Indianapolis Times, Indianapolis, Marion County, 8 January 1937 — Page 27

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Trends

Defects in Pension Act Are Grave, Flynn Says.

Abreast of The Times on Financ

oe o

PAGE 26

16-YEAR PEAK

L__BYJOHNT. FLYNN ——

EW YORK, Jan. 8 —Congress’ first duty should be to make & careful, honest examination of the Social Security Act. The job ought not wait. The need for correction is pressing. Already attention has been called to the excessive rates, the proceeds of which will not be used for social security, but te pay off United States bonds or to float new issues to pay new deficits. It is, of course, a shameful thing to impose this burden upon the workers who are insuring themselves against old age. But there are other grave es i fects in the act. Mr. Fyn rt of all few, if any, workers in the next generation will ever obtain an adequate old age pension under the system. In few cases will it ever exceed $30 a month. In most cases it will not be nearly so much. The reason for this is, first, that while large sums will be collected for old age pensions, very little of this will be paid out in such pensions for more than a generation; second, because the Government puts the whole burden upon the workers. 2 4 ” HE contributory old-age pension system imposes a tax of 1 per cent rising, in nine years, to 3 per cent on pay rolls plus the same amount imposed on employers. The first will be taken directly out of the workers’ pay envelopes. The second will be added to the cost of production by the employer and to the price of goods and passed.on to those same workers in the prices they pay for goods. This tax would provide adequate pensions. But it will be used, not for pensions, but to accumulate a so-called reserve. Bub in fact this jis illusory because the Government will not hold the money. It will spend it on relief, emergency, deficit purposes. Hence if it is ever wanted for old-age pensions, the Government will have to impose another tax to get it, which means the insured workers will have to be taxed once more. The tax on the workers and employers should be decreased. The following pian sand 8 employed.

HE Covaditint oud make careful estimates of the precise amounts that will be needed each year to pay old-age pensions. Such estimates are easy to make—have in fact been made. Knowing that amount, the Government should then arrange to acquire that money by taxation. But it should acquire no more. For instance, the Government knows that in 1950 it will need $505,000,000 to pay pensions. Why should it .impose taxes to collect $1,783,000, 000—over three times as much? Having fixed on the tax meeded this tax might then be collected from two sources—from payrolls ‘and from general income taxes. Only one-half the load should be put on the payroll—divided equally between the employer and employe. The other half should be raised by income taxes. It has been suggested that onethird should be paid by employe, one-third by employer and onethird out of general income taxes. This would be better than the present plan, but I think the suggestion first made is better. (Copyright, 1937, NEA Service, Inc.)

Fruits and Vegetables

(Quotations below subject to change, are average wholesale prices being offered to buyers by local commission dealers.) ruits—Pears, Oregon Bosc, 100s, $3.50: California Avocados, 20s-2ds, $2.50; Oregon D’Anjou, extra fancy. . $3.50; 120s, $4. Bananas, selected, 1b., = Apples, No. 1 Grimes, 2i2 inches up, $2: 1 Indiana Deligious. 2'2 inches up, YY 25; No. 3 jadi Bug Golden Delicious, 2 inches up, 2 1 Staymans, 2% inches $2: No. 1 ba 2Y%2 inches up, 52 10: No. 1 New York Wealthy, 2%a inches up, $1.65; No. 1 Rome Beauties, 2% inches up, $2; No. 1 Winter Bananas, 2! inches », $1.75; No. 1 Winesaps. 2% inches up, $2. Lemons, Sunkist. 360s, $5.50. Limes, Mexican, carton 12s, 25¢c. Gra 05: California Emperors. 32-1b. chest, i Cranberries, C: C. Howes, 25-lb. FR Tangerines, 2 box crate, 120s, 1 25. Qrapefrait, Texas, seedless, to 80s, $3. nges, California Sunkist, navels, ‘$3. 2503. 50. Kumaquats, Floridas, qt., 12c. Pineapples. 30s. crate, "$4.50. Vegetables — Artichokes, doz. $1.25. Beans, Florida stringless, hamper, $1.85. Beets. homegrown, bu., fo Broccoli, California, case, $3; bunch, 15c¢. Brussel Sprouts, Jer Sn, $2.15. Cabbage, New ork, 50-1b. bag, $1. Carrots, California, '60c> Caulifiower. 11s-12s, crate, $1.75. DOT, Michigan, mammoth, doz., c: medium, doz.. 45c, Celery cabbage, homegiown, doz.. 75¢. Cucumbers, Florida, bu.,

\ 1:44 - Kale, Virginia, . Arizona, 4s-5s,

dive, California, doz., $1. PepMangoes, Florida, ; doz. c . Onions, Indiana yellow, : Western Spanish, $1.75; e, $1.25. Oyster Plant. ey. homegrown, doz. homlegrows, A b e

