Indianapolis Times, Volume 47, Number 223, Indianapolis, Marion County, 26 November 1935 — Page 13

Trends Financing as Cause of Business Stir Contested. BY JOHN T. FLYNN

XJEW YORK, Nov. 26—A Wall Street commentator points to th record of ovpr S4OO 000.000 in new financing last month as the chief motive power behind the present, stir in business. Another dir-cts attention to it, as a sign or evidence of the rising tide.

There is a school which insists that the stimulus to business is essentially investment on a large scale, thev assert, with the in e v itable result. Rut they are mistaken. Actual new 1 investment, last month was one of the smallest

John Hynn

of the year. It was, in fact, trivial, in spite of these impressive figures of new financing. They must then find some other explanation of the business rise or revise their theory. n n n TT is true that $406 000,000 of new financing in a month is large. Rut actually only about $0,000,000 at the most represented new investment. The entire balance was made up of new securities to be offered to pay old debts chiefly, or for conversion purposes or to buy other and existing securities. Only about $0,000,000 is destined for new investment and there is no assurance that even that much will be actually invested. It is indeed a singular thing how new investment resists the rise. Recently Mr. Hoover said that, all that was needed in 1902 to start recovery was to get credit going. All the available instruments and materials were present, he said. Well, from that moment to this credit has refused to move. Rank credits hold back. Investors refuse to put their funds into new enterprises. Production has increased in existing industries. Employment has expanded at least some, though unemployment. seems not to have decreased. Profits have improved. All around there is a general feeling of improved business. The stock market is rising. The ticker is late. We are having three-million share days. But new investment remains inactive. ttan WHAT could have given us this spurt then? If new investment is the energy within business which supplies the motive power then that motive power must be coming from somewhere outside business. Several forces collaborate. Government. spending is at a higher rate than last year. It has been $250,000,000 more than last year since July 1. Emergency expenditures continue at the rate of about $320,000,000 a month. Besides, this, gold is flowing into this country at a great rate. In the last 10 months we have received from around the world additions to our gold stock of more than $1,340,000,000. Bank reserves have risen to an enormous level. There is, in the air, a conviction that inflation of some sort is stirring—probably credit, inflation. When will new investment make its appearance? This is difficult to say. But this is the most important, factor to watch now. If and when that begins, you may look for fireworks in the stock market. Until then it is all in the hands of the government. If the government keeps on spending the rise will continue. (Copyright.. 1935. NEA Service, Inc.) STOCK VALUES DROP 25 Issues on Chicago Exchange Off .11 Per Cent in Wev'k. Times Special CHICAGO. Nov. 26 —The value of 25 representative stocks listed on the Chicago Stock Exchange at the close of business for the week ended Nov. 23 was $814,990,500. a decrease of $931,625. or .11 per cent, compared with $815,931,125 in *he preceding week, according to Paul H. Davis Sc Cos. At, the close of the corresponding week a year ago. the same stocks had a market value of $501.136 125, indicating an increase of $313,863,375, or 62.63 per cent for the ' ear. DR. DI’RRETT REAPPOINTED Bp l v'icri Pres* WASHINGTON. Nov. 26. Dr. J. J. Durrett, of New York City, has been reappointed chief of the Drug Division of the Food and Drug Administration. it war announced today. Durrett held the post for a number of years before he resigned in 1931. On Commission Row Quotations below subject to change are average wholesale prices being offered to buvers by local commission dealers: Fruit—Cranberries, early olacks, 35-lb, box, 54 Tears Washington IVAnjo. $3.25 Cantaloupe Californio Honev Dews. $2: Casabas. $2 25. Persians, $2 25 Bananas —7 hands, a pound. 5%c. Persimmons—lndiana 12-qt case. $1 Apples—lndiana Jonathans. Si.fin. Summer Kambos. $1: Dehctous $1 ROW 1.75 Wealthy? SI. Grimes Golden <1 15 ; 1.25 lemons Sunkist. 3605, SS 50 Grapefruit- Texas 64s to 70s. $3 50 Florida seedless. $3 Limes—Mexican a carton 12s. 20c; Persian seedless a hundred. S3 Vegetables Beans, green, round stringless bu , $2 75 Beets Home crown. dor , 25c. Cabbage—Northern Danish. 50-lb. bag. 75c Carrots Home grown. 40c, new bulk, half bu.. 60e Cauliflower Michigan, cate $1 50- Long Island, large era"'. St 50 Oe.ery- Mirnigan. washed and trimmed, extra large. 55e Jumbo, do7_, 60c. Cucumbers—Southern bu.. $3.50. d07., 85c. Kale Home grown bu.. 60r Lettuce Iceberg, California, bes’. $5.25 home grown ]esT. li-Ib. haskey $1 Endive Ohio basS’s Mangoes California rrate. *4.75; small basket, $1.25. Mint Bunch, ISr Mustard- Home grown bu.. 60c. Onions - Indiana yellow. 50-!b hag. sl. Indiana vellow. 10-lb bag, 22c; western Spanish. 50-ib bag, $1 50 Parsley -Home grow n doz 35r Pea s—Telephone hampers, $4 Potatoes—Round Cobblers. 100-lh bag. $1 65 Michigan Round White 100-lb bag. $l5O Early Ohios bu , $165; Ida*" Russet*. $2.40 Swee - potatoes Indiana. Jerseys. bu . $1 65. Radishes—Ohio, button do* baskets. 45c Sage—Dot 450. Spinach Broad leaf bu.. 75c Squash R'i $l5O Tomatoes California, repacked. 10-lb. carton. $1 25 Produce Markets The prices quoted below are paid for s’oek gathered in the country, while deL'ered in Irdnnapolis the price will b a cent higher. Heavy breed hens. 16c: Leghorn breed hens 12c; springers, over 4% lbs.. 17c; under 4% ibs.. 16c. old cocks, 9c: Leghorn springers p, lbs and up. 12c. Turkeys—Young hens. 8 lhs and up 19c toms. 13 to 18 lbs . 19c over 18 lbs IRe . od tr-ms. 14c Ducks—White 4% lhs and up. 10c; cese. 10 lbs full feathered and .u • suineas, 15c; vourg guineas. ■lb' and up 25c No. 1 strictly fre'h esc - loss off. 27c pullet eggs 18c. Each .u.i case must w'gh 55 g r os* a ded’lCMon of 10c a pound under 55 lbs will b‘ mode No. l bu”er 36%<m'-c: No 2. ... • buiterfat, 31c. Quoted by the A caley Cos.

