Indianapolis Times, Volume 47, Number 258, Indianapolis, Marion County, 6 January 1936 — Page 15

T rends Support of League Not Neutrality, Says Flynn. BY JOHN T. FLYNN

NEW YORK, Jan. 6—ln swking a sound policy of neutrality it is possible to adopt under the name of neutrality a policy which is not neutrality. There is only one way to avoid this and that is to make whatever course we adopt mandatory. It is apparently clear that there is a large body of influential peo-

pie in America and in office and, for that matter, in the State Department, who believe that the United States should throw its power on the side of the League in the present ItaloEthiopian dispute. They do not favor coming out with an declarations in

Flynn

support of the League and League sanctions, but they feel we should so shape our policy as to aid in making League sanctions effective. This they favor either because they are for the League or because they hate the course pursued by Italy in her African adventure. o a NOW this may be a perfectly proper course to tack. A strong argument can be made for it. But one thing is certain. It is not neutrality. Carrying out a set of foreign trade policies under the guise of neutrality but in reality to aid the League against Italy—however good the cause—is not neutrality. Let us suppose that we had a neutrality law now leaving the whole thing in the hands of the President to be applied as he saw fit. Under such a law it is to be assumed the President would have proclaimed neutrality when the war broke out. Then when, later, the League decided to apply oil sanctions, the question of banning oil shipments to Italy and Ethiopia would have arisen. If the President then proposed to use his discretion to ban oil shipments, as a part of the neutrality policy, would not the Italian government have made representations that this was not neutrality but a deliberate putting of ourselves on the side of the League and Ethiopia? u n tt TO that there could be no answer. The element of neutrality in the banning of oil shipments would have been completely eliminated by the circumstances under which the policy was invoked. Then under a neutrality policy we would be definitely committed against one of the belligerents, the very policy we had sought to avoid. If, ho\ r ever, we enact a neutrality law without any reference to any specific war or any special nations ana if that neutrality is automaticallj applied immediately upon the outbreak of war, then no one can charge that our course is dictated by interest in either belligerent. The answer to this, of course, is that circumstances might arise in which we would want to take sides. This must be recognized. But what authority are we going to entrust with the solemn decision? Are we going to permit a President to put us on one side or the other —to take first sep which may lead us inti ,*ar? Or should we reserve that grave decision for Congress itself, representing the whole people? (Copyrißht, 1936. NEA Service, Inc.) C A R ,T RITcKOUTPU'F DROPS DURING WEEK Total Production Is Estimated at 65,388 Units. Times Special DETROIT, Jan. 6.—Production of cars and trucks in the United States and Canada during the last week amounted to 65,388, compared with 83,498 in the preceding week, according to Ward's Automotive Reports released today. Important developments in the industry during the week consisted of the announcement of the new 1936 line of Dodge commercial cars and trucks embodying "fore point" load distribution and hydraulic brakes. The Chevrolet Motor Cos. announced a million dollar co-op-erative plan to help dealers move stocks of used cars. An announcement was m3de by the Ford Motor Cos. of anew $25.-a-month plan for the financing of retail purchases of Ford cars. General Motors assembled an aggregate of 29,950 units during the week, compared with 33.160 in the preceding period. The drop in Ford output was attributed to the curtailed activities at the Rogue plant. On Commission Row Quotation!! below subject to chanfte are nvrraec wholesale prices beine offered to buyers by local commission dealers: Fruit—Cranberries. C. C. Hames. Eatmores. 25-lb. box. $-1.50. Pears—Washincton D'AnJo. $3.25. Calif, avacados. $3.75. Bananas—Seven hands, a pound. *%c. Persimons—California, lug. $1.25 Apples— Jonathans. $1,75 Delicious. $1.75: wealthvs. $1.25: Grimes Golden. $1.25. Lemons— Sunkist, 3605. $7.35 Grapefruit—Texas, 6ls to 70s. $3 25. Arizona Sunkist. $2.50. Limes—Mexican, a carton 12s. 18c. Grapes —Emperor. lur. $2; fancy Emperor, 34-lb. sawdust chest. $4 Veßetables—Brans, preen, round strlnßless bu.. $2 50. Beets—Texas. 3-dos. crate, $1 85 Cabbape—New York Danish, 50-lb bap 80c. Carrots—California. 6 do*. crate. $3.75, a do*.. 70c. Cauliflower —California, crate. $2. Celery—Michigan, washed and trimmed 18 stock hunch. 55c: Jumbo, doz., 85c. Cucumbers —Southern, bu . $5: do*.. $1 Kale— Home-grown. bu.. 60c. Lettuce grown leaf. 15-lb. basket. *1.50: .Endive— California. basket. 85c. Mangoes Florida, crate. $6.50; small basket. $1.40. Mint—Bunch. 20c. Mustard—Home crown, bu.. 60c. Onions ana yellow. 10-lb bap. 25c. Parsley Southern, doz.. 50c. Peas—Telephone, hampers $3.50: Texas hampers. *2 75. Potatoes—Hound Cobblers. 100-lb. bap. *1.60: Michigan Round White. 100-lb. bag. $1 60; Early Ohlos. bu . $1.75: Idaho Russets, $2 35. Sweet potatoes—lndiana Jersevs. bu.. $1.55. Radishes—Ohio, button, dor., baskets. 454160 c. Sage—Doz., 45c. Spinach —New Texas, bu . $1.35. Squash—Bu.. $2 50. Tomatoes—Florida. 10-lb. carton. $1.60. Produce Markets The prices quoted are paid for stock slatheredf lathered in the country, while delivered n 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 up 20c; young toms. JJ 52 18 .i bs - , 20c : under 14 lbs. and over '£* • I®*? old hens, 20c; old toms. 15c uegs—White. 5 lbs. and over, 12c; under lull feathered and fat. v to 14 lbs.. He; over 14 lbs., Ic; old guineas. 15c; young guineas, 1% lbs. and up. 25c; Mo. 1 strictly fresh eggs, loss off. : PO l . l **. •s**• l*c- full case must weigh 55 lbs. gross, a deduction of 10c a pound under 55 lbs. will be made. No 1 outter. 37%38%c; No. 2. J4%35%c butterftt, 34c. Quoted by the Wsdiej Cos.

