Indianapolis Times, Volume 47, Number 234, Indianapolis, Marion County, 9 December 1935 — Page 18

Trends Drive Against Filing Data With SEC Predicted. BY JOHN T. FLYNN

NEW YORK. Dec. 9.—The SEC may Ret ready for another little campaign against it whrn Congress opens. Indeed, it will be strange if the coming session does not see the beginning of the undoing of all the reforms of the last few years of depression

piety. Surely one of the first will be a drive to put an end to revealing salaries of the officers in our large corporatios. The SEC rejected the request of various corporations for exemption from the requirement. The reasons given were, of course, that revelation would cause jealousies.

Flynn

would expose them to the appetites of kidnapers, etc. Os course, kidnapers know that the president of a great national corporation has plenty of money without a report by the SEC. a a u TT IDNAPERS do not ask bank statements or government income tax returns. One of the gentlemen who objected to revealing his $200,000 salary lest it disclose his vulnerability to blackmailers, keeps lying off the point near by home a million-dollar yacht with a crew of more than 30 men. That’s plenty of advertisement of his wealth. The real reason for objecting to these disclosures is the myth which these men have built up that they are entitled to secrecy about their possessions. This is a brand-new notion. In times past, before the rise of the corporations, the wealth of all but a few people was in real estate, their personally owned businesses, their personal property belongings. nun A LL these things were subject to taxation and houses and real estate to assessment and the assessment rolls were open to all. A few owned government or corporate bonds, but this was negligible. Every one's wealth was open and obvious to any one who wanted to know it. In the last 60 years, through the corporate device, we have enabled everybody to conceal what he owns behind corporate forms. And we have come to think this cleverly contrived secrecy is a right—a sacred right—rather than an extremely dangerous social tolerance. bub A LL this applies to these great corporate salaries. The salary and wages of almost everybody 10 the corporation is known. This is for the simple reason that wages are fixed and salaries follow certain standard forms. The gentleman at the top who gets a huge salary is not content with that, but in addition insists on the added privilege of secrecy. Salaries of public servants are known from the President down. These other men are servants of large corporate constituencies. Congress does not need to yield to the demand for repeal of this requirement. Also, Congress has it within its power to strengthen the rule and to compel all employes to report what they are earning in addition to their corporate salaries. (Copyrisht 1!)35 NEA Service. Inc.) On Commission Row Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers: Emit—Cranberries, earlv blacks. 25-lb. box $4.50. Pears—Washington DAnJo, $3.25. Bananas—7 hands, a pound. 5%e. Persimmons California. lug $1.25. Apples—lnniana Jonathans. $1 60 Summer Rambos, $1; Delicious. $1604/1.75. Wealthys, $1: Grimes Golden. $1,154/1.25 Lemons—Sunklst. 3605. $7.50 Grapefruit —Texas. 64s to 70s. $3.25; Arizona Sunkist. $2.75 Limes—Mexican, a carton 12s. 20c; Persian seedless, a hundred. $3. Vegetables—Beans, green, round stringless. bu . $3 Beets—Texas. 3-doz. crate. $1 00. Cabbage—Northern Danish. 50-lb bag 85c Carrots —California. 6 do? crate. $3.75. a do?.. 75c. Cauliflower—California, crate. $2.50 Celery—Michigan, washed and trimmed, extra large. 555; Jumbo, doz., Rsc. Cucumbers—Southern, bu.. $3.50. doz., Rsc. Kale—Home grown, bu.. 60c Lettuce—lceberg. California, best. $4 75. home grown leaf, 15-lb basket. $1 60. Endive—California. basket. 85c. Mangoes—California, cate $5 small basket. $1.25. Mint— Bunch. 15c Mustard—Home grown, bu., 60c. Onions —lndiana yellow. 50-lh. bag. $1: Indiana yellow. 10-lb. hag 22c: western Spanish, 50-lb, bag. $1 SO Parsley—Southern, doz 50c. Peas Telephone, hamners, 53.75 Potatoes—Round Cobblers. l'"'-lb. bag. $1 65. Michigan Round White 00-lb. hag. $1 60 Earlv Ohios. bus $1.75: Idaho Russets, $2.40 Sweet notatoes—lndiana. Jerseys, bu.. $1.65. Radishes—Ohio, button, doz . baskets. 45/'6oc. Sage—Doz 45c Spinach—Broad leaf, bu . sl. Sou ash Bu $2 50 Tomatoes—California, repacked. 10-lb. carton. $1,50. Produce Markets The prices auoted below are paid for stork gathered in the countrv, while delivered tn Irdianapolis the price will be a cent higher. Heavy breed hens. 16c: Leghorn breed hens. 12c; springers, ovpr 4% lbs 17c; under 4% lbs.. 16c; old cocks. 9c: Leghorn springers, 1% lbs and up. 12c Turkeys—Young hens R lbs. and up. 19c; toms. 13 to 18 lbs.. 19c: over 1R lbs.. 18c; old toms. 14c. Ducks—White. 4% lbs and up 10c; geese. 10 lbs., full feathered and fat. 9c: old guineas. 15c; vourg guineas. 1% lbs. and up 25c No. 1 strictly fresh eggs, loss off. 25c; pullet eggs. 18c. Each full case must weigh 55 lbs gross, a deduction of 10c a pound tinder 55 lbs will be made No. 1 butter. 36%@37' 2 r: No. 2 88%®34%c: butterfat. 32c Quoted bv the Wedley Cos. (Bv United Press* CHICAGO. Dec 9—Eggs Market steady receipts 2431 cases: fresh graded firsts 29' 2 c: extra firsts 30'.-c: current receipts. 27 o 28c; dirties. 20 (/21c; checks. 194 j 20c Butb-r Market—Easv- receipts. 5222 tubs: extra firsts (90-91% scorei. 32’, 32’-jc: extras 92 score*. 32%c; firsts • 8889'.- scorei. 314*31 , 4C; seconds >B6-87% score’. 30c; speeals, 33%(n33%c: standards. 32c. Poultry market steadv: receipts. 1 car. 23 trucks: ducks. 1518 c: geese. 13 and 14c- spring chickens 194i21c; nens. 15®20%c; turkevs. 18U24e; Leghorn hens 124 t 14'.-c: old roosters. 14c CheeseTwins. IBfi lß’.c: daisies. 1* 1 -4,18 3 . c: Longhorns. 18%@ 19%c. Potato s—Suuplv moderate: demand very slow; market about steady: Idaho Russet Burbanks. $1.80; U S No 2. $1 30- Wisconsin round whites. $1.150 123: commercials. $1.0547 1 07'jMichigan Green Mountains. $1 45; Minnesota and North Dakota earlv Ohios $1 17 ; > ®1.25; unclassified $1.05 Colorado McClures. $1 50ti 1 55. Nebraska Bliss Triumphs $1.40: South Dakota Earlv Ohios $1 Arrivals. 133; on track 320. shipments 557 tSaturadvi. AGREEMENT TO BE HEARD Timet Special WASHINGTON, Dec. 9.-A proposed marketing agreement and order for handlers of fresh lettuce, peas and and cauliflower grown in western Washington is to be considered at a public meeting Dec. 18 in the Chamber of Commerce Building, it was announced today.