Gri o Russets, $3.50; Michigan orado McClures, lian, 50-lb. bag, Oc. fennessee Nancy Halls, diana Dorsey “Possums,”’ Radishes, buttons, hothouse, " Rhubarb, California, 20-1b. box, Sage. doz., 45c. Spinach, Texas. liots. doz., " 35c¢. Squash, HubHi Tn $1. Turnips,

bu., $1. Tomahoes, - “hothouse, 8-1b. De "$1.65. Oma

(By United Press) CHICAGO, Jan. 8.— Apples — Michigan McIntosh, $1.50@2. BWost Potatoes Louisiana Porto Ricans, $l. [email protected]. CarTots — Illinois, bu., 60@90c. Somach om bu., 60@85c. Tomatoes—Mexican Cauliflower—California, . Peas—California, ham.50. - Celery—Michigan,” square @$1. Onions (50-1b. Sack Illinois Sy Indiana yellows, 25@60c

Produce Markets

(The prices quoted are pald for stock gathered in the country, while for deliveries in Jndiansnolis the prices are 1 cent higher. Each Jat case of eggs must weigh 85 pounds gro gs—No., r oily fresh, loss off, 20c

Tieavy breed hens, 5 lbs. and OV h 15¢c; under lbs., 13c; Leghorn breed hens, Jleavy ’ Toc. Henny bree Sprinzers, 1-45 10c; over 4! lbs. Leghorn breed hs. 8c. Heav bd stags, 8c; Leghorn breed stags, Gc; full-feathered and fat, 5 ‘bs. n P. . Geese, full-feathered 3nd fat, 2. Turkeys, Young toms, over 18 lbs. 1lc; young hens, 10 Tbe. a over, l4c; old toms, 8c; old hens, 8c; No.

La utter—Creamery, No. Pt 38@39c; No. 2, $630 Butterfat—No. 1. 33c¢; No. 2, 3lc.

(By United Press) CHICAGO, Jan. 3.—Eggs—Market, easy; Teconte, 9111 -cases; fresh graded firsts, 25%c; extra firsts, 26c¢; dirties. 21c; curfent receipts. 24%c checks, c. » Butter—Market. unsettled; receipts. 8649: extra firsts (90-91% score), 33%>@333%c; extra (92 score), 34c: specials. 341, @35¢; firsts. 33'%2@34c; standards. 333c. ? Cheese—Twins. 17V-@1714¢: Daisies, 17% @ 8c: Longhorns, 17% @18e. Poultry-—Market., steaay: receipts, 114 rucks; geese, 12@13c: ducks, 10@17c: pring Shiskens 15@17c; broilers, 19@2ic; Boner 8c: Leghorn hens, 9@12%c: old er ae 3c, Potatoes—Supplies, light: demand, light: market, firm with song undertone! Idaho Russet Burbanks, [email protected]; Colorado Nera, $3.15@ 03 30: Wisconsin und ites, $2.40@2. 65: Michigan Rus-

sets Rurals, og vals, 28 on track, 181; shipments,

heavy breed cocks, |

IN WHOLESALE INDEX REACHED

Above $200 First Time In 12 Years.

Times Special : NEW YORK, Jan. 8—The general level of wholesale commodity prices, lifted again this week by increases in breadstuffs, meat and other foods, rose above the $200 index mark today for the first time in 12 years and reached a peak of 16 years. The movement of this index, which has been steadily upward for several months, widened its advance toward the end of 1936 and has started off the new year at a pace which exceeds any like advance of basic materials since the World War.

In a compilation of all kinds of materials grouped in seven categories called breadstuffs, meat, dairy and garden products, other food, clothing, metals and miscellaneous, Dun & Bradstreet set the current index at $206.544.

Up 7.04 Per Cent

This level represents a rise of 7.04 per cent from that of Dec. 1, 1936. As of Jan, 1, 1920, the same ma-

terials stood at $211.628. The only time afterward that the level was anywhere near the current prices was on March 1, 1925, when it was $201.947. ~ In comparison with the extreme low of recent times, which was $125.316 on July 1 of 1932, the rise has been 64.8 per cent. During December prices in all categories of commodities scored further gains. Breadstuffs—an item largely influenced by the price of wheat—rose from $33.748 on Dec. 1 to $36.515. - A year ago this item stood at $23.224, or 34.7 per cent lower. Meat jumped in the month from $19.103 to $21.152; other food, from $17.580 to $22.912. Dairy and garden products scored only the slight gain of $0.269, but was 11 per cent above the level of a year ago. Clothing rose from $33.083 to $34.124; metals from $24.580 to $25.198 and miscellaneous items from $40.513 to $42.022.