KEENER TRADE COMPETITION IS '36 PREDICTION i But No Demobilization of Army of Unemployed, M&gazine Says. Times Special NEW YORK, Jan. 6.—" What's ahead for 1936?” is the question asked by Business Week in its issue today. "In the field of business,” it say.; in answer to its own query, "keener competition, but continued improvement in steel, njotor, machine tool, textile, lumbfffT construction and chemical Industries; larger agricultural production and income, whatever the outcome of the AAA in the hands of the Supreme Court. Profit Prospects Favorable "More re-employment is expected,” the magazine continues, "particularly in the building industry, but no demobilization of the vast army of unemployed; further gains in national income, especially through wage and dividend channels; no substantial change in general price level. "Prices of agricultural products may taper in the last half of 1936, but manufacturers will attempt to push their products toward higher levels. Profit prospects remain favorable in view of better consumption demand, stable prices and despite the inevitable increase in taxes flowing from social security experiments. "Business Week expects its index of general business activity to average 76 per cent normal or better in 1936, a 15 per cent gain over the average 1935 level of 66 per cent of normal. Recovery in durable goods fields should be increasingly apparent. A beginning was noticeable in late 1935 in such fields as steel, machine tools, farm implements, heavy construction, railroad traffic. More Army, Navy Orders "Much of the Federal government’s construction program financed from relief funds will be in operation during 1936 to swell the total. Due to the precarious position of world peace, Congress may lend an ear to pleas of the Army and Navy Departments for bigger and better equipment. Some orders along these lines already have been booked. "Both industry and the public are set to go places in 1936. The new liner, Queen Mary, should give additional impetus to foreign travel. At home the aviation industry also is laying plans to span the Atlantic, and through the purchase of larger and speedier planes for cross continental service, is preparing for an even more air-minded public in 1936 than in 1935.” FORECASTS GAIN IN BUILDING ACTIVITIES Business of Philip Carey Cos. Shows Improvement. J. C. Rector. Indianapolis branch manager for the Philip Carey co„ manufacturers of roofings, heat installations and other products used in the construction industry, has forecast increased building activities for the new year. Mr. Rector based his forecast on many favorable reports of managers from all sections of the country at the sales convention held recently in Cincinnati. George D. Grabbs, chairman of the board, and one of the country’s most prominent industrialists, reported that the company made satisfactory gains in 1935 and also anticipated a continued improvement for 1936. Reports showed a marked improvement in general business for 1935. Local Securities (Because quotations on local securities are unlisted on an Exchange, The Times ran not assume responsibility for the accuracy of these figurei gathered from local brokers.) STOCKS Bid. Ask. J. D, Adams Mfg 17 18 Belt 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)j 0% Indpls Water s'e pfd 102 Lincoln Nat Life Ins. Cos 34 37 •North Ind Pub Svc 5%% pfd 67'i 71 •North Ind Pub Svc 6',, pfd . 77 81 Progress Laundry com 7)4 10 Pub Svc of Ind 6% pfd ..11 14 Pub Service of Ind 7% pfd.. 36 39 So Ind Gas A- Elec 6'r pfd.. 92'a 96'2 Terre Haute Elec 6% pfa 82 85 Union Title com . 20 23 BONDS Atlanta Distr Term 6% ’4l ... 62)4 70 Buffalo Distr Term 6% '4l ... 70 75 Brooklyn Postal Sta 5%% '4B . 37Vi 42 Home Tel&Tel FtW 5% 7. '35..103 105 Home Tel&Tel FtW 6% '43 103 106 Indpls Railways Inc 5% ’67 .. 50)4 53 Indpls Water 4%% ’4O 105 107 Indpls Water ST. ’SO & ’6O .. 105 107 Indpls Water s%<> ’53&'54.m% 105 Interstate T4T 5V4% ’53 . 93 96 Kokomo Water Works ’SB ..104 1C5)4 Lafayette Telephone s<> ’57 102 Morris 5 & 10 Stores 574 ’SO 99 102 Muncie Water Works 57* ’65 102)4 Noblesville HL&P 6)2 ’47 .. ..97 100 Ohio Tel Service 6% 47 95 Richmond Water Works 5%’57 104)4 106 St. Louis Post Office 5)4*4 '3B 18 25 Seymour Wtr Ist mtg 574 ’59 101 104 Terre Haute Water Wkss*4 ’56 101)4 103)4 Terre Haute Wat Wks 6% ’49 103 105 Traction Terminal 5% '57 .... 6* 73 •Ex. div. Unlisted Stocks IBy Blyth & Cos.) Bid. Ask. Bankers Trust 69‘a "I 1 * Central Hanover B & T ... 118% 120% Chase 43% 44% Chemical National 54'* 55’. Guaranty 313 316 Irving 18 19 1 a Manufacturers 48% 50 National Cirv 38% 40' 4 Cont 111 iChicagol 122 124% First National of Boston 46*4 48% Natl Shawmut 31 32 % FIRE INSURANCE Aetna Fire 83 65% City of New York 29% 31% Federal Ins 95 Franklin Fire 36% 38% •Great American Ins 30% 32 % Hanover Fire Ins 40% 42 Hartford Fire Ins 88'a 90% Home Ins 40 41% Ins Cos of N A 77V 79 National Fire 78% 81 North River Ins 38 l a 30> Phoenix Insurance 103 105% US Fire 56V 58V Westchester Fire 39% 41% •Ex div.

