Indianapolis Times, Indianapolis, Marion County, 28 January 1937 — Page 20

Trends

Sr ——————

Neutrality Benefits Balance Losses, Flynn Says.

te _RBY JOHN T. FLYNN

EW YORK, Jan. 28.—One of the arguments advanced against the neutrality bill is that, in the event of a world war, the foreign trade of the United States would be completely strangled. Suppose we cling to our policy of trade neutrality and a world war gets under way. We will not be r~-mitted to sell to any nation munitions — war planes, war vessels, guns, explosives — and the raw materials of muni- . tions — steel, certain chemicals, cotton. With this prohibition extending to the leading nations our foreign trade would completely break down. The cotton growers of the South would be ruined. The price would be so great that this powerful nation would not submit to it. This is the argument. t let us think this whole business/through. Remember there are two ‘kinds of trade—(1) munitions , and raw materials. of munitions; (2) general commodities and merchandise. The former would be prohibited. But the latter would not. Therefore there would not be the socalled general breakdown in our foreign trade that is predicted. 3 Nn = HE only limitation is that general commodities and merchandise bought by belligerent powers would have to be hauled away in their ships, riot ours. But if foreign nations go to war, in order to buy from us, they must find some means -of paying for what they buy. They were rich in 1914. They are poor.now. The resources of England and France for buying here were near exhaustion early in 1915—about six months after the war started. To continue buying they had to borrow money from us to spend here and hence the first Morgan Anglo-French loan of $250,000,000. In the event of another world war, their resources for buying would come to an end very much sooner. We must, as a straight business proposition, face the fact that they could not buy from us very long if they were not able to borrow the money from us. ‘Therefore we must ask ourselves if it will be good business to lend to them. For this is business we are talking about now. They have not paid the loans ‘for the last war trade. Does anyone believe they would pay the loans for another war?

Mr. Flynn

3 ® = NOTHER war would wreck Europe — victors and vanquished—more completely than the last war. Therefore we must make up our minds that to carry on all this trade we are afraid of losing we would have to lend Europe the money to buy from us and we must also make up our minds that they would promptly repudiate the debts after the war for the very good reason that payment would be utterly impossible to them. The argument that we must abandon the neutrality policy to save this great European war trade, therefore, is based on the expectation that there would be vast trade. And that is a false assumption. As for the cotton growers of the South, a war would, of course, deal them a severe blow if cotton were declared a raw material of munitions and embargoed. But we have to choose hetween certain trade advantages — and very doubtful ones—and the almost certain peril of being drawn into the war. And we have to balance the value of the benefits lost against the staggering losses which such a war would bring us. (Copyright, 1937, NEA Service, Inc.)

Produce Markets

(The prices quoted are pald for stock gathered in the country, while for deliveries in Indianapolis the prices are 1 cent igher. Each fa case of eggs must weigh 55_ pounds gross.) Eggs—No. 1 SC irictly fresh, loss off, 17¢

: Heavy breed hens, 5 lbs. and over, l4c: Leghorn breed hens, heavy. 9c. Hea avy breed springers. 12 lbs. over, soft meeten 13c. Leghorn breed springers. 8c. breed stags, 9c: Legh heayy breed cocks, ered and fat, Ths. Cand u fuli-feathered and fat 5c. Turkeys. young toms. 12c; young hens, 10 lbs. and over, 14c; old toms. 8c: old hens. ge! No. 8c. Butter—Creamery, No 1, 36@37c: No. 2. 33@34c. Butterfat—No. 1, 33c; No. 2. 3lc.

(By United Press) CHICAGO. Jan. 28. rrEags Market. easy. receipts, 9849: fresh graded firsts, 22'sc: extra firsts, 223c; dirties, 18%c, current receipts, 21%c: checks, receipts. 6613,

