Indianapolis Times, Volume 46, Number 192, Indianapolis, Marion County, 21 December 1934 — Page 40

T rends m m a New Yoffk Threatens Own Electric Plant. BY VINCENT S. LYONS

riiDM f manrtil Fdltm CONSIDERABLE ado has been made recently of the controversy now being waged between New York City and the public utility interests of that Community. The sudden flare-up developed when it was alleged by someone in the administration that the city was being overcharged for the use of utility services in its public buildings. The threat was then made that unle.s lower rates followed the city would initiate steps to construct its own public utility plant. Mayor La Guardia made a flying trip to Washington and discussed the situation with President Ro<v.evelt and Harold Ickes, Public Works Administrator, the nation's strongest advocate of municipal public utility ownership Os course one does not know Just what is in the mind of the New York City administration at this time. It can not accurately be guessed whether Mayor La Guardia is simply letting off steam to wean rate reductions from the public utility companies which supply the community with service or whether ne is really serious and means to go ahead with his plans. a a a r PHE controversy, like all otners, -*• has many elements which must be taken into consideration. Some of them, especially those which might be offered in opposition to municipal ownership, are intangibles. The tangible items, or at least the majority of them, seem to point to the attractiveness of a program to produce and sell i;s own electricity. New York City is the largest city in the country. If municipal ownership came to that city it might carry sufficient influence in other sections of the country, so that other communities would jump on the band-wagon and launch similar programs. Advocates of cityowned utility plants unquestionably would like to see the Nation's first city in the column of communities independent of private public utilities. It must be remembered, too. that New' York is not too far removed from Niagara Falls to permit that project to be the source of production. Niagara Falls has an abundance of potential power which, when harnessed, could fulfill the city's needs with ease. Then. too. if the program would bring about lower rates, as is naturally expected, it would be another feather in the cap of the fusion administration. which is now in control of the city. a a a THE biggest “if’’ in the conflict is whether the municipal plant can be operated cheaper than can the present private companies. The whole structure of costs involved in this operation will be gone over in a study to be made shortly by engineers. Mayor La Guardia has maintained that 40 per cent, or $5,600,000. can be lopped off the city's $14,000,000 annual power and light bill. In the event that New York City decides to proceed with its venture, the funds would have to be supplied by the Public Works Administration. Ostensibly, little difficulty would be encountered there as Mr. La Guardia said after conferring with Mr. Ickes that he had reasonable assurance that the loan would be granted. With public utilities and the Government currently engaged in a brawl of a national scope, this latest incident involving New York City is indeed interesting. If the city goes ahead with its threat it is bound to have some effect on the national situation. Consequently, observers of the economic scene are watching the episode with keen attention.

On Commission Row

Quotations below are average wholesale prices tv me ofTered to buverr bv local commis'-'n dealers. Fruit> Cranberries, Cape Cod. late Howes. 2S-!b box. $5 75. Grapes. California Emperors. 27-lb box. $2 40 Persimmons. California 245. $1 35. Quinces bushel. $3. Bananas 4 a aC a lb. Apples. Indiana Jonathans. $1.50 Grimes Golden. $1 35:1 75 Melons. California Hnnev Pews $2 75 Lemons. Sunklst. 3605. $3 50; 4225. $5 50 Grapefruit. Texas. seedless. <3 50 Limes Mexican, per carton. 12s. 25c; B: ram. seedless per hundred. $3. California rhubarb $1 40 a box. Pears. Oregon D amo box $3 50 Pineapples. 24-30s. $4.50; 36s $3 50; 425. $2 50 Vegetable* Cabbage. Northern Danish 50-lb bag. 65c; red 50-lb bag 90c. New Cabbage. in crates. s2#2 25. Onions. Idaha. sweet. Spanish. large. 50-lb. $1 50 Michigan yellow med.. 10-lb. bar. 23c wrestern white 50-lb. bap. $1 05; Michigan yellow $! 35. Potatoes. Green Mountains 100-lb bag $1 50: northern round white. 100-lb bag. l 1" Chios. 100-lb bag. $1 90. Idaho Russets. 100- b bag $2 New po'a’oes. ,*2 25'ii2 50 Sweet potatoes Indiana Jersevs. bushel. $1 85; Tennessee Nancy Halls bushel. $1 40. Beans, flat stringless, hamper. $4. Cplery. Michigan, medium, doren. 60c: Jumbo, do-en. 7ac; hearts, bunch $1 25 Cucumbers, do’en. 1 southern, bushel. $5. Endue, doren. 50c. Ecc plan’ $1 50'i2 dozen Kale. Virginia, bushel. 75c Lettuce hothouse 15-lb. basket. 90c California Iceberg bead lettuce $5. Mangoes. Florida, crate $5. Mint., bunch. 75c. Parsley, dozen. 35c Peas, hampers ‘5 Spinach home-grown, broadleas*. bushel. $1 25 Radishes dozen. 75c. Tnma'oes. hothouse. 8-lb. basket. *1 35. Turnips, home-grown, dozen. 25c. Pumpkins. dozen. sl. Miscellaneous—Cocoanuts. Jamaica. 25 for $1 50 Ovsters. standards, gallon $1 50; selects. gallon. $1 85. Chestnuts. Italian, a pound. 12 4c. Sorghum molasses, gallon 65c. Black walnuts. 50-lb bag. sl. Cider 4 gallons to cas $2 Half-gallons. 6 "o case $1 75 Quarts. 12 to case. $1 90 All Quotations sublect to change, up or down.

