Indianapolis Times, Volume 46, Number 196, Indianapolis, Marion County, 26 December 1934 — Page 11

Trends Additional Sum for HOLC Seen Voted by Congress. BY VINC ENT S. LYONS

Times Financial Editor Home Owners Loan Corp., which has suspended its lending activities for the time being because all of its allotted fund has been spent, undoubtedly will be given additional capital to continue its work at the next session of Congress. Indication of this has been afforded in the news which has dribbled out of Washington in the last few weeks. Up to Dec. 13, the Government ag< ncy had distributed $2,103,164.423 in loans to 695.351 persons. The agency has a fund of $3,000, 000 available for such grants, but the 235.000 pending applications are expected to take up the remainder of the funds which are earmarked for this activity. Loans made by the Home Owners Loan Corp have averaged $3024 and on this the property owners must pay approximately $24 a month to the Government in liquidation of the debt. While the number of loans already made has amounted to 695,351. the benefits have reached a much greater number of persons indirectly. a a a AS CAN be seen from the meagerne.ss of the average loan, the Home Owners Loan Corp. has been of distinct benefit to the person with limited funds. In the majority of instances the homes owned by these individuals constitute the only bit of fixed wealth they have and the entrance of the Government upon the scene to avert foreclosure has come as an uncamouflaged blessing. The banks' rewards from this de-pression-born field of activity also have been rich. When the home owners began to miss on their payments, the banks, as holders of the mortgages, were placed on the defensive. The only avenue of escape open for them was to foreclose on the properties, but as these forced sales increased realty values were depressed. The demand for property ebbed and buyers could not be attracted, even at the fantastically low levels at which some properties' were listed. Banks thus were left holding the bag with numerous parcels of real estate on their hands. These represented the "frozen assets,” which have been more or less troublous. That they are quite substantial in the aggregtae can be realized by one touring the residential districts of Indianapolis and counting the number of untenanted houses with "for sale” or "for rent” signs of banks. 000 THE Government then entered into this impasse with the establishment of the Home Owners Loan Corp. What this agency does is to simply work out an agreement between the property owner and the holder of the mortgage whereby the latter will take in exchange for his mortgage bonds of the HOLC. The property owner, in turn, will make payments to the HOLC on a smaller scale than would be permitted by the mortgage holder. This activity performs a double function. First, it allows the home owner to keep his property and stabilize the real estate market, and second it gives holders of the mortgages, banks for instance, a directly guaranteed bond of the United States Government in exchange for its mortgage. Banks thereby.reduce the amount of their frozen assets and in return an instrument that is quickly salable. The good realized from such a program can not be measured in the cold manner-of dollars and cents. The mental and moral uplift given an individual from the knowledge that the Government enabled him to keep his home can not be summed up and then given an estimated monetary value as one would place an arbitrary figure on good-will in a corporation balance sheet. 000 WHEN the announcement was made several weeks ago that no new applications for loans from the HOLC would be received, mail to newspapers and representatives of the people at Washington displayed an abrupt increase. The tenor of these communications was that the Government should not have discontinued loans to home owners. Since the members of Congress have sent back information to their home states that indications are that new funds will be allocated to the HOLC for the continuance of its lending activities. Any bill providing for additional funds for this emergency should not lack for sponsorship, if the tone of recent statements by Congressmen can be taken as a criterion.

U. S. TERRITORIES LIFT TRADE WITH MAINLAND Pales Almost Four Times as Great as Value of Purchases. B'i Time Special WASHINGTON. Dec. 26—A survey issued by the Department of Agriculture disclosed that Alaska. Hawaii and Peurto Rico last year sold almost four times as much goods to the United States as it bought In the fiscal year ended June 30 these territories sold $153,392,000 of farm products to the mainland, a gain over the previous year but 13 per cent leuS than the 1925-1930 average. In the same period American shipments to the territories came to $43,221,000, which was above the two preceding years but less than the 1925-1930 average of $58,536,000. BANK DEBITS UP HERE Rise of More Than 59.000.000 Shown in Dee. 19 Week. Bank debits to individual accounts in Indianapolis during the week ended Dec. 19 totalled $38,596.000, compared with $29,011,000 in the corresponding week last year, according to the Federal Reserve Bank of Chicago. Bank debits, which represent the movement of checks, indicate that business activity in this city is substantially ahead of a year ago.

UTILITY SALES ARE RESUMED i ON BIG BOARD New Recession Unsettles General List; American Can Up. Hll Unit) and NEW YORK. Dec. 26.—Resumption of selling in utilities sent that group to new low ground since 1932 and unsettled the general market which began the day fairly active and firm. Losses in the utility section ranged to more than a point with new lows for the year in Consolidated Gas, and United Corp. issues. Consolidated touched 19, off %, and the lowest price on record for thb present stock. Communication issues also were lower, with American Te.ephone at 102%, off 1% points, and Western Union at 32%, off %. U. S. Steel lost an early fractional gain and held at the previous close. Motor shares held small gains. Rubber shares eased. Automobile equipments, farm shares, chemicals and silvers were higher. In the latter group, U. S. Smelting reached 125%, up 1%. American Can touched 111!*, up '4, and anew high for the year, and remained at that level through the morning dealings.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $1,978,000.00 Debits . 5.890.000.00 TREASURY STATEMENT 'Bv United Press) W’ASHINGTON. Dec. 26.—Government expenses and receipts for the current sis cal vear to Dec. 22. compared with the corresponding period of the previous fiscal vear: This year Last Year Expenses $3,467,137.964 71 $2.464.315.13i.0i Receipts .. 1.811.219.110 14 1 440.193.463.88 Deficit . 1.655.918.854.57 1.024.121.667.13 Cash bal. . 2.598.466.027 21 1.202 551.561.66

