Indianapolis Times, Volume 47, Number 253, Indianapolis, Marion County, 31 December 1935 — Page 15

DEC.'3I, 1035.

ITALY ESTIMATES WAR COST NEAR BILLION-DOLLAR MARK; FINANCING WITH GOLD STOCK Domestic Industries Spurred by War Demand While Foreign Trade Is Practically Cut Off by Economic Sanctions. BY VIRGIL PINKLEY Fnit.d J’rets Staff Correspondent ROME, Dec. 31.—Italy closed the year financially embarked on a colonial campaign against Ethiopia which costs approximately 10,000,000 lire daily and over a two-year period will total an estimated 10,000,000,000 lire (SBIO,000,000). The cost of this huge undertaking which has placed additional strain on the nation's financial structure is to be met

by a long term internal government bond issue bearing 5 per cent interest. Italian business faced the situation of more than 50 markets, alluding most important ones except the United States and Germany, closed to its products because of economic sanctions adopted by the League of Nations. Trade Deficit Rises The trade deficit, for the first nine months of 1935 totaled 2.000.000.000 lire ($162,000,000*, government statistics revealed. Numerous financial decrees to defend the lire were taken during the year. The lire, however, was selling outside the country for four to seven lire more to the dollar than the domestic price maintained. Closing weeks of the year were given over to hastily constructed defense against sanctions. In addition to many economic and agricultural decrees passed the nation's loyalty and patriotism were appealed to by Mussolini, various Fascist organizations and the press. Fascist Chiefs Calm Fascist officials, despite these large expenditures and additional j burdens, remained calm and optimistic. Many financial observers believe Mussolini feels economic burdens of the country, including unemploy- j ment, wall be decreased by the con- ■ quest and exploitation of Ethiopia. Already unemployment has de- 1 creased appreciably and industrial activity has increased by approximately 30 per cert compared with I the corresponding period a year I ago. During the first half of 1935 permits were issued for the erection or enlargement of 244 industrial plants as against 123 permits issued during the same period last year. At the close of September industrial unem- ! ployment was down by 205.000 com- | pared with a year ago. Basic Industry Better Os 17 basic industries 15 registered gains ranging from 15 to 105.7 per cent during the first nine months of 1935 compared with the corresponding period of 1934. The current fiscal year which opened July 1, 1935, found Italy carrying an internal debt of 105,000,000.000 lire plus 24.000.000,000 lire in deferred payments. Governmental officials said a considerable : portion of the internal debt which ] has increased since the advent of Fascism has resulted from large expenditures on public works. Many of these are projects which in time will become fully liquidated. The officiallyj estimated deficit of the budget for, the current fiscal year, exclusive 'of the East African campaign, is 1.657.000.000 lire. Gold Supplies Decrease Italy's economic battle is presented vividly in the decrease of the nation’s gold. Most of the decrease was due to foreign purchases made in gold to avoid any possibility ol a run on the lire. During 1934 gold reserves fell from 7.105,000.000 lire to 5.811.000.000 lire. By Oct. 20. 1935, the last date on which official figures were permitted to be made public, the gold reserve totaled 3.936.400.000 lire. The 46 per cent gold backing ol currency previously maintained by the Bank of Italy was reduced in July to 40 per cent and then declined steadily to approximately 20 per cent by the close of October. Official treasury figures showed that up to March. 1935. expenditures charged to the East African campaign fund totaled 374.850.000 lire. By the close of the fiscal year. June 30. 1935. the cost ’ncreased to 974,871.000 lire. Expenditures made under other budgets such as war, navy. air. colonies and communications on the East African pro- ■ gram were not specified, although all these departments contributed to the colonial adventure. Future Uncertain Funds necessary to transport Mussolini's Fascist legions to African battle fronts and to furnish them with food and war materials began to increase sharply in July when 375.000.000 lire were spent. In September the cost jumped to ■ 633.502.000 lire. The three-month total for July, August and September was 1.345,425.000 lire, or a monthly average of approximately 450,000.000 lire. The budget deficit for 1934-35 amounted to 2.428.112.395 lire. Os this total 974.871.924 lire was incurred because of East African expenditures. The immediate future appears to most trade observers highly uncertain because of the following reasons : 1. Sanctions. 2. Italy must buy most essential raw materials. 3. The exchange rate of the lire makes international competition

