Indianapolis Times, Volume 46, Number 194, Indianapolis, Marion County, 24 December 1934 — Page 12

Trends PWA’s Investment Record Is One of Merit. BY VINCENT S. LYONS Times hnanritl Editor

r T'*HE Public Works Administra- -*• tion, of which Harold L. Ickes is thp chief, has made a record for itself that even the most asture of bankers and investment experts could well be proud of. The badge of merit is alloted this Federal .agency because less than S4OOO of she $272,000,000 state, city and jfeounty securities now held by it is default. In all instances the black marks ere placed next to the municiJpalities for non-payment of interest. There were ten defaulters of Ithis nature at the outside. Three |of them came through with the Inecessary funds a short time after rthey were due and the other seven are straining every effort to bring their credit rating back to good standing. When the idea of making Federal loans to municipalities for the creation of public works was first broached there were many skeptics who nodded their heads questioningly at the Government's lending activity. Many of them were willing to wager that the Government would come out the laser on quite a few of its transactions. aaa TV ESULTS just announced were quite the contrary, however. The business of investing at best contains some element of uncertainty. A safe harbor of funds today may lose its ranking tomorrow as a consequence of some unforeseen development. Investment funds oftentimes pursue the same tactics as the robin and fly to the place where conditions are the most propitious. These loans have served a dual purpose, which critics of the Administration have failed to realize. The first purpose, of course, is the social benefits which are received from the municipal construction of anew dam. bridge, library or other such public building. The second function that the grants have performed is that they have opened up an avenue for investments which otherwise would have been closed. A large proportion of the loans made to these municipalities in widely scattered sections of the country have been resold to bankers through the Reconstruction Finance Corp. Approximately $50,000,000 of them were considered such attractive investments that the banking groups which purchased them paid a premium for the privilege of buying them. a a a Syndicates purchasing these issues either kept them in their vaults as good yielding investments or re-offered them to the public at a profit to themselves. It seems from this that, the Administration is deserving of a pat on the back from the financial fraternity for giving them an opportunity to put to work some of the idle funds which they had on hand. It might be suggested by some people that so long as this market existed, the bankers should have originated the loans in the first place. However, there are several factors to be remembered. Government money and banking money are two different things. Then, too, public works loans were an Administration brain-child, the scope of which was yet to be tested. Now’ that the municipal bond structure has displayed betterment, liens of this type are finding a more receptive market. The record of the FWA in the distribution of loans is the best indication that the agency did not allocate funds indiscriminately. It bespeaks thoroughness of investigation on the part of Mr. Ickes’ assistants in appraising the merits of requests for grants. Those municipalities which could not meet the requirements laid down were tactfully informed that PWA funds were not available. JANUARY STOCK RISE FORESEEN BY SERVICE Prediction Based on Study Over Last Thirty-seven Years. By Times Special BOSTON. Dec. 24.—Purchases of stocks on the last 1 trading day before Christmas have shown a profit at some time in January in 35 of the last 37 years, the United Business Service points out in its current report. The Dow-Jones industrial average, which goes back to 1897. has recorded an advancing trend after Christmas in every year except 1910 and 1926. Even in such definitely downward years as 1931 and 1932 there was a substantial rise in this popular average during the initial month of the year. The two chief causes for this traditional upturn m security quotations are probably the seasonal peak in corporate disbursements, and the tendency for sentiment to improve at the turn of the year. The January concentration of dividend and interest payments, as well as bond maturities and redemptions, provides much ’'new money' 'for investment. SPINNING TRADE DIPS Cotton Operations at 94 Per Cent of Capacity in November. By Time * Special WASHINGTON. Dec. 24—The cotton spinning industry operated at 94 per cent of capacity during November, according to a Census Bureau report. Operations were on a single shift basis, and compared with 97.1 per cent during October and 96.3 per cent during November, 1933.

Retail Coal Prices

Tfe loUowmg price* represent quotation* txorr. leading Indianapolis coa! dealers A XS-cent carrying charge oer ton alii be added. DOMESTIC KL7AII PRICES Anthracite 113 oo Brazil Lump 6At Brazil Mine Run 525 Coke. Nut Size 890 Coke. Egg Size 8.90 Indiana Forked Lump No. 4 5 94 Indiana Forked Lump No 6 684 Kentucky Lump Group "B" 7.18 Indiana In 8.71 Pocahcntae BBC 8.43 Pocahoctaa Lump 8.33

PAGE 12

JOINT ACCORD OF RAILROADS PRINCES PLAN Would Aid Each Other With Help of 2 Billion U. S. Loan. Tb* following Is the third of a series | of .ix irtidM on "A Xe Deal for the Railroad*,” written for the Indianapolis Times bv Theodore Prince, well-known railroad authority. The fourth article will appear tomorrow. BY THEODORE PRINCE Times Special Writer NEW YORK, Dec. 24.—1n the pro--1 posed reorganization plan all railj roads would have a financial stake in all the roads, but they could obtain certain powers, immunities and direct responsibilities to control and direct their own destinies. To do this, they should, in addition | to buying stock in this corporation, assume certain financial responsibilities or burdens, for the corporation would have to be supplied with income as well as capital. The government would lend $2,000,000,000, a huge sum when it is considered that during the war they only loaned $1.080,000 000. This was all paid back, except about $40,000,000, not computing profits on interest made by the government. It seems to be forgotten that the inability of the weaker lines to compete with the so-called rich roads, complicates the rate structures. The latter roads, on account of superior plant and equipment, can carry freight at less cast than the others. So it is clear how all these factors are intimately connected. By treating them separately, as we have in the past, we have achieved nothing. A common responsibility with intimate co-operation can alone bring order out of our chaotic transportation industry. The corporation should be entitled to obtain the following revenue : (a) The difference charged by it in lending money to the railroads, say, at . or 6 per cent and that paid to the j Government, namely 4 per cent. (hi It should reeeive 1 per cent on j all gross revenues of the railroad. (c) Railroads earning net income (after payment of all proper charges) should pay j l per rent thereof annually to the cor- I poration. <d> Each road should pay 10 per cent j of economies effected by reason of the ! operation of the corporation. A sliding j scale of such economies, dependent on gross revenues of all the railroads from $3,000,000,000 to $6,000,000,000 annually. I would be set up. so that as traffic and business increased, a larger percentage of economies would be forthcoming. A method for determining such savings Is provided for in the plan. The proposed plan endeavors to bridge the intervening gap between | depression and prosperity. The corporation would pay or retire its debt by: 1. The debenture bonds of the I’nited j States Government, hv which $2,000,00(1.- j 000 would be lent to the rorporation bv a series of sinking funds in 25 vears. 2. When and if the above could be considered hv the corporation as fairly and properlv set up. then the corporation j would have to negotiate with the RFC to take over within a period of vears the loans made bv it to the railroads out of the Government’s debt on some practical refunding system. 3. To repay to the railroads which made contributions out of their net income to the corporation. 4. And Anally, at as early a date as possible and consistent with the purpose of i the plan, to set in motion a plan by which the railroads should reduce their longterm indebtedness. 5. After a certain period, determined by the regulatorv bodies set forth herein, no bonds should be issued without sinkingfund provision for their reduction or eventual retirement. This would give every railroad some representation on the board of the corporation; giving each a right ! of supervision over all. and all a right of supervision over each. It also would give all the railroads, with a single eye and purpose, profitable and efficient management, as well as a financial setup that would enable them to become financially sound when normality returned. In prosperity they would pay off debts and so prepare for the economic recessions that recur in our present economic system.

