Indianapolis Times, Indianapolis, Marion County, 22 January 1937 — Page 22

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FRED

Inflation Remains Big Question, Flynn Says.

Abreast of The Times on Finance

PAGE 22

FRIDAY, JANUARY 22, 1937

a year previous.

Air Mail Gains Domestic air mail contractors in the first four

months of the current fiscal year transported 6,429,021 pounds of air mail against 4,300,494 in the same period

BY JOHN T. FLYNN

EW YORK, Jan. 22.—The following questions are being

asked everywhere among businessmen: Are we going to have inflation? Are prices going to continue to be easy? Are we in for a Jong period of easy money?

The question about inflation has been confused by not a few distinguished economists. One said last summer: “16 will be strange if the public does not lose confidence in the currency with the result that prices will be boosted perhaps toward the soaring heights reached in Ger=many following the World War. How far can this situation progress before an open break occurs? Perhaps till the Presidential election is decided. But after that —the deluge.” That was going too far. It has the effect of destroying the geoph: ecy on its sounder side.

8 # 2

NFLATION is already here. But of course it is a’'mild inflation. Thus far it has been superimposed upon a business world afflicted with deflation. Therefore its full effects are not yet noticeable. The infla~ tion will doubtless continue for some time, It may actually take spark and produce a good deal of apprehension. But I do not believe and never have believed that it will go to wild, utterly destructive heighs even remotely approaching the German model. But it is in effect and will. continue slowly for some time. And its effect: will be large supplies of. available funds, low interest rates, gasy money and rising prices. It is the fear of this which keeps going the discussion as to what controls the Federal Reserve Board should exercise. It ‘has several within its reach. And certainly any one or all of them ought to be exerted. The Reserve Board could still further increase the reserve requirements of the banks. Or it could have the reserve banks sell United States bonds. Or it could do both.

Mr. Flynn

# 2 8

HE subject is now in the stage of discussion. But a moment will arrive when action will be necessary—when we will have to make a decision” whether we are going to restrain credit inflation or surrender to it. If the President will make a serious effort to put an end to government borrowing this year—as he can now do— he will, of course, take the most decisive step to check inflation, for all of it has proceeded from this source thus far.. With all this in mind, how far will the movement go? That is difficult to say. But one thing is certain—we are going to go on with inflation or going to turn deliberately to deflation. The inflation may last a year or two or three. But ultimately . believe we will turn’ to deflation. I say this without undertaking to advocate one plan or the other. I offer this opinion merely as a prophecy of what will ultimately happen. I think there is a considerable feeling among investors that this is so and that this plays a large - part in holding back investment or private lending at the present time, (Copyright, 1937, NEA Service, Inc.)

Fruits and Vegetables

(Quotations below subject to change, are verage wholesale prices being offered to 3 vers by local commission dealers.) Fruits-Pears, Oregon Bosc, 1505. $3.50; California Avocados, 20s-24s, box, $2.75; Oregon D’Anjou, extra fancy, 110s, $3.50. Bananas, selected, lb., 4%c. Apples—No. 1 Grimes, 2 inches up. $2; No. 1 Indiana Delicious, 2'2 inches up, $2.25; ‘No. 1 Indiana Soden Delicious, 2% inches up. $2; No. 1 Staymans, 2% inches up, $2; No. 1 Jonathans, 2% inches up, $2.10; No. N New York Wealthy, 2% inches up, $1.65: No, 1 Rome Beauties, 2'2 inches up, $2; hs y Winter Bananas. 2'2 inches up, $1.75; . 4 inches up, $2; No. 1 New ork Imperials, 2Y2 inches up. $2. Lemons, t, 360s, $7.50. Limes, Mexican, carn 12s, 25c. Grapes—California 2 ox crate, 120s. $1.15. Grapefruit, Texas seedless, 40s to 80s, $3. Oranges, California Sunkist, navels, $4.50@5. Kumquats, Flort.. 15c. Pineapples, 24s-30s, crate,

