Indianapolis Times, Volume 43, Number 203, Indianapolis, Marion County, 2 January 1932 — Page 11

.TAN. 2, 1932_

"Rushville Is Tech Rival l Tim Campbell’s Technical high |Jgchool cage team will get back Into fcction tonight taking on the RushLions at the east side gym. Inuring the Christmas vacation, Campbell has had his pastimers i Lard at work, and considerable imIprovement is expected in the Green | play tonight. A preliminary game will precede the feature tilt at 8 p. m. In the only other game on the local card, Washington’s Continentals go to Zionsville. Shortridge and Purple Triumph Two victories in three starts were turned in by city high school quintets Friday. In a matinee struggle, Shortridge came from behind to drop Mooresville, 20 to 18. The Blue five trailed, 11 to 7, at the half. Braflord and DeWees led the victors. Washington Continentals turned In their fourth straight, dropping Beech Grove, 2*. to 13. Howard and Foudray starred for the winners, ■who led 8 to 5 at the half. Cathedral bowed to Jeffersonville, 21 to 27, in a triple overtime fray.

Friday H. S. Net Scores

LOCAL HIGH SCHOOLS •Jeffersonville, 21; Cathedral 17 (triple o'ertlmet. Shortridge, 23; Mooresville. IS. Washington, 24; Beech Grove. 13. TOURNEY SCORES At Martinsville Bedford. 23; Martinsville 21. Vincennes. 23; Greencastle. 17. Vincennes 27; Bedford 17. Greencastle, 18; Martinsville, 11. At Logansport Kokomo, 20: Logansport, 17. Anderson 28; Muncle. 16. Muncle, 20; Logansport. 12. Anderson, 21; Kokomo. 18. At Southnort Broad Ripple. 21; Ben Davis. 14. Southnort. 19: Warren Central. 10. Hen Davis. 30: Warren Central, 17. Southnort. 14: Broad Ripple. io (overtime). At Frankfort Frankfort. 26; Jeff iLafayette). 19. Lebanon. 22: Delphi. 21. Frankfort. 20: Lebanon. 24. Delnhl. 25: Jeff (Lafayette). 18. At Gary Roosevelt (East Chicago). 23; Hobart. 18. Emerson. 27; Froebel. 20. Wallace, 25; Whiting. 14. Hammond Tech. 26: Horace Mann, 19. At IValkerton Walkerton. 28: Hainlet. 15. Stillwell. 40: Rolling Prairie, 22. Waltcrton, 19; Stillwel, 17 (overtime). At Oakland City Mt. Olympus. 20: Oakland City, 10. Owensville. 23; Princeton. 22. Oakland City, 8; Princeton. 5. Mt. Olympus. 23; Owensville, 11. At Freelandville Brucevillc. 42; Carlyle. 21. Oaktown. 25; Freelandville. 22. Freelandville. 35; Carlyle, 11. Brucevllle, 26: Oaktown. 19. Other Scores Central (Evansville), 20; Memorial (Evansville), 10. Sheridan. 20; Thorntown. 12. Eden. 21: McCordsvllle, 13. Brazil, 53; Maumee (Toledo), 23. Danville. 26; Balnbridgo, 22. Columbus. 35; Shelbyville, 28. Decatur, 39; Portland, 17. Wabash, 25; Huntington. 19. Cayuga. 22; Mecca, 17. % Linton, 21; Sullivan, i3. Remington. 33; Chalmers, 30 (overtime). Rockville, 22; Williamsport, 21. Franklin, 41; Seymour. 33. Newcastle. 27: Richmond. 5. French Lick, 28; Smithvllle. 24. Knightstown. 26: Charlottesville, 24. Elwood. 27; Windfall. 24. Edinburg, 22; Rossville. 12. Lawrenceburg, 30: Elder (Cincinnati), 9. Lancaster. 15; Kentland, 9. Rock Creek, 17; Warren, 15. Liberty Center. 31; Chester Center. 12. Auburn, 28; Bluffton. 19. Burlington. 19; Brookdston, 15. Cinv (Miami). 16: Chili. 14. Prairie. 36; Sheridan, 6. Lowell. 35; Chesterton. 28. Freetown. 29; Austin. 19. Mitchell. 23: Orleans. 14. Valparaiso. 28; Crown Point. 24. Mareneo. 35: New' Salisbury. 30. Pendleton. 30; Splceland. 20. Kentland. 19; Brook. 17 (double overtime). Romney, 26; New Richmond. 23. Hillsboro. 21: Wavnetown. 9. Brownsburg. 28: Jamestown. 11. Listen. 11; Dover. 6.

Friday Fight Results

AT TRENTON. N. J.—Youne Terrv. lorn! middleweight, knocked out Bobby Brown of Lowell. Mass., In the irst minute of the first round. AT PITTSBURGH—Rosrer Bernard. *lint '(Mtc.h.l featherwelsht. drooped the derision to Battling Gizzv of Donora. Pa., in it slow ten-round bout. AT FRANKLIN. Pa.—Tiger Joe West. Pittsburgh middleweight, scored a techleal knockout win over Joe Walters of Boringfield. 0.. in the seventh round. AT MARION. Ind.—Young Leach InjfllanaDolls featherweight, outpointed kittle Tuck of Little Rock. Ark.. In ten rounds. AT CHARLOTTE. N, C.—Sammy Baker. Flew York welterweight, lost in ten rounds 1o Rufus Miles of Charlotte. Jim Swinson. local lightweight, outpointed Herman rerJick of Kalamazoo. Mich., in ten rounds. AT DAYTON O.—Manuel Castro. Mexican lightweight, easilv outpointed A1 Gahn If Columbus winning all of the ten rounds. AT VINCENNES. Ind.—Rosv (Kid) Baker. Andehson middleweight, shaded Lonnie jpowden of Wheeling. W V.. in ten rounds, pleo Everetts. Olnev ;I11.) featherweight, fceat Jackie Pruitt. Indianapolis, in six. AT MEXICO CITY— Baby Arlzmendl. Mexican featherweight, was awarded an ihnpopular decision over Fidel Laßarba. Los Angeles, in ten rounds. Newspaper men ft the ringside game Laßarba seven of the len rounds. AT CINCINNATI. O.—Ted Graham, of New Richmond. 0.. 187 pounds, defeated Charlie Arthurs. Newark. N. J.. in eight rounds: Cuban Jackie Raymond. Chicago. 161. stopped Chris Fenton. Cincinnati. 163. In five rounds. AT ZANESVILLE. O.—Frankie Sabino Dover 0.. 146. won a decision from Sailor Gore of Pittsburgh. 144. In ten rounds. DAVif VIAIER WINNER Milwaukee Southpaw Light Heavyweight Beats Rosenbloom. By United Press MILAWUKEE, Wis., Jan. 2.—Dave Maier, Milwaukee southpaw, today ranked as one of the leading contenders for the light-heavyweight title as a result of a decisive tenround victory over Maxey Rosenbloom, New York, former 175pound champion, in a New Year’s day bout here. KIRSHBAUMS IN ACTION Kirshbaum Center basketeers will meet Goldstein Brothers’ company quintet at the Kirshbaum gym Sunday afternoon at 3:30. Kirshbaums have won four and lost one this season. ’ Fast-stepping Kirshbaum Bulldogs will tangle with Indianapolis nniversals at 2:30. Btuicogs are claimants of the state junior title. PITT PLAYS TROJANS By United Press LOS ANGELES, Jan. 2.—Basketball teams of the University of Southern California and University of Pittsburgh will play the second and last game of a series tonight. Pittsburgh won the first contest, 29 to 26. CAGE PLAYER DEAD By Times Special BERKELEY. Cal., Jan. 2.—Wesson J. Gorman, forward on the University of California varsity basketball team, died during practice here * mirsday. Physicians blamed a i t attack.

