Indianapolis Times, Volume 46, Number 175, Indianapolis, Marion County, 1 December 1934 — Page 12

Trends m m a Highlights of the News During the Last Week. BY VINCENT 8. LYONS Tine* Financial Editor

AHENEWED battle for payment > of the bonus will be undertaken by the American Legion when congress convenes on Jan. 3, delegates to th# fall conference of the Indiana department were told. Prank N. Belgrano Jr., declared he would be in Washington at that time to lead the battle. . . . Settlement of the war debts question via email lump payments, repeal of the Johnson act, which forbids loans to defaulting nations and United States leadership In promoting world foreign trade Was advocated by the Hutchins commission on international economic relations. . . . NRA supervisors of some 400 basic and supplemental codes are reported to be drafting recommendations for a uniform forty-hour week. . . . The Edison Electric Institute. reputedly the mouthpiece for the public utility industry, intimated that a court issue would be maue of the government’s Tennessee Valley Authority project, . . . Unofficial utterances of administration officials declared there would be no increased taxes voted at the next session of congress. Instead, efforts would be made to close the loopholes existing in the present set-up. . . . Senator Elmer Thomas Dem., Okla.), leader of the inflationary forces, cautioned Ihs band to move slowly with their demands until business has had a chance to help itself out of the depression. a a a SECRETARY of the Traju>ury Morgenthau announces that the government, on Dec. 15, will not take any action on the $300,000.000 of Home Owners Loan Corporation 4 per cent bonds and the called portion of fourth Liberty’s. The treasury will on that date meet $992,496,000 of maturing certificates and, it is believed, raise about $510,000,000 or $600,000,000 of new funds for winter relief. . . . Indiana's insurance laws must be subjected to revision and some companies in business should be barred from the state, Philip Lutz, attor-ney-general, declared in an address before the annual convention of the Indiana Fraternal Congress. . . . October insurance sales in Marion county rose 11.4 per cent over the preceding month, according to the General Agents Association of Indianapolis. . . . Attorneys for the Users Gas Company were granted a change of venue in their efforts to gain a franchise for the piping and sale of gas in the county after Judge Russell J. Ryan of superior court had issued a temporary restraining order forbidding mem- I bers of the Marion county board of commissioners from granting the franchise. . . . The Atchison, Topeka & Santa Fe railway board of directors approved the. expenditure of $21,243,645 for improvements during 1935.. . . The milk price controversy in Indianapolis was settled after a series of with producers getting sl.67per hundred pounds of 4 per cent milk. The new agreement will be in effect Jan. 1, when any necessary adjustments will be made. a a a AMERICAN* Can Company voted an extra dividend of $1 on the common shares, along with the regular quarterly payment of the same amount. This is the first extra disbursement to be made by the company since 1931. . . .-Production of crude oil throughout the country last week declined 41,900 barrels daily to a total of 2.368,100 barrels. . . . Senator Pat Harrison (Dem., Miss.), emerging from a parley with President Roosevelt offered a compromise plan for payment of the bonus. National Commander Belgrano immediately retaliated with a full rejection. . . . Hopes for further gains in steel tonnage in coming weeks are based on the expectation that direct orders from motor car makers will mount as soon as the last kinks in their new model programs have been straightened out, the Iron Age avers. ... A federal judge at Birmingham denied a motion of the Tennessee Valley Authority for dismissal of a suit by preferred shareholders of the Alabama Power Company to prevent the sale of properties to the TVA. . . Public utility shares listed on the new York Stock Exchange responded aggressively to this ruling. . . . Federf i Housing Administrator Moffett tendered private capital an invitation to make loans on lowcost urban construction with federal insurance of mortgages up to the full cost ol the buildings. a a a A WORLD drive on the depression will get under way in Paris next June, the United States Chamber of Commerce announces. Business *leaders in all countries will participate in the discussions. . . . The American Federation of Labor estimates that the country is entering the winter with 550.000 more unemployed than at this time last year. . . . Production of electricity lest week aggregated V 705.413.000 kilowatt hours, the highest level in four years. . . Giving effect to the smallest crop in forty years, com prices in Chicago reached the highest price in four years, and the best quotation for this season in ten years. . . . Gold stocks of the nation, enhanced by the inflow from abroad, spurted to anew all-time record of $8,112.000,000. . . . Bank failures declined to the lowest level in fourteen years, only fifty-seven institutions being closed this year, the federal reserve board announces.. .. Total savings in all American banks in the year ended June 30 increased $742,132,000 over a year ago. the first increase to be recorded since 1930. ... In an endeavor to test the NRA labor act the justice department,has filed suit for an injunction to restrain the Houde Manufacturing Company from alleged violation of the adjective • bargarining provisions of the recovery act.

