Indianapolis Times, Volume 46, Number 236, Indianapolis, Marion County, 11 February 1935 — Page 6

Wall St. Records Show Gain in Business Since End of 1934. —BY RAl.ni lIE\nF.RSHOT_ Time* Special Writer

N r EW YORK. Fob. 11 —The National City Bank of New York records an upward trend In business since the first of this year in Its February trade bulletin. but it regards the jnprovemont as having originated in the •everyday wants of the individuals in the economic system” rather than in the efforts of the govern-

ment. In fact. It seems *o be r ather concerned over the possibility that the government may be given the crnriit. "It is regrettable," the bulletin states, "that one effect of the assumption of authority by the government over economic relationships has been to

make people believe that the government is primarily responsible for prosperity. "Under normal conditions, industry, trade and business of all kinds are carried on by the people without much government intervention. "The relations involved are those of per ons or groups to other persons or groups and are determined to themselves. "The responsibility for adjusting the relations when they become disturbed falls on individuals, who. under the pressure of disaster, have the strongest possible incentive to make the necessary corrections. a a a -npHE government undoubtedly A is in a position to facilitate the adjustments and in times of great disorder should properly endeavor to do so. But when the government assumes the responsibility. and individuals count on administrative policy to get them out of their troubles, they are not iikelv to make as effective efforts on their own part to get the system m order.” It would, as the bank implies, be an unfortunate thing if too many people began to depend too much on the government. And to avoid such a possibility it might well be conceded that the government act only as an umpire in the game of economics rather than as a participant. But the umpire must adhere to the rules if the game is to be played fairly. Another condition is that the game must go on irrespective of the attitude of any of the participants. It might reasonably b** asked, also, that when the umpire fails to follow the game closely, or shows partiality to one side or the other, that he take full responsibility. ad perhaps make restitution as far as possible.

IT is well known that the government was very lax in the beginning of the boom days. It permitted a great many fouls to be made. It is also well known that so-called big business asked for and received many favors from the government, and that when the breakdown came in the economic structure they were unwilling or unable to step into the breach. Finally it became obvious to most people that there was little left for the government to do but throw its support to the weaker side in the economic argument. It was obliged, also in an effort to keep the game going, to become an actual participant on that side. From all accounts, however, it desires to step back into its old position as umpire as soon as possible, but it has promised to watch the play more carefully in the future. The average man in the United States undoubtedly is loath to accept the assistance of the government. and the National City Bank's fears on that score would appear to lack a very solid foundation. But whether the government should receive much credit, if any. few the betterment in trade is virtually impossible to determine. It was in the game, though, and its efforts must have had some effect one way or another. CANADIAN TRADE WITH U. S. UP 35 PER CENT Export Business to Other Nations Also Higher During Year. Bj Time* Rpctfsi! TORONTO, Feb. 11.—Canadian business transacted with the United States during 1934 showed an increase of approximately 35 per cent over the preceding year, according to an analysis of trade statistics, released here today. In addition to the increase in exports to the United States and smaller gains to Japan and Argentina. demand from empire countries accounted for a rise of 22.8 per cent in 1934 exports over those of 1933. Price levels during the year were approximately 7 per cent higher than in the preceding period, the report showed. This was credited largely to fie increase in exports.

On Commission Row

Quotation* below are average wholesale prices be.n* offered to buvers bv local Crmrr-.ssxsn dealers Fruit* Grapes. Ca’.ofornta Exr.percr* 27. lb bo. 275 Banana* t'.c a lb- Apples. Indiana Jonathans. $1 65; Golden De'.:c:ou*. f! 75i 135 Lemon*. Sunk;**. 26*©. $4 25 Grapefruit. Texas seedless. $3; Arizona. 645. 70* and SO*. $3 50 Limes. Meiic.in per carton 12* 25c Bvram. seedless per hundred *3 Pear*. Oregon Dank), box. S3 50 Pineapp.e*. Porto R.can*. half crate*. S3 50 Avocados. F'or;da box tl 50. Strawberries. Florida, pint. 17'k. per 3-pt. crate. iSc. Apricots. $3 crate Vegetable*--Cabbage, Northern Danish. SO-lb bag SI 25 ted 50-ib. box. II 25; New Texa* cabbage. 50-lb bag. tl 75. Onion*. Idaho, sweet Spanish larce. 50jk7btl. 52 Michigan yellow*. 15 Ib . SI 40: wevern white 50-ib bac S3 Michigan xellow. SI 35. Potatoes Green Mountain*. ino-Sb. bag. $1 56: northern round white. IPO-lb. bag. SI.10: Ohio*. 10#-ib bag. $2 Idaho Rus*' 100-16 bag. $1 90 New Texa* Triumph*. SO-!b bag S3. New Florida Triumph* bushel. 52 50 Sweet potatoes Indiana Jersey*, bushel, tl 65: Tennessee Nancy Hall*. bushel. 51.35. Bean* stnngleaa. hamper SS Celery. Florida *4 50 a crate; California. S 6 a crate medium do ten. 65e: jumbo, doarn. SOc Cucumber*, ho? house, dozen SI 40; 2 dozen bom 12 50 Endive. California, doren. SOc. peek basket. *2 Eg Plant S2 25 doren Kaie. bushel. 75c. lettuce, hot house 15-lb ba*ket. 11 75. Arizona Iceberg head le'tuce. S3 75. Mangoes. FTonda. crate (IS. Mint, bunch. 15c Pa rule dozen. 35c Pea* hampers. S3. Spinach. Texas, bushel. $2 Radishes dozen SOc Tomatoes 10-Ib carton. SI s#; Florida original 53.75 Turnip* bushel. 7Sc. Parsnip*. bushel, SI 36 Bee-S, bushel. SI 25. Carrots bushel. SI 25. 190-lb. sack. §L7S. Rhubarb, hot house 5-ib. carton. 60c. Mushrooms, lb.. 30© 35c. All quotations s'iblcc; to change us or do n.

