this country over the past year from foreign countries. Financial and business interests are now anxiously awaiting further revelation of the Administration's ultimate monetary objectives, so far only vagulely mapped by President Roosevelt. Congressional agitation for "cheaper" money in the hope of higher commodity prices likely will play an important part in the development of the ultimate policy. So far as can be learned, however, further important monetary experimentation legislation is opposed by the Administration and officials are likely to seek largely other means to raise prices than through monetary manipulation.

Ralph Hendershot

Stock Studies

UNION PACIFIC I v COMMON STOCK n* p— ■■—■■■ 1 - LARNINGS PRCC RANGE scale —fra— £ ll ,1." IflUjl-'OO 0 . .-1. .L ■I ■ 1. . I.i l l ...L. . ) 130 31 32 33 34J30 31 32 33 34j VtCNCHESTfR INSTITUTE OF FINANCE The Union Pacific system is an important link in transcontinental railway traffic. The system comprises about 9900 miles of road which extends westward from Kansas City and operates through the states of Nebraska. Kansas, Colorado. Wyoming to Utah, Nevada to Los Angeles, Cal., and also through Idaho. Oregon and Washington to Portland and Seattle. CAPITAL structure Common Stock (*l9O pari $222 291.000 4’'.- Preferred Stock SIOO par' 99 543.100 Funded Debt 348.192 215 Profit and Loss Surplus . 257,591.121 CURRENT POSITION As of Not. 30. 1934 Cash *23 632.751 Current Assets 52 596.3.>9 Current Liabilities 20.917.286 Net Working Capital 31.697,073 Cash dividends of $lO were paid on the common from 1909 thro.igh 1931. In 1932 $8 was paid, ttihie tne present rate of $6 was paid in 1933 and 1934. Union Pacific was incorporated in 189” 7 in Utah. Both classes of stock are listed on the New York. London and Amsterdam Stock Exchanges. At a current price of around 104 % the common stock sells to yield 5% per cent. (AH Rights Reserved of Winchester. Mass.l INSOLVENCY INDEX OFF By Times Special NEW YORK. Feb. I.—The insolvency index of Dunn <& Bradstreet, Inc., so far in January, covering all but the final week, was 72.1, contrasted with 81.6 for the same time last year md 181.7 two years ago, it was disclosed today.

