Indianapolis Times, Volume 46, Number 221, Indianapolis, Marion County, 24 January 1935 — Page 18

WaUSt. Business of Future Seen Drifting to Small Units. BY RALPH lIFNDF.RSHOT Tirow Socrill Writer

'VJFW YORK, Jan. 24—Serious thought is being given these days to the question of whether billion-dollar corporations and institutions are economically suited to the needs of this country. Some very responsible people are doubtful that such is the case, and predict that the future will witness a drifting toward smaller business

units. In the boom period just prior to 1929 the idea that big units made for economic production and service was accepted quite gener ally. The thought was advanced that a group of men who could manage a small concern successfully could do equally weil with a big

company. And, to follow out this reasoning, it was pointed out that if two small concerns were brought under one head the executives of one of the companies could be dispensed with at a big saving. In theory the idea sounded well. In actual practice, however, it developed certain complications. It was usually iound that few executive heads were lopped off after mergers were effected and that the anticipated savings from that angle were not forthcoming. Also, it was found that it was no easy matter to weld two organizations together into one smoothly working unit. nan BUT, of more importance than anything else, the men at the top frequently lost contact with the. actual operations of the business | and made many grave blunders in matters of policy. This was particularly true, of course, in the larger combinations. It so happens that most big corporations are governed more or less on army principles. The private in the ranks is a "yes” man to the j corporal and the corporal to the ser- I geant, and so on up the line. The j private soon becomes convinced that j he is but a cog in the wheel, and: the general is kept in almost com- : plete ignorance of what is going on in the field. The men at the top wculd not recognize the men at the bottom if they met them in the street. Red tape grows with great; rapidity. n n a CONDITIONS such as these ando 1 not exist in all large corporations, however, so one is inclined to wonder whether the fault is with j the nature of the business, the management or the organization which has been perfected. Perhaps it even might be with the manner in which the concern was put together. It has been found in chain store operations, for instance, that the chain which has been built up steadily one unit at a time until it has reached large proportions is a much better working organization than one which has been constructed by merging two or three goodsized concerns into one. a a a ONE reason ascribed for this is that t>*e management is able to put men it has trained for the jobs and with whose work it is thoroughly familiar into key positions. Another is that it is acquainted with the needs of the communities which it seeks to serve. It is quite possible, therefore, that the trouble, if any, with some large corporations today is not to be found in their size. Henry Ford has been successful in applying mass production in the making of automobiles. Some say he is a genius, while others give credit largely to the organization he has been able to build. The question of big corporations is one which deserves considerable thout V.t, but it also Is one which can not be answered offhandedly.

On Commission How

Quotations below are average wholesale prices being offered to buyers by local commission dealers. Fruits—Cranberries. Oape Coo. late Howes. 25-lb. box. *5 25. Grapes. California Emperors. 27-lb. box. $3. Persimmons, California. 24s *1.35. Bananas. a lb. Apples. Indiana Jonathans. 51.65' Grimes Golden. 51.50W1.65. Lemons. S inktst 3605. *5 Granelruit Texas, seed*li'ss. $3 25. Limes. Mexican per carton 25c; Bvram. seedless, per hundred. S3, v. 'tfornia rhubarb. 75c a 5-lb box. Pears. Oregon D'anlo. box, S3 50 Pineapples. 30s. S4 25 14 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. S1 50. Onions. Idaho, sweet. Spanish. large 50-'.b. bag. $1.75. Michigan yellow, rr.ed 10-lb. bag 22c: western white. 50-lb. bag. $1.85: Mlchican. yellow. $1.25. Potatoes, Green Mountains. 100-lb. bag. $l 60. northern round white. 100-lb. bag $l2O. Ohios. 100-lb. bag. $2 10: Idaho Russets 100-lb. bag. $2.10. New Texac potatoes. $1 85. Sweet potatoes. Indiana Jersevs bushel. $1.75: Tennessee Nancv Halls, bushel. $1 Beans, stnngless. hampers. $5.50. Celerv. Michigan medium, dozen. 75c: lumbo. 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. i5-U>. basket. $1 60. Arizona Iceberg head lettuce. *3 75 Mangoes. Florida, crate. •4-50 9S. Mint bunch. 15c. Parsley. dozen. 35c Peas, hampers. $3 50. Spinach, homegrown broadleaf. bushel. $125. Radishes, dozen. 65c Tomatoes. 10-16. carton. $1 50; Florida original. *2 75. Turnips, bushel. 75c. Parsnips, bushel. $1 35. beets. bushe.. *1 25. Carrot*, bushel. *1.25; 100-lb. sack. *1.75. All quotations subject to change, ap or down. FRUITS AND VEGETABLES ißy United Pressi CHICAGO. Jan 24—Apples—Michigan Mclntosh bus. *1.6561.75: Jonathans. 61.504j1.75. Cauliflower—California, crates. $1 50m 1.65. Cranberries—Massachusetts. bbl *5 Cabbage—Wisconsin 100-lb. sacks. *1 ill 25 Sweet Potatoes—Tennessee, bu.. *191.10: Indiana. SI 35 •/1.60 Carrots— California, crates. S3 153.25. Celery—Michigan. sq. crates. *l9 1.50. Turnips—lllinois, bu., 25 <i 30c Lettuce—Western, crates. 42 iOH 350 Celerv-Cabbage Michigan, flat boxes, 509 55c Parsnips—lllinois bu.. 506 75c. Beans—Florida, ou. hampers. $39 I. Rhubarb-Michigan. 5 lbs . 20-j3sc Beets— Texas crates. * 5091.75; UUnots. bu.. 40950 c.

Hide Band Skins

Hides—Green country cows and steer*. 4c flat; green country bulls and glues. 2’aC fit: green country calf hides. 4>jc: * flat: green country kip 4c No 1. large horse hides with full heads, shank* mames and tails *2 75. medium size *2 25. All No. S grade horse hides 50c less: glues and ponies half price. No 1 rendered tallow. 464‘ac: No. 2 at value. Yellow grease I>iß3Vc: dark grease 393 Vc JOINS CLEARING HOUSE The Fidelity Trust Cos. was elected to membership in the Indian* spoils Clearing House Association today.

