Indianapolis Times, Volume 47, Number 241, Indianapolis, Marion County, 17 December 1935 — Page 24

T rends Bank Performances Show Improved Conditions. BV JOHN T. FLYNN YORK. Dpc. 17—Bankers complain constantly of their lack of opportunities—no chance to make money, their resources bottled up In government, paper, lots of it at a fraction of one per cent. Perhaps thjy could do better. But it may be noticed that those banks reporting on thjir performances these last three months seem . to have done

very well. The Bank of New York and Trust Cos., the Bank of Manhattan. the Chemical Bank and Trust Cos. in New York ail have declared their regular dividends. The Girard Trust Cos. of Philadelphia, the First National of Pitts burgh and the First National of Bos-

m is

Flynn

ton declared regular dividends. a a a BUT many others have done much bettor. The Manufacturers Trust Cos. in New York paid its regular dividend of 25 cents a share and doubled this by an extra 25 cents. The First National of Chicago—the great bank whose vast corridors were filled with jostling, terrified depositors (quite unjustly, however) in the troublous days of the summer of 1932—has just paid its first quarterly dividend in three years. The Marine Midland —the large holding company banking group—paid its regular dividend and an extra 15 cents. And finally the Bank of America National Trust and Savings Association—Giannini's immense bank in California —after declaring its regular dividend of $1,250,000. authorized an extra one of $1,000,000. It is only two years ago that the great Giannini group had to get an immense loan from the RFC. Now it is declaring extra dividends again. tt tt tt THIS does not, look like hard times. The truth is that the banks were spoiled back in the twenties. They made profits they had no right to make. They engaged in all sorts of activities in which, it was later proved, no bank should have ever indulged. In those days one of the banks which now declares an extra dividend of a modest sum, authorized an extra dividend of 33 per cent. When one considers the travail through which the banks went as a result of reaching for inordinate profits, the bad repute into which they came, the extent, to which they have been revamped, they would seem to have little reason to complain about their earnings. a a a ;THILE I do not defend govVV ernment bank loans as a means of financing relief, nevertheless the bank gets some pretty soft money out of it. The great rise in bank deposits is due chiefly to these government loans, so that while the banks get the interest, however low, they get also the use of the funds which they are enabled to lend out again and again. When the government borrows money from a bank, the government pays it out promptly for relief and recovery plans. Those who receive the money spend it with their merchants who put it right back in bank, so that the banks have the money back within a few days or a few weeks and can lend it again. Anything they lend it for is just so much velvet. PAPER VALUE STEADY T'imex Special NEW YORK. Dec. 17—Comercial ?aper outstanding on Nov. 30 totaled 178,400.000, the Federal Reserve Bank of New York announced today. This is practically unchanged from the total outstanding at. the close of November a year ago. On Commission Row Quotations below subject to change are average wholesale prices being offered to buvers by local commission dealers: Fruit—Cranberries, early blacks, 2S-lb. box. $4.50: homes. 25-lb. box. $5. Pears —Washington D'Anjo. $3 25. Bananas— Seven hands, a pound. s’c. Persimmons -California, lug. $1.25. Apples--Jona-thans. $1.75; Summer Rambos. $1: Delicious, $1.75; Weelthvs, $1: Grimes Golden. $1 25 Lemons—Sunkist. 360 c. $7.50. Grapefruits —Texas, 64s to 70c, $3 25; Arizona Sunkist. $2 75. Limes Mexican, a carton 12s. 20c: Persian seedless, a hundred. $3. Pears—D'Anjo. 100s box. $3.25; California Avacado 20s-245. $3.75 Grapes—Emperor, lug. $2: fancy Emperor. 34-lb. sawdust chest, $4 Vegetables—Beans, green, round strinsless. bu . $2.50. Beets—Texas. 3-doz crate, *1 90. Cabbage—New York Danish. 50-lb bag 85c. Carrots—California, fi doz. craie. S3 75 a doz, , 70c. Cauliflower California, crate. $2.35. Celery- Michigan washed and trimmed, extra large. 55c; jumbo, dor. . 85c Cucumbers—Southerr. bu. $3.75. doz , 90c. Kale—Home-grown, bu.. 60c. Leitube—lceberg. California, good. S3 50. home-grown leaf. 15-lb basket. SI 60 Endi\e— California basket. 85c. Mangoes--California, crate. $5; small basket. $1.25 Mtnt—Bunch. 20c Mustard—Home grown, hu. 60c Onions - Indiana yellow, 50-lb bag $115: Indiana yellow 10-lb bag. 23c; wes frn Spanish. 50-lb bag. $1 50 Parsley—Southern. doz . 50c. Peas— Tclenhone. hampers. $3 50 Potatoes —Round Cobblers. 100-lb. bag, $1 60 Michigan Round White. 100-lb hag. SI 50; Early Ohios. bu.. $1.75: Idaho Russets, $2 35. Sweet potatoes—lndiana Jersevs. bu.. $1.65. Radishes—Ohio, button. doz. baskets. 45®60c. Sage—Doz 45c. Spinach—Broad leaf. bu.. sl. Squash - Bu. $2.50 Tomatoes —Florida. 10-lb carton, si 50. Produce Markets The prices quoted are paid for stock gathered in the country, while deli\ervd in Indianapolis the price is a cent higher. Heavy breed hens 16c: Leghorn breed hvns. 12c. springers over 4% lbs 17c: under 4% lbs. 16c; springers, l'j lbs. and up. 12c. old cocks. 9c. Turkeys—young hens, a lbs. and up. 21c: young toms. 14 to 18 lbs . 21c; under 14 lbs and oyer 18 lbs.. 18c. old hens, 18c; old toms 15c_ Ducks-White. 5 lbs, and o\er. 13c: under 5 lbs lie, geese full feathered and fat, 9 to H lbs. 12c: o\er 14 lbs 10c; Ola guineas. 15c: voung guineas, 1% lbs •no up. 25c No 1 strictly fresh eggs, loss off. 2<c pullet eggs. 18c. Each full case must weigh 55 lbs gross, a deduction of 10c a pound under 55 lbs will be made No 1 butter. 36®37c No. 2 33ti34c: butterfat. 32%e. Quoted bv the Wadley Cos. <Bv United Pressl CHICAGO Dec. 17.—Eggs—Market, easy: receipts 3808 cases; fresh graded firsts, 27c; extra firsts. 28c: current receipts. 24c dirties. 20c; checks. 19c. Butter—Market. receipts. 7771 tubs; extra firsts <9O- - scorei. 32®32',c: extras >92 scorei. 33c: firsts 88-89', scorei. 31®31%c: seconds 186-87', score' 30c: specials. 33', ft 34c. standards 32', c Poultry—Market, steady-firm: receipts. 31 trucks; ducks. lS%®2oc: geese 15’,® 17c: spring chickens. 18%®21c: hens. 18®19c; turkevs. 20 ®26c. Leghorn hens. 12®15c; old roosters, 14* a c Cheese—Twins. 18'./18',c: Daisies, 18',7 lg'sc: Longhorns. 18 s ,® 19c Potatoes —Supply moderate; demand very slow: market, ateadv on Idaho Russets, weak on other stock: very few sales reported. Idaho Russet Burbanks SI 56 ft 1.77*31 U 8 No. 2 $1 55. Wisconsin Round Whites. *102%® 110: commercials 95c. Michigan Russet Rurals. SI 25 Minnesota end North Dekota Cobblers, $1 07', 451.18. Colorado McClures. $1.60. Arrivals jg on track 358, shipments 384.

