Indianapolis Times, Volume 47, Number 273, Indianapolis, Marion County, 23 January 1936 — Page 20

Trends Business Cries Out Against Holding Company Act. BY JOHN T. FLYNN

'lT7' ASHINGTON, Jan. 23. ’ ’ Business has one unfailing technique in fighting all efforts to make it conform to government regulation. This weapon is its threat of doom. Whatever the government proposes as a curb on the adventures of the promoter is attacked as a sure source of disaster.

The utility holding company act has been met by p r e dietions that It will destroy a vast industry and inflic t endless losses upon American investors. A series of operations is now in process which has a bearing on this. Remember the the ut i lity holding company act is designed, not to

Flynn

destroy holding companies, as its critics have said, but to compel the interstate holding company systems to simplify their capital structures within reasonable limits. In this field we have a great master holding company owning the shares of several smalled holding companies, which in turn will own the shares of still smaller ones which in their turn will own the shares of a large number of operating companies. a it tt 'T'HE government wants to put an end to these complicated and thoroughly vicious set-ups. The companies say it can not be done without grave danger of heavy Investment losses. Now, however, we have another law—a tax law. It imposes income taxes on corporations. In the past a holding company might make a single tax return in which the operations of all its subsidiaries were treated as a single vast enterprise. If company A made a profit and company B suffered a loss, the loss of company B might be used to wash out the profit of company A. Asa matter of fact, many large corporationr managed to keep alive a special subsidiary or two which they contrived by various devices to keep in the red. In our modern complicated corporate set-ups this is a very simple little trick to the experienced manager. m tt tt AND these well managed, frequently fictitious losses served to wipe out or reduce the profits of the other companies and thus greatly cut the amount of income taxes paid by the corporation. But this is no longer possible. Corporation holding companies can not now make consolidated returns. Each corporation, being a unit, must be considered as a unit for tax purposes. A holding company can't run a hotel in Maine which makes profits and a gas company in Texas which suffers losses and treat the two as a single enterprise. Each must account separately. There are other tax provisions which tend to Increase the taxes where these great holding company groups operate. And so, the thing having now become a little less profitable, a number of holding corporations, without any compulsion, or any heralds of disaster, have quietly set about doing on their own moition precisely what the ultility holding company act Is trying to force the utility companies to do—simplify their capital structures. tt a tt 'T'HE Bethlehem Steel Cos. has announced that it plans to consolidate Its more important subsidiaries and change its own character from that of a holding company to that of an operating company. The United States Steel is considering the same thing. Other corporations are working out plans to simplify and in some cases to do away with subsidiaries altogether and do business through one great operating company. And while they are doing this they are telling the public on another front that the year ahead is full of promise and singularly without that foreboding of catastrophe which one might suppose would attend these dire reorganizations. The holding companies in the utility field can do the same. The only one to suffer will be the promoters and adventurers who get rich running these complicated rackets. (Copyright. 1936. by NEA Service, Inc.) On Commission Row Quotations below subject to change are average wholesale prices being offered to buvers by local commission dealers: Fruit—Cranberries. C. Homes. Eatmores. 2S-lb. box, $3 75 Pears—Washington D'Anjo. $3.25. Calif avacados. $3.50. Bananas—Seven hands, a pound, s'c. Perstmons—California, lug. $1.25. Apples— Jonathans. $1.50. Delicious, $1.25. wealth's, $1 25 Grimes Golden, $1.25. Lemons —Sunkist. 3605. $6 50. Grapefruit— Texas. 61s to 70s. $3 50. Arizona Sunkist, *2.75 Limes—Mexican, a carton 12s. 22c. Grapes—Emperor, lug, $2: fancy Emperor, >4-lb. sawdust chest. $3.75. Vegetables—Beans, green, round stringless bu.. $3.50. Beets—Texas. 3-doz. crate, *1.50 Sabbag<*—New York Danish, 50-lb bag 8 Or. Cauliflower—California, crate, *1 50. Cabhaqe—New York Danish, 50-lb. bag. 80c Cauliflower—California, crate. ll.iS Celerv—Michigan. washed and trimmed, dor , 50c: Jumbo, doz.. 65c. Cucumbers—Southern, bu . *6: doz.. $1.15. Kale—Virginia, bu.. 65c. Lettuce—lceberg. California, good. $315; homegrown leaf. 15-lb. basket. *1.50. Endive—California, basket, $1 Mangoes—Florida, crate. $4 50; small basket *1 25. Mint—Bunch. 20c. Mustard—Texas, bu.. $1.35. Onions— Indiana yellow’. 50-lb. bag. *1.15: Indiana yellow. 10-lb bag. 25c. ParsleySouthern, doz.. 50c. Peas Telephone, hampers. 82 75; Texas hampers, *2.50 Potatoes—Round Cobblers, 100-lb. bsg, *1 60; Michigan Round White. 100-lb. bag. *1.60; Early Ohtos. bu.. *1.75; Idaho Russets. 82 35. Sweet potatoes—lndiana Jerseys, bu.. *1 50 Radishes—Ohio, button, doz.. baskets, 40050 c. Sage—Doz.. 45c. Spinach —New Texas, bu.. sl.lO Squash—Bu.. $2 50. Tomatoes—lo-lb basket repacked. $125: 8-lb. basket. *1.35. Produce Markets The price* ouoted art paid for stock gathered in the country while delivered In Indianapolis the price is a cent higher. Heavy breed hens. 16c: leghorn breed hens. 12c; Leghorn springers. 12c; old stags. 14c: old eocas, *c. Ducks, white. 5 ibs. and over, lie: under 5 lbs. 9c; geese full feathered and fat 9 to 14 pound*. 10c; 9c A1) *uineas xVia lbs. and tip. 20c. TtirKeyi—Young hens. 8 lbs. and up. 20c; voun* tems. 14 to 18 lbs. 17c under 14 lbs. and over 18 lbs., 16c; o.’d hena. 17e; old tom*. 14c. No. 1 strictly fresh egga. loss off. l#c: pullet egg*. 12e SS lbs. gross. 5? • JS*!} made. No. 1 butter 360 37c: No. 2 330 34c Butterfat. 32c. Quoted by t%t wS n c£ 10 C€nu * poun<l under

