Indianapolis Times, Volume 46, Number 209, Indianapolis, Marion County, 10 January 1935 — Page 15

Trends Indiana’s Municipal League Draws Battle Lines. by VINCENT S. LYONS 7,oifi Financial Editor

The growing wave of sentiment for municipal ownership of public utilities reached a very definite stage in this state this when the Indiana Municipal League mapped a program to support legislation, providing for such an eventuality, at the General Assembly, which gets under way here today. One of the first steps to be taken bv the League in its campaign will be the employment of a full time secretary to work with its legislative committee throughout the term of the Legislature. At the same time Mayor Kern of Indianapolis, who has plans for public ownership of the Citizens Gas Cos., promised that he would procure headquarters for the legislative committee. The Indiana Municipal League is composed of mayors and other officials of Indiana cities. Members of the all important legislative committee include Mayor William Dentlinger of Crawfordsville. Mayor Sydney Baker of Newcastle, Mayor Cell Firestone of Goshen, Mayor Vincent Youkey of Crown Point and James Adams, city attorney of Shelbyville. a a a CHIEF interest at the gathering of the league, however, was reserved for C. W. H. Bangs, Huntington's m-again-out-again mayor, who has been busily engaged since the first of the year in a very interesting game of hide-and-seek with persoas who are endeavoring to halt his activity of stringing power lines from the city's light plant to private homes. From the looks of things something very definite in regard to municipal ownership will occur within the rear future. The benefits from such an undertaking have been so widely publicized that pvery effort will be exerted to increase any advantage which is gained. Only this week Senator Van Nuys declared that an attempt would be made to clear the way for a Federal loan to Indianapolis for the purpose of taking over the properties of the Citizens Gas Cos. Meanwhile, the squabble between the city of Nev York and the public utility interests supplying the municipality with power has reached new interesting heights. Some form of compromise was offered by utility corporations, but undoubtedly now that the battle has been started, Mayor La Guardia isn’t going to be satisfied with half a loaf. a tt a Additional indication that New' York City's maneuver was not. merely an idle gesture was presented in the fact that the Treasury Department earlier this week filed with Public Works Administer Harold L. Ickes an application for $3,780,000 for construction of a Federal power plant in New York. As there is no apparent reason at present why the application should not be approved, it begins to look as if the private utilities are soon to be confronted with the first dose of municipal ownership. Developments here and on the national scene indicate very strongly that the year 1935 will be vastly important in so far as public utility business is concerned. And for once the average citizen can afford to watch the trend of events complacently, for he realizes that, lowered rates for services are a very brightprospect.

Stock Studies

NATIONAL LEAD COMMON STOCK <T f— 1 yAI EARNINGS PRICE RANGE scalC 9. 1 —r-i -T 200 6 150 Y/Z\ V, 3I I I 4 *4*-—tVI-- 'oo 2- 4* H- —-so O - 130 31 32 33 34130 31 32 33 34| WINCHESTER INSTITUTE OF FINANCE *

National Lead Company’s activity lies chiefly in the fabrication of lead products, although it does mine and smelt lead in small quantities. The company is the leader in the manufacturing of materials in which lead entets. such as white lead and other painters’ materials, plumbers’ supplies, printers' metals, battery lead and a wide range of other products composing lead. It also produces pigments and oils for paint, and sells large quantities of linseed oil. Many of its products are sold under nationally advertised trade names. The firm has large sales in this country, Canada and in South America. financial data A* of Juno 30. 1931 Common Stock SIOO par* 309.831 sharps Preferred Stocks tA and B 100 p# r i . $34 695 300 Company Stock In Treasury ... 10.707.075 Profit and Loss Surplus 21.922.202 Cash and Securities 6 961.041 Foreien Securities 11.846 234 Inventories 16.818 828 Total Current Assets 34 816.156 Current Liabilities 6 020,050 During the 12 months’ period ended June 30, 1934. cash and securities dropped about $500,000. Inventories gained $2,300,000. net working capital was up $1,300,000. foreign securities held dropped about $500,000, while profit and loss surplus was $900,000 larger. On June 30. 1934, the current ratio was 5\ to 1 with cash and securities alone in excess of current liabilities. The book value of the common stock was $222 82. or a gain of $3 26. National Lead earnings reached a low point in 1932 when $3.15 was earned on the common. The earnings trend has since been upward, with $4.07 earned in the first six months of 1934. For several years the annual cash dividend rate on the common has been $5 with extras in 1930 and 1931. The present regular rate is $5. while on Dec. 20. 1934. a 14 per cent stock dividend was paid fronj treasury stock. The National Lead Cos. was incorporated in 1891 in New Jersey. All classes of stock are listed on the New York Stock Exchange. At a current price of around 167 the stock sells to yield about 3 per cent on the regular dividend. iAil Rights Reserved Winchester Institute o l Finance. Winchester. Mass.*

Unquestioned Credit Needed to Bring About Low Utility Rates, Experts Say

Increased Use at Cheap Price Seen Proving Satisfactory. The following article *>i written hr S. Rcadinr Bertron, head of Betron. Gri.com A Cos., of New York and Philadelphia. He ha* been identified with public utilities for nearly half a century. BY S. READING BERTRON NEW YORK, Jan. 10.—Temptation to attack the utility rates, which affects great masses of our people, seems to politicians an opportunity for headlines too great to be overlooked and they, being convinced that the issue is a popular one, are making the most of the opportunity. The arbitrary methods employed in the management of some utilities in the conduct of their business frequently adds to the popularity of the attack. The rates in some instances probably are too high. Greatly increased consumption at low rates would prove more satisfactory to both the utilities and consumers than restricted consumption at high rates. A utility company must have unquestioned credit to produce cheap electric current and cheap gas. It never can arrive at this status under constant public attacks and disparagement of the investment which must be rendered safe by wise decisions of the utility commissions. In New York State we have an exceedingly industrious commission, respected by those who come in contact with it. Its honesty of purpose is unquestioned. The slowness of its decisions is often criticised, but the public overlooks the fact that its actions must be governed by law and not by desire. The attacks upon Dr. Maltbie are ill considered. Those who have followed his ‘course since he became chairman of the commission can

