Indianapolis Times, Volume 46, Number 211, Indianapolis, Marion County, 12 January 1935 — Page 10

Trends Highlightsof the News During the Last Week. BY VINCENT S. LYONS '"'ime* Financial Editor

AT the present time only five of all the national banks closed at the time of the National Banking Holiday have yet to reopen, J. F. T. O Connor. Controller of the Curency, reported. . . . Advising serious consideration of an earlier Federal Trade Commission recommendation that the concentration of wealth in the hands of large corporations be halted, the NRAs Consumers' Advisory Board urged extension of the Governments power to prevent monopoly Setting expenses for the fiscal year at $8 520.413.609. President Roosevelt in his budget message asked for $4 000.000.000 for relief. . . . The National Automobile Show, being held at New York City, continued to attract large crowds made up of potential buyers and just “lookers." . . . Rep Allen T. Treadway of Massachusetts has proposed a constitutional amendment to tax all future Federal and state tax-exempt securities. . . . The anuual report of the Federal Power Commisison declares that Federal regulation and control of electric utility holding companies is a necessity for the protection of consumers and investors as well as lor the protection of public rights. . . . The dollar volume of retail sales last year registered an averagee increase of 16 per cent over the preeceding year with the agricultural areas displaying the widest gains, according to latest statistics. . . . Steel output for the current week was estimated at 43.4 per cent, against 39 2 per cent the week before, according to the American Iron and Steel Institute. a a a first real test of the National Industrial Recovery act before the United States Supreme Court was a defeat for the Administration when the tribunal ruled against the legality of the oil section of the act. . . . Meanwhile. Atty. Gen. Homer Cummings pleaded the case of the Government in arguments before the court on the validity of the Administration's action in devaluing gold. . . . Livestock values continued to move forward at the Indianapolis Union Stockyards and in other markets of the country, with hog prices blazing the way. . . . Internal revnue taxes collected by the United States Treasury in the year ended June were $2 300.816.308. an increase of $680,977,034 over the preceding year. . . . John Taylor, head of the Bureau of Dairy Products of the Indiana Public Health Department, declared that Frankfort has a better milk supply than Indianapolis. An expenditure of at least 53.000 000 for renovation and repair of homes as well as for new construction WPs set as the goal by Percy Wilson of Chicago, regional director of the Federal Housing Administration. Eli Lilly & Cos. of Indianapolis have purchased 448 acres of dairy farm from John Owen. The tract is one of the largest dairy farms in central Indiana. Electric power production last week totaled 1.663.731, 000 kilowatt hours, against 1.650.467.000 kilowatt hours in the precedinffig week. a a a REP. GREENWOOD <D. Ind.) reintroduced a measure to create a “Wabash Valley Authority” patterned after the Tennessee Valley Authority. The project calls for an appropriation of $60000.000. . . . The NRAs Consumers’ Advisory’ Board gave eight reasons for the abolition of price fixing and the consumers’ division of the Emergency Council projected another six reasons. . . . Approximately $140,000,000 par value of public utility bonds will mature this year, according to Standard Statistics Cos., Inc. . . . Farmers of the nation need an expansion in export trade and not control of crops. Benjamin M. Anderson Jr., economist fir the Chase National Bank of New York, declared in a speech at Boston. . . . Jan. 1 supplies of gram on farms were the smallest on record, according to the Department of Agriculture report.

PROGRESS REGISTERED BY UTILITY INDUSTRY 1934 Sales Up *.6 Per Cent, Revenues Gain 3.6 Per Cent. By Times Special NEW YORK. Jan. 12.—Definite evidence of progress toward recovery during 1934 is found by Electrical World in an analysis of statistics of the electric light and power | industry m its annual statistical and i review issue. Consumer gains, how- 1 ever, weer greater than those of the power industry, for the rate of increase in energy sold surpassed the increase in revenue. Sales In 1934 rose 7.6 per cent over 1933 to a total of 70,730.000.000 kiolwatt hours, while the corresponding revenue rose 3.6 per cent to SI .833 250.000. The increase of about 560.000.000 was approximately absorbed in higher operating expenses aside from a further increase of 525 000.000 in taxes, bringing the latter item to a total of 5240.000.000. the organ points out. CONSTRUCTION GAINS Increase During Week Shown in All Major Subdivisions. By T'mrt Special NEW YORK. Jan. 12—Engineering construction for the week, reported today by Engineering NewsRecord at s3l 883.000. was higher in all major subdivisions Private work totaled S4 486.000 and public $27.397.000. of which S7 418.00 is Federal and 519.979.000 state and municipal. As to classes of work, streets and roads are exceptionally high. $10,583,000; earthwork and waterways. S6.200.000; public buildings. $4,826,000: bridges. $2,755,000: waterworks. $1,293.00: sewerage. $1547.000; private unclassified work totaled $3,045,000 while commercial buildings awards were low at $588,000 and industrial buildings at , $833,000.

