Indianapolis Times, Volume 46, Number 217, Indianapolis, Marion County, 19 January 1935 — Page 14

Trends Highlights of the News During the Last Week. BY VINCENT S. LYONS

'ime Financial tditor THE Securities and Exchange Commission drafted new regulations for the issuance of securities by registered corporations. Joseph Kennedy, chairman of the SEC. pointed out that the rules are liberal and are expected to allow the undertaking of approximately *3,000.000.000 of financing. .. . The Indianapolis Federation of Civic Community Clubs will seek legislation at the current General Assembly to nx a 5 per cent interest limit on ail mortgage obligations . . . William Green, president of thp American Federation of Labir, inaugurated a campaign to bring about a 30-hour work week in industry. . . . Frank E. McKinney, who will become treasurer of Marion County next January, has been elected president of the Fidelity Trust Cos., following the absorption of control of the institution last week. Timothy P. Sexton, former president, will remain with the bank as vice president. . . The Department of Agriculture blamed the drought in the early planting season and cold weather around the middle of December for a reduction in the Florida citrus crop for 1934-35 from 28,000.000 to 24 000.000 boxes. . . . Clarenee E. Mamon, professor of law' at Notre Dame University, has been recommended by Senator Sherman Minton as Indiana's member of the National Emergency Council to succeed Fred Hoke, who recently resigned. . . . The United States Senate called upon Secretary of Agriculture Wallace to furnish all available information regarding the “corner” which developed in sugar futures last month in the New York market. a a a A SHARP spurt in steel operations during the week brought the national average 4.1 points higher to 47.5 per cent of capacity, the American Iron and Steel Institute declared. . . . W. I. Myers, governor of the Farm Credit Administration, declared that cooperative credit institutions have been setting the pace in bringing about more reasonable interest rates and better credit practices to farmers in an address before the annual agricultural conference at Purdue University. . . . New buildand and repairs to buildings in Indianapolis last year gained $1,000,000 over the preceding year, William F. Hurd, building commissioner, reoprts. .. . Uncertainty over the impending decision of the United States Supreme Court on the validity of the gold clause in bond contracts unsettled the stock and commodity markets. . . . The Bell System added 298.000 telephones during 1934, contrasted with a loss of 630,000 stations in the preceding 12 months, the American Telephone and Telegraph Cos. revealed. . . . The alternative to voluntary collective bargaining is increased political control of wages and hours, Donald Richberg. executive director of the National Emergency Council, declared in an address at Chicago. . . . Cattle on fppA for market in corn belt states on Jan. 1 were 46 per cent below a year ago, the Bureau of Agricultural Economics reported. The decrease was the sharpest since the reports were inaugurated 13 years ago. ana JOHN P. COLLETT, president of the investment banking firm of Collett & Cos., Inc., has been appointed chairman of the Board of Governors of the Investment Dealers and Brokers Association. . . . Production of electrcity for the week ended Jan. 12 aggregated 1.772,609.000 kilowatt hours, compeared with 1.668.781.000 kilowatt hours in the preceding week, the Edison Electric Institute reported. . . . Credit sales and collections in December registered a general improvement throughout the country, according to the National Retail Credit Association. . . . Evans Woollen Jr. was elected president of the Fletcher Trust Cos. at the annual meeting of directors to succeed his father, who has held that post since the bank was established in 1912. . . . v eb. 4 was set by County Commisisoners as the date for a rehearing on the recent petition of the Users Gas Cos. to supply natural gas in Marion County outside of Indianapolis. . . . Secretary of Agriculture Henry A. Wallace sot a Bankhead tax-free cotton production limit for 1935 of in. 500.000 bales of 500 pounds each, virtually the same as in the preceding year. ... A membership on the New York Stock Exchange has been sold for $90,000. a reduction of SLO.OOO from the last previous transfer.

On Commission Rou)

Quotation* below are average wholesale prices being offered to buyer* by local commission dealers. I fruits —CrnnDemas. Cape Cod. late Hones. 25-lb. box *5 25. Grapes Calilornia Emperors. 27-. b. bo\. $2 50. Per- ! Mmmons. California. 74s *1 15. Bananas, ; 4 3 4 C a lb. Apples. Indiana Jonathans, i *1 85 Grimes Golden. V.s*fa'l.6s. Lemons. I Sunkist 36<K *5 Grapeltuit Texas, seed- f less s3<i 3.25. Limes. M.-xican per carton 12s 25c. Bvram. seedless, per hundred. *3. California rhubarb. $1 a 5-lb. box Pears. ; Oregon Danjo. box. $3.50 Pineapples. 30s. $4 25< i 4 50. Advocados. Florida, box. $2 ; Strawberries. Florida, pint, 35c. Apricots. $3 a crate. _ Vegetables Cabbage. Northern Danish. 50-lb. ba* 60c. red 50-lb box. 90c. New Texas Cabbage. 50-lb. bag. *1 65. Onl Idaho sweet. Spanish, large. 50-lb. bag _;.65: Michigan veliow me<4. 10-lb bag | 2'sc: western white. 50-lb. bag. SI 85; Michigan veliow. $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. S2 25. New Texas potatoes. $1.5091.75. Sweet potatoes. Indiana Jersey* bushel. 51..5: Tennessee Nancv Halls, bushel. SI 35 Beans, stringless. hampers. $5.50. Celery Michigan medium dozen. 75c: Jumbo, dozen. 90c: hearts, bunch. SI 60 Cucumbers, dozen $2 75: southern bushel. $4. Endive, dozen. $1 65 1.75 Egg plant. $2 25 dozen. Kale. Virginia, bushel. 65c Lettuce, hothouse. 15-lb basket $1 60. Arizona Iceberg head lettuce. $4. Mangoes. Florida, crate. s4fa 450 Mint bunch 15c Parsley, dozen. 35c Peas hampers. $4. Spinach, home-grown broadleaf. bushel. SI.IO. Radishes, dozen 75c. Tomatoes. 10-lb carton. SI 25: Florida original. S2 75. Turnips, bushel. 75c. Parsnips half bushel. 75c: Beets, bushel. Si 25 Carrots, bushel 51.25: 100-lb. ssclt. SI 75 All quotations subject to change, op or down. FRUIT* ASn VEGETABLES <Bv United Pressi CHICAGO Jsn. 19 —Apples--Michigan ’■ Toro h bushels. Slsofalis; Jonathans. ’ 50'., l 75 Cranberries Massachusetts • barrels. $4 75*., 5. Mauliflower—Calibrates. St 35 .11 60. Cabbage—Wis--100-!b 50'./Rsc Sweet potatoes—nnessee bushels. 51451 10: Indiana. 51.25 Spinach—Texas bushels. 80c fa •0 Carrots—California crates. S3 15fa -5 Illinois bushels. 40fa50c Celery—--b g*n square crates. 75 fasl.2S. Tur- -- Illinois bushels 25faJ0c. Lettuce—--stern crate*. s2 s*r3 2S Celery-cab- • e—Michigan ®*t boxes. SOfaSOc Par--ips— Illinois bushels. 50 fa 60c. Beans— Mexican bushel hampers. S6.SO. Rhubarb —Michigan lb*., 25u60c.

