Indianapolis Times, Indianapolis, Marion County, 9 January 1937 — Page 12

Trends

Holding Company Is Amazing Device, Flynn Says.

-L——_BY JOHN T. FLYNN

EW YORK, Jan. 9.—It is entirely possible that future his--.torians of the United States, look= ing with amused interest at the many vagaries of our present system, will pause with wonder when they come to the holding company. They will probably say that it is inconceivable that any intelligent people would permit such a device ‘ to be used. Yet today, in spite of all the vast losses resulting from holding company operations — billions in savings of hard - working citizens, the wreckage of banks, of utility companies, of : railroads, of industrial corMe Flynn porations — in spite of all these things, one of the most difficult, indeed almost impossible, tasks is to induce people to look this amazing invention over seriously. Endless instances of the uses of the device come to light daily. Here is one which I find reading through the testimony about the railroads " before Senator Wheeler's committee. :

” ” ” ERMINAL SHARES, INC, is a corporation formed by the Van Sweringens to hold the stocks of certain properties: around St. Louis. The Terminal Shares, Inc, is a holding company. In turn,

however, Terminal Shares, Inc. is owned by Allegheny Corp., a master holding company, also conrolled by the Van Sweringens.

Terminal Shares, Inc. sells to the Missouri-Pacific Railroad certain securities for $15,900,000. Mis-souri-Pacific Railroad is also controlled by Allegheny.

Now get the picture clear in the mind. Terminal Shares, Inc., owned by Allegheny, securities for $15,900,000. Missouri-Pacific was to pay for these securities on the installment plan—three-quarters of a million dollars a year. Missouri-Pacific pays the three-quarters of a million to Terminal Shares, Inc. Terminal Shares puts this down on its books as money received. It increases the casn account of Terminal Shares, Inc. But it also decreases: the cash account of Missouri-Pacific.

But remember both belongs to the same company—Allegheny.. So, © in fact, it is really a transfer of . three-quarters of a million dollars from one Allegheny company to another. : 2 #2 » T is like the meat department in a grocery store transferring money to the vegetable department. But suppose Terminal Shares records receipt of the cash and Missouri-Pacific does not record

payment of the cash. Then one Allegheny-owned corporatiéh seems - to be three-quarters of a million . richer, while no corresponding deduction is taken out of the other. By doing that each year the Al- . legheny-owned corporation system "can be made to seem richer by that much. : That is what the Van Swering- - ens did. And this is only one of a number of such transactions. What is the effect? Fooling of investors, of public, of the Government. How can such things be stopped? Well, until some way is found to destroy the holding company control of - railroads it may not be possible to stop it. But this is the difficult problem Senator Wheeler's com‘mittee is working on. Naturally, the bankers and railroad promoters want to stop the investigation. If the Senate yields and stops it by refusing the necessary funds, ‘we will know who is strongest in _ the Senate—the railroad promot€rs or the people. (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.) Fruits—Pears, Oregon Bosc. 100s, 120s, California Avocados, 20 5-245, boX, 2.503 Gremn D’Anjou, extra fancy, 110s, $3.50. 0s. $4. Bananas, selected, lb. 5c. Sis! a 1. Grimes, $2: No. 1 Indiana Delisious. $2.25: No. 1 Indiana Golden Delicious. inches up. $2; No. 1 Staymans, 2Y%2 incltes 2: No. Jonathans. 2% inches up, $210° No. 1 Ney York Wealthy, 2% inches . 1 Rome Beauties, 2%2 inches . 92%, inches u Hi 75. No. 1 Wines up. Lemons, Sunkist, 360s, $5. 50. Limes, ene carton 12s, 25c. Grapes, California Emperors. 32- 1b. chest, $3, ig Glanher. ww C. Howes, 25-1b. nger61 3, STE, seedless, 3 anges,

Califorria Sunkist, Fumaquats. Floridas, at.. 12c. 30s. crate .50. Vegetables — Artichokes, Beans, Florida stringless, Beets. homegrown, bu., $1. fornia, 3. prouts. k. 50-1b. bag. $1. Cauliflower, 11s-12s, crate, RK 75. mammoth, doz., C3 Celery cabbage, homeorida, hu.,

Pineapples,

doz.. $1.25. hamper, $1.85. ~Braceoli, CaliBrussel

homegrown omegrown. Tel... hamper, 25. ; Green Mountains, 100- 1b. 3.40: Idaho Russets. $3.50: MichigsH $2.50; Colorado McClures, $3.35. as, Canadian, 50-lb. bag, 90c. Sweet Potat toes, Tennessee Nancy Halls hamper. $1.75: Indiana Jersey ‘‘Possums, bu., $1.75. Radishes, buttons, hothouse, doz.. 75¢. Rpubars. California, 20-1b. box, $1.25. Sage, doz.. 45c. Spinac Texas, bu.. $1. nee "doz., 35c. Squash, Hubbard, bu.. $1. Turnips. bu. $1. omatoes. hothouse. 8-lb. basket. $1.65.

ey Dan Press) ICAGO 9.—Apples—Michigan MeTatosh, $1. 5001 1.85. Sweet. Potatoes— Louisiana Porto fticans, 8 15@2. Carrots —TIllinois, bu., $75 Spinach—Texas, 0c. at exican, lugs, Cauliflower—California, crate, Peas — California hampers, Celery — Michiga square 80c@$1. Onions (50° 1b. Racks) Tie s and Indiana yellows, 26@60c; Michigan vellows, 472@52%c; Michigaii whites, [email protected].

