Indianapolis Times, Volume 46, Number 204, Indianapolis, Marion County, 4 January 1935 — Page 19

Trends Indianapolis Debits Set New Mark for Day. by VINCENT S. LYONS Time* .Financial Editor

THE daily statement yesterday for the Indianapolis Clearing House revealed that debits for the preceding day aggregated $10,013,000. This represented the first time that the $10,000,000 mark had been crossed in some time. Here is proof positive that increased funds are being poured into the credit stream of the city. Os course it is true that debits tend to increase at the inauguration of anew quarter, but the increase reported yesterday is of more than usual interest. On the preceding day the total of debits was $7,026,000. On the first business day last year the sum was only $8,544,000, whil'.* on the final day of 1933 the figure was $6,285,000. Thus, it can be seen that on these two important settlement days the total money involved for the 1934-1935 period was $17,039.000, contrasted with sl4 829,000 in the 1933-1934 period. The volume of check transactions, which debits really represent, is as good a barometer of business as ran be found. On this basis it would seem that the trade volume here is starting ofl the new year in grand style. ana A REFRESHING bit of information has come out of Chicago in the form of statistics showing that both the number and value of real estate foreclosures in Cook County (HI.) during 1934 registered a sharp decline from the preceding twelve months. The total number of forced realty sales in the twelve months of 1934 was 12.632. a decline of 3361 from the 15,993 reported in 1933. In the value of property involved the record was even more impressive; the 1934 figure of $166,661,467 representing a reduction of more than 50 per cent from the $352,084,797 value in 1933. This is truly an impressive forward stride in the movement to bring a halt to.the wave of foreclosures throughout the country with its consequent ill effects upon general real estate values. Cook County, in which is included the city of Chicago, has been one of of the spots on the nation's map which has been hard hit by these forced sales. a a a Undoubtedly, the city of Chicago’s impaired financial condition has been one of the causes for ihe large total of foreclosures in that area. The improvement registered in the last year by the same taken must represent the betterment which has taken place in the municipality's credit rating. It is also safe to assume that the Home Owners Loan Corp. by its presence prevented quite a few' properties from being throw'n on the market. Figures on the number of foreclosure sales and the amount of property involved for the country at large are not available, but it indicated from earlier figures that the improvement is comparable to that made by Cook County. It is to be hoped that the year 1935 w'ill witness a further slackening in the rate of forced sales. CLOSED CHICAGO BANKS PAID $7,972,730 IN ’34 Liquidating Dividends Voted During 1934 Are Announced. By Times Special CHICAGO. Jan. 4.—Depositois Os closed state banks in Cook County during 1934 reeveived total liquidating dividends of $7,972,730. Edward J. Barrett, State Auditor of Public Accounts, declared today. The dividends authorized during the year ranged from 5 to as much as 45 per cent. A total of 285.000 individuals shared in the disbursements by fifty-four institutions. Mr. Barrett added that in addition two banks were taken out of receivership and reorganized, making SBBO,OOO available to depositors. Four other organizations are pending.

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. 55 50. Grapes. California Emperors. 27-lb. box. $2 25. Persimmons California. 245. SI 35. Bananas. 4%c a lb. Apples. Indiana Jonathans, $1 85: Grimes Golden. $1.35 a 1.75. Lemons. Sunkist. 3605. $5. Grapefruit. Texas, seedless. $3. Limes. Mexican, per carton. 12s, 25c Bvram. 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-!b. 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-!b. bag. $1.10: Ohlos. 100-!b. bag. $1 90. Idaho Russets. 100-lb. bag $2. New potatoes. $2 25® 2 50. Sweet potatoes. Indiana Jerseys, bushel. *1 85; Tennessee Nancy Halls. bushel. $1.40. Beans, stringlass. hampers. $6. Celery. Michigan medium, dozen. 60c: Jumbo, dozen. isc: hearts, bunch. $1 25. Cucumbers, dozen 90c; southern bushel. $4 Endive dozen. 90c. Egg plant $1.50'<(2 do. en. Kale. Virginia, bushel. 65c. Lettuce, hothouse. 15-lb. basket. $1 50. California Iceberg head lettuce, $4 50. Mangoes. Florida, crate. $4. Mint, bunch. 15c. Parslev. dozen. 35c. Peas, hampers. $4 “V Spinach home-grown broadleaf. bushel. $1.15. Radishes, dozen. 75c ?sl. Tomato s. 10-lb. carton. $1.35; Florida original, $3 Turnips, home-grown, dozen. 25c. Pumpkins, dozen. sl. All quotations subject to change, up or down.

Retail Coal Prices

The following prices represent quotation? from leading Indianapolis coal dealers A 35-cen; carrying charge per ton will oe added. DOMESTIC RETAIL PRICES Anthracite *l3 00 Brazil Lump I.M Brazil Mine Run 5 25 Coke. Nut Size 8 90 Coke. Egg Size 8.9 U Indiana Forked Lump No. 6*4 Indiana Forked Lump No 6 584 Kentucky Lu”-o Group "B" 7.18 Indiana Egg 5.71 Pocahontas Bn 8 43 ‘Pocahontas Lump 8.3?

Hides and Skins

Hides—Green country cows and steers. 4c flat: green country bulls and glues. 24c fit: green country calf hides. 44c: flat; green country kip. 4c' No. 1. large horse nldes with full heads, shanks, mames and tails 12 75. medium size $2 25. All No. 3 grade horse hides. 50c less: glues and ponies half price. No. 1 rendered tallow. 4® 44c: No. 3 at value. Yellow grease. • dark grease. 3634 c.

