Indianapolis Times, Volume 46, Number 206, Indianapolis, Marion County, 7 January 1935 — Page 6

Trends Price of Livestock Continues Rise to New High. BY VINCENT S. LYONS Time* Financial Editor

SATURDAY a persistent rise in livestock values at the Indiana poll i Stockyards culminated in good butcher hogs averaging 225 to 275 pounds reaching M a hunfctredweight. Today the rise conObued with a further appreciation of 20 to 25 cents. The housewife, desipte her natural antipathy toward the financial page, should be very much interested in this development. The upswing which has taken place in the value of hogs at the stockyards eventually will be communicated to her w hen she goes to her neighborhood bucher shop and is forced to pay higher prices for the articles of food for the table. Last week hogs displayed a rise of 55 cents to $1 a hundredweight, with the lighter classes leading the way upward. Asa result these quotations now are the best in quite a few months. Beef values also enjoyed a forward movement, although their gains were not nearly as impressive as those marked up by hogs. a a a THE advancing trend of livestock has not been limited to just this area. In Chicago last week prices of major classes reached the highest levels in years for this season. Steers sold as high as $11.15, hogs $7.90 and lambs $9 35. In Cincinnati a top of $8 was in effect for better than 200 to 3004 pound hogs. In Louisville 230 to 300-pound hogs brought $7.90. In view of all this and the prospect of an abnormal decrease in supplies of hoes and cattle over the next few months, it would seem at present as if the current upward trend of livestock values will be in attendance for quite some time yet. Consequently, the housewife undoubtedly will have to pass over the counter much more money for her meat supplies than has been the case recently. Livestock buyers in widely scattered sections of the country arc anticipating a figure of sls for hogs. Many of these optimists are sanguine that this price will be reached by April. a a a THE New York Produce Exchange. one of the nation's leading exchanges, will discontinue its securities business at the end of next month, and confine its activities merely to commodity trading. That portion of the institution nowgiven over to securities dealings will then be set apart for trading in potato and gasoline futures. Securities trading has not been in existence on the exchange for a very long time. Neither the number of issues tradedin nor the total daily turnover reached very large proportions. A large number of the issues were listed there temporarily before being admitted to the New- York Stock Exchange Many of the issues were in the low-priced field. In a statement accompanying the announcement it was explained that the cessation of security trading was decided upon because members have incurred heavy operating losses recently in this branch. Imposition of heavy state taxes on securities transactions also is believed to have been a consideration in the move. The action will restore the New York Produce Exchange to its position as primarily a commodities exchange. The big red building. in the downtown section of New York City, is one of the landmarks of that territory. While modern skyscrapers have arisen all around it in recent years the Produce Exchange Building has remained distinctively itself. CLEARINGS LAST YEAR BEST IN THREE YEARS 524f1.783.4fi3.000 Total Was 7.5 Ter Cent Ahead of Previous Year. By Timm Special NEW YORK. Jan. 7.—Bank clearings at 22 leading cities last year aggregated $240,783,463,000. considerably above the two preceding years, according to a study issued today by Dun A: Bradstreet. Inc. The 1934 aggregate was 7.5 per cent ahead of the figure of $223 958,235.000 reported in 1933. At New York City clearings were $161,506,795,000 last year, an expansion of 2 6 per cent over the 1933 total. For the leading centers outside of New York clearings were $79.276 668.00. and were 19.1 per cent higher than those of the preceding year. An increase over 1933 was shown for each of the cities reporting. UTILITY’S REVAMPING MADE UNDER NEW ACT Marks First Reorganization of Middle West Property. By 7'iwies Special CHICAGO, Jan 7.—The first reorganization of a property in the Middle West Utilities System and one of the most important revisions under the new Federal Bankruptcy Act was completed today in connection with the United Public Service group. The revamping was accomplished with the transfer rs assets of the United Public Service Cos. and the United Public Utilities Cos. to concerns bearing similar names but known as corporations. The new company will be headed by Ralph Bard, chairman of the United Public Service Bondholders’ Protective Committee. TREASURY ASKS BIDS $75,000,000 of 182-Day Paper to Be Sold Today. f-v r I mm Special WASHINGTON. Jan. 7—Secretary of the Treasury Morgenthau will receive tenders today for $75.000 000 of 182-day Treasury bills, which will be sold on a discount basis to the highest bidders. The bills wall be dated Jan. 9 and will mature on July 10. when the face amount will be payable without interest. tOCt CASH MARK r I Cur gram elevators are paving $2 cents for No $ aoft red wheal. Other grades on their menu Cash corn No. } yellow $4 cents and oats M cent*.

PAGE 6

STOCKS MOVE UPWARD, WITH TRADING LIGHT Automobile Issues Feature in Activity, Silvers in Advances. HtJ l nitmi Perm NEW YORK, Jan. 7—The stock market advanced fractions to more than a point in quiet trading in the first two hours. Automobile issues featured In activity along with their equipments, while silvers made the best gains. Railroad issues strengthened. Spiegel. May, Stern jumped 2% points to feature the mail order shares. Textile issues were higher as were farm equipments, communications and chemicals. Air Reduction made a new high in the latter at 114?*, up 1 2 point. Leading industrial issues recorded small gains. U. S. Steel rose to 40, up %, and the preferred 89*1, up l i; American Can, 117, up 1; Johns Mannville. 57"*, up V and Westinghouse Electric 38%. up %. Union Pacific gained % point to 109, while Atchison was up 1 at 55 in the rails. Packard was the most active issue, selling at 5%, up %. Auburn Auto reached 29%, up I s *, before meeting mild profit-taking. Lowpriced motors were active and firm while the leaders, General Motors and Chrysler held at the previous close. Steel issues were strong with U. S. Steel.

