Indianapolis Times, Volume 47, Number 252, Indianapolis, Marion County, 30 December 1935 — Page 13

Trends Townsendites Mean Well, But Plan Won’t Work. BY JOHN T. FLYNN

NEW YORK. Dec. 30—Dr Townsend's plan includes two essential elements. One is that the aged get S2OO a month each. The other is that they spend it within the month. If they take $1,500,000,000 in a month from those who earn the money and pay the taxes and fail to spend it all, effective purchasing power will be reduced to _____ the extent that

they hoard the money. Dr. T o w nsend recognizes this. He therefore is trying to work out a plan to compel th e pensioners ac t u ally to spend their money. But how can this be done? Once the man gets S2OO how is he to be supervised so as to insure his pay-

Flynn

ing all this cut? At first the doctor suggested that each person swear to spend it all in 30 days. But he recognizes the futility of this measure. He has, therefore, suggested another device. The pensioner will not be given cash. Instead an account will be opened for him in a local bank selected by the government as the official bank. a a a THE check will be sent to the bank and an account opened for him for S2OO. This he can get only by making cnecks in payment of his purchases. The bank will not credit him with his next month’s check unless the S2OO of the preceding month is all drawn. However, if the old gentleman wants to save, what will prevent him from making a check to his grocer for $lO to cover a $2 purchase and getting the change in cash? Asa matter of fact you have to recognize his need for cash. He can't give checks for street car fare, movie seats, a cigar, a cup of coffee in a restaurant, etc. He must have some cash. u a a \ ND you can not check up on his purchases to see if he collaborated with his dealer to get some cash on a check. It would taj.e an army of snoopers and sleuths 10 times as big as the prohibition army. Besides, there is no way of preventing this money from passing into savings accounts. Once the pensioner spends it, the money is in the hands of the merchant. He can spend it or save it. And he will continue to save his usual amount. The saving will be done by the merchant rather than by the pensioner. But the money will pass out of the stream of expendable funds just as effectively. There can be little doubt that the plan would not aid the economic society. That being so it would not help the aged, for since the money must come out of the producing element of society, and since the producing element can not pay it out of its present purchasing power and since the plan will not increase purchasing power, it would break down altogether. a tt tt THE aged as well as the youngst„.s would all be the victims of a scheme, conceived in good fli ith, by well-meaning people, but who do not know how this f nysterious economic machine works. The tax would be a tremendous discrimination against all goods made wholly in America. Thus a suit which was a home product from the sheep’s back to the final garment would have to bear a long series of 2 per cent taxes on a numerous series of transactions. But a suit made abroad and imported would have to pay only on the one or two transactions which took place in America after its arrival. Tha men who launched this movement do not want to injure America. They want to help it, I am sure. But they are playing with fire—fire capable of destroying our financial and industrial world. (Copyright. 1935. NEA Service. Inc.). On Commission Row Quotations below subject to change are average wholesale prices being offered to buvers by local commission dealers: Fruit—Cranberries. C C Hames, Eatmores. 25-lb. box. $4 50. Pears -Washington' D'AnJo. $3.25. Calif, avocados. $3.75. Bananas—Seven hands, a pound. 5%r Persimens—California, lug $1 25 Apples— Jonathans. $1.75 Doliciou. $1.75. Wealth's $1.25: Grimes Golden. $1 25. Lemons— Sunkist. 360s 57 25 Grapefruit Texas, 6ls to 70s. $3 25. Arizona Sunkist. $2.50. Limes—Mexican, a carton 12s. Ific. Grapes —Emperor, lus. $2; fanev Emperor. 34-lb. sawdust cbesi. $4 Vesetables Beans, creen. round s rlns]ess bu . $2.50. Beets- Texas 3-doz. crate. $1.65. Cabbacr -New York Danish. 59-lb. bap 80c. Carrots—California. 6 dor crare. $3.75, a doz . 70c. Cauliflower—California, crate. $2. Celerv—Michigan, washed and trimmed. 16 stock bunch. 55c: jumbo, dor... 85c. Cucumbers Southern, bu $5; doz., sl. Kale—Homo-crown, bu . 60c. Lettuce —lceberp. California, pood. $3: itotneprown leaf 15-lb. basket. $1 50: Endive— California. basket. 85c Mansoes Florida, crate. $6.50: small basket. $1 40. Mint—Bunch. 20c. Mustard—Home crown, bu., 60c Onions —lndiana yellow 50-lb. bae. $1 15: Indian* yellow, 10-lb bap. 25c. Parsley Southern, dor . 50c. Peas—Telephone. Vhlmpers $3 50. Texas hampers. $2 75. Potatoes —Round Cobhlers. 100-lb. bap. 51 60: Michigan Round White 100-lb. bap $1 60: Earlv Ohios. bu $175; Idaho Russets. *3 35. Sweet potatoes -Indiana Jerseys, bu . $1.65 Radishes—Ohio, button, dor . baskets. 45ffi60c Sape—Doz . 45c Spinach —New Texas, bu $1 35. Squash—Bu., $2 50. Tomatoes—Florida. 10-lb. carton. $1.50. FRUITS AND VEGETABLES 'Bv United Press) CHICAGO. Dec 30—Apcles—Michigan Mclntosh bushel SI u 1.50. Carrots— Illinois, bushel. 30 35c. Sweet Pota'oes— Tennessee, bushel 85'o$i Beans F orida bushel. $4 50 i 5.50. Cabbape - Sacks per hundred weight. sl'ul4o Peas- California hampers $2 50 :3 50 Spinach Texas, bushel. 85c >1 50 Lettuce Western crates. 5 dor . $2 :2 50 Cucumoers— Florida. bushel. $2.25 vi 3.50 Celery— Michigan, square crates. 65c ,i SI 25 Cauliflower—California. crates sl.so'*/ 1 85 Tomatoes-Mexican lugs. $2.50 : /3. Onion market 1 50-ib sacks'—Western valencias 804i 85c; Illinois yellows 75c /si Wisconsin yellows. $1 Michigan yellows, sl. Money and Exchange INDIANAPOLIS STATEMENT Clearings .. .. $2,041 non Denits 5.241,000 TREASURY STATEMENT *Bv Unitod Press) WASHINGTON. Dec. 30.—Governrrjcnt l expenses and receipts for the current IwfUcal year to Dec. 27. as compared with year mo i This Year Idm y?ar expenses $2 082 921 505 0* $1.70!, 230 480 86 Receipts • 1 886 234 537 07 1 836 563 560 Sfi Deficit .... 1.838.051 015 48 1 691 774 202 43 Cash bal... 2.243.407.775 83 2.561 953 243 18