PAGE 18

MANY OUTLETS ARE AVAILABLE IN GOLDRULING Tax on Profit, Inflation or Moratorium Suggested on Adverse Decision.

J. BACK.*IAN AND A. L. JACKSON Editors. Economica. Statistics. Inc. NEW YORK, Jan. 24. No decision oi' the Supreme Court in recent years has been awaited with greater eagerness and more anxiety than the decision regarding the right of Cong r coS to abrogate the gold clause. One point must be clearly defined: The question before the court is not "the right of Congress to devalue the dollar” (it definitely has that right). The question is, "Has it the power to abrogate contracts?” The right to devalue does not give Congress pari passu the right to change contracts. The two are not inseparably tiund together. A decision adverse to the government will not imply that the devaluation of the dollar is unconstitutional. It will only mean that Congress can not abrogate contracts. The supposition on the part of some people that such a decision would mean a return of the old gold standard has no legal basis. No Return to Old Basis If there is one thing that we can be sure of it is that there will be no return of the old 100-cent dollar. Although many people feel that it was a mistake to devalue in the first place, the harm that has been done by this action can not be eliminated by the return to the former status' quo. Under the devalued dollar new j conditions of adjustment and equilibrium have been set up and a [ change from the present status quo would merely mean further disequilibrium and disorder. The question arises as to what steps can Ls taken to avoid confusion if the resolution is declared unconstitutional. There are two aspects to this question. First, what can the Supreme Court do? Second, what can Congress do? In connec-! tion with the Supreme Court, an interesting and plausitl.. suggestion j has been advanced by Professor j Nadler of New York University. He j suggests that ii the court should take a strictly legalistic point of j view it could declare the resolution unconstitutional. Secs Sanctity Upheld Then it could go on to point out that the gold coin'clause is a commodity clause and is not equivalent to the gold value clause. The creditor only has the right to receive gold coir* and not the value thereof. Since it is illegal to hold gold (and no one questions the right of Congress to forbid citizens to hold gold l , it is clear that, under this situation, a condition will arise in which the debtor will not be able to fulfill his contract because of an act of Congress. By such an action the court would uphold the sanctity of contracts and at the same time prevent any of the confusion which may arise if the equivalent of gold coin had to be paid in paper. Under these conditions the holders of bonds with the gold value clause, which, to the best of our knowledge, is contained in only a few bonds, would receive 69 per cent more. The others would receive no additional income. If this type of decision is rendered it should have no adverse effects upon commodities or securties, and at the same time it would have a stimulating effect upon business because the sanctity of contracts had been upheld. Alternatives Suggested Secondly, what can Congress do if the resolution is declared unconstitutional and the gold coin clause is considered equivalent to the gold value clause? There are several programs that could be adopted: A processing tax could be levied on all c-editors receiving the 69 per cent for the benefit of the debtors who pay it. Jn this way nobody would benefit or be hurt by the decision. Congress could provide for the payment in bullion and then seize the bullion and pay the statutory price for it. In this Case again nobody would benefit. The-- could tax the appreciation In interest and principal. Thev would Inflate currency In order to ease the debt burden. A large number of other suggestions have been made, such as a constitutional amendment, monetary moratorium, enlargement of the Supreme Court, etc. The possibilities outlined above indicate the various steps that Congress might take to counteract an unqualified decision declaring the resolution unconstitutional. It is impossible to forecast what the Supreme Court will do or say. However, it appears to us that there is one thing about which we can rest assured, and that is, regardless of the decision, nobody will get 39 per cent more than he now receives j and be able to keep it.

Hendershot

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; ?eese. 7c; young guineas. 20c; old guineas. sc. 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 breasts and thin turkeys. 9c: old toms, all weights. 11c: No. 1 strictly fresh country run eggs, loss off. 23e. 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. 359 36c Butterfat—3oc. Quoted by the Wadley Cos. (By United Press) CHICAGO. Jan. 24—Eggs—Market Arm: reecipts. 4561 cases: extra firsts. 30 J 4c; fresh graded firsts. 30’.c: curren receipts. 28 ! jc: dirties. 26 ! zc: checks. 25c. Butter — Market, firm: receipts. 4681 tubs: extra firsts 1 90-91‘j scorei. 34* a c: extras (92 score'. 34’4c; firsts 88-89‘z scorei. 32 l 9 33c; seconds iBS-87’a score*. 31631‘zc; specials. 35 l j'i 15 l c: standards. 33'aC. Poultry—Market strong; receipts. 13 trucks, one car due: springers. 19c Leghorns. 15c: ducks. 17821 c; turkeTs. 18 e 20c. seese. 16c: Leghorns. 16c: capons. 6 to 7 lbs.. 18'z9 23c; Leghorn hens. 15c: stags. 15c: hens, 19c; roosters. 14c: broilers. 21922’tC. Cheese—Twins 16c: daisies. l6';C9 16 3 c: Lonchorns. 16*a >i i.6 3 4C. Potatoes —Supply moderate; no trading on account of weather: operators not opening cars: market nominally unchanged. Arrivals 40. on track 194. shipments 606. CLEVELAND Jan. 24.—Butter—Market firm; extras. 39c: standards. 37 l sC. Eggs —Market firm; extra white. 29c; current receipts. 28c. Poultry—Market steady; fowls, colored. 4'a lbs. and up, 19'a20c: duck*, light. 15c: duck*. 5 lbs. and up. 20c; gees*. 14615 c: turkey* young. 20c. Potatoes—Maine. *1159125 a 100-lb bag: Ohio best mostly 758 65c a 100-ib bag; New Jersey. SI a 100-lb bag.

