Indianapolis Times, Volume 47, Number 248, Indianapolis, Marion County, 25 December 1935 — Page 22

Trends Townsend Old-Age Pension Figures Questioned. BY JOHN T. FLYNN

YORK. Dec. 25,-Before examining the fundamental elements of the Townsend old-age plan, there are certain mere figures involved which ought to be straightened out. First of all, the Townsendites insist the plan will aid not merely the aged but the whole economic society. This it will do by creat-

ing employment, increasing purchasing power and ending depressions. The Townsendites put the cost at about $19,000,000,000 $2400 a year to each of not more than 8,000,000 people over 60. But 2,300,000 others will be exempt for various reasons. But they insist, and with

Flynn

some justification, that there will be an offset against this heavy charge. One of these offsets will be, they point out. the saving of $2,500,000,000 —the cost of support4ng 775,000 inmates of poorhouses. o a a WHERE these fantastiic figures come from I do not know. The last enumeration of people in poorhouses by the Census Bureau was in 1923. There were then only about 51,134 persons 60 years of age and over in almshouses. It is fair to assume they did not cost the people more than SSOO each. But if we put the amount at SIOOO each and if we assume the number haa doubled, the total cost would not exceed $100,000,000, which is very far from $2,500,000,000. It will be seen, therefore, that this offset is of no importance. The Townsendites assert, correctly, that, as old persons receiving pensions must withdraw from work, the jobs they vacate would be available for younger men and women. It is difficult to get precise figures on the number employed. In 1930 the number of persons 60 years and over and gainfully employed was about 4,000,000. Many, however, w r ere proprietors and professional men. tt an HERE the advocates of the plan make an error in arithmetic. They substract from 10,300,000 persons over 60, some 2,300,000 who would not receive pensions because of criminal records or because they have incomes over $2400 a year or will not give up work. Having subtracted them once, they can not subtract them again. They can not subtract all of the employed from the remainder of 8,000,000. Persons 60 years old and over with criminal records would be about 500,000. The gainfully employed with incomes would be about 1.800,000. These are included in the 4,000,000 old persons with jobs. As they would not get pensions and give up their work, the number who would quit work would be at the outside 2,200,000. Are we to assume that the retirement of these 2.200,000 will create that many jobs? Some 1,200,000 of these are farmers. nun OF course, they do not hold jobs at all. Their retirement would not make jobs for anybody —merely leave a farm vacant for some other farmer to buy. What is more, many of those left are not employes. They are proprietors of their own small establishments—little stores, service enterprises of various sorts. Their retirement might clear up that particular business, perhaps, but would not create employment. It is not possible to arrive at a ! figure in excess of a mililon jobs ! Avhich would be made accessible to j younger persons. This is some- i thing, but it is very far from the 5,000,000 jobs which the Townsendites claim. These are not arguments against the fundamental duty of society to provide for its aged population. But they have an important bearing on the benefits which will result to the balance of society from the plan. CROWN PAPER BOX CO. HOST TO EMPLOYES Local Firm Distributes SllOO Among 47 Workers. Employes of the Crown Paper Box Cos., 32 East Georgia-st., attended a turkey dinner yesterday as guests of the company. In addition to this, a Christmas bonus of more than $llOO was to be distributed among Its 47 employes. This marks the second bonus employes have received this year, a similar amount having been dis-i tributed July 1. The company re- i ports an increase in the use of I paper boxes throughout the United States and Canada. TRANSIT REVENUES UP # Indicator Placed at 102.52 for Week Ended Dec. 15. T imcs Special NEW YORK. Dec. 25.—Transit revenues as reported by a representative group of companies for the week ended Dec. 15 com.uued to show Improvement over the corresponding week a year ago. according to the Transit Journal Indicator today. The Indicator for the week was placed at 102.52. Revenues for the week were high due at Christmas buying, but were only moderately hiirer than a year ago. A reduction In revenues was shown on the East and West coast. DEPOSIT DEBITS RISE Time* Special CHICAGO. Dec. 25.—Debits to individual deposit account reported to }he Federal Reserve Bank of Chicago for the week ended Dec. 18 cy 62 banks in 41 leading clearing house cities totaled $1,328 673.000, an , Increase of 33 9 per cent, it w'as an- j Jiounced today,