PAGE 18

BETTER CHECK ON ELECTRICITY EXPENSE URGED i i Take 'Guesswork’ Out of Distribution Costs, Says Expert. BY RUTH FINNEY Time, Special Writer WASHINGTON, Dec. S.— A method of taking guesswork out of ‘ electric utility regulation has been put forward by Morris Llewellyn Cooke, Rural Electrification administrator. Speaking in New York before the American Society of Mechanical Engineers, Mr. Cooke outlined a new regulatory technique which is I being studied with interest here. It calls for accurate determinai tion of the cost of distributing electricity. At present this is unI charted ground. Preliminary work by engineers outside the industry indicates, however, that rates could be reduced considerably if these costs were known. Costs Clothed in Mystery Mr. Cooke warned the electric industry that unless accurate cost accounting is developed, the public, increasingly impatient with confusing data and generalities, may successfully demand unfair rate reductions. Approximately half of the two billion dollars a year paid by consumers for electricity goes for the distribution of electricity, Mr. Cooke tolc! the society. However, the Industry has clothed distribution costo in mystery, “perhaps j chiefly in fear of more effective i regulation,” and because “the legal I sanction to charge such a price as j will give a fair net return on fair I investment has made it unnecessary to consider precise cost finding.” Investigation Under Way Generating and transportation costs have been accurately measured for years. Mr. Cooke has been trying since 1928 to have similar stud- ! ies made of distribution. However, : this is the first time any of the engineering associations has put the subject on its program for consideration. The New York Power Authority started an independent study in 1933,1 , and a short time later the Federal Power Commission undertook an investigation which is not yet complete. George H. Morse, in charge of this investigation, told the Society of Mechanical Engineers that data at hand so far indicate the cost of distribution should be about 2.47 cents where an average of 600 kilowatt hours per customer is used. Procedure is Outlined Generating and transmission costs, with capital and operating expenses included, have been figured at l cent, indicating electricity might be reduced from more than 5 cents a kilowatt hour to about V-h cents. The perfection of cost accounting methods covering distribution would be to the advantage of the industry, Mr. Cooke argued, “for if the pressure of the consumer is applied blindly in the absence of any base of reference, it may ultimately eliminate the profit margin.” Mr. Cooke told the engineers that contrary to general belief, cost finding in the distribution field offers no insuperable obstacles. He outlined to them a technique of procedure.

STANDARD OIL HEAD PAID SBI,OOO IN 1934 SEC Releases Confidential Report on Ohio Petroleum Cos. /?!/ United Prcxx WASHINGTON, Dec. 9. The Standard Oil Cos., of Ohio paid W. T. Holliday 81.000 for his services as president of the company during fiscal 1934, the Securities and Exchange Commission has revealed. Making public another group of hitherto confidential reports, the commission showed that Mr. Holliday's chief assistant, vice president H. F. Spears, received $32,000, and A. M. Maxwell, another vice president, was paid $27,000. It was revealed at the same time that John W. Davis, Republican presidential nominee in 1924, received a legal fee of $25,000 from the Standard Oil Cos. of New Jersey in 1934. The same company paid $54,050 to Price. Waterhouse and Cos. in 1934 for "auditing fees and special services." EAST OHIO GAS SHOWS NET PROFIT Income Displays Wide Range During Last 10 Years. By United Pirxx WASHINGTON, Dec. 9.—Profits of the East Ohio Gas Cos., operating subsidiary of the Standard Oil Cos. of New Jersey, during the past 10 years ranged from 20.31 to 1.60 pe. cent after deduction for "write-up," according to reports submitted to the Federal Trade Commission by Frank Buckingham, examiner. The largest profit was made in 1926 and the lowest in 1933. the report showed. In 1934 the rate of return after deducting the "writeup' was 5.34 per cent. Return of the total investment, including "the write-up" ranged from 12.86 per cent in 1926 to 0.97 per cent in 1933. The East Ohio Gas Cos. was formed through consolidation of various companies on Feb. 24. 1910, MILL WORK RESUMED C&rnegie-lUinnis Cos. Opens Plant at McDonald, O. Time* Special PITTSBURGH. Dec. 7.—The Car-negie-Illinois Steel Cos. has begun rolling operations with its new 43inch high continuous strip mill at McDonald (O.) works, it was announced today. The mill is expected to produce strip steel up to a width of 37 Inches, and has a steady capacity of 30,000 tons a month. The United Engineering and Foundry Cos. con-struct-d the unit.

Abreast of The Times on Finance

LAUDS INDIANA PWA

' i TyTijT TjKk

Indiana and Alabama can claim the distinction of maintaining the best Works Progress Administration organizations m the country, George Creel. WPA advisory council chairman, said in a recent report to his chief, Harry L. Hopkins, director.