♦ Abreast of The Times on Finance

(By Thomson & McKinnoni 11:00 AM. Prev. i Oils— High. Low. N. V. close. | Amerada 53* 4 53 53 53% Atl Rig 74% 24 1 a 24<• 24% Barnsdall 6% 6% 6% 6% Consol Oil 7% "’4 7% 7% Cont of Del 18 17% 17 7 * 17% M:d Cont Pet... ll’a 11% 11-'a IPs Ohio 0:1 10v* 10% 10' 10'. Phillips Pet ... 14 14 1 2 14*2 14% Plymouth Oil B'4 3'a B'4 B'a Shell Ur, 7‘.a 7% 7% 7% Soc Vac 14 14 14 14 SO of Cal 30% 30 4 30 3 4 31 SO of ltd 24% 24 5 a 24% 24% S O of N J 42 41% 42 41% Texas Corp . 19% 19% 19% 19% Tidewater Assn. 8 7 a 8 7 a 8 7 a 9 I Steels—!Am Roll Mills . 21 7 a 21 3 4 21% 21% Beth Steel 31 31 31 31*4 Natl Steel 49' 4 49 49 49% : Otis Steel 6% 6% 6% 6% Rep Iron Jr Steel 15 14 7 a 14 7 a 14 7 a Rep Ir & St pfd 48 3 4 48 3 4 48 3 4 49'a U S steel . . 37 1 2 37'a 37'a 37 3 a I U S Steel pfd .. 91 3 4 91% 91% Youngst n S & T 13% 19 1 a 19 a 19% Motors—- . Auburn 24 24 24 24 Chrysler 37 7 a 37' 2 37 1 2 37% | Gen Motors 31 s * 31% 31 >2 31 (a Hudson 10 "a 10% 10' 2 10 3 .4 Hupp 2% 2’e 2% ... , Nash . ... 16% 16'2 16*2 16% i Packard 4 7 % 4 7 a 4% 5 7 a Reo 2 l 7 a 1% 2% J Yellow Truck ... 35* 3% 3% ... Motor Acess—- ; Bendix 15% 15% 15% 15% ; Bohn Alum v- ■ • 55 55 55 55'a Borg Warner .. 30% 30% 30% 30% Budd Mfg 4 7 a 4% 4 7 a . Baton Mfg ... 18% 18% 18% 18% Elec Stor Bat... 46% 46% 46% 46% Houdaille A’ ... 8 8 8 8 ■Mullins Mfg ...IPs 11% 11% 11% Murrav Body ... 7% 7 7 7% Stew Warner ... 7% 7% 7% 8 Timken Roll ... 33% 33% 33% 33% Mining— Alaska jun 17% 17% 17% 17% Am Smeit 35% 35% 35% 35'2 ■ Anaconda ..11 10% 10% 11 Cerro De Pasco . 41% 41% 41% 41 % ; Gl, Nor Ore .. 11% 11% 11% 11% Homestake Min .357 357 357 360 Howe Sound .... 45 45 45 45% j Int Nickel . ... 23% 23% 23% 23% Kennecott Cop.. 16% 16% 16% 17 Mclntyre Mine.. 38% 38% 38% 38% St Joe Lead 15% 15% 15% 15% Amusements— Loews Inc 32% 32 32% 32% Radio Corp .... 5% 5% s'/a 5% Paramount 3% 3% 3% 3% Warner Bros ... 3% 3% 3% 3% Tobaccos— Am Snuff 67 66% 67 66% Am Sum Tob 20% 20% 20% 21 Am Tobacco “B” 81% 81% 81% 82 Lig At Myers B' 104 104 104 105 Lorillard 20% 20% 20% 20% Phillip Morris 42% 42% 42% 42% Reynolds Tob E' 47% 47% 47% 48 Rails— Atchison 48% 48% 48V 4 48% Atl Coast Lines 31 31 31 31 B & o 12% 12% 12% 12% Can Pacific 13% 13% 13% 13% Ch & Ohio 43 % 43% 43% 43% C M & St P ... 2% 2%. 2% 2% Chi N W 4% 4% 4% 4% Gt Northern pfd 14% 14% 14% 14% N Y Cent 18% 18 18 18 111 Central 14% 14% 14% 14% Nor Pacific 18 17% 17 17% Penn R R 22% 22% 22% 22% Sou Pac 16% 16 16 15% Sou R R 13% 13% 13% 13% Union Pac 104% 104% 104% 104% Equipments— Am Brake Shoe 27% 27% 27% 27% Am Steel Fdy... 17% 17% 17% 17% Bald Loco 6 6 6 6 Gen Elec 24% 23% 23% 24 1 /* Pullman Inc 49% 49% 494% 49 West Air Br ... 24% 24% 24% 24% Westingh Elec.. 39% 38% 38% 38% Utilities— Am & For Pwr.. 4% 4% 4% 4% AT&T .. 105% 105% 104% 105% Col Gas & Elec 6% 6% 6% 6% Conn & Sou 1% 1% 1% 1% Consol Gas .. 19% 19% 19% 19% Elec Pwr & Lit.. 2% 2% 2% 2% Int T & T . 9% 9% 9% 9% Nat Pwr & Lit. 6% 6% 6% 6% North Amer . . 12% 12% 12% 12% Pub Srrv N J ... 26% 23% 26% 26% Std Gas ..... 3% 3% 3% 3% Stone & Webster 4% 4% 4% 4% United Corp .... 2% 2% 2% 2% Un Gas Imp .. 12 11% 12 11% West Union .... 32% 32% 32% 32% Rubbers— Firestone 16% 16% 16% 16% Goodyear 22% 22% 22% 22% Kelly Spring .... 1% 1% 1% 1% U S Rubber ... 14% 14% 15% 15 Miscellaneous— Allis Chalmers .- 17 16% 16% 17z Am Can 113% 113 113% 115% Anchor Cap . ... 16% 16% 16% 16% Burroughs Add .15 14% 15 14%

(By Abbott, Proctor & Paine) 11:00 Prev. A. M. close. Borg Warner 30% 30% E L Bruce & Cos 6 6 Chicago Corp 2% 2% Chicago Mail 17% 17% Iron Fireman 15 14% Libby 7% 7% Swift • 17% 17% Swift Int 32 32