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 22

DUKE POWER CO. CASE SPEEDED TO HIGHCOURT Ickes’ Testimony in Support of PWA Loan Advances Legal Battle. BY DANIEL M. KIDNEY Times Staff Writer WASHINGTON. Dec. 25.—A personal appearance in court by Harold L. Ickes, Secretary of the Interior, in the legal fight between his PWA ana tne Duke Power Cos. in Greenwood County, South Carolina, has advanced that case to | the point where it may pro- | vide the first Supreme Court test | of the validity of Federal loans for j county or municipal power projects. Principles involved in the Duke case are the same as in the Hominy <Okla.) case, which was en route to the highest court until recently remanded back for trial in a lower court here. Secretary Ickes testified at Spartanburg, S. C., in support of anew PWA contract to supply Greenwood County with $2,852,000 for a power project on the Fluda River at a site known as Buzzard’s Roost. Returned to Circuit Court The case had been sent back from the United States Circuit Court of Appeals at Baltimore to United States District Judge H. H. Watkins at Spartanburg, to hear evidence regarding a revised contract made since the case was launched. It will now' be returned to the Circuit Court and is expected to go from there to the highest tribunal, whose ruling is expected to guide the government in 50 or 60 similar cases. Since Mr. Ickes’ Spartanburg testimony Hie Buzzard’s Roost litigation is being referred to as the “book case.” For the Interior Secretary was cross-examined in regard to his general ideas on public ownership of power as expressed in his book “Back to Work; The Story of PWA,” published last June. Defends Statement in Book W. S. O B. Robinson, chief counsel of the Duke Power Cos., came to court with two copies of the Ickes volume. The author readily admitted having charged that the Duke power rates were excessive and that the company was seeking ‘‘two days in court.” These charges, Mr. Ickes said, were based on “information and belief.” When the company counsel sought to get the Secretary to deny rates were unreasonable, since they are fixed by state commissions, he said: “That does not make them reasonable; it’s that way all over the country. I still believe the Duke rates are unreasonable, based upon cost of production.” Backs Up Power Program And in defending the Roosevelt power program he continued: “I understand the Administration is committing the crime of trying to make electricity cheaper.” Mr. Robinson read many excerpts from the Ickes book, including a declaration that utilities have been “exacting unconscionable tribute for many years.” Mr. Ickes said he still held that view. Failing to recall some of the sources of information used in writing the volume, he said:, “I am not disposed, as counsel knows, to dodge. But I haven’t been burning the midnight oil over this book as has counsel.” “It’s an interesting book,” rejoined Mr. Robinson. "And an instructive one,” Mr. Ickes added. On leaving the stand, the Secretary was asked if the book sales were good. “Well,” he replied, “I see two of them were sold, at any rate.” COMMODITY PRICES INCREASE SLIGHTLY Index Placed at 79.5, Compared With 79.4 Week Ago. Times Special WASHINGTON, Dec. 25.—The general level of wholesale commodity prices showed only a slight change during the week ended Dec. 21, according to a report released today by the National Fertilizer Association. The index for the week stood at 79.5, based on the 1926-28 average as 100, compared with 79.4 in the preceding week. The slight advance of the composite index occurred in spite of the fact that six of the component groups registered declines and advances took place in only three. The principal increase, and the one largely responsible for the rise in the composite index, was in the grains, feeds and livestock group; reflecting higher quotations for small grains and cattle, this index rose to 83.1 from 81.9 a week earlier. A moderate rise in the fats and oils index was caused by the rise in j prices for butter, linseed oil, coconut oil, and corn oil, which more ! than offset declines in lard, cotton- ! seed oil, and palm kernel oil. Higher : prices for news-roll paper and rub- j ber resulted in a small rise in the j index for miscellaneous commod-1 ities. RETAIL SALES INCREASE Illinois Reports Gain of 23 Per Cent in Dollar Volume. Times Special CHICAGO. Dec. 25—Sales of approximately 726 independent stores in Illinois reporting to the Department of Commerce showed an increase of 23 per cent in dollar volume for November, compared with the same month a year ago. the Bureau of Foreign and Domestic Commerce announced today. After adjustment for the number of working days, November sales showed an increase of about 10 per cent from October this year. Without adjustment for working days November sales were 2 per cent higher than October. All classes of business represented in the report showed increases for November over the corresponding month last year.

