Indianapolis Times, Volume 46, Number 190, Indianapolis, Marion County, 19 December 1934 — Page 20

Trends • mm Millionaires Get Bulk of Income From Stocks. BY VINCENT S. LYONS

rime* Ftn,nrll Editor THE twenty persons in 1932 with incomes in excess of $1 million received 93 per cent of their revenue from dividends, only 5 per cent from interest and 14 per cent from wages and salaries. These facts are disclosed by an. analysis of 1932 income tax returns filed with the Bureau of Internal Revenue. Therefore, it may be assumed that the exclusive fraternity look upon the stock market with certain favor. It should be remembered that the collapse of security values was inaugurated in October, 1929, and proceeded without any material interruption for the next few years. By 1932. it was quite generally realized that the deflation in stock values was not a temporary development. Despite this, the official figures of the Government department reveal that the stock market provided 93 cents of every dollar heaped into the laps of the millionaire. All of this 93 cents actually represented dividend return s. Numerous interpretations can be made of this development. We shall limit ourselves to only a few. mum IN the first place consideration should be given to the inflation angle. Then, as now, there was widespread fear of unorthodox money policies. The examples of European nations with tinkering of the money system were presented and the generally accepted view was that equities represented the best hedge against inflation. Consequently it is quite possible that some shifting of funds from the bond to stock market might have ensued for this one reason. Another view that might have been taken is that money shrewdly invested in stocks can yield a handsome return. The somewhat discourteous contention also might be made that some corporations maintained dividends when thdse disbursements were not earned because executives of the company owned large blocks of the stock. However, this is not entirely true as is demonstrated by the American Telephone and Telegraph Cos., which has kept the $9 rate on its shares throughout the depression although it has not been earned in recent years. Continued payments are warranted, the company says, by the large surplus which has been accumulated. The great discrepancy between dividend and interest income of the millionaires is truly amazing. Undoubtedly, the very fact that the really high grade bond obligations at that time were selling at very low yield basis accounted for the shifting of funds from the bond to the stock market. man THE showing becomes more startling when it is realized that 1932 represented the bottom of the depression for American corporations, on the basis of corporation tax returns. During 1932 only 82,646 of the 451,884 reporting corporations showed a profit of any kind. Thus, only one company out of approximately every five and a half was able to stay in the black during that year. In 1933, the number of corporations which were able to avoid the use of red in compiling their annual income accounts was 104.702 out of 472,174 reporting units. The current year has even witnessed an improvement over the preceding year. According to the National City Bank of New York 74.2 per cent of corporations subjected to analysis reported increased profits over the corresponding period last year. The important part that corporations play in distributing wealth is indicated by showing that in 1032 all domestic units paid out $6,151,082,782 in cash dividends and $163,530,417 in stock dividends. However, in order to make these payments the corporations went into the red to the extent of $7624.046.900. In 1934 all companies listed on the New York Stock Exchange, the United Press reports in a copyrighted story, paid out to their holders $1,503,971,524 in dividends. an expansion of almost $200,000,000 over 1933.

On Commission Row

(Reprinted from vesterdvl Quotations below are average wholesale prices being offered to buyers bv local commission dealers Fruits Cranberries. Cape Cod. late Howes. 33-lb box S3 75 Grapes. California Emperors. 27-lb. box. S2 40 Persimmons. California. 24s $1.35. Quinces bushel. *3 Bananas. 4 s c a lb. Apples. Indiana Jonathans. Si.so: Grimes Golden. SI 35 81.73 Melons. California Honev Dews. *2 75. Lemons. Sunkist. 3605. $t 50: 4225. $5 50 Orapefruit. Texas. seedless. S3 50. Limes. Mexican, per carton. 12s. 25c; Bvram. seedless per hundred. $3. California rhubarb. $1 40 a box. Pears. Oregon D'anto. box. $3 50 Pineapples. 24-30S. $4.50: tea. $3 50 435. $3 50 Vegetables—Cabbage. Northern Danish. 50-ib bag. 65c: red. 50-lb bag 90c. New Cabbage, in crates. $282 25. Onions. Idaha. sweet. Spanish. large. 50-lb. f1.30. Michigan yellow, med.. 10-lb. bag. 23c: western white. 30-lb. hag. $1 85: Michigan. veilow $1 35. Potatoes. Green Mountains. 100-lb. bag. $1 50: northern round white. 100-lb bag $1.10: Ohios 100-lb bag $1 90: Idaho Russets. 100-lb, bag. J 2 New potatoes. $2 25412 50 Sweet potatoes. Indiana jersevs. busheL $1 85; Tennessee Nancv Halls, bushel. $1 40. Beans, flat stringless, hamper. $4. Celery. Michigan, medium, dozen. 60c: tumbo. dozen. .sc; hearts, bunch $125 Cucumbers dozen. SI southern bushel. $5. Endive doren. 50c. Egg plant $1 50*12 dozen. Kale. Virginia, busnel. 75c. Lettuce, hothouse. 15-lb. basket 90c: California Iceberg head lettuce. $5 Mangoes, Florida, crate. $5 Mint, bunch. 75c. Parsley, dozen. 35c Peas, hampers $5 Spinach, home-grown, broadleast. bushel. $1 25. Radishes, dozen. 75c. Tomatoes, hothouse. 8-lb basket. $135. Turnips home-grown, dozen. 25c. Pumpkins. down. sl. Miscellaneous —Cocoanuta, Jamaica. 25 for $1 50. Ovsters. standards, gallon $1 50: •elects, gallon. $lB5 Chestnuts. Italian. • pound. 12'~sc. Sorghum molasses, gallon. <sc. Black walnuts. SO-lb bag. sl. i Cider. 4 gallons to case. $2. Half-gallons. • to case. $1.75; Quarts. 12 to case. $1 90 All Quotations subject to change, up or town. FRUITS AND VEGETABLES ißt United Presst CHICAGO jJec 19—Apples—Michigan Mclntosh bushels. $17562: Jonathan. $1 50® 1 75. Carrots —California crates. S3 756 325 Beet* —Illinois bushels. 356 40c; Texas. $1356150 Beans— Florida bushels, green. $1 506 4. Cauliflower— California crate*. $125. Lettuce —California crates. $2 756 3 75. Cabbage—Wisconsin crates. 506 75c. Spinach—Tennessee. Texas Illinois bushels. 50c651. Cranberries—Massachusetts. barrels. *4 254*4 50 Onion market <SO-lb sacks! Michigan yellow. 95c6 $1; western yellows. 90c*Sll Illinois and Ohio yellows. 8090 c: Idaho whites. sl*jlso. TRADE FAIR SCHEDULED Jy Timet Special NEW YORK. Dec. 19—Products from approximately forty various industries will be on display in New York on Feb. 4 at the opening of the “international trade fair.” it was announced today. This is the first 9 event of its kind lor more than a riFcade.