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DUTCH AVOID DEVALUATION Trade Falls Off and Aid for Shipping Industry Is Needed. BY H. C. BUURMAN I'nitfd Press Staff Correspondent AMSTERDAM, Dec. 31. The Kingdom of the Netherlands, along with other nations of the small gold bloc in 1935 found difficulty in maintaining stability of her currency and a semblance of her former international trade levels. The guilder several times during the year was hard pressed and there were threats of devalution which resulted in increase of the bank rate. But devaluation was avoided. Imports from January to October totaled 77,000.000 guilders, a decrease of 98.000,000 from the corresponding 1934 period. Shipping suffered and the government likely will have to aid with subsidies. The government now plans to Industrialize the" nation, modernizing old plants through government loans. Unemployment held around 500,000, a high figure for the 8.000.000 residents of the nation. Japanese competition in the Netherlands East Indies necessitated setting up of quotas and tariff increases. CUBAN TRADE GAINS ON SUGAR QUOTAS 1936 Prosperity Depends on Political Stability. By United I’rcss HAVANA, Dec. 31. Prosperity and improved business conditions were restored in a certain measure to Cuba during 1935. The betterment was due almost entirely to the Cuban-American reciprocal trade agreement, and the quota assigned to Cuban sugar by the United States under the Jones-Costigan Act. Official Cuban government trade figures are not compiled very rapidly, thus only the figures for the first six months of the calendar year of 1935 are available. For that period Cuba exported products valued at $66,114,793 and her imports were valued at $48,413,950. In the similar period of 1934 exports were $43,394,021 and imports, $34,047.186. From Jan. 1 to Sept. 30. Cuba exported 2,164.063 long tons of raw sugar, of which 1,464,063 long tons went to the United States. For the similar period of 1934 the total exports of raw sugar were 1,659.363 long tons, of which 949.460 long tons went to the United States. A prosperous business year for 1936 hinges almost wholly on two factors. The first is whether the United States government will grant Cuba a sugar quota approximately equal to that of 1935. The second is whether political stability will be maintained in the island. LEVERAGE STOCKS RISE 24 Upturns of 10 Per Cent Shown Since Dec. 20, 1929. Tinir Special NEW YORK. Dec. 31.—Reflecting the influence of the leverage supplied by their funded debt and preferred stocks outstanding. Leverage Investment Cos. common stocks have moved markotwise more than twice the general market in the last six years, according to a report made today by the Distributors Group. Inc. There have been 24 upward market swings of 10 per cent or more, uninterrupted by 10 per cent declines in the period Dec. 20, 1929. to date, the report showed. The market prices of 14 leverage investment company common stocks advanced an average of 2.03 times the percentage gain of the general market during each rally. extremely difficult, especially in price-cutting markets. 4. Cost of the East African campaign coupled with a steady decline in gold reserves and increased taxation. In addition to these factors Italy must import an estimated 76 per cent of the raw materials necessary to support an army in the field.

Middle Class Purchases Bring British Recovery Activity in Building and Automobile Buying Is Spur to Revival During Year. BY C. T. HALLINAN j , Vnited Press Staff Correspondent LONDON. Dec. 31.—Britain's middle class activity in residential building and automobile purchases stood out in a substantial business recovery during 1935. Experts estimated the middle class contributed 85 per cent to the building boom with the government supplying the remaining 15 per cent. Investors bought building stocks, made good profits, and stimulated stock market activity.

When the building share rally died out stock traders turned to armament issues on the theory heavy defense expenditures by the government would be inevitable. Later British '.nvestors sent vast amounts of funds to the New York market and increased purchases of American stocks on the London exchange. Retail trade continued to expand throughout the year. Motor car legistrations spurted, out commercial vehicle registrations barely held their own. Christmas trade made wide gains. Foreign trade continued slowly to expand, thanks partly io the Ottawa treaties and to special trade treaties made with foreign countries. British manufacturers are reportedly getting ready to argue for higher tariffs, and more will be heard about treat.es and trade early in 1936. Bank deposits fell off, but were considered better than a year ago because they were not frozen. They now represent sound, active loans reflecting genuine business improvement. Early in the year collapse of giant commodity pools—pepper, shellac, and peanuts caused a political scandal and for a time arrested recovery.

