Indianapolis Times, Volume 47, Number 257, Indianapolis, Marion County, 4 January 1936 — Page 11

Trends Neutrality Debates Raise Point of Objectives. BY JOHN T. FLYNN

YORK, Jan. 4—Now the debate about neutrality will brg,n. And as usual, tnere are differences; not merely between those who favor neutrality and those who oppose it. but far more serious, there are differences between the advocates of neutrality itself. It is important, at the outset, to know what are the objectives of

neutrality legislation. Broadly, they are to keep America from embroilment in a war between foreign belligerents. In a general way neutrality may refer to the mental attitudes of the people, their speech, their publications, in short, their sympathies as well as their trade. But we may say it is fairly well

Flynn

accepted that any attempt to control the speech, the writings, the sympathies of the people during a foreign war would be futile. In practice, then, neutrality legislation will refer to our diplomatic, our commercial and our military relationships with the warring nations. it a a I)l'T why neutrality? As already its aim is to keep us from being drawn into the conflict. This being so. we have but to inquire hew we may be drawn into the conflict. The answer is simple enough, so far as commerce is concerned. If two or more nations are at war we ran make a good deal of money out. of the war by selling war supplies to the combatants. If we do this we will put ourselves in the position of building a section of our prosperity on the war. We will have a money interest in the war—a vested interest in the war, if you will. , So far as Europe, Asia or Africa is concerned such trade would have to be carried on by sea. And in such a war it would be inevitable that one of the belligerents would be more injured by our trade with its rival than aided by our trade with it. In fact one such nation might be actually shut off from fading with us. In that case our trade with its rival might be the most serious obstacle to its own success. It would be bound to attack that trade, and we—and here is the point—would be bound to defend* it. o a a Y. therefore, we would. -Dthe moment we decided to make the war a source of profit, be setting up the conditions which would inevitably lead us into the war. 7'he only way to prevent this is to prevent it at the beginning—that is, by refusing to make of any foreign war a foundation for any part of our commerce. If we permit the war to become a source of large profit, we will be sure to create in our midst a large and busy and vocal element which will be a militant clamoror for action to “defend cur rights" on the seas. Such a group might extend its influence to many sections and industries indirectly affected bv the war trade. They would talk in terms of “America’s rights” and of “human rights.” But what they would mean would be that their profits were being affected. A neutrality policy then should aim, as its chief objective, at preventing us from establishing a general or partial commercial prosperity upon war trade. If this is the objective the devices are clear. No trading in munitions. No shipments of other merchandise in American ships. (Copyright. 1336. NFA Service. Inc.i ASKS REORGANIZATION Revamping of Financial Affairs Asked by Hazle Brook Coal Cos. By United Proix PHILADELPHIA. Jan. 4—A petition for reorganization of its financial affairs upder Section 77-B of the Federal bankruptcy act is on file today in Federal Court here by the Hnzle Brcok Coal Cos. The concern is a $10,000,000 company operating five mines on lease in Schuylkill County. Pa. It listed assets of $lO 392.051.66 and liabilities of $5,666,180.50 plus outstanding notes aggregating $480,000. On Commission Row (RoprintAJ From I.ate Times Yesterday) Quotations below subject to change are average wholesale prices being offered to buvers by local commission dealers: Fruit—Cranberries. C. C. Hames. Eatmores. 25-lb. box. $4 50. Pears—Washington D’AnJo. 53.25. Calif, avacados. $3 75. Bananivs—Seven hands, a pound. 5%r Persimom*—California, lug 51.25 Apples Jonathans. $1.75. Delicious. 51.75: Wealthvs, si 25: Grimes Golden. $1.25 Lemons— Sunkis-t, 3605. 57.25 Grapefruit—Texas. 6ls to 70s. S3 25. Arizona Sunktst 52.50. Limes—Mexican, a carton 12s. 18c. Grapes Emperor, lug. $2; fancy Emperor. 34-lb. sawdust chest. S4 Vegetables- Beans, green, round stringless bu S2 50. Beets—Texas. 3-doz. crate. SI 85 Cabbage—New York Danish. 50-lb. bag 80c. Carrots—California, 6 doz. crate, S3 75, a doz. 70c. Cauliflower—California, crate. S2. Celerv—Michigan, washed and irimmed. 16 stock bunch. 55c: iumbo, doz . 85c. Cucumbers—Southern, bu.. $5; doz. *1 Kale—Home-grown, bu.. 60c. Lettuce grown leaf 15-lb basket. 51.50: Endive— California. basket 85c. Mangoes Florida, crate. $6.50: small basket, $1.40. Mint Bunch. 20c. Mustard—Home grown, bu.. 60e Onions —lndiana yellow 50-lb. bag. $1.15: Indiana yellow, 10-lb bag, 25c. Parsley Southern, doz.. 50c. Peas—Telephone, hampers. $3.50: Texas hampers. $2 75 Po-tatoes-Round Cobblers. 100-lb. bag. 51.60; lichigan Round White. 100-lb bag. $1.60Early Ohtos. bu, $1.75; Idaho Russets, *2 35. Sweet potatoes—lndiana Jerseys, b’t . 51.65 Radishes—Ohio, button, doz . caskets, 4547600. Sage—Doz, 45c. Spinach —New Texas, bu, $1.35. Squash—Bu, $2 50. Tomatoes—Florida. 10-lb. carton. <1.50. Unlisted Stocks (Reprinted From I-ate Times Yesterdav) tßy Blyth & Co.l Bid. Ask. Bankers Trust 70' 72' Central Hanover B & T 119% 121% Chase 42 s , 44 Chemical National 54% 56 Guaranty 313 315 Irving 17’• 19 "Si Manufacturers 48’* 49% National City 38% 40 Cont 111 (Chicago) .. .126% 128% Ftrst National of Boston 46 47% Natl Shawmut 31% 32% FIRE INSURANCE Aetna Fir* 60% 62% City of New York 28'a 30% Federal Ins 90 93 Franklin Fire 35% 37% •Great American Ins 31' 32% Hanover Fire Ins 40 41% Hartford Fire Ins 85% R7’ 4 Home In* 40% 41% Ins Cos of N A 76 78% National Fire 78 80% North River Ins 28% 30 Phoenix Insurance .101% 103% U S Fire 55% 57% Westchester Fire 38 40 •Ex. div.