Tax Collections Equal Fifth of U. S. Income Corresponding Ratio in Foreign Countries Is Higher, Industrial Conference Board Reveals. Times Special NEW YORK, Dec. 25.—Tax collections in the United States now represent about 20 per cent of the national income, according to estimates made by the National Industrial Conference Board. The corresponding ratio for the United Kingdom is about 25 per cent; for Germany, about 23 per cent, and for France, between 20 and

MARKETS CLOSED All security, grain and commodity exchanges throughout the country are closed today in observance of the Christmas holiday. Livestock markets, which are closed only five holidays a year, also suspended trading. Banks, business organizations and foreign markets are likewise inactive. Trading will be resumed as usual in all financial districts tomorrow morning.

PRICE DECLINE SEEN PROBABLE FOR 1936 Fourteen Upturns Cited in Report Since 1865. Times Special NEW YORK, Dec. 25.—Commodity prices, based on fluctuations since Civil War days, are expected to suffer a probable price recession during 1936. according to a report released today by the Alexander Hamilton Institute. Since 1865, there has been 14 periods of rising prices, one lasted four years, one three years, three two years, and seven one year. All the periods lasting more than three years occurred under conditions which do not exist today. The 1897-1900 period and the 1902-1907 period came at the beginning of the long term inflationary movement. The 1915-1920 period covered the years of war-time inflation. In addition to the duration of former periods of rising prices, the extent of the current advance indicates a recession in 1936. The current rise has not only lasted for three years but the increase, amounting to 23.5 per cent, has been more extensive than in any previous period since the Civil War with the exception of the 1915-1920 period when the # war-time inflation resulted in a price increase of 126.7 per cent. In the 1880-1882 period, which resembles the present one, the price rise lasted for three years and amounted to 20.8 per cent.

—l93s—i MONTHLY DAILY FROM AUG. Ist1 st 54 .j - : _ 52 1 ' 5 ° I DAILY AVERAGE I z I poo COMMON STOCKS 44 . *lets>u4arkel bureau - inc 42 1 = * 40 1 * 38 j 36 i r.A i I I I* I 1 I • j I KT\r\ . ■ r• •; j ! IIIIII1IIIt!■ I I I 1 1 1 I 1 oc . 1 1 ii ii i i.i ,y ii H (j ii • r- J ! | I TA , 11111 111 I I I I II I I I* l 1 * * r u T~ II ii ii ii ii ii i“~T ii ii i 1 j i J 1 J nn 1 11 ii i | t ii ii < | | | | | | i 1 * 1 I * 1 1 CO i 111 iii 'i ii ii i iii in ii •! [ T”! I - ”* Y t l ■iilii ii ii ii i ii ii i ll 1 1 1 1 iiii 11l ii ii ii i ~ i T~i ii l 1 {“J | 1 1 MIII I I I I I -I II • | | | II | | I 1 * 1 ‘ * Ch'TTI 111 l I I —l I —I —I —l I—i1 —i i —| —| 1 1 —i —j —| —i —| —; r ~ 2fl 15 22293 12 19 263 1017 24 31 7 142127 512 19

INDIANAPOLIS, WEDNESDAY, DECEMBER 25, 1935

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25 per cent. Such comparisons, it is pointed out, do not furnish an accurate picture of relative tax burdens, since all estimates of national income are only general approximations and the concepts used by statisticians in the several countries differ. The apparent advantage of the United States, indicated by these comparisons, is also minimized by the fact that the depression brought about a much larger increase in the ratio for the United States than in the ratios of the other three countries. In comparison with each of those countries, our position is relatively less favorable than during the decade prior to 1930. Impose Additional Burdens The combined Federal, state and local tax burden in 1932 to 1934 was substantially greater than in the years precedir.g the depression, as indicated by the rise in the ratio of tax collections to national income from between 10 and 12 per cent to the present level of 20 per cent. In the last few years the rates for many old taxes were increased and other taxes—state sales taxes, processing taxes, excess profits taxes, a capital stock tax and other Federal miscellaneous internal revenue taxes—were adopted or revived. The ultimate effect of these new taxes as a group is to impose additional burdens on business and individual incomes. These added burdens were imposed at a time when business and individual incomes were at a subnormal level. Consequently, the drop in tax colections from $lO,300.000,000 in 1930 to $9,500,000,000 in 1934 does not reflect a reduction in the tax burden. That burden has become greater, whether measured in terms of national income or any other standard. CIGARET OUTPUT GAINS Times Special NEW YORK, Dec. 25.—Cigaret production during November was estimated at 10,801,258,890, compared with 9,727,429,600 in the corresponding month of 1934, it was announced today. Cigar output, however, showed a slight decrease.

