Indianapolis Times, Volume 46, Number 191, Indianapolis, Marion County, 20 December 1934 — Page 26

Trends a a a Metropolitan Life Announces Cut in Interest Bi VINCENT S. LYONS Timrt Financial Editor

Announcement has just been . made by the Metropolitan Life Insurance Cos., the nation’s largest company in the field, that it will slash the interest rate for computing premiums and reserves on new ordinary policies from 34 to 2 per cent. In effect, this change will mean an increase of about 64 per cent in premium rates. In o’her words, a policy which now costs SIOO under the 34 per cert rate will cost approximately $lO6 50 under the interest adjustm< n* which has be£n announced. However, this change applies only to policies written in 1335. Holders of policies now in effect will not have to pay a higher premium as their net tost is not affected by this action. I This development is one more ' in ranee of the national trend toward lower interest rates on capital. Institutional sources, such as insurance companies and banks, have been forced to lower their interest rates on policies and bank deposits as a matter of economy. The rates they pay to individuals ran not safely be maintained in these times when the institution itself i hard pressed finding an investment outlet for its funds. a a a AN interesting commentary on this situation was recently made hv the Bank of the Manhattan Cos This institution pointed out that a year ago the average return on its loans and investments was under 3 4 per cent and today this return is less than 24 per cent, a reduction of a full 1 per cent. This comparison aptly demonstrates the dilemma confronting such institutions. Quite a lew evidences of the trend toward lower interest rates have come to light in the last few months. An earlier development in the insurance field pointing this way was the action of some companies in regard to new annuities policies. Several units have increased their rates, some of them have made adjustments in connection with certain forms of annuities and crjiers have discontinued the policy with retirement benefits. Only this week the Federal Reserve Board and the Federal Deposit Insurance Corp.. in a joint announcement declared that beginning Feb. 1 the maximum interest payable on time and savings deposits will be reduced from 3 to 24 per cent. This action only served to establish a maximum interest rate, as manv institutions throuchout the country already have pared their rates to 24 and 2 per cent. a a a \ PETITION has been filed in l\. Federal Court at Chicago asking reorganization of the Drexel Park Cumberland Presbyterian Church under Sec. 77-B of the amended bankruptcy law. This is probably the first church in the country to seek reorganization in this manner. Liabilities of the church were placed at $50,000 and assets at the unestimated value if the property and good will of the "hurdi. Corporations have almost a uniform policy of writing down the item of good will to the nominal value of sl. A church being a vastly different organization, it will be interesting to learn just what a fair estimate of good will would be for such an institution. The Drexel Park Cumberland Presbyterian Church has one ether claim to distinction. It is the institution in which at one time one of the largest men's Bible classes in tl\e city was taught by John Bain, who later headed a chain of twelve defunct banks. Stock Studies The Firestone Tire and Rubber Cos. is one of our big four" i abber companies, and the second largest manufacturer of rubber tires in this country. The company, or its subsidiaries. also manufactures rubber boots, shoes and heels, as well as an almost complete line of automobile accessories. The automobile accessories business gives the company a wider diversification of output. The company owns rubber plantations in Liberia and two textile mills in New England. Products are distributed in this country through 200 branches to over 30.000 dealers and in foreign countries through about 300 branches. Plants are strategically located throughout the world with main plant in Akron. O. FINANCIAL DATA lAs of Oct. 311 Comnvn stock 510 p3r‘ shares 1.897.597 t* Preferred stock 546.597.970 Funded debt 17.350.000 Surpluses 34 429 746 Cash 10 614 594 Inventories . 36.326 223 Total current assets 62.087.150 Current liabilities 14.302.315 During the fiscal year ended Oct. 31. funded debt decreased by about 51.600.000. Cash dropped $3,700,000. but inventories were about 57.800.000 larger while net working capital was $2,400,000 less. Surplus gained $600,000. On Oct. 31. the current ratio was better than 44 to 1 while the book value of the common stock was S2B 20 or a gain of $1.03 in the fiscal year. Firestone has shown remarkable earning ability through the depression. A 21-cent deficit in the 1933 fiscal year was changed to a 71cent profit in the last fiscal year. was the only larger rubber company to maintain common dividends right through the depression although these were naturally decreased. A dividend of 55 cents was paid on the common in 1933. The present annual rate is 40 cents. Firestone was incorporated in 1910 in Ohio. The common stock is listed on the New York and Cleveland Stock Exchanges. At a current price of around 164 it sells to yield nearly 24 per cent on the present dividend rate and for 23 times earnings. <Ali Right; Rexr-ed. Winchester Institute nf Finance. Winchester. Mass.) RESIGNATION ACCEPTED Bp Tam, * Special WASHINGTON. Dec. 20—The resignation of Amos L. Beaty. New York, as chairman of the oil industry has been accepted by the Planning and Co-otrination Committee, it was reported today. J. D. Collette, Ft. Worth, has been cho6en as his successor.

PAGE 26

STOCK MARKET MOVES AHEAD: UTILITIES DROP Steadier Tone Shown Despite Selling of Power, Light Shares. ■ Hu l n’t, ft prt *x NEW YORK, Dec. 20.—The Stock market steadied today and leading i issues advanced, despite some further liquidation of utility shares. Around noon a sizeable group of stocks registered small gains. U. S. Steel came back to the previous close of 36". after a fractional decline. American Can firmed to 107 -. up Case, 52, up 4: New York Air Brake. 25. up 4; Standard Oil of New- Jersey 414. up 4; General Electric 19 4, up 4; Du Pont 934, up 4, and Chrysler 38 4, up 4 Utilities w r-te depressed at the opening and for a time in the eariy trading. The Dow-Jones utility average made anew low since 1932. Even that group firmed from the lows in lighter turnover than yesterday. Railroad shares were steady, oils firm, textiles higher, and store shares resuming their rise. Utilities were depressed sharply for a time. Consolidated Gas touched anew low at 194, off 14; Public Service 264. off 4; the 5 per cent preferred 70, off 14, and the 6 per cent preferred 82. off 34. American Telephone touched 1024, off 14. x