PAGE 10

READY MARKET FOUND INSURED FOR U. SJSSUES Financing Program for Work Relief Soen Done on Good Basis. BY W. lAN MACK Times Special Writer NEW YORK. Jan 12 —So favorably was Presoident Roosevelt's budget message received in bond circles that, in consequence of the brisk upward movement in Government bond prices that followed submis- ; sion of the budget figures, confidence was expressed generally that the Treasury would experence no difficulty in undertaking huge financial operations to provide for the emergency repirements of the various governmental agencies. That orthodoxy was being pursued by the Administration in connection with its budget program was conceded in many quarters. In this respect it was pointed out that the proposed allocation of $4 000,000.000 to work relief, insted of direct cash disbursements to the unemployed was a constructive development, in that a substantial proportion of the projects to be undertaken to provide jobs would be of the self-liqudating type. Ordinary Surplus Cited Moreover, authorties explained that, although the public debt will rise to the record total of $34,239,600,000 at the close of the next fiscal year as the result of the emergency budget, the prospect of an ordinary’ budget surplus of more than 550.000.000 before sinking fund requirements inspired much of the recent buying that came into the market for Government securities. | Contributing additionally to the favorable potentialities indicted for the huge financing program, it was pointed out, is the fact that the Treasury, through the refunding operations under taken in 1934, has reduced the number of large maturities to a considable extent, be- j ing confronted only with moder-1 ately sized bill maturities during I most of the current year. Asa re- j sullt of refundings, the ratio of short-term obligations to the aggregate public debt has been pared substantially. Cash Balance Formidable Some time wil elapse before the Treasury will have to resort to bor- j rowing to meet emergency requirements, some observers predicting that large-scale financing may be deferred until near the close of the 1934-35 fiscal year on June 30. In substantiation of this belief, they j pointed to the formidable cash bal- j ance of the Treasury, w’hich ap- 1 proximates $2,500,090,000. This amount, together with anticipated revenue, should suffice, it is felt, for current needs. Give nas stable a market as now 7 exists, the Government, experts explained, should be able, unless in- j flationary pressure becomes more potent, to finance its emergency I needs on both a short and longterm basis at attractive rates. Discounts on bills now are near their j low’ level of last summer. Certifi- j cate issues of intermediate maturity are finding a ready market at low’ coupon rates, and long-term obligations are priced to yield an average of only 2.8 per cent. Bonus Fears Minimized The strength in Government, incidentally, has minimized fears in the financial district that advocates of further payment to Worlds War | veterans o ntheir adjusted service I certificates will make much headway in the present Congress. The con- | sensus is that a compromise might be reached which would provide for aditional loans on the basis of the existing cash redemption value of ; the outstanding certificates. Such a development, it was indi- ; cated, would involve the payment of only a few hundred millions to the veterans at the most. This amount could be obtained through additional financing without hardship to the Federal debt structure. Discussions preliminary to a compromise, it is felt, might result i na temporary recession in Government bond prices, but realization that a relatively small disbursement would not affect the Treasury's credit is expected to bring about a recovery, RECEIVES NEW ORDERS By Timi s Special YORK. Pa.. Jan. 12.—The York Ice Machinery Corp. has received orders to air condition 21 cars for the Reading Cos., and 10 cars for the Central Railroad of New Jersey, it was announced today. FOOD INDEX AT PEAK j By Times Special NEW YORK. Jan. 12—Dun & Bradstreet's food index rose 7 cents m the week ended Tuesday to reach $2.65. the highest figure since Nov. 13, 1930.

Naturalization All citizens of the United States born in this country, or naturalized here will be interested in our Washington bureau's packet of six bulletins on "Citizenship.” The titles are: 1. Citizenship and Naturalization. 2. Immigration Laws of the United States. 3. History of the United States Constitution. 4. History of the United States flag. 5. How the United States Grew. 6. Political Parties in the United States. If you wish this packet of six bulletins, fill out the coupon below and mail as directed: CLIP COUPON HERE Dept. SP-10, Washington Bureau. The Indianapolis Times. 1322 New York avenue. Washington. D. C. I want the packet of six bulletins on CITIZENSHIP, and enclose herewith 15 cents in coin (carefully wrapped), or loose, uncanceled United States postage stamps to cover return postage and handling costs: NAME STREET & NUMBER CITY STATE 1 am a reader of The Indianapolis Times.

