Indianapolis Times, Volume 46, Number 220, Indianapolis, Marion County, 23 January 1935 — Page 11

Trends Indiana State Banks May Accelerate Housing Loans. BY VINCENT S. LYONS Tine* Financial Editor

ONE of the most important pieces of financial legislation to emerge from the Legislature is the bill, ■which already has been whipped through the House, providing for the release of millions of dollars of state banks for the re fin? \cing of home mortgages and for the building of new homes. The Senate is expected to take early action on the measure. This state administration sponsored bill, when eventually placed on the statute books, will tend to correct one of the errors in the present state banking laws. Offered as an amendment to the 1933 financial institutions act, the measure will permit state banks, trust companies and building and loan associations to loan up to 80 per cent of the appraised value of property under the terms laid down by the Federal Housing Administration. Loans up to 80 per cent of the appraised value of property by banking institutions might seem to be an inordinately liberal policy by some persons. However, it should be remember and that the loans thus made are guaranteed of payment by the Federal Government.

UNDER existing laws in this state only national banks are permitted to participate in this important Federal relief program. As can readily be seen, the bill amending the present laws will place the national and state banks in Indiana on an even footing. It was not the original intention of the act to give the former an advantage over the latter, but just an exigency of the recovery program which makes it necessary for state Legislatures to keep a weather eye on banking laws. When, as and if the amendment to the Indiana act is passed, it will undoubtedly tend to accelerate the housing drive of the Roosevelt Administration. At any rate, the amount of money available for such loans will be increased. Then it will be up to the persons to act who are in need of refinancing their mortgages or who are contemplating the erection of anew home. In the opinion of many people the amount of loans made under the terms of the Federal Housing Administration has been rather disappointing. It is rather difficult to believe that the need for such benefits has slackened. Perhaps it may be that the banking institutions which are privileged to extend such credit have not been calling enough attention to this new function. a a tt IT would seem that with Federal housing loans bringing 5 per cent interest in some cases and s'a per cent in others, and with the principal guaranteed by the Government, that the banking institutions would be justified in going to a little expense in making the public cognizant of the privileges which are now available to them. The public, however, should not be deluded into the belief that the 5 and 5% per cent interest is all they pay, as a service charge is assessed on each loan granted. The same measure passed by the House would provide that if 75 per cent of the creditors, depositors and shareholders of a bank or building and loan association are in favor of a reorganization scheme, the plan shall be binding on all. This proposal is patterned after all the Federal method for reorganizanizing closed institutions, which was passed at the last session of Congress. To us, this manner of bringing about reorganizations of financial institutions seems wholly fair. Too often privileged classes have taken advantage of their position and sought to gain for themselves the proverbial “pound of flesh.” The contemplated blanket approval would outlaw such tactics and facilitate speedier readjustments.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dsalers. Fruits—Cranberries. Cape Cod. late Hor.es. 25-lb. bos. $5 25. Grapes. Califor i:a Emperors. 27-lb. box. $3. Persio raons, California. 24s SI 35. Bananas. 4> v < a lb. Apples. Indiana Jonathans. $1 65- Grimes Golden. $1 50 /1.65. Lemons, Sunklst 3605. S5. Grapefruit Texas, seedless. $3 25. Limes. Mexican per carton 12s 25c: Bream, seedless, per hundred. $3. C’.ifornia rhubarb. 75c a 5-lb. box. Pears. Oregon D’anlo. box. $3.50 Pineapples. 30s. 54 25 ; 4 50. Advocados. Florida, box. $2. Strawberries, Florida, pint. 33c. Apricots. $3 a crate. Vegetables Cabbage. Northern Danish. 50-lb. bag 65c. red. 50-lb. box. 90c. New Texas Cabbage. 50-lb. bag. *1 50. Onions. Idaho, sweet. Spanish, large. 50-lb bag. $1 75. Michigan vel'ow. med 10-lb. bag 22c; western white. 50-lb. bag. $1.85; Michlean. yellow. $1 25. Potatoes. Green Mountains, 100-lb. bag. $160: northern round white. 100-lb. bag. $1 20; Ohios. 100-lb. bag. J 2 10: Idaho Russets 100-lb. bag. $2 10. New Texac potatoes. $1.85, Sweet potatoes. Indiana Jerseys bushel. $175: Tennessee Nancv Halls. bushel. $135 Beans, strlngless. hampers. $5.50. Celerv. Michigan medium, dozen. 75c: Jumbo, dozen* 90c: hearts, bunch. $1 60. Cucumbers, dozen $2 50: southern bushel. $4. Endive, dozen, 90c. Egg plant. $2.25 dozen. Kale. Virginia, bushel. 60c. Lettuce, hothouse. 15-lb. basket. $1 60. Arizona Iceberg head lettuce. $3 75. Mangoes. Florida, crate, $4 508 5. Mint bunch. 15c. Parsley, dozen. 35c Peas, hampers. $3.50. Spinach, homegrown broadleaf. bushel. $1.25. Radishes, and ten. 65c Tomatoes. 10-lb. carton. $1 50: Florida original. *2.75. Turnips, bushel. 75c. Parsnips bushel. $1 35 Beets. bushel. $1 25. Carrots, bushel. $1.25: 100-lb. sack. *1.75. All quotations subject to change. up or down.

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. isc: young toms. 14 lbs and over. 15c: young toms, 11-14 lbs.. 13c: No. 2 crooked oreasts 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 lb* gross; a deduction of 10c a pound .or each pound under 55 lbs. will be made, t >tter —No 1. 35 -36 c Butterfat—3oc. Quoted by the Wadley Cos. CLKVEXAND. Jan 23 —Butter—Film: extras. 38c: standards. 37%c. Eggs—Market. firm extra whites. 29c: current receipts. 28c Poultry—Market. steady: foals, colored. 4% lb*, and up. 196 20c; ducks, light. 15c: ducks. 5 lbs. ar.d up. 20c: geese 144/15c turkeys, young. 20c. Potatoes—Maine $1 15ft 125 a 100-lfe. bag: Ohio, best mostly 75 / 86c a 100-lb. bag: New York. 854< 90c a 100-ib. bag. New Jersey. 81 a 100-ib. bag.

