Indianapolis Times, Volume 47, Number 262, Indianapolis, Marion County, 10 January 1936 — Page 26

Trends Budget One Thing; Money Spent Is Another. BY JOHN T. FLYNN

NEW YORK, Jan. 10 —ln the welter of praise and criticism of the new budget for 1936-37, it is forgotten, for the moment at least, that we are in the midst of administering another budget—the one which the President outlined last year at this time. A budget is one thing and the

money actually spent is quite another. This is particularly true when the spender has a cushion of $4, 0 0 0,00 0,000 which he can shift about to plug holes here and there in departmental estimates. We can form some estimate then of how the budget may work by looking at how the

M I .ri

Flynn

present one is working out. Let us look the question of receipts. The budget can merely estimate what they may be. The President last year estimated that they would be $3,991,904,000. He estimated that general expenditures —as distinguished from emergency outlays—would be $4,398,402,000. m u tt AS a matter of fact we have now operated six months under that budget—July to December. On the basis of a half year, the President’s estimate would be $1,995,900,000 for the half year. The actual receipts have not been very far from that—just about $100,000,000 less. This whole loss is accounted for by the loss of the processing taxes which have been held up by the AAA suits. Expenditures have been close to the estimates in the general table, not more than $100,000,000 out, which is not much when we are dealing with such huge totals. In the matter of relief, however, it is impossible to make comparisons. The bookkeeping here is so confused that it is almost impossible to follow. The President got $4,000,000,000 for all sorts of recovery expenditures. While no allocations were made by Congress, the President outlined what he thought should be done with the money. He estimated for the relief of unemployment $3,900,000,000. The expenditures for six months on that basis would be $1,950,000,000. Asa matter of fact he has spent to date much less than that—sl,loß,ooo,ooo. tt u tt THE balance remains in his control to be spent, so that he has from that original $3,900,000 ; 000 to spend in the next six months about $2,800,000,000. It is this which is causing his bitter Republican critics to charge that he proposes to cut loose with this money if the campaign requires it to bolster prosperity. A good example of the discrepancy between a budget and a statement of actual receipts and expenditures will be seen in the public works account. The President asked Congress for about $144,000,000 for public works for the entire year. But in the half year alone he has spent $640,000,000. This would include funds allocated last year and perhaps a large amount of money shifted from the relief account to the public works account for the WPA. But is not WPA money being spent for the relief of unemployment? However, it does not appear in that column. There is an enormous sum—--56,615,000,000 (exclusive of what he asks for now) —of the various emergency funds voted the President still unspent. Congress, of course, may cancel its permit to spend that money. That question will probably arise to plague the President. (Copyright, 1936, NEA Service, Inc.) DIVIDEND IS DECLARED NEW YORK. Jan. 10.—Directors of the First Boston Corp., have declared a dividend of $1.50 a share, payable Jan. 21 to stockholders of record Jan. 10, it was announced today. 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, Eatmores, 25-lb. box, $4.50. Pears—Washington D'AnJo. $3.25. Calif, avacados, $3.75. Bananas—Seven hands, a pound. 5%c. Persimons—California, lug. $1.25. Apples— Jonathans. $1.60. Delicious. $1.75; wealthys, $1.25: Grimes Golden, $1.25. Lemons —Sunkist, 3605, $7. Grapefruit—Texas, 61s to 70s, $3.50. Arizona Sunkist. $2.50. Limes—Mtxican. 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. $l9O 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: homeitrown leaf. :?-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, 25c. ParsleySouthern, doz.. 50c. Peas—Telephone, hampers. $3.25; Texas hampers. $2.50. Po-tatoes-Round Cobblers. 100-lb. bag $1 60Michigan Round White. 100-ib. bag. $1 60' Early Ohios. bu.. $1.80; Idaho Russets. $2.35. Sweet potatoes—lndiana Jerseys, bu.. $1.65. Radishes—Ohio, button, doz., baskets. 45060 c. Sage—Doz., 45c. Spinach —New Texas, bu.. $1.15. Squash—Bu., *2 50. Tomatoes—Florida. 10-lb. basket. Produce Markets The prices quoted are paid for stock gathered in the country, while delivered m Indianapolis the price is a cent higher. Heavy breed hens. 18c; leghorn breed hens. 14c; leghorn springers. 12c; old stags 14c; old cocks. 9c. Ducks, white. 5 lbs and over, 11c; under 5 lbs . gc c e full feathered and fat 9 to 14- pounds. 10c over 14 lbs . 9c. All guineas 1% lbs. and up. 20c. Turkeys—Young hens, f lbs. and up. 20c: young toms. 14 to 10 lbs 17c under 14 lbs and over 18 lbs.. 16c; old hens. 17c; old toms. 14c. No. strictly fresh eggs, loss off. 20c; pullet eggs. 12c. Each full case must weight 55 lbs. gross, a deduction of 10 cents a pound under 55 lbs. will be made No. 1 butter. 37*-@ 38‘2C; No. 2, 34%W33%. Butterfat, 34c. Quoted by the Wadley Cos. (By United Press! CHICAGO. Jan. 10. Eggs Market, steady; receipts. 5548 cases; fresh graded firsts. 33%c: extra firsts, 24c: current receipts. 22*; 22 1 jc: dirties. 18%c; checks 17c. Butter- Market, steady; receipts. 6399 tubs; extra firsts (90-91 % scorei 32% (r;33c: extras (92 scorei 33%c; firsts <BB- - scorei, 31'2*132c; seconds (86-87 1 3 score). 31c; specials. 34®34%c; standards 32c Poultry—Market, steadv: receipts 17 trucks. 1 car due: ducks. 18*i2Sc: geese 14*(15c: spring chickens. 20t?21%c: hens’ 16*( 21c: turkeys. 2041 22 c; Leghorn hens' 17c; old roosters, 16c Cheese—Twins. 17*2 @17 s *c; Daisies, 16<!il8'*c; Longhorns, 18 18 %c. Dressed poultry—Turkevs. voung toms. 374?28c; young hens. 28c; ducks 23 *? 23c; geese, 19fr?20c. Potatoes—Supply light; demand light; market, firm. Idaho Russet Burbanks. $1909195; U. S No 2. $1 82%. Wisconsin Round Whites, 81.154? 1.20: Michigan Russet Rurals. 8120North Dakota Early Ohios $1 304? 135 Minnesota Early Ohios. $12001.25 Colorado McClures. 81.504? 1.55 Nebraska Biles Triumphs. $1 35 Arrivals 45, on track 151, shipments, 837.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 26