On Commission Jiow

Quotations below are average wholesale ; prices being offered to buyers by local i commission dealers. Fruits —Cranberries. Cape Cod. late Howes 25-lb box. $5 Grapes. Cali--1 forma Emporers. 27-lb. box. 52.25. Persimmons California. 24s $1.35. Quinces bushel. $3 Bananas. 4 3 ,s a lb. Apples. . Indiana Jonathans. sl.Bo® 1.75: Grimes Golden. 81.354t1.75 Melons. California Honey Dews. $2.75. Lemons. Sunkist. 3605. $5.50. Grapefruit. Texas, seedless. $3.25. Limes. Mexican, per carton. 12s. 25c; Bvram. seedless, per hundred. $3 California rhubarb. $1 40 a box Pears. Oregon D'anjs box. 53 50 '’ineapples. 24-30s. 54.30: 365. $3 50; 425. 52 .0. Vegetables Cabbage Northern Dan--1 ish. 50-lb bag. 65c. red. 50-lb bax. 90c. New Cabbage in crates. $2'u2.25. Onions. laho. sweet Spanish, large. 50-lb. bag. 51 40. Michigan yellow, med . 10-lb. bag. 22c: western white. 50-lb. bag. $1.85: Michigan. yellow $1 35 Potatoes Green Mountains. 100-lb. bag $1 50; northern round white. 100-lb bag. sllO. Ohios. 100-lb bac. 51 90. Idaho Russets. 100-lb. bag. $2 New potatoes. $2 25'.i 250 Sweet potatoes. In- ; riiar.a Jerseys, bushel. SI 85; Tennessee Nar.cv Halls, bushel. $1 40 Beans, flat trmgless. hampers. $3 75. Celerv Michigan medium, dozen. 60e: jumbo, dozen. 75c: hearts, bur.ch. $1 25. Cucumbers, dozen 9C.e; southern bushel. $4 Endive, dozen. 90c. Egg plant $1.50'.i2 dozen. Kale. Virginia, bushel. 65c Lettuce, hothouse 15-lb. : ba-ket $125: California Iceberg head lettuce. $4 50 Mangoes. Florida, crate. $4 Mint, bunch. 75c. Parsley, dozen. 35c. Peas hampers $5 Spinach. home-grown. . broadleaf bushel. $1 15. Radishes, dozen. 75c Tomatoes 10-lb. carton. $1.35: Florida original. $3 Turnips, home-grown. , dozen. 25c Pumpkins, dozen. sl. Misrrllaneous—Cocoanuts. Jamacia. 25 for $1 50. Oysters, standards, gallon. $1 50; selects, gallon. $1 85 Chestnuts. Italian, a pound. 12'c Sorghum molasses, gallon 65c Black walnuts. 50-lb. bag. sl. j Cider. 4 gallon* to ease. $2. Half-gallons. ; 6 to case. $1 75; quarts. 12 to case. $1.90 All quotations subject to change, up or j down. FRITTS AND VEGETABLES •By United Press• CHICAGO Dec. 24—Apples—Michigan Mclntosh, bushel. 5175--2: Jonathans. 51 50'.. 1.75 Beets -Illinois bushel. 35'u40c; Texas crate*. SICz 125 Beans—Florida • bushel, green. $2 50'u5 50 Cauliflower— I California cra’es, $1 25. best. Cranberries 1 Massachusetts. > barrels. 54 . 1 4 50. : Lettuce—California crates 83.50tf4.35: Arizona. $4 25zi4 50 Cabbage—Wisconsin ' crates 4Gtf63c. Soinach—Tennessee. Texas. Illinois bushels. 50ctf$! Swee* potatoes—- , Tennessee bushels. slv 1 15; It diana .JerI seys. $t 50tf 1.65 Carrots California I crates. $2.50'./ 3 Celerv—Michigan crates. 65c .*sl 25. Onion market iSO-lb. sacks' Michigan yellows 30ctf 81; western yellows, 90c ts $i 05, Ilimou and Indiana yellow*, esassc. .

Abreast of The Times on Finance

Survey of Current Business Conditions

BUSINESS ACTIVITY (new YORK T'MESft n *M> ’.■* StP-.-X' K>o 10 4 ' 60 SO liiilinliii.l .il.iili.i.l.uliiiliiiilnilinliiii AUTOMOBILE production*160 1 — i FREIGHT CAR LOADINGS OO to —— — 740 ?nl,.iliii!iiiiliiilmh::ilinlllilllll!nllln!lUl FISHERS WHOLESALE PRICE INBEX* , 00 *0 ' . . ' - 60 -- 40 li 1. 1.111111.11 'll H. In II hull 111. II jli n!i i.lini commercial FAILURES* 110 :::kz== m U FtDEKAL RESERVE; MEMBER BANK LOANS ICO 90 bo •**+*> 10 lAc'J blm 1

