Indianapolis Times, Volume 47, Number 256, Indianapolis, Marion County, 3 January 1936 — Page 24

Trends 1935 Shows Definite Progress Toward Recovery. BY RALPH HENDERSHOT

NEW YORK, Jan. 3—Definite progress in the dire'-iion of business recovery has been made in the year just ended. More people are employed than there were 12 months ago, goods are moving more rapidly and in greater volume, credit is cheaper and more easily obtained, corporation profits are larger, and, generally speaking,

gr*i.ter confidence in the future is held by the general public. It would he impossible to state with any degree of positiveness what has brougnt about the improve ment. D o u b t 1 ess many factors have entered into the situation —some natural and

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Hendershot

others artificial. Government spending without question helped to swell the volume of goods which changed hands. Whether It was the prime force behind the recovery is open to question. Elimination of the NRA likewise contributed to the betterment. It made larger corporation profits possible and encouraged the spending of money on so-called durable goods. n u IYUT production of goods had been considerably below normal for about five years, and during that time the surplus on hand had been reduced to a minimum. It was but a matter of time before factory wheels were obliged to start turning again. The government helped to primp ti,° pump of business in more ways than one, thus assisting in speeding the recovery. Probably the economists never will be able to get together on who or what provided the trade revival impetus. Most of them have their own pet ideas, and probably some of them ar P influenced by political leanings. This is unfortunate, for we may run into another depression in time, and the chances are that we may be in as big a muddle over what to do about it as we have been in the last few years. * * n T)OST-MORTEMS seldom are very interesting, however, so it may be more worth while to direct our attention to the future and take the chance that we may be able to pull out of the next depression as well as we have the past one. Probably it won t look much like the one we have just gone through, any way, and any lessons we could have learned in recent years might be of little value in coping with the new conditions. Certainly we can greet the new year with much more confidence than we had at the beginning of 1935. Then we had little more than hope to carry us along, but this year we have actual results to support us. Current steel operations, electrical output, car loadings, bank clearings,- building operations and employment figures are ample proof that we are headed in the right direction. OFFICE TO BE MOVED Aetna Life Insurance Cos. Locales Headquarters in Indianapolis. Removal of the Southern Indiana district headquarters of the Aetna Life Insurance Cos., Bloomington, to Indianapolis is to be made during the next, week, it was learned today. H. R. Donald is fire manager and H. M. Jeakins, sales manager. The Southern district office is to be consolidated with the Northern district office, formerly located at Logansport, and headquarters in Indianapolis are to be located in the Illinois building. On Commission Row Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers: Fruit—Cranberries. C. C. Haines. Fatmores. 25-lb. box, s*.so. Pears—Washingion D’AnJo. $3.25. Calif, avacados, $3.75. Bananas—Seven hands, a pound. 5%c. Pei.simons—California, lug. $1.25. Apples— Jonathans, $1.75. Delicious. $1.75: Wealthy*. $1.25: Grimes Golden. $1.25. Lemons—fliinktst, 3605. $7.25. Grapefruit—Texas, 6|ls to 70s. $3.25. Arizona Sunkist. $2.50. Limes—Mexican, a carton 12s. 18c. Grapes --Emperor, lug. $2; fancy Emperor, 34-lb. sawdust chest. $4. .Vegetables—Beans, green, round stringless bu.. $2.50. Beets—Texas. 3-doz. crate, $1.85. Cabbage—New York Danish, 50-lb. bag 80e. Carrots—California. 6 doz. crate, *3.75, a doz.. 70c. Cauliflower—California rrate. $2. Celery—Michigan, washed ei>J -rrimmed. 1# stock bunch. 55c: Jumbo, dr,z„ *sc. Cucumbers —Southern, bu., *5; doz., sl. Kale—Home-grown, bu.. 60c. Lettuce - -Iceberg, California, good. $3; homegrown leaf. 15-lb. basket. $1.50: Endive— California. basket. 85c. Mangoes Florida, crate. $6.50; small basket. $1.40 Mint—Bunch. 20c. Mustard—Home grown, bu., 60c. Onions —lndiana yellow. SO-lb. bag. $1.15; Indiana yellow. 10-1% bag. 25c. Parsley Southern, doz. 50c. Peas—Telephone, hamper*. $3.50; Texas hampers, $2.75. Potatoes—Round Cobblers. 100-lb. bag. $1.60: Michigan Round White. 100-lb. bag. $1.60: Early Ohio!, bu.. $1.75: Idaho Russets. $3.35. Sweet petatoes—lndiana Jerseys, hu.. $1.65. Radishes—Ohio, button, doz., baskets. 454160 c. Sage—Doz.. 45c. Spinach -New Texas, bu.. $1.35. Souash—Bu.. $3.50. Tomatoes—Florida. 10-lb. carton. $1 SO. ntITS AND VEGETABLES (By United Press) CHICAGO. Jan. 3.—Apples—Michigan, Mclntosh, bushel. *1.10(o 1.50. Carrots—llinois, bushel. 25@40c. Sweet Potatoes— Tennessee, bushel, 85@95c. Beans—Florida, bushel. *[email protected]. Cabbage—Sacks, per cwt., *1©1."5. Peas—California, bushel hampers, 52.50W3.25. Spinach—Texas, bushel, 75c® $1.35. Lettuce —Western crates. • doz.. $1.75@'2.25. Cucumbers— Florida, bushel. [email protected]. Celerv— Michigan, square crates. 75cT51.35 Cauliflower—California, craies. $1.35® 1.65. Tomatoes—Mexican, lugs *2@3. Onion Market—<6o lb. sacks): Illinois yellcws 75c® *1; Michigan yellows, 90c. Unlisted Stocks (By Blyth & Cos.) _ , _ Bid. Ask. Banters Trust .. .. 70% 72', Central Hanover B it T U9‘* 121 Vi Chase 42 s . 44 Chemieal National 54% 56 Guaranty 313 315 Irving 17’. 19 Manufacturers 43 49’, National City 38% 40 Cont ni (Chicago' 136% 128% First National of Boston . 46 47% Natl Shawmut ... 31'■ 32% FIRE INSURANCE Aetna Fire 60’. 62 s . City of New York 28’. 3(1% Feceral Ins 90 93 Frankhr. Fir* 351, 371: •Great American Ins 31*. 32’. Hanover Fire Ins 10 41*. * 5% 87*. Homo m 431: .pi Ins do of N A 7,t 7*.; National Fire 78 so% North River Ins 28 % 30 Phoenix Insurance 101% 103% u B Fir# vsu 571. Westchester Fire 35 49 •By. div.