♦ Abreast of The Times on Finance

PAGE 14

STEEL ISSUES LEAD MARKET HIBHERON DAY Gains in Section Range to More Than 6 Points; Trading Quiet. MARKETS AT A GLANCE Storks move higher under lead of steel issues in quiet trading. Bonds active and higher; U. S. Government issues rally. Curb stocks irregularly higher; specialties strong. Chicago stocks firm. Cotton steady around previous close. Foreign exchange—Dollar slightly firmer against gold units. Rubber futures rise 2 to 10 points. Silver unchanged at 54!i cents. BY ELMER C. WALZER United Press Financial Editor NEW YORK. Jan. 19.—Steel shares, aided by glowing reports of activity in the steel industry, led the stock market upward in a quiet session today. Gains in the divisiion ranged to more than 6 points and followed reports from various steel centers of gains in operations. United States Steel firmed to SB I.*, 1 .*, up \, ar.j its preferred 88. up ?i, while Republic preferred reached 48 *, up 2%;. Otis preferred 34' 2 , up 6 1 -:, and the common 6%, up%; Sharon Steel Hoop; 13 V up 1; American Rolling Mill 22 '2 , up uethlehem 31%, up -li, and the preferred 73*4, up 11-,l 1 -, and Youngstown Sheet and Tube 20-4,1 up %. Another feature of the list was a recovery in railroad issues, which! had been depressed of late. Atlantic Coast Line rose I*4 to 32 >4, and smaller gains w’ere noted in New York Central, Northern Pacific, Great Northern preferred, Pennsylvania and Baltimore & Ohio. Canadian Pacific vas heavily traded, rising to 13%, up V Farm equipments continued to gain Oil stocks were steady and quiet, while oil equipment issues were better. Utility shares were; easier at the opening, but they rallied partially in subsequent dealings. 1 Volume was small in the group. Week in Review Uncertainty over the Supreme Court decision on the gold clause continued to dominate markets of the nation in the last week. Stocks had periods of decline, but later steadied. Bonds also were buffeted about. Commodities lost ground after their recent strength. The dollar soared to new highs for months in foreign exchange dealings on Tuesday when Europeans jumped to the conclusion the dollar would be revalued in event of an adverse gold clause decision. It recovered its equilibrium later. Features in the steel industry include announcement that McKeesport Tin Plate Cos. will operate at capacity Monday; recall of 700 workers by National Tube; resumption of the 6-day week with corresponding salary increases for some of the United States Steel Corp. salaried workers. In the period of extreme nervousness over gold decision, the gold and silver shares were heavily sold. So were the railroads. Utilities, however, held well. The latter two have the largest amount oi goldclause bonds among private industry. Gold and silver issues closed lower on the week, but were w'ell above their lows. Rails also recovered part of their decline. Utilities were lower on the w r eek. Oil shares fluctuated narrowly, despite a sharp pickup in oil production. In the East the situation had its good and bad points. In the metropolitan area gasoline prices were advanced, while in some upstate New York cities anew gasoline war was in progress. Indications from the oily centers was the “hot” oil output would be curbed by state action.

Money and Exchange

INDIANAPOLIS STATEMENT Clrarlnes S 2.127.000.00 Debits 4.753.000.00 Clearinas for the week 13.315.00 00 Debit* for the week 33.616,000.00 TREASURY STATEMENT By United Press WASHINGTON. Jen 19.—Government expenses and receipts for the current fiscal vear to Jan 17. compared with the correspondine period of the previous fiscal vear; This Year. Last Year Expenses 53.854.639.424 43 $3,255,257,439.62 Receipts . 1.994.257.655.72 1.612.630.729.60 Deficit . . 1 860 381.768 71 1.642,626,710.02 Cash bal . 2.413.113 286 31 625.965.900.39 I FOREIGN EXCHANGE (Bv Abbott. Proctor & Painei Prev. Close, close. Sterling. Fneland ....$4 88% $4.88% Fmnc. France 0658% .0658% Lira. Italy 0852 0852 Franc. Belsium 2330 23.43 Mark Germany 4000 .4006 ! Guilder, Holland 6744 .6748 Peseta. Spain 136* .1364 Krone. Norwav 2452 Krone. Denmark 2180 .2184

Commodity Prices :By Fenner & Beane)

COTTON NEW YORK Prev. High Low. Close close January . 412.36 12.34 March 12 46 12.38 12 45 12.41 May 12 52 12 45 *12.51 12 48 July 12.54 12 48 12.54 12.48 October 12 44 12 37 *l2 43 12 38 December . . 12.51 12.44 12.51 12 45 Spot steady. 5 up: middlings. 12.65. NEW ORLEANS Prev. High. Low. Close close. January . *l2 28 12 26 March 12 46 12 38 12 42 12 oO Mav 12 54 12 46 12 50 Julv 12 55 12.47 12.52 12.51 October 12 44 12 36 12 41 12 39 December . .. 12 50 12 46 12 50 12 44 Spot steady, unchanged: middlings. 12 61. NEW YORK COTTONSEED OIL Prev. Close close. January . . 11.008 . March 11 23 11 21 11.208 11.15 Mav 11 25 11 21 11 238 111. July 11 31 11 28 11 29 11 23 SUGAR Prev High Low. Close, close Januarv 1 83 1 83 *1 82 1.83 March 1 88 1 87 1 87 1 87 Mav 1 93 1 92 1 92 1.93 Julv 1.97 1.96 *1 96 197 September „ 201 201 *2 00 202 December 2 08 2 08 *2 07 2.08 BUTTER Prev. High. Low. Close. Close. January 31* .31 31* .30*4 February 31*4 30’a..370 7 .30*2 March 30*4 30‘j .30*a .30 EGGS Prev. High. Low. Close. Close. January 24~2 .23*4 .244 .22W April 22 .2l* .22 .21 October 23‘a MU M'rk M\,

