Indianapolis Times, Indianapolis, Marion County, 5 June 1936 — Page 25
ints to Dangers
PAGE 24
yt sum for 1936 will be $459.
Based on first quarter reports, it is estimated the
| of nr
ag so-called liberals it would
stand against amending t he C o n stitution. But I shall have to take the odium. of warning, at least, that the proposal is full of dangers. The amendment I refer to here is one which will remove the barriers to the Federal government attempting to regulate t h e nation’s economic life. The thesis runs about as follows: Our society suffers from many maladjustments due to the wild, undisciplined economic forces at work in the nation. _ There is inflation, collapse of in- _ flation, depression, unemployment, deflation, suffering. This agonizing ¢ycle repeats itself over and over. . No single state can reach the causes of this. The roots are deep in nation-wide soil; the forces of trouble cut across state lines. Only the national government can cope ~ with the problem. But under the Constitution it can not because every attempt is checked by the Supreme Court, chiefly on the ground that the factors which the government attempts to reach are intra-state—located in a single _ state.
: | a sense this true. Because regulation of the coal industry, ~ for instance, must take the form of imposing rules upon individual coal ‘mines. The individual mine is a _ strictly state affair, though the in- ~ dustry may be spread over many states. We can never deal with this problem until the Federal gov- _ ernment gets’ the power to do so ; through, a constitutional amend-
men Ben this reasoning I cannot . possibly quarrel. But I venture to “ask: If the Constitution were amended, what use would the Fed‘eral government make of the power. . Would not, the very first thing, under Mr. Roosevelt for instance, be . the re-enactment of the NRA? If this were done, what would be the result? I do not see how any pation can ignore the fact that the course of development it travels is followed just one step at a time, If the principle of self-rule in industry were to be adopted by en"actment of another NRA, that ‘would be the first step. But where | Would it lead?
is based yor an ! entirely new A and an entirely un-American “and undemocratic principle. That principle is that the economic life of the nation should be ruled, not by the people, but by employers gathered together in trade associa- _ tions and invested with soxereign powers over their trades. Their Jaws would be subject to veto by ‘the President, but so are the laws passed by Congress. We can not _ say that, because of ths%, Congress Bs not the existing lawmaker. ' If we put this. power into the ‘hands of organized trades where will it lead? Will we not go forward, strengthening that power, conferring more effective imple-
groups until finally system of democratic - government will have been profoundly altered? ‘An amendment which ‘would per-
mit this would be a calamity. (Copyright. 1936. NEA Service,
ye On Commission Row h Oa On txts “prices. being offered. (0
‘24-qt. Gooseberries: Indiana, : Mtxienn , Satin, even hands, po aps (fancy baskets), $1.75. BD (300s), Grapefruit 3.50. BER
—S. immer X, Dana—S. Hh & Watermelons, Flor da, 90c. VEGETABL Beans, green, 1 less (hampers).
Inc.)
$2. Beets—Home Carrots—California (6Caulifiower. California
RET ler lords yashieq “ces Florida | >
oe, 50. Te a
ant— 1.50. Rie Vir Bie ou; A ia tas J California (best 6s, ‘$4, home grown leaf (15-lb basket), o pers -— Mangoes jerate ¥, pr $1.15; doz.. 40c. doz.), Mu
( oz. 60¢c ~ Mustard_Texas,
) uth ooms Pound. cra + a yellow. 50-Ib. bag.
Turn ew b tot d, or 3 as oe Toms He Apa ug. oto aNp ) ND VEGETABLES Pais — Willow
$3.50; int—Hot- ]
|/SEG EXAMINES
‘Death Sentence’ Provision
Enforcement Is Started by Commission.
BY RUTH FINNEY Times Special Writer
WASHINGTON, Securities and’ Exchange Commission has begun enforcing Section [11 of the Holding Company Act— popularly known as the sentence.”
