Indianapolis Times, Volume 47, Number 249, Indianapolis, Marion County, 26 December 1935 — Page 13

Trends Is Business Really Opposed to U. S. Control? BY JOHN T. FLYNN

XTE\V YORK, Dec. 26.—Never, perhaps, has. organized business been so angry at the government The government has come to be regarded as a kind of ogre, a monster, the chief enemy of business. All this is based on the indictment that the govern-

ment is doness by constant interference in business. This being so, it is interesting to note the number of cases, almost every day, in which business in one place or another, is demanding that the government interefere some more. This has al-

Flynn

ways b n en so But at the very moment when it is pouring out the v.t'ls of wrath upon the poor government, you might suppose that the incongruity of its incessant demands for government interference might diminish. a a a oT'HE Patman bill means ‘ soldiers’ X bonus.” Business abhors it. But there is another Patman bill. It is a bill to prohibit price discriminations, to regulate brokerage commissions, to suppress pseudoadvertising allowances. This bill grew out of a study made by the American Retail Federation and business is behind this bill for more government, interference. The Supreme Court in Washington has been declaring New Deal bills to regulate business unconstitutional, to the great delight of business. Meanwhile, the Supreme Court of New York has declared a New York law to regulate business unconstitutional and business is in a state of great dejection over it. The Feld-Crawford law was a “fair-practice” act, a a a IT PREVENTED a retailer from selling an article for less than the price fixed by the manufacturer. Business demanded that interference in business. It reproachos the New' York court in its decision. In Wisconsin they are having a V little battle over a similar law—the law and business there is all for interference. All these items I jotted down out of the news of the last two w'oeks. The construction industry went to Maj. Berry's NRA conference and denounced government interference in business. It presented its own demands. One of them was that the government should exempt from taxation that part of a man's income which he invested in building operations —a subsidy in effect to the building industry. u a a THE New York merchants petition the city government to limit the size and bulk of skyscrapers. And the Engineering News, which joins in the lamentations over the rising bureaucracy in Washington, grieves over the tact, that the WPA is going to leave coast and geodetic survey work to local groups instead of locating it in one of those hated Washington bureaus —the Coast and Geodetic Survey. A group of garment manufacturers joins in petitioning the government to do something by law to prevent their competitors from their style creations. A railroad president calls on the government to force all railroads to merge into 20 systems. And a great railroad is considering a loan of $100,000,000 from the government instead of private bankers. Is business really opposed to government interference? COAST OIL FLOW CUT Times S/if rial NEW YORK, Dec. 26—Crude oil production in the California district last week amounted to 674.900 barrels daily, against 696.050 in the preceding week, it was learned today. On Commission Row Quotations below subject to chance are average wholesale prices being offered to buyers hv local commission dealers Fruit Cranberries. C. C. Haines. Eatmores 25-lb box $4 75 rears Washington D'AnJo. S3 Hi Calif avocados $3 75. Banana- even hawds a pound, 5%r Persimmons—California lug. 51.25 Apples Jonathans $1 75. Delicious. 51.75; Wealthy.*. Si; Grimes Golden. 51.25 Lemons— Siinklst 360s 57.50. Grapefruits -Texas 64s te 70s. S3 25. Arizona Sunk Ist. $2.75. Limes Mexican, a canon 12s. 18c. Grapes Emperor, lug 82. fancy Emperor, 34-lb sawdust chest. i Vegetables Brans, green, round stringless bu $2 50. Beets—Texas. 3-rioz crate. $1 85 Cabbage Mew York Danish 53-lb bag. 80c. Carrots—California. 6 do? crate, $3 75 a do’ . 70c Cauliflower California crate. *2.10. Celery- Michigan, washed and trimmed, 16 stock bunch, 55c: Jumbo, do?., 85c.. Cucumbers Southern, bu . 54.50. dor. SI Kale—Home-grown, bu.. 60c. Lenuce Iceberg California, good. S3 75. home-grown leaf. 15-lb basket. SI 15 Endive California basket. 85s. Mangoes California, era”. $5. small basket. SI 25. Mint Bunch. 20c. Mustard —Home grown, bu . 60c Onions —lndiana yellow. 50-lb. bag. SI 15; Indiana yellow. 10-lb. bag. $1 50 Parsley Southern. do? 50c, Peas—Telephone, hampers S3 50 Texas hampers. SC 75. PoVtetoes Round Cobblers. 100-lb bag SI 60; Michigan Round White 100-lb bag $1.50; Early Ohios bn . si 75 Idaho Russets. *2 35 Sweet potatoes Indiana Jerk's, bu St-65 Radishes—Ohio, button dor . baskets. 45T?60c Sage D02.. 4*' Spinach New Texas, bu . $1 40. Souash—Bu . *2 50. Tomatoes—Florida. 10-lb carton. *1 50. Produce Markets The prices ouo’ert are paid for stock •fathered in the country while delivered In Indianapolis the price Is a cent higher Heavy breed lien-; 16c Leghorn breed hens. U'c. springers over lbs. 17c: tinder 4-j lbs, lfir*; springers I'.. lbs and tip 12c old cocks. 9c Turkevs—Young hens. 8 lbs ana up 20o; young toms. 14 to 18 lbs. 20c: under 14 lbs. and over 18 lbs,. 10c: old hens 20c old tom* 15c Ducks-White. 5 lbs and over. 12c: under 5 l!l> erc ';' ,uII feathered and fa-, f to 14 lbs . 11c; over 14 lbs 9c- old guineas. 15c; voung guineas, 1'- lbs and tip 25c. No. 1 strictlv fresh eggs, loss off 2.-r pullet eggs lßc. Each full case must weigh 55 lbs. gross, a deduction of top a pound under 55 lb* will be made No 1 butter 37-', -o'3Bc No 2 34 35c bu f, e'--Xat. 34c. Quoted bv the Wadley Cos. (By United Press' CHICAGO Dec 26 Eggs Market Steady; receipts. 5446 cases fresh graded firsts. 27c extra firsts. 2Rc current receipts 22’.r, dirties 20c- checks :'e Rm ter Market, stead.-. receipts 8729 tubs extra firs'j .90-91'.. score 32,c- evss •92 scoret, S2**r. firsts 88-87’.' score 31*.-tii33 %c: seconds 86-87’.. score- 30c Poultry Market, firm receimV C 's tPcUducks. 21 ''i 23c geese. 18 ..-20c sp‘r lrl j chickens. 2Jifi2Se: hens 20 -22 c turkevs 23® 26c. Leghorn hens 13 ul6c " old > roosters. 15c Cheese Twins. 17 %w 18c f Daisies 18’* ’Ms c Longhorns lgi r ir>,c Dressed toms. 28 @2fle; young hens 30c ducks 22 <H23c geese, 19® 20c Po’a-oes Supply moderate, no trading on account of cold weather Late sales Tuesday Idaho rustet Burbanks. S2 Colorado McClures SI 40 Arl v a Ib. 79, on track i? 8; shipments 375 iTuesday), 47 (Wednesday;,

