Indianapolis Times, Volume 46, Number 230, Indianapolis, Marion County, 4 February 1935 — Page 8

Wall St. Time Rather Than Character Cause Brokers’ Slips _BY RALPH MENDERSHOT Tiro** 'onl Writer

NEW YORK. Feb. 4.—A governor of the New York Stock Exchange made the statement recently that hts first earnings as a broker were for executing “wash" sale orders. And he saw nothing wrong at the time in handling this sort of business. he said. He agrees today, however, that "wash'' sales should

be barred. The conversation had to do with the change in the psychology of brokers. It was pointed out that many of the practices now frowned upon by almost every one had been accepted as perfectly fitting and proper only a few years ago. and the thought

f M

was advanced that the times rather than deliberate attempts to indulge in questionable practices accounted for the major part of the wrongdoings on the part of brokers in the boom days. It is easily understandable, of course, that the movement toward reform has changed the thinking of a great many people, including the brokers. But it is rather difficult to understand how a fullfledged broker could have regarded “wash'' sales as being ethical if the purpose of those sales was to estah’.sh higher prices on the ticker than legitimate buying and selling orders dictated. a a a Baldwin buckner bane has been suggested in both Wall Street and Washington as the most likely successor to Ferdinand Pecora as Securities and Exchange Commissioner. Mr. Bane is thoroughly familiar with the job, having handed many of the more important cases for the Federal Tr? de Commission and, more recently, having taken on several importmt tasks with the SEC. As chief of the securities division of the SEC the Virginia attorney is credited with having developed and organized the procedure required for the drafting of registration forms, rules and regulations. He also examined registration statements and decided many questions of policy. In addition to being a lawyer, Mr. Bane has been a careful student of finance and business practices. For that reason he would be highly acceptable to Wall Street, which fears the appointment of someone who is wholly unfamiliar with the security business. It is thought, too. that he has no political handicaps. a a a BROKERS may not give stock market “tips’’ these days. They are permitted to furnish information and give opinions where these are requested by clients, however. It is highly entertaining, therefore. to watch the effects of some of them to get around these regulations. They are accustomed to making rather general remarks about some situation and then asking those interested to write for further details. But business is slow’, and they can not be blamed too much for trying to get commissions where they can. Moreover, the statistical organization of the brokerage houses today are far superior to those of a few 7 years ago. and the facts they supply probably should not be associated with the “tips” of the boom days.

MORTGAGE BANKERS HOPEFUL OF FUTURE Southern Lenders See Real Estate Recovery, Official Reports. By Tim ft Special CHICAGO, Feb. 4—"With rents stabilized and occupancy in homes in many cities near the saturation point, the real estate and mortgage business has a rosy future.” George Patterson, secretary of the Mortgage Bankers’ Association of America, reported on his return from a trip through the South. Mr. Patterson met with mortgage bankers in Memphis, New Orleans. Miami. Jacksonville. Atlanta, four North Carolina cities and in Greenville. S. C. He found a much better feeling among the mortgage bankers there and much more hope for good business in the future. "In the better business sections of cities visited I found that the stores were all rented.” Mr. Patterson said. "Some building of homes has already started in Atlanta and Miami and in the other cities I visited it seems likely to start as soon as the distress property has been absorbed, which is rapidly being done.” COFFEE USE DRIPS WITH LIQUOR RETURN Daily Consumption Estimated at 2.86 Cups in 1934. Bj Tims* Special NEW' YORK. Feb. 4—The first full year of legal hard liquor accompanied by a decrease in coffee drinking, a survey by the New York Coffee and Sugar Exchange revealed today. The report showed that during 1934 coffee drinkers of the United States consumed 16 3 cups less coffee each on the average than hi the previous year. Daily consumption was estimated at 2.86 cups a person in 1934. compared with 2.91 cups in 1933. f United States corfsumption as measured by deliveries of green coffees to the roasting trade amounted to 11.774.033 bags in 1934. against 11.957.864 bags, a decrease of 1.54 per cent. BONDS WILL BE SOLD Constitutes Next Step in Road Issue Refunding Plan. Bp Timet Special DES MOINES. la.. Feb 4—Forthcoming refunding bond sales in March in 68 counties in lowa will constitute the next step in the primary road bond refunding program in this state, it was learned today. The lowa State Highway Commission announced that approximately $31,300,000 of primary road bonds would be refunded next month. Authority for the procedure was grantin 1934 by the state Legislature.

PAGE 8

PRICES DROP IN EARLY TRADING ONjIGjOARD First Two Hours Highest of Year on New York Exchange. By United Pre.s NEW YORK. Feb. 4.—Trading on the Stock Exchange in the first two hours today was the lightest of the year. Prices fluctuated narrowly. Leading issues in the industrial and railroad divisions were slightly lower. Utilities showed small gains, as did a few special issues. Gold and silver mining issues were down fractionally. Around noon United States Steel was at 36%, off %; Allied Chemical 135%. off %; Atchison 44off 1 *: New York Central 17%, off Chrysler 37 , off %; General Motors 31%, off %; Consolidated Gas 19%, up •%; Schenley 25, off J i: Western Union 29, up \k, and Westinghouse Electric 27%, off %. Studebaker was active at the previous close of 1%. Radio Corp. was active at SV, off % point. Montgomery Ward and Sears-Roebuck were steady, and Spiegel, May, Stern rose point to 73 on a few sales. Farm equipment issues were irregular with Case unchanged at 55% and International Harvester 41, Off >2.