Produce Markets

rices quotea are pald for stock CS ga aad in the country, while for deliveries in Indianapolis the prices are 1 cent higher. Each full case of eggs must weigh

ds gross.) - BS NC 1 strictly fresh, loss off, 20c

doz preed hens, 5 lbs. and over, 15c; Heavy 1bs., 13c; Leghorn breed hens, c. Heavy breed springers, 1a-4%s lbs., 10c; over 4%z lbs, 12c. Leghorn breed springers, 8c. Heav breed stags, 8c; Leghorn breed stags, 6c; avy breed ‘cocks, ; AS Ducks, full- feathered and fat. 5 :bs. Geese, full- tom.” 14-18 and fat,

> c. ; keys, yo . ! fe Hee a fle: er hens, 1 So: bod toms, 8c; old hens, 8c; No.

©. over. 2 i -—Creamety, No. 1, 38@39¢c; No. 2 fe urieratNo

1, 33c; No. 3, dle.

Abreast of The Times on Finance

PAGE 12

WHEAT VALUES WORK UPWARD IN SLOW TRADE

Foreign Markets Lead Trade At Chicago; Commission Houses Buy.

By United Press CHICAGO, Jan. 9.—Wheat values worked upward in a slow trade on the Chicago Board of Trade today behind the lead of foreign markets. Commission houses on an active local trade led in the buying movement. At the close wheat was 1% to 134 cents higher; new corn was 4 to % cent higher, and old corn was 1 cent higher. Oats were % to 1% cent higher. The market opened with fractional net gains which were extended to better than a cent a bushel before the end of the first hour. Selling pressure was light until the May delivery reached the $1.331% point where the upturn was checked. A better demand for cash wheat on the part of mills and reports of sleet and snow in the Southwest which might, it is feared, cause damage to plants with a poor root growth, restricted selling to a large extent. Buying of Southern Hemisphere wheat by Italy, Japan and English millers lent strength to the Liverpool market. Winnipeg responded to the gains in the British market ‘with a rather good advance in prices. . Export demand for Canadian wheat was light, however. The strength in wheat induced sympathetic buying of other grains. Corn recorded fractional gains on a small volume of buying. Shipping sales of the yellow cereal were heavier at 57,000 bushels. While bookings of corn to arrive were small. Light offerings appeared to be the feature of the trading in oats, rye and soybeans. Gains in these cereals were limited to less than a cent a bushel each.

CHICAGO GRAIN RANGE

(By United Press) High. Close. 1.33% 1.16% 1.13%

Wheat—

10 .07 .06 .02 1

% Ya

53% 47 4%b

.84n .B4

1.60%b 1.59%: 1.60%b 1.59

sess a {30% 13.97

sey 14.20 14.55 Ji? 14: Eo

CHICAGO PRIMARY RECEIPTS —Bushels— Last W Holi Holi Hol

INDIANAPOLIS CASH GRAIN (By United Press)

Wheat—Market, strong; receipts, No. 1 red, $1.32; No. 2 red, $1.31; hard, $1. 34; No. 2 hard, $1.33. Corn—Market, strong; receipts, 13 carloads; No. 3 white, or 0521. Tas No. 4 white, [email protected]; No. 5 white, ioe 1.0212; No. 3 yellow, [email protected]%2; No. Jetiow, [email protected]; No. 5 yellow, 97@99¢c, No. 3 mixed, $1.00} Va @. 02; No. 4 mixed, 98c@ $1; No. 5 mixed, 95@97c Oats—Market, firm; tells, 9 carloads; No. 2 aise, 5214 @53 Vac; No. 2 white, 51%2@52%

none; 0. 1

CHICAGO CASH GRAIN (By United Press) CHICAGO, Jan. 9.—Wh LN 2 dark sy 31061 No. 3 yellow, yellow, $1. 9301, on; si al. 12%2; No. 4

white se [email protected] Oats—No. 1 white, 56% @563%c; No. 2

white, 55@56¢c; No. 3 white, 55c; sample, 53 @556¢. [email protected].

orn $1 [email protected]%;

Barley—Feed, 70@95¢: malting, Timothyseed—Ald crop, $5.85@ cro $5.60 5.85. : Cloverseed, $24 @32. Soy beans, No. G yellow, $1.51%. Cash provisions—Lard, "$14: loose, $13.2 Rominal; leaf, $13 nominal; bellies, $16. rg id.