REGULATION OF NATURAL GAS INDUSTRYURGED Federal Trade Commission to Submit Report to Senate. Hu United Preen WASHINGTON, Jan. 10—Recommendations by the Federal Trade Commission for regulation of the natural gas industry were to be submitted to the Senate today. The commission has sent a 575-page report on the economic phases of the industry to Congress. The commission suggested that the “octopus” holding company and the “man in the street” who holds a single share of stock in a public utility company should be paid at the same rate. It was found that 35 holding company groups engaged in interstate commerce in 1934 controlled 27 per cent of the country’s natural gas production. Panhandle Line Cited Elimination of threatened competition by the closing of markets to competitors was cited as an evil. In this respect, the commission particularly mentioned the Panhandle Eastern Pipe Line, which passes within 70 miles of St. Louis and has no branch line into the large market of that city which is supplied by a Standard Oil subsidiary. It was noted that the financial growth of the industry during the last 10 years almost equalled that of the preceding century. More than $600,000,000, or 45 per cent of the total assets of $1,367,539,151 of the 96 operating companies examined, was made up of investments of the last decade, according to the report. Writing up of capital assets occupied a prominent place in the analysis. It was said that capital assets of all the companies examined were written up in value over cost by $287,103,000. Price Manipulation Charged Os this amount, $100,917,000 was included in the 13 holding companies studied and $186,186,000 in the operating concerns. These amounts represent 12.2 per cent of the capital assets of the holding companies and 13.6 per cent of those of the operating companies. The report said securities of operating companies were not generally sold to the investing public. In the exceptional cases when the people were allowed to invest, it was stated that considerable manipulation of the market price of the securities occurred. The chief companies charged with manipulation were Mississippi River Fuel Corp., Arkansas Natural Gas Corp., Southern Natural Gas Corp., American Natural Gas Corp., Oklahoma Natural Gas Corp., and Mis-souri-Kansas Pipe Line Cos.

UNITED SECURITIES OPENS OFFICE HERE Branch Quarters Acquired in Guaranty Building. The United Securities Cos. of Missouri has opened a branch office at 703 Guaranty Building, Milton E. Landish, supervisor of sales, announced today. The company issues and sells prepaid ana installment savings certificates, specializing in retirement funds, educational plans and business reserves. The certificates have several exclusive features, including a trust-fund indenture under which a deposit is maintained under a collateral trust agreement with the Commerce Trust Cos. of Kansas City. , With operations of the company being expanded into four new states for the fiscal year 1935-36, officials anticipate a large business in Indiana. There are already approximately 56 certificate holders in different towns and cities in the state. “Our business in 1935 exceeded that of 1934 by approximately 110 per cent,” Mr. Landish stated. 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. O. Adams Mfg ... ~17 18 Belt RR & Stk Yds com 51 53 Bel. RR & Stk Yds 6% pfd... 53 Central Ind Pow 7% pfd . 15 18 Home Tel & Tel Ft. Wn 7% pfd 50% 52 Hook Drug Inqi com 15 17 Ind & Mich Elbe 7% pfd 100 103 Indpls Chain Sto Term pfd.. 52'/* 60 Indpls Gas Cos com 36 40 Indpls Pow & Lt 6 pfd 84 87 Indpls Pow & Lt 6%% pfd ... 89 93 Indpls Water 5% ptd 102 Lincoln Nat Life Ins. Cos 34 37 •North Ind Pub Svc 5%% pfd 69 73 •North Ind Pub Svc 6% pfd . 77 8i Progress Laundry com 8 10 Pub Svc of Ind 6% pfd ..11 14 Pub Service of Ind 7% Dfd.. 36 39 So Ind Gas & Elec 6% pfd.... 94 97 Terre Haute Elec 6% pfd ... 83 86 Union Title com 20 23 BONDS Atlanta Dlstr Term 6% *4l ... 62% 70 Buffalo Distr Term 6% '4l ... 7* 75 Brooklyn Postal Sta sVaTi '4B . 37% 42 Home Tel&Tel FtW 5%% ’35..103 105 Home Tel&Tel FtW 6% ’43 103 106 Indpls Railway Inc 5% ’67 .. 50% 53 Indpls Water *' 3 r r ’4O ...104 106 Indpls Water SD. ’SO * ’6O .105 107 Indpls Water 5%% ’53 % ’54 104 106 Interstate TANARUS& T 5%% ’53 ... 94% 97 Kokomo Water Works ’SB ...104 105% Lafayette Telephone 5% ’57 .102 Morris 5 & 10 Stores 5% ’SO 99 102 Muncle Water Works 5% ’65 .102% Noblesvllle 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 .... 70 74 •Ex. div. Unlisted Stocks ißv Blvth & Cos.) (By Blyth & Cos.. Inc.) Bid. Ask. Bankers Trust 69% 71% Central Hanover B & T 119*2 121*2 Chase 47** 48% Chemical National 59% 61 Guaranty 321 324% Irving 19*2 21 Manufacturers 53% 55 Cont 111 iChicago) . 127*2 130* First National of Boston 49% 51% Natl Shawmut 30 s * 32 FIRE INSURANCE Aetna Fire 64 66*4 City of New York 31 33 Federal Ins 103 108% Franklin Fire 36 38 •Great American Ins 30’* 32>a Hanover Fire Ins 40 s * 42% Hartford Fire Ins 88*2 90% Home Ins 41% 43% Ins Cos of N A 79*2 81 s * National Fire 78 80% North River Ins 29 31 Phoenix Insurance 106 109*.* U S Fire 57% 59 s * Westchester Fire 19% 41% •KX Div.

INDIANAPOLIS, FRIDAY, JANUARY 10, 1936

HITS TAX-RICH POLICY

i

William A. Irvin, president of United States Steel Corp., today saw an attack on the “welfare of the whole people” in legislation designed to break up and prevent accumulation of large fortunes. The move prevents “capital reinvestment,” he charged, in turn preventing the benefits which might accrue to labor, management and stockholder.

