Indianapolis Times, Volume 46, Number 188, Indianapolis, Marion County, 17 December 1934 — Page 18

T rends 9mm Treanor Ruling on Liability Blow to Private Banks BY VINCENT 8. LYONS flaw Flnanctal Edttoi

JUDGE WALTER E. TREANOR of the Indiana Supreme Court, in writing the decision that stockholders of a private or partnership bank are liable to the full extent of the institutions liabilities, including. of course, the claims of depositors, and not limited to an assessment equal to the value of their share holdings, touches upon a focal point of banking affairs. The opinion was rendered ir connection with an app:al from a Wells County case arising out of th? receivership of the Eank of Tocsin, which was located in that county. The Circuit Ccurt in W*lls County, in passing on the cas?, had ruled that the stockho ders were liable for all debts of the bank. The B.ate Supreme Court action merely upholds the lower court decision. W.iether the defendants will eventually bring the matter before the United States Supreme Court Is not known at this time The august body of Jurists at Washington has been quite busy in the last year or more s udying ar.d passing on recovery leg slation and suits which have been instituted es a direct result of economic changes' wrought by the depression. man SUPREME Court review of all such litigation performs a useful function in itself. It serves to stack up measures and actions against the Constitution. The tribunal can then subject these actions to its keenest scrutiny and determine whether they are capable of standing up under all the necessary requirements. The question of liability of stockholders of banking institutions when failures ensue has been a mooted point for some time. In recent months it has been more widely discussed as attorneys for depositors in closed institutions began to get around to the work of inaugurating court suits for the purpose of attempting to get the most return for their clients. In most instances owners of stock in banking institutions are liable to the full extent of the par value of the stock held. In scattered cases the stockholder of a defunct institution may be called upon to pay twice the amount of the value of his stock. This is what is known as the double liability clause. It is quite possible that the legislatures of several states in their 1935 sessions will be asked to approve bills asking for double liability. a a a THE decision rendered by Judge Treanor applied only to private, or partnership, banks. He held that it is clear that “the legislative intent was to treat the owners of a private bank as partners as respects debts of the bank. This section gives depositors a first lien on the assets of the bank and then expressly provides that for any balance the depositors shall share in the general assets oi the owner or owners, alike with general creditors.” Under the *!d regime private banking institutions were rather popular, for there are certain liberalities of action permitted them that are not allowed to the regular, or public, banking institution. Changes in the Banking Act by Congress last year eradicated a few of these. Judge Treanor s action tends to place them at a further disadvantage. Interpreting Judge Treanor's decision. it would seem that the owner of stccK in a private banking institution would be liable to a much greater extent than would owners of other bank shades, even under the double liability. After all, the double liability clause fixes a definite limit on the amount to be paid, but the Indiana jurist’s opinion leaves the amount open until all liabilities are met.

VARIETY STORE SALES' INCREASE IN NOVEMBER Gain Over October Is More Than Usual Seasonal Rise. ByT imes Special WASHINGTON, Dec. 17.—Estimates of daily average sales of variety stores (doing more than 75 per cent of the business done in this field) show an increase of 2.5 per cent from October to November, or more than the estimated seasonal change, according to preliminary figures jyst released by the Bureau of Foreign and Domestic Commerce. The seasonally adjusted index was 92 per cent of the 1929-31 monthly average, compared with 90 in October. Sales for November, 1934, show an increase in dollar volume of about 8 per cent from November. 1933, compared with an increase of 5 per cent from October. 1933. to October. 1934. Total sales for the first 11 months of 1934 were 10.5 per cent higher than for the same period of 1933. DETROIT EMPLOYMENT SETS FOUR-YEAR HIGH Improvement Shown in Each of Last Four Months. By T <men Special DETROIT. Dec.. 17—Industrial employment here has reached the highest level for this period in the last four years and is still climbing. according to the records of the Detroit Board of Commerce and the Employers' Assn, of Detroit. Each of the last four months has shown improved retail business compared with the corresponding month last year. Charles E. Boyd, secretary of the Detroit Retail Merchants' Assn., said. Wholesale business is reported 12 to 15 per cent larger than at this time last year. For the entire year wholesale business has increased 19 per cent, it is said.

Retail Coal Prices

The following price* represent quotation' tMm leading Indianapolis coal dealer* A 35-cent carrying charge oar tot' alt I be added DOMESTIC BET AII PBICSS Anthracite .....gum Brazil 1. - o SO4 Brull Mice Run •*••**••••••••••• i3l Cote, Wnt Stag EW Coke. Egg Siaa IK Indiana For tea Lump No. 4 Indiana Forked Lump No 0 |.S4 Kentucky Lump Oroup "9" T.ll apbOCtM UlH| HMI.IWItM.IH till

PAGE 18

TARIFF POLICY DRAWS ATTACK RY CROWTHER 'Primer’ Rebukes Proponents of Reciprocal Pacts in Trade. By Times Special NEW YORK. Dec. 17—A forcefully stated critique of the Roosevelt Administration's reciprocal tariff policy and rebuke to advocates of lower tariffs as a means of reviving foreign trade is contained in a brochure, out today, which was written by Samuel Crowther and published by the Chemical Foundation. Ir.c. The treatise is tartly entitled “A Primer.” Its ironical subtitle is -Comment on the Great Constructive Work of the President of the United States in Making Arithmetic the Basic Science of Government ” “No one advocates free trade, but many talk about lowering tariffs so as to take more foreign goods. Ask What goods?' The reply is great silence," writes Mr. Crowther. Cites Holdings Abroad The, essential facts put forth by Mr. Crowther in the “Primer” are that in thirty-eight years the i United States has sold to the world goods in the amount of $121,250,000,000 and bought from the world goods in the amount of $84,604,000,000. The difference of $36,646,000,000 represents an amount of American goods and labor which has not been exchanged for foreign materials and labor. However, immigrants sending money back to Europe to the extent of $19,429,000J)00 and other factors have left the United States being owed $22,645,000,000, or nearly onesixth of all this county sold abroad during the thirty-eight-year period, according to Mr. Crowther. “Those who in the past have made money out of foreign trade did so either by drawing on the capital resources of the country or by using other peoples money. Those who lost money as a consequence of foreign trade were, in the main, banks and investors who never knew that their losses had any connection with foreign trade. They put their losses down to different reasons. Those who made money and those who lost were not the same people.” Refutes Some Theories In a chapter entitled “Are We Idiots or Children?” Mr. Crowther denounces those who insist that foreign trade with the United States is a way toward wealth and “pointing to the years when we were giving away our goods as years of real prosperity.” Mr. Crowther’s “Primer” refutes the following propostions:— That we gained wealth by exporting goods and capital. That if we only import more goods we shall export more goods and there will be a net national gain. That the proceeds of the foreign loans we made up to 1929 were mostly spent here for goods, and even if some investors lost money the loans promoted employment and the movement of crops. That our larger prosperity depends on a great w'orld trade and that world trade is low principally because of tariff restrictions and our inability or refusal to lend money. That we can and must at once 1 choose a foreign policy and that we | can choose such a policy without any real facts on our trade.

