Indianapolis Times, Volume 47, Number 244, Indianapolis, Marion County, 20 December 1935 — Page 44

T rends Economy vs. Recovery Chief Campaign Question. BY JOHN T. FLYNN—

YORK, Dec. 20.—As the first half of the government's fiscal year draws to an end it begins to look as if the Administration, in anticipation of the coming campaign, is attempting to shrink relief and recovery expenditures. On the face of the Treasury statement the emergency expend!-

tures for this year so far are about $165,000.000 more than they were in the same time last year. But as a matter of fact, actual expenditures are still less. They are perhaps $300.000,000 less. In each year the Treasury offsets against expenditures the sums repaid by various bodies

Flynn

to which loans have been made by the government. This gives the net emergency expenditures. But if we leave out these offsets, we get the actual sums paid out by the government. Anri these are about $300,000,000 less this year than last. ft a tt IN this month there is a great falling off thus far. But that may mean much or little. Before the. month is over the expenditures may rise. Money does not flow out in an even stream. There has been a heavy decline In the amount spent for outright relief. It was $777,475,000 last year compared with $446,141,000 this year. This of course is accounted for by the transfer of large numbers of relief cases to the Works Progress Administration. However, the works progress outlays do not make up the difference. They have been only $135,000,000 so far. This figure leaves much to be explained with respect to the claim of the Administration that so many have actually been transferred to WPA. The expenditure of money does not show it. a tt ARE we to conclude that in the remaining half of the year the effort, to reduce expenditures will characterize the Administration's policy? As the months go by it seems clear now that econmy will be the chief issue in the next campaign. Mr. Hoover, who seems to be doing the keynoting for his party thus far, is putting tiu greatest emphasis on that issue. This would be a good reason for extraordinary exertions by the Administration to slowly shrink emergency outlays. The deficit for the first half of the year will be $1,900,00,000 —and perhaps a little more. At that rate the deficit for the year will be $3,800,000,000. A saving of a few hundred million will make very little impression on the total figure when the year is done. tt a THEN there is the question of the effect of an attempted saving on business. If it be true that government spending is producing the present upturn, then the government will have to keep it up until business takes the ball and makes it play, which it is not doing. The Administration must now choose between the relative values in the campaign of recovery and economy. Undoubtedly, if further recovery can be advanced only by further expenditures, the choice will be for expenditures, because the Administration has now one issue, and one only: that under Mr. Roosevelt the country is coming out of the dept ,sion. It dare not jeopardize thar for the sake of minimizing the- Republicans’ economy cry by saving a few odd millions. 0 PPOSIT lON IS VOIC E D S. Parker Gilbert Is Opposed lo Raising Reserve Rules. Times Special NEW YORK, Dec. 20—S. Parker Gilbert, former Undersecretary of the Treasury, has voiced opposition to raising reserve requirements of Federal Reserve member banks, it was learned today. “The possibility of such a course might be construed as a reversal of the cheap money policy which has been pursued since the days of the bank holiday.” Mr. Gilbert stated He declared maintenance of this policy essential to recovery. On Commission Row Quotations below subject to change are average wholesale prices being offered to buvers 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: Wealthy*. $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 stringless. bu.. $2 50 Beets—Texas. 3-doz crate. $1 90 Cabbage—New York Danish. 50-Ib bag 85c. Carrots —California, 6 doz. crate $3. i5, a doz.. 70c. Cauliflower—California, crate, $2.35. Celery—Michigan. u ashed and trimmed, extra large. 55c: jumbo, doz. 85c. Cucumbers—Southerr. bu . $3 75 doz . 90c. Kale—Home-grown, bu.. 60c Lettuce—lceberg, California, good $3 50; home-grown leaf. 15-lb. basket. Si 60. Endive—California. basket. 85c. Mangoes— California, crate. $5: small basket. $1.25. Mint—Bunch. 20c Mustard—Home grown, bu. 60c Onions —lndiana vellow. 50-lb bag. $1.15: Indiana vellow, 10-lb. bag. 23c; western Spanish. 50-lb. bag. $1 SO Farsley—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.. $175: 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 prlcea 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% lbs.. 17c; under 4% lbs . 16c: springers. l,i lbs. and up. 12c; old cocks. 9c. Turkeys— Young hens. 8 lbs. and up. 21c: young toms. 14 to 18 lbs.. 21c; under 14 lbs. and over 18 lbs., 18c old hens, 18c: old toms, 15c. Thicks —White. 5 lbs. and over. 13c under • Iba . 11c; geese, full feathered and fat, 9 to 14 lbs.. 12c; over 14 lbs, ioc; old guineas, 15c; young guineas, I'* lbs. and up, 15c; No. 1 strictly fresh eggs, loss off. 27c; pullet eggs. 18c. Each full case must weigh 55 lbs. gross, a deduction of 10c a pound under 55 lbs. will be msde. V No. 1 butter, 36637 c: No. 2. 33334 c; butSic. Quoted by Uu Wodley Cos.

