Indianapolis Times, Volume 46, Number 241, Indianapolis, Marion County, 16 February 1935 — Page 14

Trends Highlights of News During* Last Week. BV FREDERICK MATSON

Tim Financial Writer Roosevelt after a * conference with heads of the American Federation of Labor reiterated hs belief in the "necessity” and "the soundness of furthering the principle of collective bargaining as betwocn labor and management ... In Indianapolis, a second strike against the Indianapolis Bleaching Cos. scheduled to begin next Wednesday, was called off after grievances of members of local 2M59. United Textile Workers of America, had been settled at a conference between workers and company officials . . . Constitutionality of the five-year fY-deral farm mortgage moratorium act was upheld by the United States District Court of Appeals in Cincinnati . . . Bu mess activity during January reached the highest level in nearly a year, according to the American Federation of Labor monthly survey .. . The State Lem lature Ways and Means Committee is considering a pair of utility bills that would permit Indiana municipalities to erect, or if desired, acquire existing plants by condemnation . . Orders reducing the Northern Indiana Public Service Cos. electric light and power rates $332,260 a year for 72395 consumers were on file in the offices of the Indiana Public Service Commission. The new rates become effective March 1 . . . The Legislative gas probe committee continued its investigations of the gas situation in Indiana. Frank Par; h. president of MissouriKansas Pipe Line Corp.. was among the witnesses. The Indianapolis utility district was considering the sale of approximately $7,000.000 in di trict bonds to enable the city to acquire the Citiaens Gas Cos. . . Markets were closed Tuesday in observance of Lincoln's birthday. a a a THE Supreme Court still ponders the goid clause cases, giving no indication of when it will hand down its decision. Meanwhile, the apparently insoluble riddle has kept trailers on security and commodity markets in a siate of agitation. with the markets fluctuating accordingly ... A bill asking for repeal of the state poll tax law was introduced in the state Senate by Senator E. Curtis White D„ Indianapolis) ... In Washington the Administration launched its major offensive to revive the $29.000 000.000 home mortgage credit business, stagnated by depression. Objective of the program is the government’s retirement from direct lending to home owners as soon as acute distress has been alleviated ...Henry Morganthau Jr., secretary of the Treasury, told American business that the Treasury Department is prepared to manage the external value of the dollar as long as it may be neccessary. and in so doing revealed for the first time that the stabilization fund was officially operated in the foreign market .. . The grain trading career of Arthur W. Cutten. often called “the greatest speculator in the nations history.” was halted by government order. The grain futures commission instructed all contract markets to refuse Cutten's trading privileges for two years beginning March 1. Ho is charged with violating the grain futures act bv concealing operations in an attempt to manipulate prices . . . Left wing New Dealers are proposing higher income and corporate taxes to supplement the central bank bill now before Congress. a a a THE state NRA bill was in a state of flux this week until President Roosevelt telegraphed Gov. Paul V. McNutt Thursday that the Administration emphatically is not antagonistic to the bill . . . The first mortgage loan in Indiana to be approved for insurance under the mutual insurance provisions of the Federal Housing Administration was completed this week. R. Earl Peters, state director of FHA, announced .• . Apparently confirming reports that the Unitrd States would relax silver purchasing from China. American silver imports from that country in January were only $168,000 in the total imports of $19,035,000. according to Department of Commerce statistics ... The longawaited report of Gov. McNutt's committee on government economy was announced by the Governor. The report, containing more than 700 pages, is the* fruit of several months study by an 11-member committee headed by Bernard C. Gavit . . . Hog prices at the Indianapolis stock yards reached now four-year highs. Prices for choice grades touched $8.70 Friday . . . Authoritative quarters say that the President is preparing to return NRA to one-man control. Functioning of the seven-man administrative board which took over tiie recovery unit from Gen. Hugh S. Johnson last October has been beset with difficulties. . . Evidence that E I. du Pont de Nemours Sc Cos. which for 133 years has furnished gunpowder to the United States government, has given serious consideration to going out of the military explosive business is contained in the annual report of the company, made public ih week The company decided, however. to stay in the explosives business until the government might change .its policy regarding the purchase of munitions.

COFFEE PRICE DROPS Brazil Grades Off More Than $2 a Bag in Six Weesk. B <i Time* Special NEW YORK. Feb. 16—Prices of Brazfiian coffee from Jan. 2 to Feb. 13 dropped more than S2 a bag on the New York Coffee and Sugar Exchange, it was announced today. The decline in value cf the 260 bag futures contract traded on the exchange ranged from S4BB 50 for the March delivery to 607.75 for the December contract. SILVER IMPORTS HIGHER tty Unit<4 Press WASHINGTON, Feb. 16—Silver imports for the week ended Feb. 8 rose to $7 006 193 from $3 498.113 for the preceding week, the Department of Commerce reported today. Principal sources of imports: United Kingdom. $6176.359. Mexico, $209,164; Hongkong, $203,444.

PAGE 14

U. S, SPENDING INCREASED BY LATEST STEPS Expenses Seen Expanded by 5500.000.000 Beyond Budget Guess. BY LYLE C. WILSON l/mlrd Pre Staff Correspondent WASHINGTON. Feb. 16—Senate Republicans and Democrats are leading Congress on a spending spree which promises to increase government expenses $500,000,000 beyond budget estimates. If realized, the trend of Federal expenses will be up instead of down as President Roosevelt expected on the basis of the budget presented to Congress on Jan. 7. Mr. Roosevelt’s first budget defeat was when the Senate voted to restore a prevailing 5 per cent Federal employes' pay cut on April 1, instead of July 1. That will cost about $16,500,000, which the President said Congress must find with new taxes. The House had agreed to the July restoration plan proposed by the President but accepted the Senate amendment. The next Senate bolt was on an appropriation for seed and harvesting loans to distressed farmers. Mr. Roosevelt said a year ago he hoped it would not be necessary to appropriate anything for that purpose this year. Drought conditions, however, compelled further assistance. Smith Launches Bill Representatives of the Farm Credit Administration appeared before the House Agriculture Committee where the loan bill first was considered. They informed the committee that $50,000,000 would be sufficient to aid farmers who could not borrow elsewhere. Chairman Ellison D. Smith of the Senate Agri cu 1 ture Committee brought the bill to the Senate with an amendment increasing the appropriation to $100,000,000. Replying to questions on the Senate floor, he said his committee had made no inquiry at the Farm Credit Administration or elsewhere to determine the necessity for the extra $50,000,000 but promised to present to the Senate next day figures justifying the added expense. Acting on that promise the Senate voted the extra $50,000,000, but examination of the Senate's proceedings next day failed to discover Smith's report to justify the increase. Although that money will be loaned rather than given away, it will be a charge on the Treasury until it is prepaid. Loan Rate Pared Last Monday the Senate voted to spend again beyond White House plans. By a vote of 43 to 39 it adopted the Wheeler amendment to the emergency Farm Mortgage* Act of 1933 reducing the rate of interest to be paid by farmers from 4'i per cent to 3'i per cent. Chairman Duncan U. Fletcher of the Senate Banking and Currency Committee said that reduction would cost the Treasury approximately $25,000,000 a year. These three votes account for $91,500.000 of newly authorized expenditures which the House has or may approve. A jump of $400,000,000 a year more in Federal expense is forecast on the basis of statements of congressional leaders that the Administration is being driven to compromise on the veterans’ bonus issue. Some Senators are alarmed by the spending trend. Senator William H. King <D.. Utah) recently told the Senate: “I realize that appeals f or reductions in appropriations by the present Congress will be in vain.”