Produce Markets

Delivered in Indiana poll* price*: Hear? hens. He: Leghorn hen*. 7c; colored springer*. 13c. old rooster*. Sc; ducks. 7c; geese. 6c; young guineas. 20c: old guineas, lie Turkey*—No 1 young hens. 8 lbs. and over. He; young tom*. 14 lbs and rr. 14c: young toms. 11-14 lbs. 12c; No crooked breasts and thin turkeys*Bc: old tom*. aU weight*. 11c; No 1 strfcUv fmh country run eggv lots* off. JSc. Each fail case must weigh 58 lb*, rross: a deduction of 10c a pound for each pound under 54 lb*, will be made. Butter a ‘ ioW4 **

PAGE 12

BUSINESS PAGE CONTINUES UP, SURVEYSHOWS Index of Activity Rises One Point to 58.4 in Last Week. By Timm Special NEW YORK. Dec. I—The index of business activity, compiled by the Business Week, has risen to 58.4, compared with 58.3 a week ago, it was disclosed today. At this time last year the figure was 60.7. "Definite improvement in business activity,” the Business Week declares in its review-,” becomes more pronounced as the fourth quarter draws towards its close. September marked the low point of 1934 in manufacturing production, chiefly as a result of the textile strike. October found labor difficulties smoothed over, and a period of industrial peace began. "Employment and pay rolls turned upw-ard again. Retail trade began to hum. Confidence that had run pretty low in the summer months when steel and textile output tapered, began to return. Despite the election returns Washington turned an ear toward business complaints, promised to hold off further prodding to give industry an opportunity to contribute to recovery progress. Except in the fields of oil and utilities, the new policy appears to hold. Idle Problem Pressing "But the question arises if the breathing period will be long enough to permit industry to take hold of the unemployment problem. Congress convenes shortly after the beginning of the year and will be eager to do its bit at once. Though manufacturing employment gained in October over September, it stood below a year ago, and the unemployed still number close to ten millions. "Whether the 1935 program for recovery shall lie by business or by government, or by both, there is : o doubt that it will be for more business. There is scarcely an industry that does not anticipate better volume next year than in 1934. Construction is the present big hope, either under private or public impetus. November Awards Off "Upon it hinge a long row of allied industries from plumbing fixtures to home furnishings. November awards are running below those of October, as is customary. The wide spread below last year, which is certain to increase in December, will not add luster to the construction picture. It is due to the exceptionally large and rising volume of public works awards w T hu:h fell in the last quarter of 1933. But 1934 as a whole will have no diffculty surpassing last year. "Most enthusiastic at the moment are the retail merchants. Consumers have started their Christmas shopping in advance of the season, sustained in many instances by a share of the $370,000,000 in Christmas club funds. Cleveland believes its November department stores sales were 10 per cent better than a year ago; New York 8 per cent. Minneapolis is surprised at the interest in luxury goods and is counting on the best holiday trade since 1929. Atlanta feels the same way.”