TIPTON SEEKS NEW FACTORY Mayor Compton Recomends Group Investigate Proposals. Times Special TIPTON, Ind., Dec. 25.—Mayor W. A. Compton today was on record as favoring location of a factory at Tipton. I In a letter to the Tipton Kiwanis Club Mayor Compton suggested that the organization, in line with its endeavor to ba of benefit to the community, appoint a committee of interested citizens to investigate proposals of likely enterprises. The city took over the old cutlery building for taxes against it and a project filed with the Works Progress Administration for razing it with WPA labor and erecting anew one was approved. The city wishes to build a modern factory building and its first intention was to build and then try to locate an industry. The matter was discussed by city officials and others and it was suggested that the better plan would be to secure the industry and then build. ALLEN INDUSTRIES MAY FILE WITH SEC Company Expected to Seek Listing of New Common Stock. Times Special NEW YORK, Dec. 25.—Allen Industries, Inc., producers of cotton and felt materials for the auto industry, are expected to file a registration statement with ths Securities and Exchange Commission shortly, covering certain shares of new $1 par value common stock, of which 198,000 shares are now outstanding following a recent three-for-one splitup, it was learned today. The company, shortly after the registration becomes effective, proposes to make an offering of 39,600 shares of the new common stock to shareholders, which is to be underwritten by F. Eberstadt & Cos., Inc. Under this proposal, stockholders are to be granted the right of purchasing one share of the new common stock, at a price of $13.75, for each five shares now held. It is contemplated that the underwriters will make a public offering of any shares not subscribed for by stockholders. DETROIT JOBS INCREASE Times Special DETROIT, Dec. 25. —The employment index of the Board of Commerce here stood at 109.9 on Dec. 15, the highest level reached since April 30, and only 1 point under the year’s peak established April 15.

57 GENTS PAID i ON AVERAGE FOR SILVERBYII, S, Treasury Figures Reveal Cost Per Ounce in Buying Drive. BY RICHARD L. GRIDLEY United Press Staff Correspondent WASHINGTON, Dec. 25 —The j Federal Treasury paid an average j of 57 cents an ounce for the nearly 775,000.000 ounces of silver acquired under the Roosevelt Administration, official Treasury figures showed today. The cost of the 761,774,000 ounces of the white metal purchased up to Dec. 6 was set at $438,698,442. This metal is being written up on the Treasury books to $1.29 per ounce, or to a total of $982,688,460. Thus, the Treasury will set up a “paper profit” of $543,990,018 on its silver purchases to date, regardless of fact that the metal cost more than the market price. Disclosure Arouses Interest This “profit” already has been written up on approximately 362,000,000 ounces. The remainder is still in the Treasury in the form of bullion and will be set up as currency backing as soon as the necessary new money can be printed. Revelation of the price paid for the silver acquired under the various purchase operations of the government aroused considerable interest here in view of the recent withdrawal of the Treasury silver buying agents from markets where speculative silver was for sale. The result was a break in the world price of the metal to 50% cents an ounce, more than 6 cents an ounce under the average price paid by the Treasury and more than 30 cents an ounce under the peak price paid for silver in the London market last summer. Holdings 1,473,774,000 Ounces The heavy silver purchases of the government, through which the United States virtually dictated world silver prices until its withdrawal from the market several w'eeks ago, was a move of the Administration to remonetize the metal and also a congressional step in promoting higher commodity prices. Under the Silver Purchase Act of 1934 the Treasury was ordered to acquire silver until its holdings reached a third the value cf the gold stocks or until the world price went to $1.29 an ounce. On Dec. 31, 1933, the government’s monetary and bullion silver holdings amounted to 712,000,000 ounces. These have been increased to 1,473,774,000 ounces. Congress May Take Note This still is far short of the goal of some 2,600,000,000 ounces to be acquired on the basis of present monetary gold holdings of $10,105,000.000. Heavy gold imports over the last year have largely nullified the efforts of the Treasury to reach its silver purchase goal. Every time the gold stocks increase a million dollars the goal of the silver purchases is raised by 255,000 ounces. Apparent inability of the Treasury Department to reach its silver goal in the face of almost impossible world conditions is likely to receive considerable attention in the coming session of Congress. In some quarters it was felt that the difficulties facing the Treasury in its silver policy might be recognized with some changes in present laws governing silver. • DIRECTORS FAVOR BONUS International Business Machine lo Give Workers Extra Pay. Times Special NEW YORK, Dec. 25.—Additional compensation for all hourly-basis employes of International Business Machines Corp. in its plants at Endicott, N. Y., Rochester, N. Y., Washington, D. C., and Toronto, Canada, has been voted by the executive committee of the board of directors. Hourly basis employes at these plants with service of one or more years are to receive one week’s additional pay and those of more than six month’s and less than on year’s service are to receive one-half week’s additional pay. CAPITAL IS INCREASED Piedmond Fire Insurance Cos. Votes to boost Figure $500,000. Times Special CHARLOTTE. N. C., Dec. 25.—Directors of the Piedmont Fire Insurance Cos., of the Aetna group, have voted to increase the capital to sl,000.000, it was announced today. Tht? figure has stood at $500,000 since last April. The increase is in accordance with the plan of the Aetna organization to provide an adequate capital structure for each of the subsidiary companies, W. Ross McCain, president of the Piedmont firm. said. The new capital consists of 50.000 shares at $lO par value. PWA OFFICIAL ELECTED John R. Curry, State Engineer, Made Member of Association. John R. Curry, state engineer for Indiana WPA projects, has been elected a member of the American Society of Municipal Engineers and the International Association of Public Works Officials. Membership in both organizations is limited to those planning, constructing, maintaining and operating state, county and city works and engineering projects. INSURANCE SALES CLIMB Timet Special TORONTO, Dec. 25. —Sales of newordinary life insurance in Canada and Newfoundland during November by 19 companies having 91 per cent of the business in rorce, amounted to $35,158,000, it was learned today.

