Indianapolis Times, Volume 46, Number 205, Indianapolis, Marion County, 5 January 1935 — Page 14

Trends Highlights of the News During the Last Week. BY VINCENT S. LYONS •%mes Financial Editor

Industry was urged to ft:ake a New Year's resolution to take more ol the risks of initiative and sow the seeds before looking for the crop by William J. Cameron, an official of the Ford Motor Cos. . Business lew. ers of the city and nation, in issuing their New Year statements, indicated that much progress had been made in and that the outlook for 1935 was optimistic. . . . The Agricultural Adjustment Administration estimated that $476,000,000 in rental and benefit payments would go to farmers in 1935 who co-operate in the Administration's production control program. . . . Grain volume nandled co-operatively in Indiana ! in 1934 registered an expansion of j per cent, according to the Cen- | tral States Grain Assn. . . . Presi- j dent Rosevelt spoke his mind on | the bonus question with the declaration that the release of more than $2,000,000,000 to ex-service men would not speed recovery. , . . . Railroad workers on Jan. 1 had another chunk of the pay cut restored to them. The increase will mean an additional outlay of $3,230,00 monthly by the carriers. . . . Judge Russell J. Ryan of the Marion County Superior Court ruled that dairies must pay the 1 per cent gross income tax rate on sales made direct to consumers. . . . Indianapolis Railways. Inc., ordered for delivery around April 1, 31 new stream-lined motor coaches costing approximately $225,000. s a 0 POWER to arrest the movement toward concentration of business in the hands of a few large American corporations was asked of Congress by the Federal Trade Commission. . . . Henry Ford expressed the belief that 1935 w ill be much better for business and the whole country than the year just ended. ... Frank N. Belgrano Jr., National Commander of the American Legion, answered President Roosevelt’s statement on the bonus question with the assertion that every effort would be made to force such a measure through Congress. . . . Due to the fact that substantial reductions in livestock numbers have curtailed requirements for corn, the likelihood of overpn duction of corn has been increased this year, according to Purdue University. . . . The aggregate of grain futures trading on the Chicago Board of Trade last year was below’ normal, totaling slightly over 12,000.000,000 bushels. . . . Thomas E. Wilson, chairman of Wilson & Cos., declared in a letter to stockholders that payment of a dividend on the common shares of the company w’ould be recommended to directors immediately after consummation of the recapitalization plan. . . .E. Kirk McKinney, state manager of the Home Owners Loan Corp., announced that 36,684 homes in Indiana have been saved from foreclosure and that $83,489,497 has disbursed on these homes by financial institutions of the state. 000 CHECKS in the amount of $2,141.840 have been sent to Indiana farmers representing the second installment of corn-hog adjustment payments . . . The new , year marked the inauguration of a 2 per cent interest rate on savings deposits in member institutions of the Indianapolis Clearing "Hot’s? A”sn. Previously 3 per cent hai bee ipa and. . . The eyas of the brs n :. world were focussed on 33' ingt-n as the 74th Congi ; t nVrn and. . The Continen’il Can Cos. announced that it will bu Id a $300,000 plant at Elwood. Ind. The plant, which is expected to be completed in time for the next canning season, will employ between 300 and 400 persons. ' The U. S. Government ended 1934 with a deficit of $1,699.935,397 and a record public debt of $28,478,663,924, according to a Treasury statement. ... A report of the Federal Land banks revealed that more extensive farm real estate sales took place in November than m any month of the 17 years existence of the system. Mayor Bangs of Huntington. Ind., continued to string power lines to private homes in defiance of a Circuit Court ruling. . . Secretary of Agriculture Henry A. Wallace saw further gams in farm income during 1935 on top ol last year s incrc i'-es. December customs collections in Indiana aggregated $2,035,655. the largest total in 50 years. Heavy customs collections on liquor imports accounted for the sharp increase. Wray E. Fleming, U. S. customs collector, said. REO EXPORTS SPURT TO NEW HIGH RECORD Oterseas Shipments During 1934 Gain 120 Per Cent. Bii Srirnn Srrrice LANSING. Mich., Jan. s—Overseas shipments of Reo passenger cars and sp?ed wagons last year increased 120 per cent over the preceding year and 630 pier cent over 1932. Elijah G. Poxson. president of the Reo Sales Corp.. in charge of export sales, declared today. Unfilled oiders for immediate export shipment on Jan. 1 were more than twice that of a year ago. it wrs pointed out. Reports indicate that 1935 will set new high records in sales of American built motor vehicles, both passenger and commercial, in most of the important overseas markets, it was said.

ENGINEERING AWARDS UP Total of $-0.150.000 Reported During Short Holiday Week. By Time It S/irrinl NEW YORK. Jan. 5 —Engineering awards lor the past week at $20.150.000. reported today by Engineering News-Record, make a good showing with the preceding week. Os this total. $3,616 000 was for Federal work. sl4 589.000 for state and municipal, making a total for public awards of $18,205,000. and $1945.000 was for private work. New capital for the week is entirely made up of state and municipal bond sales totalling $4,105,000.

PAGE 14

HEAVY DEMAND BRINGS FUTURE PRICESUPWARD All Grains Close Higher on Chicago Board of Trade. BY HARMAN W. NICHOLS tni.rii Press Staff Correspondent CHICAGO. Jan. s.—Prospects for a sharp reduction in grain stocks brought buying into wheat late in the .session on the Chicago Board of Trade today and prices pulled away from early easiness. Wheat finished •’ l i to a cent higher, May 100"* cents; corn was \ to 1 cents improved, May 90% cents, and oats were U to •% cent higher. May 54 cents. It was disclosed around 300.000 bushels of No. 2 red winter wheat in a local nublic elevator had been canceled for shipment this week and this led to belief stocks would be reduced. Asa result May wheat pushed over the dollar line and went into new ground since Dec. 15 with no material pressure on the way up. Buying credited to cash interests stemmed an early decline. Mills at Minneapolis were reported as buying July and selling May at that market. No moisture was reported over the dry sections of the winter wheat belt and the forecast indicated these territories would remain dry over the week-end. Wheat— Prev. Open. High. Low. Close, close. Mav . .99% 1.00% .99% 100', .99% Julv . .93 94 .92% 93% .93% Sept. .91% 92% .91% .92% .91% Corn— Mav .89% .90% .89 .90% .89% Julv . 84% 85% .84% 85% 84% Sept .81% 82% .81% 82% .81% Oats— Mav . .53% .54% .53% .54 .53% Julv . 47% .48 .47% 48 .47% Sept. .43% .44 .43% .44 .43% Rve— Mav . .75 ‘.76 .74% .76 .75% Julv . .75% .76% .75 .76% .75% Sept. .76 76 .75% .75% .74% Barley— Mav . .81 .81 .81 .81 .79% Julv 73% .73% .73% .73% .73% I.ard— Jen 12.85 12.85 12.85 12 85 12.85 Mav 13.20 13 20 13 12 13 20 13.15 Julv 13 35 13.37 13 27 13 35 13.32 Sept. 13.37 13.45 13.37 13.45 13 45 Bellies— Jr. p. 16 37 16.37 16 37 16 37 16 25 Mav 16.65 16 65 16.65 16 65 16 60 Ju'v 16 85 ’6.85 16.85 16.85 16.85 Chicago Primary Receipts Bushels Toda> Last Week Wheat 263.000 184.00f* Corn 191.000 175.000 Oats 38.000 55.000