Abreast of The Times on Finance

New York Stock Exchange Prices

ißy Thomson & McKinnon) Prev Otis— High. Low Close. Close. Amerada 49% 46% 49% 50% Ati Rfg -25 V. 24% 24% 24’, Barnsdall 6 : 2 6% 6% 6% Consol Oil 8% 7% 7’, 8 1 , Cont of Del .... 17% 17>a 17', 174* Houston inew .33 3 Houston 'oidi .. 15 ! a 15'a 15*3 IS-* Mid Com Pet... 11‘z IP. XI 1 a 11% Ohio on 10 9% 9 a 10% Pet Corp 8% 8 3 8% B', Phillips Pet . 15% 14% 14 3 . 15% Plymouth Oil .. 8 7 3 7 3 . 8% Pure Oil ... 7>a 7% 7', 7% Seaboard Oil ... 25 24 24 24% Shell Un 7% 7% 7% *;* Slcelley OU 7 7 7 7V. Soc Vac 14 % 13% 13% 14 SO of Cal ...33 1 , 30% 30% 30% SO of Ind 24 1 , 24 5 , 24% 24% SOOf N J .. . 42H 41% 424* 42% Texas Corp - 20% 19 ■* 20 20% Tidewater Assn 10 10 10 ?% Un Oil of Cal .. 15 3 , 15V* 15)4 15V* Steels— Am Roll Mills .. 22’, 21% 21% 22;* BethSSteel 33.3 3 . 31% 31% 33% Bvers AM ... 19 1 a 18 1 . 18 s * 19% Col Fuel & Iron 4% 4Va 4% 43. Cruc Steel ... 23% 23 23 24 Gulf St:- Steel .. 23% 23% 23-* . - Inland Steel ... 53 51% Si 3 * 51 Ludlum Steal . 17% 16% 16 1 a 1(% McKeesport Tin. 94 94 94 95% Mid Steel 12% 12)4 12-, 12=. Natl Steel 50 48% 48‘i 50 Otis Steel . 5 3 5% 5)4 5% Rep Iron A: Stl 14 3 14 14 14 3 Rp Irn £ Stl pfd 42 42 42 44% U S Pipe & Fdy 20% 21% 19% 21 U S Steel • 33 5 * 371. 37% 38), U S Steel pfd . 89% 86. 86% 89% Warren Bros . 5% 4 , 4', a 1 ! Youngst’n S& T 20% 19 s , 13’, 20% Motors— Auburn 27’-. 26 26 27% Chrvsler 40% 384 38 * 38% Gen Motors .33 3 ,33 3 . 31 j* 324 Graham Mot ... 2’* 24 2% 24 Hudson 11‘4 104 104 114 Hupo 3)4 33 3% Mack Truck .... 27V. 264 26Vs 27 1 a Nash 18 174 174 18 Packard 54 44 5 54 Reo 3 24 24 24 Studebaker 24 24 24 24 Yellow Truck .. 34 34 34 34 Motor Access— Bendix 164 154 154 16)4 Bohn Alum 58 4 38 4 58 4 584 Borg Warner ... 304 294 29-. 304 Briggs 284 264 27% 284 Buad Mfe 44 44 44 44 Budd Wheel .... 34 34 34 34 Eaton Mfg .. 174 174 174 174 Elec Auto Lit* 264 25 4 26.4 264 Houdaille "A" • 84 74 74 §•/• Mullins Mfg .... 9 4 94 9 4 10 Murray Body ... 84 8 84 84 Stew Warner ... 84 8 BV* 84 Timken Roll ... 354 344 344 36 Timken Det Axle 64 64 64 64 Mining— Alaska Jun 194 184 184 194 Am Metals 154 15 154 154 Am Smelt 38 354 364 384 Anaconda 114 1 11% 114 Cal & Hecla .. 4 34 34 34 Cerro De Pasco . 45 4 52 4 53 454 Dome Mines ... 384 38 37 33 Granbv 64 64 64 7 Gt Nor Ore 12 114 114 124 Howe Sound ... 504 474 484 504 Ins Copper 3‘/a 33 34 Int Nickel 234 23V. 23Vi 234 Isl Creek Coal .. 36 35'8 354 354 Kennecott Cop . 174 164 164 174 Mclntyre Mine.. 424 404 404 424 Park Utah 34 34 3’/a 24 Noranda Cop ... 344 334 34 344 Phelps Dodge ... 15V* 144 144 154 St Joe Lead 164 154 154 17 U S Smelters.... 120 1154 116)4 120 Vanadium 20 134 19Vs 20 Amusements— Croslev Radio .. 134 13Vi 13Vi 134 Fox Theat 124 114 114 124 Loews Inc 34 324 33 334 Radio Corp 54 5 5 54 Paramount 34 34 3 7 /a 34 RKO 24 2 2 24 Warner Bros ... 44 4 4 44 Tobaccos— Am Snuff 66 654 654- 66 Am Sum Tob ... 22V, 21 Vs 214 224 Am Tob “A” 83 804 804 834 Am Tob “B" ... 85 824 824 854 Gen Cigars 624 614 614 624 Ligg & Myers B 107 1034 103 Va 1064 Lonllard 21 4 20 >4 204 21 Phillip Morris 464 444 454 454 Reynolds Tob B 49 4 47 4 47 4 494 Rails— Atchison 54 514 51% 534 Atl Coast Lines- 34% 324 334 354 B& O 144 13V, 134 144 Can Pacific 124 124 124 124 Ch & Ohio 45 44 44 444 C M & St P 2V 2% 24 24 C M & St P pfd 44 4 4 44 Chi N W 54 5 5 54 Chi N W pfd ... 10 94 94 10 Dela & Hud 414 394 394 424 Del Lac & W ... 174 164 17 18 Erie 12 1 a 114 11% 12V, Erie pfd 164 154 154 164 Grt Nor pfd .... 64 154 164 164 111 Central 16 154 154 164 K C Sou 74 74 7% 84 Lehigh Val 104 !0 10 10‘a Lou & Nash .... 454 454 45V, 47 M K & T 54 54 54 54 M K & T pfd . 13V. 134 134 13 Mo Pacific 24 2% 24 24 Mo Pac pfd 34 33 34 N Y Central ... 204 194 -194 204 N Y N H 7% 74 74 74 N Y O & W ... 5 5 5 54 Nor & West 173 172 172 172 Nor Pacific .... 204 194 194 20% Penn R R 23 4 22 4 23 24 Sou Pac 174 17 17% 184 Sou R R 154 144 144 154 Union Pac 11l 1084 1084 1114 West Mary 94 9 9 94 Equipments— Am Btk Shoe ... 284 274 274 284 Am C & Fdv ... 94 184 194 204 A Loco 194 184 184 20 Am Steel Fdy .. 174 16 164 174 Bald Loco 64 5:% 64 64 Gen Am T Car. 37 4 364 37 374 Gen Elec 23 214 22 23 Gen R R Sig ... 28 27 4 28 30 Pullman Inc ... 514 49). 49 4 51 4 West Air Br 264 25 25 264 Westing Elec .. 394 374 38% 394 Utilities — Am & For Pr .. 5 44 44 5 Am Pwr & Lit.. 3% 34 34 3% AT&T 105 103 4 103 4 105 Am Wat Wks .. 144 14 14 144 Col Gas &E •. 74 74 74 74 Conn & South .. 14 14 14 14 Consol Gas 224 214 214 22 Elec Pwr & Lit. 3. 24 24 3 Int Hydro Elec 2', 24 2% 2, Interboro RT . . 14’, 144 144 144 Int T & T . 94 84 B’, 94 Lou G& E “A". 14 134 13 = 8 .144 Nat Pwr & Lit . 74 74 74 74 North Amer .... 134 124 124 134 Pac G& E 144 144 144 144 Peoples Gas .... 23 21 4 21 Vi 23 Pub Serv N J •• 264 254 26 364 So Cal Edison .. 12 s , 124 124 124 Std Gas 44 44 44 4 4 Stone & Webster 5 44 44 5 United Corp 3 24 24 3 Un Gas Imp 12% 124 124 124 Ut Pwr & Lt ‘A’ 14 14 14 14 Western Union 334 32 324 33)2 CAR LOADINGS SPURT 72,953 UNITS IN WEEK Jan. 5 Week’s Total Is 2,740 Off From 1934 Period. By United Press WASHINGTON, Jan. 12.—Freight loadings for the week ended Jan. 5 totaled 498.073 cars, an increase of 72.953 above the preceding week, but a decrease of 2.740 under the corresponding week in 1934. the Association of American Railroads reported today. Miscellaneous freight totaled 181,980 cars, an increase of 33.586 above the preceding week and 11.149 above the same week last year.

