Indianapolis Times, Volume 46, Number 183, Indianapolis, Marion County, 11 December 1934 — Page 20

Trends Henry Ford Voices Faith by Vast Spending*. BY VINC ENT S. LYONS rimn FinanrUl EHIIni

HENRY FORD, the nation's leading automobile magnate, continued to display his faith in the country 's soundness in a demonstrative manner. Yesterday he announced that an additional 18.000.000 would be spent for improvements and betterments on the River Rouge plant, making total expenditures on this project in the last 10 months of $20,000,000. Dove-ta:ling ItI; this was the word from Washington that the Administration is giving further study to the possibility of lending funds for industrial expansion. Under the contemplated program the funds loaned to various units of Industry would be utilized for the purpose of making needed betterments and Improvements on the same scale as those undertaken by the Ford organization. Taking the country as a whole, undoubtedly the plant efficiency of the nation has experienced a slight letdown during the last few years. It is true of course that there has been no test of this presented, for industrial production today is sharply under capacity. In the last few years little money has been spent by big business in modernizing and improving its facilities. But meanwhile, depreciation and obsolescence continued to work in their ordinary manner. a a u SOME companies, of course, having the funds with which to do it, did improve their properties. Many others were desirous of making similar expenditures, but their financial condition was such that this could not be done. A few years prior, the company could float a bond issue or an issue of stock and apply the proceeds of such an operation to the institution of this program, but the breakdown of the new capital market has prevented that. Henry Ford's action can not be construed as a definite indication that a long list of companies will fall into line and make huge expenditures. This is not possible in the greater number of cases because of the above mentioned reason. Henry Ford no longer can be regarded as merely the head of a business enterprise; he is an inm”idual institution. Consequently itrather difficult to read into his announcement any general corporation significance. But there can be no denying the fact that such expenditures, whether made by Henry Ford or any one else, can only have the effect of inspiring confidence. However, in this particular instance the implications are stronger because of the hand of Ford, who it seems has developed the ability to do things at the right time. # # * THE Administration would like to see many corporations follow in the path of the Ford organization. Preliminary discussions on' this subject were held several weeks ago and now. according to unofficial utterances from th Capital, consideration is being given to the idea of using the loan insurance principle in this activity along the lines in which this insurance is used in the housing campaign. Os course such a program would mean the setting aside of additional funds by the Treasury. On the other side of the ledger is the increased employment w’hich would result. In view of the fact that big business would be getting the money to improve its plants and lenders of the money would be receiving insurance against loss, it is doubtful that much opposition to the program would develop.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local Commission dealers. Fruita—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. S3. Bananas 4%c a lb. Apples, Indiana Jonathans. SI 85 Grimes Golden. $1.35111 75 Melons. California Honey Dews $2 75. Lemons. Sunkist. 3605. $5.50: 432s *5 50 Grapefruit. Texas, seedless. *3 Limes Mexican, per carton. 12s. Sac: Bvram seedless per 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.. *150; Michigan yellow, med.. 10-lb. bag. 23c. western white. 50-lb. bag. *1.85; Michigan vellow *1 35. Potatoes. Green Mountains' 100-lb. bag *l5O. northern round white 100-lb bag *! Ohios. 100-lb. bag. *2- Idaho Russets. 100-lb. bag. S2. Sweet potatoes. Indiana Jerseys, bushel. *1 85; Tennessee Nancy Halls, bushel, *1 -i®Beans, flat stringless. hamper *2 25. Celerv. Michigan, medium, dozen 50c Jumbo. dozen. 75c; hearts: bunch. *1 Cucumbers doz . 90c. soutnern. bushei. $3 75 Endue dozen 50c c-ge plant. *1 50 dozen. Kale. Virginia, bushel. .sc. Lettuce, hothouse. 15-m. basket c. California Iceberg head lettuce. *4 50 Mangos Florida crate *3 Mint, bunch. 15c Parsley dozen 35c Peas hampers *4.> 475 Spinach, home-grown. broadleat. bushel. SI Radishes dozen 75c. Tomatoes, hothouse. 8-lb. basket *135. Turnips, home-grown, dozen, 25c. Pumpkins, dozen. *l. MISCELI ANEOl'S—Cocoa nuts Jamaica, 25 for *1 50 Ovsters. standards, gallon. *t 50 selects, gallon. *1 85 Chestnuts Italian a pound 12%c Sorghum molasses gallon. 65c Black walnuts 50-ib bag *l. Cider. 4 gallons to case *2 Half-gaUons. • to case, $ 1 75: qusris. 12 to case. *1 90 . All ouotations subject to change, up or down NEW~ PLANES BOUGHT Pennsylvania Airlines Buys New Fleet for Wsshington-Detroit Route. By Times Special CHICAGO. Dec. 11—A new fleet of Boeing twin motored transport planes has been purchased by Pennsylvania Airlines for service on its Detroit-Washington route, according to C. Bedell Monro, president. With the new ships in service, the Chicago to Pittsburgh and Washington to Cleveland schedules will be speeded it was reported. Four and a half hour service from Chicago and one of three and three-quarters hours from Detroit to Washington is expected. COAL OUTPUT RISES State Production Above Previous Week. Report Shows. Coal production in Indiana for the week ended Nov. 24 surpassed that of the previous week, but was less than production during the same period last year, a report of the United States Bureau of Mines showed today. The state produced 332.000 tons for the period reported. For the previous week. 323.009 tons were produced. In the same penod last year, the suite's output was 348.000 cons. Indiana's production was more than 4 per cent of the nation's outP*

PAGE 20

STOCKS FIRM WITH TRADING AT SLOW PACE Rails Register Gains Up to Point; Wilson Leads Packer Group. H<> F nittd Press NEW YORK. Dec. 11.—Stocks were firm in light trading today after an irregularly higher opening. Rails registered gains ranging to a point. Wilson issues led the packers higher. Utilities and motors were steady. Motor equipments and rubbers made small gains. Mining issues held small gains. Steels, building issues and amusements were steady. Best gainers were Kahn preferred at 63 : 2, up 3%, and anew high for the year; International Business Machines 164. up 2, and also anew 1934 high; Briggs & Stratton 23%, up I' 2 ; Consolidated Laundries, 2%, up 1; Delaware and Hudson 44%, up 1%, up IS; Phillip Morris 42, up 1; Munsingwear 18%, up 2%; Texas and Pacific Railway 22, up 14; Union Pacific 1074, up 1, and Wilson A 30, up 2, and anew high for 1934. Steel common, American Telephone, American Can, New York Central, Montgomery Ward and Sears-Roebuck held small gains. Wet stocks were steady and so were aviation issues.

