Indianapolis Times, Volume 46, Number 216, Indianapolis, Marion County, 18 January 1935 — Page 30

Wall St. Speculation Is Rife Over Successor to Pecora. _BY RALPH lIENDERSHOT

Time* icfrul Writer NEW YORK. Jan. 18.—A vacancy exists on the Securities and Exchange Commission. Ferdinand Pecora, attorney for the Senate Committee on Banking and Finance when it conducted its recent investigation into security selling practices and an SEC commissioner since the commission was created, is to become a New York State Supreme

Court Justice. No one .seems to have a very definite idea as to who will succeed Mr. Pecora, but many guesses have been made. Joseph P. Kennedy, chairman of the commission, is said to favor James A. Fayne, formerly a partner in the New York Stock

Exchange firm of Homblower & Weeks. Mr. Fayne is said to prefer to spend his winters in Palm Beach. Frank O'Shaughnessy, president of the San Francisco Stock Exchange, also has been mentioned as a likely candidate for the job. He is reputed to have been a strong advocate of Government regulation, and has been a strong supporter of the Administration in its efforts, in that direction. a a a TT|TALL STREET has no strong * preferences. It would like to see someone who is fair and who knows something about the security business get the nomination. If he is friendly so much the better, but it is not particularly seeking someone who will let down the bars of trading. The Street never did favor Mr. Pecora. That is easily understandable in view of the fact that he conducted the Senate investigation so vigorously. Most people in the financial district feel that the bankers and brokers were made to look much worse than they actually were by reason of the fact that they were not permitted counsel or the privilege of cross examination. They could have explained many things which looked bad had they been given an opportunity, they contend. As the “prosecutor,” Mr. Pecora has been obliged to take the brunt of the criticism. BBS PECORA, on the other hand, never has been entirely with being a commissioner. He wanted to be chairman of the commission, and felt he was entitled to the job for his work in conducting the investigation. In all probability he is greatly pleased with the way things have worked out for him. Mr. Kennedy has ruled the commission with more or less an iron hand, so the lawyers opportunities to strut his stuff were limited. It is true, of course, that many people in the Sri.eet resent the commission's interference with their business. This is not so much because they are trying to get away with something, but rather because they dislike to turn their books over to some outside agency any time that agency becomes curious. B B B MOST brokers are resigned to the idea of Government supervision. Some, in fact, like the idea. They always had favored doing a conservative business and were handicapped by the competition given them by others who were walling to take risks. Many a customer has turned to another brokerage house because it would permit irading on smaller margins than the one with which he was dealing. So it is that Wall Street is campaigning for no particular person to take Mr. Pecora's job. It is happy that Mr. Kennedy is so thoroughly faimliar with security trading and that he has approached his job in such a fairminded manner. It would resent the type of man who would attempt to build up his own reputation at the expense of the brokerage business, and it would like to see one get the vacant commission - ership who knows enough about the business to deal with it intelligently, but aside from that it has little preference. In taking that position the brokers would seem to be no better and no worse than any other group of bu aness people.

On Commission Row

Quotations below are average wholesale prices being offered to buyer* 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. 24t. $1 35. Bananas. 4 a e a lb. Apples. Indiana Jonathans. 51.85: Grimes Golden. SI.SOC(ff.CS. Lemons. Sunklst 3605. $5. Grapefruit. Texas, seedless s3l 3 25. Limes. Mexican per carton 12s 25c B\ ram. seedless, per hundred $3. California rhubarb. $1 a 5-lb. box. Pears. Oregon Banjo box. $3 50. Pineapples. 30s. $4.25'-: 4 50. Advocados. Florida, box. $2. Strawberries. Florida, pint. 35c. Apricots. $3 a crate. Vegetables Cabbage. Northern Danish. 50-lb. bag 60c. red 60-lb. box. 90c. New Texas Cabbage. 60-lb. bag. SI 65. Onions. Idaho, sweet. Spanish, large. 50-lb. bag $165: Michigan yellow, med. 10-lb bag 22c; western white. 50-lb. bag. $1.85; Michigan. yellow. $1 25. Potatoes. Green Mountains. 100-lb. bag. $1 50; northern round white. 100-lb. bag. $1 10: Ohios, 100-lb. bag. $2: Idaho Russets 100-lb bag $2 25. Nw Texas potatoes. slsoif 1.75. Sweet potatoes. Indiana Jerseys bushel. $175: Tennessee Nancv Halls, bushel. $1.35 Beans, strir.giess hampers. $5 50. Celery Michigan medium, dozen. 75c: l urn bo. dozen. 90c: hearts, bunch. $1 60. Cucumbers, dozen $2 75- southern bushel. $4. End>‘ dozen. $1.65 : 1.75 Egg plant. $2 25 dozen. Kale. Virginia, bushel. 65c Lettuce, hothouse. 15-fb. basket $1 60. Arizona Iceberg head lettuce $4 Mangoes. Florida, crate. s4<i 450 Mint bunch. 15c. Parsley, dozen. 35c Peas hampers. $4 Spinach, home-grown broadleaf. bushel sllO. Radish: s. dozen 75c. Tomatoes 10-lb carton. $1.25; Florida original. $2 75 Turnips, bushel. 75c. Parsnips, half bushel. 75c. Beets, bushel. $1 25. Carrots, bushel $1.25; 100-lb. sacs. *1 75. All quotations subject to change, up ot down. FEirrs AND VEGETABLES ißv United Press' CHICAGO Jan 18 —Apples—Mclntosh, bushel. $150451.75: Jonathans. *1.504?1.5. Cranberries Massachusetts bat: els. $4 75*i 5 Cauliflower —California cr ites, $1252150 Cabbage—Wisconsin. 100-ib. sacks 50• i 85c Sweet potatoes—Tennessee, bushel. sls 110. Indiana Jerseys. $1.2541 150 Spmach—Texas, bushel. 80*5 90c Carrots —California crates. $3 15*5 3.25; Illinois, bushel. 404550 c. Celery—Michigan, square crates. $145 150 Turnips—lllinois, bushel 25630 c Lettuce —Western erstes. $2 40 5 3 25, Illinois ar.d Ohio leaf. 10 lbs.. 4045 73c Celery-Cabbage—Michigan, flat boxer.. 35040 c. Parsnips—lllinois, bushti. 506 65c. Beans—Mexican ciztes. $32,4. Rhubarb—Michigan. 5 lbs.. 25a65c.