GROUP POLICY WRITTEN Xacor Medicine Insures Workers With John Hancock. Milton L. Haymann, president and treasurer of the Nacor Medicine Cos., 405 State Life Building., announces a plan of group insurance recently adopted for his employes. Arrangements have been made with the John Hancock Mutual Life Insurance Cos. whereby life insurance is being provided for each employe at the firm's expense. The insurance was arranged by Sidney Mahalowitz of the Indianapolis agency. SUGAR TRADING HALTS Action Taken Due to Possible Shortage of Commodity. By Timm Special NEW YORK, Dec. 17—Suspension of trading in December, 1934, contracts in sugar was announced on Saturday by the New York Coffee and Sugar Exchange “in view of the emergency arising from the possible shortage of sugar available for delivery’.' The suspension, which will be in effect “until further notice.” applies to all trading except liquidation of contracts made prior to today.

Produce Marketr

Delivered in Indianapolis prices: Heavy hens. 10c; Leghorn nens. 7c; colored springers. 12c: old roosters. Sc: ducks. 7e; frese. 6c: young guineas. 20c: old guineas. 5c 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. 9e; old toms, all weights. 11c; No. 1 strictly fresh country run eggs, loss off. 23c. Each 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. 3l*i 32c Butterfat—27c. Quoted by the Wadley Company. •By United Preset CLEVELAND. Dec. 17.—Butter market sreadv: extras 33c: standards. 31'zc. Eggs —Market steady: extra w*ute. 27c: current receipts. 24c; pullets. 20c. Poultry—Market steady, fowls, colored. 4'z lbs and up. 17c: ducks, heavy, fat. I4?l5c: ceese. ordinary. 13c. turkels. voung. 20621 c: old hens. 16c; old toms. 15c No 2 turkevs, 14c Potatoes. Maine Sl*i 1.10 s 100-lb. bags: Ohio best mostly 75‘<85c a 100-lb. bag: Michigan. 89090 c a 100-lb. bag BROKERS PAY BOM'S By Tima Special NEW YORK, Dec. 17.—Craigmyle. Marache & Cos., members of the New York Stock Exchange, announce a Christmas bonus to employes of 5 per cent of their annual salaries. This Is the third successive year in which the firm has paid a bonus.

