Indianapolis Times, Volume 46, Number 231, Indianapolis, Marion County, 5 February 1935 — Page 8

Wall St. Progress Adjudged Resting on Keeping Best Practices. BY RALPH HENDERSHOT Tim** Writer NEW YORK. Fob 5 —ln charting the course of the New Deal it would seem that two important aims should be adhered to if business programs rather than mere change is desired. The one Is the maintenance of all that is s>od in past practice, and the other is the elimination of that which is bad.

Indications are cropp'ng up here and there in current developments which indicate that the firt of these aims is receiving too Uttle attention by the admin if trators. while the second is being pursued too vigorously. We are witnessing a little too much of the vigor of youth

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in the executives in Washington and not quite enough of the wisdom of age. The business men of the United States have distinguished themselves primarily by their initiative, their ability to overcome obstacles and b- their attention to their o ' particular problems. It is tru? t. t they have been inclined to disregard the welfare of the other fellow , but it likewise must be admitted that the energy they have applied to their own affairs has resulted in greater opportunities for others and a generally higher standard of living for all concerned. a a a *T>ROADLY speaking, it may be MJ stated that the business man of the United States did his job and did it well. He got results, which probably is the best way to measure success. That he did not always follow the rules very carefully was probably due to the laxness of governmental officials. As a matter of fact, these governmental officials knew too little about business to act as umpires. During the last year or so many irregularities in business practice have been brought to light. In retrospect, they looked very bad. Even ousinesi men themselves have been rt>*her shocked at times. The government :% been astounded. A “rlear-up” campaign was begun at once. Men of la tie business experience but with a broad social viewpoint were selected to do the job. New in government, imbued with ambition and slightly drunk with power, these men ht'.e been moving in on business from all angles. Thus far they have accomplished many admirable and generally helpful things. But they have also overstepped their boundaries at times, and they have done no little harm. The business man today is becoming so surrounded with rules and regulations that he hardly knows w’hich way to step without coming in contact with the “live wire" of the law. a a a A GRAVE danger exists that the New Deal continues too far in its present direction it may overbalance the good it has done with direct harm. It may destroy the initiative and the fighting spirit of the American business man. It may hamper him so much in his efforts that he may not be able to play the game of competition successfully. If a man has worked hard during a lifetime to build up a business and he has seen it crowned with success, he not only resents but he has a deadly fear of some outsider with a subpena in one hand and a magnifying glass in the other taking possession of his premises. It would seem that some privacy should be preserved for the business.

On Commission Row

Quotations briow are averase wholesale prices hemp offered to buyers by local commission dealers Fruits —Grapes. California Emperors. 27lb box. $2 75. Bananas *%c a lb. Apples. Indiana Jonathans. *1 65; Golden Delicious. *1.75',/185. Lemons. Sunkist. 3605. $4 25 Grape.rlitt. Texas, seedless. $3 25, Arizona, ess. 70s and 80s, $2 50. Limes, Mexican, per carton 12s. 25c: Byram. seedless per hundred. $3. Pears. Oregon D anj 1. box *3.50 Pineapples. 30s. $4.15 a 450 Avocados. Florida, box. $1.50 St’awbrrrins Florida, pint. 20e; per 26-pt. crate, 18c Apricots. *3 a crate. Vecrtahles Cabbage Northern Da lish. 50 lb. bac 75c; red 50-lb. box. 90c. New Texas cabbage. 50-lb bag. $1.65. Onions. Idaho, sweet. Spanish, large 50-lb. bag. $1 83. Michigan yellow, med 10-!b. bag 32c western white. 50-lb. bag. $1.85. Michigan vellow. $125 Potatoes Green Mountains. mo-lb bag. $1 50. northern round uhtte. 100-lb bag. $1 10: Ohios. 100-lb. bag $2: Idaho Russets. !00-!b. bag. $2. New Texas Triumphs. 50-lb. bag $2. New Florida Triumphs, bushel, *2 50. Seot no’atoe*. Indiana Jersey*, bushel. $1 65. Tennessee Nancy Hails, bushel. $1 35. Beans strim loss, hampers. $5. Celerv. medium, do’r: 75c: jumbo, dozen. $1 25; hearts, bunch $! 60. Cucumbers, dozen. $1 85. 2 doze box $3.50. Endive, per crate $l5O S_g plant. $2 25 dozen. Kale, bushel. 75c Lettuce, hot house. 15-lb. basket. $1 75 Arizona Icebetg head lettuce. $3 75 Mangoes Florida, crate $3. Mint, bunch. Isr Parsley, dozen. 35c. Peas, hampers. $3 75 Spt rach. Texas, bushel. $2 Radtshe*. dozen 60c. Tomatoes 10-!b. carton. $1 50; Flo.ida original. $2 75 Turnips, bushr:. 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. FRUITS \VD VEGETABLES )Bv United Press) CHICAGO. Feb 5 Apples- Michigan Mclntosh, bushel SI 50® 1.75: Jonathans. 51.50 ,71.75. Cranberries Massachusetts. % barrels. $4.73-.;5 Cauliflower California. crates $1 35-/ 130 Cabbage—Wisconsin. 100 pounds $1 ■ 1.25 Sweet potatoes -Tennessee, bushel. $1 <z 1.10: Indiana. $135 11 50. Carrots California, crates $2 50 ••• 3 Turnips—Georgia crates. *2 254/2 50 Illinois, bushel. 25 40c Lettuce Western, crates. *2 23 .2 75 Parsnips Texas. % crates $2. Illinois, bushel. 35 t 50c Beans Fiortda. bushel, creen. $3 50 ;4. wax *4 <: 5 Spinach Texas bushel. *1 50® 2 Tomatoes—Mexican, lugs, iiu 3.50.

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coaf dealers. A 25-cent carrying charge per ton will be added. DOMESTIC RETAIL TRICES Indiana lump *5 20 Egg 5 03 Nut 480 Brazil BlockLump 5 54 ECU 5 31 Nut 5 04 Glendora— Lump 5.34®5 59 Egg S 18*5.43 Nut ....... 4.95®5.20 West Virginia and Eastern Kentucky (Group B( 6.77<17.18 Pocahontas and New River, smokeless 7 30<S8 32 Coke, egg and nut .. 8 90 Pea Coke 7.40 Anthracite 10 riff 12.88 CANDY FIRM ACQUIRED By Tones Special NEW YORK. Feb. s.— Acquisition of the Brandie <fc Smith Candy Cos. of Philadelphia by Luden’s. Inc., was announced here today. The combined plants expect to produce sixty million pounds of candy annually.