Treasury Statement

(Bv United Press) WASHINGTON. Jan. 7.—Government expenses and receipts for the current fiscal vear to Jan 4. compared with the correspondine period of the previous fiscal vear; This Year. Last Year. Expenses $3.626 89(1.239 87 $2,803,583,358.01 Receipts .. ! 880.373 577 42 1 503.105.403.10 Defieit ... 1 746 516.662 25 1.300.477.954.91 iCash bal 2 522.436 017 01 895.978 845.89

Stock Studies

TEXAS GULF SULPHUR CO. * CAPITAL STOCK *e. e - i—ict SMAf EARNINGS PRICE RANGE scale 6 1 -ti- i—i- t— -60 130 31 3 2 33 34j30 31 32 33 34l WINCHESTER INSTITUTE OF FINANCE

The Texas Gulf Sulphur Cos. Is ! the largest producer of sulphur in this country, supplying over 60 per cent of our requirements. Deposits of native sulphur are very restricted with about 80 per cent of the world's supply located in Texas. Texas sulphur producers, therefore, have a world-wide market. A large part of the sulphur output is used in the production of sulphuric acid, a chemical widely used in a large number of industrial and chemical processes. The company owns large deposits of sulphur in Gus. Tex., and also leases other deposits. Reserves are estimated as j ample for 35 years. Texas Gulf Sulphur is a low cost producer. FINANCIAL CAPS As of June 30. 1934 Capital Stock ino pari . . 2.540 000 shares Surpluses and Reserves *31.798.579 Cash and Securities 9.028.530 Inventories 12.785.565 Total Current Assets 23.902.467 Current Liabilities 1.417.258 During the six months’ period ended June 30, 1934, cash and securities increased $1,200,000. Inventories. however, dropped about $150,000. Net working capital gained 51.300.000. while surpluses and reserves were up SBOO,OOO. On June 30. 1934. the current ratio was about 17 to 1. while the book value of the common stock was $15.02 or an increase of 32 cents in the six months’ period. Texas Gulf Sulphur has shown good earning ability, the steady prices of sulphur being a big factor in stabilizing earnings. A total of $2.93 was earned in 1933 and $2.07 in the first nine months of 1934. The company is fairly liberal with dividends, although payments have been reduced. In 1933 $1.25 was paid and $2 in 1934. The present annual rate is $2. The Texas Gulf Sulphur Cos. was originally incorporated in 1909 in Texas. Tr.e capital stock is listed on the New York Stock Exchange. At a current price of around 33 4 stock sells to yield about 6 per cent and at about 124 times annual earnings. ■ All Rights Reserved. Winchester Institute of Finance. Winchester. Mass.) MIDWEST LEADS IN MERCHANDISE SALES Rural Communities Show Larger Increase in Central States. Ry 7'imra special WASHINGTON. Jan. 7. Daily average sales of general merchandise iii small towns and rural areas showeer a larger increase in the Middle West than in other parts of the country for November, 1934, as compared with November. 1923, according to estimates of the Bureau I of Foreign and Domestic Commerce. Sales in the Middle West were 84 1 per cent larger in November, 1934, than in November of the preceding year, as compared with an increase of 5 per cent for the country as a whole. The East and the South showed increases of 24 per cent each which was the smallest gam recorded. The change in sales from October to November varied greatly in the different regions of the country. The largest gain was in the Middle West, amounting to 7 per cent, while a decrease of 84 per cent w*as recorded in the East. These differences, however, might be accounted for, at least in part, by varying seasonal movements in the different sections.' SILK MILL TO OPEN 7 * m* * spedal TORONTO. Ont., Jan. 7—The Windsor Silk Mills Cos.. Ltd., will ! open anew silk mill at Huntington. Quebec, it was announced today. The mill will have, an initial unit of , 100 loqpis and employment will be j given to 150 workers.