Local Livestock

(Reprinted trom yesterday) HOGS Nov. Bulk Top Receipts 23. $5.00® 5.30 $5.80 14,000 24. 5.00® 5 30 5.80 3.000 26. 4.90® 5.20 5.70 9.000 27. 5.25® 5.50 5.90 9.000 28. 5.15® 5.50 6.10 5.000 30 5.20® 5.75 6.25 8.000 (160-1801 Good and choiA $4.00® 4.75 1 180-2001 Good and choice 5.20® 5.60 (200-220) Good and choice 5.60® 5.90 (220-250) Good and choice 5.90# 6.10 i 250-300) Good and choice 6.10® 6.25 (275-300) Good 6.10® 6.20 1275-350) Good 5.95® 6.10 Packing sows: (275-350) Good 5.50® 5.75 (350-425) Good 5.35® 5.65 i450-550> Medium 5.25® 5.50 (275-5501 Medium . 5.00® 5.35 (100-130) Slaughter pigs good and choice 2.25® 3.25 m CATTLE —Receipts. 700— —Steers—-(sso-900) Choice $7 00® 8.00 Good 6.00® 7.50 Medium 4.00® 6.00 Common 2.50® 4.00 (900-1.100) Choice 7.75® 8.75 Good 6 25® 7.75 Medium 4.25® 6 25 Common 3.00® 4.25 (1.100-1.300) Choice 3.50® 9.75 Good 6.25® 8.50 Medium 4.50® 6.25 <1.300-1.500) Choice 8.75® 9.75 Good 6.50® 8.75 —Heifers—-(sso-750) Choice 6 50® 7.00 Good 5.00® 6.50 Common and medium 2.50® 5.00 (750-900) Good and choice.... 5.25® 7.50 Common and medium 2.50® 5.25 —Cows— Good 3 00® 2.25 Common and medium 2.25® 3.00 Low cutter and cutter 1.25® 2.25 Bulls—(Yearlings Excluded) Good 2.85® 3.50 Common and medium 1.75® 2.85 VEALERS —Receipts. 500Good and choice $6 50 # 7.50 Medium 4.50® 6.25 Cu”. and common 2.50® 4.50 —Calves—--250-500) Good and choice ... 4.75# 5.60 Common and medium 2.50 © 4.75 —Feeder and Stocker Cattle——Steers— <soo-8001 Good and choice .... 4 00® 5.00 Common and medium 2.50® 4.00 •800-1.050) Good and choice... 4.00® 5.25 Common and medium 2 75® 4.00 Good and choice 3 00# 4.25 Common and medium 2 50® 3.00 —Cows— Good 2 50® 3.00 Common and medium 2.00# 2.50 SHEEP AND LAMBS —Receipts. 2.000 Lambs. 90-ibs; down, good and choice $6.25® 7.25 Common and medium 4.50® 6.50 90-120 lbs., good and choice... 2.00® 2-50 Sheep—-(l2o-150) Good and choice .. 175® 2.25 All weights common and medium .. 1.259 2.00

Retail Coal Prices

The following price* represent quotation* from leading Indianapo.;* coal dealers. A 25-ceru carrying charge per ton will be added. DOMES no RETAIL PRICES Anthracite $13.00 Brazil Lump 684 Brasil Mine Run 8.2$ Coke, Nut Sire 8.90 Coke. Egg Siae 8.90 Indiana Forked Lump No. 4 694 Indiana Forked Lumo No 6 8.84 Kentucky Lump Group "B“ 7.18 Indiana Egg 5.71 Pocahontas Lump 8.32 Pocahontas Eg* 8.43 LOCAL LASB MARKEI City (rain elevator* are paying 88 cent* for Na 3 soft red wheat Otter grades on th/ menu. Cash corn So* | yuUov *9 Y °* u MM

Abreast of The Times on Finance

CITES CONFIDENCE

f 1 Jfcfe Hi Mm

L. A. Downs Faith that the railroads will survive these trying times and confidence that the unfair competitive situation in which they are placed will be rectified is expressed by L. A. Downs, president of the Illinois Central system, in an article in the Manufacturers Record.

PUBLIC WORKS SURVEY MADE Complete, Critical Study Is Made of All Projects Being Constructed. By Times Special NEW YORK, Dec. 1. —A complete and critical survey of "an extraordinary group of federal publicworks projects now under construction,” including all the emergency federal projects for power development, flood control, navigation or water conservation “that will cost in the neighborhood of $400,000,000 and will increase the nation’s powerproducing capacity by one million horsepower,” is presented this week for the first time in one volume in a special issue of Engineering NewsRecord. According to F. E. Schmitt, editor of the publication, the survey was undertaken to attempt to answer the questions of engineers and others "as to the purpose of these undertakings, their economic justification, and how they fit into a logical plan for the development of the region in which they are located. "At most of these projects,” Mr. Schmitt explains, "power is to be generated, hence the market for the power and its effect on the market for power of exisiting electric utilities is of special importance. This is indicated by the recent announcement of the Edison Electric Institute that it proposes to attack the constitutionality of the acts under which the government is building its great power plants. "That is but one phase of the program, and we have gathered from official sources for the first time data that are essential to a complete understanding of the potentialities and purposes of these great undertakings that are receiving so much public attention.” The specific projects examined and discussed in the magazine are: Grand Coulee and Boneville dams on the Columbia river; Boulder and Parker dams on the Colorado river; Fort Peck on the Missouri river; Alcova and Seminoe on the North Platte, and Norris, Joe Wheeler and Pickwick Landing dams in the Tennessee River basin. TREASURY INVESTMENTS INCREASE IN ILLINOIS Mortgage Resources Show Huge Gain of $1,521,000. By Times Special CHICAGO. Dec. I.—lllinois and Wisconsin home owners have access to $1 out of every $5 invested in federal savings and loan associations throughout the country by the treasury, according to A. R. Garner, president of the Federal Home Loan Bank of Chicago. Treasury investments in federal associations on Nov. 15 had added more than $1,521,000 to the home mortgage resources of these two states, it was reported. The total for the whole nation on the same date amounted to $7,191,300. Under the new method, the Chicago bank district leads all of the other twelve, with the Newark district the only other to add more than $1,000,000 to its mortgage resources.