Butter—Market, extra firsts 158 911>- -score), 32@32Vsc: aire (93 score), 3 lac; specials, 33 331z¢: firsts, 4@313c; standards, So)se \ Boulton rath. easy ceints, 45 trucks; geese, 15c; ducks. 10817050: spring chickens, 18 20c: broilers, 2140 22¢; hens, 13@ 17%¢; La Sen hens. 9@12c; “old roosters, 12@13c; a 13@18c Cheese—Twins. 17@17%c; Daisies, 17% @17%4c; Longhorns, 17% @17%4¢. Potatoes (Old Stock) —Supplies, liberal; demand, slow; for Idaho Russet Burbanks and Colorado McClures. market, steady; for Northern, stock, market ‘steady; Western stock, market weak. .Idaho Rus- , [email protected]; Calorado Red $3.15 as. 35; Wisconsin Round , $230@2 U. 8. Commercial, 10: Michigan Riaset Rurals, $2.30. (New UR lies, moderate; demand. slow: market, weak. Track sales (less than carbushel crates, Bliss Tri- : Florida and Texas. bushel - crates, Bliss Triumphs, $2.10 per bu. crate; “Texas (50-1b. sacks), no sales reported. woarrivals, 84; on track, 265; shipment,

Other Livestock

(By United Press)

CHICAGO, Jan. 28.—Hogé—Receipts, 0,000, including 6000 directs. Market mostly 10@15¢ Joven Rial 23c lower than Wednesday's avera bulk ‘good and choice 180-300 It 8. 35@10; ir top, . $10; small lot, $10.05; best Heh Sige 5; good $0.25619.50. Cattle—Rece Calves, 1000. Slow, a PS es on all classes; generally steady; steers scarce; fresh receipts increased by moderate holdover from earlier in week; general trade "unevenly 25¢ to $1 under late last week with good tc near-choice- weighty bullocks showing most decline; these having Jacenuly. Fi very close to top cattle;

Sows largely

dium Yoiente Yona kinds sold 1 2 ek 1.50 market; heifers Su at weeklzs 50p downturn argely [email protected] with choice kinds around $11; a cows, $4.85 down; practical top ‘weighty sausage bulls, $6.40, fully Steady: yealers: [email protected]. i ceipts, 9000, including 3000 diTéct; lambs in {fairly broad demand; undertone strong to higher; sheep, steady, ood to choice native and fed estern 208 bid $10.50 gowaward), asking $10.85 0.75 and above; low oice 104-1b. 0s ewes, $6; scattered ties. $5@6. LAFAYETTE, to SE as il ogs—Market, uneven, read 00-225 1 50-300 tw 170200 lbs., $9. 50- $9.25G 9.70; 1302150 Be: $8. T5@$9; 105- 130 Ibs. 84 $8.50; rou hs, $9 down Cdlves, $11. down; fais, $10. down.

FORT WA dh Ja 28. 28.—Hogs—Market, g0ia20c lower: 200-22 io. 05; 225250 $9.95: 180 300 Ibs.. $9.95; 5 $9. 80; 160-180 lbs., $9. 8s: 275+ 300 1bs., - $9.65: 300-350 lbs. $9. 1509.50; 140- 50 1bs., $9.25; bs. -90; 120-130 lbs. $8.65; 100-120 lbs. 8.40! Roughs, 82. 8; stags, $1.25; calves, + lambs, $10.2

Abreast of The Times on Finance

PAGE 18

THURSDAY, JANUARY 28, 1937

rency William Prentiss Jr.

Fank Divide nds Gain

Dividends totaling $800,000,000 have been oil to depositors by insolvent national banks! during the last four years, according to Deputy Controller of Cur-

: ?

250-275

RETAIL SALES IN

1936 EXPANDTO OVER 37 BILLION

Total Highest Reached in Six Years and 24 Per Cent Under 1929.

EE Times Special , NEW YORK, Jan. 28.—Total retail sales in 1936 amounted to $37,300,000,000, an increase of 13.8 per cent over 1935, according to estimates made public today by the National Industrial Conference Board. This was the highest level at-

tained since 1930, but still was about 24 per cent below 1929, the board said.

The physical volume of retail trade has not declined so drastically when compared with 1929 as has the dollar value, the board pointed out, for the unit prices of goods 2ntering into retail trade still remain substantially below the 1929 level.

Volume Near 1929

The conference board estimated,

on the basis of its index of retail prices for 1936, that the physical volume of retail sales last year was roughly 5 per.cent below the figures for 1929.

The greatest gains registered during 1936 occurred, according to preliminary estimates, in sales of furniture, hardware, liquor and automobiles. Every class of trade, however, registered some increase, the report said. Of each dollar spent in retail establishments in 1936, a little less than one-third went for food and drink, about one-fifth was allotted to automobiles and automotive products, including fuel, and the remainder was spent for clothing, house furnishings and sundry items, according to the board.