(By Abbott, Proctor & Paine) 12 (Noon l Prev. N. Y. close. Am Cyanide “B" 17% 17% Am Superpower 1% 1% Atlas Corp , 8% 8% Can Marc 2 1% Distillers Corp 16% 16% El Bond & Share 6% 6% Natl Bellas Hess 2 2Va Pan Am Airways 41V* 40*2 Std of Ky 21 1 * 21'a GRAIN PRICES HOLD IN INITIAL DEALINGS Little Incentive for Traders Present at Chicago. By United Press CHICAGO, Jan. 24.—There was little or no incentive for grain traders on the Board of Trade today and prices were about steady. At the beginning wheat was unchanged to off V* cent, corn was up % cent, oats were up Vs cent, and rye was unchanged. Trading was at a minimum, with little outside interest shown. Liverpool was steady to a shade lower. (Bv James E. Bennett’. 11:00 Prev. Wheat— High. Low. A. M. close. May 97% .96'. ,96's .96% Julv 89 . 88's .88's .£8 3 s Sept 87% .86% .86% .E6 7 8 CornMay 85% .8414 .84% .84% Julv 80% .80'. .80% .80% Sept 771* .76’. .76’* .77 Oat*— Mav 51% .50* .50 3 i .52% Julv 44% .43% .43% .44 3 8 Sept 41 3 . .416 41 1 2 .41 3 4 Rve— Mav 67 5 g .66% .66% ,67V 4 Julv 67’. .66% .66'8 .66 7 s Sept 66%.65% .65% .66 LOCAL CASH MARKET Citv grain elevators are paying 89 cents for No. 2 soft red wheat. Other grades or. their nerlts. Cash corn No. 3 veilow 80 cents and oats 46 cents.

(By Times Special' LOUISVILLE, Jan. 24.—Cattle—Receipts. 200. supply light Quality plain; demand fairlv broad: market fully steady: bulk common to medium slaughter steers and heifers. *597.25: better finished kinds quotable from *7.50 up to around *8.50 for sirictlv good offerings, bulk beef cows. S3 50 '; 4.50: good kinds up to *5 and above for heifer tvpes: low cutters and cutters *1.75 <i 3: sausage bulls scarce quotable mostly from *4.25 down: good heavies higher- common to medium Stockers and feeders mostly *4.2585.50: desirable Hereford stock calves. $69 6 50. Calves—Receipts. 150: market, steady: bulk good to choice vealers. $99 10: medium and lower grides. $8 50 do* nto around *5 for light culls. Hogs—Receipts. $5 for light culls. Hogs—Receipts, 500. market, 10c higher: earlv sales on 180-275-lb weights. $7.95: top for 280 lbs . up mainly $7.50; 160-175 lbs.. $7.30; 140 -155 lbs.. $6.80: 120-135 ibs., $5 85: sows. $6 20. Sheep—Receipts. 50. generally steady; most medium to good lambs quotable from $7.509 8.50: choice offerings eligible to *4 or better; common light tnrowouts mostly .86; fat ewes quotable. 83.50fi3.80.

INDIANAPOLIS, THURSDAY, JANUARY 24, 1935

New York Stock Exchange Prices

Chicago Stocks

New York Curb

Other Livestock

J I Case 55% 55 55 55% Conti Can 65 65 65 66 Caterpillar Tract 39 38% 38% 39 Crown Cork 24% 24% 24% 25 Curtis Pub pfd 98 98 98 97% Deere & Cos. . 28% 28 28% 28% Eastman Kodak .113 113 113 113% Gillette 13% 13% 13% 13% Glidden 24% 24% 24% 24% Inter Harv 40 a 40% 40% 41 Natl Cash Reg .. 17 16% 17 16% Owens Bottle ... 86% 86% 86% 87 Rem Rand 9% 9% 9% 9% Armour Com . 5% 5% 5% 5% Armour 6% pfd. 67% 67% 67% 67% Beatrice Cream. 17% 17% 17% 17% Borden Prod ... 23% 23% 23% 24 Cal Packing ... 38% 38% 38% 38% Coca Cola 173% 173% 173% 175 Corn Prod 65% 65% 65% 64% Gen Baking .... 8% 8% 8% 8% Gen Foods 34% 34% 34% 34% Gold Dust 16% 16% 16% 16% G W Sugar 28 28 28 27% Int Sait 30% 30 30% 29 Nail Biscuit .... 29% 28% 28% 29% Natl D Prod 16% 16 16% 16% S Porto Rico Sug 21 21 21 21% Std Brands .... 17% 17% 17% 17% Retail Stores— Best & Cos . 34% 34% 34% 35% First Natl Stores 52% 52 52% 52% Gimbel Bros ... 3% 3% 3% 3% Gr Un Tea ... 4 4 4 4 Hahn Dept Sts.. 5% 5% 5% 5% Jewel Tea 54% 54% 54% 54% Kresge S S 21 20% 20% 20% Kroger Groc ... 26% 25% 25% 26% McCrorv St 11 10% 11 11 McLellan St ... 12% 12% 12% 12% Marshall Field.. 9% 9% 9% 9% Mont Ward 26% 26% 26% 27 Penney J C 71% 71% 71% 72 Safeway St 41% 39% 39% 41% Sears Roebuck .. 35% 34% 34% 35% Woolworth 53% 53% 53% 53% Aviation— Aviation Corp .. 5 4% 4% 9 Boeing Aircft .. 9% 9% 9% 9% Curtiss Wright . 2% 2% 2% 2% Curtiss Wr "A”. 8% 8% 8% 5% Douglas Air ... . 22% 22% 22% 22% Nor Am Av ... . 4 3% 4 4 Sperry Corp 9% 9 9 9 Un Aircft New . 14% 14 14% 14% Chemicals— Air Reduction 111% 111% 111% 112 Am Com Alcohol 29 29 29 28% Com Solvents .. 21% 21% 21% 21% Dupont .. 94% 94 94% 94% Freeport Tex .. 24 23% 23% 24 Math Alkali ... 28% 28% 28% 28% Monsanto Chem. 59 58% 58% 59 Natl Dis (new'). 26% 26% 26% 26% Schenley Dist .. 25% 25% 25% 25% Union Carbide .. 45% 45% 45% 45% U S Ind Alcohol. 38% 38% 38% 39 Drugs— Bristol Myers... 34% 34 34% 34% Coty Inc 6 6 6 6 Sterling Prod .. 59% 59% 59% 60 Vick Chem .... 35 35 35 34% Zonite Prod 4 4% 4% 4% Financial— Allegheny Corp.. 1% 1% 1% 1% Am Inti Corp... 6% 6Va 6% 6% Che.sa Corp ... 40% 40% 40% 40% Lehman Corp . 7i% 71% 71% 71% Tr C’ontl Corp .33 33 Building— Am Radiator .. 14% 14% 14% 14% Gen Asphalt 17% 17% 17% 17% Int Cement ... 29 29 29 29 Libby Owens Gls 29% 29 29 30