1 COMPUTED NORMAL • 100 A CRAMS ESTIMATEo U. 5. CANADA *1926*100 ® OAJLY AVERAGE *1928*1930*100

New York Stock Exchange Prices

ißy Thomson A McKinnon* N. Y. close. Oils— Hieh. Low. 11 AM. Prev. Amerada 48 48 48 48 Atl Rig 24% 24% 24% 24Vi Barnsdall 6'a 6 6 6% Consol Oil 7 5 7'i 7% 7** Cont of Del .. 17% 17'4 17% 17% Houston (new).. 2% 2% 2 % 2% Mid Cont Pet .. 12’ 2 12% 12' 2 12% Ohio Oil 9 s * 9% 9% 9' 2 Pet Corp 8% 8% 8% 8% Phillips Pet ... 14 3 b 14% 14% 14> 4 Plymouth Oil ... 8 8 8 7% Pure Oil 6% 6% 6% ft* Soc Vac 13% 13% 13% 13 3 4 SO of Cal 29% 29 5 a 29% 29 3 4 S O of Ind 24 7 a 24 3 4 24 7 a 24 'M SOof N J 42 U 42 42 42 1 a Texas Corp 20 19% 20 20 Un Oil of Cal ... 15 15 15 15% Steels— Am Roll Mills... 20 7 a 20% 20 7 a 20 Beih Steel 20' 2 20% 2G% 20% Bvers AM ... 17*8 17% 17% 17% Inland Steel . 48% 48% 48% 43 Ludlum Steel ... 15% 15* 2 15% lj>% Mid Steel 9% 9*4 9% ?% Natl Steel 46 45% 46 45% Rep I & Stl .. 13% 13% 13% 13% U S Steel . 36% 36% 36% 36% U S Steel pfd . . 81% 81% 91% 91% Warren Bros 3 T * 3 T 3's 3~s Youngstn S& T 18% 18% 18% 18 Motors— Auburn 24% 24%. 24% 24% Chrysler 39 38% 39 38% Gen Motors 31% 31% 31% 31% Hudson 11% 11% 11% 11% Hupp 2 7 a 2% 2% 2% Mack Truck .... 25% 25 20% 25 Nash 17 16% 17 16% Packard 4% 4% 4% 4% Studebaker 2 1% 1% 2 Yellow Truck .. 3% 3% 3% 3% Motor Access — Bendix 16 15% 16 15% Bohn Alum ... 56% 56% 06% 56% Borg Warner ... 28% 28’a 28% 28% Briggs 25% 25% 2512 25% Budd Mfg 4 7 a 4% 4% 4% Eaton Mfg 17% li% %% 17% Elec Auto Lite • 26% 26 26 26 a Koudaille A .... 7% 7% 7% 7% Mullins Mfg ... 9% 9% 9% 9% Murray Boav ... 6% 6% 6'fc 6% Timken Roll ... 32 32 32 32 Mining— Alaska Jun 18% 18 18% 18% Am Metals 14% 14% 14% 14'a Am Smelt 36% 36% 36% 36% Anaconda 10% 10% 10% 10% Cal & Hecla .... 33 33 Cerro De Pasco 42% 42% 42% 42% Dome Mines .. 38% 38 3 a 38 3 8 38% Howe Sound ... 49% 49% 49% 49% Int Nickel 23 22% 23 22% Kennecott Cop . 16% 16% 16% 16% Mclntyre Min .. 40% 40% 40% 40% Park Utah 3% 3% 3% 3% Phelps Dodge .. 14% 14% 14% 14% St Joe Lead ... 16% 15% 16 la’s U S Smelters .122% 122% 122% 122 ;s Amusements— Fox Theat 13 13 13_ 12% Loews Inc 34 33% 33% 34 Radio Corp .... 5% 5% 5% 5% Paramount 3% 3’4 3% 3% PKO 2% 2% 2% 2% Warner Bros ... 4% 4% 4% 4% Tobaccos— Am Tobacco A . 79% 79% 79% 80 Am Tobacco B 82 82 82 82 Gen Cigars 57% 57% 57% 57% Ligg & Myers B 103 102% 103 103 Lorillard 19% 19% 19% 19% Reynolds Tob B 50 49 3 4 49% 50 Rails— A.tchison ...... 52 52 52 52 Atl Coast Lines . 33 33 33 33 B A. O 13% 12% 13% 13 Can Pacific 11% 11% 11% 11% Ch & Ohio 43% 43% 43% 43% C M & St P 2 % 2% 2% 2% C M & St P pfd 3% 3% 3% 3% Chi N W 4% 4 4% 4% Chi N W pfd ... 8% 8% 8% 8% Dela A Hud ... 40% 4040% 40% Del Lac A W 17% 17% 17% 17% Grt Northern pfd 16% 16% 16% 16% 111 Central 15% 15 15 15 Lehigh Valley... 9% 9% 9% 10 M K A T 5% 5% 5% 5% Mo Pac pfd 2% 2% 2% 2% N Y Cent 19% 19% 19% 19% N Y New Haten 6% 6% 6% 6% N Y Ont A West 4% 4% 4% 5 Nor Pacific • • 19 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 Equipments— Am Brake Shoe 26 % 26% 28% 25% Am Car A Fdy . 16% 15% 15% 16% Am Loco ... 16% 16% 16% 16% Am Steel Fdy .. 16% 126 16% 16 Bald Loco 5% 5% 5% 5% Gen Elec 0% 19% 20% 19% Gen R R Sig ... 25 25 25 25 Pullman Inc ... 46% 45% 45% 46% West Air Br ... 23% 23% 22% 24 Westingh Elec .. 34% 33% 34% 33% Utilities— Am A For Pwr 4% 4 4 4% Am Power A Lit 3% 33% 3% A T A T ■ 103% 102% 103% 102% Am Wat Wks .13 13 13 13% Col Gas A Elec 7% 7 7 7 Com A Sou 1% 1 1 1% Consol Gas . 20% 20 20 19% Elec Pwr A Lit 2% 2% 2% 2% Int Hydro Elec . 2% 2% 2% 2% Interboro R T .. 15 14% 14% 14% Int TAT 8% 8% 8% 8% Lou G A E "A” 12% 12% 12% 12 Nat Pwr A Lit .7 7 7 7 North Amer 12% 12% 12% 12% Pac G A E 14 14 14 14 Peoples Gas .20 20 20 20% Pub Scrv N J 26 25% 25% 25% So Cal Edison... 10% 10% 10% 10% Std Gas 9% 9% 9% 9% Stone A Webster 4% 4% 4% 4% United Corp . 2% 2% 2% 2% Un Gas Imp 12 11% 11% 12 Western Union . 32% 32% 32% 32% Rubbers— Firestone 16% 15% 16 15% Goodrich 10 9% 10 9% Goodyear .... 23 22% 23 22% Kelly' Spring . 1% 1% 1% 1% U S Rubber 16 15 a 16 16% U S Rubber pfd 40% 394 40% 40% Miscellaneous— Allis Chalmers 15% 14% 15% 14% Am Can 109% 108% 109% 108% Am Mach A Fdy 22% 22% 22% 22% Brklyn Man Tr 41 40% 40% 40% Burroughs Add . 14% 14 s * 14% 14 3 J I Case 52% 51% 52% 51 Conti Can 62% 62% 62% 61% Caterpillar Tract 37 36', 36% 37 Crown Cork .... 23 22% 22% 22% Curtis Pub 20% 20% 20% 20% Deere Cos 26% 25% 26% 25 Eastman Kodak 111% 110% 110% 111 Gillette 13% 13% 13% 13% Glidden 26% 26% 26% 26% Int Bus Mach .141% 140% 141 141 Inter Varv 39% 38% 39% 38% Natl Cash Reg 16% 16% 16% 16% Rem Rand .10 10 10 9% Underwood E ... 57 57 57 57 Foods — Am Sugar 65% 65 65 65% Armour Com . 4% 4% 4% 4% Borden Prod 23% 23 23% 23 Cont Bak "A” ... s'* 5% 5% 6 Corn Prod 62% 61% 62% 62 Gen Baking 7% 7 7 6% Gen Foods 34% 33% 34 33% Gold Dust 17% 17 17 17 G W Sugar 27% 27 27 27% Int Salt . . . 31 31 31 31 Loose Wiles 34% 34 34 33% Natl Biscuit ... 26% 26% 26% 26% Natl D Prod .... 16 s . 16% 16 s . 16% Purity Bak .. . 9% 9% 9% 10 S Per Rico Sug 21% 21% 21% 21% Std Brands 18% 18 18% 18% Un Bisouit ... 18% 18 18% 18% Un Biscuit 25 24 7 i 25 24% United FTiui ... 73 73 73 73

