Indianapolis Times, Volume 46, Number 229, Indianapolis, Marion County, 2 February 1935 — Page 14

Trends Highlights of the News During the Last Week. BY VINCENT S. LYONS line* financial Editor

'T'HE Federal Reserve Board reported In its monthly review that December business activity rose to the highest level for that month in five years and that further gains were recorded in January. . . . The Fletcher Joint Stock Land Band announced the initial steps of a program to refund $1,100,000 of its 5% per cent bonds. Small blocks of new obligations bearing 3’ 2 and 3’* per cent interest were offered in exchange as the first part of the refunding scehcme. . . . The United States’ public debt is reaching a "pathological limit.” the Guaranty Trust Cos. declared in its monthly business review. ... A proposal that the lending activities of the Home Owners Loan Corp. the Farm Credit Administration, the Reconstruction Finance Corp. and the lesser agencies be co-ordinated under one head was made to President Roosevelt by Secretary of the Treasury Henry Morpenthau Jr . . . Automotive industries pointed out that it is possible that total automobile production in January will reach the 300.000 mark and that February’s figure should climb to 350.000 units. . . . The nation’s steel capacity for the current week was placed at 52.5 per cent by the American Iron and Steel Institute. compared with 49.5 per cent the previous week. At this time last year the rate of capacity was 24.4 per cent. a a a THE Cities’ Alliance, comprising governments of 17 midwestem municipalities, decided to advance plans for a Senatorial probe of the natural gas industry which, it is alleged, has set up a virtual monopoly. . . . Governor Paul V. McNutt affixed his sighature to the bill, amending the state banking laws, which will release millions of dollars now frozen for financing and construction of homes. . . . The State Department of Financial Institutions issued an order limiting the amount of interest which may be charged on small loans after 30 months. It is provided that if the loan is not paid off at the end of eight months the interest on the unpaid balance would be fixed at 8 per cent. . . . Railroads of the country in 1934 installed 24,103 new freight cars, 59 new steam locomotives and 31 new electric locomotives, against 1879 freight cars, one new steam locomotive and no electric engines in 1933, according to the Association of American Railroads. . . . One of the largest security robberies in years occurred Monday when a messenger of the Bank of the Manhattan Cos. reported the disappearance of $1,456,000 of government bonds. . . . Gov. Frank D. Fitzgerald of Michigan served notice on the State Utilities Commission that it must act to procure substantial rate reductions for electric power throughout the state. . . . The special joint Legislative committee named to investigate activities of naturai gas interests in Indiana got under way Tuesday. BUB INDIANA farm cash receipts in 1934 jumped to $209,600,000, compared with $149,429,000 in the previous year, according to J. H. Sitinner, director of Purdue University's agricultural extension department. ... A compromise proposal to restore Federal pay to the pre-depression level April 1. except for employes receiving more than SIO,OOO annually, was adop.t\i try the Senate. Federal Judge Thomas VV. Slick approved the plan for reorganization of the .itudebaker Corp. and the Rockne Motors Corp. .. . The United States favorable balance of trade for 1934 was $478,365,000. contrasted with $225,435,000 m the preceding year, according to the Department of Commerce. Exports during the year rose from $1,674,994,000 to $2,133,414,000. . . . Joseph B. Eastman, Federal Co-Ordinator of Transportation, in a report to Congress recommended that all agencies of transportation be coordinated m such a manner that they would be under the rule of a single agency. . . The Agricultural Adjustment Administration announced that more than 1.500. 000 corn-hog producers in 36 states received an average of S9O each for crop reductions they made last year. Public Works Administrator Harold Ickes announced the allotment of $3,780,000 for construction of a Federal-owned and operated power plant in New York City.

MANUFACTURING HAS INCREASED ACTIVITY More Employes at Work in December Than in November. K* i imr * t-i" i ini NEW YORK. Feb. 2.—Activity in manufacturing increased in December over November, more employes were at work, and a longer work week resulted in higher weeklyearnings per employe, according to the Service Letter just published by the National Industrial Conference Board. While hourly earnings in the 25 manufacturing industries combined averaged 59.3 cents in December as compared with 59 4 cents in November. or 2 per cent lower, weeklyearnings averaged $20.71 against $20.07. or 3.2 per cent higher. Since there was no change in the cost of living during these two months, the rise in actual weekly earnings was a real increase of 321 per cent. The number of workers employed was 2 7 per cent larger in December than in November, the total number of hours worked by these employes was 5.9 per cent larger and their combined payroll likewise 5 9 per cent. BROKERAGE FIRM PURCHASED Bff 1 1 mi • Spri tol CHICAGO. Feb. 2.—Announcement was made today that Guy Huston & Cos., and that Ray T Sterling and R- B. Sheridan will become vice presidents of Guy Huston A Cos. The two companies will deal in municipal and joint stock land bank bonds with which both houses have long been identified.

PAGE 14

CHINA'S BANKS POOLING FUNDS : TO HALT DRAIN

Bankers, Merchants Await Settlement Day With Trepidation. By United Press SHANGHAI, Feb. 2.—Shanghai banks pooled their dwindling silver resources today in efforts to weather a monetary crisis which within 24 hours has closed two large native banks here. A third failure was averted temporarily by a pool in which mx financial institutions participated. Bankers and merchants dreaded the approach of Feb. 4—Chinese New Year and “settlement day”— when custom dictates that Chinese debtors settle their accounts and begin anew year free of debt. Unless the debtors can obtain silver, basic currency in a country where paper money is practically valueless, many merchants may be forced into bankruptcy. Devaluation Weighed Government leaders were conferring at Nanking seeking a way out of the crisis. A reorganization of the ancient monetary system, based on silver, was considered. DevaluaI tion of the Yuan, a measure of dll' ver, was a possibility. A shift to the gold standard also was possible. The two banks which closed their doors were the first members of the Shanghai Native Bankers’ Association to fail. The Yung Kong Bank estimated its loss at $1,500,090. The Yee Kong Bank, second to collapse, was said to have returned $600,000 in checks. A scarcity of silver developed in China son after the United States nationalized silver and offered a price higher than the market quotations at the time. Natives and foreigners withdrew their holdings i from China banks and sent them abroad to take advantage of the better price. Export Duty Fails A government excise tax and heavy export duties failed to check the flow. An embargo was threatened but never applied. Smuggling further depleted stocks. Finance Minister H. H. Kung and ; other officials appealed to President Roosevelt to modify the American | silver policy and either reduce the price or stop purchasing. What Mr. Roosevelt replied never has been made public but there is no sign here that America has changed its policy. Kung and his predecessor, T. V. Soong, were called to Nanking to discuss the situation with Gen. ! Chiang Kai Shek, virtual dictator of the National Government. They have not indicated any course of action. In fact no announcement has come from their proceedings except a foreign office statement that an economic agreement with Japan, involving a loan and a change to j the gold standard, was not being considered.

