Indianapolis Times, Volume 46, Number 207, Indianapolis, Marion County, 8 January 1935 — Page 13

Developments in Trade and Industry

STOCKS MOVE DOWNWARD AS OILSARE SOLD Losses Ranging to More Than Point in Majority at Midday. & y t nit- ft Prr * NEW YORK. Jan. B—Stocks turned irregularly lower today as soling gathered momentum in oil shares. Around noon losses were In the majority, ranging to more than a point. Oils showed the widest losses, but after a burst of selling they scattered in fairly active turnover. Weakness in the group was attributed to the Supreme Court derision finding unconstitutional section 9-C of the NIRA, the oil product ion control section. However, many believed the decision favorable and said it would not adversely affect the oil companies. Losses of more than a point were noted in Standard of New Jersey, Standard of California. Texas Corp., Simms. Amerada, and Continental. Only a few issues were able to rise. Westinghouse Electric, which reported sharp sales increases, was up % at 39 ii. active dealings. Coca Cola made an w high at 170, up 2. Bnggs was a favorite in the motor equipments, making anew 1934-35 top at 29. up 1. Motor shares, however. eased, as did rails, utilities, chemicals and farm equipments. Westinghouse Electric shortly before noon declared a dividend of one-quarter share of Radio Corp. stock on each share of common and preferred. CARRIERS’ NET DROPS FOR ELEVEN MONTHS Earned 1.72 Per Cent on Property Investment in Period. By Timr • Special WASHINGTON, Jan. B.—Class 1 railroads of the country for the first eleven months of the year had net railway operating income of $423.117,530, which was at the annual rate of return of 1.72 per cent on their property investmwit, according to reixirts filed with tne Bureau of Railway Economics of the Association of American Railroads. In the corresponding period last year net railway operating income amounted to $430,485,963, or 1.77 per cent on property investment. Gross operating revenues for the first eleven months of 1934 totaled $3,013,940,715, contrasted with $2,850,273,772 for the same 1933 period, an increase of 5.7 per cent. Operating expenses in 1934 totaled $2,246,421,068. a gain of 8.9 per cent over the $2,062,437,196 reported for 1933. ARRIVAL OF BUYERS AIDS CHICAGO TRADE Imminence of Spring Shows Acts as Stimulating Influence. By Timr * Special CHICAGO, Jan. B.—Wholesale trade here last week enjoyed another upswing, being aided by early arrivals for the first of the series of spring trade shows, the Chicago Association of Commerce declared today. Retail trade also picked up. Although virtually all lines of commodities participated in the expansion, consumers directed the greater part of their attention to cold weather necessities. Electrical manufacturers. producers of household wares, furniture manufacturers and others reported steady business. Chain stores and mail order houses continue optimistic. AUTO PROFITS SEEN CUT Industry Has Reached Stage of Maturity, Study Says. By Times Special NEW YORK, Jan. 8. While progress in the recovery movement will raise automobile sales volume materially during the next few years, the automotive industry, formerly distinguished for its extraordinarily high earning power, has now reached a stage of maturity which indicates that its future profits will be smaller but more stable, according to Poor's Survey of the automobile and truck indust rv issued by Poor's Publishing Cos. Considerations pointing to decisive sales gains for current levels,” the survey states, are (1) a large foreign market can be exploited over a period of time; t2> Pent-up demand from individuals now deterred from buying by lack of funds will eventually be released, and t3) Lowconsumer purchasing power is keeping replacement demand around 1.000.000 cars below normal, thereby establishing a large prospective buyin backlog.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by Local commission dealers. Fruits —Cranberries. Cape Cod. late Howes. 35-lb. box. *5 50 Grapes. California Emperors. 37-lb. box *3 M Persimmons. California. 34v $1 35. Bananas. 4 J c a lb. Apples. Indiana Jonathans. *1 85 Grimes Golden. *l.5OSi 165. Lemons. Sunkist. 3605. *5. Grapefruit. Texas, seedless. $3. Limes. Mexican, per carton. 12s. 35c; Bvram. seedless, per hundred. *3 California rhubarb. " 40 a box. Pears. Oregon P anjo obx. * . Pineapples. 30s *3 75 Anocado*. Flor box. *3. Strawberries. Florida, quart Vegetables rbage. Northern Danish. 50-lh. bag. . c: red. 50-lb. box. 90c. New Texas Cabbage, half crate. *1.75. Onions. Idaho, sweet. Spanish. large. 50-!b. bag *1 50 . Michigan yellow, med 10-lb bag 32c; western white. 50-lb. bag. *1 85: Michigan, yellow. *1 35. Potatoes. Green Mountains. 100-lb. bag. *1.50: northern round white. 100-lb. bag. *1.10; Ohlos, 100-lb. bag. *l9o;,ldaho Russets. 100-lb. bag *2. New potatoes. *2 25 u 2 50. Sweet potatoes. Indiana Jersevs. bushel. *1.85: Tennessee Nancy Halls. bushel. *1.40 Beans, $• ringless, hampers *6 Celerv. Michigan medium, dozen. 65c: Jumbo, dozen. 85c. hearts bunch. *1 60 Cucumbers, dozen *2 southern bushel. *4 Endive, dozen, 90c. Egg plan . *l5O a 2 dozen. Kale. Virginia, bushel. *sc Lattuce. hothouse. 15-lb. basket. 31 50 Arizona Iceberg head lettuce. *4. Mongoes. Florida, crate. *4.50 Mint, bunch. 15c. Parsley, dozen. 35c. Peas, hampers. *4.50. Spinach home-grown broadleaf. busheL $1.15; Radishes, dozen. 75 6 90c. Tomatoes. 10-lb carton. *135; F.onda original. *3. Turnips, home-grown, dozen. 35c. Pumpkins, dozen. SIAll quotation* subject to change, op or down.