Ralph Menders! ot

Money and Exchange

Indianapolis Statement Cleannes $2.217 000 06 Debits 6 336.000 00 TREASURY STATMFNf 'Bv United Press t WASHINGTON Feb 4Go ernment exnenses and receipts for t'.ie < urrent fiscal vear or Feb. 1. compared *.th the corresnondine period of thj previous fiscal vear: This Year. Last Year. Expenses . $4,032,756,147.15 $3,521,407,521.96 Receipts .. 2.054 263.420 12 1.689.612.398.29 Deflc:t .... 1 978.492 723 03 1 831.795.123.67 Cash bal... 2.295.546.4’5 89 4.434.713.155 18

MODERATE SELLING PUTS GRAINS DOWN Traders Continue Nervous Over Gold Ruling. By United Press CHICAGO, Feb. 4.—Wheat traders still were nervous over the decision on gold and a moderate wave of selling pushed grain prices lower on the Board of Trade today. At the start wheat was off % to *4 cent, corn was s i to 7k cent lower, oats was M cent lower to ’< cent higher, and rye was off % to *2 cent. Traders here paid little attention to relative strength in Liverpool. Broomhall said the English market opened firmer, although prices fluctuated narrowly throughout the morning. (Bv James E. Bennett) 11:00 Prev. WHEAT— High. Low. A. M. close. Mav .95', .95% .95% .96% July .88% .88% .88% .88% (s*£oßN 87% .86% .87% .87 Vs Mav 83% .83% .83% .84 Julv 79% .79% .79% .80 76S * ' 76 '* ' 763 * ' ,7 Mav .49% .49 .49 .49 Julv 42% .42 .42% .42 % Sept 40% .40% .40% .40% RYE— Mav .... .65% .64% .64% .65% Julv 65 .64 3 . .64% .65 i Sept 64% .64% 64% .64% LOCAL CASH MARKET Citv grain elevators are paving 88 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 vellow 82 cents and oats 48 cents.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers. Fruits—Grapes. California Emperors. 27lb box. $2 75 Bananas. 4%c a lb. Apples, Indiana Jonathans. $1.65; Golden Delicious, $175®1.85. Lemons. Sunkist. 3605. $4 25. Grapefruit, Texas, seedless. $3 25; Arizona. 645. 70s and 80s. $2 50. Limes. Mexican, per carton 12s, 25c: Bvram. seedless per hundred. $3. Pears. Oregon D anjo. box. $3.50. Pineapples. 30s. $4.25® 450 Avocados. Florida, box. $1.50 Strawberries. Florida, pint. 20c; per 26-pt. crate. 18c Apricots, $3 a crate. Vegetables—Cabbage. Northern Danish. 50-lb. bag. 75c; red 50-lb. box. 90c. New Texas cabbage. 50-lb bag. $1.65. Onions, Idaho, sweet. Spanish, large. 50-lb. bag. $1 85 Michigan yellow, med. 10-lb. bag 32c: western white. 50-lb. bag. $1 85; Michgan vellov *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. $2.30. Sweet potatoes. Indiana Jersevs. bushel. $1.65; Tennessee Nancv Halls, bushel. $1 35. Beans, stringless. hampers. *5. Celery, medium, dozen. 75c; Jumbo, dozen. $1 25: hearts, bunch. $1.60. Cucumbers, dozen. $1 85; 2 dozen box. $3.50. Endive, per crate $1 50 Egg plant. $2 25 dozen. Kale, bushel. 75c Lettuce, hot house. 15-lb. basket $1 75. Arizona Iceberg head lettuce. S3 75 Mangoes Florida, crate. SB. Mint, bunch. 15c. Parsley, dozen. 35c. Peas, hampers. $3.75. Spinach. Texas, bushel. $2 Radishes, dozen. 60c. Tomatoes 10-lb. carton. SI 50; Florida original. $2 75 Turnips, bushel. 75c. Parsnips, bushel. $135 Beets, bushel. $125 Carrots bushel. >51.25: 100-lb. sack. $1.75. All quotations subject to change up or down. FRITTS AND VEGETABLES (Bv United Press) CHICAGO Feb. 4—Apples—Michigan Jonathans bushels. $150®175: Mclntosh. >l5O :175 Cranberries—Massachusetts % barrels. $4 75® 5 Cauliflower—California crates.—*l 25® 1 50. Cabbage—Wisconsin 100 lbs. sl® 1.25 Sweet potatoes—Tennessee bushels. $1®110; Illinois. $1®1.15; Indiana S’ 35® l 50 Carrots—California cra-es $2 50 /3 Turnips—Georgia crates. $2 25-/2 35: Illinois bushels. 25® 50c. Lettuce—Western crates. $2 25® 275 Parsnips—lllinois bushels. 50® 65c. Beers — Texas % crates $2: Illinois bushels. 40® 50c Beans—Florida bushels. S3 75® 425 ■green' Spinach—Texas bushels $1.4062. Tomatoes—Mexican lugs. s3®3 50.

Retail Coal Prices

Tha following prices represent quotations from leading Indianapolis coal dealers. A 25-cent carrying charge per ton will be added. DOMESTIC RETAIL PRICES Indiana lump $5 20 Egg 5 03 Nut 480 Brazil BlockLump 5.54 Egg 6.31 Nut 5.04 GlendoraLump 5.34® 5 59 Egg 5.18 T 5.43 Nut 4 95®5.20 West Virginia and Eastern Kentucky (Group B> 6.7767.18 Pocahontas and New River, smokeless • . 7 3068.32 Coke egg and nut ... 890 Pea Coke 7.40

Abreast of The Times on Finance

s °i I I I I |" 1 1 11111 jvr 85 50 mooov’s daily Ay w l> yjr g 0 T |4O £75 r—H 1 ? f 130 g s / T* r*/ I •! **’ i => /moody’s weekly - / 1 V.*\ .‘BUSINESS TREND • / <-> 70 py^-v —y -~r p— —: —i 120 • J i* *• * • •• * * • •* • • 6. . A 1 • , f 1 65 - HO V MOOOV’S INVESTORS SCRVICC | ° ~oFc7 JAN. >£6. MAR. APR. MAy JUN. JUL. AUG. S£fl OCT. Ho 7. OEC. JAN. 1933 4 i934 1935