Treasury Statement

<By United Press) WASHINGTON. Dec. 11.—Government expenses and receipts for the current fiscal vear to Dec. 8. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $3,104,256.300 77 $2,097,078,589.83 Receipts. 1.568.899.154.90 1,228,831,449.20 Deficit . 1,535.357.745 87 868 247 140.63 Cash Bal. 1,567.006,817.68 1,025,573,540.23

Hides and Skins

(By E. Rauh & Sons Cos. ) Hides—Green country cows and steers, 3%c flat; Green country bulls and glues, 2c fiat; Green country calf hides, 44c flat; Green country kip, 3’/*. No. 1 large horse hides with full heads, '’lanks, maned and tails. $2 50; medium size $2. All No. 2 grade horse hides, 50c less; glues and ponies half price. No. 1 rende-ed tallow, 4<4 4%c; No. 2 at value. Yellow grease, 3'®34c; dark grease, 24@3c.

Chicago Grain Futures

(By James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. close. Dec 1.004 1.004 1.00% 1.01*4 May 1 024 1.02 1.024 1.02 V July 96 .954 .95*4 .96*4 CornDec 92 4 924 .924 .934 May 90*b .894 .894 .904 July 87 4 864 .864 .874 Oats— Dec 55*2 .554 .554 .554 May 534 .524 . 53*4 .53*2 July 484 .48 4 .48 4 .48 4 Rvc ■ Dec 79*4 .794 794 .804 May .79 78 4 .79 .79 4 July 77 4 .77*2 .77 4 .78 LOCAL CASH MARKET City grain elevators are paving 93 cents for No 2 soft re* wheat, other grades on their merits. Cash corn No. 3 yellow 89 cents and oats 51 cents.

Produce Markets

Delivered in Indianapolis prices: Heavy hens 12c: Leghorn nens, 7c; colored springers, 12c; old roosters. sc; ducks. 7c; geese, 6c: voung guint_s, 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, lie; 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. 32'1l 33c. Butterfat—26c. Quoted by the Wadley Company.

Retail Coal Prices

The lollowtng prices represent quotations Rom leading Indianapolis coal dealers. A 25-cent carrying charge per ton will be added. DOMESTIC RETAIL PRICES Antnracite $13.00 Brazil Lump 6#4 Brazil Mine Run 5.25 Coke. Nut Size 8.90 Coke. Egg Size 8.90 Indiana Forked Lump No. 4 5.94 Indiana Forked Lump No 6 6.84 Kentucky Lump Group '‘B” 7.18 Indiana Egg 5.71 Pocahontas Egg 8.42 Pocahontas Lump 8.32 HOSIERY DEMAND LARGE More Goods Shipped Than Produced During October, Statistics Show. By TimiS Special ' NEW YORK. Dec. 11.—Continuing recent trends, hosiery manufacturers shipped out more goods in October than they produced during the month, with the result that end-of-the-month inventories as of Oct. 31 showed the third successive decline. according to the regular monthly statistical bulletin of the Hosiery Code Authority, issued today. October production was 9,322.243 dozen pairs of hosiery as compared with shipments of 9.611.408 dozen pairs. These contrast with September figures of 6.783.204 and 8.004.764 respectively. Stocks on hand at the end of October were 15.808.097 dozen pairs, agamst 16,097.262 dozen pairs as of Sept. 30. X. Y. SHOPPERS BUY EARLY Hy l ime* Special NEW YORK. Dec. 11—The biggest week-end sales for the current year were reported by New York merchants today. Thousands of persons completed their Christmas shopping Saturday to get under the deadline of the 2 per cent unemployment sales tax which became effective yesterday. DIRECTORS ARE NAMED By United Press WILMINGTON. Del., Dec. 11.— Stockholders of the Warner Brothers Pictures. Inc., yesterday elected five directors of the company. Stamsigii P. Friedman. Morris Wolf. Charles S. Guggenheimer. Sam E. Morris were re-elected to the board. Samuel Carlisle, controller for the corporation, was named to succeed John P. Ldftey.

