Indianapolis Times, Indianapolis, Marion County, 11 January 1937 — Page 12

Trends

Security Taxes Can Be More Just, Flynn Says.

L__BY JOHN T. FLYNN

EW YORK, Jan. 11.—Certain weaknesses in the Social Security Law have been pointed out here. The way to deal with them, of course, is not to destroy the law, as the enemies of social security insist, but to correct them. As a matter of fact it may well . be asked who are the greatest enemies of the law—those who fight it openly or those who insist on retaining certain provisions ynn which will be an sure to handicap or even discredit the law. One important feature should be reconsidered. The law provides not merely for old-age pensions, but also for unemployment insurance. It does not set up an unemployment insurance system. It merely adopts certain sections which are designed to force the states to adopt unemployment insurance. J 2 un HEREFORE there will be no unemployment insurance unstil the states enact laws and establish unemployment insurance Ssystems. As a consequence many -states have already adopted such laws. And just before the end ot ‘the year about 20 states called special sessions of the Legislatures to adopt such laws. The reason for this is as follows. The Federal statute imposes a tag upon employers based on payrolls. It provides, however, that if a state will adopt a system ot unemployment insurance in contormity with certain standards, the Federal Government will pay back to the state 50 per cent of all the taxes collected in the state under that special tax. If the state does not pass such a statute, the taxes will go into the Federal Treasury for general purposes. But the taxes . will be collected whether the state acts or not. Therefore .many states called these special sessions to adopt the necessary laws. in order to keep those taxes from going out of the state forever. ae Now, as a matter of fact, this is | a bad system. First of all, there is grave doubt about its constitutionality.

3e 2 n HE matter will be passed on by the Supreme Court and, un-

‘less the election has changed the

attitude of those nine old gentlemen, the whole unemployment insurance system may be knocked out. But even aside from this, the plan is not the best and practically every authority on unemployment insurance opposed it. Since the Government is going to impose the | taxes and collect them, why wait upon the passage of laws by states? The states are handicapped by many local laws and constitutional restrictions. The Federal Government could raise the taxes directly, as it does now, then it could make grants-in-aid to fhe states for unemployment benefits. Thus the whole cost

, would fali en the Federal Govern-

ment. That is what is happening in fact anyhow. Then the tax, instead of being imposed on the employer, which means collecting it in prices against necessities of life, could be imposed partly on employer, employee and on the general Gov-

- ernment, to be raised by means of

income taxes, spread over the whole population. This would eliminate all the constitutional difficulties and it would be sounder economically. It would also be more just. (Copyright. 1937. NEA Service, Inc.

KEYSTONE COMPANY DECLARES DIVIDEND

Times Special | - PEORIA, Ill, Jan. 11.—Directors of the Keystone Steel & Wire Co. today. declared a dividend of 15 cents

.a share on the capital stock, pay-

dy Lia

Chives, doz. ; z., $1.25.

able Feb. 1 to stockholders on record Jan. 1. This dividend will bring the total dividends declared and paid since the start of the fiscal year, July 1, 1936, to $1.15 a share.

Fruits and Yosetables

{Quotations below subject to change, ‘are average wholesale prices being offered to buyers by local commission dealers.) Fruits—Pears, Oregon Bosc, 100s, 120s, $3. 3% California Ayocados, 20s- 24s, box, $2.7 9; Sieg D’Anjou, extra fancy. 190s, $3 501 20s, $4. Bananas, selected, 10. 434 iy No. 1 Grimes, 2%; inches up, $5; No. 1 Indiana Delicious, $2. 25; No. 1 Indiana Golden Delicious, 2%z inches up, $2; No. 1.Staymans, 2% inches No. 1 Jonathans, 2% inches up, P10 No. 1 re York Wealthy, 2% inches -up, 3 65; 1 Rome Beauties, 2'2 inches u No.. % Winter Bananas, 2'2 inches up,’ Sid No. 1 Winesaps, 2% inches up. 5 No. 1 New York Imperials, 22 inches , $2. ‘Lemons, Sunkist, 360s, $6.50. 2xican, carton is 2c. Gre

oss. 120s, ox 25. Grapetruit, s, $3. Oran $4@5 2g. Pineapples, 30s, 20c¢. 15

6. box UR seedless, 46s to 70s California, Sunkist, hEvels, quats, Floridas, q crate, $4.50. Strawberries Florida, pt., V ables: — Artichokes, doz. rida stringless, Beets, homegrown, bu. doz., crate, $1.75. ~case, $3; bunch, 15c. Brussel S iy . drum, $2.75. Cabbage, New Xork, bag, 90c; New Texas, crate, $2.25. Ca. itornia, 3 doz. crate, $1.75. ; Hs naz; Jumbo, s Celery cabbage, omegrown, fdoz., Suvumbess, Flor) da, a $6.50; doz.,

