Indianapolis Times, Volume 47, Number 260, Indianapolis, Marion County, 8 January 1936 — Page 15

Trends Presidential Power On Neutrality Is Scored. BY JOHN T. FLYNN

NEW YORK, Jan. B—The choice in Congress now is between a discretionary or a mandatory neusality policy. Will we solemnly aaopt a program of automatic neutrality whenever any foreign nations engage in war? Or will be permit the President to say, whenever any particular war breaks out, whether we will be

neutral or not? This is a very grave issue. Os course, there are many who insist that we can always trust the Presid e n t. The framers of the C o n s t i tution did not trust the President with the power to declare war. That power was lodged in the Congress. But what does this

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amount to if the President can by his diplomatic lpoves bring us to a place where there is no choice left to the Congress but war? If we have a neut.rality policy in which the President will be left free to declare neutrality or to fix the articles of trade which are to be barred to belligerents, then whenever a war breaks out, the question of the choice will be forced on the President. a u a THE very act of making a choice, of proclaiming neutrality in one case and not in the other, will have the effect of putting us on one side or the other. Neutrality will as a rule always operate more heavily against one combatant than the other. In that case the President may refrain from proclaiming neutrality to aid one combatant. In another he may proclaim it to aid one combatant. Selecting his cases for the application of neutrality in trade will, of necessity, be a violation of the principal of neutrality. No amount of labeling the policy neutrality will make it that. We have no right to assume that a President and his Department of State will not side with one party or the other and shape their course accordingly. The reader who doubts this ought to read Walter Millis’ book on “The Road to War,’’ recently published, and Mr. Robert Lansing’s memoirs which followed Mr. Millis' volume. Mr. Lansing was Secretary of State after Mr. Bryan’s resignation. a a tt IN this volume he tells frankly how he had made up his mind that he was for the Allies and how he carefully managed the Department's course to lead us inevitably to the side of the Allies. Perhaps he was right. But he was not neutral and what he did was not neutral. The action of our State Department today and. particularly, the performances of Mr. Norman Davis, our traveling ambassador, have been plainly putting us on the side of England and the League. These gentlemen are entitled to their opinions as individuals. But ought we as a nation permit them to use the agencies of the nation to give force and effect to their personal sympathies? All that has happened in the episode of the proposed oil sanctions shows that our Department of State has been straining to aid the League in any plans it has for shutting off oil to Italy. If this nation wishes to take this course no power but Congress should be permitted to take the step. There is a very serious question whether it w'ould not be better to have no neutrality law than one which will give the President power to use it for un-neutral activities. (Copyright, 1936, NEA Service. Inc.) Produce Markets The prices quoted are paid for stock fathered in the country, while delivered n Indianapolis the price Is a cent higher. Heavy breed hens. 17c; Leghorn breed hens. 12c; springers over 4% lbs., 18c: under 4% lbs., 17c; springers, lli lbs. and up, 12c. old cocks. 9c. Turkeys—Young hens. 8 lbi. and up. 20c; voung torus. 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; inder 5 lbs., 10c; geese, full feathered and fat. 9 to 1* lbs.. 11c; over 14 lbs., 9c: old guineas, 15c; voung guineas. 1% lb.s. and up. 25c: No. 1 strictly fresh eggs. 1 )ss 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%@38%c; No. 2. 34‘i®35Vac butterfat, 34c. Quoted by the Wadlev Cos. ißy United Press*. CHICAGO. Jan B.—Eggs—Market steßdv; receipts, 4711 cases; fresh graded firsts. 2.3' 2 c; extra firsts, 24c: current receipts, 22%c: dirties. 18%c; checks. 17c. Butter— Market, weak; receipts. 7477 tubs; extra first? 190-91 1 1 score'. ttVdVtiKe; extras <92 score!. 33%c: firsts (88-89% score!, 32* 4 ®32%c; seconds ,86-87* 3 sqore), 31%c; specials. 34%'<i34%c: standards. 33’4C. Poultry—Market steady; receipts, 20 trucks; ducks. 1823 c; geese, 14015 c; spring chickens. 20@21%c; hens, 16®2 : turkeya, 18021 c; Leghorn hens. 13® 17c: old roosters, 16c Cheese—Twins, 17%® 17%c; daisies. 18018'.c; Longhorns. 18® 18'4C. Dressed poultry—Turkeys, young toms, 171128 c; voung hens. 28c; ducks. 22<Tt 23c. geese. 190 20c. Potatoes—Supply moderate; demand light: market steady: Idaho Russet Burbanks. *1.7501.92%: U. S. No. $1.60'l l. 70; Wisconsin round whites, Sl.loffT.22 1 2; North Dakota early Ohio*. SI 32 1 2; Colorado McClures, *1.50® 1.60; Nebraska Bliss Triumphs. $1 30® *1.40. Arrivals, 36; on track, 209; shipments, 558.

New Business Books Available at Library The Allowing new business books are now available at the business branch of the Indianapolis Public Library: GOVERNMENT BY MERIT: AN ANALYSIS OF THE PROBLEM OF <OTERNMENT PERSONNEL, by Lucid- Wllmerding Jr. Methods and devices bv which the office* of government mav be filled with men of competence and character. PRACTICAL PROSPECTING. by Ralph G. Engelsman. Many life insurance salesmen are neglecting to enlarge the scene of their activities, have failed to extend their prestige among potential insurance buyers. INFLATION, bv E. c. Harwood and and D. G. Ferguson. No word appearing frequently in the headlines is more abused bv being less understood than ’•inflation.'* FASHION CAREERS FOR WOMEN. by Catharine Oglesby. It"! wisest to chose a career that hold* out at least a 50-50 chance for intemtlng work, stimulating contact*. mental growth and adequate comw*nsation. And some fun. The fashion field does. FOURTEENTH ANNUAL OF ADVERTISING ART. 1935. PCBUC SPEAKING AS LISTENERS LIKE IT. by Rfehard C. Borden.