TIN CONSUMED TOPS YEAR AGO Gain of 3.2 Per Cent Shown During Year Ending with October. Bit Time* Special NEW YORK, Dec. 26. The world's consumption of tin in industry for the year ended October was 132,900 tons, compared with 128,800 tons in the preceding twelve months, an increase of 4100 tons, or 3.2 per cent over the previous comparative period, while apparent consumption during the year was 115,000 tons compared to 125,100 tons, according to the Hague Statistical Office of the International Tin Research & Development Council. Depletion of consumers’ stocks is estimated as 17.900 tons for the 1934 period, compared with 3,700 tons in the previous year, with a decrease of about 2,000 tons in the month of October 1934. The world's visible stocks at the end of November amounted to 18,598 tons, or 16 per cent of the current annual rate of consumption. This proportion of stocks to consumption is somewhat higher than the average for the period 1923 to 1929 when stocks ranged between 11 and 15 per cent of annual consumption. The current trend of world consumption is shown to be downward, mainly on account of the seasonal decline in the United States but also due partly to the falling tendency of consumption in France and Germany. In most other countries the trend is upwards. Statistics of apparent consumption for the two comparative periods are given as follows: Year ended Oct. Inc. 1934 1933 or Dec. United State? 42.769 57.950 —26.2 United Kingdom 20.790 19.365 + 7.4 Germany 9.774 10.022 - 2 5 France 9.409 9.955 U. S. S. R. 5.040 4.259 4-18 3 Other Countries 27,218 23.549 —15.7 Total World 115.000 125,100 FUTURES DEALS BANNED France Suspends Wheat Dealings in Order to Stabilize Prices. fit/ Time* Special PARIS. Dec. 26.—France is now operating under a six-month ban on all future market operations in wheat and flour. The bar to speculative activities was decided upon in conjunction with Premier Flandin's bill creating minimum prices for grain and removing the surplus from the market. Under the bill the government may purchase the 1933 and 1934 crop surplus, estimated at 80.000.000 bushels, at the six month average price on the new free market which the measure is designed to create.

Trend of Carloadings

THOUSANDS Ms. LIONS OF CARS Os CARS iioo fin -rm s- yea-h - ... WfSKCNOED - „ TO _ — DECEMBER 15 SO - ?;o ■■ ■ - sc— | - ■■■

Abreast of The Times on Finance

Large Profit Shown by Stabilization Fund Since Operations Were Started

Heavy Purchases of Silver, Exchange Have Been Made. $ (Copyright. 1934 bv United Press) WASHINGTON, Dec. 26—Operations of the United States in the world money markets since last spring have yielded a ‘‘substantial” profit to the Treasury, it was learned from authoritative sources today. The operations began April 27 through the $2,000,000,000 exchange stabilization fund, formed out of the dollar devaluation profits. They largely comprised heavy silver purchases in foreign markets and purchases and sales of foreign exchange in an effort to stabilize the exchange value of the dollar. Operations of the American fund showed a sharp contrast with results of a similar sized fund operated by the British government, which was reported to have suffered staggering losses over its threeyear life. The American fund has been in operation less than eight months. Likened to Poker Both funds have been likened by Secretary of Treasury Henry Morgenthau Jr. to “stakes” in a worldwide “poker game” with the United States and Great Britain angling for favored positions in world finance through their currency values in an effort to promote internal prosperity. Thus, American Government financiers, relative amateurs in the field of international finance, apparently have outguessed to date the combined financial brains of Europe. In addition to netting a