United States Department of Commerce

STEEL INGOT PRODUCTION ■!> MA ..Nt,yA( x; 100 T " o,l■ In 1111 n! 111 li uliiixlii 1 Imliiii!Hl lililiiu. LUMBER PRODUCTION 100 r~ ” 80 60 —7 0 ~ ■ I . I■ 11 ■ 11 1 I.■ 11 ■lil ■ I ■l|■ltl ■ll 111 lilt llluli-l-l-L COTTON RECCIPTS *OO L————— L ~ As , nnTrhTff^KnT^^rrr^Tpfmiii i'ii 1 lnihiu BOND PRICES* I 2° I ——" g 0 *^ T ~*** 60 In I Ill'll mi Illll.■l l 1■ ■ ■ 1 11 ' I ■ 11 1 111 1 1 1 11 ll I 111-LJ-L BANK DEBITS OUTSIDE NEW YORK CITY* 1401 120 1 100 5 40 .I ■ Im( 1 1 ... I YTI. I 1 1. 1 1 ll■ ■ ' 11 11 1 111 ■■ 11 I ■ 1 1 11111 U. TIME MONECSATES* ISO! 100 7 ’bbdWl'iilEiaigliJglitlliti'g

Retail Stores— Assd Dry Goods 12’, 12% 12% 11’ 4 First Natl Stores 55 55 55 55 Hahn Dept Sts . 5% 5% s’, 5’4 Kresge S S 20% 20% 20% 20 s , Kroger Groc ... 28 27% 28 28 Macy R H 44% 44 44 44% McCrory St 10% 10 10% 10% McLellan St ... 14% 14% 14% 14% Marshall Field . 10% 10% 10% 10% May Dept St ... 42% 42% 42% 42 Mont Ward 28% 28 28V, 28 Natl Tea 10% 10 10% 10% Penney J C 70% 69% 70% 69V, Sears Roebuck . 38% 38% 38% 38% Woolworth 52% 51% 52 51% Aviation— Aviation Corp . 5% 5% 5% SV, Boeing Aircft .. 9’, 9’, 9% 9% Curtiss Wright. 2’, 2% 2% 2% Curtiss Wright A 8% 8% B’, 8% Douglas Air ... 22% 22% 22% 22% Nor Am Av 3'2 3% 3% 3% Sperrv Corp . 9% 9 9% 9% Utd Aircft new. 13% 13% 13% 13*/,

Chicago Stocks

(By Abbott, Proctor & Paine) 11:00 Prev. A. M. close. Butler Bros 7% 7% Chicago Corp pfd 29% 29% Cities Service I*4 1% Com & Edison 46% 46 % Cord 3% 3% Great Lakes Dredge 17% 17% Marshall Fields 10% 10% Iron Fireman 12% 12’, Kingsberry 1% 1% Prima 1% 2 Swift 18% 17% Util Inv 1 %

New York Curb

(By Abbott. Proctor & Paine) 12:00 Trev. Noon, close. Alum Cos of Am 46 45 Am & For Pwr War 2% Am Cyanide "B” 15% 15% Am Superpower 1% 1 Atlas Corp 8% 8% Distillers Corp 14% 14% El Bond & Share 6% 6% Ford of Europe 8% 8% Gulf Oil of Pa 24 24% Hiram Walker 24 24% Humble Oil 49 48% Lake Shore Min 53% 53% Lone Star Gas 4% 4% Newmont Min 38% 37% Nia Hud Pwr 3% 3% St Regis Paper 1% 1% Teck Hughes Gold 3 7/ s 4

