Indianapolis Times, Volume 46, Number 110, Indianapolis, Marion County, 17 September 1934 — Page 8

PAGE 8

BUYING HALTS STOCK MARKET DIP NEAR LOWS Orders Come In After List Approaches New Bottom for Year. By United Prrt, Stocks stead v in afternoon after break to around new lows for year. Ronds irregularly lower; rails in supply. Curb storks drop fractionally. Chicago stocks lower. Call money 1 per cent. Dollar steady in major currencies. Wheat bulges v* to t 1 cent; corn up IH to l l i rents; oats higher. Cotton advances more than 50 cents a bale. Rubber ofT 10 to 18 points. Bar silver unchanged at 19H cents an ounce. Copper 0 cents a pound. By L mitrd Prt*s NEW YORK. Sept 17—Small buying orders were encountered in the early afternoon trading on the Stock Exchange today after the list had come within a hair of going through its low levels for the year. Prices steadied and heavier losers Armed from the lows Stiver shares stood out on the upsid - through the session and when pressure eased in other sections of the list they extended gains easily. United States Smelting reached 113, up 4 ! j points, and others of the group had smaller gains. Heavy dealings in Curtiss Wright stock was a feature. The price, however, held at the previous close of the year—2' 2 . One block of 10.200 shares name out at that level. Other airplane issues picked up in activity as the senate investigating committee took up the airplane in- I dus try in its inquiry into the munitions industry. United States Industrial Alcohol i was a weak spot, touching a new’ 1934 low at 32. off 3’a. Pullman got down to 35'2, off 2V Such leaders as United States Steel. American Can. Atchison. Du Pont. General Motors and American Telephone Armed from their lows. INCREASE IS SHOWN IN U. S.-MEXICAN TRADE American Exports Total 414 Carloads, and Imports 412. Dy United Press LAREDO. Tex.. Sept. 17.—International trade through the port of Laredo increased sharply during July, according to El Boletin Fronteziro Commercial, official organ of the Mexican customs house at Nuevo Laredo, Mexico, across the Rio Grande from here. Imports from Mexico for the month were 330 per cent greater j than for the same period in 1932.> Exports gained 60 per cent. The trade balance was only slightly in favor of the United States. Exports through the port for the month amounted to 414 carloads, compared to 412 carloads of imported goods. NATION’S STEEL OUTPUT CLIMBS 6.7 PER CENT Operations Placed at 22.3 Per Cent of Capacity for Week. By Uniteit Press NEW YORK. Sept. 17—Steelworks operations averaged 22.3 per cent of capacity today, compared with 20.9 per cent a week ago. an increase of 6.7 per cent, the American Iron and Steel Institute re- ! ported. Two weeks ago. operations of the same companies which comprise 98 1 per cent of the nation's producing capacity, stood at 18 4 per cent, the lowest level reached in 1934. A month ago. operations averaged 21.3 per cent, while in the corresponding 1933 week the rate stood at 43 per cent. PWA FUNDS INCREASE BUILDING FOR COUNTRY August Construction Awards Rise Sharply in Month. By Lnited Press WASHINGTON, Sept. 17.