Retail Coal Prices

Ti.* loliowmg prices represent Quotation? from .tding Indianapo.is coal dealers A 25-cent carrying charge Der ton will o* added DOMESTIC RET All PRICES Anthracite *l3 0C Brazil Lump 6*4 Brazil Mine Run 525 Coke. Nut Size 8.90 Cose. Egg Size 890 Indiana forked Lump No 4 684 Indiana Forked Lump No 6 584 Kentucky Lump Group ‘B" 7.18 Indiana Egg 5.71 Pocahontas Ege 843 Bocahontae Lump BSJ

Produce Markets

Delivered In IndianaDolis prices: Heavy hens, 10c; Leghorn nens, 7c; colored springers 12c: old roosters. sc; ducks. 7c; geese 7c voun* guineas, 20c old guineas Isc Turkeys—No. 1 young hens. 8 :bs . and over, fsc; young toms. 14 lbs and over. 14c; voung toms. 11-14 lbs . 15c; No. 2 crooked breasts and thin turkeys 9c old toms all meights, lie; No. 1 strictly tresh country run eggs, loss off. 23c Each full case must aeigh 55 lbs gross: a deduction at 10c a pound for each pound under 55 Iks will be made, bitter No. 1. 315.32 c Bu terfat — 27c. Quoted by the Wadley Com puny.

PAGE 40

BROKER URGES U. S. TO DEMAND RAILROAD UNITY Authority Proposes New Cabinet Post to Aid Co-Ordination. The following is the first of a series of six articles on "A New Deal for the Railroads," written for The Indianapolis Times bv Theodore Prince, well-known broker, who now Is associated with Redmond A Cos. The second article will appear tomorrow. BY THEODORE PRINCE NEW YORK, Dec. 21.—The longheralded advent of prosperity depends upon that of the railroads. The Government lending of mrihey only increases the fixed charges of the carriers and their liability in the form of short-term loans. That does not bring them to the clear. v The Interstate Commerce Commission has failed lamentably to bring any real prosperity to the railroads. Yet the I. C. C. has extended executive administrative and judicial supervision. Advises Common Sense How can this most vital problem be solved? By common sense. Unshackle the industry from all bureaucracies. Personal initiative and responsibility a’one can operate any business succes. fully on the profit motive! So—turn the railroads, bag and* baggage, back to their own managers and executives. Let them run the systems successfully and profitably under supervision. In return. make all the rairoad's take certain responsibilities and financial burdens, particularly for certain of the weaker units. That is the basis of a two-part plan. The first part of the plan would be: Establish an operating and financial corporation known as the Federal Railroad Corp., the stock to be held by all the Class I roads. The interests of all the rails thus would be financially and in executive power linked together in a company operated by a central Doard of directors with regional boards. It is abhorrent to our Constitution ♦o have vital executive, judicial and administrative functions all together in the hands of any one bureau or individual. Accordingly, it is intended by this proposed plan to split up the executive, judicial arid administrative powers now all held by the Interstate Commerce Commission into separate functioning units. Transit Secretary Proposed The other part of the plan would be sub-divided: (a) The executive powers, to exercise that individual initiative and responsibility without which private enterprise will always languish, are i given in the first place to the proi posed new corporation. <b> The supervision of the co-op- ! erat ion as well as competitive transportation systems would be delegated to a Secretary of Transportation. a member of the Cabinet. Thus, he would be charged with adminis- ' trative functions. tc> The Interstate Commerce Commission would give up its administrative and executive functions. They would be transferred to the Secretary of Transportation and the Federal Railroad Corp., respectively. It would act, however, I in a judicial capacity to determine questions that might arise between ’ the proposed Cabinet official and i the corporation. Appeal from the i commission would be to the United j States Court. Thus, the Judicial I functions would be segregated to their proper sphere.

Rates Next Considered Os all the important factors that make or unmake railroad prosperity the right to charge a certain amount for the service rendered stands foremost. The mandate given the I. C. C. to allow the railroads to earn around 5 y per cent became empty and futile. as now is well known, and the decline in percentage of earnings on property investment value brought the railroads in many instances to the brink of reorganization and beyond. Rates should be controlled by those in charge of operations, but supervised by a higher overseeing body. So in this plan the Federal Railroad Corp. would initiate and control the rate structure. Those charged with the responsibility of operation should have the responsibility of initiating charges upon which a proper functioning of our transportation depends. Proper checks and supervision to co-oper-ating bodies, as will be explained later, would be set up in the plan. The United States courts are the final arbiters of all judicial questions. which include objections raised by the Interstate Commerce Commission as to any rate charged This would require an amendment to the Elkins Act, as proposed in the plan. Would Cut Red Tape The plan contemplates a ready, workable program for an efficient and prosperous transportation system. Decision must be made quickly without red tape and carried to performance unless vital differences arise. In general, the Federal Railroad Corp. would represent the executive policy of the railroads. It could function without hindrance unless the Secretary of Transportation, the supervisory body, objected. In such instances the interstate Commerce Commisison would hear and determine the question. In the next article, the method of procedure will be detailed and set forth. SUGAR QUOTA FILLED 8y Time* Special WASHINGTON. Dec 21.—Cuban sugar imported into the United States during the current year amounted to 1,901.752 tons, filling , the 1934 quota. Further imports of sugar from Cuba will be stored under bond for application on the 1935 quota.

