Indianapolis Times, Volume 47, Number 253, Indianapolis, Marion County, 31 December 1935 — Page 14

Trends Demand for Reform in Accounting Expected. BY JOHN T. FLYNN

NEW YORK, Dec. 31.—Reform ol the practice of carrying tuo budgets—ordinary expenditures and emergency expenditures—may be demanded when the next budget is made up. The President recently denied that this is done. He insisted that separation of ordinary and emergency expenditures is a proper ac-

counting practice just as it is proper to separate Navy expenditures and Army expenditures. The emergency is a definite object of expenditure just as is the Army or the Coast Survey. It is proper, therefore, t o segregate the sums expended on the emergency from other purposes so that we may

Flynn

know just where and why we arc spending the money. In the past all sums spent by the governnvnt have been reported in a single list of expenditures. Under Mr. Roosevelt two separate lists are kept. One apparently relates to the sums paid out on the ordinary business of running the government. a a tt cpHE other is made up ostensibly A of sums paid out purely for recovery and Relief. This would be partially defensible if the so-called emergency expenditures were limited to recovery and relief measures. But, as a matter of fact, this list of payments can be made a refuge for expenditures of all sorts which can be excused by being labeled as •‘emergency.” If you will look at the expenditures for 1932 you will see naval expenditures put down as $357,821,000. For last year they were put down as $321,410,000. This, of course, looks as if the Roosevelt Administration had spent less on the Navy. But down in the ‘‘emergency” expenditures is an item under ‘‘public works” of $115,037,239. This is allocated to the Navy. It represents naval building. Hitherto all naval building has been carried as a general outlay of the government. But with this convenient ‘‘emergency” budget it is possible to plan a big naval building program and call it a part of the “recovery” drive and put it in the “emergency” budget. BBS IT is a well-known fact that the President is committed to a big naval building program. That policy is not part of a recovery program. Instead the recovery situation is merely made the excuse to spend hundreds of millions on naval building which the people would under other circumstances scrutinize very narrowly. This is but a single instance of the use which is made of the “emergency” expenditures statement. There are other cases—and investigation would reveal many more—where all sorts of ordinary governmental expenditures are performed by “recovery” employes, so that the ordinary expenditures seem to be much smaller than they really are. This bad accounting practice could be ended by requiring that expenditures be carried with specific allocations to the departments which are spending them. (Copyrißht, 1935. NEA Service, Inc.). ADVERTISING VOLUME INCREASES SHARPLI Newspaper Lineage in Novembei Shows 8 Per Cent Gain. Times Special CHICAGO, Dec. 31.—Newspaper advertising, led by the automobile group which because of the change in show dates and introduction ol new models registered a gain ol more than 100 per cent over lasi year, showed an increase of 12.717.767 lines during November, compared with the same month a yeai ago, Advertising Age announced today. The total advertising in newspapers in 84 cities amounted to 171 ,- 895.149 lines, compared with 15!).■ 177.382 lines in November, 1934. hr increase of about 8 per rent. Automobile lineage increased 112 pei cent, gaining from 5.210.441 lines last year to 11,056.040 this year. All other classifications were likewise ahead of 1934, with financia' totaling 3.219,622 lines, a gain oi more than 50 per cent over a yeai ago. Retail advertising increased slightly, the 1935 total being 99.674.336 lines, a gain of 993,606 lines over a year ago. General advertising also showed a substantial gair during the year. Chicago Grain Futures (Bv James E. Bennett & Cos.) • 11:00 Prev Wheat— High. Low. A. M. close Mav 1.01% 10C* 1.01 s * I.oo s , July 90% .90% .90% .90 Cxjrn— May 605, .60% .60% .60 s , July 61% .61 s * ,61 s * .61'. Oats— May 28 s * 38 1 < .28% .28', July 28 '4 .28 s * 28 s * .28'. RyeMax 55’* .54 s 4 .55% .54 s , July .55 .55 ,54 s

Real Estate Mortgages NVE SOLICIT APPLICATIONS FOR FIRST MORT* GAGE LOANS ON PREFERRED INDIANAPOLIS PROPERTY. CALL AND SEE US ABOUT LOW INTEREST RATES AND LIBERAL PAYMENT TERMS. NO COMMISSION. THE INDIANA TRUST S; surplus $2,000,000.00 THE OLDEST TRUST COMPANY IN INDIANA