PAGE 20

UTILITY GROUP I IS CONFRONTED BY NEW SALES Fear of Municipal Plant for New York City Responsible. fly Vnited Press NEW YORK, Dec. 19.—Selling in utility issues spread throughout the stock list in morning dealings. Around noon the market was fractions to more than a point under the previous close. Indications that the Government was ready to aid New York City with PWA money for self-sustaining utilities projects brought heavy selling into Consolidate Gas, wmcn broke to anew low at 20V off l** points. Other utilities followed it down with Public Service of New Jersey at 264. off 24; United Gas Improvement 124. off 4; Peoples Gas 20, off ; North American 124, off 4; and Electric Power and Light 24. off 4 and anew low. Leading industrial issues were down fractionally Rails lost fractions to more than a point. Silvers eased with U. S. Smelting down 14 at 123 around noon after touching 122 earlier in the session. Radio dipped below 5 for the first time in many weeks. American Telephone lost a point to 324 in the communications. Mercantile issues joined the decline and so did textile shares. Oils were slightly lower.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings *2,032.000.00 Debits 6,328,000.00 TREASURY STATEMENT ißy United Press) WASHINGTON. Dec. 19.—Government expenses and receipts for the current fiscal vear to Dec. 17. compared with the corresponding period of the previous fiscal year: This Year Last Year Expenses *3 343.620 467 43 *2.273.215.008 50 Receipts 1,723.206.4T6.77 1.355.779.765 03 Deficit . 1.620,414.050 66 917 435.243 47 Cash bal. 2.524 643.311.92 1,265.446,294.60

Stock Studies

PENNSYLVANIA RAILROAD % COMMON STOCK t —.MUCE SMAOt EARNINGS PRICE RANGE SCAII . rnr' 00 3-|— i| | -GO 0 DO 31 32 33 34130 31 32 33 341 ° WINCHESTER INSTITUTE OF FINANCE

The securities of the Pennsylvania Railroad Cos. are among the most broadly held of any of our corporations. All told, owned and leased roads total 11.517 miles of main lines giving a railroad network covering nearly all the eastern industrial section of the country. Its trunk lines connect the East with St. Louis and Chicago. The Pennsylvania road is one of the foremost in using the store-door delivery system. It is now estimated that use this method of delivery. FINANCIAL DATA (As of Sept. 30' Capital stock (*SO pan $ 658.384,800 Road, equip, and improvements iless depreciation) . 1,046.974,412 Investments 771.215,664 Funded debt 675.641,564 Surpluses 487.646.562 Net working capital 31.245.748 During the 12 months ended Sept. 30, road, equipment, etc., less depreciation, remained about the same; investments, however, increased nearly $63,000,000. Funded debt was $82,000,000 larger while surpluses dropped $8,300,000. Net working capital was also about $5,000,000 less. The company is in good financial condition and well able to take care of any near bond maturities. In past years Pennsylvania has had good earning ability, but this has naturally been reduced during depression years. The road, however. is one of the few to keep in the black right along. Earnings capital stock were $1.46 in 1933 and 93 cents in the first nine months of this year. Indications are that fullyear earnings will be close to $1.30. Dividends have been reduced several times. Only 50 cents was paid in 1932 and m 1933. One dollar has been paid this year. Pennsylvania Railroad Cos. was incorporated in 1846 in Pennsylvania. The stock is listed on the New York, Philadelphia. Chicago, Boston and London Stock Exchanges. It is currently selling for around 24% and for 184 times estimated 1934 earnings. (All right reserved. Winchester Institute of Finance, Winchester. Mass.)

Retail Coal Prices

The following prices represent Quotations from leading Indianapolis coal dealers A 25-cent carrying charge oer tor will he added. DOMESTIC RET All PRICES Anthracite *13.00 Brazil Lump •■•J Brazil Mine Run 5.25 Coke. Nut Size .. 8.90 Coke. Egg Size ... Indiana Forked Lump No. 4 6.94 Indiana Forked Lump No 6 584 Kentucky Lump Group ‘B*' 7.18 Indiana Egg 5.71 Pocahontas Egg 343 Pocahontas Lumff 83? RAIL ORDER PLACED Northern Pacific Lets Contract to Gary Branch of Steel Cos. A $250,000 steel railway order has been placed with the Gary works of Illinois Steel Cos. by officials of the Northern Pacific Railway. The order calls for the production of 6.000 rails and assures additional working hours for employes during the Christmas holidays. Operation of the steel mills of the Calumet region was estimated today at approximately 40 per cent of capacity. FAILURES REMAIN SAME Thera was p-actically no change in the number of business failures in the United States reported to Dun & Bradstreet. Inc., for the week ended Dec. ’3. Total of such defaults was a3l. compared with 232 the preceding week.

