Indianapolis Times, Volume 46, Number 219, Indianapolis, Marion County, 22 January 1935 — Page 13

Wall St. Dearth of Failures * Among’ Brokers Meritorious. BY RALPH HF.NDERSHOT— Timet Special Writer NEW YORK. Jen. 22—A reader writes in to ask why the New York Stock Exchange prevents its member brokerage houses from making financial statements to their clients. He points out that banks are obliged to file their financial condition statements periodically and sees no reason why brokers, who likewise accept money from

their customers, should be not only permitted, but required to follow the same procedure. The question is a fair one. It is also decidedly pertinent at this time when corporations, banks and other concerns which have financial relationships with the public tre being asked ‘o make full and com-

plete disclosure of facts and figures which will make it easier for their cl.pnts to know what they are doing. The answer is that :he Exchange desires to preserve the equal competitive position of its members so far as possible, it is explained that some brokerage much more money than they need to conduct their affairs, while others have less surplus funds, but yet ample to do a safe business. 800 questionnaires and other means the Exchange keeps a close check on the financial condition of its members. It is constantly on the lookout for dangerous situations and frequently is able to avert diffculty by assisting in raising additional capital for concerns or by requesting them to cut down on the volume of margin business conducted. The fact that brokers # came through the recent depression and collapse of the stock market with a much better record of performance than the banks speaks well for the system which is in force. The most important factor to consider is the results which have been shown rather than the methods by which these results were attained. Those who are familiar with the ways of Wall Street know that the Exchange has done excellent work in preventing lasses to the public through financial difficulties on the part of its member firms. Mergers have been engineered on more than one occasion where capital requirements were becoming low and new partners with additional capital have been requested in many other instances. n u IF member firms were obliged to file their condition statements the Exchange might be hampered at times in helping brokers to work out of bad situations. Strong concerns might not be willing to absorb the weaker ones for fear of public reaction and new partners might not be obtainable for the same reason. Moreover, financially repaired firms might not have the full confidence of the public. Secrecy, of course, is not in tune with the times these days, and on that score the Exchange might be subject to criticism for not requiring its members to make financial statements public. But when full weight is given to results, charges such as those made by the reader previously mentioned would appear to be over-balanced.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers. Fruits—<• anDerrles. Cape Cod, late Howes. 25-ib. box. $5.25. Grapes. California Emperors, 27-lb. box. $3. Persimmons. California. 245. $1.35. Bananas. 4%c a ib. Apples. Indiana Jonathans. $1 65: Grimes Golden. *1.50® 1.65. Lemons. Sunkist 3605, $5. Grapefruit. Texas, seedless. $3 25 Limes. Mexican per carton 12s 25c: Bvram. seedless, per hundred. *3. California rhubarb. 75c a 5-lb box. Pears, Oree> l Dan jo. box. $3.50. Pineapples. 30s. $4 25m 4.50. Advocados. Florida, box. $2. St raw-berries, Florida, pint. 33c. Apricots, $3 a crate. Vegetables Cabbage. Northern Danish. 52-lb. bag 65c, red. 50-lb. box. 90c. New 'le. as Cabbage, 50-lb. bag $1.40. Onions. Idaho, sweet. Spanish, large. 50-lb. bag 51.75. Michigan yellow, med. 10-lb. bag 22c; western white. 50-lb. bag. $1.85; Michigan. vellow. *1.25. Potatoes. Green Mountains. 100-lb. bag. *1.50: northern round white. 100-!% bap. *1.10: Ohlos. 100-lb. bag *2 Idaho Russets 100-lb. bag. $2, New Tevi„ potatoes. $1.75. Sweet Potaioes. Indiana Jersevs bushel. $175: Tennessee Nancv Halls, bushel. $1.35 Beans, stringless, hampers. *5.50. Celerv Michigan medium, dozen. 75c: Jumbo, dozen. 90c: hearts, bunch. *1.60. Cucumbers, dozen $2 so southern bushel. $4. Endive, dozen. 90c Egg plant. $2.25 dozen Kale. Virginia, bushel. 60c. Leituce, hothouse. 15-lb. basket. $1 60. Arizona Treberg head lettuce. $3 75 Mangofs. Florida, crate. *4 50 ®5. Mint bunch. 15c. Parsley, dozen. 35c Peas, hampers. $3 50. Spinach, homegrown hroadleaf. bushe). 90c. Radishes, cozen 65c. Tomatoes. 10-!b. carton. 51.50: Florida original. *2 75. Turn.ps. bushel. 75c. Parsnips, bushel. $1 35. Beets. bushel, $1 25. Carrots, bushel. *1.25; 100-lb. sack, *1.75. All quotations subject to ohange. up or down. FRUITS AND VEGETABLES (By United Press) CHICAGO. Jan. 22—Apples—Michigan Mclntosh bushels. *1 50',/1.85; Jonathans, *1.50'.! 1.75. Cauliflower California crates. $4 T5-,i 5. Cranberries —Massachusetts. %- barrels, *l4o® 165 Cabbage—Wisconsin 1 00-lb sacks. 75', 1 85c. Sweet potatoes— Tennessee bushels. *l®l 10: Illinois. *l® 1.15. Spinach—Texas bushels. 85c® sl. Carrots -cal.torn: crates. $3 15® 3 50; Illinois bushels. 40c. V. Celery—Michigan square crates. sl®. 1 Turnips—Western crates. *2 50 u3 25 elerv-cabbage Michigan fist crates. 35® 50c. few 60c Parsnips —lllinois bushels. 50® 65c Beans—Mexican bushel hampers *5.50. Ruhbarb— Michigan 5 lbs.. 25® 50c.

Hides and Skins

H dcs—Green country cows and steert. 4c flat: green country bulls and glues. 3%0 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 graos none hides. 50c less: glues and ponies naif price. No. 1 rendered tallow. 4®4%c: Nr. 2 at value. Yellow grease dark grease. 3S3Vc. RAIL TRAFFIC IMPROVES Moderate Upturn in Revenue Car Loadings Is Seen. By Times Special NEW YORK. Jan. 22.—An improvement has been shown in the railroad business during the last few weeks, especially in the volume of traffic, ar'wiing tc the Standard Statistics Cos., Inc Freight car loading recently have recorded a less than normal seasonal decline compared with traffic volumes a year ago. A moderate upturn in revenue traffic is in prospect for the early months of the current year, compared with a year ago, the report stated*

STOCKS MOVE LOWER AFTER GAININGEARLY Communications Division Up! for Time; Realizing Drops Steels. fly United Press NEW YORK. Jan 22 —The stock market started firm today, added to gains fer a brief interval, and then sagged until around noon it was irregularly lower. Communications issues featured for a time on reports the telegraph companies had completed plans to merge as soon as Congress acts on legislation suggested by the Federal Communications Commission. Postal Telegraph preferred reached 16%, up 1%, whi'e its 5 per cent bonds reached 52, up 2% points. Western Union sold at 33%, up 1%, and International Telephone 9%, up American Telephone, which would not be included in the merger, was •% higher at 1C5%. Mullins Manufacturing preferred soared to 59. where it was up 87i points from the previous close and 12 points above last Saturdays close. Utility shares eased toward noon, and communications lost their snap. Rails were slightly lower. Profit-taking reduced gains in steel issues. General Electric was active and firm. Follansbee Brothel*, was heavily sold, breaking 2% points to 3’ 2 .