Three Types of Gaps Appear on Market Charts and Their Position Is Highly Important to Traders

This is the third of a series of six articles written for The Indianapolis Times which will explain the significance of chart formations to market followers. BY HENRY J. KUEHLS NEW YORK, Dec. I.—The appearance of gaps in mirket formations is important, notably their location in the trend. There are three types of gaps—common or ordinary, the exhaustion or terminal gap, and the breakaway or starting gap. The common gap appears often and denotes strength in a rising trend and weakness in a falling trend. The trader is cautious when it* develops, as the market often reacts and closes the gap before it resumes its trend. This does not hold true always, as there are times when such gaps are never filled in. The more important gaps are the exhaustion and the breakaway types. Both denote a big movement ahead. For instance, the exhaustion gap always appears at the bottom of a decline and denotes exhaustion of bids for stocks, causing prices to break badly and bringing a change of trend. Many in t.h hear market

INDIANAPOLIS, SATURDAY, DECEMBER 1, 1934

NATION’S IDLE IS PUT 550,000 AHEADOFI933 Total at Start of Winter Placed at 10,671,000 by Green. By United Press WASHINGTON, Dec. I.—President William Green of the American Federation of Labor estimated today that the nation was entering another winter with 550,000 more persons iffiemployed than last year. Mr. Green’s figures were presented as the International Chamber of Commerce issued a tentative agenda for a conference to be held at Paris next June in an effc*t to develop a world-wide attack on conditions contributing to eocnomic stagnation and unemployment. The labor federation figures showed 10,671,000 persons out of work in October, compared with 10,122,000 idle in October of last year. Efforts Held Reduced Mr. Green pointedly remarked that the effort to increase employment was not "so general as it was at this time last year.” Last year the Blue Eagle drive of the NRA was still in full swing. “The serious implications of this gain in unemployment,” he said, “can not be overemphasised. The total financial obligation for relief has increased from $61,470,000 to $149,426,000 or more than doubled in a year.” Agenda Is Shown Importance of the chamber of commerce meeting in any long range attack on unemployment was emphasised by the agenda of che conference at which stabilization of currencies, revival of international trade, organization of production and marketing and international transport problems will be studied. Such internationally known figures as Sid Arthur Balfour, Great Britain, Sid Alan Anderson, member of the Bank of England; W. H. Coates, Imperial Chemical Industries, Ltd., England; Dr. Ernest Pensgen, German steel manufacturer; J. B. A. Kessler, Royal Dutch Petroleum, Holland; Alberto Pirello, Italian industrialist, and Arthur Falter, Polish coal cartel, will be present.

Stock Studies

The American Woolen Company is the largest producer of woolen and worsted fabrics in the world. It supplies about 15 per cent of our domestic requirements. Since 1929 the company has been working ona plan of consolidating plants resulting in much more efficient operation. It is still burdened, however, with excess plant capacity and carrying charges. As unused plants are disposed of the proceeds are used in buying in company’s preferred stock outstanding. There are now only 399,815 preferred shares outstanding, against 500,000 at the end of 1929. The company has recently received large government orders for cloth amounting to nearly $3,000,000. FINANCIAL DATA Common Stock (no par) 400,00!) Shares 1% Preferred Stock (SIOO par).. $39,931,500 Mortgages 1.100,000 Surpluses 28.324.532 Cash and Securities 3,476,513 Inventories 31.230.642 Total Current Assets 43,022,180 Current Liabiilties 4 208,868 During the twelve months ended June 30, cash and securities decreased about $800,000; inventories, however, gained $7,800,000, while net ■working capital was $6,500,000 larger. Surpluses, on the other hand, dropped $4,600,000. On June 30, the current ratio was 1014 to 1. American Woolen has not shown good earning ability in the years past, partially due to expenses of carrying large excess capacity. Deficits have ruled in the last few years with the exception of 1933 when $17.64 was earned on the common. These earnings, however, were due partly to profit on inventories rather than just operating profits. A dividend of $2.50 has been paid this year on account of accumulated preferred dividends. Accumiirated preferred dividends now amount to SSO a share. American Woolen Company was incorporated in 1916 in Massachusetts. Both classes of stock are listed on the New York and Boston Stock Exchanges. The preferred is currently selling for around 4114. (All Rights Reserved. Winchester Institute of Finance. Winchester. Mass.). BUSINESS GAIN SHOWN CHICAGO, Dec. I.—The Investors Syndicate of Minneapolis reported a business increase of $33,250,000, or 46 per cent from Jan. 1 to Nov. 17 of the current year. This was compared with the same period of 1933.