STOCK INDEX ADVANCES

Times Special NEW YORK, Jan. 8.—Investment companies common stock index advanced during the week ended Dec. 31, it was announced today by Diss tributors = Group, Inc. The week started with the index at 22.29 and it closed at 22.79.

Chicago Stocks

(By Atkins, Hamill & Gates)

Advance Alum Asbestos Manufacturing IN Bastian Blessi

Dayton Rubber Electrical Household General Household

Great Lakes Dredse evesrrrine of Jarvis C Katz Drug eseeace Liby McNeil and Libby.... Lincoly Printing

Standard Dredge ‘pfd’ Swift ternaneny: i Schwitzer-Cummins $ nasirend

Zenith

New York Curb

(By Atkins, Hamill & Gates)

Aluminum Co of Ametica.. American Airlines

ene Arkansas "Natural Gas “A”. Cooper Bessemer . Consolidated Copper Carrier Corp ... Columbia Oil

Dejay Stor Electric Bond & Share . Eagle Picher Lead

RR Hudson Power....... Pan-American Airways . Rustless Iron & Steel Spencer Stores Segal Lock Smadar Oil of Ohio Sterchi Brothers ... Sunray Oil Tilo Roofing Twin Coach

Money and Exchange INDIANAPOLIS STATEMENT

Clearings ....... esess $3, Debits ... $3407.00

seesesane

TREASURY STATEMENT (By United Press)

WASHINGTON, Jan. 8.—Government expenses and receipts for the current fiscal year Shang Jan. 6, as compared with a year ago This Yea Last ¥ 2,2 ; $3, 878. 874 : 380. 3 5, : 1.955.574.9 7 1,9 99

Expenses. $3.6 Receipts. 2,2 Deficit. . ,4217, Cash Bal, 938, Pub, Debs 34,457, Gold Res. 11.270, pe. 224,

‘New Business Books Available at Library.

The following new business books now are available at the business branch of the Indianapolis Public Library:

PLAN YOUR oN SECURITY, by William Law. side from the material benefits, Ww SSITYing through an intelligently conceived aheial plan, here is the same sort of thrill as: that derived from the solution of any difficult problem, ANALYZING CHECKING ACCONN SCIENTIFICALLY, by Frederick W. Hetzel. the service charge is here to Siar and if it is to be accepted willingly b; gommercial bank depositors, it must be based a scientific analysis of each po

PUBLIC UTILITY INDUSTRIES. by G. Lloyd Wilcon and others. Organization, functions, services, rates and policies of gas, |__lighs and power, water, motor and et car transportation. pipe line. telephone, telegraph. cable and radio industries. FRATERNITY FINANCE AND ACCOUNTS, by George R. Krebs. Covers both national organization connections and such chapter activities as building or house corporation °and operation of the active chapter.

Argues tha Te damentally soukd and in Ee public interest

Dun & Bradstreet Composite

Excess Reserves Mount

Dollars

‘Billions

Member Bank Reserve Balances 7

Excess Reserve

: S oqied Reserves’

: Prepared by | | Admmisttative and Research Corporation-New York

1932

two billion. ther increase.

1933

1934

Member bank reserves in excess of deposit requirements now total Seasonal decline in monetary circulation may cause furSteady growth of surplus funds has largely nullified the Federal Reserve Board's earlier increase in requirements.

1935 1936

New York 3100ks.

High. Amusements—

Crosley Radio .. 23 Loews Inc ...... 67% Paramount ..... 30% Radio Corp ..... 112

Ya 20th Century Fox 35% Warner Bros ... 17%

Aviation— 1%

Aviation Corp .. ee 36%

Un Aircraft New 3 Trans Contl & W 21Y;

Building— Am Radiator. Barber

Lon o Star 59 Fores Manville, "152 Libby Owens Gls 33% Quis Elev 38? S Gypsum... 12414 Li Bros .... 10% Chemicals— Allied Chem ....233 Am Com Alcohol 27 Com Solvents .. 19 Du Pont Freeport Tex ... Math Alkali .... Monsanto Chem. 97% Natl Dis (new). 29 Schenley Dist .. 44% Tex Gulf Sulph. 41 Union Carbide. ..103% S Indus Alco. 38% Am Home Prod.. Drugs— Lambert Lehn & Fink.. Sterling Prod .. Un Drug (new).. 142 Equipments— Am Brake $1100. . np

Site

. 35% 39%

Pullman Inc .. West Air Br. Westingh Elec . 149%, Financial— Adams Exp .. Allegheny Corp.. Am Int Corp.... 15% Com Credit..... 69% Chesa_ Corp 862 Com Invest Tr. Ya Lehman Corp ..123 Transamerica..., 17 Household— : Col Pal Peet.... 21%; Congoleum 393s Mohawk Carpet 34% Eroc & Gamble... 58%2

vel Inc Sn Bed.... 467% Foods—

an Sugar ...... 55%

our 2 Beatrice Creamy 25% Borden Prod ... 27%

ves 167% 4%

Crin of Wheat.. Cuban Am RE Gen Baking .... 17 Gen Foods Sugar .. Hecker Brod ; Holly Sugar .... Natl Biscuit .... Natl D Prod ... Purity Bak S ro Rico Sug Std B 1 Swift J Co 5. 28 Swift Intl ...... 32 United Fruit ... 81% Mining— Alaska Jun . 1434 . 53% . 967%

Gt Nor Ore.... Howe Sound ....