Hendershot

Money and Exchange

INDIANAPOLIS STATEMENT ' lgs *1.987.000.00 • 4.316.000.00 TREASURY' STATEMENT (By United Press) WASHINGTON. Jan. 22.—Government e<penses and receipts for the current fiscal year to Jan. 19. compared with the corresponding period of tne previous fiscal year: This year. Last vear. Expenses *3.885.036.800.69 $3,328,811,803.29 Receipts.. 2.006.296.977.21 1.624.535.520.58 Deficit 1,878,739.823 48 1.699,276.282.71 Cash bal.. 2.395,725.538.21 565.303,233.89

Other Livestock

(By United Press) CHICAGO. Jan. 22.—Hogs—Receipts, 19.000 including 8000 directs, light active, steady: heavies weak to 10 cents lower; weights above 200 lbs.. sß® 8.10: top. S8.10; 140-200 lbs. $7.35® 8; pigs,*ss 50® 7; packing sows. *7.40® 7.60; light lights 140-160 lbs., good and choice. *7.25® 7.75; light weight. 160-200 lbs., good and choice, *7.50 ®8: medium weights, 200-250 lbs., good and choice. $7 85® 8.10: heavv weights. 250350 lbs., good and choice. $8 ® 8.10; packing sows. 275-550 lbs., medium and choice, $6.50® 7 65; slaughter pigs 100-140 lbs., good and choice. *5.504)7 50. Cattle—Receipts. 7000 commercial. 500 Government; calves 1500 commercial. 200 Government; very uneven market; meagre supply strictly good and choice fed steers and yearlings. strong to unevenly higher: but trade rather slow on kinds of value to sell at *lO downward, mostly steady; fairly active shipper trade on steers selling at $11.50® 12.50 with *l3—a new high-paid for strictly choice 1287-lb average; best yearlings. $12.50; other killers strong, instances 15 to 25 cents higher: slaughter cSttle and vealers: steers 550-900 lbs., good and choice. *8.75® 12.25: 900-1100 lbs., good and choice. *9® 12.75; 1100-1300 lbs., good and choice. *9.25® 13; 1300-1500 lbs., good and choice. $9.75® 13; 550-1300 lbs., good and medium. *4.50® 9 75; heifers. 550750 lbs., good and choice. *7.75® 10 25; common and medium. s4® 7.75; cows good. Ss®7: common and medium. $3.25®5; low cutter and cutter . s2® 3 25; bulls ivearlings excluded!, good ibeefi. S4.so®‘ $5 25; cutter common and medium. s4® 4 75; yearlings good and choice. *84111: medium. s7® 8; cull and common. *54i7: stocker and feeder rattle: steers 550-1050 lbs., good and choice. $5,504/7.25 common and medium. $4 50® 5.50. Sheep— Receipts. 15.000. fat lambs opening slow' few sales to outstanding at $9.50 or around steady: big killers bidding 25 cents lower: quality generally plain. Sheep and feeding lambs steady: slaughter sheep and lambs: lambs 90 lbs. down, good and choice. $8.65® 9 60: common and medium. $7 >8 75: ewes. 90-150 lbs., good and choice. S3 50® 5; all weights common and medium. *3® 4: feeding lambs. 50-75 lbs., good and choice. *74/8. FT WAYNE. Jan. 22—Hogs—Steadv: 250-300 lbs . *8.05: 225-250 lbs.. $7.95: 200225 lbs.. $7 85 180-200 lbs $7.75; 160-180 lbs.. *7.65; 300-350 lbs.. $7 65; 150-160 lbs.. *7 15; 140-150 lbs.. $6.65; 130-140 lbs.. $6 15; 120-130 lbs.. $5.90: 100-120 lbs., $5 40: roughs. $6.75: stags. $4.50; calves, $10; lambs. S9. LAFAYETTE. Jan. 22—Hogs—Market steadv to 15c lower: 200-225 lbs.. *8: 225235 lbs . $7.90: 235-250 lbs.. $7.85: 250-275 lbs . *7.80; 275-300 lbs.. $7; 300-325 lbs.. $7 60 180-200 lbs. $7.90: 160-180 lbs. *7.80; 155-160 lbs $7 25: 150-155 lbs.. $7: 140150 lbs.. $6.75; 100-140 lbs.. $54/6.50: roughs. $6 75 down. Native lambs 50c higher. $8 75 down: western lambs 25c higher. 59.25 down. Calf market $1 higher. top *lO. (By Times Special) LOUISVILLE. Jan. 22—Cattle—Receipts. 150; salable supplv slaughter cattle very light: demand dependable: market quotable fully steadv with Mondav: bulk common to medium steers and heifers salable. j® 7.25; better finished kinds quotable to around $8.50; bulk beef cows. *3 504/4 50: go'd kinds eligible to $.4 and above for heifei tvpes: most low cutters and cutters. *1 754t3: sausage bulls practicallv absent, quotable mostly $4.25 down; best heavies eligible higher: common to medium grade native stockers and feeders salable. *4 25 u 5.50: most Hereford stock calves, *6'® 6 50. Calves Receipts. 125: vealers *1 higher: bulk good to choice. $9 •i 10: medium and lower grades. *8.50 down to around $5. H^gs—Receipts. 250; unevenly steadv to 25c higher, most advance on weights from 175 lbs. down: top and bulk bettei 180-300 lbs.. *B.IO. 305 lbs up. $7.65 160-175 lbs. $7.45: 140-155 lbs.. $6 95: 120-135 lbs.. $6; sows. $6 35. Sheep Receipts. 100: market auotable steaav with Monday's higher close; most medium to good lambs. $7.50® 8 50: choice auoiable $9 or better: common light throwouts, $6: most fat ewes. $2.50®3.50.