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SCOUT RUMORS OF ADDITIONAL CURRENCY GUT Further Devaluation Held Unlikely Save for War in Europe. BY A. L. JACKSON Vice President, Economics Statistics NEW YORK, Jan. 23.—The recent weakness of the dollar is attributable to several developments. The unconstitutionality of the AAA led many to believe farm prices would decline drastically. Since the devaluation policy of the Administration was undertaken primarily to raise commodity prices, it was felt any drop in prices would lead to a further devaluation of the dollar. Those entertaining these ideas were given substantiation when Mr. Roosevelt extended his powers further to reduce the gold content of the dollar last week. The bonds is an additional factor generating fears. Plan Is Unsuccessful It is true that a higher level of commodity prices was the main objective of the gold devaluation policy, but the results were considerably below the anticipated expectations. The failure of the plan is even more pronounced when we realize that the increases in farm prices account for the greater part of the rise in the general price level. And farm prices were influenced more by the drought and production restriction than by devaluation. In view of the facts, it is highly illogical to expect Mr. Roosevelt to follow the illusion of the Warren Gold Plan any further. The major objection to further devaluation at this time is the position of the United States Treasury. The Treasury must make heavy appeals to the capital markets over the next five years. Any action which would upset confidence would be suicide. There is plenty of evidence that the Administration is very concerned over the government's financial condition. The “baby bond’’ method of paying the bonus is an indication of the Administration’s pressure on the Senate. Conservatism Essential Financial conservation is necessary and not voluntary. Mr. Morgenthau’s recent pessimistic announcement on the budget deficit is another indication of the Treasury’s concern. His estimate exceeded by $1,500,000,000 to $2,000,000.000 any reasonable figure for next year’s deficit. On the surface, Mr. Morgenthau’s biyiget analysis appears pessimistic, but, when we consider the conditions motivating his remarks, the real interpretation is bullish. This is further evidence that the Administration will not devalue the dollar. There appears to be only one possibility likely to lead to further devaluation. This is the international situation. Should a general upheaval occur in Europe followed by another period of wholesale currency depreciations, it is probable that the dollar may become overvalued and exert a deflationary effect on the domestic price level. Steps would probably be taken to eliminate such a condition, should it occur.

RAIL TRAFFIC SHOWS SUBSTANTIAL INCREASE Illinois Central Pickup, Delivery Service Proves Successful. Introduction of the new free pickup and delivery service by the Illinois Central System early this week has resulted in a substantial increase in the road’s volume of less than carload lots, C. C. Camcran, vice president in charge of traffic, announced today. The new service was placed into effect at approximately 600 freight stations of the company. Although it was inaugurated only last Monday, traffic volume showed an increase of approximately 24 per cent for that day, compared with a year ago, Mr. Cameron stated. PROMOTION ANNOUNCED TOLEDO, 0.. Jan. 23.—Stanley J. McGiveran, manager of sales merchandising of the Owens-Illinois Glass Cos., has been promoted to assistant general sales manager of all Divisions, it was announced today. Chicago Stocks (By Abbott, Proctor & Paine! 11:00 Prev. AM Close. Berchoff §4 84 Butler §4 84 Chicago Corp 5 4 s Chicago Corp pfd a 48 Conti Steel 40’a 40 Cord 6‘a Crane 284 28 8 Elec House 22,’ * J; * Grt Lakes 30'a 31_ Iron Fireman 274 2.'s Noblitt Sparks 32 32 Perfect Circle 41 40 2 Pub Servos 111 58' 57 2 Swift 24 24' 4 Swift Int 34 4 33 Zenith 124 12 '^ New York Curb (Bv Abbott. Proctor & Paine) 11:30 A M. Prev. N. Y. Close Am Cvanide "B" 34 4 344 Am Superpower 34 34 Atlas Corp 134 134 Axton Fisner Tob 53 4 53 4 Can Indus Ale 104 10% Carrier Corp 124 12 4 El Bond & Share 174 17 s . Fisk Rubber 74 7 Ford of Can “A” 254 25 Imperial Oil Ltd 22 4 22 4 Newmont Min 914 90 Lake Shore M;p 56 4 554 Nia Hud Pwr 10 94 Park Davis 44 44 Unlisted Stocks (By Blythe A: Cos! NEW YORK BANK STOCKS Bid. Ask. Bankers Trust 684 704 Century Hanover B & T ... 116 118 Chase 42% 444 Chemical National 58 60 Guaranty 305 309 4 Irving 19 204 Manufacturers 504 524 National Citv 39 s * 414 •Conti 111 (Chicago! ..... 125 1274 First National of Boston- . . 49 4 504 Natl Shawmut 294 314 FIRE INSURANCE Aetna Fire 694 City of New York 31 33 Federal Ins 104 1104 •Franklin Fire 35 364 Great American Ins 314 334 Hanover Fire Ins 41 43 Hartford Fire Ins 904 Home Ins 394 414 Ins Cos of N A 784 81 National Fire 83 North River Ins 294 31 Phoenix 104 1074 U S Fire 58 4 804 Westchester 404 434 •E*. <Uv.

Abreast of The Times on Finance

THE TOWNSEND PLAN tt tt tt nun a a a Would Old-Age Utopia Work?