$1.25, ots, 90c.

nie; bu Plant, 5 Florida, Let-

Fo) 5 Rit $4; : f, ru 15-Ib. basket, Endive, California, Hot. $1. Peppers, , crate, 5; 45¢c. Mint, 60c. Mushrooms Both -grown, Mustard, Texas, bu.,

30c. xas

Indiana yellow, Spanish, $1.3 Oyster Plane 0Z., C. rown, doz. 40c; Southern, Parsnips, ‘homegrown, bu., . Green Mountains, 100-lb. Russets, $3.80; Michigan orado McClures, $3.60. ian, 50-1b. " bag, 90c fennessee Nancy Halls, ; Indiana Jersey ‘Possums,’ Louisiana Poto bu dishes, hothouse, doz. 5 Rhubarb. hothouse Ne. I

u., Tur sl. ‘hothouse, 8- Io Basel, "$1.65; re-

matoes, 10-1b. box, $1.

packed,

(By United Press) AGO, Jan. 1l1.—Apples—Michigan MTatoch $1.50@2. Swees potatoes— uisjana Porto $2. Carrots— ois bu.. 75@90c. 5 pinachTexns, py ome 06! es Mexioan, lugs, Wi

er—Calif puis, crater & 5 |r o am ethtes um

tes, Socal

! ing competition. He always had the

| Central Illinois Pub Service. .

2%2 inches 5: 1

Abreast of The Times on Finance

PAGE 12

MONDAY, JANUARY 11, 1937

two exceptions.

"Phones Gain 93,000 The Bell Syston had a net phone gain. of 93,000 units: in December, the best monthly increase since 1929 with The increase compares with the December, 1935, total of 47,900 units.

SENTIMENT FOR BRANCH BANKING

System Logical for Smaller Communities of Nation, Banker Holds.

ROBERT DENVER Times Special Writer

GAINING, IS VIEW

Bank Debits Reflect Buying

56 and

NEW YORK, Jan. 11.—Sentiment ! in favor of branch banking, as the | logical means of providing sour | banking facilities for many of ne country’s smaller communities, is gaining steadily, declared a toot | linent banker today. Buf, he added, he was not pre- | pared to say that such support had reached proportions where legislation enabling national banks to operate branches outside their im- | mediate areas is likely in the ses- | |

sion of Congress now under way. He is convinced that any effort to get such legislation through, unless it is strongly sponsored by high administratiton authority, probably will still encounter substantial ‘resistance in the House, many of whose members come from small areas where opposition to such a program remains strong. Ideal System Outlined There is little doubt in his mind that ultimately the advantages of such a system of banking will be realized sufficiently to open the way for necessary legislation. We would like to see branch banking permitted on a basis of Federal Reserve districts, but hold that a system constituted on the basis of “trade areas” would be even more satisfactory. ~The major advantage of branch banking, he points out, is that it would pave the way for greater diversification of risks than is obtainable under the system now in vogue throughout the nation, and provide for increased mobility of urban bank resources.

Strong Units Not Hurt

It was his. conviction that small banks in strong position would not be hurt by-the advent of branch banking, since those in the community would most likely stand by such institutions. The average unit banker, he inaintains, is encouraging ever-increas-

building and loan units to contend with, but more recently he has run up against the added burden of the personal finance units, which have grown rapidly in the last few years, and now faces the competition of the Federal Savings and Loan units.

Chicago Stocks

(By Atkins, Hamill & Gates)

Advance Alum Bastian Blessing Berghoff Bruce

Cities Service

Cunningham Drug Electrical Household General Household Great Lakes Dredge ... Jarvis Co

Oi Loudon Packing . Midwest Corp pfd veveve Nachman Sprint Filled "..... Noblitt Spar

Standard Dredge pfd . Swift International Schwitzer-Cummins Srnsirand Woodall Zenith

New York Curb

(By Atkins, Hamill & Gates) Prev.

