Indianapolis Times, Volume 46, Number 212, Indianapolis, Marion County, 14 January 1935 — Page 6

Wall St. Produce Exchange Move Adjudged Wise One. —BY RALPH HENDKRSHOT Timet Special Writer

YORK, Jan. 14.—The New ” York Produce Exchange made a wise move in deciding to suspend trading in stocks after Feb. 28 This market was not needed, and it was becoming rather obvious that it was only a matter of time before the Securities and Exchange Commission would force it to retire

from the field. Holders of some of the stocks which are now traded in on that exchange undoubtedly will be hurt. They will be forced to depend on the over-the - counter market to dispose of their holdings in the event they wish to sell. Some issues may be left entirely without a

Hendershot

market, others., however, probably will be welcomed with open arms on the New York Curb Exchange and will enjoy a better market as a result. A great many issues have been removed from trading for one reason or another by both the Curb and the "Big Board.” These removals have reduced trading, and consequently commissions to some extent. Both undoubtedly would like to see as many replacements as possible. The big question, of course, is the number of Produce Exchange stocks that can qualify. The Curb is somewhat more lenient than the Stock Exchange, so it probably will get the bulk of those issues. mam r r'HE Securities and Exchange A Commission was quick to take credit for the action of the Produce Exchange, and. from all indications, it was deserving of it, despite the fact that the Exchange stated that the step was taken to avert further operating losses. A release by the commission said in part: "The commission has been conducting an investigation into trading practices of that Exchange and also into the selling methods of the issuers registered theron. The commission has brought to the atten- j tion of the Board of Governors some of the facts disclosed regarding transactions on the Exchange floor and the distribution methods of some of the issuers. u an “'T'HE records of the commission A show that there are 780 registered securities traded on the New York Produce Exchange, of which 28 are listed and 752 are unlisted.” Four other securities exchanges have voted to suspend trading since the commisison' came into being; the New York Mining Exchange, the Boston Curb, the California Stock Exchange and the Hartford Stock Exchange. ADVERTISING SHOWS 16 PER CENT CLIMB Dollar Volume More Than 7 Million, Printer’s Ink Reveals. f y Times Special NEW YORK, Jan. 14—Advertising showed an average gain of approximately 16 per rent last year, as compared with 1933, and now' seems definitely in a rising trend, it was revealed today by the annual advertising indices compiled by Printers’ Ink. The five principal advertising media showed respective gains of 33 per cent each for farm papers and radio. 29 per cent for magazines. 12 per cent for outdoor advertising and 10 per cent for news- 1 papers whose volume fluctuated least through the last 14 years. While the n#w indices do not attempt to estimate advertising volume in dollars, other data indicate the total rose well above $700,000,000. with newspaper advertising acounting for more than $500,000,000 and magazines about $110,000,000. •INSIDERS’ SELL STOCKS Corporation Heads Disposed of Issues. SEC Reveals. B’l Times Special WASHINGTON. Jan. 14—Reports filed with the Securities Exchange Commission disclosed today that "insiders” of corporations listed on the New York<Stock Exchange and New York Curb Exchange were sellers of stocks in the last four months of 1934. Large sales were shown in Sunshine Mirnnc. by the executor of the estate of A. E. Larson and by a vice president: in Pioneer Gold Mines bv a vice president, and in Louisiana Land and Exploration by a director. SEC DATA DEFERRED Exchange Delays Publication of Stock Holdings Reports. Bv Times Sp\ial NEW YORK. Jan. 14—Postponement of the final date for publishing data filed by directors and stockholders with the New York Stock Exchange under requirements of the Securities Exchange Commission has been postponed until Jan. 30. it was learned today. An announcement by the Committee on Stock Listing of the exchange disclosed that it has been in consultation with the SEC and acting upon its orders, will not release this information until that date. LIQUOR TAX IS LARGE Internal Revenue Receipts Total $374,506,232 for 1934. % By Li Special NEW YORK. Jan. 14— The nation's drinkers paid more than a million dollars a day into the Treasury during 1934. according to Wright Matthews, acting commissioner of internal revenue. The total internal revenue receipts for 1934 were *374,506.232. he said. The tax on malt liquors including beer and ale yielded more than $200,000,000, while domestic spirits gave $121,000,000. The tax on imported spirits was nearly $15,000,000 and on wines a little more than $6,000,000.

PAGE 6

SALES ABATE, STOCKS CLIMB FRACTIONS TO I Traders Begin to Display Less Apprehension Over Gold Clause. By I vitr<i Press NEW YORK, Jan. 14—Stock market traders appeared less apprehensive today over the outcome of the Supreme Court case on the gold clause. Short selling abated and a small amount of buying brought the main list fractions to more than a point above the previous close. Railroad shares, hardest hit In last week's selling, rallied, some making small net gains. Utilities were steady. Gold and silver shares regained their poise. Steel shares advanced small amounts while fair gains were noted in farm equipments, textiles, some of the chemicals and special issues. Around noon, U. S. Steel was at 37'.-, up %; American Telephone 104 V up V Chrysler 39, up General Motors 31V up !4; New York CerTtral 19 V up V Du Pont 94 V up V and Standard Oil of New Jersey 42 V up V Gains of a point or morq were made by American Bank Note, Deere & Cos., Mathieson Alkali, Industrial Rayon and Republic Steel preferred.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings 52.437.000.00 Debits 6.25(.000.00 TREASURY STATEMENT (Bv United Press) Washington. Jan. expenses and receipts for the current fiscal year to Jan 11, compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $3 737.095.662 42 $3.073 797.691.2.3 Receipts $1,961,110,369.09 1.578 280 771.91 Deficit 1 776.885 293 33 1.495.516.919.32 Cash Bal. 2,501.833,580.27 723.541.755 72

