Indianapolis Times, Volume 47, Number 228, Indianapolis, Marion County, 2 December 1935 — Page 13

T trends Ordinary Expenses Often Termed 'Emergency.’ BY JOHN T. FLYNN

VTEW YORK, Dec. 2Mr Roosevelt at Warm Springs, brooding over the budget, focuses attention on that dreadful instrument. For the budget may be as important a figure in the next campaign as the full dinner pail was in 1806. The Pie ident has just announced that departmental rc-

quests have ai ready been nared by S4OO - 000.000. This led observ e r s to conclude that t. h e President had found a way to cut down the ordinary expenses of the government by $400.000,000, leaving the extraordinary or emergency expenses to be dealt with later. No such con-

(lu c ion can be drawn. Cutting down departmental requests is one thing. Reducing the budget below last year's is another. Cutting departmental requests is a matter of form always. Departments always ask for more than they hope to get. a a a BUT it is important to know what relation the so-called ordinary expenses of the government will bear to the receipts of the government in the coming year. In 1934 and 1935. apparently, receipts have exceeded ordinary expenses. This, of course, is a mere illusion. But this year there is no illusion. Leaving out all emergency expenses, the budget of ordinary costs is, to date, $253,000,0Cu out of balance. This means that if the government were not spending a penny on relief or recovery objectives, the government is still running behind to the extent of over $40,000,000 a month. But the simple truth is that the ordinary budget is far more out of balance and lias not been in actual balance for the last three years. nun IF you look at the 1935 figures you see that while the government spent $3,721,000,000 on its ordinary costs, it took in $3,800.000,000 That looks like a surplus. But a little examination will show that there is much to be explained. For instance, compare the costs of various departments in 1935 and 1933 and you will be astonished at how enormously the cast seems to have been reduced. When you see the Department of Agriculture costing $317,000,000 in 1933 and only $62,000,000 in 1935. you know that calls for some explanation. In 1933 the Treasury cost $375,000,000, but in 1935 it cost $121,000,000. You know that there has been no such reduction. The achievement has been wrought by means of bookkeeping. The many activities of the Treasury which were formerly carried as ordinary Treasury costs, are not distributed to other accounts. nun THIS may be all right so long as those accounts are kept in the ordinary budget), but many of them have been assigned to the emergency expenditures. This is the explanation. A large number of expenditures the amount must be very great, passably several hundred millions, which belong properly in the ordinary cost accounts, are moved by a twist of the bookkeeper's wrist to the “emergency” accounts and thus the ordinan budget seems in 1935 to be in balance. The same thing holds good for 1936. Great sums which in the past would have been called ordinary expenses are now transferred to "emergent ” expenses. (Copvricht 1935. NFA Service. Inc.) GIFT BUYING UNDER WAY Retail Sales Show Increase of 3 to 6 Per Cent in Week. 7"i m'• Spec in lNEW YORK. Dec 2.—The 1936 Christmas buying season already is well under way in many centers, according to Dun & Bradstreet. Inc. Retail sales during the last week showed an increase of 3 to 6 per cent over the preceding week, and 4 to 14 per cent over a year ago. Early gift buying in some sections, it is reported, is running to proportions indicating a record Christmas season. Wholesale distribution has increased steadily as retailers’ inventories shrank under pressure of insistent consumer demand. The trade group also reports an increase in industrial activity. On Commission Row Quota* .ins below subject to change are average wholesale prices being offered to buvers bv local commission dealers: Fruit—Cranberries, early blacks. 25-lb. box. $4. Pears —Washington D Anjo. $3.25. Cantaloupe California Honev Dews, 52: Casabas. $2 25 Persians, 52 25 Bananas - 7 hands, a pound, 5'.-c. Persimmons-In-diana. 12-qt, case, SI. Apples—lndiana Jonathans. $1.60. Summer Rambus. $1: Delicious. 51 60 • 1 75 Wealthvs 51: Grimes Golden. 51.15 • 1 25. Lemons—Sunkist. 3605. $6.50. Grapefruit—Texas. 64s to 70s, 53.50. Florida seedless $3. Limes—Mexican a carton Fls. 20c. Persian seedless a hundred. $3, Vegetables—Beans, green, round stringless du.. $2.75 Beets—Home grown, dor.. 2Sc. Cabbage—Northern Danish. 50-lb. bag. 75c Carrots—Home crown. 40c. new bulk, half bu . 60c. Cauliflower—Michigan, crate. $1 50: Long Island, large crate 51 50. Celery—Michigan, washed and trimmed, extra large. 55c: jumbo, dor.. 60c. Cucumbers- Southern bu. $3.50. dor... 85c. Kale—Home grown, bu.. 60c Lettuce—lceberg. California, best. $5.25 home grown leaf, 15-lb basket. $1 Endive—Ohio basket 85c. Mangoes—California crate 54 75 small basket. $1.25. Mint—Bunch 15c Mustard—Home grown, bu 60c. Onions —lndiana yellow. 50-lb. bag. $1; Indiana yellow, 10-lb bag. 22c; western Spanish. 50-lb. Dag. 51.50. Parslev—Home crown dor . 35c. Peas—Telephone, hampers $4 Potatoes Round Cobblers 100-lb bag *165: Michigan Round White. 100-lb bag' *1 50. Ear.v Ohios. bu.. $1 65; Idaho Russets, $2 40. Sweet potatoes Indiana Jerseys, bit. 5165. Radishes—Ohio b • - lon, doz, . caskets. 45c. Sage—Dor 45c Spinach —Broad leaf tu.. 75 c Squash Hu SI 50 Tomatoes California repacked. 10-lb. carton. $1 25 Produce Markets The prices quoted below are paid for stock gathered in the count rv. while delivered In Indianapolis the price will be a rent higher. Heavy treed hens. 16c Leghorn breed hens 12c: springers over 4' • lbs 17c; under 4% ibs.. 16c; old cocks 9c* Leghorn springers. i>_. lbs and up. 12c Turkeys—Young hens 8 lbs and up 19ctoms 13 to 18 ibs. 19c over 18 lbs ig c : old toms. 14c. Ducks—White 4*. lbs and up 10c; geese. 10 lbs., full feathered and fat. 9r old Ruineas. 15c vourg guinea--I'. lbs and ui 25c No. 1 strictly fresh eggs, loss off. 25c. pullet eggs. 18c. Each lull case must weigh 55 lbs gross, a deduction of 10c a pound under 55 lbs will be made No. 1 butter. 36m 37 1 .c. No. 2 35‘jy 35'.ic; buturlat, 31c. Quoted by the ntaiey Cos,

