Indianapolis Times, Volume 47, Number 242, Indianapolis, Marion County, 18 December 1935 — Page 26

Trends 'Cotton Belt’ Road Latest of Rail Bankrupts. BY JOHN T. FLYNN

NEW YORK, Dec. 18—Another large railroad has gone into bankruptcy—the St. Louis fz Southwestern, better known as the Cotton Belt. This marks another road which borrowed freely from

the Reconstruction Finance C o r p„ kept alive on g o v e r nment loans, and then had to succumb in the end to the inevitable. Some time ago I wrote an article which in effect was a criticism of the continuance of the policy of lending g o vernment money t o bankrupt

Flynn

railroads. A railroad president wrote a bitter lament over that piece, saying I advocated a policy of repudiation. Os course, the United States government has not issued the bonds due by railroads. It has not guaranteed them. It is under no obligation to pay them or lend money to the road for the purpose. The government could not be accused of repudiation if it refused to put up money for such a road. a tt tt AND the railroad corporation itself—if it has not the money to meet its obligations—has no other recourse than bankruptcy. It can not be charged with deliberate repudiation. The truth of the matter is that it would have been better all around if these roads had been permitted to go into receiverships when their insolvency was first apparent. The Cotton Belt borrowed $lB,882,00 from the RFC. That operation simply added to its debt burden. It was already being crushed by debt. Its common stock was only $17,186,000, but it owed $78,000,000 in bonds and had’outstanding $19,893,000 in preferred stock. Then the RFC loaned it a sum equal to its whole comomn stock, thus putting an additional debt load on top of the mortal weight of the existing debt. a tt tt NOW, on Jan. 1, it will have to meet an interest payment on the RFC loan. And it can’t do that. What else is left but bankruptcy? Had it gone into bankruptcy a long time ago, it would be on its way back to health again by this time. This policy of lending to bankrupt roads was begun by Mr. Hoover in 1932. It has been continued by Mr. Roosevelt ever since. Its chief result has been to postpone the revival of the railroads for at least two or three years. The Cotton Belt is one of those roads which was gobbled up by a larger road back in the good old days of speculation. The Southern Pacific bought its common. There is good ground to believe that the RFC in making loans to such roads —and it made many, as in the case of the Missouri Pacific and the Wabash—did so to enable the owning roads to save their common .stock investment in the insolvent roads. (Copyright, 1935, NEA Service, Inc.) TREATIES TO BE SIGNED Trade Agreements With Holland, Honduras Expected Soon. Time* Special WASHINGTON, Dec. 18—Trade agreements with Holland and Honduras are expected to be signed this week by the State Department, it was learned today. Details of the agreements are being withheld until the pacts are made public. It is also expected that an agreement will be signed with Spain by the end of the year. On Commission Row Quotations below subject to change are average wholesale prices being offered to buyers bv local commission dealers: Fruit —Cranberries, early blacks, 25-lb. box, $4 50: homes. 25-lb. box. $5. Pears —Washington D'Anjo, $3.25. Banaras — Seven hands, a pound. 5%c. Persimmons —California, lug. $1.25. Apples—Jonathans $1.75; Summer Rambos. $1; Delicious, $1.75; Wealthys, $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. Pea.s— D'Anjo. 100s box, $3 25; California Avacado 20s-245. $3.75. Grapes—Emperor, lug, $2; fancy Emperor. 34-lb. sawdust chest. $4. , Viaetables— Beans, green, round stringless bu . $2.50. Beets—Texas. 3-doz crate, $1 90 Cabbage—New York Danish, 50-lb. bag 85c Carrots —California, 6 doz. crate. s3?fs a doz , 70c Cauliflower—California, crate' $2 35. Celery—Michigan. washed and trimmed, extra large. 55c: jumbo, doz 85c. Cucumbers— Southern, bn.. $3.75; doz.. 90c. Kale —Home-grown, l>u„ 60c. Lettuce —Iceberg. California, gooo. $3 50; home-grown leaf. 15-lb. basket. $1.60. Endive—California. basket. 85c. Mangoes— California, crate. $5; small basket. $1.25. Mint—Bunch, 20c. Mustard—Home grown, bu. 60c Onions *— Indiana yellow. 50-lb. bag. $1.15: Indiana vellow. 10-lb bag. 23c; western Spanish. 50-lb. bag. $1 50. Parsley—Southern doz 50c. Peas —Telephone, hampers, $3 50 Potatoes—Round Cobblers. 100-lb. bag. $1 60; Michigan Round White, 100-lb. bag $1 50' Early Ohios. bu.. $1.75: Idaho Russets. $2 35 Sweet potatoes—lndiana Jerseys, 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, $1.50. Produce Markets The prices quoted are paid for stock gathered in the country, while delivered In Indianapolis the price is a cent higher. Heavy breed hens, 16c: Leghorn breed hens. 12c; springers over 4*2 lbs., 17c: under 4% lbs.. 16c- springers. I*2 lbs. and up. 12c; old cocks. 9c. Turkeys— Young hens. 8 lbs. and up. 21c; voung toms. 14 to 18 lbs.. 21c; under 14 lbs and over 18 lbs.. 18c, old hens, 18c; old toms. 15c. Ducks—White. 5 lbs. and over, 13c; under 5 lbs , lie; geese, full feathered and fat, 9 to 14 lbs., izc; over 14 lbs.. 10c; old guineas 15c: voung guineas. 1% lbs. and up, 25c. No. 1 strictly fresh eggs, loss off. 2ic: 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. 33?34c; butterfat. 32%c. Quoted by the Wadley Cos. (Bv United Press) CHICAGO, Dec 18— Eggs— Market, unsettled: receipts. 3734 cases: fresh graded firsts. 27c: extra firsts. 28c; current receipts. 24c: dirties. 20c. checks. 18c Butter —Market, steady; reeipts. 5925 tubs: extra firsts <9O-91*2 score. 32®32%C; extras (92 score i . 32%®32%c; firsts (8889*2 scorei. 31®31%c: seconds 86-87 1 a score), 30c; specials. SS% ® 33%c. standards. 32£32%c. Poultry—Market firm: receipts, 1 car. 25 trucks: ducks. IB®2lc feese, 15* 2<S. ITc: spring chickens. 20*2® l%c: hens. 15ffl9> a c: turkeys. 22®27c; Leghorn hens. 12® 15c; old roosters. 14c Cheese —Twins. 17%igi8c daisies. 18%® 18%c; longhorns. 13%ei8%c Dressed Poultry—Turkevs. young toms. 28S 30c: young hens. 30c; ducks. 21® 22c: geese 18® 19c Potatoes—Supply, moderate: demand flaw; market dull with rather weak undertone; Idaho russet Burbe $i :o 4?180; O P No 2 $1 30® 1 4 sin round whites. 1.03%1 12>- >- eials. *1: unclassified. 95c; Mi .-nsset rurals, $1.10; Green Mour 61 .25: Minnesota and North Dako .dbblers tl 10; early Oh.os. *1.2031.: tommercials. *1 10; Colorado McClures. $135(5 144 Arrival*, 47, on track, 227; shipments. 309. r