Abreast of The Times on Finance

New York Stock Exchange Prices

(By Thomson & McKinnon i 11:09 f A. M. Prey. Oil*— High. Low. N Y. close. Amerada ....... 47 47 47 47 All Rf* 23’s 23*. 23*. 23*. Barusdal! 6*. • g‘ • Consol Oil 7 1 * 7* 7*, i* Corn of Del ... 17*. 17*4 17, 17*. Houston i new).. 33 3 23* Mid Cont Pet .. 12’* 12 12 1 * 11’* Ohio Oil 9'a 9*4 9'* Phillips Pet ... 14*. 14*. 14’j 14 2 Plymouth 011 .. 8 8 8 a ! Pure Oil B'a 6’* 6% 6'* Shell Un 6*. 6*. 6 6*. Soc Vac 14 1 * 14 14 14> 5O of Cal 30 1 43310 1 30'4 30*, 6O of Ind 2V. 25'* 25', 25 S O of N J 40** 40*8 40*. 40*4 Texas Corp 20', 19 1 * 2074 19*< Tidewater Assn 15‘* 1574 MV* 8% Steel*— Am Roll Mills .. 20*4 20'4 20*4 20' Beth Steel 30*4 3074 30' a 30 Byers A M 19'* 19 19'* 1874 Cruc Steel 23 23 23 22 Inland Steel ... 47 46*4 46*4 46'4 Ludlum Steel ..15 15 15 14*4 Natl Steel 45*. 45 45*. 44*, Otis Steel 5Vi s‘. 5Vi 5 Rep Iron 4: Steel 14 14 1* 13*. Rep Ir &St ofd 41*-* 41 s * 41*. 41 U 8 Pipe & Fdy 20' 20‘a 20V* 20 tJ 8 Bteel ... 38*. 38 38'4 38 U S Steel pfd . 83 82'4 83 82 Warren Bros 3*4 3*. 374 3 s . Young wn S Sc T 19 19 19 18V4 Motor*— Auburn 25'* 25 25 25*a Chrysler 39** 39 39% 38 s . Gen Motors ... 31 7 . 31'4 31 7 . 31'* Graham Mot ... 2'. 2Vi 2'. 2'a Hudson 12'* ll 7 . 12 *4 11'2 Hupp 2 7 2 7 . 2 7 4 2*4 Nash 18% 18 18‘4 17** Packard 4** 4*4 4** 4* Reo ....... 2'a 2*. 2'* 2' 2 Studebaker 2 174 174 17 a Motor Access— Bendlx . . ... 16*4 1674 16'4 16 Bohn Alum .... 57 56 5674 56 Borg Warner ... 27*4 28'i 28% 2874 Briggs 25' * 25*. 25'4 25 Budd Mfg s'i 57. 574 5 Budd Wheel 3% 374 3'4 374 Eaton Mfg ... 17*4 17 17*4 17 Elec Auto Lite . 26'2 26% 26'2 25*4 Elec Stor Bat . 46% 4674 4674 46 Mullins Mfg ... 10% 10'4 10'4 10'a Murray Body ... 6 7 a 6 7 g 6 7 a 6*a Stew Warner ... 8* 874 87a 874 Timken Roll . 33 33 33 33 Timken Det Axle 674 6'4 674 674 Mining Alaska Jun ..... 19 19 19 18 7 a Am Metals 1574 14*4 15' 4 14** Am Smelt 377a 3774 37 7 a 36 7 a Anaconda 1i74 1174 il*4 11 Vi Cal & Hecla ... 33 33 Cerro De Pasco 44*i 43'4 4474 43 Dome Mines ... 39 38*4 39 33*4 Granbv .... 774 7 7 7 Gt Nor Ore .... 11* 1174 1174 11*4 Howe Sound ... 51*,4 51 Vi 51*4 5174 Int Nickel 23 22 7 , 2274 22 7 a Isl Creek Coal . 34 33*4 34 34 s * Kennecott Con . 17*. 167* 1774 17 Mclntyre Mine . 42>a 4274 42'4 42% Noranda Cop ... 34*4 34 34*4 33*a Phelps Dodge . 15% 1 5 1 574 1 5 St Joe Lead .... 17 1 2 1774 17Vi 16*4 U S Smelters ..1274 125% 127 125'2 Vanadium 1974 18*4 1974 187a Amusements— Fox Theat 13% 1374 1 374 13 Loews Inc 36 74 35*4 3 6 35*4 Radio Corp 5Va C 574 5 Paramount 3% 374 3% 3*4 RKO 2*4 2 2*4 2' 2 Warner Bros ... 474 474 4'/ 2 4*4 Tobaccos— Am Sum Tob .. 2274 22>a 2274 22 Am Tob "B" f,3 ! * 82*4, 83*4 83'* Ligg & Mvers B 1C374 1 02** 103 101** Lorillard 20*4 20 ?0 19 7 a Phillip Morris . 47'2 46*4 *774 47% Reynolds Tob B 5074 5074 5074 517* Rails— Atchison 517* 5474 54% 53*4 Atl Coast Lines 35V* 35 35 35 B& O 14% 14>/s 14'* 14'i Can Pacific 11 5 a 11*4 11*4 Ufa Ch & Ohio 44V* 43' 2 43'/ a 43*8 Chi & Gt W 174 174 174 2 C M St P pfd 3 7 a 374 3 7 /a 3'a Chi N W 4% 4*4 474 4*4 Chi N W pfd 9 9 9 9'* De’a & ”ud *2% 42'2 42’i 42% Grt Northern pf 1774 1674 17 17 111 Central 16% 16 7 * 1674 167* MK&T 6 6 6 6 MK & T pfd 1374 13 7 i 1374 13% Mo Pac . I** 1* I*4 I*4 Mo Pac pfd ... 2'4 2*4 • 2*4 2*a N Y Cent 2174 2174 2174 217a N Y New Haven 7 ! 2 7' 2 7'i 774 N Y Ont & West s'a s'i s'a 57 2 Nor Pacific . ... 20' 2 20*4 20** 20 Penn R R 24*4 2 4 2474 2474 Sou Pac 17*8 17*4 17'/4 17*8 Sou R R 167. 16** 16V. 16 Union Pac 106 10574 106 106 Equipments— Am Brake Shoe 24 24 24 2374 Am Car &Fy 17*4 17*4 17*4 17 * Am Loco ■ 17'2 \ 1774 1 7'4 17*2 Am Steel Fdy . 1674 16'* 16'* 16% Bald Loco 6 s** 5 7 4 574 Gen Am Tk Car 37'4 37 37 37 Gen Elec . ... 20% 19*4 20 1974 Gen R R Sig ... 277* 27% 2774 27 Pullman Inc ... 47 47 47 46 7 a West Air Br . 24% 23** 24*/s 24’* Westtngh Elec . 34*/i 337s 34 3374 Utilities— Am & For Pwr 4% 4' \ 474 4'4 Am Power & Lit 3*4 3% 3*4 3'2 AT&T 106'j 105'2 106'a 105 7 a Am Wat Wks . 14** 1474 14** 14’ 4 Col Gas & Elec 8 7'i 7% 7** Com & Sou .... 174 17s 174 17a

Stock Studies

FIRST NATIONAL STORES * COMMON STOCK no ■ ■ i PRICE SHAM EARNINGS PRICE RANGE SCALE TSARS SNUKD 6 MARCH 31 r—i 75 •inf o Ml. . ° |3O 31 32 33 34130 31 32 33 341 WINCHESTER INSTITUTE OF FINANCE

First National Stores is the fourth largest chain in the grocery field, operating principally in the New England states. The company operates some 2,700 stores, about 15 per cent of which sell meats, fresh vegetables and fruits. Under aggressive company management stores were rapidly added up to two years ago. Since then, however, conditions have made it advisable to hold up further expansion. Through large use of local advertising the company has been able to show fairly good sales increase. FINANCIAL DATA (As of June 30) Common stock 'no par) shares 827.634 7% Preferred stock (SIOO par) ■ $ 5,000,000 Surpluses Jr'llr'lm Total currer,; assets If. 656.302 Current liabilities Net working capital 14,084.841 On Oct. 1. one-half of the outstanding preferred stock was called for redemption. During the 12 months ended June 30. total current assets increased $2,800,000 and net working capital was nearly $2,600,000 larger. Surpluses also gained $1,800.000. On June 30 last the current ratio was a little better than 4 to 1. Earnings have remained steady right through the depression. In the fiscal year ended March 31.1933, earning were $4.87 and $4.97 was earned for the 1934 fiscal year. Sales are running more than 7 per cent ahead qf last year. The company has maintained a conservative dividend policy with an annual rate on the common during the last five years of $2.50. This dividend has been earned each year nearly twice over. First National Stores was incorporated in 1917 in Massachusetts. The common stock is listed on the New York and Boston Stock Exchanges. At a current price of around 62 it sells to yield about 4 per cent and about 124 times earnings. <AU rights reserved. Winchester Institute of Finance. Winchester. Mass.) SMITH GETS NEW DUTIES F. B. Davis, Jr., president of the United States Rubber Cos., has announced that Herbert E. Smith, vice president, in addition to his duties as general manager of the mechanical rubber goods division, will assume the general management of the general products division.