Cash Grain

INDIANAPOLIS Wheat—Strong: No. 1 red. No 2 red 94ft,95c: No. 2 hard. 97ft, 98c. Corn Strong: No. 2 white. 94%ft,95%c: No. 3 white. 93%,94%c: No 2 yellow. 87 88c: No. 3 vellow. 86 ', 87c: No. 2 mixed 85ft, r,6c: No. 3 mixed. 84ft,85c. Oats-Firm; No. 5 white. 534,54 c: No. 3 white. 524,53 c. (By United Press* CHICAGO. Jan 5.- Cash grain:—Wheat No. 2. red. $103%; No. 2. hard. $1.08%; No. 5. northern. SI. Corn No. 1 yellow, old, 96%'C: No. 2. vellow. 96%C No. 3. yellow new. 94%'C No. 4. vellow. new. 91% „ 93’ -c; No. 5. vellow new, 90%c: No. 3. white, old. $104%.. Oats No. 3. white. 554, 56%c: sample. 494, 51%c. Rye. no sales. Bariev, ouotable. $.754,122. Tim- . thv. sl6 604,17 85. Clover seed $15,654, $22 90. Sov beans. No. 2. vellow. SI. 18 Cash provisions—Lard. sl2 85; nominal loose. sl2 40 bid; leaf. 512.50 nominal; bellies, $16.25 bid.

Commodity Prices ■Bv Fenner & Beane)

COTTONNEW YORK Prev. High Low. Close. Close January 12.54 12 50 12.46 12.58 March • 12 65 12.56 12.56 12.69 Mnv 12 71 12.64 12 61 12 76 Julv 12 76 12 67 12.67 12 81 Or ober 12 61 12.55 12.56 12 66 December 12.66 12.65 12.65 12.71 Spot, auiet: 10c lower; middlings. 12.75. NEW’ ORLEANS January . 12.45 12.45 12.45 March 12 67 12.59 12.59 12.52 May 12 73 12.67 12 67 12 69 Julv 12 28 12 69 12 69 12.77 October . .. . 12 61 12.55 12.55 12.81 December 12.65 12.61 12.61 12.64 Spot steady; 10c lower; middlings. 12.79. NEW YORK COTTONSEED OIL Prev High. Low. Close, close. March 10.92 10 88 10 88 10.89 May 10 97 10 84 10.87 10.94 July 11 01 10.87 10.90 10.98 SUGAR January 195 1.93 1.94 March 1 93 1 92 1 92 1.93 Mav 1 97 1.94 1.95 1.93 Julv 2.00 199 1.99 1.97 September 2.04 1.02 2.02 2.00 December 2.09 2.08 2.07 BITTER Prev. High. Low. Close, close. January 29% 28% .29% .282 r February • .29% .28% .29% ,28‘a March 29% 28% .29% .29% EGGS High. Low. Close, close. January 21% .21 .21% .21% April 20% .20% .20% .7’ October 22% 22% .22% .22%

Produce Markets

Delivered in Indianapolis prices: Heavy hens. 12c; Leghorn hens. 7c: colored springers. 12c; old rootsters. ss: ducks. 7c; geese. 7c: voung guineas. 20c; old guineas 15c Turkevs—No. 1 voung hens. 8 lbs. and O'er. 15c: voung toms. 14 lbs. and over. 15c: voung toms. 11-14 lbs. 13c; No. 2 crooked breasts and thin turkevs. 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. 1 334,34 c. Butterfat— 28c. Quoted bv the Wadlev Company ,Bv United Press i CHICAGO. Jan 5. Eggs—Market, weak receipts 2175 cases: extra firsts, 27c: fresh graded firsts. 26%c: current receipts. 25c. dirties. No. 1. 21c: No 2. 19c; checks. No. 1,20 c: No. 2. 18c. ButterMarket. firm; receipts. 3306 tubs: extra firsts ,90-91%- score>. 30% a3l ' 4 c: extras ,92 score,. 32: firsts ,88-89% score*. 28% ■,,29%-c; seconds 86-87% score,. 27<9 28c: specials. 32%4,33c: standards. 31c. Poul-try-Market. steady: receipts. 8 trucks: springers, heavy. 18,,19c: 6 to 7 lbs . 204, 22c. Leghorn hens. 84,10 c: stags. 15c; black chicks 13c hens. 12%ft115c Cheese Twins, 14% 14%-c; Daisies. 15 ft 15 c: Longhorns. 154,15' 4 c. Potatoes—Supply moderate: demand and trading slow; market dull; Idaho russets. $1 554,1.62%: one car. $1.65. Wisconsin round whi’es, one car fair quality 77%c. one car fine quality and condition 90c: Colorado McClures, one car fine oualitv $2 Arrivals. 63 cars; on track. 135; shipments. 500.

Other Livestock

'Bv Times Special) LOUISVILLE. Jan. 5 —Cattle—Receipts. 75: market nominal compared week ago; steers and heifers and sausage bulls fully 50c or more higher; cows 25c higher and Stockers and feeders 25c up; closing bulk common to medium slaughter steers and heifers. 54 50 ; 5.75; fair quota better finished selections during week. s6ci7; top. $7 25 for good 576 pound yearlings; bulk bets cows. *2 75 .'3.25; good to $3 50 and above; most low cutters and cutters. *1.50 4; 2 50: closing bulk sausage bulls. $3 3.50: plainer grade native Stockers. *4 50 down Calves Receipts. 75; market fully steady: bulk better veaters. S6 '<t~- medium and lower grades. $5 50 down: market closing. 50c*;$l lower than last Saturday. Hogs— Receipts. 250 10c higher, top and bulk 230-300 lbs J 7 90 200-225 lbs.. *7.75; 305 lbs. up. *7.4? 180-195 lbs . *7.15; 160-175 lbs *6 75; 140-155 lbs . *6 25: 120-135 lbs.. *530 sows, *615; market closing unevenly; 50-7 SC higher than last Saturday Sheep— Receipts. 25: market, nominal; lambs closed strong to 50c higher: most advance cn medium and lower grades: bulk medium to good iambs. s7irg; cohice to *8 50 or baiter; bucks discounted common light tarotfJut*. 55 50; better let ewes. 53&2.50.