STOCK VALUES HIGHER Fifty Representative Issues Show Gain of 1.12 Per Cent. By Times Special NEW YORK. Jan. 22.—Total market value of 50 representative stocks listed on the New York Stock Exchange at the close of the week ended Jan. 19 amounted to sll,803.778.000, an increase of 1.12 per cent over the preceding week, according to Paul H. Davis & Cos. At the close of the corresponding week a year ago. the same 50 stocks had a market value of $14,224,354,625. indicating a decrease during the year of $2,420,576,625, or 17.2 pdr cent. INVESTMENT AVERAGE OFF By Times Special NEW YORK. Jan. 22. Average for common stocks of 10 leading investment companies at the close of the week ending Jan. 16 stood at 10.12. compared with 10.39 on Jan. 11, according to the Distributors Group. Inc. ASSET VALUE INCREASES fly Times Special NEW YORK. Jan. 22.—Asset value a share of the Latin American Bond Fund on Dec. 31, 1934, amounted to 53.15. compared with $1.86 on the same date of 1933, an Increase of more than vq per cent, according to Charles A. McQueen, presideent.

Abreast of The Times on Finance

New York Stocks

(By Thomson & McKinnont 11A.M. Prev. Oils— High. Low. N Y. Close. Atl Rfg 24',, 24', 24', 24 Barnsdal! 6", 6', 6% 6% Consol Oil 7’, 7% 7 T 7% Cont of Del 18 18 18 18 Ohio Oil 10', 10', 10', 10 1 s Phillips Pet 14 3 , 14% 14 3 , 15 Pure Oil 7 7 7 7 Shell Un 7 7 7 7 Soc Vac 14', 13% 14% 14V* SD of Cal .... 31', 31 31', 31 S O of N J 42 41", 42 42% Texas Corn 19% 19% 19% 19% Un Oil of Cal . 15% 15% 15% 15'.* Steels— Am R Mills 22% 22% 22% 22% Beth Steel ... 32 31% 31% 32% Col Fuel & I .. 5% 5% 5% 5% Inland Steel ... 54% 54% 54% 54 Ludlum Steel ... 18 17% 17 s * 17% Mid Steel 13% 13% 13% 13% Natl Steel 50 50 50 49% Otis Steel 7% 7% 7% 7 Rep I <fc S 15% 15 15 15% Rep 1 & S pfd 48% 48% 48% 48% US P <fe Fdy . 20 20 '2O 20 U S Steel ... 38% 38% 38% 38% U S Steel pfd 91% 91% 91% 91 Youngstn S& T 20% 20% 20% 20% Motors— Chrysler 38% 38% 38% 38% Gen Motors 317? 31% 31% 32 Hupp 33 3 3V, Mack Truck’ 26 26 26 26 Nash 17 16% 17 17% Packard 4% 47* 4% 5 Reo 2% 2% 2% 2% Studebaker 2’% 2 2% 2% Motor Access— Borg Warner ... 30% 30% 30% 30! Briggs 27% 27% 27% 27% Budd Mfg 4% 4% 4% 4% Budd Wheel 4% 4 4% 3% Elec Auto Lite . 26% 25% 25% 26 Houdaille “A”.. 8% 8% 8% 8% Mullins Mfg 11% 11 3 4 11% H% Murray Body ... 7% 7% 7% 7% Timken Roll .... 35 34% 35 34 Mining— Alaska Jun 17% 17% 17% 17% Am Metals 15% 15% 15% ’5% Am Smelt 36% 36% 36% 95% Anaconda 11% 11% 11% 11% Cal Ac Hecla 3% 3% 3% 3% Cerro De Pasco . 42% 42% 42% 42 Granby 6% 6% 6% 6% Gt Nor Ore .... 11% .11% 11% 11% Howe Sound .... 45% 45% 45% 45% Int Nickel 23% 23% 23% 23% Kennecott Cop.. 16% 16% 16% 16% Mclntyre Mine.. 39% 39% 39% 38% Park Utah 3% 3% 3% 3% Phelps Dodge ... 14% 14% 14% 14% U S Smelters ..111 110% 110% 111 Vanadium 20 20 20 20% Amusements— Fox Theat 11% 11% 11% 11% Loews Inc 32% 32% 32% 32’, Radio Corp 5% 5% 5% 5% Paramount 3 s , 3% 3% 3 3 RKO 2 2 2 2% Warner Bros ... 37a 374 374 37s Tobaccos— Am Snuff 66% 65% 66% 65 Am Sum Tob... 21% 21% 21% 21% Gen Cigars ... 57% 57% 57% 57% Ligg Myers B 105% 105% 105% 105% Lorillard 20% 20% 207* 20% Reynolds Tob B 48% 48V, 4874 48% Rails— Atchison 50 50 50 49’, B & O 127, 12% 12% 12% Can Pacific 13% 13% 13% 13% Ch & Ohio 43 3 * 43% 43% 43% C M & St P pfd 474 474 4 1 /, 474 Chi N W 5 5 5 5 Chi N W pfd ... 9% 9% 974 9% Del Lac & W .. 1674 16 16 16% Erie pfd 15 15 15 15 Grt Northern pf 1474 1474 1474 14% K C Sou 774 774 774 7. Lehigh Valley .. 10 10 10 107a MK & T pfd... 12% 1274 1 27a 12 N Y Cent 1974 19 19 1974 N Y New Haven 7 7 7 7 Norfolk & West. 174% 174% 174% 173% Nor Pacific 18 18 18 18% Penn R R 2274 22% 2274 22% Sou Pac 1674 1674 1674 16% Union Pac 105 105 105 10474 Equipments— Am Car & Fdy.. 18 7 * 1B 7 18V* 19 Am Steel Fdy... 17% 17% 17% 17% Bald Loco 6% 6% 6% 6 Gen Am Tk Car 36% 3674 36% 37 Gen Elec 23% 23% 23% 23% Pullman Inc 51 5074 50 % 51 West Air Br ... 25% 24% 25% 24% Westingh Elec.. 3974 397, 39% 397, Utilities — Am & For Pwr-. 4% 4% 474 4% Am Power & Lit 3% 3% 3% 3', AT&T 105% 105% 105% 105 Am Wat Wks .. 13% 13% 13% 13% Col Gas & Elec.. 7 6% 6% 7 Com & Sou 174 174 1% 174 Consol Gas 20 19% 19% 20 Klee Pwr & Lit.. 2% 2% 2% 2% Int Hydro Elec.. 2% 274 2% 274 Int T & T 9% 9% 974 9% Nat Pwr & Lit.. 7% 6% 7 7 North Amer 12 s , 12% 12% 1274 Pac G & E 1474 14 1474 14 Peoples Gas .... 22 22 22 21% Pub Serv N J.. 26% 2674 26% 26% So Cal Edison.. 12 12 12 12 United Corp 27, 274 274 2% Un Gas Imp ... 12% 12 12% 12% Western Union.. 33% 3274 3274 32% Rubbers— Firestone 1774 1 7 1 774 1 67, Goodyear 23% 23 23 23*4 Kelly Spring 2V* 274 27* 2'* U S Rubber 15% 15% 15% 157* Miscellaneous— Allis Chalmers.. 1774 17 1774 16% Am Can 114% 114% 114'* 113% Am Mach & Fdy 21V* 2174 21% 21 % Erklyn Man Tr. 39 39 39 39% Eurroughs Add.. 14% 14% 14% 14% J I Case 56% 56% 56 % 56% Conti Can ... . 64% 64% 64% 64% Caterpillar Tract 39% ?9 s/ 39% 3974 Deere & Cos 29% 29 3974 29 Gillette 13% 1374 li% 13% Ingersoll Rand.. 67% 67% 67% 67% Int Bus Mach... 152% 152% 152% 152 Inter Harv .... 41% 41% 417:i 4174 Natl Cash R .. 17 17 17 16% Owens Bot 87 87 87 87 Rem Rand .... 10 974 9% 974 Foods— Armour 574 574 s'j 574 Armour 6% pfd 68 68 68 67% Borden Prod ... 24% 24 24 24% Cal Packing ... 38% 38 38 4 38% Coca Cola 173% 173% 173% 17174 Corn Prod 65% 65% 63% 65 Crm of Wheat . 36% 36 74 36 74 36% Gen Foods 34% 34% 347, 34% Gold Dust 16% 16% 1674 16% Loose Wiles ... 35% 35% 35% 36 Natl Biscuit ... 29% 29 29% 28% Natl D Prod ... 16% 16% 167s 16% Purity Bak 974 9 % 9% 9% S Porto R Sug .. 21% 21% 21% 21% Std Brands 18 17% 18 177, Un Biscuit 25 25 25 25 United Fruit ... 74 74 74 74 7474 7474 Retails Stores Assd Dry Goods 12 s , 12% 12 s , 12", First Natl Stores 51% 51% 51% 51% Gr Un Tea 4% 4% 4% 4% Kresge S S ... 20% 20% 20% 20% Kroger Groc ... 27 26% 26% 27 McCrorv St 117, 11% 11% 11% McLellan St .... 13% 13 13 1374 Marshall Field.. 10% 10% 10% 10 Mav Dept St ... 43% 43'* 43% 43% Mont Ward 27% 27% 27% 27% Penney J C 72% 72 72% 72% Safeway St 42% 42% 42V 2 42% Sears Roebuck.. 36% 36% 36% 36% Woolworth 547a 53% 54 537* Aviation — Aviation Corp.. 5% 5 5 5 Curtiss Wright.. 2% 2% 2% 2% Curtiss Wright A 8% 8% Bs,8 s , 8% Douglas Air 23% 23% 23% 23 Nor Am Av 3% 3% 3% 3% Sperry Corp .. 9% 9% 9% 9% United Aircraft N 14 14% 1474 14 Chemicals— Com Solvents ... 22% 22% 22% 227* Du Pont 94% 94% 94’, 95 Math Alkali 29V* 29% 29% 29% Natl Dis (new).. 27% 27 27% 27 Schenlev Dist .. 26% 25% 25% 26% Tex Gulf Sulph. 34% 34% 34% 34% Union Carbide.. 46 45% 46 46 Drugs— Coty Inc 6% 6% 6% 6% Un Drug (new). 11% 11% 11% ITS Vick Chem 317, 31% 31% 3174 Financial— Allegheny Corp.. 1% 1% 1% 1% Transamerica .. 5% 5% 5% 5% Tr Cont Corp .. 3% 37% 3% 37*