New York Stock Exchange Prices

(Bv Thomson A McKinnon) 11:00 Prev. Oils— High. Low. A. M. close. Ttl Rfg 24% 24% 24% 24% Barnsdall 6% 6 6*B 6 Consol Oil 7% 7 3 i 7% 7% Cont of Del 17% 17% 17% 17% Houston (new).. 2 7 8 2% 2 7 8 2 7 b Mid Cont Pet .. 13 12% 12% 12% Ohio Oil 9% 9% 9’4 9% Pet Coro 8% 8% 8%. 8% Phillips Pet 14% 14% 14V* 14% Plymouth Oil ... 7% 7% 7% 7% Pure Oil 7 6% 6% 6% Seaboard Oil ... 26 23% 24 24 Shell Un 6*4 6% 6*4 6% Soc Vac 14 13% 13% 14 S O of Cal 29% 29% 29% 29% S O of Ind 24% 24% 24% 24% S O of N J 41% 41% 41% 41% Texas Corp . 20% 20% 20% 20 Tidewater Assn 9 8% 9 9% Un Oil of Cal . 15% 15% 15% 15% Steels — Am Roll Mills . 22% 21% 22% 21% Beth Steel 30% 30 30% 30 Bvers AM 18*4 18 18% 180 Col Fuel A Iron 4** 4% 4% 4% Cruc Steel 23 22% 22% 22 % Inland Steel . 48% 48% 48% 48% Ludlum Steel 16 16 16 16 McKeesport Tin 90 90 90 90 Mid Steel . .. 10% 10*% 10% 10% Natl Steel 47 * 2 47 47% 46% Otos Steel ... 5% s*7* 5% 5 Rep Ir A Stl . 14'* 14 14% 13% U S Pipe A Fdv 19% 19*2 19% 19% U S Steel . ... 37% 36% 36% 37 U S Steel pfd 82% 82 82% 82 Warren Bros .4 4 4 4% Young’wn S& T 18% 18 18% 13% Motors— Auburn 25 25 25 25 Chrysler 40** 39% 39% 39% Gen Motors 32% 32% 32% 32 1 a Graham Mot ... 2% 2% 2% 2% Hudson 12', 11% 11% 11% Hupp 3*B 2% 3's 2% Nash 17% 17% ni* n% Packard 4% 4% 4% 4^ 8 Reo 2% 2% 2% 2% Motor Access— Bendix 16% 16% 16% 16% Bohn Alum ... 57 57 57 56% Borg Warner .. 29'* 28% 29% 28% Briggs 26% 25% 25% 26 Buda Mfg 5 4% 5 4% Budd Wheel ... 33 32% Eaton Mfg 18 18 18 17% Elec Auto Lite . 26% 26% 26% 26% Elec Stor Bat... 45% 45'/* 45% 45 Houdaille “A”... 8 8 8 8 Murray Body ... 7 6% 7 7 Stew Warner ... 8% 8% 8% B'/* Timken Roll ... 32% 32'/* 32% 32 Mining— Alaska Jun .... 19 19 19 19% Am Metals 15% 15% 13% 14% Am Smelt 37% 37% 37% 37% Anaconda 11 10% 10% 10% Cerro De Pasco 43% 43 43*2 42% Dome Mines 38% 38% 38% 38% Granbv 6% 6% 6% 6% Gt Nor Ore ... 11% 11% 11% 11% Howe Sound . 50% 30% 50% 50 Kennecott Cop 16% 16% 16% 16% Mclntyre Mine 40% 40% 40% 40% St Joe Lead ... 16% 15% 16% 16% U S Smelters . 125% 123% 125% 123% Vanadium 18% 18% 18% 18% Amusements— Fox Theat ...... 13% 13 13 12% Loews Inc 34% 33% 34% 34 Radio Corp ...... 5% 5% 5% 5% Paramount 3% 3% 3% 3% Warner Bros ... 4% 4% 4% 4% Taboccas— Am Sum Tob 23 23 23 23 Am Tobacco “A” 79 79 79 79% Am Tobacco "B" 81% 81% 81% 81% Gen Cigars 58 58 58 57% Lig A Mvers 'B' 102% 102 102 102% Lorillard 19% 19% 19% 19% Phillip Morris 45% 45 45% 43% Reynolds Tob B' 50 49% 49% 49% Rails— Atl Coast Lines 35% 35% 35% 34% B & O 13% 13 13% 12% Can Pacific 11% 11% 11% 11% Ch A Ohio 44 43% 44 43% C M it St P 2% 2% 2% 2% CMA- St P pfd 3% 3% 3% 3% Chi N W ... 4% 4% 4% 4% Chi N W pfd .. 7% 7% 7% 7'* Dela A Hud ... 41 41 41 40% Del Lac A W 18% 18 18 18 Grt Northern pfd 16% 16% 16% 16% 111 Central . . 15% 15% 15% 15% Lehigh Valley . • 10 10 10 10 Lou A Nash 44% 44 44% 44 Mo Fac 1% 1% 1% 1% N Y Cent ... . 20% 19% 19% 20 N Y New Haren 6% 6% 6% 6% N Y Ont A West 4% 4% 4% 4% Nor Pacific 20% 20 20 19% Penn R R 23% 23% 23% 23% Sou Pac 17% 17% 17% 17% Sou R R 15% 15% 15% 15% Union Pac 106 105% 105% 106% . st f'.ryland . 8% 8% 8% 8% Equipments— Am Car A Fdy . 16% 16% 16% 16% Am Loco ... 17% 17 17 16% An Steel Fdy 16% 15% 15% 16% Bald Loco 5*2 5% 5% 5% Gen Am Tk Car 36% 36% 36% 36 Gen R R Sig 25% 25% 25% 24% Pullman Inc . 46% 45% 45% 46

INDIANAPOLIS, WEDNESDAY, DECEMBER 26, 1934

mSmm mm

Secretary Morgenthau

“substantial” profit, the American stabilization fund has helped to keep the dollar virtually unchanged in the world markets for the past eight months at the equivalent of one-thirty-fifth of an our.ee of gold. When the dollar was devalued to 15 5-21 grains of gold from 25.8 grains of gold earlier this year, a profit - of $2,800,000,000 was realized by the Government. Os this profit, $2,000,000,000 was set aside for the stabilization fund. Out of the fund $200,000,000 was set aside last April for initial operations. With this $200,000,000 Secretary

West Air Br 24% 23% 24% 23% Westingh Elec... 35 34% 35 34% Utilities— Am & For Pwr 4% 4% 4% 44% Am Power & Lit 3% 33 3% AT&T 102% 102% 102% 103% Am Wat Wks . 13% 12% 13% 13 Col Gas & Elec. 7 6% 6% 7% Com & Sou .... IVg 1 1 1 Consol Gas . 19% 19 19 19% Elec Pwr & Lit 2% 2% 2% 2% Int Hydro Elec 2*2 2% 2% 2% Int T & T 8% 8% 8% B>4 Lou G& E "A" 12% 12% 12'4 12% Nat Pwr & Lit.. 7 6% 6% 7 North Amer 12% 12% 12% 12% Pac G & E 14% 14 14 14 Peoples Gas ... 20 19% 19% 20 Pub Serv NJ .. 26% 25% 25% 26% So Cal Edison . 10% 10% 10% 11 Stw Gas 5% 4% 4% 4% Stone & Webster 4% 4% 4% 4% United Corp 2% 2% 2% 2% Un Gas Imp 12 11% 11% 12 Ut Pr & Lt "A” lVa 1 1 2 1% 1% West Union ... 33% 32% 32% 33% Rubbers— Firestone 16% 15% 16% 15% Goodrich 10% 10% 15% 10Vs