C . lose. Alumninim Co of America Tose American ‘Airlines

Am Gas ang Barium St Arkansas Natural \ as “A”, .,. Cooper Bessemer uated Copper . Carrier Cor Columbia ot 3 Electric Bond and Share Fagle Picher Lead 4 Ford Moters, Canada “p® Gulf Oil, Humble oi’ od Refining Co.. [uisrnational Vitamin io! Niagara Hudson Power Pan-American Airways Rustiess Iron and Steel. . Spencer Stores Segal Loc Standard Oil of Ohio grefeni Brothers Oil Sila Roofing .. Twin Coach

Produce Markets

(The prices quoted are pald for stock gathered in the country, while for delive eries in Incianabolis the prices are 1 cent higher. Each full case of eggs must weigh 55 pounds gross do EFF—No. 1 strictly fresh, loss off, 20¢ lbs. and terns

Heavy breed Hors. 5 eed oa breed

under 1bs. e heavy, foc. “Heayy bree [Springers, 115-41; b 2c, Leghorn breed

1 £ 10c; gyer fe] bed spr. ngers, Cc LR rs stags, 8c: Leghorn breed stags, 7, bre heavy ed iy fui feathered and fat, ‘bs.

. . Ducks, nd up, . Geese, i domi CTE and fat,

eamery, No. 1, 38@39c: 2; 0, 2 c

Bos utterfat—No. 1. 33¢c; No. 2,

(By United Press) CHICAGO, Jan. 11. — E weak; receipts. 7391 cases: firsts, 25c; extra firsts, 25 current receipts. 22} ZA che Butter—Market, easy: tubs; extra firsts (90-91 3%c: extra (92 score); @35c; firsts. 33'2@34c; standa Pou ltry—Market steady: . tru geese, 12@13c: ducks, 10@16¢: spring chickens, 15@17c: broilers, 19@22c: hens. 13@18%c: Leghorn hens, 9@12%c:

old, roosters, Ala 12c. REI, -— ns, @ Thc Da , 1734 @18c; Longhorns, 11%@ 18c. Sete Potatoes—Supplies, moderate: demand, Sow; on Colorado McClures, market weak. others, EE Steady, Idaho Rusoi McChures. '$3.30@8 : Washington Rus3 : ado Red Mc-

st Burbanks, .60; Color Clures, [email protected]; Wyoming Bliss Triumphs, $3: Maine Bliss Triumphs. $2.65: Wisconsin Round Whites, $2. 3062, 55; U. S.

commercials. a2 23 .30; Michigan Russet

Rurals, $2.30@ Tee: =» track, yeas: shipments,

Arrivals, Saturday, 719; Sunday,

Building Permits

Shiel Apartments. 220 N. Illinois St. elevator repairs, $100. Garten Feed Co.. 221 W. South St., eleyarur repairs, $326. H. Bartholomew, 46 W. 52d St., dwelling, sia. Dr. Claude E. Hadden. 1801 N. Pennsylvania rh garage, $200 Guy Justus, 838 Lesley Ave., dwelling, $3750; garage. $350. Fletche: Trust Co.. 710 Day St..

$22. O. Wright. 5920 Oak St. $2800: garage, Soe, v dmen’'s Federal an Co.. BR me, St.. electrical, $100.

Continentgl Bakiox Co., 339 E. Market St.. electri oki, ree Realty hod %as0 College Ave. 7 elec.

cal, $150. 5916 Oarroliton Ave,

g2s — Market, fresh graded 2C; Series. 20c; cks, - 19¢

. 330m 34c: Spe

boiler, dwelling, 2417-19

Crosley Radio. . ‘Loews Inc ..... Paramount Radio Corp ....

RKO 20th Century Fox 35 Warner Bros ...

Aviation Corp Boeing Curtiss Wright . Curtiss Wri

gn Raditor Py

ups Dist Tex Gulf Sulph.. Union Carbide U Ss Am Home Prod..

Bristol Myers....

Walgreen . Sterling Prod . Un Drug (new) .

Adams Exp .... Allegheny SoD. Am Int Corp... 15 Com Credit 68% Com Sh “Trust 514 Lehman Corp . Transamerica ..

Am Sugar Armour Beatrice Cream. Borden Prod Cal Packing Can Dry

Col Pal Peet.. Congoleum . Mohawk Carpet. . Proc & Gamble Servel Inc ..\ Simmons Bed. .

Allis Chalmers. . Amer Am Mach & Fdy Anchor Cap .. Brklyn Man Tr.. Sutroushs Add..