PAGE 24

HALF MILLION BOND ISSUE IS CALLED BY BANK Fletcher Joint land institution Und '’takes Refunding Step. A further step in Fletcher Joint Stock Land Banks refunding pro--1 gram was under way today with the announcement of an additional block of $500,000 in 5 per cent bonds called for pavment May 1. 1936. The bonds are dated Nov. 1. 1023. maturing Nov. 1, 1933-53, and arc in addition to $243 500 of other issues called for pavment at that time, William B. Schiltges, president. said. Although holders of these bonds will be given an opportunity to exj change them at par with an interest adjustment as of May 1. 1936, for a limited period for anew issue, | such bonds as are not exchanged , will be offered for sale by the bond department of Fletcher Trust Cos. for cash at a price of 101, yielding slightly more than 3 per cent. Rate Set at 3V\ Per Cent This new issue will be dated Nov. | 1. 1935, will draw 3% per cent interest and will be optional for retirement. Nov. 1, 1940. although the maturity will be Nov. 1, 1945. Another issue of 5 per cent bonds, due April 1, 1936. totaling $225,000 will be paid in cash with no exchange offered to holders, according to action taken by the directors of the joint stock bank recently. These April bonds will be paid in full out of the normal collections of the joint stock bank. With these two current steps in the general refunding plan of the joint stock hank only $874,000 of callable s’s will remain outstanding of all of the 5 per cent issues of the joint stock bank, according to H. Foster Clippinger. Fletcher Trust Cos. vice president, in charge of its bond department, through which the refunding program of the joint stock land bank is being handled. Since the refunding program of the joint stock bank’s bonds into issues of lower yield on Jan. 1, 1935, a total of $3,739,500 in 5' 2 and 5 per cent bonds has been retired, as of Nov. 1, 1935, Mr. Clippinger said. VALUE OF 50 STOCKS DROPS 3.35 PER CENT Total Dared at 816,8.15,902.250 for Week Ended Dec. 14. Timm Special NEW YORK. Dec. 17.—The market value of 50 representative stocks listed on the New York Stock Exchange at the close of business for the week ended Dec. 14 amounted 1 to $16,835,902,250. a decrease of I $583,482,125, or 3.35 per cent, compared with the total of the pre- j ceding week, Paul H. Davis, Inc.,! announced today. At the close of the corresponding ; week a year ago. the same 50 stocks had a mraket value of $11,683,008.125. indicating an increase of $5,152.894,125, or 44.11 per cent for the year. Timex Special CHICAGO. Dec. 17.—The value of 25 representative stocks listed on the Chicago Stock Exchange at. the close of business for the week ended Dec. 14 was $799,765,750, a de- i crease of $6,631,500, or 0.82 per cent, I it was announced today. MUNCIE GIiGANIZES NEW INDIANA TRAFFIC CLUBS H. A. Clark of Ball Bros. Cos. Named First President. Timex Special MUNCIE. Ind.. Dec. 17,—H. A. Clark, traffic manager at Ball Bros. Cos., manufacturers of glass wares, has been appointed first president of the newly organized Eastern Indiana Traffic Club, it was announced today. C. R. Boak. general manager of the Acme Freight Cos., was elected vice president; P. H. Tigar, local traffic manager, secretary; R. E. Walton, Delco-Remv Corp.. treasurer. Directors elected were L. R. Berger, traffic manager of the Muncie products division of General Motors; W. L. Werts, agent of the Nickel Plate and C. & O. Railloads. and J. L. Lamson. Meetings of the club are to be held the second Thursday of each month. New officers and directors of the club will be installed at the annual meeting in January. Charter members are invited until Jan. 1. STOCK INDEX DECLINES Timex Special NEW YORK. Dec. 17 —The common stock index of ten leading management investment companies during the last week again declined. Distributors Group, Inc., reported today. The index stood at 17.82.

Busigraphs CASH DIVIDEND PAYMENTS (NEW YORK TIMES) 400 rr \ , i 7/\ <\ % 3O- A —/A e*> A ? L7T)|\ia\| S’ oo A -Phi'’ i llili P!P a y, // y// dotted une is the past / <yy. A mvw years average cf v; jk . m-.v&Ssxm l.£a j,,v> THE BARKER COBP. GENERAL DISTRIBUTORS INCORPORATED INVESTORS November was a banner month from the standpoint of cash dividend payments. In fact, it was the largest dividend month since May. 1931. The steady increase of payments on account of accumulated dividends is improving the position of many common stockholders. NOVEMBER DIVIDEND CHANGES Accumulated dividends paid JJ Resumed dividend* M Increased dividends *• Total favorable change* 9* Reduced dividend* 4 Omitted dividend* . 3 Total unlagarable ct _ 7

Abreast of The Times on Finance

Percent PURCHASING POWER fr COMPONENTS remgS.uAwrirrwiaprfiTg 120 f—i — j — i —| — i —| — i — | — i — [ — j — y —r —j — i ——i —| —i — r —i —| —i —p-r—| —i 106 V 4 1-1 x 1 si I——ll92J-1025 = 100 1 }—■. .. ■ ■.■ - OPPOSITE DEIVI/IMD ' ”T 2 1 eo l 1 — ; "G 1 * * 40 : 1 r7R7-02 5 VuK,| | 100 s 1- 1 fin Gross Income 100 -kg*. ■ | 40 I Farm I'wcoiyiK 1 , 40 1 1 I I 1 Factory Payrolls Each of the components of our purchasing power index increased more than is seasonally normal for the month of October. The sharpest advance occurred in farm income. The cost of living remained about unchanged. The purchasing power index rose to anew high for the recovery period. Although actual demand increased sharply during October, it remained slightly below the level of purchasing power.