Gleanings

A summary of corporation news prepared by the Standard Statistics Cos., Inc., New York, follows: Alaska Juneau Gold Mining Cos. earnings for 1934 were estimated around $1.20 a share, which was the amount of extra and regular dividends disbursed during the year. Adams Express Cos. net asset j value on Dec. 31, 1934, equaled $6.11 a share, against $6.45 on Dec. 31, 1933. Borg-Warner Corp. subsidiary, Norge Corp.. announced its entry into the kitchen range field. Chicago. Indianapolis & Louisville Railway deficit for eleven months ended Nov. 30 was $1,777,162, against deficit $1,492,894. Delaware, Lackawanna & Western Railroad deficit for the eleven months ended Nov. 30 was $1,651,844. against deficit $2,763,079. Dome Mines, Ltd., value of output in December, including premium, was $603,297, against $581,695. For the twelve months value was $7,147,635 against $6,266,950. Interstate Department Stores, Inc., December sales, excluding groc ,es and leased departments, were i u ■ 8.9 per cent. Eleven months output up 13.1 per cent. Inte taiional Printing Ink Corp. declaied a special dividend of 25 cents on the common stock. Special disbursement of similar amount was made on Dec. 20. 1934. Melville Shoe Corp. sales for the twelve months ended Dec. 31 were up 28.9 per cent. Nashville, Chattanooga & St. Louis Railway—Deficit for the eleven months ended, Nov. 30. was $272,576. against deficit $265,186. National Steel Corp.—Declared an extra dividend of 12'2 cents and regular quarterly dividend of 25 cents on common stock. New England Telephone and Telegraph Co.—November net operating income was $1,068,660. against $1,207,784 in November, 1933. In the eleven months net operating income was $12,241,848. against $12,129.462 in 1933 period. New England Power Association — New production records were established all along the line by this association's interconnected sy~tem ; during December, 1934. Total primary output was largest monthly total ever recorded. Production for entire year 1934 ran slightly above the 1933 total. Railway and Utilities Investing Corp.—Net asset value on Dec. 31. 1934. equaled $16.16 per share of combined preferred stock, against $20.64 on June 30. 1934. Republic Steel Corp. has ordered a third blast furnace blown in at : its Lansingville works. Southwestern Bell Telephone Cos. i net station gain in greater St. Louis area in 1934 was 4.136 against ' a net loss of 7.833 for 1933. United States Lines. Inc. (Delaware* —Sale at auction of 330,462 preferred and 915.000 common shares of United States Lines. Inc., cf Delaware. assets and liabilities of which were taken over in 1931 by United States Lines Cos. of Nevada, now controlled by International Mercantile Marine Cos., scheduled to be held Jan. 11, was passed because no bid of at least $1,000,000 was offered, as required by Chemical Bank and Trust Cos. Latter holds the security's as collateral for an indebtedness due it. VVestinghouse Electric and Manufacturing Co.—New business received by this company in 1934 aggregated about *106.000.000, a gain of 47 per j cent over 1933 bookings. Greatest j rate of gain was shown in machine 1 merchandising divis on, particularly in transportation ft Wheeimg <fc Lake Erie Railway 1 prior preferred share earnings for 11 months ended Nov. 30 were *7.56. against $9 06. T. P. COOPER REAPPOINTED By Times Special WASHINGTON, Jan. 14.—Reappointment of Dean Thomas P. Cooper. Lexington. Kv.. as driector-at-large of the Federal Land Bank of Louisville for a three-year term j which commenced Jan. 1, was an- ' nounced today by Gov. W. I. Myers.

Abreast of The Times on Finance

PARED INVENTORIES FACTOR IN STEEL SPURT

I4o r ; : 1 ! 1 r—! 190 • • • • • • • * • i • j i • • • • i • • • ♦ • • ii i 130 ! ! 1 ; — fr —! ! ! ! ■ ! ‘s° • I STKFt, oe'mawd I/v ; • ! ! 120 1 Tl fKpgx I J \ ■ ; ■■ -i ; ! j 120 no A; —; /. ■■ ; j 1 j ! 110 too \ ' I. -Vy '■ ! I I-.... j TOO" IWORMOT j 100 <*, ! * * A / 1 iJ-L, 1 1 1 ! 90 I Stcei. ivcorl ,* ! : \ t 1 ‘ i —lProductiov | i A* sr \'t I • I -I I ao i—' ' "I..—— .i. —.l ;Vi 1 ■ r 1 80 i • • • • JV; ; . ; •* • r° j 1 if- j ■—Vi- —| j-n-H j— 70 j- j ■■■ j -— j i i-hij/Vi so 4o —i —| —| —j—|—j——i Af — so 1 1 i 1 ; 1 3o 3 i • 1 ! i • \ • • • • ! ! • i • • V : i i • • I 5 * J 4* 5; 2O 20 - 1 1 i 1 ! 1 — , “• i'll; • • ii i*l,! i I i to*J11"; f J ! J 10 J J ; j ■ ; Kg' ECO.S'OSIIcA iSTATrsrfCS.Tnc. 1925 1920 1927 1926 1929 1930 1931 1932 1933 1934

From the above chart it can be seen that steel ingot production was curtailed sufficiently below demand to cause a substantial reduction in inventories and correct the unfavorable situation which developed early in 1934. It is also to be ncted that at the present time steel demand and steel production

