Indianapolis Times, Volume 46, Number 238, Indianapolis, Marion County, 13 February 1935 — Page 15

Wall St. Vanderlip’s Scheme for Commodity Dollar Worthy. —BV RAI.PII HENDERSHOT— Time* *efial Writer

N r EW YOP.K. Fob. 13 —No one. as far as this correspondent knows, ever has accused Frank A. Vanderlip. former president of the National City Bank, of not knowing what banking and finance is all about H*' has taken a rather unorthodox position on money issues on several occasions in recent years, but his opinions still command the

respect of even the most conservative people in Wall Street. C o n s e quentlv. when Mr. Vanderlip makes the statement that the gold standard has outlived its usefulness, as he did yesterday before the Senate Agricultural Committee. the asser-

Ralph llendershot

tion. abounding as it mav seem, is deserving of serious consideration. He offers the opinion that a managed currency based on a commodity price index is best suited for the United States. The point was not made clear in the dispatches from Washington. but it is assumed that the banker meant that our currency would be based on a commodity index only from an internal standpoint. Presumably all international trade balances would be settled in gold. It is difficult to see how such trade could be financed in any other manner. a a a A ND if this assumption be coraa rec t, another question immediately arises. What will be the relationship between the commodity dollar and gold? Will it be variable, depending on the world price for gold in terms of our commodities? It is highly desirable, of course, that the purchasing and debt-pay-ing power of the dollar be constant. Otherwise an added tax placed on human endeavor and public security. And the more industrialized and advanced a nation becomes the more the first law of nature —self-preservation —is violated by the instability of its currency’s purchasing power. Despite our wish to believe otherwise, we work because of the returns we receive for doing so. With these returns we provide for our daily needs, and we try to set aside a sufficient amount from them to provide for our needs when we are no longer able to work. Our savings we ran not store in the form of food, clothing or shelter, so we must convert them into dollars or something else which can be exchanged for these requisites when we need them. a a a BUT if the dollars which we store against the time of need continue to vary in their purchasing power as much as they have in the last decade, the very security which the government seeks to provide is challenged. The same difficulties are presented to the business concern, which is obliged to pay back debts contracted when the purchasing power of the dollar was at one level with dollars which have two or more times that purchasing power. Such a business concern, in order to acquire the dollars necessary to meet its obligations, is obliged to reduce its overhead expenses by discharging some of its help, and this, in turn, tends to destroy not only the security of its workers, but the security of the business itself. NEW INSURANCE GAINS Life Insurance C o. of Virginia Reports $18,000,000 Rise. An increase of more than 18.000.000 in insurance in force was •reported in 1934 by the Life Insurance Cos. of Virginia in a report communicated to H. A. Luckey and D E. McDonald, local representatives of the company. Assets were increased by more than $3,000,000 and surplus by more than $248,000. Capital, surplus and special contingency reserves now total $14,886,407.

On Commission Row

Quotations bvtow ara avaraca ho!fs!f pr-ea* bamc oflarad to buvars bv local Commission dealers Fruit* Grapes. Calofornia Emperors. 27. lb bo. *2 75 Rartanas. 4'c a lb Apples. Indiana Jonathans *1 65. Golden Deltcto s.• 7Stl *5 Le mens. Sunkist. 3605. ft !' Grapetr’:P. Texas seedless. *3: Ana 645. 70s and 60s. *2.50 Limes. Mexican, per carton 12s 25c. Bvram. seedless per hundred. *3 Pears. Orecon p in!f. box *3 50 Pineapples. Porto Ricans. half crate*. *3 50. Avocados. F.’t da box *1 50 S'raw berries. Florida. Tint. 1T* c. per 36-ot. crate. ’6c. Apricot*. •3 crate 3e*etble* Oabbaca. Northern Danish. 50-lb bac *l2* red. 50-lb. box. *125; New Texas cabbace 50-lb bac. SI 75. Onions. Idaho sweet Spanish iaree 50lb baa. *2. Michigan veliows. 15 lbs. *1 40; wes’ern white 50-ib baa. *2: Michigan vellow. *l 25. Potatoes Green Mountains. 100-lb. bae. *1 50; northern round white. 100-lb. bac *1 10 Ohio*. 100-lb bac S2: Idaho Russets. 100-!b bac *l9O New Texas Triumphs. 50-lb bae $2 New Florida Triumphs bushel. *2 50 Sweet potatoes Indiana Jersevs bushel. SI 65; Tennessee NancT Halls bushel. *1 35. Beans, strlneless. hampe* *5 Celerv. Florida *4 50 a crate. California. $4 50 a crate, medium, dozen. 65c. Jumbo, dozen. 90c Cucumbers, hot bouse, dozen. SI 40; 2 dozen box. S2 50 Endive. California, dozen. 80c. peck basket. S2. Eee Plant. $2 25 dozen Kale, bushel. 75c. ho: house 15-lb basket $1 75. Arizona Icebere head lettuce. $3 75. Maneoes. Fonda, crate. SlO Mint, bunch. 15c. Parslev. doren 35c Peas hampers. S3 Spinach. Texas, bushel. $2 Radishes dozen. 60c Tomatoes 10-lb carton. SI 50 Forid* ortcinal. S2 75 Turnips bushel. 75c Parsn.ps. bushel. SI 35 Bee's, bushel. SI 25 Carrot* bushel. SI 25; 100-lb sack. $175. Rhubarb hot house. 5-ib. carton. 60c. Mushrooms, lb. 30<i 35c. All Quotations subject to change up or down. FBI ITS AND VEGETABLES .Bv United Press' CHICAGO. Feb. 13 Apples-Michigan Mclntosh bushels. SI 60 -i I .5: Jonathans. *l6o-t 175 Cranberries Massachusetts * barrels. $4 50 i 5 Cauliflower—California crates. *1 3C u l 35. Cabbage—Wisconsin. 100 ibs. *1.404*1.50 Sweet potatoes—Tennessee bushels. SOc-itl: Indiana. (1 35<u 140 Turnipa —California crates. *2 50 375 Carrots —California crate* 53.75.i3 Lettuce Western crates. *2 75*tJ Parsnips— Illinois bushels SOu 60c. few 65c. Beets Ilimois bushels. 4<Ui 50c. Beans— Farids bushels *2 50-i 2.5. Spinach— Texas bushels. *150175. Tomatoes— Mexican lugs. *4 50*5. RATE SAVINGS SHOWN By Tiate# .special SPRINGFIELD. Feb. 13—Rate reductions aggregatmg $".260,000 in 1933 and 1934 were giveit to utility customers in Illinois, tht Commerce Commission declared In Its annual report. Os the slashes $2,308,000 was in gas rates.