Emrors, 32-lb. chest, $3.75. Tangerines,

lorida strin jess, omegrown, trate, $1. 75. Broccoli. California, case. $3: bunch. 15¢c. Brussel Sprouts, per drum, $3.25. Cabbage, New York, 50-1b. bag, 85c; rew Texas, crate. $2> Carrots, California, bulk, bu., $1.25, Caulinower, 11s, crate, $2. Mammoth, 90c. Celery OZ oz, $1.15. Cn5.50: doz., Sl. “Kale, Virginia, bu., 75¢. Iceberg, Arizona. 4s, $3.50; Bs, $3.75: 80s. $3.25; leaf, hothouse, 15- Tb. basket, 75c. Endive. California. doz., $1.15. Peppers; She M SL $3.50: doz., 40c. Mint. doz Mushrooms, homegrown, 1b. 30c. Mustard, Texas. bu., $1.50. Onions, CR vellow, 50-1b. bag, 75c; Western Spanish, $1.40; Northern white, $1.25. Oyster Plant, doz., 45c. Parsley, homerown, doz., 40c; Sout ern, large bunch, C. Paragips. homegrown, 1 bu., 90c. Foiatoes, Maine Green Mountains, 1001b. . $3.40; Idaho Russets, $3.75; Miche . 65; Colorado McClures, Canadian, 50-lb. bag. 90c. . Tennessee Nancy Halls, ,pamper, $1.65; Indiana Jersey ‘‘Posing, ' bu., $1.65; Louisiana Puerto Ricans, $2.25, Radishes, buttons, hothouse, doi, 75c; white, 45c. ubarb. hothouse, No. 5-1b. carton, 55c. Sage, doz., 45c. Domain Texas, bu., $1. Shallots. vo 35¢c. Squash, Hubbard, bu., $1. Turnips. bil. $1. Tomatoes, repacked. '10-ib.” box, $1.25."

lig United Press) . CHICAGH Jan, 22.—Apples—Michigan McIntosh, %: [email protected]. Sweet Potatoes— Louisiana Puerto Ricans, $1.90@2. Car‘Yots—Illinois, bu... 60@75¢. Spinach—Lo2es, bu., 50@90c. Tomatoes—Mexican jugs, $2.25@2. 90. Caulifiower—California, CEs, [email protected]. Peas—California, hampers, $3@3. 75. Celery—Michigan, square crates, 60@9%0c. Onions . (50-1b, sacks)— Jllinois and Indiana de Hows, 25@50c; Michigan yellows, 25@50c

Produce Markets

i = United Peas)

CHICAGO, Jan. 22.—Eggs—Market, unsettled; Teoeipts 7590 cases; i graded firsts, 213%c; extra firsts, 23c; girties. 18¢c; gurrent receipts, 20%c; checks, Butter—Market, unsettled; eels, 6750 tubs; extra Hrels 130-4 91%; 2 score), 31% @ 81',c; extras (92 score), 32c; s ecials, S2iaasc: Tats, 3030 33c3 standards, 32c. Pou Itry—Ma arket, fi receipts, 20 trucks; geese, 14@15¢c; ducks, 10@17c; spring chickens, 17@19c; broilers, 21@22¢: hens, : Leghorn hens. 9@12¢: old .yoosters, 1l@12c; turkeys, 13@18c. eese—T 17@17%c: JDaisies, 17% @ 31734c; Longhorns, 172@173 Potat toes—Old stock: Suppiies, modertrading light on account of cold her; market, steady; ‘Idaho Russet banks, "$3. [email protected], Washington Russet arbanks. $3.15; Colorado Red: MecClures, 4 323 30: Wisconsin Round Whites. $2.25 2.3 Michigan Russet Rurals, $2. 25) 2.30. Ue stock: Supplies, moderate: dealers not opening cars on account cold weather; no quotations. Arrivals, 55; on track, 258; #80.

shipments,

RAILWAY LABOR CITED AS MODEL

Carriers’ . Peace Machinery Has Been Successful For Decade.

By MAX STERN Times Special Writer WASHINGTON, Jan, 22.—Congress may. soon be asked to create a labor-management peace mechanism for the shipping industry, and possibly for other’ basic industries, similar to the one that has been operating for a decade in railroading. | Students of labor-industrial relations point out that while costly strikes have damaged shipping and other industries, no major strike has occurred on the railroads since passage of the Railway Labor Act some! 10 years ago. The comparison is equally striking as between the railway peace under’ the act, and the years of strife on the railroads before its adoption, fThe. Railway Labor .Act, without [R outlawing strikes or providing {£ compulsory arbitration, sets up a governmental meeting ground for the discussion of matters in dispute, spells out the legal rights of both parties, and provides. a routine through which the dispute must be routed before recourse to strike. The act requires both parties to exert, every reasonable effort to make and maintain agreements, In contemplation of any change in such agreement either side must serve public notice of 10 days upon the other and then meet in conference. : Secret Election Held

If the conference fails, either side may then invoke the Mediation Board’s services and the board must act within 30 days.