BANKERS TRUST HAS GOOD YEAR H. C. Binkley Reports Large Volume of Business. Improvement of earnings for 1935, increased deposits, and a greater volume of business transacted with its trust, insurance, rental, real estate and travel departments, were reported by Howard C, Binkley, president, to shareholders of the Bankers Trust Cos. in the annual meeting held yesterday. “More new accounts, both commercial and savings, are being opened than in several years,” Mr. Binkley said. “A striking comparison with one year ago is an increase of more than 50 per cent in the number of Christmas savings accounts, probably denoting greater interest in thrift.” All directors and officers of the company were re-elected. They are Joseph E. Reagan, Victor C. Kendall, Henry C. Thornton Jr., C. A. Hilgenberg, Clarence A. Cook, T. S. McMurray Jr., Martin McDermott and Howard C. Binkley. Officers of the company include: Mr. Binkley, president; Messrs. Reagan, McMurray and Eugene W. Short, vice presidents; Malcolm. Lucas, vice president and trust officer; William H. Polk, secretarytreasurer; L. L. Green, and C. A. Hollingsworth, assistant secretarytreasurer. Other Livestock (By United Press) CHICAGO, Jan. 10 —Hogs—Receits—20.000, including 12,000 direct; generally. 15 to 25 cents hieher than Thursday’s average; top, $10.25: some held higher; bulk. 1(0-220 lbs., SIO,IOO/10.25; 230-300 lbs.. $9.90010.15; better grade, 140-160 lbs., most sows, 58.6509.00. Cattle —Receits 2000: calves. 500; lower grade steers fully steady but few medium quality kinds weaker; slaughter she stock steady to weak; bulls easy; vealers steady to shade lower; most steers here of value to sell at $6.5008.00 with odd head up to $9.25; cutter grades of cows, $4.2540 4.75; beef . offerings. $5.50446.25; few sales sausage bulls up to $6.50 and $6.60; extreme top vealers. sl2; bulk lighter kinds. $8.00010.50. Sheep—Receits—sooo; fat lambs opening slow: bids and sales steady; asking stronger; sheep, steady; feeding lamb supply limited; no early sales; good to choice native and fed western lambs, 10.254i ; 10.50: best held $10,654? 10.75 and above; native ewes, [email protected]; choice lightweight westerns quotable higher FORT WAYNE, Ind., Jan. 10—Hogs, 40c higher; 160-180 lbs., $10.25; 180-200 lbs., $10.15; 200-220 lbs., $10; 220-240 lbs., $9.90; 240-260 lbs., $9.75; 260-280 lbs., $9.60; 280300 lbs.. $9.40: 300-350 lbs.. $9.15; 140-160 lbs., $9.85; 120-140 lbs., $9.55; 100-120 lbs., $9.35: roughs, $8: stags, $6.25. Calves, $12.50. Lambs. $10.25. LAFAYETTE, Ind., Jan. 10—Hogs, 35c higher; pigs, 50c higher; 170-210 lbs., SIO.IOO 10.20; 210-235 lbs., $9.90010; 235260 lbs., $9,704(9.80; 260-325 lbs., $9,354/ 9.60; 100-170 lbs.. $9.50010; roughs. $8.50 down. Calves, $11.50 dow'n. Lambs, $lO down. (By Times Special) LOUISVILLE. Jan. 10.—Cattle Receipts. 250. salable supply very light: run mostly lower grade steers, heifers and cows; market generally steady; bulk common to medium steers and heifers, $5.50@7; common dairybreds and off colored kinds down to 'around $5; better finished fed steers quotable around $8.50; bulk beef cows, $4,754/5.75: practical top. $6: most low cutters and cutters. $3.5004.50: sausage bulls mostly $5.5006.25; light beef type stockers and stock calves largely $5.75 0 7.75; choice to $8 or better. Calves —Receipts. 300. including 125 stock calves; market, steady: bulk good to choice grades, $10,504( 11.50; medium and lower grades. $9.50 down to around S5. Hogs— Receipts, 1100, including 300 direct: market 40c higher; top and bulk better 160225 lb. weights. $10.25: 230-250 lbs.. $9.70: 255-300 lbs., $9 45: 305 lbs. up. $8.95; 120155 lbs.. $9.15; sows. $8.20. Sheep—Receipts. 100. market generally steady: bulk medium to good lambs, s9® 10; choice eligible higher: plainer grade natives *ncluding bucks mostly [email protected]; bulk rat ewes, $4 down.

Busigraphs

CIGARETTES SMOKED (BUREAU OF INTERNAL REVENUE) 15-i 5 // v/v //VOtTEt) LINE IS THE PASTZ /’ 3 % /> V. //.TEN YEARS AVERAGE 0%/V Y 5 0 j f m am j j as on naa THE PARKER CORP GENERAL DISTRIBUTORS INCORPORATED INVESTORS

The greatest year in the history of the cigaret industry has just been completed—that is, from the standpoint of production. Estimates for December production place the 1935 cigaret output at about 133 billion cigarets. An interesting sidelight: Approximately $475,000,000 of the money paid for cigarets and tobacco products last year went to the United States government as taxes. This makes cigaret consumption much more profitable for the Federal government than for the companies producing the cigarets.

BONUS PAYMENT QUESTION VEXES FISCAUFADERS Borrowing of Billion to Pay Cash Settlement Worries Experts. BY RICHARD L. GRIDLEY United Press Staff Correspondent (Copyright, 1936, by United Press) WASHINGTON, Jan. 10.—Government fiscal leaders studied the possibility today of borrowing more than a billion dollars to pay the cash soldiers’ bonus should it be enacted into law. The bonus bill now being considered would call for an immediate drain of slightly more than a billion dollars in cash from the Treasury. To raise this sum, it probably would offer a billion dollars in new securities at an interest rate of 3 per cent or less. The borrowing would call for an additional tax burden of $30,000,000 annually in interest. President Roosevelt in his budget for the 1937 fiscal year beginning next July 1 allowed $805,000,000 for interest payments on the public debt, $63,000,000 more than was calculated for this fiscal year. Bonus, AAA Chief Problems If the Treasury borrows a billion dollars for the bonus payment, the public debt will be raised to another all-time record high of $31,546,000,000, substantially above a peak of $31,341,638,737 estimated only last Monday for the new 1937 fiscal year. Invalidation of the AAA earlier this week knocked out further processing taxes, reduced the government’s revenues and may leave the government obligated to make crop reduction payments already contracted for. This.would put another unexpected $300,000,000 burden on the 1937 budget. The bonus and the AAA, therefore, appear at present to put a prospective $1,300,000,000 to $1,500,000,000 additional cash burden on the Federal government not contemplated in President Roosevelt’s budget made public Monday.