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 14

TAX LIMITATION FOUND NEMESIS OF MANY CITIES Menace to Municipal Credit Lies in Popularity of Movement. BY CHARLES 11. HUFF Times Special Writer NEW YORK, Dec. 31.—The question of restrictions upon local taxation through the medium of new 7 statutes or constitutional amendments in various states promises to occipy foremost interest in municipal bond circles when the new year gets under way tomorrow. Regulation of local taxing powers is regarded as so closely linked with the element of soundness in municipal bonds that, in almost every state m which the question is to be brought forward by legislative | agencies, the leaders in the municipal bond field have taken preliminary stops to have their contentions effectively presented before action is consummated. Certainly that is to be the case in New York, where the Municipal Bond Club has interested itself spei cifically in the movement that ! seems headed toward a constitu1 1 ional amendment on the subject for consideration at the approaching session of the state Legislature. Danger in Popularity The bond men are apprehensive that tax limitation easily may be carried to a point of seriously crippling municipal credit. In many cases the ultimate result might be a disastrous undermining of the position of the bonds of counties, cities and lesser communities. Any movement aimed at local tax limitation is at once accorded popular support because of one of the prevailing public ills of the time, namely, the struggle of the average property owner under abnormally high tax burdens. The property owner would get some degree of assurance from the mere knowledge that the maximum of taxation had become a fixed point. In this very popularity of the movement, however, in the view of ; municipal bond men, lurks the threat of danger to community credit j that is essential to an easily mar- | ketable municipal bond, as well as j the ability of a community to bor--1 row money on favorable terms. Two Points of View The question of tax limitation, therefore, becomes an issue with a sincere argument on either side. The Real Estate Association of the state of New York looks at the question from the standpoint of the property owner who wants to be saved from the specter of confiscatory taxation, while the Municipal Bond Club sees in the movement the prospect of tying a community's hands so that it would be unable to borrow money in ordinary channels or possibly be compelled to default in its already existent obligations. One highly significant point was developed in the course of a discussion of the subject at a recent meeting of the Bond Club. This was to the effect that tax limitation is being put forward as a theoretic means of achieving what should be attained directly, namely, curtailment of public expenditure in the local community. It was pointed out that a community operated with proper economy would not need to be made subject to statutory or constitutional tax limitation. DIVIDEND IS DECLARED J. D. Adams Cos. to Pay 15 Cents on Common Stock. Directors of the J. D. Adams Cos., manufacturers of road building and maintenance machinery, have declared a quarterly dividend of 15 j cents a share on common capital stock, W. W. White, treasurer has announced. The payment voted on at the regular quarterly meeting held recently is to be payable Feb. 1, 1936, to stockholders of record Jan. 15. On Commission Row Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers: Fruit —Cranberries. C. C. Hames. Eatmorc>. 25-lb. box, $4.50 Pears-—Washing-ton IJ Anjo. $3.25. Calif, avacados. 53.75. Bananas —Seven hands, a pound. s'*c.Persimons—California, lug. 51.25. Apples— Jonathans. $1.75. Delicious. $1.75: Wealthys, 51.25: Grimes Golden. SI 25. Lemons— Sunkist, 3605, 57.25. Grapefruit—Texas, 6 Is to 70s. 53.25. Arizona Sunkist. $2.50. 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. 51.85. Cabbage—New York Danish. 50-lb. j bag. 80c. Carrots—California. 6 doz. crate, 53.75. a doz.. 70c. Cauliflower—California. ! crate. S2. Celorv—Michigan, washed and trimmed. 16 stock bunch. 55c: jumbo, doz., Soc. Cucumbers—Southern, bu.. $5; doz., SI. Kale—Home-grown, bu.. 60c. Lettuce —lceberg. California, good. S3: homegrown leaf. 15-lb. basket. $1.50: Endive — California. basket. 85c. Mangoes Florida, crate, 53.50: small basket. 51.40. Mint —Bunch. 20c. Mustard —Home grown, bu.. 60c. Onions —lndiana yellow. 50-lb. bag. $1.15: Indiana yellow, 10-lb bag. 25c. Parslev Southern, doz., 50c. Peas—Telephone, hampers. 53.50; Texas hampers. $2.75. Potatoes—Round Cobblers. 100-lb. bag. 51.60: Michigan Round White. 100-lb. bag. 51.60: Early Ohios. bu.. $1.75; Idaho Russets. $2.35, Sweet potatoes—lndiana Jerseys, bu.. 51.65. Radishes—Ohio, button, doz.. baskets, 4577600. Sage—Doz.. 45c. Spinach —New Texas, bu . $1.35. Squash—Bu.. $2.50. Tomatoes—Florida. 10-lb. carton. 51.50.

-1935-1 19 3 5 MOUTHY DAILY FROM AUG. Ist1 st 54 j I 52 j : 3 I DAILY AVERAGE . ! 300 COMMON STOCKS 44 ! , WET$a MARKET BUREAU. |sc 42 1 40 ; 38 1 tlli l * 1 * | 54 ; ■^/rKV“T7 > yrV^''Hi lij !’ \ - - I I I t I I I I t I I- I I I I < 1 I 1 I 1 I T/s 11 ii ii ii ii i t. ii t i t * * * I * * 1 OU~n jit ii ii ii r~ l ii ii t ii i 1 | • ! 1 \ ! pr>*ll I 1 I I I I I I I I t I t I I I I I i 1 11 1 I 111 lin ii ii nii >“! fT p“{ J ! ' ' It l . It t l I till t t 1 t•! 1 1 I 1 . 1 1 1 * iMI i| ii ii ii ii ii ii i Ii l r ‘“{ TJ ' 1 J IM| i| ii ii ii | | | | ii ii i • 1 | J t i ’ iti ii n ii ii i 1 i ; ii ii i i —i —j —i —i —i —;■ — i —* zjjE'eszJ 3 a 15 22295 12 19 263 1017.24 31 7 142127 5 12 1926 AUG. SEPT. OCT. NOV. DEC.