First provision: of the section is a requirement that the commission “examine the corporate structure of every registered holding company and subsidiary company thereof, the relationships among the companies . . , and the properties owned or controlled thereby to determine the extent to which the corporate structure of the holding company system and the companies therein may be simplified.”
Started in New England
This the SEC has started doing in New England, where two of the largest holding companies are registered. Its study there probably will serve as a model for approved forms of corporate simplification. Under its general investigatory powers, the SEC has extended its investigation even further and hassent eight groups of experts to study different holding company structures in the field. The general objective is to discover the most efficient and economical method of furnishing service in the different areas. Analyses will be made of generating facilities, transmission facilities, power purchase and sale. confracts, and competition in the same communities between gas and electric utilities.
Note Signs of Reshuffling
The “death sentence” clause requires that beginning Jan. 1, 1938, holding companies shall be limited |r. to control of a single, integrated public utility system, with certain exceptions to ‘meet special conditions. Although the utilities are attacking the law in the courts, the SEC has noted certain signs which lead it to believe that moves toward integration are already under way, with companies shuffling properties among themselves and preparing for a vast rearrangement of control. If the act is sustained the SEC has final say over these changes.
New Bond Issues
(By Lyons & Co.)
B & O Brooklyn Edison 3¥%s ’66 Brookiyn Man Tr 4's ’66 Cal Ore Pwr 4s ’'68 Cent i dg Te 86. Pp Sts ‘96. .
& A icago oh St Sal a Chi West In 4%s~ Cinn Un Term 3Y%s Kh Cleve Elec Illums 3%s "65 . Cleve Tractor 5s 45 Columbus Railways 4s ’65 aie Conn River P & L 33 "61 ..104% Consolidated Bd 3%s Consolidated Ed His ih Consumer Power 3'%s '70 .. Cudahy Fe 3% '55 Cudahy Pkg ? Eastern Gas % Edison Ilum 3%s owa South Util 512s '50 .. Kansas P L 4'as’ Jones & Laughlin 4's ‘61 .. Los Angeles & E 4s Maine Cent 4s '45 Metro Ed 4s ’
hio Pacific ‘Lite hs ‘45 Pacific G & E 3%s '61 4G Peoples Gas, Lite, Coke, 4s '50. 97% Penn Tel 4s 06 Pub Serv N H 33s '60 105% Railway & Lite 4%s [85 . pein 109 Saguenay Pwr 4%s '56 : San Diego. G & B 4s 65 ol Cal Gas
’60 . Union Pacific 3%s 'T1 ....:... West pein : Misc G & E '66 102% Youngstown Sheet & T 48 ‘61 98% Ygstwn Sht & T Deb Stes *51.105%
Local Securities
ay, Indianapolis Bond and Share Corp.) following quotations do not represent actual bids or offerings, but merely indicate the ADProximate market level ased on buying and selling inquiries or recent transactions.
BONDS
Bid. Citz and Tel (T. Hy 4%s ’61 101 H Te & Jel . Yas
ndpls Water Co.. ndpls Water Co., 5's '54.. nterstate Tel & Tel, Say Kokomo Water Works, Morris 5 & 10 Stores, 5 : Muncie Water Works, Ss Noblesville HL & P, 6Yas Ohio Te! Serv, 6s '47
Richmoné W W. 5s "57 .
s. Seymour Water ‘Co. n° H Trac & L. 5s '44 : L H Water Works,
T H Water Works, Trac Terminal Co., =
3 STOCKS Belt Rail & 8 Y BR&S Y
e865. _ Garrots Tinos Ind &
= : uisiana, bu., $1 ~Mis: pr lettuce, crates,
Tee T1 lugs, se S's} Caullride. Jugs. y 03 «
HOLDING FIRMS 3
e Al June 5. ~The or
“death U3
| Goodrich ‘| Goodyear
(new]’. 8 13%
pagge
Ay au
FEEEF ns
Da 0D rl
hia AeA
Motors
Chrysler ...... o Gen Motors .... Graham Mot ... Hudson ......... Nash Truck ....
