Indianapolis Times, Volume 47, Number 250, Indianapolis, Marion County, 27 December 1935 — Page 26

Trends Lax ness in Issuing Bank Charters Charged. BY JOHN T. FLYNN

XTEW YORK, Dec. 27—The American Bankers’ Association has been studying our banking diseases. The study was made under the direction of Leonard Ayres of Cleveland. Its results are announced by Robert V. Flemming, the very able and genial president of the American Bankers’ Association, and, what is more to the point,

oresident of the very sound and wisely managed Riggs National Bank of Washington. But the result is, to say the least, interest-ing-interesting if not novel. The bankers find that, whatever the weaknesses of our banks at the bottom of the matter is the laxness of the state and na-

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tional governments in chartering banks. On that point every one can concur. But this laxness is attributed to the competition between the state and the nation in issuing charters. The states hungering for banks have progressively liberalized their terms in their bids for banks. The Federal government, thus forced to compete, has progressively liberalized its terms to hold its banks and get more from the states. a a a 'T'HE baleful influence of this situation can not be doubted. What is interesting about it is that the bankers should be pointing it out now—at this particular juncture in our affairs. What is true of the banks is, of course, true of almost every other type of business. It is true, for instance, of cur corporation laws. Here we have, not the competition between the states and the government, but the competition between one state and another. West Virginia liberalized its corporation laws years ago to attract business. The Secretary of State visited New York, opened an office and advertised for business. He got it. Then New Jersey entered the lists with even more liberal laws. Other states had to weaken their corporation laws to held their corporations. Maine, Maryland and finally Delaware entered the field. Delaware went so far that it got most of the business. a a u THERE is, of course, nothing we can do about our banking laws because of this competition. There is nothing we can do about our corporation laws because of the same. There is nothing we can do about our utility companies for the same reason. But the point is that the bankers see this anomaly in their own business. What would they do about it? Isn't the only hope a single Federal banking system? The bankers urged such a course in 1912 when they demanded a central bank dominated by the bankers and fought Wilson’s 12 reserve regions. Yet why do they, when the government is facing this same quandary in its corporate, utility, railroad and labor problems, instead of seeking to arm the Federal government to deal with the menace, cry out against the great P’ederal bureaucracy? This division of our government into state and Federal sections, wise when initiated and still wise within limits, has the effect of rendering both nation and state helpless in the face of certain problems, it leaves a large area of our life without any government, power. (Copyright, 1935, NEA Service. Inc.)

CO-TRUSTEE IS APPOINTED NEW YORK. Dec. 27.—George S. Gibbs has been appointed president of the Postal Telegraph and Cable Corp. to act as co-trustee with former Gov. Alfred E. Smith in reorganization of the corporation under Section 77b of the amended bankruptcy act. On Commission Row Quotations below subject to chance are average wholesale prices being offered to buyers by local commission dealers Fruit—Cranberries. C. C. Hames, Eatmores.. 25-lb box. *4.75. Pears—Washington D Anjo. $3.25. Calif, avaeados. $3.75. Bananas—Seven a pound, 5*4C PerSimmons— California, lug. $1.25. Apples— Jonathans. *1.75. Delicious. $1.75: Wealthy.*. sl, Grimes Golden. $1 25. Lemons— Sunktst. 3605, $7.50. Grapefruits—Texas, 64s to 70s. $3.25; Arizona Sunkist, $2 75. Limes—Mexican, a carton 12s. 18c Grapes —Emperor, lug, $2, fancy Emperor, 34-lb. sawdust chest. $4. Vegetables—Beans, green, round stringless. bu.. $2,50 Beets—Texas. 3-doz crate SI 85. Cabbage—New York Danish, 50-!b bag. 80c. Carrots—California. 6 doz. crate. 53. 1 5. a doz., 70c Cauliflower—California, crate. $2.10 Celery—Michigan, washed and trimmed. 16 stock bunch. 55c: jumbo doz., 85c. Cucumbers—Southern, bu.. $4.50, doz., sl. Kale—Home-grown, bu.. 60c. Lettuce—lceberg. California, good. $3 75 home-grown leaf. 15-lb. basket. $1 15. Endive—California. basket, 85s. Mangoes California, crate, $5; small basket. $1 25 Mint—Bunch. 20c. Mustard—Home grown, bu.. 60c. Onions —lndiana yellow, 50-lb bag, $1.15- Indiana yellow, 10-lb. bag, $1.50. Parsley Southern, doz.. 50c Peas—Teleohone, hampers $3 50; Texas hampers, $2.75 Po-tatoes-Round Cobblers, 100-lb. bag $1 60Michigan Round White. 100-lb bag' $1 50 : Early Ohms. bu.. $175: Idaho Russets’, $2 35. Sweet potatoes—lndiana Jerseys bu. $1.65. Radishes—Ohio, button, doz , baskets. 45®60c. Sage—Doz.. 45c Spinach —New Texas, bu.. $l4O. Sauash—Bu. $2 50. Tomatoes—Florida. 10-lb. carton $1.50. Produce Markets The prices Quoted are paid for stock gathered in the country, while delivered in Indianapolis the price is a cent higher Heavy breed hens. 16c; Leghorn breed hens. 12c: springers over 4'- lbs 17cunder 4% lbs. 16c; springers. 1% lbs. and up. 15c. old cocks 9c. Turkeys -Young hens. 8 lbs. and up 20c: voung toms 14 to 18 lbs.. 20c: under 14 lbs. and over 18 lbs.. 10c: old hens. 20c: old toms. 15c Ducks —White. 5 lbs and over. 12c- under 5 lbs.. 10c: geese, full feathered and fat. 9 to 14 lbs . 11c: over 14 lbs , 9c- old guineas. 15c; young guineas. i% lbs and up. 25c: No. 1 strictly fresh eggs, loss off 25c: pullet eggs. 18c Each full case must weigh 55 lbs. gross, a deduction of 10c a pound under 55 lbs will be made No 1 butter. 37%@38c: No 2 34® 35c- butterfat. 34c. Quoted bv the Wadley Cos. (Bv United Pressl CHICAGO Dec 27.—Eggs- Market steady; receipts. 4240 cases; fresh graded firsts, 27c: extra firsts. 28c current receipts. 22%c: dirties, 20c checks 17c Butter Market, firm: receipts 7133 tubs extra firsts 1 90-91 % score). 33®33%c extras (92 score'. 33%: firsts 88-89% score' 3!%@32%c; seconds iB6-87% score* 31c ; specials, S4@S4'-c: standards. 33'.-c. Poul-try-Market about steady: receipts. 22 trucks. 3 cars due: ducks 21 23c.: geese 18®20e: spring chickens. 24'.;26c; hens 17 6/23c; turkeys, 18(h23c: Leghorn hens.' 14 4/ 17c: old roosters. 16c: Leghorn chickens 19@20C. Cheese Twins 17%4i 18c : Daisies, 18% 'a 18%c: Longhorns. 18%@ 18%c Dressed poultry—'Turkevs, voung toms. 38®29c; young hens. 30c: ducks' 22® 23c: *eese, 19*r20c. Potatoes—Supplv moderate; no trading because of cold weather: no sales reported Arrivals 51on track. II); shipments. 315.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 26

