Indianapolis Times, Volume 46, Number 210, Indianapolis, Marion County, 11 January 1935 — Page 26

Wall St. Message on Budget Goes Over Well With Bankers. —BY RALPH HENDERSHOT

Timri Spffial Writer NEW YORK, Jan. 11.—Wall Street liked the President's budget menage, it i.ked particularly the idea that he had set an early date as a goal for balancing expenditures. except for unemployment relief, with federal income. It was very hopeful that his efforts toward reaching that goal will eliminate the likelihood of inflation.

The Street is in agreement with the Chief Executive that the unemployment must have help of some sort. Opinions differ as to how that help 6hould be given, but the differences in thit respect are not of a serious nature. It is argued that if business people feel quite certain that infla-

tion can be averted and that extreme measures affecting trade are not to be expected they can plan accordingly with confidence, and the unemployment shortly will disappear. Leaders in the financial district sa* a challenge in the President's statement that the deficit in the budget would be reduced in proportion to private industry's ability to absorb the idle, and they were inclined to accept it. Asa result greater co-operation with the administration by business people may be expected in the next few months. a a a OF equal importance with the President's budget message this week was the Supreme Court ruling that Sec. 9-C of the oil control provision of the NR A is unconstitutional. It was the first decision on New Deal legislation, and may have a far-reaching effect. The direct effect of the decision Is to take the sting out of the term •'hot oil” and place it on Secretary Ickes’ rules and regulations. The oil administrator will be obliged to swallow some of his own choice expletives as well as some carefully turned-out invectives. The medicine may not be so easy to take. a a a WHETHER the ruling will be a good thing for the industry remains to be seen. In all probability the flow T of oil will be materially stimulated, for a time at least, and it is reasonable to suppose that prices will be cut sharply as a result.. The big companies have a habit of discouraging production when it gets out of hand. For the first few months the industry will have to adjust itself to the new conditions. It may find this rather difficult because, after attempts have been made to suspend the law of supply and demand, the return to normal trade conditions usually proves to be an uphill pull. It is entirely possible, in fact, that the sudden change may be no disturbing that new legislation will be rushed through either Congress or the various state legislatures.

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. 245. $1.35. Bananas. 4%c a lb. Apples, Indiana Jonathans. $1 85- Grimes Golden. sl.so''/1.65. Lemons, Sunkist. 3605. $5. Grapetruit Texas, seedless. S3. Limes. Mexican, per carton. 12s. 25c; Bvram seedless, per hundred, S3. California rhubarb. $1 a 5-lb. box. Pears. Orrfon Danjo, box. $3.50 Pineapples. 30s. 375 Anocados, Florida, box, $2 Strawberries. Florida, quart. 38c. Apricots. $3 a crate. Vegetables Cabbage. Northern Danish. 50-lb. bag. 75c; red. 50-lb. box. 90c. New Texas Cabbage, half crate $175. Onions. Idaho, sweet. Spanish, large. 50-lb. bag $1.50: Michigan yellow, med . 10-lh. 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. $1 50 o 1 75 Sweet rotatoes. 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 $150./2 dozen Kale. Virginia bustle!. 65r. Lettuce, hothouse 15-lb. basket. $1.50. Arizona Iceberg head lettuce. $4 Mongoes, Florida crate. $3.50'/ 375 Mint, bunch 15c. Parsley, dozen. 35c. Peas hampers <4 Spinach home-grown broadleaf, bushel. $1.15. Radishes, dozen. 75}90c. Tomatoec. in-lb. carton. $135; Florida original. $3. Turnips, home-grown, dozen. 25c Pumpkins, dozen. SI. All quotations subject to ohange. up or down.

Produce Markets

Delivered 10 Indisnapolts prices: Heavv hens 12c. Leghorn hers 7c: colored springers. 12c large stags. Sc Leghorn stags. sc: old roosters. sc; ducks. 7c geese 7c: voung guineas. 20c: old guineas 15c Turkevs No. 1 voung hens. 8 lbs. ar.d over l5o: voung toms. 14 lbs .and over 15c: voung toms. 11-14 lbs . 13c: No. 2 crooked breasts and thin tursevs. 9c: old toms, all weights. 11c: No. 1 stricHv fresh countrv run eggs, loss off. -4c. 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—2 Sc. Quoted bv the Wadiev Cos.

Retail Coal Prices

The following price* represent quotations stem leading Indianapolis coal dealers A 25-cent carrying charge per ton will be added. DOMESTIC RETAIL PRICES Antnracite 513.00 Brazil Lump f*4 Brazil Mine Hun 5*5 Coke. Nut Size 8.90 Coke. Egg Size . 890 Indiana Forked Lump No. 4 o 94 Indiana Forked Lump No 8 584 Kentucky Lump Group "S'' 7.18 Indiana Egg 5.71 Pocahontas Eeg 842 Pocahontas Lump 8.32

Hides and Skins

Hides—Green country cows and steers. 4c flat: green country bulls and glues. 2‘sc fit: green country calf hides. 4' 2 c; flat: green countrv kip. 4c: No. 1. large horse r.ides with full heads, shanks, mantes and tails $2 75. medium sire $2 25. All No. S grade horse hides. 50c less: glues and ponies half price No. 1 rendered tallow. 4|4'-;c: No. 2 at value. Yellow grease S'3B3 s c: dark crease. 3%TJ'c. SILVER IMPORTS DROP December Inflow Almost Cut in Half; Exports Lower. By T'nitra Pre** WASHINGTON. Jan. 11.—Silver imports fell off sharply from $15,010.561 in November to $8,710,685 in December, the Department of Commerce reported today. Exports also declined from $1,697,657 to $1,013,732. During the month, the department reported, gold imports decreased from $121,198,645 to $92.349 354 while exports decreased from $309,659 to $139,877.

