Indianapolis Times, Volume 46, Number 202, Indianapolis, Marion County, 2 January 1935 — Page 6

Trends Optimistic Outlook Taken by New York Bank. BY VINCENT S ETON'S T him Financial Mitnr

tbmp timp the monthly busi•T new reviews put out by banking institutions throughout the countryhave been more or less Jeremiads. Since the quasi-truce between Government and business these reviews have tended to take on a more optimistic attitude toward the course of affairs. True enough, they still do not constitute epistles which sec only the favorable s.gns of the economic horizon, but at least they are showing an inclination to look more kindly upon the state of the nation. For instance the National City Bank of New York in its monthly survey of general business conditions released today, dedicates much of its publieation to the favorable tenor of events in the past twelve months ar.d less to quibbling over governmental policies. It declares that the turn for the better m trade and industry during the last two or three months has had a plainly heartening effect upon expectations for 1935. The upward trend, the bank asserts. has been gaining momentum and, on the basis of orders on hand in some industries, seasonal prospects in others, and the reduction of merchandise stocks due to good Christmas trade, it seems likely to extend at least into spring. a tt tt "'TPHE chief question as to the outlook for the latter part of 1935,” the Bank says, “is whether | the improvement will spread to the machinery, construction, and other j capital goods industries. Wear and ! tear and replacement of goods of every day use have brought other upswings in the industries making such goods, but they have not led to recovery. "The conditions which affect the demand for capital goods are incomparably more complex than those which affect the demand for consumer goods, especially at a time when relief expenditures of the Government are helping to make up the deficit in consumers’ buying power. If the industries are to spend for new productive equipment they must first feel assurance that they can make it pay for itself, which requires that the goods | produced must be salable at a profit. “They must have either money or credit, and if they find it necessary to raise rapital or borrow to carry out their projects, as is usually the case where large sums are required, the lender or investor enters the picture. He must be satisfied not only of the correctness of the borrower's judgment of the situation, but must feel additionally an assurance that the money repaid to him will be of the same value as the money he lends.” tt n m GETTING off on another track the bank declares that the chief requirement for the free production and consumption of goods of every day use is that they can be , priced, allowing for costs and profits, ot accord with the ability of consumers to pay. Unquestionably a principal cause j of the disruption of trade has been the disparity that developed between the prices of finished goods and those of raw materials, among which the farm products are most important, in view of the extent of the farm market, it is pointed out. Until the drought, it is said, little progress was made as the NRA i raised prices of goods just as fast as , the AAA lifted farm values. “But since last spring the spread ■ has been closing rapidly. Retail | merchandise prices in December have been slightly lower than a vear ago. and retail food prices are only 8.6 per cent higher. But farm prices are up 25 per cent. On Nov. 15 the ratio of farm prices received to prices paid was 81 per cent of the pre-war average, against 69 per cent one year earlier.’

MONOPOLY OF CHAINS ATTACKED IN REPORT Federal Trade Commission Will Ask Tightening of Laws. Rtf United Pr> ** WASHINGTON. Jan. 2 —Congress will be asked to tighten the nation's anti-trust laws to break up monopolies already formed and prevent growth of others, the Federal Trade Commission revealed today in a report. The report, made after a six-year study into chain store practices, asked authority to force corporations to divest themselves of stock or assets in competing concerns, acquired in violation of the Clayton Act. This power was asked after the Supreme Court ruled that the commission, under the existing law. could not compel a corporation to dispose of such assets even though they were purchased illegally. NORWAY’S EXPORTS UP TO WORLD WAR LEVEL Volume Almost Doubles 1933 as Trices Remain Level. Bf United rrr OSLO. Jan. 2.—Norway showed the highest export figures in 1934 since the World War, with prices level and volume increased to almost double the 1933 fir ares. In the first IT months of 1934 there was an imp< rt surplus of 135,910,000 kroner ($37,170,000), against vn nport surplus of 96.200 000 kroner ($27,040,000 > in the corresponding period last year. For the same period, industrial production was about 7 per cent above that of the same period in 1933. However, the official number of unemployed was 35 000. a slight increase on last year’s figures. JAPAN PLANS EXHIBIT By T im- Special QUITO. Jan. 2.—The Japanese Consul has invited the Government to send local products to an exhibition of South American products to be opened in Osaka on March 14. The schools have also been invited u> send samples of work of students for exchange with Japanese students.

PAGE 6

REVEAL TERMS IN REVAMPING OF WILSON CO.

Arrangements Disclosed to Stockholders in Special Letter. ■ By 7 mm £ prein l CHICAGO, Jan. 2 —Complete and detailed information regarding the proposed recapitalization plan for Wilson ft Cos., third largest packers in the country, is contained in a '-pedal letter to stockholders sent to all classes of stockholders today. It is pointed out that the plan now proposed, which wat announced after a meeting of the board on Dec. 14. is considered to be in the best interests of all classes of stockholders. It is also emphasized, however, that because of the present sound financial condition of the company, a recapitalization is not necessary from the standpoint of the operation of the company itself. Briefly, the plan contemplates a reclassification of the present 227, 248 shares or 7 per cent SIOO par value preferred stock into 324 783 shares of 6 per cent no par value preferred stork and the reclassification of 313.236 shares of no par class A stock so that each share of class A stock becomes five shares of common stock, the 434.983 shares of the present no par common s’oek to remain as common stock. The total amount of common to be initially outstanding will therefore be 2.001,163 shares. The present 7 per cent preferred | stock will have accumulated divi-1 dends amounting to $26.25 per share as of Feb. 1. Under the proposed plan, the preferred stockholder will receive for each share of his present preferred 1.4292 shares of 6 per cent preferred stock. The 6 per cent preferred will be entitled to cumulative dividends from Feb. 1, 1935, and i will be callable at SIOO per share and accrued unpaid dviidends. In brief, the carrying out of the plan would eliminate all accumulated dividends and make it possible for dividends to be paid on all classes of stock when earnings become available for the purpose, the letter points out. Mr. Wilson also explained that stockholders should keep in mind that the company's working capital ought not to be decreased by any immediate substantial payment of accumulated dividends because of the fact that, in view of higher inventory costs required in the business. it is necessary to conserve such capital. Mr. Wilson explained that under the plan the preferred stockholders will be entitled to greater total annual cumulative dividends than at present and that the Class A and common stockholders, who have received no dividends since their stocks were issued in 1926, w r ill be in a position to receive dividend payments which, his letter states, it is hoped can be inaugurated early in 1935. Mr. Wilson's letter also points out that the company is asking for no deposit of stock at the present time, but requests that proxies be sent in promptly by stockholders. Consummation of the plan depends upon favorable action by holders of at least a majority of each class of stock. The plan is to be voted on at the stockholders’ annual meeting Feb. 19, 1935. The long-term obligations of Wilson ft Cos., including the first mortgage 6 per cent gold bonds, bonds of the subsidiary companies, and minority stock interests, have been reduced from a total of $29,323,615 on Feb. 27, 1926. to a total of $19.585.563 on Oct. 27. 1934, this latter amount including bonds of the company and subsidiaries in the treasury amounting to $1,932,500. This reduction has been brought about principally through sinking fund operations.