New York Stock Exchange Prices

(By Thomson & McKinnon) 11:00 Prev. Oils— High. Low. A. M. close. Amerada 79% 79 7 a 79 7 * 79% Atl Rfg 27-'* 27 s * 27% 27' 4 Barnsdall 14% 14% 14% 14', i Consol Oil 12 11 s 4 12 11% Cont of Del 35 34% 35 34% Houston (new). 6% 6 3 % 614 6% Mid Cont Pet .. 20',* 10% 20% 19% Ohio Oil 14'* 14 14% 1378 Pet Corp 13 % 13 13% 12'a Phillips Pet 33% 39 * a 39'% 39% Plymouth Oil ... 13 12 7 a 13 12% Pure Oil 16% 161 a 16% lb-% Royal Dutch ... 48‘ 8 48 48'a 47% Seaboard Oil ... 36% 36’4 36% 36% Shell Un 16's 15% 15% 16 Skelley Oil 20 % 20' 8 20'% 20 Soc Vac 14% 14*% 14% 14 SO of Cal 40% 40% 40% 40% SO of lnd 33% 32% 33 % 32% SOof N J .... 51% 51 51% 50% Texas Corp .... 30 1 8 2974 30'a 29% Tidewater Assn 15'% 15' 8 15 ’,2 15 Un Oil of Cal... 23% 23% 23% 23’.2 Steels— Am Roil Mills.. 3074 30% ‘ 3074 30% Beth Steel 51% 50% 51 501% Byers AM 19 % 18% 19% 18% Col Fuel & Iron 4% 4% 4% 4% Cruc Steel 37% 37% 37% 37' Natl Steel 73 73 73 72% Otis Steel 16% 16% 16% 16'% Rep Iron & Steel 18 1 3 18% 18% 18% U S Steel .... 47% 47' 2 47% 47% U S Steel pfd . 115 114% 114% 113% Youngstn S& T 47’% 46'% 46V4 46% Motors— Auburn 43% 43% 43% 43 1 2 Chrysler 93% 92% 92% 92 % Gen Motors 56% 56% 56% 53% Hudson 16% 16% 16% 16% Hupp 274 2 1 a 2% 2% Mack Truck 30% 30 3074 297* Nash 1874 18% 18 7* 18 Packard 7 7 7 6% Reo 5 5 5 4% Studebaker ... 9% 9% 9% g% Yellow Truck... 974 97* 974 97* Motor Access — Bendix 23’ 8 23 23'% 22% Bohn Alum .... 53% 53 7* 53% 54‘4 Borg Warner .. 70% 7074 70*4 69% Br%gs 53 % 53% 53% 53 3 /- Budd Mfg 9'% 9' s 97s 9 Budd Wheel 13 12% 13 12% Elec Auto Lite.. 37% 37% 37% 37 Houdaille (8)... 30 29% 29% 29% Murray Body .. 20 19% 20 19% Stew Warner .. 18% 13 187* 18’ Timken Roll 6774 6 7 6774 65% Timken Det Axle 12% 12% 12% 12% Mining— Alaska Jun 15% 1574 1574 15 Amer Metals 30% 3078 30% 297s Am Smelt 60 7 2 60% 60'2 bO% Anaconda 297* 29% 289% 29 Cal & Hecla 674 674 674 674 Cerro de Pasco.. 54 51 54 53 Granby 9'* 9% 974 974 Homestake Min.. 491 491 491 492 Howe Sound 53 53 53 52% Ins Copper 6% 674 6% 6% Int Nickel 45% 45% 45 1 2 45 % Kennecott Cop . 29'* 29 29% 23% Mclntyre Mine.. 40'* 40 40'* 40 Park Utah 4% 4% 472 4'Phelps Dodge .. 26% 26% 267* 25% St Joe Lead 24 23% 23% 2374 U S Smelters ... 93' 2 92% 93% 92 Vanadium 20'* 19% 207* 19% Fox Theat 23% 23% 23% 22% Loews Inc 52% 52% 527 2 517* Radio Corp 12% 127 * 127 2 12% Paramount 10 9% 9% 9% RKO 5 5 5 5 Warner Bros ... 10 9% 9% 9% Am Sum Tob ... 23% 23% 23% 237* Am Tobacco ‘B'.lOl 1 * 100',2 100% 100 Loriliard 24% 24 24% 24 Phillip Morris 68% 68 68% 67' 2 Reynolds Tob ‘B’ 55% 55% 55% 557* Rails— Atchison 59 58% 59 58% Atl Coast Lines. 29% 29% 29% 29% B & O 16% 16% 16% 16% Can Pacific 117* 11% 1174 11 Ch & Ohio 51 50% 51 50% Chi &Gt W .. . 1 % 1% I*4 I' 2 Chi &Gt W pfd. 4 4 4 3% C M & St P pfd. 2% 2% 2% 2% Chi N W 2% 2% 2% 2% Dela & Hud ...,37'* 37'* 37’* 37 Del Lac & W .. 16'* 16% 16% 1674 Grt North pfd. 33% 33% 33% 33% 111 Central 20% 20 20 20% Lou & Nash .... 60 59% 60 58'2 M K & T 5% s'* 574 s'* MK & T pfd.. 13% 13'2 13% 1372 Mo Pac 2% 2 s * 2% 2’a N Y Cent . ... 27 s * 27% 27 s * 27% Norfolk & West 209 209 209 208'2 Penn R R 31 3074 30 7 4 30% Reading 36' 2 36 36'2 36'2 Sou Pac 23 s * 23% 23 s * 23'% Sou R R 14 13 s * 14 13% Union Pac 108 108 108 108 Equipments— Am Car & Fdy 32 32 32 29% Am Loco 25 s * 25% 25 s * 2574 Am Steel Fdy.. 24'* 24'* 247* 24'2 Gen Elec 38 37% 38 37% Pullman Inc .... 37 s * 36'2 37% 36 West Air Br ... 35% 34% 35% 34 s * Westingh Elec . 977a 96 s * 97% 96% Utilities— Am & For Pwr . 7'* 74 8 7’a 774 Am Power & Lt 8% 8% Bs*8 s * 8% AT&T 155’ 2 155 155 1 * 155 Am Wat Wks .. 22 s * 22% 22% 22% Col Gas & Elec. 14% 14 1474 13 s * Somm & Sou .. 32% 32% Consol Gas .... 31% 31% 31% 31% Elec Pwr & Lit . 6% 6 s * 6% 6 s * Int Hvdro Elec . 3% 3% 3% 3*2 Interboro R T . 18 18 18 13 Int T & T 13% 13% 13% 13 Nat Pwr & Lit. 10’* 10% 10’* 1074 North Amer ... 27% 27% 27% 27% Pac G & E ... 31 31 31 30% Pub Serv N J .. 46% 46% 46% 46% So Cal Edison . 24 s * 24 s * 24 s * 24 s * Std Gas 6% 6 6% 6 Stone & W'eb . 14% 14% 14% 147* United Corp ... 7% 7 7 7 Un Gas Imp . . 17 s * 17% 17% 17% Ut Pwr & Lt A 33 3 3'* West Union ... 74 1 2 74% 74% 73% Rubbers— Firestone 25% 25% 25% 2574 Goodrich 14% 14% 1474 14 Goodvear ...... 24 s * 24’* 24% 23% U S Rubber . . 16 s * 16% 16 s * 16’* U S Rubber pfd 47 s * 47% 47 s * 47',8 Miscellaneous— Allis Chalmers . 37% 37% 37% 37% Am Can . . 136 135 s * 136 136% Am Mach & Fdy 29 s * 29% 29% 29% Burroughs Add 25% 25’* 25’* 25 1 a J I Case . ... 96 96 96 94 s *