Abreast of The Times on Finance

New York Stocks

•By Thomson & McKinnon l 11 00 A M. Prev. Oil*— High Low N Y. close. Atl Rft 24% 24 > 24 > 3 24 Barnsdall . ... 8% 6 6 5 1 • Consol Oil .. 7%8 7% 7% 7% Coni of Del ... 17% 17% 17% 17 . Houston mewi . 2% 2% 2% 2% Mid Cont Pet ... 12% 12 12’. 12 Ohio Oil 9% 9% 9% 9% Pet Corp 8% 8% 8% 8% Phillips Pet 14V. 14 14 14 Plymouth Oil ... 7 : a 714 7>2 7% Pure Oil 6% 6% 6% 6% Roval Dutch ... 29'3 29% 29 ! 2 29 * Seaboard Oil ... 23% 23% 23’-* 23'3 Shell Ur. 6' 2 B’. 6% 6’ 2 Skelley OH 7 7 7 7's Soc Vac 13% 13% 13% 13 S O of Cal 29% 29% 29% 29% S O Os Ind 25 24 > 25 2A S O Os N J ... 4241% 42% 41% Texas Corp .20 19% 20 19% Tidewater Assn 5 B% 8% 8% Un Otl of Cal ... 15 15 15 15 Steels— Am Roll Mills . 70 19% 20 20% Be-h Steel ... 29% 29 1 2 29% 29% Cruc Steel . .. 21% 21% 21% 22 Inland S'eel ... 18% 48% 48% 48 Mid Steel '. 10'. 10'. 10% 10% Rep Iron A- Stl 13% 13% 13% 13% Rep Ir & Stl pfd 4040 4040% U S Pipe & Fdy 19% 19% 19% 19% U S Steel . . . 36% 38% 36% 36% U S Steel pfd ... 81% 81% 81% 81% Warren Bros 3% 3’. 3% 3% Youngstn S 4s T 18 18 18 18 Motors— Auburn 24% 24% 24% 24% Chrysler 38% 38% 38% 38% Gen Motors .... 30% 30% 30% 31 Graham Mot .. 2% 2 2 2% Hudson 11% 11% 11% 11% Hupp 2% 2% 2% 2% Mack Truck .. 22% 22% 22% 25% Nash 17% 17% 17% 17% Packard 4% 4% 4'% 4% Reo 2% 2% 2% 2% Studebaker 2 1% 1% 1% Motor Access— Eendix 15% 15% 15% 16 Bohn Alum ... 56 56 56 56 Bore Warner 28 28 28 28 Briigs • . 25% 25% 25% 25 Eaton Mfs 17% 17% 17% 17'. Elec Auto Lite . 26% 25% 25% 25% Elec Stor Bat 46 46 46 45 1 Houdaille <A * .. 7% 7% 7% 7% Murray Body .. 3% 6% 6% 6% Timken Roll 32% 32% 32% 32% Mining— Alaska Jun 19% 19 19 19 Amer Metals 14% 14% 14% 14% Amer Smelt .... 36% 36% 36% 36% Anaconda .... 11 10% 11 10% Cal & Hecla ..3 2% 33 Cerro de Pasco . 42 42 42 41 5 Dome Mines.... 38% 38% 38% 38% Int Nickel 22% 22% 22% 22% Isl Crek Coal .. 34 34 34 35 Kennecott Cop . 16% 16% 16% 16% Mclntyre Mine . 40% 40% 40% 40% Phelps Dodge .. 14 % 14% 14% 14% St Joe Lead ... 16% 16 16% 16% Amusements— Fox Theat 12% 12% 12% 13 Loews Inc 34% 33% 33% 34% Radio Corp .... 5 4% 6 4% Paramount 3% 3% 3% 3% RKO 2% 2% 2% 2% Warner Bros ... 4% 4% 4% 4% Tobaccos— Am Snuff ... 66% 66% 66% 66% Am Tob <Bi 82% 82% 82% 82% Ligg & Myers B 104 103% 103% 104 Lorillard . . 19% 19% 19% 19% Phillips Morris . 45% 44 44 45% Reynolds T 181 . . 50% 49% 49%e 50 • Rails— Atchison 53Va 52% 52% 52% Atl Coast Lines.. 33% 32% 32% 33% B A O 13% 13Vi 13% 13% Can Pacific .... 11% 11% 11% 11% Ch A- Ohio 43% 43% 43% 43V* C M A St P 2Va 2% 2% 2% C M & St P pfd 3% 3% 3% 3% Chi N W ... 4% 4% 4% 4% Dela A- Hud ... 41% 41 41 41 Del Lac & W 18% 18% 18% 17% Erie .. 12% 12% 12% 12% Grt North pfd.. 16% 16% 16% 16% 111 Central 16 16 16 15% K C Sou 8 8 8 8% Mo Pac pfd.... 2% 2% 2% 2% N Y Cent . ... 20% 20 20 20% N Y New Haven 7 6% 6% 6% N Y Ont & West 5 5 5 5% Norfolk & West 169% 169 169 Nor Pacific . ... i9% 19% 19% 19% Penn R R 23% 23% 23% 23% Sou Pac 17% 17% 17% 17% Sou R R 15% 15% 15% 15% Union Pac 106% 106% 106% 107 Wabash 1% 1 % 1% 1% Equipments— Am Brake Shoe 25% 25% 25% 25% Am Car & Fdy 16% 16% 16% 16% Am Loco • - 16% 16% 16% 17% Am Steel Fdy ... 16% 16 16 16% Bald Loco •... 5% 5% 5% 51/2 Gen Am Tank C 35% 35% 35% 36% Gen Am Tank C 35% 35% 35% 36% Gen Elec 19% 19% 19% 19% Pullman Inc ... 46% 46% 46% 46 West Air Br ... 24% 24 24 23% Westingh Elec. 33% 32% 33% 33 Utilities — Am A For Pwr 4% 4% 4% 4% Am Power A Lit 3% 3% 3% 3%