U. S. TREASURY 1 PONDERS HUGE GOLD IMPORTS Largest Hoard in World Presents Alarming Problem. H;/ T'nitril Press WASHINGTON. Dec. 27—Treasury officials studied reports of huge gold imports today with growing conce.n. The nation’s vault’s already are bulging with the largest gold hoerd in the world. Europe was the principal exporter of neai’y $10,000,000 of gold a day to the United from Sept. 10 to Dec. 5, the Federal Reserve Board reported. The total for that period was $766,000,000. The heavy fiow of gold to the | United States, it was said, acts as a barrier against international trade ; and is a threat to gold as a world monetary basis. The United States likewise has been a heavy importer of silver, the other principal monetary metal. Underground Vault Prepared What to do with this tremendous volume of gold has become an increasingly important problem. The j government has stored billions of dollars of it in Washington. Other billions are concentrated in Denver, j New York and Philadelphia and i other major cities. A huge underground vault in a fortified area in Kentucky is being prepared as a, place for safe-keeping of other billions of dollars in bullion. Uncle Sam is becoming a veritable Midas. The Federal Reserve bulletin reported a part of the gold imported has been drawn from mines and private hoards, but that the bulk of it has come from governments and central bank holdings in Europe. The board attributed the influx of gold to three principal factors: 1. “The disturbed European situation which preceded and accompanied the outbreak of hostilities in Ethiopia led to the transfer of liquid balances from London to New York. Good Investment Opportunity 2. “Foreign purchases of American securities began to exceed sales last May and the net inflow of foreign funds into American securities has continued practically without interruption up to the present time. The movement as a whole appears to reflect a feeling among foreign investors that an opportunity for profitable investment of their funds is offered by the American market. 3. “The international position of j gold bloc coutries. A special problem has bepn created for these countries by the general abandonment elsewhere of previously existing exchange parities and the introduction of exchange controls by several countries that still officially adhere to the old parities.” DECEMBER OPTIONS FEATURED AT PITS Wheat Prices Go Upward on Short Covering. Bit l vitril Press CHICAGO, Dec. 27.—December | contracts held the spotlight in the i wheat pit today on the Chicago i Board of Trade. The contracts will j expire today, and short covering sent the current month upward. At the start wheat was Vi to 1-3 I cent higher. Corn was unchanged ! to up 1 1 cent. Oats were unchanged to up % cent, and rye was unchanged. As far as pit operations are concerned this was the final day for clearing up December contracts, and trading interest was centered in the current month. (By James E. Bennett & Cos.) 10:30 Previous High. Low. AM. Close Wheal— Dec 1.08 1.07 Va 1.07 3 1.06% May 1.00% .99% .99% 99% July 89% .89(8 .89% .89(4 Corn— Dec 58 .57' * .57 % 57% May 59 5 8 .59% 59% 59% July 60% .60% .60% : 6 0% Oats— P/c 28% 26% .26% .26'. May 28% .28% 28% 28% July ,28% .28% .28% ‘.28% Rye— 1 Dec 53% .52 .52% .52% May 52% .52% .52% .52% July 53 .53 53 .52% LOCAL CASH MARKET City grain elevators are paying 93 cents tor No. 2 soft wheat. Other grades on their merits Cash corn new No 4 yellow 46 cents and oats 19 cents Local Securities (Because quotations on local securities are unlisted on an Exchange, The Times can not assume responsibility for the accuracy of these figures gathered from local biokers.) STOCKS _ Bid Ask. J. D. Adams Mfg 16% 18 ’Belt RR & Stic Yds com 50 53 •Belt RR & Stk Yds 6% pfd .53 Central Jnd Pow 7% pld 16 19 Home Tel&Tel Ft. Wn 7% pfd 50% 52 •Hook Drug I"c com 14% . •Ind & Mich Elec 7% pfd .. 99 102 Indpls Chain Sto Term pfd... 52% 60 •Indpls Gas Cos com 36 40 •Indpls Pow & Lt 6 pfd . . 82 85 •Indpls Pow &Lt 6%% pfd 87% 90% •Indpls Water 5% pfd .102 j Lincoln Nat Life Ins. Cos . 34 37 ; North Ind Pub Svc 5% < 7„ Dfd 68 71 | North Ind Pub Svc 6% pfd . 77 81 ! Progress Laundry com 7 9 I Pub Svc of Ind 6% pfd . n% 14 : Pub Service of Ind 7% pfd . 36 39 , "So Ind Gas & Elec 6% pfd . 92% 96% Terre Haute Elec 6% pfd ... 80 84 •Union Title com 19 23 BONDS Atlanta Dlstr Term 6% ’4l ... 62% 70 Buffalo Distr Term 6% '4l .. 70 75 Brooklvn Postal Sta 5%% '4B 37% 42 Home Tel&Tel FtW 5%% '35 .103 105 Home Tel&Tel FtW 6% '43 103 106 Indpls Railways Inc 5% ’67 .. 50% 53 Indpls Water 4%>%. 40 105 107 Indpls Water 5% ’SO & '6O .. 105 107 Indpls Water Interstate T & T 6%% '53 ... 93 96 Kokomo Water Works 'SB ...104 105% Lafsvette Telephone 5% '57 103 Morris 5 & 10 Stores 5% ’SO 99 102 Muncie Water Works 5" '65 102% Noblesvllle HL&P 6% '47 .. ..97 100 Ohio Tel Service 6'~. 47 95 1 Richmond Water Works 5%’57 104% 106 i St. Louis Post Office 5%“'. '3B 18 25 i Seymour Wtr Ist mte 5% '59 101 104 ' Terre Haute Water Wkss% '56 101% 103% Terre Haute Wat Wks 6% '49 103 105 Traction Terminal 5% '57 69 73 •Ex dir Money and Exchange TREASURY STATEMENT (By United Press) WASHINGTON. Dec. 27.—Government expenses and receipts for the current fiscal year to Dec. 24, as compared with a year ago: This Year. Last Year. Expenses *3.665.178.511.18 *3.489.169.142.39 Receipts 1.873.699 206 79 1.832.316 682.75 Deficit,. ■ 1.791,479.304.39 1.666.852.459.64 Cash gwl. 2.288.627,295.95 2.617,428,025.51 0