New York Stocks

(Bv Thomson & McKinnon) 11:00 A. M. Prpv. Oil*— High. Low. N. Y. close. Amerada 50% 50% 50' 2 50'. Atl Rfg 24' 2 24% 24 1 2 24% Barnsdall 6% 6% 6% 6% Consol Oil 7% 7 3 4 7% 7% Cont of Del 17 3 3 17’ 2 17% 17% Houston iold).. 15'* 15*4 IS'. 15% Mid Cont Pet ... 11% 11 1 4 11*4 Ills Pet Corp 8% 8% 8% 8 s Phillips Pet .... 14 "4 14% 14% 14% Plymouth Oil ... 7’, 7 3 4 7% 7 3 4 Pure Oil 7% 7 7V, 6% Shell Un 7% TV* 7's 6 3 s Soc Vac 13% 13% 13% 13 7 e S O of In and... 24 3 4 24 3 4 24% 24% SOof N J 42', 41 4 42% 42 Texas Corp ... 20 19 7 s 19% 19% Tidewater Assn.. 9 8 s * 8 7 s 8% Un Oil of Cal... 15% 15% 15% 15V* Steels— Am Roll Mills .. 21 3 s 21 21% 21 Vi Beth Steel 32%3331 3 2 32% 31 % Byers AM ..... i3’ 18% 18% 18% Inland Steel ... 51% 51% 51% 51% Ludluni Steel ... 16% 16* 2 16% 16’, 2 Mid Steel 12% 12V2 12% 12 Natl Steel 47% 47% 47% 48 Otis Steel 5% 5% 5'4 5Vs Rep Iron A- Stl 14% 13% 14% 13% Rep Ir & Stl pfd 42*2 42*2 42' 2 41 U S Pipe & Fdy 19% 19% 19% 19*2 U S Steel 37% 37% 37% 37% U S Steel pfd .. 86*4 86% 86* 4 86% Warren Bros ... 4% 4% 4% 4% Motors— Auburn 26 26 26 26 Chrysler 39*4 38% 39'V 38% Gen Motors .... 32 31% 31% 31% Graham Mot ... 2% 2% 2% 2% Hudson 11 10% 11 10% Hupp 3Vi 3V 3% 3 Mack Truck .... 26*4 26*4 26 l /4 26% Nash 17% 17% 17% 17*4 Packard 4% 4% 4% 4% Reo 32% 32% Studebaker 2% 2% 2% 2% Motor Access— Bendix 15% 15% 15% 15% Bohn Alum 56 56 56 56% Borg Warner ... 30% 29% 30% 30 Briggs 27 3 4 26% 27 3 4 27% Elec Auto Lite... 26% 25% 26% 25 3 2 Mullins Mfg 9*2 9‘z 9% 9% Murray Body ... 6% 6% 6% 6% Stew Warner ... 8 8 8 8% Timken Roil ... 35 35 35 34% Mining— Alaska Jun 18% 18% 18% 13% Am Smelt 37% 36% 37 36% Anaconda 11% 11 11 10% Cerro De Pasco. 43% 42% 43% 42% Dome Mines .... 36% 36*4 36% 36% Granby 6 5 s 6% 6% 6% Howe Sound .... 48*2 48% 48% 48% Int Nickel 23% 23'* 23 ’4 23% Kennecott Cop .17 16% 16% 16% Mclntyre Mine .40 39% 39% 39% Park Utah 3% 3Vi 3% 3Vi Noranda Cod .. 32% 32% 32 % 33’ 4 U S Smelters ...116% 115% 116 115% Vanadaium 19% 19% 19% 19% Amusements— Fox Theat 11% 11% 11% 11% Loews Inc 33 33 33 32 % Radio Corn 5% 5 5 5 Paramount 3% 3% 3% 3Vi RKO 2% 2% 2% 2 Warner Bros ... 3% 3% 3% 3% Tobaccos — Am Sum Tob . 21% 21% 21% 21 Am Tobacco 'B'. 83 83 83 83 Gen Cigars .. 61 60% 61 60% Ligg A- Mvers ‘B'lo4 104 104 104 Lorillard ... 20 19% 20 20% Phillip Morris 45 44% 45 44% Reynolds Tob ‘B 47% 46% 47% 47 Rails— Atchison 51 50% 51 51 Atl Coast Lines . 33 32% 33 32% B & O 12% 12% 12% 12% Can Pacific 12% 12% 12% 12% Ch A Ohio 43% 43% 43% 43% C M A St P Ufd 4% 4% 4% 4 Chi N W 4% 4’% 4% 4% Dela & Hud 39 38% 39 38 Del Lac & W 16% 16% 16% 16', 2 Grt Northern pfd i5% 15 15 15 111 Central 15 15 15 15% Lehigh Valley ... 9% 9% 9% 9% Mo Pac pfd 3% 3% 3% 3 N Y Cent 19% 19 19% 19 N Y New Haven 7% 6% 7% 7% Nor Pacific 18% 18 18% 18% Penn R R 22*, 22% 22% 22% Sou Pac 17 16% 17 16% Sou R R 14% 14% 14% 14% Union Pac 106% 106 106 106% Equipments— Am Car & Fdy.. 18% 18 18% 17% Am Loco 18% 18 18 18 Am Steel Fdy... 16% i6% 16% 15% Bald Loco 6 5% 6 5% Gen Am Tank C 37 37 37 36% Gen Elec •• 21% 21% 21% 21 % Genu R R Sig.. 27% 27% 27% 27 Pullman Inc ... 49% 49% 49% 49% West Air Br ... 24% 24% 24% 24% Westingh Elec... 38% 37% 38% 38 Utilities — Am Power & Lit 3% 3% 3% 3% AT&T 104% 104 104% 104 3 s Col Gas & Elec. 7 6% 7 7% Conn & Sou ... 1% li* 1% 1% Consol Gas .. . 21% 2i% 21% 21% Elec Pwr & Lit. 33 32% Interboro RT .. 14% 14% 14’* 14% Int T & T 9% 9% 9% 8% Nat Pwr & Lit.. 7 North Amer ... 13 12% 13 12% Pac G & E ... 14% 14% 14% 14% So Cal Edison .. 12% 12% 12% 12% United Corp .... 2% 2% 2% 2% Un Gas Imp .. 12% 12% 12% 12% Western Union . 31% 31% 31% 31% Rubbers— \ Firestone 16% 16% 16% 16% Goodrich 10% 10% 10% 10% 1 Goodyear 24 23% 24 23% Kelly Spring .... 1% 1% 1% 1% IU S Rubber . 15% 14% 13% 1V I U S Rubber pfd 38 38 38 38% Miscellaneous— Allis Chalmers . 15% 15% 15 s * 15% Am Can . 111% 111% 111% 111% Am Mach & Fdy 21 21 2f 21 Burroughs Add 15 14% 14% 14% J I Case 57% 56% 57 58% Conti Can 65% 64% 65 64% Caterpillar Tract 38% 38% 38% 3i% Curtis Pub 21% 21 21 20% Deere &Cos .... 26% 25% 26% 26 s * Eastman Kodak 114% 114% 114% 115 Foster Wheeler . 16 16 16 15% Gillette 14% 14% 14% 14% Glldden 25 24% 24% 25% Inter Harv ■.... 40 39% 40 39% Natl Cash Reg.. 16% 16% 16 s , 16% Owens Bottle ... 84% 84% 84% <4% Rem Rand 10% 10 10% 10% Foods — Am Sugar 63% 63 63 63 Armour 5% 5% 5% 5% Armour 6 •"> pfd. 66% 66% 66% 66% Borden Prod 24' 24 24% 23% Cal Packing 37% 37% 37% 37 Can Dry G Ale 14% 14% 14% 14% Coca-Cola 176% 176% 176% 175% Crm of Wheat 36% 36% 36% 36% Cuban Am Sugar 5% ss*5 s * 5% s*, Gen Baking .... 7% 7% 7% 8 Gen Foods 33 % 33% 33 % 33% Gold Dust 16% 16% 16% 16% G W Sugar 28 27 s * 28 27% Natl Biscuit .... 28% 28% 28% 28% Natl D Prod .... 16 s * 16% 16% 16% Purity Bak 9% 9 s * 9% 9*4 S Porto Rico Sug 21% 21 % 21% 20% Std Brands iB% 18 18 17% Un Biscuit 25 24% 24% 25 United Fruit ... 7* 74 7* 74 Wrlgley 75 75 75 75 Retail Stores— First Natl Stores 51% 51 3 51% 52 Kresge S S .... 20% 20% 20 s * 20% Kroger Groc ...27% 27 s , 27% 27% Macy R H .... 39% 39% 39% 39% McCrorv St 10% 10% 10% iO% McLellan St. .... 13 i3 i3 12% Marshall Field .. 10 s , 10% 1% 10% Mav Dept St ... 41% 41*, 41V 42 Mont Ward .... 28% 27% 28% 27% ■*Natl Tea 10% 10% 10% 10% Penney J C . .. 71 71 71 70% Sears Roebuck.. 37' 2 37 37% 37% Woolworth 52% 52 52% 51% Aviation— Aviation Corp... 4% 4% 4% 4% Boeing Ancu... 8% 8% 8 / 8",