l| j -3* 1-40 ' 1 1 jt v Wn A —f%* EwumnoJ og^]Wm**. Terminal GapsJJ/# ~;v . fjfl ■■ 30 ify * 1 IT yf Breakaway or , 83 APIM *Uy I 'JUI. MAR ] Af* ; | MAY { 1932 1933

the exhaustion gap appeared one or two days before the selling climax. This same gap comes at the top of a long move and signals a change of trend from the bull to the bear side. The breakaway gap is always of as Jfc iDftiCRICB Xtii,

MAPS SLUMP DRIVE

m

Thomas J. Watson

A tentative draft of the agenda for the conference of world business leaders in Paris next June has been sent to executives by Thomas J. Watson, chairman of the American committee of the International Chamber of Commerce.

Wall Street BY RALPH HENDERSHOT — Times Special Writer NEW YORK, Dec. I.—The Wall Street of the future will be somewhat more liberal than the Wall Street of the past, but it will be neither communistic nor socialistic, if a report just completed by the Young Men’s Council of the Wall Street Y. M. C. A. accurately portrays the at itude of the junior workers in the financial district.

“We have no illusions about the miracles of Fascism, Socialism or Communism,” the report, which is based on the views and ideals of both members and non-mem-bers of the council, states. “The futility of such systems of government lies in their restraint upon individual liberty and human as-

pirations,” it continue?;. “Their isms are all an expression of a despairing people.” But this group holds that the old leaders in both political and business life have not measures up to its ideals, and it asks that anew set of leaders “arise with ideals and aspirations to be applied in the light of American tradition.” It contends they should not “lay the old aside that has proven its value, nor should they be the first to try what seems to be fultility. It will be the happy medium between the old concepts and tbe new or the middle ground that will bring us to new frontiers of American life.” a a a A ND this group believes also that business standards should be changed in some respects. In a way, it reports, there is being built an aristocracy of American business leadership, because the opportunites of business leadership are fast becoming closed avenues to youth, with the exception of those of wealth and social standing. This trend is being resented, it says. "Unless American business leadership, or any other leadership, takes into consideration this undercurrent of resentment against unequal opportunity,” it predicts, “there will be an increasing expression of radical discontent among American youth.” “In fact,” it adds, “it is the 1 radical who can not contend with our competitive system that is so rash.” a a a THE younger people in Wall Street do not seem so much disturbed over the recent political developments as do their elders. Like those others in the financial district who have been looking to the Constitution as the safest port in the political storm, they feel that assaults have been made against that historic document. But they believe that nuless our system of government is to be evolved into sqme form of Socialism the Constitution ’’can stand the repair to the economic structure without its being in danger.” All in all the report should prove a source of encouragement for the country at large If this younger element is able to hold to its ideals the Street in the future should be a safer place in which to do business than it has been in the past. Without in any way desiring to be a killjoy, your correspondent would remind these folks, however, that records show the financial district to be a rather difficult place to nurture ideals.

strength when it appears after a long decline and signals a rising market ahead, it also appears after the market has had real rise and is tipping off. The appearance of the gap at such times always indicates a bearish tread ahead,