STOCKS MOVE LOWER AFTER EARLYUPTURN Drive Against Auto Shares Forces List Down Before Close.

Average 'Stock Prices .

Average of thirty Industrials for Thurs2;?£, 77 90, U P ' 76 - Average of twenty rails 33.83, up .10. Average of twenty utilities Si zi' otl . * s - Average of forty bonds 77.77. up 1.45. BY ELMER C. WALZER United Press Financial Editor NEW YORK, Jan. 2.—A drive against the automobile shares turned the stock market down with losses ranging to 4 points in the first session of 1932 today after an irregularly higher opening. General Motors with heavy turnover led the automobile list into lower ground. It broke below 21 for the first time in the history of the present shares and on the basis of its capitalization the outstanding shares lost about $50,000,000. Auburn Auto, which reached 134% in the early trading, dropped 10 points from the high and considerable selling was noted in other sections of the motor group. This movement of the motor shares was contrary to custom. At this time of the year the group usually rises on a demonstration for the annual automobile show, which displays the new models. Dow, Jones & Cos. explained the selling as reflecting “fears that the low levels of employment throughout the country and decreased purchasing power in the agricultural areas would lessen public response to new models.”

Ford Disturbs Market A further disturbing influence, this authority found, was the Ford Motor Company. “It is thought Ford’s active reentry into the market, in addition to stimulating his own business, will represent a constructive development for the entire industry. It will clear away one important danger for the present uncertainty by removing a factor that has undoubtedly delayed a considerable number of sales in the low-priced field,” it said. News for the steel industry also was drab. The weekly magazine, Steel, found “iron and steel markets are emerging from the holiday lull without any measurable clarification in demand or prices. The automotive industry is awaiting the verdict on the January shows; railroads are withholding track material releases pending a decision on wages; building activity is good, considering the season, but pipe business is being deferred by the formulation of municipal budgets and financing for projected long distance lines.” Steel operations were placed at between 20 and 24 per cent of capacity, against 15-20 per cent reported during the holiday lull of last week. Steel Nears Old Low Steel common came within a fraction of its low for the bear market of 36, against a previous close of 38%. In the early trading the issue reached 39%. Youngstown Sheet & Tube broke nearly two points and other steel issues were weak. Du Pont dropped sharply with General Motors of which it has large common stock holdings. General Electric lost more than a point and so did Westinghouse Electric, the latter making anew bear market low. Losses of 1 to more than 2 points were noted in a long list of others, including Union Carbide, Allied Chemical, Standard Brands and American Can. In the railroad group prices reacted after early firmness with the general list. St. Louis-San Francisco preferred broke to anew low at 4%, off V&, following publication of a United Press dispatch from St. Louis stating that the road could not pay $60,000 taxes due the city of St. Louis. Utilities were down sharply with the communications under pressure. Western Union made anew low at 34, off 4%. According to preliminary calculations, the Dow-Jones & Cos. industrial average stood at 74.60, off 3.30 points; rail average 33.11, off .52 point, and the utility average at 30.60, off .81 point. Sales totaled 700,000 shares, compared with 1,600,000 shares two weeks ago.

Bank Clearings

NDIANAPOLIS STATEMENT —J&n. 2 Clearings $ 3,899,000.00 Debits 7.563,000.00 Clearli gs for the week .... 14.160.000.00 Debits for the week 31,231,000.00 TREASURY STATEMENT —Jan. 2 Net Balance for Dec. 30...5493,727,716.07 Expenditures 3.416,896.85 Customs rects. month to date 24,563,142.60

New York Curb Market

(By Thomson & McKinnon) —Jan. 2 Closel Close Alum Cos of Am 50y|Mo Kan Pipe.. 14 Am Cvnamid .. 3 Mt Prod 24 Am C-.is & Elec 344 Nat loves 2% Am Sup Pwr.. 34 ! Nat Avia 2'/;. Ark Gas (A)... 24 Newmont Min .. 10 Asso GS & El 4 iNia Hud Pwr.. 6% Can Marc .... 'VPenroad 24 Cent Sts Elec.. I 3 *;St Regis Paper. 3% Cities Serv .... 5-VSel Indus 74 Cons G of Bal 63 ISo Penn 0i1... 12 Cord 7i', Std of Ind 74% Deere & Cos ... 9’2 : Stutz ll Elec Bnd A Sh 104 Un Gas (A) ... 14 Ford of Eng... 44 Un Lt A Pwr.. 64 Goldman Sachs 3 l :Un Verde 44 Gulf iOl 441 Ut A Indus ... 24 Insull Ut 6 Lt Pwr (B) 24 Int Pete 94!Van Camp .... 2 Midwest Ut .... 54 1 United Fndrs... 14

Local Wagon Wheat

Cltv grain elevators are paving 46c for No. 2 red wheat and 46c for No. 2 hard wheat. AUSTRIA BEATS FRANCE B United Press PARIS, Jan. 2. —The Austrian football team, “First Vienna” champions of Europe, defeated the Racing Club de France, 3 to 0 in a New Year’s day game.

Marts Closed The Chicago Board of Trade and principal grain markets of the United States will remain closed today in observance of a two-day New Year’s day holiday. Trade will be resumed Monday morning.