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 26

BROADER PRICE COMPETITION IN U. S, PROPOSED ‘Positive’ Laissez Faire Program Submitted by New Dealer. BY HERBERT LITTLE Times Special Writer WASHINGTON, Dec. 18.—Business men appealing for free competition and against “regimentation” should be given what they ask, in the opinion of certain New Deal advisers. These experts propose wide extension of competitive prices into fields where they have not existed for many years. Such action, they point out, would be the biggest break for consumers in many years. Further, it would add to the national income by increasing the consumption of goods. On the other hand, it might put a lot of uneconomic businesses out of business small establishments with high operating costs, tariffprotected and patent-protected monopolies. Positive Program Proposed The plan, advocated in general principles by the President’s adviser on consumer problems, Dr. Walton Hale Hamilton of Yale, has been set down in specific proposals to the American Academy of Political and Social Science by Leon Henderson, former chief of the NRA research and planning division. As “A Positive Program for Laissez Faire,” Mr. Henderson proposed : 1. Tariff reform. 2. Patent law revision. 3. Intelligent and forceful action against monopolies and wise use of exemption from anti-trust acts. 4. Taxation. 5. Transportation rate adjustments. 6. Better receivership and bankruptcy legislation. 7. Investment information. 8. Yardstick competition—particularly in housing. 9. Encouragement of co-opera-tives. 10. Credit assistance for rationalization of backward industries. Cites Administered Prices As some of the reasons for present prices he cited the so-called “administered prices” of some of the closely controlled industries; scarcity, as in tin; backward production or distribution technique, as in textiles; wasteful competition, as in natural resources; extravagant capital structures, and inflexible wage or transportation rate structures. He pointed out that depression and NRA experience showed that the industries with rigid prices laid off more men and reduced production more during the depression than industries whone prices fluctuated in open markets. Independent Body Advocated Re-employment during the recovery period has been slower among the rigid-price industries. “Concentration of production was due to many causes,” he noted, “including tariff production, patent pools, and monopoly, but in many cases was due mostly to the ability of control groups, often not acting in concert, to decide to plow under production rather than reduce prices.” “To represent the consumer adequately,” he concluded, “to present fairly and widely the deficiencies of the competitive system, to suggest procedures for remedies at strategic points, calls for an independent department of the consumer, with specific delegation of duties.” 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% pfd . 53 Central Ind Pow 7% pfd 16 19 Home Tel&Tel Ft. Wn 7 % pfd 50% 52 Hook Drug Inc com 14'/a 16Va •Ind & Mich Elec 7% pfd 99 102 •Ind General Service 95 100 Ind Hydro Electric 53 57 Indpls Chain Sto Term pfd... 52% 62Va •Indpls Gas Cos com 36 40 •Indpls Pow & Lt 6 pfd ..82 85 •Indpls Pow A- Lt 6'2G> pfd.. 87 1 i 90*2 •Indpls Water 5% pfd . lu2 North Ind Pub Svc 5%9r pfd 68 71 North Ind Pub Svc 6% pfd . 76 80 Progress Laundry com 7 9 Pub Svc of Ind 6% Dfd 11 *% 14 Pub Service of Ind 7% pfd... 30 33' So Ind Gas & Elec 6% pld.. 93 97 Terre Haute Elec 67 pfd ... 80 84 Union Title com 18 21 BONDS Atlanta Dlstr Term 6% '4l ... 62% 70 Buffalo Distr Term 67 '4l .. 70 80 Brooklyn Postal Sta 5%’48 . 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 4Va% ’4O 105 107 Indpls Water 5% ’SO & ’6O . . 105 107 Indpls Water 5%V ’53& 54.103% 105 Interstate T & T 5%% ’53 ... 93 96 Kokomo Water Works 'SB ...104 105 Vi Lafayette Telephone 5% ’57 .102 Morris 5 & 10 Stores 5% ’SO 99 102 Muncie Water Works S% ’65 .10214 Noblesvillo HL&P 6% ’47 .. .. 97 100 Ohio Tel Service 6% 47 95 Richmond Water Works 5'V57 10414 106 St. Louis Post Office 5%% ’3B 18 25 Seymour Wtr Ist mtg 5% ’59 101 104 Terre Haute Water Wkss% ’56 101 14 103>4 Terre Haute Wat Wks 6% ’49 103 105 Tract'ion Terminal 57 '57 69 73 •Ex. div. Unlisted Stocks (By Blvth & Cos.) NEW YORK BANK STOCKS „ , Bid. Ask. "Bankers 65% 67% Central Hanover B & T 127% 129% Chase 41 s * 43 Chemical National 54% 56 Guaranty 311 314% Hving 17% 18’. Manufacturers 45% 47 National Citv 38%3379 7 Cont 111 (Chicago) 114 116% -First National of Boston ... 46 47% Natl Shawmut 30% 32 1 a FIRE INSURANCE Aetna Fire . 55% 61 City of New York (new) 28% 30% Federal Ins 88 92% Franklin Fire 33% 35% Great American Ins 29 30*2 fHanover Fire Ins 40 42 Hartford Fire Ins 84 ! a 56% Home Ins 38% 40% Ins Cos of N A 75% 77 1 National Fire 76 78% North River Insurance 17 s . 29% Puoer.ix Insurance 97 * 2 99% U S Fire 55 57% Westchester Fire 37% 40 tEx. div SCHENLEY TO OFFER STOCK Time* Special WASHINGTON, Dec. 18. The Schenley Distillers Corp. has filed an application with the Securities and Exchange Commission asking approval of an offering of 150,000 shares of 54 per cent preferred stock at SIOO a share on Dec. 17, it was announced today.