Abreast of The Times on Finance

- ... . ” • ;jmi .•1,,i ■ * . —* •*— ... ......

By a vote of six to three the Supreme Court today outlawed the Agricultural Adjustment Act in the first of anew series of decisions involving constitutionality of fundamental New Deal laws. Born out of bitter controversy, these cases have been hurried song a foreshortened legal path that led to the great white temple in Washington which houses the highest court in the land.

New York Stock Exchange Prices

(By Thomson <fc McKinnon) 11:15 A. M. Prev. O’ls— High. Low. N. Y. Close. Amerada 77'4 77% 77Vi 77% Atl Rfg 29% 2874 2874 29 Barnsdall 14% 14% 14% 14% Consol Oil 12)4 12% 12'4 12) 2 Cont of Del 34% 43% 34% 34% Houston mew).. 6% 6% 6% 6% Mid Cont Pet .. 20% 20% 20% 20% Ohio Cil 14)4 14% 14% 14% Pet Corp 13% 13% 13% 14% Phillips Pet .... 39% 39% 39'% 39% Plymouth Oil .. 12% 12% 12% 12% Pure Oil 17'% 17'4 17% 17% \ Shell Un 15% 1574 1574 14% I Skelley Oil 20 20 20 19% j Soc Vac 15% 15 15% 15 SO of Cal 40'4 40% 40% 40% S O of Ind 33% 33% 33% 37% S O of N J 52'4 52% 5214 52% Texas Corp 2974 29% 2974 29% Tidewater Assn.. 15% 157 b 157 b 15% Un Oil of Cal .. 24 24 24 24% Steels— Am Ro" Mills .. 32 31% 31% 3174 Beth Steel 52 51% 52 52% Byers A M 21% 21% 21% 21% Col Fuel & Iron. 5V4 5% 5Vi 5% Cruc Steel 36'4 36% 3674 37% Inland Steel ...102% 102 102% 102% Ludlum Steel .. 24% 24'4 24% 24% Natl Steel 73% 73% 73% 74 Otis Steel 16% 1674 16)4 16% Rep Iron & Steel 19% 18% 19‘4 19*4 U S Steel ...... 48% 48% 48% 48% Warren Bros .. . 5% 5% 5% 5% YounßStn S& T 44)4 44 44 4474 Motors— Auburn 40% 40% 40% 41)4 Chrysler 89% 88% 89 89% Gen Motors .... 55% 55)4 55% 55% Graham Mot ... 33 33 Hudson 16% 16 16'4 16)4 Hupp 1% 1% 1% 1% Mack Truck 30)4 29% 29% 31 Nash 17% 17% 17% 18 Packard 7% 7% 7% 7)4 Rco . 5 4% 5 4% Studebaker .... 9% 9% 9% 9°* Yellow Truck ... 974 9% 9% 9% Motor Access— Bendlx 23'4 23 23% 23 Bohn Alum 54 53% 54 53% Borg Warner .. 68% 68 68 69% Briggs 52% 52% 52% 53% Budd Mfp 10% 10% 10% 10% Budd Wheel .... 12% 12% 12V4 12% Eaton Mfp 29V 8 29 29 29)4 Elec Auto Lite.. 39% 38% 39% 39 Houdaille (81.. 29% 29% 29% 29% Mullins Mfp .... 15% 15% 15% 15% Murray Body .. 19% 19 19)4 19% Stew Warner .. 18% 18% 18% 18V4 Timken Roll ... 68 67% 67% 67% Timken Det Axle 12% 12% 12'4 12% Mining— Alaska Jun 15'4 15% 15% 15% Am Metals 28 27% 27% 28% Amer Smelt 58% 5874 58V 58)4 Anaconda 29% 29 29 29V Cal & Hecla 6% 6% 6% 67a Cerro de Pasco.. 53 53 53 53% Dome Mines .... 4274 42 42 43 Gt Nor Ore 17% 17% 17% 17% Ins Copper .... 6% 674 674 674 Int Nickel 45 44% 44% 457 b Isl Creek Coal . 28 28 28 28 Kennecott Cop.. 29 287 4 2F% 29% Mclntyre Mine. 41% 41 41% 40% Park Utah 4% 4% 4% 4% Phelps Dodge.. 26% 26% 26* 4 26 St Joe Lead ... 24% 24% 24% 24% U S Smelters ... 93*4 93% 93% 93 Vanadium 21)4 21 Vi 21 Vi 2174 Amusements — Loews Inc 53% 53% 53% 5374 Radio Corp .... 12% 1274 12% 1274 Paramount 10% 10)4 10% 10'4 RKO 5*4 574 574 574 Warner 8r05... 1074 10 10 1074 Tobaccos— Am Sum Tob-. 24% 24% 2474 2474 Am Tob "A”.... 98% 98% 98% 98% Am Tob "B” .. 98)4 98% 98% 98% Phillip Morris 70 69% 69)4 67% Reynolds Tob B 56'4 56 % 56% 56% Rails— Atchison 63% 63% 63% 62 % Atl Coast Lines. 32% 31% 31% 32 B & O 17% 17% 17% 1774 Can Pacific 11% 11% 1174 12 Ch & Ohio .... 53% 52% 53 5374 CM&StP 2 2 2 2 C M & St P pfd 3% 3% 3% 3% Chi N W 3% 3*4 3% 3% Dela & Hud ... 39% 39 39 39% Del Lac & W ... 17% 17 17 17% Erie nfd 18% 18*4 18% 18% Grt Northern pfd 34 33% 33% 33% HI Central 21% 20% 21 21% X C Sou 14% 14% 14% 14% Lehigh Valiev.... 9% 9*4 9% 9% Lou & Nash 61% 6t% 61% 61 % M K ft T 6 574 5 % 6% M K & T pfd-... 15% 15% 15% 16*a Mo Pac 274 2% 2% 2% Mo Fac pfd .... 4% 4% 4% 4% N Y Cent 29*4 29% 29% 29*4 N Y New Haven 4% 4% 4% 4% Nor Pacific .... 25% 25% 25% 26% Penn R R 32% 32% 32% 32% Reading 41 41 41 40% Sou Pac 25' 25 25% 25% Sou R R 15% 14% 15% 15)4 Union Pac 113 112 112 113 West Maryland . 9% 9% 9% 9% Equipments— Am Brake Shoe.. 48% 47*4 48 47 Am Car & Fdy.. 33% 33% 33% 34% Amer Loco .. 26% 26% 26% 26% Am Steel Fdy. 24% 24% 24% 24% Bald Loco 4% 4% 4"a 4% Gen Am Tk Car 51 51 51 51% Gen Elec 38% 38 38% 38% Pullman Inc 38V 38 38% 38% West Air Br .. 35% 35% 35% 35% Westingh Elec.. 97% 98% 98% 97V Utilities— Am & For Pwr 7% 7% 7% 7*B Am Power & Lit 8% B*B 8% 8% AT&T ...159% 159 159 159% Am Wat Wks . 22% 22% 22% 22% Col Gas & Elec 14% 14% 14% 14% Com & Sou 33 32% Consol Gas . 31*8 31V 31% 31% Elec Pwr & Lit 6% 6% 6% 6% Int Hydro Elec. 3% 4*B 4% 4V Int T & T ... 13’b 13* 4 13% 14 Nat Pwr & Lit. 10*8 10*4 10% 10% North Amer ... 27% 27% 27% 27% Pac G & E ... 31% 31% 31% 31% Pub Serv N J . . 46% 46% 46% 46* 4 So Cal Edison. 25% 25% 25% 24% Std Gas 6*s 6*B 6*a 6% Stone & Webster 15*4 15% 15% 15<Unlted Corp .. 7% 7 7% 7 Un Gas Imp .. 17% 17% 17% 17% Rubber#— Firestone 26% 26 26 26% Goodrich 14% 14% 14% 15 Goodyear 23% 23% 23% 23% U S Rubber .. 17% 17% 17% 18 Miscellaneous— Allis Chalmers ..38 38 38 38% Am Can 132% 132% 132 V 132% Am Mach Sc Fdy 29% 29% 29% 29V Anchor Cap . . 17% 17% 17% 17% Brklyn Man Tr 41% 41% 41V 40% Burroughs Add 26% 26% 26% 26V Conti Can . . . 82% 82% 82*4 83 Caterpillar Tract 59% 53% 59% 59% Eastman Kodak 160 I6t 160 160 Gillette 17% 17 % 17% 17% Glidden 49% 49 49% 48*4 Inter Harv 62 62 62 62% Natl Cash Reg . 22% 22% 22% 22% Owens Bottle ...139 139 139 139% Rem Rand 21 s * 2t% 21% 21% Underwood E ... BiV 89% 89V 88 Foods— Am Sugar 53 53 53 53% Amour 5 s * 5% 5 V 5% Be. >xice Cream y 19*4 19*4 19*4 19% Borden Prod . .. 26 s * 26% 26% 26% Cal Packing . . 35% 35% 35% 35% Can Dry G Ale 16% 15% 16 15% Cont Bak (A).... 10% 10% 10*. 10% Corn Prod 70% 70% 70% 69% Cuban Am Sugar 7 7 7 7 Gen Baking ... 13 12*8 13 12% Gen Foods 34% 34% 34% 34 Gold Dust 20% 20% 20% 20% GV/ Sugar 31*4 31% 31*4 32% Nat! Biscuit .... 34% 34% 34% 34% Natl D Prod .... 22% 22% 22% 22% Purity Bak .... 15% 15% 15% 15% S Porto Rico Sug 27 27 27 27 Std Brands ...,.15% 15% 15% 15% f