SWINE VALUES RECOVER LUSS Prices Generally 35 Cents Higher; Vealers Move Sharply Lower. The pork market, aided by a sharp decrease in receipts and a firmer demand, recovered yesterday’s sharp loss in earlly trading at the Indianapolis Union Stockyards today, advancing 35 cents. Receipts were estimated at 5000, including 647 holdovers. The general bulk of 160 to 225 pounds sold at $10.20 to $10.35, while 225 to 260 pounds brought $9.90 to $lO.lO. Heavies, scaling 260 to 350 pounds, cashed in at $9.50 to $9.80. Medium lightweights, from 140 to 160 pounds, held at $9.85 to $lO.lO, others from 100 to 140 pounds sold at $9.35 to $9.60. Packing sows brought $8 to $8.75. Cattle prices were unchanged in a usual week-end cleanup trade. Early steer sales ranged from $6 to $9, while heifers brought $5 to $7.50. Beef cows and bulls cashed in at $4.50 to $6.25. Receipts numbered 500. With a limited demand prevailing, the veal market turned extremely weak, dropping 50 cents to $1 under yesterday’s best average. The bulk of good and choice kinds sold at sl2 to $12.50. Receipts were 500. Lambs were steady, with the bulk of fed Westerns selling at $10.65 Yearlings brought $9 to $9.75. Natives ranged from $lO to $10.50, while slaughter sheep cashed in at $4.50 down. Receipts were 1500. HOGS Jan. Bulk. Top. Receipts. 4. $9.75® 10.00 SIO.OO 1500 6. 9.700 9.85 9.85 8000 7. 10.20010.35 10.35 6000 8. 10.20010.35 10.35 8000 9. 9.85010.00 10.00 7000 10. 10 20® 10.35 10.35 5000 Light Lights (140-160) Good and choice .$ [email protected] Medium 9.35® 9.90 (160-180) Good and choice.. [email protected] Medium 9.75010.25 (180-200) Good and choice.. 10.25010.35 Medium 9.75 0 10.25 Medium Weights (200-2201 Good and choice.. 10.200 10.35 1220-2501 Good and choice.. 10.00010.25 Heavyweights (250-290i Good and choice . [email protected] (290-350) Good and choice.. 9.35® 9.70 Packing Sows (275-350) Good 8.60@ 9.00 (350-425) Good 8.35® 8.75 (425-550) Good 8.250 8.60 (275-550) Medium B.oo® 8.35 Slaughter Pigs (100-140) Good and choice.. 9.35® 9.85 Medium 8.50 0 9.60 CATTLE —Receipts, 500— (500-900) Choice $10.00012.00 Good [email protected] Medium 6.75 0 8.75 Common 5.25@ 7.00 (900-1100) Choice 11.75®13.00 Good 9.00® 12.00 Medium 7.00 0 9.00 Common 5.25@ 7.00 (1100-1300) Choice 12.00013.00 Good 9.25 012.00 Medium 7.250 9 25 (1300-1500) Choice 12.25013.25 Good 9.25 012.25 Heifers (500-750) Choice 9.25010.25 Good 8.000 9.25 Common and medium 4.50® 8.00 (750-900) Good and choice ... 8.00010.50 Common and medium 5.00 0 8.00 Cows Choice 6 500 7.00 Good 5.500 6.50 Common and medium 5.500 6.50 Low cutter and cutter 4.50 0 5.50 Bulls, good 6.25 0 6.75 Cutter, com. and med. buls... 4.25 0 6.25 VEALERS —Receipts, 500— Good and choice [email protected] Medium 9.00011.50 Cull and common 4.50® 9.00 Calves (250-500; Good snd choice ... 7.00010.00 Conimon and medium 4 500 7.00 Feede ■ and Stocker Cattle (500-8001 Gord and choice ... 6.75 0 8.25 Common and medium .. 4.500 6.75 (800-10501 Good and choice .. 6.750 8.50 Common and medium 4.50® 6.75 COW’S Good 4 25 0 5 00 Common and medium 3.500 4.25 SHEEP AND LAMBS —Receipts. 1500 — Lambs. 90 lbs. down, good and choice $10.25010.75 Good 9.75&10.25 Medium 8.75® 9.75 Common 7.500 8.75 Ewes (90-125) Good and choice .. 4.000 5.00 Common and medium 3.000 4.00 Yearling wether, good to choice 9.000 9.50 Medium 7.00® 9.00

VARIATION IN PRICE OF SILVER _ AT NEW YORK soubci o* *c t oi. no ookis’.c comnnci CENTS PE* FINE OUNCE fine OUNCE I OOj -T .100 1 > 80 80 80— 60 50 4040 30 **> 20 10 io An)iTl■l 1 1 i. < ) 11 1 .i)■i'■% '1 "In I 1 1 1 II M Lu. -Lll l l I > II.U *>< lillii 1i l, -Li IUI i 11-L.L “I"L■'''■,'■''•) ■■■l■■! .'* ■ ■ f. 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

