Indianapolis Times, Volume 47, Number 231, Indianapolis, Marion County, 5 December 1935 — Page 26

T rends T reasu ry- Bankers Resumed in New Financing. BY JOHN T. FLYNN

NEW YORK, Dec. 5.-The new financing of $1,318,000,000 by the government during December bring.* up afre*h thp growing quarrel between the bankers and the Treasury. These bonds will be sold by the government apparently as

most ot her bond .s.sties have been sold direct to banks. Ii was this practice which brought from Mr. Orvil Adams of Utali the more or less audacious proposal to embargo credit to the United States government. In other words, he called upon the bankers. actually to refuse to take

Flvnn

any more bonds. Mr. Adams was subsequently elected by the American Bankers Association as second vice president, which is tantamount to election as president two years from now. a a a WE ntav now see what would happen if Mr. Adams lineal were adopted by the bankers. l’he government, when these bonds were offprpd to the banks, would be turned down. Then it would be forced to go out to thp public and sell them perhaps pretty much as the Liberty Loans were sold during the great, war. Os course the bankers will do no stich thing. Nevertheless, this new' bond Issue will add many hundreds of millions to the excels reserves of (he banks and immediately the pioblem of the excess reserves will come to the front. The bankers now' have another suggestion. Many of the bond issues and note issues are .short-term issues. In fact, in this present financing of $1,318,000,000. about $418,000,000 of it is in notes made some time ago and which now become due. The banks hold these notes and can demand payment. a am THE government does not, ot course, pay in fact. It. issues new notes and w'it,h the proceeds pays for the old ones. The proposal is now made that as the old issues mature, the banks call for payment without taking new notes to replace them. This would drive the government into the open market for funds. There it would have to pay a higher rate of interest. It would undoubtedly meet with resistance and the huge size of the debt would become instantly a matter of grave public concern. Unfortunately the banks may be moved in their actions by enmity to the Administration rather than by concern for the country s interest, but the tact remains that the rising debt is a matter of the greatest seriousness in spite of Mr. Roosevelt’s recent efforts to minimize it. (Copyright 1935 NBA Service. Inc.) LARGE BONO ISSUE IS OFFERED BY RFC $13.037,100 in PWA Ismips to Be Placed on Market. Bp fhiili il Vres* WASHINGTON. Dec. s.—Municipal bonds valued at $13,037,100 taken over from the Public Works Administration today were offered to the highest bidders by the Reconstruction Finance Corp The offering comprises 68 issues of municipal bonds of political subdivisions in 15 states. The bids wull be opened at noon Dec. 17. This sale brings to w’ell over SIOO.000.000 the amount of PWA bonds disposed of in this manner. The RFC has received total premiums over par of nearly $3,000,000 on ■Ute sales. On Commission How Quotations below subject to change are average wholesale prices being offered to huvers bv local commission dealers: Print Cranberries, eatlv blacks 25-lb. box *4.25. Pears Washington DAnjo. $2.25 Bananas—7 hands, a pound. 5 Vie. Persimmons—California, lug. $1.50. Apples—-’-idtana Jonathans. $1 60 Summer Rambc.s. *1; Delicious. $160(01 75 Wealthy*. $1: Grime'- Goldne, $115(0 1.25. I.emons SunIcist, 3605. $6 Grapefruit - Texas. 64s to tOs. $3.50 Florida seedless, $2 75 l imes - Mexican, a carton 12s, 20c; Persian seedless, a hundred. $3. Vegetables Beans, green, round stringtess. bu.. $2.50. Beets Texas, 3-do/., craie, $1.90 Cabbage Northern Danish 50-lb bag, 90c Carrots Home grown. 40c ne.w bulk, half bn.. 60c. Cauliflower California crate $2.50 Celerv Michigan washed ami trimmed, extra large 55c: jumbu. do/. 85c Cucumbers Southern bu $3 >0 do, 85c. Kale—Home grown, bu , uOc leaner Iceberg. California be ;i $5; home grow n leaf. 15-lb basket $1 tilt Entllve Ohm basket. Sac Mangoe ('alumina irate $4 7s; small basket. $1.25. Midi Bunch. 15c Mustard Home grown bu . UOc. Onions —lndiana yellow. iO-IO bag VI: Indiana vollow. 10-lb. bag, 22c we-umi Spanish. 50-lb. bag. $1.50. Parsley —Home grown do/.. 35c. Peas Telephone, hampers. $4 Potatoes Round Cobblers 100-10 bag it *5: Michigan Round White 100-lb bag •1.50 Early Ohio*, bu.. $1 60; Idaho Russeta. *2 40 Sweet potatoes Indiana. Jerseys, bu . $165. Radishes- Ohio, button do:', baskets. 60j*70c. Sags’ Do*.. 45c Soinach- OToad leaf, bu 83c. Squash - Bu $2.50 Tomatoes California repacked. 10-lb. canon. $1.5001.75 Produce Markets The price* piloted below are paid for stock gathered in the country, while delivered in Indianapolis the price will he a cent higher. Heaw breed hen*. 16c leg horn breed hens 12c; springers, over 4’. lbs,. 17c; under 4’. lbs,, life; old cocks. 9c Leghorn springers. I 1 ; lbs and no 12c Turkevs—Young hens S lbs and up 14, toms. 13 to 18 lbs . 19c over 18 lbs 13c old toms, 14c Ducks—white 4', io and up. JOc: geese. 10 lbs., lull leathered and fat, 9c; old guinea*, 15c. vourg guineas 1% lbs and up 25e No 1 strictly fresh eggs, loss oft 25c Dll 11c i eggs. lgc. Each lull case must weigh 55 lbs gross, a deduction of 10c a pound undri 55 lbs will be made No. 1 butter 3d 1 a■> 37%c; No 2 *4%33%e; butterfai 31c. Quoted bv the Wedler Cos Unlisted Stock •Bv Biyih A- Co.t KFW YORK BANK STOCKS Bid. Ask. Banker* . .. 67'. 69 Centrla Hanoiv-r B * T ... 138% 130', Chase 39 % 41 ', Chemical National . 5860 Guaranty 31S 320 Irving 17 18' * Manufacturer* 44 45"* National Citv 36% 38'. Com 111 iChicago) 101 103 First National of Boston 43% 45', Natl Shaw mitt . . 27', 29 KIRK INS! RANCH Aetna Fire . .. 59 61', City of New York inewi . 28‘. 30 Federal Ins 84 Franklin Fire . so}, 12 Great American Ins 27', 28 • Hanover Fire In* 38', 40 Hartford Fire Ins . 80' 82'j Home In* . 3*', 38 , IRS Oof N A 71 ', 73’. Nation*’ Fre . 73741, North Ri-vr Insurance 38>, 30 •been:*, lnvjrar.ee 33 #s% waatehester Fire }(i, 3***