WEATHER INSPIRES BUYING jF GRAINS Cold Wave Seen Calling for Cereals as Feed. By United Press CHICAGO, Dec. 26.—Grain prices moved forward on the Board of Trade today on the strength of a cold wave, which traders thought would call for heavy feeding ~f cereals to livestock. At the start wheat was Vs to % cent higher, corn was *2 to l 3 i cents higher, oats were up Vs, rye was unchanged to Vs, rye was unchanged to % cent lower, and barley was up 2 cents. There was very little activity at the start. Liverpool remained closed for the Christmas holiday and there was no influence from that direction. (By James E. Bennett) High Low 11:00 Prev. WHEAT— A. M. Close Dec 99 .98'4 .98% .98% May 1.00% .99% .99% .99 July 94 Vs .93% .93% .93% CORN— Dec 93% 93 .93% .91% May 90% .89 .89% .88% July 87% .86 .86% .85% OATS— Dec 56% .56 .56% .55% May 53% .52% .53% .52% July 48% .47% .48% .4714 RYE— Dec 78% .7714 .78 .77% May 77% .76% .76% .76*4 July 76% .75'% .76 .75% LOCAL CASH MARKET Citv grain elevators are paying 90 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 83 cents and oats 48 cents.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers. Fruits—Cranberries, Cape Cod, late Howes, 25-lb. box. $5. Grapes. California Emporers, 27-lb. box, $2.25. Persimmons. California. 245. $1.35. Quinces bushel. $3. Bananas, 4 3 4 s a lb. Apples. Indiana Jonathans. $ 1.50 <ti 1.75: Grimes Golden. SI .35 <5 1.79. Melons. California Honey Dews. $2.75. Lemons. Sunkist, 3605, $5.50. Grapefruit, Texas, seedless', $3.25. Limes, Mexican, per carton, 12s, 25c; Byram. seedless, per hundred. $3. California rhubarb, $1.40 a box. Pears. Oregon D'anjo. box, $3.50 Pineapples, 24-30s, $4.50; 365. $3.50: 425. $2.50. Vegetables Cabbage. Northern Danish, 50-ib. bag. 65c; red, 50-lb. bax. 90c. New Cabbage, in crates. $2*12.25. Onions, laho, sweet. Spanish, large. 50-lb. bag. $1.40: 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. $1.10: Ohios, 100-lb. bag. $1.90: Idaho Russets, 100-lb. bag. $2. New potatoes. $2 25*12.50. Sweet potatoes. Indiana Jerseys, bushel. $1.25; Tennessee Nancy Halls, bushel. $1.40. 3eans. flat stringless, hampers. 53.75. Celerv Michigan medium, dozen. 60c: Jumbo, dozen, /sc: hearts, bunch. $1.25. Cucumbers, dozen 90c; southern bushel. $4. Endive, dozen. 90c. Egg plant. $1.50*12 dozen. Kale. Virginia, bushel, 65c Lettuce, hothouse. 15-lb. basket. $1.25: 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. $135; Florida original. $3. Turnips, home-grown, dozen. 25c. Pumpkins, dozen. sl. Miscellaneous—Cocoanuts. Jamacia 25 for $1.50. Oysters, standards, gallon $1.50; selects, gallon. $1.85. Chestnuts. Italian, a pound, 12’jc Sorghum molasses, gallon 65c. Black walnuts. 50-lb. bag. sl. Cider. 4 gallons to case, $2. Half-gallons. 6 to case. $1.75; quarts. 12 to case. $1.90. All quotations subject to change, up or down. FRUITS AND EVEGETABI.ES i By United Press i CHICAGO. Dec. 26—Apples—Michigan Mclntosh. $1.75*2: Jonathans. $1 50*/ 1.75. Beans—Florida, bushel green. $5*15.50 best. Cauliflower—California, crates. $1 15 *i 1 25 Cranberries—Massachusetts. ’■* barrels. $4 25*/4.50. Lettuce—California. $4.25S 4.50. Caobp.ge—Wisconsin crates. 40 a 65c. Spinach—Tennessee. Texas. Illinois, bushels. lift 125 Sweet potatoes—Tennessee. bushel. *1 10: Indiana Jersevs. $1 50 */1 65. Carrots-*Ca!ifornia. crates. s2.so*i 2.75. Celery—Michigan, square crates. 90c ail. Onion market 'SO-lb. sacks'—Michigan vellows. 90c*/$1: western yellows. 90c a $105; Illinois and Indiana yellows, 65 5 25c.

Activities of Agency Known Only to Few People. Morgenthau has conducted his silver purchase and exchange stabilization activities. The residue of $1,800,000,000 remains intact in the Treasury in gold bars. Expires June, 1936 The $200,000,000 has been used as a “revolving lund” over on the operations of which it was estimated today the United States has realized a profit of several hundred thousand dollars. The fund expires June 30, 1936, and may be extended for a year at the discretion of President Roosevelt. Meanwhile, only Secretary Morgenthau, President Roosevelt and a few high Treasury officials have full knowledge of its operations. Secrecy, they say, is necessary so as not to “tip off” operations to foreign governments and speculators. Success of the fund in maintaining its assets, together with the fact that through it the United States has established its independence in world financial affairs, were said today to militate against any early stabilization of the American dollar in terms of unstable foreign currencies or a further devaluation of the dollar. According to present indications, the independence of the dollar is likely eventually to find foreign nations tying their currencies to the dollar rather than the United States granting concessions when the time comes for a world-wide stabilization of currencies in terms of a common unit.