♦ ♦ Abreast of The Times on Finance ♦ ♦

INDIANAPOLIS, FRIDAY, FEBRUARY 1, 1935

New York Stocks

ißy Thomson <Sc McKinnon) , 11 00 A M. Pyev. J | Oil*— High. Low. N. Y. Close ; ! Atl Rfg 24% 24> 2 24*2 24 s , Barnsdall 6% 8% 6% 6% j Consoi 0)1 ... 7% J a 7' 2 7'* Com ol Del ... 17’. 17 s . 17 s * M-o Coni P*t .. 11% ll'2 ir2 12 Ohio OH 10'. 10 10 10 Phillip* Pet IS 1 * 15 15 15 P :re Oil % 6% % ** ! Shell Un 7 7 7 Skeliey Oil 7% 7 s , 7 s , 7 s , Soe Vac 14'. 14 1 • 14' 14 % S O Os Cal 30 30 30 30% SO Os Ind 24’, 24', 24 1 , 24'. S O of N. J 41 5 41 41 41 s . Texas Corn . 20 19’. 19 s ,--s.9 s . ! Tidewater A?*n 8% S'* Bs.8 s . 7 s , ! L’n Oil of Cai .. 14', 14’, 14’. 15 Steel*— Am Roll Mills . . 21'2 21', 21’. 21% R'lh Ste-1 . 30’, 30', 30', 31', Cruc S’*e: 22 22 22 21 s , Inland steel 53', 53 53'. 52 s , Ljd.um S'eel . 16% IS 1 2 18'. I'2 Mid Steel . . 12'J 12', 12', 12’, Natl S'eeJ . 43 s , 43'2 48'2 48 1 2 Otis Steel B s , Bs,8 s , Bs,8 s , 6'* Pep i r Ac Steel 14', 14', 14', 14 s . Rep Ir Ac S' pfd 48', 46% 48' 2 47 U S Steel 38'2 38', 38 s . 37 Warren Bros . . 4 s , 4 s , 4 s , 4 s , Yes S Ac T ... . 18'2 18' 2 18'2 18 s , Motor*— Auburn 23’, 23’* 23’* 23 s , Chrysler 37 38 s , 38 s , 37', Gen Motors . 31', 30’, 31'. 31 Graham Mot .. 2% 2% 2% 2 s . Hudson 10 9’, ’.O 10 Hupp .... 2\ 2’, 2% 2 s , Mack Truck 28', 26 28 28', Nash 15’, 15'2 IS' 2 18 Packard ... 4 s , 4 s , 4 s , 4S S’udebaker ... I’, I s , I’, I s , Yellow Truck 3'2 3% 3' 2 3*2 Motor Access— Bendix 15*2 15', 15', 15'2 Bohn Alum . .55 54 s , 54 s , 54 1 _• Briggs . 28 s . 28 s , 28 s , 28 s , Eaton Mfg . 19 19 19 19’, Elec Auto Lite . 24’, 24 s , 24% 25 Elec S' Bat ..48 48 48 48 Houdaille A .... B'. B', B', B', Mullins Mfe ... 9 s * 9 s , 95, 9 s , Murrav Body .. 6’, 6’, B’, 6 s , Stew War 7' 2 7'2 7' 2 7' , Timken Roll 34 34 34 34', Timken Det Ax 6*4 6'/, 6'/, 7 s , Mining— Alaska Jun 17 s , 17’,i IT, 17 s , Am Smelt 34’, 34 s , 34 s , 34% Anaconda 10 s , 10% 10 s , io'2 Cerro de Pas... 41*4 41 41 41 Gt Nor Ore ... 11 11 11 11 Homestake M ..347 347 347 346 Howe Sd 45 45 45 45', Int Nickel . ... 23'4 23 23', 23', Kcnnecott Cop .. 16 s , 16% IB' 2 16 s , Mclntvre Mine . 38*-, 3814 38*4 38'2 Noranda Cop ... 32 s , 32V, 32 s , 32 s , Phelps Dodee ... 14 14 14 14', St Joe Lead .... 15*4 14*/a 15 1 /, 15 U S Smelters ...109 109 109 109’, Loews Inc 32 s * 32% 325* 32 s , Radio Corp ss,5 s , s* s', 5*4 Paramount 4'* 4 4 4 Warner Bros ... 4 3% 3% 4 Tobacco*— Am Sum Tob ... 21*4 21 21 21 Am Tobacco A 81 81 81 81*4 Am Tobacco B 82', 81 ’2 82'* 82 Lies Ac Mvers B 104', 104', 104', 103% Phillip Morris 41'a 41'-a 41'2 42 Reynolds Tob B 48 48 48 48 Rails— Atchison 45 43 s * 43 s , 45 s , B At O 11% 11 s * 11 s * 11 s * Can Pacific 13% 13', 13', 13', Ch Ac Ohio 42 s , 42', 42', 42 s , C M * St P . . 2 s * 2 s , 2 s , 2' 2 C M Ac St P pfd 3 s , 3 s , 3 s , 3 s , Cm N W . 4 s , 4 s , 4 s , 4 s , Del Lac Ac W . 15’2 15', 15', 15 s , Erie nfd 13 s , 13 s , 13 s , 13'2 Gt North nfd . 14', 13 s , 13 s , 14', 111 Central 13' 2 13 W 13'2 13 s , Lou Ac Nash ... 41 41 41 41 M K Ac T pfd . . 10 s , 10% 10 s * 11 Mo Par. 2 s * 2 s * 2 s * 2’, N Y Cent 17 s * 17' 2 17' 2 17% N Y New : H ... 6% 6% 6% 6'.. Nor Pacific 18 17 s * 17 s , 17 s ’, Penn R R 21'. 21 21', 21'a Sou Pac 154* 15 15 15 1 .1 Sou R R 12 s , 12 s * 12% 12’* Union Pac 101'2 100'a 100'2 1011. Equipment*— Am steel Fdy .. 17'a 17'* 17'* 17', Bald Loco ss,5 s , ss,5 s , 5% s’, Gen Elec 23% 23', 23 s * 23% Pullman Inc ... 48 48 48 48' West Air Br ..25 24% 24'* 24' Westingh El ... 37% 37 37 37', Utilities— Am Pow * Lt .. 