Other Livestock

(By United Press) CHICAGO. Jan 2 Hons—Receipts. 23 - fino. including 7000 directs: market, slow; uneven. 15m 25r lower than Tuesday; weights above 200 lbs., $7.50®7.65: early •op $7 8n 1 fiO-200 lbs . *7.25® 7 60: light lights $6 75m 7 25; pigs, $6 50 down; packing sows. *6 75 .17; light lights. 140-160 lbs., good and choice. $6,754/7.40; light weight 160-200 lbs good and choice. $7 IS® 7.70: medium weights. 200-250 lbs., good and choice. $7 50m 7.80: heavy weights 250-350 lbs. good and choice. *7 60m 7.80: packing sows. 275-550 lbs medium and choice. s6m 7.10 slaughter pigs. 100-130 lbs., good and choice. $5 25m 7 Cattle- Receip's. 11.000 commercial. 1000 government. Calves—Receipts. 2500 commercial. 300 government; fed steers and vearlings, fully steady: strirtlv good and choice yearlings and light steers, strong to shade higher; general market, fairlv active: all grades getting outlet: all otiier killing classes, steady excepting common beef cows and butter ’his class tending lower: bulls strong to 15c highrr: sll paid for long yearlings and light s’eers; three loads at this price; 1053 lbs vearlings. up to $lO 85; slaughter cattle and vealers: steers 550-900 lbs., good and choice. $7.50® 10.50: 900-1100 lbs., good and choice. *7 75<i11: 1100-1300 lbs, good and choice. $7 75m11: 1300-1500 lbs., good and choice sßm 11: 550-1300 lbs common and mediunt S3 vr R; heifers 550-750 lbs. good and choice. $6 25®8 50: common and medium. $34/6 50: cows. good. J4M5.50; common and medium $2 40® 4 25; low cutter and cut'er $1.75412 50: bulls, yearlings excluded, good beef. $3 75 / 4 75; cutter, common and medium $3,254/4.25: vcalrrs. good and choice $5.50m 8 medium. $4 50m 5 50. cull and common. $3 504/4.50: stocker and feeder cattle: steers. 550-1050 lbs., good and choice *44/5; common and medium $2,754/4 Sheep —Receipts. 9000; indications fully steady on all slaughter classes: feeding lambs, undertone strong to higher: bulk good to choice native and frd western lambs held $8 75 upward; initial bids downward from $8 50: few slaughter ewes. $34i4 slaugh’er sheep and lambs: lambs 90 lbs. down, good and choice. $7 90m 8 75: common and medium. r 8 ewes 90-150 lbs go pH and choice. <2 75 4 all weights, common and medium. *2 504/3 25: feeding lambs, 50-75 lbs., good and choice. *5.754/6 85. ißv Times Special! LOnSVTLLE Jan 2 -Ca'tle—Receipts. 250; fairlv active trade on slaughter classes: market fullw steady at week's advance hulk common to medium steers and heifers. *4 5065.75 44 head medium to good 809-lb heifera. *6: top $7 for 1154lb steers bulk beef cows $2 754/3 25. good eligible higher: low cutters and cutters mostly $1 SAtiS.SO: sausage bulls quotable mostly *3 25 down; bulk native stockers salable $4 50 down Calves Receipts. 250. market steadv to weak considering strict sort: most better vealers. $6/7: few strictly choice higher: medium and lower grades. $5 50 down Hogs—Receipts 700: market 10c lower: top and bulk, desirable 230-300 lbs *7 65: 200-225 lbs $7 50 : 305 lb up *7 20 180-195 lbs $6 90: 160-175 lbs *6 50: 140-155 lbs *6: 120-135 lbs. *5 05 sows. *5 90 Sheep—Receipts. 100: market s-eadv; bulk medium to good lambs $7;/7 50: choice quotable $8 or be--'er bucks discounted: common light •hrowouts. $5: better fa' ewes. *2m 2 50. PINEAPPLE PACK GAINS Rw Times Special HONOLULU. Jsn. 2—Hawaii’s pineapple pack this year will exceed 8.000.000 cases, as compared with 7.800.000 cases in 1933 —and 486 cases in November, 1895, the year the first Hawaiian shipment was made.