New York Stock Exchange Prices

'By Thomson & McKinnon 1. 10:30 A M. Prev. Oils— High. Low. N. Y. close Amerada ..... 7314 73*4 73'.4 73% All Rfg 26'j 26'/* 26'2 26', Barnsaall 13% 13% 13% 13% Consol Oil 10% 10% 10% 10% Cont of Del .... 29% 29% 29% 29% Mid Cont Pet . . 17% 17% 17' 17% Ohio Oil 13 12% 13 12% Pet Corp 12 12 12 12% Phillips Pet . . 36% 36% 36-% 56% Plymouth Oil ... 12 11 % 12 10% Pure Oil .... 16 15% 15% 15% Seaboard Oil . ... .32 31% 32 30% Shell Un 15 15 15 14% Skelley Oil 17 16% 17 17 Soc Vac 13% 13% 13% 13% S O of Cal 37 36% 37 36% S O of Ind 30% 29% 30% 29% S O of New 48% 48 % 48% 48% Texas Corp . .. 27% 26% 27% 26% Tidewater Assn . 13 13 13 12% Un Oil of Cal .. 21% 21% 21% 21% Steels— Acme 69 69 69 69 Am Roll Mills . .. 30% 29% 29% 29% Beth Steel 45% 45 45K 45% Byers .... 18% 18% 18% 18*4 Col Fuel & Iron.. 42 42 42 43 Cruc Steel . 34 '* 34% 34% 33% Inland Steel . . 102% 102 102% 102 Ludlum Steel ... 23% 23% 23% 23% Natl Steel 76% 76% 76% 75% Otis Steel . . 15% 15% 15% 15% Rep Iron & Steel. 17% 17% 17% 17% U S Pipe & Fdy 20% 20% 20% 20% U S Steel . .44 44% 45 44% U S Steel pfd 113 113 113 113% Youngstn S & T 37% 37 37 36% Motors— Chrysler 86% 86 86% 85% Gen Motors . .. 54% 54% 54% 54 Graham Mot ... 3% 3% 3% 3% Hudson ... 16 15% 16 16 Hupp 2% 2% 2% 2% Mack Truck 26% 26% 28% 26% Nash 17% 17% 17% 17'% Packard 6% 6% 6% 6% Ren 4% 4% 4% 4% Studebaker .... 9% 9% 9% 9% Yellow Truck .. . 7% 7% 7% 7'% Motor Access— Bendix 20% 20% 20% 20% Borg Warner ... 62% 62% 62% 62 EViggs 51% 51 51% 51 Buod Mfg 8% 8% 8% 8% Budd Wheel 12 11% 12 11% Eaton Mfg ... 27 26% 26% 26% Elec Auto Lite . 34% 33% 34% 34 Elec Stor Bat, .. 52% 52% 52% 52% Houdaille 'B". . 30% 30% 30% 30% Murrav Body ... 19'4 19 19% 18% Stew Warner ... 16% 16% 16% 16% Timken Roll 64 % 63% 64 % 64% Timken Det Axle 10% 10% 10% 10% Mining— Alaska Jun 14% 14% 14% 14% Am Metals 28% 28% 28% 28% Am Smelt 57% 57 57% 57 Anaconda 26% 26% 26% 26% Cal & Hecla 5% 5% 5% 5% Cerro De Pasco 54 52% 54 52% Dome Mines .... 41% 41 41% 41% Gt Nor Ore 14% 14% 14% 14% Howe Sound . . . 55% 55% 55% 54% Ins Copper .... 6Vi 6 % 6% 6% Int Nickel . . 42% 42'% 42% 40% Kennecott Cop . 27% 27% 27% 27 1 s> Mclntyre Mine.. 39 39 39 39% Park Utah ... 4% 4% 4% 4% Phelps Dodge .. 24% 24% 24% 24% U S Smelters.... 96 95 96 94 Vanadium 18% 18% 18% 18% Amusements— Fox Theat 23% 23Vi 23% 23% Loews Inc 51% 50% 51% 51 Radio Corp .... 12’/* 11% 12 11 Vi Paramount .... 9% 9% 9% 9% RKO 5% 5 5 Vs 5 Warner Bros ... 9% 9% 9% 9% Tnhaccos— Am Tob iA) .... 91% 91% 91% 90% Am Tob 'Bl .95 93% 94% 92% Lig & Myrs iß> 106% 105 106% 104'% Lorillard 24 24 24 24% Rails— Atchison .55 54% 55 54% Atl Coast Lines 31% 31% 31% 31 B & O 16 15% 16 15% Can Pacific .... 10% 10% 10% 10% Ch & Ohio 50 % 50% 50% 50% Chi N W 2% 2% 2% 2% Dela & Hud ... 37 36% 37 36% Del Lac <fc W. . . . 16 15% 16 15% Erie 11% 11 % 11% 11V 2 Erie pfd . 17 17 17 16% Grt Northern pfd 34% 33% 34% 33 111 Central 19% 19% 19% 18% K C Sou 11% 11% 11% 12% Lou & Nash ... 61 61 61 61 M K & T ... 5% 5% 5% 5% M K & T pfd . . 13Vj 13% 13% 13 Mo Pac 2% 2% 2% 2% N Y Cent 27 26% 27 26% Norfolk & West.2ls 215 215 214 Nor Pacific 22% 21% 22% 21% Penn R R 29% 29% 29% 29% Reading . 35% 35% 35% 37 Sou Pac 22% 21% 22V* 22 Sou R R 13 12% 13 12% Union Pac 105% 104% 105% 105 Equipments— / Am Brake Shoe . 41% 41% 41% 41% Am Car & Fdy . 29% 29 29% 29% Am Loco 24 24 24 24% Bald Loco 4% 4% 4% 4% Gen Elec . ... 35% 25% 25% 25% Pullman Inc ... 36% 36 36% 36% West Air Br . 33% 33 33 33% Westingh Elec . 92% 92 92% 91% Utilities— Am & For Pwr . 6% 6% 6% 6% Am Pwr & Lit . 8 8 8 8% AT&T .153% 153% 153% 154 Am Wat Wks ... 20% 20% 20% 20% Col Gas & Elec . 13% 13% 13% 13% Common & Sou 2% 2% 2% 2 Consol Gas . . 31 30% 30% 31 Elec Pwr & Lit. .S’, 5% 5% 5% Int T & T 12% 12% 12% 12% North Amer . . 24% 24% 24% 24% Peoples Gas .. . 40% 40% 40% 40 Pub Serv N J .. 42% 42 42% 42% So Cal Edison . 23% 23% 23% 23% Std Gas ... 5% 5% 5% 5% United Corp .... 6% 6% 6% 6% Un Gas Imp 17% 17% 17% 173, Ut Pwr &Lt "A” 2% 2% 2% 2% Western Union . 70% 70 70% 69% Rubbers— Firestone 23% 22% 23% 22% Goodrich 11% 11% 11% 11% Goodyear 21 20% 20% 20% U S Rubber 14% 14% 14% 14% U S Rubber pfd 41% 41% 41', 41% Miseellanequs— Allis Chalmers 32% 32% 32% 32% Local Securities (Because quotations on local securities are unlisted on an Exchange, The Times can not assume responsibility for the accuracy of these figures gathered from local brokers.) STOCKS Bid Ask. Belt RR &• Stk Yds com . ... 50% 53 Belt RR & Stk Yds 6 r > pfd.. 53 Central Ind Pow 7' pfd 16 19 Home Tei&Tel Ft. Wn 7% pfd 50% 52 Hook Drug Inc com . ... 14% 16% ‘lnd & Mich Elec 7% pfd . . 99 102 •Ind General Service 95 100 Ina Hydro Electric 53 57 Indpls Chain Sto Term pfd... 52% 62% •Indpls Gas Cos com 37 41 •Indpls Pow &Lt 6 pfd .. 82 85 •Indpls Pow &Lt 6% r r pfd 87% 90% •Indpls Water sri5 r i- pfd 102 North Ind Pub Svc 5%“V pfd 68 71 North Ind Pub Svc 6% pfd .76 80 Progress Laundry com 7 9 Pub Svc of Ind 6% pfd .. 11% 14 Pub Service of Ind 7% pfd. . 30 33 So Ind Gas A- Elec 6% ptet . 93 97 Terre Haute Elec 6% pfd ... 80 84 Union Title com 18 21 BONDS Atlanta Dlstr Term 6C# '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%Cr ’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% Lafavette Telephone 5% ’57 102 Morris 5 & 10 Stores 5% ’SO 99 102 Muncie Water Works 5% ’65 102% Nobitsville HLAP 6% ’47 .. .. 97 100 Ohio Tel Service 6% 47 95 Riebmond Water Works 5%’57 104% 106 St. Louis Post Office 5%4 ’3B 18 25 Seymour Wtr Ist mte 5% ’59 101 *O4 Terre Haute Water Wkss% ’SB 101% 103% Terre Hau’e Wat Wks 6". ’49 103 105 Traction Terminal 5% '57 .... 69 73 •Ex. div. ,