PAGE 26

HOLIDAY RETAIL TRADE SPURTS AHEAD OF 1934 Santa's Pack to Receive Half Billion More Than Year Ago. litt I i< it> and Pres. t WASHINGTON. Dec. 5. Five hundred million dollars more in trade will go into Santa Cl3us’ pack this Christmas than in 1934 Commerce Department officials estimated today. The probable boost in Christmas trade from $4,000,000,000 in 1934 10 $4.500 000 000 in December trade this year would, one business group estimated. put some 500.000 additional persons to work. Preliminarv holiday trade reports from all parts of the country to the Commerce Department indicated that retail trade already is. running from five to 35 per cent higher than a year ago. Christmas clubs will pay $312,000,000 to 7.000.000 members and much of this money will go into Christmas trade. Bears Out Buper's Statement If present trade trends continue throughout December, officials predicted that $4,500,000,000 would be spent during the month as compared with $4,000,000,000 last year. This estimate was in line with a recent statement by Daniel C. Rop o r, Secretary of Commerce, that Christmas trade would be between 10 and 25 per cent higher than last year. New York wholesale markets, where dealers from all sections of the nation place their Christmas orders during the fall months, showed sharp increases in the semi-luxury goods which will be exchanged ns Christmas presents. The following statistics were released by the New York Federal Reserve Bank on increases over last year. Shoe Sales Gain Most Shoes. 49 per cent; men's clothing, 26; rayon and silk 21, diamonds. 20: cotton goods, 17; jewelry, S3, and paper and stationery, 12. Notable increases in excess of the average increase were noted in sales of washing machines, radios, refrigerators, automobiles, jewelry and watches and clocks, the Department of Commerce reports showed. Representative reports on retail trade in various cities to the Department of Commerce showed the following: New York—Retail sales up 13 per cent over last year. Chicago—Retail sales up 3 per cent over corresponding period last year. Philadelphia—Retail stores report sales 8.7 per cent above last year. Charleston Sales Up 25 Per Cent Los Angeles—Retail trade 10 per cent above last year and wholesale trade the best in four years. Detroit—Retail trade up 18 per cent. San Francisco—Best prospects for retail stores trade in several years. Minneapolis - St. Paul—R eta i 1 trade exceeding expectations. Wilmington, Del.—Retail houses report trade up 16 per cent. Memphis, Tenn.—Stores report trade increases of 10 to 25 per cent. Charleston. S. C.—Sales running 35 per cent ahead of last year. Pittsburgh Department stores sales up 22.5 per cent over last year. Birmingham, Ala.—Retail stores sales up 15 per cent, furniture stores report sales up 20 per cent. Other Cities Listed. Woonsocket. R. I.—Retail trade the highest since 1930. Boston—Retail trade running 10 to 25 per cent ahead of last year. Denver—Both retail and wholesale sales above last year. Atlanta- Retail sales up 15 per cent. Buffalo—Retail sales up 23 per cent, automobile sales up 25 per cent. New Orleans—Retail stores report 19 per cent increase in .sales. Cincinnati—Retail stores report sales ahead of a year ago in almost all cases. Seattle—All stones report increases over a year ago St. Louis—Retail trade 12 per cent ahead of the previous week and 6 per cent ahead of last year. EXEMPTION IS EXTENDED SLC Lengthens Non-Registration Period for Exchanges. Itp I IlitCll /Vl’.* WASHINGTON Dec. 5. —The Securities and Exchange Commission has announced it had extended from Dec. 1, 1935. to Feb. 1. 1936. the temporary exemption from registration as a national securities exchange previously granted to the Manila Stock Exchange. The commission also announced it had made the same extension on exemptions previously granted the Colorado Springs and Seattle Stock Exchanges and the San Francisco Mining Exchange. COMPANY IS TO EXPAND Lever Brothers Parking Firm to Build New Factory. Up I , ilnl /'" * HAMMOND, Ind.. Dec. s.—An expansion program involving an expenditure of between 55.000.000 and SB.OOOOOO at tile Lever Brothers Packing Cos. plant here was announced today. 'Hie Company proposes to construct a factory for the' production of a vegetable lard substitute and an addition to the soap and refinery plants. Chicago Grain Futures (Bv Jump' E. Bennett A- Co.I 11:30 Prev. Wheat— Hißh. Low. A M. Close. !><• 95 s , .95', .95', .971, M6V 95’, .94', .94-', .95*, July 88", .88 .88 .88' * Corn— Dec 5? : , ■56 % .56’, .563, M*V .58' t .58', .58.58", July 60 .59% ,59 7 .60 Oat*— Dec 25 24 s , .24 s , .25', May 26 s * .26'a ,26% 26 s , July 27', .27 .27', .27 R reDec 47 .47', .47', .47’, May 50’, .50' j .50’.* .51 LOCAL CASH MARKET City Rrain elevaror* are payina 87 cent* ror No. 2 soft wneai. Other trade* on their merit* C*h corn new No. 4 yellow 51 cent* sna.osts 19 cents.

Abreast of The Times on Finance

New Business Books Available at Library The following new business books are now available at the business branch of the Indianapolis Public Library: INCOME AND ECONOMIC PROGRESS. hr Harold G. Moulton. The distribution of wealth and inewme In our modem society has become the central concern of those who would unleash our productive power and accelerate our economic progress.” EMBARRASSING DOLLARS; AND HINTS TO THEIK HOLDERS, b* A. R. Horr. The author’s life ha* been devoted to "the study ana practice ol providing economic security." how s.aee are safe deposit VAULTS? by Charles Kohraan. BANK MANAGEMENT; A CASE BOOK by Juba F. Ebersole. Second Edition A revision made necessary by "the extraordinary measuiex taken bv the Federal government io alleviate the effects of the depression of the thirties." THE AGENCY LIST OF THE STANDARD ADVERTISING REGISTER. 1935. List of advertising agents with their personnel and accounts.