♦ ♦ Abreast of The Times on Finance ♦ ♦

BATTLE LOOMS OVER CONTROL OF RAILROADS Senator Wheeler Expected to Touch Off Long Brewing Fight. ! By Scrippu-Ilateard \rtcgpnprr Alliance WASHINGTON, Dec. 26.—Sena - | tor Burton K. Wheeler's arrival in , Washington is expected to touch off the long-smoldering fight over government ownership of the railroads. Already the forces are mobilizing, with organized labor preparing to -take a militant stand for the Sena- | tor’s nationalization bill, and the managements, reinforced by financial, manufacturing and shipping | interests ready to attack the plan as | a move toward socialization of all basic business. Senator Wheeler )D., Mont), ! chairman of the Senate Interstate I Commerce Committee, is hurrying I home from Manila, where he ati tended the Philippines Common- ] wealth inauguration. Illness of ! Mrs. Wheeler delayed his departure, land he is not expected here before | the opening of Congress Jan. 3. New Bill Is Necessary Spokesmen for the Railway Labor Executives Association will urge him j to begin immediately to press his i measure. This association, which I went on record earlier in the year ; for government ownership, has es- | tablished a publicity bureau which already is bombarding Congress with literature” favoring nationalization. The mere introduction of the i Wheeler bill last April caused con- | sternation to the managements, i Much of the activity of the Associa- | lion of American Railroads has I since been directed toward building ; up sentiment against it. Senator Wheeler had intended to begin hearings last session but the press : of other business prevented a start. Introduction of anew bill will be necessary, since the pending one | calls for a temporary taking over of j the roads on Jan. 1 pending perma- ! nent acquisition proceedings. The I temporary operation would be on a ; rental basis similar to that used under Federal control during the ! World War. I. C. C. to Oppose Move In general, the Wheeler plan folI lows the outline drafted by Joseph j B. Eastman, Federal transportation j eo-ordinator, although Mr. Eastman j in reports to Congress has repeated | that the time is not opportune for j government acquisition. The interstate Commerce Commission likei wise will oppose the move. The Wheeler bill provides for cre- | ation of a Federal corporation lor [ acquiring the properties either by | consolidation of the present companies with the corporation and an | exchange of their securities, or use I of eminent domain and payments j for the properties in debentures | guaranteed by the government, j Operation of the railroad system ; would be vested in five $20,000-a-I year trustees appointed without rej gard to politics. The I. C. C. would | retain the same authority it exer- | cised over rates during the former period of Federal control, and an | advisory council of 24 members J would represent industry, labor and the public interest. Branded Socialistic Piracy Agitation for Federal ownership ; has resulted in establishment of the | Transportation Association of Ameri- | ca, which is recruiting outside busi- | ness interests to resist the move. Bankers, manufacturers, packers I and traffic executives of large corporations are included in its dii rectorate. Thomas B. Huff, president of the association and president of the I American Serum Cos. of Sioux City, j la., in a recent address branded the Wheeler bill as "socialistic piracy” land charged that the Administration had already embarked on socialism i through its electric power policies. Mr. Huff said the responsibility of I repairing transportation maladjustj ments rests with the private owners | rather than the government, which ; would enter a field of which it I knows nothing.” The Labor Executives Association ' countered with a blast charging that | banking interests have already victimized railway stockholders and advocating nationalization as the only method of removing the carriers ! from banker control. NEW ENGLAND TRADE AHEAD OF LAST YEAR Better Than Seasonal Increase Is Shown During Autumn. I Timm Special BOSTON, Dec. 26.—Business acj tivity in the New England area registered a better than seasonal in- ! crease this autumn for the first j time in six years, with the volume j in 1935 being 10 to 15 per cent ahead ! of last year, according to informaj tion made public today. Shoe manufacturers still have a i large volume of spring business to | book, which they expect to get at ! the National Shoe Fair at Chicago the first week in January. Demand for holiday goods and regular lines is expected to gain 12 to 15 per cent over the 1934 period. The Boston wool market has been quiet and firm this month, with all grades selling at prices asked. Unlisted Stocks (By Blvthe & Co.’ NEW YORK BANK STOCKS Bid. Ask •Banker* . 66% 68’ • Central Hanover B & T . 121 123% , C'ha?e 42% 44 ! Chemical National 54-'* 56% 1 Guaranty 312 314 Irving 17% 19% Manufacturers 43% 47 National Citv 38% 39% 127 i I ‘Firs’ National of Boston 46 47% •Natl Shaw mut 31 32% EIRE INSURANCE Aetna Fire 57% 59% ! City of New York mewi ... 28 30 Federal Ins 87 90% 'Franklin Fire 32% 34% Great American Ins 29% 31% •Hanover F;re Ins SR’* 40% Hartford Fire Ins 82% 84% | Home Ins 39% 40% Ins Cos of N A 75% 77% National Fire 75% 77% North River Insurance ... 27% 29 Phoenix Insurance 99 101% U S Fire 54% 56% Westchester Fire 37% 39% *Ex. d;v,