PAGE 24

LIVESTOCK AT HIGHEST PRICES IN FIVE YEARS Values at Chicago Soar as Receipts Touch All Time Lows. By Suited Press CHICAGO, Jan. 3. Livestock values at the Chicago stockyards boomed to the highest levels in five years in spectacular price fluctuations during 1935. The smallest receipts in the mod- J ern history of the market forced hog prices to the highest level since the boom days of 1929. A peak of i $12.25 a hundred pounds was paid for choice hogs on Sept 14, climaxing two months of steadily advancing prices. It was the highest price paid at the world’s largest stockyards since July, 1929. Drought Tartly Responsible Drought in 1934 and the reduction program resulted in small receipts which formed the background for the advance in hog prices. The supply of swine was the smallest since 1872, and stockyards officials were forced to close acres of hog pens in August when receipts were lightest. Refusal of housewives to pay the high prices asked for dressed pork and slightly increased receipts of new crop pigs finally brought a recession from the highest, points. The low price for the year was the $8 top a hundred pounds paid on Jan. 5 and Feb. 2. Receipts sos 1935 were 2,750,000 head lighter than a year ago. Light receipts also prompted an advance in cattle prices. Wool Market Improved Best steers sold at a top of .$15.25 a hundred pounds on May 14, the peak since January, 1930. The drought largely was responsible for the small supply. Receipts were 375,000 head lighter than in 1934. The high price on choice vealers was $11.50, touched four times in September and October. The $8 top paid for vealers Jan. 5 and July 20 was the lowest of the year. An improved wool market and the advance in other livestock prices lent strength to the sheep market. The top on lambs soared to the highest point in more than five years. Old crop lambs sold at a top of $11.65 early in December, while the low of $8.25 on these kinds was touched in the spring. On the new crop a peak of $8.15 a hundred pounds was reached on July 22. The low of $7.15 on clipped lambs was paid May 2. CONSTRUCTION TOTAL HIGHEST SINGE 1931 December Contracts Valued at $235,506,000. Timex Special NEW YORK, Jan. 3.—Engineering construction awards in December were valued at $235,506,000, the highest monthly total since April, 1931, the Engineering News-Record announced today. Os the total reported $28,413,000 was private, and $207,093,000 public construction. Extremely heavy public contracts were responsible fer the four-yeai record, with state and municipal work predominating. Os the public works, $58,941,000 is Federal and $143,152,000 state and municipal. Increases over December, 1934. were private 132 per cent; public, 22 per cent; federal, 237 per cent, and slate and municipal 124 per cent. The year’s total is $1,590,151,000, compared with $1,360,596,000 last year. These totals are made up of private awards $371,139,000 compared with $241,263,003 last year; public, $1,219,012,000 compared with $1,037,600; Federal, $359,004,000 compared with $278,166,000, and state and municipal $860,008,000 compared with $759,434,000 a year ago. Public building is largely responsible for the big increase in volume of awards. UTILITY FIRM REPORTS INCREASE IN REVENUES Consolidated Gas Earnings Equal $3.95 a Common Share. Timex Special NEW YORK, Jan. 3.—Despite an increase in operating expenses and taxes, the Consolidated Gas, Electric Light and Power Cos., Baltimore, has shown gains in both gross and net revenues for the first 11 months of 1935, Herbert A. Wagner, president, announced today. The increase was attributed to record sales of electricity in its territory during the period. Total operating revenues of the company for 11 months ended Nov. 30, 1935, amounted to $28,049,877, compared with $26,326,540 in the corresponding 1934 period, a gain of $1,723,337. The largest part of the increase, however, was absorbed by increases in operating expenses and taxes amounting to $1,444,333. Total net income, after all expenses, taxes and fixed charges, available for dividends, amounted to $5,667,630, equivalent after preferred dividend requirements to $3.95 a common share, compared with $3.67 a share in 1934. EMPLOYES GET POLICIES Timet Special NEW YORK, Jan. 3—Employes of the Commercial Solvents Corp. today were given life insurance policies amounting to more than $2,000,000 as New Year’s presents. Amounts of individual policies were based on wages earned, the lowest policy being SIOOO. UNFILLED ORDERS SPURT l imes Special NEW YORK. Jan. 3.—The Mesta Machine Cos. today announced that 1935 was the busiest year in history and that unfilled orders cauTied over into 1936 will amount to several times the $2,357,000 carried over a year ago.

Abreast of The Times on Finance

90 ~1 180 MOODY’S DAILY J JT > . / 80 : -jr COMMODITY INDEX rh\ + 160^ g *%/; ■ g vA yf ~ / | >. to p ta jJ 7 \ s \ Jr V / £ M !.* WEEKLY :• > i hm 1 1 I ■ 8Q . MOODY’S INVESTORS SERVICE 1 | 5 £> NOV. DEC. JAN. FEB. MAR. APR. MAY JUN. JUL. AUG, SEP. OCT. NOV. DEC. 4934 1935