YEAR IS SUCCESSFUL FOR LIEBER BREWERY Newcomer to City Makes Additions to Plant. One of the important newcomers to the ranks of Indianapolis industries during 1935 was the Liebcr Brewing Corp.. which is closing a highly successful first year of operation by rushing to completion extensive additions to its plant and equipment. These additions, which Lieber officials expect to have ready for use early in 1936, will result in the Lieber concern starting off the new year with a brewing capacity more than double its maximum output during the year just closed. Starting early in 1934. the Lieber Brewing Corp. spent more than a year in remodeling and installing new equipment throughout a preprohibition brewery at 1254 S. Westst to make it one of the most modern and efficient brewing layouts in the entire country. The company's product, Lieber Lager beer, was not placed on the market, however, until early in May, 1935. At the present time, the, Lieber Brewing Corp employs approximately 100 persons and its market territory includes, in addition to Indiana, sizeable portions of a number of nearby states. When the present expansion program is completed early in the coming year, Lieber executives predict that a 25 per cent increase in number of employes will be required, with an immediate expansion of the company’s sales territories to include possibly 10 additional states. Col. Richard Lieber is president of the company.

STANDARD LIFE CO. HAS RAPID GROWTH Local Firm Founded Less Than Year Ago. One of the new companies formed in Indianapolis during 1935 and enjoying rapid growth is the Standard Life Insurance Cos. of Indiana, a new old-line legal reserve life insurance firm. Harry G. Leslie, former Governor of Indiana, president of the new organization, has surrounded himself with officers and executives of long experience in the life insurance business, including Floyd E. Williamson and John W. Cherry, vice presidents; George F. Flagg, secretary, and E. J. Barker, treasurer. Production figures just compiled show that the company's volume is at the rate of $4,000,000 per year, according to Mr. Leslie. The company now has stockholders in 72 of the 92 counties in Indiana, and the present staff will be increased to assure writing a volume in excess of $1,000,000 a month during 1936.

We Offer Tax Free IN CONNECTION WITH THE REFUNDING OF o% BONDS $200,000 Fletcher Joint Stock Land Bank 3\\% Bonds Dated November 1, 1935 Denomination SI,OOO Due November 1, 1913 Callable November 1, 1940 Price 101 and interest, yielding We recommend these bonds as attractive, tax free investments. jfletcher tot (Company E\ANS WOOLLEN, Chairman H. F. CLIPPINGER HAROLD B. THARP Vice-President Manager Bond Department