We Buy and Sell REAL ESTATE PREFERRED STOCKS BUILDING AND LOAN STOCKS INVESTMENT TRUST SHARES SCHLOSS Bros. Investment Cos. 137 E. Washington St. LI-2318

f THE STATE AUTOMOBILE INSUR|ANCE ASSN, takes this opportunity of wishing vou a happy and prosperous New Year, and continued flftA y°°d iuck for 1936. .. . “The Largest Insurer Vof Automobiles jfj/ in Indiana ” OTATC Assets $3,527,000 . . . Surplus $1,100,000 O I A I L AUTOMOBILE INSURANCE ASSOCIATION 7th Floor Phone Occidental Bldg;. Lincoln 8571

INDIANAPOLIS, TUESDAY, DECEMBER 31, 1935

Conti Can 85 85 85 86 Curtis Pub 2174 21% 21'4 21 Eastman Kodak . 156 156 156 156 Foster Wheeler 29 1 3 29% 29’2 29 Ingersoll Rand 11672 116 116 7 2 115 Inter Harv 61 60% 61 60% Natl Cash Reg.. 22% 227a 22% 22% Owens Bottle ... 1277a 12774 12774 127 Rem Rand 20 20 20 20

N. Y. Bonds (Reprinted From X.ate Times Xest**rday) DAILY BOND INDEX 20 20 20 60 Inds Rails Utils Bonds Saturday 90.9 83.3 103.1 92.4 Today 90.9 83.5 103.3 92.6 Week ago 90.8 83.5 103.1 92.5 Month ago 91.0 81.9 102.9 61.9 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.) IT. S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Prev. Close close. Treasurys 4 Vis 1947-52 4 115.5 115.1 4s 1044-54 110.30 110.30 3%S 1946-56 109.21 109.2 3%s 1943-47 106.15 106.14 3%S 1941-43 108 106.14 3%s 1943-45 lOa-22 105.19 3%S 1941 108.17 108.16 3%s 1944-46 105.10 105.7 37 8 S 1946-49 103.28 103.26 3%s 1949-52 103.30 103.28 3s 1951-55 102.28 102.2 J 3s 1946-48 102.29 102.29 2' 8 S 1955-60 100 99.30 2%s 1945-47 100.30 100.29 Home Owners’ Loan Corp. 2%s 1949 99.20 99.19 3s 1952 100.27 100.26 Federal Farm Mortage Corp. 3Vis 1964 102.17 102.13 3s 1949 101.17 101.3 3s 1942-49 101.19 101.17 2%s 1947 100.10 100.6 DOMESTIC Prev. Close. close. Alleg Corp 5s ’44 867* 84% Alleg Corp 5s ’49 76% 75% Alleg Corp 5s ’SO 477a 48 Am Frgn Pow 5s 2030 66’ /8 64% Am Tel & Tel 57 2 s '43 114 1137a Am Tei & Tel 5s ’65 113% 113' Arm &Cos (Del.) 5%s ’43 ... 947s 947s Ati Coast Line 4s ’52 96 96 72 Atch Top &S Fe 4‘ 2 s ’4B ...109 10972 Am Wat Wks 5s ’44 112% 112 Am Rolling Mills 5s ’3B 121‘,2 120 Balt & Ohio 5s ’95 74 7* 74 Balt & Ohio 6s ’95 84 837* Balt & Ohio 4%s ’6O 61 607* Buli Roch & Pitt 4%s ’57 ... 