♦ ♦ Abreast of The Times on Finance ♦ ♦

RAIL MILEAGE AT LOW EBB IN 25-YEAR PERIOD Result of Continued Poor Earnings, Magazine Survey Says. 'J imex Special NEW YORK, Jan. 4.—Fifteen railway companies operating 29,585 miles of line were placed in receivership or trusteeship in 1935, Railway Age reported today in its annual statistical issue. This made the worst showing of rail bankruptcies ever recorded in any year and, coupled with a continued reduction of mileage, was the outstanding result of poor earnings during the last five years, the magazine said. Maximum Reached in 1916 “At the end of the year 89 companies, operating 72.225 miles of line, or 28 per cent of the total operated mileage of the country, were being managed by the courts through receivers or trustees. “Railroad mileage reached its maximum in 1916. when it was 254.251 miles. In 1929 it had declined to 249,433 and in 1933 to 245.703. The mileage built in 1934 was 76 and that abandoned 1995, a net reduction of 1919 miles. The mileage built in 1935 was 45 and that abandoned 1843, a net reduction of 1798 miles. Indiana Ranks Twenty-first “These figures indicate a total decline in 1934 and 1935 of 3717 miles, reducing the total mileage in the country to 241,986, the smallest since 1910, and 12,265 miles less than in 1916. The reduction within 19 years has been greater than the total mileage in any state excepting Texas and Illinois. “The reduction since 1929 has been almost 7500 miles, or greater than in any one of 37 of the states. The 5695 miles abandoned within the last three years has been in 45 states.” Kansas leads the list with 528.46 miles discarded and Indiana ranks twenty-first with 95.36 miles abandoned. DENMARK LOOKS FOR TRADE GAIN IN 1936 Unemployment, However, Still Remains Large Problem. Fly United Prefix COPENHAGEN, Jan. 4. —Denmark hopes to realize a substantial foreign trade balance during 1936 following an export surplus of $5,130,000 in 1935. Higher farm prices, which make up the bulk of Danish exports, swelled the total in the last year. Export revenues amounted to 928,000.000 kroner in 1935, against 897,000,000 in 1934. Imports, on the other hand, increased only moderately from 972,000,000 kroner to 980,000,000. Export prices stood at 125 in the government index on Jan. 1, and later in the year had risen 10 points, while the import index dipped a point to 139. The general price index touched 139 after hitting 100 in 1931. Unemployment, however, continued a problem. This year's fiscal report showed 17.5 per cent of the employable population without jobs, only slightly less than at the beginning of the year. Government control of the currency continued and it was expected the exchange system would be extended when it expires in January, 1936. FOOD INDEX ADVANCES Dun & Bradstreet Reports Gain of 2 Cents for Week. Timex Special NEW YORK. Jan. 4.—The weekly food index advanced 2 cents to $2.79 during the period ended Dec. 31, to ?qual the five and one-half year peak recorded a few weeks ago. Dun & Bradstreet, Inc., announced today. The latest figure compares with $2.58 for the corresponding week last year, an increase of 8.1 per cent, while comparison with the like period two years ago, shows an increase of 44.6 per cent. Local Securities (Because quotations on local securities are unlisted on an Exchange, The Times can not assume responsibility (or the accuracy of these figures gathered from local brokers.) STOCKS Bid. Ask. J. D. Adams Mfg 17 18 Belt RR & Stk Yds com .. 50 53 Bell 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 <fc Mien 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 7% 10 Pub Svc of Ind 6 r r pfd .11 14 Pub Service of Ind 7% pfd . 36 39 So Ind Gas &■ Elec 6% pfd . 92% 96% Terre Haute Elec 6% pfd 82 85 Union Title com 20 23 BONDS Atlanta Dtstr Term 6% '4l ... 62% 70 Buffalo D%tr Term 6% ’4l ... 70 75 Brooklyn Postal Sta 5%% '4B . 37% 42 Home Tel&Tel FtW 5%% '35.. 103 105 Home fel&Tel FtW 6% '43 103 106 Indpl, Railways Inc 5% '67 .. 50% 53 Indpls Water 4%% '4O 105 107 Indpls Water 5% ’SO & '6O ..105 107 Indpls Water 5%% 's3<Jk 54.103% 105 Interstate T & T 5%% '53 . 93 96 Kokomo Water Works ’SB .104 105% Lafayette Telephone SG, '57 102 Morris 5 & 10 Stores 5<Y 'SO 99 102 Muncie Water Works 5% '65 .103% Noblesville HL&P 6% '47 .... .1 luo Ohio Tel Service 6% 47 95 Richmond Water Works 104% 106 St. Louis Post Office 5%% '3B 18 25 Seymour Wtr Ist mtg 5% '59 101 104 Terre Haute Water \Vkss% '56 101% 103% Terre Haute Wat Wks 6% *49 103 105 Traction Terminal 5% '57 69 73 •Ex. div. Produce Markets (Reprinted From Late Timet Yesterday) The prices quoted are paid for stock gathered in the country, while delivered in Indianapolis the price is a cent higher. Heavy breed hens. 17c: Leghorn breed hens 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 uo. 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 lie; over 14 lbs.. 9c: old guineas, 15c; young guineas. 1% lbs. and up, 25c: No. 1 strictly fresh eggs, loss off 24c: pullet eggs. 16c. Each full case must weigh 55 lbs. gross, a deduction of 10c a pound under 55 lbs. will be made. No 1 butter. 37%®38%c; No. 2. 34%®35%c butterXat, 34c. Quoted by the Wadley Cos.