Local Livestock

(Reprinted trom yesterday! HOGS Jan Bulk. Top. Receipts. 26. $7.70*? 8.10 $8 15 2000 28 7.60*? 8.00 8.00 6000 29. 7.60*? 7.90 7 90 5000 70. 7.70*? 7.90 7.90 4000 71 7.80*? 8 00 8.05 5000 Feb. 1. 7.90S 8.10 8.15 6000 Lieht llcht: * 160-180* Good and choice.. $7.00*? 7.75 Medium 6.50@ 7.35 Licht weight. 1 160-80• Good and choice... 7.90*? 8.00 Medium 7.50*? 7.75 .180-200) Good and choice... 8.00*? 8.10 Medium 7.60*? 7.85 Medium weight. 1 200-220 1 Good and choice... 8 05*? 8.15 <220-250> Good and choioj... 8.00*? 8.15 Heavyweight. 1 250-290i Good and choice... 7.90*? 8.00 1290-350) Good and choice... 7.804? 7.90 Packing sows. .275-3501 Medium 7.10*? 7.35 (350-4251 Good 7.00*? 7.25 (425-5501 Good 6 85*? 7.10 (275-350) Medium 6.50® 7.00 Slaughter pigs. 100-140) Good and choice... 5.25*? 6.75 Medium 4.25® 6.50 CATTLE —Receipts. 900— —Steers—-(sso-900) Choice slo.oo® 11.75 Good 8.75*T 11.00 Medium 6 50® 9.00 Common 4 25*? 6.50 900-11001 Choice 11.00*? 12.50 Good 9.00*i11.50 Medium 6.75® 9.25 Common 4.75® 7.00 1100-1300) Choice 11.75® 13.00 Good 9.25® 12.00 Medium 7.00*? 9.‘>o (1300-1500) Choice 11.75® 13.00 —Heifers—-(sOO-750) Choice 9.50® 12.00 Good 8.75® 9.25 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 5.50*? 7.00 Common and medium 3 25*? 5.50 Low cutter and cutter 1.75® 3.25 —Bulls—(Yearlings Excluded) Good 4 50 ® 5.50 Common and medium 3.00® 4.50 • VEALERS —Receipts. 700— Good and choice $lO 00® 10 50 Medium 7 50® 10.00 Cull and common 3.50® 7.50 —Calves—-(2so-500) Good annd choice .. 6.25® 9.00 Common and medium 3.25® 5.75 —Feeder and Stocker Cattle——Steels— (soo-9001 Good and choice.. 500® 650 Common and medium 3.50® 5.00 1900-1050) Good and choice .. 5.251? 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. 3000 — Lambs. 90-lbs down, good and choice $8.75® 9.25 Common and medium 6 25® 8.75 90-120 lbs. good and choice . ■ 4.50® 8.50 Sheep—- ■ 120-150) Good and choice . 4.00® 5.00 All weights, common and medium 3.00® 4.50 NEW PROPERTY ACQUIRED By Time* Special NEW YORK. Feb. 2.—Thermoid Cos. announced today the acquisition of the i roperty now owned and occupied by the Roller Bearing Cos. cf America, at Trenton, N. J. This property had formerly been owned and occupied by the Mercer Motor Cos. before it was acquired by Roller Bearing Cos. U. S. SELLS SILVER TO CUBA By Time* Special WASHINGTON. Feb. 2. The State Department has announced an agreement on behalf of the United States Government to sellto Cuba sufficient silver bullion to coin 19,000,000 Cuban pesos.

Abreast of The Times on Finance

WILL ATTEND WESTINGHOUSE PARLEY

Roy L. Brown

Approximately 200 Westinghouse refrigerator dealers from this city and surrounding territory will meet Monday to receive 1935 advertising and sales promotion plans. The meeting, which will be held at the Athenaeum of Indianapolis, is sponsored by the Westinghouse Electric Supply Cos., of which Mr. Roy L. Brown is division manager. Mr. R. E. Cosgrove, manager of household refrigeration sales of the Westinghouse Electric & Manufacturing Cos., also will attend.

Insurance Firms Viewed Unhurt by Federal Plan Vast Amr of Proposals in Offing Seen Having Stimulfc. ng Effect by Standard Statistics Cos. By Timm Special NEW YORK, Feb. 2.—Existing life insurance companies have litlte to fear from the social security proposals contained in President Roosevelt’s recent message, the Standard Statistics Cos. concludes from a study of the plans. On the contrary, the vast amount of discussion of the proposals in the offing may have a stimulating effect on the insurance