INDIANAPOLIS, TUESDAY, DECEMBER 17, 1935

iAm Can 130 129% 129% 129% Brklyn Man Tr 41% 41 % 41 % 41% Burroughs Add 25 24% 24% 25 Conti Can 84 83% 84 84 Curtis Pub 20% 20% 20% 21 Deere & Cos 50% 50% 50% 50% Eastman Kodak 154% 154% 154% 155% Foster Wheeler.. 23% 23% 23% 22% Gillette 17% 17% 17% 17% Glidden 47% 47% 47*4 47% Inter Harv .. 60% 60 60% 60% i Natl Cash Reg.. 21% 21% 21 '/a 21% Owens Bottle ..122 Vi 122% 122% 121% Rem Rand 19% 19 19 19% Foods— Armour 4% 4% 4% 4% Armour 6% pfd 65% 65% 65% 65% Beatrice Cream'v 17% 17% 17% 17% Borden Prod 25% 25% 25% 25V* Car Dry G Ale 14% 14% 14% 14% Coca Cola . .85 85 85 85 Cont Bak tAt .. 9 9 9 9% Corn Prod .. 68% 68% 68% 68'4 Crm of Wheat.. 37% 37% 37% 37% Gen Baking 11% 11% 11% 11% Gen Foods 32 % 32 32% 32% Gold Dust 18% 18% 18% 18% Natl Biscuit 31' 2 31% 31% 31% Natl D Prod .... 20'/* 20 20V* 20 Purity Bak . 13% 13% 13% 13% S Porto Rico Sug 25 25 25 25 Std Brands 14% 14% 14% 14% United Fruit.... 65% 65% 65% 65% Wriglev 78% 78% 78% 78% Retail Stores— Assd Drv Good . 16 16 16 16% Best & Cos 54% 54% 54% 54% First. Natl Stores 46% 46V* 46V* 45 7 * Gimbel Bros .... 8% B'/8 8% BV* Allied Sts 7% 7% 7% 7% Kresge S S 25% 25% 25% 25% Kroger Groc ... 26 26 26 26% Macv R H 52 51% 52 52% McCrory St 13% 13% 13% 13% McLellan St ... 13% 13V* 13% 12% Marshall Field .. 12% 12% 12% 12V* May Dept St ... 52 52 52 52 Mont Ward .... 38% 38% 38% 38% Natl Tea 9% 9% 9% 9%, Penney J C 82'% 82 82% 82 Safeway St 33% 33% 33% 33% Sears Roebuck . 64 63% 63% 6% Wool worth 55 55 55 55 V* Aviation— Curtiss Wright . 3% 3% 3% 3% Curtiss Wr "A” 8% 8% 8% 8% Douglas Air . . 36% 36% 36% 37 Nor Am Av .... 5% 5% 5% 5% Sperry Corp . 12% 12% 12% 12% Uni Aircft New 22% 22'/* 22'/* 22'/* Chemicals— Allied Chem . 153 152% 152% 153% Am Com Alcohol 29% 29% 29% 29% N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 29 60 Inds Rails. Utils. Bonds. Todav 91.2 82.2 lt/3.0 92.2 Saturdav .... 91.3 82.8 103.1 92.8 Week aeo .... 91.4 83.9 103.2 92.8 Month aeo 90.8 79.5 102.9 91.1 1935 Hieh 91.4 86.4 103.4 92.8 1935 Low . 83.6 71.0 89.3 83.0 (Copyright. 1935. bv Standard Statisticsi U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasury* Prev. Close, close. 4 V*s 1947-52 115.3 115 4s 1944-54 110.22 110.24 3%s 1946-56 108.31 108.30 3%s 1940-43 107.12 107.13 3%s 1943-47 106.7 106.6 3%s 1941-43 107.16 107.7 3%s 1943-45 105.10 105.11 3 Vis 1941 108 107.28 3 Vis 1944-1946 105.1 104.31 3'/sS 1946-49 103.19 103.17 3s 1951-55 102.19 102 IS 3s 1946-43 102.21 102.18 2%s 1955-60 99.28 99.30 2%S 1945-47 100.20 100.20 Home Owners Loan Corp. 2%s 1949 99.16 99.17 3s 1952 100.25 100.25 Federal Farm Mortgage Corp. 3'i 1964 102.10 102.8 3s 1949 100.31 100.27 3s 1942-47 101.9 101.10 2%s 1947 100.1 100.00 DOMESTIC Prev. Issue. Close, close. Alleg Corp 5s ’44 84% 84% Am Frgn Pow 5s 2030 65 65 Am Tel & Tel 5%s '43 113V* 113 Am Tel & Tel 5s ’35 113 113 Arm & Cos 'Deli 5%s '43 ... 94% 94 Atl Coast Line 4s '52 97% 97 Atl Coast Line 4%s '64 82% 84% Am Wat Wks 5s '44 110% 110% Am Rolling Mills 5s '3B 119V* 120% Balt & Ohio 5s '95 74 74% Balt & Ohio 6s '95 83 83% Balt & Ohio 4Vis ’6O . 59 60% Buff Roch & Pitt 4 1 2 S ’57 63% 64 Chi Milw & St P 5s '75 15V* 15% Chi Milw & St P 5s 2000 6 6Vi Cleve Un Term 5s ’73 100% 100% Cleve Un Term 4Vis ’77 93 92% Col Gas 5s May ’52 98% 98T* Col Gas 5s April ’52 99% ... Col Gas 5s ’6l 98 Can Pac Perp 4s 97V* . . Cent Pac 5s '6O 87 87 Big Four 4Vis '77 75 76% Big Four 5s ’63 85 85 Colorado & So 4%s ’BO 57 56% Chi & West Ind 4s '52 99% 99% Chi & West Ind 5%s ’62 106% 106% Chi & Nor West 4%s '49 10% 11% Con Gas 5s ’57 106 105% Chesa Corp 5s ’47 115 115% Del & Huds 4s 'l3 77 77 N Y Dock 4s 'sl 68% 68% N Y Dock 5s '3B 58 59 Vi Erie 5s '75 .... 66% 68 Erie 5s ’67 67% 68', Gen Cable 5%s 47 101 100% Grt Northern 7s '36 102% 102% Grt Northern 4%s '76 94% 94% Grt Northern 4%s ’77 94 V* 94 Hud <fc Manhat Ref 5s *57 ... 80% 81% 111 Cent 4%s ’66 62% 64 111 Cent Jt 4%s '63 65% 66% 111 Cent 5s '63 69 69% Interlake C&I 5s ’sl 82% 82% Interntl Hv Elec 6s '44 .... 45% 45% Interntl Tel & Tel 4%s ’39 ... 86V* 87 Interntl Tel & Tel 5s '55 ... 78% 79 Interntl Te! & Tel 4%s '52 .. 73% 75% McKess & Rob 5%s 'SO 102% 102% Natl Dairy 5%s '4B 104% 104 Natl Steel 5s 56 105% 106 Nickel Plate 4%s '7B 65% 67 Nickel Plate 5%s '74 75% 77% Nickel Plate 6s 35 82 82% N Y Cent 5s 2013 78 79% N Y Cent 4%s 2013 (old) 71% 73% Nor Amer Cos 5s '6l 103% 103 Nor Pac 2047 23% 73% Nor Pac 4%s 2047 40% 89% Nor Pac 6s 2047 104% 105% Nor States Pow 5s '4l 106 105% New Orleans Term 4s '53 ... 79 s * 79% Otis Steel 6s '4l 101% 102 Penn Rv 4%%s ’B4 105% 105% Penn Rv 4'is 'Bl 106 106% Penn Rv 4%s '7O 99% 99% Pac G & 7 5s '42 104% 105 Portland Gen El 4' s '6O 72 72% Para Publix 5%s 'SO 92 92% Penn P & L 4%s 'Bl 105% 105% Postal Tel & Cab 5s 53 36 36% Rem Rand W W 5%s '47 104% 104% Shell Union OH 5s '47 103 103 Sou Pac 4%s '6B 75 75% Sou Pac 4%s 'Bl 74 75% Sou Pac 4' as 69 75% 75% Sou Pac 4s '49 78% 80 Sou Rail 4s '56 48% 50 Sou Rail 6s '56 65 s * 66% Sou Rail 6%s 56 69 69 s , Sharon Stl Hoop 5%s '4B 102 s , 102% Texas Pac 5s 80 94 94% Texas Pac 5s '79 94 94 s , Texas Pac 5s '77 95 95% Union Pac 4s '47 112% 112% United Drug 5s '53 98% 98 s , U S Rubber 5s ’47 101% 101 s * NY NH & Hart 6s '4B .31’* 33% NY NH A- Hart 4%s '67 31 % 32 Warner Bros 6s 39 88 87 Western Man,- 5%s '77 104% 104% Western Marv 4s 52 . ... 95 95% Youngstown S & T 5s '7O . . .103% 102 s , Youngstown S & T 5s '7B 103 102% FOREIGN Argentina 'A' 6s '57 98% 98% Argentine 'Bi 6s 'SB 98 % 98 s * Brazil 8s 41 26 28% Canadian Govt 4s '6O 106 106 Denmark 5%s '55 101% 100 s , German 5%s 65 28 s , 29 German 7s '49 40% 40% Italy 7s 'sl 66% 65 Japan 6%s '54 99% 99 s * Poland 7s '47 107 Rome 6%s '52 54% 53% Tokio City 5%s '6l 80% . Yokohama 6s 61 85% 65