Money and Exchange TREASURY STATEMENT ißy United Press) WASHINGTON. Dec. 20. —Government expenses and receipts for the current fiscal year to Dec 18. compared with the corresponding period of the previous fiscal year: This Year Last Year Expenses (3.314.236.832.50 $2,328,841,345.92 Receipts 1.752 222.823.00 1.387.794.607.84 Deficit 1 622,014,004 50 941.046.738.08 i Cash Bal 2.522.852.094.27 1 234.122.561 26 CANADA AIMS 'HOPPER WAR Maps Based on Recent Surveys Being Prepared by Government. By I niti <1 Prt stx OTTAWA. Ontario, Doc. 20.—Canada is already preparing for next year's war on grasshoppers. Although it is not expected that the plague will be as serious next summer as it was in 1934, government agricultural officials will be prepared for any emergency. Preliminary plans for the campaign were made at a conference here between representatives of governments of the Prairie Provinces and the Dominion Government. Maps basef* upon the recently completed gra; -hopper egg surveys, showing the distribution of threatened areas and the graduated intensity of probable outbreak, are now being prepared. They will serve as the basis for the organization of the 1935 campaign. Last summer's plague in the Western provinces neared the proporportions of a national agricultural calamity, but disaster was averted by prompt action by agricultural experts. The outbreak affected approximately 70.000,000 acres and required organized control activities upon 37.000,000 acres of land sown With crops. It is estimated that wheat saved by the campaign amounted to approximately 25,000,000 bushels. Surveys just completed indicate that the outbreaks will be just as serious in Manitoba next year, but less extensive in Saskatchewan and Alberta. On Commission Row Quotations below are average wholesale prices being offered to buyers bv local commission dealers. Fruits Cranberries. Caoe Cod. late Howes. 25-lb. box. $5.75. Grapes, California Emperors. 27-lb box. $2.40 Persimmons. California. 245. 5i.35. Quinces bushel. S3 Bananas. 4 3 4 c a lb. Apples. Indiana Jonathans. $1.50: Grimes Golden. $1 35 : 1 75. Melons. California Honev Dews. $2 75. Lemons. Sunkist. 3605. $3.50: 4225. $5 50 Grapefruit. Texas. seedless. $3 50. Limes Mexican, per carton. 12s. 25c: Bvram. seedless per hundred. S3. California rhubarb. $1 40 a box Pears. Oregon D anio. box. $3.50 Pineapples 24-30s. 54.50: 3*- $3 50: 425. $2 50. Vegetables—Cabbage. Northern Danish 50-lb. bag. 65c; red. 50-lb. bag. 90c. New Cabbage, in crates. S2T2 25. Onions. Idaha sweet. Spanish. large. 50-lb. $1.50. Michigan yellow, med.. 10-lb. bag. 23c: western white. 50-lb. bas. $1.85: Michigan. yellow $i 35. Potatoes. Green Mountains. 100-lb bag. $1.50: northern round white. 100-lb. bag. sl.lO. Chios. 100-lb bag. $1 90 Idaho Russets. 100-lb bag $2 New potatoes. $2.25 .. 2 50 Sweet potatoes. Indiana Jersevs. bushel. $1 85; Tennessee Nancv Halls, bushel. $1 40. Beans, flat stringless, hamper. $4. Celery. Michigan, medium dozen. 60c: lumbo. dozen. 75c: hearts, bunch. $1 25 Cucumbers dozen. s'. southern, bushel. $5 Endive, dozen. 50c. Ezg plant. $1.50,12 dozen Kale. Virginia, bushel, 75c. Lettuce. hothouse. 15-lb. basket. 90c: California Iceberg head lettuce $5 Mangoes. Florida, crate. $5. Mint, bunch. 75c. Parslev. dozen. 35c Peas, hampers. $5 Spinach, home-grown, broadleast. bushel. $1.25 Radishes, dozen. 75c. Tomatoes, ho’house. 8-!b basket. $1 35. Turnips, home-grown dozen. 25c Pumpkins. dozen. $1 Miscellaneous—Cocoar.uts. Jamaica. 25 for $1 50 Ovsters. standards, gallon. $1 50: selects, gallon. $1 8Y Chestnuts. Italian. 3 pound 12uc Sorghum molasses, gal,or. 6c, Black walnuts. 50-lb bag. SI. Cider 4 gallons to case. $2 Half-gallons. 6 to case. $1 75: quarts. 12 to case. $1.90 All auotations subtec: to change, ud or down FRUITS AND VEGETABLES Bv United Press) CHICAGO. Dec 20—Apples—Michigan. Mclntosh, bu SI 75 :2. Jonathans. $l5O i 1.75 Bee’s —Illinois, bu 353 40c. Beans— Florida. bu green S2*<;4. Cauliflower— California. era:*. $1 :1 25 Lettuce —Cali- : forma. crate. ; 4 Cabbage—Wisconsin, crate 40.65 c Spinach Tennessee. Texas. Illinois, bu . 50c-,; $1 Onion market • 50- I if sacks Michigan yellows. 75c'u St i western vellows. 85c3 51.05. Illinois and Indiana. 6385 c Idaho whites. $1 15. Hides and Skins 3‘ac fiat: green country bulls and glues Hid s—Green country cows and steers. 3 : .c flat: Green country bulls and glues. 2c flat: green country calf hides. 4'jc: flat, green country kio. 3'zC. o 1 large horse hides with full h ads. shanks, mantes and tails. *2 50 • *r*. $2 All No 2 grade horse h>d s $*- s: glues and Don.es naif prii e : ■> ered tallow, j 4.4 _c '-o 2 'low grease,< 3£3s2c: cask grekse. aVsfiSa.