THE INDIANAPOLIS TIMES

HOGS CONTINUE SHARP DECLINE Prices Dip 10 to 40 Cents; Cattle, Vealers and Lambs Steady. J Influenced by a weak demand prevailing in practically all divisions, porker prices continued to move | sharply lower in early trading at the Indianapolis Union Stockyards today. Although receipts were estimated ! at only 5000, same as in the preceding session, the general market was around 10 cents lower, while underweights slumped 15 to 40 cents under yesterday’s best average. Today's decline forced the top price | for good and choice grads down to $9.90. Holdovers numbered 394. The bulk of 160 to 225 pounds. ! cashed in at $9.70 to $9.90, while | medium heavyweights, scaling 225 to 275 pounds, brought $9.25 to $9.60. Extreme heavies, from 275 to 350 pounds, sold at $8.75 to $9.10. Lightweights, scaling 100 to 140 pounds, held at $9 to $9.25. Good packing sows ranged from $7.75 to $8.25. With initial trading limited in the cattle market, indications were weak to lower. Only a few scattered grades were valued to to sell above $10.50. Heifers were under pressure, but maintained steady prices. The bulk held at $5.50 to $7.50. Cows and bulls held steady. Receipts were estimated at 2000, including around 25 loads of steers j considered below top grades. Vealers also displayed a steady i trading range, with the bulk of | good and choice kinds salable from | sl2 to $12.50. Receipts numbered ; 700. Lambs showed little change. Bulk of fed Western grades sold at $11.15, while natives held at sll. Slaughter sheep brought $3.25 to $5. Receipts were 3000. HOGS Dec. Bulk. Top. Receipts. 23. $10.00®10.10 $lO.lO 3000 24. [email protected] 10.10 3000 26. [email protected] 10.35 2500 27. 10.10#/ 10.35 10.25 6000 28. [email protected] 10.15 2000 30. 9.85@ 9.90 9.90 5000 Light Lights (140-160) Good and choice .$ 9.50® 9.75 Medium . 9.00®) 9.50 (160-180) Good and choice . 9.75#710.00 Medium 9.30® 9.75 (180-200) Good and choice.. 9.80#/10.00 Medium 9.30® 9.80 Medium Weights (200-220) Good and choice.. 9.70® 9.90 (220-250) Good and choice.. 9.50® 9.70 Heavyweights (250-2901 Good and choice . 9.10® 9.50 (290-350* Good and choice.. 8.60#/; 9.10 Packing Sows (275-350) Good 8.25® 8.50 (350-425* Good 6 10® 8.35 (425-550* Good B.oo® 8.25 (275-550) Medium 7.75(g) 8.10 Slaughter Pigs (100-140) Good and choice.. 9.00® 9.50 Medium 8.25® 9.25 CATTLE —Receipts, 2000— (500-900) Choice slo.oo#/12.50 Good 8.75®11.50 Medium 7.00#/) 9.00 Common 5.25® 7.00 (900-1100) Choice 12.00#/13.00 Good 9.00® 12.00 Medium 7.00® 9.00 Common 5.25® 7.00 (1100-1300) Choice 12.00#/13.00 ! Good 9.25#/12.00 Medium 7.25® 9.25 (1300-1500) Choice 12.25®13.25 Good [email protected] Heifers (500-750) Choice 9.25® 10.25 Good B.oo® 9.25 Common and medium 4.50® 8.00 (750-900) Good and choice.. [email protected] [ Common and medium 5.00@ 8.00 Cows i Choice 6.50® 7.00 Good 5.50® 6.50 Common and medium 5.50® 6.50 | Low cutter and cutter 4.50® 5.50 Bulls, good 6.25® 6.75 Cutter, com. and med. bulls... 4.25® 6.25 VEALERS —Receipts, 700— Good and choice $11.50(5712 50 Medium [email protected] Cull and common 5.00® 9.00 Calves (250-500) Good and choice ... 7,00® 10.00 Common and medium 4.50® 7.00 Feeder and Stocker Cattle (500-800) Good and choice . 6.75® 8.25 Common and medium 4.50@ 6.75 (800-1050i Good and choice... 6.75® 850 Common and medium .... 4.50@ 6.75 COWS ! Good 4.25® 5.00 j Common and medium 3.50® 4.25 SHEEP AND LAMBS —Receipts. 3000Lambs. 90 lbs. down, good and | Choice sll.oo® 11.25 ! Good 10.50® 11.00 i Medium 10.00® 10.50 j Common 8.50#/10.00 ; Ewps (90-1251 Good and choice .. 4,00@ 500 Common and medium 3.00® 4 20 I Yearling wether, good to choice 9.00#/ 9.75 Medium 7.50® 9.00 Diamonds to the value of $70,000,000.000 are now in circulation; their combined weight is equal to half that of a modern locomotive.

