Indianapolis Times, Indianapolis, Marion County, 24 December 1936 — Page 8

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‘Abreast of The Times on Finance

* o

Postal business tn Chicago has gained 11.23 per cent over 1935 figures, with 1936 postal revenues of

Corporation Surtax| PAGE 8

THURSDAY, DECEMBER 24, 1936

approximately £54,000,000 compared to $48,545,832 in

Is Wise, Just, Flynn Says.

BY JOHN T. FLYNN

TEW YORK, Dec. 24. — The movement grows in Washington to induce the President to amend the corporation surplus tax passed at the last session. Plenty of confusion persists about those taxes. Before the public puts its support on one side or the other it should know what the taxes are about. As usual,

PORKER PRICES JUMP 25 GENTS

the confusion | arises out of a more or less snooty refusal to look at very simple facts. Here is the principal point. On corporations, a corporation income tax is imposed. It is levied on corporation income, An individual must also pay income When he computes his normal income for taxation he does nct include corporation dividends received by him, and rightly so. Because the dividends have already been taxed in the hands of the corporation. This is tion, at the source. But he does include his dividends when he comptites his income for surtaxes because in the hands of the corporation no surtaxes are imposed.

Up to 235 Pounds; Other | Weights Steady.

was active. Receipts totaled 3000. | The schedule of weights was re- |

vamped and weights of 160 to 180 | | pounds sold for $10.65; 180 to 200 | pounders brought $10.70; 200 to 225 | | pounds weights were $10.75; 225-235 | pounds, $10.80 and 235 to 250 pound- | ers were $10.70. | Packing sows were strong to 10 | cents higher and prices ranged from called taxa- ggg to $9.60, top $9.75. Weights of 250 to 260 pounds sold for $10.50; | 260 to 275 pounds brought $10.35; { 275 to 285 pounders were $10.20; 235 [to 300 pounds, $10; 300 to 325 | pounds, $9.90; 325 to 350 pounds, $9.75; 350 to 400 pounds, $9.60.

Cattle Sharply Higher

In the lighter divisions 150 ® io ings and does not distribute them, | Pounders sold for $10, 140the stockholders will not Abii | pounds, $9.75; 130 to 140 pounds, | them and they will form no part | $9.50; 120 to 130 pounds, $9.25; 110 of income tor surtax purposes. to 120 pounds, $9 and the 100 to Therefore stockholders escape pay- 110-pound class were $8.75. ing this tax. It is manifestly | The cattle market was sharply unjust. : in a run away trade and

| higher Similar incomes of unincorpor- | Most sales Ca fully 25 cents up ated business pay surtaxes. Why | and in spots more.

There was a should incomes from corporations { Hberal supply of BR Ol0e be thus subject to evasion? There- [Shicers In ie run of 600 cattle fore it is entirely proper—it is a |“ S. . matter of justice Pp fact—that | Outstanding strong in some sort of tax be imposed on |Steers established a new high ny e corporation earnings to make up ‘current season at $12.40. Light the loss sustained by the Govern- | Steers brought $12.25 and the 1315 ment through losses on surtaxes. Wo 1341-pound weights sold 10 Now the tax bill originally spon- | $1210. Two loads of good lightsored by the President last year | weight steers brought $11.25. was not of this sort. imposed

Lamb Market Active lindistributed income. in order to | _ Heifers were mostly $6.50 to §8.50. . . | compel corporations to distribute [ut cows were $450 to $5.25, the those incomes. That tax was a |Cutter grades, $360 to $4.25. A few very unsound tax. Congress re- [Sausage bulls were upward to $6. jected it. Instead, Congress re- Vealers were weak to 50 cents | tained old income taxes and added [lower at $12 down. a moderate surplus or undistri- | Lambs were active and fed lambs buted income tax were 35 to 50 cents higher, yearlings : [25 cents higher. Slaughter sheep were steady. Practically the entire | supply of fed Western lambs were | choice grades and sold for $9.35, ly earlings mostly at $8. The bulk or | the better native lambs brought $9 to $9.25. Good and choice ewes | sold for $3 to $3.50, top $4. Receipts "were 5000.

Mr. Flynn

taxes.