Abreast of The Times on Finance

Only 26 Per Cent of Alien Debts Are Held in Complete Default More Than Half of All American Stakes Abroad Are Serviced in Full, Winkler Declares; Reich’s Record . Considered Worst. BY MAX WINKLER Times Special Writer NEW YORK, Jan. 5. Os America’s total stake in foreign countries, as represented by the dollar bonds of governments, states, cities and corporations, placed at approximately $8,500,000,000 at the end of 1934, slightly more than 2.2 billions, or only about 26 1 /> per cent, is in complete default.

Approximately 21% per cent is in partial default and the remainder of more than $5,000,000,000, or more than 60 per cent of the outstanding aggregate, is receiving interest in full. Europe heads the list of American debtors with a total of close to $9,000,000,000. Os this amount Germany accounts for considerably more than one-th rd, with only $4,000,000 par value of bonds receiving payment in full. The remainder is either partly or wholly —mostly wholly—in default. Os the remainder of America's investments in the Old Continent half a billion dollars remain in default, of which about 220 millions are in complete default. Canada holds second place, with a total of more than 2% billion dollars. Only slightly in excess of 100 millions are in default, or less than 3.75 per cent of the total. South America follows, with a total of about 16 billion dollars, of which slightly more than one-third is in complete default, and about 44 % in partial default. The full interest is being met on only about one-fifth. Those in complete default include Chile, Peru, Bolivia, Ecuador, the Brazilian state of Ceara, all Colombian departments, municipalities and corporations and the capital of the Republic of Uruguay. The North American Republics rank fourth with a total of $707,682,155, of which the major portion is in complete default. Only $130,727,455 par value of bonds are receiving interest in full. The defaulters comprise Mexico, w’hich, for more than two decades, has withheld payments on her contractual commitments, with the exception of some minor disbursements in 1924, 1926 and 1927, and Cuba, which, prompted by irregularities said to have characterized the flotation of certain of her foreign issues under the Machado administration, has invalidated the issues so contracted Australasia is last, with somew’hat less than $700,000,000. This division, which includes the Australian continent. the Dutch East Indies, Japan and China, has given the most satisfactory account of itself. Only $11,000,000 worth of Chinese loans (the so-called Continental of Chicago and the Pacific Development issues of s‘i millions each, or only 1.57 per cent of tin total. On the remainder the service has been met promptly and faithfully.

Retail Coal Prices

l'he tollowmg prices represent uuotauon' ••oni leading Indianapolis coal dealer* A 25-cent carrying charge oer ton will be idded DOMES 1 11, KETAII PRICES Anthracite *l3 00 Brazil Lump 6.#4 Brazil Mine Run 8.25 Coke. Nut Size 8.90 Coke. Egg Size 8.90 Indiana Forked Lump No. 4 0.94 Indiana Forked Lump No 6 5.84 Kentucky Lump Group “B" 7.18 Indiana Egg 5.71 Pocahontas Egg 8.42 Pocahontas Lump 8.32

On Commisipon 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. 52.25. Persimmons. California. 24s 51.35. 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 $3.75. Vegetables Cabbage. Northern Danish. 50-Ib. bag. 75c; red. 50-lb. box. 90c. New Cabbage. In crates. $2412.25. Onions, Idaho, sweet. Spanish, large, 50-lb. bag. $1.40: Michigan yellow, med., 10-lb. bag, 22c; western white. SC-lb. bag. $1.85; Michigan. yellow. $1 35. Potatoes. Green Mountains. 100-lb. bag. $1.50: northern round white. 100-lb. bag. $1.10; Ohios, 100-lb. bag. $1.90: Idaho Russets. 100-lb. bag. *2. New potatoes. $2 25(,12.50. Sweet potatoes. Indiana Jerseys, bushel. $1.85; Tennessee Nancy 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. S4. Endive, dozen. 90c. Egg plant. 51.50412 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. Parsley, dozen, 35c. Peas, hampers. $4.50. Spinach home-grown broadleaf, bushel. $1.15. Radishes, dozen, 750'S sl. Tomatoes. 10-lb. carton. 51.35; 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. s—Apples—Michigan Mclntosh bushels. $1.75; few, $2: Jonathans. $1.6541 1.75. Beets—lllinois bushels. 40'u 50c Cauliflower—California crates. 75c4, $125. Cranberries —Massachusetts % barrels. $54, 5.25 Lettuce—California crates. $2,504,4: Arizona. $34,4. Cabbage —Wisconsin 100 lbs.. 75'„85c: Texas crates. $2 154, 2 35. Spinach—Texas bushels. 90c4, SI 10 Sweet potatoes—Tennessee bushels. $1411.10: Indiana Jerseys. $1,504,1 60. Carrots —California crates. $24,2.75. Celery— Michigan square crates. 75c4,5125. Turnips—Alabama crates, 50c4i51.75.

Hides and Skins

Hides —Green country cows and steers. 4c flat: green country bulls and glues. 2'jc fit; green country calf hides. 4' 2 c; flat: green country kip. 4c: No. 1. Is-ge horse nides with full heads, shanks, mimes and tails 52.75. medium size S2 25. Al' No. 2 grade horse hides. 50c less: glues and ponies half price. No. 1 rendered tailow, 4r4 ! jc; No. 2 at value. Yellow grease 3fa<T3%c: dark grease. 3?3' 4 c. TAX REFUND GRANTED By l nilrd Press WASHINGTON. Jan. 4—The Central Hudson Gas and Electric Corp.. Poughkeepsie, N. Y., today was granted a refund of $89,236 and a credit of $13,769 by the Treasury Department because of overassessment of income tax from 1929 to 1931, inclusive.