Abreast of The Times on Finance

New York Stock Exchange Prices

ißy Thomson U McKinnon • 11 00 A M. Prev. Oils— High Low N Y close. Atl Rtg 24% 234 234 234 Barnsdall 64 6 6 6 Consol Oil "4 74 74 74 Cont of Del ... 174 174 174 174 Mid Cont Pet .. 124 12 12 12 Ohio OH 34 94 94 94 Pe' Corp 84 84 84 84 Phillips Pet ... 144 144 144 144 Plymouth Oil •• 74 7% 74 "4 Pure Oil ... 64 64 64 64 Roval Dutch ... 29 4 29 4 29 4 29 % Seaboard Ol ... 24 4 24 4 24 4 24 4 Shell Un 64 64 64 64 Soc Vac 14 134 134 144 S O of Cal 304 304 304 304 S Oof Ir.d ... 254 25 4 25 4 254 S O Os N J 414 41 41 414 Texas Corp .20 194 194 194 T. dewater Assn 84 84 84 84 Un Oil of Cal .. 154 154 154 154 Steels— Am Roll Mills ■ 204 204 204 204 Be'h Steel 304 294 294 304 Bvers AM . .. 184 184 184 184 Inland Steel ... 47 4 47 4 4712 474 Ludlum Steel . 15 15 15 15 McKeesport Tin 924 92 92 904 Mid Steel . 104 104 104 104 Natl Steel .... 45 4 45 4 45 4 454 Otis Steel 5 5 5 54 Rep Iron A- Seel 134 134 134 134 Ren Ir & S' pfd 41 41 41 41 ’ a U S Pipe & Pdy 20 4 20 4 204 20 U S Steel . 37 4 36 4 37 37’ 2 U S Steel pfd 82 814 82 824 Warren Bros 34 3‘4 34 34 Youngst’n S & T 184 184 184 184 Motor* Chrysler 39 38 4 38 4 38 4 Gen Motors ... 31 304 304 314 Graham oMt 24 24 24 24 Hudson 114 114 114 114 Hupp .....24 24 24 34 Mack Truck 26 26 4 25 4 26 Nash . .. . 17*2 174 174 174 Packard 44 4 s * 44 44 Reo 24 24 24 24 Studebaker ... 2 14 2 2 Motor Access— ' Eendix 154 154 154 16 Bohn Alum . 57 4 57 4 57 4 574 Bor* Warner 27 4 27 4 275s 284 Briggs 25's 25 25 25’, Elec Auto Lite 264- 26 26 264 Houdaille •'A” . . 74 74 74 74 Murray Bodv ... 64 64 64 64 Timken Roll ... 33 33 33 324 Mining— Alaska Jun .... 194 19 19 19 Am Metals 144 144 144 15 Am Smelt 37 364 264 37 Anaconda 114 104 104 114

UTILITY REPORT DRAWS ATTACK \ Trade Commission Throwing Out Smoke Screen, Group Says. By Times Special CHICAGO, Dec. 19.--Charges that the Federal Trade Commission is throwing oufr a smoke screen to befog the public mind in its desire to win approval for the entry of the Federal Government into the electric light and power business through such •efforts as the Tennessee Valley Authority were made last night by Dr Hugh S. Magill, president of the American Federation of Utility Investors. The smoke screen, it was declared, was the pronouncement of the commission to the effect that public utility companies had boosted predepression prices in which investors afterward lost millions of dollars.

“Whatever the evils of utility promotion prior to 1929, the whole industry can not be condemned for the errors of a few,” stated Dr. Magill. “The truth is that actually several million citizens who wish to be self-supporting to pay their share in support of the government have suffered losses amounting to billions of dollars in the value of their securities because of the threat of destructive government competition and exhorbitant taxation. “In contrast the government is expending millions of dollars to help home owners and farmers in the retention of their private property. “The utility companies issuing these securities are regulated under state laws. In the main, the securities themselves were issued under governmental supervision and many were declared legal investments for savings banks, insurance companies and trust investments. That there was inflation of values in utility as well as in other stocks does not justify the wholesale attack the trade commission is now making. Grave abuses on the part of some utility managers do not warrant the Government in confiscating the property of thrifty investors.”

GRAINS IRREGULAR IN INITIAL TRADES Conflicting Influences Act as Deterrent. By United Frcss CHICAGO, Dec. 19.—Conflicting influences disturbed grains on the Board of Trade today and the price trend was irregular. At the start wheat was *4 cent lower to cent higher, com was off M to up ti cent, oats were up *4 to and rye was up 14 to cent. The short interest at Liverpool was becoming important and holders of grain were firmer in their views. The English market tended to the upside early. The trade generally regarded weather conditions in the domestic belt as favorable to the growing crops and ' selling was encouraged on this count. Little attention was paid to the Government crop report issued after the close yesterday. (By James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. close. Dec. .99 ! 98 1 2 98 T . 98‘. Mav 93*. .98'. .99S .99' 2 July 93*. .92’, .93S -93 1 , CornDec 90-'. .89’ ,90 ! . .90'. May 87’. .87 .87*2 .87'. July 84'* .84 = . .84'2 .84'. Oat*— Dec 54'. .54*2 -54'. .54', Mav .32'* .52S 52 ! a .52'. July 48 .47'. 47 .47', RyeDec 78 1 . .78H .775, .78'. May 97'* .77 77H .77', July 76'2 76’*, .76‘a .77 LOCAL CASH MARKET Cltv grain elevators are paying 90 cent* for So. 2 soft red wheat. Other grades on their merits Cash corn No. 3 yellow 84 cents and oats 48 cents. H. L. RICHESOX PROMOTED NEW YORK. Dec. 19.- Harold L. Richeson, general sales manager cf Canada Dry, has been appointed general sales manager of the Pleasant Valley Wine Cos., it was announced today.