RELIEF REFORM CALLED URGENT RECOVERY NEED Economist Sees Unemployed Being Pauperized by Lax Administration. Tbit is another of a series of artirlrs written for The Indianapolis Times by members of the economies department of New York University's School of Commerce. Accounts and finance. BY JOHN A BRYSON It would seem natural to expect that with increasing employment and rising wages, the problem of relief would disappear. Although employment has not increased and wages have not risen to the extent that people had hoped they would during the old year, it is true that more people earned more dollars in 1934 than they did in the two previous years. Yet relief costs still are increasing. This is the paradox of relief —more work, more wages and at the same time, more relief. This truly alarming situation calls for an explanation. Several explanations of this strange situation have been advanced. Fust, many families are still living on accumulations of wealth. As time passes these are depleted and families are forced on relief. It is also passible that the slowly rising tide of employment has not yet caught up with these families. Certainly, the experience of the last few months would indicate that families are being added to relief rolls faster than they are being dropped, due to re-employment. Relief Costs Mere Another possible explanation may be found in the fact that the turn of the business cycle has been accompanied by increasing trade and rising prices. This means that it costs more to maintain a family in relief than it did heretofore. With an increase in employment, the general public is not apt to consider relief as being as pressing a problem as it had been. This attitude is reflected in decreasing contributions to relief funds. Because of decreasing contributions on the one hand and increasing costs on the other, private agencies are forced to turn more applicants for relief over the public agencies. All of these factors cause city, state and national relief costs to mount in spite of increasing employment. There exists, however, some doubt as to the adequacy of these reasons to explain all the rising costs of relief. Our present system of public relief is so poor, haphazard and wasteful that the system, itself, may be a cause of dependency. In short, our present system has the effect of pauperizing people. Attraction Great No relief system should ever be made more attractive than the minimum wages that industry can afford to pay. In other words, relief should never be made so "free and easy” that people prefer relief to working. Consider the following case which is entirely possible under the present system of relief. Two needy applicants apply for relief and are registered for employment. A job opens and both are sent after the job. The more industrious of the pair lands a job for $lB. a 40-hour week in a factory; the less desirable worker, from the industrial point of view', is given a relief job at $22 50 a week for 30 hours work. More typical, however, would be the contrast between two men of equal ability, each earning sls a week, but the man on relief w'orks three days a w'eek in a more or less efficient manner, whereas the other in industry is required to put in five and one-half days of hard labor. No wonder that some workers resist efforts to be put off relief. Accepted as “Right” The pity of our whole relief system is that as more relief is given, more relief is accepted as a right, and it becomes more difficult to change the system. Just a hundred years ago England went off their pauperizing relief system which lasted two generations—or fortyyears, from 1794 to 1835. During a great part of this period the paradox of relief, increasing unemployment and more relief, also was apparent. Great care must be taken here so that relief does not assume such proportions or last so long as it did in England. Os course, the needy must be taken care of. During good years, as well as bad years, relief problems must be met. But let it be a more sane and sound system of relief. Now .s the time to revamp our relief system. GLEN T. BEALL HEADS LOCAL INSURANCE BODY Indiana Lumbermen’s Official at Helm of Mutual Men. Glen T. Beall, manager of the loss department of the Indiana Lumbermens Mutual Insurance Cos., has been elected president of the Mutual Insurance Association of Indianapolis, it was

Ilendershot

announced today, O M. Earl, of the Gram Dealers Mutual Fire Insurance ance Cos., was elected vice-president; Miss Marie Huffman of the National Association of Mutual Insurance Companies was elected secretary and treasurer. , The executive committee elected

is composed of: Evelyn Lamey. Farmers Mutual Liability Insurance Cos.; Gold E. Beall, Indiana Lumbermens Mutual Insurance Cos.; H. A. Bottorff. Grain Dealers Mutual Fire Insurance Cos. ELECTRIC OITPCT RISES Electricity output of the Standard Gas and Electric Cos. lost week aggregated 81.877.264 kilowatt hours, an increase of 4 3 per cent over the corresponding week last year, it was anounced today.