♦ ♦ Abreast of The Times on Finance ♦ ♦

SLUMP DRAINS BUSINESS FUND OF 20 BILLIONS Huge Cut in Reserves Is Shown by Treasury Figures. Hu T'nilrd Puss WASHINGTON. Nov. 26.—Four years of depression up to the end of 1933 depleted financial reserves of American business by more than $29,000,000,000. according to figures made public today by the Treasury Department. The Federal Reserve Board, however, in its monthly bulletin, reported business slowly emerging from the depression with current, improvement representing the first sustained rise in activity since 1932. The Treasury, in a composite ‘‘balance sheet” of all American businesses. reported that surplus and undivided profits of all business houses fell to $35,096,310,000 at the end of 1933, a reduction of $983,215,000 from the previous year and a drop of $20,014,984,000 from the boom year 1929. Cash Holdings Depleted Total assets of the 388,564 businesses listed in the survey amounted to $268,000,000 at the end of 1933, compared with $335,777,910,000 in 1929. In this period they reduc-d their debts, increased their investments in high-grade securities and curtailed their inventories. Cash holdings were depleted, presumably to meet losses and pay dividends ovpr the period. Cash and bank deposits of the corporations fell to $15,236,089,000 at the end of 1933 from $22,371,168.000 in 1929. Holdings of tax-ex-empt investments rose to $13,570,752.000 in 1933 from $10,338,364,000 in 1929, Corporation Debts Reduced Capital assets fell to $104,958,353,000 from $116,446,100,000 in 1929, presumably because factories and other property were written down in value. Debts of the corporations were cut to $65,244,044,000 from $76,095.072 000 in 1929. The reserve board traced business trends since 1932 and observed that: ‘‘Sustained activity of business at a level near the high point reached at the beginning of the year has been the outstanding fact in the economic situation during the first 30 months of 1935. This is in contrast to the course of business in the three preceding years, when advances were not sustained, but were quickly followed by sharp declines. Auio Industry Gains “Industrial activity and employment in the first 10 months of the year have been at a level higher than in any of the four preceding years and about half way between the lowest point of the depression and th 1929 level. The volume of unemployment and the need for public relief, however, continue to be large. “Industrial products, as indicated by reports of large corporations, were larger in each of the first three-quarters of 1935 than in the corresponding periods of last year. Automobiles, building materials, machinery and electrical equipment were among the industries showing the most marked increases. “Since 1932, when industrial corporations were generally operating at a loss, net profits have recovered substantially but, the current volume is still only about onethird of that attained in 1929.” PERFECT CIRCLE CORP. WILL MAKE NEW RING Product to Be Placed on Market in January Says official. Times Special HAGERSTOWN. Ind.. Nov. 26. Anew type of piston ring, the result of several years of extensive research and experimental work, will be marketed in January, Lothair Teetor, sales manager of the Perfect Circle Corp., has announced. Details of the new ring will be announced to the automotive trade at the automotive part exhibition at Atlantic City, N. J.. Dec. 9. Mr. Teetor said. Production of 8,000,000 of the new rings for distribution and for warehouse purposes in the next few months will mean a continuance of present hourly schedules. Mr. Teetor said. VALUE OF 50 STOCKS CLIMBS 1.11 PER CENT Total tor Week Ended Nov. 23 Is Placed at 517,430,219.250, Times Special NEW YORK. Nov. 26.—The market value of 50 representative stocks listed on the New York Stock Exchange at the close of business for the week ended Nov. 23 amounted to $17,430,219,250. an increase of $190.768.250. or 1.11 per cent Paul H. Davis Sc Cos. announced today. The total value of the same stock at the close of the previous week totaled $17,239,451,000. compared with $11,972,875 in the same week of the preceding year, indicating an increase of $5,457,268,375. or 45.58 per cent for the year. COPPER STOCKS DROP Industry Again on Sound Basis, According to Survey. Times Special NEW YORK. Nov. 26.—The copper industry, with deposits estimated to have a content sufficient for only approximately 40 years at the 1929 rate of world consumption of 2.000.000 tons, is again Believed on a sound basis and any further recovery will bring a period of prosperity, according to a survey released today by Hornblower & Weeks. Stocks of refined copper in the United States which stood at approximately 625.000 tons in June. 1931, were reduced to approximately 225.700 tons by the end of October, according to the survey.

