Indianapolis Times, Volume 47, Number 246, Indianapolis, Marion County, 23 December 1935 — Page 17

Trends Underwriting Rail Bonds by U. S. Criticized. BY JOHN T. FLYNN

NEW YORK. I>r. 23—Ones again the RFC st*p* in‘o rhr breath to lend money to a railroad. This time it is $100,000,000 for th* Great Northern in an underwriting operation. The object is to enable the railroad to save 1 per cent interest on a refunding

issue. On® wonders if the people of the United States wish the government to become an underwriter of the bonds of a privately owned railroad as a part of its recovery plans. Plainly there is no emergency or recovery issue here. The Great Northern is doubtless one of

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Flynn

the better railroads of the country. But it, Is subject, to the disease which afflicts almost all roads—too much indebtedness. Its indebtedness comnared with its stock is not as bad as other roads. • n a BUT it is still enough to prevent the road from earning a proft for the last three years. It did not earn its fixed charges during 1932. 1933 and 1934. It was a funded debt, of $354,309,000. compared with stock outstanding of 524R.664.00n. What its assets are if would be difficult to say. It has been cutting down like most, roads on maintenance for several years. IU locomotive, freight and passenger cars are from 20 to 30 per cent fewer than in 1935. Its operating revenues have dwindled from $13,944 a, mile in 1925 to $3427 in 1934. It is carrying an accrued depreciation account of nearly $60,000,000. nun ALL this is no reason, perhaps, why hankers should not undertake the refunding of the road’s 7 per cent bonds of 1936. But, it may be regarded as a reason why the United States government, should not get into the operation. First of all. these bonds, which will be due July 1. 1936—5100,000.000 of them—are only partly first, Jien bonds. They are first liens on other parts of the road. T am certainly no defender of high interest rates. But in view of the fact, that these are 7 per cent bonds, that the road has a heavy bonded debt, that, it has had a deficit for three years, that the bonds, are first, second, third and fourth lien bonds, that the road has been a borrower from the government —all this would seem to be a good reason why the United States government should not get excited about a 5 per cent interest rate. n n n MOST of this feverish activity to finance railroads, pay their maturities, pay their interest and even rental charges made by the RFC has been motivated by a desire to sane the stock oif these roads. With their high bond issues and heavy fixed charges, the stock of most of these roads is worth but a fraction of their stated value. This Great Northern stock is put down as $243,000,000. but even today it is quoted at, only 35% and has been, this year, as low as 9%. If that represents real value—and it probably does—the margin over the bonds is not so great. (Copyright. 1935. NRA SiM'vir*. Inc.) On Commission Row QiifUßttons bclnw subject to change are Jtvfrace wholesale prices heing offered to buyers by local commission dealers: Fruit—Cranberries. C. C. Harney Katmores. 25-lb box. $4.75 Pears—Washington D'Anjo, $3,35. Calif, avacados. $3.75. "Bananas—Seven hands, a pound, 5%r. Persimmons—California, lug. $1.25. Apples Jonathans. $1.75. Delicious. $1.75: Wealthy*. $1; Grimes Golden. $1.25. Lemons— Sunicist. 3605. $7.50. Grapefruits—Texas, 04s to 70s, $3.25: Arizona Sunkist, $2.75. I.imes—Mexican, a carton 12s, 18c. Grapes —Emperor, lug. $2; fanev Emperor, 34-lb. sawdust chest. $4. Vegetables—Beans, green, round stringless. bn.. $2.50. Beets—Texas. 3-do?. crate. *1.85. Cabbage- New York Danish. 50-lb. bag 80c. Carrots—California, 6 doz. crate, *3.75. a doz.. 7V. Cauliflower—California crate. $2.10 Celery—Michigan, washed and trimmed. 16 stock bunch. 55c: jumbo, doz., 85c. Cucumbers —Southern, bu.. $4.50, doz., sl. Kale—Home-grown, bu.. 60c "Lettuce—lceberg California, good. $3.75. home-grown leaf, 15-lb. basket. $1.15. Endive—California, basket. 85s. Mangoes California, crate. $5; small basket, $1.25. Mint- Bunch. 20r. Mustard—Home grown, bu.. 60c. Onions —lndiana yellow 50-lb. bag. *1.15: Indiana yellow, 10-lb. bag. $1.50 Parsley - Southern, do?.. 50c Peas,—Telephone, hampers. $3.50: Texas hampers. $2.75. Potatoes—Round Cobblers. 100-lb. bag, $1 60: Michigan Round White. 100-lb hag. *1.50 Early Chios, bu. $1.75; Idaho Russets, $2 35. Sweet potatoes—lndiana .Terseys. bu. $1.65. Radishes—Ohio, button, do?., baskets, 45®60c. Sage—Doz.. 45c. Spinach —New Texas, bu.. $1.40. Souash—Bu. $2.50. Tomatoes—Florida. 10-lb. carton. $1.50. FRFITS A\n VEGETABLES (By United Press* CHICAGO Dec. 23 Apples—Michigan. Mclntosh, bushel. * lib" 1.35. Carrots—lllinois, bushel. 25830 c Sweet potatoes—• Tennessee, bushel. 85®90c Beans—Florida. bushel. $5 50416.25. Cabbage—Sacks, per ewt 75c m .2. Peas—California, bushel hampei. 52.25®3.50 Spinach— Texas, bushel. 75c® 41. Lettuce—Western, crate. 5 do?. $2 25412 85 Cucumbers—bushel. $2 75453.50 Celery—Michigan, square era'e. fiocfrsl. Cauliflower—California, crate 51.604i1.85. Tomatoes Florida, lug *2®2.75. Onion market 130 lb _sacks>: Western Valencias. *l. Illinois —Yellows. 65c Michigan—Yellows. 90c. Unclassified. 804785 c. Produce Markets The prices quoted are paid for stock gathered in the country while delivered In Indianapolis 'he price is a cent higher Heavy breed hens 16c; Leghorn breed hens, 12c: springers over 4L lbs.. 17c: under 4% lbs., 16c: springers I'., lbs. and 'IP- 12c - old cocks. 9c. Turkeys—Young A :?*• JPd u ® 20c: voung toms. J! Jo 18 lbs.. 20c: under 14 tbs. and over 18 lbs.. 10c: old hens. 20c: old toms. 15c. Ducks—White. 5 lbs and over. 12c: tinder s lbs., 10c, geese, full feathered and fat P to 14 lbs.. 11c: over 14 lbs . 9c; old guineas. 15c: voung guineas. 1% lbs and up. 25c. No. 1 strictly fresh eggs, loss off 36c. pullei eggs 18c. Each full case must weigh 55 lbs. gross, a deduction of 10c a pour.o tmder 55 lbs will be made. No. 1 butter 379,43 38c: No 2 34835 c: butterla t. 34c. Quoted bv the Wadlev Cos. (B United Presst CHICAOO Dec. 23—Eggs: Market un•Ot’led. Receipts 2963 cases; fresh graded firsts, 2ic: extra firsts. 28c current receipts. 238 24c dirties. 20c: checks 18c Cutter—Market steady Receipts. 5056 tube; extra firsts ■ 90-91 1 i score' 32%c extras. >93 score'. 32%c firsts >BB-89% acofe*. 31%®52%c: seconds >B9-87' score' *8%833%c: standards. 32%c. Poultry Market, steady. Receipt* 1 c*- 35 trucks: ducks. 20®2*c; geese. 16818 c pr:ng chickens. 226 24c: hens 168 21'-c ; turkeys. ?226c leghorn hens. 1316 c: old roosters, 15c Cheese—Twins, 17%8 18c: daisies 18%818%c; longhorns IB 1 l*%c. Dressed poultry—Turkevs. Young toms. 28 8 30c: turkeys, voung hens. 31c: ducks 22823?: geese. 198 20c PotatoesSupply moderate; demand moderate: market firm on best stock. Idaho Russet Burbanks. *1,*081.9O; U. 8. No 2. $1.32'-8 145: Wisconsin round whites *lBl2O--and North Dakota cobblers •1.30: Re River Ohio*. $1 20 Bliss triumphs *f: Minnesota Early Ohio.*. *1 lo Colorado McClures. *1 354? 1.50: U 8 No’ 3 *1 05: Nebraska bliss triumph* *1 37 1 - e 1.40, Wyoming bliss 'rium/is. $135 Arrivals. 61; ou track, 207; snipments, 406 < Saturday).