New York Stocks CBT Thomson Se McKinnon.™

By United Pres t NEW YORK, Jan. 2 —Sales on the New York Stock Exchange today totaled 700,000 shares. Curb stock sales totaled 140,000 shares. —JiQ. 2 Prev. Railroads— High. Low. Close, close. Atchison 83 Vi 82 82 85 Atl Coast Line 27 % 28 Balt & Ohio 15Vi 14% 14% 15% Chesa & 0hi0... 28% 26% 27 28% Chesa Corp 16% 16 16 16% Chi Grt West 3% 3% Chi N West 6% 6 6 6% C R I St P 9 3 Del L <fc W 19% 20 Del & Hudson 70% 70% Erie 6Vi 6 Erie Ist pfd \ 7% 7% Great Northern 17 17% Illinois Central.. 10% 9 T /s 10% 10% Kan City So 9 Lou & Nash.... 22Vi 22% 22% 22% M K & T 4% Mo Pacific 7 6% 6% 7 Mo Pacific pfd.. 13% 12% 12% 13% N Y Central.... 29Vi 28 28 29 Nickel Plate 4 4Vi NY NH & H.... 20% 19% 19% 20% Nor Pacific 16% 15% 15% 15% Norfolk & West 118 O&W8 7 7 7 Pere Marq 6% ... Pennsylvania .. 18% 17% 17% 18V* Seaboard Air L % Vi So Pacific 28% 27 i 27% 27% Southern Rv 8 7% 7Vi 7Vi St Paul 2% 2 2 2 St Paul pfd 3 St L & S F 3% 3% Texas & Pac 33 Union Pacific ... 74% 71 71 71% Wabash 1% W Maryland.... 5% 5% 5% 5% Equipments— Am Car & Fdv 6% 6% Am Locomotive 5% €>/* Am Steel Fd 5% 5% Am Air Brake S 1?% Ge Am Tank 30 • 29 29 Vi 31 General Elec ... 25 23% 23% 25 Gen Rv Signal.. 22Vi 22V* 22% 23 Lima. Loco 15 Press Stl Car.... 1% Pullman 18 17% 17% 17% Westlneh Ar 8.. 13% Westingh Elec.. 23% 21% 21% 23% Rubbers— Firestone 16% Fisk % ... Goodrich Goodyear 17 19 , Kellv Sorgfld 1% Lee Rubber 2% U S Rubber 4 3% Motors— Auburn ....134% 124% 125 131 Chrysler 14 12% 13 14 Graham Paige 3% 3% General Motors 22% 20% 20% 22% Hudson 10% 10% 10% 10% Hupp 4% 4% 4Vi 4Vi Mack 14 % 13% 13% 14% Marmon 1% 1% Nash 17% 16% 16% 17% Packard 4Vi 4 4 4% Reo 3% 33 Vi 3% Studebaker .... 11% 11 11 11% Yellow Truck ... 3% 3% 3V4 3% Motor Access— Bendix Aviation 17% 16% 16% 17% Borg Warner... 9% 9% 9% 9% Briggs 8% 8% 8% 9 Budd Wheel , 3 Campbell Wy 6% 6% Eaton 5% 5% 5% 5% El Storage B 28% 26% Hayes Body , 1% Houda 2% 3 Motor Wheel 5% Sparks W 2% ••• Stewart Warner 5% 5% Timken R 011.... 17% 17 17 18% Mining— Am Metals 6 Am Smelt 18% 17% 17% 18% Anaconda Cop.. 9% 9% 9% 9% Alaska Jun 13% 13V* 13% 14Vi Cal & Hecla .... 3'A 3Vs 3% 3% Cerro de Pasco.. 11% 11% 11% 12% Dome Mines 7% 8 Freeport Texas.. 16% 16 16 16% Granby Corp ... 6 5Vi 5% 5% Great Nor Ore 12% 11% Howe Sound ... 13 13% Int Nickel 7% 7% 7% 7% Kennecott Cop.. 10% 10% 10% 11% Magma Cop 8% ... Nev Cons 5% 5% 5% 5% Texas Gul Sul... 22% 22% 22V* 22% U S Smelt 15% 14Vi Oils— Amerada 13 14% Am Republic 1% Atl Refining .... 9% 9% 9% 9% Barnsdall 4% 4% 4% 4% Houston 3% 3 V* 3% 3% Ohio Oil 5% 5% 5% 5% Mex Sbd 7 7 Mid Conti 6 5% 5% 6 Phillips 4% 4% 4 ■/* 4% Pr Oil & Gas... 5% 5% 5% 5% Pure Oil 4% 4% Royal Dutch .. 14% 14% 14% 14% Shell Un 33 Simms Pt 4% Sinclair 4% 4% 4% 4% Skelly 2% Stand of Cal... 25 24% 24% 25 Stand of N J 28% 27 27 27% Soc Vac 9% 9% 9% 9'/a Texas Cos 12 11% 11% 12 Union Oil 12% 12% Am Roll Mills .. BVi 8 8% 8% Bethlehem 19 18 8% 18% Byers AM 12 11% 11% 12% Colo Fuel 7% Cruc Steel 24 Inland 23 Ludlum 4% 4 Vi 4 Vi 4% McKeesport Tin. 47 46% 46% 47% Midland 8% 8% 8% 7% Repub I& S ... 4% 4% 4% 5 U S Steel 39% 36% 37 Vi 38% Vanadium 13 12% 12% 13% Youngst S & W 8 7% Youngst S & T 12% 14% Tobaccos— Am Sumatra ... 3% 3% 3% ... Am To (Anew). 67% 67 67 69% Am To (B new). 70 68% 68% 69% Con Cigars 27 • Lig & Myers 8.. 48% 46 46 47% Lorillard 13% 12% 12% 13 Phil Morris 8% Reynolds Tob ... 35% 33% 34% 35% Tob Pr (A) 7v a Tob Pr (B) 3% 3% 3% 2% Utilities— Abitibl 2 2% Adams Exp 4% 4 4 4% Am For Pwr... 7% 6% %% 7 Am Pwr & Li.. 14 13% 13% 15% A T & T 116% 112% 112 Vi 116% Col Gas & El.. 13% 12% 13% 13 Com & Sou 3% 3Vi 3Vi 3y 8 El Pwr & Li... 11% 10% 10% 10% Gen Gas (A) 1% 1% Inti T & T 8% 8% B’i 8% Natl Pwr & Li.. 14 13% 13% 14% No Amer Cos 33% 31% 31% 33Vi Pac Gas & El 34 341/2 Pub Serv N J.. 54 52% 52% 54% So Cal Edison.. 31 30% 30V 2 31% Std G & E 1.... 28 27V* 27% 27% United Corp.... 8% 8% 8% 8% Ut Pwr & L A.. B’, 8% 8% 8% West Union 38Vi 33% 33% 38% Shipping— Am Inti Corp... 5Vi 5% 5Vi 5% N Y Ship 4 Inti Mer M pfd 3 Cont Baking A 5 5% Corn Prod 41% 39% 39% 41% Cudahy Pkg 31 31 Gen Foods 34% 33Vs 33Vi 34 Grand Union ... 7% 7% 7% 8 Hershey 80 80% Jewel Tea 31 Kroger 14 V, 13% 13% 13% Nat. Biscuit 40V* 38% 38% 41% Purity Bak 12% 12 12 12% Pillsbury 21% 21 Safeway St 42 43% Std Brands 13% 12% 12% 1334 Ward Bkg giDrugs— 0/8 Coty Inc 3 314 Lambert Cos .... 50 48% 48% 49% Lehn <fe Fink ... . on Industrials— Am Radiator ... 7% 67k 7 Certainteed 314 £?. n Asphalt ... 12 11% 11% m r Otis Elev ... 19 IQ3. Indus Chems— 18 '* Allied Chem 68% 65% 66 68% Com Solv 8% 7% 8% a% Union Carb ....30% 28% 28% 31 * .** ft ft May D Store 17 Mont Ward .... 7% 7% 7% 7.% 533L j rS-*" 2 i Sears Roe 33 3i% ‘3134 07 2 Woolworth .... 40% 38'2 38% 40 Amusements— Col Graph 3 o gasman Kod .. 82% 78% 79 82 <4 Fox Film (A)... .. ... 2% Grigsby Orunow IVi 1% 1% 1% Loews Inc .... 27 25% 25% 27% Param Fam.... 7% 64* %% 7 8 Radio Corp .... 5% 5% 5% 5% *• O ••■■*•■■ . •*# • * JfL Warner Bros .. 2% 2% '2% 2% MiscellaneousCity Ice & Fu 26 27 Congoleum .... BVI 8 8% 8% Am Can 60% 57% 57% 6 q 2 SSL, *I% ’ft T 4 818*8.? Un Aircraft 11% io% 10% 11% Int Harv 24% 24 24 24 J 1 Case 41% 38% 38% 40%

