Indianapolis Times, Volume 47, Number 239, Indianapolis, Marion County, 14 December 1935 — Page 4

Trends Operation of ‘Shorts’ Appears Again on Street. BY JOHN T. FLYNN

NEW YORK. Dec. 14—An old friend makes its appearance ngaln on Wall Street—the short Interest. It is a long time since w have heard about the shorts. Back in

1932 they were supposed to be the chief devils in the market. It was to catch the shorts, who were supposed to be ruining all his wonders u 1 medicine for recovery that Mr. Hoover provoked the famous Wall Street inv e s t i g ation which ended in the hands of Mr. Pecora and caused such

Flynn

havoc with so many mighty persons —but not with the shorts. Asa result of Mr. Hoover’s horror at the operations of the shorts, t he Stock Exchange began publishing first a weekly and then a daily record of short transactions in individual stocks during a fourmonth period. tt tt a THEN this was dropped and a monthly record of short balances has been published ever since. This record reveals that recently short operations have become intensified. This may mean either that there is a professional interest which thinks the market too high or that there is a good deal of manipulation going on. It is my own belief that the shorts, as a whole, do not play an important part in fixing prices. The short interest is never very great as a whole. It is never exerted against the whole market but only against individual stocks and it has been shown that the great bulk of the short interest is focussed upon a very limited number of stocks. ana THE short interest is never as powerful as the long interest. Unfortunately the short interest seldom acts to restrain the market from too great an elevation, which is supposed to be one of its benefits. It does not do so and hence if it has any virtue it must be looked for elsewhere. But it has no other virtue. On the contrary, it has another real vice. It is one of the important instruments in the manipulation of the market. The market operator plugging away at a stoeqk must be able to both push it up or down as the exigencies of his campaign require. That is why the present short interest, may be an evidence of manipulation in the market. a a a THE Securities and Exchange ! Commission has taken no stand on this subject yet or, for that matter, on any of the important fundamental features of the markets. If there is going to be a short interest, it would seem that the public ought to have access to the facts about short operations as well as the insiders. This could be achieved by requiring not only that every short sale be specifically declared by the broker making the sale, but that these sales be noted every night and a summary made available to the press of the short position in every stock where that position exceeds a certain per cent of the issue. Insiders can get this information from the facts about the amount of stock being loaned in the market for covering short transactions. This information is not now available to outsiders. (Copyright, 1935. by TTnitfd Feature Syndicate. Ine.t AIR TRAFFIC REPORTED 70,924 Passengers Carried On U. S. Lines During October. ITiimeff Special WASHINGTON, Dec. 14. Air lines operating In the United States in October carried 70,924 passengers according to a report today by the Bureau of Air Commerce. The lines flew 5.288.180 miles, carried 488,019 pounds of express, and flow 28.787,563 passenger miles during October. A passenger mile is the equivalent of one passenger flown one mile. BOOSTS DIVIDEND RATES Timet Special NEW YORK. Dec. 14.—Dividend appropriations for 1936 by the Fidelity Mutual Life Insurance Cos. will be larger in the case of policies of short duration than in 1935, the company announced today. On Commission Row (Reprinted From Late Times Yesterday! ♦ 'Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers: Fruit —Cranberries, early blacks. 25-lb. box. $4.50. Pears—Washington D'AnJo, $3.25. Bananas —7 hands, a pound. 5%c. Persimmons California. lug. $1.25. Apples—lndiana Jonathans, jl.fio. Summer Rambos, $1; Delicious, Sl.bGnT.7s. Wealthvs. $1: Grimes Golden. $1.15@1,25. Lemons— Sunklst, 3605. $7.50. Grapefruit —Texas. 64s to 70s. $3.25; Arizona Sunklst, $2.75. Limes—Mexican, a carton 12s, 30c; Persian seedless, a hundred. $3. Vegetables—Beans, green, round stringless. bu.. $3. Beets—Texas. 3-doz. crate, $1.90. Cabbage—Northern Danish. 50-lb. bag. 85c. Carrots—California. 6 doz. crate, $3.75, a doz., 75c. Cauliflower—California, crate. $2.50. Celery—Michigan, washed and Tr'mmed. extra large. sos; Jumbo, doz.. 85c. Cucumbers—Southern, bu.. $3.50. cfoz , 85c. 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, crate, $5. small basket. $1.25. MintBunch. 15c. Mustard—Home grown, bu., 60c. Onions —lndiana vellow, 50-lb. bag. $1; Indiana yellow, 10-lb. bag. 22c; western Spanish. 50-lb. bag. $1.50. Parsley—Southern, doz.. 50c. Peas—Telephone, hampers, $3.75. Potatoes—Round Cobblers, 100-lb. bag, $1.65; Michigan Round White. 100-lb. bag. $1.60. Early Ohios. bus., $1.75- Idaho Russets. $2.40. Sweet potatoes—lndiana, Jerseys, bu.. $1.65. Radishes—Ohio, button, doz., baskets. 45 ft 60c, Sage—Doz.. 45c. Spinach—Broad leaf, bu., sl. Squash Bu.. $2.50. Tomatoes—California, repacked, 10-lb. carton. $1.50. Produce Markets (Reprinted From Late Times Yesterday) The prices quoted are paid for stock f fathered In the country, while delivered n Indianapolis the price ts a cent higher Heavy breed hens. 16c; Leghorn breed hens, 12c; springers over 4% lbs., 17c: tinder 4% lbs.. 16c; springers l'.j lbs. and up 12c; old cocks. 9c Turkevs— Young hens, 8 lbs. and up. 21c; young toms, 14 to 1* lbs.. 21c: under 14 lbs. and over 18 lbs., 18c: old hens, 18c; old toms. ISc. Ducks—White, 5 lbs. and over. lSc: under 5 lbs. lie; geese full feathered and fat, 9 to 14 lbs., 12c: over 14 lbs . 10c; old guineas. 15c; young guineas, 1% lbs. and up, 35e: No. L—strictly fresh eggs, loss off. 27c; pullet mgs. 18c. Each full case must weigh 85 lbs. gross, a deduction of 18c a pound under 55 lbs. will be made. No 1 butter. 35%ft36%c: No 2, 31'jft 83 %c; butterfat, 32c. Quoted by the Wadley Cos.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 4