SWINE VALUES MQVEUPWARD Prices Largely 25 Cents Higher; Cattle, Veals Hold Steady. A strong undertone developed in the pork market in early trading at the Indianapolis Union Stockyards today. Most classes were sharply 25 cents higher than Saturday’s close, sending the top price for good and choice weights to $10.25, the highest since early October. Later bids, however, were mostly steady as trading settled down to a quieter pace. Receipts were estimated at 5000, compared with 2500 Saturday. Holdovers numbered 92. The full advance was paid early for weights ranging from 160 to 225 pounds, which sold at $lO to $10.25. Heavier grades, scaling 225 to 300 pounds, sold at $9.75 to $lO.lO. In the lightweight division slaughter pigs, weighing 100 to 160 pounds, cashed in at $9.95 to $lO. Packing sows held at $8.75 to $0.50. With the supply consisting largely of low-grade steers, the cattle market showed only a slight change. Most steers were valued to sell under $9, while heifers ranged upward to $7. Few were eligible around SB. Slaughter calves and bulls sold at $4.50 to $6. Receipts were 800. Vealers also were stationary, with the bulk of good and choice kinds selling at sll to $11.50. Receipts numbered 500. Only a slight change was evident in the lamb market. The supply consisted of fed Western grades selling at $11.25. Native grades were steady to easy. Slaughter sheep brought $3.25 to $5.25. Receipts were 3000. HOGS Dec. Bulk Top. Receipts. 3. $9,504*; 9.95 $9.95 8000 4. 9.90 @IO.OO 10.05 4000 5. [email protected] 10.15 6000 6. 10.00<fJ;10.10 10.10 (=OOO 7. [email protected] 10.00 2000 9. [email protected] 10.25 5000 Light Lights (140-160) Good and choice $ 9.50(510.00 Medium 9.00® 9.75 Lightweights (160-180) Good and choice.. [email protected] Medium [email protected] GBO-200) Good and choice . 10.004i 10.25 Medium [email protected] Medium weights (200-2201 Good and choice . [email protected] (220-2501 Good and choice . [email protected] Heavyweights (250-290) Good and choice.. 9.75(510.05 (290-3501 Good and choice.. [email protected] Packing Sows (275-3501 Good 9 25@ 9.50 (350-425) Good 9.10@ 9.40 (425-450) Good 9.00® 9 25 (275-460) Medium 8.75® 9.15 Slaughter Pics (100-140) Good and choice .. 9.254? 3 75 Medium 8.50® 3.50 CATTLE —Receipts, 800— (500-900) Choice [email protected] Good [email protected] Medium 6.75® 9.00 Common 5.25® 6.75 (900-1100) Choice [email protected] Good 9.504?12.25 Medium 7.50@ 9.50 Common 5.754? 7.25 (1100-1300) Choice [email protected] Good 9.75®12.25 Medium . 7.50® 9.75 (1300-1500) Choice 12.25612.50 Good 9.75® 12.25 Heifers (500-750) Choice 9.75®11.00 Good 8.25(9 9.75 Common and medium 4.754? 8.25 >750-800* Good and choice .. [email protected] Common and medium 5.00@ 9.00 Cow* 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 VEALERS —Receipts, 500— Good and choice $10.50611.00 Medium 8.50® 10.50 Full and common 4.50® 8.50 Calves (250-500* Good and choice .. . 7.00® 9.50 Common and medium ' 4 00® 7.00 Feeder and Stocker Cattle (500-800) Good and choice .... 6.50® 8.25 Common and medium 4.25® 6.50 (800-10501 Good and choice.. 6,50® 850 Common and medium 4.25® 6.50 Cows Good 5 004? 6.50 Common and medium 4.00® 5.00 SHEEP AND LAMBS —Receipts. 300—Lambs. 90 lbs. down, good and choice $lO 504? 11.25 Medium . R.75® 10.50 Ewes (90-125* Good and choice. . 4.25® 525 All weights, common and medium .. 3.75® 4.75 (120-1501 Good and choice .. 3.25® 425 Chicago Grain Futures (By James E. Bennett & Cos.) 11:30 Prev. Wheat— Close. Low. A. M. Close. Dec 96'. .95’, .95 ’ 2 94’, May 96’, .95', .95% .95% July 90 .89'4 .89 1 2 .89% CornDec 58' 2 .58’ 4 .58% .58% May 59% .59', .59', ,59> 4 July 60-'* .60', .60'2 .60 Oats— Dec 25 .24', .24’, .25’, May 26', 26', .26% .26% July 27’j .27’, .27’, .27'2 Rve— . Dec 47' 2 47% .47' 4 .47’, May 50', .50’, .50’, .SO’, July 51’, 50% .50’, .51*4 LOCAL CASH MARKET City gram elevators are paving 87 cents for No. 2 soft wneatft Other grades on their merits Cash corn new No. 4 yellow 46 cents and oats 19 cents MANAGER* IS APPOINTED NEW YORK, Dec. 9.—The General Foods Corp. has appointed James Ingram associate merchandising manager, effective immediately, Austin S. Ingleheart, president of the General Foods Sales Cos., Inc., announced today.

INDIANAPOLIS, MONDAY, DECEMBER 9, 1935

RETAIL TRADE NEWS BRIGHT, REPORTSHOWS Merchants’ Reports Indicate Larger Pay Rolls and More Spending. Time* Special NEW YORK. Dec. 9.—Retail trade activity rather than production will assume more prominence in the news during the remainder ;of the month was the prediction today in the current issue of Business Week. Commenting on last week’s business activity, the magazine states that merchants’ reports from all parts of the country indicate sub- | stantiai gains over last year, particularly on the West Coast and in the Central industrial states where action in steel and motor centers accounts for bigger pay rolls and more spending. Steel Price Lag Is Surprise “Failure of finished steel prices to advance following the recent increase in semi-finished steels came as a surprise to many,” the survey continued. “Even non-ferrous metal markets which have seethed with rumors of impending copper price increases were sobered. “Business Week hinted two weeks ago that the play of competitive forces in important steel consuming centers might prevent the increase that otherwise seemed entirely logical. Not only were prices for the first quarter unchanged on sheets, bars, wire products and tool steel, but 1936 contracts for tinplate, as well as for rails, tie plates, and splice bars for delivery through the first half of 1936, were left untouched. “Machinery and machine tool builders just closed a satisfactory month’s business and expect the balance of the year to run at about the same pace. Motor Manufacturers Pleased “October passenger car sales were lower than those of September, as had been expected, but registration of 148.389 still bettered every month back to 1930. Tenmonth sales of 2,286,452 are larger than for any full year since 1930, while the ten-month sales of commercial cars, 442,138, are best since 1929. “Motor manufacturers are so pleased with reports on November that production for 1935 seems certain to pass four millions. Detroit hears that one of the big volume motor manufacturers has perfected i a Diesel engine for trucks, scheduled for introduction shortly.”