PAGE 6

SHARES DIP IN DULL TRADE ON STOCKMARKET Sales During First Hour Total Only 80,000 on Big Board. fly failed Press NEW YORK. Feb. 11.—Stocks, with a few exceptions, declined fractions to more than a point in dull trading during the morning dealings on the Stock Exchange. Most losses were at the opening. After that the market made little change in extremely dull trading. Sales the first hour totaled only 80.000 shares, against 120,000 shares in the first hour Friday. Among the few issues to make gams were Tricontinental Corp preferred, which reached 81, up 6 points on a single sale; American Chain preferred, which made anew high at 44'.!, up 3’_’, and the common which sold at 10, up 1; Commonwealth & Southern preferred 38'-, up l’j; United States Tobacco up 2 , <> and Gliddcn 25T, up ii. United States Steel declined to 35 ! *, off ' on the first sale and held around that level. American Telephone was dull at 104 off ’i. Du Pont declined to 93';, off 1U; Libbv-Owens Glass 27 1 , off 1; Chrysler 37 7 . off 1; Celanese 30'i, off i',. and Sears Roebuck 34-g, off 4 • Railroad shares resumed their decline in the initial trading, but steadied later, they were fractions to a point lower around noon.

Ralph Ilendershot

Money and Exchange

TREASmt STATEMENT ißv United Pressi WASHINGTON Feb. 11—Government expense* and receipts for the current fi>c; ; tear to Feb 8 compared with the corresponding) period of the previous fiscal vear: This Year. Last Year. Expenses $4 205 238 816 09 53.785.223 461 26 Receipts.. 2.147.055.057 73 -1.771 573.719 97 Deficit .. 2.058 153.758 36 2 013.649.741.29 Cash bal. 2.226.742.624.16 4.331.166.343 24

Other Livestock

ißv United Press) CHICAGO. Feb 11.—Hogs—Receipts 26.OOu .ncluding 11.000 directs: slow; mostly 10 cents lower than Friday; weights above 200 lbs.. $8.10*<8.20: top S8 20: 160-200 lbs.. $7 85vi 8.10: 140-160 lbs.. $7 404(7.90; 100-140 lbs.. *5 754(7 50; good packing sows largely *7 504(7 60; light lights 140-160 lbs.. ;ood and choice. *7 2$ r u 7.90; light weight, 100-200 lbs . good and choice. *7 654(8 15; medium weights, 200-250 lbs., good and choice. *84(8 20; heavy weights. 250-350 lbs . good and choice. $8.05 v 8.20; heavy weigh - ; 250-350 lbs., good and choice. *8.054,8 20; packing sows. 275-550 lbs., medium and choice. *6.504(7 70: slaughter pigs 100-140 lbs., good and choice. *5 50 -i 7.50. Cattle—Receipts. 10.000: calves 3000: good and choice fed steers and yearlings strong to unevenly higher on shipper account; near-choice kinds substituted for toppv cattle showing most upturn; supply small; lower grades at sll 50 downward, slow; mostly steady; bulk better grades $12,754( 13.50: other killing classes generally steady to strong: although bulls weak to 25 cents under last Thursday; practical top weighty sausage bulls *5 25: veaiers steady to weak; choice kinds 584i8.50: slaughter rattle and yearlings steers 550-900 lbs., good and choice. *9 50'<t 13; 300-1100 lbs., good and choice. *9.504(13.75 1100-1300 Fbs . good and choice. *10.504714' 5501300 lbs., common and medium. $54710 50: heifers. 550-750 lbs., good and choice. $8.75 (1125; common and medium. $4 254(8.75: cows good. *5.756 8: common and medium, *3.504(5 75: low cutters and cutters, $2 50 4(3 75; bulls tyearlings excluded), good ibeefi, ss*(6 25; cutter common and medium. $3 754( 5 25; yearlings good and choice. $74(8.75; medium. *5.50477; cull and common. *3 504(5.50: stocker and feeder cattie: steers 550-l n V) lbs.. good and rhocie. *6 18 25; common and medium. *4 75"( 6. Sheep—Receipts. 13.000; fat ,amb undertone strong to higher: asking 25c and more advance: sheep strong; mereiv good native lambs sold S8 40; best held *8 75 upward: slaughter ewes. 544( 5; best held higher; feed lembs firm; talking *74(7.25 on desirable quality; -laughter sheep and lambs: lambs 90 lbs. down, good and choice. *7.Bs'n 8.75; common and medium. $6 254(8; ewes. 90-150 lbs. good and choice. *3.654( 5 25: all weights common and medium. *34(4.15; feeding lambs. 50-75 lbs., good and choice. *6 25n i 50. FT WAYNE. Feb 11.—Hog —Steady to 15c higher; 200-250 lbs . $8 30: 250-300 lbs.. $8 15. 300-350 lbs.. *7 85; 180-200 lbs.. $8 20; 160-130 lbs.. $8.10: 150-160 lbs. $7 50: 140-150 lbs.. *7 130-140 lbs., *6 50; 120-130 lbs.. *6.25: 100-120 lbs., $5.75: 100-120 lbs.. $5.75; roughs. $6.75: stags, *4.75. Calves. *9: lamb . *8 50. tßv Times Speclall LOUISVILLE. Feb 11—Cattle—Receipts. 1000; supply slaughter classes light; •tilling quality very plain; market slow, because of higher asking prices; most early sales common to medium grade steers and heifers strong to 25c higher a- ss<7 7.50: few better finished to $8 50: nothing strictly good offered; early beef $5 50 or better: low cutters and cutters cows unchanged: bulk. $44(5; good to mostly *1,75.1 3 25; sausage bulls weak to 25c lower than Friday; bulk. *3 504(4.75; trading slow on tockers and feeders; bulk beer Hereford and Shorthorn stock calves. $64(7: good ouotable higher; inferior to common southern dairybred stockers. *3.50 4 50. Calves—Receipts. 600. I including 300 stock calves; veaiers steadv with Fndav and Saturday; bulk good to choice veaiers. S7.iß; medium and lower : grades *6 40 down to around *3. Hog : Receip’s 1400, 15c higher than Saturday I or 25c higher than last Friday; ton and ■ bulk better. 180-250 lbs.. *8.40: highest ! since January, 1931: 255 lbs. wj. $7 95; I 160-175 ibs., *7 65; 140-155 lbs.. *7TS; 120I 135 lbs. $6 20: sows. $6.65 Sheep—Re- [ ceipts. 400, including about 250 stock :ee steady; bulk medium to good lambs. 7 8: choice, quotable around $8 50; common throwouts. *6; moat fat ewes. $3 50.

