Indianapolis Times, Volume 46, Number 182, Indianapolis, Marion County, 10 December 1934 — Page 16

Trends • mm Babson Optimistic Over State of Business. BY VINCENT 8. LYONS rtm* Financial Editor

TT is a question whether the pan- ■* icky pessimist of the overzealous optimist is the more undesirable creature. In all probability the striking of a happy medium between the two is to be more desired at the present time, while business is in a state of something akm to flux. With both favorable and unfavorable signs on the economic horizon now, the best thing that can be done Is to keenly analyze all the barometers of business as they appear and to determine whether any improvement which Is 6hown is sound or not. With so many parts of the economy machinery out of gear with the rest of the motor some abnormal performances are to be expected. To get a logical picture of the situation these anomalies must be taken into consideration. Roger W. Babson, business analyst. last week declared that the tide of business recovery is flowing so strongly that nothing, "not even President Roosevelt.” can stop it. ‘‘lndications,” he continued, "are that the present upward trend will continue until we pass the normal level about 1936. OSS “'T'HE only thing needed for prosperity is for Washington to attend to its own business of running an honest and efficient government and quit messing up any more with business until business has adjusted itself to the revolutionary changes already put into effect.” Among the indications of returning prosperity. Mr. Babson listed clearing up of bad business situations, reduction of private and corporate debts, the vast amount of money available for expansion, decline of inventories, increase in department store sales, higher power consumption, low levels of failures and the decline in labor troubles. Mr. Babson has used very colorful language in his appraisal of the current business situation. But it is doubtful if there is any other business leader in the country who would subscribe to his view. No one can deny that there has been a substantial recovery in many lines of trade from the low point of the summer. A quick perusal of the record of electric consumption, steel production and car loadings over the last few weeks will indicate this. a a u ON numerous occasions during the last few years several lines of business have made impressive forward strides, sometimes alone and in other instances in unison with other branches of trade. Subsequent developments, however, proved these movements to be false starts, insofar as general business recovery was concerned. The upswing at the present time, which Mr. Babson refers to, has several characteristics that give it more weight than its predecessQrs. The betterment has been shown in quite a few lines, has been well sustained, has been stimulated by seasonal demands and has had a partner in a rising stock market. After calling attention to the impetuosity of the recovery, Mr. Babson declares the sole necessity for prosperity is a “hands-off” policy on the part of Government toward business until the latter has adjusted itself to the changes already effected. It would seem that if the recovery was so pronounced that not even the President can stop it that all the adjustments of business would have been completed. ana THE indicators of returning prosperity cited by Mr. Babson are all true, but accepting them without analysis would not be right. For instance “the vast amount of money available for expansion” has been in attendance for some time. When these funds are utilized for that purpose, as the Administration desires, this item will be of greater importance. Undoubtedly, every one would like to be as sure of the maintenance of the present upward trend as is Mr. Babson. Business has been chided by numerous people in the Administration to discard its fears, but it is reluctant to make extensive commitments at high prices for fear that lower prices may be obtained later. Business has been improving. Evidence has been disclosed on both national and local scales. Sustained recovery when it does develop will be backed up by the weight of statistics, which are much more difficult to break down than is talk on the subject.

FACTORY WORKERS TO VOTE AT MOTOR PLANT First Election Under Labor Board Due Within Month. By L nitcit I'rrs* DETROIT. Dec 10.—The first factory workers election under supervision of the Automobile Labor Board, in compliance with the settlement last spring of the threatened automobile strike, will be held at the Cadillac Motor Car Cos. within a month. The board assured the workers secrecy and freedom in their voting to select representatives for collective bargaining negotiations. The votes will determine the proportion of representatives from different labor organizations in the bargaining group. Recognized affiliations include the American Federation of Labor. Mechanics Educational Society of America, and Associated Automobile Workers of America. Special representatives will be provided for the group of workers who declare they have no affiliations. Retail C oal Prices The loliowmg price* represent quotation* rim leading Indianapoll* coal dealer* JS-ceni earrring chare* oer roi a til o* * DOMESTIC BE I All panes ATimraciu •‘JUS Brazil Lump Brazil Mine Run * Coke. Nut Size ....a.*..*.. 890 C*e Egg Sta* ■*** Indiana forked Lump No ... 664 Indiana Porked Lump No ■..••••••. Alt KentuekT Lump Group , B" ]lf MIU !■ “ Pecahontka Cm BocabofilAi Lump •••••••••••••••• l-u