PAGE 30

PARED PRICES FOR PRODUCE LAIOTOSALES Lack of Orderly Selling Process to Truck Peddling Blamed. By Times Special CHICAGO, Jan. 18.—Lower average prices to growers for produce, as £. result of demoralized conditions in .he central'markets growing out of truck transportation and peddli.ig of persihable products, nave maje the producer “the forgotten maa,” Clark Drury of Albert Miller Cos., potato distributers, today told the annual convention of the American Fruit and Vegetable Shippers’ Association. ‘ There is no orderly selling process to truck peddling,” Mr. Drury said, “no withholding of supplies lrom glutted terminal markets. Weather permitting, the truck peddler keeps a continuous over-supply rolling into the market, forcing lower levels and progressively lower prices to producers.” Mr. Drury presented charts and figures affording concrete examples of price demoralization in the Chicago and Detroit potato markets, two of the largest terminal markets which he said “are of sufficient importance, because of their size and location, to alone affect a good portion of the country.” Reflect Prices Realized The charts and figures reflected prices actually realized by truck peddlers of potatoes in the two markets in the last three months of 1934. “Very few’, if any earlot sales by established shippers were made in Detroit for this period,” Mr. Drury said. “Truck peddlers’ prices ran from nine to thirteen cents per hundred pounds less than established shipper prices at Detroit, and j 15 cents less at Chicago. “Truck peddlers prices declined during the peak movement in November 40 per cent more than the prices of established car-lot shippers. The figures used in these comparisons were taken from studies made by the United States Bureau of Agricultural Economics, with the assistance of the National Potato Association. Other Markets Affected / “This demoralization of price structure is present also in a large number of other markets to a more or less marked degree. Indianapolis, Toledo, Columbus. Cincinnati, Terre Haute. Louisville afford a few further examples. Everybody engaged in the potato business knows that wide spread underselling to this extent effects all producing sections and holds down prices to growers. “It is interesting to note that during extremely cold spells, when truck peddling is forced to a minimum by reason of low temperatures and perilous condition of roads, terminal markets immediately react to higher levels and prices to growers in producing sections advance. “Every’ large produce market in the country is passing through periods of demoralizing prices, due to unregulated truck transportation. These periods occur with such regularity that they have practically forced the old law of supply and demand out of the picture, and the problem of maintaining any regular flow of agricultural products from the producer to the consumer is hopeless.”

Ilendershot

BETTER ALIEN TONE AIDS WHEAT VALUES Corn, Rye and Oats Also Up Moderately at Start. By l nited Press CHICAGO. Jan. 18. A better tone in Liverpool lent strength to wheat futures on the Board of Trade today and prices pushed fractionally forward. At the start wheat was % to s g cent higher, corn was up >4 to % cent, oats were % to % cent up, and rye was up 14 to cent. The market here was not particularly active at the start, although commission houses and locals were conspicuous on the buying side. The English market was firm and advanced on a, scarcity of sellers. The demand in the United kingdom improved appreciably. Broomhall said the estimate of 140.000.000 bushels for the new Argentine crop and the sale of two more Australian cargoes to the Orient provided the bullish enthusiasm. •Bv James E Bennett) 11 00 Prev. Wheat— High. Low. A M. close. Mav 97% .97 .97% .97 Julv 89 .88% .89 .88% Sept. 86% .86% .86% .86% CornMay 86 7 .86'a .86% .86% Julv .81% .81% 31% .81’. Sept 78% .77% % .78 .77% Oats— Mav 52% .52’. .52% .52% Julv 45' 3 .45% .45*2 .45% Sept 42% .42*. .42% .42’,2 Rye— Me.v .69' .68% .69% .68% July 68% .68’2 .68% .68'2 Sept. ......*• .47% .67% .67% .68 LOCAL CASH MARKET Citv grain elevators are paving 89 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 82 cents and oats 46 cents.

Retail Coal Prices

The following prices represent quotations from leading Indianapo'is coal dealers. A 25-eent carrying charge per ton will be added. DOMESTIC RETAIL PRICES Indiana lump $5 20 Bgg 5 03 Nut 480 Brazil Block— Lump 5 54 Egg 5 31 Nut 5 04 GlendoraLump 5.34 -.5 5,59 Egg 5.1813 5.43 Nut 4 9565.20 West Virginia and Eastern Kentucky iGroup Bt 6 [email protected] Pocahontas and New River, smokeless 7 30(28 32 Coke, egg and nut 8 SO Pea Coke 7.40 ! Anthracite ..10.13812.85