Wall Street “BY RALPH HENDLRSHOI“

NEW YORK, Dec. 21.—C. F. Childs & Cos., recognized as one of the leading dealers in United States Government bonds, whipped itself into a frenzy in its current letter to clients over the way the Administration is attempting to stimulate business recovery through Federal expenditures. It said in part in the communication: “Apparently we are developing a

government capitalism under a cratic dictatorship —a government of centralized bureaumen rather than of law. . . . “We muddled ourselves into the depression; now we are attempting to scheme our way out of it. Perhaps we used our father's money to get into

the depression, but we are using our children’s money to get out of it. . . . “It appears a mad world that proceeds artificially to raise prices to heights which discourage people from buying. Low, not high, prices are a potent factor for business recovery. ’ THE concern made a great many other strong assertions about the social effect of the Government’s policies, the result of its competition with private enterprise and the “rights” which are being violated and then proceeds with the following observations: “We have to pay for this spending spree—by confiscation if currency inflation is imposed, by taxation if orthodox methods are prescribed or by mortgaging posterity if borrowing is to be the adopted policy. • In the latter case sole reliance should not & put upon banks to invest the public's deposits in bonds. Instead the people themselves should be invited to underwrite the loans which the administration needs and which the electorate sanctioned. nan WHILE being bold in its expenditures. the Administration should be consistently bold in financing them. A rate of interest which will attract individual investors should be paid, and the results of their subscriptions should guide further expenditures. “There is no plausible, safe shortcut for the restoration of confidence and business recovery except by the road of sound finance, taxation and a balanced budget.” The statements of the firm were made with unusual positiveness. If seemed to take the position that they were established facts rather than views which might be subject to debate. Its suggestion that Government bonds be offered at a rate of interest which would attract individual investors would seem a bit out of order. The fax exemption | feature alone puts them in an inI vestment class suitable only to I wealthy individuals and institutions.

A TAT .. 102 101% 101% 102% Am Wat Wks .. 14 13% 13% 13% Col Gas Elec.. 7% 7 7% 7% Conn A Sou 1% 1 1 1 Consol Gas 20% 20 20% 20 Elec Pwr A Lit 2% 2% 2% 2% Int Hvdro h>r . 2% 2% 2% 2% Interboro R T . 16% 15% 15% 17% Int T A- T . 8% 8% 8% 8% Lou G A E 'A. 12 4 12% 12% 12% Nat Pwr A Lit . 6% 6 * 6’* 6 North Amer ... 12% 12% 12% 12% Pac G A E ... 14% 14 14% 14% Peoples Gas ... 20% 20% 20% 20% Pub Serv N J . .. 27 26% 26% 27% So Cal Edison . 10% 10% 10% 11 Std Gas 4 3% 4 4% Stone A Webster 4% 4% 4% 4'i United Corp 2% 2% 2% 2% Un Gas Imp 12 11% 12 12 Ut Pwr A Lt (A1 1 % 1% 1% 1 % Western Union . 32% 32 32% 32 Rubbers— Goodrich 10% 10% 10% 10% Goodyear 23% 23 23 23% Kellv Spring . .. 1% 1% I’4 1% U S Rubber . . 16% 16% 16% 16% U S Rubber pfd 41 41 41 40% Miscellaneous— Allis Chalmers . 14% 14% 14% 14% Amer Can 107% 107 107% 107% Am Mach A Fdy 21 % 21% 21% 21 % Brklyn Man Tr-. 41 40% 40% 41% Burr'ouehs Add 14% 14% 14% 14% Cnntl Can 62% 62 62 62% Caterpillar Tract 36% 36% 36% 36% Crown Cork 23% 23 23 23 Curtis Pub pfd . 93%, 93% 93% 93% Deere A Cos 25% 25% 24% 25 Eastman Kodak 11! 110% 111 110% Gillette 13% 13% 13% 13% Glidden 26% 26% 26% 27 Int Bus Mach 151% 151% 151% 151% Inter Harv .. 38% 37% 37% 37% Natl Cash Reg . 16% 16% 16% 17 Owens 80tt1e.... 83% 83% 83% 83% Rem Rand 9% 9% 9% 9% Underwood E ... 57% 57% 57% 57% Worthington P.. 18% 18% 18% 18% Foods— Amer Sugar 65% 65% 65% 66 Armour Com 5% 5 5% 5 Armour 6% pfd 65% 65% 65% 66 Beatrice Cream’y 16 16 16 16 Borden Prod 23% 22% 23% 23 Can Drv G Ale 14% 14% 14% 14% Coca Cola 155 155 155 156% Cont Bak fAI . 6% 6% 6% 6 Corn Prod . 62% 62 3 # 62% 62% Crm of Wheat. 35% 35% 35% 35% Cuban Am Sugar 4% 4% 4% 4% Gen Baking ..7 7 7 6% Gen Foods 34% 34 34Va 34 Gold Dust 17% 17 17 17% G W Sugar 27% 27% 27% 27% Int Salt 31 31 31 Natl Biscuit 26% 26% 26% 26% Natl D Prod 16% 16% 16% 16% Purity Bak 9% 9% 9% 9% S Porto Rico Sug 21% 20% 20% 21% Std Brands 18% 18 18 18% United Fruit 72% 72% 72% 72% Ward Bak (B).. 1% 1% 1% 1% Retail Stores— Best A Cos 37 37 37 37% First Natl Stores 55 55 55 54% G" Un Tea ... 4% 4% 4% 4% Hahn Dept Sts.. 5% 5% 5% 6 Kresge S S 20% 20% 20% 20'/? Kroger Groc ... 28% 28% 28% 28% Macv R H 44% 44% 44% 44% MeCrorv St ..... 10% 10% 10% 11 McLellan St . . 14% 14% 14% 14% Marshall Field . 10% 10% 10% 10 May Dept St . 42% 42 42% 42% Mont Ward ... 27% 27% 27% 28 Penney J C . 68% 67% 68% 68 Vi Sears Roebuck . 39 38% 38% 39% Woolworth 52 51% 52 51% Aviation— Aviation Corp .. 5% 5% 5% 5% Boeing Aircft . . 9% 9% 9% 9% Curtiss Wright 2% 2% 2% 2% Curtiss Wright A 8% 8% 8% 8% Douglas Air 22% 22% 22% 23 Nor Am Av 3% 3% 3% 3% Sperry Corp 9% 9% 9% 9*4 Unit Aircft new 13% 13% 13% 13% Chemicals— Allied Chem .. .135% 130 130 129'% Am Com Alco. 31% 31% 31% 31 Col Carbon ... 71% 70 71% 70% Com Solvents . 21% 21% 21 % 21% Dupont 93% 93 V 493 % 93 % Freeport Tex . 23 % 23% 23*4 23% Liouid Carb ... 29 29 29 29 Math Alkali 28% 24% 2844 28% Monsanto Ch . . 54 53% 54 55 Natl Dis new . . 26% 26% 26% 2n 7 - Tex Gulf Sulph. 32% 32 32 Vi 32% Union Carbide .. 46% 46% 46% 46% L S Ind Alco.. 42% 42% 42% 42 Drugs— Coty Inc 5% 5% 5% 5% Lambert 27% 27 % 27*4 27*4 Sterling Prod ■ . 58% 58% 58% 58% Zonite Prod 3% 3% 3% 3% Financial— Adams Exp ... 6% 6% 6% 6% Allegheny Corp 1 % 1% 1% 1% Am Int Corp .. 5% 5% 5% 5% Chesa Corp .... 43Vi 43% 43% 42% Transamerica .. 5% 5% 5% 5% Tr Conti Corp.. 3% 3% 3% 3% Bidding— Am K, diator .. 15 14% 14% 14% Gen Asphalt . 15% 15*% 15*% 15*% Holland Furnace 8% 8% 8% 8% Int Cement 28% 28 28 27% Johns Manville 52*% 52% 52% 52Vi Libby Owens Gls 27*% 26% 26% 27 Otis Elev 13 13 13 13*% U S Gypsum .. . 48*% 48 48 48 Household— Col Pal Peet 16% 16 3 i 16% 16% Oongoleum .... 33% 33% 33% 33 Kelvinator .. 16 15% 15% 16*% Proc A Gamble 43% 43% 43% 43% Servel Inc . 7% 7% 7'% 7% Simmons Bed .. 9*% 9*% 9*% 9Vi Textiles— Belding Hem ... 11*% 11% lIV2 11% Celanese Corp . 32% 32% 32 % 32% Collins Aikman 12% 12% 12'% 12% Indus Rayon ... 30% 30 30 30% Kayser Julius .. 16% 16% 16% 16%