INDIANAPOLIS, MONDAY, JANUARY 14, 1935

are in very close balance. Both are moving up. However, it milst be remembered that the principal cause of the current upward trend in steel demand is the automobile industry. Steel demand at present is not broad enough to indicate a permanent upward trend in steel operations.

Curtiss Wright . 2% 2% 2% 2% Curtiss Wr , A". 8% 8% 8% 8% Dotglas Air 22% 22V* 22% 21% Nor Am Av 3% 3% 3% 3% Sperrv Corp . ... 9% 9 9V* 9% Uni A’rcft New. 13% 13% 13% 13% Chemicals— Am Com Tlcohol 29% 28% 29V* 29‘/4 Col Carbon .... 71% 71% 71% 71 Com Solvents .. 22% 21% 22 21% Dupont 95 94% 94% 94% Freeport Tex ...24 23% 23% 24 Liquid Carb 29% 29% 29% 29 Math Alkali 30% 30 30% 29% Monsanto Chem. 58 57% 58 57% Natl Dis (new).. 27’% 26% 26% 27V* Schenlev Dist... 26 25% 26 25% Tex Guif Sulph.. 33% 33% 33% 33% Union Carbide . 45% 45% 45% 45% U S Ind Alcohol. 40 3 / a 40% 40% 40 Drugs— Coty Inc 6% 6% 6 Vi 5% Lambert 28 28 28 28 Lehn & Fink ... 16 16 16 16% Sterling Prod .. 59% 59% 59% 58% Un Drug inew) . 11% 11% 11% 11% Vick Chem 34% 34% 34% 4% Financial— Adams Exp 6% 6% 6% 6% Allegheny Corp 1% 1% 1% 1% Am Int Corp .. 6% 6% 6V4 6 Chesa Corp ... 42% 42% 42% 42% Lehman Corp ... 70% 10V4 70 l i 71% Transamerica .. 5% 5% 5% 5% Tr Conti Corp .. 3% 3% 3Vi 3% Building— Am Radiator ... 14% 14% 14% 14% Gen Asphalt .... 17% 17% 17% 17% Int Cement 28% 28% 28% 28% U S Gypsum .. 51 Vi 50% 51 51 Household— Col Pal Peet .. 17V4 16 77 * 17V4 16% Congoleum 33% 33 Vi 33’4 83% Kelvinator ... 17% 16% 17% 17% ProC & Gamble . 42% 42% 4C% 42% Servel Inc 8% 8V 8% 8% Simmons Bed ... 9Vi 9V4 9% 9Vs Textiles— Amer Woolen .. 8% 8% B’/* 8% Belding Hem .. 12% 12 V 12% 12% Celanese Corp .. 33% 32% 32V* 32% Collins Aikman . 13% 13% 13% 13% Indus Rayon ... 31% 31% 31% 03%