A dispute as to who shall represent employes .in bargaining is settled by a secret election conducted by the board. In ascertaining facts regarding a dispute the board is free to examine witnesses under oath and to inspect the books: of both groups. “During all this time the board uses its mediatory powers. If mediation fails, the boari may then officiate in arranging arbitration, if both sides agree to arbitrate. If arbitration is rejected the government has one more card—a special presidential mediation board, with power to investigate and print its findings. Meanwhile the terms of the agreement stand. Only when all these steps have failed are the bars down for a strike or other action. The proceedings give-both sides time to cool off, and behind the Government is the force of public opinion érystalized by its power to get and publicise the facts in the dispute. Recognition of the right of collective bargaining is a fundamental part of the mechanism.

JOINS FINANCE FIRM

James W. Lucas, 1129 N. Alabama St., has become affiliated with the Indianapolis office of the Ohio Finance Co., 400 Kahn Building, it was announced today. Crown Cork .... 91% 917% 91% 92% Chicago Grain Futures

(ay James E. Bennett & Co.)

1:00 A.M.

Prev.

High. Low. Close.

j ALi

y Yseliers; b bid.

LOCAL CASH MARKET

City grain elevators are $1.27 for No. 1 red wheat. Other crades on their merits, Cash corn now No. 3 yellow, $1. Oats, 46¢c Hay—No. 1 timothy, $13.50@14; Nq 1 clover, [email protected]; No. 1 alfalfa, first cutting, [email protected]; second cutting, [email protected].

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

Administered Fund 2d....... + 20, 8 Affiliated Fund, Inc (new)... 11.34 American Business Shares ... 1. Bro«d Street Investing ... xBullock Fund,

‘AA ‘Acc’ (mod)... Corp ‘‘AA” oF “Acc” finmod) Corp Trust Shares (orig). Diversified Trustee Shs “B'. Diversified Trustee Shs “C’. Diversified Trustee Shs “D’.. xDividend Shares, Inc . Fundamental General Investors Trust ..... Incorporated Investors . 26 Market St TR hb Corp.. Maryland nd . Massachusetts Investors Mutual Investment Fund ... Nation-Wide Votin

N American Tr Shs 1956. N Amer Tr Shs foiz) Quarte rly Income Shs (new) o o

— ry HOPI WL IDR a 00 No

NOS ~( RTNWATINR NCO TLD

[od ON = O-300 Low

ected Amer 8hs, Inc (new) ected

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res tate St Investment Cor Supervised Shares, Inc Bei Hh: 'rustee Am Bk B . rustee Stand Oilshares “A”. 8. Trustee Stand Oilshares “B”. 1. XEx-Dividend.

Produce Markets

(The prices quoted are pald for stock gathered in the country, while for Jinx eries in Indianapolis the prices are 1 cent igher. Each fall case of eggs must weigh 55 paounds gro Ezgs—No. 1 BS rictly fresh, loss off, 17¢

02. Heavy breed hens, 5 lbs. and over. l4c¢: Leghorn breed hens, heavy, 9c. Heavy breed springers, 1% lbs. over, soft meated. 13c. Leghorn breed springers. 8c. Heavy breed stags, 9c: Leghorn breed stags, 6c: heavy breed cocks, 7c. Ducks, full-feath-ered and fat, lbs. and up. 7c. Geese, full-feathered and fat 5c. Turkeys, young toms, 12c; young hens. 10 .lbs. rd over,

1] Ww

aoeoonkes

4s oud toms. 8c: old hens. 9c: No. 8c. er—Creamery. No 1, 36@37c; No. 2, 330340, Butterfat—No. 1, 33c; No. 2, 3ic.

{1 BUY

Indpls. Power & Light Co.

61/29 and 69, Pfd. ~~ 415 LEMCKE BLDG.

