Indianapolis Times, Volume 46, Number 203, Indianapolis, Marion County, 3 January 1935 — Page 13

Trends Industry’s Profits Up Sharply in Nine Months. BY VINCENT S. LYONS Time* Financial Editor

THE year just closed undoubtedly will prove to be a fairly profitable one for indutsry as a whole. When annual reports of companies are released in the next few months the accuracy of this view will be put to test. Corporation income statements. incidentally, will be a little later in appearing this year due to the fact that more information will be divulged than was released heretofore. According to a survey made by the Federal Reserve Board net income of American industrial corporations in the first nine months of the year registered an increase of 70 percent over the corresponding period of last year. This betterment was displayed despite the fact that industry in the third quarter of the year experienced a poor three months. During the three months ended with September, a group of representative companies reported profits 26 per cent below the same period of the preceding year and 30 per cent smaller than in the immediately preceding three months. a a a TN the final quarter of last year * the recovery movement gained momentum and it is assumed that the profit-ratio .narked up in the first nine months of the year was maintained. It will be remembered that several important barometers of business pursued a steady upward course in the final three months of 1934. Undoubtedly representing the working of code provisions in some industries, wage payments of factories. mines, railroads and public utilities during the first ten months of last year scored an expansion of 25 per cent over the corresponding 10 months of the preceding year. And it is interesting to note that the widest gain in this field was by durable goods factories, w'hich are behind the capital goods industry in the drive toward recovery. On the basis of the Federal Reserve Board survey it is indicated that the lines which experienced an upturn in the third quarter as compared with the second quarter were building, chemicals, food products,! medicine and drugs, non-ferrous metal, oil and re; ail lines.

'T'HE betterment in the petroleum field was especially noticeable. Despite the existence of several unhealthy situations in this branch of indutsry, companies were able to report substantial gains in profits. This upswing in net was so marked in some instances that quite a few companies were able to improve their financial positions by retiring currently outstanding high interest bearing securities. Two important branches of industry did not fare so well during the year. The Reserve Board disclosed that public utilities and railroads "•both reported lower third quarter and first nine months profits as compared with the corresponding periods of the preceding year. At present the outlook for the public utility industry does not point to any sudden upturn. industry, consequently, opens 1935 with a good year behind it; even if the “good” is only apparent by contrast w r ith the depression years. All industry is hoping that the gains already made will be extended, or at least maintained. Whether they w r ill or not will be told in the next few months. INCREASE FORESEEN IN BUYING OF HOMES Upswing Is Visioned by Official of Building and Loan League. Bit Times Special NEW YORK. Jan. 3. An increased movement in home buying within the next two years is indicated by the uptrend in residential rental rates, according to L. W. Pellett, chairman of the home-owning committee of the United States Building and Loan League. The committee, he declared recently, has been studying the rent cycles and it is found that rents began to advance last February and has been at about the same rate as the increase from a similar point sixteen years ago. At that time they rose 36 per cent for a period of three years before there was any tendency to level off and then they rose still higher to the all-time peak in July. 1924. “Rents now average about 5 per cent higher than a year ago,” Mr. Pellett said, “and eventually they are certain to enhance the sale price of homes.”

On Commission Row

Quotations below bre 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. 24s $135. Bananas. 4*40 a lb. Apples. Indiana Jonathans. SI 85: Grimes Golden. $1 35 i 1 75. Lemons. Sunkis-. 3605. $5. Grapefruit Texas, seedless S3. Limes. Mexican, per carton. 12s. 25c Byram. seedless, per hundred. $3 California rhubarb. 51.40 a box. Pears. Oregon D anjo. box. S3 50. Pineapples. 30s $3.75. Vegetables Cabbage. Northern Danish. rio-!b bag 75c; red, 50-lb box. 90c. New Cabbage, in crates. *282.25. 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 < t|2 50. Sweet potatoes. Indiana Jersevs, bushel. $185: Tennessee Nancv Halls. 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 51.5082 dozen. Kale. Virginia, bushel. 65c. Lettuce, hothouse. 15-lb. basket SI 50. California Iceberg head lettuce. $4 50 Mangoes. Florida, crate, $4. Mint, bunch 15c Parslev. dozen. 35c. Peas hampers S4 50 Spinach home-crown broadleaf. bushel. $1 15. Radishes, dozen. 75c Tsl Tomatoes 10-lb carton SI 35. Florida original. S3 Turnips, home-grown, dozen. 25c Pumpkins, dozen $1 All quotations subject to change, up or down. FBIITS AND VEGETABLES ißy United Press* CHICAGO Jan 3—Apples—Michigan Mclntosh bu . *1 508 185 Jonathans. SI 6091 75 Beets—lllinois bu . 40850 c. Texas, crate 75c8*l Beans Florida, bu.. green, fair *lB 2. Cauliflower—California, crate. 75c9*l 25 Cranberries—Massachusetts > bbl . *585.25. Lettuce —California, crate. *3 508 Cabbage—Wisconsin. 100 lbs . 75 f 90c Spinach—lllinois, bu 75c Sweet Potatoes—Tennessee, bu . *18110; Indiana Jeraevs. *1508165 Carrots—California, crate. *3 75. Ceierv Michigan square crate* 7V91125: California *2 3583.25. Turnips—Louisians, crate. 00375 c.

NO INFLATION, IS FORECAST FROMCAPITAL President, However, Under Pressure Again From Some Groups. BY THOMAS L. STOKES Timet Special Writer WASHINGTON, Jan. 3.— The Administration enters the new year with a preponderant opinion in Washington that there will be no radical inflationary measures. President Roosevelt, as far as can be learned, is contemplating no further inflation for the present. His co-operation with the banking and financial element is interpreted generally to mean a more conservative policy. It is unsafe, however, to predict financial policy far in advance. International developments may cause a sudden shift. It is pos r ible, for instance, that an international i stabilization agreement might be reached which would call for devaluation of the dollar to a lower level, though none is in sight just now. it is possible also that a renewal of the international monetary war might, require further devaluation as a protective measure. By virtue of his election triumph the President appears to have sufficient control over the new' Congress to meet inflation threats. Senator Elmer Thomas <D„ Okla.) is demanding further devaluation of the dollar to the permitted limit of 50 cents. (The dollar is theoretically valued now- at 59 cents.) But the Oklahoman does not seem to get the response that he did a year ago. Yielded Step by Step He raised such a noise on the eve of the last session that the President yielded and ordered the Treasury to buy all newly mined silver at 64’t> cents an ounce. A few days ljiter the President startled the world by cutting the gold dollar almost in half. This brought to a climax the monetary experiment by which the Administration had gradually reduced the dollar’s gold value. The indefatigable Senator Thomas found a fertile field a year ago for his preachments. Agricultural prices had not kept pace with prices of things the farmer had to buy. The farmer still was loaded dow r n with debt and demanded a cheaper dollar. The outlook now is much better. The Administration has struck at f,irm debt by refinancing mortgages, and has raised prices of agricultural products by crop control so that farm income for the year, estimated at $6,000,000,000 including benefit payments, was the highest since 1930,