Stock Studies

RAYBESTOS MANHATTAN $ COMMON STOCK e’e r B,cE SHARE EARNINGS PRICE RANGE SCALE 2 ~ ” —— 60 // 7/ 1 Fi 40 0 130 31 32 33 34-130 31 32 33 34f WINCHFSiER INSTITUTE OF FINANCE Raybestos Manhattan was formed in 1929 as a consolidation of the United States Asbestos Cos. and Manhattan Rubber Cos. The company produces a wide range of asbestos and rubber products, including brake linings, fan belts, rubber transmissions, rubber and asbestos packings, air, steam and water hose. The company is among the largest manufacturers of brake linings and clutch facings. About 50 per cent of the company's products are sold to the automobile industry. Main plants are in and around Bridgeport, Conn.; Passaic, N. J., and Manheim, Pa. Branch offices are located in the principal cities. FINANCIAL DATA As of Sept. 30 Capital stock (no par) 676,012 shares Surplus 5.982.540 Cash and securities 2,907.865 Inventories 3.493.708 Total current assets 7.948.807 Current liabilities' 747,490 During the 12 months ended Sept. 30, cash and securities remained practically the same. Inventories increased SBOO,OOO and net working capital was $600,000 larger. Surplus increased a little more than $300,000. On Sept. 30 the current ratio was better than 10% to 1, while cash and securities were nearly four times current liabilities. The book value of the capital stock was $22.41, or 58 cents more than the year previous. A deficit was shown only in the year 1932, amounting to 71 cents. Since then earnings have been on the upward trend with $1.39 earned in the first nine months of this year. Dividend payments have, of necessity. been erratic; 60 cents was paid on the capital stock in 1933 and $1 paid in 1934. which amount was earned by a good margin. Raybestos Manhattan was incorporated in 1929 in New Jersey. The capital stock is listed on the New York Stock Exchange. At current price of around 20 it sells to yield 5 per cent on a $1 dividend basis. (All right reserved. Winchester Instltuta of Finance. Winchester, Massj

INDIANAPOLIS, MONDAY, DECEMBER 24, 1934

CONSTRUCTION CONTRACTS AWARDED* (tft i. .< ;MA- i..Mt , • , M*- K* 1 IM-. . X'. eoi * ———— — 80 * m X \/ BITUMINOUS COAL PRODUCTION* 100 1 4 0— 20 : n 1.. 11.11,. 11 hi In. 11 m 1 m lilili iit 11 mll iililii ELECTRIC POWER PRODUCTION• 120 ———— iso ——— 'OO r STOCK PRICES* ISO! : SO -~w^***~ 0 ! I ,1 ' .1 In 1 1 In ■ 111 ill .I'll I 111111 l 1 1 1 I 1 1 ll■ 1 1 1,1111 BROWS' LOANS NEW YORK CITY I 00 | 80 o'* 1 1 11' 1 11,1 1 ... 1 .11 1 1 n 1 1 111 li 11 In 11 1 111 1 111 1 1 m MONEY IN CIRCULATION* 160 r

Chemicals— Air Reduction .110% 110*4 110% 110% Allied Chem ...132% 131% 132% 131% Col Carbon .... 71*4 70*2 71% 71‘ 4 Com Solvents .. 21 ‘2 21% 21% 21% Dupont 94 93% 94 93*/, Freeport Tex ... 23% 23% 23% 23 Liquid Carb 29% 29% 29% 29% Math Alkali ... 28*4 28 28% 28% Monsanto Chem. 55 54% 55 54V, Natl Dis (newl . 28Vi 28*, 28Vi 28*4 Schenlev Dist 25% 25% 25% 25% Tex Gulf Sulph 32% 32*4 32% 32 Union Carbide . 46 45% 45% 45% U S Indus Alco 43% 43 % 43% 43% Drugs— Bristol Myers .. 32% 32% 32% 32% Coty Inc s'/4 5*4 5% 5% Sterling Prod . 58% 58% 58% 58% Un Drug (new). 12% 12% 12% 12% Financial— Zonite Prod 3% 3% 3% 3% Adams Exp .... 6% 6*2 6% 6% Allegheny Corp.. 1% 1% 1% 1% Am Int Corp ... 5% 5% 5% 5% Chesa Corp .... 43% 43 43 43% Tr Conti Corp.. 3% 3'/a 3% 3% Building— Am Radiator ... 15 14% 14’, 15 Holland Furnace 8% 8% 8% 8% Int Cement 29 28*2 28% 28’, Johns Manville 53% 53% 53*4 52% Libby Owens Gls 26% 26% 26% 26% Otis Elev 12*2 12% 12% 12% Household— Col Pal Peet.... 17% 16% 17% 17% Congoleum 33% 33*2 33% 33% Kelvinator 16 15% 15% 16 Mohawk Carpet. 14 14 14 14 Proc & Gamble. 43’4 43Vi 43Vi 43% Simmons Bed .. 9% 9 9 9 Textiles — Amer Woolen ... 8% 8% B’, 8% 1 Belding Hem ... 11 >/i 11% 11% 11% I Celanese Corp .. 32*, 31*4 32 31% Collins Aikman.. 12 11% 12 12 Indus Rayon .. . 29% 29% 29% 29% Kayser Julius .. 16% 16% 16% 16%