PAGE 8

BROKERS URGE LIFT IN RATES TO MEET COSTS Increase of 16 2*3 Per Cent Proposed to Restore 1924-25 Gross. By 7 imes Special NEW YORK, Feb. 5. An Increase of 16 2-3 per cent In the average commission rates charged by New York Stock Exchange firms to restore 1924-1925 gross income to the b okerage business has been suggested in a memorandum prepared by three Exchange firm members. The report presumes that such an increase in rates would create a fundamental change in the type of i service performed by brokerage j houses, shifting the emphasis from providing the simple mechanism of | speculation, to investment counsel. The memorandum, which has been sent to a number of membr.s of the Exchange, outlines the pres- ! ent plight of brokers, who find their volume curtailed without being able j to eliminate expensive service to customers. It is signed by Hallam Boyd of Frazier, Jelke & Cos.; Ruloflf E. Cutten of E. F. Hutton & Cos., and Robert W. Atkins of Abbott, Proctor & Paine. Doubt Adverse Effect The document, which contains a resolution addressed to the Advisory Committee of the Association of Stock Exchange Firms, dejlares the belief that a 16 2-3 per cent increase in commission ‘would not have an adverse effect upon volume.” In the letter to members of the Exchange Mr. Boyd points out that stocks listed on the New York Stock Exchange averaged on Oct. 1, 1925, $66.26 a share, and at that level there was a gross income of $17.50 per 100 shares. The letter states that an adjustment could be made to provide a gross income of $17.50 per 100 on the present average market price of approximately $25 per share. “The volume which most brokers are desperately hoping to see return is, ve believe, a volume largely dependent upon a renewal of speculative activities," the memorandum states. “We believe this hope is a delusion. The volume of business at present and in the future will depend upon the investment needs of the public and the type of salesmanship used to stimulate these needs. “Houses which heretofore have merely waited for business to come to them and have sold merely the mechanical service of execution orders, will ha\ to search for and stimulate the investing customer in the only way possible by rendering a better and sounder investment service, which moans an increased statistical department, less dependence upon enthusiasm and pressure of customers’ men. and more upon the judgment and knowledge of partners. Must Increase Costs “In other words, if volume is to be stimulated costs must be increased, not decreased.” A comparison of the commission rates on the London, Montreal, Toronto, Cleveland and Cincinnati Stock Exchanges shows rates outside of New York higher on the average, particularly in the upp-'”' brackets. The suggested new' r? 's offered to the association's advis 7 committee

Ralph Hendershot

compare with the exis .ng minimum rates as follows: Suggested. Existing Class No: less than Not less than 50c and u, a’r sl 3c 3c $1 and u. 'pc 5 7%c 7%c 5 and un/."r ,n — 12%c 7%c 10 and un<*.r ?5 17’ 2 c 12%c 25 and uudtr 5,, 17%c 15c 6.1 and under 73 25c 17%c 75 and under lOC 25c ?Jc 100 and under 150— 23%c 25c 150 and under 200— 40c 25c 200 and under 300 —4O c S2OO and over 1 , of 1 per cent of value; for each SSO additional in price 5 cents. Minimun commis.iion, not less than $3, instead of Jl. CHAIN PRICES LEAN LOWER AT CHICAGO Liquidation Again Breaks Out in Pits. By United Tress CHICAGO, Feb. s.—Liquidation again broke out in the grain pits today and prices on the Chicago Board of Traae leaned lower. At the start wheat was •% cent lower to % cent higher, corn was unchanged to off % cent, oats were unchanged to off % cent and rye was off % to *2 cent. Traders got no encouragement from abroad. The English market opened lower as expected. Rye again led the downturn here with first s-iles off % to % cent a bushel. Tho selling filtered through to the other pits with commission houses and locals supporting the selling side. ißv James E. Bennett) 11 Prev. H:gh. Low. AM. Close. Wheat — Mav 94*. 93% .94% .94% July 87*4 .86 ■ .87-4 .87% Sent s6*4 .85% .86% .80% Corn— . * , Mav 82% .81% 81% .82':, Juiv 78% .77% .77% .78'., Sent. 75% .74% .75 .75% Oats— Mav 48% >7*4 .48 .48*4 julv 42% .41% Sent 40% .39% .39*4 .40 Mav ...... .63% .61 % .62% .63% Julv 63% .62 62% .63% Sent 63% .62% .62*4 .63% LOCAL CASH MARKET Citv grain elevators are paving 87 cents for So a -ntt red aheat Other grades on their merit.* Cash corp No 3 veilow SO cents and oats 45 cents. BF.RGER SALES INCREASE By Times Special CANTON. Feb. s—Sales of the Berger Manufacturing Cos. during the first 23 days of January showed an increase of 73.33 per cent over the same period of last year, it was learned today. Total shipments in 1934 we/e 56.24 per cent above 1933.