\ . ________ ♦ ♦ Abreast of The Times on Finance ♦ ♦

CONFUSION OVER AAA RULING IS CITED BY PRICE Investment Official Places No Significance on Market Reaction. 1 imet Speciol NEW YORK. Jan. B.—Voiding of the AAA by the Supreme Court adds anew scene to one of the most complicated plays that has even been enacted by the American people, Walter W. Price, senior partner of Abbott, Proctor & Paine, declared today. The reflection of this decision by the stock market has no significance, for much confusion of mind exists as to the unfavorable or favorable effect of the ruling on prices, Mr. Price said. “However,” he continued, “it crystallizes clearly a great question •which is now to be fought out, and that is the interpretation of the constitutionality of laws and the reaction of the people toward those interpretations. . Similar to Earlier Experiences “It would be good for people who discuss these things and who desire to form an intelligent opinion, to note for themselves the similarity of the experiences through which this country passed from 1850 to 1860 when its interest was greatly absorbed in the fugitive slave laws, the Dred Scott decision and other conclusions of the Supreme Court. “The discussion of such things brought about anew party. “No thoughtful person can take much pleasure in the impasse which has now developed in connection with certain bills passed by Congress, the constitutionality of which has been determined by the Supreme Court in some cases and is yet to be determined in others. This impasse develops issues at a time when political feeling is intense and it is fraught with possibilities that have a very sobering effect.” N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Utils. Bonds. Today 91 9 86.1 104.4 94.1 Week ago 91.4 84.3 103.6 93.1 Month ago 91.4 83.7 103.4 92.8 Year ago 86.7 86.4 90.1 87.8 1935-36 high ... 91.8 86.4 103.8 93.8 1935-36 low 83.6 81.0 89.3 83.0 .Copyright, 1936, by Standard Statistics) U. S. GOVERNMENT BONDS IBy Abbott. Proctor & Paine.) Treasurys. , Prev. Close, close. 4'is 1947-52 115.19 115.8 4s 1944-54 111.8 111.9 3%S 1946-56 109.14 109.10 3%S 1940-43 108 107.31 3%s 1943-47 106.27 106.21 3%s 1941-43 108.10 108.9 3%s 1943-45 106.21 105.30 3'.s 1941 108.27 108.22 3’4s 1944-46 105.22 105.20 3%S 1949-52 104.1 104 3s 1951-55 103.2 103 3s 1946-48 103.1 103.4 2%s 1955-60 100.8 100.8 2%s 1945-47 101.6 101.9 Home Owners’ Loan Corp. 2%S 1949 99.30 99.24 3s 1952 101.8 101.7 Federal Farm Mortgage Corp. 3Via 1994 102.28 102.28 3s 1949 101.18 101.15 3s 1947-49 102.1 101.30 DOMESTIC Prev. Close, close. Alieg Corp 5s '44 90 90 A Leg Corp 5s '49 81 % 80V, Alleg Corn 5s ’SO 54‘4 52 >2 Am Foreign Power 5s 2030 .... 71 70% Am Tel and Tel s>/2S ’43 113 7 s 113% Am Tel and Tel 5s ’65 11314 113% Arm & Cos iDelt 5%s ’43 96 9614 Atl Coast Line 4s '52 98% 981 2 Atl Coast Line 4! 