INDIANAPOLIS, MONDAY, DECEMBER 17, 1934

Consol Gas .. 23 4 2274 23 227a Elec Pwr & Lit . 3 i 33 Int Hydro Elec . 2*B 2*4 2*4 2 2 Interbor RT . . 17% 16% 17% 16'* Int T & T f S * B*. Lou O& E “A". 12 * 12'2 12t 12% Nat Pwr & Lit . 7 a 7 7% 7 North Amer . . 1?' 12s 13** 12'* Pac G & E .... l.*a 14* 14*8 H* Peoples Gas ... 2'*. 20’* 21S 20'* Pub Serv N J... 3( s 30'. 30'a 30 So Cal Edison .. li% ll'a ll 7 * 1J 1 a Std Gas •• !7i 5 574 5 Stone & Webster 5 5 5 4% United Corp . 32% 2 7 i 3 Un Gas Imp 13 12*. 13 12*4 Ut Pwr & Lt A. 2 2 2 1% Western Union.. 3474 34*4 34>4 33*. Rubber,— Firestone 16’i 16% 16'* 16% Good rich 10', 10% 10** 10' 2 Goodyear 24* 24'* 24** 24*. Kelly Spring ... l'a l'a 1% 1% U S Rubber 17 16 7 16'. 15'a U S Rubber pfd 42*4 41-7* 4274 41% Miscellaneous— Allis Chalmers . 15'a 15 15'4 .14’* Am Can 106% 106 106'* 106*. Am Mach & Fdy 21*. 21*4 21*. 21*. Anchor Cap 18 18 18 18 Brklyn Man Tr . 42% 41'a 42*4 41’* Burroughs Add 15'* 15 1 * 15' J I Case 53‘i 52 7 . 52% 52** Conti Can 61 60*8 61 60'* Caterpillar Tract 35'2 34% 35*83374 7 Crown Cork . . 25 24'a 25 24’ 8 Deere &Cos . 25% 25 2574 25 Eastman Kodak 109'* IDS’* 109 108*a Foster Wheeler .14 14 14 14'a Gillette 13 7 a 137* 13 7 i 13**

TRAFFIC CALLED RAILS'PROBLEM Brooks Says 1929 Earning Power Return Depends - on Increase. By Times Special NEW YORK, Dec. 17 -With 25 to 30 per cent more traffic the 1929 earning power of the railroads could be duplicated, it was stated today by Euegene S. Brooks of the Brooks Earning Indicator. The real problem of the industry, he said, resulted from the drying up of traffic due to the depression and not from other factors. “In the present confusion concerning the future of the railroads, most discussions place particular emphasis upon: Reconstruction Finance Corp., truck competition, burdensome funded debt structures and Government ownership. We feel the time is fitting to present, in simple language, a few essential truths largely obscured by the welter of techical comment.” Mr. Brooks takes up each of the above questions. “Undoubtedly, the presence of large RFC loans appearing on some railroad balance sheets has caused much apprehension,’ he remarked. “However, these advances are not greatly in excess of sim'lar advances made to the industry during the period of Federal control. “Truck competition, an equally disturbing, but more vital, consideration, is another instance where fancy appears stronger than fact.” Mr. Brooks pointed out that, in 1932, the railroads handled 73.9 per cent of the available traffic, a larger proportion than the 72.9 per cent handled in 1929. Truck traffic in 1932 amounted to 9.4 per cent, compared with 4.2 per cent in 1929. To move the same tonnage of coal over the highways as is pulled by an average train would require a fleet of 700 average trucks, Mr. Brooks stated, “It is interesting to speculate upon the spectacle our highways would present if it were ever attempted to move one day’s output cf Pennsylvania anthracite to New York City by truck.”

ON EASINESS ABROAD Rye Shows Sharpest Loss, Falling Over Cent. By United Pres* CHICAGO, Dec. 17.—Easiness in Liverpool was reflected in lower 1 wheat prices on the Chicago Board of Trade today. Wheat at the start was down M to % cent, corn was off Vz to % cent, oats were M to % cent lower, and rye was off 4 to 14 cents. Mild liquidation of the December delivery was a factor in the downturn here although the opening was not active. Both commission houses and the local element hung to the selling side of all grains. Selling was in small lots. (By James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. close. Dec 1.00 99’i .994 1.00(4 May 1.304 994 1004 1.004 July * .94(4 .934 .94 4 944 Corn— Dec 91(4 91 .914 .92 4 May 884 .88 .884 .884 July 854 .854 .854 .86 Oats— May 53 4 . 524 . 53 534 July 484 .484 .484 .484 RyeDec 80 .794 .794 81 Mav 77*4 .76 4 .77 .77 4 July 764 .754 .764 .764 LOCAL CASH MARKET City grain elevators are paying 91 cents for No. 2 soft re* wheat, other grades j on their merits. Cash corn No. 3 yellow 86 cents and oats 51 cents.