64% 65' Chi Milw &StP 5s ’75 17% 16% Chi Milw & St P 5s 2000 6% 6% Cleve Un Term 5s ’73 100 100 * Cieve Un Term 4%s '77 93% 93% Col Gas 5s May ’52 99% 9872 Col Gas 5s ’6l 93% 98 Can Pac Perp 4s 87% 86% Cent Pac 5s ’6O 87 87 Colorado fz So 4%s ’BO 58 57 Chi & West lnd 4s ’52 99'/ 2 99% Chi & West lnd 5%s ‘62 106% 106% Chi & Nor West 4%s '49 10% 10% £° n 5s ’ 57 105% 105% Chesa Corp 5s ’47 114 s * 114'* Del & Huds 4s ’43 76% 75 7* Ene as ’75 68 68’2 Erie 5s 67 68 7 i* 68 Gen Cable b\' 2 S ’47 100 7 s 1004 Grt Northern 7s ’36 1027 102% Grt Northern 4%s ’76 97 96% Grt Northern 4 ! ,2S ’77 96 95 s * Hud & Manhat Ref 5s ’57 ... 80% 80y* 111 Cent 4%s ’66 64'% 6* 111 Cent Jt 4%s ’63 67% 66% 111 Cent 5s ’63 71% 71% Interlake C & I 5s ’sl 85 83% Interl Hv Elec 6s '44 44% 44 Interntl Tel & Tel 4%s '39... 86% 86% Interntl Tel & Tel 5s ’55 78 1 2 78% Interntl Tel & Tel 4%s '52 74% 74% McKess & Rob 5%s 'SO 102% 102% Natl Dairy 57*s ’4B 103% 103% Natl Steel 5s ’56 106 106 Nickel Plate 475s ’7B 69% 69% Nickel Plate 5%s ’74 81% 80% Nickel Plate 6s ’35 97' 2 97% N Y Cent 5s 2013 79% N Y Cent 47is 2013 (old) .... 73% , Nor Amer Cos 5s ’6l 103% 103 Va Nor Pac 3s 2047 74% 74 Nor Pac 4‘is 2047 92 93 Nor Pac 6s 2047 107% 107-% Nor States Pow 5s ’4l 1057 z 105% New Orleans Term 4s ’53 81 'a 80% Otis Steel 6s '4l 102 s * 102% Penn Rv 4%s ’B4 105% 105% Penn Rv 4'*s 'Bl 105% 105% Penn Rv 4Vis ’7O 99 98% Pac G & E 5s ‘42 104% 104% Portland Gen El 4%s ’6O .... 71 71 Para Publix 5%s ’SO 91% 92 Penn P & L 4%s ’Bl 106 105% Postal Tel & Cab 5s ,'53 34% 33 * Rem Rand WVV 5%s ’47....104% 104*2 Steel Union Oil 5s ’47 102'2 102% Sou Pac 4%s ’6B 75% 757 8 Sou Pac 4%s 'Bl 75% 74% Sou Pac 4%s ’69 767a 75 Sou Pac 4s ’49 80 79% Sou Rail 4s ’56 .... 51% 51 Sou Rail 6s ’56 .. 68 65% Sou Rail 6ViS ’56 69% 69'* Sharon Stl Hoop 5%s ’48..10374 103% Texas Pac 5s 'BO 95 95 Texas Pac 5s '79 95Vi 94'/ 2 Texas Pac 5s ”11 96 96'% Union Pac 4s ’47 113 113 United Drug 5s ’53 98'2 98% U S Rubber 5s ’47 102 102 NY NH & Hart 6s ’4B 31% 30% NY NH & Hart 4%s ’67 30% 30% West Mary 5%s ’77 105% 105% West Mary 4s ’52 95% 96 Warner Bros Ts ’39 85 . 84,. Youngst’n S & T 5s ’70... 104% 104% Yungst’n S & T 5s '7B 103% 103% FOREIGN Argentina A 6s ’57 98 98% Argentine B 6s ’SB 98'a 98’* Brazil 8s ’4l 27 26% Canadian Govt 4s ’6O 106% 106'* Denmark s'2s '55 101 101% French 7s ’49 179'/s 179 German 5%s ’65 27'* 26% German 7s ’49 38% 38% Italy 7s ’sl 61% 59% Japan 6%s ’54 99% 99'* Poland 7s ’47 .107% 107 s * Rome 6%s ’52 54% 52 s * Tokio City 57is '6l 807i 81'a Yokohama 6s ’6l 86 857*