)Bv Thomson & McKinnon 11 00 Prev. Oils— High. Low. N- Y. close. AM Rig 25 24% 25 24% Consol Oil 8 8 38% Cont of Del .. 17% 17% 17% 17% Houston i new i .33 33 Mia Cont Pet .. 11 1 a 11% 11% 11% Ohio Oil 10 10 10 10‘s Phillips Pet .. . 15% 15 15 15% Pure Oil 7% 7% 7% l 3 * Seaboard OH .. 25 25 25 24% Shell Un 7% 7% 7 3 b 7% Skellev Oil 7 7 7 1 % Soc Vac 14% 14' 4 14 ! 14 5 O of Cal 30% 30*i 30% 30% S O of In ft 24 3 4 24 1 4 24 3 4 24 3 4 SOof N J 42 41"* 41 3 4 42% Texas Corp .. 20% 20 20% 20% Tidewater Assn. 9 9 9 9' a Un OH of Cal .. 15% 15% 15% 15% Steels — Am Roil Mills... 22% 22% 22% 22% Berh Steel 33% 33 33% 33% Byers A M 19% 19% 19% 19% Inland Steel ... 53 53 53 51 Natl Steel 50 49% 49% 50 Rep Iron Ac Steel 14% 14% 14% 14% Rpp Ir Ac St pfd 44% 44% 44% 44% U S steel ... 38% 38% 38% 38% U S Steel pfd .. 89% 88%. 88% 89% Warren Bros ... 5 1 - 5% 5% 5% Motors— Auburn 27% 27% 27% 27% Chrysler .... 40% 39% 39% j 9% Gen Motors . 32% 32% 32% 32Graham Mot . . 2% 2% 2% 2% Hudson 11% 11% 11' i 11% Hupp 3% 3% 3% 3% Mack Truck .27% 27% 27% 27% Nash 18 17% 17% 18 Packard 5% 5 5 5% Reo 2% 2% 2% 2% Studebaker ... 2% 2% 2% 2% Yellow Truck .. 3% 3% 3% 3 % Motor Access— Bendix .... 16% 16% 16% 16% Borg Warner .30% 30 30% 30% Briggs 28% 28% 28% 28% Budd Mfg .... 4% 4% 4% 4 7 s Houdaille "A” . 8% 8 8 8% Stew Warner 6 8% 8% 8% 8% Timken Roll . 35% 35% 35% 36 Timken Det Axle 6% 6% 6% 6% Mining— Alaska Jun 19% 19% 19% 19% Am Metals 15% 15% 15% 15% Am Smelt 38 37% 38 38% Anaconda 11% 11% 11% 11% Cerro De Pasco. 45% 44% '-44% 45% Dome Mines ... 38% 37% 37% 39 Granby 6% 6% 6% 7 Howe Sound ... 50% 50 50 50% Int Nickel 23% 23% 23% 23% Kennecott Cop . 17% 17% 17% 17% Mclntvre Mine.. 42% 41% 41% 42% Park Utah 3% 3% 3% 2% Noranda Cop ... 34% 34% 34% 34% Phelps Dodge .. 15% 15 15% 15% St Joe Lead 16% 16% 16% 17 U S Smelter 120 119% 119% 120 Amusements— Loews Inc 34 33% 33% 33% Radio Corp 5% 5 5% 5% Paramount 3% 3% 3% 3% Warner Bros ... 4% 4% 4% 4% Tobaccos— Am Snuff 66 66 66 66 Am Sum Tob . 22% 21% 21% 22% Am Tobacco "A” 83 83 83 83% Am Tobacco "B” 85 84% 84% 85% Gen Cigars 62% 62% 62% 62% Lig At Myers B' 107 105% 105% 106% Lonllarri .. 21 20% 20% 21 Phillip Morris 46% 46 46% 45% Reynolds Tob B' 49% 48% 48% 49% Rails— Atchison 53% 53 53% 53% B A- O 14% 13% 13% 14% Can Pacific 12% 12% 12% 12% Ch Ac Ohio 45 44% 44% 44% C M Ar St P 2% 2% 2% 2% C M Ac St P pfd 4% 4% 4% 4% Chi N W 5% 5% 5% 5% Chi N W pfd ... 10 10 10 10 Dela Ac Hud ... 41% 41% 41% 42% Del Lac A W ... 17% 17% 17% 18 Erie 12% 12% 12% 12% Erie pfd .. 16% 16% 16% 16% Grt North pfd .. 16% 16% 16% 16% 111 Central ... 16 16 16 16% MK & T pfd .. 13% 13% 13% 13 Mo Pac pfd 3% 3% 3 3 r 3% N Y Cent 20% 20 20 % 20% N Y New Haven 7% 7% 7% 7% Nor Pacific 20% 20% 20% 20% Penn R R 23% 23% 23% 24 Sou Pac 17% 17% 17% 18% Sou R R 15% 15% 15% 15% Union Pac 11l 111 111 112% West Maryland . 9% 9% 9% 93s Equipments— Am Car Ac Fdv . 19% 19% 19% 20% Am Steel Fdy .. 17% 16% 16% 17% Bald Loco .. 6% 6% 6% 6% Gen Am Tk Car 37% 37% 37% 37% Gen Elec 23 22% 22% 23 Pullman Inc ... 51% 51 51 51% Wcstingh Elec .. 39% 39% 39% 39% Utilities— Am Ac For Pwr .5 5 5 5 Am Pwr Ac Lit... 3% 3% 3% 3% AT&T 104% 104% 104% 105 Am Wat Wks . 34% 14% 14% 14% Col Gas & Elec. 7% 7% 7% 7% Conn & Sou 1% 1% 1% 1% Consol Gas ... 22% 22 22% 22 Elec Pwr & Lit .32% 2% 3 Interboro RT .. 14% 14% 14% 14% Int T & T ... 9% 9% 9% 9% Nat Pwr & Lit.. 7% 7% 7% 7% North Amer .... 13 1 - 13% 13% 13% Pac G & E 14% 14% 14% 14% Peoples Gas ... 23 23 23 23 Pub Serv N J . . 26% 26% 26% 26% So Cal Edison . 12% 12% 12% 12% Std Gas 4% 4% 4% 4% Stone & Webster .5 4% 4% 5 United Corp ... 32% 2% 3 Un Gas Imp 12% 12% 12% 12% Ut Pwr &Lt “A” 1 3 4 1% 1% 1% Western Union . 33% 33% 33% 33% Rubbers— Firestone 17% 17% 17% 17% Goodyear 25% 24% 24% 25% Kelly Spring . 1% 1% Ir, 1% U S Rubber pfd 40 39% 38% 40% Miscellaneous— Allis Chalmers .. 16% 16% 16% 16% Am Can 114% 114 114% 114% Am Mach & Fdv 21% 21% 21% 21% Brklvn Man Tr 39% .39% 39% 39% Burroughs Add.. 15% 15% 15% 15% Burroughs Add . 15% 15% 15% 15% J I Case 58 57% 58 57% Conti Can 67% 56'■> 66% 67% Caterpillar Tract 39% 39% 39% 39% Curtis Pub 22 1 - 22% 22% 22% Curtis Pub pfd 100% 100% 100% 101 Deere &Cos 27% 27% 27% 27% Eastman Kodak 117% 117% 117% 117% Foster Wheeler.. 16% 16% 16% 16% Gillette 15% 14% 14% 15 Glidden 27% 27 27 26% Incersoll Rand . 68 68 68 68 Inter Harv 41% 41% 41% 41% Owens Bottle 87% 87% 87% 87 Rem Rand ... 10% 10% 10% 50% Underwood E ... 59 58% 59 58% Armour Com ... 6 5% 6 5% Armour 6 r pfd . 69% 69 69 69% Beatrice Cream.. 17% 17% 17% 17% Borden Prod ... 24% 23% 23\ 24% Cal Packing ... 38% 38% 38% 38% Canada Dry G A 15% 15% 15% 15%

(Reprinted from yesterday) DAILY BOND INDEX 20 20 20 20 Inds. Rrs. Utils. Comb. Todav 87.1 86.4 90.9 88.1 ' Yesterday .... 86 9 86.3 90.5 87.9 W eek ago 86 2 84.8 89.5 86 8 Month ago 85,4 83.9 89,2 86.2 tCopyright. 1935. Standard Statistics Cos.) U. S. GOVERNMENT BONDS lßy United Press) NEW YORK. Jan. 10.—Closing United States Government bonds (in thirty-sec- : onds): Liberty Prev. Close, close. 3’:S 132-471 .103 29 103.29 First 4‘i.s 132-47< 103.20 103.15 Fourth 4-.S 133-38) 103 22 103.22 Treasury 4 ! 45-3>4S i 45) 104 103.19 i4' 4 s (47-52) 113.28 113.22 I 3 3 sS (43-471 *.104 25 114.16 3 3 s s (41-43) March 105 12 3 3 sS 140-431 June 105.12 105.2 3‘.s i 41) 105.10 105 4 3 1 bS 146-49) 102.29 102.10 3s .51-55) 102 101 20 3s i 46-48 101.22 Home Owners Loan Corp. 3s May 1. 1952-51 100 3 100.7 4s July 1. 1951 101.6 101.12 2 3 4S Aug. 1. 1949 97.12 97.16 Federal Farm Mortgage Corp. 3 ! 4S March 15. 1964-44 101.24 3s March 7. 1952-44 100 2 10C.7 FEDERAL FARM LOAN BONDS (By Biyth A Cos.) Bid. Ask 4s July 1. 1946—44 101 3 102*. 4s Nov. 1. 1957—37 101 101' 2 4s Mav 1. 1958—38 101 101 1 2 4Us Julv 1. 1956—36 101 3 a 101 "a 4’.s Jan. 1. 1957—37 101> 2 102 4>4S Mav 1, 1957—37 101'a 102 4'.s Nov. 1. 1958—38 102 4 1 _>s May 1. 1942—32 101 1 ; 101 3 . 4’ 2S Jan. 1. 1943—33 101’4 101-'. 4'js Jan. 1. 1953—33 101'* 101 s . 4' 2 s Jan. 1. 1955—35 101\ 102> a 4 1 ,'S Jan. 1, 1956—36 101 \ . 5s Mav 1, 1941—31 101 3 s 101'a 5s Nov. 1. 1941—31 101 *s 101?* Pomesti* (Bv Fenner 4: Beane) Alleg Corp 5s '44 74 73;* Allec Corp 5s '49 64 3 64’4 Am Frgn Pow 5s 2030 59'a 54'2 Am Tel A Tel s ! ;s 43 U 2 3. 112*4 Am Tel A- Tel 5s 65 112-*s 112 Aim & Cos (Dei) s'iS '43 103 3 a 103*, Atl Coast Line 4' 2 s 64 92‘2 92'a Aich Top A- SFe 4' 2 s '4B 108' 4 109 Am Wat Wks 5s ’44 96*4 95 Am Rolling Mills 5s '3B lll*a 111*2 Balt A Ohio 5s '95 77 77 Balt A Ohio 6s '95 83*2 86 Balt A Ohio 4 1 as '6O 58'2 59 Buff Roch A Pitt 4'2S '57 .... 69 3 . 70 Beth Steel 5s '36 103*8 103’a Chi Milw A St PI 5s '75 24'a 25*a Ch: Milw A St P 5s 2000 6* 9 Cleve Un Term 5’ 2 s '72 .102’* 102 J 4 ! Cleve Un Term 5s '73 96* 4 96* Cleve Un Term 4':S '77 90-' JO a t Col Gas 5s April '52 83 82’a I Col Gas 5s '6l 80'a 80', Can Fac Perp 4a s7', 86 ,4