Concessions Forced In s tion sentiment, nevertheless, is st. gin Congress and Senator Thon may be able to fan it up again. The 'lahoman's successes have been ik hie. Time after time the President has compromised with him. Ar forecast of Administration finar al policy must take him into acco .:u In other words, a prediction that there wall be no further inflation must be tempered with an “if”—that is, “if President Roosevelt will stand firm and not yield as he did last session.” Administration economists, who are against any greenback inflation, claim that the United States can stand a much heavier debt, because of its huge potential resources, than is generally realized. The possible debt load that can be carried safely has been raised by some to $40,000,000,000 and by others as high as $55,000,000,000. It is now slightly over $28.000 000.000. They realize that taxes must be raised much higher but argue that it is better to wait until business recuperation is more pronounced, lest an increase in taxes set the patient back. DIVIDEND RECORD GOOD Favorable December Changes Best Since 1929, Study Says. By Times Special NEW YORK, Jan. 3. —Favorable dividend changes in December totalled 255, a figure higher than in any December since 1930, according to the Standard Statistics Cos. of New York. Favorable changes for the full year numbered 1,447, or more than any of the past three years. Unfavorable changes for the full year totalled only 377, against 1405 in 1933 and a peak of 2768 in 1932.

Produce Markets

Delivered In Indianapolis prices: Heavy hens 12c: Leghorn hens. 7c; colored springers. 12c: old rootsters. ss: ducks. 7c; geese. 7c: vounc guineas. 20c; old guineas 15c. Turkevs—No. 1 voung hens. 8 lbs. and over. 15c: voung toms. 14 lbs. and over. 14c; voung toms. 11-14 lbs., 15c; No. 2 crooked breasts and thin turkeys. 9c: old toms, all weights. 11c; No. 1 strictlv fresh countrv run eggs, loss off. 24c 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 334134 c. Butterfat—2Bc. Quoted by the Wadlev Company ißy United Press) CHICAGO. Jan 3 —Eggs—Market, unsettled; receipts. 2381 cases; extra firsts. 31c: fresh graded firsts. 29* 3 c: current receipts. 25ii 27c: dirties- No. 1 22c: No. 2. 19c; checks: No. 1. 20’jc No. 2. 18c Butter— Market, firm, receipts. 8078 tubs; extra firsts (90-91 '2 score*. 30'd30 3 4c: extras *92 score* no quote: firsts *BB-89*2 score*. 28 -4 'i 29' c: seconds 86-3~*t score*. 37 3 17':c: specials. 30c; standards. 29 I 4C. Poul-try--Market. essv undertone: receipts. 47 trucks, springers, heavv. 18 a 19c: ducsk. 15 4i2lc; geese. 16c: turkeys. 14W20c: Leghorn springers. 13c: capons. 6 to 7 lbs . 20 *i22c Leghorn hens. 8'dlOc: stags. 16c; black chiCKS. 13c. hens. 123 15c. Cheese— Twins. 14 1 4 14 1 _*c: Daisies. 15'til5 l 4c: Longhorns. 15-ils*4C. Potatoes —Siupplv. moderve demand and trading slow: marke* about steadv: Idaho russets. $1 60'<i 1 65. Unned States No. 2 s. $1 20: Wisconsin round whit’s. 82'2'*i87*.-c: Michigan rural russets 82 ,-c Arrivals. 64; on track. 146; shipments. 336.

Hides and Skins

Hides—Green country cows and steers. 4c flat: green country bulls and glues. 2'jc fit: gre<-n country calf hides. 4’ 2 c; flat: greer country kip. 4c; No. 1. large horse nides with full heads, shanks, mimes and taus *2 75, medium size *2 25. All No. 2 grade horse hides. 50c less: glues and ponies half price. No. 1 rendered tallow. 484 l -je: No. 2 at value. Yellow grease. 31a$3 s *c; dark grease. 3@3Uc.

Abreast of The Times on Finance

THE TREND OF COMMODITY PRICES

Commodity Price# LfeL .11 - . Percentage Change Os Current Prices , From December, 1933 Average Price 100 i 75 o lifllili ; i— .■■■■■lllHlllll ■ " i ?S! IS S2 2k lsf 5 2s 5 * 5S s 3 -25 JZ-Z*JLs fi-2 ►5 I I 1 Chart By Standard Statistics Cos., Inc.

As will be noted on the above chart, prices of most important commodities are higher than a year ago. Not only have more items increased in price, but the declines have been relatively insignicant.