Abreast of The Times on Finance

TREND OF COMMODITY PRICES AND TRADE CHARTED

90! ] — I r I ' ' j' 60 r# -jf — 5C WOODY’S DAILY _ f\f COMMODITY INDEX A• i v 80 yfrtf 140 X 11 j 'y/rff \i 5 i /moody’s weekly' :j m r y V.n /BUSINESS INDEX \\ / • \ /" v | r\ 65 A — V —f 0 ' | * ( • ***** V • f * .••** '•♦•••* I Y 1 MOOOV’S INVESTORS SERVICE | | iqq ' ccr. 11iv. DEC. JAN. FEB. MAR. APR, MAY JUN. JUG AYG- SEP. OCT. NOV. OEC. 1933 1934

New York Stocks

. *Bv Thomson & McKinnon i 11 A M Prev. Oils— High. Low. N. Y. close. Atl Rfg 24 24 24 24 Barnsdall 64 8 6 6 Consol Oil ■ 7% 74 74 74 Com of Del . . 174 J 74 174 174 Mid Cont Pef - 124 114 114 12 Ohio Oil .. 94 9% 94 94 Pet Corp 84 84 84 84 Phillips Pet 14 14 14 144 Pivmouth Oil ■ 74 74 74 74 i Pure Oil 64 64 64 64 i Shell Un 64 64 64 64 Sot Vac 134 134 134 14 S O of Cal 304 29 < 30 294 S O of Ind 25 25 25 25 S O Os N J . . 414 41 414 414 Texas Corp . 194 194 194 194 Tidewater Assn . 84 84 84 84 Un Oil of Cal . 144 144 144 15 Steels— Am 801 l Mills . 20 194 20 194 Beth Steel 29 4 29 4 29 4 294 Bvers AM 18 18 18 18 cruc Steel . 22 214 22 22 LutUum Steel 24% 144 144 McKeesport Tin 91 91 91 91 ...id Steel 10 4 104 104 104 Natl Steel 444 444 44-4 444 Rep Iron & Steel 134 13 4 134 134 Rep Iron 6c S p 404 404 404 41 T j S Steel 36' g 364 36% 364 U S Steel pfd 814 814 81% 81 Warrt.i Bros .. 4 4 4 34 Motors— Auburn 24 4 24 4 244 25 unrv-.ier 38 4 38 38 4 38 4 Gen Motors 304 304 304 31 Graham Mot ... 24 24 24 2*4 Hudson 114 11*4 11*4 11*2 Nasn 17*4 17 17 * 4 17*e I Packard 4 8 44 44 44 Reo 24 24 24 24 Studebaker ... 2 14 14 14 Yellow Truck 34 34 34 34 Motor Access— Bendix 154 154 154 16 Borg Warner . 28 28 28 28 Briggs 244 244 244 244 BudO Mfg 4*2 4*2 44 44 ; Eiec Auto Lite .. 254 25 4 25 4 25 4 Elec Stor Bat .. 45*2 4d-2 4d4 46 Houdaille "A”... 74 74 74 74 Murray Body ... 64 64 6 4 64 s.ew Warner ... B‘* 84 8 4 B*2 Timken Roll ... 31*4 324 32*4 32*4 Mining— Alaska Junu ... 19*4 194 19*4 19*8 Am Metals 144 144 144 144 Am Smelt 364 364 164 364 Anaconda 10 4 104 10 4 104 Cal & Hecla .... 33 33 Granoy 74 7 7 74 Howe Sound .... 49 4 49 * 4 49*4 49 Ins Copper 24 24 24 24 Int Nickel 22 * 2 22 4 22 4 224 Kennecot Cop .. 164 164 164 164 Park Utah 34 34 34 34 Phelps Dodge .. 144 144 144 14*2 Noranda Cop .. 334 33*4 334 534 St Joe Lead ... 164 16 16 16 U. S Smelters. .121 1204 121 1214 Vanadium 18 18 18 184 Amusements— Loews Inc 344 33*2 34*4 354 Radio Corp ... 5 44 5 44 Paramount 3*2 34 34 3*2 RKO 24 24 24 24 Warner Bros 44 44 44 4*4 Am Tobacco "B' 82 4 82 4 82 4 82*2 Ligg & Myers'B' 1044 1044 1044 1044 Lonllard 194 194 194 194 Phillip Morris 454 454 454 46 Reynolds Tob B' 50 4 50 50 4 50 Rails— Atchison ...... 52*2 52 * a 52*8 524 Ail Coast Lines 33*2 334 33*2 33*4 BaiO 13® 13*2 13*2 134 Can Pacific ... 114 11*4 11*4 11*4 Ch & Ohio 43 4 43*8 43 4 434 Chi & Gt W pfd 3*2 3*2 3*2 34 C M. & St P . 2*2 2*2 2*2 24 Chi N W . .. 4*4 4*B 44 4*4 C M & St pfd. 4 3-8 4 34 Chi N W pfd . 84 84 84 84 Dela & Hud .. 414 404 414 41 Del Lac & W . 18 174 18 18 Erie . 12*2 12'4 12*4 124 Grt No pfd 164 164 164 164 Lehigh Valley... 104 10‘s 104 10*8 M K & T s*B 54 54 54 MK & T pfd 124 124 12-4 134 Mo Pac .74 1% I*4 14 N Y Cent 20 4 20 % 20 4 20 4 N Y New Haven 7 7 7 7 N Y Ont & West 54 5*4 5*4 5*4 Nor Pacific . . 