INDIANAPOLIS, MONDAY, JANUARY 6, 1936

New Deal Weighed in Balance

Un Biscuit 26% 26% 26% 26 United Fruit.... 68% 68V 68% 68% Retail Stores— Assd Dry Goods 17 15V Best & Cos 48% 48 % 48% 48% Gimbel Bros 7 7 7 7 Hahn Dept Sts.. 7% 7 7V 7% Kresge S S .... 24% 24% 24% 24% Kroger Groc .... 26% 26% 26% 26% Macy R H 47 46% 46% 46% McCrory St ... 13% 13% 13% 13% McLellan St . .. 12*4 12% 12*4 12% Marshall Field . 13'/4 13 13% 12% Mont Ward 38*4 38V 38% 38% Natl Tea 9% 9% 9% 9% Penney J C 7% 7% 7% 7 Sears-Roebuck . 64% 64)4 64% 64V Woolworth 54% 54 54 54 V AviationAviation Corp... 555 4*s Boeing Aircft, .. 22% 22% 22% 23 Curtiss Wright.. 4% 4% 4% 4% Curtiss Wright A 11% 11% 11% 11% Douglas Air ... 55 55 55 56 Nor Am Av 7 6% 6% 7 Sperry Corp .. . 17% 17% 17% 17% United Air’aft N 28% 28 28 28 Chemicals— Air Reduction ..172% 172% 172% 172%