INDIANAPOLIS, SATURDAY, JANUARY 4, 1936

New York Stocks

(By Thomson &l McKinnon) (Reprinted From Late Times Yesterday) Prev. High. Low. Close, close. Oils— Amerada 78% 78 78% 79 At; Rfg 29% 27% 29% 27% Barnsdall 14% 14' 2 14 % 14% Consol Oil 12% 12% 12% 12% Cont of Del ... 35 34% 34% 34% Houston (newt. 7 6% 7 6% Mid Cont Pet .. 20% 20% 20% 20% Ohio Oil 14% 14% 14% 14% Pet Corp 14% 13% 14% 13% Phillips Pe 40% 39% 40% 39% Plymouth Oil ... 12% 12% 12% 12% Pure Oil 17% 16% 17% 17 Royal Dutch ... 48% 48% 48% 48% Seaboard Oil ... 36% 35% 35% 35% Shell Un 16 15% 15% 15% Skelley Oil 20 19% 19% 19% Soc Vac 15 14% 14% 14% S O of Cal 40% 4040% 40 % S O of Ind .... 33% 33% 33% 33% S O Os 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% 24V, Acme 70 69 % 69 % 70 Steels— Am Roll Mills.. 32 31% 31% 31% Beth Steel .. 53% 52% 53% 52% Byers AM 22% 21% 21% 21% Col Fuel & Iron 5% 5 5% 5% Cruc Steel .. .. 38% 37% 37% 38 Inland Steel ...104% 103 V, 104 V, 103 4 Ludlum Steel • 25% 24% 24% 25 4 McKeesport Tin 118% 118% 118% 119/2 Mid Steel 22% 22% 22% 22% Natl Steel ... . 74% 73% 73% 74% Otis Steel 17V, 16% 12% J® $ Rep Iron & Steel 20% 19% 19- 4 19 4 Rep Ir &St pfd 87% 87% 87% 86% U S Pipe & Fdy. 24 23'% 23% 23/, U S Steel 49% 49 49% 49% U S Stl pfd ....117% 116 117% H 6% Warren Bros 4% 5% #'* * „ Young S & T.. 45% 44% 4d% 45 Mofors— Auburn 42% 41% 41% 42 Chrysler 91% 90% 9L, 90 2 Gen Mot a6% 5% 56% 55% Graham Mot ... 32% 3 2s Hudson 16% 16% 16% 1* a Hupp 1% 1% 1% 1% Mack Truck ... 30% 29% 30% 30% Nash 18% 17% 18V, 87V, Packard 7 6% 6% 7 Reo 5 4% 4% 5 Studebaker 9% 9% 9% 9% Yellow Tr 10 8% 9% 8% Motor Access— Bendix 23% 23 23 22% Bolin Alum .... 54 54 54 53V, Borg Warner ... 70% 69% 70% 70% BMggs 53% 53% 53% 53V 4 Budd' Mfg 10% 10 10% 9% Budd Wheel 13% 13 13 13 Eaton Mfg 29% 29% 29% 29% Elec Auto Lite . 40% 38% 39(4 38% Elec Stor Bat.. 54% 54 54% 53% Houdaille <B> - - 30% 30>4 30% 30% Mullins Mfg .... 15(4 15% 15% 15 Murrav Body .. 19% 19% 19% 19% Stew Warner ... 18% 18% 18% 18% Timken Roll 68 67 68 67 Timken Det Axle 12% 12% 12% 12% Mining— Alaska Jun 15% 15% 15% 15V, Am Metals 30% 29 29% 30V, Am Smelt 59% 58 50% 59% Anaconda 30V, 28% 29% 29% Cal & Hecla 6% 6% 6% 6V, Cerro de Pasco.. 54% 52% 53% 55 Dome Mines... 42% 41% 42% 41% Granbv - ... 9% 9% 9% 9*4 Gt Nor Ore .. 17% 16% 17% 17 Homestake Min 500 500 500 487% Ins Copper 6% 6V2 6% 6V2 Int Nickel ..... 45% 44% 45% 45% Isl Creek Coal-. 27% 27% 27% 26% Kennecott Cop.. 29% 28% 29% 29 Mclntyre Mine.. 41% 41 41'/ 2 40% Park Utah .... 4% 4% 4% 4% Phelps Dodge .. 26% 26% 26% 26 St Joe Lead 24% 23V, 24% 23% U S Smelters... 94V 2 62 94% 94% Vanadium 22% 21% 21% 21% Amusements— Croslev Radio .. 15% 17% 18% 171, Fox Theater ... 23% 23% 23% 23% Loews Inc 54% 52% 53% 52% Radio Corp 13% 12% 13% 12% Paramount .... 10% 10% 10.% 10% RKO 5% 5% 5% 5% Warner Bros ... 10% 10 10% 10 Tobaccos— Am Snuff 70% 70% 70% 70% Am Sum Tob.. 24% 24% 24% 24V, Am Tob 'A' 97% 96% 96% 97% Am Tobacco “B" 100 99% 99% 100 Gen Cigars 56"% 56% 56% 5s Ligg & Mv ''B'' 110% 109 109 110% Lorillard ... 24% 24'% 24% 24% Phillip Morris 71% 70% 70% 70 Reynolds Tb “B” 56% 55% 56% 55% Rails— Atchison 61% 60 61 60 Atl Coast Lines 31% 30% 31 % 30% Bfz O 17 % 16% 17 V, 16% Can Pacific ... 11% 11% 11% 11% Ch & Ohio 52% 51% 52% 51% Chi & Gt W pfd 4% 4% 4% 4 CM& St P 1% 17/al 7 /a 1% i’/ C M ft St P pfd 3% 33% 3% Chi N W ... 3% 3% 3% 3% BS.WL:: 39% 3 ‘ ? k 31 S3, 1 " * w .v !vt \St IS’l Erie pfd ■. • • 18% 17% 18% 17 Grt North pfd-. 33% 33 33 /2 33/2 111 Central 20% 20% 20% 20,# K C Sou 14 13 14 13% Lehigh Valley .. 9% 8% 9% 8% Lou & Nash ... 59 58% 58%, 58 M K & T 6 5% 6 5% MK & T pfd ... 15% 15% 15% 15% Mo Pac 2% 2% 2 , 2 Mo Pac Pfd . . 