PAGE 16

NARROW RANGE RULES IN LIST; SPECIALTIES UP American Can Features With Rise to New High Mark for Year. By l nit'd Press ■ NEW YORK. Dec. 10—Stocks fluctuated quietly this morning on I the Stock Exchange. Around noon most of the leaders were down frac- : tionally while special issues ranged between gains of more than 2 points and losses of the same amount. An exception was American Can which reached 108 7 *. up 2% points, and anew high for the year. U. S. Steel ranged over a % point arc and around noon was at 37?*, off *4 from the previous close. General Motors was at 32%, off **; Chrysler 39%, off %; New York Central. 21 ■%, off •%; Montgomery Ward, 29 i, up **, and Westinghouse Electric 34%, unchanged. Railroad shares generally moved in a narrow range, although Union Pacific on a few sales dipped to 104' 2, off I**. btilities were steady to firm except Standard Gas 6 per cent preferred, which broke 2?4 to 15 on a single sale. Automobile equipment issues continued to gain. Silvers were higher as were golds while coppers were steady. Several of the wet stocks— National Distillers was a lirrn excep-tion-eased off. Tobaccos met profit-taking and declined from last week's highs. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,440,000.00 Debits 4,219.000.00 Treasury Statement ißv United Press) WASHINGTON. Dec. io.—Government expenses and receipts for the current fiscal year to Dec. 7. compared with the corresponding period of the previous fiscal year: This Year Last Year Expenses $3,085 938.920 20 $2 085.199.761.64 Deceipts. 1.552 244 918 25 1.214.891.498.23 Deficit .. 1.533.694 001 95 370.308.263.41 Cash Bal. 1.569.778.686 88 1.025.514,036.20 j Produce Markets Delivered in Indianapolis prices: Heavy hens. 12c; Leghorn nens, 7c; colored springers. 12c; old roosters, sc; ducks. 7c; geese. 6c; young guineas, 20c; old guineas, 15c. Turkeys—No* 1 young hens. 8 lbs., and over. 15c; young toms, 14 lbs. and over. 14c; young toms. 11-14 lbs.. 15c; No. 2. crooked breasts and thin turkeys. 9c; old toms, all weights. 11c; No. 1 strictly fresh country run eggs, loss off. 23c Eeach full case must weigh 55 lbs. gross; a deduction at 10c a pound for each pound under 55 lbs. will be made. Butter No 1. 32*7 33c. Butterfat—26c. Quoted by the Wadley Company. ißy United Press) CHICAGO. Dec. 10.—Eggs—Weak; receipts. 1794 cases; firsts, 26 3 4c; fresh graded firsts, 26* 4 c; current receipts, 23%c: dirties No. 1. 19' sc; No. 2. 18c; checks. No 1. 17' 2 c; No. 2,16 c. ButterMarket. unsettled; receipts 7106 tubs; extra firsts (90-91' 2 score), 28®29'*c; extras <92 score), 29'*c; firsts (88-89% score) 26*/ 27c; seconds ) 86-87% score), 24' 2 'n 25c; specials, 28c; standards. 28' 4 c. Poultry Market, steady; receipts. 30 trucks. 1 car due; springers. 13%®16c; ducks. 13*716c; geese. 12c; turkeys. 16c: hens, heavy. 14c; medium, lie; capons, 6-7 lbs, 19c; Leghorn springers, 10%c. Cheese —Twins. 13 3 4*714c; Daisies. 14%® 14%c; Longhorns, 14 1 4*714 1 2 c. Potatoes —Supply moderate: demand and trading slow: market about steady; Wisconsin Round Whites. 82'2®90c; Idaho Russets. $1.47% *71.55. one car fine quality, large. sl.6o*i 1 65; Washington Russets. $1.55, combination grade, *1.35: Colorado McClures. $1.90, 1 car fair quality. $1.75. Arrivals 30, on track 214, shipments Saturday 556. Sunday 41 CLEVELAND. Dec. 10.—Butter—Market, weak: extras, 33%c; standards. 32%c. Eggs —Market, easv; extra whites. 29c: current receipts. 25c; ' pullets. 22c. Poultry—Market. sfeadv; fowls colored. 4% lbs. and up. 16c; ducks, light. 13c: geese, heavy fat, 14c: geese, ordinary. 12c: turkeys young. 18*719c: old hens. i6c; old toms. 14c: No. 2 turkevs, 14c. Potatoes—Maine. $1*71.10 a 100-lb. bag; Ohio best mostly 75®85c a 100-lb. bag; Idaho. 10-lb. bag, 20c; New Jersey, $1 a 100-lb. jiag.

Other Livestock

(By United Press) CHICAGO. Dec. 10 —Hogs—Receipts, 45.000. including 16.000 directs; market 10c to 15c lower than Friday: 240-300 lbs., largelv $6.1076 15: top. $6.15; 200-240 lbs.. $5 657 6.10: 170-190 lbs.. $5 7 5.50: light lights. $4614.75: pigs. S3 50 down: packing sows. $5 50 7 5 75; light lights. 140-160 lbs., good and choice. $3.75 5 4 85: light weight, 160-200 lbs . good and choice. $4.60645.75: medium weights. 200-250 lbs., good and choice. $5.60 -? 6.15: heavy weights. 250-350 lbs. good and choice. $6.05646 15: packing sows. 275-550 lbs., medium and choice. $4 7555 80; Staughter pigs. 100-130 lbs., good and choice'. $2,506? 3 75. Cattle—Receipts. 21.000: calves. 2.500: better grade steers and yearlings fairly active; steady: little done on others: undertone weak to 2$ cents lower with maximum decline on common to medium light steers: wellflntshed heifers steadv: lower grades and cows weak, tending lower; bulls steady, vealers weak, tending lower: early top heavy steers $10: 1165 -lb averages. $9 85. light vearlings. $9 40: slaughter cattle and vealers: steers 550-900 lbs., good and choice. *679 25. 900-1100 lbs., good and choice $6 257 9.75: 1100-1300 lbs., good and choice.' $6 25i? 10.25: 1300-1500 lbs., good and choice. $6.50 :10 25: 55<>_-1300 jhs.. common and medium $2.756x6.50: heifers. 550-750 lbs. good and choice. *5.50®8.50: commo nand medium. $2,506? 5.50: cows good $3 25-i 5 25: common and medium. $2 7 3 25: low cutter and cutter. *1.5072. bulls -vearlings excluded!, good beet. $2 -5 1 3 75. cutter common and medium. $2.40 i 3 25: vearlings good and choice. $5-? 6 25: medium. $475; cull nnd common. $3 7 4 s'ocker and feeder cattle: steers. 5501050 lbs good and choice. *475: common Bnd medium. $2 50 ? 4 Sheep—Receipts. 17.000: fat lambs slow: generally asking fuilv steady: most bids 25 cents lower. shep and feeding lambs little changed: bulk better grade lambs held around $7 65: earlv bids. S7 2b 77.40: slaughter ewes. $2 256J2 75 mostly, best held higher slaughter sheen and lambs lambs 90 lbs. down good and choice $. 7 7.65: common ar.d medium. $5 75 77 10 ewes 90-150 lbs : good and choice. $2 7 3 all weights common and medium. $1 .a 72 25: feeding lambs: 50-75 lbs. good. $5.65 ®6 35. FT WAYNE Dec 10— Hogs—Market 5 710 c lower. 250-300 lbs . $6. 225-250 lbs sv 80 200-225 lbs $$ 65 180-200 lbs . $5.45: 160-180 lbs. $5 20 300-35 lbs. $5 55: 150160 !bv $4 35: 140-150 lbs . $4 10; 130-140 bs $3 85 120-130 lbs. $3 35; 100-120 lbs_. $2 85. roughs. $5: stags. $3. Calves. s■; lambs. $7 23. LAFAYETTE Dec. 10—Market steady to 10c higher: 250-300 lbs.. $6 5 6.10: 300-325 lbs $5 65 200-250 lbs *5 307 5 90; 18020 lbs $5 57 5 65. 160-18 ibs . $5 20 7 5 35: P'gs $4 50 down; rough. $5 50 down Calves. 50c lower; $6 down. Lambs— Steadv: $7 down ißy Times Special* LOUISVILLE Dec. 10 —Cattle—Receipts. 1520 run mostly sters aid heifers; qualify fair; market uneven: lew opening sales around steady, but later trading on light butcher steers and yearlings, mostly 2uc lower: heavy steers, beef cows and bulls about steady; early bulk, common to medium leers and heifers, $3 25 ■? 4.75: 43 head 1323-lb southern steers, $6; 9 head 771-lb weigh s. *6.50, and early top *7 for 15 head 1324-lb. steers bulk beef cows. *2 50 -? 3: practical top *3 25; low cutters and cutters. SI 25 .?2 25: sausage bulls. *2 50$i3: bulk stockers salable. *4 50 down Calves—Receipts. 450. including about 75 stock calves: market, steady with Friday, bulk better vealers, *6 . 6 50; strictly choice. *7: medium and lower grades. *5 50 down Hog—Receipts, 1100 including 200 billed direct: market, steady with Friday and Saturday; top and bulk 230-300 lbs. *6 05: 220-225 lbs. *5 90 305 lbs. up. *5 60; 180-195 lbs *5 30: 160-175 lbs., *4 35; 140155 lbs. *385; 120-135 lbs. *3 15; sows. *4 30 Sheep—Receipts. 150: steady or mostly *5 7576.25 for medium to good lambs: choice quotable higher: bucks, mostly *5 757 625 for medium to good lambs: choice quotable higher: bucks, mostly *4 outs, $4, better Ist ewes. $1 50^3.