N. Y. Bonds

(Reprinted from yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Utils. Bonds. Today 36.9 85.1 92.4 88.1 Yesterday 86.7 85.3 91.8 88 0 Week ago 86.5 84.2 90.5 87.0 Month ago 85.6 82.8 87.9 85.4 iCopyright, 1935, by Standard Statistics Cos., Inc.) Ui S. GOVERNMENT BONDS . (By Fenner & Beanei Prev. Close, close. Libertys Ist 3>2S, 1932-47 104.18 104.16 Ist 4 Vis. 1932-47 103.27 103.27 4th 4Vis. 1933-38 (uncalled).. 103.27 103.28 4th 4Vis, 1933-38 (called) 102.2 102 Trcasarys 4Vis. 1943-45 114.27 114.16 4s 1944-54 110.8 110.3 3*48. 1946-56 108.27 108.13 3%5, 1940-43 106 105.28 3 3 sS. 1943-47 105.24 105.16 3%5. 1941-43 105.31 105.20 3 Vis. 1943-45 104.11 104.1 3 Vis. 1944 105.25 105.19 3 Vis. 1944-46 104.13 104.4 3 Vis. 1946-49 104 103.27 3VsS. 1944-52 103.20 103.9 3s. 1951-55 103.6 102.28 3s, 1946-48 102.19 102.10 Home Owners Loan Corp. 2 3 is. 1949 98.13 98 3s, 1952 100.22 100.12 4s. 1951 101.10 101.7 Federal Farm Mortgage Corp. 3Vis. 1964 102.16 102.4 3s. 1949 100.21 100.12 DOMESTIC Prev. ... Close. close. Alleg Corp 5s ’44 73% 73 Vi Alleg Corp 5s ’49 64 64 Alleg Corp 5s ’SO 24 Vi 24% Am Frgn Pow 5s 2030 56 3 /i 57 Am Tel & Tel 5%s ’43 112% 112 Vi Am Tel & Tel 5s ’65 112 3 /i 112 Vi Arm Si Cos (Del) 5%s ’43 104V* 104 Vi Atl Coast Line 4s 52 102 102 Vi Atl Coast Line 4Vis ’64 94 92 Atch Top & S Fe 4%s ’4B 108 Vi 108 Vi Am Wat Wks 5s ’44 96Vi 96% Am Rolling Mills 5s ’3B 110% 110 Balt & Ohio 5s ’95 73 73% Balt & Ohio 6s ’95 83% .84 Balt & Ohio 4'is ’6O 56Vi 56% Buff Roch & Pitt 4V 2S ’57 ... 70 70V 2 Beth Steel 5s ’36 103% 104 Chi Milw & St PI 5s ’75 24 24Vi Chi Milw & St P 5s ’75 6% 7 Cleve Un Term 5%s >72 101% IOIVi Cleve Un Term 5s ’73 96% 96% Cleve Un Term 4Vis '77 89% 89% Col Gas 5s May ’52 79 79Vi Col Gas- 5s ’6l 77% 77% Can Pac Perp 4s 87 86% Cent Pac 5s ’6O 78% 80 Big Four 4Vis '77 75 % 75% Colorado &So 4%s ’BO 69Vi 69Vi Chi & West Ind 4s ’52 94% 94% Chi & West Ind 5%s ’62 102% 102% Chi & Nor West 4%s ’49 19% 19% Con Gas 5s ’57 103% 103% Chesa Corp 5s ’47 104% 104 Dodge Bros 6s ’4O 106% 106 Vi Del & Huds 4s ’43 90% 90% N Y Dodge 5s ’3B 46 45% Erie 5s ’75 71% 70% Erie 5s ’67 71% 67 Gen Cable 5%s ’47 89% 88% Grt Northern 7s ’36 92% S2V's Grt Northern 4%s ’76 78 73% Grt Northern 4%s ’77 77 7 4 78 Gen Stl Cast WW 5%s ’49.. 93% 93% Hud & Manhat Ref 5s ’57 ... 88% 89 111 Cent 4%s ’66 60 60 111 Cent Jt 4%s ’63 7iy 71 111 Cent 5s ’63 75% 75 Interlake C & I 5s ’sl 8? 81 Interntl Hy Flee 6s ’44 01% 51% Interntl Tel .& Tel 4Vis ’39 ... 70% 70% Interntl Tel <£.- Tel 5s ’55 .... 68 fl<s Interntl Tel & Tel 4%s ’52 ... 63% 63% P Lorillard 7s '44 . 127% 127% McKess & Rob 5%s ’50..4.... 96% 96 Midvale Stl 5s *36 103,, 102% Natl Dairy 5%s '4B 102% 302% Natl Steel 5s ’56 106% 10S% Nickel Plate 4%s ’7B 63% 63% Nickel Plate 5%s '74 74% 74% Nickel Plate 6s '35 69% 69% N Y Cent 5s 2013 67 67% N Y Cent 4%s 2013 (old) 61% 62 Nor Amer Cos 5s ’6l 84 84% Nor Pac 3s 2047 74% 74% Nor Pac 4%s 2047 87% 87% Nor Pac 6s 2047 101% 101 Nor States Pow 5s ’4l 105 Vi 105% Otis Steel 6s 41 86 89 Penn Rv 4%s ’B4 102% 102% Penn Ry 4%s 'Bl 102% 102% Penn Rv 4%s '7O 95% 95% Pac G & E 5s ’42 108% 108 Portland Gen El 4'is ’6O 56-4 56' 3 Para Publix 5%s 'SO 64% 64% Penn P & L 4%s ’Bl 100% 100% Postal Tel & Cab 5s ’53 51% 51 Rem Rand WW 5%s ’47 99% 99 7 4 Sinclair Oil 6%s ’3B 104% 104% Shell Union Oil 5s ’47 102% 102% Sou Pac 4%s 68 67% 67 Sou Pac 4%s ’Bl 66 66% Sou Pac 4%s ’69 67% 67 Sou Pac 4s '49 69 69% Sou Rail 4s ’56 60V4 60 Sou Rail 6s ’56 79 79 Sou Rail 6%S ’56 83 83% Sharon Stl Hoop 5%s ’4B 87% 88% Texas Pac 5s 80 92Vi 92% Texas Pac 5s ’79 92 92% Texas Pac 5s '77 93 92% Union Pac 4s '47 108% 109 United Drug 5s ’53 91% 91% U S Rubber 5s ’47 94% 94% NY NH & Hart 6s '4B 49% 50% NY NH & Hart 4%s ’67 42% 43% Warner Bros 6s '39 56% 56 Western Mary 5%s ’77 99% 98% Western Mary 4s ’52 91% 91 Youngstown. S & T 5s '7O ... 95% 95% Youngstown S & T 5s '78.... 96 95% FOREIGN Argentina A6s '57 92% 92% Argentine B6s ’SB 92% 92% Brazil 8s ’4l 38% 29 V. Canadian Govt 4s ’6O 104% 104% Denmark 5%s ’55 100 1 00% French 7s ’49 . 183% 181% German 5%s ’65 34% 34 German 7s 49 44 44% Italy 7s ’sl 93% 93% Japan 6%s ’54 91% 92% Rome 6%s - 52 85% 85% Tokio City 5%s '6l 76% 86 Yokohama 6s '6l 82% ... FEDERAL FARM LOAN BONDS <Bv Blvth Si Cos.) Bid. Ask. 4s Julv 1. 1948-44 102% 102% 4s Nov. 1. 1957-37 101% 102', 4s Mav 1, 1958-38 101 s . 102 % 4%s Julv 1. 1956-36 101% 102'- 4 4%S Jah. 1. 1957-37 101% 102% 4%s Mav 1. 1957-37 101% 102% 4%s Nov. 1. 1958-38 102 102% 4%s Mav 1, 1942-32 101 101% 4%s Jan. 1. 1943-33 101% 101% 4%s Jan. 1, 1953-33 101 101 % 4%s Jan. 1, 1955-35 ICI 101% 4%s Jan. 1, 1956-36 ......... 103 102% 56 May 1. 1941-31. 101 101%