INDIANAPOLIS, SATURDAY, JANUARY 19, 1935

New York Stocks

Volume approxim ited 390,000 shares, compared with 670,000 shares last Saturday. Dow, Jones preliminary closing averages showed industrials 102.96, up .60: railroads 35.14, up ,56; utilities 17.36, unchanged. (By Thomson <fc McKinnon ( Prev. Oil*— High. Low. Close, close. Amerada 53% 53’* 53’ 2 53 Atl Rfg 24% 24 1 , 24% 24% Barnsdall 6% 6% 6% 6% Consol 0.1 7% 7% 7% 7% Cont of Pel 18 17% \V a 17% Houston icld, .. 15% 15% 15'* 15 Mid Cont Pet ... 11 ll% 11% 11% Ohio Oil 10 1 10 10% 16% Pet Corp 8% 8% 8% 8% Phillips Pet .... 14* 14 3 14% 14U Pure Oil 7 6*, 6% 7 Roval Dutch ... 31' 2 31' 2 31' z 30*4 Seaboard Oil . 23 22 3 4 23 22\ Shell Un 7'. 7 7’, 6% Skelley Oil 7’a 7 7'a 6% I Soc Vac 14 13% 13 3 4 14 S O of Cal 31 30' 2 31 30% i S O of Ind 24% 24', 24% 24% iSOOf N J 42'a 41 3 4 41% 41 s * i Texas Corp 20 19% 19% 19% Tidewater Assn . 9% 9 9 9 ! Steels— Am Roll Mills.. 22’a 22' 22% 21% Beth Steel 32% 31% 32% 31% Byers AM 18% 18% 18% 18% Col Fuel & Iron 5% 4% 5% 4% Cruc Steel 22% 22% 22% 22% Inland Steel ... s', 53% 53% 53% Ludlum Steel ... 17% 17% 17% 17% McKeesport Tin 95% 95% 95% 95 Mid Steel 13% 12% 13% 12% Natl Steel 49% 49 49% 49 Otis Steel 6% 6 6% 6 Rep Iron A. Stl 15% 14% 15% 14% Rep Ir & Stl nfd 49% 49% 49% 46 U 3 Pipe Az Fdy 19% 19% 19% 19% U S Steel . ... 39% 37% 38% 37% U S Steel pfd -. 89 88 89 87% Warren Brcs. 5 5 5 4% Youngst’n SAi T 20% 19% 20% 19% Motors— Auburn 25% 25 25% 25% Chrysler 38% 38% 38% 38% Gen Motors ... 32 31% 32 31% Graham Mot ... 2% 2% 2% 2% Hudson 10% 10% 10% 10% Hupp 33 33% Mack Truck ... 26% 26% 26% 26% Nash 17% 17 17% 17% Packard 5 4% 4% 5 Reo 33 3 27a Studebaker . ... 2% 2% 2% 2% Motor Access— Bendix 15% 15% 15% 15% Bohn Alum 55% 55 55 54% Borg Warner . . 30% 30 30% 30 Briggs 27% 27 27 % 27% Budd Mfg 5 1 8 5 5% 47a Budd Wneel ... 4 4 5 4 Eaton Mfg ... 18 17% 18 17% Elec Auto Lite 25% 25% 25% 26 Houdaille “A’’ .8% 8 3% B', a Mullins Mfg ... 10% 10 10% 10 Stew Warner ... 77-a 7% 7% 8 Timken Roll . . 35 34% 35 34% Timken Det Axle 6% 6% 6% 6% Mining— Alaska Jun .... 18 17% 17% 17% Arr Metals 15 14% 15 14% Am Smelt 35% 35% 35% 35% Anaconda 11% 11 11% 107s Cerro De Pasco 41% 41% 41% 41 Dome Mines ... 36% 36% 36% 36% Gt Nor Ore 11% 11 11 Va . Howe Sound ... 46 45 % 45% 45% Int Nickel 23% 23 23% 23 Isl Creek Coal . 35 35 35 35 Kennecott Cop . 16% 16% 16% 16% Mclntvre Mine . 39% 38% 38% 38% Noranda Con ■ 33% 33 33% 33% U S Smelters ...111 109% 110 110% Vanadium 20% 19% 20% 19% Amusements— Croslev Radio .. 13% 13% 13% 12% Fox Theat 11% 11% 11% 11% Loews Inc 33% 32% 33 32% Radio Corp .... #% 5% 5% 5% Paramount 3% 3% 3% 3% RKO . . 2% 2Vs 2% 2% Warner Bros .... 4 4 4 4 Tobaccos— Am Snuff 65 65 65 63% Am Sum Tob 25% 25% 25% 21% Am Tobacco , ‘B” 83% 83% 83% 83 Gen Cigars 56% 56% 56% 56 Ligg Ai Mvers B 105% 103% 105% 105 Lorillard 20% 20% 20% 20% Philip Morris 43% 43% 43% 43 Reynolds Tob B 48% 47 48 Vi 48% Rails— Atchison 50% 49% 50% 49% Atl Coast Lines 32% 31 Va 32 31 B & O 13 12% 13 12% Can Pacific ... 13% 13% 13% 12% Ch & Ohio . .... 43% 43 % 43% 43% C M & St P Pfd 4% 3% 4% 4 Chi N W 5% 5% 5% 4% Chi N W pfd .. 9% 974 9 % 8% Dela & Hud ... 39 39 39 37% Del Lac & W ... 17 16% 17 16% Erie 11% 11% 11% 11% Erie pfd 14% 14 14% 14 Gt Nor pfd ... 15% 14% 15% 14% 111 Central . ... 15% 15 15 14% Lehigh Valley.. 10% 9% 10% 9% Lou Ac Nash 43 42% 43 42 M K & T 5% 5 5% 5% M K & T pfd.. 11% 11% 11% 11% Mo Pac 2% 2% 2% 3 Mo Pac pfd 3% 3% 3% 3 % N Y Cent 19% 18% 19% 18% N Y New Haven 7% 7 7 7% N Y Ont & West 6 5% 5% 5 Norfolk & West 173% 173% 173% 172 Nor Pacific .... 18% 17% 18% 17% Penn R R 22% 217a 22% 22 Sou Pac 16% 16 16% 16 Sou R R 1474 13% 14 13% Union Pac 105 104% 105 104% Wabash 27a 2% 27/* 2% West Maryland., 8% 8% 8% BVi Equipments— Am Brake Shoe . 27 27 27 27 Amer Car & Fdy 19% 19 1974 18% Araer Loco 19 18% 19 18% Amer Steel Fdy 17% 16% 17% 16% Bald Loco 5% 5% 5% 57s Gen Am Tk Car 36% 36% 36% 37 Gen Elec 23% 23 237a 23 Pullman Inc .... 49% 49% 49% 49% West Airbrake.. 24% 24% 24% 24% Westingh Elec.. 38% 38 38% 38% Utilities— * Am Ac For Pwr . 4% 4% 4% 4% Am Power & Lit 3% 3% 3*4 3% A T & T 105 104% 105 104% Am Wat Wks . 13% 13% 13% 13% Col Gas Ac Elec 7 6% 6% 6% Conn & Sou l*i 1% IV4 1% Consol Gas .... 20 19% 19% 20% FI Pwr Ac Lit 2% 2% 2% 2 s ,a Int Hydro Elec.. .2% 2% 2% 2% Interboro R T.. 15 14 14 14 Int T & T 974 9 9 9% Lou G & E (A> 13Vi 13 13 13% Nat Pwr & Lit.. 7 6% 7 7 North Amer... 13% 12% 13 12% Pac G Ac E 14 14 14 14 Peoples Gas 22% 22% 2274 2274 Pub Serv N J.. 26 25% 25% 26% So Cal Edison.. 12% 12 12 12 Std Gas 4% 4% 4% 4% Stone Ac Webster 4% 4% 4% 4% United Corp ... 2% 2% 2% -2% Un Gas Imp 12% 12% 12% 12>i Western Union 31% 3174 3174 307s Rubbers— Firestone 17 17 17 17% Goodrich 10% 10% 10% 10% Goodyear 23% 23 23 23% Kelly Spring ... 2% 2% 2% 2% U S Rubber 15% 15% 15% 15% U S Rubber pfd 38% 38% 38% 38 Miscellaneous— Alis Chalmers.. 16% 16% 16% 16% Amer Can . .114% 113% 113% 113% Brklvn Man Tr. 40 39% 39% 39% J I Case 56% 55% 56% 55 Conti Can 64% 64% 64% 64% Caterpillar Tract 39% 39% 39% 39 Crown Cork 25 25 25 24% Curtis Pub ... 20% 20% 20% 20% Curtis Pub pfd.. 97 97 97 96 Deere Ac Cos ... 28% 28% 28% 28% Foster Wheeler.. 16% 15% 16% 15% Gillette 13% 13% 13% IS% Glidden 25 25 25 24% Ingersoll Rand 67 67 67 66 Int Bus Mach.. 151 % 151% 151% 150 Inter Harv ... 41 40% 40% 40% Natl Cash Reg 16% 16% 16% 16% Owens Bottle . . 86% 86 86 86% Rem Rand ... 9%* 9% 9% 9% Underwood E ..!*57% 57% 57% 58% Foods— Am Sugar 63% 63 63% 65 1 Armour 5% 5% 5% 5% Armour 6't- pfd . 67% 67% 67% 66% Beatrice Cream 17 16% 16% 16% B< rden Prod ... 14% 24% 24% 24% C.l Packing ... 38 38 38 38% Corn Prod 65% 65 66% 64% Crm of Wheat 36% 36% 36% 36% Cuban Am Sugar 5% 5% 5% 6 Gen Foods 34 33% 34 34 Gold Dust 16% 16% 16% 16% G W Sugar 27% 27% 27% 27% Hershev 81% 81% 81% 78% Loose Wiles 36 35% 36 35 Natl Biscuit ... 29 28% 29 28% ; Natl D Prod ... 16% 16% 16% 16% Purity Bak 9% 9% 9% 9% S Porto Rico Sug 21 s * 21% 21% 20% Std Brands 18% 18 18% 18% Un Biscuit 25 24% 25 25 I United Fruit 74% 73% 74 74% Ward Bak B ' . 1% 1% 1% I%# Retail Stores—- ! Assd Drv Goods 13 12% 12% 13 Best A- Cos 35% 34% 34% 35% First Natl Stores 50% 50 50 50% ; Gimbel Bros ...| 3% 3% 3% 3 IGr Un Tea . . 4% 4% 4% 4% Hahn Dept Sts . ss*5 s * 5% 5% 5% ; Kresee S S 20% 20% 20% 20% Kroger Groc 27 27 27 26% ; Macv R H 40 39% 4040 McCrorv St .... 12 11% 12 12 ! McLellan St .. 13% 13% 13% 13 I Marshall Field . 10 10 10 10% Mav Dept St. .. 43% 42% 43% 42% ! Mont Ward ... 28 27 % 27% 27% ‘Penney J C .. 72% 72 72 71% Sears Roebuck . 36% 36% 35% 26% Wool worth 53% 52% 53% 52% Aviation— Aviation Oorp . 5% 5% 5% 5% Boeing Aircft .. 9%- 9 s * 9% 9% Curtis Wright .. 2% 2% 2% 2% I Douglas Air ... 23% 23% 23 23 or Am Av .... 3% 3’* 3% 3% - SDerrv Corn .. 9% 9% 9% 9% United Air New . 14% 14% 14% 14% Chemicals— Air Reduction 112 112 112 112% i Allied Chem 134% 134% 134% 134 jAm Com Alco .. 30 29% 29% 30 Cos! Carbon Com Solvents .. 22% 22% 22% 22% Dupont .... 95% 94% 95*2 94% Freeport Tex .. 24% 24 24% 24% Liouid Carl* ... 28% 28% 28% 28% Math Alkali .. 29% 29% 29% 29% Nat. Dis inw). 26% 26% 26% 26% Schenlev D<st .. 25% 25% 25% 25% Tex Gulf Suiph 34% 34 34% 34% Union Carbide -.,% 45% 45% 45% U S Ind Alee.. 39% 39% 39% 39%