INDIANAPOLIS, SATURDAY, JANUARY 12, 1935

Rubbers— Firestone 174 164 164 174 Goodrich 10', iO4 10’, 104 Goodyear 254 234 24 254 Kelly Spring ... 14 14 14 14 U S Rubber . ... 164 154 154 164 U S Rubber pfd 40 38 4 38 4 40 4 Miscellaneous— Allis Chalmers... 16% 154 15", 164 Am Can 1144 111 3 . 1124 1144 Am Mach & Fdy 214 214 214 214 Anchor Cap ... 174 164 164 174 Brklyn Man Tr . 394 33 4 38 4 394 Burroughs Add.. 154 14’* 144 154 J I Case 58 55 56% 574 Conti Can 67 4 65 4 65 4 67 4 Caterpillar Tract 39 4 38 4 38 4 39’, Crown Cork . .. 24 4 24 4 24 4 25 Curtis Pub .. 224 214 214 224 Curtis Pub pfd 1004 1004 1004 101 Deere &Cos .27 4 254 26 4 274 Eastman Kodak. 1174 1164 1164 1174 Foster Wheeler.. 164 154 154 164 Gillette 154 14 144 15 Glidden . ... 274 254 254 264 Ingersoll Rand.. 68 4 66 66 68 Int Bus Mach ...153 4 153 153 153 4 Inter Harv ... 41 4 38 % 40 414 Natl Cash Reg 174 164 17 174 Owens Bottle.. 874 534 85 87 Rem Rand ... 104 10 10% ,04 Underwood E 59 38 4 58 4 58 4 Worthington Pm 194 194 194 ••• Foods— Am Sugar 66 4 65 65 67 Armour 6 54 ss,5 s , 54 Armour 6% ofd 69'a 67 67 694 Beatrice Cret-mv 174 16% 164 174 Borden Prod... 24 4 234 23 4 24 4 Cal Packing ... 384 37 37 384 Cana Drv G Ale 154 15 154 154 Coca Cola 178 4 175 4 178 173 4 Cont Bak “A" 64 6 6 64 Corn Prod .. .65 4 64 4 64 % 65% Crm of Wheat . 364 36% 36% 364 Cuban Am Sug 6% 54 54 64 Gen Baking ... 8 74 74 8 Gen Foods .... 334 33% 334 334 Gold Dust 174 164 164 17 G W Sugar.... 23 4 27 4 27 4 29 4 Hershey 79 78 4 78 4 79 4 Loose Wiles .... 354 354335,5 5 , 354 Natl Biscuit ... 23% 28 4 28 4 28 4 Natl D Prod... 164 164 164 16% Purity Bak 9 3 % 94 9 4 94 S Porto Rico Sug 21 204 20 4 21 Std Brands 18 174 174 18 Un Biscuit 26 254 254 . United Fruit ... 75 74 4 74 4 754 Ward Bak “B’’.. 14 14 14 • Wriglev 77 76 76 77 Retail Stores— Assd Drv Goods 13% 12V. 12% 134 Best & Cos 36 35 35% 36 First Natl Stores 52 4 51% 514 51% Gimbel Bros -3% 33 34 Hahn Deot Sts 54 54 54 54 Jewel Tea .... 56% 564 564 564 Kreske S S 214 20% 214 214 Kroger Groc... 28 4 27 4 27% 28 % Macv R H 40 4 39 4 39 4 40 4 McCrorv 5t.... 11 104 104 11 McLellan St ... 14 12% 13_ 14 Marshall Field.. 11% 104 104 11 May Dept St 43 42 Vi 42% 43