iff

Glen T. Beall

Abreast of The Times on Finance

New York Stocks

New York Bond Quotations

INDIANAPOLIS, FRIDAY, JANUARY 11, 1935

Corn Prod 65% 65 65% 65% Crm of Whoat . 36% 36% 36% 36% Cuban Am Sugar 6% 6% 6% 6% Gen Baking .... 8_ 8 8 8_ Gen Foods ..... 33 b 33% 33% 33 1 s Gold Dust 17% 17 17 17 G W Sugar 29% 29 29% 29% Hershev 79 79 79 79% Natl Biscuit .. 28% 28% 28% 28% Natl D Prod . 16% 16% 16% 16% Purity Bak 9% 9% 9% 9 S Porto Rico Sug 21 21 21 21 Std Brands 1"% 17% 17% 13 Retail Stores— Assd Dry Goods 13% 13% 13% 13% Best & Cos 36 36 36 36 First Natl Stores 51% 51% 51% 51% Hahn Dept Sts . 5% 5% 5% 5% Krcsge S S .... 21% 21% 21% 21% Kroger Groc ... 28% 28 28 28% Macy R K 40% 40% 40% 40% McCrory St 11 11 11 11 McLelian St ... 14 14 14 14 Marshall Field .11% 11 11 11 Mav Dept St ... 43 43 43 43 Mont Ward 29% 29% 29% 29% Penney J C .... 73 71 % 71% 73 Safeway St ... 44% 44% 44% 44% fvears Roebuck . 33% 38% 38% 38% Woolworth 53% 53% 53% 53% Aviation— Aviation Corp .. 5% 5 5% 5 Boeing Aircft .. 9% 9% 9% 9% Curtiss Wright 2% 2% 2% 2r„ Curtiss Wrt "A" 9% 9 9 9% Douglas Air .... 23% 23 23 23% Nor Am Av .... 3% 3% 3% 3% Sperry Corp ... 9% 9% 9% 9% Untd Aircft New 14% 14 14 14 Chemicals— Air Reduction . 114 114 114 115% Allied Chem 138% 137 137 138 Am Com Alcohol 30% 30% 30% 30% Col Carbon .... 74% 74 74 74% Com Solvents .. 23 22% 22% 23 Dupont 96% 96% 96% 96% Freeport Tex ... 25 24% 25 25 Liquid Carb 30% 30 30 30 Math Alkali . 30% 30% 30% 30 % Monsanto Chem 58% 58% 58% t>B% Natl Dis inewi . 28% 28 28% 27% Schenlev Dist - . 27% 27 27 27 Tex Gulf Sulph 34% 34 34 33% Union Carbide . 47% 47 47V* 16% Drugs— Cotv Inc 6% 6 6Va 6Vs Lambert . . 28 28 28 28 Sterling Prod ... 60% 60% 60% 60% Un Drug inew). 12% 12% 12% 12% Vick Chem ..... 34% 34% 34% 34% Zor.ite Prod .... 4% 4% 4% 4% Financial— Adams Exp 6% 6% 6% 6% Allegheny Corp.. 1% 1% 1% 1% Chesa Corp .... 43 % 43% 43% 44 Lehman Corp .. 73% 73% 73% 73 Transamerica ... 5% 5% 5% 5% Building— Ant Radiator ... 15% 15% 15% 15% Gen Asphalt ... 18% 17% 17% 18 Int Cement Johns Manville . 54 53% 54 54 Libby Owens Gls 31% 31 31 31% Otis'Elev 14% 14% 14*4 14% U S Gypsum ... 51 51 51 51'/s Household— Col Pal Peet .... 17% 17% 17% 17% Congoleum 34 33% 34 337a Kelvinator 17% 17% 17% 18 Proc & Gamble 45 44% 45 44% Servel Inc 8% 8% 8% 8% Simmons Bed ... 10 10 10 10 Textiles— Belding Hem ... 13% 12% 12% 13% Celanese Corp .. 33% 33% 33% 33% Gotham Hose .. 5% 5% 5% 5% Indus Rayon ... 32 31% 317s 32

Chicago Stocks

(By Abbott, Proctor & Paine) 11:00 Prev. A. M. close. Borg Warner 30V* 30 Butler Bro 7 7 Chicago Corp pfd 30 30 Crane Cos 10% 10% Com Ac Edison 55% 54% Cord 4 4 Marshall 11% 11% Public Serv 20% 20 Swift 18% 19% Swift Int 34% 34% Walgreen 30% 30%

New York Curb

(By Abbott, Proctor & Paine) 12 Prev. Noon, close. Alum Cos of Am 49 49% Am Cyanide "B*’ 17% 17% Am Superpower 1% 1% Atlas Corp 9% 9 Carrier Corp 16 16% Distillers Corp 17% 17% El Bond & Shares 7% 7% Ford of Europe 8% 9 Hiram Walker 30% 30% Humble Oil 45% 46 Lake Shore Min 54% 54% Natl Bellas Hess 2% 2% Newmont Min 38% 38% Nia Hud Pwr 3% 3% Novadel Agene 21 % 21% Penn Road 2 2 Std of Ky 18% 18% RETAIL CAR 'SALES UP Gain 6 Per Cent ir. November After Seasonal Adjustment. By Times Special NEW YORK, Jan. 11.—The preliminary adjusted index figure of the value of retail sales of new passenger automobiles shows an increase of about 6 per cent from October to November, according to the Bureau of Foreign and Domestic Commerce. This index, which makes allowance for the number of days as well as the usual seasonal movements, was 62.5 in November on the basis of the 1929-1931 average as 100. compared with 59 in October and 53 in September.