Abreast of The Times on Finance

New York Stock Exchange Prices

(By Thomson <fc McKinnm) 11 A M. Prtv Oil*— High Low. NY. c!o*. j Arnemia 55' 55 55 56% iAU fitg 24'. 24% 24>, J4i I Barr,wall 6% 6% B*. 6% Con* )i Ol! 7% 7', 7' a 7% Cont of Del ... I*'. 17* 17% 17% Ohio Oil 10 9% 9% 9* Pet Corp ' • B% 8- a 8V Phlll ps Pet 15 14% 14*. 15 Plymouth Oti .. 7% 7*i 7% 7% Pure Oil 6', B*4 8‘ 6% Royal Dutch ... 31 * 31*4 31 *4 31% Ehel Un 7; 6 7 * % 6% Soc Vac 14v* 4 14% 14 1 a 14 S O of Cal .... 29’, 29% 29% 29% § O Os Ind ... 24' • 24' • 24% 24% SOOf M J .... If 39*4 39*4 40 Texas Corp . .. 19', 19', 19 1 a 19Vi Tidevater Assn I’m 8% 8N 8* Steel*— 1 Am Roll Mills . 20* 2 20% 20* 20% B<%h S'eei 29( 2 29% 29% 29*4 Brers A M 16'* 16% 16% 16% Cruc Steel 21% 21 12 22 Inland Steel 53 52 52 53% Indium Steel 16% 16% 16% 16U McKeesport HP 93 , 93*4 93 % 92 Natl Steel 47% 47*4 47-% 48 Otis Steel 6 s*, 5% 6 Rep Iron Stl. 14 13*4 13% 14, Rep Iron A- S 146 • 46% 46% 46% U S Pipe & Fd** 18% 18% 18% 18% U S S'eei 35% 35% 35% 36 U S Steel pfd .. 87% 87 87 88 Motors— Chrysler 36% 36% 36% 36*4 Gen Motors 30% 30% 30% 31 Graham Mot ... 2% 2% 2% 2% ; Hudson ..... 9% 9% 9% 9% Hupp 2*4 2*4 2% 2*4 Mack Truck .. 26 26 26 26% Nash 15% 15% 15% 15*, Packard 4% 4% 4% 4% Reo 2% 2% 2% 2* a Studcbaker .... 1% 1 1 I*4 Yellow Truck 3% 3% 3% 3*. Motor Access— Bendix .. 15 15 15 15% Bohn Alum .... 54 54 54 54 Born Warner .. 29% 29 29 29% Briggs 26 25*, 26 26 Eaton Mfg 18*4 18*4 18% 19 Elec Auto Lite 24 23*4 23% 24% E.ec Stor Bat . 45% 45% 45% 45% Houdaille A 7% 7% 7% 7% Stew Warner ... 7% 7% 7% 7% Timken Roll 3% 33% 33% 33% Timken Det Axla *% 5% 5% 6 Am Smelt 31% 34 34 34% Anaconda I*% 10% 10% 10% Cal A Hecla |% 3% 3% 3% Cerro De Pasco 4'*% 4040 40*, Dome Mines .... 3'.% 36% 36% 36% Gt Nor Ore 1"% 10% 10% 10*4 Homestake Min .331 338 338 345 Int Nickel ... 22% 22* 2 22% 22*4 Kennecott Cop . 16% 16% 16% 16% Mclntyre M ... 38% 38% ~38% 39 Phelps Dodge .. 14% 14% 14% 14% St Joe Lead ... 15% 15% 15% 15% U S Smelt 110 109*8 109% 109% Vanadium ... 17% 17*8 17% 17 Va Amusements— Croslev Radio . . 13% 13 13% 13% Fox Theat 10% 10% 10% 10*8 Loews Inc 32% 32% 32*8 32>4 Radio Coro .... 5% 5 5 5% Paramount 3*4 3% 3% 3% Warner Bros ... 3*4 3*4 3% 37s Tobaccos— Am Tob A 81 80% 81 81 Am Tob B 82% 82 82% 82% Gen Cigars 54% 54% 54 % 54% l,lg A Mv B ...104% 103% 103*8 104%. Lorillard 19% 19*8 19% 19% Remolds T B .. 47% 47% 47% 47Vi Rails— Atchison 43 1 2 43% 43% 44 Atl Coast L .. 28% 28*2 28% 29 B & O 11% 11 11 11V 4 Can Pac 12% 12% 12% 13 Ch A Ohio 42'i 41% 41% 42% C M & S P pfd 3*B 3*B 3% 3* Chi N W .. 4% 4% 4% 4% Chi N W pfd . B*4 8V B*4 8% Dela & Hud .. 34% 34% 34% 34% Del L <sc W 15 14*s 14% 15% Erie 11 10% 107* 11‘a Erie pfd 13'b 13% 13*2 13' . Grt Northern pf 13% 13 13 13% 111 Central ... 13 12% 12% 13'% Lehigh Valley .. 8% 8% 8% 8% Lou A- Nash ... 40% 40% 40% 41 M K- & T 4% 4% 4*4 4% M K & T pfd.. 10 10 10 10% Mo Pac pfd 33 33 N Y Cent 16’a 16% 16% 16% N Y New Haven 6% 6% 6% 6*4 Nor Pacific 17 16'/ 2 18Va 17 Penn R R 20% 20>/a 20% 21 Reading 36 36 36 36 Sou Pac 15 14% 14% 15% Sou R R 12% 12 12 12% Union Pac 99 98% 98% 100 West Maryland .8 8 8 8% Equipments— Am Car & Fdy.. 17% 17% 17% 17% Am Loco 17'/a 17 17 17% Am Steel Fdy 16% 16% 16% 16*4 Gen Am Tk Car 36 35% 35% 35% Gen Elec 23% 23 23% 23% Gen R R Sig .. 24** 24% 24% 25 Pullman Inc ... 47 47 47 47% West Air Br ... 24% 24% 24% 24% Westingh Elec... 37 36% 36% 37 Utilities— Am Power & Lit 33 33% A T A T 104% 104 104 104% Am Wat Wks .. 12% 17% 12% 12% Col Oas A Elec. 6% 6*4 6% 6% Com A Sou 1% 1% 1% 1% Consol Gas 19% 19 19 19’ 4 Elec Pwr A Lit. 2% 2% 2% 2% Int Hv Elec 2>4 2% 2% 2*4 Int TAT 8% B’s 8% 9 Lou GAEA .. 12*8 12% 12% 12% North Amcr ... 12*4 12 12 12% Pac G A E ... 13*8 13*8 13% 14 Pub Serr N J . 25% 25 25 25% So Cal Edison .. 11% 11% 11% 11*4 Sid Gas 3*B 3*B 3% 3% United Corp 2*4 2*4 2% 2% Un Gas Imp ... 11*8 11% 11% 11% Ut P A L A ... 1% 1% 1% 1% West Union 29’4 29 29 29 Rubbers— Goodrich 9*4 9% 9*4 10 Goodyear 21% 21*8 21% 22 Kelly Spring ... 1% 1% 1% 1% U S Rubber .... 13% 13% 13% 13% U S Rub pfd ... 34% 34% 34% 34% Miscellaneous— Allis Chalmers . 16% 16 * 4 ~1674 16% Am Can ... . 113% 113 113 11474 Am Mch A Fdy. 20% 20% 20% 21 Bklvn Man Tr .. 41% 41% 41% 42V* Burroughs Ad .. 14*4 14% 14% 14% J I Case 53*4 53% 53% 54 Conti Can 66% 65% 66 66 Caterp Tract ... 38% 38% 38% 35 Deere A Cos 27% 26*4 26% 27% Eastman Kod -.112% 112% 112% 11274 Gillette 13% 13% 13% 13% Glidden 24% 24% 24*4 24% Tnsersol Rand . 66 66 66 67‘4 Int Bus Mach .151*4 151% 151% 151% Intel Harv .. 40% 40*4 40% 40% Natl Cash Reg . 16 15% 15% 16 Owens Bottle . . 87*4 87% 87*4 87 Rem Rand 9% 9 9 8% Foods— Am Sugar 60% 60% 60% 60% Armour 5% 5% 5% 5% Armour 6% pfd 67% 67% 67% 67% Beatrice Creamy 16% 16% 16% 16-% Borden Prod .. 24% 24% 24% 24% Cal Packing .. 38% 38 38% 38*8 Can Dry G Ale.. 13% 13% 13% 13 Cont Bak “A".. s*B 5% 5% 6 Corn Prod 63% 62% 62*8 63% Crm of Wheat 36% 36% 367* 36% Cuban Am Sugar 5% 5% 5% 5% Gen Baking ... 8 8 8 8% Gen Foods 34*8 34% 34% 34 Gold Dust 16 16 16 16 G W Sugar .... 27% 27% 27% 27% Natl Biscuit ... 28 28 28 27% Nat! D Prod . 15% 15% 15% 15% Purity Bak B*4 8% 8% 9 S Porto Rico Sug 20 20 20 20% Std Brands 17*8 17% 17% 17% Un Biscuit 24% 24% 24% 24 % Wrigley 75% 75*8 75*8 76 First Natl Stores 48% 48% 48% 48 Gr Un Tea r. 3% 3% 3% 3% Hahn Dept Sts.. 4*4 4*, 4% 5 Kresge S S ... 20*4 20% 20% 20% Kroger Groc ... 26 25% 257* 25% Macv R H 39% 38% 38% 39% McC'rorv St 10 10 10 10 Mav Dept S ... 41 40*4 40% 41% Mont Ward .... 25% 25% 25% 25*4 1 Natl Tea 9*4 9% 9*B 974 Penney J C ... 64% 64% 64% 64% 1 Safeway St ....40% 39% 39% 40% Sears Roeb ... 33*4 33% 33% 33* Woolworth 53*8 53% 53*4 53*4 Aviation— • Aviation Corp .. 4% 4*4 4*B 4*4 : Boeing Aire ... B*4 8% 8% 9 'Curtiss Wr .... 2*„ 2% 2% 2*B Curtiss Wr A .. 8% 8% 8% 8% Douglas Air 22% 21% 21* ( 22*4 Nor Am Av 3% 33% 3% Sperrv Corn . 8% 8% 8B 8% United Aire New 13% 13% 13% 13% Chemie als— Allied Chem .. 135 134% 134% 136% Col Carbon 70% 69% 70% 70% I Com Solvents 20* 4 20% 20% 20*4 Dupont ... 93% 93% 93% 93*4 Freeoort Tex ... 21% 21 21 21% ; Liauid Carb . 26% 26 26 27 Math Alkali . . 27% 27*4 27*4 28 Monsanto Ch . 56% 55*4 55* 56% Natl Dis 1 new' 26% 26% 26% 26% Schenlev Dist . 24*8 24% 24% 24% Tex Gulf Sul 35*4 35% 35% 35 Union Carbide . 46 45% 43*8 46% Drugs— Bristol Myers .. 34% 34*4 34% 33% Cotv Inc 5% 5% 5% 6 Lambert 27% 27'‘4 27% 27% S’erlir.g Prod ... 60*4 60% 60% 60% Vick Chem 35% 35% 35% 36 Zonite Prod .... 4 4 4 4 Financial— Adams Exp 6% 6 6 6%