BAD PRACTICES ARE REVEALED i IN SEC REPORT Faulty Financial Records of Corporations Are Criticised. By United Press WASHINGTON Dec. 30— A large public utility system has been required by the Securities and Exchange Commission to recompute its financial statement in a manner that wrote down its assets by $153,000.000, the commission revealed today in its annual report. The SEC's action was cited as a | “typical" example of its efforts to simplify corporation financial statements for the convenience of inj vestors. The identity of the utility was not revealed. The registration statement was filed under the Securities j Act of 1933 and was not connected with the SEC's regulation of public ; utility holding companies, which I )egan Dec. 1. Price Manipulation Probed The SEC report, covering the fiscal year ended June 30, said the utility company was required to set , down besides its balance sheet an | adjusted balance sheet which “ini dicated that if proper accounting I and financial practices had been I followed, the company’s assets would | have been $153,000,000 less than ! those shown in the original balance sheet, and that in place of the capital surplus of $11,000,000, and the earned surplus of $12,000,000, the company would have a corporate deficit of $30,000,000.” The report claimed important progress in combating fraudulent security practices, including 67 investigations into price manipulation, 10 into activities of “insiders,” establishment of a “rogues’ gallery” of 15,351 persons against whom previous action may have been taken and voluminous files on corporations and industries.

Improper Practices Revealed The SEC listed several examples of what it called improper practices revealed by registration statements. A mining company stopped trying to sell securities, it said, after it was forced to tell that a large part of the stock sale proceeds were used for salaries. An investment trust has sold no contracts since it was forced to reveal the heavy “overhead” for services and expenses and a company selling “endowment bonds” principally to school teachers was the subject of a “stop order” of the commission whicli it said “will prevent the further victimizing of the public.” In the case of the public utility company, the report said: “A large public utility system filed a registration statement containing a balance sheet which showed the company had a capital surplus of approximately $111,000,000 and an earned surplus ,of approximately $12,000,000. Impossible to Understand “Appended to this balance sheet were a great many pages of footnotes relating to the balance sheet, which disclosed that many improper accounting and financial practices had been followed. “The footnotes were so long and complicated, however, and contained so many technical terms, that it would be virtually impossible for an average investor to understand them. Furthermore, even a trained investment analyst would have great difficulty in adjusting the balance sheet in accordance with the footnotes in order to obtain a true picture of the company’s financial condition. “The company was required to compute the effect in dollars and cents, as far as possible, of the improper accounting and financial practices and to set up a balance sheet in a form permitting comparison with the balance sheet as originally filed.”

WHEAT MART FIRM IN EARLY TRADING Chicago Pits Reflect Liverpool Strength. By United Press CHICAGO, Dec. 30.—Moderate buying by traders who were impressed by strength in the Liverpool market imparted firmness to wheat futures today. At the start wheat was % to % cent higher, corn was up % to % cent, oats were off % cent and rye ruled unchanged to up % cent. Although interest in wheat was light the better tone in Liverpool induced a fair class of buying which lent a firm start to the local market. CHICAGO FUTURE RANGE 'By James E. Bennett & Cos > 10:30 Prev. Wheat— High. Low. A M. close. May I.oo'-, .99*8 I.oo‘s .99 1 , July 90 .89-2 .89-', 59% Corn— May 60% .60% .60=, ,60's July .61% .61% .61% .61-"*s Oats— May 28’, .285*4 .28 '-4 .28', Rye— May 54 3 g .53% .SI 3 * ,52 3 s July . .. .54' 2 .54', .54' 2 .53% LOCAL MAN PROMOTED Walter R. McClure to Assume New Duties at Dayton. Walter R. McClure, supervisor of the State Mutual Life Assurance Co s, has been promoted to the position of field assistant in the company's office in Dayton. Ross M. Haigreen, Indianapolis general agent, announced today. Mr. McClure ‘is to assume his new duties Wednesday. He has been a production leader in Indianapolis since coming here in January, 1934. Mr. McClure is to be succeeded here by William A. Tidwell, leading agent for th' entire company in the number of lives insured.

Abreast of The Times on Finance

‘Well, How Are You Fellows Coming?’