New York Bond Quotations

DAILY BOND INDEX 20 20 20 60 Inds. RRs. Util. Com. Todav 87.0 85.6 90.9 87.8 Yesterday 87.1 86.4 90.9 88.1 Week ago 86.5 85.3 89.7 87.2 Month ago •• • • 85.5 83.8 89.4 86.2 iCopyright 1935. Standard Statistics Cos.) U. S. GOVERNMENT BONDS (By United Press) NEW YORK, Jan. 11.—Closing United States Government bonds (in thirty-sec-onds). Liberty Prev. Close, close. 3%s (32-47) 104.22 103.29 First 4%s (32-47) 103.26 103.20 Fourth 4%s (33-38) 104.3 103.22 Treasury 4%5-3%s (45) 104.28 104 4%s (47-52) 114 113.23 3%S (43-47) .- 105.10 104.25 3%s (41-43) March 105.18 105.12 3%s (40-43) June 105.20 100.12 3%s (41) 105.7 10a.10 3%s (46-49) 103.18 102.29 3S (51-55) 102.14 102 3s (46-48) 102 102 —Home Owners’ Loan Corp.— 3s May 1. 1952-51 100.10 100.16 4s July 1, 1951 101.6 101.12 2%S Aug. 1. 1949 98.4 98 10 —Federal Farm Mortgage Corporation—--314s March 15, 1964-44 ... 102 ••-••• 5s March 1, 1952-44 100.10 100.16 FEDERAL FARM LOAN BONDS (By Blyth & Cos.) Bid. Ask. 4s. July 1. 1946-44 102% 102% 4s. Nov. 1 1957-37 101% 101% 4s. May 1. 1958-38 101% 101% 4%5. July 1. 1956-36 101 = 8 102% 4%5. Jan. 1. 1957-37 101 % 102% 4%s May 1. 1957-37 101% 102% 4%5. Nov. 1. 1958-38 102 ... 4%5. May 1. 1942-32 101% 101% 4%5. Jan. 1. 1943-33 101% 102 4%s Jan. 1. 1953-33 101% 102 4%5, Jan. . 1955-35 102 4%5. Jan. 1. 1956-36 102 ... ss. May 1, 1941-31 101% 101% SS, Nov. 1. 1941-31 101% 101% Domestic (Bv Fenner & Beane) Prev. Close, close. Alleg Corp 5s ’44 72 78 Alleg Corp 5s '49 63 64% Alleg Corp 5s ’SO 25 26 Am Frgn Pow 5s 2030 58% 59/a Am Tel & Tel 5%s 43 112% 112% Am Tel & Tel 5s 65 112% 112% Arm & Cos (Deli 5%s 43 103% 103% Atl Coast Line 4s '52 102 101 Atl Coast Line 4%s 64 . 91% 92 2 Atch Top & S Fe 4%s ’4B •••108% 108% Am Wat Wks 5s 44 96 96% Am Rolling Mills 5s 38 111% s Balt & Ohio 5s '95 74% 77 Balt & Ohio 6s '95 82% 88% Balt & Ohio 4%s '6O ..... 56% 58% Bluff Roch & Pitt 4%s ’57 •••69% 69% Beth Steel 5s ’36 103% 103, Chi Milw &StPI 5s ’75 22 = s 24% Chi Milw & St P 5s 2000 6% 6% Cleve Un Term 5%s ’72 102‘2 10i% Clevel Un Term 5s ’73 96% 96% Cleve Un Term 4%s ’77 90% 90=s Col Gas 5s May ’52 82 82 s Col Gas 5s 61 79% 80% Can Pac Prep 4s 86 . 8/ 4 Cent Pac 5s '6 79% 80 2 Big Four 4%s H 76% 76 4 Biet Four 5s ’63 84 84 1 a Colorado & So 4%s ’BO 73 7? 2 Chi & West Ind 4s ’52 94% 94 Chi & West Ind 5%s '62 102% 102% Chi & Nor West 4%s '49 19% 21 4 Con Gas 5s ’57 103 a 103 4 Chesa Corp 5s 47 104% 105 2 Dodge Bros 6s '4O 1 106=4 106% Del & Huds 4s ’43 94% 94% N Y Dock 4s ’sl 61 = a 59% N Y Dock 5s ’3B 44% 45 Erie 5s ’75 73 Gen Cable 5%s ’47 88% 87 Great Northern 7s 76 94 94% Great Northern 4%s 76 (7 78;2 Great, Northern 4%s *77 (8 (8, Gen Stl Cast WW 5%s 49 .... 90 89 = 9 Hud & Manhattan Ref 5s 57- 88% 88% Ilinois Central 4%s '66 60% 61 2 111 Cent Jt 4%s ’63 73 72% 111 Central 5s ’63. 7a % fi 7% Interlake C & I as 51 ••■•••• 80 81 4 International Hy Elec 6s 44 .. 55 55 Inter Tel & Tel 4%5.’39 .... 70 .1% Inter Tel & Tel 5s a5 ■•••••• 67% 69 Internation Tel & Tel 4%s -2 62% 64 P Lorillard 7s ’44 .. 127% 12/% McKess & Rob 5%s 50 96=, 96% Midvale Stl as ’36 103 102% atl Dairy 5%s '4B 10- 4 102 s ational Steel 5s a6 106% 106% ickel Plate 5%s ’74 62 64% ickel Plate 5%s '74 74 2 16 Nickel Plate 6s ’35 691'. 69% N Y Cen 5s 2013 68 69 N. Y. Cent 4%s 2013 (old) .. 62% 63% Nor Amer Cos 5s ’6l 85 ea-4 Nor Pacific 3s 3047 74= s (5% or Pac 4%s 2047 88% 89 Nor Pac 6s 2047. .. i02% 102 Nor States Pow 5s ’4l 104% 104% New Orleans Term 4s ’53 86 85 Otis Steel 6s ’4l 76 (6 Penn Rv 4%s 84 102 102 Penn Rv 4%s ’Bl 102 102 Penn Rv 4%s ’7O 96 9a% Pac G&E 5s ’42 ■ 10(- 9 106% Portland Gen El 4%s 60 52,52. 2 Para Publix 5%s ’SO 62% 63-2 enn P& L 4%s ’Bl 99% 99% ostal Tel & Cab 5s ’53 . 46% 4.% Rem Rand WW 5%s 47 .... 100% 100%

REVIVAL OF BUILDING ON VAST SCALE SEEN Architect Sees Wide Expansion of Residential Construction. By Times Special NEW YORK. Jan. 12.—The revival of building on a vast scale is imminent, George Herbert Gray, architect of New Haven. Conn., declares in a report to the American Institute of Architects. Major building operations, he asserts, are as inevitable as the expense of a war in the face of an invasion by an enemy. Mr. Gray, a former director of the institute for the New England division, foresees wide expansion of residential construction under Title II of the Federal Housing Act. ‘‘Loans will b ? made only to those who can show reasonable expectancy of an income adequate to meet all costs incidental to the loan as well as the family budget.” he points out. "So there will be no wild scramole for this money, but rather a healthy and gradually increasing demand.

Mont Ward .... 29% 27% 27% 29% Natl Tea 114 11 11 114 Penney J C .... 73 704 714 <3 Safeway St .. 444 44 44 44's Sears Roebuck-. 38 4 37% 374 384 Wcolworth .... 53 4 524 524 53% Aviation— Aviation Corp.. 54 44 4% 5 Boeing Aircft .. 9% 84 84 9% Curtiss Wright 24 24 24 24 Curtiss Wr A" 94 84 JD* 94 Douglas Air 23 4 21% 22 4 23 4 Nor Am Av 3% 34 34 34 Soerrv Corn 9% 94 9% 9% Un Aircraft New 144 134 13 s , 14 Chemicals — Air Reduction .114 113 113 115% Allied Chem 138 4 134 4 134 4 138 Am Com Alcohol 304 294 294 304 Col Carbon ... 744 71 714 (4% Com Solvents 23 214 21% 23 Dupont ■ 96 4 94 4 944 96‘* Freeport Texx ■ • 25 24 4 24 4 25 Liauid Carb .... 30% 29 294 30 Math Alkali ... 304 294 294 304 Monsanto Chem 584 574 574 584 Natl Dis (new) 234 264 2/4 274 Schenlev Dist . 27 4 25% 25 4 27 Tex Gulf Sulph 34 4 33 % 334 33% Union Carbide 47% 45 4 46 4 464 U S Indus Alcoh 414 4040 424 Drugs— Bristol Myers.. 35% 35 35 36% Cotv Inc 6)4 5% 6 64 Lambert 28 274 27% 28 Lehn & Fink... 164 16% 16% • • Sterling Prod ... 60 4 60 60 60 4 Un Drug (new). 124 11% 124 124 Vick Chem .... 344 34% 34 4 344 Zonite Prod .... 4% 4% 44 4 , Financial— Adams Exp 6% 6% 6% 64 Allegheny Corp . 1% 1% 1% 14 Am Int Corp .. 64 6 6 64 Chesa Corp .. . 434 424 42% 44 Lehman Corp ... 73% 714 72 73 Transamerica .. 5% 54 5% o?s Tr Conti Corp . 34 3% 3Vi 34 Building— Am Radiator ... 154 144 144 154 Gen Asphalt ... 18V, 16% 174 18, Holland Furnace 84 84 84 84 Int Cement ... 304 *2B 4 29 304 Johns Mamille 54 52 52% o 4 Libby Owens Gls 314 304 30 % 314 Otis Elev 14% 14% 14V. 144 U S Gvpsum ... 514 50% 50 4 51 4 Ulen Cons 2 1% 1% ••• HouseholdCol Pal Peet .. 204 20% 20% 17% Congoleum 34% 33 4 33 4 33% Kelvinator 17% 17 174 }§ Mohawk Carpet. 15% 15 15 16 Proc & Gamble .45 44 Vi 44 4 44% Servel Inc 8% 8 8% 8% Simmons Bed .. 10 9 9 10 Textiles— Amer Woolen .. 84 8% 8% 84 Beldmg Hem ... 134 12% 12% 134 Celanese Corp . 33% 314 32 33% Collins Aikman . 144 13% 13% 144 Gotham Hose .. 5% 4% 5 54 Indus Rayon ... 32% 304 30% 32 Kavser Julius .. 16% 16% 16% 16%

