Indianapolis Times, Volume 46, Number 235, Indianapolis, Marion County, 9 February 1935 — Page 11

Trends Highlights of News During Last Week. BY FREDERICK G. MATSON Tim Financial Editor TALK of strike* in thro major Industrie* — automobile, textile nd t#***l jeopardized President Rooaevelt’s industrial truce. Automobile workers are reported to have sought American Federation of Labor sanction for a strike about March 1 in reprisal against the renewed automobile code. Indications point to a repetition of the bloody textile stnke of 1934. The steel industry is tom by dispute among W'orkers. . . The Indianapolis Power and Light Cos. still keeps the •'average householder’ paying light bills greater than those in other cities of comparable size, despite last year's reductions, according to a Federal Power Commission survey. . . . Nine cities will be included in an investigation by the Governor's Commission on Unemployment to determine the status of housing conditions in the state. The cities are Terre Haute. Evansville. Anderson. Elkhart. Lafayette. Marion. Michigan City. New Albany and Richmond . . Meanwhile, a bill to aid savings banks to make easier loans under the Federal Housing Act was introduced in the 6tate House of Representatives. . . . Business failures in the United States in January dropped to the lowest total for that month since 1920. according to a Dun ft Bradstreet report. Total failures were 1184. far below the 1364 recorded in tije first month of 1934. . . . The state NRA bill was passed by ihe House Thursday. It does not retain its controversial j clause giving to Gov. Paul V. Me- j Nutt power to stop price wars by | setting arbitrarily a price on the disputed commodity, but does prohibit the selling of "lass leaders” and destructive price cutting.... m m m 'T'RADERS had a bad week on the New York Stock Exchange. The list took the industrial average into new low ground for the year; the railroad average to anew low since 1933. and the utility average I to anew iow since 1932. Rails appeared to be the first group to recover at the week’s close. . . . The first issue of the new government "bobv bonds” will be offered to the public about March 1 at a price between $75 and S7B for each SIOO bond. Thomas Jefferson Coolidge, Under-Secretary of the Treasury, announced. .. Eleven Indiana companies and individuals received tax refunds totaling more than SSOOO from the Bureau of Internal Revenue at Washington. . . . The American Railroad Association reported that revenue freight carloading for the week ended Feb. 2 totaled 598.164 cars, an increase of 42 396 above the preceding week and 32.763 above the corresoonding week last year. .. . Rumors in Washington indicate that legislation for continuation of ; NRA for two years will veer sharply toward industry's plan for self- i government. . . . The state legisla- ! tive committee investigating the gas situation in Indiana continues its sessions. House Judiciary Committee A report-'d unanimously in favor of a resolution, passed by the Senate, memorializing the United States Senate to investigate the entire gas industry. m • • 'T'HE du Ponts again received a verbal drubbing from Senator | Gerald P. Nye when he spoke at 1 Cadle Tabernacle Wednesday night. J "National defense has come to be nothing more or less than a disguise for the most damnable racket ever devised,” the senator said. . . . Indianapolis Textile Union officials announced they had been notified j by the National Textile Labor Rola- j tions Board that an agreement with ! the Indianapolis Bleaching Cos. had been declared null. The long standing dispute will be aired in a hearing to be held here, probably next week. . . . Chester C. Davis. Administrator for the Agricultural Adjustment Administration, began his "purge” of the organization by demanding the resignations of six socalled "left-wingers.’ men he regards as "ballyhoo artists.” . . . Hog prices soared to the highest level in more than three years at the Chicago stockyaids. Heavyweights sold at a top of $8 30 a hundredweight, the highest paid since July 31. 1931. ... A bill providing that a license fee of SIOOO be imposed in every chain store in excess of 20 operated by one firm in the state was introduced in the House by John Napier L/er iD. Vincennes*. . . . Dr. F. E. Townsend, author of the famed old-age pension plan bearing his name, admitted to the House Ways and Means Committee that John D. Rockefeller or Henry Ford could qualify for the S2OO a month dole. OPERATING INCOME OF CLASS 1 ROADS DOWN Carriers Report Earnings for 1934 at $463,698,447. Bp Times Special WASHINGTON. Feb. 9—Class 1 railroads in the United States during 1934 reported a net operating income of $163 698.447. which was a return of 1.77 per cent on their property investment, according to yearly reports filed by carriers with the Bureau of Railway Economics of the Association of American Railroads. The net railway operating income during 1933 amounted to $474,212.304. or 1 80 per cent on their prop- • erty investment. This compilation as to earnings In 1934 is based on reports from 147 Class 1 roads representing a total mileage of 239.052 miles Freight revenues during the year amounted to $2,633,386,912 compared with $2,492.893 539 in 1933, an increase of 56 per cent. Passenger revenues during the same period amounted to $346,220,277. an increase of s i per cent compared with 1933. the report showed. LOADINGS RISE SHARPLY IncrraM of 42.396 Cars Is Shown Over Previous Week. Bv Press WASHINGTON. Feb 9 —The Association of , American Railroads announced today that carloadings of revenue freight for the week ended Feb. 3 totaled 598.164 cars, increase of 42 396 above the preceding week and 32.763 abov* the corresponding week in 1934.

BANKERS SEEK MORE FREEDOM TO UNDERWRITE Wall Street Hoping That Laws Will Be Made s Liberal. BV RANDOLPH PHILLIPS limn Sprrlil Writer NEW YORK. Feb. 9.—The deprivation of normal earnings whicn commercial banks are today experiencing has lent momentum to a movement toward liberalization of the banking act of 1933. This liberalization, Wall Street hopes, will take the form of a relaxation of the restrictions on underwriting of securities. Many bankers agree that the prohibitions against commercial bank dealing in securities and distributing them are sound. They do not agree that the prohibition should extend to underwriting. The distinction between underwriting and distributing securities, it Is asserted, is a distinction not recognized by the legislators. Abuse of credit in the boom era was large- ! ly the result of banking affiliates engaging in both the origination and selling of securities. Double Liability Assailed Assumption by them of this double function was assailed because it led to high-pressure methods of salesmanship against the interests of the depositors. A commercial bank with a security affiliate was not content with the returns from underwriting, but expanded the functions of the affiliate so that it could reap the profits of distribution. An expensive apparatus with a large personnel thus was built up. The pi\<isure of overhead expenses forced f greedy scramble for business, with the result that intensive competition for the flotation of questionable securities became the practice of many security affiliates. With the subsequent collapse in prices it became the custom to condemn all banks and banking methods. Those banks whose security affiliates had been restricted to underwriting were grouped with those who did both underwriting and distribution. The onus of the abuses was not confined to the latter group, however, when Congress took measures to legislate the evils out of the banking system. In the Banking Act of 1933 all banks and other firms engaging in a deposit business were prohibited from “issuing, underwriting, selling or distributing, at wholesale or retail. or through syndicate participation. stocks, bonds, debentures, notes or other securities.” Believed Adequate The preesnt investment banking machinery is adequate for the handling of a small volume of new securities. but the question has been raised whether it wall be when present hindrances against a large volume of new issues are raised. Experts state that the total capital pool of investment bankers today is inadequate to accommodate simultaneously the flotation of as little as $150,000,000 in new r issues. This inadequacy leaves issuing houses in the position of having no place to unload the risk of underwriting a large volume of new issues. Bankers contend that the logical place for this risk assumption is the commercial bank. Recognition of this fact will be made in the report of the committee on finance and currency of the New York Chamber of Commerce to be delivered tomorrow to the chamber. The report recommends that commercial banks "should not be allowed to distribute securities, but should be allowed to underwrite new securities of such character and amount as they would be permitted under law to own.”