New York Stocks

(By Thomson & McKinnon I 11:00 A. M. Prev. Oils— High. Low. N. Y. close. Amerada 55 3 a 55% 55% 56’, At! Rfg 24% 24% 24% 24% Barnsdall 6% 6V* 6*g 6*4 Consol Oil 7% "‘a 7 s * 7 5 Cont of Del 17V. 17% 17% 17% Mid Cont Pet .. 11% 11% 11V, 11% Ohio Oil 9% 9% 9% 9% Phillips Pet 15% 15% 15% 15% Plymouth Oil ... 7% 7% 7% 7% Pure Oil 6% 6% 6% 6% Royal Dutch ... 32 31% 31% 32 Seaboard Oil ... 23 23 23 23 Shell Un 7 7 7 7 Soc Vac 14 14 14 14% : S O of Ind 24% 24 24 24% SOof N J 40% 40% 40% 40% Texas Corp ... 19% 19% 19% 19% Tidewater Assn. 8% 8% 8% 8% Steels— Am Roll Mills... 20% 20% 20% 21% Beth Steel 30% 29% 30% 29% Bvers A M 16% 16V* 16% 16% Cruc Steel 22 22 22 21% Inland Steel ... 53% 53% 53% 53% Mid Steel 11% 11% 11% 12% Otis Steel 6% 6% 6% 6% Rep lion & Steel 13% 13% 13% 14 Rep Ir <fc St pfd 46% 46% 46% 46% U S Pipe & Fdy. 18% 18% 18% 18% U S Steel 36% 86>/a 36% 37 U S Steel pfd.... 88 88 88 87% Warren Bros .. 4% 4% 4% 4% Motors— Chrysler 37% 37 37% 37% Gen Motors 31% 31 31% 31% Graham Mot 2% 2% 2% 2% Hudson 8% 9% 9% 10 Hupp 2% 2% 2% 2% Mack Truck .... 26% 26% 26% 26% Nash 15% 15% 15% 16 Packard 4% 4% 4Vi 4% Reo 2% 2% 2% 2% Studebaker .... 1% 1% 1% 1% Victor Access— Borg W’arner ... 29% 29% 29% 29% Briggs 26% 26% 26% 26% Budd Mfg 4% 4% 4% 4% Budd Wheel .... 3% 3% 3% 3% Elec Auto Lite . 24% 24% 24% 25% Elec G or Bat 46 46 46 45% Houdaille (A).. 8 8 8 8 Stew Warner ... 7% 7% 7% 7% Mining— Alaska Jun 17% 17% 17% 17% Amer Smelt .... 35 34% 35 35 Anaconda 10% 10% 10% 10% Cerro de Pasco.. 41% 41% 41% 41% Dome Mines .... 36% 36% 36% 36% Granbv 6% 6% 6% 6% Gt Nor Ore 10% 10% 10% 11 Hoinestake Min. . 345 345 345 347 Howe Sound .... 45 45 45 45 Int Nickel 23 22% 22% 23 Kennecott Coo . 16% 16% 16% 17 Mclntvre M 39 38% 39 39% Phelps D 14% 14% 14% 14% U S Smelt 110% 110% 110% 111 Vanadium 18% 18% 18% j. 7% Amusements— Loews Inc 32% 32% 32% 32% Radio Corp 5% 5% 5% 5% Paramount 3% 3% 3% 3% Warner Bros ... 3% 3% 3% 3% Tobaccos— Am Tob B 82% 82 82% 82% Lorillard 19% 19% 19% 19% Ph Morris ... 41% 41% 41% 42 Reynolds T B .. 47% 47% 47% 47% Rails— Atchison 44% 44% 44Vi 45 B& O ll 3 s 11 % 11% 11% Can Pac 13% 12% 12% 12% Ch & Ohio 42 41% 42 42 % Del L & W ... 15% 15% 15% 15% Grt Northern pf 13% 13% 13% 13% 111 Central 13% 13*% 13% 13% Lehigh Valley .. BVs 8% BVi BVi MK&T 5 5 5 5 MK & T pfd... 10% 10% 10% 10% N Y Cent 17% 17% 17% 17% N Y New Haven. 6% 6% 6% 6% Norfolk A- West. 173 173 173 174 Nor Pacific 17% 17% 17% 17% Penn R R 21% 21 21% 21% Reading 36 36 36 35 Sou Pac 15% 15% 15% 15% Sou R R 12% 12% 12% 12% Equipments— Am Brake Shoe. 26% 26% 26% 27 Am Car & Fdy. 17% 17% 17%. 17% Am Loco o 17% 17% 17 Vi 17% Am Steel Fdy... 17 17 , 17 16% Bald Loco 5% 5Vi 5% s’g Gen Am Tk Car 36% 36% 36% 36% Gen Elec 23% 23% 23%X23% Gen R R Sig 26% 26% 26% 25 Pullman Inc ... 47% 47% 47% 48% West Air B 25 25 25 24% Westingh Elec.. 37% 37% 37% 37% Utilities— Am & For Pwr 4% 4% 4% 4% Am Power & Lit 33 33% AT&T . . - -104% 104% 104% 105 Col Gas & Elec. 6% 6% 6% ... Com & Sou 1% 1% 1% 1% Consol Gas 19% 19% 19% 19% Elec Pwr & Lit. 2% 2% 2% 2% Int Hvdro Elec ... 2 2% 2% 2% Int T & T ... 9 9 9 9 Nat Pwr & Lit.. 6% 6% 6% 6% North Amer .... 12% 12% 12% 12% Fac G & E ... 14 14 14 14 Pub Serv N J 25% 25% 25% 25% Std Gas S% 3% 3% 3% Stone & Webster •% 4% 4% 4% United Corp ... 2% 2% 2% 2% Un Gas Imp ... 11% 11% 11% 11% Ut Pwr & Lt A 1% 1% 1% 1 % Western Union . 29 28% 29 28% Rubbers— Goodyear 22% 22% 22% 22% Miscellaneous— Allis Chalmers . 16% 16% 16% 16% Brklyn Man Tr.. 42% 42% 42% 42% Burroughs Add.. 14% 14% 14% 14% J I Case 55% 54% 54% 55% Caterpilar Tract 39% 39 39 38% Crown Cork 24 24 24 21% Deere & Cos 28% 28 28% 28% Gillette 13% 13% 13% 13% Gliriden ... 24% 24% 24% 24*4 Ingersoll Rand . 67% 66% 67% 66% Inter Harv ■. 41 40% 41 41% Natl Cash Reg.. 16% 16% 16% 16% Rem Rand 9 9 9 9% Foods — Am Sugar 60% 60% 60% 60% Armour 5% 5% 5% 5% Beatrice Creamy 16% 16% - 16% 16% Borden Prod .. 24% 24% 24% 24% Can Drv G Ale. 13% 13% 13% 13% Corn Prod 63 63 63 62 3 4 Crm of Wheat.. 36% 36% 36% 36% Gen Baking ... 8V 8% 8% 8 Gold Dust 16 16 16 16% Loose Wiles ... 34% 24% 34% 35% Natl Biscuit ... 28% 28% 28% 28% Natl D Prod ... 16 15% 16 15% Purity Bak ... 9 9 9 • 8% S Porto F.too Sug 20% 20% 20% 20% Std Brands .... 17% 17% 17% 17% United Fruit ... 72% 72% 72% 72% First Natl Stores 49% 49 49 48% Hahn Dept Sts . 5 5 5 5% Kresge S S 20% 20% 20% 2C% Kroger Groc ... 25% 25% 25% 25% Macv R H 39% 39% 39% 39% Marshall Field ..9 9 9 9 Mont Ward 25% 25% 25% 25% Penney J C ... 67% 66% 66% 67% Sears Roebuck . 34% 34 34% 34 Woolworth 54% 54% 54% 54% Aviation— Curtiss Wright.. 2% 2% 2% 2% •Douglas Ail 23 22 3 4 22 3 4 23 Nor Am Av .... 3% 3% 3% 3% Sperrv Corp 8% 8% 8% 8% Uni Aircft New 13% 13% 13% 13% Chemicals— Air Reduction ..111% 110% 111% 112 Allied Chem 135% 135% 135% 136 Am Com Alcohol 28 28 28 28 Col Carbon 70% 70% 70% 70% Com Solvents .. 21% 20% 20% 21 Dupont 95% 94% 95% 95 Freeport Tex ... 21% 21% 21% 21% Liquid Carb .... 27% 27% 27% 27% Math Alkali .... 28 28 28 28% Natl Dis 1 newt.. 27% 26% 26% 27 Schenley Dist .. 25% 25 25 25% Tex Gulf Sulph . 34% 34% 34% 35% Union Carbide .. 46% 46% 46% 46% Drugs— Lehn & Fhnk .. 16% 16% 16% 16% Sterling Prod 60% 60% 60% 60% Zonite Prod 4 4 4 4% Financial — Allegheny Corp . 1% 1% 1% 1% Transamerica 5% 5% 5% 5% Tr Conti Corp.. 3% 3% 3% 3% Building— Am Radiator ... 14 13 7 i 14 14% Int Cement .... 27 27 27 27% Johns Manville 51% 51 51% 51% Libby Owens Gls 29 29 29 29% Household— Congoleum 32% 32% 32% 32% Kelvinator .....