New York Stock Exchange Prices

ißy Thomson Ai McKinnoni 11 A. M. Prev. I Oil*— High. Low. K Y. close. I Amerada Si 7 * 50 1 * 51 52'* At. Rig 24% 24 v . 21’. 24% i Ba-n.*dU 6’* 6% 6% 7 Consol Oil Hi 7% 8 8% Coat of Del ... 18 17Va 17% 18% Houston (new*.. 33 33 Mid Cont Pet . 12% 11% ll’* 12 7 * 1 Ohio Oil 10% 9% 9’* 10'j Pet Corp 9 9 9 9 * Phillips Pet ... 15% 14% 14% 15*a Plymouth 0i1... 8% 8 8 8% Pure Oil 7V, 7 7 7', Seaboard Oil ... 25 25 25 26% Snell Un 7S 7', 7'. 7% S Kelley Oil 7’, 7>, 7> 7 Soc Vac 14 1 j 14', 14', 14'* SO of Cal 31 1 a 30% 30*a 31’, SO of Ind . .. 2b 24", 24% 25 BOOf N J ... 42 7 42'. 42', 43’, Texas Corp .. 21 20’, 201* 21% Tidewater Assn 9 B’, 9 9% Un OH of Cal . 16 15% 15% 16% Steel*— Am Roll Mills.. 23% 23'. 23% 23’, Beth Sjeel 34 33'. 33% 33". Byers a M 19 7 19’, 19’. 19 a Col Fuel Ac Iron 4’ 4 1 , 4% 4’ Inland Steel ... 55 55 55 53% I udlum Steel -. 17% 17% 17% 17 a McKeesport TTn 95 95 95 95 Mid Steel 13' 13V. 13*4 13% Otis Steel .... s’, 5% 51* 51, Rep Iron Si Stl 15', 15 15 15 Rep Iron Sc Stl p 44'. 44'. 44% 44’. U S Pipe & Fdy 21', 21', 21', 21 'a U S Steel .. 39 s , 39', 39% 39% U R Steel pfd .. 89', 89 89 89 Wtrren Bros .. s’. 5% 5' 2 5% Youngstn SSiT 21 20% 20’. 20'.. Motors— Auburn 28*a 28'* 28'. 28 7 , Chrysler 41 7 41'. 41'. 41% GenMMotors 373 7 33'. 33'. 33’, Graham Mot ... 33 33 Hudson 12’, 11 7 12 12' a Hupp 3’, 3' 2 3' 2 3’, Mack Truck ... 27 5 , 27% 27 s , 27’. Nash 18 7 , 18', 18'. 19 Packard 5% s', s'. s’, Reo . 3’, 3'. 3'. 3 7 Studebaker 3 s , 3', 3', 3'. Yellow Truck ... 4 31, 3 1 , 4', Motor Access— Bendix 17*'* 16 7 , 16% 17 Bohn Alum 59’. 59* 2 59'a 59''* Borg Warner ... 30'a 30', 30', 30 s , Briggs 29 28 28 7 28 Budd Mfg 5 4 7 4 7 5% Budd Wheel 3% 3’, 3’, 3' 2 Elec Auto Lite... 28', 27 s , 27’, 28', Houdai'le "A - ’... B’, B’, B’, 8' 2 Murra Body ... 7’* 7 s , 7 s , 7 7 , Stew Warner ... B’. B’. B’* 9'* Timken Roll 36'a 36'* 36’, 36’a

New York Bond Quotations

DAILY BOND INDEX (Reprinted from yesterday) (1926 Average equals 1001 20 20 20 60 Inds. Rails Util Bonds. Today 86* 86.4 90.1..87.8 Saturday 86 5 85.5 89.9 87.3 Week ago 85 9 84 3 89.1 86 5 Month ago .... 85.4 84.0 89.2 86.2 U. S. GOVERNMENT BONDS ißy United Press) NEW YORk. Jan. 7 —Closing United States Government bonds an thirtyseconds.) Liberty Prev. Close, close. First 4%s (32-47) 103.12 103.8 3* 2 s i32-47i 103.21 103.18 Fourth 4%s (33-38) 103.22 103.23 Treasury 4%5-3**S (45) 103 28 102 30 4%s (47-52 113.9 113.8 3%s (43-47) 104 104.1 3Ss (41-43i March 104.23 104.17 3%s (40-43) June 104.18 104.17 3VS (411 104.25 104.22 3%s (46-49) 102.1 101 28 3s (51-55 101.3 100.31 3s (46-48 ( 101. 101.30 Home Owners Loan Corp. 3s May 1, 1952-51 99 18 99.22 4s July 1. 1951 100.22 100.26 2%s Aug. 1, 1949 96.20 96.26 Federal Farm Mortgage Corporation 3%s March 15. 1964-44 ... 101.15 3s March 1. 1952-44 97.15 97.19 FEDERAL FARM LOAN BONDS (Bv Blvth Si Cos.) Bid. Ask. 4s. July 1 1946-44 101 % 101V* 4s. Nov. 1. 1957-37 100* 2 101 4s. Mav 1. 1958-38 1001* 101 4%5. July 1. 1956-36 101 101% 4%5. Jan. 1. 1957-37 100% 101% 4%5. Mav 1. 1957-37 100% 101% 4%5. Nov. 1. 1958-38 101% 102 4%5. Mav 1. 1942-32 100% 101 s * 4%s Jan. 1. 1943-33 190% 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% ss. Nov. 1. 1941-31 101% 101% (Bv Fenner Si Beane) Domestic — Prev. Close, close. Alleg Corp 5s ’44 79% 75% Aiieg Coro 5s ’49 66 651* Alleg Corp 5s ’SO 26 Am Frgn Pow 5s 2030 59* * 59*2 Am Tel & Tel 5%s ’43 112% 111 7 * Am Tel & Tel 5s ’65 Ill’* 111 5 * Arm & Cos (Del) 5%s ’43 ....103% 1031* Atl Coast Line 4s ’52 101 101 Atl Coast Line 4%s ’64 92 91% Atch Too & S Fe 4%s 48 108 .. . Am W’at Wks 5s ’44 95 94% Am Rolling Mills 5s ’3B 11l 110% Bait Si Ohio 5s ’95 ......... 76% 75% Balt & Ohio 6s ’95 85* 2 83% Balt & Ohio 4%s ’6O . 60’* 59 Buff Roch & Pitt 4%s ’57 ... 701* 68% Beth Steel 5s ’36 104 103% Chi Milw &StPI 5s ’75 .... 25% 24% Chi Milw &• St P 5s 2.000 ... 7% 7% Cleve Un Term 5%s ’72 ....102% 102% Cl*-ve Un Term 5s ’73 96 s * 96% Cle\e Un Term 4’is ’77 91 90% Col Gas 5s Mav ’52 83 82% Col Gas 5s April ’52 83 82% Cos! Gas 5s ’6l 80% 80% Can Pac Perp 4s 86% 86%