♦ ♦ Abreast of The Times on Finance ♦ ♦

UTILITY HEADS FIGHT TO KEEP HOLDING FIRMS Being Made Political Football. Assertion: *AII Blamed for Errors of Few.’ BV HOWARD CARSWELL TimM Sprrial Writrr NEW YORK. Feb. 13.—Utility executives expressed resentment today on the subject of abolition, or the punitive taxation, of public utility holdings companies. Senator Burton K. Wheeler and Rep. Sam j Rayburn have introduced bills in ’ Congress aimed at drastic control, \ or the implied abolition, of holding | i firms in the utility field, especially electric power. Being "on the spot" in the public eye, utility men refrain from public statements or controversy wilh high government officials in Washington under adverse odds. Speak- . ing privately, however, the denun- I ciation of unities is described as political talk to make the utilities a good political football." The whole industry, especially the electric power companies, is being punished for the sins and boom-time mistakes of a minority, they contend. Mistakes and certain malpractices require correction, they admit.'Holding company regulation is not objected to. However, neither the ini' -*rv nor the public would beneabolition of holding compai.‘ or the punitive taxation thereof, power men assert. The comments to follow relate generally to the current pressure against holding companies, inasmuch as utility executives have not yet seen the Wheeler and Rayburn bills. Their resentment is more against the political accusations. Briefly stated, the gist of comments follow: 1. Congress may be expected to pass an anti-utility holding company law which will follow the example of the Securities act of 1933. Its drastic and punitive provisions may defeat its own purposes. Upon finding it to be unworkable, it probably would be ‘’clarified.” Dissolution of holding companies would be impossible in five years, it is argued. SEC Has Control 2. The Securities and Exchange Commission now possesses control over issuance of securities of public utilities, thus precluding a repetition of a most serious abuse incident to issuance of bocm-time securities to the public. 3. Similarly the Federal Power Commission possesses important authority over electric power utilities, while the Federal Communications j Commission has authority over the j American Telephone and Telegraph Cos., the Radio Corp. of America, 'lnternational Telephone and Telegraph and others. 4. Rates, which are based upon valuation of properties, are subject to State regulation. Conceding the public interest in rates, abolition of holding companies would have no relation to rates. 5. Constitutionality of such a law would be doubtful. If constitutional, why could not the government legally abolish holding companies in the field of steel, railroads, chain stores, food products, chemicals and newspapers? 6. Write-up of assets complained of by the Federal Trade Commission is a moot subject. Flagrant abuses are indefensible. However, the value of assets and properties ' involves expert appraisals and changing conditions which affect any type of asset, whether utility or not. 7. Public utilities, especially electric power, are “on a spot" by politicial pressure and have not been given a fair chance to defend themselves before the Federal Trade Commission. 8. President Roosevelt has surrounded himself with avowed antiutility or public ownership advocates. such as Basil Manly, David Lilienthal. Secretary Ickes and advisers like Prof. James C. Bonbright. 9. Holding companies came into being due to the lack of uniformity. complication and conflict among laws of the states. In interconnected systems a centralization of management is desirable both from an operating and public interest.

Cite Status of A. T. * T. 10 American Telephone and Telegraph Cos., the world's largest utility holding company, now is in essentially the same form as when it first came into being 50 years ago. Many other holding firms in other industries have a history of many years, and are not guilty of holding company abuses complained of. 11. The outlawing or punitive taxation of holding companies would neither benefit the industry nor the public. There is little, if any. objection to Federal regulation of them. 12. Integrated utility properties would be beneficial both from a managerial and public standpoint. They should be intergrated on a state-wide basis, with one rate and one state regulation therein, including uniform accounting methods. 13. Reforms are desired within the industry. However, because of the Securities Act of 1933 stringencies and the lethargy of the money market refunding operations and simplification of utility capital structures can not be done under present conditions. 14. Uniform standards of accounting would eliminate many mistakes and abuses. 15. Dissolution would entail widespread reorganizations, confusion and prolonged legal snarls. INVESTMENT AVERAGES DROP By Ttmrt Sprriat NEW YORK. Feb. 13—The investment companies common stock index declined slightly with the general market during the last week, according to averages compiled by Distributors Group. Inc. The average for the common stocks of 10 I leading management companies, influenced by the leverage factor, stood , at 9.84 at the close of Feb. 8, comi with 10.00 on Feb. 1.