INDIANAPOLIS, MONDAY, FEBRUARY 4, 1935

TREND OF COMMODITY PRICES AND TRADE CHARTED

Mohawk Carpet. 15 15 15 15% Proc & Gamble. 45% 45% 45% 45% Servel Inc BV4 8% B*/ 8% Textiles— Belding Hem ... 12% 12% 12% 12% Celanese Corp .. 30% 30% 30% 31% Indus Rayon ... 31% 31% 31% 31%

IBy Abbott, Proctor & Paine) 11 Prev. A. M. close. Bendix 15% 15% Borg Warner 29% 29% Butler Bros 6% 6% Chicago Corp 2Vs 2 1 a Crane Cos 9 9‘A Gen House 6 6 Iron Fireman 14 13’/2 Libby 7’A 7>A Noblitt Sparks 14% 14% Prima 3% 3% Swift 18 18% Swift Int 33% 34% Walgreen 29% 29%

(Bv Abbott. Proctor & Paine) 12 Prev. Noon. Close. Am Superpower l’/a 1% Atlas Corp 8% 8% Can Marc 1% 2 1 /a Distillers Corp 16% 16<2 El Bond & Share 6'/ 4 6% Ford of Europe 8 7 7 e Humble Oil 45 % 45% Natl Bellas Hess 1% 2% Nia Hud Pwr 3V* 3% Pan Am Airways 43 43% Penn Road 1% 1% Std of Kv . 20 19% Teck Hughes Gold 3% 3%