New York Stock Exchange Prices

ißv Thomson A McKinnon* 11 no A. M. Prev. Oils— High. Low. N Y Close. Amerada 50 3 * 50-V 50 3 * 51 Atl Rfg 24 7 * 24 3 , 24 3 , 24’* Barnsdall 6’* 6' 2 6' 2 6; s Consol Oil 8 8 8 8 Cont of Del 17 7 , 17', 17 s , 17'* Houston inew* . 33 3 3'.* Mid Cont Pet .. II 7 , ll 3 * ll 3 * U 3 * Ohio Oil 9 3 , 9 3 * 9 - 9'* Phillips Pet ... 15i* 15 1 * 15', 15V, Pure Oil 7', 7'* 7'* 7' 2 Seaboard Oil ... 24 3 * 24 5 . 24 3 * 24'* Soc Vac 14'* 14 14 14 S O of Ca 1333,0 3 ,30 s , 30\ 30 3 4 SO of Ind 24 *4 74 s * 24', 25 S O Os N J 42 1 2 42'* 42', 42>. Texas Corp 20', 20 3 * 20' 2 20'* Un Oil of Cal .. 15', 15', 15', 15 3 * Steels— Am Roll Mills. 23 1 r 23 23 23’4 Beth Steel 33 3 * 33* 2 33 3 * 34 Bvers A M 19', 19', 19', 19 1 2 Col Fuel A Iron. 4 7 , 4', 4 3 * 4 7 , Inland Steel 53'2 53 53 53'2 Mid Steel 12', 12', 12', 13 Rep Ir Si Steel . 15 15 15 14 7 , U S Pipe A- FdV. 20 1 2 20 > 2 20>j 20 3 , U S steel 39',331,8 1 , 39 38 1 2 W'arren Bros . 5' 2 5'2 5' 2 5' 2 Youngstn SA T 20', 20', 20's 20:, Motors— Auburn . ....... 28’2 28 28’ 4 27 s * Chrysler 40', 40 40'* 40’ Gen Motors 33 32 3 *3372 7 32', Hudson 11 3 * 11 1 4 ll 3 * 11 3 * Hupp 3*4 3'* 3 >* 3', Nash 18 18 18 18 Packard 5 3 * 5*4 s'* 5' 4 Reo 33 33 Studebaker 2 3 * 2' 2 2 3 2 2 3 4 Yellow Truck ... 3 3 * 3 3 3 3 * 3 3 * Motor Access— Bendix 16' 2 16 3 a 16' 2 ljj'j Bohn Alum 59 59 59 59 Bora Warner ... 30', 30 30 29 7 * Briggs ... 28 7 , 28', 28', 28*2 Elec Auto iLte .. 27' 2 27*4 27' 2 27' 2 Houdaille "A"... B', B', B'* B'* Murray Body ... 7'* 7 3 * 7' 7 3 , Stew Warner . . 8 3 4 8 3 4 8 3 4 B’* Timken Roll ... 36 35 ! 2 36 36 Timken Det Axle 6 3 6 3 4 6 3 4 6 3 .* Mining— Alaska Jun .... 19' 2 19 1 4 19*2 19 3 2 Am Smelt 38's 38 3 2 38'* 38' 2 Anaconda 11 3 11 s , 11 s , 11 s , Cal & Heel a ... 4 4 4 4 Cerro De Pasco . 45 s , 45'2 45'2 4a 1 , Ins Copper 3'2 3’2 7? 3'2 Int Nickel 23 7 , 23 7 23 7 , 24 Kennecott Cop • 17 3 4 17 s , 17 s , 17 3 2 Mclntyre Mine . 42 3 , 42 42'* 42 Noranda Cop ... 94 3 2 74 3 2 34’ 2 34' 2 Phelps Dodge ... la 1 2 15 3 , 15 3 , 15's U S Smelters ...122'2 122 122 3 2 121 J* Vanadium 20'2 20 3 2 20'a 20', Amusements— Fox Theat 12' 2 12 3 2 ll’i 12 s * Loews Inc . .... 33 7 * 33 s * 33 s *33 3 2 Radio Corp 5 3 4 s'* s’, 6V Paramount 3' 2 3 s * 3 3 3' 2 RKO 2> 2'* 2’ 4 2 1 4 Warner Bros ... 4 4 4 4 Tobaccos— Am Snuff .... 66 66 66 66 Am Sum Tob .. 23'. 22 3 , 22 3 * 23> Am Tobacco A . 83 3 * 83 3 4 83 1 * 83 3 * Am Tobacco B . 85'* 84 '4 85'* 85 Gen Cigars . 63 62' 2 62’2 63 Ligg A Myers B 107 107 107 107 Lorillard ... 21', 21 21 20 3 4 Phillip Morris 45'2 45'j 45'2 45 Reynolds Tob B 50 3 50 50 3 * 50'2 Rails— Atchison 53 7 4 53 3 4 53 3 , 54' 4 Atl Coast Lines 35' 4 35', 3a'* 35'* Can Pacific 12'* 12', 12', 12 3 * Ch Si Ohio 44 • 44 3 , 44 7 4 43 C M A St P ... 2 3 * 2 3 * 2 3 * 2 3 * Chi N W .. .. 5 s * 5 3 , 5S s*, Del Lac A W . 18 18 18 18 1 * M K A T pfd.. 13 < t 13 > 13’-4 13 3 4 Mo Pac 22'2 22' 2 22 3 a 23‘, N Y Cent 20 7 , 20 3 * 20 7 * 20 7 Nor Pacific 20'2 20 3 20' 2 20’* Penn R R 24'* 24'* 24', 24', Sou Pac 18', 18 18's 18 Sou R R 15 s * 15 3 4 15 s , 15*. Union Pac 109 109 109 109 Equipments— Am Car A Fdy.. 19 7 . 19'i 19 7 , 18 7 * Amer Loco .... 20’, 20', 20', 20 3 , Bald Loco 6 s , 6' 2 6' 2 6 s , Gen Am Tk Car 333,T 3 , 37'2 37' 2 38 Gen Elec 23 22 T * 23 23 Pullman Inc .... 51 s * 51 *4 51 s * 51 s , West Air Br ... 26‘* 26', 26'j 26' 2 VVestingh Elec.. 4#', 39 5 ,3379 7 40 Utilities — Am A For Pwr 5 4 7 5 4 7 , A T A T ....104 7 , 104 7 , 104 7 , 105'* Am Wat Wks .. 14 7 , 14 3 2 14' 2 14 3 , Col Gas A Elec.. 7' 3 7', 7' 2 7', Conn A Sou ... I 3 * I', I', 1", Consol Gas . . 21 20 3 , 20\ 20 3 , Elec Pwr A Lit 2 7 * 2 7 , 2 7 , 3 Int Hvdro Elec 2 7 2 3 , 2 7 , 2 s * Interboro R T . 14', 14', 14', 14>. Int T A T .. 9 3 , 9s* 9-S 9S Nat Pwr A Lit . 7 1 * 7’, 7 3 v 7'* North Amer .... 13 3 2 13', 13', 13'* Pac GA E 14'* 14', 14 3 * 14 3 , Peoples Gas ... 23 22'r 23 22’, Pub Serv N J .. 25'* 24 s * 23 3 , 24'* So Cai Edison .. 12'* 12 12 3 . 12'. Std Gas ... 4'a 4* 2 4’2 4 s , Stone A Web .. 4 s * 4 s , 4 3 * 4 3 * United Corp ... 3 2 7 * 2 7 * 2 3 * Un Gas Imp .. 12 7 . 12 3 * 12 3 * 12 s , West Union .... 33‘2 33'2 33'2 33 3 * Rubber,— Goodrich 11 3 . M’i ll 3 , ll 3 , Kelly Spring . 1 3 2 I', 11,l 1 , l’a U S Rubber pfd 40'2 40> 2 40', 40', Allis Chalmers 17 16 3 17 17 Am Can 115 115 115 114 3 2 Am Mach A Fdy 22 22 22 22 Anchor Cap 17', 17', 17 3 17 Burroughs Add . 15', 15V* 15'* 15 s * Conti Can 67 3 , 67 67 s * 66'. Caterpillar Tract 333,9 3 ,39 3 * 39 s * 39\ Crown Cork ... 25'. 25 3 * 25'. 25 * Curtis Pub 22 s , 22 , 22 7 3j‘s Curtis Pub Pfd 100 s , 100'2 100 s , 100 3 * Deere A Cos . 27 s * 27 3 * 27 3 , L 7, Eastman Kodak 116 3 * X 16 3 , 116 1 * 116 3 * Gillette 15 14'a l* 3 . 14', Glidden 27 27 27 2. Ingersoll Rand . 69 69 69 69', Int Bus Mach .153 152 3 * 153 Inter Harv 42 41 7 , 42 41 * ‘Owens Bottle .. 85 85 85 85 Rem Rand 10 7 . 10*. 10 3 * 11 Fond*— Am Sugar 67 67 7 67 Armour Com . 5 7 , 5\ ST,5 T ANARUS, Armour 6T rfd 68'-* 68 68V* 6i‘* Borden Prod ... 24 3 * 24 3 * 24 3 * 24 3 , Ca! Packing ..33 3 .33 3 . 38 3 * 39 Can Dry G Ale . 15*2 15 3 2 15' 2 15 s , Corn Prod ■. 65 s , 65 s , 65 s * 65 3 * Crm of Wheat 36>j 36', 36 3 2 36 3 2 Cuban Am Sugar 6 s , 6', 6 3 , 6’j Gen Baking B', 8 3 8 3 , 8 3 , Gen Foods .... S3 7 ,33 5 ,33 7 33 7 , Gold Dust *. 17 3 . 17 3 , 17 l * 17 G W Sugar ... 29V, 29 29 29 Loose Wiles .... 15 s , 35 s , 35 s * 36 Natl Biscuit 08', 28 28 1 , 28 s , Natl D Prod ... 16 7 16 s , 16 7 16 s . Puritv Bak .... 10 s * 10 s , 10S 10* S Porto Rico S . 21V, 21 21’* 12 Std Brands .... 18' 2 18*4 18 s , 16 s , United Fruit .. 75 75 15 75 3 *