INDIANAPOLIS, WEDNESDAY, DECEMBER 19, 1934

Cal & Hecia 33 33, Cerro De Pasco 424 414 42 424. Dome Mines 394 39 39 39 4 Orßnby 7 7 7 7 Gt Nor Ore •... 114 114 114 IP* Howe Sound 50 494 494 50 Int Nickel 224 22 s . 22', 22 4 Kennecott Cop 17 164 16’, 17 Mclntyre Mine 454 42 42 42 Park Utah ... 34 34 34 34 Noranda Cop ... 34 33 4 33 4 34 Phelps Dodge .. 15 14’* 14’* 15 St Sm* Lead ... 174 164 164 17 U S lsmelters ..1244 122 122 1244 Vanadium 18 s * 184 184 IS 1 * Amusement,— Croslev Radio ..13 13 13 Fox Theat 134 134 134 134 Loews Inc 35’* 35 4 35 4 36 Radio Corp 54 44 4’* 54 Paramount 34 34 34 34 RKO ... 24 24 24 2% Warner Bros ... 44 44 44 44 Tobacco,— Am Snuff ■— 67 4 67 4 67 4 67 4 Am Sum Tob 23 23 23 23 Am Tobacco B” 824 82 4 874 824 Lig & Myers B’ 104 4 103 4 103 4 104 4 Lorillard 194 194 194 20 Phillip Morris 484' 48 4 46 4 46 4 Reynolds Tob B’ 50 494 494 50 Rails— Atchison . 534 524 53 54 Atl Coast Lines 34 4 34 4 34 4 35 B & O 14 134 134 144 Can Pacific 114 114 114 IP* Ch & Ohio .... 43 s * 43 4 43 4 43 4 Chi & Gt W ... 2 2 2 14 C M & St P 24 24 24 24 C M & St P pfd 4 34 34 44 Chi N W pfd... 9 9 9 94 Dela & Hud ... 424 42 42 42 4 Del Lac & W .. 184 18 18 1 84 Erie 124 124 124 124 Grt North pfd 174 164 164 17 111 Central 164 16 16 164 Lehigh Valiev . 104 104 104 104 M K & T 54 54 54 54 MK & T pfd 134 134 134 13 s * Mo Pac 14 14 14 24 Mo Pac pfd 24 24 24 24 N Y Cent 204 20 4 204 21 N Y New Haven 74 74 74 74 N Y Ont & West 54 54 54 Norfolk & West 1694 1694 1694 1704 Nor Pacific .... 204 20 20 204 Penn R R 244 23 23 24 Sou Pac 174 174 174 174 Sou R R 154 154 154 16 Union Pac 1074 106% 1064 107 Wabash 14 14 i% West Maryland .9 9 9 94 Equipment,— Am Brake Shoe 254 25 25 254 Am Car & Fdv . 17'* 17% 174 174 Am Loco .... 17 17 17 17 Am Steel Fdv .. 17 164 164 164 Bald Loco 5% 54 54 54 Gen Elec 194 194 194 194 Gen R R Slg ■ 26 4 26 4 26 4 26 4

Wall Street ■BY RALPH HENDERSHOT-

Time, Special Writer NEW YORK, Dec. 19.—Fred W. Herendeen, president of the New York State League of Savings and Loan Assns., has made the interesting suggestion that if the Government desires to subsidize the building industry in any way it should appropriate $1,000,000,000 for the purpose of destroying unsatisfactory buildings rather than for con-

structing new ones, as has been proposed. The sugges ti o n was a rather backhanded one, however. He laid particular stress on the word “if,” indicating that he was not particularly interested in seeing the government getting into the fiield at all. He made the point that there is

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already an over- 4 supply of homes and that the small returns from them as a result of this condition is scarcely enough to meet tax payments. Two important problems are involved in Mr. Herendeen’s suggestion. The one has to do with the question of whether it is economically sound to destroy property, and the other raises the issue of whether or not the oversupply of housing is as real as it seems. / man BOTH involve the condition of business to a very great extent. Those who live in the houses Mr. Herendeen would have destroyed do so through necessity rather than preference. They probably would not be in a position to pay the higher rents which would be necessary if they were deprived of their present homes, and consequently would become one more problem for the government to attempt to solve. The Government of this country has seen fit to plow under cotton and to pay a premium to farmers for not raising grain and hogs. Other governments have taken similar action where an oversupply exists. Precedent, therefore, for Mr. Herendeen’s proposals has been established. Proof that these steps have been economically sound, however, is lacking. The depression undoubtedly has made it necessary for many families to double up in their living quarters. This has reduced the demand for buildings to a very marked degree. A careful study of this situation would reveal some very interesting facts. mao IT may be supposed that the better demand in New York City for housing facilities had been the result of the relatively small improvement in business in recent months. A return to normal business conditions might well result in an actual shortage of homes. The recent developments looking toward the renovation of homes is reported to have brought excellent results, so it might be better for the Government to concentrate its efforts in that direction rather than in either the building of new homes or the destruction of those now in existence.

monthly; daily from June Ist1 st i 48 ; 44 1 DAILY AVERAGE 44 ! 300 COMMON STOCKS 42 \ 1 4Q - ■ iWctiel Mirkct Bureau, ■ ■ 1 1 1 " 38 ! = % i ; 34 1 a iMi 30 —Im 28 1 111 ijj jj i ”!l !!i ill ii; ii ii rrfi ii irfi ■1 ii i; i■: ■ : 241 1 iiiii Hii ii i" ii ii ii ii ; ;; ; :; ; , oo I I I I I I I II I I I I I I I ' I t I I I I 1 1 * 22 1 ii 111 ini iii i j i ii i ii 1 ;•; ; ; *; : ;; ; ; —iiii ii ill ii? ii ii i 1 i 1 i 1 > 1 ? ! 2U miii ii 11 ii mii ii nn ii ;; ; • ;' ; ;; ; , n MIII II 11 iii ii i j I lllii i i t H>OZIDQ:Q:>i 7142128 512 19 26 2 9 lb 23 30 61d2027i10 18 25 I 815 2228 615 g§w<uj<a< JUNE j UL Y AUG. SEPT. OCT. NOV DEC