3% 3% 3% 4% N Y Cent ... 29%% 28 29 28% N Y New Haven 4% 4% 4% 4'A Norfolk & West 212 210 % 210'% 210 Nor Pac 25% 24% 25% 24% Penn R R 32V, 31% 31% 31% Reading 38% 36 38% 36% Sou Pac 241 7 , 23% 24% 24 Sou R R 15 14 15 14'/, Union Pac 113% 110% 113 U 0 Wabash 2% 2% 2% 2% West Maryland. 9 % 8% 9% 9% Equipments— Am Brake Shoe . 45% 43% 45V* 43 Am Car & Fat.. 34 34 34 33% Am Loco •. 26% 26 V, 26% 26 Am Steel Fdv . 24% 24 24% 25 Gen Am Tk Car 49 47% 48% 47% Gen Elec 38% 38 38% 38 Pullman Inc 38V, 57% 38 37% West Air Br ... 36 35% 36 36 Westingh Elec . 98 96% 98 96% Utilities— Am & For Pwr . 7% 7% 7% 7% Am Power & Lit 9 8% 8% 8% AT&T 159% 158% 159% 158% Am Wat Wks ... 22% 22% 22% 22'/. Col Gas & Elec . 14% 14 14% 14% Com & Sou 32% 33 Consol Gas . 31% 31 31% 31 Elec Pwr & Lit.. 7 6% 7 6% Int Hydro Elec . 4% 3% 4'A 3% Interboro RT .. 17% 17% 17% 18 Int TANARUS& T . 14% 13% 14% 13% Lou G& E “A". 20% 20% 20% 20% Nat Pwr & Lit . 10% 10% 10% 10% North Amer ... 27% 26 s , 27% 26% Pac G & E .... 31% 31 313 k 31% Peoples Gas .... 43 42 42 43 Pub Serv N J .. 46% 46% 467', 46 So Cal Edison .. 25% 25% 25% 25% Std Gas 6% 6% S% 6'A Stone & Webster 15% 15% 15% 15V, United Corp .... 7% 7 7 7% Un Gas Imp 17% 17% 177 k 17% Ut Pr & Lt "A”’ 3% 3% 3% 3% Western Union . 76% 74% 75% 74% Rubbers— Firestone 26% 25% 26% 257 k Goodrich 15% 14% 15 14% Good) ear 243* 23% 247 k 24V, U S Rubber - ... 18% 17% 18% 17% U S Rubber pfd 53% 50% 53% 50% Miscellaneous— Allis Chalmers.. 38% 36% 38‘A 36% Am Can 134 132% 134 133% Am Mach & Fdy 29% 29 29% 297 4 Anchor Cap ... 17% 16% 17% 16% Brklyn Man Tr . 41% 40% 41'A 40% Burroughs Add 26% 25% 26'/, 26'/, J I Case 99% 98 98% 97 Conti Can 85 84% 84'A 85 Caterpillar Tract 59% 58% 59 58% Crown Cork .... 45% 45% 45% 46% Curtis Pub 21% 21% 21% 21% Curtis Pub pfd 101% 1017 k 101% 102 Deere &Cos . 57% 55 57% 54% Eastman Kodak 160 159 160 157% Foster Wheeler.. 30 29’, 30 30% Gillette 17% 17% 17% 17 Glidden 48% 48% 48% 48 Ingersoll Rand 118 117% 117% 117 Int Bus Mach ..178 178 178 176% Inter Harv .. 62% 61% 62% S" 2 Natl Cash Reg . 23% 22% 23% 23 Owens Bottle 138% 134 138% 132% Rem Rand 20 s , 19% 20% 20% Underwood E . . 86 86 86 84% Worthing Pmp . 25% 247 k 25'A 24% Foods— Am Sugar 54% 53 s , 5353 Armour 5% 4% ss,5 s , 4% Armour pfd. 67% 66% 67% 66% Beatrice Cream. 19% 18% 19 s , 18% Borden Prod 26% 26% 26% 26 Cal Packing .... 34% 343, 34% 34 Canad Dry GAI 163, 157, 15% 16% Coca Cola 89% 89 89% 89 Cont Bak 'A'... 11% 11 11% 11% Corn Prod ...... 69% 68% 69% 69% Crm of Wheat . 37 37 37 37 Cuban Am Sug. 7% 6% 7% 6% Gen Baking 12 s , 12% 12% 12% Natl Biscuit 34% 33% 33% 333, Natl D Prod .. . 22% 22 22% 22 Purity Bak .15 14% 15 15 S Porto Rico Sg 28 27% 27% 27 Std Brands 15% 15% 15% 15% Un Biscuit 25% 24% 25 s , 24 5 , United Fruit .. 67 66% 67 66 5 , Ward Bak "B" . 2% 2% 2% 2A Wrigley 783, 78% 783, 78Vk Retail Stores— Assd Dry Goods 15% 15% 15',k 15% Best &Cos 50% 50% 50% 50% First Natl Stores 46% 46 46% 46% Gimbe! Bros ... 7% 7 77i 7% Gr Un Tea 4% 4% 4 s , 3% Allied Sts 7% 7 7 77k Jewel Tea 62 62 62 59 Kresge S S .... 25 24% 24% 25% Kroger Groc ... 26% 26% 26% 26% Macv R H 47 46% 47 46% McCrorv St 13% 13% 13% 13 s * McLellan St ... 12’, 12% 12% 13 Marshall Field .. 13 12% 12% 12% M*V Dept St ... 53% 53 53% 5i% ! Mont Ward .... 39% 38% 38 s , 38% | h’at Tea 9% 9% 9% 9% j Pennev J C 79 78% 78% 78% Saftwav St ... 33% 33 33% 33% Sears Roebuck . 65% 64% 64% 65% Woolworth 55% 54% 55% 55 AviationAviation Corn ..5 4% 5 5 Boeing Aircft .. 23% 22% 23% 24 Curtiss Wright % 4% 4% 4 s , Cur Wright A” 11% 11% 11% 11% Douglas Air 57% 55 56% 55% Nor Am Av 7% 6% 7% 7 j Sperry Corp 17% 17% 17% 17% lUn Aircft (new) 28 28 28% 28%