INDIANAPOLIS, FRIDAY, DECEMBER 27, 1935

*. J / / y

New York Stock Exchange Prices

(By Thomson & McKinnon). 10:30 A.M. Prev. Oils— High. Low. N. Y. close. Amerada 78% 78V* 78V* ' 78% Atl Rfg 26-% 26% 26% 26% Bransdall 14% 14V, 14% 14% Consol Oil 11 Vs 11 Vs 11 Vs 11 Vs Cont of Del .... 33% 33% 33 7 /s 34V* Houston (new) . 6% 6% 6% 6'/s Mid Cont Pet ... 19'/s 18% 18% 18% Ohio Oil 13% 13% 13% 13% Pet Corp 12% 12'/* 12% 12% Phillips Pet .... 38% 38% 38% 38% Plymouth Oil ... 12% 12% 12'% 12'% Pure Oil 16 15% 15% 16 Royal Dutch 47% 47% 47% 46% Seaboard Oil 33% 33% 33’% 33 Shell Un ...... 15V* 15Vs 15V* 15% Skeltev Oil 20V* 20V* 10% 20V* Soc Vac 13 7/ a 13% 13% 14 SO of Cal 37'% 37Vs 37V* 37% S O of Ind ... 30% 30% 30% 30Vs S O of N J ... 48% 48% 48% 48% Texas Corp 29 >/a 28% 29 Vs 29 Tidewater Assn . 14% 14% 14% 14% Un 0(1 of Cal .. 22% 22% 22% 22'% Steels— Am Roll Mills ... 30 30 30 30% Beth Steel 50V* 49% 50% 49% Cruc Steel 36V* 36 . 36V* 35% Inland Steel 101 101 101 101% Ludlum Steel ... 24% 24% 24% 24% Mid Stel 23V* 23 23 22% Otis Steel 16'% 16V2 16V2 16'/* Rep I & Stl . IBV2 18V* IBV4 18% U S Pipe & Fdy 21 21 21 20 % U S Steel 47 46% 47 47 U S Steel pfd... 113% 113 113 113% Warren Bros 5% 5% 5Vs 5Vs Youngstn S & T 42% 42% 42% 41% Motors— Auburn 42 41 42 40% Chrysler 92 91% 92 91% Gen Motors .... 56% 56% 56% 56'4 Graham Mot ... 2% 2% 2% 2% Hudson 16% 16% 16% 16V* Hupp 2% 2 V* 2'/* 2 Vs Mack Truck 27% 27Vs 27Vs 27Vs Nash 17% 17% 17%. 17% Packard 6% 6% 6% 6% Reo 4% 4% 4% 4% Studebaker .... 9% 9% 9% 97s Yellow Truck ... BV* B Vs 8% 8% Motor Access— Bendix 23% 23% 23% 23 Bohn Alum .... 55% 52% 55V* 52% Borg Warner .. 67% 67 67% 67 Briggs 53% 53% 53% 53% Budd Mfg B Vs 8% 8 7 a 3% Budd Wheel .... 13 13 13 12% Eaton Mfg ... 28% 28% 28% 28U Elec Auto Lite . 37% 37 37% 36% Houdaille (B). 30 30 30 29 7 /s Murray Body .. . 20% 20% 20% 20% Stew Warner ... 18 18 18 18 Timken Roll . 67 7 /s 66V2 66% 677* Timken Det Axle 12% 12'/2 12'/2 12% Mining— Alaska Jun .... 14% 14'/s 1474 14% Am Metals 30',4 30% 30V* 29% Am Smelt 60% 59% 60% 59% Anaconda 29% 29% 29% 28% Cal & Hecla ... 6’* 6'/* 674 67; Cerro de Pasco.. 547* o3:s 54% 52% Dome Mines .... 43% 43 43 4374 Granby 9's 9 9% 9 Gt Nor Ore 1574 15 15 1574 Howe Sound .... 53 53 53 52 Ins Copper 6% 6% 6% 6% Int Nickel 45% 447* 457s 4472 Kennecott Cop.. 28% 28% 28% 2874 Mclntyre Mine . 41 40% 41 41 Park Utah .... 4% 4% 4% 4% Phelps Dodge .. 267s 26% 26% 267 2 U S Smelters ... 