Smelters. . Vanadium Miscellaneous— Allis Chalmers.. 805 Am Ca Ys

n Am Mach & Fdy 25 Arichor Cap . 19 Brklyn Man Tr. 511% Burroughs Add . 33% I Case 52%

Can Saternilier Tract 35 % C ork TVs

| Contl

I Natl ao Reg | Ram Rand .... - 234 Underwood E . Worthingtn Pmp 0%

Motors—

Auburn Chrysler Gen Motors

Reo Studebaker White Mirs veo Yellow Truck ...

Motor Access—

24 14

55% add “mig . 13% Badd Wheel .... 10%

, 18%, Timken Det T Axle 24% Timken Roll .... Oils—

Amerada canes -+110% Atl Rig

et Cor Phillips. Peet ns Symouth Oil .

(By Thomson & McKinnon) 11:00

SJRADIAS Hii BC ah ri

Prev. M. Close.

26 67 25% 11% 8% 35%; 17%

- ut 3 0 bet ah 3

et oh BND 1 BNI BD CV hd 1d CO bo

4454 46%2

High Low AM

SOo NJ...... 83% 68% Texas Corp 54% 54 Tidewater Assn. 20% Un Oil of Cal... 25% Rails—

Atchison Atl Coast Lies ve /8

Bb Can Pacific 15% Ohi % oe GW Sa Chi g Gt W pid 107 2 M & St P i

12% 46 18%

21 26%

T4Ys 47s 2

D Del Lac & w. Erie pfd 28% Gt Northern a 3 3 Central in

ent N Y New Haven. N Y Ont & W.. Nor Pacific Penn Sou Pac ... Sou R

u Union Pac Wabash .... W Maryland Retail Stores—

Allied Stores ... Assd Dry Goods. Best & Co First Natl Stores Gimbel Bros ... 23 Kresge S S Kroger Groc Macy Moor cece MeLellan St weve 19 Marshall Field .. May Dept St.... 63 Mont Ward Natl Tea .. Penney J C ... Safeway St . Sears Roebuck . Woolworth

Rubbers—

Firestone Goodrich Gooayeat

ubber g S Rubber Sin Steels—

Am Roll Mills.. Steel ‘

cessene

/4 d61a

3 3 Ss

4012

2 17% i E

3 So) 13814 37) Toke

Steel. Sharon Steel U S Pipe & U S Steel U S Steel pfd. War Pipe & Fdy Youngstn 8S & 7 80% Textiles—

Amer Woolen.... Belding Hem.... ‘Celanese Corp..

1034 132 27% 87%

rillard Philip Morris _.. p /2 Reyn Tob “B’.. 57% 57%a 57% Utilities—

Am & For P 87s Am Power & Lit 2 151% AT&T ..187 7

Gonsol Gas Elec Pwr Interboro nt

Peoples Gas ... 54 Pub Serv N J ... : Sons So Cal Edison... 303% Std Gas 107 Stone & Youster 323, United Cor 1% Un Gas Too 207 Ut Pwr & Lt ‘A’ 435 Western Union . 81Va

Chicago Grain Futures

(By James E. Bennett & Co.)

Prev. Close

1.3315 1.17% 1.14

eens l 107% July ..... 1.063% Sept. o.. es 10814 Oats— May July Sept. Rye— May JUIY 4... Sept. .....

Soy Beans— May ..... 1.61% *Sellers.

LOCAL CASH MARKET City grain eievators are paying $1.29 for No. 1 red wheat. Other grades on thelr merits. Cash corn now No. 3 yellow, $1. Oats, 44c. Hay—No. 1 timothy, [email protected]; No. 1 clover, [email protected]; No. 1 alfalfa, first cutting, [email protected]; second cut. ting, $17.50@$18.50.

1.103; 1.06%, 1.02%

.53% 44%

cess

55% 47 44%

cscs

escee

evens 1

14 1.131 1.06% 1.0 3348 .98

1den 97% .98ha

1.60%* 1.60%

BROWN ON SUBCOMMITTEE Times Special NEW YORK, Jan. 8. — A. G. Brown, Toledo, Ohio Citizens Trust Co. president, has beén appointed chairman of the American Bankers Association subcommittee on government lending agencies, it was announced today.