♦ ♦ Abreast of The Times on Finance ♦ ♦

HUGE RESERVES SEEN THREAT TO U. S. STABILITY * * Deposits in Chase National Top Billion, Fortune Article Reveals. 7 /me, A pecinl NEW YORK, Dec. 23.—50 much money has been piled into American banks during the depression—money i which is difficult to invest in productive activity—that our gargantuan bank reserves may not only retard business recovery, but may even jeopardize the future economic stability of the nation, Fortune magazine asserts in an article on the Chase National Bank in its January issue. This single bank has more than one billion dollars in j deposits. "After six years of depression che banks are bulging with idle rei sources. These idle resources keeo piling up in the form of excess re- : serves, which now amount to more ; than $3,000,000,000. And here is exactly what the term ‘excess reserves’ mean,” the magazine explains. | "The Federal Reserve System I comprises 12 Federal Reserve banks I and thousands of member banks —national and state commercial banks, and trust companies. Deposits Above Requirements. Fcr safety’s sake each member 1 bank must keep in its district’s Federal Reserve Bank a deposit of at | least one-tenth of the member bank s own deposits. Actually, the member banks keep more than a tenth on deposit and especially so ' in a period of slack business when bank resources are relatively idle.” Member banks can issue bank credit up to 10 times the amount of the reserves in Federal Reserve Banks. “This means that theoretij cally some 30 billion dollars of addi- ! rional credit could be issued against : the current excess. “It is difficult to overestimate the ugliness of this figure of $3,000,000,000 excess reserves in the eyes of many intelligent bankers, the shudder with which they consider that I against this figure it is possible to extend at least 30 billion dollars of additional bank credit. Credit Ratio Beyond 10 to 1 “The whole raucous boom of the late twenties blasted along on a total commercial ban* credit of only 14 billion dollars based on a rej serve increase of only $600,000,030, Although the ratio of possible credit is generally assumed to be 10 of credit to one of reserves, it aetuali ly can run far beyond 10 to one and did so between 1922 and 1929. J “Business has never given any j sign of being able to use such a great increase in the volume of | credit now possible, or anything even approaching it, for the general good. Economic experience invariably teaches that bank ' credit expands safely only when it expands in proportion to the volume of business.” i FLETCHER BILL GETS REALTORS SUPPORT Government Urged to Provide Agvncy for Urban Mortgages. Timm Special ATLANTA Ga.. Dec. 23,—Real estate representatives from seven states met here last week for the first Southeast convention of realtors, and in formal resolutions urged the Federal government to immediately provide a comprehensive agency for urban mortgages upon such plan as outlined in the Fletcher bill, which provides for a central mortgage discount bank. As outlined in the bill the agency would be essentially a private in&ti--1 tution operated under governmental ; supervision. The bill, introduced by I Senator Duncan U. Fletcher (D., ! Fla.), chairman of the Senate Comj mittee on Banking and Currency, was referred to the subcommittee ;on banking and currency. Hearj ings are expected when Congress convenes. The central agency, w'hich would give discount facilities for all groups of urban mortgages, also give a safe medium for investing in mortgage j securities, is asked by realtors as a focal point for the work of various ! Federal corporations and administrations dealing with the mortgage. DIVIDEND IS DECLARED | Time* special CHICAGO. Dec. 23—Trustees of the Massachusetts Investors Trust have declared a quarterly distribu- : tion of 27 cents a share, payable Jan. 20 to stockholders of record Dee. 31. This payment represents an increase of 35 per cent over the distribution for the previous quarter. Local Securities (Bream* *aotat!ona *n local aeearitiea ar* enlisted on an Exchange. The Tinea can net astnn* reapeneibilit* for the aecnrnrv at theae Ararat fathered Iren local brnkers.) STOCKS Bid. Ask. •Belt RR & Stk Yds com .. 50 53 •Belt RR dr Stk Yds 6% pfd . 53 Central Ind Pow 7'"* p(d 16 19 Home Tel&Tel Ft. Wo 7% pfd 50% 52 i ‘Hook Drug Inc com 14% •Ind & Mich Elec 7',. pfd ... 99 102 •Ind General Service 95 100 Ind Hydro Electric 5S *7 Indpls Chain Sto Term pfd 52% 60 •Indpls Gas Cos com 36 40 •Indpls Pow dt Lt 6 pfd .... *2 85 •Indpls Pow dr Lt 6%% pfd . 87% 90‘,2 •Indpls Water 5% pfd 102 Lincoln Nat Life Inc Cos 34 37 North Ind Pub Svc 5%C pfd 48 71 North Ind Pub Svc O';, pfd.. 78 80 Progress Laundry com 7 9 Pub Svc. of Ind 6c; pfd ... 11th !4 Pub Service of Ind 7c; pfd... 30 *3 •Sc Ind Gas dr Elec 6c; pfd . 92% 96% i Terre Haute Elec 6% pfd ... 80 *4 Union Title com 1* 21 BONDS Atlanta Dlstr Term ‘4l ... 62% 70 Buffalo Distr Term 6% ’4l 70 75 Brooklvn Postal Sta s ‘a% 48 37% 42 Home Tel&Tel FtW 5%% -*5 .103 106 Home Teld-Tel F'W 6% -43 103 106 Indpls Railways Inc jc; ’67 . 501a 53 Indols Water 4'j f i ’4O 105 107 indpls Water 5% >SO & '6O .. 105 107 Inap’.s Water 5%% \sJdt 54 103% 10* Interstate T dt T Sis'; ’53 ... 93 96 Koxomo Water Works ‘SB .104 103% Lafavette Telephone S'* '57 102 Morris 5 fc 10 Stores 5% 'SO 99 103 Muncie Water Works % '65 .102% Noblesvllle HL*P 6% ’47 .. ..07 100 Ohio Tel Service 6% 47 96 Richmond Water Works 51'57 104Vh 198 St. Louis Post Office 5%e; '3B 18 35 Seymour Wrr Ist mt* 5"; ’59 10! 104 Terre Haute Water Wkss% '56 101% IOSVa Terre Haute Wat Wks 091 *49 103 105 Trection Terminal i% ’57 .... M TO 1 *Ek. Ajv.