Otis Elev 14% 14% 14% 15 U S Gypsum.... 48% 48% 48% 48% HouseholdCol Pal Peet.... 17% 17% 17% 17% Keivinator 17% 17% 17% 17% Proc & Gamble 44% 44% Serve! Inc 8% 8% 8% 8% Textiles— Amer Woolen .. 8 8 8 8 Celanese Corp . 31% 307* 30% 31% Indus Rayon ... 32 32 32 31%

LIGHT SUPPLIES AID HOGPRICES All Grades Show Advance of 15 Cents; Veals Hold Steady. Recovering from the extremely weak undertone which has prevailed during the last two sessions, porker prices in early trading at the Indianapolis Union Stockyards today were generally 15 cents higher than yesterdays best average. The important factor in today’s advance was attributed to an extremely light run of supplies on hand. This improved trading and a strong demand was evident on practically all classes. Receipts were estimated at 4000, compared with 8000 yesterday. With receipts scare packing interest again showed considerable improvement and early trading increased to a fairly active pace. Several packers predict a shortage of hogs for the future. The bulk, 160 to 325 pounds, brought $7.60 to SB. The increase against brought the top price for good and choice kinds up to the $8 mark. Small medium grades, weighing from 130 to 160 pounds, sold at $6.40 to $7.40, while extremely light-lights, scaling 100 to 130 pounds, cashed in at $5.15 to $6.15. Good packing sows were salable at $6.50 to $7.25. Holdovers were 884. With conditions practically unchanged in the cattle market, slaughter steers were active and steady to strong. Bulk of steers and heifers was quoted to sell under $8.50. No good and choice grades were available. Vealers continued stationary, selling at $11.50 down, the highest price for several years. Receipts were 500. No change of importance was registered in the lamb market and practically all classes remained fully steady. The bulk of better grades, fed Westerns and natives held at $9. Heavies sold at $6.75 down, while throwouts brought $6.50 to SB. Slaughter ewes held at $5. Receipts were 4000. HOGS Jan. Bulk. Top. Receipts. 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 24. 7.60® 8.00 8.00 4000 Light light: (160-180) Good and choice.. $6.90® 7.65 Medium 6.40® 7.15 Light weight. (160-180) Good and choice... 7.80® 7.90 Medium 7.40# 7.65 (180-200) Good and choice .. 7.90® 8.00 Medium 7.40® 7.75 Medium weight: (200-3201 Good and choice... 7.95® 8.00 (220-2501 Good and choice... 7.75® 8.00 Heavyweight: (250-290( Good and choice... 7.70# 7.85 (290-350) Good and choice... 7.50® 7.70 Packing sows: (275-350) Good 7.00® 7.25 (350-425) Good 6.90® 7.15 (425-550) Good 6.75# 7.0 C (275-350) Medium 6.25® 6.65 Slaughter pigs: (100-140) Good and choice... 6.50# 6.65 Medium 4.25® 6.40 CATTLE —Receipts. 700 — —Steers—-(sso-900) Choice [email protected] Good [email protected] Medium 6.25® 8.75 Common 4.25®: 6.25 (900-1100) Choice [email protected] Good [email protected] Medium 6.50® 9.00 Common 4.50@ 6.75 (1100-1300) Choice [email protected] Good 9.25# 11.50 Medium 6.75® 9.50 (1300-1500) Choice 11.50®12.50 Good [email protected] —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 i 4.25® 5.00 Common and medium 3.00# 4.25 VEALERS —Receipts. 500Good and choice [email protected] Medium [email protected] Cull and common 4.00® 8.50 —Calves—--1250-500' Good and choice ... 6.25® 9.00 Common and medium 3.25® 5.75 —Feeder and Stocker Cattle——Steers— (soo-9001 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 2.59® 3.25 SHEEP AND LAMBS —Receipts. 4000— Lambs, 30-lbs. down, good and choice $8 75® 9.00 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) CHICAGO. Jan. 24. —Hogs—Receipts, 22,000. including 9.000 directs; moderately active 5 to 10 cents higher than Wednesday; weights above 2(K) ibs.. $7 8097.90: top. $7.90; 140-200 ibs.. $797.80: pigs. 55.259 6.75; packing sows, $7.3597.50; light lights. 140-160 lbs., good and choice. $79 7.60: lightweights. 