ELECTRIC WASHER

Brand New 1937 $ 49°

With Twin Tubs A $59.50 Value Federal Home Equipment 1501 N. 1. St. RI-1766.

Day and Syeming Fred Case,

Pennsylvania &

BUSINESS EDUCATION

Accounting, BE and Secretarial courses. i Lincoln 8337 rinci

CENTRAL Business College

Architects ana Builders Buildin, Vermont Sts., 1 Tadpi.

Bookkeeping,

ILI TUGES)

A TAI

Rug Border, 29¢ yd.—9x12 Rugs, $3.95 |

207 LIE OPPOSITE

.STATE HOUS

FRIDAY, JANUARY 8, 1937.

IGENERAL SWINE

MARKET STEADY AT STOCKYARDS

Underweights Show Advance Of 10 Cents; Receipts Total 6000.

The general hog market was steady today at the Indianapolis Union Stockyards although the underweights advanced 10 cents. Receipts totaled 6000.At the close, weights of 160 to 180 pounds sold for $10.65; 180 to 200 pounders brought $10.70; those of 200 to 225 pounds were $10.75; 225 to 235-pound weights were $10.80, and the 235-250-pound class sold for $10.70. Packing sows were steady and sales ranged from $9.10 to $9.75, top $9.75. Weights of 250 to 260 pounds, $10.50; 260 to 275 pounds, $10.40; 275 to 285 pounds, $10.25; 285 to 300 pounds, $10.10; 300 to 325 pounds, $10; 325 to 350 pounds, $9.90, and 350 to 400-pound weights were $9.80. In the lighter division 150 to 160 pounders sold for $10.10; 140 to 150 pounds, $9.85; 130 to 140 pounds, $9.60; 120 to 130 pounds, $9.35; 110

110-pound class brought - $8.85. Steer Crop Limited

The steer market was steady and the crop was limited, consisting mostly of medium grade. kinds selling for $7 to $9. Heifers were nominally steady and cows active with prices steady to strong. Bulls remained unchanged. Beef cows ranged from $4.75 to $5.50, the cutter grades generally $3.50 to $4.25. Practical top for sausage bulls was $6 with a few selling up to $6.25. Receipts totaled 500 cattle and 400 calves. Vealers were steady and the bulk of the better grades ranged from $13 to $13.50. The lamb market was steady with wet fleeces considered. Better grade fed western and native lambs were largely 10.50. No fed yearlings were received in the run of 3000. The bulk of slaughter ewes brought $3.50 to $4.50, top $5 on choice Bghte weights.

HOGS Bulk. [email protected] [email protected] [email protected] [email protected] 10.55@ 10.80 [email protected]

Light Lights (140-160) ata and choice..$ 3802 10.65

910@ 10.20 Lightweight (160-130) Good and choice.. 10. Same IN um @ (180-200) Sood’ and choice. . +10 310, 75

Medium Weights— 10¢210.60 (200-220) Y Cond and choice. . [email protected] (220-250) Good and choice.. [email protected]

Heavyweights— {350 -290) Good and choice.. 10.00@10. D (290-350) Good and choice.. [email protected] Packin (27 (35 (42 (27 Slaug (100-140)

Dec. Top. 31. $10.85

Receipts. ‘4000 Jan, 4,

"Goa and choice. .

—Receipts, 500— (550-900) g

—

eh TE Te —

Quin

S939 9923 5D

C (900-1100) Gi

tht HROER OER IWS

C (1100-1300) Goo

CNUIOINNNIONNT NO

—

eerssessees 1

ID IIUND I=IN TTD

ha bt

M (1300-1500) G

Heifers Choice

0. 9. daa: "medium. 5. Good and choice.. 9

(500-750)

evssesessse

5 0( 0 0!

aa HOOK

(750-900)

Pers

Good seivssd Common and medium ........ Low cutter and cutter .. Bulls, good Cutter, com.

cote s

aman

Vealers —Receipts, 400— Sood and choice .............$12.00@13. 30

NOT ove. i esis esesnes [email protected] Cull and medium i; 2%

(250-500) Sood and choice..$ [email protected] Common, medium. 5.50@ 17.50 Feeder and Stocker Cattle (500-800) Good and cho Common, medi (800-1050) Good and cho mmon, med Heifers—

Good and choice .......c.ee0 Common and medium ...... SHEEP AND LAMBS —Receipts, 3000—

Lambs— ‘Choice Good

esses ss.ens

wv 90- 175) Good and choice. omm me ba {Shoep and Tam. M0

Unlisted Stocks (By Blyth & Co.)

Bankers Trust Chase” Hanover . Chemical Continentai IMinois*.. 5... Guar

rvin Manufacturers vive National City National Shawm First National Borion FIRE INSURANCE

Insurance Newark .