INDIANAPOLIS, SATURDAY, JANUARY 5,1935

HEAD 25 YEARS

1 "r v m • j&r

Roy D. Chapin One of the pioneers in the automobile industry, Roy D. Chapin, tomorrow will complete 25 years of service as president of the Hudson Motor Car Cos. Mr. Chapin has been executive head of the company continuously except for the time he served as Secretary of Commerce during the Hoover administration.

PORKER VALUES REACHSBMARK Majority of All Classes Generally 10 to 15 Cents Higher. With the usual week-end cleanup trade prevailing in the hog market at the Indianapolis Stockyards today, prices were generally 10 to 15 cents higher than yesterday’s average, reaching the $7 level for the first time in the last several months. Initial trading was extremely active and only a small amount of supplies were available. Today’s receipts were estimated at only 2000, compared with 3000 last Saturday. Including today’s advance, strictly good and choice porkers were largely $1.05 higher than a week ago. The general bulk of 160 to 400 pounds was selling from $7.65 to SB, while extremely light-lights, weighing from 130 to 160 pounds, brought $6.25 to $7.25. Other small slaughter pigs, scaling 100 to 130 pounds, sold at $5 to $3. Good packing sows ranged from $6.25 to $7. Holdovers numbered 103. Trading turned dull in the cattle market with all slaughter steers fully unchanged. No early sales were reported. Receipts were 50. Vealers also displaced a steady trading range, selling at $8 down. Receipts numbered 100. With hardly enough stock on hand to test the market, lamb values held stationary. Receipts were 50. HOGS Dec. Bulk. Top. Receipts. 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 4. 7.60® 7.75 7.90 70C0 5. 7.65® 8.00 8,00 2000 Light light: (140-160) Good and choice .. .$6.75® 7.50 Medium 6.00® 7.25 Light weight: (160-1801 Good and choice ... 7.70® 7.80 Medium 7.25® 7.55 (180-200) Good and choice ... 7.80® 7.90 Medium 7.50® 7.65 Medium weight: 1200-220) Good and choice .... 7.90® 7.95 (220-2501 Good and choice .... 7.95® 8.00 Heavy weight: (250-290) Good and choice .... 7 95® 8.00 (290-350) Good and choice .... 7.75® 7.95 Packing sows: (275-350) Good 6.75® 7.00 (350-425) Good 6.65® 6.90 (425-550) Good 6.50® 6.75 1275-550) Medium 6.25® 6.75 Slaughter pigs: „ (100-140) Good and choice .... 5.00® 6.50 Medium 4.50® 6.25 CATTLE —Receipts. 50— —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 9.50®10.25 Good 7.25® 9.50 Medium . 5.00® 7.25 (1300-1500) Choice [email protected] Good 7.50(21 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— I Good 3.50® 4.50 Common and medium 2.50® 3.50 Low cutter and cutter 1.25® 2.50 —Bulls—(Tearlings Excluded) Good 3.50® 4.00 Common and medium 2.25® 3.25 VEALEBS —Receipts. 100— Good and choice §95 Medium 5.90® e's 2 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— • (500-800) Good and choice.... 4.00® a.OO Common and medium 2.JO® 4.00 (800-1050) Good and choice 4.00® 5.25 Common and medium 2.(5® 4.00 Good and choice 3-522 Common and medium 2.50® 3.00 —Cows — Good 2.50'® 3-00 Common and medium 2.00® 2.50 SHEEP AND LAMBS —Receipts. 50— Lambs. 90-lbs, down, good and choice *8 50® 9.00 Common and medium 6.00® § 5? 90-120 lbs., good and choice.... 3.00® 4.00 Sheep— . . _ G2O-150) Good and choice 2.50® *SO All weights, common and me(ilnm , 2.00® *.OO

STOCKS MOVE NARROWLY IN DULLSESSION Best Gains Marked Up by Mercantile Group; Auto Shares Active. MARKETS AT A GLANCE Stocks irregulaily higher; motors strong. Bonds quiet and irregular; rails steady. Curb stocks steady in dull trading* Chicago stocks quiet and steady. Call money 1 per cent, dollar firmer in foreign currencies. Cotton dips 50 cents a bale. BY ELMER C. WALZER United Press Financial Editor NEW YORK, Jan. 5. —Stocks were dull in the short session today with prices irregular in a narrow range. Best gains were made by mercantile issues. Automobile issues were active and firm. utilities were steadier. Rails failed to push ahead after yesterday’s rise but they held their own. Several special issues made good gains. Packard was the most active issue and sold at 5*4, up %. Auburn gained more than 2 points and others of the low-grade motor shares were higher. Chrysler gained slightly while General Motors was unchanged. Among the mercantile issues to make wide gains, new highs were made by Interstate Department Stores preferred at 82 V 2, up 4%; and S. H. Kress 67, up Hahn preferred rose 2's to 62 and its common was % higher at 6'.8. On the other hand, The Fair preferred dropped 8 points to 63, and Woolworth lost fractionally to 53%. Week in Review The stock market was fractionally unchanged in the first week of the new year as compared with the last Saturday in December. Bonds, however, advanced sharply with the average at anew top since 1931. Commodities made new highs in the index. Business meanwhile made a less than seasonal decline. Steel operations reversed the usual performance at this time and rose 11 per cent on the first day of the year. Operations are scheduled to start next week 8 points higher in the Youngstown district. Car loadings declined seasonably in line with expectations but electricity output made a much smaller than usual decline. Approach of the automobile show stimulated predictions for the future of that industry. The 1935 production now getting into full swing is expected to be the best since 1929 when more than 5.600,000 cars and trucks were produced. High grade motor shares did little, but the low grades were higher in active turnover. The market operations of professional traders turned to issues that were expected to benefit from Government aid. President Roosevelt’s message to Congres was received calmly. The’ market picked up for a few minutes with the railroad shares leading. The President indicated that the various regulatory bodies on transportation would be grouped under one head. That led to the belief the way was being prepared for aid for the carriers. However, the gains were not held. Railroad equipments fared better, although they were not particularly active. American Can and Continental Can each made new highs, the former anew high since 1931. Tobacco issues were in good demand on hopes for increased dividends. Oils had a period of firmness but closed the week about unchanged. Silver mining issues were carried higher early in the week on the belief Congress immediately would enact inflationary legislation. The trading was accelerated in the group when the first bill out of a batch of 2400 introduced was the Patman bill for immediate payment of a soldier bonus.