Bradebaxer A Yellow Truck ... 18
Bro Access—
Elec Stor Bat... 45 Greyhound “B”. Houdaille Murray Body Stew Warner . Timken Roll .! Timken Det Axle ’ Mining— Alaska Jun Am Metals Am Smelt Anaconda Cal & Hecla.... Cerra De Basco. Dome Mine Homestake- e Min. 47 AT
Kennecott Gop 3 Melniyre Mine. , Park
Amusements—— Crosley Radio .. Fox Theat Loews Inc Radio Corp .... Paramount RKO
Warner Bros ... Tobaccos— Am Sub Tob . Am Tobacco gr Fs Gen Cigars .. 57% g & Myers ‘B’ 101%: Eifiin Morris’ Reynolds Tob ‘B’ 831 Baile Atchiso 70 Atl Coast Lines. 24 & O . 17% 2%
22Y, 93%, 57% 106% 82
52%
69%2 24
Gt Northern ptd Ill Cen Lou & Rh MK&T. ... K & T pid... 238% Y Cent- 34% Y New Haven 3% Nor Pacific Penn R R Sou P
Sou R Union Pac .. Equipments—
Am Brake Shoe 45% Am Car & Fdy.. 3%
53 38% 20% o a
15% .125
Pullman Ine 5... West: Air Br.. i Westingh Elec «111 Utllitiese— Am & For Pwr.. 8% Am Pwr & Lit. AT&T 85%
Col Gas & Elec.. 18% Com & So 3% Consol Gas .... 32 : 41%
131% 10% 26%
. 42 18% 6% 5 4%; Western Union.. 78% Rubber s— Firestone ....,.. 28 vevenan 19Ya 24 27% 69%
S Rubber .... U 8 Rubber pid.
Miscellaneous— Allis Chalmers . 44 m C 127
an Am Mach & Fdy 22% } i Anchor Cap .. 19 Burroughs Add... Vii 1 Ca 14]
So Track 73% Crown Cork .... 53
Natl Cash Reg .. Owens Bottle ... Rem Rand .... 20 Underwood EB... Foods—
Armour Borden Prod ..: 28% 277% Can Dry G Ale. 13% Coca-Cola 98% Cont Bak 13%, 16%
Corn 763% Gen Baking -... 11
HOSIERY DEMAND GOOD Times Special
Ge NEW YORK, June 5.—Demand |Laly
for hosiery is running ahead of last year reports the National Association of Hosiery Manufacturers. Shipments during April amounted
to 10,176,031 dozen pairs, a gain of |
11 per cent over April, 1935. 4 & = { ¥ £ : BONUS TO AID STORES
Times Special
NEW YORK, June 5—Release of | nomi
the soldier bonus money is expected
27% | Para Publix " Pon a Lats 81 .
a Woolworth Aviation— Aviation Corp’. Curtiss W t.
+ ramus grew) By |
SESEREP N Ld H a SEE
Utd Aircraft new Chemicals—
Air Recuction.. 63% Allied © a 19 195 195 Col Carbon 117% 117 119 Com Solvents : 15 15% - 16 Du Pont 3 140 141 141% Liquid Carb . 33 33 33%
N. Y, Bonds
(Reprinted From Late Times Yesterday)
20 60 ‘| Util. Bonds
Low 90.0 847 1035 93.3 (Copyright, 1936, by Standard Statistics) U. 8. GOVERNMENT BONDS By Abbott./ Proctor & Paine) Treasurys
i Prev. Close close 17.30
113 «111.13 . 100.8
101.19 102.30
104.12 104 102.13
Prev.
