Indianapolis Times, Volume 47, Number 274, Indianapolis, Marion County, 24 January 1936 — Page 28

Trends Successor to AAA Mav or May Not Be Legal. BY JOHN T. FLYNN

*R JASHINGTON. Jan. 24 —The * * uccssor to the AAA is about ready. And with it rises the grim question—is it constitutional? Here is the plan: The objective of the Administration is to reduce crop production and to pay money benefits to

the farmers. Under the AAA the fa r m ers were paid money benefits to increase the yield on their crops. In return they agreed to cut down the number of acres they cultivated. U n der the new plan this is to be changed. The farmers are to get money payments from the g o v e r n m ent. But this money

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Flynn

is to be paid them as rent for certain parts of the farmers’ land which the government will lease in order to conserve the soil. It is claimed that this will accomplish much, if not all of the aims of the AAA. The farmers will get the money. The reduction in acreage cultivated will result in curtailment of crops. # M TJUT will this be any more constitutional than the AAA? That law was held unconstitutional (1) because Congress nas no power to regulate agriculture; (2) because the AAA was a plan to regulate agriculture; <3> it was such a plan because the government attempted to decide how much of any affected crop would he raised and, having fix’d the objective, the government paid farmers to limit their acreage to bring down the production. This was in effect a regulation of agriculture. The new law will not pretend to regulate agriculture. It will be passed to “conserve the soil.” Has Congress the right to take measures to conserve the soil? The answer must certainly be that :l has. It can appropriate money for soil conservation. But when it pays out that money it can not annex conditions which would amount to an attempt to regulate the land of the states. But under the new plan there Is. apparently, to be no attempt to regulate the land. There will be no conditions. The government will merely lease so much land from each farmer. By leasing 20,000,000 to 25,000,000 acres, that many will be automatically withdrawn from production. * * M HAS the government the right under the Constitution to lease land within the states? It can not buy land in the states save with the permission of the state. But perhaps it can lease land without the state's permission? That remains to be decided. Will merely leasing the land be sufficient? Merely leasing the land and doing nothing to it will not conserve the land. Will it not be necessary to do something to the land? To plant certain resuscitating crops, etc? Can the government. pay the farmer to do these additional things to the land? How far will the Supreme Court undertake to say that it is not bound to assume that the purpose of the act is not precisely what it pretends to be: May it not insist that the court has the right to penetrate the pretended purpose and look at the real purpose and that the real purpose is to regulate agriculture just as the AAA? The AAA decision went pretty far. The government may discover that this decision has hopelessly paralyzed almost any effort it can devise to accomplish any purpose not specifically delegated to it in the Constitution. (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: ieruit—Cranberries. C. Homes. Eatmo;es. 25-lb. box. *3.75 Pears—Washington D'AnJo. *3.25. Calif avacados. *3.50. Bananas—Seven hands, a pound, s'*c. Persimons—California, lug. *1.35. Apples— Jonathans, *1.50. Delicious, *1.25. Wealthvs. *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 13s. 32c. Grapes—Emperor, lug, *2: fancy Emperor, 34-lb. sawdust chest, 53.75. Vegetables—Beans, green, round stringless bu.. 53.50 Beets—Texas. 3-doz. crate. *l5O. Sabbage—New York Danish, 50-lb. bag 80c Cauliflower —California, crate, *1 50. Cabbage—New York Danish. 50-lb. itag. 80c. Cauliflower—California, crate. *175. Celery—Michigan, washed and trimmed, doz.. 50c: Jumbo, doz., 85c. Cucumbers—Southern, bu.. *6: doe.. *1.15, Kale—Virginia, bu.. 65c. Lettuce—lceberg. California, good *3 35; homegrown leaf, 15-lb. basket, *1.50 Endive—California, basket. *l. 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. Parsley— Southern, doz., 50c. Peas Telephone, hampers, *2.75; Texas hampers. *2.50 Po-tatoes-Round Cobblers. 100-lb. bag. *1.60: Michigan Round White. 100-lb. bag *1.60; Early Ohlos. bu.. *1.75: Idaho Russets. *2 35. Sweet potatoes —Indiana Jerseys, bu.. *1.50. Radishes—Ohio, button, doz . baskets, 404150 c. Sage—Doz.. 45r. Spinach —New Texas, bu., .*l.lO Squash —Bu.. *2.50. Tomati <•*—lo-lb. basket repacked. *1.25; 8-lb. basket. 51.35. Produce Markets The price* quoted are paid for stock gathered in the country, while delivered in Indianapolis the price Is a cent higher. Heavy breed bens. 16c; leghorn breed hens. 12c: Leghorn springers. 12c: old stags. 14c: old cocas, Ic. Ducks, white. 5 lbs. rd 'ver. lie under 5 lbs 9c: geese full feathtivd and fat 9 to 14 pounds. 10c; over 14 lbs.. 9c. All guineas 1% lbs. and up. 20c. Turkeys— Young hens 8 lbs. and up. 20c: young toms. 14 to 18 lbs., 17c under 14 lbs. and over 18 lbs., old hens. 17e: old toms, 14c. No. 1 strictly tresh eggs, loss off. 19c, pullet eggs. I2e Each full case must weigh 55 lbs. gross. 55 lbs. will be made. No. 1 butter 36®37c: No. 2. 33©S4c. Butterfat. *2c. Quoted bv • deduction of 10 centa a pound under the Wadley Cos. ißy United Press) CHICAGO. Jan 24.—Eggs—Market, Arm: receipts 3840 cases: fresh graded firsts 34c: extra firsts, 25c: current receipts 23c; dirties. 20%c: checks. 18‘jc. ButterMarket. firm, receipts 4285 tubs; extra flrat* >9O-11 1 2 scorei, 33%*iJ3%c; extras f*3 score). Sic: firsts <BB-% seorei. 32% eeconds iB6-87% score). Sl%e; specials, 34%55c standards. 33'ic Poultry—Market. Arm: receipts one car 7 truck*; one car due: ducks. 174} 22c; geese. He: spring chickens 244/25c hens. 30tf35e: turkevs. 20®23c stags 21c; Leghorn hens 15th 20c; old roosters 17e; broilers, 35©27c: Leghorn chickens 18c. Oheete—Twins. Kgfll'sc: daisies 16%® 16%e: longhorns, 16%V16’,c. Dressed poultry—Turkey*, younit toms, 27c: voung hen*. 27c: capons. 27®30c. PotatoesSupply moderate no trading because of continued aub-zero weather Arrivals 39. on track 335. shipments 564. LOCAL CASH MARKET City grain elevators are oavlnc 95 centa lot No 3 toft wheat Other trade* on their merits Cash corn new No. i yellow 60 cent* and oats 21 cents,