CENTRAL BANK IS STUDIED BY ADMINISTRATION Changes Considered in Federal Reserve Sysem. BY RICHARD L. GRIDI.EY United Press Staff Correspondent (Copyright. 1935. by United Press) WASHINGTON, Jan. 23.—Administration officials were reported near a decision today on legislative proposals which virtually would convert the Federal Reserve System into a “central bank” under Federal domination. Administration . banking officials were expected to reach a decision this week on two proposals which would effect important changes in the nation’s banking structure. These are: 1. Formation of an open market committee under direct supervision of the Federal Reserve Board at Washington to regulate credit throughout the country instead of through the present open market committee selected by regional banks.

2. Selection of Federal Reserve Bank governors by the Federal Reserve Board or possible consolidation of their duties with those of the Federal Reserve agents now directly responsible to the Federal Reserve Board. Proposals Are Studied Both these proposals have been studied for months by Treasury and Federal Reserve Board officials in connection with Administration plans to submit anew banking bill to Congress. The two proposals indicate the growing domination of the United States Treasury over banking and credit affairs, beginning with the appointment several months ago of Marriner S. Eccles as Governor of the Federal Reserve Board. Mr. Eccles is a close friend of Secretary of Treasury Henry Morgenthau, and one of the most liberal of New Dealers. Mr. Eccles recently inaugurated a new reserve board policy of pumping “new blood” into the system through a rotation of Class C reserve bank directors every six years. The board is reported looking for “Liberals” to fill vacancies of Federal Reserve agents at San Francisco, Cleveland and Kansas City. Want Broadened Powers Other Administration banking agencies want legislation giving them broadened powers over banking and credit. The Reconstruction Finance Corp. is seeking authority to buy bonds maturing up to 10 years instead of five and a two-year extension of its life. Tlie Federal Deposit Insurance Corp.. with 14.100 banks under its jurisdiction, wants new powers which in some cases exceed those held by the Pcdcral Reserve Board. Another measure reported with Administration approval is a bill introduced in the House by Chairman Ellison D. Smith of the Senate Agriculture Committee for the establishment of a billion-dollar Federal Agricultural Bank to handle all forms of agriculture credit. May Issue “Baby Bonds” Another sign pointing to concentration of Government financial powers in Washington was the bill introduced in the House by Chairman Robert L. Doughton of the Ways and Means Committee under Administration approval giving the Treasury authority to sell $8,500.000.000 of "baby bonds” direct to small investors. This bill, which increases borrowing authority of the Federal Government to $45,000,000,000 from $31,000.000.000. allows “baby bonds” of denominations of $25 to SIO,OOO to be sold at a discount, basis to small investors at an annual return of 2 to 3 per cent. A SIOO “United States savings bond.” for example, due to 10 years, would be sold at S7O to SBO. If it were held to maturity the Government would pay it off with SIOO. Holders would be given an opportunity to sell them back to the Government every six months.

NEW ECONOMIC BOOKS RECEIVED AT LIBRARY Five Recent Studies Available at Business Branch. ‘ Human Exploitation,” by Norman Thomas, is one of five new books now available at the business branch of the Indianapolis Public Library. The study is designed to consolidate the information necessary to help people see what poverty and exploitation mean in the ‘’richest country in the world.” Other new books received are: “Government Experimentation in Business, by Warren M. Persons; ‘Toundations for the World's New Age of Plenty,” by Fred Henderson; “Outline of New Deal Legislation of 1933-1934.” by H. S. Piquet and “American Co-operation,” a compendium by the American Institute of Co-operation.

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 i 480 Brazil Block— Lump 5 54 Egg - 5.31 Nut 5.04 Glendora— Lump 5 34115.59 Egg 5 18 .a 5.43 Nut 4.9565.20 West Virginia and Eastern Kentucky /Group B* • 6.7<fe7.18 Pocahontas and New River, smokeless 7.30®8 32 Coke, egg and nut 8 90 Pea Coke 7.40 Anthracite 10.13612.88 CRUDE RUBBER SETS RECORD By Tim ft Special WASHINGTON. Jan. 23.-World absorption of crude rubber in 1934 reached the all-time record of 930,000 tons, or 15 per cent gain over 1933. the previous high, the Department of Commerce has announced.