“Under the social security program advocated by the Administration,” the survey says, “every employed person making less than $250 a month will be required to take out an annuity, backed by the Federal Government, while higher salaried individuals will be offered an optional insurance policy to provide protection against poverty in old age. Position Is Explained VAt first blush, it appears that this plan would cut heavily into the business of life insurance companies. The Government’s old-age insurance, however, includes life insurance only to the extent that taxes paid in behalf of the insured person, plus accrued interest, have not been exhausted by pension payments to him at the time of his death. “The plan therefore, enters into direct competition with life insurance companies chiefly in the matter of straight annuities. “The latter constitute a relatively insignificant portion of the life companies’ business. In fact, many companies regard such operations with little favor. Government competition in this respect, then, is of no particular concern to the life insurance companies. Might Educate Public “The point has been made that the effect of the Administration’s plan may be to educate the public to the desirability of insurance in general, with the result that demand for life insurance would be stimulated. “The better business factors which were chiefly responsible for the increase of more than 10 per cent in new life insurance written in 1934, then, might find an ally in the social security program in coming years. bank clearings rise 5.9 PER CENT IN WEEK Twenty-Two Cities Report Total of $5,119,085,000. By Timm Special NEW YORK, Feb. 2.—Bank clearings reported by 22 leading cities in the United States during the previous week amounted to $5,119 085,000, compared with $4,833,564,000 in the same week of 1934, according to Dun & Bradstreet, Inc. This was an increase of 5.9 per cent and compared with a gain of 15.8 per cent in the previous week. Clearings in Eastern cities showed a larger increase than in preceding Clearings in New York City during the week amounted to $3,614,429.000, or 3.9 per cent above the amount reported last year, while the total for cities outside of New York was $1,504,656,000, an increase of 11.2 per cent.

On Commission How

(Reprinted trom esterday) Quotations below are average wholesale prices being ottered to buyers by local commission dealers. f ru its—Grapes. Caltfor; la Emperors. 27lb. box. $2.75. Bananas. • 3 4C a lb. Apples. Indiana Jonathans. $1.65: Grimes Golden, 11.65. Lemons. Sunkist. 3605. $4.75. Grapefruit Texas, seedless. $3.25; Arizona, 645. 70s and 80s. $2.75. Limes. Mexican per carton 12s 25c: Bvram. seedless, per hundred. *3. Pears. Oregon Danjo. box. $3 50 Pineapples. 30s. $4.25(34.50. Avocados. Florida, box. $1.50. Strawberries. Florida, pint, 22c; per 26-pt. crate. 20c. Apricots. $3 a crate Vegetables—Cabbage. Northern Danish, 50-lb bag 75c: red. 50-lb. box. 90c. New Texas Caobage, 50-lb. bag. $165 Onions. Idaho, sweet. Spanish, large 50-lb. bag. $1 85. Michigan vellow, med 10 : lb. bag 22c- western white, 50-lb. bag. $1.85; Michigan yellow. $1.25 Potatoes. Green Mountains. 100-lb. bag. $1.50; northern round white. 100-lb. bag. $1.10; Ohios. 100-lb. bag. $2; Idaho Russets 100-lb. bag. $2. New Texas Triumphs. 50-lb. bag. $2. New Florida Triumphs bushel. $2 50. Sweet potatoes, Indiana Jerseys buslfel. $1.65: Tennessee Nancy Halls. bushel. $1.35 Beans, stringless, hampers. $4.50. medium, dozen. 75c; Jumbo, dozen. 90c; hearts, bunch. $1.60. Cucumbers, dozen. $2.25: 2 dozen box. $4 25. Endive, dozen. 90c. Egg plant. $2 25 dozen. Kale. bushel, SI. Lettuce, hothouse. 15-lb. basket. SI .60. Arizona Iceberg head lettuce. $3.75. Man?oes. Florida, crate. $8 Mint bunch. 15c. arslev. dozen. 35c. Peas, hampers. $3. Spinach. Texas, bushel. 51.75. Radishes, dozen. 45c. 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. Sick. $1.75. All quotations subject to change up or down. Produce Markets (Reprinted trom vesterdayi Delivered In Indianapolis prices: Heavy breed hens. 14c. Leghorn hens, ,7c; colored springers. 13c: heavy tags. 9c: Leghorn stags, 7c: old roosters. 6c: ducks, full feathered and fat. 10c: geese, full feathered and fat. 8c: all classes of guineas. 15c. No. 1 strictly fresh countryrun eggs, loss ofl. 21c. Each full case must weigh 55 lbs. gross, a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter-s No. I. 37338 c: butterfat. 35c. Quoted tf* the Wadiey Cos.