Abreast of The Times on Finance

New York Stock Exchange Prices

ißy Thomson <t McKinnon) 11 00 A. M. Prev. Oils— High. Low. N Y. close. At 1 Rfg 24 3 * 24** 24% 24 Barnsdall 5% *’ ® 4 Consol Oil B'* 8 8 8 Cont of Del 18% 18% 18’* 18^ Mid Cont Pet .. 11* IPs IPs IPs Ohio Oil 9% 9 s 9 s 9** Pet Corp 9 1 9% 9' 9% Phillips Pet 15% 15 15 15 Plymouth Oil .. 8% 8% 8% §'2 Pure Oil 6% 6% 6% B's Roval Dutch ... 29 ! 2 29*2 29’ 2 29% Shell Un 7 6% 6% 7 Skelley OH 7 s * ; . Soc Vac 14% 14 1 2 14% 14 * 8O of Cal 32 3P 31% 32 SO of Ind 25% 25% 25% 25 BOOf N J .... 4P, 4P 41% 42 Texas Corp .... 72$* 22% 22% 2Pi Un Oil of Cal... 16 16 16 16*a Steels— Am Roll Mills .. 20’, 20% 20**2 20% Beth Seel 30% 30% 30% 30% Brers A M 19% 19’, 19% 18% Mid Steel IPs 11*4 IP* IPa Otis Steel 5*4 5*4 . s'* 5 Rep Iron A- Steel 14 s , 14’* 14*2 14*4 Rep Ir kSt pfd 42*2 42'j 42% 42% U S Pipe & Fdy 20% 20'', 20% 20 3 * U S Steel . 37 3 4 37’, 37% 38 U 8 Steel pfd 83% 83*, 83% 83*2 Young wn 6& T 18% 18% 18 3 18% Motors— Chrysler 39% 39** 39*2 39% Gen Motors .... 32’, 32’, 32% 32% Graham Mot ... 2*, 2% 2*a 27a Hudson ll 7 s 11 3 Ilf* 12 Hupp 3', 3*s 3's 3 , Mack Truck ... 27*2 27*, 27* 2 27‘a Nash 18*8 18 s , 18% 19 Packard 4*2 4% 4Va 4% Studebaker 2 P/a 2 2 Motor Access— Bendix 16* 2 16'* 16* 2 16% Bohn Alum .... 58*8 58*s 53‘s 59*2 Borg Warner ... 28% 28** 28'* 28% Briggs 25*2 25's 25*2 25 Budd Mfg 5 3 s s'b 5% s*s Eaton Mfg ... 17 3 a 17 7 8 17 7 s 18 Elec Auto Lite .. 27*2 27*4 27*/ 27*/, Elec Stor Bat .. 47 47 47 47 Houdaille “A”.. 7% 7'i 7 s * 7*2 Mullins Mfg 9 9 9 9* 2 Murrav Bodv ... 714 714 7*4 7*4 Stew Warner ... B’b 3’s 8% 8% Timken Roll ... 3Ps 3Pi 31 7 s 32 Timken Det Axle 6 5 a bV, 6*58 6% Mining— Am Metals 15% IS I5 * 15% 15*2 Am Smelt 27% 37 37 Vs 37*4