H» nN

4 NH oo

Weekly Average in Billy

TREND OF BANK DEBITS OUTSIDE NEW YORK CITY

New York

1934

2 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec

Average weekly bank debits totaled $5,194,587,000 in the first three weeks of November, compared with $4,558,011,000 a year ago, a gain of 14%. The current upturn in bank debits (checks drawn on idividual accounts, is indicative of a freer public buying psychology, and the

usual seasonal advance.

New York Stocks

(By Thomson & MeKinnon)

High. Amusements—

25% 25%

173%

Aviation— 81% 363; TY (A) 20%

ALE,

United Air Pines Se Utd Aircraft new«30% Trans Contl & W 21%

Building— Sou

Lone Star .... Johns Manville 3 Libby Owens Gis T Warren Bros ...

. 11% Chemicals—

Air Reduction..

Com_ Solvents... Du P

ont

3% .104 Indus Alco 377% 483% Drugs— 437% «1934 . 18%; 3815 it 14Y4 Equipments—

Am Brake Shoe. Am Car

& Fdy..

Am loco ....... Am Steel Fdy... Bald Loco

Westingh Bee: ‘148 i

Financial—

17% 4%

.123 16%

Foods— 567 Ve

Cuban Am Sugar Gen Baking .. Gen Foods ..... 3 G W Sugar .... Hecker Prod .... hk

Natl Biscuit .... 31 N.

atl Do Prod....

Purity Bak 20% S Botton Rico Sug 2 Std Brands 15

United Fruit ..

Household—

Miscellanconsee

Can

10a @ 0 RN

> - OVW OR WD

“x ..1043 Natl Cash Reg. . 302 Rem Rand ved Underwood E ... 98% Worth’ton Sinn 39%

Mining—

5 5414

Kennecott Cop. . agma Copper. . Melniyre Mine. .

U 8 Smelters. Vanadium ...,

Motor Access—

Elec Auto Lite. . Elec Stor Bat.. Greyhound ney.. . Motor Wheel. . Stew Sa arner.

Motors— Auburn

Sanaa

0 irae nes Studebaker ...., Mtrs .... Yellow Truck... Oils— = Atl Rfg . 3 Barnsdall sve rae 5 Consol ol 17

14%, 27% 267s

oS aon

PRIS et” : Elymoth oil

Seabo Tt ge arg 0il

of N Taster, ewater A Un Oil of dn. allow Atchiso

Low. A.M. Close.

11:0 Low A.M. 5% 4 47% 181,

High C M & St P pid 5% Chi Dela & ing. bv Lac & W. Erie pfd ........ 2 Gt Northern pfd Il C ral . 2

Prev.

NY New Haven. Nor Pacific : Cerise

Retail Stores—

Allied Stores .. Assd Dry Goods. Best & Co 6

Woolworth

Rubbers— Firestone

. 343% TY;

"L408 mn

1 » Ss 39% & Fdy 67% Ste ol 03s U 8S Steel ‘pid’ .144 Warren Pipe- -Fdy 31% Youngstn 8 & T 79!

Textiles— Amer Woolen.... Celanese Corp... Cluett- Peabody. . Gotham Hose.... Indus Rayon. al Silk

Tobaccos— Am Tob (A). Am Tob (B). Lorillard Philip Morris % Reynolds Tob (B) 57°

Utilities— iMfiar & Tit: 1302 m ower 5 AT&T 18015 ini i

CO ba pa bt BO DI OO 4

Elec Pwr & Lit. {nteriolo RT. mt T&T...

So Cal aa o Std Gas Stone & her United C Un yas mp Ut Pwr & L ia) Western LAY)

anni 3 Wg ~

80 A

U nlisted Stocks

(By Blyth & Co.) Bonkers Trust

Central Hanover . Chem Continental’ Iilinois Guaranty

Manufacturers . National City National A “a First National Bon

FIRE INSURANCE Aetna Fire Insurance American Ins of Newark Baltimore American Franklin Fire Federal - Insurance Great. American In ational Pire Hartford Home Insurance ation Ait a Norn JF Po

oy and Exchange

ARO ey

TREASURY STATEMENT (By United Press) WASHINGTON, Jan. expenses and | rece 4 ending Jan,

This Yea Erpenses 3 3, 10, dor gis. Receipts 2,260.594.509 Deficit. 1 Cash bal.. Pub, debt. Gold Tose Customs.

or Leste

(By United Press)

160 lbs. ios Ibs: $980 L201: Calves, $13. Lambs. a

——

7 Times Special)

stags,

of, Fen ally ste shorifed, ers to to sell Steers, 10.75;

classes cattle largely me

7 soe! hw Tne $00 inside;

£ ane 450; vealers “Stor dy wit i 1k, good and choice, Hogs—Estimated receipts, 1200,

market openi Saturday pe oa sisady

ne ly * 100; ood and cohice feed 'la

00 and common Seria $7@8 urday, cattle. 243; calves, 182: shee hipments Saturday, ©

ceils hog

eee Fl

For peony Who ~ the Finest

$3.094,000 7,628,000

11.—Governm ts for the current hen , compared a a year

$7.75.