Goodyear 24 23 23 3 /* 23% Kelly Spring ... 1% I*4 I*4 1% U S Rubber 16*/g 16 16 16% U S Rub pf .... 41V* 40'/ 2 40% 41 Miscellaneous— Allis Chalmers . 15% 15% 15% 14% Am Can 111% 111 111 111 Am Mch A Fdv. 23% 23% 23% 23% Brklyn Man Tr. 40% 40% 40% 40% Burroughs Add.. 14% 14% 14% 14-% J I Case 54% 53% 54 53% Conti Can ... 63'* 62% 63 62% Caterpillar Tract 37% 37*/* 37% 37% Crown Cork .... 23 22% 23 23 Curtic Pub 20‘4 20'/* 20% 20% Deere A Cos .... 28% 27% 27% 26% East Kodak 111% 110 110 111% Gillette 13% 13'% 13% 13% CUdden 27% 27 27 27% Xnt Bus Mach... 151% 151 151 151% Inter Harv 40 39% 39% 39% Natl Cash Reg.. 17*4 17 17'/* 16% Rem Rand .10 10 10 9% Worthington P.. 18 18 18 Foods— Armour Com 5% 5 5 3 Aromur 6% pfd 65% 65 65% 64% Borden Prod ... 23'4 23% 23*4 23*4 C'al Packing ... 37% 37 37% 37 Can Drv G Ale . 14% 14% 14% 14% Cont Bak (A).. 5% 5% 5% 5% Corn Prod 62% 62% 62% 62% Cuban Am Sugar 4% 4'% 4'% 4% Gen Bakfng .... 7 7 7 6% Gen Foods 34*4 34 34'% 33% G W Sugar 27% 27'% 27% 27% Natl Biscuit 26% 26% 26% 26% Natl D Prod 16% 16% 16'% 16% Purity Bak 9% 9'% 9'% 9% S Porto Rico S.. 21% 21 21 21% Std Brands 18*4 17% 18 18 United Fruit ... 73 73 73 72% Ward Bak (B).. 1% 1% I*/* ... Retail Stores— Assd Dry Goods 12*4 12 12*4 12 Best A Cos 36% 36V* 36% 36 3 4 First Natl Stores 54% 54% 54% 55% Hahn Dept Sts.. 6V* 6 6 5% Jewel Tea 55% 55'% 55'% 55% Kresge S S 20% 20% 20% 20% Kroger Groc ... 28% 28 28 28'/* Macy R H 43 42'% 42% 43 % McCrory St 10% 10% 10*4 10*4 McLellan St ... 14% 14% 14% 14*4 Marshall Field. 10*4 10'/* 10% 10'% May Dept St ... 4? 42% 42% 42% Mont Ward 28% 28'% 28% 28*4 Natl Tea 10 10 10 10% Penney J C 70% 69% 70'% 69% Safeway St ... 47 47 47 Sears Roebuck. 39 38% 38% 39 Wool worth 52 52 52 52 % Aviation— Aviation Corp .. 5% 5% 5'% 5% Boeing Aircft— 9% 9% 9% 10 Curtiss Wright A 8% 8% 8% 9 Douglas Air ... 24% 23% 23% 23% Nor Am Av 3% 3'% 3'% 3% Sperry Corp 9% 9% 9% 9*4 United Aircraft N 14% 14'% 14% 14% Chemicals— Air Reduction ..113 112*4 112*4 111 5 * Allied Chem 133% 133 133% 132% Am Com Alcohol 31'% 31% 31% 31** Com Solvents ... "21V* 20% 20% 21 Du Pont 95% 94% 95 94% Freeport Tex ... 23% 23% 23% 23% Liquid Carb .... 30% 30% 30% 29% Math Alkali ... 28% 28% 28% 28% Monsanto Chem 56% 56 56 56% Natl Dis (new).. 28% 27% 27% 28% Schenley Dist 26% 25% 25% 25% Tex Gulf Sulph 32% 32% 32% 32% Union Carbide . 46% 46% 46% 46% U S Indus Alco. 44 43 43 43'/* Drugs— Bristol Myers... 33'/a 33% 33% 32% Coty Inc 5% 5% 5% 5% Lambert 26% 26% 26% 27 Sterling Prod ... 58% 58 58 58% Un Drug mew).. 12% 12% 12% 12% Vick Chem 33 33 33 33'/* Financial— Adams Exp 6% 6% 6% 6% Allegheny Corp.. 1% 1% 1% 1% Am Int Corp ... 5% 5% 5% 5% Chesa Corp 43% 42% 43'/* 43 Transamerlca. .. 5% 5% 5% 5% Tr Conti Corp . 3% 3% 3% 3% Building— Am Radiator ... 15% 15 15% 15% Gen Asphalt 15% 15% 15% 15 Holland Furnace 8% 8% 8% 8% Int Cement .. 29 28% 29 28% Johns Manville . 54 53'* 53*/4 53% Libby Owens Gls 27% 27 27% 27 Otis Elev 12% 12% 12% 12% U S Gypsum 49% 49% 49'% 49% Household — Col Pal Peet 17% 17 17'/* 17 Congoleum 34 33% 34 33'% Kelvinator 16 16 16 16 Mohawk Carpet. 14% 14'% 14% 14% Proc A Gamble . 43% 43% 43% 43% Servel Inc 7% 7% 7'% 7% Simmons Bed ... 9% 9% 9% 9V* Textiles — Belding Hem ... 11% 11% 11% 11% Celanese Corp . 32 31% 31% 32 Collins Aikman . 12% 12 12 12 Indus Rayon ... 30% 30V* 30% 30 Kayser Julius .. 16% 16% 16% 16%