♦ Abreast of The Times on Finance

(Bv Thomson & McKinnon). 11:00 A M. Prev. Oil*— High. Low. N. Y. close. i Amerada 52% 52% 52'* 52 ! Atl Rfg 24% 24'-a 24% 24 Barnsdall 6’* §4* 6% Consol Oil 7% "’* 7% 7 Cont of Del 17% 17% 17‘a 17% Ohio OH 10 10 10 9% ! Pt Corp 8% 8% 8% 8 i ! Seaboard Oil ... 23 23 23 22% Shell Un 7 6% 7 6% ; soc Vac 14 13% 13% 14 SO of Cal 30' 4 30'a 30'a 30% SO of Ind 24% 24% 24’a 24 5 a SO Os N J 41% 41 7 e 41% 41'* Texas Corp .... 8% 8% 8% 19% Steels— Am Roll Mills .. 21% 21% 21 5 b 21% Beth Steel .. 31% 31 31 >4 31 % McKeesport Tin. 94% 94% 94% 93% Mid Steel 12 1 4 12% 12% 12 Natl Steel 48’ i 48’ 2 48% 48 1 i Otis Steel 5% 5’ 2 5% 5% U S Steel 37 7 a 37V 2 37% 37% Motors— Auburn 25% 25% 25% 25*8 Chrysler- 38*4 37 7 a 38% 38 Gen Motors 31% 31' 2 31 5 a 31*4 Graham M0t.... 2% 2% 2% 2% Hupp 33 3 2 7 a Mack Truck 26*4 26% 26' 4 26% Nash 17 16% 16 7 4 1 7 Packard 5 4 7 a 5 5 Reo 2% 2% 2 7 a 2% Studebaker .... 2% 2'., 2'i 2V* Motor Access— Bendix 1514 15'* 1514 15% Bohn Alum .... 55 55 55 54*4 Borg Warner .. 30 29% 30 29*4 Briggs 27'4 27'i 2714 26 7 a Budd Mfg 5'4 4' 2 5 4% Budd Wheel 3% 3% 3% 3' 2 Eaton Mfg 17% 17% 17*8 1744 Elec Auto Lite.. 25> 2 25' 4 25'a 25% Houdaille (At.. ?,'a B'a B'a 8 Mullins Mfg 9’4 9% 9% 9 Murray Body ... 7% 7% 7*4 7>4 Stew Warner 8 8 8 B'a Timken Roll 35 34*4 34% 34' 2 Mining— Alaska Jun 17%% 17% 17% 18 Amer Metals .. 14% 14% 14% 14 3 4 Amer Smelt 35' 2 35'i 35’* 35 1 2 Aniconda 10% 10% 10% 10% Cal & Hecla ... 3% 3% 3% 3% Cerro de Pasco 41% 41'4 41*4 41 Dome Mines .... 36% 36 36% 36% Int Nickel 22% 22% 22% 22% Isl Creek Coal.. 35 35 35 34% Kennecott Cop.. 16% 16*4 16% 16% Mclntyre Mine-. 38% 38% 38% 38% Park Utah 3% 3% 3% 3 Noranda Cop... 32% 32% 32% 32'4 Phelps Dodge... 14% 14% 14% 14% St Joe Lead ... 15% 15% 15% 15% U S Smelters 111 111 111 109% Amusements— Fox Theater 11% 11% 11% 11% Loews Inc 32 3% 31% 32*4 Radio Corn .... 5 4% 4% 5 Paramount 3% 3% 3% 3*4 R K O 2% 2'/a 2% 2% Warner Bros ... 4% 4 4 4 Tobaccos— Am Snuff 63% 63% 63 % 64% Am Tob (Bl 82% 82% 82% 82% Gen Cigars .... 55 55 55 54% Ligg & Mvers B 105 105 105 105 Lorillard 20% 20% 20% 19% Phillips Morris . 43 43 43 42% Reynolds T iB) 47% 47% 4774 47% Rails— Atchison 49% 49% 49% 49% Atl Coast Lines 31 31 31 31 B & O 12% 12% 12% 12% Ch & Ohio . ... 43% 43 43'/a 42% C M & St P Pfd 3 7 4 3% 3% 4 Chi N W . 4% 4% 4% 4% Del Lac & W 16% 16% 16% 16% N Y Cent 18% 18% 18% 18% Nor Pacific 18% 18 18% 18% Pen R R 22% 22% 22% '22% Sou Pac 16% 16% 16% 16% Sou R R 13% 13% 13% 13% Union Pac 104% 104% 104% 105 Wabash 2% 2% 2% 2% Am Car & Fdv. 18 17% 18 17% Am Steel Fdv ... 16% 16% 16% 16% Bald Loco 5% 5% 5% 5% Gen Elec 23% 23% 23% 23% Pullman Inc ... 49% 49 49% 48% West Air Br . ... 24',4 24% 24% 24% Westingh Elec . 38 37% 38 38% Utilities— Am & For Pwr 4% 4% 4% 4% Am Power & Lit 3% 3% 3% 3% AT&T ...104% 104% 104% 104% Am Wat Wks .. 13% 13% 13% 13% Col Gas & Elec. 6% 6% 6% 6% Conn & Sou .. 1% 1% 1% 1% Consol Gas ... 20% 20% 20% 20% Int Hydro Elec.. 2% 2% 2% 2% Interboro R T .. 14 14 14 14 Int T & T 9*a 9% 9% 9'/a Nat Pwr & Lit . 7 7 7 7 North Amer 127* 12% 12% 12% Pac G & E 14 14 14 14 Peoples Gas .... 21% 21% 21% 22 Pub Serv N J .. 26 26 26 26 Std Gas 4% 4% 4% 4% Stone & Webster 4% 4% 4% 4% United Corp ... 2% 2% 2% 2% Un Gas Imp .... 12% 12% 12% 12% Ut Pwr &Lt “A” r% 1% 1% 1% Goodrich 10% 10% 10% 10% Goodyear 23% 23% 23% 22% Kelly Spring ... 2% 2% 2% 2% U S Rubber . . . 15% 15% 15'/ 4 14% U S Rubber pfd 38 37% 38 37/ 4 Miscellaneous— Allis Chalmers.. 16% 16% 16'% 16% Am Can 113% 112% 113% 112% Brklvn Man Tr. 40% 4040% 39% J I Case 55% 55 55% 54',2 Conti Can 64% 64*4 64*4 64% Caterpillar Tract 39% 38% 39',% 38% Crown Cork 24 24 24 24 Curtis Pub - ... 20% 20*4 20*4 20 Curtis Pub pfd . 96 96 96 94% Deere & Cos 28% 27 27% 26% Foster Wheeler . 13% 13% 13% 15% Glidden 24% 24% 24*4 24 Inter Harv 40 39*4 40 39 Owens Bottle... 86% 86% 86% 87 Foods— Armour Com .. 5% 5% 5% 5% Armour 6% pfd. 66% 66% 66% 66% Borden Prod . 24% 24% 24% 24% Cal Packing ... 38% 38 38*4 38 Coca Cola 171 171 171 170% Corn Prod 64% 64% 64% 64% Crm of Wheat.. 36 35% 35% 35% Cuban Am Sug . 6 5% 5% 6 Gen Baking .... 8% 8 8% 8 G W Sugar 27% 27% 27% 27 Natl Biscuit ... 28% 28% 28% 28 Natl D Prod ... 16% 16% 16% 16% Purity Bak .... 9% 9% 9% 9% Std Brands .... 18% 18 18*4 17% United Fruit ... 74 74 74 74% Wrigiey 76 76 76 76 Retail Stores— Assd Dry Goods 13 12% 13 12% First Natl Stores 50% 49% 50% 50% Hahn Dept Sts 5% 5% 5% 5% Kresge S S 20% 20% 20% 20% Kroger Groc .... 27% 26% 26% 27 Marshall Field . 10% 10% 10% 10% May Tent St. .. 32% 32% 32% 32% Mont Ward 28 27% 27% 28 Natl Tea 10% 10% 10% 10% Penney J C ... 72% 72 72% 71% Safeway St 42% 42% 42% 43 Sears Roebuck . 36% 36% 36 % 36% Wool worth 52% 52% 52 % 52% Aviation— Aviation Coro .. 5% 4% 5% 4% Boeing Aircft ... 9% 8% 9% 8% Curtiss Wright.. 2% 2% 2% 2% Curtiss Wright A 9% 9 9 8% Douglas Air ... 23% 22% 23% 22% Nor Am Av ... 3% 3% 3% 3% Sperry Corp .... 9% 9% 9% 9% United Air New. 14% 13% 14% 13% Chemicals — Am Com Alco.. 29 29 29 29 Com Solvents .. 22% 21% 22% 21% Dupont . 94% 94 94 94 Freeport Tex .. 24% 24% 24% 24*4 Liquid Carb ... 28% 28% 28% 27%