160-200 lbs., good and choice, $7.35 w 7.85: medium weights. 200250 lbs., good and choice, $7.70 9 7.95; heavyweights. 250-350 lbs., good and choice. $7.8097.95; packing sows, 275-550 lbs., medium and choice. $6.2597.60; slaughter pigs, 100-140 Its., good and choice, $5,259 7.25. Cattle —Receipts. 8000 commercial, 100 government; calves. 1500 commercial. 100 government: asking higher prices on strictly good and choice steers, but undertone steady to 25c lower: strictly good and choice yearlings showing most decline; inbetween grade fed steers and yearlings about in line with Wednesday: uneven but generally 25 to 50 cents downturn; very active and strong to unevenly higher market on all she-stock: bulls and vealers steady: slaughter cattle and vealers: Steers, 550-900 lbs . good and choice. *8.75 @12.25; 900-1100 lbs., good and choice. $9 912.75: 1100-1300 lbs., good and choice, $9.25m 13; 1300-1500 lbs., good and choice. *9.759 13: 550-1300 lbs., common and medium. $4 759 9.75: heifers. 550-750 lbs . good and choice. $8.509 10 50; common and medium. [email protected]; cows. good. *5 50 9 7.50; common and medium, $3 50 9 5.50; low cutter and cutter cows. *2.2593.50: bulls, vearlings excluded, gcod. beef. *4.50 9 5 50: cutter, common and medium. *4® 4 75: vealers. good and choice. *B9 11: medium. *79 8: cull and common. *59 7: stocker and feeder cattle: Steers. 550-1050 lbs. good and choice. 55.509 7.50: common and medium. *4.50® 5.50. Sheep—Receipts. 14 000: fat lamb undertone weak to lower: sheep and feeding lambs firm: better grade slaughter lambs. *999.25 and upward; buyers talking *8.75 and below; slaughter ewes. $4.509 5; slaughter sheep and lambs: Lambs. 90 lbs. down, good and choice. $8.2599.15; common and medium. 65.7598.40: ewes. 90-150 lbs., good and choice. S3 all weights, common and medium. *394; feeding lambs, 50-75 lbs., good and choice, 878 8, 1

MOST STOCKS AGAIN DECLINE IN DULLDEALS General Electric Most Active Issue; Steel, Motor Groups Lower. By United Press NEW YORK, Jan. 24.—Stocks moved irregularly today in dull trading. General Electric, the most active issue, ranged between 23 and 24%. Around noon it was at 24, off % point. Westinghouse Electric lost % to 38%. Steel shares and most motors slipped off fractionally. Studebaker preferred lost 2 points to 13. Safeway Stores was depressed 1% to 39% in a dull mercantile section. International Agricultural prior preferred made anew high at 42%. up 1%, in the fertilizer shares where Virginia Carolina Chemical 6 per cent preferred rose nearly a point to 25%. Penn Dixie Cement preferred rose 1% to 23. Libbey Owens-Ford Glass lost a point to 29, while Hazel Atlas Glass gained % to 88%. United States Steel around noon was at 37%, off U, American Telephone 104%, off 1%; American Can 113%, ex-dividend, off %; Case 55. off %; General Motors 31%, off %, and New York Central 18%, up %.

Money and Exchange

TREASURY STATEMENT (By United Press) WASHINGTON, Jan. 24.—Government expenses and receipts for the current fiscal year to Jan. 22. compared with the corresponding period of the previous fiscal year: This year. Last year. Expenses $ 3,934.569.73 $3,384,740,434.26 Receipts. 1,634.726,047.67 1,623,726,047.67 Deficit ... 1,916.488,288 50 1,750,014,416.59 Cash bal.. 3,934,569,669.73 509,842,210.20

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 $520 ESg 5.03 Nut 480 Brazil BlockLump 5.54 Egg 5.31 Nut 5.04 Glendora— Lump 5.34®5.59 Egg [email protected] Nut 4.95®5.20 West Virginia and Eastern Kentucky (Group B) 6.77®7.18 Pocahontas and New River, smokeless 7.30®?.32 Coke, egg and nut 8.90 Pea Coke 740 Anthracite 10.13@12]88 COTTON GINNINGS OFF By United Press WASHINGTON, Jan. 24.—Cotton ginned from the 1934 crop prior to Jan. 16 totalled 9,380,348 bales compared with 12,556,729 bales ginned from the 1933 crop prior to the corresponding date last year, the Census Bureau reported today.