Drugs— Bristol Mvers .. 35% 35% 35% ... Cotv Inc 6% 6% _6% 6% Lambert 27 % 2<% 27% _ Sterling Prod .. 60 59 % 59% 60 Un Drug mew). 11% 11% 11% I}% Vick Chem 34% 34% 34% 34% Financial— Adams Exp 63% 63 63% 63% Allegheny Corp . 1% 1% 1% 1% Am Int Corp ... 6% 6% 6% 6 Chesa Corp ... 40% 40% 40% 40% Lehman Corp ..71% 71% 71% 70% Transamerica .. 5% 5% 5% 5% Tr Conti Corp .. 3% 3% 3% 3% Building— Am Radiator ~ 14% 14% 14% 14% Int Cement 29% 29% 29% 28% Johns Manville 52% 52% 52% 52% Libby Owens Gls 30% 30% 30% 31 U S Gypsum ... 50 49’* 50 49 7 a Household— Col Pal Peet ... 17% 17% 17% 17% Congoleum 33% 33 33% 33% Kelvinator 17% 17% i7% 17% Mohawk Carpet. 17 17 17 15% Proc & Gamble. 44% 44% 44% 44% Servel Inc 9 8% 9 8% Simmons Bed 9% 9% 9% 9% Textiles— Belding Hem ... 12% 12% 12% 13 Celanese Corp .. 32% 31% 32% 32% Gotham Hose... 4% 4% 4% 5 Indus Rayon ... 32% 31% 32 31% Kayser Julius .. 16% 16% 16% 16%

Chicago Stocks

(By Abbott, Proctor Ac Paine) Prev. Close, close. Bendix Aviation 15% 15% Berghoff Brew Cos 2% 2% Borg-Warner pfd 30% 30 E L Bruce Cos 6 5*/ 4 Butler Bros 7 6% Central 111 Securities pfd ... 7% 7% Chicago Corp Com 2 2% Chicago Corp pfd 30% 30 Chicago Mail Order 16% IS Cities Service 1% 1% Electric Household 15% 15% General House Util 6% 5% Great Lakes Dredge 15% 18% Iron Fireman 14% 15 Libby-MoNeil 7% 7% Lynch Coorp 36% 36 Prima Cos 3% 3 Swift & Cos 18% 18% Swift Internationa] 32% 32% Utility & Ind Vi % Vortex Cup Cos 15% 15% Walgreen Cos Com 30% 30% Zenith Radio 1% 1%