(By United Press) CHICAGO.' Feb. 4—Hogs—Receipts. 22.000. including 11.000 directs; active. 15 @2sc higher than Friday; weights above 200 lbs., sB®B 10: top, $8 15; 160-200 lbs.. $7.50®8.05; 140-160 lbs.. [email protected]; 100-140 lbs., $5®7.15: packing sows, $7.40®7.60; light lights, 140-160 lbs., good and choice $7®7.60; lightweights. 160-200 lbs., good and choice. $7.35®8.05: medium weights, 200-250 lbs., good and choice, [email protected]; heavyweights, 250-350 lbs., good and choice. 58.05®8.15: packing sows, 275-550 lbs., medium and choice. $6.50®7.65: slaughter pigs. 100-140 lbs., good and choice. ss® 7.25. Sheep—Receipts, 14.000 commercial. 1500 government: calves 3000 commercial. 500 government; most classes slow; sellers resisting unevenly lower b’ds; few choice steers and yearlings steady others and most she-stock weak to 2oc lower; bulls strong: vealers steady: quality rather plain; holding best fed steers above $13.65: early bop $13.50: weighty sausage bulls, $4.75; choice vealers, $8.50; few, $9; slaughter cattle and vealers: Steers. 550900 lbs., good and choice, $9 25®12.75; 9001100 lbs., good and choice, $9.50®13.50; 1100-1300 lbs., good and choice. [email protected]; 1300-1500 lbs., good and choice. $10.50® 13.65: 550-1300 lbs., common and medium. ss® 10.50; heifers. 550-750 lbs., good and choice, $8.50@11; common and medium, $4.25® 8.75: cows. good. [email protected]; common and medium, $3.50®5.50; low cutter and cutter cows. [email protected]; bulls, yearlings excluded, good beef. $4.50®5.75; cutter. common and medium. $4®j4.75; vealers, good and choice, s7®9; medium. s6® 7; cull and common, s4®6; stocker and feeder cattle: Steers. 550-1050 lbs., good and choice. $6®8.25; common and medium, $4.75® 6. Sheep—Receipts, 15.000: slaughter lambs opening fairly active: bids and sales fully steady: asking higher: most early bids, $8.75 downward; medium to good loads around $8®8.50: few choice lambs sold $9; best held $9.10 upward; sheep steady: indications firm on feeding lambs: slaughter sheep and lambs: Lambs, 90 lbs. down, good and choice. $8®9.10; common and medium, $6.75®8.15: ewes, 90-150 lbs., good and choice. $3.65®5; all weights, common and medium, s3® 4.15; feeding labs. 50-75 lbs., good and choice, [email protected]. LAFAYETTE. Feb. 4.—Hogs—Market 15 ®2oc higher, pigs steadv; 200-250 lbs.. $8.10®8.15; 250-300 lbs., $8®8.05; 300-325 lbs.. $7.85: 160-200 lbs., $8®8.10: 150-160 lbs.. $7.25®7.50: 130-150 lbs.. $6.50®7; US--130 lbs.. $5.75®6.25; 100-115 lbs.. 55.25® 5.50. Calves—Steadv. $8.50 down. Western lambs—sß.7s down: native lambs. $8.50 down: roughs. $7.25 down. FT. WAYNE. Feb 4.—Hoes—lsc higher: 200-225 lbs.. 58.15: 225-250 lbs.. $8.05: 250300 lbs.. $7.95: 300-350 lbs.. $7 65; 180-200 lbs.. $8; 160-180 lbs.. $7.90; 150-160 lbs.. $7.50: 140-150 lbs.. $7: 130-140 lbs.. $6 50: 120-130 lbs.. $6.25; 100-120 lbs., $5.75; roughs. $6.75: stags. $4.75. Calves—s9.7s. Lambs—sß.so. (By Times Special) LOUISVILLE. Feb. 4.—Cattle—Receipts. 1400; supply slaughter cattle moderate: part of run stockers and feeders: demand fairly broad for better steers and heifers: plainer grades slow, fully steadv with last week's close: bulk common to medium steers and heifers. ss® 7; most better finished kinds, $7.50®8.50; bulk cows. s4®s: good kinds to $5.25 and above: low cutters and cutters mostly $1.75®3.25: most early sales sausage bulls. $4.50 down, some held higher: bulk Hereford stock calves. s6® 6.50; good to $7 or better. Calves —Receipts. 600. including about 275 stock calves; market steadv with Saturday or mostly 50c lower than last Friday; bulk good to choice vealers. $7.50®8.50: medium grades. $5.50®7: plainer sorts. $5 down. Hogs—Receipts. 1300: market 15c higher than Saturday or 25c above last Friday; ton and bulk better 180-250 lbs . $8 15: 255 lbs. up. $7 70: 160-175 lbs . $7.50: 140155 lbs.. $7: 120-135 lbs . $6.05: sows. $6.40. Sheep Receipts. 150; market generally steadv: bulk medium to good lambs. $7.50 ®8.50: choice quotable $9 or better: common throwouts. $6. and fat ewes. $3.50 down.

Chicago Stocks

New York Curb

Other Livestock

NEW BUSINESS BOOKS AVAILABLE AT LIBRARY The following new books are now available at the business branch of the Indianapolis Public Library: STUDIES IN WORLD ECONOMICS (by G. D. H. Cole)—Economic conceptions and the theories built upon them, lt is held, need far-reaching revision in the light of the developing forces in the world of today. OUR NEW FEDERAL TAXES (bv John G. Herndon Jr.)—The present Federal tax law on incomes, gifts, estates, capital stock values, and excess profits. Illustrated and explained. AMERICA FIGHTS THE DEPRESSION 1 Ed. by Henry G. Alsberg)—A photographic record of the work of the Civil W’orks Administration. INTERNATIONAL COMBINES IN MODERN INDUSTRY (bv Ralph Plummer)—ln the last few years, it is pointed out, great industrial, commercial. and financial organizations have begun to operate on an unprecedently colossal scale. UNIFORM SYSTEM OF ACCOUNTS FOR HOTELS (A compendium l>y Hotel Association of New York City)—A manual adapted to all hotels, large and small. Including European plan. American plan, apartment and resort types.