TREASURY ASKS 5900.000.000 FOR EXPENSES Huge Fund to Be Raised by Offering Bonds and Notes. BV RICHARD L. GRIDLEY I nitfd Press Staff Correspondent WASHINGTON, Dec. 2.—ln its largest "new money” financial operation of the year, the Treasury today sought to borrow $900,000,000 to meet the government's heavy works-relief load and for current expenses. If fully subscribed, the loan will boost the national debt to anew all-time high of more than $30,500,000,000. The money is to be raised by sale of $450,000,000 of 2 i per cent 10 to 12-year bonds and $450,000,000 of 1 1 _• per cent five-year notes. In addition, a $418,291,900 Dec. 15 note maturity will be met by giving the holders the privilege of exchanging them for bonds or notes. Since the start of the current fiscal year last July 1, the government roughly has spent $600,000,000 a month and taken in only $300,090,000 a month in revenues. The ad litional $300,000,000 needed each month has been raised either with borrowings or paid out of the Treasury’s general fund. Fund Is Depleted This has depleted the fund, however, to $1,449,714,925. Sale of the bonds and notes will raise it to $2,349,714,925 and provide an ample back-log for winter expenditures. It was hoped that this would end the Treasury’s financing problems at least until April 15, when $558,819.200 in notes fall due. Although the government was supplying itself with ample cash to spend over the next few months, it found its public debt rapidly mounting to another all-time record of $30,541,606,134 as a result of today's security offerings. This was in striking distance of the peak debt of $31,982,875,484 set by President Roosevelt for the end of the current fiscal year next June. Securities Priced at Par Today’s offering came at a time when Mr. Roosevelt is seeking to pare hundreds of millions of dollars off government expenditures that have reached peacetime peaks. The government’s efforts along these lines will be revealed next January in the President’s budget message to Congress. In t he first five months of the current fiscal year Federal expenditures reached $3,130,000,000, compared with income of only $1,500,000,000. For the full fiscal year which ends June 30. next, Mr. Roosevelt has set expenditures at $7,752,332,000 and income at $4,470,349,140. The securities offered today were priced at par. The bonds are dated Sept. 16. 1935, and mature Sept. 15, 1947, but are subject to call after Sept. 15, 1945. The notes are dated Dec. 16, 1935, and mature Dec. 15, 1940.

CALUMET & HECLA BOOSTS PAY SCALE Copper Firm Raises Rate IV/2 Per Cent. B if 1 H if rtf Prcsi CALUMET. Mich., Doc. 2.—The Calumet & Hecla Consolidated Copper Cos. today had announced an approximate 11'- per cent increase in wages, effective immediately. The company is Michigan’s largest copper producer. Minimum wages are increased 15 per cent by the new scale and employes paid on an hourly basis will get a 5-cents-an-hour increase. "The object of this increase at this time." company officials announced. "is to meet, as nearly as possible, the increased cost of living.” More than 1400 men will benefit by the increase. BUILDING AWARDS RISE DESPITE SHORT WEEK Contracts Valued at 541.863.000 for Four-Day Period. Timm Special NEW YORK. Dec. 2.—Engineering construction awards during the last week, despite the Thanksgiving holiday, increased to 541.563.000, compared with an average volume to date of $28,222,000. and an average volume for the corresponding year of $26,165,000, Engineering News-Record reported today. The heavy volume of state and municipal awards and higher private awards are responsible for the sustained high rate of putting work under contract, the report stated. This week's volume consisted of 57.772.000 public awards, $34,091,000 of which $3,662,000 is Federal and $30,429,000 state and municipal. In spite of the four-day week compared with the five-day week last week, bridge awards, industrial buildings and public buildings are higher, other classifications are below the high volume reported a week ago. Commercial buildings totaled $2,985,000. while industrial buildings amounted to 53.166,000, and public 56.820.000. Chicago Grain Futures <By James E. Bennett tc Cos t Wheat— 11 30 Prev. High. Low. A M. Close, Dec 97 j 4 ,96' .97 .97', Mav 97 .96', 96', 97' 4 July 89’, 88’4 .89' .89 1 2 Corn— Dec 57' 2 56', .57*. 57' 2 Mav 58 1 2 58' r .58', .58", July 60 ,59 s . 59 ’4 .60' s Oats— Dec 25', 25', .25>2 .25', Mav 27 264 26's 27', July 27>2 27', .27’, .27', Rye— Dec .47', 47 .47', .47", Mav 50'* .50 . 50', .50', July ,51 3 4 51', .51 1 2 .51', I.OCAL CASH MARKET City gfcun elevators are paying 89 cents for No. 2 soft wnca;. Other grades on their merits. Cash corn new No. 4 yellow 51. ;ems and oats 19 cents, ks