PAGE 44

BANQUET FIRM EMPLOYES GET BONUSGHECKS Local Ice Cream Company Rewards Workers for Loyalty. Christmas bonus checks have been distributed to all employes cf the Banquet Ice Cream & Milk Cos., 1214 Southeastern-av, H. T. Perry, vice-president and general manager, announced today. Each of the staff of 100 received a check representing 2 per cent of his respective .salary. “These bonus checks were presented to our employees in appreciation of their loyalty and efficient service,” Mr. Perry said. “Every employe received a bonus regardless of length of service.” The Banquet Ice Cream & Milk Cos. was organized in 1913 to pasteurize and bottle milk for wholesale distribution. Tn 1932 the company entered the retail milk business and began the manufacture and distribution of a complete line of dairy products. The Banquet firm distributes dairy products through restaurants, neighborhood stores, hospitals, etc., in addition to its regular home delivery system. Officers of the company are Paul Rathert, president; H. T. Perry, vice president; William D. Vogel, treasurer and William Hebert, secretary. The board of directors includes these officers and Russel R. Handy. U. S. EXPENDITURES IN NOVEMBER DECREASE Total For Month Is 33 Per Cent Lower Than October. Time/! Special NEW YORK. Dec. 20—With total expenditures for November 33 per cent smaller than in October, and 16.4 per cent smaller than in November, 1934, the Federal government fell down on its spending program during the last month, according to the Alexander Hamilton Institute. Despite the decrease, expenditures, however, were more than twice as large as ordinary receipts. Although the deficit was less than in October or November last year, it amounted to $299,000,000. The debt showed an increase of only $172,000,000 since part of the deficit was met by receipts from extraordinary sources and by the withdrawal cf funds from the Treasury. The latter procedure, however, reduced cash in the Treasury to an amount which the government did not feel warranted further depletion. Expenditures in the first five months this year increased. 9,3 per cent. SALES OF CHAIN, MAIL FIRMS RISE SHARPLY Twenty-Six Companies Show Gain of 13.9 Per Cent in November. Times Special CHICAGO, Dec. 20.—Total dollar sales of 28 chain store and mail order companies daring November amounted to $226,154,i65, compared with only $198,569,132 in the same month last year, an increase of 13.9 per cent, it was announced today. The percentage of improvement during the month was the best for any month this year, with the exception of April, when the gain over the corresponding month a year ago was 17.3 per cent. All groups showed increases over November, 1934, and only two of the 26 companies reported decreased sales. For the first 11 months to Nov. 30 this year the 26 companies reported dollar sales amounting to $2,187,593,890, an increase of 10.7 per cent over the 1934 figures. The two large mail order houses contributed a gain of 21.4 per cent. ROADS NOW CONTROL UNION RAILWAY CO. Big Four. Pennsylvania Operate Belt and Union Station. Reorganization of the Indianapolis Union Railway Cos., operator of the Belt Railroad and Union Station, is completed, it was announced today. Operation of the company was taken over Nov. 1 by the Pennsylvania. and Big Four Railroads, the Big Four taking control of mechanical department, real estate and assuming tax responsibilities. The Pennsylvania assumed control of the maintenance-of-way department. The position of trainmaster was abolished and J. J. Liddv was made superintndent of Union Station. The former superintendent, B. C. Byers, was retired. Belt tracks also are used by the Monon, Baltimore A: Ohio, Illinois Central and Nickel Plate. Local Securities (Because quotations tn local securities are unlisted on an Ext zance. The Times can not assume respon: .bility for the accuracy of these figures gathered from local brokers.) STOCKS Bid. Ask. •Belt RR & Stk Yds com . 50 53 •Belt RR A- 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% •Ind & Mich E!ec 7> pfd .99 102 •Ind General Service 95 100 Ind Hydro Electric 53 57 Indpls Chain Sto Term pfd .. 52 1 3 60 •Indpls Gas Cos com 36 40 •Indpls Pow & Lt 6 pfd 82 85 •Indpls Pow A- Lt 6':'“, pfd . 87% 90% •Indpls Water 5% pfd 102 Lincoln Nat Life Inc Cos 34 37 North Ind Pub Svc s%'"c pfd 68 71 North Ind Pub Svc 6% pfd . 76 80 Progress Laundry com 7 9 Pub Svc of Ind 6* pfd ... ll> 14 Pub Service of Ind 7% pfd... 30 33 •So Ind Gas A- Elec 6% pfd . 32% 96% Terre Haute Elec 6% pfd ... 80 84 Union Title com is 21 BONDS Atlanta D’.str Term er# '4l ... 62% 70 Buffalo Distr Term '4l ... 70 75 Brooklyn Postal Sta 5%% 48 37% 42 Home Tel&Tel FtW 5%% '35 .103 105 Home Tel&Tel FtW 6T. '43 103 106 Indpls Railways Inc 5% '67 .. 50% 53 Indpls Water 4%% '4O 105 107 Indpls Water 5% 'SO & '6O 105 107 Indpls Water S'jf, 's3&'st 103% 105 Interstate TANARUS& T 5%'", '53 .93 96 Kokomo Water Works 'SB ...104 105% Lafavette .'dephone 5% '57 102 Morris 5 & 10 Stores 5% 'SO 99 103 Muncie Water Works 5% '65 .103% Noblesvllle HL&P 6% '47 .. .. 97 100 Ohio Tel Service 6% 47 95 Richmond Water Works 5<V57 104% 106 St. Louis Post Office 5 1 j", '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 598 'B7 .... 72