Massachusetts Mutual Life Insurance Company Springfield, Massachusetts Organized 1851 Comparative Summary of Annual Statement Figures December 31, December 31, ASSETS 1933 1934 Ledger Assets $445,678,555 $473,911,284 Interest Due and Accrued 11,062,261 12,499,294 Premiums Due and Accrued 12,274,396 11,978,782 $469,015,212 $498,389,360 LIABILITIES Policy Reserves $364,287,397 $385,437,421 Policyholders’ Funds ' 74,562,638 82,202,769 Policy Claims in process of settlement 1,617,376 1,775,419 Dividends to Policyholders 6,693,084 4,885,663 Taxes due 1,404,090 1,445,849 Miscellaneous Liabilities • 320,941 382,828 $448,885,526 $476,129,949 Special Reserve 4,459,678 4,581,603 $453,345,204 $480,711,552 SURPLUS, Massachusetts Standard $ 15,670,008 $ 17,677,808 TOTAL CONTINGENCY FUNDS $ 20,129,686 $ 22,259,411 On December 31, 1934 the Company had in its Offices and in Banks Cash Balances of more than TWENTY MILLION DOLLARS And Held Nearly SEVENTEEN MILLION DOLLARS in Government Bonds During the year 1934 the Company During the year 1934 the Cash RePaid to Policyholders and Benefi- ceipts of the Company were over ciaries the sum of -r> l utmt tan Forty Million Dollars Sixty-Three Million Dollars in Excess of Disbursements Represented by Malcolm M. Moore and Associates 300 Continental Bank Building Jean Black H. Edgar Zimmer Richard H. Habbe Whitney Stoddard H. Bingham Booker Fannie C. Graeter Perry R. McAnally Charles L. Nicholson Robert V. Gilliland George C. Schwier Ralph W. Hackleman Mary Hostetter P. J. Sertell Kenneth J. Galm Henry J. Peirce Jack Everly Thaddeus R. Baker Frank C. Cleland

What Docs It Mean?

Big Board—This term is usually applied to the New York Stock Exchange, the largest stock exchange in the country. The Board of Trade in Chicago, where grain dealings take place, is known as the “Pit.”

Gleanings

A summary of corporation news prepared by the Standard Statistics Cos., Inc., New York, follows: Backstay Welt Cos. declared a dividend of 35 cents on the common stock. On Dec. 20. a special dividend of 55 cents was paid and on Oct. 1, 1934, a distribution of 35 cents * share was made. Bunker Hill and Sullivan Mining and Concentrating Co.'s total income in November was $47,704. In the eleven months the total was $874,734. Brooklyn - Manhattan Transit Corp. common share earnings for the six months ended Dec. 31, 1934, were $2.76, against $3.42. Brooklyn and Queens Transit Corp. preferred share earnings for the six months ended Dec. 31, 1934, were $2.41, against $3.65. Commonwealth and Southern Corp. 1934 preliminary preferred share earnings were $5.02, against $5.46. Du Pont (E. I.) de Nemours & Cos. announced the discovery of anew explosive for blasting and stripping work. This explosive, called nitroammonia, is said to be free from hazard in transportation and to make biasing work safe up to the moment of setting the dpnamite detonators. Electric Household Utilities Corp. declared a dividend of 25 cents on the capital stock. A similar distribution was made on Oct. 25, 1934. Ford Motor Co.—Cincinnati plant will resume assembly operations on March 1. Assembly operations at this plant were closed down in 1932. The Chicago assembly plant has stepped up its production to 500 cars a day, largest number turned out by that plant since introduction of the Model A in 1927. Grand Union Cos. declared a dividend of 37% cents on the preference stock. Previously 75 cents a share was distributed quarterly on this issue. General Public Service Corp. asset value on Dec. 31, 1934, equaled $71.48 a preferred share, against $78.81 on Dec. 31, 1933. General Tire and Rubber Cos. common share earnings for the year ended Nov. 30. 1934, were $5.77. against $2.67. Hahn Department Stores, Inc.—lt was said reports that directors of company soon might order a payment on account of arrears on preferred stock were without confirmation. Several officials were reported to have stated they knew nothing of the report. Hobart Packing Cos. acquired Troy <O.) Match Plate Cos., manufacutrer of brass and aluminum castings. Hudson & Manhattan Railroad 1934 preliminary deficit was $150,851, against deficit of $86,235. International Agricultural Corp. president said that at least 92 per cent of company’s business in 1934 was done on a cash basis. Counsel said matter of clearing up preferred divided arrears has been given serious consideration, but payment dei uds largely on business conditions this year. The company has reduced its bank debt steadily and now has on hand cash amounting to about $900,000. Mclntyre Porcupine Mines, Ltd.— Common share earnings for the nine months ended Dec. 31, 1934 were $3.50, against $3.40.

CARRIERS SEEN DESTROYED BY PROPOSED LAWS Recent Suggested Program Viewed Increasing Expenses Sharply. By Times Special NEW YORK, Jan. 24 —The program recently announced by the Railway Labor Executive Association. if enacted, will destroy the railroads beyond the peradventure of a doubt, R. V. Fletcher, general counsel of the Association of American Railroads declared here last night in an address before the Western Fruit Jobbers Association of America. With the railroads at this time making every effort to solve their financial and other problems, the speaker pleaded against the threatened legislation which, he said, would increase operating expenses by approximately $1,250,000,000 without any improvement in their efficiency. I ibor Aims Outlined The seven-point program advocated by the Railway Labor Executive Association advocates the passage of the following. 1. The six-hour day without reduction in compensation: 2—A full crew bill; 3—A train-limit bill; 4—• An amendment to the Employers’ l iability Act so as to take away the defense of assumed risk; s—An amendment to the Hours of Service Act reducing the present 16-hour limit to 12 and the present ninehour limit for train dispatches to 6; 6—A bill for government inspection and control of track conditions and 7—A bill for government control of signal devices. "I wish it were possible,” Mr. Fletcher declared,” to ignore or forget this threat by organized labor to the integrity of the industry. I am sincere in this expression because I realize the help railroad management is receiving from organized railroad labor in the matter of equality of treatment for all forms of trrnsportation. Asks Self-Regulation "It seems to me highly undesirable that any permanent Federal authority should be vested with power to invade the province of managerial discretion beyond the provisions of the act to regulate commerce as it now exists. I submit that the tendency should be in the opposite direction and that there should be accorded to railroad management the privilege of self-regulation in those matters which, in their nature, are distinctively managerial, and the surrender of which to government control would be inconsistent with the theory of private ownership.” CABELL TO BE CHIEF By Times Special CHICAGO, Jan. 24.—R. L. Cabell, general manager of Armour & Cos., will succeed to the presidency of the company tomorrow when he is formally elected to that post at the annual meeting of stockholders and directors.