= ”

T is easy to see, therefore, that | if a corporation makes earn- |

HIS tax was measured to recapture for the Government the taxes it would lose through its inability to collect surtaxes in the hands of stockholders. This is a wise tax. It is a just tax. If no such tax is imposed then corporations will he given an advantage over individuals by the Be. Bulk Government. Corporation income | $10.30 10.55 taxes are larger than individual | 10200 10.0 taxes as long as corporation in- 10.30@ 10.60 . 9.50 10.40 comes are small, but for most of 10.30 10.55 " i on 10.556 10.85 the large corporations, they are Light Lies very much smaller than similar in- (140-160) Sood and come taxes would be in the hands Lightweights of individuals or partnerships. (160-180) Good and If, in addition to this advantage, (180-200) Good. and corporation earnings can escape all Wetton, Wel Jedi um surtaxes it is easy to see that the (200-220) uni individual is discriminated against (220-250) Good and . Heavyweights— in favor of the corporation and this is indefensible. | There is, therefore, only one hon- (275-3501 Good ’ i (350-425) Good est and fair point of attack on the | (Hom! E000 for the Government its losses in surtaxes through failure to distribute corporation earnings. I estimate, and then theres really need be no further argument about it.

n n

Receints 7000

choice. .$ 9.50610.65

8.85@ 10.00

. 10:[email protected] 9.35 10.35 10.3561 10.75 10.00@ 10.55

[email protected] 10.55@ 10.85

[email protected] 9.60 10.00

9.10@ 9.3% 9.10 9. 8.85 9. B0@

8 8.75@ 1.75@

‘choice.

choice. . choice. .

Sood and thoike . Medium ‘

CATTLE —Receipts, 600

Choice . [email protected] Good 9.506111.25 Medium 7.506 9.50 Common 6.00 7.50 Choice 11.25@ 12.25 Good . 9.50@ 11.25 Med un Common Choice

(250-290) Good and existing tax. That is that it is | (u75-550) Medium 3 550-1 think it would be difficult to prove (530-300)

(290-350) Good and Packing Sows— ny ’ on "py | Sinugheer Fi more than is necessary to recover | 00-140) this, but the Treasury can settle the point by making a careful

(900-1100)

(1100-1300)

FCUpYEIRHL, 1936. NBA Service, Inc.)

N | (1300-1500)

Heifers Choice Good .... Common, medium. Good and choice . ommon, medium.

F ruits and Vegetables

(Quotations below subject to change, are | average wholesa prices being offered vo buvers by local Commission dealers) Fruits—Pears, Oregon Bosc, 100s, box 33: California Avocados, 20s-24s. box, $2 Oregon D'Anjou, extra fancy, 110s- fase. | £3 50. Punanas, selected. Ib, ApDles No. 1 Grimes, 2'% inches up 8 10: 1 Indiana Delicious, 2'; inches un, $2.25: No. 1 Indiana Golden Delicious, 2%, inches up. 2: No. 1 Stayvmans, 2'> inches up. : 1 Jonathans, 2'2 inches up. $2.15: { 1 NY. Wealthy. 215 inches up. $1.85: No. | 1 Rome Beauties. 2': inches un. $2: No. 1 | Winter Bananas, 3 inches, $1.85. Lemons, | Inkist, 360s, $52 Limes, Mexican, car- | . Persian seedless, 84-112s, box, | California Emperors, am in | X

(500-750)

(750-800)

$ 5.25@ 6.25 4.25@ 5.25 3.25@ 4.25 8.00@ 6.50 4.25@ 6.00

Common and medium Low cutter and cutter .... Bulls, good Cutter, com, No

Ve ers Good and choice | Medium Cull and medium Calves (250-500) Good and choice s 68.006 Yeu non, medium, 450m er an ocker Cattl (500- 800) S08 and Shaice $ 8.250 mon. medium (800-1050) Good and choice . Common, medium.