INDIANAPOLIS, WEDNESDAY, FEBRUARY 13, 1935

Survey of Current Business Conditions By V. S. Department of Commerce—

WEEKLY BUSINESS INDICATORS legend */rt(.v avyßAtye I9JJ S INCLUSIVE !too —— 19-J5 ——— 13 r..... 1333 RJS'NVSS ACTIVITY (NEW YORK TIMES}* STEEL INGOT PRODUCTION CONSTRUCTION CONTRACTS AWARDED* o 80 Ltiili.'ii ilmliiililiillli 'hi 111 11 ! 111 ! 11 .!; In 0 lnlllJim'i:lLnlnillnllllllllill;il!lllllllL O n.iiiiilim!mli;:!;mlilllml:in!nilii liini AUTOMOBILE PRODUCTION* LUMBER PRODUCTION BITUMINOUS COAL PRODUCTION* •so: tool —~— ioo r~ z —.. . : 10 l.:.!i.2iiiilill!ili!l:nli Illiii!;. ulil.rfiryjt olllllilillllllilllinlllllllllllllllLllllllllllllllll O ill ■ 1 1111111! 1111 • 1 111111 111 111 1 fll M! Ill! m! Jl ll FREIGHT CAR LOADINGS COTTON RECEIPTS ELECTRIC POWER PRODUCTION* too p — ————~ 4ooi " 1 i tor - 40— 300 *° 100 ~~ 1 ' OO ro .:.!:iiliiiiliiiiiiiliinliii!lljLiiilinl:jllllll. 0 1 i : 1 !: i.■ 11 J 80 I , l l ll iTiy/T/TiTi iliiiitiiiliiitiiiiTniYiiiTiin FISHER'S WHOLESALE PRICE INDEX* 80N0 PRICES* STOCK PRICES* •00 | 1 — 1 SO f no z — "-<p~ . ioo -a. • 40 1:11 !m ill n!inlilll 60 nililllmil n ilmli n itinli iitinitmli i linn O 111 L nllii iT n ■ 1 111 ! ■ii 1 1 n 1 1. i . I■ i ■ 11 . . 111111. ■j i. COMMERCIAL FAILURES? BANK DEBITS OUTSIDE NEW YORK CITY* BROKERS’LOANS NEW YORK CITY ffO | ro| 1001 ' ' 110 r; IZO 1 40 j 100 —■ 60 iO li i i'll ,Tl m 40 ;! m llm ii in LuJuu O mtniln i iliiitmti nilinli iitn ntii ilmtim FEDERAL RESERVE MEMBER BANK LOANS TIME MONEY RATES* MONEY IN CIRCULATION® •00 1 iso j . 90 : 100 0 ‘li.vltHS’l igynifll I’d ♦ COMPUTED NORMAL - 100 * CRAMS ESTIMATE *U.S. *“ CANADA *1926=100 * NUMBER *OAILY AVERAGE *1928-1930 = 100