Local Livestock

(Reprinted from vesterdavl HOGS FYb. Bulb. Top. Receipts. 8. $8 15@ 825 $8.30 4500 9. 8 30'.? 8 40 8 40 1000 11. 8 4042 8 30 8 55 4000 12. 8 154$ 8.25 8 30 5000 13. 8 25'-$ 8 35' 8 35 4000 14. 8 SO -i 8 0 8 60 4000 15. 8 600 8 70 8.70 3000 Lieht lieht: 1140-1601 Good and choice $7 354? 8.10 Medium 7.000 7.85 Lieht weicht: i 160-1801 Good and choice .. 8 604? 865 Medium 8.104$ 8.45 < 180-200) Good and choice... 8 604$ 8.75 Medium 8 250 8.50 Medium vreleht: • 200-2201 Good and choice .. 8 654? 8.70 i220-250i Good and choice... 8 60 0 8.70 HeavvveWht i250-200t Good and choice... 8 554? 8.65 <290-3501 Good and choice-. 8.35(0 8.55 Pacit>nc sows: .275-3501 Good 7 404? 7.75 <350-4251 Good ..... 7 354? 7.65 <425-5501 Good 7 254? 7 50 <275-3501 Medium 7.000 735 Slauehter pies. .100-140) Good and choice .. 5 604? 7.10 Medium 4.500 6.65 CATTLE —Receipts. 500— —Steer*— ,s*n-900) Choice *lO 254712.25 Good 9.25j?11.50 Medium 6 754? 9.50 Common 5.004? 7 00 <9OO-1100) Choice [email protected] Good 9 504712.25 Medium 9 250 9.75 Common 5.004? 7.50 <llOO-1300) Choice 12 25 <713 50 ''-ood 975 12.50 '.edium 7 50010.00 1300-1500) Choice 12 2 54213.50 —Heifers—-<soo-750) Good 10 00012.50 Choice 9 004710 00 Good 8.000 9.00 Common and medium 4 004? 8.00 • 750-900* Good end choice 8 254iX0 50 Common and medium 4 250 8.25 —Cows— Good ! 5 750 7.50 Common and medium 3 504? 5.75 Low cutter and cutter 2 000 3.50 —Bulls—- • Tearlinxs Excluded) C-ood 4.750 5.75 common and medium 3 500 625 VEALEBS —Receipts. 100— Good and choice *9 504710.00 Medium 7.000 9.50 Cull and common 3.504? 7.00 —Ciltts—- • 250-500) Good or.d choice.... 6 254? 9.00 Common and medium 3.500 6.25 —Feeder and Stacker Cattle——Steers— • 500-900) Good and choice 5.504? 7.25 Common and medium 4 004? 5.50 • 900-1050' Good and choice... 5.75 0 7.50 Common and medium 4 2542 5.75 —Cows— Good 3.500 4.25 Common and medium 2 754? 3.50 SHfEP AND LAMBS —Receipt*. 1500Lamb* 90 to 120 lbs good and choice $8 254? 9.00 Common and medium 6 004? 8 00 9G-120 lbs. food and choice . 350 J 4.50 Sheep: • 120-1501 Good and choice 300 0 4.25 All weight*. common and medium 2.000 325 6