Foods— Am Sugar 53% 53% 53% 53 s * Armour 4' 8 4 7 i 4'% 5 Beatrice Cream. 18 17% 18 11% Borden Prod ... 25% 25% 25-% 25 s * Canada Dry G A 17% 17% 17% 177a Coca Cola 89 89 89 88 1 2 Cont Bale A 11% 11% 11% 11% Corn Prod 69 69 69 69 Cuban Am Sugar 6% 6% 6% 6% Gen Baking 12% 12% 12% 12% Gen Foods 33% 33% 33% 33% Gold Dust 19% 191/2 19% 191,, G W Sugar 32 32 32 31% Loose Wiles 40% 4074 40% 40 Natl D Prod ... 22 21° 8 21% 21'. Purity Bak .... 15 14% 15 14* I f°^ t 0 R l co Su S 26 26 26 26'a Sid Brands .... 15% 15'% 15% 15*2 Un Biscuit 24% 24% 24% 24'. United Fruit . . 66'* 66'* 667* 66 s * Ward Bak ”B”. 2>/ 2 2% 27 2 2% Retail Stores— Assd Dry Gds... 14 s * 14% 14 s * 14% ??**’. * ? 50% 50% 50% 49 s * First Natl Stores 47% 47% 47% 47% Gimbel Bros ... 7% 7% 77* 7 Gr Un Tea 3 s * 3% 3% 3% Hahn Dept Sts.. 77* 77* 77* 71“ Jewel Tea 59 59 59 59 ‘a Kresge S S 25 25 25 24 s * Kroger Groc ... 26% 26'% 26% 26'* McCrory St .... 14 14 14 13% McLellan St .... 12% 12% 12% 12% Marshall Field-. 11',2 11',2 li'% 11 % May Dert St ... 53 53 53 52% Mont Ward 39% 38% 39% 38% Penney J C .... 78 78 78 78 Safeway St 3374 33 % 33% 32% Sears Roebuck .. 65 s * 65% 65 1 2 64% Woolworth 567 2 567* 56'% 56% Aviation— Aviation Corp .. 5 5 5 4% Boeing Aircft .. 20 19'% 20 197a Curtiss Wright . 4'* 4'* 4% 4'* Curtiss Wr “A”. 11% 11% 11 s * 11% Douglas Air 54% 53% 53% 54 Nor Am Av .... 1 7 7 7 Sperry Corp 17% 17'% 17% 16% Uni Aircft New. 297*8 29 297a 28% Chemicals— Air Reduction... 167 167 167 166% Allied Chem ....155% 155'% 155% 154 Com Solvents .. 21% 21 217% 20% Du Pont 139 138 139 137 s * Freeport Tex ... 297% 29% 297% 29 5 , 4 Liquid Carb 37 36 s * 37 35 s * Math Alkali 30% 30% 30% 30% Monsanto Chem. 90 89% 90 88% Natl Dis (new).. 30% 30% 30% 30% Schenley Dist .. 50% 50% 50 s * 50% Tex Gulf Sulph. 33% 33 33% 32 s * Union Carbide .. 72% 72% 72% 71 s ,* Drugs— Coty Inc ... 6 6 6 5% Lambert 23 22'% 23 22 s * Un Drug (new). 137% 127% 137% 127* Vick Chem ... 43 43 43 43 Zonite Prod 77 2 77% 7% 77a Financial— Adams Exp .... 11% 11 11% 10% Allegheny Corp . 2 s * 2% 2% 2% Am Int Corp ... 10% 10% 10’a 10% Chesa Corp ... 58'% 58% 58% 5874 Lehman Corp ... 95% 95% 95'% 95 Transamerica .. 13% 13 1 * 137* 137% Tr Conti Corp ... 77% 77% Building— Am Radiator ... 24% 24% 24% 2478 Gen Asphalt ... 227% 22% 22% 22 Holland Furnace 30 2972 30 2974 Int Cement ... 35 35 35 35 Johns Manville . 95'% 95 95 947% Libby Owens Gis 44'% 44 44 44 Otis Elev 25 25 25 25 Ulen Cons 474 47% 474 474 Household— Col Pal Peet ... 307% 20'% 207% 20 Kelvinator 15% 15 15 15 Mohawk Carpet 2174 21 s * 2174 22 Proc & Gamble 46 45% 46 45 3 4 Servel Inc .... 16% 16 s * 1674 167* Simmons Bed .. 19% 197% 1974 1974 Textiles— Celanese Corp . 30'% 30 30 29% Collins Aikman . 48% 48% 4874 47% Gotham Hose . 974 9% 9% 9'% Indus Rayon .. 30% 30% 30% 30% Real Silk 10% 10 74 1074 97* Chicago Stocks (By Abbott, Proctor & Paine) 11:00 Prev. A. A. close. Butler Bros 874 8% A. M. Castle 42 41% Chicago Corp 4% 4% Conti. Steel 42% 45% Cities Service 3% 3% Com. Edison 9674 95% Cord 5 4% Crane 26'* 25 Elec. House 17% 17% Gen. House 374 3% Grt. Lakes 29 28 s * Iron Firemen 28 27 s * Libby 9-* 93 a Lynch 337* 337* Noblitt Sparks 32 32 Pub. Serv. of 111 55 58'% Swift 22% 22% Swift Int 33 33% Zenith 1374 13 7a New York Curb 11:30 A.M. Prev. N. Y. close. Am Cyanide “B” 29% 29% Am Superpower 2% 2% Atlas Corp 13% 13% Carrier Corp 10% 107a El Bond & Share 167* 16 Fisk Rubber 7 6% Ford of Can “A” 25% 25 Ford of Europe 8% 8% Hiram Walker 32 s * 32 s * Imperial Oil Ltd 20% 20 Lake Shore Min 51 51 Nia Hud Pwr 9% 9 Pan Am Airways 49% 48% Penn Road 3% 3%

INDIANAPOLIS R¥S. s’s hewtoh ann Timn Sell 415 LE.MCKE BLDG. I I UUU

30 YEARS OF OUTSTANDING STEWARDSHIP THE INDIANAPOLIS LIFE INSURANCE COMPANY was organized in 1905, with “QUALITY, SERVICE and SAFETY FIRST” as its basic principle. Its purpose has always been to furnish Life and Endowment Insurance at the lowest cost, consistent with safety. Report of regular triennial examinaticn of Company recently completed by examiners of three states, concludes with this statement—- “. . . it can be stated that the Indianapolis Life has fulfilled its function as a Mutual Life Insurance Company in a most creditable manner.” 1935 A GOOD YEAR Following are a few of the gains made— INCREASE IN INSURANCE IN FORCE (issued basis) over 52.500.000.00, making TOTAL IN FORCE (issued basis) over $97,000,000.00. MORTALITY VERY FAVORABLE . . . less than of expected. SUBSTANTIAL INCREASE IN ASSETS. INDIANAPOLIS LIFE INSURANCE CO. Edward B. Raub. A. Leßoy Portteus President “A Quality. Legal Reserve, Vice-President SOth and Meridian Mutual Company” Indianapolis