TOLEDO, Jan. 9.—Grain close.

In oe Jad (transit billin ): Whea t—No. [email protected]. C

yellow, 02 0701.08"

ov hi )5812c; No. white, 5514 @ 58c. : ‘Butter— Extra, 1-1b. prints, 38%zc.

Eggs—Extras, 23c.

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.

1 clover, [email protected]; No. 1 alfalfa, first cutting, [email protected]; second cutting, $17.50@$18.50.

Investment Trusts (By Thomson D. Sheerin & Co.)

Bid. Asked. Administered Fund 2d 59 20.84 Affiliated Fund, Inc (new) . . Amer Business Shares ..... Broad Bie Invesuing edie Bullock Fu Century Sharos rust Cor “AA” or “Accum” (mod). Cor “AA” or ‘*Acc” (unmod) Cor Trust Shares (orig). .... Diversified Trustee Sh *“B”. Diversified Trustee Sh *‘C”.. Diversified Trustee 8h “D”.. Dividend Shares, Inc Fundamental General Investors Trust.. incor orated Investors 6.41 et’ St Investment Corp: 36.02 pd seh Fund 10.31 *Massacrulietts Investors Mutual Investment Fund Nation-Wide Voting .

No No Tr Shs (orig). . 91 Sh (new) .. 19.27 Inc 1 15.70 4.23

(orig)...... 4. gh hares.. 11.01 .. 8.7 Corp. .109.00 (Del) 14. 5

758 1.52

Produce Markets

oy Yaited Press) CHICAGO, 9.—Eggs—Market, unsettled; opie 6418 cases; fresh graded firsts, 25%c; extra firsts,,26c; dirties, 21c; tubs; extra firsts, (50- fv, score), 3Bl@ current receipts, 233,c; checks, 20c. Butter—Market, s teady; receipts, 5428 2350s 2 (92 score), 34c; specials, 34% @35¢; firsts, 33%:@34c; standards, 33 Ye, Poultry—Market steady; receipts, trucks; geese, 13@13c: ducks, Ber 16c $Prine chickens, 15@17c; broilers, 19@2ic; hens, 13@18c; roosters, 11@12¢ Cheese—Twins, 11%@1 1); daisies, 173; @18c; longhorns, 17% @1 Potatoes—Supplies, tangs "demand, slow; for Idaho Russet Burbanks market barely steady; other stock steary. Idaho Russet Burbanks, [email protected]; Washington Russet Burbanks, $3.20; Colorado Russet McClures, $3.45; Wisconsin Round Wises, $2,421, @ 2.50; U. 8S. Commercials, $2.25; Michigan Russet Rur: y. 33.352.60, Arrivals, 89; on’ trucks, ‘192; shipments,

ee page EEN, Call ll D000 ME000 AIO, ES. . a3: oe

“B». .

| 541,

@6.10; new &

Hay—No. 1 timothy, [email protected]; No. |4

eghorn hens, 9@13%c; old 3

SATURDAY, JANUARY 9, 1937

Gold Imports Continue Up

Commercial Poper Rates.

Excess Reserves |

N 7

Billions of Dollars

—— ned

Ci wulalive Net Gold Imports

Prepared b

Administrative and Research €2 poration: New York

1932 1933

reserves and the decline in money

1934

Steady inflow of gold has influenced the growth of excess bank By “sterilizing” gold imports the Treasury expects to control credit expansion.

1935 "1936

rates.

Per cent

Interest Rates

New York Stocks

Transaction approximated 1,450,000 shares compared with 690,000 last Saturday. Curb transactions approximated 502,000 shares compared with 209,000 shares last Saturday.

Dow Jones preliminary closing averages showed: Industrials 182.75, off 0.20; railroads, 55.14, off 0.17; ‘utilities 36.38, off 0.14.

(By Thomson & -McKinnon)

High. Low. Close. Amusements— Loews Inc ..... Paramount .... Radio Corp ....

8 20th Century Fox 5 Warner Bros . 1

. Aviation— Aviation Corp ..

Douglas Air ... Nor Am Av .... Sperry Corp Lines New Trans Cont w Building— Am Radiator

Warren Bros .. Chemicals—

Air Reduction ..

80%; Allied a

Chem ....2333,

Con Bvents .' Du Pon 7 Ds Tex +... 2

—

S Ind Alcohol. Am Home Prod..

RO IN] aR RNIN

483,

1934 wes 1815 U S Steel ptd . 1335 Un Drug (new) 180 Cick Chem .... 433; Equipments—

Am Brake Shoe 3 Am Car &

— od GD SRN CNRS

Pullman Inc West Air Br Westingh Elec . Financial— Adams

..1497;

Foods— Am Sugar $s 58% Armour Armour 6 pct pd 853% Beatrice Cream . Borden Prod . gal Packing ... Can Dry G Ale..