Produce Markets

Delivered in Indianapolis prices: Heavy hens. 12c; Leghorn hens, 7c: colored springers. 12c: old roosters. sc: ducks. 7c; eeese 7c: voting guineas. 20c: old guineas 15c. Turkeys No. 1 young hens. 8 lbs. and over. 15c: young toms. 14 lbs .and over. 15c; young toms. 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. 22c. Each full case must weight 55 lbs. gross: a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter. No. 1 354i 36c. Butterfat—2Bc. Quoted by the Wadlev Cos. BENEFICIAL RAINS PUT WHEAT DOWN Recession Comes in Face of Strength Abroad. By United Press CHICAGO, Jan. B.—Beneficial rains over arid sections of the Southwest brought slight easiness into wheat futures on the Board of Trade today. At the start wheat was unchanged to 4 cent lower, corn w r as 4 cent lower to 4 cent higher, oats were unchanged to 4 cent off and rye was off 4 cent. The price depression in wheat came in the face of relative strength at Liverpool. Cables reported the Fnglish market firm, with little French wheat for sale. Broomhall said the demand for overseas wheat had relived in the United Kingdom. 18, James 7 Wheat— High. Low. A M. close. Mav 1.014 101'. 1014 1014 Juiv 944 934 934 944 Srtrt. 924 .92 .92 4 .924 Corn— Mav 914 .904 .904 .914 Julv 864 .854 .864 .864 Sew 844 .834 .834 .834 Oat— Mav 544 .544 .544 .544 Julv 484 .47*4 .47*. .464 Sept 444 .444 .444 .444 Rv~ Mav 76 .754 .754 .784 Julv 754 .75 .754 .764 Sepv 75 .74 .74 4 .75 4 LOCAL CASH MARKET Citv grain elevators are pavmg 93 cents for So 2 soft red wheat. Other grades on their merits Cash corn No. 3 rellow 86 rents and oats 48 cents. CUTS PHONE CHARGES Effective Feb. 1 the New England Telephone and Telegraph Cos. will reduce installation charges on extension telephones 50 per cent, pio\ided the installation is made at the same time the main instrument is installed, it was disclosed today.

Abreast of The Times on Finance

Tlmk;n Det Axle 7 7 7 7V, Mining— Alaska Jun 19'* 19', IS 1 /, 19'* Am Smelt 39% 38’* 39 .. Anaconda 12'* 12 12 12*4 Cal Si Hecla ... 4 4 4 4', Cerro De Pasco 48' 2 45 7 , 45% 46' 2 Dome Mines 38’* 38% 3?’* 38 s , Granby 7 7 7 7 Ins Copper 3 7 2*4 3 s * 3' 2 Int Nickel . . .. 24’, 23', 24 24’, K r nnecott Cod 18', 17’, 17’* 18’, Mclntvre Mine 4l 7 , 41% 41 7 * 41’, Park Utah 3’, 3’, 3’, 3' 2 Noranda Cop 34’, 34’, 34%337,4 7 , Phelps Dodge 16 15% 15 s , 16 St joe Lead IT. 161* 15’* 17', U S Smelters 122% 122 122% 122’. Vanadium ... 21'* 21 21 21% Amusements— Fox Theat 12’* 121* 12% 13 Loews Inc 32’, 32 32% 32’, Radio Corp s’, 5% 5% s'* Paramount 3% 3', 3% 3 7 , RKO 2’ 2 s , 2’g 2’a Warner Bros .... 4% 4% 4% 4% Tobaccos— Am Sum Tob . 24 24 24 24 Am Tobacco ’A’. 84% 84*% 84% 84’, Am Tobacco ’B’. 86% 86 86 86% Gen Cigars 63'* 6314 63V* 63 Ligg Si Mvers B 109 108 108 109 Lorillard . . 21V4 21 21 21 Reynolds Tob B’ 511* 51 51 by/* Rails— Atchison 55*4 54% 54% 55 Atl Coast Lines 35’, 35’* 35’, 36% B & O 14% 14% 14% 14’, Can Pacific 12% 12% 12% 13% Ch Si Ohio 45% 44 s , 44% 4514 CM* St P .... 33 33 C M & St P pfd 4% 4% 4% 4% Chi N W 5% 5% ss,5 s , ss,5 s , Chi N W pfd .. 10% 10% 10% 10% Del Lac & W . 18% 18% 18% 18% Erie 13% 13 s * 131* 13% Erie Pfd 171, 16% 17 17 111 Central 16% 16% 16% 17% Lou & Nash-... 47 47 47 47V* M K & T 6 6 6 6’* Mo Pac pfd 3% 3 7 /, 3% 3% N Y Cent .... 21'4 21 21 21% N Y New Haven 8% B J 4 BV* 8% Nor Pacific 21V, 20% 20’* 21 Penn R R 25 24 s , 24% 25 Sou Pac 18% 18'4 18% 18% Sou R R 16% 16y, 16V* 16% Union Pac 110 109 109 110 Wabash 2% 2y, 2% 2 West Maryland 9% 9% 91, 9% Equipments— Am Brake Shoe 29% 29*4 29*4 29% Am Car Si Fdy.. 181, 18% 18% 19V, Amer Loco .... 19 18% 18% 19% Am Steel Fdy... 17% 17V* 17'/, 17% Bald Loco 614 6 6 6% Gen Am Tk Car 38 37% 38 73 s , Gen Elec 23 22 % 22 % 221,