IXDIAXAPOLIS, THURSDAY, DECEMBER 26, 1935

Busigraphs

SHOE PRODUCTION IN THE UNITED STATES (u. S. DEPT. O r COMMERCE) £ 4 0 j - . ■ ■L4vj rr n fT t- 5 4 o VV v // * , // //. /v? V / // £ ? yy .// V 'DOTTED LISE 15 THE PAST J A < :- -■ ■ ■ ■■ ■ r | 2 C 'ONDJFMAMJJASO THE PAPK£D CORP GENERAL DISTRIBUTORS INCORPORATED investors More shoes were manufactured in the factories of this country in October than were produced in any October on record. October production was 20 per cent above a year ! ago, while the first 10 months of this year went ahead of the same 1934 months by 4 per cent. Shoe production is one of our "consumption” industries and therefore did 1 not suffer as much during the depths of depression as our so-called “durable goods” industries. PORKERS SHOW UNEVEN TREND Medium and Light Grades 10 to 15 Cents Higher; Others Steady. New strength developed in the j pork market at the Indianapolis j Union Stockyards today, especially I in weights from 250 pounds down- | ward, carrying the top price for I good and choice grades to $10.35. the highest level on record since i Oct. 29. The market however, was ; generally irregular as other grades remained unchanged, j With weather conditions still j hampering transportation, receipts | were extremely light estimated at | only 2500, the lightest supply on S hand for a regular session in several | months. Trucking activities were halted completely in some sections j of the state where deep snow drifts J tied up traffic. Holdovers numbered ; 54. The general bulk of 160 to 225 | pounds, sold at $10.15 to $10.25, while heaviest grades available, from 250 to 300 pounds, cashed in at $9.50 to $9.75. In the light weight divi- ! sion. slaughter pigs scaling from 100 I to 160 pounds, brought $9.50 to $lO. : Packing sows held at $8.25 to $8.75. Trading in the cattle market, in--1 eluding steers, heifers and beef | cows, was strong to largely 25 cents higher than Tuesday's best average. Top steers sold at $12.85, while two loads of common kinds ! brought $10.25 to sll. The genj eral bulk ranged from $6 to $9. Better grade heifers remained unsold. with asking higher. Bulls sold jat $4.50 to $6. Receipts numbered 1200. Vealers displayed a steady trading - range, with the bulk ranging down- : ward. Receipts were 200. Trading | was slow in lambs. Early sales of native and Western kinds ranged downward from $11.50. Slaughter | sheep brought $3.25 to $4.75. Re- | ceipts numbered 1000. i Dee. Bulk. Top. RoceiDts. 19. $9.65ft 9.75 59.80 4000 I 20. 9 80-® 9.90 9.90 3500 J 21. 9.65)1 9.75 9.75 1000 23. 10.00-5 10.10 10.10 3000 I 24. J0.00W10.10 10.10 3000 I 26. 10.15®10.35 10.35 2500 j Lieht Lights (140-160) Good and choice $ [email protected] Medium 9.25 W 9.75 1 160-180) Good and choice . 10.25@ 10.35 Medium 9.75® 10.25 1 180-200) Good and choice.. [email protected] Medium [email protected] Medium Weights (200-2201 Good and choice . [email protected] (220-2501 Good and choice.. [email protected] | Heavyweights (250-2901 Good and choice . 9.65@ 9.95 i290-350i Good and choice... 9.45@ 9.65 . Parking Sows 1275-3501 Good 8.65@ 8.90 (350-425) Good 8.50@> 8.75 (425-4501 Good 8.35® 8.60 (275-4501 Medium 8.25® 8.50 Slaughter Pigs (100-140) Good and choice . [email protected] Medium 8.75® 9.75 CATTLE —Receipts. 1200— (500-900) Choice $10.50@12 50 Good 9.00® 11.75 Medium 7.00® 9.25 Common . 5.50® 7.00 (900-1100) Choice 12 25<>/13 25 Good 9.50® 12.50 Medium 7.25® 9.50 Common 5.50@ 7 25 (1100-1300) Choice 12.75® 13.75 j Good 9.75® 13.00 | Medium 7.75® 975 (1300-15001 Choice 12.75® 13 75 I Good 9.75®12.75 Heifers v'soo-750) Choice 9.50@10 50 ! Good ... B.oo® 9.50 Common and medium 4.50® 8.00 I (750-8001 Good and choice... 8.50® 11.00 i Common and medium 5.00® 8.5 C Cows j Good 5.50® 6.50 Common and medium 4.50@ 5.25 Low cutter and cutter 3.25® 4 50 I Bulls, good 6.00® 6.50 I Cutter, com. and med bulls . . 4.25® 600 VEALERS —Receipts. 200— Good and choice 511.50®12 50 ! Medium 9.50@ 11.50 Full and common 5.50® 9 50 Calves ; (250-600’ Good and choice .... 7 [email protected] Common and medium 4.50® 7.00 Feeder and Stocker Cattle i (500-800) Good and choice .... 6.75® 8.25 ! Common and medium ... 4.50® 6.75 ! (800-1050) Good and choice .. 6.75® 8.50 Common and medium .... 4.50@ 6.75 C ows I Common and medium 3.50® 4.25 SHEEP AND LAMBS —Receipts. 1000— i Lambs. 90 lbs down, good and choice $10.75 @11.75 Medium 8.75® 10.75 Ewes <9O-1251 Good and choice. .. 4.25® 5.00 All weights, common and medium . . 3.75® 475 (120-150) Good and choice. . 3.25@ 4.25