On Commission Row

(Reprinted from yesterday) Quotations below are average wholesale prices betng offered to buvers by local commission dealers. Fratts—Grapes. California Emperors. 37:b box. $2.75. Bananas. 4%c a lb. Apples. Indiana Jonathans. $1.65. Golden Delicious. $1 75'<t 185 Lemons. Bunkist. 3605. $4.25 Grapefruit. Texas, seedless, $3.25. Arizona. 645. 70s and 80s. $2.50. Limes. Mexican, per carton 12s. 25c: Byram. seedless. per hundred. $3. Pears. Oregon D'anjo. box. *3.50. Pineapples. 30s. $4 25@ 450 Avocados. Florida, box. 51.50. Strawberries. Florida, pint. 15c; per 26-pt. crate, 14c Apricots. $5 a crate. Vegetable*-Cabbage. Northern Danish. 50-lb. bag. 75c; red. 50-lb. box. 90c. New Texas cabbage. 50-lb. bag. $1.75. Onions. Idaho, sweet. Spanish, large. 50-lb. bag. $1 75 q 3 Michigan yellow, med. 10-lb. bag, 33c; western white. 50-lb. bag. $1 35: Michigan yellow. $1.25. Potatoes. Green Mountains. 100-lb. bag. $1 50: northern round white. 100-lb. bag. $1.10; Ohlos. 100-!b. bag $2: Idaho Russets. 100-lb. bag. $2. New Texas Triumphs. 50-lb. bag $2: New Florida Triumphs, bushel, s2*o. Sweet potatoes. Indiana Jerseys, bushel, $1.65; Tennessee Nancy Halls, bushel. $1 35. Beans, stringless, hampers. $5. Celery. Florida. *4 25 a crate; California. $4 50 a crate; medium doren. 75c; Jumbo, dozen. $1 25. hearts, bunch. $1 60. Cucumbers. 5 doren in boxes $3.25; 9 dozen in boxes. $4 Endive, per crate. $1 50. Egg Plant. $2.25 doren. Kale, bushel. 75c. Lettuce, hot house. 15-lb basket. *1.75. Arizona Iceberg head lettuce *3 75. Mangoes. F’onda. crate. *lO. Li.nt, bunch. 15c. Parsley, doren. 15c Peas, hampers. *J. Spinach. Texas, bushel. *2; California. In crate. $4 50. Radishes, doren. 60c Tomatoes, 10lb carton *14041150. Florida original. *2 75. Turnips, bushel. 75c. Parsnips, bushel. *135 Beets, b- shel. *125 Carrots. bushel. *1 25: 100-11-. sack. $1.75. All quotations subject to change up or down.

Produce Markets

• Reprinted from yesterday! Dellvs.ed In Indianapolis prices: He ary breed hens, 14c: Leghorn hens. 7c; colored springers. 13c: heavy stags. 9c; Leghorn stags. 7c; old roosters. 6c; ducks. I full feathered and fat. 10c: geese, full • feathered and fat, 8c; all classes of i guineas. 15c: No. 1 strictly fresh country j run eggs loss off 2*c Each full case must weigh 55 lbs gross, a deduction of 10c a I pound for eacn pound under 55 lbs. will se made. Bitter—No. 1. 38*?39c; butter- , fat, 36c. Quoted by the Wadiey Cos. INSURANCE ASSEST GAIN Bp Timet Special NEW YORK. Feb 9 Assets of the Fidelity Mutual Life Insurance Cos. Increased $2,207,000 last year to a total of $101,585,000. Walter Le Mar Talbot, president, stated In his annual retx>rt to policy nolders. Surplus and contingency reserves ini creased to (6.iM.000.

Abreast of The Times on Finance

Nation's Assets Figured $9.35 for Each $1 Owed; Wealth at 250 Billions

United States Only Important Nation Which Has No Foreign Debt of Any Kind, Results of Study Disclose. BY DR. MAX WINKLER Os Bernard, Winkler & Cos.

By Timm Special NEW YORK. Feb. 9.—How many holders of American securities in general and governmental bonds in particular realize that:

1. The United States is the only important nation which has no foreign debt of any kind. 2. America’s per capita debt on June 30, 1934, aggregating $214, was appreciably smaller than in August, 1919, when It stood at about $240 per capita. 3. Interest requirements for 1934 totaled some $756,000,000. compared with more than $619,000,000 in 1919, an advance of some $137,000,000, or about sl.lO per capita—a rise hardly sufficient to cause uneasiness. s2oi>o Per Capita 4. The national wealth is placed conservatively at $250,000,000,000, or about S2OOO per capita. 5. The ratio of America's debt to the nation’s wealth is 9 35, that is, for every dollar of governmental obligations, there are $9.35 worth of assets—a figure which compares very favorably with similar statistics for most important countries. Great consternation was recently created by the reference to the steady increase in the debt of the United States, and the likelihood that the country’s commitments <all of a purely internal character) would soon reach the “fantastic” total of $35,000,000,000. This would be equivalent to S2BO for each man, woman and child in the United States. Examine Assets Those who are, by nature, timid and easily frightened have concluded that the nation is hopelessly insolvent. Competent observers, however, are not inclined to appraise the status of a nation exclusively on the basis of the liabilities side of the balance sheet. They insist upon examining the assets as well as the liabilities. Those who conclude, on the basis of hearsay and superficial analysis of existing facts, that the country’s credit standing is seriously impaired and bound to assume a more disconcerting aspect in the near future, prefer obligations of foreign governments to those outstanding on behalf of the United States. It, therefore, should be of interest to refer once again to the extent to which some of the leading foreign countries are indebted, calling attention to the resources of the countries in question and the relation between governmental liabilities and assets. Compares Figures How the United States ranks in point of debt and resources is set forth in the subjoined table. The first figures indicate resources for every dollar of debt. Figures in the last column represent the debt which the United States would have if the relation of debt to resources were the same as that of the countries under review: Prance *1.90 $134,500,000,000 Italv 2.85 96.000.000.000 Great Britain 3 30 77.100.000.000 Australia 4 45 57.100.000.000 Netherlands 5.74 44.300,000.000 Belgium 7.79 32.600,000.000 Sweden 8 05 31.600,000.000 Switzerland 8 55 27,700.000.000 Canada 11.30 22.500.000.000 Japan 12.59 20.200.000,000 Argentina 13.50 18,800.000,000