PRICES MIXED ON BIG BOARD AFTER GAINING Irregular Trend Develops With Silver Division Depressed. It |/ United Press NEW YORK. Jan. 4.—Prices turned irregular after a steady to firm opening today on the Stock Exchange. Silver shares were depressed with United States Smelting off 2 points at 120 i and others down fractions to a point. Coppers held around the previous close in fairly active turnover. Golds were dull. Leading automobile issues dipped fractionally while the low-grade shares in that group were firm and active. Industrial issues were mixed in a narrow' range. United States Steel was at 38%, unchanged; Westinghouse Electric 37 off %; American Can 116, off %; and Du Pont 97%, off l’g. Rails registered gains of fractions to more than a point with Union Pacific at 109, up l'i in light trading. Utilities were about steady. Pullman rose l'i to 49% in the railroad equipments. A few special issues made good gains, including General Cigar preferred, which made anew high at 130, up 2' 2. On the Downside. Radio prefered B lost 2 points to 39%.

Money and Exchange

TREASURY STATEMENT (By United Press) WASHINGTON. Jan. 4—Government expenses and receipts for the current fiscal year to Jan 2. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $3.588.459.009.99 *2 712,621.212 28 Receipts. 1.853.868.728 23 1.483.916.451 32 Deficit .. 1,734.480.281 76 1.228.704.760.46 Cash bal. 2.536.523.639 03 955.991,710.17 STRENGTH ABROAD AIDS GRAIN VALUES Cold Wave Induces Heavy Buying of Corn. By United Press CHICAGO, Jan. 4.—Strength at Liverpool was reflected in fractional advances in grains on the Board of Trade today. At the start wheat was % to % cent higher, corn was up % to ■% cent, oats were % to % cent higher, and rye was up % cent. Liverpool was higher on strength here yesterday. The market here was more active than yesterday. A cold wave attracted the attention of the trade, and brought rather heavy buying into corn during the first few minutes. 'Bv James ). Bennett) 11:00 Prev. Wheat — High. Low. A. M. close. Mav 1.00% .99% .99% ,99*. Julv 93% .93% .93** .93% Sept 92** .92% .92% .91% Corn— Mav 89% .89** .89% .89 Julv 85% 85% .85% .85 Sept 82 .81% .81% .81% Oat*— Mav 54 .53% .53*4 .53% Julv .48 .47% .47% .47** Sept 43% .43*1 .43% .43 Rye— Mav 76% .75** .75% .75% July 76% .75** .75% .75% LOCAL CASH MARKET City grain elevators are paying 91 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 84 cents and oats 48 cents.

Produce Markets

Delivered In Indianapolis prices: Heavv hens. 12c; 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. 15c; young 10ms. 11-14 lbs.. 13c; No. 2. crooked breasts and thin turkeys, 9c; old toms, all weights, 11c; No. 1 strictly fresh country 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 33*5 34c. Butterfat—2Bc. Quoted by the Wadley Company. (By United Press) CHICAGO. Jan. 4.— Eggs—Market, unsettled; receipts 4009 cases; extra firsts. 30c. fresh graded firsts. 29c; current receipts. 25*i27c; dirties No. 1. 22c: No. 2. 19c: checks No. 1. 20'2C: No 2. 18c. Butter —Market, firm: receipts 9478 tubs; extra firsts < 90-91’ i score i . 30*/30 3 4C; extras '92 scorei, Sl'.c: firsts 1 88-89 1 2 score'. 28 : is29'c; seconds ' 86*7 81 '2 score'. 27*i 27'. c: specials. 30c: standards. 29 ! 4C. Poultry—Market. steady, receipts. 22 trucks: springers, heavy. 18*/19c: ducks, 15*/21c; geese. 18c: turkeys. 14*i20c; Leghorn springers. 13c; capons. 6-7 lbs.. 20*/ 22c. Leghorn hens. B*l 10c; stags, 15c; black chicks, -ic- hens. 12'25 15t.. Cheese— Twin r . M'/OM'ic: daisies. 15*/15'4c; Longhorns. 15*/15'iC. Potatoes—ipplv moderate: demand and trading light: market. about steadv; Idaho Russets. $1.60*5 165: Wisconsin hound Whites. 82'2C: unclassified. 80e Arrivals 34. on track 108; shipments 674. NEW BUILDING DROPS FOR MONTH IN CANADA December Contracts More Than $4,000,000 Under Previous Month. Bjl lime* Special MONTREAL. Jan. 4—December new building contracts awarded in Canada aggregated $6,062,200, contrasted with $10,451,500 in the preceding month and $8,207,600 in the corresponding month last year, according to figures issued here today. The decline in construction was more or less expected as during the fall months the recession which usually occurs did not take place. Proposed or contemplated construction for 1934 amounted to $247,439.400. contrasted with $213,645,600 in the preceding twelve months. A further decided increase is looked for in the current year. ORDERS UP IN MONTH Air Conditioning Awards Well Abov- Preceding Year. Bit Time* Special WASHINGTON. Jan. 4—Orders for air conditioning equipment in November aggregated $1,494,509. compared with $1,397,168 in October and $746,580 in November, 1933. the Department of Commerce pointed out today. For the first 11 months of the year ti e volume of such oners aggregated $11,782,050, against $7,057,248 in the corresponding period of the preceding year.