Net Changes

By United Press NEW YORK, Jan. 2.—Closing prices and net changes on principal stocks traded today on the New York Stock Exchange follow: Allid Chemical 66 *”24 American Can 57% 24, '* American Telephone 124 44 Auburn 125 g Bethlehem Steel I*4 4 "* Case 38i„ 5 Chrysler .................. 13 1 Consolidated Gas 584. 1% "I Du Pont 514 44 Electric Power 104 . ’4 General Electrlcc 234 14 ... General Motors 20% It* International Telephone .... 84 4 ... Loew’s Inc 25’~ 14 Loriilard 124 4 Montgomery Ward 74 4 National Biscuit 384 14 I . New York Central ......... 28 1 li. Pennsylvania Railroad 174 4 ... Public Service N J 524 |4 ... Radio 54 ... 4 Standard Brands 124 1 Standard Oas 274 4 ... Standard Oil N J 27 % ... Texas Corn 114 4 ... Ctt , rWd ® 14 ... Westlnghouse Electric 21% 14 ... WooWth ... wocuiingt<m nau) U% 14 .

THE INDIANAPOLIS TIMES

PORKER MART SELLS OFF ON LIGHTDEMAND Cattle, Calves Nominally Steady; Sheep Show Little Action. Hogs ranged from steady to 20 cents lower this morning at the Union Stockyards, classes over 160 pounds showing the loss. The bulk 100 to 325 pounds, sold for $4.10 to $4.25; early top represented by the $4.75 figure. Receipts were estimated at 2,500; holdovers were not reported. Cattle were nominal; receipts numbered 50. Vealers were off 50 cents at $8 down. Calf receipts numbered 100. There was little action in the sheep market, practically all receipts being billed through direct. Prices were quotably stead. Receipts were 600. At Chicago hogs were about steady with Friday’s average to shippers; few 160 to 200-pound weights selling for $4.50 to $4.60; early top, $4.60. Receipts were 9,000, including 5,000 direct. Holdovers were 4,000. Cattle receipts were 200; calves, 100; steady. Sheep, 1,000; steady. HOGS Dec. Bulk. Early Top. Receipt?. 28. $4.25 (ft! 4.80 $4.80 9.000 29. 4.15® 4.65 4.70 6.000 30. 4.15® 4.65 4.65 4.000 31. 4.25® 4.85 4.85 3 000 Jan. 1. 4.250?) 4.85 4.85 2.500 2. 4.10® 4.75 4.75 2.500 Receipts, 2,500; market, lower. (140-160) Good and choice...s 4.50 —Light Lights—-(l6o-180) Good and choice... 4.75 —Light Weights—-(lßo-200) Good and choice... 4.75 (200-220) Medium and good.. 4.75 —Medium Weights—-(22o-250) Good and choice... 4.60(3! 475 (250-290) Medium and g00d... 4.20® 4.40 —Heavy Weights—-(29o-350) Good and choice... 4.00® 420 Psckinpr Sows (350-500) Medium and g00d... 3.25® 3.85 (100-130) Slaughter pigs 4.50 CATTLE (SLAUGHTER CLASS) Receipts. 500; market, steady. —Steers— Good and choice $ [email protected] Common and medium 3.50® 5.75 (1,100-1,500) Good and choice 6.00(®10.50 Common and medium 4.50® 6.00 —Heifers—-(soo-850) Good and choice 5.50® 8.50 Common and medium 3.00® 5.50 —Cows— Good and choice 3.25® 4.25 Medium 2.50® 3.25 Cull and Common 1.25® 2.50 —Bulls (yearlings excluded)— Good and choice beefs 2.75® 4.00 Cutter, common and medium 2.00® 2.75 CALVES AND VEALERS Receipts, 100; market, lower. —Vealers— Good and choice $ 7.50® 8.00 Medium 5.50® 7.50 Cull and common 3.50® 5.50 —Calves— Good and choice 4.25® 6.50 Common and medium 2.00@ 4.25 —Stockers and Feeder Steers— Good and choice 4.25® 6.00 Common and medium 3.00® 4.25 (800-1,500) Good and choice 4.25® 6.00 Common and medium 3.00® 4.25 SHEEP AND LAMBS Receipts. 600; market, steady. Good and choice $ 5.75® 6.25 Common and medium 3.50® 5.75 Ewes, medium and choice... [email protected] Cull and common 50® 1.25 Other Livestock By United Press CHICAGO. Jan. 2. Hogs—Receipts, 9,000, including 5,000 direct; generally steady with Friday’s average, late tendency toward weakness; good and choice, 140-200 lbs., [email protected]; top. $4.60; 210250 lbs.. $4.25®4.40; 260-280 lbs., $4.10® 4.15; few packing sows, [email protected]; shippers took 2.000; holdover 3,000. CattleReceipts, 200; compared week ago; general steers and yearling trade 25®50c higher than week ago; better grade long yearlings and light steers showing most advance; largely steer run with medium grades predominating; light steers of yearling type got better action than the heavy kinds and brought-a price premium in many instances; extreme top, $11.50 paid for long yearlir.gs; best heavies, $10.50; medium weights, $10.65; bulk, $5.50®8.50; beef cows, 