Com Solvents .. 20% 20V* 20% 20% Du Pom 136% 136 136% 135% Math Alkali . 30% 30*/* 30V* 30 Monsanto Chem 84 84 84 85 Natl Dis inewi . 30% 30% 30% 30% Schenlev Dist . 51% 51% 51% 51% Tex- Gulf Sulph 30% 30% 30V, 30% Union Carbide . 70% 69 s /, 70% 69% Drugs— Coty Inc 6V* 6% 6% 6% Lambert 22% 22% 22% 21% Sterling Prod .64 64 64 64 Un Drug i new) 17% 12% 12'% 12% Vick Chem 42% 42% 42% 43 Financial— Adams Exp 11% 11 11% 10% Allegheny Corp.. 2% 2% 2% 2% Am Int Corp ... 10'% 10V* 10V* 10 Chesa Corp ... 56V, 56% 56% 57 Vi Lehman Corp.. 90% 90% 90% 90% Transamerica... 12% 12% 12% 12% Building— Am Radiator ... 23% 22% 22% 22V* Gen Asphalt . . 21% 21V* 21% 21% Holland Furance 29 28 s * 29 29% Int Cement . 31% 31% 31% 31V* Johns Manville . 90 89% 90 89 Libby Owens Gls 44 44 44 44 Vi Otis Elev 25% 25 25 V* 25 U S Gypsum ... 82% 82 s /* 82% 82% Ulen Cons 4 4 4 4 Household— Col Pal Peet ... 20% 20'i 20% 21 Congoleum 42 V* 41% 42 V* 42 Kelvinator .14 14 14 13% Proc & Gamble 45% 45% 45% 45% Servel Inc 14% 14% 14% 14% Simmons Bed .. 17% 17% 17% 17% Textiles— Amer Woolen ... 9% 9'i 9% 9% Celanese Corp .. 27% 27Vi 27% 26% Collins Aikman. 46% 45% 46 45% Gotham Hose . 9% 9% 9% 9Vs Indus Rayon .. . 28% 28% 28% 23% Kayser Julius , 28% 28% 28% 29V* Chicago Stocks (By Abbott, Proctor & Paine) 10:30 Prev. A. M. close. Allied Products 21% 22 Berghoff 5% 6 Butler Bros 8% 8% Chic. Corp 4'/* 4% Cont. Steel 39Vi 39% Cities Service 2% 2% Cord Corp 4% 4% Crane Cos 26% 26% Eiec. House 16% 16% Gen. House 3% 3% Noblitt Sparks 32Vi 32Vi Perfect Circle 39% 40 Quaker Oats 135 135 Swift 20% 20% Zenith 13% 13% New York Curb (By Abbott, Proctor & Painei 11:30 a.m. Prev. N. Y. close. Alum Cos of Am 83% 85 Am Cyanide 'B' 29 28% Amer Superpower 21 22V, Atlas Corp 12% 12% Axton Fisher Tob 50% 50Vi Carrier Corp 10% 11 V* Elec Bond and Share 14V* 14% Fisk Rubber 6% 6V 4 Ford of Can 'A) 25Vi 25% Ford of Europe 8% 8% Hiram Walker 31'% 31 Imperial Oil Ltd 20V* 20% Lake Shore Min 51% 51% Nia Hud Power 8% 8% Pan-Am Airways 40% 40% Penn Road 3% 35% Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask. /Bankers 65 68 Central Hanover B & T ...... 127% 129'/ Chase . . 40 Vi 41% Chemical National 54% 56', Guaranty 305 308 Irving 17% 18% Manufacturers 44% 46% National Citv 38 39% Cont 111 (Chicago) 109 111% /First National of Boston .... 45 46% Natl Shawmut ...... 29% 31 FIRE INSURANCE Aetna Fire 58% 61 City of New York (new) ... 28% 30% Federal Ins 90 Franklin Fire 32% 34 s ,i Great American Ins 28% 30% /Hanover Fire Ins 40 42'i Hartford Fire Ins 84% 86% Home Ins 38% 40% Ins Cos of N A 75 77 Vi North River Insurance 76% 79 Phoenix Insurance 27% 29% U S Fire 99% 993/, Westchester Fire 37% .. tEx. div. Chicago Grain Futures (E*y James E. Bennett & Cos.) Wheat— 10:30 Prev. High. Low. A. M. Close. Dec 1.01% 1.00% 1.01 % 1.00% May 98% .97'/* .98% .97'// July 90% .89% .89V* .89% Corn— Dec 57% .57 Vi .57% .57% May 59% .59% .59% .59% July 61'% .60% ,61V* .61 Oats— Dec 26 .25% .25% .25% May 27 s * .27% .27% 27', July 28V* .27% .27% .27% Rve— Dec 50 .50 .50 .50 May 52% .52 .52% .51% July 52% .52 .52% .52 LOCAL CASH MARKET City grain elevators are paying 89 cents for No. 2 soft wneat. Other grades on their merits Cash corn new No. 4 yellow 48 cents and oats 19 cents. GREENFIELD RECEIVES TRACTOR SHIPMENT Forty Machines Purchased by Furry Hardware Store. Timex Special GREENFIELD, Ind., Dec. 17. Forty tractors, the largest single shipment ever received in Hancock County, were added today to the stock of the V. H. Furry Hardware Store here. Purchased from the Farmall Cos.. the machines are to be placed on sale in a large showroom formerly occupied by the Anderson & Smith Auto Sales Cos. and recently leased by the hardware firm. While a part of the tractors, according to firm officials, will be used to fill orders already received, the large shipment was necessary to insure delivery. Revived agricultural prosperity, they state, has caused leading implement manufacturers to fall far behind their production schedules. ORDERS AIR SYSTEM Timex Special NEW YORK. Dec. 17. Rich's, Inc., leading department store in Atlanta, Ga.. has ordered a complete year around air conditioning system, costing approximately SIOO.000. for its entire six floors and basement, S. E. Lauer. general sales manager of the York Ice Machinery Corp. announced, today.