Abreast of The Times on Finance

INDIANA GENERAL BUbiNtbi umvt o j ■—*- 1 —•——rTn 4 ® "lV —I —;/*V/wv i- r\r~H ——** 40 7 / 40 50 —|92l 1922 Tjis i924 1925 •? 1927 1928 1929 1930 ' 1931 1992 V. 933 !934

New York Stocks

(By Thomson it McKinnon) Prev. 11:00 A. M. Prev. Oils— High. Low. N. Y. close. Amerada 51 51 51 61 Vi Atl Rfg 25’ 2 2514 25'2 25'. Barnsdall 6% 6% 6% 6% Consol Oil 8% B*2 814 8% Cont of Del ... 19 18% 19 19 Houston (new). 3% 3% 3% 3 1 . Ohio Oil 10% 10% 1014 10% Phillips Pet ... 16 15% 16 05% Plymouth Oil .. B'2 B'2 8% IPs Pure Oil 7% 7% 7*4 7% Seaboard OH ... 26% 25% 26 26*8 Shell Un 7>4 7Vi 714 7 Skellev Oil 7 7 7 Soc Vac . 14 7 8 14% 14*4 14*4 S O of Cal 31*4 31* 31*4 31% S O Os N J ... 43% 43 1 4 41*, 43% Texas Corp 21% 21 % 21% 21 '2 Un Oil of Cal .. 1614 1614 1614 16*8 Steels— Am Roll Mills .. 2314 22*4 22*4 23% Beih Steel 32% 32% 32% 32% Col Fuel it Iron 4% 4% 4% 4% Inland Steel ... 54 53% 53% 54% Mid Steel 12% 12% 12% 12% Natl Steel 49' 49% 49% 49 Otis Steel 5% 5*4 5% 5% Rep Iron it Steel 14% 14% 14% 14% U S Pipe it Fdy 20% 20% 2014 20% U S Steel 39 38% 39 38% U S Steel pfd.. 87 86% 86% 86% Warren Bros ... 4% 4% 4% 4% Youngstn S& T 20% 20% 2 >/a 20% Motors— Auburn 26*4 26*4 26*4 26 Chrysler 42% 41% 41% 42% Gen Motors 34% 33% 33% 34% Graham Mot-... 3% 3V* 3% 3% Hudson 12% 12*8 12% 12% Hupp 3% 3% 3% 3% Mack Truck .... 26% 26% 26% 26% Nash 18% 18% 18% 18% Packard 5% 5% 5% 5% Reo 3% 3% 3% 3% Studebaker 3% 3% 3% 3% Yellow Truck ... 4 4 4 3% Motor Access— Bendix 17% 17% 17% 17 Bohn Alum 59% 59% 59 % 59% Borg Warner ... 30*4 30% 30*4 30*4 Briggs iB% 28 28 28 Budd Wheel 3% 3% 3% 3% Eaton Mfg 18% 18% 18% 18% Elec Auto Lite... 28% 28** 28% 28% Houdaille A- B*4 8% 8% 8% Mullins Mfg 10% 10% 10% 10% Murray Body .. 7% 7*4 7% 7% Timken Roll .... 7>4 7% 7% 7% Mining— Alaska Jun 19% 19% 19% 19% Amer Smelt .... 39% 39% 39% 39% Anaconda 12 11 7 4 11% 12 Cal & Hecla 3% 3% 3% 3% Cerro de Pasco.. 46% 46 46% 46% Dome Mines.... 38% 38Vi 38% 38% Granbv 7 7 7 7 Gt Nor Ore 12% 12% 12% 12 Howe Sound .... 52% 51% 51% 51% Ins Copper 3% 3*4 3% 3% Int Nickel 24% 24% 24% 24 Isl Creek Coal . 35 35 35 34% Kennecott Cop.. 18 17% 18 17% Mclntyre Mine . 42 41% 42 41*4 Park Utah 3% 3% 3% 3% Phelps Dodge .. 15% 15% 1574 15% St. Joe Lead 17% 17 17 17% Vanadium 20% 20% 20% 20% Amusements— Loews Inc 34% 33% 33*4 34% Radio Corp .... 5% 5% 5% 5% Paramount 3% 3% 3% 3% RKO 2% 2*s 2% 2'4 Warner Bros ... 4% 4% 4% 4% Tobaccos— Am Sum Tob .. 24% 24% 24% 24% Am Tob “A” .. 83*4 83% 83% 83% Am Tob “B” . . 85*4 85% 85% 85*4 Gen Cigars 61% 61V2 61% 16% Ligg it Myers B 109% 108% 109% 108% Lorillard 21% 21 21 21% Phillip Morris . 45% 45% 45% 45% Reynolds Tob B 51% 51% 51% 517s Rails— Atchison 54% 54 54% 54 Atl Coast Lines 37 36% 36% 36% li it O 14% 14Vi 14% 14 Can Pacific 12% 12% 12% 1174 Oh & Ohio ... . 44% 44% 44% 44% Chi & Gt W pfd 4 4 4 4 C M & St P 32% 274 3 C M it St P pfd 4% 4Vi 4% 4% Chi NY 5 5 5 5 Dela it Hud .. 42% 41*4 42% 41% Del Lac it W 18% 18% 18% 17% Grt Northern pf 17% 16% 17 16*4 111 Central 16% 16% 16*4 16% K C Sou 8% B* g 8% ... Lehigh Valley... 10% 10% 10-74 10% M K it T 6 5% 6 5% M K <fc T pfd... 13% 13*a 13% 13% Mo Pac 2% 2 % 2% 2Vs Mo Pac pfd 3% 3Vi 3% 3 N Y Cent 21 20% 20% 20% N Y New' Haven 8 7% 8 8 N Y Ont it West 5 5 5 5%

Stock Studies

SWIFT & CO. * COMMON STOCK eta f— —■- -lomce Shaat EARNINGS PRICE RANGE SCALC YEARS ENDED 4-0 LAST OP OCT. . vft'r. 30 ..Mira::: ° po 31 32 3)3 34-130 31 32 3334 J WINCHESTER INSTITUTE OF FINANCE* *