3', 3% 3*/a 3', AT&T 104'2 104** 104'2 104% Am Wat Wks ..13 13 13 13 Col Gas Ac E .. 6’, 6% 6% 7 Con & Sou .... I'* I'* IV* Iv* I Consol Gas .... 19 s * 19'2 19 s , 19 s , | Elec P & Lt .. 2'2 2* 2 2% 2 s , Interhoro R T.. 14', 13 s , l- s , 14 Int T * T ..... 9 9 2 9 Nat Pwr Ac Lit.. 7 6', 6’, 7 North Amer .... 12% I?'2 12 s , 12'a Peoples Gas ... 21', 21', 21', 21', Pub Serv N J .. 26 25 s , 26 26', So Cal Edison.. 12', 11 s , 11 % 12', Std Gas 3" 3’, 3’, 3’, United Corp 2' 2 2 s , 2’ 2 2' 2 Un Gas Imp 11 s , 11'. 11 s , 11 s , Western Union.. 29', 29', 29', 29', Rubbers— Firestone 16% 16', 16 s , 16', Goodyear 4 s , 4 s , 4 5 4 22 s , j Kelly Spring .... I s , I s , I s , I s , U S Rubber 14' 2 14’ 2 14’ 2 14 s , U S Rubber pfd 36 36 36 37 Miscellaneous— Allis Chalmers 16 s , 16 s * 16 s * 16 s , Am Can 112', 112 112 112', I Am Mach A- Fdv 21 s , 21', 21', 21', ; Brklyn Man T 43% 42'* 42', 43 j Burroughs Add . 14 s , 14% 14* 14 s , J I Case 55 54 s , 54 s , 55'2 Conti Can 65% 65 s , 65 s , 66 Caterpillar Tract 38% 38 38 s , 38 Crown Cork ... 24% 24% 24 s , 24', Curtis Pub 19 18 18 s , 19 Deere & Cos 28 27'2 28 27% Gillette 13 s , 13% 13 s , 13% Gliriden 24 5 , 24 s * 24 s , 24 s , Tngcrsoll Rand .. 66 66 66 66 Inter Harv .... 41'* 40% 41 41 Kresge S S ... 20 s * 20* 2 20% 20''2 Kroger Groc ... 25% 25' 2 25% 25% McCrori- St ... 10’ 2 10% 10% 10% McLellan St 13 13 13 13% May Dept St ..41% 41 % 41V2 42 Mont Ward 26', 25 s , 25 s , 26 Safeway St .... 41 41 41 41 Sears Roeb .... 33’* 33% 33% 33% Woolworth 54% 53% 53 s , 54 Aviation— Aviation Corp .. 5 4% 4% 4% Boeing Aire .... 9% 9 9 9 Curtiss Wr .... 2 s , 2% 2% 2% Curtiss Wr A .. 8% Bs,8 s , 8% 8% Douglas Air 22 s , 22% 22% 22 s , Nor Am Av 3% 3% 3% 3', Sperrv Corp ... 9% 8% 8% 9 Un Aire new ... 14 13 s , 13% 13% Chemicals— Air Reduction ..111*4 111 111 111 Allied Chem ..135 135 135 136, Am Com Ale ... 27% 27% 27*4 27', Com Solv 21% 21 21 21% Dupont 94% 94', 94% 94 s , Freeport Tex ... 21'2 21 s , 21 % 21 Ms th Alkali-. . 28% 28 28 28% Natl Dis mewl. 26 s * 26% 26', 26% Schenlev Dist .. 25', 25', 25% 25% Tex G Sulph .. 34 s , 34% 34% 34% Union Carbide . 46', 45 s , 46 46 U S Ind Ale ... 36% 36% 36% 37 Drugs— Cotv Inc 6% 6% 6% 6 Lambert 27% 27% 27% 27 1 Natl Cash Reg . 16% 16 s , 16 s , 16% Owns Bottle .. 86% 86 s * 86 s , 87 Rem Rand ... 9 9 9 9% Underwood E .. 57 57 57 5,% Food*— Am Surar 60 1 4 60 60 61 Armour Com 5% 5% 5*4 Armour 6nfd P 8 68 68 67 * Borden Prod 24 7 s 244 244 244 PRICES IRE STEADY IN EARLY TRADING Chicago Grain Pits Inactive: Wheat Up Fraction. By Cnitrd Press CHICAGO. Feb. I.—Grain prices on the Chicago Board of Trade were about steady today in sympathy with firmness at Liverpool. At the start here wheat was % to * t cent higher, corn was cent lower to % cent higher, and oats were unchanged to % cent higher, j Bartlett Frazier’s Liverpool house cabled that the English market was quiet but firm. Indications there were for light shipments to the United Kingdom. The parcel market was 3 pence higher. The local market was not active. (By James E. Bennett! 11:00 Prev. Wheat— High. Low. A M. Close. May 9% .95% .95% .96% Julv 88’* .86 .88 .88% Sept .87% .86 Si .86% .87% Corn— Mav 84% .83% .83% .84% July 80% .79% 79% .80% Sept. . 77 .76% .76% .77% Oats— Mav 50% .49% ,49 s . .50 July 43% .42% .42% .43% Sept. 41 .40% .40% .41 Rye— Mav ......... .66 5 , .66% .66% .66% Ju,v 66 s * .66 .65% .66% Sept 65% .65*4 .65*4 .65 s * LOCAL CASH MARKET Cltr grain elevators are paying 88 cents lor Ho. 2 soft red wheat. Other grades lon theit merits. CaaYi corn No. 3 Yellow 43% cents and wtf 48 cents.