Abreast of The Times on Finance

New York Stocks

<Rep-inte<J from vesterdav) (By '.Tiomson k McKinnon) Prev. Oils— High Low. Ciose. Close. Amerada oJ 3 . 53% 53% 53% Atl Rfg 24’2 24’ 2 24% 24% Barnsdall 6’2 6% 6’2 *>’ . Consol OH 7% 7% 7 s . 7 s . Cont of Del .... 18’ 18> 18’. 18’. Houston 'new). 2% 2% 2 3 4 2 3 4 Mid Cont Pet ... 11% 11 3 11% 11’2 Ohio OH 10 9% 10 9’. Pet Corp 8% B’4 8% 8% Phillips Pet .... 15’4 15% 15% 15's Plymouth Oil .. 7’j 7 3 . 7 3 , 7’. Pure *0:1 .... 6% 6 3 4 6 3 4 6% Royal Dutch ... 30 3 4 30 3 4 30% 31'.2 Seaboard Oil ... 23 3 . 25 25 25 Shell Un 6% 6 6% % Soc Vac . ... IS 3 . 13 5 13 5 . 13 ■ SO Os Cal 30’2 30 1 4 30’ 4 30' * S O of Ind 24 23 7 24 23 3 4 BOOf N J 40% 40'2 40 s . 40'* Texas Corp •• 20 19 3 4 19% 19% Tidewater Assn 8% B'2 B s . B*. Un Oil of Cal .. 16’a 15 7 lo:* 15 s Steels — Am Roll Mills . 21’. 20',2 20% 20*1 Bsth S'eel 30 29 29% 29 Bvers A M .... 16'2 16 7 16'2 16 Inland Seel .... 53 3 4 53 3 4 53% 53 Ludlum Bteel . 16% 16'. 16% 16% McKeesport Tin 99 96'. 98'. 96 Mid Steel 12 3 12 3 s 12 3 . 11% .Natl Steel 48 47'2 48 47 Otis Steel ... 6 6 6 5% Re P Iron A: Stl 13'j 13'. 13% 13’. Rep I k Stl nfd 42 42 42 42 U S Pipe Ac FdV 18 7 18' 2 18 7 4 18*. U S Steel . 36't 35'2 36 35 s . U S Steel Dfd 87 3 . 86% 87'2 86 s . Youngstn SAcT 18 17 3 . 17% li(. Motors— Auburn 24'. 24 24 23% Chrysler 333.9 3 . 39'. 39'. Gen Motors .... 31% 31 31'. 30% Graham Mot ... 2% 2'32% 2*2 Hudson 10'. 10 10'. P 7. Hupp 2'. 2% 2% 2*. Mack Truck ... 26% 26', 26'. 25is Nash .. 16*. 16 16% 16 Packard 4*. 4% 4' 2 4-, Rep 2\ 2*B 2% 2'a Studebaker ',2 % % % Yellow Truck ... 3% 3% 3% 3',2 Motor Access— Bondix 15*i 15'4 15*4 Iris Bohn Alum 56 3 b 56 56 55 Borg Warner ... 31 30% 30% 30 Briggs 28% 27 3 4 28% 27'2 Budd Mfe 4% 4*. 4 3 . 4*B Budd Wheel 3*B 3% 3*s 3% Eaton Mfg 20 19* g 19% 1 9*t Elec A Lite 25 7 s 24% 25% 24% ! Elec Stor Bat ... 47 45 3 . 47 45* t Hnudaille A .... B’28’2 8% 8 3 a I 1 Mullins Mfg 9*4 9% 9% 9% Murrav Bodv ... 6 3 4 6% 6% 6 3 . I Stew Warner ... 7 7 7*s 7*4 7 2 Timken Roll .... 34 7 i 34% 43*. 34% Timken Ddt Ax.. 6(4 6(4 6(4 6 Mining— Alaska Jun 17’.4 16 7 4 17% 16 7 4 Am Metals .... 17 16% 17 16V4 Am Smelt 36 34% 35% 34 Anaconda 10*4 10% 10*8 10% Cal Ac Heel a .. 3'4 3% 3% 4% Cerro dr Panco.. 43% 41% 42% 40% Dome Mines ... 39 37% 39 38 Granbv 6*4 6% 6% 6*4 Gt Nor Ore .... 10% 10% 10*8 10% Howe Sound ... 47% 45% 47% 44% Int Nickel 23% 23 23% 23 Isl Creek Coal .. 32% 32% 32% 32% ' Kennecott Cop.. 17 16% 17 16_a Mclntyre Mine.. 41% 41 41(4 40% Park Utah 3(4 2% 32% Noranda Cop ... 33 32% 33 32% Phelps Dodge .. 15% 15% 15% 15 jSt Joe Lead 15% 14% 15% 14% IU S Smelters ..116% 113% 116 113% j Vanadium 17(4 17(4 17% 17(e Amusements— I Croslev Radio .. 14% 14 14% 14 Fox Theat 10% 10 10% 9% Loews Inc .... 34% 33*4 34% 33% Radio Corp 5% 5 5% 5% 1 Paramount 3% 3*4 3% 3% RKO 2 1 7 s 2 1 7 8 Warner Bros ... 3(4 3% 3(4 3% Tobaccos — Am Snuff 67 67 67 67% Am Sum Tob ... 22% 21(4 22(4 21% Am Tob "A” ... 80% 80 80 80 Am Tob “B” ... 81% 81 81% 81 Gen Cigars 55% 55 55% 54% Lice & Myrs "B” 106 105(4 105% 105 Lorillard 20*4 20 20% 20% Phillip Morris 40 39% 39% 40 Rcynlds Tob "B“ 47% 47% 47% 47% Rails— Atchison 44% 43% 44*4 43 Atl Coast Lines 28% 28% 28% 28 BAc O 11*. 11% H% 11% Can Pacific ..... 12% 12(4 12% 12% Ch Ac Ohio 42% 42 42 42 CMAc St P ... 2% 2% 2(4 2*B C M Ac St P pfd 3% 3% 3% 3% Chi N W 4'4 4% 4(4 4(4 Dela Ac Hud ... 33% 33 33 33% Dei Lac Ac W 15*. 15*4 15% 15% Grt Northn pfd 13% 13% 13% 13(4 111 Central 13% 13% 13% 13% Lehigh Valley .. 9 9 9 8% Lou Ac Nash 42 41*4 42 42% M K Ac T 5 4% 5 4% MKAc T pfd .. 10'4 10% 10% 10% Mo Pac pfd . 2(. 2% 2*B 2% N Y Cent 17 16% 16% 16% N Y New Haven 6% 6(4 6% 6(4 Nor Pacific 17*8 17 17% 17 Penn R R 21% 21% 21(4 21% Reading 37 36 36 36% Sou Pac 15' 4 14% 15% 14*4 Sou R R 11% 11% 11*. H% Union Pac 100 99(4 99% 100 West Maryland . 8 8 8 8 Equipments— Am Brake Sh . ■ 25% 25% 25% 26 Am Car Ac Fdv . 16% 16% 16% 17 Am Loro 17% 17 17 17% Am Steel Fdv ... 16% 16% 16% 16% Bald Loco 5% 5(4 5(4 5% Gen Am Tk Car. 36% 36 36 36 Gen Elec 24 23*4 23% 23_t Pullman Inc 49% 48-, 49% 48.4 West Air Br ... 24% 24% 24% 24 Westingh Elec ..39% 38's 39V. 38.s Utilities— Am Ac For P ... 4% 3 7 i 4 4% Am Pow Ac Lt .. 32% 2% 2s A T Ac T ...104 100% 104 103% Am Wat Wks .. 11(4 11% 11% 11% Col Gas Ac El .. 6 5 5(8 6 Com Ac Sou 1% 1 1 1 Consol Gas ... 18% 17% 1' l*j' Elec Pwr Ac Lt .. 2% 2% 2% 2-8 Int Hvdro Elec . 2% 2% 2 2 4 Interboro R T • I*% 14% 14% 14 Int T Ac T 8% 8% B.'. 8% Lou GAc E "A". 13 12% 12% 13 Nat Pwr Ac Lit ~,6% 6% 6% 6% North Amer 72% 11% H 8 12 2 : Pac G& E 14% 14% 14 4 14% ! Peoples Gas ... 21% 20 2 20 2 21 ! Pub Serv NJ .. I 550 Cal Edison-. 11% 11% 11 4 12 ' Std Gas 3% 3% 3% 3% Stone Ac Webster 3;s 3% 3 s 3 4 United Corp 2% 2 - 2 a Un Gas Imp 10% 10% 10% 10% Ut Pwr Ac Lt ‘A’ 1% l*a 1% Ij* Western Union •29 23Vi 28 s 28/a