EASTMAN CASE DETERS C. & E. I. REVISIONPLANS Revamping to Be Delayed Until N. Y. Central Fight Is Settled. By Times Special NEW YORK, Dec. I—Reorganization of the bankrupt Chicago and Eastern Illinois Railway will be postponed until its trackage fight with the New York Central and Louisville Nashville railroads is concluded. This was made clear today when it was learned that the Van Sweringens, who hold stock control of the Eastern Illinois, will make a motion to have hearings on a reorganization plan set back until Feb. 1. No oppostion is expected to be made to this motion by the protective commitee for the general bondholders, despite the fact that the Interstate Commerce Commission had arranged a hearing for Dec. 3. Committee Acquiescent “The committee, under the circumstances, and in view of the fact that the Van Sweringens have indicated they were not prepared with a plan and because of the trackage controversy, will be inclined to acquiesce in such a limited postponement,” it was stated today by its counsel, Louis B. Wehle. That no effective reorganization can be made until the trackage fight is concluded is understood to be the belief of the Van Sweringens. This is predicated on the theory that if the Louisville and Nashville and the New York Central win, the earnings of the Eastern Illinois will be adversely affected. Until this uncertainty is removed, it is said, the ground on which to build a reorganization will not be solid. Dismissed Injunction Last Friday a three-judge federal court in Chicago dismissed an injunction suit brought by the two larger railroads which would have restrained enforcement of an order made by Joseph B. Eastman, federal co-ordinator of transportation. This order denied the application of the two railroads to transfer passenger service north of Evansville, Ind., from the tracks of the Eastern Illinois to those of the Big Four, a New York Central subsidiary. A dispatch from Chicago yesterday quoted Sidney C. Murray, attorney for the New York Central, to the effect that an appeal to the supreme court would be made. -At the offices of the Central here, it was said that final decision on the matter will not be made until the end of this week. Roads Must Decide The Chicago court, in dismissing the injunction suit, stated that a review of Mr. Eastman’s decision by the commission should first have been made. It is up to the fwo complaining railroads which of the two courses to choose. Regardless of whether an appeal to a higher court or a review by the commission is sought, opinion in the financial district is that some time will elapse before the matter finally is disposed of. Under a plan of reorganization drawn up by the Eastern Illinois protective committee, the common stock now outstanding would be diluted to only one-tenth of its present equity. The Van Sweringents consider this an unduly severe plan and are therefore constructing one of their own. ANIMAL BUREAU CHIEF MAKES ANNUAL REPORT More Than 13,000 Miles of Tick Lands Released From Quarantine. By United Press WASHINGTON, Dec. I.—Dr. John R. Mohler, whose principle duty as chief of the bureau of animal industry is to safeguard meat on the hoof, told Secretary of .Agriculture Henry A. Wallace in his annual report that: 1. More than 13,000 square miles of formerly tick-infested territory was released from quarantine in the last fiscal year. 2. Federal meat inspection during the same period included the veterinary inspection of some 77,500,000 food animals. 3. The average incidence of bovine tuberculosis was reduced to anew low of 1.1 per cent compared to more than 4 per cent w'hen the eradication campaign began and more than two-thirds of all counties virtually completed eradication work. 4. Bureau scientists developed a method for combating “pullorum disease,” a serious drawback to poultry raising.

Hendershot

On Commission Row

Quotations below are average wholesale prices being oflered to buyers bv local commission dealers. FRUlTS—Cranberries. Cape Cod, early blacks. 25-lb. box, 84.25, Wisconsin Antlers, 25-lb. box. $4. Grapes, California Emperors, 27-lb. box. 82.25. Persimmons, Indiana, 12 pts.. 90c. Avacados, box. *1.25. Quinces, bushel, $3. Bananas, pound. 4*c. Apples, maiden blush. 81.50; Indiana Jonathans. $1.85; grimes golden. [email protected]. Melons, California honey dews, 82.75. Lemons, sunkist. 3605, $5.50: red ball 360s $5. Grapefruit, Texas, seedless, $3.25, Limes, Mexican, per carton, 12s, 25c; Byram, seedless, per hundred. $3. Strawberries. 12 box crate, $2.25*32.50. California rhubarb, $1.50 a box. Pineapples, crate, $5.50 <36. Pears, home grown Kiefers, bushel, 75c. Oregan D'anjo. box. $3.50. VEGETABLES —Cabbage. Nortnern Danish. 50-lb. bag. 65c; red pound. 3c Onions, Idaho, sweet Spanish, large 50-lb., 51.40; Michigan yellow, med.. 10-lb. bag. 23c; western white. 50-lb. bag. $1.85; Michigan. yellow. $1.25. Potatoes. Green Mountains. 100-lb. bag. $1.50; northern round white. 100-lb. bag. $1; Ohios. 100-lb. bag, $1.75; Idaho Russets. 100-lb. bag. $2. Sweet potatoes, Indiana Jerseys bushels. $1.85; Tennessee Nancy Halls bushel. $1.40. Beans, fiat stringless, hamper. $2.50. $1.75. Celery, Michigan, medium, dozen, 50c; Jumbo, dozen. 75c; hearts: bunch, $1; Cucumbers, doz., 90c; southern, bushel, $4. dive, dozen, 45c. Egg plant, dozen, $1.50. Kale, home-grown bushel. 50c. Lettuce hothouse, 15-lb. basket. 60c Icebergh head lettuce, $4.75. Mangos. Florida, crate, $3.50. Mint, bunch, 15c. Parsley, dozen. 35c. Peas, hampers. $3 75*4.25 Spinach, home-grown, broadleaf. bushel. 60c. Radishes. dozen. 50c. Tomatoes, hothouse. 8Ib. basket. $1.35. Turnips, home-grown, dozen. 25c. Pumpkins, dozen. sl. Miscellaneous—Cocoanuts, Jamaica. 25 tor $1.50. Oyster*, standards, gallon, 11.50; selects, gallon. $1.90. Chesnuts, Italian, a pound, 12te. Sarghum molasses, gallon. 65c. Black walnuts, 50-lb. bag. sl. Cider, 4 gallons to case. $2. Half-gallons, 8 to ease ,* $1.75; quarts, 12 to ease, 81.90. _ All quotation* mtject to change, up or sown- i