■ ,ji . jjjk

New York Stock Exchange Prices

(By Thomson & McKinnon) 10:30 A. M. Prev. High Low N. Y Close Oils— Amerada 80 80 80 79% Atl Rfg 26'i 26'i 26% 25 3 , Barnsdall 14' B 14 15'/* 13 7 s Consol Oil II 1 , ll'/a ll's 11 Cont of Del .... 33%333/,2 3/ , 33% 33 Houston (new) . 6*4 6> 4 6% 6% Mid Cont Pet .. 19' 2 19 3 a 19 1 2 19 Ohio Oil 13 Vs 13V 8 13’ s 13>/ 4 Phillips Pet .... 33 5 a 33 3 a 38% 38% Pure Oil 15% 15% 15% 15V2 Seaboard Oil .. 34' 2 34% 34' 2 34 Shell Un 15% 15% 15% 15% Soc Vac 14 13% 13% 13% S O of Cal .... 39% 39 39% 38% S O of Ind 31 30% 31 30% S O Os N J 49 48% 48% 48% Texas Corp .... 29% 29 29 28% Tidewater Assn . 14% 14% 14% 14% Un Oil of Cal... 22% 22Vi 22% 22% Steels— Am Roll Mills .. 30% 30% 30% 30 Beth Steel 59% 50 50% 49% Bvers A M 18% 18% 13% 18 Cruc Steel 37% 36% 37% 36 Natl Steel 72% 72 72 71 Vi Otis Steel 16% 16% 16% 16 Rep Ir & Stl ... 18Vi 18% 18% 17% U S Steel 47 46% 46% 46 U S Steel pfd ... 112 112 112 112 Warren Bros .19 19 19 Youngs’n S& T 46% 45% 46% 45% Motors— Auburn 43% 43% 43% 42 Vi Chrysler 92% 91% 92 91 Gen Motors .... 56Vi 56 56% 55% Graham Mot ... 2% 2% 2% 2% Hudson 16% 16% 16% 16' 4 Huun 2 44 2% 2% 2% Mack Truck ... 29% 29% 29% 28Vs Nash 18% 17% 18% 17% Packard 7 6% 7 6% Studebaker .. . 9% 9% 9% 9% Yellow Truck.. 9% 9 9 8% Motor Access— Bendix 22% 22% 22% 22% Bohn Alum .... 54 54 54 54% Borg Warner .. 70% 67% 70% 68 Briggs £2% 51% 52'/a 52 Budd Mfg 9 9 9 8% Budd Wheel ... 12% 12% 12% 12% Eaton Mfg . 28% 28% 28% 28% Houdaille “B'\ 29% 29% 29% 29% Murray Body ... 20% 20 20 19% Stew Warner ... 18 18 18 17% Timken Det Axle 12% 12% 12% 12Va Mining— Alaska Jun .... 14 14 14 14 Am Smelt 60% 60% 60 Vi 59% Anaconda 29% 28% 29% 28% Cal & Hecla ... 6% 6% 6% 6% Cerro De Pasco. 53% 53% 53% 52% Dome Mines ... 42 42 42 42 % Granby 9% 9% 9% 9% Gt Nor Ore 15% 15% 15% 15% Howe Sound ... 52% 52% 52% 52% Int Nickel 45% 45 45% 44% Kennecott Cop . 28-% 28% 28% 27% Mclntyre Mine . 39% 39% 39% 39% Park Utah ... 4% 4% 4% 4% Phelps Dodge ... 25% 25 25% 25% U S Smelters ... 93 92 Vi 92% 91 7 a Vanadium 19 19 19 19% Amusements— Fox Theat 22% 22% 22% 22% Loews Inc 50% 50% 50% 50% Radio Corp 12% 12% 12% 12 Paramount 9% 9% 9% 9% R K O 5 4% 5 4% Warner Bros ... 9% 9Vi 9% 9% Tobaccos— Am Tob "B” ... 99% 99 99Vi 97% Lorillard 24 23% 24 23% Phillip Morris .. 67 66% 67 66% Reyn Tob "B’’.. 54% 54% 54% 54 Rails— Atchison 58% 58 58% 57% B & O 16% 16 16 15% Can Pacific 10% 10% 10% 10% Ch & Ohio 50 % 50% 50 % 50 Chi & Gt W 1% 1% 1% 1% C M & St P pfd 2% 2% 2% 2% Chi N W T 2% 2% 2% 2% Dela & Hud ... 36% 35% 36% 35% Erie pfd 17 17 17 17 Grt North pfd . . 33% 33% 33% 32% 111 Central .... 19% 19% 19% 19 Lehigh Valiev ... 8% 8% 8% B'i M K & T ... 5% 5 5 4% M K & T pfd ... 13 13 13 13 Mo Pac pfd ... 3% 3% 3% 3% N Y Con* 27% 27% 27% 27% Norfolk & West 208 208 208 210 Nor Pacific .... 24% 24% 24% 24 Penn R R 30% 30% 30% 30% Sou Pac 23% 23 23% 22% Union Pac 107% 107 107 107 V, Equipments— Am Brake Shoe .40% 40% 40% 40 Am Steel Fdy ... 24 24 24 23% Gen Elec 37% 37% 37% 37% Pullman Inc .... 36% 35% 35% 35%

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 brokers.) STOCKS Bid Ask. J. D. Adams Mfg 16*2 18 •Belt RR & Stk Yds com . 50 53 •Beit RR A; Stk Yds pfd . 53 Central Ind Pow ~r e pfd ....16 19 Home TelATel Ft. Wn 7% pfd 50** ,52 •Hook Drug Inc com 14V* .. . •Ind A Mich Elec 7** pfd ... 99 102 Indols Chain Sto Term pfd .. 52Va 50 •Inapis Gas Cos com 36 40 •Indpls Pow & Lt 6 pfd .. .. 82 85 •Indpls Pow A- Lt 6*j% pfd . 87*4 90!i •Indpls Water 5<7. pfd 102 Lincoln Nat Life Ins. Cos . 34 37 North Ind Pub Svc pfd 68 71 North Ind Pub Svc 674 pfd . 77 81 Progress Laundry com 7 9 Pub Svc of Ind 6G. pfd 11 >i 14 Pub Service of Ind 7c. pfd . 35 39 •So Ind Gas A Elec 6*7 pfd.. 92 1 i 96 1 i Tprre Haute Elec 6C pfd ... 80 84 •Union Title com 19 23 BONDS Atlanta Distr Term 6% ‘4l ... 62’-* 70 Buffalo Distr Term 6% '4l .70 75 Brooklvn Postal Sta s*a '“o '4B . 37*4 42 * Home TelATel FtW s'a ’35 .103 105 Home TelATel F'.W 6% '43 103 106 Indpls Railways Inc ST, ’67 .. 50 1 a 53 Indpls Water 4*2*:v. '4O .. 105 107 Indpls Water 5% 'SO A '6O . 105 107 Indpls Water s'jd '53 A's 4 103 * a 105 Intetstate TAT S'i 1 -. '53 .. 33 96 Kokomo Water Works 'SB ...104 105** Lafavette Telephone SG. '57 102 Morris 5 A 10 Stores ST, 'SO 9.9 102 Muncie Water Works 5 r 7 '65 102'* Noblesville HLAP 6* a '47 .. .. 97 100 Ohio Tel Service 6% 47 95 Richmond Water Works S'T.'ST 104** 106 St. Louis Post Office s'-2% '3B 18 25 Seymour Wtr Ist mtg 554 '59 101 104 Terre Haute Water Wkss~ '56 101V* 103*4 Terre Haute Wat Wks 6% '4.J 103 105 Traction Terminal 554 '57 .... 69 73 •Ex. dir.