SWINE MARKET DIPSIOCENTS Cattle Values Steady to Lower; Veals Weak at $7 Down. An extremely heavy run of supplies on hand in early trading at the Indianapolis Union Stockyards today was responsible for a 10-cent drop in porker prices under Saturday’s average. Today’s receipts were estimated at 12.000, compared with 4,000 Saturday. Initial trading developed slow with packers hesitant in making purchases. The bulk, 160 to 200 pounds, sold at $5.30 to $5.70. Holdovers numbered 590. Heavy butcher grades, scaling from 200 to 350 pounds, were salable at $5.70 to $6. Few better kinds were reported selling at $6.05. Lightweights, ranging from 130 to 160 pounds, brought $3.75 to $4.65, while small slaughter pigs, weighing 100 to 130 pounds, cashed in at $2.50 to $3.50. Packing sows sold at $4.75 to $5. Early trading in heifers and cows in the cattle market was tending slightly lower than last week's close, while steers remained unchanged. No choice grades were on hand. Bulk of steers was valued $7 down. Vealers moved sharply 50 cents lower, selling at $7 down. Receipts were 600; cattle receipts numbered 1200. With only slight activity registered in lambs, prices continued "tationary at Saturday’s close. Bulk of handy weight lambs sold at $7.50 to $7.75, while extremely heavies brought $6.50 to $7. Throwouts sold at $4.50 to $6. Light slaughter ewes cashed in at $3 down, while fed Western grades sold at $7.60. Receipts were 1300. HOGS Dec. Bulk. Top. Receipts. 4. $5.50® 5.80 *6.10 12,000 5. 5.35 'a 5.65 6.00 9,000 6. 5.35® 5.75 6.10 9,000 7. 5.40® 5.80 6.15 9,000 8. 5.40® 5.80 6.15 4.000 1C 5.30® 5.70 6.05 12.000 (140-1601 Good and choice . ..$4.25® 4.85 1160-1801 Good and choice 5.25® 5.60 (180-2001 Good and choice 5.60® 5.80 (200-220* Good and choice 5.80® 5.90 (220-2501 Good and choice 5.90® 6.05 1250-2901 Good and choice ... 5.90® 6.05 (290-350) Good and choice 5.70® 5.90 (275-350) Good 5.25® 5.50 Packing sows: , ..„ , 1350-425) Good 5.10® 5.35 (425-550) Good 5.00® 5.25 (275-550) Medium 4.75® 5.90 (100-130) Slaughter pigs good and choice 2.50® 3.50 CATTLE —Receipts, 1200— —Steers—-(sso-900) Choice $7.00® 8.00 Good 6.00® 7,00 Medium A 00® 6.00 Common 2.50® 4.00 (900-1100) Choice 7.75® B.ia Good 6.25® 7.75 Medium 4.25® 6.25 Common 3.00® 4.25 (1100-1300) Choice 8 50® 9.75 Good 6.25 a 8.50 Medium 4.50® 6.25 (1300-1500) Choice 8 75® 9.(5 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 (750-9001 Good and choice ... 5.25® 7.50 Common and medium 2.50® 5.25 —COTr’S— Good 3.00® 3.00 Common and medium 2 00® 3.00 Low cutter and cutter 1.25® 2.25 —Bulls—(Yearlings Excluded) Good 2.85® 3.50 Common and medium 1.25® 3.00 VEALERS —Receipts, 600— Good and choice $6 50® 700 Medium 4.00® 6.50 Cull and common 2.00® 4.00 —Calves—--1250-500) Good and choice .... 4 75® 5.50 Common and medium 2.50® 4.75 —Feeder and Starker Cattle——Steers— (soo-800) Good and choice 4 00® 5.00 Common and medium 2 50 ® 4.00 800-1050* Good ant choice ... 4.00 5.25 Common and medium 2.75® 400 Good and choice 3 00® 4 25 Comon and medium 2.50® 3.00 —Cow,— Good 2 50 ® 3.00 Common and medium 2.00 3 2.50 SHEEP AND LAMBS —Receipts. 1300— Lambs. 90-lbs. down, good and choice $7 00® 7.75 Common and medium 5.00® 7.00 90-120 lbs., good end choice... 2.50® 3 00 Sheep—--1120-150' Good a.id choice... 2.00® 2.75 All weights, common and medium 1 25® 2 50 Hides and Skins (By E. Rauh & Sons Cos. ) Hides —Green country cows and steers. 3%c flat; Green country bull* and glues. 2c flat; Green country calf hides. 4%c fiat: Green country kip. 3%c. No. 1 large horse hides with full heads, shanks, maned and tails. $2 50: medium size. *2. All No. 2 grade horse hides. 50c less: glues and ponies half price. No. 1 rendered tallow. 4®4%c: No 2 at value. Yellow grease. 3-3.3%c; dark grease. 2%®3c. FAN BUSINESS GAINS By Timm Special NEW YORK. Dec 10.—The National Association of Fan Manufacturers estimates business for the industry in 1934 will be about 49 per cent more than last year, largely as a result of the increased use of air conditioning equipment.