NEWTON T00D

AGT FORMULA IS

WEEKLY INDEX OF BUSINESS TREND PREPARED BY ADMINISTRATIVE AND RESEARCH CORPORATION . NEW YORK 1926 = 100 *

30 OCT. NOV DEC.

APR. MAY JUNE JULY man

tn ESA A

JAN. FEB. MAR. AUG, SEP.

The Administrative and Research Corp. weekly index of business activity increased sharply to 92.3 as compared with 84.4 in the preceding week and 81.3 last year.

New York Stocks

10:00 High Low A.M. Can Pacific ..... 67% 667s Ee Wootaia: 13° 1” 7 2 2 3 p 2) : 1s 1 3 g M&SiP... 23 | 2% 27% 27Y2 4 Ca & St P pid: 57s 5%, 12% - 12 Chi N 41 4, 9 9 9 9 Chi N W pfd .. 15% 4 . 31%. 37 Del & Hud 51% 16% 16. 18 Wo... 15% e ; Gt Northern pid 43, Ill Central . 25%, Lehigh. Valley . 18% Lou & Na

(By Thomson & McKinnon) 10:00

High. AM, Amusements— Crosley Radio ... Loews Inc ..... Paramount. ..... 20th Cent Fox. . Warner Bros ... Aviation— Aviation Corp .. Boeing Aircft Curtiss Wright. Curtiss Wright A Douglas Air .... Nor Am Av .... Sperry Corp ited "Air ¥ ines Unitd Aircft New Tran Con & W. 203s ‘Building— : '

Am Radiator ... Barber Co ....: Lone Star Otis Elev . Warren Bros ... Chemicals— Air Reguciion oe TV Ajed Ch .238 Am Com cohol Sa Com _ Solvents .. Du t Frospors Tex. . Liqu Carb ... Math Alkali. ... 40 Nat Dis (new) .. 28% Schenley Dis .... 44'2 Gulf Sulph .... 41 Un Carbide U S In Alcohol . Am Home Prod. 51 Drugs— Lambert, oe Lehn & Fink ... Walgreen 3 Sterling Prod .. Un Drug (new). Equipments— Am Br Shoe .... mC & Fdy ...

87% 6

BD) COMA RS hs La BOHM a a Y=

on on

RA ~~ » -J a

267% -39Ya 60% 45 . 11%

Sou R R ron Pac «ease -130 Wabash West “Maryland. . Retail Stores—

Allied Stores .. First Nat Stores. Gimbel Bros ... Ga Un Tea Kresge S S .... Kroger Groc ... McCrory St .... Marshall Field. . May Dept St ... nt Ward .. Nea Tea Penney J Sears Roebuck. . Woolworth Rubbers— Firestone Goodrich Goodyear ....eee U S Rubber ... Steels— Acme _-Steel 65 Am Roll Mills. . h St

NERC @ 0 ®

Pullman Inc .... 70% West Air Br ... 50% West Electric ..160% Financial— Adams Exp . 18% Allegheny Dorp. . 98 Am Int Corp L Comm Credit 67 Shea Corp 89% Com Invest Tr. 95 ‘Transamerica 16%

Foods—

oe Hn

Collins Aikman. . 3914 Gotham Hose ... 13% Indus Rayon ... 387s Real Silk ....0.0 12% Tobaccos— Am Tob *“B” Gen Cigars M

Lig “pg” . Lorillard Philip Morris Reyn Tob “B"” Utilities— Am = For Pwr .. 13% /a Am P 3 Le. res

A 3 Am Wat WKS ... Col Gas & E ... 1

Sv Beatrice Creamy 26% Borden Prod ... 27%s

.»s 08% . 52 111% . 24% .. 80 . 57%

Cuban Am sugar Gen Baking .... 1 Gen Foods ..... W Sugar .... i Sugar ... Nat Biscuit «... 3 Nat D Prod Purity Bak ..... S P Rico Sug .. Std Brands swift & Co . swift Int . Un Biscuit ... United Fruit «... Wrigley .. Household—

Col Pal Peet.... Congoleum = ... Mohawk Car et. Proc & Gamble. Servel Inc . Simmons Ped Mining— Alaska Jun «ieee 1

Poonies Gas Pub 52 So a VBdison . Std Gas Stone & Webster phned Sp vas 1 np 16 ot Sos t a Western Cilio . 83%

Chicago Stocks

(By Atkins, Hamill & Gates) zx

41 am Smelt ...... 82%

Cervo De Pasco. . Dome Mines ... Gt Nor Ore... Howe Sound Ins Co Int Nicke Isl Dies Coal. Kennecott Cop Magma Copper . McIntyre Mine . Park Utah .... pels Dodge ... St Joe Lead.. U 8 Smelters ..