94% 93% 94 74 98V* Vanadium 1972 19% 19'/2 19V* Amusements— Croslev Radio .. 18% 18% 187'2 18' 2 Fox Theat 23 23 23 237* Loews Inc 52 51% 5174 52 Radio Corp .... 12% 12% 1274 12% Paramount ... 9% 97's 9% 9% Warner Bros ... 97* 9% 974 97's Tobaccos— Am Snuff 69% 69% 69% Am Sum Tob ... 237a 23Vs 23Vi 23% Am Tob “A"... 96 96 96 95% Am Tob 1 B" ... 97% 97 9774 97 Ligg & Mvers B 110 109% 110 108% Lorillard 24% 24V 8 24Vs 24 Philip Morris . 67 667* 67 65% Reynolds Tob B 54'/s 54% 547 2 54% Rails— Atchison 56% 5674 56% 56% Atl Coast Lines 29% 29V* 29% 29 4 B & O 16% 167* 167* 16%. Can Pacific ... 10- 7 4 1074 10% 10% Ch & Ohio 50'* 50 507s 50% Chi & Gt W pfd 4 4 4 3% C M & St P 1% 1% 1% 1% CM& St P pfd 2% 2% 2% 2% Chi N W . ... 2% 27s 2% 2% Del Erie pfd ... 17% 17V* 17% 16-' 4 Grt Northern pfd 3374 33% 33 3 4 34's 111 Cent 20 20 20 19% Lehigh Valley .. 8% 8% 8% 8% MK & T ... 574 574 574 57* MK & T pfd .. 13 '2 1372 13% 137. Mo Pac pfd ... 3% 33 374 N Y Cent 27% 2774 27% 27% N Y New Haven 3% 3 5 4 3 % 3% N Y Ont & West 4% 4% 4% 4% Nor Pacific 25 24% 24% 25 Penn R R 307), 29% 29 7 4 30 Sou Pac 23% 23% 23% 23', Sou R R 13% 13% 13% 13% Union Pac ... 106% 106% 106% 1057* Wabash 2% 2V* 274 2 West Maryland 8% 8% 8% 8% Equipments— Am Car & Fdv . 30% 30% 30% 30% \m Loco 25% 25% 25% 25% 24% Am Steel Fdy .. 24% 24% 24% 24% Bald Loco 4% 4% 4% 4% Gen Am Tank C 47% 47% 47% 47% Gen Elec 37 367s 36% 36% Gen R R Sig ... 40% 40% 40% 41 Pullman Inc ... SO 3 * 36% 36% 36% West Air Br .. 34% 34% 34% 33% Westingh Elec .. 94% 94 94% 93% Utilities— Am & For Pwr . 7% 7% 7% 7% Am Pow & Lit.. 8% 8% 8% 8% AT&T .154 153% 153% 153% Am Wat Wks . 22 21% 21% 22 Col Gas &V Elec 14% 14% 14% 14% Comm & Sou ... 2% 2% 2-* 2% Consol Gas . 32 31% 32% 31% Elec Pwr & Lit. 6% 6% 6% 6% Int Hydro Elec 3% 3% 3% 3% Int T'& T . . . 13% 13% 13% 13 Lou G & E A 21 21 21 21 Nat Pwr & Lit 10% 10% 10% 10% North Amer . . 27% 27% 27% 26's Pac O & E ... 31% 31% 31% 31 Pub Serv NJ . 44% 44% 44% 44% Std Gas 6% 6% 6% 6% Stone & Web ... 15 14% 14% 14% United Corp .... 7% 7 7% 7 Un Gas Imo . 17% 17% 17% 17% Ut Pwr & Lt A3 33 3% West Union ... 72% 72% 72% 72 U Rubbers— Firestone 23% 23% 23% 23 Goodrich 13% 13% 13% 13 Goodvvar 21% 21% 21% 21% US Rubber.... 15% 15’* 15% 15% U S Rubber pfd. 43% 43% . 43% 43% Miscellaneous— Allis Chalmers ..37 37 37 37 Am Can . 136'* 136 136% 135 Am Mach & Fdv 29% 29% 29% 30 Brklyn Man Tr. 41 41 41 41 Burroughs Add .. 25 24% 24% 24% J I Case 97% 97% 97% 97 Conti Can ...82% 81T4 12% 82% Caterpillar Tract* 56% 56 56 56%