INDIANAPOLIS, WEDNESDAY, DECEMBER 18, 1935

New York Stocks

ißy Thomson & McKinnon) 10:30 N. Y. Prev. Oil*— High. Low A M. close. Amerada 734 73% 734 734 Atl Rfg 27% 27 274 264 Barnsdall 13’. 134 134 134 Consol Oil 10’* 104 104 104 Cont of Del ... 304 30 30 294 Houston mewl 64 64 64 6*2 Mid Cont Pet... 174 174 174 17 1 2 Ohio OH 134 13 13 124 Phillips Pet .. 37 364 37 364 Plvmouth Oil.. 12 12 12 124 Pure Oil 16 154 154 154 Shell Un 154 154 154 154 Sseilev Oil .... 184 184 134 18 Soc Vac 14 134 K 14 S O Os Cal 37 36 s * 37 37 S O of Ind ... 30’* 304 304 30 S O of N J ... 49 484 49 484 Texas Coro . 274 274 274 274 Tidewater Assn.. 134 134 134 i3 Un Oil of Cal... 22 4 22 22 4 21 4 Acme b 94 69% 69V* 69 Steels— Am Roll Mills .. 30 4 30 4 30 4 30 Beth Steel 464 464 464 454 Cruc Steel 344 344 344 34 Inland Steel ...102 102 102 1014 Ludlum Steel .. 23 4 23 4 234 234 Natl Steel 76'2 76 4 76 4 76-% Otis Steel 154 154 154 154 Rep Iron & Steel 174 IT% 174 174 U S Steel . ... 454 45 454 454 U S Steel pfd.. .113’, 4 1134 1134 1134 Warren Bros .. 44 44 *4 4% Youngstn S&T 35 4 37 4 37 4 374 Motors— Auburn 38 374 38 36 Chrysler 884 874 874 874 Gen Motors .... 554 55 55 55 Graham Mot .... 34 34 34 34 Hudson 164 164 184 164 Hupp 24 24 24 24 Mack Truck 274 274 274 274. Nash 18 174 174 174 Packard 7 64 7 64 Reo 5 5 5 5 Studebaker 94 94 94 94 Yellow Truck ... 7’/a 74 74 74 Motor Access — Bendix 204 204 204 204 Bohn Alum 50 50 50 494 Briggs 53 4 53 53 4 52 4 Budd Mlg 94 9 94 84 Budd Wheel .... 114 114 114 11 s -* Eaton Mfg 274 264 27 27 Elec Auto Lite.. 364 354 354 354 Elec Stor Bat •• 52 4 52V* 524 514 Houdaille 314 314 314 314 Murray Body .. 194 184 194 194 Timken Roll •• 64% 64 64% 64 Timken Det Axle 11 104 11 104 Mining— Am Metals 284 28 4 28 4 284 Am Smelt 594 58% 584 574 Anconda 274 27% 27% 267* Cal & Hecla .... 6 54 54 54 Cerro De Pasco. 54 52 4 52 4 53 4 Granby 94 94 94 9% Homestake Min. 470 470 470 490 Int Nickel 444 434 434 434 Kennecott Cop .• 284 28 28 27 w Mclntyre Mine .. 394 394 394 394 Park Utah .... 44 44 44 44 Phelps Dodge ... 244 24 244 24% St, Joe Lead .... 234 23 4 23 % 236-8 U S Smelters .. 95 944 944 ?54 Vanadium 184 174 184 184 Amusements— Pox Theat 24 24 21 234 Loews Inc 514 514 514 514 Radio Corp .. . 134 124 124 124 Paramount 94 94 94 94 RKO 54 54 54 54 Warner Bros ... 10 9% 94 94 Tobaccos— Am Sum Tob ... 244 244 244 244 Am Tob “A”... 95 95 95 944 Am Tob “B” . . 974 974 974 97 Gen Cigars 53 4 53 53 4 52 Ligz & Myers B 1064 1064 1064 1064 Lorillard 24 24 24 24 Phillip Morris 624 624 624 624 Reynolds Tob 852 4 52 4 52 4 55 Rails— Atchison 56 4 554 56 4 554 Atl Coast Lines. 32 31 4 32 31 4 B & O 164 164 164 16 Can Pacific 114 114 114 11 Ch & Ohio .... 504 504 504 504 Chi & Gt W ... 14 14 14 14 Chi & Gt W pfd 44 # 44 44 4 C M &St P . . 14 14 1% 14 C M & St P pfd 2% 24 24 24 Chi N W 2% 24 24 24. Dela & Hud ... 37 4 37 4 37 4 36' * Del Lac & W ... 164 164 164 164 Erie 124 124 124 114 Grt North pfd .. 354 34% 34% 344 111 Central 194 19% 19% 19% K C Sou ........ 124 124 124 12 Lehigh Valley .. 9 9 9 9 Lou & Nash 614 614 614 61 M K & T 54 54 54 54 MK & T pfd .. 14 13% 13% 13% Mo Pac 24 24 2% 24 Mo Pac pfd ... 34 34 34 34 N Y Cent 23 27% 27% 274 Nor Pacific .... 22% 22% 12% 224 Penn R R 304 304 70% 294 Sou Pac 22% 22% 224 22% Sou R R 134 134 13 4 13% West Maryland 94 9 94 9 Equipments— Am Car & Fdy .. 