Pullman Inc ... 464 46 4 46 4 46 s * West Air Br 24 4 23 4 23 4 24 Westingh Elec .. 334 32 4 32 4 334 Utilities— Am 6c For Pwr 44 44 4’* 44 Am Pwr & Lit 34 34 34 34 AT&T 1054 1044 1044 105% Am Wat Wks . 144 14 14 144 Col Gas & Elec. 74 74 74 74 Conn & Sou ... 14 1 14 14 Consol Gas 22 4 20 4 20 * 22 4 Elec Pwr & Lit 2’* 2’* 24 3 Int Hydro Elec . 2 s , 24 24 24 Interboro R T . 164 184 164 164 Lou G & E iA i 13 124 124 13 Nat Pwr & Lit . 74 7 7 74 North Araer . 134 124 12', 134 Pac G & E 144 14% 144 144 Peoples Gas 2P* 20 204 204 Pub Serv N J ... 28 264 - 264 284 So Cai Edison 114 104 • 104 114 Std Gas 44 4'# 44 4’* Stone & Webster 44 4 4 44 44 United Corp .3 24 24 2’* Un Gas Imp 124 124 124 12% Ut Pwr & Lt (A) 14 14 I** 14 Western Union .33 4 32 4 33 33 4 Rubbers— Firestone 164 164 164 164 Goodrich 104 10% 10% 104 Goodyear 23% 234 23% 24 4 Kelly Spring ... 14 1% 1% 14 U S Rubber . 164 164 16% 164 U S Rubber pfd . 41 41 41 42 Miscellaneous— Amer Can 1074 107 1074 1074 Am Mach & Fdy 214 214 214 21% Brklyn Man Tr .40 4 40 4 40 4 40 4 Burroughs Add.. 144 14% 14 s * 15 Conti Can 614 614 61% 614 Caterpillar Tract 37 36% 36', 37 Crown Cork 23 4 23 23 24 Curtis Pub 21% 21% 21% 214 Deere &Cos -. 24% 244 244 24% Eastman Kodak 1104 109’* 1104 109% Foster Wheeler . 14% 14 14% 14% Gillette 13’* 13% 13% 134 Glidden ... 274 27 274 27% Int Bus Mach 157% 157% 157% 1584 Inter Hrrv 35% 374 374 38 Natl Cash Reg . 174 17 17 17 Owens Bottle .. 83 83 83 83% Rem Rand 94 94 94 94 Foods— Am Sugar 65 4 65 4 65 4 66 Armour Com 54 5% 5% 54 Armour 6% pfd 664 66 4 66 4 67 Beatrice Cream 164 164 164 16 Borden Prod . 234 23 234 234 Cal Packing . . 364 36 4 364 36% Can Dry G Ale. 15 15 15 15 Corn Prod ... 63 62 4 62 4 63 Crm of Wheat 36' * 364 36% 36 Cuban Am Sugar 44 44 44 44 Gen Baking .... 7 7 7 7 Gen Foods 344 34 4 34 4 344 Gold Dust 174 174 174 174 G W Sugar ..... 28 274 274 284 Natl Biscuit ... 264 264 26 4 27 Natl D Prod ... 164 164 164 164 Purity Bak .... 104 104 104 104 S Porto Rico Sug 214 214 214 22 Std Brands 184 18 184 184 Un Biscuit 25 25 25 25 United Fruit ... 744 734 734 74’* Wrigley 744 744 744 744 Retail Stores— • First Natl Stores 574 56 56 574 Gimbel Bros 44 4% 44 44 Hahn Dept Sts.. 64 64 64 64 Jewel Tea 554 554 554 55 Kresge S S 20 4 20 4 20 4 20% Kroger Groc ... 28 4 28 4 28 % 284 Macv R H 454 444 454 45 McCrorv St ... 10% 94 104 104 McLellan St ... 154 14% 15 154 Marshall Field . 104 104 104 10% May Dept St.. 43 4 43 4 43 4 43% Mont Ward 28 4 27 4 27 4 28% Natl Tea 104 104 104 104 Penney JC . -.71% 70% 704 74% Safeway St ... 48 4 48 48 4 48 4 Sears Roebuck . 394 38% 394 394 Woolworth 514 514 514 514 Aviation— Aviation Corp .. 5% 54 5% 54 Boeing Aircft .. 94 94 9% 94 Curtiss Wright 24 24 24 24 Curtiss Wright A 84 84 8% B’* Douglas Air ... 234 23 23 234 Nor Am Av 3% 34 34 34 Sperry Corp 94 94 94 9%, United Air new 134 134 134 134 Chemicals— Air Reduction 109% 1094 1084 109' 2 Am Com Alcohol 314 31 31 32 Col Carbon .... 72% 72 72 724 Com Solvents .. 21% 20% 204 214 Dupont 93% 93 4 93V* 934 Freeport Tex .. 244 24 24 244 Math Alkali .... 294 284 284 28% Monsanto Ch .. 55 4 54 4 54 4 554 Natl Dis new .. 27 4 26 4 27 27 Schenlev Dist . 254 254 254 26 Tex Gulf Sulph. 33 32 4 32 4 33 Drugs— Bristol Myers .. 324 324 324 324 Coty Inc 6 54 6 54 Lambert 271* 27 4 27 4 2.4 Sterling Prod . 584 584 584 584 Un Drug (new). 134 13 134 13 Zonite Fred ... 4 4 4 44 Financial— Adams Exp .... 7 64 6% 7 Allegheny Corp . 14 14 14 14 Am Int Corp ... 6 6 6 64 Transamerica .. 54 54 54 54 Tr Conti Corp... 3% 34 34 34 Building— Am Radiator ... 154 144 15 154 Gen Asphalt ... 15 4 15 15 154 Holland Furnace 84 84 B'* Bs*8 s * Int Cement . 284 28% 284 284 Johns Manville . 52% 514 514 524 Libby Owens Gls 28 27% 27'/a 28 Otis Elev 14 14 14 14 U S Gvpsum ... 47 47 47 474 Ulen Cons 1% 14 14 14 Household— Col Pal Peet ... 164 164 164 164 Congoleum 33 33 33 324 Proc & Gamble 43% 43 43 43 4 Servel Inc ... 74 7 7 74 Simmons Bed .. 94 94 94 94 Textiles— Amer Woolen ... 9% 84 9 9% Belding Hem ... 114 114 114 114 Celanese Corp . 32 31 s /, 32 324 Collins Aikmah 124 124 124 124 Indus Rayon ... 30 29% 30 314