New York Curb

(Bv Abbott, Proctor & Paine) 12:00 Prev. (Noon i close. Allied Mills 13% 13 Am Cvanide ’ B" 16% 16% Am Superpower 1% 1% Atlas Corp 8% 8% xton Fisher Tob 60 60 D, tiliers Corp 16 26% E! Bond <5; Share 6 6% Ford of Europe 7% 6 Hiram Walker 29% 29% Humble Oil 45% 45% Imperial Oil Ltd 16% 16% Lake Shore Min 49% 50 Lone Star Gas 5% 5% Natl Bellas Hess 1% 1% Nia Hud Pwr 3% 3% Pan Am Airways 42% 43 Penn Road I*4 I*4 Std of Kv 18 s , 19*4 Technicolor Ind • 12% Teck Huglws Gold 3% 3* 4 Un Pwr & Lt “A” Wright Hargraves Min •• 8%

j INDIANAPOLIS, TUESDAY, FEBRUARY 5, 1935

Allegheny Corp . 1% 1% 1% 1% Chcsa Corp 49% 39% 39% 39% Transamerica .. 5% 5% 5% 5% Tr Conti Corp . 3% 3% 3% 3% Building— Am Radiator ... IJ% 13% 13% 13*. Gen Asphalt ... 15% 15% 15*8 15*4 Holland Furnace '*4 7% 7% 7% Int Cement .. 26% 26% 28% 26* 4 Johns Manvllle . 51 50% 50% 51% Libbv Owens G% 28% 28% 28% 28% Otis Elev ... 14% 14% 14% 14% U S Gypsum ... 47% 47V* 47% 47%

(Reprinted from yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Todav . . 86.8 82.7 92.6 87.4 Saturday 86.8 83.1 92.5 87.5 Week ago 87 0 84 5 92.7 88.1 Month ago .... 86.5 85 3 89 7 87.2 (Copyright 1935. by the Standard Statistics Cos.. Jnc.l U. S. GOVERNMENT BONDS (Bv Fenner A Beane.i Libertys Prev. Close, close. Ist 3%s 1932-47 104.15 I'Js ll Ist 4%s 1932-47 103 23 10?.' 4th 4%s 1933-38 (uncalled) .103.29 103.3/ 4th 4%s 1933-38 (called) ..102.1 102.2 Treasury 4%s 1943-45 114.24 114.26 4s 1944-54 110.4 110.4 3%S 1946-56 108.19 108.7 3%S 1940-43 105.29 105.22 3%s 1843-47 105.17 105.17 3%S 1941-43 105.27 105 25 3%s 1943-45 104.2 103.30 3%s 1945 105.18 105 18 3%S 1944-46 104.1 103.50 3%S 146-52 103.18 103.20 3%S 1949-55 103 9 103.6 3s 1951-53 102.24 102 19 3s 1946-48 102.8 102.5 Home Owners Loan Corp. 2* 4 s 1948 98.20 98.15 3s 1952 100.20 100.20 4s 1951 101.6 101.4 Federal Farm Mortgage Corp. 3%S 1964 102.19 102.18 3s 1949 100.20 100.20 DOMESTIC Prev. Close. close. Alleg Corp 5s ‘44 68% 69 Alleg C’orp 5s ’49 . 60 59% Am Frgn Pow 5s 2030 54 55 Am Tel A Tel sVis '43 112*4 112*4 Am Tel A Te! 5s ’65 113 113 Arm A Cos -Del) 5%s ’43 103% 103% Atl Coast. Line 4s ’52 101 100% Atl Coast Line 4%s ’64 90% 90*4 Atch Top A S Fe 4%s ’4B 107 Vi 107% Am Wat Wkslis ’44 95 95% Am Rolling Mils 5s ’3B 107*4 107% Balt A Ohio 5s ’95 68% 69% Balt A Ohio 6s ’65 79% 80 Balt A Ohio 4%s ’6O 53 53Vi Buff Roch A Pitt 4%s ’57 66 66% Beth Steel os ’36 103% 103% Chi Milw A St P 5s ’75 22*4 23 Chi Milw A St P 5s 2000 6 6*4 Cleve Un Term 5%s ’72. 100*4 100 Cleve Un Term 5s ’73 96% 96% Cleve Un Term 4%s ’77 89 89% Col Gas 5s Mav ’52 81*4 82 Col Gas 5s April ’52 82% 82Vs Col Gas 5s 61 79 % 79 Va Can Pac Perp 4s 86*4 86*4 Cent Pac 5s ’6O 78% 77% Big Four 5s 63 80% 80% Colorado ASo 4%s ’BO 56% 61% Chi A West Ind 4s ’52 95% 95% Cht A West Ind 5%s ’62 102% 103 Chi A Nor West 4%s ’49 18 18 Vi Con Gas 5s ’57 103% 103% Chesa Corp 5s ’47 104% 104*4 Dodge Bros 3s ’4O 106% 106% Del A Huds 4s ’43 87*4 87% N Y Dock os ’3B 49 48% Erie 5s ’75 67 68 Vi Erie 5s ’67 68 68*4

