Indianapolis Times, Volume 47, Number 255, Indianapolis, Marion County, 2 January 1936 — Page 15

T rends West Penn Power Seeks Sale of Bond Issue. BY RALPH HENDERSIIOT

YORK, Jan. 2 —The Wasl ’ Penn Power Cos. of Pittsburgh a subsidiary of the American Water Works and Electric Cos., has filed a prospectus with the Securities and Exchange Commission preparatory to the sale of a $27,000,000 bond issue. Proceeds from the sale of the issue are to be used to refund

two issues of outst anding bonds maturing early in 1936. Unusual importance is attached to the proposed financing. The parent concern refused to register with tne SEC as a holding company under the public utility act of 1935, and the

V . U .Mgggig

Hcndershot

question arises whether the Federal agency will permit the financing. SEC officials have declined to comment on the status of the deal, but unofficial advices from Washington suggest that they probably will permit it to go through, a a tt IT is to b<? hopor 1 that these advices prove accurate, irrespective of the fact that the American Water Works and Electric Cos. has instituted a suit in the District Supreme Court in Washington to restrain the SEC from enforcing the provisions of the public utility act. A difference of opinion over the constitutionality of the act should not stand in the way of orderly financing. The United States Supreme Court ultimately will be obliged to rule on the legal issue, but the utility’s issues will mature, in all probability, before this decision is handed down, if approval of the financing is denied the company probably would not be able to meet these maturing obligations. a a a DEFIANCE of the government can hardly be said to be involved. One of the lower courts already has ruled the act unconstitutional, which would seem to justify a further test of the law. And supervision of the financing by the SEC is provided for under the provisions of the securities and exchange act. The company, of course, believes the SEC could not interfere with the issue if it wished to do so. The public utility act or 1935 provides that any registered holding company or its subsidiaries must obtain the approval of tne SEC before marketing securities. But this company has not registered so it contends it is not affected by the provisions of the act. It is doubtful that the Federal agency would try to halt the deal merely to prove its authority. If has done its best ever since coming into being tt> facilitate financial operations in which it has had confidence, and it has eased the burden of supervision as much as possible without ignoring the purposes for which it was created. NOVEMBER ORDERS RISE Air Conditioning Business Shows Gain of 5100,000 in Month. Time* Special WASHINGTON, Jan. 2.—Value of air conditioning orders increased more than SIOO,OOO from October to November, 50 manufacturers have reported to the Commerce Department. Orders booked during November were worth $1,833,056, compared with $1,713,105 in October and sl,592.208 in November, 1934. HUDSON SALES SPURT Timm Special NEW YORK. Jan. 2.—Retail sales of Hudson and Terreplane cars in the last 12 weeks, since introduction of new models, totaled 12,524, an increase of 124 per cent over sales in the same period a year ago, the Hudson company announced today. Chicago Stocks (By Abbott, Proctor & Paine! 11:00 Prev. A. M. Close Berghoff 7% 7 Butler Bros B’* 8% Chicago Corp 4% 4% Conti Steel 4242 Cities Serv 3% 3% Com Edison 96% 96% Cord s*-* 5' 4 Crane 27 26% Gen House 3"* 3% Grt Lakes 29', 29' 4 Noblett Sparks 32% 32 '4 Quaker Oats 13! 134 Swift 22 ’4 22 '2 Swiftllnt 333 3 33 Zenith 13’ 2 13 Vi New York Curb (Bv Abbott, Proctor <fc Painei 11:30 AM. Prev. NY. Close Aiumn Cos of Am 88% 89 Am Cyanic I.*’ 1 .*’ ■B - 29% 29'2 Am Superpower 2% 2% Atlas Corp 13 13'* Carrier Corp 11 % 11% £1 Bond A- Share 16 16'. risk Rubber 7 s * 7% Ford of Can • A" 26'. 25% Ford of Europe 8% 8% Hiram Walker 32% 33% Imperial Oil Ltd 20% 20 Lake Shore Min 52 52 Nia Hud Pwr 8% 9% Pan Am Airways 47 49 Penn Road 3% 3% Produce Markets The prices. quoted are paid for stock gathered in the countrv. while delivered in Indianapolis the price is a rent higher Heavy breed hens. 17e: Leghorn breed hens. 12c: springers over 4 1 a lbs . 18c. under 4% lbs., 17c: springers. 1% lbs. and up. 12c. old cocks. 9c. Turkevs—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. 12o; under 5 lbs.. 10c. geese, full feathered and fat. 9 to 14 lbs.. 11c; over 14 lbs., 9c; oid guineas. 15c; young guineas. 1% lbs. and up. 25c: No. 1 strictly fresh eggs, loss oft. 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%®38%c; No. 2. 34% 6 35%c butterfat, 34c. Quoted by the Wadley Cos. (By United Press! CHICAGO. Jan 2.—Eggs Market, steady; receipts 7508 cases; fresh graded firsts, 35c; extra firsts. 26c: current receipts, 22'2c; dirties. 19c; checks, 17c. Butter—Market, steady: receipts, 8414 tubs, extra firsts c9O-9l'.a score'. 33'_''(i extras 1 92 score'. 34c: firsts >BB- -' 2 score;. 32%®33%c; seconds *B6-87' 2 secret, tl%c; specials, 34%®35c; standards. 33%c. Poultry—Market, unsettled: IS”!#.* 19 ,r ucks; ducks 210/ 24c: geese. mi24V*c: turkeys. 204/23c; Leghorn hens. old footers. 16c Cheese—Twins. d * l *' es 18’4 4/ 18%c : longhorns. *8 Wlß'jc Dressed poultry—Turkevs, 'orris 274/28c; young hens 28c: 824/23c; geese. l 4 20c Potatoes—njodcrate. demand slow; market. I £* h ® Russet Burbanks. *1 854/ R!r,„a®’ S K, N,) ' 2 . *' 404/ 1.45; Wisconsin SI 11 ,es ' *115411 SO: commercials, unclassified. *1; Michigan §. r ,:: OUn '* !n!< *' 40: North Dakota ai Mi T *“i m .f hs '„ l 40: Colorado McClues. it a? a! . Nebraska Bliss Triumphs. L 3i: on 212. shipments. 646 (Tuesday), 335 (Wednesday.