Produce Markets

Delivered in Indianapcl> prices: Heavy hens, 13c; Leghorn hens, 7c; colored springers. 12c: large stags, 8c: Leghorn stags. sc; old roosters, sc; ducks. 7c; geese, 7c: voung guineas. 20c; old guineas, 15c. Turkevs—No. 1 young hens. 8 lbs. and over. isc: 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 off. 23c. Each full case must weigh 55 lbs. gross: a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter —No. 1. 33*334c. Butterfat—3oc. Quoted by the Wadley Cos. ißy United Press! CHICAGO. Jan. 22—Eggs—Market firm: receipts. 3404 cases: extra firsts. 29 i -:c: fresh graded firsts. 29c: current receipts. 27‘ 2 c; dirties. 25' 2 c: checks. 24' 2 c. But-ter-Market firm: receipts 8205 tubs; extra firsts i9O-91 l 2 scoret, 32332‘ 2 c: extras (92 score(, 33c: firsts 'BB-89' 2 scorei. 31*t31 l <c: seconds iB6-87’- 2 scorei. 293 30c: specials. 33 1 : 4i34c; standards. 333 c.2 3 c. Poultrv—Market firm: receipts 6 trucks. 2 cars due springers. 18c: ducks. 15321 c; turkevs. 18320 c: geese. 14c: Leghorns. 15c; capons. 6 to 7 lbs.. 18323 c: Leghorn hens. 14c- stags. 15c: black chicks. 13c; hens. 14318 c; roosters, 12c. FORD RESUMES OUTPUT By Timet SpecialDEARBORN, Jan. 22. —Assembly operations of the Ford Motor Cos. at branches in Memphis and St. Paul will be resumed within the next few weeks, it was announced her! today. The two branches were closed at the end 'of 1932 and have operated since as sales branches.

INDIANAPOLIS, TUESDAY, JANUARY 22, 1935

Building— Am Radiator .. 14% 14% 14S 14J Int Cement .... 29% 29% 29% 29% Libbv Ow Gis - 31% 31% 31% 31% Otis Kiev 14% 14% 14% 15 U S GVT3sum ... 50V* 50 50 50 Household— Col Pa! Peet ... 17% 17% 17% 17% Congoleum 34% 34 34 * 3T* Kelvlnator 17% 17% 17% I]% Proc & Gam ... 45 44% 44', 44% Servel Ir.c .... 8% 8% 8% 8% Simmons Bad .. 9% 9% 9% 9% Textiles— Amer Wool .... 8% 8% 8% 8% Belding Hem ... 32% 32% 32 * 32. Ind Rayon 32'* 32 32 32 a