Abreast of The Times on Finance

New York Stocks

11 AM Prev. I Oil*— High. Lew. N. Y. close. Barnsdal 7 7 7 7 Consol Oil 8% Bs*8 s * 8 a Bs.8 s . Cont of Del 18% 18*,* 18 l9 Houston >newi . 33 33% Houston midi .17 17 17 17 Mid Cont Pet .. 12% 13% 12% 12% Ohio Oil 10% 10% 10% 10 a Phillips Pet ... 15 s . 15% 15% 15% Plymouth Oil .. 8% 8% 8% 8” Pure OH 7% 7% ■% 7 a Rova! Dutch ... 31% 31% 31% 30% Seaboard Oil ... 26% 26*2 26% 26 Shell Un 7% 7% 7 a 7% Sicellv Oil 7% 7% 7% 7 Soc Vac 14% 14% 14% 14% S O of Cal 32 32 32 31% SO of Ind . 25% 25 25% 26 SO Os N J . 43% 43% 43% 43% Texas Coro 21% 21% 21% 2i Tidewater Assn . 9% 9% 9% 9% Un Oil of Cal 16% 16% 16% 16% Steel*— Am Roil Mills .. 23% 23% 23% 23% Beth Steel ... 34% 33 34% 33 Bvers A M 20% 19% 20% 19% Col Furl & Iron 4*4 4 3 4 4*2 Cruc Steel ... 25% 25 25 24% Inland Steel ... 53 52% o3 j2;a Ludlum Steel ... IT 1 , 17% I>% }7% Mid Steei 13% 12% 13% 12 Natl Steel 49% 48% 49% 49 Otis Steel 5% 5% at* 5% Ren lAtSt 1 15% 15% 15% la Rep I k SM pfd 45 45 45 43% U S Pipe & Fdy 22 21% 21% 21 U S Steel . 40 39 % 39'* 39% U S Steel pfd . 89% 88% 88% 88 ■* Warren Bros 6% 6 6 5% Youngtn S6s T 21% 20% 21% 20.s Motors— Auburn 29% 29 29% 28% Chrysler 42% 42% 42% 42% Gen Motors ... 34% 33% 33% 34 Graham M0t.... 3* 3% 3% 3% Hudson 12% 12% 12% 12% Hupp 3% 3i 3% 3% Mac* Truck ... 27% 26% 27 •■* 26% Nash 19% 18% 18% 19% Packard 5% 5% 5% 5% Reo 3 % 3 % 3 % 3 % Studebaker ... 3 a 3% 3% 3% Yellow Truck •. 4 3% 4 4 Motor Access— Pendix ... 17% 17V* 17% 16% Borg Warner ..31 31 31 31 Knees 28% 28% 28% 28 Buaa Mfg ft 1 , s'* 5% 5% Budd Wheel 3% 3% 3% 3% Eaton Mfg .... 18% 18% 18% 18% Elec Auto Lile.. 28% 28%, 28% 28% Elec Stor Bat .. 49% 49% 49% 49 Houdaille iA).. 8% B'* 8% 8% Mullins Mfc 10% 1010% 10% 10 Murray 80dy... 8 7% 7% 7% Stew Warner .. 9% 9% 9% 9% Timken Roll ... 36% 36 36% 35?* Timken Det. Axle 7% 7% 7% 7 Mining— Alaska Jun.... 19% 19 19% 19% Am Metals 16% 16% 16% 16% Amer Smelt.... 40% 39V* 39% 39% Anaconda 12% 12 12V* 12 Cal At Hecla 4 3% 4 3% Cerro de Pasco 47 46% 46% 46V* Dome Mines.... 39 38% 39 38 Granby 7 7 7 7 Gt, Nor Cre 12% 12% 12% 12% Howe Sound 52 51% 52 50% Ins Copper 3% 3% 3% 3 s * Ini Nickel 24% 24% 24% 24% Is; Creek Coal. 34% 34% 34% 34% Kennecott Cop.. 18% 17% 18% 18 Mclntt re Mine.. 42% 41% 42% 41% Park Utah 3% 3% 3% 3% Norando Cop ... 35% 35% 35’* 35% Phelps Dcdge ... 16 15% IS 15% St Joe Lead ... 17% 17 17% 17 U S Smelters ...123% 122 123% 122 Vanadium 21% 21% 21% 21 Amusements— Fox Theat 13% 13 13% 13% Loews Inc ..... 33% 32% 32% 34 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 67 67 67 66 Am Sum Tob... 24 24 24 24 Am Tob B 86% 86% 86% 86% Gen Cigars 62% 62% 62% 61% Lire fiz Myers B 109% 109% 109% 109 Lortllard 21% 21% 21 % 21% Phillip Morris 46 45. Vi 46 45% Reynolds Tob B 51% 51 51% 51% Rails— Atchison 55 54% 55 54 Atl Coast Lines 36% 36 36% 36 B <fc O 14% 14V4 14% 14% GRAIN PRICES HOLD TO NARROW COURSE Values Show Little Change in Early Deals. By United Press CHICAGO, Jan. 7.—Grain traders marked time at the start of activity on the Board of Trade today, awaiting the President's budget message to Congress. Wheat started unchanged to V* cent lower; corn was Is cent lower to % cent higher; oats was unchanged to 3 i cent higher, and rye was off Vx to % cent. Little attention was paid to cables which showed firmness at Liverpool. The trade here generally was disposed to stay close to shore until after the President delivered his message. (Bv Abbott. Proctor & Paine) 11:00 Prev. Wheat— Hich. Low. A. M. close. May 1.01 s * 100% 1.01% 1.00% July 94% ,93 s * .93% .93% Sept 92% .92% .92% .92% Corn— Mav 91% .90% .91% .90% July 86% ,85 s * .86% .85% Sept 83% .82% .83% .82% Oats— Mav 54% .54% .54% .54 July 48% .48% .48% .48 Sept 44 s * .44% .44% .44 Rye— May 76% .75% .76% .76 July 76% .76 .76% .76% Sept 75 s * .75% .75% .75%

On Commission How

Quotations below are average wholesale prices being offered to buyers by local commission dealers. Fruits—Cranberries, Cape Cod, late Howes. 25-lb. box. $5.50. Grapes, California Emperors, 27-lb. box. $2.25. Persimmons. California. 245. $1.35. Bananas, 4%c a lb. Apples. Indiana Jonathans. $1.85: Grimes Golden. Lemons, Sunlcist. 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 i5. Vegetables Cabbage. Northern Danish. 50-lb. bag. 75c; red. 50-lb box. 90c. New Cabbage, in crates. $24f2.25. Onions, Idaho, sweet. Spanish, large 50-lb bag. $1.40; Michigan vellow, med.. 10-lb. bag. 22c: western white. 50-lb. bag. $1.85: M;ch>gan. yellow. $1 35. Potatoes, Green Mountains. 100-lb. bag. $1.50: northern round white. 100-lb. bag. $1.10: Ohlos, 100-lb bag. 51.90: Idaho Russets. 100-lb. bag. $2. New potatoes. 32 25tt2 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. $4. Endive, dozen. 90c. Ecg plant. $1.50412 dozen. Kale. Virginia, bushel, 65c. Lettuce, hothouse, 15-lb. basket. $1 50. California Iceberg head lettuce. $4.50. Mangoes. Florida, crate. *4. Mint, bunch. 13c. Parslev, dozen. 35c. Peas, hampers. $4,50. Spinach, home-grown broadleaf. bushel. 51.15 Radishes, dozen. 75c 4i SI Tomatoes, 10-lb carton $1.35; Florida original. $3 Turnips, home-grown, dozen. 25c. Pumpkins, dozen. $1 All quotations subject to change up or down. FRUITS AND VEGETABLES 'Bv United Press) CHICAGO. Jan 7.—Apples—Michigan Mclntosh, bu , $1 50ft2: Jonathans. $1,506 1.85. Beets—lllinois, bu . 50c: Texas, crate. 75c $1 Cauliflower. California, crate. slft 125 Cranberries—Massachusetts. % bbl., $4 75ft 5.25. Cabbage—Wisconsin. 100 lbs.. 754 j 85c; Texas crate. s2ft2 25 Spinach— Texas, bu . 85cft$l: Oklahoma. 85c©*l. Sweet Potatoes—Tennessee, bu.. Slftl.10: Indiana Jersevs. $1.50ft1.65. Carrots—California. crate. $26 2 75. Gelerv— Michigan, square crates. 75c51.25: California. $2 25 ft? 25. Turnips—Louisiana, bu.. *1 ft 125.