FORESEES REVIVAL ’ IT James D. Mooney Business developments indicate that “the stage is being set for a world-wide boom,” James D. Mooney, president of the General Motors Export Corporation, declared upon his return from Europe.

MOVEMENT OF PRODUCE DIPS Holiday End and Start of Winter Freight Rates Responsible. By Times Special WASHINGTON, Dec. I,—The end of the Thanksgiving season and the beginning of winter freight rates in some producing sections brought a shrinkage of more than one-sixth in carlot movement of fruits and vegetables the third week of November, the department of agriculture declared today. Potatoes dropped one-third, celery and grapes more than one-half, and eastern and midwestern apples one-fifth, it was said. Southern produce was the only class showing much increase. “Although potatoe shipments were decreasing near the end of November,” the report said, “the markets were generally well supplied and demand slow. Prices were holding fairly well in city markets but weakened a little at some eastern and far western shipping points, where previous advances had taken place on account of buying or expected buying for relief purposes. “The market for sweet potatoes was generally slow but improved a little during spells of cold weather, which brought advances of 5 to 10 cents a bushel in Chicago. Illinois and Tennessee. Nancy Halls sold there around sl. Some Indiana stock brought $1.50 to $1.75 and eastern sweets $1.25. “The midwestern apple markets show little change. Michigan Baldwins sell around $1.30 a bushel, which is close to the price of eastern Baldwins in eastern markets. Shipments are light and decreasing. Storage stocks are larger than usual at this time of the year.”

KLINE’S, LOCAL SHOP, QUITS BUSINESS FIELD Building Leased to New York Concern; Will Take Possession Soon. Kline’s, a locally owned and operated women’s and misses’ apparel shop at 12 East Washington street, is to retire from business, it was announced today. The lease on the building has expired and the location has been leased to a New York concern, which will take possession in a few days. Kline’s started in busines here at 105-107 North Illinois street in March, 1931. The present location was opened in October, 1932. BANK CLEARINGS UP Increase of 2.2 Per Cent Over 1933 Shown in Nov. 28 Week. Bank clearings for the twenty-two leading cities in the United States for the week ended Nov. 28, as reported by Dun & Bradstreet, Inc., were $4,176,754,000, against $4,083,803,000 for the same week of last year an increase of 2.2 per cent, Dun & Bradstreet, Inc., declared today. This contrasted with a drop 'of 3.1 per cent in the previous week. At New York City, clearings were $2,622,806,000, or 5.2 per cent below’ the amount a year ago, while the aggregate for centers outside of New York of $1,553,948,000 was 18.0 per cent higher. SUGAR STOCKS AT LOW Total of 28,113 Bags on Hand i New York Warehouses. By Times Special NEW YORK, Dec. I.—Current stocks of raw Cuban sugar in New York warehouses were reported at 28, 113 bags, the lowest on hand since'l92s for this season, according to the New York Coffee and Sugar Exchange. Since the highest total on record of 227,000 tons Aug. 10, a total of 208.000 tons of sugar has been moved from warehouses to refiners, it was reported. HALL GETS RAIL POST By United Press NASHVILLE, Tenn., Dec. I. Fitzgerald Hall, general counsel and vice-president of the Nashville, Chattanooga <fe St. Louis railway, was elected today to succeed James B. Hill as president. Mr. Hill assumes his duties Monday as president of the Louisville & Nashville railroad. UTILITY EARNS 81.05 Th* American Water Works and Electric Company for the year ended Oct. 31, net earnings equivalent, after payment of preferred dividends, to $1.05 a share on its common stock, compared with $1.36 a share as adjusted lor the preceding year.