BURKE TO PUSH DRIVE AGAINST U. S. SPENDING Campaign Against Huge Expenditures Brings Varied Comment. By United l’ri ss WASHINGTON, Dec. 31. —Announcement by Senator Edward Buike (D., Neb.) of a drive to cut government expenditures in the coming session of Congress brought a varied reaction from his congressional colleagues today. Senator Joseph O'Mahoney (D, Wyo.), member of the Senate Appropriations Committee, differed with Mr. Burke. He said: “There is a great deal of misunderstanding about government expenses. I feel the government has not overstepped under the existing emergencies. Most of the complaints about government spending comes from persons and institutions whose pockets are filled with government subsidies. I am confident the President and budget bureau are capable of keeping expenses as low as possible.” Senator Burke’s suggestion, however, was highly praised by Senator L. J. Dickinson (R., la.), also a member of the Senate Appropriations Committee. He said: “Senator Burke's suggestion will meet with my support and vote. It will have my hearty sympathies. This is borne out by my action last session in opposing and voting against the $4,800,000,000 relief appropriation. I am most certainly in favor of trimming government expenses.” 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, 17c; Leghorn breed hens, 12c; springers over 4% lbs.. 18c; under 4 ! , 2 lbs., 17c: springers, 1% lbs. and up, 12c. old cocks. 9c. Turkeys—Young hens. 8 lbs. and up. 20c; young 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. 17% lbs. and up, 25c: No. 1 strictly fresh eggs, loss off. 24c: pullet eggs. 16c. Each full case must weigh 55 lbs. gross, a deduction of 10c a pound under 55 lbs. will be made. No. 1 butter. 37%<&387 2 c; No. 2, 34%®35%c butterfat, 34c. Quoted by the Wadlcy Cos. (By United Press 1 CHICAGO. Dec. 31. Eggs Market, steady; receipts, 4903 cars: fresh graded firsts. 25c: extra firsts, 2Sc; current receipts, 22%c; dirties, 19c; checks, 17c. Dutter—Market, firm; receipts 8797 tubs; extra firsts (90-91 la score'". 337 2 ' , "33%c: extras '92 score). 34c: firsts (83-89 7 score), 3274073374 c: seconds (86-87% score 1. 31' 2 c; specials, 34' 2 fa 35c; standards, 34c. Poultry—Market, steady; receipts, 23 trucks; ducks, 210/ 24c: geese, 170/18c; spring chickens, 230/ 25c; hens, 220/ 24c; turkeys, 200/23c; Leghorn hens, 140/17c; old roosters, 16c; Leghorn chickens, 180/ 19c. Cheese—Twins. 1774 Q: 18c; Daisies, 18%0718%c; Longhorns, 18740/ 187ic. Dressed poultry—Turkeys, young toms. 26 0728 c; young hens. 28c; "ducks, 220/23c; geese. 190720 c. Potatoes —Supply moderate, demand slow, market steady- Idaho Russet Burbanks, 51.900/ 1.95: U. S. No. 2. $1.40; Wisconsin Round Whites. 51.150/ 1.25. North Dakota Cobblers. 51.25; Early Ohios, 51.35: Bliss Triumphs. 51.20. Colorado McClures. $1 42%@i.52'%. Nebraska Bliss Triumphs, $1.40. Arrivals 85, on track 164, shipments 549. Money and Exchange INDIANAPOLIS STATEMENT Clearings $ 2,510,000 Debits 6,878,000 Clearings for month 63.339.000 Debits for month 165.800,000 Clearings for year 123,916.000 Debits for year 1,801,136,000 TREASURY STATEMENT By United Press WASHINGTON Dec. 31.—Government expenses and receipts for the current fiscal year to Dec. 23, as compared with a year ago: This Year. Last Year. Expenses $3,742,033,867.27 3.538,294.403.41 Receipts. 1,889,421.218.31 1.842,007,542.34 Deficit . 1,852.612.648.96 1.696.286,861.07 Cash Bal 2,228,712,442.05 2,535,157,043.10 Other Livestock (By United Press) CHICAGO. Dec. 31.- -Hogs—Receipts, 20,000, including 4000 directs: unevenly 10 to 25 cents lower than Monday’s average; extreme early top $9.75; bulk 140-190 lbs., 59.404/ 9.65: 200-240 lbs., $9,101/3.65; 250350 lbs.. $8,654/9,25; few sows. $7.90478 25. Cattle—Receipts, 5.000; calves. 1500; recent decline on steers and she stock stopped; general market firm to 25 cents higher; killing quality plain; moderate supply steers held from Monday not shown: best steers. $11.75; bulk $lO down to $7.75; thin Stockers absent but meaty feeders selling Monday at $7.50 down higher today on both country and killer accounts: cows fully steady: bulls strong to 25 cents higher for the week to date; but vealers 25 to 50 cents lower at $11.50 down. Sheep—Receipts. 7000; opening mostly steady on all classes; good to choice native and fed western lambs, si 1 4/11.15; best held $11.25 upward; yearlings mostly 59.50 downward; slaughter ewes. $4,504/ 5.25. FORT WAYNE, lnd.. Dec. 31.—Hogs— Steady to 15c lower: 160-180 lbs.. $9.80; 180-200 lbs.. $9.70: 200-220 lbs.. 59.60: 220240 lbs.. $9.35; 240-260 lbs.. $9.20; 260-230 lbs.. $9.05: 280-300 lbs.. $9.85; 390-350 lbs., $3.60; 140-160 lbs., $9.10; 120-140 lbs $9.60; 120-140 lbs.. $9.30; 100-120 lbs., $9.10; roughs. $7.75; stags, $6. Calves. sl2. Lambs, sll. LAFAYETTE. Ind.. Dec. 31.—Hogs—Market. 1042.25 c lower: 170-210 lbs.. $9,604/ 9.75; 210-225 lbs.. $9.3545 9.45: 235-260 lbs., $9,104/ 9.25; 260-300 lbs.. $8,804/8.95: BOOSTS lbs.. $8.60: 100-170 lbs.. $947 9.50; roughs, $8 down. Calves, $11.50 down. Lambs. 510.25 down. ,

PUT YOUR MOREY TO WORK LOQALLY! BUY Building & Loan Shares

Retail Meat Prices Decline Retail meat prices have decreased from 4 to 11 per eent in the last three months, U\ Whitfield Woods, president of the Institute of American Meat Packers, announced today.