Prev. Close.

3 sscvescstssans 78

Advance Alum 2 37s

Allied Produc . Asbestos Manufactifing PERE Bastian Bless : Bergholl ©

60% 56Y2 40% 5 . 56% 462 . 89

| I paying

Srtles Service oe fommonvesiih Edison .. Cord Cor Sr orp Household General Household ...eoccee.. Great Lakes Dredge ......e... 26 A Jarvis €o° ates csaestasevassey at Libby McNeil and Libby Loudon Packing Marshall Field ... McGraw Electric . Midwest Corp pid ..

Vanadium 31% Miscellzneous— Chalmers. .

80% siesvnsee Can 113%, am Mach & Fdy 23% Anchor Cap .... 23% Brklyn Man Tr. Bila Burroughs Add.. 3 I fate 15. i:

Signode Stee Fa Swit faternationai cease vessse Schwitzer-Cummins cceeececses 2 LR ciiassenens iy Williams Oil- atte” Wood all

New York Curb

"(By Atkins, Hamill & Gates)

ill te Gliaden ‘ 5 Ingersoll Rand. ‘131%; Int Bus Mach. .187 Inter Harv ...109% Natl Cash Reg.. 34%, Rem Rand ..... 28% Underwood E . Worthingtn Pmp a Motors—

AUbUrn J. eiveiss 31% Chrysler ....... 1228 Gen Motors Graham Mot Hudson : eee Mack Truck ...

sresssns

10 13%

ses

A. ga Co of America ... 183 Cynam NB and Electric «c.ese0e General vor Noparel Gas’ ‘All...

iescssssnny

eo . Studebaker White Mtrs .... Yellow Truck ...

Motor ‘Access—

Shar Canada bt ‘ees

and Die .....

Greyhound New. Houdaille Motor vase . ew arner. .. LR Bd Ta Hi Timken Roll'.... 72 12 Leriaineieiss nee

Oils— Atl Rfg Barnsdall

Faas

- 2% - oY

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et Cor . esssvssseses sane PhilIDS Pret . DIVmoh ofl...

on er state dil Seaboard Oil ... 46 Bhell U 28

Jesssssesesssesessse

Travel Service “~mmmm

CED Steamship, Tour, Bus, Alrwiy Tickets

Bankers Trust Co. RR TR -_ :

DRAIN

SEEES

Bs bt pets NE

'exas Corp 52 Tidewater Assn. 20% Un Oil of Cal... 28 Rails—

Atchison ay Goast

80. RO

greens 75% eee 48 23%

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We Offer to Residents of Indiana For 5% Net Income American Loan Company

5% Debentures - Complete Information on Request

City Securities Corporation 417 Circle Tower

Indianapoljs a LIncoln 5535

PORKER PRICES UP 10 GENTS IN LIGHT MARKET.

Receipts Drop in 11 Packing |i Centers as Bad Roads Hinder Shipping. With bad roads and weather con-

ditions holding down receipts, the hog market today at the Indianap-

3 olis Union Stockyards climbed 10

cents from yesterday’s close in fairly active trading. Receipts for the week to date in

11 packing centers have declined :

from 65,903 last year to 45,600, a drop of 20,303. Local receipts today totaled 6000. At the close, weights of 160 to 180

| pounds sold for $10.60; 180 to 200

pounders brought $10.65; 200 to 210 pounds, $10.70; 210 to 225 pounds, $10.65; 225 to 235 pounders were $10.60 and the 235 to 250-pound class brought $10.55. Packing sows ranged from $9. 25 to $9.75, top $9.85. Weights of 250 to 260 pounds brought $10.45; 260 tc 275 pounds, $1035; 275 to 285 pounds, $10.30; 285 to 300 pounds, $10.20; 300 to 325 pounds, $10.10; 325 to 350 pounds, $10 and the 350 to 400-pound class were $9.90.