U. S. Bonds

ißy United Press) NEW YORK. Jan. 5. —Closing United States Government bonds (in thirtyseconds* / Liberty Prev. Close, close. 3%s (32-471 103.18 103.17 First 4%s (32-47) 103 8 103.11 Fourth 4%s (33-38) 103.23 103.22 Treasury 4%s (47-52) 113.8 113.14 3%s ,43-47* 104.1 104. 3%s ,41-43* March 104.17 104.18 3%s ,40-43) June 104.17 104.16 3%s ,41, 104.22 104.24 3%s ,46-49* 101.28 101.29 3s ,51-55* 100.31 101.1 3s (46-48, 101.30 101. Home Owners Loan Corn. 3s Mav 1. 1952-51 S 99.21 $ 99.25 4s Julv ’. 1951 100.24 100.29 2% Aug. 8. 1549 98*26 96.28 Federal Farm Mortgage Corporation. 3%s March 15. .’964-44 .. $101.17 $101.22 3s March 1 1952-44 99.16 99.20 FEDERAL FARM LOAN BONDS ,Bv Blvth & Cos.) Bid. Ask. 4s. Julv 1 1946-44 101% 101% 4s. Nov. 1. 1957-37 100% 101 4s. Mav 1. 1958-38 100% 101 4%5. July 1. 1956-36 101 101% 4%5. Jan. 1. 1957-37 101 101% 4%5. Mav 1. 1957-37 101 101% 4Us. Nov. 1. 1958-38 101% 102 4%5. Mav 1. 1942-32 100% 101% Jan. 1. 1943-33 100% 101% 4%5. Jan. 1. 1953-33 100% 101% 4%5. Jan. 1. 1955-35 100% 101% 4%5. Jan. 1. 1956-36 101% 102 ss. Mav 1. 1941-31 101% 101% 5s Nov. 1. 1941-31 101% 101 %

New York Bonds

(By Fenner & Beane) Prev. Close, close. Alleg Corp 5s ’SO 26 26 Am & For Pwr 5s 2030 59 1 i 59 A T & T db 5s 65 Ill 5 * IUH B & O CV 4*2S '6O 59 57 7 8 Can Pac 4s '57 86" s 86'2 Ch M St P & P adj 5s A 2000 7' 4 7' 8 Ch MStP&P rs 5s A '75 24>z 24> 4 Cons Gas N Y 4'26 57 103 3 „ 103'., Denmark 5 ! 2S '55 99 3 99 : '/i Erie RR rs 5s '67 73’/* 73 French 7s *49 185 185 Goodyear 5s '57 104' 2 105 Gt Nor 4' 2S D '7B 78'2 78 3 4 Gt Nor 5s A '36 94’ 2 94 3 4 Interboro RT 5s ‘66 82 ’2 82 3 * Int T & T db 5s ’55 68' 2 68' 4 McKess & Robbison 5*25 'SO . 94 7 8 94 3 4 Nat Dairy db s' 4 s 48 102 3 . 102' 4 N Y Central 5? O 2013 68 3 4 67 3 4 Nor Am 5s '6l 83' 4 82' Pac Gas & El 5s A '42 107106' Para Pub 5*2S 'SO 62 62' 8 Poland 7s '47 115' 4 114 1 2 Royal Dutch 4s A '45 136' 2 Shell Union Oil 5s '52 102 ' 4 102 3 4 Texas Corp 5s '44 .....103 1 * 103 Tob Pr N J 6>2 2022 100 7 100 5 Un Pac Ist 4s '47 108 V 108' 2 U S Rubber 5s 'sl 92 91 3 4 Vanadium 5s ‘4l " §2 ?§!? Western Un 5s 'sl - $7 87‘ Youagstojp, S4c T B '7O 9754 90