PORKER PRICES RISE 10 CENTS Cattle Trade, Active, Firm: Veals, Lambs Hold Stationary. The pork market, although still depressed somewhat by heavy receipts, managed to display a strong lone at the Indianapolis Union Stockyards today, and as a result prices were generally 10 cents higher than yesterday's best average. Light supplies reported at several of the surrounding livestock markets aided in creating a fairly strong demand at the local exchange. Receipts today were estimated at 6000, 9compared with 4000 i nthe previous session. Approximately 167 hogs were held over from yesterday's market. The general bulk of IGO to 300 pounds cashed in at $lO to $lO.lO. The moderate increase in prices forced the top to $10.15. Heavy butcher classes, ranging from 300 pounds and upward, brought $9.70 to $9.90. In the lightweight division, slaughter pigs from 100 to 160 pounds sold at $9.45 to $9.95. Packing sows held at $8.75 to $9.60. Initial trading was active in the cattle market and prices slightly higher, especially in the slaughter classes. Top light and medium weight steers brought sl2, while some held higher. Short feds and lower grades ranged downward from $lO.- Heifers in carlots sold at $9 to srt). Less attractive kinds brought i $5.50 to $8.50. Bulls held at $4.50 to $6. Receipts were 1200. A steady trading range prevailed in the veal market. The bulk of good and choice grades sold at $11.50 down. Receipts were 600. Lambs were mostly stationary, with the market for fed western kind undeveloped. Most classes ranged downward from $11.25, with a few hold- ' ing at $11.50. Slaughter sheep sold at $3.25 to $5.25. Receipts numbered 3500. HOGS Nov. Bulk. Top. Receipts j 29. $10.05910.15 *10.15 6000 30. 9.90®10.00 10.00 2500 j Dec. 3. 9 80® 9.90 9.95 8000 ! 3 9.80(h) 9.90 9.95 8000 | 4. 9 90(910.00 10,05 4000 | 5. 10.00910.10 10.15 6000 < Light Lights (140-1601 Good and choice $ 9.70® 9.95 i Medium 9.20 1 it! 9.80 j Lightweights 1 1160-180) Good and choice . 10.00910.15 j Medium 9.50 9 10.00 > (180-200) Good and choice . 10.00910.15 j Medium 9.50910.00 Medium Weights 1200-2201 Good and choice.. 10.05910.10 j 1220-250) Good and choice . 10.00910.05 i Heavyweights _ j 1250-2901 Good and choice . 9.95910.05 j (290-350) Good and choice . 9.80910.00; Packing Sows j (275-350) Good 9.25 9 9.60 1350-4251 Good 9.10® 9.50 1425-450) Good 9.009 9.35 1275-450) Medium 8.759 9.25 I Slaughter Pigs „ i dOO-140) Good and choice . 9.4a® 9.95; Medium 8.75® 9.70 CATTLE —Receipts, 1200 (500-900) Choice $10.75912.50' Good 9.00® 11.50 , Medium 6.75® 9.00 | Common 5.25® 6.75 (900-1100) Choice 12.00®13.00 , Good 9.50 9 12.25 Medium 7.50® 9.80 ; Common 5.75® > 25 ( 11100-1300) Choice 1 >.25913.25 ; Good 9.75® 12.25 ! Medium 7.50® 9.7a (1300-15001 Choice 12.25® 12.50 Good 9.75® 12.25 ] Heifers (500-750) Choice 9 75911.00 Good 8.25® 9.75 j Common and medium 4.75® 8.25 ,750-800. Good and choice .. 9.00911.25 Common and medium 5.00® 9.00 Cowl Good 5.25® 6.25 Common and medium ....... 4.25® 5.25 Low cutter and cutter 3.00® 4.25 Bulls, good ; 5.75# 6.25 Cutter, com. and med. bulls.. 4.00® 5.75 VF.AI.ERS Receipts. 600 - Good and choice •• $11.00911.50, Medium . 9.00®11.00 Full and common 5.00® 9 00 Calve* 1250-500) Good and choice .... 7.00® 9.50 Common and mediißn 4.00® 7.00 Feeder and Stocker Cattle iSOO-800i Good and choice .... 6.50® 825 Common and medium . ... 4 25® 6.50 (800-1050) Good and choice.. 6 50® 850 Common and medium 4.25® 6.50 Cow* Good 5.00® 6.50 Common and medium 4.00® 5.00 SHF.FP AND lAMBS —Receipts, 3500 Lambs. 90 lbs. down, good and choice $10.50911 50 Medium 8.75® 10.50 Ew ps i9O-125) Good and choice. . 4.25® 5.25 All weights, common and medium 3.75® 4.73 il2o-150i Good and choice . 3.25® 425 MIAMI ’ OFFERS BONDS Issue Marks First Financing Step of City Snoe 1930. Time * Spec in l NEW YORK, Dec. s.—Public offering of anew issue of $1,789,000 refunding 4% per cent bonds of the City of Miami Beach. Fla., maturing from 1947 to 1956 and priced to yield from 4.10 to 4.20 per cent was made hpre today through a group headed by John Nuveen & Cos. of Chicago. This is the first, financing step taken sincp 1930. Last year the city collected 99.18 per cent of its taxes and has shown a reduction of 31 per cent, or $1,750,000 in its bonded debt in the last five years, it was stated. OIL OUTPUT DROPS Time* Special TULSA. Okla.. Dec. 5.—0il production in Oklahoma during the last week of November dropped to around 484,725 barrels a day. compared with 499,375 barrels a day in the preceding week. Output, in Kansas increase#,, to 145,775 barrels a day in the ft/ peek.

INDIANAPOLIS, THURSDAY, DECEMBER 5, 1935

LIFE INSURANCE AGENTS GROUP TO MEET HERE Carl Peterson to Address Managers Association Tomorrow. Carl A. Peterson, supervisor of agencies of the Northwestern National Life Insurance Cos., Minneapolis. is to be guest speaker at the annual meeting of the General Agents and Managers Association of Indianapolis tomorrow night at the Columbia Club. Program of the meeting, which opens at 5. includes election of officers and the report of a committee which has been undertaking a study of agency problems. Mr. Peterson is to give his address following dinner. Mr. Peterson has a background of engineering and agency building that combined make him an outstanding man in the life insurance world. Following the San Francisco earthquake he was assigned by the Western Electric to the task of assisting in reorganizing the telephone system in the San Francisco area. His engineering experiences were brought to bear upon the problems of agency building when he was appointed lowa state agent for the Mutual Trust, with which he later served as agency manager. Five years ago he was appointed to his present position. J. R. Townsend, association president, will preside.