♦ ♦ Abreast of The Times on Finance ♦ ♦

BETTER YEAR VISIONED FOR COTTON TRADE Government Abandonment of Price-Fixing Venture Feature of 1935. flj/ United Prrtu NEW YORK, Jan. 2.—Cotton fui tures were depressed sharply early in the year, but recovered and the ; spot position closed 1935 not far below a year ago. Cotton traders looked ahead to 1936 more cheerfully because of the change for the better in fundamental conditions. Abandonment by the government of its price-fixing venture and re- ; capture subsequently of American ; foreign markets were features of the year. The Italian-Ethiopian war and general business improvement combined to aid the cotton market once it had overcome the difficulties of a change in the government loan plan. Before those changes the market was gloomy. Exports fell, as did i world consumption, of the Amerii can staple, while foreign growths were stepped up. Bounty System Adopted With start of the 1935-36 season -the AAA abandoned its r r ice fixing program and substitut'd a bounty I system designed to allow American : cotton to compete abroad and at the same time to check the rising trend of government accumulated loan staple. It guaranteed an average return of 3 2 cents a pound to co-operating | farmers by payments to equal such difference between 12 cents and the average price of middling in the 10 designated spot markets. It fixed the loan basis at 10 cents so that If prices fell below that mark, farmers could turn staple into the pool until the price was bettered. The immediate result was a price break. Later, however, prices made progressive improvemnt. Shipments to Britain Tripled Exports were accelerated. Shipments to Great Britain tripled. They rose some 50 per cent to the continent, but dropped about 15 per cent to the Orient. The total movement from Aug. - to the end of the year rose nearly 1,000,000 bales over 1934. World consumption of American | cotton, now relatively cheap against foreign growths, increased to an indicated seasonal rate of better than 12,500,000 bales—with the October pace the highest since 1929. The 1935 crop also was bullish, totaling 10.734,000 bales, a large percentage of which was low in grade and staple, compared with earlier indications of 12,000.000 bales. In view of the producers’ pool holdings of some 5,100,000 bales cf spot and 1,030.000 of futures a scarcity of American cotton portended, since carryover at the end of the 1934-35 season, including pool stock, aggregated only 9,000,000 bales. Uncertainty regarding disposal of the pool cotton and sporadic sales of this staple retarded price recovery. STEEL INGOT OUTPUT MAKES NEW RECOfIU Industry Enjoys Best Year Since 1930. Oil t ini ted Vrms NEW YORK. Jan. 2 Steel ingot production in the United States in 1935 set anew high since 1930 at around 33,543,769 gross tons, according to reports of the American Iron and Steel Institute for the first 11 months, with December estimated. This compared with 25,261,038 gross tons in 1934, the depression low of 13.322.833 gross tons in 1932, and 39.286.287 gross tons in 1930. Operations in the industry this year averaged around 49 per cent of the estimated capacity of 68,849,717 tons, rising from a low for the year of? 9.44 per cent in July to the year’s pe£k, above 56 per cent in December. Operations in 1934 averaged 37.38 per cent of capacity. The following table shows monthly ingot production by companies which produced 97.91 per cent of the open hearth a-nd 100 per cent of the Bessemer ingot output of the industry tin gross tons): 1935 1934. January 2.871.531 1.997,129 February 2,777.765 2,211,944 March : 2,8 8.141 2,708.440 April 2.640.504 2.936.064 Mav ... 2.635.857 3.399.494 June 2.230.893 3.050.083 July 2.270.224 1.489.453 August 2.919.326 1.381,350 September 2.829.875 1.268.977 October .. 3.146 446 1.481.902 November 3.153.247 1.610,625 December* 3.200.000 1.964.457 Total 33.543.769 25,599,118 •December. 1935, estimated. Busigraphs ELECTRIC POWER PRODUCED (U. S. DEPT. OF THE INTERIOR) < '// '/ </DOTTED LINE IS THE PAST// n V.Y,Y YJ™ mRS average ofvZ Y I 3 V/ // v/// '/ THE SAME MONTHS/; // V I MMMMM, NDJFMAMJJASON 19341 1935 1 the PARKER CORR GENERA'. DISTRIBUTORS INCORPORATED INVESTORS Hail to anew record! Our electric light and power companies, for the first time in their history, have scored a weekly output In excess of two billion kilowatt hours. Estimating December output, production of electricity in 1935 will pass ahead of 1934 by 84 per cent. The policy of many companies has been to pass on to their customers, in lower rates, the advantages of increased operating efficiency. Nothing stimulates consumption like lower prices.