Produce Markets

Delivered in Indianapolis prices: Heavy bterd hens. 14c: Leghorn hens, 7c; colored springers. 13c: heavy stags, 9c; Leghorn stags. 7c: old rooster*. 6c; ducks, full feat tiered and fat. 10c; geese. lull feathered and fat, 8c: all classes of guineas. 15c No. 1 strictly fresh country mn eggs, loss off. 23c. Each full case must weigh 55 lbs cross, a deduction of 10c a pound for each pound under 55 lbs. will be made Bitter—No. 1. 38-39 c. butterfat. 36c. Quoted by the Wadley Cos. •By United Press i CHICAGO Feb 11 Eggs —Market, weak receipts. 4108 rases: extra firsts. 30c fresh graded firsts, 30c: current receipts. 28c: dir'le* 27c: checks. 26'. Butter- Market, easv: receipts, 5020 tubs: rvra firs:* >9O-9f .• score'. 354i35 s 4C: exit score 1 . 36c. firs'* 'BB-89© score'. 34*435'c: seconds 'B6-87', score', 33', 34c. specials. 36',<i37c; standards. 36' 36 .c. Poultry—Market, steady to easy: receipts 33 truck*. 1 car due: hens. 16 1 , -i 17c. leghorn hens. 13c: springers. Leghorn. 14c; broilers. Piymou'h. 22© 23c; capon*. 6-7 lb*. 23c: old ducks. 175718 c: turkey*. 19© 21c; geese 15c stags. 15 ; _-c: spring*. 19© 20c. Cheese —Twin* 17©l7*e; daisies. 17‘,©17 3 .c: Longhorns. 17',©17*e. Potatoes—Supply fiberal: demand and tricing slow: market, steady: Wisconsin rovnd whites. 1 car 77 .c Idaho rus's. SI s 155: Michigan round whites. 72’,e. Arrivals 136. one track 345, shipments Saturday 1136. Sunday 41. CLEVELAND. F*>b. 11.—Butler—Market, steady; extras 40c: standards. 40'aC. Eggs Market, weak; extra white. 30c; current receipt*. 29>jc. Poultry—Market, steady: fowls. 194720 c: Leghorn fowls. 16© 17c ducks light. 17© 18c: ducks 5 lbs and :p. 20©21e: geese I7?18c: turkers vouns. 20c Potatoes—Maine *lls© 1 2’5 a 100lb bag Ohio best 75©SPr a 100-lb. bag: Michigan. 80©85c a 190-lb. bag. AIR TRIPS LONGER By Time* S’per oil CHICAGO. Fob. 11. — The average distance traveled by 147.139 passengers of the United Air Lines during 1934 was 500 miles, compared with only 200 miles in 1930, it was reported today.