INDIANAPOLIS, TUESDAY, NOVEMBER 26, 1935

New York Stock Exchange Prices

'Bv Thomson & McKinnon. 11 15 A M. Prev. Oils— High Lot. N Y. Close Amerada 73 73 73 73% At! Rf s 24' 4 24, 24% 24 LUrnscfall . 12% 12’* 12% 12% Consol Oil .10 10 10 10 Coot, of Del . 27 27 27 27 Houston (new).. 6% 6% 5 3 4 6% Mid Cont Pet .. 16% 16% 16% 16% Ohio Oil .... IP, 1P B IP, 11 > 9 Ph.’iips Pet .. . 34 3 4 34 34% .74% Pure Oil 13 12% 12% 12% Roval Dutch ... 48 3 a 48 3 s 43% Seaboard Oil . 31 30% 31 30% Shell Un ... . 14% 14% 14% 14% Sk-llev Oil 18% 16% 16% 18% Sot) Vac 13 12% 12% 13 S O of Cal 37% 33% 36% 37% S O of Ind 23 27’, 27% 27% S O Os N J 48% 43% 48% 48% Texas Corp . 24% 24% 24% 24% Tidewater Assn 11% 11% 11% 11% Un Oil of Cal... 20% 20% 20% 20 Steels— Am Roll Mills ..30% 29% 30% 30% Beth Steel 49% 48% 49% 49% Bvers A M . 18% 18% 18% 18% Col Fuel & Iron 3% 3% 3% 4 Cruc Steel ... 30% 30% 30% 30 Inland Steel ... 105% 105% 105% 105% Lucllum Steel . . 23% 23% 23% 24% McKeesport Tin 126% 126% 126% 125 Otis S'eel 16% 15% 16% 16% Rep Iron A- Steel 19% 19% 19% 19% U S Pipe & Fdv 20' 2 20% 20% 20% U S Steel 43% 48% 43% 48% Warren Bros 5 5 5 5 Young.stn S & T 34 34 34 34% Motors— Auburn 40% 4040 40% Chrysler 86% 85% 36 86% Gen Motors .... 56% 56% 56% 56’, Graham Mot ... 3% 3% 3% 3% Hudson .... 15% 15% 15% 15% Mack Truck ... 24% 24% 24% 23% Nash 17% 17 17 17% Packard 6% 6% 6% 6% Reo 5% 5% 5% 5 4 Studebaker .... 10% 9% 9’, 10% Yellow Truck ... 8% 8 8% 8 Motor Access— Bendix 21 20% 21 21% Bonn Warner ... 62% 62 62% 62 Briggs 51 % 51% 51% 51 , Burid Mfg 9% 9% 9% 9% Budd Wheel 12% 12% 12% 13 Eaton Mfg . 2R% 28% 28% 28 a Elec Auto Lite .34 33% 34 24 s Elec Stor Bat .. 56% 56% 56% 56'.2 Houdaille B“ . 28% 28% 28% 28% Mullins Mfg .... 15% 15% }5% lj? Murray Body ... 20 19% 19% 20 , Stew Warner ... 17 16% 17 17 Timken Roli 69 68% 69 69 s Timken Det Axle 11 10% 11 11 Mining— Alaska Jun 16% 16% 16% 16% Am Smelt 60% 60% 60 A 61 Anaconda 24% 24% 24 a 24 a Cal A: Hecla . . 5% 5% 5% 5% Cerro De Pasco 58% 58% 58% 58’s Dome Mines . ... 41% 41% 41 a 41/2 Granbv 13% 13% 13% 13% Home Sound ... Ins Copper 6% 6% 6% 6 a Int Nickel ... 39 38% 38% 29 Kennecott Cop .. 28 27% 28 L 8 a Mclntvre Mine . 33% 38% 38% 38 s Park Utah . ... 4% 4% 4% 4% Phelps Dodge . 25% 25% 25% 26% St. Joe Lead 23% 23% 23% 23% U S Smelters . 100 99% 100 99 Vanadium ... 20% 20% 20% 20 Amusements— Fox Theat, 23% 23% 23% 23% Loews Inc 54% 53% 54 54%. Radio Corp ...... 11% 11% 11% l'% Paramount 9 8% 9 9 Warner Bros ... 9 8% 8% 9 Tobaccos— Am Snuff 71% 71 % 71% 71 Am Sum Tob . . . 26% 26% 26% 26% Am Tobacco B 104% 104% 104% 104% Gen Cigars 52% 52 ™ 52% 52% Lorillard ... 25% 25% 25% .25% Phillip Morris.. . 61% 61% 61% 61% Revnolds Tob B 58% 58 58% 57% Rails— Atchison 54% 54% 54% 53% Atl Coast Lines ..30% 29% 29% 21% B & O 16% 16% 16% 16% Can Pacific .... 11% 11% 11% 11% Ch k Ohio ... 52% 51% 51% 51% Chi * Gt W pfd. 4% 4% 4% 4% C M * St P . 1% Pa 1% 1% C M & St. P pfd 3% 33 3% Chi N W 3% 3% 3% 3% Dela k Hud .. . 37% 37 37% 37% Del Las k W ... 16% 16 16 16% Erie 12% 12 12 12% Grt North pfd . 31% 31% 31% 31% HI Central 17% 17% 17% 17% K C Sou 9% 9% 9% 9% Lehigh Valley... 9% 9% 9% 9% Lou & Nash' 57% 57 57% 58 M K & T ...6 6 6 6 MK*l T pfd... 15% 14% 14% 14% Mo Pac 2% 2% 2% 2V Mo Pac pfd .... 4% 3% 3% 4 N Y Cent . . 26% 26% 26% 27 N Y New Haven 4% 4% 4% 4% N Y Ont k West 6% 6% 6% 6% Nor Pacific 23% 23 23 23% Penn R R 30% 29% 29% 30% Sou Pac 24% 23% 24% 24% Sou R R 14% 14% 14% 14', 2 Union Pac 105% 105 105 104 Wabash 2% 2% 2% 2% Equipments— . Am Car & Fdv.. 30 29 s , 29% 30 Am Loco ... 25% 25% 25'% 25% Am Steel Fdy... 24% 24 24% 24% Bald Loco 4% 4% 4% 5 Gen Am Tank C 44 43% 44 43% Gen Elec . ... 38% 37% 38 37% Gen R R Sig ... 39 39 39 39% Pullman Inr ... 38% 37% 37% 38 West Air Br ... 32 31% 31% 32 Westingh Elec... 93% 91% 91% 93% Utilities— Am At For Pwr 7% 7% 7% 7% Am Power & Lit 8% 8% 8% 8% AT&T ...159 158% 158% 158% Am Wat Wks .. 20% 20% 20% 20% Col Gas At Elec . 14% 14% 14% 14% Comm & Sou ... 32% 33 Consol Gas . 32% 32% 32% 33 Elec Pwr k Lit 5% 5% 5% 5% Int Hydro Elec.. 4 3% 4 4% Interboro R T .. 18 18 18 17 % Int T k T . .. 12% 1% 12% 12% Lou GAt E A' . 21% 21% 21% 21% Nat Pwr k Lit.. 10% 10% 10% 10% North Amer ... . 26% 25% 26 26% Pac G& E .. 29% 29% 29'% 29% So Cal Edison 25% 25% 25% 25% Stone & Webster 12% 12 12% 12% United Corp .. . 7% 7% 7% 7% Un Gas Imp . .. 17% 17% 17% 17% Western Union.. 72% 72% 72% 73',a Rubbers— Firestone 17 16% 16% 16% Goodrich 11% 11% 11% 12 Goodyear 21% 21 21 21% U S Rubber . . 14% 14% 14% 15 U S Rubber pfd 4040 4040% Miscellaneous— Allis Chalmers . 33% 33 33'a 33% Am Can . . .142% 141% 142% 142% Am Mach & Fd.v 31 30% 30% 32 Anchor Cap .. 14% 14% 14% 14% Burroughs Add . 26% 26% 26% 26% J I Case 103% 103 103', 103% Conti Can .93% 93 93 94 Caterpillar Tract. 58 57% 57% 58 Curtis Pub . . 23% 23% 23% 23% Curtis Pub pfd. 104 104 104 103% Deere Ar Cos. .. 52% 52% 52% 58% East Kodak ...165 163 163 164% Foster Wheeler ..21% 21 21 21% Gillette 18% 18 18% 18 Ghdden . ..42% 42 42 42% Ingersoll Rand .115 115 115 117 ‘ Int Bus Mach ...178% 178% 178% 178% ■ 5 1 ', 61% 61% 60% Natl Cash Reg .. 20% 20% 20% ">O% Owens Bottle ..122% 122 122 123% Rem Rand ... 16% 16 16% 17 Underwood E 81 81 81 ' sq Worthington Pm 23 23 23 23 Foods— Am Sugar 54% 54% 54% 54 Armour .... 5% 5% s', 51, Borden Prod 26% 26% 26% 26% Cana Dry G Ale 12% 12% 12% 12% Cont Bak A’ .10 9% 10 9% Corn Prod ... 71 70% 70% 71% Crm of Wheat 37% 37’, 37% 37% Cuban Am Sugar 6 5% s’, 6 Gen Baking . 12% 12% 12% 12 Gen Foods 34 33% 33% 33% Gold Dust 21 20% 20% 21% G W Sugar 32% 32% 32% 32% Natl Biscuit .... 34% 34% 34% 35 Natl D Prod ... 19% 19% 19% 19% Puritv Bak 15% IS- 3 , 15% 15 S Porto Rico Sug 26% 26% 26% 26% Local Securities (Because quotations on local securities are unlisted on an Exchange, The Times can not assume responsibility for the accuracy of these figures gathered from local brokers.) STOCKS Bid. Ask. Belt RR A- S'k Yds com ... 50 52% Belt RR A- Stk Yds 6% pfd . . 52 Central Ind Pow 7% pfd 17 20 Home Tel&Tel Ft. Wn 7% pfd 50% 52 Hook Drug Inc com 14 15% Ind A- Mich Elec 7% pfd 99 192 Ind General Service 87 91 Ind Hydro Electric 53 57 Indp'.s Chain Sto Term pfd .. 52% 62% Indp'.s Gas Cos com ... 38 Indpls Pow &Lt 6 pfd ... 82 85 Indpls Pow A: Lt 6%. r - pfd ... 87 90 Indp'.s Water 5 Tr nfd 102% North Ind Pub sve 5%G. pfd . 67 70 North Ind Pub Svc 6% p'd ... 75 80 Progress Laundrv com 6% Pub Svc of Ind 6G pfd 12 15 Pub Svc of Ind 7%, nfd .32 35 So Ind Gas A- Elec 6% pfd . 92 96 Terre Haute Elec 6% pfd 79 83 Union Title com 18 20 BONDS Atlanta Distr Term 6% ‘4l ... 62% 70 Buffalo Distr Term 6% ‘4l . 70 80 Brooklvn Postal Sta 5%G> '4B . 37% 42 Home Tel&Tel FtW T 5%% '35 .103 105 Home Tel&Te! EtW 6% '43 103 106 Indpls Roil ways Inc 5% '67 .. 49 53 Indp’.s Water 4% G '4O 105 107 Indpls Water 5% ‘SO & '6O 105 107 Indpls Water 5%D \S3& 54 103% 105 In'erstate T & T 5%% '53 .93 96 Kokomo Water Works 'SB .104 105% Lafavette Telephone 5~ '57 102 Morris 5 & 10 Stores 5% 'SO 99 102 Muncie Water Works sr>5 r > '65 102% Noblesville HL&P 6% '47 96 98 Ohio Tel Service 6% 47 95 Richmond Water Works 5V57 104% 106 St. Louis Post Office 5%% 33 18 25 Seymour Wtr Ist mtg 5% '59 101 104 Terre Haute Water Wkss% '56 101% 103% Terre Hau'e Wat Wks 6™ '49 103 105 Traction Terminal 5% '57 70 74