New York Stock Exchange Prices

(By Thomson & McKinnon) 11:15 A. M. Prev. Oils— High. Low. N. Y. close. Amerada 81 % 81 Vi BIV2 81 Atl Rfg 29% 29% 29% 29*/ 8 Barnsdall 16 15*/ 2 16 15% Consol Oil 13Va 12% 13% 12% Cont of Del 37 36' 2 37 36 Vi Houston (new).. 7% 7% 77* 774 Mid Cont Pet.. 20% 20% 20% 20% Mid Cont Pet.. 20% 20% 20% 20% Mid Cont Pet.. 20V* 20% 204* 20% Mid Cont Pet.. 20% 20% 20% 20% Ohio Oil 15 1474 15 14% Pet Corp 1474 14'/* 14 74 1 474 Phillips Pet 4074 39 % 40*4 39% Pure Oil 187* 18V* 18% 187* Seaboard Oil ... 3574 3574 35% 34% Shell Un 1674 16% 16% 15% Skelley Oil .... 22 21% 22 217* Soc Vac 15% 15 1574 15 SO of Cal 4174 4174 4174 40% SO of Ind 37 s /* 36% 37% 37 sOof N J 54% 537* 5474 537* Texas Corp 3174 3074 31 1 /* 3074 Tidewater Assn 157* 15% 15% 15 5 /* Un Oil of Cal .. 24% 24% 24% 2474 Acme 69 74 69 74 69 % 69% Steels— Am Roll Mills... 3274 32 % 32% 327* Beth Steel 5374 52% 52% 527i Byers A M 2274 22 227* 217* Col Fuel & Iron 674 5% 6% 5% Cruc Steel 36% 367 2 367a 3674 Inland Steel ...104 104 104 104 McKeesport Tin 11774 117*2 11774 117 Mid Steel 2174 21% 21% 217-4 Natl Steel 73 *2 73% 73% 7374 Otis Steel 16*4 1 674 1 674 1 674 Rep Iron & Steel 19% 19% 197-4 19% U S Pipe & Fdy 2474 247* 24% 2374 U S Steel 497* 48% 497* 48% U S Steel pfd .119 118% 119 118% Warren Bros ... 5% 57* 5% 574 Youngstn S & T 46 45 46 44% Motors— Auburn 43% 43 74 ... 43% Chrysler 89*4 8874 8874 8874 Gen Motors .... 56 74 55% 56 56 Graham Mot .. 374 33 % 3 Hudson 16 16 16 16 Hupp 2 2 2 2 Mack Truck .... 307* 30 3074 30 Nash 18 1774 18 177* Packard 774 7 % 7% 7% Reo 574 5% 5% 5% Studebaker 9% 97* 9% 97* Yellow truck ... 1274 12 127* 11% Motor Access— Bendix 22% 20% 20% 2274 Borg Warner ... 66*4 6674 66*4 66 Briggs 52% 52*4 5274 52% Budd Mfg 10% 107* 10% 1074 Dudd Wheel 12% 1274 12% 1274 Eaton Mfg 29*/* 297* 29V* 2974 Elec Auto Lite.. 38*4 38 3874 3774 Elec Stor Bat .. 54% 5474 54% 54 Houdaille ‘B’’.. 29 74 2 9 2 9 28% Murray Body ... 18% 18% 1874 18% Stew Warner ... 18 18 18 1774 Timken Roll 6774 6674 67*4 66% Timken Det Axle 15 14% 1474 1 4V* Mining— Alaska Jun 15% 1574 1574 1574 Am Metals 28% 28 28% 26% Am Smelt 62*4 61 6274 60% Anaconda 30V* 2974 30% 2974 Cal & Hecla .... 6% 6 6 674 Cerro De Pasco. 55*4 64% 55 74 54 Dome Mines .... 44% 44% 44% 4474 Gt Nor Ore 17 17 17 17 Howe Sound ... 5474 54% 54% 54 Ins Copper 6% 6% 6% 6% Int Nickel ...... 46'.'! 457* 46% 4574 Kennecott Cop.. 30% 29% 30% 297* Mclntyre Mine . 4374 * 43 43% 42% Park Utah 4% 4% 4% 474 Phelps Dodge .. 27% 267* 27% 27 St Joe Lead ... 24% 2474 24% 237'* U S Smelters . 96 94*4 96 93% Vanadium 22*4 22*4 2 2 74 2274 A?nusements— Fox Theat 26*4 26% 26 74 25% Loews Inc 54% 54*4 54% 54 Radio Corp 1374 13 1374 137* Paramount 1074 10% 10% 1074 RKO 7 674 6% 674 Warner Bros. .. 1074 1074 1074 1074 Tobaccos— Am Tobacco ‘A’. 99 99 99 997* Am Tobacco B .101 101 101 101 Lorillard 257* 28% 2874 25% Reynolds Tob B 58*% 58% 58 74 58V* Rails— Atchison 69 677* 69 6774 Atl Coast Lines. 