Chicago Stocks

(By Abbott, Proctor & Paine) 11:00 Prev. A M. close. Bendix Aviation 16 3 16'2 Borg-Warner pfd 29's 28 3 * Bunte Bros pfd 7 3 7 3 s Chicago Corp com 2 2 Cities Service 1H l 3 s Coleman Lamp & S 46 46’2 Cord Corp 3 7 g 3 7 a Crane Cos - 9 3 s 9 3 Marshall Field A- Cos 10'4 10 3 s Great Lakes Dredge 18 17 7 s Libby-McNeil 6 3 s 6 Quaker Oats 128'y .. Swift & Cos 18 3 18 1 Swift International 32'2 33 Walgreen Cos com 29

New York Curb

/By Abbott, Proctor & Paine) 12 00 Noon. Prev. N. Y. close Allied Mills 12*s 12 1 ; Am Cyanide "B” 15 15 Am Simerpower I'i l' Atlas Corp 864 B' 4 Distillers Corp 14*4 14' 4 El Bond & Share 6' 2 6' 2 Hiram Walker 24> 4 24• 2 Humble Oil 48 3 49 3 Lone Star Gas 4' 4 4 3 4 Mt Producers 4% 4>* Natl Bellas Hess S ! 2>. Nia Hud Pwr 3 Park Davis 37' 31 *4 Penn Road I‘2 l s Std Os Kj m 17 5

340 AGENCIES EXIST FOR AID GOVERNMENT Last Year Witnessed Peak Activity in Research Movement. By Times Sin rial CHICAGO. Dec. 26—Three hundred and forty agencies establisned for the purpose of bettering the administration of local, state and national governments exist in the United States at the present time, according to the directory of govenrmetnal research agencies in the United States issued today by the Governmental Research Assn. “During the past year there has been more activity in the field of governmental research than during any similar period in the country’s history,” Robert M. Paige, secretary of the associaition. declared, in announcing the roster. The 340 agencies are of several different types. Their common aim, however, is to improve public administration in the states, cities and counties by searching out the facts about governmental problems in particular situations and showing public officials how to put into practice the accepted principles of business management and political science. Most Are Voluntary Municipal research bureaus, directors and staff members of which form the nucleus of the Governmental Research Assn., number 48. Most of these are supported by voluntary contributions from citizpns. Three of these organizations—the association, the Taxpayers Research Bureau of Utica and the Tulsa Bureau of Municipal Research—were established within the last year. The municipal research department, financed by the city of Hartford, Conn., and the Bureau of Governmental Research of the Indianapolis Chamber of Commerce were also set up in 1934. 150 State Agencies In addition to agencies confining their attention to the government of a particular city, nearly 150 state organizations are included in the directory. Statewide citizen organizations number 43; state leagues of municipalities, 35, and universities carrying on practical research in current governmental problems, 72. The Minnesota Institute of Governmental Research and the New Hampshire Foundation are two significant state bureaus formed during the year. National organizations of public officials, national citizen organizations, professional consultants in municipal management and private firms carrying on research in the fields of public finance and municipal credit are among the other types of organizations listed in the directory. “This is the most comprehensive directory ever published by thf Governmental Research Assn., says Mr. Paige. “It is hoped that its distribution will help the rapidly growing governmental research profession achieve a sense of solidarity and aid in the interchange of information and experience.”

EGG PRICE RISE SEEN Shortage in Spring Forecast by Head of Poultry Group. By United Press CHICAGO, Dec. 26.—Rising egg prices and an extreme shortage of laying poultry are visioned for next spring by Frank Priebe, president of the Institute of American Poultry Industries. He declared that farmers have joined a veritable stampede throughout the Central West to sell farm flocks because of high feed costs and low prices for eggs.

Other Livestock

ißv United Pressl FT WAYNE, Dec. 26.—Hogs—Market. 10<a40c higher: 250-307 lbs.. $7:20; 225-25 lbs.. $7: 200-225 lbs., $6.90: 180-200 lbs., $6.70; 160-180 lbs., 86.45; 300-350 lbs.. $6.50; 150-160 lbs, $5.40: 140-150 lbs., $5.15: 130140 lbs., $4.80; 120-130 lbs.. $4.20; 100-120 lbs.. $3.80: roughs, $6; stags, $4. Calves. $7.50; lambs, $8.75. LAFAYETTE, Dec. 26—Market. 354140 c higher: pigs, 50c higher; 275-300 lbs.. $7 25; 300-325 lbs., $7: 250-275 lbs.. $7.15: 320-250 lbs., $7.10; 220-230 lbs.. $7.05: 210-220 lbs.. $7: 200-210 lbs.. $6.90; 190-200 lbs.. $6.80; 180-190 lbs.. 65.65: 170-180 lbs.. $6.50: 160170 lbs.. $6.35: 155-160 lbs.. $5.75; 150-155 lbs.. $5.50; 140-150 lbs.. $5.25; 100-140 lbs., $3.0415; roughs, 50c higher; top. $6.50. Calves—Market. 50c higher: top, $6.50; lambs. 50c higher; western lambs, $8; native lambs. $7.50.