Abreast of The Times on Finance

Survey of Current Business Conditions United States Department of Commerce-

LEGEND ———— :9J4BUSINESS ACTIVITY (NEW M wc rcNSTftUCTff CQNTRACTS^AWABpED 1 •I • /-% “j 8,1 , :p*3===ili- ::bCX AUTOMOBILE PRODUCTION A LUMBER PRODUCTION BITUMINOUS COAL PRODUCTION*^ —~~l 3 | :gd=ss^ to | —f /-—Nf" 40 ' - A j 40 AO lAy.-/. .ftr .. 1.,.! ,7“i... 1... 1.... i... 1... i•... <7, n 1... 1 1 ■ .11. mI 111 hil,ml in 1, ill iii i l..i!i ii li i ill rt 1, <, I, ir ■, 11 ii sln i limim II niuul 111 II u lim FREIGHT CAR LOADINGS COTTON RECEIPTS ELECTRIC POWER PRODUCTION* 100 *OO ,i0 [ r—g° - 300 '■ ‘ " 0 | ~ 7o [ ’:i'11.i!111;■ i:i;u11il11>■ i!in111111111 ?7TiT o 80 FISHERS WHOLESALE PRICEiINDEX* BOND PRICES* STOCK PRICES* *OO < 20 ' 150 60 ■^,7-rrp^-pgpnß^w— 1 ' 'I. 111 '' 50 | 50 A0 ; ..' 1111111111 ■ 111111' i■ 1111' 11" 1111 ■l' 111 n■ ■ 111 ■ 60 .111111 f111111111111!. 111111il,11111 ulm.lll illll k 0 11, 111 ii llu 11 il il il ii ill 11 In 11111111 ii hU COMMERCIAL FAILURES* BANK DEBITS OUTSIDE NEW rORK CITY* BROKERS'LOANS NEW YORK CITY *zor— —_________ 140 , ■ bo | , g 0 izo 86 i *0' ——•*- — ■ 1 - 11 1 •oo ■ 60 'go 60 li, ■ 1,1,1 n 111 ■■■ I. ■ 11,.. tIT. ■l•.■inl. I■■■ Il 111 .11,1 40imli illimiiTili ill i iii i,i. iliiil in ill 11 linluiJ Olmlii hmti .Imlunlmlu liuiln ilmliiul FEDERAL RESERVE MEMBER BANK LOANS TIME MONEY RATES* MONEy IN CIRCULATION* TOO 1 | ————————————— igo , 9Q. ■ ■ ——— 100 11 . 1 l4 ° / t COMPUTED NORMAL • 100 * ESTIMATE U. $. *o CANAOA *1926*100 *■ NUMBER *DA LY AVERAGE *1928*1930*100

New York Stock Exchange Prices

11:00 A. M. Prev. Oils— High. Low. N. Y. close. Amerada ....... 48 48 48 48 /2 Atl Rfg 25 244 25 244 Barnsdall 64 64 6/* 6/s Consol Oil 8 8 8 87 a Cont of Del .... 184 }B4 18/g 18 a Mid Cont Pet ... 12 114 12 114 Ohio Oil 94 94 94 94 Phillips Pet .... 15*4 15 15 15 Pivmouth Oil ... B*2 84 84 84 Pure Oil 64 64 64 6 /* Seaboard Oil ... 26V2 26V 2 26 /2 26_s Shell Un 7 7 7 64 Skeliev Oil .... 74 74 74 74 Soc Vac 144 144 144 144 SO of Cal 32 314 32 314 SO of Ind 254 25 25 4 25 SOof N J .... 42 4 42 42 4 414 Texas Corp 21*4 204 214 20_* Tidewater Assn.. 9 9 9 B'e Un Oil of Cal... 154 154 154 16 Steels— Am Roll Mills ... 21 204 204 204 Beth Steel 31*4 314 31*4 31 Cruc Steel 224 224 224 23*4 Inland Steel .... 444 44 4 444 444 Ludlum Steel ... 154 154 154 154 Natl Steel 44* 2 z 444 444 Otis Steel 5*4 54 54 54 Rep Iron & Steel 154 154 154 144 Rep Ir <fc Stl pfd 43 4 43 4 43 4 424 U S Pipe & Fdy 21 21 21 21 U S Steel •• •• 38*4 384 384 374 U S Steel pfd.. 834 834 834 834 Warren Bros 54 54 54 s°e Youngtn S& T 19*4 194 19*4 19 Motors— Auburn 26 254 26 26 Chrvsler ....... 40 394 3974 394 Gen Motors. • 324 32*4 324 Gen Motors pfd •• •• •• 107 2 Graham Mot ... 24 24 24 2 4 Hudson 12 12 12 114 Hudd ••••••••• 33 33 Nash 184 184 184 184 Packard 44 44 44 44 Reo 24 24 24 24 Studebaker .... 2 2 2 2 Yellow Truck.... 34 34 34 34 Motor Access— Bendix 164 184 164 164 Borg Warner .. 284 284 284 284 Briggs . £6*2 254 364 26 Budd Mfg 54 54 54 5* Budd Wheel .... 3Vs 34 34 3*4 Eaton Mfg 18 18 18 18 Elec Auto Lite 274 274 274 27*4 Houdaille A1.... 74 74 74 74 Murrav Bony .. 74 '4 74 4 Stew Warner .. B*4 84 84 84 Timken Roll 32*4 324 32*i 32 Timken Det Axle 64 64 64 64 Mining— Alaska Jun 184 184 184 184 Amer Metals .... 16 16 16 15 s Amer Smelt .... 377* 374 374 374 Anaconda 114 114 11 -a 11 2 Cerro de Pasco.. 424 424 424 424 Dome Mines ... 374 37*/* 3i4 374 Granbv 7*4 74 74 7 Gt Nor 0re.... 114 11% 114 12 Ins Copper 33 3 34 Int Nickel 234 234 234 234 Isl Creek C0a1... 32 32 32 32 Kcnnecott Cop.. 17*4 174 174 174 Mclntyre Mine.. 414 414 414 414 Park tltah 34 34 34 3/2 Noranda Cop ... 334 334 334 33 4 Phelps Dodge ... 15V 154 154 144 St Joe Lead .... 184 184 -84 18V4 U S Smelters ..127 74 1264 127 1254