HOG PRICES 10 CENTS HIGHER Vealers Continue Decline at $7.50 Down; Lamb Values Climb. With initial trading running at a slower pace, porker ’-’•ices at the Indianapolis Stockya. * today were steady to generally 10 cents higher than yesterday's sharp advance. Few light butcher classes, however, remained unchanged. The extremely strong demand for hogs which has prevailed during the last week was somewhat lighter today, due mostly to heavy supplies. Today’s receipts were estimated at 7000, compared w r ith 10,000 yesterday. The bulk, 160 to 200 pounds, was selling at $7.50 to $7.55, while butche" grades weighing from 200 to 320 pounds sold at $7.50 to $7.75, Few brought $7.80. Light kinds, scaling 130 to 160 pounds, cashed in at $5.85 to $6.85, while others weighing 100 to 130 pounds, held at $4.60 to $5.60. Sows ranged from $6.25 to $7. Holdovers were 212. Initial activity was limited in the cattle market, except in slaughter steers and the majority of prices remained steady. Bulk of good and choice steers were salable at $8.40 to $10.25. All other classes ranged from $5.25 to $7.50. Receipts were 1,100. Veals again moved around 50 cents lower, selling at $7.50 down. Receipts numbered 700. Trading in lambs was strong to around 25 cents higher than yesterday’s decline. The bulk of better grades were salable at $8.75 to $9. Extremely heavies brought $8.50 down, while throwouts ranged from $6 to $7.50. Slaughter sheep sold at $4 down. Receipts were 2200. HUGS Oec. Bulk. Top Receipts. 27. $6.60*1 6.90 $7.30 6000 28. 6.70® 7.00 7.40 7000 29. 6.70® 7.00 7.40 3000 31. 7.00® 7:30 7.70 6000 Jan. 2. 7.20® 7.45 7.70 10000 3. 7.30® 7.55 7.80 7000 (140-150) Good and choice ... $6.35® 7.10 (150-160) Good and choice .... 7.30® 7.45 (160-200) Good and choice .... 7.45® 7.60 (200-220) Good and choice .... 7.60® 7.70 (220-250) Go<yd and choice .... 7.60@ 7.80 1250-290) Good and choice .... 7.60® 7.80 (290-350) Good and choice .... 7.40® 7.70 (275-350) Good 675® 7.00 Packing sows: (350-425) Good 6.65® 6.85 (275-550) Medium 6.40® 6.75 (275-550) Medium 6.00® 6.65 (100-130) Slaughter pigs, good and choice 4.60® 6.10 CATTLE —Receipts, 1,100 — —Steers—-(sso-900) Choice sß.oo® 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® 4.7./ (1100-1300) Choice [email protected] 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, 700 Good and choice $7.00® 7.50 Medium 4.50® 7.00 Cull and common ... 2.00® 4.50 —Calves—-(2so-5001 Good and choics .... 5.00® 7.00 Common and medium 2.50® 5.00 —Feeder and Stocker Cattle——Steers— (soo-800) Good and choice 4.00® 0.00 Common and medium 2.50® 4.00 (800-1050i 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. 2.200 Lambs. 90-lbs, down, good and choice $8.50® 9.00 Common and medium 6.00® 8.50 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 2.00® 3.00 GLASS - OUTLOOK GOOD By Timex Special PITTSBURGH. Jan. 3.—The outlook for the first quarter of this year was described as moderately encouraging by H. S. Wherrett, president of the Pittsburgh Plate Glass Cos., in a year-end statement.

SHARP GAINS OVER YEAR AGO SHOWN IN AVERAGE PRICES OF 30 BASIC COMMODITIES Used in United Press Index Compiled bv Dun & Bradstreet Inc. 1934 1934 Low* High* Dee. 10 Dee. 31 Commodity (Jan. 3) (Aug. 29) 1934 1933 Wheat, No. 2 Red (Chicago) bushel SO.B3 3 * $1.04 *1.04*4 $0.83 Corn, No. 2 Mixed (Chicago) bushel 47 .81 Ti .96 7 4 .45 7 g Rve. No. 2 (Chicago* bushel 58'i .89 .81 7 a .57*4 Oats. No. 2 White (Chicago) b’ishel . . -37 3 * .55 .57*2 .in 3 * Flour. Spring Patent (N.Y.) (96 lb. sack. 6.375 7.475 7.575 6.475 Lard. Prime Steam spot iChiCago* lb 0545 .0957 .1150 .0480 Coffee. Rio 7s spot (New Yorki lb - .08*2 .09S .09’* .08*4 Sugar. Centrl. 96 test duty pd. (NY) lb. .0315 .0325 .0308 .0315 Butier. Creamery 92 score (N.Y.) lb 18 .073 .058 .0325 Hogs. Average most sales (Chicago) lb. .. .0345 .073 .058 .0235 Steers. Average most sales (Chicago) 1b... .0535 .075 .055 .0525 Lambs. Average most sales 'Chicago! lb. . .0525 .0655 .073 .05 Hides. Native heavv steers 'Chicago! lb . .09*4 07*4 .08-j 09*4 Wool. Fine unwashed combing 'Boston* lb. .35*2 .29*4 .27*2 .35*2 Cotton snot mtddling upland iN.Y.* lb. .1045 .1340 1275 .1030 Silk 13-15 deniers. crack XX Jap *N.Y.)Ib. 1 45' 3 1.16 136 1.42*2 Rubber, spot ribbed smoked shts *N.Y.) lb. .09 .15 3 4 .13 .09 Copper, electrolytic (New York) lb .08*4 09 .09 .08*4 Lead, spot *New York* lb 0415 0375 .035 .0415 Zinc, spot *East St. Louis* lb 04325 .0425 .037 .04325 Tin. Straits spot 'New York* lb. 53 .31** .51*4 .53 Silver, commercial bars *N.Y.) ounce .... 44 3 4 ,49 5 * .54 7 8 .44 3 Steel scrap. (Chicago* ton 10 25 9 25 10 00 9.75 Pig Iron. Iron Age composite (N.Y.) ton.. 16 90 17.90 17 90 16 90 Coke. Conr.elsville net furnace ton 3.75 3 85 3 85 3. *5 Cement, domestic Portland (N.Y.) bbl ... 2.65 2.65 265 2.65 Yellow Pine. 6 in. base 20 ft. (N.Y.) M fe.. 55,00 58.a0 58 50 55 00 Doug. Fir. Rough 6x6 8-24 ft. .N.Y ) M ft. 38 75 42.50 42.50 38 7a Gas . Drms *excl. tax) Tk Wag. iN.Y.i gal. .125 .115 .11 -*25 Crude Oil. Kan.-Okla,. 40 grav. (Tulsa) bbl. 1.08 1.08 1.08 1.08 •These dates represent the high and low points of the commodity Index for the vear. but the quotations given are not necessarily the annual highs and lows recorded by the individual commodities.