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Chicago Stocks

(By Abbott, Proctor & Paine) 11:00. Prev. A. M. close. Berghoff 24 2% Bendix , 154 16 Borg Warner 28V* 28% Butler Bros 74 74 Cent 111 % % Chicago Corp 24 2% Chicago Corp. pfd 30 30 Crane Cos 10 10 Comwealth Sc Edison 45 46 Cord Corp 34 4 Elec House 134 14 Marshall 101, 10% Pub Servos 111 14 14% Prima 14 1% Swift 174 174 Swift Int 32 V 33 V* Utilities Invest 4 4 Zenith 2 2'/a

New York Curb

(By\Abbott, Proctor & Paine) 12:00 Noon Prev. N Y. close. Allied Mills 124 12% Alum Cos of Am 47% Am Cyanide "B” 154 154 Am Superpower 14 1% Atlas Corp 84 84 Carrier Corp 17 s * 174 Distillers Corp 134 134 El Bond & Share 74 74 Gulf Oil of Pa 544 544 Hiram Walker 24’* 25 Humble Oil 46 4 464 Lake Shore Min 534 53 Lone Star Gas 44 44 Natl Bellas Hess 24 24 Newmont Min 38% 38% Nia Hud Pwr 34 34 Novadel Agene 221* 224 Pan Am Airways 38 40 Park Davis 32 4 324 St Regis Paper 14 l 5 * Std of Ky 174

DURABLE GOODS PRICES VIEWED HIGH IN SURVEY Consumer Goods Industry Held Absorbing Bulk of Income. By Times Special NEW YORK, Dec. 19.—The two major obstables to a revival of the durable goods industry are that prices of durable goods are too high in relation to the national income and that the consumer goods industry is absorbing too great a proportion of the national income, the Alexander Hamilton Institute declares in a study of this situation. While it is beginning to be admitted that the prices of durable goods are too high, the Institute says, there *s little being done to lower them Lecause of the difficulties involved. For instance, it is pointed out, wage rates are too high and labor is strongly opposed to reductions. Practically Unrecognized “The second obtacle to a recovery of the durable goods industry,” the survey continued, “seems to be practically unrecognized since the measures taken have served to enlarge this obstacle rather than to eliminate it. The raising of wage rates in the consumer goods industry and the consequent increase in prices has made it impossible for the durable goods industry to obtain its normal share of the national income since the rise in the prices of consumer goods has not curtailed proportionately the consumption of such goods. “The fact that the consumer goods industry has benefitted from this policy has been considered justification for the policy because it generally been overlooked that the apparent welfare of the consumer goods industry has been at the expense of the durable goods industry. “The durable goods industry, however, can not be fully revived unHl it is attacked through the consumer goods industry. In other words, lower operating costs and lower prices for consumer goods must be effected before the durable goods industry is in a position to obtain its nominal share of the national income. Idle Cut Needed “This does not mean, however, that the consumer goods industry must be penalized for the benefit of the durable goods industry. On the contrary, a revival of the durable goods industry will benefit the consumer goods industry. The employment of the idle by the durable goods industry will restore the consumer goods industry to a sound basis. “Such a basis is lacking at the present time because the consumer goods industry, in maintaining relatively large production despite high prices, is now dependent to a considerbale extent on Government relief payments to the unemployed. Such relief payments must eventually lead to the exhaustion of Government credit and an economic disaster which will not be compensated for by the temporary benefits which the consumer industry is now enjoying.”

Other Livestock

(By United Press) CHICAGO. Dec. 19. —Hogs—Receipts, 29,000, including 12.000 directs; slow. 10c higher than Tuesday’s average; weights above 240 lbs., $6,25®. 6.35; top. $6.40; 200240 lbs.. $5.85® 6.25; 170-200 lbs.. $5.15® 5.90: 140-170 lbs.. $4.25® 5.25; pigs. $4 down: packing sows, $5.75® 6: light, lights, 140-160 lbs., good and choice, $4®5.10; lightweights, 160-200 lbs., good and choice, $4.79® 5.95; medium weights. 200-250 lbs., good and choice. $5.75® 6.40; heavyweights. 2501350 lbs., good and choice. $6.30® 6.40: packing sows. 275-550 lbs., medium and choice. $5.25®6: slaughter pigs, 100-130 lbs., good and choice. $2.50® 4. Cattle — Receipts, 9.000 commercial. 100 Government; calves, 2500 commercial, 100 Government: slow, weak market on better grade light and long yearlings, but all grades weighty steers and common and medium grade light offerings fully steady; top. $10.25 paid for 1328-ib. 'averaged; best, light steers $lO but very little done on yearlings with supply liberal; other killing classes mostly steady to strong: largely a light steer and yearling run: slaughter cattle and vealers: Steers, 550-900 lbs., good and choice, $6,500/9.25; 900-1100 lbs., good and choice, $6.75® 9.75: 1100-1300 lbs., good and choice, 65.75® 10.25: 1300-1500 lbs., good and choice. $6.75® 10.25; 550-1300 lbs., common and medium. $2.75® 6.75; heifers. 550-750 ibs.. good and choice. $5.50® 8.50; common and medium. $2.50®5.50; cows, food. $3.50® 5.25; common and medium. 2.10®3.50; low cutter and cutter cows. $1.25® 2.10; bills, yearlings excluded, good beef, $2.90® 3 90; cutter, common and medium, $2.25® 3.40; vealers, good and choice. $4.75® 6; medium, $3.50® 4.75; cull and common, s3® 3.50, Stocker ana feeder cattle: Steers. 550-1050 lbs., good and choice. $3.75®4.75; common and medium. $2.25® 4. Sheep—Receipts. 8.000; indications fullv steady with Tuesday’s late advance or upward to $7.75 on good so choice slaughter lambs: best held well above $7.35: sheep strong to 25c higher; best ewes quotable $3.50. Slaughter sheep and lambs: Lambs. 90 lbs. down, good and choice. $7®7.85; common and medium. $5.50® 7.15: ewes. 90-150 lbs., good and choice, $2.25® 3.50: all weights, common and medium, s2® 2.60: feeding lambs. 5075 lbs., good and choice. ss® 6. LEAD PRICE BOOSTED NEW YORK, Dec. 19. The American Smelting & Refining Cos. has advanced the price of lead 10 points to 3.70 cents a pound, it was learned today.’