INCOME OF CLASS I HOADS SNOWS GAIN Carriers Earn $397,458,232 in First 10 Months. Timet Special WASHINGTON, Dec. 9.—Class 1 railroads of the United States for the first ten months of 1935 had a net railway operating income of $397,458,232 which was at the annual rate of return of 1.79 per cent on their property investment, according to a report today by the Association of American Railroads. In the first 10 months of 1934, their net railway operating income was $393,922,090 or 1.76 per cent on their property investment. The compilation is based on reports from 145 Class 1 railroads representing a total of 237,757 miles. Gross operating revenues for the first 10 months of 1935 totaled $2.852.939.288, compared with $2,757.033 289 for the same period in 1934, an increase of 3.5 per cent. Operating expenses for the first 10 months of 1935 amounted to $2,149,186,962, compared with $2,047,048,874 for the same period in 1934, an increase of 5 per cent. Twenty-seven Class 1 railroads failed to earn expenses and taxes in the first 10 months of 1935. of which nine were in the Eastern district, five in ‘he Southern and 13 in the Western district. MAIL CONTRACT VOIDED United Fruit to Continue Carrying Route on Poundage Basis. Timet Special WASHINGTON. Dec. 7. —An ocean mail contract, held by the United Fruit Cos., covering service from New Orleans to Havana, Cristobal, C. Z.; Cartagena, and Puerto, Colombia, has been canceled. Postmaster James A. Farley announced today. The contract had 10 years to run from March 21. 1933, and is one of the three held by the United Fruit Cos. The company will continue to carry mails on the route on a poundage basis, it was stated.

OUR EXPORTS *ooi (u. s. DEPT. OF COMMERCE) \ % - t </ I*,. * / s * / or 300 V - jt 1 " 1 -J DOTTED LINE IS THE PAST TFS /FAR? A\FPAGE OF O 200- PU. THE ?AM£ FT 1 1 '.Jiiiiiiiiiiii ONDJ FMAMJJASO 1934 1935 rue BAQK£O CO BP GENEBAL DtSTBieUTOOS INCQBPQRATEP INVESTORS

In normal times our exports have figured roughly 10 per cent of our production. Although this is a small percentage of our output, to many a producer a slight loss or gain in exports means the difference between red and black ink. In the first 10 months of this year our exports were not quite 1H per cent greater than in the corresponding 1934 months. October exports, however, were nearly 74 per cent greater than a year ago.

Busigraphs

HISTORY REPEATS ITSELF IN MOVEMENT OF COMMODITY PRICES

CYCLES OF COMMODITY PRICES 180 ■ 1 1 ■ v 92 6, t hi W™ ———TANARUS" ito * —| ——l ! ii— WmwlA I I*B6l * 1665! * 1792 -1315 Civil V'ar ! t Napoleonic Wan r T~ 1- A 1 ■ ) Ii M\ no —— 1 A • \ 1929 I BL .... Major P=* Wa. ■ \ M>kx To* War ICO Hk 1837 ‘ Depression ■■ rVwvuon 1 1 | De prev, .on 60^ —J ♦ :o

The index of all commodity prices, compiled by the Bureau of Labor Statistics on the basis of 1926 as 100, declined from 96.5 in July, 1929, to 59.8 in February, 1933. In the recovery movement which, began in March, 1933, the index rose to a peak of 80.7 in September, 1935. There has been no marked change since last April,