ROGERS & CO, TO HAVE LARGER STORE Additional Property Leased by City Jewelers. An expansion program which will double present floor space is being undertaken by Rogers & Cos.. Indianapolis jewelers, Adolph Blickman, president and owner, has announced. The firm, located at 5 N. Ulinoisst, has leased part of the adjoining space now occupied by Bair's Lunch and which is to be vacated the first of the year. Enlargement of present facilities has been made necessary by increasing volume of business, Mr. Blickman said. The store has been at its present location since 1922. Plans to modernize the store are being prepared by Pierre & Wright, architects, he said. Klein & Kuhn. Inc., acted as representatives of lessee and lessor m the transaction. B. & 0. CARLOADINGS RISE DURING MONTH Total for November Reported at 175.161, Best Since 1931. Times Spec ind BALTIMORE. Dec. s.—Carloadings on the Baltimore & Ohio Railroad during November amounted to 175.161, of which 113.989 cars were loaded on line, and 61,627 received from connections, the company reported today. This was the best November since 1931. Compared with the corresponding month a year ago when the total was 160.132. comprising 106,790 cars loaded on line and 53,342 received from connections, there was an increase of 15,484 loads. Although November's total was below October which had 203.508 cars loaded, October was exceptional in having the best total for any month since August. 1933. For the week ended Nov. 30, loadings amounted to 37,541, consisting of 24.633 cars loaded on line, and 12,908 received from connections. This was an increase of 5874 cars loaded over the same week last year, when the total was 31,667. BUSINESS FAILURES UP Dun & Bradstreet Report Total of 229 for Week Ended Nov. 28. Times Special NEW YORK. Dec. s.—Business failures in the United States during the week ended Nov. 28 advanced to 229. compared with only 196 and 210. respectively, for the two preceding weeks, Dun & Bradstreet, Inc., announced today. There was an increase in each of the leading geographical sections of the country, except in the West, where a reduction in the number appeared. The increase was quite marked in the South and in the Pacific Coast states. Failures in Canada during the week numbered 36. -compared with 22 last w eek, and 40 in the corresponding week a year ago. INTEREST TO BE OMITTED Rtt United Press NEW YORK. Dec. 5*.--The boerd of directors of the St. Louis Southwestern Railway Cos. today voted to omit interest payments on company obligations due Jan. 1. Busigraphs NEW LIFE insurance WRITTEN. (ASS'N 06 UF£ ins. PRESIDENTS) ,200 POTTEti LISt IS THE f*il TEN \E*6S *\EK*),E Os or • _ < * joo ■ ~ -p% y, 77 V--1 WM llllPlirl ! IHI 1934 1935 THE. PARKER CORP GENERAL DISTRIBUTORS INCORPORATED INVESTORS New life insurance written in the first 10 months of this year passed the corresponding period of 1934 by 3% per cent. The gain in October was nearly 5 per cent. The average ordinary policy written in October was for $1720. while the industrial policies WTitten averaged $250. These average values are very close to what they were a year ago. ,

—1935-. 1935 monthly DAILY FROM AUG. Ist:1 st- : 52 .; ~ 50 j DAILY AVERAGE I i 300 COMMON STOCKS ii ~ /Ti )■—Tli;; I i t t t l i t t l i t l 1 11,1 OC M—; ; j | j j j Pi j j j ; j j r -, n 11 ii ii t t i t ii ii ii 1,1 |IT i*i ii ii i< ii ii ii ij \ T~j *1 1 It 11 t ii ii ii ii ii ii 1 tll Ii ii tii i1 ii Ii ii ii i 1 j 1 T •ya I t ii I I t I t t It I I I I ii t I * iIIII 111 ii ii ii ii i tli i 11 J ! _, II iit ii ii ii ii ii ii ii t 1 1 1 c4I, II T VI —i —l 1 1 —i —i 1 I—T1 —T 1 I—l1 —l 1 1 1 —1 —I —r— ——_______________ zgikOZJ 25 15 22 29 5 | 2 19 26 3 1017 24 31 7 142128 AUG. SEPT. OCT. NOV.