Abreast of The Times on Finance

New York Stocks

(By Thomson & McKinnon) 10:30 Prev. Oils— High. Low. N. Y. close. Amerada 76% 75 75% 74% Atl Rfg 26 1 a 26% 26% 26% Barnsdall 14 14 14 13% Consol Oil 10% 10% 10% 10% Cont of Del ... 30% 30% 30% 29 1 2 Mid Cont Pet ... 17 3 4 17% 17 3 4 17*, Ohio Oil 13 12 3 4 12% 12% Pet Corp 12 12 12 12 Phillips Fet ... 37 36 1 i 36% 36% Pure Oil 15% 15% 15% 15% Royal Dutch ... 46% 46% 46% 45% Seaboard Oil ... 32% 32% 32% 32% obeli Un 15% 15% 15% 14% Skelley Oil 19 18% 19 18% Soc Vac 13% 13% 13% 13% S O of Cal .... 37 Vi 37 37% 37 S O of Ind ... 31 30% 30% 30% S O of N J ... 48% 48% 48% 48% Texas Corp ... 28 28 28 27% Tidewater Assn 13% 13 13 13 Un Oil of Cal .. 22% 22 22% 21% Steels— Am Roll Mills ... 28% 29% 29% 29% Beth Steel .... 46% 45% 46% 45% Byers AM 18 18 18 17% Inland Steel ....101 101 101 101% Mid Steel 21 20% 20% 21% Natl Steel 73% 73% 73% 74 Otis Steel . . 15% 15% 15% 15 Rep I & Stl . 17% 17% 17% 17% U S Pipe & Fdy 20% 20% 20% 20% U S Steel .. 40% 40% 40% 44% U S Steel pfd 113 112% 113 112% Youngstn S& T 38% 38% 38% 37% Motors— Chrysler 87% 86% 86% 86% Gen Motors 54% 54% 54% 54% Graham Mot ..3 2% 33 Hudson 15% 15=4 15% 15% Hupp 2% 2 2% 2% Nash 17% 17% 17% 17% Packard 6% 6% 6% 6% Reo 4% 4% 4% 4% Studebaker 9% 9% 9% 9% Motor Access— Bendix 22% 21% 22% 21% Borg Warner ... 62% 62% 62% 62% Budd Mfg 9% 9 9 9 Budd Wheel ... 12% 12% 12% 12 Eaton Mfg 2 % 27% 27% 27 Elec Auto Lite.. 35% 35% 35% 34% Elec Stor 8at.... .. 52% Houdaille ißi .. 30% 29% 30% 29% Murray Bodv ... 19% 19 19 18% Stew Warner .. 16% 16% 16% 16% Timken Roll ■■ 63 62% 63 63% Timken Det Axle 11% 11% 11% 11% Mining— Alaska Jun .... 14% 14% 14% 14% Amer Metals .... 28 28 28 28% Amer Smelt 58 57% 58 58 Anaconda 27 26% 26% 26% Oal & Hecla 5% 5% 5% 5% C'erro De Pasco. 53 52% 52% 52% Dome Mines ... 43% 43% 43% 43-% Gt Nor Ore 15 14% 14% 15 Homestake Min .483 483 483 478 Howe Sound .... 53% 53% 53% 55% Int Nickel 43% 43% 43% 42% Kennecott Cop.. 27% 27% 24% 27% Mclntyre Mine.. 41% 41 41% 40% Park Utah .... 4% 4% 4% 41, Phelps Dodge ... 24% 24% 24% 24% St Joe Lead 23% 23% 23% 23% Amusements— Fox Theater 24% 24% 24% 24% Loews Inc 51% 51% 51% 51% Radio Corp 13 12% 12% 12% RKO .. 5% 5Vs 5Vs 5% Warner Bros ... 9% 9% 9% 9% Tobaccos— Am Snuff 69% 69% 69% 70% Am Tob (A* 93% 93% 93% 93% Am Tob 181 96% 95% 95% 95% Gen „ Ci J! ars •••• 53 '2 53% 53 % 54 Llg & Myrs (B) 105% 105% 105% 105% Lorillard ... 24 24 24 24 Reynolds T (B).. 55% 55% 55% 54% Riis— Atchison ...... 55% 55% 55% 54% Atl Coast Lines.. 30 29% 29% 29% B& O 15% 15% 15% 15 1 2 Can Pacific 11% 11 11 10% £h & Ohio 50% 50% 50% 50% Chi & Gt W 1% 1% ii, 13. CM& St P pfd 2% 2% 2% 2% ChjNW 2% 2% 2% 2% De a & Hud .... 36% 36% 36% 36% Del Lac & W 16 15% 16 15% Er>e 11% 11% 11% 11% Ene pfd ...... 16% 16% 16% 16% Gt Northern pfd 34% 34% 34% 34% 111 Central 19% 19 19% 17% Lehigh Valley .. 8% 8% 8% 8% Lo'i & Nash ... 