N Y. Bonds

(Reprinted from yesterday! DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 86.7 85.4 91.6 87.9 Saturday .... 86.8 85.0 91.4 87.7 Week ago ... 86.8 85.0 90.7 67.5 Month ago 85.7 87.9 88.0 80.5 (Copyright 1935 by Standard Statistics, Inc.) U. S. GOVERNMENT BONDS (By Fenner & Beane) Libertys Prev. Close. Close. Ist 3%5, 1932-47 104.18 104.17 Ist 4%5. 1932-47 103.25 103.25 4th 4%5. 1933-38 (uncalled). 103 28 103.27 4th 4%5. 1933-33 icaliedi ... 102 2 102.2 Treasurys 4745. 1943-45 114.4 114.8 4s. 1944-54 109.30 109.31 3%5, 1946-56 108.10 108.6 3%5, 1940-43 105.25 105.20 3%5. 1943-47 105.14 105.14 3%5. 1941-43 105.24 105.17 3%5. 1943-45 103.30 104.00 3%5. 1941 105.14 105.17 3%5. 1944-46 104.00 103.30 3%5. 1946-49 103.20 103.25 3%5. 1949-52 103.3 103.1 3s. 1951-55 102.20 102.22 3s. 1946-43 102.3 102.4 Home Owners Loan Corn. 2%5. 1949 97.30 98.00 3s. 1952 100.7 100.10 4s. 1951 101.9 101.8 Federal Farm Mortgage Corn. 3745. 1964 102 2 102.00 3s. 1949 100.8 100.9 3s. 1949 10.8 100.9 Domestic Prev. Close. close. Alleg Corp 5s ’44 7374 72 Alleg Corp 5s '49 63 Alleg Corp 5s 'SO 25 25% Am Frgn Pow 5s 2030 56% 56% Am Tel & Tel 5%s '43 112% 113 Am Tel & Tel 5s '65 112% 112% Arm & Cos (Deli 5%s '43 ...103% 1037, Atl Coast Line 4s '52 102V 2 .’02% Atl Coast Line 4%s '64 92 92% Atch Top &S Fe 47 2 s '4B ...108 Am Wat Wks 5s '44 97 96% Am Rolling Mills 5s '3B 111% 111 Balt & Ohio 5s '95 74 73% Balt & Ohio 6s '95 84 83 7 2 Balt & Ohio 4%s '6O 57 57 Buff Roch & Pitt 474s '57... 70% 69% Beth Steel 5s '36 104 103% Chi Milw & St PI 5s '75 24% 25 Chi Milw & St P 5s 2000 ... 7% 7% Cleve Un Term s*4s '72 1017s 100% Cleve Un Term 5s '73 967, 96% Cleve Un Term 4'4s '77 897, 89% Col Gas 5s May '52 80% 80% Col Gas 5s '6l 78 78% Can Pac Perp 4s 86% 86'/ 2 Cent Pac 5s '6O 79% 77% Big Four 4%s '77 ... 757, 75 Colorado & So 474s 'BO 70% 70% Chi & West Ind 4s '52 947, 94% Chi & West Ind V4s '62 102% 102% Cni & Nor West 4%s '49 207, 217* Con Gas 5s '57 103% 103% Chesa Corp 5s '57 104 3 * 105% Dodge Bros 6s '4O 1067s 1067, Del & Hud 4s '43 927a 93% N Y Dock 4s 'sl 62'/ 2 62'4 N Y Dock 5s '3B 44% 44% Erie 5s '75 71% *717, Erie 5s '67 71% 71% Gen Cable s'4s '47 88% 88% Grt Northern 7s '36 93 937, Grt Northern 4%s '76 78'4 79 Grt Northern 4Vis '77 78% 78% Gen Stl Cast W W s'4s 49 ... 94 9274 Hud & Manhat Ref 5s '57 .. 89 >i 89 111 Cent 47*s '66 61 60'4 111 Cent 5s '63 76% 76 Interlake C&I 5s 'sl 797? 78% Interntl Hy Elec 6s '44 5174 51 >4 Interntl Tel & Tel 474s '39 ... 70 70 Interntl Tel & Tel 5s 55 67% 67 Interntl Tel & Tel 4'4s '57 .. 63'4 63% P Lorillard 7s '44 127% 1237* McKess & Rob 5%s "50 957, 96 Midvale Stl 5s '36 102% 102% Natl Dairy 574s '4B 102% 1027 2 Natl Steel 5s '56 1067a 107 Nickel Plate 47 2 s '7B 64 63 >4 Nickel Plate 574s '74 75 75 Nickel Plate 6s '35 70 69'4 N Y Cent 5s 2013 67% 67 N Y Cent 4%S 2013 (Old) 62 74 62 Nor Amer Cos 5s '6l £4*4 84% Nor Pac 3s 2047- 7574 747, Nor Pac 4Vis 2047 87 87 Nor Pac 6s 2047 100% 100% Nor States Pow 5s '4l 105 105% New Orleans Term 4s '53 86'4 857, Otis Steel 6s '4l 90 89 Penn Ry 4%s 'B4 102 102 Penn Rv 474s 'Bl 102 102% Penn Rv 4%s '7O 95% 65)4 Pac G & E 5s 42 108’% 108% Portland Gen SI 4%s '6O .... 55 54% Para Publix 5%s 'SO 64 63% Penn P & L 4%s 81 100% 1007, Postal Tel & Cab 5s '53 49% 47% Rem Rand WW 5%r, '47 99% 99% Sinclair Oil 6%s '3B 10474 104 * Shell Union Oil 5s '47 102% 10274 So” Pac 4%s '6B 67 67 Sou Pac 4Vis *Bl 66% 67 Sou Pac 4%s '69 67 66’4 Sou Pac 4s '49 6974 59 Sou Rail 4s '56 60V 2 60% Sou Rail 6s ’56 78% 77*4 Sou Rail 67is '56 83% 84 Sharon Stl Hoop 5%s '4B 88% 88% Texas Pac 5s 'BO 926 9274 Texas Pac 5s '79 92 >4 92 Texas Pac 5s '77 92 99 Union Pac 4s '47 109% 109 United Orug 5s '53 90% 90% U S Rubber 5s '47 94% 9474 NY NH & Hart 6s '4B 50% 50 NY NH & Hart 4%s ’67 43% 42% Warner Bros 6s ’39 56% 56% Western Mary 5%s '77 98% 98% Western Mary 4s '52 90 88% Youngstn S & T 5s ’7O 95'4. 95% Youngstn S&T 5s '7B 957, 95% Foreign Argentina A6s ’57 92% 92% Argentine B6s ’SB 91% 92% Canadian Govt 4s ’6O 104% 104’,, Denmark 5%s ’55 100% 100 German 5%s '65 34% 337 2 German 7s '49 44 43 Italy 7s 'sl 94'4 94% Japan 6'is '54 92% 92% Poland 7s '47 1197, 120% Rome 6’ 2 s ’52 87 85% Tokio City 57 2 s '6 l 75% 75% FEDERAL FARM LOAN BONDS (By Blyth & Cos.) Bid. Ask. 4s July 1, 1946—44 102 1027 b 4s Nov. 1. 1957—37 101% 102 4s Mav 1, 1958—38 102 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% 4V 2 s Jan. 1, 1955—35 101', 101% 4%s Jan. 1. 1956—36 101% 102'* 5s Mav 1. 1941—31 101% 101% 5s Nov. 1. 1941—31 101% 1017,