On Commission Row

Quotations below are average wholesale J prices being offered to buyers by local commission dealers. Fruits Cranber-ies. Cape Cod. late I Howes. 25-lb box. *5.75. Grapes. Cali- | forma .Emperors, 27-lb. box. 82.40. Per- i slmmons. California. 245. 81.35. Quinces i bushel. S3. Bananas. 4 3 . e a lb. Apple*. Indiana Jonathans. 81.50; Grimes Golden. *1 3561 75. Melons. California Honey Dews. 52 75. Lemons. Sunkist, 3605. *3 50; 4225. *5.50. Grapefruit Texas, seedless. 53.50. Limes. Mexican, per carton. 12s. 25c: Bvram. seedless, per hundred. *3. California rhubarb. *1.40 a box. Pears. Oregon D'anjo. box. $3 50 Pineapples. 24-30s. *4.50: 365. *3.50: 425. *2 50. Vegetables—Oaobage Northern Danish. 50-lb. bag. 65c: red. 50-lb. bag, 90c. New Cabbage, in crates. *292.25. Onions. Idaha. sweet. Spanish.- large. 50-lb. *1.50: Michigan vellow. med.. 10-lb. bag. 23c: western white. 50-lb. bag *1.85: Michigan. yellow. *135. Potatoes. Green Mountains. 100-lb. bag. *150; northern round white. 100-lb. bag. *1.10: Chios 100-lb bag. *1.90: Idaho Russets. 100-lb. bag. SV New potatoes. *2 256 2.50. Sweet potatoes, Indiana Jersevs. bushel. *185; Tennessee Nancy Halls, bushel. *1.40 Beans flat stringless, hamper. *4. Celery. Michigan, medium, dozen. 60c: jumbo, dozen. 7>c: hearts, bunch. *125 Cucumbers. dozen. *1 southern, bushel. *5 Endive, dozen. 50c. E r ;g plant *1.500 2 dozen Kale. Virginia, bushel. 75c. Lettuce. hothouse. 15-lb. basket 90c: California Iceberg head lettuce. *5 Mangoes. Florida, crate *5. Mint, bunch. 75c Parsley, dozen. 35c. Pea*, hampers. *5. Spinach, home-grown, broadleast. bushel. *1.25 Radishes, dozen 75c. Tomatoes, hothouse. 8-lb. basket. *1.35. Turnips, home-grown, dozen. 25c. Pumpkins. dozen. 81. . . Miscellaneous —Cocoa nuts. Jamaica. 25 for *1.50. Ovsters. atandarda. gallon. 81.50; aelects. gallon. 8185. Chestnuta. Italian, a pound. 12tic. Sorehutn molasse*. gallon. 65c. Black walnuU. 50-lb bag 81. Cider. 4 gallons to case. 11* Half-gallons. 8 to case, *1 75. anarts. 12 to cage, *1.90. All Quotations subject to change, up ot down.

GUdden .... 27 26 7 * 27 26** Ingersol! Rand . 64 7* 64 T* 64'* 63** Inter Harv .. 39’a 38’* 39** 38-* Nail Cash Reg . 17 *4 17 17 17 Rem R-and 10 10 10 8 T Feed* Am Sugar 65 7 4 65 7 4 65 T . 65'2 Armour Com 57* 51. s'* 57a Armour pld 67'a 67'a 67'a 67 1 2 Beatrice Cream'y 16 s * 161 16*2 16' a Borden Prod .... 24'* 24 24', 23’, Cal Packing .... 36‘a 36S 36*. 38 Corn Prod ... 63*. 63 63 64 Crm of Wheat .33 7 , 35’* 35 7 . 35*. Gen Baking 7' a 7*. 7'a 7*. Oen Foods 34'2 34 l , 34'2 3l'a Hershev 72'* 72*. 72'* 72 Natl Biscuit .... 27 7 , 27*. 27 7 . 27*, Natl D Prod 16*, 16'j 16** 16' 2 S Porto Rico Sug 22*. 22*8 22*. 22'a Std Brands .... 18* L? 1 * 18V* 18'a United Fruit .... 74'* 74 74V. 73'* Wrigley 73 7 * 73 7 4 737* 74 7 . Retail Stores— Best &Cos 36*4 36* 36* 37 First Natl Stores 58 57'a 58 58'2 Gimbel Bros ... 4*4 4** 4*. 4'* Gr Un Tea ... 5*4 s*. s’* s'* Hahn Dept Sts . 6 7 6*-* 6* 6* Kresge S S .... 20*. 20*. 20'a 20'* Kroger Groc ... 29 28* 29 23* McCrory St . . 8 7* 2 7 7 . 9'* McLellan St .. 16’* 16' 2 16** 16'* Marshall Field . 10 7 10'. 10 7 . 10', Mont Ward 29'. 28*. 29*. 28** Penney J C 72'a 72', 22‘ z 72'. Sears Roebuck . 40 39*. 39*4 39 7 a Woolworth 51V4 50*4 5174 51's Aviation— Aviation Corp .. 5*4 57* s*a s** Boeing Aircft .. 10'* 10 10'* 10 Curtiss Wright . 2 7 s 2 7 * 2 7 a 2 7 a Curtiss Wr “A”. 9'. 9 9'. 9 Douglas Air ... 23*. 23*4 23** 23'e Nor Am Av 3** 3*'* 3*/ 3*a Sperry Corp 9 1 '* 9V. 974 8 7 a Uni Aircft New 1474 1474 1472 1474 Chemicals — Allied Cher.i 132 132 132 132' i Am Com Alcohol 32 32 32 31' 2 Col Carbon ••• 71 7 a 71*4 71*4 72' 2 Com Solvents .. 21*8 21'* 21V 21 Dupont 93** 92*4 93 92 7 * Freeport Tex .. 24'/ 2 2474 24' 2 24'a Liquid Carb .... 29'4 28*4 2974 28'* Math Alkali . 29'* 28** 29' 2 28*4 Monsanto Chem 55** o4'a 55** 54'2 Natl Dis mew). 2774 27'* 27'* 27'* Schenley Dist . 25** 25*4 25*4 25 Tex Gulf Sulph. 33 7 a 33*4 33 7 4 3374 Union Carbide 45*4 45 45*4 45 U S Ind Alcohol 44** 44*4 44*4 44 Drugs— Bristol Myers .. 32'2 32'2 32''2 32'* Coty Inc ... 6 5*4 5V* 6 Lehn & Fink .. 16'4 15*4 15*4 15* 2 Sterling Prod • 58% 58** 58% 58** Un Drug mew) .13 12*4 12*4 12’, Zonite Prod .... 474 474 474 4'* Financial— Allegheny Corp . l'/ 2 I'2 I' 2 1’ b Transamerica . 57* 5% 5*4 s°* Tr Conti Corp . 374 3*4 3% 374 Building— Am Radiator . . 15*4 15 15'4 15 Tr Conti Corp . 37a 3% 374 374 Building— Am Radiator ... 1574 15 15% 15 Gen Asphalt ... 16 1574 1 s’* 15'? Int Cement . 29 28'* 28'2 28 Johns Manville 52'4 52 5274 51-/2 Libbv Owens Gls 23’a 28 28*a "ll Otis Elev 14 14 14 13*4 U S Gvpsum .. 47% 47*4 47% 47*4 Ulen Cons 1 7 /a 1% 17/4l 7 /4 l*/4 Household — Col Pal Peet .. 16*4 16 7 4 16% 17 Kelvinator . . 16*2 15% 16 * 2 la% Proc & Gamble 2 1 2 42*2 42*a Servel Inc ••• 7% 7 774 7 Simmons Bed ■ 1074 1 074 107 a 7074 Textiles — Amer Woolen 974 9 ?'4 B’* Bolding Hem 11*4 11** I}* 1} 7 /'elanese Corp 31*4 31V* 37** 31*2 Collins Aikman. 1374 13% 13'4 Indus Rayon 30 7 s 30*4 30**