FRENCH TRADE AND INDUSTRY OFF FOR YEAR But Nation Stays on Gold Hoping for Stabilization Conference. BY HAROLD ETTLINGER Vnited Press Staff Correspondent PARIS, Dec. 31.—Internal business and industrial difficulties, as reflected by tax receipts persistently lower than budget estimates, and shrinking foreign trade provoked considerable pessimism in France during the year and added many new voices to the demand for reform. The Laval government's drastic economy decrees which provided a balanced budget, at least on paper, did not show any substantial results by the end of 1935, perhaps because their promulgation came too late. Their effect was certainly postponed by the fact that economic ! sanctions against Italy and the gen--1 erally tangled international situation added considerably to France s economic complications. Devaluation Avoided But despite her troubles France clung steadfastly to the gold standard. She refused to be moved by the deflection from the gold bloc of Belgium or by two extremely dangerous runs on Bank of France goldone in May which cost more than 10 billion francs and one in November, when more than five billions went abroad. There were frequent predictions of devaluation during the year, but the government and the Bank of France continue firm in their opposition. hopeful that the near future would bring a monetary conference for general stabilization at new levels. The nation’s unfavorable foreign trade balance will be slightly smaller than in 193 t, but trade generally is expected to show a decline of more than five billion francs. The latest available figures, which are for 10 months, show total foreign trade of 30.042,689,000 francs compared with 34,071,464,000 in 1934, including exchanges with French colonies and protectorates. Imports totalled 17,275,600,000 compared with 19,431,988.000 francs ini 1934, and exports were 12,767,089,000 compared with 14,639,476,000 for the same period last year. Good Trade With Italy Germany continued to lead the list of countries exporting to France, with the United States second and Great Britain third, while France’s best customers were the BelgianLuxembourg economic union, Great Britain and Germany in the order given. From January through October the United States sold France 1,372,355,000 francs worth of goods and bought 573,527.000 from her. A general increase of FrancoAmerican trade, which would restore the United States to first place, is hoped for from the trade treaty now under negotiation in Washington. Despite the generally unfavorable trade balance, France did have a favorable exchange with some countries during the year. One of these —and there has been much lamentation about it of late—has been Italy, whose French producers feared they would lose completely as a result of sanctions. Local Securities (Reprinted From Late Times Yesterday) (Because quotations on local securities are unlisted on an Exchange, The Times can not assume responsibility for the accuracy of these figures gathered from local brokers.) STOCKS Bid. Ask. J. D. Adams Mfg 16> i 18 ’Belt RR & StK Yds com... 50 53 •Belt RR & Stk Yds 6% pfd.. 53 Central Ind Pow 7% pfd 16 19 Home Tel&Tel Ft. Wn 7% pfd 50VS 52 •Hook Drug Inc com 14(4 . •Ind & Mich Elec 7% pfd ... 99 102 Indpls Chain Sto Term pfd... 52(4 60 •Inapis Gas Cos com 36 40 •Indpls Pow & Lt 6 pfd 82 85 •Indpls Pow &Lt 6Vi % pfd.. 87(4 90'4 •fndpls Water 5% pfd 102 Lincoln Nat Life Ins. Cos 34 37 North Ind Pub Svc 5V2% pfd 68 71 North Ind Pub Svc 6% pfd-. 77 81 Progress Laundry com 7 9 Pub Svc of Ind 6% pfd 11(4 14 Pub Service of Ind 7% pfd.. 36 39 •So Ind Gas & Elec 6% pfd.. 92(4 96*4 Terre Haute Elec 6% pfd ... 80 84 •Union Title com 19 23 BONDS Atlanta Dlstr Term 6% ’4l ... 62>4 70 Buffalo Distr Term 6% '4l ... 70 75 Brooklvn Postal Sta 5V'2% '4B . 37(4 42 Home Tel&Tel FtW 5'4% ’35..103 105 Home Tel&Tel FtW 6% ’43 ..103 106 Indpls Railways Inc 5% ’67 .. 50 ! 4 53 Indpls Water 4(4% ’4O 105 107 Indpls Water 5% ’SO & ’6O .. '±os 107 Indpls Water 5(4% ’53&'54.103'4 105 Interstate T & T 5*4% ’53 ... 93 96 Kokomo Water Works 'SB ...104 105>4 Lafayette Telephone 5% '57 .102 Morris 5 & 10 Stores 5% 'SO. 99 102 Muncie Water Works 5% *65 .102(4 ... Noblesville HL&P 6(4 ’47 .. .. 97 100 Ohio Tel Service 6% '47 95 Richmond Water Works 5%'57 104'4 106 St. Louis Post Office 5(4% '3B 18 25 Seymour Wtr Ist mtg 5% '59 101 104 Terre Haute Water Wkss% ’56 101(4 103 VS Terre Haute Wat Wks 6% ’49.103 105 Traction Terminal 5% ’57 .... 69 73 •Ex. die

SPURS SOVIETS TO INDUSTRIAL HEIGHTS

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Josef Stalin Dictator and Whip