N. Y. Bonds

DAILY BOND INDEX 20 20 20 20 Inds. Rails. Util Bonds. Todav 86.8 85.0 91.4 87.7 Yesterday 86.7 84 5 91.2 87.5 Week Ago 869 84.7 90.6 87.4 Month Ago 85.9 83.3 88.8 86.0 Copyright. 35. by Standard Statistics. Inc. U. S. GOVERNMENT BONDS (By Fenner & Beane.) Prev. Close, close. Libertys Ist 3%s 1932-47 104.17 104.10 Ist 4*,s 1932-47 103.25 103.27 4th 4*,s 1933-38 (uncalled).. 103.27 103.31 4th 4(4s 19C3-38 (called) ... 102.2 102 Treasurys 4 Vis 1943-45 114.8 114.2 4s 1944-54 109.31 109.28 3%s 1946-56 108.6 108 3%S 1940-43 105.20 105.20 3%S 1943-47 105.14 105.10 3%S 1941-43 105.17 105.16 3Us 1943-45 104 103.26 3%s 1941 105.11 105.6 3%s 1044-46 103.30 103.26 3%s 1046-49 103.25 103.14 3%S 1949-52 103.1 102.26 3s 1951-55 102.22 102.17 3s 1946-48 102.4 101.30 Home Owners’ Loan Corp. 2%S 1949 98 97.30 3s 1952 100.10 100.7 4s 1951 4 101.8 101.7 Federal Farm Mortgage Corn. 3%s 1964 102 102 3s 1949 100.9 100.6 FEDERAL FARM LOAN BONDS (By Blyth & Cos.) Bid. Ask. 4s, Julv 1, 1946-44 102 102% 4s, NOV. 1. 1957-37 101 % 102 4s, May 1, 1958-38 101 % 102 4%5, July 1. 1056-36 101% 102% 4%5, Jan. 1, 1957-37 101% 102% 4%5, Mav 1, 1957-37 101% 102% 4%5, Nov. 1, 1958-38 101% 102% 4%5, May 1, 1942-32 101% 101% 4%5, Jan. 1, 1943-33 101% 102 4%5, Jan. 1, 1953-33 101% 101% 4%5. Jan. 1, 1955-35 101% 101% 4%5. Jan. 1, 1956-36 101% 102% ss, May 1, 1941-31 101% 101% ss, Nov. 1, 1941-31 101% 101% Domestic Prev. Close. close. Alleg Corp 5s ’44 72 71'% Alleg Corp 5s ’SO 25% 23 Am Frgn Pow 5s 2030 56% 56% Am Tel & Tel 5%s ’43 113 112% Am Tel & Tel 5s ’65 112% 112% Arm & Cos (Del) 5%s ’43 103% 103% Atl Coast Line 4s ’52 102% 102% Atl Coast Line 4%s '64 92% 91% Am Wat Wks 5s '44 96% 96 Am Rolling Mills 5s ’3B 11l 111 Balt & Ohio 5s ’95 73% 72 Balt & Ohio 6s ’95 83% 83 Balt & Ohio 4%s ’6O 57 55% Buff Roch & Pitt 4%s ’57 ... 69% 68 Chi Milw & St PI 5s ’75 25 23% Chi Milw & St P 5s ’75 7% 6% Cleve Un Term 5%s ’72 100% 101 % Cleve Un Term 5s ’73 96% 96% Cleve Un Term 4%s ’77 89% 89% Col Gas 5s May ’52 80% 80% Col Gas 5s April ’52 81 Col Gas 5s ’6l 78% 78 Can Pac Perp 4s 86% 86% Cent Pac 5s ’6O 77% 78% Big Four 4%s ’77 75 74*% Big Four 5s ’63 82 81 Colorado &So 4%s ’BO 70% 69% Chi & West Ind 5s ’52 94% 94 Chi & West Ind 5%S ’62 102% 102*4 Chi Ar. Nor West 4%s ’49 21*4 20 Con Gas 5s ’57 103 '2 103% Chesa Corp 5s ’47 105% 104* 2 Dodge Bros 6s ’4O 106'% 106% Del & Hud 4s '43 93*4 93*4 N Y Dock 4s ’sl 62% 62% Erie 5s ’75 71% 71 Erie 5s ’67 71% 71 Gen Cable 5%s ’47 88% 88% Grt Northern 7s ’36 93% 93 Grt Northern 4%s 76 79 77*2 Grt Northern 4%s '77 78% 77*2 Gen Stl Cast W W 5%s '49 .. 92% 91*2 Hud & Manhat Ref 5s 57 .... 89 88% 111 Cent 4%s ’66 60% 59 111 Cent Jt 4%s ’63 71 71 111 Cent 5s ’63 76 75 ',2 Interlake C& I 5i 'sl 78% 79 Internt! Hv Elec 6s '44 51 % 51% Interntl Tel & Tel 4%s ’39 .. 70 70 Interntl Tel & Tel 5s ’55 .... 67 67% Interntl Tel & Tel 4%s ’52 ... 63% 63 McKess & Rom 5%s ’SO 96 95% Natl Dairv 5%s '4B J 0 2% 102* 4 Natl Steel 5s ’56 107 107 Nickel Plate 4%s '7B 63% 62% Nickel Plate 5%s '74 75 73% Nickel Plate 6s ’35 69% 68 N Y Cent 5s 2013 . 67 66 N Y Cent 4%s 2013 (old) ... 62 60 2 Nor Amer Cos 5s ’6l 84% 84 2 Nor Pac 3s 2047 74% 75 Nor Pac 4%s 2047 87 87 4 Nor Pac 6s 2047 100% 100% Nor States Pow 5s 41 105% 105% Otis Steel 6s ’4l 84 81 Penn Rv 4%s ’B4 ...., 102 101% Penn Rv 4%s ’Bl 102% 102 Penn Rv 4%s ’7O ...... 95% 95% Portland Gen El 4%s 60 54% 54 4 Para Publix 5%s ’SO *2 Penn P Ac L 4*-s 81 _ 100% 100 Postal Tel k Cab 5s 53 4% 4(% Rem Rand W W 5%s ’47 59% 99% Sinclair Oil 6%s '3B 104% 104 Shell Union Oil 5s '47 102*/4 102 % Sou Pac 4%S '6B 67 66 Sou Pac 4%S ’Bl 67 65% Sou Pac 4%s '69 66 4 66 Sou Pac 4s ’49 69 67 a Sou Rail 4s '56 60 % 60 Sou Rail 6%s '56 ....._■ 84 82 a Sharon Stl Hood 5%s ’4B 88 * 87% Texas Pac 5s ’BO 92% 51% Texas Pac 5s ’79 92 91 2 Texas Pac 5s ’77, 99 .98% Union Pac 4% ’47 109 *>.B, United Drug 5s '53 90% 90 2 U S Rubber 5s ’47 94% 95 NY NH At Hart 6s '4B 50 47% NY NH A: Hart 4%s '67- 42% 42% Warner Bros 6s ’39 56% 56 1 Western Marv 4s '52 .. ..... 88% 89 Youngstown S&T 5s (0 95% 95 . Youngstown SAtT 5s 78 ... 95% 95 4 Foerign Argentina A 6s '57 92% 93 Argentine B6s 'SB 92 * 91 4 Brazil 8s ’4l .olt Canadian Govt 4s '6O 104% 104% Denmark 5%s '5 .5 199 99 2 German 5* 2s '65 33 2 33 * German 7s '49 43 43 Italv 7s ’sl 94% 93% Japan 6%s ’54 92 % 92 * Poland 7s ’47 129% 120% Rome 6%s ’52 85% 84* 2 Tolcio City b'js 61 4 75 Yokohama 6s *6l 8* 81 2 WHEAT EXPORTS RISE By Times Special NEW YORK. Jan. 19. of wheat (including flour as wheat) from United States and Canadian ports, as reported to Dun <fe Bradstreet, Inc., for the week ended Jan. 12, 1935, totaled 1.947.836 bushels, compared with 1,691,338 bushels in the pervious week and 4,042,082 bushels in the corresponding week of .last year. j