Produce Markets

Delivered in Indianapolis prices: Heavy hens. !2c: Leghorn hens. 7c: colored springers. 12c: old roosters. sc: ducks. 7c: geese 7c; voung guineas. 20c: old guineas 15c Turkeys No. 1 voung hens. 8 lbs. and over. 15c: voung toms. 14 lbs and over. 15c: voung toms. 11-14 lbs.. 13c: No 2. crooked breas.s and thin turkevs. 9c: old toms all weights. 11c: No. 1 .strictly fresh country run eggs, loss off. 22c Each lull case must weight 55 lbs. gross: a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter. No l 35<fi 36c BuL^crfat—2*c. Quoted by the Wadley Cos. v

INDIANAPOLIS, MONDAY, JANUARY 7, 1935

Can Pacific 12% 12% 13% 13% Ch A- Ohio ... 45 45 45 44% C M it St P 33 32% C M & St P pfd 4% 4% 4% 4% Chi N W .. 5% 5% 5% 5% Dela At Hud ... 42% 42% 42% 42 Del Lac 4: W ... 18% 18% 18% 18% Erie 14 13% 14 13% Grt Northern pf 17% 17 17% 16% 111 Central 17 16% 16% 16_* MK&T6 6 6 5% Mo Pac 2% 2% 2% 2% Mo Pac pfd .... 3% 3% 3 s * 3% N Y Cent 21% 21% 21% 21 N Y New Haven. 8% 8% 8% 8% Nor Pacific 21% 21 21% 20% Penn R R 24% 24% 24 s * 24% Sou Pac 18 s * 18% 18% 18% Sou R R 16% 16 16 15% Union Pac 109 109 109 108% Equipments— Am Brake Shoe. 29% 29% 29% 29% Am Car & Fdy.. 18% 18% 18% 18% Am Loco ... 19 18% 19 18% Am Steel Fdy .. 17% 17 17% 16% Bald Loco ■ s’* 5% s’* 5% Gen Am Tk Car 38% 38% 38% 37 s * Gen Elec 22% 22 s * 22% 22% Gen R R Sig ... 30 29 s * 30 29% Pullman Ilf -*" 49 s * 49% 43% Westinph £!"'■ .<(% 37% 38 37 s * LtiliUe*— Am fz Fo- . y.'r.. 5 5 5 5 Am P i A Lit 2% % 3% 3% 3% A T 01 T ...106% 106 106% 100% Am Wat Wks 14 s * 14% 14% 14% Col Gas & Elec. 7% 7% 7% 7 * Com & Sou 1% 1% 1% 1% Consol Gas 20% 20 20 20% Int Hvdro Elec.. 2% 2% 2% 2% Interboro RT .. 15% 15% 10% 15% Int T & T 9 s * 9% 9% 9% Lou G&E A.. 13 1 2 13% 13% 12;* Natl Pwr & Lit.. 7% 7V* 7V* 7% North Amer ... 13 12 * 12% 1%% Pac G & E ... 14% 14% 14% 14% Pub Serv N J... 25 s * 25% 25% 25% So Cal Edison... 12 11% 12 11% Std Gas ... 4% 4 s * 4% 4% Stone & Webster 5 5 5 4% United Corp 32% 2% 2v* Un Gas Imp •• 12% 12V* 12% 12% West Union .... 34% 34 34 33% Rubbers— Firestone 18 17% 18 17% Goodrich 11% 11% 11% 11'* Goodyear 20% 26% 26% 26% Kelly Spring ... 1% 1% 1% 1% U S Rubber .17 17 17 16% U S Rubber pfd 41% 41'% 41% 41 Miscellaneous— Allis Chalmers .. 17V4 17 17 17V* Am Can 117 1'6% 116% 116 Am Mach Ai Fdv 22% 22% 22% 22% Brklyn Man Tr. 4040 4040% Burroughs Add . 15% io% 15 s * 15% J I Case 59’* 59% 59% 59% Conti Can .... 66'* 65% 65% 65% Caterpillar Tract 39 38% 38% 38% Crown Cork ... 2E% 26% 26% 236 Curtis Pub 22% 22% 22% 22 Deere At Cos. 28% 28% 28% 28% Eastman Kodak 117% 117 117 116% Foster Wheeler . 17% 17 17 17 Gillette 13 % 12% 13% 13% Glidden 27 V 426 * 27% 26% Ineersoll Rand . 68 68 68 68 Inter Harv ... 42% 42% 42% 42% Natl Cash Reg.. 18% 17% 18% 17% Owens Bottle ... 85% 85 Vx 85% 85% Rem Rand 11% 11 il% 11 Underwood E ... 58% 58% 58% 53 Wcrth’ton Pmp. 21 21 21 21 Foods Am Sugar 67% 67% 67% 66% Armour Com ... 5% 5 s * 5 s * 5% Armour 6% pfd. 68% 68% 68% 67% Borden Prod ... 25% 25% 25% 25% Canada Dry G A 16% 16% 16% 16% Coca Cola 166 165 166 164% Corn Prod 66% 66% 66% 66 Crm of Wheat... 36% 36% 36% 36% Cuban Am Sugar 6% 6% 6% 6% Gen Baking ... 8% 8 8% 7% Gen Foods .... 33% 33% 33% 33% Gold Dust 18 17% 17 s * 17% G W Sugar 29' , 28% 29 28 s * Natl Biscuit . 30% 30% 30 Natl D Prod 16% 16% 16% Purity Bak 10-’* 10% 10% S Porto Rico Si 22% 22% 22% Std Brands 18% 19% 18% Ur Biscuit . , 26% 26'/* 26 United Fruit 75 75 >5 Wrigley .*% 79'% 79% 79 Retail Stores— Assd Dry Goods 13% 12 7 '* 13 12% Best, &Cos ... . 36% 36 36% 35% First Natl Stores 56 55% 55% 54% Gimbel Bros ... 3% 3% 3 s * 3% Hahn Dept Sts . 6% 6% 6% 6 Kresge S S 21% 21% 21% 21% Kroger Groc .... 28 s * 28% 28% 28% Macv R H 43 43 43 42 % McCrorv St 12% 12 12V* 12 McLelian St .. 14% 14% 14% 14% Marshall Field.. 10% 10% 10 s * 10% Mont Ward 30 29% 29% 29 s * Natl Tea 11% 11% 11% 11% Penney J C ... 70% 70 70% <0 Sears Roebuck.. 40 39% 39% ,40% Woolworth .... 54% 54'/* 54% 54% Aviation— Aviation Corp-. 5% 5% 5% 5% Boeing Aircrft, . 9% 9% 9% 9% Curtiss Wright... 32% 2% 2% Curtiss Wr iA) 9% 9% 9% 9 s * Douglas Air .... 24% 24% 24 s * 24% No Am Av ..... 3% 3% 3% 3% Sperry Corn ... 9 s * 9% 9% 5% Utd Aircraft new 15V* 14% 14% 14% Chemicals— A.ir Reduction ..114% 114% 114% 114% Allied Chem ...140% 140% 140% 140% Am Com Aico. . 32% 31% 31% 31% Col Carbon 74% 73 s * 74% 74% Com Solvents... 23% 23% 23% 22% Dupont 98% 98% 98% 98 Freeport Tex ... 25% 25 25 25% Liquid Carb ... 30 29% 30 29% Math Alkali .... 30 s * 30 30% 30 Monsanto Chem 60 60 60 60 Natl Dis (new) 28% 28'/* 28% 28% Schenlev Dist . 27% 27 27% 27% Tex Gulf Sulph 34% 34% 34 s * 34% Union Carbide 48 47% 47 s * 47% U S Indus Alco 44% 44 44V 4 44 Drugs— Bristol Myers... 35% 35% 35% 35 Coty Inc ...... 6% 6V4 6% 6'% Sterling Prod . . 59% 59% 59% 60 Un Drug (new) 13% 13% 13V* 13 Zonite Prod .... 4% 4% 4?* 4% Finaneial— Adams Exp 7% 7.V* 7% 7 Allegheny Corn . 1% 1% 1% 1% Am Int Corp .. 6% 6% 6% 6% Lehman Corn .. 73% 72 s * 73% 72% Transamerica ... 5% 5% 5% 5% Building— Am Radiator .. 16V* 15% 16 16 Gen Asphalt . 18% 18 18 17% Holland Furnace 9% 9 9% 9% Int Cement .33 32% 32% 32 s * Johns Manville 57 s * 56 s * 56% 57 Libby Owens Gls 32 % 32 32 32 Otis Elev 15% 14% 15% 14% U S Gypsum .. 53% 52% 53 52% Ulen Cons 2 1 /* 2'/ 2% ... Household— Col Pal Peet .. 17 s * 17% 17% 17 s * Coneoleum 34 s * 34V* 34% 33% Kelvinator 17 s * 17V* 17 V* 17% Mohawk Carpet 16 16 16 15% Proc & Gamble . 44% 44% 44% 44% Servel Inc ... 8% 7% 8% 7% Simmons Bed .. 10% 10% 10% 10 Textiles— Amer Woolen ... 8 s * 8% 8% 8% Celanese Corp . . 35% 34% 35 34% Collins Aikman . 15% 14% 15% Gotham Hose .. 5 s * 5% 5% 5% Indus Rayon ... 33 32% 32% 31% Kavser Julius . 16 16 16 16V*