RETAIL SALES INCREASE SEEN Reports on December Trade Indicate Rise Above 1934 Month. By United Press WASHINGTON, Jan. 6.—Reports on December retail trade indicate a volume of sales consideraby above that of the final month of 1934, the Commerce Department advised today. In New York City, department store sales for the month ran 2.8 per cent above a year ago. The average gain for the country is expected to exceed these results by a good margin. Steel ingot production, which averaged close to 55 per cent during the first three weeks of the month, dropped below 50 per cent of capacity during the holiday period. In December, 1934, the rate of production was 36 per cent. The number of automobiles assembled in the week ended Dec. 28 was reduced by holiday shutdowns, but the month’s production is expected to equal the November figure. Electric power output has exceeded the usual seasonal increase. There was a less than seasonal decline in freight car loadings during the first three weeks of the month. Construction contracts awarded during the first half of the month exceeded the total for December, 1934. BANK CLEARINGS RISE 8.8 PER CENT IN WEEK 22 Leading Cities Report Total of $4,991,801,000, Times Special NEW YORK, Jan. 6. Bank clearings in 22 leading cities in the United States during the week ended Dec. 31, amounted to $4,991,801,000 for the four-day period, compared with $4,590,050,000 in the preceding week. Dun & Bradstreet, Inc., announced today. This was an increase of 8.8 per cent despite the New Year’s holiday. The total for the same week a year ago amounted to $4,709,221.000. Clearings in New York City during the last week showed an increase of 4.9 per cert, compared with a year ago. Total clearings during the last week w r ere above the amount reported for the preceding week by $401,751,000. For the two preceding weeks of 1934, the gain amounted to $717,555,000. All cities, excepting Chicago, reported gains with the largest appearing at Cleveland, New Orleans, Detroit, Omaha and Daiias. CAR SALES INCREASE Studebaker Reports Best December in Eleven Years. 7 imes Special SOUTH BEND. Ind., Jan. 6. Sales of the Studebaker Corp. during December amounted to more than 7700 cars, the best record in 11 years, according to a report released today by Paul G. Hoffman, president. Shipments of passenger cars and trucks during the last month exceeded any December since 1934, when 7969 cars were shipped, it was reported. The company has carried over approximately 3000 December orders for immediate shipment, Mr. Hoffman said. DIVIDEND IS VOTED Times Special NEW YORK. Jan. 6.—Directors of the Amerada Corp. have declared a regular quarterly dividend of 50 cents a share on common stock, payable Jan. l to stockholders of record Jan. 15, it was announced today.

Allied Chem 161 160 160 161 % Am Com Alcohol 28 % 28 28 28 % Com Solvents ... 21 20*4 21 20% Du Pont 139*4 139% 139% 140% Freeport Tex .. 30 29% 29*4 30 Liquid Caib ... 39% 38% 39% 39 Monsanto Chem. 91% 91*4 91% 91% Natl Dis (new).. 29 28% 28’b 29% Schenley Dist .. 47 47 47 48 Tex Gulf Sulph .34 33% 33% 33% Union Carbide.. 72% 72% 72% 72 Drugs— Bristol Myers... 42 41% 42 41% Coty Inc 6% 6% 6)4 6% Lambert 23% 23 V 23% 23 Un Drug (new). 13% 13% 13V 13V Zonite Prod .... 9% 9 9 9 Financial— Adams Exp .... 11% 11% 11% 11% Allegheny Corp. 3% 3V 3% 3Vs Am Int Corp ... 12V 12 12V 11% Chesa Corp 61 61 61 61 Lehman Corp.. 96% 96% 96% 95% Transamerica .. 13% 13% 13V 13% Building— Am Radiator ... 26% 26% 26% 27 Gen Asphalt ... 24% 24% 24% 24% Holland Furnace 31 31 31 31% Int Cement . 39% 3914 39)4 39 Johns Manville. 96 95% 95% 94% Libby Owens Gls 48% 48 48 48% Otis Elev 27)4 27 V 27% 26 Vi Ulen Cons 6 5% 5% 5% HouseholdCol Pal Peet ... 19% 19% 19% 19% Congoleum 43% 43'% 43% 44 Kelvinator 16V 16 16 16 Proc & Gamole. 47% 47% 47% 47 Servel Inc ... 16% 16% 16% 16% Simmons Bed... 21% 21% 21% 21% Textiles— Amer Woolen ... 10 10 10 10 Celanese Corp.. 29% 29% 29% 29 Collins Aikman., 47)4 46% 46% 47 Gotham Hose... 9% 9V 9V 9% Indus Rayon 30)4 30% 30% 30 Chicago Stocks (By Abbott, Proctor & Paine). 11 Prev. A. M. close. Allied Products 22% 22% Berghoff 8 7% Butler BVg 8% Chicago Corp 4% 4% Chicago Corp, Pfd 45 44% Conti St-eel 41 42 Cities Service 3% 3 Com. Edison 97 97% Com Edison 97' 977,4 Cord Corp 6 57/. Crane Corp 27 27 V Elec. House igi/ 8 18 v 4 Gen. House 3% • 334 Grt Lakes Dredge 29% 29'Libby io*n 10*4 Noblitt Sparks 32% 32 Pub. Servos 111 56 55 Quaker Oats 135 132 swift 0034 90 swm int ::: 33% 33% New York Curb (By Abbott, Proctor & Paine) 11:30 A. M. Prev. , N. Y. Close. Alumn Cos of Am 88% 88% Am Cyanide ’’B’’ 30% 30% Am Superpower 2 3 / 4 2 5 / Atlas Corp . 13V* 13% Axton Fisher Tob 51% 51 Carrier Corp 11% 111/, El Bond & Share 17% 16% Fisk Rubber 71% 73/g Ford of Can ‘‘A" 25% 25'Hiram Walker 32% 32% Imperial Oil Ltd 20 % 20% Lake Shore Min 52 % 52% Pan Am Airways 47 47% Penn Road 33% 33^ FREE PICKUP SERVICE TO BE USED JAN. 20 Chicago and North Western Cos. to Inaugurate New Delivery. Free pickup delivery of less than carload freight at agency stations on the Chicago and North Western Railway, a wide reaching and important freight service development, is to go into effect at almost 1000 points on Jan. 20, V. A. Hampton, general agent, announced today. This service means that any one shipping or receiving merchandise within the Western Trunk line and Illinois freight territory can turn the whole job over to the railwaystore door to store door and receive the complete pick up and delivery service for the cost of what has been railroad station to railroad station service. Local trucking and transfer concerns will handle the work for the Chicago and North Western Railway under a contract Agreement with the road. It is felt by officials of the road that local business men will be aided by the expected pick up in this type of business under such an arrangement. In case the shipper or receiver elects to perform his ow r n delivery or pickup he is to be allowed a hundred pounds by the railway. CHICAGO BUILDING GAINS Times Special CHICAGO. Jan. 6. —Building permits issued in the Chicago district during 1935 amounted to 967, valued at $12,919,109, compared with 521 and $7,897,433 in 1934, it was announced today. Chicago Grain Futures (By James E. Bennett & Cos ) 11:00 Prev. Wheat— High. Low. A M. close. May 1.03% 1.02% 1 03' 2 1.02% Tub* 92% 91 .92% ,91V Sept 91 .90% .91 .90% Corn— Mav 62*4 .62 .62% .61% July 63V .62% .63% .62% Oat#— Mav .29% .28% .29% .28% July 28% .38% .28% .28 V RyeMay 56% .55% 56V .55% July 56% .55% .56 .55% LOCAL CASH MARKET City grain elevators are paying #6 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new No, 4 yellow 47 cents and oats 19 cents.