HEAVY GUYING PUSHES WHEAT UP NEAR CLOSE Fears of Court Decision on Gold Clause Limits Interest. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO, Jan. 19— Fears the Supreme Court might hand down a decision on the gold clause case Monday limited speculative interest in grains on the Chicago Board of Trade today. Raiher heavy buying moved wheat sharply higher toward the last, however, and the principal grain finished I*B cents a bushel higher. May 98% cents. Corn was up 1% to 1% cents, May 87% cents, while oats were dull, up *4 to % cents, May 52% cents. Although wheat prices held to narrow limits, the average was higher with local operators moderate buyers at times. There also was some buying credited to eastern accounts. Prospects for sub-zero temperatures over the grain belt prompted some buying of corn on belief heavy feeding of livestock would be necesary. The official Government report showed vast areas of the South would be caught without snow protection. CHICAGO FUTURES RANGE Wheat— Prev. Open. High, Low'. Close, close. Mav... .97% .98% .97% .98% .97% July... .89 * .89% .88% .89% .88% Sept... .86% .87% .86% .87% ,86 s . Corn— May... .86% .87% .86% .87% .86% July... .82% .83% .82% .83% .82 Sept... .78% .79% .78% ,79% .78 Oats— May... .52% .52% .52% .52% .52% July... .42 .45% .45 .45% .45 Sept... .42% .42% .42Vi .42% .42% Rye— / May... .68% .69% .68% .69% .68% Julv., .68% .68% .68% .68% .68% Sept-.. .67% .67% .67% .67% .67% Barley— May... .78'% .78'% .78% .78% .77 July... .70 .70 .70 .70 .70 Lard— Jan. 13.02 13.02 13.02 13.02 12.97 Mav. 13.20 13.25 13.15 13.22 13.12 July. 13.32 13.40 13.32 13.40 13.30 Sept. 13.45 13.50 13.45 13.50 13.37 Bellies— Jan. 15.87 15 87 15.87 15.87 15.70 Mav. 16.00 16.02 16 00 16.02 15.85 July. 16.12 16.12 16.12 16.12 16.10 CHICAGO PRIMARY RECEIPTS —Bushels— Today. Last w'eek. Wheat 174,000 200.000 Corn 237.000 227.000 Oats 61,000 87,000

Cash Grain

INDIANAPOLIS Wheat —Strong; No. 1 red, 92®93c: No. 2 red. 91@92c; No. 2 hard. 9@95c. CornFirm; No. 2 white. 91@93c; No. 3 white. 90®92c: No. 2 yellow. 82@83o: No. 3 yellow. 8182 c; No. 2 mixed. 81@82c; No. 3 mixed. 80®81c. Oats—Firm; No. 2. white, 52%@53%c; No. 3 white. 51%@52%c. LOCAL CASH MARKET City grain elevators are paying 89 cents lor No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 82 cents and oats 46 cents. (Bv United Press) CHICAGO, Jan. 19—Cash grain: Wheat —No sales. Corn —No. 2 yellow, 92%c, old; No. 3 yellow. 90®S0%c; No. 4 yellow, 88% (a 88%c; No. 5 yellow. 85%c; No. 3 white, 95%; No. 5 white. 91 %c. Oats—No sales. Barley—No sales. Timothy—sl6.7s@lß.2s. Clover seed —$15.75® 22.75. Buckwheat— No. 2, $1.35. Soy beans—No. 2 yellow. $1.20. Cash provisions: Lard, $12.95. nominal: loose. $12.97. bid; leaf, sl3, nominal; bellies. sl6, nominal. TOLEDO. Jan. 19.—Grain close: In elevators, transit billing: Wheat—No. 2 red, [email protected]. Corn—No. 2 yellow, 94* 2 @ 95* 2C. Oats—No. 2 white. 58@59c. Rye— No. 2, 77%@78%c. Track prices, 34%c rate: Wheat—No. 1 red. 99%c@$l; No. 2 red. 98*2®99c. Corn—No. 2 yellow. SO® 90%c; No. 3 yellow, 88®90c; No. 4 yellow. 87@88c. Oats—No. 1 white, 55%@56%c; No. 2 white, 54%@56c.

New York Curb

(By Abbott, Proctor Ac Paine) Prev. Close, close. Allied Mills 13% 13% Alum Cos of Am 46% 47 Amer Cyanide (B) 17% 17% Amer Gas Ai El 19% 19% Amer Superpower IV* 1 % Atlas Corp 8% 8% Brazil Tract & Lt 10 9% Can Marc ’ 1% 1% Carrier Corp 15% 15% Cities Service 1% 1% Commonwealth Ed 52% 52% Consol Gas of Balt 53% 54% Cord Corp 4 4 Creole Petrol 12* 12% Deere At Cos 28% 28% Distillers Corp 17 16% Dow C’hem 88% 88% El Bond At Share 6% 6% Fisk Rubber a 10 9% Ford of Can (A) 32 31% Ford of Europe 8% Glen Alden Coal 21 20% Gulf Oil of Pa 57% 56% Hiram Walker 30% 30% Humble Oil •'i 46*4 45% Imperial Oil Ltd 16% 16% Hud Bay Min 13 15 Int Petrol 36 29% Lake Shore Min 52% 52 Libby McN Libby 7% 7% Lone Star Gas 6% 6 Mt Producers 4% 4% Natl Bellas Hess 2% 2% Newmont Min v 37 37% Nia Hud Pwr 3% 3% Novadel Agene 22% 22 Park Davis 34 34% Penn Road 2 1% St Regis Paper 1% 1% Sherwin Wms 88 87 Std of Ky 19% 19% Technicolor Ind 11% 11% Teck Hughes Gold 4 3% Un Gas 1% 1% Wright Harg Min 8% 9

Produce Markets

Delivered In Indianapolis prices: Heavy hens, 13c; 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: voung toms, 14 lbs .and over. 15c: young toms. 11-14 lbs.. 13c: No. 2 crooked breasts and thin turkeys. 9c: old toms, all weights. He: No. 1 strictly fresh country run eggs, loss off. 23c. Each full case must weight 55 lbs. gross: a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter. No. 1. 33@34c. Butterfat —30c. Quoted by the Wadley Cos. (By United Press) CHICAGO. Jan. 19 Eggs—Market, firm: receipts. 2939 cases: extra firsts. 28* 2c; fresh graded firsts. 28c; current receipts. 26* ic: dirties. 24c: cheexs. 23%c. Butter— Market, firm: receipts, 6629 tubs; extra firsts (90-91*2 score i. 31%®32c: extras (92 score), 32%c: firsts (88-89% scorei. 30®31c; seconds (86-87% score). specials. 33@33%c; standards. 32c. Poul-try-Market. steady; receipts. 5 trucks 2 cars due; springers. 17* 2c; ducks, 15® 21c; turkeys. 18® 20c; geese, 14c: Leghorn springers. 13c; capons. 6 to 7 lbs.. 18® 23c: Leghorn hens. 13c: stags. 15c: black chicks. 13c; hens. t2® 17c; roosters. 12c. Cheese —Twins. 15%@ 15%c: Daisies. 16*4® 16%c: Longhorns. 16*4®16%c. Potatoes —Supply moderate: demand and trading moderate; market firm on russets, steady on othtr stock; Wisconsin round whites. 82’ 2® 85c; fine quality, 87%®90c: commercial grade. 75c Idaho russets, small to medium si*e. $1.50: Medium to large size. $1.55® 157% fine quality large size. $1 60: combination grade $1.35: U. S. No. 2. $130; Colorado McClures. 52.1052 20. CLEVELAND. Jan. 19—Butter—Market firm; extras. 35%c: standards. 35c. Eggs —Market firm: extra white. 28c. current receipts. 26%c. Poultry—Market steady: fowls, colored. 4* 2 lbs and up. 17@igc; ducks, light, 15c; ducks, 5 lbs. and wp. 20c; geese, 14® 15c; turkeys, young. 20c. Potatoes Maine. *[email protected]: Ohio best mostly 75£J5c; Michigan, 80@85c, all a 100-Ib. ba*T _