INDIANA COMPANIES GET TAX REFUNDS Revenue Bureau Reports on Distribution. By United Press WASHINGTON, Feb. s.—The Bureau of Internal Revenue distributed almost $10,000,000 less in 1934 in tax refunds than in 1933, it was learned today. It reported refunds of $48,664,202.21 during the fiscal year 1934, compared with $57,763,119.46 in 1933. Tax refunds of SSOOO or more received by Indiana firms or individuals follow: Income Taxes—Edwin H. Brown, Indianapolis, $14,689.10; Indiana Lamp Corp., Connersville, $5804.21; Lafayette Life Insurance Cos., Lafayette, $5244.16. Estate Taxes—Elsie W, B. Darlington, under the will of the Indiana Trust Cos., and Frank G. Darlington Jr„ co-executors, Indianapolis, $7596.37; Charles C. Ingalls, under the will of Sterling Newell and William E. Clark, executors, Cleveland, $8994.10; Edmund B. Thornton, under the will of Citizens Trust Cos., executor. Bedford, s£'2s3; John T. Wilkin, under the will of Jediah H. Clark and Loren E. Glass, executors, Connersville, $9111.05. Wheat Taxes —Acme-Evans Cos., Indianapolis, $12,137; Acme-Evans trading as Blanton Milling Cos., Indianapolis, $1099. Cotton Taxes—C, B. Son Manufacturing Cos., Indianapolis, $7325. Hogs Taxes— Kingan & Cos., Indianapolis, $24,220. WESTINGHOUSE FIRM STAGES SALES SHOW 200 Representatives See Spring Presentation at Athenaeum. The spring presentation of new models of Westinghouse electrical refrigerators was witnessed by more than 200 Westinghouse dealers and salesmen from 150 cities yesterday at the Athenaeum. The sales convention was sponsored by the Westinghouse Electric Supply Cos., distributor in the Indianapolis territory. Roy L. Brown, division manager, presided over the meeting. A crew of factory representatives from Mansfield, 0., staged the presentation. AUTOMOTIVE EXPORTS UP By l nitrd Press WASHINGTON. Feb. 5 Exports of automotive products from the United States in December amounted to $12,881,488, an increase of i2 per cent over November and 3 per cent over December, 1933, the Department of Commerce reported today. FOREIGN BONDS ADVANCE By Times Special NEW YORK. Feb. s.—Fifty representative foreign bonds during January rose from 59.55 on Dec. 31 to 60.68, an advance of 1.90 per cent, according to the Foreign Bond Associates, Inc., in a report released today.

Chicago Stocks

(By Abbott. Proctor Sc Pai’se) % Prev. A M. Close. Bendix 15 15% Butler Bros 6*4 6% Chicago Corn nfd 30% 30% Cities Service 1% 1% Kingsbury Brew 1% 1% Swift Int 33% 33% Util lav com ................ la %

New York Bond Quotations

Household— Col Pal Peet ... 16% 16% 16% 16% Congoleum 32% 32% 32% 32% Kelvlnator .... 16% 16% 16% 16% Proc A Gamble . 45% 45% 45% 45*4 Bervel Inc 8 7% 7% 8% Textiles— i Amer Woolen . .% 7% I ■ 2 7% Celanese Carp .29 29% ( 29% 30% Collins Aikman. 12% 12% g 12% 12_ Gotham Hose ... 4% aj f : ? Indus Rayon .31% 31 131 31% Kavser Julius .. 16% 16 *l6 16-* Real Silk . 5% 5% 5% 5%

Gen Cable 5%s ’47 89% 89% Grt Northern 7s ’36 92% 92% Grt Northern 4%s ’77 1 77 77% Gen Stl Cast WW o’2S 49 .. 90% 92 Hud A Manhat Ref 5s '57 . .. i 88 88 111 Cent Jt 4%s '63 ? 69 68% 111 Cent 5s 63 ■. 74 74 Interlake CAI 5s 'sl 1 75% 76 Interntl Hy Elec 6- 44 ...|48% 49 Interntl Tel A Tel 4%s 39.. 71 70 Interntl Tel A Te! 5s '55 .{67% 67 Interntl Tel A Tel 4%s '52 . , 62* 4 61% P Lorrilard 7s ’44 . • 1127 3 * 121% MeKess A Rob 5%s 'SO .. 197 97 Midvale Stl 5s ’36 F-03 103 Natl Dairy 5%s '4B 102’% 102', Natl Steel 5s ’56 -106 106% Nickel Plate 4%s ’7B M>% 62 Nickel Plate 5%s '74 : 72% 71% Nickel Plate 6s 35 64% 65 N Y cent 5s 2013 .... .64 64% N Y Cent 4%s 2013 (old) .1 57% 58 1 Nor Amer Cos 5s '6l ’ 86 86 % Nor Pac 3s 2047 174 74% Nor Pac 6s 2047 'IOO% 100% Nor States Pow 5s '4l 104% 105% Otis Steel os ’4l 85% 85% F?n Fv 4%s 'B4 .101% 101% Peon Ry 4%s ’Bl 102 102% Penn Rv 4%s ’7O 94% 94% Pat GAE 5s ’42 .. 408% 107% Poitland Gen El 4%s ’6O ... • 56% 57 Para Publix s*is 'SO , 67% 67% Penn.P A L 4'- .s ’Bl 400% 100% Postal Tel A Cub'ss '53 .... 49 49% Rem Rand W W 5'% ’47.. , 99% 99% Snell Union Oil 5s '47 J 102% 102 m Sou Pac 4%-s 68 6a% SOU Pac 4%s 'Bl I 63*4 64 Sou Pac 4%s ’69 ' 64% 64% Sou Pac 4s '49 { 66% 6b% Sou Rail 4s '56 1 57% 57% Sou Rail 6s ’56 j 77 77% Sharon St Hood sVis ’4B ....1 85% Ba'.> Texas Pac 5s ’79 91 91*4 Texas Pac 5s '77 j 92% 92'/4 Union Pac 4s ’47 1109% 109 ’United Drug 5s ’53 i92% 93 U S Rubber 5s ’47 192 ■ 93% N Y N H A Hart 6s ’4B 1 44% 46% NYN H A Hart 4%s '67 ... J? 9% 40% Warner Br 6s '29 *56 , 56% Western Marv 5%s ’77 199% 99 Western Marv 4s '52 "92% 92% Youngstown SAT 5s ’7O .. . 94% 9a Ygs S & T 5s ’7B 94 95 FOREIGN Argentine A 6s ’57 92 91% Argentine B 6s ’SB ,91% 91% Brazil 8s ’4l i |33 30% Canadian Govt 4s '6O ~.§05% 105% Denmark 5%s '55 *OO 100% German sVis '65 34 34 German 7s '49 45% 44% Italy 7s ’sl ' 92% 92% Japan 6%s ’54 91% 91 Poland 7s ’47 121% 120 Rome 6%s ’52 86% 86% Tokio City 5%s '6l 75% 74% Yokohama 6s '6l 81% BIV4 FEDERAL FARM LOAN |BONDS (Bv Blvth A Cos.? Bid. Ask. 4s, July 1, 1946-44 103 103% 4s, Nov. 1. 1957-37 .*lOl *4 102** 4s. Mav 1. 1958-38 101% 102'% 4'As, July 1. 1956-36 102'/* 102% 4*is, Jan. 1. 1957-37 402% 102% 4Vis. Mav 1. 1957-37 102% 102% 4Vis, Nov. 1, 1958-38 102% . 4Vis, May 1. 1942-32 101 101% 4 Vis, Jan. 1. 1943-33 .101*4 101% 4Vis. Jan. 1. 1953-33 101 101% 4Vis, Jan. 1. 1955-35 ilOlV* 101% 4Vis. Jan. 1. 1956-36 §02% ss, Mav 1, 1941-31 §Ol 101% ss, Nov. 1, 1941-31 |Ol 101*2