(By United Press) CHICAGO. Dec. 24.—Hogs—Receipts. 19.000. including 9000 directs; active; 25 to 40 cents higher than Friday; lights up most; weights above 230 lbs.. $6.50<b6.60; top. $6.65: 170-230 lbs.. $5.65<86.50: light lights, 55'5j5.75: pigs. $4.50 down; packing sows. $5,904/6 10; light lights. 140-160 lbs., good and choice. $4.75(5 5.75; light weight. 160-200 lbs., good and choice, $5.40446.25; medium weights. 200-250 lbs., good and choice. $6.10(5 6.65; heavy weights. 250-350 lbs., good and choice. $6,504/ 6.65; packing sows. 275-550 lbs., medium and choice, $5,504? 6.15; slaughter pigs. 100-130 lbs., good and choice. $3,504/ 4.75. Cattle —Receipts. 7000 commercial. 1000 Government; calves. 2000 commercial, 500 Government: fed steers and yearlings 25 to 40 cents higher; very flash market with all interests buying although small killers and shippers most active; top $10.50 on weighty steers; several loads slo® 10.40: best yearlings, $10.15; practically everything sold: lower grades turning on both Stocker and killer accounts at $3445.50 but mainly s7® 9.50 steer market; other killers unevenly strong to 25 cents higher. Slaughter cattle and vealers. steers, 550-900 lbs., good and choice, $6.75®9.50; 900-1100 lbs., good and choice, $74) 10.25; 1100-1300 lbs., good and choice. s7® 10.50; 1300-1500 lbs., good and choice, s7® 10.50: 550-1300 lbs., common and medium. $2.50®7; heifers. 550-750 lbs., good and choice. $5.75®8.50; common and medium. $2.75®5.75: cows, good, 53.75®5.25; common and medium, $2.35® 3.75; low cutter and cutter. $1,504/2.35; bulls (yearlings excluded 1. good ibeefi, s3® 4; cutter, common and medium, $2.25® 3.50: vealers. good and choice. $5®:6.50: medium. 53.50@5; cull and medium, s3® 3.50. Stocker and feeder cattle, steers. 550-1050 lbs., good and choice, $3,754// 4.75: common and medium, $2.25® 4. Sheep—Receipts. 10,000; asking prices and early indications 50 cents and more higher on slaughter lambs: strong on aged sheep; feeding lambs steady: bidding $8.25®8.35 on better grade slaughter lambs; ewes, $2.50® 3.50; feeding lambs. $2.25® 5.50. Strictly choice Quotable higher. Slaughter sheep and lambs, lambs 90 lbs. down, good and choice. $7.75®8.50; common and medium, s6® 7.90; ewes. 90-150 lbs., good and choice, 52.25®3.50: all weights, common and medium. s2® 2 60: feeding lambs. 50-75 lbs., good and choice, ss®6. (By Times Speciali ''LOUISVILLE. Dec. 24.—Cattle—Receipts. 300; hardly enough here to test the market. but opening sales plainer grade slaughter steers and heifers around 25c higher than close last week or fully 25® 50c higher than last Monday; all cows quotable strong to 25c higher than close last week; bulls about steady: common to medium grade steers and heifers quotable mostly $3.75® 5; very little available of quality to sell above $5.50. but load good around 1200 lbs., steers held at $7.50; bulk beef cows. $2.50® 3: low cutters and cutters. $1.25®2: sausage bulls. $3 down; better Hereford stock calves salable $4.50® 5. Calves—Receipts. 150; steady to 50c higher than last Friday and Saturday: advance on better grades: bulk better vealers. ss®6: strictly choice, $6.50: medium and lower grades, $4.50 down. Hogs— Receipts, 500; market 30c higher than Saturday or 45® 50c higher than last Friday: top and bulk better. 230-300 lbs.. $6.85; highest since last Sept. 22: 200-225 lbs . $6.70: 305 lbs. up. $6.40; 180-195 lbs., $6.10; 160-175 lbs., $5.45; 140-155 lbs.. $495: 120-135 lbs.. $4: sows. $5.10. Sheep— Receipts. 50: market steady with close last week: bulk medium to good lambs salable $5.75® 6 25: choice eligible higher bucks mostlv $4.75® 5 25: common light throwouts. $4; better fat ewes, $1.50®2.

Commodity Prices 'Bt Fenner & Beane)

NEW YORK COTTONSEED OIL Prev. | High. Low. Close, close. | January 10 45 10 35 10 45 10.28 l March 10.30 10.24 10 28 10.20 i May 10.40 10.37 10.37 10 26 July 10 50 10 46 10.46 10.38 BITTER Prev. High. Low. Close, close, i December 27-, ,27 3 ,27 7 ,27 . January 27 3 < .27 5 a .27 3 4 .27S February 28 1 * 28 .28U .27 , 8 EGGS Prey. High Low. Close, close. December 22' ,20' 22 5 .21 3 * January .21 .20'2 .21 ,20 3 a REFUND PLAN STARTED C. & N. W. Declares Operative Its Bond Issue Program. By Times Special CHICAGO. Dec. 24.—The Chicago & Northwestern Railway has declared operative its plan for refunding bond issues of two subsidiaries, it was learned today. The issues consist of $23,900,000 of lowa. Minnesota &: Northwestern Railway ahd $528,000 of Minnesota <fc South Dakota Railway 3*2S, both maturing Jan. 1, 1935, officials declared.

LEGEND IJA

Other Livestock

STOCKS SHOW MIXED TREND. LIGHT VOLUME American Can Reaches New High for Year; Utilities Better. By United Press NEW YORK. Dec. 24. Prices moved irregularly higher in light trading on the Stock Exchange during the first two hours of today's session. Leading shares did better than hold their own. American Can made anew high for the year at 109■%, up I l *, while American Telephone rose to 103%, up 1 1 s; Case 52%, up Pi; Du Pont 94; up %; Chrysler 39, up •■; General Motors 31 ! l>, up •%; J. C. Penney 70, up 7s, and Woolworth 52’4, up %. Utilities were steady to firm, but railroad shares were irregular. In the latter group. Union Pacific declined 1 1 1 points to 105%, while Mis so u r i-Kansas-Texas preferred made anew low for the year at 12. off %. New York Central and Pennsylvania were unchanged at 19 % and 23%, respectively. Silver issues firmed fractionally. Coppers were about steady. Oils were dull around the previous close. Farm equipments were consistently higher with Case. Tobaccos fluctuated narrowly in quiet trading. Douglas Aircraft was strong in its section, being aided by award of a contract for 71 planes for the War Department.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,123,000.00 Debits 5,470,000.00 TREASURY STATEMENT (By United Press) WASHINGTON, Deq. 24.—Government expenses and receipts fbr the current fiscal year to Dec. 21, compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $3,446,143,382.74 $2,396,629,471.11 Receipts. 1,806,358.532.44 $1,433,110,531.24 Deficit .. 1.639,784,850.30 963.518,939.87 Cash Bal. 2,617,428.025.51 1,202,551,561.66

Wall Street —BY RALPH HENDERSHOI

NEW YORK, Dec. 24.—Wa1l Street is having a revolution all its own. Brokers, dissatisfied for months with the manner in which the New York Stock Exchange was being run, appear in a fair way to overthrow the old order and bring about a more democratic government for the institution. The fight is against policies rather

than individuals. The insurgent group, having watched their business fading and their difficulties in making their budgets steadily increase, are unwilling to sit back and wait for something to happen. Hope for success in their efforts lies in the new nominating committee

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which has just been proposed and which comes up for election next month. Some of the members of this committee are known to hold “liberal” ideas. Rumor has it that they will refuse to nominate Richard Whitney for re-election as president. The statement has been made on several occasions in private conversation that were it not for the attitude of Exchange officials the | Securities and Exchange Act never would have been written, and the commission growing out of that act | never would have come into being. I aaa FEW people in the Street, of j course, expect to get rid of gov- ! ernment supervision, but those staging the fight believe they can win back public confidence and thus their business by taking a more forward-looking policy toward the public. Asa step in that direction they believe that partners in member firms, who come in more direct contact with the public than do the actual members themselves, should have a voice in deciding on questions of policy relating to the public. It is a father late date for the Exchange members to take matters into their own hands. The Securities and Exchange Commission already has moved in and appears to be directing the job. The officials of the Exchange, from all appearances, are doing little more than looking after the clerical end of the business. aaa BUT those sitting in the high places have not changed their views. They merely have changed their tactics. Whereas in the past they had been cocksure and autocratic, they are now more or less subservient. But they still regard the Exchange as a private club to be dominated and managed by a chosen few, and they still feel no desire to make a public accounting of their acts. Consequently if the new group comes into power it probably would prove a good thing for the Exchange. The members and their partners, who really have the big stake in the institution, undoubtedly w’ould be better represented and they should get along much better with the public to which they look for support. They might even become friends with the commission.