COMMODITY AND TRADE TRENDS CHARTED

90 r|4o //[Vs. OA MOQDY’S oaily / . / I q BO I 1 60 2 /** f ••* • 1 ’\/ o V .• WEEKLY *;•* Ii | 70 l BUSINESS TREND -i 1 l—, I4OS c / • ••* I* 'MOODr’S INVESTORS SERVICE ") A NOV. DEC. JAN. FCB-' MAR. APR. MAY JUN. JUt. AUG. SEP. OCT. NOV. DEC. 1934. V935'

MANUFACTURING COSTS EXCEED AVERAGEJ.EVEL October Figures Are Higher Than Usual Range, Survey Reveals. Tim eg Special NEW YORK. Dec. 26—The cost of manufacturing in October was slightly higher than the average for the first 10 months 5.3 per cent higher than the average for 1934 and 21.1 per cent higher than the average for 1932 when the low for the depression was reached, according to the Alexander Hamilton Institute. Costs in October, however, were still 17.3 per cent below the pre-depression average in 1929. The cost of labor in October was slightly lower than in 1934 and only 7.8 per cent above the 1932 level, the increase of 20.2 per cent in wage rates since the low for the depression being largely offset by an increase in efficiency. The increase in the total cost of manufacturing has thus been due chiefly to ‘he rise in raw material prices, amounting to 40 per cent since 1932. Relative to 1929, however, the cost of labor in October was higher than the cost of raw material, since labor costs started their advance at a much higher level than raw material costs. Levels Relatively Higher This was due to the fact that from 1929 to 1932 labor costs were deflated only 20 per cent, whereas raw material costs were deflated 43.5 per cent. On the basis of 1929 as 100, the index of raw material costs in October was 79.1 whereas the index of labor costs was 86.2. While the total cost of manufacturing in October was 21.1 per cent above the depression's low, the price level of manufactured goods showed an increase of only 17.7 per cent. On the basis of 1929, however, prices were relatively higher than costs since prices during the deflationary period did not decline to the same extent as costs. The price index in October was 87.6 as compared with the cost index of 82,7 taking 1929 as 100. Since the national income available for the purchase of manufactured goods in October showed a greater advance than prices from the depression's low, the price rise did not prevent a recovery in manufacturing activity!' Frospects Only Fair The national income, however, was not sufficiently high to permit recovery to the 1929 rate at the price level prevailing in October. The situation called for a price index of 69.9. Consequently, since the price index was 87.6, factory output in October was about 20 per cent below the 1929 average. The prospect is that the national income available for the purchase of manufactured goods in 1936 will, at the most, show only a moderate gain over 1935. In fact, there is a fair probability that it will show a reduction. Consequently, progress toward recovery next year will depend largely, if not entirely, on a lower price level. At least some price decline seems now to be in prospect. The larger harvest will make for lower raw material costs. The larger harvest will also make for a lower cost of living which will make possible lower wage rates. With the NRA abolished, the tendency should be toward the establishment of longer working hours and this will also provide the basis for lower wage rates. In addition, the cost of labor should be reduced by continued progress toward more efficiency. Finally, it is possible that the spread which now exists between prices and costs will be reduced. ORDER SWITCHING ENGINE l imes Special NEW YORK, Dec. 26.—The Peoria & Pekin Union Railroad has ordered one Diesel switching engine from the American Locomotive Cos., it was announced today. Other Livestock ißy United Press; LAFAYETTE. Ind., Dec. 26.—Hogs— Market, steady to 30c higher: 170 to 200 lbs., $10.25: 2uo to 210 lbs.. $10.05; 210 to 235 lbs.. SH.BS® 9.95; 235 to 275 lbs., $9.53® 9.7d; 275 to 325 lbs., $9.25®.9.40; 150 to 170 lbs.. S10: 100 to 150 Ids.. $9 50®9.75: roughs. $3.50 down: calves. 50c higher, top $11; lambs. SoOc higher, top sll. ißy Times Special) LOUISVILLE, Dec. 26.—Cattle—Receipts. 200; hardly enough slaughter cattle on hand to make a market; odd sales and undertone on slaughter classes fully 25c or more higher; common to medium grade slaughter steers and heifers considered salable mostly 55.50® 7.75; with good fed offerings considered salable upward of $9: bulk beef cows. $4.50® 5.50; good kinds quotable to $6 and above for smooth heifer types: low cutters and cutters quotable mostly 53.25® 4,25; sausage bulls practicallv absent. considered salaole mostly 55.7'0 down; Stocker trade nominailv quotable steady. Calves—Receipts. 150: market, fully 50c higher; bulk good to choice grades, S10®11; medium and lower grades, 59 down to around 54.50. Hogs—Receipts. 500: market. 15c higher; top and bulk better. 160-250 lbs.. $10.15: 255-300 lbs., $9.55; 305 lbs. up. $9.15; 120-155 lbs,. 58 95; sows. 58.50. Sheep—Receipts. 100: practically nothing on sale earlv: market quotable nominally steady; bulk medium to good native lambs saiable, 59.50® 10.50: choice quotable higher: plainer grades including bucks. $6.50®9: light cull lambs and most fat ewes. $4 down.