194 19 194 194 Penn R R .... 24 23*2 24 234 Sou Pac 17*4 17‘s 17*4 174 Sou R R 154 15*4 15% 15*2 Union Pac 107 1064 1064 106 4 Equipments— Am Brake Shoe . 25*/ 4 25*4 25*4 254 Amer Loco 17 17 17 164 Am Steel Fdy .. 164 164 164 16*2 Bald Loco • 54 54 5*2 5*2 Gen Am Tk Cor 364 36 36*2 364 Gen Elec .. 194 19% 194 19*4 Gen R R Sig 24 4 244 24 4 254 Pullman Inc .... 46 46 46 46 West Air Br .... 234 23 234 234 Westingh Elec . 33 4 32 4 33 4 334 Utilities— Am & For Pwr . 4*4 4 4 4 4 4* Am Power & Lit 3 4 3*2 3*2 34 AT&T .. .103*2 1024 103 1034 Am Wat Wks . 14 134 14 134 Col Gas & Elec.. 74 7 7 7 Conn & Sou ... 14 1 14 1 Consol Gas . . 20*2 20 20 4 20 7 a Elec Pv.r 6c Lit . 24 24 24 24 Int Tv Elec 2*2 2*2 24 2*2 Inter R T .... 174 17 114 17 Int T & T 84 84 84 84 L G 6c E ••A"... 12 ’* la-8 12 2 12 8 Nat P & Lit. .*, 7's 7 7 North Amer .... 124 12% 124 124 Pac G 6c E 14**8 144 144 144 Peoples Gas .... 20 4 19 4 20*8 20 4 Pub Serv N J 264 264 26 4 274 So Cal Ed 11 10% 10% 11 Std Gas 4*2 4*2 4*3 4*2 Stone & Web .. 4% 4*2 44 4% United Corp .... 24 2% 2% 24 Un Gas Imp .... 124 124 124 124 Ut Pwr & Lt A I*4 1% 14 14 West Union .... 32*2 32 4 32*2 33 Rubbers—■ Goodrich 104 10 104 104 Goodvear 23 4 23 4 23 4 23*4 Kelv Spring .... 14 1 14 I*2 U S Rubber ... 16% 164 164 16** U S Rub pfd 40% 40*4 40% 40*2 Miscellaneous— Am Can 1074 107 1074 107 Bralvn Man Tr 414 41 ’ 41 41‘2 Burroughs Ad .. 144 14*2 144 144 J I Case 51 51 51 * 51*2 Conti Can ... 624 614 624 614 Caterpillar H .. 36*2 354 364 264 Crown Cork . 23 23 23 22% Curtis Pub pfd 93 4 93 4 93*4 95*, Deere & Cos 24% 244 24*2 244 Eastman Kodak 1104 110 110*, 1104 Foster Wheel . 13*2 144 13*2 13% Gillette 13*2 134 134 134 Glidden 264 25*2 25*2 26', Inter Harv 37% 374 37’, 374 Natl Cash Reg . 174 17 17 17 Owens Bottle ... 83', 83 83 4 82-*, Rem Rand 9 4 9*2 94 ... Foods— Am Sugar 66 65*2 6c 65*2 Armour Com ... 5 5 5 5 Borden Prod 234 23 23 234 Cal Packing ... 37 37 37 36*4 Coca Cola .157 156*8 1564 157', Cont Bak “A”-. 6 6 66 Corn Prod 624 624 624 62', Crm of Wheat 36*, 36*, 36', 364 Cuban Am Sugar 4% 4% 44 4% Ger. Baking 7 64 64 74 Gen Foods ■ 34*2 34*2 34*2 34 s Gold Dust 17'b 17*s 17*8 17*8 G W Sugar . 28 274 28 27 a Loose Wiles • 34 334 34 33*2 Natl Biscuit ••• 26*8 26 264 26 Natl D Prod ... 16*, 16*8 164 16*, Purity Bak .. 94 94 94 10 Std Brands ■■■ 184 18 18 18 United Fruit 73', 72 4 73 4 73 4 Retail Stores Assd Dry Goods 114 114 114 12 Best <5: Cos 374 374 37*** 37*2 First Natl Stores 55*8 554 55*2 56 Gr Un Tea 44 44 44 44 Hahn Dept Sts . 6 6 6 6 Kresge S S .... 204 204 204 20% Kroger Groc MaCV R H 44*2 444 444 44 4 McC'rorv St 11% 10% 114 104 McLel’.an St 154 15 15', 15 Marshall Field 10 4 10*8 10* s 10 Mav Dept St 42 4 42 4 42 4 43 Mont Ward . . 28 4 27-4 28 28', Penney J C 70 694 69% 69*2 Safeway St 48 48 48 47*4 Sears Roebuck 394 39 39 394 Woolworth . • 51*2 514 514 51*2 Aviation— Boeing Aircft . 9', 94 94 94 Curtiss Wright 2*4 2**, 24 24 Curtiss Wright A B*2 B*2 B*2 B*2 Douglas Air 22**, 22 4 22 % 22% Nor Am Av . .. 34 34 34 34 Sperry Corp . 94 94 94 94 United Aircraft N 134 134 134 13*2 Chemicals— Air Reduction ..1084 108 1084 108 Allied Chets ....129 4, 128‘a 1294 129