INDIANAPOLIS, THURSDAY, JANUARY 2, 1936

. - v - . ~ Cl 'K e w —rrr-T : >... . - - ■ -... •-••*%. _ , v,, l """ m ! ’ "•

New York Stock Exchange Prices

(By Thomson & McKinnon) 11:00 A. M. Prev. Oils— High. Low. N. Y. Close. Amerada 79% 79*4 79% 79% Atl Rfg 27% 27% 27% 27% Barnsdall 14% 14% 14% 14% Consol Oil 12% 12 12 12% Cont of Del 35 % 34% 34% 34% Houston (new).. 6% 6% 6% 6% Mid Cont Pet .. 20% 30 20'% 20'% Ohio Oil 14'% 13% 13% 14% Pet Corp 13% 13% 13% 14 Phillips Pet ... 39% 39% 39% 39% Plymouth Oil . . 12’ 8 12% 12% 12% Pure Oil 17 16% 16% 16% Seaboard Oil ... 36% 36% 36*4 36 Shell Un 16 15% 15% 15% Soc Vac 14% 14% 14*4 14% S O of Cal 40% 40% 40'/* 40% S O of Ind 33% 32% 32% 33V* S Oof N J 52 51% 51% 51% Texas Corp 30'/* 29% 29V* 29% Tidewater Assn 15% 15% 15% 15% Un Oil of Cal .. 23% 23% 23% 23% Steels— Am Roll Mills .. 31% 30% 30V* 31 Beth Steel 52 51% 51% 51% Pvers AM .... 20', < 20 20 20% Col Fuel & Iron 4% 4% 4% 4% Cruc Steel 37*4 37*4 37% 37% Inland Steel ..101% 101% 101% 100 Ludlum Steel ... 25 24% 24% 25% Natl Steel 75 74 74 74*4 Otis Steel 16% 16% 16% 16% Rep Iron <fc Steel 19% 19*4 19% 19*4 U S Pipe & Fdv 23 22% 22% 22% U S Steel ■ . . 48% 48% 48% 48% U S Steel pfd .116 115% 115% 116% Warren Bros 4% 4% 4% 4% Youngst S & T 46% 46% 46% 46% Motors— Auburn 42% 41% 41 % 42% Chrysler 92 90% 91 92% Gen Motors ... 56V* 56*4 56% 57 Graham Mot ... 32% 2% 3 Hudson 16% 16% 16% 16'/* Hupp 1% I*4 I*4 1% Mack Truck ... 31 % 30% 30% 30% Fish . 18% 17 7 /* 18 18*4 Packard 7 6V* 6% 7 R*-0 5 4% 5 4% Studebaker 9% 9% 9% 9% Yellow Tr 9% BV* 8% 9*4 Motor Access— Bendix 23% 23*4 23% 23 % Borg Warner ... 71*4 69% 69% 7G',i Briggs 53 52*4 52'4 54 Buda Mfg 9% 9*4 9*4 9 Budd Wheel .... 13 12% 12% 12% Eaton Mfg .. 29% 29*4 28% 29 Elec Auto Lite . 37% 36% 36% 37% Houdaiile "B” . 30% 30 30 30% Murray Bodv ... 19% 19% 19% 19% Stew Warner ... 18% 18% 18% 18% Timken Roll ... 67% 66*4 6% 67 Timk Det Axle . 13% 12% 12% 13 Mining— Alaska Jun 15% 15% 15*4 15% Am Metals 29% 29% 29 s * 30% Am Smelt 59% 59% 59% 60% Anaconda 29% 29% 29% 29% Cal & Hecla ... 6% 6% 6V 4 6% Cerro De Pasco 54% 54*4 54% 54 Dome Mines ... 41% 41*4 41% 42% Granby 9% 9*4 9% 9*; Gt Nor Ore 16% H 16V* 16 Howe Sound ... 53% 53% 53% 53*4 Int Nickel 45% 45*4 45% 45% Kennecott Cop . 29 V* 23% 29 29 V* Mclntvre Mine.. 4040 4040% Park Utah 4% 4% 4% 4% Phelps Dodge .. 26% 26 26 26% St Joe Lead.... 24% 23% 23% 23% U S Smelters ... 