Sinclair Oil 6%s ’3B 103% 103% Shell Union Oil 5s ’47 101% 101% Sou Pac 4%s ’6B 67% 68 Sou Pac 4%s ’Bl 66 67)4 Sou Pac 4%s ’69 67 68% Sou Pac 4s 49 69% 71% Sou Rail 4s ’56 61 62% Sou Rail 6s ’56 79% 80% Sou Rail 6%s ’56 85 86 Sharon Stl Hoop 5%s ’4B .... 86 87% Texas Pac os ’BO 90% 93 Texas Pac 5s ’79 91 92% Texas Pac 5s ’77 92 92 Union Pac 4s ’47 109% 108% United Drug 5s ’53 92 91% U S Rubber 5s ’47 94% 94% N Y N H & Hart 5s ’4B 50 50% N Y N H & Hart 4%s ’67 42 43% Warner Bros 6s ’39 56 57% Western Mary 5%s ’77 97% 98 Western Marv 4s ’52 88% 88% Youngstown S& T 5s ’7O ... 97% 98 Youngstown. S & T 5s ’78.... 97 98% Foreign Argentina A 6s ’57 94% 93% Argentine B6s ’SB 94% 93). Brazil 8s ’4l 30V, 28% Canadian Govt 4s ’6O 105 104% Denmark 5%s ’55 104% 99% German 5%s ’65 31% 32% German 7s ’49 42 43Va Italy 7s ’sl 92 92 Japan 6%s ’54 94 95% Poland 7s ’47 120 118% Rome 6%s 52 83 83% Tokio City 5%s ’6l 75% 77 Yokohama 6s ’6l 82% 83%

Local Livestock

(Reprinted from yesterday) HOGS Jan. Bulk. Top. Receipts. 5. $7.65® 8.00 SB.OO '2OOO 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 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: (160-180) Good and choice 7.65® 7.75 Medium 7.40® 7.60 1180-200) Good and choice 7.75® 7.85 Medium 7.50@ 7.75 Medium weight: (200-220) Good and choice 7.85® 7.90 (220-250) Good and choice 7.90® 800 Heavy weight: (250-290) Good and choice 7 90® 8.00 (290-350) Good and choice 7.70® 7.90 Packing sows: (275-350) Good 6.75® 7.00 (350-425) Good 6.60® 6.90 (425-550) Good 6.50® 6.75 (275-850) Medium 6.25® 6.75 Slaughter pigs: (100-140) Good and choice 5 00® 6 50 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 (1100-1300) Choice 10 50® 11.50 Good 8.50® 10.75 Medium 6.25® 8.50 (1300-1500) Choice 10.75® 11.50 Good [email protected] —Heifers—-(sso-750) Choice B.oo® 8.75 Good 7.00® 8.00 Common and medium 3.75® 7.00 (750-9001 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. 600— Good and choice $8.50® 9.50 Medium 6.00® 8.50 Cull and common 3.CO@ 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 choice • • 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 —Receipt:. 2000— Lambs. 90-lbs. down, good and choice $8.75® 9.50 Common and medium 6.25® 8.75 1 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

Chicago Grain Futures

(Reprinted from yesterday) Prev. Open High Low Close close WHEAT— May.. 1.01 1.01 % .99*4 .99% 1.01% July.. .93 .93‘g .91% .91*4 .93% Sept . .91% .91 3 s .90 .90'a .91% CORN— May.. .90% .90% .88% .88% .91% Julv.. .85-8 .85% .83% .83% .86% Sept . .83 5 s .83 >s .81 .81 % .83% OATS— May.. .54% .55% .54 .54 .55% Julv . .47% .47 3 a .46% .46% 47% Sept. .43% .44 .42% .42% .44% RYE— Mav . .74% .75 .73% .73% .73% Julv . .74% .74% .73% .73% .74% Sept. .73% .73% .72% .72% 73% BARLEY— Mav . .79 .79 .79 .79 81 July. .74 .74 .74 .74 .74 LARD— Jan . 13.10 13.10 12.77 12.77 13.05 Mav 13.35 13.37 13 02 13.02 13.30 Julv .13.50 13.50 13.17 13.13 13.45 Sept. 13.57 13.57 13.30 13.30 13.55 BELLIES— Jan . 6.27 16.27 15.90 16.00 16.40 Mav .16.72 16.72 16.15 16.25 16.65 July .16.72 16.72 16.30 16.40 16.80 LOCAL CASH MARKET Citv grain elevators are paying 91 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 84 cents and§.oats 48 cents.