. [email protected] | 9.006:10.50 5006 9.00

Cranberries, C £4 50. Tangerines, “176s. $1.60, Grapefruit Fores i 80s. $3. Oranges—California. Sun- | navels, $3. 754. Kumauats, Folridas, 1 12'2¢. Pineapples. 30s. crate, $4.50 | Veget ales Artichokes, California, 4-doz. | 5 Beans, Florida nringless. | 5000 2 Beets, homegrown. bu. . | Heifers— Broccoli, California. case. $2: bunch, 15. | Good and choice LL Brussel Sprouts, pet dium, a3 Cubbage. Common and medium 450@ New York, 50-1b. bar arrots, Cali- | - fornia. doz. 60c. Caulifiower. 11s-12s, | SHEEP AND LAMBS crate. $190 Celery. Michigan, mammoth, ~—Receipts, 5000 doz.. 75¢: medium, doz. 40c. Celery cab- | bage, homegrown, doz. 7T5c. Cucumbers, | $ 8.756 Foirida, bu, $7.50: doz, $125. Chives, doz. Good ' 850m pots, 90c. Ege plant. Morida, doz. $1.25. Medium 6.75@ Virginia, bu. 75c. Lettuce. Iceberz, common 5.56 Bs, $3: leaf, 3.002 0 2.00@

45-55. $3.25; hot- | Ewe 15-1b. basket, 8! Peopers. Man- | 90- 175) Good and choice. . mmon, mediu 3.00 | a ep and lamb Quotations on clipped |

8.50 6.00 | eR 8.00 | 6.25

6.50 | 5.50

| Lambs— Choice

a 9. o,f 6. 4.

Plorida, crates. $3.50; doz. 45¢. Mint, 60c. Mushrooms, homegrown, 1b, 30¢ Onions, Indiana vellow, 50-1b, bag. 75¢c: Northern white, 10-1b. medium, $1.15 Par- | homegrown, doz. 40c. Parsnips, | > bu,, $1. Peas, Western Tel. : Potatoes. Maine Green 100-1b. bag, $2.90: Idaho Rus-

Produce Markets |

: (The prices quoted are paid for stock : Michizan Rurals, $2.35. Calorado | gathered in the country. while for gaa | MeGhTres $2 90 0 Sweet potatoes, ges. | gigs in Fach ull the Foes are 1 cent | see Nancy Halls, hamper. : In er- | higher. Each full case of eggs must weigh seys “Possum.” bu. $1.65. Radishes, but- | 55 pounds gross .: tons. hothouse, doz. Rhubarb, Cali- | Eges—No. 1 loss of. 23c | fornia, 20-15. dob. large. doz. 45c | doz Spinach. Texas, bu. Squash. Acorn, Heavy breed hens 5 Ibs. and over, 12c: bu Joe Turnips. bu Tomatoes, hot- | under 5 lbs, llc; Leghorn breed hens. ho 8-1b. basket, heavy, 8c. Heavy breed Springers. Lie-dls {Ibs., 9c. over 4% Ibe. 1lc. breed springers 7c. Ducks. full-feathered and ! fat, 5 Ibs. and up. fc. se. full-feath-erg and fat. Tc. Turkeys. young toms. 14-18 lbs, 13c: over 18 Ibs, 1l¢c: youne hens. 10 Ibs. and Jer. 13¢c: old toms. Tc: old hens. 8c: No. 2. 8c. Butter—Creamery. No 37% @38 38: 3 33 + @35%c. Butterfat—No: 1, 33¢: . Sle.

strictly fresh,

$1.50. (By United Press) CHICAGO. Dec. 24. -—Apples—McIntosh | Michigan, $1501.50 Sweet Potatoes— Louisiana Porto Ricans, $1.60@185. Car-rots-~Illinois, bu., 50@ 75c. Spinach—TIllinois, bu. 29&S50c Tomatoes—Mexican, lugs, $2.50 3 Cauliflower California crates, $1 25@ 1.60. Peas—Csalifornia, hampers, $1 50&2.75. Celery-—Michigan, square crates, 5S0c&'$1. Onions (50-1b. sacks)-—1lli-nois and Indians yellows, 25&50c; Michi. gan yelows, 42'z¢; Indiana whites, 80c.

Other Livestock

(By United Press)

FORT WAYNE, Dec. 33.30% B—Markes. : RY

No. No.