Cal Packing . 39 38% 38 s , 39 Can Dry G Ale 13 s , 13 s , 13 s , 14 Corn Prod *63% 62' a 62% 63 Cub Am Sug . ss,5 s , ss,5 s , 5% ss,5 s , Gen Baking ... 8 8 8 7% Gen Foods 34 s , 34% 34% 34 Gold Dust 16% 16', 16% 16% O W Sugar ... 27% 27% 27% 27% Na'l Biscuit ... 28 s , 28% 28% 23 s , N-ttl D Prod ... 16', 16 16 16 Purity Bak 9 Bs,8 s , 9 9 S’d Brands 17 s , 17% 17% 17% Un Biscuit 24% 24% 24% 24% United Fruit . 73 T 2% 73 72 * Ward Bak B" . 1% 1% l'/a 1% Retail Stores— Best Ac Cos 34 34 34 34% First Natl Stores 50 s , 50 s , 50 s , 50% Gimbel Bros .... 3% 3% 3% 3% Sterling Prod 60 s , 60% 69 s * 59 s , Un Drug mewi 11% 11% 11% 11 Zenith' Prod 4% 4% 4% 4 Financial— Allegheny Corp . 1% 1% 1% 1% Am Int Corp . 6% 6 6 6 Transamerica 5% 5% 5% 5% Tr Conti Corp 3% 3 3% s *3% 3% Building— Am Radiator ... 14 13’, 14 14% Gen Asphalt 16% 16 16 16 s , Holland Furnace 8 8 8 7 s , Int Cement 27’, 27’, 27’, 28% Johns Manville 50 50 50 50', Libby Owens Gls 29 s , 39% 29% 29% Household— Col Pal Peet 16 s , 16 s , 16* 16 * Congoleum .32% 32% 32% 32 s , Kelvinator . 16 s , 16 s , 16% 16 s , Proc Ac Gamble 34 * 45% 45 s * 45% Servel Inc Bs,8 s , 8% 8% Bs,8 s , Simmons Bed ..9 9 9 9% Textiles— Beiding Hem •• ■ 12 s , 12 s , 12% 12% Celanese Corp 30% 30% 30% 30 s , Collins Aikman . 13% 13 13 13% Gotham Hose ... 4% 4% 4% 4% Indus Rayon ... 317, 31 s , *31% 3L,