INDIANAPOLIS, MONDAY. DECEMBER 23, 1935

New York Stocks

iB" Thomson * McKinnon* ' 10:30 A. M. Prev. Oils— High. Low. N. Y. cldse Atl Rfg 27*, 27',* 27% 27 Bamsdall 14", 14’ 2 14% 14% Consol Oil .... UV* 11% 11% UV* Cont of Del . 32 ; t 32V* 32’* 32 Houston mew 1 . 6' 2 t'x S'a 6-' 2 Mid-Con* Pet 18 , 18 5 * 18’* 18' Ohio Oil 13", 13V, 13 3 * 13V* Pet Corp 127a 12’a 12’a 12’ a Phillips Pet . 37 s , 3i’i 37',337,6 7 , Plvmouth Oil . 12 IP, IP, 12 Pure Oil 16 14 16 16 Seaboard Oil ... 33 , 33 s * 33 s -, 33’i Shell Un 15Vs 13 s * 15* 15 s , Skellev Oil . .. 19 s * 19’< 19'* 19 Soc Vac 14V, 14V* 14V* 14Vi S O of Cal 37'* 37'* 37', 37'* S O of Ind 30% 30% 30% 31 SOOf NJ . 49 48 7 * 48’* 43 * Texas Corp . 28'i 28‘, 28’, 28’* Tidewater Assn. 14 s ,* 14', 14'.* 14 Un Oil of Cal .. 22V* 22’* 22V, 22 Steels— Am Roll Mills . 30’* 30’. 30% 30 Beth Steel 48% 48% 48% 43 Byers AM. 18% 18% 18% 13% Col Fuel dt Iron 4 4 4 3% Inland Steel .. 103 103 103 102V* Mid Steel 20% 20% 20% 20% Natl Steel 73 s , 73 5 / 73% 73% Oti-s Steel 15% 15% 15% 15% Rep Iron <fc Steel 17% 17% 17% 17% U 8 Pipe & Fdy 21 21 21 20% U S Steel . ... 45% 45V* 45% 45 s , U S Steel pfd .112 112 112 112% Warren Bros 4% 4% 4 % 4% Youngstn Bft T 40% 4040% 39% Meter*— Auburn 37 37 37 48V* Chryslec 91% 90% 91 % 90 Gen Motors .... 56% 56 58V* 55% Hudson 16% 16% 16% 16% Hupp .... 2V* 2% 2Vi 2% Mack Truck 27% 27% 27% 27% Nash 17% 17% 17 s , 17% Packard 7 6% 7 7 Reo 5 4% 5 4% Studebaker . 10% 10% 10’* 10% Yellow Truck .. 7% 7% 7% 7% Meter Acres*— Bsndix 23% 23% 23% 23% Bohn Alum ... 51 50% 50 s , 50% Borg Warner ... 63% 88 S% 63 Briggs 53 52% S3 53 V, Buod Mf* 8% 8% 8% 8% Budd Wheel .... 121* 12% 12% 12% Eaton Mfg .... 28V, 27% 28% 27% Elec Auto Lite .. 36% 35% 36% 35% Elec Stor Bat .. 54% 54% 54% 54% Houdaille "B” .. 30% 30% 30% 30 Murrav Bodv ... 19% 13'% 18% 19% Srew Warner ... 17% 17 17y* 16% Timken Roll 64 64 64 63% Timken Det Axle 11% 11% 11% 11% Mining— Alaska Jun 14',* 14% 14V. 14% Am Metals 29% 28V* 29% 28% Am Smelt 58% 57% 58% 58V* Anaconda .... 27% 27% 27% 27% Cal & Heela .... 6 5% 6 6 Cerro De Pasco . 53% 53% 58Vi 53 V* Howe Sound 54 54 54 54 Ins Copper 6% 6% 6% 6% Int, Nickel ... 44% 44V* 44% 44% Kennecott Cop . 28% 28% 28% 27% Mclntyre Mine.. 41% 41 41 41 Park Utah ... 4% 4% 4% 4% Phelps Dodge .. 25% 25% 25% 25% St Joe Lead ... 23% 23 23 23 U S Smelters ... 98 97% 97% 97 Vanadium 18% 18% 18Vi 18% Amusement*— Fox Theat 24 24 24 24% Loews Inc ...... 52'% 51% 51% 51% Radio Corp .... 13 12% 12% IS Paramount 9% 9% 9% 9V, RKO 5 Vi 5 Vi s’i f.% Warner Bros ... 9% 9% 9% 9% Tobaccos— Am Sum Tob ... 23V* 23% 23% 24% Am Tob "A” ... 93% 93% 93% 93 Am Tob "B" ... 96% 96 96 95% Gen Cigars . 57% 57% 57% 56% Ligg & Myers B 100% 105'% 105% 1C5% Lorillard 23% 23% 23% 23 s * Reynolds Tob B 54% 54% 54% 54% Rails— Atchison 56 Vi 56% 56% 56% 3 ft O 16Vi 16Vi 16Vi 16% Can Pacific 10% 10% 10% 11 Ch <fc Ohio .... 50 Vi 30% 50% 50 V* C M & St P pfd 2% 2% 2% 2% Chi N W 2% 2Vi 2% 2% Deta dr Hud ... 37% 36 36 37% Del Lac dr W .. 15% 15% 15% 15% Erie 12’/, 12Vi 12% 11% Erie pfd . ... 16% 18% 16% 15 v* Grt Northern pfd 34% 34V, 34% $43; 111 Central 19% 19% 19% 19% K C Sou 12Vi 12V 2 12% 12V, M K dr T s'/* 5 5 5 MKdr T pfd ... 13% 13% 13% 13% Mo Par. pfd 5% 3% 3’/* 3V* N Y Cent 27% 27 27% 27% N Y Ont dr West 5% 5Vi s'/, 5 Nor Pacific 23 22% 227* 22’, Penn R R 30% 29% SO I /* 30 Sou Pac 23 22% 22% 22V* Sour R R 13% 13 13% 12% Union Pac .. 