—Federal funds, distributed through the Public Works Administration, contributed to a marked rise in construction awards during August, the F. W. Dodge Corporation reported today. Publicly financed contracts, it was said, gained 31 per cent in August over July, while this year's August figure was 46 per cent over that of August, 1933. The Dodge report revealed that public works awards during the first eight months of this year trebled those of the same period last year. Produce Markets Delivered in Indianapolis prices: He* rs hens. ice: Let horn hens. 9c; 1934 broilers. 3 lbs. and over. 14c. Leghorn broilers. i'a to 3 lbs. and over 10c: bareback broilers 10c: old roosters. Sc: ducks. 4c; geese. sc; young guineas. 30c: old guineas. 15c: No. 1 stnctlv fresh country run eggs, loss off 19c Each toll case must weight 55 lbs gross; a deduction of 10 cents a pound lor each pound under 55 lb*, will be made Butter—No 1 28®29c. Butterfat 21c Quoted by the Wadiev Company >Bv Crated Pressl CHICAOO Sep - IT—Eggs Market steady, receipts. 5 162 cases, extra firsts. 33>sC. fresh graded firsts. 22c current receipts. Ilf 2lc. dirties No. 1. 18c. No. 2. 14c checks. No l. ITe. No 2. 14c Butter —Market steady receipts. 9.914 extra flrs's >9e-94 , j>. 23824 c firsts 88-89‘it. 23.23%e seconds <gg-g7‘ai. 22 8 23'jc; specials. 3§3tS'>c. standards. 24'rC; extras. 3*'it Poultry—Market, steady, receipts. 28 trucks. 1 car due. frvers, 14** Cls‘*c: broilers, 16®!7r geese 9911 c: turkeys. 13ttl5c. old roosters. 11c: ducks, old 12c. spring co.ored. 14% 8 IS 1 .-c. White Rock. 15® ITc hens heavy. 16**c: Plymouth Rock springs. 16btT‘*c. Leghorn chicks. 12c Cheese—Twins. 12tCil2‘ic. daisies. 12'4(113c longhorns. 12*48 13c. Potatoes—Supply moderate, demand and trading moderate market about steady: Wisconsin Cobblers $1 10** 120 United States No 2 TO cents: triumphs. Sl4-.'y 1 50. Minnesota Cobblers |ll 15; North Dakota Triumph*. *1 358 1 40. Idaho Russets. 81 <OBI 95. combination grade. 81.3591 40 Arrivals 183 on track 300 shipments Saturday. 798 Sunday. 35 NEW YORK. Sept 17 -PotatoesStead* long Island 45c 381 10 bag Sseet potatoes, easy: Jersev *5 0485 65 barrel: (3 759 3 basket: southern barret *l3s* 3 25. southern, basket 40cS!llS Dressed poaftrv—Steady to firm, turkets. 193 J7e: chickens. 15928 c broilers 168 23c capons, 368 33c fowls 109 31c Long Island ducks, 14 il7c Live poultry—Barely steady, geese. Bsi 10c turkeys. 159 30c: rooster*. 12e ducks I3*il9c foals 12 0 2lc: chlkker.*. 30935 c capon* 208 35c: broilers 159 22c Cheese—Quiet. s - ste •hotle milk fancy to specials 198 20c Young America. 13';®14c Bitter—ReButter—Receipts. 6813 packages, market steady; creamery higher than extras. 26A 2<*4e: oatra 93 score* 35 >935*40; firsts <9OB 81 score-. firsts 88-89 score'. J3*3 34%c. seconds 33823'.c; centralised 190 score • 24*4C: cent rallied >BB-89 tenre* 1J , .24%e; centralired -8487 score*. 33%33'* Eggs—Receipts. 7.814 cases ms k-t irregular: special packs, including unusual hennery selections 25’ SOc. standards *5 firsts. 23 *122 ,e; second* 31931*yc; medium. 7)*i 3lV4C; ditties. 23*5831c. checks. 17% Uc.