Rubbers— Firestone JJjfs 16 s 'a 16’a 16H Goodrich 10U 10 10 s 9 a Goodyear 23 3 s 22*2 23 22 4 Kelly Snrinc ... 1 lfs \ 3 -* U S Rubber ■ 15’<i 14*8 15 14 U S Rubber pfd 36 3 a 34 35'i 34*4 Miscellaneous — Allis Chalmers.. 17 •* 16~a }7 r ,J§? 4 ?mer Can 119'. 117 Uj Am Mach & Fdv 21’a 21 2 21 2l 4 Anchor Cap ■ 16J2 16 2 16 2 15, a Brklvn Man Tr . 42'a 42 42'a 42 Burroughs Add. la’s 15 15S 15 J I Case 57 56' 2 56? 05 ; 4 Conti Can 70 3 4 68 s a 0-> 68 1 2 Caterpillar Tract 42*4 41'2 62 a 41 a Crown Cork 26' t 26>4 26*4 26 Curtis Pub 19 19 19 IB 2 Curtis Pub Dfd.. 96['4 96*• 96 ! 8 97 Dcpro Cos •• 29*2 28'a 29 28 g Eastman Kodak 12’ 119*2 120'2 119 1 Foster Wheeler.. 14*2 14'* 14*2 }’Va Gillette 14'a 14 14 a 14 Glidden ■•■ -. 26' 2 26' 2 26 2 264 Ineersol! Rand-. 67's 67'.a 6< 2 67 Int Bus Mach ..159 la9 159 156-4 Inter Harv .. 41' t 40 41 40 Natl Cash Reg.. 16*2 16 3 16 2 16'a Owens Bottle .. 89'2 88 89*2 88 Rem Rand ... 9 3 a 9'a 9's JN Underwood E ..' 6C2 i9 60 2 57,a Foods— Am Sugar 69 67 69 66 Armour 5' 2 5 3 5% 5 3 b Armour 6"r pfd 69*2 69'a 69'a 69 a Beatrice Cream 17 7 g n'2 1< 7 * 17*4 Borden Prod ... 25 24 5 24 3 4 -4-a Cal Packing 41 3 a 41 41' 41 Can Drv G Ale ’.3 5 a 13 3 a 13*2 13*4 Coca-Cola . 173' 2 172 173' 2 171*2 Cont Bak "A”.. 6U s*i •', s*a Corn Prod ... 67 3 4 66'4 67 66 4 Crm of Wheat . 38'2 38 3 a 38*2 38*2 Cuban Am Sugar 6 3 4 6’a 6 3 4 6,* Gen Baking 8 5 a 8 3 a 8 2 8 < Gen Foods 3a 34 5 a 35 34 a Gold Dust 17'2 17'a 17 3 a 17 G W Sugar 29 7 i 29 3 a 29 •* 29*a Hershey 78 78 18 <7 Int Salt 30 29\ 29 J 4 29 a Loose Wiles 35 3a 35 34 2 Natl Biscuit 28 3 28 1 28 2 28 a Natl D Prod . ... 16 a 16 a 16 2 16 3 Purity Bak . 9 i 9J „g 3 ? ® ‘ S Porto R Sue 23_ 21;a 22^ Sid Brands 1< ■ l;*a 17 s * 1< a United Fruit ... <5 <4*4 <5 73 * Retail Stores— Assd Drv Goods 11>4 11 U's 11 . Best ACo 3. >4 36 2 37'a 36'4 First Natl Stores 52 50 s * a2 50 Gr Un Tea .. 3' 2 3'* 3>2 3' 2 Hahn Dept St*.. 5 5 5 5 Kresee S S 21 '4 21 21*4 20 7 Kroger Groc .... 25*4 25' 25' 4 25W Macv R H 39’2 39 39 39 McCrorv St .... lON, 10 3 . 10 3 i 10<4 McLellan St 13 3 * 1313 3 13 Marshall Field . 9 8 3 4 8 3 May Dept St .. 4? 41’2 42 42 Mont Ward 26 3 4 26>4 26 4 26 jS Natl Tea 9 3 4 9 3 9*4 9 3 4 Pennev J C ••••• <0 *0 69^* Safewlv St 40 3 4 40 3 4 40 3 4 40*2 Sears Roebuck . 35 3 a 35'a 3a ! 2 35^2 Wool worth •••* 54*2 55 3 4 54 Va 53* Aviation— Aviation Corp . 4% 4 3 i 4 3 4 3 i B tine AlrcraU . 9 B’a 9 4 Curtiss Wr got . 2>a i 2‘j 2a Curtiss Wr. i.A) B*2 I 1 B*2 B^* Douglas Air .... 22 a 32 2 22'4 22 ,2 Nor Amer Av-.-.. 3'a 33 3 Cnpwfv CorD .. > • # 8’ I 9 08 Utd Aircraft new 13 3 13'w 13 J a 13H Chemicals— Air Reduction . 112*4 111 ill 111 Allied Chem 137- 1 * 135'4 13<'2 135 Am Com Ale Cos! Carbon 75 T ANARUS 75 <5 3 4 <4'4 Com Solvents ... 21*2 21 2i'4 20 4 Dui)ont 95 3 94 3 4 95 64-2 Freeport Tex ... 22'a 21> 2 22 22‘a Liquid Carb .... 28 1 4 28*4 38H 2. 3 4 Math Alkali 29 27 3 a 28 s * 27* 2 Monsanto Chem 57*4 57 1 * 57 3 57 3 NaU Dis (new) . 28 s * 27 28 27 Schenley Out .. 26 25 25!* 25>4