RELIEF COSTS ON DECREASE, REPORTSHGWS Annual Treasury Report Reveals Peak Public Debt, However. By United Press WASHINGTON, Jan. 6.—The Federal government's vast emergency recovery and relief expenditures have shown a substantial slump from the 1933 peak, the Treasury’s annual report and subsequent figures showed today. The annual report, covering the 1935 fiscal year ended June 30, 1935. however, showed peace-time record expenditures of $7,375,800,000. a gain of $270,800,000 over expenditures of $7,105,000,000 in the preceding fiscal year. Total recovery and relief expenditures, segregated in the government’s accounts, showed a decline to $4,249,200,000 in the 1935 fiscal year from in the previous fiscal year, a decrease of $34,000,000. Heavy Loan Repayments to RFC Since June 30, 1935, recovery and relief expenditures have continued to run behind the costs of the corresponding period of the previous year. Between July 1, 1935, and Jan. 2, 1936, total government expenditures were $3,804,120,415, of which $1,684,126,700 went for relief and recovery, compared with total expenditures of $3,588,349,010, of which $1,848,710,548 were relief and recovery costs, in the corresponding period of the previous fiscal year. Henry Morgenthau Jr., Secretary of the Treasury, omitted from his report financial figures subsequent to the end of the fiscal year on June 30, 1935, as these were to be revealed in the Federal budget also made public today. The decline in relief and recovery costs coincident with higher “ordinary” costs of running the government, resulted largely from heavy repayment of loans to the Reconstruction Finance Corp., thereby reducing the drain of loans to the Federal Treasury. Relief costs, however, jumped sharply, increasing to $2,341,700,000 in the 1935 fiscal year from $1,844,400,000 in the preceding year. Public Debt at New High Against expenditures in the 1935 fiscal year of $7,375,800,000, the Treasury was able to collect total revenues of $3,800,500,000, which left a deficit of $3,575,300,000. This was largely made up by new borrowings which carried the gross public debt to $28,700,892,625 on June 30, 1935. It subsequently rose to anew high of $30,560,982,652 on Jan. 2, 1936, as a result of further heavy borrowing and spending. In the previous 1934 fiscal year the government collected revenues of $3,115,600,000, against expenditures in that year of $7,105,000,000, leaving a deficit of $3,989,400,000. Sharp gains in revenue were shown in the 1935 fiscal year. Income tax collections rose to $1,099,100,000, a gain of $282,200,000 over the preceding year; miscellaneous internal revenue to $1,674,000,000, a gain of $190,200,000; customs to $343,400,000, a gain of $30,000,000 and miscellaneous receipts to $179,400,000, a gain of $17,900,000. INDIANA MOTOR CORP. PROPERTY FOR SALE Greater Marlon Association May May Acquire Industrial Site. Times Special MARION, Ind., Jan. 6. The Greater Marion Association has been given the opportunity to pur- 1 chase property of the Indiana Mo- j tors Corp. as a piospective industrial site which the association has been seeking for some time, it was learned today. The association has been negotiating for the property since several attempts to bring new industries here failed because the community had no industrial property available. The large factory and office building of the Indiana Motors Corp., formerly occupied by the White Motor Cos., has been vacant since the latter firm moved to Cleveland, O. Deed for the property has been placed with the two Marion banks, which are to serve as co-trustees for 90 days during which time the association plans to conduct a campaign to raise funds to acquire the property which, it is believed, can be purchased for an estimated cost of $28,500. FARM MACHINE SALES 75 PER CENT HIGHER Tractor and Equipment Producers Expect Upturn in 1936. Times Special NEW YORK. Jan. 6.—Sales of agricultural machinery manufacturers during 1935 are currently estimated to have exceeded 1934 by about 75 per cent, according to the Standard Statistics Cos., which also states that leading tractor and farm equipment producers are now making plans to take care of additional sales in 1936 of around 25 per cent. Recent reports indicate that these expectations are reasonable. Tractors are still selling well despite the fact that the current period is seasonably slow. Thus, although dealers ajp still buying in fair volume, stocks in the hands of selling outlets are low. Meanwhile, manufacturers are maintaining a high rate of production to build up supplies. In the final analysis, however, sales of farm machinery vary directly with aggregate farm income. With 1935 cash farm income estimated to exceed by at least 8.5 per cent the 1934 total, good spring business in tractors and implements, as well as satisfactory collections on existing accounts, is indicated. TREASURY STATEMENT Bft United Press WASHINGTON. Jan. 6. —Government expense* snd receipts for the current fiscal year to Jan. 3. as compared with a year ago: This Year. Last Year. Expenses $3,820,917.955 27 13.068.562.146 34 Receirts . 1.913.713.187.63 1.863.349.653.29 Deficit -. 1.907 205.767 o; 1.745.212.493.05 bai. 2.396.645,U0.10 2,525.101.639.29