Swift & Cos. is one of the leading slaughter and meat packing companies. To diversify business the company also sells large quantities of poultry, eggs, butter and cheese. Many of its products are sold under nationally advertised trade names. Distribution is through more than 200.000 retail stores throughout the country. Swift owns and operates 50 packing plants located principally in the middle west and 56 other plants, with more than 450 branch offices practically covering the world. Company's tonnage sales in the last fiscal year were up 8 per cent and meat prices advanced 37 per cent. FINANCIAL DATA As of October 27. 1934. Capital Stock ($25 par). 6.000.000 Shares Funded Debt $ 45.810.810 Investments 29.181,046 Profit and Loss Surplus 68.994.654 Cash and Securities 30.669 646 Inventories 100.506.171 Total Current Assets 171.506.892 Current Liabilities 22.414.603 During the company's fiscal year ended October, 1934, funded debt was reduced by about $2,800,000. Investments were $500,000 less. Cash and securities dropped $19,001,000, inventories gained $27,500,000 and net working capital was up $8,500,000. Profit and loss surplus increased nearly $2,000,000. The company acted conservatively in appropriating $6,500,000 from its net income as a reserve against inventory losses. On Oct. 27. 1934. the current ratio was about 74 to 1, while the book value of the common stock was S3B 62. or an increase of $1.46 for the year. With the exception of 1932, Swift & Cos. has operated at a profit. Earnings were $1.75 on the capital stock in the 1933 fiscal year and 51.97 in the 1934 fiscal year. The earnings trend is upward. Swift & Cos. was incorporated in 1885 in Illinois. The capital stock is listed on the Chicago and Boston Stock Exchanges and has unlisted trading privileges on the New York Curb. At a current price of 18 s i, it sells to yield better than 24 per cent and for 94 times earnings. (All Rights Reserved. Winchester Institute of Finance. Winchester. Uas s.i

INDIANA GENERAL BUSINESS CURVE

Nor Pacific 20% 20% 20% 20% Penn R R 24% 24% 24% 24% Sou Pac 18% 18 18% 18 Sou R R 16 15Vi 157* 15% Union Pac 109 109 109 107% Wabash 2 2 2 2 West Maryland .. 9% 9% 9% 9% Equipments— Am Brake Shoe. 29 3 -* 29 r, 29^ Am Loco 18*s 18% 18% 18% Am Steel Fdy... 16% 16% 16% 16* Bald Loco 574 5% 5% 5% Gen Am Tk Car 37% 37% 37% 37% Gen Elec 22% 21% 22 22 Gen R R Sig... 28% 28% 28% 28 Pullman Inc ... 49% 49 49% 48% West Air Br 25% 25% 25% 25% Westingh Elec... 37% 36% 37 37% Utilities— Am & For Pwr .5 5 5 4% Am Power & Lit 3*4 3% 374 3% AT&T 106% 106 106% 106% Am Wat Wks ... 14% 14% 14% 14% Col Gas & Elec. 774 7% 7% 7% Com & Sou .... 1 % 1% 11/'*I 1 /'* 1 4 Consol Gas 20% 20 20 20% Elec Pwr & Lit. 33 32% Int Hydro Elec.. 27* 2*/* 2*4 2% Interboro R T... 14V* 14 14% 14 Int T & T 9% 9% 9% 9*s Lou G& E (A- 12% 12% 1274 12% Nat Pwr & Lit.. 7% 7% 7% 7% North Amer .... 13 12% 12% 13 Pac G & E 14% 14% 14% 1474 Pub Serv N J ... 26% 25% 26% 26 So Cal Edison.. 11% 11% 11% 11% Std Gas 474 4% 474 4% Stone & Webster 4*4 4% 4% 4Vi United Corp ... 32% 33 Un Gas Imp 12*4 12*/* 12% 12% Ut Pwr &Lt (A) 1% 174 1% 1% Western Union.. 34% 34 34% 34 Rubbers— Goodrich 11% 11% 11% 1174 Goodyear 26% 26 26% 26% Kelly Spring.... 1% 1% 1% 17 U S Rubber 17Vs 17 17% 17% U S Rubber pfd 41% 4174 4174 41V* Miscellaneous— Allis Chalmers.. 16% 1674 16% 17 Amer Can 116% 116 116 11674 Am Mach & Fdy 23 Vi 22% 22% 23 V* Brklyn Man Tr 39% 39% 39% 3974 Burroughs Add.. 15% 15% 15% 1574 J I Case 59Vi 58% 58% 59% Conti Can 66 657* 6574 65% Caterpillar Tract 387* 38% 38 % 38 Vi Crown Cork .... 25*4 25% 2574 26% Curtis Pub pfd.. 94% 94*4 94% 9474 Deere & Cos 29% 28*4 2874 29% Eastman Kodak 116% 115% 116% 115% Foster Wheeler.. 17 17 17 17 Gillette 1374 13% 13% 137s Glidden 26% 26% 26% 26% Ingersoll Rand.. 687* 68% 68*4 68 Inter Harv 4274 4274 42% 42*4 Natl Cash Reg. 17% 17% 17 Vi 17*4 Owens Bottle .. 86 86 86 86 Rem Rand 1074 10% 10% 10% Worthingt n Pmp 21 21 21 21 Foods— Am Sugar 67 67 67 6674 Armour Com ... 6 574 574 _6 Armour 6% pfd. 69% 6874 68% 69 Borden Prod .. 24% 2474 24% 24% Cal Packing ... 4074 39 74 39% 39% Corn Prod 65 64 7 t 65 65 Crm of Wheat . 36% 3674 36*4 36% Cuban Am Sug... 674 6% 674 6 Gen Baking .... 8 8 8 774 Gen Foods 33 74 33 33 33 Gold Dust 17% 17% 17*4 1774 G W Sugar ... 29*s 29% 29% 29 Hershev 74% 74% 74% 74 Loose Wiles .... 36 36 36 3574 Natl Biscuit ... 30 29*4 30 29% Natl D Prod . 16% 16*4 1674 16% Purity Bak •. 10% 10 % 10% 10 Vb S Porto Rico Sug 23 74 22 % 22 74 22% Std Brands . . 19 187'a 187* 1874 Un Bisciut 26*4 26 26% 27 United Fruit .. 757i 757* 757* 75 Retail Stores— Assn Dry Goods 12% 12% 1274 12% Best & Cos. ... 36% 36% 36% 3674 First Natl Stores 52*4 52% 52% 5274 Hahn Dept Sts . 5% 574 574 574 Kresge S S 2174 2174 1% 12*4 Kroger Groc .... 28% 28*s 28% 2874 McCrorv St .... 12% 1174 11*4 1 274 McLellan St 14*4 14% 14% 14*4 Marshall Field.. 10% 10% 10*4 11 May Dept 5t.... 43*4 4374 43 % 43% Mont Ward 307* 39*4 29*4 29% Natl Tea 11% 11% 11% 11% Penney J C 69% 69% 69 74 69% Safeway St .... 45% 45 45 45% Sears Roebuck.. 40% 39% 39% 4074 Woolworth 54% 5474 54 % 5474 Aviation— Aviation Corp .. 5Vi 5% 5% 5% Boeing Aircraft.. 974 9 % 9% 978 Curtiss Wright . 3 2 7 4 2% 3 Curtiss Wri (A). 974 9 % 9% 9*4 Nor Am Av 3% 3% 374 3% Sperry Corp —. 9*4 9*4 9% 9** Utd Aircraft new 1474 14% 1474 14% Chemicals— Am Com Alcohol 33 32*4 327* 32% Com Solvents 23 V* 22% 22% 22*4 Du Pont 9774 97 % 9774 98*4 FTeeport Tex.... 25 74 25 74 25 % 2574 Liquid Carb .... 29*4 29% 29% 29% Math Alkali.... 30% 3074 30% 30% Monsanto Ch. .. 60 60 60 6074 Natl Dis (new).. 29 28% 28% 28% Schenley Dist.. 28% 27% 27% 28% Tex Gulf Sulph.. 35% 35% 35% 35% Union Carbide.. 47% 47V* 47V* 47% U S Ind Alcohol 4574 45 45 45 Drugs— Bristol Myers.... 35 35 35 35 Coty Inc 6*4 67* 674 674 Lambert 28 28 28 27% Sterling Prod... 59% 59% 5974 5974 Un Drug (new) 12*4 12*4 12*4 12*4 Vick Chem 34% 34% 34% 34% Zonite Prod ... 47 * 474 474 474 Financial— Adams Exp .... 774 7% 77* 774 Allegheny Corp.. 17* 1% 1% I*4 Chesa Corp .... 44% 44% 44*4 44 Lehman Corp ... 72% 72% 72% 7172 Transamerica ... 5*4 5% 5% 5*4 Tr Conti Corp... 3*4 374 374 3% Building— Am Radiator ... 15% 15 15*/* 1574 Gen Asphalt ... 17 16% 17 17 Int Cement ... 30% 30*4 30% 30% Johns Manville.. 55% 54V4 5474 55% Libby Owens Gls 32% 32 32 32% Otis Elev 14% 14% 14% 14% U S Gypsum ... 51 '/a 50% 5074 5074 HouseholdCol Pal Peet ... 18 17% 17% 17% Congoleum 34*4 34% 34*4 34% Kelvinator 17 16% 17 16% Proc & Gamble. 4474 44% 44% 44% Servel Inc 8 7% 8 8 Simmons Bed ...' 1074 107* 107* 1074 Textiles— Amer Woolen ... 9 9 9 9 Betting Hem ... 12*4 12*4 1274 12*4 Celanese Corp... 34% 34 34 34% Collins Aikman 14** 14*4 14% 14% Gotham Hose ... 5% 5Vi 5% 5% Indus Rayon ... 31% 31% 31% 31%