Abreast of The Times on Finance

New York Stock Exchange Prices

'Bv Thomson & McK;nr.nni 11:15 A M. Prev. Oils— High Low. N. Y. close Amerada 70*2 70*2 70'2 70*2 A'i Rig 23 23% 23% 23 . Barnsaall 12*< 12 12 1 * 12k Consol Oil 10% 10' 10k 10% Con* of Del .. 27% 27% 27% 27% Houston * newt.. 6 k 6 6 k 6 k Mid Cont Pet .. 15% 15', 15', 15% Ohio Oil . .IF, 10', lON 11 Phillips Pet . . 34' 2 34 34% 34 Plymouth Oil ... 11 11 11 11’, Pure Oil 12 1 i 12% 12’ 2 12 1 Shell Un 13 ', 13% 13 ', 137* Soc Vac .. .. 12% 12', 12 ', 12’, S O Os Cal .... 37 36', 36’, 36', S O of Ind . . . 28', 26'.. 26'2 26k S O Os II J 48’ 2 48 48', 48', Texas Ccrp . 24 24’, 24'2 24'., Tidewater Assn Ilk 11% Ilk 11', Un Oil of Cal .. 20'- 20k 20=, 20', Steels— Am Roll Mills. 29', 28 7 , 29', 29 Beth Steel 48 4 48', 48% 48k Cruc Steel 30 30 30 29'2 Ludlum Steel ... 23'2 23'2 23' 2 23', Natl Steel 76 75 76 75k Otis Steel .. 16', 16 16', 16k Rep Ir & Sti . 18’, 18k . 18k U S Steel ... 47’, 46', 47",, 47k U S Steel pfd 113 113 113 113 k Warren Bros 4', 4 s , 4', 4* 2 Youngstn S& T 35', 34k 35', (35k Motors— Auburn 38 1 37 3 4 38\ 37> 2 Chrysler 83 k 82k 83 3 a 82', Gen Motors 54 k 53', 54 54', Graham Mot 3 „ 3 k 3 k 3 k Hudson 14', 14k 14k 14 7 , Hupp 2k 2k 2 k 2k Mack Truck 25k 25k 25k 25 Nash 16k 16 k 16k 16’, Packard 6k 6k 6k 6k Reo 5 4 7 , 4 7 , 4k St.udebaker 9 k 9k 9 k 9 k Yellow Truck .... 7*2 7k 7k 7k Motor Access—gendix 20*2 20". 20 k 20k Bohr Alum 49k 49 aq 43 Borg Warner 62k 62Vi 62k 62k Briggs 50k 50 50k 51 Budd Mfg 8k 8k 8k 8k Budd Wheel 12k ll 7 ,12 k 12k Eaton Mfg .... 27k 27k 27k 27k Elec Auto Lite.. 33k 32k 32k 33k Elec Stor Bat.. 56k 56k 56*, 58k Houdaille *B .. 27k 27 3 , 27', •>7% Murray Body 18% 19 19k 19", Stew Warner ... 16k 16k 16’, 16k Timken Roll . . 67k 67k 67k 67 1 T Timken Det Axle 10k 10V, 10', 10k Mining— Alaska Jun 15 7 ,15 k 15k 15k Am Metals 30 19k 30 30 Am Smelt 60k 60k 60k 60 5 , Anaconda 25 k 25 V, 25 k 25 k Cal & Hecla 5k 5k 5k 5% Cerro De Pasco . 58k 58 58k 58 Dome Mines 41 40k 41 41k Gt Nor Ore 14k 14k 14k 14k Howe Sound 55k 55 55k 55k Ins Copper 6k 6% 6 7 , 6k Int, Nickel 40k 4040 k 40k Kennecott Cop.. 28V, 28k 28", 28k Mclntyre Mine.. 38k 38 s , 38k 38k Park Utah 4 7 , 4k 4:> 4 43V Phelps Dodge .. 25 k 25 25 k 25k St Joe Lead 22% 22% 22k 22’/, U S Smelters ..106k 103 k 106 k 104 k Vanadium 18% 18% 18% 19 k Amusements— Fox Theat 23k 23k 23k 23k Loaws Inc 52k 51% 52', 51k Radio Corp 11 10% 11 n Paramount 8k B', 8% 8k RKO 5 4k 5 4 k Warner Bros ... 8% 8k 8k 8k Tobaccos— Gen Cigars . .52 52 52 52 Lig & Myers 'BMI2k 112% 112 k 112 k Lorillard ... 25k 25k 25k 25k Phillip Morris 60k 60 60 60k Reynolds Tob B’ 56k 55k 55k 56". Rails— Atchison .. . 54k 53k 54k 53k Atl Coast Lines. 31k 3133 1 , 31 B& O 16k 16k 16k 16% Can Pacific 11 ’* ll', n% hi,, Ch & Ohio 52 51 % 51 7 , 51k Chi & Gt W 17,l 7 , 17,l 7 ,1% 13,. Chi & Gt W pfd 5k 5 5k 5k CM& St P pfd 3', 3', 3k 3* , Chi N W 3k 3*, 3k 3k Dela & Hud . 36k 36k 36k 36% Del Lac &W .. 16', 16% 16k 16k Erie 12k 12 12k 12% Erie pfd 17*2 16k 17k 16 Grt Northern pfd 31k 31k 31", 31% 111 Central .... 19*., 19k 19". 19k K C Sou 9% 9k 9% 9% Lehigh Valley.. 9% 9% 9% 93,4 Lou & Nash ... 60 60 60 60k MK&T 6 6 6 6 MK & T pfd.. 14% 14% 14% 14*:, Mo Pac 2% 2% 2% 2% Mo Pac pfd 4 4 4 4 N Y Cent .. 27k 26k 27k 27k N Y New Haven 4k 4k 4k 4k Norfolk & West. .200*2 200 200 k 199 k Nor Pacific 23k 22 7 ,23 k 23 Penn R R 30% 29k 30", 30 Reading 38k 38k 38k 38k Sou Pac 24V, 23 7 , 24*, 24', Sou R R 14 % 14 14 Vi 14% Union Pac 105 k 105 105 105 k Wabash 2k 2k 2k 2k West Maryland.. 9k 8k 9k 9'A Equipments— Am Brake Shoe.. 39% 39k 39k 39k Am Car & Fdy.. 29k 29% 29 3 4 29k Am Loco 24k 24 1 /, 24% 24k Am Steel Fdy.... 22k 22*2 22k 22' ■ Bald Loco 43 4 4= 8 4= 8 4% Gen A Tank Car 44 44 44 43 7 , Pullmam Inc ... 37k 37k 37k 37=, West Air Br . . 32% 3tk 31k 31k Westingh Elec . 91k 91',a 91% 91k Utilities— Am & For Pwr . 6-k 6k 6k 6% Am Pwr & Lit.. 7k 7k 7k 7% A T & T ...158 157% 157 k 158*4 Am Wat Wks ... 19% 18k 18k 19V, Col Gas & Elec.. 13k 13 13k 13k Com & Sou 2k 2% 2k 2k Consol Gas 31k 31' 4 31% 31'> Eiec Pwr & Lit.. 5% 4% 4% 5% Interboro RT .. 18k 17k 18k 17k Int TANARUS& T . 12k 12k 12k 12% Lou G& E "A". 20", 20% 20% 20k Nat Pwr & Lit.. 9 s , 9k 9k 9k North Amer .... 24k 23% 24 24% Pac G& E 29k 29k 29k 29 Peoples Gas 38k 38k 38k 38k So Cal Edison.. 25 25 25 25 Std Gas 5k 5k 5k 5k Stone & Webster Ilk Ilk Ilk Ilk United Corp ... 6% 6 3 4 6k 6k Un Gas Imp 17% 17 17k 17k Ut Pwr & Lt A’ 33 33 Western Union.. 70k 69k 69% 70% Rubbers— Firestone 19k 18k 18k 18k Goodrich 12k Ilk 12% 11% Goodyear %1% 21 21k 21 U S Rubber . 15k Mk 15k 14k U S Rubber pfd 41% 40k 41% 40k Miscellaneous—--Allis Chalmers. 337,4 7 ,33 k 34% 34 Am Can 141 140 k 141 141 k Am Mach At Fdy 30k 30% 30% 29% Anchor Cap . . 15k 15k 15k 15k Brklyn Man Tr 42% 42k 42 = , 42 Burroughs Add . 26 25k 26 26 J I Case 98k 98k 98k 98 Conti Can 92 91k 91k 92*2 Caterpillar Tract 56 55k 56 55 Curtis Pub . .. 21k 21k 21k 21k Curtis Pub pfd 103 k 103 k 103 =., 103 k Deere & Cos ... 50k 50 51k 50k Eastman Kodak 161 161 161 160 k Foster Wheeler. 22k 22=, 22k 22'., Gillette 17k 17k 17% 17k Glidden 43 42k 43 42% Inter Harv 61k 60% 61% 60 Natl Cash Reg . 20k 20 20 20k Owens Bot*le .. 119 k 119 k 119 k 119 k Rem Rand 16k 15k 16 16k Foods— Am Sugar 52 k 52k 52k 52=, Armour ........ 5 k 5 k 5 k 5 Beatrice Cream. 18k 18k 18k 18k Borden Prod ... 26", 26', 26k 26k Cal Packing . 36 36 36 35k Can Drv G Ale. 12% 12% 12% 12k Cont Bak A".. 9k 9k 9k 9k Corn Prod 71 70 71 71 Cuban Am Sugar 5% 5% 5% 5% Gen Baking .... 11% 11% 11% ll 7 , Gen Foods 33=, 33k 33", 33*, Gold Dust 20k 20% 20k 20% Loose Wiles 39 k 39% 39% 39 Natl D Prod ... 19k 19 19k 19k Puritv Dak .. a 14% 14% 14k 14% Std Brands 14k 14% 14% 15 United Fruit ... 69% 69 69 69 Retail Stores— Assd Dry Goods. 16% 16% 16% 16% Best & Cos 55 55 55 54k