Security Values Rise Dollar value of sales on all registered securities exchanges in November totaled an increase of 15 per cent over October and a gain of 1*2.3 per cent over November, 1931,, the SEC reports.

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Busigraphs ATYPICAL BUSINESS CYCLE / £ iK \ / / \ l / \ \ / \ 1 'V<J n j Vv|Vy The barker corp. general Distributors INCORPORATED INVESTORS The business cycle is still on the job. We will always have periods of prosperity and depression as long as human nature continues as it is. The arrow on the chart shows our present position in a typical business cycle. The following desciibes the periods closest to us; G—Bond prices higher; interest rates low; business failures low; some increase in employment. H—Confidence returning, stock prices increase; employment more general; wages still low. I—lncreasing commodity prices; business profits increase; wages higher; strikes increase; real estate more active.

PORKER VALDES DROP 15 CENTS . Supply Estimated at 8000; Cattle, Lambs Steady; Veals Higher. An oversupply of hogs on hand today at the Indianapolis Union Stockyards resulted in a general price decrease of 15 cents, sending the top figure down to $9.85. Receipts were estimated at 8000. compared with only 1500 Saturday. Initial demand, however, was fairly active, but showed signs of weakness under liberal offerings as the session progressed. Approximately 136 hogs were held over from the previous market. The bulk of 160 to 225 pounds cashed in at $9.70 to $9.85. Bulk of medium heavyweights, scaling from 225 to 260 pounds, sold at $9.40 to SS.6O, while extreme heavies, from 260 to 350 pounds, brought $9 to $9.30. In the lighter classes, slaughter pigs from 140 to 160 pounds, sold at $9.35 to $9.60 and 100 to 140 pounds, brought $8.85 to $9.10. Packing sows held at $7.75 to $8.25. With today’s supply consisting largely of low-grade slaughter steers and cows, the cattle market was steady to weak. The bulk of steers ranged downward from $lO. Heifers and bulls were unchanged. Most classes of she stock sold at $5 to $7.50. Receipts numbered 1000. Vealers were largely 50 cents higher, with the bulk selling from $11.50 to sl2. Receipts were 500. The lamb market turned irregular, with fed western grades steady and yearlings around 25 cents higher. Bulk of the latter classes sold at $lO down. Native lambs were weak to 25 cents lower, selling mostly at $10.75 down. Slaughter sheep held at $4.50. Receipt* were 3500. HOGS Dec. Bulk. Top. Receipts. 28. $9.85<&:10.15 $10.15 2000 30. 9.85<&j 9.90 9.90 5000 Jan. 2 . 9.60(5: 9.80 9.80 6000 3. 9.75(5, 9.95 10.00 5000 4. 9.75(510.00 10.00 1500 6. 9.70@ 9.85 9.85 8000 Light Lights (140-160) Good and choice . $9.35® 9.75 Medium 8.850/ 9.40 (160-180) Good and choice .. 9.75(5 9.8 r Medium 9.25(5; 9 75 (180-200) Good and choice... 9.75® 9.85 Medium 9.30(5 9.75 Medium Weights (200-220) Good and choice... 9.70® 9.85 (220-250) Good and choice .. 9.50® 9.70 Heavyweights (250-2901 Good and choice .. 9.20® 9.50 (290-350) Good and choice .. 8.85© 9.20 Packing Sows (275-350) Good B.lo® 8.35 (350-425) Good B.oo® 8.25 (425-550) Good 7.75 Hi 8.10 (275-550) Medium 7.60® 8.00 Slaughter Pigs (100-140) Good and choice .. 8 85® 9.35 Medium B.oo® 9.10 CATTLE —Receipts, 1000— (500-900) Choice slo.oo® 12.50 Good 8 75(5 11.50 Medium 7.00(5 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 Heifers (500-750) Choice 9.25® 10.25 1 Good B.oo® 9.25 1 Common and medium 4 50® 8.00 ! (750-900i Good and choice ... B.oo® 10.50 i 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 *10.50® 11 50 Medium 8 00® 10.50 Cull and common 4.00® 8.00 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 (800-1050) 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. 3500 Lambs. 90 lbs. down, good and choice *ll.oo® 11.25 Good 10.50® 11.00 Medium 9.50® 10 50 Common 8.25® 9.59 Ewes (90-125) Good and choice .. 4.25® 5.00 Common and medium 3.00® 4.25 Yearling wether, good to choice 9 25® 975 Medium 7.50® 9.25 Other Livestock (By United Press) CHICAGO. Jan. 6.—Hogs—Receipts. 28 - 000. including 9000 directs; slow: mostly 25c lower than Friday's average; top *9.55; bulk desirable. 140-220 lbs.. $9.35® 9 50; 225-300 lbs.. s9©9 45 few. *9.50: few sows. sß® 8.25. Cattle—Receipts. 16.000: calves. 2000: hardlv enough done to make a market: largely steer and heifer run: inbetween grades oredominating most steers here of value to sell at sß® 11: several loads held well above *l3. however: thm Stockers steady at *7.'4 down: cows scarce, but steady to weak: heifers in libera! supply; mostly 25c or more lower; bulls active and strong at $6 75 down on sausage offerings: vealers. sll down to *8 50: mostly *9® 10.50. Sheep—Receipts, 12 000: fat lambs opening slow: generally asking around steady and refusing lower bids; sheep little changed: feeding lambs scarce: bids and scattered sale* on good to choice native and fed western lambs. *lO 75® 11: best held around *11.25: native ewes. *4.75 #5.25: westerns held around *5 50. LAFAYETTE. Ind., Jan. 6—Hog market 10-20 C lower; 170-210 lbs.. *9.60®9.70: 210235 lbs.. *9.35©9.45; 235-160 lbs.. *9.10® 920 : 260-325 lbs. *6 50&5.90; 100-170 lbs.. $9#9.40; roughs. *< down. Oklves — til down. Lambs— 610.50 down.