Chicago Stocks

(By Abbott. Proctor & Paine) 11:00 Prev. A. M. close. Berghoff , 274 2% Eorg Warner . 28% 2874 Crane Cos. 10 3/ * 1® Cord Corp * * Chicago Mail 1674 1 6 Great Lakes Dredge 18% 18% Gen House Util 774 77a Libby 5% Parker Pen v ... 12'4 12' 2 Swift Cos 17% 17*4

New York Curb

(By Abbott, Proctor & P'inei 12:00 Neon Prev. N. Y. close. Allied Mills 12*/. 12' 2 Alum Cos of Am 49 4874 Atlas Corp 874 B*/ Carrier Corp 19 17 ! 2 Distillers Corp 14*/s 14*/a El Bond & Share 774 774 Gulf Oil of Pa 5474 54 a Hiram Walker 2574 25'4 Humble Oil 45 44* Lake Shore Min 537a 53** Natl Bellas Hess 27. 2% Newmont Min 33 Nia Hud Pwr 3'4 374 Novadel Agene 2274 22 Pan Am Airways 4074 4074 Parke Davis 33 Penn Road 1% St Regis Paper 174 I*4 r-alt Creek Products 6 6 S’erwin Wms 83 Std of Ky 1774 1 7'4 Technicolor Ind 13 Teck Hughes Gold 3 7 4 Un Gas 174 Un Pwr & Lt “A” .. 1 Wright Hargraves Min 874

Other Livestock

(By United Press) FT. WAYNE, Dec. 17.—Hogs—Steady to ' 15c higher: 250-300 lbs.. *6.15: 225-250 lbs., $6: 200-250 lb's.. $5.90: 180-200 lbs.. $5 70; 160-180 lbs.. $5.45: 300-350 lbs.. $5.80: 15016C lbs., $4.65; 140-150 lbs., *4.40; 130-140 lbs.. $4.10: 120-130 lbs . $3.60; 100-120 lbs., $3.10; roughs. $5.25; stags. $3.25. Calves, $6.50; lambs. $7.25. LAFAYETTE* Dec. 17.—Market, 5-15 c higher: 250-300 lbs, [email protected]: 220-2)0 lbs *6.0506.10: 200-220 lbs. $5 85(S5''5 \ 180-200 lbs, $5.65415.75; 160-180 lbs, *5.40 415.50; pigs. $4.75 down: roughs. $5.50 down; calves. 50c lower: $5.50 down; lambs, j steady. $6.50 down. (By Times Special) LOUISVILLE. Dec. 17.—Cattle. 800: government. 1000: supplv light: quality plain; market slow, about steady with last week s close: most plainer grade steers and heifers. $3.25: load 660-lb. heifers, $5.50; verv little eligible above: bulk beef cows, $2132.50; low cutters and cutter cows, mostly 51&T.75- bulls quotable. $2.75 down; most plainer grade stockers. *3® 3.75; desirable Hereford and Angus stock calves auotable to around $5. Calves, 400; market steady to weak; most better vealers. $5 <3 5.50; strictly choice kinds eligible higher: medium ard lower grades, $4.50 down. Hogs. 1100; market 25c higher than Friday and Saturday; top and bulk desirable 230-300 lbs, $6.15: 200-225 lbs., $6; 305 lbs. up. $5.70: 180-195 lbs, $5.40: 160175 lbs, $4.70; 140-155 lbs, $4.20; 120-135 lbs. *3.50: sows $4.40. Sheep. 175; steady: bulk medium to good lambs $5.75:3 6.25: bucks mainly $4.750 5.25: choice lambs eligible around $6.75: common l’ghl throwouts. $4: hatter fat ewes. 81.9062. WORLD - WHEATCROP FOR 1934 SEEN OFF Put at 3,033,764,000 Bushels, Against 3,338,176,000. By United Press WASHINGTON, Dec. 17.—The world’s 1934 wheat crop today was estimated at 3,033.764.000 bushels by the Bureau of Agricultural Economics, compared with a 1933 crop of 3,338,176,000. The bureau reported wheat crop conditions generally mediocre in Australia, with below normal yields because of lack of rain and rust attack. Heavy rains fell over the greater part of the Argentine grain zone in late November and early December, the bureau reported, but no considerable damage was done. STOCKHOLDERS INCREASE By Time* Special NEW YORK, Dec. 17.—The total number of General Motors Corp. common and preferred stockholders for the fourth quarter of 1934 was 35Q.164. compared with 349.542 for the third quarter of 1934 and with 351,761 for the fourth quarter of 1933, it was announced today. LEWIS TAYLOR NAMED Lewis Taylor, president of the Indiana Farm Bureau, has been chosen as a director to the American Farm Bureau Federation from

BUSINESS RATE CROSSES 60 P.C. LINE FOR WEEK Business Week Index at Highest Level Since Early in August. By Times special NEW YORK. Dec. 17.—For the first time since early August, the Business Week index of general trade activities has climbed across the 60 per cent of normal line, that publication reports in its Issue today. Steel production completed its eighth consecutive weekly expansion with a spurt that placed operations at 33 per cent of capacity, the highest since the boom June days. Cold weather did its share to stimulate coal production, carloadings, and electric power. Employment in Detroit, the motor center, jumpod over 10 points in early December compared with two weeks previous. Insurance companies feel that the situation has improved sufficiently to discard the artificial evaluation of stock holdings used in the last few years and go back to customary year-end market values.