New York Stocks

Sales today approximated 490,000 shares, compared with 760,000 shares last Saturday. Dow, Jones preliminary closing averages showed industrials 105.56, up .87; railroads 36.82, up .09, and utilities 17.68, up .08. Prev. Oils— High. Low. Close, close. Atl Rfg 25% 25 25% 25. Barnsdall 7 6% 7 6% Consol Oil 8% 8% 8% 8% Cont of Del ... 19 18% 19 19. Houston (Old*.. 17 17 17 17% Mid Cont Pet.. 12% 12% 12% 12% Ohio Oil 10% 10% 10% 12% Phillips Pet .... 15% 15% 15% 15% Plymouth Oil ... 8% 8% 8% 8% Pure Oil 7% 7% 7% 7% P.oval Dutch ... 30% 30% 30% 29% Seaboard Oil .. 26 25% 26 26 , Shell Un 7% 7% 7% 7% Soc Vac 14% 14% 14% 14% SO of Cal 32 31% 31% 31% S Oof Ind 25% 25 25 25% S O of N J 43% 43 43% 43% Texas Corp ... 21% 21 21 21 Tidewater Assn. 9% 9% 9% 9% Un Oil of Cal.. 16% 16% 16V* 16% Steels— Am Roll Mills... 23% 22% 23% 22% Beth Steel 33 31% 33 32 Byers A M 19% 19% 19% 19% Col Fuel & Iron 4% 4% 4% 4% Cruc Steel 24% - 24% 24% 24 Inland Steel ... 53 52% 52% 51% Ludlum Steel .. 17% 17 17% 16% Mid Steel 12 12 12 11% Natl Steel 49 48% 49 48% Otis Steel 5% 5% 5% 5% Rep Iron & Stl 15 14% 15 14% Rep Iron & Stl p 43% 43% 43% 43 U S Pipe & Fdv 'll 20% 21 20% U S Steel .. 39% 38 39% 39% U S Steel pfd . 88% 87% 88 87% Warren Bros 5% 4% 5% 4% Youngstown S&T 20% 20 20% 19% Motors— Auburn 28% 26 28% 25% Chrysler 42% 41% 42% 41% Gen Motors ... 34 33% 34 33% Graham Mot ... 3% 3% 3% 3% Hudson 12% 12% 12% 12% Hupp 3% 3% 3% 3% Mack Truck ... 26% 26 26% 26% Nash 19% 18% 19% 18% Packard 5% 5% 5% 5% Reo 3% 3% 3% 3% Studebaker .... 3% 3% 3% 3% Yellow Truck ..4 3% 4 3% Bendix 17 16% 16% 16% Bohn Alum 59% 59 59% . Borg Warner ... 31 3n% 31 30% Briggs 28 27% 28 27% Eaton Mfg, 18% 18% 18% 18% Elec Auto Lite .. 28% 27% 28% 28 Elec Stor Bat . 49 48% 49 49 Houdaille "A”.. 8% 8% 8% 8 3 'a Mullins Mfg .10 10 10 10% Murray Body .. 7% 7% 7% 7% Stew Warner ... 9% 8% 9% 8% Timken Roll 35% 35% 53% 35% Timken Det Axle 7 6% 7 7 Mining— Alaska Jun .... 19% 19% 19% 19% Am Metals 16% 16% 16% 15% Am Smelt 39% 39% 39% 39 Anaconda 12 11% 12 11% Cal & Hecla ... 3% 3% 3% 3% Cerro De Pasco . 46% 45% 46% 45% Dome Mines .... 38% 38 38 38% Granby 7 6% 7 6% Howe Sound ... 50% 50% 50% 51 Ins Copper 3% 3% 3% 3%> Int Nickel 24% 23% 24% 24% Isl Creek Coal . 34% 34% 34% 35 Kennecott Cop . 18 17% 18 18 Mclntvre Mine . 41% 41% 41% 41% Park Utah 3% 3% 3% 3% Noranda Cop ... 35% 34% 35% 35 Phelps Dodge ... 15% 15% 15% 15% St Joe Lead 17 17 17 17 U S Smelters .. 122 121 122 121 Vanadium 21 20% 21 20% Amusements— Loews Inc 34 33% 34 33% Radio Corp ... 5% 5% 5% 5% Paramount .... 3% 3% 3% 3% RKO 2% 2% 2% 2% Warner Bros ... 4% 4% 4% 4% Tobaccos— Am Snuff 66 66 66 417 Am Sum Tob ... 24 24 24 24 Am Tob “A” ... 84% 84% 84% 84 Am Tob “B” .. 86% 85% 86% 86 Gen Cigars .. . 61% 61% 61% 61 Ligg & Myers B 109 108% 109 108 Lorillard ' 21% 20% 21% 20% Phillip Mofris 45% 44% 45% 45 Reynolds Tob B 51% 51 51% 51% Rails— Achison 54% 54 54 54% Atl Coast Lines.. 36 35% 36 36% B& O . 14% 14% 14% 14% Can Pacific ... 13% 12% 13% 12% Ch & Ohio 44% 44% 44% 44% Chi & Gt W 2% 2% 2% 2 Chi & Gt W pfd 4% 4% 4% 4% C M & St P 32% 2% 2% C M & St P pfd 4% 4% 4% 4% Chi N W 5% 5% 5% 5% Chi N W pfd ... 10% 10% 10% 10% Dela & Hud ... 42 41% 42 42 Del Lac & W ... 18% 18% 18% 18% Grt No pfd ... 16% 16% 16% 16% 111 Central 16% 16% 16% 16% M K & T 6 5% 5% 6% Mo Pac 2% 2% 2% 2% N Y Cent 21 20% 21 20% N Y New Haven 8% 8% 8% 8% Nor Pacific 20% 20% 20% 20% Penn R R 24% 24% 24% 24% Sou Pac 18% 18% 18% 18% Sou R R 15% 15% 15% 15Va Union Pac ....108% 108% 108 Vi 108 V* Equipments— Am Brake Shoe 29% 29 Vi 29Vi 29% Am Car & Fdy.. 18% 18% 18% 18% Amer Loco 18% 18% 18% 18% Am Steel Fdy.. 16% 16% 16% 16% Bald Loco 5% 5% 5% 5% Gen Am Tk Car 38 37% 37% 38% Gen llec 22% 22 Vi 22% 22 % Gen R R Sig . 29% 29% 29% 29 Pullman Inc ... 49 48% 48% 49 West Air Br ... 25% 25% 25% 26% Westingh Elec .. 57% 36% 37% 36% Utilities— Am & For Pwr.. 5 4% 5 4% Am Pwr & Lit . 3% 3% 3% 3% AT&T . 105% 104% 105% 104% Am Wat Wks - 14% 14% 14% 14% C'ol Gas & Elec 7% 7 7Vi 7 Conn & Sou ... 1 % 1 1 a 1 % IVi Consol Gas . 20Vi 19% 20% 20 Elec Pwr & Lit . 32% 2% 2% Int Hydro Elec . 2% 2% 2% 2% Interboro RT .. 15% 14% 15% 14% Int T & T 9% 9Vi 9% 9% Lou G& E “A". 12% 12% 12% 12% Nat Pwr & Lit.. 7% 7% 7% 7Vi North Amer 12% 12Vi 12% 12% Peoples Gas 21 Vi 21% 21 Vi 21% Pub Serv N J .. 25% 25% 25V* 25% So Cal Edison... 11% 11% 11% 11% Std Gas 4Vi 3% 4Vi 4% Stone & Webster 4% 4% 4% 4% United Corp 2% 2% 2% 2% Un Gas Imp ... 12% 12% 12% 12% Ut Pwr & Lt ‘A’ 1% 1% 1% 1% Western Union . 33% 33 33 % 33% Rubbers— Firestone 17% 17% 17% 17% Goodrich 11% 11% 11% 11% Goodyear 26% 25% 26% 26 Kelly Spring ... 1% 1% IVi 1% U S Rubber . . 16% 16% 16% 16% U S Rubber pfd 41 40% 41 40% Miscellaneous— Allis Chalmers-. 17% 16% 17% 17% Am Can 116 115% 116 116 Am Mach & Fdy 22% 22% 22% 22% Anchor Cap 17% 17% 17% 17% Brklyn Man Tr. 40% 39% 40% 39% Burroughs Add . 15% 15% 15% 15% J I Case 59% 58% 59% 58% Conti Can 65% 65% 65% 65% Caterpillar Tract 38% 38% 38% 38% Crown Cork .... 26 26 26 26 Curtis Pub 22 21% 22 21% Curtis Pub pfd . 97 97 97 94% Deere & Cos 28% 27% 28% 28% Eastman Kodak 116% 115% 116% 115% Foster Wheeler.. 17 16% 17 16% Gillette 13% 13% 13% 13% Glidden 26% 26 26% 26 Ingersoll Rand 68 68 68 68% Int Bus Mach 152 152 152 152 Inter Harv .... 42% 42 42% 42 Natl Cash Reg . 17% 17% 17% 17% Rem Rand 11 10% 11 10% Underwood E ... 58 58 58 58 Foods— Am Sugar 66% 66% 66% 66 Armour Com • . 5% 5% 5% 5% Beatrice Cream 17% 17% 17% 17% Borden Prod ... 25% 24% 25% 24% Cal Packing ... 39% 39 39% 39% Can Dry G Ale . 16% 15% 16% 15% Coca-Cola 164V* 164 164% 163% Corn Prod 66 65% 66 65% Crm of Wheat .. 36% 36% 36% 36% Cuban Am Sugar 6% 6% 6% 5% Gen Baking 8 7% 7% 8 Gen Poods 33% 33% 33% 32% Gold Dust 17% 17% 17% 17% G W Sugar 28% 28% 28% 28% Natl Biscuit 30 29% 30 29% Natl D Prod ... 16% 16% 16% 16% Purity Bak 10% 10% 10% 10% Std Brands 18% 18% 18% 18% Un Biscuit 26% 25% 26 26% United Fruit .75 75 75 75 Ward Bak “B”.. lVi 1% IV2 IV* Wrigley 79 78% 79 79 Vi Retail Stores— Assd Dry Goods 12% 12% 12% 12% Best &• Cos 36% 35% 35% 36% First Natl Stores 54% 53% 54% 3% Hahn Dfpt Sts . 6% 5% 6 5% Kresge S S 21% 21 % 21% 21% Kroger Groc .. 28% 28% 28% 28% Macv R H 42% 42% 42% 43 McCrorv St 12 11% 12 12 McLellan St .. 14% 14% 14% 14% Marshall Field.. 10% 10% 10% 10% Mont Ward 29% 29% 29% 29% Penney J C ... 70 69 % 70 69% Sears Roebuck.. 40% 4040% 39% Woolworth 54% 53% 54% 54 Aviation— Aviation Corp .. 5% 5% 5% 5% Boeing Aircrft.. 9% 9% 9% 9% Curtiss Wright.. 32% 2% 3 Curtiss Wri <A> 9% 9% 9% 9% Douglas Air . 24% 23% 24% 24 Nor Amer Av.. 3% 3% 3% 3% Sperry Corp ... 9% 9% 9% .?% Utd Aircraft new 14% 14% 14% 14% Chemicals— Air Reduction .114% "113% 114% 114% BACKACHES KIDNEY DISORDERS corrected by taking DIUREX Sold and Guaranteed HAAG’S Cut Price Drugs