25@50c higher; cutters strong to 25c higher; bulls 25®50c up; vealers steady to 50c lower; Stockers and feeders nominally firm. Sheep—Receipts, 1,000; today's market nominal: for the wek.. 84 doubles from feeding stations, 3.100 direct: killing classes fully steady with the close last week; choice lambs a shade higher in instances; feeders scarce, strong to 10c higher: closing bulks follow: Better grade fat lambs. [email protected]; few $6.35; week’s top $6.40. anew peak; heavy lambs com paratively scarce. $5.50®6.25; latter price paid for 94-lb. weights; throwouts, s4@ 4.50; range feeding lambs, [email protected]; fat ewes, [email protected]. By United Press LAFAYETTE, Ind., Jan. 2.—Hogs—Market steady to 10c lower; 150-180 lbs.. $4.70; 180-200 lbs., $4.60: 200-225 lbs., $4.50; 225250 lbs., $4.40; 250-275 lbs., $4.20: 275-300 lbs.. $4.10; 300-325 lbs.. $4; 140-160 lbs.. $4.25; 120-140 lbs., $4.10; 100-120 lbs., $4; roughs, $3.50 down; top calves. $7 down; steady; lambs, good to choice, s4@s; steady. By United Press / CINCINNATI, 0.. Jan. 2.—Hogs—Receipts, 2,400; heldover, 260; generally steady to weak, spots 10c lower; better grade 160 to 230 lbs., $4.85@5; mostly $5 on around 220 lbs. down; some 240 to 260 lbs., $4.50®4.75; 280 to 300 lbs. down to $4.25; 120 to 150 lbs.. [email protected]; sows $3.25 to mostly $3.50; light weights. $3.75. Cattle—Receipts, 200. Calves—Receipts, 50; nominal. Sheep—Receipts. 50 nominal.

BONDS JOIN STOCKS IN PRICE DECLINES

Gilt-Edged Securities Are l.owered by Heavy Liquidation. BY OTTO E. STURM United Press Financial Writer NEW YORK, Jan. 2.—The past year was one of the most reactionary in the history of the bond market. Not only lower grade bonds, but even gilt-edged securities succumbed to the effects of the worldwide business depression. Persistent liquidation of bonds by banks which in normal times would have been the market’s prime sustaining influence was an outstanding factor in the situation. Another was the universal distrust of securities of any kind and the general desire to hoard. Forced by distressing economic conditions to keep assets in a thoroughly liquid condition at all times, banks had to sell bonds steadily to be prepared for extraordinary demands on the part of depositors who were frightened by the epidemic of bank suspensions that marked 1931. While in the early part of the year liquidation by banks was confined to the lower brackets of bonds and much of the effect was mitigated by switching into higher grade securities, the growing acuteness of the business depression forced selling of all grades of fixed interest bearing securities later. By the end of the year most of the old line, stnctly investment issues, had joined the junior and speculative descriptions which had been going down all ytfir. Even United States government issues sold off to new lows during the final months of the

Dow-Jones Summary

—1931 AVERAGES—--30 INDUSTRIALS Net High Low Close Change Jan. .... 172.66 161.45 167.55 up 2.97 Feb 194.36 168.71 189.66 up 22.11 Mar. .... 187.72 172.36 172.36 off 17.30 Apr 172.43 143.61 151.19 off 21.17 May 154.41 128.46 128.46 Off 22.63 June 156.93 121.70 154.10 UP 21.72 July 155.26 135.39 135.39 Off 14.79 Aug 145.80 133.17 139.41 UP 4.02 Sept 140.13 96.61 96.61 Off 42.80 Oct 109.70 86.48 105.43 up K. 82 Nov 116.79 90.02 93.87 off 11.56 •Dec 91.77 73.79 80.75 Off .3.12 20 RAILROADS Jan 109.55 98.63 108.18 up 7.50 Feb 111.58 107.59 109.49 ud 131 Mar 107.13 96.88 96.88 off 12.61 Apr 95.82 85.51 88.14 off 8.74 Mav 87.01 72.06 72.06 off lfi.oß June 88.31 66.85 .84.36 UJ 230 July 86.13 73.44 73.44 off 10.62 Aug 74.19 67.90 68.18 Off 5.26 Sept 68.52 53.08 53.59 off 14.59 Oct 58.18 45.68 52.19 off 1.40 Nov .... 51.60 38.96 40.84 off 11 35 •Dec....... 40.89 31.42 36.72 off 4.12 20 UTILITIES Jan 64.10 59.32 62.41 up 1.61 Feb. .... 73.19 62.41 71.61 up 9.20 Mar 73.40 67.14 67.54 off 4.07 Apr 67.53 57.46 60.20 off 7.34 May 61.66 52.35 52.35 off 7.35 June 62.58 49.63 60.37 ud 12.02 July 62.24 55.86 55.86 off 4.51 Aug 59.05 55.10 57.33 Off 1.47 Sept 57.43 37.91 37.91 off 1? 42 Oct 43.38 34.88 40.51 up 2.60 Nov 44.39 35.47 37.06 off ?.45 • Dec 36.99 30.71 32.71 off 4.35 •To Dec. 20.