INDIANAPOLIS, THURSDAY, JANUARY 3, 1935

| Wall Street BY RALPH HENOERSHOI ~ NEW YORK. Jan. 3.—The year 1934 provided few pleasant memories for business men. Sales resistance has been acute, the ratio of costs to selling prices has been high, and credit, even for worthy enterprises, has been difficult to procure. Most people found the going harder than in 1933. They had less financial fat to live

on. But, generally speaking, their morale was better than a year ago because there was reason to believe the sun was breaking through the clouds of depression. Governmental activities probably were as harmful as they were helpful

from the standpoint of immediate trade returns. Any sort of reform or change is bound to upset the free flow of commerce. It is quite generally agreed, however, that reforms were needed and that the time was opportune from a political if not from a business standpoint to secure them. a a a TJ ELIEF costs were high during the year. They resulted in a material increase in the Government debt and gave many people cause for concern over the possibilities of inflation. But while there was no definite proof that these costs were likely to lighten soon, a straw here and there suggested that such might be the case. The most notable development during the twelve months was the further strengthening of the banks and other important institutions. This was a fundamentally necessary basis for permanent trade recovery. Another important basic condition —a reasonably satisfactory understanding between capital and labor —was left hanging in the air, however. This undoubtedly will have to be threshed out in 1935. It is to be hoped that it can be done with a minimum of strife. a a a FROM a Wall Street point of view the creation of the new Securities and Exchange Commission was one of the most important developments of the year. This completely revolutionized brokerage house practices, and the new organization took over virtual control of the security exchanges. Most brokers resent the intrusion of the Government agents. They maintain that they are taking many more liberties than the law under which the commission was created gives them. Some are accused even of having unofficial connection with fixers,” but names are rarely mentioned. New security flotations were small with the exception .of Government and municipal issues, which are exempt from registration under the Securities Act. Corporate earnings showed improvement in some lines, but in others higher operating costs under the NRA reduced profits despite a larger volume of business handled. The railroads and the utilities were most in the limelight during 1934, the former being helped by the Government to avert financial collapse and the latter being crowded into a corner by the Administration to bring about lower rates. The coming year gives promise of much better business conditions, but it also holds many uncertainties. ENTERS BUS FIELD Burlington Inaugurates Passenger Service to Coast. By Times Special CHICAGO, Jan. 3.—The Chicago, Burlington & Quincy Railroad has inaugurated streamline bus service on a tri-weekly schedule between this city and Los Angeles, it was announced here today. Westbound busses will leave here Monday, Wednesday and Saturday over a route through Davenport and Des Moines, Omaha, Cheyenne and Salt Lake City. The through mileage is believed to be somewhat shorter than that of any other commercial highway route to Los Angeles.

WEIRTON CASE DECISION WILL BE MADE SOON Constitutionality of Section 7-A of Recovery Act in Balance. By United Press WILMINGTON, Del., Jan. 3. United States District Judge John P. Nields soon will hand down one of the most important decisions in the nation's history, a decision W'hich will have a marked effect upon the relations of capital and labor under the New Deal. Here in the small, lugh-ceilinged, mahogany paneled courtroom in the gray stone Federal Building, the constitutionality of Section 7-A of the National Recovery Act will be decided. This section, around which some of the bitterest controversies emerging from the New Deal have raged, provides that labor shall have the privilege of selecting representatives for collective bargaining with employers. Doubly Interpreted Organized labor has interpreted it as meaning the establishment of closed shops. Industrialists have taken the opposite view. Throughout this long-draw'n battle of witnesses the brilliant thrusts of Frank K. Nebeker, chief government counsel, were matched by the equally clever legal maneuvers of Earl F. Reed, for the defense. It w'as a battle of lawyers of the old school—Nebeker, the former jurist w'ho became an unusually successful prosecutor, against Reed, the erudite corporation counsel. Assisting Nebeker w r as James Law'rence Ely, special prosecutor; Paul Williams, special assistant to the Atty.-Gen., and United States District Atty. Wales, w'hile Reed’s lieutenants w'ere Robert H. Richards and Caleb S. Layton of Wilmington. NRA’s First Test While Weirton Steel employs only 13,000 workers and in the realm of. steel is a comparatively small concern, the case w r as nevertheless of far-reaching significance as the first real test of the NRA. When the hearing closed on Nov. 15, Judge Nields set Dec. 15 as the date when the Government must submit its final briefs, defense briefs being due on Dec. 29. Final arguments were to be heard by Judge Nields on Jan. 14.

Hendershot

Other Livestock

(By United Press) CHICAGO. Jan. 3.—Hogs-—Receipts, 24,000, including directs; moderately active; generally 10 cents lower than Wednesday; weights above 210 lbs. $7.50®7.60; top, $7.65; 160-210 lbs. $6.85% 7.50; light lights, $6.25® 6.75; slaughter pigs, ss® 6.25; packing sows, $6,704/6.85; light lights, 140-160 lbs, good and choice. 6.25®7; lightweights, 160-200 lbs. good and choice. $6.75® 7.40; medium weights. 200-250 lbs. good and choice. $7.25®7.55; heavyweights, 250-350 lbs, good and choice, $7.50®:7.65; packing sows, 275-550 lbs, medium and choice, $6 @7; slaughter pigs, 100-140 lbs, good and choice, $5®:6.50. Cattle—Booo commercial. 1000 government; calves 1500 commercial. 300 government; fed steers and yearlings again very active; ■unevenly higher; most sales strong to 25 cents higher; continued upturns making all grades and representative weights sharply higher than week ago; top, $11.15 on weighty steers, sll on yearlings; heifer yearlings showing advance; best weighty heifers, $8.75: cows about steady; bulls 15 to 25 cents lower: vealers steady to 25 cents off, with bulk light kinds, $5.50® 6.50; few up to SB. Slaughter cattle and vealers Steers 550-900 lbs. good and choice. $7.50® 10.50; 900-1100 lbs, good and choice, $8.25 @11; 1100-1300 lbs, good and choice, $8.25 ® 11.15; 1300-1500 Ills, good and choice, $8.25®) 11.15; 1300-1500 lbs. good and choice. $8.50® 11.15; 550-1300 lbs. common and medium, $3 25W8.50; heifers. 550-750 lbs. good and choice. $6.50® 8.50; common and medium, [email protected]; cows, good, $4.50® 5.50; common and medium. $2.40®)4.25; low cutter and cutter, $1.75®2.40; bulls, yearlings excluded, good (beef), $3.50® 4.50; cutter, common and medium, $3.00® 4; vealers, good and choice. $5.25® 8; medium. $4.25® 5.25; cull and common, 53.50® 4.50. Stocks and feeder cattle ■— Steers, 550-1050 lbs, good and choice, $4.25 ®5.25; common and medium, $2.75 @4.25. Sheep—Booo; active demand for all slaughter classes; indications 25 to 50 cents higher on both fat and feeding lambs; sheep undertone strong to 25 cents up; better grade lambs held. $9.25 upward: initial bids around $9. Slaughter sheep and lambs—Lambs, 90 lbs. down, good and choice, $8.50®9.35; common and medium. [email protected]: ewes, 90-150 lbs, good and choice, s3®4: all weights common and medium, [email protected]. Feeding lambs, 50-75 lbs, good and choice, $6.25®7.25. FT. WAYNE. Jan. 3.—Hogs- -Steadv to 5c higher: 250-300 lbs.. $7.65: 225-250 lbs.. 57.50: 200-225 lbs. $7.35: 180-200 lbs.. $7.25; 160-180 lbs . $7.15: 300*350 lbs.. $7.25: 150160 lbs.. $6.50: 140-150 lbs. $6.25; 130-140 lbs.. $5.75; 120-130 lbs., $5.50: 100-120 lbs.. $5: roughs. $6.25: stags, $4.25. Calves. $7.50; lambs. $8.50. LAFAYETTE. Jan. 3.—Hog market 20® 25c higher: 250-300 lbs.. $7.75: 300-325 lbs.. $7.60: 225-250 lbs.. $7.70: 220-225 lbs. $7.60: 180-200 lbs.. $7.50: 170-180 lbs.. $7.40; 160170 lbs.. $7.25: 150-160 lbs.. $7: 140-150 lbs.. $6.75; 135-140 lbs. $6.50: 100-135 lbs.. $5®6.25: roughs. SOTo down: calves, top. $6.50: lambs. [email protected]. (By Times Special) LOUISVILLE. Jan. 3.—Cattle—Receipts, 200, supply very light; demand fairly broad; market, moderately active, fully steady: bulk common tc medium steers and heifers salable, $4.50® 5.75; better finished kinds scarce, quotable to $7 or better; bulk beef cows. $2.75®3.25; good kinds. $1.50® 2.50; sausage bulls scarce, considered salable. $3.25 down: plainer grade native Stockers. 54.50 down. Calves 200. market. 50c lower: bulk better vealers. $5.50® 6.50; strictly choice. $7; medium and lower grades. $5 down. Hogs—--600, market, steady; top and bulk desirable 230-300 lbs. $7.65; 200-225 lbs. $7.50; 305 lbs. up $7.20; 180-195 lbs. $6.90; 160175 lbs. $6.50: 140-155 lbs $6; 120-135 lbs. $5.05; sows. $5 90. Sheen —50, market, generally steady; bulk medium to good lambs, $7®7.50; choice quotable to $8.50; bucks discounted common light throwouts, $5; better fat ewes. [email protected].