Chicago Stocks

(By Abbott, Proctor & Paine) 11:00 Prev. A. M. close. Bastian Blessine 3% . Borg Warner 30 29% Butler Bros 6% 6% Chicago Corp 2% 2% Chicago Mail 16 16% Cities Service 1% 1% Crane Cos . 9% 9% Comwealth Edison 53% 52% Cord Corp 3% 3% Gen House 6% 6% Great Lakes Dredge 18% 18% Lynch Glass 36% 36 Nobbiitt Sparks .*. 14 14 Prima Bev 3% 3% Quaker Oats 129 130 Swift ■ 18 Vi 18V* Swift Int 33 Vi 33'/a

New York Curb

(By Abbott, Proctor & Paine) 12 (Noon) Prev. N. Y. close. An Cyanide "B” 16% 16’% Atlas Corp 8% 8% Distillers Corp 16% 16% El Bond & Shares 6% 6% Ford of Europe 8% 8% Gulf Oil of Pa 57 58 Hiram Walker 29% 28% Lake Shore Min 51% 52% Natl Bellas Hess 2V* 2Vs Nia Hud Pwr 3’/* 3 Penn Road 2 2 St Regis Paper I 5 /* 1%

UNSETTLED TENOR PREVAILS IN GRAINS Absence of Developments in News Factor. By Vniicit Press CHICAGO, Jan. 14. —There was nothing in the news to excite traders on the Board of Trade today and prices were unsettled in dull trading. At the start wheat was li cent lower to % cent higher, corn was unchanged to off li cent, oats were li cent lower to li cent higher and rye was unchanged. Bartlett Frazier & Co.’s Liverpool house cabled "our market is steadier due to belief that Argentina is quietly covering hedging sales.” Broomhall said the larger world shipments and an increase in the quantity afloat were ignored in the English market. (By James E. Bennett) 11:00 Prev. Wheat— High. Low. A M. close. May 99% .98% .98% .99% July 91% .90% .90% .91% Sept 90 .89 .89% .89% CornMay 89% .88% .88% .89 July 84 .83% .83% .84 Sept 81 .80% .80% .81 Oats— May 53% .53% .53% .53% July 46% .45% .45% .46% Sept 42% .42 .42% .42% Rvp May 73% .70% .71% .73% July 72% .71 .71 .73%

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: young guineas. 20c: old guineas 15c. Turkeys No. 1 young hens. 8 lbs. and over. 15c; young toms, 14 lbs .and over. 15c: young toms. 11-14 lbs.. 13c; No. 2. crooked breasts and thin turkevs. 9c: old toms, all weights. 11c: No. 1 strictly fresh country run eggs, loss on. 24c. Each full case must weight 55 lbs. gross: a deduction of 10c a pound for each pound under 55 ibs. will be made. Butter. No. 1 35036 c. Butterfat—2Bc. Quoted bv the Wadlev Cos. CLEVELAND. Jan 14.— Butter—Market, steady: extras. 34%c; standards. 34-c. Eggs—Market, steady; extra white. 28c; current receipts 26%c. Poultry—Market, steady. Fowls, colored. 4% lbs. and up, 180 19c; ducks, light. 15c: ducks. 5 lbs., and up. 20c: geese. 16®17c: turkeys, young 20c. Potatoes—Maine $1.2001 15 a 100-lb. bag: Ohio best mostly. 75® 85c a 100-*b. bag. Michigan 753 60c a 100-lb. bag.