Abreast of The Times on Finance

New York Stocks

(By Thomson ii McKinnon! 11AM. Prev. I Oil*— High. Low. N. V. close Barnsdall 4'* Ji* SJ< imT Cost Pet"! ll'i lj4 Phillip* Pet .... 15 1 4’* I4’ 15 ! Hire Oil 6; 6_, 6* 7 lf h o oYW::::: ;• 235; S ’ !>: IS?: if.. Tidewater Assn. 9. {• ? 9 Un Oil of Cal .. 15V* 15*4 lo 1 * IoU Steel*— Am Roll Mill*.. 20]* 20’* 20’, 21 Evers A M 16;, IL, 1 7 * Mid Sreel 11 *l'A •? * Natl Steel .... 6 § * Rep 1 A Stl 13 1 a 13 a 13 2 13 * U S Pipe & Fdv 18’% 18’,2 18ba 18ja U S S' eel . . 35’* 32 3o S, 36 , !U S Steel pld .. 87’, Bi’* 8i 7 88 Motor* — 'Chrysler ....... 38’ 4 37 7 * 37 * 38’* ! Gen Motors .... 31'* 31’* 31', 31'2 Graham Mot .. 2], 2’, 2\ 2* Hudson 9 , ?_ 9, 10;* ftavh 15’, lo 1 * 15 7 16'* Packard 4’, 4'* 4'a 4’, Reo 2’, 2_ 2 , 2., Studebaker 1 TANARUS, 1 1 Motor Access— BendlX 15’, 15 15 15'* Hoit Warner ... 30 30 30 30 1 < i Briggs 26’* 26'4 26' * 26 '* ! Eaton 19' 4 19'* 19'* 19U Elec Auto Lite .. 24', 24’, 24’® 24 * Elec Stor Bat .. 46 46 46 45’, Houdallle ‘A’’.. 8' B', B'* B'* Murray Body ... 6' 2 6*2 6'2 6*2 Stev Warner ... 7’, 7'2 7'2 7 5 , Tim Ken Roil • 34' 4 34', 34' 4 34'a Timken Det Axle 8 6 6 6 1 * Minin; — Alaska Jun 17 17 17 17'* Am Metals 16' * 16' 16'* 16V* Am Smelt 337,4 7 , 34' 34' 4 35 Anaconda 10’ 10’* 10'* 10’* Cerro De Pasco-. 41 41 41 41'2 Int Nickel ... 22 7 , 22’* 22 1 * 23 Kennecott Cop.. 16 7 16'; 16 7 16** Mvlntvre Mine.. 41 >4 41 41'* 41’* Fox Theat 10> 10'i 10'* W'.a Loews Inc 33 32 7 *337,2 7 ,32 7 , Radio Com .... s'* 3'* s'* 5*4 Paramount 3 5 * 3®, 3’a 3’ RKO ... 1 7 1 7 17,l 7 , l 7 * Warner Bros ... 3T 4 3’* 3’,* 3’* Tobaccos— Am Tob A .. 80 80 80 80 Am Tob B .. 81 'i 81 81 81 Vi Lie at & Myers B 106 106 106 105'2 Lorlllard . .. 20’* 20 20 20',* Phillip Morris . 40 7 , 41 41 41 Reynolds Tob B. 47 5 4 47’, 47’ 4 48 Rails— Atchison 43'; 43’* 43 7 4 44’, B Jv. O 11*2 11*2 11 1 2 11 7 a Can Pacific 12'* 12'* 12'* 12'a Ch & Ohio . 42'* 42 42 42'* CM& St P pld 3's 3*s 3’* 3 3 4 Chi N W .... 4 3 * 4 5 * 4’* 4v* Del Lac Si W. -. 15 3 , 15’* 154a 15 3 , Grt North pfd. 13 7 -* 13 3 4 13 a 14 1 * Lehigh Valley... 9 9 9 9 Lou & Nash ..41 41 41 40>2 MKSi T pfd.. 10’, 10’, 10 3 a 10 3 , Mo Pac pfd ... 2'* 2 7 2 7 * 3 N Y Cent 17 16'4 16’* 17'i N Y New Haven 6' 2 6’ 2 6' 2 6' 2 Norfolk & West 172 172 172 172'a Nor Pacific .... 17 116’* 16 3 i 17 * a Penn R R 21’i 21U 21 '* 21 3 i Sou Pac 14 7 a 14’4 14 3 4 15'* Sou R R 11 3 4 11'2 11 3 4 12>i Union Pac 93 7 4 99 3 4 99 3 4 99 3 4 West Maryland.. 8 3 , 8 3 a 8 3 , B‘ 4 Equipments— Am Brake Shoe. 25 7 4 25 7 * 257® 25 3 * Am Car & Fdy.. 17 17 17 17U Am Steel Fdy .. 116 1 a 116 1 2 116*2 116 1 2 Bald Loco 5 7 * 5 3 4 5 3 4 5 7 * Gen Elec 23' 4 23', 23’ 4 23*2 Gen R R Sig ... 25'* 25>* 25', 24 1 2 Pullman Inc ... 49 48’„ 49 49’* Westingh Elec.. 38'* 37'* 37 7 * 38'* Utilities— Am <fc For Pwr.. 27* 2% 2% 4' * AT&T 104 104 104 104' 4 Am Wat Wks . 11 7 11 7 11* ll u Col Gas & Elec 6‘2 6'a 6'j 6’* Conn Si Sou ... l'.a 1 Consol Gas . 19 18 3 4 18 3 4 19 Elec Pwr & Lit 2'i 2' t 2'i 2U Int T Si T 9 9 9 8 3/ 4 Nat Pwr Si Lit.. 6'2 6'a 6'2 6 * North Amer ... 11 3 4 11'4 ll' 12 Pac G Si E 13 7 13 3 4 13 7 13;* Peoples Gas .... 20 4 20', 20 3 4 21'.4 Pub Serv N J . 24' 4 24'* 24U 24 7 So Cal Edison .. 11 3 4 ll 3 * 11 3 12 Std Gas 3',2 3'a 3',2 3 5 * Stone Si Webster 4 4 4 4',* United Corp ... 2 3 2' 4 2 3 * 2 4 Un Gas Imp ... 10 7 * 10’, 10’* lO'a Ut Pwr &i Lt "A” IJ*1 J * 1 3 13,l 3 , l’ Western Union. 28', 28'a 28'2 28V4 Rubbers— Goodyear 22'2 22 22'2 22 '2 Kellv Spring ... 14* l’a l’ I’* U S Ruober .... 14 13 3 ,4 134* 144, Miscellaneous— Allis Chalmers.. 16 7 , 16 7 t 16 3 4 16 7 ii Am Can 113’ a 113' 2 113'2 114’s Am Mach & Fdy 22 21 3 4 21 3 4 21 Brklyn Man Tr. 41* 41 • 41', 42', Burroughs Add 15 15 lo 15 Caterpillar Tract 39 7 k 39 7 i337,9 7 ,39 3 4 Crown Cork 25'4 25' 4 25 1 4 26'2 Deere Si Cos .... ?7 3 4 27 3 4 27 3 4 28’2 Eastman Kodak 113 112'* 113 113 3 * Foster Wheeler.. 14 14 14 14'2 Gillette 13 7 * 13 7 * 13 7 * 13 * Gliddeu 25'* 25 ] 4 25 3 * 25 4 Int Bus Mach ..155'2 155 1 2 155', 154 3 4 Inter Harv .... 4040 4040 Natl Cash Reg. 16'2 16', 16', 16 4 Rem Rand . . 9' t 9’* 9'* 9 * Worthingt'n Pmp 18 18 18 18'* Foods— Armour Com ... s’i s' s'* s'* Armour 6'i. Dfd 68’* 68’* 68’8 68‘2 Borden Prod .... 24'* 24‘a 24 2 24 * Corn Prod 6*'2 65'* 6o'.* 6a\4 Crm of Wheat. 38 38 38 38 Gen Foods .... 34 1 2 34_2 34*2 34 * Gold Dust 16'4 16U 151* 15 1 G W Sugar ... 27 3 4 27 3 4 2i 3 4 28 Natl D Prod 16’* la 3 4 16 la 3 4 Puritv Bak •• 9'* 9'* 9' 9* S Por Rico Stig 20'4 20’ 4 Std Brands i 7 * 17 * 17. Retail Stores — Best & Cos 35% 35 3 ’* 35 3 4 35 3 i First Natl Stores 49 3 , 49 3 , 49 3 | 49 3 t Kresge S S 20 3 * 20 2 20*2 20 s McLcllan St ... 13U 13 13' 4 13 Marshall Field.. 8 7 8 3 4 8 3 4 9 May Dept St... 41 3 * 41 3 s 41 3 * 42 Mont Ward .... 26'4 26 26 26 4 Penney J C .... 68 68 68 68 4 Sears Roebuck.. 34 7 * 34’* 34", 35 3 * Woolworth 53 7 * 53'2 53 ] 2 54 Aviation — Aviation Corp .. 4'i 4*2 4'a 4’* Boeing Airest .. 9'* 9 9 9' 4 Curtiss Wright.. 2’* 2’* 2’* 2 * Douglas Air .... 22'4 22' 22'4 22'2 Nor Am Av 33 3 3^* Sperry Corp .... B’* 8 3 4 8 3 4 8;* Uni Airest New.. 13’* 13 3 a 13 1 , 13’* Chemicals — Air Reduction...lll 111 111 lU'4 Cos! Carbon .... 73]i 73>4 73's 73^2 Com Solvents 2C : 2 20 3 * 20*2 20 * Dupont 94’ 4 93’ 4 93'2 94 3 4 Math Alkali .... 28>4 27 3 4 27’ 4 28'* Natl Dis inew).. 27’2 26 3 4 27 ! 2 2i 3 , Schenlev Dist •• 25 * 25U 25' 25 2 Tex Gulf Suiph. 34 3 4 34’ 4 34’ 4 34'2 Union Carbide.. 46’* 46* 4 46 1 46’ 4