INVESTORS SEEK TAX-FREE LIENS TO AVOIDLEVIES Fear of Future Taxation Provides Demand for Issues. BY CHARLES H. HUFF Times Special Writer NEW YORK, Dec. 14.—Large investors are reported swinging with renewed enthusiasm toward taxexempt bonds, with the result that already narrow yields are growing narrower. This move has been steadily gaining momentum during the last two months, bond houses report. It has virtually cleaned the municipal bond market of highest grade offerings and institutional buying is grudgingly penetrating the government bond market, where the price level is developing an obviously stiffening tendency. Fear of future taxation schedules Is providing the incentive to enlarge holdings of tax-exempts. The tax scare has become a real bugaboo to haunt the peace of mind of large investors. Markup Is Predicted The feeling is becoming widespread that 1936 may bring a sharp markup—at least, any gossip on that subject gains a quick ear around bond houses. The usual comment on the subject is that 1936 will be only a beginning, and that tax-exempts will be a cherished possession for many years ahead. This is putting quite a burden on the little fellow who wants his money in gilt-edge securities but has no particular interest in the tax-exempt feature, since he doesn’t figure very heavily in the tax bracket. It means that the small investor has to reach with his more directly interested contemporaries after the choice bonds, satisfied to pay a high price and content to get a small return. Lists Show Narrowing Dealers’ lists, quoting wide ranges of long-term municipal bonds, disclose that income opportunities in this field of investment have been shaved considerably since early October, while for medium-term liens the yield level has been narrowed as much as % per cent. The government bond market would be able to settle down to a contented state of mind for almost three months, with last week’s Treasury financing so successfully completed were it not for the specter of bonus legislation as one of the first orders of business for Congress after the turn of the year. It is not so much the prospect of actual legislation as the likelihood of protracted debate that is tending toward disturbing anticipation. Bonus Causes Worry It is generally considered a foregone conclusion that Congress will act definitely on the bonus question, and that in some form or other the government will have to provide means of paying out a huge sum of benefits, whether in cash to be borrowed or in direct bonds to be borrowed or in direct bonds of the “baby” variety. The worrying question is just how long Congress will drag out its wearying argument before enacting a measure. The market will have more trouble with uncertainty than with actual enactment. Then there is the further prospect, already being taken into account, that a veto situation will arise, with the final climax again to center in the Senate. If it were not for the prospect of borrowing for bonus requirements, the government bond market could rest easily until March. PURCHASING EXTENDS BEYOND NECESSITIES Mass Buying of Seven Important Groups Shows Increases. Timet Special MINNEAPOLIS. Dee. 14.—Significant gains in mass purchasing of seven important groups of “prosperity goods'' in the first 10 months of 1935 reveal an increasing number of American families who again feel able to buy beyond the bare necessities of life, according to a surplus income report isued today by Northwestern National Life Insurance Cos. For the period from Jan. 1 to Oct. 31. 1935, dollar volume increases over the corresponding period of 1934 were: Furs 21 per cent; fijrniture 13.7 per cent; electric household appliances. 13.2 per cent; luggage 11 per cent; sporting goods 8.7 per cent; pianos and other musical instruments 4.9 per cent; jewelry 1.7 per cent. As specialty shops were not considered, but only department stores in key districts from coast to coast, the figures reflect purchases by the general masses of the population. Os the seven groups of goods, furs show the greatest and most consistent gains over a year ago. Each of the last 14 months has scored a substantial gain over the corresponding month of the previous year; October fur sales of the 236 department stores covered by the report were 17.9 per cent over 1934. DIVIDEND IS CONSIDERED Timet Special CHICAGO. Dec. 14. Stockholders of the Walgreen Cos. today were informed by Charles R. Walgreen, president, at the annual meeting that directors at their next meeting in January will consider placing the common stock on a regular 50-cent quarterly basis. TOBACCO PRICES STRONG Time* Special WASHINGTON, Dec. 14.—'The burley tobacco markets, during the first week of operation this season, displayed a strong upward trend from last year's prices on all smoking grades, the Department of Agriculture announced today. BONDS TO BE ISSUED Time* Special NEW YORK. Dec. 14. The Wheeling Steel Corp. is to issue $35,000,000 of bonds, due 1966 with the interest rate not exceeding 44 per cent, it was announced today. Proceeds from the sale are to be used to retire issues now outstanding.

INDIANAPOLIS, SATURDAY, DECEMBER 14, 1935

1 1111s1iii ; ; nii 1 j 3O .......1.1. u. lit "i, „l>. li a I7’lß ’l9 ’20’21 ’22 ’23 ’24 ’25 ’26 "27 ’2B "29 '3O ’3l ’32 ’33 1935 BUSINESS WEEMS