2 s '64 86 85 Atch Top &S Fe 4>/ 2 s ’4B 110 110*4 Am Wat Wks 5s '44 117 11514 Am Rolling Mills 5s ’3B 128 125 Balt & Ohio 6s ’95 87 86*4 Balt & Ohio 4*/2S '6O 64% 63 Buff Roch & Pitt 4' 2 s ’57 68*2 67% Chi Milw & St P 5s ’75 22 19% Chi Milw & St P 5s 2000 8% 8 Cleve Un Term 5s ’73 101% 101% Cleve Un Term 4%s ’77 96% 95% Col Gas 5s May ’52 100 99% Col Gas 5s '6l 100 99 Can Pac Perp 4s 88*4 88'4 Cent Pac 5s ’6O 90% 90 Big Four 4%s ’77 79% 80*4 Colorado &So 4%s 'BO 63*2 63 Chi & West Ind 4s ’52 10014 100 Chi & Nor West 4%s ’49 12% 12*4 Con Gas 5s ’57 10514 105 Chesa Corp 5s '47 120 118*4 N Y Dock 4s ’sl 67*4 67*a Erie 5s '75 71% 7014 Erie 5s ’67 71% 71*4 Grt Northern 7s '36 102% 98 Grt Northern 4%s ’76 97*2 97% Grt Northern 4%s ’77 98*4 97% Hud & Maahat Ref 5s ’57. . . 824 83 111 Cent 4%s ’66 66 64% 111 Cent Jt 4* 2 s 63 70% 70 3 4 111 Cent 5s ’63 75*2 74% Interlake C & I 5s 'sl 90 3 4 89* 2 Interntl Hv Elec 6s ’44 52% 50’a Interntl Tel & Tel 4%s '39 88% 88' 2 Interntl Tel & Tet 5s ’5 80*2 79 Interntl Tel & Tel 4' 2 s 52 . . . 76% 75% McKess & Rob 5%s ’SO 102% 109% Natl Dairv 5%s ’4B 104% 104 Natl Steel 5s '56 106 106% Nickel Plate 4%s ’7B 74* 2 73% Mic-kel Plate 5%s ’74 86 85* 2 N'ckel Plate 6s ’35 100* 2 100 * 4 N Y cent 5s 2013 83% 82- 4 N Y Cent 4* 2 s 2013 (old! 76% 75% Nor Pac 3s 2047 75 75 Nor Pac 4'4s 2047 95% 95 ',2 Nor Pac 6s 2047 108 108 Nor States °ow 5s ’4l .105% 105% New Orleans Term 4s '53 .... 84% 84 Penn Rv 4%s 'B4 106% 105% Penn Rv 4%s 'Bl 106% 106% Penn Rv 4%s ’7O 100 2 100% Portland ®er> El 4%s ’6O 74% <4 a Para Publix 5%s ’SO 93% 93% Pen P & L 4%s 'Bl 106% 106 J. ortal Tel & Cab 5s s?_ 36% 35 2 Ram Rand WW 5%s 47 104% 104 Sou Pac 4%s '6B a 78 4 Sou Pac 4%s 'Bl 78% <5% Sou Pac 4%s ’69 1? 8 Sou Pac 4s '49 80 % 81% Sou Rail 4s ’56 58 56’ 2 Sou Rail 6s ’SB 13% 73 Sou Rail 6%s '56 78 76 Sharon Stl Hoop 5%s '4B 103 103 Texas Pac 5s 'BO 98% 98% Texas Pac ss' 79 98*2 98*2 Texas Pac 5s ’77 99 99 United Drug 5s '53 100% 99 U S Rubber 5s ’47 104 104 NY NH & Hart 6s ’4B 34% 32% NY NH & Hart 4%s ’67 32% 31% Warner Bros 6s 39 86*2 86% Western Mary 5%s ’77 107 106% Western Mary 4s '52 96% 97 Youngstown S & T 5s '7O .104% 104% Youngstown S & T 5s ’7B ...104% 104*2 FOREIGN Argentina A6s '57 98*2 98*2 Brazil 8s ’4l - 28% 28% Denmark 5%s ’ST 102*2 101% German 5%r '65 27% 27% German 7s '49 38% 37% Italy 7s ’sl 61% 63% Rome 6%s '52 55 55% Tokio City 5%s '6l 80*2 81 Yokohama 6s '6l 86% 86 Money and Exchange INDIANAPOLIS STATEMENT Clearings *2.886.000 Debits 7,153,000 TREASURY STATEMENT IBy United Press) WASHINGTON. Jan. B.—Government expenses and receipts for the current fiscal vear to Jan. 6, as compared with a year ago: This Year. Last Year. Expenses *3.878 874.289 59 *3.653.072.572 69 Receipts . 1.955.574.975.99 1.898.527.346.25 Deficit . 1.923.299.313.60 1.754.543.226.44 Cash bal. 2 201.138.038.37 2.524.431.265.08 Other Livestock IBy United Press) FORT WAYNE. Ind.. Jan. B—Hogs Steady to 5c higher: 160-180 lbs.. *10.25; 180-200 lbs.. *10.15; 200-220 lbs.. *10; 220240 lbs.. *9.90; 240-260 lbs.. *9.75: 260-280 lbs.. *9.60 : 280-300 lbs., *9.40; 300-350 lbs., 59.15; 140-160 lb.. *9.85; 120-140 lbs.. *9.55: 100-120 lbs., *8.35; roughs. *8; stags, *6.25} calves, *l2; lambs, *10.75.