30% 30 30 314 Am Loco 24 4 24 4 24 4 24 Bald Loco 4% 44 44 4% Gen Elec 36% 36% 36% 364 Gen R R Sig 40% 4040% 39% Pullman Inc ... 364 36 36 364 West Air Br 33*4 33*4 33*4 334 Westing Elec ... 93% 934 934 934 Utilities— Am & For Pwr .. 6% 6% 6% 6% Am Power & Lit 8% B*4 B*4 8 AT&T 153 4 153*4 153*4 153 Am Wat Wks .. 20% 20% 20*4 20*4 Col Gas & Elec 134 13% 13% 134 Com & 'Sou .... 2*4 2*4 2*4 24 Consol Gas 31 30% 30% 30% Elec Pwr & Lit 5*4 5% 5',4 5% Int Hvdro Elec . 3*4 3*4 3*4 3% Interbcro R T .. 17*4 174 17*4 174 Int T & T ... 13*4 13% 13% 134 Nat Pwr & Lit 9% 9 4 9% 9% North Amer .... 24% 24°* 24% 24% So Cal Edison ... 24*4 24*4 24*4 24 Std Gas 5% 5% 5% 5% Stone & Webster 13 13 13 12% United Corp 6*4 6*4 64 6*4 U Gas Imp .... 17 17 17 17 Ut Pwr & Lt A 2% 2% 2% 2% West Union .... 74*4 72% 74% 72% Rubbers— Firestone 23 4 23 23 23 Goodrich 11% 11% 11% 11% Goodvear 21% 20% 21% 204 N S Rubber 15*4 14% 15% 14% U S Rubber pfd 42% 42% 42% 41% Miscellaneous— Allis Chalmers .. 33% 33 33% 33 Am Can 131% 131 131% 132 Burroughs Add ..25 ... 25 J I Case 100 99*4 100 99 Conti Can 84 84 84 84 Caterpillar Tract. 55% 55*4 55% 55*4 Crown Cork ... 41%, 41% 41% 42 Curtis Pub 21% 21*4 21% 21*4 Deere & Cos. . . 52*4 52*/* 52% 52 Eastman Kodak 158 158 158 157'* Foster Wheeler .. 24*4 24*4 24% 23% Gillette 17% 17% 17% 17*4 Inter Harv 61 61 61 60% Natl Cash Reg . 21*4 21% 21*4 21% Owens Bottle ...124 124 124 123% Rem Rand 19% 19% 19*4 19% Foods— Am Sugar 51% 51*4 51% 51 Armour 5 4% 4% 4% Beatrice Cream. 17% 17% 17% 17% Borden Prod . 25% 25% 25% 25% Can Dry G Ale 15*4 14% 15% 14% Corn Prod 68 68 68 68*2 Crm of Wheat . 37*2 37% 37% 37% Gen Baking ... 11% 11% 11% 11% Gen Foods 32% 32% 32% 32% Gold Dust 20 29% 20 19% G W Sugar 31 31 31 31% Natl Biscuit 32*4 32 32% 31% Natl D Prod ... 20% 20** 20% 20*4 Purity Bak 1?% 13% 13*2 13*2 Std Brands 14% 14% 14% 14% Un Biscuit 24% 24% 24% 24 First Natl St ... 46 46 46 45% Gimbel Bros ... 8% 8% 8% 8% Gr Un Tea 3’* 3% 3% 3’* Allied Sts 7% 7% 7% 7% Kresge S S 25% 25 s * 25% 25% Kroger Groc ... 26* 4 26% 26% 26% Marshall Field.. 12 12 12 12% May Dept St ... 52% 52% 52% 52 Mont Ward 39% 39% 39% 38% Natl Tea 9% 9% 9*4 9% Penney J C .... 83% 83% 83% 82% Sears Roebuck ..66 65 65% 64% Woolworth 54% 54% 54% 54% Aviation— Aviation Corp... 4% 4** 4*4 4% Boeing Aircft .. 14 13% 14 13% Curtiss Wright . 3% 3% 3% 3% Curtiss Wr “A”. 9% 9% 9% 8% Douglas Air 38% 38*4 38% 37% Nor Am Av .... 6 6 6 5% Sperry Corp . . . 13% 13*4 13% 13% Uni Aircft New. 23*4 22% 23*4 22 5 , Busigraphs TOTAL BOND SALES v NEW YORK STOCK EXCHANGE w (DOW, JONES A CcA 3 400i ? 5oo^!”|1 * 200 h £ tL'* ’k j At ■y y. ZDOTTEU USE !S THE mst -J y % y YEARS AVERAGE OF^/U/ § V/ VY////,™ M0? - THS / YV/ x.ummmm, \ NDJFMAMJ JASON 19341 1933 PAO-ea CORP GENERAL. DISTRIBUTORS INCORPORATED investors The recent large sales of stocks and bonds are partly due to the pressure of idle money seeking employment. On the other hand, the investor has confidence in the ultimate future of American industry. This is evidenced by the large purchases of corporation stocks, and also by the fact that corporation bonds represented 84 per cent of the total bonds sold in November. In spite of uncertainti;s many believe now is a bad time to sell America short.