Hecker Prod | sls Holly Svear .... 43 Loose Wiles .... Nat Biscuit ..... 3 Nat D Prod ... Purity Baking .. S Porto R Sug. Std Brands .... Swift & Co .... Swift Inter .... 3 Un Biscuit United Fruit Household—

Col Pal Peet Congoleum .. Hohawk arial. Proc & Gamble. Servel Inc “a Simmons Bed Mining— Alaska Jun Am Metals .

or {Ln Ya Homestake Min’ .415 Howe S vsvin 08 Ins Copper Int Nickel Isl Creek Coal.. Kennecott Cop.. 63 Magma Copper. . McIntyre Mine..

Vanadium Miscellaneous— Allis Chalmers. Am Can

0 Am Mach & Fdy 247; Anchor Cap ... 20 Brklvn Man Tr.. 513; Burroughs Add.. J. 1 Cas

1 Caterpiliar Tract 8B Q 8

Foster ov nseler.. p% Gillett ww Glidden 453 Int Bris ‘Mach.’ .188% Inter Harv ...105 Nat Cash Reg ve wens Botue n r Vonerwont BEB. | 991; Worth Pump ... 39; Motors—

Auburn

DE IebakEr White Motors .. Yellow Truck ... 27%

Motor Access Bendix

Flec Auto Lite .. Elec Stor Bat Greyhound (new) 35% Houdaille Ya Motor Wheel Stew Warner .. % Timken Det Ax . 245 Timken Roll .... 73% Oils— Amerada Atl Rig Bar

108% din

. seaianilOh 108 ; 132.3

High Low Close eens 13 «eo 4503 14%,

Consol Oil Cont of Del ..

Pet Corp ....... Phillips RD) Symouth Oil Pure Oil . Quaker State ... 18 Seaboard Oil ....

Shell Un kelley 2 vies Soc . S O of Cal...

cesese

Texas Corp 5 Tidewater Ass. . Un Oil of Cal... Bajiy = Atchis 74 Atl Coast Lines. . B Oo

Erie Erie pid 29 Gt Northern i ‘8 Cen Jira 1. 25 Lehigh Valley . Li & Nash

Wabash West Maryland . Retail Stores— Aliied Stores

Gimbel Bros Kresge 8 S ..... Kroger Gros “en Macy R H McCrory ot

Woolworth Rubbers— Firestone ..... Goodrich Soyer oh ee Us Robi pfd Steels—

Am A Mls . oe 4 | 8e eth

ay Keystone Steel.. 1" Ludlum Steel . 3 McKeesport Tin. d Steel

Yungstwn S x T 8 Textiles—

Amer Woolen .. Belding Hem .. 1308 Celanese Corp .. 28Ys Cluett Peabody . 87a Sollins Aikman . 59% Gotham Home .. 12¥, Indus Rayon ... 39% Kayser Julius . 25% Real Silk 12%; Tobaccos—

Am Sum Tob.. 23% Am Tob (A). 96 Am Tob 5 : 973 Gen Cig 51 if Lig & gers (8) 1101 Lorilard 3% Philip Morris. Reynolds T (B). Utilities— Am & For Pwr 87% Am Pow &

Elec Pwr & Lit

. 503 So Cal Edison.. 30% Stone a web 3 ne e Lg souk ster 32%

Un 15 Ut me & Imp. (A) 4% Western Union. 81%

. Commodity Prices

(By Abbott, Proctor & Paine) COTTON NEW YORK

High,

January ...... 12 M ry 133

118 Spot, mpe 06: up 5. NEW ORLEANS

Low. Close. 12.32 12.37

December

March were sees May

nae Be BUTTER

l Janmary oot reas

EGGS

JBNUATY secssesncviese 21%

Unlisted Stocks (By Blyth & Co.) Bid Bankers TrUBE ceovvesscssninse + 32

essen

Manufactures National City

FIRE INSURANCE

Aetna Pire Insurance .. American Ins of Newar Baltimore American .. Franklin Fire ... Federal Insurance Great American Insurance National Fire Hartford epee ses Home Insurance’ sesesecessvens Fahoy o& ® Rize 8 rip frre na, (2) Sesssscesnce North Riv y

ver csseuyecsasenenses

Mod {2 | (1300-1500) ’ Good

SWINE MARKET STEADY; SOME SHOW ADVANGE

| Underweights Gain 15 Cents;

Receipts, 1500; Cattle Run Is Light.

market today at the Indianapolis Union Stockyards was steady, but a few sales in the 160 to 200-pound class were 5 cents higher. One load of 184-pound weights sold for $10.80, an advance of 10 cents. Comprising a ‘small part of the market, underweights advanced 15 cents. Receipts totaled 1500. At the close, weights of 160 to 180 pounds sold for $10.65 to $10.10; 180 to 200 pounders brought $10.70 to

$10.75; those of 200 to 225 pounds were $10.75; 225 to 235-pound

250-pound class sold for $10.70. Packing sows were steady and sales ranged from $9.10 to $9.75, top $9.85. Weights of 250 to 260 pounds, $10.55; 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.