New York Stock Exchange Prices

(Bv Thomson & McKinnon) (Reprinted From Late Times Yesterday) Oils— Prev. Hieh. Low. Close, close. Amerada 73% 72% 72% 73 Atl Rfe 25% 24*4 24% 24% Barnsdall 14 13Va 13% 13% Consol Oil 11 10% 10% 10% Cont, of Del 30% 29% 29% 30% Houston (new). 6% 6% 6% 6% Mid Cont Pet... 18% 17% 17% 18% Ohio Oil 12% 12 12% 12% Pet Corn 12% 12 12% 12% Phillips Pet ... 37% 36V, 36% 36% Plymouth Oil .. 12% 11% 11% 11% Pure Oil 16 15% 15% 15% R,oval Dutch ... 46% 46% 46% 46% Seaboard Oil ... 32 30% 31 31% Shell Un 15% 15% 15% 15% Skellev Oil 17% 16% 16% 16% Soc Vac 14% 13% 13% 14 S O of Ca 1.... 38% 37 37% 37% SO of Ind 30 29% 29% 39% SOOf N J 49% 47% 38% 48% Texas Corp .... 26% 25% 26% -6 <a Tidewater Assn . 13% 12% 13 13 Un Oil of Cal .. 23% 21% 21% 21% Acme 70% 70% 70% 71,* Steels— Am Roll Mills .. 30% 29% 29% 30 Beth Steel 47% 46% 47% 47 Byers AM 19 18% 18% 19 , Col F & I 4% 4% 4% 4.g Cruc Steel 35% 33% 33% 34 Inland Steel ....104% 103;’* 103% 104% Ludlum Steel ••• z3% 23% 23 2 -4 McKeesport Tin 124 123% 123/a 123 Mid Steel 23 22% 22% 22% Nat Steel 77% 76% 76% 7.,* Otis Steel 16% 15% 10% 1§ Ren I & Steel .. 18% 17% I]% Rep I & S pfd .. 84 84 84 84 U S Pipe & Fdy. 21% 21% 21% 20% U S Steel 46% 45% 46 46% U S Steel pfd...113% 113 113 113 Warren Bros •• 4% 4% 4% 4% Yourgstn S& T 37% 36% 36,8 37 /8 Motors— Auburn 37 38% 36% 37% Chrysler 86% 84% 84% 85% Gen' Motors 55% 54% 54% 54-’* Graham Mot .... 3% 3% 3% 3 a Hudson 17% 16 16% 16 4 Hupp 2% 1% l.a 3% Mack Truck 27% 26% 27% 27% Nash 18 U U% 13% Packard 7 6% 6% 81 Reo 5Vg 5 a 5/g Studebaker .... 9% 9% 9% 9_g Yellow Truck.... 7% 7% 7% 7% Motor Access— Bendix 20% 20% 20% 20% Bohn Alum .... 50% 49% 49% 50% Borg Warner ... 63 61% 61% 62,2 Briggs 52 51% 51% 5* Budd Mfg ...... 9 B’% 9 8% Budd Wheel 12% 11% 12 12 Eaton Mfg 27% 26% 26% 27% Elec Auto Lite .. 35% 34% 34% 34-4 Elec Stor Bat ... 52% 52% 52% 52% Houdaille B’ .. 29% 28% 29 29% Mullins Mfg .... 13% 13% 13% 13 2 Murray Body ... 19 18% 18% 18 a Stew Warner ... 16% 16% 16-g 16 3 Timken Roll 66% 64% 64% 66 a Timken Det Axle 10% 10% 10% 10% Mining— Alaska Jun 15% 14% 14% 15 Am Metals 29% 28% 28_* 29v* Am Smelt 58 'g 56% 56% 56% Anaconda 27% 26% 27_* Cal & Hecla ... 5% 5% 5% 5% Cerro De Pasco.. 52% 54% 55% 54% Dome Mines 44% 42 42/* 44 Granby 9% 9 9 9Va Gt or Ore 15 14'% 14% 14% Howe Sound ... 56% 55% 56 55% Ins Copper 6% 6% 6/4 6/2 Int Nickel 43* 42% 42% 43% Kennecott Cop.. 28% 2(% 27% 27% Mclntyre Mine.. 41% 39% 39% 41% Park Utah 4% 4% 4% 4% Phelps Dodge ... 25% 24% 24% 24 a St Joe Lead ... 24 23% 23% 23% U S Smelters... 99% 97% 97% 98 St Joe Lead ... 24 23% 23% 23% U S Smelters... 99% 97% 97% 98 Vanadium 19 18 % 18% 18% Amusements— Croslev Radio... 18% 18 18 18% Fox Theat 24% 23% 23% 23% Loews Inc 53 51% 52% 53 Radio Corp .... 