Outlook Abroad Better “Abroad,” the service continues, “the promise of peace on earth has brightened considerably since the Saar and Balkan difficulties have been patched. Gold bloc troubles have shifted from Belgium to Italy, where they will be held in check for a while yet. Germany’s success irf arranging barter transactions with South Africa and Australia is of interest to domestic industries. “The long-discussed cotton barter scheme still hangs fire, but German oil pipe will soon be laid in New Jersey as a result of a private trading arrangement. “Washington is unusually quiet these days prior to the convening of Congress. Very little is being said about the program to be outlined at the next session. Business leaders of the country will meet again today to further develop a program for improving relations with government. Labor Unrest Shown “Meanwhile labor difficulties are cropping up again. Tire makers are resisting the election ordered by the National Labor Board. A similar election scheduled to be held in the Cadillac Motor plant is opposed by the American Federation of Lat Closing of unprofitable units of a large grocery chain brought the unionization issue to the fore again in the retail trade. “November department store trade didn’t expand as much as some expected, but the month was 11 per cent ahead of last year. Since commodity prices of dry goods were virtually the same as a year ago, the gain represents a real increase in units sold. As has been true most of th 7 s year, the best increases are found in the Atlanta and Dallas regions. The industrial states of the East have made the poorest showings, with the New England states actually showing losses in recent months. “Retail trade as a whole in 1934 is expected to top 28 billion dollars. This compares with 25 billion dollars in 1933 and 49.1 billion dollars in 1929. Christmas trade throughout the nation has been highly satisfactory, despite the fact that in manufacturing industries employment and pay rolls are virtually on the same level as a year ago. This probably explains the poor showing of the Eastern states contrasted with cotton, corn and tobacco states where crop prices have doubled.

d'KINNEY WARNS ON PAYMENTS FOR HOLG No Company Authorized to Make Collections. ' A warning that no individual or company is authorized to make collections of payments for the Home Owners’ Loan Coroporation was iscued today by E. Kirk McKinney, | HOLC state Manager. His warning ; followed a misleading news article in a local paper other than The Indianapolis Times. “No one is authorized by the corporation to make collections for the corporation as its agent and, of course, any receipt of payments accepted by a mortgagor in the corporation from an unauthorized collector would be invalid,” Mr. McKinney stated. Mr. McKinney pointed out that all payments should be sent to the HOLC regional office in the National Bank Building, Detroit, Mich. STEEL HEAD NAMED Eugene R. Grace to Succeed Schwab as American Iron and Steel Chief. By Times Special NEW YORK, Dec. 17.—Eugene R. Grace, long actively identified with the affairs of the American Iron and Steel Institute, has been elected president of the organization to succeed Charles M. Schwab, who resigned as chairman of the board last May. He is president of the Bethlehem Steel Corp. Action of the directors followed recent changes in the order of organization of the institute, chief of which was that the head shall be chosen from within the industry and serve as a president for a term of two years, in order that the honor may be conferred from time to time on various leaders of the steel industry.

DEERE PROFIT SEEN First Yearly Net Since 1931 Indicated, Official Declares. By Tim> spt <( CHICAGO, Oec. 17.—Deere & Cos. operated at a profit for the fiscal year ended Oct. 31 for the first time since the 1931 fiscal period, according to William Butterworth, chairman of the board. Mr. Butterworth declared he could not say what the approximate net profit would be, since accountants were still in the midst of the yearcod audit.

RULES ON BANK STOCK

wjlit * Jlllllt -'Philip .Jm I

Judge Walter E. Treanor

Stockholders of a private or partnership bank are liable to the full extent of the bank's liabilities, rather than a limitation to an amount equal to their share holdings, according to a decision written by Judge Walter E. Treanor of the Indiana Supreme Court.

PORKERS UP 10 CENTSAT PENS Cattle Market Unchanged; Veals Sharply Lower at $6.50 Down.

With receipts comparably low for a Monday session, porker prices in early trading at the Indianapolis Union Stockyards today registered an increase of 10 cents over Saturdays advance. Today’s supplies were estimated at only 7000. The strong aemana of the previous week was carried over and initial trading was active. The bulk, 160 to 200 pounds, was selling at $5.60 to $5.90, w T hile 200 to 350 pounders brought $6 to $6.25. Few grades of good and choice kinds jrougnt $6.30. in the lightweight division, including slaughter pigs, Workers weighing irom 130 to 160 pounds sola at $4 io $5, while extremely o.r.a*i Kinds ranging from 100 to 130 pounus cashed in at $2.75 to $3.75. Good packing sows held at $5 to $5.75. Holdovers numbered 252. With trading scarce in slaughter steers in the cattle market, practically all classes remained unchanged at last week’s close. Quality was plain. Most steers were salable under $6.50. Receipts were 600. Vealers were sharply 50 cents lower, selling at $6.50 down. Receipts were 500. Only a slight change was evident in lambs. Bulk of better grades was salable at $7 to $7.25, while extreme heavies brought $6.25 to $6.75. Throwouts sold at $6 down, while slaughter sheep brought $3.25 down. Receipts were 1500.