Local Livestock

(Reprinted from yesterday) HOGS Feb. Bulk. Top. Receipts 2. 8 00® 8 10 8.15 2000 4. B.no® 8.25 8 30 4000 5. 8.15® 8.25 8.25 5000 6. 8 15® 8 25 8.25 4000 7. 8 10® 8.20 8.20 4500 8 8 15® 8.25 8.30 4500 Light light: (140-160) Good and choice.. $7.00® 7.75 Medium 6.50® 7.35 Light weight: <l6O-180) Good and choice . 8.15® 820 Medium 7.65® 8 00 1180-200) Good and choice... 8.20® 8.25 Medium 7.75® 8.00 Medium weight: (200-220i Good and choice .. 8.20® 8.30 (220-250' Good and choice... 7.15® 8.30 Heavyweight: (250-200 1 Good and choice... 8 ID® 8.15 <2OO-350' Good and choice... 7.95® 8.10 Packing sows: <275-350) Medium 7.15® 7.40 (350-425' Good 7,00® 7.25 (425-550) Good 685® 7.15 • 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, 700— —Steer*— (550-900) Choice $lO 25® 12 25 Good 9.25® 11.50 Medium 6.75® 9.50 Common 5.00® 7.00 (900-1100) Choice 11.75®13.25 Good 9 50® 12 25 Medium 9 25® 9.75 Common 5.00® 7.50 (1100-1300) Choice 12 25®13.50 Good 9.75® 12.50 Medium 7 50® 10.00 (1300-1500) Choice 12.25® 13.50 —Heifer*— Good 10 00® 12 50 (500-750) Choice 9.00®10.30 Good 8 00 ® 9.00 Common and medium 4 00 ® 8.00 (750-900' Good and choice.... 8 25®10.50 Common and medium 4.25® 8.25 —Cow*— Good 5.75® 7.50 Common and medium 3 50 ® 5.75 Low cutter and cutter 2.000 3.50 —Bulls—(Yearlings Excluded) Good 4.75® 5.75 Common and medium 3 25® 4.75 VEALERS —Receipts. 400— Good and choice $9 00 ® 9 50 Medium 6 50® 9.00 Cull and common 3.003 6.50 —Calve*— '250-500) Good and choice ... 6 25® 9.00 Common and medium 3.50® 6.25 —Feeder and Stocker Cattle — —Steers—-(soo-900) Good and cnolce .... 5 50 ® 7.25 Common and medium . . 4.00® 5.50 1900-1050' Good and choice ... 5.75® 7.50 Common and medium .... 4.25® 5.75 —Cows— Qood 3.50® 4.35 Common dhd medium 2.75® 3.50 SHEEP AND LAMBS —Receipts. 1500— Lambs. 90 to 12G lbs., rood and choice $8 25® 8.75 Common and medium 6.003 8.50 90-120 lbs. good and choice .. 3.50® 4.50 Sheeo ; iISO-lH)' Good and choice .. 3 00 ® 4.25 All wights, common and medium 2 00® 1.25 LOCAL CASH MARKET City (ram elevators are paying 88 cents tor No. 2 soft red wheat. Other grades on their merits Cash corn Mo. I yellow M wata uU oats 4* aeau.

INDIANAPOLIS, SATURDAY, FEBRUARY 9. 1935

MOVEMENTS OF PROOUCECLIMB Shipments in Early Part of February Increase 15 Per Cent. Bp Times Special WASHINGTON, Feb. 9.—With the return of milder weather during the first part of February, produce shipments in the Mid-West showed an increase of approximately 15 per cent, according to the weekly report of the United States Department of Agriculture. With prices showing more losses than gains during the last month, holders of potatoes, onions, and cabbage recently have been willing sellers. Shipping volume of apples, oranges and grapefruit has increased, while strawberry receipts are still rather light in northern markets, but increasing at other points, the report stated. Part of the sharp advance in prices registered during the extremely cold weather has faded somewhat during the last two weeks. Onion prices have receded slightly in producing sections, but continued fairly steady in city markets. Cabbage markets are quiet with southern stock slightly lower in value. The produce market in Chicago has been slow and draggy with a generally weak undertone on most all commodities during the last two week. Celery is about the only line to maintain a firm position. Dull conditions in Eastern markets have caused supplies of produce to pile up on the track in Chicago, which has had a rather demoralizing effect on the local market. With a moderate supply and a slow demand prevailing in the central potato market, price trends have moved downward because of increasing movements in various producing sections, it was reported.

UNITED CORPORATION t COMMON STOCK eta r- 1 ii I. ipmce sham EARNINGS PRICE RANGE SCALf IT SO :-=z=3 20 u 130 31 32 33 34j30 31 WINCHESTER INSTITUTE OF FINANCE

The United Corp. is an investment trust sponsored by the Mor-gan-Drexel and Bonbright interests. Investmetns are largely minority stock utility holdings in companies operating ip New York, Pennsylvania, New Jersey and Ohio, and also in a few other states. The company has large common stock investments in Public Service of New Jersey, Niagara Hudson Power and United Gas Improvement. On Dec. 31. 1934, there were 21,499 preferred stockholders qnd 106,648 common stockholders. FINANCIAL DATA As of Dec. 31, 1934 Common Stock (no par). .14,531.189 shares Preferred Stock $124,453,233 Capital Surplus 376.603.842 Profit and Loss Surplus 11.145,550 Investments ißook Value) ... 582.965,026 Investments (Market Value)... 139,183.584 Cash 1,980,673 United Corp. was incorporated in 1929 in Delaware. Both classes of stock are listed on the New York Stock Exchange. The common is currently selling at around 2M. (All Rights Reserved. Winchester Institute of Finance. Winchester, Mass.) SCRAP SHIPMENTS RISE Most Exports From Baltimore in 1934 Went to Japan. By Scripps-Hoicard Newspaper Alliance BALTIMORE, Feb. 9. —The United States is contributing substantial amotmts of raw material to the Japanese munitions reserves, acording to figures compiled today by Baltimore Association of Congress. Twice as much scrap metal moved out of Baltimore in 1934 as in 1933, most of the 348.393 tons going to Japan. In a single week, 11,000 tons started for Tokyo. In 1933 the Japanese imported 1,114,000 tors of scrap steel and iron. The United States supplied 60 per cent of it. BUILDING AWARDS GAIN Municipal Contracts Are Lowest Reported Since August. By Times Special i NEW YORK, Feb. 9.—Engineering awarcte are lower this week in both private and public work although the private work is higher than the average week last year, according to the Engineering News-Record. The totals are: Engineering construction $17,237,000, private awards, $5,102,000, public awards, $12,135,000 of which $2,515,000 represents federal construction and $9620.000, state and municipal. This is the lowest week on state and municipal awards since Aug. 23. SALES UP 32 PER CENT By Times Special PHILADELPHIA. Feb. 9.—An increase of 32 per cent in life insurance sales by the Penn Mutual Life Insurance Cos. in January, compared with January a year ago was reported today by William A. Law, president,