Delivered In Indiananolis crlces: Heavy hens. 13c; Leghorn hens. 7c; colored springers. 12c: large stags. 8c: Leghorn stags. sc; old roosters, sc; ducks. 7c; eeese, 7c: voung guineas. 20c:.01d guineas 15c. Turkevs No. 1 voung hens. 8 lbs. and over. 15c; voung toms. 14 lbs .and over. 15c: young toms. 11-14 lbs.. 13c; No. 2. crooked breasts and thin turkevs. 9c: old toms, all weights, lie: No. 1 strictly fresh country run eggs, loss off, 23c. Each fuli case must weight 55 lbs. gross: a deduction of 10c a pound for each round under 55 lbs. will be made. Butter. No. 1. 33®34c. Butterfat—3oc. Quoted by the Wadlev Cos. (By United Press) CLEVELAND, Jan. 18.—Butter—Market, firm, extras. 35%c: standards. 35c. Eggs —Market, firm; extra whites. 28c; current receipts. 26%c. Poultry—Market steady: fowls, colored. 4% lbs. and up. 17® 18c: ducks, light. 15c: ducks. 5 lbs. and up. 20c; geese. 14®15c turkeys, young. 20c. Fotatoes—Maine. J1.20W1.25 a 100-lb. bag: Ohio best mostly 75®85c a 100-lb. bag: New York. 85®90c a 100-lb. bag; Michigan. 75® 80c a 100-lb. bag.

Hides —Green country cows and 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 heads, shanks, mames and tails $2.75. medium size $2.25. AU No. 2 grade horse hides. 60c less: glues and ponies half price. No. 1 rendered tallow. 44i4%c: No. 2 at value. Yellow grease 3%33%c: dark grease. 3®3Vc. BARCLAY ASSETS GAIN By Times Special NEW YORK, Jan. 18—Barclays Bank, Ltd., of London reports as of Dec. 31 total resources of £413.407,530, up £1.350,000 in the year, according to cable advices received by the bank's New York representative. Earnings were £103,493 higher at £1,708.173. Houdaille-Hershey Corp. declared a dividend of $2 on Class A stock on account of accumulations.

INDIANAPOLIS, FRIDAY, JANUARY 18, 1935

New York Stocks

Produce Markets

Hides and Skins

, Monsanto Cheai 57% 57% 57% 57*4 Natl Dis ,new> 26% 26% 26% 26% Tex Gulf Su’.ph 34% 34 34% 34% Union Carbide 45% 45'4 45% 45% S'erling Prod.. 59% 59'* 59% 59% Vick Cnem .... 34% 34% 34% 34% Zonite Prod .... 4% 4% 4% 4% Financial— Adams Exp .... 6% 6% 6% 6% Am Int Corp 6% 6% 6% 6 Chesa Corp .... 4040 4040 Lehman Corp... 7C% 70% 70% 63% Transmerica ... 5% 5% 5% 5% Tr Conti Corp.. 3% 3% 3V* 2% Building— Am Radiator • . 14% 14% 14% 14% Holland Furnace 8 8 8 8 Int Cement ... 28% 28% 28% 29 Johns Manville . 52% 52 52% 52 Libby Owens Gls 30% 30% 30% 30% Household— Col Pal Peet ... 17% 17% 17% 17% Kelvin ator 17% 17% Proc & Gamble 44% 44 44% 43% Servel Inc 8% 8% 8% 8% Simons Bed S',a 9% 9% 9% Textiles— Celanese Corp.. 32% 32% 32% 32% Indus Rayon 31% 31% 31% 31%

Chicago Stocks

ißy Abbott. Proctor & Paine) 10:00 Prev, A. M. close. Bendix 15% 15% Borg Warner 29% 29% Butler Bros 6% 6% Berghoff 2% 2% Cities Service 1% 1% Cent 111 pfd 7% .. Cord Corp 3% 3% Elec House 15 14% Gen House Util 5% 5% Grt Lakes Dredge 18% 18% Marshall Fields 10% 10% Libby .. 7% 7% Pub Serv 111 18'a 18% Quaker Oats 129% 129 Swift 18% 18%

New York Curb

(By Abbott. Proctor & Paine) 12 Noon. Prev. N. Y. close. Alum Cos of Am 47 46% Am Cyanide “B'’ 17 16% Am Superpower 1% 1% Atlas Corp 8% 8% Can Indus Ale “A” 9% 9% Gulf Oil of Pa 29*8 29% Humble Oil 45 45% Lake Shore Min . 51% 51 Natl Bellas Hess 2% 2% Newmont Min 37% 37 % Nia Hud Pwr 33 Pan Am Airways 40% 40 Penn Road 1% 1% Std of Kv 19 19