SWINE MARKET HOLOSSTEADY Cattle Prices Strong to 25 Cents Higher; Veals, Lambs Even. With trading interest centering in the cattle market, porker values displayed only a slight change from last week's close in dealings at the Indianapolis Union Stockyards today. Initial sales developed slow on all classes. Despite a normal run of supplies on hand it was expected that there would be several leftovers from today’s session. Packers were slow in making early purchases, and the majority seemed to have turned to the cattle market. Receipts were estimated at 7000. while Saturday’s holdovers numbered 109. The general bulk of 160 to 350 pounds, was selling at $7.70 to SB. Few, choice grades ranged upward to $8.05. Light slaughter kinds, weighing 130 to IT>O pounds, sold at $6.25 to $7.25, while light lights, scaling 100 to 130 pounds, brought $5 to $6. Packing sows sold at $6.25 to $7. Trading was extremely active in the cattle market and the majority of classes were strong to largely 25 cents higher than Saturday’s close. Bulk of steers sold at $9 down. Few better kinds ranged up to $11.50. Receipts were 1200. Vealers continued unchanged selling at $9 down. Receipts were 400. Lambs resumed a steady trading range, with the bulk salable at $9.25 to $9.50. No - particularly interest was shown in any grades. Heavy kinds ranged from $8.75 down, while throwouts -sold at $6.50 to SB. Light slaughter sheep held at $4.75 down. Receipts were 3000. HOGS Jan. Bulk Top. Receipts. 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 12. 7.70® 8. 00 8.00 2000 14 7.70® 8.00 8.05 7000 Light light: (160-180) Good and choice ... 7.70® 7.80 Medium 6.50® 7.25 Light weight: (160-180) Good and choice 7.65® 7.75 Medium 7.40® 7.6(F (180-200) Good and choice.... 7.80® 7.90 Medium , 7.50® 7.75 Medium w’eight: (200-220) Good and choice ... 7.90® 7.95 (220-250) Good and choice.... 7.95® 8.05 Heavy weight: (250-2901 Good and choice.... 7.90® 8.05 (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. 1200— —Steers—-(sso-900) Choice $9 75® 11.00 Good B.oo® 10.25 Medium 5.75® 8.00 Common 4.00® 5.75 (900-1100) Choice 10.75® 11.50 Good 8.50® 10.75 Medium * 6.25® 8,50 Common • 4.25® 6.25 (1100-1300) Choice 11.00® 11.75 Good 8.75® 11.25 Medium 6.50® 8.75 (1300-1500) Choice 11.00® 11.75 Good 9.000.11.00 \ —Heifers—-(sso-750) Choice 8.25® 8.75 Good 7.25® 8.25 Common and medium 3 75® 7.25 (750-900) Good and choice ... 7.25® 8.75 Common and medium 4.00® 7.25 —Cows— Good 4.50® 5.75 Common and medium 3.00® 4.50 Low cutter and cutter 1.50® 3.00 —Bulls—(Yearlings Excluded) Good 4.25® 5.00 Common and medium 3.00®. 4.25 VEALERS —Receipts. 400Good and choice ,$8.50® 9.00 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 .... 4.50® 6.00 Common and medium ... 3.00® 4.25 (800-1050i Good and choice .. 4 75® 6.00 Common and medium 3.25® 4-75 —Cows— Good 3.75® 3.7s j Common and medium 2.00® 3.25 SHEEP AND LAMBS —Receipts. 3000— Lambs, 90-lbs. down, good and choice „ $8 75® 9.50 Common and medium 6.25® 8.75 90-120 lbs., good and choice ... 3.75® 4.75 Sheep—-(l2o-150) Good and choice .... 3.25® 4.25 All weights, common and medium 2.50® 3.75 LINCOLN SECURITIES TOTAL 18 MILLIONS Insurance Company Reports Gain in 1934 Over Year Ago. By Times Special FT. WAYNE, Jan. 14— Cash and marketable securities owned by the Lincoln National Life Insurance Cos. now total $18,909,000. an increase of more than $10,900,000 since Dec. 31, 193i while cash and United States now total approximately $5.000,000. according to a schedule of securities made public today. The company has no bank loans or borrowed money of any kind, the report stated. It now is in the most 1 liquid position in its history.

UTILITIES AIM RATE CUTS AS COUNTER MOVE Two Large Eastern Units Seek to End Inroads by Step. By Times Special NEW YORK, Jan. 14.—Important units in the electric utility field are j aggressively attempting to check the inroads of the Federal and municipal governments by using the most effective weapon available, | further reduction in rates, the Administrative and Research Corp. i declared in a study today. The recent proposal of the Consolidated Gas Cos. of New York to adopt the "Washington Plan” was augmented this week by the offer of the Niagara Hudson Power Cos., controlling most of the upstate New York electrical production and distribution facilities, to reduce rates in the cities if s>ervfes, the study said. Fusion Plan Cited Consolidated Gas also went one step further in forestalling Government competition by proposing last week to the Public Service Commission to reduce rates immediately and to work out an eventual plan for consolidation of the companies making up the system. To effect an immediate rate reduction. it was indicated that cer-write-offs might be necessary in developing anew rate base. In return, Consolidated Gas wants a modification of the 3 per cent utility tax. "Thus,” the survey continued, the two leading utility companies operating in the East make definite counter-moves against the Administration’s power program. Because one of them represents the largest dispenser of electricity in the world, their action is of national significance. Would Accelerate Trend "If their proposals are carried out the trend in the utility industry to reduce rates will be accelerated. "The average domestic rate of private plants has dropped from 6.33 cents a kilowatt hour in 1929 to 5.30 in 1934, according to a report of the Edison Electric Institute. At the same time 1934 output was the largest for any year except 1929 and 1930. It is stated that it the autumn rate of recovery in power output continues, the gain in utility revenues is expected to exceed losses due to rate reductions. “Uncertainty from the standpoint of stockholders hinges around expenses and taxes.”

Stock Studies

CLUETT PEABODY $ COMMON STOCK PE9 " emci SH*9£ EARNINGS PRICE RANGE scale 3 X] —I - 1 —[~ 60 2 'itt TFTt 40 ’ 'lili? *tT-“ 0 xvMZYz I I I—- ° 130 31 32 33 34|30 31 3>g 3334 J WINCHESTER INSTITUTE OF FINANCE Cluett Peaoody & Cos. is a leading manufacturer of men's shirts and collars, as well as men’s underwear and handkerchiefs. Many of its products are sold under nationally advertised trade names—about 60 per cent of total sales is shirts and 25 per cent collars. The company holds basic patents for improved processes for the shrinking and improvement of fabric appearance. It also leases processing rights under its patents. Principal manufacturing plants are in Troy, N. Y., with branches in several other cities of the country. FINANCIAL DATA (As of June 30) Common Stock (no par) .188.291 shares 7% Preferred Stock 'sloo pari $3.399 000 Surplus ? Cash and Securities Inventories S-g62.1f0 Total Current Assets 9.667.674 Current Liabilities 1,564.919 During the 12 months’ period ended June 30, 1934. cash and securities dropped about $2,100,000. Inventories, however, gained $3,700,000, while net working capital was SBOO,000 larger. Surplus increased $500,000. On June 30 last the current ratio was about 614 to 1, while the book value of the common stock was $36.45, or a gain of $2.77 in the 12 months’ period. With the exception of 1332, when the deficit in the common stock was $2.76, Cluett Peabody operated at a profit right through the depression. In 1933 $1.43 was earned, while 72 cents was earned on the common stock in the first half of 1934. Dividends of necessity have been reduced several times from the 25 previously paid. The present annual rate of $1 was paid in 1933 and 1934. Cluett Peabody was incorporated in 1913 in New York. Both classes of stock are listed on the New York Stock Exchange. At a current price of around 21 the common sells to yield over 3% per cent. (All Rights Reserved. Winchester Institute of Finance. Winchester. Mass.)