Chemicals— Air Reduction .172% 171 % 172% 171 Allied Chem 160 159 159% 159 Am Com Alcohol 28% 28% 28% 28 s , Col Carbon 97 96% 97 96% Com Solvents .. 21% 20% 21 21% Du Pont 140% 139% 140 140% Freeport Tex ... 30 29% 30 29% Liquid Carb 39 38% 38% 38 s , Math Alkali 30% 30% 30% 30 Monsanto Chem 91% 89% 91% 89% Natl Dis (new). 30% 29% 29% 30 Schenley Dist . 49% 48 s , 48% 50 Tex Gulf Sulph33 7 , 33% 33% 33% Union Carbide 72% 71% 72 s , 72 U S Ind Alcohol 43 42% 42% 43 s , Drugs— Bristol Myers .. 42 41% 41% 41% Coty Inc 6% 6% 6% 6% Lambert 22% 22% 22% 227, Lehn & Fink ... 12% 127 k 12% 12 Sterling Prod . 66% 66 66% 65% Un Drug 'new) 13% 13 13% 137, Vick Chem .. . 427 k 42% 42% 43 Zonite Prod ... 9 87k 9 8% Financial— Adams Exp ... 11% 11 n% n Allegheny Corp 2% 2% 2% 2% Am Int Corn . 11% 11 11% 11% Chesa Corn .. 59% 59% 59% 59% Lehman Corn .. 96% 95% 96% 95% Transamerica . 14 13% 15% 14 Tr Conti Corp... 77k 77k 77k 774 Buildinr— Am Radiator 27% 25' a 27% 25% Gen Asphalt .. 23% 22% 23% 22% Holland Furnace 30% 30% 30% 30% Int Cement . 397, 38V, 3974 38 Johns Manville 95% 94V, 95 94% Libbv Owens Gls 49% 487 k 49% 49% Otis Elev .... 25 7k 25 25% 25% U S Gypsum ... 87 86 86% 85% Ulen Cons ss/,5 s /, 5 5% 57k Household— Col Pal Peet ... 19% 19% 19% 1974 Congoleum 44 43% 43% 43 Kelvinator 16' k 15 16 1574 Mohawk Carpet. 217 k 217 k 217 k . Proc & Gamble. 48 47 47 48% Servel Inc 16% 16'k 16% 16% .limmons Bed .. 221, 207 k 227 k 20% Textiles— Amer Woolen .. 97k 97k 97k 9'k Belding Hem ... . 14% 13 s , 14% 13% Celanese Corp . . 297, 28% 28% 29 Collins Aikman . 487 k 48 48'4 48% Gotham Hose .. 97k 97k 9% 9% Indus Rayon ... 30'A 30 30 3074 N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Utils. Bonds. Today 91.7 85.4 103.7 93.6 Yesterday 91.6 84.7 103.5 93.3 Week ago 98.8 83.2 103.1 92 4 Month ago 91.2 82.2 102.9 92.1 1935 high 91.5 86.4 103.6 93.1 1935 low 83.6 71.0 89.3 83.0 (Copyright. 1936. by Standard Statistics.) U. S. GOVERNMENT BONDS Treasurys Prev. Close, close. 4Vks 1947-52 115.00 115.9 4s 1944-54 111.6 111.4 3%s 1946-56 109.7 109.9 3%s 1940-46 107.31 107.31 3%s 1943-17 106.21 106.23 3%s 1941-43 108.7 108 37is 1943-45 106 105.29 3%s 1941 108.25 108.22 3 74s 1944-46 105.18 105.19 37,s 1946-49 103.30 104 3%S 1949-52 104.2 104.1 3s 1951-53 102.30 103.3 3s 1946-48 103.2 2%s 1955-60 100.5 100.5 2%s 1945-47 101 * 101.3 Home Owners Loan Corp. 2%s 1949 99.27 99.25 3s 1952 101.4 101.3 Federal Farm Mortgage Corp. 374s 1964 102.26 102.28 3s 1949 HH.IS 101.8 3s 1947-49 101.30 101.13 2%s 1947 100.18 100.17 DOMESTIC Prev. Close. Close. Alleg Corp 5s '44 89'A 88 Alleg Corp 5s '49 79% 79 Alleg Corp 5s 'SO 50 60 Am Frgn Pow 5s 2030 70 67 Am Tel & Tel 57ks '43 113% 1147 k Am Tel & Tel 5s '65 113*% 113' Arm &Cos (Del) s'/ 2 s '43 95% 95% Atl Coast Line 4s '52 97% 96% Atl Coast Line 4%s '64 85 85 Atch Top & S Fe 4 7ks '4B 1107 k 110% Am Wat Wks 5s '44 114'/ 2 113% Am Rolling Mills Es '3B 127 125*/ 2 Balt & Ohio 5s '95 74% 74 s /k Balt & Ohio 6s '95 86% 85% Balt & Ohio 4%s '6O 62% 62 Duff Roch & Pitt 4%S '57 6674 66'4 Beth Steel 5s '36 1047 k 1047 2 Chi Milw &StP 5s '75 20 74 20 Vk Chi Milw & St P 5s 2000 B'/, 8% Cleve Un Term 5s '73 101 101 Cleve Un Term 47ks '77 95% 957 k Col Gas $s May '52 99% 99% Col Gas 5s April '52 100 99 Col Gas 5s ’6l 98% 99 Can Pac Perp 4s 89% 87% Cent Pac 5s '6O .89 % 89% Big Four 4%s ’77 797 k 79'A Big Four 5s '63 89 89 Colorado & So 47ks 'BO 64 5974 Chi & West Ind 4s *52 100 100 Chi & West Ind 57ks '62 107% 10774 Chi & Nor West 4%s ’49 12% 1274 Con Gas 5s '57 105% 105% Chesa Corp 5s '47 119% 11674 Del & Huds 4s '43 78 7k 78'/, N Y Dock 4s 'sl 67'/, 65 N Y Dock 5s '3B 59 57 Erie 5s '75 71 6974 Erie 5s '67 7174 "0 Gen Cable 57ks ’47 101 4 01 Grt Northern 7s '36 102% 1027 k Grt Northern 474s 76 97% 97V, Grt Northern 4' 2 s ”'7 97% 97% Gen Stl Cast WW 57 2 s ’49 89'4 89% Hud & Manhat Ref 5s ’57 ... 81% 81 111 Cent 4%s ’66 65 64 % 111 Cent Jt 4'ks '63 69'k 70 111 Cent 5s ’63 73% 7374 Interlake C&I 5s 'sl 867 k 86'/ 2 Interntl Hv Elec 6s ’44 48% 45'4 Interntl Tel & Tel 47ks '39... 88',k 87>* Interntl Tel & Tel 5s ’55 ... 80 79% Interntl Tel & Tel 47ks ’52... 7574 75'/, McKess & Rob 5%s ’SO 103 10274 Natl Dairy 5%s ’4B 1037 k 103% Natl Steel 5s ’56 106'4 106 Nickel Plate 4'ks ’7B 7374 7174 Nickel Plate sTks ’74 84 83% Nickel Plate 6s ’35 1007 k 98 N Y Cent 5s 2013 76 75 N Y Cent 4%s 2013 (old) 82% 3174 Nor Amer Cos 5s ’6l 104% 103% Nor Pac 3s 2047 75 75% Nor Pac 4%s 2047 95% 93% Nor Pac 6s 2047 1077 k 107% Nor States Pow 5s '4l 105% 105% Penn Ry 4%s ’B4 106 105'/ 2 Penn Ry 4'ks ’Bl 106'k 106 Penn Ry 4'ks '7O 100% 99% Pac G & E 5s ’42 1047 k 104% Portland. Gen El 4'ks ’6O 73% 72% Para Publix 5%s 'SO 93 1 , 93 Penn P & L 4%s ’Bl 106% 106'k Postal Tel & Cab 5s ’53 37% 36% Rem Rand W W 57 2 s '47 104'k 104% Sou Pac 47ks ’6B 78 77 Sou Pac 4'ks ’Bl 77'4 77 Sou Pac 4'ks ’69 77% 77% Sou Pac 4s ’49 8074 80 Sou Rail 4s ’56 58 5474 Sou Rail 6s ’56 69% 70 Sou Rail 6%s ’56 . ... 75 73% Sharon Stl Hooo 5%s ’4B 103 103'4 Texas Pac 5s ’BO 98 97'4 Texas Pac 5s ’79 9774 97 Texas Pac 5s ’77 99 99 Union Pac 4s ’47 113 113% United Drug 5s ’53 99 99 U S Rubber 5s ’47 10374 1 04% N Y N H & Hart 6s ’4B ... 33 33'i N Y N H & Hart 4'ks '67 ... 32 31 Warner Bros 6s ’39 87 7, 86'/ 2 Western Marv s' 2 s '77 107 107 Western Marv 4s '52 96"4 9674 Youngstown S &T 5s ’7O ... 104% 104 Youngstown S & T 5s ’7B 10474 1 04% FOREIGN Argentina A 6s '57 98 3 , 98% Argentine B6s 'SB 98% 98% Brazil 8s ’4l .ill? ,2^7 Canadian Govt 4s '6O J25? 4 32?^ Denmark 5%s ’5 1 2iV? German 5%s ’65 27% 28- 4 German 7s ’49 38' 2 39% Italv 7s ’sl 63 65 ■Tanan 6%s '54 ,22? 4 ,22i’ 4 Poland 7s ’47 109% 109% Rome 6'is ’52 2* ?,- Yokohama 6s '6l • 8 Gen Foods 34 33% 33, 34 Gold Dust 20% 19% 20% 19% G W Sugar 32% 31% 32 31% Hershev 78% 'B% 78% 18% Loose Wiles 41 41 41 41% LOCAL CASH MARKET Citv grain elevators are paying 95 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new No. 4 yellow 47 cents and oats 19 cents.