50 TYPICAL STOCKS ADVANGE IN WEEK

Times Special NEW YORK, Jan. 28.—The market value of 50 representative stocks listed on the New York Stock Exchange at the close of business for the week ended Jan. 23 was $23,631,879,250, an increase of $157,771,375, according to Paul H. Davis & Co. This was an increase of .67 per cent as compared with $23,474,107,875 at the close: of the previous week and a gain o 28.96 per cent over the same week a “year ago, the report said.

25 Chicago Tos

Show Decline

Times Special CHICAGO, Jan. 28.—Showing a loss of 1.55 per cent over the prev10us week, 25 representative stocks listed on the Chicago Stock Exchange ended the week of Jan. 23 with a market value of $1,152, 851,000, according to Paul H. Davis & Co.

F ruits and Vegetables

(Quotations below subject to ghange, are average wholesale prices being offered to buyers by local commission dealers.) ruits—Pears, Oregon Bosc, California Avocados, 20s-24s, Oregon D’Anjou, extra fancy, Bananas, selected, Ib. 4% Jadisna Delicious, 215 25h es ap. 3 },1dians Golden Delicious, 212 inches , $2; No. 1 Staymans, 2%2 ‘inches up, $2; No. . 1 Jonathans, 2! > inches up, $2.10; No. York Wealth hy, 2% inches up, $1. 5} No. 1 Winesaps, 2% h i New York Imperials, Lemons, Sunkist, 360s, ican, carton 12s, 25¢ Sroty 2 i] chesi, 3 0X crate S. rapefruit, Texas hors 40s to 80s $3. Oranges. California Sunkist, navels. [email protected]. Kumquats, Floridas, qt., 15c. Pineapples, 17Vszeae, Crate, $3.75. Strawberries. Florida,

Der a tlesariichokes, doz., $1.25. Beans, Florida Semgiess, hamper, '$2.25. homegrown : new Texas, crate, $1.75. Broccoli, California. case. $3.50; bunch, 17%sc. Brussel S routs, per drum, $3.25. Cabbage. New 60-1b. bag. 85c; new Texas, crate. $1.90. Carrots, California, bulk, bu., $1.25. Cauliflower, 11s, crate, $2.75. Celery. Mammoth, doz., 85c. Celery Cabbage, Michigan, doz.. $1.15. Gucubbers. hothouse, doz., $1.50. Chives, doz. Kale, Virginia, bu.. Li Letiude ay California best. 80s, $5: leaf, hothouse, 15-1. basket, $1.50. Endive. California, Jz, 1.15. Peppers, Mangoes, crate, $3; . int, doz., 60c. Mushb.. 30c. Mustard, Onions, Indiana yellow, Western Spanish, = $1.35; $1.25. Oyster Plant, doz. Parsley, homegrown, doz., 40c; South1

Pubes California Tangerines,

Northern white, Soe:

rado. MeClures, dian, 50-1b. bag, 90c. diana Jersey ‘‘Possums,”’ iana Puerto Ricans, bu., uttons, hothouse, Boz. Rhubarb, hothouse. No. 5-1b. carton. 55¢. Sage, doz. 45c. ath. Texas, bu., $1. Shallots. doz.. 35c. Squash, Hubbard, bu.. $1. Turnips. bu., $1. Tomatoes, repacked, 10-1b. box, $1.2

Rutabagas, CanaSweet Poiatoss. Inbu., $1. Louis$2.25. Radishes, 75¢; white, 45c.

(By United Press) CHICAG Jan, 28. —Apples—Michigan McIntosh, Ou. [email protected]. Sweet Potatoes— Louisiana Porto Ricans, $2.25. Carrots— Illinois. bu.. T5@85c. Spinach—Mexican, bu.. $4:[email protected]. Tomatoes—Mexican, lugs, $2.25@ 2.75. Cauliflower—California, crates, $22.15. - Peas—Mexican, hampers. £4.25@ 4.50. Celerv—Michigan, Square crates, 75¢c @$1.15. Onions (50-1h, cks)—Illinois and Indiana yellows, 25@500: Michigan, yellows, 25@50c.

Chicago Grain Futures

(By James E, Bennett & Co. Wheat— High Low 1.261% 1.10%; 1.07%

1.08% 97%

2 49%

43 3% 41 41 7

1.093%hb 1. 09% 1.00%b .99% .89

1.56% 1.56%

fity grain elevators are paying 5! 24 for No. 1 red wheat. Other grades on their merits. Cash corn now No. 3 yellow, 99¢c. Oats, 44c. Hay—No. 1 timothy, $13.50@14: No. 1 clover, [email protected]; No. 1 alfalfa, first cutting. [email protected]; second cutting, [email protected].