Cent Pac 5s ’6O *...80 78% Big Four 4%s ’77 77 Big Four 5s ’63 84 Colorado & So 4*is ’BO 73% 72% Chi & West Ind 4s ’52 93* 2 93% Chi & West Ind 5%s ’62 1021* 102% Chi & Nor West 4%s ’49 221* 21% Con Gas 5s ’57 103% 103% Chesa Corp 5s ’47 1061* 106 Dodge Bros 6s ’4O 106% 107 Del & HudS 4s ’43 94 94% N Y Dock 4s ’sl 60 591* N Y Dock 5s ’3B 46 Erie 5s ’75 7314 73 * 2 Erie 5s '67 74 73*4 Gen Cable 5%s '47 87V* 87’* Grt Northern 7s ’36 95 9414 Grt Northern 4%s ’76 7814 781* Grt Northern 4%s '77 79% 78V* Gen Stl Cast WW 5%s ’49 90 89% Hud Si Manhat Ref 5s ’57 8814 88’* 111 Cent 4’*s '66 63 6114 Interlake CSiI 5s ’sl 7714 76 Internatl Hv Elec 6s ’44 52V* 53 Interntl Tel Si Tel 4'is '39 71 71 Interntl Tel Si Tel 5s '55 .... 68% 68% Internt Tel Si Tel 4%s ’52.... 64% 63% P Lorillard 7s ’44 . ... 1271a 127 s * McKess & Rob 5%s ’SO 95 94% Midvale Stl 5s ’36 102% 102 s * Natl Dairy sV*s '4B 102’* 102’* Natl Steel'ss ’56 106% 106% Nickel Plate 4%s *7B 65% 64 Nickel Plate 5%.s ’74 76% 741* Nickel Plate 6s ’35 71% 67 N Y Cent 5s 2013 701* 68% N Y Cent 4%s 2013 (od) 64'/* 62V* Nor Amer Cos 5s ’6l 82 82 Nor Pac 3s 2047 75 74% Nor Pac 41is 2047 8914 88% Nor Pac 6s 2047 101V* 101 Nor States Pow 5s '4l 103% 105% New Orleans Term 4s ’53 84 831* Otis Steel 6s ’4l 73% 72 Penn Ry 4%s ’B4 10014 100% Penn Ry 4%s ’Bl 101 100% Penn Ry 4%s ’7O 95 94’* Portland Gen Ei 4%s ’6O .... 511'* 51% Para Publix sVis ’SO 62 62 Penn P Si L 4%s ’Bl 99% 99 Postal Tel Si Cab 5s ’53 47V* 46% Rem Rand WW 5%s '47 99% 99% Sinclair Oil 6%s ’3B 103% 103% Shell Union Oil 5s ’47 102% 102% Sou Pac 4'is ’6B 69 67% Sou Pac 4'is 'Bl 68V* 67% Sou Pac 4%s ’69 69% 68 Sou Pac 4s ’49 72% 70% Sou Rail 4s ’56 61V* 60% Sou Rail 6s ’56 81 79 Sou Rail 6'is '56 85 82% Sharon Stl Hoop 51 is ’4B 85% 84% Texas Pac 5s 'BO 93% 93 Texas Pac 5s ’79 93 92 Texas Pac 5s '77 92*4 92 Union Pac 4s ’47 108% 108% United Drug 5s '53 91% 90% U S Rubber 5s ’47 92% 92 NY NH Si Hart 6s ’4B 52 50'/* NY NH Si Hart 4%s ’67 44% 44 Warner Bros 6s ’39 581* 58% Western Mary 5%s '77 99 98 Western Marv 4s ’52 88% 88% Youngstown S Si T 5s ’7O ... 97% 97V* Youngstown SSiT 5s ’7B 97 V* 96% Foreign Argentina A 6s '57 93% 93% Argentine B6s ’SB 93% 93V* Brazil 8s ’4l 34% 33% Canadian Govt 4s ’6O 104% 104% Denmark 4%s ’55 99% 99% French 7s ’49 ... 184 185_ German 5%s ’65 42% 41% Italy 7s 'sl 92V* 91 Japan 6'is '54 96 961* Poland 7s ’47 117% 115% Rome 6%s ’52 - 84 Tokio City 5%s ’6l 76 75 Yokohama 6s ’6l 81% 82%

INDUSTRIAL ACTIVITY FAVORABLE IN 1935 Moderate Gains Expected in December Reports. By Times Bpecinl NEW YORK, Jan. B.—A favorable trend of industrial activity, as exemplified by recent automobile and steel production, carloadings and electric power statistics has prevailed since the first of the year, according to the Standard Statistics Company survey of general busiconditions. Present prospects are generally favorable, with much depending upon early developments in Washington and the speed with which heavy industries respond to the current coaxing and favorable money markets, the report stated. This month, the survey revealed, should see a moderate extension of the industrial gains recorded during December, but no spectacular increases are .xpected. The survey " 4 ted in part that the“ Adminisi ation aims will doubtless be clarified in the near future, and the President’s control ove* - the new Congress will soon be tested. The road ahead, insofar as it is determined by political factors, should be more clearly defined than before.” Retail Coal Prices Th§ following prices represent quotation* from leading Indianapolis coal dealera. A 35-cent carrying charge per ton will be added. DOMESTIC RETAIL PRICES Anthracite $13.00 Brazil Lump S.S4 Brazil Mine Run 6.25 Coke. Nut Size 8.90 Coke. Egg Size 8.90 Indiana Forked Lump No. 4 6.04 Indiana Forked Lumo No 6 5.84 Kentuckv Lump Group "B” 7.18 Indiana Egg 5.71 Pocahontas Esc 8.42 Pocahontas Lumo 8.3? Hides and Skirts 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 hides with full heads, shanks, mames and tails $2.75. medium size *2 25. All No. 2 grade horse hides. 50c less; glues and ponies half price. No. 1 rendered tallow. 4<S44c: No. 2 at value. Yellow grease. 8434 c; dark grease, 3334 c.