Chemicals— Allied Chem . 152*2 152*4 152*4 152 Am Com Alcohol 29% 29% 29% 29*4 Col Carbon 94 94 94 93% Com Solvents .. 20% 20% 20% 20% Du Pont 137*4 137 137*4 136% Freeport Tex ... 28*4 28 28*4 27% Liquid Carb 35% 35% 35% 34% Math Alkali 30% 30% 30% 30% Natl Dis (new). 30% 30% 30*4 30*4 Schenley Dist . 51% 51 51 51 Tex Gulf Sulph.. 30% 30! 30% 30% Drugs— Coty Inc 6% 6% 6% 6% Lambert 23 22% 23 22% Lehn & Fink ... 12 12 12 12 Sterling Prod .. 63% 63 % 63*4 63% Un Drug (new). 12% 12% 12% 12% Financial— Adams Exp 11% n n n Allegheny Corp. 3% 3% 3% 2% Am Int Corp ... 10% 10% 10% 10% Chesa Corp 57*2 57% 57% 56* 4 Lehman Corp .. 91% 91 91 % 90 % Transamerlca .. 12% 12*4 12% 12% Tr Conti Corp... 7% 7% 7% 7% Building— Am Radiator .. 23% 23 23% 22% Gen Asphalt ... 21% 21% 21% 21% Holland Furnace 28% 28% 28*2 28% Johns Manville . 91% 90% 91 90 Libby Owens Gls 44% 44% 44*4 44% Otis Elev ... 25*4 25% 25% 25 U S Gypsum ... 84% 83% 84% 83% Ulen Cons 4 4 4 4 Household— Col Pal Peet ... 20*4 20 20*4 20* Kelvinator 14 14 14 13% Proc & Gamble. 45% 45% 45% 45% Servel Inc 14% 14% 14% 14% Simmons Bed .. 18% 18% 18% 18% Celanese Corp .. 27% 27% 27% 27% Collins Aikman.. 48% 47% 48% 47 Indus Rayon ... 30% 29% 30% 29*2 Kayser Julius ..29 29 29 28% Chicago Stocks ■ (By Abbott, Proctor & Paine) 10:30 Prev. _ , _ A. M. close. gerghoff 6% 5% Butler 8% 85/. Chic Corp 4% 41, Conti Stezl 4040 Cities Service 2% 2% Com & Edison 96 96 Cord 45/. 45/. Crane 2 6*i 26 Gen House 4 4 Grt Lakes 28% 29% Iron Fireman 28% 27 % Lynch 33% 36 Noblitt Sparks 32% 32% Pub Service of 111 52 50% Quaker Oats 135 135 | w ift 21*4 21 Zenith 14% 14% New York Curb (By Abbott. Proctor & Paine) 11:30 A. M. Prev. . _ . N. Y. close. Am Cvanide “B” 28% 28% Am Superpower 2% 2% Atlas Coro 12% 12% El Bond & Share 15% 15% Fold of Can "A” 25% 25% Ford of Europe 8% 8% Hiram Walker 31% 31 Imperial Oil Ltd 20 20*% Lake Shore Min 51% 52 Nia Hud Pwr 8% 8% Penr: Road 3% 3% N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60, Inds. Rails. Utils. Bonds. Today 91.0. 82.6. 103.0. 92.2 Yesterday 91.2 82.2 103 0 92.2 Week ago 91.3 83.7 103.0 92.7 Month ago 90.8 79.5 102.9 91.1 1935 High 91.4 86.4 103.4 92.8 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 (By Abbott. Proctor & Paine) Treasurys Prev. ~, Close. Close. 4%s 1947-52 114.31 115.3 4s 1944-54 110.19 110.22 3%S 1946-56 108.30 108.31 3%s 1940-45 107.12 107.12 3%s 1943-47 106.5 106.7 3%s 1943-45 105.8 105.10 3%S 1941 107.30 108 3%S 1944-46 104.28 105.1 3%S 1946-49 103.14 103.19 3%s 1949-52 103.13 103.15 3s 1951-55 102.15 102.19 3s 1946-48 102.13 102.21 2%s 1955-60 99.25 99.28 2%s 1945-47 100.14 100.20 Home Owners Loan Corp. 2%s 1949 99.12 99.16 3s 1952 100.19 100.25 Federal Farm Mortgage Corp. 3s 1949 100.25 100.31 3s 1942-47 101.5 101.9 2%s 1947 100 100.1 DOMESTIC Prev. Close, close. Alleg Corp 5s ’44. 8 84*% Am Frgn Pow 5s 2030 65% 65 Am Tel and Tel 5%s ’43 113*4 113*% Am Tel and Tel ’s '65 112% 113 Arm &Cos (Del) 5%s '43 94% 94% Atl Coast Line 4s ’52 96% 97% Atl Coast Line 4%s ’64 82 % 82% Atch Top & S Fe 4%s ’4B 109 108% Am Wat Wks 5s ’44 m 110% Am Rolling Mills 5s ’3B 120*4 119*% Balt & Ohio 5s ’95 7414 74 Balt & Ohio 6s ’95 83% 83 Balt & Ohio 4%s '6O 60% 59 Buff Roch & Pitt 4%s ’57 64 63% Chi Milw &StP 5s ’75 15% 15% Chi Milw & St P 5s 2000 5% 6 Cleve Un Term 5s ’73 100% 100% C’leve Un Term 4%s ’77 92% 93 Col Gas 5s Mav '52 99*4 98% Col Gas 5s April ’52 99 99% Col Gas 5s ’6l 98% 98 Car Pac Perp 4s 87 87% Cent Pac 5s '6O 87% 87 Big Four 4%s ’77 75% 75 Big Four 5s '63 85 85 Colorado &So 4%s 'BO 56% 57 Chi & West Ind 4s '5 2 99% 99’i £hi & West Ind 5%s ’62 106% 106*2 Chi & Nor West 4%s ’49 10% 10% Con Gas 5s '57 105% 106 Chesa Corp 5s ’47 115% 115 Del & Huds 4s ’43 77% 77 Erie 5s ’75 67>2 66% Erie 5s ’67 67% 67% Gen Cable 5%s ’47 101 101 Grt Northern 7s ’36 102% 102% Grt Northern 44%s ’76 94% 941, Grt Northern 4%s ‘77 94% 94% Gen Stl Cast WW 5%s ’49 89% 89 Hud & Manhat Ref '66 63% 62% 111 Cent 5s '63 70 69 Interlake C &I 5s ’sl 82% 82% Interntl H.v Elec ’44 46% 45*2 Interntl TANARUS& T 5s ’55 87% 78*a Interntl TANARUS& T 4%s ’52 74% 73% McKess & Rob 5%s ’SO 102% 102* 2 Natl Dairy 5%s 48 104 104% Natl Steel 5s '56 .106 105% Nickel Plate 4%s ’7B 68 65% Nickel Plate 5%s ’74 77% 75% Nickel Plate 6s '35 89% 82 N Y Cent 5s 2013 ;...! 7914 79 N Y Cent 4%s 2013 (old) 73% 7174 Nor Amer Cos 5s '6l 103*4 103% North Pac 3s 2047 73% Nor Pac 4%s 2047 90 90% Nor Pac 6s 2047 104% 104% New Orleans Term 4s ’53 79% 79% Otis Steel 6s ’4l 102*4 101 7 s Penn Ry 4%s 'B4 105% 105% Penn Ry 4V*s 'Bl 105% 106 Penn Ry 4%s '7O 991.: 991/ Pac G & E 5s '42 . 10414 104% Portland Gen El 4%s '6O 71% 72 Para .Publix 5%s 'SO .. .... qi% 09 Penn'p & L 4%s ’Bl ... . 105% 105% Postal TANARUS& C 5s '53 . 36*4 36 Rem Rand WW 5%s '47 ... 104% 104% Shell Union Oil 5s '47 Sou Pac 4%s ’6B 7514 73 Sou Pac 4%s ’Bl i 7434 74 Sou Pac 4%s 69 75 77% Sou Pac 4s '49 7q 701^ Sou Rail 4s '56 50 49% Sou Rail 6s '56 67% 65% Sou Rail 6%s '56 ....10 60 Sharon Stl Hoot) 5%s '4B ... 102% 102% Texas Pac 5s 'BO 94 94 * Texas Pac 5s '77 9414 95 Union Pac 4s '47 112% 112% United Drug 5s '53 98% 58*! U S Rubber 5s '47 ....101% 101% NY NH & Hart 6s '4B 32% 31% NY NH & Hart 4%s ’67 31% 31% Warner Bros 6s '39 87% 88 Western Mary 5%s ’77 104% 104% Western Marv 4s '52 95% 95 Youngstown S & T 5s ’7O 103 103% Youngstown S & T 5s ’7B ....102% 103 FOREIGN Argentina A6s ’57 98% 98*i Argentine B6s ’SB 98% 98% Brazil 8s '4l 26 26 Canadian Govt 4s ’6O 105% 106 Denmark 5%s '55 101% 101*. German 5%s '65 28% 28% ¥ aly 7* ;51 65% 66* Japan 6%s ’54 99% 99*2 Rome 6%s ’52 55% 54% Toxio City 5%s ’6l 80% 80% CANADA FILES WITH SEC Permanent Registration Statement Filed to Cover All Issues. Times Special WASHINGTON, Dec. 18. A permanent statement covering all of its securities listed on American exchanges was filed today by the Dominion of Canada with the Securities and Exchange Commission. The statement was filed in compliance with the recent ruling of the commission calling on all foreign bodies whose securities are traded in on American markets to file permanent registrations.