New York Stock Exchange Prices

(By Thomson & McKinnon) 11:30 A. M. Prev. Oils— High. Low. N. Y. Close. Amerada 72:, 1 , 72’, 72',* Atl Rfg 23V* 23 s , 23 . 23 Barnsaall 13 124* 12 ;* 13 Consol Oil 10',* 104* 10'* 104s Cont of Del ... 29> 29V* 29'* 29'/* Houston inew) . 64* 6',2 e- 1 * 6'* Mid Cont Pet .. 164* 164* 16 s , 15V* Ohio Oil 11'/2 114* 11 '2 114* Pet Corp 114a 114* 114* 114* Phillips Pet 37 364* 364* 384* Plymouth Oil ... 10>* 10 5 . 10’, 114* Pure Oil 13',* 13 134. 13V, Royal Dutch ... 47 3 ,8 464's 46 7 * 474* Seaboard Oil ... 31'* 314* 31',* 31V* Shell Un 15 15 15 15 Skellev Oil .... 154* lo 5 * 15V* 154* Soc Vac 13V* 13 13 13V* S O of Cal 374* 37 s * 37 3 i 37 s/ * SO of Ind 27% 27% 27% 27V* S O of N J 494* 49'/* 49V* 49 Texas Corp 25% 25V* 25'* 25'A Tidewater Assn . 12V* 11% 11% 11% Un Oil of Cal . 214* 21% 21% 214* Steels— Acme 68V* 68V4 68% 69 Am Roll Mills .. 31 30% 304* 30% Beth Steel .... 49 48',i 48',2 49>/2 Col Fuel & Iron. 4 4 4 3 1 /* Cruc Steel 31 30% 30% 30V* Ludlum Steel ... 24% 234* 23% 24% Natl Steel 77% 77% 77V* 77** Otis Steel .... 17V* 174* 17'% 16V* Dep Ir & Stl 19% 18% 184* 184* U S Pipe & Fdy 21% 21V* 21% 21 U S Steel . 48% 48 48 48% U S Steel pfd .. .116 115% 116 115% Warren Bros 4% 4% 4% 4% Young’wn S&T 37 364'* 364* 36% Motors— Auburn 37 3 * 37% 37% 38% Chrysler 834* 82 V* 83% 834* Gen Motors .... 55% 544* 55% 55% Graham Mot ... 3% 3% 3V* 3% Hudson ..... 15'* 15 15 14V* Hupp 24* 24* 24* 24* Mack Truck 25V* 25V* 25% 25% Nash 164* 16V* 16% 16V* Packard 6% 644 6V* 6% Reo 5% 5 V* 54* 5 % Studebaker 944 9% 9% 94* Motor Acres*— Bendix 20% 204* 2044 20 s * Bohn Alum 51% 51% 51% 51V* Briggs 51',* 51V* 51% 51% Budd Mfg 9% 9'/* 9% 9V* Budd Wheel 124* 12% 12% 12% Eaton Mfg 27V* 27% 274* 2744 Elec Auto Lite . 33V* 33V* 33% 34 Elec Stor Bat... 53V* 53% 53% 54% Houdaille B ... 28 28 28 28% Mullins Mfg 1444 14% 14% 15 Murray Body ... 194* 19% 19% 19% Timken Roll 67% 67 67% 67% Timken Det Axle 10% 10% 10% 10% Mining— Alaska Jun 16 15V* 15% 154* Am Smelt 62% 62% 62%~ 62 Anaconda 28% 27V* 28 27% Cal & Hecla . 6 1 /* 6 1 /* 6% 6 Cerro De Pasco. 62 61% 61% C l% Dome Mines ... 42% 42V* 42% 42 Granby % 9% 9% 9% 9% Gt Nor Ore 14% 14V* 14% 14% Howe Sound ... 57% 57% 57% 57% Ins Copper 7Vs 7 7 7 Int Nickel 44% 44 1 44'/* 43% Kennecott Cop . 29% 28% 29% 28% Mclntyre Mine. 39 38 V* 38 V, 38% Park Utah 5 5 5 4% Phelips Dodge . 27% 26% 27% 27% St Joe Lead .... 25 24% 25 24% U S Smelters ...107 106V* 106% 106% Vanadium 20 19% 19'% 20V* Amusements— Fox Theat 22 % 21V* 21% 22% Loews Inc 52 7 /a 52 V* 52% 52V* Radio Corp .... 12 11% 11% 12 Paramount 9% 9V* 9'/* 9% R K O 5% 5% 5V* 5% Warner Bros ... 9V* 9 9 9 Am Tob "A" ... 99% 98% 99% 99 Am Tob "B” 101% 101V* 1014* 101 Ligg & Myers B 113 113 113 111% Lorillard 25 24% 25 25 Phillip Morris .. 62 62 62 62% Kails— Atchison 58% 57 57% 58% Atl Coast Lines. 344'* 34% 34% 34% B& O 17% 17% 17% 17% Can Pacific .... 12 11% 12 12 Ch & Ohio 52% 52 V* 52% 5.3% Chi & Gt W pfd 5% 5% 5% 5% C M & St P 1 7/ * 1% IV* 2 C M & St P pfd 3% 3% 3% 3 Chi N W 3% 3% 3% 3 % Chi N W pfd . 8% 8 8 8 Dela & Hud ... 39% 39 39% 39% Del Lac & W .. 18% 18% 18% 18% Erie 13% 13Va 13V* 13% Erie pfd 19 19 19 19V* Grt North pfd... 34% 33% 33% 34% 111 Central 22% 21V* 22% 22 K C Sou 12% 12V* 12% 12% Lehigh Valiev ... 10% 10% 10% 10% Lou & Nash ... 62% 62>4 62 % 62 M K <fc T . .... 6% 6% 6V* 8% M K <fe T pfd 16V* 14V* 15% 16 Mo Pac 2% 2% 2V* 2% Mo Pac pfd ... 4Vi 4% 4% 4% N Y Cent 29% 28% 28% 29% N Y New Haven 4% 4V* 4V* 4V* N Y Ount & W 6 8 6 6 Norfolk & West 208 208 208 207 Nor Pacific 24% 24% 24% 24% Penn R R 32V* 32V* 32% 32% Sou Pac 25% 24V* 25V* 23% Sou R, R. 15% 15 15V* 15% Union Pac 110% 110% 110% 111% West Fary 10% 9% 9% 10% Equipments— Am Brake Shoe 41 40% 41 40% Am Car & Fdy.. 31% 31% 31% 31V* Am Loco 26% 26V* 26V* 25% Am Steel Fdy... 23% 23% 23% 23% Bald Loco ... 4% 4% 4% 4% Gen Am Tk Car. 47 46'/* 46% 45V, Gen Elec 38 % 38% 38% 37% Pullman Inc ... 38% 38% 38% 38% West Air Br . . 33% 33V* 33% 33% Weslingh Elec... 94 93 93 94V 2 Utilities— Am & For Pwr. 7% 7 7% 7 Am Pwr & Lit . 8% 8 8% 8% AT&T ...158 158% 158% 158 Am Wat Wks. 21% 20% 21% 20% Col Gas & Elec 14V* 13% 14V* 13% Comm & Sou 2% 2% 2% 2% Consol Gas .. . 33% 32% 32% 32 Elec Pwr & Lit. 5% 5% 5% s', Int Hydro Elec . 4 3% 4 30* Int TANARUS& T .. 13 12% 12% 12% Nat Pwr & Lit . 10 10 10 9% North Amer .. . 26% 26V'* 26% 26% Pac G& E 30% 30 30% 30 Peoples Gas ... 41 39% 41 39% Pub Serv N J ... 45 44% 45 44% So Cal Edison . 24% 24V* 24% 25 Std Gas 5% 5% 5% 5% Stone & Webster 12% 12 12V* 12 United Corp ... 7% 7 7% 7% Un Gas Imp ...17% 17 IT, J 7 Ut Pwr &. Lit ‘A’ 3% 3% 3% 3% Western Union . 72V* 71 71 72 Rubbers— Firestone 20% 20% 20% 21 Goodrich 12 s * 12% 12 s * 12% Goodyear 22"* 22 22% 22V* U S Rubber . 15% 15% 15% 15% U S Rubber pfd 44), 43% 44% 43 V* Miscellaneous— Allis Chalmers . 33% 33% 33 s * 34 Am Can 140% 139% 139 V, 139% Am Mach & Fdy 31 31 31 30V, Anchor Cap 15% 15% 15% 15% Burroughs Add 25% 25% 25% 25% J 1 Ca-ve I(M% 100% 100% 101% Conti Can 90V* 90% 90% 91 Caterpillar Tract 57 56% 56% 57% Curtis Pub pfd 103% 103% 103% 104 Eastman Kodak 162% 162 162% 162% Foster Wheeler . 24% 24% 24% 24 Gillette 17% 17V* 17% 17 s * Gliddea .. 45% 45% 45% 45 Int Bus Mach 185% 189V* 185% 183 Inter Harv ... 61V* 61% 61% 61 s , Natl Cash Reg . . 21% 20% 21% 21% Owens Dottle . 122% 121% 122 s * 121% Rem Rand ... 17 16% 17 16% Underwood E .. 84 83V* 83% 83% Foods— Am Sugar 53 52% 52% 52% Armour 5% 5% 5% 5% Armour 6% pfd 68% 68 68% 67% Cal Packing 35 s , 35 s , 35V* 35 s * Can Dry G Ale 13% 13% 13% 13% Cont Bak A .. 10 s * 10% 10% 10% Corn Prod 70 70 70 70 Cuban Am Sugar S% 6% 6% 6% Gen Baking 11 s * 11 s , 11 s , 12% Gen Foods 33 33 33 33# Gold Dust 20% 20% 2(1% 20% G W Sugar 33% 32% 32% 33 Int Salt 25% 25V. 25% 25% Loose Wiles .... 40V* 40% 401* 40 Natl Biscuit 34% 83% 33V, 34% Natl D Prod 20 19% 19% 19% Purity Bak 44% 14% 14V, 14%