INDIANAPOLIS, WEDNESDAY, JANUARY 8, 1936

Overtime! Up Vnitr.fl Pn et WASHINGTON, Jan. 8. Thomas P. Lamont, Morgan partner, wants it known that “we work hard down at Morgan's.” He told the Senate Munitions Committee today that “we were working long hours, 8 or 10 hours a day,” during war time. Stephen Raushenbush, munitions committee counsel, ragged Mr. Lamont about his remark. “I’m shocked to hear about those long hours,” he said. “So are my associates,” Mr. Lamont said. Mr. Morgan shook with his heartiest laugh of the day. “i want to correct that. We were working 12 to 16 hours a day at that time,” he said.

SWINE VALUES REMAIN STEADY Cattle, Lambs Display Weak Undertone; Vealers Unchanged. # Although receipts reached the 8000-mark for the second time this week today at the local stockyards, porker prices settled down to a steady trading range, still influenced somewhat by the AAA Supreme Court decision. A sharp reduction in prices usually follows heavy supplies, but was not the case in today’s session due to a fairly strong demand prevailing in the various classes. Although 6000 were on hand yesterday, only 139 hogs remained unsold. This, however, indicates a strong undertone for the current market. The general bulk of 160 to 225 pounds, cashed in at $10.20 to $10.35, while medium weighty classes, from 225 to 260 pounds brought $9.90 to $lO.lO. Heavy slaughter grades, scaling 260 to 350 pounds, sold at $9.50 to $9.80. Light slaughter pigs, weighing from 140 to 160 pounds, held at $9.85 to $lO.lO. Packing sows brought $8.25 to $9. Early steer sales in the cattle market were steady to weak. The bulk remained unchanged at yesterday's prices due to lower bids. Most steers were salable from $6 to $lO, with low-grade heifers steady, and others under pressure. Bulls and beef cows remained stationary, selling at $4.50 to $6.25. Receipts were 1200. Vealers also displayed a steady trading range, salable at sl2 to sl3. Receipts numbered 700. A weak undertone was evident in lambs, especially in the native classes, which sold downward from $10.75. Quality was unattractive. Slaughter sheep held at $4.50 down. Receipts were 1000. HOGS Jan. 2. $9.80® 2.80 $9.80 6000 3. 9.75®) 9.95 10.00 5000 4. 9.75® 10.00 10.00 1500 6. 9.70® 9.85 9.85 8000 7. 10.20® 10.35 10.35 6000 8. 10.20® 10.35 10.35 8000 Light Lights (140-160) Good and choice .$ 9.85®10.25 Medium 9.35® 9.90 ' 1160-180) Good and choice.. 10.25® 10.35 Medium [email protected] (180-200) Good and choice.. 10.25® 10.35 Medium [email protected] Medium Weights (200-220) Good and choice.. 10.20®10.35 (220-250) Good and choice . [email protected] Heavyweights (250-290) Good and choice.. 9.70®10.00 (290-350) Good and choice.. 9.35® 9.70 Packing Sows (275-350) Good 8.50® 8.75 (350-425) Good 8.35® 8.65 (425-550) Good 8.25® 8.50 (275-550) Medium B.oo® 8.35 Slaughter Pigs (100-140) Good and choice.. 9.35® 9.85 Medium 8.50® 9.60 CATtLE —Receipts. 1200 — (500-900) Choice $10.00012.00 Good 8.50<8>11.50 Medium 6.75® 8.75 Common 5.25® 7.00 (900-1100) Choice 11.75® 13.00 Good [email protected] Medium 7.00® 9.00 Common 5.25® 7.00 (1100-1300) Choice 12.00®13.00 Good 9.25® 12.00 Medium . 7.25® 9.25 (1300-1500) Choice 12.25®13.25 Good [email protected] Heifers (500-750) Choice n.25®10.25 Good B.oo® 9.25 Common and medium 4.50® 8.00 (750-900) Good and choice.... [email protected] Common and medium 5.00® 8.00 Cows Choice 6.50® 7.00 Good 5.50® 6.50 Common and medium 5.50® 6.50 Low cutter and cutter 4.50® 5.50 Bulls, good 6.25® 6.75 Cutter, com. and med. bulls... 4.25® 6.25 VEALERS —Receipts. 7000— Good and choice $12.00® 13.00 Medium [email protected] Cull and common 5.00® 9.50 Calves (250-5001 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® 8.25 Common and medium 4.50® 6.75 (800-1050) Good and choice... 6.75® 8.50 Common and medium 4.50® 6.75 COWS Good 4.25® 5.00 Common and medium 3.50® 4.25 SHEEP AND LAMBS —Receipts. 1000— Lambs. 90 lbs. down, good and choice *11.00011.25 Good [email protected] Medium [email protected] Common 8.25® 9.50 Ewes 190-125) Good and choice... 4.25® 5.00 Common and medium 3.00® 4.25 Yearling wether, good to choice 9.25# 9.75 Medium 7.50® 9.25 Other Livestock (By United Press). CHICAGO, Jan. B—Hogs—Receipts. 28.000. including 10.000 directs: general market now about steady with Tuesday's average; early advance lost; extreme top. $10.35; 140-250 lbs.. $9.90010.20; few 260300 !bs.. butchers. $9.75® 10.15; most sows, $8.50® 8.75; good lightweights. $8.85. Cattle —Receipts. 10.000; calves. 2000; moderate supply choice and prime steers and yearlings steady; top $14.25 on weighty steers; best yearlings. $13.50; rank and file of crop comprised of lower grades: nothing done on such kinds; bids and undertone 25 cents and more lower; stockers and feeders weak; meaty kin is promising to sell off; all heifers easy, beef cows dull; cutter cows and bulls about steady; vealers unchanged; selects selling up to $11.50. Sheep—Receipts. 12.000: very litlte done: most bids on slaughter lambs fully 25 cents lower: sellers resisting decline; sheep steady to weak, feeding lambs scarce; better grade lambs bid. $10.75 and less now asking sll and above; scattered native ewes. $4.756 5.25. ißv Times Special) LOUISVILLE. Jan. B.—Cattle—Receipts. 300. salable supply light run mostly plainer grade steers, heifers cows and bulls; demand fairly broad: market moderately active and generally steady: bulk common to medium grade slaughter steers and heifers. $5.756 7.25; common dairybred and off colored kinds quotable down to around *5.25: verv little available vi value to sell above *7.75. but good fed offerings quotable upward of *8.50: bulk beef cows, *4.756 5.75; good kinds quotable to *6.25 or better for smooth heifer types: low cutters and cutters mostly *3.50-04.50: bulk sausage buills. *[email protected]: light beef type stockers and stock calves salable mostly, *9.7507.75. Calves—Receipts, 175. market, steady; bulk good to choice grades *lO 50611.50: medium and lower grades. *9 50 down to around *5. Hogs—Receipts. 700; market steady top and milk better. 160-225 lbs . *10.25: 230-250 lbs , *9.70: 255300 lbs., *9 45: 305 lbs. up *8.95; 120-155 lbs.. *9.15; sows, *8.20. Sheep—Receipts, 100. run mostly native sheep and lambs: market quotable about steady: bulk medium to good native lambs salable. *9.50® 10.50; only choice offerings eligible higher: plainer grade actives including bucks mainly, *6.so®fj I bulk fat ewes, *4