Chicago Stocks

(By Abbott, Proctor & Paine) * 11:00 Prev. A M. close. Bendix 17% 17 Borg Warner 31 31 Butler Bros 7% 7% Chicago Corp pfd 29% 30 Cities Service 1% 1% Crane Cos 10% 10% Com & Edison 49 48 Cord Corp 4% 4% Elec House la% 15 Marshall Field 10 s * 10’-* Houd Hershe.v B 8% 8% Libby 7 s * Noblitt Sparks 15% 15'* Quaker Oats 128'* 128% Raytheon 1 Swift 19% 19% Walgreen 30 39 s * Zenith 2

New York Curb

(Bv Abbott. Proctor & Paine) 12 (Noonl Prev. N. Y. close Amer Cvanide iß> 16 s * 16% Amer Gas & El 19% 19 s * Amer Superpower 1% 1% Atlas Corp 9% 9% Can Indus Alco (Al 8 7” Carrier Corp 16% 17 Distillers Corp 17% 17 s * Elec Bond & Share 6’* 7 Fbsk Rubber 11 10% Glen Alden Coal 22 s * Gulf Oil of Pa 59 s * 60% Humble Oil 48 48 Int Petrol 31% 31% Lake Shore Min 54% 54% Libbv McN Libby 7% 7% Newmont Min 40% 39% Sherwin Wms 89 89% Std of Kv 18% 18% Wright Hargraves Min 9% 9%

15-YEAR COMPARISON OF RAILROAD PURCHASES

ifICOMOPvES fOEKim CARS SSENSES CARS SALS OSOEBEO CROSS DES ORCEPtO OROEPEO OTOE9EO ORDERED 111., IM . I| Ulllliii,. vlliii i min I . | |