Abreast of The Times on Finance

Survey of Current Business Conditions United States Department of Commerce—— ——

fu jyiwtss ACTtVtTY (nCW y OOK TIMGSIt oo| “**■ ■* $0 ■■■—'■■— ■ ' /' ' Vr- 1 *" * ■ 10 —-/- *0 -- SC l.nlilllillJjiJi:.!, mini Imlmiltlllm III:] AUTOMOBILE PRODUCTION* I*o I 130 ■■ ■ ■ JL ■sisl FREIGHT CAR LOADINGS 100 t “ *0 : 40 iO IniliiiliiiiliiilnifinitmlniliiiiliHliiihni FISHERS WHOLESALE PRICE INDEX* 100 *0 -i ■ ■ ■ i ■ ■ 40 COMMERCIAL FAILURES* tz o r—lo jr- _ rrDCRAI RESERVE MEMBER BANK LOANS 100 90

+ COMPUTED NORMAL -100 A ESTIMATE ™u S. *e CANADA * 1926 lOO * NUMBER * DAILY AVERAGE * 1928* 1930 * 100

SWINE VALUES RISE 20 CENTS

Cattle Market Active and Steady; Veals Move Sharply Lower. Despite an extremely heavy run of supplies on hand in early trading : at the Indianapolis Union Stock- : yards today, porker prices continued i sharply upward. The majority of values were 20 cents higher than Monday s average. The general run of underweights displayed an increase of 25 cents. Today’s receipts were estimated at approximately 10.000, compared with 6.000 Monday. The bulk, 160 to 200 pounds, was selling at $7.20 to $7.45. Heavy butcher clases ranging from 200 to 350 pounds, were salable at $7.50 to $7.65, while few good and choice grades brought $7.70. Small kinds, scaling 130 to 160 pounds, sold at $5.75 to ?6.75, while light lights, weighing 100 to 130 pounds, cashed in at $4.50 to $5.50. Packing sows held at $6 to $6.75. Holdovers numtered 10,000. General trade was active in the cattle market with most grades unchanged at Monday’s best prices. Early sales of steers brought $5.50 to $lO. Few loads held slightly higher. Receipts were 2,500. Vealers were largely 50 cents higher, selling at $8 down. Receipts were 900. Activity was light in the lamb market and the majority of classes were steady to strong. Bulk of better grades sold at $8.50 to $8.75. Extremely heavy kinds brought $8.25 down. Throwouts tvere salable at $6 to $7.50, while slaughter sheep held at $4 down. Receipts were 1,500. HOGS Dec. Bulk. Top. Receipts. 26. $6,604/ 6.90 $7.40 6000 27. 6.604/1 6.90 7.30 6000 28. 6.704? 7.00 7.40 7000 29. 6.704® 7 00 7.40 3000 31. 7.004® 7:30 7.70 6000 Jan. 2. 7.20® 7.45 7.70 10000 1140-150) Good and choice... $6 254® 7.00 150-160) Good and ihoice.... 7.20® 735 1 160-200) Good and choice ... 7.35® 7.50 /200-220) Good and choice.... 7.50® 7.60 /220-2501 Good and choice.... 7 60®' 7.70 1250-290) Good and choice 7.604® 7.70 1 290-350 1 Good and choice 7.404® 7.60 (275-350) Good 6.60® 6.85 Packing sows: (350-425) Good 6 50® 6.75 (275-550) Good 6 25® 6.60 1275-5501 Medium 6 00® 6.50 (100-130/ Slaughter pigs, good and choice 4.50® 6.00 CATTLE —Receipts. 2 500— —Steers—-(sso-900) Choice $8 00® 9.50 Good 6.75® 9.00 Medium 4 75® 7.00 Common 3.25® 4.75 (900-1100) Choice 9.00® 10.00 Good 7.00® 9.25 Medium 4.75® 7.00 Common 3.50® 4.75 (1100-1300) Choice 9 ,40® 10.25 Good 7.25® 9 50 Medium 5.00® 7.25 (1300-1500) Choice 9.75®10.50 Good 7.50® 9.75 —Heifers—-(sso-750) Choice 7.25® 7.75 Good 5.75® 7.25 Common and medium 3 00® 5.75 (750-900/ 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 900 — Good and choice $7 50® 8.00 Medium 5.00'S 7.50 Cull and common 2.00® 5.00 —Calves—--1250-500) 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® 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® 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. 1.509Lambs. 90-lb. down, good and choice $8 00® 8.50 Common and medium 5 50® 8.00 90-120 lbs., good and choice ... 3.00® 4.00 Sheep—--1120-150) Good and choice 2.50® J. 50 All weigh's, common and medium 2 00 ® 3.00 PRICE INDEX HOLDS Fairchild Compilation in Month of November Unchanged. Ri/ Times Special NEW YORK. Jan. 2.—Retail prices, as measured by the Fairchild index, showed no fluctuation in November. For the first time since July, 1933, however, prices were lower than during the corresponding month of the previous year. At current levels, the index is 0.7 per cent under Dec. 1 last year and 2.9 per cent Delow the 1934 high. Compared with the depression low, the index shows a gam of 25.9 per cent.

INDIANAPOLIS, WEDNESDAY, JANUARY 2, 1935

STEEL INGOT PRODUCTION zo^*** oli i J in! i mlnilniliii ill i ill i: Ihi 11: i ill I I, in lumber production 'OO 00 *0 COTTON RECEIPTS 400 300 0 ill 11 iftvrfl tn'lffl Pi: 111111 li 11 11111. BONO PRICES* 1701 60 li 111111 !i 1111i11! 11111 1111 l i 11111111111 n 11111 ll ■ll BANK DEBITS OUTSIDE NEW YORK CITY* 1401 IZ 0 : ioo 40 uJiiii lailmliu ill nlniiiiU TIME MONEY RATES* I SO I too ■