Chicago Stocks

By Abbott. Proctor & Paine i. 11:00 Prev. A. M. close. Borg Warner 30% 30% Butler Bros 7% 7*4 Chicago Corp 2** 2** Cities Service l'i 1% Crane Cos • •• 10% 10% Com & Edison 48 47 Elec House 15 15 Libbv 7% 7% Nat Standard 28 Prima 2% ... Swift 19 Vi 19% Swift Int 35 35% Walgreen 30% 30% Zenith 2 2

New York Curb

(By Abbott, Proctor & Paine) 12 (Nooni Prev. N. Y. close. Alum Cos of Am .. 51 504 Am & For Pwr War 24 Am Cyanide "B” 164 17 Atlas Corp 94 94 Distillers Corp 18 184 El Bond <sr Share 74 74 Gulf Oil of Pa 60 3 4 59 Vi Hiram Walker 284 29 Lake Shore Min 544 544 Pan An Airways 4040 Penn Road 14 2 Std of Kr 184 18 BUILDING SHOWS GAIN Des Moines Reports 53 Per Cent Rise During Year Just Ended. B;i Timet Special DES MOINES. la., Jan. 4.—An increase of 53 per cent was registered in the value of building permits issued here during 1934 over the preceding year, according to an analysis made today of city building department figures. Non-residential permits scored an increase, but residential construction declined.