The Time* today present* one of the most searching analyse* of the Townsend old-age pension proposal yet undertaken. In the following article, first of a series, John T. Flynn, outstanding economic writer, gives the arguments for and against the plan. BY JOHN T. FLYNN (Copyright, 1936, by NEA Service, Inc.) WASHINGTON. Jan. 23.—The first 60 years will be the haidest when Dr. Townsend puts his plan on the statute books. After that it wi’l be all skittles and beer—s2oo a month for life. Then when Dr. Carrel and the other scientists add another score of years to our lives, we can look forward to a grand and glorious old age on the public pay roil. This pleasant Utopia is sweeping the country. There are 10,385,000 people in the country who would be eligible for the pension. And they are all over 21 and can vote. So Congress is going to have to face the movement and we might all just as well know precisely what it is about. The plan is as follows: Every person, upon arriving at the age of 60, will be entitled to a pension of S2OO a month from the Federal government. The conditions w’ill be (1) that he retire from work; <2) that he be free from a criminal record; (3) that he agree to spend the S2OO within 30 days after receiving it each month within the United States; (4) that he does net. possess an income of over $2400 a year. Each person over 60, therefore will draw $2400 a year. There are 10,385,000 persons over 60. But the Townsendites insist that because of the conditions, only about 8,000,000 w’ill receive the money. This means it will cost the government $19,200,000,000 a year. This is twice the present cost of all the Federal, state, county and town governments. A man and his wife each over 60 will both receive S2OO a month —s4oo to the family. u u tt THE money would be paid, according to Dr. Townsend, in the following manner: The Federal government would send to each state S2OO for each person over 60 in its population. The state would send S2OO to each county for all of its aged. But where would the money come from? From a tax on the nation. Dr. Townsend proposes what he calls a transactions tax. The tax would be 2 per cent. This has been fixed on because the doctor figures that the total business transactions of the nation in a year—running around $900,000,000,000 —would yield a sum sufficient to pay the bill. Every business operation is a transaction. The miller buys wheat. He pays 2 per cent on the purchase. The baker pays 2 per cent when he buys the flour. The consumer pays 2 per cent when he buys the bread. Buy a theater ticket, a railroad ticket, a movie seat, a share of stock—these are transactions and would incur the 2 per cent tax. This is a statement of the plan. Dr. Townsend’s great argument for his plan is that it would end hard times. His explanation is very simple. These 8,000,000 old people with $1,500,000,000 a month to spend, would have to spend it. The money would flow right back into business, increasing the purchasing power of the nation and stimulating every business. tt tt tt THE Townsendites insist that the plan will not create inflation. That is correct. No fresh purchasing power will be created, hence there will be no inflation. But at the same time they insist that fresh purchasing power will be created. Their theory is that they will take money by taxes from those who would not spend it and give it to old people who would spend it and thus create active purchasing power. Will it give us fresh purchasing power? Let us apply the argument to a small number of people. Suppose there are 10 persons who have wages of SIOO a month each. That makes SIOOO a month. That is their purchasing power. Now these 10 people are taxed $lO each in order to pay a pension to an eleventh person of SIOC a month. It is clear that the eleventh person now has SIOO to spend which he didn't have before. But what of the other 10? After each has paid a tax of $lO, each has but S9O to spend. The 10 have S9OO. the eleventh has $lO0 —a total of SIOOO which is precisely what there was before the tax was laid. The $19,000,000,000 collected in taxes will be added to the cost of what the people buy. Therefore they will buy $19,000,000,000 less. While the pensioners will buy $19,000,000,000 more. The two items will cancel each other. There will be no increase in purchasing power.

NEXT—Two essential elements of the plan. GRUNOW TO INTRODUCE 1936 REFRIGERATORS First Showing of New Models to Be Held at Columbia Club. The first Indiana showing of the new 1936 line of Grunow refrigerators is to be held tomorrow night in the Columbia Club from 7:45 to 9. the Griffith Distributing Corp., Indianapolis distributors, announced today. A dinner at which many prominent factory officials are expected to attend will precede the meeting. A telegram received from the factory by the local distributors stated that shipments of the new 1936 lines will start within two weeks. APPROVES CASH DIVIDEND Time* Special NEW YORK. Jan. 23.—Approval of cash distributions totaling $400,000 on various series of participation certificates by directors of the National Bondholders Corp., was announced today by C. E. O’Neil, president.

THURSDAY, JANUARY 23, 1936

• ■

The glittering prospect of S2OO a month during old age lured this throng of more than 5000 Townsendites to a national convention in Chicago recently.