Amusements Fox Theat 14 13% 14 13% Loews Inc 26% 26 s ® 26% 26% Radio Corp .... 6 5% 5Vs 6 Paramount 3% 33 3 s RKO 24 24 24 2 Warner Bros ... 44 44 4% 4 4 Tobaccos — Am Tob -B-’ ... 83% 82% 82% 83 Gen Clears .... 574 574 574 574 Ligg & Myers B 105 100% 105 105% Lorillard 22 21% 21% 22 Phillip Morris 42 41% 42 41 Reynolds Tob "B" 52 51% 51% 51% Rails— Atchison 56% 55% 55% 55% Atl Coast Lines. 37 36% 36% 35% B& O 15% 14% 15 14% Can Pacific .... 12 11% 12 12 Ch & Ohio 44% 44% 44% 44% Chi * Gt W ... 2 2 2 2 C M &St P .. 2% 2% 2% 2% CM St P pfd . 4% 4% 4% 4% Chi N W 5% 5% 5% 5% Dela & Hud ... 44% 43% 44% 43 Erie 13% 13% 13% 13_s Grt North pfd 17% 16% 17% 16 4 111 Central ... 17% 16% 17% 17% Lehigh Valiev . 11% 11% 11% 11 MK<& T Pfd .. 14% 14% 14% 14% Mo Pac pfd ... 33 33% N Y Cent 22% 21% 22% 22 N Y New Haven 8 8 8 8% Nor Pacific 22% 21% 21 4 21 Penn R R 24 * 24% 24% 24 4 Sou Pac 18% 18 18 s 18 4 Sou R R 17% 16% 17% 16;s Union Pac ..107% 107 10. z 106® West Maryland. 9 ! 2 9*4 9*2 9^ Equipments— Am Car & Fdy. 17% 17% 17% 17% Am I.OCO 19 % 19 19% 18:* Am Steel Fdy .. 17% 16% 17 l6* Bald Loco 5% 5% 5% 5*4 Ger Elec 20% 20% 20% 20% Pullman Inc 47% 4.% 47-* 4. West Air Br ... 24% 24% 24% 24% Westingh Elec .. 35 34% 35 34, l^iities — J" T %f” P * r lift loft lift IM’I Am Wat Wks . 14% 14% 14% 14% Col Gas A- Elec. 7% .% 7% .% Conn & Sou .. 1% 1% 1% Consol Gas 23 % 23 * 23 t 23 Elec Uwr & Lit 33 33 Int Hydro Elec . 2% 2% 2 2* Interboro RT • 15% 15 15 l5 Int TA T . 8 * 8% 8 3 8 t Lou GA E iAI 13% 13% 13% 13% Nat Pwr A Lit . 7% .% 7% 7% North Amer 13 12% Pac G A E ... 14 s * 14% 14 s * 14% Pub Sen N J ... 30% 30*5 30% 30% So Cal Edison-. 12% 12 12 12 Std Gas 5% 5% 5% 5% Stone A Webster 5-* 5% 5% 5% United Corp ... 3- 33% 3 Un Gas Imp 13 12% 12 * 12% Ut Pwr A Lt 'At 2 2 2 2 Western Union-. 36% 36 36 36% Rubbers— Firestone 17% 17% 17% 17 Goodrich 11% 11 11% U , Goodyear 25% 25 25% 24* Kellv Spring 1% 1% 1, J • U S Rubber .. 17% 17% 17% 1.% U S Rubber pfd 44% 43 * 44 43% Miscellaneous— Amer Can 108 107% 108 107 Am Mach A Fdy 21% 21% 21% 21 Anchor Cap • 18% 18% 18% 19 Brklvn Man Tr 41% 41% 41% 41% J I Case 54 3 54% 54% 54% Conti Can 61% 61% 61% 61% Caterpillar Tract 35 34% 34% 34 s * Crown Cork .. 24% 24% 24% 24% Curtis Pub pfd . 94% 94 3 94% 93% Deere A Cos .25% 25 25% 24% Foster W'heeler 15% 14* 15% 14 3 4 Ciliette 13% 13% 13% 13% Gtidden • 27 3 4 27% 27% 27% Ingersoll Rand . 63% 63% 63’2 64’a Int Bus Mach.l63% 162% 163% 162 Inter Harv ... 39% 38% 39*2 38% Natl Cash Reg .. 18% 18 18 18 Owens Bottle ... 84% 84 84% 84 Rem Rand 10% 10% 10% 10% Foods—\rmour Com 5% 5% 5% 5% Armour 6% pfd 68% 68% 68 % 63 Borden Prod ... 24% 24% 24% 24% Cal Packing .38 37% 38 38 Can Dry G Ale 16 16 16 16% Corn Prod ... 66% 66% 66% 65*4 Crm of Wheat •• 35*4 35 % 35% 35% Gen Foods 34% 34% 34% 34% Gold Dust 18 17% 17% 18 Hershev 72% 72 72% 71% Natl Biscuit .... 29% 39% *% 22% Natl D Prod .... 17 16% 17 17 Purity Bak • ,<% B%

INDIANAPOLIS, TUESDAY, DECEMBER 11, 1934

Std Brands 19 184 19 184 Un Biscuit 244 24 4 24 4 244 United Fruit ... 73 73 73 734 Ward Bak “B”. 14 14 14 14 Wrigley 74% 744 744 744 Retail Stores— Assd Dry Goods. 114 114 114 11% Beet & Cos 37 37 37 ... First Natl Stores 62Vi 62 62 62 Gimbel Bros ... 44 3% 44 4 Gr Un Tea 4% 4*B 4% 5 Hahn Dept Sts.. 7 64 44 64 Kresge S S ... 20 4 20% 20*% 21*a Kroger Groc ... 294 29 29 284 Macv R H 454 454 454 46 McLellan St ... 144 144 144 14% May Dept St . 454 454 454 45 Mont Ward 29% 29 *2 29% 29% Natl Tea 11% 11% 11% 114 Penney J C ... 72V 4 724 72*4 72*2 Safeway St ... 49 4 49 4 49*4 48% Sears Roebuck .40 4 40 4 40 4 40 4 Woolworth 53% 53% 53% 53% Aviation— Aviation Corn .. 64 6 6 6 Boeing Aircft .. 114 104 404 104 Curtiss Wright • 34 34 34 34 Curtiss Wright A 104 94 94 10*4 Douglas Air 24 23% 23% 244 Nor Am Av ... 4 34 3% 4 Sperry Corp 9*4 9 9 94 United Air new 15*4 14% 14% 144 riiemicals— Air Reduction.... 112 114 HV2 112*4 Allied Chem ...134*2 134*4 1344 135 Col Carbon 734 73 73*4 73 Com Solvents .. 22*4 21 4 22 4 22 Dupont, 98*4 98 4 98 4 98 4 Freenort Tex .. 26 23 23 26 Liquid Carb .... 28% 27*4 28 4 27 4 Math Alkali 284