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 & Stfc Yds com ■ ... 50 52 t , a Belt RR &- Stic Yds 6% pfd... 52 . . Central Ind Pow ?<!'„ pfd 17 20 Home Tel&Tel Ft. Wn 7Co pfd 50 Va 52 Hook Drug Inc com It 15'/a Ind & Mich Elec "Cos pfd 99 102 Ind General Service 8i 91 Ind Hydro Electric 53 57 Indpls Chain Sto Term pfd... 52>4 62Va Indpls Gas Cos com 38 Indpls Pow &Lt 6 pfd .. 82 85 Indpls Pow & Lt 6'b"i pfd.. 88 91’,a Indpls Water 5"o Pfd ..102'/4 North Ind Pub Svc pfd.. 67 70 North Ind Pub Svc S'aCi pfd . 68 71 Progress Laundrv com 6Va . Pub Svc of Ind 6% pfd 12 15 Pub Svc of Ind 7% nfd . 32 35 So Ind Gas & Elec 6G pfd . 93 97 Terre Haute Elec 6" pfd .... 79 83 Union Tula com 18 20 BONDS Atlanta Distr Term 674 Ml ... 62 ! i 70 Buffalo Distr Term 6CV Ml . 70 80 Brooklvn Postal Sta S 1 . 1 "® 48 . 37 ! j 42 Home Tel&Tel FtW o'sCc ’35.. 103 105 Home Tel&Tel FtW 6 r M3 . 103 106 Indpls Railways Inc ‘67 ... 49 53 Indpls Water 4>j r 4 40 105 107 Indpls Water 5<~ t 'SO & '6O 105 107 Indpls Water 5*3 74 ’53&’54 103'a 105 Interstate TANARUS& T s>_' r 4 '53 . 93 96 Kokomo Water Works 'SB ..104 105 ti Lafavette Telephone 5 ‘57 102 Morris 5 & 10 Stores 5% 'SO 99 102 Muncie Water Works S'T- '65 .10214 NoblesviUe HL&P 6‘, *47 96 98 Ohio Tel Service 6 r s 47 .. .. 95 Richmond Water Works 5"4'57 10414 106 St. Louis Post Office 5V 2 "7, 38 18 25 Seymour Wtr Ist mtg 574 '59 101 104 Terre Haute Water Wkss"i '56 101*4 103*4 Terre Haute Wat Wks 6", ’49.103 105 Tiactioa XegminaJ 6% ’it 20 3

INDIANAPOLIS, MONDAY, DECEMBER 2, 1935

First Natl Stores 48% 48 48% 48k Gimbel Bros .7 6% 7 7 Hahn Dept Sts . 8% 8k 8% 8k Jewel Tea 58 k 58k 58k 59k Kresge S S 27k 27k 27% 27% Kroger Groc ... 26k 26k 56k 26k Macy R H 53', 53k 53% 52k McCrory St 13% 13k 13% 13k McLellan S* . 13 13 13 13’, Marshall Field . 13k 13k 13k 13k Mont Ward .... 38k 37k 38k 37k Penney J C .... 79 78% 78% 80k Safeway St ... 33 33 33 33 Sears Roebuck .. 65% 64’, 65k 64% Woolworth 56% 56 2 56% 56k Aviation— Aviation Corp . 4k 4', 4% 4% Boeing Aircft .. 14% 13% 13% 14k Curtiss Wright . 3k 3 s , 3k 3k Curtiss Wr A" 9% 9k 9% 9% Douglas Air . ... 34% 34k 34% 34% Nor Am Av 6k 6k 6k 6k Sperry Corp . 12', 12% 12 = , 12', Uni Aircft New 22 =., 22", 22% 22k Allied Chem . . 162 k 162 162 162 k Am Com Alcohol 30k 30k 30k 30k Cal Carbon .... 93 93 93 93k Com Solvents ..20 k 20 k 20 k 20", Du Pont 137-% 137 137 137 k Liquid Carb . ... 36k 34k 36k 34 Monsanto Chem. 90k 90k 90k 90 Natl Dis (new). 31k 30% 31% 31k Schenlev Dist . 51k 50% 51 50k Tex Gulf Sulph. 32k 32 32 32k Union Carbide 71k 70% 70% 71% U S Ind Alcohol 47% 47 47 47% Drugs— Coty Inc 6 k 6 6 6 Sterling Prod . 65% 65k 65", 65k Un Drug inew). 10% 10% 10% 10% Vick Chem 42 42 42 43 Zonite Prod .... 5k 5=4 5 7 , 5k