Am Rolling Mills 4Y2s 45. . os Balt & Ohio 6s ’ 2
& ‘Pitt 4Ys ’57.. Beth Steel 4Ys ’'60 Chi Milw & St P 5s ’75.. Chi Milw & St P 5s 2000. Cleve Un Term 5s '73. Cleve Un Term 3s . Col Gas 5s May ’52.. Col Gas 5s April '52. Col Gas 5s ’61
L131 95
Ta 10212 veesnens x»+103%
Big Four 4s "117. ui ately Big Four 5s 63 ........ . Colorado & So 4Y%s Chi & West Ind =. 29 103% Sh & West Ind Hh ’62.....106% & Nor West 7s ‘49. . Ya Corp 5s 4
s 67 . a Gen Cable 5%s8 "47 ....... Grt Northern % 47 Grt Northern 4Y Gen 51 North
Cent
ernatl Hv Elec 6s ternat] Tel “ Tel 45s 739° 1. ternat! Tel & ’5
ac E . 1 Portland Gen, = is 60s ny. 4 ih 3 Bein er’ & San 56 83.0000 20% Rem Rand W W 4%s '56.. + 108% Shell Union Oil 3%s 51... Sou Pac 4%s "68.....ccveireass
Sou Pac 4%s 3 siviensennuve
Sou Rail 6s ’56 .. Sou: Rail 6%s 'S6. di Con Be Ss '80 . NE
veess104%8 =+«:111%
. or +:100% Ss *47. 2st 2resvee 10 NY NH & Hart 6s *48 . 20% NY NH & Hart 4's 67 Warner Bros 6s ’39
FOREIGN Argentina+ (A) '57 .. Argentine (B) 6s '58 Brazi
8s.’ Canadian Govt ” 0, ver annen [iiaBe
Yokohama 6s '61
‘Unlisted Stocks
(By Blyth & Co.) NEW YORK BANK STOCKS
Bid Bankers Trust ....cceveeece.. 562 Central Hanover ...
sesesasbosssesEsssenen
ses escasesee es a Continental “o¥eee 63
to stimulate the sale of house | Irving
furnishings: and thus boost depart-
ment store volume sharply «this Hist
an=
; nounced today.
- REFRIGERATOR saves RISE Times Special NEW YORK, June 5. 5: — World
‘household ~~ refrigera ‘amounted to Ba PE
Nallonai, City 3% National Boston a +72 Ne Shaw 26%
Aetna Fire Ins; ; .« B53 American Ins of Newark...... 14 Baltim 3 7
- Franklin Fire AsRtasarens Great American Ingo eid salesd Hanover .............. sassaene 4
tescannsssn ssvenesnese
ord Home Ins ...
secevesasnsanssnse
Ins of A. troMrsisniannnss 69% {in Go of :
31% 235% 25% |
Chi cago Stocks
(By Atkins, Hamill & Gates): IDVESOTS ........e. 41%
ss.svnsssenuoe
4 Ye 12 12%
New York Curb
(By Atkins, Hamill & Gates)
Aluminum Co of America Am Cyanamid (B) ,Gas and Jectric im ‘General IRE EA EE ARES)
Am Superpo Ark Natural "Gas oa)... Atlas Corp
Crocker-
Ford Motors Canada (A).. Glen Alden ( ni Gulf Oil Corp o. Humble Oil and f naing co. Huyler’s of 1 pid. . Hygrade Food Imperial orf of Canada Lake Shore Mines Molybdenum Cor; Natl Bellas Hess Niagara Hudson Pwr Pennroad Corp Reliable Stores Corp . Root Petroleum St Regis Paper Co o Salt Creek roducers Assn ...;
ega. Sonotone Stutz Motor Car of Amer .... Technicolor Inc Wayne Pump .. 30%
Investment Trusts
(By Thomas D. Sheerin & Co.)