New York Stocks

<Bv Thomson A McKinnon i 11:00 A. M. Prev. Oils— High Low. N. Y. close. Atl Rfg 24' 2 24% 24' 2 24% Barnsdall 6' 6% 6'. 6% Consol Oil 7% 7 s * 7% 7*. Houston (new).. 2% 2% 2% 2% Pet Corp 8% 8% 8% 8% Phillips Pet ... 15 15 15 15% Plymouth Oil —7% 7% 7% 7' 2 Pure Oil ... 6% 6% 6 7 * 6% Seaboard Oil ... 25'* 25% 25% 25' 2 Shell Un 6% 6% 6% 6% Soc Vac 14 13% 14 13% S O Os Cal 30* 4 30' n 30% 30' 4 S O of Ind 23% 23% 23% 23% S O Os N J 40 7 4 40' 1 40% 40% T xas Corp . 19% 19% 19% 19% Tidewater Assn 8% 8% 8% 8% Steels— Am Roll Mill; .. 20% 20% 20% 20% Beth Steel ... 29>2 29% 29% 29'. Mid Steel 11% 11% 11% 11% Natl Steel . 47% 47% 47% 47*4 Rep Ir A- St pf 41 41 41 41 '2 U S Steel . 35' 2 35% 35% 36 U S Steel pfd R7'2 S7 '2 67% 88 Youngstn S& T 17% 17% 17% 17% Motors— Chrysler 38% 38% 38% 38% Oen Motors 30', 30'* 30% 31 '4 Graham Mot ... 2' 2 2% 2' 2 2% Hudson 9% 9% 9% 9*4 Hupp 2% 2*4 2% 2% Mack Truck 28 26 26 26 Nash 16 16 16 15% Packard 4% 4% 4% 4% Studebaker % % % 7 Yellow Truck .. 3% 3% 3Vi 3% Motor Access— Benriix 15% 15V* 15% 15'* Bohn Alum ... 54 54 54 54 Bore Warner .. 30 30 30 30% Brices 27 26% 27 26% Budd Mfe 4% 4% 4*i 4% Budd Wheel .... 3% 3% 3% 3% Baton Mfe .. 19'. 19% 19% 19*" Elec Auto Lite . 24 23*. 24 24% Houdaiile "A" • 8% 8% 82% 2% Timken Roll .... 34% 34 '4 34% 3414 Mining— Alaska Jun .... 17 16% 16% 16% Am Smelt 34'i 34 34 34% Anaconda . 10% 10% 10% 10% Cerro De Pasco ■ 41 40% 41 40% Dome Mines ... 37*4 37% 37'? 37% Oranbv 6% 6% 6** 6% Int Nickel . 22% 22% 22% 22% Kennecott Cop 16% 16% 16% 16% Mclntvre Mine . 42% 40% 40% 41 Park Utah ... 2*. 2*. 2*4 2% Phelps Dodce • 14 s * 14% 14% 14% U S Smelters .114 113 114 112% Vanadium . ... 17% 17% 17% 17% Amusements Croslev Radio . 14 13% 14 13% Radio Corp 5% 5 5 s'. RKO 1% 1% 1% l’ Warner Bros ... 3% 3% 3*. 3% Am Sum Tob 20% 20% 20% 20% Am Tobacco ‘ B" 81 81 81 80 2 Lie A- Myers ‘B' 106 106 106 106 Lorillard .... 20% 20 20% 20* Phillip Morris 4040 40 .0% Reynolds Tob 'B' 47*. 47% 4i% 4r. Rails— Atchison 43% 43% 43% 43% BA- O 11*. 11% 11% 11 2 Can Pacific 12 12 12 12 CM A- St P pfd. 3*. 3*. 3*. 3% Chi N W 4% 4% 4% 4 s a Grt North pfd . 15% 15% 15% 14 Til Central 13 13 13 13% MKA-T 5 5 5 5 N Y Cent 16*4 16% 16% 16% 1 Nor Pacific 17 16*. 16*. 17 Pen nR R 21% 21% 21% 21% i Sou Pac 15 15 15 15 iAm Steel Fdv .. 16% 16% 16 a 16 2 Bald Loco 5% 5% 5% 5% Gen Elec 23*. 23% 23*. 23% Pullman Inc ... 49 4f% 49 48 a West inch Elec •• 38 3/*. 38 38 s Utilities— Am & For Pwr . 4% 4% 4% 4% A m T AT* Lit lo3% :03% 103'* -10?% Am Wat Wks .. 11% 11% 11]? 11% Col G A Elec . 6*s 0% 6% 6% Conn A Sou 1 1 , ,\ 3 Consol Gas .19 18s 18* 4 Elec Pwr A Lit. 2% 2% 2% 2% Int Hydro Elec . 2% 2% 2% Nat Pwr A Lit.. 6% 6% 6 i 6 s North Amer ... 12% 12 12% 12 Pac OA E .... 14% 14 . 14% 14 Pub Serv NJ . 24 23% 23_' t 24. So Cal Edison .. 11* 11% 11% 11*4 | Std Gas 3*. 3% 3% 3% Stone Webster 4 4 4 4 United Corp ... 2% Va 2 2* Un Gas Imp . 10*. 10*. 10% 10 e Western Union 28*. 23*. 28*. 28 . Goodyear . ... 22% 22% 22% 22% Xellv Snrinc I*. 1* 1* .l 5 " U S Rubber pfd 34*. 34*. 31*. 35 Miscellaneous — Allis Chalmers 16% 16% 16% 16% Am Mach A Fdv 21% 21% 21% 21% J I Case 55% 55% 55% 55 Conti Can 67% 67% 67% 67 Caterpillar Tract 41% 41 41% 41% Curtis Pub 18*4 18% 19*4 IB’ 2 Eastman Kodak 115 115 115 114*2 Gillette 14 14 14 13% Glldden 25’, 25\ 25% 25*. Int Bus Mach .156% 156% 156% 156 Inter Harv ... 4040 4040% Natl Cash Reg 16% 16% 16% 16% Rem Rand .... 9% 9% 9% 9% Underwood E ... 57% 57% 5.% ... Foods— Am Sugar 64% 64*. 64% 64% Armour 5H 5% 5% s'. Armour 6% pfd 69 69 69 68% Beatrice Cream 17% 17 17% 17 Borden Prod 24 7 24% 24% 24 * Ca! Packing 41% 40% 41], 40% Crm of Wheat . 38% 38% 38% 38% 1 Cuban Am Sug . 6% 6% 6'. 5% Oen Baking ... 8 8 8 8 Gen Foods 34% 34% 34% 34; 2 Gold Dust 16% 16% 16% 16% ! Natl Biscuit 28 * 28*. 28_. 28% Natl D Prod 16*. 16 16% la 7 . Puritr Bak 9*. 9% 9% 9 Std Brands 18 18 18 18 United Fruit . 74% 74 <4 74 Ward Bak -B’. 1% IS I*. J]? Wriglev 6% 16% 16% 16% Retail Store*— First Natl Stores 50% 49% 50% 49% Hahn Dept Sts . 5% 5% 5% 5 Kresge S S 20% 20% 20*. 20% Kroger Groc ... 25% 25% 25% 25*. McLellan St 15 13 13 13 May Dept St ... 41% 41*. 41% 41% Mont Ward 26% 26 26 26% Pennev J C ... 67*4 6i\ 6< 3 4 6< 3 § Safeway St .... 39*. 38*. 39*. 39% AVoolworth 54% 54 54% 54, Curtiss Wright . 2% 2% 2*. 2% Nor Am Av 33 33 SDerrv Corp •••• 8 3 i 8 * 8 8 3 * Uni Ain't New.. 13*. 13*. 13*. 13*. Chemical. — Air Reduction ..I*l 111 111 Col Carbon 73*. 73% .3*. 73% Com Solvents .. 20*. 20% 20'. 20. Dupont 93*. 93*. 93*. 94% FreVport Tex ... 22% 22% 22% 22% Math Alkali 27*, 27*4 27% 28 Natl Dis 'newt . 27% 2. 2,% 2. . Schenlev Dist . 24% 24% 24% 25% Tex Gulf Sulph 34*. 34% 34% 34 s Union Carbine .. 47 47 47 47 Drugs— Sterling Prod 61% 61% 61% 62 Un Drug inew) 11*. 11*. 11*. Jlf* Vick Chem 36 36 36 35% Financial— Am Tnt Corp ... s*. 5% 6% 5% Transamerica .. 5% 5% 5% 5% Tr Conti Corp .. 3% 3% 3% 3% Building— Am Radiator ... 14 13% 13% 14% Gen Asphalt .*.. 15% 15% 15% It