INDIANAPOLIS, MONDAY, DECEMBER 30, 1935

West Air Br ... 34% 34% 34% 33% Westingh Elec .. 95% 94% 95'/s 94Vi Utilities— Am & For Pwr 6% 6% 6% 6% Am Pwr & Lit .. 8% 8% 8% 8% AT&T 155*4 154 Va 155*4 153% Am Wat Wks .. 22 21% 22 21% Col Gas & Elec 13% 12-/8 13% 13Vi Consol Gas . . 31 30% 30% 30% Int Hydro Elec.. 3% 3% 3Vi 3% Int T & T. 13% 13 13% 12% Nat Pwr & Lit.. 10 10 10 9% North Amer ... 26% 26% 26% 26% Pub Serv N J 46 46 46 45% So Cal Edison.. 24% 24% 24% 24% Std Gas 5% 5% 5% 5% Stone & Webster 14% 14% 13% 14% United Corp ... 7 6% 7 6% Un Gas Imp 17% 17% 17% 17% Ut Pwr &Lt (A) 3% 2% 3'% 2% Western. Union.. 72% 72% 72% 72V, Rubbers— Firestone 24% 23% 24% 24 Goodrich ...... 14% 13% 14% 13% Goodyear 23% 22% 23% 22% U S Rubber ... 16% 15% 16% 15% U S Rubber pfd 45% 44% 45% 44% Miscellaneous— Allis Chalmers. . . 37% 37 37% 36% Amer Can 135% 135% 135% 132% Brklyn Man Tr.. 40% 40% 40% 40 Burroughs Add.. 24% 24% 24% 24% 3 I Case 94 94 94 93 C'ontl Can---.... 85% 85% 85% 84% Caterpillar Tract 55% 55% 55% 55% Crown Cork.... 45% 45% 45% 45 V, Curtis Pub 21 21 21 21 Deere & Cos ... 52% 52% 52% 52% Glidden 47 47 47 46% Inter Harv .... 60 60 60 59% Natl Cash Reg . 22% 22% 22% 22Vi Rem Rand .... 19%' 19% 19% 19% Foods— Am Sugar .... 53% 53% 53Vi 53 Armour 4% 4% 4% 4%

N. Y. Bonds (By Abbott, Proctor & Paine) (Reprinted from Saturday) DAILY BOND INDEX 20 20 20 20 Inds. Rails Utils. Utils. Today 90.9 83.3 103.1 92.1 Week ago 90.8 83.1 103.0 92.3 Yesterday 90.8 83.2 103.1 92.4 Month ago 91.0 81.6 102.8 91.8 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 Treasury's Prev. ... Close Close 4Us 1947-52 115.01 115.05 4s 1944-54 110.30 110.30 3Us 1946-56 109.02 109.03 3Us 1941-43 107.30 107.26 1941 108.16 108.18 3Us 1944-46 105.07 105.07 3j ß s 1946-49 103.26 103.28 3‘as 1949-52 103.28 103.30 3s 1951-55 102.27 102.29 3s / 1946-48 102.29 102.31 fits 1955-60 99.30 99.30 2Us 1945-47 100.29 100.30 Home Owners Loan Corporation 2Us J 949 99.19 9922 3s 1902 100.26 100.26 Federal Farm Mortgage Corporation 3 ’*s 1964 102.13 102.17 3s 1949 100.03 100.01 3s 1942-49 101.17 101.15 2 Us 1947 100.06 100.02 DOMESTIC Prev. an- . ~, Close. Close. A eg Corp 5s ’44 84=,, 85 % Alleg Corp 5s ’49 75'a 76's Alleg Corp 5s ’SO 48 49 Am Frgn Pow 5s 2030 64U 65U Am Tel & Tel 5 1 2 s ’43 113 7 a 113 Am Tel & Tel 5s ’65 113 113 Arm &Cos .Dell 5‘ 2 s ’43 94 7 ' 8 94' s Am Wat Wks 5s '44 ,112 112 Am Rolling Mills 5s ’3B 120 120’2 Balt & Ohio 6s '95 83’ 4 83' 4 Balt & Ohio 4Vis ’6O 60 1 4 60*2 Chi Milw & St P 5s ’75 16 5 8 16U Chi Milw <fc St P 5s ’75 16 5 a 16 3 4 Chi Milw & St P 5s 2000 6’ 2 6 1 1 Cleve Un Term 5s ’73 100 100* 2 Cleve Un Term 4!is ’77 93 5 i 93 3 4 Col Gas 5s May ’52 98 1 2 98 7 s Col Gas 5s ’6l 98 971.2 Can Pac Perp 4s 86’i 87 Cent Pac 5s ’6O 87 86 5 a Big Four 4Vis ’77 77 78’ 4 Colorado fc So 4> 2 s ’BO 57 56 Chi & West Ind 4s ’52 99 3 4 99" 8 Chi & West Ind 5' 2 s ’62 106 5 g 107 Chi & Nor West 4 3 4 s ’49 101 8 10 1 ! Con Gas 5s ’57 105> 2 105 U Chesa Corp 5s ’47 114 : 4 114 3 4 Del & Huds 4s ’43 75>4 76> 2 N Y Dock 4s ’sl 65 3 4 65 7 s N Y Dock 5s ’3B 57 57’ 4 Erie 5s ’75 68Vi 68 ! i Erie 5s ’67 68 69 Grt Northern 7s ’36 102 7 i 103 Grt Northern 4‘is ’76 96> 2 9534 Grt Northern 4' 2 s '77 95 3 4 96> 2 Hud <fe Manhat Ref 5s ’57 80 1 4 80> 2 111 Cent 4 3 4 s ’66 64 63 3 4 111 Cent Jt 4> 2 s '63 66 5 i el’s Interntl Hv Elec 6s '44 44 44 Interntl Tel & Tel 4’ 2 s '39 ... S6’i 86’i Interntl Tel & Tel 5s ’55 78 3 4 79’ 4 Interntl Tel & Tel 4’ 2 s ’52 ... 74’ 4 74 3 4 McKess & Rob 5’ 2 s ’SO 102’ 2 102 3 4 Natl Dairy s> 4 s ’4B 103 3 4 103 3 4 Natl Steel os '56 106 106 Nickel Plate 4’- 2 s ’7B 69 1 2 69' 2 Nickel Plate 5 ! 2 s '74 80 ! ' 4 81 Nickel Plate 6s '35 97 1 2 97 N Y Cent 5s 2013 72 > 2 73 ! i N Y Cent 4 1 2 s 2013 (old) 79 79’ 4 Nor Amer Cos 5s '6l 103 1 i 103 3 a Nor Pac 3s 2047 74 7* 3 4 Nor Pac £s 2047 107 3 g 107 3 B Penn Ry 4 ! 4 s 'B4 105 ! 4 105 3 4 Penn Rv 4' 4 s ’Bl 105 7 s 105 3 4 Penn R" 4 ! 2 s ’7O 98‘ 2 98 ! 2 Pac G <i- E 5s '42 104*2 104 3 4 Penn P <fc L 4’ 2 s 'Bl 105 3 4 105 3 4 Postal Tel <fc Cab 5s ’53 33 3 4 34 3 a Rem Rand WW T s’ 2 s '47 104’2 104 > 2 Sou Pac 4’ 2 s '6B 75’ 75 ! 2 Sou Pac 4 1 2 s 81 74*2 75 ! 2 Sou Pac 4' 2 s '69 75 76* 4 Sou Rail 4s ’56 51 5l 3 s Sou Rail 6s ’56 65U 6£ 3 4 Sou Rail 6' 2 s '56 65 3 4 69 Texas Pac 5s ’SO 95 94* 2 Texas Pas 5s 79 94' 2 95*2 Union Pac 4s '47 113 112 7 8 U S Rubber 5s 47 102 102 NY NH & Hart 4Us '67 .. . 30*- 31 Western Mary s' 2 s ’77 105 3 4 105 3 i Western Marv 4s '52 96 95 3 a Youngstown S & T 5s '7O .. 104’* 103 3 4 Youngstown S A- T 5s ’7B . 103 3 4 103 3 4 Foreign Argentine Bss 58 98U 98 ! s Brazil 8s '4l 26 5 g 27U Denmark s> 2 s '55 101 U 101 ! German 5' 2 s ’65 26 3 4 27 3 German 7s 49 3gi 4 40 Italy 7s ’sl 593, 60 3 4 Rome 6 ! 2 s '52 52 3 4 511. Yokohama 6s ’6l 8 2 i 4 851 a