New York Stock Exchange Prices

(By Thomson & McKinnon) 11 A. M. Prev. Oils— High. Low. N. Y. close. Amerada 79% 79% 79’, i 79 Atl Rfg 27% 28 V* 28'/* 27% Barnsdall 14% 14% 14% 14% Consol Oil 12% 12% 12% 12% Cont of Del 34% 34% 34% 34% Houston (new) . 6% 6% 6% 6Vs Mid Cont Pet .. 20% ?9% 20% 20'/* Ohio Oil 14% 14% 14% 14% Pet Corp 13% 13% 13% 13% Phillips Pet 39% 39% 39% 39% Plymouth Oil .. 12% 12% 12% 12% Pure Oil 1.7 16% 16% 17 Shell Un ... 16 16 16 15% Sfcalley Oil 19% 19% 19% 19% Soc Vac 14% 14% 14% 14% S O of Cal 40% 4040 40% S O of Ind 33% 33% 33% 33% S O of N J 52% 51% 52% 51% Texas Corp ... 30 29% 30 29% Tidewater Assn. 15% 15% 15'% 15”% Un Oil of Cal ..24 24 24 24% Steels— Am Roll Mills .. 31% 31% 31% 31% Beth Steel 53% 52% 53% 52% Byers A M 21’/* 21% 21% 21% Col Fuel & Iron. 5% 5% 5% 5% Cruc Steel 38% 38% 38% 38 Inland Steel ...103% 103% 103% 103% Ludlum Steel .. 25 35 25 25% Mid Steel 22% 22% 22% 22% Natl Steel 74% 73% 73% 74% Otis Steel 16% 16% 16% 16% Rep Irn & Steel 20% 19% 20% 19% U S Pipe & Fdy 23% 23% 23% 23% U S Steel 49% 49% 49% 49% Warren Bros .. 5% 5% 5% 5% Motors — Chrysler 90 % 91% 91% 90% Gen Motors .... 551* 56% 56% 55% Graham Mot ... 33 32% Hudson 16% 16% 16% 16% Hupp 1% 1% 1% 1% Mack Truck . . 30% 30% 30% 30% Nash • 17% 17% 17% 17’/* Packard 7 6% 6% 7 Reo 5 5 5 5 Studebaker .... 9% 9% 9% 9% Yellow Truck ... 9 8% 8% 8% Motor Access — Bendlx 23% 23 23% 22% Borg Warner .. ?#% 69% 69% 70% Budd Mfg 10% 10 10% 9% Budd Wheel 13% 13 13 13 Elec Auto Lite... 38% 39% 39% 38% Houdaille (B).. 30% 30% 30% 30% Murray Body .. 19% 19% 19% 19% Stew Warner ... 18% 18% 18% 18% Timken Roll .... 67% 67% 67% 67 Mining— Alaska Jun .... 15% 15% 15% 15% Amer Metals .... 30% 30% 30'/& 30% Amer Smelt .... 59% 59% 59% 59% Anaconda 29% 28% 28% 29% Cal & Hecla ... 6% 6% 6% 6% Cerro de Pasco.. 54% 54 54 55 Dome Mines .... 42% 42% 42% 41% Granby 9% 9% 9% 9% Gt Nor Ore 16’/* 16% 16% 17 Int Nickel 45% 45% 45% 45% Kennecott Cop . 29 29 29 29 Mclntyre Mine . 41% 41 41% 40% Park Utah .... 4% 4% 4% 4% St Joe Lead ... 23% 23% 23% 23% U S Smelters ... 94% 94% 94% 94% Vanadium 21% 22 22 21% Amusements— Crosley Radio .. 18 17% 17% 17% Loews Inc 52% 52% 52% 52% Radio Corp 12% 12% 12% 12% Paramount 10% 10% 10% 10% R K O 5% 5% 5% 5% Warner Bros ... 10 10% 10% 10 Tobaccos— Am Snuff 70% 70% 70% 70% Am Tob “A” ... 97% 97V* 97% 97% Lorillard 24% 24% 24% 24% Phillip Morris .. 71 70% 70% 70 Reyn Tob “B” .. 55% 55% 55% 55% Rails— Atchison 60 60 60 60 Atl Coast Lines. 31 31 31 30% B& O 16% 16% 16% 16% Can Paciflc 11% 11% 11% 11% CH & Ohio 51% 51% 51% 51% Chi N W 3% 3% 3% 3% Chi N W pfd ... 7’/* 7% 7% 73A Dela & Hud ... 38 38 38 37% Del Lac & W... 16% 16% 16% 16% Grn Northern pf 33'% 33 33'/* 33% 111 Central 20% 20% 20% 20% K C Sou 13 13 13 13 3 /* N Y Cent 28% 28% 28% 28 % N Y New Haven. 