Bid. Asked. Administered Fund Bd. eee :$18. 10 $17.13 Affiliated Fund, Inc 1.78 American General Equities... American Business Shares.... Bullock Fund Ltd........ weird Broad Street Investing...... Century Shares Trust Collateral Tr Shares Corp *“AAY or ‘‘acc” (mod.). Corp “A” or ‘‘acc” (unmod.) Corp Trust Shares. (orig)... Diversiged Tr Shares ‘B”... Diversified Tr Shares ‘‘C”.... 4. Diversified Tr Shares *pr..i x Dividend Shares, Inc... > General Investors Trust. Incorporated Investors xInvestors Fund Amer Market St Investment. Corp. xMaryland Fund Massachusetts Investors .... Nation-Wide Sec Co ‘“B’.. Nation-Wide Voting North American Tr Shs 1956. Norsh American Tr Bhs 1956 N American Tr Shs (orig).. Quarterly Income Shares.. Selected Amer Shares, Inc. | Selected Amer Shares (orig) Selected. Cumulative. Shares.. Selected Cumulative Shares.. Selected Income Shares. . State Street Invest Corp Super-Corp of America “AA”. Super-Corp of America “BB Super-Corp. of America “A”.. Super-Corp of America “B”. Super-Corp of Ameria “C”. Junetvised Shares, Inc (De ja) dard Oilshares “A”. Tr Standard Oilshares “B". Tr Standard Investment *C’ Tr Standard Investment *“D’’ United Standard Oilfnuds.... Docibs - 1
Uselps Voting
‘Money and Exchange
INDIANAPOLIS STATEMENT Cleanings ae Debits
23 bia:
= - . panpSane’ mul wen: §
«JNO CO : ERR3gess:
pei ceoboas “sess
Ca esesenesanves
TREASURY STATEMENT (By United Press)
‘WASHINGTON, June expenses and Teceipts r the _current fiscal year to Juns 3, as compared with a
year 280} This Lap) Last Year. Expenses 8 615, . 2 380 318 $93.38
Defic Bon 992,704,730.94
Cash bal. 3 ,353.957,627.0 Sab. debt 31,876,418,560, Gold ‘res. 10; 303.497 512 ; Customs. . 58,914,900.31
Other Livestock | (By United Press) sob aciudine igo §. — Hogs — Receipts, to higher ¢ than ay’s average;
$1 bulk ‘ 160-250 ]bs., % |'ibs., [email protected]; 140-160 Ibs. "$9.85 10.10;
sows about steady; heavies down to $8.25 . s 500. Calves—Recei 500. Large crop feeders Ta rly active rade ae 2h ;. slau te
mostly [email protected]; Cattle—Recel
stronger, down on Tat Fi » BNge: i pri
; latter class pa alifornia ewes, $4
BANK VOTES DIVIDEND
NEW YORK, June 5.—The Cen- |
eo
.v | Heavyweights,
32,855,000 G
8.—Government
;. active, strong ‘st
J NTS N "ACTIVE TRADING
| cattle, Veals Unchanged;
3 Lambs Hold Steady “at $11.50
Although offerings were liberal today at the Indianapolis Union Stockyards, porker prices recovered yesterday’s 10-cent loss in active
trading, carrying the top price back{
up, to the $10.30 mark, the same as Monday’ s best level. Total shipmenis were estimated at 5000, including 607 head held over from the preceding session. With demand’ slightly improved, trading +} turned active immediately after the opening. The bulk of 160 to 225 | pounds. sold at $10.20 to $10.30.