(Bv United Ds Dec. 24. — oh TE RTkel, , 4347 ae firsts, joiner 24z¢; receipts, 27'2c; checks, a31ze,

Butter—Market, Irm; receipts, 7051 tubs, Extra firsts (90-91'2; score), 32@32%%c: extras (92 score), 33%4c; specials, 333%. @ Sic; firsts, 31% &32%e; standards, = Poultry—Market. unsett} 30 trucks; geese, 14@15¢c: ducks, Neto, spring chickens, 132 @15%:c; broilers, 15 118c; hens, 9@16'.c; turkeys, 14@22¢: ignorn hens, 11@11'zc; old roosters, 11

| _Cheese—Twins, 17% 1750; daisies, 173% @ 18c: longhorns, 173%, @18¢c light: demand, fair;

Potatoes—Supplies, market, strong; Idaho Russet Burbanks U. 8. No. 1562.30; Colo-

CHICAGO. steady; firsts, i current

14 Ibs. 05; 120- 130 Ibs. A roughs, $9: stags, Lambs, $8.75, {By Times Special) LOUISVILLE. Dec. 24. —-Cattle—Estimat- | ed receipts, 135. run mostly directs and |

3 50. Calves,

$11.50,

stockers. few early sales steady, com on | $2. 6563.90; . 2. to medium steers and heifers. ‘quotable, | Ido Red McClures $2.70; Wisconsin Round 5 33067 7.50: nothing good offered: © practical | Whites, $1980 Vl Michigan russet good beef cows Jow cutters | rurals, $1952 , Calves—Estimated re- | Arrivals, 34. ~ track, 194; shipments, 5. not enough here to :nake a | 462. : indications Wednesday, for be Estimated receipts, not enough here | to Sstablish nr

$10.35. markel nominally

| the Moline plant was established

Advance Alu

Berg Chicago Rivet and ‘Machine. . Cities Service

| Atlas

{| Canadian ast Alcohol * | Carrier Corp

| Fisk Rubbe

| Gulf : | Humble Ofl and Refining | Co. i Hygrade Food . .

| Imperial Oil

{ Niagar “Husson

| Segal

Centennial of Steel Plow to Be Observed

WITH LIGHT RUN

‘Advance Recorded in Classes |

John Deere fashioned his first steel plow in 1837 from a broken saw blade after farmers in Illinois experienced difficulties with the soil. The plow

shown on the left is a model of this plow. The one on the right shows the modern multiple tractor plow capable of plowing three rows.

PRODUCTION OF STEEL AT HIGH

FOR ALL TIME

‘Annual Capacity of Industry |

Up 7,000,000 Tons Over Seven Years Ago.

| Times Special NEW YORK, Dec. 24 —Steel ingot | production, working against a back- |

| | continuously expanding demand for

‘Anniversary Commemorates | John Deere’s Invention From Saw Blade.

New York Stocks

| finished steel products, is at a peak |

| the industry. While the rate of operations in

The Indianapolis branch of the | John Deere Plow Co. 216 South | Senate-av, is to have part in the commemoration next year of the one-hundredth anniversary of John | Deere’s first steel plow, it was an- | nounced today. > So a ~ oh we Ya It was in a little blacksmith shop | Curtiss Wright... 6% | ¢ Curtiss Wrignt A 19% in Grand Detour, Ill, company of- | Douglas Air ... 69% | Nor Am Av . 12% ficials here recalled, that Deere sperry Corp .... zl% . 1pl | United Air Lines 20%s fashioned the self-scoring steel plow | Unitd Aireft New 21 ! trans Cont st 2 in 1837. Building— His work, which Deere executives | ,,, Radistor ... 35% declare ushered in a new era of Be sl 36 progres for agriculture, is to be | Cibby oats Gis. commemorated by farmers and com- Jus i munity leaders with “John Deere | warren Bros ... Centennial Celebrations” in many | Chemicals— cities and towns, it was announced. | Air Reduction .. Deere’'s first plow, according to n tradition, was inspired by a broken | jim SOwents steel saw blade. Sticky prairie | rreeport Tex : : : : ‘tility. summed | Math Alkali soil, while rich in fertility, g Monsanto Chem , Sen ih . » at is (new). farmers primitive Plows and mage Schenley Dist . cultivation practically impossible, | vex ‘Gulf Sulph 407s the popular story declares. Mr. Union Carbide. 10231 Deere, the story continues, noticed | pryps— the smooth, gleaming surface of the Lambert ....... 18% saw blade and applied the princi- De pk or 18% ple to a plow. Although only one plow was | hammered in 1837 and eight the next year, business expanded and

Amusements— Crosley Radio .. Loews Inc Paramount Radio Corp KO

25% b3 43 Ye 11%

8 3. 3% 17%

24% 64

wutn Centry Pox Warner Bros ...