N. Y. Bonds

(Reprinted from yesterday* DAILY BOND INDEX 20 20 20 60 Inds Rails. Util. Bonds Today 86.6 84.3 90.7 82.2 Yesterday 86.5 84.3 90.5 87.1 Week ago 87.1 86.4 90.9 88.1 Month ago . 85.8 83.5 89.1 86.1 Copyright 1935. bv Standard Statistics. Inc U. S. GOVERNMENT BONDS (By Fenner & Beane.) Liberty’s Prev. Close, close. Ist 3'/is 1932-47 104.7 104.4 Ist 4%s 1932-37 103.27 103.22 4th 4%s 1933-38 (uncalled) ... 103.31 103.31 4th 4%s 1933-38 (called) ...102.1 101.31 Treasurys 4'/ 4 s 1943-45 113.28 113.28 4s 1944-54 109.24 109.22 3%S 1946-56 108 107.23 3%s 1940-43 105.16 105.12 3 3 aS 1943-47 105.5 105.1 3 3 aS 1941-43 105.19 -05.9 3%s 1943-45 103.26 103.22 3%s 1941 105.4 105.2 3>4S 1941-46 103.28 103.24 3’aS 1946-49 103.15 103.6 3'/is 1945-52 102.26 102.21 3s 1951-55 102.18 102.5 3s 1946-48 101.29 101.24 Home Owners Loan Corp. 2%s 1949 97.28 97.29 3s 1952 100.5 100.1 4s 1951 101.4 101.5 Federal Farm Mortgage Corp. 3',is 1964 102 101.24 3s 1949 100.4 99.31 DOMESTIC (By Fenner & Beane) Prev. , Close, close. Alleg Corp 5s ’44 71% 72 AUeg Corp 5s ’49 62% 61% Alleg Corp 5s 'SO 22 23 Am Foreign Pow 5s 2030 5614 56 1 i Am Tel & Tel 5%5, ’43 112% 112% Am Tel & Tel 5s ’65 112% 112% Arm & Cos (Del) 5%s ’43. .... .103% 103% Atl Coal Line 4'/ 2 s ’64 92 91% Atch Top & S Fe 4'is ’4B 102'/i 107'2 Am Wat Wks 5s ’44 . . 95 95 Am Rolling' Mills 5s ’3B 11l 110 Va Balt & Ohio 5s ’95 71% 71 3 i Balt & Ohio 6s ’95 82Vi 82% Balt & Ohio 4’is ’6O 54% 55% Buff Roch & Pitt 4%s ’57 68% 69% Beth Steel 5s ’36 103% 103 7 e Chi Milw &StP 5s ’75 22% 22% Chi Milw & St P 5s 2000 6% 6% Cleve Un Term 5%s '72 101 Vi 102‘ 8 Cleve Un Term 5s '73 96% 96% Cleve Un Term 4'is ’77 89% 90 Col Gas 5s May ’52 80'/i 80 Col Gas 5s '6l 78 78 Can Pac Perp 4s 86la 86% Cent Pac 5s ’6O 78% 79% Big Four ’63 81 Colorado & Sou 4'/is ’BO 69'/i 68Vi Chi & West Ind 4s ’52 93% 94 Chi & West Ind s'is '62 -42% 102% Chi & Nor West 4%s ’49 19% 19% Con Gas 5s ’57 103% 103% Chesa Corp 5s ’47 104 103% Dodge Bros 6s '4O 106 Vi 106% Del & Hudson 4s ’43 93'/i 03% Erie 5s ’75 70 69% Erie 5s ’67 70 70 Grt Northern 7s ’36 93 93 Grt Northern 4%>s '77 76% 75% Gen Stl Cast W W 5%s '49.. 91 Vi 90% Hud <fc Manhat Ref -5s ’57.. 88% 88% 111 Cent 4%s '66 58 58% 111 Cent Jt 5 Vis ’63 71 70 111 Cent 5s ’63 75% 73'1 Interlake C&I 5s ’sl 79% 79% Interntl Hv El 6s ’44 51% 52% Internatl Tel & Tel 4*/is ’39. 70 69% Tnternatl Tel & Tel 5s '55 ... 67 67 Internatl Tel & Tel 4Vis ’52 .. 62% 61% P Lorillard 7s ’44 127% 127% McKess & Rob 5%s ’SO 95% 95% Midvale Stl 5s ’36 102% 102% Natl Dairy 5%s ’4B 102% 102% Natl Steel 5s ’56 106% 106% Nickel Plate 4%s ’7B 61 61 Nickel Plate 5%s ’74 72% .71 Nickel Plate 6s '35 66 66 N Y Cent 5s 2013 65% 65% N Y Cent 4%s 2013 (old) ... 59% 60 Nor Amer Cos 5s ’6l 84 84% Nor Pac 3s 2047 74% 74 Nor Pac 4%s 204? 86% 87Vi Nor Pac 6s 2047 100% 101 Nor States Pow 5s ’4l 105% 104% New Orleans Term 4s ’53 .... 85% 85',4 Otis Steel 6s ’4l 78 77 Penn Rv 4Vis ’B4 101% 101% Penn Rv 4'is 'Bl 102 Va 102 Penn Ry 4%s ’7O 94% 95 Pac G & E 5s ’42 ....109 108% Fortland Gen El 4‘is ’6O .... 53% 53Vi Para Publix 5%s ’SO 61 60 Penn P & L 4%s 'Bl 100 100 Postal Tel & Cab 5s '53 47 46% Rem Rand W W 5%s ’47 99% 99% Sinclair Oil 6%s ’3B 103% 103% Shell Union Oil 5s ’47 102% 102% Sou Pac 4%s 'Bl 64% 64% Sou Pac 4'is ’69 65Vi 65% Sou Rail 4s ’56 58 58% Sou Rail 6s '56 78 78% Sou Rail 6’,is 56 83% 83 Sharon Stl Hoop 5%s ’4B .... 85% 85 Texas Pac 5s ’BO 90% 90% Texas Pac 5s ’79 90% 90% Texas Pac 5s '77 90Vi 90% Union Pac 4s '47 108 108% United Drug 5s '53 89% 89% U S Rubber 5s '47 94% 94 N Y N H & Hart, 6s '4B 49 48 NYN H & Hart 4%s '67 42% 42 Warner Bros 6s ’39 55% 54% Western Mary 5%s 77 98% 96% Western Marv 4s ’52 88% 88% Youngstown S&T 5s ’7O .... 95% 96 Youngstown S & T 5s '7B .... 95% 95 Foreign— Brazil 8s ’4l 31 Vi 30% Canadian Govt 4s ’6O 104% 104% Denmark sVis ’55 99% 100 French 7s ’49 182 182 German 5%s '65 32% 34% German 7s '49 42% 43% Italy 7s 'sl 94% 93 Japan 6%s '54 92% 52% Poland 7s ’47 120% 120% Rome 6%s ’52 84% 84% Tokio City 5%s ’6l 74% 74% Yokohama 6s '6l 81 81% FEDERAL FARM LOAN BONDS Bv Blvth & Cos.) Bid. Ask. 4s July 1 1946-44 101 7 a 102% 4s Nov. 1. 1957-37 101% 101% 4s Mav 1. 1958-38 101% 101% 4%s July 1. 1956-36 101% 102% 4%s Jan. 1. 1957-37 101% 102'* 4%s May 1. 1957-37 101% 102% 4%s Nov. 1. 1958-38 101% 102% 4%s Mav 1. 1942-32 101% 101% 4%s Jan. 1 1943-33 101% 102 4%s Jan. 1. 1953-33 101% 101% 4%s Jan. 1. 1955-35 101% 101% 4Vis Jan. 1. 1956-36 101% 102% 5s May 1. 1941-31 101% 101% 5s Nov. 1. 1941-31 101% 101% NEW BUSINESS SOARS MINNEAPOLIS. Minn.. Jan. 18.— During 1934. the face value of new contracts written by Investors SynI dicate exceeded by $44,678,025 the value of those written during 1933, [an increase of 51.9 per cent.