INDIANAPOLIS, SATURDAY, FEBRUARY 2, 1935

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N. Y. Bonds

(Reprinted Irom vesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds Today 86.8 83.3 92.6 87.6 Yesterday . 86.7 83.5 92.6 87.6 Week ago . 87.1 85.1 92.9 88.4 Month ago 85.9 84.3 89.1 86.5 (Copyright. 1935, by the Standard Statistics Cos. Inc.) U. S. GOVERNMENT BONDS (By Fenner & Beane.) LibertvS Prev. Close. Close. Ist 3’.25. 1932-47 104.13 104.8 Ist 4ViS. 1932-47 ... 103.22 103.22 4th 4Vis, 1933-38 (uncalled) 103.31 103.29 4th 4%5, 1933-38 (called) .. 101.31 101.31 Treasurys 4%5. 1943-45 114.28 114.21 4s. 1944-54 110.00 109.30 3’Us. 1946-56 108.16 108.17 3Us. 1940-43 105.22 105.15 3Us, 1943-47 105.17 105.11 3Us. 1941-43 105.22 105.16 3 Us. 1943-45 103.31 103.27 3%5. 1941 105.18 105..'6 3Vi s, 1944-46 103.30 103.28 3%5. 1946-52 103.20 103.15 3%5. 1949-55 103.6 103.00 3s. 1951-53 102.20 102.17 3s. 1946-48 102.4 101.30 Home Owners Loan Corp. 2Us. 1949 98.19 98.10 3s. 1952 100.20 100.12 4s. 1951 101.6 101.5 Federal Farm Mortgage Corp. 3Us. 1964 102.21 102.4 3s. 1949 „... 100.21 100.12 DOMESTIC Prev. Issue - Close. Close. Alleg Corp 5s ’44 70 70U Alleg Corp 5s ’49 60 60% Am Frgn Pow 5s 2030 54 55 Am Tel & Tel 5Us ’43 112% 112% Am Tel & Tel 5s '65 113% 113% Arm & Cos (Del) 5%s ’43 103 U 104 Ati Coast Line 4s ’52 101 101 Vi Atl Coast Line 4 Vis ’64 90U 90% Atch Top & S Fe 4Us '4B 107% 108 Am Wat Wks 5s ’44 95% 95% Am Rolling Mills 5s ’3B 108 U 109 Balt & Ohio 5s ’95 69% 70U Balt & Ohio 6s ’95 80% 81 Balt & Ohio 4Us ’6O 53 53U Buff Roch & Pitt 4Vis ’57.... 63% 67U Beth Steel 5s ’36 103% 103% Chi Milw & St PI 5s ’75 23 22U Chi Milw & St P 5s ’75 6 6 1 /* Cleve Un Term 5%s ’72 100 100 U Cleve Un Term 5s ’73 96U 96% Cleve Un Term 4Vis ’77 89U 89U Col Gas 5s May ’52 81% 82 Col Gas 5s ’6l 79% 79U Can Pac Perp 4s 86 85U Cent Pac 5s ’6O 78 79 Big Four 4Us ’77 71% 73U Big Four 5s ’63 80 Vi 80 Vi Colorado & So 4’is ’BO 63 65Va Chi & West Ind 4s ’52 95U 95 Chi & West Ind 5Us ’62 102% 102% Chi & Nor West 4Us ’49 18Vi 18U Coa Gas 5s ’57 104 104 Chesa Corp 5s ’47 104 Vi 104 Dodge Bros 6s ’4O 106% 106% Del & Huds 4s ’43 88% 89 Vi N Y Dock 4s ’sl 65 66 Erie 5s ’75 68% 69 Erie 5s ’67 68U 68% Gen Cable 5Us ’47 89% 88U Grt North 7s ’36 92 92 Grt North 4Us ’77 77% 76% Gen Stl Cast WW SViS ’49 ... 92 82% Hud & Manhattan Ref 5s ’57.. 88 89U 111 Central 4%s 66 57 58 111 Cent Jt 4Us ’63 68% 69 111 Cent 5s ’63 74 73 Inter Hv Elec 6s ’44 48% 49 Inter Tel & Tel 4Vis ’39 70% 70 Inter Tel & Tel 5s 55 67 67 Inter Tel & Tel 4Us ’52 62% 61 Vi P Lorillard 7s ’44 .127% McKess & Rob 5Us ’SO 97 97 Midvale Stl 5s ’36 103 103 Nat Dairy 5Us ’4B IJJ2V4 }9?! 2 Natl Steel 5s ’56 106 106 1 -* Nickel Plate 4Us ’7B 62 62% Nickel Plate 5Us ’74 72% 72% Nickel Plate 6s ’35 66% 66% N Y Cen 5s 2013 64% 64% NYC 4s 2013 (old) 58% 59 V* Nor Amer Cos 5s '6l 86Vi 86 Nor Pac 3s 2047 75 74% Nor Pac 4Us 2047 86% 86% Nor Pac 6s 2047 100 100% Nor States Power 5s ’4l ■ 105 105% New Orleans Term 4s ’53 .... 84% 85 Otis Steel 6s ’4l 87 88 Penn Rv 4Us ’B4 lOl'/i 101 Penn Rv 4Us ’Bl 102 101 1 Penn Rv 4Us ’7O 95 94% Pac G & E 5s ’42 108 107% Portland Gen El 4Us 60...... 57 51 2 Para Publix SViS ’SO 68 66 2 Penn P & L 4%s 'Bl 100 100 Postal Tel & Cab 5s '53 49% 50 Rem Rand W W 5Us ’47 99U 99% Shell Union Oil 5s ’47 103 102", 2 Sou Pac 4Us '6B 65 4 66 Sou Pac 4Us ’Bl 64% 65% Sou Pac 4 ! 2S ’69 j>s 65 2 Sou Pac 4s ’49 67% 67% Sou Rail 4s ’56 57% 58 Sou Rail 6s ’56 77 (8 Sharon Stl Hoop 5Us 48 85% 86% Texas Pac 5s 'BO 92 91% Texas Pac 5s '79 91 91 Texas Pac 5s ’77 92% 92 Union Pac 4s ’47 109% 109% United Drug 5s ’53 93 92 * U S Rubber 5s ’47 92% 93 NYN H & Hart 6s ’4B .... 46% 47 NYN H & Hart 4Us ’67 41% 41% Warner Bros 6s ’39 56% 55 g Western Mary 5Us 77 99% 99 Western Marv 4s '52 92 91 2 Youngstown § & T 5s 70 95 95 Youngstown S & T 5s 78 .... 94 94% FOREIGN Argentina A 6s ’57 92 92 Argetine B6s 'SB 91% 92 Brazil 8s ’4l 30% 29,4 Canadian Govt 4s ’6O 100% 105 Denmark 5%s '55 100 U 99 s German 5Us ’65 34% 34 s German 7s ’49 44% 44% Italv 7s ’sl 91% 92 .Japan 6Us ’54 91 % 90a Poland 7s '47 120% 119% Rome 6%s ’52 86% 87 Tokio Citv 5Us ’6l 75 74% Yokohama 6s ’6l 80V* 81% FEDERAL FARM LOAN BONDS (By Blyth & Cos.) Bid. Ask. 4S July 1, 1946-44 102% 103 U 4s Nov. 1. 1957-37 101 U 102 4s May 1, 1958-38 101% 102 4%s July 1, 1956-36 101% 102 U 4%s Jan. 1. 1957-37 102 102% 4%s May 1, 1957-37 102 102% 4%s Nov. 1, 1958-38 102% 4%s May 1, 1942-32 100% 101% 4%s Jan. 1. 1943-33 101% 101% 4%s Jan. 1. 1953-33 101 101% 4%s Jan. 1. 1955-35 101 101% 4%s Jan. 1, 1956-36 102% 5s May 1. 1941-31 101% 101 U 5s Nov. 1. 1941-31 101*8 101% OIL PRODUCTION RECORD SET tty Times Special TORONTO. Ont., Feb. 2.—The oil wells of Alberta produced a total of 2,265,940 barrels in 1934, establishing anew record for Canada’s leading oil producing province, it was announced today.