ECONOMIES HELPFUL

.a*

Mayor Edward J. Kelly

Reflecting economies advocated by Mayor Edward J. Kelly, credit of the City of Chicago is improving. On Monday a syndicate of banks purchased $22,300,000 worth of the municipality's bonds from the Reconstruction Finance Corp.

PORKERS CLIMB 5 TOIOCENTS Cattle Prices Stationary: Lamb Values Strong at $7.75 Down. A firm trading range featured initial deals in the hog market at the Indianapolis Stockyards today. Practically all classes were generally 5 to 10 cents higher than yesterday. Underweights contributed the major increase. Early supplies, estimated at 8000, were only slightly above the normal figure. Demand was strong. The bulk, 160 to 200 pounds, was selling at $5.55 to $5.85, while heavies ranging from 200 to 350 pounds brought $5.95 to $6.20. Top price was $6.25. Extremely light killing pigs, weighing 130 to 160 pounds, were salable at $4 to $5. Other small slaughter grades, scaling from 100 to 130 pounds, cashed in at $2.75 to $3.75. Good packing sows held at $5 to $5.75. Holdovers were 448. Receipts were light in the cattle market with only a slight change evident in prices. Early quality was low with nothing on hand to command top prices. No early sales were reported. Receipts numbered 800. Vealers were largely 50 cents higher than yesterday’s opening, selling at mostly $7 down. Receipts were 500. An advance of 25 cents marked trading in lambs. Bulk of good handy weights was salable at $7.75. while extreme heavies ranged from $7 to $7.50. Throwouts sold at $5 to $6.50. Slaughter sheep were reported selling at $3.50 down. Receipts were 1200. HOGS Dec. Bulk Top. Receipts. 13. $5.45® 5.65 $6.15 12.000 14. 5.75® 5.65 6.05 10.000 15. . 5.50® 5.80 6 20 2.000 17. 5.60@ 5.90 6.30 7.000 18. 5.50® 5.80 6.20 10.000 19. 5.55® 5.85 6.25 8.000 (140-1501 Good and choice $4.50® 5.25 (150-180) Good and choice ... 5.55® 5.75 (180-200) Good and choice ... 5.75® 595 (200-220) Good and choice.... 5.95® 6.10 (220-250) oGod and choice ... 6.10® 6.25 (250-290) Good and choice .... 6.15® 6.25 (200-350) oGod and choice ... 5.95® 6.15 (275-350) Good 5.50® 5.75 Packing sows: (350-425) Good 5.40® 5.65 (275-5501 Good 5.15® 5.50 (275-550) medium 4.75@ 5.40 (100-1301 Slaughter pigs, good and choice 2.75® 3.75 CATTLE —Reecipts. 800— —Steers—-(sso-900) Choice $2.25® 8.25 Good 6.00® 7.75 Medium 4.00® 6.25 Common 2.50® 4.00 (900-1100) Choice B.oo® 9.00 Good 6.25® 8.25 Medium 4.25® 6.50 Common 3.00® 4 25 (1100-1300) Choice 8.75® 9.75 Good 6.50® 8.75 Medium . 4.50® 6.50 (1300-1500) Choice 9.00® 9.75 Good 6.75® 9.00 —Heifers—-(sso-750) Choice 6.75® 7.25 Good 5.25® 6.75 Common and medium 2.50® 5.25 (750-900) Good and choice 5.50® 7.75 Common and medium 2.75® 5.50 —Cows— Good 3.00® 4.00 Common and medium 2.00® 3.00 Low cutter and cutter 1.25® 2.00 —Bulls—(Yearlings Excluded) Good 3 00 ® 3.50 Common and medium 2.00® 3.00 VEALERS —Receipts. 500— Good and choice *5.50® 6.50 Medium 3.50® 5.50 Cull and common 2.00® 3.50 —Calves—-(2so-500) Good and choice .... 4 75® 6.50 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 1800-1050) Good and choice ... 4 0041 5.25 Common and medium 2 75® 4.00 Good and choice 3 00® 425 Comon and medium 2.50® 3.00 —Cows — Good / 2.50® 3 00 Common and medium 2.00® 2.50 SHEEP AND LAMBS —Reecipts. 1.200 Lambs. 90-lb. down, good and choice $7 25® 7.75 Common and medium 5 00® 7 25 90-120 lbs., good and choice.. 2.50® 3.50 Sheep—-(l2o-150) Good and choice...- 2.00® 3.00 All weights, common and medium 1.25® 2.50

Other Livestock

*Bv United Press) FT WAYNE. Dec. 19 —Hogs—Steady to 10c hither; 250-300 lbs., $6.15: 225-250 lbs., $6: 200-225 lbs.. $5.90. 160-200 ibs.. $5.70; 160-180 lbs., $5.45: 300-35 C lbs . $5.80; 150160 lbs.. $4 60; 140-150 ibs , $4 35; 130-140 lbs., $4; 120-130 lbs.. $3.50; 100-120 lbs, $3; roughs. *5.25; stags, $3.25' calves, $6.50; lambs, $7.25. LAFAYETTE. Dec. 19.—Market, generally 5c to 10c higher; 250-300 lbs.. $6.106 6 20; 300-325 ibs.. S6; 200-250 lbs . $666.05; 200220 lbs. $5.806 5 90. 180-200 lbs., $5,606 5.70; 160-180 lbs.. $5 40 6 5.50; pigs. $4.75 down; roughs, $5.5 down. Calves strong to oc higher; $6 down. ißy Times Special) LOUISVILLE, Dec. 19— Cattle—Receipts, ?00. supply light; demand slightly improved; market more active and fully steady; bulk plainer grade steers and heifers on killer account. $3.25 6 4 50: one load desirable 560-lb. yearlings. $5 75; strictly good steers and heifers quotable higher: bulk beef cows. $2 6 2 50; good kinds eligible higher; low cutters and cutters mostly $161.75. bulk sausage bulls, $2.75 down; plainer grade Stockers mostly, $2.50 6 3.75; desirable Hereford stock calves. $4.506 5. Calves—Receipts, 175. market steady; bulk better vealers. *4.606 5 50; strictly choice offerings eligible. $6, medium and lower grades. $4 down. Hogs— Rece.pts. 700: marl’t. 15c higher; too and bulk desirable. 230-300 lbs.. $6.15; 200225 lbs . S6 305 lbs. up $5 70: 180-195 lbs.. $5 40; 160-175 lbs.. $4 70; 140-155 Ibs.. $4 20: 120-135 lbs.. S3 50; sows. $4 40 Sheep —Recemts, 100; maixet generals steady: most medium to good lambs. $5,756 6 25; choice kinds eligible higher; most bucks. *4.756 5.25; light throwouts, *4; better fat slaughter ewes, $1.50 h 2.