New York Curb

(Bv Abbott. Proctor & Paine) 12 Noon Prev. N. Y. close. Alum Cos of Am 45 45 Am Superpower 1 Atlas Corp 8% 8% Carrier Corp 16*2 16% Distillers Corn 13% 14 El Bond and Share 6% 6% Gulf Oil of Pa 53% 53*4 Hiram Walker 24% 424% Humble Oil 46% 46% Lake Shore Min 53% 53% Natl Bellas Hess 2% Nia Hud Pwr 3% 3% Penn Road 1% 1%

Hendershot

Other Livestock

ißv United Press) CHICAGO. Dec. 21.—Hogs—Receipts. 22 - 000. including 12.000 direrts; slow; about steady; better grade weights above 240 lbs.. $6 2545 6.35; top. $6.40; 170-240 lbs.. $5 35-36 30: 140-170 lbs. $4 503 5.50; pigs. $4.25 down: packing sows 10320 c lower at $5.8536: light lights. 140-160 lbs., good and choice. $4.3535.35; lightweights, 160200 lbs., good and choice. $536; medium weights. 200-250 lbs., good and choice. $5.853 6 40: heavyweights. 250-350 lbs., good and choice. $6,303:6.40: packing sows. 275550 lbs., medium and choice. $5.253 6: slaughter pigs. 100-130 lbs., good and chioce. $334 35. Cattle—Receipts. 2.000 comercial. 300 Government; calves, 1.000 commercial. 100 Government: fed steers and vearlings firm: spots stronger; supply confined almost entirely to lower grades selling at $6.50 downward; few well finished light and long yearlings. $838.60; holding best above $9; weighty steers absent: other classes largely steady; strong weight cutter cows. $2.25; best sausage bulls. $3.35; selected vealers, $5.5036; to small interest. Slaughter cattle and vealers: Steers. 550-900 lbs., good and choice. $6.505 9.25: 900-1100 lbs., good and choice. *6 753 10: 1.100-1.300 lbs., good and choice. $6.753 10.25: 1300-1500 lhs.. good and choice. $8.75310.25: 550-1300 lbs., common and medium. $2.503 6.75: heifers. 550750 lbs., good and choice. $5.50 3 8 50; common and medium, $2.5035.50; cows. good. $3 505 5.25; common and medium. $2.255 3.75: low cutter and cutter cows $1,353 2.25: bulls, yearlings excluded, good beef. $33:4: cutters, common and medium. $2.25 33 40: vealers. good and choice. $4.755 6: medium, $3 503 4.75: cull and common. $3 3 3.50. Stockers and feeder cattle: Steers. 550-1050 lbs., good and choice.s3.7s3 4.75; common and medium. $2.253 4 Sheep— Receipts. 120,000; slaughter lambs in fairly broad demand: indications fully steady; sheep and feding lambs firm; bulk better grade lambs held. $8 upward; initial bids around $7 75; slaughter ewes, $2 50 3 3.50: medium to good feeding lambs. $4.253 5 50. Slaughter sheep and lambs: Lambs. 90 lbs. down, good and choice. $7.155 8. common and medium. $5.50 3 7.35: ewes. 90-150 lbs . good and choice. $2.2533 50: all weights, common and medium. $23 2 60: feeding lambs. 50-75 lbs., good and choice. $55 6. ißv Times Special i LOUISVILLE. Dec. 21.—Cattle—Commercial 200. salable supply slaughter classes light: Quality generally plain: market fairlv active: fully steady with recent advance; bulk common to medium sluaghter steers and heifers. $3.505 4 75. better finished offerings salable to $6.50 and above: bulk beef cows. $2 2532.75; good cows and heifer types eligible higher; most low cutters and cutter cows. $131.75: bulk sausage bulls salable, $2 85 down; best heavyweights eligible higher: most desirable Hereford stock calves, $4 503 5. Calves —Commercial. 225; market seadv: bulk better vealers. $4.505 5 50: strictlv choice. SB. medium and lower grades. $4 down. Hogs—Receipts. 550: steady; better 230-300 lbs $6 40; 200-225 lbs. $6 25: 305 lbs up. $5 95; 180-195 lbs.. *5.65; 160-175 lbs.. $4 95: 140-155 lbs. $4 45 120-135 lbs *3 50 Sows. 465. sheep. 50; market steadv; medium to good lambs salable mostly $5 755 6 25; choice eligible higher; common light throweuts. $4 better fat ewes. $15032. Receipts Thursday, cattle, commercial 155. Government 461: calves, commercial 192. Government 1: hogs. 462; sheep, 15. Ship* i ments: Thursday, cattle commercial 92; calves, commensal 104, hogs 130.