Pleasing Prospect

Crown Cork 46% 46% 46% 46% Curtis Pub 20% 20% 20% 20 7 /s Deere & Cos. . . 54Vs 54% 54% 53 Foster Wheeler.. 28% 28% 28% 28V* Gillette 16% 16% 16% 16 7 /s Glidd-en 48 47% 47% 48'/* Ingersoll Rand .115% 115% 115(2 116 Inter Harv 61% 61% 61% 61% Natl Cash Reg . 23% 23 23 23 Rem Rand 20'/s 20 20 20Vs Underwood E .. 86 86 86 86 Worthington P.. 23% 23% 23% 23% Foods— Amer Sugar 50% 50V* 50% 50% Armour 4% 4% 4% 4% Armour 6% pfd 65% 65% 65% 65% Borden Prod ... 25% 25V* 25V* 25% Cal Packing . 35 35 35 35 Can Dry G Ale 15% 15% 15% 16 Cont Bak (A). . 11% 11% 11% 11% N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Utils. Bonds. Today 90.8 83.2 103.2 92.4 Tuesday 90.9 83.8 103.1 92.4 Week ago 91.0 82.7 103.1 92 2 Month ago 91.0 80.9 103.0 91.7 1935 high 91.4 86.4 103.4 92.8 1935 low 83.6 71.0 89.3 83.0 (Copyright, 1935, by Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Treasurys Prev. Close. Close. 4Vis 1947-52 115.7 115.2 4s 1944-54 110.30 110.27 3%s 1946-56 109.5 109.3 3%s 1940-43 108 107.15 3%s 1943-47 106.18 106.13 3%s 1941-43 107.28 107.24 3'/*s 1943-45 105.15 105.17 3'/*S 1941 108.13 108.11 3Vis 1944-46 105.9 105.7 3VsS 1946-47 103.31 103.26 3VsS 1949-52 104 103.23 3s 1951-55 103 102.25 3s 1946-48 103 102.28 2%s 1955-60 100.1 99.30 2%s 1945-47 101 100.28 Home Owners Loan Corp. 2%s 1949 99.20 99.17 3s 1952 100.24 100.24 Federal Farm Mortgage Corp. 3Vis 1964 102.17 102.13 3s 1949 100.30 100.30 3s 1942-49 101.15 101.12 2%s 1947 101 100.2 * DOMESTIC Prev. Issue. Close, close. Alleg Corp 5s '44 85% 85% Alleg Corp 5s '49 78% 78% Alleg Corp 5s 'SO 49 46 Am Frgn Pow 5s 2030 66V 64 Vi Am T & T s'is '43 113% 113V* Am T & T 5s '65 113 113 Arm &Cos ,Del) 5%s '43 94% 94% Atl Coast Line 4s '52 96% 96% Atl Coast Line 4Vis '64 84>/ 84% Atch Top & St Fe 4%s '4B 104 108% Am Wat Wks 5s '44 Ill 7 * 111 Am Rolling Mills 5s '3B 121% 122% Balt & Ohio 6s '95 83% 83% Balt & Ohio 4(is '6O 60% 59% Buff Roch & Pitt 4 Vis '57 .. 65 65 Chi Milw & St. P 5s 2000 6% 5% Chi Milw & St P 5s '75 16% 15(4 Cleve Un Term 5s '73 100(4 100% Cleve Un Term 4Vis '77 93'i 93% Col Gas 5s May '52 99 % 99 V> Col Gas 5s April '52 99% 99V2 Col Gas 5s *6l 97% 98 Can Pac Perp 4s 86 V* 87 Cent Pac 5s '6O 78% 78% Big Four 4Vis '77 78% 78% Big Four 5s '63 86 Vi 86'4 Colorado & So 4%s 'BO 56 55% Chi & West Ind 4s '52 99% 99 Vi Chi & West Ind 5%s '62 106% 106 Chi & Nor West 4%s ’49 10% 10 Con Gas 5s '57 105% 105% Chesa Corp 5s '47 1115 115 Del & Huds 4s '43 78 78 '4 N Y Dock 4s 'sl 66 66 N Y Dock 5s ’3B 54% 57% Erie 5s '75 66 % 67% Erie 5s '67 67% 68 Gen Cable sVis '47 100% 100% Great Northern 7s '36 102% 102% Great Northern 4%s '76 97% 97V* Great Northern 4Vis '77 97 97% Gen Stl Cast WW 5%s '49... 89 89 Hud & Manhat Ref 5s '57 79% 79% 111 Cent 4%s '66 64% 64% 111 Cent Jt 4Vis '63 68% 68", 111 Cent 5s '63 73 72% Interlake C&I 5s 'sl 83% 83’* Interntl Hy Elec 6s '44 45 45 Interntl Tel & Tel 4%s '39 86% 86% Interntl Tel & Tel 5s '55 79 79% Interntl Tel & Tel 4Vis '52 75% 75% P Lorillard 7s '44 129', 129% McKess & Rob 5%s 'SO 102% 102% Midvale Stl 5s '36 36V* 36% Natl Dairy sVis '4B 103% 103% Natl Steel 5s '56. 106 106 Nickel Plate 4%s '7B 69% 69% Nickel Plate sVis '74 80% 80 Nickel Plate 6s '35 95% 96 ! N Y Cent 5s 2013 74 79 N Y Cent 4%s 2013 (old) 79% 73 Nor Amer Cos 5s '6l 103% 103% Nor Pac 3s 2047 .... 74% 74% Nor Pac 4(is 2047 93 921; Nor Pac 6s 2047 108 107% Nor States Pow 5s '4l 105% 105% New Orleans Term 4s 'SJ 80’* 80% Otis Steel 6s '4l 102% 102% Penn Ry 4%s 'B4 105% 106 Penn Ry 4%s 'Bl. 105’* 105% Penn Ry 4Vis '7O 98% 98% Pac G & E 5s '42 104V* 104% Portland Gen El 4%s '6O 71 70% Para Publix 5%s 'SO 92 92% Penn P & L 4%s 'Bl 105% 105’* Postal Tel and Cab 5s '53 ... 35’* 35% Rem Rand W W 5%s 47 ...104% 104’* Sou Pac 4'is '6B 76 75% Sou Pac 4%S 'Bl 75% 751, Sou Pac 4%s '69 77 75% Sou Pac 4s 49 79 3 4 79 7 . Sou Rail 4s '56 51% 50% Sou Rail 6s '56 66% 66% Sou Rail 6%s '56 ... 69’* 68% Sharon Stl Hood 5%s '4B 103% 103% Texas Pac 5s 'BO 94 93’. Texas Pac 5s '79 935, 933. Texas Pac 5s '77 95% 95 Union Pac 4s '47 112% 113% United Drue 5s '53 98% 98% U S Rubber 5s '47 101% 101% NYN H & Hart $s '4B 30% 30% N Y H & Hart 4%s '67 29 29 W’arner Bros 6s '39 86% 87 Western Marv 5 ,<s '77 105 105’* Western Marv 4s 52 ... 95% 953. Younestown S & T 5s '7O . . 103’* 103’* Youngstown S & T 5s '7B ...103’* 103’* FOREIGN Argentina A 6s '57 98% 98% Argentine B 6s 'SB 98% 98% Brazil 8s '4l 26% 26% Canadian Govt 4s '6O 106% 106% Denmark 5%s ’5 101% 131% French 7s '49 176% 176 German 5%s '65 28% 29 German Is '49 40% 40% Italy 7s 'sl 60% 60% Janan 6%s "54 99 % 99% Poland 7s '47 107% 107% Rome 6%s '52 53% 53 Tokio City 5%* ’6l *l% 81% Yokohama 6a 61 85% 15Va