INDIANAPOLIS, MONDAY, DECEMBER 10,' 1934

Anaconda 11% 11% ll 3 a ll'i Cal fi. Hecla ... 3', 3% 3% 3*b Cerro De Pasco 42% 41% 4l 7 s 41 3 b Granbv 7*B 7 7 Howe Sound 51 7 , 51’* 51 7 8 51** Ins Copper 3'* 3'* 3'* 3'* Int Nickel .. 23'a 23 3 23'2 23% Kennecott Cop . 17*8 17'* 17 3 b 17% Park Utah ... 3 3 b 3’s 3*b 3% Noranda Cop .. 33'*3332 3 33 7 a 32’* Phelps Dodge .. 14 7 s 14 3 s 14 7 b 14 3 * St Joe Lead ... 17'.* 17% 17*a 17*, U S Smelters -.123 123 123 122’a Vanadium 20 20 20 19% Amusements— Loews Inc 36%333,6 3 ,36 3 b 36'2 Radio Corp .... 6 3 6'b 6' 6*2 Paramount 3's 2 7 t 2% 31* RKO 2 2 2 2 ■Warner Bros ... 4% 4 3 4% 4** Tobaccos— Am Sum Tob .. 21% 21 5 i 21*i 22's Am Tobacco “A” 81 81 81 81 Am Tobacco “E” 83'i 81*i 82'* 83 3 a Lig fc Myers 'B' 105'2 105'a 105' 2 105 3 * Lorillard- 22Vs 22 22 22's Reynolds Tob 'B' 52 51'/* 51V* 51*8 Rails— Atchison 55 54'i 54' 2 54* B& O 147a 14*8 14*8 15 Can Pacific 12 U 7 b ll’s 12 Ch & Ohio 44V* 44',g 44V a 44 3 * Chi & Gt W ... 2 2 2 2 Chi N W s'* SV s>' 5Va Del Lac & W . . 19 19 19 19 Grt Northern p 16* a 16*4 16*4 16'a 11 Central 17*8 17 3 a 17*5 17V4 M K & T 6*B 6, 6 3 s 6'/a N Y Cent . 21** 21' a 21’s 22 N Y New Haven B*2 B*s B' 2 B*2 N Y Ont & West 6 6 6 5 3 * Nor Pacific 21 Ta 21 21 21‘a Pen R R 24 24 24 24 Sou Pac 18’a 17*4 17*4 18’a Sou R R 16 s 8 16’a 16 5 s 16*8 Union Pac 105'* 105 105 105** West Maryland . 9Vs 9V4 9'/a 9V* Equipments— Am Brake Shoe. 25'i 25*4 25>4 24*4 Am Steel Fdy... 16 7 * 16 7 b 16 7 a 16 7 s Bald Loco s'* 5*4 5*4 5>4 Gen Elec 20V4 20's 20'* 20's Pullman Inc .. 47 46'2 46 3 , 47'2 West Air Brake . 25 25 25 25*/s Westingh Elec.. 34*4 34*4 3474 34V* Utilities— Am At For Pwr.. 4 3 4 4’i 4 3 4 4% Am Pwr & Lit.. 3 7 a 3 7 s 3 7 s 4 A T A’ T .... 109' * 109 109 109 Am Wat Wks 14 3 a 14*4 14*4 13*4 Col Gas & Elec . 8 7 3 * 7 3 * 7 7 8 Conn & Sou ... I*4 l'/a l'/s IV* Consol Gas .... 23*4 23' 8 23V4 23U E! Pwr & Lit ... 3'a 33 3 Int Hydro Elec 2 7 8 2 3 4 2 3 4 2*4 Interboro R T... 15** 15’. a 15 :* 15** Int T & T ... 9 8 7 s 9 9 Nat Pwr & Lit.. 7% 7'i 7'.2 7*4 North Amer ... 12*a 12 3 8 12 a a 12 3 3 Pac G & E 14*8 14*4 14*8 14*8 Pub Serv N J... 31 30' 2 30'2 30 Std Gas 5' 2 5Vi 5Vi 5',2 United Corp .... 3'4 33 3 Un Gas Imp ... 13's 1274 1274 12*4 Western Union . 35*,* 35'/a 35% 35*s Rubbers— Firestone 17'/* 17V4 1774 17's Goodrich 11 Vi 11 11 11 1 e Goodyear 25'4 25 25 24* 4 Kelly Spring ... I 3 * 1 3 4 I*4 I*B U S Rubber 17% 17'/a 17 3 4 17*8 U S Rubber pfd 44 43 4374 42*4 Miscellaneous— Allis Chalmers.. 15*4 15'/ 2 15'/ 2 15'4 Am Can 108% 107% 108*4 106% Am Mach & Fdy 20% 20*4 20 3 /4 20*4 Brklyn Man Tr.. 42'/* 42 42 42*4 Burroughs Add 15% 15V4 1574 15% J I Case 55'4 54 74 55 54 >4 Conti Can 61% 61'/* 61 5 /a 61V* Caterpillar Tract 34 34 34 33 Curtis Pub 22 21*4 21 3 /* 22V4 Deere & Cos ... 2574 24*/* 25 24V 2 Eastman Kodak..lll's 111% 111*4 112 Gillette 13% 13** 13*4 13*4 Glidden 27*4 27'/* 27*4 2774 Int Bus Mach .. 161 161 161 160’4 Inter Harv 3974 38*4 3 9 39*4 Natl Cash Reg.. 18'/* 17 74 1 874 17% Foods — Am Sugar 67 66*4 67 66*4 Armour Com... 574 574 5*4 5% Armour 6 r 'c Dfd 07% 67 67% 66% Borden Prod .. 24*.* 2474 24*/* 2474 Cal Packing .... 38 38 38 3? Corn Prod 66*4 6 6 6674 6644 Crm of Wheat . 3574 34 7 4 34% 35 Cuban Am Sugar 5*4 5*4 5% 5'4 Gen Baking .... 774 7% 7*4 7*s Gen Foods ... . 34 7 8 34% 34% 34% G W Sugar 29 7* 29% 29 V* 2974 Loose Wiles .... 35 35 35 35 Natl Biscuit 29*4 29*4 29*4 2974 Natl D Prod.... 17 16 7 s 1674 1 7 Puritv Bak 9 8 7 s 9 8% Std Brands 19 18*4 19 1874 Un Biscuit .... 2474 24 74 2474 ••• United Fruit.... 73 74 73 % 73'/* Wrigley 74 74 7474 7474 74*/* Retail Stores— First Nat! Stores 6274 61*4 6274 62 Hahn Dept Sts.. 674 6*4 6*4 6*4 Kresge S S 20% 20* a 20*4 21 % Kroger Groc ... 2974 2974 2974 2974

Chicago Stocks

(By Abbott. Proctor & Paine) Prev. Close, close. Bendix 16% 167* Borg Warner 28% 28% Berghoff 2% 2% Cities Service l'/ 2 l'/a Crane Cos 9% 9% Com & Edison 45 46% Cord 4% 4% Elec Household 14 14% Gen Household 6% 6 Iron Fireman 18 187* Libby 5% 5% Pub Serv oi 111 14 14 Quaker Oati 129** 129% Swift 177* 17% Swift 34 34 Walgreen 28% 28 I New York Curb (By Abbott, Proctor & Paine) 12 (Noon) Prev. N. Y. close. Allied Mills 137s 12* a Alum Cos of Am 50 507* Am Cyanide “B'’ 16% 16% Am Superpower 1% 1% Carrier Corp 15% 15% Distillers Corp 14% 14% El Bond & Share 8% 8% Ford of Europe 8% 8% Gulf Oil of Pa 55 55 74 Hiram Walker 27% . Humble Oil 44% 45% Lake Shore Min 52% 53% Natl Bellas Hess 2* a 2*4 Nia Hud Pwr 3% . Novadel Agene 21% 21 Penn Road 1% 2 St Regis Paper 1% .. Std of Kv 17% 17% Teck Huehes Gold 4 4 Wright Hargraves Min B'/ 2 STEEL TRADE BETTER Confidence Aided by Higher Operations, Scrap Rise. By Times Special CLEVELAND, Dec. 10.—Increased operations and the best rise in scrap prices since the World War has engendered a general feeling of confidence throughout the steel industry, the magazine Steel declared today in its weekly review. The magazine cites the strong showing of the automobile industry, which is now bringing out its 1935 models.