INDIANAPOLIS, THURSDAY, DECEMBER 20, 1934

Col Carbon . 714 71 71*2 71 Com Solvents.. 20 4 20 4 20 4 20*2 : Du Pont 93 4 92 4 93', 934 Freeport Tex . . 23**, 234 234 234 Liquid Carb .. 29 4 29 29 29 Math Alkali 29 29 29 29 1 Monsanto Chem 544 54 54 * 55 Natl Dis 1 new 1 26 4 26 4 26 4 264 Schenlev Dist . 24 4 24 4 24 4 25% Tex Gulf Sulph 32 4 32 4 224 324 Union Carbide 46 4 46 4 464 464 U S Indus Alco 424 ‘42 4 42 4 42 4 Drugs— Coty Inc 54 5% 54 54 I Lambert 27*2 274 274 27% [ Sterling Prod .. 58*4 58 4 58% '58% Un Drug (new) 13 124 13 12% Zonite Prod 3% 34 34 34 Financial— Adams Exp .. 64 6% 64 6% Allegheny Corp.. 14 14 14 IV2 Transamerica 5 54 54 5*2 Tr Conti Corp .. 34 34 34 3*2 Building— Am Radiator.... 15 144 15 15 Gin Asphalt •... 15% 15% 15% 15 Holland Furnace 84 84 84 84 Int, Cement 274 27*2 274 27% Johns Manville 52 51% 52 52 Libby Owens Gls 27% 27 274 274 Otis Elev ... 134 134 134 134 U S Gypsum 474 47*4 474 47% Household— C’ol Pat Peet 16% 16% 16% 16% Congoleum 33 324 324 32% Kelvinator 16% 16% 16V8 164 Proc & Gamble . 43 43 43 424 Servel Inc 7*4 7*4 7*4 7 Simmons Bed 9*4 94 9*4 9*4 Textiles— Amer Woolen ... 9*4 8% 94 9 Celanese Corp... 314 31‘, 31% 31% Gotham Hose .. 5*4 5*4 5*4 514 Indus Rayon 29 4 29 4 29 % 29% Chicago Stocks (Bv Abbott. Proctor & Paine) 11:00 Prev. „ , „ A. M. close. Berghoff 2*4 2', Bendix 15% • 15% Borg Warner 27% 28 Butler Bros 7-'4 74 Chicago Corp 2*4 24 Chicago Corp pfd 29 30 Cities Service 1% 1% C’omwealth 6c Edison 45*4 46 Marshall Fields 10’ s 10*4 Public Service 111 144 15 Quaker Oats 129*2 129 Zenith 2 2 New York Curb (Bv Abbott. Proctor & Paine) Prev. ~ , Close, close. Aluminum of America 45 46 Am Cyanide "B" 15% 151, Am Superpower 1 14 Carrier Corp 16*4 16% Distillers Corp 13% 14 El Bond and Share 6% 6% Gulf Oil of PS 54 54% Hiram Walker 24'/, 24', Humble Oil 46% 46 Lake Shore Min 534 53% Lone Star Gas 44 44 National Bellas Hess 2% 2% Nia Hud Pwr 34 3*4 Penn Road .**. 1% 14 Sal Creek Products 6 6*4 Standard of Kentucky 174 17% Tecnnicolor Ind :% Tech Hughes Gold 4 3% Wright Hargraves Min 8% STEADINESS RULES IN GRAIN MARKETS Good Tone Shown Despite Easiness Abroad. Bp United Press CHICAGO. Dec. 20.—Grain prices on the Board of Trade were about steady despite slight easiness abroad. At the start wheat was L 4 cent lower to ti cent higher, corn was off Vs to % cent, oats were ’4 cent lower to % cent higher and rye was unchanged to % cent higher. Bartlett, Frazier & Cos. reported Liverpool was dull and depressed on account of discouraging foreign advices. The market opened lower, according to Broomhall, because of easiness here yesterday. Argentine weather generally was favorable for harvesting. The trade paid some attention to reports of moisture over part of the domestic belt. ißv James E. Bennett). 1100 Prev. WHEAT— . High. Low. A. M. close. Dec 974 .92% .97% ,97V* May 98% .974 .98% .984 July 92% .92 .92% .924 CORN— Dec 89% 88 4 . 89*4 .90 Mav 87 .86', .86% 87 July 344 .83% .83% .84 OATS— Dec . .544 .54*8 .544 .54 Mav 52*2 .544 .544 -54 July 47', .46% .464 .47% RYE— Dk 78', .78 .78 .77% May 76% .764 .76% .764 July 75% .75*2 .75% .75% LOCAL CASH MARKET City grain elevators are paying 89 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 83 cents and oats 48 cents. ACC EPTANCES DECLIN E Best Showings Made in Domestic Warehouse Receipts. Bp Times Spt rial NEW YORK. Dec. 20.—Banker's acceptances outstandings as of Nov. I 30 totaled $561,380,541, compared with $561,601,752 on Oct. 31 and j 5758.212.098 on Nov. 30, 1933, according to a report by Robert H. Bean executive secretary of the I American Acceptance Council. The best showings were made in domestic warehouse credits, which | rose to $187,089,325 from $176,725,268 in the previous month. Bills for export transactions amounted to : 5148.479.062. against $146,796,539 in October, but bills for imports were down to $89,421,586, compared with $93,424,800. PIT CLOSES MONDAY NOON CHICAGO, Dec. 20.—The Chicago Board of Trade will be closed at noon Monday to give members and employes full benefit of the Christmas holiday, it was announced today alter a directors’ meeting.