Abreast of The Times on Finance

INDIANAPOLIS, WEDNESDAY, JANUARY 23, 1935

New York Stock Exchange Prices

(By Thomson St McKinnon i 11:00 A. M. Prev. High. Low. N. Y. close. Atl RIJ 24% 24> 24' 24*/ Barnsda.’ 6% 6% 6% 6% Consol Oil 7% 7i t 7*. 73* Com of Del .... U 18 18 17% Ohio Oil 10 10 10 10 1 * Pet Corp 8% 8 3 , 8 3 8 3 , Phillips Pet .... 14% 14'2 141a 14% Pure Oil . 7 7 7 7 Royal Dutch ... 32V, 32’, 32% 31% Seaboard Oil ... 23 1 23', 23', 22% Shell Un 7 3 7% 7', 7% S°c Vac 13’g 13% 13% 14 3 SO of Cal 30%335,0 5 ,3 30 3 4 §O Os Ind 24*, 24 s , 24% 24*, SOOf N J 42 41 >a 42 41% Texas Corp 20% 19V, 193/4 20 Tidewater Assn. 9999 Steels— Am Roll Mills... 22 21% 22 22% Bet.. Steel 31>/2 31V. 31*4 31% Cruc Steel . 22‘, 22% 22% 22‘, Inland Steel .... 54*. 54> 2 54% 54', Ludlum Steel ..17 17 17 171. McKeesport Tin. 94 94 94 951, Natl Steel 49V, 49', 49% 49% Rep Iron & Steel 15 14*4 14% 143. Jr &St pfd 47 7 , 477, 47% 47 3 , U S Pipe it Pdy. 19% 19 1 2 19'/* 195, U S Steel 38 37% 38 38 U S Steel pfd 94 92% 92% 92 Youngstown S&T 19% 19'a 19% 20 Motors— Chrysler 37% 37% 37% 38 Gen Motors ... 31% 31% 31% 31*4 Hudson 0 3 ! 10% HUDD 33 33 ■ 16% 16% 16% 16% Packard 4% 4% 4% 5 Studebaker 2% 2 2 2 Motor Accesa— Bendix 15% 15% 15% 15% Bore Warner ... 30% 30% 30% 30% Eaton Mfe .... 18% 18% 18% 18% Elec Auto Lite .. 25% 247, 25 25% Houdaille "A” . 8 8 8 8% Mullins Mfe ... 11% 11% 11% 12 Timken Roll 34 33% 34 34 Timken Det Axle 6% 6% 6% 6% Mining— Alaska Jun 17% 17% 17% 171/2 Am Metals .... 16% 16 16 15% Anaconda 11% 10 7 /* 11 11% Cerro De Pasco . 41% 41 % 411/2 411 2 Dome Mines 36% 36% 36% 36% Znt Nickel 23'/* 23'a 23% 2374 Kennecott Cop.. 17 16% 16% 167, Mclntyre Mine.. 38% 38V* 3874 38% Phelps Dodge ... 14% 14% 14% 14% U S Smelters ...110% 110 110 110 Vanadium 19% 19% 19% 19% Amusements— Crosley Radio... 13 7 /, 13% 13% 14 Fox Theat 11 11 11 11 Loews Inc 33 32% 32% 32'% Radio Corp .... 5% 574 s'/* 5% Paramount .... 9% 3% 3% 3% Warner Bros ... 3% 3% 3% 3% Tobaccos— Am Sum Tob ... 21 21 21 *2l'/, Am Tob ■'A” ... 81V2 81% 81% 80% Am Tob “B" ... 82'/i 82% 82% 82% Gen Cigars 57 57 57 57V* Ligg & Myers B 105% 105'/* 105% 195 Lorlllard 20% 20 V* 2074 20% Reynolds Tob B 47% 47'% 37% 47'% Rails— Atchison 48% 487, 48'/, 49’% Atl Coast Lines.. 21 31 31 31 B& O 12% 1274 12% . 12'% Can Pacific 13% 13'* 13V* 13% Ch & Ohio 43 V* 43V* 43 V* 43% Chi & Gt W pfd 4 4 4 4 C M & St P ... 2% 2'% 2'% 2% C M & St P pfd 3% 37, 3% 4 Chi N W ... ... 4% 4% 4% 4% Chi N W pfd .. 9% 9% 9'% 9% Del Lac & W... 16% 15 7 * 15% 16 1 /* Erie pfd 14% 14'% 14% 15 Grt Northern pf 14% 14% 14'/* 14% 111 Central 14'% 14% 14% 14% Lehigh Valley .. 9% 9% 9% 9% Mo Pac pfd 3% 3% 3% 3% N Y Cent 18% 17% 18 13% N Y New Haven 7 6% 6% 7% Nor Pacific 18% 17'% 1774 18% Penn R R 22% 22 2274 2274 Sou Pac 16 15% 15% 1574 Sou R R 13'% 1374 13% 13'/* Union Pac 105 104'4 104'% 105 West Maryland. 874 8 % 874 B'% Equipments— Am Brake Shoe. 27V, 2774 2774 27% Am Car & Fuy. 18 17% 17% 1874 Am Steel Fdy... 1774 1 7 1 7 1 774 Bald Loco 6 6 6 6 Gen Elec 23% 23% 23'% 23% Gen R R Eig ... 26% 26% 26% 27 West Air Br ... 24% 24'% 24'% 25 Westingh Elec.. 38% 38V* 38V* 3874 Utilities— AT&T 10574 10574 105% 105% An Wat Wks . . 13% 13% 1374 13% Col Gas & Elec. 6% 6% 6% 6% Com & Sou 1% 174 I'/* 174 Consol Gas 19'% 19% 10% 19a* Elec Pwr & Lit.. 274 274 2'% 274 Interboro RT .. 1374 13% 13'% 1374 Int T & T 9% 974 9 % 9% Lou Gfe E “A”. 13 12% 12% 13% North Amer 1274 12% 1274 1274 Pub Serv N J... 26'% 26 26 2674 Std Gas 4 3% 3% 474 Stone & Webster 4% 474 474 4% United Corp 2'% 2'% 274 2% Un Gas Imp ... 12 12 12 1274 Ut Pwr & Lt ‘A’ 1% 1% 1% 17, Western Union.. 3274 3 2 3 2 3274 Rubbers— Goodrich 10% 10% 10% 10% Goodyear 23 2274 22=4 227, U S Rubber .... 15 15 15 15 Miscellaneous— Allis Chalmers.. 16% 1674 16% 17 Am Can 114'% 114 114 115 Am Mach & Fdy 21 21 21 21% Anchor Cap 1674 16% 16% 16 s , Burroughs Add.. 14% 1474 1474 147, J X Case 55% 55% 55% 56 Conti Can 6574 65 657, 65'/, Caterpillar Tract 3874 3874 38% 39 Curtis Pub pfd.. 97% 977, 97% 971* Deere & Cos .... 29 28 28% 28% Gillette 1374 13% 13% 13% Glidden 24% 2474 2474 24% Inter Harv 4174 41 41'/, 41 Natl Cash Reg... 16% 16% 167* 16% Owens Bottle ... 86% 86% 867, 86% Rem Rand 974 9'% 9'% 974 Foods— Armour 5% 5% 574 5% Borden Prod ... 24 2374 23% 24 Cal Packing ... 38% 38% 38V* 38% Canada Dry G A 15V, 15% 1574 15% Coca Cola 175 175 175 17374 Cont Bak A .... 6 6 6 6% Corn Prod 65 % 65 6574 65 Crm of Wheat 36% 36% 36% 36% Cuban Am Sugar ss,5 s , 57, 574 5% Gen Baking .... 8% 8% 8% 8% Gen Foods C 4% 34 34 34% Gold Dust 16' 2 1674 16% 1674 G W Sugar 27% 27% 27% 28 Hershev 80 80 80 80 Natl Biscuit 28% 28% 28% 28% Natl D Prod ... 16% 16'4 1674 16% Purity Bak 9% 9% 9% 9% S Porto Rico Sug 2174 2174 21% 21% Std Brands 18 1 774 17% 17% United Fruit ... 74% 74% 7474 74 74 Retail Stores— First Natl Stores 51% 51% 51 74 51*4 Gimbel Bros ... 3V, 374 374 374 Gr Un Tea 3% 3% 3% 3% Hahn Dept Sts. 5% 5% 574 5% Kroger Groc ... 26% 2674 2674 267 b Macv R H 40% 4040 40 McCrorv St 11% 1174 1174 11 McClellan St ... 12% 12% 12% 13 Marshall Field.. 9% 9% 9% 10 Mav Dept St ... 43% 43% 43% 43% Mont Ward 2774 267* 26% 27% Pennev J C ... 71% 71% 71% 71% Safeway St 42% 42 427; 4274 Sears Roebuck ..33 7 , 357, 35% 35% Woolworth 53 4 53 53% 5374 Aviation— Aviation Corp .. 5 5 5 8 Boeing Aircft .. 9 8% 3% 9 Curtiss Wright . 2% 2% 2% 2% Douglas Air ... 22% 22% 22% 23 Nor Am Av ... 4 3% 3% 37* Sperrv Corp ... 9 9 9 9 United Airct new 13% 13% 1374 14 Chemicals— Air Reduction...ll2 112 112 112% Allied Chem 135% 13'.% 135% 134% Am Com Alcohol 29% 2)% 29% 29% Col Carbon ... 68% 63% 68% 69% Com Solvents .. 22% 21% 21% 22 Dupont 94% 94% 94% 94% Freeport Tex .. 24% 23% 23% 24%