FARM SHARES MOVE UPWARD; LEADERS QUIET Several Other Specialties Also Advance: Auto Group Steady. By United Pres* NEW YORK. Jan. 18.—Farm equipment stocks with gains of a point or more and several special issues featured early trading on the Stock Exchange today as leaders continued to fluctuate in a narrow range in a dull turnover. Deere & Cos. rose to 28%. up 1%; International Harvester 40, up 1, and Case 55*2, up 1. Mail order shares were mixed with Spiegel, May, Stern down 1% at 76. • Automobile issues were steady, while rubbers firmed and automobile equipments were in better demand. Mullins Manufacturing rose to 9%. up %, and Murray 7%, up %. Steels were steady to firm, rails slightly easier and utilities steady. Oils continued dull. Coppers made small gains. U. S. Steel around noon was at 37%, unchanged; American Can 112%, up li; American Telephone 104*2, off %; Chrysler 38, unchanged. and General Motors 31%, up %. General Electric was fairly active at a slight decline. Airplane stocks made good gains under the lead of United Aircraft,

Gleanings

A summary bf corporation news prepared by the Standard Statistics Cos., Inc., New York, follows: Bethlehem Steel Corp.—Supreme Court Justice Steuer, New York, signed an order requiring Bethlehem Steel Cos., a subsidiary, in effect, to pay interest on certain of its bonds at the old gold parity of the dollar. The Bethlehem Cos. obtained an order for 8000 tons of 130pound steel rail from Norfolk & Western Railway. Blue Ridge Corp. declared usual quarterly dividend of one-thirty-second of a share of common stock, or 75 cents in cash on $3 convertible preference stock. 'Charis Corp. declared an initial quarterly dividend of 37% cents on new $lO par common stock. Corno Mills Cos. 1934 common share earnings were $1.22, against 51 cents. Delaware & Hudson Corp. deficit of operating subsidiary, Delaware & Hudson Railroad Corp. in eleven months ended Nov. 30, 1934, was $3,075,416, against deficit $3,430,989. Florida East Coast Railw’ay deficit for the eleven months ended Nov. 30, 1934, was $2,623,111, against deficit $3,019,513. General Baking Cos. declared a dividend of 15 cents on the common stock. A similar distribution was made on common stock on Nov. 1, 1934. Kelly-Springfield Tire Co.—lt' was announced reorganization of Kelly-Springfield Tire Cos., a New York corporation, and a subsidiary of this New jersey company, has been effected with the election of new officers, headed by F. C. Ferguson, president; J. F. O’Shaughnessy and and. O’Regan, vice president. Reorganization of the New York corporation followed dissolution of receivership by Federal Judge Hulbert. New York. Mackay Companies—Land line operations of Postal TelegraphCable Cos. in November resulted in a net loss of $273,367 against net loss of $358,736 in November % l933. In the eleven months net loss was $2,457,627. Pennsylvania Railroad common share earnings for the eleven months ended Nov. 30, 1934, were ! $1.22, against $1.45. Reading Cos. common share earnings for the eleven months ended Nov. 30, 1934, were SI.BB, against $2.60. Sharon Steel Hoop Cos. announced it will redeem on Feb. 1 the script certificates, series A, issued in partial payment of the interest coupons due Feb. 1, 1933, on its first mortgage 5% per cent sinking fund bonds, series A. Spalding (A. G.) & Bros, is operating its two Chicopee (Mass.) plants at capacity with about 900 employed. St. Louis-San Francisco Railway deficit for the eleven months ended Nov. 30, 1934, was $9,325,089, against deficit of $9,159,855. United States and British International Cos., Ltd., net asset value on Nov. 30, 1934 equaled $11.92 a preferred share, against 66 cents on Nov. 30, 1933. United States Steel Corp. subsidiary, Carnegie Steel Cos., received an order for 24,000 tons of 130-pound steel rail from Norfolk & Western Railway Cos. Wabash Railway—Public Works Administrator Ickes announced granting of loan of $2,350,000 for a new bridge to be constructed by Wabash St. Charles Bridge Cos., subsidiary of company, across Missouri River at St. Charles, Mo. Western Pacific Railroad Corp. deficit of operating subsidiary, Western Pacific Railroad Cos., in 11. months ended Nov. 30 was $1,436,404, against deficit of $1,935,305. Willys-Overland Cos. is adding 1.000 workers to increase production of new passenger cars. It was said recevier has obtained orders for 6,000 from the eastern territory. Previously 5000 cars had been ordered by Pacific coast and Atlantic dealers. Naumkeag Steam Cotton Cos. common share earnings for th© year ended Nov. 30, 1934, was $3.08, against 39 cents. Portrero Sugar Cos. deficit for the j year ended Oct. 31, 1934, was $139,- j 335, against deficit $227,296, Fairey Aviation Cos., Ltd., will pay a dividend of 9 cents on American shares of this company on Jan. 24. On Jan. 24, 1934, a distribution of 18 cents was made on American shares. Gleaner Harvester Corp. earned over $1 a share in 1934. Hamilton Woolen Cos. deficit for the year ended Nov. 30, 1934, w*.s $375,167, against net income $283,104,

In Quest of a Bank Search for Identity of Super-Liquid Bank in 1907 Panic Finally Stamped With Success.

BY VINCENT S. LYONS Times Financial Editor “A large Indiana bank boasted that It bad 67 per cent of its deposits in cash.” Frank A. VanderliD in the current %sue of the Saturday Evening Post, discussing the banking crisis of 1907. Feeling very much like an archaeologist we started out on a one-man expedition to unearth this dead display of super-liquidity. Accoutred in such a manner as to withstand the absorption of dust from long-undis-turbed tiles, our mythical caravan stopped at various banking institutions throughout the city. Natives of the banking world, familiar with Indiana banking lore, could not recall the name of the bank, try as they might.