Cent Pac 5s '6O 80'/ 2 80 Big Four 4'aS '77 76'a 76'2 Big Four 5s '63 84 7 a 84*4 Colorado A So 4' 2S 'BO 73’2 73>2 Chi A West Ind 4s '52 94 93 1 2 Chi A West Ind s' 2 s '62 102'h 102 3 - 4 Chi A Nor West 4 3 4 s '49 21'4 21 1 2 Con Gas 5s '57 103 3 . 103 1 , Chesa Corp 5s '47 105 l 2 105'2 Dodge Bros 6s '4O 106 3 4 106*8 Del A HudS 4s '43 94 3 8 94 3 a N Y Dock 5s '3B 45 55 Erie 5s '75 73 73*4 Erie 5s '67 73 73 3 4 Gen Cable 5‘ 2 s '47 87 87 Grt. Northern 7s '36 94*a 94 Grt Northern 4' 2 s '77 78 5 s 79 Gen Stl Cast W W s' 2 s '49.. 89 7 s 87** Hud A Manhat Ref 5s '57.... 88'a 88'2 111 Cent 4 3 4 s 66 61 1 2 62 5 a 111 Cent 5s ’63 . 77 3 4 72 5 a Interlake C A I 5s ’sl 81 ! 4 29'a Interntl Hv Elec 6s '44 55 54 ?* Interntl Tel A Tel 4' 2 s '39.... 71* a 70 Interntl Tel A Tel 5s '55 69 68 5 i Interntl Tel A Tel 4' 2 s '52.... 64 64 P Lorillard 7s '44 .. 127 5 a 127' 8 McKess A Rob s' 2 s 'SO 96*, 95'a Midvale Stl 5s '36 102 7 * 103', Natl Dairy s's '4B 102*8 102 5 a Natl Steel 5s '56 106 3 4 106-L, Nickel Plate 4' 2 s ’7B ...1 64 3 . 65 Nickel Plate 5' 2 s ’74 74 76 Nickel Plate 6s '35 69 3 . 70 N Y Cent 5s 2013 69 69 3 4 N Y Cent 4‘ 2 s 2013 (old) 63' 2 64 Nor Arner Cos 5s '6l 85*4 83'2 Nor Pac 3s 2047 75'2 34 5 a Nor Pac 4' 2 s 2047 89 88*4 Nor Pac 6s 2047 102 101*a Nor States Pow 5s ’4l 104' 4 104 New Orleans Term 4s '53 85 85 Otis Steel 6s ’4l 76 73 5 a Penn Ry 4' 4 s 84 102 101'2 Penn Rv 4' 4 s ’Bl 102 101 3 4 Penn Rv 4> : s ’7O 95 s * 95 Pac G A E 5s '42 106 3 4 106'2 Portland Gen El 4>2S ’60.... 53’ 2 52 3 4 Para Publix 5'2S 'SO 63'2 62 1 2 Penn PAL 4’2S 'Bl 99 5 a 99 a Postal Tel A Cab 5s '53 47 1 * 47 Rem Rand WWS'-s '47 1 ©0' 4 108'a Sinclair Oil 6' : s 38 103 3 4 103*, Shell Union Oil 5s '47 10l* 8 102 3 * Sou Pac 4’ 2 s 68' 68 63 Sou Pac 4 : 2 S 'Bl 67'i 67 3 a Sou Pac 4'2S '69 68\ 68*, Sou Pac 4s ’49 71 5 a 71 3 . Sou Rail 4s ’56 62' 62 Sou Rail 6s ’56 80' 2 BC2 Sou Rail 5 1 ;s '56 86 84 3 i Sharon Stl Hood s' 2 s '4B 87 3 i 88 3 4 Texas Pac 5s 'BO 93 93'2 Texas Pac 5s ’79 92'i 93'2 Union Pac 4s '47 108 3 4 108'2 United Drug 5s ’53 91 3 4 92' U S Rubber 5s '47 94 3 a 93*’, N Y N H A Hart 6s 48 50** 51 N Y N H A Hart 4' 2 s '67 43'2 44 Warner Bros 6s ’39 57 5 , 58'• 2 Western Marv 5' 2 s '77 98 98 3 4 Western Marv 4s '52 88 -4 82'a Youngstown S A T 5s '7O 98 95 Youngstown 8 A T 5s ’7B . . . 98 3 . 98 3 4 Foreign— Argentina A 6s '57 93 3 i 93 3 4 Argentine B 6s 'SB 83 3 4 83 s , Brazil 8s '4l 28 3 4 32 Canadian Govt 4s '6O 104* a 105 Denmark 5'2S '55 99 3 a 94 4 French 7s '49 184' 2 . German 5'2S '65 32', 33’ 2 German 7s ’49 43'2 43'2 Italy 7s 51 92 92’. Japan 6' 2S '54 95'2 97 Fo.and 7s '47 118'a 117 Pome 6>2S 52 83 3 4 84’4 Tokio Citv 5‘2S '6l 77 77 Yokohama 6s ’6l 83Va 82*.