SWINE PRICES DISPLAY WEAK TREKDJN 1931 Prices Decline 50 Per Cent From January to December. By United Press CHICAGO, Jan. 2.—lncreased supplies and decreased consumption during 1931 sent prices for hogs, cattle and sheep on a sharp downward sweep that carried livestock values to successive new low levels up to the closing sessions of the year. Hogs fell steadily throughout the year and by mid-December had scraped levels not seen in thirty-two years. On Dec. 17 hogs sold at $4.10 per hundred weight at Chicago, just 5 cents above the low mark set in 1899. The peak was reached in January, when a price of $8.50 was secured. These prices compare with a high of $11.90 in August of 1930 and a low of $8.25 in December of 1930. Consumption Small Aiding in depressing the price was a run of 7,509,544 hogs, of which 2,495,728 came direct to the packers. In 1930 the supplies were 7,467,541, and the packers bought 2,555,884 direct from the country. The shipping, demand in the same time dropped from 1,654,400 in 1930 to 1,603,162 this year. A further depressing factor was one of the hottest summers in history. The warm weather extended well into the spring and fall and further reduced the amounts of meats consumed. In cattle markets the same price cutting was noticed. The demand was the smallest in many years. Increased receipts were the rule here, too, 1931 bringing 2,217,672 beeves and 528,299 calves to rtiarket as compared to 2,159,820 beeves and 539,760 calves in 1930. New Low Since 1908 The top price of $14.25 was reached in January, but was well under the 1930 top, of $16.75 also set in January. Anew low since 1908 was set when the value of cattle fell to $8 in May as compared to a low of $10.85 in July of last year. Sheep markets experienced the same curve that was displayed in the cattle and hog divisions. Dropping from a peak of sl2 for the new crop of lambs and $10.25 for old crop stock in May, the price reached a low of $5.65 in December. These prices compared with a high of $14.75. In January, 1930, and a low of $8.35 in October. Receipts of sheep at Chicago totaled 4,295,505 as compared with 4,171,636 in 1930. In the Air Weather conditions at 9 a. m.: West wind, 12 miles an hour; temperature, 35; barometric pressure, 29.87 at sea level; ceiling, overcast, light fog, light rain, 500 feet; visibility, 1 mile; field, soft.

Unsettled events abroad accelerated the decline. Conspicuous among these were the abandonment of the gold standard by Great Britain and other countries, the thorny German reparations situation an:* the prospects of war in the far east. Railroad bonds were among the weakest. The carriers’ continued poor earnings prevented most roads from qualifying their bonds for retention on the “legal” lists under present restrictions in most states. Action to modify these requirements was initiated late in year. For a time there was a brief rally when an application for a 15 per cent increase in freight rates was placed before the interstate commerce commission. The full increase was denied, but another decision was awaited, whi.:h it was believed, would be favorable to the roads. The fambus Hoover “debt holiday,” a ore-year moratorium on all war debts, provided a temporary stimulant to the bond market, particularly to many foreign loans, but this petered out when it became apparent that the relief afforded was inadequate to help the foreign financial situation to a great extent. Suspension of the gold standard in England in September and wide fluctuations in foreign currencies were factors that depressed foreign obligations. The recurrent bogey of an extremist regime in Germany combined v.ith the acute economic depression in that country to unsettle foreigj loans. A sweeping reaction in South American bonds as a result of numerous defaults was one of the big events in the foreign list.

BRITISH FACE STRUGGLE AS YEAR PASSES

Nations of World Hope for Improvement During 1932. Great Britain's abandonment of the gold standard, collapse of German credit, both domestic and foreign, and pentration of the world business depression into hitherto invulnerable France were the outstanding foreign financial events during 1931. Following is a summary of world financial conditions gathered by the United Press at principal foreign trade circles:

GREAT BRITAIN

LONDON, Jan. 2.—Nothing since the Russian revolution sho&k the world as did Great Britain's suspension of the gold standard on Sept. 21, dragging a dozen countries with her and imperiling the currency positions of many more. As the year drew to a close, the government was facing a financial Waterloo in the struggle to save the internal purchasing power of the pound sterling and safeguard the people against inflation. The pound finished the year worth about 30 per cent less abroad. Faced with a prospective unfavorable trade balance of 75,000,000 pounds, compared with last year’s favorable balance of more than 30,000,000 pounds, a “Buy British” campaign that amounted to a virtual boycott of foreign goods was started. Drastic anti-dumping duties were enacted and a clamor for a general tariff developed. Two gold transfusions from the United States and France, amounting to 130,000,000 pounds, failed to bring the country through the September crisis, although the parliament was in the act of passing new taxation measures to meet the budget deficit of 70,700,000 pounds.

GERMANY

BERLIN, Jan. 2.—The outstanding event in Germany’s economic history in 1931 was the collapse of the country’s credit, both foreign and domestic. The credit crisis culminated in July, when all banks in the country had to be closed for two days by decree because they were unable to meet depositors’ demands, stimulated by an unprecedented panic. Eventually, the acute crisis was overcome and normal banking transactions restored after three weeks, but the ensuing moratorium would not yet be ended and the restoration of normal credit conditions was still out of sight at the end of the year. Thus, Germany entered the new year with two problems unsolved on which her future, politically as well as economically, depends; first, the problem of shortterm debts, and secondly, reparations.

FRANCE

PARIS, Jan. 2.—Hard times were a long time reaching France, but during the last quarter of 1931, French commerce, industry and finance felt the edge of the tremors which shook the financial structures of the United States, Great Britain, Germany and other commercial nations several years ago. Increased unemployment, reduced commerce, an unfavorable trade balance, reduced car loadings and a growing deficit in railway exploitation and a decrease in tonnage actually carrying cargoes to sea, all reflected the changed business conditions in France. Gold continued to pile up in the Bank of France during the yeaij and the country became the world’s second largest holder of the metal.

ITALY

ROME, Jan. 2.—The outstanding features of the financial year in Italy were the successful launching of the national 4,000,000,000 lire loan, the merger of the country’s chief shipping companies, creation of the new National Credit Institute for financing industry, ancj the measures taken for defense of the currency. '. Business, as in other countries, was under a cloud all the year and the proportion of failures showed an increase.

SPAIN

MADRID, Jan. 2.—Business, industry and commerce touched new low levels of activity in Spain during 1931 as a result of a series of adverse circumstances, combined with the unfavorable psychological situation which the revolution brought with it. It was estimated the year closed with a deficit of 500,000,000 pesetas for the national government.