N. Y. Bonds (Reprinted from Saturday) DAILY' BOND INDEX 20 20 20 20 Inds. Rails. Utils. Bonds. Today 91.0 81.9 102.9 91.9* Yesterdav 90.8 81.6 102.9 91.8 Week ago 91.2 81.2 103.0 91.8 Month ago 89.9 78.9 101.8 90.2 1935 High 91.4 86.4 103.1 91.8 1935 Low 83 6 71.0 89.3 83.0 "New high. (Copyright. 1935. bv Standard Statistics! U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Prev. Close. close. Treasury* 4s 1944-54 110.18 110.19 3Vi 8 1943-45 105.5 105.6 3'. 4s 1944-46 104.23 104.25 3s 1951-55 102.16 102.17 3s 1946-48 102.13 102.16 2ks 1955-60 99.24 99.28 2%s 1945-47 100.18 100.40 Home Owners Loan Corp. 2%S 1946 99.15 99.13 3s 1952 ' 100.23 100.20 Federal Farm Mortgage Corp. 3Vis 1964 102.14 102.14 3s 1949 100.23 100.24 DOMESTIC Prev. Close, close. Alleg Corp 5s '44 86% 87k Alleg Corp 5s ’49 78k 78k Alleg Corp 5s ’SO 52k 50k Am Frgn Pow 5s 2030 62V, 69 Am Tel & Tel sks’43 113 113% Am Tel & Tel 5s ’65 113 k 113% Arm & Cos iDel) sks ’43 94k 94% Atl Coast Lire 4s '52 95=., 96 Atl Coast Line 4ks ’64 93% 84 Atch Top & S Fe 4kS ’4B 108 108 Am Wat Wks 5s ’44 110 110 Am Rolling Mills 5s '3B 119% 118 Balt <fe Ohio 5s ’95 73% 72k Balt & Ohio 6s ’95 837* 83k Balt & Ohio 4'is ’6O 59 58% Buff Roch & Pitt 4ks ’57 64 64 Chi Milw & St P 5s '75 14% 14% Chi Milw & St P 5s 2000 6% 7% Cleve Un Term 5s ’73 99% 99% Cleve Un Term 4Vis '77 92", 92 Col Gas 5s May ’52 99k 99Vi Col Gas 5s April ’52 99k 100 Col Gas 5s ’6l 98 97Vi Can Pac Perp 4s 84k 84 Colorado & So 4ks ’BO 55% 55% Chi & West Ind 4s ’52 99k 99k Chi & West Ind sVis ’62 106% 106% Chi & Nor West 4%s ’49 12", 12 Chesa Corp 5s ’47 116% 116 Del & Huds 4s ’43 76k 75% N Y Dock 4s ’sl 68 67% Erie 5s ’75 68'% 68k Erie 5s ’67 69k 687, Gen Cable 5 Vis ’47 \ ...100% 100 Grt Northern 7s ’36 102V 4 102 k Grt Northern 4ks ’76 ....... 93 93 Grt Northern 4ks ’77 . 93 927, Gen Stl Cast W W sks '49.. 85 85 Hud & Manhat Ref 5s '57 ... 80 81 111 Cent 4%s ’66 59% 59 111 Cent Jt 4Vis '63 64% 64 111 Cent 5s ’63 68% 68k Interlake C & I 5s ’sl 85k 85k Interntl Hv Elec 6s '44 47 47k Interntl Tel & Tel 4Vis ’39... 83% 83 Interntl Tel & Tel 5s '55 75 75k Interntl Tel & Tel 4ks ’52 ... 75% 71k McKess & Rob 57is ’SO 102 k 102=,, Natl Dairy 5%s ’4B 103 k 104 Natl Steel 5s ’56 . 106 105% Nickel Plate 4ks ’7B 66k 66% Nickel Plate sVis ’74 76k 76 Nickel Plate 6s ’35 73% 72k N Y Cent 5s 2013 78k 77 7 /, N Y Cent 4ks 2013 (old). 71k 71 % Nor Amer Cos 5s ’6l 103 103% Nor Pac 3s 2047 72k 72% Nor Pac 4Vis 2047 88% 89 Nor Pac 6s 2047 103 10274 Nor State’s Pow 5s ’4l 106 k 106 k Otis Steel 6s ’4l 101% 101 7 /, Penn Ry 4'is ’B4 i 104 k 104% Penn Ry 4%s ’Bl 104% 104% Penn Ry 4Vis ’7O 98 98 Pac G & E 5s ’42 105 k 105 k Portland Gen El 4ks ’6O 78% 72k Para Publix s'.is ’SO 88% 84% E ei V\ I L/f L 4 '-’ s ' Bl 106 105% Postal Tel fz Cab 5s '53 34% 35% Rem Rand W W sks ’47 104 k 105 Shell Union Oil 5s ’47 103% 103'i Sou Pac 4' Vs ’6B 77 76"i Sou Pac 4'is 'Bl 76% 76% Sou Pac 4ks ’69 77 77 Sou Pac 4s ’49 80k 79 Sou Rail 4se ’56 51k 513, Sou Rail 6s ’56 67 66% Sou Rail 6Vis ’56 69% 69% Sharon Stl Hoon sVis ’4B 102% 102% Texas Pac 5s ’77 73% 731/, Union Pac 4s ’47 m jji United Drug 5s ’53 94.% 941, U S Rubber 5s ’47 100=, 100 k NY NH & Hart 6s '4B 29k 28k NY NH A- Hart 4kg '67 28 27 Warner Bros 6s '39 86 86k Western Mary s*is ’77 105 104=4 Western Marv 4s '52 ... 95% 955. Youngstown S As T 5s ’7O 101 k 101 k Youngstown S & Tss '7B 101 k 101 k FOREIGN Argentina (At 6s '57 98% 93 Argentine (B) 6s ’SB 7% 98 Brazil 8s '4l 29 28% Canadian Govt 4s '6O 105% 106 Denmark s'is '55 100% 100% French 7s '49 176 175 German sVis ’65 31% 30% German 7s ’49 b 391, go HaH’ 7sl *sl 55% 54 Japan 6*2S o 4 073. qg Polar and 7s ’47 103 103", Rome 6*?s 52 . 45 44 1. Tokio City 5 1 -s ’6l 80*2 BOV2 Unlisted Stock (By Blyth & Cos.) NEW YORK BANK STOCKS _ , Did. Ask. Bankers 67= -69 k Central Hanover B & T 213 k 125 k Chase 37% 39% Chemical National 55% 57k Guaranty 308 310 * Irving 15% 17% Manufacturers 391 a 40-% National City 34 35k Cont 111 (Chicago) 93k 95% First National of Boston .... 42", 44k Natl Shawmut 25% 26% FIRE INSURANCE Aetna Fire 56 57% City of New York (new) 28k 30% Federal Ins 833 4 , Great American Ins 26 s , 28% Hanover Fire Ins 37k 39k Hartford Fire Ins 79 81 * Home Ins 35 k 37 k Ins Cos of N A 69 71k National Fire 71% 73% North River Insurance 27k 29% Phoenix Insurance 90k 92'-. U S Fire . 52k 54a Westchester Fire 34% 35%

I Statistic? * r,-r Parcant STEEL ' *2O r—r j 1 1 1 , 1 1 j , j r—j , j 1 j 1 j 1 120 i | i JOO N "■ loo= ■ ■ —"■ ' . ' A I. I- - STEEL INGOT Production Zz V s>> v |ST£TEL D£MAJVD • / ’• !A\ i I Oo . 1 . V i lisrdkx. (•" “ , :f- * " 1 v **V*,^r\ j—60 40 40 20 j j -r 1 ?0 1 | I- - j i ■■ ’ 1— i 1 I 1 1 1 1 1 I— l -,..J ! i 1 I I ■ n