Produce Markets

Delivered in Indianapolis pilces: Heavy breed hens. 14c; Leghorn hells, 7c: colored springers, 13c; heavy stafs, 9c; Leghorn stags, 7c; old roosters,l6c: ducks, full feathered and fat, 10c; I geese, full feathered and fat, 8c; all classes of guineas, 15c; No. 1 strictly fr£sh country run eggs, loss off, 21c. Each fu'l case must weigh 55 lbs. gross, a deduction of 10c a pound for each pound under *55 lbs. will be made. Butter—No. 1, 40®|lc; butterfat, 37c. Quoted bv the Wadlel Cos. (Bv United Press)' CHICAGO, Feb. 5. Eggs Market steady; receipts, 5964 cases'. "Xtra firsts, 29%ct fresh graded firsts. 29 l-c; current receipts. 27%e; dirties. 26c; ‘hecks, 25c. Butter—Market ea‘v; receipts. ,10,635 tubs; extra firsts (90-91% score). 34 U@3sc; extras (92 score). 35%c: first; (88®89% score). 34®,34%c; seconds 186®87% score). 33® 33%c: specials. .36® 36 c:> standards. 35*40. Poultry—Market easy: receipts. 36 trucks; hens. 14® 17c; Leghorn hens. 14%c; Leghorns, ll®14c; springers.) 19%®20c; broilers, 22®22%c: capons, 6 to 7 lbs.. 23c: old roosters, 14c: ducks, <B®2lc; turkeys. 18®20c: geese, 18c: stags, 117 c. Cheese —Twins. 17® 17%c; daisies." 17%®18c; Longhorns. 17 *4® 18c. Pbtato/J; ■ — Supply heavy, demand and tradincl moderate; market slightly weaker on IdShos. steady on others: Wisconsin round fhites. 77% ® 82%c: Michigan round wlfctes, 72%c; Idaho Russets, $1.40® 1.47%; arrivals, 63; on track. 392; shipments, 650.1 CLEVELAND. Feb. 5. Butter Market weak, extras. 39%c: standard*;. 40c. Eggs —Market steady; extra white. 29%c; current receipts. 28%c. Poultry Market steady: fowls, colored, 20® 41c: ducks, light, 17® 18c; ducks. 5 lbs. add up. 20®. 21c; geese. 17® 18c; turkeys, young. 20c. Potatoes—Maine $1.15®%.25 a 100-lb. bag; Os mi / iost!v 75® 80c a 100-lb. bag; Michigan. 80® 85c a 100-lb. bag. A druiTbusiness KURING 1934 BEST IN 5> YEARS Dollar Sales, Tonnage Shipments Up 20 to 40 Per Cfnt. By Times Special NEW YORK, Feb. s.—Dollar sales and tonnage shipments of* drugs and pharmaceutical supplies luring the last six months have shot*-n remarkable improvement, according to a survey released today by Dun & Bradstreet, Inc. ; Increases during the period range from 20 to 40 per cent,'compared with the volume of business transacted in the corresponding period of 1933. Several companies reported that business during 1934 was the best since 1929. 1 # The improvement, hoirever, was attributed largely to reftewed advertising campaigns, ine’eased appropriations for sales promotional \iork, the addition of Mnes and liquors, and the general petterment of business conditions throughout the country, the report stated. ■BABY BOND’ BILL IS SIGNED BY PRESIDENT Issues Will Be Placed on Sale About March J. B.y Science Service 1 WASHINGTON, Feb.j s.—The Treasury Department tlday was preparing to place on the first issue of “baby bonds” abLut March 1 at postoffices throughout the country. j President Roosevelt [ yesterday signed the baby bond bill [expanding the Treasury's borrowing bower and authorizing issuance of government securities in denominations as low as $25. Small investors who have found it difficult tci buy government securities, it wls pointed out, will be able to buy the bonds over the postoffic counters with a minimum of red tape. DIVIDEND CHANGES SHOWN By Times Special NEW YORK. Feb. s—Favorable dividend changes in January totaled 136, compared with 255 in December, and 188 in January! 1934, according to a report todliy by the Standard Statistic Cos. Unfavorable changes nqpibered 25, a decrease of four from December.

NEW LOWS SET AS PRICES DIP ONBIGBOARD Railroaji Shares Sharply Weak? Studebaker Drops , 3 Points. By United Pre** • NEW YORK, Feb. s.—The stock market declined fractions to more than 2 points tnis morning, with the railroad group weak. Several rails made new lows since 1933, taking the Dow-Jones average to the lowest levels since April, 1933. Among them were Atchison at 42%. off 1% : Illinois Central 12%, off 1; Southern Pacific 14%, off H, and New York Central 16’s, off Pennsylvania Railroad declined nearly a poinJ to 20% and others were down fractions to more than a point. , Studebaker .was again actively sold, touching \ where it was off > and at a record low. Its preferred made anew low at 8%, off 3 points. Chrysler and General Motors were down fractionally. Utilities joined the decline after early steadiness. United Gas Improvement made anew low at 11%. off %. Consolidated Gas eased fractionally to 19. United States Steel declined nearly a point to 35% and other steels sold lower. American Can, Safeway Stores, Allied Chemiwl, R. H. Macy and Johns Manville were down a point or more.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,420,000.00 Debits 5,034,000.00 TREASURY STATEMENT (Bv United Press) WASHINGTON. Feb. 5. Government expenses and receipts for the current fiscal year to Feb. 2. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $4,052,389,675.14 $3,627,515,505.63 Receipts .. 2.070.267.839.89 1.701.965.816.87 Deficit ... 1.982.121.835.25 1.925.549.688.76 Cash bal... 2.298.940.241.70 4.346.336,228.87