Chicago Stocks

11:00 Prev. A. M. close. Asbestos Mfg 2 Bendix Aviation 15% 15% Borg Warner 29V* 29% Butler Bros 7 6"* Central Southwest 3 * % Brown Fence j: Wire (A)..... 15*4 15% Chicago Corp 2% 2% Fcrd 4 3 74 Electric Houeshold 16 16 Libbv McNeil 7>4 7V4 Lvnch Glass 38 1 2 39 Marshall Field 9 1 * 10 Natl Standard 27 27% Noblitt-Sparks 14% 14% Swift 17 s * 17 7 * Swift Inti 31% 31% Walgreen 29% 30

New York Curb

(Bv Abbott, Proctor & Paine) Noon Prev. N. Y close. Allied Mills 13 s * 13H, Amer Cyanide 'B 17V. 17% Amer Superpower 1% 1% Carrier Corp 14% 15% Distillers Corp 16% 16% Elec Bond & Share 6 1 * 6 1 * Ford of Europe B s * BV, Hiram Walker 29 29 4 Imperial Oil Ltd 16% 16% Natl Bellas Hess 2 2 Newmont Min 36 3, Novadel Agene 22% 22 s * Penn Road 1% 1% Std of Kv 20% 20'2 Teck Hughes Gold 4 3:

Liquid Carb ... 28v 28% 28% 28 Math Alkali 29 28% 28% 29 Monsanto Chem. 59 59 59 59 Natl Dls inewi 26% 26% 28% 26% Schenelev D;st .. 25% 25% 25% 26 Tex Gul: Sulph . 33% 33% 33% 33% .Union Carbide .. 45% 457* 45V* 4a% Drugs— Bristol Mvers .. 34% 24% 34% 35 Lehn & Fink ... 15% 15% 15% 13% Zonlte Financial— Adams Exp 6% 6% 6% 6% Allegheny Corp . 1% 1% 1% 1% Am Int Corp ... 6% 6 6% 6 Chesa Corp .... 40% 40% 40% 40% Lehman Corp .. 71% 71% 71% 71 Transamerica .. 5% 5% 5% 5% Tr Conti Corp.. 37* 3% 37a 3%

New York Bond Quotations

(Reprinted from yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 86.7 85.3 91.8 88.0 Yesterday ...... 86.7 85.4 91.6 87.9 Week ago 86-6 84.2 90.4 97.1 Month ago 85.6 82.8 87.9 85.4 (Copyright. !93. Standard Statistics, Inc.) U. S. GOVERNMENT BONDS (Sy Fenner & Beane) Libertys Prev. Close, close. Ist 3%S 1932-47 104.16 104.18 Ist 4%s 1932-47 102.27 103.25 4th 47*s 1933-38 (uncalled). 103.28 103.28 4th 4V*s 1933-38 (called) .. 102 102.2 Treasury 474 s 1943-45 114.16 114.4 4s 1944-54 110.3 109.30 3%s 1946-56 108.13 108.10

PRICES DROP IN SWINEMARKET Quotations Generally Are 25 Cents Lower; Bulk Steady.

Prices in the hog market continued yesterday’s decline in early trading at the Union Stockyards this morning, with quotations generally 25 cents lower. The bulk, 1160 to 325 pounds, sold for $7.45 to $7.85. The 130-160-pound weights brought $6.25 to $7.25 and the extremely light weights, scaling 100 to 130 pounds, cashed in at $5 to $6. Packing sows were quoted at $6.25 to $7. Receipts were 8000 and holdovers numbered 347. The cattle market remained the center of trading interest, although steer prices tended somewhat lower, with the bulk selling under sll. The she-stock showed little change. Receipts numbered 1600. Vealers opened strong, bringing sll down. Receipts totaled 600. Lambs opened 25 to 50 cents lower in the sheep market, with the majority of handyweight natives and fed westerns bringing $9. A few choice grades were quoted at $9 15. Heavies were selling at $8.75 down, while throwouts cashed in at $6.50 to $7.75. Slaughter sheep sold at $5 down. Receipts numbered 1500. HOGS Jan. Bulk. Top. Receipts. 17. $7.70® 8.00 SB.OO 3000 18. 7.85® 8.15 8.15 6000 19. 7.60® 7.90 7.90 3000 21. 7.90® 8.10 8.10 3000 22. 7.70@ 8.10 8.10 7000 23. 7.45® 7.85 7.85 8000 Light light: (160-180) Good and choice. $6.75® 7.50 Medium 6.25® 7.00 Light weight: (160-180) Good and choice.. 7.65® 7.75 Medium 7.25® 7.50 (180-200) Good and choice... 7.75® 7.85 Medium 7.25® 7.60 Medium weight: (200-320) Good and choice .. 7.80® 7.85 (220-250) Good and choice.. 7.70® 7.85 Heavyweight: (250-2901 Good and choice... 7.65® 7.70 (290-350) Good and choice... 7.35® 7.55 Packing sows: (275-350) Good 6.75® 7.00 (350-425) Good 6.65® 6.90 (425-550) Good 6.50® 6.75 (275-350) Medium 6.25® 6.65 Slaughter pigs: (100-140) Good and choice.. 5.00® 6.50 Medium 4.25® 6.25 CATTLE —Receipts, 1600— —Steers—-(sso-900) Choice $9.75®11.50 Good .. [email protected] Medium 6.25® 8.75 Common 4.25® 6.25 (900-1100) Choice [email protected] Good 8.75® 11.25 Medium 6.50® 9.00 Common 4.50® 6.75 (1100-1300) Choice 11.50® 12.50 Good [email protected] Medium 6.75® 9.50 (1300-1500) Choice 11.50® 12.50 Good 9.25@ 11.50 —Heifers—-(sso-750) Choice 8.50® 9.00 Good 7.50® 8.50 Common and medium 3.75® 7.50 (750-900) Good and choice.... 7.50® 9.25 Common and medium 4.00@ 7.50 —Cows— Good 5.25® 7.00 Common and medium 3.00® 5.25 Low cutter and cutter 1.50@ 3.00 —Bulls—(Yearlings Excluded) Good 4.25® 5.00 Common and medium 3.00® 4.25 VEALERS —Receipts, 600— Good and choice $10.50®11.50 Medium 8.50®10.50 Cull and common 4.00® 8.50 —Calves—-(2so-500) Good and choice ... 6.25® 9.00 Common and medium 3.25® 5.75 —Feeder and Stocker Cattle——Steers— (soo-900) Good and choice.... 5.00® 6.50 Common and medium 3.50® 5.00 (900-1050) Good and choice... 5 25@ 6.50 Common and medium 3.75® 5.25 —Cows— Good 3.25® 4.00 Common and medium 2.50® 3.25 SHEEP AND LAMBS —Receipts, 1500— Lambs, 90-lbs. down, good and choice $8.75® 9.15 Common and medium 6.00® 8.75 90-120 lbs., good and choice... 3.75® 4.75 Sheep—-(l2o-150) Good and choice... 3.25® 4.25 All weights, common and medium 2.50® 3.75