CANADA FEARS ANY INFLATION OF lUMONEY Economists Fear She May Be Linked to American Policies. By United Pres* OTTAWA, Ont., Jan. 7—The coming sessions of the Canadian Parliament and the United States Congress, this month, will be followed with more, than usual interest by Canadian economists. Fearing that the United States will embark on an inflation policy has aroused considerable interest here, and the possible effect of such a policy on Canadian currency is being closely studied. With the opening of Parliament and Congress, the warring camps of economists in the two countries wiil watch each other alertly and distrustfully. It is predicted that the inflationists will he busy seeking warrant for further debasement, while the deflationists will keep a close eye for vindication of their refusal to ascend into the monetary stratosphere. • See Canada Following Apprehensive persons here declare that much of Canada’s economic fate is bound up in the American Congress. They declare that should a larger admixture of inflation than of higher taxation be adopted, then Canada's currency will be forced to follow the same downward course. An important fact is that just now, with a heavy visible balance of trade held by the Untied States against Canada the still heavier invisible balance, swollen by the large interest payments on Federal, provincial and municipal loans, there if. a substantial premium here over United States exchange, taken as a tangible expression of what Canada thinks about the New Deal. Tremium Fading Well-informed economists here can, adduce no other explanation than that of apprehension about what will be done by a victorymad Congress about paying for the New Deal. They go further, and say that as the monetary feelings of Congress arc disclosed from time to time the premium on United States exchange will decline and eventually disappear. There is little favor in Canadian governmental circles with the assertion that as goes Congress so goes Canada. They point to what they regard as two impregnable bulwarks against wild or uncontrolled inflation, namely, the economic power behind a large and steadily increasing production of gold in Canada and -the effective machinery which, they declare will be provided by the newly-formulated Bank of Canada. During the present year Canada’s huge production of gold was sufficient to prevent Canadian currency from riding along with that of the United States, and it is held that this production together with the r owers given to the central bank will provide a complete safeguard to Canada's currency outside the country.

ARGENTINE FAILURES IN 1934 SHARPLY LOWER Decrease of 40 Per Cent Shown During Last Year. By Times Special NEW YORK, Jan. 7.—Bankruptcies in Argentina during the last year were approximately 40 per cent below those of the preceding year, according to official statistic reports. The total liabilities involved in bankruptcies during the year just ended were reported at $47,650,000 at the official rate of exchange, compared with $79,200,000 during 1933. Another important factor tvas an increase of 10 per cent in internal revenue collections for December over the same month of the previous year. Internal tax revenue during 1934 amounted to $44,220,000, compared with $41,580,000 in 1933, it was reported. COCOA TRADING SOARS Turnover in New Y’ork Exceeds 737,000 Tons in 1934. By Times Special t NEW YORK. Jan 7.—The New York Cocoa Exchange today reported 1934 trading 13 per cent above 1933, with anew high record set with transactions involving 737,000 tons, in 55.000 lots. The trading turnover exceeded the estimated world production for the year by 177.000 tons. The activity was held to reflect one of the best years in the history of chocolate manufacturers, in point of volume. New York warehouse stocks declined about 60.000 bags during the year. Prices also firmed substantially, the year bringing a net advance of four-fifths of a cent to five cents a pound. TEXTILE JOBS AT”PEAK 'Canadian Employment Now Is Highest in About Ten Years. By T : mes Special TORONTO, Jan. 7. —The Dominion Bureau of Statistics’ employment index for the textile group at the close of last year stood at around 121 (1926 equals 100), it was disclosed today. This was the highest level in about 10 years. Last year s figure compares with 105.7 for 1933, 104.9 for 1932, 99.1 for 1931. 91.6 for 1930. 106 for 1929. 101.5 for 1928 and 166.2 for 1927.

TREND OF FACTORY OUTPUT VALUES CHARTED

Value of Factory Output HjH HDurable Goods m Qc onsumer Goods j so H Ih —i j L_— - “™i 1929 1930 1931 1932 1933 1934

Wall Street BY RALPH HENDERSHOT Times Special Writer NEW YORK, Jan. 7 Joseph A. Broderick, retired New York State Sitperintendent of Banks, recommended to Gov. Lehman repeal of the double liability on bank stocks before quitting office Dec. 31. The suggestion appears sound. Developments in recent years showed that the law was unworkable. Many holders of bank stocks were unable to pay the double liability involved in virtually all bank

failures during the depression. And even though they had been able to pay, the assessment would have been unjust. The stockholders as a general rule had nothing to do with the failures. The majority of them had no actual voice in selecting the management, and they could not have

influenced the policies which led in many instances to the difficulties. Few of them were familiar with the financial condition of the institutions. Moreover, the protection for depositors which was supposed to have been made available by reason of the double liability is no longer necessary, assuming the Government's new insurance plan proves as effective as it is supposed to be. The Federal Deposit Insurance Corp. provides insurance on all deposits up to SSOOO. ana COMMODITY exchanges throughout the country may come under the dominance of the Government if legislation to be presented early in this session of Congress is enacted. This would place them on much the same plafte as the security exchanges, which were placed under Government supervision last year by the Securities and Exchange Act. It is doubtful, of course, that trading abuses on the commodity exchanges were as numerous or as dangerous as those on the security exchanges, but it would seem that if regulation is accepted as desirable in one instance it should be desirable in the other also. a a a THE Pennsylvania Railroad is making a direct appeal to its patrons, security holders and the general public by means of small, specially prepared bulletins, which it proposes to distribute as widely as possible. It is endeavoring, apparently, to put over the point that “revival in the railroed field and in the heavy industries, of which the railroads are the largest customers, is probably the most important single essential in overcoming unemployment and restoring the business health of the nation.” Its first copy of “Train Talks” is well done, with possibly one exception. It states at one point that in the industrial empire traversed by the Pennsylvania are “thousands of communities, large and small, to which Pennsylvania Railroad service is an indispensable element of daily life.” The railroads have felt too long that they were indispensable. This attitude has caused them to let down on the services rendered. Moto:.* vehicles have been able to take much of their passenger and freight business away from them as a result.