105% 104’% 105% 104% West Maryland .9 9 9 8% Equipments— Am Car dr Fdv 30% 30% 30% 30 Am Loco 24 24 24 23 Vi Bald Loco 4', 4% 4% 4% Gen Elec 36% 36'% 36% 56V, Ger- R R Sig ... 39V, 39V* 39V, 39% Pullman Inc. .... 36% 36% 36Vi 35% West Air Bi ... 33% 33% 33% 33% Westingh Elec .. 95% 95 95% 94% Utilities— Am dr For Pwr . 6% 6% 6% 6% Am Power dr Lit 8 8 8 77; Am "Wat Wks . 20% 20% 20% 20% Col Gas dr Elec IS 127/, 137,; 13 Comm dr Sou ... 2% 2% 2% 2% Consol Gas . . 30% 30 30% 30 Elec Pwr dr Lit . 5% 5% 5% 5% Int Hydro E'.ee.. 3% 3% 3% 3% Int TANARUS& T 13V* 13V, 13V* 13 North Amer 257* 25% 25% 25% Pac Gdr E 30% 30% 30% 30% Peoples Gas .. 38V* 38 38V* 38 Pub Serv N J.. 42 E i 42% 42% 42% So Cal Edison .. 24% 24% 247; 24% StO Gas 5% 5% 5% S’/* Stone dr Webster 13% 13 13 Vi 13 United Corp 6Vi 8% 6% 6% Un Gas Imp ... 17Vi 17% 17% 17 Western Union.. 75% 75% 75% 75 s ; Rubbers— Firestone 22% 22% 22% 22% Goodrich 12 12 12 12 Goodvear 21V* 21% 21 % 21 U S Rubber .... 14% 14% 14% 14% Miscellaneous— Allis Chalmers.. 35 35 35 35 Am Can ..133 132% 132% 132 Burroughs Add . 25% 25% 25% 25% Conti Can 83% BSV* 83% 83% Caterpillar Tract 56% 55 56’/* 55V* Curtis Pub 21% 21% 21% 21% Deere dr Cos ... 51% 51 51'/* 50% Eastman Kodak 155% 155’* 155'/* 155% Foster Wheeler. 26V* 26V, 26% 26 Gjltejt* 17% 17% 17% 17% Glidden 48% 487; ’/, 491; Inter Harv ..... 60% 60% 60% 60% Natl Cash Reg 22% 22'/* 22% 22% Owens Bottle . . 125 125 125 125 Rem Rand 19% 19% 19% 19% Worthingtn Pmp 22 22 22 21% Foods— Am Sugar 51 51 51 51 Armour ... 5 4’, 5 47, Borden Prod 25% 25% 25’, 25% Canada D G Ale 17% 17% 17% 16% Cont Bak "A'' .. 9% 9% 9*/* 9% Corn Prod 68 68 68 68% Crm of Wheat .. 37 37 37 37 Gen Foods 32% 32% 33% 32% Gold Dust 19V* . 193; Loose Wiles 38% 38% 88% 38% Nati Biscuit 32% 32 32’* 32% Natl D Prod ... 20V* 20’, 20% 20% Purity Bak 13% 13% 13% isv 2 Std Brands 14-% 14% 14% 14% Un Biscuit .... 24V* 24 24 24% United Fruit . 62% 61% 61% 63 Ward Bay "B” . 2% 2% 2% 2% Retail Stores— First Nat! Stores 48 45% 46 45-% Gimble Bros . 7% 77, 7% 77,„ Gr Un Tea 3 s ; 3% 8% 87, Hahn Dept Sts . 7% 7% 7% 7% Kresge S S .. 25% 25'/* 25% 25V* Kroger Groc ... 26 26 26 26’* Macy R H .... 48% 48 s * 48% 48% Mont Ward 39% 39 39 39 Natl Tea 9% 9% 9% 9% Penney J C .... 79 78% 79 78% Safeway St 32 31V* 32 32% Sears Roebuck .. 65 s * 65 85 65 Woolworth 53 52% 53 52 s * Aviation — Aviation Coro .. 4% 4% 4% 4’* E'oeing Aircrft . 16’, 16% 16% 15 s , Curtiss Wright 3’* 3 1 * 37, 37, Curtiss Wright A 10% 10% 10% 10% Douglas Air ... 46 s . 44 5 ; 46% 43% Nor Am Av 6 s . 6% 6% 6% Busigraphs ”CASH FARM INCOME INCLUDES BENIFIT PAYMENTS (U. S. DEPT. OF AGRICULTURE) 12 M C 5 • - -m I s _ m (Til * n 2 i 1 1 tal 9..ni1.nil Jill IllUilLlllLliil 1929 30 31 32 33 34 1935 TMt BARKER CORP. GENERAL DISTRIBUTORS INCORPORATED INVESTORS The cash income received by our farmers has steadily increased during the past three years, so that 1935 receipts should be nearly 57 per cent above the low year of 1932. Approximately B’* per cent of the cash farm income in the first 10 months of this year was from direct government benefit payments. Although farm income is still well below the 1929 level, it has been estimated that the farmers’ purchasing power is now some 20 per cent greater than in 1929.