Cattle Market Steady

In the lighter divisions, 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, $9. The cattle market was generally steady on all classes although trading was slow on cows. One load of strictly choice to prime 1138-pound steers sold for $13.50. Other steer sales, mostly medium grades, ranged from $7 to $8. Heifers ranged from $6.50 to $8. Beef cows were $4.75 to $5.75, the cutter grades, $3.75 to $4.50. Top price for sausage bulls was $6.50. Vealers opened steady and closed 50 cents higher with the good and choice kinds quoted at $11.50 to $12.50. Receipts totaled 500 cattle and 300 calves. The lamb market was fully steady on all classes. Good and choice fed westerns and natives ranged from $10.50 to $10.75. Fed yearlings sold for $8.75 to $9.25. The bulk of the slaughter ewes brought $4 to $5, top $5.50. Receipts were 4000. rari ~-

« ® o ® s

San nne oS

22. [email protected] Light Lights (140- 160) Good and shoice. .$ 3 13810 60 ium .

[email protected] Lighiwighti~ (160-180) Good and choice.. 10. 20010. 65 edium @10.45 (180-200) Good and ‘choice. . . : 10. 8610. 70 Mediu um

[email protected] Medium Weights (200-220) Good “and choice. . I 213: oS (220-250) Good and choice.. Heavyweights— (250-290) Good and choice.. 1 (290-350) Good and choice.. Sows— 350) Good 125) Good 550) Good . 50) Medium eeeeenrone

(275-5 Siaughier i (100-140) "dood an4 choice: .

OLDS OO Wo pS soos 55 Si

Down DO wo 9d 0399 A 8

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20 39

(550-900) G

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tr Sh=3 6) ae (iw) 1s 93

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Common Choice GOOd ..iseesevenss Medium esvceoiaee Common ..esecve.e Choice Good

M (1300-1500) Good

vevesscesesn

(900-1100)

- ot pt

AN Dread

(1100-1300)

505070005313 Ia 1H DID ut 1D bo

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(500-350) CO]

Sook medium. Good and. choice. . Common, medium. Cows Good ... wave sissies Common and medium sesenses Low cutter ny am esialenive Bulls, good Cutter, com. ....

(750-900)

Pah tn owici=a Sodom dna id pe

Vealers —Receipts, 300— Food and ¢hoice., reissresrares§l

Ora 833 83 es ens

(250-500) Sood and choice..$ 6.50 mmon, medium. 5.00 Pee and Stocker Cattle (500-800) Sona and ghilee ce -$ 8 30 8.25 mon, m 5.25@ 6. (800-1050) Good. and choles. 6.20w 5.99 Common, medi

ce . ium.

5.25@ 6.50

[email protected] 4.50@ 5.50

Heifers— Good and choice ... Common and medium SHEEP AND LAMBS —Regceipts, Lambe ceipts, 4000 Choice Good ..co.civivivasessa Meum cvvevonsonvecicenee Sommon sessssssnsyisansdene

o0- 175) Sood and cholce. . ommon, medium pa Shsep and lamb quotations on c

Other Livestock

= Dane I Peer) LAFAYETTE, Ind., ket, steady: 200- 228 go 10. 2% io he *%. a 230; 3 2 ne 170% $10. [email protected]; 150-175 lbs. hk 8@ 00: 13 150 1bs., [email protected]; 100-130 lbs, Rou NES , $92 own, Calves,

tessseesssiiiseiensss.. $10.

pped

2 10.10; 130$8.50@9. $11 down. Sows, FORT WA ond... Jan. Ho Market. steady: 00-225 Ibs. si. 50; 855. 50 lbs. $10 1%: 00 1bs. 250-

bs.. $9.85; 9.60 40 1bs., $9.25 130-130 Ibs., $8, 95: LE 58.10. Roughs, $9: stags, $7.50. Calves, - $12. Lambs, $10.35

5 Union Title Co com ..

"eto og 31050. 3 135:

New York Bonds

(Reprinted From Late oi) es Yesterday)

_.(By F. 8 Mosel U. S. GOVERNME { or. Treasurys | 1947-52 :

1949-50 Home Owners’ Lo

2Y:s 1942-44 2%s 1949 S

2l2s 10112

102.25 102,30 104.28

(By W. L. Lyon: & Co.)

g Bid. Allied Stores us *51...4ki:...100Y3 Ark La Gas ’51 eile + +. 10 Argentine Bop’ 4} Yas 1 ve Armor 4s '57