Libby Owens Gls 28 3 i 28 3 i 28 3 i 27 5 4 Household— Col Pal Peet ... 17 16' 2 17 lS'i Congoleum 33 33 33 33 Kelvinator .... 17'/g 16 3 A 17's 16 3 4 Mohawk Carpet 14 14 14 13 5 8 Proc & Gamble 46' 2 46'b 46'h 46'4 Servel Inc B'4 8*,4 8V 8V Textiles— Celanese Corp .. 29 5 s 29'4 29 v a 30 1 i Gotham Hose .. 4' 2 4V 2 4'. 2 4 1 ® Indus Rayon ... 31 31 31 31’/4

Chicago Stocks

(By Abbot Proctor & Paine) 11:00 Prev. A M. close. Borg Warner 30 30 Butler Bros 7's 7 Chicago Corp 2 1 1 2'g Cord 2 3 * 2 3 n Libby 7' 2 7*4 Noblitt Sparks 14% 14' Prima Beverage 3 3'.4 Swift 18', i 18 Swift Int 35 34 !/ 2 Util Investors 3 % Walgreen 29'a 29 Zenith Vs IV

A ew York Curb

(Bv Abbott, Proctor & Paine) 12 (Noon) Prev. N. Y. close. Allied Mills 13> 2 13 ! a Am Cyanide B 16 3/ 4 16% Atlas Corp B'/ 8% Can Indus Ale A 9 9'a Distillers Corp 17 16 7 a El Bond & Share 6 5% Ford of Europe 7'b . Hiram Walker 30'4 30 Humble Oil 48' a 48 Nia Hud Pwr 3 3 /a 314 Novadel Agene 21 Vi Wright Hargraves Min BVi GRAINS HOLD STEADY WITH TRADING LIGHT Uncertainty Is Felt Over Prevailing Conditions. By United Press CHICAGO, Feb. 13.—Grains held about steady on the Chicago Board of Trade today, uncertainty over prevailing conditions causing traders to hold to the sidelines. At the start wheat was % cent lower to } a cent higher, corn was unchanged to off ] s cent. The trade paid little attention to relative firmness of foreign markets while American exchanges were closed during yesterday’s holiday. (Bv James E. Bennett) 11:00 Prev. Wheat— High. Low. A M. close. Mav 96’ 2 .95% .96% .96 July 89% .88% .89% .89% Sept 87% .87 Vi .87% .87% Corn— Mav 84% .83% .84% .83% July 79% .78% .79% .78% Sept .76% .7•% .76% .75% Oats— Mav .50% .50% .50% .49% July 43% .42% .43% .42% Sept .40% .40% .40% .40', 2 Rve— Mav 64% .63% .64% .63’ j July 63% .63% .63% .63% Sept 64 .64 .64 .63% LOCAL CASH MARKET Citv grain elevators are paying 89 cents for No. 2 soft red wheat. Other grades on their merits. Cash com No. 3 yellow 82 cents and oats 45 cents.

Hides and Skins

Hides —Green country cows and steers. 4c 3at: green country bulls and glues. 2%c flat: green country calf hides. 4%c flat: green country kip. 4c: No. 1 large horse hides with full heads, shanks, manes and tails. $2.50: medium size. $2. All No. 2 grade norse maes. 30c less; glues and ponies half price. No. 1 rendered tallow. 4%®5c; No 2 at value. Yellow grease. 4®4%c; dark grease, 3%®3%c.

New Books Available at Business Library The following new books are now available at the business branch of the Indianapolis Public Library: THE GREAT DEPRESSION (bj Lionel C. Robbins)—“There have been many depression in modern economic history but it is safe to sav that there has never been anything to compare with this.” AUSTRALIA'S GOVERNMENT BANK By L. C. Jaimcer)—A detailed study of ft government-owned central bank. THE FLORIST BUSINESS (By E A. White)—"The Florist business has developed in a comparativel; few years from a place of ninoi importance in the business worli to one of the leading industries of America." WISCONSIN UNEMPLOYMENT INSURANCE (by Roger Shertnar Hoar) —Wisconsin has a law foi compulsory insurance of worker: including six voluntary schemes anv one of which employes may adopt. HOW TO LEAD DISCUSSION lb; Leßoy C. Bowman)—"The leadet of group discussion must start things, keep them going, ant wtna them up but not do them.’