Stock Studies

POOLS CAUGHT AS SQUEEZE IN PEPPER FAILS Bankers Appear to Have Staved Off Crisis in Commodity. (Copyright. 1935. by United Press) By United Press LONDON, Feb. 9.—Desperate efforts of dealers and bankers to avert a collapse in the white pepper market appeared today to have staved off the crisis for the present. Produce brokers announced that settlement of pepper commitments estimated at 1,850,000 pounds (about $9,250,000), due yesterday, had been postponed until Monday, when all brokers involved, except two, will be saved by the banks. A few days ago it had been predicted that at least six Mincing Lane firms would go to the wall in the pepper debacle. Shellac Crisis Relieved A similar crisis in the shellac market, caused by gigantic gambling and efforts to corner the market, was relieved when a financial house which is a subsidiary of Tobacco Securities, Ltd., took over the bulk of the pool holdings of speculators. The threatened crash in pepper followed one in a product as unromantic—peanuts—and a gamble in the shellac market by speculators. Two years ago there were 500 tons of white pepper in London. A year ago there were 1950 tons. Today, because of the gamble, there are 21,000 t0n5—42.000,000 pounds—three years’ supply for the great London market. The .end came simply, and apparently in a way none of the speculators, professional or amateur, had figured. Growers and dealers in the Far East, puzzled but happy over a sudden demand for pepper in bulk, began shipping more and more as the pool, and those who were foliowing it, bought up the product. More Pepper Coming Then, with three years’ supply in London and due to ue settled for today, came news that a merchantman was steaming up the Red Sea with 6500 tons more to supply the demand. James & Shakespeare, Mincing Lane dealers in metals and produce, associated in the shellac and pepper operations, went under Thursday. The firm was launched only last September with capital of $2,125,000. Two efforts have been made by the General Produce Brokers’ Association to avert a threatened market crash. All dealings were suspended for the three-day period from Monday to Wednesday, and a fourth day’s suspension was ordered Thursday.

MACHINE SALES GAIN EXPECTED THIS YEAR Recovery Trend of 1934 to Continue, Is Belief. By Times Special NEW YORK, Feb. 9.—Most industrial machinery lines made steady recovery progress during 1934, and this trend will doubtless continue during the current year, Standard Statistics reported today. Modernization of plant by the more forward looking producers is gradually forcing similar steps by competitors, while government expenditures are providing added stimulus to demand. The most representative division, machine tools, has been particularly favored by this renewed interest in cost-saving equipment, as shown by the fact that the 1934 index of new orders averaged 70 per cent above the total for the preceding year. Under the impetus of large purchases by the automobile industry and government orders, sales in December reached the highest point in the recovery movement. While some temporary recession from this level is’expected over the next few months, the decline will probably not be as pronounced as a year earlier. With delayed replacement orders likely to assumd growing proportions later in 1935, a further gain in machine tool activity is indicated for this year. HOG RAISING PLANNED Argentina to Encourage Industry Because of Bumper Com. Bp Times Special BUENOS AIRES, Feb. 9.—Anticipating an abundant corn crop, the Banco de la Nacion—Argentina’s government bank—has inaugurated an extensive campaign for encouraging hog production, it was learned today. The present year’s exportable surplus of corn is privatel/ estimated at 10.000.000 tons and, although it will probably be easily marketable this year, it is considered that if this scale of production is continued in subsequent years the disappearance of the present unusual fodder shortage in the United States result in marketing difficulties.- Therefore, there is a resolute drive to increase pork production. H. T. AMES PROMOTED Bp Times Special • AUBURN, Feb. 9.—R. H. Faulkner, president of the Auburn Automobile Cos., announced at the annual meeting of the stockholders held here today that Harold T. Ames was elected executive vice president.

Hides and Skins

Hides —Green country cows and steeri. 3%c flat; green country bulls and glues. 2%c flat: green country calf hides. 4c flat: green country Kip. 3Vsc; No. 1 large horse hides, with full heads, shanks, manes and fails. *2.50: medium size. *2 All No. 2 grade horse hides. 50c less; glues and pontes half price. No. 1 rendered tallow. 404%c; No. 2 at vaiue. Yellow grsait, 3%4c; aara grsast, 3%5%.