Hides and Skins

Hides —Green country cows and steers. 3tic fiat; green country bulls and giues. 2c flat; green country calf hides. 4' 2 c: flat: green country kip. 3 2 c: o. 1 large horse hides with full heads, shanks, mames and tail*. $2.50; medium size. $2. All No 2 grade horse hides. 50c less: glues and ponies half price. No. 1 rendered tallow, 4tf4' 2 c: No 2 at value. Yellow grease. 363 ! , 2 c: dark grease. 2‘ 2 <a?c. DIVIDEND RECORD GOOD By Times Special NEW YORK. Dec. 24.—Sixty-six favorable dividend changes occurred last week compared with 75 the week before, according to the Standard Statistics Cos.

TAKES OVER ROAD

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The Reconstruction Finance Corp.. of which Jesse H. Jones is chairman, will take over the management of the Denver & Salt Lake Railway, which has received large loans from the Federal agency. This is the first move of this kind undertaken.

PORKER PRICES CLIMBSHARPLY Majority of Classes 35 Cents Higher Cattle Trade Active. Pre-holiday trading in hogs at the Union Stockyards this morning was extremely light with the majority of prices around 35 cents higher than Saturday’s close. Several lightweights displayed an increase of 20 cents. Initial supplies on hand were estimated at only 3000, extremely light for a full session. Saturday’s receipts numbered 2000. The bulk, 160 to 200 pounds, was salable at $6.20 to $6.50, while heavy butcher kinds, weighing from 200 to 350 pounds, brought $6.60 to $6.85. Good and choice grades were reported selling at $6.90 to $6.95. In the light slaughter market pigs ranging from 130 to 160 pounds, cashed in at $4.30 to $4.50, while extremely small classes, weighing 100 to 130 pounds, sold at $3.25 to $4.25. Good packing sows held at $5.25 to $6.25. Holdovers numbered 104. Early trading in beer steers in I the cattle market turned active and I strong to slightly higher than last J week's close. Bulk of steers held | under SB. Not enough cows and heifers were on hand to test the • market. Receipts were 500. Veal- ! ers remained unchanged with Fri- | day's average at $7 down. Receipts were 100. A strong trading range featured the lamb market with initial prices around 50 cents higher than Saturday. The bulk of handy weights ranged from $8.50 down. Extreme heavies brought $8 down, while throwouts sold at $5.50 to $7. Slaughter sheep held steady at $3.50 down. Receipts numbered 3000.

Hendershot

HOGS Dec. Bulk. Top. Receipts. 18. $5.50® 5.80 $620 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 22. 5.85®' 6.15 6.55 2.000 24. 6.20® 6.50 6.95 3,000 (140-150) Good and choice .. $5.00® 5.75 GSO-1801 Good and choice ... 6.20® 6.40 (180-200) Good and choice.... 6.40® 6.60 (200-220) Good and choice.... 6.60® 6.75 (220-2501 Good and choice 6.75® 6.95 i250-290i Good and choice ... 6 80® 6.95 1290-3501 Good and choice... 6.60® 6.80 (275-350) Good 6.00® 6.25 Packing sows: 1350-425) Good 5.85® 6.15 (275-5501 Good 5.60® 6.00 (275-5501 Medium 5.25® 5.85 and choice 3.25® 4.25 CATTLE —Receipts. 500— —Steers—-(sso-900) Choice $2 25® 825 Good 6.00® 7.75 Medium 4 00® 625 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 (1100-13001 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 —Heifer* — (550-750) Choice 6.75® 725 Good v 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, 100 — Good and choice $6 00 ® 7.00 Medium 4 00®- 6.00 Cull and common 2.00® 4.00 —Calves—-'2so-500) Good and choice ... 4.75® 650 Common and medium 3.50® 4.75 —Feeder and Stocker Cattle — —Steers—-(soo-800) Good and choice 4 00® 500 Common and medium 2.50® 4 00 1800-105 G Good and choice 4 00® 5 25 Common and medium 2 75® 4.00 Good and choice 300 ® 4.25 | Common and medium 2.50® 3 00 —Cows— Good 2.50® 3.00 | Common and medium 2.00® 2.50 SHEEP AND I.AMBS —Receipts 3.000 Lambs. 90-lb. down, good and choice $8 00® 8 50. Common and medium 5.50® 8 00 90-120 lbs., good and choice.. 2.50® 3 50 Sheep—--1120-150) Good and choice 2.00® 300 All weights, common and medium 1.25® 2.50

Other Livestock

•By United Press) FT. WAYNE. Dec. 24—Hogs—25 to 40c higher: 250-300 lbs. $6 80. 22.5-250 lbs. $6.60 : 200-225 lbs . $6 50: 180-200 lbs $6 30. 160-18 C lbs.. $6 05 : 300350 lb*. $6 40 1 50160 lbs' $5 140-150 lbs. $4 75 130-140 lbs. $4 40; 120-130 lbs . $3 80; 100-120 lbs $3 40 roughs. $5 50: stags. $3 50. Calves —$7: lambs. SB. LAFAYETTE. Dec.. 24.—Market. 25-40 C higher: 275-300 lb*. $6 65: 250-275 lb*. $6.80: 230-250 ibs. $8 75: 220-230 lbs. $6 85 210-220 lbs.. $6.60 200-210 lbs. $8 50. 190200 lbs.. $6.40 180-190 lbs . $6 25; 170-180 lbs.. $6 10; 160-170 lbs. $6: 155-160 Ibs. $5.25: 150-155 lbs.. $5: 140-150 lbs . pigs 100-140 lbs.. s2l? 4.50: calf market, steady; top. $6: iamb market, steady; western lambs. $7.50 down, native lambs. $7 down; roughs. 86 down.