The advance in steel ingot production in October was less than seasonal. On the other hand the demand for steel increased much more than is seasonally normal for the month. This is explained by the sharp gains in the steel requirements of the automobile, building and railroad industries. For the month as a whole demand was slightly below production. However, as is indicated by the continued sharp rise in automobile requireurents, steel demand apparently is exceeding itaei production at the present time. i *

Financial— Allegheny Corp 33 33 Am Int Corp ... 10% 10% 10% 10 Chesa Corp .... 61 60k 61 60% Lehman Corp .. 92k 92% 92% 91 Transamerica .. ll 7 , 11% ll 7 , 11% Tr Conti Corp . 7% 7% 7% 7k Building— Am Radiator ... 20k 20% 20k 21% Gen Asphalt 20k- 20k. 20k 20% Holland Furnace 28-% 26', 28% 27 Int Cement 32k 32k 32k 33 Libby Owens Gls 45 43% 44 45% Otis' Elev ... 23k 23k 23% 24 U S Gypsum .. 83k 82k' 82k 83% Ulcn Cons 3k 3k 3k 3k Household— Col Pal Peet ... 17', 17k 17k. 17% Congoleum .... 43k 42k- 42k 43 Kelvinator 14% 14% 14% 14 s , Proc & Gamble 46', 46', 46', 46% Servel Inc .... 14', 13% 14% 14 Simmons Bed .. 16% 16k 16% 17 Textiles— Amer Woolen .. 9k 9*2 9k 9k Belding Hem ... 13k 13k 13k 13k Celanese Corp . 27', 27k 27', 27=, Collins Aikman 42k 41k 42% 41% Gotham Hose .. 9k 9% 9% 9% Indus Rayon .. . 30% 30 30 30

Chicago Stocks (By Abbott, Proctor & Paine 1 11:30 Prev. A. M. Close. Berghoff 6=, 6* . Butler . B=3 8k A M Castle 43 43* 2 Chicago Corp 4 4% Chicago Corp pfd 44k 44k Conti Steel 41k 40k Cities Service 2 k 2% Cord 4% 4k Crane 2% 2 k Elec House 17% 18 Gen House 3% 3 Grt Lakes 27% 27% Iron Fireman 27% 26 Libbv 9’, 9 Swift 20k 20*., Zenith 13% 13k New York Curb (By Abbott, Proctor & Paine) 12 (Noon) Prew. N. Y. close. Alumn Cos of Am 88 89 Am Cyanide "B” 29k 29k Am Superpower 2% 2 k Atlas Corp . . 12k 13 Axton Fisher Tob 54 55 Carrier Corp 9% 10% El Bond & Share 14% 14k Ford of Can "A” 25% 26' 4 Hiram Walker .'... 30k 30% Imperial Oil Ltd 19% 19k Nia Hud Pwr 9 8% Penn Road 3% 3% Sonotone 2% 2k Wright Hargraves Min 7k 7% Dividends Declared Dividend rates are given in dollars and cents unless stated otherwise. Company— Rate Per’d Payable Close Bower Roll 8rg.20% stk Dec. 20 Dec. 10 Brazilian Tract &Lt p 1.50 Q Jan. 2 Dec. 14 Bruck Silk Mills .30 Q Jan. 15 Dec. 16 Canadian Canners Ist p 1.50 Q Jan. 2 Dec. 14 Chickasha Oil .50 spe Jan. 2 Dec. 9 Crown Zeller A.1.00 .. Jan. 15 Jan. 2 Crown Zeller B 1.00 .. Jan. 15 Jan. 2 Gen Am Trans 87k Jan. 1 Dec. 10 Imp Tob Can .8% Q Dec. 31 Dec. 13 aPac West Oil . 25 . . Dec. 23 Dec. 12 bßiverside Silk Mills S2 cum part A p . . .25 . . Jan. 2 Dec. 14 Riverside Silk Mills $2 cum part A 35 Q Jan. 2 Dec. 14 Scovill Mfg 25 Q Jan. 1 Dec. 12 Southwest Penn Pipe 1.00 Q Dec 31 Dec. 16 Southwest Penn Pipe ...1.00 ex Dec. 3 Dec. 16 Southwestern G&E 8% p. 2.00 Q Jan. 2 Dec. 14 Southwestern G&E 7% p 1.75 Q Jan. 2 Dec. 14 Texon Oil & Ld .15 Q Dec. 30 Dec. 10 aPreviously paid 40 cents on November 30. 1934. bOn account of accumulations.

7-YEAR COURT BATTLE ENDED Baush Tool Cos., Aluminum Firm Settle $9,000,000 Damage Suit. By United Press NEW YORK. Dec. 2.—Seven years of litigation in which the Baush Machine Tool Cos. of Springfield, Mass., unsuccessfully sought $9,000,000 damages from the Aluminum Cos. of America, have been ended with filing of a stipulation in Federal Court at New Haven, Conn., it was announced today. It was understood the settlement involved a monetary consideration, but the amount and other details were not disclosed. A joint statement by the parties said: “Further court trials would be an unprofitable waste of time and money, and having this in view, the parties have agreed upon a settlement. satisfactory to the Aluminum Cos. of America, in which they were largely influenced by the expense to both parties of further litigation.” The Baush concern charged that monoplistic practices of the Aluminum company had caused it actual damage to the extent of $3,000,000. It sued undfr a section of the law providing for triple damages in cases where loss from this cause can be proved. BANK DEPOSITS GAIN Dominion Government Reserves Rise $5,179,059 During Week. Times Special TORONTO. Dec. 2. Dominion government deposits with the Bank of Canada during the week ended Nov. 27 showed an increase ot $5,179,059, while deposits of chartered banks were up $1,368,958, compared with figures of the preceding week, it was announced today. The ratio of reserves to liabilities moved up 62.85 per cent from 62.19 per cent. Total assets of the bank moved up to $317,571,513 from $313,996,971.