Hides and Skins

Hides —Green country cows and steers, 3%c flat; green country oulls and glues. 2c flat; green country calf hides. 4%c: flat: green country kip. 3%c; 0. 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 ponies half price. No. 1 rendered tallow. 4®4%c: No. 2 at value. Yellow grease 363%c: dark grease. 2%®Sc

Produce Markets

Delivered in Indianapolis prices: Heavy hens, 10c; Leghorn hens, 7c; colored springers, 12c; old rootsters, ss: ducks, 7c: geese, 7c; 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, 11c; No. 1 strictly fresh country run eggs, loss off. 27c. Each full case must weigh 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 Wadlev Company. 'Bv United Press 1 CHICAGO. Dec. 26.— Eggs—Market, firm: receipts. 1763 cases; extra firsts. 29' 2 c; fresh graded firsts. 28c: current receipts, 26c; dirties No. 1, 20' 2 c; No. 2. 18c; checks No. 1. 19 ! 2C: No. 2. 17c. Butter—Market, steady; receipts, 10.030 tubs; extra firsts ' 90-9i' 2 score'. 28 3 4 *)29'2C: extras <92 score', 30 ! 2 c: firsts 'BB-88'2 scorei, 27 ! 4*/ 28 1 c; seconds ' B6-87 1 a score'. 28*)26'2C; specials. 31*i31’2C: standards. 29Uc. Poul-try-Market. weaker: receipts 5 trucks; springers. 150 19c: ducks, 154/ 20c; geese. 10*216c: turkeys. 200 22c: Leghorn springers. 12c; capons. 6-7 lbs . 20c Cheese— Twins. 14*4*1 14A4c: Daisies. 15c: Longhorns. 15*5 15'2C. Potatoes—Supply moderate: practically no trading on account of weather: market not established: operators not opening cars. Arrivals. 51; on 'rack 178. shipments, 378 Monday. 38 Tuesday. CLEVELAND Dec. 28—Butter—Market, firm: extras. 34 ! 2C: standards. 33c. Eggs —Market, firm; extra whites. 29c: current receipts 26‘ 2 c Poultry—Market, steady; fowls, colored. 4'2 lbs. and up. 17c: ducks. 5 lbs. and up. 19c: geese, heavv fat, 15*/ 16c geese ordinary. 14c: turkeys, young. 22*/ 23c old h-ns 18c: old toms. 15c: No. 2 turkevs. 14c. Potatoes—Maine. $1.15*/ 115 a 100-lb bag; Pennsylvania. 75'/80c a 100-lb. bac; Ohio best, mostly 75 385 c a 100-lb. bag.

DOLLAR CUT AIMED

Elmer Thomas

Further dollar devaluation will be a paramount issue before the next session of Congress, which convenes Jan. 3. according to Senator Elmer Thomas (D., Okla.'.

SWINE VALVES CONTINUE RISE Prices Generally 40 Cents Higher Than Monday; Trade Is Keen. Continued low receipts at the Union Stockyards „oday were held responsible for a general 40-cent increase in Jvg prices. The total of 4000 on hand this morning made the market scarce and competition keen. The bulk, 160 to 200 pounds, was selling at $5.60 to $9.90, whiie hea\y butcher grades 200 to 350 pounds, brought $7 to $7.25. A few choice kinds were quoted at $7.30. Light slaughter pigs, 130 to 160 pour.ds, sold for S4XO to $5.90, and extremely lightweights, 100 to 130 pounds, cashed in at $3.65 to $4.65. Packing sows moved up 25 cents to $5.50 to $6.50. Holdovers from Monday, last pre-Christmas market, numbered 100. In the cattle market all slaughter classes were active and sharply higher. Beef steers were up 50 to 75 cents, with early sales bringing $7.50 to $9.50 Some held above $lO. Prices on cows were around 25 to 30 cents higher. Receipts totaled l-100 Vealers were 50 cents higher, celling at $7.50 down, with receipts at 300. Trading in lambs was particularly active, with prices generally 75 cents higher. Natives and Westerns brought $9.25 down. Slaughter sheep were selling at $4 down. Receipts numbered 800.

HOGS Dec. Bulk Top Receipts. 19. $5.5542. 5.85 $6.25 8000 20. 5.704/ 6.00 6.40 50C0 21. 5.85(5 6.15 6.55 5500 22. 5.8 0(a 6.15 6.55 2)00 24. 6 204/ 6.50 6.95 3000 26. 6.6041 6.90 7.30 4000 (140-150) Good and choice $5.40® 6.25 (150-1801 Good and choice 6.60(5, 8.80 1180-200) Good and choice 6.804; 7.00 (200-220) Good and choice . ... 7.0047 7 15 (220-250) Good and choice 7.154; 7.30 (250-290) Good and choice 7.204; 1.30 (290-350) Good and choice 7.004 1 7.20 (275-350) Good 6.25(7/. 6.50 Packing sows: (350-425) Good 6.1044 6.35 (275-550) Good 5.854/ 625 (275-550) Medium 5.50(5. 6.10 (100-130) Slaughter pigs, good and choice 3.65® 4.65 CATTLE —Receipts, 1400— —Steers—-(sso-900) Choice sß.oo® 9.50 Good 6.754/ 9.00 Medium 4.75® 7.00 Common 3.254/ 4.75 (900-1100) Choice 9.004/ 10.00 Good 7.004; 9.25 Medium 4.754; 7.00 Common 3.504; 4.75 (1100-1300) Choice 9.504/ 10.25 Good 7.254; 9.50 Medium 5,00® 7.25 (1300-1500) Choice 9 754/ 10.50 Good 7.50® 9.75 —Heifers—-(sso-750) Choice 7.254* 7.75 Good 5.754/ 7.25 Common and medium 3.004/ 5.75 (750-9001 Good and choice 6 00® 8.00 Common and medium 3.25® 6.00 —Cows— Good 3 50® 4.50 Common and medium 2.50® 3.50 Low cutter and cutter 1.25® 2.50 —Bulls—(Yearlings Excluded) Good 3.50® 4.00 Common and medium 2.25® 3.25 VEALERS —Receipts, 300— Good and choice $6 50® 7.50 Medium 4 50® 6.50 Cull and common 2.50® 4.50 —Calves—-(2so-5001 Good and choice .... 5 00® 7.00 Common and medium 2.50® 5.00 —Feeder and Stocker Cattle——Steers— (soo-800) Good and choice ... 4 00® 500 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® 4 25 Common and medium 2.50® 3.00 —Cows— Good 2.50® 3.00 Common and medium 2.00® 2.50 SHEEP AND LAMBS —Receipts, 800— Lambs. 90-lb. down, good and choice $8.75® 9.25 Common and medium 6 00®, 8.75 90-120 lbs., good and choice ... 3.00® 4.00 Sheep—-(l2o-150) Good and choice 2.50® 3.50 All weights, common and medium 1.50® 3.00