04% 94% 94% 93 Vanadium 20% 20% 20% 20% Amusements— Croslev Radio ..17 17 17 17 Fox Theat, 23 22% 22% 22% Loews Inc 52% 52 V* 52 V* 52 Radio Corp 12% 12% 12% 12% (Paramount 10% 10 10 10% Warner Bros .. 10*4 10 10 9% Tobaccos— Ligg & Myers 'B’ 111% 111*4 111*4 111% Lorillard 24% 24% 24% 24 Phillip Morris 68% 67% 67% 68% Reynolds Tob B' 55% 55*4 55% 55% Rails— Atchison 60 59 59*4 59% Atl Coast Lines. 30% 30% 30% 30% B & O *6% 16% 16% 16% Can Pacific 11% 11% 11% 11% Ch & Ohio 51% 51 51 50% Chi & Gt W pfd 4% 4Vi 4% 4 C M & St P pfd 33 3 3*4 Chi N W ... 3*4 3% 3% 3 Chi N W pfd . . 7% 7% 7% 7% Dela & Hud .. 38% 37% 37% 38% Del Lac & W . 16% 16% 16% 16% Grt North pfd. 34% 33% 33% 34 111 Cen'.ral 20% 20% 20% 20% M K & T 5% 5% 5% 5% K C Sou 13% 13% 13% 13 MK & T pfd . 14% 14% 14% 14% Mo Pac 2% 2% 2% 2% Mo Pac pfd .... 4 4 4 3% N Y Cent 28% 27% 27% 28% Penn R R 31% 31% 31% 31% Sou Pac 24 23% 23% 24% Sou R R 14% 14 14 14% Union Pac .109% 109% 109% 108% West. Maryland. 9 9 9 8% Equipments— Am Brake Shoe 42% 42% 42% 42% Am Loco 26% 26 26% 26 Gen Elec 38% 38 38 38% Pullman Inc ... 37 37 37 37% Westingh Elec . . 97 s * 96% 97 97% Utilities— Am & For Pwr 7% 7% 7*, 7 Am Power & Lit 8% Bs*8 s * 8% 8% A T *T , 156 155% 156 155% Am Wat Wks .. 22% 22 22% 22% Col Gas & Elec . 14% 14 14 141. Comm & Sou ..3 2% 2% 3 Consol Gas . 31% 31% 311- ats Elec Pwr & Lit . 6% 6% 6'* 6% Int TANARUS& T .. 13% 13% 13% 131“ & Lit . 10% 10% 10% io% 8 North Amer ... 27% 27 27% 271. Pac G& E ... 31 31 31 l 1 Pub-gerv NJ .. 46% 46% 46% 46% So Cal Edison 25% 25% 25% 751 8 Stone & Webster 15 14% 14% 14% United Corp ... 7% 7% 71! 71* Un Gas Imp . 17% 17% 173* 373 Ut Pwr ft It A 3% ai 4 %,* Western Union . 75% 74% 74% 75% Rubbers—Goodrich 14 \ 141. in Good year 23% 735* 2 773* U S Rubber . le% le% 16’ ?? 4 U S Rubber pfd 477. 47% 47% 47% Miscellaneous— Allis Chalmers . 36% 36% 16U tat Am Mach & Fdy 29% 29% 29% 29% Anchor Cap . 15% 15-,; 7= 3 i?t 2 Brklyn Man Tr 40% 40% 40% % Burroughs Add 25*, 25% 25% 25 3 ’ J I Case 971, 97tj 971* 90 4 Conti Can ..... 86% 86% 86% 84'.' Crown cork ... 46% ?6% 46% 46% Curtis Pub 21% 21% 25 s * 22 Deere & Cos 53% 53% 53% 53% Eastman Kodak 156% 156% 1.46% 156% Foster Wheeler . 30% 30 39 29% Gillette 17% 17% 571- j 7,; Natl Cash Reg 23% 23 23 23% Owens Bottle 128% 128% 128% 128 Rem Rand 20% 19% 20% 20 Food*— Beatrice Cream 18% 18% 18% 18% Prod ... 28% 26% 28V* 26%