New York Stocks

11:00 A. M. Prev. Oils— High. Low. N. Y. close. Amerada 50% 50% 50% 50% Atl Rfg 25% 2514 25*4 25% Barnsdall 6% 6% 6% 6% Consol Oil 8% 8 s * 8 s * 8% Cont of Del .... 18% 18% 18% 181 b Houston (new). 3'n 3'o 3% 3 Mid Cont Pet... 12% 12 1 2 12 * z 12% Ohio Oil 10% 10% 10 1 2 10% Pet Corp 9' 4 9% 9' 4 9% Phillips Pet 15% 15% 15*4 15 % Plymouth Oil ... B'4 814 8% B'* Pure Oil 7'4 7' a 7>4 71a Shell Un 6% 6% 6% 7 Soc Vac 14% 14'/a 14% 14% SO of Cal 32% 32 32% 32Va S O of Ind 25 >4 25 25'4 25' 2 S O of N J 43"a 43 1 a 43% 43% Texas Corp 20 7 a 20' 2 20% 21 Tidewater Assn 914 9 3 4 9% 9 % Un Oil of Cal.. 15% 15% 15% I>% Steels— Am Roll Mills.. 23% 23Vi 23Vi 23Vi Beth steel 32% 32 32 :,2< 2 Bvers A M 19% 19% 19% (9% Inland Steel ... 55V4 55 55 55Vi Ludlum Steel ... 17% 17 1 2 ’7% 17 Mid Steel ll 7 a 11 Vi 11% 11% Natl Steel 494 49% 49% 49% Otis Steel 5% 5% 5% 5Vi Rep Iron & St 1. 15'a 14 7 a 14 7 a 15 U S Pipe & Fdy 21% 21% 21% 21 'a U S Steel .. . 38% 38% 38% 39 U. S. Steel pfd. 86% 86% 86% 86 Warren Bros. . . 4% 4% 4% 5% Youngst’n S & T 20% 20% 20% 20% Motors— Auburn 26% 26'4 26'% 26% Chrysler 41% 41% 41% 41% Gen Motors 34% 33% 33% 34% Graham Mot ... 2% 2% 2% 2% Hudson 12% 12% 12% 12% Hupp 32% 33 Mack Truck . • .. 26% Nash 18 Vi 18% 18% 18% Packard 5 4% 5 5 Reo 2% 2% 2% 2% Studebaker 2% 2% 2% 2% Yellow Truck ... 3% 3% 3% 3% Motor Access— Borg Warner . 31% 31 31 31% Briggs 28 27% 27% 28% Budd Mfg 5% 5% 5% 5% Budd Wheel ... 3% 3% 3% 3% Eaton Mfg 18% 18% IS% 18% Elec Auto Lite- 28% 28% 28% 25% Elec Stor Bat.. 48% 48% 48% 47% Houdaille 'A'.... 8% 8% 8% 8% Murray Body ... 7% 7% 7*4 7% Stew Warner.... 8% 8% 8% 8% Timken Roll .... 35% 35 35% 34% Timken Det Axle 6% 6% 6% 6% Am Steel 38% 38% 38% 38% Anaconda 11% 11 Vi 11% 11% Cal & Hecla ... 3% 3% 3 a 3% Cerro De Pasco. 44% 43% 43% 44 Dome Mines ... 38% 38% 38% 39 Howe Sound ... 50% 50'4 50% 51 Int Nickel 23% 23% 23% 23% Kennecott Cop.. 17% 17% 17% 17% Park Utah 3% 3% 3% 3% Noranda Cop ... 34% 34% 34% 34 Phelps Dodge ...-15% 15% 15% 15% St Joe Lead 16'% 16% 16% 16% U S Smelters ..121% 120% 120% 12i% Vanadium 20% 20 20 21 Amusements— Fox Theater .... 13% 13% 13% 13% Loews Inc 34% 34% 34% 34% Radio Corp .... 5% 5% 5% 5% Paramount 2% 2% 2% 3% RKO 2% 2% 2% 2% Warner Bros ... 4% 4% 4% 4% Tobacocs— Am Sum Tob .. 23 Vi 23% 23% 23 Ligg & Myers B 105 104% 104% 104% Lorilalrd 20% 20% 20% 20% Phillip Morris . . 46% 46% 46% 47% Reynolds T (B) 50 V* 50 V* 50 V* 50% Rails— Atchison 53% 53% 53 Vi 53 % Atl Coast Lines.. 37 36% 37 36% B & 0 14% 13% 13% 14 Can Pacific 11% 11% 11% 11% Ch & Ohio 45 44% 44% 44 Chi & Gt W 2 2 2 CM 48tP.... 2% 2% 2% 2% C M & St P pfd 4% 4% 4Vi 4% Chi N W 5Vi 5 5 4% Del a & Hud 42 41 % 41% 42 Erie 13% 13% 13% 13 Gt Nor pfd 16% 16% 16% 17 111 Central 16% 16% 16% 16% Lehigh Valley.. 10% 10% 10% 10% Mo Pac 2 2 2 1 % N Y Cent 20% 19% 20 20% N Y New Haven 7% 7% 7% 7% Nor Pacific 20% 20% 20% 20% Penn R R 24% 23% 23% 24% Sou Pac 18% 17% 17% 18 Sou R R 15% 15% 15% 15% Union Pae 109 108 108 107% Wabash 1% 1% 1% ... F.quipments— Am Brake Shoe. 29% 29% 29% 29% Am Car <fe Fdy.. 18% 18% 18% 18% Am Steel Fdy... 17 16% 16% 17 Bald Loco 5 7 4 5% 5% 5% Gen Am Tk Car 37% 37% 37% 38 Gen Eire 22% 22 22% 22 % West Air 8r.... 26% 26 26% 26% Westingh Elec.. 37% 37% 37% 37% Utilities— Am <fc For Pwr.. 4% 4% 4% 4% Am Pwr Ac Lit*. 3% 3% 3% 3% AT&T 100% 104% 104'4 105 Am Wat Wks.... 14% 14% 14% 14% Col Gas & Elec 7% 7% 7% 7% Conn & Sou ... 1% 1% 1% 1% Consol Gas 20% 20 20 20% Elec Pwr & Lit 2% 2% 2% 2% Int Hydro Elec . 2% 2% 2% 2% Int T & T 9% 9% 9% 9% Lou G& E "A”. 12% 12% 12% 12% Nat Pwr & Lit.. 7% 7% 7% 7% North Amer 13% 13% 13% 13% Pac. G & E 14% 14% 14% 14% Pub Serv N J ..27 26% 26% 27 So Cal Edison .. 11% 11% 11% 12 Std Gas 4% 4% 4% 4% Stone & Webster 4% 4% 4% 4% United Corp ... 3% 3% 3% 2% Un Gas Imp 12% 12% 12% 12% Western Union.. 34 33 33 33% Rubbers— Firestone 17 16% 17 17 Goodrich 11% 11 11 , 11% Goodyear 24% 24% 24% 25% Kelly Spring ... 1% 1% 1% 1% U S'Rubber 16% 16% 16% 16% U S Rubber pfd. 40% 4040 40% Miscellaneous— Allis Chalmers .. 17 16% 16% 16% Am Can 115 114% 115 114% Am Mach & Fdy 23% 23% 23% 23% Brklyn Man Tr. 40% 40% 40% 40% Burroughs Add.. 15% 15% 15% 15% J I Case 59 57% 57% 57% Conn Can .... 64% 64 64% 63% Caterpillar Tract 38% 38 38% 3/% Crown Cork 25% 25% 25% 25% Curtis Pub 21% 21% 21% 21% Deere &Cos ... 30% 29% 30 29% Eastman Kodak 111 111 111 112 Foster Wheeler.. 16% 16 IS 16% Gltdden 27 26% 26% 2<% Ingersoll Rand.. 69% 68 68 69 Inter Harv ... 43% 43 43 42% Natl Cash Reg . 17% 17% l/% l/% Owenj Bottle ..84 84 84 84 4 Rem Rand 10% 10% 10% 10% Foods— Am Sugar 65% 65% 65% 66 Armour Com . 5% 5% 5% 5 Armour 6 nfd 67% 66% 6/% 6.% Borden Prod 23% 23% 23; s 23% . Cont Bak A 1 .. 6% 6% *% 6% i Corn Prod 65 64% 64% 65 , Crm of Wheat 36% 36% 36% 36Cuban Am Sug 5% 5* 5* 5% : Gen Baking ... 8% 8 8 5 iGen Foods 33% 33 33 33% Gold Dust 17% 1.% l/; 1• IG W Sugar .... 28% 28% 28 ;J 28% Hersnev 73% 73% .3a /3_ 4 Natl Biscuit ... 28% 28% 28% 28% Natl D Prod .. 16% 16;a 16% 16% I Purity Bak .... 10% 10% 10% 10% Std Brand* .... 18% 18% 18% 18% Un Biscuit ..... 25% 25% 25V* 25%