11.—Cattle—Estimat-

enium

S and yearling heifrelatively four plain several loads fed lots upwards to early stockers

ated

Friday aturday, but less active: to 13.5 $1 2@13. DP. $ 0;

ncludwith

or weights ty arc OnE oS to Ay Pgher: odd

few mbs,

eady with close of last week: d Sida, throwouts

Sat563;

ep, Seattle 104; calves, 92; hogs, none; sheep, none.

jmost sales at $7.75 to $10.25. Heif-

$6.25.

.and native lamb

WEIGHTS ABOVE 250 POUNDS UP IN HOG MARKET

Advance Ranges From 5 to 20 Cents; Packing Sows Also Climb.

Selective price advances featured an uneven hog market trend tooday at the Indianapolis Union Stockyards. Weights of 250 pounds and down, comprising the bulk of the receipts of 8000, held steady, while weights above 250 pounds ¥ were 5 to 20 cents higher. At the close 160 to 180-pounders sold for $10.65; weights of 180 to

200 pounds brought $10.70; 200 to 225 pounds were $10.75; 225 to 235 pounds, $10.80, and the 235 to 250pound class brought $10.70. Packing sows were strong to 15 cents higher and sales ranged from $9.25 to $9.75, top $9.90. Weights of 250 to 260 pounds, $10.60; 260 to 275 pounds, $10.50; 275 to 285 pounds, $10.40; 285 to 300 pounds, $10.30; 300 to 325 pounds, $10.20; 325 to 350 pounds, $10.10, and 350 to 4002pound weights were $10.

Steers, Yearlings Steady

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. Steers and yearlings were fairly active and fully steady. Odd head steers ranged upward to $11 with

ers were slow, but about steady and the bulk of the sales were $6 to $8.25. Cows and bulls were steady. Beef cows ranged from $4.75 to $5.50, the cutter grades, $3.50 to $4.50. Weighty sausage bulls ranged upward to Receipts totaled 1700 cattle and 500 calves. Vealers were steady with the good and choice kinds bringing $13 to $13.50. Lambs and yearlings were steady to 25 cents higher. Sheep were steady. Good and choice fed western ranged from $10.50 to $10.75, fed yearlings, $9 to $9.50. The bulk of the slaughter ewes brought $3.50 to $4.50, top $5 for choice :lightweights. Receipts were 2000.

Local Livestock HOGS

Bulk Yop $10.35@ 10.60 [email protected] [email protected] 10.55@ 10.80 10.55@ 10.80 10.606 10.80 ght Lights— (140-160). Good and Mediu Lightweights (160-180) Good and

Re |

7000 6000 | S000

Cy 0 =

8000

choice. .$ 2.13 10.65 | [email protected] |

[email protected] | . [email protected] | [email protected] | [email protected] |

[email protected] I 10.60 @10. 80 |

= er

Medium Weinh ig (200-220) Good and (220- 250) Good and Heavyweights— (250-290) Gobd and (290-350) Goed and

‘choice. . choice...

choice. . choice.. 10.004v10.30 | i 9.65@ 9. Bo 9.50@ 9.6 9.25@ 9. 2 | 9.00 9.6

[email protected] | 8.00@ 9.75 |

od (275-550) Medium Slaughter -Pigs (100-140) Good a and choice..

—Receipts, 1700—

(550-900) Choice G

Ci (900-1100) # Gi

Ci (1100-1300) G

M (1300-1500) G

(500-750) [email protected] Good 00@10. 50 ommon, medium. Sone and choice. .

(750-900) [email protected]

od Common and medium Low cutter and cutter Bulls, good Cutter, com. Vealers —Receipts, 500— Gooa and choice Medium Cull and medium ..