Sppery Corp ... 14% 14% 14% 14 Umtd Aircft new 28% 27% 28-* 27% Chemical*— Air Reduction . 186 186 166 165 Allied Chem 132% 152% 152 s ; 149% : Am Com Alcohol 29% 29 29 28% Col Carbon 95% 95% 95 % 96 Com Solvent* . 20% 20% 20% 20% i Du Pont 137% 137 137 137 Liquid Carb . 36% 36% 36% 36% Math Alkali . 29% 30% 29% 30 j Monsanto Chem 88% 88 88% 86% j Schenley Dist .. 51% 50% 50% 50% I Union Carbide .. 70% 70% 70% 70 U S Indus A1 . 44 44 44 43% Un Drue .new* 18 s , 13% 13% 13% Zonite Prod ... 6% 8% 6% 6% j Financial— Adams Exp ...... 11% 11% 11 Vi 11%; Am Int Corn ... 10% 10 10 9 7 , Chesa Coro .... 56 5 , 56% 56% 56% Lehman Corp .. 91V, 91% 91 % 91 Transamerica .. 12% 12% 12% 12% Tr Conti Corp ... 7V* 7% 7V* 7Vi Building— Am Radiator 23% 23% 23% 23% Holland Furnace 29 s , 29% 29 s * 28% Johns Manville . 92 92 92 92% Libby Owens Gls 44% 44% 44% 44V, Otis Elev 25 35 25 25 U S Gypsum .. 85 84% 85 85 Household— Col Pal Peel .... 20 20 20 1.9% Congoleum 40% 40% 40% 40V* Kelvinator .14 13% 14 18% Mohawk Carpet 21 20’* 21 20% Proc * Gamble . 447; 44% 44 5 ; 447* Servel Inc. . 15% 15% 15% 17 Simmons Bed . . 18 7 18V4 18% 18% j Textile*— Amer Woolen . . 9% 9% 9% 9% ! Celanese Corp . 28 27 s , 28 28% j Collins Aikman . 47% 47 47 46% : Chicago Stocks 'By Abbott. Proctor & Painei 10:30 Prev. j A M. close. | BerghofT 6% S’, Butler 8 V* 8% Chicago Corp . 4% 4% Chicago Corp Pfd 44% 44 s * Conti Steel . 39% 39% Cities Service 2% 2% Com <k Edison 95 s ; 95% Cord 47; 4% j Crane 25% 25% Libby 9 9 j Lynch Glass 32 33% 1 Swift 21V* 21 % Zenith 13% 13% | New York Curb <By Abbott, Proctor 8? Paine) 11:30 A. M. Prev. N. Y. close. Am Cyanide B” 28% 28% Am Superpower 2 2% Atlas Corp 12V* 12V* Carrier Corp 10% 10% El Bond & Share 15 15 Fisk Rubber 5% Ford of Can. "A" 25% 25% Ford of Europe. gs? ga; Hiram Walker 31% 31% Imperial Oil Ltd 1934 19s; Nia Hud Pwr g% gv* Fan Am Airways 4040% Penn Road 9% g3^ N. Y. Bonds (Reprinted from Saturday) DAILY BOND INDEX 20 20 20 60 _ . Inds. Rails. TTtils. Bonds. Today 90.8 83.1 103.0 92.3 Yesterday 90.0 82.9 103.1 92 3 WeK ago 91.3 82.8 103.1 92.4 ago 91.4 80.5 103.1 91.7 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 RONDS (By Abbott. Proctor ii Paine) Treasnrys Prev. n- Close, close. 19<-o 108.31 109 If? 1911-42 107.18 107.21 9? s 1943-45 105.11 105.9 2 If? 1941 108,4 ?^ 4S lit?"-? ••••• 104.31 105.1 2* 1951-55 102.19 102.17 2? . 1948-48 102.22 102.20 ,1950-60 99.28 99.26 2%S 1945-47 100.22 100,19 Horn* Owners Loan Corp. I2; 1 9 . 4 , 9 99.13 99.14 ! ’ s 1902 100.24 100.22 Federal Farm Mortgage Corp. 1 Vr S 102.9 102.11 35 1949 100.27 100.27 DOMESTIC 'By Abott, Proctor <fe Paine) Alleg S Co e rp 5a '44 C £ se " Anee corp as '49 . ?e% 77% Am Frgn Pow 5s 2030 g 4 6 4% Am Tel & Tel 5%s "43 113% 113% Am Tel fc Tel 5s '65 1133! Uojf Arm* Cos (DM 1 5%s '43 .94% 94% Atl Coast Line 4s '52 97 gesi Am Wat Wks 5s '44 m% in'* Am Rolimg Mills 5s ’3B 120% 120 Balt, <b Ohio as ’95 737; 74% Balt <sr Ohio 6s ’95 331/. goi? a 4%s '6O 59% 59% ®uff Roch & Pi W 4%s '57 .... 65 64% Chi Milw &St P 5s '75 ..... 16 ifii t Chi Milw Ar St P 5s 2000 fi g/* Cleve Un Term 5s '73 100% lon% Cleve Un Term 4%s ’77 9-? ' Col Gas 5s May '52 995; s,; Col Gas 5s April '52 100 qg '* Col Gas 5s ’6l 9, no 1 r Btg Four 4V’S 77 .... . 77% 77' 4 Big Four 5s ’63 .. ggi* 1LColorado Ac So 4%s ’BO |2 /a Chi Ac West Ind 4s ’52 99% 993' * * Nor West 4%, ’49 ! I"; Jo * ?j& chesa corp ss' 47■ }s!£ jjp Erie 5s '67 22,4 Grt Northern 7s '36 ...” 103% infv? m U Cent*4 s /? s h *6S Ref 5S 57 & ill ce e m 5s ' ss • “Sf |j| Interlake CArI 5s ’sl ..... ” 52% *2 if Interntl Hy Elec 6s ’44 . .47 Jr 7 * Interntl Tel Ac Tel 4%s ’39 87% 97 Interntl Tel Ac Tel 5s ’55 797! ?L /0 it pilsV s 1 a kt '74^ Nickel Plate 6s ’35 ...!!!!!!!! q| 2? N Y Cent 5s 201.3 793- gn T Cent 4VaS 2013 (old) 73% 731,,^ Nor Pac 3s 2047 . 74 * Nor Par 4%s 2047 I l s ; If* Nor Pac 6s 2047 . ins in*iNor States Pow 5s ’4l " !!!!!! 105% 105% On> sfiei n 6*^ m 45 ’ 53 B °’i So Penn Ro t. ,11 102% 102 „ nn Ry 4 1 4S 84 lOS l '* 105 3 Penn Ry 4%s ’gl }q6 106 Penn Ry 4%-s ’7O Pac G X Eos ’42 . 10*5* ,n* 3 Portland Gen El 4%.* 60 70% 1 ?i /4 Para Publix 5%s 'SO 92 gin posui T* h cLb s 5s 81 ’53 34 10 4 l? 'Silt ' ;1 Sou Pac 4%s ’Bl 75 743/ 2 sou Pac 4vis ’69 75!., 753* Sou Pac 4s ’49 7872,? 1“!! Kail 4s ’56 50% 50% 2. 0U R &“ 6 ’ sS s 6 69 5 ; 7(1 Texas Pac 5s ’BO 94 '* 933.; Texas Pac 5s "79 93., 935* , Union Pac 4s ’47 113 lio’S United Drue 5s ’53 .'.. 98 1 98 U S Rubber 5s '47 102% 102% 1 NYN HAr Hart 6s 48 !!! 31 30% ! NWN HAr Hart 4’bs '67 ... 30% 30% Warner Bros 6s ’39 86% 86 s * Western Marv 4s ’52 95% 95% 1 Youngstown S Ac T 5s ’7O . 103 103% Youngstown S Ac T 5s ’7B . 103% 103% , FOREIGN Argentina A6s ’57 98% 90% Canadian Govt. 4s '6O 105 s * 105 7 ; Denmark 5%s ’55 101% 101% ■ French 7s '49 17 17 ! German 5%s "65 28% 20% ; German 7s "49 40 s * 39% Italv 7s 'sl 6! 61 Taoan 6%s "54 99% 99% Poland 7s "47 107 106% Rome o%s ’52 52 51% i Tokio Citv 5%s '6l 81 80% Yokohama 6s "61 85% 86 Unlisted Stocks 'By Blythe At CO.l NEW YORK BANK STOCK* Bid. Ask. ! -Bankers . 87% 69 Central Hanover B Ar T 124% 126%. Chase 41V* 43% i Chemical National 54% 58% * Guaranty 312 315% ! Irving 17% 19 Manufacturers 45% 47 National City 38% 31% , Cont 111 'Chicago. . . .117 119 •First National of Boston 45% 47% 1 •Natl Shawmut 31 32% j FIKE INSURANCE Aetna Fire 28% 30% Citv of New York inewt ... 87 90% Federal Ins 87 90% Franklin Fire 33 35 Great American Ins 29% 31% i •Hanover Fire Ins 39 41 I Hartford Fire Ins 82% 84% Home Ins 39% 40% Ins Cos of N A 75 77 National Fire 78 78% , North River Insurance 27% 29 j Phoenix Insurance 98% 100% ' U S Fire 54% 50% * Westchester Fir# 37% 40 i •Ex. div. * l