Big Potato Crusade Gets Under Way

rSL' j§!fl f 'Sgf /S? IMs\ ,i: NOW, IF we | \ ' ' ‘ l 0® i § ;\ \ L % TH6M6 SONC, @1 A JSS <vsw like xes, HbSM ir_T km we have cio ffl 1335 NEA

New York Stock Exchange Prices

(By Thomson & McKinnin) 10:30 Prev. High Low A. M. Close Oils— Atl Rfg . 26% 26% 26% 26% Barnsdall 14% 14% 14% 14% Consol Oil 11% 11% 11% 11% Corn of Del 34% 34% 34% 34% Houston (new) . 6% 6% 6% 6% Mid Cont Pet .. 18% 18% 18% 18% Ohio Oil 13% 13% 13% 15% Phillips Pet .... 38% 37% 38% 33 Plymouth Oil .. 12% 12% 12% 12% Pure Oil 16 15% 15% 16 Seaboard Oil . . 33% 33% 33% 33% Skelley Oil 20% 20% 20% 20% Soc Vac 13% 13% 13% 13% S O of Cal .... 37% 37% 37% 37% S O of Ind 30% 30% 30% 30% S O of N J 48% 48% 48% 48% Texas Corp 29% 29 29% 29% Tidewater Assn 14% 14% 14% 14% Un Oil of Cal... 22% 22% 22% 22% Steels— Beth Steel 51 50% 51 50% Byers AM 19 19 19 18% Cruc Steel 35% 35% 35% 35% Mid Steel 22 22 22 21% Otis Steel 15% 16 16% 15% Rep Iron & Stl 18% 18% 18% 18% U S Pipe & Fdy 21 21 21 20% U S Steel . . . 47% 47 47% 46% U S Steel pfd , 113% 113% 113% 113% Youngstn S & T 41% 41% 41% 40% Motors— Auburn 38% 38% 38% 38 Chrysler 93% 92% 93% 93% Gen Motors .... 57 56% 57 55% Hudson 16% 16% 16% 16% Hupp 2% 2% 2% 2% Macs Truck .... 27 27 27 27% Nash . 17% 17% 17% 17% Packard 7 7 7 6% Reo 5 5 5 4% Studebaker 9% 9% 9% 9% Motor Access— Bendix 23 22% 22% 22% Borg Warner .. 68% 68 68% 68 Briggs 53% 53% 53% 53% Buda Mfg 8% 8% 8% 8% Budd Wheel 12% 12% 12% 12% Eaton Mfg 28% 28% 28% 28% Elec Auto Lite.. 37% 37% 37% 37% Elec Stor Bat.. 55% 55% 55% 55% Houdaille i8i.... 30 30 30 30% Murray Body .. 19% 19% 19% 19% Stew Warner .. 17% 17% 17% 17% Timken Roll ... 66 65% 66 65% Timken Det Axle 12% 12% 12% 12% Mining— Alaska Jun 14% 14% 14% 14% Amer Smelt 58% 58 58 % 58 Anaconda 30 29% 30 29% Cerro De Pasco.. 51% 51% 51% 51 Dome Mines .... 43% 43 43 43% Gt Nor Ore 15 15 15 15% Howe Sound .... 52 % 52 % 52 % 52 % Int Nickel 45 44% 44% 44% Kennecott Cop ~ 28% 28% 23% 28% Mclntyre Mine . 40% 40% 40% 41% Park Utah 4% 4% 4% 4% Phelps Dodge . . 26% 26% 26% 26% St Joe Lead ... 22% 22% 22% 22% U S Smelters ... 96 96 96 95% Vanadium ...... 19 % 19% 19% 19 Amusements— Loews Inc 52% 52% 52% 52% Radio Corp .... 12% 12% 12% 12% RKO 5% 5 5% 5% Warner Bros. .. 9% 9% 9% 9% Tobaccos— Am Tob "B” 98 98 98 97% Gen Cigars 55% 55% 55% 55% Lorillard .... 24 23% 24 23% Phillip Morris . . 64 63% 64 63% Reynolds Tob B 55% 55% 55% 55 Rails— Atchison 57 57 57 56% B Sc O 16% 16% 16-% 16% Ch & Ohio . 50% 50% 50% 50 CMA- Sr P pfd 2% 2% 2% 2% Chi N W 2% 2% 2% 2% Del Lac & W ... 15% 15% 15% 15% Erie pfd 16% 16% 16% 15% Grt Northern pf 34% 34% 34% 34% K C Sou .... 12 12 12 12% Lehigh Valley .. 8% 8% 8% 8% Lou A- Nash 57% 57% 57% 58% MKA-T 5 5 5 5 Mo Pac pfd 33 33 Norfolk A- West 210 210 210 210 Nor Pacific 24% 24% 24% 24% Penn R R 29% 29% 29% 29% Sou Pac 23% 23% 23% 23% Sou R R 13% 13% 13% 13 Union Pac 105% 105 105% 104% Equipments— Am Car A Fdy.. 30'* 30% 30% 30 Am Loco 22% 22% 22% 23% Am Steel Fdy ... 24% 2t% 24% 24% Bald Loco 4% 4% 4% 4% Gen Elec 38% 36% 36% 36% Gen R R Sig ... 41 41 41 41 Pullman Inc .... 37% 37 37 37% West Air Br 34% 34% 34% 34% Westingh Elec .. 94% 94% 94% 94% Utilities— Am & For Pwr . 6% 6% 6% 6% Am Power A Lit. 8% 8% 8% 8% A T A T 153% 1%52 15%3 152d Am Wat Wk? . . 21% 21% 21% 20% Col Gas A- Elec- 13% 13% 13% 13%