SWINE MARKET RESUMES RISE Prices Generally 15 Cents Higher; Receipts Are Scarce. With an extremely light' run of supplies on hand during early trading at the Indianapolis Union Stockyards today, porker prices were generally 15 cents higher than Saturday’s best average. Initial trading continued at an active pace. Following today’s moderate increase prices for good and choice hogs were reported at $8.30, the highest for the month. Receipts were estimated at only 4000, while 2000 were reported on hand Saturday. This was believed mostly responsible for the upward movement in prices. The bulk, 160 to 275 pounds, W’as selling from $8 to $8.25, while heavier kinds ranging from 275 pounds up brought $7.90 to SB.IO. Lighter classes, scaling 130 to 160 pounds, sold at $6.75 to $7.75. Others from 100 to 130 pounds, cashed in at $5.50 to $6.50. Good packing sows held at $6.75 to $7.50. Holdovers numbered 106. With early supplies! consisting mostly of common and medium grades, slaughter steers were active and steady to strong in the cattle market. Bulk of steers ranged mostly from $9 down. Receipts were 800. Vealers showed slight strength, with the majority selling at $9.50 dowm. Closing top held at $lO. Receipts totaled 400. * Lamb values remained fully stationary at Saturday’s best prices. Few native grades sold at $8.25 to $9. Western lambs were inactive, while bidding was slightly lower on fat ewes. Receipts were 200. HOGS Bulk. Tor Rccpints 29. S7.6O<S) 7.90 $7.90 5000 30. 7.70® 7.90 7.90 4000 31. 7.80® 8.00 8.05 5000 reo. 1. 7.90® 8.10 8.15 6000 2. B,oo® 8.10 8.15 2000 4. B.oo@ 8.25 8.36 4000 Ligh* light: f ~<l6O-180) Good and choice 5.57.25® 8.00 Medium .• % 6.75® 7.60 Light weight: (160-180) Good and choice .. 8.15® 8 20 Medium 7.65® 8 00 ~(180-200) Good and choice .. 8 10® 8 25 Medium r 75® o on Medium weight: m (200-220) Good and choice .. 8.20® 8.30 (220-250) Good and choice .. 8 15® 8 30 Heavyw'eight: <250-290) Good and choice .. 8.05® 8.20 (290-3o0) Good and choice .. 7.95® 8.10 Packing sows: <275-350) Medium 7.25® 7.50 <350-425) Good 7.10® 7.35 (425-550) Good 7.00® 7.25 (275-3oo> Medium 6.75® 7 15 Slaughter pigs: (100-140) Good and choice .. 5.50® 7.00 Medium 4.50® 6.65 CATTLE —Receipts. 800— ... _ —Steers— (550-900) Choice slo.oo® 12 00 Good 9.00® 11.25 . Medium 6.75® 9.25 Common 4 75*75 75 (900-1100) Choice 11.00® 13.00 Good 9.25®12.00 Medium 7.00® 9.50 Common 5.00® 7 25 <! 100-1300) Choice 12.00® 13.25 Good 9 50® 12.25 Medium 7.25® 9 75 (1300-1500) Choice 12.00® 13.25 —Heifers— Good 9 75® 12 25 (500-750) Choice 8 75® 9.50 Good 7.75® 8.75 Common and medium 4.00® 7 75 (750-900) Good and choice B.oo® 10.00 Common and medium 4.25® 8.00 —Cows— Good 5.50® 7.25 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. 400— Good and choice $9 00® 10.00 Medium 6.50® 9.00 Cull and common 3.00® 6.50 —Calves—-(2so-500) Good and choice .... 6 25® 9.00 Common and medium 3.50® 6.25 —Feeder and Stocker Cattle——Steers— (soo-900) Good and choice .... 5 25® 6.75 Common and medium 4.00® 5.25 (900-10501 Good and choice ... 5.50® 7.00 Common and medium 4.50® 5.50 —Cows— Good 3.50® 4.25 Common and medium 2.75® 3.50 SHEEP AND LAMBS —Receipts. 2000 — Lambs. 90 to 120 lbs., good and choice $8.50® 9.00 Common and medium 6.00® 8.50 90-120 lbs., good and choice .. 4.00® 5.00 Sheep: (120-150) Good and choice .. 3.50® 4.50 All weights, common and medium 2.50® 4.00 COMMODITY PRICES UP Wholesale Values Show Increase of 2.13 Per Cent in Month. By Times Special NEW YORK, Feb. 4.—Registering the sharpest increase since September, 1933, wholesale commodity prices from Jan. 1 to Feb. 1 advanced to $176,770, an increase of 2.13 per cent, according to Dun & Bradstreet’s index number. This was the twenty-second consecutive month that the index has maintained at a level above a year ago, marking the highest point touched since May 1, 1930, when it stood at $177,736. U. S. RUBBER EXPORTS RISE By Times Special WASHINGTON, Feb. 4—United States rubber exports in 1934 valued at $21,761,806, an increase of 22 per cent over 1933, Commerce Departments statistics showed today.