* ♦ Abreast of The Times on Finance ♦ ♦

PAGE 28

SCRIPPS PLAN DISCUSSED BY HIGH OFFICIAL

Treasury Member Expresses Great Interest in Tax Program. BY ROBERT W. HORTON Times Special Writer WASHINGTON. Jan. 24.—A high Treasury official expressed great interest today in the tax collection relorms proposed by Robert P. Scripps, controlling stockholder of the Scripps-Howard newspapers. This official, who can not be quoted by name because of his position, conceded that collection of estate and inheritance taxes is one of the most difficult problems before the Internal Revenue Bureau. Mr. Scripps proposed installment payments of estate taxes over a period of 15 to 25 years—the taxpayer giving notes or other paper to the government—in cases where a lump-sum payment might jeopardize the estate, particularly were it a h u..._s:s enterprise. “Jndue Hardship” Provision The Treasury official pointed out that the present law permits extensions totaling slightly more than nine years after death, but he conceded that payment is due on demand 15 months after death and that extension beyond that period is entirely discretionary with the Internal Revenue Bureau. That extension is made only upon a showing of “undue hardship,” and Mr. Scripps feels that this virtually requires a showing of poverty so far as liquid assets are concerned. The Treasury expert agreed that “it might be that this provision, which seems to imply that some hardship is expected and that the commmisisoner must find that the hardship is undue, is poorly worded or perhaps too strictly administered. “The test for the delay is a very indefinite standard, doubtless intended to leave a wide administrative discretion.” “Practical Difficulties” Under the Scripps plan the extension would become a right of the taxpayer rather than a matter of discretion for the commissioner of internal revenue. The Treasury expert felt that this idea as well as the 15 to 25-year extension presented “very practical difficulties.” “If the extension for a long period is a matter of right,” he said, “it is apt to be used both by executors who actually need it and by those who do not need it, but who wish to speculate with the funds and to delay realization. “Not all estate are well administered. and some executors are more interested as beneficiaries than as fiduciaries. On estates with a narrow margin the temptation would be strong to withhold the money from the government in the hope of increasing the estate by risking both the equity and the government’s tax.” Thorough Study Needed Another point requiring considerable study, according to this expert, is that “under the present law the goverment’s claim for taxes is ahead of all other claims except administrative expenses. If this provision is preserved, heirs, legatees i and general creditors could not be j paid until the government had received all of its tax. “The long postponement of settlement would be contrary to the usual prictice of well managed executorships where the aim is to close the estate as soon as possible. It does not seem to me that we could repeal the government’s priority of claim, and, of course, under any circumstances the tax claim would have to stand ahead of the claim of beneficiaries.” Such aspects of the problem, he said, indicate the desirability of discussing this problem, which, he said, “is so general and carries such consequences to enterprise as a whole that it merits a more thorough study, as suggested by Mr. Scripps.” BUSINESS FAILURES DIP U. S. Defaults Off 7.5 Per Cent In Week Ended Jan. 16. Time* Special NEW YORK. Jan. 24.—The total number of business failures reported in the United States for the week ended Jan. 16 was 246. a decrease of 7.5 per cent from 266 reported in the preceding week. Dun & Bradstreet, Inc., announced today. Fewer defaults appeared in the East. South and the West, while a rise of 8 failures was shown for the Pacific Coast. Failures in the Dominion of Canada during the pe- i riod numbered 39. against 28 in the j previous week, and 42 for ihe com- j parative week of 1935.

Busigraphs

TREND OF FACTORY PAYROLLS (U. 5. DEPT, OF LABOR) toy---, ■ 2 ~ // <v v, '•*■* AvntAct otj/? y “■ V//, O > TH£ SAMS MONTHS ///, // '“lUlliill . ME OAQKER .CORP. GENERAL DISTRIBUTORS INCORPORATED INVESTORS

Factory pay rolls during the last year increased 25 per cent, and were just double the low point in 1932. Compared with this, factory employment increased only 10% per cent during the year, and 44 per cent over the 1932 low. This clearly shows that while factory employment has increased, the average factory hand has received a much fatter pay envelope. In fact, the size of the average pay envelope has grown faster than the cost of living, thus increasing purchasing power.