Automobile Industry Found Largest Purchaser of Commodities of Raw Material Producers

Timex Spcrial NEW YORK, Jan. 4.—Automobile prosperity and general business rehabilitation go hand-in-hand, according to the results of two studies today. In a report entitled “Preliminary Facts and Figures About the Automobile Industry During 1935.” issued by Alfred Reeves, vice president and general manager of the Automobile Manufacturers’ Association, it is revealed that the motor industry was the largest single purchaser of the products of many of the nation’s leading raw material industries. “Besides absorbing 23 per cent of the iron and steel industry's total output for the year,” the report said, “purchases by automobile manufacturers aocounted for 75 per cent of

SHOE COMPANY SECURITY PLAN IS INAUGURATED: Nunn-Bush Employes Are Guaranteed Adjusted Compensation. By United Prefix MILWAUKEE. Jan. 4.—Labor and industry today studied intensively \ the revolutionary plan inaugurated by the Nunn-TJush Shoe Cos., which guarantees security and. pleasant working conditions for more than 700 employes. Under provisions of new contracts I signed by workers and officials of the company, employes will receive : 52- uniform pay checks in 1936 irre- I spective of fluctuating production, i Steady employment—4o hours a week—also is guaranteed, and in the event of higher living costs, seasonal or otherwise, additional compensation will be supplied. The plan first was adopted experimentally last June, but after a six months’ trial was successful, it was decided to organize the system on a permanent basis. Compensation Is Automatic In addition to a weekly stipend, j each worker will receive a share of "adjusted compensation” (explained as the employes’ share of gross business) at the end of each fiscal year. This, according to Henry Nunn, president, makes it possible for the workers’ income to adjust itself to higher costs of living. “This adjusted compensation.” Mr. Nunn said, ”is a fixed percentage of the company's gross business. It does not depend upon the attitude of the management, but is labor’s guaranteed share of every dollar that comes into the company’s treasury. “Since the percentage is fixed, the workers’ adjusted compensation rises or falls automatically in direct proportion to an increase or decrease in business. In periods of prosperity, when prices are rising the company's gross income is larger. Wages Raised 8 Per Cent “Hence, this adjusted compensation is greater, enabling the worker to meet the higher cost of living without lowering his living standard. In other words the fortunes of the employe climb and drop with those of the officials.” Because of the present upward splurge of prices, Mr. Nunn explained, it became apparent that the workers would be able to use a higher weekly salary instead of waiting until the end of the year for their share of adjusted compensation. Since company officials realized employes’ share of gross business would be higher materially at the end of the contract year, it was decided to raise wages 8 per cent. NATIONAL STEEL CO. TO CONSTRUCT NEW PLANT Plans Are Outlined for Finishing Factory at Valparaiso. By United Preas VALPARAISO, Ind., Jan. 4.—The National Steel Cos. is to construct a finishing plant along Lake Michigan near here if a proposed harbor project is approved, it was announced today. The project is under consideration of United States engineers and appeals are to be made to Washington and Gov. Paul V. McNutt for its approval. H. L. Gray, Chicago, vice president of the National Steel Cos. outlined plans for the new plant to the Valparaiso Chamber of Commerce. BANK DEPOSITS GAIN Timex Special CHICAGO. Jan. 4. —The Chase National Bank today released a statement for Dec. 31, 1935, showing deposits of the bank on that date, including certified and cashier's checks, at $2,075,121,000, against $1,760,129,000 on June 29, 19A35, and $1,709,792,000 a year ago. Busigraphs

NEW AUTOMOBILE FINANCING (U. S. DEPT. OF COMMERCE) 90 <go T* P L| 2 // 'V V 'V SfcVEN VEARS AVERAGE 0F Vs ONDJFMAMJJASO 1934. 1935 THE PARKER CORP. GENERAL DISTRIBUTORS INCORPORATED INVESTORS

With increased sales of automobiles we would naturally expect the increase in new car financing. In the first 10 months of 1935 new car financing exceeded the same 1934 months by 15 per cent, while the average amount of new financing per car was $550, practically the same as in 1934. The average of used car financing this year was $235 per car, compared with $226 in 1934—a slight increase in used car prices.