INDIANAPOLIS, FRIDAY, JANUARY 4, 1935

HOB PRICES UP i NEARSBJ.EVEL Cattle Market Active and Strong; Veais Move Sharply Higher. With the top nearing the $8 mark for the first time in several months, porker prices again moved sharply higher in early trading at the Indianapolis Union Stockyards today. Initial prices were generally 15 to 30 cents higher than yesterday’s close with an extremly heavy demand prevailing on practically all classes. Receipts estimated at 7,000 remained the same as yesterday’s figures. The bulk, 160 to 200 pounds, was selling at $7.60 to $7.75. Good and choice heavy butcher grades, weighing 200 to 300 pounds, were salable at $7.80 to $7.90, while 300 pounds and up ranged from $7.55 to $7.75. Light kinds, scaling 130 to 160 pounds, brought $6.10 to $7.10 and others weighing 100 to 130 pounds, held at $4.85 to $5.85. Holdovers were 185. Active trading featured initial deals in the cattle market and the majority of slaughter steers were steady to slightly higher than yesterday’s average. Two loads of better grade steers ranged upward to $10.50. Others sold at $5.25 to SB. Receipts numbered 700. Veal prices strengthened, moving largely 50 cents higher, selling at $8 down. Receipts were 600. Only a slight change was evident in lamb trading, especially in native classes, where prices remained fully steady. Most lambs were salable at $8.75 down. Some held higher. Heavy lambs sold at $8.25 down, while throwouts ranged from $6 to $7.50. Slaughter ewes brought $4 down. Receipts were 5000. HOGS Dec. Bulk. Top. Receipts. 28. $6.70® 7.00 $7.40 7000 29. • 6.70® 7.00 7.40 3000 31. 7.00® 7:30 7.70 5000 Jan. 2. 7.20® 7.45 7.70 10000 3. 7.30® 7.55 7.80 7000 4. 7.60® 7.75 7.90 7000 (140-150) Good and choice.. .$6.50® 7.35 (150-1601 Good and choice .... 7.60® 7.70 (160-200) Good and choice.... 7.70® 7.80 (200-2201 Good and choice .... 7.80® 7.90 (220-250) Good and choice .... 7.85® 7.90 (250-290) Good and choice .... 7.80® 7.80 (290-3501 Good and choice .... 7.65® 7.80 (275-350) Good 6.75@ 7.00 Packing sows: (350-425) Good 6.65® 6.90 (275-550) Medium 6.50® 675 (275-550) Medium 6.25# 6.75 (100-130) Slaughter pigs, good and choice 4.85® 6.35 CATTLE —Receipts, 700— —Steer*— (550-900) Choice sß.oo® 9.50 Gold 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 9.50®10.25 Good 7.25® 9.50 Medium 5.00® 7.25 (1300-1500) Choice 9.75® 10.50 Good ...\ 7.50® 9.75 —Heifer*— (550-750) 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, 600Good and choice $7.50® 8.00 Medium 5.00® 7.50 Cull and common 2.50® 5.00 —Calves—-(2so-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. 5,000 — 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

(By United Press) LAFAYETTE. Jan. 4.—Market steady to 25c higher: 200-300 lbs., $7.70® 7.80: 300325 lbs.. $7.60; 160-200 lbs.. $7.50*5 7.60; 140-160 lbs . $6.7507; 130-140 lbs.. $6.25*5 6.50: 120-130 lbs.. $5 75*56: 100-120 lbs.. ss*s 5.50; roughs. $6.75 down: calves. 50c higher. $7 down: lambs steady. $8.25® 8.50 down. FT. WAYNE. Jan. 4 Hogs—Market. 10 *525c higher: 250-300 lbs, $7 80; 225-250 lbs.. $7 6o; 200-225 lbs . $7 55: 180-200 lbs . $7.45: 160-180 lbs., $7.30; 300-350 lbs. $7.35: 150-160 lbs.. $6.75: 140-150 lbs.. $6.35: 130140 lbs.. $6; 120-130 lbs.. $5.75: 100-120 lbs.. $5.25: roughs. $6.25; stags, $4.25. Calves. $8; lambs. $8 75. (By Times Special) LOUISVILLE. Jan. 4.—Cattle —Receipts 200; demand broad: trading active; market fully steadv: bulk common to medium steers and heifers. $4.50®5.75: better finished kinds scarce, quotable. s6®7 or better: bulk beef cows. $2.75®3.25: good eligible. $3.50 and above; most low cuters and cutter*. slso® 2 50: sausage bulls. $3.50 down; bulk plainer grade native Stockers. $4 50 down. Calves—Receipts. 250: strong active market on better grade vealers; bulk s6® 7; medium kinds. $4.50® 5 50: plainer sorts $4 down. Hogs—Receipts. 700: market 15c higher: top and bulk desirable 230300 lbs. $<80: 200-225 lbs. $1 65: 305 lbs. up $7.35 180-195 lbs . $7 05: 160-175 lbs . $6 65; 140-155 lbs . $6.15: 120-135 lbs.. $5.20. sows $6.05. Sheep—Receipts. 50: market steadv or mostly s7®B for medium to good lambs: choice auotable $8.50 or beter: bucks discounted: common throwouts mostly $5 50; better fat ewes. $2®2.50. LISTED ON BIG BOARD The 6 per cent cumulative series A preferred stock of the Minneapolis Honeywell Regulator Cos. has been admitted to trading on the New York Stock Exchange, it was disclosed today.