DECEMBER AWARDS DROP OFF SLIGHTLY Construction Contracts Fall Below Total of 1933 Month. By Times Special NEW YORK, Jan. 3.—December engineering construction awards amount to $101,419,000, of which $23,907,000 represents private work and $77,512,000 public work, the Engineering News Record said today. Os the public work, $15,915,000 is Federal and $61,597,000 state and municipal. Compared with December, 1933, this represents lower Federal awards and higher state and municipal and private awards. The year’s total, including three Federal day labor projects. Norris, Joe Wheeler and Fort Peck dams is $1,360,596,000 compared with $1,068,369,000 in 1933 an increase in dollar value of 27.5 per cent. The increase in "structure” volume is 11.7 p°r cent after adjustment is made for the higher cost index prevailing in 1934. STOCKS OFF IN YEAR The market value of 100 representative common stocks decreased 6.8 per cent in 1934, according to Frazier Jelke & Cos., from $14,204,282,000 to $13,235,184,000. In the month of December the same stocks advanced .3 of 1 per cent, or $39,621,000.

New York Stocks

(Bv Thomson & McKinnoni 11 AM Prev. Oils— High. Low. N. Y. ciose. Amerada o 2 52 52 52 s * Atl Rig 2a% 2a4 23^ Barnsaall 6 s * 6 s * 6S 6% Consol Oil Bs*8 s * 8 1 2 8% 8% Coni oi Del 18 ;* IS 3 . 18* 19 Houston tnewi 34 3'. 3% 3* Mia Cont Pet . 12% 12 s * 12 s * 12* Ohio Oil 104 104 104 10'; Pet Corn 9 '* 9% 9% 9% Phillips Pet . la% la’. 15’* la% Plymouth Oil 8% 8 1 * 84 B'* Pure Oil . • 74 7 J 74 _7% Roval Dutch 29% 29-4 29 * 29’a Seaboard Oil . 26 25 26 26 Shell Un 7 6 s , 6% o’. Soc Vac 14 s * 144 144 144 SO of Cal ... 31 J . 31 1 2 31 s * 32 S Oof Ind ■ 2a% 25‘* 2a% 25 SOof N J . ... 434 434 434 *3 4 Texas Corp 21 20 4 20 4 20 * Tidewater Assn. 94 9 s * 94 94 Steels— Am Roll Mills . 23 4 23 4 23 4 23 4 Beth Steel 324 32 4 32 4 32 4 Bvers A M 194 194 194 i94 Col Fuel & Iron 44 44 44 44 Ludlum Steel 174 174 17 4 17 4 McKeesport Tin. 944 94’* 944 94 * Mid Steel ...... 114 114 114 114 Natl Steel 49 4 49'* *9 4 49 4 Otis Steel 54 5 1 2 54 54 Rep Iron & Steel 15 14 * 14'a 15 Rep I & Stl pfd 43 43 43 43 U S Pipe & Fdv 21 21 21 21'* U S Steel 384 38 4 38 s * 354 U S Steel pfd 864 864 864 86 Warren Bros 44 4 * YounßStn S& T 204 20 * 204 -0 4 Motors — Auburn 25’* 254 254 26 Chrysler 414 41 s * 414 41’* Gen Motors 34 4 34 34 34 4 Gen Motors pfd 108 * 108 s * 1034 Graham Mot -.. 34 34 34 3 Hudson 124 12 * 124 124 Hupp 34 3 34 3 Nash 18 * 184 134 184 Packard 54 54 54 5 Reo 34, 2’* 3 24 Studebaker ... 34 24 34 24 Yeliow Truck ... 34 34 3’* 34 Motor Access— Bendix 174 174 174 174 Bohn Alum 59 59 59 594 Borg Warner ... 31 31 31 31 Briggs 284 28 28 284 Budd Mfg 54 54 54 54 Eaton Mig 184 184 184 184 Elec Auto Lite .. 29 284 284 284 Elec Stor Bat ... 49 49 49 494 Houdaille "A” .. 64 84 84 Bs.8 s . Murray Body ... 7’* 74 7’* 74 Stew Warner ... B’* 84 8 s * 84 Timken Roll .... 35 4 35 s * 35 4 30 s ,* Mining— Alaska Jun 194 19 194 184 Am Metals 154 154 154 154 Am Smelt 38 s * 38 4 38 4 384 Anaconda 114 114 114 114 Cal & Hecla .... 3 s * 34 34 34 Cerro De Pasco . 444 44 4 44 4 45 Dome Mines . .. 394 39 39 384 Gt Nor Ore 12 12 12 12 Howe Sound . . . . 514 514 514 51 Ins Copper 34 34 34 34 Int Nickel . 23 4 23 4 23 * 23 4 Kennecott Cop . 174 174 174 174 Mclntyre Mine .42 41 414 40 4 Park Utah - 34 34 34 34 Noranda Cop .. 35 4 344 35 4 34 Phelps Dodge ... 154 154 154 154 U S Smelters . 122 1204 122 1204 Vanadium 20 20 20 204 Amusements— Fox Theater ... 134 134 134 134 Loews Inc 344 34 34 344 Radio Corp .... 54 54 54 54 Paramount 34 34 34 34 RKO 2 s * 24 2 s * 2 s * Warner Bros ... 44 44 44 44 Tobaccos— Am Sum Tob ... 234 234 234 234 Am Tob (A)... 83 83 83 824 Am Tob <8).... 85 84 4 8 5 84 4 Gen Cigars 60 4 60 60 % 60 Ligg & Myers B 107 1064 107 106'* Lorillard 21 204 21 20% Reynolds T (B) 514 514 51% 504 Rails— Atchison 534 534 53% 534 Atl Coast Lines 36 4 36 4 36 4 364 B <& O 134 Can Pacific .... 114 114 114 114 CM&StP . .. 