59% 59*% 59% 59*% MK & T pfd.. 13% 13% 13*4 13 Mo Pac pfd... 3% 3% 3% 3% 5-£,£ ent „"- 27% 26% 27% 26% N Y New Haven 3% 3% 3% 3% Nor Pacific 22% 21% 22% 21% Penn R R, 29% 29% 29% 29% Sou Pac 22% 22Vi 22% 22 Sou RR, 12% 11% 12% 12% Equipments— Am Car & Fry 29*% 29% 29% 29 Am Steel Fdy 22'/i 22 22 Vs 22*% Bald Loco 4% 4% 4% 4% Gen Am Tank C 47 47 47 46% £ en - Elec 36Vi 36*% 36*4 36*4 Gen R, R Sig ... 40% 40% 40% 40 Puuman :nc .... 35% 35% 35*4 35% West Air Br .... 33*/ 4 33% 33*4 32% Westingh Elec .. 93 92% 92% 92% Utilities— Am & For Pwr .. 6% 6% 6% 6% Am Pwr & Lit.. 7% 7% 7% T’l A T & T 151% 150*% 150*2 151*2 Am Wat Wks 20*4 20% 20% 20* 4 Col Gas & Elec 13 12% 12% 13 Comm & Sou .. 2% 2% 2% 2% Consol Gas.. ...30% 30*4 30*% 30% Elec Pwr & Lit.. 5% 5% 5% 514 Int. Hydro Elec.. 3% 3% 3% 3*4 Interboro RT .. 17*% 17'% 17% 17% North Amer 24*4 24% 24*4 24% Pac G& E 30% 30% 30% 30*4 Pub Serv N J ... 42 42 42 42% So Cal Edison .. 24% 24% 24% 24% Std Gas 5% 5% 5% 5% Stone & Webster 12% 12% 12% 12% United Corp .... 6% 6% 6% 6% Un Gas Imp 16% 16%. 16% *6% Western Union.. 74 73*% 73% 7.’% Rubbers— Firestone 22*4 22% 22% 22% Goodyear 20% 20% 20% 20% U S Rubber 14% 14% 14% 14% U S Rubber pfd. 41% 41% 41% 41 4 Miscellaneous— Allis Chalmers.. 33% 33% 33% 33% Am Can 131% 131% 131 *4 131 Burrougns Ada.. 25% 25% 25% 25% J I Case 94*4 94*4 94*4 94% Conti Can 83 83 83 82% Caterpillar Tract 55 54% 54% 55% Curtis Pub 21 20% 20% 20% Deere &Cos 50 50 50% 49% Eastman Kodak 155% 155% 155% 155% Foster Wheeler.. 23*2 23% 23% 23% Gillette 17*4 17% 17*4 17*4 Glidden 48% 48% 48% 48% Ingersoll Rand.. 115% 115% 115*4 116 Natl Cash Reg.. 22% 22 22 21% Owens Bottle ... 125 124% 125 124% Rem Rand 19% 19% 1914 19% Foods— Am Sugar 51 51 51 50% Armour ...... 4% 4% 4% 4% Borden Frod ... 25% 25% 25% 25% Canada Dry G A 17% 16% 17% 16% Corn Prod .... 68*4 68% 68% 68 Crm of Wheat.. 37% 37% 37% 37% Cuban Am Sugar 5% 5% 5% 5% Gen Baking 11% 11% 11% n% Gen Foods 32% 32% 32% 32% Gold Dust 19% 19% 19% 19 3 4 G W Sugar 30 30 30 29% Nat Biscuit 32 31% 31% 32% Natl D Prod 20% 20% 20% 20% Purity Bak 13% 13% 13% 13% S. p °rto Rico S 24*8 24% 24% 24* 2 S'd Brands .... 14% 14% 14% 14% United Fruit . 64% 64% 64% 64% Ward Bak “B”. 2*4 2% 2% 2% Retail Stores— Assd Dry Goods 15*4 15% 15*4 15% First Narl Stores 45 45 45 45 9. I ,®*? 1 .. Bros "• B ' B 8% 8% 8% Allied Sts 7% 7% 7% 7*2 Kresee S S .... 24% 24% 24% 25 Kroger Groc 26% 26% 26*4 26 Macy R H 49 48% 48% 49% McLellan St. .... 12% 12% 12% 12% Marshall Field . 12% 12 12 12 May Dept St .. 52 52 52 52>4 Mont Ward 38% 38 38% 38% Natl Tea 9% 9*4 9*4 9% Safeway St ... 33 33 33 33 Sears Roebuck .65 64% 65 64% Wool worth 53% 53% 5374 53 3 4 Aviation— Aviation Corp .. 4% 4% 4% 4% Boeing Aircft .. 14* 2 14 14% 13% Curtiss Wright . 3% 3-% 3% 3% Curtiss Wri tA) 9% 9% 9% 9 Douglass Air 40* 9 39% 40% 39 Sperry Corp 13% 13% 13% 13% Utd Aircraft new 24% 23% 24% 23% 1 Chemicals— Air Reduction .165% 165*4 165*4 165% ' Allied Chem 147 146% 143V* 149