New York Stocks

(By Thomas & McKinnon) 11:15 AM Prey. Oil*— High. Low. N. Y. close. Atl Rfg 30% 30’, 30% 30’i Barnsdall 16% 16 s * 16% 16% Consol Ol! . 13 % 13 13% 12% | Cont of Del . 36% 36 36 36(4 I Houston >newi. 11% 11% 11% 11% Mid Cont Pet .. 21% 21% 21% 21 % Ohio Oil 16% 16% 16% 16% Pet Corp 15 15 15 15 Phillips Pet ... 40% 40% 40% 40 Plymouth Oil -.14 14 14 14% j Pure Oil 20 19% 20 19% Seaboard Oil ... 34 33% 33% 34% Shell Un 18% 18% 18 % 18% Skellev Oil 25% 25% 25% 25% I Soc Vac ... 16% 16% 16% 16% S O of Cal ... 42% 41% 41% 41% |SO of Ind .... 36% 36% 36% 36% 3 O of N J . . 55% 55 55% 55% j Texas Corp ... 34V* 34 34 33% : Tidewater Assn 16% 16% 16% 16% j Un Oil of Cal .. 25 25 25 25 Steel*— Beth Steel 52% 52% 52% 52% Byers AM 22 21% 21% 22% | C'ruc Steel 102% 102% 102% 102% Inland Steel . 102% 102% 102% 102% : McKeesport Tin 114% 114% 114(2 115% ; Mid Steel 22% 22% 22% 22% : Natl Steel .... 68 68 68 67% ] Otis Steel 16% 16 16 16% [Rep I A Stl . 19% 19% 19% 19% jU S Pipe A Ftiy 32% 31% 31% 32 > U S Steel . 48% 48% 48% 49 IU S Steel pfd..120% 120% 120% 120 Warren Bros 5% 5% 5% 5% Yngstwn S& T. 47 46% 46% 46% Motors— Auburn 42% 42% 42% 42% Chrysler 89% 89% 89% 89% Gen Motors 56% 56% 56V* 06 Hudson 15% 15% 15% 15% Hupp 2% 2% 2% 2 Mack Truck .... 29% 29% 29% 29% Nash 18% 18% 18% 18% Packard 8 7’* 7% 7% Reo 5% 5% 5% 5% Studebaker .... 10% 9% 9% 10% Yellow Truck .. 14 13% 13% 13% Motor Access— Bendix 23% 23% 23% 23% Bohn Alum 52% 52% 52% 52% Borg Warner ... 69 68% 69 68 Briggs 54% 54% 54% 54% Budd M?g 11% 11 11 107* Budd Wheel ... 13 12 13% 13% Elec Auto Lite .. 38% 38% 38% 38% Houdaille 'B". 28% 28 28 28% Murray Body ... 18% 18% 18’, 187* Stew Warner ... 20% 20% 20% 20 Timken Roll 68% 68 68% 67% Timken Det Axle 16% 157'a 15% 15 7 /* Mining— Alaska Jn 177* 17% 17% 17% Am Metals 35 34% 34% 34% Am Smelt 64 63% 64 63% Anacoijda 30% 30% 30% 30% Cal A Hecla ... 7% 7% 7% 7% Cerro De Pasco. 53% 52% 52% 52% Dome Mines ... 51 50% 50% 50% Granbv 10 9% 9% 9% Gt Nor Ore . 16% 16% 16 s /* 16% Homestake Min 540 540 540 540 Howe Sound ... 54% 54% 54% 53% Ins Copper 77* 77k 7% 7% Int Nickel 49 48% 49 48Vi Kennecott Cop .. 31% 31 s * 31% 31% Mclntyre Mine . 487 k 48 48 48% Park Utah SV 5% 5% 5% Phelps Dodge .. 32% 32 32% 32 St Joe Lead ... 26% 25% 23% 26 IU S Smelter ... 96% 95% 95% 95% [ Vanadium 23% 237* 23% 24 Amusements— Loews Inc 52% 52% 527* 52% Radio Corp 13% 13 13V* 13% Paramount 10% 19% 10% 107 k RKO 7 7k 7'A 7% 7% [Warner Bros ... 117* 11 Vi 11% 11(4 Tobaccos— Am Snuff 72% 72% 72% 72% Am Sum Tob ... 24% 24% 24% 24 Am Tob “A” ... 99% 99% 99% 99 Am Tob ’B” 100% 100% 100% 100% Gen Cigars 57Vi 57 Vi 57 % 57 Vi Lig A Mi ers B 112% 112 112 113 Lorillard 257* 25% 25% 25% Phillips Morris.. 70% 70% 70% 70% Rails— Atchison 717* 71 71 707* Atl Coast Lines. 31% 31 31 31 B A O 18 % 18 18 18% Can Pacific 117* 11 Vi 11% 117* Ch A Ohio ... 55 % 55 5 j 55 C M & St P ... 2% 2% 2% 27k M & St P pfd . 4% 47k 47'* 474 Del a A Hud .. 39% 39 39 39% Del Lac A W.. 17% 16% 1674 16% Erie 13% 13 13 13% Erie 19 Vi 19 Vi 19% 19% Grt North pfd. 3474 3474 347* 3474 111 Central . .... 21% 21% 21(4 21V* Lehigh Valley ... 9% 9% 974 9% M K & T ... 8% 8 8 BV4 M K A T pfd ... 20% 19% 1974 20% Mo Pac pfd ... 7V4 6% 7V4 674 N Y Cent . 3174 31(4 3174 31% N Y New Haven 574 5% 57* 574 Nor Pacific . . 26% 26% 26(4 26% Penn R R ... 35 74 35(4 357 * 35V* Reading 41 41 41 4074 Sou Pac 28Vi 27 74 27 74 28% Sou R R 15% 15 15 157* Union Pac ....120% 120% 12074 120% W Maryland .. 974 9% 974 9Vi Equipments— Am Brk Shoe. 49% 49Vi 49Vi 49 Am C A Fdy .. 33% 337* 33% 34 Am Loco .... 27’* 27% 2774 2774 Am Stl Fdy .. 26% 26% 26% 26 Bald Loco 5 5 5 5 Gen Am Tk Car 52% 52% 527* 52Vi Gen Elec 39% 39*4 39Vi 39% Gen R R Sig .. 48% 47% 48% 47% Pullman Inc ... 41% 4174 417* 41% West Air Br ... 