4% 4'/* 4'/* 4% Norfolk & West 212 212 212 210 Nor Pacific 24% 24% 24% 24% Penn R R 311* 31% 31% 31% Sou Pac 31% 31% 31% 31% Sou Pac 24% 23% 24% 24 Sou R R 14V* 14 14% 14% Union Pac 112% 110% 112 Va 110 Equipments— Am Car & Fdy.. 34 34 34 33% Am Loco 26% 26% 26% 26 Am Steel Fdy... 24% 24% 24% 25 Gen Elec 38% 38% 38% 38 Pullman Inc 31% 3134 31% 37% West Air Br 36 36 36 36 Westingh Elec . 97% 96% 97% 96% Utilities — Am & For Pwr. 7% 7% 7% 7’/* AT&T 159 138% 159 158% Am Power & Lit 8% 8% 8% 8 3 / 4 Am Wat Wks ... 22% 22% 22% 22% Col Gas & Elec. 14% 14 14% 14% Comm & Sou .. 32% 2% 3 Consol Gas ... 31% 31 31% 31 Int Hydro Elec . 3% 3% 3% 3% Int TANARUS& T 13% 13% 13% 13% North Amer .... 26% 26% 26% 26% Pac G & E 31 31 31 313% Peoples Gas .... 43 43 43 43 Pub Serv N J .. 46'i 46% 46% 46 So Cal Edison .. 25% 25% 25% 25% Std Gas 6% 6% 6% 6% Stone & Webster 15% 15% 15% 15% United Corp .... 7% 7 7% P% Un Gas Imp 17% 17% 17% 17% Ut Pwr & Lit “A” 3% 3% 3% 3% Western Union . 75% 75% 75% 74% Rubbers— Firestone 25% 25% 25% 25% Goodrich 14% 14% 14% 14% Goodyear 14% 24% 24V* 24% U S Rubber . 17% 17% 17% 17% U S Rubber pfd. 51% 51 51% 50% Miscellaneous— Allis Chalmers . 36% 36% 36% 36% Am Can 133 132% 133 133% Anchor Cap ... 17% 16% 17 16% Burroughs Add . 26% 26'% 26% 26% J I Case 98% 98 98% 97 Conti Can . ... 85 85 85 85 Caterpillar Tract 58-% 58'; 58% 58% Curtis Pub .. 21% 21% 21% 21% Curtis Pub pfd .101% 101% 101% 102 Deere & Cos ..55% 55 55% 54% Foster Wheeler .30 29% 29% 30% Gillette 17% 17'* 17% 17 Glidden 48% 48% 48% 48 Inter Harv .. 62% 61 % 61 % 61% Natl Cash Reg 73% 23% 23% 43 Owens Bottle ...134’* 134 134% 132% Rem Rand . .20 19% 19’, 20% Worthington Pm 25 25 25 24% Foods— Armour 5 5 5 4% Borden Prod • 26% 26% 26% 26 Can Dry G Ale. 16% 16% 16% 16% Corn Prod 69% 68% 69% 69% Gen Baking .... 12% 12% 12% 12% Gen Foods *3% 33% 33% 34 Gold Dust 19% 19% 19% 19% G W Sugar 31% 31% 31% 31% Natl Biscuit 34 33’, 34 33% Natl D Prod ... 22% 22% 22% 22 Puritv Bak 14% 14% 14% 15 Std Brands .... 15% 15% 14% 15% Up Biscuit 24% 24% 24% 24% Retail Storts—-• Fest * Cos ... . 50% 50% 50% 50% First Natl Stores 46 46 46 46% Gimbel Bros ... 7% 7% 7% 7% Gr Un Tea .... 4% 4% 4% 3% Allied Sts 7% 7% 7% 7% Kresge S S 25 24% 24% 25% Kroger Groc ... 26% 26% 26% 2f% Macv R H ... 47 464, 46 4b% Marshall Field . 12% 12% 12% 12% Mont Ward 29% 38% 29% 38% Natl Tea 9% 9% 9% 9% Pennev J C 79 79 79 76% Safeway St ... 33% 33% 33% 33% Sears Roebuck 65 64% 64% 65% Woolworth 55 54’, 54’* 55 Aviation— Aviation Corn .. 5 4% 5 5 Boeing Airest ... 23% 22’, 23% 24 Curtiss Wr . 4% 4% 4% 4 s , Curtiss Wr "A”. 11% 11% 11% 11% Douglas Air .... 55’, 55 55 55% Nor Am Av 7 7 . 7 Soerry Corp . ..17% 17% 17% 17% Unit Airest new. 28% 26 28 28% Chemicals— Air Redue 171% 171% 171% 171 Allied Chem ...159 159 159 159 Am Com Alco .. 28% 28% 38% 38% Col Carbon ... 96% 96% 96% 96% Com Solvents .. 21 s , 21% 31% 21% Du Pont ...140% 140% 140% 140% .Freeport Ter. 29% 29k 29% 394*