11% 11% 11% 11% Paramount 10 9% 9% 10 RKO 5 V* 5 5 Vg 5% Warner Bros ... 10 9% 9% 9% Tobaccos— Am Snuff 70% 70Vi 70% 71 Am Sum Tob . . 25 25 25 25% Am Tobacco “A” 93% 92 92 94 Am Tobacco “B” 95% 9.3% 94 95% Gen Cigars !. . 52% 52% 52% 53 Ligg & Myers B 106% 105% 105% 107 Lorillard 24% 24% 24% 24% Phillip Morris . 64% 62% 62% 63% Reynolds Tob 'B\ 56% 55% 5% 56% Rails— Atchison 57% 55% 55 56% Atl Coast Lines.. 32% 30% 31 32 B & O 16% 15% 16% 16% Can Pacific 11% 10% 10% 11% Ch & Ohio .... 51% 50% 50% 51% Chi & Gt W ... 1% 1% 1% 1% Chi &Gt W pid 4% 4% 4% 5 C M & St P .. . 1% 1% 1% l’i C M & St P pfd 2% 2% 2% 2% Chi N W 32% 33 Dsla & Hud ... 38% 36% 37 37% Del Lac & W .... 17 16% 16% 16% Erie 12 11% 11% 12 Erie pfd 17 16% 16% 17% Grt North pfd .. 34% 32% 33% 33'% 111 Central 20% 19% 20 20 K C South 13% 13% 13% 13% Lehigh Val 9% 9 9% 9V* M K & T 5% 5% 5% 0% Lou & Nash ... 63 62% 63 62% M K & T pfd .. 13% 13% 13% 54% Mo Pac pfd 3% 3% 3% 3% N Y Cent 28% 26% 27 27% N Y New' Haven 4% 4 4% 4% Nor & West 218 218 218 217% Nor Pacific 22% 21% 21% 22% Penn R R 30% 30 30% 30% Reading 37 37 37 38 Sou Pac 23% 22% 22% 23% Sou R R 13% 12% 12% 13% Union Pac .108 106 108 108 W. Maryland ... 9% 8% 8% 9% Equipments— Am Brake Shoe . 41 40% 41 40% Amer Car & Fdy 29% 29 29% 29 Am Loro .. 25% 25% 25% 25% Am Steel Fdy.. 22% 22% 22% 22% Bald Loco . 4% 4% 4% 4% Gen Am Tk Car 47% 46% 47% 47 Gen Elec 36% 35% 35% 36% Gen R R Sig... 40% 39% 39% 41 Pullman Inc 38% 37% 37% 37% West Tir Br .. 33% 32% 32% 32% Westingh Elec . 94 91 92% 92% Utilities— Am * . For Pwr 6% 6% 6% 6% Am Pwr * Lit... 8% 8 8% 8% AT&T 16% 13% 14 Am Wat Wks ... 20% 20% 20% 20% Col Gas & Elec . 13% 13% 13% 13V, Com & Sou 2't- 2% 2% 2% Consol Gas ... 31% 30% 30% 31% Elec Pwr & Lit. . 5% 5% 5% 5% Int Hydro Elec . 3% 3% 3% 3% Interboro R T.. 18 17% 17% 18% Int T & T ... 13% 12% 12% 12% Lou G& E (At.. 20% 20% 20% 21% Nat Pwr & Lit.. 9% 9% 9% 9% North Amer 25% 24% 24% 25% Pac G & E.... 30 29% 29% 30% Peoples Gas ... 41 4040% 41 Pub Serv N J ... 43% 43 43 43% So Cal Edison.. 24 23% 23% 24 Std Gas 6% 5% 5% 5% Stone & Webster 13% 12% 12% 13 United Corp 6% 6% 5% 6% Un Gas Imp.. . 17% 17 17 17% Ut Uwr &Lt (A) 2% 2% 2% 2% Western Union.. 72% 70% 70% 71% Rubbers— Firestone 22% 20% 22 22% Goodrich 12V* 11% 11% 12 Goodvear 21 20% 20% 20% U S Rubber 14% 14% 14% 14% U S Rubber pfd. 42% 41% 41V* 41% Miscellaneous— Allis Chalmers . 33% 33% 31% 33% Am Can 134 130 131 135 Am Mach & Fdy 29% 28% 28% 29% Brklyn Man Tr. 41% 41 41 42% Burroughs Add 25% 24% 24% 25% J I Case 101 97% 97% 98% Conti Can 85% 81% 82 86 Caterpillar Tract 56% 55% 55% 55% Crown Cork ... 43% 43 43 44% Curtis Pub 21% 20% 20% 21 Curtis Pub pfd 102% 102% 102% 10 Deere & Cos 53% 52 52 51% Eastman Kodak 157 156% 156% 159% Foster Wheeler.. 23% 22% 23 s * 33% GUICtM 17% 17% 17 V* 17%