SWINE PRICES RISE 15 CENTS Cattle, Lambs Unchanged: Veals Sharply Lower at $6.50 Down. A sharp decrease in receipts at the Union Stockyards today sent porker prices generally 15 cents higher than yesterday’s advance. Receipts were estimated at only 5000, the smallest on hand for some time. The decrease in supplies, however, was somewhat expected due to the nearing of the week-end and the Christmas holiday. The bulk. 160 to 200 pounds, was salable at $5.70 to $6. Butcher classes, weighing from 200 to 350 pounds, sold at $6.10 to $6.35. Extremely good and choice grades were reported selling at $6.40, today’s top price. Light slaughter pigs, scaling 130 to 160 pounds, brought $4.15 to $5.15, while others, ranging from 100 to 130 pounds, cashed in at $2.90 to $3.90. Packing sows sold at $5 to $5.85. Holdovers numbered 348. Initial trading was scarce in the cattle market especially in slaughter steers where the market showed only little change from yesterday. Most classes of steers ranged from $6.50 down. Receipts were 400. Vealers were weak to largely 50 cents lower, selling at $6.50 down. Receipts were 400. Activity was light in lambs with the market mostly stationary at the previous close. Bulk of handy weights sold at $7.75, while extreme heavies were selling at $7 to $7.50. Throwouts ranged from $5 to $6.50. Slaughter ewes brought $3.50 down. Receipts numbered 3000. HOGS Dec. Bulk Top. Receipts. 14. $5.75 r„ 5.65 $6.05 10.000 15. 5.50 ft; 5.8 C 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 20. 5.70® 6.00 6.40 5,000 U4O-150) Good and choice . . $4.65® 5.40 (150-1801 Good and choice ... 5.70 ft 5.90 GBO-200) Good and choice .. 5.90 ft 6.25 (200-220) Good and choice ... 6.10® 6.25 (220-250 Good and choice .... 6.25 ft 6.35 (250-290) Good and choice ... 6.30 ft 6.40 1200-350) Good and choice ... 6.10 ft 6.30 (275-350) Good 5.50® 5.85 Packing sows: (350-425) Good 5.40® 5.65 (275-550) Good 5.15® 5.50 (275-5501 medium 4.75® 5.40 (100-1301 Slaughter pigs, good and choice 2.90® 3.90 CATTLE —Receipts, 400— —Steers—-(sso-900) Choice $2.25® 8.25 Good 6.00® 7.75 Medium 4.ooft* 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 ft) 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 ft; 5.25 (750-900) Good and choice 5.50® 7 75 Common and medium 2.75® 5.50 —Cos— Good * 3.00® 4.00 Common and medium 2.00 ft 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. 400— Good and choice $5.50® 6 50 Medium 3.50 ft 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— (509-800) Good and choice ... 4.00® 5.00 Common and medium 2.50® 4.00 (800-1050) Good and choice.... 4.00® 5.25 Common and medium 2.75® 4.00 Good and choice 3.00 ft 4.25 Comon and medium 2.50® 3.00 —Cows — Good 2.50® 3.00 Common and medium 2.00® 2.50 SHEEP AND LAMBS —Receipts. 300Lambs. 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

ißy United Press) LAFAYETTE. Dec. 20.—Market 10*5 25c higher: 250-300 lbs. $6,254; 6.35; 300-325 lbs. $6.10; 220-250 lbs. $6.15*5 6.20: 200-220 lbs. $64,6.10; 180-200 ibs. $5.754,5.85: 160180 lbs. 55.4555.60; pigs. $5 down; roughs. $5.75 down; calves 50c lower. $5.50 down; Western lambs. 25c higher: $1.25 down; native lambs steady. $6.50 down. FT. WAYNE. Dec. 20.—Hogs. 10 to 20c higher: 250-300 ibs. $6.35: 225-250 lbr. 56.20: 200-225 lbs. $6.10; 180-200 lbs. $5.90; 160-180 lbs. 50.65: 300-350 lbs. $6: 150-160 lbs. 54.75; 140-150 lbs. 54.50' 130-140 lbs. 54.15: 120-130 lbs. $3.65: 100-120 lbs. 53.15; roughs. $5.25; stags, 53.25. Calves. 6.50; ambs. $7.50. ißv Times Special i LOUISVILLE. Dec. 20.—Cattle—225; supply light, demand fairly broad: market active, fully steadv with Wednesday's stronger levels: bulk plainer grade steers and heifers salable at $3.504,4.75; load 730 lbs. heifers held upward of $6: bulk beef cows. $2.25*5 2.75: good kinds eligible higher: low* cutters and cutters mostly $151.75: sausaee bulls mostly $2.85 down; best heavy kinds auotable S3; stockers. mostlv better Hereford calves salable $4.50 4)5; calves 300, including 105 stock calves: market steadv: bulk better vealers. $4.50 4)5.50: strictly choice, S6; medium and lower grades. $4 down: hogs. 700. including 82 direct: mostlv 25c higher: Digs steadv; too and bulk desirable 230-300 bsl. $6.40; 200-225 lbs. $6.25: 305 lbs up. $5.95: 180-190 Ibs. $5.65; 160-175 lbs. $4.95: 140-155 ibs. $4.45; 120-135 lbs. *3.50: cows. 54.65; sheep 100. steady: bulk medium to good lambs $5.753 6.25; choice auotable higher; bucks, mostlv $4,754)5.25; common light throwouts. $4: better fat ewes. $1.50 a a. SHORT INTEREST DROPS NEW YORK, Dec. 20.—Short interest in stocks listed on the New York Curb Exchange- on Nov. 30 amounted to 18,180 shares, compared with 22,956 on Oct. 31, according to the exchange.

157 COMPANIES STILL MAINTAIN GROUP POLICIES

Only Two Firms Allowed Life Insurance to Lapse Since 1929. Bp Times Special NEW YORK. Dec. 20.—A survey of the effects of the depression on industrial relations programs reveals that of 159 companies carrying group life insurance in 1929 only two have allowed their policies to lapse. Five additional companies have taken out policies after the passage of the National Industrial Recovery Act. The survey was conducted by the National Industrial Conference Board and was limited to companies “with well developed and inclusive programs of industrial relations. Two hundred and thirtythree such companies, representing 43 industries and employing more than 500.000 workers, composed the scope of the study.” Six Consider Acting. The conference board discovered that only two out of 13 existing unemployment benefit plans were discontinued during the depression. One company adopted such a plan after the passage cf NIRA and six others reported they were considering similar action. One hundred and thirty-three plans of this type, established prior to the depression, were reported still active. Only three formal pension plans succumbed to the depression, the conference board states. Medical services were reported well maintained. Maintain Services “There was some tendency to curtail them by dropping such special services as home and visiting nursing and special clinics. However, none of the 202 first-aid systems or of the 177 company dispensaries was discontinued. Accident prevention work likewise continued during the depression. Athletic activities were fairly well maintained and employe clubs and company gardens generally sustained.” Only 17 out of 123 apprentice training courses were suspended during the depression. The following industrial relations programs suffered the heaviest casualties since 1929: “Stock Purchase Plans —More companies canceled employe stock purchase plans than retained them. More than half the companies with profit-sharing plans dropped them. Home purchasing plans also suffered to an above-average degree. Drop Playful Activities “Social and Recreational Activities —These were considerably curtailed or canceled. Over 50 per cent of the dramatic and musical activities were discontinued during the depression. Picnics and outings for employes previously given by half of the reporting companies w'ere suspended.” Plant educational and training work also showed the effects of the depression. Apprentice training showed immunity, but more elaborate forms of education work succumbed.