Allied Chem ... 141 140% 140% 139 Am Com Alcohol 31% 31% 31% 31% Col Carbon .. . 74% 74% 74% 74% Com Solvents .. 23 22 % 22% 22% Du Pont £8 97% 98 98 Freeport Tex ... 25% 25 25% 25 Liquid Carb .... 29% 29% 29% 30 Math Alkali ... 30% 29% 30 29% Monsanto Chem 60 60 60 60 Natl Dis (new*.. 28% 28% 28% 28% Schenlev Dist 2'.% 27% 27% 27% Tex Gulf Sulph 34% 34% 34% 35% Union Carbide 47% 46% 47% 47 U S Indu AICO 44 44 44 44% Drugs— Cotv Inc 6% 6% 6% 6% Lambert 28 28 2 27% Sterling Prod .. 60 59% 60 59% Un Drug mew) 13 12% 13 12% Vick Chem 34% 34% 34% 34% Zonite Prod .. 4% 4% 4% 4% Financial — Adams Exo 7 7 7 7% Allegheny Corp . 1% 1% 1% 1% Am Int Corp 6% 6% 6% 6% Chesa Corp ... 44% 44% 44% 44 Lehman Corp .. 72% 72% 72% 72 Transamerica . 5% 5% 5% 5% Tr Conti Corp . 3% 3% 3% 3% Building— Am Radiator . 16 15% 16 15% Gen Asphalt . 17% 16% 17% 16% Holland Furnace 8% 8% 8% 8% Int Cement . 32% 31% 32% 31% Johns Manville 57 55% 57 55 Libby Owens Gis 32 31 % 32 31% Otis Elev 14% 14% 14% 14% U S Gypsum .... 52% 51 52% 51% Household — Col Pal Peet ... 17% 17% 17% 17% Congoleum .... 34 33 * 33 ■* 34 Kelvinator ..... 17% 16% 17% 17 Mohawk Carpet 16 15% 15% 16 Proc & Gamble . 44% 44% 44% 44% Servel Inc 7% 7% 7% 7% Textiles — Amer Woolen .. 8% 8% 8% 9 Belding Hem . 12% 12-% 12% 12% Celanese Corp . 34% 33% 34% 33% Gotham Hose .. 5% 5% 5% 5% Indus Rayon ... 31% 30% 31% 31

Chicago Stocks

(By Abbott, Proctor & Paine) Prev. Close. close. Allied Products 12% 13 Bendix Aviation 17 16% Berghoff Brew Cos 2% 3 Borg-Warner pfd 31 30% Brown Fence & Wire "A”.... 13% 15 Butler Bros 7% 7% Central 111 Securities com .... % % Central & So West % % Chicago Corp com 2% 2% Chicago Corp pfd 30 29% Cilties Service 10% 10% Commonwealth Edison 47 % 48% Cord Corp 3% 3% Crane Cos 10% 10% Electric Household 15 15 Marshall Field Si Cos 10% 11% General House Util 6% 6% Iron Fireman 14% 15 Lynch Corp 36% 37 Noblitt-Sparks Industries Inc 15 15% Prima Cos 32% Quaker Oats ...’ 128% 128 Swift & Cos 19% 19 Swift International 34% 34% Thompson J R 5% 6% Utility & Ind % % Walgreen Cos com 29% 29%

New York Curb

,By Abbott. Proctor Si Paine) Prev. Close, close. Allied Mills 13% 13% Alum Cos of Am 52 51% Am Beverage 1% 1 Am Cyanide "B” 16% 16% Am Gas Si El 19% 19% Am Superpower 1% 1% Atlas Corp 9V4 9% Axton Fisher Tob 59 Brazil Tract & Lt 10% ... Can Marc 2 2% Carrier Corp 17 16% Cities Serv 1% 1% Consol Gas of Balt 53% 53% Cord Corp 4 1 /* 4 Creole Petrol 13 13% Crown Cork Inti 8% Deere & Cos 28% 28% Distillers Lim - • 23 Distillers Corp 17% 17% Dow Chem 91 90 El Bond & Share 7 7 Fisk Rubber 10% 11 Ford of Can “A” 29% 29Vi Ford of Europe 9 9 Gen Aviation 5% Gulf Oil of Pa 60% 60 Hiram Walker 28% 28% Humble Oil 48 47% Imperial Oil Ltd 17 17 Hud Bay Min 13 12% Int Petrol 31 Vi 3t% Lake Shore Min 54% 54V 4 Libbv McN Libby 7% 6% Natl Bellas Hess 2% 2% Nia Hud Pwr .' 3% 3U Novadel Agene 22 U 22 Pan Am Airways 40% 40 Park Dayis 33% 32% Penn Road 2 2 St Regis Paper 1% 1% S; 1 Creek Products 6U 6% Std of Kv 18% 18% Technicolor Ind 13% Teck Hughes Gold 4% 4 Un Gas 1% 1% Un Pwr & Lt “A” 1 1, Wr Hargraves Min 9U 9%