Bid , Asked. 11% 13

Aetna Fire American Ins of

Federal Insurance Great American “Insiirarice National Fire ......... Hartford en Home Insurance Hanover Fir National Liberty North River

to 120 pounds, $9.10, and the 100 to

the full 1935 year.

New York Bonds

(Reprint d From Late Times Yesterday) DAILY BOND INDEX i{ 926 Average Equals 100)

20 20 Inds. Utils. 94.7 94.7 «94.3 . 94.7 . 94 2 . 94.8 . 90.0 1037, by

20 60 Rails Bonds Today Yesterds Week A

leased

(Copyrigt !,

ADVENGE IN FREIGHT

CA ILOADINGS SEEN

lacreaie of 26.1 Per Cent Seen fr r Great Lakes States.

Times Spe ial WASH NGTON, Jan. 8—Freight carloadin 33 for the first quarter of this ¢ zar will be about 9.2 per cent abc re 1936 loadings, according to e timates compiled by the thirteen! Shippers’ Regional Advisory B¢ irds and made public here today.

An inc ease of 26.1 per cent was predicted for the great Lakes States. On thé basis of the boards’ estimates, | reight carloadings of the twenty-n 1e principal commodities will be & 307,026 cars for the first three mo: ths of this year, compared with 4,853,593 in the . first 1935 quarter.

Loc.:l Securities

(Bv Indian nolis Bond and Share Corp.) The f{folo! :ing quotations do not represent actual bids or offerings. but merely indicate tI: approximate market leve! based on I wing and selling inquiries or recent tran icitions. BONDS : Ask. Ind Assoc '&

Interstate 7 '1 Kokomo Wi er Works 5s Morris 5 &| 0 Stores 5s '50 Muncie War Noblesville Ohio Jel Se A

*58. 110 04 .100%2 Works 5s '65. -}03%% L Lo 5 6's '47..

T H Water ‘Works 5s ’56 T H Water! Works. 6s 49 Trac Term | ‘0 5s ’57

STOCKS

Belt Rallros| & St Yas com...

| &4 391% 1 & el Ft Wayne..

: Hook Drugs

d & Mich Elec Co pfd Ts.. Ind Gen Sel: Co 6s Ind Hydro E ec Co Ts Indpls Gas ( » com 6s Indpls Pwr | Lt Co pfd 6 97 Indpls Pwr « Ls Co td 6? as. 1104 Indpls Wate Co pfd 5 104 N Ind Pub | i pfd Bias "ve Ind Pub fd 6s... N Ind Pub § :v p 8 og: a Progress La) ndry Pub Serv Co f Ha Pub Serv Co »f Ind Sou Ind G & E p Terre Haute! ilec Union Title | 0 com

New Bond Issues

(By W. L. Lyons & Co.)

Bid Ask

100% 103 9978

Allied Stores 4Yss ’51 Ark La Gas is 21 Argentine re! 4Y Armour 4s Assd Tel 4s] B & O 4%s

Cent Maine Cent Maine F 'r 3%s Cinti G & E 3%s ’ Cleve Tractot . Somm Credit 3 Vas 35

Standard’ Statistics) 3

(By PF. 8S. Mosely & Co.) U. S. GOVERNMENT BONDS Treasurys

131 52

ssessssssccsns sssessesscscanse tress sssssesena sseseesssscsanss seesesnseansais escssasesssssans esesssssssssnce Sess cssssassaas

sessesscscan

Home Owners Loan Corp.

30% 1353 Chveverhseeneinnees 104.30 Federal Farm Mortgage Corp. 105. 27

ssssencse

1945

ssssnes

DOMESTIC

Today’s Bond Leaders— Rep Steel 4! i ’50 ... Pure Oil 4%, 4-Int Tel ‘Chi M & St P 5s

Atl Coast Line 4s Atl Coast Line 4's ’6 Aion Top & S = hs

6 Big Four 41,8 JIT eevvanenenn

t WW 51,5 '49 ... 9 Hud & Manhat Ref 8% 87 an

DD Rapid Trans 5s '66.. Interntl Hy Sieg 6s ’4

ET Lehigh Valley 4s 2003 McRSs A Rob 5Y

clive neve ee [igeis Nickel Plate hs 3. .