TAX BURDEN IS FEARED EFFECT OF AGEPENSION Townsend Plan Would Bring Huge Assessments, Says Economist. This is the last of two articles on the Townsend Flan for old-age revolving pensions. BY CLARENCE W. FACKLER Professor of Economics, New York University NEW YORK. Jan. B.— Any plan to provide security for the aged successfully must not only be simple. It must also be reasonable. No nation in the long run can buy and consume more than it produces. An annual expenditure of 20 billion dollars for old age pensions is about five times the total revenues of the Federal government in 1935 and nearly 40 per cent of the entire annual income of the United States in 1934. One doesn’t need to be a professional economist or a mathematician these days to understand that, if the country’s total income in any one year is 50 billion dollars in goods and services, and if 20 billion dollars are now required to carry on the operations of Federal, state and local governments, and if another 20 billion dollars of these goods and services are given to the aged as pensions, the taxpayers, who produce this income in the first place, will have just 10 billion dollars jft for themselves. Buying Power Transferred Such a plan, therefore, would not create any purchasing power no matter how fast the dollars were spent It would simply transfer purchasing power from those persons under 60 years of age, who would be performing useful services, to those over 60, who would not. So, 40 per cent of the 50 billion dollars would go to about 7 per cent of the population, who were aged and idle, while the remaining 93 per cent of the population, who were younger and not idle would have only 60 per cent to divide among themselves. Obviously then, as long as the plan does not create any new demand for goods, the circulation of money and credit would not increase. Instead, with the adoption of the Townsend Plan, support in the securities, real estate and commodities markets would be withdrawn at once, with the immediate result that values for these things would collapse. No one would wish to invest his capital in any venture unless he were certain that what he bought for $1 could be sold later for more than $1 plus four cents with which to pay the Townsend taxes. Financial Panic Feared In place of having perpetual prosperity, the directors of the plan would be confronted at the outset with a financial panic. Even in periods of full business activity, to force the withdrawal of profitably employed persons over 60 would mean an immediate decrease in production, and a lower level of living generally. During depressions, when millions of people are idle, the plan at best would merely substitute unemployed people for those already engaged in income-producing lines. Os course, if the Townsend Plan were adopted, wages would have to be paid to a few million spies and G-men, employed to keep the aged spending their monthly quotas of S2OO. And many able-bodied people could easily adopt parents, relatives or guardians over 60 years of age, if they had none already, withdraw from work, and live a life of diligent leisure. Everything considered, then, the wealth and income of the nation would be distributed very poorly. 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 17 18 Belt RR & Stk Yds com ... 50 53 Belt RR & Stk Yds 6% pfd... 53 Central Ind Pow 7% pfd ..15 18 Home Tel & Tel Ft. Wn 7 Vo pfd 50Vi 52 Hook Drug Inc com 14% Ind & Mich Elec 7% pfd 99 102 Indpls Chain Sto Term pfd.. 52% 60 Indpls Gas Cos com 36 40 Indpls Pow & Lt 6 pfd 82 85 Indpls Pow & Lt 6‘ 2 7i pfd . 87'% 90'% Indpls Water 5% pfd 102 Lincoln Nat Life Ins. Cos 34 37 ♦North Ind Pub Svc 5%% Pfd 67'% 71 •North Ind Pub Svc 6% pfd. 77 81 Progress Laundry com 7% 10 Pub Svc of Ind 6% pfd ..11 14 Pub Service of Ind 7% pfd.. 36 39 So Ind Gas & Elec 6% pfd.. 92'/a 96% Terre Haute Elec 6% pfa 82 85 Union Title com 20 23 BONDS Atlanta Dlstr Term 6% '4l ... 62% 70 Buffalo Distr Term 6% ’4l ... 70 75 Brooklyn Postal Sta 5%7 '4B . 37% 42 Home Tel&Tel FtW 5%% ’35.. 103 105 Home Tel&Tel FtW 6% ’43 103 106 Indpls Railways Inc 5% ’67 .. 50% 53 Indpls Water 4%% - 40 105 107 Indpls Water 5% ’SO & ’6O .. 105 107 Indpls Water 5’%% ’53&'54.103% 105 Interstate T & T 5%% '53 ... 93 96 Kokomo Water Works ’SB ...104 105% Lafayette Telephone 5% '57 102 Morris 5 & 10 Stores 5% 'SO. 99 102 Muncie Water Works 5% '65 .102% Noblesvllle HL&P 6% '47 .. .. 97 100 Ohio Tei Service 6% ’47 95 Richmond Water Works 5CV57 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 7J •Ex. div. On Commission Row Quotations bt.ow subject to change are average wholesale prices being offered to buyers by local commission dealers: Fruit—Cranberries. C. C. Hames. Eatmores. 25-lb. box. *4.50. Pears —Washington D'Ynjo. *3.25. Calif, avacados. *3.75. Bananas—Seven hands, a pound, 5V 4 c. Persimons—California, lug. $1.25. Apples— Jonathans. *1.60. Delicious. *1.75; Wealthvs. $1.25; Grimes Golden. *1.25. Lemons -Sonkist. 3605. *7. Grapefruit—Texas, Vis to 70c. $3.50. Arizona Sunkist. *2.50. hmes—Mexican, a carton 12s, 22c. Grapes —Emperor, lug, *2; fancy Emperor. 34-lb. sawdust chest. $4. Vegetables—Beans, green, round stringless bu.. *2.50. Beets—Texas. 3-doz. crate, $1.75. Cabbage—New York Danish, 50-lb. bag. 75c Cauliflower —California, crate. *1.90. Celery—Michigan, washed and trimmed. 16 stock bunch. 55c; jumbo, doz., 85c. Cucumbers —Southern, bu., *6 doz.. *1.15. Kale —Virginia, bu., 90c. Lettuce —lceberg. California, good. *3: homegrown leaf. 15-lb. basket. *1.60; Endive — California. basket. 85c. Mangoes— Florida, crate. $5.50; small basket, *1.40. Mint—Bunch. 20c. Mustard—Home grown. bu„ 60c. Onions —lndiana yellow. 50-lb. bag. *1.15; Indiana yellow, 10-lb. bag. 25e. Parsley— Soi”hern. doz.. 50c. • Peas—Telephone, han iers. *3.25; Texas hampers. *2.50. Potatoes—Round Cobblers. 100-lb. bag. *1 60: Michigan Round White. 100-lb. Early Ohios. bu.. *1.80: Idaho Russets, *2 35. Sweet potatoes—lndiana Jerseys, bu.. *1.65. Radishes—Ohio, button, doz.. baskets. 45@60c Sage—Doz.. 45c. Spinach —New Texas, bu.. *1.15. Squash—Bu., *2.50. Tomatoes—Florida, 10-Ib. basket. 11.35. y

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New York Stock Exchange Prices