Battle of the Century

Can Dry G Ale. 16% 15% 15V* 17 Cont Bak “A".. 11 Vi 11% 11% 11% Corn Prod . 69 % 69 % 69 % 69% Cuban Am Sugar 7 6% 6 6Vs Gen Foods 34% 34 34 34 Gold Dust 19% 19% 19% 19% G W Sugar 31% 31% 31 % 31% Loose Wiles .... 40% 40% 40% 40% Natl Biscuit ... 33% 33% 33% 33 Natl D Prod ... 22V4 22 22 22V* Purity Dak 15 15 15 15 S Porto Rico Sug 26% 26% 26% 26% Std Brands 15% 15% 15% 15*/2 United Fruit ... 67>/ 4 67*/ 4 67*4 67 Retail Stores— Assd Dry Goods. 15 15 15 15 Gimbel Bros ... 7'% 7% 7% 7*4 Gr Un Tea 3% 3% 3% 3% Allied Sts 7*a 7% 7>/ 2 7% Kresge. S S ... 25 25 25 25 Kroker Groc ... 26% 26% 26% 26*.4 Macy R H 47% 47'/* 47'/* 47% McCTory St ... 14% 14 14% 13% McLellan St ... 12% 12% 12% 12% Marshall Field ..12 12 12 11% May Dept St ... 52% 52 V* 52 V* 53 Mont Ward 39% 38% 38% 39% Natl Tea 9% 9% 9% Penney J C .... 79 79 79 78 Safewav St 33% 33% 33% 33% Sears Roebuck .. 65'% 65% 65% 65% Woolworth 55 7 * 55% 55% 55% Aviation— Aviation Corp .. 5% 5 5Vs 5V* Boeing Aircft ... 23'/* 22% 22'4 22% Curt' s Wright . 4% 4% 4% 4V* Curtin Wrt 'A’. 12% 12V* 12V* 12% Douglas Air 57% 55% 55% 57'% Nor Am Av 7% 7'/* l'/s 7 Sperrv Corp .. . 17% 17'% 17'% 17% Utd Aircft (new) 30*4 28% 28% 30% Chemicals— Air Reduction ..168% 168% 168% 169 Com Solvents ... 22V* 21% 21% 21% Du Punt 139% 139% 139% 139% Freeport Tex . . 30% 30 30 30 Vi Liquid Carb 37% 37% 37% 37'% Natl Dis mew). 30% 30% 30% 30% Schenlev Dist . 51% 51 51 51'% Tex Gulf Sulph 33% 33% 33% 33% 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*% 18 Belt RR & Stk Yds com .. 50 53 Belt RR & Stk Yds 6% pfd... 53 Central Ind Pow 7% pfd 16 19 Home Tel & Tel Ft. Wn 7% pfd 50% 52 Hook Drug Inc com 14'% Ind & Mien 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 Lincoln Nat Life Ins. Cos 34 37 North Ind Pub Svc 5*%% pfd 68 71 North Ina Pub Svc 6% pfd . 77 £1 Progress Laundry com 7 9 Pub Svc of Ind 6% pfd ll‘% 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 Brooklyn Postal Sta 5'%% ’4B . 37'% 42 Home Tel&Tei FtW 5'%% ’35..103 105 Home Tel&Tel FtW 6% ’43 .103 106 Indpls Railways Inc 5% '67 .. 50*% 53 Indpls Water 4*%% '4O 105 107 Indpls Water 5% ’SO & '6O .. 105 107 Indpls Water 5*%% ’SS&'Si.IOS'/a 105 Interstate T & T 5'%% ‘53 ... 93 96 Kokomo Water Works ’SB ...104 105% Lafayette Telephone 5% '57 .102 Morris 5 ft 10 Stores b% ’SO. 99 102 Muncie Water Works 5% ’65 .102*% Noblesville HL&P 6*% ’47 .. .. 97 100 Ohio Tel Service 6% 47 95 Richmond Water Works 5%’57 104*% 106 St. Louis Post Office 5*%% '3B 18 25 Seymour Wtr Ist mtg 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 Unlisted Stocks IBy Blyth Sc Cos.) „ , Bid. Ask. Bankers Trust 65% 67 Central Hanover B & T 118% 120% Chase 42% 4i* Chemical National 54% 56% Guaranty 308 311% Irving 17% 19% Manufactured ... .* 47 48% National City 38% 40 Cont 111 'Chicago! 129 129 First National of Boston . . . 46 47% Natl Shawmut . 30% 32% FIRE INSURANCE Aetna Fire 59 61 % City of New York 28% 30% Federal Ins 88 92% Franklin Fire 34 36% Great American Ins 30% 32% Hanover Fire Ins 38% 40% Hartford Fire Ins 85 86% Home Ins 40% 41% Ins Cos of N A 75 77% National Fire 773, 793. North River Ins 28% 30 Phcenix Insurance 101% 103% S Fire 55% 57% Westchester Fire 37% 3914 LOCAL CASH MARKET City grain elevators are paying 94 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new No. 4 yellow 43 cents and oats 19 cents.