| S'd Brands 15% 15% 15% 15% Un Biscuit 24% 24% 24% 24', Ward Bak "H - . 2% 2% 2% 2% Retail Store,— Assd Dry Goods 17 17 17 17 First Natl Stores 48% 48% 48% 48% Gimbel Bros .... 7', 6% 6’, 7% Gr Un Tea 3%' 3% 3% 3% Allied Sts 8% 8% 8% 8% Jewel Tea 57% 57% 57% 57 Kresge S S 27% 27% 27% 27% Kroger Groc .... 26', 26 26% 26% Macv R H 54% 53% 53% 54% McCrory St 14% 14 14 14% Me jellan St .. 13% 13% 13% 13% Marshall Field . 13% 13% 13% 13'., May Dept St ... 55% 55 55% 55 Mont Ward .... 38 37% 37% 37% Natl Tea 9% 9% 9’, 9% Safeway St ... 34% 33", 34% 33% Sears Roebuck .. 65 64", 64% 65 Woolworth 58% 57% 57% 57% Aviation— Aviation Corp .. 4 4 4 4% Boeing Aircft .. 13% 13 13 13% Curtiss Wright . 3% 3% 3% 3% Curtiss Wr "A''. 9% 9 9% 9 Douglas Air 33% 33% 33% 32% Nor Am Av 5% 5% 5% 5% Sperry Corp .. 12% 12% 12% 12% Un Aircft New.. 21% 20% 21% 21% Chemical, — Air Reduction . 189 189 169 168% i Allied Chem - . 164% 162% 162% 164% ;Am Com Alcohol 31% 31% 31% 31% Col Carbon ... 95 95 95 95% I Com Solvents .. 20% 20% 20% 21 iDu Pont 138% 138 138 140 Freeport Tex ... 28 28 28 28% Liquid Carb 33% 33% 33% 34% Math Alkali . .. 32 IP, 31% 32% Monsanto Chem 91% 91% 91% 91% Natl Dis (new). 30% 30% 30% 30% Schenlev Dist .. 51 50% 50% 50% Tex Gulf Sulph.. 33 32% 32% 33% Union Carbide . . 72% 71% 72% 71% U S Ind Alcohol 43% 48% 48% 48% Drugs— Cotv Inc 6% 6% 6% 6 Lambert 24 23% 23% 23% Lehn & Fink .. 12% 12% 12% 12% Sterling Prod .. 66 66 66 66% Un Drug (new). 10% 10% 10% 11% Vick Chem 41% 41", 41% 41% Financial— Adams Exp 9% 9% 9% 9% Allegheny Corp . 2% 2% 2% 2% N. Y. Bonds (Reprinted From Late Time* Yesterday) DAILY BOND INDEX 20 20 20 20 Inds. Rails. Utils. Bonds. Today 91.1 81.1 103.0 91.7 Saturday 91.2 81.2 103 0 91.8 wk ago 91.2 79.5 102.8 91.2 Month ago .... 90.0 79.4 101.8 90.4 1935 High 91.4 86.4 103.1 91.8 1935 Low 83.8 71.0 89.3 83.0 (Copyright, 1935. by Standard Statistics) IT. S. GOVERNMENT BONDS (By Abbott Proctor & Paine) Treasurys Prev. Close. Close. 4' 4 s 1947-52 115.2 115.3 4s 1944-54 110.19 110.23 3%s 1946-56 109.5 109.4 3%s 1940-43 107.6 107 4 3%S 1941-43 107.7 107.8 3%s 1943-45 105.6 105 7 3%s 1944-46 104.28 104.27 3' as 1946-49 103.15 103.17 3',s 1949-52 103.11 103 11 3s 1951-55 102.15 102.17 3%s 1946-48 102.11 102.14 2%s 1955-60 99.31 99.29 2%s 1945-47 100.25 100.23 Home Owner, Loan Corp. 2%s 1949 99.16 99.16 3s 1952 100.20 100.23 Federal Farm Mortgage Corp. 3s 1949 100.27 100.28 3s 1942-47 101.11 101.11 DOMESTIC Prev. Close, close. Alleg Corp 5s ’44 85% 86 AUeg Corp 5s '49 78 78% Alleg Corp 5s 'SO 48 49% Amer Frgn Pow 5s 3030 68% 68 Am Tel & Tel 5%s '43 113% 113% Am Tel k Tel 5s ’65 113% 113 Arm & Cos (Del) 5%s '43 94% 95 Atl Coast Line 4%s '64 83 83% Atch Top & S Fe 4%s ’4B 108 107% Am Wat Wks 5s ’44 11l 111 Am Rolling Mills 5s ’3B 122 124 Balt & Ohio 5s ’95 71", 72% Bait & Ohio 6s ’95 82% 82 Balt, & Ohio 4%s ’6O 57% 58 Buff Roch & Pitt 4%s '57 63% 64 Chi Milw & St P 5s ’75 14% 14% Chi Miiw & St P 5s 2000 7V, 6% Cleve Un Term 5s '73 99% 99% Cleve Ur Term 4%s ’77 92 91% Col Gas 5s May '52 99% 99% Col Gas 5s April ’52 100 99% Col Gas 5s ’6l 97% 97% Can Pac Perp 4s 84% 84% Cent Pac 5s ’6O 86% 85% Big Four 4'is ’77 75% 75% Big Four Ss '63 82% 83 Colorado & So 4'.is ’BO. 55 53% Chi & West Ind 4s '52 . .N.. 98% 98% Chi & West Ind 5%s '62 106% 105% Chi & Nor West 4%s ’49 12% 12% Con Gas 5s '57 106 106 Chesa Corp 5s '47 116 117 Del & Huds 4s '43 76% 76% N Y Dock 4s ’sl 67% 67% N Y Dock 5s '3B 58 57 Erie 5s ’75 68 69 Erie 5s ’67 .. ;... 89 89% Grt Northern 7s ’36 102', 102% Grt Northern 4%s '7B 93% 94% Grt Northern 4%s ’77 .... 83% 92% Gen Stl Cast W W 5%s '49 ... 83% 83% Hud & Manhat Ref 5s ’57 ... 81% 82 111 Cent 4%s ’66 56% 56 111 Cent Jt 4'is '63 58% 58% 111 Cent 5s ’63 64% 63% Interlake C&I 5s 51 85% 85 Interntl Hv Elec 6s '44 47% 48 Interntl Tel & Tel 4%s '39 82 83 Interntl Tel & Tel 5s '55 ... (4% 75 Interntl Tel & Tel 4%s ’52... 22 11 P Lorillard 7s '44 HS-s McKess & Roh 5%s ’SO 102 a 102 , i Natl Dairy 5%s '4B 104 104% Natl Steel 5s '56 105% 105% Nickel Plate 4‘.is ’lB 65% 66% Nickel Plate 5%s ’74 76', (7 Nickel Plate 6s ’35 84 84% N Y Cent 5s 2013 .. 76% 77 A N Y Cent 4%s 2013 (old) ••. 71 (2 , Nor Amer CO 5s 61 Nor Pac 4%s 2047 88% 88 , Nor Pac 6s 2047 }ari 2 ina' Nor States Pow 5s 41 106 2 106 2 Otis Steel 6s '4l 01% }01 4 Pen Rv 4'< s 'B4 }O4 , 104 , Pen Rv 4 1 4s '8 104% 1 ■ Penn Rv 4%s ’7O 98 97 / Pac G&E 5s 42 . 10 lo| Portland Gen El 4%s 60 73 74 Shell Union Oil 5s 47 103 103 , Sou Pac 4%s '6B 2 Sou Pac 4%s 69 (0 a 1 Sou Pac 4s ’49 ]9% 80 Sou Rail 4s ’56 49 50 Sou Rail 6s ’56 gj 55,. Sou Rail 6%s '56 ■ • • *5, 2 Sharon Stl Hoop 3%s 48 102 4 103 , Texas Pac 5s 'BO 02 92 Texas Pac 5s '79 32 92 4 Texas Pac 5s '77 ,V, 1 2 Union Pac 4s '47 *ll, B n-1 2 United Drug 5s '53 ,55., 4 ,nni 2 U S Rubber 5s '47 100% 100 2 NY NH & Hart 6s '43 29% 29 NY NH & Hart 4%s '67 27% 27% Warner Bros 6s *39 §8 88 , Western Mary 5%s '77 1 55. Western Marv 4s '52 95% 98 a Youngstown S & T 5s ’7O ...100% 101% Youngstown S & T 5s '7B ...101 100-, FOREIGN Argentina A 6s '57 97 98% Argentine B 6s ’SB 98 93% Brazil 8s '4l 23% 30 ! Canadian Govt 4s '6O 106% 106 ! Denmark 5%s '55 100% 100% I French 7s '49 ...177% 179% j German 5%s '65 91 ’ German 7s 49 38 38% ! Italy 7s 'sl 58 58 I Japan 6%s '54 98% 98 i Poland 7s '47 102% 102% Rome 6%s '52 49 49% ! Tokio City 5%s '6l 80 80% Yokohama 6s '6l 83 85 Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers 67 68% . Central Hanover B & T 123% 125% ! Chase 37% 37% Chemical National 56% 58% ! Guaranty 310 313 Irving 16 17% j National Citv 33% 35% I Cont 111 Chicago' 93% 95% First National of Boston 43 44% Natl Shawmut ... 25% • 25% FIRE INSURANCE Aetna Fire . 55% 57% Citv of New York (new) .... 23 30 Federal Ins . 83% . . Great American Ins 26% 28% Hanover Fire Ins 38 40 Hartford Fire Ins 78% 80% Home Ins 35% 37% Inc Cos of N A 70% 72% ; National Fire , 71% 73% North River Insurance 27% 29% Phoenix Insurance 89% 91 % U S Fire . 53 55 Westchester Fire . 34% 36% Chicago Grain Futures 'Bv James E. Bennett & Cos ) 11 30 Prev. Wheat— High. Low. A M Close. Dec 93', .97% .97”* .99 Mav 98% .97% .97% 98% July 89% 89% .89% .90% Corn— Dec 59% .59 .59% .59% Mav 59% .59 .59% .591, July 60% .60% .60% .60% Oat,— i Dec (.26', 26% .26% .23% 1 May 28% .28% .28% .28% July 29% .28% .28% .29 ! Oat,— Dec 49% .49 49 .49% j May 51% 51% .51% .51% LOCAL CASH MARKET City grain eleva’ors are paving PO cents for No. 2 soft wneat. Other grades on ; their merits Cash corn r.w No. 4 yellow 51 cents and oats 13 cents.