INDIANAPOLIS, SATURDAY, FEBRUARY 16, 1935

Tex Gulf Sulph 35% 35 35% 34% Union Carbide .48 47% 47*4 47 U 8 Indus Ale... 39 38% 38% 37 Drugs— Bristol Myers .. 34 34 34_ 34 Coty Inc 6 5% s's 5 a Lambert 27*4 27% 27% 27% Lehn Ac Fink ... 16% 16*4 16*4 17 Sterling Prod ... 61 60% 61 60% Un Drug (new). 11% 11(4 11% 11% Vick Chem 35% 35% 35% 35% Zonlte Prod .... 4% 4% 4% 4% Financial— Adams Exp 6% 5% 6% 6 Allegheny Corp . 1% 1% 1% 1% Am Int Corp ... 5% 5% 5% 5% Chesa Corp .... 39 39 39 38% Lehman Corp ... 72 71% 71% 71% Transamerica .. 5% 514 5% 5% Tr Conti Corp . 3(4 33 3(4 Building— Am Radiator .. 13% 13% 13% 13% Gen Asphalt ... 16 16 16 15% Holland Furnace 8 7% 8 8_ Int Cement ... 28% 27% 28% 27.a Johns Manville .53% 51% 53 52 Libby Owens Gls 29% 29 29% 28% Otis Elev 14% 14% 14% 14% U S Gypsum ... 48 47% 47% 47% Ulen Cons 2 1% 2 1% Household— Col Pat Peet ... 17 16% 17 16% Congoleum 33% 33% 33-a 33,s Kelvinator 17% 17% 17% 17 Mohawk Carnet. 14 14 14 14 Proc & Gamble. 47% 47 47% 46% Servel Inc ... >:* 6% §-2 8s Simmons Bed .. 8% 8% 8(2 8(4 Textiles— Amer Woolen .. 7% 7% 7% 7% Belding Hem ... 12% 12% 12 s 12 e Celanese Corp .. 30% 30% 31% 30,s Collins Aikman.. 13 13 13 13 Gotham Hose .. 4% 4% 4% 4% Indus Rayon ... 31% 31 2 31 a 31 Kavser Julius .. 17 16*a 17 16‘,a

(Reprinted from vesterdayi DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 87.0 82.9 *93.9 87.0 Yesterday 86.7 82.6 93.5 87.6 Week ago 86-4 82.8 92.7 87.3 Month ago ■ 86.6 84.2 90.4 87.1 •New 1935 high. . .. .. „ (Copyright 1935 by Standard Statistics) U. S. GOVERNMENT BONDS Prcv. Close. Close. Liberty* Ist 3%5. 1932-47 104.20 104.17 Ist 4%5. 1932-47 103.17 103.15 4th 4 ’is. 1933-38 (uncalled) 103.23 103.23 4th 4%5. 1933-38 (called) .. 101.27 101.30 Treasury* 4%5. 1943-45 114 29 114.26 4s 1944-54 110.11 110.12 3%5. 1946-56 108.25 108.26 3 3 aS. 1940-45 106.6 106.6 3 3 aS. 1943-47 105.25 105.25. 3 3 sS. 1941-43 106.9 106.7 3'is, 1943-45 104.16 104.16 Qiic 1041 10d.31 lOd.ou 3’is 1944-46 104.15 104.15 3%s 1946-49 104.5 104.00 3%1: 1949-52 103.27 103 29 3s. 1951-53 103.3 103.21 3s. 1946-48 102.29 102.27 Home Owners Loan Corp. os; <• 1049 99.8 99.6 3s 1952 101.6 101.5 It: i9si :::::: 101.12 im. Federal Farm Mortgage Corp. 3 1 iS. 1964 102.28 103.00 3S 1949 101.5 601.4 3s. 1947-42 101-8 101.2 DOMESTIC Prev. Close, close. Alleg Corpus '44 *• • 701a Alleg Corp os 49 60 60 Alleg Corp bs 50...... 23 22 2 Am Frgn Pow 5s 2030 60% 60% Am Tel & Tel 5%s '43 112% 113 Am Tel & Tel 5s 65 112% 112 4 Arm & Cos (Del) 5%s ’43 104 3 . 105% Atl Coast Line 4s 52 103,. 102. 2 Atl Coast Line 4%51 ,64 91 4 92 Atch Top k S Fe 4(as 48-... 108% 108 Am Wat Wks 5s ’44.... 94% 95 Am Rolling Mills 5s '3B 10.(4 107( 4 Balt & Ohio 5s '95 69 68 Balt k Ohio 6s ’BS 78/a <8 a Balt As Ohio 4%s 60 ... 54 53 ,2 Buff Roch As Pitt 4%s 57.... 66 66 Beth Steel 5s '36 J 63 ( 103% Chi Milw As st PI 5s 75 23 4 22/. Chi Milw As St P 5s '75 5% 6 Chi Milw As St P 5s 2000 ....100(a 100% Cleve Un Term 5s '73 95 96% Cleve Un Term 4 ! 2S 77 38 88 4 Col Gas 5s May ’52 81 Bx/2 Col Gas 5s April '52 81(4 81 Col Gas 5s '6l 77'4 78% Can Pac Perp 4s 87 stva Cent Pac 5s ’6O 78,8 78 Big Four 4'4s '77 .. - 70(a 70 ,a Colorado As So 4(2S 80 67 65 Chi & West Ind 4s '52 97% 96% Chi As West Ind 5%s '62 ....103% 103(b Chi & Nor West 4%s '49 18(4 18 Con Gas 5s '57 104% 104% Chesa Corp 5s '47 Dodge Bros 6s '4O 106% 106% Del As Huds 4s '43 90 89% N Y Dock. 4s 'sl 64% 64% N Y Dock 5s '3B 46% 46% Erie 5s '75 68 % 68 Erie 5s '67 68% 68% Grt Northern 7s '36 92% 92 Grt Northern 4%s '76 75% 76 Grt Northern 4%s '77 76% 76 ,a Gen Stl Cast vVW 5%S '49.... 89 90% Hud As Manhat Ref 5s '57 ... 88% 88 2 111 Cent 4%s '66 56 56% 111 Cent 5s '63 71% 72% Interntl Hy Elec 6s '44 ..... 47 a 47% Interntl Tel As Tel 4%s ’39... 69% 69% Interntl Tel As Tel bs '55 66% 66% Interntl Tel As Tel 4%s '52 .. 61% 61 McKess As Rob 5%s 'SO 97% 97% Midvale Stl 5s '36 JO3 J 93 Natl Dairy 5%s '4B 102% 102% Natl Steel 5s '56 107 107 Nickel Plate 4'2S '7B 61(4 61 Nickel Plate 5%s '74 72 72 Nickel Plate 6s '35 63% 63% N Y Cent 5s 2013 62 s 62% N Y Cent 4%s 2013 (old) 58% 5(% Nor Amer Cos 5s *6l 8o a 85^2 Nor Pac 3s 2047 74% 74% Nor Pac 6s 2047 100 100% Nor States Pow 5s '4l ....... 105% 105% New Orleans Terms 4s 53 84% 84 4 Otis Steel 6s '4l 83% 82v 8 Penn Ry 4%s 84 103 102% Pann Ry 4is 81 103% 103% Penn Ry 4%s '7O ...... 96 95% Portland Gen El 4J2S 60 .... Para Publix 5%s oO 70 8 70, 8 Penn P As L 4%s 81 103% 103 Postal Tel As Cab 5s '53 49% 49 Rem Rand WW 5%s '47 100 100 Sinclair Oil 6%s '3B 104% 104% Shell Union Oil 5s '47 102% 102% SOU Pac 4(is '6B 64% 63% Sou Pac 4Vis 'Bl 63% 62% Sou Pac 4%s '69 64% 63% Sou Pac 4s '49 67% 67 Sou Rail 4s ‘56 55 55 Sou Rail 6s '56 74% 74% Sou Rail 6(is '56 76 74 Sharon Stl Hoop 5',2S 48 .... 86 85_s Texas Pac 5s '79 91% 98 3 Texas Cap 5s *77 92 91% Union Pac 4s '47 110% 110% United Drug 5s '53 90% 90% U S Rubber 5s '47 95% 95 NY NH As Hart 6s '4B 43% 43% NY NH As Hart 4%s '67 38 38 Warner Bros 6s '39 54% 55 Western Mary 5%s ’77 100% 100% Western Mary 4s '52 94% 93% Youngstown SAsT 5s '7O 94% 94% Youngstown S&T 5s '7B .... 94% 93% FOREIGN Argentina A & '57 91% 90% Argentine B 6s 'SB 92 90% Brazil 8s '4l , 3 l; a Canadian Govt 4s '6O 10 5! s Denmark 5%s '55 10 9? 8 8 German 5%s '65 36% 36% German 7s '49 46% 46% Italy 7s 'sl 93 92% Japan 6%s '54 92( 4 92% Poland 7s '47 123 Rome 6%s '52 83 82% Tokio City 5%s '6l <6% 76(2 Yokohama 6s '6l 82% 82 FEDERAL FARM LOAN BONDS (By Blyth <& Cos.) Bid. Ask. 4s July 1. 1946—44 104 V 8 104% 4s Nov. 1, 1957—37 102 102% 4s May 1. 1958—38 102% 102% 4'is July 1. 1956—36 102% 102% 4%s Jari. 1. 1957—87 102% 103 4%s May 1. 1957—37 102% 103 4%s Nov. 1. 1958 103% 4%s Mav 1. 1942—32... T 101% 101% 4%s Jan. 1, 1943—33 101 % 102 4%S Jan. 1. 1953—33 101% 101% 4%s Jan. 1, 1955—35 101% 101% 4%s Jan. 1. 1956—36 102% 5s May 1. 1941—31 101% 101% 5s Nov. 1. 1941—31 101% 101% LOAN HEADS TO MEET Local Detegration Asked to Attend Mid-Winter Conference. Officers of the Indianapolis chapter No. 79 of the American Savings, Building and Loan Institute today were asked to send a delegation to the mid-winter Conference of the Institute in Chicago, Feb. 22. The m< : ng will be nation wide in scope, discussing everything from the practical problems of this building and loan professional training school to the national issues in home financing, including adaption of lending plans to 1935 home-owner preferences. An attendance of 500 home financiers from all states is expected, according to R. H. Wertengerger, president of the local chapter. 1