JOB PROGRAM OF PRESIDENT HELD PROBLEM Plans Are Idealistic, Say Economists Awaiting Further Messages. JULES BACHMAN and A. L. JACKSON Editors of Economics Statistics, Inc. NEW YORK, Jan. 11.—The President has chosen work relief in preference to outright relief in order to aid the unemployed. However, he stipulated that the people on work relief are to receive a scale of wages lower than that received in private industry. The purpose of this provision is to make sure that this program will not interfere with the revival of private industry. In so far as private wages are reduced and lower wage scales are forced in the building industries by this program, it is definitely a step in the right direction. Among the other principles which are to govern work relief is one which states that compensation is to be “in the form of security payments.” ' N In Line With Keynote This idea is in line with the keynote of the message, which is the same as that suggested in his message last June, namely that security of the men, women and children of this country is the most important criterion of the success of our public policy. The policy calls for security of livelihood, homes and against the major hazards of life. This in an idealistic program and one which will prove to be very difficult to work out. Unless the Government takes over control of all industry—which is Socialism —it can net guarantee a livelihood to every one Ideas of this sort are high sounding and pleasant to the ear, but they are vague and have little significance. In the same category falls the suggestion that our goal is social justice. Terms Are Meaningless What is “social justice”? Nobody has been able to definitely set up any criteria for this elusive concept. Will it be social justice to adopt some such plan as the Townsend plan, with us preposterous provisions and its faulty analyses of our economic order, or does social justice consist of redistribution of wealth and a consequent disintegration of capital, or what form is it to take? These terms are just as meaningless as those of the “New Era.” wffien the “chicken in every pot” idea w r as prevalent. The major portion of the message dealth with work relief and indicated the President’s concern as to what to do with the unemployed as a means of solving unemployment. It has been pointed out by Profesor Lewis Haney that unemployment and the unemployed are two separate conditions, that unemployment is a problem resulting from maladjusted business conditions, while the unemployed are human beings who need relief. To give tnese people w'ork relief or to artificially create jobs either through spreading the work or expensive public works projects does not cure unemployment. Unemployment can only be cured by a correction of the conditions which brought it about. Unemployment is only a symptom, not a cause, of the present low level of business activity. The future messages of the President must be carefully studied in order to see if the attitude of paternalism which was evident in last week’s address is followed through.

GRAINS MOVE OFF IN INITIAL TRADES Moderate Wave of Selling Develops at Start. By United Press CHICAGO, Jan. 11.—Government figures on farm stocks, released after yesterday’s close, were about as expected and a moderate wave of selling broke out on the Board of Trade today. At the start wheat was off to v 2 cent, corn was down % to % cent, oats were to % cent off, and rye was unchanged. An upward tendency at Liverpool was checked by increases in estimates of the Australian wheat crop, according to a cable received this morning by Bartlett Frazier & Cos. ißy James E. Bennett* 11:00 Prev. Wheat— High. Low. A M. close. Mav 1.01 U 1.00% 1 00% 1.01% •lulv 03’g .92*4 .92% .93% Sent 91% .90% .90% .91% Corn— Mav DOU .89% .90 .91' s July 85% .84% .85 .86'4 Sept 83' .81% .82 U .83‘a Oats— Mav 55'8 .54% .54% .54> 4 Julv 47 3 4 .47% .47% .47% Sept 44 .43% .43% .44% RyeMay 75 .74% .74% .74% Julv 74% .74% .74% .74% Sept 73% .73% .73% .73% LOCAL CASH MARKET City grain elevators are paving 93 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 86 cents and oats 48 cents. WHEAT EXPORTS DROP Small Decline Registered During Week Ended Jan. 5. By Times Special NEW YORK. Jan. 11.-Exports of wheat (including flour as wheat) from United States and Canadian ports, as reported to Dun & Bradstreet, Inc., for the week ended Jan. 5. totaled 1 691.338 bushels, compared with 1.693,176 bushels in the previous week and 4.061.746 bushels in the corresponding week of last year. For the season, July 1 to date, wheat exports aggregated 86.987.536 bushels, against 110,911.755 bushels for the same period a year ago.

Gleaning The News

A summary of corporation news prepared by the Standard Statistics Cos., Inc., New York, follows: American Telephone and Telegraph Co.—Report covering operating activities only for November showedf net operating income of sl.051.978. against $1,288,643. In the eleven months net operating income was $12,813,841, against $11,808,529. American Water Works and Electric Co.—Electric output for week ended Jan. 5 increased 17 per cent over like 1933 week. In the preceding week the gain was 13 per cent. Borg-Warner Corp. has acquired all of preferred stork and 50 per cent of common stock of Marbo Products Corp. of Chicago, holder of a patent covering anew process for manufacture of rubber hydrochloride and its derivative produces. Buckeye Pipe Line Co.'s deliveries in December totaled 2.428.410 barrels, against 2.578.601 barrels in December. 1933. In the months deliveries were 32.627,111 barrels, against 35.481.079. Butterick Cos. filed a petition in Federal Court. New York, to effect a reorganization under Sec. 77-B of amended bankruptcy act. Capital Management Corp. declared an extra dividend of 5 cents and regular quarterly dividend of 15 cents. Celanese Corp of America—lt was reported that company has advanced certain prices 2 cents to 4 cents a pound. Chrysler Corp. retail sales of 1935 Plymouths for the first week of 1935 were more than double those of like 1934 w'eek; Plymouth dealers delivered 3972 new cars at retail during the week against 1690 during like week in 1934. Continental Gas and Electric Corp. prior preferred share earnings 12 months ended Nov. 30 were York—Supreme Court Justice $10.99 against $11.45. Consolidated Gas Coro, of New Shenck. Albany, upheld the constitutionality of new law requiring utility companies to return consumers’ deposits on demand at expiration of stated periods; to report to Public Service Commission deposits unclaimed for 10 years, and to pay into the state treasury deposits unclaimed for 15 years with interest; case will be carried to the Court of Appeals. Delaware. Lackawanna & Western Railroad—RFC awarded to Halsey Stuart & Cos., Inc., and associates, on a bid of 95. an issue of $3,619,000 4 per cent equipment trust certificates of this company; 'ssue originally was made by company to PWA. Denison Manufacturing Cos. declared a dividend of $2 on account of accumulations on debenture stock; this payment covered dividend due Feb. 1, 1934. Distillers Cos.. Ltd. declared an interim dividend on ordinary stock of Is 6d a share (less tax), the same as paid a year ago. Dominion Bridge Cos., Ltd., deficit for the year ended Oct. 31 was $16,975, against net income of $475,769. Indiana Pipe Line Cos. deliveries in December totaled 1,265.090 barrels, against 1,227.476 barrels in the twelve months total was 14,442,186 barrels against 15,862,026. Lerner Stores Corp. December sales were up 23.8 per cent; twelve months up 29.6 per cent. Minneapolis-Honeywell Regulator Cos. declared an extra dividend of 25 cents and a quarterly dividend of 75 cents on common stock. On