TREND OF COMMODITY PRICES AND BUSINESS CHARTED 9° I I [ I I 1 | I r 1 1 1 1-|BO •• f WOODY’S DAILY is. JT L . / * ~ eoMMODryiNDDC - r? ,60 x to *\j% 'V*. £3 jt/ y v r./ • ;\ / 5 3 * : WEEKLY v N § S 7a [ ; BUSINESS TREND , 40 § J * 50 MOODY’S INVESTORS SERVICE ( A PQV- DEC. JAR FEB. MAR. APR. MAY JUN. JUL. AUG. SEP. OCT7 NOV. DLC. ASi.4 1935

INDIANAPOLIS, FRIDAY, DECEMBER 20, 1935

Com Solvents... 20*4 20% 20*2 20% Du Pont ...136% 136% 136% 135'’ 8 Freeport Tex .. 27% 27% 27% 27% Liquid Carb 35% 35% 35% 35% Math Alkali 30% 30% 30% 30*4 Monsanto Chem 86** 46% 46% 85 Natl Dis (new).. 31 31 31 30% Schenley Dist .. 50 43% 43% 49% Tex Gulf Sulph 31 31 31 31*4 Union Carbide . 70 70 70 70% U S Ind Alcohol 43% 42*4 43 Vi 43 % Drugs— Coty Inc 7% 6% 7% 6% Lambert 22% 22% 22% 22% Lehn & Fink 12 12 12 > 11% Sterling Prod .. 63% 63% 63% 63% Un Drug mew). 13% 13% 13% 12% Vick Chem 43 43 43 43*2 Zonite Prod .... 6% 6*4 6*4 6% Financial— Adams Exp 10% 10% 10% 10% Allegheny Corp .. 2% 2% 2% 2% Am Int Corp ... 9% 9*2 9*2 9% Chesa Corp 56% 56*4 56% 56 Transamerica ... 12% 12 12% 12 Tr Conti Corp ... 7*4 7*4 7% 7% Building— Am Radiator 23 22% 23 23*a Gen Asphalt ... 20% 20% 20% 20% Holland Furnace 26% 26% 26% 26*4 Int Cement .... 33 33 33 33 Household— Col Pal Peet .. 19% 19% 19% 19% Kelvinator 13% 13% 13% 13% Proc & Gamble. 45% 45% 45* 2 45% Servel Inc .... 18% 18% 18% 18% Textiles— Belding Hem .... 13% 13% 13% 13% Ce anese Corp ... 28% 28% 28% 28% Collins Aikman .. 46% 46% 46% 46 Gotham Hose ... 10% 9% 10*4 .9% Indus Rayon ... 30*4 30% 30% 30 Real Silk 10% 10% 10% 10*4 N. Y. Bonds (Reprinted From Late Times Yesterday) U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasury* Prev. .1/ * inn Close. Close. 4 % 1S 114.29 1*4.13 c lon'n H°' 2s lit* 22 - -3* 8 s 107 1 7 18 7 ‘lt* ' ts 105.12 105.7 Iv t ?oli lOB 3 I° 7 - 30 3i 4 c I° s 104.28 L ?o!?' 1° 3 .16 103.14 2? 102.16 102.16 . }S|H 8 102.21 102.16 2,4S 1945-47 100.19 100.15 Home Owners Loan Corp. 3s 1352 100.22 100.21 Federal Farm Mortgage Corp. 2’ /4S i 3B £ 102.11 102.10 Hz _ J2!|' 47 10112 101.9 2%s 1947 100.2 100 DOMESTIC Prey. Alleg Corp 5s ’44 C 1^ 6 ' cl B ° s s 4' AUeg Corp 5s ’49 771/, 771* Alleg Corp 5s ’SO . . 49 49 2 Am Frgn Pow 5s 2030 64% 65 Am Tel & Tel 5%s '43 113% 11314 Am Tel & Tel 5s ’65 113 113 Arm &Cos (Del) 5%s '43 94% 94*4 Atl Coast Line 4s '52 97 97 Atch Top & S Fe 4%s '4B 108% 109 Am Wat Wks 5s '44... .....! m : 2 11014 Am Rolling Mills 5s ’3B 119*4 120 Balt & Ohio 5s ’95-......,..., 74 74 gait & Ohio 6s '95 83 83% Balt & Ohio 4%s ’6O 59% 80% Buff Roch & Pitt 4*4s ’57.... 64% 65 8 nu- $ St P 5s ’ 75 16% Chi Milw &StP 5s 2000.... 6*4 6% Cleve Un Term 5s ’73 100% 100% Cleve Un Term 4%s ’77... ii... 92% 92% Col Gas 5s Mav ’52 99• - 09 8 Cos! rSS st 4? ril ’ 52 98 99 C’an Pac Perp 4s X 37% 87 Cent Pac 5s ’6O 86% 86% Big Four 4%s '77 76% 76% Big Four 5s '63 86 85% Chl& d W; 4 a : 5R 56 8 Cm & West Ind 4s 52 9934 qqs. rhi ? VVest Ind 5%s '62 106% 106* 2 Chi & Nor West 4%s '49 10% 10% Lon Gas 5s ’57. .. 106 106 Jhesa Corp s ’47 .114% Erie 1- US 545 ’ 43 76 788 'i Erie 5s '67 !!!!I!!i!“"I”'' /a eP Gen Cable 5%s ’47 ....!I”“Illoi loi 8 Grt Northern 7s ’36 102% 102% Grt Northern 4%s '76 Grt.Northern 4%s ’77 95 945! Tll U r^ws nh ®L ßef 5s ’ 57 •"• 795/ 89 111 Cent 5s ’63 :;:::!;!:! 70* 70 Interlake C&I 5s 'sl 82% 82% Interntl Hv Elec 6s '44 46% 46% In erntl Tel & Tel 4%s ’39 ... 87 87% Interntl Tel & Tel 5s '55 79% 80*1 Interntl Tel & Tel 4%s ’52 ... 76 75% McKess & Rob 5%s ’SO 102*4 102*= Natl Dairy 5%s '4B 104 103% Natl Steel 5s ’56 ... 105% 106 Nickel Plate 4%s ’7B 68% 68% Nickel Plate 5%s ’74 79*4 78% Nickel Plate 6s ’35 84% 84* 2 N Y Cent 5s 2013 79*4 79% N Y Cent 4%s 2013 (old) .... 73% 74 Nor Amer Cos 5s '6l 103% 103% Nor Pac 3s 2047 74 74% Nor Pac 4%s 2047 90 90% Nor Pac 6s 2047 105% 105 Nor States Pow 5s ’4l 105% 106 Now Orleans Term 4s '53 80 79% Otis Steel 6s ’4l 102% 102*4 Penn Rv 4*is 'B4 105% 105% Penn Rv 4%s ’Bl 106 105*4 Penn Rv 4%s ’7O 98% 99% Pac G & E 5s '42 104% 104*4 Portland Gen El 4%s '6O 70% 71% Para Publix 5%s 'SO 90% 91% Penn P & L 4%s 'Bl 105% 105% Postal Tel & Cab 5s '53 35% 36 Rem Rand WW s'4s '47 104% 104% Sou Pac 4Vis ’6B 78*4 75% Sou Pac 4Vis ’Bl 74% 75 Sou Pac 4%s ’69 75% 76 Sou Pac 4s '49 79% 79 Sou Rail 4s '56 49*4 49 3 i Sou Rail 6s ’56 68 68*4 Sou Rail 6%s '56 69 70 Sharon St-1 Hood 5%s '4B 102V* 103 Texas Pac 5s 'BO 94 93% Texas Pac 5s '79 84% 83% Texas Pac 5s '77 94% 94% Union Pac 4s ’47 112*4 112 United Drug 5s ’53 98% 98% U S Rubber 5s ’47 102 3 / 4 102 N Y NH & Hart 6s ’4B 31 NY NH Hart 4%s '67 31 31% Warner Bros 6s '39 87 87% Western Mary 5%s '77 104 3 4 104% Western Marv 4s '52 85% 95% Youngstown S & T 5s '7O 103% 103 Younststown S & T 5s '7B 103*4 103 FOREIGN Argentina A 6s '57 98% 98% Argentina B 6s '57 98% 98* a Brazil 8s '4l 26% 26% Canadian Govt 4s '6O 106 106 Denmark s*is ’55 101% 101% German 5%s '65 28% 28% German 7s '49 4040% Italy 7s 'sl 63% 68% Japan 6%s '54 99% 99*/s Rome 6'is '52 53*4 58 Tokio City 5%s ’6l 81 81 Yokohama 6s '6l 86 85% Celanese Corp ... 28% 27% 28*4 27% Collins Aikman . 47% 46 ,46 46% Gotham Hose ... 10*4 9% 9% 9% Indus Rayon .. 30% 29*4 30 29% Kavser Julius ... 28*2 28*4 28% 29 Real Silk 14% 10 10*4 9% U. S. TO BUY PLANES Times Special WASHINGTON. Dec. 20. Airplane purchase contracts to the extent of $20,000,000 will be awarded by the War Department shortly after the first of the year, it was announced today. The huge sum is expected to buy approximately 500 new planes. NEW DIRECTOR NAMED NEW YORK. Dec. 20.—William N. Brown has been appointed assistant director of the bureau of traffic by the Interstate Commerce Commission. it was learned today. He is to specialize in all matters connected with water carrier rates.