PAGE 11

New York Stocks

(Reprinted ! 7m yesterday) (By Thomson & McKinnon) Prev. Oils— High. Low. Close, close. Amerada 54% 54 54 55 Atl Rig 24% 23% 24% 22% Barnsdail 6% 6 6% 6 Consol Oil 7% 7% 7% 7% Cont of Del 18 17% 18 17' 2 Houston :new).. 2% 2% 2 7 /a 2% Mid Cont Pet .. ri% 11 11 11% Ohio Oil 10 9% 10 9-s Pet Corp BV* 8% 8% 8% Phillips Pet ... 15% 14% 15% 14*4 Plymouth 0i1... 7% 7*4 ”% 7% Pure Oil 6*4 6 s * 6% 6% Shell Un 7 6% 7 6% Skellev Oil 7% 7*2 7% 7% Soc Vac 14 13% 13*4 13% S O Os Cal ... SO 30 30 29% S O Os Ind 24 23% 23% 23% S O Os N J 40*2 39 s -* 40'2 39>2 Texas Corp 20 19% 20 19*4 Tidewater Assn B*4 8 s '* 8% 8% Un Oil of Cal . 15% 15 15% 15*, Steels— Am Roll Mills... 21% 20 s , 21% 20% Beth Steel 30** 29*2 29*4 29 Byers A M 16*a 16 16>a 16 Col Fuel & Iron 4*2 4*2 4% 4’s Inland Steel ... 53*4 53 53*4 52% Ludlum Steel ... 16% 16*2 16% 16 Mid Steel ll*a 11 11*2 10'2 Natl Steel 48 47** 47% 47% Otis Steel 5% 5% 57* 5% Rep Iron & Steel 13*4 12% 13*4 12** Rep Ir & Stl pfd 41 41 41 40‘2 U S Pipe & Fdy 18*, 18, 18*, 18 U S Steel ... 36? g 35 s * 36** 35 7 a U S Steel pfd 88** 87 87 *4 87 Youngstn S & T 18 17Vi 17? 4 17?s Motors— Auburn 24 23 Vs 2|? 4 23 Chrysler 3814 37% 3fr% 37% Gen Motors ..31% 30% 31% 301 4 Gen Mot pfd ..111 111 111 ... Graham Mot ... 2V2 2*2 2V* 2 3 s Hudson 10 9 3 s 10 9% s /* Truck ... 26?* 26 26** 26 Nash 16 15*2 15% 15<4 Packard 4Vi 4% 4*2 4% Reo 27* 2*2 2% 27 a Studebaker 1 7* % Yellow Truck .. 37* 37* 3 s * 37* Motor Access— Bendix 15*4 14% 15 la 14*i Bohn Alum .... 54% 54 54** 537a Borg Warner ... 30V 2874 30% 29 Briggs 26% 25% 26% 25's Budd Mfg 4% 4 1 * 4*4 4?s Budd Wheel... 3*2 3** 3*2 3'e Eaton Mfg . ... 19*4 187* 19% 18** Elec Auto Lite. 24% 24 24% 23 7 s Holudaille ‘‘A’’. 8% 774 BV* 7% Mullins Mfg ... 9’a 9 9*2 9*4 Murray 80dy... 67a 6% 6% 6V4 Stew Warner... 7*4 7*4 7% 7 Timken R 011... 34 3 i 33** 347* 327* Timken Det Axle 67* 6% 674 57* Mining— Alaska Jun.... 17 V* 1674 lf’i 17 Am Metals 16*4 16 16% 16 Am Smelt 35 34 35 34V* Anaconda 10 s * 107* 10 s * 10% Cal & Hecla... 3% 33 * 37* Cerro De Pasco 417* 4074 41** 40% Dome Mines .. 3874 3674 3874 36’* Gt Nor Ore . 11 11 11 104* Homestake Min 350 350 350 341 Howe Sound 46 45 46 44% Ins Copper 274 27* 2?4 27* Int Nickel 23*4 227 4 237* 23 Kennecott Cop.. 17 167s 17 16% Mclntyre Mine.. 41*4 39% 41*4 39*2 Park Utah .... 3 274 3 274 Noranda Cop ... 33 32?* 3274 32% Phelps Dodge... 1474 1 4'a 1474 14% St Joe Lead ..v 15*4 15% 15*4 147* U S Smelters . . 113*2 112 113% 111% Vanadium 177a 1774 1774 167, Amusements— Fox Theat 10% 1074 1 074 10% Loews Inc 33 327* 33 32 Radio Corp ... 574 5 574 5 Paramount .... 374 374 3 3 /4 3% RKO 2 1 74 2 1% Warner Bros ... 3% 37 g 374 37a Tobaccos — „ Am Sum Tob ... 20% 20% 207* 20 Am Tob “A”... 80% 79% 79% 797* Am Tob “B’’... 8174 80 3 4 81 80% Ligg & Myers B 106 105 105 105 Lorillard 2074 19% 2074 19% Phillip Morris. 40% 3974 40 74 39*2 Reynolds Tob B 477* 4774 4774 4774 Rails— Atchison 4474 43 74 4474 427* Atl Coast Lines. 29 29 29 277s B& O 1174 11 1174 1074 Can Pacific ... 127* 1274 12!i 127a Ch & Ohio 42*4 4174 4274 41 * 2 C M & St P . 274 2% 2% 274 C M & St P pfd 37* 3% 37a 3?a Chi N W 4 7 4 4 3 4 4% 4% Chi N W pfd ... 8 3 4 8% 87* 8 Dela & Hud ... 34% 33 74 3 4 33 74 Del Lac & W . 15% 15 15% 15 Erie 11 107a Fll *6% Grt Northern pf 14% 13% 1474 13*4 111 Central 1374 1 3 1374 12% K C Sou 7 7 7 7 Lehigh Valley .. 8% 874 874 874 Lou & Nash 40*/2 40 4074 40 M K & T 5 4% 5 474 MK & T pfd... 1074 107* 1074 10 Mo Pac 2 2 2 1% Mo Pac pfd 2*4 2 3 4 274 274 N Y Cent 1774 1674 1774 167* N Y New Haven 674 6V„ 674 6% N Y Ont & West 4% 4'% 474 474 Norfolk & West 173*4 173*% 173*4 170 Nor Pacific 1774 17*/a 17% 1674 Penn R R 21% 2074 21 74 21 Reading 36 36 36 36 Sou Pac 15 3 4 14% 1 574 1474 Sou R R 1274 1174 1274 117* Union Pac 100 99% 100 98 West Maryland.. 874 874 874 87a Equipments— Am Brake Shoe 25% 2574 257a 25'2 Am Car & Fdy . 1774 1674 17 16** Am Loco 17% 17 v 1774 1774 Am Steel Fdy.. 16% 16 1 674 1574 Bald Loco 5% 574 5% 5>,4 Gen Am Tk Car 3 6 3574 3 5 3 4 35 74 Gen Elec 2374 22 % 2374 22% Gen R R Sig ... 24% 2474 2474 24% Pullman Inc ... 48% 4774 48*4 47*2 West Air Br 24% 24 2474 24'% Westingh Elec... 3874 3774 3874 37 Utilities— Am & For Pwr 4 374 4 374 Am Power & Lit 274 274 274 2*% AT&T 104 10374 104 104*4 Am Wat Wks .. 12*4 1174 11 3 4 1174 Col Gas & Elec. 674 674 674 674 Com & Sou 174 1 174 1 Consol Gas 18% 1874 18% 1974 Elec Pwr & Lit. 27a 2*4 2'% 2% Int Hydro Elec 2*4 274 2% 2*4 Interboro RT .. 14*4 1474 14% 13% Int T & T 87* 874 2% 274 Lou G & E "A”. 12% 12% 12% 12% Nat Pwr & Lit.. 6 3 /a 6*% 674 674 North Amer .... 12 11% 117 4 11% Pac G & E .... 14 13% 13% 1374 Pub Serv N J . . 24 74 24 % 2474 24 74 So Cal Edison... 12 11% 1174 12 Std Gas 374 374 3 % 3% Stone & Webster 4 4 4 374 United Corp .... 274 2% 2% 2*4 Un Gas Imp . 10% 10*4 10% 1074 Ut Pwr & Lt ‘A’ 1% 174 I*% 174 Western Union.. 29 28% 2874 2874 Rubbers— Firestone 1674 16 16*4 1574 Goodrich 10 9 74 9 7* 974 Goodyear 22 s 4 2174 22 % 2174 Kelly Spring.... 17- 4 17* 1% 1% U S Rubber . 14% 1374 14% 137a U S Rubber pfd 357, 35 35% 34% Miscellaneous— Am Can ... 114*4 11274 114% 1127* Am Mach & Fdv 21 207* 21 20% Brklvn Man Tr 4174 4174 4174 40% Burroughs Add 15 1474 15 1474 J I Case 55% 54% 5574 54 Cont Can .. . . 66*4 65% 66 65 74 Caterpillar Tract 40 3974 39% 39 Crown Cork ... 2674 26 2674 2474 Curtis Pub 19 18% 19 18 Curtis Pub pfd . 95% 9574 95V4 95 Deere & Cos 28% 27% 28 2774 Eastman Kodak 113% 112*4 113% 112% Foster Wheeler.. 1474 13% 14% 1374 Gillette 14 13% 13% 13% Glidden 2574 2474 25 24% Int Bus Mach 15 15 152*4 152*4 Inter Harv .. 4074 4040% 40 Natl Cash Reg .16 16 16 1574 Owens Bottle .. 88 86% 88 85% Rem Rand 9% 9 974 8% Worthingt’n Pmp 17 17 17 1674 Foods— Am Sugar 62% 6274 62 % 60*4 Armour 5% 5T4 5 *4 5*4 Vrmour 6% pfd 68*4 6774 68 % 6774 Beatrice Cream 17 17 17 17 Borden Prod ... 24*4 23 7 4 24% 24% Cal Packing .. 397* 38% 39*4 38*4 Canada D 6 Ale 137a 12% 13% 13 Coca Cola 172 172 172 171 Cont Bak A ... 5 3 4 5% 5 3 4 5% Corn Prod 64?4 6374 64% 63 Crm of Wheat 37% 3774 37% 3774 Cuban Am Sugar 6 574 6 5% Gen Baking ... 8 8 8 8 Gen Foods 34% 34% 34% 347a Gold Dust 16'a 15% 16*4 16 G W Sugar 27% 2774 2774 27% Loose Wiles ... 35 35 35 347a Natl Biscuit .... 2874 28 % 28 s 4 28 Natl D Prod ... 15% 15*2 1 574 15% Puritv Bak .9 874 9 8% S Por Rico Sug 21 20% 20 s 4 20% Std Brands 17% 17% 17% 17% Un Biscuit 24% 2474 24 7* 24% United Fruit .. 74 74 74 73 Wrigley .. .... 76% 76% 76% 7574 Retail Stores— Assd Dry Goods- 11 . 10% 11 9% Best & Cos. 3574 35 % 35% 3-3% First NaM Stores 49% 48% 49% 48% Gr Un Tea ... 37g 3% 3% 3% Hahn Dept Sts . 4% 47a 4% 4% Jewel Tea 56 56 *56 53% Kresge S S 20% 207, 20% 20% Kroger Groe 2% 25% 25% 25% Macv R H 39 38% 39 38% McCrorv St 10% 974 1074 9 7 a McLellan 5t.... 13 13 13 13 Marshall Field . 9 8 7 4 9 8% Mav Dept St ... 42 41 Mont W*ard 25% 25% 26% 25% Natl Tea 9% 9% #74 9*4 Penney J C 68 % 87 68% 66% Safeway St.. .. 40% 38% 40% 38-a Sears Roebuck . 35% 34% 35% 34% Woolworth 54 537 53 7 * 54-, AviationAviation Corp . 474 4% 4% 47, Boeing Aircraft 9% 9% 9% 9 Curtis W'rlght . 2% 2% 2% 2% Curtiss Wri (A) B s , 8% 8% 8% Douglas Air.... 22% 22% 22% 22% Nor Am Av 37* 33% 3 Sperrv Corp .. 9 8% 8% 8% Utd Aircraft new 137* 13V* 13% 13 Chemical,— Air Reduction .111% 111 111% 111 Allied Chem .. 135% 135% 135% 135 1 a Am Com A1c0... 28 27% 2$ 27 Col Carbon .. 73% 72 73% 71 % Com Solvents.. 20% 20 20% 19% Dupont 94 7 , 93'2 94 7 * 93 Freeport Tek .. 22 21 21% 20% Liquid Carb .... 28*4 27% 27% 26', Math Alkali ... 28% 28 28% 27% UoaiUUi Ghom 57% 58 57% 55/*