LOCAL CASH MARKET

WEEKLY INDEX OF BUSINESS TREND

PREPARED BY ADMINISTRATIVE AND RESEARCH CORPORATION - NEW YORK 1926 = 100

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FES. MAR. APR. MAY JUNE JULY AUG. SEP.

OCT. NOV. DEC.

The Administrative and Research Corp.

ekly index of business

New York Sto

Loew Paramo

Warner

Boeing Curtiss Curtiss

Nor Sperry United

Barber jiofand

Otis

Am Du

Math A

Bristol mber bn &

Un Am Ste d I

West

Adams

Am Int

Armour Borden

Som P Crm of

Natl Bi

Wrigley

Proc & Simmon

Anchor

Contl Crown

Ingersol Bus

Hudso

Yellow

Bendix

Timken Timken

Atl Rf

Pure Seahoa Shel

Un Oil

Atchis

hi & Chi & CM

Dalen, Carbide! n Am Home Prod!.

" Drugs— ers oe

Air Br 51% Westingh Elec. .160 Financial—

. KS Allegheny corp. . Corp.... 15

Can Gaternills

Vanadium Motors—

Chrysler vere d2l Gen Motors Granem Mo} ros

Biadebaler White Mtrs

(By Thomson & McKinnon)

10 High Low A.M,

Amusements— Crosley it

Radio .. ne unt

252 3

Radio Corp

Bros ...

Aviation—

Afreft .. Wright. . Wright A

Douglas Air .... “Am

AY vue Corp ... Air Lines

Unitd Aircit New J Trans Contl Wst

Building— Am Radiator .

Furnace

Lone Star Libby Ovens Gls 41

Air Reduc /s Allied, Chem ....235 Com Al

Com Solvents ... Pont .......113% Freeport Tex .. Liquid Carb ....

lkali

Monsanto Chem. Nat Dis Schenley Dis ... 44 Tex Gulf Sul ...

(new) .. 28%

2 .105Va Icohol. 393;

Purke Davis .... 44 Sterling Prod Drug Vick Chem Equipments—

Am Car & Fdy. Am Loco

(new). 1

el Pdy...

Pullman Inc

5112 157%

Exp 17,

Comm Credit vo. O8YL Lehman Corp ... Transamerica

Foods— Am Sugar

Prod .

Cal Packing .... Can Dry G Ale. Cont Bak

rod Wheat ..

Cuban Am Sugar Gen Baking .... 1 Gen Foods

Holly Sugar .... seuit . ... Natl D P Purity Bak

Household—

Col Pal Peet Congoleum Mohawk Carpet. 40

Gamble. s Bed ... 55

Miscellaneous— Ais Chsimers Wy

an Mach & Fdy 231

Cap

Bufronghs Add

63 % on Tract gis ork

1 Rand . Mach . 182

In Loi Harv ve Natl Cash Reg. . Rem Rand .. Underwood ; Worthingtn Pmp Mining—

Alaska Jun Am Metals

Anaconda

31%

120% 66%, 4's 22% 4334 24, 11%, 634

24, 11Y, Va 16% 20.

Truck ... 27%

- Motor Access—

27%

2 Elec Auto Lite. . Greyhound New.

Det, Axle Roll . 73

Oils— Amerada

--107%2 34%,

Pet Corp Phillips Pet Plymouth Oil

Oil

Quaker State .. 1 "th Oil ...

of Cal .. 253,

Bailie

. 73% 45Y,

: 3

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2 107%

34% 32% 16s 44

Merchants Bank Bids.

Fort Wayne

MUTUAL INVESTMENT FUND

Founded in 1926 Prospectus and Other Literature on Request

T.P. BURKE 8 COMPANY

INCORPORATED INDIANAPOLIS Seuth Bend

Terre Haute

Riley 8535

High.

rie A orthern pfd ae fi Central 23

NY Norfolk & West 260 Nor Pacific .... 28% Penn R BR ...... 1a

Union’ Pac Retail Stores— Allied Stores ... Assd Dry Goods. First Natl Stores Gimbel Fe . Kresge S 8 veee Kroger Groce .... Macy H McCrory St McLellan St Marshall Field.