Armour pfd. 64% 64% 64% 64% Beatrice Cream.. 17% 17% 17% 17% Borden Prod . . 25% 25% 25% 25% Canada D G Ale 16% 16% 16% 16 Cont Bak ’A’ .. 11% 11% 11% 11% Corn Prod . . 68% 68% 68% 68% Crm of Wheat ..37 37 37 37% Cuban Am Sub.. 6% 6% 6% 6% Con Baking .. 12% 12% 12% 12 Gen Foods 33% 33% 33% 33% Gold Dust 19% 19% 19% 19 Kroger Groc ... 26 26 26 25% Macy R H 46% 46 46% 45% McCrory St 13% 13% 13% 13% McLellan St ...12% 12% 12% 12% Marshall Field 11% 11 11% 10% May Dept St ... 52% 52% 52Vi 52 Mont Ward 38% 38% 38% 38 Natl Tea 9% 9% 9% 9% Penney J C 77% 77Vi 77% 77% Safeway St 32% 32% 32% 31% Sears-Roebuck. . 64% 63% 64% 63% Woolworth 55% 55 Va 55 Vi 54% Aviation— Boeing Aircft .. 19% 18% 19% 18% Curtiss Wright.. 4V4 4% 4% 414 Curtiss Wright A 11% 10% 11% 10% Douglas Air 52% 51% 52% 51% Nor Am Av 7 7 7 6% Sperry Corp .. 16% 16 16% 16' United Air’aft N 28% 28% 28% 27% Chemicals— Allied Chem ... 154% 154% 154% 152% Am Com Alcohol 29 29 29 28% Du Pont 138% 138 138 138% Freeport Tex ... 29% 29% 29% 29% Natl Dis (new) 30% 30% 30% 30% Schenley Dist . 51% 50% 51% 50% Tex Gulf Sulph 32% 32% 32% 31% U S Indus Alco 42 42 42 42 Drugs— Bristol Myers .. 41 Vi 41 Vi 41% 40% Coty Inc 6 6 6 5% Lambert ........ 22% 22% 22% 22% Sterling Prod ..65 65 65 65 Un Drug (new). 12% 12% 12% 12% Zonite Prod .... 7% 7% Financial— Adams Exp 10% 10% 10% 10% Allegheny Corp.. 2% 2% 2% %2 Am Int Corp .. 10% 10% 10% 10 Chesa Corp 57% 57% 57% 56% Transamerica .. 13% 13 13% 13 Tr Conti Corp . 7% 7% 7% 7 Building— Am Radiator ... 23% 23% 23% 23% Gen Asphalt ... 21% 21 Vi 21% 21 Int Cement 35% 35 35% 34% Johns Manville . 92% 92% 92% 92% Otis Elev 25% 25 25% 24% U S Gypsum ... 82 81 Vi 81% 82 Ulen Cons 4% 4% 4% 4% Household— Congoleum 42% 42% 42% 41% Kelvinator 15% 15% 15% 14% Mohawk Carpet. 22 22 22 21% Proc & Gamble . 45% 45% 45% 44% Servel Inc 6% 6% 6% 6% Simmons Bed ... 18% 18% 18% 18% Textiles— Celanese Corp .. 29% 29% 29% 29 Collins Aikman . 47% 47% 47% 47% Gotham Hose ... 9% 9% 9% gs a Indus Rayon ... 29 29 29 29 Real Silk 9% 9% 9% 9% Chicago Stocks (By Abbott, Proctor & Paine) 10:30 Prev. _ A. M. Close Butler Brothers 8 8 Chicago Corp 4% 43 8 Continental Steel 40 39% Cities Service 33% Cord 5 5 Crane 24% 24% General Household 3% 3% Great. Lakes Dredge 29 29 Noblitt-Sparks 31% 31% Perfect Circle 39% 38 Quaker Oats 134% 132 Swift 21% 21% Swift International 32% 33 New York Curb 11:30 A. M. Prev. N. Y. Close Alumn Cos cl Am 88 86 Am Cyanide “B" 29% 29% Am Superpower 2% 2% Atlas Corn 13 12% Carrier Corp 10% 10% Fisk Rubber .. 6% 6 Ford of Can "A" 24% 23% Imperial Oil Ltd 19% 19 Nia Hud Pwr 8% 8% Pan Am Airways 46 46 Penn Road 3% 3%