The Glidden Cos. is a consolidation of several manufacturers and distrubtors of paints, varnishes, paint materials, chemicals, pigments and the like, and is now one of the leading producers of these materials in this country. Operations are under three definite heads: (!) paints, varnishes, lacquers, etc. (2) chemicals and pigments, and (3) food products, such as margarines, cocoanut and other vegetable oils, and salad dressing. Its products are widely distributed, many of them under nationally advertised trade names. Plants and warehouses are well distributed throughout the country. FINANCIAL DATA As of Oct. 81, 1934 Common Stock (no par)... 650.000 shares 7% Preferred Stock (SIOO pan . .* 6.500.000 Funded Debt 3,224.000 Surpluses 12,490.131 Cash 953.376 Inventories 7.902.063 Total Current Assets 12.850.927 Current Liabilities 3.799.169 The Glidden Cos. was incorporated in 1917 in Ohio. Both classes of stock are listed on the New York Stock Exchange. At a current price of 25%, it sells to yield nearly 4 per cent on the regular dividend and for about 15 times annual earnings. (All Rights Reserved. Winchester Institute ex Finance, Winchester, Mass.)

Stock Studies

5 LOCAL BANKS RANKED AMONG LARGESTIN U. S. Publication Lists First 300 of Nation’s Institutions. By Times Special NEW YORK, Jan. 22.—Five Indianapolis banking institutions rank this year among the 300 largest banks in the United States, according to the annual copyrighted roll call published today in the American Banker. The roll call lists the first 300 of the country’s 15,290 commercial banks in the order of their deposits. The year 1934, it is stated, represents the greatest deposit gain ever seen abong the nation's banks in a single year—s4,soo,ooo,ooo being added to the totals of the first 100 banks alone, boosting deposits to $21,892,329,827, which is higher than the 1929 total and within 1 per cent of the $22,158,000,000 peak figure for the first 100 banks reached at the end of 1930. Deposit Inflation Negatived This vast gain of deposits in a single year, according to the American Banker, is indicative of the tremendous deposit money inflation which is taking place, due to the twin forces of the dollar devaluation and Federal budgetary deficits. Only the almost complete refusal of business men to speculate or invest their funds upon the future of American business has prevented this deposit money inflation from translating itself into a cycle of active inflation of price levels. The usual inflationary effect of a huge increase in the money supply was negatived in 1934 by the disposition of businessmen and other depositors to pile up large idle cash balances and concentrate them in banks under the protection of Federal insurance ruther than risk them in business or investment, the American Banker points out. Total deposits in the Nation’s commercial banks jumped from $33,000,000,000 to $40,000,000,000 during 1934, it is estimated. These figures are exclusive of $10,000,000,000 in mutual savings banks. 55 Per Cent in First 100 Banks The concentration of deposits last year produced a 27 per cent gain among the Nation’s largest banks. The year-end figures as compiled by the American Banker show that the first 10 banks in the country now have total deposits of $9,623,931,596, or more than 24 per cent or the Nation’s commercial banks’ deposit total The first 25 banks have deposits of $14,750,693,536, or 37 per cent of the Nation's total. The first 50 banks, with deposits of $18,296,520.570, have 46 per cent of the Nation’s gross, while the 100 largest banks constitute 55 per cent. The American Banker’s 1935 roll call of largest banks, with their rank and deposits, includes the following institutions in Indianapolis: No. 78 Indiana National Bank $71,894,336 163 Fletcher Trust Company ... 27,872,890 202 American National Bank ... 21,328,585 210 Merchants National Bank .. 20,645.979 272 Union Trust Company 14,384,973 LOWER PRICES RULE IN GRAIN DEALINGS Commission Houses, Locals Sellers at Star*. By Times Special CHICAGO, Jan. 22.—Easiness abroad and continued nervousness over the gold clause case brought lower prices to grains on the Board of Trade today. At the start wheat was % to % cent lower, corn was down Vs to J , 2 cent, oats were off Vs to % cent, and rye 3 ,i cent lower. Commission houses and locals started a moderate wave of liquidation here at the beginning of the session. Broomhall reported the demand for wheat in the United Kingdom slow and Liverpool was depressed. Parcels in the English market also were lower. (By James E. Bennett) Wheat— 11:00 Prev. High. Low A. M. close. May 97% .96% .96% .97% Julv 88% .87% .87’, .?% Sept 86*, .85% .86% .87 CornMay • •.•••••• ,86% .85*8 .85% ,BC% July 81% .80% .81% .81% Sept 78% .77% .77% .78% Oats— May 52% .51% .51% .52% July 45 .44% .44% .45% Sept 41% .41% .41% .42 RyeMay .67*a .66*8 .66% .67% July ••••••••• .67% .66% .66*8 .67% LOCAL CASH MARKET Cltv grain elevators are paving 90 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 vellow 82 cents and oats 46 cents.

Chicago Stocks

(By Abbott, Proctor & Paine) 11:00 Prev. A. M. ' close. Allied Products 14 14% Berghoff 2% 2% Bore Warner 30 30% Butler Bros 7 Chicago Corp pfd 32 31% Chicago Mail 17% 17% Crane Cos 9% 9% Cord Corp 3% 3% Elec House 17 16% Gen House 6% 6% Libby 7% 7% Quaker Oats 129 Swift 17% 17% Swift Int 32 32%

11 New York Curb

(By Abbott. Proctor & Paine) 12 Prev. (Noon) close. Am Cyanide ‘B ' 17% 17% Atlas Corp 9 Carrier Corp 15% 16 Distillers CSorp 17% 17% El Bond & Snares 6% 6% Ford of Europe 8% 8% Hiram Walker 29% 30 Natl Bellas Hess 2% 2% Novadel Aeene 22% 22% Penn Road t... 2 2 St Regis Paper 1% 1% StdofKy.V: 19%

PAGE 13

Barter of Electricity for Produce Proposed Arkansas Power and Light Cos. Would Bring Public Utility Services to Farmers.

By United Press LITTLE ROCK, Ark., Jan. 22.—A plan to swap Arkansas farmers electricity for butter and eggs and chickens is the Arkansas Power and Light Co.’s answer to TV A power.