HOGS CLIMB 10 CENTS AT PENS Cattle Market Steady to Strong; Veals, Lambs Unchanged. Porker prices recovered slightly in eaily trading at the Indianapolis Union Stockyards today following the sharp decrease registered during the previous session. Prices were generally 10 cents higher in all divisions. With a broad demand prevailing on most classes, initial trading was fairly active. Receipts were estimated at 4000, compared with 5000 yesterday. Bulk of 160 to 270 pounds was selling at $8.25 to $8.35, while heavy grades scaling 275 pounds and upward, brought $8 to $8.20. Extremely light slaughter pigs, ranging from 100 to 130 pounds, cashed in at $5.35 to $6.53. Other, medium small weights, 130 to 160 pounds, were salable at $6.60 to $7.60. Good packing sows sold at $6.85 to $7.40. Holdovers numbered 4000. Trading again was active in the cattle market with prices steady to strong at yesterday's best average. However, no test was made of top prices. Early bulk, of steers sold at $9.15 down, while few choice kinds ranged upward to $lO. Receipts were 900. Vealers remained unchanged, selling at $9.50 down. Receipts were 600. Lamb values continued stationary with good and choice kinds ranging from $8.75 to $9. Heavies were salable at $8.50 down, while throwouts brought $6.50 to $8.25. Trading was slow with initial demand weak. Receipts were 1500. HOGS Feb. Bulk. Top. Receipts. 6 $8 151® 8 25 $8.25 4000 7 8 104? 8.20 8.20 4500 8 8 154? 8.25 8.30 4500 9 8.304? 8.40 8.40 * 1000 11 8.404? 8.50 8.55 4000 12 8 15® 8.25 8.30 5000 13’. 8 25® 8.35 8.35 4000 I*4o-160 ) Good and choice.. $7.1041 7.85 Medium 6.75® 7.50 Light weight: _ (160-180) Good and choice .. 8.204? 8.30 Medium • 7.76® 810 (180-200) Good and choice .. 8.25© 8.35 Medium 7.85© 8.10 Medium weight: (200-2201 Good and choice .. 8.304? 8.35 (220-2501 Good and choice .. 8.25® 8.35 Heavvweight: 1 250-290i Good and choice .. 8 20® 8.25 (200-3501 Good and choice .. B.oo® 8.20 Packing sows: „ _ (275-3501 Medium 7.25® 7.50 (530-4251 Good 7.15® 7.40 (425-5501 Good 7.00® 7.25 (275-350) Medium 6.85® 7.15 Slaughter pigs. „ (100-140) Good and choice • • 5.35® 6.85 Medium 4.25® 6.60 CATTLE —Receipts, 900— —Steers—-(sso-900) Choice $lO 25® 12.25 Good 9 25®U.50 Medium 6.75® 9.50 Common 5.00® 7.00 (900-1100) Choice [email protected] Good . 9.50® 12.25 Medium 9 25© 9.75 Common 5.00® 7.00 (1100-1300) Choice 12.25® 13 50 Good 9.75® 12.50 Medium [email protected] (1300-1500) Choice 12.25®13.50 —Heifers—-(soo-750) Good 10.00®12.50 Choice 9.00®10.00 Good B.oo® 9.00 Common, and medium 4.00® 8 00 (750-900i Good end choice... 8.25®10.50 Common and medium 4.25® 8.25 —Cows— Good 5.75® 7.50 Common and medium 3.50® 5.75 Low cutter and cutter 2.00® 3.30 —Bulls—(Yearlings Excluded) Good 4 75® 5.75 common and medium 3.50® 6.25 VEALERS —Receipts. 600Good and choice $9 00® 9.50 Medium 6.50© 9.00 Cull and common 3.00® 6.50 Calves—--1250-500) Good ond choice 6 25© 9.00 Common and medium 3.50® 6.25 —Feeder and Stocker Cattle— Steers — (500-900) Good and choice 5 50® 7.25 Common and medium ... 4 00® 5.50 (900-10501 Good and choice... 5.75® 7.50 Common and medium 4.25® 5.75 —Cows— Good 3.50® 4 25 Common and medium 2.75® 3.50 SHEEP AND LAMBS —Recipts, 1500— Lambs. 90 to 120 lbs., good and choice $8 25® 9.00 Common and medium 6.00® 8.50 90-120 lbs., good and choice.. 3.50® 4.50 Sheep: G2O-150) Good and choice ■. 3 00® 4.25 All weights, common and medium 2 00® 3.25 PARTNERSHIP IS FORMED By Times Special CHICAGO, Feb. 13.—Harrson, O’Gara & Cos., Chicago investment firm, announced today that Gregoiy P. Maloney of the New York Stock Exchange has been admitted to general partnership and that their facilities have been expanded to conduct a general brokerage and in- ! vestment business.

PAGE 15

DANGER FEARED IN MONEY BILLS UP FOR ACTION Hard Work of Inflationists Indicated in Numerous Proposals. This is another of a series of articles written for The Indianapolis Times by members of Ihe economies department of New York University's School of Commerce, Accounts and Finance. Bv WALTER E. SPAHR, Chairman, Department of Economics NEW YORK, Feb. 13.—Practically all the wild-money advocates in Congress are hard at work pressing their bills. There are new proposals for paper money inflation, for further devaluation of the dollar and for adding more silver to our currency. Then there are bills providing for the creation of a government-owned and controlled central bank and others which will make a govern-ment-controlled and dominated institution out of our Federal Reserve j Banks. The groups behind these bills recognize no lessons of monetary j experience: they apparently, can not grasp the fundamental principles of j money, credit and banking, and they j are determined, headstrong and stubborn. Calls Law Dangerous It was Senator Thomas who. through the Inflation Act of May 12, 1933, gave us the most dangerous inflationary law on our statute books thus far and who last year proposed to “transfer that $200,000,000,000 in the hands of persons who now have it, who did not buy it, who did not earn it, who do not deserve it, who must not retain it, back to the other side—the debtor class of the republic, the public who owe the mass debts of the nation.” Representative Patman is known 'to the country for just two things—his efforts to pay the soldiers’ bonus and to inflate the currency. Asa sample of his notions, he said on Jan. 7: ‘‘The Government should issue currency when in need of money instead of tax-exempt inter-est-bearing bonds,” and “no additional taxes should be levied s® long as we need additional money." Other Bills Offered Thomas and Patman are not the only congressional proponents of dangerous money and banking bills. Representative Dies of Texas has introduced a bill to make the silver dollar our standard monetary unit and to put this country on a silver standard, and another bill to devaluate still further our gold standard and, in addition, the silver coins. Representative Cross of Texas has introduced a bill for providing for the increased use of silver, for th? further devaluation of the gold dollar, and for other equally absurd things. Mr. Lundeen of Minnesota has introduced a series of bills relating to payment of the soldiers' bonus and providing for inflating the currency. In the field of banking three of the most dangerous bills are those introduced by Representative Goldsborough of Maryland. One bill provides for the establishment of a Federal Monetary Authority, which involves the destruction or mutilation of the Federal Reserve System and the creation of a politicallycontrolled banking system. The other bills provide for the creation of a central bank with a capital of $4,000,000,000 and authorizes the Secretary of the Treasury to issue $40,000,000,000 of greenbacks to pay off the debt of the United States. Considered Forgery This is one of the most astounding proposals for a central bank, for inflating the currency and for repudiating the national debt that has appeared thus far. What Mr. Goldsborough proposes to do, in the last analysis, is to substitute for the government bonds, which the banks and investors hold, printing press money having behind it neither the required reserves nor securities which will liquidate it. This is forgery. These are not all the dangerous money and banking bills now before Congress, but they are indicative of the very real dangers with which the people of thi£ country are confronted. Now, what can we as individuals do about these things? We can write letters to our Congressmen and to the papers. Always remember that outside of war human beings have never devised an instrument more destructive of human welfare than currency inflation. There are no valid arguments for inflation. It is a deadly disease. It is like dope; it stimulates its victims while it paves the way for their ultimate destruction. The inflationists in and out of Congress are the nation’s dope peddlers.