Am Int Corp ... 10' 4 10% Iff, 10% Cher-a Corp ... 58% 58% 58% 57% Lehman Corp . . 92’, 92% 92% 92 Transamerica 12% 12% 12% 12'. Tr Conti Corp .. 7% 7*3 7% 7% Building— Am Radia’or ... 21% 21% 21% 21% Gen Asphalt 20% 20% 20% 20% Holland Furnace 25% 24% 25% 24% Int Cement . 34 34 34 34% Johns Manville 94% 93% 93% 95% Libby Owens Gls 47 46% 46% 46% Otis Elev 22% 21 % 22% 21% U S Ovpsum ■■ 81 % 81% 81', 83 Ulen Cons 3% 3% 3% 3% Household— Col Pal Peet ... 1R 17% 18 18 Congoleum 44 44 44 44% Kelvinator • 14% 14% 14', 15 Mohawk Carpet 20% 20% 20% 20% Proc & Gamble 48% 48 43% 43%. Serve! Inc 14% 14% 14% 14% Simmons Bed .. 17% 17% 17% 17% Belding H>m ... 14 13% 13% 14 Ceianese Corp .. 23 n a 28% 28% 2R% Collins Aikman.. 44% 44% 44% 45 Gotham Hose .. 9% 9% 9% 9% Indus Rayon ... 31% 31% 31% 31% Real Silk 9% 9% 9% 10 Chicago Stocks (By Abbott. Proctor & Paine) 11:30 Prev. A M. Close. Butler 8 8 A M Castle 45 46 Chicago Corp 4% 4% Chicago Corp pfd 45 45% Cities Service 2% 2% Cord 4% 4% Conti Steel 41% 40% Crane 22 21% Elec House 18% 18% Gen House 2% 2% Grt Lakes 28% 28 Libby 9% 9% Lynch Glass 35% 35% Noblitt Sparks 31% 32% Perfect Circle 40% 40% Quaker Oats 140% 141 Swift Int 32% 33% Swift 20% 20 3 8 Zenith 14 14 New York Curb (By Abbott, Proctor & Paine) 12 noon Prev. N. Y. close. Am Cyanide •’B - ’ . 29% 29% Am Superpower 2% 2% Atlas Corp. 13% 13% Carrier Corp 11 11% F,l Bond *, Share.. 16% 15% Ford of Can "A” 26% 26% Ford of Europe 8 B’, Hiram Walker 30% 30% Imperial Oil Ltd 20’, 20% Lake Shore Min 53 53% Natl Bellas Hess 8% Pan Am Airways 3% 3% Sonotone 2% 2% Wright Hargraves Min 7% 7% Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,220,000 Debits 6,218,000 TREASURY STATEMENT (By United Press) WASHINGTON. Nov. 26.—Government expenses and receipts for the current fiscal year to Nov. 23 as compared with a year ago: This Year Last Year Expenses ..$3,053,305,417.93 $2,790,610,301.73 Receipts .. 1.434.419.253.59 1.428.135.104.26 Deficit ... 1.618,886.164.34 1.362.475.197.47 Cash bal. . 1.447.894,847.06 1.599.659.091.74