Stock Studies

north am. aviation < common stock Q*CE share EARNINGS PPCE RANGE SCAIF 1 , V .--IS G f- (f j— 10 IfirH'i o '3o 31 '32 3334 30 31 32 33 3~4 ° WINCHESTER INSTITUTE Os FINANCE

The North American Aviation Cos. is primarily an air transportation organization. The company in the past acted largely as a holding company so that several readjustments have been necessary in order to enable it to bid on government air mail contracts. Asa result of this reorganization the firm distributed its stock holdings of Transcontinental and Western Air among its own stockholders. North American Aviation is controlled by General Motors Corp. which holds 52 per cent of the capital stock. Below we give the adjusted financial data after giving effect to transaction* necessary to complete the reorganization, such as distribution aod sale of certain stocks and payment, of inter-com-pany notes. FINANCIAL DATA (ADJUSTED) A* of Nov. 30. 1934 Capital Stock '*l par) 3.435.033 shares Inies'ments * Surplus.* a. 313.551 Cash and securities 3.370.979 Total current assets 4.600.032 Current liabilities .•••••••••••••• 263.650 Totals assets .*6.383.804 North American Aviation was incorporated in December, 1929, in Delaware. The capital stock is listed on the New York Stock Exchange. It is rurrently selling for around 3 ? s. (All Right* Reserve*) Winchester Institute oi Finance. Winchester. Msgs.i

INDIANAPOLIS, MONDAY, FEBRUARY 11, 1935

Drugs— Coty Inc 6 S 6 6 Lambert 28 28 28 28'2 Sterling Prod 62 62 62 62 Un Drug mew), ll'i ll'i ll'i 11’* Zonite Prod ... 4 : t 4Vs 4’* 4'* Financial— Adams Exp .... 6'* 6'i 6 ! * 6' Allegheny Corp. l’a l’ l’ IS Transamerica . 5' 4 5S 5S sl*5 l * Tr Conti Corp .. 3'2 3'2 3‘2 3’* Building— Am Radiator... 141a 14 14 14’ 4 Gen Asphalt .16 16 16 16’4 Johns Manville 50’ 4 50', 50', 50’ 2 Libbv Owens Gls 28’* 27’* 28’ 28 3 * U S Gypsum ... 47’* 47’* 47 3 a 47’ 4 Household— Proc Si Gamble. 40 3 * 48 3 * 46’* 46 3 * Servel Inc 8’ 8 1 * 8S B’s Textiles— Celanese Corp.. 30'* 30*,1 30'a 31S Indus Rayon ... 31 1 * 31'* 31 1 * 31’*

Chicago Stocks

IBy Abbott, Proctor <fc Palnei 11:00 A. M. close. Butler Bros 7 7 Bendix 15 15’* Borg Warner 30 30'.* Cities Service l'a I'* Iron Fireman 14 14'* Libbv 7'a 7V* Marshall Fields 9 9 Quaker Oats 129 130 Swift 18 18'* Zenith Radio I 7 * 1 3 4

(By Abbott. Proctor & Paine) 12:00 (Noon) Prev. N Y. close. Alum Cos of Am 44' 4 44 Am Cyanide "B” 16‘ 4 17 Am Superpower 1 Carrier Corp 17 17’* Distillers Corp 16 1 * 17', 4 El Bond Si Share 5 7 * 6 Gulf Oil of Pa 56 3 * 56 Hiram Walker 30 3 ', 30’* Imperial Oil Ltd 16’* 16’2 Lake Shore Min 51’ 4 51 s * Natl Bellas Hess 1 7 l 7 * Nia Hud Pwr 3’ 4 3’ 2 Park Davis 34 34 Penn Road 1 3 4 17,al 7 ,a Teck Hughes. Gold 4 4 HOME REPAIR WORKSPURTS Gratifying Increase Shown in Most of Larger Cities of Country. By Timm Special WASHINGTON, Feb. 11.—Modernization and repair work similar to that being advocated by the better housing campaign of the Federal Housing Administration has shown a gratifying increase in most of the larger cities of the country, according to comparisons of figures of 1933 and 1934 operations. The most pointed increases have been recorded since the Administration’s campaign began last summer. Permits issued for additions, alterations and repairs by all cities with populations of 100,000 or more for the last half of 1934 totaled $60,314,400, against $53,268,428 for the first half of 1934 and $47,576,791 for the last half of 1933, according to reports made to the Bureau of Labor Statistics, Department of Labor. This is a gain of 13.22 per cent over the first half of 1934 and of 26.75 per cent over the last half of 1933. These increases are credited chiefly to the better housing campaigns now being actively carried forward or organized in more than 5000 communities under the modernization program which began last August. Figures for permanent installation of equipment, such as refrigerators, etc., in homes, stores, factories and other properties, and for painting, usually are not included in alteration and repair permit totals. Estimates from leading corporations manufacturing and selling such materials, however, indicate a striking gain in their field. Sixty-nine of the 94 cities listed show gains for the last half of 1934 over the last half of 1933, while 57 show gains over the first half of 1934. Forty-seven of the 94 cities show gains over both the other periods.