140 ——l 1 * ' I 1 1 ! Ii * ! ’ ' 1 * ' . | I j j [Consumption of Americanl j j ; /*—v, I Cotton - in Foreign Countries^ 120 1 1 1 —\ JT' j I""" I . ; j no j- S [ ”’\ r -JA ] j ■./ / /: j • : \/ j \ J S\ \ j "**■■! /y \\f 100 ' i \ ■ -im^lo2a'l r ■— . j w* - j V 90 ' ' i / \ J\ —j j : / : J ; \ ! / ! V IWORLP CONSUMPTION OF|j V-f" • i j * 70 ■□foreign cotton[ j ; j j 1 ! | ! : ; ; i j ! I 60 i 1 * ' 1 ' ' 1 1 too 1 '"j j 1 1 ; I ; 90 V A ytw\--i j j 1 ! 80 1; \ l\kj tn jMw " 70 ii ! ——V- ; ;V^N/ jßqYio of! ! i j y \J j ! , ■ | 60 I PRICE OF INDIAN COTTON 7~U ; jn ! ! ' ” Price of American Cotton 1, at UVERP ° ot rJ . SO 1 ■ • ' ■ ! i ■■ ‘ I I ! | * , * • j Ii i !_ j ■ j ; 1 is ECOS r OSLfCS STATISTICS7Zc 1925 1926 1927 1926 1929 1930 1931 1932 1933 1934

Macy R H 467* 45% 46% 45% McLellan St ... 14 13% 14 13% May Dept Et .. 45% 45% 45% 45% Mont Ward 29% 29% 29% 29% Natl Tea 11% 11% 11% 11% Pennev J C .... 72 71% 72 71% Sears Roebuck .. 41% *1 41 41% Woolworth 547* 53*4 53% 54% ATiation— Aviation Corp .. 6'* 6 6% 5% Boeing Aircft .. 10% 10% 10’* 10% Curtiss Wright . 3% 3% 374 3% Curtiss Wr ''A“. 10 9% 10 10% Dougiss Air 24% 24 24% 23% Nor Am Av 3’s 3*4 3% 3% Speery Corp 9*B 9% 9% 9*B Uni Aircft New 14% 14% 14% 14*a Chemicals— Allied Chem .. 135 135 135 135 Am Com Alcohol 33 32% 32*4 33*4 Com Solvents 22% 21 % 22% 22% Dupont 98% 98% 98% 98% Freeport Tex .. 26% 26% 26% 27 Liquid Carb .... 27% 27 27% 25 Math Alkali . .. 28% 28*4 28% 28% Monsanto Chem 57% 57% 57% 57' 2 Natl Dis (new) . 28% 27% 28% 28 Scher.lev Dist .. 27% 27% 27** 27% Tex Gulf Sulph 34% 34% 34% 33% Union Carbide 45** 45% 45% 46 U S Ind Alcohol. 45% 45% 45% 4574 Drugs— Bristol Myers .. 33% 23% 33% 34 Coty Inc 6% 6% 6% 6% Sterling Prod . 60% 59% 59% 60% Un Drug mew) 31% 13% 13% 13% Zonite Prod 4% 474 4 % 4% Financial— Adams Exp .... 7*4 7% 7*4 7% Am Int Corp... 6% 6% 6% 6** Chesa Corp 44% 44% 44% 44% Transamerica .. s** 5% 57* s** Building— Am Radiator ... 1574 15% 15% 15*4 Holland Furnace 8 7% 7% 8 Int Cement ... 29 28% 29 28*4 Johns Manville . 53 5274 52% 52% Libby Owes Gls 299% 28 28 29% Otis Elev 14% 1474 14% 15 U S Gypsum ... 4874 48 48 48 Household— Congoleum 33% 33 3374 33V4 Mohawk Carpet 15% 15% 15% 16 Proc & Gamble 42% 42** 42% 427* Servel Inc ... 7% 7% 7% 7 Simmons Bed.. 1074 1074 10', 2 1074 Textiles— Amer Woolen .. 8% 874 874 8% Belding Hem ... 1274 12% 1274 12% Ceianese Corp.. 29% 29% 29% 297 a Gotham Hose .. 4% 4% 474 5 Indus Rayon 28% 28',2 2874 2874 Wall Street BY RALPH HENDERSHOT Times Special Writer NEW YORK, Dec. 10.—Reports have been received in important Wall Street banking quarters that the government has worked out a scheme by which several of the railroads can be saved or relieved from bankruptcy and their fixed charges permanently reduced through the exchange of Reconstruction Finance

Corp. securities for bonds of those roads. The plan, so it is said, is patterned somewhat after the one used to correct the home mortgage situation. Bonds of the weaker roads would be evaluated at around their current market values, udders then would be given the right to exchange

them for four-year 2*& per cent obligations of the RFC at par. The RFC would work out an arrangement with the carriers under which they would pay the interest on their issues either currently or at some later date when their earnings had improved. In effect the government, under the plan, would underwrite reorganizations of the embarrassed railroads, the debts of which would be reduced in proportion to the amount under par at which the bonds could be acquired through the exchange. In the past the banks have handled carrier reorganizations, but these reorganizations usually have proven quite costly. Moreover, they would be impossible to effect in the usual way at this time. a a a Reorganizations on the basis which, it is said, wil be proposed should prove one of the greatest helps which could be given the carriers under present conditions. It is questionable whether higher rates would add much to their total income, and in all probability such a boost would delay the general trade recovery. The amounts of bonds of railroads already in receivership or bankruptcy aggregates more than $1,000,000,000. Several other railroads are skating on thin ice. These bonds probably could be secured through exchange at a small fraction of their par value. Assuming business continues to improve, the government risk would be small. ana IN ALL probability long before the four-year obligations of the RFC became due the railroads now in trouble would be able to refund them into private loans. Such an operation, of course, would keep the roads under private control, but at the saint time the government would be able to wield a big stick if necessary in the question of operations or consolidations. Something, of course, must be done for the railroads. There is very little that many of them can do for themselves, and private capital is still seeking greater safety than they afford. The carriers are much too important to the nation economically for the government to leave them to sink or sv/im, so the plan which, it is s&id, will be ready shortly for official announcement has aroused considerable interest.

FURD TU SPENU SB.OUU.UUO FOR IMPROVEMENTS

New Outlay Brings Total in Last 10 Months to $20,000,000. By Unit'd Press DEARBORN, Mich., Dec. 10.— Continuing his drive to create employment by reviving industry, Henry Ford will spend an additional $8,000,000 for further expansion and improvement of the Ford Motor Cos. 1000-acre River Rouge plant, it was announced today. Three months ago the company announced the addition of two steel mills and power units. Contracts totaling nearly $12.00,000, covering this program have already been let and trainloads of material are coming into the Rouge plant daily. Under the new program, the company will award contracts within 94 days for new equipment for the present steel rolling mills and other machinery. Ford will have spent approximately $20,000,000, within a period of 10 months, for the expansion and further development of the Rouge plant. The new units now under construction and the cost of each are the steel finishing plant, $3,460,000; the hot steel strip mill, $6,111,923; the stripper building, for handling ingots, $230.1)00; new steam and electrical units for the power house. $4,599,888; new blast furnaces and foundry equipment, $2,120,460, and aditional equipment of many kinds, costing $3,144,250, made necessary by the shift from 24-hour to 16-hour daily production. These units will cost a total of $19,666,521, with $11,742,609 of the contracts already having been let. Supplies with plants throughout the eastern half of the United States are supplying the necessary materials.