E 55 '4 Portland Gen eh des 160. Para Publix 6s ’55.... Penn P & L ts 81 .. Postal Fr & Ca ’53 Rem Rand WW vee '56 . Shell Union Oil 3s '51 . Socony Vac 3Y%s S0. Sou Pac 4's ’68 ... Sou Pac 4la2s Sou Sou . Sou .evee Sou Rail 6%8 ’56 ..... Texas Pac 5s ’80 Texas Pac 5s. '77 semennse 105% Third Ave Adj 3 ‘60 cennsess 39 Union Pac 4s ’4 Je nsisavess116 United Drug 5s as essaesse.e.103% U S Rubber 5s ’7 gree aeee 108%. 107 NY NH & Hart 6s 48 ...... NY NH & Hart 45s "67 ».... Warner Bros 6s 39 Western Maryland 5s 7 enn 07 Western: Union 5s ’60

Youngstown 8 & T 3%s ’61 ..130 FOREIGN Argentina A 5 > *teveninses] 2 Australia 1 . Ya Brazil 8s ’4 eons 1% Canadian 8. 4s "360 senility Denmark 4's ’55 French 7's '41

S trireeseed

“fgerman 5328 "65 «...ovenreiies 3

Fla Power 55 ’'66 +10 Houston Lt & Pwr 3's '66.... Ondpls Wa 3 ’66 10! Iowa Sou Uti! Kansas P & | Koppers Co Long Island ¥ Los Angeles C Louisville G V 4's

Minn Gas & Mont Power |

Ss oe Y State El eg > Gas 4s °'65 .. Okla G & E '46 Okla Gas & |! In 3%s ‘66... Pac Gas & E le Sis 66 .. Pac Lighting | Pac Tel 3Y%s ‘a Peo Gas Li it pke 4s '61 . Penn Tel 4s Railway & Lit | Sou Cal G & E 4s

105% 100 10642 1084

Oth r Livestock

* (EB | United Press)

ri ons stags, = $7.75.

Calves. $13. 1 mbs. $10. LAFAYETTE, Ind. Jan. "sion s—Mar10c_ higher; 50-275 1bs., [email protected]; 50-180‘ 1bs.. "80 [email protected]: 9.25: Too- Bo 6 . [email protected]; roughs, $9.50 down. Calves, | 112.50 down. Lambs, $10.25 down. (By. Times Special)

LOUISVILLE, Jan. 8.—Cattle—Estimated receipts, izht week-end trade un‘qd vearling heifers at $8.50 best bee herdl | receipts include several cars stockers lil weights: all classes of cattle steady to firm the week. . Calves —Egstimated re! pts, 250; vealers, steady: top, $13.50; mq desirable handyweights, $12 and up; in between kinds mostly $10 @12; heavies | nd common lightweights down to $7. Hogs—Estimated Teceints: hogs pric: | unchanged: top, $10.8 160-260 bs., [email protected]: Se $10.25@10 50; 140 1bs., $10; sows, 5@9, few al ‘ve. Sheep—Estimated reBs 50: fat amb market nominal today. unevenly ! gher for the week: choice auotable to $1f 25 or above. Receipts: Thursday. catti/ 194; calves, 344; hogs, 462; sheep, 23. Shipments: Thursday. cattle,” none; calvi . none; hogs, 168; sheep,

COMI COLOR

Starting Jan. 10th

[0%arass ew HST gos

CS IN

ret 3 owe lS

249 eiivreniannien 30 tersssrssesevacanes 30% 5 '54 tessesaninnsnnes 9814

tecsecianes 13% | Tokio City Sh 61 ciiieiene. 16%

—

Investment Trusts + (By Thomas D.' SHeerin EX),

Administered Fund 2d xAflfiliated Fund, Inc. (new). . American Business Shares.... Broad Street Investing Bullock Fund, Ltd

. mod. Corp “AA” or ‘““Acc” (unmod) Corp Trust Shares (orig) . Diversified Trustee Shs “B”.. Diversified Trustee Shs “C’’.. .5.2 Diversified Trustee Shs “D”.. Dividends Shares, Inc ... Fundamental General Investors Trust ..... Incorporated Investors xMarket Street Invest Corp Maryland . Massachusetts Investors . Mutual Investment Fund Nation-Wide Voting . N American Tr Shs 1955... .. N American Tr Shs 1956.... N American Tr Shs (orig). Quarterly Income Shs (new) Selected Amer Shs, Inc (new elected Amer Shares (orig): Selected Cumulative Shares Selected Income Share 5.72 xState St. Se sare on .109.00 xSupervised Shs, Inc. (Del)... 14.61 rustee Am Bl 92 xTrustee Stand Oilshares ‘“A” 17.96 7.53

Trustee Stand Oilshares “B”. XEx-Dividend. ia

Other Livestock

(By United Press)

CHICAGO, Jan. 8.—Hogs—Recei - 000, including 7000 Sirecte market, 100 1% higher; spots up more: top, good and choice, 180-300 lbs.. io 52001 largely $10. %%

comparable, 150-175 lbs., 10.60; best sows, $10.25. Cattle—Receipts, 2000; caloes: 500; fairly active trade on small pply - available; market, steady at advance: Netter grade steers scarce; supply, mostly common and medium grade downward from $8. 50@0. 50 and lower; bsst medium weights above $13; she-stock strong, excepting better grade heifers; most heifers, [email protected]; cutter and low cutter cows, [email protected]; beef grades to $6.25 and above; bulls, vealers about steady; most sausage bulls, $6.25 down, although $6.50 and above still’ quotable; 10 2le0tsd vealers, $12.50@13; ulk,

$10 Sheep—Receipts, 10,000, including 1700 directs; fat lambs opening n moderately active; market, strong to higher; bids and sales, good to choice native and fed western lambs, [email protected]; best, held $10.75 up; sheep, strong: native ewes, $4.50 @5.50; ae classes scarce.