PAGE 13

Comm & Sou ... 2% 2 3 4 2% 2% I Consol Gos . .. 31*2 30* a 31 1 a 30% | Elec Pwr & Lit . 6 6 6 6 Interboro R T . 17% 17' 2 17% 17% Int T & 7 .. 13>s 13 13‘ s 13 1 a Nat Pwr & Lit.. 10 9 7 s 10 9% North Amer 26% 26 26% 25 7 8 Pac G & E 30% 30' 4 30% 30>, Peoples Gas .... 40 3 4 39% 40% 39 1 a PubServNJ ... 43 7 s 42 7 s 43 7 8 42 7 8 So Cal Edison .. 24% 24% 24% 24% Std Gas 5 7 8 5% 5 7 8 5% Stone & Webster 13 7 a 13% 13 7 s 13% United Corp .... 7 6% 7 6% Un Gas Imp .. . 17 7 a 17 17 ! 2 17 ! Ut Uwr & Li (A) 3 2 7 8 32% Western Union.. 73 1 e 72% 72 7 s 74% J Rubbers— Firestone 23 23 23 22 3 4 Goodrich 13 3 8 13 13% 12 5 s Goodyear 21 7 e 21 3 4 21 7 s 21 LT S Rubber. ... 15% 15% 15% 15 3 8 U S Rubber pfd 44% 43 7 8 44% 43% Miscellaneous— Allis Chalmers.. 3S 3 4 36% 36 3 4 36 5 a Amer Can . . 136'- 2 136 * 136 1 2 136% Am Mach & Fdy 30 3 s 29' 2 30 3 s 29 7 8 Anchor Cap .. 14% 14% 14% 14 3 4 Burroughs Add . 25 24 7 8 24 7 s 24 5 s Conti Can 82% 82' 2 82% 82 3 4 Crown Cork 45% 45 3 4 45 3 4 45 3 b Curtis Pub 20% 20% 20 5 a 2i Deere & Cos . 54 1 2 54' 2 54 1 2 54'2 Eastman Kodak . 154' * Foster Wheeler.. 28 27 3 4 28 27' 4 Gillette 17 17 17 17 Inter Harv 60 7 8 60 3 4 60% 60>, Natl Cash Reg .. 22' 2 22' 2 22' 2 22% Rem Rand 20',4 20' a 2014 20'4 Foods— Am Sugar 50 3 a 50 3 a 50 3 s 50% Armour 5 5 5 5 Beatrice Cream . 17' 2 17% 17 3 8 17% Borden Prod . . 25 7 e 25% 25 3 8 a.3% Canada D G Ale 16'3 16' a 16' a 16 Cont Bak ‘'A" . 63'2 68'2 68>> 69 ! Corn Prod 68% 68% 68'2 69 Gen Baking ..... 12'i 12' 4 12'4 12% Gen Foods 33 3 8 33' 4 33 3 8 33' Gold Dust ...... 19' 2 19% 19% 19% G W Sugar ... 30'4 30' 4 30% 30 3 a Loom Wiles ... 39 39 39 39 Natl Biscuit ... 32 3 4 32% 32 3 a 32 5 s Natl D Prod . .. 20*2 20% 20' 2 20% Purity Bak , .. 15 3 8 15Vi 15 3 8 14% S Por Rico Sug 25 25 25 24% Std Brands 15 3 4 15% 15 3 4 153, United Friut 62 3 4 62 62 3 4 62 Retail Stores First Natl Stores 46 45% 46 45'. Gimbel Bros 7 3 i 7 3 i 7% 75, Kresge S S 24 3 4 24% 24% 24% Kroger Groc .... 26% 26 3 8 26% 26' 2 Macv R H 46 7 a 46' 2 46 7 , 46% McCrory St, .. 13% 13% 13 3 a 131, Marshall Field... ll'l 11'* 11'® n% May Dept St , 54’ 2 54' 2 54', 54% Mont Ward .... 39' 8 38 3 8 33', £B% Natl Tea 9% 9% gs_ 91, Penney J C 77 3 4 77 3 4 773. 77 Safewav St 32% 32% 32% 32% Sears Roebuck.. 65% 65' R 65% 65 Woolworth 53% 52 3 4 53'2 52 3 4 Aviation— Aviation Corp .. 4% 4*4 4,1, 43 Boeing Airrfr .. 18% 16% jgi 165(1 Curtiss Wright . 4 3 7 „ 4 37 Curtiss Wri (A) 10 7 s 10% 10 7 a ’lo 3 a Douglas Air 51 49 3 4 51 431,, Nor Amer Av.... 7'i 7 7 1 ■ 7 Sperry Corp .... 15 3 4 151, 153. 151, Utd Aircrft new 28*2 28 28'4 27% Chemicals— Air Reduction ..167' 4 167' 4 167'., 158 Allied Chem ....152*4 152% 152*4 152 Com Solvents 20', 20' a 20% 20', Du Pont 1.3734 137% 137 3 4 137*4 Freeport Tex ... 28 28 28 27% Liquid Carb .... 36 35 3 4 36 35 7 a Math Alkali ... 29% 29% 29' 2 Monsanto Chem 88% 88 88% 87', Natl Pis (new 1 . . 30 7 8 30 7 a 30 7 8 30' 2 Local Securities (Because quotations on local securities are unlisted on an Exchange. The Times can not assume resnonsibility for the accuracy of these figures gathered from local brokers.) STOCKS Bid. Ask. •Belt RR & Stk Yds com .50 53 •Belt RR & Stk Yds 6% pfd.. 53 Central Ind Pow 7% pfd.. . 16 19 j Home Tel&Tel Ft. Wn 77 pfd 50% 52 •Hook Drug Inc com . . 14Va . •Ind & Mich Elec 7% pfd.... 99 102 •Ind General Service 95 100 Ind Hydro Electric 53 57 1 Indpls Chain Sto Term pfd... 52'/ a 60 •Indpls Gas Cos com 36 40 •Indpls Pow & Lt 6 pfd 82 85 •Indpls Pow &Lt 6%% pfd.. 87',4 SO% •Indpls Water 57> pfd 102 Lincoln Nat Life Inc. C 0... 34 37 North Ind Pub Svc 5% 73 pfd 68 71 North Ind Pub Svc 67, pfd.. 76 80 Progress Laundry com 7 9 Pub Svc of Ind 6% pfd 11% 14 Pub Service of Ind 7% pfd... 30 33 •So Ind Gas & Elec 67, pfd . 92% 96% Terre Haute Elec 670 pfd ... 80 84 Union Title com 13 21 BONDS Atlanta Dlstr Term 67, ‘4l ... 62% 70 Buffalo Distr Term 67, '4l ... 70 75 Brookivn Postal Sta 5%% '4B . 37% 42 Home Tel&Tel FtW 5%7> '35 .10.3 105 Home Tel&Tel FtW 67* '43 103 106 Indpls Railways Inc 57 ’67 .. 50% 53 Indpls Water 4%% '4O 105 107 Indpls Water 57, 'SO & '6O . 105 107 Indpls Water 5%7e '53& 54. 103’ * 105 Interstate T & T 5%7> '53 ... 93 96 Kokomo Water Works 'SB ...104 105% Lafayette Telephone 57, '57 102 Morris 5 & 10 Stores 5% 'SO 99 102 Muncie Water Works 57, '63 .102% Noblesvllle HL&P 6% '47 .. .. £7 100 Ohio Tel Service 6% 47 95 Richmond Water Works 57>’57 104% 106 St. Louis Post Office 5%% '3B 18 25 Seymour Wtr Ist mtg 57, '59 101 104 Terre Haute Water Wkss7> '56 101% 103% Terre Halve Wat Wks 67. '49 103 195 Traction Terminal 57 '57 6* 73 •Ex. dir. Chicago Stocks 'By Abbott, Proctor & Paine 1 10 30 Prev. . A M. Close Allied Prod 22 21 *4 Berghofl 7% T>, 1 Butler S'. 8% Chicago Corp 4% 4*„ Cont! Steel 49% 40% Cities Service 33 Com & Edison 96% 95% Cord 4% 4*4 Crane 26 26 Gen House 4 3% Gr: Lakes 28% 28% Iron Fireman 28 28 Libby 9*4 9 s , Lynch Glass 33 4 33 Noblitt Sparks 31% 31% Perfect Circle 38 38 Pub Serv 111 54 53 Quaker Oats 130% 132