Latest Stock, Bond and Commodity Quotations

GRAINS TREND UPWARD, WITH INTEREST LIGHT Pre-Holiday Influences Act to Reduce Volume: Weather Helps. B\ HARMAN \\\ NICHOLS Ynijcd Pres* Staff Correspondent CHICAGO, Dec. 24—The grain j pits were practically deserted to- : day as the trade retired early for the Christmas holiday. Prices averaged slightly higher, however, due to a forecast for a severe cold wave with snow predicted for vast sections of the wheat belt. Wheat finished % cent lower to % cent higher, corn was up 7 s to 1 % cents, and oats were % to ’-j cent higher. With Liverpool and Winnipeg closed until Thursday there was no disposition on the part of the wheattrade to take a decided stand one way or the other and price movements were confined to narrow limits. The export demand abroad was slow for Manitobas. Liverpool closed early with wheat % to % cent a bushel higher. Unfavorable weather was reported in Argentina with fairly general rains in the provinces of Buenos Aires, Cordoba, and the Pampas. Buenos Aires was elased today as was Rotterdam. All world markets will close tomorrow. Corn was inclined to show relative strength compared with wheat as the unfavorable weather forecast for the holidays is expected to make heavy demands on the stocks of I feed, oats ruled dull and listless. Provisions averaged higher in sympathy with advancing hog prices. •By James E. Bennett) Wheat— High. Low. A M. Close! Dec 98'. .97’, .98', .98’. May 99' 2 .98’, .99’, 99 July 93 s , .93', .93'; >3 >4 Corn— Dec 91', .90' .91 Vi .90'i May 88'/, 87’, .88', .87% Julv 85N, .84’, .85'. .84’, Oats— Dec 56'. .55% .55’, .55*4 May 52’, .52 .52'. .51% July 47% .47'a .47', ,47 RyeDec 77’, .77% .77'4 ,77’i Mav 76*2 .76', .76 V, .76% July .75% .75% .75% LOCAL CASH MARKET Citv (train elevators are paving 90 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 83 cents and oats 48 cents.

Produce Markets

Delivered in Indianapolis prices: Heavy hens. 10c: Leghorn hens, 7c; colored springers, 12c; old rootsters, ss: ducks, 7cgeese. 7c: young guineas, 20c; old guineas’ 15c. Turkeys—No. 1 young hens, 8 lbs. and over. 15c: yobng toms, 14 lbs. and over. 14c; young toms. 11-14. lbs , 15c- No 2, crooked breasts and thin turkeys 9c old toms, all weights, lie; No 1 strictly fresh country run eggs, loss off. 23c Each full case must wtigh 55 lbs. gross; a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter. No. 1. 31®32c. Butterfat—27c. Quoted by the Wadley Company. (Bv United Press) CHICAGO. Dec. 24. Eggs—Market, firm: receipts. 1.660 cases; extra firsts, 28%c; fresh graded firsts. 27%c: current receipts. 25c; dirties. No 1 20c; No 2 18c: checks. No. 1,19 c: No. 2. 16c. Poultry —Market steady; receipts, seven trucks; springers. 14® 19c; ducks. 15%20c: geese, 15c: turkeys. 20® 22c; hens. 11%® 14c; Leghorn springers. 11c; capons. 6 to 7 lbs , 20c. Cheese—Twins. 14%®14%c: Longhorns. 15®15%c; daisies. 15c. Potatoes— Supply, moderate; demand and trading slow; market, about steadv; Idaho Russets. $1.50® 1.57%; U. S No. 2. $1.15; Colorado McClures. $1.95: one car fair quality. $1.75; Wisconsin round whites, one car. 75 cents. Arrivals. 63: on track 187; shipments. Saturday. 565; Sunday. 35. CLEVELAND. Dec. 24. —Butter—Market, firm; extras, 34c. standards. 33c. Eggs— Market, firm; extra whites, 27%c; current receipts, 25c Poultry—Market, steady; colored fowls. 4% lbs. and up, 17c; ducks. 5 lbs., and up. 19c; geese, heavy fat, Isi 16c; turkeys, young. 22®23c, old hens. 18c; old toms. 15c: No. 2 turkeys. 14c. Potatoes —Maine. sl®l.lo a 100-lb. bag, Ohio Best, mostly 75® 85c a 100-lb. bag; Michigan. 80 ®9oc a 100-lb. bag. RESERVE BANK AGENT JOBS TO STAY OPEN Vacancies to Remain Until Bank Policies Are Formulated. By United /* res a WASHINGTON, Dec. 24. The positions of Federal Reserve Agents at the Cleveland and Kansas City Federal Reserve Banks will be left vacant for some time, it w ? as learned today. They were made vacant recently by the resignation of L. B. Williams at the Cleveland bank and the death of M. L. McClure at Kansas City. It was understood the Federal Reserve Board would first await the formulation of banking policies in the next session of Congress, as these positions might be affected bypossible legislation. According to reports, the Administration may seek the power to have Federal Reserve Bank Governors appointed by the Federal Reserve Board at Washington. The effect of this would be to make the reserve system more like a “central bank.”

’35 INSURANCE SALES SEEN OVER 15 BILLION Prediction Is Based on Present Rate of Increase. By Times Special PHILADELPHIA. Dec. 24.—Fifteen and a half billion dollars of life insurance will be sold in the United States in 1935 if sales continue to increase as they did in 1934, William A. Law, president of the Penn Mutual Life Insurance Cos. and a former president of the American Bankers Assn., estimated today. There is every indication, he added, that the total sales will be gi eater than that. Mr. Law based his estimate of $15,500,000,000, a sum equal to approximately half the public debt of the United States, on statistics compiled by the Association of Life Insurance Presidents. They show that the public purchased $14,000,000,000 in new life insurance in 1934, representing an increase of 10 per cent over the preceding year. DAIRY COSTS MOUNT By Tim> Special NEW YORK. Dec. 24 —New York state dairy farm costs are affected by feeding costs now at $1 82 for each 100 pounds of grain and concentrates, compared with $1.41 a year ago. the State Agriculture Department reported.