Other Livestock

(By Times Special) LOUISVILLE, Dec. 26.—Cattle—Receipts, 250; demand broad for light supply; market active on all slaughter classes: fully steady to strong with Monday; bulk common to medium steers and heifers $3.75*/ 5 50; few better finished, $5 50*5 6. and strictlv good steers with weight quotable upwards of $7; bulk beef cows. $2 50*) 3: good kinds eligible higher: low cutters and cutters, $1.25*/ 2 25; sausage bulls scarce, salable $3 down: bette, Hereford stock calves quotable. $4.50*/5. Calves—Receipts. 150: market, mostly 50c higher: bulk oetter vealers. $5 50*) 6 50; strictly choice, $7; medium and lower grades, $5 down. Hoes—Receipts. 600; market, 40c higher than Monday on all weights and classes; top and bulk better 270-300 lbs., $7 25. highest since Sept. 5: 200-225 lbs . $7.10: 305 lbs up, $6.80: 180-165 lbs . $8 50; 175 lbs. $5 85: 140-155 lbs $5.35: 120-135 lbs . $4 40: sows. $5 50 Sheep—Receipts. 100: lbs.. 50c to mostly 75c higher; bulk medium to good lambs. $6 50*/7; choice eligible. $7 50 or better: bucks mostly $5 5006 common throwouts. $4 50; fat ewes. $1.50*/ 2 Receipts—Monday: cattle, commercial. 194; government, 10$: calves, commercial. 139: government. 9: hogs. 335: sheep. 39 Shipments—Monday: cattle commercial. 44: calves, commercial. 20; hogs, 289. sheep, none.

I BE SAFE Insure lour Car Today yPh£psj/Statt AutomobiH Insurance Ass’n. LI-K 571. 7lh Floor Occidental Bldg.

Latest Stock, Bond and Commodity Quotations

JUDICIAL ROLE FOR I. C. C. AIM OF PRINCE PLAN Present Regulatory Body Is Held Gordian Knot by Authority. The following is tie fifth of a aerie, of six articles on "A New Deal for the Railroads,” written for the World-Tele-gram hr Theodore Prinre. well keswn railroad authority. BY THEODORE PRINCE NEW YORK. Dec. 26 —The Interstate Commerce Commission represents the Gordian knot that must be untied. In it are tied together all the powers of judicial, executive and administrative functions. Groups of men. even if super-men, can not successfully combine these interfering and inconsistent duties.

The commission should act in a judicial or quasi-judical capacity. It no longer should attempt to manage, or partly manage, the railroads. The corporation would run the railroads, subject to supervision of the Secretary of Transportation. Together they would be free to make an effective, prosperous industry of our railroads. When and if they disagreed, the commissicti would hear and determine. Rates no longer would be the subject of long and futile controversy. Futile certainly has been the effort of the commission to have the railroads earn what Congress intended they should earn. The present plight of the railroads Is sufficiently indicative of their need and of the inability of the commission to protect them. Would Alter Act Shippers have not had sufficient protection under the Elkins Act <U. S. Code, Title 49, Section 43), but the proposed plan would amend that act so that application could be made to Federal courts for redress from unreasonable rate, discrimination or deviation from the published rates. The commission still could protect the shipper on any complaint by filing a petition in his behalf under this amended act. The permission of the commission would be necessary however, to make a merger, consolidation or plan of reorganization effective. The executive functions of the commission would be transferred to the corporation, while its administrative functions would be transferred to the Secretary of Transportation. Much of the “static” material, however, would remain with the commission, such as accounting systems, valuations and, of course, in an advisory capacity, it would still be of importance to the Secretary and the corporation. Studies and surveys still would be matters of voluminous records and experience with which the commission could enrich both of the other two regulatory bodies.

Rates Held Vital Traffic, plant and rates comprise the prime essentials of the railroad industry. As -previously stated, if 1921 rates and had been sustained through 1932, the railroads would have earned $7,814,348,000 more than they did. It is apparent in that case there would have been no railroad problems. The rate structure is a tremendously complicated affair. Rates, being so vital a pnrt of our railroad prosperity, make or unmake railroads. Fundamentally, therefore rates should be determined by the executive operating heads, the corporation. Unless the Secretary of Transportation intervened, rates would become effective. The right to appeal to the courts by any shipper in any case would not be abridged. Although the lengthy bureaucratic system of the Interstate Commerce Commission would be abolished, it always could intervene on behalf of a shipper, under the Elkins Act as amended, before a court of competent jurisdiction. HOLDERS INCREASE By Times Special NEW YORK, Dec. 26. Preferred and common stockholders of the General Motors Corp. in the fourth quarter numbered 350.164, compared with 349,524 in the preceding quarter and 351,761 for the final quarter of last year.

PRESENTATION OFFICE SPACE The facilities and wide selection of space offered by this organization enable you to come to a quick decision based on pertinent facts reguarding any business location. KLEIN r KUHN, PROPERTY MANAGEMENT Lincoln 3545 INDIAN APOLIS

PAGE 11