SWINE MARKET TURNSUNEVEN Most Prices Steady to 10 Cents Higher; Veals Up Sharply. By United Press CHICAGO, Jan. 22.—A top of sl3 hundred pounds was paid for heavy steers at the Chicago stockyards today, the highest since November, 1931. Slight weakness was evident in I hog trading at the local stock- ! yards today with the majority of prices steady to 10 cents lower than yesterday. The decrease was noticeable mostly in the lightweight division. Receipts were estimated at approximately 7000, against 3000 yesterday. This increase was believed responsible for the drop in prices. Although demand continued fairly strong, early activity was limited. Initial developments were slow in most classes. The bulk, 160 to 325 pounds, cashed in at $7.70 to SB.IO, while some better grades were reported slightly higher. Hogs scaling, 130, to 160 pounds, sold at $6.50 to $7.50, while others ranging from 100 to 130 pounds, brought $5.25 to $6.25. Packing sows held at $6.50 to $7.25. Holdovers were 161. Trading interest again centered in the cattle market where most classes, especially slaughter steers, were extremely active and tending higher than yesterday’s average. Bulk of early steers ranged from $8.50 to $11.50, while some choice kinds sold higher. Vealers continued tc move sharply higher, selling at $11.50 down. Receipts were 400. Lamb trading was practically at a standstill with the bulk of better grades selling from $9.25 to $9.50. Heavies brought $9 down, while throwouts sold at $6.50 to SB. Slaughter sheep held at $5 down. Receipts were 5000. HOGS Jan. Bulk. Top. Receipts. 16. $7.50® 7.80 $7.85 5000 17. 7.70# 8.00 8.00 3000 18. 7.851$ 8.15 8.15 6000 19. 7.604/) 7.90 7.90 3000 21. 7.90 (<n 8.10 8.10 3000 22. 7.70® 8.10 8.10 7000 Light light: (160-180) Good and choice . $7.00® 7.75 Medium 6.50% 7 25 Light weight: (160-180) Good and choice .. 7.90® 8.00 Medium 7.50® 7.75 (180-200) Good and choice... B.oo® 8.10 Medium 7.50® 7.85 Medium weight: (200-220) Good and choice .. 8.05® 8.10 (220-2501 Good and choice... 7.95® 8.10 Heavy weight: (250-290) Good and choice .. 7.80® 7.95 (290-350) Good and choice... 7.60® 7.85 Packing sows: (275-350) Good 7.00® 7.25 (350-425) Good 6.90® 7.15 (425-550) Good 6.75® 7.00 (275-350) Medium 6.50® 6.90 Slaughter pigs: 1 100-140) Good and choice... 5.25® 6.75 Medium 4.50® 6.50 CATTLE —Receipts, 1800— —Steers — (550-900) Choice [email protected] Good 8.25® 10.50 Medium 6.00® 8.25 Common 4.00® 6.00 (900-1100) Choice 10.75® 12.00 Good 8.50® 11.00 Medium 6,50® 8.75 Common 4.25® 6.50 (1100-1300) Choice 11.254j12.25 Good 9.00® 11.25 Medium 6,50® 9.25 (1300-1500) Choice 11.25® 12.25 Good 9.00®11 25 —Heifers—-(sso-750) Choice 8.50® 9.00 Good 7.50® 8.50 Common and medium 3.75® 7.50 i (750-900' Good and choice .... 7.25® 8.75 Common and medium 4.00® 7.50 Cows— Good 5.00® 6.50 Common and medium 3.00® 5.00 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. 400— Good and choice $10.50® 11.50 Medium 8.50® 10.50 Cull and common 4.00® 8.50 —Calves—-<2so-8001 Good and choice .... 5.75® 8.00 Common and medium 3.25® 5.75 —Feeder and Stocker Cattle——Steers— (soo-900) Good and choice.... 4.75® 6.25 Common and medium 3.25® 4.75 (900-1050' Good and choice .. 5 00® 6.25 | Common and medium 3.50® 5.00 —C"ws— Good 3.25® 3.75 Common and medium 2.00® 3.25 SHEEP AND LAMBS —Receipts, 5000Lambs, 90-lbs. down, good and choice $9.00® 9.50 Common and medium 6.50® 9.00 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 MEAT PRICE HELD WEIL UNDEB PEAK Kingan Cites 34 Per Cent Drop as of Dec. 15. The average retail price of five ' leading mea tcuts in mid-December was approximately 34 per cent lower than in December, 1929, when prices weer at or near their peak, .John R. Kingan, Indiana regional chairman of the Institute of American Meat Packers, declared today. Based on the most recent figures compiled by the Department of Labor, Mr. kingan showed that the retail price of chuck roast on Dec. ■ 18 was 42 per cent lower than in j 1929; sirloin steak 36 per cent lower, leg of lamb 38 per cent lower, ! pork chops, 29 per cent lower and sliced ham 26 per cent lower. ‘This average difference of 34 per , cent in the price of these five popular meat cuts compares with a difference of only about 28 per cent j in the price of ‘all foods’ as listed by the Department of Labor,” Mr. i kingan asserted.

* What Does It Mean Mixed Trend—When approximately 50 per cent of the issues on the Stock Exchange move forward and the remainder move downward this is known as a mixed, irregular, or uneven trend.

Harvey C. Couch, president of the Arkansas, Louisiana and Mississippi power and light companies, has just announced he contemplates building 3500 miles of rural extension lines in 36 Arkansas counties. He will use farm labor to give his potential consumers money with which to buy initial appliances. He promises housewives he will help them market their produce if they will add 10 or 12 chickens to their flocks to pay their light bills. First rural communities to receive the new service will be around Couch’s boyhood home. Calhoun, his birthplace; Ebenezer, Village and Prattsville are the expenment- | ing ground for the new idea. Recalls Old Chores Remembering his boyhood job of j drawing water from the open well, Mr. Couch said it would be some 1 satisfaction to see electric power installed in the old family homestead built by his grandfather in the 1850 s. Payment of extension lines will be spread over a period of several years. Assurance of three customers to a mile will be sufficient to extend the lines, Mr. Couch said. If the experiment in the four communities is successful the power company hopes to borrow money from Federal agencies to finance the rural program in the three states where Mr. Couch’s companies operates. Power for the increased service would come from present sources. Principal source is the 100.000-kilo-watt steam-generated plant in the gas gelds of Sterlington, La. Augmenting the steam generators in supplying power for the excessive daily and seasonal peaks are Carpenter and Reirrmel dams on the Ouachita River near Hot Springs, with capacities of 58,000 and 12,000 kilowatts respectively. Another Dam Ready Another dam on the Ouachita has been contemplated for some time. It may be started with the introduction of the rural development. Announcement of the Arkansas Power & Light Cos. came after strong agitation had started in several cities, North Little Rock and Helena principally, to extend TV A power into Arkansas. Potential hydro-electric power on the undeveloped White River in northeastern Arkansas has been estimated variously by the Mississippi valley committee of the PWA and other engineers at from 300.000 to more than 500,000 kilowatts on continuous service. WINEINDOSTRr BOOMS IN lOWA Home Product Occupies Prominent Place in Liquor Stores. By United Press COUNCIL BLUFFS, lowa, Jan. 22.—The lowa wine industry is ex-1 periencing a revival with the result that vineyards soon may replace cornfields as the identifying agricultural pursuit of the state. Southwestern lowa grape wine now occupies a prominent place on the shelves of lowa State liquor stores and wholesale dealers in other states are contracting for supplies. Another enormous boost has been dealt the industry by a popular vote for repeal in adjoining Nebraska. As soon as the legislature of that state enacts a liquor law, casks of lowa wine probably will be among first shipments received. The Council Bluffs Grape Growers’ Association already has received offers to sell 3700 gallons of wine in Omaha, but directors have indicated they prefer to wait until Nebraska’s prohibition law is wiped from the books, before selling a dry state. The association has 3700 gallons of two-year-old wine in stock. It was produced from the 1931 stock; 6000 gallons were sold to the lowa State Liquor Commission at ap-