Other Markets Normal

In the lighter division 150 to 160 pounders sold for $10.25; 140 to 150 pounds, $10; 130 to 140 pounds, $9.75; 120 to 130 pounds, $9.50; 110

to 120 pounds, $9.25, and the 100 to 110-pound class brought $9.

No price range was established in the cattle market as receipts totaled only 25 cattle and 25 calves. Campared with last week’s close, steers and yearlings were very uneven. Choice weighty steers in spots were 25 cents and more higher while medium grade steers and yearlings were occasionally 25 cents lower, however the general market was steady. Cows and heifers ‘were strong to 25 cents higher. Bulls were weak to 25 cents lower. The week’s steer top was $12.75 and the heifer top, $10. Vealers were nominally steady today as also were lambs.

HOGS

$10.85 h 00 10.60

10.557 10.80

Light Lights (140-160) Good a and choice. .$ 73010. 70

Me [email protected] Lightweights— (160-180) Soe and choice. . . 10. 23a18, 80

Me 010.50 (180-200) Good a and "choice.

10; Na 10.80 Hh 10.1042 10.60 Medinm Weig (200-200) oon and Choice: 10.60@ 10.80 (220-250) Good and choice.. [email protected] Heavvweights (250-290) Good and choice.. [email protected] (290-350) Good and choice. . 9.80@10. 10

9.60@ 9.85 9.16@ 9.35 9.00@ 9.35 8.75@ 9.60

[email protected] 8.00@ 9.75

Goo (275- 530) Medium Slaughter Pigs (100-140) Good a and choice... .

—Receipts, 50— (550-900)

(900-1100)

— tt

(1100-1300)

- OER aIDEaI0m

NOLIN OD IUD IIR DIOUTNOOUI NDR 9333333333333

a FAR) DH TO FAN ST 4 0D x -3

(500-750)

Common, .medium.

“»

ood Common and medium .. Low cutter and cutter .. Bulls, good Cutter, com. Vealers —Receipts, 25— ai [email protected] So Se Shoice ld $i: [email protected] Cull and medium ... [email protected] Calves (250-500) Good and choice .$ z [email protected] mmon, medium .50@ 17.50

Pore and Stocker Bes

(500-800) Good and choice. .$ 6.25@ Com my mon. yectum. jana - G nd choice . 26@ 200.1050) Som mom. medium. 5.00@ Heifers

Good and choice 5.50@ Common and medium 4.50@

SHEEP AND LAMBS —Receipts, 25—

90- 175) Sood 2nd choice. . Com

Chicago Sonar :

es) (By Atkins, Hamill & Gat Pes.

Advance Alum Asbestos * Manufacturing Berghioff off . TU De Iinois Publi¢ Service. 74 Chicago Rivet and Machi ne. oe 28 Cities Service 33 Commonyeaiih Cord Cor Consolidated Biscult Dayton Rubber .. Dixie yore Cunningham rug Electrical on old .. as General Household .....eeoece Godchaux Sugar “B’.c.ceceeee Great sha Dredge ...ooesv.. 0

seesssvess,

Marshall "Pield Mid-West Corp pfd Novi Sharks « orthwest Public Service Nor - NP Signode Steel . Standard Predge ‘pfd . wift International . Schwitzer-Cummins

eNith coceevcnecrcrcnissreenes

New York Curb

(By Atkins, Hamill & Gates)

Close © Close Aluminum Co. of America ....164 American Airlines . 30% Am. Gas and Electric American General ; Arkansas Natural Gas Barium Steel Cooper Bes, hws Consolidated Copper Cerwin

bia Oil Peirai Grey. Iron .... eja sees fi Share ... agle er » Fo! A Motors, Canada “A” .. 2 Slenileld Ta Tap and Die Corp Humble oil and Refining Co. Hygrade Food ... Hyler Preferred . Lion Oil oe Niagara Hudson Power .... Pan-American Airways Root Petroleum Rustless Tron Tand Steel cesta

esas secsesasce

Bur of onio.

The general trend of the hog|?

weights were $10.80, and the 235-!

mediu 00 | 13%06D and Py " quptations on clipped asis.)

DAIL BOND INDEX (1926 A frage Equals 100) 0 .

Yesterday ‘ Week A

seeen HR,

) (Copyright, 193! Standard Statistics)

(By F. 3. 8. GC »

Mosely & Co.) ERNMENT BONDS

Close.