Glidden 48% 47% 47% 49% Ingersoll Rand . 116% 116% 116% 116% Int Bus Mach ..189 188 188 188% Inter Harv 61% 60% 61V* 60% Natl Cash Reg.. 22% 20% 21 21% Owens Bottle ...124 122% 124 122 Rem Rana .. 20% 19V* 20 20' 2 Underwood E.. 86% 86Va 86% 86% Worthington Pm 21 Vi 21 21% 21% Foods— Am Sugar 51% 51 51 51% Armour 5 • 4% 5 5 Armour 6% pfd 65% 65% 65% 66% Beatrice Cream 17% 17% 17% 17% Borden Prod ... 26% 25% 25% 26 Cal Packing.... 35% 35 35 35% Can Dry G Ale 14% 13% 13% 14% Coca Cola 86% 85 85 86 Cont, Bak ‘A” 9% 9% 9Vi 9% Corn Prod ... 68% 68 68 69 Crm of Wheat.. 37V* 37% 37% 37% Cuban Am Sugar 6 5% 5% 6% Gen Baking 11% 11% 11% 11% Gen Foods 32% 32% 32% 32% Gold Dust 19% 19% 19% 19% G W Sugar 32 31V* 31V* 32% Hershey 77V* 77% 77V* 77% Loose Wiles 39% 39% 39% 39 Natl Biscuit 33 32 32% 33 Natl D Prod ... 19V* 19% 19% 19% Purity Bak 14% 14’,* 14'/* 14% S Porto Rico Sug 25% 25 25 25% Std Brands .... 14% 14% 14% 14% Un Biscuit 24% 24% 24V* 24Vi United Fruit ... 65% 65% 65% 65 Ward Bak. "B'\. 2% 2% 2% 2% Wrigley 78% 78% 78% 79% Retail Stores— Assd Dry Goods. 17 16% 16% 16% Best &Cos . ... 55% 55 55 55% First Natl Stores 46% 46 46% 46% Gimbel Bros ... 8% 8 8% 8% Gr Un Tea 4% 4 4% 4% Allied Sts BVi 7% 7Vi 7% Jewel Tea 62 62 62 62V* Kresge S S .... 26 25% 25% 26 Kroger Groc ... 26% 26% 26% 26% Macv R H 53 52% 52% 53 McCrorv St 14 13 Vi 13 Vi 14 McLellan Si ... 13% 12% 12% 13 Marshall Field. 12% 11% 12% 12% May Dept St ... 53 52% 52% 53 Mont, Ward .... 40 38% 39 39 N. Y. Bonds IBv Abbott. Proctor & Paine) (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds Rails Utils Bonds Todav 91.3 93.1 103.1 92.5 Yesterday 91.3 83.4 103.3 92.7 Week ago 91.2 83.4 103.2 92.6 Month ago 90.4 78.0 102.4 90.3 1935 high 91.4 86.4 103.4 92.8 1935 low 83.6 71.0 89.3 83.0 (Copyright, 1935, by Standard Statistics.). U. S. GOVERNMENT BONDS Treasury® Prev. Close, close. 4%s 1947-52 115. 115. 4s 1944-54 110.22 110.23 3%S 1940-43 107.12 109.16 3%s 1943-47 106.6 106.8 3%S 1941-43 107.7 107.16 3%s 1943-45 105.9 105.10 3%s 1941 .... 107.29 107.29 3%s 1944-46 104.29 104.00 3%S 1946-49 103.17 103.18 3s 1951-55 102.17 102.17 3s 1946-48 102.20 102.20 2%S 1955-60 99.29 99.29 2%S 1945-47 100.15 100.19 Home Owners Loan Corp. 2 s ls 1949 99.15 99.15 3s 1952 100.25 100.22 Federal Farm Mortgage Corp. 3%s 1964 102.8 102.14 3 s 1949 100.27 100.26 3s 1942-47 101.10 101.6 DOMESTIC. Prev. Issue. Close, close. Alleg Corp 5s ’44 65% 86 Alleg Corp 5s '49 79 79 * Alleg Corp 5s 'SO . SO 49 Am Frgn Pow 5s 2030 66 6<% Am T & T sVis ’43 112% 113 Am T & T 5s ’65 113V* 113 Arm & Cos iDel) 5%s ’43.... 94% 94% Atl Coast Line 4s 52 97 i 97 Atl Coast Line 4%s 64.... 84% 85* Atch Top &S Fe 4Vis ’48.... 109 108% Am Wat Wks 5s ’44 11l 111 Am Rolling Mills 5s ’3B Am Rolling Mills 5s 38 120' * 120 Balt & Ohio 5s ’95 75% 75 Balt, & Ohio 6s ’95 85 8f Balt & Ohio 4%S ’6O 61 61 Buff Roch & Pitt 4Vis ’57 64% 63% Chi Milw &StP 5s ’75 15% 14% Chi Milw & St P 5s 2000 6% 6% Cleve Un Term 5s ’73 100% 100% Cleve Un Term 4%s ’77 92% 92% Col Gas 5s May ’52 99 99% Col Gas 5s April ’52 99% 99% Col Gas 5s ’6l 98 98% Can Pac Perp 4s 96% 86 Cent Pac 5s ’6O 88 87% Big Four 4Vis ’77 76% 77% Big Four 5s ’63 85 85% Colorado & So 4%s ’BO 55 56% Chi & West Ind 4s ’52 99% 99% Chi & West Inti 5%s ’62 106% 107 Chi & Nor W 4%s ’4O 11 11% Con Gas 5s ’57 105% 105V* Chesa Corp 5s ’47 116 117 Del & Huds 4s ’43 77% 78 N Y Dock 4s ’3B 59% 60 Erie 5s ’75 68V* 68% Erie 5s ’67 68% 63% Gen Cable 5%s ’47 100% 101 Grt Northern 7s ’36 102% 102% Grt Northern 4%s ’76 94V* 94% Grt Northern 4%s ’77 94 94% Gen Stl Cast WW 5%s ’49 ... 91 90% Hud & Manhat Ref 5s ’57 82 82 111 Cent 4J*s ’66 64% 65V* 111 Cent Jt 4%s *63 67 68 111 Cent 5s ’63 69% 70% Interlake C & I 5s ’sl 82% 82 s ; Interntl Hv Elec 6s ’44 45% 45% Interntl Tel & Tel 4%s ’39 ... 87 s * 87'a Interntl Tel & Tel 5s ’55 79'i 78% Interntl Tel & Tel 4%s ’52 ... 75% 75 s ; McKess & Rob 5%s ’SO 1(12' * 102' 2 Natl Dairy 5Vs ’4B ~104 104 Natl Steel 5s ’56 . 106 106 Nickel Plate 4%s ’7B 67% 68 Nickel Plate 5%s ’74 77% 78% Nickel Plate 6s '35 82V* 82 N Y Cent 5s 2013 80 81 N Y Cent 4%s 2013 (old) 74 74% Nor Amer Cos 5s '6l 102% 103 Nor Pac 3s 2047 73% 74% Nor Pac 4'is 2047 89% 90 Nor Pac 6s 2047 105'* 105% Nor States Pow 5s ’4l 105 s * 106'* New Orleans Term 4s ’53 79% 81 Otis Steel 6s ’4l 102 102 Penn Ry 4%s 'B4 ...105% 105% Penn Ry 4%s ’Bl 106 106’ .* Penn Ry 4%s ’7O 99% 99 Pac G & E 5s ’42 105 105 Portland Oes El 4%s ’6O 72% 71 s , Para Publix 5%s ’SO 92 92’* Penn P & L 4%s ’Bl 105% 105% Postal Tel & Cab 5s ’53 36% 36'V Rem Rand WW 5%s ’47 104% 104% Shell Union Oil 5s ’47 103 102% Sou Pac 4’is ’6B 76 76% Sou Pac 4%s ’Bl 75% 76% Sou Pac 4Vis ’69 76’% 77’ Sou Pac 4s ’49 80 81% Sou Rail 4s ’56 50% 52’* Sou Rail 6s ’56 66'* 68 Sou Rail 6Vis ’56 71% 72% Sharon Stl Hood 5%s ’4* 102% 102 s * Texas Pac 5s ’BO 94% 95 Texas Pac 5s ’79 95% 95 Texas Pac 5s ’77 95'* 95% Union Pac 4s '47 112% 112 United Drug 5s ’53 97V* 97 U S Rubber 5s '47 101 s * 101% NY NH & Hart 6s *4B 32% 33 s * NY NH & Hart 4%s ’67 32’* 32% Warner Bros 6s ’39 88 88% Western Marv 5%s ’77 105 104% Western Marv 4s ’52 95% 95% Youngstown S & T 5s ’7O 102'* 102 s * Youngstown S & T 5s ’7B ....102 s * 103 FOREIGN Argentina A6s *57 98% 98% Argentina B 6s 'SB 98' * 98% Brazilßs ’4l . 26'* 27% Canadian Govt 4s ’6O 106 104 s * German 5%s '65 28% 29'* German 7s ’49 40 40'* Italy 7s ’sl 68 69'* Japan 6%s ’54 99 99 Poland Ts ’47 107% 107 Rome 6%s '53 52% 57 Yokohama 6a ’6l ............ 66 85%