INDIAi.’APOLIS, FRIDAY, JANUARY 3, 1936

TREND OF COMMODITY PRICES AND TRADE CHARTED

Liquid Carb .... 39 39 39 38% Math Alkali 30% 30 30 V, 30 •Natl Dis inew).. 30% 30 30% 30 Schenlev Dist .. 49% 49% 49% 50 Tex Gulf Sulph. 33% 33% 33% 33% Union Carbide . 71% 71% 71% 72 Drugs— Coty Inc 6% 6% 6% 6% Lambert 22% 22% 22% 22’/, Lehn & Fink .. 12'% 12% 12% 12 Sterling Prod ..66 66 66 65% Un Drug (new'.. 13'4 13% 13% 13% Zonite Prod 8% 3% 8% 8% Financial— Adams Exp 11% 11 11 11 Allegheny Coin . 2% 2% 2% 2% Am int Corn ... 11% 11% 11% 11% N. Y. Bonds (Reprinted From I.ate Times Yesterday) DAILY PUCE INDEX 20 20 20 60 Inds. Rails Utils. Bonds Today 91.6 84.7 103.5 93.3 Tuesday 91.5 84.2 103.6 93.1 Week ago 90.8 83.2 103.2 92.4 Month ago 90.9 81.8 102.7 91.8 1935 high 91.5 86.4 103.6 93.1 1935 low .... 83.6 71.0 89.3 83.0 (Copyright, 1935, by Standard Statistics) V. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasury, Prev. Close. Close. 4%s 1947-52 115.9 115.7 4s 1944-53 111.4 111.2 3%S 1946-56 109.9 109.21 3%s 1940-43 107.31 107.29 3%s 1943-47 106.23 106.18 3%s 1941-43 108. 108. 3% s 1943-45 105.29 105.24 3%s 1941 108.22 108.20 3',4 s 1944-46 105.19 105.17 3%S 1946-49 104. 103.29 3%s 1949-52 104.1 103.30 3s 1951-55 103.2 102.31 3s 1946-48 103.3 103.2 2%s 1955-60 100.5 100.1 2%s 1945-47 101.3 101.1 Home Owners Loan Corp. 2%s 1545 99.25 99.22 3s 1952 101.3 100.29 Federal Farm Mortgage Corp. 3%s 1964 102.28 102.19 3s 1949 101.8 101. 3s 1942-49 101.14 101.19 2%S 1947 100.17 100.10 DOMESTIC Prev. Issue. Close, close. Alleg Corp 5s ’44 88 87% Alleg Corp 5s ’49 79 78 Alleg Corp 5s ’SO 50 48% Am Frgn Pow 5s 2030 67 66% Am Tel & Tel 5%s ’43 114% 114 Am Tel & Tel 5s ’65 113 113 Arm &Cos (Del) 5%s ’43 95% 95 Atl Coast Line 4s ’52 96% PS% Atl Coast Line 4%s ’64 85 85 Atch Top & S Fe 4Vis ’4B 110% 109'% Am Wat Wks 5s ’44 . 113% 113% Am Rolling Mills 5s ’3B 125 % 124 Balt & Ohio 5s ’95 74% 74% Balt & Ohio 6s ’95 . - 85% 84% Balt & Ohio 4%s ’6O 62 61% Buff Roch & Pitt 4%s ’57 66% 65’/* Beth Steel 5s ’36 .104% 103% Chi Milw &StP 5s ’75 20'% 19'/< Chi Milw & St P 5s 2000 8V 7% Cleve Un Term 5s ’73 101 101 Cleve Un Term 4 Vis ’77 95% 95 Col Gas 5s May ’52 99% 99% Col Gas 5s April ’52 ...99 99 Coi Gas 5s ’6l 99 99 Can Fat Perp 4s 87% 87 Cent Pac 5s ’6O 89% 87% Big Four *l%s ’77 79'% 78% Big Four 5s ’63 .89 89 Chi & West Ind 4s ’52 100 99% Chi & West Ind 5%s ’62 107% 106% Chi & Nor West 4%s ’49 12% 11% Con Gas 5s ’57 105% 105% Chesa Corp 3s ’47 ...116VL- 115% Del & Huds 4s ’43 78’/a 78% Erie 5s ’67 70 69 Vi Grt Northern 7s ’36 102 V, 103 Grt Northern 4%s '76 97'/, 97 Grt Northern 4%s ’77 97% 96% Gen Stl Cast WW 5%s ’49... 89'/, 89'/, Hud & Manhat Ref 5s '57 ... 81 80% 111 Cent 4%s ’66 64% 64®,a 111 Cent Jt 4 Vis ’63 70 67% 111 Cent 5s ’63 73% 71% Interlake C&I 5s ’sl 86% 85% Internatl Hy Elec 6s ’44 45 % 45 Internatl Tel & Tel 4%s ’39. 87% 87 Internatl Tel & Tel 5s ’55 ... 79% 79 Intrenatl Tel & Tel 4%s ’52 .. 75'/, 75% P Lorillard 7s ’44 .. 129% 129% McKees & Rob 5%s ’SO 102% 102% Natl Dairy 5%s ’4B 103% 103% Natl Steel 5s ’56 106 106 Nickel Plate 4%s ’7B 71% 71 Nickel Plate 5 Vis ’74 83 % 82 Nickel Plate 6s '35 98 97 N Y Cent 5s 2013 75 74% N Y Cent 4Vis 2013 (old) 81% 80% Nor Amer Cos 5s '6l 103% 104V4 Nor Pac 3s 2047 75V* 75 Nor Pac t'/ 2 s 2047 93% 93 Nor Pac 6s 2047 107% 107% Nor States Pow 5s ’4l 105% 105% Penn Ry 4'is ’B4 105% 105% Pen Ry 4'As ’Bl 106 106% Penn Rv 4%s ’7O 99% 99% Pac G & E 5s ’42 104% 104% Portland Gen El 4%s ’6O 72Vi 72 Vi Para Publix 5%s ’SO 93 92 Penn P Vz L 4Vis ’Bl 106% 106% Postal Tel & Cab 5s ’53 36Vi 36'i Rem Rand WW sVis ’47 104% 104 V, Sou Pac 4%s ’6B 77 76% Sou Pac 4%s ’Bl 71 76 Sou Pac 4%s ’69 77% 77 Sou Pac 4s '49 80 80% Sou Rail 4s ’56 54% 52% Sou Rail 6s ’56 70 67% Sou Rail 6Vis ’56 73Vi 71 Sharon Stl Hoop SV2S ’4B .X.103V4 103 Texas Pac 5s ’BO S7Vi 95% Texas Pac 5s ’79 97 97 Texas Pac 5s ’77 99 98 Union Pac 4s ’47 113 Vi 113 Vi United Drug 5s ’53 99 99 U S Rubber 5s ’47 104% 103% NY NH & Hart 6s ’4B 33% 33Vi NY NH & Hart 4%s ’67 31 31 Warner Bros 6s ’39 86% 85% Western Mary 5%s ’77 107 106% Western Mary 4s '52 . 96 % 967, Youngstown S & T 5s ’7O 104 104% Youngstown S & T 5s ’7B ...104% 104% FOREIGN Argentina A6s ’57 98% 98% Argentine B6s ’SB 98% 98% Brazil 8s ’4l . / 26% 26% Denmark 5%s ’55 101% 101 Vi German sVis ’65 28% 28% German 7s ’49 39% 39% Italy 7s ’sl S5 647, Poland 7s ’47 - 109% 109 Rome 6%s ’52 58 56% Busigraphs INDUSTRIAL PRODUCTION | u 120 ■ o z > v/// V ' £ARS AVERAGE ofJ/ O r // V. // //. '/.THE SAME MONTHS / V, /. Hiliggifi i .IPilßlll THE BARKER CORP. GENtRAt. DISTRIBUTORS INCORPORATED INVESTORS The year 1935 has now passed into history, while the history of its activities shows that we are well on the road toward more prosperous times. Industrial production has made definite forward strides. The average industrial production for the last year gained 13 per cent over 1934, and was 40 per cent greater than 1932 production, the low year of the depression. Furthermore, 1935 has shown sustained business recovery.