Calves

(250-500) Sond and choice .$ 23 Common. medium der and Stocker Tattle (500- 800," Sood and choice .$ 6.2 mon, medium. (800-1050) Good and choice . Common, medium. Heifers— Good and ‘choice Common and medium

SHEEP AND LAMBS ~ Revel 2000—

[email protected] .. [email protected] . 8.50710.00 7.50@ 8.50

4.00@ 5.00 2. 5a 4.00 on clipped

*9o- 175) So0q and choice . mmon, medium b {Sheep ang lamb quotations asis

Other Livestock

(By United Press)

CHICAGO, Jan. 11.—Hogs—Receipts, 36, 000, including 11,000 direct; market, steady jo Shade joe [than Friday's average; ex9p. § bulk, good and choice, 180-300 1bs., 0 Bath 60; comparable 150175 1bs., largely $10. [email protected]; best sows, early, $10.10. Cattle—Receipts, 1700; calves, 1500; fairly active market on strictly ood, choice and prime steers; such kin comparas-, tively scarce; bulk’ of run composed short feds of value to sell at $11 downward; shippers and order-buyers sastive on longfed offerings selling at $12.50 upwards; top, $13.95, paid for ighest price. 13501b. averages; next hi, _ price; $13.85; several loads going. 4 3.50; with 1500-1b. averages at inside fio stockers and feeders very scarce, bi oh to higher; all she-stock selling rather actively at steady to strong prices; choice TR Sarees ‘bulk being in-betweens selling at [email protected]; bulls, steady; practical top, eavy sausage offerings y Vvealers also J steady at $13 down, mostly, $12.50

Sheep—Receipts, 16,000, including 5000 | directs; fat lambs’ in fairly broad demand d; indications stound steady; od" F talking $10.80 @10.75 on good to

sels, oo and better; tioned native ewes, $4.5 .50; other classes scarce. Dy Shited Press) , Ind., Jan. 11.—Hogs—

$9. 75 dow

=: fost, $10.25 oo,

10.20@ 10.70 | |

9. 3 5.00@ 9.00

C. K. Dwinell has been named manager of the French Lick springs Hotel, according to Thomas D. Taggart, president. At oresent assistant manager of a Chicago hotel, Mr. Dwinell is to ‘Assume “his new position Jan. 15.

S0RN REFINERIES AID AGRICULTURE

ndustry Consumes a Large Percentage of Primary Grain Receipts.

ir {'imes Special {| NEW YORK, Jan. 11. —The im‘ortance of the corn refining inJ ustry to agriculture was stressed in a statement issued today by the ¢orn Industries Research Foundaion, (The statement| was based, the sundation said, on figures released

by the Department of Agriculture <howing that the refining industry furchased 73,000,000 bushels of corn curing the 12 months ended Sept. io, 1936. | This was approximately 40 per ent of the total receipts of the 10 lerminal markets in the country ind was 18,000,000 bushels more than was used during the preceeding 12 months, the report said. However, because of drought conditions during 1935 consumption by “he industry was 55 per cent of the orimary market receipts. © Of all the corn sold during the vear ended in September, including “hat which was not handled by the larger markets, the refining indusfry, the report said, used approxi-

| nately one-fifth.

COMPANY PAYS LOAN

pe mes Special -

{| NEW YORK, Jan. 11.—The Gen-

{

tral Theaters Equipment Corp. tolay announced they have paid off a $2,000,000 loan from the Chase National Bank. Funds for the payment of the loan, which was in the form of a 5 per cent note, were provided, in i, large part, from the exercise of

| {ubscription warrants for capital

|itock, Earle G. Hines, corporation president, said.

Local Securities

lay Indianapolis Bond and Share Corp.)

The followin but merely indicate the approximate market level iased on buying and selling inquiries or jecent transactions. BONDS

a Assoc Tel 4'2s ’65.. iitz Ind Tel (TH) 4Y%s 61. Bi = [] Te

Bid. coer ee 106Y2 103%,

p .104%2 Lierstate Tel & Tel $1; ve 99 fokomo Water Works ze ’58..104 5 iiforris 5 & 10 Stores 5s ’50 .. 3 {luncie Water Works 5s ’65.. ‘foblesville H L & P 62s '47..102 thio Tel Serv 6s '47 ‘}ichmond W W 5s ’'5 1 mour Water 20 5s '49. Trac & L 5s "44. 5 [I'H Water Works 55 '56. 2: H Water Works 6s ’49 ‘rac Term Co 5s :

d & st Ta 59 delt Railroa t s com .. 5¢ ilelt Railroad & St Yds pfd.. § ent Ind Pwr pfd Ts xo} Pt Wayne.... “ook Drug Inc “ad & Mich Elec 09 pfd s.. ind en Serv Co

iirogress Laundry 11 1b sey Co of Ind Ftd 68: 33%

New Bond Issues

(By W. L. Lyons & Co.) Bid

i i § i {

lied Stores 4'2s '51......... La Gas 4s '51.. J A Rep 4158 '"11...... vie S . ve

. = DD RNWNIBENO : COUML ULE OD JU

GS Ot. al 03.0) ee me CD Fal WIS ORR A

‘kla G S £1 ‘klahoma G = =, ine Rois '66.