(By Thomson & McKinnon) 11:15 A. M. Prev. Oils— High. Low. N. Y. Close. Amerada 79 78% 79 75 Atl Rfg 28% 28*2 28% 28% Barnsdall 14% 14% 14% 14% Consol Oil 12% 12*/a 12% 12% Cont of Del 34% 34% 34% 34% Houston (new).. 6% 6% 6% 6V2 Mid Cont Pet... 20 20 20 20% Ohio Oil 14% 14% 14% 14% Phillips Pet -39% 39% 39% 39% Pymouth Oil ... 12% 12V2 12% 13*/ 2 Purs Oil 17% 17% 17% 17% Seaboard Oil ... 34% 34% 34% 34 Shell Un 16% 16 16% 15% Soc Vac 15% 15 15% 15 SO of Cal 40% 40'/a 40% 40% SO of Ind 35% 34% 35% 34% S O of N J 52 % 52% 52 % 52'/a Texas Corp .j.. 30 29% 30 29% Tidewater Assn 15% 15% 15% 15% Un Oil of Cal... 23% 23% 23% 23% Steels— Am Roll Mills .. 32% 32% 32 V. 32% Beth Steel 54 53Va 53% 53% Byers A M 22’/* 22% 22% 21 Va Cruc Steel 38% 37% 37% 37% Inland Steel ...104% 104% 104% 104 Ludlum Steel ... 26 25% 25% 25% McKeesport Tin. 118 118 118 117% Natl Steel 73% 73% 73%V 72% Otis Steel 17 16% 16% „ 16% Rep Iron & Steel 19% 19% 19% 19% Rep Ir & St pf 87 87 87 87 % U S Pipe & Fdy 23% 23% 23% 23% 0 S steel 50 49% 49% 49% U S Steel pfd...117% 117% 117% 116% Warren Bros ... 5% 5% 5% 5% Youngstn S& T 46% 45% 45% 45% Motors — Auburn 44 431a 43% 43 Chrysler 89 % 89 89 88% Gen Motors .... 55% 55% 55% 55% Hudson 16% 16% 16% 16 Hupp 2 1% 1% 1% Mack Truck .... 30% 30% 30% 30 Nash 18% 18 18 18% Packard 7% 7% 7% 7% Reo 5 5 5 5 Studebaker 9% 9% 9% 9% Yellow Truck .. 10% 10% 10% 10% Motor Access— Bendix 23 22% 22’/* 22% Bohn Alum 54*4 54% 54% 54% Borg Warner ... 68% 68% 68% 68% Briggs 53% 53 53 52% Budd Mfg 10% 10% 10% 10 Budd Wheel .... 12% 12% 12% 12% Eaton Mfg 29% 29% 29% 29% Elec Auto Lite.. 39 38% 38% 38% Houdaille 29% 29% 29% 29% Murray Body .. 19*4 19 19% 18% Stew Warner ... 18 18 18 18 Timken Roll ■ 67% 67% 67% 67 Timken Det Axle 14% 14 14*4 13% Mining— Alaska Jun 15% 15% 15% 15% Am Metals 28% 27% 28% 28 Am Smelt 59 58% 58% 58% Anaconda 29% 29 29 28% Cal & Hecla ... 6*4 6% 6*4 6% Cerrc De Pasco. 54% 54 54% * 53 Dome Mines ... 43 42% 43 42% Granby 9% 9% 9% 9% Gt Nor Ore .... 16% 16% 16% 16% Howe Sound ... 52% 52% 52’/8 52% Ins Copper 6% 6% 6% 6% Int Nickel 45% 45*4 45% 44% Isl Creek Coal.. 28% 28% 28% 28 Kennecott Cop .. 29’a 28% 28"4 28% Mclntyre Mine.. 41% 41% 41% 41 Park Utah 4% 4% 4% 4% Phelps Dodge .. 26% 26% 26% 25% St Joe Lead .... 24% 23% 24% 23% U S Smelters 93% 92% 93% 91% Vanadium 22% 22*4 22*/* 21% Amusements— Loews Inc 52% 52% 52% 52*/* Radio Corp 13% 12% 13V* 13 RKO 5% 5% 5% 5% Warner Bros ... 10% 10 10 10'/* Tobaccos— Am Sum Tob ... 24 s * 24* 2 24% 24% Am Tob “A” .. 99 Vi 99 99% 98% Am Tob “B” .102*2 102 102*4 101% Gen Cigars ... 56*2 56 56*2 56* 2 Ligg & Myers B 111*2 111*4 111*4 110’a Lorillarc 26*4 25’* 25% 25% Phillip Morris 70% 70 70*2 69% Reynolds Tob B 58% 58 58% 58 Rails— Atchison . 67% 67 67% 66% Atl Coast Lines. 32 31% 32 31% B & O 18% 18 18% 17’* Can Pacific 11% 11% 11% 11 ’ 2 Ch & Ohio .... 53% 53% 53*2 53% Chi & Gt W... I’* 1% l’a I’4 Chi & Gt W pfd 5% ss*5 s * 5% 5*2 C M & S P . 2*2 2% 2*a 2% C M & St P pfd 4% 4 4 4% Chi N W 3% 3% 3% 3% Chi N W pfd... 8% 8% 8% B*2 Dela & Hud 39% 39% 39% 38% Del Lac & W ... 17 s * 17% 17% 17% Erie . 13% 13 13 13% Grt North pfd.. 34’* 34% 34 s * 111 Central 21% 21% 21% 21 Lehigh Valley .. 9*4 9% 9% 9% Lou & Nash ... 63% 63% 63% 63'% M K & T 6% 6% 6% 6% Mo Pac 2% 2% 2% 2% Mo Pac pfd .. 4% 4% 4% 4% N Y Cent .... 30% 30 30 29% N Y Ont & West 4*4 4% 4% 4% Norfolk & West 217*2 217% 217*4 212% Nor Pacific ... 26% 38% 26% 26% Penn R R .... 33% 33% 33% 33% Sou Pac 26% 26% 26% 25% Sou R R 16 15% 15% 16 Union Pac ....114% 114 114% 112% Equipments— Am Brake Shoe 47% 47% 4. , 47% Am Car & Fdy 35% 35% 35% 34% Am Loco 27 27 27 26% Am Steel Fdv .. 26 25% 25% 25% Bald Loco 4% 4% 4% 4% Gen Am Tk Car. 52* 4 52 52 51*4 Gen Elec 39% 39*'* 39% 39%

INCORPORATED INVESTORS —An Tr ivestment in Common Stocks— Founded 1925 in Boston, Mass. Prospectus, latest quarterly report and other information available at our office $ Indianapolis Bond and Share Corporation 129 E. Market SL Indianapolis Riley 4551