Abreast of The Times on Finance

• In

S. Reading Bertron

have nothing but commendation for him and his efforts, and if the utility companies w'ould meet the commission half w’ay, the greater part of the litigation could be dispensed with and the desired results attained with infinitely more promptitude and fairness. When the Public Service Commission has arrived at a fair and just value of a given property and has fixed a fair return on such valuation, the securities based upon such property should command a reasonable price and insure funds for extensions and improvements sufficient to enable such a company to greatly increase its output and thereby cheapen the cost of its product to consumers. The Consolidated Gas Cos. is not

Retail Stores— Best Ac Cos .... 36 35*2 36 35% First Natl Stores 54% 53' 2 53* 2 54 5 , Gr Un Tea ... 4% 4% 4% 4% Hahn Dept Sts.. 5 s * 5% 5% 5% Jewel Tea 56% 56% 56' 2 56*2 Kresge S S 21% 21% 21> 2 21 Kroger Groc ... 28' 2 28% 28* 2 28*4 Macy R H 42% 42% 42% 42 McCrory St 11% 11 A* ll 3 * 11*, McLellan St 13*4 13% 13 3 4 13% Marshall Field . ll 1 , 11 lit* 10% May Dept St ... 43*, 43 43 43 ’ 2 Mont Ward 29Va 29*, 29*4 29* 4 Penney J C .... 73 72% 72 3 4 72 1 a Safeway St ... 45*4 45 45 45 Sears Roebuck . 39 38* 2 38% 39 Woolw’orth 53% 53% 53 % 53 3 4 Aviation— Aviation Corp . 5*4 5% 5' 4 s', Boeing Aircft ... 9’, 9% 9% 9 3 , Curtiss Wright . 2% 2% 2% 2 3 4 Curtiss Wright A 9% 9 1 , 9% 9', Douglas Air 23% 23% 23% 23' 2 Nor Am Av ..... 3' 2 3' 2 3’ 2 3 s , Sperry Corp . .. 9 3 , 9*4 9(4 9% Un Aircft (new) 14*4 14 14 14

Chicago Stocks

(By Abbott. Proctor & Paine) 11:00 Prev. A M. close. Borg Warner 30 30 Berghoff 2 7 a 2% Butler Bros 7 7 Cities Service 1% 1% Chicago Corp 16 15% Com & Edison 55 55> Cord 4 4 ts Elec House 15*4 15* 2 Marshall Fields 11*4 11 (a Grt Lakes Dredge 19*4 19 Iron Fireman 15 Libby 7 7 Nobblitt Sparks 14% 15 Swift Cos 19'a 19>'a Swift Int 34* 2 34% 'Walgreen 30* 2 30%

New York Curb

(Bv Abbott. Proctor & Paine) Prev. Close, close. Alum Cos of Am 50 50 Am Cvanide B’’ 16% 16 3 4 Am Superpower IV* 1% Atlas Corp 9' 8 9's Carrier Corp 16% 16 Distillers Corn l7*a 17% El Bond <fe Share 7% 7 Ford of Europe 9 9 Gulf Oil of Pa 59% 59*4 Hiram Walker 30 3 4 30% Humble Oil 45% 46% Imperial Oil Ltd 16 7 , 16 3 4 Lone Star Gas 6 5% Mt Producers 4*4 4 3 , Natl Bellas Hess 2% 2% Nia Hud Pwr 3*4 3% Pan Am Airways 4040% Hark Davis 33%33 3 , Penn Road 2 2% St Regis Paper l 7 s 1% Std of Kv 18% 18% Teck Hughes Gold 4% 4%