LANG INDUSTRIES, INC. TO LOCATE AT MUNCIE New Concern Expected to Employ Between 35 and 40 People. Times Special MUNCIE. Ind., Dec. 30.—The Lang Industries, Inc., Detroit, has completed plans for moving its plant to Muncie into the old Daugherty Baking Cos. building, it was learned today. The plant at its new location is expected to furnish employment to between 35 and 40 people. When caapcity operation is reached the company will employ around 60 workers, Hiram M. Browne, executive vice president, announced. The concern manufactures machine belting and other leather products, sheep skin, polishing skins and lamb skin table coverings. The plant is being .moved from Detroit for geographic advantages, Mr. Browne said. The sales force is to remain in Detroit. Other officials, in addition to Mr. Brown, are J. Harry Land, vice president; Willis WiLhoit, treasurer; Miss Ruby P. Perry and Frank Wiggins, superintendent, all of Detroit. LOCAL CASH MARKET City grain elevators are paying 92 cetns for No. 2 soft wneai. Other grades on their merits. Cash corn new No. 4 yellow 46 cents and oats 19 cents.

R.C.A. PAYMENT OF DIVIDEND IS SEENPROBABLE Reorganization Indicated by Naming of Kennedy as Examiner. By United Press NEW YORK, Dec. 30.—Appointment of Joseph P. Kennedy, former chairman of the Securities and Exchange Commission, to analyze the capital structure of Radio Corp. of America probably portends a reorganization to permit payment of dividends on common stock, financial circles believed today. Mr. Kennedy refused to discuss the nature of his study or to estimate the time it would require, but students of R. C. A. affairs believed he would seek a means of using approximately $36,000,000 cash on hand, or expected soon, to pay accrued dividends on common stock and perhaps to retire one issue of preferred. Directors of R. C. A. have considered more than 40 recapitalization plans, but have rejected them all because of technicalities. David Sarnoff, R. C. A. president, who announced Mr. Kennedy's engagement, also revealed that Merlin H. Aylesworth had resigned as president of the National Broadcasting Cos., Radio Corp. subsidiary, and had been elected vice chairman of the board of directors. Lenox P. Lohr, World War major of engineers and general manager of the Chicago World Fair, was elected to replace Mr. Aylesworth. Mr. Aylesworth will give his time to Radio-Keith-Orpheum Corp., which elected him head of its board of directors last month. He had been president of NBC since its organization in 1926.

EMPLOYMENT GAINS SLIGHTLY IN MONTH November Jobless Lists Off .1 Per Cent. Times Special NEW YORK, Dec. 30.—The total number of unemployed workers in November was 9,177,000 according to the regular monthly estimate of the National Industrial Conference Board, made public today. This is a decrease of 11,000, or .1 per cent from the preceding month, and a decrease of 1,032,000 or 10.1 per cent below November, 1934. From October to November, 1935, the decreases in unemployment, by industrial groups, were: Trade, 37,000; manufacturing and mechanical industries, 25 000; transportation, 5000; and miscellaneous industries, 1000. Unemployment showed an increase of 18.000 in domestic and personal service and 12,000 in mining. Compared with November, 1934. unemployment this year decreased 27.8 per cent in manufacturing and mechanical industries; 7.9 per cent in transportation, 7.1 per cent in domestic and personal service, 4.2 per cent in trade, and 7.7 per cent in miscellaneous industries. Unemployment increased 4.9 per cent in mining. CHARGES OF UNFAIR PRACTICES CANCELED National Labor Board Grants Request to Metal Polishers Union. The Metal Polishers International Union has requested approval of the National Labor Relations Board to withdrawal of charges of unfair practices against the Guide Lamp Corp., Anderson, it was announced today. • The request is to be granted by Robert M. Cowdrill, regional director of the Eleventh Region, and hearing on the charges which is scheduled to be held Jan. 6, 1936, in Anderson, are to be canceled, it was learned. The polishers’ union advised Mr. Cowdrill that their organization reached a satisfactory understanding with the Guide Lamp firm. Unlisted Stocks (By Blythe & Cos.) NEW YORK BANK STOCKS Bid. Ask. -Bankers 65 67 Central Hanover D & T .......114 116% Chase 41% 42% Chemical National 53% 55 Guaranty 304 307 Irving 17% 19 Manufacturers 45% 46% National City 37% 39% Cont 111 (Chicago) 128 130 •First National of Boston .... 45% 46% •Natl Shawmut . 30% 32 FIRE INSURANCE Aetna Fire 57% 59% City of New York (new) 28% 30 Federal Ins 87 89 Franklin Fire 33% 35 Great American Ins 29% 31 3 * •Hanover Fire Ins 39% 41% Hartford Fire Ins 82% 83% Home Ins 39% 40% Ins Cos of N A 74 76% National Fire 75 77% North River Ins 27% 28% Phoenix Insurance 101% 101% U S Fire 54% 56% Westchester Fire 37 39 •Ex. div.

Busigraphs

TOTAL CORPORATE FINANCING (COMMERCIAL & FINANCIAL CHRONICLE) 600-rDOTTED LINE IS THE PAST TEN YEARS AVERAGE OF _ THE SAME MONTHS V/ • S' V/ * \ < *OO 7 \r -i j i • 1,4^ NDJFMAMJJ A..S O N THE PARKER CORP GENERAL DISTRIBUTORS incorporated investors November maintained the improving rate of corporate financing with a total more than seven times that of a year ago As in the previous months of this year refunding operations represented the bulk of new financing, while the utilities were chief in taking advantage of lower interest rates. In the first II months of this year corporate financing was more than 4*2 times that in the same months of 1934. New stock issues represented only lVi per cent of the November total.

Crude Output Far Over Last Year Daily average crude oil production is approaching the year-end still move than 400,000 barrels daily ohove the production rate for the coni parable 19,34 period.

PAGE 13

PROBES RADIO CORP.