CANADA TRADE VOLUME IN NOVEMBER CLIMBS Business Reaches Highest Level in Last Three Years. By 'l imes Special MONTREAL. Dec. 20.—The trade volume in Canada during November soared to the largest point for any month during the last three years, according to R. R. Hanson, minister of trade ar.d commerce. The total volume in that month amounted to $115,361,000, exceeding | all monthly record since 1931. Another favorable factor in Canada is that trade with other nations during the first eleven months of 1934 passed the $1,000,000 mark for the first time in the last several years. The trade volume with other nations in the same period of 1933 totaled $938,762,000, compared with $954,454,000 in 1932. The increase over the 1933 period amounted to approximately 25 per cent, it was reported. Domestic exports in 1934 also show an increase of 31 per cent over the same period of 1932. OMAHA OPPOSES I\IR A Commerce Chamber Votes Against Continuance After June, 1935. By Times Special OMAHA, Neb., Dec. 20.—. The Omaha Chamber of Commerce has gone on record as opposing continuance of the NRA, it was learned today. At a special meeting this week members cast, their ballots in favor of termination of the NRA in June, 1935, and against enactment by Congress of new legislation to replace the -act beyond that date. Other Livestock <By United Press) CHICAGO. Dec. 20.—Hogs—Receipts. 26,000. including 13.000 directs; slow; 104,15 c higher than Wednesday; weights above 240 lbs.. 56.403 6.55; top. $6.55; 200-240 lbs . s6* 6.40; 170-200 lbs., $5.354; 6.10: light lights, 55.25 down; slaughter pigs, s34t 4.25; packing sows. $64; 6.15: light lights. 14C-160 lbs., good and choice, 54.3530.35; lightweights. 160-200 lbs., good and choice, so3 6.15: medium weights. 200-250 lbs., food and choice. S6^Z6 55: heavyweights. 50-350 lbs., good and choice. *6.403 6 55: - packing sows. 275-550 lbs., medium and choice. 50.254; 6.25; slaughter pigs. 100-13 G j tbs., zood and choice. $3 414.35. Cattle — 6000 commercial. 100 Government; calves. 2000 commercial. 100 Government; fed steers and yearlings fully steady, but all grades weighty steers getting better action than light kinds: comparatively little beef in run due largely to scarcity of long yearlings and steer scaling 1200 lbs, upward: best weighty steers. $10: yearlings, $9.15; no strictly choice yearlings here; supply lower erade steres fairly well cleaned up at $8 down to $4; other killing classes steady to strong. Slaughter cattle and vealers: Steers. 550-900 lbs . good and choice, $6,504; 9.25 : 900-1100 lbs., good and choice. 56.753 9.75: 1100-1300 lbs good and choice. $6.754;10.25; 1300-1500 lbs., good and choice. $6.753 10 25: 550-1300 lbs., good and medium. $2,564)6.75: heifers. 550-750 lbs. good and choice. $5,508; 6.50: common and medium. $2,504)5.50: cows. good. 53.50 4) 5 25: common ar.d medium. $2 254)3 75: low cutter and cutter oews. 11.354)2 25; bulls, yearlings excluded, good beef. $34; 4; cavers, cdtnmon and medium. $2 254) 340; vealers. good and choice. $4,754)6; medium. $3 503 4.75: cull and choice. $34)3.50. Stocker and feeder cattle Steers. 550-1050 lbs* good and choice $3 754)4.75; common ar.# medium. $2 2534 Sheep—Receipts. 12 000; fat lambs in fairly broad demand: bids and sales fully steady; asking 153 25c and more higher; few sales. $7.7a; toppy kinds held above $8: sheep and feeding lambs little changed: slaughter sheep ana lambs: Lambs. 90 lbs. down, good and choice, $7.153 8; common and medrum. $5.50*87.35: ewes. 90-150 lbs., good and choice, $2 254)8.50: all weighs, common and medium. *2*s 2 60. feeding lambs, 50-75 lb„ good aad choice. $5 @6.

MAKES CHEERY REPORT

* /T flpL s I|| iHeiy "

Daniel C. Roper The' heaviest retail business for the Christmas season since 1929 was reported to President Roosevelt by Daniei C Roper, Secretary of Commerce. Statistics from all over the country revealed that sales were exceeding expectations.

Wall Street BY RALPH HENDERSHOT Times Special Writer NEW YORK, Dec. 20.—Recent developments indicate that the long-disputed and trouble-making question of the proper basis upon which to establish utility rates may be approaching a definite and final settlement. President Roosevelt appears to have crowded the issue into a corner where it has become a man-to-man discussion instead of a

merry-go-rpund in which the courts in all sections of the country play a seemingly Indefinite part. Washington dispatches state that the heads of three important utility companies have been in conference with the President during the last week on the subject of rates, and