ALLDY VOLUME SHOWS UPTURN Allegheny Steel Reports 16 Per Cent Gain in Sales Value. Times Special PITTSBURGH, Nov. 26.—The Allegheny Steel Cos., world’s largest tonnage producer of high-grade alloy, stainless ana special electrical steels, showed an increase of 16 per cent in volume and 18 per cent in value of sales of alloy during the first 10 months this year over the preceding 1934 period, it was announced today. The alloy products furnished approximately one-third of the company’s total sales, according to W. F. Detwiler, executive vice president. “This increase represents not only improving general business, but growing number of uses for these alloys; we have more than quadrupled our customers since 1930,” Mr. Detwiler declared. Prices of alloys range from 20 cents to $2 a pound, compared with approximately 2%. cents a pound for ordinary tonnage steels. “Because of their special qualities, these alloys are so economical to use that they have been widely adopted, particularly in the food, automobile, oil, chemical, railroad, electrical and dairy industries, in architecture and in hospitals,” he added. Anew low-priced line of fine Allegheny metal knives, forks, spoons and other dining tableware which is expected to find a wide market, is now going into national distribution, Mr. Detwiler announced. AUTO PRODUCTION GAINS Output in U. S. and Canada Totals 94.723 Units in Week. By TJniicd Press DETROIT, Nov. 26.—Total production of passenger cars and trucks in the United States and Canada last week aggregated 94,723 units, compared with 93.177 during the preceding week and 13,000 for the same period in 1934. according to an announcement made today by Cram’s Reports. Inc. NET EARNINGS INCREASE Times Special NEW YORK. Nov. 26.—Npt earnings of Allen Industries, Inc., for the first nine months of the current year, after all charges including provision for Federal income taxes, amounted to $348,082. compared with $220,615 for the full year of 1934, Sidney J. Allen, president, announced today.