LR&EN& —— 1933 CONSTRUCTION CONTRACTS AWARDED* **• ([P MAB *<*• |MAY I y j *uC! VP* !OCT Ii OCC. taor * * . .. a • - no o HiliinunliuiiuliujliiiLLiiJniiliiiliiiliiu BITUMINOUS COAL PRODUCTION* ,oo i- - 2C 0 1 111 f 111 1 1111 1 ! 11 1 111 i 1111 1 111 1 j 11! 1111 1 111 1 1 ii Imi EIECTRIC POWER PRODUCTION* ,ie “ 00 f — V' t—--y Vr * 1 **\J M *"-— _"Y 90 JO In i 1,1 nTWIrnTTi ill mil nluili i 111 n . In ill in STOCK PRICES* 150 ' OO - 50 .0 lnl.nl mil I nlmlMMlmTnllmillllllllll.nl BROKERS - LOANS NEW YORK CITY 100 60 —— oLiil 11 ill 111 In iliuli ml 11 ill nli uxlu.ili4.ilim MONEY IN CIRCULATION *

Retail Stores— Best * Cos. ... 37 3 7 37 36 First Natl Stores 52% 52% 52% 53% Hahn Dept Sts. 5% 5% 5% 5% Kresge S S 21% 21% 21% 21% Kroger Groc ... 28% 28% 28% 28% Macv R H 44% 43% 44% 44 McCrory St 12 11% 11*4 12 Marshall Field. 10% 10% 10% 10% May Dept St ... 43 43 43 43% Mont Ward 29% 29% 29 % 29% Penney J C .... 70 69% 69% 69% Safeway St 45% 45% 45% 45% Sears Roebuck.. 39% 39% 39% 39% Woolworth 53% 53% 53% 54 Aviation— Aviation Corp .. 5% 5% 5% 5% Boeing Aircft .. 9% 9% P% 9% Curtiss Wright.. 32% 2% 2% Curtiss Wright A 9% 9% 9% 9% Douglas Air .... 24% 24% 24% 24% Nor Am Av .... 3% 3% 3% 3% Sperry Corp ... 9% 9% 9% 9% United Aircraft N 14% 14% 14% 14% Chemicals— Air Reduction ..113 112'% 112% 112% Allied Chem.... 140% 137% 139% 137% Col Carbon 73% 73% 73% 74% Com Solvents .. 21% 21% 21% 21% Du Pont 96% 95% 95% 95% Freeport Tex ... 26 25% 25% 25% Liquid Carb ... 30% 30% 30% 30% Math Alkali ... 29% 28% 29% 29% Monsanto Chem 59% 59% 59% 59 Natl Dis (new).. 28% 27% 28 28% Schenley Dist . . 28 27% 27% 28 Tex Gulf Sulph 34% 34% 34% 34'i Union Carbide . 47 46% 46'% 47'% U S Indus Alco. 45% 45 45 44% Coty Inc 6% 6% 6% 6% Lambert 27% 27>4 27% 27% Sterling Prod .. 59% 59% 59% 59% Un Drug (new). 13 13 13 13% Zonite Prod .... 4% 4% 4% 4% Financial— Adams Exp 7% 7% 7% 7% Allegheny Corp.. 1% 1% 1% 1% Am Int Corp ... 6% 6% 6% 6% Chesa Corp .... 44 43% 43'% 44 Transamerica .. 5% 5% 5% 5% Building— Am Radiator ... 15% 15% 15% 15% Gen Asphalt ... 16% 16% 16% 16% Holland Furnace 8% 8% 8% 8% Johns Manville . 53% 53% 53% 54 Libby Owens Gls 32% 32 32 32% Otis Elev 13% 13% 13% 13'% U S Gypsum ... 49% 49% 49% . 49 Household— Col Pal Feet.... 17% 17% 17% 17% Congoleum 34% 34% 34% 34% Kelvinator 16% 16% 16% 16% Proc & Gamble. 44 44 44 * 43% Servel Inc 8% 8 8 8% Simmons Bed ... 10% 10% 10% 10 Textiles— Amer Woolen ... 9% 9% 9% 9% Belding Hem ... 12% 12% 12% 12% Celanese Corp... 34% 33% 33% 34% Collins Aikman.. 14% 14% 14% 14% Indus Rayon.... 31% 31% 31% 31%