31 31 31 3074 B & O 1874 1 8 1 874 1 8 Can Pacific 11% 1174 11*% 11% Ch & Ohio 54 5374 54 53% C M & St P .... 2 2 2 2V* C M & St P pfd 374 374 374 3% Chi N W 374 374 374 3% Dela & Hud .... 39 39 39 38*4 Del Lac & W .. 17 16% 17 1674 Erie - 12% 1274 12% 12>% Grt Northern pfd 3374 33 5 /* 3374 33% 111 Central 20*% 2074 20% 2974 K C Sou 15 15 15 15 Lehigh Valley .. 974 974 9% 974 Lou & Nash .. 6374 63 23*4 5374 M K & T 674 674 674 6>/s Do pfd 15% 1574 15% 1574 Mo Pac 274 2% 274 274 N Y Cent 30% 297* 30% 2074 Norfolk & West 217*% 217*4 21774 216 Nor Pacific 26% 2674 26 74 26V* Penn R R 34% 34 34*4 34 Sou Pac 26 2 574 2 6 2574 Sou R R 15*4 15V* 15V* 15 Union Pac 114 114 114 114 Wabash 2% 2% 2% 274 West Maryland. 9% 9 s * 97* 974 Equipments— Am Brake Shoe. 47% 4774 47% 4874 Am Car & Fdy. 3574 35 35 34 Am Loco ... 26 25% 2574 2J 74 Am Stet! Fdy .. 26 25 74 2 6 25% Gen Ele- 39 74 38 % 39V* 39 Pullman Inc ... 40% 4074 4074 40% West Air Br ... 55% 3574 35% 357* Westingh Elec .102% 10174 102 74 1 0174 Utilities— Am & For Pwr •. 874 7% 874 8 Am Pow & Lit 9*2 9% 9*4 9% Am Wat Wks .. 23*4 23 237 2 23 C’ol Gas & Elec 13% 15 15*4 15 AT&T 158*4 158 158 158 Comm & Sou .. 37* 374 374 374 Consol Gas .. .. 32% 32 74 327* 32% Elec Pwr & Lit. 7*4 774 7% 7% Int Hydro Elec . s*/ 5 5*4 4% Interboro R T. 1374 18% 18% 18 Int T & T . 11% 14 14% 13% N;,t Pwr & Lit 11% 11% 117-4 11% North Amer ... 28% 2874- 287* 38% Pac G & E .. 32 32 32 3174 Peoples Gas ... 45*4 . 45*4 45*4 44% Pub Serv N J . 46 % 46*4 4674 4674 So Cal Edison.. 27 2674 26% 26 s * Std Gas 774 7% 774 7% Stone & Web .. 17 1674 17 1774 United Corp .... 7% 774 774 7% Un Gas Imp . 18% 18% 18% 18% Ut Pwr & Lt ’A’ 3% 37* 37* 3* 2 Western Union . 76*4 76 74 76 % 7574 Goodrich 15*4 147 1574 1 4V* Rubbers— Goodyear 24 2374 24 23% U S Rubber .. . 1874 18 187* 1774 U S Rubber pfd 54 53 54 52% Miscellaneous— Allis Chalmers .. 38% 38% 38% 38 Am Can 132 132 132 131% Am Mach & Fdy 28*4 28 *2 28% 28% Anchor Cap ... 207* 1974 207* 1974 Brklyn Man Tr . 41 41 41 41 J I Case 99 99 99 95 Conti Can 84% 84 84*4 8374 Crown Cork 46* 2 4574 46*4 45 Curtis Pub pfd. 102 102 102 10274 Deere & Cos. . 55% 55% 55% 56 Foster Wheeler . 28*4 28*4 28% 29 Gillette 17 167* 17 1674 Inter Harv 58% 58 5874 57% Glidden 50 4974 50 49% Natl Cash Reg . 22% 22 s * 22% 22% Rem Rand 21% 21% 21% 21% Underwood E .. 95 937* 95 93 Foods— Am Sugar 52 s * 52 s * 52% 52* 2 Armour 5% 5*2 5 s * 5*4 Borden Prod ... 27 26% 27 26% Cal Packing .36 36 36 35* 2 Cont Bak “A”... 15 s * 15% 15% 15/ Corn Prod 71 % 71% 71% 72 Gen Baking 13% 13% 13% 13% Gen Foods 35 s * 35% 35% 357* Gold Dust 20 s * 20 20*, 20 Natl Discuit 38 s * 38*2 38*2 38*2 Natl D Prod ... 21% 21 s , 21 s , 21% Purity Bak 16 s * 16*, 16*4 16% S Port-' Rico Sug 27% 27% 27% 27 Std Brands ..... 16% 16 16% 16 Un Biscuit 23 28 28 27% United Fru't ... 69 69 69 67 Retail Stores— Assd Dry Goods 14% 14% 14% 1474 Best & Cos 50*2 50 % 50*2 First Natl Stores 47% 47 47% 47 Gimbel Br% ... 07* 674 67* 674