CONGRESS SEEN ACTING QUICKLY TO PROTECT OIL Leaders Believe Defect in NRA Will Be Cured to Prevent Chaos. by BARROW LYONS Times Special Writer NEW YORK. Jan. 12.—Unless Congress acts immediately to remedy the constitutional defects of the faulty drawn Section 9C of the National Industrial Recovery Act, known as the Connolly amendment, the oil industry faces chaos in the near future. This was the opinion expressed today by leaders in the industry, who have studied the decision of the Supreme Court in the Amazon Petroleum Corp. case handed down this week. The decision holds Section 9C unconstitutional on the grounds that by giving the President wide latitude in deciding when the clause is to be applied and made effective, it virtually delegates legislative authority to him. Definition Desired If Congress were to define more clearly the conditions under which the clause is to be applied, and make it mandatory under these conditions, it would then be constitutional, those who have studied the decision believe,. The attitude of oil men may be described as one of grave concern rather than alarm. They believe that th situation is so serious that Congress probably will take quick action. But should Congress fail to act. it is assumed that the control of interstate shipments of oil exercised by Federal Tender Board and Oil Administrator lekes will have to be abandoned, under the regulation of the Oil Administration and the Tender Board the price of crude oil has risen from 10 cents a barrel to $1 a barrel, and all branches of the oil industry have prospered enormously. Consequences Feared Should the industry revert to the cut-throat competition which existed before the control machinery went into effect, no one is willing to predict what may happen—but most serious consequences are now feared. The chief counsel of one of the large companies pointed out today that if the various large oil producing states were to restrict oil production voluntarily they themselves could take the situation in hand satisfactorily. The plan proposed by Gov. Mariana of Oklahoma is one of the measures which might effect such control. But the experience of the industry does not suggest to those best informed that such voluntary control through agreements between states could be easily arrived at—or enforced. Profits Seen Vanishing Another hope was that the prospect of unrestrained competition, which would quickly take the profits out of the pockets of the “hot oil” men, would tend to bring about its own remedy of the situation and that a more reasonable attitude on the part of oil “bootleggers” would develop. The difficulty here, it was felt, lies in reaching agreements that would satisfy all elements. The internecine warfare that would result in the meantime would be ruinous, it is feared. Resources Face Depletion The fact that Standard Oil subsidiaries, Humble Oil and Carter Oil, have been expanding very heavily their purchases of oil property in the Midwest and Texas fields, is also taken as an indication that available supplies probably would soon be disastrously depleted under unrestrained production. The result under such circumstances would be exhaustion of the Nation’s oil resources. Faced with this possibility, oil producers believe that Congress will act quickly to remedy the law which has brought prosperity to owners, and made it possible to place tens of thousands of additional workers in remunerative employment. PARES INTEREST RATE By Times Special PHILADELPHIA. Jan. 12.—The Fidelity Mutual Life Insurance Cos. i announced today that directors have adopted a resolution reducing from 3*2 to 3 per cent, the interest basis: used by the company in the computation of life insurance premiums and reserve, the change to apply to new insurance contracts and to be put into effect as early as practic- j able.

Managing Your Finances Home Economics is the most important kind of Economics for the average family. Regulating your household budget and getting full value for your money makes your family happiness. Our Washington Bureau will help you “start the new year right” by sending a packet of its interesting and informative bulletins on this subject. The titles are: 1. Budget and Household Accounts. 7. Care of Food in the Home. 2. Care of Clothing. 8. Economy Recipes. 3. Household Hints. 9. Learning to Cook, 4. Household Measurements. 10. Good Proportions in the Diet. 5. Investment Advice. 11. Low Cost Meals. 6. Carlorie Values of Foods. 12. How to Use Leftovers. If you want this packet of 12 bulletins, fill out the coupon belo wand mail as directed: CLIP COUPON HERE Dept. SP-14, Washington Bureau, The Indianapolis Times, 1322 New York Ave., Washington. D. C. I want the packet of 12 bulletins on Home Economics, and enclose herewith 35 cents in coin, or loose uncancelled U. S. postage stamps, to cover return postage and handling costs: Name Street and Number City State I am a reader of The Times.

Gleanings

A summary of corporation news prepared by the Standard Statistics Cos., Inc., New York, follows: “American Airlines, Inc., revenue passengers carried in December totaled 8157 against 4958. In the twelve months ended Dec. 31, total was 103,745 against 114.501. Auburn Automobile Cos. prices on the new 1935 of supercharged eightcylinder cars range from $1445 for the brougham to $2245 for the speedster. Armour & Cos. i Illinois) common share earnings for the year ended Oct. 7, were 81 cents against 38 cents in year ended Oct. 28. 1933. American Founders Corp. net asset value on Nov. 30, 1934, equalled 36 cento a common share against 23 cents on Nov. 30, 1933. Chicago Corp. net assets of this company on Dec. 31. 1934. equalled $48.01 a share on 660.966 shares of $3 preference stock, against $46.73 a share on $680,466 shares on June 30, 1934. Chrysler Corp.—lt was said more than three thousand of 1935 Airflow and Airstream De Soto cars have been shipped to dealers to date and that plant is nearing capacity output; retail deliveries are running well ahead of like 1933 period. Cutler-Hammer, Inc., net shipments. quarter ended Dec. 31, were $1,300,250, against $1,046,450 in like 1933 period. In the twelve months net shipments were $5,116,098 against $3,655,367. Consolidated Retail Stores. Inc., December sales were up 7.2 per cent; twelve months up 11 per cent. Erie Railroad deficit for the eleven months ended Nov. 30. was $293,284, against net income, $283,074. General Motors Corp. sales by company abroad last year totaled 220.560 units, an increase of 81.3 per cent. Gillette Safety Razor Cos. has offered to purchase up to $1,000,000 face amount of its ten-year 5 per cent convertible debentures, due Oct. 1. 1940, at 1034 and interest. Debentures are to be presented to Old Colony Trust Cos., Boston, on or before Jan. 23. Grand Union Cos. gross sales, including subsidiaries, fifty-two weeks ended Dec. 29, were up 1.3 per cent; store sales in same period were off 2 per cent. Great Northern Railway deficit for the eleven months ended Nov. 30, was $2,458,701 against deficit $5,365,210. Iron Fireman Manufacturing Cos. net after taxes in 1934 was around $520,000 against $330,000 in 1933. Julian & Kokenge Cos. common share earnings for year ended Oct. 31, were sl.ll, against 81 cents. Lindsay Light Cos., 1934 preliminary common share earnings were 45 cents, against 31 cents. Magnin (I.) & Cos., declared four quarterly dividends of $1.50 on 6 per cent preferred stock, payable during 1935. Mohawk Hudson Power Co.— Declared a dividend of $1 a share on prefered stock; on Nov. 1, 1934, a quarterly dividend of $1.75 a share was paid on this issue. Montreal Light, Heat and Power Consolidated December electric output was 2.8 per cent above like 1933 month; in twelve months of 1934 electric output was 8.4 per cent above 1933. Paramount Motors Corp.—Deficit for the year ended Sept. 30, was $79,900, against net income $5,013. Prudential Investors, Inc.—Net asset value on Dec. 31, 1934, equalled $6.75 a common share, against $5.98 on Dec. 31, 1933. PRODUCE MOVEMENT AGAIN ON INCREASE Nearing Weekly Average of 2000 Cars. By Times Special WASHINGTON. Jan. 12.—Car-lot movements of produce in the western section have recovered since the first of the year and again are nearing the average of 2000 cars weekly, the Department of Agriculture announced today. Present shipments, however, are still running several hundred cars below the average of the same period last year. Recent gains generally were noticeable in northern vegetables, apples and citrus fruits. Most eastern and midwestem dealers report continued dull trade and a slightly downward price tendency on many lines of produce. The majority of northern vegetables are selling below prices of a year ago, while many fresh vegetables are higher, including lettuce, celery and most southern produce, the report stated. Potato supplies have been moderate since the beginning of the year and only a fair demand has prevailed in the central markets. With shipments increasing, prices have shown only a slight change during the last few weeks.