RUBBER TRARE FUTURE BRIGHT, SAYS FIRESTONE Industrialist, 67 Today, Sees Farm Machinery Revolutionized. BY EDWARD J. LALLY JR. United Press Staff Correspondent AKRON, 0., Dec. 20.—Harvey S. Firestone, celebrating his sixtyseventh birthday, looked into the future today and saw a golden era that will bring rubber tires to millions of farm machines all over the world. The slight, gray industrialist, confidant of Ford and Edison, went to his office as usual, but took time out to tell the world that when the final chapter of rubber history is written, the period between 1900 and 1935 might well be regarded as the period of infancy. For the future holds unlimited possibilities, he said, and the particular field is farm machinery. Started Career 40 Years Ago “The rubber industry has just started to grow,” Firetsone declared. “Ahead is an almost untouched market. It is the furnishing of tires for 24 million farm vehicles. “The start has been made. Many tractors already are eauipped with rubber tires. The future will see more of them. Shod wtih rubber, tractors can be bult of lighter material and at lower cost.” Forty years ago, Mr. Firestone drove one of the first carriages mounted on rubber tires. He was impressed. With three other men, he organized the Victor Rubber Cos. of Chicago. The venture was a success. He moved to Akron in 1900, began business with 17 employes and built a great empire. Against Rubber Restriction Today, as chairman of the board of the Firestone Tire and Rubber Cos., he has nearly 50,000 men working for him in his American plants and on his rubber plantations in Liberia. His company has been and is eminently successful. Mr. Firestone’s program today varied little from the routine. He addressed branch managers meeting here in their annual sales conference. Tonight he will be host to them at an informal birthday party. His pet aversions, at the moment, are rubber restriction and cotton restriction, which he terms “fundamentally unsound.” “Our prosperity,” he said, “lies in the production of plenty.” LOUIS GOLAN TO HEAD SCHENLEY COMMITTEE Division Chief Named to Executive Position at Meeting. Times Special CHICAGO, Dec. 20. Louis E. Golan of Chicago has been appointed chairman of the executive, sales, advertising and merchandising committee of the Schenley Products Cos., Inc. The appointment was made at the annual meeting of the committee in New York this week. Mr. Golan joined the Schenley organization in September, 1934, as Midwest division manager, a position which he will retain along with his new duties'. Before entering the liquor business, Mr. Golan was connected with a large insurance company in Chicago. The committee which he now heads passes on all matters pertaining to appointments, sales policies, advertising programs and appropriations, and the merchandising of the numerous items produced by the Schenley Cos. Mr. Golan, still in his thirties, will become one of the youngest executives in the United States to hold such an important position with a majer distillery. NET INCOME DROPS Times Special CHICAGO, Dec. 20.—Net income of the Rath Packing Cos. for the 53 weeks ending Nov, 2 dropped 89 per cent to $82,708, despite a 35.8 per cent increase in dollar volume of sales, it was announced today. Chicago Grain Futures (Reprinted From Late Times Yesterday) (By United Press) Prev. Wheat— High. Low. Close, close. Dec 1.01% 1.00% 1.01% 1.01*2 Mav 99*4 .98 .99 % .98*2 July 98% .89% .90*4 .89% CornDec 57% .57% .57% .57% Mav 59% .59% .59% .59% July 61 .60% .61 ,60Ts Oats— Dec 26% .26% .26*4 .26% May 27% .27*4 +.27% .27% July 28 V* .28 .28% .28% RyeDec 50% .50% +.50% .50*4 Mav 52*4 .51% +.52*4 .52*4 July 52% .52% t.52'4 .52% Barley— Dec 45 .45 .45 .45 LardDec 11 82 11 80 *ll.BO 11.80 Jan 11.87 11.85 ti 1.85 11.77 Mav 11.97 11.90 11.95 11.85 tAsk. ‘Bid. LOCAL CASH MARKET City grain elevators are paying 91 cents for No. 2 soft wneat. Other grades on their merits. Cash corn new No. 4 yellow 46 cents and oats 19 cents.

‘You’re the Top!’