INVEST with Ist Mortgage Security on Improved Real Estate BUY Building & Loan Shares

LOANS For Modernization. For a New Home. THE RAILROADMEN’S BLDG. & LOAN ASSN.

Union Carbide . 72% 72 . 72 71% U S Indus Alco. 43% 43% 43% 43% Drugs— Coty Inc 6 6 6 6% Lambert ...... . 22% 22% • 22% 22% Un Drug mew). 13% 13% 13% 13% Zonite Prod 7V* 7% 7% 7% Financial— Adams Lxp ... 11% 11% 11% 11% Am Int Corp .. 10% 10% 10% 10% Chesa Corp .... 59% 59% 59% 59% Lehman Corp . . 95% 95 95% 95 Transamerica .. 14 13 7 /* 13 7 /g 13% Building— Am Radiator ... 25% 25 25 25 Gen Asphalt .. . 22 22 22 22% Holland Furnace 30% 30% 30% 30% Int Cement 36% 35% 36>/ 39'/ 2 Libby Owens Gls 48 47% 47% 46% Otis Elev 25 24% 24% 25 U S Gypsum ... 85 % 85 % 85 % 85 % Ulen Cons 4% 4% 4% 4% Household— Kelvinator ... 15% 15 15 15V* Proc Sc. Gamble. 49 48 48*/ 2 48 Simmons Bed .. 20% 20% 20% 20% Textiles— Amer Woolen .. 9% 9'/* 9% 9% Celanese Corp . 29% 29 29 29 Collins Aikrnan. 48% 47% 48 47% Gotham Hose .. 9% 9 9 9% Indus Ravon .. 30 30 30 29% Kayser Julius .. 29 29 29 28%

DEC. 31st DIVIDENDS at the rate of 4 % Ann “ ro A Continuance of a Noteworthy Record for the Years 1930-1931-1932-1933-1934 and 1935 Fletcher Avenue Saving & Loan Association *4Has Declared Aggregate DIVIDENDS Compounded Semi-Annually During OOO the Above Six-Year Period ofRate of Dividends Per Year Earned, Collected and paid . , . .June, 1930 6% _ Dec. 1930 6% YOUR ASSURANCE , Tll c /. OF SAFETY June, lyol b o —RESERVES— ® ec ' 5% 1929 .... $452,600 June, 1932 5% 1930 . . . .$550,000 Dec. 1932 5% 1932 .... $675,000 4 J une > 1933 4/o 1933 . . , .$750,000 Dec. 1933 4% 1934 . . . .SBOO,OOO IQQ , 1935 . . . .$875,000 June, 19d4 i,c 1936 over Dec. 1934 3% $1,000,000 June, 1935 3% DEC. 1935 4% AVERAGE RATE FOR ABOVE PERIOD 45% WITHDRAWALS PAID DURING PERIOD $6,680,000 TT Since January, 1933, This Association Has Paid Taxes on T All Shares . . . Shares in Hands of Stockholders Since That \ 3 [_ Time Have Been TAX FREE An Unbroken Record of SAFETY and DIVIDENDS for 45 YEARS Fletcher Avenue Saving & Loan Association 10 E. MARKET ST. h ‘ the Hear ‘°! . , the Business District