Crm of Wheat.. 37 37 37 37 Cuban Am Sugar 6 5% 6 5 3 /* Gen Baking 12% 12% 12% 12% Gen Foods 33 V* 33% 33% 33 V* Gold Dust 19V* 19'/s 19% 19V* Loose Wiles 39% 39'/* 39% 39 Natl Biscuit 32% 32% 32V* 32Vi Natl D Prod ... 20% 20% 20% 20% Purity Bak .... 15'/* 15 15 15 S Porto Rico Sug 25 25 25 25 Std Brands .... 15% 15% 15% 15V* United Fruit... 63 62'/ 2 62'/ 2 62 7 /s Retail Stores— Assd Dry Goods 14 14 14 14 Bast &Cos 49’/* 49 49 48’/* First Natl Stores 46 46 46 46 Gimbel Bros .... 7 3 /a 7‘/s 7% 7'/* Allied Sts 7% 7'/* 7Vs 7Vs Kresge S S 24V 2 24V 2 24% 24V* Kroger Groc .... 26'/s 26 26 26% Macy R H 45% 45‘/s 45% 45V* McCrory St .. 13% UVs'/s 13% 13 McLellan St ... 12% 12% 12% 12% Marshall Field. 10% 10% 10% 10% May Dept St 54% 54% 54% 54V% Mont Ward .... 38% 38% 38 3 /* 38% Natl Tea 9% 9 % 9'/* 9% Penney J C 77% 71% 77% 78 Safeway St 32 V* 32% 32 V* 32% Sears Roebuck.. 65% 64% 64% 65 Woolworth 53% 52% 53 V* 52V 4 Aviation— Aviation Corp. 5% 5V* 5Vs 5 Boeing Aircft ... 19% 19'/* 19% 19% Curtiss Wright. 4'/* 4% 4'/* 4% Curtiss Wright A 11'/* 11% 11% 11% Douglas Air 53 3 /* 52 % 53% 53 Nor Am Av .... 7% 7% 7% 7‘/s Sperry Corp ... 16% 16% 16% 16% United Air'aft N 29% 287* 28V* 29 Chemicals— Air Reduction ..168 167% 167 Vs 166% Allied Chem ... 152'/* 152 152 151% Am Com Alcohol 29% 29% 29% 29% Com Solvents .. 21 20% 20% 20% Du Pont 138'/s 137% 137% 137% Freeport Tex ... 29'% 29 29 29'% Liquid Carb ... 36 36 36 35V* Math Alkali ... 30 29% 30 30 Monsanto Chem 88% 88% 88% 88 Natl Dis (new). 30% 30% 30% 30V* Schenley Dist . 51*% 51 51% 50% Tex Gulf Sulph. 32 31 Vs 31% 31% Union Carbide .71 Vs 70% 71% 71% U S Indus Alco 43 43 43 44 V* Drugs— Coty Inc 6Vi 6V* 6V* 6% Lambert 22% 22% 22 V* 22% Sterling Prod ... 65 65 65 64V* Un Drug (new) 12% 12% 12% 12% Zonite Prod .... 7 6% 7 6% Adams Exp .... 11 11 11 10% Financial Allegheny Corp 2’% 2% 2% 2% Am Int Corp .. 10V* 10 10 10 Lehman Corp .. 93V* 93Vs 93'% 93 Transamerica .. 12'/* 12V* 12% 12% Tr Conti Corp .. 7% 7% 7Vs 7Vs Building— Am Radiator ... 23V* 23% 23% 23% Gen Asphalt ... 21% 21% 21% 21V* Holland Fur ... 29% 29‘/s 29% 29% Int Cement 35 35 35 34% Johns Mansville 94% 94V* 94% 94 Libby Owens Gls 44'/* 44V* 44'/* 44% Household— Col Pal Peet .... 20% 20V* 20'/* 20'/* Congoleum 41 40'/s 41 41 Kelvinator 15Vs 15 15'/s 14V* Mohawk Carpet 21% 21 % 21% 21'/ 4 Servel Inc ...... 16% 16% 16% 16% Simmons Bed ... 19% 19% 19% 19V* ..Textiles— Amer Woolen ... 9% 9% 9% 9'/* Belding Hem .. 13's 13% 13'/s 13'/i Celanese Corp . 27% 27% 27% 27'/* Collins Aikman 49% 49 49 48% Gotham Hose .. 10 9% 9% 9V* Indus Rayon ... 30 30 30 29% Chicago Stocks (By Abbott, Proctor & Paine) 10:30 Prev. A. M. close. Allied Prod 22V* 22 Berghoff 7% 7% Butler BVs 8% Chicago 4% 4% Cities Service 3'/* 3Vs Com Edison 96 95% Cord 5% 5 Crane 26 25% Elec House 17 Vs 17 Gen Util 374 3% Grt Lakes 28% 28% Iron Firemen 27% 28 Swift 21% 21% Zenith 13V* 14 New York Curb (By Abbott, Proctor & Paine) 11:30 A. M. Prev. N. Y. close Alumn Cos of Am 86(4 86% Am Cyanide 'B” 29% 29 Am Superpower 2% 2V* Atlas Corp 13 12% Axton Fisher Tob 48% 49% Can Indus Ale "A” 11% 11% Carrier Corp 10% 11 El Bond & Share 16% 16% Fisk Rubber . 6% 6% Ford of Can “A" 23% 24 Ford of Europe 8% 8% Hiram Walker 32% 32% Imeprial Oil Ltd 19 19 Lake Shore Min 52 52 % Newmont Min 74% Nia Hud Pwr 8% 8% Pan Am Airways 48 46% Penn Road 3% 3% Unlisted Stocks (By Blythe & Cos.) NEW YORK BANK STOCKS , Bid. Ask. •Bankers 66% 66% Central Hanover B & T 121 123V* Chase 42% 44 Chemical National 54% 56% Guaranty 312 314 Irving 17% 19% Manufacturers 45% 47 National Citv 38% 39% Cont 111 'Chicago) 127% 129’* •First National of Boston 46 47% •Natl Shawmut 31 32% FIRE INSURANCE I Aetna Fire 57% 59% j Citv of New York (new) 28 30 i Federal Ins 87 90% Franklin Fire .. 32% 34% Great American Ins 29% 31% •Hanover Fire Ins 38% 40% Hartford Fire Ins 82% 84% Home Ins 39% 40% Ins Cos of N A 75% 77% National Fire 75% 77% North River Insurance 27 V* 29 Phoenix Insurance 99 101% U 8 Fire 54% 56% Westchester Fire 37 Va 39% •Ex. dlv, k