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PORKERS SHOW UNEVEN TREND Cattle, Lambs Show Weak Undertone: Vealers Unchanged. With only a moderate supply on hand today at the Indianapolis Stockyards, the pork market continued to display a weak undertone. Some prices, however, were steady, with the general run largely 15 cents lower than Saturday's weak average. Receipts were estimated at 5000. compared with 2000 on hand Saturday. With a light demand prevailing in practically all classes, initial trading developed slow. Today's decline followed a slump of 15 to 90 cents Saturday. Such action can be expected during the holiday season, livestock officials explained. Holdovers numbered 129. The bulk of 160 to 225 pounds, cashed in at $9.80 to $lO. The top price also held at $lO, compared with a top of $10.35 early last week. Medium weights from 225 to 275 pounds, brought $9.35 to $9.70. Heavies, scaling 275 pounds and upward, cashed in at $8.70 to $9.20. Light slaughter pigs, weighing 100 to 16C pounds, sold at $9.40 to $9.90. Packing sows held at 57.75 to 58.50. Trading in steers and heifers was slightly lower in the cattle market, while cows remained unchanged. The supply of steers and heifers consisted mostly of medium and lower grades. Four loads of steers, weighing 1340 pounds, brought sll, while others were valued to sell mostly at $6 to $9.50. Few heifers sold above SB, with the bulk holding at $7.50. Bulls ranged from $4.25 to $6. Receipts were 1300. The veal market remained stationary, with the bulk of good and choice grades selling from sl2 to $12.50. Receipts were 500. With the supply consisting largely of fed Western grades, initial trading in lambs was undeveloped. Natives, however, -were around 25 cents lower. Bulk sold at sll down. Slaughter sheep held at $4.50. Receipts numbered 4500.

HOGS Dec. Bulk. Top. Receiots. 23. $10.00®10.10 $lO.lO 3000 24. 10 00'S 10.10 10.10 3000 26. 10.154) 10.35 10.35 2500 27. 10.104i 10.35 10 25 6000 28. 9 85(510.15 10.15 2000 30. 9 80© 10.00 10.00 5000 Light Lights 140-160) Good and cnoice $ 9.65® 9.90 Medium 9.15® 9.65 (150-180) Good and choice . 9 904/ 10.00 Medium 9.50® 9.90 HBO-200) Good and choice . 9 904/ 10.00 Medium 9.50© 9.90 Medium Weights .200-2201 Good and choice . 9 804/10 00 (220-2501 Good and choice . 9.45© 9.80 Heavyweights 1250-2901 Good and choice . 9 20® 9.45 (290-350) Good and choice . 8.70© 9.20 Packing Sows (275-350) Good 8.25® 850 1350-4251 Good 6.104/ 8.35 <425-4501 Good 3.00® 8.25 .275-450) Medium 7.75® 8 10 Slauehter Pigs (100-140) Good and choice . 9.40® 9.75 Medium 8.50® 9.50 CATTLE —Receipts, 1300— (500-900) Choice 510.5047 12 50 i Good 9.00® 11.75 Medium 7 00® 9 25 Common 5.50® 7.00 (900-1100) Choice 12 25® 12 25 Good . 9 544/ 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® g 75 (1300-1500) Choice 13 75® 1.3 75 Good 9.75© 12.75 Heifers (500-750) Choice 9 50® 10 50 Good 8 Q(K/ 9.50 Common and medium . ... 4.50tf 800 • idO-BQO i Good and choice .. 8 50^/1100 Common and medium 8 50 Cows Good 5.50® 6 50 Common and medium 4.50® 5.25 Low- cutter and cutter 3.25® 4 50 Bulss, good ....... 6 00® 6.50 Cutter com and med bulls .. 4.25©6.00 YEALERS —Receipts, 500— Good and choice sll 50® 12 50 Medium . 9 00® 11 50 Full and common 5 004/.9 00 Calves (250-600) Good and choice ... 7 00® 10 00 Common and medium 4 50© 7 00 Feeder and Stocker Cattle • 500-800) Good and choice . 6 75® 825 Common and medium . .. 4 50® 675 <BOO-1050) Good and choice .. 6 754/ 8 50 Common and medium .... 4.50© 675 Cows Common and medium 3.50© 4.25 SHEEP AND LAMBS —Receipts. 4500 Lambs. 90 lbs. down, good and choice $lO 50® 11 25 Medium 8 50® 10 50 Ewes ■ 90-125< Good and choice . . 4 25® 500 All weights, common and medium .3 (120-150) Good and choice . 3 25© 425 Other Livestock •By United Press) CHICAGO. Dec 30—Hogs—R“ceip*s 19.000, including 6000 directs: mostly 10 to 15c lower than Friday’s average lightweights active; heavies verv slow top $9.85: bulk 140 to 200 lbs. $9 6047 3 80; 210 to 250 lbs. $9.35® 9 75: 260 to 300 lbs. s9® 9.35: best sows early, $3 40. Castle Receipts, 16.000: calces, 2000: practically nothing done on liberal run inbetween grades fed steers and yearlings; few early sales and general undertone 50 to 75 cents under best time last week; kinds of value to sell last week at $8 downward, about 25c lower: most decline falling on offerings recently selling at $3 50 uoward: few loads held above sl3: little in crop of value to sell above sl2: heifers 25 to 50c lower; cows steady to 15c off: bulls strong vealers 25 to 50c lower Sb*ep—Receipts 16.000; fat lambs opening slow: asking prices and early indications around steadv sellers generally refusing bids around 25r lower: good to choice native and fed western lambs bid sll® 11 15: now held sll 25® 11.40 and above, talking $4 504/5. or mostly steady on aged native ewes. LAFAYETTE. Ind . Dec. 30.—Hog market uneven. 15c higher to 15c lower, 170-210 lbs . $9 70® 9 85; 210-235 lbs $9 45 ® 9 55: 235-250 lbs $9.20® 935 260-300 lbs., $8 90® 9 05: 300-325 lbs , $8.75; 100170 lbs. $9 25 ® 9 75. Roughs, $3 25 down Calves. $11.50 down. Lambs $10.25 down.