U. Tev. r close. reasurys 1947-52 id 1944-54

ihesscessesss C/sssesssscsse

i ihessessssscns

gs 1956Ered 1949- %

SUGAR $ ALES DROP INFIRIT 11 MONTHS =

Slight De line Reported Delive ‘ies to Dec. 1.

By United Pre: : WASHINC 'ON, Jan. 9.—Total deliveries of sugar during the first 11 months 3 1936 amounted to 6,070,333 sh rt tons, raw value, compared wi h 6,087,749 in the same 1935 period, ' 72e Agricultural Adjustment Admin stration announced today. The 1936 form for c were: By 1 tons; by be by importer: tinental Cai

deliveries: of sugar, in nsumption, to Dec. 1 finers, 3,835,758 short it factories, 1,119,698; 646,250, and by Con- = Sugar Mills, 116,188. Stocks of ugar on hand Nov. 20 were: Raw ugar held by refiners, 242,062 shor! tons; refined sugar held by reliners, 346,079; refined sugar held br beet factories, 868,645, and direct ¢ nsumption sugar held by importers | 59,180. Refiners iiaport receipts to Dec. 1 were: Culiz 1,463,590 short tons; Hawaii, 917, 02; Puerto Rico, 735,032; Philipp: nes, 883,063; Virgin Islands, 3008; | other countries, 56,709.

BUSINESS FAILURES INC/{EASE IN WEEK

Times Special | : NEW YORK, Jan. 9.—Business failures inci ‘ased during the last five days of 936, it was reported today by Dun i Bradstreet. The total [for the period ended

Dec. 31 was 173, according to the report, agair it 162 in the five-day week preced: ig. A year ago there were 206 fail ires. There was 2 total of 9185 failures during the yiar. This is the smallest total sii ce 8881 failures were recorded in : 920.

NEW YOFK STOCKS DROP

Times Special NEW YOR K, Jan. 9.—Fifty representative s ocks on the New York Exchange hid a market value of $22,378,215,87) at the close of the week ended Jan. 2, it was dn-

nounced tod y by Paul H. Davis & Co. This was 2 .62 per cent decrease from the $22 716,791,000 for the same stocks at the end of the preceeding Week

Othe » Livestock

(By [United Press) yl 9.—Hogs—Receipts, 9000, directs; market, Lead od 81 ry] F 60; to . i] ts bio? 30s ves 100; market, irs and ysarlin s, mostly | ¢ reme top, 4 igher at . { 1b. reached 3s. 5; Sheers: largely [email protected] 1; most heifers, $7@9. fed yearlin 1 Bers $12.15 top; 2 steers and elf ¢ $13.00: Dad feeders 3p fo 0 $8.50; > yearn s, $8.25, mostly, [email protected]; Soa} trad ulls, 25c lower and vealers uni rently ea to 50c lower. 1000; market, steady; d more higpars aged sheep X's practical top slaughter b: ix native and fed Western .85: 710.60; fall shorn lambs, sy sarlings. [email protected]; West5.60 down, top, 5 or one native ewes, $4.2 @5.50

190; 00-120 § 1.38% stags, on 75. Calves,

ind., ket, Steady; 225 Po 0 Er ~ 275 1bs., 59 25¢ 1 Ae 40; 275-325 4 . % 2307 10. 10 180-225 bs. i [email protected] 120-140 1bs., $9 9. $38: roughs, $150 down.

own. Lambs, 310.25 down. (By Times Special) | LOUISVILLE, Jan. 7.—Cattle—E: receipts, 225; fiw loads steers and he | 88 os in fedium fash ined 2d in receiots ifonday’s . trade, cattle market 1 ominal Siherwies slaughter classe ’ steady to stron last week's iE 3 u

$8.50@ Sa $12.50

11: plain ware | heifers, 2 $6: good fat - 6.50; other ut ve sausage’ bulls, $ outstanding sto : stocker and fee timated receipt: c aves 2. heg

{ vealers a today og (9, $13. for the week; id a vealers fully $1 3 on inbetween and lower

up: $9. Hogs—Estim cluding 379 direct; ae on b.

receipts, tered lots, de Joost, $10. 60@1 he week; aver: I a after 28 heavier weight: ceipts, but clos! 1s ing 50 cenit lov :r$10 0.20: bi $10.3 2100 i. 14) iy 525 Is. $10 @9; few 9.2 a heep—Estimated rethe Neel Supply extreme- | iarket full 1 or more hig 1mbs; other classes Pac tically lacking; 80-1b. fed dah and gi grade. @10; EB Rrowouts . $ and bucks disc : 95 calves, 310

Friday—Cattle, 56 y shi nts rriday--Onttle’ 100;

sheep, calves, 107; hog. .. *a1 : sheep, none,

Daily

Price Index

NEW YI ORE. Jan —Dun & Bradstreet’s daily v ied: rior index of 30 basic commodit! Press (1930-193. average

—' nday, 143.49—

Fosteruay .... |43.46lyear gh: 3 +. Ea

Week a no Month Ry “er

(Copyright, 198 %

{dex 1937-7 1936-7 low ...