INDIANAPOLIS, TUESDAY, JANUARY 8, 1935

Pullman Inc .... 50% 50 50*4 50% Westingh Elec.. 39% 38% 39 38% Utilities— Am & For Pwr.. 4% 4% 4’* 5 Am Pwr Si Lit.. 3% 3% 3% 3% AT&T 105% 105 105% 105*2 Am Wat Wks . 14’. 14% 14% 14% Col Gas Si Elec 7% 7 7 7% Conn Si Sou 1 * 1% l's 1% Consol Gas 19’, 19 19% 19% Ei Pwr Si Lit ... 2% 2% 2% 2% Int Hydro Elec . 2’, 2% 2’. 2’. Interboro R T . 14’, 14 s , 14 s , 14% Int T & T 9% 9% 9% 9% Lou G Si E "A”. 13% 13 s , 13 s , 13% Nat Pwr Si Lit.. 7% 7% 7% 7% North Amer . . . 12% 12% 12% 12% Pac G Si E 14% 14% 14% 14% Peoples Gas 20% 20% 20% 20% Pub Serv N J ... 24% 24% 24% 24 s , So Cal Edison... 12% 12 12% 11% Std Gas 4% 4* 4% 4** United Corp .... 2% 2% 2% 2% Un Gas Imp .... 121* 12% 12% 12% Western Union.. 34 331* 33’* 341* Rubbers— Firestone 17% 17 s , 17% 18 Goodrich 11% Ills 11% 11% Goodyear 26 251* 25’* 26’, Kelly Spring ... 1% IV* IV2 1% U S Ru&ber .... 17 17 17 17 U S Rubber pfd. 41% 41% 41% 411, Miscellaneous— Allis Chalmers.. 17% 17 17 17% Am Can 116% 115 115 116% Am Mach & Fdy 21 s , 21% 21% 21% Anchor Cap . .. 17% 17% 17% 17% Brklyn Man Tr. 39% 39% 39% 39% Burroughs Add . 15% 15% 15% 15% J I Case 58% 58'/a 58% 59% Conti Can 65% 65% 65% 65% Caterpillar Tract 35% 38% 38’, 38% Crown Cork ... 25% 25% 25% 26% Curtis Pub . .. 22% 22% 22% 22% Curtis Pub pfd . 99’, 99’* 99% 99% Deere &Cos . 28% 28% 28% 28% Eastman Kodak 117 117 117 117 Foster Wheeler . 16% 16'/* 16% 17 Gillette 14% 13% 14% 13% Glidden 27 26% 26% 27% Ingersol Rand .. 69% 69 69 69% Inter Harv ... 42’, 42*4 42'/, 42’% Natl Cash Reg.. 18*4 17% 17% 18 Owens Bottle .. 85 84*% 85 84 Rem Rand 11% 11 11 1114 Worthington P.. 21V* 2114 21% 21% Foods— Armour C0m.... 5% 5% 5% 5% Armour 6% pfd 68% 68 4 68’/* 68% Beatrice Cream’y 17% 17*4 17% 17*2 Borden Prod ... 25'% 25 25% 25*4 Cal Packing .... 39 39 39 39% Can Dry G Ale.. 16% 16% 16% 16*% Coca Cola 170 169% 170 168 Cont Bak (A)... 6‘* 614 6% 6% Corn Prod 66% 66 66 66 Crm of Wtheat.. 36% 36% 36% 36% Cuban Am Sugar 6% 6% 614 6% Gen Baking .... 8% B*4 B*4 8% Gen Foods 34 33 7 4 33% 33% Gold Dust 17% 1714 17% 18 G W Sugar 29% 29% 29 Vi 29 Natl Biscuit 30 29% 29% 30 Natl D Prod... 16% 16% 16% 16% Purity Bak 'lO% 10% 10% 10% S Porto Rico S . 22% 21% 21% 22*% Std Brands .... 18% 1814 18% 19 Un Biscuit .... 26 26 26 26 United Fruit 7514 75 75 75'/, Retail Stores— Assd Dry Goods 13% 13 13% 12% First Natl Stores 55 5414 55 55 Or Un Tea ... 4% 414 414 5 Hahn Dept Sts.. 6 6 6 6 Jewel Tea 5614 5614 56*4 57 Kresge S S. ... 21*4 21% 21*, 21% Kroger Groc ... 28% 281* 28*4 28*2 McCrory St 1114 11% 11% 11% McLellan St 14% 14% 14% 14*4 Marshall Field . 1014 10*4 10% 101, May Dept St... 42% 42% 42*4 43 Mont Ward 30% 29% 29% 29% Natl Tea 11% 11*/, 11% 11*4 Penney J C 72% 7114 72*4 71% Safeway St .... 44% 44% 441* 45 Sears Roebuck .. 39% 39% 39*4 39*4 Woolworth 53% 5314 5314 5414 Aviation— Aviation Corp .. 5% 514 5*4 5% Boeing Aircft ... 9% 9*4 9*4 9% Curtiss Wright . 2% 2% 2% 2% Curtiss Wright A 9% 9% 9% 9% Douglas Air ... 24% 23% 23% 2414 Nor Am Av .... 3% 3*4 3*4 3*4 Sperry Corp . 9% 9% 9% 9% United Airct new 14% 14% 14% 14% Chemicals— Air Reduction .115% 115*4 115*4 115% Allied Chem .138% 138 1381a 140% Am Com Alcohol 31 Vi 31*4 31% 31% Col Carbon 74 73% 73% 74% Com Solvents .. 23*/* 23 23% 231, Dupont . 99 97% 97% 99 Freeport Tex ... 25 24% 24% 25 Liquid Carb ... 30% 3014 30% 3014 Math Alkali ... 31% 31 31% 31% Monsanto Chem 58% 58*4 58% 59 Natl Dis (new). 27% 27% 27% 28 Schenlev Dist . 27*4 26% 27 2714 Tex Gulf Sulph. 35', 34% 34% 35 Union Carbide 47% 47% 47% 47% U S Ind Alco .. 431* 4314 4314 43% Drugs— Bristol Myers .. 34% 3414 3414 34% Coty Inc 6*4 6 6 6% Lambert 28 28 28 27% Un Drug (new). 13 12% 13 13 Vick Chem 34% 34% 34% 34*4 Zonite Prod .... 4% 4% 4% 4% Financial— Adams Exp .... 7*4 7*4 7*4 7*4 Allegheny Corp.. 1% 1% 114 I s * Chesa Corp 43% 4314 4314 44% Lehman Corp .. 73% 73*4 73% 73% Transamerica... 514 5% 5% 5% Tr Conti Corp... 3% 3% 3% 3% Building— Am Radiator ... 15% 1514 1514 15% Gen Asphalt ... 17% 17*4 1714 18 Holland Furnace 9% 9 9'/, 9 Int Cement .... 33 32 32 32% Johns Manville 56% 5514 5514 56 Libby Owens Gls 31% 311, 31% 31% Otis Elev 15 15 15 15% U S Gypsum ... 51*4 5114 5114 52V4 Household — Col Pal Peet ... 18*4 ... 18*4 18*4 Congoleum ....33 5 , 34*4 34 Vi 3414 Kelvinator 17% 16% 16% 17% Proc & Gamble. 44% 43% 43% 44* 4 Servel Inc B*4 8% 8% 8% Simmons Bed.. 10% 10*4 10*4 10% Textiles — Amer Woolen ... 9% 814 8% 8% Belding Hem ... 121, 12% 121, 12% Celanese Corp... 35 34% 3414 34’, Collins Aikman 15V* 15% 15*4 15% Gotham Hose.. 514 5Vi 514 5% Indus Rayon ... 32% 32% 3214 32%

Chicago Stocks (By Abbott, Proctor & Paine) Bendix 17 17% Borg Warner 30% 30 s * Butler Bros 7% 7% Cities Service 1% 11a Crane Cos 10% 10% Com & Edison 51 491* Cord 4 V* 4% Elec House 15 15% Gen House 6% 6% Iron Fireman ................ 14% 14% Kingsberry 2% 2Vs Libby 7V* 7V* Noblitt Sparks 1514 15'* Prima 3% 3V* Quaker Oats 179 129 Swift 19% 19% Swift Int 34% 35 Walgreen 30% 30 Zenith 2 2 New York Curb (Bv Abbott. Proctor Si Paine) 12 (Noon) Prev. N. Y. close. Am Cyanide (B* 16% 16% Amer Superpower 1 * 1% Atlas Corp 9% 914 Carrier Corp 66% 16% Distillers Corp 17’* 18 El Bond & Share 6% 6% C-ulf Oil of Pa 57 60% Hiram Walker 29% 29% Humble Oil 46% 48 Lake Shore Min 54% 54 Natl Bellas Hess 2% 2% Nia Hud Pwr 33 Novadel Agene 22 22% Penn Road 2% 2% Sal Creek Products 6 6%