A Jackson Day Dinner

Pullman Inc 39% 38’/* 39 % 38% West Air Br .. 36% 36 36% 36 Westingh Elec . 101% 101 101 99% Utilities— Am & For Pwr . 8% BVi 8% 8% Am Pwr & Lit.. 10'/* 10 10% 9% AT&T 159*2 159 159 159 Am Wat Wks ... 24 23% 23% 23% Col Gas & Elec 15’/* 15% 15% 15% Comm Sou 3% 3% 3% 3% Consol Gas 34 33% 33% 33’% Elec Pwr Lit. 8 7% 8 7% int Hyaro Elec. 5% 5% a',4 5 Int TANARUS& T 14% 14% 14% 14*2 Lou G & E A.. 21% 21% 21% 21% Nat Pwr & Lit.. 12% 12*2 12% 12% North Amer 29% 29% 29% 29% Pac G & E 32% 32% 22->' 4 32% Peoples Gas 47% 47% 47% 46% Pub Serv N J ... 47% 47% 47% 46 So Cal Edison .. 26’/* 20% 26% 26% Std Gas 8% 8% 8% BV. Stone & Webster 17V* 17 17V* 16% United Corp ... BVi 8% 8% 8% Un Gas Imp ... 19 18% 18% 18% Ut Pwr & Lt A. 4 4 4 4 Western Union. 76% 75% 76% 75 Rubbers— Firestone 25% 25% 25% 25% Goodrich 14% 14% 14% 34% Goodyear 24 23% 24 23 V. U S Rubber 17% 17% 17% IT, U S Rubber pfd. 52% 52% 52% 51% Miscellaneous— Allis Chalmers . 39*/* 38% 39% 37% Am Can 133% 132% 133*2 132*,i Am Mach & Fd/ 29% 29 % 29% 28% Anchor Cap . . 171* 17% 17% 17 Burroughs Add- 26% 26% 26% 26Vi J I Case 94% 94% 94% 93% Caterpillar Tract 56 56 56 55% Crown Cork 44% 44% 44% 43% Curtis Pub 22 22 22 22 Deere & Cos . . 54% 54 54 54% Eastman Kodak..l6l 161 161 160% Foster Wheeler. 29% 29% 29% 28 7 a Gillette 17% 17% 17% 17% Glidden 49% 49% 49% 49% Inter Harv 58 57% 58 58 Natl Cash Reg.. 22% 22% 22% 22*. Owens Bottle ..140 140 140 139% Rem Rand 22 21’/* 21% 21% Underwood E... 92 92 92 91 Foods— Aimour 6 5% 6 s’,a Armour 6/$ pfd 68% 68Vi 68% 67’,a Beatrice Cream’y 20 20 20 19% Borden Prod 27% 27% 27% 26’,a Cal Packing... 36 36 36 35% Can Dry G Ale 16 15’/* 16 16 Coca Cola 88 88 88 87% Cont Bak (A).. 14% 14% 14% 13% C'rm of Wheat . 37% 37% 37% 37% Cuban Am Sugar 7 6% 7 6% Gen Baking... 14% 14% 14% 14 Gen Foods 35% 35% 35% 3b % Gold Dust 20% 20% 20% 20% G W Sugar.... 32% 32% 32% 32 Hershey 79% 79% 79% 79% Natl Biscuit 36% 36% 36% 36% Natl D Prod 22% 22% 22% 22% Purity Bak 17 17 17 16% S Porto Rico Sug 27% 27*4 27*4 27% Std Brands 16% 16% 16% 16% Un Biscuit 27% 27% 27% 27% United Fruit.... 69% 69 69*4 67% Wrigley 77% 77% 77% 78 Retail Stores— Assd Dry Goods 14% 14% 14% 14*4 Best & Cos 49 49 49 48% Gimbel Bros .... 7% 7% 7V* 6’* Gr Un Tea. .... 4% 4% 4% 4*,s Hahn Dept Sts.. 7 6% 7 7 Kresge S S 24% 24% Kroger Groc ... 27% 27% 27% 27% McLellan St ... 12% 12% 12% 12% Marshall Field. 12% 12% 12% 12% May Dept St ... 51% 51 51 51% Mont Ward ..37% 37% 37', 37% Natl Tea 10% 10% 10% 10% Penney J C 77 77 77 77 Safeway St 35% 3514 35% 34% Sears Roebuck.. 62% 62 62 63 Woolworth 54 53% 54 53% Aviation— Boeing Aircft . 25% 24% 24% 24 Curtiss Wright 4% 4% 4'2 4*2 Curtiss Wright A 11% 11% 11% 11% Douglas Air ... 57% 56% 56% 56% Nor Am Av 7% 7% 7V* 7 Sperry Corp . • 18 17% 18 17% United Airc'ft N 29% 29 29 29V4 Chemicals— Allied. Chem ... 167% 167% 167% 163 Am Com Alcohol 29*2 29% 29% 29 Col Carbon 100 99% 100 98 Com Solvents.. 21% 20% 20% 21% Du Pont 139% 139 s * 139% 139 Freeport Tex ... 29% 29% 29% 29% Liquid Carb 40% 40% 40% 40% Math Alkali ... 30% 30 s * 30% 30*2 Monsanto Chem 91% 91% 91% 91 Natl Dis (new).. 30*2 30% 30% 30 Schenlev Dist . 48% 48'* 48% 47% Tex Gulf Sulph. 34% 34% 34*4 34 Union Carbide . 73*4 73% 73% 72% U S Indus Alco. 43 43 43 42 5 , Drugs— Coty Inc 6% 6% 6% 6% Lambert 23*4 23% 23% 23% Lehn & Fink ... 12% 12 s , 12% 12’ 2 Un Drug (new).. 13% 13% 13% 13% Financial— Adams Exp .... 11% 11% 11% 11% Allegheny Corp.. 3% 3% 3% 3% Chesa Corp .... 63 63 63 62% Lehman Corp .. 96% 96% 96% 95% Transamerica ... 13% 13% 13% 13% Tr Conti Corp .8 8 8 7% Building— Am Radiator ... 27 26% 26% 26% Gen Asphalt ... 24% 24% 24% 24% Holland Furnace 32% 32 32 31% Int Cement ... 40% 40% 40* 2 40 Johns Manville 98*4 98% 98 % 98% Libby Owens Gls 49% 48% 49*. 48% Otis Eltv 27% 27% 27% 27 U S Gypsum ... 88% 88% 88% 87 s , Ulen Cons 6 5% 6 5%

Steel Industry Employment Gains Steel industry employment in November established anew hiqh level for 1935, v-ith 538.370 employes at work , the American Iron and Steel Institute reported today. The total was 15 per cent higher than in the corresponding 1935 month.