Chicago Stocks

ißv Abbott, Proctor Ac Paine) 11:00. Prev. A. M. close. Butler Bros 6% *>% Cent South 3% 3% Chicago Corp 30 s * 31% Cities Service I/* 1% Com Edison ?5 54 Grt Lakes Dredge 18 18 Pub Servos 111 18 18 Quaker Oats I 2 ?, Swift 17% 17% Swift Int 32% 33 Borg Warner 2 ",2 39 u , Chic Mail 17*4 }]% Iron Fireman 13'/2 14 |

New York Curb

(By Abbotot, Proctor & Paine) * 12:00 Noon Prev. N. Y. close. Allied Mills 13% 13 Am Cyanide “B" 16% 17 Atlas Corp 8% 8% Distillers Corp 16% 16% Gulf Oil of Pa 57 57% Hiram Walker 29% 2.9% Humble Oil 46 46 Lake Shore Min 50% 50% Pan Am Airways 43% 43% Penn Road 1% 1% St Regis Paper l*/ 1% Sal Creek Products 5% s s * Tech Hughes Gold 3 s * 3’*

N. Y. Bonds

ißeprlnteo tiom vesteraav) DAILY BOND INDEX 20 20 20 20 Inds. Rails. Util. Bonds. Todav 86.7 83.5 92.6 87.6 Yesterday 86.8 83.6 ' 92.4 87.6 Week ago . ... 86.9 84.9 92.8 88.2 Month ago 85.9 84.3 89.1 86.5 (Copyright. 1935. bv the Standard Statistics Cos.. Inc.) U. S. GOVERNMENT BONDS (Bv Fenner Ac Beanei —Liberty*— Prev. Close, close. Ist 3%s 1932-47 104.8 104.10 Ist 4%s 1932-47 103.22 103.20 4th 4%s 1933-38 (uncalled) . . 103.29 103.29 4th 4%s 1933-38 (called).... 101.31 102 • —Treasury—4*/is 1943-45 114.21 114.24 4s 1944-54 109.30 110.21 3 s is 1946-56 108.17 108.23 3 s ,s 1940-43 105.15 105.23 3%s 1943-47 105.11 105.16 3%S 1941-43 105.16 105.24 3% s 1943-45 103.27 104.31 3%s 1941 105.16 105.18 3%s 1944-46 103.28 103.31 3%s 1946-52 103.15 103.24 3%s 1949-32 103 103.6 3s 1951-53 102.17 102.22 3s 1946-48 101.30 102.6 —Home Owners Loan Corp.— 2%s 1949 98.10 98.19 3s 1952 , 100.12 100.16 4s 1951 101.5 101.7 —Federal Farm Mortgage Corp.— 3%s 1964 102.14 102.19 3s 1949 100.12 1C0.20 DOMESTIC Prev. Issue Close Close Allag Corp 5s ’44 70% 71% Alleg Corp 5s '49 60% 60% Am Fren Pow 5s 2030 55 56% Am Tel & Tel 5%s '43 112% IC9 Am Tel Ac Tel 5s 65 113% 112% Arm & Cos (Del) 5%s ’43 104 102 s * Atl Coast Line 4s 52 101% j 04% Atl Coast Line 4%s ’64 90% 90 s * j Atch Top & S Fe 4%s‘’4B ....108 108’, Am Wat Wks 5s 44 95% 92% Am Rolling Mills 5s ’3B 109 108 Balt Ac Ohio 5s ’95 70% 71 Balt Ac Ohio 6s ’95 81 81% Balt Ac Ohio 4%s 60 43% 43 Buff Roch & Pitt 4%s 67 67% 68% Beth Steel 5s ’36 103% 103% Chi MUw Ac St Pss ’75 22% 23 Chi Milw & St P 5s 75 6% 6% Cleve Un Term 5%s ’72 100%. 100% Un Term 5s 73 96% 96 Cleve Un Term 4%s ’77 89% 89% Col Gas 5s Mav ’52 82 82% Col Gas 5s April ’52 81% 81% Col Gas 5s '6l 79% 78% j Can Pac Pern 4s 85*/ 85 I Cen Pac 5s '6O 79 78 s , i Big Four 5s ’63 80% 79% j Colorado Ac So 4%s 80 65% 66% i Chi & West Ind 4s '52 </ 95 95% i Chi Ac West. Ind 5%s 62 .....102% 102 s , j Chi & Nor West 4%s ’49 18% 18% ; Con Gas 5s ’57 104 103% Ch.psa Coro 5s '47 104 104 Dodge Bros 6s '4O 106% 106% Dei Ac Huds 4s '43 89% 89% j N Y Dock 4s 'sl 66 65 i N Y Dock 5s ’3B 48% 47 j Erie 5s ’75 69 68% Erie 5s '67 68% 68% Gen Cable 5%s '47 88% 88'* Great North 7 '36 92 91 s , Grt Northern 4%s ’77 76% 77% Gen Stl Cast Wfr 5%s ’49 ... 42% 42' > 1 Hud & Manhat Ref 5s '57 89% 89% 111 Cent 4%s '66 58 58 111 Cent Jt 45% '63 69 70 111 Cent 5s ’63 73 73% Interlake C & I 5s 'sl 76 76 Inter Hr Elec 6s ’44 49 49% Inter Tel Ac T 4%s ’39 70 69%; Inter Tel Ac Tel 5s ’55 67 67 Inter T Ac T 4%s ’52 61% 61 P Lorillard 7s '44 . 128 128 McKess Ac Rob 5%s 50 97 97% Midvale Stl 5s ’36 103 103% Natl Dairy 5%s '4B 102% 102'. Natl Steel 5s ’56 106% 106% Nickel Plate 4%s '7B 62 s , 61% Nickel Plate 5%s ’74 72 s , 70% Nickel Plate.6s ’35 66% 66% N Y Cen 5s 2013 64% 64 s , N Y Cent %S 2013 (old) 59% 59 s * Nor Amer Cos 5s 'el 86 86', Nor Pac 3s 2047 74% 74 Nor Pac 4%s 2047 86% 87 Nor Pac 6s 2047 100% 100% Penn Rv 4%s ’B4 101 101% Penn Rv 4%s 'Bl 101 s , 102 Penn Rv 4%s '7O 94% 94% Pac G A- E 5s 42 107% 107 s * Port Gen El 4%s '6O 57% 56' 2 Para Public 5%s 50 . 66% 65% Pos Tel Ac Cab 5s '53 50 49% Rem Rand WW 5%s '47 99 s , 99 s * Sinclair Oil 6%s ’3B 104 1 2 104% Shell Union Oil 5s ’47 ..." 102% 102 s * Sou Pac 4%s '6B 66 65% Sou Pac 4%s ’Bl 65% 64% Sou Pac 4%s '69 65% 65% Sou Pac 4s '49 67% 67 Sou Rail 4s ’56 58 58 Sou Rail 6s ’56 78 77% Sou Rail 6%s '56 82 82 s , Sharon Stl Hoop 5%s '4B 86% 86 Texas Pac 5s 'BO 91% 90 s , Texas Pac 5s ’79 91 90 s a Texas Pac 5s '77 92 92% Union Pac 4s '47 109% 109 s * United Drug 5s '53 92 s * 92% U S Rubber 5s ’47 93 94 NY NH & Hart 6s ’4B 47 45% NY NH & Hart 4%s 67 41% 40% Western Mary 5%s '77 99 99% Western Mary 4s ’52 91% 91% Youngstown S Ac T 5s '7O 95 95 Youngstown S<bT 5s '7B .... 94% 95'2 FOREIGN Argentina A 6s '57 93 92 Brazil 8s '4l 29% 29 s , Canadian Govt 4s '6O 105 104 s * Denmark s'as '55 99% 98 s * French 7s ’49 183 183 German s*ss '65 34% 3 % German 7s '49 4*% 45 Italy 7s 'sl 92 r s .. Japan 6%s ’54 SO * ■' l Poland 7s 47 l’" Rom<* 6%s *52 87 I Tokio Citv S’ SI . 7t% Yokohama 6s '6l 81% 81

STOCK MARKET DRIFTS LOWER IN DULL TRADE Rail Shares Depressed as Atchison Dips to New 1934-35 Low. By t nited Press NEW YORK. Ffb. I.—The stock market drifted lower today. At noon a majority of issues registered losses ranging to more than a point with volume small. Railroad shares were depressed. Atchison made anew 1934-1935 low at 43%, off 1 •%: Union Pacific sold down to 100*2, off 1%; New York Central 17’,, off *•>; Pennsylvania ; Railroad 21, off %, and Southern Pacific 15, off *2. Losses of a point on more were j noted in Allied Chemical and a ! few other industrials. Steel shares ' showed small losses, as did rubbers, mercantile issues, silvers and utilities. Aviation shares firmed and a few others moved up against the trend, including Freeport Texas, General Foods, General Motors, International Harvester, Celanese and National Disitllers.