PAGE 15

PORKER PRICES STEADY TOIO CENTS LOWER Cattle Market Unchanged; Veals Sharply Lower at sl2 Down. Porker prices continued to display a weak undertone in the initial session of the new year today at the Indianapolis Union Stockyards. The market was steady to generally 1C cents lower than Tuesday's best average. Increased receipts combined with a slightly weaker demand were construed as the two depressing factors in today’s session. The supply was estimated at 6000, compared with 5000 in the two preceding sessions this week. Several traders now, however, expect a definite trading range since passing of the holiday season. Holdovers carried over from Tuesday numbered 119. The general bulk of 160 to 235 pounds, brought $9.60 to $9.50. while medium grades, scaling from 235 to 275 pounds, ranged from $9.25 to $9.50. Heavies, weighing 275 pounds and upward, cashed in at $8.60 to $9.10. Light kinds, from 100 to 140 pounds, were salable at $8.90 to $9.25. Packing sows ranged from $7.75 to $8.25. Few better classes held at $8.50. Trading developed slow in the cattle market, with early steer sales steady. Although the early bulk price was not established, indications were around $lO for the majority of classes. Best heifers were slow and inactive, with most cows steady. Beef cows sold from $4.50 to $6.25. Bulls brought $4.50 to $6. Receipts numbered 1200. With a liberal supply on hand, the veal market moved sharply 50 cents lower. The bulk holding at $11.50 to sl2. Receipts numbered 800. Lamb trading was undeveloped, with a few native grades weak to 25 cents lower. Most classes sold at $10.75 down. Few held at sll. Slaughter sheep sold at $4.50 down. Receipts were 3500. Chicago Grain Futures (By James E. Bennett Sc Co.i 11:00 Prev. Wheat— High. Low. A. M. close. May 1.02% 1.02*4 1.02% 1.01*4 July 91*2 .91*,* .91% .90'4 Sept 90*4 .90% .90% ... Corn— May 61% .61*4 .61% .60% July 62*4 .62 ,62'4 .61% Oats— May 28% .28>4 .28% 28% July 28'4 .28% .28% .28% Rye— May 55% .55% .55% .55 TREASURY STATEMENT Bit United ! Press WASHINGTON. Jan. 2.—Government expenses and receipts for the current fiscal year to Dec. 30. as compared with a year ago: Expenses 53.774^504 1653 $3.568.4*1 Receipts .. 1,898.112,069.70 1.847.394.802.56 Deficit . 1.876,482.247.03 1.721.015,989.68 Cash bal. . 2.203,010,153.59 2,535.157,043.10

Import Trade Increases American import trade for the first nine months of 1935 increased 23 per cent'in value and 22 per cent in volume, the Foreign Commerce Department of the United States Chamber of Commerce reported today.

New Business Books Available at Library The following new business books are now available at the business branch of the Indianapolis Public Library; PSYCHOLOGY OF RADIO, by Hadley Cantril and G. W. Allport. The radio has introduced profound alterations in the outlook and the social behavior of men.'' rVRLIC WORKS IN PROSPERITY AND DEPRESSION, by Arthur D Gayer. "Public utilities should be planned and budgeted sufficiently in advance to be conducted on a flexible schedule. opera;:ons being timed to fluctuate inversely with general cyclical movements of business." TESTED SALES LETTERS, by Herbert H. Hall. Presents actual letters that have proved effective and analyzes them to discover the reason for their success. MORE RETAIL SALES, by A. Irving Schweitzer. Touring from coast to coast. the author visited twenty-two retail centers and interviewed retail executives for the most successful ideas they used to draw attention to the store and increase business. FIRE INSURANCE CONTRACT: ITS HISTORY' AND INTERPRETATION. compiled by The Insurance Society of New York.

Local Livestock HOGS Dec. Bulk. Top. Receipts 24. $10,004/10.10 $lO.lO 3000 26. 10.15® 10.35 10.35 2500 27. 10.10® 10.35 10 25 6000 28. 9.85®10 15 10.15 2000 30. 9.85® 9.90 9.90 5000 Jan. 2. 9.60® 9.80 9.80 6000 Light Lights 'l4O-160' Good and choice $ 940 4? 975 Medium 9.004/ 9.50 'l6O-1801 Good and choice . 965 4/ 980 Medium . 9 is*/ 9 6 5 1180-2001 Good and choice . 9.703 980 Medium 9 20® 9.70 Medium Weights '2OO-220' Good and choice . 9.60® 980 '220-250' Good and choice . 9.50® 960 Heavyweights (250-2901 Good and choice . 9.10® 950 '290-350' Good and choice.. 8.60® 910 Packing Sows '275-350) Good 8 25® 8.50 (350-4251 Good 6 104? 835 .'425-5501 Good 8 00® 8.25 '275-550' Medium 7.75® 8 10 Slaughter Pigs .100-140) Good and choice.. 8.90® 950 Medium 8.15® 9 25 CATTLE —Receipts. 1200— (500-900) Choice slo.oo® 12 50 Good 8.754/ 11.50 Medium 7.00® 9.00 Common 5.25® 7 00 (900-1100) Choice 12 004/ 13 00 Good 9.004? 12.00 Medium 7.00® 9.00 Common 5.254? 7.00 (1100-13001 Choice 12.00®13 00 Good 9.25® 12.00 Medium 7.25® 9 25 (1300-1500) Choice 12.25®13.25 Good 9.25® 12 25 Heifers (500-750) Choice 9.25® 10 25 Good 8 00® 9.25 Common and medium 4.50® 8 00 (750-9001 Good and choice.. B.oo®lo 50 Common and medium 5.00® 8 00 Cows Choice 6.50® 7.00 Good 5.50® 6.50 Common and medium 5.504/ 6.50 Low cutter and cutter 4 50® 5 50 Bulls, good 6.25® 6.75 Cutter, com. and med. bulls... 4.25® 625 VEALERS —Receipts, 800— Good and choice $11.00®12 00 Medium 8 504/ 11.00 Cull and common 4.50® 8.50 Calves (250-5001 Good and choice.... 7.00® 10.00 Common and medium 4 50® 7.00 Feeder and Stocker Cattle (500-8001 Good and choice . 6.75® 825 Common and medium . ... 4.50® 675 (800-1050) Good and choice .. 6.75® 8.50 Common and medium .... 4.50® 675 COWS Good 4.25® 5 00 Common and medium 3.50® 4.25 SHEEP AND LAMBS —Receipts. 3500 Lambs. 90 lbs. down, good and Choice $10.75® 11.00 Good 10.25® 10.75 Medium 9.50® 10 25 Common 8.25® 9.50 Ewes 190-1251 Good and choice... 4 00® 500 Common and medium 3.00®' 4.20 Yearling wether, good to choice 9 00® 9.75 Medium 7.50® 9.00