Chesa Corp .... 59% 59% 59% 59% Lehman Corn .. 95% 95% 95% 95% Transamerica ... 14 14 14 14 Building— • Am Radiator 26'/, 25% 26 25% Gen Asphalt 22% 22% 22% 22% Int Cement 38% 38% 38Vi 38 Johns Manville . 94% 94% 94% 94% Libby Owens Gls 49 49 49 49 Vi Otis Elev 25% 25 25 25'A U S Gypsum 86 86 86 85% men Cons 5% 5% 5% 5'A Household— Col Pal Peet ... 197* 19% 197, 19V, C’ongoleum .. 43% 43'/* 43% 43 Proc & Gamble . 48 48 48 48 % Servel Inc 16% 16% 16% 167* Simmons Bed .. 20% 20% 20% 20V* Textiles— Amer Woolen .. 9% 9% 9% 9'A Belding Hem 13% 13% 13% 13% Celanese Corp .. 29 28% 28% 29 Collins Aikman.. 48 48 48 48% Gotham Hose 9% 9’% 9'% 9% Chicago Stocks <Bv Abbott, Proctor & Paine) 11:00 Prev. A. M. close. Berghoff 7% 7% Butler Bros 8% BV* Chicago Corp 4% 4% Conti Steel 427* A2Vx Cities Service 3'/a 3'/, Cord Corp 5Vi 5% Crane Corn 27 27 Gen House 37i 37i Grt Lakes Dredge 29'/* 29 Vi Libby 10 10 Quaker Oats 131% 131 Swift 22% 22% Swift Int 33'/, 33% Zenith 13Va 13Va New York Curb (By Abbott, Proctor & Paine) 11:30 A.M. Prev. N. Y. Close. Aiumn Cos of Am 88% 88% Am Cyanide ’’B” 29% 29% Am Superpower 2% 2% Atlas Corp 13 13 Axton Fisher Tob 50 50 Carrier Corp 11 % ll'A El Bond & Share 16’A 16V* Fisk Rubber - . 7% 7% Ford of Can “A” 26'/, 26 Ford of Europe 8% 8% Hiram Walker 33% 33% Imperial Oil. Lid 20% 20% Lake Shore Min 52% 52 Newmont Min 75 757’, Nia Hud Pwr 9% 9'/, Pan-Amer Airways 48 48 Penn Road 3% 3% Money and Exchange INDIANAPOLIS Clearings $ 3,983,000 Debits 11,726,000 TREASURY STATEMENT (By United Press) WASHINGTON, Jan. 3.—Government expenses and receipts for the current fiscal year to Dec. 31, as compared with a year ago: This Year. Last Year. Expenses $3,781,660,702,23 $3,545,017,914.47 Receipts 1.902,009,509.26 1,845,082,517.05 Deficit . 1.879,651,192.97 1,699,935,397.42 Cash bal. 2,208.733.788.67 2,535,157,043.10 Local Securities (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 17 18 Bell; RR & Stk Yds com ... 50 53 Belt RR & Stk Yds 6% pfd... 53 Central Ind Pow 7% pfd .... 15 18 Home Tel & Tel Ft. Wn 7% Pfd 50 % 52 Hook Drug Inc com 14% Ind & Mich Elec 7% pfd 99 102 Indpls Chain Sto Term pfd-. 52'% 60 Indpls Gas Cos com 36 40 Indpls Pow & Lt 6 pfd 82 85 Indpls Pow &Lt 6%% pfd.. 87'% 90% Indpls Water 5% pfd 102 Lincoln Nat Life Ins. Cos 34 37 •North Ind Pub Svc 5%% pfd 67% 71 •North Ind Pub Svc 6% pfd.. 77 81 Progress Laundry com 7Vi 10 Pub Svc of Ind 6% pfd 11 14 Pub Service of Ind 7% pfd.. 36 39 So Ind Gas & Elec 6% pfd.. 92'% 96% Terre Haute Elec 6 r /o pfd .... 82 85 Union Title com 20 23 BONDS Atlanta Distr Term e% ’4l ... 62% 70 Buffalo Distr Term 6% '4l ... 75 75 Brooklyn Postal Sta 5%% ’4B . 37% 42 Home Tel&Tel FtW 5%% ’35..103 105 Home Tel&Tel FtW 6% ’43 ..103 106 Indpls Railways Inc 5% ’67 .. 50% 53 Indpls Water 4%% '4O 105 107 Indpls Water 5% 'SO & ’6O ...105 107 Indpls Water 5%% ’53&’54.103% 105 Interstate T & T 5%% ’53 ... 93 96 Kokomo Water Works 'SB ...104 105% Lafayette Telephone 5% ’57 .102 Morris 5 & 10 Stores 5% ’SO. 99 102 Muncie Water Works 5% '65 .102% . . Noblesville HL&P 6% '47 .. .. 97 100 Ohio Tel Service 6% *47 ..... 95 Richmond Water Works 5%’57 104% 106 St. Louis Post Office 5%% ’3B 18 55 Seymour Wtr Ist mtg 5% ’59.101 104 Terre Haute Water Wkss% *56 101% 103'% Terre Haute Wat Wks 6% *49.103 105 Traction Terminal 5% ’57 .... 68 73 •Ex. div. Chicago Grain Futures (By James E. Bennett & Cos.) 11:00 Prev. Wheat— High. Low. A.M. Close. Mav 1.02 1.01% 1.01% 1.02V* July 90% .90% .90V, .91'/, Sept 90 .89% .89V, .90'/* Corn— May 61% .61% .61% ,61% July 62% .62V, 62V* ,62V* ots Mav 28% .28% .28% .28% July 28'., .28 .28 V, .28 V, RyeMay 55% .54% .55 .55% LOCAL CASH MARKET City grain elevators are paying 96 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new No. 4 yellow 47 cents and oats 19 cents. CHAIN DRUG SALES UP November Business 6.6 Per Cent Higher than Year Ago. By United Pres * WASHINGTON, Jan. 'J.—Aveiage daily sales of chain drug stores in November, 1935, 7*e*e 6.6 per cent larger than in _**ovember, 1934, the Commerce Department reported today. Compared with the same month a year ago, tobacco sales increased 10.3 per cent, fountain sales increased 13.1 per cent and all other sales increased 3.2 per cent. DIVIDEND IS DECLARED Tirr.et Special NEW YORK, Jan. 2.—Directors of the Holly Sugar Corp. have declared a dividend of $7 a share on preferred stock, payable Feb. 1 to stockholders of record Jan. 15, it I was learned today.