Money and Exchange

TREASURY STATEMENT (By United Press) Washington. Feb. I.—Government expenses and receipts for the current fiscal year to Jan. 30. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses ..$3,999,850,625.31 $3,591,125,846.01 Receipts . 2.042.234.085.52 1.676.732.187.28 Deficit . 1,957.616,539.79 1.914.383,658.73 I Cash Bal. 2.329,183.937.07 1.454,638.330.45 j LOWLESEEN Poor Draftsmanship in New| Law Seen Costing Millions. By United Press NEW YORK, Feb. I.—Faulty draftsmanship in the 1934 tax law opens the way to possible substantial tax savings under Sec. 117 of the 1934 revenue act, according to a recent report of the Alexander Federal Tax Service. Coincident witn the release of the Treasury Department’s regulations as to the method of computing capital gains and losses under the new law, it was pointed out that the regulations impose, in many cases, a greater tax than that called for by the literal language of the revenue act itself. ‘‘The revenue act,” the service points out, ‘‘limits losses on the sale of capital assets to S2OOO in excess of capital gains. This is true of both individuals and corporations. Thus, a taxpayer with losses of $14,000 and gains of sßooo,' must consider for tax purposes that his losses are limited to SIO,OOO. This is the limitation given in Section 117 id> of the revenue act. “In the case of individuals, net gains and losses are computed in accordance with the formula shown i in Section 117 fa). This section allows one in computing net income to take only certain percentages of capital gains and losses into account—the percentages depending upon' the length of time which the asset had been held. “The regulations (issued as T. D. 4511) differ from the law in that they attempt to limit losses to S2OOO in excess of gains remaining after applying the percentages which are used in Section 117(a) to determine net income. Thus, in the case of an individual who had gains of SBOOO from the sale of an asset held for more tlwn 10 years and losses of $14,000 on the sale of an asset held two years, the regulations would limit the losses which may be taken into account to 30 per cent of SBOOO gains ($2400) plus S2OOO, or $4400 total. “Regardless of the extent of actual loss, the taxpayer, according to the regulations, can not deduct more than $4400. Os this allowed deduction. $2400 would offset his capital gains and S2OOO deduction; would be taken against other in- 1 come.” INVESTMENT TRUST ASSETS UP IN 1934 Rise Attributed to Selections for Portfolios. By Times Special NEW YORK, Feb. I.—Despite the fact that the majority of general management type investment: trusts were heavily committed to common stccks the last year, and that common stocks dropped 6 per cent during that period, the average company achieved moderate asset appreciation, the Standard Statistics Cos. declared today in a special survey. “The reason for this satisfactory showing.” the review continued, “is in portfolio selections. Most lists contained a preponderance of industrial stocks (rail and utility holdings having been limited), and also included, at least, small i amounts of bonds, which, as indi- ! cated by the 15.5 per cent rise in the Standard Statistics 60 bond index, gave the best market performance in 1934. “Cash resources were maintained at a low figure, and switching oper- ! j ations represented the chief activity of the companies. Earnings improved moderately, largely because of the increase in corporate dividend payments. NET ASSETS RISE SHARPLY By Times Special NEW YORK. Feb. I.—Net assets of the Quarterly Income Shares, I s c.. for the quarter ended Jan. 15 r - >r‘-d to 52?.''32.503, compared i ' .t r, tin end cf the • f ; u iter, a:i increase of 5.2 ' min, it t’was announced today.

Nearly 500,000 Workers in Building Trades Idle, Survey by FERA Reveals Unemployed in This Field Provides 13 Per Cent of Entire Urban Relief Case Load; Inventory Taken of Conditions in 79 Cities. BY ROBERT S. BROWN Times Special Writer WASHINGTON. Feb. I.—Unemployed workers in the manufacturing and mechanical industries make up 43 per cent of the urban relief load, Harry L. Hopkins, emergency relief administrator, estimates after an inventory in 79 cities.