SWINE VALUES AGAIN DISPLAY UNEVEN TREND Medium and Heavyweights 5 to 10 Cents Lower: Lights Steady. Although receipts increased sharply today at the Indianapolis Union Stockyards, the pork market still displayed an uneven trading range. The general market was around 5 to 10 cents lower than yesterday’s strong average, while lightweights remained unchanged. Receipts were estimated at 6000, compared with only 2500 on hand yesterday. The sharp increase is at- ! tributed largely to improved weather conditions, which has prevented shipments of livestock throughout I the state. With the liberal supply available, trading developed slow and buyers were inclined to be se- j lective. Holdovers numbered 365. The general bulk of 160 to 225 pounds, brought $lO.lO to $10.25, with the latter also being the top price. Medium heavyweights, scaling from 225 to 275 pounds, cashed in at $9.75 to $lO, while weighty classes, from 275 pounds and upward, sold at $9.40 to $9.60. Lightweights, scaling 100 to 160 pounds, ranged from $9.50 to $lO. Packing sows held at $8.25 to $8.75. Trading also was somewhat irregular in the cattle market, with steers and best heifers tending low- j er and all other classes steady. The j bulk of slaughter steers was valued to sell at sll down. Most heifers j were salable at $8.50, while bulk of | sales ranged from $5.25 to $7.50. j Beef cows and bulls sold from $4.50 to $6.25. Receipts were 900. The veal market, following a j steady opening, moved largely 50! cents higher than yesterday’s close, j The bulk ranged from sl3 down. Receipts were 300. Early sales were scarce and unchanged in the lamb market. The bulk consisted largely of fed Western grades. Few sales, however, were 25 cents lower, with the bulk holding at $11.50 down. Slaughter sheep ranged from $3.25 to $5. Receipts were 4500. Dec. Bulk. Top. Receipts. 20. $ 9.Boffij 9.90 $ 9.90 3500 21. 9.65@ 9.75 9.75 1000 23. [email protected] 10.10 3000 24. 10.00ft110.10 10.10 3000 26. 10.15® 10.35 10.35 2500 27. [email protected] 10.25 6000 Light Lights (140-160) Good and choice $ 9.75®10.00 Medium 9.256?; 9.75 160-180) Good and choice.. [email protected] Medium [email protected] 180-200) Good and choice:. [email protected] Medium [email protected] Medium Weights (200-220) Good and choice . [email protected] (220-2501 Good and choice.. 9.60@ 9.90 Heavyweights (250-290) Good and choice . 9.60® 9.90 (290-350) Good and choice . 9.40® 9.60 Packing Sows (275-350) Good 8.50® 8.75 (350-425) Good 8.50® 8.75 (425-450) Good 8.35@ 8.60 (275-450) Medium B.oo® 8.40 Slaughter Pigs (100-140) Good and choice.. 9.50®10.00 Medium 8.75® 9.75 CATTLE —Receipts, 900— (500-900) Choice $10.50® 12.50 Good [email protected] Medium 7.00@ 9.25 Common 5.50@ 7.00 (900-1100) Choice [email protected] Good 9.50@ 12.50 Medium 7.25® 9.50 Common 5.50® 7.25 (1100-1300) Choice 12.75® 13.75 Good 9.75®13.00 Medium 7.75® 9.75 (1300-1500) Choice 12.75®13.75 Good [email protected] Heifers v'soo-750) Choice [email protected] Good . B.oo® 9.50 Common and medium . 4.50@ 8.00 (750-800) Good and choice. [email protected] Common and medium 5.00® 8.50 Cows Good 5.50® 6.50 Common and medium . 4.50® 5.25 Low cutter and cutter 3.25® 4.50 Bulls, good 6.00® 6.50 Cutter, com. and med. bulls . 4.25® 6.00 VEALERS —Receipts, 300 — Good and choice $12.00®13.00 Medium 9.50®12.00 Full and common 5.50® 9.50 Calve* (250-600) Good and choice .... [email protected] Common and medium ...... 4.50® 7.00 Feeder and Stocker Cattle (500-800) Good and choice ... 6.75® 8.25 Common and medium 4.50® 6.75 (800-1050) Good and choice . . 6.75® 8.50 Common and medium .... 4.50® 6.75 Cows Common and medium 3.50® 4.25 SHEEP AND LAMBS —Receipts, 4500 Lambs. 90 lbs. down, good and choice $10.75® 11.50 Medium 8. 75 @10.75 Ewes (80-125) Good and choice 4.25® 5.00 All weights, common and medium 3.75® 4.75 (120-150) Good and choice. . . 3.25® 4.25 NOVEMBER INCOME UP Illinois Central System Reports Increase of 5154,982. Times Special CHICAGO, Dec. 27.—Net operating income of the Illinois Central System for November amounted to I $1,107,020, an increase of $154,982 over the amount earned before j charges in the corresponding month a year ago, it was announced today. Gross revenues during the month totaled $8,505,740, an increase of $1,010,749. The system reported a net operating income of $10,555,789 for the first 11 months this year, a decrease of $1,224,111 below the net of the same period in 1934. Busigraphs BANK DEBITS OUTSIDE NEW YORK CITY (FEDERAL reserve board) 25 £ 20 lijiH J Yy A Yy //TEN YEARS AVERAGE **//. Y 2 YyA y yOjY the same y o 'ndj fm,amjj.a_son 119341 1935 THE BARKER CORP. GENERAL DISTRIBUTORS incorporated investors Money is continuing to circulate faster. This is most encouraging for it is the speed of circulation rather than the amount of money in circulation which really tells the story. This favorable condition is shown by the growth in bank debits, outside New York City, as reported by the Federal Reserve member banks. Debits in November exceeded a year ago by 22 per cent, and were the highest for any November since 1930. 3

Petition to Consolidate The Niagara Hudson Power Corp. has petitioned to consolidate 10 operating utility companies in another move to bring about a simplification of its corporate structure. Os the 10 firms, nine are subsidiaries of the corporation.