New York Stock Exchange Prices

(B Thomson & McKinnon i . 11:15 A. M. Prev. Oils— High. Low. N. Y. close. Atl Rig 24’4 24 s , 24% 24% Barnsdall 13', 13’ 2 13% 13% Consol Oil 10 s , 10% 10’/2 10% Cont of Del 30% 30 30% 29% Houston (new).. 6% 6% 6% 6% Mid Cont Pet 17% 17% 17% 17 Ohio Oil 12V, 12 12% 12 Pet Corp 12 12 12 11% Phillips Pet 37Vi 37% 37% 37 Plymouth 0i1... 11% 11% 11% 11% Pure Oil 14% 14% 14% 14% Seaboard Oil .. 31% 31% 31% 32% Shell Un 15% 15V2 15% 15 Skellev Oil 16% 16% 16% 16% Soc Vac . 14V, 1318 13% 13% S O of Cal 38% 37 37 38% SO of Ird 27% 27Vi 27’% 27% SOOf N J 49% 49 49 49 Texas Corp .... 25% 25% 25% 25% Tidewater Assn . 12% 12Vi 12% 12% Un Oil of Cal.. 21% 21% 21% 22 Stecld— Am Roll Mills.. 31 30% 30% 30% Beth Steel 49% 48% 48% 49% Byers A M 20V, 19% 19% 20% Col Fuel & Iron 4% 4‘/a 4% 4Vs Cru Steel 30 30 30 . 30 Inland Steel ...105Va 105 105 105’, Ludlum Steel .. 24Vs 24Vi 24Vi 24% McKeesport Tin 123 123 123 123 Mid Steel 22% 22% 22% : 22 Natl Steel 77% 77>/s 77Vi 77% Otis Steel 16 16 16 16 Rep Iron & Stl 19 18% 18% 19 U S Pipe & Fdy 21% 21% 21% 21% U S Steel 48Vs 47% 48 48% Young'wn S& T 38% 38 38 38 Vi Motors— Auburn 40% 40% 40% 40Vi Chrysler 83% 83% 83% 83% Gen Motors .... 55% 54% 55 55 Graham Mot ... 3% 3Va 3Vi 3Vi Hudson 16% 15% 16)4 15% Hupp 2% 2% 2% 2% Macs Truck ... 28% 274, 27% 27% Nash 16% 16% 16% 16% Packard 7)4 7Vi 7% 7Vi Reo 5% 5’2 5% 5% Studebaker 10 9% 9% 9% Yellow Truck . . 8 7% 8 7% Motor Access— Bendix 21 20% 21 20% Bohn Alum 51% 51% 51% 01% Borg Warner ... 62 61% 62 62 Briggs 52 Vi 52 52 Vi bl% Budd Mfg 9% 9Vi 9% 9% Budd Wheel 12 Vs 12% 12Vi 12 % Eaton Mtg 27 27 27 27 Elec Auto Lite. .. 34Vi 34Vi 34Vi 34% Elec Stor Bat... 53% 53% 53% 52% Houdaille B’’.. 28% 28 Vi 28% 27% Murray Body ... 19% 19 19 19% Stew Warner ... 16% 16% 16% 16% Timken Roll 67Vs 67Vi 67Vi 67 Timken Det, Axle 10% 10% 10% 10% Mining— Alaska Jun 15 14% 15 14% Am Metals 32 Vi 32 32% 31% Am Smelt 64% 63% 64 64% Anaconda 29 % 29 29% 28% Cal & Hecla ... 6% 6% 6% 6% Cerro De Pasco.. 65 63% 63% C 5 Dome Mines ... 42% 42% 42% 42% Granby 9% 9% 9% 9% Gt Nor Ore 15% 15% 15% 15% Howe Sound ... 60% 60% 60% 60% Ins Copper 7% 7% 7% 7 Int Nickel 46% 46% 46V* 46% Kennecott Cop... 30 29% 30 29% Mclntyre Mine .. 38% 38’% 38% 39 Park Utah 5 5 5 5% Phelps Dodge ... 28V, 27% 28’ 2 28 St Joe Lead 24% 24% 24% 25% U S Smelters ...110% 110% 110% 111 Vs Vanadium 20Vs 20 20V, 19% Amusements Crosley Radio ... 17% 17% 17% 17% Fox Theat 23 s , 23Vi 23i 23 Loews Inc 53% 53% 53% 53% Radio Corp ..... 12% 11% 12 12 Paramount 9% 9V4 9% 9 Vi RKO 5% 5 Vi 5% 5 V 4 Warner Bros 9% 9% 9% 9Vi Tobaccos— Am Sum Tob 2%5 25% 25% 25% Am Tobacco A.. 98 98 98 98’z Ligg & Myers B .112% 112 112% 113 Vi Lorillard 25% 25% 25Vi 25Vi Phillip Morris .. 62 61 Vi 62 61 % Reynolds Tob B 58% 56V, 56% 56Vs Rails— Atchison 58Vi 57Vi 58 57’4 Atl Coast Lines . 33Vi 33 33 33’% B& O 17% 17% 17% 174, Can Pacific 11% 11% 1144 n% Ch & Ohio 52 51% 52 52 Chi & Gt W . . 1% 1% 17', 1% Chi &Gt W pfd. 5% 5% 5% 5% C M & St P .. 1% 1% 1% 174 Chi N W .... 3Vi 3% 3Vi 3 Chi N W pfd ... 7% 7% 734 714 Dela & Hud 40% 4040 40’, Del Lac & W ... 18 17Vi 17% 18 Erie pfd 19 % 18% 19’/* 18% Grt Northern pfd 34% 34Vi 34% 34% 111 Central 22 21% 21 Vi 21% K C Sou 13% 13 13% 12% Lehigh Valley.. 9’, 9% 9’, 9% Lou & Nash 62% 62 62% 62% M K & T 6V, 6% 6% 6V MK & T ffd ... 15% 15% I*% 15% Mo Pac pfd ... 3% 3’, 3% 414 N Y Cent .29% 29% 29% 28% NY New Haven . 4% 4% 4% 414 N Y Ont & West 6 , 6 6 5% Nor Pacific 24% 23% 24% 24 Penn R? R 32% 32% 32% 32% goo Pac 25 24% 24% 24% Sou R R 15V* 14% 14% 143, Wabash 2% 23* 2% 2% West Maryland. 10 9% 974 10 Eouipments— Am Car & Fdy.. 30% 30 30% 29% Amer Loco ... 263, 26% 26% 26% Am Steel Fdy.. 24 23% 24 23% Bald Loco . 4% 4 414 a Ger Am Tk Car 4S 48 48 48 Gen Elec ... 37% 37% 37% 38 Gen R R Sis- ... 39% 39% 39% 39% Pullman Inc 38 37’, 37% 377. West Air Br .. 33Vi 33% 33% 33 Westineh Elec.. 92 91% 913* 93^ Utilities— Am & For Pwr.. 7% 7% 734 71.; Am Pwr & Lit.. 9 8 3 4 8% 9 AT&T 160 159% 1593 4 1593; Am Wat Wks ... 21% 21% 21% 20% Col Gas & Elec.. 14% 14% 141,3 141* Com & Sou 2 3 4 2 % 2% 2% Consol Gas .. 33% 33%33 3 , 33% Elec Pwr & Lit.. 6 534 9 5% Int Hydro Elec.. 3% 3% 33/. 37. Interboro RT .. 173 4 17% 171- 171, Int TANARUS& T . 14 13% 13% 14 Lou G&E "A . 20% 20% 20% 20% Nat Pwr & Lit . 103, 10 i/ 4 10 3 n ln , North Amer 27V, 26% 26*4 27 Pac G& E 31 3034 31 30 s , Peoples Gas 43 3 , 42% 43% 43 Pub Serv N J ... 45% 45% 45% 45% So Cal Edison .. 25 25 25 25% Std Gas s’i 5% 5% s’, Stone & Webster 14% 1334 1414 13s United Corp .... 7% 7V 7% 71, Un Gas Imp 17’, 1774 1754 177,, Ut Pwr & Lt ‘A’ 33 3 314 Western Union . 72 3 / 4 71 71 72% Rubbe; Firestone 21’, 21% 21% 21% Goodrich 12% 12% 12% 12 3 Goodyear 22% 22% 22% 22% U S Rubber .16 15’, 15’, 15’, U S Rubber pfd 44% 43 % 44 44 Miscellai.eous— Allis Chalmers 35 34’ 4 35 35% Am Can 138 3 4 138% 138% 138 3 4 Am Mach & Fdy 31 31 31 31 Anchor Cap 16% 16’* 16% 16% Burroughs Add 25’ 4 25 25% 24’, J I Case L’2% 102 102 102% Conti Can . 91% 89% 89% 91% Caterpillar Tract 57% 57% 57% 57^ Crown Cork .... 44% 44% 44% 45 Curtis Pub 22% 22% 22 s , 22% Deere &Cos 53% 53% 53% 53% Eastman Kodak 161% 161 161% 162 Foster Wheeler . 24% 24% 24% 24’, Gillette 17% 17% 17% 17% Glidden 47 46% 47 46 Int Bus Mach .187% 186% 187% 186 Inter Harv ... 82% 62 62 62 s , Natl Cash R?g .. 23% 22’i 23 22’, Rem Rand 19% 19% 19% 19 Underwood E 86% 86 86% 85’ t Worthingt n Pmp 23 23 23 22% Foods— Am Sugar 52% 52% 52% 52 Armour .5% 5 5 6% Armour 6% pfd • 68 68 68 69% Borden Prod ... 26’* 26% 26% 26 s , Cal Packing 3fi 33 36 36 Canada D G Ale 15% 13% 13’, 13’, Coca Cola . 90% 85% 90% 83 Cont Bak “A”. 10% 10% 10% 10% Corn Prod . .. 70% 70% 70% 70 Crm of Wheat . 37% 37% 37% 37% Cuban Am Sugar 6% 6% 6% 6’, Gen Baking ... 12 12 ’7 12 Gen Food* 32% 3374 34% 32% O W Sugar 32 32 32 32% Hershev

the index at that month being 80.1. Does this mean that the price rise has now been practically checked and that the next definite movement will be downward? The course of prices in the past indicate that we are still in an era dominated by a downward trend. After the Napoleonic wars the general course was downward for