Chicago Stocks

(By Abbott. Proctor & Paine) BerghofT 3% 3 Bendix 17% 17% Borg Warner 31% 31% Butler Bros 7% 7% Cities Service 1% 1% Grt Lakes Dredge 18 18 Swift 19 % 19 New York Curb (By Abbott, Proctor & Paine) 12 (Noon) Prev. N. Y. close. Amer Cvanide <B) 16% 16% Amer Gas & Elec 19% 19% Amer Superpower 1% 1% Atlas Corp 9% 9% Distillers Corp 17% .. El Bond and Share 7% 7% Fisk Rubber 11% 11% Hiram Walker 26 25% Imperial Oil Ltd ............. 17 Int Petrol 31 31 Penn. Road 1% IT* Money and Exchange TREASURY STATEMENT (By United Press) WASHINGTON, Jan. 2.—Government expenses and receipts for the current fiscal year to Dec, 29. compared with the corresponding date of the previous fiscal year; This yeai. Last year. Expenses. $3,568,410,792.24 $2,621,870,537.03 Receipts.. 1,847,394,802.56 1,468.897,941.28 Deficit 1,721.015.989.68 1.152.972,595.75 Cash bal.. 2,535,157,043.10 1,057,256,690.85 Hides and Skins Hides —Green country cows and steers, 3%c. flat; green country bulls 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. 3®3%c: dark grease. 2%@Sc. AUSTRIA AFFECTED BY TOURIST TRADE SLUMP Two Uprisings in Year Deters Many Visitors. By United Pres* VIENNA, Jan. 2. Austria has made some progress toward economic recovery in 1934 despite two bloody civil uprisings. The February revolt of the Socialists which was suppressed by Chancellor Engelbert Dollfuss and the attempted Nazi coup d'etat in July, in which Dollfuss was murdered. have deterred many tourists from visiting this country. A large portion of the population lives almost exclusively from tourist trade and this meant a loss to the national income. In addition Germany continued to bar prospective German visitors to Austria by imposing a visa fee of 1000 reichmarks ($380%

DULL TRADING MARKS INITIAL STOCK_SESSION Gains and Losses About Evenly Divided in Early Dealings. By Vnitrd Press NEW YORK, Jan. 2 —Stocks were dull and irregular today in the first two hours of trading with gains and losses about evenly distributed. Automobile issues were relatively active at levels slightly under the previous close. The same was true of the equipments. Utilities were mixed with American Telephone up fractionally and Public Service of New Jersey down more than a point. Steel common declined nearly a point to lead steels lower. Rails were irregular and dull. Farm Equipments were firm. American Can made anew 193435 high at 115, up ?i. American Agricultural Chemical made a now top at 48%, up 1%. First National Stores made anew low at 58%, off 1 1 2 . International Agricultural prior preferred rose more than 2 points to 36. Around noon United States Steel was at 38 1 s, off %; Case 68, up %; International Harvester 43, up %; Nbw York Central 20, off %; Spiegel, May, Stern 76%, up 3 2; United States Smelting 120 1 2, off ?i, and Westinghouse Electric 37, off %.