$135,000 for Big Board Seat A Xtic York Stock Exchange membership was sold this week at Si >5.000, unchanged from the previous sale.

Tex Gulf Sulph . . 31% 30% 30% 30% ! Union Carbide . 71% 71% 71% 71% U S Indus Alco. 43 43 43 42% Drugs— Cotv Inc ........ 6% 6% 6% 6’ z Sterling Prod . . 64% 64% 64% 64% Un Drug new).. 13% 13% 13% 13% Financial— Adams Exp, ... 11 11 11 10% | Allegheny Corp .. 2% 2% 2% 2% Am Int Corp . . 10% 10% 10% 9% Transamorica ....12% 12% 12% 12% Building— Am Radiator ... 23% 23% 23% 23% Gen Asphalt . . 21% 21% 21% 21% Holland Furnace 30% 30% 30% 30% Int Cement 34% 34% 34% 34® Otis Elev 25% 25% 25% 25% Household— Kelvinator 14% 14% 14% 14% Mohawk Carpet 21 21 ' 21 21% Proc & Gamble . 45% 45% 40% 45% Serve! Inc . .... 16% 16% 16% 16 Simmons Bod ... 18% 18% Textiles— Celanese Corp ... 27% 27% 27% 27% Collins Aikman . 47 47 47 46% Indus Rayon ... 30% 30% 30% 30% New York Curb ißy Abbott. Proctor & Paine i 11:30 Prev AM. close Alumn Cos. of Am. 87 86% Am Cyanide ‘ B ’ 29 29% Am Superpower 2% 2% Atlas Corp 13 12 % Axton Fisher Tob 50 50 Carrier Corp n u El Bond & Share 16% 15’7 Fisk Rubber gi. 2 6% Ford of Can "A’’ 24% 24% Hiram Walker 31 311. Imperial Oil Ltd 19% 191. Newmont Min 74% 75 Nia Hud Pwr 3% 8% Pan Am Airways 42 1 ., 4n'* Penn Road 51 2 5% PRICE FLUCTUATIONS NEGLIGIBLE AT PITS Grain Trade Interest Holds in December Wheat. lip L'nitrd Press CHICAGO, Dec. 26.—The holiday in Liverpool left wheat trader.! without guidance from abroad today and price changes were small at the Chicago pits. As the market opened wheat was unchanged to % cent higher, corn was % cent lower to cent higher and oats were unchanged. Interest in the grain trade continued to be centered m December wheat. Open interest in the current month was around 5,000.000 bushels, and trading in this contract will expire tomorrow. (By James E. Ber.nett A Cos ) 10.30 Prev. Wheat— High. Low. A M close Dec 1.05% 105% 1.05% 1.05' I Mav P 9% .99% 09% 99% ; July 89% .89% .89% !s9 Corn— Dec 58% .58 .58% .58% Mav 59% .59% .59% .593, July 60% .60% 60% .50% | Oats—--Dec 25% .263, 28% .26% ; May 28% .23 28% .28 Rye—[Dec 55% .52 .52 .52 Mav 52% 52% .52% .52% LOCAL CASH MARKET | Citv grain elevators are paving 92 cents for No. 2 soft wneat. Other graaes on their merits Cash corn new No. 4 yellow 46 cents and oats 19 cents Money and Exchange INDIANAPOLIS STATEMENT I Clearings $2 457.000 ' Dibits 7,322,000 TREASURY STATEMENT ■By United Press) WASHINGTON. Dec 26—Government expenses and receipts for the current fiscal year to Dec. 23, as compared with a year ago: This Year Last Year Expenses . $3,651,304,227.37 $3 467 137,964 71 Receipts .. 1.865,335,933.12 1 811.219.110 14 Deficit ... 1.785,968.294.25 1.655.918.854 57 I Cash bal .. 2.291.409.585.03 2 617 428.025 51