1c fic Lining 4 es is ic Tel 3'%s ’6 . #0 Gas Lite Coke 45 "61..... inn Tel 4s ’'6 Fhailway < Lite Sec ed '85.. £ju Cal G & E 4 - Sou Kraft 4%s ‘46 gi Nat 2 330 "51. Niisc G & 3%s 66. Ylisc Pub 3 456) ......

;

THE [UNION x

U. S. Government Bona s Indiana Muni ipal Bonds

(Only Those Payable friim Unlimited Taxes)

General Mar :et Municipal Bonds

of Indiar npolis BOND DEF \RTMENT

Trust Co.

quotations do not repre-. ? ‘ent actual bids or offerings,

- HIGHER AVERAGE

PAID FOR SILVER BY GOVERNMENT

609 Million Ounces Bought At Cost of $395,313,736 , During 1936:

By United Press WASHINGTON, Jan. ‘ 11.—The Government paid an average of 9.5 cents more per ounce of silver than the average New York open-market price during the fiscal year 1936, the annual report of the Director of the Mint revealed today. Acquisitions of silver by the Government totaled 609,613,258 fine ounces at a total cost of $395,313,~ 736, an average of 64.8 cents per fine ounce. The open-market price in New York averaged 55.34 cents. The highest point on the open-market was 70.062 cents, July 1, 1935; the lowest, was 45.062 cents Jan. 20, 1936, a price maintained almost continuously during the remainder of the fiscal year. For newly-mined domestie silver the price of 77.57 cents a fine ounce, established by the President’s proclamation of April 24, 1935, prevailed throughout the fiscal year.

Acquisitions Listed

Silver acquisitions included 48,784,455 fine ounces newly-mined domestic at a cost of $37,642,417; nationalized, 650,452; fine ounces, $325,294; purchase act, 558,639,669 fine ounces, $356,540; silver contained in gold bullion deposits 411,925 fine ounces; $222,207 and. silver received in exchange for Government stamped bars, 1,126,757 fine ounces, $583,198. Gold acquisitions by the mints and assay offices during the fiscal year amounted to $1,451,011,081. This included $27,495.18 received at $20.67 a fine ounce, representing gold not previously surrendered under the nationalization order. On the basis of the 35 dollars per fine ounce now being paid by the Federal Government for new gold acquisitions, the Treasury profited by $19,081.90 on the transaction.

SEABOARD AIR LINE REVENUES ADVANCE

Times Special bo NEW YORK, Jan. I1.—Total operating revenues of the Seaboard Air Line Railway for the month of .November were 21 per cent higher than for the same 1935 month, it was announced today. At the same time it was estimated that. the December gross income would exceed that for November.

CELOTEX SHOWS PROFIT

Times Special CHICAGO, Jan. 11.—The ‘Celotex Corp. has announced that it had closed the fiscal year on Oct. 31 with a net profit of $736,114. This amount is equivalent to $2.19 a share on the outstanding common stock after preferred dividend requirements. Oct. 31 was the end: of the first year’s operation since the reorganization of the company.

Chicago Grain Futures

(By James E. Bennett & Co.)

Prev. Wheat— High :

. Close 1.337% 1.16% 1.13%

1.10 1.06 1.01% 33% eave ABYS 44% May .....

Sept. Soy Beans—

1.13% 105° 98

1.60 3 23 Sellers. 1.00%

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 cuttirg, $17.50@$18.50.

- PAID BUSINESS INCREASES Times Special FT. WAYNE, Jan. 11.—A gain of 53.7 per cent in paid business during December over the same month, the year before was announced today by Lincoln National Life Insurance Co. officials. It was the largest December increase in eight years.