IDLE FUNDS IN BANKS PROBED BY COMMITTEE Reserve Board Faced With Problem of Credit Expansion. BY RICHARD L. GRIDLEY United Press Staff Correspondent WASHINGTON, Dec. 18.—The problem of curbing idle bank reserves to guard against future overexpansion of credit was thrust before the Federal Reserve Board again today as its Open Market Committee began the second day of its winter session. With the board’s excess reserves soaring over the $3,000,000,000 mark to make possible a potential credit expansion of $30,000,000,000, the board and its two advisory agencies, the Federal Advisory Council and the Open Market Committee, are watching credit developments closely. The Advisory Council urged the board several weeks ago to have the regional reserve banks sell a portion of their holdings of the $2,430,000.000 in United States government securities. It was contended such a sale would tend to curb reserves of the member banks. Doubling of Requirements Studied This suggestion is being studied by the Open Market Committee. The committee, comprising the Governors from each of the 12 regional banks, will review the situation and possibly make recommendations to the Reserve Board. At the same time, the board had under consideration another method of reducing excess bank reserves made possible under the banking act of 1935. This was a doubling of the present reserve requirements of the member banks, which, it was estimated, virtually would wipe out the present excess reserves of more than $3,000,000,000. Regardless of these suggestions it was believed the board would take no immediate action regarding credit policies. The present board is to be succeeded Feb. 1 by anew board to be appointed by President Roosevelt. and it is anxious to avoid committing the Reserve System to any long-range policy that might not be acceptable to the new membership. Officials Not Alarmed Reserve Board officials are not alarmed by the present credit situation. Funds are not being loaped by banks for speculative purposes. In fact, these officials regard the security market situation as healthy with market purchases financed by bank deposits rather than bank credit. Heavy government spending, which has served to build up bank deposits to near their 1929 boom levels, it was explained, has helped finance the present rise in security prices. Although not directly connected with the problem of excess reserves, the Reserve Board also took up another matter of credit control today. This was the promulgation of regulations concerning the extent of credit that banks may offer in securities. The preliminary regulations are to be made public within a few weeks. Brokers have been governed in credit extension on securities by definite limits ranging from 55 to 75 per cent of the market value. Banks have been free to use their own discretion in security loans, but under the regulations may be restricted to the same extent as brokers. This would discourage a possible future use of a large amount of bank credit for the purchase of securities. END OF FOUR-MONTH TRADE WAR IN SIGHT Canada-Japan Commercial Hostilities May Be Halted Jan. 1. By United Press OTTAWA, Ont., Dec. 18.—The end of the Canada-Japan trade war, which has raged for four months and cost Canada $5,000,000, is in sight. A meeting over the week-end of Premier Mackenzie King and Hon. S. Kato, new Japanese minister to Canada, is expected to produce announcement that the trade war will end on Jan. 1, with an exchange of notes. Ending of commercial hostilities will be accomplishel by Canada's abandonment of the exchange compensation tax upon Japanese goods’, and by the mutual abolition of surtax, a weapon used freely by both countries against the other’s goods. Although Canada will cease to impose what is wrongly labelled the exchange dump duty after the end of the year, this country will not completely ignore currency conditions in Japan. TRANSIT REVENUES UP Indicator Placed at 105,00 For Week Ended Dec. 7. Times Special NEW YORK, Dec. 18.—Transit revenues, as reported by a represented group of companies, for the week ended Dec. 7 again continued to show improvement over a year ago, according to a report made today by the Transit Journal Indicator. The indicator for the week was placed at 105.00. Gains recorded in the preceding week were generally maintained, although there was a slight slackening in the rate of improvement in the Far West. Asa whole, the increase was regarded as one of the best for the year. Chicago Grain Futures (By James E. Bennett & Cos.) 10:30 Prev. Wheat— High. Low. A. M. close. Dec 1.02% 1.02*4 1.02% 101% May 99 .98*2 .98% .97% July 90*g .89% .90 .89 Corn— Dec 57% .57% .57% .57% May 59 s a .59% .59% .59% Oats— Dec 26% .26% .26% .25% Mar 27% .27% .27% .27% July 28% .23% .28*4 .27% Rye— Dec 50’% .50 .50% .46% May 52* .51% .52*, .49% July 52*2 .52 .52 % .52 LOCAL CASH MARKET City grain elevators are paying 89 cents for No. 2 soft wneaL Other grades on their merits Cash corn new No. 4 yellow 46 cents and oats 19 cents.