Other Livestock

'Bv United Pre.4R) LAFAYETTE, Jan. 7.—Hogs—Market. 15 4125 c higher: 200-390 lb?. $8.10; 300-325 lbs.. $7 85: 180-200 lbs.. $8: 160-180 lbs. $7.85: 150-160 lbs., $7.50; 140-150 lbs , $7.25; 135-140 lbs., $7: 130-135 lbs., $6.75: pigs. 100-130 lbs.. $5,504; 6.50: roufh hogs $7 down: calves, steady: top $7.50; lambs, market steady, top $8.50. FT. WAYNE. Jan. 7.—Hogs—2oft 25c higher: 250-300 lbs. $8.15: 225-250 lbs.. $8: 200-225 lb? . 57.90: 180-200 lbs. $7 80; 160-180 lbs.. $7.70: 300-350 lbs.. $7.70; 150160 lbs . $7.15: 140-160 lbs. $6.75: 130-140 lbs $6 40: 120-130 lbs.. $6.15: 100-120 lbs.. $5 65: roughs. 36.75; stags, $4.75. Calves, $8; lambs, $8 75. ißv Times Special) LOUISVILLE. Jan. 7.—Cattle—Receipts. 800; market active on slaughter classes; strong to 25c higher; advance mainlv for better steers and heifers: cows and bulls: bulk common to medium steers and heifers. $4.50ft6: better finished offerings. 5C.25 ft 8; latter price for strictlv good. 904 lb. steers and heifers: bulk beef cows. S3ft 3.50: good quotable. $3.75 and above for smooth heifer types; most low cutters and cutters. 51.50ft2.50: sausage bulls mainlv $3.75 down: plainer grade native Stockers and feeders mostly $4 50 down Calves— Receipts. 450: fullv steady; bulk bet’er vealers. S6ft7: latter practical top medium and lower grades. $5.50 down. Hog—Fteceipts. 1100: merket. 25ft50c higher than Saturday or 35ft 60c above last Friday; most advance or. weights 200 lbs. down: too and bulk better, 230-300 lbs $8 15; highest since Julv. 1931: 200-225 lbs $3: 305 lbs up. $7.40; 180-195. $7 65: 160-175 lbs . $7 25. 10-155 lbs . $6 75: 120-135 lbs . $5,80: sows. $6 40 Sheep—Receipts. 150: lambs, fullv sf:adv; fat sheep strong to 50c higher; bulk medium to good lambs. s7ft 8: choice qoutable. $8.50 or better: bucks, discounted: common light throwouts $5.50: fat ewes mainlv *2ft3.

HOGS SHARPLY HIGHERAT PENS All Classes Generally 20 to 25 Cents Above Last Week. By Trailed Press . CHICAGO, Jan. 7.—Livestock and hjg prices hit the highest levels since 19.11 at the Chicago Stockyards today and traders predicted further advances. Cattle prices for yearlings and light steers touched $11.50 a hundredweight. Last week a price of 58.15 topped a three-year mark. Hogs brought SB.IO a hundredweight, 5 cents above the peak for 1934 and the best price since 1931. Scarcity of feed and Government reduction of livestock were given as reasons for the rise.

Ralph Hcndershot

Porker prices again surged forward in early trading at the Indianapolis Union Stockyards today, passing the $8 level for the first time in several months. The general run was largely 20 cents higher than last week’s close, while lighter kinds were up 25 cents. Despite a normal run of supplies on hand packers continued to show considerable interest and consumed today’s receipts within a short time after the opening. Due to the great scarcity of hogs throughout the country several livestock dealers are anticipating that prices will reach the sls mark by the middle of April. Receipts today were estimated at 6000, while only 2000 were available Saturday. The bulk, 160 to 350 pounds, sold at $7.90 to $8 a hundredweight. Good and choice classes were reported selling at $8.25, the highest prices in several months. Extremely light grades, weighing 100 to 130 pounds, which were up 25 cents, cashed in at $5.25 to $6.25. Others, ranging from 130 to 160 pounds, brought $6.50 to $7.50. Medium classes of packing sows were salable at $6.25 to $7. Holdovers numbered 98. With the usual activity prevailing in the cattle market initial prices on slaughter steers were tending slightly higher than Saturday. Early sales ranged from $8 down, while best grades held above $lO. No change was evident in the veal market and most kinds were salable at $8 down. Cattle receipts were 1200; veals. 400. A decline of 25 cents featured dealings in the lamb market, with no particular interest shown. The general bulk ranged from $8.75 down while extremely heavy kinds sold at $8.25 down. Culls and slaughter sheep brought $4.25. Receipts were 2100.