Aviation—

Sterling Prod "13% Un Drugs (new) 13% Equipments— Am Brake Shoe.. 87%. Am Car & Fey. . 58% Am Loco . ' * So Am Steel Fdy. 572 Bald Loco .. 9% Gen Am T Car . 7234 Gen Elec 52 5% Gen R R R Sig. . 52's Poor & Co 26%, Pullman Inc .... 63% West Air Br.... 4 Westingh Elec...1457% Financial—

Adams Exp .... Allegheny Corp. Am Int Corp .. 139 Comm Credit... 70% Chesa. Corp . 85 Trust. 78% Transamerica . 17% Foods— Am Sugar | Armour or Armour 67,

in 1847. It is still company headquarters, but there are scattered | branches, , deiciuiing the one here.

BUILDING PERMITS GAIN 34 PER CENT

Times Special NEW YORK, Dec. 24 —Seasonally lower than in October, November building was reported by Dun & Pradstreet, Inc., today to have been 34.1 per cent above the November, 1935, figure. Only two sectional groups—New England and West Central states— reported totals below 1935. Total for the month, it was said, was $75,464,623.

Chicago Stocks

(By Atkins, Hamill & Gates) Noos. Close.

14% 4%

Crm of Wheat.. Cuban Am Sugar 11% » Gen Baking . 17V, Gen Foods Hecker Prod .... Hoily Sugar Natl Biscuit,

591 United Fruit 8134

Housechold—

Col Pal Peet .. 30% Kelvinator Mohawk Carpet. 3 Proc & Gamble. 54% Servel Inc “v8 Simmons Bed .. 44!% Mining—

Alaska Jun . Am Metals Am Smelt Anaconda Cal & Hecla .... 15% Cerro De Piso. 185

Adams Manufacturing

Pebestos Manufacturing he 20s Commonwealth "Edison Cord Corp . Crane Co Consolidated “Biscuit Dayton Rubber Dixie Vortex . Economical Drug General Household Jarvis Katz Drug Ken-Rad Su be . Libby MoNeil and Libby . Lincoln Printing . Lion Oil Marshall Field .. McCord Radiator McGraw Electr id-West Corp Coreterred rk

Kennecott

| Mcintyre Mine . : Park Utah .. Phelps Dodge g = Low fect Circle . me ers Publi Service North Til- NP.. 4» | Vanadium _ International 1 % | Miscellaneous— Eh rte : | Allic Chalmers. . Utah Products | Can Williams ©Oil-O-Matic Woodall Zenith .

New York Curb

(By Atkins, Hamill & Gates)

5 115 4 ith 18

Cont oan 187 Caterpillar Trac 38

104 Kodak 172 1d

: 273 io a . nr B 34% FW a Underwood E wE Motors—

Auburn Chrysler Gen Motors ... Graham Mot .. Hudson

Eastman

Prev. Foster Wheeler.

Noo close Aluminum Co of America .... American Airlines American Cynamid Am Gas and Electric Am Superpower Arkansas Natural Gas Corp Brown Forem Bower Roller “Bearing Cooper Bessem

Cities Service Creole “Bor orp Sh ectric Bond an are “ | Studebaker

Ford Motors Canada ‘A’ . 23 2 | W White Mtrs. .... Greenfield Tap and Die Corp . 9 Yellow truck Oil Penn Motor Access— Bendix .. Bohn Alum ..... Borg Warner Ss

Wi | Nas . 1 fackard

Hyler preferred Jriernational Vitamin | Lion : Elec Auto Lite.. Elec Stor Bat .. Greyhound New. Houdaille .

Penroad Corp Root Petroleum Rustless Iron and Steel Lock Sonotone St Regis Paper Sterchi Blowers Sunray Stutz Notre Technicolor Tubize

Timken Qils— Amerada

od SOB Ea DORIS r= in be =

- ed

Investment Trusts

(By Thomas D. Sheerin & Co.)

Administered Fund 2 ww *Affiliated Fund Inc (new) .. American Business Shares *Broad Street Investing Bullock Fund Ltd

Pe P Phillips Pet .... Diymouth on Pure Oil ve Seaboard Oil “v..