BUSINESS RATE UP FULL POINT IN LAST WEEK Index Rises From 64 to 65.1 With Auto Industry Leading Spurt. By Times Special NEW YORK, Feb. 4.—The weekly index of business activity climbed from 64 to 65.1 last week, the Business Week declared today. In the corresponding period last year the figure was at 65.7. What the construction industry did to break the jam of the 1921 depression, the motor industry seems destined to accomplish for the current business deadlock, the magazine pointed out and added that their zeal in getting started at the earliest moment on their program to sell more than 3.000.000 cars in 1935 has surprised the closest market observers. “No one expected,” the review continued, “that more than 125.000 cars would come off the line in December; some thought that 100.000 might not be reached. But the records now available indicate that almost twice that many were produced—lßs,9l9 to be exact, more than a 100 per cent gain over both November, 1934, and December, 1933. Lifts Output Index “Such an unseasonal rise in motor production which stimulated an unseasonal expansion in steel production accounts for the extraordinary 11-point bulge in the adjusted production index of the Federal Reserve Board, from 74 pet cent in November to 85 per cent of the 19231925 base period in December. It now appears that the first quarter of 1935 will have no difficulty in surpassing the average level of a year ago, a thing that seemed extremely dubious in the last half of 1934. “The unprecedented expansion of manufacturing production in December in motors and steel was reinforced by similar unseasonal increases in the tire, tobacco and textile industries. Consequently it comes as no surprise that employment in the nation’s factories gained nearly 2 per cent, pay rolls 6 per cent, and the number of unemployed in manufacturing dropped over 200,000 from the month previous. “What should be emphasized is that the largest gains in recent months have been in the durable goods groups rather than in the nondurable. Foundries and machine shops, mi-chine tool makers, hardware manufacturers, plumbers’ supply fabricators, agricultural implement makers, in addition to steel and motor plants, added to their forces in December, and are continuing in January. Resident Building Up “January residential construction is already above the entire month of December and a year ago, though eight days’ contracts must still be added to the record. The 60 per cent gain in daily average over the preceding month and over a year ago exaggerates the gain because the volume is still small, but the trend is one to be watched by lumber, hardware, plumbing and housefurnishing manufacturers. “Probably cold weather and snow discouraged public works projects which trail 6 per cent behind December and 57 per cent behind a year ago. Cement manufacturers are not discouraged by the poor start, but expect to see a 20 per cent increase in their 1935 output. Manufacturers who account for 85 per cent of the industry claim they did $74,000,000 of business in 1934, $64,000,000 in 1935.”

CUSTOMS COLLECTIONS IN STATE INCREASE Duty on Foreign Merchandise in Month Totals $327,757. United States customs collections on foreign merchandise distributed in Indiana in January were approximately 60 times more than for the corresponding month in 1934, it was learned today. A total of $327,757 was collected in duty last month as compared to $6132 for January, 1934. Duty on general merchandise, excluding importer liquors, totaled $15,842 last month, compared with $4940 a year ago. FRUIT QUOTA INCREASED Paris Government Raises American Imports to 82,000 Quintals. By United Press PARIS, Feb. 4.—The government today increased the American fruit quota for the first three months of 1935 from 61,000 quintals to 82.000 quintals. Importers are demanding a further quota of 84,000 quintals.

Produce Markets

Delivered In Indianapolis prices: Heavy breed hens. 14c: Leghorn hens. 7c; colored springers. 13c; heavy stags. 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 country run eggs, loss off. 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 —No. 1, 40® 41c: butterfat, 35c. Quoted by the Wadley Cos. By United Press) CHICAGO, Feb. 4—Eggs—Market, firm; receipts. 2741 cases: extra firsts. 29%c----fresh graded firsts. 29%c: current receipts 27%c: dirties. 25%c; checks. 24%c. Butter —Market, firm; receipts. 6088 tubs; extra firsts 190-91% score). 35%®35%c: extras •92 scorei. 36c: firsts ‘BB-89% score/ 34% ®34%c: seconds >B6-87% score l . 33®33%c: specials, 36%®37c. standards. 36%c. Poultry—Marker stesdv: receipts. 25 trucks: sprnigers. 20c: ducgks 18'521c: turkeys. 18 ®2oc: geese. 18c: capons. 6 to 7 lbs. 15c: Leghorn hens, 14%c: hens 17%®18c: roosters. 14c; oroiiers. 22®23%c: stags 17c. Cheese—Twins 17®17%e: Daisies. 17%®18c Longhorns. 17%®18c Potatoes —Supply heavy; demand and trading moderate: market steady: Wisconsin round whites. 75®EOc: Idaho russets. *l.4d® 1 47%: four cars fine quality. *1 50: commercial grade $1 2531 30: U. S No 2 $1 05® 1.10. Arrivals 249. on track 45n shipments. Saturday 1079. Sunday 130 CLEVELAND Feb. 4—Butter—Market, firm: extras. 40c: standards. 40c. Eggs— Market, firm: ex’ra whites. 30c; current receipts. 28%c. Poultry—Market, steady fowls, colored 4% lbs and up 19®20c: ducks light. ’sc ducks. 5 lbs and up. 20c; geese 14® 15c: turkeys, young. 20c Potatoes—Maine. $1.14® 125 a 100-lb. bag Ohio best, mostly 75®80c a 100-lb. bag; Michigan. 803 85c a 100-ft. bag.

W hat Does It Mean? Sell at the market—When an order is given to sell stock at the market it means that the broker will get rid of the shares at any price. Other selling orders are set ‘or a definite price.

FIRM SHOWS PROFIT

B . .-.A

Eugene G. Grace

The Bethlehem Steel Corp has a net income of $550,571 in 1934, compared with a net loss of $8,735,723 in 1933, the corporation’s preliminary report showed today. Eugene G. Grace, above, is president of Bethlehem.

CASH BACKLOG AWAITS RULING Further Rise in Junior Bonds Held Dependent on Gold Decision. By Times Sprctal NEW YORK, Feb. 4.—So vuluminous are becoming the excess reserves of the Federal Reserve banks, which now are at their peak level of approximately $2,200,000,000, that the ease they are contributing to the money market is expected to be translated into still higher prices for bonds. Price betterment for fixed income securities, however, it is conceded in all quarters, is dependent upon a Supreme Court decision upholding the constitutionality of the controversial statute abrogating the gold clause in contracts. In the event of the removal of uncertainties restricting price ments, investment and speculative demand, it is believed, will be centered in the lower-priced intermediary bonds and in selected secondary obligations. Prompting this opinion, it was pointed out, is the fact that highgrade corporate liens are selling above their call prices in many instances, with yields currently at their lowest levels, averaging close to 3 % per cent. Contributing to the expansion of the banks’ excess reserves, indicating the plethora of idle funds seeking an investment outlet, are the heavy governmental expenditures and large inflow of gold from abroad during recent weeks. Bullion imports, incidentally, have pushed deposits of the 19 New York Clearing House banks to within $8,000,000 of the record reached on Nov. 9, 1929, when there were 24 banks in the association.