Local Livestock

HOGS Dec. Bulk. Top. Receipt*. 31. s7.ooft 7.30 $7 70 6000 Jan. 2. 7.20 ft 7.45 7.70 10 000 3.7.30 ft 7.55 7 80 7000 4. 7 60ft 7.75 7.90 7000 5. 7.65 ft 8 00 8 00 2000 6. 7.90 ft 8.00 8.25 6000 Lieht light: (140-160) Good and choice $7 onft 7.75 Medium 6.75 ft 7.50 Lieht weight: (160-180) Good and choice 7.90 ft 800 Medium 7 50ft 7.75 (180-200) Good and choice 8 00ft 8 10 Medium 7.75 ft 7.85 Medium weight: (200-2201 Good and choice 8 10ft 8 15 (220-2501 Good and choice 8 15ft 8.25 Heavy weight: (250-2901 Good and choice 8 15ft 8.25 (290-350) Good and choice 7.95 ft 8.15 Packing sows: _ „ >275-3501 Good 7.00 ft 735 I (350-425) Good 6 85ft 7.10 (425-550) Good 6 65ft 700 (275-550) Medium 6.25 ft 685 Slaughter pigs: i (100-140) Good and choice 5 25ft 6,i5 : Medium 4.75 ft 6.50 CATTI.r —Receipt.?. —Steer*— (550-900) Choice $8 00ft 950 Good 6 75ft 9 00 Medium 6 75ft 9 00 Common 325 ft 475 (900-11001 Choice 9 00ft 10 00 Good 7.00 ft 9 25 Medium 4 75ft 7 00 Common 3.50 ft 4 75 (1100-1300) Choice 9 50ftl0 25 Good 7.25 ft 9 50 Medium . 5 00ft 725 (1300-1500) Choice 9.75 ft 10 50 Good 7 50ft 9.75 —Heifers—->sso-750) Choice 7 25ft 7.75 Good 5 75ft 7 25 Common and medium 300 ft 5.75 (750-900> Good and choice .... 6.00 ft 8 00 Common and medium 325 ft 6.00 —Cows ■ Good 350 ft 450 Common and medium 2 50ft 3.50 Low cutter and cutter 1.25 ft 2.50 —Bulls—(Yearlines Excluded) Good 350 ft 400 Common and medium 2 25ft 3 25 VEALERS Receipts, 400— Good and choice $7 50ft 3 00 Medium 5 oOft 7 50 Cull and common 2.50 ft 5.00 —Calees—-(2so-500) Good and choice .... SOOft 7 00 Common and medium 2 50 @ 5 00 —Feeder and Stocker Cattle——Steers— (soo-800) Good and choice .. $4 oo@ 500 Common and medium 2 50ft 4 00 igoo. 10501 Good and choice ... 4 ooft 525 Common and medium .... 2.75 ft 4.00 —Cow*— Good 2 50ft 3 00 Common and medium 2,00 ft 2.50 SHEEP AND LAMBS —Receipts, 2100— Lamb*. 90-lbs. down, good and choice S3 15ft 8.75 Common and medium 5.75 ft 8 25 90-120 lbs. good and choice ... 335 ft 4.25 Sheep—--120-150) Good anti choice 2J|ft 3.75 All weights, common and me- V dlum •••••*••*•••*•••*•*• 2.0C3 3.3*

Latest Stock, Bond and Commodity Quotations

U. S. PLANS TO RETIRE LAST OF LIBERTIES SOON War-Time Loan Bonds Still Outstanding Total 5 Billions. BY RICHARD L. GRIDLEY United Pr*s* Staff Correspondent WASHINGTON. Jan. I—Treasury financial plans pointed today toward early retirement of the last of $24,072,111,400 in war-time Liberty and Victory Loan bonds. The ability of the Government to borrow now at cheaper interest rates prompted plans for early retirement or conversion of the bonds into lower interest bearing securities, treasury officials said. Present interest rates are around 3 per cent as compared to a high of 4% per cent on some war-time borrowings. There remains outstanding among the 25.000.000 persons who responded to the Victory and Liberty Loan drives about $5,122,327,000 in war bonds. Approximately 519.000.000.000 has been retired out of taxes or refunded into lower interest bearing securities. Os the remaining bonds —representing First Liberty Loan 3%, 4 and 4’* per cent bonds, and Fourth Liberty Loan 4 1 * per cent b0nd551,875,000,000 $1,875,000,000 of the $3,189,117,450 of outstanding fourth 4%s will be called will be called for redemption Apri 15. Despite an all time record public debt of $28,478,663,925 at the end of 1934, Treasury officials see little difficulty in a possible calling of all the remaining Liberties and their conversion into lower interest bearing securities. The original sale of the Liberties comprised $1,989,455,450 first 345; $3,807,865,000 second 4s; $4,175,650,050 third 4%5; $6,964,581,100 fourth 4s. and $4,495,373,000 Victory loan 4*s.

Associate Member Indianapolis Clearing House Charter No. 300 Report of Condition of The Fountain Square State Bank of Indianapolis In the State of Indiana at the close of business on December 31, 1934. BANKING ASSETS Loans and Discounts . $ 471,003.53 U. S. Government Obligations, direct and fully guaranteed 408,450.00 Other Bonds and Securities 70,968.40 Furniture and Fixtures. 6,500.00 Cash on Hand and Balances with other banks 311.045.41 Exchanges and Cash Items 29.935.10 Total Banking Assets $1,297,902.44 BANKING LIABILITIES Demand Deposits —Individual . $507,589.32 3a vi ng s or Thrift Deposits 427,305.63 U. S. Government and Postal Savings Deposits 97,470.00 Deposits o f the State and Political Subdivisions 55,274.52 Deposits o f Other Banks, Cashier’s and Ce r tifie and Checks ... 7,625.03 Total Deposits $1,095,264.50 Due Insurance Department 550.58

Total Banking Liabilities $1,095,815.06 Capital Stock. $100,000.00. Preferred Capital Debentures, None. Total Capital .. .$100,000.00 Surplus 75,000.00 Undivided Profits—Net .. 21,587.38 Reserves 5.500.00 Total Capital Account.. 202,087.38 Total Banking Liabilities and Capital Account $1,297,902.44 Included in Loans and Discounts are Loans to Affiliated Companies . None i Included in Other Bonds and Securities are, | Shares to Affiliated i Companies $ 19,300.00 Included in Deposits are First Lien Trust Funds 1,254.61 Included in Total De-i posits are Deposits Se-j cured by Loans and/or Investments 97 470 00 LOANS AND INVESTMENTS PLEDGED TO SECURE LIABILITIES U. S. Bonds and Securities $ 98,000.00 Other Bonds and Securities None Loans and Discounts <excluding rediscounts) None Total Pledged (excluding rediscounts) 98,000.00 Pledged to Secure: U. S. Govt, and Postal Savings Deposits 93,000.00 Public Deposits None Other Deposits None Borrowings (excluding rediscounts) None Other Purposes None Total Pledged $ 98,000.00 STATE OF INDIANA. COUNTY OF MARION, SS: I, Val F. Schneider, Cashier of the Fountain Square State Bank of Indianapolis, Indiana, do solemnly swear that the above statement is true to the best of my knowledge and belief. VAL. F. SCHNEIDER, Cashier. Subscribed and sworn to before me this 3rd day of January, 1934. E. J. COX, fSeal) Notary Publie. My commission expires Aug. 31, 1937.