R. E. Cosgrove

GRAIN TRADING EXCEEDS STOCK SALES IN 1934

Dip From 1933 Comodity Volume Is Slight, Report Shows. By Times Special NEW YORK, Feb. 2.—With a de.cline of 51 per cent in dollar volume of all stock transactions on the New York Stock Exchange in 1934, as compared with 1933, the value of such transactions fell below the total dollar volume of grain transactions on the Chicago Board of Trade, according to a survey issued today by Fenner & Beane, members of the New York Stock Exchange and the principal commodity exchanges of the country. “Contrasting with this 51 per cent decline in the dollar value of transactions in stocks,( grain transactions declined only 7.7 per cent,” the survey states. “Dollar volume of trading in wheat, corn, oats, rye and barley—the five leading commodities on the Chicago Board of Trade—totaled $9,904,797,000 in 1934, compared with $10,733,511,000 in 1933, the decrease amounting to approximately $828,714,000 or 7.7 per cent of the 1933 total. Stock Transactions “Aggregate volume of stock transactions on the New York Stock Exchange last year amounted to $7,614,220,914, compared with $15,486,330,744 in the year previous, a decline of $7,872,109,830, or about 51 per cent. “Value of wheat transactions slackened moderately from $7,239,411,000 recorded for 1933 to $7,044,342,000 last year; while bushel volumes as reported dropped from 10,353,912,000 bushels to 7,504,115,000 bushels. Increased value of the turnover in corn and barley, due entirely to higher prices since bushel volume in these grains, declined, offset in large measure the acute shrinkage in dollar volume of dealings in oats and rye. Grain Trading High in August “The 1934 peak month in grain trading activity was August, in which month turnover valued at $1,660,581,000 was recorded, dropping abruptly to about half this volume in subsequent months; while in 1933 the top volume of $1,897,474,000 was reached in June and was followed by a comparatively gradual abatement in activity, with a moderate pick-up in November, as shown in the following table. “Dollar volume of stock transactions for January, 1934, was unsurpassed in subsequent monttis and declined to low ebb in September, with a gradual recovery recorded in the closing months of the year. The 1933 peak month for stock transactions was July.”

Stock Studies

MANHATTAN SHIRT * COMMOH STOC * | MI smart EARNINGS PRICE RANGE SC*U YEARS ENDED NOVEMBER 30 ' T~] too. a- m~ -|--20 g J--15V tty - 1 - 1 * Mi WINCHESTER INSTITUTE OF FINANCE The Manhattan Shirt Company is the outgrowth of a long established business. For more than 60 years the word “Manhattan” has stood as a trade-mark for quality shirts. The company is one of the leaders in the manufacture of highquality shirts, collars, pajamas and underwear. Plants have annual cal--of 200,000 dozen shirts. Distribution centers are located in New York, Chicago and San Francisco. FINANCIAL DATA As of Nov. 30, 1934 Capital Stock ($25 par) ...224,522 shares Surpluses $4,277,403 Cash and Securities _ 932,948 Inventories 2,036.556 Total Current Assets 4,014, 660 Current Liabilities 107.721 Manhattan Shirt was incorporated in its present form in 1912 in New York. The capital stock is listed on the New York Stock Exchange. Ac a current price of around 12 it sells to yield 5 per cent. (All Rights Reserved. Winchester Institute of Finance, Winchester Mass.) Chicago Grain Futures (Reprinted from yesterday) Wheat— Prev. Open. High. Low. Close, close. May... .96% .96% .95% .96 .96% July... .88% .88% .88 .88% .88% Sept... .87% .87% 86% .86% .87% Sept.— May... .84% .84% .83% .83% 83% July... .80V* .80% .79% .79% .80% Sept... .77 .77 .76% .76% .77'% Oats— May... .50% .50% .49% .49% .50 July... .43 Va .43'/# .42% .42% .43 Vi Sept.. .41 .41 .40% .40% .41 RYE— May... .66% .66% .65% .66% .66% July... .66% .66% .65% .66% .66% Sept... .65 ,65V* .64% .65’* .65% Barley— May .. .75% .75% .75% .75% .75 July... .C 8 .68 .68 .68 .68 Lard— Mar 12.82 12 82 12 82 12.82 12.95 May. 12.90 12.90 12.80 12.82 12.95 Julv. 13.00 13 00 12.92 12.95 13.05 Sept 13.12 13.12 13.02 13.05 13.20 Bellies— Mav 15 85 15.85 15.85 15 85 15.90 July. 16.00 1600 16.00 1600 15.95 LOCAL CASH MARKEI Citv grain elevators are paying 88 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 82 cents and oats 48 cents. Fidelity Trust Cos. Member Indianapolis Clearing House Association 148 E. Market St. Invites Applications for Its New PERSONAL LOAN DEPARTMENT Loans *...550 to SSOO With Collateral or Indorsement# \