PERKINS CITES LABOR GAINS IN ANNUALREPORT Significant Advancements Listed in Message to Congress. By United Press WASHINGTON. Jan. 6.—Madame Secretary of Labor Frances Perkins produced a jubilant annual report to Congress today, finding the fiscal year ended last July perhaps the most fruitful for the working man in all American history. With social security, old age pension and other beneficial becoming the law of the land. Madame Secretary even found a certain satisfaction in 1935 s unusual number of labor disturbances, which she said were "due in part to the natural expectation of labor to share in the early fruits of business improvement.” For the future Miss Perkins envisioned an industrial Utopia for th man who works with his hands, listing a minimum wage law. a short work week of perhaps 40 hours, compensation insurance, and strict regulation of machinery to prevent industrial accidents, as things to come. Five Advancements Cited "All of these seem to be minimum standards which every wage earner in the United States, without regard to the state in which he work* and lives, has a right to expect," she said. The year past, she said, produced these five advancements for labor; 1. Unemployment compensation, i accomplished through the Social Security Act. 2. Old-age security, brought about also by the Social Security Act. 3. Establishment of boards so? settling industrial disputes locally. 4. Greater co-operation between the states and the Labor Department, through regional conferences. 5. Development of the United States Employment Service. Miss Perkins called the Social Security Act “one of the most significant pieces of legislation of this generation, having inestimable and beneficial effects upon the lives of wage earners fn the future.” Wages Chief Cause of Dispute Miss Perkins said that “more legislation, state and Federal, calculated to benefit labor was enacted during the last fiscal year than in any like period of our history." She said the most conspicuous cause of labor disputes was wages. Union recognition, the closed shop and discrimination or discharge also were factors. "The heaviest loss of man hours came in September, 1934 which witnessed the general textile strike, and in May. 1935, a month disturbed by a prolonged lumber strike in the Pacific Northwest and the Chevrolet and Fisher Body strikes in Ohio,” she said. Concerning the still unsettled labor problems on the Pacific Coast, she said; Strike Wears Itself Out "The Pacific Coast and longshoremen and seamen’s strike presented a peculiarly complex and difficult situation. The National Longshoremen’s Board brought about an end to the strike on July 31, but the arbitration work which the settlement imposed on the board kept it busy until mid-October. The ending of the strike on July 31. 1934, did not bring peace to the Pacifio Coast shipping industry. "Numerous sporadic interruptions of work continued. In March, 1933, a strike of considerable proportions was begun by seamen employed on oil tankers. The International Seamen’s Union had been declared the bargaining agency for oil tanker seamen as a result of an election in January, but collective bargaining failed and the employers refused union preference in employment as a condition precedent to arbitration of other matters. "Despite the efforts of a special mediation board, appointed by the Secretary of Labor, the parties failed to reach an agreement. Bufc after four months the strike had more or less worn itself out and on June 17 it was called off.” The latest strike among the Western longshoremen developed too lat last year to be touched upon in Mis* Perkins’ report.

Brewing Corp* Common Stock Listed on the Chicago Stock Exchange The success of the Company’s policy of producing only fully aged “Kraeusened” beer has brought about a marked change in the Company’s financial p o s i- - An Analysis showing current position, balance sheet and other late information regarding the company’s activities has been prepared by our Statistical Department. Copies will be furnished upon request. Write for Bulletin IT6 F. A. BREWER & CO. INC Pounded Nineteen Hundred Tern 208 South La Salle Street CHICAGO ILLINOIS Telephone State 9S6S