rubber consumption, 77 per cent of plate glass production, 33 per cent of nickel, 22 per cent of copper. 16 per cent of aluminum, 15 per cent of zinc and ?&0 per cent of tin.” The domestic industry produced cars and trucks to the wholesale value of $2,186,400,000 during 1935. Os the vehicles produced 3,400.000 were passenger cars and 750,000 were commercial cars. With the value of parts, tires, accessories added, the wholesale value of the industry's output is estimated at $2,999,500,000. The $1,288,000,000 paid by the owners during the year in special motor vehicle taxes and fees represented 13 per cent of all taxes collected, according to the report. John W. ScoviUe, chief statistician

PAGE 11

50 | T 1 1 1 I 1 I’° Bank Deposits at Work (and Play) 45 Aj 1 9 l\ E * ./ \ c4O r/S "A / 8 o 5 V V v * / V Net Demand Deposits J q * "''l i \ Outside N.Y.C. / v &35 —\~r \ 1/* Jj- 7 c <0 'l*\ \ / / - i 3O L .ViY/k 1 f 2S h Rate of Turnover of i L J * *VV / Q Bank Deposits Outside N.Y.C* * 20 f— 4 11 ” ! ■ i;; 1111!:; 1 ? •:i:! 1 !: i *:' 1 " ’:: -:::- ": .m111:1 ::iJ1:111LLllI 3 1929 1930 193* 1932 1933 1934 1935 BUSf \£sS **££<

‘Gifts’ By United Prefix WASHINGTON, Jan. 4. Heavy sales and gifts of securities of leading corporations by various "insiders” during November were reported today by the Securities and Exchange Commission. Among the larger transactions were the transfer of 12.000.000 shares of International Hydroelectric Cos. common stock from International Paper and Power Cos.; transfer from American Superpower Corp. to Bankers Trust Cos. of 1.500.000 shares of Commonwealth & Southern Corp.. and sale of 1,111.271 shares of Shenandoah Corp. common stock by Central States Electric Cos.

TREASURY RESUMES SILVER PURCHASES Metal Imports Valued at $15,369,836 in Week. By United Prexx WASHINGTON. Jan. 4. The United States Treasury resumed large silver purchases in the world market during the latter part of December when prices were breaking, Department of Commerce figures showed today. Imports of the white metal in the week ended Dec. 27 rose to a value of $15,369,836 from $7,231,765 in the preceding week. At the same time, gold imports fell from $11,423,178 in the week ended Dec. 27 to $8,073,325 in the preceding week. By countries, silver imports in the week ended Dec. 27 were distributed as follows; Germany, $10,941; United Kingdom, $13,370,799; Canada, $158,902; Salvador, $64; Mexico, $1023,402; Cuba, $217; Chile, $81,306; Ecuador, $1630; Peru. $262,720; Japan, $459,000; Philippine Islands, $855. INSURANCE IN FORCE INCREASES 318,269,710 Northwestern National Life Cos. Issues Year-End Report. Timex Special MINNEAPOLIS, Jan. 4.—An increase in 1935 of $18,269,710 in insurance in force, to a total of $378.538,605 and a gain of $4,680,207 in admitted assets, to a total of $54,729,527 as of Dec. 31, are revealed in the year-end financial statement of the Northwestern National Life Insurance Cos., released today. The marked decrease in the lapse ratio, showing improved persistency of business, contributed to the gain in insurance in force, according to O. J. Arnold, president. The company’s financial statement showed a decrease in first mortgage loans from $6,664,679 a year ago to $5,210,288 as of Dec. 31, 1935. At the same time the item of United States securities and fully guaranteed bonds of government agencies showed an increase in excess of three million dollars, from $12,538,198 a year ago to $15,664,973 as of the end of 1935. SALES PROGRAM SET Kelvinator to Start Promotion Drive at Convention. Timex Special DZTROIT. Jan. 4.—The 1936 sales program of the Kelvinator Corp. is to be launched at the national convention of distributors to be held in Detroit from Jan. 8 to 10. H. W. Burritt, vice president in charge of sales, announced today. The program is based on the belief that 1936 is to be the greatest year in history of the electric refrigeration industry. Approximately 1000 distributors of Kelvinator products and their sales, promotion and advertising managers, wholesalesmen, and representatives from all major utility companies from all over the country, are to attend the convention. DIVIDEND IS DECLARED By United Prexx WILMINGTON. Del., Jan. 4.—Directors of the Atlas Powder Cos. have declared a dividend of $1.50 a share on preferred stock, payable Feb. 1 to stockholders of record Jan. 20, it was learned today.

of the Chrysler Corp., declared that if automobile sales are a fair criterion world-wide recovery has been in progress since 1932. The revival from the bottom year of the depression, 1932, Mr. ScoviUe said, was attested to by the fact the gain in buying in 1936 over 1925. to bring passenger car sales back to the level of 1929. would require the movement of 1.216.300 cars more than the 1935 sales. As each group of purchasers has increased its car purchases each year since and as nearly 70 per cent of the gain would have to come from farmers and artisans whose positions have been steadily improving the recovery movement should proceed, he intimated.

Farm Income Gains 10 Per Cent Cash farm income, for 1935 has been tentatively set fit the Department of Agriculture at f6,900.000,000, a gain of 10 per cent over the 1931 figure and 5S per cent larger than in the loir year 1932.