HOGS CONTINUE RISE AT YARDS Prices Generally 10 Cents H.giicr; Caitie, Veais Stationary. With trauuig at a lairly active pace, poiKjr p..ces aga.n su.gra iJiv.ard in ea.% dealings at uie siocKya.uo i-uay, senuing uia top price ior gova ana cnoice weigu-s up ,j bßu. *-i-o is arouna me ii. 0 ,evei ior me current week. Today’s increase, marking the third in succession, earned the majority of ail classes around 10 cents nigher than yesterday's similiar adv ance. Although receipts were slightiy above the previous figures, initial trading was active and nitereot as enueiit in the various i. pues were estimated at 6000. .1 „,mea..e ui lOttO over yesterday's . o Ui%i. ma.K oi lt>o to bOO pounds, ~u at $(.90 to sptJ.lO, while 130 to *„0 flounders, brought $6.aU to $?,50. Others scaling. 10J to 130 pounds, cashed in at $5.25 to $6.25. Sows orought $6.75 to $6.85. Holdovers numbered 118. With initial supplies consisting mostly of cows and heifers, only a slight change was displayed on all classes in the cattle market. Few steers, mostly odds and ends, were salable from $5 to $lO. Receipts were 900. Vealers continued unchanged at the previous close, selling at $10.50 down. Receipts were 700. A dull trading range prevailed in the lamb rrfbrket and indications were slightly lower. Bulk of fed western and native lambs ranged from $9 to $9.25. Throwouts cashed in at $6.50 to $8.50, while few slaughter sheep brought $5 down. Receipts numbered 3000. HOLS Jan. Bulk. Top. Receipts. 26. $7.70(3 8.10 $8.15 2000 28. 7.60(3 8.00 8.00 6000 29. 7.60® 7.90 7.90 5000 30. 7.70® 7.90 7.90 4000 31. 7.80@ 8.00 8.05 5000 Feb. 1. 7.90® 8.10 8.15 6000 Lleht light: (160-1801 Good and choice.. $7.00® 7.75 Medium 6.50® 7.35 Light weight.. (160-80) Good and choice .. 7.90® 8.00 Medium 7.50'3 7.75 (180-200) Good and choice... B.OO'S 8.10 Medium 7.60® 7.85 Medium weight. (200-2201 Good and choice... 8.05® 8.15 (220-2501 Good and choice . . B.oo® 8.15 Heavyweight. 1250-290) Good and choice... 7.90® 8.00 1290-350) Good and choice... 7.80® 7.90 Packing sows. (275-350) Medium 7.10® 7.35 (350-425) Good 7.00® 7.25 (425-550) Good 6.85® 7.10 (275-350) Medium 6.50® 7.00 Slaughter pigs. HOO-1401 Good and choice... 5.25® 6.75 Medium 4.25® 6.50 CATTLE —Receipts, 900— —Steers—-(sso-900) Choice *lo.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 9.00® 11.50 Medium 6.75® 9.25 Common 4.75® 7.00 (1100-1300) Choice 11.75® 13.00 Good 9.25® 12.00 Medium . ■ 7.00® 9.50 (1300-1500) Choice 11.75®13.00 *r-Heifers—-(soo-750) Choice 9.50®12 00 Good .. .*t 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® 3.2 t —Bulls—(Yearlings Excluded) Good 4.50® 5.50 Common and medium 3.00® 4.50 VEALEBS —Receipts, 700Good and choice *lo.oo® 10.50 Medium 7.50® 10.00 Cull and common 3.50® 7.50 —Calves—-(2so-500) Good annd choice .. 6.25® 9.00 Common and medium 3.25® 5.70 —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, 3000 — 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 fl 20 e HSOI Good and choice 4.00® 5.00 All weights, common and medium 5 00® 4.50 AIR TRAFFIC INCREASES United Air Lines Reports 15 Per Cent Gain in Passenger Service. By Times Special CHICAGO, Feb. I.—Operations of the United Air Lines during the previous year showed a 15 per cent increase in passengers, 127 per cent in express and a substantial rise in volume of air mail, according to a report released today by W. A. Patterson, president. The increase is shown, after allowance for the 90-day period during which all air mail contracts were cancelled, in comparison with 1933 figures. More than 147,139 passengers were carried by the company during 1934, against 127,693 in the previous year, the report showed.

TAX RATE RISE ASKED New York Seeks to Boos'; Levy on Insurance Premiums. By Timet Special . ALBANY, Feb. 1.-L-Increased taxes on insurance premiums would be put into effect under an amendment to present laws proposed by Gov. Herbert Lehman. The estimated increase in revenue is put at $5,000,000. Under the amendment the rate on 'ife premiums would be lifted from 1 to l't per cent and would make -he rate on other premiums 2 per. cent, excepting marine insurance. • ■

What Does It Mean? Odd Lots—The unit of trading on the Stock Exchange is 100 shares, which is known as a round lot. Anil block of less khan this is an "odd lot."

The second greatest source of relief "clients” is personal and domestic service. Twenty per cent of all cases, between the ages of 16 and 64. once worked in restaurants, laundries, private homes, etc. Trade industries contributed 12 j per cent to the relief lists, trans- I P'r.ation and communication 11 per tent, agriculture 5.2, extraction of ".inera’.s 3.7, professional services 2.7. public service 0.7, forestry and fishing 0.3, and all other classifications 0.7 per cent. Builders 13 Per Cent An analysis of the manufacturing and mechanical industries reveals that building construction workers have suffered most, with an estimated 435.000 losing their jobs, or 13 per of the entire urban relief case load. Iron and steel workers on relief numbered 263,000. Next in order come the clothing, lumber and automobile manufacturing industries. Other major industries with large proportions of their personnel on relief included construction and maintenance of streets, with 48 per cent of such workers on relief; cigar and tobacco factories, with 29 per cent, and furniture manufacture with 18 per cent. Financial Workers 2 Per Cent Only 2 per cent of banking and brokerage employes were on relief, 4 per cent of insurance and real estate; 6 per cent of telgraph and telephone, and 8 per cent of street railway, rubber factory, retail store and silk mill workers. The inventory, conducted for Relief Administrator Hopkins by Corrington Gill, assistant Administrator, and Howard B. Meyers, FERA statistician, provides data that will be needed in placing 3.500.000 able-bodied workers on jobs during the four billion dollar re-employment program. Each employable person on relief rolls will be classified as to occupation so that he may be placed on a job as near as possible to the one for which he has been trained. CAR LOAD OF CATTLE EXPORTED BY CANADA Represents First Shipment to U. S. in Last Few Y’ears. By Times Special TORONTO. Feb. I.—The first livestock shipment to the United States since import duties were levied several years ago has left here, it was announced today. The export consisted of one carload and was destined for Buffalo. In so far as lower Ontario is concerned, from which the shipment was made, it has been ascertained that it is more profitable to ship direct to Buffalo rather, than to Toronto. Cattle in Buffalo are 9 cents per pound, with the prevailing quotation in this market is 6V2 cents. CHICAGO CALLS ISSUES Interest on Obligations to Be Retired Will Cease Feb. 5. By Times Special CHICAGO, Feb. I.—Calls for redemption of $2,492,000 of 1933 tax anticipation warrants have been issued by R. B. Upham, controller of the city of Chicago. Most of the warrants consist of corporation warrants in the amount of $2,109.000. Interest on the called warrants will cease on Feb. 5.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers. Fruits— Grapes. California Empprors. 27lb. box. $2.75. Bananas, 4 5 ,,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; Bvram. 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, ivrge, 50-lb. bag. $lB5. Michigan yellow, med. 10-lb. bag 22c- western white. 50-lb. tag. $1.85; Michigan. ygllow. $1.25. Potatoes, Green Mountains 100-lb. bag. $150; northern round white. 100-lb. bag. $1.10; Ohios, 100-lb bag $2: Idaho Russets 100-!b. bag. *2. New Texas Triumphs. 50-lb. bag. $2; New Florida Triumphs bkshel, $2.50. Sweet potatoes. Indiana Jerseys bushel, sl.6a; Tennessee Nancy Halls, bushel, $1 35. Beans, stringless, 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, $1.60. Arizona Iceberg head lettuce, $3.75. Mangoes Florida, crate. SB. Mint bunch. 15c. Parsley, dozen. 35c. Peas, hampers. *3. Spinach. Texas, bushel, *1.75. Radishes, dozen 45c. Tomatoes. 10-lb. carton. 51.50; Florida original. 52.75. Turnips, buahel. 75c Parsnips, bushel. *1 35. Beets, bushel. $1.25. Carrots, bushel. *1.25; 100-lb. sack, $1 75 All quotations subject to change up or down.