Whet Does It Mean? Central Dank—Such a unit, sponsored by a government, and which acts as a fsca’ agent for it, acts in many capacities. It holds reserves of other banks; issues currency; relends funds and performs other functions.

Natl Dis (newi . 27% 26% 27*, 26% Schenlev Dlst 25% 25% 25% 25 Tex Gulf Sulph 35' 2 35 35 35 Union Carbide 46% 45% 46% 45', U S Indus Alco 37% 36% 37% 36' 4 Drug,— Bristol Mvers . 34% 33% 34% 34', Cotv Inc 5% 5% 5% 5% Lambert 27', 27 27% 27 Lehn & Fink ... 17% 16*, 17', 16% Sterling Prod 62 % 61 % 62% 62 Un Drue mewi 11 1 a 10% 11 * a 10 s , Vick Chem ... -35% 35*, 35 % 35', Zonite Prod ... 4% 4% 7 4% 4 Financial— Adams Exo 8% 6 6', 6 Allegheny Corp . 1% 1% 1% 1% Am Int Corp .. 5% 5% 5% 5% Chesa Corp . 38% 38 38% 38 Transamerica 5% 5% 5% 5% Tr Conlt Corp . 3% 3% 3% 3 Building— Am Radiator .. 14% 14 14% 13% Gen Asphalt ... 16% 16*, 16% 15% Int Cement ..28 27 28 27% Johns Manville 51% 50 50% 50% Libbv Owens Gls 29% 28 29 27% Otis Elev 14% 14% 14% 14% U S Gvpsum ... 477, 47 47% 47 Household— Col Pal Peet . . 16% 16% 16% 16% Congoleum .. . 32% 31% 32% 31% Kelvinator 17% 16% 17% 16% Proc & Gamble . 46% 46% 46% 46 Servel Inc ... 8% 8% 8% 8% Simmons Bed.. 9 8% 8% 8% Textiles— Amer Wolen .. 7% 7% 7% 7% Beldine Hem .. 12% 12% 12% 12% Celanese Corp . 31 s * 30% 31% 31 Collins Aikman . 1.3 12% 13 12% Gotham Hose . 4*2 4% 4% 4% Indus Ravon . . 31*2 30% 31% 30 , Kavser Julius .. 16% 16% 16% 16 Real Silk 5% 5% 57, 5