New York Stocks

(By Thomson & McKinnon) I 11:15 A. M. Prev. Oils— High. Low. N. Y. Close. Amerada ....... 82% 82% 82% 82 Atl Rfg 31 30% 30% 31 Barnsaall 17 16% 16% 16% consol Oil 13V* 13 13% 13 Houston (new)... 11% 11% 11% 11% Mid Cont Pet.... 21% 21% 21% 21% Ohio Oil 16% 16% 16% 16V* Pet Corp 14% 14% 14% 14% Phillips Pet .... 40% 4040 39% Plymouth Oil ... 14 14 14 14% Pure Oil 20 19% 19% 19% Seaboard Oil ... 34% 34% 34% 34 Shell Un 18% 18% 18% 18% Skelley Oil 24% 24 24V* 23% Soc Vac : 16% 16% 16% 16% SO of Cal 41% 41% 41% 40% SO of Ind 36% 35% 36% 35% SOof N J 54% 54% 54% 54% Texas Corp 34 34 34 34 Tidewater Assn. 16% 16% 16% 16 Vi Steels — Am Roll Mills... 31% 31% 31V* 31% Beth Steel 52 Va 52% 52 % 52 V* Byers A M 22% 22% 22% 22% Col Fuel & Iron 7% 7 7 7 Ludlum Steel ... 28% 28% •• • 28% Natl, Steel 69 68% 68% 68% Otis Steel 16% 16% 16% 16 Rep. Iron & Stl 19% 19% 19Vz 19 Rep Ir & St pf 89% 89% 89% 86% U S Pipe A: Fdy- 33% 33% 33% 32% U S Steel 48% 48% 48'/2 48% U S Steel pfd ..119 119 119 118 vs Warren Bros .. 6 5% 6 o% Youngst S& T. 46% 46% 46% 47 Motors— Auburn 43% 42% 43% 42% cnrysier ba-s 88% 88% 80% uen Motors .... sa% 04% oa-% 00% Graham Mot ... 3V* 3% 3 y* 3V* HUdSOn 16% 16% 10% 15% Hupp 2% 2% '2 V* 2 V* Truck .... 28% 28% 2<j% 28% Nash 18% 18 18Vs 18 Packard 6 7% 8 : ' 7% Reo oVi 5% 5% s.'a Studebaker lu% 10 10% 10 Yellow Truck .. 13% 13% 13% 13% Motor Access— Bendix 22 3 i 22 Vi 22% 22 Vi Bohn Alum .... 52% 32% 52% 53 Borg Warner ... 66% b 6% 66V* obVi Briggs 54 34 54 53% Bucia Mfg 10% 10% 10% 10% Buad wneel .... 13% 13V* 13% 13% Eaton Mig 30 Vs 30 Vs 30Vs 29% Elec Auto Lite.. 38% 38 38% 3i% E.'3C Stor Bat .. 54'2 54 54% 53% Houdauie "B” .. 28% 28% 28% 2i% Murray Body ... 18% 18% 18% 18% Stew Warner ... 2j IDV* 20 19% Timken Roll ... b 7% 67 v*. 67% 65% Timken Det Arle 16% IOV2 lots 10% Mining— Alaska JUn 16Va 15% 15% 16 Am Metals 33 32% 32 32% Am Smelt 62% 61% 62% 80% Anaconda 29% 29 % 29 Vs 29 % Cal & Hecla ... 7Vs 7% 7Vs 7Vs Cerro De Pasco. 53 52% 52% 51% Dome Mines .. 49% 49 49 49% Homestake Min 520 520 520 520 Howe Sound ... 53 53 53 51% Granby 9% 9% 9% 9% Int Nickel 48% 47% 47% 48 Kennecott Cop . 30% 30% 30% 30% Mclntyre Mine . 47% 46% 46% 47% Park Utah .... 4% 4% 4% 4% Phelps Dodge ... 30% 30 30 30% St Joe Lead ... 25% 25 25% 24% U S Smelters.. 94 93V* 94 92 Vanadium 23% 23% 23% 23 Vi

Amusements— Crosley Radio ... 174 17% 17% 174 Fox Theat 264 26 264 26 Loews Inc 53 4 53 4 53 4 52% Radio Corp 144 14 14 14 Paramount 104 104 104 104 RKO 74 7% 74 74 Warner Bros ... 114 114 44 11 Vi Tobaccos— Am Tobacco 'A' 99 4 99 4 99 4 99 4 Am Tobacco '8'.1004 1004 1004 1004 Gen Cigars ... 57 4 57 4 57 4 56 Ligg & Myers 8.113 1124 1124 113 Lorillard . .... 25 4 25 % 25% 26 Reynolds Tob B 574 57% 57% 574 Rails— Atchison 704 70 704 70 Atl Coast Lines 31 31 31 304 g& O 18 17% 18 17% Can Pacific .... 114 114 114 114 Ch & Ohio ... 544 544 544 544 C M & St P 24 24 24 2>/ C M & St P pfd 44 4 4 4% 44 Chi N W ..... 4 4 4 4 Dela & Hud .. 384 384 384 384 Del Lac & W. 164 164 164 164 Erie • 134 13 134 124 Erie pfd 194 184 194 . 184 Grt Northern pf 344 34 4 344 344 HI Central 214 214 214 204 Lehigh Valley ... 94 94 94 94 M K & T 74 74 74 74 MK & T pfd... 194 19’a 194 19 Mo Pac pfd 64 64 64 64 N Y Cent 304 304„ 304 30Vg N Y New Haven 5 5 5 5 . N Y Ont & West 64 6% 64 64 Norfolk & West 222 4 222 4 222 4 222 Nor Pacific 254 254 254 254 Penn R R 35 34 4 34 4 344 Sou Pac 274 27 4 274 274 Sou R R 154 154 154 154 Union Pac 1184 11 11 1184 Waba,sh 33 33 West Maryland . 9 s * 94 94 94 Equipments— Am Car & Fdy . 334 334 334 34 Am Loco . ... 27 4 274 27 4 274 Am Steel Fdj*.. 26 254 254 254 Bald Loco 44 44 44 44 Gen Elec 38 4 38 384 374 Gen R R Sig ... 46 4 46 4 46 4 454 West Air Br ... 394 384 394 384 Westingh Elec... 1064 1064 1064 1064 Utilities— Am & For Pwr .7 7 7 7 Am Power & Lit 9 s * 94 94 9 AT&T ...1604 160 1604 1594 Am Wat Wks .. 224 224 224 22 Col Gas & Elec . 144 144 144 144 Comm & Sou ... 4 34 4 34 Consol Gas 33 324 ’24 324 Elec Pwr & Lit.. 84 8 v 8 8 Int Hydro Elec.. 4’* 44 44 44 Interboro R T.. 18% 184 18% 18 Int TANARUS& T .. 164 164 164 164 Nat Pwr & Lit.. 12 114 12 114 North Amer 274 27 s * 27 4 274 Pac G& E 34 4 34 34 4 33% Pub Serv NJ. .. 47 464 47 474 So Cal Edison.. 27% 27% 274 274 Std Gas .8 8 8 74 Stone & Webster 174 174 174 174 United Corp 74 "4 7’* 74 Un Gas Imp . 184 184 184 184 Ut Pwr Lt (At.. 4 4 4 4 Western Union., 77 76 4 76 4 764 Rubbers— Firestone 26 26 26 254 Goodrich 154 154 154 15 Goodvear 234 234 234 234 U S Rubber 18% 184 18% 174 U S Rubber pfd 544 534 544 534 Miseeilaneous— Amer Can 129 4 139% 129% 1294 Am Mach & Fdy 284 284 284 28% Anchor Cap .. 19% 194 19% 184 Brklvn Man Tr.. 46 46 46 45% Burroughs Add.. 27 4 27 4 27 4 274 J I Case 101% 100 101 100 Deere & Cos . 60 60 60 604 Eastman Kodak 1604 1604 1604 1604 Foster Wheeler.. 284 284 284 284 Gillette 18 174 174 174 Glidden 51 51 51 504 inter Harv .... 50 684 58 584