GRAIN PRICES DROP SHARPLY AT CHICAGO Supreme Court Announcement Causes Heavy Selling. Tiy United rrr*g CHICAGO, Feb, 11.—Disappointment over announcement the Supreme Court vas not yet prepared to hand down a gold decision brought heavy selling into grain futures on the Chicago Board of Trade today. Prices moved sharply lower. At the start wheat was ~k to I*4 cents lower, corn was off 3 i to l l ,* cents, oats were off % to T s cent and rye was a cent lower. The market was active with Saturday's buyers moving over to the selling side. ißy James E Bennett) 11 a. m. Prev. Wheat— High. Low, A. M. close. May .96> 2 .75’, .96 .97 3 , July .89', .89 l * .89’. .90 3 , Sept ..*••••• .87’, .875* .ST'S .88 4 Corn— Mav •••••••• .84*2 -84 .84 .85', Julv 79-2 78’, .78’, .80;*, gept .76 ! 2 .75 3 4 .i5 3 4 .7i's Oats—xfav .30", .49’* .50 .50’, July 43'. .42’, .42’, .44 sept 41 .40-2 .40>2 .41% Rye— Mav ........ .64', .63 3 4 .63 3 4 .65 j u lv ........ .64 "‘4 .63 3 4 .63*4 .65 Sept ........ .64', .64 .64 .65’-4 LOCAL CASH MARKET Citv grain elevators are paying 90 cents for No 2 soft red wheat. Other grade* on their merits. Cash corn No. 3 yellow 82 cents and oats 45 cents.

Hides—Green country cows and steer* 31. c flat: green country bull* and glues. 2'ic flat’: green country calf hides. 4c fiat: green counttw kip 3‘2C; No. 1 large hor*e hides with full heads, shanks, manes and tails. *2.50; medium size. *2 611 No 2 grade horse mdes. SOc less: glues and ponies half price. No. 1 rendered tallow. No. 2 at value. Yellow grease. 3-.@4c; oars grease. 3W®3Vac.

New York Curb

Hides and Skins

COAL GASOLINE SEEN HELP TO MANYNATIONS Hydrogenation Process Held Destined to Meet Urge for Self-Sufficiency. BY HOWARD CARSWELL Times Special Writer NEW YORK, Feb. 11.—Starting by the Imperial Chemical Industries, Ltd., of anew hydrogenation plant in England and the probable extension of the hydrogenation processing of coal into gasoline in other European countries was a topic of interest today among oil men here. The new English plant is expected to supply about 9 per cent of England’s domestic gasoline needs by adding hydrogen to bituminous coal from British mines. England’s annual consumption of gasoline is roughly set at 1,400,000,000 gallons. Look Into Future Within a few years hydrogenation plants for working up coal may be installed in France and Italy, and perhaps Japan and Manchukuo, under the spur of the worldwide trend toward economic self-suffi-ciency, according to well-informed students of the situation. Germany, which has set the pace thus far in the struggle for selfsufficiency, has been producing coal hydrogenation commercially for a number of years. About 10 per cent of the gasoline consumed in Germany comes from the hydrogenation of Reich brown coal and coal products. Germany’s annual gasoline consumption is estimated at about 400,000,000 gallons. Uneconomical Here Whereas European nations are spurred by the necessity of becoming less dependent on petroleum imports, the abundance of petroleum and the cheapness of gasoline in the United States have given the hydrogenation process an entirely different course in this country. With gasoline so cheap, it nas been uneconomical to work up coal for the manufacture of products conventionally prepared from petroleum. However, petroleum products themselves may be materially improved by such processing and lowgrade fuel oils may be ungraded to the point of yielding 100 per cent gasoline. With lubricating oils the application of the hydrogenation process has 'been found to improve their cleanliness and freedom from carbon formation to an extent that the hydrogenated lubricants compare with the best Pennsylvania oils, according to oil men conversant with the subject. Field Expanding According to well-informed opinion, the extraction of solvents from petroleum by hydrogenation is an expanding field. The solvents, or petroleum naphthas, are unique In that they possess the good properties of both the conventional coal tar and petroleum solvents. While their principal market thus far is in the lacquer industry, larger scale production may be expected to promote these petroleum naphthas in the dry cleaning, printing, rubber and other industries. American experience with hydrogenation is confined to two 5000-barrel-a-day plants of the Standard Oil Cos. (New Jersey), which has the American rights to the Bergius process. Their production is confined to upgrading lubricating oils and manufacturing solvents.

RURAL RETAIL SALES FOR NATION UNIFORM South Reports Largest Gain With 23.5 Ter Cent Increase. By Times Special NEW YORK, Feb. 11.—The relative increases in sales of general merchandise in small towns and rural areas were fairly uniform in the different regions of the country for the year 1934, as compared with 1933, according to estimates just released by the Bureau of Foreign and Domestic Commerce. These estimates are based upon a sample representing about one-fifth of the retail business of this type transacted in places less than 30,000 population. The largest gain was recorded in the South, where sales were 23.5 per cent higher in dollar volume for the year 1934 than for 1933, compared with an increase of 21 per cent for the country as a whole. The smallest gain for the year was in the East, which showed an increase of 20.5 per cent over 1933. FLICKINGER IN BOSTON Dan W. Flickinger, general agent for the John Hancock Mutual Life Insurance Cos. in Indiana, left Saturday to attend the company’s annual meeting at the home office in Boston.

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers. A 25-cent carrying charge per ton will be added. DOMESTIC RETAIL PRICES Indiana lump $5.20 Egg 5 03 Nut 480 Brazil BlockLump 554 Egg 5 31 Nut 6.04 GlendoraLump 5.34®5.59 Egg 5.18®5.43 Nut 4.9505.20 West Virginia and Eastern Kentucky (Group B) 6.7707.18 Pocahontas and New River, smokersa 7.3008.32 Coke, egg and nut 8 90 Pea Coke 7.40 Anthracite 10.13012 88 A. T. & T. WILL EXHIBIT fly United Prf NEW YORK, Feb. 11.—The American Telephone and Telegraph Cos. has contracted for an exhibit at the California Pacific International Exposition opening May 29. at San Diego. Cal., John Mills of the Bell Telephone Laboratories, announced today.