Other Livestock

/By United Press) FT. WAYNE. Jan. 23.—Hogs—15® 45c lower: 200-250 lbs. 57.75: 250-300 lbs. $7 60: 300-350 lbs. *7.25: 180-200 lbs. $7.60: 160180 lbs $7.50; 150-160 lbs. $7: 140-150 lbs. $6.50: 130-140 lbs. $6: 120-130 lbs, $5.75: 100-120 lbs. $5.25: roughs. 56.50; stags. $4.50. Calves. $10.50: lambs. $9. LAFAYETTE. Jan. 23.—Hogs—Market. 25®30c lower: 200-225 lbs.. $7.75; 225-235 lbs. $7 60; 235-250 lbs. *7 55: 250-275 lbs. $7.50: 275-300 lbs. *7.40: 300-325 lbs. $7.30: 180-200 lbs. $7 65: 160-180 lbs. *7.50: 155160 lbs. $7.25: 150-155 lbs. *7: 140-150 lbs. $6.75; 100-140 lbs. $56 6 50: roughs. $6.70 down. Native lambs. $8.75: top western lambs. $9.25. Calf market, steady, too. *lO. <Bv Times Special! LOUISVILLE, an. 23.—Cattle— Receipts. 175; supply light: demand only fair: quality ratner Plain: few early sals* generally steady; common to medium steers and heifers quotable $56 7.25; better finished kinds quotable upwards of $8: bulk beef cows. $3.5064.50: good kinds to ss’ low cutters and cutter cows. $1.7563; bulls practically absent, quotable mostly $4.20 down for the bulk: heavies eligible above common to medium stockers and feeders. $4 256 5.50: desirable HAeford stock calves mainlv $66 6 50. Calves—Receipts. 175. including around 75 stock calves: veaiers steady, good to choice. $9 6 10: medium and lower grades. *8.50 down to around $5 for light culls. Hogs—Receipts. 400; top sort changed; market mostly 25c lcwer; top and bulk desirable 180-275 lbs . *7.85: 280 lbs. up. *7 40: 160-175 lbs.. $7.20: 140-155 lbs.. $6.70: 120-135 lbs.. *5.75: sows. $6.10. Sheep—Receipts. 75: generally steady; medium to good lambs quotable $7.506 8 50z choice to *9 or better: common light throwouts mainly $6; bulk fat ewes, 52.50fe3.50.

Building— Am Radiator ... 14 s * 14% 14% 14% Gen Asphalt 17 17 17 17% Int Cement 29 29 29 29% Johns Manville 52% 52% 52% 52% Libby Owens Gls 30 30 30 30 Otis Elev 14% 14% 14 s , 15 U S Gypsum ... 48 7* 48% 48% 43 Household Col Pal Peet 17% 17% 17% 17% Congoleum 34% 34 34 34 Kelvinator 17% 17% 17% 17% Servel Inc 8% Bs,8 s , 8% 8% Textiles— Celanese Corp .. 31% 31% 31% 3?% Collins Aikman . 13 13 13 13% Indus Rayon ... 31% 31 s , 31% 31%