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

Bd 2d .59 iliated Fund, Inc (new)... 11.12 American Business Shares. . Broad Street Investing . 35.14 Bul Nook X% nd, Ltd

Corp “AA” or “Ace” (mod) . . Corp “AA” or “Acc” fupmod) Corp Trust Shares fori) Diversified Trustee Shs “B’’. versified Trustee Shs gr iversified Trustee Shs “D”.. vidend Shares, indamental

Administered Fund Aff

sera Investors utual Investment Fund... ation-Wide Voting N American Tr Shs 1955 . N American Tr ghs 1956 .

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STOCK MARKET WEEK IN REVIEW

By ELMER C. WALZER United Press Financial Editor

NEW YORK, Jan. 1ll.—Bettep busines statistics, prospects of a bale

anced budget in 1939 and indicae tions the Government is not plane ning any particular legislative re= strictions on business created a bull stock market last week. The gains were vigorous—ranging in the extreme to around 10 points —and trading turned heavy. In the Thursday and Friday sessions volume ran.to more than 3,000,000 shares with tickers unable, at times, to keep pace with the orders. The Dow Jones utility average reached a

‘new peak since 1933 and the indus=

trial average moved toward its high as old line leaders—including, U. S. Steel Corp. common stock— pierced new high levels. Big Steel went to a high since 193]. The one disconcerting influence in the market was the continuation of labor difficulties in General Motors plants and various cone panies furnishing the automobile industry with equipment. But Wall Street late in the week concluded that any difficulties: from the labor situation alrédady had been discounted. In fact some traders said that so far as the Street was cone cerned “the strike is over.”

New High For Steel

There was the belief that General Motors plants might be closed over the week-end but that this move would speed eventual settlement of labor difficulties. Coupled with this was the fact that automobile production increased, General Motors Corp. reported record sales for De= cember and 1936, and retail sales of new cars were expanding.. Chrysler and General Motors both came back sharply, although each softened from highs in the late bull move= ment. Other good business statistics ine cluded the fact that steel pro= duction went to a high since 1930, electric power production continued above the 2,000,000,000 KWH level and retail trade expanded. Demand for copper continued strong and the export price rose to 12.15 cents a

counted for strength shares. / President Roosevelt's two mes sages to Congress—the one on the state of the nation which indicated no vigorous legislation against business and the one on the budget which indicated a balance by 1939— were signals for heavy buying. All groups joined. Utilities were partic~ ularly prominent as traders felt the industry’s period of restriction by government operations at least had been postponed. Good-sized “blocks appeayed and gains in the division ranged to around 2 points

| Rail Issues tiptoe po shares turned sharply highe«

in copper

er after Chairman Myron C. Taylor of the United States Steel Corp. visited the White House on an une explained mission. U, S. Steel ad= vanced more than 4 points and oth= er leaders improved. Railroad issues improved during the week, showing some activity Friday after it became known that the budget cailed for loans during the year of around $80,000,000 to the systems. In addition carload= ings for last week showed improvement over the preceding week and corresponding 1936 week. Oils were higher as result of mid-week improvement which sent several issues to net peaks for more than a year. Bond trading was heavy—Thurseday and Friday trading reaching a high since February—with seconds grade | rails leading the advance, Most commodities were strong, pare ticularly cocoa which made a new high since 1928, although cotton was steady and wheat lower.

DIVIDEND DECLARED BY TRANSAMERICA

Times Special SAN FRANCISCO, Jan. 11. — Transamerica Corp. diréctors have authorized an extra dividend disbursement of $9,319,735.75 in Banc america-Blair Corp stock it was announced today by President John M. Grant. The payment will be in addition to the semi-annual divie dend of 20 cents a share. The payment, Mr. Grant reported, will be paid out of the earned surplus of the company. Both dividends will be paid Jan. 30 to stockholders on record Jan. 15. Of the disbursement $4,630,924.60 will be in cash and $4,688,811.15 in shares of Bancamerica-Blair Corp, stock, at present valued at $10, 1214 a share.

AMERADA PAYS DIVIDEND Times Special NEW YORK, Jan. 11.—Amerada Corp. today announced that its board of directors had declared the

4 | usual quarterly dividend of 50 cents

a share on capital stock. Payment will be made Jan. 30 to stockholders ou record Jan. 15.

TYPEWRITTEN LETTERS AUTOMATICALLY TYPED ADDRESSING & MAILING MULTIGRAPHING STENCILS CUT MIMEOGRAPHING RULED FORMS UP TO 14 X 20°" TWO NOTARIES

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NEW YORK CHICAGO TORONTO SOUTH BEND FT. WAYNE EVANSVILLE

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pound, a six-year high. This ac- Q