STEADINESS RULES IN GRAIN MARKETS Volume of Trading, However, Remains Light. By l nitrd Press CHICAGO, Jan. 2.—Grain markets opened the year with prices about steady on the Board of Trade today. Turnover, however, was light. At the start wheat was unchanged to Is cent higher, corn was Ts cent lower to % cent higher, oats were unchanged to up Vs cent, and rye was unchanged. Liverpool was quiet this morning, but the undertone was firm. Indications pointed to bullish weekly statistics in the English market. September wheat contracts opened at 9114 cents a bushel. (By James E. Bennett) Wheat— 11:00 Frev. High. Low. A. M. close. May 99A, .99% .99% .99% July 93' 2 .93' .934* .63', a Sept 91Va .91 Vi .91% CornMay 90 .89% .89% .89% July ...•••••• .86 .85'/a .85% .85% Oats— May 53 .52% .53 .52% July 47% .47% .47% .47% Rye— May I .76 .75% .75% .75% July 75 .74% .74% .75'/4 LOCAL CASH MARKET Cifv grain elevators are paving 91 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 84 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. $5.50. Grapes, California Emperors, 27-lb. box, $2 25. Persimmons. California. 245, $1.35. Bananas, 4%c a lb. Apples. Indiana Jonathans, $1.85; Grimes Golden, $1,354*1.75. Lemons, Sunkist, 3605, $5. Grapefruit. Texas, seedless, $3. 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, 30s $3./5. Vegetables Cabbage, Northern Danish, 50-lb. bag. 75c; red, 50-lb box. 90c. New Cabbage, In crates, $2®2.25. Onions, Idaho, 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@2 50. Sweet potatoes. Indiana Jerseys, bushel, $1.85; Tennessee Nancy Halts. bushel, $1.40. Beans, stringless, hampers. $6. Celery. Michigan medium, dozen, 60c; jumbo, dozen. 75c; hearts, bunch. $1.25. Cucumbers, dozen 90c; southern bushel, $4. Endive, dozen. 90c. Egg plant. $1.50®2 dozen. Kale. Virginia, bushel, 65c. Lettuce, hothouse, 15-lb. basket. $1 50. California Iceberg head lettuce, $4.50. Mangoes. Florida, crate, $4. Mint, bunch. 15c. Parsley, dozen. 35c. Peas, hampers. $4.50. Spinach, home-grown broadleaf. bushel, $1.15. Radishes, dozen, 75c@$l. Tomatoes, 10-lb. carton. $1.35; Florida original. $3. Turnips, home-grown, dozen. 25c. Pumpkins, dozen. sl. All quotations subject to change, up or down. FRUITS AND VEGETABLES (Bv United Press) CHICAGO. Jan. 2.—Apples—Michigan Mclntosh, bushels, $1.75® 2; Jonathans, $1.5091.75. Beets—lllinois, bushels. 50c. Beans—Florida. bushels. green. $4.50® 5.50. best. Cauliflower—California, crates. sl® 1.25. Cranberries —Massachusetts. % barrels. $54/5.25. Lettuce—California. s4® 4.25. Cabbage—Wisconsin, 75® 90c (100-lb. sacks i. Spinach—lllinois, bushels. 50® 65c. Sweet potatoes—Tennessee, bushels, sl® 1.10: Illinois. $1.15; Indiana jerseys, $1.5091.60. Carrots —California crates .$2.50® 2.75; Illinois, bushels. 50c. Celery—Michigan, square crates, 90c® $1.25. Produce Markets Delivered in Indianapolis prices: Heavy hens, 11c; Leghorn hens, 7c; colored springers, 12c; old rootsters, ss; ducks. 7c; geese. 7c: young guineas, 20c; old guineas. 15c. Turkevs—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 turkevs, 9c: oid toms, all weights, 11c; No. 1 strictly fresh country run eggs, loss off. 22c. 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 33®34c. But.erfat—2Bc. Quoted by the Wadlev Company. CHICAGO. Jan. 2.—Eggs—Market steady; receipts. 2615 (two days< cases; extra firsts. 31 %c: fresh graded firsts. 29%c: current receipts. 25®27c dirties: No. 1 22c: No. 2. 19c; checks: No, 1. 20%c: No. 2 18c. But-ter-Market. steadv; receipts. 10.049 itwo davsi tubs: extra firsts 190-?1% score'. 29%®30%c: extras (92 score), 31%: firsts ( 38-89 1 2 score . 27%® 28%c: seconds 86® 87% scorei. 26®27c: specials, 31%®32%c; standards. 29%c. Poultry—Market, steady; receipts. 20 trucks, 1 car; springers. 17® 21c. ducks. 15® 21c; geese. 17c; turkeys 14 ®2oe: Leghorn springers, 13c; capons. 6 to 7 lbs . 20® 22c: Leghorn hens. 10c: stags, 16c. black chickens. 13c: hens. 13%®16c. Cheese—Twins. 14%®14%c: Daisies. 15® 15%c: Longhorns. 15*®15%c. Potatoes— Supply moderate: demand and trading moderate on russets, slow on others: market firm on good stock. Idaho russets small to medium size. $1.52%® 165: one car fine ouahtv. large size, st 67%; Wisconsin round whites, fair quality. 80® 87%c. Arrivals. 68 on track. 127: shipments, 572 on Monday. 296 on Tuesday. CLEVELAND. Jan. 2 Butter- Market steadv; extras. 35c; standards, 33c. Eggs —Market, steadv: extra whites, 29c: current receipts, 26%c. Poultry—Market, steady: fowls, colored. 4% lbs. and up j 17c; ducks, light. 16c; ducks. 5 lbs. and I up, 18c: geese, heavy, fat. 15® 16c: geese, [ordinary. 14c: turkevs, voung. 21®23c:01d hen*. 18c: old tom*. 15c: No. 2 turkeys. : 14c Potatoes—Maine. $1 15® 125 a 100-lb. I bag: Ohio best mostly 75®85c a 109-lb. bag; Michigan. 80390 c a 100-lb. bag.

Wall Street

BY RALPH HENDERSHOI ~ NEW Y’ORK. Jan. 2.—Within the next thirty days the Securities and Exchange Commission will announce revised rules for registration of new capital issues, according to private advices received from Washington. The changes will be made in an effort to stimulate the sale of long-term securities and thus

help business by providing funds for use in the so-called heavy industries. Economists have been laying particular stress of late on the lag in expenditures for machinery and other items which are used in the manufacture o f “consumer” goods. They have been contending that

this lag has been largely responsible for the failure of business to move ahead faster. Underwriters have been hesitant about offering long term securities to the general public for the last year or more. They have maintained that they can not afford to take the risks and assume the responsibility imposed upon them by the Securities Act when they place new security issues on sale. They hold, also, that the cost of preparing the necessary data for registration of such issues is excessive. a tt a FOR a time opinions differed widely on the question of whether it was the Securities Act or the unsatisfactory market conditions which interfered with the sale of new security issues. Perhaps both factors contributed, but of late the market, especially for bonds, has materially improved. Underwriters have continued to hold back, however, except in the case of municipal and Government liens, which are exempt, and apparently the authorities in Washington have come to believe that the Securities Act is not funqtioning exactly as it should. From all accounts, though, the Government is still unwilling to make the concessions the bankers would like to see made. The bankers desire changes in the law- itself, while the Administration apparently believes that all that is needed is simplification and liberalization of the administration of the act as it now stands. At any rate, it appears determined to try that first and see what happens. tt tt a C CLAIMS have been made by reJ sponsible investment bankers that costs of preparing data for security registration have run as high as $500,000 *on a single issue. Accountants and lawyers have received the greater portion of this money, it is stated. Such high “taxes” alone are enough to discourage security offerings, the bankers contend. few people will argue over the need for greater expenditures in the durable goods industries. There is room for doubt, however, whether the steps it is said the Government proposes to take will prove effective. In addition to the possible reluctance of investment bankers to follow through on the new basis there is also the chance that the desire of industry to borrow is not as great as is generally supposed.