Natl Bisciuf 34% 34V* 34% 34% Natl D Prod ... 20% 20% 20% 20% Purity Bak 14% 14 % 14% 14% S Porto Rico Sug 26% 20’, 26% 26% Std Brands M% 14 s , 14% 14% United Fruit 67 67 67 69% Ward Bak B’ .. 2% 2% 2% 2% Retail Stores Assd Dry Goods 18% 18% 18% 18% Best & Cos 56% 56’/8 56% 56% First Natl Stores 47’,a 47 47% 47% Gimbel Bros ... 8 7V* 7’, 7% Gr Un Tea 3% 3% 3% 3 s , Hahn Dept Sts . 8% 8% 8% 8% Jewvjl Tea 61% 61% 61% 62 Kresge S S 27% 27% 27% 27% Kroger Groc ... 26% 26% 26% 26% Macy R H 55% 55 55V, 54% McCrory St 14% 14% 14% 14% McLellan St ... 14% 14% 14% 14% Marshall Field... 13% 13’4 13% 13% May Dept St ... 55% 55% 55% 55% Mont Ward .... 40% 39% 39% 39% Natl Tea 9% 9% 9% 9% Penney J C 79% 79 79 % 79% Safeway St 35% 35 35% 34% Sears Roebuck.. 68 67% 67% 67% Woolworth 57 56’% 56% £6’, Aviation— Aviation Corp .. 4% 4% 4% 4% Boeing Aircft ... 14% 14% 14% 14% Curtiss Wright.. 3% 3% 3% 3% Curtiss Wright A 9% 9’% 9% 9% Douglas Air ... 38% 38% 38% 38% Nor Am Av 6% 6‘, 6% 6% Sperry Corp 14 13% 13% 13% United Aircraft N24 23% 23% 23% Chemicals— Air Reduction.. 168% 167% 167% 168% Allied Chem 161 Vi 160% 160% 161 % Com Solvents ... 21 20% 20% 20% Du Pont 139 139 139 139% Freeport Tex ... 28 1 /* 28 28 28 Liquid Carb ... 36% 36% 36% 36% Math Alkali ... 31% 31% 31% 31% Monsanto Chem. 89 89 89 88% Natl Dis tnew). 31% 31% 31% 31 Schenley Dist . 53 V* 53 % 53 % 53 ’ 2 Tex Gulf Sulph. 31 Vi 31 ’4 31% 31 % Union Carbide . 72% 72% 72% 72% U S Indus Alco. 47% 47% 47% 48 Drugs— Bristol Myers ... 41 41 41 41 Coty Inc 7% 7% 7% 7% Lambert 24% 24 24% 24 Zonite Prod 6% 6% 6% 6 Financial— Adams Exp .... 11% 11% 11% 11% Allegheny Corp.. 3% 3% 3Vi 3% Am Int Corp 11 11 11 n% Chesa Corp .... 60 60 60 60 Lehman Corp . 94% 94 Vi 94% 04 Transamerica .. 13 13 13 12% Tr C’or.tl Corp .. 8 7% 7V* 7% Building— Am Radiator .. 22% 22% 22% 22 s , Gen Asphalt .... 21% 21 21 20%