News and Views in the Business World

30-HOUR WEEK HELD HARMFUL TO LABOR BODY , Economists Declare That It Would Reduce Real Wages. By Seripps-Haicard Xetrspapcr Alliance WASHINGTON. Jan. 12.—The 30I hour week is called “detrimental to : the interests of labor as well as other classes” in a pamphlet just published by the Brookings InstiI tution. The authors are Harold O. I Moulton and Maurice Leven. Proceeding upon the theory that sponsors of 30-hour week legislation vsiualize shorter hours without a decrease in pay, Messrs. Moulton and Leven argue that prices would be increased to such an extent that real wages of the worker would be j appreciably reduced. As to the salaried classes, the economists say “it is not clear from current discussion whether the 30hour week would be made applicable. If it did apply to them they would be affected in much the same way as wage earners. They would have more leisure but this would be at the cost of lower real income. If the 30-hour week were not applied to this clas, they would have lower standards of living without an increase of leisure. Individuals living on fixed incomes would be adversely affected to the precise extent that prices rose.” Farmer to Be Hit They contend that the fanner would also be adversely affected, even though the 30-hour week did not apply to him directly. They say that without getting more leisure, he would be hit by the rise in prices both as producer and consumer. His operting cost would go up thus reducing his money income and “the purchasing power of this money would also be curtailed as a result of the rising level of prices. In this connection, the authors point out, the 30-hour week would work at cross purposes with the Administration’s agricultural program which seeks a better adjustment between agriculture and industry “through raising prices of farm commodities relatively to the prices of industrial products.” The 30-hour week also would “tend to impede international commerce at a time when the United States is making a renewed effort to expand foreign trade. A sharp increase in American wages would be accompanied by an immediate demand for higher tariffs as a means of protecting the American market from a vast increase in imports of cheaper foreign goods. . . In any case, the rise in costs and prices would increase the difficulties of American manufacturers in finding outlets abroad.” Would Cut Output It is argued that the shorter week would not prove satisfactory even as a relief measure. Assuming that the 40-hour week now existing, were reduced to 30 hours. “Every unemployed worker could presumably be given 30 hours of work.” But, “since those to be brought in to share the work of those now employed would on the whole be less experienced and less efficient for the particular tasks in hand, their reabsorption in industry by means of the 30-hour week would obviously mean a decrease in total industrial output and in volume of goods and services available for supplying ti:* wants of the people. “Other methods, or combination of methods, for affording relief are clearly superior to spreading employment. They are on the whole beset with fewer practical difficulties, they are more equitable, and they do not lead to a recuction in total output.” TO WEIGH ECONOMIES Bankers to Air Fnanre Problems of Municipalities. By Timrs Special CHICAGO, Jan. 11.—Two active movements to further economy and efficiency in municipal finances, one by means of supervision by a state commission and the other through the co-operation of a citizens’ committee with local governments will be discussed by leaders in these movements at the national municipal forum to be held in Chicago Monday and Tuesday by the Investment Bankers’ Association of America. The work of the North Carolina Local Government Commission, which has supervision over municipal finances in that state, will be discussed by Charles M. Johnson, state treasurer of North Carolina, and R. S. Dickson, an investment banker of Charlotte, N. C., at the morning session of the for mum Jan. TEXTILE ACTIVITY GAINS Increase in 1934 Is Especially Noticable in Rayon. An upward movement of textile activity, which was especially pronounced in the rayon market, featured the close of a difficult year in this industry, according to the Textile Organon, published by the Tubize Chatillon Corp. A startling increase in December shipments of rayon, lifting the index of deliveries for that month to 477, compared with 374 in November and a 1934 monthly average of 348, is reported by the Organon. FLOUR OUTPUT LOWER By Times Special NEW YORK. Jan. 12.—Flour production in December of companies representing 90 per cent of the mills in principal flour centers amounted to 4.946.933 barrels, against 5,101.974 barrels in December, 1933, General Mills, Inc., estimated today. USUAL DIVIDEND VOTED By Times Special NEW YORK, Jan. 12.—Directors of the Continental Can Cos., Inc., have declared the regular quarterly dividend of 60 cents a share on the common stock, payable Feb. 15 to holders of record Jan. 25.