RUSSIA

MOSCOW, Jan. 2.—Although Commisar of Finance Gregory Grinko of Soviet Russia declared the world economic crisis “stopped at the Soviet frontiers” during 1931, and the year was one “not of crisis, but of great development of socialist economy,” the general low level of existence in Rusisa, the tremendous strain under which work was pushed, the extreme shortage of food and other necessities, were proof that life in Russia was far from ideal during the year and the country not as financially prosperous as the commisar’s statement indicated. V

ARGENTINA

BUENOS AIRES, Jan. 2.—The year 1931 was a trying one for the Argentine, currency depreciating steadily in value and produce prices daily touching new low levels. The strain on the country’s resources, however, forced a series of strenuous efforts, both pfvate and governmental, to plar\ finance, agriculture and industry on a sounder basis for 1932.

Bright Spots of Business

By United Press NEW YORK. Jan. 2.—lndustrials and commercial leaders confident as New Year begins: many look for “turn” this year. AKRON. O.—General Tire and Rubber Company sold more tire units in year ended Nov. 30 than in any other twelyemonth period In the company's historT. CLEVELAND—The trade magazine Steel said that steel onerations have recovered to 20 to 24 Der cent o i caoacltv. compared with 15 to 20 Der cent over holidays. KEARNEY. N. J.—Entire force of Western Electric Company of 44.000 employes now working, although some are on a part-time basis. CHICAGO—Swift Si Cos. purchased *he Western Meat Packing Company of San Francisco and the Oakland Meat Packing Company of Oakland. Calif. NEW YORK —Building construction in the United States in 1931 aggregated $4,312,839,000. according to the American Builder and Building Ace. WASHINGTON—Good times are returning. according to Secretaiy of Commerce Lamont. CLEVELAND—Pickands. Mather & Cos. acquired Pickands. Brown & Cos. of Chicago. TOLEDO—December power output of the Toledo Edison Company totaled 35.300.000 KWH. an increase of 8 per rent over November. PHILADELPHIA—BeII Telephone Company of Pennsylvania authorized the expenditure of $8,474,765 for new construction in 1932. _____ * CHlCAGO—President Joyce of the Chicago. Great Western stated he “looks forward to 1932 with considerable feeling of optimism.”

TRADE LEADERS PREPARED FDR UPTURNINI932 Drop in Production Seen as Base for New Era of Prosperity. BY RICHARD L. GRIDLEY United Press Financial Writer NEW YORK, Jan. 2.—American business entered the new year today, strengthened by the last thirty months of economic readjustment, and with its confident of the future. Restrained optimism was apparent in year-end forecasts of various business and banking heads. They pointed out that the necessary groundwork for anew prosperity was being formed rapidly. The principal element lacking, they said, was confidence. Confidence will be supplied as soon as it becomes apparent that banking difficulties were ended. Failures have been smaller in recent weeks. Hopes are entertained that they will decrease farther. Expect New Ford “8” While there are no surface indications of a miraculous return to prosperity, business is shaping itself for the seasonal January upswing that inevitably follows the year-end industrial shut-downs. _ Steel and automobile operations both Vill be stepped up materially next week. The improvement will be felt all along the line. ■Whether the early January improvement will be lasting will depend largely upon events over the next few weeks. The aut r mobile industry, upon which rests a large portion of the economic welfare of the country, is proceeding cautiously. It is prepared to step up operations sharply. Much interest attaches the prospective new Ford motor model. Trade papers indicate it is an “eight” ready for deliveryy early in the spring. Quantity production of such a car would swell industrial operations immediately and force rehiring of thousands of workers throughout the country to produce materials. Rail Prospects Bright Railroads enter the new year with improved prospects. On Monday the 3 to 4 per cent freight rate increase, designed to swell railroad revenues from $100,000,000 to $125.000,000 annually goes into effect. Later in the month active negotiations will be resumed to effect the proposed 10 per cent reduction in wages.

The oil industry is cheered by the current Sunday shutdown movement that already has clipped more than 100,000 barrels off the weekly crude oil production figures and brought production more in line with actual needs. Retail and wholesale merchants, on the other hand, having shared fully in the Christmas buying season, are suffering from the usual after-holiday buying slump. Financial affairs enter the new year slightly improved. A check on the liquidation of leading stocks and bonds came last week. Better markets are predicted in many quarters. Much, however, will depend upon developments in foreign countries. Other Livestock By Times Special LOUISVILLE. Jan. 2.—Hogs—Receipts, 700; steady; 175-240 pounds. 54.70; 240-300 lbs.. $4.40: 300 lbs. up. $3.80; 175 lbs. down. $4.30; packing sows. $2.8003.55; stags, $2.55 down. Cattle—Receipts. 100; steady and nominal; range slaughter steers and heifers. $4.50@6; beef cows and bulls quotable, $4 down; stockers and feeders, s3® 5. Calves —Receipts. 100; steady; top choice vealers. $7: others $6.50 down. Sheep and lambs—Receipts. 100: steady; best fat lambs. $5.50; buck lambs. $4.50; throwouts. $3 down; fat ewes, $2 down. No shipments Friday. By United Press EAST BUFFALO. Jan. 2.—Hogs on sale, 2.300; weights between 160 and 210 lbs. fairly active to all interests. 10 to 15c under Friday’s average at $5,104/5.15; others slow, unevenly lower; mixed offerings. 54.90; some plain kinds. $4.55; few 220-260 lbs.. $4.757 5. Cattle—Receipts, 75; week's supDly light; yearlings very scarce, early trade active, 25®50c higher; closing slow, about steady; good steers. $8.50® 9.50; medium kinds and short feds. $5.50® 8.50; common steers and heifers, $4,754/5.75; gfat cows and cutter grades, $1.50*2.50. Calves—Receipts, none; week’s vealer trade uneven, most sales sl4/1.50 over last week; good to choice. *9.50(810; common and medium. *6*3. Sheep—Receipts, none: lambs closed 504175 c over last week; mid-week loss regained; good to choice natives and fed western lambs. *6.250 6.75; medium kinds around *6; common lots $5.25<g5.50. By United Press PITTSBURGH Jan. 2.—Hogs—Receipts. 1.200: market, steadv. choice. 160-190 lbs.. $54*5.10; most 190-240 lbs.. *4.750.5: 240-280 lbs.. $4.5004.75; packing sows, mostly *3.50 03.75. Cattle—Receipts. 10: market, nominal. Calves—Receipts. 25: market, steadv to higher: Rood and choice vealers. *8010: common and medium. *4.5007.50. Sheep—Receipts. 500: market, steadv few choice lambs. *6.50: medium grade. *4.60. By United Press FT. WAYNE. Jan. 2.—Hogs—Market 10c lower: 100-140 lbs.. *4.15: 140-160 lbs.,. *4 30; 160-200 lbs.. *4.55: 200-225 lbs. *4.4&: 775i 250 lbs.. *4.35: 250-275 lbs.. *4.15: 275-300 lbs.. *4.05; 300-350 lbs.. *3.95: ruoehs. *3.25: stags. *2: calves. *8: lambs. $5.25. By United Press TOLEDO. Jan. 2.—Hogs—Receipts, light; market, steady: heavies. *3.750 4: mediums. *404.25: Yorkers. *4.28*4.50: pigflT** 4.50. Cattle—Receipts, light: >market. steady. Calves—Receicta. light: market. steady. Sbejo—fiecletfu. iigfchfc; market.