N Y. Bonds

(Reprinted from Saturday! DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds Today 86 4 82 8 92.7 87.3 Yesterday •■■■ 86.3 81.1 92.1 86 8 Week ago 86.8 83.3 92.6 5 Month ago .. 86 8 86 4 90.4 87 8 (Copyright, 1935, by Standard Statistics) U. S. GOVERNMENT BONDS (By Fenner & Beane. Liberty* Prev. Prev. close. Ist 3%S 1932-47 104.16 104.18 Ist 4%s 1932-47 ••• 103.23 103.24 4th 4%s 1933-38 (Uncalled). 104.2 104 1 4th 4%s 1933-38 (Called)... 102.2 102.2 Treasury* . _ 4**s 1943-45 114.27 114.27 4s 1944-54 110.10 110.5 3%s 1946-56 108.26 108.24 3%S 1940-43 106.8 106.3 3%S 1943-43 105.26 10* 24 3%s 1941-43 106.8 106 9 3*4S 1943-45 104.14 104 6 3%s 1941 105.26 105.23 3%s 1941-46 104.11 104.5 3 Vis 1946-49 104.5 104 3%S 1949-32 103.22 103.17 3s 1951-53 103.4 J 02.30 3s 1946-48 102.22 102.15 HOME OWNERS LOAN CORP. 2?is 1949 98 28 98.20 3s 1952 100.30 102.23 4s 1951 107.10 101.9 Federal Farm Mortgage Corp. 3 Vis 1964 102.24 104.22 3s 1949 100.27 100.25 3 1947-42 100.28 100.19 DOMESTIC Frcv. Close, close. Alleg Corp 5s '44 71 68*2 Alleg Corp 5s ’49 59 59 Alleg Corp 5s 'SO 23 22 Am Frgn Pow 5s 2030 58V* 56% Am Tel & Tel 5%s '43 112% 112% Am Tel & Tel 5s '65 112% 112% Arm &Cos (Del) 5%s ’43 ....103% 103% Atl Coast Line 4s '52 101% 101 Atl Coast Line 4%s ’64 91 89% Atch Top & S le 4%s '4B ...107% 108 Am Wat Wks 5s ’44 95 94% Am Rolling Mills 5s '3B 108 106% Balt & Ohio 5s '95 69 6812 Balt & Ohio 6s '95 00 78*4 Balt & Ohio 4%s ’6O 53% 52% Buff F,och & Pitt 4%s ’57 ... 66% 65% Beth Steel 5s ’36 103% 104 Chi Milw & St PI 5s ’75 237a 22% Chi Mil & St PI 5s ’75 6% 6 Chi Milw & St PI 5s 2000 100 100 Cleve Un Term 5s '73 96% 96% Cleve Un Term 4Vis ’77 89 88% Col Gas 5s May ’52 80>/ 81 Col Gas 5s ’6l 77% 77 Can Pac Prep 4s 87V* 86% Cent Pac 5s '6O 77-ya 77V* Big Four 4%s ’77 72 72 Big Four 5s ’63 797* 797* Colorado & So 4%s ’BO 62 60 Chi & West Ind 4s '52 96 96 Chi & West Ind 5%s 62 102% 102% Chi & Nor West 4%s '49 18% 18% Con Gas 5s ’57 104% 104% Chesa Corp 5s '47 104*2 104% Dodge Bros 6s '4O 106% 106% Del & Huds 4s ’43 a 7 7 4 86% N Y Dock 4s ’sl 64% 64% Erie 5s ’75 68% 67% Erie 5s ’67 68% 67 7 4 Gen Cable 5%s ’47 88% 89 Grt Northern 7s ’36 91% 91% Grt Northern 4%s '76 7774 77 Grt Northern 4%s '77 77% 76% Gen Stl Cast WW 5%s ’49 88% 88% Hud & Manhat Ref 5s '57 ... 88 88 111 Cent 4?is '66 5674 55 111 Cent 5s ’63 73 71% Interntl Hv Elec 6s '44 46% 46'i Interntl Tel & Tel 4%s '39... 70V, 70 Interntl Tel & Tel 5s '55 .... 66% 66% Interntl Tel & Tel 4%s '52 62 61% P Lorillard 7s ’44 127*% 96% McKess & Rob 5%s ’SO 97 96% Midvale Stl 5s 36 103'% 103*4 Natl Dairy s*is '4B 102% 1027* Natl Steel 5s ’56 104'% 106% Nickel Plate 4%s ’7B 62% 61% Nickel Plate 5%s ’74 72 70% Nickel Plate 6s ’35 66*4 64% N Y Cent 5s 2013 63 % 62 3 4 N Y Cent 4%s 2013 (old) ... 58% 56% Nor Amer Cos 5s ’6l 85** 84% Nor Pac 3s 2047 74% 74% Nor Pac 4%s 2047 86 85% Nor Pac 6s 2047 9974 99% Nor States Pow 5s ’4l 105 105% Penn Ry 4%s ’B4 102% 102 Penn Ry 47*8 ’Bl 103 1027* Penn Ry 4%s ’7O 947* 947* Pac G & E 5s ’42 107% 108 Portland Gen El 4%s ’6O .... 56V* 56 Para Publix 5%s ’SO 687* 68 Penn P & L 4%s 81 101% 100% Postal Tel & Cab 5s ’53 47% 47% Rem Rand W W 5%s ’47 99% 99% Sinclair Oil 6%s ’3B 104** 104% Shell Union Oil 5s ’47 102% 102% Sou Pac 4%S ’6B 65 63% Sou Pac 4%s ’Bl 63% 62% Sou Pac 4%s ’69 64 62% Sou Pac 4s ’49 67 66 Sou Rail 4s ’56 56 55% Sou Rail 6s ’56 7574 74% Sou Rail 6%s ’56 78 78 Sharon Stl Hoop 5%s ’4B .... 84% 83% Texas Pac 5s ’BO 91% 91% Texas Pac 5s ’79 91% 917* Texas Pac 5s ’77 91% 91 Union Pac 4s ’47 109% 109 United Drug 5s ’53 90% 90% U S Rubber 5s ’47 . 93% 93% NYN H & Hart 6s ’4B 43% 44% NYN H & Hart 4%s ’67 ... 39% 40 Warner Bros 6s ’39 55% 56 Western Marv 5%s ’77 99 % 99'/2 Western Mary 4s ’52 92% 92 Youngstown S&T 5s 70 ... 93% 92% Youngstown S&T 5s ’7B-. 9274 92% FOREIGN Argentine B 6s ’SB 91 90% Brazil 8s ’4l 32 32% Canadian Govt 4s '6O }25,‘ Denmark 5%s '55 1007* 100 German 5%s ’65 357* 34 a German 7s ’49 45 44 * Italy 7s 'sl 94 94 % Japan 6%s ’54 92 ,®}.? Poland 7s ’47 122% 121 4 Rome 6%s '52 . ■ 88% 86% Tokio City s'is ’6l 76 2 76% Yokohama 6s '6l 83% 82*2 FEDERAL FARM LOAN BONDS (Bv Blvth & Cos.) Bid. Ask. 4s July 1, 1945-44 104 104% 4s Nov. 1. 1957-37 101% 102% 4s May 1. 1958-38 102% 102% 4%, July 1. 1956-36 102% 102% 4%s Jan 1 1957-37 102% 102% 4%s Mav 1. 195 7 -37 102% 102% 4%s Nov. 1. 1958-38 102% 4%s May 1. 1942-S2 101 101% 4%s Jan. 1 1943-33 101*2 102 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% 5s Nov. 1. 1941-31 101 1017*