PAGE 15

Household— Col Pal Peet .. 19’,* 19% 19% 19% Congoleum 16*2 16% 16% 16% Kelvinator 16*2 16% 16% 16% Mohawk Carpet 21*2 21% 21% 21% Proc & Gamble 48% 48% 48*2 48’* Simmons Bed .. 22 s * 22% 22*2 22% Textiles— Amer Woolen... 10% 10% 10% 10% Belding Hem ... 14% 14V* 14% 14 Celanese Corp .. 31% 31 % 31% 31 Collins Aikman 47% 47% 47% 46% Gotham Hose .. 9% 9% 9% 9% Indus Rayon ... 31% 31*4 31% 31 Kayser Julius ..29 28% 29 28V4 Real Silk 10% 10% 10% 10 Chicago Stocks (By Abbott. Proctor & Paine) 11:00 Prev. A. M. Close. Berghoff 8 8 Butler Bros 7% 7% Chicago Corp 4% 4% Cont Steel 41 40’* Chicago Corp pfd 44*2 45 Cities Service 3% 3% Commonwealth Edison 104 101 Cord 7% 6% Crane Corp 27% 27 Electric Household 18 18% Gen Household Util 3% 3*2 Grt Lakes Dredge 30 29’* Lynch Glass 36 35% Noblitt Sparks 32 32 % Pub Service N 111 58 56*2 Quaker Oats 136 136 Swift 24' 4 24% Swift Inti 33% 33% Zenith 13*/* 12% New York Curb (By Abbott, Proctor Paine) Noon. Prev. N. Y. close. Alumn Cos of Am 90 89 Am Cyanide “B” 3i% 30% Am Superpower 3% 3* a Atlas Corp 13% 13* a Axton Fisher Tob 54 53% Carrier Coro n s 4 n% El Bond & Share 18% l&i^ Fisk Rubber 7% 7*, Ford of Can “A” 26 25% Ford of Europe 8% 8% Hiram Walker 32% 32% Imperial Oil Ltd 20*$ 20% Lake Shore Min 51% 51 % Penn Road 3% 3% Unlisted Stocks (By Blyth & Cos.) Bid. Ask. Bankers Trust 70% 72% Central Hanover B & T ....11914 121*. Chase 46% 48% Chemical National 57V4 59 Guaranty 320 324% Irving 19% 20% Manufacturers 49% 51 % Cont 111 iChicago) 131 134*4 First National of Boston ... 49 50% Natl Shawmut 30% 32% FIRE INSURANCE Aetna Fire . 65 67‘i City of New York 30 32 Federal Ins 102 109 * 4 Franklin Fire 37 39 •Great American Ins 31 32% Hanover Fire Ins 40 41 % Hartford Fire Ins 89% 92 Home Ins 41% 43 V 4 Ins Cos of N A 77*4 79*. National Fire 79 81 North River Ins 20 30% Phoenix Insurance 106 109* t U S Fire 57 59 Westchester Fire 33*2 41 •Ex. div. DIVIDEND APPROVED Times Special SAN FRANCISCO, Jan. B.—Directors of the Transamerica Corp. today declared an extra dividend of 10 cents a share in addition to the regular semi-annual payment of 15 cents a share. Both are payable Jan. 31, of record Jan. 15.

We Own and Offer Indiana Non-Taxable Bonds YIELD $15,000 Dunkirk School 4% 2.50%-3.5090 40,000 Indiana University ...3'/ 2 % 3.10%-3.20% (Administration Bldg.) 10,000 Indiana University .. .3’/ 2 % 3.20% (Dormitory Bonds) 85,000 Knox County Hospital 4% 2.75%-3.50% 4,000 Madison County Sch.. 4 ! 3.70% (Fali Creek Township) 84,000 Marion County Sch..3*/ 2 % 1.50%-3.209c (Wayne Township) 16,500 Newton County Sch.. 4 , 2.50%-3.50% (Jackson Township) 35,000 St. Joseph Cty. Sch..3'/ 2 % 2.00%-3.20% (Olive Township) 47,000 Warsaw School 4% 2.50%-3.40% Cos mplete Information Upon Request City Securities Corporation 420 Circle Tower Lincoln 5535

SECTION ‘7W IS EXPECTED TO AID LIENISSUES Action Under Bankruptcy Act Seen Favorable to Bond Market. Timrt Special NEW YORK. Jan. B—Taking a constructive cue from the consensus of industrial and business forecasts for 1936, speculative factions in the bond market are losing no time in ferreting out “promising” sit’.ations with a firm determination to take all that the new year Jias to offer in the way of recuperation for currently incapacitated issues. The burden of thought and attention is being given to corporations which found it expedient during 1935 to institute reorganization proceedings under Section 778 of the amended Federal Bankruptcy Act. The prospects of many such corporations are regarded as particularly bright in view of a situation that offers remedy for possibly topheavy capital setups at the same time that business improvement is expected to come along to bolster operations and earnings. The net result of the combination may be an unusually sound fooling 'or various enterprises that appeared to be anything but sound a year or so ago. Pipe Liens Singled Out Followers of the speculative bond market look to the issues of corporations in that group for a performance that may assume spectacular proportions before the end of the new year. While the so-called receivership rail bonds are a target for this form of speculative interest because of steady improvement in the business of the carriers generally, activity in that section of the market was promptly eclipsed with the inauguration of 1936 trading and the leading role was taken over oy the debenture 6s of the Universal Pipe and Radiator Cos. In the first session of the new year this issue jumped to almost 5 points above the high price of 1935. There was a considerable undercurrent of gossip about this issue of debentures around bond houses during the closing days of the old year, largely to the effect that some surprising results may be expected of the reorganization process now under way. High Asset Value Hinted The company initiated reorganization proceedings in the Federal Court in New York last August, and the court in October continued the company in permanent possession of its assets. Hearing on motion for a similar order with respect to the company's principal subsidiary, the Central Foundry Cos., has been postponed to Jan. 15. According to opinion on which the sudden sharp upward movement for the Universal Pipe debenture la based, the liens are expected \o show up strong in asset value when the processes of reorganization am completed. The company got into financial difficulties during two years of adverse earnings, being compelled to default interest payments on the debentures. The biggest burdens included in current liabilities at the close of 1934 were $740,000 of bank debt and $187,000 of unpaid interest. For the first half of last year the the company reported a deficit of $118,442. The debentures dropped to 16 in last year’s market on the New York Stock Exchange, but by the end of the year had recovered to 29*4 They inaugurated 1936 by jumping to 36. Chicago Grain Futures (By James E. Bennett & Cos.) 11:00 Prer. Wheat— High. Low. A. M. Clos*. May 1.03% 1.02% 1.02% 1.02% July 90% .89% .89% .90% Sept 88% .88 .88 88* , Corn— May 62*4 .61% .61% .61% July 62% 62% 62% .62% Oats— May 29', .28% .28% 28% July 23% .28-, .28% .28% RyeMay 55', 4 54% .54% .54% LOCAL CASH MARKET City grain elevators are paying 97 cent* for No 2 soft wheat. Other grade* on their merits. Cash corn new No. 4 vellow 47 cents and oats 19 cents.

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