Natl Cash Reg .24 23% 23% 23% Rem Rand 22 % 22% 22% 22V* Foods— Armour 5% 5% 5% 5% Armour 6% pfd. 71% 71% 71% 71% Borden Prod ... 26% 26% 26% 26% Cal Packing . 34% 34% 34% 34V* Canada D G Ale 16% 16V* 16% 15% Corn Prod . ... 71% 71 Vi 71 Vi 71 Cuban Am Sug 7% 7% 7% 7% Gen. Foods 35% 35% 35% 35>/4 G. W. Sugar ... 32% 32% 32% 32 Natl Biscuit ... 37% 37% 37% 37% Natl D Prod -. 22% 22% 22% 22% Purity Bak ... 16% 16% 16% 16 Std Brands .... 16Vi 16V4 16% 16V4 Retail Stores — First Natl Stores 47 47 47 46Vi Gimbel Bros, .. 7% 7% 7% 7% Gr Un Tea 5% 5% 5V 4 5% Hahn Dept Sts. 7% 7% 7% 7% Krese S S 23% 23% 23% 23% Kroger Groc .. 27>/ 4 27% 27% 27 Macy R. H. ... 47 47 47 47 Marshall Field .. 71% . 11% 11% 11% Mont Ward ... 38Vs 37Vi 38Vs 37Vi Natl Tea 11% 11% 11% 11 Vi Safeway St ... 34 34 34 34 Sears Roebuck . 62% 62% 62% 61% Wool worth 53 52% 52% 52% Aviation— Aviation Corp .. 4% 4% 4% 4% Boeing Aircft ... 24 23% 24 23% Curtiss Wright 4% 4% 4% 4% Curt Wright A.. 12% 12% 12Vi 12% Douglas Air .... 60% 60% 60Vi 59% Nor Am Av 7% 714 7% 71/. Sperry Corp ... 17% 17% 17% 17% United Air new. 27% 27% 27% 27% Chemicals— Air Reduction ..185 185 185 184 Allied Chem ...166 166 166 165% Am Com Alco .. 29% 29% 29',2 29% Col Carbon ....103% 103 % 103% 101 Com Sohents ... 21% 21% 21 y* 21% Du Pont 143% 143*2 143% 143 Freeport Tex ... 34V* 34% 34% 34*/ 4 Liquid Carb ... 40% 4040% 39% Math Alkafi ... 31 31 31 31 Natl Dis (new) 29% 29 29 28% Schenley Dist . 48% 48% 48% 48% Tex Gulf Sulph 35% 35% 35% 35% Union Carbide .. 74>/ 4 74 741/4 7334 U S Ind Alco.. 43% 42% 43 42Vs Drugs— Bristol Myers ... 41% 41% 41% 41V* Coty Inc 6Vi 6% 6% 6% Un Drug (new). 13 12% 12% 12% Financial— Adams Exp 11% 11% ... 11% Allegheny Corp.. 3V 4 3Vs 3% 3V* Am Int Corp ... 11% 11 Vs 11% 11% Chesa Corp 65 65 65 65 Transamerica .. 12% 12% 12% 12% Tr Conti Corp.. 8% B*4 BVi 8% Building— Am Radiator ... 26'* 25% 26Vs 26 Gen Asphalt 30'/ a 29% 29% 30 Holland Furnace 35 35 35 35 Int Cement ... 39*4 39 39 39 Johns Manville .106% 105% 106% 105% Libby Owens Gls 50** 49% 50 49% Otis Elev 45% 45% 45% 25% Ulen Cons 7% 7% 7% 7% Household— Col Pal Peet 19% 19% 19% 19*4' Congoleum 42% 42% 42% 42% Kelvinator 18*2 18% 18% 18>s Mohawk Carpet. 23% 23*% 23% 23*/s Servel Inc 16% 16% 16% 16% Simmons Bed ... 23% 23% 23% 23% Textiles— Amer Woolen ... 11*4 11 11% lots Celanese Corp .. 29* 2 29% 29% 29*4 Collins Aikman.. 45% 45% 45% 47% Gotham Hose ... 10% 10% 10% 10% Indus Rayon ... 30% 30% 30% 30% Kavser Julius ..28 28 28 28 Real Silk 13% 13% 13% 13% Chicago Grain Futures ißy JB:aes E. Bennett <b Cos.) 11:00 Prev. Wheat— High. Low. A. M. close. May 1,01*4 1.00% 1,01 1.00% July 89% .89*4 .89*4 .89 Sept 88*4 .87% .87% .87% Corn— May 60% .60% .60% .60% July 60 V a .60% .60 Vs .60% Sept 60 Vs .60% .60 Vs .60% Oats— May 82% .28% .28% .28 Vi July 28% .28 .28 .28 Rye— May 55% .55% .55% .55% July 54% .54% .54% .54** Sept 54% .54% .54% .54% LOCAL CASH MARKET City grain elevators are paving 95 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new No. 4 vellow 50 cents and oats 21 cents.