s-* s - 105.28 105.25 ?a* S 105.16 105.14 3? sS J 941-43 105.20 105.24 3%s 1943-45 104.1 103.30 3-S 1941 105.19 105.14 3*s 1944-46 104.4 104.00 3% s 1946-49 103.27 103.20 3%S 1940-52 103.9 103.3 3S 1901-55 102.28 102.20 3s 1946-48 102.10 102.3 Hqpie Owners Loan Corp. 2%s 1949 gg 97.30 3%s 1946-49 103.27 103.20 3%s 1949-52 103.9 103.3 3s 1952 100.12 100.7 4s 190 l 101.7 101.9 Federal Farm Mortgage Corp. 3’is 1964 102.4 102.2 3s 1949 i 100.12 100.8 DOMESTIC Prev. Close, close. Alleg Corp 5s ’44 7374 73 V: Alleg Corp 5s 49 64 63 Alleg Corp 5s ’SO 24% 25 Am Frgn Pow 5s 2030 57 56% Am Tel & Tel sVis ’43 112% 112% Am Tel & Tel 5s ’65 112% 112% Arm & Cos (Del) 5%s ’43 1047, 103% Atl Coast Line 4%s ’64 92 92 Atch Top & SFe 474s ’4B 108% 108 Am Wat Wks 5s ’44 96% 97 Am Rolling Mills 5s '3B 110 111% Balt & Ohio 5s ’95 73% 74 Balt & Ohio 6s ’95 84 84 Balt & Ohio 4 Vis '6C 56% 57 Buff Roch & Pitt 4%s ’57 70% 70 3 /, Beth Steel 5s ’36 104 104 Chi Milw &StPI 5s ’75 24% 24% Chi Milw & St P 5s 2000 .... 7 7% Cleve Un Term 5%s ’72 ....101% 101% Cleve Un Term 5s ’73 96'% 96% Oleve Un Term 4%s '77 89% 89 7 /, Col Gas 5s Mav ’52 79% 80’/* Col Gas 5s ’6l 77% - 78 Can Pac Perp 4s 86% 86% Cent Pac 5s ’6O 80 79% Big Four 5s ’63 80% 81 Colorado & So 4%S ’BO 69% 70% Chi & West Ind 4s ’52 94% 94% Chi & West Ind 5%s ’62 102% 102% Chi & Nor West 4%s ’49 19% 20% Con Gas bs ’57 103% 103% Chesa Corp 5s ’47 104 104% Dodge Bros 6s ’4O 106% 106 s , Del & Huds 4s ’43 90% 92V, N Y Dock 4s ’sl 62% 62% N Y Dock 5s ’3B 45% 44% Erie 5s ’75 70% 71% Erie 5s ’67 67 71% Gen Cable 5%s ’47 88% 88% Grt Northern 7s ’36 92% 93 Grt North 4%s ’76 78V* 78% Grt North 4%s ’77 78 78% Gen Stl Cast WW s'is’ 49 93Vi 94 Hud & Manhat Ref 5s 57 89 89% 111 Cent 4 3 is '66 60 61 111 Cent 5s ’63 75 76'/i Interlake C & I 5s ’sl 81 79% Inter Hv Elec 6s ’44 51% 51% Inter Tel & Tel 4%s ’39 70V* 70 Inter Tel & Tel 5s ’55 68 67% Inter Tel & Tel 4%s 52 63'/, 63% McKess & Rob 5%s ’SO 96% 95% Midvale Sti 5s ’36 102% 1C2% Natl Dairy sVis ’4B 102% 102% Natl Steei 5s ’56 ....106% 106% Nickel Plate 4%s '7B 63% 64 Nickel Plate 5%s '74 74% 75 Nickel Plata 6s ’35 69% 70 N Y Cent 5s 2013 67% 67% N Y Cent 4%s 2013 fold) .... 62 • 62% North Amer Cos 5s 61 84% 84 % Nor Pac 3s 2047 74% 75% Nor Pao 4%S 2047 7% 87 Nor Pacific 6s 2047 101 100% Nor States Pow 5s ’4l 105% 105 New Orleans Term 5s ’53 85% 86% Otis Steel 6s ’4l 89 90 Penn Rv 4%s ’B4 -02 Vi 102 Penn Rv 4‘is ’Bl 102% 102 Penn Rv 4%s ’7O 95V* 95% PUac G & E 5s 42 108 108'% Portland Gen El 4%s ’6O 56% 55 Para Publix 5%s 50 64% 64 Penn P & L 4Vis ’Bl 100% ICO% Postal Tel & Cab 5s ’53 51 49% Rem Rand WW 5%s '47 99% 99% Sinclair Oil 6%s ’3B 104% 104% Shell Union Oil 5s ’47 102% 102'% Sou Pac 4%s ’6B 67 67 Sou Pac 4%s ’Bl 66% 66% Sou Pac 4Vis ’69 67 67 Sou Pac 4s ’49 69'/* 69'% Sou Rail 4s ’56 60 60% Sou Rail 6s ’56 79 78% Sou Rail 6Vis ’56 83'% 83% Sharon Stl Hoop s'%s *4B .... 88% 88% Texas Pac 5s 'BO 92 V* 92 % Texas Pac 5s '79 92 % 92% Texas Pac 5s '77 92% 92 Union Pac 4s '47 109 109% United Drug 5s ’53 91'% 90% U S Rubber 5s ’47 94'i 94% NY NH & Hart 6s ’4B 50% 50% NY NH & Hart 4%s ’67 43% 43% Warner Bros, 6s ’39 56 56% Western Mary 5%s ’77 98% 98% Western Mary 4s *52 91 90 Youngstown S&T 5s '7O ... 95'% 95% Youngstown S&T 5s ’7B ... 95% 95'% FOREIGN Argentina A 6s ’57 92'/* 92% Argentine B6s ’SB 92% 92% Brazil 8s ’4l 29% 31 Canadian Govt 4s ’6O 104% 104% Denmark 5%s ’56 100'% 100% French 7s ’49 181% ... German s',is *65 ............. 34 34% German 7s ’49 44% 44 Italy 7s ’sl 93'% 94% Japan 6%s ’54 92'% 92% Poland 7s '47 120 119'% Rome 6Vis ’52 85% 87 FEDERAL FARM LOAN BONDS (By Blyth & Cos.) Bid. Ask. 4s, July 1, 1946-44 10 102'% 4s. Nov. 1. 1957-37 101'% 102 4s. Mav 1. 1958-38 102 4Vis. July 1. 1956-36 101% 102V* 4Vis. Jan. 1. 1957-3 T 101% 102 Vi 4Vis. May 1 1957-37 101% 102% 4'is. Nov. 1. 1958-38 102 102% 4%5. Mav 1. 1942-32 101 101'% 4%5. Jan. 1. 1943-33 101V4 101% 4%5. Jan. 1. 1953-33 101 101% 4%5. Jan. 1. 1955-35 101 101% 4Vis. Jan. 1. 1956-36 102 102% ss. Mav 1 1941-31 101% 101% ss. Nov. 1. 1941-31 101 Vi 101%

BETTER ALIEN TONE AIDS GRAIN FUTURES Wheat Leader in Moderate Upturn a Chicago. Bp United Press CHICAGO, Jan. 23.—Decided strength in the Liverpool market lent firmness to grain futures on the Board of Trade today. At the start wheat was V*. to % cent higher, corn was Vs cent lower to % cent higher, oats were unchanged to up Vs cent, rye was up % to 1 2 cent, and barley was up Hi cents. Bartlett Frazier’s Liverpool office cabled: “Our market is decidedly stronger and a good demand from Japan exerts a stimulating influence. There is liberal buying by strong operators for Argentine account.” Wheat was the leader in the local market with commission houses and locals supporting the buying side. Corn was dull with prices little changed during the first few minutes of trading. (By James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. close. Mav 97 5 , .97% .97% .97‘, July 88 3 4 .88% .88% .88 1 4 Sept 86 7 -s .86'2 .86% .86% Corn— May 86% .85 7 „ .86 .86 July 81*i .81% 81 s * .81 3 Sept 78 .77 s * .77% 77% Oats— May 52'i .52 .52% .52 JulV 45 .44% .44% 44% Sept 42% .42 .42% .41% RyeMay 67% .67% .67% .67 July 67% .67% .67% .67 Sept 66% .66% .66', .66 LOCAL CASH .MARKET City grain elevators are paying 89 cents for No. 2 soft red wheat Other grades on their merits. Cash corn No. 3 yellow 81 cents and oats 46 cents.