Sears Roebuck . Woolworth Rubbers— Firestone Goodrich ....... 33 Goodyear . 33 U 8 Rubber .... 537% Steels— Acme Steel ..

Keystone Steel . 18% Ludlum St . 32s

61s 7

177 . 3215 Shares ios ’ Ya U Ss & Fdy 67 US Stee 3 Warren ie Fdy Youngstown S-T Textiles— Amer Woolen Celanese Cor Cluett Peabody.. Collins _Aijkman.. Indus Rayon Tobacoos— Am. Snuff

rillar Phillip Morris 7 Reynlds Tob Sp

Utilities—

Am & For Pwr.. Am Power & Lit. t Wks

Nat 5 = Lite ... North Amer .... Pac G &'E Peoples Gas Pub Serv

Un Gas Imp .... Ut P & Lt “A“. Western Union

Local Securities

(By Indianapolis Bond and Share Corp.) The following quotations do not represent actual bids or offerings, but merely indicate the approximate market level based on buying and selling inquiries or recent transactions. BONDS

47, . 8lY

Asked. Ind Assoc Tel gus, 165... ++..106 108 Sw End = (TH) 4%s '61 ea 10454 Te L H Tel & Tel Ft W 6s 10017 Indpls Railway Inc 5s Indpls Water Co 3's ’66 Interstate Tel & Tel 5%s ’53.. 99 Kokomo Water Works 5s ’58..103 Morris 5 & 10 Stores 5s ’50..100 Muncie Water Works 5s 38. 103% Noblesville H L & P 62s '47...103 Ohio Tel Serv 6s Ms Richmond W W 5s Seymour Water Co 5 7 T 3 Trac & L 5s '44 T H Water Works 5s '56. T H Water Works 6s 2 Trac Term Co 5s ’57 ... Indiana Tel Co 5s '60..... STOCKS Belt Railroad & St Yrds com.. Belt Railroad & St Yds pfd.. Cent Ind Pwr pfd 7s Home Tel & To Ft Wayne.. Hook Drug Inc Ind & Mich Elec Co Ind Gen Co os

Progress Laundry Co Pub Serv Co of And pfd 6s. Pub Serv Co of Ind Ts Terre Haute Elec Co 6s

Money and Exchange INDIANAPOLIS STATEMENT

Slearings Sir eevitees Cates vr $2,405,000 Debits. ...... osm se eae 6 565,000

TREASURY STATEMENT (By United Press) WASHINGTON, Jan. 28.—Government expenses and receipts for the current fiscal

year ending Jan, 26 compared with a year ago:

s Yea ast Yea 8 15 505. lis. 25 $4 169. 3217, 3 58 2.410. 259,395.56 2.097.272,17 Deficit .. 2.235.752.69 2.072.055, 343, 0 Cash bal .. i 738. 817,888.39 2.091528,814.61 Pub. debt. .34.506,410.022.56 30,525,523,563.83

Expenses Roceints oe

SWINE MARKET UNEVEN WITH 2 SETS OF PRICES

Shippers and Packers Split Schedules Making List Irregular.

Two schedules were established today at the Indianapolis Union Stockyards, one by shippers, the

other by packers. The hog market was 10 cents lower to 10 cents higher with the underweights remaining steady. Receipts totaled 5000; hoidovers 372. : At the close weights of 160 to 225 pounds sold for $10.15 to $10.25 with the top price paid for 200 to 225pounders. Weights of 225 to 250 pounds brought $9.90 to $10.10 to $10.20. 250 to 300-pounders were $9.90 to $10.10; 300 to 400 pounds, $9.60; 130 to 160 pounds, $9.25 to $10; 100 to 130 pounds, $8.50 to $9. Sows were steady to weak at $9 to $9.35.

Cattle Market Slow «

The cattle market was slow and unevenly lower on practically all killing classes. Most steers and yearlings sold at $7 to $9, top $11 on good yearlings weighing around 1000 pounds. Receipts were 800 cattle and 500 calves. Heifers were 25 cents lower and sales ranged mostly from $6.50 to $7.50, top $8.75. Common to medium beef cows were 25 cents lower. Beef cows were $4.75 to $5.50, the cutter grades, $3.75 to $450. Medium grade bulls were $5.50 to $6.25. Vealers were weak to 50 cents lower and the good and choice kinds

‘brought $12 to $12.50.