BUSINESS NEAR I PEAK OF YEAR, REPORTSHOWS Carriers Are Preparing for Record Christmas Traffic. Time* Special NEW YORK. Dec. 23.—At 73.6 per cent of normal business seems to be holding close to the year s peak established in the first week of December, Business Week Magazine reported in its issue today. Such contraction as appears in manufacturing and transportation is no more than usual for the period,” the report said. “Retail trade is fulfilling expectations, particularly in busy steel and motor centers. Air, rail, and steamship lines are preparing for the heaviest Christmas traffic in years.” Motors Make New Records “Important pending decisions from the nation’s capital on the legality of AAA. the Bankhead act, the Guffey act. TVA. together with 1 the coming meeting of Congress j with its attendant problems are having only minor influences on busir. ss activity. “Motor companies have chalked up new records in the last quarter of 1935. Ford assembled his millionth car for 1935 on Oct. 31. Chevrolet hit the same mark last j week. Production for the industry' as a whole, both last month and this month, will top all previous j records for the period, coming close j to the comparable, new model! month of January, 1929. “Swelled by a. $29,000,000 award for TVA's dam in Alabama, heavy engineering contracts last week reached a total of $86,800,000. the highest for any week since March, 1931. $2,000,000 Russian Radio Order Machinery sales are tapering! somewhat toward the close of the j year although the volume of in- j quiries presages good business after i the first of the year, Russia's $2,000,000 order for radio equipment and machinery will boast, this month's business and bring the year's volume about 86 per cent j ahead of last year. “In the van of favorable news this week was the Jones Ac Laugh- j lin announcement that stockhold-1 ers will be asked to approve a SIOO.000,000 first mortgage for erection of a $25,000,000 strip and sheet mill at Pittsburgh and other purposes. Further news of expansion came with the announcement late this week of General Motors’ new Grand Rapids Stamping Division—s7,ooo,000 for construction and equipment. “Business noted that this division would supply all G. M. plants, and provide emergency capacity in case of troubles at other stamping sources, that four turret top presses, the biggest of their kind, had already been ordered.” CHRISTMAS BONUS TO BE GIVEN BY 2 FIRMS Mesta Machine, Continental Can Workers Get Extra Pay. Time* Special CHICAGO. Dec. 23.—The Mesta Machine Cos., Pittsburgh, in completing the mast active and prosperous year in its history has voted to pay a Christmas bonus to all salaried employes, it was announced today. Those who have been with the \ company nine months or longer will receive a payment of two months' salary, while those who have been with the company since April 1 of this year will receive bonuses pro-1 portionate to their length of service.; The payments average over SSOO each for about 225 employes. NEW YORK. Dec. 23.—The Continental Can Cos.. Inc., is to make a special Christmas distribution to each of its 13,000 regular factory and salaried employes, involving an expenditure of approximately $250.000, O. C. Hoffman, president, announced today. BUSINESS CENSUS TO BE STARTED ON JAN. 2 675 “White Collar” Relief Workers to Be Employed. Work of taking a business and manufacturing census of Indiana is ! to be started Jan. 2 by a staff of 675 “white collar” relief workers, to be J directed by John L. Lennon, supervisor, Bureau of the Census, Washington. Ninety-one persons. 18 enumer-! ators and 10 office workers, are to be employed in Marion County, un- j der the supervision of James Tandy and Jud McCarthy. INSURANCE VOLUME UP 1935 Investments Expected to Pass $3,000,000,000 Mark. Time* Special PHILADELPHIA. Dec. 23.—The possibility that 1935 investments by J life insurance companies will pass the $3,000,000,000 mark. a. mark never ireviouslv reached, is seen by ! Willian A. Law, president of the Penn Mutual Life Insurance Cos. Total investments for the year, up to and including the week ending Dec. 7. stand at $2,830,811,940. compared with $1,595,017,421 invested during the same period last year. Investment during the week ending Nov. 9 amounted to $110,569,737, the greatest amount ever invested in one week. Money and Exchange INDIANAPOLIS STATEMENT Clearing* $2,634,000 Debits : 5,272 000 TREASURY STATEMENT ‘By United Press' WASHINGTON. Dec. 23.—Government i expenses and receipts lor the current fiscal i year to Dec. 20, as compared with a year ago: This Year. Last Year. Expenses 03.627.822.650.94 03.439.575.206.63 Receipts. 1 841.775.486.38 1.794.766.906.57; Deficit 1.796.047.164.50 1.644,806.200 06 j Cash bal.. 2,297,100,245 93 2,610,220,700.10

PAGE 17

Battle of the Century?