that they have shown a disposition to come to some sort of definite agreement as to what is fair and proper. For the last year or nore the Chief Executive has been “cracking down” on the utilities in an effort to secure lower rates in the interest of general industrial recovery. He has backed up his drive in that direction by placing the Government into direct competition with them in the case of the Tennessee project. That he has “softened up” the utility executives to a point where he can make just about any sort of agreement he desires is generally conceded. ana OPINIONS have differed for years on the basis upon which utility and railroad rates should be established. Some have maintained they should be made to yield a “reasonable” return on the money invested in them. Others have said that reproduction costs should be the deciding factor. Still others have held that the capitalization of the concerns furnishing the service should be taken into consideration. and, in Government quarters, the ability of the public to pay and the general economic welfare have been injected as important factors. So long as there were so many conflicting views on the subject, and so long as the courts were handy as hiding places when the going got rough, little progress in rate making was made. The railroads have taken their orders from the Interstate Commerce Commission, and the gas and electric and telephone companies have battled it out with the various local regulatory bodies. The carriers have fared rather badly, but the others seem to have been quite prosperous. a a a THE Government at the present time would appear to be in a position where it is more or less obliged to do something for the transportation companies in view | of their poor financial condition, | generally speaking, and in view of the fact that their securities are held by so many banks and insurance companies. At the same time, it desires to bring the utility companies to Heel. But what it does in the case of the one may be re-1 garded as a precedent upon which the other may attempt to base a; case. President Roosevelt apparently has forced the utility companies to give up their ideas of court actions in support of their rate positions. His attack has been through threatened and actual Government competition. The courts might rule that a given rate was fair, but such a ruling would mean little if a Government-owned plant were to provide the same service at a lower rate. It has been charged that , such procedure is unfair, but few can deny its effectiveness.

FREEZING WEATHER YOU NEED WINTER-GRADE rISO'VIS D THE ANTI-SLUDGE MOTOR OIL 20-W POURS AT 5* BELOW ZERO 10-W POURS AT 20* BELOW ZERO Easy Starting Saf • Lubrication at any tamparaturm AT STANDARD OIL STATIONS AND DEALERS

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CROP FIGURES AFFIRM BASIC ECONOMIC LAW With Acreage Lowest in 30 Years. Farm Income Spurted. Bp United Press WASHINGTON. Dec. 20.—The Department of Agriculture's yearend crop report affirms the law cf supply and demand as it affects the price of farm products. Harvested acreage of all cropis was the lowest in 30 years; production was but 63 per cent of normal, yet the total farmer income increased 20 per cent over last year, the report showed. From figures supplied by 500.000 Federal Crop reporters, it was estimated unofficially that the drought and the AAA were about equally responsible in retiring 60.000,000 acres from production. Farmers harvested only 288.607 - 610 acres this fall, about 12 per i cent below last year and 19 per cent below the 10-year average of 359,000.000 acres. Output 22 Per Cent Off Total production was about 22 per cent below 1933, the report said. The department valued all crops at $4,782,626,000 compared to $4,114,265,000 last year. $2,882,195,000 in 1932 and $4,102,354,000 in 1931. Officials explained “these values should not be confused with estimates of farm income, for they include the values of crops grown for feeding livestock on farms where produced and exclude livestock and livestock products, some minor commodities not separately estimated, and benefit payments.” Income Up Billion It is thus estimated the 1934 cash farm income will approximate $6,000,000,000 or nearly $1,000,000,000 more than in 1933. Prices of 14 principal crops, the department reported, averaged 42 per cent higher on Dec. 1 than on the coresponding date last year and 140 per cent higher than two years ago. The reports include: Corn—Production. 1.380,718.000 bushels, smallest since 1881: value. $1,085,565,000 compared to $924,930,000 for <2.351,658,000 bushels last year. Wheat—Production. 496,469,000 bushels smallest since 1890: value. $432,441,000 compared to $359,048,000 for 528,975.000 bushels last year Oats—Production. 528.815,000 bushels, smallest since 1881: value, $272,754,000 compared to $221 691,000 for 731,500,000 bushels in 1933. Cotton—Production. 9.731,000 bales, smallest since 1921: value, 602,314,000 compared to $611,743,000 for 13.047.000 bales in 1933. 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. and over, 14c; young toms, 11-14 lbs., 15c; No. 2. crooked breasts and thin turkeys, 9c; old toms, all weights, lie; No. 1 strii 'v fresh country run eggs, loss off, 2- . Each full case must weigh 55 lbs. gross, a deduction at 10c a pound for each pound under 55 lbs. will be made. BuCer No. 1. 31st 32c. Butterfat—27c. Quoted by the Wadley Company. (Bv United Press) CLEVELAND. Dec. 20 Rutter- Market, firm; extras. 33%c; standards, 33c. Eggs— Market weak; extra white. 26c; current receipts, 24c. pullets. 20c Poultry- Market steady; fowls colored. 4% lbs. and up. 17c; ducks light. 14c; ducks 5 ib.; and up. 21 ft 22c; geese heavy fat. 15c; geese dinary, 12c; turkeys young, 22ft 23c; old hens, lffr, old toms. 15c; No. 2, turkeys. 14c. Potatoes —Maine. Sift 1.10 a 100-lb. bag; Ohio best mostly 75ft 85c a 100-lb. bag; New York. 75ft 80c a 100-lb. bag. Retail Coal Prices The following prices represent quotations from leading Indianapolis coal dealers. A 25-cent carrying charge oer ton will be added. DOMESTIC RETAII PRICES Anthracite *13.00 Brazil Lump 6*4 Brazil Mine Run 6.25 Coke. Nut Size 8.90 Coke. Egg Size 8.90 Indiana Forked Lump No. 4 6.94 Indiana Forked Lump No 6 5.84 Kentucky Lump Group '‘B'* 7.18 Indiana Egg 5.71 Pocahontas Egg 8.42 Pocahontas Lump 8.32 M'LELLAN SALES RISE CHICAGO, Dec. 20.—Sales reported by McLellan stores during the first eleven months of the current year amounted to $16,232,002, compared with $14,503,946 in the same period of last year, it was reported. PERMANENT WAVES NONE BETTER FOR YOUR MONEY. This actual photograph is evidence of •<ie long life and lasting beauty of our Permanents. These Permanents were given in July. We will be pleased to style your hair best suited to your personality. Iwfe. Prices Are *l. $2, $3 &$5 || I*^ jdp Wm ITKLEN jfeX. xv i :i:sT r: n mam .Jn (Twins) Open Evenings. No Appt. Necessary. Smile Beauty, Inc, 622 Mass. Ave. LI. 0026

Hendershot