24 24 2% 2’* CM & St P pfd. 4 4 4 4 4 4 4 4 Chi N W 5 4% 44 44 Dela & Hud . . 414 414 414 414 Erie 13% 13% 13% 13 Vz Grt Northern pfd 164 16 4 164 614 Lou & Nash ... 45 4 45 4 45 % 45 Mo Pac 2 2 2 2 N Y Cent 20 4 20 % 204 20% Nor Pacific ... 204 204 204 204 Penn R R 24% 24 24 24% Sou Pac 18 174 174 18 Sou R R 15% 154 154 15% Equipments— Am Brake Shoe . 29 4 20 % 29 4 29 4 Am Car & Fdy . iB4 184 18V* 184 Am Loco 184 784 184 184 Am Steel Fdy ... 17 16 s * 17 174 Bald Loco .. 54 54 54 54 Gen Am Tk Car. 37 4 37 4 37 4 314 Gen Elec 22% 22 22 22 4 West Air Br ... 26 26 26 264 Westingh Elec.. 37% 37 4 37 4 374 Utilities— Am & For Pwr . 44 44 44 4 4 Am Pwr & Lit . 3'/a 34 3Vs 3 4 AT&T 106% 1054 106 105 s * Am Wat Wks .. 144 144 144 14 4 Col Gas Elec . 74 74 74 74 Com & Sou 14 14 14 1 % Consol Gas 20% 20 4 20 4 20% Elec Pwr & Lit . 24 24 24 24 Int Hydro Elec.. 24 24 24 2% Interboro R T-. 134 134 134 154 Int T & T 9% 9% 9% 9% Lou G & E (A) 124 124 124 124 Nat Pwr & Lit.. 74 74 7% 7% North Amer 134 12% 124 134 Pac G & E 14% 14% 14% 144 Pub Serv N J .. 254 25 % 25% 26% Std Gas 44 4 4 4 4 4 4 Stone & Webster 44 44 44 44 United Corp ... 3 24 3 2’* Un Gas Imp . 124 124 124 154 Ut Pwr & Lt (A) 14 1% 14 24 Western Union 33 4 33 4 33 4 33% Rubbers— Firestone 17% 174 174 ... Goodrich 114 114 114 11% Goodyear 26 25 V* 26 25 4 Kelly Spring ... 14 14 1% 1% U S Rubber. ... 174 17 174 164 U S Rubber pfd 414 40 T ANARUS/ 414 40 4 Miscellaneous— Allis Chalmers.. 17 17 17 174 Amer Can 116% 1154 116% 117 s * Am Mach & Fdy 23 4 23 4 23 4 23% Brklyn Man Tr . 40 4 40 4 40 4 40 4 Burroughs Add . 15% 15% 15% 15% J I Case 60 59 4 59 4 60 Conti Can 644 64 64 64 Caterpillar Tract 384 384 384 37% Deere & Cos . ... 30% 30 30 304 Eastman Kodak 113 s * 1134 1134 1134 Foster Wheeler.. 174 17% 174 174 Gillette 134 134 134 14 Glidden 264 264 26 % 264 Ingersoll Rand.. 68 68 68 68 4 Inter Harv ... 43 4 43 4 43 4 43 4 Natl Cash Reg . , 184 18 18 174 Owens Bottle ... 85 4 84 s * 854 844 Rem T' ind 104 104 104 104 Food: Am Sugar 654 654 65 s * 654 Armour Com . 64 6 64 6 Armour 6% pfd 69 4 69 69 69 Beatrice Creamy 17% 17 s * 174 17 4 Borden Prod . 24 23 4 23 4 23’* Cal Packing . . 404 39 40 384 Can Dry G Ale.. 15Vi 154 154 154 Cont Bak “A”... 6% 64 64 64 Corn Prod ... 64>* 63 s * 64 4 64 Crm of Wheat .. 36 4 36 4 36 4 36 4 Gen Baking ... 84 8 8 8 Gen Foods 33 4 33 4 33 4 33 Gold Dust 17'* 174 174 17'* G W Sugar 284 28 28 284 Loose Wiles 36 36 36 36 Natl Biscuit 294 29 29 4 29 Natl D Prod .. .. 164 164 164 16 s , Puritv Bak 104 104 104 104 S Porto Rico Sug 22'* 22 224 21 s * Std Brands 194 19 194 18’, Un Biscuit 26 254 26 254 United Fruit ... 75 4 75 75 4 754 Ward Bak •B" . 14 14 14 14 Wrigley 78 78 78 774 Retail Stores— Assd Drv Goods 12 s * 12 s * 12% 11% Best &Cos . 364 36 4 364 364 First Natl Stores 524 524 524 52 Hahn Dept Sts . s’* 54 s’* s’* Kresge SS ... 21% 214 214 214 Kroger Groc ■ 28 4 28 4 28 s * 28 s , McCrorv St 13 124 12 s * 12 s * McLefian St .. 15% 154 15% 15 Marshall Field .. 114 114 11% 114 Mont Ward ... 30% 30 03% 304 Natl Tea .11 11 11 11 Penney J C . 69 s * 694 694 694 Sears Roebuck . 40% 40V* 404 40 s * Woolworth 54 V* 54 54 54 Aviation— Aviation Corp . 54 54 54 54 Boeing Aircft 10 10 10 10 Curtiss Wright 3 2’* 2’* 3 Curtiss Wright A 10 9% 9 s * 10 Douglas Air 24% 24% 244 244 Norm Am Av ... 34 34 3 s , 34 Sperry Corp 94 94 94 9% Untd Aircft new 14% 144 144 14% Am Com Alcohol 32 314 314 314 Col Carbon 74 4 74 % 74 4 74 Com Solvents ... 21 s * 214 214 214 Dupont 974 97% 974 97 Freeport Tex ... 25 s * 25 4 25 % 25% Liquid Carb .... 294 294 294 29 4 Math Alkali 29% 29 s * 29 4 29 s * Monsanto Chem 59 4 59 4 594 60 Natl Dis (new) . 28 4 28 4 28 4 284 Schenlev Dist . 28% 27 4 28 4 27 4 Tex Gulf Sulph ■ 354 35% 35 4 35 4 Union Carbide 474 464 474 474 U S Indus A1 . 444 44 444 45 Drugs— Cotv Inc 6% 6% 64 64 Sterling Prod 59% 59% 59 % 59 s * Un Drug (newi 13 13 13 13 Vick Chem 34% 3 s , 34% 34 Zonite Prod •... 4% 44 44 4%