Other Livestock

(By United Press) CHICAGO. Jan. 11.—Hogs— Receipts 17,000. including 6000 directs; market moderately active, steady to 10 ce s?'^ lower than Thursday; weights above 230 lbs.. $7,904/ 8.05: top. $8.10; 160-230 lbs., $7,404/7.90: light lights. $7417.50: slaughter nigs. £5.504/ 6.75: packing sows. $7.40*6; 7.60; light lights. 146-160 lbs.. -Rood and choice, $74/7.60: light weights. 160-200 lbs good and choice, $7.35477.90; medium weights. 200-250 lbs., good and choice, $7,754/ 8.05: heavy weights, 250-350 lbs., good and choice, $7 9547 8.05; packing sows. 275-550 lbs., medium and choice, $8.75'/ 7.65; slaughter pigs. 100-140 lbs., good and choice. $5,254/7 25. Cattle—Receipts. 3000 commercial, 500 Government; calves 1000 commercial. 100 Government; general market firm; vealers mostly steady; choice kinds 50 cents lower in instances; best around 1000 lb. yearling steers. $11.25; bulk warmed up and short fed steers, $9.50 down to $5.50: few weighty sausage bulls $4 25% 47 4.35: bulk vealers. $74/8; selects.’ $8.5047 0; slaughter cattle and vealers' steers 550-900 lbs., good and choice. $847 11 25: 900-1100 lbs., good and choice $8 7047 11.75: 1100-1300 lbs., good and choice $94712. 1300-1500 lbs., good and choice’ $f 254/ 11.75: 550-1300 lbs., common and medium. $447 9.25: heifers. 550-750 lbs good and choice. $747 9.25; common and medium. $3,754/7 25: cows, good ss@6_so. common and medium, $2.75*65; low cutter and cutter. $1.9047 2.75: bulls * yearlings oxrludedi. good, beef, $44/5: cutter, common and medium. $3,504/3.35; vealers. gooa and choice. $6.50479; medium. $5.004/ 6 50- cull and common, [email protected]: Stocker and feeder cattle: steers. 550-1050 lbs good and choice. $5 2547 6.50; common and medium. $447 5 25. Sheep—Receipts, 11.000: fat lambs slow, undertone weak to 2o cents lower: bulk held $9.25 upward but no earlv bids: sheep strong; ewes $44/ 4 75- indications steady on feeding lambs; ■daughter sheep and lambs: lambs 90 lbs down good and choice. $3.3547 9 3;*: ootn* mon and medium *6.35*8.8.60: ewes. 100150 lbs., good and choice. $3.2547.4 75 all weights common and medium. $3 a 3.75. feeding lambs. 50-75 lbs., good and choice. $6.50® 7.50. FT WAYNE. Jan. 11.— Hogs—Market stpadv to 15 cents lower. 250-300 lbs. $8: 225-250 lbs.. $7 90; 200-225 lbs.. *<.Bo: 180200 lbs. $7.70: 160-180 lbs. $ 7 - 6 P, lbs. $7 60; 150-160 lbs.. $7: 140-150 lbs. $6 60: 130-140 lbs . $6.25: 120-130 lbs . $6; 100-120 lbs.. $5.60: roughs. $6.75; stags. $4.75. Calves, $9. Lambs, S9. LAFAYETTE. Jan. 11.—Hog—Market. 10 47 25c lower: 275-300 lbs.. SB. 300-325 lbs.. $7 75' 250-275 lbs.. $7,90: 225-250 lbs . $7 80. 200-225 lbs.. 57.75; 130-200 lbs.. $7.65: 160; 180 lbs.. 57.55: 155-160 lbs.. $7.25: 150-150 lbs $7; 140-150 lbs.. $6.75; 100-140 lbs.. $547 6.50; roughs, $6 75 down: calves, $8.50; top native lambs. $8.50; top western lambs. $9.25419.50. (By Times Special) LOUISVILLE, Jan. 11— Cattle—Receipts 175; demand still broad for slaughtering cattle; trading active and fully steady with week's uneven advance; bulk common to medium steers and heifers. $4.5047 6.50. good, to $8 or better; bulk beef cows $3474 25: practical top. $4.50. with good smooth heifer types higher: low cutters and cutters, $1.50*5 2.75; sausage bulls, $4; down best Hereford heifer stock calves held at $6; plainer grade native stockings and feeders, mostlv $4.75 down. Calves— Receipts. 200: market fully steady with Thursday’s: 50 cents higher close or fuhv 50 cents higher for two davs: bulk good to choice vealers. s7*6 7.50; strictly choice. $8; medium ar.d lower grades. $6.50 down to around $3 for light culls. Hogs— Receipts, 550: market 10 cents lower; top and bulk be*'er 230-300 lbs $7 80 200225 lbs. $7 65: 305 lbs up $735; 130-195 lbs $7 30. 160-175 lbs.. $6 90: 140-155 lbs.. $6 40 120-135 lbs. $5.45: sows. $6 05 Sheep—Receipts, 75: market fullv steadv: bulk medium to good lambs. $76 3 choice quo'able. $8.50 or better: bucks discounted and common light throwouts. $5.50; fat ewes. $247 3. BUILDING CONTRACTS UP By Times Special WASHINGTON, Jan. 11.—Publicly financed construction contracts awarded in 37 states east of the Rocky Mountains in 1934 registered an increase of 43 per cent over the preceding year, Public Works Administrator Icke§ declared today on the basis of reports from the F. i W. Dodge Corp.

Nov. 15 an extra 50 cents and a quarterly dividend of 50 cents were paid on common stock. Northern Pacific Railway • deficit eleven months ended Nov. 30 was <2.814.404. against deficit $6,348,951. Pan-American Airways Corp declared a dividend of 25 cents; on Aug. 1. 1934, a similar distribution was made. Pittsburgh A: West Virginia Railway—lnterstate Commerce Commission in a supplemental report, removed condition contained in its order approving a loan of $500,000 to this company by RFC that the loan should be guaranteed by Pennroad Corp. Stetson (John B.) Cos. net income for the year ended Oct. 31 was $342,232 (equal to 91 cents a common share i, against deficit $93,841. United Light and Power Cos. preferred share earnings for the twelve months ended Nov. 30 were $1.33, against $2.88. United Verde Extension Mining Cos. copper production in December totaled 2.055.428 pounds against months the total was 26.254.014 pounds against 33.303.774 pounds.