New York Bond Quotations

(Reprinted from yesterday) DAILY BOND INDEX 20 Inds 20 rails 20 Util 60 bonds Today 86.9 86.3 90.5 87.9 Yesterday ... 86.7 86.4 90.4 87.8 Week aeo .. 86.1 84.5 89.3 86.6 Month ago 85.8 84.0 89.1 86.1 (Copyright by Standard Statistics. 1935). U. S. GOVERNMENT BONDS i ßy United Press) NEW' YORK. Jan. 9 —Closing U. S. Government bonds iin thirty-seconds*: Liberty Prev. Close, close. 3'2S. 32-47 103.29 103 24 First 4'.S. 32-47 .103.15 103.14 Fourth 4'4S. 33-38 103.22 103.23 Treasury 4 3 ,5-3 3 4$ 45 103.19 103.7 4 '■* s, 47-52 113.22 113.12 3 s ,s. 43-47 104 16 104.31 3 3 *S. 40-43. June 105.2 104.30 3'*s. 41 105.4 105. 3'*s 46-49 102.10 102 8 3s. 51-55 101 20 101 8 3s. 46-48 101.22 101.S Home Owners Loan Corp. Bid. Ask. 3s May 1. 1952-51 99 22 99 26 4s July 1. 1951 100.27 100.31 Federal Farm Mortgage Corp. 3'*S March 15. 1964-44 101.16 3s March 1, 1952-44 99.21 99.25 FEDERAL FARM LOAN BONDS ißv Blyth A Cos.) Bid. Ask. 4S Ju'.y 1. 1946-44 101 s * 101 7 * 4s Nov. 1. 1957-37 100 \ 101 \ 4s Mav 1. 1958-38 101 3 * 101', 4 3 *s July 1. 1956-36 101', 101 5 , 4 1 ,s Jan. 1. 1957-37 101> 2 102 4'*s Mav 1. 1957-37 lOL's 102 4',s Nov. 1, 1958-38 101 3 * 4'jS Mav 1. 1942-32 101 '* 101'. 4' 3 s Jan. 1, 1943-33 101', 101', 4';s Jan. 1. 1953-33 101'* 101'* 4'iS Jan. 1. 1955-35 101'* 101'* 4‘js Jan. 1. 1956-36 101 3 * 5s Mav 1. 1941-31 101S 101 7 , 5s Nov. 1. 1941-31 101 3 a 101 7 , Domesti, (By Fenner A Beane) Prev. Issue Close, close. Alleg Corp Corp 5s ’44 73 T ANARUS, 74 s * Alleg Corp 5s 49 64'* 60'2 Am Frgn Ppw 5s 2030 59'3 59 Am Tel A Tel 5>;S 43 112', 112 s . Am Tel A Tel 5s 65 112 112 Arm A Cos 'Del* 5 3 *-s '43 103 * 103 s , Atl Coast Line 4s '52 101'* 101 Atl Coast Line 4' 2 s '64 92 3 92 Atch Tod A S Fe 4'cS ’4B .108 108 Am- Wat Wks 5s 44 95 94 s * Am Rolling Mills 5s '3B 11l' 2 111 1 : Balt A Ohio 5s ’95 77 77'; Balt A Ohio 6s 95 86 86 3 , Bait A Ohio 4';S 60 ... 59 60 1 * Buff Roch A Pvt 4 1 as ’57 .. 0 3 , Beth Steel 5s 36 ....103 7 ! 104;. Chi Miiw A St PI 5s '75 24 7 i 2a'* Chi Milw ASt Pss 2000 ... 7 7'* Cleve Un Term 5*2S 72 102 s , 102 s * Cleve Un Term 5s ’73 76 7 , 96 7 , Cleve Un Term 4'.’s '77 90' 2 90' 2 Col Gas 5s May '52 82', 82 3 2 Col Gas 5s 61 80 t 80

INDIANAPOLIS, THURSDAY, JANUARY 10, 1935

Commissions Urged to Give Much Thought to Decisions. a ‘'Wall Street creation" but is owned by about 125,000 investors throughout the country. The number of individuals owing its securities could be greatly increased, were the investment made secure by an amicable adjustment with th£ Public Service Commission as to its actual value and the return to be paid thereon. Thus the company no longer would be a political target. Were the commissioin and the company to agree on its status and if it were given the unquestioned right to supply all consumers in New York City and its environs and if litigation w’ere withdrawn, with credit, and the confidence of the investment public restored, this company could unquestionably very greatly increase its output and proportiately decrease the cost to consumers. The difficult question involved is to agree upon a fair value. If the methods in vogue are pursued, years would be required to arirve at a fair value and when reached it would be out of date and useless. Suppose a commission composed of such men as Alfred B. Smith, Dr. Nicholas Murray Butler, Owen D. Young, Dr. Maltbie and Judge Mack were given full authority to determine the value, which could be put into effect promptly, quick results could be had, the company would know its status and would have no contention with the commission hereafter, but would co-operate m devising ways and means of extending the business under economical management and taking advantage of high credit, thus insuring greatly increased consumption and proportionately lower rates.

Chemicals— Air Reduction ..114% 114% 114% 115 Am Com Alcohol 31 3 s 30% 31 30% Col Carbon 74 74 74 74% Com Solvents . . 23 22 7 a 23 23 Dupont 96% 96 7 * 96% 096 * 2 Freeport Tex ... 24% 24% 24% 24% Natl Dis (new) . 28% 27 7 a 28% 27% Schenlev Dtst .. 27% 27 27 2fi 7 , Tex Gulf Sulph. 34 33% 33% 34% Union Carbide .. 47% 47% 47% 47% U S Indus AICO. 43 42% 43 43 Drugs Bristol Myers .. 36*4 36 36% 36 Lambert 28*4 28*4 28% 28% Sterling Prod .. 60% 60% 60% 60% Un Drug (new). 12% 12% 12% 12% Zonite Prod .... 4% 4% 4% 4% Financial— Adams Exp .... 7 7 7 6% Allegheny Corp.. 1% 1% 1% 1% Chesa Corp .... 44 44 44 44 Lehman Corp .. 73 73 73 73(4 Transamerica .. 5% 5Vi 5% 5% Tr Conti Corp .. 3% 3% 3% 3% Building— Am Radiator ... 15% 15% 15% 15% Gen Asphalt ... 18% 18% 18% 18% Holland Furnace 9 8% 8% 9 Int Cement .... 31 31 31 31 Libby Owens Gls 32% 32 32% 31% Otis Elev .... .. 14*4 14% 14% 14% U S Gypsum ... 50% 50% 50% 51 Vi Household— Col Pal Peet 18 17% 18 17% Congoleum 34% 34 34 34% Kelvinator 18% 18% ’S% 18 Proc & Gamble. 44% 44% 44% 44% Servel Inc 8% 8% 8% 8% Simmons Bed .. 10% 10% 10% 10Vi Textiles— Belding Hem ... 13% 13 13% 12% Celanese Corp .. 33% 33% ,33% 33% Collins Aikman.. 14% 14% 14% 14% Indus Ravon ... 32% 32 32% 32 Kayser Julius .. 16% 16% 16% 16%

Produce Markets

Delivered in Indianapolis prices: Heavy hens, 12c; Leghorn hens. - 7c: colored springers. 12c; large stags, 8c; Leghorn stags. sc; 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; 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, 24c. 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 35®36c. Butterfat—2Bc. Quoted by the Wadley Cos. ORDERS FOR 1934 UP DAYTON, Jan. 10.—Domestic orders of the National Cash Register Cos. during 1934 aggregated $17,291,100, an increase of 33.9 per cent over the 1933 total of $12,534,900, it was announced today.