DOBBIN’S TAIL VALUE FIGURED AT 45 CENTS Upswing Indirectly Due to Gold Standard Fluctuations. By Times Special CHICAGO, Feb. 13.—1f old Dobbin doesn’t earn his salt in the field, chop off his tail—it’s worth 45 cents. Fluctuations in the gold standard have caused South American sources to ship their horse hair to Europe instead of the United States, the Illinois Chamber of Commerce revealed today, and American industry’ is combing the country for hair. Upholsterers, mattress makers and clothing manufacturers are prepared to pay a premium. A weli-groomed tail will bring from 35 to 45 cents; manes are worth from 10 to 15 cents a pound, and combings 35 to 45 cents a pound.

BE SAFE Insure Yo"r Car Today SsyisSlstate Automobile Insurance Ass’n. LI-X 371. 7th Floor Ocddftal Bldg.

What Doe* It Mean? Bankers’ Acceptance—Commercial paper representing short-term borrowing used for buying goods or materials. Also known as three-name paper, because it is guaranteed by the borrower and two indorsing banks.

HEADS NEW COMPANY

JB

C. Bruce McConnell

Anew cigaret, Cocktail Hour, appeared on the market late last week. The local company producing them, known as Cocktail Hour Cigarets, Inc., has C. Bruce McConnell as president; E. W. Harris as vice president and E- H. Schmidt as secretary and treasurer.

HEATED FREIGHT CAR DANGEROUS Winter Movement of Fruits Increases Hazards for Workers. By United Press KANSAS CITY, Mo., Jan. 13. Winter movement of fruits over the network of central United States railroads increases hazards for railroad workers as well as hoboes. Perishables must be moved in artificially warmed cars, and charcoal burners placed in bunkers at either end of fruit and vegetable cars throw off deadly carbon monoxide gas. The hobo who huddles up to a charcoal burner, picturing a warm, comfortable ride, likely will not reach the next town alive. The charcoal burner is considered so hazardous by railway workers that two men always are assigned to the task of inspecting them at each division, one remaining on top of the car to offer aid in the event the other is weakened by a few breaths of air tainted by the gas. Bunkers are six feet deep and before the two-man inspection plan was adopted many a yard clerk perished because the gas sapped his strength to a point where he could not clamber out. Until Jan. 15 no railroads east of the Mississippi supplied heat service, but on that date it became a standard convenience to fruit shippers, adding to hazards on those roads. Frequently hoboes are not aware of the deadliness of the charcoal burners. Seasoned tramps, however, much to the disgust of railway yard clerks and claim departments, often match wits against the poisonous charcoal burners and lie down beside them—after raising a bunker cover at either end of the car in order to create a draft of fresh.air to carry away fumes. HIGH PRESSURES SLOW ALLOYS AGE HARDENING Discovery Follows Experiments of Dr. L. R. Van Wert. By United Press CAMBRIDGE, Mass., Feb. 13. Application of high pressures to alloys materially decreases the rate of age-harden’ng, according to experiments made here by Dr. L. R. Van Wert of the Harvard Graduate School of Engineering. Pressures as high as 20,000 atmospheres were used by Dr. Van Wert in his study of the atomic structure of alloys. It was found that the decrease in the rate of age-hardening was greatest in those alloys having a high compressibility and became less marked as the less compressible alloys were used. As the speed of age-hardening is assumed to be connected with the diffusion of atoms of the alloying metal to stiategic points in the basic metal, Dr. Van Wert has surmised that the high pressures interfere with this diffusion in the more compressible, alloys, and thus decelerates the age-hardening process.