WHEAT STMTS LOW IN CHICAGO MARKET

Contracts Sold in Face of Strong Foreign Field. By United Press CHICAGO, Dec. 10.—There was Continued unfavorable weather in selling of grain contracts on the Chicago Board of Trade today in the face of strength in foreign marWheat started % to % cent lower, corn was down *% to %, oats were unchanged to *4 cent off and rye was */2 cent higher against the trend, the Argentine and Australia brought buying into Liverpool wheat but this had little affect here and the local market was dull. Operators could not account for the selling. (Bv James E. Bennett) 11:00 Prev. Wheat— Hieh. Low. A. M. close. Dec 1.01% 1.00*4 1.00% 1.01% May 1.02% 102 1.02% 1.03 July 96% .95% .95% .96% CornDec 92% .92'4 .92% .93 Mav 89% .89% .89% .90 July 86% .86 .86% .87% Oats ■ Dec 55% .55 .55% .55*A May 53*4 .53 .53% .53** July 48% .48% .48’/a .48% Rye— Dec 80% .79% .79% .80 Mav 80 .78% .79 .79 Vi July .7874 ,77 .77 .77*4 LOCAL CASH MARKET City grain elevators are paving 92 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 91 cents and oats 50 cents. ITALY SEEKS REPORT ON ALIEN BOND STAKE Cabinet Orders AH Citizens to Give Account of Holdings. By United Press ROME, Dec. 10.—A cabinet decree today ordered that all Italians must notify the Bank of Italy before Dec. 31 their holdings in foreign bonds and in Italian bonds floated abroad. Immediately afterward the cabinet decreed that special taxes might be assessed against products of those nations which do not extend to Italian products the., advantages they enjoy. The bond declaration is compulsory even when the bonds are deposited abroad. Failure to comply is punishable by a fine equivalent to the total of bonds not declared. In addition, provisions of the penal code may be applied such as those restricting personal freedom—enforced domicile.

Hendershat

SCHEME BACKED

'vlK Han

C. M. Chester

GENERAL FUUUS PLANSUCCESS 97 Per Cent of Employes Apply Under Retirement Income Scheme. By Times Special NEW YORK, Dec. 10.—Ninetyseven per cent of its eligible employes applied to participate in General Foods’ new co-operative retirement income plan within eight days after the announcement, C. M. Chester, president, reported today. The plan is supporied by joint contributions of corporation and employes. "Evidencing employe enthusiasm for the benefits of the plan, our entire Western and Pacific sales divisions wired in notice of 100 per cent enrollment thre days before official canvass began,” Mr. Chester related. “In the 100 per cent column now are all 29 sales divisions and districts, and 20 plants, while only three of the remaining plants have enrolled fewer than 90 per cent of their eligible employes.” Participation in the General Foods retirement plan is voluntary, it is pointed out, but the liberal provisions proved attractive to workers of all ages in each earnings classification. Payments by the company and the employe obtain for the participant a retirement income more than twice as large as the employe could secure by purchasing an individual annuity. For the three months following Sept. 1, the effective date of the plan, General Foods has paid both its own and the employes’ share of the investment. The plan gives employes assurance of steady monthly incomes when they reach retirement eligibility, age 65 for men, 60 for women. General Foods bears more than half the total cost of the arrangement, which affects thousands of workers in the company’s plants and sales territories in this country and Canada. Upon retirement a General Foods employe will receive a monthly income equivalent to 2 per cent of his average monthly earnings multiplied by the number of years of his participation. After 30 years’ participation, for instance, an employe will retire for life on an income equivalent to 60 per cent of the average salary he received from General Foods.

ARGENTINA CONCLUDES NEW REFUNDING DEAL Third in Current Year Undertaken in London Market. By Times Special NEW YORK, Dec. 10.—Another step in the conversion of outstanding Argentine Government obligations in the world markets, the third undertaken for the current year, has been consummated in the London market. The re-offering, made of Baring Bros, and Morgan, Grenfell, converted the 5 per cent Port of Buenos Aires extension loan an amortization rate of 1 per cent into 4'% per cent bonds with an amortization rate of % of 1 per cent. The loan was originally 4,601,000 pounds, of which 3,399,000 pounds were still outstanding. The latter amount was offered at 92, as compared with two previous conversion offerings at 90% and 90, respectively. On Commission Row Quotations below are average wholesale prices being offered to buyers by focal commission dealers. Fruit*—Cranberries, Cape Cod, late Howes, 25-lb. box. $5.75. Grapes, California Emperors. 27-lb. box. $2.40. Persimmons. California. 20s. $1.25. Quinces bushel. $3. Bananas. 4%c a lb. Appies, Indiana Jonathans. $1.85 Grimes Golden. $1.35® 1.75. Melons, California Honey Dews. $7 75. Lemons. Sainkist. 360s $5 50; 432. $5.50. Grapefruit, Texas, seedless $3. Limes, Mexican, per carton. 12s. 25c; Byram. seedless p-r hundred. $3. California rhubarb, $1 40 a box. Pears. Oregon D'anjo box. $3.50. Pineapples. 30s $6. Vegetables—Cabbage. Northern Danish 50-lb. bag 65c: red 50-lb. bag. 90c. Onions. Idaho, sweet Spanish, large 50-lb.. $1.50: Michigan vellow, med . 10-lb. bag. 23c; western white. 50-Ib. bag, $1 85; Michigan. yellow $1.35. Potatoes. Green Mountains. 100-lb bag $1.50: northern round white. 100-lb. bag $1: Ohios. 100-lb bag. S2: Idaho Russets. 100-lb. bag. $2. Sweet Potatoes. Indiana Jersevs. bushel. $1 85 ennessee Nancy Halls, bushel, $1 40 Beans, flat stringless. hamper. $2 25 Celerv. Michigan, medium. dozen. 50c jumbo, dozen. 75c: hearts: bunch. 94 Cucumbers doz . 90c. southern, bushel. $3.75, Incive dozen 50c Egg plant. $1 50 dozen. Kale. Virginia, bushel. 75c Lettuce, hothouse, 15-Ib. basket. 65c. California Iceberg head lettuce. $4 50 Mangos. Florida, crate. $3 Mint, bunch. 15c Parsley dozen. 35c. Peas hamprs. 94® 4.75. Spinach, home-grown hroadleaf bushel. sl. Radishes dozen 75c. Tomatoes, hothouse. 8-lb. basket $1.35. Turnip s , home-grown. dozen. 25c Pumpkins, dozen sl. MISCFM ANEOUS—Cocoanuts. Jamaica. 25 for $1 50. Ovsters. standards gallon $1.50; *e>cts. gallon. 91 85. Chestnuts I'alian a Dound 12%e Sorghum molasss gallon. 65c. Black walnuts 50-ib bee sl. Cider 4 gallons to caee 92 Half-gaT’ons 6 to casr 51 75: quarts. 12 to case 91 90 All auotations subject to change, up or down. FRUITS AND VEGETABLES <Bv United Press) CHICAGO. Dec. 10—Apples—Michigan Mclntosh, bushel. 2%-ich. $1.75® 2; Jonathans. 51 50® 1.75 Sweet potatoes-- Tennessee. bushel, sl® 1 40; Indiana. $1 60® 165 i Jersey i. Carrots—California, crates. $2 25® 2.75: Illinois, bushel. 45® 50c Beets —lllinois, bushel. 30® 40c Beans—Florida, bushel, green. 51.50®2 25: Lima. 94 25 Cauliflower—Oregon. crates. 85c® $1.25. Cranberries—Massachusetts. % barrels. $5 ®5.25. Lettuce—California, crates. $2 25 ® 4 Cabbage—Wisconsin crates 50® 75c Onion market 'SO-!b. sackst: Mich'gan yellow. 75c®5!.03; Western yellows 90c® $1.10; Illinois and Indiana yellow. 753 90c.