Wall Street "BY RALPH HENDERSHOT

Times Special Writer NEW YORK, Dec. 11.—Several members of the New York Stock Exchange’s Brain Trust are prepared to hand in their resignations at a meeting called for Wednesday unless the governors of the institution agree to take their suggestions for betterments more seriously. This Brain Triftt consists of ten “outsiders,” who were ap-

pointed last September to sit with the various committees and subcommittees in the interests of bankers, brokers and the general public. Strangely enough, the chief criticism is coming from banker-members of the outside group. They refuse to waste their time sitting in with these

aalMr MMI

various committees unless they can be of some service. With no vote, and apparently with little chance of seeing their suggestions acted upon, these members feel that they are being used more or less as rubber stamps. Richard Whitney, president of the Exchange, stated at a press conference a few weeks ago that the Brain Trust was proving of great benefit. He did not go into details, nor has this group been given credit publicly for any of the changes in operating practices which have taken place since its selection. tt tt tt IT would be rather embarrassing for the Exchange if any of the Trust members should resign. It made quite a to-do about their selection, and it was rather obvious that it was making a bid for public favor when it hit upon the idea. Many people in the Street, however, have felt for some time that those who are most vitally interested in the actions of the Exchange should have some sort of representation. The Exchange is handicapped to a very large extent in making the most of its Brain Trust, due to the fact that it must now bow to the Securities and Exchange Commission. This commission is taking the initiative in all security activites, and the Exchange is looking to it for guidance. a tt a THE Brookmire Economist is not in sympathy with those who are alarmed because of the growing debt of the United States Government. It admits that financial recklessness has been the ruin of many nations, but maintains that a governments which has lived frugally for nearly 150 years of national prosperity possesses huge reserves of financial strength. “Not only is our total national income greater than that of any othdr country,’’ it says, “but our average income per capita is unrivaled. Our true ability to borrow 7 and to service public debt is ’nsurpassed by any nation in the world. “Our national debt as of June 30. 1934. was less than 47 per cent of our estimated public income, whereas the public debt of Great Britain at various times has ranged up to 310 per cent of its national income and has been liquidated." It believes that the national income of the United States could support a federal indebtedness as high as *60,000,000,000. Consequently, it .%es no need for printing press inflation.

Monsanto Ch . . 56% 56% 56% 57*4 Natl Dis (new) 28% 28 4 28% 28*4 Schenlev Dist 27*2 27*4 27% 274 Tex Gulf Sulph 344 34*4 344 344 Union Carbide.. 46*4 46 46 45% U S Ind A1c0... 45*4 45*4 45*4 45 4 Drugs— Bristol Myers... 33% 33 33 33*4 Lambert 29 4 29*4 29*4 29 4 Sterling Prod .. . 59% 59% 59% 60 Un Drug (new). 13% 13% 13% 13% Vick Chem 34 Vi 34% 34*4 34 Va Zonite Prod .... 4% 4% 4% 4% Financial— Adams Exp 7% 7% 7% 7*4 Allegheny Corp.. 1% I*4 14 I*2 Am Int Corp ... 6% 6% 6% 64 Chesa Corp .... 44% 43% 44% 44*4 Lehman Corp .. 71 Va 71 71 71% Transamerica .. 5% 5% 5% 5% Tr Conti Corp... 3 7 /s 3% 3% 3% Building— Am Radiator ... 15*4 15% 15*/ 4 15% Gen Asphalt 16% 6*4 6*4 16% Holland Furnace 7% 7% . 8 Int Cement .. 29*% 29 29 29 Johns Manville 53% 52% 52% 53 Libby Owens Gls 28* 2 28% 284 28% Otis Elev 14% 14% 14% 14*4 U S Gypsum ... 48% 47*% 48% 47% Household— Col Pal Pffit.... 17% 17*4 17% 17 Congoleum 34 33*4 33*4 34 Kelvinator 16*4 16% 16% 16 1 2 Mohawk Carpet. 15% 15% 15% 157a Proc & Gamble. 43 43 43 43 Servel Inc 7 6% 674 6% Simmons Bed .. 10% 10% 10% 10% Textiles— Amer Woolen... 8 8 8 8% Belding Hem ... 12% 12% 12% 12*a Celanese Corp.. 30% 30*4 30 % 30% Gotham Hose ... 4% 4% 4% 4% Indus Rayon ... 2874 28% 28% 28*4

Chicago Stocks

(By Abbott, Proctor & Paine) 10:00 Prev. A. M. close. Bendix 16% 16% Borg Warner 28% 287* Asbestos Man 2*4 2 Butler Bros 8% B*4 Chicago Corp 2% 2*4 Chicago Corp pfd 29Va 29% Cent 111 pfd 7 7 Cities Services I*4 l’/s Crane Cos 9% 9% Cord Corp 4% 4% Gen House Util 7*4 6% Great Lakes Dredge 17% 17% Libbv ■ 6*4 6 Quaker Oats 130 130 Swift Cos 18 17% Util Ind com I*4 Vortex Cup 15 15 Walgreen 28*4 28%