S Por Rico Sug 26% 25% 25V, 26% Std Brands . 14% 14',2 14% 14% Un Biscuit 24 24 24 23% United Fruit ... 68% 68% 68% 67% Ward Bak B' .. 2% 2% 2% 2% Wrigley 76V, 76 s , 76V, Retail Stores— Acsd Dry Goods 17% 17% 17% 17 s * First, Natl Stores 47% 47 47% 47% Gimbel Bros ... 7V 7% 7% 7% Gr Un Tea 3% 3% 3% 3% Allied Sts 8% 8 s * Bs,8 s , 8% Jewel Tea 62 62 62 62 Kresge S S 27% 26% 26% 27% Kroger Groc ... 26% 26% 26% 26 s * Macv R H 54 54 54 54 V* McCrory St 13 s * 13% 13% 13% McLellan St ... 13% 13% 13% 13% Marshall Field . 13V* 13 13 13 s * May Dept St -55 V, 55% 55% 55% Mont Ward 39% 38% 38% 38 s * Natl Tea 9% 9% 9% 9% Penney J C 80% 79V* 79% 80% Safeway Si ... 33% 33% 33% 33% Sears Roebuck . 67% 67% 67% 67% Woolworth 56% 55% 56% 56% Aviation— Aviation Corp .. 4V* 4% 4% 4% Boeing Aircft .. 13 s * 13 s * 13 s * 13 s * Curtiss Wright . 3% 3% 3% 3% Curt Wright A’. 9% 9% 9% 9% Douglas Air .... 34% 34% 34% 34% Nor Am Av 6% 6% 6% 6% Sperrv Corp . 12% 72 s * 12V, 12% Utd Aircft (new) 22 s * 22V* 22V* 22% Chemicals— Allied Chem ...163'* 161% 161% 153% Am Com Alco.. 32 31V, 32 3t% Com Solvents .. 21% 21V* 21% 21% Du Pont 139% 138% 138% 139 Freeport Tex ... 28% 28% 28% 28% Liquid Carb 37 37 37 36 Math Alkali 32 32 .32 32% Natl Dis (new). 32% 31% 32V* 31V* Schenlev Dist, . 54% 53% 53% 53 Tex Gulf Sulph 31 s * 31% 31 s * 31% Union Carbide . 72V* 72% 72% 72% U S Indus Alco 48% 48% 48% 48 V* Drugs— Bristol Myers ..41 41 41 40% Lambert 23% 23% 23% 23 Sterling Prod . 64% 64V* 64% 65V* Un Drug 1 new >. 11 s /* 11% 11% 11% Vick Chem 42V* 42% 42% 42