We Own and Offer Indiana Non-Taxable Bonds YIELD $31,500 Indiana University 3|/2% 3.05%-3.15% (Administration Bldg.) 6,000 Indiana University 3.20% (Dormitory Bonds) 10,000 Knox County Hospital ..4% 3.50% 4,000 Fall Creek School Twp..4l/ 2 % 3.70% (Madison County) 19,000 Wayne School Twp 3>/ 2 % 2.25%-3.20% (Marion County) 38,000 Cedar Creek Sch. Twp.. 4% 3.05%-3.40% (Lake County) 24,000 Elkhart County 21/ 2 % 2.10%-2.40% (Advancement Fund) 26,000 City of Connersville....4% 2.25%-3.50% (Water Revenue) Complete Information Upon Request City Securities Corp. 417 Circle Tower Lincoln 5535

PORKERS SHOW UNEVEN TREND; RECEIPTS LIGHT Vealer Prices Generally $1 Higher; Lambs Scarce, Unchanged. Trading in the livestock market today at Indianapolis was practically at a standstill as a result of the severe cold spell. Farmers had extreme difficulty in exporting their stock to the local yards. With only 1500 hogs on hand, prices were generally steady, excepting underweights, which moved around 15 cents higher. Activity was at an extremely low ebb, both among sellers and buyers. Today’s total supply which was equivalent to a Saturday session, consisted of about 140 hogs held over from yesterday’s market. The bulk of 160 to 250 pounds, sold at $10.40 to $10.50, while heavies, from 275 pounds and upward, brought $9.75 to $10.05. Slaughter pigs held at $9.40 to $10.15. The cattle market, including steers, heifers, cows and bulls, was generally 25 cents higher than yesterday’s best average. Bulk of steers ranged from $7.50 to $9, while a single load of choice grades held higher. Best heifers ranged from $6.50 to $7.50. Receipts were 300. With a sharp increase in demand, the veal market was largely $1 higher. The bulk of good and choice grades sold at $12.50 to sl3. Receipts were scarce, estimated at only 100. Lambs remained unchanged with not enough stock on hand to test the market. Receipts numbered 50. HOGS Jan. Bulk. Ton. Receipts. 17. $10.05@ 10.20 $10.20 6000 16. [email protected] 10.10 1000 20. [email protected] 10.45 4000 21. [email protected] 10.35 7000 22. [email protected] 10.50 4000 23. [email protected] 10.50 1500 Light Lights. (140-160) Good and choice..* [email protected] Medium 9.40 ($10.15 (160-180) Good and choice.. 10. 4n@ 10.50 Medium 9.90® 10.40 (180-200) Good and choice.. [email protected] Medium . [email protected] (200-220) Good and choice.. [email protected] <220-2501 Good and choice.. [email protected] Heavyweights. (250-2901 Good and choice.. [email protected] 1290-3501 Good and choice.. [email protected] Packing Sows. (275-3501 Good 8.75@ 9.00 (350-425) Good 8.50@ 8 50 (425-550) Good 8 25® 3.70 (275-550) Medium 8 00® 8.50 Slaughter Pigs. (100-140) Good and choice.. 9.40® 9.90 Medium 8.90® 9.65 CATTLE —Receipts. 300— (500-900) Choice $10,250)12.25 Good [email protected] Medium 7.OC® 9.00 Common 5.25® 7.00 (900-1100) Choice [email protected] Good [email protected] Medium 7.25@! 9.35 Common 5.50® 7.25 (1100-1300) Choice [email protected] Good 9.25® 12.25 Medium 7 50® 9.25 (1300-1500) Choice [email protected] Good 9.50®12.50 Heifers. (500-750) Choice 9.00@10 00 Good 7.50® 9.00 Common and medium 4.50® 7.50 '750-9001 Good and choice.. [email protected] Common and medium 5.00® 7.50 Cows Choice 6.50® 7.25 Good 5.75@ 6.50 Common and medium 4.75® 5.75 Low cutter and cutter 3.50@ 4.75 Bulls, good 6.25® 6.75 Cutter, com. and med. bulls.. 4.25® 6.25 VEALERS —Receipts, 100— , Good and choice $12.00® 13.00 Medium [email protected] Cull and common 5.00® 9.50 Calves (250-500) Good and choice ... 7 [email protected] Common and medium 4.50® 7.00 Feeder and Stocker Cattle v'soo-800) Good and choice.. 7.00® 8.25 Common and medium . 5.00® 700 (800-1050) Good and choice. 7.00® 8!50 Common and medium 5.00® 7.00 Cows Good 4 50® 5.00 Common and medium 4.00® 4.50 SHEEP AND LAMBS —Receipts. 50— t Lambs, 90 lbs. down, good and choice slo.oo® 10.75 Good 9.50® 10.00 Medium 8.75@ 9.50 Common 7.00® 8.75 Ewes. 190-175) Good and choice .. 4.00® 5.00 Common and medium 3.00® 4.00 Yearling wetners. good choice 9.00® 9.50 Medium 7.00® 9.00 Produce Markets (By United Press) CHICAGO. Jar.. 23.—Eggs—Market, firm; receipts 5088 cases: fresh graded firsts, 24c; extra firsts, 24%c; current receipts, 23c: dirties, 20 , /2C; checks, 18%c, Butter —Market, firm receipts, 4618 tubs; extra firsts (90-91 %• score), 32*/2@,32%c; extras (92 score), 33*/ 4 c; firsts (88-89% score). 31%®32*/4C; seconds (86-87% scare), 32c; specials, 33%@33V4c; standards, 33%c. Poultry—Market, tone strong; receipts none, one car due; ducks, 17@22c; geese. 17c; spring Chickens, 22@23c; hens. 21%c; turkeys, 20@23c; Leghorn hens. 14@18c: old roosters, 16c; broilers, 25@26c. Dressed poultry—Turkeys, young toms. 27c; young hens. 27c; capons. 27® 30c. Cheese — Twins. 16@16'/4c: daisies. 16 1 2 @ 16%c; Longhorns, 16*.2<5 16%c. Potatoes—Supply moderate, no trading because of cold weather. Arrivals 28, on track 218, shipments 611. INVEST with Ist Mortgage Security on Improved Real Estate BUY Building & Loan Shares