Other Livestock

(Bv Times Speciali LOUISVILLE. Jr.n. 14—Cattle. 1200. run mostly steers ar.d heifers: duality fairlv desirable; market active, fullv 25c or more higher than close last.week on steers and heifers or $.75® 1 higher than last Monday; cows about 25c up and sausage bulls fully steady; bulk common to medium steers and heifers. Ss®7; practically nothing on killer acount below the inside quotation: sizeable auota better finished steers ar.d heifers. $7 25®8: earlv top $8.50 for good 1064 pound steers; bulk beef cows. $3 25® 4.75: low cutters and cutters mostly $1.750 2.75: sausage bulls generally $4 down, bulk common to medium Stockers and feeders uuotable $4 250 5.25; good Hereford stock calves quotable upwards f $6. Calves 500. including two loads stfk calves: vealers steadv with Friday ar.d Saturday bulk good to choice S7O 8: medium and lower grades. $6 50 down. Hogs 1000. market steadv with Saturday or 10c higher than last Friday; top and bulk desirable 230-300 lbs. *7 90; 200-225 lbs. *7 75: 305 lbs. up. *7.45: 180-195 lbs. *7.40: 160-175 lbs. $7; 140-155 lbs *6 50; 120-135 lbs. *5 55: sows. $6 15. Sheep 150. steadv; most medium to good lambs. *7® 3: choice fed lambs auotable to *8 75; bucks discounted common light throwouts. $5.50; better fat ewes. *23 3.

SPEAKS ON TAXES

Charlton N. Carter

"State and Local Taxes” will be the subject of a talk by Charlton N. Carter, partner in Spradling, Carter & Jordan, accounting firm, at a dinner Wednesday night of the Indianapolis chapter of the National Association of Cost Accountants.

SUGAR HOLDS OWNIN U. S, Cuban Rivalry Weakens as Exports to Other Nations Dip. NEW YORK. Jan 14.—The sugar refining industry in the United States more than held its own against competitors, an analysis of available trade statistics for 1934 revealed today. Competitive Cuban refining failed to fulfill dire predictions, which began to receive emphasis about two years ago, it was shown. Cuba, in 1934, remained distinctly a source of supply of raw sugar, rather than an important world shipper of the refined product. It was manifest, also, that Cuba was largely dependent upon the United States as an outlet for its crop. Cuban sugar exports to the rest of the world declined, but this country both took more of the Cuban crop and increased refined exports to foreign markets. A few years ago, in connection with tariff hearings and discussions of trade treaties, American refiners raised the alarm that ther industry was threatened by a setup which put the Cuban grower in a position of advantage to refine his sugar at home. It was contended that this Government, in aiding the island sugar grower, was really injuring the American refiner. Predictions at that time were that the Cuban refining industry might be expected to grow to wide proportions, and that raw shipments to Jie United States would dwindle correspondingly. Results for 1934 disclose that the trend has been almost directly opposite to such forecasts. In sugar exports to all destinations for the year, Cuba did a little better than in 1933, according to Lamborn & Cos. The 1934 shipments totaled 2,317,157 long tons, raw sugar value, compared with 2,292,114 in 1933, a gain of 1.1 per cent. But exclusive of shipments to the United States, Cuba’s sugar exports dropped 157,033 tons, or 17.1 per cent. This represented shipments principally to the United Kingdom, France and Canada. The increase in this country’s takings more than offset that decline, amounting to 182,076 tons, or 13.3 per cent. In contrast with this trend in 1 Cuban sugar exports to ports other than American, the refiners of this country, during the first eleven months of 1934, enjoyed the heaviest export movement for any corresponding period since 1928, Lamborn & Cos. add. Such exports totaled 103.377 long tons, compared with 42,218 tons in the 1933 period, a gain of about 145 per cent. The American refined product last year went to virtually every foreign market, spread among more than forty countries. COAST CANNING SPURTS California's 1934 Fruit Pack Seen Largest Since 1930. By Times Special SAN FRANCISCO, Jan. 14.—California’s fruit and vegetable pack in 1934 was the largest since 1930, fig- j ures compiled by the Canners | League of California, covering more J than 99 per cent of the pack, showed today. The total aggregated 26.422,498 cases, against 23,940,057 cases in | 1933. The increase was mainly in the canning of tomatoes and tomato ! products, it was said. NEW FIRM TO OPEN Opening of anew brokerage house in Miami Beach by Abbott, Proctor & Paine on Jan. 15, was announced here today by J. T. Hamill and K. K. Woolling. co-managers of the Indianapolis office.

Retail Coal Prices

The roliowing prices represent quotations trom leading Indianapolis coal dealers A 25-cent carrying charge Per ton will be added. DOMES 110 KEIAU PRICES Anthracite *13.00 Brazil Lump 6*4 Brazil Mine Run 6.25 Coke. Nut Size 8.90 Coke, Eg? Size 8.90 Indiana Forked Lump No. 4 5.84 Indiana Forked Lump No 6 5.84 Kentucky Lump Group "B" 7.18 Indiana Egg 5.71 Pocahontas Egg 8.43 Pocahontas Lump 8.82

Hides and Skins

Hides—Green country cows ana steers. 4c flat; green country bulls and glues, 2%c fit: green country calf hides, 4%c: flat: green country kip 4c No. 1. large horse hides with full heaw,. shanks, mames and tails *2.75. medium size *2 25. All No. 2 grade horse hides. 50c less: glues and pomes half price. No. 1 rendered tallow, 4®4%e: No. 2 at value Yellow grease. 3Va33%c, dark grease, 3®JV*c.