Gleaning the News

A summary of corporation news prepared by the Standard Statistics Cos., Inc., New York, follows: American Agricultural Chemical Cos. deficit for the six months ended Dec. 31, 1934 was $125,232, against deficit $373,347. Baltintore & Ohio Railroad deficit for the 11 months ended Nov. 30, 1934, was $3,495,238, against net income $525,608. Bohack (H. C.) Cos. declared a quarterly dividend o' $1.75 on preferred stock. Giving effect to this distribution, arrears on this issue amounted to $5.25 a share. British Celanese, Ltd. declared a semi-annual dividend of 3% per cent on first presence stock on account of accumulations, reducing the arrears on this issue amounted to 21 per cent. Chesapeake & Ohio Railway 1934 preliminary common share earnings were $3.65 against $3.67. Consolidated Automatic Merchandising Corp. deficit for the 12 months ended June 30, 1934, was $691,698, against deficit $856,479. Dome Mines, Ltd., 1934 preliminary net income (before depreciation and PORKERS AGAIN OROPSHARPLY Cattle, Lambs Unchanged; Vealers $1 Lower at $lO Down. Weakness again featured dealings in hogs at the Indianapolis Stockyards today and the majority of prices ended the week's trade around 15 to 25 cents lower than yesterday’s close. No particular interest was shown in any classes. Practically all buyers were hesitant in making early purchased until the market was well under way. Despite a normal run of supplies for a Saturday session, demand was weak on mostly all classes. Prices for the entire week were largely 35 to 50 cents lower and 20 to 40 cents higher. Today’s receipts were estimated at only 3000, compared with approximately 6000 yesterday. The bulk of 160 to 350 pounds, was selling at $7.60 to $7.90, while 130 to 160 pounds, brought $6.25 to $7.25; lightweights, weighing 100 to 130 pounds, cashed in at $5 to $6. Good packing sows ranged from $6.50 to $7.25. Holdovers were 477. With the usual week-end cleanup trade prevailing in the cattle market, all classes were scarce and fully unchanged at the previous close. No early sales were reported. Receipts were 100. Vealers, after advancing sharply during the week, were largely $1 lower, selling at $lO down. Receipts were 100. Initial trading turned extremely dull in the lamb market, with all grades scarce and stationary. Bulk of good native and fed western lambs held at $9 down. No sales were reported on other kinds. Receipts were 500. HOGS Jan. Bulk. Top. Receipts. 14 $7.70® 8.00 $8.05 7000 15. 7.50® 7.80 7.85 9000 16. 7.50® 7.80 7.85 5000 17. 7.70® 8.00 8.00 3000 18. 7.85@ 8.15 8.15 6000 19. 7.60® 7.90 7.90 3000 o*6o-180? Good and choice...s6.7s® 7.80 Medium 6.50® 7.25 Li *?l6b-!8()f Good and choice... 7.70® 7.80 Medium 7.25® 7.50 (180-200) Good and choice... 7.80® 7.85 Medium 7.25@ 7.60 Medium weight: „ (200-220) Good and choice... 7.80® 7.90 (220-250) Good and choice.. 7.85® 7.90 Heavy weight: _ _ _ _ (250-290) Good and choice... 7.80® 7.90 (290-350) Good and choice .. 7.60® 7.80 Packing sows: _ (275-350) Good TOO® 7.25 (350-425) Good 6^.85® 7.10 (425-5501 Good 6.75® 7.00 (275-350) Medium 6.50® 6.85 Slaughter pigs: . „ .. GOO-140) Good and choice ... 5.00® 6.50 Medium 4-25® 6.25 CATTLE —Receipts. 100— —Steers—-(sso-900) Choice *9-50®11.00 Common "‘.lSfii'Ji (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 Good [email protected] Medium . ...••••••••• 6.25® 9.00 (1300-1500) Choice Good [email protected] —Heifers—-(sso-750) Choice 8.25® 8.75 Good 7.25® 8.25 Common and medium 3-75® 7.25 (750-9001 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. 100— Good and choice [email protected] Medium 7.00® 9.00 Cull and common 3.50® 7.00 —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® 4.2a (900-1050i Good and choice... 4.75® 6.00 Common and medium 3.25® 4.75 —CowaGood 3.75® 3.75 Common and medium 2,00® 3.25 SHEEP AND LAMBS —Receipts. 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-150Y Good and choice 3.25® 4.25 All weights, common and medium 2.50® 3.75

Your State University Downtown, Afternoon, Ecening Classes Beginning February 4 FRESHMAN SUBJECTS BUSINESS COURSES ARTS English Composition Accounting Continental Novelists English Literature Income Tax Interior Decoration Chemistry Finance and Banking Mathematics* Personnel Relations Rhythmic Dancing History Psychology Advertising Copy Contemporary Drama Economics - Acting French and German Public Speaking Astronomy Observatory Mental Hygiene of Maturity Advanced Professional Courses, Teacher Training Fees $1 to $25 a Subject Indiana University Extension Division, 122 East Michigan Street RI. 4297

What Does It Mean? Short-Covering—When “ shorts ” buy back the securities or commodities they borroxccd and sold, these operations are known as short-covering. This creates a demand and sends values higher.

depletion) was $4,459,025, against $3,762,657, Gulf States Steel Cos. 1934 preliminary deficit was $27,558, against net income $193,041. Illinois Central Railroad deficit for the 11 months ended Nov, 30, 1934, was $3,348,286, against deficit $768,481. International Securities Corp. of America net asset value on Nov. 30, 1934, equaled $35.5-7 a preferred share. International Power Cos., Ltd., offering is being made of $2,000,000 of secured debentures. 6 per cent series 1955 at par. Proceeds are to be applied to retirement of short-term notes and reduction of bank loans. Kansas Gas and Electric Cos. 1934 preferred share earnings were $13.93, against SIO.BO. Kansas City Southern Railway deficit for the 11 months ended Nov. 30, 1934, was $919,502, against deficit $1,082,142. Louisville & Nashville Railroad declared a dividend of $1.50 a share. On Aug. 25, 1934, a similar distribution was made. Long Island Railroad net income for the 11 months ended Nov. 30, 1934, was $100,983, against $1,908,223. Minneapolis & St. Louis Railroad deficit for the 11 months ended Nov. 30, 1934, was $2,668,572, against deficit $2,548,099. Mullins Manufacturing Corp. unfilled orders on books were said to exceed total 1534 dollar sales. National Bellas Hess, Inc., gross :ash receipts five months ended Dec. 31 were up 1.8 per cent; 12 months up 13 per cent. Seaboard Air Line Railway deficit for the eleven months ended Nov. 30, 1934, was $7,600,236, against deficit $6,201,134. Selected Industries, Inc., net asset value on Dec. 31, 1934, equaled $82.07 a share of prior stock, against $77.83 on Dec. 31, 1933. Second International Securities Corp. net asset value on Nov. 30, 1934, equaled $45.38 a share of second preferred stock, against $13.70 on Nov. 30; 1933. Tri-Continental Corp. net asset value on Dec. 31, 1934, equaled $1.75 a common share, against $1.26 on Dec. 31, 1933. Transue & Williams Steel Forging Corp.—Operations at Alliance (O.) plant are at capacity on several orders from automobile manufacturers. Tacony-Palmyra Bridge Cos. 1934 common share earnings were $1.77, against $1.70. Union Pacific Railroad common share earnings for the eleven months ended Nov. 30, 1934, were $5,225, against $5.76. United States Steel Corp. subsidiary, National Tube Cos., has purchased between 35,000 and 40,000 tons of steel scrap. National Tube plant at McKeesport, Pa., is running practically at capacity. West Penn Electric Cos. electric output in December increased 11.7 per cent over December, 1933. In twelve months gain was 7.5 per cent above 1933. Howe Sound Cos. 1934 preliminary common share earnings (before depletion) were $3.57, against $1.75.