NINETY YEARS OF FINANCIAL STRENGTH SINCE INCORPORATION ON MARCH 16, 1844 STATE MUTUAL LIFE ASSURANCE CO, has received premiums of $378,419,426 has paid policy lr 'ders: in death c dims $106,658,b54 living policvholders 174,997,487 Balance of premiums in possession of Company $96,763,885 The Company's investments have yielded in EXCESS of all expenses and taxes $58,604,102 Total assets—January 1, 1935 $155,367,987 For every dollar of premiums tvhich has ever been received from policyholders, and which has not already been returned to them or their beneficiaries, The State Mutual still holds for them in trust $1.59. C. Fred Davis Fred T. Cretors Walter R. McClure Ross M. Halgren 620 CIRCLE TOWER RILEY 4636

Government Bonds Home Owners’ Loan Corporation and Municipal Bonds BOND DEPARTMENT The Union Trust Cos. of Indianapolis 120 E. Market RHey 5341

SHARES MOVE IRREGULARLY IN QUIETTRADING Heaviest Dealings Are in Low-Grade Issues: Utilities Slip. By United Press NEW YORK, Feb. 13—Stocks lacked leadership this morning and prices continued to move irregularly in dull trading. Heaviest dealings were in lowgrade issues such as National Department Stores and Studebaker. The former firmed and its preferred in large volume for a 10-share lot issue reached 34 up I s *. Most leading issues were lower. American Can. an exception, gained a point to 115'i. United States Steel around noon was at 35 1 = . off ' 2 from the previous close but up "* from today’s low. General Motors. Westinghouse Electric, Goodyear and American Smelting were s’ightly lower. American Telephone lost a point to 103 V Most of the rails were fractionally lower in light trading. Utilities slipped back with Public Service of New Jersey at anew record low for the present shares. Some special issues were fractions to more than a point higher, including Budd Manufacturing issues, Continental Can which made a rew 1934-35 high. United States Smelting, Kelvinator, Neisner Brothers, National Biscuit and Commercial Credit.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,545,000.00 Debits 5.038.000 00 TREASURY STATEMENT tßv United Press) WASHINGTON, Feb. 13.—Government expenses and receipts for the current fiscal year to Feb. 11, compared with the corresponding period of the previous fiscal year: This year Last year Expenses $4,244,686,304 29 $3 850.886,574.67 Receipts . 2.170.191,352.50 1.789,501.623.11 Deficit . 2.074.494.951 79 2.061.384,951.56 Cash bal. 2,209,337,888 29 4.282,875,842.05

Other Livestock

(By United Press) LAFAYETTE. Feb 13—Market, steady to 10c higher: 200-250 lbs , $8.15*1/8.25: 250300 lbs. $8,054)8.10: 200-325 lbs.. $7.95: 160-200 lbs . $84)8.10: 150-160 lbs.. $7 2544 7.50; 135-150 lbs. $6,754)7; 125-135 lbs $6,254)6.50; 15-125 lbs. $5,754/6; 100-115 lbs., $.24? .0: roughs. $7.2 down. Calves steady. $8 50 down; lambs, steady, $8.25 down. (By Times Special) LOUISVILLE Feb 13.—Cattle— Receipts. 20: demand dependable for all slaughter classes; killing quality plain: market generally steady; bulk common to medium steers and heifers. $5®7.50; better finished kinds scarce quotable to $9 and above; bulk beef cows, $44/5: good kinds to $5.50 and above: low cutters and cutter cows mainly $1,754/3.50: sausage bulls, $4.75 down; bulk desirable stock calves, $5 4/7: good eligible higher calves, $4, Including about 175 stock calves: steadybulk better vealers, $74/8; medium and lower grades. $6 50 down to around $3. Hogs—Receipts. 500: market, steady; top and bulk better. 180-250 lbs.. $8.15: 255 lbs. up. $7.70: 160-175 lbs . $7.40: 140-155 lbs.. $6.90; 120-135 lbs . $5 95; sows. $6 40. Sheep—Receipts. 50; steady: bulk medium to good lambs. s7® 8: choice quotable higher: common throwouts. $6; fat ewes mostly $3.50 down.

Produce Markets

Delivered In Indianapolis prices; Heavy breed hens. 13c; Leghorn hens. 9c; colored springers. 13c; heavy stags, 9c; Leghorn stags, 7c; old roosters, 6c; ducks, full feathered and fat. 10c; geese, full feathered and fat, 8c; all classes of guineas, 15c; No. 1 strictly fresh country run eggs loss ofT. 22c. 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, 404?41c: butterfat, 36c. Quoted by the Wadley Cos. (By United Press) CHICAGO. Feb. 13. Eggs Market, steady; receipts. 11,771 cases (two davsl; extra firsts. 29c; fresh graded firsts, 29c; current receipts. 28e; dirties. 27c; checks, 26c. Butter- Market, easy; receipts. 16.109 tubs (two davsi; extra firsts (90-91 % score), 354?35%c: extra (92 scorei, 36c; firsts (88-89% score'. 34%4?35c; seconds 'B6-87% scorei. 33%4/34c: specials. 36%® 37c; standards, 36c. Poultry, Market, unsettled: receipts, 1 car, 20 trucks; hens, Leghorn, 13%c: springers Leghorn. 14c; broilers, 224/23c: capons, 6-7 lbs., 23c: old roosters, 134/ 14c: ducks. 174? 18c; turkeys, 194)21c; geese. 15c; stags. 15%c CheeseTwins 17® 17% c; daisies, 17%4i 17%e; Longhorns. 17%4i17*.iC. Potatoes—Supply l'beral, demand and trading .slow, market dull: Wisconsin round whites, no sales reported; Idal\o russets. $1,454? 1.47%; Minnesota cobblers,' 85c; arrivals 57, on track 277. shipments 954.

CLEVELAND. Feb. 13- Butter—Market, steady extras. 40c: standards 40c Eggs Market, weak; extra white. 30c; current receipts. 29%c. Poultry—Market, steady; fowls. 194/ 20c: Leghorn fowls 164/I'C: ducks, young. 244? 25c: ducks, old. 19 o 21c; turkeys, young. 20c. Potatoes Maine, $1 154/1.25 a 100-lb. bag Ohio, mostly 75 4?80c a 100-lb. bag: Michigan, 804(85c a 100-lb. bag.