39% 39% 39% 3974 Westingh Elec .109 108% 108% 10874 Utilities— Am A For Pwr. B’4 4’4 4% 8% Am Pwr A Lit. 974 9 % 9*/* 9% A T A T 16G 15974 160 160% Am Wat Wks . 22% 22 22 22V* Col Gas A Elec. 15 1474 147* 14% Com A Sou .. 3% 3% 3% 3% Consol Gas ... 33V* 32 74 32 74 32% Elec Pwr A Lit.. 77* 77* 774 8 Int Hydro Elec 4% 4% 4% 4% Int TAT . 17% 17V* 17% 17% Nat Pwr A Lit. 117* 11% 11% 11% North Amer 28% 28V* 28(4 28% Pac GA E 34% 34% 34% 34% Peoples Gas ... 45% 45 7* 45 74 45 Pub Serv N J.. 47 4674 46% 47 So Cal Edison... 27*i 27% 27% 277* Std Gas 77* 774 7 % 8 Stone Webster. 17** 17% 17% 17 s * United Corp ... 7% 7% 7% 734 Un Gas Imp 18% 18% 187* 18% Western Union.. 7874 7 8 78 78% Rubbers— Firestone 26% 26% 26% 26% Goodrich 15% 1574 15% 1574 U S Rubber . 18% 18% 18% 18% U S Rubber pfd 5674 5674 5674 56V* Miscellaneous— Allis Chalmers 38*4 38% 3Vi Vi 387* Am Mach A Fdy 27% 277* 27% 27% Anchor Cap . 19% 19% 19% 197* Brklvn Man Tr 45% *5 45 4474 Burrough Add . 28 27% 28 28% J I Case 103 102% 103 1027* Conti Can 83% 83*4 83% 83% Caterpillar Trac. 59 58% 59 58 Curtis Pub .... 21 Vi 21% 21*4 21% Deers A Cos . 60 60 60 60 Eastman Kodak 160 160 160 15974 Foster Wheeler . 31% 31% 31% 31% Gillette 18% 18% 18(4 177* Glidden 51 % 51% 51V* 50% Inter Harv 59% 59% 5974 59Vi Natl Cash Reg.. 24% 23% 24 2374 Owens Bottle ...145% 145% 145** 145% Rem Rand . 22% 22% 22% 22V* Worthing'n Pmp 26% 26% 26% 26 Foods— Am Sugar 57% 56Vi 56% 57% Armour 57* 5% 57* 574 Borden Prod ... 26% 26% 26% 26% Cal Packing ... 35% 35% 35% 35 Canada Dry G A 16 16 16 16 Coca Cola .. 88% 88% 88% 88% Cont Bak •'A“.. 15 s , 15% 157* 15% Crm of Wheat .. 37% 37% 37% 37 5 , Cuban Am Sug. 7(4 7% 7% 7% Gen Foods 35 34 s * 35 3574 Gen Foods 35 34 s * 35 35% Gold Dust 20% 20% 20% 20% G nv Sugar 32 s * 32 s * 32 s * 327* Natl D Prod ... 22% 22% 22% 22% Purity Bak ... 15% 15 s * 15% 16V, S Porto Rico Sug 30 30 30 30 Std Brands 16% 16% 16% 16% Retail Stores— First Natl Stores 47% 47% 47% 47% Gimbel Bros ... 7% 7% 7% 7% Allied Sts 7% 7% 7% 7% Jewel Tea 59% 59% 59% 59% Kresge S S .... 23% 23 s * 23 s * 23% Kroger Groc ... 27 s * 27 s , 27% 27V* Macy RH ... 46*4 46% 46% 46% Marshall Field.. 11% 11% 11% 11% May Dept 5t,... 49 49 49 48% Mont Ward 38% 38 s * 38% 38V* Natl Tea 11% 11 s * 11 11*4 Safewav St ... 34% 34 s * 34% 34V* Sears Roebuck . 63% 63 63% 62% Wool worth 53 V, 53 53% 53 Aviation— Aviation Corp .. 5% 5% 5% 5 Boeing Aircft .. 25 24% 25 24 s * Curtiss Wright. 4 s , 4 s , 4 s , 4% Curtiss Wright Al3 12 s * 12% 12% Douglas Air 66% 65% 65% 64% Nor Am Av 7 s * 7% 7 s , 7% Soerrv Corp .. 19% 19% 19% isi! United Air’aft N 29% 28% 29% 28% Chemicals— Air Reduction ..186% 186% 186% 185 Allied Chem .168% 168% 168% 167% Col Carbon 104% 104% 104% 104% Com Solvents ... 21% 21 s , 21 s * 21% Du Pont 143 s * 143 s * 143 3 4 143 Freeport Tex ... 34% 34 34 34% Liquid Carb ... 40% 40% 40% 40% Math Alkali 31 30 s * 30% 31% Monsanto Chem 96 96 96 96 Natl Dls >newi. 29% 29% 29% 29 Schenlev Dist . 49% 49 49 49 Tex Gulf Sulph 35 s * 35% 35 s * 35% Union Carbide 74% 74% 74% 74% U S Indus Alco 43% 43% 43% 43 Drags— Bristol Mvers .. 42% 42% 42% 42 Cotv Inc 6 s , 6% 6% 6(2 Lambert . . 22 s * 22 s * 22 s * 22 s * Lehn A Pink . 12 s . 12 s . 12 s . 13 s . Sterling Prod . 65% 65% 65% 66% Un Drug 'new) 13 12% 12% 13 Vick Chem . 45 45 45 43 s . Zonite Prod .... 9% 8 s * 9% B s * Financial — Adams Exo 12% 12% 12% 12% Am Int Corp .. 12% 12% 12% 12 Lehman Corp ... 98 98 98 97% Transamerica .. 12 s * 12 s * 12 s * 12% Tr Conti Corp .. 9'. 9% 9% #% Building— Am Radiator ... 26% 26 26 26% Gen Asphalt . 29% 29% 29% 29% Holland Furnace 36 35% 36 34 s * Int Cement ... 4040 40 39% Johns Manville 107 106 s * 107 106 s * Libby Owens Gls 50% 49 5 , 50 49 5 , Otis Kiev 25 s * 25 s , 25% 25 5 . Household— Col Pal Peel .. 19 19 19 19 s * I Congoieum .. .32 s * tt s t 32% 32%