Other Livestock

WALLACE SEES FURTHER GAINS TO ILS.FARMS Rise in Agricultural Prices During 1935 Is Hope of Secretary. BY THOMAS L. STOKES , Times Special Writer WASHINGTON, Jan. 4.—A hopeful outlook for agriculture was seen today by Secretary of Agriculture Henry A. Wallace, who expects a further increase in farm income on top of last year’s marked gains. “It is anticipated that there will be some increase in income in 1935 largely because of greatly improved livestock, dairy and poultry prices,’’ the secretary said. He cautioned, however, that these gains may be offset to some extent by lower returns for grain. “If there is ordinary weather in 1935 there are prospects in the latter half of the year for greatly reduced prices for grain which may in some measure offset the increase in livestock, dairy and poultry prices,” he explained. Little Hope for Exports The United States, Mr. Wallace said’, must continue to plan largely on the basis of domestic expectations, for he holds little hope of any appreciable foreign market this year. “There is as yet no prospect of sufficient increase of industrial imports into the United States to assure any increase in agricultural exports in 1935,” he said. “I am deeply concerned about that.” The secretary expressed hope that this Government will get results from its negotiations for reciprocal tariff agreements, a project that lies close to his heart. He recognizes, however, that this, at best, will take time. Encouraged by Cotton Vote One of the most encouraging signs to Secretary Wallace as he looked ahead into the new year was the overwhelming vote cast by farmers for continuation of the compulsory cotton production control of the Bankhead Act for another year. Mr. Wallace said he was never in doubt about the outcome of the referendum. This year, the secretary feels, will bring to an end the strictly emergency character of farm production control which, in the case of some crops, may cause in time an increase rather than a decrease in production. “Necessary as it was to meet the curtailed foreign markets and the surplus crisis of 1933, reduction in output is only a very partial and paradoxical answer in the long run to the crying need which is expressed in the phrase ‘balanced abundance,’ ” he said. Program for 1935 The secretary has several definite objectives for the new year. These include: 1. Creation of an “ever normal granary” by setting up machinery whereby surpluses of farm crops can be stored. This has two purposes, first, as a precaution against drought, and second, as a of withdrawing surpluses to maintain prices. 2. Amendment of the Agricultural Adjustment Act to give the secretary greater powers of enforcement. These amendments were lcit in the last session, but Mr. Wallace Is hopeful they will be approved by the new Congress, 3. Amendment and extension of the Grain Futures Act to clothe the Government with larger powers to curb speculation. 4. Passage of an adequate food and drugs bill to bring the presept act, passed in 1906, up to date. The Copeland bill failed to come to a vote in the last session. INTEREST RATE ORDER DEFERRED FOR MONTH Action Seen Delayed for Purpose of Congressional Approvs l. By Times Special WASHINGTON, Jan. 4.—The recent order issued by the Federal Deposit Insurance Corp, reducing maximum interest rates on time and savings deposits in insured institutions which are not members of the Federal Reserve System has been suspended until Jan. 31. Senator Carter Glass (D., Va.) had questioned the legality of the action. The delay in the effectiveness of the order is viewed as an attempt to get Congressional approval for the action. FORECLOSURES SLUMP Value of Cook County Forced Sales Declines Sharply. By Times Special CHICAGO, Jan. 4—During December real estate foreclosures filed in Cook County numbered 947. involving property values of $11,719,153, against 917, involving $10,810,364, in November, and 1230 and $20,840,179 in December, 1933, the Builders Commercial Agency declared today. Total foreclosures for 1934 numbered 12,632, involving values of $166,661,467, contrasted with 15,993 and $352,084,797 in 1933 and with 15.302 and $587,055,603 in 1932, the record year. NEW BANK O^NED Farmers and Merchants Begins Business in Rochester. By Times Special ROCHESTER, Ind., Jan. 4.—The Farmers and Merchants Bank opened for business here yesterday with capital of $50,000 and surplus of SSOOO. A branch will be operated at Kewanna. The United States Bank and Trust Cos., which has been operated as a Class B institution since the bank holiday, will be closed and liquidation as soon as a liquidator is named.

TAKES OPTIMISTIC VIEW

Secretary Wallace

OIL FIRMS TOLD TO CO-OPERATE Must No Longer Work for Profits Alone, Says Hose Review. By Times Special NEW YORK, Jan. 4.—Major oil companies of the United States, under the conservation policy to be followed by the national Administration, have become “trustees of petroleum” for future generations, it was said today in the year-end T. S. Hose oil review. The big companies were advised to remember that “while they are entitled to profits they can no longer work for profits alone.” “The oil companies,” says the review, “have nothing to fear, should they be called upon for an accounting of their stewardship of petroleum reserves. The service they perform is indispensable to this country, both in times of war and times of peace. It would take longer to replace their organizations than it would to build up an army to defend our shores. “They hold a dignified and important position and are entitled to let their stockholders and employes know that they have nothing of which to be ashamed. Certain proposed legislation that would work to their detriment would also work to the detriment of the nation as a whole and they are justified in opposing it. “Let them remember, however, that the Administration at Washington has had a man-size job on its hands—President Roosevelt has frankly stated that he did not expect to accomplish it successfully without making some mistakes.” SHAFER TO BE GUEST Local General Agent to Attend Banquet of Ohio State Life. L. S. Shafer, general agent in Indianapolis for the Ohio State Life Insurance Cos., will be one of the guests of honor at a banquet to be given by the company in Columbus Jan. 25 in connection with the annual agency convention of the company, it was announced today. Mr. Shafer is a member of the Honor Club, having been one of the company’s leading writers of insurance in the last year. WORKERS TO GET STOCK By Times Special NEW YORK, Jan. 4.—The Standard Oil Cos. of New Jersey will have 400,000 shares of stock ready for distribution to employes early in February under, the fourth stock acquisition plan, it was announced today.