'Scram! This Is My Corner *

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HOG PRICES DIP 5 T 0 25 CENTS Cattle Market Turns Weak; Vealers and Lambs Stationary. A further decrease in receipts today at the Indianapolis Union Stockyards again failed to check the recent downward movement in porker prices. The market was unevenly 5 to 25 cents lower than yesterday’s best average. Hogs weighing under 210 pounds were generally 5 cents off, while all other classes were largely 10 to 25 cents lower. Early trading developed slow, centering mostly in the light and medium weight divisions. Receipts were estimated at 4000, and holdovers 285. The general bulk of 160 to 225 pounds brought $9.50 to $9.60, while heavy butcher grades, scaling from 235 to 300 pounds, sold at $9.35 to $9.45. Others from 300 pounds and upward cashed in at $9.15 to $9.25 light slaughter pigs, weighing 100 to 160 pounds, held at $9 to $9.50. Packing sows brought $8 to $8.50, with a few lights salable at $8.75. A weak undertone developed in the cattle market, especially for good and choice slaughter steers, which were largely 10 to 25 cents lower. Low-grade steers, heifers and cows remained unchanged. Three loads of choice steers sold at $13.25, while a single load brought $12.25. Other steer sales ranged mostly from $6 to $9. Heifers ranged from $6 to SB. Receipts numbered 800. The veal market settled down to a steady trading range. The bulk of good and choice kinds sold at $lO to $10.50. Receipts were 700. Lambs also were stationary. Few western yearling classes sold at $9, while native grades were strong, selling mostly from $lO to $10.50. Few brought sll. Slaughter sheep ranged from $3.25 to $4.50. Receipts were 1000. HOGS Deo. Bulk. Top. Receipts. 12. $9.65@ 9.75 $9.75 5000 13. 9.65® 9.75 9.80 5000 14. 9.65® 9.75 9.80 1000 16. 9.60® 9.70 9.75 7000 17. 9.55® 9.65 9.70 6000 18. 9.50® 9.60 9.60 4000 Light Lights (140-160) Good and choice . $9.25® 9.50 Medium 8.75® 9.25 (160-180) Good and choice.. 9.50® 9.60 Medium 9.00® 9.50 (180-200) Good and choice.. 9.50f< 9.60 Medium 9.00® 9.50 Medium Weights 1200-220) Good and choice.. 9.50® 9.80 i220-250i Good and choice.. 9.45® 9.50 Heavyweights (250-2901 Good and choice.. 9.35® 9.45 (290-3501 Good and choice.. 9.15® 9.35 Packing Sows (275-350) Good 8.50® 8.75 (350-425) Good 8.35® 8.65 (425-450) Good 8.25® 8.50 (275-4501 Medium B.oo® 8.40 Sla”ghter Pigs (100-140) Good and choice.. 9.00® 9.50 Medium 8.25® 9.25 CATTLE —Receipts, 800— (500-900) Choice [email protected] Good 8.75® 11.50 Medium 6.75® 9.00 Common 5.25® 6.75 (900-1100) Choice 11.75® 13.00 Good 9.00® 12.25 Medium 7.00® 9.00 Common 5.50® 7.00 (1100-1300) Choice 12.25(3 13.25 Good 9.25® 12.50 Medium 7.25® 9.00 (1300-1500) Choice 12.25® 13.50 Good [email protected] Heifers (500-750) Choiee 9 50®10.50 Good B.oo® 9.50 Common and medium 4.50® B.no (750-8001 Good and choice .. 8.50® 11.00 Common and medium 5.00® 8.50 Cows Good 5.25® 8.25 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 VE -LERS —Receipts, 700— Good and choice slo.oo® 10.50 Medium B.oo® 10 00 Full and common 4.00® 8.00 Calces (250-500) Good and choice ... 7.00® 10.00 Common and medium 4.50® 7.00 Feeder and Stocker Cattle (500-800) Good and choice ... 6.75® 825 Common and medium 4.50® 6.75 (800-1050) Good and choice.. 6.75® 8.50 Common and medium 4.50® 6.75 Cows Good 4.50® 6.75 Common and medium 3.50® 4.25 SHEEP AND LAMBS —Receipts. 1000— Lambs. 90 lbs. down, good and choice $lO 00® 11 00 Medium 4.00® 4.75 (90-125) Good and choice . 8.25® 10.00 All weights, common and medium 3.50® 4.50 (120-150) Good and choice .. 3.00® 4.00 Other Livestock /By United Press) FORT WAYNE. Ind., Dec. 18— Hogs—--5 to 10c lower: 160 to 180 lbs., $9.50; 180 to 200 lbs.. $9.45: 200 to 220 lbs.. $9 40 220 to 240 lbs $9 25; 240 to 280 lbs. $9 15280 to 300 lbs., *’*.o9; 300 to 750 lbs , $8 90; 140 to 160 lbs , *9.25: 120 to 140 lbs . $9 40; 100 to 120 lbs.. $8.75. Roughs $8; stags $6.25; calves. *lO 50. lambs, $10.75. LAFAYETTE. Ind , Dec. 18 —Hogs—Market 10 to 20c lower: 160 to 210 lbs.. $9 30 ® 9.40; 210 to 250 lbs . $9.20® 9 25; 250 to 300 lbs.. $9.05®9.10: 300 to 325 lbs . *9; 100 to 170 lbs.. s9® 9.25: roughs, 58 50 down; calves, $9 50 down; lambs, $lO 50 down. BUY A HOME WITH A LOAN FROM A LOCAL Building & Loan Assn.