SHIPMENTS OF PRODUCE DROP Weather Conditions, Holiday . Season Have Effect on Movements. Timex Spreinl WASHINGTON, Jan. 4.—lnfluenced by weather conditions and the holiday season, produce shipments in the Midwestern district continued to decrease during the last week, according to the weekly report of the Department of Agriculture. Shipments at the end of the year were moving at the rate of approximately 1500 cars daily. Trade, however, was dull in market centers, but arrivals continued light and supplies on hand showed a decrease. The market tone strengthened and prices recovered somewhat for potatoes, cabbage, onions, lettuce and celery. Further reports of freezing damage in the South strengthened the market position of some winter vegetables. Prices of potatoes showed a rising tendency in the East and Far West, but maintained a steady to firm tone in the Middle West near the beginning of the new year. There was an advance of 5 to 15 cents a hundred pounds in Eastern cities and producing sections of Maine. Midwestern shipping points reported usual holiday dullness. Cold weather restricted deliveries and reduced shipments, especially those by truck. Sweet potatoes held at firm prices. Decreasing shipments and colder weather strengthened the cabbage market. Demand for onions improved in late December and prices advanced slightly. Local Livestock (Reprinted From I.ate Times v’esterdav) HOGS Dec. Bulk. Top. Receipts. 26. $10.15(010.35 $10.35 2500 27. 10.10(010.35 10.25 6000 28. 9.85(010.15 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(0! 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 (200-2201 Good and choice.. 9.75® 9.95 (220-250( Good and choice . 9.60® 9.75 Heavyweights (250-290) Good and choice - 9.30® 9.60 1290-350) Good and choice . 8.85® 9.30 Packing Sows ‘275-350) Good 8.25® 8.50 (350-425) Good 8 10® 8.35 (425-550) Good B.oo® 8.25 (275-550) Medium 7.75® 8.10 Slaughter Pigs 1100-140) Good and choice . 9.00® 950 Medium 8.25® 9.25 CATTLE —Receipts, 500— (500-900) Choice $10.00®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 9.25® 12.25 Heilers (500-750) Choice 9.25® 10.25 Good B.oo® 9.25 Common and medium ...... 4.50® 8.00 (750-900) Good and choice.. 8.00010.50 Common and medium 5.00® 8.00 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 $11.00®12.00 Medium 8.50®11.00 Cull and common. 4.50® 8.50 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 (800-1050) Good and choice . . 6.75® 850 Common and medium .... 4.50® 6.75 COWS Good 4 25® 5.00 Common and medium 3.50® 4.25 SHEEP AND LAMBS —Receipts, 3000 — Lambs. 90 lbs. down, good and Choice sll.oo® 11.25 Good 10.50® 11 00 Medium 9.50® 10.50 Common 8.25® 9.50 Ewes (90-125) Good and choice . 4.25® 5 0.1 Common and medium 3.00® 4 25 ! Yearling wether, good to choice 9.25® 975 Medium 7.50® 9.25 Chicago Grain Futures' ißy United Pressi (Reprinted From Late Time* Testerday) Prev. Wheat— High. Low. Close, close. May 1.02 1.01% 1.01% 1.02% I July 91 .90% 90% .91% Sept 90 .89'/a .90 .90% CornMay 61% .61% .61 s , .61 s , Juyl 62% .62% .62% 62% Oats — Mav .28% .28% *.28% .28% July 28% .28 .28% Rye—- ; May 55% .55% *.54% .55 5 , July ■ • +ss' • .55 % Barley— May 143% .43% Lard—j Jan 11 62 11.55 11.55 11.57 ; Mav 11.90 11.80 til 80 1180 Julv ... 11.82 11 80 *ll 80 11.70 •Ask: +Eid: {Nominal.

Fidelity Trust Company Member Indianapolis Clearing House Association 148 E. Market St. General Commercial Banking Your Account Solicited

1936 PROSPECTS FOR INVESTMENT HELD FAVORABLE Underwriters See Almost Cloudless Sky on New Year's Horizon. BY CHARLES H. HUFF Times Special Wris*r NEW YORK, Jan. 4—lnvestment bankers, underwriters and bond house executives, scanning toward the East at the dawn of 1936 profess to see an almost cloudless horizon. It would be heralded as just about perfect were it not for the soldiers’ bonus question and such general uncertainty as has become customary to attach to an opening of Congress. The bonus question, however, even though it is brought forward as something to worry about, is regarded in most quarters as offering nothing more than a minor irritation. It is expected to open the flood-gates of congressional oratory and debate, and quite likely there will spring from Capitol Hill a variety of word pictures of threatened financial disturbance. Sting Gone From Bonus Prospect These elements will have the usual psychological effect upon the investment mind for a day or so, and bond prices may rise and fall with the tide. But the sting has about been taken out of bonus prospects and the investment market as a whole has come to regard it as just something more to swallow. Whatever Congress may do on the proposition, the storm will be local in nature and permanent damage is not expected. Beyond the bonus, the Federal government is not regarded as offering anything particularly disturbing to the 1936 investment market. Bonds of all classes are believed to be resting quite soundly. This year's heavy financing, which has not entered largely into a use of new money, has been well digested. Only Little Liquidation Investment demand is still strong, although reasonably cautious. There ;is as yet nothing discernible that could be expected to cause an early upset in prevailing rate structures. Year-end liquidation in the government bond market was reported by dealers to have been of only light proportions and it was easily absorbed. The final price trend, in fact, showed evidence of firming, despite such liquidation. Prospects that the Treasury will have no direct offerings for a considerable period have tended to increase institutional respect for the market. While it is definitely to be expected that institutions will refrain from any quick jump into the market to increase their holdings, nevertheless there is likely in weeks immediately ahead to be sufficient demand from such sources to assure a backlog of support. LOADINGS CROSS 1934 IN BELATED RECOVERY Total for 1935 About 2 Per Cent Higher Than Preceding Y’ear. By United Prexx NEW YORK. Jan. 4.—Car loadings of class one railroads lagged behind general business recovery during the first half of 1935 and then rose substantially with the closing months of the year crossing preceding years’ totals. For the year the total was about 2 per cent over 1934 and around 8 per cent over the 1933 figure. Detailed figures for the past two years as compiled by the Association of American Railroads follow: Period 1935 1931 Four weeks in January . 2.170.471 2.183,081 Four weeks in February 2,325.601 2,314.475 Four weeks in March .. 3.014,603 3.067.612 Four weeks in April 2.303.103 2.340,460 Four weeks in Mav 2.327,120 2,446,365 Five weeks in June 3.035.153 3.084.630 Four weeks in Julv . ... 2.228.737 2.351,015 Five weeks in August 3 102.066 3.072.864 Four weeks in September 2 631.558 2.501.950 Four weeks in October 2 881.924 2.534.940 BONDS ARE OFFERED $8,000,000 of 10-Year Convertible Issues Placed on Market. Timex Special CHICAGO., Jan. 4.—One of the largest industrial bond issues registered under the securities act is being offered in the form of $8,000,000 of 10-year 44 per cent convertible debentures of Hiram Walker-Good-erham & Works, Ltd. and Hiram Walker & Sons Distilleres, Inc., it was announced today. Proceeds from the huge offering are to be used entirely for new capital purposes. The bonds are being offered through an underwriting group in Canada and the United States headed by Hornblower & Weeks. They are due Dec. 1, 1945, | and priced at par. CRUDE OUTPUT DROPS j Tims Special CHICAGO. Jan. 4.—Daily average I gross crude oil production for the j week ended Dec. 28 amounted to | 2.810,000 barrels, while daily output in the preceding week averaged 2,850.000 barrels, the American Petroleum Institute estimated today.

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