Railroad Fuel Expenses Mount Railroads spent $160,574,696 for fuel during the first 10 months of 1935 compared icith $152,755,021 in the same period last year, according to statistics issued by the Interstate Commerce Commission.

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A series of regional meetings with bankers to formulate a program looking toward withdrawal of the government from many of its lending activities has been announced by Robert Fleming, American Bankers Association president. At a recent White House conference, Mr. Fleming laid before President Roosevelt a tentative plan.

U. S. MAY AID 6ASCREDITORS Government Co-Operation in A. G. E. Reorganization Is Indicated. Bn United Press NEW YORK, Dec. 25.—The United States government will co-oper-ate with creditors of the Associated Gas and Electric Cos. seeking reorganization of the company under the bankruptcy law', it was indicated today. The government recently filed liens for more than $50,000,000 against the company, representing its claim for income taxes for 1927 through 1933. Francis H. Horan, head of the civil division of the United States Attorney’s office has received permission to appear as a friend of the court. He attended a reorganization hearing before Federal Judge Julian W. Mack, on authorization of the Attorney General. Referring to the interest of more than 300,000 holders of the corporation’s securities, Mr. Horan said that “the Commissioner of Internal Revenue and his representative here desire to avoid the necessity for taking any summary action with respect to distraint against the assets of the company if some other legal means can be found which will provide the government’s large interest in the matter.” BUSINESS FAILURES DROP 11.2 PER CENT Dun & Bradstreet Reports Total ol 115 for Week. Times Special NEW YORK, Dec. 25.—Business failures in the United States during the week ended Dec. 19 amounted to 215, compared with 242 in the preceding week, a decrease of 11.2 per cent, Dun & Bradstreet, Inc., announced today. Failures in the corresponding week a year ago totaled 219. The largest decline was shown in the Western district, where a total of 31 failures were reported, compared with 53 recorded a week ago, a drop of 22 defaults. Fewer defaults also were recorded in the East and South, while on the Pacific Coast there was an increase of five. Insolvencies with liabilities of SSOOO and over, in each instance, numbered 122, against 135 such defaults in the previous week, and 142 a year ago. Failures in Canada totaled 27, against 26 last week, and 31 for the corresponding period a year ago. Busigraphs r BROKERS LOANS Z (new YORK STOCK EXCHANGE) 2 3 L_ ~ ° _ z ' r in DOTTED LINE IS THE PAST J NINE YEARS AVERAGE OF j THE SAKE MONTHS i'lsfii THE PARKER CORP, GENERAL DISTRIBUTORS INCORPORATED INVESTORS Brokers’ loans increased slightly during November, but were only 2 : i per cent greater than a year ago. Compared with this small increase in loans, the value of all stocks listed on the New York Stock Exchange increased 33 per cent, and the total number of shares traded gained 175 per cent over a year ago. This condition clearly shows that there still is relatively little borrowed money j used in the purchase of stocks.