New York Stocks

(Reprlntea trom yesterday) ißy Thomson & McKinnon) Prev. Oils— High. Low. Close. Close. Amerada 56 55 55% 55' 2 Atl Rfg 24% 24% 24% 24% Barnsdall 6% 6% 6% 6% Consol Oil 7% 7*2 7*2 7s* Com of Del 17% 17% 17 t b 17% Mid Cont*Pet .. ll'j 11% 11% 12 Ohio Oil 10'a 10 10 10 Pet Corp B's 8% ' b ß 8% Phillips Pet 15% 14% 14% 15 Plymouth Oil ... 7% 7 s * 7% 8 Pure Oil 6'* 6% 6% 6% Roval Dutch 32 32 32 31% Seaboard Oil ... 231 b 23 23 23 ! b Shell Un 7 6 7 s 6% 7 Skellev Oil 7% 714 7% 7% Soc Vac 14 1 4 14 141* 14' 4 S O of Cal 30 29% 30 30> 4 S O of Ind 24Vi 24% 24'* 24' 8 S O of N J 41** 40 1 2 40*2 41% Texas Corp 20 19% 19% 19 5 s Tidew Assn .... 814 8% B*4 814 Un Oil of Cal .. 15 14T 15 15 Steels— Am Roll Mills .. 21 1 4 20% 20 7 i 21*4 Beth Steel 301a 29% 29% 31' 8 Bvers A M 17 17 17 17% Col Fuel & I .. 4'i 4% 414 4 s * Cruc Steel 22 21 7 s 22 21% Inland Steel ... 53*4 53 53% 52% Ludlum Steel ... 16% 16'4 1614 16% McKeesp Tin .. 92 9114 92 91% Mid Steel 12% 12 12 1e 12% Natl Steel 48% 48% 48% 48% Otis Steel 6% 6% 6% 6% Rep Iron & S .. 14% 13% 13% 14% Rep I& S pfd. 46% 46% 46% 47 U S P & Fdy .. 18% 18% 18% 19 U S Steel 361* 36% 36% 37 U S Steel pfd .. 89 87% 87% 90% Warren Bros 4% 4% 4% 4% Youngstn S& T 18% 18% 18% 18% Motors— Auburn 24% 23 7 4 - 2414 23% Chrysler 37% 36% 37% 37% Gen Motors 31% 30% 30% 31 Graham Mot ... 2% 2% 2% 214 Hudson 10 9% 9% 10 Truck ... 26% 26 26% 2614 Nash 15% 15% 15% 16 Packard 4% 4% 4% 4% Studebaker 1% 1% 1% 1% Yellow Truck .. 3% 3% 3% 3% Motor Access— Bendix 15% 15 15 15% Bohn Alum .... 55 54% 54% 54% Borg Warner ... 29% 29% 29% 29% Briggs 26% 26% 26% 26% Budd Mfg * 4% 4% 4% 4% Budd Wheel ... 3% 3% 3% 3% Eaton Mfg 19 18% 19 19% Elec Auto Lite.. 25 24% 2414 25 Elec Stor Bat .. 46 46 46 46 Houdaille “A”.. 8% 7% 8 8% Mullins Mfg 9% 9% 9% 91b Murray Body .. 6% 6% 6 7 /4 614 Stew Warner .. 7% 7% 7% 7% Timken Roll ... 34 3314 33% 34% Timken Det Axle 6% 614 6% 7% Mining— Alaska Jun .... 17% 17% 17% 1714 Am Metals 16% 15% 16% 16 Am Smelt 3414 34% 34% 34% Anaconda 10% 10% 10% 10% Cal & Hecla .... 3% 3% 3% 314 Cerro De Pasco.. 41% 4040% 41 Dome Mines ... 36% 3614 36% 37 Gt Nor Ore 11 11 11 11 Howe Sound ... 45 44% 44% 45% Homestake Min. 347 347 347 346 Howe Sound .... 45 44% 44% 45% Int Nickel 23% 22 % 23 23% Kennecott C ... 16% 16% 16% 16% Mclntyre M .... 38% 38% 38% 38% Park Utah 2% 2% 214 3 Noranda Cop .. 3214 32% 32% 32% Phelps Dodge .. 14% 14 14% 1414 St Joe Lead ... 15% 15 15‘/4 15 U S Smelters ..109 10814 109 109% Vanadium 1814 18 18 1814 Amusements— Crosley Radio . 13% 13% 13% 13% Fox Theat 11 10% 10% 10% Loews Inc 33% 32% 32% 32% Radio Corp .... 5% 514 5% 5% Paramount 414 314 4 4 R K O 214 2 2 2 Warner Bros ... 4 314 3% 4 Tobaccos— Am Snuff 66 66 66 66 Am Sum Tob ... 2114 20% 32% 21 Am Tobacco A .81 80% 80% 8114 Am Tobacco 8.. 82% 81% 82 82 Gen Cigars 54% 54% 54% Ligg & Myers B 104% 104V 4 104% 105% Lorillard 19% 19% 19% 19% Phillip Morris . 41% 41% 41% 42 Reynolds Tob B. 48 47% 48 48 Rails— Atchison 45 43x 4314 45% Atl Coast Lines. 2814 2814 2814 29% B& O 11% 11% 11% 11% Can Pacific ... 1314 13 13y 4 1314 Ch & Ohio 42% 42 42% 42% C M & St P .... 214 21a 2% 214 C M & St P pfd 3% 31 4 3% 3% Chi N W ■ 1% 4% 4% 4% Chi N W pfd ... 814 814 8% 8% Dela & Hud 3514 3514 35% 36% Del Las & W ... 1514 1514 15% 15% Erie 1114 1% 114 1% Erie pfd 13% 13% 13% 13% Grt North pfd . 14% 13% 13% 14% 111 Central 13% 1314 13% 13% Lehigh Val 9 8% 814 9 Lou & Nash ... 41 40% 40% 41 M K & T 5% 5% 5% 5 MX & T pfd .. 10% 10% 10% 11 Mo Pac 2% 2% 2% 214 N Y Cent 17% 1714 17% 17% N Y New H .. 614 614 6% 6% Norf & West ..174 174 174 173% Nor Pacific .... 18 17% 17% 17% Penn R R 21% 21 21% 2114 Reading 35 35 35 35 Sou Pac 15% 15 15% 15% Sou R R 12% 1214 12% 12% Union Pac ....101% 100% 101 101% West Maryld .. 8% 814 8% 8% Equipments— Am Loco 17% 17% 17% 17% Am Steel Fdy ... 1714 17 17 1714 Bald Loco 5% 5% 6% 5% Gen Am Tk Car 36% 361* 36% 3614 Gen Elec 23% 2314 23% 2314 Gen R R Sig ... 26 26 26 26 Pullman Inc .... 48% 48 48 4814 West Air Br ... 25 24% 24% 24% Westingh Elec . 37% 37 37% 37% Utilities— Am & For Pwr. 4% 4% 4% 41* Am Pwr & Lit.. 3% 31a 3% 3% A T & T 105 10414 105 104% Am Wat Wks ... 13 12% 1214 13 Col Gas & Elec . 7 6% 7 7 Conn & Sou .... 114 1% 1% 1% Consol Gas 19% 1914 191s 19% Elec Pwr & Lit. 2% 2% 2% 2% Int Hydro Elec.. 2% 2% 2% 214 Interboro R T.. 1414 13% 14% 14 Int TANARUS& T 9 814 8% 9 Lou G& E “A” 12% 12% 1214 12% Nat Pwr & Lit. 7 614 7 7 North Amer ... 13 12% 13 12% Pac G& E 14% 14% 14% 14 Peoples Gas .... 2114 21 21 21% Pub Serv N J... 26 25% 25% 26% So Cal Edison.. 1214 11% 11% 12% Std Gas 3% 3% 3*4 3% Stone & Webster 4% 4% 4% 4% United Corp 2% 2% 2% 2% Un Gas Imp... 11% 1114 11% 11% Ut Pwr &Lt “A” 1% 114 1% 1% Western Union.. 29% 28% 29 29% Rubbers— Firestone 16*4 16% 16% 16% Goodrich 9% 9% 9% 9,8 Goodyear 22% 21% 22% 22% Kellv Spring 1% 1% 1% 1% U S Rubber... 14% 14 14 14% U S Rubber pfd 36 35% 35% 37 Miscellaneous— Allis Chalmers.. 16% 16% 1614 16% Am Can 112% 111% 112 112% Am Mach & Fdy 21% 21 21 21% Brklvn Man Tr. 43% 4214 42% 43 Burroughs Add. 14% 14% 14% 14-a J I Case 55 54% 54% 52% Conti Can 65% 65% 65% 66 Caterpillar Tract 38% 37% 38 38 Crown Cork .... 24% 24% 24% 24% Curtis Pub .... 19% 18% 18% 19 Curtis Pub pfd- 96% 96' 4 96% 97 Deere & Cos ... 28*4 27% 28% 27% Eastman Kodak 113 113 113 112% Gillette 13% 13% 13% 13% Glidden ••• 24% 24% 24% 24% Ingersoll Rand 66% 66 06,2 66 Int Bus Mach .152 101% 151% ,151 Inter Harv . 41% 40% 41 % 41 Natl Cash Reg . 16% 16% 16% 16% Owens Bot 87 86% 87 87 Rem Rand 9 9 9 9% Underwood E .. 57 a7 57 57% Foods— Am Sug 60% 60 60% 61 Armour 5% 514 5% 5% Armour 6 pet pd 68 67% 67% 67% Borden Prod .. 24% 24% 24% 24% Cal Packing 39 38 a 38% 39 Can Drv G Ale. 13% 131a 13% 14 Cont Bak “A”.. 6 6 6 6 Corn Prod 63% 62% 62% 63 Crm of Wh 36% 36% 36% 36% Cu Am Sug .... 5*4 5% 5% 5% Gen Baking .... 8% 8 8-s 7% Gen Foods .... 34% 3414 34% 34 Gold Dust 16% 16 16% 16% G W Sugar 27% 27% 27% 27% Natl Biscuit... 28% 27% 28% 23% Natl D Prod ... 16% 15% 16 16