N. Y. Bonds

LIVESTOCK ON FARMS RISES TO3RILLION Swine on Jan. 1 Totalled 37,007,000 Worth 237 Millions. By United Prrsg WASHINGTON, Feb. 16. The farm value of livestock on farms Jan. 1 was $3,102,136,000, compared with $2,876,884,000 on Jan. 1, 1934, the Department of Agriculture reported today. Swine, including pigs, on farms Jan. 1 totaled 37,007,000, worth $237,258,000, compared to 57,177,000, worth $236,862,000 a year previous, the department reported. Each was valued at $6.41 compared to $4.14 last year. The department said 60,667,000 cattle and calves valued at $21.07 per head and with a total farm value of $1,278,327,000 were on farms as of the same date. On Jan. 1, 1934, the report showed, cattle on farms numbered 68,290,000, worth $1,247,491,000 or $18.27 per head. Other statistics and comparisons with 1934 included: Sheep and Lamb 5—49,766,000 head on Jan. 1, 1935, compared to 52,212,000; farm value, $214,613,000 and $197,740,00; value per head, $4.31 and $3.78. Horses and C01t5—11,827,000 compared to 11,963,000; farm value, $901,038,000 and $793,155,000; value per head, $76.18 and $66.30. Mules and Mule Colts compared to 4,925,000; farm value, $470,900,000 and $401,596,000; value per head, $98.21 and $81.54. Cows and Heifers (included in cattle total)—25,100,000 compared to 26.185,000; farm value, $762,543,000 and $709,909,000; value per head, $30.38 and $27.11. Heifers, 1 to 2 years old, kept for milk cows (included in cattle t0ta1)—4,286,000, ta1)—4,286,000, compared to 4,738,000. State totals on livestock numbers and values and comparisons with last year included: lowa —Number of swine on farms, 6,272,000 on Jan. 1, 1935. compared to 10,813,000; farm value, $49,869,000 and $51,357,00; value per head, $8 and $4.70; number of cattle, 4,228,000, compared to 4.498,000; farm value, $86,552,000 and $87.‘.99.000; value per head. $20.50 and $19.50. * Nebraska —Swine, 2,169.000 on Jan. 1, 1935, compared to 4,715,000; farm value, $13,345,000 and $20,955,000; value per head. $6.20 and $4.40; number of cattle, 2,694,000. compared to 3,592,00; farm value, $50,495,000 and $64,507,000; value per head, $18.70 and $lB. Missouri—Swine, 2,303,000 on Jan. 1, 1935, and 4,113,000; farm value, $10,653,000 and $14,205,000; value per head, $3.60 and $3.50; cattle, 2,271,000 and 2,770.000; farm value, $41,351,000 and $42,925,000; value per head, $18.20 and $15.50. Kansas—Swine, 1,140,000 on Jan. 1, 1935, and 2,611.000; farm value, $7,807,000 and $9,337,000; value per head, $5.50 and $3.60; cattle, 3.084,000 and 3,671,000; farm value, $51,885,000 and $55,715,000; value per head, $16.80 and $15.20.