Latest Stock, Bond and Commodity Quotations

UIL REFUNDING SEEN INSPIRING FURTHERCALLS Strongly Intrenched Units Found Able to Redeem $340,000,000 Bonds. By 7 imrs Special NEW YORK, Dec. 10.—Inspired by the faculty with which leading oil companies already have arranged for the pre-maturity retirement of funded debt approximating $190,000,000, bond market observers today suggested the early possibility of wholesale redemption operations by strongly entrenched units in that industry. In this connection they pointed out that eight companies are in position to undertake programs affecting outstanding bonds in the amount of $340,000,000. The procedure to be followed by most companies is expected to correspond with that pursued by the Standard Oil Cos. of New Jersey, the Standard Oil Cos. of New York and others in prosecuting their redemption projects. This involved the negotiation of short-term bank loans for a portion of the required amounts, arrangement for the private sale of lower interest bearing securities of intermediate maturity and the utilization of some treasury cash to complete the operation. Big Saving Effected In cpnsoquence of redemption already, consummated and those in contemplation, several companies have effected savings in interest charges ranging from $4,000,000 to $5,000,000 a year. Earnings applicable to the equities of the various units, concomitantly, will be expanded accordingly in the event of the maintenance of future profits at their current rate. Moreover, charges on the refunding loans arranged in connection with the retirements will show improved coverage. Largest of the issues subjected to call before maturity are the 5 per cent debentures of the Texas Coip, dated 1944 and outstanding in the : amount of $90,000,000. Currently I priced fractionally above 103, the : bonds, according to indentural pro- | visions, may be redeemed on April ; 1, 1935, at 101 ! 2. In the event they j are called for redemption on that j date, investors who by some of the j liens at prevailing prices acti. .lv will get no return on their principal. Callable Issues Detailed Two issues of the Sinclair Consolidated Oil Cos., involving an aggregate of $51,000,000, are callable on any interest date on 60 days’ notice. They are the 6% per cent debentures of 1938, outstanding in , the amount of $16,281,000, and the 7 per cent debentures of 1937, of which $34,878,000 are in the public’s hands. The former bonds are selling in the neighborhood of 104 and the latter just under 103, so that the realization to the holders, granted | they are called, also is zero. Other oil bonds which can be called, together with the amounts involved <OOO omitted) and the call prices, follow: Call !ssue. Amount Price. Cal. Pete. ss, ’39 $ 3,912 101*4 CaL Pete. 5 %s, ’3B 6,613 101 Gulf Oil ss, ’37 26.997 104 Gulf Oil ss, ’47 31,766 103*4 Union Oil ss, ’45 14,231 102 Union Gulf ss, ’SO ... 43.524 103 Shell Union ss, ’47 .. 27,422 102 Shell Pipe ss, ’52 24,734 101 Smelting Call Impends Accompanying the recent declin# in American Smelting & Refining 5s of 1947 from 107 to fractionally above 102 have been reports the company is considering the re* tirement of the issues, outstanding in the amount of $36,387,000, on the next interest date, April 1, 1935. In doing so the company would have to give holders 30 days’ notice of its intention. Only a negligible return is available from the bonds at the cufrent level, since they are callable at par, ACTIVITY IN TEXTILis HOLDS DURING MONTH Current L pswing Seen Continuing Well Into 1935. By Times Special NEW YORK, Dec. 10.—November was another active month in the textile industry, according to the current survey of the industry contained in the Textile Organon, published by the Tubize Chatillon Corp. The consensus is that the current activity will continue for the balance of the year and well Into next year, with the industry reaching the peak of activity under the two-year cycle theory some time during 1935. In the rayon division,. the Organon states, the deliveries index for November was 348, compared with 375 for October and an average of 303 for the year to date on an unadjusted basis. This decline, however, was less than seasonal and the adjusted index actually increased from 351 in October to 387 in November. NORMALCY. IS FORtSEcN Lincoln National Life Survey Points to Condition. By Tim's Special FT. WAYNE, Ind., Dec. 10.—A return to economic normalcy is indicated in an analysis of 1934 new sales of The Lincoln National Life Insurance Cos., revealed here today, according to Arthur F. Hall, president. The results of the analysis Just divulged by Mr. Hall show a sharp drop in the sale of low-priced policies popular in the depression and a substantial Increase in volume cf the types of life insurance most sold in normal times. HOLIDAY IS DENIED By Times Special NEW YORK. Dec. 10.—The petition of members of the New York Cotton Exchange to close the exchange on the Mondays preceding Christmas and New Year's day has been denied by the Board of Managers.