N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 20 Inds. Rails. Utils. Bonds. Todav 91.0 83.0 103.0 92.3* Yesterdav 91.2 82.2 102 9 92.1 Week ago 91.0 81.5 102.8 91.8 Month aao 90.3 19.1 102.3 90.6 1335 hiah 91.4 86.4 103.1 92.1 1935 low . 83.6 11.0 89.3 83.0 (CODvrieht. 1935. by Standard Statistics) T. S. GOVERNMENT BONOS (By Abbott. Proctor Sc Paine) Treasury* Prer. Close close 4 Vis 1941-52 115.1 115.2 4s 1944-54 110.25 110.24 3%s 1946-56 109.4 109.1 3 3 /*s 1940-43 101.1 101.8 3%s 1943-41 106.9 106.13 3%s 1941-43 101.19 101.11 3 Vis 1943-45 105.10 '05.10 3</ 4 s 1954 101.30 101.30 3 Vis 1944-46 104.29 104.38 3%s 1946-49 103.18 102. 3V*s 1949-52 103.13 *03.1 3s 1951-55 102.19 102.15 3s 1946-48 102.16 102.3 2V* 1955-60 100 99.31 2 3 i s 1945-41 100.20* 99.18 Home Owners Loan Corn. 2%s 1949 99.16 99.18 Federal Farm Mortgage Corn. 3 Vis 1964 102.16 102.18 3s 1946 100.30 100.25 3S 1942-41 100.9 101.10 2 Vis 1941 100.2 100. DOMESTIC Prev. Close, close. Alleg Corp 5s '44 81 % 86% Alleg Corp 5s ’49 78% 18-;* Alleg Corp 5s ’SO 55 53 Am Frgn Pow 5s 2030 61'i 61 Am T & T 5%s ’43 113 113 Am T & T 5s ’65 113% 113 Arm & Cos (Dell s’-is ’43 94Vi 94Vi' Atl Coast Line 4s ’52 96V* 96'Atl Coast Line 4'.is '64 85 83V* Atch Top & SFt 4VaS '4B 108% 108 U Am Wat Wks 5s ’44 110% 110 Am Rolling Mills 5s ’3B 123% 121% Balt & Ohio 5s 95 15 Balt & Ohio 6s ’95 85V* 85 Balt & Ohio 4Vis 60 61 56 Buff Roch & Pitt 4' 2 s ’sl 65'4 64% Chi Milw & St P 5s ’ls 15 V* 15 Chi Milk Sc St P 5s 2000 13,*I 3 ,* 1 Cleve Un Term 5s ’l3 99% 100 Cleve Un Term 4Vis ’l7 92’/* 92V'a Col Gas 5s May ’52 .... 99% 99% Col Gas 5s ’6l 98% 98 Can Pac Perp 4s 84V* 84Vi Cent Pac 5s ’6O 87 86% Big Four 4',2S ’77 76Vi 75Vi Big Four 5s ’63 .. 83 82 1 * Colorado & So 4Vis ’BO 57i* 55% Chi Sc West In a 4s ’52 99 V* 98V* Chi Sc West Ind 5%S ’62 ... 106 106 U Chi Sc Nor West 4Vis '49 12% 12% Chesa Corp 5s ’47 119 117% Del Sc Huds 4s ’43 78 77 N Y Dock 4s ’sl 68 * 67 N Y Dock 5s ’3B 57% 57 Erie 5s '75 69% 68% Erie 5s ’67 69% 69% Gen Cable 5%s '47 100% 100% Grt Northern 7s ’36 103% 102% Grt Northern 4%s ’76 93% 93 Grt Northern 4%s ’77 ... 93 % 92% Gen Stl Cast WW 5%s '49 ... 85% 86 Hud Sc Manhat Ref 5s ’57 ... 81% 80% 111 Cent 4%s '66 62% 61 Vi 111 Cent Jt 4Vis ’63 66 65 111 Cent 5s ’63 10 69 Interntl Hv Elec 6s ’44 .. 47% 47% Irterntl Tel Sc Tel 4%s ’39 ... 84% 83' j Interntl Tel Sc Tel 5s '55 .. 76% 75% Interntl Tel and Tel 4%s ’52 . 72 71 % P Lorillard 7s '44 130 130% McKess Sc Rob 5%s ’SO 103 102% Natl Dairy 5%s '43 104 104% Natl Steel 5s 56 105% 106% Nickel Plate 4%* ’7B €B% 67% Nickel Plate 5%s ’74 78% 77% Nickel Platt 6s 35 34 83% N Y Cent. 5s 2013 80 18% N Y Cent 4%s 2013 (old) 73% 12% Nor Amec Cos 5s '6l 103% 103% Nor Pac 3s 2047 72% 72 Nor Pac 4%s 2047 89% 89 Nor Pac 6s 2047 102% 102% Nor States Pow 5s 41 106% 103% New Orleans Term 4s ’53 .... 81% 82 Otis Steel 6s '<il 102% 102 Penn Rv 4%s *B4 104% 104% Penn Rv 4%s 81 104% 104 % Penn Rv 4%s ’7O 98% 97 •* Pac G Sc E 5s ’42 105% 105% Portland Gen El 4%s 60 72% 73% Para Publix 5%s ’SO 89% 90% Pern P Sc L 4%s 'Bl 105% 106 Postal Tel Sc Cab 5s ’53 38% 35 Rem Rand WW 5%s ’47 104% 104% Shell Union Oil 5s ’47 103 103% Sou Pac 4%* ’6B 77Vi 77 Sou Pac 4%s 'Bl 77 76% Sou Pac 4%s '69 78 77% Sou Pac 4s '4.9 81% 80% Sou Rail 4s '56 53% 52% Sou Rail 6* 'SB 69% 67 Sou Rail 6%s ’56 71% 70 Sharon Stl Hoop 5%s ’4B .... 192% .102"* Texas Pac 5s 80 92% 92 Texas Pac 5s '79 93 93 Texas Pac 5s *77 93% 93% Union Pac 4s *47 Ill 3 * 111% United Drug 5s ’53 95% 94% U S Rubber 5s ’47 100% 100% NY NH A Hart 6s ’4B 32% 31 NY NH <t Hart 4%s ’67 31% 30% Warner Bros 6s '39 87% 86 Western Marv 5%s '77 104% 104% Western Marv 4s '52 95% 95% Youngstown S & T 5s '7O ... 101% 101% Youngstown S Sc T 5s '7B ....101% 101% FOREIGN Argentina A 8s '57 97% 98% Argentine B 6s 'SB 98% 98% Brazil 8s *4l 27% 27% Canadian Govt 4s *6O 105% 105% Denmark 5%s 55 100% 100% French 7s 49 177 176% German 5%s '65 29 27% German 7s '49 39% 38 Italy 7s 'sl 60 57% Japan 6%s '54 98% 98% Poland 7s ’47 104% 104 Rome B%s ‘52 50% 47 Tokie City 5V 2f 61 79 80 Yokohama 6* i 83% 83%

World Wheat Supply Decreases World’s supply of irheat, exclusive nf Russia and China, is estimated hy the Department nf Agriculture nt. 4,539,000,000 bushels. This is 967,000,000 bushels less than a year ago and 515.000,000 under the fireyear (1928-32) average.