Bay Dun & Bradstreet) Safe L eposit Boxes The > Indianz National Bank ot: [ndianapolis

for the we ex; all |

is, compli ed Jor the United

Home Owners Loan Corp. 2%s a4 ssersassnseseees 103.30 2% 1 03 $952

3s Federal Farm "Mortgage Corp. ; 1949 cess 108.13

DOMESTIC

Today’ s Bond Leaders— Phila Reading Coal 5s '73.. Brazil 8s ’'41 Ditty P > L BYas 47 .. nl edt LB Rand 4%s '566 ....

Ssessascecee

Alles Gorn 8s *44 eg Corp se Am For Pow 5s 2030 . 83 Am Tel & Tel 3s, %3 ise Arm & Co. (Del) 4s ’55 ......1 Atl Coast Line 5s a i.vevans 100 At: Coast jine | 4Yzs 64 ...... Wks 6s ’75 ... .

4158 i“ & Pitt as IST nares af 5 2, ED rons: 3308 105% veeees-104%8

cal 023 er i sens 104% an Pac TD sassrerensie JA

Big Four 5s ’6 Colorsao & So 42s 5 i & West Ind 4s ’ . Chi & Nor West Bus ta’ Container Corp 6s '46 ..

Erie 5s ’'67 ; Grt Northern ‘‘G” 22 46 .. Grt North ‘46 Hud & Manhat Ref 5s 5 Grt Northern 4's 77 . Gen Stl Cast WW 3%

Il C 89% a Rapid Trans 5s '66 30a Interntl Hy Sieg o 44 82} Interntl Tel & Interntl Tel & Tel 2 5 ve Jere Tel & Te okt 33 .. Lehig’ . McKess & S17 Mo Kan Tex Adj 5s ’67 Natl Dair; 3%s 5) uuu Natl Steel 4s 65 ... Nickel Plate 4s N Y Cent s 2013

New Orleans Terni 4555..." Otis Steel 6 Penn Ry oy Penn Ry 47s

Penn Ry 3%s Portland Gen Be 4los Para Publix 6s ’55 Penn P & L 4'%s "81 . Postal Tel & Cab 5s ’53 Rem Rand WW 4Y%s Shell Union Oil 3%2s 51 Socony Vac Nt 50 Sou Pac 4lss ’68 Sou Sou Sou Sou

Warner Bros 6s ’ ie - Western Union ss '60 .e ...10 Youngstown S & T ’61.....10434 Youngstown S & T 33s ’51...130% ~ FOREIGN Argentina A 6s '57.... Australia 4'2s 56 .. Brazil 8s ’'41 Canadian Govt ‘43 60. Denmark 4Y2s '55 German 5s ’65.. German Ts ’49 ..... Italy 7s ’51 . Japan 6las 54°, Rome 6las '52 . Tokio City 515s 61

sesesesssesvss ene

New Bond Issues

(By W. L. Lyons & Co.)

Allied Horse 4s 91. avers ees Ark G '51

Cleve Tractor, 58 ’45..........101 Com Credit 3%s ’51 Cons G& EL & eR Cudahy Pkg 33 Vag 155... Cudahy Pkg 4s 150. Fla Power 4s ’66.. Fla Power 5s ’66.. Houston Lt & Pwr Wis '66. .

108% 100%

ERT RR ON TRI ANN a EES RSTSR

N Y Chicago St L 4s N Y State Elec Gas 4s ’65.. Okla G & E 4s ’4 ; Okla Gas & E Inc 33s ’66.... Pac Gas & Elec 3%s *166. . Pac fishing Aas 45... T 28" ’66

Local Securities

(By Indianapolis Bond and Share Corp.) The fololwing quotations do not represent actual bids or offerings. but merely indicate the approximate market 1eve: based on buying and selling inquiries or recent transacitions.

BONDS Ind Assoc Tel 4l%s ’65..

Ind ibis & fi In 5s * 87. ndpls Railway ¢-58 * ees Indpls Water Co 32s ‘66. . Interstate Tel & Tel Bits "53. . Kokomo Water Works 5s ’58.. Morrig 5 & 10 Stores 5s '50 .. Muncie Water Workss 5s ’'65.. Noblesville H L, & Glas ‘47. . Ohio T . .

Sevmour Water Trac & L 5s

s '57.. Co 5s '49. ‘44

Belt Railroad & St Yd 5 Belt Railroad % ot So nt Ind Pwr pfd Home Tel & Tol Ft Wayne. . Th hen He ‘Cc fd 7 7 C ec Co S...1 Gen Berv Co 6s » IC

Blec 6s’. Union Title Co EE, Se:

Carloading Climbs The Association of American Railroads reported today that loading of revenue freight totaled 587,953 cars during the week ended Jan. 2, an increase of 25,735 cars over the preceding week.