Natl Tea 9% 9% 9% 9% Penney J C 83 81V* 82 82 Safeway St .... 34% 34 1 a 34V* 34 Sears Roebuck. 66V* 65% 65V* 65% Woolworth ..... 56 55% 55% 55% Aviation— Aviation Corp.. 4V* 4 4 4V* Boeing Alrcft .. 13% 12% 12% 13% Curtiss Wright.. 3% 3V* 3% 3% Curtiss Wright A 9Vi 8% 8% 9% Douglas Air 37’/* 35% 35% 36/* Nor Am Av .... 6 5% 5% 5% Sperry Corp 13 12% 12% )2% United Alr r fft N 22% 22 22% 22% Chemicals— Air Reduction ..166% 162% 162% 166 Allied Chem 156 155V* 155'* 156% Am Com Alcohol 29% 29% 29% 30V* Col Carbon .... 94 92% 92% 94 Com Solvents .. 21% 20% 20V* 20% Du Pont 137 135 135'/* 137% Freeport Tex ... 27 27 27 27 Liquid Carb 35% 35 35 35% Math Alkali 30% 30'/* 30'/* 30% Monsanto Chem 87% 87 87 87% Natl Dis (new). 31 30'/* 30% 30% Schenley Dist .. 52% 51% 51% 52 s * Tex Gulf Sulph. 31 30% 30% 30% Union Carbide .70 69% 69% 69% U S Ind Alcohol 46 45% 45% 47% Drugs— Bristol Myers... 40% 40% 40% 40% Coty Inc 6% 6% 6% 6% Lambert 23% 23V* 23% 23% Lehn & Fink... 12% 12% 12’/* 12% Sterling Prod ... 64% 64% 64% 63'/* Un Drug (new). 12% 11% 12 12 Vick Chem 44% 43 44 42% Zonite Prod .... 7 6% 6% 6% Financial— Adams Exp 11 10% 10% 10% Allegheny Corp . 3% 2% 2% 2% Am Int Corp 10% 9% 10'/* 10% Chesa Corp 58% 56 56 59 Transamerica ... 13 12% 12% 12% Tr Conti Corp .. 7% 7'/* 7% 7% Building— Am Radiator ... 23% 22% 22% 22% Gen Asphalt 22% 21% 21 s * 22% Holland Furnace. 30 29% 29% 29% Int Cement 33 % 32% 32% 33% Johns Manville . 90% 90 90'/* 90 Libby Owens Gls 44% 44% 44% 45 Otis Elev 25% 25 25 25'/* U S Gypsum ... 83% 82% 82% 82 Ulen Cons 4% 4 4 4 Household— Col Pal Peet.... 18% 18% 18% 18% Congoleum 43 43 43 43 Kelvinator 14% 13% 14 13% Mohawk Carpet.. 20% 20% 20% 20% Proc & Gamble 46 45% 45% 45% Servel Inc 14% 14% 14% 14% Simmons Bed... 19 18 18 18% Textiles— Amer Woolen... 9% 9% 9% 9% Belding Hem 13% 13% 13% 13% Celanese C0r0... 27% 27% 27',* 27% Collins Aikman. 47% 45% 46% 46% Gotham Hose... 10 9% 9% 9% Indus Rayon.... 29% 27% 28% 29% Kavser Julius... 30 29’/* 29V* 29% Real Silk 10% 10 10 9% Local Securities (Reprinted From Late Time* Yesterday) (Because quotations on local lecnrities 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 1% pfd 16 19 Home Tel&Tel Ft. Wn 7% pfd 50% 52 Hook Drug Inc com 14V* 16V* •Ind & Mach Elec. 7% pfd .... 99 102 •Ind General Service 95 100 Ind Hydro Electric 53 57 Indpls Chain Sto Term pfd... 52% 62V* •Indpls Gas Cos com 37 41 •Indpls Pow & Lt 6 pfd 82 85 •Indpls Pow &Lt 6%s pfd.... 87% 90% •Indpls Water 5% pfd 102 . . North Ind Pub Svc 5%% pfd. 68 70 North Ind Pub Svc 6% pid.. 75 79 Progress Laundry com 7 9 Pub Svc of Ind 6% pfd 11V* 14 Pub Service of Ind 7% pfd... 30 33 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 ... 62V* 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 f>% ‘SO & ’6O .. 105 107 Indpls Water 5%% '53&’54.103% 105 Interstate TANARUS& 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 s'/*% '3B 18 25 Seymour Wtr Ist mtg 5% *59.101 104 Terre Haute Water Wkss% ’56 101% 103% Terre Haute Wat Wks 6% ’49 103 105 Traction Terminal 5% '57 .... 69 73 •Ex. div. Unlisted Stocks (By Blythe & Cos.) (Reprinted From Late Times Yesterday) NEW YORK BANK STOCKS Bid. Ask. tßankers 68% 70% Central Hanover B & T 129% 131% Chase 41% 43 Chemical National 55% 57'/* Guaranty 316 318 Irving 17% 19 % Manufacturers 45% 47 s ,* National City 39% 48 First National of Boston ....117 120% First National of Boston 48% 48% Natl Shawmut 2914 31 FIRE INSURANCE Aetna Fire 60 62 Vi City of New York (new).... 28% 30 Federal Ins . 83 Franklin Fire 31% 33’* Great American Ins 28V4 30V* Hanover Fire Ins 41 43 Hartford Fire Ins 83 85% Home Ins . 38% 40% Ins Cos of N A 75% 70 National Fire 77 s * 80 North River Insurance 28 29% Phoenix Insurance 95% 97% U S Fire . 55 57 V* Westchester Fire 36 381* tEx div. HUDSON SALES INCREASE Motor Car Firm Reports Gain of 4850 Units in Nine Weeks. Timet Special CHICAGO, Dec. 14.—Shipments of the Hudson Motor Car Cos. in the first nine weeks after the announcement of new models totaled 19,224 cars, compared with 14,372 units in the nine weeks following the announcement of 1935 models, a gain of 4852 cars, the company announced today. November shipments alone which totaled 13.020 cars were the largest for any November since 1925. November shipments exceeded all shipments of the past six Novembers added together. The company points ; out that November comparisons are affected by the earlier introduction : of new models this year.