SWINE VALUES MOVE UPWARD Advance of 15 to 35 Cents Forces Top Price Up to $lO.lO. An increase of 15 to 35 cents in the pork market today at the Indianapolis Union Stockyards carried the top price for good and choice weights to $lO.lO, the highest level since Dec. 9. Receipts were estimated at only 3000, the lightest number on hand for a regular session in several weeks. This was attributed to bad weather conditions prevailing throughout the state. With only 64 hogs held over from Saturday’s session combined with the light supply today, trading was extremely active and demand strong. The bulk of 160 to 225 pounds, cashed in at $lO to $lO.lO while medium heavy grades, scaling from 225 to 275 pounds, cashed in at $9.75 to $9.95. Extremely weighty classes, ranging from 275 pounds and upward, brought $9.45 to $9.65. Light kinds, scaling 100 to 160 pounds, sold at $9.25 to $9.75. Packing sows held at $8.25 to $8.75. With only a limited supply of slaughter classes on hand, the cattle market was steady to strong. Early sales of top steers held at $11.50. Heifers were value at $8 down, while some held slightly higher. Beef cows ranged from $4.50 to $6.25. while bulls were salable at $6 down. Receipts were 800. Stimulated by a, strong demand, the veal market moved sharply 50 cents higher. The bulk of good and choice grades cashed in at $10.50 to sll. Receipts numbered 400. The lamb market also was strong to largely 25 cents higher. Most classes available sold from $12.50 down, while slaughter sheep sold at $3.25 to $4.50. The supply consisted largely of fed western lambs not yet sold, but holding at higher terms. Receipts were 2500. HOGS Dec. Bulk. Top. Receipts. 17. 18. 9.50® 9.60 9.60 4000 19. 9.65@ 9.75 9.80 4000 20. 9.80® 9.90 9.90 3500 21. 9.65® 9.75 9.75 1000 23. [email protected] 10.10 3000 Light Lights (140-160) Good and choice . $9.50(5: 9.75 Medium 9.00® 9.50 >l6O-180) Good and choice. 10.00(510.10 Medium 9.50®10.00 (180-2001 God and choice. 10.00®10.10 Medium . 9.50 @IO.OO Medium Weight* (200-220) Good and choice . 9.95® 10.00 1220-250) Good and choice . [email protected] Heavyweights (250-290) Good and choice . 8.85® 9.95 (290-350) Good and choice... 9.45® 9.65 Packing Sows ,275-350) Good B.Bo® 8.85 1350-425) Good 8.50® 875 (425-450) Good 8.35® 8 60 (275-450) Medium 8.25® 8.50 Slaughter Pigs (100-140) Good and choioe .... 9.25® 9.75 Medium 8.50@ 9.50 CATTLE —Receipts, 800— (500-900) Choice $10.90(812.25 Good 8.75(5.11.50 Medium 6 75® 9.00 Common 5.25® 6.75 >9OO-1100) Choice 11.758 13.00 Good 9.00® 12.25 Medium 7.00® 9.00 Common 5.50® 7.00 (TIOO-1300) Choice [email protected] Good 9.25® 12.50 Medium 6.75® 9.00 Common 5.25® 6.75 (900-1100) Choice 11.75(513.00 Good 9.00® 12.25 Medium 7.00@ 9.00 Common 5.50® 7.00 (1100-1300, Choice 12.25®13 25 Good 9.25812.50 Medium 7.25® 8.00 (1300-1500) Choice 12.25® 13 50 Good 9.25® 12.25 Heifer* ,500-750) Choice 9.50®10.50 Good 8 00® 9.50 Common and medium ... 4.50® 8.00 (750-800' Good and choioe. . [email protected] Common and medium 5.00® 8.50 Cow* Good 6.50® 6.50 Common and medium 4.50® 5.25 Low cutter and cutter 3.25® 4.58 Bulls, good 5.75® 6.25 Cutter, com. and med. bulls .. 4 00® 5.75 VEALERS —Receipts, 400Good and choice *10.50811.00 Medium . [email protected] Full and common 4.50® 5.50 Calve* • 250-600' Good and choice .... [email protected] Common and medium 4 50®. 7.00 Feeder and Stocker Cattle <SOO-800, Good and choioe 6 75® 8 25 Common and medium .... 4 508 6 7.6 'BOO-1050' Good and choice .. 6.75® 8.50 Common and medium .... 450 ® 6.75 C*w Common and medium S.so® 4.25 SHEEP AND LAMBS —Receipts, 2500 Lamtqs. 90 lbs. down, good and ehoio? *lO 50®—.50 Medium 8.50® 18.50 Ewes '9O-125' Good and choice ... [email protected] All weights, common and medium ... 3.50® 450 1120-150) Good and choice . 300 ® 4.00 Other Livestock 'By United Press) LAFAYETTE Ind.. Dec. 23 —Hog market 10 to 35 cents higher: 170-210 lbs. *B.Bo@ 9.90: 210-235 lbs . $9 7089 75: 235-275 lb?.. *9 45*9 60; 275-325 lb; *9.25*9.35; 15C--170 lbs.. $9.60: 180-150 lbs. $989.30; roughs. $8.50 down. Calves—*lo down Lambs—slo.so down. FORT WAYNE. Ind., Dec. 2* —Hogs—--35c higher: 160-100 lbs., *U>: I*o-200 lbs.. 09 90 : 200-220 lbs.. *9.00: 220-240 lbs . *9.70: 240-200 lbs . 09.00 : 200-300 lbs.. 09.50 : 300350 lbs . *9.35: 140-100 lbs., *9.75: 120-140 lbs.. *9 50: 100-120 lbs.. *9 25 Rough*. *8.25; stags, *OSO, calves, SIL lambs, sll.

General Motors Shareholders Drop The total number of General Motors common and preferred stockholders for the fourth quarter of 19-15 v'os 337,219. compared rrith 31,5 001, for the third quarter and trith 350,1 S/, for the fourth quarter nf 193,.

BANK CLEARINGS RISE SHARPLY DURING WEEK Twenty-Two Leading: Cities Report Increase of 1.5 Per Cent. Time* Special NEW YORK. Dec. 23.—Total bank clearings reported by 22 leading cities in the United States for the week ended Dec. 18 amounted to $6,251,978,000. compared with $6.160.782,000 in the corresponding period a year ago. an increase of 1.5 per cent, Dun <fe Bradstreet, Inc.. announced today. This compares with a gain in the preceding week of 7.7 per cent. New York City reported a decrease of 6.3 per cent for the week, while outside centers showed an increase of 20.3 per cent. Heavy corporate taxes payable at this time swelled bank settlements both this year and last, it was reported. Total clearing for the last week exceeded those of the preceding week by sl,120,246,000. With the exception of New York, totals for all cities were substantially higher than a year ago. Notable gains continued at some of the outside centers including Boston, Buffalo, Pittsburgh, Cleveland, Cincinnati. New Orleans, Chicago, Detroit, St. Louis and Louisville.