STOCKS SHOW MIXED TREND; VOLUME LIGHT Some Rail Issues Decline Point or More; National Bellas Hess Off. By Cnitt tl Press NEW YORK, Jan. 23.—Stocks drifted irregularly in a dull forenoon session on the Stock Exchange today. Some railroad issues sagged a point or more. Common stocks of steel corporations dipped fractionally. Communications lost their snap, and utilities eased slightly. National Bellas Hess broke to a new low at 2%, off 3Vi points, following announcement the 7 per cent cumulative preferred stock of the company would be suspended from the Stock Exchange tomorrow. In the railroad section, Atchison declined to 48%, off 1%; New York Central 17%, off 1; Consolidated Gas eased a s to 19% in the utility section. General Motors and Chrysler dipped small amounts in the motors. Losses of fractions to a point were noted in U. S. Steel, Woolworth, American Can, Du Pont and Sears, Roebuck.

Money and Exchange

TREASURY STATEMENT (By United Press) WASHINGTON. Jan. 23.—Government expenses and receipts for the current fiscal year to Jan. 21, compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $3,916,981,991.71 $3,356,336,800.09 Receipts. 2,013,222,397.46 1,628.718,951.12 Deficit.. 1.903,759,594.25 1,727.617.848.97 Cash Bal. 2,376,034,418.15 566,303,233.89

Stock Studies

PACKARD MOTOR CAR * CAPITAL STOCK p-; " 1 pwict SHMtt EARNINGS PRICE RANGE SC*L£ 7-w 'Z”| i-li 20 lit '° v |3O 31 32 33 34)30 31 32 3334 j WINCHESTER INSTITUTE OF FINANCE

The Packard Motor Car Cos. is a pioneer in the automobile industry. Today it is one of the leaders in high-priced cars and up to the present time has always specialized in the high-priced de luxe group. The company is now entering the medium-to-low priced field, maintaining the Packard quality. The company has been at an expense in excess of $6,000,000 in 1934 in putting this new car or* the market. Large orders, however, are being received so that Packard now has a backlog of orders the largest in four years. Plants are mostly centered around Detroit, while a Canadian subsidiary operates in Windsor, Ontario. FINANCIAL DATA As of Sept. 30, 1931 Capital Stock 15,000,000 shares Surplus $ 3,556,276 Cash and Securities 13,249,040 Inventories 4,530,737 Total Current Assets 19,147.912 Current Liabilities 1,954,317 The Packard Motor Car Cos. was incorporated in Michigan in 1909. The capital stock is listed on the New York and Detroit Stock Exchanges. It is currently selling at around 5. During 1934 there were 2,408,300 shares of Packard’s capital stock traded on the New York Stock Exchange. (All Rights Reserved. Winchester Institute of Finance. Winchester, Mass.)

RAYON YARN OUTPUT AT PEAK DURING 1934 Figure at 210,331,000 Pounds, Compilation Discloses. By Times Special NEW YORK, Jan .23.—Domestic rayon yarn production in 1934 set a high record, according to figures compiled by the Textile Organon, published by the Tubize Chatillon Corp. Consumption last year showed a drop of only 1 per cent compared with the 1933 total, but exports increased while imports declined, thus resulting in only a small increase in stocks on hand at the close of the year. Rayon production in 1934 aggregated 210,331,000 pounds an increase of about 1 per cent, compared with the 1933 output of 208,530,000 pounds (as revised). RAILROAD GAINS SEEN Pennsylvania Official Predicts Traffic Rise in 1935. By United Press ST. LOUIS, Jan. 23.—Increased carloadings and advances in passenger traffic on railroads during 1935 were predicted by Frank E. Strouse, Pennsylvania Railroad official, at a meeting of St. Louis business men. “The increased traffic will go a long way toward insuring prosperity for the railroads," Strouse said. “Since the public is finding out that Main Street, and not Wall Street, owns the railroads, there has been a much better understanding of what rail service means to the Nation.” DETROIT EMPLOYMENT GAINS By Times Special DETROIT, Jan. 23.—Employment index of the Detroit Board of Commerce was 101.4 on Jan. 15, compared with 84.1 on Dec. 15 and 75.1 on Jan. 15 a year ago, it was learned today.

Hides and Skins

Hides—Green country cows and steers. 4c flat: green country bulls and gluea, 2Vic fit: green country calf hides. 4%c: flat; green country kip 4c No. 1. large horse hides with full heads, shanks- mame* and tails $2.75. med'um size $2 25. All No. 2 grade horse hides. 50c less: glues and ponies half price. No. 1 renderej tallow. 4®4%e: No 2 at value. Yellow grease 3%®3%c; dark grease. 3fe3'/,c. • a

What Does It Mean? Margin—When a person, in lieu of making outright purchases, puts up some moijey and the broker provides the rest at interest, he is a margin trader. He must put up more margin when a break occurs.

PAGE 11

NAMED COMMITTEE HEAD

Est * mIJE

The personnel of various Indianapolis Chamber of Commerce committees has been announced by Louis J. Borinstein, president. George S. Olive will be chairman of the financial committee. Other members are Bowman Elder, Henry. Holt, Charles E. Rauh ahd Edwin Manouge.

LATEST NEWS OF COMPANIES Developments, Happenings Revealed by Leading Corporations. A summary of corporation news prepared by the Standard Statistics Cos., Inc., New York, follows: American Rolling Mill Cos. last week operated at an ingot rate of about 70 per cent of capacity, which equaled highest schedule attained at any time in 1934. It was stated finishing operations are holding at about 75 per cent of capacity. It is believed that a substantial net profit will be shown for January, 1935. Baltimore & Ohio Railroad plans to air-condition about 170 cars at an average cost of around $5,000 a car in 1935; in 1934 road air-conditiond 283 cars. Boston Wharf Cos. 1934 common share earnings were $3.57, against $3.32. Corrigan-McKinney Steel Cos. ingot production at company’s plants is around 92 per cent of capacity. Electric Power Association net asset value on Dec. 31, 1934, equaled $6.71 a share, against $7.55 on Dec. 31, 1933. Federal Communications Commission presented to Congress legislation permitting mergers of companies “solely or principally” engaged in telegraph, cable or radio communications business; outlawing exclusive occupancy provisions in telegraph company contracts and placing stringent limitation on issuance of franks. General Motors Corp.—Dealers of Pontiac Motors Cos. are expected to require 40,000 cars in first quarter, more than double the shipments in first quarter of 1934 and more than half total production by Pontiac in full year 1934. January output of Pontiacs is expected to total 18,000 units against 7,700 units at end of January, 1934.