INDIANAPOLIS, FRIDAY, DECEMBER 21, 1934

STOCKS SHOW UNEVEN TREND IN LIGHT DEALS Even Utilities, Recent Weak Spots, Are Quieter; Some Gain. By T m'\s Sp ini NEW YORK, Dec. 21.—Price movements were irregular on the Stock Exchange today with volume light. Oils were better with Standard of New Jersey up nearly a point. National Distillers rose % to 26% in the wet stocks, where Schenley was down ~/% at 24. % Sears, Roebuck dropped 3 4 to 38 s * in the mercantile division, while Spiegel, May, Stern rose 1% to 67*4. American Telephone declined 1% to 101% before meeting support, while Western Union was unchanged at 32. Similar lack of definite trend was no id in other sections of the list. Even the utilities, recent weak spots, were quieter and some of them showed small gains, including Consolidated Gas and United Corp. preferred. Public Service 7 per cent preferred, which did not appear when other utilities were depressed recently, made up for lost time and broke 9% points to anew low at 87%.

Money and Exchange

TREASURY STATEMENT <By United Press) WASHINGTON. Dec. 21.—Government expenses and receipts for the current fiscal vear to Dec. 19. compared with the corresponding period of the previous fiscal vear: This Year. Last Year. Expenses $3,406,531,105.75 $2,348,529,982.49 Receipts 1.774,633.3(15.27 1,409,881.081.35 Deficit . 1.631.897.800.48 938.643.901.14 Cash bal. 2.619.529,630.51 1.233.009,104.11 INDIANA TRADE OFF IN MONTH Declines in Auto Sales and Building Activity More Than Seasonal. More than seasonal declines in automobile sales and building activity were the principal contributing factors to a decline in the Indiana general business index during November to the level maintained in August and NBeptember, the Bureau of Business Research of Indiana University reported today in its monthly review. Although automobile sales were far under the high rates maintained in October, the report revealed, the November totals of new and used car sales were not far under normal. Total building activity was down to an extremely low level during the month. / “There was not sufficient cold weather during November,” the review continued,” to stimulate a satisfactory demand for winter apparel. Preliminary reports indicate that department store sales are equal to, or slightly above a month ago and well above the corresponding periods in the last two years. “Hardware sales were well above a year ago. Newspaper advertising made a small contra-seasonal gain as a result of a tendency of merchants to wage more aggressive sales campaigns. Life insurance sales made more than the usual seasonal decline. Postoffice receipts were about equal to a year ago and slightly above November 1932. “Some divisions of the steel industry were a little more active. Most consumers of steel had small stocks and a large percentage of orders were for immediate delivery. Pig iron production in the IndianaUljnois district was about equal to a year ago, but far under normal. Electricity production was well above the corresponding periods in the past three years.”

WHEAT PRICES DROP IN INIIM DEALINGS Lower Trend Develops on Easiness Abroad. By Unitrd Press CHICAGO, Dec. 21—Wheat prices on the Board of Trade dropped today in sympathy with easiness at Liverpool. At the start wheat was •% to % cent lower, corn was off % to 'g cent, oats were down % to 4 cent, and rye was to lVs cents lower. The English market was fractionally depressed, although trading was not particularly active. Operators here generally were disposed to hang back to await developments. The trade expected slow markets up to the year-end. (By James E. Bennett & Cos.) 11 00 Prev. Wheat— High. Low. A M. close. Dec 97 .96% .96% ,97% May 97% ,97'b .97% .98', July 91% .91*4 .91% .92 1 s CornDec 88 .87% .88 .88% May .86% .85% .85% .86% July 33% 82% .83% 83% Oats— Dec 53% .53% .53% .54% Mav 514: .51% .51% .51 % July 46% .46% .46% .46% RyeDec 77 .76% .77 .77% May 75% .74% .75% .76% July 75 .74% .74% 75% LOCAL CASH MARKET City gram elevators are paving 89 cents for No. 2 soft red wheat. Other grades on their merits Cash corn No. 3 yellow 83 cents and oats 48 cents.