Other Livestock

(By United Press) CHICAGO, Feb. s.—Hogs—Receipts, 20 - 000. including 8000 directs; moderately active. steady to 5c higher than Monday; weights above 200 lbs.. $8.05® 8.15; top, $8.20: 160-200 lbs.. $7.6008.05; light lights. $7.1007.60; slaughter pigs, [email protected]; good packing sows. $7.40® 7.60; light lights. 140-160 lbs., good and choice, s7® 7.65: light weight. 160-200 lbs., good aand choice. $7,400)8.10: medium weights, 200250 ibs.. good and choice, $7.90®8.20: heavy weights. 250-350 lbs., good and choice, $8.0508.20; packing sows, 275-550 lbs., medium and choice. $6.5007.70; slaughter pigs, 100-140 lbs., good and choice, $5 250)7.25. Cattle—Receipts, 6000 commercial, 300 government; calves, 2500 commercial. 100 government; fed steers and yearlings and better grade shc-stock strong to 25c higher; market fairly active, especially on better grade steers wanted on shipper accounts; supply such kinds smallest of season: top $13.85. anew high; bulk better grades.' sl2® 13.50: lower grades $lO down to $6.25: bulls strong to 15c higher; vealers firm; weighty sausage bulls up to $5; choice vealers. $8.50®9. Slaughter cattle and vealers. stesrs, 550900 lbs., good and choice, $9.25® 13: 9001100 lbs., good and choice, $9.5'''”13.75; 1100-1300 lbs., good and choice, 10®14: 1300-1500 lbs., good and choice, J10.50® 14; 550-1300 lbs., common and mediuf, ss® 10.50; heifers. 550-750 lbs., good and choice. $8.50011; common and medium, $808.50: cows, good, 55.50®7.75; common and medium, $3.50®5.50: low cutter and cutter, $2.25®3.50: bulls (yearlings excluded) good, (beef) $4.7505.75; cutter common and medium. s4®s; vealers, good and choice, s7®9; medium, $607; cull and common. s4® 6. Stocker and feeder cattle, steers. 550-1050 lbs., good and choice. [email protected]; common and medium, $4:7506. Sheep—Receipts, 11,000; fat lambs opened fairly active: later trade slow; bids and few sales steady to -25 c lower: sheep steady: feeding lambs slow early; indications steady; mbedium to near-choice lambs. $8.2508.75; best held around $9: few ewes. $4.50®5. Slaughter sheep and lambs, lambs. 90 lbs. down, good and choice. *8.25®9: common and medium. S7O 8.40: ewes 90-150 lbs., good and choice, $3.6505. All weight common and medium. $3®4.15. Feeding lambs, 50-75 lbs., good and choice, $6.25®7.35. LAFAYETTE. Feb. s—Hogs—Market, steady: 200-250 lbs., sß.lo® 8.15; 250-300 lbs., sß® 8.05; 300-325 lbs.. $7.85; 160-200 lbs., $8®8.10: 150-160 lbs., $7.25®7.50: 130150 ibs.. $6.50® 7: 115-130 lb.s., $5.7506.25; 100-115 lbs., $5.25® 5.50. Calves—soc lower; $8 down; western iambs, steady. $8.75 down; native lambs, steady. $8.50 down; roughs, $7.25 down. FT. WAYNE, Feb. s—Hogs—Steady. 200225 lbs.. $8.15; 225-250 lbs.. $8.05; 250-300 lbs., $7.95; 300-350 lbs., $7.65; 180-200 lbs., $8: 160-180 lbs.. $7.90: 150-160 lbs.. $7.50; 140-150 lbs., $7; 130-140 lbs.. $6.50; 120-130 lbs.. $6.25; 100-120 lbs.. $5.75: roughs. 56.75; stags, $4.75. Calves, $9; lambs. $8.50. (By Times Special) LOUISVILLE. Feb. s.—Cattle—Receipts, 200: salable supply slaughter classes light: market, generally steady: bulk common to medium steers and heifers, ss®7; better finished kinds quotable, $7.50®9; latter for one lot strictly good around 900-lb. weights; bulk beef cows, s4® 5; few common down to $3.50; most low cutters and cutters. $1.75® 3.25; sausage bulls, mainly $4.50 down; bulk Hereford stock calves. $6 0 6 50: good to $7 or better. Calves— Receipts. 300. including about 100 stock calves; market, steady to weak; most better grade vealers, $7.50®8; strictly choice, $8.50; medium and lower grades. $7 down to $4 or less for light culls. Hogs—Receipts. 800: market steady: top and bulk des'rable 180-250 lbs.. $8.15: 255 lbs. up, $7.76: 160-175 lbs.. $7.50; 140-155 lbs.. $7; 120-135 lbs., $6.05: sows. $6 40. Sheep— Receipts. 50: steady; mostly $7 500 850 for medium to good lambs: choice quotable round *9: common light throwouts mostly $6, and fat ewes, $3.50 down.

Hides and Skins

Hides—Green country cows and steers. S’ic flat; green country bulls and glues, 2'jC flat; green country calf hides. 4c fiat; green country Kip, 3’/2c; No. 1 large horse hides with full heads shanks, manes and tails. $2.50: medium size. $2 All No. 2 grade horse nides. 50c less: glues and ponies half price. No. 1 rendered tallow. 4ff34>2c: No. 2 at value. Yellow grease. 3?4@4c: carK grease. 3U@3V2C. MARKET VALUE OF 50 STOCKS OFF SHARPLY Representative Issues Drop .85 Per Cent During Week. By Times Special NEW YORK, Feb. s.—The market value of 50 representative stocks listed on the New York Stock Exchange at the close of business for the week ended Feb. 2 was sll 635,645,625, a decrease of $99,321,875, or .85 per cent as compared with the market value of $11,734,967,500 at the close of the preceding week, according to Paul H. Davis & Cos. At the close of the corresponding week a year ago, the same 50 stocks had a market value of $14,964.926.375, indicating a decrease during the year of $3,329,280,750, or 22.25 per cent. INSURANCE COMPANY MOVES The London Guarantee and Accident Insurance Cos., Ltd., London England, has announced the change of its local office from 810 Union Title Building to 130 E. W'ashing-ton-st. Clyde A. Wands is resident agent.

What Docs It Mean? Stop-Loss Orders — ls a person has a o~point propt on stock at 60 and enters an order with his broker to sell the shares at 56 to prevent him from taking a loss, this is known as a stop-loss order.