* * Island Record Reports to the Hawaiian Territorial offices of the Federal Housing Administration show that building activity in Honolulu for 1035 passed the $3,000,000 mark, setting anew construction record for the last four years.

N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 92 7 89 9 105 0 95 9 Yesterday 92 5 88.9 104 8 95,4 Week ago 92 8 89 0 104 8 95 6 Month ago 90.9 83 1 103 0 92.3 Year ago 86.8 85.3 91 9 88 0 1635-36 High... 93.1 89.5 105.1 95.7 1935-36 Low 3.6 71.0 89 3 83 0 iCopvright. 1936. bv Standard Statistical : r. S. GOVERNMENT BONDS ißv Abbott. Proctor Si Paine) Treasury* Prev. Close, colse. 4**s 1947-52 115.10 115.13 4s 1944-54 111.10 111 .09 3 •’**S 1940-46 107.29 108 3%s 1943-47 107 107.4 3 3 ss 1941-43 10813 108.14 3**S 1943-45 106.10 106 8 3>*s 1941 108 22 108.23 3Us 1944-46 105.27 105 28 3'sS 1946-49 104.5 104.6 3>sS 1949-52 104.6 104.6 3s 1954-55 103 3 103 3s 1946-48 103.11 103.10 3s 1955-66 100 11 100.14 2%S 1945-47 101.10 101 11 Home Owners Loan Coro. 2%s 1949 99 30 99.27 3s 1952 101 4 101.6 Federal Farm Mortgage Corp, 3**s 1964 102.29 103 22 3s 1949 101.11 101.14 3s 1952 102.2 101.30 2%S 1947-49 100.18 100.21 DOMESTIC Prev. Close Close Alleg Corp 5s '44 93 92 AUeg Corp 5s '49 Bi% 87 Alleg Corp 5s 'SO 58v 2 ->7% Am Frgn Pow 5s 2030 76“s 75% Am Tei <& Tel 5%s '43 lljUa JJo 3 Am Tel & Tel 5s ’65 113 11?, Arm & Cos (Del) 5%s ’43 97 3 s 9>* Atl Coast Line 4s '52 98% 93U Atl Coast Line 4 1 2S ’64 85 84% Atch Top & S Fe 4%s '4B ...110,2 111 Am Wat Wks 5s '44 110% 110% Am Rolling Mills 5s '3B *2a 122% Balt & Ohio 6s '95 91% SUU Balt, Si Ohio 4*,3S '6O 681* 6;'s Buff Roch & Pitt 4* 2 s '57 ... 73% 73 Chi Milw &StP 5s '75 23;* 231. Chi Milw & St, Pss 2000 _ 9V* 8% Clece Un Term 5s '73 103 103% Cleve Un Term 4%s '77 97% 97% Col Gas 5s May '52 101% 101 % Col Gas 5s '6l 100% 100 Can Pac Perp 4s 88% 88% Cent Pac 5s '6O 96 94 * Big Four 4%s '77 87% 85% Colorado & So 4’/is 'BO 69Va 67 s Chi & West Ind 4s '52 102 101% Chi Si West Ind 5%s '62 ...107% 107 Chi & Nor West 4%s '49 .... 15% 14% Con Gas 5s '57 Joa s 105% Chesa Corp 5s '47 123% I*l% Del & Hud 4a '43 81% 80% N Y Dock 4s 'sl 70 68% N Y Dock 5s '3B 63 59% Erie 5s '75 75% 73% Erie 5s '67 7a % 73% Grt North 7s '36 102% 102% Grt North 4'/ 2 s '76 100% 100 Grt North 4Vis '77 100 99% Hud & Man Ref 5s '57 .... 84 84 111 Cent 4%s '66 67% 66 111 Cent Jt 4Vis '63 73% 72% 111 Cent 5s ’63 79, 77% Interntl Tel & Tel 4%s '39.. 94% 93% Interntl Tel & Tel 5s '56... 89% 89 Interntl Tel & Tel 4Vis '52 .. 85V* 84% McKess & Rob 5%s 'SO 103% 103% Natl Dairy sV*s '4B 103% 103% Natl Steel 5s '56 106% 107 Nickel Plate 4 Vis '7B 79 76% Nickel Plate 5%s '74 90% 88 Nickel Plate 6s '35 103% 103 N Y Cent 5s 2013 89% 88% N Y Cent 4%s 2013 (old) 83% 82% Nor Amer Cos as '6l 105% 105 1 2 Nor Pac 3s 2047 105% 105 Vi Nor Pac 3s 2047 76% 76% Nor Pac 4 1 is 2047 97% 97% Nor Pac 6s 2047 108V* 107% Nor States Pow 5s '4l 105% 105% New Orleans Term 4s '53 .... 87 86 Otis Steel 6s '4l 101% 102 Penn Ry 4Us 'B4 107 Vs 107 Penn Ry 4%s 'Bl 106% 107 Penn Rv 4%s '7O 101 101% Pac G & E 5s '42 104>/ a 104% Portland Gen El 4Vis '6O .... 75% 75% Para Public sVis 'SO 94% 92% Penn P & h 4%s 'Bl 106% 107 Postal Tel & Cab 5s '53 41 V 39% Rem Rand WW sVis '47 108 107 Vi Shell Union Oil 5s '47 103% 103V* Sou Pac 4Vis '6B 87 85% Sou Pac 4%S 'Bl 86% 85% Sou Pac 4Vis ’69 87 85% Sou Pac 4s ’49 88 86% Sou Rail 4s ’56 59% 58 Sou Rail 6s ’56 77% 74% Sou Rail 6Vis ’56 81 79V* Sharon Stl Hoop 5%s ’4B 103% 103% Texas Pac 5s ’6O 99% 99% Texas Pac 5s ’79 99% 99% Texas Pac 5s ’77 99% 99 Vs United Drug 5s ’53 98% 98% U S Rubber 5s ’47 104 104 NY NH & Hart 6s ’4B 39% 37Vi NY NH 8c Hart 4Vis ’67 40 38 Warner Bros 6s ’39 91% 89% Western Mary 4s ’52 97% 97% Youngstown S & T 5s ’7O ...105V* 105 Youngstown S T 5s ’7B 105 105 FOREIGN Argentina A6s ’57 98V2 98% Argentine B 6s ’SB 98% 98% Brazil 8s ’4l 33% 32% Denmark 5%s ’55 101% 101% German sVis ’65 28% 27% German 7s ’49 38% 37% Italy 7s ’sl 64% 64% Japan 6%s ’54 98% 99%