Hides—Green country cows and steers. 3%c flat; green country Dulls and glues. 2c is' green country calf hides. 4%c: flat green country kip. 3%e o. 1 large horse hides with full heads, shanks, mames and tails. $2.50: medium size. $2 All No 2 grade horse hides. 50c less: glues and pomes half price. No. 1 rendered tallow. 454%c; No. 2 at value. Yellow grease. SS3%c; dark grease. 2%53c.

Hides and Skins

Poland's Dollar Bonds Seen as Unaffected by Reported Fiscal Moves Little Possibility of Change Visioned Even If Gold Stand* ard Is Abandoned; About $110,550,000 of Liens Held by United States Investors. Dr. Max Winkler, president of the American Council of Foreign Bondholders. Inc., New York, writes on conditions affecting foreign securities for The Indianapolis Times licm time to time. Todav he reviews conditions in Poland. a a a BY DR. MAX WINKLER Recently circulated rumors that Poland might abandon the gold standard are not likely to affect in any way position of Polish dollar bonds. For nearly a decade and a half Poland, as well as her political subdivisions, have promptly and faithfully met their contractual commitments.'

While Poland’s neighbors have been either unwilling or unable to take care of their foreign engagements in full, Poland, despite occasional difficulties, has had and continues to have the highest regard for the rights and privileges of her creditors. At the beginning of the year American? owned approximately $110,500,010 worth of bonds of Poland and Polish political subdivisions issued originally to the extent of $140,475,000. Depreciate 2 Per Cent The present market value of the outstanding balance amounts to $101,246,385, or about $918.50 per bond of SI,OOO par value, compared with a value on the basis of the issue price of $103,352,115, or $937.60 per bond—a depreciation of appreciably less than 2 per cent. In other words, if the American investor had purchased one SI,OOO par value bond of every issue floated in behalf* of or guaranteed by the Polish government or political subdivisions of Poland, and, if relying on the country's willingness to pay its legally contracted debts, he had retained the investment, his annual income to date would have exceeded 3 per cent, and his present holdings would show a shrinkage of less than 2 per cent—a record of which few foreign borrowers in the American market can boast. Values Compared Salient statistics pertaining to Folish dollar bonds are presented hereunder (000 omitted): Amount out- Value at Amount stand- recent issued. iner. price. Poland 6s. 1340—519,775 $19,775 $14,238 Poland 7s, 1947 62,000 46.499 53.473 Poland Bs. 1950 35,000 23.100 19.635 "’Warsaw L. Mtge Bank Bs, 1941 t 2,500 1,150 920 Silesia 7s, 1958 11.200 10.463 6,905 Warsaw 7s, 1958- 10.000 9,343 6.073 •Guaranteed as to principal and interest by the Republic of Poland. /Amount estimated to have been sold in the United Spates of an authorized amount of $15,000,000. If account is taken of the fact that more than $30,000,000 worth of Polish bonds already have been redeemed through sinking fund operations. equivalent to $214.55 for each SIOOO bond, the original price per bond actually is reduced by this amount to $723.05, compared with a current quotation of $918.50, equivalent to an appreciation of 2.70 per cent, which markedly enhances an already very liberal return on the investment.

Stock Studies

WARNER BROS. PICTURES COMMON STOCK ore I ■" ■■SPHICE SHASt EARNINGS PRICE RANGE scale YEARS ENDED , on LAST OF AUGUST 3-HMH 60 40 Ffl H- 20 0. - i.vt, .l.rj.iT LI r. *l. -. o |3O 31 32 33 34130 31 32 3334 J WINCHESTER institute of finance

Warner Brothers Pictures is a fully integrated unit in the motion picture field, both producing and exhibiting pictures. The growth of the company was very rapid immediately following the advent of the talking pictures. Expansion ivas so rapid and at a time when costs were inflated that the company has worked under the disadvantage of high maintenance costs during the depression years. In its theater chain are 388 theaters. located in 21 states. Warner Brothers pictures are shown throughout the world. Studios are modernly equipped and located in Burbank. Cal.; Brooklyn, N. Y., and London, England. FINANCIAL DATA As Os Aug 25, 1934. Common stock ($5 pan . 3.801,344 shares Preferred stock mo pan $5 670 885 Funded debt and mortgages .... 86.487.734 Goodwill 8.514.623 Net surplus 39.978 921 Inventories 10.830.560 Total current assets 17.551.032 Current liailities 11.704.294 During the fiscal year ended Aug. 25, funded debt and mortgages was decreased by nearly $4,200.000. Cash increased $1,800,000; inventories gained $1,600,000. while net working capital was $4,300,000 greater. The company's operating deficit account was credited with about $5,100,000 settlement made with Electric Research Products, and $1,155,000 profit on redemption of securities, resulting in an increase in net surplus for the year of $3,200,000. On fmg. 25 the current ration was I]21 ] 2 too 1, while the book value of the common stock was $13.16, or a gain of $0.64 during the company's fiscal year. Deficits ruled from 1931 and on with decreasing deficit during the last three fiscal years. For the year ended Aug. 25, 1934, the deficit was 77 cents. No dividends have been paid on the common since June. 1930, while the accumulated dividends on the preferred amount to $1,092,000, or $10.59 a share. Warner Brothers Pictures was incorporated in 1923 in Delaware. Both classes of stock are listed on the New York Stock Exchange. The I common is also on the San Friscico I Curb. The common is currently 1 selling at around 4*.