NWs and Views in the Business World

RUSSIAN TRADE ACCORD AWAITED BY EXPORTERS Domestic Manufacturers See 600 Million-Dollar Business Available. BY HOWARD CARSWELL Times Special Writer NEW YORK, Dec. I.—American export trade continued today to expectantly await developments in the negotiations toward settlement of the vexatious Soviet debts. Exporters generally incline to optimism on this point and feel that, granted favorable long-term credit arrangements on capital goods purchases, the Soviets may be expected to spend more than $600,000,000 in this country during the next two or three years. The American Manufacturers Export Association now has an observer in Russia, who advises that prospective Soviet purchases of American goods are by no means exaggerated. More Gold Ore Shipped A second cargo of 9,500 tons of gold ore consigned to a Tacoma, Wash., smelter, was announced this week by the Amtorg Trading Corporation. A third shipment will be dispatched from Leningrad soon. The first two shipments to the United States total 23,000 tons and are valued at $1,700,000. American refiners are negotiating for substantial quantities of cencentrates produced in Soviet nonferrous and gold refining plants, such as precipitates, electrolytic slimes, chlorides, etc. The Soviet Union has found these more profitable to export than to refine domestically. This comparatively new development in Soviet export trade previously had been conducted mainly with Germany and England. Ivan V. Boyev, who is to be the new chairman of the board of Amtorg Trading Corporation, is due to arrive here soon from Russia. Amtorg is the Soviet trade agency here. Mr. Boyev has been assistant people’s commissar for fore.gn trade in the Soviet government. He will succeed Peter A. Bogdanov, who has headed Amtorg since 1930 and who is returning to Russia. Textile Men Coming Here Moscow advices that another buying mission of important Soviet textile officials had left for a tour of the United States, England and Germany were construed today as another good sign. So far this year more than fifty Soviet missions have visited the United States for technical study and possible purchases of machinery and equipment. Some 400 technicians and industrialists have comprised these missions. The only statement from official sources on prospective Soviet purchases was that made by Maxim Litvinoff, commissar of foreign affairs, about seventeen months ago. He declared that Russia was ready, granted favorable credit arrangements, to buy $1,000,000,000 worth of capital products abroad. Out of this roughly 60 or 70 per cent would be spent in the United States. Big Field Available.

Russia could use $200,000,000 of ferrous metals; $100,000,00 of raw materials for her textile, leather for machinery, including $100,000,000 railroad equipment; $35,000,000 for agricultural goods; $50,000,000 for consumers goods such as tea, coffee, herring etc., and $50,000,000 for new ships for her fishing, sealand and mercantile industries. Amtorg Trading Corporation purchases here are currently running about $1,000,000 a month. Four years ago they ran $10,000,000 monthly. Recently inquiry was made for steel rolling machinery which would cost several million dollars. While the Soviet steel industry is rapidly expanding, the demand exceeds the supply and the rolling and fabricating capacity is lagging behind the blast furnace capacity. The Soviets direly need all kinds of specialty steels as well as standard iron and steel products. Russia also needs non-ferrous metals such as aluminum, copper, lead, zinc, vanadium and so on. PWA LOAN TO PENNSY TOTALS $80,650,000 New Funds Enables Railroad to ReEmploy Workers. By Times Special WASHINGTON, Dec. I.—The huge single allotment of $80,650,000 to the Pennsylvania Railroad, the largest loan in history of PWA for private work, was cited today by the public works as another of its biggest accomplishments. With the aid of the PWA funds, the railroad has been able to supply the equivalent of an hour’s work for 14,039,599 men to furloughed track and shop men called back to their jobs. The men already have been paid more than $8,252,836. In addition to this, orders totaling $29,120,543 are stimulating the heavy goods industries and creating an even greater volume of indirect employment. FREIGHT RATE RISE HIT Anthracite Institute Official See It Burden to Coal. By United Press * WASHINGTON, Dec. I.—A general increase in freight rates, which would add an average 30 cents a ton to anthracite shipping costs, was opposed yesterday before the interstate commerce commission by L. C. Madeira 111, executive director, Anthracite Institute. He cited the industry’s present suffering from competitive fuels, imports and trucking of illegally mined coal as an argument against the rate rise. RELIEF FUNDS ALLOTED By United Press WASHINGTON. Dec. I.—The federal emergency relief administration today allotted $645,265 to New Mexico for December relief. Officials said the state probably would receive another SIOO,OOO lor cattle purchases.