New York Bonds

INDUSTRIALS UP UNDER LEAD OF STEEL SHARES

Profit-Taking Curtails Gains Late in Session; Trading Is Heavy.

By United Press NEW YORK, Jan. 9.—Steel shares led the industrial section of the stock market into new high ground since Nov. 30 in heavy trading today but profit-taking late in the short session brought irregularity. United States Steel touched 81% up ¥% and Bethlehem 78 up 1%, both new highs since 1931. These issues dipped from the tops. Motors also made a recovery only to slip back to around the previous close. Utilie ties and rails lost ground slightly in the averages. North American Aviation was the most active jssue. It made a new high at 15% up ? Aviation Corp. made a top at 7% up 1%. Other aviations were firm and active, Electric Boat was firm in large turnover.

Some New High Made

Before the late selloff, new highs were made by American Steel Foundries at 65 up %; American

4, Woolen preferred 71% up 2%; Elec tric Power and Light 26% up %;

Fajardo Sugar 61% up 1'; Hous-

per 28% up 1%; International Agricultural preferred 5 up 3; Miami Copper 21% up 1%; Stone & Webster 33% up 3, ‘and Vanadium 323 up 7%. Near the close, Allied Chemical was Off- more than a point and Amerada more than 2 points. Declines ranging to a point or more were noted in American Telephone, American Power & Light, Columbia Gas, Consolidated Edison, Mont gomery Ward, Electric Power, National Power, New York Central, Pennsylvania Railroad, Public Serv= ice of New Jersey, Sears Roebuck, Southern Railway, Texas Corp. and U. S. Steel. Wall Street ascribed the irregue larity to normal processes of consolidation of the recent gains. Some commentators held that the market has risen too rapidly and thereby impaired its technical position.

News Is Favorable

News from major industries cone tinued favorable. The automobile labor difficulties still were cone sidered among the uncertainties

although many commentators felt the worst had been amply dis-

0 s (counted.

The Street was favorably im= pressed with the President's budget message as well as his formal address to Congress. However, some operators were inclined to await further messages on specific subjects béfore making commitments. Demand = continued = for copper metal abroad and there was talk in domestic circles of another rise from the present 12-cent figure. The foreign quote was 12.275 cents a pound today but unofficial trading on the foreign curb market in Lon-~ don today was at an equivalent of 12.43 cents a pound. Bonds were irregular late in the session after earlier firmness which was marked by higher prices for U. S. Governments and substantial gains in railroad issues. Wheat rose more than a cent a bushel and was around the tops

when the stock market closed. Cot-

ton eased. Cocoa advanced to new highs since 1928 and rubber futures Jumped 7; cent a pound. Sugar futures advanced sharply.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings . Debits

TREASURY STATEMENT (By Diises Press)

WASHINGTON, 9.—Government exe penses and oa Tor the current fiscal yor ding Jan. ‘7, as compared with a

This Yea Expenses $ 3,689, 171 ‘sia. 13

ast Yea 2 9 166, 68h. 37 Receipts. . 964,484,

225,984.309.77 197, Ah, 53

FOREIGN EXCHANGE (Ey Abbott, Proctor & Paine)

Par.

Country. $8.2397 :

Canada undetermined,

INDIANA LAW SCHOOL

(Of Indianapolis) Established 1894 DAY 284 EVENING DIVISIONS or Call Registrar 303-324 ‘State Life Bidg. RI-2890 INDIANAPOLIS

BUSINESS EDUCATION

Strong Accounting, Bookkeeping, Stenographic and Secretarial courses. Day and evenin SesSions. Lincoln 8337. Fred W. Case, Princip

CENTRAL Business College

Architects and Builders Building Pennsylvania & & Nermont Sts, Tobi

I —

OPEN A CHRISTMAS SAVINGS ACCOUNT WITH

he INDIANA TRUST

MEMBER OF THE FEDERAL DEPOSIT INSURANCE CORPORATION

$2,000,000.00

THE OLDEST INDIANA COMPANY

Noh

CAPITAL SURPLUS

BUSINESS TRAINING

Downtown

Afternoons, Evenings

Introductory Accounting Intermediate Accounting Cost Accounting Income Tax Business Law Economics Statistics Insurance Economics Corporation Finance Investments Correct English Advertising Radio Practice Public Speaking

Fees $5 to $15

113 Classes in academic, cultural, and professional subjects begin

February 1.

Indiana University

Extension Division ’ 1 122 E. Michigan. RI. 4297 §

ton Oil 14%4 up % ; Inspiration Cope

ERS co

TW wa sr pen cu

aie ue i a