Retail Coal R rice &

The following prices represent quotation* •mm leading Indianapolis coal dealer* A 25-cent carrying chgree oer tot' will be added DOMESTIC BETAII PRICES Anthracite (13 uc Brazil Lump B*4 Brazil Mine Rub 5.25 Coke. Nut Size 8 90 Coke. Egg Size 890 Indiana Forked Lump No. 4 8 94 Indiana Forked Lump No 6 584 Kentucky Lump Group "V 1.18 Indiana Egg 5.11 Pocahontas Bee 8.42 Pocahontas Lump 833

Financial— Adams Exp ..7 7 7 7 Allegheny Corp . I s * I s , I s * 1 Am Int Corp . 6% 64 6% 64 Chesa Corp 44 44 44 4* * Transamerica ss*5 s * ss*5 s * 5 s * 5 s * Tr Conti Corp 3 3 s *3 s * 3 s * 3 s * Building— Am Radiator . 15 s * 154 154 154 Gen Asphalt 164 164 164 164 int Cement 29 s * 294 294 294 Johns Manville 54 53 % 53 4 53 . Libbv Owens Gls 324 32% 32% 324 Oris Elev . 14 14 14 14 U S Gypsum . 49’* 49’* 49’* *9% Household— Col Pal Peet ... 18 18 18 18 Congoleum 34 s * 344 344 344 Kelvinator 16'* 16 s * 16 s * 16 Mohawk Carpet 154 154 154 154 Proc & Gamble 44% 44 4 44 4 44 4 Servel Inc . 84 8 8 84 Simmons Bed . 104 10 104 9 Textiles— Amer Woolen ... 94 9 9 94 Celanese Cc-rp . 344 344 344 34% Collins Aikman 144 144 144 14 s * Gotham Hose ■ 5 s * 5% 5% 54 Indus Rayor. 31% 31 s * 31 s * 31’*

Chicago Stocks

(Bv Abbott. Proctor & Paine) 1100 Prev. A M. close BrghofT 2’* 3' Bendix 17 s * 174 Borg Warner 3’. 30 Butler B' os. 7 s * 7 4 Chicago Corp pfd 29 4 29 Cities Service 14 14 Com & Edison 47 47 Elec Household 15 15 Gen Household 7 7 Iron Fireman 14 s * 15 Libbv 7% 7 s * Nob’.itt Sparks 15 15’, Quaker Oats 128% 128% Swift 19% 19 Swift Int 35 34 s * Utah Products s * s * Walgreen 30’* 29% Zenith Radio . 2 2

New York Curb

(Bv Abbott. Proctor & Paine) 12 Noon. Prev N. Y. close. Allied Mills 14 14 Alum Cos of Am 50 50 Am Cyanide "B" 16 s * 16 s * Atlas Corp 9% 9 s , Distillers Corp 184 17% El Bond & Share 74 74 Ford of Europe 9 9 Glen Alden Coal 23 s * Gulf Oil of Pa 59 4 59 4 Hiram Walker 27 4 26 Mt. Producers 44 44 Natl Bellas Hess 2 s * 24 Newmont Min 38 37 V* FRACTIONAL GAINS PREVAIL IN WHEAT Corn and Oats Steady in Early Dealings. By United Press CHICAGO, Jan. 3.—Wheat prices registered fractional gains at the start of the Board of Trade today. Corn and oats were about steady. Wheat was L 4 to % cent higher, corn was unchanged to M cent lower, and oats were unchanged to 'off Vs cent. Rye held V 8 cent lower to Li higher. Little encouragement came from abroad. Liverpool opened unchanged and at noon was fractionally lower. Trade here at the start wps not active. (By James E. Bennett) 11:00. Prev. Wheat— High. Low’. A. M. Close. May 99 .78 s * .984 .98 4 July 92 5 % ,92V* .92 s * ,92 s * Sept 91V* .90% .91% .90% Corn— May 88’, .88 4 . 88’* .88 s , July 85V* .844 .85 .844 Sept 81% .80% .81% ,81V* Oats— May 534 .52% .53 4 .52% July 47% .47 .43% .474 Rye— May 74% .74 .74% .744 July 75 .73% .74% .74% Sept 72 .72 .72 LOCAL CASH MARKET City grain elevators are paving 90 cen;s for No. 2 soft red wheat. Other grades on their merits. Cash corn No 3 vellow 83 cents and oats 48 cents.