Busigraplis CASH DIVIDEND PAYMENTS (NEW fORK TIMES) 400-1 S rp\\ t N 300--yA—£4 A— Ps—s | J\ J h\ O 200—7 A.-H —~ y///' \wmmMm _l V/ //. y. /y DOTTEa USE IS THE FAST // S y/// 2/ V/' SEVEN ) EAFS AVERAGE OF '/. '// S/ t '// C, THE SAME MONTHS ,4 'A o - NNUy w ONDJEMAMJJASO '93* i£li TW£ canKES CORO. GENERAL DISTR'BUTQSs INCORPORATED INVESTORS The following is a table of dividend changes of leading corporations since July 1 of this year. Accumulated dividends ' 83 Resumed dividends 35 Increased dividends 71 Reduced dividends 29 Omitted dividends 1 Total favorable changes 194 Total unfavorable changes ... 30

PAGE 13

LABOR GROUP PREDICTS NEW . BOOM IN U. S. Federation Optimistic, but Warns Against Wave of Fascism. B'J Vnitnt Press WASHINGTON. Nov. 26.—An optimistic picture of busines,s was cou- i pled by the American Federation of Labor today with a warning that : the nation might be swept into Fascism during the next depression un- ; less industrialists prepare now to j insure workers’ jobs in the lean years. The Federation saw increasing business confidence, which it predicted will result in another boom. Industrial production, retail trade and building construction have advanced, it was noted, and farmers' j incomes are higher. In its monthly business survey, j the labor organization reported that j workers lost $76,200,000,000 in the! last five years, while “all others.” in- ! eluding business men. suffered losses of $40,500,000,000 as a result of the j economic storm. Securities Market Rises “Depressions abroad have swept nations into Fascism,” it said. “If we want to avoid a similar fate in i this country, we must be ready be- | fore the next depression is upon us.” Increased business, it explained, is reflected in a rising securities market where values of stocks listed on the New York Exchange increased j by $2,500,000,000 in the last month. 1 The survey said that major short- j ages had developed in houses, automobiles, railroad and machinery equipment during the depression, and estimated that the nation today could absorb 9.000.000 automobiles and 5,000.000 new homes. FHA Reports Building Pickup The Federal Housing Administration, meanwhile, reported a I sharp pickup in employment in the I building trades since Jan. 1 on the | basis of a survey in 99 cities. Up to mid-November 34 cities reported | all skilled building trades workers ! were regularly employed; 31 said j all special workers, including carpenters, painters, plumbers, roofers and steamfitters, were employed, and 18 reported an actual shortage of workers. The labor federation warned, how- ! ever, that even an industrial boom ot considerable size would not provide jobs for all of the nation’s 10.000,000 idlp. Wages, it is said, are not keeping pace with production. It warned of the dangers of another stock market collapse. RESERVE REPORTS BANK DEPOSITS UP Funds Gain $51,000,000 in Member Institutions. fit/ Zlnilcd Press WASHINGTON, Nov. 26. De- ! posits of Federal reserve banks in j 101 leading cities of the country in- j creased $51,000,000 to a. total $19,193,000.000, the Reserve Board reported today. Inter-bank deposits not included in the above totals fell $44,000,000 to j $5,430,000,000. while foreign bank deposits increased $13,000,000 to $380,000,000. Total loans and investments were j unchanged at $20,490,000,000, all items in this total showing negligi- | ble changes. The banks increased United States government security holdings by $38,000,000 but sold $6.000,000 in government guaranteed obligations and in other securities. Loans on securities rose $4,000,000 to $3,056,000,000. Loans on real estate rose $1,000,000 to $1,141,000,000 and other loans fell $9,000,000 to $3,379,000,000. Local Livestock HOGS Nov. Bulk. Top. Receipts. 20. $9.6045 9.75 $9,75 5003 21. 9.75® 9.85 9 85 5000. 22. 9.50® 9.75 9.80 6000 23. 9.60® 9.75 9.75 2500 25. ■ 9.60® 9.75 9 75 6000 26. 9.60® 9.75 9.75 6000 Light Lights iHO-160) Good and choice . $9.25® 9.65 Medium 8.75® 9.50 Lightweights (160-180) Good and choice .. 9 60® 9.75 Medium ... 9.15® 9.65 (180-200) Good and choice .. 9 65® 975 Medium 9.20® 9.65 Medium Weights (200-220i Good and choice .. 9.70® 9.75 i220-250i Good and choice.. 9 65® 9.70 Heavyweights (250-2901 Good and choice... 9 60® 9,-q (290-3501 Good and choice... 9.45® 9.65 Packing Sows (275-3501 Good 8.60® 9.00 (350-4251 Good 8.45® 8.75 (425-4501 Good 8.25® 8.60 (275-450( Medium B,oo®. 8.50 Slaughter Pigs GOO-1401 Good and choice •. 9 10® 960 Medium 8.35® 9.50 j CATTLE Receipts 2000— (500-900) Choice $10.25® 12 00 Good 8 75011.00 Medium 6.50® 6 50 Common 4 75® 6 50' (900-1100) Choice 11.50® 12.50 i Good . 9.00® 11.25; Medium 7.00® 9.00 Common 5.25® 7.00 i 11100-1300 Choice 11.750 12.75 Good 9.250 11.75 j Medium 7.25® 9.23 (1300-1500) Choice 11.75®12.75 Good , 9.25® 11.75 Heifer* (500-750) Choice 9 25® 10.50 Good . . 7.750 9.25 j Common and medium ... 4.25® 7.75 ,750.900( Good and choice. 8”S0® 11.00 ! Common and medium 4.SO® 8.50 Cows Good 5 00® 6 00 Common and medium 4 00® 5.00 Low cutfer and cu’ter 3 00® 4 00 Bulls, good . .. 5 50® 600 Cutter, com. and med bulls .. 4 00® 5.50 VEALERS —Receipts. 800— Good and choice . $10.50® 11 00 Medium 8.50® 10.50 Full and common 4.50® 8.50 Calve* (250-500) Good and choice ... 7 00® 95) Common and medium 4.00® 7.00 Feeder and Stocker Cattle <SOO-8001 Good and choice ... 6 50® 8.25 Common and medium .. 4 25® 650 300-1050) Good and choice . 6 50® 850 Common and medium 4 25® 6.50 Cow* Good 5 oO® 6 50 Common and medium .. 4.00® 5.00 SHEEP AND LAMBS —Receipts. 2500Lambs. 90 lbs. down, good and choice $lO 25® 11 00 Medium 8 50®10.25 Ewes (90-1251 Good and choice ■. 4.00® 500 All weights, commoß and medium .. 3 50® 450 (120-150) Good and choice.. 3.00® 4.00

Individual Deposit Debits Show Gain

Pfhits to individual accounts reported to th? Federal Reserve Rank of Chicago for the week ended .Yov. 20 hy 1 fi 2 honks aggregated $1,1 15, u 16,000, an increase nt 22.1 pry rent oner the precious ireek.

LONG TERM EXECUTIVE

- W s -' M ■ J§s?| i 1 111 >. >k-B^ &ML. Qaggj|pß9fc

Daniel Willard, president of the Baltimore and Ohio Railroad, today has the distinction of being that railroad's chief executive with the longest tenure of office. Mr. Willard was named B. Sc O s president Jan. 15, 1910. At the meeting of the road's board of directors last week, in New York, he was re-elected chief executive to begin his twenty-seventh term.