LOTS OF PEOPLE BORROW on the Colonial J^lan TO GET OUT OF DEBT Yes, it’s possible to borrow to get out of debt. Lots of people do it every day. Thus, you may* trade your past due bills, or other debts, for one obligation, with only one easy payment to make each month. No matter what kind of a debt you owe, see us about helping you reduce your monthly payments. Use Colonial "emergency” service when you must have money in a hurry to pay some unexpected expense. When you purchase anew or used car, tell your dealer you want to finance it on the convenient, liberal, low cost Colonial Plan. REDUCED RATE ON LOANS OVER SIOO | Colonial’s charge on loans of more than SIOO provides a considerable saving, since it is below the maximum provided by law. FURTHER REDUCTION FOR PROMPT PAYMENT Ten per cent (10%) of the monthly cost of your loan will be paid hack to you every month if you pay promptly. EQUAL MONTHLY PAYMENTS Colonial provides a plan of equal monthly payments. You know in advance svh-t vour payments will be each month, it’s simpler —easier to budget. FREE PARKING TO COLONIAL CUSTOMERS Across the street from our office is a large parking lot. Just drive in—get your parking check—bring it to our office when you come in to transact your business— we’ll stamp it—you pay y —,. nothing to the park- i ing attendant when 'EdllLiL'L M- L*. you return for your ,PF; F~ [ ~ r ~ "’HHII'V car. It’s good for ON THE y dt I1& one hour. V r/‘ ’ iy\ GROUND v *• MICHIGAN '"'STREET FLOOR r i muni: Gs Come la to discus* your money needs withJP; out obligation or we’ll send a courteous young fellow to see you if you prefer. ilia^ g, ‘ TfJ?? OF INDIANA, INC 1/ J|l 115 E. Michigan St. Riley 1591 * INDIANAPOLIS "Ut Colonial Plan Your Way Out of Debt”

U. S. EXPORTS TO ITALY GAIN OVER YEAR AGO Shipments of Petroleum Products Increase, Report Shows. By United Frrs* WASHINGTON. Jan. 23. increased her purchases of American goods in December by more than 60 per cent compared with a year ago, the Department of Commerce reported today. There was a sharp drop, however, in December exports as compared with November. At the same time total American exports dropped sharply while imports rose. American exports to Italy in December totaled $7,913,000 compared to $9,054,000 in November and $4,807,035 in Deember. 1934. Shipments of petroleum products, the life-blood of Italy's East African communications, continued to rise. Metal Exports Gain December purchases brought exports to Italy in 1935 to $71,331,194, compared with $64,090,713 in 1934. The commerce figures did not reveal any particular movement of munitions to Italy, the largest gain in December being in non-metallic minerals. These accounted for $2,325,301, compared with $453,047 a year ago. Exports of metals and manufactures, except machinery and vehicles rose to $1,763,351 from $692.010, while machinery and vehicle exports increased to $778,270 from $442,982 in December, 1934. The figures also showed that the United States increased its purchases of Italian goods to $4,683,375 in December from $2,902,776 in December, 1924. Increase Is Unseasonal American imports from Ethiopia, principally of animal and animal products, rose to $48,536 from $4040. Amercia nexports to Ethiopia fell to $1671 from $1923. The unseasonal increase In total December imports was caused by larger movement to this country of crude rubber, tin, undressed furs, wood pulp, copper, petroleum, hides and skins and vegetable oils. The December foreign trade brought total American trade with the world to the highest level sines 1931. Total exports last year were $2,282,023,000, the highest since 1931, when they were $2,424,289,000. Imports last year were $2,047,797,000, the highest since 1931, when they were $2,090,635,000. Most of the gain in exports occurred In the latter part of the year. VOTES STOCK DIVIDEND Time * Special FORT WAYNE. Ind., Jan. 23. Directors of the National Life Insurance Cos. today declared dividends of $1.20 on a $lO share of stock. They are payable quarterly, Feb. 1, to stock of record Jan. 23; May 1, of record Aprii 24; Aug. 1, of record July 25, and Nov 2, of record Oct. 26.