proximately $13,000. The association has 40.000 gallons of port wine in the ageing process, produced from 450,000 pounds of grapes, representing more than onethird of the association’s crop. It will be ready for the market within a few months due to a special ageing process, which, it is asserted, has reduced the ageing time from two years to six months. STOCK HOLDINGS RISE General Foods Corp. Issues Held by 60 000 Individuals. By Times Special NEW YORK, Jan. 22.—Approximately 60.000 individual persons in the United States and Canada now own stock of the General Foods Corp., according to an announcement made today by C. M. Chester, president. After the name of the Postum Cos. was changed to General Foods Corp. in July. 1929, its stock was distributed among 22,000 holders, Mr. Chester stated. The presenttotal represents an increase of 173 per cent since that date.

1 . 8 “ Y Bldg. & Loan NEWTON cri i STOCKS TODI) ScLL 415 Lemcke Bldg. Get Our Prices ■

LATEST NEWS AS ANNOUNCED BY COMPANIES Developments, Happenings Revealed by Leading Corporations. A summary of. corporation news prepared by the Standard Statistics Cos., Inc., New York, follows: Allied International Investing Corp. declared a dividend of 35 cents on account of accumulations on $3 convertible preferred stocks. The last previous payment on this issue was 50 cents a share on Aug. 1, 1931. Giving effect to Feb. 1. payment. arrears amounted to $10.90 a share of $3 convertible preferred stock. American Superpower Corp. 1934 first preferred share earnings were $1.29, against $2. Liquidating on Dec. 31, 1934, equaled $4 87 a share of preference stock. Atlas Imperial Diesel Engine Cos, for the year ended Nov. 30, 1934, was $30,411, against deficit $198,577. Baldwin Locomotive Works busi- ‘ ness booked (including affiliates) in j December totaled $1,035,000. against $1,040,000 in December, 1933. In 12 months totals were $21,935,000, against $10,635,000; shipments (inj eluding affiliates) in December to- | taled $2,087,000 against $1,078,000; jin 12 months shipments were $16,615.000 against $8,871,000; unfilled orders consolidated at the beginning of this year amounted to $9,462,000 against $4,358,000 at the outset of 1934. Bangor & Aroostook Railroad president estimated 1934 earnings of company between $4.75 and $5 a common share. In 1933 earnings equaled $5.29 a share. Bastian-Blessing Cos. deficit for the year ended Nov. 30. 1934. was $77,693, against deficit $107,673. Columbus Railway, Power and Light Cos., serving the metropolitan areas of Columbus, 0., has filed suit in United States District Court seeking to enjoin construction of a $1,000,000 extension to the municipal light plant. Suit challenged legality of a Federal grant, contending it aided the city in competition with private industry. Ford Motor Cos. has advanced its February production schedule to 130.000 units, 20,000 more than when first estimates were set ten days ago. Ford Motor Cos. of Canada. Ltd., production of company for 1934 is expected to total between 90,000 and 100.000 cars compared with about 70.000 in 1934. Hanna <M. A.) Cos. 1934 preliminary common share earnings were 84 cents, against 14 cents. International Utilities Corp. declared usual quarterly dividends of 87% cents on $7 prior preferred ! stock and 43% cents on $3.50 prior j preferred stock, series 1931. Giving I effect to these payments, arrears as i of Feb. 1, 1935, amounted to $4.37% a share on $7 preferred stock and $2187 a share on $3.50 preferred stock. Keystone Steel and Wire Cos. declared a dividend of 50 cents on common stock. The company made four disbursements of 50 cents a share each in 1934, the last one on Oct. 10, 1934. Landis Machine Cos. president said resumption of payment of regular quarterly dividends on common stock on a modest scale is contemplated Feb. 15, 1935. McKesson & Robbins Inc., November net sales were up 16.8 per cent. Eleven months up 21 per cent. National Bearing Metals Corp. declared a dividend of $3 on account of arrears on preferred stock payable in two equal installments. These dividends will clear up accumulated dividends on company’s preferred stock. Norfolk & Western Railway announced it would build a steel and concrete coal bridge at Lamberts Point, Norfolk, Va., to cost $3,000,000. Dredging ocntracts, involving $140,000, were awarded to Arundel Cos. Structural steel would be fabricated and erected by Virginia Bridge and Iron Cos. Owens-Illinois Glass Cos. 1934 common share earnings were estimated at $5.42, against actual earnings of $4.86 in 1933. Cash and working capital at end of 1934 both were above those of previous year. Pressed Steel Car trustees reported net profits for eleven months of 1934 or $348,383. Unfilled orders of company exceed $400,000. Sharon Steel Hoop Cos. president said January business of company has been about 35 per cent above like period in December and 75 per cent above January, 1934. Tide Water Oil Cos. announced that it has acquired the Universal Gas and Oil Cos. of Easton, Pa. Virginia Iron, Coal and Coke Cos. 1934 preliminary deficit was $24,682, against deficit $84,519.

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers A 25-cent carrying charge per ton will be added. DOMESTIC RETAIL PRICES Indiana lump $5 20 Egg 5 03 Nut 480 Brazil Block— Lump 554 Egg 5 31 Nut 5.04 Glendora— Lump 5.34415.59 Egg Nut . 4.95Q5.20 West Virginia and Eastern Kentucky (Group B) .- 6.77(17.18 Pocahontas and New River, smokeless 7.3008.32 Coke, egg and nut 8 90 Pea Coke ■ 7- 4 2 Anthracite 10.13012.83

Our Clients Enjoy a Steady Monthly Return From the J. Edward Jones Royalty Trust Certificates Full particulars on request Chapin, Seward l Shiel, Inc. Fletcher Trust Bldg. LI. 4466