NBA STANDARDS UPHELD, RAISED, DATAJO SHOW Most Industries Adhere to Defunct Code Provisions. Bp United Press WASHINGTON, Jan. 3.—A large majority of industry has maintained or raised NRA standards, a survey report being prepared today for President Roosevelt will show. The report on the survey, ordered by Mr. Roosevelt, will be ready for his desk in a week or 10 days, it was said. Already sufficient data has been compiled to reveal importciit facts. It will show that while somtf industries cut wages and lengthened hours after the Supreme Court decision invalidating NRA, a larger number maintained the same if not higher wages than were authorized under NRA codes. Fair Trade Adhered To In a major portion of industry fair trade practice provisions aiv being scrupulously adhered to and hours of work have not been increased. Some employers, however, cut wages, lengthened hours and slipped back into pre-NRA cutthroat competition. Action of the minority group forced many employers to follow suit in order to compete with less scrupulous competitors. So much organized opposition has developed, however, to a revival of NRA in any form that it appears doubtful if the President will recommend new legislation. Details Closely Guarded The report is being prepared by a committee composed of Capt. W. P. Robert, chairman; Assistant Secretary of Commerce Ernest Draper; Isidor Lubin, chief of the Bureau of Labor Statistics of the Department of Labor; Father Francis Haas, Milwaukee, representing organized labor, and Walter White, representing industry. Details of the inquiry are being closely guarded. Members cf the committee correlating the data bluntly refused comment. Capt. Robert said the report still is in the process of preparation. The information was gathered by a vast force of NRA field workers. WEST PENN POWER CO. FILES BONDS WITH SEC Proposes to Issue $27,000,000 of First Mortgage Notes. Times Special NEW YORK, Jan. 3.—The West Penn Power Cos., a subsidiary of the American Water Works and Electric Cos., has filed a registration statement with the Securities and Exchange Commission, according to a report released today by H. L. Mitchell, president of the West Penn Cos. The statement covers a proposed issue of $27,000,000 principal amount of first mortgage bonds, series 1, 3Vs per cent, due Jan. 1, 1966. The bonds are to be secured by the company's first mortgage, dated March 1, 1916, under which the Chase National Bank, New York, is trustee. The company expects to apply proceeds from the issue, together with other funds, to the redemption of $8,500,000 of first mortgage gold bonds, series A, 5 per cent, due March 1, 1936, and $18,500,000 of first mortgage gold bonds, series G, 5 per cent, due June 1, 1936. Both issues are redeemable at 105 and accrued interest. Other Livestock (By United Press) CHICAGO. Jan. *3.—Hosts—Receipts. 9000. includinsr 2000 directs: verv uneven: mostly 10 @ 15c higher than Thursday’s average: toD. $9.85: bulk desirable, 140-220 lbs., [email protected]: 230-300 lbs.. $9.10(159.60: best sows. $8.50. Cattle —ReceiDts. 2500: calves, 500: general market active and strong to a shade higher: lower grades all classes predominating: most steers selling at *9.25 down to $7.50; common kinds at $5.7555}6.50; all interests in trade; very few steers good enough for shipping purposes here: best, $10.25: heifers and cows being cleaned up in active fashion: cutters selling at $5 down to $4: best sausage bulls around $6.65 and vealers at $1'..,50 down; mostly $8.500711. Sheep—Receipts. 5000: moderately active: fat lambs strong to 15c higher: vearlings strong to 25c. up: sheep steady; fed western lambs. $11®11.15: top. $11.25; yearlings. $9.25(1710: too western ewes. $5.50; natives. $4.75®5.25: nothing done on feeding lambs, supply small. (By Times Special) LOUISVILLE. Jan. 3.—Cattle— Receipts, 300: salable supply slaughter cattle light; killing of steer and heifer supply slightly improved as compared with recent days; market on cows and t 11s fairlv active, but trading on steers and heifers still slow; market ouotable about steady at week’s levels; bulk common to medium grade steers and heifers mostly $6(5)7.50: better finished quotable to $9.50 and above: bulk beef cows, [email protected]: practical top $6: most low cutters and cutters. *3.50074.50; sausage bulls salable, mostly *5.50(176.25; bulk light beef type stockers and stock calves. [email protected].; most Plain light Southern dairybred stockers. S4(SS. Calves—Receipts, 250: market steady: bulk good to choice grades, *lo® 11: medium and lower grades. $9 down. Hogs—Receipts, 700; market mostly 5 cents higher; sows, 10 cents lower; ton and bulk desirable. 160-200 lb. weights. *9.80: 205-225 lbs., *9.65: 230-250 lbs.. *9.25: 255-300 lbs., $9: 305 lbs. up. *8.50: 120-155 lbs.. *8.70: sows. $7.75. Sheep—Receipts, 100; run mostiv native lambs: market steady at [email protected] for medium to good grades: plainer grades including bucks mostly $6.50@9: bulk fat ewes, $4 down. Produce Markets The prices quoted are paid ftr stock gathered in the country, while delivered in Indianapolis the price is a cent higher. Heavy breed hens. 17c: Leghorn breed hen3, 12c; springers over 4% lbs., 18c: under 4% lbs.. 17c; springers. 1% lbs. and up. 12c. old cocks. 9c. Turkevs —Young hens. 8 lbs. and up. 20c: voung toms. 14 to 18 lbs.. 20c: under 14 lbs. and over 18 lbs.. 10c: old hens. 20c: old toms. 15c. Ducks—White. 5 lbs. and over. 12c: under 5 lbs, 10c: geese, full feathered and fat. 9 to 14 lbs.. 11c: over 14 lbs.. 9c; old guineas. 15c: young guineas. 1% lbs. and un. 25c: No. 1 strictly fresh eegs. loss off. 24c: pullet eggs. 16c. Each full case must weigh 55 lbs. eross, a deduction of 10c a pound under 55 lbs. will be made. No. 1 butter. 37%®38%c; No. 2. 34%@35%c butterfat, 34c. Quoted by the Wadley Cos. (By United Press) CHICAGO. Jan. 3 Eggs—Market, easy; receipts. 4977 cases; fresh graded firsts. 24c; extra firsts, 25c; current receipts. 22c; dirties. 18%e: checks. 16'ic. Butter— Market, steady: receipts. 7933 tubs; extra firsts (90-91V 2 score), 33%?33%c: extras. (92 score). 34c: firsts (88-89% score). 32% @33V*c; seconds (86-87% score'. 31%c; special. 34%@35c: standards, 33%c. Poultry—Market, weak: receipts 30 trucks. 1 car due: ducks. 217J4c: geese. 17t18c: spring chickens. 20®21%c: hens. 164721%.; turkevs. 20®23c: Leghorn hens. 13® 17c; old roosters, 16c; Leghorn chickens, 17c. Dressed poultry—Turkeys, young toms, 274728 c: voung hens, 28c: ducks. 221723 c; geese. 19@20c. Cheese —Twins. 17%0?17%c; Daisies. 18®18Vc: Longhorns, 18®18V*c. Potatoes —Supolv moderate: demtnd slow; market dull with slightly weaker tendency. Idaho Russet Burbanks. t1.80®2; U. 8. No. 2, *1.30071.35. Wisconsin Round Whi;es, *1.15® 1.35. Michigan Russet P'T'.ls. *1.17%. Minnesota Cobblers. *1.15. Colorado M'.Oiiiees. *1.49171.*V Arrivals 79. on tr.o& 220, shipments 622.