Can Pac Perp 4s 86 s * 864 2 Cent Pac 5s '6O 80' 2 81 Big Four 4'is ’77 76' 2 76'' 4 Big Four 5s ’63 84 3 i 84 3 * Colorado A So 4’is ’BO 73 3 2 73 3 * Chi A West Ind 4s ’52 93> 2 93 s , Chi A West Ind s' 2 s '62....102 3 * 102 3 2 Chi A Nor West 4 3 4 s ’49 21 3 2 22 Con Gas 5s ’57 103 3 '* 103 3 4 Chesa Corn 5s ’47 105* 2 105' 2 Dodge Bros 6s ’4O 106 s * 106 3 4 Del A Huds 4s '43 94 3 * 94'* N Y Dock 4s 'sl 60 s * 60', Erie 5s ’75 73'* 73', Erie 5s ’67 73 3 4 74 Gen Cable s ! }s ’47 87 3 i Grt Northern 7s '36 94 94 % Grt Northern 4‘ 2 s ’76 79 3 , 79 Grt Northern 4' 2 s ’77 79 79' \ Gen Stl Cast WW 5' 2 s ’49.. 89 7 * 89 3 * Hud A Manhat Ref 5s ’7 ... 88' 2 87 7 , 111 Cent 44*s '66 62;i 62 3 * 111 Cent Jt 4' 2 s ’63 73 73 3 * 111 Cent 5s ’63 77 s * 78', Interlake C A I 5s 'sl 79'i 77' 2 Interntl Hv Elec 6s ’44 .... 54 3 * 54' 2 Interntl Tel A Tel 4' 2 s ’39.. 70 70 3 a Interntl Tel A Tel 5s ’55 68', 68'* Interntl Tel A Tel 4'-s '52.... 64 64 3 , McKsss A Rob 5 3 2 s ’SO 95 3 i 95 Midvale Stl 5s ’36 103'* 102 3 i Natl Dairy s'*s '4B 102', 102'* Natl Steel 5s ’56 106 3 * 106 3 4 Nickel Plate 4'is ’7B 65 66 Nickel Plate s'as ’74 76 76' 2 Nickel Plate 6s '35 70 70 3 * N Y Cent 5s 2013 69 3 * 70 N Y Cent 4 3 2 s 2013 (old) ... 64 63 > 2 Nor Amer Cos 5s ’6l 83' 2 82 Nor Pac 5s 2047 74 s , 75 3 , Nor Pac 4'is 2047 88 3 * 89' 2 Nor Pac 6s 2047 101 7 , 102 Nor States Pow 5s ’4l 104 103 s , New Orleans Term 4s ’53.... 85 Otis Steel 6s ’4l 73'ii 73'i Penn Rv 4 l *s ’B4 101'* 101', Penun Rv 4'*s ’Bl 101 3 * 101 s , Penn Rv 4' 2 s ’7O 95 95', Portland Gen El 4’ 2 s ’6O .... 52 s * 51 3 4 Para Publix s’ 2 s ’SO 62' 2 62' 2 Penn PAL 4' 2 s 'Bl 88 3 ,99 x Postal Tel A Cab 5s ’53 47 47 Rem Rand WW 5 3 2 s '47 100'* 99', Sinclair Oil 5' 2 s 38 103 7 * 103 3 * Shell Union OH 5s ’47 102 3 , 102 3 , Sou Pac 4' 2 s '6B 68 68'* Sou Pac 4'-s ’Bl Si's 68 Sou Pac 4';S ’69 e? * 68' * Sou Pac 4s '49 71 3 * 72'* Sou Rail ,4s '56 62 62 3 2 Sou Rail 6s ’56 80'i 81 Sou Rail 5 3 2 s '56 84 3 * 85 Sharon Stl Hoop 5' 2 s '4B .... 88 3 * 87 3 i Texas Pac 5s 'BO 93' 2 93'™ Texas Pac 5s ’77 . 115 s * Union Pac 4s ’47 108'2 108'* United Drug 5s ’53 91 91 ! * U S Rubber 5s 47 93 7 , 93 NY NH A Hart 6s ’4B 51 51U NY NH A Hart 4 3 2 s ’67 44 44’2 Warner Bros 6s ’39 58 3 a 58 7 Western Marv 5 3 2S '77 98 3 * 98 3 4 Western Marv 4s '52 88 s , 88 3 4 Youngstown S A T 5s '7O ... 99** 98 Youngstown S A T 5s ’7B ... 98 3 * 97 s j Foreign Argentina A 6s '57 93 3 , 93 7 * Argentine B 6s ’SB 93 s , 94 Brazil 8s '4l 32 33^ Canadian Govt 4s '6O 105 104 3 , Denmark s' 2 s ’55 99'* 99 3 * German 5 3 2S ’65 33'? 31 3 2 German 7s ’49 44' 2 43 Italv 7s 51 92 3 * 92 Japan 6‘ 2 s '54 97 96;* Poland 7s ’47 117 11. 3 2 Rome 6' 2 S '52 84 3 * 84>2 Tokio Citv 5 3 2 s '6l 77 76 3 * Yokohama *. 2 s '6l 8234 823,

STOCKS HIGHER BUT TURNOVER REMAINS LIGHT Gains Range to More Than Full Point; Auto Group Is Active. .By United Press NEW YORK. Jan. 10— Stocks finned in light turnover and around noon registered gains ranging to more than a point. Westinghouse Electric was the most active issue with Gillette a close second. The latter made a new high at 15, up %, and its preferred a\new top at up l 3 s. Westinghouse was around the previous close and so was General Electric. A fair amount of business was done in the automobile group at slightly higher prices. Utilities made small gains. Rails and steel were steady. Chemicals made small gains. Silvers advanced while gold shares were down small amounts, United States Steel near noon was at 39, up Va ; American Can 115, up %; Loew’s 33 7 s, up %; General Motors 33. up VI; Chrysler 40*i, up %; Consolidated Gas 21, up Vi; Continental Can 67%, up I*4 and a new high; and Atchison 54Vi, unchanged.