PDRKERS SHOW UNEVEN TREND Prices Steady to 15 Cents Higher; Cattle, Veals Move Upward. Although receipts continued to flow in heavy supply at the local exchange today, the pork market was steady to 15 cents higher than yesterday’s average. Today’s supply was estimated at 6000, same as in the preceding session. The moderate increase, however, was supported by a strong demand prevailing in practically all classes. This reduced the number of holdovers to 106. Light receipts reported at several of the surrounding livestock markets also aided in consuming part of the heavy local supply. The general bulk of 160 to 300 pounds, was selling at $9.60 to $9.75, while extremely heavy butcher classes, weighing from 300 pounds upward, brought $9.35 to $9.55. In the lightweight division, slaughter pigs from 100 to 160 pounds sold at $9.10 to $9.60. Packing sows sold at $8 to $9. Initial trading in the cattle market was active and strong to slightly higher, especially on best steers and low grade cows. Others were slow to around steady. Early steer sales ranged from sl2 to $12.25 on weights from 1050 to 1240 pounds, respectively. Others sold mostly under $lO. Heifers were undeveloped with indications steady. Receipts were 2000. With a strong demand prevailing, the veal market again moved around 50 cents higher. The bulk of good and choice grades sold at $10.50 to sll. Receipts numbered 800. The lamb market remained steady. Bulk of better grade ewe and wether classes sold at $10.25 to sll. Fed Westerns held at sll. Slaughter sheep brought $3 to $5. Receipts were 2500. TR A N SIT REVE NU E S UP Receipts for Week Ended Nov. 2 Show Gain Over 1934 Period. Times Special NEW YORK, Nov. 26.—Transit revenues, as reported by senta’ive group of companies, for the week ended Nov. 2 again continued to show improvement over the same week a year ago, according to the Journal Indicator. The indicator lor the week was placed at 103.59. While the rate of increase was somewhat lower than in the preceding week, it had been exceeded only a few times during the last year. The showing in Eastern cities was less favorable than in other sections, although there were only a few actual decreases from last year. POLICY PAYMENTS MOUNT Times Special PHILADELPHIA. Nov. 26.—Total payments to policyholders and beneficiaries by the Penn Mutual Life Insurance Cos. y since founded in 1847, have passed the billion-dollar mark, William A. Law, president, announced today.

Thomson & McKinnon MEMBERS NEW YORK f'HTrArn Now York Stork Exchange TGIVnNTG Now Vork Curb **•■"*• 1 VJixvJi* Id New York Cotton Exehanza BOSTON New York Coffee and S gsr Exchange SOUTH BEND • I New Orleans Cotton Exchange FT. WAYNE toe " FV aVC Vll T P Obiraco Hoard of Trade A-*' Also* lLl>b Winnipeg Grain Exchange Indianapolis Office And Other leading Exchangee 200-214 Circle Tower LI. 5501

INCORPORATED INVESTORS —An Investment in Common Stocks— Founded 1925 in Boston, Mass. Prospectus, latest quarterly report and other information available at our office Indianapolis Bond and Share Corporation 129 E. Market St, Indianapolis Riley 4551

CANADIAN BANK PRAISES U, S, TRADE TREATY New Pact Assures Mutual Safeguards. Montreal Report States. Time, Spec at MONTREAL. Nov. 26 —Pointing to increased exports of wheat and nickel and to the "new opportunities to the primary industries of the Dominion” that have been provided bv the new trade treaty with the United S’ates. the Bank of Montreal gives an optimistic picture of business and trarip conditions in Canada in its monthly business summary. The summary comments on the fact that domestic industry in both Canaria and the United States is afforded safeguards in the new pact against intense competition from any third country. In Canada these safeguards will apply particularly in regard to various empire 1 trade pacts. Despite quota restrictions which have been placed upon certain dairy and lumber products by the United States the bank summary states that 'the quotas are sufficiently large tn be of substantial benefit *o j the Canadian interests concerned." As in the United States, mild weather has retarded sales of winter goods, hut retail trade has maintained a satisfactory level and there are many signs of general improvement. Exports of foreign and domestic produce for October rose to $85.749.000 from $68,313,000 for a year ago. Imports rose from $47,229,000 to $51,283,000. Wheat exports rose in value from $18,095,000 to $25.473.000. and exports of nickel went from 93.075 cwts. to 135.677 cwts. AUTO SALES INCREASE 36 PER CENT IN 1935 Volume Totals 2,138,063 Units in First Nine Months. ! T imrs Special NEW 5 ORK. Nov. 26.—New pas- | senger automobile sales in the Unit- : ed States in the first nine months i this year totaled 2.138.063 units, an increase of 36.6 per cent over the corresponding period in 1934 when the total was 1.564.690, according to J the Alexander Hamilton Institute. Os the three major companies. Ford showed the greatest increase, 48.7 per cent, while Chrysler reported a rise of 38.5 per cpnt and General Motors 28.6 per cent. Sales of the i "Big Three” represented 91.8 per cent of the total sales in the first I three-quarters of the year. A year ago, the figure was 91.2 per cent. Among the smaller companies several interesting developments ocj curred. Nash, principally through ! ihe sales of the Lafayette, registered an increase of 50.5 per cent over a year ago. Studebaker lost ground while Packard spurted sharply | ahead. Packard sales were 396.8 per ! cent greater than last year's volume. EIGHT-WAY MERGER INVOLVES 25 ISSUES Founders Companies Consolidate Into American General Corp. T irncs Special CHICAGO. Nov. 26 —The Americ i General Corp., which represents | the consolidation of eight investi ment companies comprising the United Founders group, officially i came into existence this wiex with the filing of the agreement of coni solidation in Delaware, it was an- | nounced today. The last of the stockholders me°tings to pass on the consolidation was that of United Founders Corp. j which was held late last week at Baltimore. This unique eight-way consolidation involving 25 individual security issues represents one of the most important single simpli- ; fication steps that has been under--1 taken in recent years, it was stated. Based on the consolidated balance cheet of United Founders Corp. and ! subsidiaries as of Aug. 31, 1935, the new corporation should have total assets on a market basis in excess of $50,000,009. David M. Milton, president of ft he Equity Corp., has bpen elected president of the new firm. CCC CONTRACTS LET By I vitrei Prrsx BOSTON, Nov. 26—Contracts for Civilian Conservation Corps Shoes totaling about $1,000,000 today were awarded at the Boston quartermas--1 ter’s depot.