New York Curb

(By Abbott, Proctor A Paine) 12 Noon Prev. N Y. close. Allied Mills 12% 13 Amer Cyanide iB) 17 16% Amer Superpower 1% 1% Atlas Corp 9% 9% Can Indus Ale (£) 7% 7 Carrier Corp 14% 14% Distillers Corp 14% 14 Ei Bond A Share 8% 8% Ford of Europe 8% 8% Gulf Oil of Pa 55% 55 Hiram Walker 27>/ s 27 Humble Oil 45 44% Lake Shore Min 52% 52% Natl Bellas Hess 2% 2% Novadel Agene 22 21% Pan-Am Airways 42% 41% St Regis Paper 1% 13/4l 3 /4 Salt Creek Products 6 6 Std of Ky 17% 17% GOLD IMPORTS INTO NATION RISE SHARPLY November Receipts Total $121,198,645; Most Comes from France. By United Press , WASHINGTON, Dec. 11. Gold imports in November rose to $121,198,645 an increase of $108,189,136 over October, the Department of Commerce reported today. A slightly increase was reported also in silver imports, which totaled $15,010,561 in November against $14,424.634 in October. The sharp increase in gold imports was accounted largely for by receipts of $70,350,887 from France. Other large shipments of gold included $12,813,658 from Belgium, while the Netherlands and Canada reported shipment of more than $9,000,000 each. Principal imports of silver came from China with $7,576.401; Mexico, $2,151,551. and the United Kingdom. $4,137,457. INVESTMENT AVERAGES RISE By Times Special NEW YORK, Dec. 11.—The investment companies common stock index advanced slightly with the general market during the last week, according to Distributors Group, Inc., statistics. The average for the common stocks of ten leading firms, influenced by the leverage factor, stood at 11.35 as of Dec. 7, compared with 11.10 on Nov. 30. STOCK VALUES DROP By Times Special NEW YORK, Dec. 11.—The market value of 50 representative stocks listed on the New York Stock Exchange at the close of business for the week ended Dec. 8 was $12,032,238,375. a decrease of $131,358,125, or 1.08 per cent, compared with $12,163,496,500 at the end of the preceding week, according to Paul H. Davis <Se Cos., Stock Exchange members.

Hendersbot

TOBACCO CROP CURB PROGRAM - IS PROCLAIMED Wallace Calls for Slash in Burley, Fire-Cured, Dark Air-Cured Yields. By United Press WASHINGTON. Dec. 11.—Secretary of Agriculture Henry A. Wallace today proclaimed effective next year control programs for burleys, fire-cured and dark air-cured tobacco, calling for 40, 25 and 20 per cent reductions below base acreages and productions, respectively. The joint 1934-35 burley contracts permit Secretary Wallace to seek a 50 per cent reduction, but he specified only 40 per cent compared to the optional rates of 33 1-3 and 50 per cent effective this year. The rental payments to burley growers will be S2O for each acre retired, the same as in 1934. The first and second adjustment payments will be based upon the net sale value of the 1935 crop of individual contracts signers. The 20 per cent fire-cured reduction likewise is not the maximum permissible, as under the two-year contract a 25 per cent cut—the same as this year—could have been asked. The rental payment is the same, sl2 an acre. The two adjustment payments will be at such rates as will tend to give participating producers “fair exchange value” for that portion of their 1935 production equal to domestic consumption.

U, S. CLARIFIES TAXONWHEAT Ruling Paves Way for Return of Old Neighborhood Grist Mill. By Scripps-Howard Newspaper Alliance WASHINGTON, Dec. 11.—The way has been paved here for farmers to restore the old neighborhood grist mill and have their own wheat turned into flour for their families without paying a processing tax. The tax is around $1.38 a barrel for white wheat flour of a good grade. The Internal Revenue Bureau has ruled that farm co-operatives, operating their own mills, need not pay the tax when the flour i$ for the members’ personal use. The ruling was made on an appeal by the Farm Bureau Mills, Inc., Auburn, Ind. The mill is co-operatively owned. Revenue collectors had insisted that if a farmer took his wheat to the mill he must stay there and get back flour from that very wheat, or otherwise pay the processing tax. The bureau, however, ruled that a member of the co-operative mill may leave his wheat anywhere and let the mill trucks pick it up. Then he can collect a proportionate amount of flour from the mill's regular output without a tax being levied. Chester H. Gray, American Farm Bureau Federation secretary, said the ruling should save farmers thousands of dollars.

Stock Studies

The Liquid Carbonic Corp. is one of the largest producers and distributors in tjiis country of soda fountains and carbonic gas. The company, which was originally established 38 years ago, is thus one of the oldest in this line of business. Liquid Carbonic also manufacturers a line of bottling machines and extracts and is licensed under the "dry ice” patents on a royalty basis. Plants are modern and well located. FINANCIAL DATA (As of Sept. 30) Capital stock (no par) shares— 350,000 Surpluses *4,713,165 Cash and se;urities 2.675.552 Inventories 2,187,510 Total current assets 8 648.175 Current liabilities 949,408 During the fiscal year ended Sept. 30, cash and securities gained by $1,300,000. Inventories, however, were off about $300,000, while net working capital was $200,000 less. Surpluses also declined $300,000. On Sept. 30 the current ratio was about nine to one while the book value of the capital stock was $45.18. or 25 cents less than a year previous. Earnings of Liquid Carbonic suffered during the depression, but a deficit showed only in the 1932 fiscal year. In the 1933 fiscal year $1.05 was earned and $1.32 in the year ended Sept. 30. 1934. The earnings trend, therefore, for the past two years has been upward. In years past Liquid Carbonic has been liberal with dividends. In Decent years, however, cuts were necessary while dividends were omitted entirely in 1933. Dividends were resumed this year. The stock is now on a dollar annual dividend basis, while a 25-cent cash extra has also been paid.