Finally, our safari reached the home of the Indiana National Bank. Marching into the office of Arthur V. Brown, president of the institution, we told him of our mission. Eureka! The search was at an end. Mr. Brown could tell us the name of the bank which had boasted of a 67 per cent degree of liquidity in a panicky period. But, wait! We could experience another sensation of the archaeologist by seeing the record in black and white. The pressing o f an annunciator button yielded an assistant who was detailed to bring a file of the old condition statements of the institution, 1907 Reports Studied Skimming lightly through the file lest too vigorous a thrust would disintegrate some of the records, we came to the reports for 1907. We carefully selected the statement in response to the national bank call as of Dec. 3, 1907. Thus, we discovered that assets on that date aggregated $6,819,843, of which cash represented $1,551,000 and money due from banks, $1,969,000. Including United States Government bonds, the next best thing to cash, it was revealed that more than 65 per cent of the institution's deposits were comprised of readily liquid items. A few months before, in the midst of the banking panic, the ratio was even greater, although jio statement was available on the exact, date that the boast was made. Elated at the successful outcome of our quest, we pressed our informant to engage in a bit of “harking back.” Volney T. Malott, bearded maestro of the Indiana National Bank at that time, was responsible for this showing, Mr. Brown said, adding that the maintenance of a high degree of liquidity was tantamount to a religion with him. Street Strikes Memory “Mr. Vanderlip’s reference to Julian Street should strike another chord of memory among Hoosiers,” Mr. Brown said. “Mr. Malott became a business associate of John Hilt in the formation of an ice business in and around this area. When Mr. Hilt died, his daughter became the ward of Malott. A little while later, Ma ori’s ward married Julian Street, who was a protege of Booth Tarkington. “A curious twist is given to the relationship by the fact that eventually Julian Street’s son married the daughter of Frank A. Vanderlip. “In those past days, Mr. Malott was an important personage in the business scene of the community. In addition to being president of the Indiana National Bank he was at one time an official of the Indianapolis, Peru & Chicago Railroad. He was prominent, too, in getting together a group of business men which eventually organized the Merchants National Bank." Mr. Brown was a director of the Indiana National at the time the 1907 panic hit the country, and recalls some of its phases very clearly. For instance, he said, that depression was brought about by the lack of elasticity of the currency, while the banking collapse of 1933 was induced gradually by the postwar expansion of business and credit.

Other Livestock

(By United Press) FT. WAYNE. Jan. 18.—Hogs—Top 5c higher, others steady. 250-300 Ids., $8; 225250 lbs.. $7.35; 200-223 lbs.. $7.75; 180-200 lbs., $7.65; 160-180 lbs.. $7.55; 300-350 lbs.. $7.55; 150-160 lbs.. $7: 140-50 lbs.. $6.50; 130-140 lbs.. $6; 120-130 lbs.. $5.75; 100120 lbs., $5.25: roughs. $6.50; stags. $4.25. Calves. $10; lambs. $9. LAFAYETTE. Jan. 18.—Hoes—Market. 154725 c higher; 275-300 lbs. $8.15; 300325 lbs.. $7.85: 225-275 lbs.. $8.05; 200-225 lbs.. $T 95; 180-200 lbs.. $7.85: 160-180 lbs.. $7.75: 155-160 lbs., $7.50: 150-155 lbs.. $7.25: 140-150 lbs. $7: 135-140 lbs.. $6 75: 100135 lbs.. $5.25®6 50: roughs. $7 down; native lambs. $8.25 down; western lambs. $9 down; calf market. 50 higher: top of $lO. (By Times Special) LOUISVILLE. Jan. 18.—Cattle—Receipts, 350; including 135 Stockers: moderately active trade on slaughter classes; generally steady at week’s level; supply light and quality plain; most common to medium steers and heifers. $5417; very little Included of value to sell above $7.50, but good kinds auotable around $8.50; bulk beef cows. $3.25 , 54.50; good kinds and smooth heifer types quotable somewhat higher; bulk low cutters and cutter cows. $1,754? 3: sausage bulls, $4 down; common to medium grade native Stockers and feeders, $4 25(55.50; good Hereford stock calves quotable to around $6.50. Calves — Receipts. 250: steady; bulk good to choice vealers. $8 , 39: medium and lower grades. $7.50 down. Hogs—Receipts. 400; mostly steady to except weights from 180-195 lbs.. 35c higher; top and bulk better 200-300 lbs., $7.50: 180-195 lbs.. $7.75: 305 lbs. up. $7 45: 160-175 lbs . $7: 140-155 lbs.. $6.50; 120-135 lbs.. $5,55; sows, $6.15. Sheep— Receipts. 50: steady; bulk medium to good iambs. $74? 8: choice quotable to around $8.75; common light throwouts mostly $5.50. and fat ewes. $2413. BOOT, SHOE OUTPUT UP By Times Special WASHINGTON, Jan. 18.—Output of boots and shoes during November totaled 23,556,028 pairs, against 28,505.703 in October and 23,694.800 in November, 1933. Department of Commerce reported today.

-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

What Does It Mean? Shorts —. 4 person who borrows stocks or commodities in order to sell them is a short, or “bear.” As what he sold was not his, eventually he must buy what he sold and return it to the lender.