FRIDAY, JANUARY 24, 1936

Kelvinator 18% 18 s * 18% 18 s * Mohawk Carpet. 23% 23 s * 23 s * 23 s * Proc A Gamble 48% 48% 48’* 48% Serve! Inc . ... 17 s , 17 17 s , 17 Simmons Bed ... 24 s , 24 s * 24 s * 24 Textiles Amer Woolen .. Ill* 10% 10% 11 Belding Hem ... 13% 13% 13% 13% Belding Hem . 13% 13% 13% 13% Celanese Corp 30% 30 s * 30% 30% Collins Aikman 48 47 s * 48 48% Gotham Hose .. 10 s * 10% 10 s * 10 s * Indus Rayon ... 31 30% 30 s , 30’Kayser Julis .. 28V* 28% 23% 23 Real Silk 15 15 15 15 Chicago Stocks IBy Abbott. Proctor A Paine) 11:00 Prev. J A. M. Close Allied Prod 2 I s * 21 Berghoff 8% 8 Butler 8% 8% Chicago Corp 5% 5 Cities Serv 4% 4'% Com A Edison 107% 108 Conti Steel 40 s * 40% Cord 6% 7 Gen House 3 s /* 3 5 4 Great Lakes 31 30% Lynch Glass 41 41 Noblett Sparks 32 s * 32 % Pub Servos IU 53 58 % Quaker Oats 136 137 Swift 24 24 V* Swift Int 33% 34 Zenith 12 12 V* New York Curb (By Abbott, Proctor A Painet 11:30 A. M. Prev. N. Y. Close Am Cyanide B" 34% 34% Atlas Corp 13% 13% Carrier Corp 12(4 12% El Bond A Share 17% 17% .Fisk Rubber 7 7% 'Lake Shore Min 59% 58% Newmont Min 95 93 % Nla Hud Power S% 9% Pan Am Airways 50V 2 50Vi Penn Road 3% 4% N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Utls. Bonds. Today 92.8 30.7 105.0 96.2* Yesterday 92.7 89.9 105.0 95.9 Week ago 92 8 89.3 105.1 95.7 Month ago 90.9 83.5 103.1 92.5 Year ago 86.9 85.1 92.4 88.1 1935-36 high 93.1 89.9 105.1 95.9 1935-36 low 83.6 71.0 89.3 83.0 XT. S. GOVERNMENT BONDS (Bv Abbott. Proctor A Paine) Treasury* Prev. Close. Close. 4Vis 1947-52 115.11 115.10 4s 1944-54 11.7 111.10 3%S 1946-56 109.10 3 s *S 1940-43 107.30 107.29 3%s .943-47 107.1 107 3 3 /*? 1941-43 108.12 108.13 3'//' 1943-45 106.4 106.10 3%s 1941 108.18 108.22 3V4s 1944-46 105.22 105.27 3Vs 1946-49 104.2 104.5 3*/is 1949-52 103.31 104.6 3s 1954-55 102.30 103.3 3s 1946-48 103.7 103.11 3s 1955-66 100.8 100.11 2%s 1945-47 101.7 101.10 Home Owners Loan Corp. 2 3 /4s 1949 .- 99.25 99.30 3s 1952 101.2 102.4 Federal Farm Mortgage Corp. 3V4s 1964 102.31 102.29 3s 1949 101.11 101.11 3s 1952 102 102.2 DOMESTIC Prev. Close Close Alleg Corps 5s ’44 94 93 Alleg Corp 5s '49 88 87% Am Forgn Pow 5s 2030 76% 76% Am Tel & Tel sVis ’43 113V* 113 Vi Atl Coast Line 4s ’52 98% 98 Vi Atl Coasj Line 4%s '64 85 85 Atch Top & S Fe 4Vis '48....111V* llO'/i Am Rolling Mills 5s ’3B 124% 125 Balt A Ohio 6s ‘95 92V* 91% Balt A Ohio 4Vis ’6O 70 68% Buff Roch A Pitt4Vis ’57 ... 74% 73% Chi Milw & St P 5s ’75 23 s * 23% Chi Milw A St P 5s 2000... 9(4 9Vi Cleve Un Term 5s ’73 103 1023 Cleve Un Term 4Vis ’77 97% 97% Col Gas 5s May ’52 101% 101% Col Gas 5s ’6l 100% 100% Can Pac Perp 4s 89% 88% Cent Pas 5s ’6O 97 V* 96 Big Four 4 Vis ’77 . 89 87 V* Colorado & So 4Vis ’BO 71 69% Chi A West Ind 4s '52 1017* 102 Chi A West Ind sVis ’62 ...107% 107% Chi & Nor West 4%s ’49 16% 15% Con Gas 5s ’57 105% 105% Chesa Corp 5s ’47 124% 123V* Del A Hud 4s ’43 81% 81% N Y Dock 5s ’3B 61 % 63 Erie 5s ’75 76% 75V 4 Erie 5s ’67 76% 75% Grt Northern 7s ’36 102% 102% Grt Northern 4%s ’76 100% 100% Grt Northern 4Vis ’77... 100% 100 Hud A Manhat Ref ’ss 57 85% 84 111 Cent 4%s ’66 69 67% 111 Cent Jt 4Vis ’63 74% 73% 111 Cent 5s ’63 80Vi 79 Interlake C A I 5s ’sl 94 94 Interntl Tel A Tel 4%s ’39... 96% 94% Interntl Tel A Tel 5s ’55 90V2 89% Interntl Tel A Tel 4Vis '52 87 85Vi McKess A Rob s>/is ’SO 103% 103% Natl Dairy sVis ’4B 103V* 103V* Natl Steel 5s ’56 107 106% Nickel Plate 4 Vis ’7B 82% 79 Nickel Plate 5%s ’74 93% 90Vi Nickel Plate 6s ’35 103 (* 103 V* N Y Cent 5s 2013 91% 89% N Y Cent 4Vis 2013 (old) 85% 83 Vi Nor Amer Cos 5s '6l 105% 105% Nor Pac 3s 2047 76 % 76% Nor Pac 4%s 2047 98% 97% Nor Pac 6s 2047 1 08 s i 108% Nor States Pow 5s ’4l 105% 105% New Orleans Term 4s ’53 87 87 Otis Steel 6s ’4l 102 101% Penn Rv 4Vis ’B4 106% 107% Penn Ry 4%s ’Bl 106% 106% Penn Rv 4Vis ’7O 101% 101 Pac G A E 5s ’42 104% 104% Portland Gen El 4%s ’6O 77 s * 75% Para Publix 5%s ’SO 941% 94V* Penn P & L 4%s ’Bl 107 106% Postal Tel A Cab 5s ’53 41% 41% Rem Rand WW 5%s ’47 108 ’ 108 Sou Pac 4%s ’6B 3714 87 Sou Pac 4V2S ’Bl 87% 87 Sou Pac 4s ’49 87% 88 Sou Rail 4s ’56 60Vi 59% Sou Rail 6s ’55 77% 77% Sou Rail 6%s ’56 82% 81 Texas Pac 5s ’BO 99% 991 ' 2 Texas Pac 5s ’79 100 99'k Texas Pac 5s ’77 100% 99% United Drug 5s ’53 98% 98 Vi U S Rubber 5s ’47 104 104 NY NH A Hart 6s ’4B 40% 39Vi NY NH A Hart 4%s ’67 40% 40 Warner Bros 6s ’39 91 91% Western Marv 5%s ’77 107 106% Western Marv 4s ’52 98 97% Youngstown S &■ T 5s ’7O 105 105% Youngstown S k T 5s ’7B 105 105 FOREIGN Argentine A 6s ’57 98% 97’-. Argentine B 6s ’SB 99 Vi 99% Brazil 8s ’4l 33Vi 33% Denmark 5%s '55 101% 101% German sVis ’65 29 28 s * Italy 7s 'sl 64% 64 s * Japan 6V-S ’54 98% 93% Poland 7s ’47 108% 108% Rome 6%s ’52 58Va 59% Unlisted Stocks <Bv Blythe <te Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers Trust 68 s * 70% Century Hanover B & T 119% 121 s * Chase -. 42 s * 44% Chemical National 58 60 Guaranty 305 308 Vi Irving 18 19% Manufacturers 49 s * 51 s * National Citv 37 s * 39% •Conti 111 (Chicago' 124% 127% First National of Boston 48% 50 s * Natl Shawmut 29% 31 FIRE INSURANCE Aetna Fire 70 72% City of New York 30 'A 33% Federal Ins 104 110% •Franklin Fire 35 36% Great American Ins 31% 32 s * Hanover Fite Ins 41% 43% Hartford Fire Ins 90% 92 s * Home Ins 39% 41% Ins Cos of N A 80*2 82% National Fire 7 84 . . North River Ins 29% 31 Phoneix 105 107 s * U S Fire 59 Westchester Fire 40% 42% •x-div. Other Livestock .By United Press) CHICAGO. Jan. 24.—Hogs—Receipts. 7000. including 2500 directs; strong to 25 cents higher than Thursday's average: light weights up most: extreme top. $10..0: bulk. 170-250 lbs.. SIC.SO>O 10.60 : 260-350 lbs.. *104)10.45: most 140-160 lbs.. SlO6 10.60; best sows. 59.65. Cattle—Receipts. 4000; calves. 500: general trade less active; largely strer and heifer run; inbetween Srades at 17 50'59.50 steers and *768 eifers predominating: edge off genera! market with undertone weak to 25 cents lower; trade tending to settle down following stimulating effec of recent storm wave and consequent supply abridgement; best steers held around *11: shipper demand narrow: other killing classes steady wit hcows scarce but slow. Sheep—Receipts. 15.000; opening slo4f: Indications around 25 cents lower on all slaughter classes; good to choice native and fed western lambs held *10.50® 10.65 and better: initial bids round $10.25: desirable offerings consistently refused: most native ewes. *4.,;)0@'5: choice light weights held *5.25 and above,.