WHEAT PRICES RISE IN EARLY TRADING Chicago Pits Firm Through Liverpool Influence. Bp United Prr ** CHICAGO. Dec. 23.—Firmness in the Liverpool market filtered through to the wheat pit today on the Chicago Board of Trade. At the start wheat was % to % cent higher, corn was unchanged to '* cent lower, oats were off % to up is rent, and rye was U cent higher. Although wheat traders were inclined to move cautiously in view of the approaching holidays, small buying early was a reflection of the improved tone in Liverpool. (By James E. Bennett * Cos.) 10:30 Prev. Wheat— High. Low. A M. close. Dec. 1.01% 1.03% 1.03% 1.02% May 1.00% .99% .99% ,99 s ; July 90% .90 .90% ,90 s * Corn— Dec 59% .58% .58% .58% May 60% .59% .60 .59% July 60% .61 .61 .61% Oats— Dec. 27 .26% .26% .26% May 28% .28 .28 .28% July ... .28% .28% .28% .28% RyeDec 51% .51% .51% .51% May 52% .52% .52% .52% July 53% .53% .53% .52% LOCAL CASH MARKET City gram elevators are Daving 9? cents lor No. 2 solt wheat. Other grades on their merits. Cash corn new No. 4 yellow 46 eents and oats 19 cents HUDSON SALES SPURT Volume For Week Ended Dec. 14 Best Since June 29. Time* Special CHICAGO. Dec. 23. Sales of Hudson and Terraplanes for the week ended Dec. 14 were higher than for any week since June 29, William R. Tracy, vice president in charge of sales, announced today. Retail sales in the United States for the week ended Dec. 14 totaled 2,071 units. Sales for the first two weeks in December amounted to 4.000 cars, a total exceeding the first two weeks of any month in the entire year of 1935 except in April, the normal peak month. The gain registered retail sales for the week over the preceding seven-day period is the tenth successive weekly increase. CAPITALIZATION IS SET Grocery Store Products Cos. to OfTer Stocks and Bonds. Time* Special CHICAGO. Dec. 23.—Capitalization of Grocery Store Products Cos., successor to Grocery Store Products, Inc., is to consist of $1,224,350 of collateral lien 6 per cent bonds due June 1. 1945. and 126.300 shares of 25-cent par value common stock, it. was revealed today. The pro forma balance sheet, which is based on an independent audit of Grocery Store Products. Inc., the predecessor company, and subsidiaries as at July 31. 1935, reveals current assets of $930,077. including cash of $227,823 Current liabilities are shown a* $263,750. NEW HIGH IS REACHED Time* Special SAN FRANCISCO. Dec. 23Registering the largest comparative gain in its history, the Bank of America index of far Western business for November, standing at 73, reached the highest level since September, 1931, it was announced today.

BANKERS GROUP FIGHTS EXCESS CHARTER ISSUE Association President Sets Campaign Against Old Evil. J im** Spr'-iol NEW YORK. Dec 23.—A program to combat a return to overbanked conditions in the United States through the chartering of an excessive number of new banks were made public here today by the American Bankers’ Association. This purpose is brought out in a foreword by Robert V. Fleming, president of the association, in a study by its economic policy commission of the history of bank chartering policies in the United Stales made under the direction of Leonard P. Ayres, chairman. “The commission's study give.* an impressive revelation of how great a part mistaken public policies in the chartering of banks played in creating the unsound banking structure which finally collapsed with the bank holiday in March, 1933" Mr. Fleming said. No Guarantee Against Repetition “Overproduction of banks, literally by thousands, over many year* in the face of insistent warnings not only from bankers and others who recognized the danger, but even more so from the mounting record* of bank failures themselves is here clearly shown to have constituted one of the greatest single economic errors in the history of the nation.” Mr. Fleming points out that although the drastic elimination nf thousands of banks has largely eorlected the old situation, “this is not a guaranty against a repetition of the error.” Strive to Proteet Rank Structure He refers to fears of a recurrence of overbanking recently expressed by Federal banking authorities, to the {lowers given the Federal Deposit Insurance Corp. bv the provision of the Banking Act of 1935 over the admission of banks to membership in the insurance fund, to strengthened state laws and to the policies now being followed by both national and state supervisory authorities aimed to safeguard the nation against a return of overbanking. “But sound laws and conscientious officials are not of themselves always sufficient safeguard in any field of our complex national life unless they have the active support of public opinion.” he said. “It is the purpose of the American Bankers’ Association to aid in marshaling public opinion in support of both national and state supervisory authorities in their efforts to strengthen and protect the banking structure.” NOVEMBER CARLOADINGS INCREASE 13 PER CENT October Net Income Best for Any Month Since 1931. Time* Special NEW YORK. Dec. 23.—The sharp improvement in October rail traffic was carried over into November when carloadings showed an increase of 13 per cent over the preceding month a year ago. Poor's Publishing Cos. announced today. A corresponding increase was shown in October. Net income for Class 1 railroads in October amounted to $32,000,000, compared with $5,715,000 in the corresponding month a year ago. This was the best single month's report since 1931. and the best October report issued since 1930. In the first nine months of the current year, the railroads were running a loss of $66,000,000. compared with a loss of approximately $32,000,000 for the same period in 1934. it was reported. In the 10 months through October, the cumulative loss was reduced to $34,000.000, against a $31,343,000 deficit in the like 1934 period. LILLY BUYS 3 FARMS City Capitalist's Adds Te Holdings in Hamilton County. Times Special NOBLESVILLE, Ind.. Dec. 23. Purchase of three additional farms in southern Hamilton County by Ell Lilly, Indianapolis capitalist, has been disclosed here. Mr. Lilly’s holdings now aggregate almost 1000 acres on which more than $75,000 has been spent in improvements during the last 18 months. BOND MATURITIES SPURT Times Spee ini NEW YORK. Dec. 23—Corporate bond maturities during January are expected to total $112,123,100, the Standard Statistic Cos. announced today. December maturities totaled $65,899,800 and the 88 issues and portions of issues falling due in February will total $94,395,070. PAYMENT ANNOUNCED 7 imes Special BOSTON. Dec. 23.—A dividend of 20 cents a share, payable on all policies expiring during the period Feb. 1, 1936, to Feb. 29. has been declared by directors of the American Mutual Liability Insurance Cos, it was announced today. VOTES ON DIVIDEND Time* Special CHICAGO. Dec. 23.—Director* of Supervised Shares. Inc., have declared a quarterly distribution of 1.6 per cent a share payable Jan. 15 1936, to stockholder* of record Dec. 31. A distribution of 14 cents a share was made in the same period a year ago.

LOANS REPAIRS AND NEW HOME BUILDING See Your Local Building and I*oan Assn*.