HOGS CONTINUE RISEATYARDS All Classes Generally 15 Cents Higher; Veals Move Upward. Despite a normal run of receipts on hand in early trading at the local stockyards today, porker prices continued to move upward, with the majority generally 15 cents higher than yesterday's average. Supplies were estimated at 6000. compared with only 3000 yesterday. Trading was at a fairly active pace with a heavy demand prevailing on all classes. Some livestock traders have attributed the increase in prices during the last two sessions to a scarcity of hogs throughout this section of the counrty resulting from the Government slaughtering program last fall. Today’s moderate increase sent prices of good and choice grades upward to $8.15 a hundred weight. The general bulk, 160 to 350 pounds, sold at $7.85 to $8.15. Lights, scaling 130 to 160 pounds, held at $6.40 to $7.40, while 100 to 130 pounders sold at $5.15 to $6.15. Packing sows brought $6.75 to $7.50. Holdovers were 158. With a slow and dull trade prevailing in all classes in the cattle market, prices remained mostly unchanged at the previous close. Early quality was plain. No early sales were reported. Receipts were 600. Vealers again moved sharply 50 cents higher, selling at sll down. Lamb prices remained stationary with only slight interest evWent. The bulk of good native lambs ranged from $9 to $9.25, while extreme heavies sold at $9 down. Throwouts brought $6.50 to SB. Slaughter sheep held at $5. All fed western grades were undeveloped. Receipts were 1500. , HOGS S, u i. k „„„ Top Recelnts. <a' *J.7O@ 8.00 SB.OO 2000 is' l inn, 5 22 8 05 7000 7 88 7.85 9000 16. 7.50® 7.80 7.85 5000 } 7 - 2' 70 S 8 00 8 00 3000 18 7.85® 8.15 8 15 6000 Light light: (160-180) Good and choice $6.90® 775 Medium g.65® 7:40 Light weight: (160-180) Good and choice . . 7.85® 7.95 Medium 7.40® 7 65 (180-200) Good and choice .. 7.95® 805 Medium 7,50® 7.75 Medium weight: (200-220) Good and choice . . 8.05® 8.10 (220-2501 Good and choice .. B.lo® 8.15 Heavy weight: (250-3901 Good and choice... 8 05® 8.15 (290-3501 Good and choice .. 7.85® 8.05 Packing sows: (275-3501 Good 7.25® 7.50 (350-425) Good 7.10® 7.35 (425-550) Good 7 00® 7.25 (275-350) Medium 6.75® 7.10 Slruchter pigs: (100-140) Good and choice .. 5.15® 6.65 Medium 4.50® 6.50 CATTLE —Receipts. 600— —Steers—-(sso-900) Choice $9.50® 11 00 Good 8 00® 10.25 Medium 5.75® 8.00 Common 4.00® 5.75 (900-1100) Choice 10.50® 11.75 Good 8.50® 10.75 Medium 6 25® 8.50 Common 4.25® 6.25 (1100-1300) Choice 11.00® 12.10 Good 8 75® 11.00 Medium 6.25® 9.00 (1300-1500) Choice 11.00® 12.00 Good 9.00®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 4.75® 6.50 Common and medium 3.00® 4.75 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, 600— Good and choice $10.00®11.00 Medium 7.50® 10.00 Cull and common 4.00® 7.50 —Calves—-(2so-800) Good and choice .. 5.50® 7.50 Common and medium 3.00® 5.50 —Feeder and Stocker Cattle——Steer*— (500-900) Good and choice .... 4.50® 6.00 Common and medium 3 00® 4.25 (900-10501 Good and choice... 4.75® 6.00 Common and medium 3.25® 4.75 —Cow 4 Good 3.75® 3.75 Common and medium 2.00® 3.25 SHEEP AND LAMBS —Receipts. 1.500 — Lambs, 90-lbs. down, good and choice $8 75® 9.25 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 FARM PRICES HIGHER Gentral Level Now Generally Up From Mid-December Figure. By Times Special WASHINGTON, Jan. 18.—The Bureau of Agriculture Economics declared today that the general level of farm prices currently is somewhat higher than in mid-December and more than a third above a year ago. Indications point to a further increase in prices for meat animals in relation to feed prices, the bureau added.

FURTHER SPURT SHOWN HERE IN NEW INSURANCE 40 Indianapolis Companies Report December Rise of 8.8 Per Cent. Forty life insurance offices in Indianapolis, doing about 85 per cent of the life insurance business transacted in Marion County, report a gain of 8.8 per cent in December over the paid-for business in November. This gain follows an improvement in November, which in turn was nearly 6 per cent over October. A gain of more than 11 per cent was shown in October over the month before. Thus, there were three I straight months of consecutive increases of large proportions. , The 40 offices in December placed a total of 7.776 policies, yielding $4,190,310. For the last quarter these same offices placed 4932 applications for $11,674,408. Only Ordinary Life The figures are on regular ordinary life insurance and do not include the large amount of industrial (weekly premium) insurance sold in the country. Increases in industrial business, the figures on which are not included in the totals given above because the totals on all Industrial business are not available, speak volumes in indicating a better condition among wage earners. One of the Indianapolis offices, with state-wide representation, reported the largest November and December in its history. This agency made a gain in the state of Indiana of 65 per cent in 1934 over 1933. Large Volume Seen The prediction is made that a tremendous amount of single premium and annuity policies will be sold in 1935. An agency representing one of the oldest companies in the country reports an increase in Marion County in the year just closed of 40 per cent over the year before, another of 45 per cent, with indications that 1935 will be the best year the agency ever had. BAKING INDUSTRY TO REOPEN CODE DETAILS Employers and Labor Agree to Study of Wages. By Scripps-Haward Newspaper Alliance WASHINGTON, Jan. 18. The first “peace time” arrangements to reopen wage and hour provisions in a code have been made by the baking industry. Without a strike or threat of strike, employers and employes have consented for the Labor Department to study wages, hours and employment in bakeries, the findings to be conceded by both sides at an NR A rehearing on code provisions. The original code set up a 40-44-48-hour week, the hours depending upon mechaniical facilities or the number of employes in each plant. Minimum wages were fixed at 40 cents an hour in the north and 35 cents in the South, with several exceptions and exemptions. Both clauses were protested by labor at the time of the code’s adoption. RETAIL TRADE TREND UP, SURVEY DISCLOSES Definite Forward Movement Shown in Most Major Cities. By Times Special ST. LOUIS, Jan. 18.—A definite uptrend in retail business at practically all major cities of the country was reported today by the National Retail Credit Association following a survey of credit sales and collections of 24,104 retail stores in 76 cities. Retail collections showed an average gain of 9.9 per cent during December, contrasted with the corresponding 1933 month, while credit sales spurted 18 per cent, it was revealed in the report. Expanded collections were reported by 72 of the 76 cities. Credit sales rose in 75 of the cities. RICE IS RE-ELECTED By Times Special LOUISVILLE, Ky„ Jan. 18.—Ernest Rice, general agent of the Farm Credit Administration of Louisville, has been re-elected for the coming year at the annual meeting of directors of the Federal Land Bank of Louisville, functioning for that purpose as district council of the Farm Credit Administration.

INSURANCE All Kinds With the Exception of Life A. J. Wichmann & Cos., Ine. 712 Circle Tower

mmHH* General Banking Courteous, dependable writs Bankers -Trust Cos.

BE SAFE ijkJeMK —Fin Protection flfiOTState Automobile XlfJibl&r insurance Ass’n. LI-#s7L^7thFloorOcrldeet^Blij.

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