Registration of Auburn Bonds Asked The New York Stock Exchange has applied to the SEC for registration of “when used” dealings of $2 809,125 Auburn Automobile Cos. 3 3-1* per cent convertible debentures due in 1939.

RAIL EQUIPMENT TRUST ISSUES ARE OFFERED $18,420,000 Pennsylvania Certificates Placed On Market. Times Special NEW YORK, Dec. 18.—One of the largest railroad equipment trust issues to reach the market in recent years is being offered in the form of $18,420,000 Pennsylvania Railroad Equipment Trust, Series G, 2% per cent equipment trust certificates. The certificates offered by a banking group consisting of The First Boston Corp., Evans, Stillmen & Cos., and F. S. Moseley & Cos., are to mature at the rate of $1,228,000 annually from Dec. 1. 1936 to 1950, and are placed at yield from 0.50 to 3 per cent. They are issued under the Philadelphia plan, subject to approval by the interstate commerce commission. The award of the issue was featured by especially close bidding. The winning bid of 100,283 was closely followed by a bid of 100.267 submitted by Halsey, Stuart & Cos., Inc. and a bid of 100.177 by Brown Harriman & Cos., Inc. and Associates, all for 2’is. G. M. HOLDERS FEWER Stockholders Reported at 337,218 for Fourth Quarter. Times Special NEW YORK, Dec. 18.—Common and preferred stockholders of the General Motors Corp. for the fourth quarter of the current year amounted to 337,218, against 350,164 in the corresponding period last year, it was reported today. There were 317,500 holders of the common stock and 19,718 of the preferred stock, compared with 325.430 common and 19,574 preferred holders in the corresponding period a year ago, the report showed.

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RETAIL OUTLOOK BRIGHT FOR ’36, SAYSJFFICIAL Sales Gaining Throughout Nation, Kleinhaus Declares Here. Retail sales are forging ahead in all parts of the country, according to H. I. Kleinhaijf. New York, general manager of the Controllers’ Congress of the National Retail Dry Goods Association, who was in Indianapolis yesterday to attend a conference sponsored by the American Retail Federation in the Lincoln. This is especially true on the Pacific Coast, where outstanding gains have been reported in the last two months. While the South still is ahead in sales, the Middle West shows a decided upward trend, he said. “Prospects for a better retail business in the United States as a whole look very good for 1936.” Mr. Kleinhaus said. “The national election holds some measure of uncertainty. however, as to the extent radicalism will go in conhection with economic policies.” The Association has just completed a survey of the 48 states in regard to pending social economic laws. Mr. Kleinhaus praised Indianapolis retail stores and the quality of their advertising. FIRESTONE DIRECTORS BOOST DIVIDEND RATE Common Stock Is riaced On 51.20 Annual Basis, Report Says. Times Special CHICAGO. Dec. 18.—Directors of the Firestone Tire and Rubber Cos. have voted to increase the dividend rate on common stock to $1.20 annually, it was announced today. This is the highest paid since 1930. Dividends on the common stock have been paid at the rate of 10 cents quarterly since 1930. The company’s report for the fiscal year ended with October showed net income at $5,649,146, anew four year record. This was equivalent after preferred dividends to $1.53 a share on the common stock, compared with 71 cents a share earned in the previous year. After payment of dividends amounting to 40 cents a share for the year, $3,547,884 was transferred to surplus. SAWMILL OUTPUT GAINS Times Special WASHINGTON, Dec. 18.—Sawmill output for the week ended Dec. 7 continued to increase, while new business and shipments lagged, the National Lumber Manufacturers Association reported today. Shipments declined 8 per cent from the preceding week. CANADA LOADING DROP NEW YORK, Dec. 18.—Canadian carloadings for the week ended Dec, 7 amounted to 44,921 cars, against 46,815 in the preceding week, and 43,418 in the like period of 1934, it was announced today.