Stock Studies

CHESAPEAKE & OHIO RY. * common stock P£R ■ ,l- PRICE share EARNIKGS PRICE RANCE scale tiP”* a. J 0 ° 130 31 32 33 34130 31 32 33 34( WINCHESTER INSTITUTE OF FINANCE

The Chesapeake & Ohio Railway Cos. is one of the oldest railroads in the country, having been in operation for nearly a century. Since 1890 the road has built up a continuous system through the acquisition of other roads from tide-water at Hampton Roads, Virginia to the Ohio Valley, Chicago and the Great Lakes. Chesapeake & Ohio is now one of the key roads in the Van Sweringen system. About 48 per cent of the road’s comomn stock is owned by the Chesapeake Corp. As the road passes through some of our largest soft coal fields coal freight tonnage accounts for over 84 per cent of its revenue. CAPITAL STRUCTURE Common stock ($25 par) 7.653.395 shares Funded debt • $244,978,000 Surpluses 191.330.219 CURRENT POSITION As of Nov. 30. 1934 Cash ... *11.379.775 Current assets 33 099,690 Current liabilities 16.109.130 Net working capital 16.990.560 Chesapeake & Ohio was incorporated in 1878 in Virginia. The common stock is listed on the New York Stock Exchange. At a current price of around 43 x k it sells to yield nearly 6\k per cent, and for 12 times earnings. (All rights reserved. Winchester Institute of Finance. Winchester. Mass.) FRIGIDAIRE RETOOLS PLANT By Times Special CHICAGO, Feb. 4.—ln preparation for greatly increased business during 1935 the Frigidaire Corp., a subsidiary of General Motors, has spent $1,600,000 in retooling the Dayton <o.> plant, L. F. Skutt, Chicago regional manage-, has announced.

Government Bonds Home Owners’ Loan Corpnratior and Municipal Bonds The Union Trust Cos. of Indianapolis BOND DEPARTMENT 120 E. Market RI ley 5341

PAPER DEMAND HELD KEYED TO GENERALTRADE Satisfactory Prices Seen Maintained for Most Products. By Times Special NEW YORK, Feb. 4.—Demand for paper and paper products will remain commensurate with general business activity, the Standard Statistics Cos.. Inc., declared today 4 n the first of the month outlook for various important divisions of industry. While there has been some reduction in prices in a few paper lines, the review continued, the general level has remained quite stable, and satisfactory prices probably will be maintained for a majority of products. Although newsprint prices have dropped back to the S4O level, advances are probable before the’year is out. Prospects for other lines of business follow: Agricultural Machinery—Continuing the sharp uptrend experienced in 1934. agricultural machinery sales, aided by increased farm income, may be expected to show additional impressive gains during the early spring months. Automobiles—Virtually all leading car producers have materially increased assemblies of 1935 offerings in the recent past. January output is estimated to have gained upward of 100,000 over the 164,000 cars and trucks built a year ago. while schedules thus far announced indicate that February, besides recording additional expansion over the previous month, should exceed February, 1934, by fully one-third. Possible labor tieups, however, tend to obscure the outlook. Building Construction activity will show little improvement in the immediate future, but a spring upturn of at least sesonal proportions is expected. New home building under the housing program and public works awards financed by the new Federal appropriation are likely to hold contract totals at favorable levels during the summer. Coal—Cold weather continues to stimulate demand for both bituminous and anthracite. The former has also been aided by increased industrial activity, and shipments in the early future should make favorable comparison with those of a year ago. Food Products —The strong statistical position of most food products foreshadows price maintenance or further advances in coming months. As sales of leading manufacturers are expected to show modest additional gains, profits should expand moderately. Retail Trade—Only modest gains in retail dollar sales are indicated during the next several months. Retail organizations derixing all or a large share of revenues from eastern territories may record small declines from a year earlier. Textiles—ln view of the substtntial backlog of unfilled orders, textile mill activity should record year-to-year gains of from 10 per cent to 15 per cent during the next few months.

MARKET VALUE OF 100 COMMON STOCKS DIPS Decrease of 5.2 Per Cent Shown in January. By Times Special NEW YORK, Feb. 4.—The market value of 100 representative common stocks listed on the New York Stock Exchange declined $673,979,000, or 5.2 per cent, in January, according to a study by Frazier Jelke & Cos., Stock Exchange members. The value of the list at the end of the month amounted to $12,541,205,000, compared with $13,235,184,000 on Dec. 31, 1934. The decline contrasted w r ith an advance of 11 per cent in the same mor.tn of the previous year. Twelve of the 13 divisions showed declines during the month, with only electrical equipments being higher than at the end of the year. This group increased 3.5 per cent. Motor shares showed the largest percentage drop. TAXES ON CARDS RISE Collections in 1934 Increase to $4,535,331, Report Shows. By United Press WASHINGTON, Feb. 4.—lnternal Revenue Bureau figures indicated today America may be transferring their gambling activities from securities to cards. Tax collections on stock transfers decreased from $40,248,972 in 1933 to $20,768,427 in 1934, while taxes on playing cards increased from $4,072,270 in 1933 to $4,535,331 in 1934. Taxes on security, commodity and bond dealings likewise decreased.

J. EDWARD JONES ROYALTY TRUST “Series I” The January Disbursement against each SI,OOO Invested amounted to $20.50. This investment accommodates the investor with a Monthly Check. Full Particulars on Request Chapin Seward & Shiel, Inc. Fletcher Trust Bldg. LI-1466