RUSSIA CLAIMS SECOND PLACE Soviets Climb to High Rank Among Industrial Nations of World. By United Press MOSCOW. Dec. 31.—Tlie Soviet Union in 1935 climbed to second place in the volume of world industrial output, second only to the United States, according to figures released by government agencies. The total volume of industrial output for the year was placed at 20.8 per cent more than that for 1934. Capital goods output gained 23.9 per cent and consumers goods 15.8 per cent. The Soviet now claims first place in Europe in its output of peat, copper, oil, tractors, harvesting combines and trucks, as well as industrial and agricultural machinery. More than 8,500.000,000 roubles were spent on a tremendous construction program, covering 694 new enterprises. Carloadings rose 18.9 per cent above those for last year, reaching a daily average of 74,700 in September. Electric Output Gains Electric output for the year was officially estimated at 25,000.000,000 kwh., against 16,366,000,000 in 1933, the first year of the second 5-year plan. This would put the Union third in the volume of electric output among the nations of the world. Steel production in the first 10 months of the year totaled 10,100.000 tons against 9,600,000 tons in all of 1934, while 10 months output of pig iron, 10.300,000 tons, compared with 10.400,000 in all of 1934. The large steel plants such as the Magnitogogrsk and Kuznetsk enterprises, still under construction, are operating at a profit. The industry as a whole claimed a 16 per cent reduction in its costs in the third quarter alone. Automobile and truck output in 1935 totaled 92,000 units, rising from 4200 in 1930, and with 140,000 estimated for 1936. Although the favorable trade balance shrank to 120.000.000 rubles this year from 186,000,000 in 1924, it combined with a gold output placed at 100,000,000 rubles in assisting the Soviet to pare its foreign trade indebtedness further. As the year closes, the total of this indebtedness is set at 100,000,000 to 120.000,000 rubles against 1,400,000,000 at its peak at the end of 1931.

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KOKOMO INDUSTRIES EXPAND DURING YEAR Crosley Transaction Largest in Last Twelve Months. Times Syeeinl KOKOMO. Ind., Dec. 31.—Industrial gains in Kokomo during 1935 were the largest for the last several years, according to a year-end report released today. The largest industrial transaction in the last 12 months was the acquisition of the Crosley radio plant. Although production was halted until near the end of the summer, the plant located in the body plant of the Haynes Automobile Cos., furnished employment to several hundred people. Next coming to Kokomo was the Metal Specialties Cos., which located in one of the units of the central plant of the old Haynes Cos. Then came the Security Paper Bag Cos., which also was established in the Haynes building. Both companies are operating steadily and increasing employment from time to time. STEEL SHIPMENTS DROP November Exports at 205,242 Tons Against 299,262 Y'car ±\go. By United Press WASHINGTON. Dec. 31.—United States iron and steel exports during November were the smallest for any month in 1935 and below the total for November, 1934, the Commerce Department said today. Total shipments abroad were 205.242 tons last November, compared with 238 358 tons in October and 299,262 tons in November, 1934.

ARTHUR H. WYATT Dnveitmentl Specializing in Life and Fire Insurance Stocks EIGHTH FLOOR GUARANTY BUILDING RILEY 3464 • • s INDIANAPOLIS

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CANADA AIDED BY ARGENTINE GRAIN ACTION Looks for Early Disposal of Surplus Stock: Exports on Rise. BY .1. N. CRANDALL Foiled Prrx Staff Correspondent MONTREAL. Dec. 31 —The curve of Canadian business for 1935 was definitely and continuously upward. Recent unseasonable weather has had a dragging effect upon retail trade and there has been a moderate setback near the close of the year in the base metal industry, but this was offset by sharp improvement in wheat since the increase in the Argentine basic rate, whicn. greatly improved the prospect of a reasonably early disposal of the bulk of Canada's huge accumulation of this commodity. Export trade, upon which Canada so largely depends, was up over 20 per cent, the major increase being in goods sold in the United States with the British empire a fairly near second. Up to the end of October, the increase in Canada's world trade was $109,000,000 above the preceding 12 months. About 60 per cent of this was exports. Third More Building Os Canada's imports, the United States supplied $25,000,000 of the increase of last, year and Great Britain only $3,000,000. In comparison with a year ago, there was one-third more building. Steel production showed an increase of two-thirds and the output of fer-ro-alloys was tripled. Newsprint production was increasing and in October was the largest in the history of the industry. The recent slight increase in prices helped to stabilize the industry and has been reflected in a slight appreciation of stock market values, particularly in bonds of newsprint companies. There are still, however, three major companies in receivership. Auto Production Up Automobile manufacturers are maintaining the best production schedule since 1929. The sharpest improvement in export production has been in nickel which was up 61 per cent in October as compared with the previous year. There was considerable improvement also in copper. It is too early to judge the result of the new reciprocity treaty with the United States but the energy displayed by the new government in developing new trade agreements with the United States, Japan and other countries is stimulating pub-' lie confidence. MEAT PRICES DECREASE By United J’ress WASHINGTON, Dec. 31.—Retail meat prices have decreased from 4 to 11 per cent in the last three months, W. Whitfield Woods, president of the Institute of American Meat Packers, said today.