Bulk Prices Shown Medium heavyweights, scaling
from 225 to 260 pounds, cashed in}
at $10 to $10.20, while extreme heavy butcher classes, from 300 pounds and upward, brought $9.50 to $9.80. Light slaughter pigs, averaging 130 to 160 pounds, were offered at $9.50 to $10. Packing sows held at $8.25 to $8.85. With: hardly enough slaughter ‘steers on hand to establish a market, cattle prices remained generally steady. Few small lots of these classes ranged from $7 to $8. Heifers brought $7.50 to $8. . Beef cows ranged from $5.25 to $6. Receipts numbered 500. Trading continued stationary in
5 | both veals and lambs. Bulk of the
former sold at $8.50 to $9. A single
lot’ of strictly prime choice: lambs,
average ' 78 pounds - each,’ at $1 50. Most sales range om $10 to $11. Native ewes .sold at $3.50 down. Receipts were “600 and 500, respectively. *
HOGS May Bulk. 29. [email protected] ne [email protected] 9 [email protected]
4 55 Receipts, 0 ©4000 7000 7500 4500. 6500 * 5000
and choice..:10. i Med Cosine [email protected] 200-220 and choice.. (0030) and choice.. [email protected] Good and choice... 9.80 (390-380) Good and choice. 8 Sows. . od ....
ssssssese
Cattle —Receipts, 500v— (550-900) Choice ee
secsasaivoacd
e568 858588
83ILRIIATRIUS
(900 21100) Choice GO0R .. ici. isis rnnssiiin ae Gea tii arearay
og, “Chaice tesesssnsas
60'08.510900 =3-300 & [of 310 23¢ Saa358
S03 oh and medium .. : (150-800) Good and Chote... we Common and medi . Cows
Common and medium ....coss
gba =198.-300 00 382282
eNeam ANIINenI8aS
00 seseee Low cutter and cutter'......, ulls, good utter, com. and med. Bulk’,
VEALERS: —Receipts, . 600—
Good Sod choicei......vvev.. Mediu Cull and common
00099 89398 RII
ann ghska oannn eR
: ] 88s
<3. 3
(250-500) Good and chofce. sae on and mediu Feed and Stucker ‘Cat (500-800) Good and choice... Common and medium =... (800-1050) Good hp- choice... : Common and medium’ +...» . Cows
«28 agng 28 3s 9 6988 09 ¢
ts s00s0000
ood y Common and medium ..... SHEEP AND LAMBS ~—Receipts, 500— Spring lambs choice ....euss.8
esses essnneves
So Silene gE ne och Sci
ns sg
=
ADO LOD
cesses
Medium
EY) Shonen
sevens sstegissseccs
9 £998
Sicdfom alsas se dee sien duenie gi-1m0) Good and hole. . n and mediu: 5 (Sheep. rand lamb Quotations basis.) Note—Eflect: June
2 38 3233
EE
HE GW ad of
on mbs born in
4 | the spring of 1585 classi ot Ti as yeariings:) |
Other Liv Livestock
(By United PE LAFA
FAYETTE, Ind., Jun eady to 10c higher; 176.710" “ibe eas 10.15; 210-235 1 $9.90@ [email protected]; 560-335. 1bs.. $9.0 9.85: 9.35: ey $9. 4535 down. 100-130 . $8. He Troughs, “Calves—$8 down: a lambs, $9 down: spring lambs, $10
i BAT INDIANAPOLIS
Aseaiee 3833582
hel 8
83 83 &
| MewseR oF soar.
Morton Bodfish, Chicago, executive vice president of the United States Building and Loan League, and of the American Savings, Building and ‘Loan Institute, is a new director of the local Railroadmen’s Federal Savings and Loan Association. Mr. Bod fish 1s widely acquainted
/ here, having addressed financial
gatherings frequently in this city.. He was formerly a member of the Federal Home Loan Bank Board.
CITY BUILDING PERMITS RISE
Increase of 178 Per Cent
Shown in First Five Months of 1936.