Money and Exchange

TREASURY STATEMENT (By United Press) WASHINGTON. Jan. 10.—Government expenses and receipts for the currentfiscal year to Jan 8. compared with the corresponding period of the previous zscal year: This year. Last year. Expenses $3,691,887,984.75 $2,970,106,754.70 Receipts.. 1.931.636.982 55 1.551.304,251.66 Deficit 1.760.251.002.20 1.418.802,503.04 Cash bal. • 2,518,809.177.32 774,721,644.64

GRAINS ARE STEADY IN EARLY DEALINGS Extremely Dull Market Rules at Start. By United Press CHICAGO, Jan. 10.—Grain prices held about steady in an extremely dull market on the Board of Trade today. There was nothing in the general run of news to attract particular attention. At the start wheat was unchanged to % cent higher, corn was % cent lower to Vs cent higher, oats were Vs cent off to % cent up, and rye was % cent higher. Bartlett, Frazier & Co.’s Liverpool office cabled the English market remained well sustained with millers buying Canadian wheat. Broomhall said the Orient purchased two cargoes of Australian wheat, confirming rumors Japan and China likely would absorb much of the La Plata surplus this season. (By James E. Bennett). . 11:00 Prev. Wheat— High. Low. A M. close. May 1.01% 1.00% 1.01% 1.01 July 93% .92% .93% .93% Sept 91 % .91*4 .91% .91% CornMay 91% .90% .91V* .90% July 86V 4 .85% .86% .85% Sept 83% .83% .83% .83% Oats— May 54% .54% .54% .54% July 47% .47% .47% .47% Sept 44% .44*8 .44% .44(i Rye— May 75*4 .75 .75% .75 July 75(4 .75 .75 V* .75 Sept 74% .74 .74*4 .74 LOCAL CASH MARKET City grain elevators are paying 93 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 86 cents and oats 48 cents.

Gleanings

A summary of corporation news prepared by the Standard Statistics Cos., Inc., New York, follows: Allegheny Steel Cos. declared a dividend of 25 cents a share on common stock. The last previous distribution was 15 cents on Dec. 15, 1934. American Smelting and Refining Cos. declared a dividend of $3 on the second preferred stock. The last previous distribution on this issue was $1.50 a share on June 1, 1932. Giving effect to current payment, arrears on second preferred stock amounted to $13.50 a share. American and Continental Corp. net asset value on Nov. 30, 1934, equaled $14.99 a share, against $13.87 on Nov. 30, 1933. Associated Dry Goods Corp.—lt was said by directors of the company probably will consider resumption of dividends on the 6 per cent first preferred stock at their meeting this month or early in February. Bon Ami Cos. declared usual extra dividend of 50 cents and regular quarterly dividend of 50 cents on B stock. Byers <A. M.) Cos., deficit year ended Sept. 30 was $773,748, against deficit of $1,044,056. Chicago, St. Paul, Minneapolis & Omaha Railway, deficit of eleven months ended Nov. 30 was $1,642,585, against deficit of $926,666. Colorado & Southern Railway, deficit of eleven months ended Nov. 30 was $847,283, against deficit of $587,181. Community Power and Light Cos., preferred share earnings twelve months ended Nov. 30 were $2.27, against $3.23. Consolidated Gas Cos. of New York; at a conference between F. L. Carlisle, chairman, and J. E. Mack, counsel for joint legislative committee investigating utilities. Mr. Carlisle suggested that his companies were willing to make a substantial writeoff in value of properties used in a rate base; he indicated that in order to put Washington plan into effect it might be necessary to consolidate the various consolidated gas concerns into one unit; it is expected company shortly will offer new rates based on the Washington plan. Illinois Bell Telephone Cos., November net operating income was $1,059,434. against $977,927. In the eleven months net operating income was $12,634,061, against $11,466,551.

Chase Bank’s Officials Find Business Improved in Southwestern Area

By Times Special NEW YORK, Jan. 10.—The business pickup in the West and Southwest is better than seasonal although not up to the volume in the late spring, according to Winthrop W. Aldrich, chairman of the Board of the Chase National Bank. Mr. Aldrich, with other Chase bank officials, recently

HUGS MOVE 15 CENTS FORWARD Most Classes at Standstill After Early Trade; Veals Strong. Following Tuesday's sharp decline, porker prices have advanced moderately at the Indianapolis Union Stockyards 'during the last two sessions. Prices today were generally 15 cents higher than yesterday's 10cent advance. The trading interest in hogs during the last few days has dropped considerably, compared with the extremely active sessions of last week, The principal reason for the sudden drop in demand was given by livestock dealers is that prices are high enough for this time of the season. Trading at the opening today started at a rather active pace, but slowed down and was practically at a standstill near the close of the session. The bulk, 160 to 350 pounds, was salable at $7.95 to $8.25. Light lights, scaling 100 to 130 pounds, brought $5.15 to $6.15, while others weighing 130 to 160 pounds, sold at $6.40 to $7.40. Early supplies were estimated at 6000, an increase of 1000 over yesterday’s figures. The moderate run of receipts recently has partly been attributed to the muddy weather conditions in the country. Good packirfg sows were selling at $6.50-to $7.25. Top price was reported at $2.25 for good and choice grades. Holdovers numbered 799. Initial trading continued active in the cattle market with the price trend slightly higher than yesterday. The general bulk of steers ranged from $7.50 to $10.50. A strong undertone prevailed in veals and practically all grades were salable at SS,SO down. Early demand was strong. With only a slight change registered in local lamb conditions, the majority of prices remained unchanged at $9.50 down. Few extremely heavy kinds cashed in at $9 down, while throwouts ranged from $6.50 to SB. Slaughter sheep sold at $4.50. No extreme interest was evident throughout the session. Receipts were 3500. HOGS Jan. Bulk. Top. Receipts. 4. $7.60(8 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 9. 7.80® 8.10 8 10 5000 10. 7.95® 8.25 8 25 6000 Light light: (140-160) Good and choice.... $6.90® 7.65 Medium 6.50® 7.40 Light weight: (160-180) Good and choice 7.95® 8.05 Medium 7.50® 7.75 (180-200) Good and choice 8 05® 8.15 Medium 7.60® 7.90 Medium W'eight: 1200-220) Good and choice 8.15® 8.20 1220-250) Good and choice 8.20® 8.25 Heavy weight: * (250-2901 Good and choice 8.20® 8.25 (290-350) Good and choice B.oo® 8.20 Packing sows: (275-350) Good 7.00® 7.25 (350-425) Good 6 85® 7.10 (425-550) Good 6.75®) 7.00 (275-8501 Medium 6.40® 6.85 Slaughter pigs: (100-140) Good and choice .... 5.15® 6.65 Medium 7....: 4.50® 5.40 CATTLE —Receipts. 800— —Steers—-(sso-900) Choice $9.25® 10.50 Good 7.75® 10.00 Common 4.00® 5 75 (900-1100) Choice 10.25® 11.25 Good 8.50® 10.50 Medium 6 00® 8.50 Common 4.25® 6.00 (1100-1300) Choice 10.50® 11.50 Good 8.50® 10.75 Medium 6.25® 8.50 (1300-1500) Choice 10.75® 11.50 Good 8,[email protected] —Heifers—-(sso-750) Choice B.oo® 8.75 Good 7.00® 8.00 Common and medium 3.75® 7.00 (750-900) Good and choice 7.00® 8.50 Common and medium 4.00® 7.00 —Cows— Good 4.50® 5.75 Common and medium 2 75® 4.50 Low cutter and cutter 1-25® 2.75 —Bulls—(Yearlings Excluded) Good 4 00® 4.50 Common and medium 2.75®> 4.00 VEALERS —Receipts, 500— Good and choice $8 50® 9.50 Medium 6.00® 8.50 Cull and common 3.00® 6.00 —Calves—-(2so-800) Good and choice .. 5.50® 7.50 Common and medium 3.00® 5.50 —Feeder and Stocker Cattle——Steers— (soo-900) Good and choice .... 4 25® 5.25 Common and medium 2.75® 4.25 (800-1050) Good and •hoice .. 4.25® 5.50 Common and medium 3.00® 4.25 —Cows— Good 3.00® 3.50 Common and medium 2.50® 3.00 SHEEP AND LAMBS —Receipts, 3500 Lambs, 90-lbs. down, good and choice $8 75® 9 50 Common and medium 6.25® 8.75 90-120 lbs., good and choice ... 3.50® 4.50 Sheep—-(l2o-1501 Good and choice .... 3.00® 4.00 All weights, common and medium 2.25® 3.50