Thomson & McKinnon ' • MEMBERS NEW YORK CHICAGO * ew lOT\l OT \ ock Eichan ‘ e TfIPOVTO hew york Curb Exchange IURU.MU New York Cotton Exchange BOSTON New York Coffee and Si ear Exchange SOUTH BEND Q|| New Orleans Cotton Exchange FT. WAYNE T c \ E * c * an f FV A YCVTT T 17 Chicago Board of Trade ' Also V lijLtCj Winnipeg Grain Exchange Indianapolis Office And other loading Exchangee 200-214 Circle Tower LI. 5501

INDIANA STORES REPORT GAIN IN SALES VOLUME Hoosier Institutions Enjoy Better November Trade Than Year Ago. Times Special WASHINGTON. Dec. 25 Retail sales of 403 independent stores in Indiana reporting to the Department of Commerce showed an increase of 29 per cent in dollar volume for November. 1935. as compared with the same month in 1931, according to preliminary estimates of the Bureau of Foreign and Domestic Commerce. Thus report, which covers the larger independent stores with the exception of department stores, represents 21 kinds of business, 14 of which, due to an insufficient number of reports, are contained in miscellaneous or in group totals. When adjusted for the number of working days. November sales showed an increase of 8 per cent from October of this year. There were two fewer working days in November than in October. Without adjustment either for tfie number of working days or for seasonal influences. November sales were 0.1 per cent lower than for October. Motor Dealers Lead All kinds of business represented showed increases for November cf this year over the corresponding month in 1934. The greatest gains were 71 per cent shown by motor vehicle dealers, reflecting the early introduction of new models; 33 per cent by furniture and household appliance stores, and 23 per cent by men’s and boys’ clothing stores. Without adjustment for the number of working days or for seasonal influences, the greatest gains from October to November were reported by motor vehicle dealers, with an increase of 25 per cent, followed by grocery' stores with a 3.5 per cent gain. Losses were shown for November as compared with October in five lines of trade; the greatest declines were 28 per cent for lumber and building material dealers and 15 per cent for hardware stores. Os the firms reporting for November, 308 (76.4 per cent) reported increases over November, 1934; 82 (20.3 per cent) showed declines, and 13 (3.3 per cent) registered a change of less than 1 per cent. CANADIAN SECURITIES REGISTERED WITH SEC Issue of 540,000,000 3-Year Notes, Due Jan. 1, to Be Ordered. Times Special WASHINGTON, Dec. 25. The Dominion of Canada has filed a registration statement with the Securities and Exchange Commission seeking listing of an issue of $40,000,000 three-year 2 per cent notes, due Jan. 1, 1939, it was learned today. Proceeds are to be used in refunding other interest-bearing obligations, it was stated. An agreement has been reached for the sale of the notes to a group of United States and Canadian banks at a price of 99.75. No public offering is to be made. Included among the underwriters are the Chase National Bank, $lO.000.000; the National City Bank of New York, $5,000,000; Bankers Trust Cos. of New York, $5,000,000, and the Chemical Bank and Trust Cos., $2,000,000. Cash from the Dominion treasury amounting to SIOO,OOO is to supplement the $39,900.000 to be netted from the sale in retiring promissory notes now outstanding. DIVIDEND IS DECLARED Central Republic Cos. to Pay 12Vi Cents a Share on Jan. 12. Times Special CHICAGO, Dec. 25.—Directors of the Central Republic Cos. have declared an initial dividend of 12V& cents a share on 140.000 shares of capital stock, $lO par value, outstanding. The company, which conducts a general investment banking business, has reported net income of $70,380 for the year ended June 30. The dividend is payable Jan. 15 to stockholders of record Dec. 31. The American Can Cos. also has declared an extra dividend of $1 a share, and a regular quarterly payment of sl. QUEBEC TRADE INCREASES Times Special MONTREAL, Dec. 25.—Retail trade in Quebec in 1934 amounted to $446,054,000 an increase of 6 per cent over sales figures of $421,139,OCO in 1933, but almost 4 per cent lower than the 1932 level, the Dominion Bureau of Statistics reported today. STORE SALES INCREASE Times Special NEW YORK, Dec. 25.—Sales of the Interstate Department Stores. Inc. for November amounted to sl,997,820, compared with $1,706,838 in corresponding month a year ago, an increase of 13.4 per cent, it was learned today. DIVIDEND IS MAILED Times Special NEW YORK, Dec. 25.—Stockholders of the International Match Corp. debentures entitled to the 5 per cent dividend ordered last month have been mailed checks representing a distribution of about $5,000,000, it was learned today.