Other Livestock

(By United Press) CHICAGO. Jan. 19.—Hogs —■ Receipts 7,000. including 6,000 directs; 1.000; steady, top. $7.85, compared with $8 week ago. . , onn Cattle—Receipts. 500 commercial. 800 government: calves. 300 commercial. 200 government: compared Friday last week: Choice fed steers and yearlings, strong to 25 cents higher: lower grades selling at $10.56 down: unevenly steady to 50 cents lower; choice few heifers firm, others and beef cows 25 cents lower; best vealers 50 cents to $1 higher; extreme top fed steers. $12.15: yearlings. sl2: 1510 lb. steers, $11.90; practical lop fed heifers, $10.25: prime offerings. $11.35: heavy feeders np to $8; bulk steers and yearlings. $7.50® Sheep—Receipts. 3.000; for week ended Friday. 30 doubles from feeding stations. 6.300 /*:-<■ 'cts; compared Friday last week, bulk slaughter lambs. 25 cents lower; sheep s r.ig to 25 cents higher; feeding lamos 25@35 cents up; week’s top. $9.85: highest, for January, top. $9.25; bulk good to choice. 80-106 lb. lambs. $9®9.60: late bulk. $9®9.10; slaughter ewes s4® 4 75; feeding iambs, [email protected]; bulk. s6.6a® 7.60. FT. WAYNE. Jan. 19.—Hogs steady to 10c lower; 250-300 lbs.. $7.90; 225-250 lbs., $7.75; 200-225 lbs., $7.65; 180-200 lbs., $7.75; 160-180 lbs., $7.45; 300-350 lbs., $7.45; 150-160 lbs., $7: 140-150 lbs.. $6.50; 130-140 lbs., $6; 120-130 lbs., $5.75; 100120 lbs.. $5.25: roughs. $6.50; stags, $4.25; calves, $9; lambs, $9. LAFAYETTE. Jan. 19.—Hog market 25c lower; 275 lo 300 lbs.. $7.90; 300-325 lbs.. $7.60; 225-275 lbs., $7.80: 200-225 lbs.. $7.70; 180-200 lbs.. $7.50: 160-180 lbs., $7.50: 155160 lbs., $7.25; 150-155 lbs., $7; 140-150 lbs. ,$6.75; 100-140 lbs., $5 50® 6 50; roughs, $6.75 down; calf market $1 lower, top $9; native lambs, $8.25; top western lambs, $9. (Bv United Press) LOUISVILLE. Jan. 19.—Cattle—Receipts. 100: market, nominal; compared close last week; all classes fully 25c or more higher; closing trade active and undertone dependable: week’s bulk common to medium steers and heifers. ss® 7; most better finished. $7.25® 8: week's top. $8.50: bulk beef cows. $3.25®4.50; top on best kinds. $5: low cutters and cutters mostly $1.75®3, bulk sausage bulls. s3®4; common to medium grade native stockers and feeders. $4.25® 5.50; better Hereford stock calves mostly s6® 6.50. Calves—Receipts. 125; market steady; bulk good to choice vealers. sß®9; medium and lower grades. $7.50 down; market closing mostly $1 higher for week. Hogs—Receipts. 200; market 10c lower; 200-300 lbs.. $7.80: 180-195 lbs.. $7.65: 305 lbs. up. $7.35: 160-175 lbs.. $6.90; 140-155 lbs . $6.40: 120-135 lbs.. *5 45: sows. 56.05: market compared close of last week uneven, mostly JOc lower with weights from 200-225 lbs. 5c higher and 180-195 lbs. 25c up. Sheep—Receipts. 25; generally steady during week; medium to good lambs mostly s7®B; choice to $8 75 or better; common light throwouts. $5.50; better fat ewes. s2@3.

Hides and Skins

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. All No. 2 grade horse hides. 50c less; glues and ponies half price. No. 1 rendered tallow. 4@4%c; No. 2 at value. Yellow grease 3%@3%c; dark grease. 3@3'/ 4 c.

CAPITAL IDLE PENDING GOLD CLAUSECASES Operations Are Postponed Indefinitely; Outlook Seen Gloomy. BY W. TAN MACK 'i'imes Special Writer NEW YORK, Jan. 19.—Uncertainty created by the impending Supreme Court decision on the constitutionality of the abrogated gold clause in contracts, together with probable revaluation of the dafiar to its former parity in the event of an adverse ruling, has had the effect of postponing indefinitely all financing operations in the nighlethargic capital market. Only a favorable decree, investment bankers today indicated, would permit flotation of the few issues already negotiated. Intolerable burdens that would be imposed upon debtor corporations by a verdict invalidating the muchdisputed statute repealing the gold clause precludes any financing on the one hand, authorities explained, while the deflationary influences inevitably to be exerted upon the domestic economy by a concurrent restoration of the dollar’s metallic content to 23.22 grains of gold obviates any possibility of investor demand for securities which might show capital losses on the other. Only Best Would Spurt Even if the Administration were to decide to maintain the dollars’ status quo following an adverse decision, it was pointed out, few bond issues other than obligations of the Government which possess gold clauses would advance to reflect the 69 per cent increase applicable to them on the basis of the dollar’s current worth. These, it was intimated, would be limited to the primary liens of corporations with relatively small indebtedness tnd a high ratio of earnings to charges. On the other hand, some observers argued, there is every possibility that widespread bankruptcies among corporations with towering debt structures would ensue by a ruling citing the repeal law’s unconstitutionality. Such a development, necessitating the invocation of Section 77-B of the Bankruptcy Act, was foreseen as exerting such an unsettling influence upon trade conditions generally that increased unemployment and renewal of the deflationary process under way from 1929 to 1933 would result. Rails, Utilities Hit Inundated by debt, these experts insisted, would be both the Nation’s railroads and public utility systems. In this respect they pointed out that the expanded indebtedness of both industries would absorb whatever equities are possessed therein today. The railroads’ obligations under the new order would be equivalent to nearly 80 per cent of their combined valuation, while those of the public service group would be increased to the extent that they would approximate more than 70 per cent of indicated worth. An example of the temporary effects of offsetting developments was noted, in the trend of bond prices yesterday. These remained stable as stock and commodity values broke precipitously. As long as the threats of an unfavorable Supreme Court decision and probable revaluation of the dollar remain over the markets, it was agreed in informed quarters, the values of fixed incomebearing obligations will tend to fluctuate within a narrow range, pendig clarification of the outlook pro or con. ILLINOIS SAVINGS GAIN By United. Press CHICAGO, Jan. 19.—Illinois residents are saving money. Deposits in Illinois state banks increased $175,000,000, approximately 27 per cent, in 1934, the state auditor announced.

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