«dite ee 100% ..104Ys

Minn Gas & Lite 4s 150-4 Mont Power 3%s ’66 Narra Ele¢ 3'2s ’66 New England N Y State Elec Gas 4s ‘f Ohio Hdison 33 Vas mY. Okla G & E 4s '46 .... Okla Gas & E Inc 3%s . Pac Gas & Elec 34 '66 - Pac Lighting 41 '45.. 00. .. . Pac Tel 3lss 1 Peo Gas Lite Coke 4s '61 Penn Tel 4s ’65. Railway & Lite Sec 4's Sou Cal G & E 4s ’65 Sou Kraft 4%s J Sou Nat Gas a Wisc G & E 3% Wisc Pub Sve 4

Local Secirrities.

(By Indiana olis Bona na Share Corp.) The following quotaticiiss do not represent actual bids or offerings, but merely indicate the approximets market based on buying and ‘selling inquiries or recent transactions.

BONDS | "65 .

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Bb Bd hd hh hh fd fod fd + God fd fd fd ed fd fd fd Of) Ob 00

Ind Assoc Tel 4's

VOWNRONOWWO RDP DEWWRN

Interstate Tel & Ae : 5156 1153 | Kokomo Water Works 5s. [a8 . Morris 5 & 10 Stores 5s "50 .. uncie Water Works 5s oa. Noblesvire HL &P 8%sp - hio Tel Serv 6s '47.. Os To W W 5s '57 . Seymour Water Co 5s “a T H Trac L 5s '44 > H Water Works 5s '56 T H Water Works 6s ’49 Trac Term Co 5s ’57 Indiana Tel Co: 5s ’60 .

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Belt Railroad & St Yds coin. Belt Railroad & Sr as pid. Cent Ind Pwr pfd 7 os 90 Home Tel &_ Tel Ft Wayn ie Hook Drug Inc .: Ind & Mich Elec’ Co pid is Ind Gen Serv Co 6s wad Ind Hydro Elec Co 7s. Indpls Gas Co com 6s . . Indpls Pwr & Lit Co nid | 6s Indpls Pwr & Lit Co pfd fas. “10 Indpls Water Co pfd 5s 1 N Ind Pub Serv pid 5%28 N Ind Pub Serv pfd 6s N Fas Serv bid Ts

SRSARLRRRI2ERAR

Progress Laundry Ceo Pub Co of Ind pid 6

p Terre Haute Elec Co 6s

Money and Ii xchange INDIANAPOLIS £7 ATEMENT

Clearings Bile ees $2,758,000 Debits .. / “e+ 7,130,000

TREASURY STA! WEMENT (By United fires) WASHINGTON, Jan. 22.—Government ex pense: and receipts for the current fisyear ending Jan, 19, Ehompared with a year ago. This Yea Last Year. Expenses ..$4,013,720, 899. # $4,076,539, $3 0.70 Recei ad 2.351, 332 2,051,297.016.

2200 21 ; 30 521 1348, 8.730. 0.3%, 210854,

Other ar (By. United Fess) CHICAGO, an. 28 ..-Hogs—Receipts, 16,000, ins 4000 directs; rket ge; in

mostly steady with Thi? ’ aise higher g

Customs

weights under 180 1bs.. instances; top. $10.45; bi an choice, 170- 310 1bs., [email protected]; com parable, 150-170 los. lafbly, $9. T5010. 30; good sows, [email protected]; dew, $9.9

Cattle—Receipts, 2000; ly enough steers here tc mainly medium grades; kinds | lbs. in broadest demand: a market: except for comzion and medium grade heifers; choice heiiers absent; beef cows dull, weak. but ct ter grades’ and com y ilieady; bulls and vea Jeariings, $12.50; spr cons mon and a 3 50 and

6.50 8.25 | $9.95.

50 | ers scarce. weak.

Sheep Receipts. 12, 000. il 3300 direct; fat lambs in niofderately active demand, but as yet few siles; early undertone fully steady to STrolger; now talking upward to $10.50, freel® on ° desirable handy weight lambs now ti:ld at $10.60 and ahove. seatierod native Senghierad ewes | Steady at $5@6.