Price Index Moves Upward The farm price index rose two points between Nov. 15 aid Dec. 15, the Bureau of Agricultural Economics reported today. The index stood at 110 on Dec. 15, compared with 108 on Nor. m and 101 on Dec. 15, 193 4.

HOLDS SILVER PARLEY

■ - 41IM

Secretary Morgenthan

HO6S ADVANCE 10 TOl5 CENTS Cattle, Vealers Stationary; Lambs Move Higher at $11.25 Down. Following more than a week of sharp declines, the pork market turned higher today at the Indianapolis Stockyards in the second session of the year. Prices were generally 10 to 15 cents higher than yesterday s average. Few heavy butcher classes, which suffered the extreme of the recent downward movement, were largely 20 to 25 cents higher today. With a stronger demand prevailing in practically all classes, trading was active. Receipts were estimated at 5000, a decrease of 1000 from the previous figure. The general bulk of 160 to 225 pounds, sold at $9.75 to $9.95, while medium heavies, from 225 to 275 pounds, cashed in at $9.40 to $9.70. Extremely heavy butcher kinds, scaling 275 to 400 pounds, brought $8.85 to $9.30. In the light weight division, slaughter pigs from 100 t*? 140 pounds, sold at $9 to $9.25. Packing sows ranged from $8 to $8.50. Holdovers numbered 137. With choice steers absent, trading was generally steady in the cattle market. A single load of yearling grades, weighing 995 pounds, sold at sll, while others ranged mostly from $9 down. Most heifers sold from $5 to $7.50. Bulls brought $4.50 to $6.25. Receipts were 500. Vealers remained unchanged, with the bulk of good and choice kinds selling from $11.50 to sl2. Receipts numbered 500. Lambs were active to around 15 cents higher. Early bulk held at $11.25. Fed westerns sold at $9.50, while native grades ranged downward from sll. Slaughter sheep cashed in at $3.25 to $4.50. Receipts were 3000. HOGS Dec. Bulk. Top. Receipts. 26. $10.150710.35 $10.35 2500 27. 10.10(810.35 10.25 6000 28. 9.85® 10.15 10.15 2000 30. 9.85@ 9.90 9.90 5000 Jan. 2. 9.60® 9.80 9.80 6000 3. 9.75@ 9.95 10.00 5000 Light Lights (140-160) Good and choice..* 9.50® 9.75 Medium . 9.00@ 9.50 (160-180) Good and choice.. 9.75® 9.95 Medium - •. 9 25® 9.75 (180-200) Good and choice.. 9.85® 10.00 Medium 9.35@ 9.85 Medium Weights (200-220) Good and choice.. 9.757® 9.95 (220-250) Good and choice.. 9.60@ 9.75 Heavyv/eights (250-290) Good and choice.. 9.30® 9.60 (290-350) Good and choice.. 8.85@ 9.30 Packing Sows '275-350) Good 8 25® 8.50 (350-425) Good B.lo® 8.35 (425-550) Good B.oo® 8.25 (275-550) Medium 7.75@ 8.10 Slaughter Pigs (100-140) Good and choice . 9.00® 9.50 Medium 8.25@ 9.25 CATTLE Receipts, 500— (500-900) Choice $10.00®12.50 Good 8.75(811.50 Medium 7.00® 9.00 Common 5.25® 7.00 (900-1100) Choice 12.00®13.00 Good 9.000H2.03 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 9.25® 12.25 Heifer, (500-750) Choice f1.25®10.25 Good B.oo® 9.25 Common and medium ...... 4.50® 8.00 (750-9001 Gooo and choice.. [email protected] Common and medium 5.00® 3.00 Cows 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, 500 - Good and choice [email protected] Medium 8.50®11.00 Cull and common 4.50® 8.50 Calve, (250-5001 Good and choice.... [email protected] 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 (800-10501 Good and choice 6.75® 8.50 Common and medium .... 4.50® 6.75 COWS Good 4.25® 5.00 Common and medium 3.50® 4.25 SHEEP AND LAMBS —Receipts, 3000Lambs. 90 lbs. down, good and Choice *ll.OO @11.25 Good 10.50® 11.00 Medium 9.50010.50 Common 8.25® 9.50 Ewes (90-125) Good and choice... 4.25® 5.00 Common and medium 3.00® 4.25 Yearling wether, good to choice 9.25® 9.75 Medium 7.50® 9.25 Other Livestock (By United Press) LAFAYETTE. Ind.. Jan. 3.—Hogs—Market 10 to 25c higher; 170 to 210 lbs.. *9.65 ®9.80; 210 to 235 lbs.. $9.500 9.55: 235 to 260 lbs.. *9.30®9.40; 260 to 325 lbs., s9® 9.20: 100 to 170 lbs.. [email protected]: roughs. 53.25 down. Calves, sll down; lambs, $lO down. FORT WAYNE. Ind.. Jan. 3—Hogs— Steady to 10c higher: 160 to 180 lbs., $9.90; 180 to 200 lbs. $9.80: 200 to 220 lbs.. *9.65; 220 to 240 lbs., $9.55: 240 to 260 lbs., *9.40 : 260 to 280 lbs.. 59.25; 2*o to 300 lbs.. $9.05; 300 to 350 lbs., *3.80; 140 to 160 lbs., *9.65: 120 to 140 Ids . *9.35: 100 to 120 lbs., *9.15. Rough*. $7.75; stags, $6; calves, *l2; lambs, 10.75.

Thomson & McKinnon MEMBERS NEW YORK ruin * rn fork stock Exchange. New York Curb Exchange. TORONTO New York Cotton Exchange BOSTON , || New York Coffee and Sugar Exchangt I SOUTH BEND || New Orleans Cotton Exchange, prn W A YNF Chicago Stock Exchange ITV A IVQVFT T I? Chicago Board of Trade Ei V AINo V IDLE* Winnipeg Grain Exchange Indianapolis Office And Other leading Exchange* 200-214 Circle Tower LI. 5501

INTERNATIONAL MONEY PARLEYS BEGUN, IS HINT Secretary Intimates Series Started by Present Conference. By United Press WASHINGTON, Jan. 3.—Honrjr Morgenthau Jr., Secretary of the Treasury, today hinted that the United States had begun international silver conferences with respect to use of both silver and gold on a co-ordinated basis as a standard of monetary value. Secretary Morgenthau's suggestion was indirect. He merely referred questioners to President Roosevelt s congressional message of May 22, 1934, which had indicated such a course had been started. Mexican Ambassador Dr. Don Francisco Castillo Najera and Eduardo Saurez, Mexican treasury secretary, conferred with Mr. Mo--genthau for a half hour yesterday and departed with no comment other than that the conference would be resumed next Monday, President’s Message Cited In answer to questions as to whether the United States and other silver producing countries she ild present a united front against the sterling managed currency bloc, Mr. Morgenthau said: “I think it is the interest of silver producing countries to work closely together.” In the silver message to Congress made nearly two years ago President Roosevelt said: “We can proceed with this program of increasing our store of silver for use as a part of these metallic reserves for our paper currency without seriously disturbing adjustment in world trade. “However, because of the great, world supply of silver and its use in varying forms by the world’s pooulation, concerted action by all nations, or at leas, a large group of nations, is necessary if the permanent measure ot value: Including both gold and silver; is eventually to be made a world standard. “To arrive at that point, we must, seek every possibility for world agreement, although it may turn out that this nation will ultimately have to take such independent action on this phase of the matter as its interests require. Conditions Held Favorable “The success of the London Conference in consummating an international agreement on silvef, which has now been ratified by all the governments concerned, makes such further agreement worth seeking. The ebb and flow of values in almost all parts of the world have created many points of pressure for readjustments of internal and international standards. “At no time since the efforts of this nation to succor international agreements on silver began in 1878 have conditions been more favorable for making progress along this line. “Accordingly, I have begun to confer with some of our neighbors in regard to the use of both silver and gold, preferably on a coordinated basis, as a standard of monetary value. Such an agreement would constitute an important step forward toward a monetary unit of value more equitable and stable in its purchasing and debt paying power.” 1935 DIVIDENDS SHOWN Favorable Payments Total 1549, Against 1447 Year Ago. Times Special NEW YORK, Jan. 3.—Favorable dividend changes during 1935 amounted to 1549, compared with 1447 in the preceding year, the Standard Statistics Cos. announced today. Unfavorable changes in 1935 numbered 245, against 377 In 1934. BELGIUM IMPORTS DROP Iron and Steel Shipments Total 227,904 Tons in 9 Months. By United Prexs WASHINGTON, Jan. 3.—Belgian iron and steel imports declined during the current year, the Commerce Department announced today. During the first nine months of 1935 imports of principal iron and steel products totaled 227,904 metrie tons, compared with 278.327 tons in the corresponding period of 1934. ANNUAL MEETING SET Times Special FORT WAYNE, Ind., Jan. 3.—The annual meeting of stockholders of the Lincoln National Life Insurance Cos. is to be held Jan. 29, at tha home office in Fort Wayne, Arthur F. Hall, president, announced today.

Your Local Building & Loan Association Makes Modernization Loans and Loans on New Homes.

_A Commercial Banking (S'*- Savings • Trusts f American National Bank AT INDIANAPOLIS