FLYNN ASSAILS HUGE SPENDING BY GOVERNMENT Economist Asserts People Must Rule Economic Life of Nation. B<j Inited Press BUFFALO, N. Y., Dec. 14. America, as a people, must insist on the right to govern economic life or the nation will be forced into a moderate Fascist form of govemernment, John T. Flynn, noted business analyst and economist, believes. “The determination of big business to resist control by the democratic state—to control the economic life of society through the corporative state, is what made Fascism in Italy and Germany,” Mr. Flynn asserted in a speech here. “We must insist on the right to govern our economic life,” the economist declared. “We have got to find some way, for instance, to bring about a better distribution of monetary income—not the wealth, but the current produce distribution of money incomes.” He predicted that the present “little business boom” will not be continued during the next Administration. Six Billion to Spend “President Roosevelt still has six billion dollars to spend,” he added. “The date of the bubble bursting will depend on how much of that amount is left at the end of his term.” The government can not “go on spending money,” Mr. Flynn said. When the “break” comes it will be serious because the government's credit will be in question. “Whoever is President then will have to take the rap. This struggle between big business and the government has in it the germs of a grave menace. “Business defies the government and asserts it should be permitted to govern itself. With the arrival of Mr. Roosevelt the government said to business ‘Go ahead and govern yourself.’ That’s what the NRA was.” This, Mr. Flynn asserted, was a reversal of the traditional American and democratic process. If the nation’s economic life is to be ruled it “should be ruled by society in the interest of society and not by groups of employers in the interest of employers.” OIL FIRM SALARIES REVEALED BY SEC S. O. of Cal. President Paid $136,118 In 1934. By United Press WASHINGTON, Dec. 14. The Standard Oil Cos. of California paid $136,418 to K. R. Kingsbury for his services as president of the corporation during 1934, the Securities and Exchange Commission revealed today. Contained in another group of hitherto confidential reports, released by the commission today, the oil company’s report revealed a salary of $90,987 to Vice President Oscar Surto. Vice Presidents W. H. Berg, H. D. Collier, R. W. Hanna, and M. E. Lombardi received $54,546 each. Second largest salary made public today was the $101,609 paid by the Reynolds Metals Cos. to its president, R. S. Reynolds. Vice President W. Y. C. Hunt was paid $48,859, and Vice President G. A. Robertshaw received $25,320. This report also included salaries and bonuses paid by the Robertshaw Thermostat Cos., Reynolds Metals subsidiary. D. L. & W. NET AT $2577 Times Special CHICAGO, Dec. 14.—Net income of Delaware, Lackawanna & Western Railroad Cos. during October amounted to $2577, compared with a net loss of $97,608 in the corresponding month a year ago, it was announced today. Net loss in the first 10 months this year amounted to $2,795,367. Local Livestock (Reprinted From Late Times Yesterday) HOGS Dec. Bulk. Top. Receipts. 7, $ [email protected] SIO.OO 2000 9. [email protected] 10.25 5000 10. 9.85ft>10.00 10.00 8000 11 9.70@ 9.75 9.75 6000 12'. 9.65 ft 9.75 9.75 5000 13. 9.65® 9.75 9.80 5000 Light Lights 1140-160) Good and choice.. $9.35® 9.60 Medium 8.85® 9.35 Lightweights (160-180) Good and choice... 9.60 ft 9.75 Medium 2 GBO-300) Good and choice.. 9.60@ 9.80 Medium 9.20@ 9.60 Medium Weights • (200-220) Good and choice... 9.65® 9.80 (220-2501 Good and choice... 9.60® 9.70 Heavyweights „„ (250-290) Good and choice... 9.60 ft 9.70 (290-350) Good and choice... 9.50® 9.60 Packing Sows _ (275-350) Good B.lOft 9.35 (350-425) Good 9.00 ft 9.25 (425-450) Good 8.85 ft 9.10 (275-460) Medium 8.75® 9.00 Slaughter F.gs „ „ „„ (100-140) Good and choice... 9.10 ft 9.60 Medium 8.25@ 9.35 CATTLE —Receipts, 600— (500-900) Choice [email protected] Good 8.75|U.50 Common 5.25 ft 6.25 (900-1100) Choice 11.50ft12.75 Good 9.00ft12.00 Medium , 2 j? 2 Common 5.50® <.OO (1100-1300) Choice 12.00® 13.25 Good 9.25ft12.00 Medium 7.00 ft 9.25 (1300-1500) Choice 12.00<® 13.25 Good 9.25®12.00 Heifers (500-750) Choice [email protected] Good B.oo® 9.50 Common and medium 4.50® 8.00 (750-800) Good and choice.. [email protected] Common and medium 5.00@ 8.50 Cow* Good 8.25® 6.25 Common and medium 4.25® 5.25 Low cutter and cutter 3.00 ft 4.25 Bulls, good S 5.75® 6.25 Cutter, com. and med. bulls.. 4.00® 8.75 VEALERS —Receipts, 400— Good and choice 610.50ft11.00 Medium 8.50® 10.50 Full and common 4.50® 8.50 Calve* (250-5001 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 (800-1050) Good and choice.. 6.50® 8.50 Common and medium 4.25® 6.50 Cowa Good 6.00 ft 6.50 ; Common and medium 4.00® 5.00 SHEEP AND LAMBS —Receipts. 2500 Lambs. 90 lba. down, good and choice $lO 25ft11.00 Medium 8.50® 10.25 Ewes (90-M5) Good and choice . 4.00® 5.00 All weights, common and medium .. 3 500 4.50 (120-159) Good and choice... 3.000 4.00