MORRIS

PLE GRE RR i)

Federal Farm Mortgage Corp. «es 106.3

DOMESTIC Today’s Bond Leaders—

Amer Rorelgn Rep Steel 4 Chicago G Wa New

. 10 Brazil 8s ‘41 ............ cree. 83%

Con Gas 4Y%s Fens Chesa Corp 5s '47 ... e

$5 Interntl Tel & Tel a s 52 Lehigh Valley ds 20 003 .. McKess & Rob 5

Nickel Plate 4las Ness Plage S5%s '74 N Y Cent 5s 2013 N Y Cent is 2 Sn N Y Cent Conv 6s i 6

Nor Pac 6s 2047 ... Nor States Pow 5s '41 v : New Orleans Tom 4s '55 ... 1 Otis Steel 6s ’ : 102

Penn Ry 334s 170 ... Portland dar El 4%s 6)... Para Publix 6s ’55 Penn P & L 4Y%s Postal Tel & Cab 5s ’53 Rem Rand WW 4s ’56 . Shell Union Oil 3!2s ’51 . Socony Vac 3's 50 Sou 15

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Warner Bros 6s ’3 Western Mary 5% Western Union 5a

y 109 Youngstown S & T 4s Fe 19

Youngstown 8 & T 314s) ’51. FOREIG

Argentina A 8s '57....7... Australia 4'2s 56 ...4

3 vey Tokio City 515s '61 .

Yokohama 65 °61............. 81

Unlisted Stocks (By Blyth -& Co.) __ Bankers Trust Bid

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mica Continental Miinols Gua Tomas Iving oii National City National Shawm UE Visissinanes First National Boston FIRE INSURANCE Aetna Fire Insurance American Ins of Newark ..... Baltimore American . Franklin F' . Federal ans Great American insurance ose ational Fire 67

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BUSINESS PAGE REMAINS BRISK DESPITE STRIKE

Advances Over 1936 Wide in Many Lines; Weather Aids Retail Trade.

Times Special NEW YORK, Jan. 22.—Industrial operations continue on an even keel, according to Poor's Investment Advisory Service, notwithstanding the current strikes which are cause ing shortages of materials in the automobile field. Advances over 1936 are wide in most lines, and some businesses are more active than in recent weeks, the report said. “Substantial gains are being ree corded in retail trade, with the cold weather now being experienced in most parts of the country’ proving helpful,” the report stated.

“Whereas mild weather all fall and during December retarded the distribution of winter wearing apparel and sports equipment, the lower temperature and snows are causing a fresh rush of buying. Department Stores Gain

So far this month, department store sales as measured in dollars exceed the corresponding 1936 level

such gains should continue. “Despite the shut-down at Gene eral Motors’ plants, automobile output shows a small advance over the > | preceding week. ‘This reflects the increased activity at other plants, which is compensating for the lower output of General Motors. “Demand for heavy steel is at the highest level since 1929. With steadily increasing railroad traffic making necessary the expenditure of large sums for maintenance and equipment, and with heavier automobile buying to appear later, steel mills should remain busy over the next few months,” the report said.

OFFICERS ARE ELECTED

Arsenal Building and Loan Assoe ciation officers recently elected for the current year .are Joseph C, Gardner, president; J. E. Troyer,

vice president, and C. M. Comstock, treasurer, it was announced today

secretary.

Breed, Elliott & Harrison

Established 1912 1115 CIRCLE TOWER

GOVERNMENT BONDS

FEDERAL AND JOINT STOCK LAND BANK BONDS

REAL ESTATE PREFERRED STOCKS AND BONDS

INVESTMENT TRUSTS

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QUALITY BATTERY.

DELCO Batteries

Start Over -Million Motors Daily

“STANDARD EQUIPMENT” on LEADING MAKES of cars

Automobile engineers are more critical today than ever

hetore 4 in [StioeHing a Battery for act that CO Batteries are original equipmeant popular cars as Buick, Oldsmobile, Poatisa ¢ an is real evidence of their quality.

9% will % you well to Replace, with a 'DELCO—THE

original equipment. The

adillac, LaSalle

Nothing Added for Easy You Pay Only the Standard Cash Price

Terms

Expert Service on All Makes of Batteries.

YOUR CREDIT IS OK WITH ART ROSE;

ROSE Lill:

{930°N. MERIDIAN ST. RI. 8355}

Help Unfortunate Children by Attending the President's Ball

OPEN T0 9 P. M.—SUNDAY T0 i 130. P. M

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INC.

by approximately 12 per cent, and

by Edwin H. Shedd, newly elected

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