PAGE 13

DAIRY FARMS’ INCOME GAINS, SURVEYSHOWS 15 Per Cent Increase Noted in Nine-Month Period This Year. Times Special NEW YORK. Dec. 2.—Farm income from milk was $968,000,000 during the first nine months of 1935 compared with $842,000,000 last year, the Sealtest System Laboratories, Inc., announced today in an analysis of retail milk prices and their effect on milk producers’ income. “This substantial increase in dairy farmers’ milk checks in excess of the gain in farm revenues as a whole is particularly interesting inasmuch as available data indicate that the public has consumed about 3 per cent less milk in all forms during the first nine months of this year than it did in 1934, the report states. * "This decline is caused primarily by lower butter consumption. This being so, the natural assumption woulcf be that retail prices must have been materially higher in 1935 to bring about such a marked improvement in dairy farmers’ income. This, however, is not the case. Operating; Costs Fixed “A comparison of retail prices of fluid milk, butter and cheese, the dairy products that figure most prominently in the housewife's budget, indicates that the average increase in the price of a quart of milk for the first nine months of this year over 1934 has been but 5 per cent. “Similarly, a pound of butter has averaged 15.4 per cent higher, and a pound of cheese 8.3 per cent higher. When the relative importance of different milk products in the housewife’s budget are weighed the average increase in the retail price of dairy products is found to be about 8.8 per cent, compared with a 11.9 per cent for all foods, and the 15 per cent increase in dairy farmers’ income mentioned above. “The percentage increase in dairy farmers’ income is larger than the corresponding increase in retail prices. This seeming anomaly is explained when one considers that the operating costs of milk distributing companies and cheese and butter manufacturers are more or less fixed. During a period of rising prices, therefore, the major portion of the increased price paid by the consumer reverts directly to the producer. “This improvement in dairy farmers’ purchasing power is encouraging. Os more significance to the producers’ pocketbooks, however, are scattered indications of increased consumption by the general public of milk in fluid form. Increased Consumption Seen “The Department of Agriculture, in commenting on the receipts of milk and cream at Boston, New York and Philadelphia, points out that in July and August milk receipts were somewhat larger than in the same months of the preceding year. “This would seem to indicate that the decline in milk consumption in these markets is about over. With increases in city employment and business recovery, the outlook is for increased city consumption of milk and cream. An analysis of the New York market alone shows that for the first nine months of this year milk receipts were slightly larger than in the same months of 1934. “Total consumption of fluid milk and cream in cities declined about 6.3 per cent from the peak year, to 1934. If the consumption trend in these three major markets is indicative of the country as a whole, the dairy industry can look to the future with added confidence. “Regaining the 6.3 per cent loss in fluid milk consumption during the depression would mean a material gain in dairy farm income because producers receive their highest price for milk consumed in fluid form. Naturally, more milk in bottles on consumers’ doorsteps means higher average prices to dairy farmers.”

U. S. GOLD IMPORTS TOTAL $49,865,573 Silver Shipments Decrease Sharply During Week Ended Nov. 22. By United Press WASHINGTON. Dec. 2.—lmports of gold into the United States during the week ended Nov. 22 totaled $49,865,573, compared with $38,430,568 during the preceding week, the Commerce Department has announced. Os the Nov. 22 total, $44,724.628 came from France. Silver imports during the week ended Nov. 22 totaled $13,069,259, compared with $22,081,157 during the week ended Nov. 15. Largest amount of silver came from the United Kingdom, which sent $lO.230.286 to this country during the week ended Nov. 22.

Unemployed Rolls Decrease The total number of unemployed workers in the United States in October amounted to n,150, 000, according to the National Conference Board. This was a decrease of 235,000, or 2.5 per cent from the previous month.

Busigraphs

Tend Os 2 PRICES OF FARM PRODUCTS Q Z 1■ ■■■■■ - DOTTED LINE THi FA**T £ TEN *EARS AURA r OF 3 THE SAME VONTHS a *OO i >*. ,/ O 50 - c a. ui r Q o, -I. Jt . i.. 1.1. .I—L.J.-l—i—k ONDJFMAMJJASO J 1934 *435 THE PAPi-ES CCPo. GENERAL. C S" 3.TCRS INCORPORATED INVE STOPS

The farmer who was one of the hardest hit by depression conditions, has made real strides toward recovery. The come-back in the prices of farm products has naturally helped. The prices of farm products reached their low point in February. 1933. but since then have more than doubled. During the last year the increase was 7 per cent, which compares with an increase of about 5 per cent in the wholesale price of all commodities.

SWINE VALUES DROP 10 CENTS Heavy Receipts Force Top Price Down to $9.95: Cattle Strong. Extremely heavy receipts at the Indianapolis Union Stockyards and surrounding livestock centers today resulted in a general decrea.se of 10 cents in porker prices, which sent the top price for good and choice grades below the $lO mark. The total supply at the local exchange was estimated at 8000. the largest number on hand for several months. Receipts at the II leading livestock markets in this district last week amounted to 82.000. compared with 74 in the preceding week. Today’s run included approximately 58 holdovers from Saturday. Although trading developed slow after the opening, demand was fairly active considering the heavy supply. The general bulk of 160 to 300 pounds, cashed in at $9.80 to $9.90. The top price held at $9.95. Heavyweights, scaling 300 pounds and upward, brought $9.50 to $9.70. Light grades, from 100 to 160 pounds, sold at $9.25 to $9.75. Packing sows held at $8.25 to $9.25. With an improved demand evident, initial trading in the cattle market was active and strong to slightly higher than last week's close. Choice grades, however, were absent, Most steers were valued under $lO. Few heifers brought $8 to $9.50. Bulls and beef cows both sold at $4.25 to $6. Receipts numbered 900. Vealers were scarce and unchanged. Bulk of better grades sold at sll to $11.50. Receipts were 400. Trading turned irregular in the lamb market. Native grades were steady to 25 cents lower, and others mostly steady. The natives sold at $7.25 down. The supply consisted mostly of fed Westerns, which remained unsold. Slaughter sheep brought $3.25 to $5.25. Receipts were 2500.