SOVIETS TRIPLE PURCHASES OF U. S. PRODUCTS

Orders Placed in 1935 Total $42,000,000, Reports Indicate. rime Special . NEW YORK, Jan. 24.—Purchases for the Soviet Union in this country last year amounted to $42,000,000, almost three times the $14,500,000 recorded in 1934. Orders placed by the Amtorg Trading Corp. amounted $33,800,000, and purchases of American cotton exceeded $8,000,000. the company reported today. Operations showed an especially large gain in the second half of the year, after the exchange of notes between William C. Bullitt, United States ambassador at Moscow, and Maxim Litvinoff, Soviet Commissar for Foreign Affairs, providing for extension to Russia of tariff reductions granted by the United States to other countries and for increased purchases here by the U. S. S. R. Purchases were made from about 800 American firms, more than 50 of whom received orders ranging in amounts from SIOO,OOO to over $3,000,000. Industrial equipment, totaling $27,159,000, made up the largest group of purchases. Within this group machine tools, particularly for automobile and tractor factories, constituted the most important category. The largest single order of Amtorg was placed with the United Engineering & Foundry Cos., of Pittsburgh, for a continuous sheet rolling mill to be installed in the Zaporozhye steel mill in the Ukraine. Others among the top ranking orders were for oil refining equipment from the Alco Products Cos.; for automobile body stamping dies from the Edward G. Budd Mfg. Cos.; for graphite elctrodes from the Acheson Graphite Cos.; for radio equipment from the Radio Corp. of America, and for iron and steel products from the Republic Steel Corp. and the United States Products Corp.

JOINT STOCK BUNK TO REFUND ISSUES Fletcher Officials Call in $200,000 of ss. The Fletcher Joint Stock Land Bank of Indianapolis has undertaken another step in the refunding c * bonds into issues yielding interest in keeping with current low money rates, William B. Schiltges, president, announced today. Directors of the bank have exercised their option to call $200,000 of 5 per cent bonds of the issue dated Nov. 1, 1923, due Nov. 1, 1953, callable Nov. 1, 1933. The call for payment of this new group of bonds will be effective as of May 1. 1536, and they bring the total of all the bonds called by the joint stock bank for that date to $953,500. Mr. Schiltges pointed out that this action of the board leaves outstanding only $674,000 of 5 per cent bonds which are callable. H. Foster Clippinger, vice president of the Fletcher Trust Cos., has announced to those holding the bonds that they will have only a limited time for exchanging the 5 per cent called issue. •

Local Livestock HOGS Jan. Bulk. Top. Receipts. 18 $10.10(5110.10 $lO.lO 1000 20. [email protected] 10.45 4000 21. [email protected] 10.35 7000 22. [email protected] 10.50 4000 23. 10.40010 50 10.50 1500 24. 10.75@ 10.85 10.85 3000 Light Lights. (140-160) Good and choice. .$10.25@ 10.75 Medium 9.75®' 10.50 (160-180) Good and choice.. [email protected] Medium 10.25@ 10.75 GBO-200) Good and choice.. 10.75(510.85 Medium [email protected] (200-2201 Good and choice.. [email protected] (220-2501 Good and choice.. [email protected] Heavyweights. (250-2901 Good and choice.. [email protected] (290-3501 Good and choice.. [email protected] Packing Sows. (275-3501 Good 9.00@ 9.25 (350-4251 Good 8.75(8) 9.15 (425-550) Good 8.60® 9.00 (275-5501 Medium 8.25@ 8.75 Slaughter Pigs. (100-140) Good and choice.. [email protected] Medium [email protected] CATTLE —Receipts, 1200— (500-9001 Choice [email protected] Good [email protected] Medium 7.00(8 9.00 Common 5.25® 7.00 (900-1100) Choice [email protected] Good [email protected] Medium 7.25@ 9.25 Common 5.50@ 7.25 (1100-1300) Choice [email protected] Good [email protected] Medium . 7 50® 9.25 (1300-1500) Choice 12:[email protected] Good [email protected] Heifers. (500-750) Choice 9.00® 10.00 Good - 7.50® 9.00 Common and medium 4.50® 7.50 '750-900) 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, 200 — Good and choice $12.00® 13.50 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 Stacker Cattle \'soo-800) Good and choice.. 7.00® 8.25 Common and medium ■. 5.00® 700 (800-1050) Good and choice. 7.00® Biso Common and medium 5.00@ 7.00 Caws Good 4 50® 5.00 Common and medium 4.00@ 4.50 SHEEP AND LAMBS —Receipts. 2000 — Lambs. 90 lbs. down, good and choice $10.25® 10 60 Good 9.75@ 10!25 Medium 9,00@ 9.75 Common 7.00@ 9 00 Ewes. (90-175) Good and choice .. 4.00® 500 Common and medium ...... 3 00® 400 Yearling wethers, good choice 9.00® 950 Medium 7.00® 9.00 Money and Exchange TREASURY STATEMENT (By United Press) WASHINGTON. Jan. 24—Government expenses and receipts for the current fiscal year to Jan. 22. as compared with a year ago: This Tear. Last Year. Expenses. $4,133,037,563.00 $3,934,569.6*9.73 Receipts. 2,078.785 126 52 2.018.081.3111.23 Deficit 2.054.252.436.48 1.916.488.2118.50 Cash Bal. 2.094.467.503.62 2.367.799,1:16 63