5% me 1-1 . Bsa . w : B84,.E,

BREE

rp Corp Corp Trust Shares Diversified Trustee Sh : *Diversified Trustee Shs 'C'.. Diversified Trustee Shs ‘D'.. Dividend Shares Inc *Pundamental General Ta vestors “Trust rated Investors .... Street Invest Corp. jarylang Pund Massachusetts Investors ... futual Investment Fund Nation-Wide Voting North American Tr Shs 1955 orth American Tr Shs 1956 orth Amer Tr Shs

Gusset

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28a FFEFER FIER = FHEREFEF FEFFITFESFEF

Corp ... Supervised Shs Inc (Del) . Trustee Am Bk B Trustee Standard Oilshs ‘A’ Trustee Standard Oiishs 'B’ *Ex-Dividend.

BI8A392LEs | pain

2=8h FEFESE F

22588538

(By Thomson & McKinnon) High Low A.M.

Prev, close

247% 25% bi va 23 v4 11

¥ 35% 17%

6% KPA

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MASSACHUSETTS INVESTORS TRUST Founded in 1924 Prospectus and Other Literature on Request

steady nd wether Jumbe ble tc 75, y and Satu

T. P. BURKE 8 COMPANY INCORPORATED

| the mills is still short of full ca- | pacity, which was utilized in 1929, | the current plant capacity of the | industry is some 7,000,000 tons of ingots higher than it was that highiy prosperous year. Plant activity is expected to taper off slowly as the week advances, due to the approaching holiday. The American Iron and Steel Institute estimated that for the five-day week as a whole operations would be at 77 per cent of capacity, a dip of 2.2 points from last week's estimate. Two Developments Arise

In round figures the current high rate of operations would produce in a full year approximately 57,000,000 gross tons. The actual production figure for 1929 was 54,000,000 gross tons. Two developments in the steel situation, though, began today to cause trade concern for continuation of peak production. Ingot outturn, it was noted, is running considerably in excess of finished steel production, encouraging a belief that mills are accumulating a BS ae 2 | stock of such semi-finished items as Keystone Steel. . 91, 1 | ingots, slabs, billets. ifiun Steel wo 3 31 : 3 Furthermore, it seemed apparent Natl Steel a | that consumer buying is running Be td Sti far ahead of immediate needs, partSharon Steel ... ! |ly because the consumers fear fur3 8 Stee Pdy-~ : Ly | ther rising price and partly because us Steel pre, 182% a | | they fear labor troubles in the mills Youngstn 8 & T 79% may interfere with production beTextiles fore the new year has advanced far. Adams alls Big Backlog in Sheets Ehnaft Fes ory . ae i accumulation of unam Hose 1lled orders is in sheets. The largSOR est consumer industry for these Atn Snuff items is in the automotive trade. Am Sum Tob Car production last week continued | upward to 121,038 units, but strikes » | in plants furnishing parts is begin- | C ning to harass the trade. The magazine Steel, reporting further increases in scrap prices, advanced its composite for all iron | and steel products up to $35.18 a | ton, highest this year. Scrap prices | have advanced $2 a ton in the last two weeks, taking No. 1 heavy melting to $19 a ton delivered at Pittsburgh. The trade magazine also pointed out in its weekly survey that export of finished steel was picking up sharply, with Russia taking 25,000 tons of sheets last week and Japan 40,000 tons of pig iron.

LAPSE RATE IS LOW Times Special

FORT WAYNE, Ind. Dec. 24— The lowest lapse rate in the history of the Lincoln National Life Insurance Co. was claimed by company President Arthur P. Hall today for

High. MK&T pid... 24% Mo Pac pfd.. 612 NYyYCent....... 41 N Y New Haven. 5% Norfolk & West 266

Retail Stores— Allied Stores ... Assd Dry Goods First Natl Roe Gimbel Bros ‘ Kresge S S Roger Gros May H Me ory St McLellan St . Marshall Tield.. May Dept St .. Mont Ward ... Natl Tea

Sears Roebuck. . Woolworth

Rubbers—

Firestone Goodrich

bber US Rubber pid. Steels—

Am Roll i Beth Stee

Ct ~J 0) rs BD DDH Ds Woe aan

Reynolds Tob ‘B’ an Utilities— Am & For Pwr Lit.... 1d

. 251 17%

15% 61% a

aA ea

Col Gas & Comm & Sou Consol Gas Elec Pwr & jnterboto R

3 CF

a Lad RE | Ea

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Western Union.