WHERE CONSUMER'S ELECTRIC DOLLAR GOES

■< • / / Salaries and • / Wages < Other deductions / fO 4, —-A* and dividends* l 5.1*7# on capital i reserves and surplus, NLf Pyrohased Power 3 j or 7.1*7# on capital * 6*7* JC . Stock only / \ Z oA / Interest and \\ / amortization \-a \\ e O . / of discount* \ V\ y ' *i \ 4.B®?# on debt \ *i*\ nPjs/ •’ \ A* \\X' \ % \ Uncollectable 01<n *

The chart pictured above shows how the American electricity consumer’s rate dollar is spent to provide the power service. It was prepared by the publication Electrical World.

Left Wing New Dealers Aim Higher Tax to Tie in With Central Bank Bill Proposal Would Skim Cream From Individual Income and Corporate Surpluses to Keep Money in Circulation. (Copyright. 1935. by United Press) WASHINGTON, Feb. 11.—Left wing New Dealers have proposed higher income and corporate taxes to supplement the central bank bill now before Congress. The bank bill itself Is sponsored by Marriner S. Eccles, Governor of the Federal Reserve Board. No official so far has publicly sponsored the tax plan. It would skim the cream from individual income and corporate surpluses to keep the money’(•constantly in circulation through Federal expenditures.

PORKER PRICES AGAINADVANCE Medium, Heavy Grades 10 Cents Higher; Cattle Market Slow. With supplies continuing at an extremely small figure at the Indianapolis Union Stockyards today, porkers prices again surged forward into new high levels. With exception of a few lightweights unchanged, the majority of classes were generally 10 cents higher. Receipts today numbered only 1000, compared with 1000 Saturday. This was the lightest supply on hand at the beginning of anew week for several months. Prices for good and choice hogs after the increase were within 45 cents of the $9 mark a hundredweight, anew high for more than three years. Initial trading was at a fairly active pace with a broad demand prevailing in most all classes. With hog supplies scarce throughout this section of the country, seven.’ livestock dealers predict that prices will continue still higher. The bulk, 160 to 275 pounds, was selling at $8.40 to $8.50, while extremely better grades were reported salable at around $8.55 a hundredweight. Heaayweights, ranging from 275 pounds up, brought $8.15 to $8.35. Small slaughter pigs, weighing 100 to 130 pounds, sold at $5.50 to $6.50, while packing sows held at $7 to $7.65. Holdovers were 107. Activity was slow in the cattle market with most slaughter classes of steers uneven to around steady at Saturday’s best average. Few choice kinds, however, were slightly higher. HOGS Feb. Bulk. Top. Receipts. 5. $8.15® 8.25 $8.25 5000 6. 8.15© 8.25 8.25 4000 7. B.lo® 8.20 8.20 4500 8. 8.15© 8.25 8.30 4500 9. 8.30® 8.40 8 40 1000 11. 8.40® 8.50 8.55 4000 Light light: j 140-160) Good and choice.. $7.25© 8.00 Medium 6.75® 7.60 Light weight: 1160-180) Good and choice .. 8.40® 8.45 Medium 7.85® 8.25 (180-200) Good and choice... 8.45® 8.50 (180-200) Good and choice... 8.45© 8.50 Medium B.oo® 8.25 Medium weight: (200-2201 Good and choice... 8 45© 8.55 (290-350) Good and choice... 8.15© 8.36 Heavyweight: (250-290) Good and choice... 8.35© 8.40 (200-350) Good and choice... 8.15® 8.35 Packing sows: (275-350) Medium 6.75© 7.25 (350-425) Good 7.25® 7.50 (425-550) Good 7.00© 7.35 (275-350) Medium 7.35® 7.60 Slaughter pigs. (100-140) Good and choice... 5.00© 7.00 Medium 4.50® 6.75 CATTLE —Receipts, 800— —Steers—-(sso-900) Choice $10.25® 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® 13.00 —Heifers—-(soo-750) Good 10.00 ©12.50 Choice 9.00® 10.00 Good B.CO® 0.00 Common and medium 4 00® 8.00 (750-900) Good end choice... 8 25© 10.50 Common and medium 4.25® 8.25 -—Cows — Good 5.75® 7.50 Common and medium 3.50® o.jo Low cutter and cutter 2.00© 3.00 —Bull*— (Yearlings Excluded) Good 4.70© 5.i5 ; common and medium 3.50® 6.25 VEALERS —Receipts. 400— Good and choice $9.00© 9 50 i Medium §' Cull and common 3.00® 6,00 Calves—-(2so-500) Good ond choice.... 6 25© 9.00 : Common and medium 3.ao® 6.2a —Feeder anjl Stocker Steers—-(soo-900) Good and choice 5.50® 7.25 Common and medium 4.00© a.aO (900-10501 Good and choice... 5 75© 750 Common and medium 4.25® 5.75 Good 3.50© 4.25 Common and medium 2 75® 3.5® SHEEP AND LAMBS —Receipts. 500— Lambs. 90 to 120 lbs . good and choice -38 2a® 8 i5 Common and medium 6 00® 8 aO 90-120 lbs., good and choice.. 3 50® 4.50 Sh fiio-lM) Good and choice ...3 00® 4 25 All weights, common and mediiirn 2.00® 3.2a

What Docs It Mean? Call Loans — Funds borrowed which are subject to repayment at any time are call loans. Securities are usually used as collateral. Financing of stock market transactions is largely done via call loans.