Stock Studies

HOLLAND FURNACE COMMON STOCK t* —■■■- ■ wce SHAM EARNINGS PRICE range SCALE nuns warn g _ MARCH 31 R3 ————4 o 4 - ■■■■ §-t-i 30 £ —4 20 WINCHESTER INSTITUTE OF FINANCE

The Holland Furnace Cos. is one of the largest manufacturers of warm air furnaces, used primarily for residential heating. Together with its heaters, company has developed air cooling and air conditioning equipment. Replacements accounted far 89 per cent of the company’s business in 1333. Business has been definitely stimulated by the Federal Housing Act, with October sales 37 per cent over October, 1933. The large proportion of its sales are made through some 500 branch offices. FINANCIAL DATA As of March 31. 1934. Common Stock ino pari 426,397 shares I'h Preferred Stock (SIOO pari *1.071,450 Funded Debt 2 266,000 Profit, and Loss Deficit 566.177 Cash and Securities 1.201.473 Inventories 968.384 Total Current Assets 5.476.803 Current Liabilities 214.193 During the company’s fiscal year ended March 31, 1934, funded debt was reduced by about SIOO,OOO. Cash and securities increased $550,000. but inventories decreased nearly $250,000, while net working capital dropped a little less than $200,000. The profit and loss deficit which stood at over $3,000,000 March 31, 1933, was reduced to only $566,000 by March 31, 1934. At the end of the company’s last fiscal year the current ratio was 25 to 1 while cash and securities alone were over five and one-half times current liabilities. The company is thus in strong financial condition. The book value of the common stock was $8.73, or $1.64 less than the year previous. Deficits ruled in the fiscal years ended March 31. 1933 and 1934 However, in the September quarter the company was able to make a profit of 56 cents on the common stock. The last dividend on the common was paid July 1, 1932. and no preferred dividends were paid after Jan. 1, 1933. The Holland Furnace Cos. was incorporated in 1906 in Michigan. The common stock is listed on the New York Stock Exchange It currently sells for around BU. All Rights Reserved. Winchester Institute of Finance. Mass.

Latest Stock, Bond and Commodity Quotations

SMALL GAINS DISPLAYED IN EARLY TRADING Gold. Silver Mining Issues Are Feature: Leaders Move Narrowly. By United Press NEW YORK. Jan. 3.—Stocks registered small gains in the morning trading on the Stock Exchange today. Gold and silver mining issues featured in gains, while low-priced automobile shares were most active. Leading issues in various groups moved narrowly in light turnover. Studebaker preferred jumped o' 2 points. Its common stock was the most active issue o nthe board, rising nearly a point to 34. PierceArrow jumped •’% point to 1% on large sMes. and Hupp was up 4 at 4 in active trading. Leading motors—Chrysler and General Motors —lost 4 point each up to noon. United States Steel was up 4 at 38 4, while other steels held around the previous close. American Can lost a point to 1164. while American Telephone rose 4 to 106 and New York Central was unchanged at 20%. Farm equipments rallied after early declines. Wet stocks firmed. In the gold mining division, Noranda Mines rose 14 to 354, while Alaska Juneau gained 4 to 19%. U. S. Smelting was up 24 at 123.

Monei / and Exchange

INDIANAPOLIS STATEMENT Clearings * 3.002.000.00 Debits 10.013.000.00 TREASIRY STATEMENT ißv United Press I WASHINGTON Jan 3 -Government ex. Dense? and receipts for Jhr current fiscal venr to Dec 31. compared with the corresponding period of the previous fiscal vear: This Year. Last Year Kxpe-’S-'S $3.345.107.011.47 $2,621,870,537.03 Receipts 1.845.0R2 517.05 1.468.807 0M 28 Deficit 1 600 035.307.42 1.152.97? 503 75 Cash bal. 2 503 845 517.46 1 025.118.022 86 UNEMPLOYMENT PARED BY DENMARK IN YEAR Foreign Trade Volume Lifted During Period Just Ending. Hy I nihil l‘rcx* COPENHAGEN, Jan. 3. Decrease of unemployment, increase of foreign trade volume, and the successful defense of vital trading and export interests enabled Denmark to make another step on the road to recovery in 1934. When the unemployment figures reached the peak at the end of 1932, 43 per cpnt of the workmen organized in trade unions were “on the dole,” a year ago only 23.2 per rent, and by the end of Oc*_ —, 1934, only 18.4 per cent. In the first 9 months of 1934, the volume of Danish foreign trade increased by nearly 50 million kroner ($11,000,000), to a total of 1863 million kroner ($410,000,000). Even though this increase is caused exclusively by greater imports, it is interpreted here as a favorable sign reflecting a growing capacity of absorption of the domestic market.

GEN. ELECTRIC OFFERS HOME DESIGN PRIZES National Competition Among Architects Begins Tomorrow, For the purpose ot stimulating interest in the building of small homes, the General Electric Cos. has inaugurated its national competition, among architects for designs of small homes providing the utmost in modern conveniences. A total of 54 prizes, aggregating $21,900, will be distributed by the company under its proposal. The project has been approved by the Federal Housing Administration and the Bureau of Home Economics of the Department of Agriculture. The American Institute of Architects and the National Assn, of Real Estate Boards will co-operate in the conduct of the competition. INDIANA PLANT AIMED Schcnley to Build Warehouse at Lawrenceburg. By Times Special CINCINNATI. Jan. 3—One of four large warehouses to be erected by the Schenley Distillers Corp. will be built at Lawrenceburg, Ind., it was announced today by the company. The three other units will be constructed at Lexington, Ky., Frankfort, Ky., and Schenley, Pa.' The Lawrenceburg and Schenley warehouses will be of 100,000 barrel capacity and are asserted to be the largest ever built by the distilling industry. NET ASSETS HIGHER Massachusetts Investors Trust Reports 10 Ter Cent Gain in Quarter. Massachusetts Investors Trust today reported a gain of approximately 10 per cent in net assets- per share during the quarter ended Dec. 15, to $18.45 a share at the end of the period from $17.01 as of Cept. 15, Net assets as of Dec. 15 last amounted to $29,098,917 compared with $22,943,536 three months previously. Shares outstanding were 1,577,359 on Dec. 15 against 1,348,872 on Sept. 15. EMPLOYMENT SHOWS GAIN It II / mi xSpiciai BATTLE CREEK, Mich., Jan. 3. The Kellogg Cos., iftcreased employment during 1934 by nearly 20 per cent over 1929 and advertising and sales promotion will be at a nigh watermark during 1935. W. K. Kellogg, president, declared today. SIOCKS CLOSE LOWER /ii/ / /in -t .* ftt run NEW YORK. Jan. 3.—The index of ten representative leverage common stocks closed the jear at about IJ4 compared with a 1934 high of | 17. a 1933 high of 24 and a 1932 low of 4*2, according to Distributors Group, Inc.

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