Gr Un Tea 5 5 5 474 Hahn Dept Sts.. 7 674 7 6 1 /* Jewel Tea 59 59 59 59 Kresge 8 S .... 24 2374 2374 237* Kroger Groc ... 27*/ 2 2774 27% 27% Macy R H 45 74 45 % 45 74 45 74 McCrory St 1274 12% 1274 12=74 May Dept St 50% 50% 50% 50 Mont Ward 37 s /* 377*335/7 5 / 3774 Safeway St 34 34 34 34 Sears Roebuck.. 62 61% 61% 62 Woolworth 54 53% 54 5374 Aviation— Aviation Corp.. 5 5 5 5 Boeing Aicft . . 2374 23% 23% 23% Curtiss Wright . 4% 4*% 4*4 4% Douglas Air .... 5574 5574 55% 5574 Nor Am A’ 674 67* 67* 674 Sperry Corp .. . 17V 2 17 s /* 1774 17% United Air’ft N 28 74 27 74 28*/* 27 s * Allied Chem .169 168 168 16874 Am Com Alcohol 2874 287* 2874 28% Col Carbon 103 103 103 102 Com Solvents ... 22 s /, 22% 22% 22% Du Pont 139*4 139*4 13974 140 Freeport Tex.. 317, 31 317* 3074 Liquid Carb 41 s * 4174 41 74 41 Math Alkali .... 32 74 3 2V4 3274 32 Monsanto Chem 96 96 96 93 Natl Dis (new). 30% 30 30*4 30 Schenley Dist .. 47% 4774 47% 48% Tex Gulf Sulph. 347* 34% 347* 34*4 Union Carbide.. 75'/ 2 7 474 75 7, 7474 Drugs— Bristol Myers .. 4174 41% 4174 4174 Coty Inc 674 674 674 674 Lambert 23 23 23 23 Lehn & Fink .. 13 13 13 13 Sterling Prod .. 66 74 66 74 6674 66% Un Drug (new). 13 1274 13 13 Vick Chem 42 42 42 42% Zonite Prod .... 9 874 9 874 Financial— Adams Exp 11*2 1174 1174 .11% Allegheny Corp 37* 3V* 3>/ 3% Am Int Corp ... 12 12 12 1174 Chesa Corp 65 65 65 64 Lehman Corp .. 97 74 97 74 97 % 9674 Transamerica .. 137 2 13% 13 s /* 13% Tr Conti Corp.. 7% 774 7 s /, 774 Building— Am Radiator ... 267* 26'/* 26V* 26% Gen Asphalt ... 26% 26 26 s /* 2574 Holland Furnace 31 74 31 74 31 74 31% Johns Manville 100 9874 100 98% Libby Owens Gls 49 49 49 4574 Otis Elev 26% 2674 2674 26V* U S Gypsum ... 89 74 8974 8974 89 Ulen Cons 574 574 574 5% Household— Congoleum 43 43 43 4474 Kelvinator 167* 16% 167* 167* Mohawk Carpet. 21 207* 21 2174 Proc & Gamble 4874 48V* 487* 48*/, N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Utils. Bonds. Today 91.2 86.6* 104.3 94.3 Yesterday 92.0 86.5 104.3 94.3 Week ago 91.6 84.7 103.5 93.3 Month ago 91.4 83.9 103.2 92.8 Year ago 86.9 86.3 90 5 87.9 1935-36 high 92.0 86.5 104.3 94.3 1935-36 low 83.6 71.0 89 3 83.0 •New 1935-36 high. (Copyright, 1936, by Standard Statisitcsi U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine.) Treasury* Prev. Close, close. 474s 1947-52 115.14 115.9 4s 1944-54 111.9 111.5 3%S 1946-56 109.10 109.14 3%s 1940-43 108 107.30 37*s 1943-47 106.27 106.27 3%s 1941-43 108.11 108.8 3%s 1943-45 106.4 106.1 374s 1941 108.23 108.23 374s 1944-46 105.23 105.21 374s 1946-49 104.1 103.30 374s 1949-52 104 103.30 3s 1951-55 103.1 103 3s 1946-48 103.1 102.31 3s 1951-55 103.1 103 3s 1946-48 103.1 102.31 274s 1955-60 100.9 100.7 2%s 1945-47 101.11 101.6 Home Owners’ Loan Corp. 2%s 1949 99.30 99.27 3s 1952 101.8 101.7 Federal Farm Mortgage Corp. 374s 1964 102.25 102.24 3s 1949 101.17 101.13 DOMESTIC Prev. Close. close. Allea Corp 5s '44 91 907* Alleg Corp 5s ’49 85 85% Alleg Corp 5s ’SO 56 55% Am Frgn Pow 5s 2030 71 72% Am Tel & Tel s*/ 2 s ’43 113% 114 Am Tel & Tel 5s ’65 11374 113*4 Arm & Cos iDell 574s '43 96*4 96% Atl Coast Line 4s ’52 9 9974 Atl Coast Line 474s ’64 88 74 87 7, Atch Top & S Fe 4*/4s -,8 11074 110 Am Wat Wks 5s ’44 115 116% Am Rolling Mills 5s ’3B 128 74 1 29V, Balt & Ohio 6s '95 87 74 87 74 Balt & Ohio 474s ’6O 6474 64% Buff Roch & Pitt 4*-4s ’57 69 68% Chi Milw & St P 5s ’75 21 s , 2274 Chi Milw & St P 5s 2000 B*/* B*4 Cleve Un Term 5s ’73 1 02 Va 1017* Cieve Un Term 474s '77 98% 98 Col Gas 5s May ’52 10174 101 Col Gas 5s ’6l 10074 100% Can Pac Pern 4s 88 8874 Cent Pac 5s SO 91% 90 s ,* Big Four 474s ’77 807, 80 7* Colorado & So 474s ’8 0 65 647 2 Chi & West Ind 4s ’52 100*4 100 Chi & Nor West 4%s ’49 137* 13% Con Gas 5s ’57 105 1057* Chesa Corp 5s ’47 12174 120 Del & Huds 4s ’43 79% 79% N Y Dock 5s ’3B 58% 58% Erie 5s ’75 72*4 72V* Erie 5s ’67 72*, 72% Grt Northern 7s ’36 102% 102% Grt Northern 4*4s ’76 99*4 9974 Grt Northern 4*/ 2 s ’77 - 99*2 98% Hur & Manhat Ref 5s ’57 .... 84V 2 83% 111 Cent 4%s ’66 66 6574 111 Cent Jt 46s ’63 % 72V* 71*4 111 Cent 5s ’63 76 76 Interlake C & I 5s ’sl 91 90 Inter Hv Elec 6s ’44 53 s3V4 Inter Tel & Tel 4'/ 2 s ’39 88% 83% Inter Tel & Tel 5s ’55 81*4 81V* Inter Tel & Tel 4*/ 2 s ’52 7774 78 P Lorillard 7s ’44 131 131'/* McKess & Rob 5'/ 2 s 'SO 103 102% Nat Dairy s'4s 'fi 103% 104*4 Nat Steel 5s ’56 106 105 >3 Nickel Plate 474s ’7B 7374 74% Nickel Plate 574s ’74 87 74 87% Nickel Plate 6s ’35 100% 100% N Y Cent 5s 2013 1 83 82% N Y Cent 4*/ 2 s 2013 (old) 77 77 Nor Pac 3s 2047 7474 75 Nor Pac 4*/ 2 s 2047 96% 97 Nor Pac 6s 2047 1087* 1087-4 New Orleans Term 4s ’53 .... 85 84*4 Otis Steel 6s ’4l 103 102% Penn Rv 4Vs ’B4 106 74 1 06% Penn Rv 4Vs ’Bl 107 106% Penn Rv 4*4s ’7O 101% 101 Pac G & E 5s ’42 1047* 104% Portland Gen El 4*-s ’6O 74% 75 Para Publix 5*2S ’SO 94% 9474 Penn P& L 4%s 'Bl 106% 106*2 Postal Tel & Cab 5s ’53 3574 36*4 Shell Union Oil 5s ’47 103*2 103% Sou Pac 474s ’6B 79% 79 s * Sou Pac 4*4s ’Bl 80 79* 2 Sou Pac 4* 2 s ’69 80% 79% Sou Pac 4s '49 83*2 82% Sou Rail 4s ’56 ’ 57 s * 5874 Sou Rail 6s ’56 75 75 Sou Rail 6*4s ’56 77 77% Sharon Stl Hoop 5* 4s '4B 103 103 Texas Pac 5s ’BO 98 98% Texas Pac 5s ’79 98% 98* 2 Texas Pac 5s ’77 99 99% United Drug 5s ’53 10074 99% U S Rubber 5s ’47 104'* 104% NY NH & Hart 6s '4B 36% 35 NY NH & Hart 4' 2 s ’67 35 33'* Warner Bros 6s ’39 88% 88 Western Marv s' 2 s ’77 107% 107% Western Marv 4s '52 96% 97 Youngstown S & T 5s '7O 104 s * 105 Youngstown S & T 5s ’7B 105 1047* FOREIGN Argentina (A) 6s ’57- 98% 98*4 Argentine <B I 6s ’SB 98 '2 98'* German 5%s ’65 28 287 2 German 7s ’49 ' 37 s * 38 Italy 7s ’sl 61 61% Rome 6'4s ’52 55*4 55 s * Tokio City 5%s ’6l 80*4 81V* Yokohama 6s ’6l ••ss*•*•• 88% 86%