SWINE VALUES CONTINUE RISE Prices Again Up 15 Cents; Small Receipts Held Responsible. Swine prices continued to increase today at the Union Stockyards, with quotations generally 15 cents higher than yesterday's advance. Continued small receipts were responsible for the climb, officials believed. Hogs taken in this morning numbered 5500, an increase of 500 over yesterday's total, but still far below normal. The bulk. 160 to 200 pounds, was bringing $5.85 to $6.15. Heavies, weighing from 200 to 350 pounds, were salable at $6.25 to $6.50. A few choice kinds sold at $6.55. Light slaughter pigs, scaling 130 to 150 pounds, brought $4.20 to $5.30. Extremely light weights were sel’ing at $3 to $4.05, Packing sows cashed in at $5 to $6. Holdovers totaled 94. Trading remained scarce in the cattle market, particularly in the slaughter classes. A few steers sold at $4.25 to $7.75. Receipts were the same as yesterday, numbering 400. Vealers were generally 50 cents higher, selling at $7 down. Receipts in this class also totaled 400. The lamb market was quiet, with prices about 25 cents higher, the bulk bringing $3 down. Extreme heavies were selling at $7.25 to $7.75. Throwouts ranged from $5 to $6.75. Fat sheep cashed in at $3.50 down. Receipts were 700. HOGS Dec. Bulk Top. Receipts. 15. *S.SO'S 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 20. 5.70© 6.00 6.40 5.000 21. 5.85© 6.15 6.55 5.500 il4o-150i Good and choice $4.75© 5.50 1150-180) Good and choice 5.35© 6.05 1180-200) Good and choice .... 6.05© 6.25 i2OO-200i Good and choice .... 6.25© 6.40 1 220-250 1 Good and choice .... 6.40© 6.55 1250-290) Good and choice .... 6.45© 6.55 1 200-3501 Good and choice 6.25© 6.45 (275-350) Good 5.65© 6.00 Parkins sows: (350-425) Good 5.60© 5.85 (275-550) Good 5.25©- 5.75 (275-550) Medium 5.00© 5.50 (100-130) Slaughter pigs, good and choice 3.00© 4.C5 CATTLE —Receipts, 400— —Steers—-(sso-9001 Choice $2.25© 825 Good 6.00© 7.75 Medium 4.00© 6.25 Common 2.50© 4.00 (900-1100) Choice 8 00© 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 £.75® 9.00 —Heifers—-(sso-750) Choice 6.75® 7.25 Good 5.25© 6.75 Common and medium 2.50© 5.25 (750-9001 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, 400— Good and choice $6 00© 7.'0 Medium 4 00© 6.09 Cull and common 2.00© 4.00 —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 (800-1050) Good and choice 4.00® 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 —Receipts. 700— Lambs. 90-lb. down, good and choice $7.50© 8.00 Common and medium 5.25®, 7.50 90-120 lbs., good and choice . 2 50® 3.50 Sheen—-(l2o-150) Good and choice... 2 00® 3.00 All weights, common and medium 1.25® 2.50 CURB SEAT VALUE UP By Timex Special NEW YORK, Dec. 21—Sale of a seat on the New York Curb Exchange this week was reported at $21,500. an increase of $1,500 from the previous sale.

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Sole Distributor* for Mallory $ 1 HATS Lnion Made LEVINSON Hatter

r—WE BUY. SELL. and gladly furnish quotations on: Bonds of the United States Government, Its Territories and Insular Possessions Home Owners' Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Corp. 129 EAST MARKET STREET

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SEC DEMANDS REVISED DATA ON COMPANIES Filing of Pertinent Information Required Before June 30. By I ttifrrl Prm WASHINGTON. Dec. 21.—Stringent rules designed to afford investors maximum information on corporation securities were laid down today by the Securities Exchange Commission. In one of the most important set of rules it has yet issued the comlission required corporations file before June 30 pertinent information “succinctly and clearly expressed. ” The regulations will applv to 2300 corporations with listed securities valued at more than $10,000,000,000. Others, such as railroads, will be required later to file similar data. The information will reveal among other things salaries and bonus payments of the corporations. Answers are required for 35 questions in addition to detailed balance sheets, profit and loss accounts, and copies of various documents. The forms will provide the history and nature of the business, its organization and management, its financial condition, its capital structure, and other factors which might affect the value of its securities. Answers will reveal the status of options outstanding, the salaries of directors and principal officers, holdings of the company’s securities by principal officers.’ directors, underwriters and principal stockholders. and facts about bonus or profit-sharing plans, including the names of persons receiving more than $30,000 annually from any plan. Joseph P. Kennedy, chairman of the SEC, said the requirements were “reasonable,” and that "the information should furnish anything any one wants about a company.” Corporations were warned not to burden their answers with technical or non-important details and ;n some instances were given a limit of words with which to answer. Exchange Lauds Rules By I nih il I’rcxx NEW YORK. Dec. 21.—The registration regulations, issued by the Securities and Exchange Commission, comprise a fine piece of work j “which should be welcomed by all investors,” a statement, from Stock Exchange officials said today. The statement, concurred in by President Richard Whitney, and Frank Altschul, chairman of the committee on stock list, was issued I by M. Ti. Hoxset, executive assist- ! ant to the committee on stock list. It said: “It is perhaps inevitable that instructions issued under the terms of a specific law should have ? certain rigidity and should leave less to the imagination and to th) give and take of circumstances that might be desirable, with due allowance for this unavoidable tendency, I feel that this is a fine piece of work which should be welcomed by all investors, the financial community, the corporations and the exchange. “As far as practicable, the regulations seem to be designed to accomplish their purpose with a minimum of cost to the corporations and with a minimum of chance of liability for error.” BUSINESS SETS RECORD Investors Syndicate Reports Best Month in History. By Timm Special MINNEAPOLIS, Dec. 21.—November business of the Investors Syndicate during the current year soared to the highest level since the company was founded 40 years ago, it was anounced today. Business this year exceeded that in the corresponding moth of the previous year by 75.9 per cent. Total business written in November this year amounted to $21,373,750. With exception of December, business during 1934 has been around 47 per cent ahead ol 1933, it was reported.

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