EUROPE ORDERS NEW TYPE RAILWAY GARS France and Italy to Have Diesel Coaches. By Times Special PHILADELPHIA, Feb. 16.—European railroads apparently are going in for the new American lightweight, stainless steel railroad cars. An order for 15 single-unit cars, each to be powered by a Dieselelectric engine, has been placed by the Northern Railways of Italy and another for 30 tow-car train will be placed by the French Railways, the Edward G. Budd Manufacturing Cos. was advised by cable today. The cars will built in Italy and France under licenses from the Budd Cos. The cars for the Italian road, which will be used on mountain grades, will be built in the Genoa shop of Piaggio & Cos. The cost of the cars for both countries is estim ate and at approximately $3,000,000.

Stock Studies

NASH MOTORS 4 COMMON STOCK PRICE sham EARNINGS PRICE RANGE scale YKAH3 ESTED KoV3itsß3 30 _qq .-I— ML 1 - and 4 —l-1- IB I 1 -20 130 31 32 33 34|30 31 32 33 34j WINCHESTER INSTITUTE OF FINANCE

The Nash Motors Cos. is a leading automobile manufacturer droducing medium and lower-priced cars. The company is the successor of two of the chief pioneers in the industry, the Thomas B. Jeffery Cos., which manufactured the old Rambler car, and the Mitehell Motor Cos. Nash is a consistent advertiser. Their new low-priced Lafayette car is hapidly gaining in polularity. Jrincipal plants are located in Kenosha and Racine, Wis. FINANCIAL DATA As of Nov. 30, 1934 Common stock (no par) shares.. 2,730,000 Surplus $20,466,092 Cash and securities 27,257,236 Inventories Total current assets 30,155.311 Current liabilities 1,407,185 Nash Motors was incorporated in. Maryland in 1916. The common stock is listed on the New York and Bostron Stock Exchanges. At a current price of around is selling to yield 6 1 i per cent. (AU rights reserved. Winchester Institute of Finance, Winchester, Mass.) annual report is made B 9 Timet Special NEW YORK. Feb. 16.—The Pennsylvania Water and Power Cos. in its twenty-fifth annual report released today showed total revenues for 1934 from all sources at $5,642,111 including $225,000 from special equalization reserve.

Commodity Prices Spurt Since March 1933 Nearly Continuous, Study Shows i Upswing in First Eight Months of Period Pronounced, Government Official Says in Survey; Farm Products Lead All Other Divisions in Scope of Gain. By Times Special WASHINGTON, Feb. 16.—The rise which began in the general list of commodity prices in March 1833 has been almost continuous during the 22 months ended December, 1934. there having been only four months in which the combined index did not advance, H. Gordon Hayes, chief of the division of conomic research of the Department of Commerce, declared today. The gain during this period represented a rise of 29 npr rf>nt, from thp February. 1933. low.

factures and nmsned goods, regDuring the first eight months of this period, Mr. Hayes said, the rise was especially pronounced, the index advancing approximately 20 per cent, or two-thirds of the gain for the entire period. “Prices of farm products rose more sharply than did the prices of other products,” it is pointed out, “the increase amounting to 76 per cent. The prices of foods rose 40 per cent during the period under review and the prices of commodities other than farm products and foods 20 per cent. Metals, Chemicals Gain “The prices of metals and metal products and of chemicals and drugs, two of the three groups that showed the least decline, rose about 10 per cent. The three economic classes, raw materials, semi-manu-istered price gains of approximately 50 per cent, 25 per cent and 20 per cent, respectively, during these 22 months. “An interesting situation is observed if the recovery in prices is measured in terms of thg percentage of the decline that !had been regained by December, 1931-. Commodities, other than farm products and foods, and the two groups, farm products and textile products, had recovered approximately 50 per cent of their price declines by that month. “This was also true of the two classes, raw materials and finished products. Building materials and the fuel and lighting group were at the bottom of the list in this classification, having recovered only about 40 per cent of their decline and chemicals and drug prices were at the top of the list, having recovered 70 per cent of the decline which they experienced from 1929 to the depression lew. Divergence Shown “The price movement in the three classes, raw materials, semi-manu-facturers, and finished goods, during the recovery period shows an interesting divergence as respects semimanufactures. Ths percentage increases of raw material and semimanufactures were practically identical from the February 1933 low to September, 1933. “Sine then the prices of semimanufactures have declined almost continuously while the other two series in this classification have advanced. The 1934 rise in prices of raw materials is largely attributable to the increase in the price of farm products. “In analyzing the factors that contributed to the price rise from February 1933 througkh December 1934 attention should be called to the two periods, March to October, months. During the earlier of these two periods, the price advance was not limited to any of the groups, but during the later period combined index for commodities of other than farm products and foods remained practically unchanged.” FOOD INDEX INCREASES 3 CENTS DURING WEEK Highest Level Is Reached Since Sept. 18, 1930. By Times Special CHICAGO, Feb. 16.—The weekly food index complied by Dun & Bradstreet, Inc., advanced to $2.76 during the week, compared with $2.11 tTTS preceding week, an increase of three cents, it was reported today. This was the higest level reached since Sept. 18, 1930. The current level compared with $2.11 at the same time last year, and $1.51 for the preceding year, representing increases, respectively of 30.8 and 82.0 per cent. Coffee was the only commodity included in the index which registered a decline, with grains being shown in flour, wheat, corn, rye, oats, barley, pork, bellies, lard, butter, eggs, sugar, cottonseed, oil, cocoa, steers, sheep and lambs. BUSINESS ACTIVITY IS HIGHER IN JANUARY Increase of 12 Per Cent Is Shown Over Previous Year. By Times Special WASHINGTON, Feb. 16.—Business activity in the United States during January reached the highest level in nearly a year, according to the monthly survey of the American Federation of Labor released today. Activity during the month was estimated at 80 per cent of normal, the highest since last spring and 12 per cent above January, 1933. The depression peak of 89 per cent was reached in July, 1933. REFINERS BOOST PRICES By Times Special NEW YORK, Feb. 16.—An advance of from 20 points to 4.50 cents a pound for refined sugar, effective immediately, was announced today by leading eastern sugar refiners. NEW PRESIDENT NAMED By Times Special NEW YORK, Feb... 16.—The United Verde Copper Cos. today announced the appointment of Louis S. Cates as president. He formerly was head of the Phelps Dodge Corp.