Harbison-Walker Refractories Cos. —Declared a dividend of 25 cents on the common stock. The company paid 12 J 4 cents Dec. 1, 1934. Houdaille-Hershey Corp.—Plants in the United States are running at capacity. Production is at the highest level for any January since 1929. Illinois Bell Telephone Cos. —During 1934 added about 25,000 additional telephones to its system in Chicago and about 5,400 in Illinois outside Chicago. lAn additional 1,000 were installed for the state as a whole during the first half of January, 1935. Mesta Machine Cos. was said to be operating at capacity with enough business on hand to maintain that rate for a year. New Orleans, Texas & Mexico Railway deficit for the eleven months ended Nov. 30, 1934 was sl,364,203, against deficit $2,004,623. New York Central Railroad PWA allotment of $2,500,000 made last spring for rails has been increased to $3,706,000. New York Shipbuilding Corp. deficit for the nine months ended Sept. 30 was $67,177, against net income $142,325. Otis Steel Cos. current bookings are said to be sufficient to assure continuation of near capacity production through February, 1935. It is understood that company has operated at a profit since end of November, 1934. Plymouth Oil Cos. 1934 preliminary common share earnings were 65 cents, against 5 cents. Pressed Metals of America declared a dividend of 2 per cent, payable in stock. The company paid 614 oents in cash Jan. 2, 1932. Republic Steel Corp. stainless steel business in 1934 was substantially greater than in 1933 when the vodlume exceeded that of 1932 and 1931 completely. Seeman Bros. Inc., common share aarnings for the six months ended Dec. 31, 1934, were $1.99. against $1.74. Celotex Cos. has called a meeting of directors for Feb. 7, to consider a plan of action by company with respect to proceedings for reorganization instituted by its creditors under section 77-B of amended bankruptcy act in Federal court, Wilmington, Del. Erie Railroad December net railway operating income was $709,097, against $750,477 in December, 1933. In the twelve months net railway operating income was $12,699,832, against $12,523,148. Great Northern Iron Ore Properties 1934 common share earnings were 37 cents, against 19 cants. Kelvinator Corp. declared a dividend of 12t& cents on capital stock. On Jan. 2, 1935, a like amount was paid along with an extra dividend of 20 cents a share. Deficit for the quarter ended Dec. 31, 1934. was $290,322. against deficit $341,935. Whitaker Paper Cos. 1934 preliminary common share earnings were $5.64, against $3.15.

George S. Olive

PURCHASES BY FARMERS RISE, SURVEYSHOWS Farm Equipment, General Merchandise Sales Up Sharply. By Times Special CHICAGO, Jan. 23.—With an increase of 83 per cent in the spendable income of farmers in the last two years and with enormous accumulated needs of farmers for supplies, a great recovery in sales of goods to farmers was inevitable, according to the current issue of Agricultural Outlook. Definite measures of this rise in farm trade says the journal, are provided by the records of farm equipment sales and of rural sales of general merchandise. The wholesale value of sales of farm equipment in the first 10 months of 1934, as compiled by the Farm Equipment Institute, was about 85 per cent over the corresponding period in 1933. Figures Show Gains The following table shows the dollar volume of domestic sales of farm equipment for the last five years, assuming that sales in the last two months of 1934 showed the same increase over the corresponding period of 1933 as was shown in the first 10 months. 1930 $381,099,021 1931 245.016,000 1932 117.181.746 1933 * 119.821.398 1931 220.000.000 Export sales of farm equipment are included in the 1931 figure, but they were relatively small in that year. Attention is called to the fact that sales in 1930 were only about $10,000,000 below the average annual sales from 1925 to 1929, indicating that 1930 was a relatively good year. The income of farmers probably has scored a more complete recovery toward the 1930 level than that of any other important group in the population, the Outlook states. The percentage of the national income received by farmers has risen about one-fourth in the last two years. One underlying reason for the more rapid recovery in farm income than in national income is attributed to the fact that prices for farm products have scored a much greater rise than prices of most other commodities. In addition, in spite of the drought and the agricultural adjustment programs, the volume of marketings of agricultural products was well maintained through 1934. Index Up 89 Per Cent Using the latest report from the United States Department of Labor, the index of wholesale prices of farm products in the week ended Jan. 5 was 89 per cent higher than at its low point early in 1933. The food price index was 47 per cent higher and the index for all other commodity prices was 19 per cent higher than at their respective 1933 low points. The spendable income of farmers goes into either one of two channels, according to the Outlook: First, operating expenditures, including such items as the purchase and cost of operation of autos, trucks and tractors used in farm production, farm machinery, building repairs, feed, seed, fertilizer, spray materials, harness, twine, containers and insurance. Second, family living and savings. Family living includes food, clothing, furnishings, house building materials, auto purchase and operation for family use, health, education and life insurance. The most pronounced increase in the last two years has been the amount available for family living.

RURAL SALES SPURT SHARPLY DURING 1934 Gain of About 21 Per Cent in Dollar Volume Shown. By Times Special WASHINGTON, Jan. 23.—Sales of general merchandise in small towns and rural areas for the year 1934 were about 21 per cent higher in dollar volume than for 1933 and 32.5 per cent higher than for 1932, according to preliminary estimates just released by the Bureau of Foreign and Domestic Commerce. Daily average sales in December, 1934, were up about 20 per cent from December 1933 and 59 per cent from 1932. The increase from November to December, 1934, was 20 per cent which was larger than the average increase of 15.5 per cent for the past five years and was four times greater than the increase between these two months in 1933. The seasonally adjusted index rose from 90 in November to 93.5 in December. CHICAGO TRADE HOLDS UP TO MARK OF 1931 Heavy Attendance at Expositions Create Wholesale Buying. By Times Special CHICAGO, Jan. 23.—Business in the Chicago district last week continued at 1931 levels, according to trade observers of the local commerce association. The increase was attributed mostly to the large attendance at recent trade expositions and conventions. • The retail trade volume during the week was approximately 5 to 8 per cent over the same period of last year. Heavy buying of furniture, spring clothing, household furnishings and all kinds of textiles were reported by several wholesalers. Steel production in the Chicago area during the week jumped to 58 per cent of capacity, compared with 50 per cent during the previous week. This compared with 29 per cent a year ago.

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