HOGS Dec. Bulk. Top. Receipts 11. $5.40® 5.70 $6.05 9,000 12. 5.50® 5.80 6.20 9.000 13. 5.45® 5.75 6.15 12.000 14. 5.75® 5.65 6.05 10.000 15. 5.500® 5.80 6.20 2.000 17. 5.60@ 5.90 6.30 7,000 <l4O-1601 Good and choice . . $4.25® 5.25 (160-1801 Good and choice .. 5.60® 5.80 (150-2001 Good and choice ... 5.80® 6.00 (200-2201 Good and choice .. . 6.00® 6.15 1220-2501 Good and choice ... 6.15® 6.30 <250-290 1 Good and choice ... 6.20® 6.30 <2OO-3501 Good and choice ... 6.00® 6.20 <275-350) Good 5.50® 5.85 Packine sows: <350-4251 Good 5.35® 5.65 (275-5501 Good 5.15® 5.50 1275-550) edium 4.90® 5.40 (100-1301 Slaughter pigs, good and choice 2.75® 3.75 CATTLE —Receipts. 600— —Steers—-(sso-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 CiocJ 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 —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. 500— Good and choice $5.50® 6.00 Medium 3.50® 5.50 Cull and common 2.00® 3.50 —Calves—-<2so-5001 Good and choice ... 4.75® 5.50 Common and medium 2.50® 4.75 —Feeder and Stocker Cattle——Steers— <soo-800) Good and choice .. 4,00® 5.00 Common and medium 2.50® 4.00 <BOO-10501 Good and choice .. 4.0005.25 Common and medium 2.75® 4.00 Good and choice 3.00® 4.25 Common and medium 2.50® 3.00 —Cows— Good 2.400 3.00 Common and medium 2.00® 2.50 SHEEP AND LAMBS —Receipts. 1.500 — Lambs. 90-lbs. down, good and choice $6.75® 7.25 Common and medium ... 4.30® 675 90-120 lbs., good and choice . 2.50® 3.00 ( Good and choice . 2.00® 2.75 All weights, common and medium 1.153 2.50

Holiday Sweets Our Washington Bureau has ready for you a packet of seven of its bulletins on making Holiday Sweets. The titles are: 1. Cake making. I 4. Fondants, fudges and bonbons. 2. Candied fruits and nuts. ! 5. Hard candies and taffies. 3. Doughnuts and crullers. j 6. Pies and fancy pastries. 7. Tea cakes and party pastries. If you wish this packet of seven bulletins, fill out the coupon below and mail as directed: Dept. SP-13 Washington Bureau, The Indianaoolis Times. 1322 New York-av, Washington. D. C. I want the packet of seten bulletins on making HOLIDAY SWEETS, and enclose herewith 20 cents in coin (carefully wrapped), or United States postage stamps, to cover return postage and handling costs: NAME STREET AND NUMBER CITY BTATE I am a reader of The Indianapolis Time*

Latest Stock, Bond and Commodity Quotations

STOCKS SHOW FIRMER TONE; TRADING LIGHT Silver Issues, Mercantile and Public Utilities Lead Market. By United Press NEW YORK, Dec. 17.—The stock market firmed today in light trading with silver issues, low priced mercantile shares and some public utility isses leading the market. Cerro De Pasco was one of the active issues and rose I s . points to anew high of 44 %. U. S. Smelting was more than a point higher, while American Smelting and Howe Sound showed fractional advances. McCrory Stores Common and B stock both moved above 10, for new highs for the year and led the :e----rently active mercantile group. Packard was one of the most active shares and showed a fractional gain. In the utilities division North American jumped l l * to 13*4 and Peoples Gas was l*. higher at 21%. Consolidated Gas of New York was higher at 23. Other new highs for the year included Industrial Rayon at 30 %, Intsrboro Rapid Transit at 17 I*, 1 *, Mesta Machines at 2574 and Philip Morris at 47%. Price changes in the general list were fractional with rails about steady.

Treasury Statement

(By United Press) WASHINGTON. Dec. 17.—Government expenses and receipts for the current fiscal year to Dec. 14. compared with the corresponding period of the previous fiscal year: This. vear. Last year. Expenses *3.227.473.438.41 $2,191,732.588 84 Receipts 1.642.090,887.94 1,294.560,504 58 Deficit. . 1,589,382.550.47 897.172.084 28 Cash bal.. 1.604.004,976.24 998.045.119.38 CHESAPEAKE CORP. TO SELL ISSUE THIS WEEK New $18,000,000 Offering Will Pay Off Bank Loans. By Times Special NEW YORK, Dec. 17.—The Chesapeake Corp.'s new $18,000,000 issue of ten year 5 per cent convertible collateral trust bonds will be offered to the public this week The underwriting syndicate will include Edward B. Smith & Cos., Brown, Harriman & Cos., Inc., First Boston Corp. and Lee Higginson Corp. The bonds are to be secured by 1,000,000 shares ot Chesapeake and Ohio Railwry company common stock. According to the registration statement filed with the Securities and Exchange Commission on Dec. 1, 1934, the proceeds o.f the sale will be applied to liquidation of $lB,000,000 4 1 2 per cent demand loans from banks. GROUP CHANGES NAME National Association of Finance Companies Takes Action. By Times Special CHICAGO, Dec. 17.—The National Assn, of Finance Companies, organized in 1924, has voted to change its name to the National Assn, of Sales Finance Companies, It was announced today. “The National Association,” John R. Walker, executive vice president, said, “is composed of some two hundred independently operated companies engaged in the financing of sales of merchandise and services sold on the installment plan, and having a combined working capital of approximately $250,000,000. The annual volume of business transacted by association members is approximately $1,0000,000,000. INSTALMENT RECORD UR Payments in October Show Gain Over 1933 Month. By Times Special WASHINGTON, Dec. 17. Payments on both open and Instalment accounts were decidedly higher In October than for the same month last year, according to the Bureau of Foreign and Domestic Commerce. There was a seasonal increase over September. Ratios of payments to open accounts were 44.3 per cent for October, 39 per cent for September, and 38.7 per cent for October, 1933. Collections on instalment accounts were 17.1 per cent for October, 15.6 per cent for September, and 15.9 per cent for October, 1933.

Hides and Skins

3V a c flat; green country bulla and glues. Hides—Green country cows and steers. 3'jc flat: Green country bulls and glues. 2c flat; green country calf hides. 4'jc; flat: green country kip. 3Vic: o. 1 large horse hides with full heads, shanks, mames and tails. $2 SO: medium size. $2 All No. 2 grade horse hides. 50c less; glues and ponies half price. No 1 rendered tallow. 4®4Vic: No 2 at value Yellow grease. 3®3'*e: dark grease. 2'2®3c.