Chicago Grain Futures (By James E. Bennett ® 05

Wheat— December .. May

Prev.

1.35% 1.31% 1.16

the month oi November and for the |

, | year to date. The November rate, he said, was | 25 per cent lower than for the same month of 1935 and 60 per cent lower | | than November, 1932.

Money y and Exchange

INDIANAPOLIS STATEMENT

| Clearings 3.551.000 | Debits .. 9,535,000

« 1.523% 1.493% (a)Asked. (b) Bid.

LOCAL CASH MARKET City grain elevators are paying $1.26 for No. 1 red wheat. Other] grades on thelr merits. Cash corn | new No. 3 yellow, 96c. Oats, 43c. | This Year ast Your Hay—No. 1 timothy, [email protected]; No. ! | Expenses. $3,308,600,570.49 $3,651,304,227.37 1 clover, [email protected]; No. 1 alfalfa, |B: PASI abv IR HELE

first cutting, [email protected]; second cut- | Bib. BB ary aay ga :2n3.118.801.78

34, 390. 3 ,450.41 30,543,893 325.94 ting, $17.50@$18.50. i Bog 11,229.136,043.72 10,106,898,788.09

208,483,853.76 184,582,780.09

Residential Building Activity

BUILDING CONTRACTS AWARDED 37 STATES,

TREASURY STATEMENT (By United Press) WASHINGTON, Dec. 24, — Government expenses and receipts for the current fis- | cal year ending Dec. 22, compared with a { year ago: 5 8

. Prepared by Administrative and Research Corporation - New York

oq | Residentis/

Non-Residential

pee a Public Works and — Utility >

Millions of Dollars

i .

NN WA" Ov OO ©

"Average Da

N N

EST.

JFMAMIJ JAS JFMAMI JA Sh 1935 PEN 1936

Average daily building contracts awarded for November are estimated at $8,752,000, a gain of 16.3 per cent over November, 1035. Residential construction awards were nearly double those of a year ago, whereas public works and utility activity declined 22.5 per cent. Non residentia, construction was up 14 percent over last year, indicating a revived demand for factory and office space.

T. S. Government Bonds

General Market Municipal Bonds

THE UNioN TRrusT Co.

% of Indianapolis % BOND DEPARTMENT

120 BE. MARKET

| log of unfilled orders enlarged by |

| this week for the entire history of |

TRIAL OF CASES INVOLVING PWA GRANTS SOUGHT

Early Action on 52 Lawsuits Will Be Asked to Test Validity of Loans.

Pit-v of It

By United Press CHICAGO, Dec. 24.—American grain pits will be the only ones in the world operating Saturday. Dec. 26. The Chicago Board of Trade today announced it will open for business as usual the day after Christmas. Kansas City and Minneapolis marts will follow suit. Liverpool, Winnipeg and Bueno: Aires will close Christmas Day and Saturday, Dec. 26. The securities department of the Board of Trade will be closed Friday and Saturday.

N. Y. Bonds | pally owned electric plants.

Times Yesteriay) | PWA attorneys and Department | of Justice agents will push for early [trials in an attempt to obtain a jose, | final Supreme Court ruling on tha | validity of PWA grants to cities to construct electric systems.

A total of $52,270,390 in allocations is being held up because of the Supreme Court's action last week in sending back to the District Court for retrial the case of the Duke Power Co.,, which had been expecteq to provide a final ruling.

First Trial Feb. 1

The first case to come to trial will be that of the Carolina Power and Light Co., South Carolina Power Co, and the Broad River Power Co. No« tice has been given that the gove ernment will expect to try the case on Feb. 1.