Chicago Grain Futures

(Reprinted from yesterday! Wheat— 1 Prev. Open High Low Close close May 955, 96 5 . .95% .96% 95' 2 July 88% .89 N 83% 88% 33'* Sept 86% ■87 s '. 86 s . .87 .86 7 . Corn— May 33% 84 s , 83% .84% 83% July 79'. .80V, .79'. .79’, .79 Sept 76 V. .761. .76'* .76% .76 Oats— May 49 '3 .49% .49 ! * 49% .49', July 42 7 . 43% 42 s * .43% .42% Sept 40V* .41 Vb .40% .41 ,40 s . Rre— May 53 s . .64% .63% .84% .63% July .63% 84% .63% 54 .63% Sept 63% .54% .63% .64% .63% Barley— May 74 .74 .74 .74 . 72% July .68 . 66 . 68 . 58 . 68 LardMarch .. 13 02 13 02 13 02 13 02 13 02 May .... 13.15 13 27 13 15 13 27 13 07 July .... 13 25 13 42 13 25 13 40 13 20 Sept .... 13.32 13 50 13 32 13.45 13.27 Bellies— May .... 16 30 18 47 16 30 16.47 16 20 July .... 16.70 16.70 16.70 16.70 16.30

RISE IN TRADE HELD DELAYED BY CONFUSION Too Many Ruling Industry, Dairy Company Official Points Out. Bp Times Special NEW YORK, Feb. 9.—The outlook for this year is encouraging and improvement is to be expected, Thomas H. Mclnnernev, preadent of the National Dairy Products Cos., said today. “Sustained improvement, however,” he said, “may b* ! retarded by the prevailing confusion and lack of direction in tfie business world which has been created by attacks and investigations against what we have always considered successful business. “Our governing bodies, however.” he added, “are learning that knowledge and understanding of economic realities lie with business men with practical experience. The progress and development of this country has been largely due to the business aggressiveness, vision and venturesomeness which is now under restraint or discouraged.” Too Many Rules, He Says As to conditions in the dairy’ industry, Mr. Mclnnerney reiterated liis criticism of the multiplication of rules and regulations which have gone as far as to hamper the dairy industry’s recovery. "The industry is governed by so many regulartory bodies. Federal, state and local, that uniform enforcement has proved to be impractical,” he asserted. “Responsible companies which complied with the regulations find themselves at a serious disadvantage in competing with those that do not obey them and who have not been forced to comply.” Moves to Increase Sales Mr. Mclnnerney pointed out that the company’s sales are better, due to some improvement in public buying capacity, but also to the fact that “we have spent considerable money in an aggressive attempt to increase them. “Total profits and percentage profits have not been as satisfactory as the increase in gross sales would ordinarily provide, due largely to the complete compliance with all state and Federal regulations. NRA increased the company's pay rolls by $6,000,000 annually. This higher labor cost was absorbed by the company without any increase in cost to the consumer because of it. Profits were thus curtailed correspondingly. “Gross sales of National Dairy Products Cos. were higher by $36,000,000 during 1934, during which year the company expended $1,500,000 more for advertising than in the preceding year.” CONTINENTAL CAN CO. EARNINGS SET RECORD Net Profit During Year Amounts to $10,707,122. By Times Special NEW YORK, Feb. 9.—Net earnings of the Continental Can Cos. during 1934 amounted to $10,707,122, anew record in history of the company, it was learned today. This figure was reached after deduction of all charges, Federal, state and foreign income taxes and a $500,000 contingency reserve. The earnings, which are equivalent to $4.20 a share on 2,665,191 capital shares outstanding at the end of the year, after payment of th 50 per cent stock dividend in October, 1934, compare with $7,547,401, or $4.31 a share on 1,750,934 shares outstanding in the previous year. Dollar volume of the company’s sales of packers and general line cans in 1934 was 27% per cent larger than in 1933, with part of the increase being due to an increase in tinplate prices in 1934. Inventories at the end of the year amounted to $18,661,699. STEEL INGOT OUTPUT HIGHEST SINCE JUNE Production During January Totals 2,834,170 Tons. By Times Special NEW YORK, Feb. 9.—Steel ingot production during January reached the highest point since June, totaling 2,834,170 gross tons, compared with 1,941,187 tons in the same month of 1933, according to the American Iron and Steel Institute. Average rate of operations during the month also were the highest since June, amounting to 47.67 per cent of capacity, against 35.27 per cent in December, the report stated. Daily production of all companies during January was estimated at 104,969 tons, compared with 77.664 tons in the preceding months, and 73,007 tons a year ago. The industry worked 27 days last month, against 25 days in December.

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers. A 25-cent carrvine charge per toa will be add?d. DOMESTIC RETAIL PRICES Indiana lump $5 30 Egg 5.03 Nut 480 Brazil BlockLump 654 Egg 6.31 Nut 5.04 GlendoraLump 5.34-35 59 Egg 5.18 f 5.43 Nut 4 9535.20 West V.rglnla and Eastern Kentucky IGroup Bi 6.7737.1S Pocahontas and New River, smokeless 7.3038 33 Coke, egg and nut 8 90 Pea Coke 7.40 Anthracite 10.13312 86 Klein & Kuhn Property Management LI-3545 706 Guaranty Bldg.