Financial— Adams Exp .... 10 9% 9% 10 Allegheny Corp . 3% 3% 3% 3 s * Am Int Corp . 11 IO 7 * 11 10 s , Chesa Corp ... 61% 59% 60% 60% Transamerica .. 13% 12% 12 s * 13 Tr Conti Corp . 7% 7% 7% 7% Building— Am Radiator ... 22% 22% 22% 22 s * Gen Asphalt .21 % 21V* 21% 21% Holland Furnace 29 29 29 29% Int Cement . 34% 34% 34% 34 5 , Libby Owens Gls 45% 45% 45% 45 Otis Elev 24% 24% 24% 24% Ulen Cons 4% 4 s * 4% 4% Household— Col Pal Peet ... 17% 17% 17% 17% Congoleum 43% 43% 43% 43% Kelvinator . 14V* 14% 14% 14% Mohawk Carpet 22 21% 22 21 % Simmons Bed .. 17% 17V, 17V, 17% Textiles— Amer Woolen .. 9% 9% 9% 9% Belding Hem ... 13 s * 13V* 13 s * 13% Celanese Corp . 28% 28% 28% 28 s * Collins Aikman 43% 43 43% 43 s * Gotham Hose . . 9 s * 9% 9% 9% Indus Rayon ... 30% 30V* 30 s , 31% Real Silk 9 s , 9 s , 9% 9 s . Chicago Stocks (By Abbott, Proctor & Paine) 11:30 Prev. A. M. Close. Butler . 8 s * 3 s * A M Castle 44 43 s * Chicago Corp 4% 4% Chicago Corp pfd 45 45 Cities Service 2% 2% Conti Steel 42 41% Com & Edison 97 96% Cord 5% 5% Crone 22 s * 22% Gen House 3', 3V* Grt Lakes 23% 27 s * Iron Fireman 27% 27% Noblitt Sparks 31 31% Pub Servos 111 52% 50% Swift 20% 20% Swift Int 33% 33% Zenith 13% 14% New York Curb (By Abbott. Proctor & Painei 12 (Noont Prev. N. Y. Close. Alumn Cos. of Am 89% 91V* Am Cyanide B 29% 29% Atlas Corn 13% 13V* Axton Fisher Tob 54% 53 Carrier Corp 9% 9% El Bond & Share 15% 15V* Ford of Can ‘A’ 25% 25 s , Ford of Europe 8% 8% Hiram Walker 32 32 Imperial Oil Ltd 20V* 20 Lake Shore Min 52 52 Nia Hud Pwr 9 8% Pan Am Airways 41 7/ * 21% Penn Road 3% 3% Sonotone 2% 2% Wright Hargraves Min 7V* 9% Local Securities (Because quotation* on local securities are unlisted on an Exchange, The Times can not assume resoonsibilitr for the accuracy of these figures gathered from local brokers.) STOCKS Bid. Ask. Belt RR & Stk Yds com 50 52V* Belt RR & Stk Yds 6% pfd... 52 Central Ind Pow 7% pfd .16 19 Home Tel&Tel Ft. Wn 7% pfd 50% 52 Hook Drug Inc com 14 15% Ind & Mich Elec 7% pfd 99 102 Ind General Service .89 93 Ind Hydro Electric 53 57 Indpls Chain Sto Term pfd .. 52% 62'% Indpls Gas Cos com .. 33 Indpls Pow &Lt 6 pfd ... 82 85 Indpls Pow & Lt 6V2% pfd . 88 91',2 Indpls Water 5% nfd ..102’/, North Ind Pub Svc 5%% pfd . 67 70 North Ind Pub Svc 6% pfd.. 75 79 Progress Laundrv com 6% Pub Svc of Ind 6% pfd 12 15 Pub Svc of Ind 7% pfd . . 30 34 So Ind Gas & Elec 6% pfd.. 93 97 Terre Haute Elec 6% pfd ... 80 84 Union Title com 18 20 BONDS Atlanta Dlstr Term 6% '4l ... 62% 70 Buffalo Distr Term 6% '4l .. 70 80 Brooklyn Postal Sta 5%% ’4B 37’% 42 Home Tel&Tel FtW 5V*% '35 .103 105 Home Tel&Tel FtW 6% '43 103 106 Indpls Railways Inc 5% "67 . . 50 .53 Indpls Water 4%% '4O ...105 107 Indpls Water 5% 'SO & '6O 105 107 Indpls Water 5%% '53& 54 103% 105 Interstate T & T 5%% '53 ... 93 96 Kokomo Water Works 'SB ...104 105% Lafayette Telephone 5% '57 102 Morris 5 & 10 Stores 5% ’SO 99 102 Muncie Water Works 5% '65 102% Noblesville HL&P 6’% 47 . . .. 97 100 Ohio Tel Service 6% 47 95 Richmond Water Works 5%’57 104'% 106 St. Louis Post Office 5%% '3B 18 25 Seymour Wtr Ist mtg 5% '59 101 104 Terre Haute Water Wks4% ’56 101 % 103% Terre Haute Wat Wks 6% %9 103 105 Traction Terminal 5% ’57 .. 69 73 STOCKHOLDERS DECREASE Time* Special NEW YORK Dec. s—Stockholders of the Pennsylvania Railroad Cos. showed a further decrease during October, it was announced today. The total number on Nov 1 amounted to 230.086. compared with 229,287 a month earlier, and 233,473 a year ago.

J 4 A FINANCIAL Ml Y) Question JL If the finoncial question you J i — \ want to ask is about a MORTi GAGE LOAN you need seek i j no farther for a satisfactory The UNION TRUST COMPANY ——LOAN DEPARTMENT —” 124 JL Market SL RI. 4l

r— WE BUY. SELL, and gladly turn it h quotations on: Benda of United State* Government, It* Territories and Insular Possession* Home Owners’ Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Corp. 129 EAST MARKET STREET

CAPITAL GOOUS SHUWN HEABEU FOR WIDE MOVE Industry's Plant Expansion Seen Indication of Bright Outlook. BY CHARLES H. HUFF Time* Special Writer NEW YORK, Dec. s.—The industrial section of the bond list is developing a strong line of support because of increasingly tangible evidence that some of the larger corporations al-e pulling plant expansion and improvement plans into operation. The steel industry is especial!? prominent in contributing evidence of such activity. Pome of the larger motor units also have been added to the procession. In many quarters this activity is accepted as a reliable beginning of capital goods movement. Heavy industry is expected to be definitely in the march of recovery at the turn of the year.

Construction Is Factor. Bond market followers interpret these beginnings of plant expansion activity as a confident outlook by corporation executives. Thp years of depression are believed to have stored up enough goods in the way of plant requirements to assure a wide swing for capital goods, on-"? it establishes momentum. Construction figures also continue to encourage the industrial section of the bond market. Awards of the last week brightened the outlook considerably. Private construction, still a minor factor in comparison with public work, nevertheless is moving ahead substantially. Bonds in the building group have done a great deal toward discounting improved activity, but support for that group is still noticeably strong. State and municipal engineering awards are running heavy, but something of a contrary influence springs from the fact that most communities have developed a check on further borrowings. Utilities' Needs Seen Prospectuses issued by public utility corporations in connection with i recent refunding issues have almost uniformly disclosed that the utilities l have done little about plant expanj sion and modernization during the last four or five years. With electrical output mounting to new high levels, it is believed in some quarters that considerable help ; to the capital goods industry ought to come from that source without much longer delay. It is not often that a method of financing is described as both fair and clever, yet some of the recent issues of convertible bonds in refunding operations havp been givpn that double bouquet by Wall Street houses. Brazilian Bonds Artis'e The issue of convertible bonds is credited with being clever on the part of a corporation management because it enables the virtual sale of stock at a time when a straight of- : fer of stock might not succeed, and | it is called fair to the creditors of I the corporation because it allows them to participate in the results of | expected recovery at a time when recovery in almost all lines is gener- > ally expected. The revolutionary situation in Brazil contributed an unexpectedly active interlude in the dollar bonds of that country, the first news piei cipitating a fairly sharp down trend Bnd the subsequent developments leading to an equally sharp recovery. After more than a month of absence the Treasury is again, at least nominally, in charge of the government bond market, pending completion of the heavy December financ- ; ing operations. STOCK SPLIT-UP APPROVED ' lime* Special CHICAGO, Dec. s.—Stockholders of Allen Industries. Inc., today at an annual meeting approved a split-up of the company's common stock on a three-for-one basis and the issuance of rights to stockholders to purchase 30.600 shares of new common stock. INVEST with Ist Mortgage Security on Improved Real Estate BUY Building & Loan Shares I 1 1 .ini Automobile DEPOSITORY Btnk from Your Cor Bankers -Trust Cos