N. Y. Bonds (Reprinted from Saturday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Utils. Bonds Today 91.4 83.7 103.4 92.8 Yesterday 91.2 83.4 103.2 02 6 Week ago 91.0 81.9 102.9 51.9 Month ago 90.7 79.3 102 6 SO 9 1P35 high 91.4 86.4 103.2 92.6 1935 low 83.6 71.0 89.3 83.0 (Copyright, 1935, by Standard Statistics) 11. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasuryg Prev. ~ Close, close. 4> 4 s 1947-52 115.4 115. 4s 1944-54 110.24 110.24 3 3 / 4 S 1946-56 109.1 108.30 3 3 as 1940-45 107.16 107.16 34s 1943-47 106.10 106.8 3 3 aS 1941-43 107.19 107.17 34s 1943-45 105.9 105.9 34s 1944-46 104.20 105. 34s 1946-49 103.18 103.18 3s 1951-55 102.20 102.17 3s 1946-48 102.13 102.19 2%S 1955 ?6 99.31 99.31 24s 1945-47 100.21 100.20 Home Owners Loan Corp. 24s 1949 99.20 99.19 Federal Farm Mortgage Corp. 3s 1949 100.27 100.27 DOMESTIC Prev. Close, close. Alleg Corp 5s '44 86'a 87 Alleg Corp 5s ’49 79 79 Am Frgn Pow 5s 2030 67 >4 67'4 Am Tel & Tel 54s ’43 1124 1124 Am Tel & Tel 5s '65 . 113>4 1134 Arm &Cos (Del> 5’ 2 s ’43 .... 944 94‘ 2 Atl Coast Line 4s '52 97'4 974 Atl Coast Line 44s ’64 . 86'i 864 Atch Top & S Fe 4! 2 s ’4B . . 10714 1084 Am Wat Wks 5s ’44 112 111 Balt & Ohio 5s ’95 76>4 76*4 Balt & Ohio 6s ’95 86(4 854 Balt & Ohio 44s ’6O 62 614 Buff Roch & Pitt 4' 2 s '57 66 654 Chi Milw &StP 5s ’75 154 15V Chi Milw & St. P 5s 2000 6"’* 64 Cleve Un Term 5s ’73 100'i 10014 Cleve Un Term 4’ 2 s ’77 92 7 s 92 1 s Col Gas 5s May ’52 99 99'a Col Gas 5s ’6l 98 974 Can Pac Perp 4s 844 85 Cent Pac 5s ’6O 874 87 4 Big Four 4' 2 s ’77 78 76'a Big Four 5s ’63 8514 834 Colorado <fc So 4' 2 s 'BO 56 584 Chi & West Ind 4s ‘52 99‘4 984 Chi & Nor West 4 3 /4s '49 11 (a 12 Con Gas 5s ’57 106V* 10714 Chesa Corp 5s ’47 118 118' 2 Del & Hunds 4s '43 79 7 4 79 3 4 NY Dock 4s 'sl 69 684 NY Dock 5s '3B 58 574 Erie 5s ’75 704 70' 2 Erie 5s ’67 7114 71 Gen Cable 5' 2 s ’47 1004 100 Grt Northern 7s ’36 103 V, 103'4 Grt Northern 4'4s ’76 94' 4 Grt Northern 4' 2 s '77 944 94 Gen Stl Cast WW 5' 2 s ’49 ... 87>4 88 Hud <fc Manhat Ref 5s '57 83 82 111 Cent 44s '66 66 64 1 a 111 Cent Jt 4'4s '63 67 66 111 Cent 5s ’63 71 69' 2 Interntl Hv Elec 6s ’44 44 3 4 4714 Interntl Tel & Tel 4' 2 s '39 ... 874 86' 2 Interntl Tel & Tel 5s ’55 804 78’ 2 Interntl Tel Tel 4' 2 s '52 ... 764 75 P Lorillard 7s ’44 130 1294 McKess & Rob s’ 2 s ’SO 10214 102 7 a Natl Dairy 54s ’4B 104'a 1044 Natl Steel 5s '56 10614 106 Nickel Plate 44s '7B 70 69 7 s Nickel Plate s' 2 s '74 80 794 N Y Cent 5s 2013 81 7914 N Y Cent 4‘ 2 s 2013 (old) 744 73' 2 Nor Amer Cos 5s '6l 103 103 Nor Pac 3s 2047 73'2 73 3 4 Nor Pac 4'4s 2047 89'4 89 Nor Pac 6s 2047 .104'4 104 New Orleans Term 4s *53 .... 81 1 2 81 “4 Otis Steel 6s '4l 102' 2 102' 2 Penn Ry 4' 4 s 'B4 1054 104 7 s Penn Ry 4'„s ’Bl 105 105 Penn Rv 4' 2 s '7O 98 3 4 98 3 4 Pac G & E 5s '42 1054 1054 Portland Gen El 4’ 2 s '6O 7214 73 1 4 Para Publix 54s 'SO 92 914 Penn P & L 4’ 2 s 'Bl 106 106 Postal Tel & Cab 5s '53 37 3 4 38' 2 Rem Rand WW 5 1 as ’47 105 104 1 2 Sou Pac 4' 2 s '6B 77'4 7714 Sov. Pac 4’ 2 s 'Bl 7714 774 Sou Pac 4' 2 s '69 78 77' 2 Sou Pac 4s '49 81 814 Sou Rail 4s '56 53 4 53'a Sou Rail 6s '56 69’a 68' 2 Sou Rail 6' 2 s ’56 71' 2 71 1 a Sharon Stl Hoop 514s '4B 1024 1024 Texas Pac ss' 79 931* 23 Texas Pac 5s '77 944 934 United Drug 5s '53 96 954 U S Rubber 5s '47 1004 100 5 a NY NH & Hart 6s '4B 324 32 4 NY NH & Hart 4' 2 s '67 324 32 Warner Bros 6s '39 88 47 ’ 4 Western Mary s' 2 s '77 105 iO4S Western Marv 4s '52 ... 95 1 a 95* Youngstown 8 i T 5s '7O .. 102 V. 102 Youngstown S & T 5a '7B ...1024 1024 FOREIGN Argentine B s 'SB 984 984 Canadian Govt 4s '6O 1054 106 Denmark 54s '55 1004 101 German 54s '65 294 294 German 7s '49 39 40 Italy 7s 'sl 61 614 Japan 64s '54 984 984 Poland 7a '47 10S4 1054 Rome 64s '52 49 \ 504 Toluo City 54s '6l 794 79

Wool Consumption at Peak Domestic mills consumed more icool during the first vine months of the year than during any similar period since 1923, the Department of Agriculture has on mu need.

(Alexander Hamilton Institute) about 29 years and after the Civil War there was a price decline which lasted for approximately 33 years. The duration of those two movements would seem to indicate that the current decline since the World War is only about half completed. The course of prices since the beginning of the nineteenth century is shown in the above chart.

Hollard Furnace 29% 29% 29% 29% Int Cement .. 35 34% 34% 34% Johns Manville . 9% 92% 92% 93 Libby Owens Gls 45% 45 45 45% Otis Elev 26 25% 25% 26 U S Gypsum ... 85 85 85 84% Household— Col Pal Peet 17% 17% 17% 17% Congoleum 43 42% 43 42% Kelvinator 13’, 13% 13% 13% Mohawk Carpet 21V* 21% 21V* 21% Proc & Gamble 46 46 46 46% Servel Inc ... 14% 14’* 14% 14% Simmons Bed .. 17% 17% 17% 17% Textiles— Amer Woolen 9% 9% 9% 9% Belding Hem ... 13% 13% 13% 13% Celanese Corp . 29 29 29 28% Collins Aikmtn. 44 44 44 43% Gotham Hose .. 10% 10% 10% 10 Indus Rayon 30% 30V* 30% 30% Real Silk 10% 10% 10% 10% Chicago Stocks (By Abbott, Proctor & Paine) 11:30 Prev. A. M. close. Allied Prod 22% 22% Butler 8% 8% Chicago Corp 4% 41', Conti. Steel 42 41 % Cities Service 2% 2% Com. & Edison 971% 97% Cord 5 V. 5% Crane 22% 22% Gen. House 4 4 Grt. Lakes 29% 29% Iron Firemen 28% 28 Libby 9% 9% Noblitt Sparks 30% 30% Pub. Service of 111 53% 53% Swift 33 33 % Swift Int 33 33 % Ze nth T 13% 13% New York Curb (By Abbott, Proctor & Paine) 12 (noon) Prev. N. Y. close. Alum Cos of Am 91% 90% Am Cyanide "B” 29’/* 29% Am Superpower 2% 2% Atlas Corp iV4’/ 13% Carrier Corp 10 10 El Bond & Share 15% 15% Ford of Can "A'’ 25% 25% Ford of Europe 'B% 8% Hiram Walker 33 32% Imperial Oil Ltd 20V* 20V* Lake Shore Min 52 52% Newmont Min 76 Nia Hud Pwr 9% 9% Pan Am Airways 42 41% Penn Road 3’/, 3% Wright Hargraves Min 7% 7’ Local Securities (Because quotation, on local lecurltles 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 & Stk Yds com 50 52% Belt RR & Stk Yds 6% pfd... 52 Central Ind Pow 7% pfd 16 19 Home Tei&Tel Ft. Wn 7% pfd 50% 52 Hook Drug Inc com 14 17 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 38% 42 •Indpls Pow &Lt 6 pfd 82% 85% •Indpls Pow & Lt 6% pfd 86 89’% Indpls Water 5% pfd ■ 102'% North Ind Pub Svc 5%% pfd.. 67 70 North Ind Pub Svc 6% pfd.. 75 79 Progress Laundry 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 5%% '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 Wkss% '56 101'% 103 V, Terre Haute Wat Wks 6% '49 103 105 Traction Terminal 57, '57 69 73 •Ex. div. Unlisted Stocks (By Blythe & Cos.) NEW YORK BANK STOCKS _ , Bid. Ask. Barkers 69% 71% Central Hanover B & T 131 133 Chas e 40 41 5 ,, Chemical National 56% 58% Guaranty 328 328 J?ving 18% 19% Manufacturers 4374 451, Nationaf City 38% 40 Cont 111 (Chicago) 106 108% First National of Boston 46 47% Natl Shawmut 29% 31 FIRE INSURANCE Aetna Fire 80% 62% City of New York tnew) 28% 30% Federal Ins 88 Franklin Fire 30% ‘3i7 6 Great American Ins 29% SI Hanover Fire Ins 38% 40 Hartford Fire Ins 81 83% Home Ins 3a 37 5 , Ins Cos of N A 74% 76% National Fire 751/2 7;% North River Insurance 27% 29% Phoenix Insurance 94% f-6% US Fire 53 , 2 55 ,, 2 Westchestre Fire 35 363 4 NET INCOME INCREASES Timet Special NEW YORK, Dec. 9.—Net income of the American Water Works and Electric Cos. for the 12 months ended Oct. 31 amounted to $3,187,435, equivalent to $1.14 a share on the common stock, against $1.05 a share on the common stock earned in the preceding period, it was announced today.