Latest S>tock, Bond and Commodity Quotations

UTILITY PLANT FOR N. Y, CITY | SEEN POSSIBLE High Charges for Public Buildings Resented by Officials. By I'nitrd Press NEW YORK. Dec. 19. —Resentment of city officials at utility rates quoted for public buildings was expected today to lead to early consideration of plam for a municipal power plant. Nine bids on city service by public utilities for street lighting, power and steam were rejected by Maurice | P. Davidson. Commissioner of Water Supply, Gas and Electricity.. ! He charged the rates were exorbitant and “an unwarranted assumption of arbitrary privilege under a monopoly service rendered possible by a specific franchise grant.” Held Overcharging Mr. Davidson said utility companies had been overcharging the city by about 30 per cent and that the new bids contained surcharges ranging up to 6.9 per cent, apparently to cover new city taxes, j This added item would increase the city's annual utility bill by about j $700,000. Formal rejection of the bids were made yesterday. The utilities will | continue to serve the city aftqr their contracts expire and will seek to recover reasonable charges. Companies involved are the Queens Borough Gas and Electric Cos., Staten Island Edison Cos., the New York and Queens Electric Light I and Power Cos., Brooklyn Edison Cos., j New York Edison, United Electric Light and Power, Westinghouse Lighting, Bronx Gas and Electric and the New York Steam Corp. Preparing Report In rejecting the bids, Commissioner Davidson said he expected S soon to recommend to the adminisi tration that the city supply its own power and light. His department is preparing a report on studies of steam heating and generating plants It will be completed within a month. Mayor Fiorello H. La Guardia again entered the utility controversy. He directed Corporation Counsel Paul Windels to oppose a rate adjustment sought by the companies from the Public Service Commission. La Guardia declared war on utilities Sunday and charged they were attempting to shift new tax burdens on the consumer. STEEL OUTPUT SEEN INCREASED NEXT YEAR 60 Per Cent Operating Rate Hoped for in First Half of 1935. By Times Special CHICAGO, Dec. 19.—Optimistic steel men were predicting privately today that the industry will be revived in the first half of 1935 to the tune of 60 per cent operating rate, and possibly more. A $100,000,000 program of new equipment, most of which is now in progress, is based on the belief that demands for steel will come not only from the automobile and railroad industries and from public works projects, but from the increased buying power of the farmer as well. Steel men here recall that only last Thursday a trainload of farm equipment left the International Harvester plant in Indianapolis with 45 carloads of tractors, cream separators and stationary engines. This was the first such shipment that has left the plant since 1929. TRADE RISE IS NOTED Retail Business in Ninth Reserve District Shows Increase. By Times Special MINNEAPOLIS, Dec. 19. All sections of the Ninth Federal Reserve District showed larger gains in retail trade for November than for the corresponding month in 1933, according to a Federal Reserve Bank report out today. Twenty city department stores in the district, which includes Minnesota, the Dako&s, Montana and parts of Wisconsin and Michigan, reported an increase last month of 19 per cent in dollar volume, while county general stores showed an increase of 27 per cent.

Produce Markets

Delivered in Indianapolis prices: Heavy hens. 10c; Leghorn hens. 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. ana 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. 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. 316 32c. Butterfat—27c. Quoted by the Wadley Company. ißy United Press) CHICAGO, Dec. 19.—Eggs—Market steady; receipts, 1426 cases; extra first*, 27c; fresh graded firsts, 26c: current receipts. 23c; dirties: No. 1. 19' 2 c: No. 2. 18c; checks: No. 1. 17’ac; No. 2,16 c Butter —Market steady; receipts, 6491 tubs; extra firsts (90-91 ( < score). 27>*628c extras <92 score). 29c; firsts ■ 38-89 scorL. 28'i 6 27c; seconds iB6-87' 2 scorei, 256 25' 2 c: specials. 29' 2 6 30c; standards, 28c. Poultry—Market, firm; receipts. 32 trucks, 3 cars due; springers. 12' 2 616 c; ducks. 15 6 17c; geese. 10616 c: turkeys. 23c; hens. 86,13‘5c; Leghorn springers. 10c; capons. 6 to 7 lbs.. 19c. Cheese—Twins. 13’6 14c, Daisies. 14 , 4 614‘ 2 c; Longhorns. l : 2 c Potatoes—Supply i.beral; demand ar.d trading slow; market weak; Wisconsin round whites, 70677 , a c: fine quality 606 85c; commercial grade. 656 70c; Idaho russets. $1,506.1 55; fine quality, $1.57‘/*® 1.60; Colorado McClures redi. $175; one car. $1 90: two cars. $2 Arrivals, 56; on track. 235; shipments. 398.

Hides and. Skins

3’ic flat; green country bulls and glues. Hides —Green country cows and steers. 3’sC flat; Green country bulls and glues. 2c fiat; green country calf hides, 4 ; 2 c; flat; green country kip. 3’ 2 c: o. 1 large horse hides with full heads, shanks, manes and tails, $2.50; medium size. $2. Ail No. 2 grade horse hides. 50c less: glues and pomes half price. No. 1 rendered tallow. 46 4‘ac: No. 2 at value. Yellow crease. Va3 l 2c: dark grease. 2 : 2 s*3c.

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