Latest Stock, Bond and Commodity Quotations

UNION OF B.&M. AND NEW HAVEN WILL BESOUGHT Governor Curley to Push Co-ordination Proposed by Predecessor. By Times Special NEW YORK, Jan. 14.—1n an effort to untangle the New England railroad knot. Gov. James M. Curley, of Massachusetts, is preparing !to recommend to the Legislature that the Boston and Maine and the New York, New Haven and Hartford railroads be co-ordinated, it was learned today. Legislative sanction of the proposal is anticipated because of the growing necessity to relieve the stringency of the Nfv* Haven’s position. Governors of all the New England states are said to concur in the plan. Former Gov. Joseph B. Ely, of Massachusetts, sponsored the proposal prior to his retirement from the executive chair. Running at Deficit The New Haven is running at a ! heavy operating deficit at present. Its net loss for 1934 will be in the i neighborhood of $6,500,000. The road I is indebted to the RFC for large sums and recently negotiated a loan from t ,at agency of $6,000,000 in order to meet fixed charges. While the Boston and Maine is not having as stormy a time as the New Haven, it likewise is not carrying any revenue through to net. For the first 11 months of 1934 the system reported a deficit of $405,000. Co-ordination of the facilities of the two railroads, therefore, would meet with favor from their bondholders. Owners of the railroads are more dubious of the proposal, it is said. The Pennsylvania Railroad i and its affiliate, Pennroad Corp., own 22 per cent of the outstanding New Haven stock. Through a hold- | ing company the New Haven conj trols 55 per cent of Boston and Maine stock. Might Be Driven Out Co-ordination of the two railroads might tend to drive the Pennsylvania out of New England. Na result which has been the objective of a long compaign by manufacturing interr~ts in the New England states. For this the Pennsylvania may try to block the co-ordination plan. Present outlines of the plan call for the establishment of a board of trustees to oversee the operations of the two railroads. Traffic of the companies would be pooled and rolling stock used interchangeably. No disturbance of either company’s financial structure is contemplated. A pro rata distribution of earnings from the co-ordinated properties would be made. Unable to Agree The Governors of the six New England states are anxious to work out a consolidation plan for the territory under which all the railroads running through it would be co-ordinated. Under the consolidation plan for Eastern railroads approved by the Interstate Commerce Commisison in 1932, solution of the New England problem was left to a later date. The four major Eastern systems have been unable to agree among themselves on New England allocations This factor, taken in conjunction with the present financial low estate of the railroads, generally has operated to postpone settlement of the problem. CIGARET CONSUMPTION AT NEW HIGH IN 1934 Sales in Uniled states Estimated at 12.j,00t),(HJ0,l)0t>. By Times Special NEW YORK. Jan. 14—Domestic consumption of cigarets in 1934 soared to anew high, with sales estimated at 125,000,000.000, according to a survey of the tobacco industry made by the Standard Statistics Cos. Sales of the three leading brands during the year ran neck and neck in their fight for public favor. American cigaret smokers constantly change their brand, the survey revealed. Surveys compiled during the iast six years show that first one and then another of the big three brands have been foremost in sales. Reasons for the shifting of preferences have not been found, except in the demand generated by the various advertising campaigns, the survey stated.

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. *5.25. 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. *1.5001.65. Lemons. Gunkist 3605. *5 Grapefruit Texas, seedless. S3O 3.25 Limes. Mexican per carort 12s 25c; Bvram. seedless, per hundred $3. California rhubarb. $1 a 5-lb box. Pears. Oregon D anjo. box. S3 50 Pineapples. 30s. $3.75 Avocados, Florida, box. $2 Strawberries, Florida, quart. 38c. Apricots. $3 a crate. Vegetables Cabbage. Northern Danish. 50-lb. bag 60c. red. 50-ib. box. 90c. New Texas Cabbage. 50-lb. bag. SI 65. Onions. Idaho sweet, Spanish, large. 50-lb. bag. SI 65: Michigan yellow, med. 10-lb bag 22c; western white. 50-lb bag. $1.85; Michigan. vellow. $1 25. Potatoes. Grean Mountains. 100-lb. bag. *150: northern round white. 100-lb bag. $1 10; Ohlos, 100-lb. bag, *2: Idaho Russets 100-lb bag $2 25 New Texas potatoes. SI 5001.75. Sweet potatoes. Indiana Jerseys bushel. *1 75: Tennessee Nancv Halls, bushel. SI 35. Beans, stringless, hampers $6 Celery. Michigan medium, dozen. 76c; Jumbo, dozen. 90c; hearts, bunch. SI 60. Cucumber*, dozen S2 75: southern bushel. $4. Endive, dozen. 90c Egg plant. SI 50® 2 dozen. Kale, Virginia. bushel. 65c Lettuce, hothouse. 15-lb. basket *1 60. Arizona Iceberg head lettuce $4 Mongoe.v Florida, crate. $4.50® 5 Mint bunch. 15c. Parsley, dozen. 35c. Peas hampers $4. Spinach, home-grown broadl'af. bushel *llO Radishes, dozen 75c Tomatoes. 10-ib carton. $' 25: Florida original $2 75 Turnips. tu*hel. 75c. Parsnips half bushel 75c Bers. bushel. $1 25 Carrots, bushel *1 25; 100-lb. sack. SI 75. All quotations subject to ahange. up or down. LOCAL CASH MARKET City grain elevators are paying 91 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 1 yeilow •4 cents and oats 4* cento.