MONTHLY DAILY FROM OCT. Ist1 st I j 28 1 1 46 1 1 DAILY AVERAGE 44 : 300 COMMON STOCKS! &• i I 40 i Wet*l Market Bureau, Ir., ————————— 38 1 34- 1— u : 30r4-r-i —if 2S 1 H-4 1 . 1 ! i-i ! ~ . ■ ill ii i l i i 1 1 ; f Zo 'i • • i| | I I • • • it! I Iii• •> 't ii ii ii ii )* ' ' i ' ■ ;| ' Z4l ii ii ii i iiii ii ii < i t ii 'ii tii it i ; lit 'ii ' j* ' ii Fill lit i I I I 111 II•i 1 J ' -. |tli*ll till 1 I > I l I I | * 20 *i ii tii i * i iii i * it * i |—r—ol i ll t i* ii ii ii i > ii i l i 1 I A Mis 25 IS 15 2226 6 13 20 27 3 Ss<soo<) OCT NOV DEC JAN FEB MAR }SESSSXSSSSSSSSSSSSSS^SSSS3SSC^SSSSSSSSSSSSSSSSSSBSSSS3SSSSXSSSSSSSSSSSSSSSSBSSsseaESSSS.

U. S. TO MODIFY SILVER SCHEME TO AID CHINESE

World Purchasing Program Will Be Changed, Treasury Says. (Copyright, 1935. by United Press) SHANGHAI, Jan. 7.—The United States will modify its world silver purchasing program in order to aid China in checking the flight of the metal, the United Press has learned exclusively. Secretary of the Treasury Henry Morgenthau has assured the Chinese that he will seak means other than drastic price increases to carry out the American silver policies, it was reported. It was not revealed, however, what means Mr. Morgenthau -plans to use to avoid draining China of its stocks of the white metal, which forms the basis of her currency. Reached at Capital The agreement reportedly was reached at Washington conferences in which Secretary Morgenthau. Secretary of State Cordell Hull, and Alfred Sze, Chinese Ambassador to the United States, participated. The information received by the United Press was contained in cables sent by Mr. Sze to H. H. Kung, Minister of Finance in the Chinese National Government. When the United States Treasury entered the world silver market, offering anew high price for the metal, Chinese holders of silver sold their stocks readily. The drain became so heavy that it threatened to upset China’s monetary system. Mr. Kung made several protests to President Roosevelt and the conferences followed. In an offort to check the flow, China imposed an “equalization charge,” placing a levy varying from 5.5 to 7.25 per cent on silver exports in addition to the 7.75 per sent regular export levy on bars and coins and the 10 per cent assessment on sycees, lumps of silver used in Chinese exchange. Created Controversy The plan, sponsored by Pei TsuYee, director of the exchange control committee, produced considerable controversy in Chinese financial circles. The committee director at one time threatened to resign but later reconsidered. He favors a higher rate for the Mexican dollar, common unit of Chinese currency, against the United States dollar, Mr. Kung T. V. Soong, Chinese financial expert, and others favor permitting the Mexican dollar to seek its own level. The Kung-Soong group consider 25 cents, the equivalent of $4 Mexican to $1 United States, a reasonable level. The Mexican dollar now is worth approximately 35 cents.

POWER OF SEC CITEDJNRULING Function Illustrated by Decision in Haddam Distillers’ Case. By Scrippu-Howttrd Neicspaper Alliance WASHINGTON, Jan. B.—How the Securities and Exchange Commission functions as a wringer on new securities issues before they are sold to the public is illustrated in the case of the Haddam Distilliers Corp., Moodus, Conn. Under a commission stop order, the company’s claimed assets have been reduced from the $315,890 figure shown m its original prospectus to $139,658.76. Nor has the stop order yet been lifted, the commission still objecting to the company’s method of setting up “pro forma” balance sheets. The claimed value of water rights was reduced from the $97,120 originally claimed by the company to the nominal sum of $1 after two compromise offers had been turned down by the SEC. Land valuation was cut from SI4OO to $700; buildings from $34,550 to $28,050; machinery from $170,020 to $73,095.02, and trucking equipment from S9OOO to $3150. Organization expense was increased, however, from $2901.61 to $29,087.40, ‘partly as the result of additional cash disbursements by the promoters and partly by allocating stock given to them for their services to this account, rather than by concealing such rewards through the scheme of assigning values to property transferred by the promoters to the corporation in excess of real present day values.” The revamping of the company’s claims is a “preventive rather than a punitive measure,” the commission pointed out.

Corporate Incomes in 1934 Seen to Compare Favorably With 1933 Record of Industrial Groups in First Three Quarters Last Year Viewed Better by Alexander Hamilton Institute Weekly. £3 Tima Special NEW YORK, Jan. B.—Despite a slowing down in the last half of the year corporate net for 1934 will compare favorably with those of the preceding year in a majority of the industrial groups, it was predicted today by Business Conditions Weekly, published by the Alexander Hamilton Institute.