ENTATjONS

NORTH SIDE RITZ Illinois at 31th (MR. * MRS. THIN MAN) Wm. Powell, Myrna Loy ‘ EVELYN PRENTICE’' Added Attraction. Complete Show After 9:30 P. M. TAT DATT Talbot A 22nd lALdUI 1 D "“. l j|e Feature Will Rogers "JUDGE PRIEST” "FUGITIVE LADY” UPTOWN ‘nnoblf ,SSS? Warren William' "CASE OF THE HOWLING DOG” “RETURN OF CHANDU” DREAM “THE CAPTAIN HATES THE SEA” Stratford .t*V"** Franehot lone "THE WORLD MOVES ON” "DOWN TO THEIR LAST YACHT” MECCA SSZMSSi a. Loretta Young "BORN TO BE BAD” "HAT. COAT AND GLOVE” /-s An n I/vi/ Illinois & 30th. GARRICK "OUTCAST LADY” "PUBLIC STENOGRAPHER” RP Y 30th & Northwestern A Eddie Quillian "GRIDIRON FLASH” "7 A Q'TYT/’' 1 Double Feature LmUilU Joan Blondell "KANSAS CITY PRINCESS" ‘‘CARAVAN” _ O'T' r*l AIT St. Clair A- Ft Wayne ST. CLAIR Loretta “CARAVAN” , BAD BOY” EAST SIDE STRAND "DESIRABLE” "WAGON WHEELS” r 1 Dearborn at 10th KIVULI Double Feature ’ George Raft "LIMEHOUSE BLUES" • "BY YOUR LEAVE” TT-j a rTXT/"' 5507 E. Wash St. IRVING ? onbl * Feature Frank Morgan "THERE S ALWATS TOMORROW” "DEATH ON THE DIAMOND'^ T* A PAH A 2443 E - Wash. St. IAGOMA Donble liiuviuxz vv C. Fields "MRS. WIGGS OF CABBAGE PATCH” "STUDENT TOUR” TITVIMAA 4020 E. New York IUXEDO D "“ w * F i‘ nre w George Ar/isj "THE LAST GENTLEMAN” "GRIDIRON FLASH”

Latest Stock, Bond and Commodity Quotations

GOLD INCREASE NULLIFIES AIM TO AIDSILVER Influx of Yellow Metal Is Detriment to Program. WASHINGTON. Jan 4—A $400.000,000 influx of gold to the United States since June has virtually nullified thus far efforts of the Federal Government to increase its monetary silver stocks to one-third the size of the gold stocks, Treasury figures showed today. The silver purchase act of 1934, passed last June, declared the “proportion of silver to gold in the monetary stocks of the United States should be increased, with the ultimate objective of having and maintaining one-fourth of the monetary value of such stocks in silver.” The Treasury began the acquisition of tens of millions of ounces of silver, but the gold stocks piled up here by foreigners have grown so fast they have virtually nullified the rise in the silver holdings. Gold Stocks Rise On May 31, 1934, gold stocks amounted to $7,778,883,214 and silver stocks to $835,762,767, or only 10.7 per cent in silver. By Dec. 29, 1934, gold stocks had risen to SB,232,732.078 and silver to $1,027,464,169, or 13.2 per cent in silver. If the ultimate objective of the silver purchase act is to be accomplished on the basis of the present gold stocks. 1,330,000,000 additional ounces of silver must be acquired by the Government. The exact Government silver purchases are not made public, but the foregoing were taken from Treasury books showing silver money issued against acquired silver metal. Millions of ounces of the white metal are known to have been acquired in world markets through the Exchange Stabilization fund and 132,305.000 ounces have been picked up domestically through nationalization of the metal and purchases of newly mined silver. Investigation Threatened The silver purchases originally were planned by Secretary of Treasury Henry Morgenthau Jr., as an offset to the “favorable” trade balance of this country and foreign countries. The apparent lag in United States silver purchases hss led Congressional silver money advocates to threaten an investigation into the supposed delay. Some would like an “accounting” into the stabilization fund to determine its part in the silver purchase program. Activities of the fund, the United Press disclosed last week, already have resulted in a “substantial” profit to the United States, although only s2nn 000,000 of the $2,000,000000 assets of the fund have been used.

I— BE SAFE Insure Yotir Car Today 'SjSjj|jKSstate Automobile T.I-8571. 7th Floor Oreldental Bldg.

INSURANCE All Kinds With the Exception of Life A. J. Wichmann & Cos., Inc. 712 Circle Tower

Uat 4 ®*r ß voi.is ftt ltlD ' , 13,36°'°°

EAST SIDE n a nrrn 29;! " *• Tenth st~ r ARKLR ,)nuhle Feature 1 x Laurel A Hardy "SONS OF THE DESERT” "THE HUMAN SIDE” HAMILTON fSS.2-~ Barbara Stanwyck “A LOST LADY” "MRS. WIGGS OF CABBAGE PATCH” R/~v ■ \r \r 2721 E. Wash. St (IX Y Double Feature xv * Aileen McMahan "HEAT LIGHTNING” "COURAGE OE THE NORTH” It II j 1500 Roosevelt. Hollywood %{"• "PRIVATE SCANDAL" “SMOKING GUNS" EMERSON ° Lee* Tracy ** “LEMON DROP KID” ' STRAIGHT IS THE W AY” n New Jer. A E. Wash. Paramount “ w>,t “BELLE OF THE NINETIES” “I GIVE MY LOVEJ’ ___ SOUTH SIDE FOUNTAIN SQUARE ~ Double Feature Joan Blondell "KANSAS CITY PRINCESS” • RETURN OF CHANDU” SANDERS "S® £?£* Kjl U'IZIvIVU j„hn WaTne “PRIVATE SECRETARY" "CONDEMNED TO DEATH” GARFIELD 2S. E 2&. vmivt tuny James Dunn "365 NIGHTS IN HOLLYWOOD” PRESCOTT KID" aura* a\l Prospect-Churchman AVALON Double Feature llltuzvii Harry Green "LOVE TIME” "MARRIAGE AND MONEY” /\fi lFi\Tfp a g 1105 S. Meridian ORIENTAL ; "YOU BELONG TO ME” "MEN WITHOUT LAW” Roosevelt 1429 S. Meridian "SERVANT’S ENTRANCE" “THEIR BIG MOMENT” WEST SIDE BELMONT " 5 Charles Beyer "CARAVAN” ‘ MENACE” D a I o v WT9BE A 1 J I Double Feature Mary Aster “MAN WITH TWO FACES” “THE TONTO KID" STATU* 2792 W. Ith St. I A 1 F, Double Feature A za A Ac George O'Brien “EVER SINCE EVE” “GIRL IN DANGER”

PAGE 19