Eastern bankers and conservative Congressmen of both parties challenge the bank bill ; an unwarranted extension of political control over the banking system. Gov. Eccles’ reply in the opening exchange of argument said the bill i would: 1. Accelerate the rate of economic recovery. 2. Make the banking and monetary systems responsive to present and future economic needs, and 3. Prevent a recurrence of conditions which closed the banks in March, 1933. Provisions Outlined The United Press was informed, however, by an official who represents the Administration group which wants freer federal spending that the bank bill may become a part of a 3-point program. As outlined to the United Press, the plan to be developed if President Roosevelt can be persuaded to it provides: 1. A high tax system to insure what monetary experts call velocity of money turn over. 2. A bank system that controls the volume of credit or money available under any conditions. 3. Insurance of jobs for all employable persons. Mr. Roosevelt would not be expected to experiment in all those directions until the $4,000,000 recovery and relief plan has had a thorough test. Money velocity would be obtained by the process of heavy taxation. The government, in turn, would spend the tax proceeds on projects which would create jobs. Employment for every employable goes considerably beyond Mr. Roosevelt’s plans as outlined so far. Glass Contacted. In an effort to ease opposition to the works bill Mr. Roosevelt telephoned Senator Carter Glass (D., Va.), an outspoken critic of that and the bank bill, urging his cooperation in saving the former from attack in the Senate. The bank: bill evidently meets the requirements of credit and money control. Gov. Eccles' statement explained that the Federal Reserve Board as now empowered lacks authority to fix the nation's monetary policies. “An essential step in giving tiie Board this authority is to give it a controlling influence over the system’s open market operations,’’ he said, “for these are by far the most important instrument of reserve policy. Holds Reserves Key “By these operations reserves may be given to or taken away from member banks; and it is on these reserves that deposits are based. It is not too much to say that the power to control open market operations is the power to control the expansion and contraction of bank credit, and thus in large measure to control the country's supply of money.” Open market operations are the process by which the Federal Reserve Banks buy or sell Government bonds. Governor Eccles said it was necessary to concentrate authority over open market operations in the Federal Reserve Board “a body which has a national point of view.” This statement reflects Administration feeling that the interests of banks and public do not always coincide and that government must intervene to assure that in any conflict of interests the welfare of the public will prevail over that of the financial interests. Whether this conflict actually exists is, of course, a matter of debate. IS SU E IS REGISTE RED Massachusetts Investors Trust Files for $29,880,000. Massachusetts Investors Trust, the oldest mutual investment trust of the so-called Boston type, has filed a registration statement with the Securities Exchange Commission for additional shares In the amount of $29,880,000. This is one of the largest registrations since the passing of the Securities Act of 1933. The last previous registration statement filed by this trust was on June 12. 1934, for $9,685,000.

MOTOR TRADE REVIVAL LEADS OTHERTRADES Recovery to Date Indicates Slowing Down of Rate in Future. By Times Special NEW YORK. Feb. 11.—Reflecting the extreme drop during the worst of the depression and the vapid expansion in sales as soon as economic conditions permitted a portion of long-deferred replacements, recovery in the motor trade has far outdistanced that registered by most other industries during tha past two years, the Standard Statistics Cos. declared today in a survey of that field. Total unit vehicle production gained 39 per cent in 1933, followed by a further rise of close to 44 per cent in 1934. In contrast tha Standard Statistics index of general industrial activity rose by a monthly average of less than 4.5 per cent. "The substantial automotive recovery to date, therefore,” the survey continued, "suggests that future years’ improvement in output necessarily will be at a relatively slower rate, conforming more nearly than in 1933 and 1934 to the broad trend of domestic and foreign business activity. Latent Demand Good "The industry’s record of building progressively better cars and offering greater value per dollar of sales price provides good reason to expect a continued large latent demand. The inherent vitality of the industry and the potential replacement market suggest that the automobile division will continue to be sensitive to general business trends. "Current indications of some Intermediate betterment In the domestic economic situation point at least to a modest 1935 expansion in car and truck assemblies. Over a period of years, as world Business conditions show large-scale improvement, motor vehicle production volume doubtless will register further marked recovery to levels equaling or exceeding those of predepression years. “While the great bulk of motor vehicle business over a long period has gradually been concentrated in the hands of a few strongly financed units, the industry is rather peculiarly situated in that one of the leading producers is privately controlled. Whereas the publicly owned units owe certain obligations in the form of dividends to their stockholders, Ford is virtually free of such a limitation. Style Is Emphasized "The passenger car business has increasingly stressed style, with frequent changes of models. Constant mechanical innovations further tend toward an almost unending modification of the product, which, with the style factor, makes for periodic shifts in sales appeal. “Accordingly, there is a high element of instability inherent in the manufacture of automobiles. Th* cyclical, seasonal and competitive fluctuations cause unusually broaQ and rapid changes in individual company earnings, with concomitant effects on dividends and equity values.” INTEREST IN CHICAGO WILL STAY UNCHANGED Reduction Not Expected for Some Time, Bankers Say. By Times Special CHICAGO, Feb. 11.—The interest rate on savings deposits in Chicago banks will be continued at 2 per cent, it was unofficially learned here today. Predictions were that the rate would be reduced on July 1, which is the time that a change could be made. The clearing house committee, which governs the policy of Chicago banks, refused to discuss the matter before July 1, but it has leaked out that consideration has been given the matter by individual members. With the general opinion divided, various bankers believe that the vote will favor maintenance of the present rate. It was pointed out that for several years Chicago banks enjoyed a profit on a 3 per cent rate while in other sections of the country banks were paying a higher rate. GLASS UNIT’S NET OFF Libbey-Owens-Ford Affected by Lower Prices. fly Times Special TOLEDO, 0., Feb. 11.—Although its 1934 volume of business was greater than in 1933, earnings of the Libbey-Owens-Ford Glass Cos. wera less than tne previous year, the annual report to stockholders revealed today. Selling prices for all types of building glass were lower, the report shows, while wages and employment were higher. Payrolls increased $1,903,706. while earnings declined $1,038,710, equaling $1.24 per share, compared with $1.65 per share in 1933.

J. EDWARD JONES ROYALTY TRUST “Series I” The January Disbursement against $20.50. This investment accommodates the investor with a Monthly Check. Full Particulars on Request Chapin Seward & Shiel, Inc. Fletcher Trust Bid?. LI-4466

Office Space Klein & Kuhn LI-3545 706 Guaranty Brdg.