Sheep and lambs were steady on a run of 4000. Good and choice native and fed Western lambs ranged from $10.25 to $10.50. Fed yearlings

{ were unsold early. The bulk of the

slaughter ewes sold for $4 to $5, top $5.50.

HOGS

Jan. Bulk Receipts 93. [email protected] boo

7. @10. 28. 10. 02a 10.25 ht Lights Lieto 160) ¢ Good and choice.

htwotohto edium ...... Lie Li $80) ¢ Good and choice.

[email protected] . [email protected] [email protected] Me egium wen 00-220) Eres “and choice. . [email protected] (390- Sood and choice.. [email protected] Heavyteigh (250- 590) Good and choice.. [email protected] (290-350) 500d and choice.. 9.60@ 9.90 Packing Sow (275-350) Sood “en (250-425) Good (425-550) Good (275-500) aoa

ughter Sia 150) Te Good a and choice..

CATTLE —Receipts 900— (550-900) Choice GOO -ciseieasenes

Medium Common Choice Good ... Mealum Common Choice Good ... Medium Choice G

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Low

(900-1100)

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BI BNI UN = BI BI UY PO DI=I1D MIN DIOR ed a8 3

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Granta dasa

(1300-1500)

ooouwn Pt pt pb ph

(500-750) @10.75 od 9.75 ommon, medium. 8.25 Good and choice .

(750-900) Common, medium.

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

Rh JUN l a) ShUIowmo

S388 £3582 =]

Vealers

—Receipts, 500— Sood 2nd choice

a on medium ....... ae Calves

(250-500) Good and choice..$ 6.50 Common, medium. 5.00@

Feeder and Stocker Cattle (500-800) Dood and choice..$ 6.25

mmon, medium. (800-1050) Good and, choice... Common, ‘medium. Heifers— Good and choice Common and medium SHEEP AND LAMBS —Receipts, 4000— Lambs— Choice

wes— (90-175) Sood and choice . mon, medium. b 1Shoep and Th quotations asis

New York Curb |g

(By Atkins, Hamill & Gates)

Close num Co of America +00. 165 can Airline can Cynamid Am Gas and Electric ... American General Arkansas Natural Gas Barium 8 Carrier Cor 5 Chicago Flexible Shaft Columbia Oil Consolidated Copper Cooper Bessemer Eagle Picher Lead . ag Electric Bond and Share .... Ford Motors Canada ‘A’.. General Tire . oa Greenfield SP ‘and Die .. PE Gulf Oil P Humble oil nnd Refining Co . Hygrade Food ional Vitamin L101

Rustless Iron and Steel . Segal Loc Spencer Stores Standard Oil St Ohio. Sterchi_ Brothers Stutz Motors

tees secsssvrnsnnrans

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Gold res ..11,340,800,555.87 10,173 641.880.46 252,209,158.60 218.080,082.05

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UND TRIP 70 NEW ORLEAN

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GREYHOUND

Terminal

American ers Panos Sor &

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GRAS

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GREYHOUND TERMINAL R1-8691 Bldg MWinols Sana

RI-4307 RI-1551

N. Y. Bonds

\ (Reprinted From Late Times Yesterday) DAILY BOND INDEX (1926 Average Equals 100)

20 20 30 Utils. 105.3%

Inds. Ral teeesess 94.8 £1

oday Sesterday Month Ag Yor od 06.0 100. 108. trian 1013 100.0

Year A 5" 1037, by Standard Statistics)

60 Bonds 100.0 100.0 100.7 99.7

1937 Ass 108% ay

(By P. 8. Moseley & Co.) S. GOVERNMENT BONDS Treasurys

1947-52

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seseseshevansone

sesessscsssncens sesssscesvansnas ssssssssssssnsss

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1948-50 Home Owners Loan

DOMESTIC Today’s Bond Leaders—

Balt & Ohio 135 II°Central 58 ’ Inter oes 6s ’44 Postal Tel & Cable 5s '53 .... Rep. Steel 4'%s '50 ..........141%

Cle: Voss sesesanes aie

To, Fe 4! He “J & S ® 28 ’ ie 2 Wor Wis 0 oor 110%

Col Gas 5s May ’ Col Gas 5s 61 ...