-WE BUY. SELL. and gladly furnish quotations on: Bonds of the United States Government, Its Territories and Insular Possessions Home Owners' Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Corp. 12 9 EAST MARKET STREET

HOOVER DICTUM CHALLENGED BY BUILDING GROUP Ex-President's Theory of Bank Panic Taken to Task. BY NED BROOKS Times Special tinier WASHINGTON, Dec. 26.—Statistics published by the United States Building <m Loan Leagu? today disputed former President Hoover's as- , sertion that the bank panic of 1933 was based on hysteria indue ?d among depositors by the incoming ; Roosevelt Administraton. The closing of building and loan doors, the withdrawal of deposits and the shrinkage of assets antedated the New Deal by two years, the figures showed, while in 1932—the year Mr. Hoover said marked the turning back of the depress.on —the associations encountered the greatest decrease in membership of any period of the depression. The record is contained in yearbooks of the league, a non-govern-ment organization whose 4000 member institutions represent abou’ 75 | per cent of all building and loan assets. Assets Decrease Billion In 1931 and 1932—years during j which Mr. Hoover said the nation | kept its faith in the banking stiucture—more than 2.235,000 persons j withdrew their savings from building and loan associations, w ith a resultant decrease in the institu- ; tions’ assets of more than a billion dollars. In the same two years, 880 associations ceased operation The 1931 decline set in alter the j associations had shown, in 1930. an I increase of 225,545 investors and i $128,964,939 in assets. Associations in operation in 1930 ; numbered 11.777. This figure declined 335 in 1931. 445 in 1932 ana j 270 in 1933. Last year there was an increase of 270, which resulted from | the establishment of about 400 new associations financed in part by the I government. Yearly Decline Cited

Throughout the decline, an indeterminate number of associations continued to keep mclr doors open while at the same time freezing deposits and shutting down on loans. The Teague's figures showed that when the 1931 slump began there were 12.350.928 building and loan investors and aggregate assets in the institutions of $8,828,611,925. The year-by-year decline was: Decrease in Decrease in Assets Investors 1931 5411,236,320 1.012,227 1932 666.884,521 1,223,909 1933 *72,959,408 899,687 1934 527,107,284 853,959 At the close of 1934, the latest, year for which figures are available, 8.370,146 depositors had building and loan investments of $6,450 124,392. Membership Encouraged Last year s decrease in the number of investors is attributed by government officials to the increased liquidity of associations brought about by the Home Owners Loan Corp. Many depositors who had sought unsuccessfully to withdraw their savings in earlier years took advantage of the opportunity when tha HOLC exchanged its bonds for slowmoving mortgages, making cash available for withdrawal demands. Since last year the government has sought to attract new money into mortgage lending institutions by purchasing their securities and encouraging membership in the Federal Savings and Loan Insurance Corp. NOVEMBER BUILDING 89 PER CENT HIGHER Total Volume of Permits Issued Valued at $79,193,009. Timr .? Fprrial WASHINGTON, Dec. 26. Although building construction declined as usual during November it still was approximately 89 per cent higher than in the corresponding month a year ago, the Department of Labor announced. The total volume of permits issued during the month amounted to $79,193,000, a decrease of 11 per cent compared with the October valuation of $38,041,000. The decrease was chiefly accounted for by a sharp drop of 22.8 per cent in the value of permits issues for additions, alterations, and repairs to existing structures. Residential permit valuation declined 11.7 per cent, while the value of permits issued for new non-resi-dential construction came wtihin 2 1 per cent of the October level. Building permits issued during the first 11 months this year showed an increase of 66 per cent, compared with the same period a year ago.

LOANS For Modernization. For a New Home THE RAILROADMEN'S BLDG. & LOAN ASSN.

INVEST with Ist Mortgage Security on Improved Real Estate BUY Building & Loan Shares