SETS POWER RULES

.. -

Frank R. McNinch

FEDERAL GROUP ADQPTSORDER Power Commission Moves Toward Control of Electric Rates. Times Special WASHINGTON. Dec. 27.—The Federal Power Commission today announced adoption of its Order 36 as its first step toward control of rates, charges, contracts and agreements relating to the movement of electric energy in interstate commerce subject to the jurisdiction of the commission under the Federal Power Act (Title II of the Public Utility Act of 1935). Frank R. McNinch, commission chairman, stated that all electric power companies which own or operate facilities for the transmission or sale of electric energy at wholesale in interstate commerce for resale are being required to file on or before Jan. 15 schedules of rates, charges and interchange agreements in effect on Jan. 1, under Section 205, Part 11, of the Federal Power act. Beginning Feb. 15, and on the fifteenth of each month thereafter, electric utility companies subject to the jurisdiction of the commission will be required to file with the commission reports covering the amount of electric energy transmitted, interchanged or sold under the rates, charges and agreements in effect during the preceding calendar month. These companies, under the act and order of the commission, are also required to file monthly reports of the revenue, or other consideration if no money was paid, from the transmission, interchange or sale of electric energy. Attention also was called to the provision of Section 205 of the Federal Power Act which forbids any changes in rates, charges, contracts or agreements filed with the commission under the act except on approval of the commission. GIBSON EMPLOYES HEAR GOOD REPORT Automotive Jobbers Attend Annual Parley Here. A fine showing in business activity for the year just ending was stressed by J. M. Bloch, secretary and general manager of the Gibson Cos., pioneer automotive jobbers, in addressing the opening session of the firm's thirty-seventh annual sales conference here yesterday. “The depression ended Jan. 1, 1935, for the Gibson C 0.,” Mr. Bloch declared. Business sessions of the conference, which are being held in the Gibson Building, Capitol-av and Michigan-st, are to continue today and tomorrow, ending with a Christmas party tomorrow night when the firm is to act as host to more than 700 employes and their families. Mr. Bloch, in talking to the salesmen, predicted that regardless of the exceptional showing this year, still higher levels are promised in volume of the firm’s trade during 1936. DIVIDEND IS DECLARED NEW YORK, Dec. 27.—Directors of the Globe and Rutgers Fire Insurance Cos. have declared a dividend of $6.15 a share on the second preferred stock of the company, payable March 1, 1936, to holders of record Feb. 14, 1936.

Thomson & McKinnon MEMBERS NEW YORK rHH 1 Arn New York Stock Exchange TORnvrn New York Curb Exch,n * # 1 URUA I U New York Cotton Exchange BOSTON York Coffee and Sugar Exchange SOUTH BEND • New Orleans Cotton Exchange pep WAYTVF 1 Chicago Stock Exchange PVAvJvTTTF Ch,C * 8<) B ° ,rd ° f Tr,d# L ? AiNuV ILLlli Winnipeg Grain Exchange Indianapolis Office And other leading Exchangee 200-214 Circle Tower Li. 5501

UTILITIES MAY ASK REPEAL OF HOLDINGS, ACT Firms Not to Rely Solely on Courts for Relief, Is Indication. BY RUTH FINNEY Time* Sorcial Writer WASHINGTON. Dec. 27.—Instead of relying only on the courts for relief from the holding company act, utilities will turn again to Congress and bring pressure for its repeal or modification, according to fresh indications today. An earlier statement from the committee of public utility executives indicating this would be done is reiterated by Wendell L. Willkie, president of the Commonwealth & Southern Corp., in the Magazine of Wall Street. Mr. Wilkie calls for an outpouring of public opinion on the subject. “Reasonable” Bill Urged “If the people of this country who are interested in its economic recovery and who are unallured by the European concept of public ownership and control will but assert themselves,” he says, “the Congress of the United States in January can pass an act which will correct all alleged past abuses in this industry and prevent their recurrence in the future without at the same time throwing this great industry into a state of chaos. “Congress meets in January and the whole problem can be solved without the long travail of litigation and continued unemployment by the passage of a reasonable bill.” New Deal advocates of the holding company act consider this an indication that the utilities are none too sure of winning on their contention that the act is unconstitu- | tional. Passage Would be Difficult So far no member of Congress has announced his intention to introduce the power company measure and no announcement has been made as to what would constitute a “reasonable” bill. Congress is traditionally less amenable to Administration control in an election year, and in the past utilities have been substantial contributors to the campaign funds of many members of Congress. The holding company act was bitterly fought in the last session, and passed by only a small majority in each house. However, chairmen of both committees through which anew bill would have to pass are strongly in favor of the measure now on the books. Even if such a bill reache<| a vote in the House and Senate, the power companies could not win without getting two thirds into their camp—enough to over-ride a veto. BLUFFTON FIRM MOVES IN MORE EQUIPMENT General Machinery Cos. to Start Production Shortly. Times Special BLUFFTON, Ind., Dec. 27.—The General Machine Cos., Inc., manufacturers of bread wrapping and cutting machines, through co-operation of the Chamber of Commerce are moving machinery and equipment to I their new plant at Bluffton from Battle Creek, Mich., it was announced today. The factory, located in the Masonic Building on N. Main-st, is expected to start production as soon as the new equipment is installed. The company also is going to manufacture blades, sharpeners and other parts for the wrapping and cutting machines. Carl Littlefield is to retain his position as plant manager, while other directors on the board include Victor Brown, George S. Morris and W. H. Eichhorn, all of Bluffton. PLANE AWARDS MADE Times Special WASHINGTON, Dec. 27.—Contracts totaling approximately $9,000,000 have been awarded the Boeing Airplane Cos. and the Douglas Aircraft Cos. by the War Department, it was learned today.

Your Local Building & Loan Association Makes Modernization Loans and Loans on New Homes.

Commercial Banking •A Savings • Trusts , American National Bank AT INDIANAPOLIS

MONEY WHEN • YOU WANT IT is one of the first essentials of satisfactory mortgage financing. That’s why our service will be appreciated by all prospective home-owners. Whether YOUR need is for refinancing an existing mortgage or buying or building, you can use our mortgage loan to good advantage. The UNION TRUST COMPANY LOAN DEPARTMENT 120 E. Market SL RI. 5341i