PAGE 11

RECORD LOWS HIT BY GRAINS IN PAST YEAR Failure of Export Demand Sends Prices to New Bottom Levels. BY HAROLD E. RAINVTLLE United Press Staff Correspondent CHICAGO, Jan. 2.—The failure of an export demand to absorb the surplus wheat supplies of the United States, while drawing on other surplus producing countries, resulted in a steady decline in prices to new all-time record low levels on the Board of Trade in 1931 with prices not stopping until well below the cost of production. During the first five months of the year, the attemDt of the farm board to stabilize March and May wheat kept prices at an artificial level. Toward the last of May the long downswing that began in grains in mid-1929 was actually turned upward. May wheat sold at 84 %c per bushel, the highest price of the year. However, the farm board foimd itself unable to continue this policy indefinitely in the face of ever growing supplies and thereafter the decline was rapid. In the meantime, the government support had thrown American prices out of line with world prices, and the year closed with the parity still disjointed. Supplies Too Large The outstanding feature of the grain trade has been the stupendous supplies. The world’s wheat carryover at the end of the 1930-31 crop year was estimated by the department of agriculture as 679,000,000 bushels against 578,000,000 bushels in 1930. These figures do not include Russia. The world wheat crop for 1931, again without Russia, is estimated at 3,022,930,600 bushels against 3,142,526,000 in 1930. The world war with its vast increase in acreage in the leading exporting countries which followed it, combined with political interference with the laws of supply and demand have brought about this situation. Despite a campaign by the farm board to restrict acreage in the United States, the small drop in acreage was attributed more to the effects of the drought than efforts of the producer. Corn Squeeze Worked The feature of the corn year was an 18 cents advance in July corn in the last two weeks of that month when Thomas Howell worked a squeeze and controlled practically the entire visible supply. At the close on July 31, July corn sold at 72% cents per bushel, 22% cents over the September delivery of that grain and 24% cents above July wheat. The country produced a corn crop in 1931 of 2,556,863,000 bushels, compared to 2,060,185,000 in the drought year of 1930. The value of corn fell froifi $1,349,218,000 in 1930 to $920,142,001? this year. Toward the close of the year the trade was surprised to find that the northwest was drawing on Chicago for its corn supplies and sales were made in northern Wisconsin and Duluth. Prospects Favorable Due to the lowness of prices as the year closed, the prospects for higher prices in 1932 were favorable. The winter wheat crop in the United States was 38,682,000 acres, a 10.6 per cent reduction from the 43,149,000 acres of 1930. The condition of 79.4 per cent was the lowest with three exceptions since 1870. Argentina and Australia reported acreage cuts ranging from 10 to 30 per cent. European planting has been slightly larger while Russia continues to be a question mark. Coincident with the decline in prices was the sharp drop in trade. The average trade in wheat for a single session is estimated at 65,000,000 bushels. During 1931 the trading fell to less than half this total and a low of 10,000,000 bushels for all grains was set in March, with the best day Nov. 5 when 109,872,000 bushels of wheat changed hands.

Investment Trust Shares

(By Gibson & Bernard) PRICES ARE TO 18 NOON C. S. T. —Jan. 2 Am Founders Corp com ....***% As * tAm & Gen Sec A ' 4% *" Am Inv Tr Shares 2% ”2% Basic Industry Shares 2 Collateral Trustee Shares A. 3% *’4% Cumulative Trust Shares 3% 3% Diversified Trustee Shares a 8% Fixed Trust Oil Shares 1% . Fixed Trust Shares A e% . Fundamental Trust Shares A 3% ’3% Fundamental Trust Shares B 3% 4% Leaders of Industry A 3% Low Priced Shares 3% '3% Nation-Wide Securities 3% 3% North American Trust Shares 2% ... Selected American Shares... 2% 2% Selected Cumulative Shares.. 5% 6% Selected Income Shares .... 3% 3% Shawmut Bank Inv Trust... 1% 3 Std Am Trust Shares 33% Super Corp of Am Trust Sh 3% 3% Trustee Std Oil A 3% . Trustee Std Oil B 3% 3% Unified Service Trust Sh A.. 2% 2% U S Flee Light & Power A.. 16% 18% Universal Trust Shares 2% 3V*

Produce Markets

Eggs (country run)—Loss oft delivered in Indianapolis. 22c: benery quality No. 1. Poultry ‘(buying prices)—Hens weighing 5 lbs. or over. 14c- under 5 lbs. 13c: Leghorn bens. 10c: broilers, full feathered. 3Vi lbs. and up 13c: barbeback. 11c: Leghorn broilers. 10c: soring chickens. 5 ics. and up. i3c: under 12c: old cocks. 7c: ducks, full feathered. 9c: geese 6c. These nrices are for No. 1 too oualitv auoted bv Klnean Sc Cos Butter (wholesale)—No. 1 30331 c: No 2 283 29c. Butterfat—26c. Cheese < wholesale selling price per pound i—American loaf. 23*4c: pimento leaf. 25V<c; Wisconsin firsts. 19c: Longhorns. 19c: New York llberger. 30c.

Sales Decline By United Prtta NEW YORK, Jan. 2.—Following are total monthly stock sales on the New York Stock Exchange as compared with the sales of the preceding year: 1931 1930 January 42.503.382 62,308,290 February 64.181.836 68.723,210 March 65.658.087 96.558.690 April 54.346.836 111.041.J00 May 46.659.525 78.040.030 June 58.643.847 76.593.250 July 33.545.650 47,746,000 August 23.981.781 39.869.500 September .... 51.040.168 53.545.145 October 47.896.533 65.497.479 November 37.355.205 51,955.540 December 48.055.627* 58.764.602 Total .......573.828.350* 810.64f.036 •Estimated.