Has v:>ur wife, or your child, • * had sufficient business training to handle the estate you are building to leave them? SECURITYIIj TRUST COMPANY MCHSKt MDIAMAPOUS CUARtHG HOUSt ASST

What Does It Mean G. T. C. Order—When a person (jives his broker a G. T. C. order to buy or sell stock at a certain figure, the sale icill be made automatically when the stock reaches that price. It means “good till cancelled .”

Puritv Bak . .. 9 8% 8% 9 S Porto Rtco Sug 20% 2’. % 20% 20% Std Brands 17% 17% 17', 17% Un Biscuit 24% 24% 24% 24%. United Fruit 73% 72*4 73% 72*4 Ward Bak "B” 1% 1% 1% 1% Wriglev 76% 76% 76% 75% Retail Stores— Assd Drv Goods 11% 10% 10% U% Tie it A* Cos 35 34 34% 34% First Natl Stores 50*4 49% 49% 50% Gimbel Bros 3% 3% 3% 3% Hahn Dept Sts 5% 5 5% 5% Jewel Tea 54' a 54% 54% 55% Kresge S S 20% 20% 20% 20% Kroger Groc ... 25% 25% 25% 25% Macv R H 39% 39% 39% 39% McCrorv St 10% 10% 10% 10% McLellan St 13 12% 12% 13% Marshall Field.. 9 9 9 9% Mav Dept St ... 41% 41% 41% 42 Mont Ward 26% 25% 25*4 26 Penney J C . 68% 68% 68% 68% Safeway St .... 41% 41 41% 41 Sears Roebuck . 33% 33% 33% 33% Woolworth 54% 53% 54% 54 AviationAviation Corp... 5 4% 5*4 5% Boeing Aircft .. 9% 9 9% 9 Curtiss Wright . 2-% 2% 2% 2% Curtiss Wr 'A”. 8% 8% 8% 8% Douglas Air 22% 22% 22% 22% Nor Am Av .... 3% 3% 3% 3% Sperry Corp .... 9% B*4 8% 9 Uni Aircft New. 14% 13% 14% 13% Chemicals— Air Reduc 111% 110% 110*4 111 Allied Chem ...135 134*4 135 136 Am Com Ale .. 27% 27% 27% 27% Col Carbon 70% 70 70 69^a Com Solv 21% 20*8 21 21% Dupont 94*4 93*4 94 94% Freeport Tex .. 21% 21% 21% 21 Lia Carb 27*4 27% 27% 27 Math Alkali ... 28% 28 28% 28% Monsanto Ch ... 57% 57% 57% 56% Natl Dis (new). 26% 26% 26% 26% Schenlev Dist .. 25% 24% 25 25% Tex Gulf S ... 35% 34% 35_, 34% Union Cirbide . 46% 45% 46% 46 U S Ind Ale .. 36% 36% 36% 37 Drugs— Cotv Inc 6% 6% 6% 6 Lambert 27*4 27% 27*4 27% Lehn & Fink .. 16% 16% 16% 16' • Sterling Prod .. 60% 60% 60% 59% Vick Chem 35% 35% 35% 35% Zonite Prod ... 418 41a 4% 4 Financial— Adams Exp .... 614 6% 614 6% Allegheny C .... 1% 1% 1% 1% Am Int Corp .. 6% 6 6 6 Chesa Corp ... 39 38*4 38*4 39% Lehman Corn .. 71% 71% 71% 71 Transamerica .. 514 5% 5% 5% Tr Conti Corp . 3% 3% 31s 3% Building— Am Rad 14*4 13*4 13*4 14% Gen Asphalt .. 16',4 15*4 15% 16% Holand Fu*n .. 8 8 8 7% Int Cement ... 27% 27% 27% 28% Johns Manv ... 51 50 50% 50% Libbv Ow Gls .. 29 28*4 29 29% Otis Elev 14% 14% 141a 14-g U S G.vpsum .. 48% 48% 48% 48 Household — Col Pal Peet .. 17 16*4 17 16*4 Congoleum .J... 32% 32% 32% 32% Kelvinator 16% 16% 16% 16% Proc & Gamble. 45% 45 4514 45% Servel Inc 8% 8% 8% B*a Simmons Bed .. 9 9 9 91* Textiles— Amer Woolen ... 7*4 7*4 7% 7% Belding Hem ... 12% 12*4 12% 12% Celanese Corp .. 31% 30% 31% 30% Collins Aikman. 1314 13 13 13% Gotham Hose .. 4% 4*4 4*4 4% Indus Rayon .... 3114 31% 31% 31°a Kayser Julius \. • 1614 1614 1614 1614