‘Building activity in Indianapolis, accelerated by a shortage of houses, showed a substantial increase during the first five months this year, according to a report released today by the Chamber of Commerce in co-operation with the Federal Housing -Administration. The total number of building permits issued during the period exceeded those of a year ago by 178 per eent, and total valuation expanded by 278 -per cent. ‘Seventeen hundred fifty-nine per= mits issued here up to Juné 1 were valued at $2,279,916, the report showed. Of the total, 103 permits valued at $536,705 were issued for new home construction. In the
'| same period a year ago 37 new home
permits ‘were issued with a total value of $188,630. ; Value Is Increasing
Residential building permits 'issued in Indianapolis during the first quarter this year showed a gain of 217 per cent, according to the current issue of “Housing In’ Indiana,” issued by the Federal Housing Administration. The ‘value of new homes ‘being built in Indianapolis is* increasing materially, according to the Cham-= ber of Commerce report. During ‘the first five months of 1935 the average value a building was $5008, while the average valuation of resi-
‘| dential buildings "up to date this
year has increased to $6182. MORE DIVIDENDS RESUMED
NEW YORK, June 5.— Favorable |'
dividend changes in May totaled 154, againgt 106 in Apkt], and 92-in May, 1935, according to the Standard Statistics Co. Unfavorable changes numbered 10, agianst 11 in April. ;
FACTORY EMPLOYMENT vp SAN FRANCISCO, June 5-—Fac-tory employment in California” increased 8.6 per cent during ' April over March, and 3.5 per cent over April a year ago, according to the ‘current business report of the WellsFargo Bank of San Francisco.
| Reorganization Affected at
49-Year-0id Local Association. 5
Two new members have been added to the board of directors of the Railroadmen’s Federal Savings & Loan Association, Fermor S. Cane Jon, president, announced today, They are: Albert Fox, member of the Joseph Ratti Printing firm and for many years a large investing shareholder, and Morton Bodfish, Chicago, executive vice president of the United States Savings and Loan League. Starting today the 49-year-old local thrift society is operating une der its new charter. Federalization and reorganization plans, recently voted by the shareholders, have received final approval by the Federal Home Loan Bank d, Mr, Cannon said.
Directors, Officers Listed"
Others beside Mr. Cannon and the two new members, who sit on the board, are: A. PF. Bromley, vice president; S. A. Greene, loan distributing officer; F. G. Appel, presi= dent of Gregory & Appel, Inc, snd W. C. Downing, president of Downing Nurseries.
dition to the three named, are: F, B. Stout, secretary; L. W. Dawuis, treasurer; W. F. Oldshue, auditor; C. P. Cartwright, loan supervisor; Robert Laird, tax officer; Inez Douglas, insurance department; Walker Downing, legal department; K. W, Hadley, attorney, and Perry ERE O'Neal, legal counsel.
Earnings Distributed Equally
“Under the new plan,” Mr. Cans non said, “the association will ope erate strictly as a mutual organizae tion. Earnings are to be distributed equally to all shareholders in proportion to what they have paid in. Lending operations will be confined to Marion County. “Every person who invests or whe is already an investing member in the association now is protected against loss up to $5000. “In order to encourage invests ment, and to set up a plan of safe savings, the Federal Savings and Loan - Insurance Corporation ‘was formed to protect the principal of long-term investments in insured associations somewhat similar te the way in Which the Federal Deposit Insurance Corporation “insures the liquidity of bank: deposits. The experience of all insured institutions has been that insurance invites public confidence. Thrifty people are convinced that funds Y on in a Federal Savings and Loan Association earn a reasonable return, con. sistent with the high safety afford. ed. - This will insure more adequate home financing resources for this community. The associations home loan service, under new policies which go immediately into effect, will attract the home owner in search of loan accommodation.”
FOREIGN BONDS LOWER
— List of 50 Representative Issues Drops to 56.36 on May 31. Times Special NEW YORK, June 5.—The index of 50 representative foreign bonds decreased from 57.27 on April 30 to 56.36 on May 31, according to the current repoit of Foreign Bond Associates, Inc. Thirty European issues included in the index fell 3.38 per cent during
issues rose 151 per cent and 16
South American issues increased 0.87 per cent.
The Accepted Favorite for Summer
- White Wingtip
ges
® Cool ® Comfortable
‘Strid
Officers' of the association, in ad-
the month, while four Australasian
pM gy Saket PRIN RS eB
ODER a IN roma hm