Chain Grocery Stores Cut Prices Chain grocery stores in Chicago today advertised price reductions as result of Supreme Court decision invalidating the AAA and its processing taxes.

(Chicago Journal of Commerce.)

Servel Inc 16 16 16 16 Simmons Bed .. 22% 2174 22% 22*4 Textiles— Belding Hem ... 13% 13% 1374 13*4 Celeanese Corp . 30% 29 s * 30 s * 30'* Collins Aikman.. 47 47 47 47 Gotham Hose .. 1174 10*4 11% 10 Indus Rayon ... 317* 307* 317* 30', Real Silk 1274 10 s * 12 107* Chicago Stocks (By Abbott. Proctor & Paine) 11:00 Prec. A. M. Close. Berghoff 8 774 t’utler 7% 774 Chicago Corp 5% 574 Chicago Corp pfd 47% 48 Conti Steel 41% 40 s * Cities Service 3'/* 3 s * Com Edison 102 102 Cord 714 7% Crane 27% 27% Grt Lakes Dredge 32 s * 31* 2 Lynch Glass 3974 36% Noblitt Sparks 31% 31*, 2 Pub Service of 111 57 56 Swift 24 23% Swift Int 34 74 3 37* Zenith 1274 13 New York Curb (By Abbott, Proctor & Paine! 11:30 A M. Prev. N. Y. Close. Alumn Cos of Am 92*4 90% Am Cyanide “B” .. 33 s * 33*4 Am Superpower 374 37* Atlas Corp 13'* 137* Axton Fisher Tob 5474 54 El Bond & Share 17V* 1774 Fisk Rubber 7V* 67* Ford of Can “A” 25% 2574 Ford of Europe 8% 874 Hiram Walker 32 32% Imperial Oil Ltd 2074 20% Lake Shore Min 537* 53 Newmont Min 787 2 7774 Nia Hud Pwr 9% 9% Pan Am Airways 48'/* 47 Penn Road 37* 37* Money and Exchange TREASURY STATEMENT (By United Press) WASHINGTON. Jan. 10.—Government expenses and receipts for the current fiscal year to Jan, 8, as compared with a year ago: This Year. Last Year. Expenses $3,922,303,644.17 $3,691,887,984.75 Receipts .. 1,974.966,276.79 1.931,636,982.55 Deficit 1.947.337.367.38 1,760.251,002.20 Cash bal. . 2,176,394,549.13 2.518,809,177.32 Chicago Grain Futures (By James E. Bennett & Cos.) , , H:00 Prev. Wheat— High. Low. A. M. Close. May .... 1.017-4 1.00% 1.01% 1.01 V, July 89 s * .88% .89'/* .8874 Sept 8774 .87'/* .87% .87'/* Corn— May 60% .60% .8074 .60% July 61% .61% .6174 .6174 Sept 6174 .61% .61% .61% Oats— May 28% .287* .2874 .287* July 27% .27% .27% .27% Sept 26% .26% .2674 .26% RyeMay 54% .537* .5474 .54% July 54 .53% .54 .54 V 4 Sept 5474 .54'/* .5474 .547* LOCAL CASH MARKET City grain elevators are paying 96 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new No. 4 yellow 48 cents and oats 19 cents.

REVIVAL IN BUILDING TRADE OUTSTANDING 1935 Contracts Show Gain of 44 Per Cent. Bu United Press WASHINGTON, Jan. 10. Revival in construction activity during 1935 was cited today by the Commerce Department as “an outstanding development of the year” in its monthly survey of current business. Privately financed contracts awarded were 44 per cent higher in the first 11 months of 1935 than in the corresponding period of 12-34, the report said. The gain in residential construction accounted for an important part of the increase. December industrial production was analyzed as maintaining a “relatively high level” after expanding steadily on a seasonally adjusted basis from July to November. Automobile production, steel mill activity, expansion in the durable goods industries, and large volume of retail sales were cited as indicating broadening of the recovery movement. NET INCOME REPORTED Times Special DETROIT, Jan. 10.—The Goebel Brewing Cos. today reported net income for the first nine months of 1935, ended Sept. 30, at $1,121,110. The New York Stock Exchange recently approved listing of 1,400,000 capital shares of the company at par value.

Thomson & McKinnon MEMBERS NEW YORK fHir ATH New lork stock Exchange. TnnnNTA New York Curb Exchan IUIIUiT 1U New York Cotton Exchange. BOSTON 1 1 New York Coffee and Exchange SOUTH BEND • New Orleana Cotton Exchange, rqi WAYTVF* Chicago Stock Exchange UVAVCVITTP .Chicago Board of Trade h? AiNN? ILLL Winnipeg Grain Exchange Indianapolis Office And other leading Exchange* 200-214 Circle Tower LI. 5501

MARION COUNTY REGISTRATIONS OF AUTOS GAIN Total Is 15,275 Last Year, Compared With 10,277 During 1934. Marion County residents did their share in accounting for the great increase in automobile production last year, statistics compiled by the Indiana Clipping Bt/eau revealed today. There was a 50 per cent increase in county registrations of new cars in 1935 over 1934, the figures showed. Registrations totaled 15.275 during the year just ended, compared with 10,277 in 1934. December registrations amounted to 1068. against 1027 for November and 388 in December. 1934. Ford was far ahead of the field with a total of 4774 registrations last year. Chevrolet, w T ith 2689, barely nosed out Plymouth for second honors. There were 2324 Plymouth registrations last year. 2358 Trucks Registered Oldsmobile and Dodge took fourth and fifth places and were the only other automobiles showing mora than 1000 registrations. Their figures are 1264 and 1216, respectively. The following cars complete the “first ten”: Pontiac. 673. Terraplane, 394; Buick, 378; DeSoto, 328, and Chrysler, 233. Other registrations were Studebaker, 184; Hudson. 175; Packard. 149; Nash, 85; Graham. 70; LaFayette, 63; LaSalle, 60; Willys. 59; Auburn, 50; Cadillac, 43; Hupmobile, 36; Reo, 15; Lincoln, 14; PierceArrow. 1. Registration of trucks totaled 2358 last year, against 1856 in 1934. December registrations amounted W* 142, compared with 142 in November and 130 in December. 1934.

STATE AND MUNICIPAL ’ FINANCING AT PEAK 1935 Volume Totals $1,188,494,586, Largest Since 1931. Timer. Special NEW YORK. Jan. 10.—State and municipal financing during December totaled $120,353,034, the largest total for that month since 1933, the Daily Bond Buyer announced today. The total for the same month in 1934 amounted to $114,183,124. The total volume for 1935 was estimated at $1,188,454,586. This is the largest total for any year since 1931 and includes all PWA and RFC financing. The total for 1934, also including the two latter financings, amounted to $1,175,333,f98. During December this year PWA financing amounted to $887,500 and RFC financing $12,096,000. compared with $9,006,051 and $12,096,000, respectatively, in December, 1934. The RFC figures for each year were identical. BOND SALES REPORTED U. S. Sells 997,000 Baby Issues in First Ten Months. By United Press WASHINGTON, Jan. 10.—Henry Morgenthau Jr., Secretary of the Treasury, today announced that the Treasury has sold approximately 997.000 baby bonds having a cash value of $202,500,000 and a majority value of $270,000,000. Sales during the ten months that the bonds have been offered to thp public have averaged more than $1,000,000 a day. Largest sales have been in Illinois, with New York second and Ohio, Missouri and lowa next in order. AD CAMPAIGN TO START '] By United Press PITTSBURGH, Jan. 10. —Thi Pittsburgh Plate Glass Cos. will b&gin a million-dollar advertising campaign in the near future, it was announced by President H. S. Wherrett. The campaign “will be the most aggressive and promotional ever undertaken by the company,'* he said. Klein and Kuhn * Property Management LI-3545 706 Guaranty Bldg. LOANS For Modernization. For a New Home. THE RAILROADMEN’S BLDG. & LOAN ASSN. A Commercial Banking Savings • Trusts , American National Bank AT INDIANAPOLIS Your Local Building & Loan Association Makes Modernization Loans and Loans on New Homes.