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

TEXTILE FIRMS REPORT HIGHER PROFITS IN ’34 Majority of Trade: Show Improvement in Year, Study Reveals, By Times Special NEW YORK. Feb. I.—The textile trades enjoyed a very satisfuctory year during 1934. with profits being shown in the majority ot trades, the exceptions being minor, according to a survey of the National Credit Offices, Inc., announced today by P. A. Gerlach, vice president. Practically every concern in the business is reporting increased sales for 1934 over 1933. The exceptions to this upturn are negligible, according to Mr. Gerlach. The survey covered manufacturers of coats and suits, mens’ and boys’ clothing, dresses and costumes; wholesalers of dry goods and knit goods, and firms engaged in the cotton and silk goods trades, including cutters, converters and jobbers. Number of Firms Decreases At the end of 1934 there were 14.884 firms in the textile trades, which contrasts with 15,857 in 1933 and 19.366 In 1926. Many concerns which operated in the "red” earlier in the depression were more fortunate during 1934 and operated profitably, or at least on a “break even" basis, according to the survey. * Business “embarrassments” in the textile trades showed a very favorable comparison over 1933, registering a drop of 25 per cent in total number of failures and a decrease of 21 per cent in the amount of liabilities involved. During the second half of 1934, however, the number of failures turned upward by 56 per cent in number and 114 per cent in liaoilities involved over the first six months of the year. Increase in Second Half The increase over the second half of 1933 was equally impressive. Inasmuch as the spring of 1934 was the record low point for failures and the fall of 1933 abnormal, this upturn is not necessarily an unfavorable influence, in the opinion of Mr. Gerlach. The trend of business “embarrassments" and the amount of liabilities involved is indicated by the following figures: Number Amount of Year. Failures. Liabilities. 1930 839 $40,317,000 1031 1.057 50,939,000 1932 1,349 52.622.000 1933 514 11,045,000 1934 384 8,772,000 Collections Better Collection trends” during the depression years are indicated by the following: Nn. Firms Reported Amount of Year. Past Due. Liabilities. 1930 23,833 *22,132,000 1931 13.305’ 11.017.000 1932 11.328 8,507.000 1933 7.284 5,403.000 1934 6,273 6,469.000 “The well-balanced position of the textile business may have a favorable influence in maintaining the upward trend beginning in the fall of 1933 and continuing up to the present,” Mr. Gerlach said. CITY STUDENT NAMED Julian Kiser Publicity Head for Chicago U. Revue. Julian Kiser, son of Mr. and Mrs. J. J. Kiser, 5127 Washington-b!vd, has been named sophomore publicity manager for the annual spring revue to be given by the Order of Biackfriars at the University of Chicago. Mr. Kiser, a graduate of Shortridge High School, holds a scholarship at Chicago.

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 *BO Brazil Block— Lump 5 54 Egg 5.31 Nut 5.04 Glendora— Lump 5.34®5.59 Egg 5.18®5.43 Nut 4.95®5.20 West Virginia and Eastern Kentucky (Group B, 6.77®7.18 Pocahontas and New River, smokeless 7.30@8,32 Coke, egg and nut 8.90 Pea Coke 7.40 Anthracite 10.13012.88

INSURANCE All Kinds With the Exception of Life A. J. WicHmrnn & Go., Inc. 712 Circle Tower

I— BE SAFE Insure Your Car Today SyiSsSstate Automobile Insurance Ass’n. LI-8571, 7th Floor Occidental Bldg.

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