Mo Kan Tex Adj Se Nal Daily 395: 1 N Y Cent

Postal Tel & § '5] Rem Rand %w 4's ’56 112% Shell Union Oil 3's ’51 iar 100%2 Socony Vac 3a ’50

Western Union 5s ‘60 fens Youngstown 8S & T 4s 61 i. Youngstown S & T 3's '51 FOREIGN

Argentina A 6s ’'57 Australia 4!2s ’56 Brazil 8s ai

Poland > Rome 6% . Tokyo City 512s ’61 Yokohama 6s '61

Chicago S tocks

(By Atkins, Hamill & Gates) Prev

Advance Alum

FEDERAL POWER POLICY CHANGE THOUGHT LIKELY

New Program for Competing With Private Utilities Is Predicted.

By RICHARD L. HARKNESS United Press Staff Correspondent

WASHINGTON, Jan.x283.—A new Federal policy of competing with private utilities in areas where the Government is building multi-mil-lion-dollar hydroelectric projects was predicted today in informed Administration circles.

dent Roosevelt's straight-spoken refusal to continue negotiations for pooling public and private power facilities in the Tennessee Valley as long as utilities in the section attack constitutionality of TVA.| The action of 19 firms in obtaining an injunction halting TVA development, he said, “precludes a joint transmission facility arrangement” and forbids holding any more conferences on the subject.

Developments Looked - For

Mr. Roosevelt's statement, announced in a letter to Government and private company officials, was interpreted by Federal power experts as presaging two developments: 1. A report from the special committee appointed by the President to establish a Government power policy, recommending the Administration compete with private interests in the Southeast and Northwest. 2. The resignation of Dr. Arthur E. Morgan as chairman of the Tennassee Valley Authority because he favors Federal-private co-operation in the TVA area. Willkie. Answers Letter The letter brought a quick answer from Wendell I. Willkie, president of the Commonwealth & Southern Corp., chief utility operating where TVA is installing mammoth dams and stringing wire to generate and transmit low-cost electricity. “I am unable to understand,” Mr. Willikie said, “how the temporary injunction precludes either the pooling of transmission, ‘the studying of various problems arising out of the TVA operations or the working out of a permanent injunction. “The dismissal of the lawsuit or the dissolution of the injunction would place our property at the mercy of the uncontrolled discretion of the TVA.”

Forbids TVA Extension

The application granted the utilities forbids the TVA from extending its transmission lines - beyond their present scope, and from soliciting new customers for its ‘Gov-ernment-generated power. : The President's power policy committee is headed by Secretary of Interior and Public Works Administrator Harold L. Ickes, who has allotted millions of dollars to municipalities for building their.own power plants. One of tHe committee's chief tasks will be to develop a Federal policy for the Northwest where the Bureau of Reclamation and the Army Engineering Corps are building Bonneville and Grahd Coulee dams on the Columbia River. Both will be power projects. l

Unlisted Stocks

(By Blyth & Co.) id. Asked. TY 9Y

Central Hanover . Chem Continental Tilinois Guar Toone Manufacturers National City National Shaw First National Boston

FIRE INSURANCE

Aetna Fire Insurance American Ins of Newark. are Baltimore American ... Franklin Fire Federal Insuranc Great American Se surance “eis National Fire . Jartford Hanover Fire National Liberty North Rive an ies

Asbestos Manufacturing Bastian Blessin

of. Cen ral Illinois Publ. Service. . Cities Service

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Great Lakes Dredge ..... Jarvis Co Katz Drug >.. ....... seinen

Ken-Rad Tube veer 3 Libby - McNeil rand Libby Lincoln Printin 11 Lion Oil . “eo McGraw Electric Mid-West Corn preferr Nort wed Engineers Noblitt Svarks Northwest Bank tanderd Dredge Preferred “es 3wift Internationa I eo anationa z

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CONVENIENT CLASSES

Downtown Afternoons, Evenings

Accounting Income Tax Corporation Finance Investments Insurance Economics Statistics Economics Business Law Public Speaking Advertising Psychology Sociology Primitive Man Physiology Chemistry

olog Word Politics Government

ion Writing dio Scripts nd Practice a

hileso French Sgr German nterier Decoration Human Diseases Vocabulary indy How to Think Teacher Training

113 Classes Begin Feb. | Fees, $3 to $25

INDIANA UNIVERSITY

tension Division

USF yy IA LL Fire .