FEDERAL TAXES ON INCOMES NEAR mEVEL Collector Takes $4.07 on Each SIOO. Treasury Figures Show. Off United I'rmn WASHINGTON. Jan. 2—Ths Federal tax collector took $407 of each SIOO of net incomes of American citizens in 1934, compared with only $3.44 on each SIOO in 1C33, Treasury figures showed today. This was the largest proportion of Federal taxes on income paid by Americans since 1928, when the average tax was $4.62 for each SIOO of net income. The 3.988.269 Federal income taxpayers last year paid total income taxes of $506,481,123 on an aggregate net income of $12,456,262,491. In 1933 the 3,723.558 taxpayers paid taxes of $372,967,761 on a total net income of $10,845,653,532. The 1934 figures showed a reversal of the trend toward a lesser burden on the smaller income tax payer. Last year total incomes of SSOOO or less amounted to $7,485.000.000 or 60.09 per cent of the income of all taxpayers. This group paid $32,500,000, or 6.42 per cent of the total income taxes. In 1933 total incomes of SSOOO or less amounted to $6,792,000,000. or 62.62 per cent of all incomes. This group paid $39,700,000. or 10 64 per cent of the total income taxes paid in that year. Other Livestock •By United Press i FORT WAYNE Ind . Jan. 2.-Hog*-. 5c to 10c higher; 160-180 lbs.. $9 85; 180-200 lbs.. $9 75: 200-220 lbs , $0 65 220240 lbs., $9 45; 240-260 lbs.. $9.30; 260280 lbs.. $9.15; 280-300 lbs.. $3.95; 300-350 Ujs 58.70; 140-160 lbs . $9.65; 120-140 lbs., $9 35; 100-120 lbs. $9.15 Roughs, $7 75: stags. $6; calves. 12; lambs. sll. LAFAYETTE. Ind.. Jan. 2.—Hogs—Market steady to 10c lower: 170-210 lbs $9 50 ® 9.65; 210-250 lbs.. $9.25® 9 35; 250-27* lbs.. s9® 9.10: 275-325 lbs.. $8.65® 8.85: 100170 lbs.. $9®9.40; roughs. $8 down. Calves. sll down; lambs. $lO down. •By United Press) Jan 2.—Hogs—Receipts, 11,000, including 1500 directs; strong to 10 cents higher than Wednesday’s average; extreme, top $9.70; bulk desirable 140-190 lbs $9,304/9.65; most 200-240 lbs . $9.25® 9.50: 260-300 lbs., $8®:9.35; few sows, $7.75 i/8 25; steady. Cattle -Receipts. 6000' calves. 1 dOO. good and choice fed steers and yearlings strong to shade higherlower grades steady to strong: market fairly active: especially on choice and common kinds; little here of value to sell *7 sni s /- 2 ,n Stee n r .- U .'i e; bulk ’ urning at $7.50® 11; prime 987-lb yearlings. sl3 65; light steers. $13.50: heavies. sl3 25. all other killing classes strong; weighty sausage bulls up to $6.75: vealers steady at *8.50® 10.50; shipper kinds sll® usd Sheep—Receipts. 9000; mostly steady on ?JLw C , bulk na i iv,, * nd '^ d western lambs. sll downward to larger interests best held*H.2s and above; nat tee ewe*, scarce 25 ’ l eec * in K lambs relatively OIL PRICE INCREASED By United Press HOUSTON, Tex., Jan. 2.—Liberty Pipe Line Cos. has pasted a price of $1.25 a barrel for East Texas crude oil, an increase of 25 cents over the prevailing price, MilLs Cox. vice president of the company, announced.