Other Livestock

IBv United Press) FT. WAYNE. Jan. 10.—Hogs—Market. 10 ®lsc higher; 250-300 lbs. $8 15; 225-250 lbs . $8 200-225 lbs , *7.90; 180-200 lbs., $7.80: 160-180 lbs. $7 70: 300-350 lbs. *7 70; 150-160 lbs.. $7.10: 140-150 lbs.. *8 70: 130-140 lbs . $6 35: 120-130 lbs , $6.10: 100120 lbs.. *5.60: roughs, $6.50: stags, *4.50; calves. *9, lambs, $9. LAFAYETTE. Jan. 10—Hogs—Market, steady 275-300 lbs. $9 10: 360-325 lbs., $7 85: 225-275 lbs, $8; 200-225 lbs $7.95: 180-200 lbs $7 80. 160-180 lbs. $7 70: 155160 lbs *7 50: 150-155 lbs. *7.25: 140-150 lbs $7: 135-150 lbs. $6 75 100-135 lbs., *5.25*16.50: roughs $6.75 down Calves— Market. *1 higher; $3 top; lamb market steady; top. $3.50. PAINT EXPORTS SPURT By Timex Special WASHINGTON, Jan. 10.—Domestic exports of paint and paint products for the first 11 months of the year were valued at $12,633,000, an increase of 23 per cent over the corresponding period of last year, the Department of Commerce disclosed today.

made a month’s tour of the western and southwestern sections of the country to confer with their representatives and correspondents. Despite the betterment in domestic commerce, Mr. Aldrich said, many bankers and business men his party met expressed concern over the decline in foreign trade. He especially emphasized Texas, where, he said, with California, was found the best business in the sections visited. Texans Disconcerted In Texas, he said, he found the business people generally disconcerted over the fact that the cotton was not being widely sold and that the foreign market for cotton was being lost. The Federai Government, they explained, has a policy of lending 12 cents a pound on cotton, and at that price the foreign markets would not buy American cotton. The American farmers, he said, would not sell for less than *hat and the foreign markets would not buy, so that exports were falling off. Many in the cotton growing industry that he visited, Mr. Aldrich said, feared the possibility of losing the foreign markets permanently, because, they said, under the cover of that high price cotton production is increasing elsewhere, especially in Brazil. Synthetic Fibers Used The Germans and the Italians, they maintain, are developing synthetic fibers as substituted for cotton. and machinery abroad is being adjusted to foreign cotton where it had formerly been adjusted for American cotton. Mr. Aldrich said he believed the country was gradually working itsell out of the depression, although he did point out that business men and bankers in a good many places, especially in the territory so hard hit by the drought, had expressed the opinion that while trade is better, too much of it is Federal Government money being spent. They also maintained, he said, that there were places where nothing had been raised in crops, but where deposits were rising and retail trade was active because of the relief that had come to the farming communities through Government funds. Oil Wells Drilled Asked why the improvement in business is noticeable in Texas, Mr. Aldrich pointed out that in addition to Texan farmers getting a good price for their cotton and borrowing from the Government, there has been much drilling of oil wells in a number of sections and anew development of extraordinary richness. Texas, however, he said, still has much unemployment. The trip of the Chase Bank group began on Nov. 18, and included stops at Chicago, Milwaukee, St. Paul, Minneapolis, Seattle, Portland, San Francisco, Los Angeles, Phoenix, San Antonio, Houston, Dallas and Ft. Worth. In the group beside Mr. Aldrich were H. D. Campbell, president of the bank; Dr. B. M. Anderson Jr., economist of the bank, and Nelson Rockefeller of the Chase Bank utilities’ department.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers. Fruits—Cranberries. Cape Cod, late Howes, 25-lb. box. $5.50. Grapes, California Emperors, 27-lb. box. $2.50. Persimmons, California. 24s $1.35. Bananas. 4%c a lb. Apples, Indiana Jonathans. $1.85; Grimes Golden. [email protected]. Lemons, Sunkist. 3605, $5. Grapefruit. Texas, seedless, $3. Limes. Mexican per carton, 12s. 25c; B.yram, seedless, per hundred $3. California rhubarb. $1 a 5-lb. box. Pears. Oregon D’anjo. box, $3.50. Pineapples, 30s. $3.75. Anocados, Florida, box, $2. Strawberries. Florida, quart, 38c. Apricots. S3 a crate. Vegetables Cabbage, Northern Danish, 50-lb. bag. 75c; red. 50-lb. box. 90c. New Texas Cabbage, half crate. $1.75. Onions, Idaho, sweet, Spanish, large, 50-lb. bag, $1.50; Michigan yellow, med., 10-lb. bag 22c; western white, 50-lb. bag. $1.85; Michigan, yellow, $1.35. Potatoes, Green Mountains, 100-lb. bag, $1.50: northern round white, 100-lb. bag. $1.10: Ohios. 100-lb. bag. $1.90; Idaho Russets. 100-lb. bag, $2. New Texas potatoes. Sl.SO'b 1.75. Sweet potatoes, Indiana Jerseys, bushel. $1 85: Tennessee Nancy Halls, bushel. $1 40. Beans, stringless, hampers $6 Celery. Michigan medium, dozen, 65c: jumbo, dozen. 85c; hearts, bunch, $1.60. Cucumbers, dozen $2.75: southern bushel. $4. Endive dozen, 90c. Egg plant. $1.50T/2 dozen. Kale, Virginia. bushel, 65c Lettuce, hothouse, 15-lb. basket, $1.50. Arizona Iceberg head lettuce, $4 Mongoes, Florida crate. S3.SO'S 3.75. Mint, bunch. 15c. Parsley, dozen. 35c. Peas, hampers. $4. Spinach, hone-grown broadleaf, bushel. sl.la. Radishcdozen, 75'9 90c. Tomatoes, 10-lb. carton. $1.35; Florida original. $3. Turnips, home-grown, dozen. 25c. Pumpkins, dozen. sl. All quotations subject to change, up or down. FRUITS AND VEGETABLES ißy United Press i CHICAGO. Jan. 10—Apples—Michigan Mclntosh. bu.. $1 50'S 1.75: Jonathans. $1,254} 1.75. Beets—lllinois bu.. 50c. Cauliflower—California. crate $1,104} 1.35 Cran. berries—Massachusetts. 3 * bbi . $54}5.25. Cabbage—Wisconsin. 100-lb. sack. Sweet Potatoes—Tennessee, bu., Sl'&llO: Indiana Jerseys. *1.504/1.60. Spinach— Tennessee, bu . 754} 85c. Carrots—California. crate $2 504} 2.85; Illinois, bu.. 404/ 50c. Celery—Michigan, square crate 50c4} sl. Turnips—lllinois, bu.. 204/30c. Lettuce —Western crate. $2,504/3.50 Illinois, leaf. 10 lbs 754/90c Ctfierv—Cabbage— Michigan flat boxes. 404} 50c. Parsnips— Illinois, bu.. 504/ 65c.