“Net Income for the first three quarters of the year showed either general gains or a replacement of deficits with profits,” the publication said. “Now there are two directions from which the earnings trend may be viewed. One is the straight year to year comparison which shows whether ground was gained or lost as compared with 1933. First Quarter Compared “The other is the straight comparison by quarters through 1934 which tells whether established margins of profit were being enlarged or diminished or maintained substantially unchanged as the ear advanced. The former comparison is more of a chronicle. The latter, if definite trends are in evidence, may bear upon the near-term future. “The first quarter of 1933, with the general paralysis of business acof the bank holiday, was a period tivity in the final month by reason with which any succeeding comparable quarter could hardly fail to show up unless conditions of equal abnormality obtained. So the fact that profit margins were generally higher in 1934 than in 1933 for the winter months is partially deprived of significance. “The major exception to the rule, however, was significant. The public utilities earned less on the dollar of gross revenue than in the corresponding period of 1933, a condition which was to continue throughout the year. Divergent Trends Appear “For the second quarter the comparison is between an active period in 1933 and a quarter in which activity was tapering off last year. Here divergent trends appear. The net incomes of representative companies in the automobile industry, the steel industry and the railroad and utility fields declined relative to the gross business done. “On the other hand, electrical equipment manufacturers, machinery manufacturers, office and business supply companies and miscellaneous industrials showed larger net incomes on each dollar of gross business than in the more active 1933 second quarter. “These trends were largely maintained in the third quarter of the year. Here, however, the miscellaneous industrials lost ground, earning but 7.17 cents on the dollar of gross business, compared with 11 cents in the same period of 1933. The large electrical equipment companies showed larger profit margins than in the preceding year.” GOLD STOCKSTODGED IN CHICAGO ARE VAST Reserves Are One-Eighth of Nation’s Total Monetary Supply. By Times Special | CHICAGO, Jan. B.—Gold reserves of the Federal Reserve Bank of Chicago at* the close of last year aggregated $1,025,815,767, contrasted with $880,969,869 a year earlier, according to the year-end conditions statement of the institution made public today. Gold reserves on Dec. 31 represented approximately one-eighth of the gold stocks of the United States Treasury. Net earnings of the bank fell to $1,404,492, compared with $2,290,493 at the end of the preceding year. Total surplus was $22,057,075, agains more than $40,000,000 a year ago. This change is due mostly to the shift of half the surplus of Federal Reserve Banks to the Federal Deposit Insurance Corp. NEW~BUSINESS BOOKS RECEIVED AT LIBRARY Tomes on Various Subjects NowAvailable Here. Additional new books on varied business subjects are now available at business branchs of the Indianapolis Public Library, it was disclosed today. Among the new books are “Stock Market Profits,” by R. W. Schabacke7-; “The A. B. C. of Sound Credit,” by E. S. Holter; “Industrial Profits,” by R. C. Epstein; “Preparation for Civil Service,” by T. A. Donneiiy and G. L. McKim; “Engineering Manual for Traffic Surveys,” a compendium by the Federal Emergency Relief Administration and Modern Publicity, 1934-1935.

HOG PRICES DIP IN LOCAL DEALS First Interruption Since Dec. 18 Shown as Values Lose 20-25 Cents. After advancing almost steadily since Dec. 18 to a three-year high level, porker prices in early trading at the local stockyards today dropped 20 to 25 cents. The decline was viewed as natural after the recent sharp advances. Porker prices at three of the leading livestock exchanges in this section of the country yesterday soared to new high levels since July, 1931. Prices at Chicago established anew peak and were 5 cents above the high for 1934. Indianapolis and Louisville also reached the new peak. The decrease in swine values today marked the first since the beginning of the new year, but a few good and choice kinds remained above the $8 mark. Receipts today were estimated at 6,000, the same as yesterday. The general bulk, 160 to 350 pounds, was salable from $7.70 to SB. Despite the sudden change toward lower levels, several good and choice grades of hogs were selling at $3.05. Light butcher classes, weighing from 130 to 160 pounds, cashed in at $6.25 to $7.25, while others ranging from 100 to 130 pounds sold at $5 to $6. Packing sows brought $6.25 to $7. Holdovers numbered 259, compared with 98 yesterday. A strong undertone continued in the cattle market and most classes were active and comparably higher than yesterday’s close. The increase was noticeable particularly in slaughter steers, where early sales ranged from $8.85 to $10.60. No change of importance was evident in veals, with the majority of classes opening steady at $8 down and closing at $8.50. Following a similar decrease in yesterday’s session, lamb prices were generally 25 cents higher with a strong demand prevailing on practically all classes. HOGS Jan. Bulk. Top. Receipts. 2. s7.2o®> 7.45 $7.(0 10.000 3. 7.30® 7.55 7.80 7000 4. 7.60® 7.75 7.90 7000 5. 7.65® 8.00 8.00 2000 7. 7.90® 8.00 8.05 6000 8. 7.70® 8.00 8.05 6000 Light light: (140-160) Good and choice $6 75® 7.50 Medium 6.50® 7.25 Light weight: (160-180) 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: (200-220) Good and choice ... 7.90 7.95 1220-250) Good and choice.... 7.95® 8.05 Heavy weight: (250-290i Good and choice ... 7.95® 8.05 (290-350) Good and choice 7.75® 7.95 Packing sows: (275-350) Good 6.85® 7.10 (350-425) Good 6.75® 7.00 (425-5501 Good 6.65® 685 1275-5501 Medium 6.25® 6.75 Slaughter pigs: (100-140) Good and choice 5.00® 6.50 Medium 4.25® 6.25 CATTLE —Receipts, 2,300 — —Steers—-(sso-900) Choice $8 25® 9.75 Good 7.00® 9 25 Medium 4.75® 7.25 Common 3.25® 4.75 (900-1100) Choice 9.50® 10.25 Good 7.25® 9.75 Medium 5.00® 7.50 Common 3.50® 4.75 (1100-1300) Choice 10.00® 10.75 Good 7.50® 10 00 Medium . 5.25® 7.50 (1300-1500) Choice [email protected] Good 7.75® 10.00 —Heifers—-(sso-750) Choice 7.50® 8.00 Good 6.00® 7.50 Common and medium 3.00® 6 00 (750-900) Good and choice 6.25® 8 25 Common and medium .... 3.25® 6.25 —Cows— Good 3 75® 5.00 Common and medium 2.50® 3.75 Low cutter and cutter 1.25® 2.50 —Bulls—(Yearlings Excluded) Good 3.75® 4.25 Common and medium 2.50® 3.75 VEALERS —Receipts. 500— Good and choice $7.50® 8 59 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— . (500-800) Good 'and choice ...s4oo® 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 —Cows— Good 2.50® 3.00 Common and medium 2.00® 2.50 SHEEP AND LAMBS —Receipts. 2.500 Lambs. 90-lbs. down, good and choice $8.50® 9.00 Common and medium 6 00®, 8.50 90-120 lbs., good and choice 3.25® 4.25 Sheep—--120-150) Good and choice 2.75® 3.75 All weights, common and medium 2.00® 3.25