Liquid Carbonic was incorporated in its present form in 1926 in Delaware. At a current price of around 23% it sells to yield 4% pier cent on the basis of its regular dividend. (All rights reserved Winchester Institute of Finance, Winchester, Mass.) FIRMS WILL MERGE Honeywell Cos. to Consolidate With Brown Instrument. By Times Special NEW YORK, Dec. 11.—Minneap-olis-Honeywell Regulator Cos. will consolidate with Brown Instrument Cos., H. W. Sweatt. vice-president of the Honeywell company, announced today. Stockholders of the Brown Instrument Cos. will receive approximately 9827 shares of Minneapolis-Honey-well 6 pier cent preferred stock and approximately 9000 shares of common stock, Mr. Sweatt said.

DISCLOSES AIM

Sherman Minton

By Times Special WASHINGTON, Dec. 11.—Sen-ator-Elect Sherman Minton (D.. Ind.) will make the power problem his major concern in the Senate, he said today.

PORKER PRICES MOVEUPWARD Majority of Classes Up 10 Cents; Cattle Market Lower. Slight strength prevailed in hot trading at the Union Stockyards coday with the majority of classes around 10 cents higher than yesterday's average. Few early grades, however, remained unchanged. Trading was not established in underweights. Today's advance was registered despite a continued heavy run of supplies. Receipts were estimated at 9.000, same as yesterday's figures. The bulk, 160 to 200 pounds, brought $5.40 to $5.70, while heavies, scaling 200 to 325 pounds, sold at $5.80 to $6. In the light weight division, porkers weighing from 130 to 160 pounds, were reported salable at $3.75 to $4.65, while extremely small slaughter pigs, scaling from 100 to 130 pounds, cashed in at $2.50 to $3.50. Today's top prices was reported at $6.05. Good packing sows ranged from $4.75 to $5. Holdovers numbered 9000. Initial trading developed slow in the cattle market, especially in slaughter steers where most all classes were tending slightly lower than yesterday. Several loads of steers were reported selling above $9 She stock held unchanged. Recipts were 2,300. Vlealers moved sharply 50 cents higher, salable at $7.50 down. Receipts were 700. Early sales of lamas were weak to around 25 cents lower than the previous close. Bulk of good grades sold at $7.25 to $7.50, while heavies cashed in at $6 to $6.75. Throwouts were selling from $4.50 to $5.75. Fat sheep ranged from $3 down. Receipts were 3000.

HOGS ■ Dec. Bulk. Toti. Receipts. 5. $5.35® 5.65 $6.00 9,000 6. 5.35® 5.75 6.10 9.0P0 7. 5.40® 5.80 6.15 9.000 8. 5.40® 5.80 6.15 4.000 10. 5.30® 5.70 6.05 12.000 11. 5.40® 5.70 6.05 9.000 (140-160) Good and choice $4.25® 5.00 (160-180) Good and choice .... 5.40® 5 60 (180-200) Good and choice ... 5.60® 5.80 1200-220) Good and choice ... 5.80® 5.90 (220-250) Good and choice ... 5.90® 6.05 (250-290) 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: (350-425) Good 5.10® 5.35 (425-550) Good 5.00® 5.25 (275-5501 Medium 4.75® 5.90 (100-1301 Slaughter pigs good and choice 2.50® 3.50 CATTLE —Receipts, 2,300 —Steer®— (550-900) Choice $7.00® 8.00 Good 6.00® 7.50 Medium 4 00® 6.00 Common 2.50® 4 00 (900-1100) Choice 7.75® 8.75 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® 8.50 Medium 4.50® 6.25 (1300-1500) Choice 8.75® 9 75 Good 6.50® 8.75 —Heifers—-(sso-750) Choice 6.50® 7.00 Good 5.00® 6.50 Common ar.d medium .... 2.50® 5.00 (750-900) Good and choice ... 5,25® 750 Common and medium 2.50® 5.25 —Cows— 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® 2.00 VEALERS —Receipts, 700— Good and choice *7.00® 7.50 Medium 4 00®. 7.00 Cull and common 2.00® 4.00 —Calves—-(2so-500) Good and choice .... 4 75® 5.50 Common and medium 2.50® 4.75 —Feeder and Stocker Cattle——Steers— (soo-800) Good Bnd choice ... 4 09® 500 Common and medium 2 50 ® 4.00 'BOO-1050i Good and choice ... 4 00® 5 25 Common and medium 2 75® 4.00 Good and choice 3.00® 4.25 Comon and medium 2.50® 3.00 Good 2 50 ® 3 00 Common and medium 2.00® 2.50 SHEEP AND LAMBS —Receipts. 3.000 Lambs. 90-lbs. down, good and choice S 7.00® 7.50 Common and medium 5.00® 7.00 90-120 lbs., good and choice... 2 50® 3.00 Sheep—-(l2o-150' G(sod and choice... 2.00® 2.75 All weights, common and medium 1.25® 2.50