SWINE VALUES DROPSHARPLY General Bulk Largely 25 to 30 Cents Lower; Demand Weak. An extremely large carry-over from the previous session and a weak demand forced porker prices 25 to 30 cents lower than yesterday's best levels in early trading at the Indianapolis Stockyards tocents. A carry-over of between 1000 and 2000 from yesterday’s session was placed on the market at the opening, sending all classes into lower ground. Since hog prices have reached the peak of July, 1931, an extremely sharp drop in demand for pork has been noticed in butcher shops, where beef has become the choice meat. Packers also have showed only slight interest in hogs, and it is believed that they are awaiting the return to normal prices before stocking up their plants. The bulk, 160 to 350 pounds, was selling at $7.65 to SB. Today's supplies were estimated at 7000, compared with only 6000 yesterday. Extremely small hogs, weighing 100 to 130 pounds, cashed in at $5 to $6, while others scaling 130 to 160 pounds, brought $6.25 to $7.25. Good packing sows ranged from $6.25 to $7. Holdovers were 1227. Usual activity continued in the cattle market with most kinds slightly stronger than yesterday. However, no particular interest was shown in any classes. Today’s run consisted mostly of she stock and low grade cattle. Bulk of steers held under $8.50. Vealers were unchanged at $9.50 down. Lamb values remained steady and inactive, with the bulk selling from $9.25 to $9.50. Initial sales developed slow 7 . Extremely heavy grades sold at $8.75 down, ■while throwouts brought $6.50 to 8. Slaughter sheep cashed in at $4.50 down. Receipts were 2000. HOGS Jan. Bulk. Top. Receipts. 5. $7.65® 8.00 SB.OO 2000 7. 7.90® 8.00 8.05 6000 I 8. 7.70® 8.00 8.05 6000 9. 7.80® 8.10 8 10 5000 10. 7.95® 8.25 8 25 6000 11. 7.65® 8.00 8.00 7000 Light light: (140-160) Good and choice $6.75® 7.50 Medium 6.50® 7.25 Light weight: 1 160-180) Good and choice 7.65® 7.75 Medium 7.40® 7.60 GBO-2001 Good and choice .... 7.75® 7.35 Medium 7.50® 7.75 Medium weight: i2OO-220i Good and choice 7.85® 7.90 1 220-250 1 Good and choice 7.90® 8.00 Heavv weight: 1250-2901 Good and choice 7.90® 8 00 1290-350) Good and choice 7.70® 7.90 Packing sows: (275-3501 Good 6 75® 7.00 (350-425) Good 6.60® 6.90 1425-550) Good 6.50® 6.75 .275-850) Medium 6.25® 6.75 Slaughter pigs: 1100-140) Good and choice 5 00® 650 Medium 4.50® 6.25 CATTLE —Receipts. 700— —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 (1100-1309) Choice .10 50® 11.50 Good 8.50® 10.75 Medium 6.25® 6.50 (1300-1500) Choice 10 75® 11.50 Good 8.75® 10.75 —Heifers—-(sso-750) Choice 8 00® 8.75 Good 7.00® 8 00 Common and medium 3 75® 700 (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'ii 4.00 VEALERS —Receipts, 600— Good and choice $8 50® 9.50 Medium ... 6 00® 8.50 Cull and common 3.00® 6.00 , —Calves—-/250-800' Good and choice . 5.50® 7.50 Common and medium 3.00® 5.50 —Feeder and Stocker Cattle — —Steers—--1500-900) Good and choice 4 25® 5.25 Common and medium 2.75® 4 23 (800-10501 Good and choice . 4 25® 550 Common and medium 3.00® 4.25 —Cows— Good 3.00® 3.50 Common and medium 2.50® 3.00 SHEEP AND LAMBS —Receipts, 2000— Lambs. 90-lbs. down, good and choice $8 75® 9 a0 Common and medium 6 25® 875 90-120 lbs., good and choice ... 3-50® A 50 Sheep (120-150) Good and choice .... 3.00® 4.00 All weights, common and medium 2 25® 3.50

j—WE BUY. SELL. and gladly furnish quotations on: Bonds of the United States Government, Its Territories and Insular Possessions Home Owners' Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Corp. • 129 EAST MARKET STREET

Latest Stock, Bond and Commodity Quotations

SLIGHT GAINS RULE IN LIST; VOLUME LIGHT Major Markets Ignore Implications in Gold Clause Case. By T niti ij f'n NEW YORK. Jan. 11.—Major markets today ignored implications in the gold clause hearings before the Supreme Court, stocks were irregularly higher as noon approached; bonds slipped back in ly active trading, and commodities moved narrowly in light trading, except grains which declined. The dollar was steady. The only clew to traders' outlook on the gold case was their reticence to enter the market on either side. Sellers were in the minority and hence few bids were sufficient to bring gains. A few timid traders sold gold stocks with the result that Alaska Juneau eased % to 19%. and Dome off 1%. to 37%. Silvers were about steady. Steel and rail shares about held their own. utilities made small gains with consolidated Gas at 22% and Public Service of New Jersey 26%, each up %. point. Chrysler was up %. at 40% in a firm motor group. Case rose % to 58 In the farm equ' /ments. Coca-Cola soared 3% to 177%, anew high for the year. Small losses were noted in du Pont. American Can. Goodyear and WevStinghouse Electric. Reynolds Tobacco B was depressed 1% to 48%.

Money and Exchan ye

INDIANAPOLIS STATEMENT Clearings ... $2,588,000 no Debits 8.608,000 00 TREASURY STATEMENT ißv United Press) WASHINGTON. Jan 11.—Government expenses and receipts for the rurrrnt fiscal year to Jan 9. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $3,715.366 423 04 $3,006,128,527.93 Receipts .. 1,941.794.776.57 1.559 727.020 23 Deficit . 1.733 571,646.47 1.446,401.507.70 Cash bal 2.506.178,306.39 748.073.540.62 2 1-2 PER CENT DIVIDEND VOTED BY LOAN GROUP Shelby Street Federal Savings & Loan Association Made 85 Loans. The Shelby Street Federal Savings and Loan Association directors have declared a 2% per cent dividend. In existence for none months, this government-sponsored organization has made 85 loans on first mortgage real estate on the South Side and practically all such loans have been made for the purpose of modernizing and improving the properties upon which the loans were made. FARM INCOME FIGURED Figure for 1934 Is Estimated at Eight Billions in Study. By Times Special NEW YORK, Jan. 11—On the basis of the final 1934 crop estimates made by the Department of Agriculture, the Standard Statistics Cos. today forecast gross farm income at $8,056,000,000, an increase of 28 per cent as compared with the $6,256,000,000 realized from crops and livestock raised in 1933. Os tne total income, $7,356,000,000 is estimated as the return from marketings and the value of staples consumed on the farms. The remaining $700,000,000 is accounted for by benefit payments and drought relief disbursements. Inland Steel to Use Them in Coal Mine in Kentucky. By Times Special CHICAGO, Jan. 11.—An order lor 175 mine cars has been placed with the American Car and Foundry Cos. by the Inland Steel Cos., it was disclosed today. The cars are to be used in the steel company’s mine at Wheelwright, Ky. The building is to be started at once and delivery will be simultaneously with completion, which probably will be before spring.

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