‘NANUS OFF,’ IS CREOITPOLICY Reserve Board Governors to Take No Action at Present. By United Press WASHINGTON, Dec. 19.—The Administration definitely has adopted a “hands off” policy with respect to potential credit expansion arising from the present record volume of $3,300,000,000 of idie bank reserves. This conclusion was drawn today from a cautiously worded statement of the Board of Governors of the Federal Reserve System that no action with respect to excess reserves would be taken at this time. The entire situation was reviewed in a two-day session meeting of the board and its Ope.i Market Committee. The decision to do nothing with respect to potential credit expansion was in conflict with recommendations made several weeks ago by the Federal Advisory Council, another advisory board of the Reserve System, that idle bank reserves should be reduced through increase reserve requirements or sale of government securities held by the banks. It was understood the present Reserve Board, which expires Feb 1, was desirous of taking no action on credit policies that might not be acceptable to the new board. SERVEL EARNS $1.16 ON COMMON STOCK Company Reports Net Profits of $2,111,516 for Year. Times Special EVANSVILLE, Ind., Dec. 20. Servel, Inc., manufacturers of refrigeration products, earned approximately $1.16 a share on common stock during the fiscal year snded Oct. 31, compared with earnings of only 26 cents a share in the previous year, the company announced today. The firm reported a net profit of $2,111,516 for the current year, after allowing for depreciation, interest, Federal income taxes and other deductions, including a 7 per cent dividend on preferred stock. Net profit in 1934 amounted to $521,518. The earnings are figured on the basis for 1.781,426 shares of common stock this year, compared with 1,766,426 shares in the preceding year. The company reported a net profit for the fourth quarter ended Oct. 31 of $317,144, equivalent after deduction of preferred dividend requirements to 17 cents a share on the common stock. BUSINESS FAILURES EXCEED 1934 FIGURE Dun & Bradstreet Report Total of 242 for Week Ended Dec. 12. Times Special NEW YORK, Dec. 20.—Business failures in the United States during the week ended Dec. 12 amounted to 242, compared with 211 in the preceding week, and 231 a year ago, Dun & Bradstreet, Inc. announced today. The increase was noted mostly in the East and West, while the South | showed a decrease of three failures 1 for the week. The Pacific Coast states reported eight less. Insolven- i cies with liabilities of SSOOO and over in each instance numbered 135 for the last week, against 111 in the j previous week. Failures in the Dominion of Canada during the week amounted to 26, compared with 32 last week, and j 34 for the corresponding week a year ago. NET PROFIT INCREASES Zenith Earnings Equivalent to 34 Cents in November. Times Special CHICAGO, Dec. 20.—Net operating income of the Zenith Radio Corp.. during November amounted to $172,618, equivalent to 34 cents a share, E. F. McDonald Jr., presi- j dent, announced today. This brought the net profit for the fiscal year to ; $720,066. equivalent to $1.44 a share on 500.000 shares of capital stock. For the first seven months in the preceding year the company reported a net loss amounting to $72,000. December shipments are running approximately 200 per cent ahead of those in the preceding month a year ago, it is reported. ORE CONSUMPTION UP CLEVELAND, Dec. 20. —Lake Erie furnaces consumed 3.020,315 tons of j Lake Superior ores during November, an increase of 3.7 per cent over the 2,910.863 tons consumed in October. It was also an increase of 132.6 per cent over the total consumed in November, 1£34.

Nazi Trade Balance Favorable Germany had a favorable trade balance of 51,000,000 marks in November, with exports totaling 397,000,000 marks and imports amounting to 3*6,000,000 marks.

New Business Books Available at Library The following new business books are now available at the business branch of the Indianapolis Public Library: _ “THE DU FONT DYNASTY.” bv John K. Winkler—“Hidden in one of the smallest states of the Union, living in feudal solendor. is a singular family—proud, aloof, prolific—which today controls a. greater slice of American wealth than has ever fallen into private hands.” “CORPORATE PROFITS AS SHOWN BY AUDIT REPORTS.” bv W. A. Paton—“A book which is a first step in the utilization for statistical research of the tested information which reposes in the files of public accountants.” "PUBLIC WELFARE ORGANIZATION,” bv A, C. Millsnaugh—Organization and techniaue that have been evolved in the administration of the public welfare activities of the different levels of government. “MANUAL OF UNIFORM PRACTICE.” bv The Savings Banks Association of the State of New York. “CREDIT AND COLLECTION PRINCIPLES AND PRACTICE.” bv A. F. Chanin (second edition)—Reflects changed economic conditions, changes in sources of credit information and new bankruptcy legislation.

HOG PRICES UP 10 TO 15CENTS Cattle, Veals Stationary; Lambs Strong at $11.25 Down. New strength was displayed in hog trading at the local stockyards today, as a result prices were generally 10 to 15 cents higher. The moderate increase was supported by a continued decrease in the number of receipts on hand. The total supply was estimated at only 3500, the lightest for the week. The 15-cent increase which was limited largely to the medium and heavyweight classes, carried the top price for good and choice hogs up to $9.90. Approximately 225 were held over from yesterday’s session. The general bulk of 160 to 225 pounds, brought $9.30 to $9.90. while 225 to 300 pounds, sold at $9.65 to $9.75. Heaviest butcher classes, weighing from 300 pounds and upward, cashed in at $9.45 to $9.55. In the medium lightweight division, salughter pigs scaling from 100 to 160 pounds, sold at $9.25 to $9.75. Packing sows ranged from $8.25 to $8.75. With the supply consisting largely of low grade slaughter classes, the cattle market was slow and practically unchanged. Few steers and heifers were valued to sell at $6 to SB. while cows brought $4.50 to $6. Receipts numbered 400. Although receipts were light, vealers held stationary. The bulk of good and choice kinds sold at $lO to $10.50. The supply was estimated at 400. Lamb values were strong to slightly higher, with the bulk of few western grades selling at $11.15 down. Few extreme choice, however, ranged upward to $11.25. Native classes sold mostly at $10.50 to sll. Slaughter sheep were strong, selling from $3 to $4.50. Receipts were 3500. Busigraphs —, . TREND OF RETAIL FOOD PRICES (U. S. DEPT. OF LABOR) £ 1501 3 y % // Xdotteu line is the pastZ - Y/ V// Yj LS YEARS average of jy y. “■ y, // y. y >,J HE r SA i' f: months/ y y H filial Jllßll TH£ PARKER CORP. GENERAL DISTRIBUTORS INCORPORATED INVESTORS Retail food prices are continuing : their upward climb. The average ' housewife today must spend $1.14 for food which would have cost just SI a year ago, and only 86 cents three years ago. As one would expect, a large part of this increase is in the higher price of meats. What a difference this makes in the family budget!