SHIPMENTS OF PRODUCE DROP Current Movement at Rate of Nearly 2,000 Cars Daily. By Times Special WASHINGTON. Feb. 2.—Despite the decrease in produce shipments during the last month, the current total is still running at a rate of nearly 2000 cars daily, according to the weekly report of the United States Department of Agriculture. The present rate, however, is onefourth below the movement of a year ago. Southern receipts are expected to decrease further following the widely extended freezing spells of the last month throughout that section. Shipments of Northern lettuce, carrots, celery and citrus fruits are still moving at about normal for the late winter season. Northern produce shipments dropped sharply during the extremely cold weather, but have showed considerable improvement since, the report stated. Prices for most lines of produce, including .Northern cabbage, carrots, onions and sweet potatoes, have tended higher during the last two weeks. Old potatoes have responded slowly to the rising trend. With Western lettuce and celery in steady supply, prices have remained about stationary. No general upward trend has been shown in the fruit market, al- J though prices are now around the levels of the previous year. The apple market is dull and rather weak 1 for some varieties, while citrus fruitst show only a little change. CASH SURPLUS GAINS International Carriers Releases Annual Statement. By Times Special NEW YORK, Feb. 2.—The annual statement of the International Carriers, Ltd., released today, shows that surplus cash in banks on Dec. 31, 1934, amounted to $530,333.14, compared with orly $62,781.77 in the same period of 1933. The aggregate amount of investments on Dec. 31, 1934, was $3,981,667.50, compared with $4,464,429.38 at the end of the previous year. The net asset value a share on common stocks increased from SB.IO in 1933 to $8.17 in 1934, the statement shows. COFFEE BOARD SEAT OFF By Times Special NEW YORK, Feb. 2.—The New York Coffee and Sugar Exchange membership of W. A. Wage has been sold to F. Shelton for S4OOO. off $250 from the preceding transaction, it was learned today.

BOND ROBBERY SPURS BROKERS TO NEWACTION Central Depository Plan Is Weighed by Exchange Committee. By Times Special NEW YORK. Feb. 2 —Wall Street s million dollar bond robbery of Monday has stirred brokeraga houses to a reconsideration of the plan for establishing a central depository for securities. It was learned today that a report on the subject is awaiting action by a committee of the New York Stock Exchange. It has been proposed for over 10 years that the Exchange set up a central depository which would act as custodian of active stocks. Transfers between brokers on behalf of their customers, under the plan, would be accomplished by security checks and would involve no physical transfer unless demanded by the owners. Cost Seen Reduced In addition to lessening the possibility of security thefts such as Monday’s robbery of $1,462,000 of securities owned by the Bank of the Manhattan Cos., it is stated that the cost of transfer would be greatly reduced. Brokers have been unwilling recently to consider establishing the depository, because of the expense entailed. Several hundred thousands of dollars would be required, they say, and the thin volume of the market does not justify this expenditure. The sensational bank theft of Monday, however, has brought home to them again the desirability of establishing a central depository. To Consider Report As soon as Walter L. Johnson, chairman of the committee on securities, returns from a brief vacation, the report on the subject drawn up by Lawrence G. Payson, president of the Stock Clearing Corp., will be considered. It has been suggested that corporations whose securities are traded on the Exchange might be willing to finance the central depository. They might do so with the funds saved in the elimination of their own transfer branches. An objection to this, however, i3 that many workers would be thrown out of employment.

TOTAL ENGINEERING AWARDS SHOW DROP Private Contracts Increase 55 Per Cent, However, Says Report. By Times Special NEW YORK, Feb. 2.—High private awards are xesponsible ior the engineering construction total for this week of $24,922,000 as reported by Engineering News-Record today. Private awards total $9,111,000 and public awards, $15,811,000, of which $3,219,000 is Federal work and $12,592,000, state and municipal. This is an increase of 55 per cent over the high private total last week. Federal work is down 56 per cent and state and municipal work is up 4 per cent from last week's volume. The total volume for the week is 1 per cent below last week. Industrial buildings are largely responsible for the high private figure, $7,089,000; waterworks are higher at $2,340,000 and sewerage is up at $1,304,000. Other classifications of work run below last week: Public buildings, $3,805,000; commercial buildings, $975,000; bridges, $484,090, streets and roads, $4,580,000 and earthwork and drainage $3,010,000. CARLOADINGS DECLINE Decrease of 7187 Cars in Week Ended Jan. i6, Report Shows. Hi) United Press WASHINGTON, Feb. 2.—Carloadings of revenue freight for the week ended Jan. 26 totaled 555,768 cars. A decrease of 7187 below the preceding A’eek and 7332 below the corresponding week in 1934, according to a report of the Association of American Railroads today. olsPflCE BUSINESS LOCATION Business is seeking more profitable* locations, moving to better buildings . . . business men are demand- - ing this advantage ... together with the conveniences and economies which only buildings oi the better type provide KLEIN# KUHN., PROPERTY MANAGEMENT Lincoln 3545 INDIAN A POL i S