Wage Earners Would Carry Townsend Plan Costs, Flynn Asserts Burden of $19,000,000,000 in Annual Taxes Held Falling on Retail Customers, Thus Ultimately Impoverishing Nation’s Workers. T’lis is Ihe second of * series of articles on the Townsend old-ate (tension plan written by John T. Flynn, outstanding economic writer, in which he presents a sea chin* analysis of the merits and faults of the program. BY JOHN T. FLYNN (Copyright, 1936, NEA Service. Inc.) s WASHINGTON. Jan. 24.—What is the purchasing power of the people? Last year it was $49,000,000,000. Out of that sum was taken in taxes $9,500,000,000 by all taxing units. Add to that another $19.000.000,000—t0 be collected in taxes to pay for the Townsend pensions—and you will subtract from the purchasing power of the people $28,500,000,000. Those who receive the taxes will

spend them. Those who pay the taxes will have that much less to spend. These high taxes will take more than half of the nations money income—s2B,soo,ooo,ooo out of $49,000 000,000 —leaving only $29.500,000,000 for those who produce the wealth. The tax, as already explained, will be a transactions tax, not a retail sales tax. The difference is enormous. I buy a suit for S3O and pay a tax of 2 per cent. I sell it to you for S4O and you pay 2 per cent. The retail price of the suit is S4O. But the two transactions total S7O. Os course I pass the 2 per cent I pay on to you. You pay that plus the 2 per cent you pay when you buy the suit. You really pay more than 2 per cent. Process is Involved It is of course far worse than that. Because the taxes start with the wool on the sheep. The shipper buys from the farmer and pays 2 per cent. The yarn maker buys from the shipper. The fabric maker buys from the yarn maker. The suit manufacturer buys from the cloth maker and so on. And there is a 2 per cent tax on each transaction. The total of the transactions on a S4O suit may be $250. All these taxes are paid by the final customer to the retailer. The buyer of a S4O suit might well pay 2 per cent on $250 and not 1 per cent on S4O. Most of the taxes in the end would be paid by customers at retail. And this means the great bulk would be paid by the wage earners of the nation. You could not pile $19,000,000,000 onto the price of goods without impoverishing the workers of the nation. Os course, the pensioners would have the money to spend which had been taken from the workers. But it must be clear that the workers not the producers must have th s money before it can be taken from the pensioners. And if vou impoverish them the whole eccnomic system will collapse —the pensions scheme along with it. Five ’ Vital Elements Dr. Townsend’s plan includes two essential elements. One is that the aged get S2OO a month each. The other is that they spend it within the month. If they take $1,500,000,000 a month from those who earn and pay the taxes and fail to spend it all, effective purchasing power will be reduced to t,he extent that they hoard the money. Dr. Townsend recognizes this. He therefore is trying to work out a plan to compel the pensioners actually to spend their money. The pensioner will not be given cash. Instead, an account will be opened for him in a local bank selected by the government. The check will be sent to the bank and an account opened for him for S2OO This he can get only by making checks in payment of his purchases. The bank will not credit him with his next month’s check unless the S2OO of the preceding month is all drawn against. However, if the old gentleman wanes to save, what will prevent him from making a check to his grocer for $lO to cover a $2 purchase and getting the change in cash? Would Not Aid Society Asa matter of fact you have to recognize his need for cash. He can’t give checks for street car fare, movie seats, a cigar, a cup of coffee in a restaurant, etc. He must have some cash. And you cannot check up on his purchases to see if he collaborated with his dealer to get some cash on a check. It would take an army of snoopers and sleuths ten times as big as the prohibition army. There can be little doubt that the plan would not aid the economic society. That being so it would not help the aged, for since the money must come out of the producing element of society, and since the producing element cannot pay it out of its present purchasing power and since the plan will not increase purchasing power, it would break down altogether. The aged as well as the youngsters would all be victims of a scheme, conceived in good faith, by well meaning people, but peojjle who do not know how this mysterious machine works. Next— Final Conclusions. SECUKITY VALUES RISE Time i Special NEW YORK. Jan. 24.—The Fidelity Fund. Inc., today reported liquidating value of $48.85 a share as of Dec. 31, 1935. compared with $41.46 a share on June 30, 1935. Chicago Grain Futures ißv Jtmes E. Bennett Cos.) 11:00 Prev. Wheat— High. Low. A. M. Close May 101% 1.00 s * 1.00% 103% July 89 s * .88% .88% .89% Sept 88 .87% .87% .87’, CornMay 60% .60% .60% .60% July 60 s . .60% .60% .60% Sept. 60'** .60% .60% .60% Oat*— May 28% .28% .29% .28% July 2* .28 .28 .27’, Sept .27% .27% .27% .27% Rye— Mar 55 . 54% .54% .55% July ... .53% 52% .53 .53%

# Bond Maturities Due 'Approximately $200,000 par amount of industrial bonds are due to mature this year, or about the same amount as in 1935.

v.'yr’ ' ‘l/

Dr. Francis E. Townsend

SWINE VALUES RISEjUENTS Cattle Market Turns Weak; Veal and Lamb Prices Strengthen. The pork market, stiil influenced by weather conditions, was generally 35 cents higher today at the Indianapolis Union Stockyards. The sharp increase, which was attributed to a strong demand prevailing in practically all classes, carried the top price for good and choice weights within 15 cents of th> <,ll mark. A scant supply of receipts also contributed to the upturn. They were estimated at only 3000, compared with 1500 yesterday. Prices were bid up sharply immediately after the opening as buyers scrambled over the limited supply. Holdovers numbered 98. The bulk of 160 to 225 pounds, cashed in at $10.75 to $10.85, while 225 to 275 pounds, brought $10.45 to $10.65. Extreme heavies, ranging from 275 pounds and upward, sold at $lO.lO to $10.40. In the lightweight division, slaughter pigs from 140 to 160 pounds, held at $10.25 to $10.50. Packing sows brought $8.50 to $9.25. Activity was limited in the cattle market due mostly to lower bidding. Cows, however, remained unchanged. Four loads of steers were valued at $13.15. Other steers were unsold. Heifers also were under pressure, selling at $8 down. Most arrivals were eligible from $6 to $7.50. Receipts were 1200. Although opening around steady, the veal market showed indications of a 50-cent advance as trading progress. Most classes sold at sl3, with a few late sales at $13.50. Receipts numbered 200. Lambs were largely 25 cents or more higher than yesterday's average. Bulk of fed western grades brought $10.25 to $10.60. Slaughter sheep sold at $3.25 to $5. Receipts were 2000.