Stock Studies

The Otis Elevator Cos. is both a holding and operating company. Through many years of natural growth it occupies a leading position in the manufacture of elevators and escalators. The company supplies close to 70 per cent of the requirements of this country, while subsidiaries and associated companies operate in most of the foreign countries, plants are well located and branch offices are maintained in 180 cities of the United States. FINANCIAL DATA (As of Sept. 30) Common Stock mo pari 2.000.000 shares 6% Preferred Stock (SIOO par) $ 6.500.000 Investments 7.893,923 Profit and Loss Surplus 6 404.081 Cash and Securities 10 611.249 Inventories 2,938.391 Total Current Assets 16.654.928 Current Liabilities 722.292 During the 12 months ended Sept, 30, investments decreased about $400,000. cash and securities gained $200,000 while inventories were nearly $500,000 less and net working capital decreased $600,000. Profit and loss surplus dropped $2,200,000. On Sept. 3. the current ratio was 23 to 1 while cash and securities alone were 34 1 2 times total current liabilities. The book value of the common stock was $17.77 or $1.57 less than the year previous. In years back Otis Elovator had good earning ability. Deficits have ruled, however, in the past three years with a $1.43 deficit in 1933, but only a 24 cent deficit in the first nine months of this year. The estimated 1934 loss is $410,000, or only one-sixth of the 1933 loss. The common stock has received dividends for over 30 years, although necessity has required reductions. The present annual rate is $0.60. Otis Elevator was incorporated in 1898 in New Jersey. Both classes of stock are listed no the New York Stock Exchange. At a current price of around 12% the common sells to yield about 4 r, i per cent. Ail Rights Reserved Winchester Institute of Finance. Winchester. Mass. BUDGET is _ BALANCED Manchukuo’s Economic Ga ins Cited During 1934. By United Pres * HSINKING, Jan. 2.—Manchukuo's economic advancement in 1934 is unquestioned by Far Eastern business economists. Economic achievement includes building of railroads and highways; flood prevention construction; liquidation of foreign debts owed by the former regime and the placing of Mar.chukuo's currency on a firm basis. Taxes have been lowered and the country has maintained balanced budget. 1~~ BE SAFE Insnre lour Car Today SEjSstate Automobile Insurance Ass’n. LI-8571. 7th Floor QorldenuH Bldr.

Latest Stock, Bond and Commodity Quotations

CANADA TRADE ON EVEN BASIS WITH'3O RATE

1934 Increases Average 15 Per Cent Over Previous Year. By T nitrd Press MONTREAL. Que.. Jan. 2.—Following 12 months of continuous betterment Canada enters the new year with business 15 per cent above last year and on an equal basis with that in 1930. Her position is definitely improved. Electric power production, the lumber industry and gold mining have reached new- highs since * the depression depth in 1932 and the first quarter of 1933. There is every indication that conditions will improve. Government control of business will be undertaken. Prime Minister R. B. Bennett announced, but “Canada is not going to embark on any voyaee of high adventure and experiment." Index I’p 20 Per cent The business index for the first 10 months of 1934, as compiled by the Dominion Bureau of Statistics showed a gain of 20 per cent over 1933 and was within 5.8 per cent of the base year 1926. High grade bond prices soared to their highest point since 1911 and wholesale prices were 7.3 per cent over 1933. Common stock prices gained 18.75 per cent over 1933 and mining stock prices averaged 42.3 per cent higher. A favorable trade balance was maintained. Through the Ottawa agreements Canada was able to ship more goods to Empire countries which offset the loss of the United States market through restrictive tariffs and the discount on the American dollar. Trade agreements with other world countries enabled Canada to find a ready market for merchandise. Other trade treaties are nearing completion. Gold Output Soars Gold production soared into record figures. Pulp and paper companies, manufactured goods, automoblies, farming and building passed the recovery line. More and more found employment, pay rolls increased and tax returns were larged. Wholesale prices improved and buying power was increased. Today railways, construction, and farming weak ana yet, thpse fields on which 34 per -ent of Canada's population depends, have shown improvement over 1933. Wheat prices are 100 per cent better although exports have been disappointing. Prices of other agricultural goods have begun to show improvement.

Hendershot

COFFEE VOLUME KEY TO BRAZIL RECOVERY Return to Normalcy Visioned by End of 1935. !>’{/ IHitrd Pees* RIO DE JANEIRO, Jan. 2. Prospects of good demand for Brazilian coffee on foreign markets combined with improved statistical position of the commodity probably was the most important factor contributing to optimism in 1934. In spite of a fall in coffee prices during the latter half of the year, business men maintained the outlook for business in Brazil w’as encouraging owing to- indications that the coffee industry, with which Brazil's economic position is so closely related, would have returned to normal by the end of 1935. In the second half of 1934, after Brazil had returned to a constitutional regime, the federal government set machinery in motion to aid Brazil's foreign trade and open markets for her produce abroad. SAYLES NAMED CHIEF By Times Special CHICAGO, Jan. 2. —W. A. Sayles, branch manager of Canada Dry Ginger Ale, Inc., was recently elected president of the Chicago Assn, of Manufacturers’ Representatives for 1935, succeeding L. A. Maxwell of Standard Brands. ni 4f BUSINESS LOCATION Business is seeking more profitable locations. moving to better buildings . . . business men are demanding this advantage... together with the convenience! and economies which only buildings of the better type provide. KLEIN* KUHN,. PROPERTY MANAGEMENT Lincoln 3545 INDIANAPOLIS