%)e levy of 6

Sales Make Record Sears, Roebuck & Co., mail order house, today reported its 1936 sales were the highest in history. Sales between Jan. 30 and Dec. 31 were 26.6 per cent above

TAX CLIMB SEEN LOGICAL DUE TO UPSWING TREND

Legislatures Face Task of Providing Local Funds, Chatters Says.

By WILLIAM H. LAWRENCE United Press Staff Correspondent

CHICAGO, Jan. 8.—Higher taxes loom as the logical result of the rise. ing tide of prosperity, Carl H, Chate ters, executive director of the Mu

| nicipal Finance Officers’ Association,

said today. “If American business men, who now hail the newly arrived prosperity, want their local governments to continue the services now demanded of them, it’s going to mean more and higher taxes,” Mr. Chate ters said. “And I find little de= mand for fewer governmental serve ices. Prosperity is the chief cause of the impending increase.” Many of the State Legislatures nieeting this month face the task of saving the financial lives of their cities and counties. Unless new revenues are provided, hundreds of cities, counties and villages through‘out the Nation will have to abane don important municipal services in 1937, Mr. Chatters said. “The revenue problem of local governments,” he said, . “surpasses all other in its immediate impor=tance.” : Ohio Problem Acute

The local finance problem ale ready is very acute in Ohio, West Virginian, Michigan and Florida, where restrictions have been placed on income by tax limitation or

homestead exemption laws,” he cone tinued. “I believe Ohio municipalities face the most serious problem because

lof their very rigid law which limits

taxation to 1 per cent of the property’s assessed valuation. Thus, taxes on property assessed at $1000 are limited to $10 even if necessary governmental expenditures require $13. Some Ohio cities have had to dismiss half their firemen and policemen because of this rigid provision, When you do that, it’s serious.” !

Social services—including hesith and recreational activities—usually are the first governmental services curtailed when revenue runs short, Mr. Chatters said, adding this is because they “have no organized group .to uphold them.”

INVESTMENT HOUSE

HOLDS PARLEY HERE

Benjamin T. Stephenson, president of General Investors Corp., of Boston, and Donald Holbrook, one of the trustees, attended a meeting here today of officials and associates of T. P. Burke & Co., local invests ment banking firm. T. P. Burke & Co. recently were 4+ | appointed one of the authorized dis~ tributors of General Investors Trust.

ADDS STORE TO CHAIN

Bo-Peep Markets, In¢., have added a store'located at 3206 E. 10th St., to their chain, according to W. H. Fryer, president. © Formerly known as Steinberger’s Market, the store ‘was acquired Wednesday and alterations and modernization are io begin next week, Mr. Fryer said.

VALUES 3g!

SHOES

Old accounts payable ........

TOTAL Liabilities SUFFICIENCY ... PROOF: LIABILITIES plus SUFFICIENCY .......... Date Association closed August 1,

correct as shown,

(SEAL)

‘My ‘commission expires Yath!. 199.

. Jo ‘Report of the Condition of the Virginia Avenue Building and Loan Association Indianapolis, Indiana

BALANCE SHEET ASSETS

Real Estate Mortgage 10aNnS. seca eeene.... 517,493.92 All. Other 10ans ...l..... ci.icsvevsenseinnse Advances (insurance and taxes) .......... Other real estate and R. E. contracts ..... 26,611.94 Cash on hand and due from banks ....... 18,472.76 Other assels ....iicscveeesracssrvesniiess

TOTAL ASSOCIATION ASSETS LIABILITIES

All other shares (except guaranty stock).. 55,782.94 iis rseeenes essa 300,107.43

State of Indiana, County of Marion, ss: I, Ludwig Burck, liquidating agent for the above named association, do solemnly swear that the above statement is tru and

LUDWIG BURCK, Liquidating Agent.

Subscribed afid sworn to before me this 5th day of January, 1937. RUSSELL M. SICHWINE, Nowy Public,

. As of As of. Aug. 19, 1936 Dec. 31, 1936 $16,596.86 1,164.00 4.75 oy 26,441.74 2,682.84 452.50 452.50

.$64,204.87 $46,173.94

$ 413.49 $38,073.72

$38,073.72 8.007 44 8,100.22 ur. 64,204.87 4617394

1936.