Local Securities (Because quotations on local securities are unlisted on an Exchange, The Times can not assume responsibilitr for the accuracy of these figures gathered from local brokers.) STOCKS _ _ , Bid. Ask. J. D. Adams Mfg 16% 18 Belt RR & Stk Yds com 51% 53% Belt RR & Stk Yds 6% pfd.. 53 Central Ind Pow 7% pfd .... 16 19 Home Tel & Tel Ft Wm 7% pfd 51 53 Hook Drug Inc com 15 17 Ind <fe Mich Elec 7% pfd 100 103 Indpls Gas Cos com 36 40 Indpls Pow & Lt 6% pfd ... 86 89 Indpls Pow &Lt 6(2% pfd . 91% 94% Indpls Water 5% pfd 102 Lincoln Nat Life Ins Cos .. 36 38 North Ind Pub Bve 5%% pfd 70 74 North Ind Pub Svc 6% pfd.. 77 81 Oakley Stores 7% pfd 76 80 Progress Laundry com 8 10 Pub Svc of Ind 6% pfd ... 17 20 Pub Service of Ind 7% pfd . 41 44 So Ind Gas & Elec 6% pfd 94 97 Terre Haute Elec 6% pfd .. 83 86 Union Title com 20 23 BONDS Atlanta Distr Term 6% '4l .. 62% 70 Brooklyn Postal Sta 5%% 48 37% 42 Home Tel&Tel FtW 5%Vr ’55 .103 105 Home Tel&Tel FtW 6% '43 . 103 106 Indpls Railways Inc 5% ’67 52 55 Indpls Water 4%% ’4O 104 108 Indpls Water 5% 'SO A ’6O ..105 107 Indpls Water 5%% ’53% ’54 104 106 Interstate T A T S-a% '53.. 94( a 97 Kokomo Water Works 'SB .104 105'Lafayette Telephone 5% '57 102 Morris 5 A 10 Stores 5% 50 99 102 Muncie Water Works 5% ’65 102% Noblesville HLAP 6% ’47 ... 97 100 Ohio Tel Service 6% '47 . 95 Richmond Water Works 5%’57 104% 106 Bt. Louis Post Office 5%% '3B 18 25 Seymour Wtr Ist mtg 5% ’59 101 104 Terre Haute Water Wks 5% '56 101% 103% Terre Haute Wat Wks 6% '49 103 105 Traction Terminal 5% ’57 .. 70 74

Thomson & McKinnon MEMBERS NEW YORK CHICAGO T c H * x ' hanse - ThPAYTH New York Curb Exchange. IUKUMU s>w York Cotton Exchange. BOSTON II New York Coffee and Sugar Exchange SOUTH BEND o|| New Orleana Cotton Exchange. FT. WAYNE ,cago l toc \ FV A V'CUTT T f Chicago Board of Trade “* < ’ o V li-iLjCj Winnipeg Grain Exchange Indianapolis Office an< otb.r tndi.c r.ich.nc 200-214 Circle Tower LI. 5501

WAR SHIPPING EYED CLOSELY BY ROOSEVELT President Scans Movement of Materials Abroad; Studies Figures. By rm’led Preen WASHINGTON. Jan. 24—President Roosevelt will continue to watch closely the movement of war materials from the United States to foreign nations, it was learned today, following official disclosure o' huge war shipments to Italy. The President is studying the figures to determine in what respect they constitute abnormal shipments contrary to government policy. Figures are supplied from time to time by Cordell Hull, Secretary of State. The Commerce Department disclosed that American exports to Italy in December exceeded by 64 per cent the amount of goods shipped to Italy the previous December. Oil Orders Up 500 Per Cent Shipments of oil and gasoline, usable in Mussolini’s airplanes, motor and naval convoys were 500 per cent greater than in December. 1934, and 80 per cent greater than in November. 1935. Export of copper and iron and steel scrap, automobiles and parts, trailers and crude rubber were also up sharply over a year before. Under neutrality bills pending in Congress, the President would hava power to prevent abnormal shipments of such goods to fighting nations. Experts believed the President was watching current exports to determine what quotas he would fix on shipments if a neutrality bill is adopted. The Administration already has attempted by moral influence to discourage “abnormal” shipments of war goods to Italy or Ethiopia. STOCK REGISTRATIONS TO REACH NEW HIGH SEC Predicts Substantial Gain in Next Few Months. Timex Special WASHINGTON. Jan. 24.—Stock registrations with the Securities and Exchange Commission are expected to increase substantially during the next few months and set anew peak in March, it was announced today after completion of year-end audits. A number of new important pieces of financing now “in the mill” are expected to be released soon, the SEC reported. The SEC reported. The SEC also announced what is claimed to be a more workable method of applying regulations. Only certain rules and regulations were effected. They are to become operative in the near future. As to capital flotations, the SEC ascribes present stagnation to seasonal considerations. Other Livestock (By United Press) FORT WAYNE. Ind . Jan 24 —Hogs—--5c higher: 160-180 lbs., SlO 60; 130-200 lbs., $10.50; 200-225 lbs., $lO 40; 225-250 lbs., $10.20: 250-275 lbs.. $lO 10, 275-300 lbs., $10: 300-350 lbs., $9 30; 140-160 lbs.. S10.05; 120-140 lbs, $9.80 100-200 ibs.. $9.55. Roughs, $8.50, stags, $6.50; calves, *l3; lambs. $10.50. LAFAYETTE, Ind.. Jan. 24 —Hog market steady to 25c higher; 170-210 lbs. $lO 40'-; 10.50: 210-235 lbs.. $10.20 10 30: 235-260 lbs., $104(10.10; 260-325 lbs.. $9.7547990; 100-170 lbs.. $9,754/ 10.25 roughs. $9 do’.vn. Calves—sl2 down. Lambs—slo down. (By Times Special) LOUISVILLE. Jan. 24.—Cattle —Receipts, 175, demand fairly broad for most classes slaughter cattle: market generally steads; bulk common to medium grade steers and heifers salable $5,754/ 7.25: common dairybred and offcolored kinds quotable down to around *5; some better finished steers considered salable to $8 or bptter; bulk beef cows, $4 754/5.75; good kinds quotable to $6. and load heifer type cows bid $6_25; most low cutters and cutters, $3,504/ 4.50; sausage bulls considered ss $4,504/6, according to weight and quality: light beef type Stockers and stock calves mostly $64/8. Calves-f-Receipcs 100. market generally steady: bulk good to choice grades. $10,504/ 11.50: strictly choice handyweights held higher: medium and lower grades, $9.50 down Hogs—Recop';. 400; market 25c higher: top and bulk desirable. 160-225 lbs., $10.75 230-250 lbs . $10.45; 255-300 lbs, $3 90. 305 % up $9 45: 120-155 lbs $8 65; sows $8 70. Sheeps—Receipts. 250; run late in arriving and expected to comprise mostly fd western lambs: native sheep and lambs steady: most better natives. $94/3.50

KLEIN & KUHN, INC. Property Management LI-3545 "06 Guaranty Bldg. Commercial Banking Is-* Savings ( . American National Bank AT INDIANAPOLIS Your Local Building & Loan Association Makes Modernization Loans and Loans on New Homes. sjniOßiNO One of Floridan finest Aiserlean plan hotels. On Tampa Bay. 3W rooms, g Pleasant social life. All ft outdoor sports. Booklet. Soreno Lund. Jr.. Mgr.