MORE EXPORTS VIEWED EFFECT OF LOW TARIFF Unhampered Trade Brings Higher Living Level, Says Economist. BY CLARENCE W. FACKLER Professor of Economics, New York University. NEW YORK. Dec. 17.—1 t seems almost impossible to eliminate the absurd notion that the citizens cf this country benefit to the extent that they buy nothing abroad and sell liberally to foreigners, even though they are compelled at times to put it “on the cuff.” Today the new Canadian trade agreement is being evaluated in the light of such nonsense, and the negotiators are standing around ready to make readjustments in rates or quotas in direct proportion to the intensity of the industrial squawks. The trouble with lowering tariff rates is that some enterprises oppose them because momentarily they lose profits, while others favor tJrem because they win increased incomes. High Duties Curb Trade Eventually, of course, every efficient producer gains from larger production arising out of expanded purchasing power the world over. But since no nation has ever ruined itself by trading freely and extensively with others, it is more in line with sanity to reduce tariffs gradually and work around finally to a full measure of foreign trade on a highly profitable basis. With this in mind the United States in its new trade arrangement with Canada has agreed not to raise the existing 10 per cent duties on certain commodities, and has consented to reduce tariffs on a fixed amount of imports of certain types of timber, fish, dairy products and I whisky, and on lumber, hay, apples, live poultry, horses and cattle. Mutual Concessions Made Making greater concessions. Canada has agreed to decrease her duties on 767 agricultural and industrial products, including wheat, cotton and machinery, and has promised to desist from her rank practice of marking up the value of our imports arbitrarily in order to keep them out. Furthermore, each country will apply as against the other rates no higher than the lowest which it applies to other nations, members of the British Empire, United States possessions and Cuba excepted. Heretofore, excessive duties on goods moving between the two nations not only reduced the volume of trade, but stimulated the exportation of capital from the United States to Canada, where it gave employment to foreign labor instead of to our own labor, which is presumably more efficient. Higher Living Standard By far the greatest advantage of unhampered trade between nations is the higher level of living which every citizen obtains. Differences in climate, geographical position and special aptitudes make every country dependent upon other lands for goods of one kind or another. Only a nation inhabited by perpetually foolish persons, therefore, will buck the stone wall of reality and try in temperate zones to raise its oranges and bananas in hothouses, and in torrid zones to grow its wheat and corn in air-cooled greenhouses. Usually, after a nation passes its adolesence, any dreams of complete self-sufficiency fade away. Thereafter men begin to strive desperately and incessantly for higher living standards, as other men before them. Threats of war and the pressure cf private interests seeking monopoly privileges give rise to protective tariffs, and thus citizens may be forced for an indeterminate period to pay higher prices for domestic goods than for similar foreign goods. Even so. man will never be diverted permanently from his very natural effort to obtain and use many low-priced goods of high quality. MOTOR TRUCK RATES SUBJECT OF PARLEY New Simplified Classification Is Discussed by Committee. A committee of the American Trucking Association. Inc., in session here this week, has taken steps for reclassification of rates for various classes of merchandise transported by motor truck. Anew simplified classification of rates has been discussed by members of the association with Maurice Tucker, South Bend, chairman of the committee. Members of the national rates committee of the association are making the classification. A large number of members of the organization from various states of the Union are attending the session j which is expected to end today, i They are C. J. Jackson. Washington, j secretary of the committee; John Lawrence, Washington, manager of the American Trucking Association. | Inc., and E. S. Brashears, Washing- i ton, general counsel. MAILS STORE LICENSES State Director Reports Increase of 3000 Over Year Ago. Approximately 65.000 store licenses for 1936 are being mailed to owners by the state store license division, according to Clarence Jackson, director. Licenses for 1935 exceed by more than 3000 the 61,922 total for 1934. Mr. Jackson said. B. & O. ASKS EXTENSION Timex Special NEW YORK. Dec. 17.—The Baltimore and Ohio Railroad Cos. has requested the interstate commerce commission to extend until Dec. 31, | 1937, the period within the earner may pledge $5,000,000 of its bonds as collateral for notes or loans maturing more than two years from date, it was learned today.