The development followed Presi-|

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Your F ederal Income Tax

(Fourth of a Series)

WHO MUST FILE RETURNS

ETURNS are required of every single person who for the year 1936 had a gross income of $5000 or more or a net income of $1000 or more and of every husband and wife living together who for the year 1936 had an aggregate gross income of $5000 or more or an aggregate net income of $2500 or more. ; Widowers, widows, divorcees and married persons separated by mutual consent are classed as single persons. The personal exemptions are $1000 for single persons and $2500 for married persons living together and for heads of families. Husband and wife living together may make separate returns of the income of each, or their income may be included in a single joint return.

# ® »

F separate returns are filed, one may not report income which ‘belongs to the other, but must report enly the income which actually belongs to him. If a joint return is filed, such return is treated as a taxable unit, and the income disclosed is subject to both the normal tax and the surtax. Husband and wife may elect each year whether to file a joint return or separate returns. Where, however, joint orseparate returns have been filed for a particular year, neither husband nor wife may after the due date of the return file an amended return

or returns on a different basis for that year.

New Bond Issues

(By W. L. Lyons & Co.)

Allied Stores 4'2s ’'51 Ark La Gas 4s '51 Argentine Rep 4's 'T1 ...... Armour 4s ’57 Assd Tel 4s '65 B & O 4's '39 ; Cal Ore Pow 4s ’'66 ‘Cent Maine Pwr 4s '60 Cent Maine Pwr 3'2s '66 .... Cinti G & E 3%s '66 Cleve Tractor 5s 45 Cons G & EL & P 3s Cudahy Pkg 33s ’55 Cudahy Pkg 4s ’'50 Fla Power 4s ’66 Fla Power 5s oo Great Nor 33s '67 Houston Lt & ‘Power 3's 88: 04 Indpls Water 3's '66 1 Iowa Sou Util 513s '50 Kansas P & L 4's '65 Koppers Co 4s ’5 Long Island RR 4s ‘rq9 Los Angeles G & E 4s '70 .... Louisville G & Ba ’66 sin)

Ask 100%

102 160% 99% 106% 100Y 99% 106 23% 103 101% 104% 103%

115 107%

Minn Gas & Lite 4s es '66 104%

Narra Elec 3'as

New England Pow 3%s '81 .... N Y State Elec Gas 4s ’65.. Ohio Edison 3% 72 Okla G & E 4s '48 Pas Gas & Elec 32s 68 ....101 Pac Lighting 4's '45 . Pac Tel 3%s. ’66 ePo Gas Lite Coke 4s Penn Tel 4s ’65 Railway & Lite Sec 41s ’55.. Sou Cal G "65

Investment Trusis (By Thomas D. Sheerin & Co.) Ask $21.63 12.1%

1.41 38.21 24.03

Bid .$19.17 11.15

Administered Fund 2d ..... . Affiliated Fund Inc (new)... American Business Shares .

Broad Street Investing *Bullock Fund Ltd ‘Accum’ ‘Acc’ Corp Trust Shares Diversified Trustee Diversified Trustee Shs Diversified Trustee Shs *Dividend Shares Inc Fundamental General Investors Trust Incorporated Investors Market Street Invest Corp... Maryland n . Massachusetts Investors vr Mutual Investment Fund ... Nation-Wide Voting North American Tr Shs 1955 3.76 North American Tr Shs 1956 3.69 North Amer Tr Shs (orig.). 2.88 *Quarterly Income Shs (new) 18.81 Selected Amer Shs Inc (new) 15.76 Selected Aemr Shs (orig.).. 4.24 Selected Cumulative Shares.. 1.07 Selected Income Shares .... 5.81 State Street Invest Corp 109.00 Supervised Shates Inc P Del 14. a3 Trustee Am B Trustee A ar Oilshs ‘A’ 797 Trustee Standard Oilshs ‘B’ 7.67 *Ex-Dividend.

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DIESEL-POWERED STAINLESS STEEL

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5 tn 15

ESTB Le Pn St. Louis ir a

5% HOURS

® Speedy travel with absolute safety. A myriad of new features and conveniences. That's the Ozark State Zephyr way between St. Louis and Kansas City. Luxurious coaches with restful, reclining chairs; beau. tiful parlor-observation car; tasty; economy meals; radio; air-condie tioning; indirect lighting; double width, full -view windows; gracious hostess service. All these 3 and more at no excess fare. Coach and parlor car seats reserved in advance. Plan to ride this new type wonder traig on your next trip West.

DAILY SCHEDULE— co

EASTBOUND . 8:30AM Ly. City . 4 2:00PM Ar. Soni? : 5:30 PM.