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PRESIDENT MAY EXTEND MONEY POLICYPOWERS Authority to Change Gold Content of Dollar Is Seen Prolonged. BY RICHARD L. GRIDLEY United Press Staff Correspondent WASHINGTON, Dec. 20.—The Administration's emergency povwr to cope with the unsettled world monetary situation through authority to vary the gold content of the American dollar probably will be extended for another year from next Jan. 30, it was learned today. This was believed essential so that the United States can checkmate fluctuations in foreign currencies by corresponding changes in the American policy when foreign influences tend adversely to affect the United States. Year's Extension Permitted Congress gave President Roose- ; velt authority on Jan. 30, 1934. to fix the gold content, and thus the | foreign value of the dollar at 50 to I 60 per cent of its former content. ; In other words, the President could | fix the value of the dollar anywhere between 12.9 and 15.48 grains of gold nine-tenths fine, compared with the old value of 25.8 grains. On Feb. 1. 1934, the content was reduced to 15.23 grains, or 59.06 per cent of its former figure. But Congress limited President Roosevelt's power to fix the gold content for two years, or to Jan. 30 1936. He further was empowered to extend this power for another year. Silver Policy Criticised Similarly, Congress on Jan. 30, 1934. set up a $2,000,000,000 exchange stabilization fund out of gold devaluation profits as another weapon for the President in coping with the world monetary situation. This fund also expires Jan. 30, next, unless extended for a year by the President. It was expected the fund would be extended along with power to fix the gold content for another year. By these steps the Administration would retain for another year most of its monetary powers which Henry Morgenthau Jr., Secretary of the Treasury, credits as an important factor in the present American economic recovery. A source of worry for the Administration in its monetary policy, however, is the silver program which Congress imposed after the gold authority had been granted, and which has met with widespread criticism. Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS . Bid. Ask. Central Hanover B & T 127% 129% Chase 4i / 4214 Chemical National 5434 sgi Guaranty 310 315 Irving 18 v Manufacturers 453, 471'. National City 33 395/, Cont 111 (Chicagol m 11414 tFirst National of Boston 45% 47% Natl Shawmut 30 3 a 32% FIRE INSURANCE Aetna Fire 58% o% City of New York (new) 28% 30 Federal Ins 88 92% Franklin Fire 331'* 351 J Great American Ins 29% 30% ♦Hanover Fire Ins 39% 41% Hartford Fire Ins 82% 85 Home Ins 33% 40% Ins Cos of N A 74% 763/ 4 National Fire 76 78* North River Insurance 27% 29% Phoenix Insurance 97 * 2 99% US Fire 55 57% Westchester Fire 37*% 39% tEx. div. Local Livestock HOGS P/c. Bulk. Top. Receipts. 14. $9.65® 9.75 $9.80 1000 16. 9.600 9.70 9.75 7000 17. 9.55® 9.65 9.70 6000 18. 9.50® 9.60 9.60 4000 19. 9.65® 9.75 9.80 4000 20. 9 80® 9.90 9 90 3500 Light Lights (140-160) Good and choice. .$9 59a 9.75 Medium 9 OOf 9 50 (160-180) Good and choice.. 9 75® 990 Medium ... 9.25® 9 75 (180-200) Good and choice .. 9.80® 990 Medium . 9.30® 980 Medium Weights (200-220) Good and choice.. 9 80® 990 (220-2501 Good and choice... 9.75® 9 80 Heavyweights 1 250-290 1 Good and choice... 9 65® 9 75 (290-350) Good and choice... 9 45® 9 65 Packing Sows (275-3501 Good 8 65® 890 (350-425) Good 8 50® 875 (425-4501 Good 8.35® 860 (275-4501 Medium 8 25® 850 Slaughter Pigs (100-140 Good and choice .. 9.25® 9 75 Medium 8.50® 9.50 CATTLE —Receipts, 400— (500-900) Choice $10.50'g1225 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® 13.25 Good 9 25® 12 50 Medium 7 25® 9 00 (1300-1500) Choice 12.25® 13 50 Good 9.25® 12.25 Heifers (500-750) Choice 9 50® 10.50 Good 8 00® 9 50 Common and medium 4.50® 8 00 (750-8001 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® 625 Cutter, com. and med. bulls.. 4.00® 5.75 VEALERS —Receipts, 400— Good and choice $lO 00®10 50 Medium B.oo® 10 00 Full and common 4.00® 3.00 Calve* (250-5001 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® 8 2S Common and medium 4 50® 6 75 (800-10501 Good and choice . 6 's® 850 Common and medium 4.50® 6.75 Cows Good 4 50® 6 75 Common and medium 3.50® 4.25 SHEEP AND LAMBS —Receipts 3500Lambs. 90 lbs. down, good and choice .. $lO 25®1125 Medium 4.00® 4 75 Ewes i9O-125( Good and choice . 8.50®10 50 All weights, common and medium J.so® 4 50 (120-150) Good and choice .. 3.00® 4.00