Other Livestock

'Bv United Press) FT WAYNE. Dec, 11—Hogs—Steady to 5c higher; 250-300 lb' $6. 225-260 lbs., *5 85; 200-225 lbs *5 70: 180-200 lb' . *5 50; 160-180 lbs.. *5 25; 300-350 lbs.. $5 60 150-160 lbs 114 4: 140-150 lbs *4 15: 130140 lbs . *3 90: 120-130 lbs *3 40; 100-120 lbs , $2 90; roughs, *5; stags, *3. Calves. $7; lambs. *7.25. LAFAYETTE. Dec 11.—Market steady; 250-300 lbs.. S6® 6 10; 300-325 lbs. *5 85: 200-250 lbs. $5 80® 590 180-200 lbs,. *5 50 ® 5 65; 160-180 lbs *5 down roughs *5.50 down: calves, strong: 5656.50 down: lambs steady. *7. (Bv Times Special LOUISVILLE. Dec 11 —Cattle 325: lower grade cows fullv 25c lower: other classes sbout steady, bulk, common to medium slaughter steers and heifers. *3 25*14.75; better finished scarce auotab e to around 5 8 50. bulk beef cows. 52 25®3; practical top S3 25: most low cutters and cutter cows *1®2.75; few strong weights. *2: sausage bulls scarce, considered salable mo'tlv *3 down be*ter s'oek calves auotable *4 50® 5: inferior southerns down to *2 25 Calves. 175: market steady; bulk be**er vealer*. *8®6.50: strictly choice. *7; medium and lower grad*s, *5 50 down. Hogs 700 weights from 180 ib.x down 25c higher others steady; top and bulk de-s-rable 230-3ro-lb weights. $6 05. 200-225 Ibs *5 90; 305 lbs. up *5 60: 180-195 lbs *5 30: 160-175 !b' *4 6: 140-155 lb'. *4 10 120-135 ibs . $3 40: sows. **3o. Sheep. 100; steady; bulk medium to good lambs. *5.65 ®6.25; cho’ce abser’: ouotable higher: tucks mostly *5.744*525. common light throwouta, *4: most better fat ewe®. *1.50 03. ,

Latest Stock, Bond and Commodity Quotations

WHITNEY SEES STOCK MARKET AS PROTECTION Head of New York Institution Declares Exchange Promotes Welfare. By T’ntrs Special CHICAGO. Dec. 11.—The security markets of the country are a screen I upon which millions of ow ners of capital record their changing judgments on capital opportunities, Richard Whitney, president of the New York Stock Exchange, declared here last night in an address before the Chicago Association of Stock Exchange firms. The presence of an open market, with assured opportunity to sell securities if the owner, for any rea- ; son at all, wishes to do so, Mr. ; Whitney said, is a powerful factor in inducing original investment and guarantees for the owner of funds the right to change his mind. It is just as important, and, socially. just as beneficial as the corresponding right of the farmer to alter his rotation or the working | man to change his job. the head of j the Stock Exchange declared.

Held Serving Society “A security exchange permits the owner of capital absolute freedom,” Mr. Whitney pointed out, “in changing his commitment. I submit that this is a right which serves society in the same manner as the right of the worker to shift his occupation as frequently as his judgment suggests. "It is direct kin to the right of the farmer to change his crops, to introduce new blood into his herds, to use new machinery. The working man and the farmer both seek to improve their material position. That is what the security owner does who sells a hundred shares of Blue preferred in order to buy a hundred shares of Red common. “As this man studies the business situation and consults his advisors, he may change his committment a dozen times in the course of a month. He may be wrong each time. That is not the point. I maintain here not. the infallibility of his judgment but his right to exercise it with the same freedom as the worker in the disposition of his services and the farmer in the direction of his endeavors. Markets Indispensable. “The system of free choice under which this nation achieved its amazing material progress has, on any fair, broad test, justified itself. The security markets have played a vital | part in achieving that success. To realize the further promise of ; our system, security markets are inI dispensable. “It is the duty of every intelligent j citizen to maintain these markets inviolable against the mischievious proposals of misguided visionaries. In so doing it is the conservative I and not the radical who best assures | a higher standard of material welj fare for all our people.” RAILROAD BOND ISSUE OFFERED BY N. Y. GROUP Chicago & Western Indiana R. R, 5J4s on Sale to Public. By Times Special NEW YORK, Dec. 11.—Brown, Harriman & Cos., Inc.; Edward B. Smith & Cos.; Kidder. Peabody & Cos.; Field, Glore & Cos., and Lee Higginson Corp. today are offering at 1024 and accrued interest to date of delivery, to yield 5.34 per cent to maturity, Chicago Sz Western Indiana Railroad Cos. first and refunding mortgage 54 per cent bonds, Series A, due Sept. 1, 1962. Proceeds from the sale of these bonds will be used for the immediate retirement of the $5,824,000 15year 6 per cent notes, dated Oct. 7, 1920, and due Oct. 7, 1935, payable to the Government in connection with a loan under Section 210 of the Transportation Act of 1920; to repay $237,000 of short-term indebtedness to banks which presently will mature, and for other corporate purposes.

ELECTRICAL SUPPLY DISTRIBUTION GAINS Sales Increase Reported Over 10Month Period in 1933. By Timet Special NEW YORK. Dec. 11. A continuous widening of distribution of electrical supplies has occurred in most parts of the country during the current year, Dun & Bradstreet (Inc.), report. " By comparison with the first ten months of 1933, production and sales increases ranging from 25 to 40 per cent in tonnage and dollar volume have been reported. The concerted effort to rehabilitate homes and industrial plants, under the Federal Housing Administration, has been beneficial to some extent, but the major portion of the upturn in the supply division has been attributed to a diversified demand for electrical ecfuipment, such as motors, generators, transformers, lighting fixtures and wiring, the report states. STEEL SHIPMENTS UP U. S. Steel Corp. Lists Figures of November Tonnage. B* V nite4 Prett NEW YORK, Dec. 11.—Shipments of finished steel products by the United States Steel Corp. in November totaled 366,119 tons, against 343,962 tons in October and 430,353 in November, 1933, the corporation has announced. In November, 1932. shipments were 257,594 tons and in 1931, 435,697 tons. For the 11 months ended Nov. 30, shipments were 5,507.243 tons, against 5.160313 tons in the corresponding 1933 period. SLAB ZINC OUTPUT UP CHICAGO, Dec. 11— Production of slab zinc in the United States during November amounted to 35,003 tons, compared with 34 540 in October and 32,582 tons in November last year, according to the American Zinc Institute. November shipments totaled 29,954 tons.