HOGS Nev. Bulk. Top Receipts. 25. $9.60® 9.76 $9 75 6000 26. 9.60® 9.75 9.75 6000 27. 9.700/ 9.80 9 80 3000 29. [email protected] 10.15 6000 30. 9.90<5/.10.00 10 00 2500 Dec. 2. 9.80® 9.90 9.95 8000 Light Lights < 140-160 1 Good and choice $9 50® 9 75 Medium . ... 9.00® 9 60 Lightweights 1 160-180 Good and choice . 9 80® 9 85 Medium . . 9.30® 9.80 1 180-200' Good and choice . 9. 80® 9.95 Medium 9.30® 9.80 Medium Weights )200-220i Good ann choice 9.85® 9 90 .220-250) Good and choice . . 9 80® 9.85 Heavyweights (250-290) Good and choice . 9,75® 9 85 ,290-350) Good and choice 9.60® 9 90 Packing Sows 1275-350) Good 8 00® 925 1 350-425 1 Good ■ . ... 8.65® 9 00 1425-450) Good 8.50® 8 75 .275-450) Medium 8.25® 865 Slaughter Pigs (100-1401 Good and choice 9 25® 9.75 Medium 8 50®. 9.50 CATTLE —Receipts. 900— 1 500-9001 Choice $10.75® 12 50 Good 9.00® 11.50 Medium . . 6 75® 9,00 Common 5.25®; 6.75 f9OO-1100i Choice 12 00® 13 00 Good . 9.50® 12 25 Medium . 7.50® 9 50 Common 5.75® 7.25 (1100-1300( Choice 12.25® 13.25 Good 9.75® 12.25 Medium 7.50® 9 75 (1300-15001 Choice 12 25® 12.50 Good .. 9.75® 12.25 Heifers (590-750) Choice 9.75® 11.00 Good 8.25® 9 75 Common and medium . 4.75® 8.25 ,750-800) Good and choice .. 9 00® 11 25 Common and medium 5 00® 9 00 Cows Good • 5 25® 625 Common and medium ... 4.25® 5.25 Low cutter and . cutter. . 3.00® 4 23 Bulls, good ; 5.75® 6.25 Cutter, com. and med. bulls. 4.00® 5.75 VEALERS —Receipts, 400— Good and choice . ... 11 00® 1150 Medium 9.00® 11.00 Full and common 5.00® 9.00 Calves (250-5001 Good and choice .. . 7.00® 9.50 Common and medium . 4 00® 7 00 Feeder and Stocker Cattle (500-800i Good and choice . .. 6 50® 825 Common and medium 4,25® 6.50 )800-1050i Good and choice.. 6 50® 850 Common and medium . ... 4.25® 6.50 Cows Good 5.00® 6.50 Common and medium 4.00® 5.00 SHEEP AND LAMBS —Receipts. 2500 Lambs. 90 lbs. down, good and choice . . $lO 50® 11.50 Modium 8 75® 10 50 Ewes '9O-125) Good and choice 4 25® 525 All weights, common and medium 3 75® 4 75 (120-150) Good and choice 3.525® 425 BONDS TO BE REGISTERED Time s Special CHICAGO, Dec. 2.—Registration of an issue of $3,500,000 of first mortgage 4U per cent bonds by the Revere Copper and Brass Cos. with ■he Securities and Exchange Commission is expected shortly. it was announced today. Proceeds from the sale will be used to refund the like amount of outstanding 6s of 1948, which are callable at 1074. STOCK LISTING APPROVED 7 ime* Special NEW YORK, Dec. 2—The governing committee of the New York Stock Exchange has approved the application of the Anaconda Copper Cos. for the listing of $55,000,000 of 44 per cent sinking fund debentures, due 1950, sold on Oct. 15 at 984 and interest, it was learned today. ;

BANKER RULES TO BE EFFECTIVE FIRST OF YEAR Reserve Board Announces Regulations on Loans to Executives. I.*/ t uiteii Vn WASHINGTON. Dec. 2 Regulations for loans to executive officers of member banks will become effective Jan. 1, the Federal Reserve System has announced. The announcement pointed out that the banking act of 1933 prohibited executive officers of member banks "from borrowing from or otherwise becoming indebted to member banks of which they were executive officers and likewise prohibited member banks from making loans or extending credit to their executive officers.' The board today defined the term "executive officer" as follows: "The term, ‘executive officer’ means the chairman of the board of directors, the president, every vice president, the cashier, secretary, treasurer, and trust officer of a member bank, and in addition, every other officer of a member bank who participates in the management of the bank or any branch thereof, regardless of whether he has an official title or whether his title contains a designation of assistant, and regardless of whether he is serving without salary or other compensation; but such term does not include a director or member of a committee who is not also an executive officer within the foregoing definition." j Similarly the board has defined the terms "loan." "loaning,'' “ex- \ tension of credit,” and "extend j credit - ’ to mean: "The making of a loan or the exj tending of credit in any manner whatsoever. ”

CASH PAYMENTS OF OIL GROUP INCREASE Dividends of Standard Companies to Total 5170.078.682. Timm Special NEW YORK. Dec. 2. —Aggregate cash dividend payments by companies of the Standard Oil group for the year 1935 are estimated at $170.078.682 compared with 5169.092.529 in 1934, according to figures compiled by Carl H. Pforzheimer fit Cos. In addition to the cash payments this year, the Standard Oi> Cos. of New Jersey on March 15 distributed in the form of a stock dividend 1,339.345 shares of Mission Corp. capital stock which on the date of distribution had a market value of approximately $13,206,000, and which, if added to cash payments would bring the total for 1935 to $183,284,682 or $14,192,153 more than in the preceding year. Socony-Vacuum Oil Cos. distributed 30 cents a share in 1935 for a total of approximately $9,347,130. or half of what was paid last year, while the Ohio Oil Cos. dividend of 30 cents a share this year approximated $1,970,000 compared with 45 cents a share, or $2,954,000 in 1934. Preferred dividends of Ohio Oil Cos. totaled about $3,350,000 in both years.

$1,345,000 IS TOTAL OF CONSTRUCTION AWARDS Contracts Awarded in 1935 Are Valued at 5.33,714,000. : Timm Special NEW YORK. Dec. 2.—Contracts awarded on current construction | projects in the process industries total 51.345,000, and the cumulative ; total for contracts awarded in 1935 is $33,714,000. according to the Chemical and Metallurgical Engineering magazine. Current proposed work and bids asked total $4 .- 019,000. with a cumulative total for i the year of $48,894,000, the report j stated. The outstanding proposed project reported this month is the conIstruction of a three-story chemistry ! laboratory and electric building on the campus of the Case School of Applied Science, Cleveland, at an estimated cost of $2,500,000. Contract has been awarded for the construction of a factory for the A. P. w. Paper Cos. Albany. N. Y.. at an estimated cast of $500,000. Cave Springs Distilling Cos., Newport, Ky.. is receiving bids for the construction of a distillery and warehouse at an estimated cost of $200,000. OIL PRODUCTION DROPS Daily Average Output fnr Week at 2,839,950 Barrels. Timm Special NEW YORK. Dec. 2.—The daily average gross crude oil output for the week ended Nov. 23 amounted to 2.839950 barrels, compared with 2.850.600 barrels in the preceding I week, according to figures released today by American Petroleum Institute. Imports of petroluem for domestic use and receipts in bond at the principal United States ports, for the same week, totaled 1.264.000 barrels, a daily average of 180.571 barrels, against a daiiy average of 62.571 barrels for the preceding period. Daily average for four weeks ended Nov. 23. was 131.036 barrels. OPERATIONS AT 60 P. C. 2000 Bark to Work After Strike at Motor Products Plant. Timm Sprrial DETROIT. Dec. 2—The Motor Products Corp. here announced today that more than 2000 men are back to work and that the company is operating at about 60 per cent of the rate in effect before the recent strike. The plant currently is operating on a 94-hour shift, but expects to go on a two-shift basis before the end of the week, it was announced. WORK HOIKS INCREASED Time* Special LYNN, Miss., Dec. 2 —The General Electric Cos. has posted notices at the plant here that the work week for process workers will be increased to 40 from 36 hours, effective at once, it was announced today.