Joseph P. Kennedy

METTENET TO LEAVE LOCAL POWER FIRMS Public Service Cos. Sales Manager to Take Chicago Post. F. X. Mettenet, general sales manager of the Public Service Cos. of Indiana and the Northern Indiana Power Cos. since 1929. will become vice president in charge of sales of the People s Gas Light and Coke Cos., Chicago, effective Jan. 15, it was announced today by John N. Shannahan. president of the Indiana companies. Mr. Mettenet will succeed Theodore V. Purcell, who will retire from the People's company Jan. 15. Mr. Mettenet has been prominently identified with the utility industry for 23 years, and has devoted the last 12 years to directing the sales of service and merchandise for Indiana utility companies. He began his career in the construction and engineering departments of the Commonwealth Edison Cos. in Chicago and later entered the sales field. In 1923 he was appointed general sales manager of the Northern Indiana Public Service Cos., with headquarters in Hammond. In 1923 he came to Indianapolis to head the sales organization of the Public Service Cos. and the Northern Indiana Power Cos. Record Here Is Praised Mr. Mettenet is a past president of the Indiana Gas Association and a member of the board of directors of the Northern Indiana Power Cos. He is a member of Eta Kappa Nu, honorary engineering society. Mr. and Mrs. Mettenet and their daughter Ardith will move to Chicago shortly after the first of the year from their home at 1321 N. Merid-ian-st. Mr. Mettenet’s record was praised highly by Mr. Shannahan in a statement announcing the resignation. "Although the recognition of Mr. Mettenet’s ability, as shown by his selection for the important post to which he has been named, is most gratifying to his friends and associates, there, nevertheless, is distinct regret at the severance of his connection with us,” Mr. Sannahan said. "His complete knowledge of utility sales work enabled him to handle successfully the many difficult problems which arose during the recent trying years. Commendation of Ins ability has been received from many large industrial gas and power users in the state who availed themselves of his experience and suggestions. His continued success is the sincere wish of all those with whom he has been associated here.” COMPANY IS ORGANIZED Incorporation Papers Filed With Secretary of State. Times Special HUNTINGTON, Ind., Dec. 30. Transfer of the Rinebolt Foundry Cos. to the Albra Casting Cos. was on record here today after filing of incorporation papers with the secretary of state and the county recorder. The company is incorporated for $25,000 authorized capital j stock. The incorporators include Herman Voges Jr., Springfield, 0.. president; V. W. Pacula, formerly of Elkhart, vice president and plant superintendent; S. W. Richey, Indianapolis, secretary; B. W. Vope*. a director, and Charles L. Terrill, Huntington, treasurer. Produce Markets The prices quoted are paid lor stock gathered in the country while delivered in Indianapolis the price Is a rent, higher Heavy breed hens. 16c: Leghorn breed hens. 12c; springers over 4% lbs. 17cunder 4% lbs.. 16r; sprineers. 1% lb- and up. 12c. old cocks. 9c. Turkeys—Youn? 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. lull feathered and fa*. 9 to 14 lbs. lie; over 14 lbs. 9c; old guineas. 15c; young guineas. 1% lbs and up, 25c; No. 1 strictly fresh eggs loss off 2oc: pullet eggs. 18c. Each full case must weigh 55 lbs. gross, a deduction of 10c a pound under 55 lbs will be made No l butter. 37%ff?38c: No 2 34ff/35c; butterfat. 34c. Quoted bv the Wadlev Cos. 'By United Press) CHICAGO. Dec. 30. —Eggs Market steady; receipts. 3441 cases: fresh graded firsts, 25c; extra firsts. 26c; current receipts. 33 %c; dirties. 19c; checks, 17c. Butter—Market. s-eadv receipt' 7743 tub": extra firsts '9O-9L score* 33*5/ I 33%c, extras *92 score). 33%e fir ts *B389’ 2 score*. 31 '.,0, 32’ ,c second' - 86-87' secret, 31r specials. 34*5 34'.c: standards. 33%c. Poultry—Market about steady: receipts, ope car. 54 trucks; ducks. 21 'a 24c; geese. 17'iff/18' 2 c: spring chicken' 23%'J? 25c. hens. 22/24c: turkeys. 20ffi23-. Leghorn hens. 19c: old roosters. 16c Dressed Poultry—Turkeys, voung t om - ' 28ff;29r; jyoung hens, 30c: ducks. 22%ff/23c- geese. | 19ff/20c Cheese—Twins. 17%ff/13r dai-ie. 18%*zl8%c: longhorns 13' , 'a 18' 2 c. Pol tames—Supply, moderate; demand, slow; market steady; Idaho russet Burbank*. $1 85ffi2: U. S No. 2 $1 40-?/1 69; Wisconsin round whites. S'_'sff/ 1.25; Michigan Green Mountains. $1 :>•>/1.40: North Dakota eariv Ohio'. $130: Colorado McClures. sl.42' 2 ff> 1 60; Nebraska and Wyom- | ing Bliss ‘riumphs. 51.45. Arrivals 71; [on track. 189; shipments, 639 *Saturday>, 26 (Sundayi. Other Livestock -Bv T.mes Special! LOUISVILLE Dec 30—Cattle—Receipts 1100 run mostly steers and heifers; killing quality fairly desirable: mark** uneven; cows strong: sausage bulls mostly 250 higher; medium anc! lower grade light, * slaughter steers and heifers steady to in i s.pots 25c lower; better finished kinds and ! all steers fully 25c lower; instances 50c off on steers: bulk common to medium grade ligh* steers and heifers $66 7 75* few common dairrbred and off colored I kinds down to $5 50; better finished steers ! and heifers, latter for one lot good 900-oounri offerings: bulk beef cow- $4 tv * 6 5 75; good kinds, quotable to S6 ard higher for smoo'h heifer types mes' low cutters and cutters. *3 506 4.25: sausage bulls salable mostly. *5 596 625 light beef type stockers and tsock calves generally. $5 756 7.75 Calves—Receipts. 250. market steady with Friday; bulk good ‘o 1 choice grader $lO 50-6 10 50 medium ar.d i lower grades $9 50 down to around S.s. : Hogs—Receipts. 1400. including 400 direct; j market 10c higher than Sa’uraav; bettor 160-200 lbs. SJO. 205-225 lb- S3 35 230-250-lbs $9 45. 255-300 lbs *9 20. 305 lbs. . ud. $3.70: 120-155 lbs $8 90. sows $9 10. Sheep—Receipts. 1500. run mo-tlv fed , western lambs: the** as well as natives generally steady; bulk good to choice fed I western lambs $11: medium to good r.aI lives mostly $9 50 610 50. plainer grade* including bucks generally *6 5009. light : cull lambs and most fat ewes salable, j $4 down. {LOANS" REPAIRS j AND NEW HOME BUILDING See Your Local Building and Loan Assns.