Standard Is Improved in Trade Body Foreign Exchange Brokers Aided by Banks in Setting Ethics. By 1 inert! Special NEW YORK. Feb. 5 —So well organized has the foreign exchange brokerage business become during the last few months that most of the large oanks today will not accept orders for foreign exchange transactions from brokers unless they are members of the Foreign Exchange Brokers’ Association of New York City, it was learned today. The purpose of the organization is to raise >he standards in this field by excluding men who were not financially responsible and whose practices came under criticism. The association was incorporated last June, and ast October re-elected its officers anil board of governors for the year 1935. At present there are 133 members, both firm members and associates. The latter, for the most part, are employes of firms working on a salary or commission basis. Firm memberships pay dues of $25 a year and associate members pay $lO. The number of memberships has now been limited, and although no firm membership has been sold the last sale of an associate membership was for $175. Until recently rivalries among foreign exchange brokers prevented a cohensive organization, but the present setup appears to be working smoothly, most of the differences having been ironed out. Charles D. Blauvelt is president, Harold Bayley, vice president; B. J. Snow. secretary. and Herman Krech, treasurer. In addition to these the board of governors includes E. S. Church, Arthur Partridge and Osca. Peterson. PORKER PRICES REMAINSTEADY Cattle Market Active and Strong; Vealers 50 Cents Lower. Despite a slight increase in supplies on hand at the local stockyards today, prices on all classes of hogs remained unchanged at yesterday’s best levels. Initial trading interest was light in most all grades. Receipts today were estimated at 5000, compared with only 4000 on hand yesterday. Following the increase of the previous session, prices for good and choice weights held at $8.25, the highest level for more than a month. The bulk, 160 to 275 pounds, was selling from $8.15 to $8.25, while extremely heavyweights ranging from 275 pounds and up sold at $7.90 to SB.IO. Lights, scaling 130 to 160 pounds, cashed in at $6.75 to $7.75. Others from 100 to 130 pounds, brought $5.50 to $6.50. Packing sows held at $6.75 to $7.50. Holdovers were 236. Only a slight change was registered in the cattle market, with the exception of slaughter classes of steers active and strong. Others remained stationary. Few early steers were salable from $8 to $lO, while some better kinds ranged up to sll. Receipts were 16C0. Vealers were weak to sharply 50 cents lower, with good and choice grades salable from $9 to $9.50. Receipts numbered 600. With the early supply consisting mostly of unsold fed western lambs, prices on all classes contiued stationary. Native grades were scarce, while some heavies sold at $8.50, equivalent to $9 for good and choice lightweights. Throwouts ranged from $6.50 to $8.50. Slaughter sheep brought $4.50 down. Receipts were 3000. HOGS Jan. Bulk. Top. Receipts. 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 2. B.oo® 8 10 8 15 2000 4. 8 00® 8 25 8 30 4000 5. 8.15® 8.25 8.25 5000 Light light' 1160-180) Good and choice $7.25® 8 00 Medium 6.75® 7.60 Light weight: (160-1801 Good and choice .. 8.15® 8.20 Medium 7.65® 8.00 (180-2001 Good and ch'ice .. 8 10® 8 25 Medium 7.75® 8.00 Medium weight: '2OO-220i Good and choice .. 8 20® 8.25 (220-2501 Good and choice . 8.15® 8.25 Heavvw eight: 1250-230• Good and choice •• 8 10® 8.15 (290-3501 Good and choice .. 7.95® 8.10 Packing sows: (275-350) Medium 7.25® 7.50 (350-425) Good 7.10® 7.35 (425-5501 Good 7 00® 7.25 '275-350) Medium 6.75® 7.15 Slaughter pigs: iIOQ-140) Good and choice .. 5 50® 7.00 Medium 4.50® 6.65 CATTLE —Receipts. 1600— —Steers—-(sso-900) Choice $10.00f12.00 Good 9 00®11.25 Medium 6.75® 9.25 Common 4 75® 6.75 (900-1100) Choice 11.00®13.00 Good 9.25® 12.00 Medium 7 00 ® 9.50 Common 5 00® 7.25 (1100-1300) Choice 12.00® 13.25 Good 9 50® 12.25 Medium 7.25® 9.75 (1300-1500) Choice 12 —Heifer*— Good 9 75® 12 25 (500-750) Choice 8.75® 9.50 Good 7.75® 8.75 Common and medium 4,GO® 7.75 (750-900) Good and choice ... B.oo® 10.00 Common and medium 4 25® 8.00 —Cows— • Good 5 50® 7.25 Common and medium 3.25® 5.50 Low cutter and cutter 1.75® 3.25 —Boll*— (Yearling* Excluded) Good 4.50® 5.50 Common and medium 3.00® 4.50 VEALERS —Receipts. 600— Good and choice *9 00® 9 50 Medium 6.50® 9.00 Cull and common 3.00® 6.50 —Calve*— (250-500) Good and choice .. 6 25® 9 00 Common and medium 3 50® 6 25 —Feeder and Stocker Cattle——Steers— (soo-900' Good and choice ... 5 50® 725 Common and medium 4 00-.' 5.50 • 900-1050' Good and choice . . 5.75 ; 7.50 Common and medium .... 4 25® 5.75 —Cow*— Good 3 50® 4 25 Common and medium 2.75® 3.50 SHEEP AND LAMBS —Receipts. 3000— Lambs. 90 to 120 lbs., good and choice *8 50® 9.00 Common and medium 6.00S 8.50 90-120 lbs. good and choice .. 3.50® 450 SheeD: (120-150) Good and choice .. 3.00® 4.25 Ali weights, common and medium 2.uj)® 3.25

BANK CABTIONS 0. S. TO WEIGH INSURANCE AIM Warning Issued to Keep Cost Within Income of Nation. By Timr $ Speinl BOSTON, Feb. s.—The cost of social insurance must be kept within the nation's income, it was Stated today by the First National Bank of Boston. At the same time the bank points out that more is being paid out annually in national income than actually is being produced. “Payment in excess of Income produced have reached the staggering total of about 30 billion: of dollars, taking into account the years 1929-33, inclusive,” says the bank. Assets Show Reduction “This means that during these years the assets of American enterprise have been depleted to the extent of 30 billion dollars, because that much more has been distributed than has been produced m this period. “Business can not continue indefinitely to pay out more income than is produced. In the course of time reserves would disappear, the whole system would crumble, factories close, commerce stagnate and living standards drop to a hand-to-mouth existence. “The cost of social insurance, as well as all other expenditures, must be mt out of national income. Unless and until there is definite assurance of increased national income all plans for social security, however desirable they may be in principle, should be scrutinized most carefully. May Prove Futile “To be of any avail they must be kept within the capacity to p:< /. Ii not so kept such plans will not only prove to be futile gestures to those intended to be benefited but they may kill the goose which lays the eggs on which the whole nation subsists.” The figures which the bank cites to indicate the excess of income payments over income produced were prepared by the Department of Commerce. They show that payments, such as wages, interest, dividends, etc., in 1929 amounted to $82,300,00,000, compared with actual produced income of $83,000,000,000. In 1933 the figures were $46,800,000,000 respectively and $41,300,000,000. AUTO INDUSTRY MOST POPULAR LAST YEAR Group Securities, Inc., Lists 18 Favored Trades. By Times Special NEW YORK. Feb. s.—Group Securities, Inc., a corporation which through 18 separate classes of shares provides weighted and supervised cross-sections of common stocks of 18 major industries, has mailed dividend chcyks and its first annual report to Shareholders of record Jan. 15, it was learned today. Total capital and surplus of the corporation at the close of its first fiscal year was $3,740,912.26, all, except fractional amounts, invested in common stocks. Dividend disbursements by the corporation on July 31. 1934. and Jan. 31. 1935, total $76,739.01. The corporation began the first year of operation on Jan. 12. 1934. The following Is a list of the 17 industrial cross-sections in order of popularity. (The 18th industry, investing companies, is omitted because shares were not offered until last December): Automobile, chemical, merchandising, petroleum, food, tobacco, mining, railroad equipment, steel, building, agricultural, railroad, aviation, utilities electrical equipment, industrial machinery, distillery and brewery. INDUSTRIAL ACTIVITY SHOWS IMPROVEMENT Recovery in Business Volumes Is Expected to Continue. By Times Special NEW YORK, Feb. s.—The extent of the upturn in industrial activity during the last four months brings into question the prospect for industrial volumes generally during the normally peak months of March, April and May, Standard Statistics Cos. states in its weekly summary of business conditions. “Although it is recognized that the current recovery is merely another of the recurrent waves which regularly mark the first stages of the longer term restoration of business volumes following a protracted depression, it is expected that business volumes will be well maintained for several months,” the summary continues. “Political and labor fears have been allayed somewhat during the recent past,* although they will continue to restrain forward planning in the majority of Industries.” $3,614,585 IN BONDS APPROVED BY VOTRS Proposed Financing Rejected During Month Totals 82,361,500. By Times Special NEW YORK. Feb. s.—New state and municipal bond issues approved by voters of 42 communities in 22 states during January to $3,614,585, compared with $2,518,800 in December, the Daily Bond Buyer reported today. Totals for January during previous years was $10,414,799 in 1924, $1,183,400 in 1933. and $3,993,987 in 1932, the report showed. All items during the periods remained under $360,000 each. During January a total of $2 361,500 of proposed financing was disapproved by voters of 11 communities in nine states, compared with $1,439,250 in the previous month. The largest item rejected was in Jackson. Miss., $1,500,000.