New Series of Baby Bonds The Federal Treasury has realized $178,718,250 since March 1 from sale of hahy bonds. Secretary Henry Morpenthau .la. said today in announcing for sale anew series of bonds beginning Jan. 1. The new bonds will be designated as Series R.

Bang! By nitrd Fr * CHICAGO. Dec. 17 —Suicides and business failures have decreased proportionately since 1933. Prof. William Fielding Ogburn of the University of Chicago reported today. Pointing to two curves on a graph. Prof. Ogburn showed suicides have increased and decreased in exact proportion to bad and good business conditions from 1915 to 1935. “In 1915 there were 135 failures for every 10.000 firms in business and 208 suicides for every 10,000 population.” the professor said. “In the war years failures dropped to 40 for 10.000 firms and suicides to 144 for each 10.000 population. "Both rose to unprecedented figures in 1930, but since 1933 the decline in business failures has been by far the greatest it has ever been in the 20-year period. There has been a corresponding decrease in the number of suicides.'*

SWINE MARKET MOVES LOWER Prices Again Drop 5 Cents: Cattle, Vealers and Lambs Steady. Only a slight change was displayed in hog trading at the local stockards today. With receipts continuing to flow In heavy supply, the market was generally 5 cents lower than yesterday's best average. The top price was forced down to $9.70. Receipts were estimated at 6000, a decrease of 1000 from the supply on hand in the preceding session. Holdovers numbered 76. The bulk of 160 to 250 pounds cashed in at $9.55 to $9.65, while 250 to 400-pound weights brought $9.40 to $9.50. Light kinds, from 100 to 160 pounds, sold at $9 to $9.55. Packing sows held at $8.50 to $9. Although receipts were slightly higher, the cattle market maintained a steady trading range. Top steers weighing around 1149 sold at $13.25. Better grades remained unsold. Other classes of steers were valued to sell under sll. A single load of heifers brought $9, while low-grade kinds sold at $5.25 to SB. Bulls held at $4.50 to $6. Receipts were 1500. The veal market was unchanged, with the bulk of good and choice grades selling from $lO to $10.50. Receipts numbered 600. In the lamb market fed western and yearling classes remained steady, while native classes were tending slightly lower. Slaughter sheep sold at $3.25 to $4.50. Receipts were 2500. HOGS Dee. Bulk Too. Receipts. 11. *9.75® 9.75 $9.7S 6000 12. *9.65® 9.75 9.75 5000 13. 9.65® 9.75 9.80 5000 14. 9.85® 9.75 9.80 1000 16. 9.60® 9.70 9.75 7000 17. 9.55® 9.65 9.70 6000 Li?ht Liehts (140-160) Good and choice . *9.25® 9.55 Medium 8.75® 9.25 (160-180) Good and choice . 9.50® 9.65 Medium ... 9.00® 950 (180-200) Good and choice.. 9 55® 9.70 Medium 9.05® 9.55 Medium Weiehts (200-2201 Good and choice . 9.55® 9.70 '220-250' Good and choice.. 9.50® 9.60 Hea vvweiKhts (250-290) Good and choice.. 9.50® 960 1290-350' Good and choice . 9 40® 950 Packine 1 Sows (275-3501 Good 8.85® 9 10 (350-425) Good 8.75® 9 00 '425-450' Good 8 60® 8.85 '275-4601 Medium 8.50® 8.75 Slaughter Pigs 'IOO-140' Good and choice .. 9.00® 9.55 Medium 8.25® 9.25 CATTLE —Receipts, 1500— (500-900) Choice *10.50®12.25 Good 8.50® 11.25 Medium 6.75® 8 75 Common 5.25® 6.25 (900-1100) Choice 11.50®12.75 Good 8.75® 12.00 Medium 7.00® 9.00 Common 5.50® 7.00 (1100-1300) Choice 12.00® 13.25 Good 9.00® 12.00 Medium 7.00® 9.00 (1300-1500) Choice 12.00® 13.25 Good [email protected] Heifer* 'SOO-750) Choice 9 50® 10.50 Good B.oo® 9.50 Common and medium 4.50® 8.00 (750-800' Good and choice .. 8.50® 11.00 Common and medium 5.00® 8.50 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, 600Good and choice *lO 00®10 50 ; Medium 8 00® 10 00 Full and common 4.00® 8.00 ! Calve* (250-5001 Good and choice ... 7.00®10 00! Common and medium 4.50® 7.00 j Feeder and Stocker Cattle (500-8001 Good and choice .. . 6.75® 8.25 Common and medium 4 50® 6 75 (800-1050' Good and choice . 6.75® 850 Common and medium 4.50® 6.75 Cow* Good 4.50® 6.75 Common and medium . 3.50® 4.25 SHEEP AND I.AMBS —Receipts. 2500 Lambs. 90 lbs. down, good and choice 10.00® 10.75 1 Medium 4.00® 4.75 Ewes (90-125) Good and choice 8 2*®lo 00 All weights, common and medium 3.50® 4.50 (120-150) Good and choice .. 3.00® 4.00 Other Livestock (Bv United Press) LAFAYETTE. Ind., Dec. 17.—Hogs—Market steady to 5c lower: 170-225 lbs.. $9 40 : ®9.50; 225-325 lbs . *9 15®9 30. 100-170 ' lbs.. $9®9.35: roughs. *8 75 down. Calves j *9.50 dowr. Lambs. *lO 50 down FORT WAYNE. Ind . Dec. 17.—Hogs— Steady to 5c lower: 180-200 lbs *9 50- 200220 lbs., $9.45; 220-240 lbs.. *9 40; 240-280 lbs.. *9.30: 280-300 lbs . *9 20: 300-350 lbs *9 95: 140-160 lbs . *9 35: 120-140 lbs.. $9 10: 100 120 lbs.. *8 85; roughs *8 25: stags $6.50. Calves. *ll. Lambs. $10.50. EDISON CO. GETS REFUND WASHINGTON. Dec. 17. The Detroit Edison Cos. ha.s received a $142,041 refund for over-assessment on income taxes in the year 192930, it was announced today.