The suit filed by five power com panies in Nebraska is scheduled for trial on Feb. 23 in the District of Columbia. Suits in which private utilities mn Texas are attempting to restrain PWA officials from lending money .| to the Lower Colorado River Au- -| thority are set for trial on next Alleg Corp 5s "44 .... | March 1, Alleg Corp 5s '49 . . eh Mr. Ickes asserted the government, Am Frgn Pow 5s 2030 | will “pursue vigorously the defensa Am Tel & Tel 5's "43 .... f its cases won in th Ween & C0 (DED 78 55 veo I) 3 n in e District, Atl Const Line 45 * | Court of the District of Columbia Atl Const Line 414s "64 | last spring.” These cases are AlaAtch Top & S Fe 4'zs "48 .... { bama Power Co. Iowa City Light Balt & Ohio 5s 2000 ... and Power Co. and another suit inBalt & Ohio 6s "95 stitute by Alabama Power Ca. Balt Koon & Pitt Haw BR Briefs in these cases must be filed 105 by the power companies by Jan. 4.

IAW.

| (Reprinted From Late (By F. 8. Moseby & Co.) U. 8. GOVERNMENT BONDS

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Intl Cement 4s '50 Pure ol as Ro 3 Housatonic Yungstwn Sheet- Rube Tvs ‘51 12 Republic Steel 4s '50

SIGN LONG-TERM LEASE ON STATION

Hoosier Coal & Oil Co. has signed a long-term lease on the gasoline filling station at 30th and Meridiansts, now operated by the Shell Petroleum Corp, Edgar Joseph, president, said today. The Shell company is to com-= pletely rebuild the property, as soon as weather permits, at a cost of about $15,000, Mr. Joseph said.

\| New Bond Issues

(By W. L. Lyons & Co.)

Bi vg Stores 44s '51 9 0% Ark La Gas 4s ‘51 Argentine R A 18 Assd Tel 4s '6 . Amer Tel & fol Bs 61 . AT T 3, Vas ‘66

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Big Four 5s '63 Colorado & 80 41:5 '80 .... hi & West Ind 4s '52 Chi & Nor est 434s "49 . Con Gas 4'as '51

Erie 5s . Grt Northern ‘G' 4s '48 Grt Northern ‘H' 4s '46 Grt Northern 4'zs 17 ....... Gen Stl Cast WW blips '49 ,. 06 Hud & Manhat Ref 5s '57.... Ill Cent 434s '66 Ill Cent Jt 4'5s Ill Cent 5s '63 . Interboro Rapid 1% Trang 55 "66 . Interntl Hy 4 “ Interntl Tel > Sel 42s 39 .. Interntl Tel & Tel 58 '55 .... Interntl Tel & Tel 4'2s '53 ... Lehigh Valley 4s 2003 ess & Rob 5'%s on

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Nickel Plate 4's '78 Nickel Plate 52s 'T4 N ¥Y Cent 55 2013 ..... N Y Cent Conv 6s '44 Nor Amer Co 5s ‘61 .

New Orleans Term 4s '5! Otis Steel 6s 41 .“

Portland Gen EI 47 | Para Publix 6s ’55 .. Penn P & L 4%s en Postal Tel & Cab 55 '53 | Rem Rand WW 414s Shell Union A 3s | Socony Vac 31%, Sou ; | Sou Sou Sou Sou Sou Texas Pac 5s Texas Pac 5g

Ynied Drug 58 "58 U 8S Rubber 5s '47 NY NH & Hart 6s '48 NH & Hart 4'5s '87.. Warner Bros 6s '39 Western Mary 5lbs '77... Western Union >, BRD xiv vs | Youngstown 8 & T 4s '61 . Bou Kraft 4%s "8 Youngstown 8 & T 3'%s '51. Sou Nat 38 As nn ORE Y FOREIGN i oF od 86 . Wisc Pub Svs 45 "61 .

Unlisted Stocks

(By Blyth & Co.)

Bankers Trust Central Hanover TY Chemical tal Guaranty Irving Manufacturers | National City National Shawmut First National Boston

FIRE INSU RANCE

Aetna Fire Insurance | American Ins of Nawarh | Baltimore American City of New York .. Franklin Pir e Federal Insurance 4 Great American Insurance ... *National Fire Hartford Home Insurance Hanover Fire ] National Liberty ......vvv0000n North ver .. Phoenix U 8 Fire Westchester Fire *Ex-Dividend.

INDIANA LAW SCHOOL

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INDIANAPOLIS

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Leal Securities

| (By | |

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Indianapolis Bond and Share Corp.) The following quotations do not repre- | sent nctual bide or offerings, but merely indicate the approximate market level | based on buving and selling inquiries or | recent transactions.

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Thomson & McKinnon

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