Automobile Financing Increases Automobile financing reported by 456 organizatioyis increased from $41,318,194 in September to 878,577,367 in October, and compares with $46,495,841 in October, 1934, according to Commerce Department statistics.

Gear Plant Finished in Record Time Warner Firm at Muncie Completes Addition to Factory. Times Special MUNCIE. Ind., Dec. 14.—Machinery was whirring in Ihe Warner Gear Cos. addition here today, just 32 days after work wa*= started on the new building. Overloaded with orders for its new over-drive transmissions, the Muncie firm was forced into its expansion program and officials of the firm announced today that, its present force of 2700 workers would be increased to 3000 by Jan. 1. The program, of which this is the first step, is to cost approximately $1,350,000, according to John M. Simpson, vice president and general manager. Oddly enough, the building was rushed to completion through 20 days of snow, rain, freezing weather and other meteorological disturbances which w’ould have been enough in the ordinary course of events, to halt any construction work. Credit for accomplishing the task, described by construction engineers and factory executives as unprecedented, is given to Albert J. Glaser, Muncie contractor, who had the general contract on the building. The new addition, which joins the old plant directly on the north measures 240 by 260 feet and is of brick and steel construction of the same type used in the old building. The roof is of the monitor type, with glass on either side of a raised construction down the center . The amount of additional floor space provided is nearly 60 per cent of the original plant, which was built in 1930. . Busigraphs TREND OF FACTORY EMPLOYMENT (U. S. OEPT. OF LABOR) 1201— DOTTED LINE IS THE PAST TEN YEARS AVERAGE OF THE SAME MONTHS riiiji ■ 1— ONDJFMAMJJASQ 1934. 1935 THE PARKER CORP GENERAL DISTRIBUTORS INCORPORATED INVESTORS UMore people had jobs in the factories of this country during October than during any month since October, 1930, according to the United States Department of Labor index of factory employment. The index in October gained nearly 9 per cent over a year ago. The best part of It is that goods now being manufactured are being put into use and not into stock, for figures show a decreasing trend in the stocks of manufactured goods on hand. BANK CLEARINGS AGAIN SHOW GAIN OVER 1934 22 leading Cities Report Total Os $5,136,378,000 For Week. Time* Special NEW YORK, Dec. 14.—Total bank clearings reported by 22 leading cities in the "United States during the week ended Dec. 11 amounted to $5,136,378,000, compared with $4,769.049,000 a year ago, an increase of 7.7 per cent, according to a report today by Dun & Bradstreet, Inc. In the preceding week the increase over the corresponding period a year ago amonuted to 20.6 per cent. The increase in New York over a year ago was 2.4 per cent, while centers outside showed a gain of 18.8 per cent. The total reported for the latest week was $305,367,000, or 5.6 per cent below that of the preceding week, while in the corresponding weeks last year a gain of $257,425,000 was recorded. Practically all centers reported gains although some were very small. Chicago Grain Futures (Reprinted From Late Times Yesterday) (By United Press) Wheat— Prev. Open. High. Low. Close. Close. Dec... 1.01% 1.01?* 1.00% 1.01%b .96% May.. .99 1.00% .99 1.00%b .95% July.. .91% .92.% .90% .92% .87% Corn — Dec 59% .59% .59% .58% .58% May... .60% .61% .60% .61 .59% July... .61% .62% .61% .62% .60% Oats— Dec 26% .27% .26% .27'',T> .25% May... .27% .28% .27% .28% .26% July... .28% .29Vs .28% .29Va .27% RyeDec 52% .52% .50% .52b .48% Mav... .54 .54% .52% ,54a ,40 s * July... .53 .53% .53 .54% .50% Barley— Dec 45b .41 Lard— Dec. 12.35 12,35 12 32 12.35a 12.32 Jan. 12.22 12.25 12.22 12 22a 12.17 May 12.15 12.17 12 12 12.17a 12.10 a Ask. b Bed. LOCAL CASH MARKET City grain elevators are paying 92 cents for No. 2 soft wneat. Other grades on their merits. Cash corn new No. 4 yellow 46 cents and oats 19 cents

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MOTOR MAKERS PRAISE CHANGE IN OUTPUT DATE Automobile Manufacturers Surprised at Sales in November. (This is the last of three articles <** the automobile industry.) BY JOHN W. LOVE Times Special Writer DETROIT. Dec. 14.—When thn motor dukes unanimously agreed to bring out their new models in tha autumn a good many people had their doubts. True, four or five cars had always come out in the fall, and their companies liked the arrangement. But nobody could be sure how it would work with the whole industry following the same idea. Today there is no question that the plan is a grand success—this time. The novelty may be putting it over, and then again the presence of what looks very like an oldfashioned cyclical recovery of business is undoubtedly contributing to the demand for cars. Auto Shows Are Success Manufacturers are waiting to see how many used cars pile up in the dealers’ warehouses before they will be sure of the outcome of the experiment. They won’t know until February. The sale of used cars is more seasonal now than the sale of new’. Despite all that, the companies are surprised at the November sales to customers. Chrysler s sales through all divisions are tw’o-thirds of the way back to summer's peak, and climbing. The New York auto show was said to have sold more cars than the one last January. Sales were higher in the Chicago show also. Os the 1.000,000 cars the companies expect to have turned out in the last quarter of this year, about 200,000 are not expected to be sold. These will be carried over into 1936 to be ready for the peak demand in the spring. First Proposed in 1929 If this much of the year’s normal spring production can thus be turned out prematurely, in the winter, and employment stabilized to that extent, the experiment will have accomplished all that the manufacturers expected of it the first year. This effort to stabilize the industry was one of the fruits of NRA. It was suggested by Alexander Sachs, NRA statistician. Years before, in 1929. John Scoville, economist of the Chrysler Corp., had proposed it in a Detroit New’s article. He suggested doing away with the January show. At the New York show Alfred P. Sloan Jr., chairman of General Motors, is said to have told friends he believed the industry would never hold another January show. An unlooked-for effect of the earlier models and their earlier production is the disturbance it has caused in statisticians’ charts of business recovery. Statistics to Be Altered The earlier production of cars has raised the demand for steel and. other materials at a time when they and car sales are usually falling. The statisticians had all this taken care of in their charts by the use of seasonal corrections, but the effect now is in reverse, and shows an increase much faster than it would be without the “correction.” So we are likely to think from looking at a chart that we are reviving faster than we really are. The relationship of profits to sales has been complex in recent years, but appears to show that the same volume of business can not support the same profit. The proportion of net earnings to net sales was highest in 1928. at 15.4 per cent for the industry. In 1932 the industry made a deficit, and in 1931 a profit of 6.1 per cent. For several years, too many to record here, a return to a 5,000,000car production probably would not yield 15 per cent on the sales, but the prices of shares might be higher than they were in 1928. THE END

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