Evening School Strong courses offered In Secretarial. Stenography. Accounting, Bookkeeping and kindred subjects. Spend part of your evenings in selfimprovement. Cost low. Central Business College Architects A Builders Building, Indianapolis.

What Does It Mean? Barter—An exchange or “swap” of one thing for another is known as barter. During the banking holiday in 1933 this method became very popidar in many communities of the country.

SHIPMENTS OF PRODUCE DROP Movements, However, Still Remain Above 2000 Cars Daily. By Times Special WASHINGTON, Feb. 16.—With the exception of some southern lines increasing, shipments of fruit and vegetables throughout the country at the middle of February showed a slight decrease but still remained above 2000 carloads daily, it was reported today by the United States Department of Agriculture. Cabbage shipments from north and south showed a tendency to gain, while citrus fruits are generally lighter, the weekly report stated. Trade has increased considerably in city markets after the weather became more moderate, and some lines of fresh fruits and vegetables have shown slight upward price trends. Onions, potatoes, and apples moved in a steady volume during the previous week, while spinach advance further, owing to lighter receipts since the Texas freeze. Old and new cabbage has advanced rapidly and is showing larger gains than any other northern produce. Potatoes so far have not shared in the rising market and the trend this month has been slightly downward, owing largely to liberal supplies on track and continued liberal shipments. Sweet potatoes are in moderate supply with prices slightly weaker in some markets. MODERNIZATION PLAN AIDS LOCAL BUSINESS Home Owners Receive $458,562 on Loans, FHA Director Sa;'s. Improvement in business that is being developed through modernization and repair loans made under the Federal Housing Administration in Indianapolis was discussed by Tom Connell, associate director of FHA, in a talk before the Better Business League of Indianapolis. “A total of $458,562 has been lent by local banks, building and loan associations and private finance companies to owners of homes and business properties in Marion County for property improvement since the start of the Housing program last August, and probably four times that much, or $1,800,000 in dollar volume, has been or will be created, according to the survey taken by the better housing division of the Indianapolis Chamber of Commerce,” Mr. Connell said. “Some of this work would have been done anyway, but the greater part of it was stirred up by the stimulus of the better housing program. Most of the money thus spent has gone into the pockets of building industry workers, and thus has been added to the purchasing power of the community.” MARDI GRAS TOUR IS PLANNED BY RAILROAD Louisville and Nashville Trip to Leave Indianapolis March 1. An all-expense tour for Hoosiers who want to combine the Mardi Gras with a trip along the Gulf coast, the Louisville and Nashville Railroad has announced an allexpense tour leaving Indianapolis Friday night, March 1, at 6:35. The trip will include a stop at Pensacola, Fla., the next day, and the following three days at New Orleans for the Mardi Gras celebration. The tour will leave New Orleans Wednesday, returning to Indianapolis Thursday, March 7. The allcost rate runs from $66.80 to S9O. ro , according to the type of Pullman accommodations. CHRYSLER DELIVERIES UP By Times Special DETROIT, Feb. 16.—Domestic deliveries of Chrysler automobiles during the week ended Feb. 9 amounted to 496 units, compared with 450 deliveries in the preceding week, an increase of 10.2 per cent, it was reported today.

§l •ON THE JOB • AKI all DAY jjSj^SUNDAY g| v'Rs-jS|j!|Ss TO SERVE YOU BiHif^CAS-OIL LUBRICATION - TIRE & BATTERY SERVICE | MILLER TIRES * PHILCO AUTO RADIOS j as little as 25c Opea 7A.M.to 9P. M.—Sunday 8A.2Lt06 r. . * Week

NEW AGITATION FOR REPEAL OF TAX LAW SEEN Treasury Officials Prepare Financial Report of Citizens. BY RICHARD L. GRIDLEY I'nitrd Press Staff Correspondent WASHINGTON, Feb. 16.—New agitation of the tax publicity law appeared today in Congress as Treasury official is prepared to make public the personal financial affairs of 5.000.000 citizens. Rep. Robert L. Bacon (R„ N Y.,), who already has introduced a bill for repeal of the publicity provision requested Chairman Robert L. Doughton of the Hoi Ways and .'leans Committee, t' nold pubile hearings on his propoj .1. Henry Morgenthau. Jr., Secretary of the Treasury, who has not publicly expressed his views, woiild be called before the committee! Considerable sentiment for repeal of the publicity provisions has developed on Capitol Hill but various leaders expressed doubts any changes would be voted this session. Numerous protests against the publicity have been received by government officials. Must File “Pink Slip” The last session of Congress ordered publicity of returns in an effort to uncover tax evasions. Accordingly, the United States Treasury is requiring all Federal income tax payers to file with their returns for 1934 a special “pink slip” on which is written information to be made public. The deadline for the 1934 income tax returns is March 15. The pink slip is to be filed with the return and taxpayers not conforming to this rule will be assessed $5 and the government itself will prepare ihe pink slip for them. The pink slips are to be made public in August or later in offices of the collectors of Internal Revenue with which they are filed. They are to reveal, among other things, the taxpayer’s total gross income; total deductions from income; net income; total credits against net income for purposes of normal tax and the total tax paid. Treasury Officials Undecided Treasury officials have not yet determined the manner in which the returns are to be made. Persons desiring to inspect returns in the 65 internal revenue collectors offices will likely be asked to sign slips showing their intention, thus necessitating heavy detail work for the clerks of the offices. It was believed likely, also, that newspapers would be given a “preview” and an opportunity to copy the entire list for publication. Under this plan, private individuals would not be able to capitalize under the publicity by preparing special lists and no premium would be placed on the names. Some advocates of secrecy of returns have claimed that such lists will be “sucker lists for security and other frauds as sellers of fraudulent goods would have a close watch on the financial resources of various persons.

FIRST MORTGAGE LOAN APPROVED IN INDIANA Initial Step Taken to Encourage Building in State. The first mortgage loan in Indiana to be approved for insurance under the mutual provisions of the Federal Housing Administration was completed this week, it was announced by R. .Earl Peters, state director of FHA. The loan was made by the Union Trust Cos., and was for $10.5000. It was made to a local business man, ’whose name was not disclosed. The mortgage was taken on his home. “This is the first of what we hope will be an increasing series of loans which will open up thfe mortgage market and encourage new building in Indiana,” Mr. Peters said.

j— w,mrwk fS® ■: j