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $ 2.471.000.00 Debits 6.577,000.00 Clearings for the w r eek 13.065.000.00 Debits for the week 36,168.000.00 TREASURY STATEMENT ,By United Press, WASHINGTON. Jan. s.—Government expenses and receipts for the current fiscal year to Jan. 3. compared with the corresponding period of the previous fiscal year: This year. Last year. Expenses. $3,608,562,146.34 $2,750,940,296.57 Receipts . 1.863.349,653.29 1.493,295,399.95 Deficit. . . 1,745.212,493.05 1,257,644.896.62 Cash bal.. 2,525,801,839.20 940,245,370.77 FOREIGN EXCHANGE (By Abbott, Proctor & Paine) Prev. Close. close. Sterling. England $4 92% $4.92% Franc, France .0662% .0663 Lira. Italy 0858% .0859 Franc, Belgium 2350 .2350 Mark, Germany 4030 .4035 Guilder, Holland .6789 .6794 Peseta, Spain 1373 .1375 Krone, Norway 2434 .2475 Krone, Denmark 2199 .2200

Investment Trusts

(Bv Abbott Proctor Sc Paine) Bid. Ask. American Bank Stocks Corp.. .90 .95 American Si General Sec A .... 3.50 5.00 American & Inv Tr Sh 1.75 Basic Industry shares 3.12 3.18 British Type Inv Tr Sh 30 .38 Coollateral Trustee shares A . 447 454 Corporate Trust shares i old *-. 1.95 2.00 Corporate Trust shares (new*.. 223 2.28 Cumulative Trust shares 382 3.88 Diversified Trust shares A 6.25 Diversified Trust shares B 7.12 Diversified Trust shares C ... 2.85 Diversified Trust shares D ... 4.50 465 First Insurance Stock Corp 4.37 4.75 First Common Stock Corp 75 1.25 Fixed Trust Oil shares A 7.82 8,00 Fixed Trust Oil shares B 6.62 687 Fundamental Inc 1.85 2.02 incorporators Investments 17 12 17.37 Land Bank Bond shares 5.42 5.52 Low Priced Trust shares 4.80 4.90 Mass Inv Trust shares 18.71 20.34 Nation Wide Securities 2.98 3.54 North Am Trust shares (53) 1.88 North Am Trust shares (55-56) 2.28 2.32 North Am Trust shares (58* . 2.30 2.35 Selected American shares ... 2.29 ■ Selected American shares Inc.. 1.08 1.19 Selected Cumulative shares ... 6.07 Selected Income shares 3 13 Std American Tr shares A ... 2.80 2.8? Trust Shares of America 2.63 2.68 Trustee Std Oil A 5.89 5.99 Trustee Std Oil B 5.00 5.12 U S Electric Lt & Pwr A 10.75 11.00 Universal Trust shares 2.92 2.98

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Latest Stock, Bond and Commodity Quotations

BIG RAILROADS BAR FARE CUT,/ CONGRESS TOLD I. C. C. t in Annual Report, Says Many Carriers Willing to Act. BY NF.D BROOKS Times Special Writer WASHINGTON, Jan. 5.—A general experimental reduction in railroad fares has been blocked by the. opposition of the big roads, the Interstate Commerce Commission indicated today in its annual report to Congress. The commission said that it had been advised unofficially that ag number of carriers are willing t M reduce rates and eliminate the Pulljf man surcharge, but that these lin have failed to act “because of tC| attitude of some of the larger roadsdß During 1933 southern and western! roads cut their fares to as low as| 1%. cents a mile from the basic rate of 3.6 cents, which has been in effect since 1920. Experimental reductions were encouraged by the commission at a means of determining whether lower rates would restore some of the passenger traffic lost to bus lines and other transportation agencies. Inquiry Delayed Passenger traffic has shown little change during the last year, the commission pointed out. Six months ago it ordered an investigation on fares and surcharges, but hearings have been delayed pending completion of studios now being made by Federal Co-Ordinator Joseph B. Eastman. Until other studies being made by Mr. Eastman are finished, the commission said it was withholding recommendations for railroad legislation except for minor revisions. One revision proposed would allow commisisoners whose terms have expired to serve until their successors are confirmed. The commission said there was. “ample ground for criticism” odr some carriers in the payment of ey, cessive fees for legal, financial, otp-] er special advisory services. The report said a full report was not yet_ practicable on the order of last" March, which compelled the road: to submit accountings of all such, items over SSOOO. “However, to mention one class of items among many, certain fees for’ legal services in proceedings before us seem greatly out of proportion* to the value of any service that could possibly have been rendered,”* the report said. “There is no reason -to believe that excessive payments are confined to such litigation.” • Loans at $82,958,575 During the year ended Oct. 31, the ICC approved Reconstruct iorf Finance Corp. loans totaling $82.-* 958,575, bringing the total borrowed? by the carriers since the RFC was established to $512,537,291. , Both revenue and traffic made gains during the first half of 1934 from depression lows, the Commission reported, but since mid-yeatf there has been some recession. Abandonments approved during the year set anew record, with 154 certificates for 2514 miles granted, an increase of 110 miles over 1933 The number of new applications and the mileage sought to % abandoned, however, showed a de-\ cline. RATE RISE SOUGHT American Railroads File Brief Asking for Boost in Charges. By United Press WASHINGTON, Jan. s.—An increase in freight rates to cost shippers an estimated $170,000,000 a year was asked by the Association of American Railroads in a brief prepared for submission today to the Interstate Commerce fcommission. The increase was estimated at 6.7 per cent and was claimed as necessary to maintain the railways credit structure and meet increased operating expenses of $290,000,000 arising largely from restoration of a 10 per cent wage cut. ELECTION DATE SET By Times Special CHICAGO, Jan. s.—Elections of board of governors and the nominating committee of the Chicago Curb Exchange will take place at the annual members’ meeting to be held Jan. 14, it was announced today.

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