Retail Coal Prices

The following prices represent quotations Horn leading Indltnapolls coal dealer*. A 25-eent carrying charge per ton will be added. DOMESTIC RETAIL PRICES Anthracite (13.00 Brazil Lump g #4 Brazil Mine Run 525 Coke. Nut Size 8.90 Coke. Egg Size 890 Indiana Forked Lump No. 4 5 94 Indiana Forked Lump No t 5.84 Kentucky Lump Group "B’ 7.18 Indiana Egg 5.71 Pocahontas Egg gs 2 Pocahontas Lump 8.32 NEW BUSINESS HIGHER By Timex Special FT. WAYNE. Ind.. Jan. 10.—Arthur F. Hall, president of the Lincoln National Life Insurance Cos., announced today that a 43.6 per cent increase took place in the company's new business for the year 1934.

Latest Stock, Bond atid Commodity Quotations

SCARCITY SEEN FOR LIVESTOCK BY SPECIALIST Shortage Wi'i Extend Wen Into 1936, C. G. Randell Predicts. By Time. 9 Special KANDALLVILLE. Ind., Jan. 10.— A scarcity of livestock during 1935 and extending well into 1936 was predicted here today by C G. Randell, livestock specialist of the co-operative division of the Farm Credit Administration. He attributed the situation to two factors—the livestock reduction program and the drought. “In the case of hogs,” Mr. Randell declared, “the reduction in number began in the fall of 1933 with the slaughter of 6,000,000 pigs. A combination of drought, high corn prices, and the hog reduction control program resulted in about a 48 per cent reduction of the fall pig crop of 1934. Conditons now point to a 17 per cent reduction in the spring pig crop this year. Slaughterings Slump “It is estimated that the hog" slaughterings in 1935 will be the smallest in 50 years. It must be remembered that there were 29.000.000 less pigs saved in 19.34 as compared with 1933, a reduction of 35 per cent. This will make for tremendous shortage of hogs in 1935 and this shortage will carry over in 1936. “In considering the cattle situation we must bear in mind that we are starting this year with about 10.000,000 less cattle on farms and ranches than we had a year ago. This reduction has been brought about by the purchase and slaughte: of cattle and calves for Government account, together with an increase in commercial slaughterings, “This reduction brings the numbers of cattle in this country back to the low point of the cattle cycle in 1928. With the tendency toward holding back breeding stock which will be apparent as soon as the feed supply is adjusted to present numbers, and with the reduction in numbers, marketings and slaughter of cattle will be greatly reduced. Similar With Sheep "Almost a similar situation prevails with respect to sheep. The Government purchased 3,600,000 head. With poor feed conditions and the great reduction in numbers of ewes the spring lamb crop will be materially less than last year. The crop will probably be the smallest in many years. “While weather in some sections of the West has not been severe to date yet much can happen between now and lambing season. “At a recent meeting of the managers of the National Livestock Marketing Association, who represented every section o: the country, one session was given over to reports from Them on the livestock and feed supply situation in their respective territories. It was found that in only a few localities were feed conditions satisfactory and livestock numbers fairly intact.”

TRAFFIC ON RAILROADS TO EAST SHOWS GAIN Increase Laid to Business Travel and Auto Show Visitors. By Times Special CHICAGO, Jan. 10.—Railroad passenger traffic to the Esst showed a substantial increase over the weekend and The New York Central operated 18 extra sections of regular trains carrying several thousand passengers, according to D. M. Bowman, passenger traffic manager. The increase, it was said, was due to persons going East on buying or other business errands and to the fact that the national automobile show started in New York Saturday. “This was the largest number of passengers leaving Chicago at this time in several years,’’ Mr. Bowman declared. LOAN RISE REPORTED 7 of 10 Production Credit Groups Pass SIOO,OOO Mark, By Times Special LOUISVILLE, Ky., Jan. 10.—Loans of seven of the 10 production credit associations of Indiana exceeded SIOO,OOO during the period from their organization in March, 1934, to the close of that year, according to Walter F. Gahm, president of the Production Credit Corp. of Louisville. “Organized last spring, these new co-operative farm credit organizations opened for business too late for full service to Indiana farmers in financing their crops, although a fair volume of loans was made for this purpose,” he stated.

Other Livestock

(By Times Special) LOUISVILLE. Jan 10— Cattle— Receipts, 250: slaughter classes m light supply: part of run. stockers and feeders; demand dependable: market fully steady with Wednesday's advance: bulk, common to medium steers and heifer- $4.50*7 6 25: bener finished kinds qou’able to $8 and above: bulk beef cows. s3*/4. good to $4.50 or better for smooth heifer types: low cutters and cu’ers. $1504/2.75; sausage bulls. S4 down: plainer grade Stockers and feeders, mostly $4 75 down. Calves—Receipts 175; fully steady to strong; bulk, good to choice vealers $6 504/7 50; few strictlv choice eligible higher: medium and lower grades. $6 down. Hogs—Receipts. 650; market 15c lower: top and bulk better 230-300 lbs weights. $7 90: 200-225 lbs.. $7 75: 305 lb' up. $7 45. 180-195 lbs $7 40; 160-175 lbs . $7: 140-155 lbs . $6.50: 120135 lbs $5.55: sows. $6.15 Sheep—Receipt? 100 steadv: bulk medium to good lambs. s7*/8 choice to $8 50: bucks, discounted: common light throwouts. $5.50; fat ewes. $2113.

Hides and Skins

Hide* —Green country cows and/steert. 4c flat; green country bulls and glues, 2‘jC fit: green country calf hides, 4*-2c; flat; green country kip. 4c: No. 1. large horse hide? 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. 4fi4'ic: No. 2 at value. Yellow grease. dark grease. 3^3%c.

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