Thomson & McKinnon MEMBERS NEW YORK CHICAGO New Tork Stock Exch * n K* TfIDAVTf) New York Curb Exchange v >W Y ° rk C ° tton Exrhan ** New \ ork Coffes and Sugar Exchange SOUTH BEND • New Cotton Exchange FT. WAYNE Chicago stoek Exchange IPV A VCVIT T TP Chicago Board of Trade L\ ANS\ ILLE Winnipeg Grain Exchanga Indianapolis Office E[eblnn . 200-214 Circle Tower LI. 5501

RADICALS RUIN U. S. SHIPPING, CRIESJOHNSON Sea Commerce Sabotaged by Bridges, Bardo, Is Charge. BY HI GH S. JOHNSON PORTLAND. Ore.. Dec. 17 Bridges and Bardo. There is no more complete antithesis, no more emphatic gleaning from my trip. Harry Bridges is a radical He holds our interstate, intercoastal, international sea-borne commerce of the Pacific Coast in the hollow of his

1 hand. He pulled the | San Francisco i general strike, i an economic assault on an American community. He has terrorized imo being an absurd roustabout labor rate of from 90 j cents an hour I for a 30 - hour j week with $1.35 for overtime by I attacking shipping at its bottleneck. Ships are held by sabotage of

Jr ,~-**r* "

stevedores without justifiable complaint in violation of labor contract to the gross unbalance of our wage structure and the impairment of our mercantile marine, by intolerable interference with out export commerce, our mails, and our maritime efficiency. It is a direct result, of radical influence in the Federal Administration—because this is exclusively a Federal responsibility. This is the most powerful radical assault in America. “Cracked Down’’ on Bardo Dispatches say that the ManufacI timers' Association under Clinton S. Bardo have ganged up in favor of the Old Deal —absolute reaction. The last time I saw Bardo he was in the shipbuilding business—which was seeking the greatest advantage from NIRA appropriation, yet unwilling to do anything whatever for degraded labor conditions. I did my only real NRA cracking down—told them that if they didn't want a code, we would give every new warship to our navy yards, and gave them a half hour to decide. They decided for the code—and then sabotaged the agreement. Under patriotic leaders like Joe Ryan, crucified longshoremen properly revolted against Bardoism. The country's sympathies were then with them. Then they in turn abused power under radical Bridges. The great iair-minded bulk cf Americans had better read the riot act to both extremes before they ruin us. The failure of the Federal government to control sabotage of shipping is a disgrace. (Copyright. 1935. by United Feature Syndicate. Inc.i APPLICATIONS APPROVED Two Companies Seek Listing On Chicago Stock Exchange, Timex Special CHICAGO. Dec. 17.—The board of governors of the Chicago Stock Exchange have approved applications of two companies seeking listing, it was learned today. The Eco-nomical-Cunningham Drug Stores, Inc. asked to list 191,354 shares of no par value common stock. Trading is to start upon notice of registration under the securities exchange act. The second application approved was that of Walter F. Heller and Cos. asking listing of 65.645 shares of 7 per cont cumulative preferred stock of $25 per value. WORKERS JO GET BONUS Employes of Julian & Kokange Cos to Be Given Extra Pay. By T ailed Prexx COLUMBUS. Dec. 17.—A merrier merry Christmas is in store for 900 employes of the Julian Kokenge Shoe Cos., with the announcement today by Harold N. Lape, president, that on Dec. 24 each employe will receive an extra full week’s pay. The present will total $27,000. “Business has been very good and we are appreciative of the loyalty ol our employes.” Mr. Lape explained. Other Livestock (Bv United Prrssi CHICAGO. Dec 17.—Hogs—Receipts S3 000. including 7000 directs; very slow 10® 20c. spots 25c lower than Monday's ayerage: top. *9.60; bulk. 180-290 lbs.. *9 25® 9 40, few. 290-350 lbs.. *9 10®9.30: beuer ib* *9 10® 9.35; most sows *8.25 a 8 00. Cattle—Receipts. 6000' calve* 1500: warmed up ard short-fed steers predominating in run: market fully steady early bids indicating some price improvement on kinds of value to '*>ll at *9 downward; meager supply good and choice kinds fully steady on shipper account: outsiders paying up to $14.50 for prime 1213-lb steers: Stocker trade confired largely to thin natives selling at *7 50 down and meaty feeders at *7.75 down to *6 75- she stock mostly steady although heifers slow yJivf a , n l v , eale J* steady. Sheep—Receipts'. .000. fat lambs slow. asking unevenly bjSh'r.most early bids steady to strong at *10.70® 11 for best kinds; odd lots medium to good *lo® 10 50; sheep fully steady; best handv weight ewes, feedir* lambs slow Money and Exchange TREASURY STATEMENT ■Bv United Press' *nen? If i G J ON I>;c , 17 ' —Government expenses and receiprs for the curren’ a*year V ago' t 0 °* C ' 14 ** com P* r * d with _ This Year. Last Y*>ar Expense 7 *3 423.672 778 84 *3 227 473 438 4! RreciDts . 1.650,064 238 75 1 642 090 887 94 °* 1585 382.550 4Cash hai 1.330.611 868 89 1.604 044, pys 24

Johnson