Other Livestock

(By United Press) LAFAYETTE. Jan. B.— Hogs— Market. 10 £3oc lower; 275-300 lbs., *8; 300-325 lbs., *7 75; 225-275 lbs., *7.90; 200-225 lbs, *7 80: 180-200 lbs . *7 75; 160-180 lbs . *7.65; 155-160 lbs., *7.50: 150-155 lbs., *7.25: 140150 lbs.. *7; 135-14 lbs., *6.75; 100-135 lbs., $5 25'&6.50: roughs. $6.75 down; calves, steady: top $7, lambs, market steady; top *8.50. FT. WAYNE. Jan B—Hogs—ls4}2sc lower; 250-300 lbs.. *7.90; 225-250 lbs . *7 85; 200-225 lbs.. *7 75; 180-200 lbs.. *7.65: 160180 lbs.. *7.55: 300-350 lbs.. *7 55; 150-160 lbs.. $6 90: 140-150 lbs., *6.50; 130-140 lbs.. *6.15; 120-130 lbs.. *5 90: 100-120 lbs., j *5.40; roughs. *6.25; stags, *4.25. Calves, i *8; lambs, *8 75. <By Time# Special! LOUISVILLE. Jan. 8 —Cattle—Receipts, ! 200. salable supply slaughter classes light: quality generally plain: demand fairly broad, market, active, fully steady with Monday; bulk common to medium grade steers and heifers *4 50416; verv little included eligible above *6 50. but strictly food fed offerings eligible to *8: bulk eef cows. *'4j3.50: practical top. *3 75: sausage bulls. *3 75 dawn; most stockers and feeders. *4 50 down. Calves—Receipts. 150- steady bulk good to choice vealers. *64,7; latter practical top medium and lower grades. *5 50 down. Hogs—Receipts 600. 10c lower top and bulk better 230-300 lbs.. *8 05; 200-225 lbs . *7.90. 305 lbs up *7.60; 180-195 !b . *7 55; 160-175 lbs . *7.15. 140-155 lbs . *6 65; 120-135 lbs. *5 70: sows. *6 30. Sheep—Receipts. 75; demand dependable for slaughter classes; market, steady: bulk medium to good lambs. *74, 8. choice quotable *8 50 or better; bucks discounted; common light throwouts. *5.50; fat ewes mostly *2&3.

Latest Stock, Bond and Commodity Quotations

LATEST NEWS AS ANNOUNCED BY COMPANIES Developments, Happenings in the Realm of Corporations. A summary of corporation news prepared by the Standard Statistics Cos., Inc., New York, follow:-; American Machine and Foundry Cos. called for retirement on April 1 all outstanding 6 per cent bonds, due April 1, 1939. On Dec. 31. 1933, there were outstanding $454,000 of these bonds; company also decided to write off its caoital surplus, carried on its books at $2,357,777, against the investment in International Cigar Machinery Cos. Alaska Juneau Gold Mining Cos. December profit was $172,200 before depreciation, depletion and Federal taxes, against $192,054 in December, 1933; for year 1934 profit was $2,246,550 against $1,821,652 in 1933. Deficit (before foreign exchange adjustment) year ended Oct. 31 was $192,689 against deficit of $664,122. Consolidated Railroads of Cuba, deficit (before subsidiary preferred dividends) quarter ended Sept. 30, $298,573 against deficit, of $105,303. Cuba Cos. deficit (before subsidiary preferred dividends and minority interest) for the September quarter was $547,666, against deficit of $640, 268. . Cuba Railroad Cos. September quarter deficit was $157,797, against deficit of $313,576. Corrigan, McKinney Steel Cos. Is operating twelve of its fourteen open hearth furnaces which is one unit less than has been in production at best schedule of 1934. No let down is expected and further expansion close to capacity is thought likely. Gulf Oil Corp. Has asked tenders of an amount of company’s debentures 5 per cent, due Feb. 1, 1947, sufficient to exhaust $1,500,000; price not to exceed 100. Hudson Motor Car Co.’s value of export shipments in 1934 was reported as $6,750,000. Lone Star Gas Corp. declared a dividend of 15 cents on the common stock. Previous distribution was 16 cents in convertible preferred stock on March 31, 1934. Maytag Cos. declared a dividend of 75 cents on the $3 preference stock; giving effect to this distribution arrear amounted to $6.75 a share. Standard Oil Cos. of Indiana, effective today, will restore retail gasoline prices to normal in the Chicago area; increase will be around 2 cents a gallon. Republic Steel Corp. ingot rate Is 50 per cent of capacity, the best schedule since the third week 'n June, 1934. Last week the comply was operating half of its sixty-eight open hearth furnaces. Compared with twelve units active at the low point last summer. Washington Oil Cos. declared a dividend of 75 cents on the capital stock; on Oct. 10, 1934, distribution of $1 a share was made. Alabama Power Co.—lt was said plans are being made for a court action seeking to bar Alabama cities from receiving PWA loans to build municipal power plants with which to use TV A electricity; proposed action will be in the form of an amendment to the injunction suit against TV A filed by preferred stockholders and now pending in Federal Court. Central Power & Light Cos. declared usual dividends of 43% cents on 7 per cent preferred stock and 37% cents on 6 per cent preferred stock; giving effect to these dividends arrears amounted to $10.50 a share on 7 per cent issue and $9 a share on 6 per cent preferred. Chrysler Corp. has signed a compensation agreement with German authorities agreeing to ship most of the 19,000 cars it exported to Europe on German Lloyd or HamburgAmerican Line steamers; 35 per cent of money paid by Chrysler as freight to German shirpng companies will be used by the Germans to buy Chrysler cars and parts. E. I. du Pont de Nemours & Co.’s subsidiary Du Pont Cellophane Cos., cut prices of cellophane, ranging from 2 cents to 4 cents a pound; this makes the seventeenth reduction since domestic manufacture was started in 1924 and new prices are about 86 per cent lower than those in effect at that time. Graham-Paige Motors Corp. shipments in 1934 showed an increase of about 46 per cent over those of preceding year. Loblaw Groceterias Cos. Ltd., net profit for the 28 weeks ended Dec. 15, was $382,088 against $377,516; sales in like 28 weeks period were up 7.4 per cent.

Report of the Condition of the Western Saving and Loan Association of Indianapolis Marion County, Indiana, at the clo*e of business on Dec. 31. 1934. RESOURCES Cash on hand and due from the banks .. 7...$ 48,215.3 J HOLC bonds owned 15.250.00 Other U. S. Government securities owned 68,000.00 Other bonds owned 2.600.00 Mortgage loans .. 205,910.00 Other real estate—book value .. 5,600.00 Total $345,575.32 LIABILITIES Book value of installment snaresS22B.66B.lß Book value of loan shares 61.037.08 Contingent fund 27,000.00 Undivided lyoflu 28 870 06 Total f *345.575 32 STATE OF INDIANA. COUNTY OF MARION. SS We. the undersigned officers and directors of the Western Saving and Loan Association of Indianapolis. Indiana do solemnly swear that the above statement is true. J P FRENZEL. President. W C. GRAUEL Secretary. OTTO N FRENZEL Director R E SWEENEY Director. P C. KRAUSS. Director. Subscribed to and sworn before me this 7th day of January. 1935 THOS. A RESSLER. (SEALi Notary Public. My commission expires April 2, 1936.

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