Thomson & McKinnon MEMBERS NEW YORK CHICAGO IOT\l OT \ “ ch K Bnf * TnnnvTn New T<>rk Corb Exchin,r * IUAUiT 1U New York Cotton Exrhanzt BOSTON New York CoflTeo and Sugar Exchan g* SOUTH BEND • New Orleans Cotton Fxohang* FT. WAYNE £J! c,rfo l tnc \ ■;*"• PV A VCVIT T P Chicago Board of Trad* C, Aisio V ILaLiKj Winnipeg Grain Excbanga Indianapolis Office ' *,* o-her ]-, 4 int Fu'/ir.E,, 200-214 Circle Tower Li. 5501

SENATE GROUP SET TO REVEAL ‘SUPER-LOBBY’ Committee Is Prepared to Answer Challenge to New Deal. BY THOMAS L. STOKES Times Special Writer WASHINGTON, Dec. 9—An answer to the organized assault against the New Deal by big business and finance will soon begin to crackle from the Senate lobby investigating committee. Simultaneously with the declaration of war along all fronts by the National Manufacturers’ Association at its New York meeting, with the avowed object of "liquidating” the New Deal, it was learned that Ihe lobby committee has dug up a pile of evidence by which it expects to show the forces and the motives behind the fight on Administration reforms, and the "interlocking directorates” of big figures involved. The revelations, it is said, will show that the “super-lobby” which Edward F. Hutton, the capitalist, recently suggested and later renounced is already a fact in the cooperation of numerous interests and organizations hostile to the Roosevelt regime. May Surpass Famed Probe Senator Hugo Black <D„ Ala.), committee chairman, has not decided whether to open the inquiry a few days before Christmas or await the reconvening of Congress on Jan. 3. But he is ready. Evjr since Congress recessed in late summer, a staff of investigators ranging at times up to 30 persons has been busy in the committee's basement office at the Senate office building. The trail has taken them to many places outside of Washington. It has been a stupendous detective job, as the results will show when hearings begin. The inquiry, it is forecast, will overshadow previous ones of its tJ'P e —the Mulhall investigation in 1913 and the Caraway investigation of 1930. it is expected to give the most complete picture of "invisible government” ever drawn. Shipping Lobby Dv. for Quiz The committee will begin by resuming its investigation of the utility lobby. When Congress recessed, the inquiry had already revealed that one giant holding company, Associated Gas and Electric, spent more than SBOO,OOO in its propaganda campaign against the Wheeler-Rayburn bill and inundated Congressmen with canned telegrams which provoked a nation-wide titter in the testimony of Elmer, the telegraph messenger. Expenditures of other companies will be brought to light. Subsequently, the committee will delve into numerous other lobbies, including the shipping lobby, which is of particular interest to Senator Black because of his previous inquiry into ship subsidies and because a shipping bill will be before Congress. Interests "Gang Up” On several occasions the "ganging up” of numerous interests to fight legislation has been apparent here. For instance, the'New York Stock Exchange, in its campaign against stock market regulation, enlisted the support of the National Manufacturers Association and the so-cailed durable goods committee of Nra headed by George H. Houston, president of Baldwin Locomotive Works, though these had no direct interest in the regulation of stock exchanges. The real extent and meaning of this inter-relationship has been traced for the first time by the Lobby Committee, just as the Senate Banking Committee and the Federal Trade Commission built up the “family trees” of banking, finance and the power industry. EMPLOYMENT IN STEEL INDUSTRY SHOWS GAIN Pay Rolls Increase Approximately SO Per Cenl in Year. Timeg Special NEW YORK, Dec. 7.—Employment in the steel industry during October increased to 436.554 persons, compared with 429,217 in September, and 381,431 in October a year ago, the American Iron and Steel Institute reported today. Total pay rolls during the month amounted to $51,456,000, compared with $45,893,000 in the preceding month. This compared with $32,723,909 in the corresponding month last year, an increase of approximately 60 per cent, the report stated. The number of hours worked by steel mill wage earners in October averaged 36 8 a week. This compared with 34 hours in the preceding month, and with 25.4 hours a year ago. The hourly wage rate increased slightly in October to 65.4 cents, compared with 65.3 cents in September. Year ago the rate was 64 cents an hour. Since the low point of the depression when the number of persons employed by the industry dropped to approximately 210.000 the steel companies have reabsorbed 226,000 people on their pay rolLs.

LOANS REPAIRS AND NEW HOME BUILDING See Your Local Building and Loan Assns.