TAKES CHICAGO POST

' ' jjjj. V'

F. X. Metter*t. for seven years general sales manager of the Public Service Cos. of Indiana and the Northern Indiana Power Cos., has resigned his position v.ith the local power firms and is to assume his new duties as vice president in charge of sales of the Peoples Gas Light and Coke Cos., Chicago, on Jan. 15.

AID TO JOBLESS SEEN FAILURE Private Building Revival Only Hope, Declares N. A. M. Official. By United Press NEW YORK, Dec. 31.—Revival of private construction is ’’the only hope for substantially increased employment,” Noel Sargent, secretary of the National Association of Manufacturers, declared today. Mr. Sargent said that less than 6 per cent of the unemployment problem had been taken care of by “a four-fold increase in national public works expenditures. “Increased national expenditures are offset by further decreases in state, county and city public works expenditures.” He said that Federal funds accounted for less than 10 per cent of all public works expenditures during the years 1925-IC-29, but were almost 50 per cent of the total during 1934-35. He gave figures indicating that the number of workers on Federal public works projects had increased 225,000 since the start of the depression, coupled with indirect employment of 338.000. This, he said, indicated the’Federal program had decreased unemployment 563,000. as compared with the present number of unemployed which he estimated at 10.000,000. Enlisted Stocks (By Bivthe & Cos.) NEW YORK BANK STOCKS , Bid. Ask. ‘Bankers Trust 65% 67% Central Hanover B & T 118% 120 s i Chase 42% 43% Chemical National 54 s * 56% Guaranty 303 310 Irving 17% 19% Manufacturers 46 47% National City 38% 40% Cont 111 (Chicago) 128' 2 130% “First National of Boston ... 46 47% “Natl Shawmut . 30% 32% FIRE INSURANCE Aetna Fire 58 60% City of New York (new) 28% 30% Federal Ins 87 90% Franklin Fire 33% 35% Great American Ins 30% 31% “Hanover Fire Ins 39% 41% Hartford Fire Ins 84 86% Home Ins 39% 41% Ins Cos of N A 74% 76% National Fire 75% 77 s , North River Ins 27 s * 29% Phoenix Insurance* 101 104'* U S Fire . . 55% 57% Westchester Fire 37% 39% “Ex. div. LOCAL CASH MARKET City grain elevators are paying 93 cents for No. 2 soft wneat. Other grades on their merits. Cash corn new No. 4 yellow 46 cents and oats 19 cents.

Government Bonds Home Owners’ Loan Corporation and Municipal Bonds The Union Trust Cos. it of Indianapolis if BOND DEPARTMENT 120 E. MARKET Riley 5341

Breed, Elliott & Harrison Established 1912 Dealers in Investment Securities Telephone Riley 2561 1115-1117 Circle Tower Indianapolis, Ind.

A Complete Investment Service We specialize in the purchase and sale of local, state and Federal taxexempt bonds. Through the facilities of our office we are prepared to execute orders in all securities. City Securities Corporation 420 Circle Tower Lincoln 5535

BUILDING ENTERS NEW PHASE WITH AIR CIRCULATION Trade Associations Forecast Boom in Conditioning Industry. By United Pn ss NEW YORK, Dec. 31—The present generation may witness a revolution in home building, the economic influence of which may be as far reaching as was that of the automobile, according to anew survey of the building material and construction industry issued by Poor's Publishing Company. In catering to individualism, home construction has resisted mass production methods, but now the development of pre-fabricated houses, which can be manufactured under mass production methods, provides definite indications that the old order is doomed, the report declared. “Air conditioning is destined to play an important part in this new order.” Although air conditioning is as old as any form of heating, the creation of uniform hygienic air in places where people live and work is anew development—the outgrowth of refrigeration. Products j now available range from simple j air circulation and filtration pro--1 ducts, to complete equipment for heating, cooling, humidifying and purifying. 1935 Sales Double 1934 “Until recently, manufacturers of air conditioning equipment concentrated their efforts on large indusI trial installations. Beginning in 1933, however, small household units were j sold successfully. The upturn in residential construction, combined with governmental stimulation of home renovation in 1935, witnessed sales of this type of air conditioner which were approximately double those of 1934, whereas industrial inj stallations increased about 30 per I cent. “Trade association in the industry | have forecast 30 per cent to 35 per cent gains for 1936. While these may prove optimistic, there is no ' gain-saying that air conditioning, already an important element, may : prove a real boom to the building business. Home Building Most Important “Residential building, of course, is tlie most important single division of the construction industry. In 1933, the volume fell to 9 per cent of the 1928 peak year total. Some improvement was shown in 1934, with still more in the first nine months of 1935. “The decline in building activity during the depression has resulted in a large accumulated of new housing facilities. Authoritative estimates report a shortage of 500.000 housing units, including apartments, and 2,500,000 units needing enlargement to eliminate overcrowding. “Moreover, curtailed purchasing power caused the shelving of prospective renovation plans during the last several years, with a resultant heavy accumulation of deferred work. It is estimated that 16 per cent of the homes need structural repairs, while 4 per cent require maintenance repairs. In addition, the obsolescence factor has become more pronounced, due to the increasingly higher standards of living and to the introduction of new products.” SEARS PRICES MOUNT Times Special CHICAGO, Dec. 31.—New midwinter catalogue prices of Sears, Roebuck and Cos. compared with a year ago average around 1 per cent higher, it was announced today. , Some prices, howover, remained I. about steady.