New York Stocks 'By Abbott. Hopptn A Cos —————

—Sept. 17— Prey. Oil*— High, tow 11 IS. close AU Rfg iH 22-. 23 ■; 22-, Barnsdall 6‘, 8 8 *'• Consol Oil 7*, 7% **4 7*4 Com of Del ... 17S 7* 17'* 17% Houston *new).. a l * 2*s 2 s . ... Indian Rfg 2** 2% 2% .. Ohio Oil S', 9S 9S 8. Phillips Pet 15 14S 14% 14*4 Plymouth Oil ... B*4 8* B*4 8% Pure OU 7 7 7 7 Bbd Oil . . 21 ‘a So< Vac 13'a 13'. 13' 18% BOOf N J 42 41*. 41 % 41 >3 Texas Corp .. 21% 21'. 31'* 31’, Tidewster Assn 8' Bs.8 s . 8% B*4 Steels— Am Roil Mills . 1854 15 IS ISV. Be-h 8 - eel 27 25'* 25>4 26 Byers AM 15 14S 14‘a 14*. Lidlum Steel .. 12 llit 11% . Mid Stee, . B*4 Nstl Steel .... 36% 35 35>4 365. Otis F'eel < 4 4 4% Rep Iron A- Stl 11% 11 11 11* U 8 Pipe &- Pdv 17 17 17 18 5 a U B Steel ... 30'. 29 ! a 29S 30*. U S S-eel pfd 69% 674 67 4 63 W’srrer Bros 4 4 4 Youngstn 8&T 16 144 164 144 Meters— Auburn 22 214 214 2i% Chrysler 31 29*. 30 30*. Ger. Motors ... 27*. 244 24H 274 Hudson 74 74 74 7*. Mack Truck 22’. 22*. 22 4 22 4 Nash 134 13 13 13 Packard 34 34 34 34 Studebaker 2*. 2*4 24 2*. Meter Acre.*— Ber.dtx 114 114 114 114 Bonn Alum 47 454 454 46 Borg Warner ... 19*. 19*. 194 ... 8.-.ggs 154 14*. 15 154 B 100 Wheel .... 2*. 2*. 2*. . Ea’on Mfg ... 134 134 134 134 Elec Auto Lite . 214 204 204 21’a Ho idaiiie A ... 3*. 3*. 3*. 34 Murray Body .... .. .. 44 Btew Warner ... s’* s*. 54 Mb Timcen Roll 27 26*. 264 26 4 Mining— Alaska Jin 164 164 164 164 Am Metals 154 154 154 15*. Am Smelt 324 314 314 31 s . Anaconda .... 114 10*. 104 10*. Cerro De Pasco 35 4 35 4 354 354 Dome Mines 414 414 414 444 Granby 64 64 64 64 G - Nor Ore 104 104 10*. 104 Howe Sound ... 474 464 47 ! . 474 In’ Nickel .. 24 4 23 4 23 4 24 4 Kennecott Cop . 17V 174 174 174 Norar.da Cop . . 39 38 4 384 39 Park Utah ... 34 34 34 3 Phelps Dodge -. 14 134 134 14 V S Smelters . .1114 1904 1114 1084 Vanadium 14*. 144 144 144 Amusement*— Fa Thea 104 104 104 10 Loews Inc 26 4 25 25 4 264 Radio Corp .... 5 & 5 54 RKO . . 24 24 24 2 Warner Bros .. 4 4 4 4 Tobaccoi^— Am Tob >B<. 74 4 74 4 74 4 74 4 L A* Mvers (Bl 944 944 944 95 Lorillsrd 16*. 16% 164 17 Reynolds T (B) 46 45 4 45 4 464 Rails— Atchison .. .. 474 46 46 47 Atl Coast Lines 26 4 25 4 25 4 264 BA O 144 134 13*. 14% Can Pac 134 13 134 134 Ch A- Ohio ... 40*. 404 404 41 C M A St P 2*. 2*. 2 7 * 2*. C M A St P pfd 44 44 44 44 Chi N W 54 54 54 s*. Erie 94 94 9 4 10 Ort Northern pfd 134 124 12** 134 111 Central .... 144 14 14 14*. K C Sou 6** 6*. 6*4 •• M K A T s*. 54 54 54 N Y Cent 19*. 19 194 19*. N Y New Haven 94 9 94 94 N Y ont A West 5 5 5 5 Nor Pac 16*4 16 16 164 Penn R R 214 204 204 214 8011 Pac 164 15** 15*. 164 Sou R R 144 134 14 144 Union Pac 944 93 93 934 West Marvland. 8 8 8 84 Equipments— Allis Chalmers 114 11** 114 114 Am Brake Shoe 20% 204 204 194 Am Car A Fdy. 134 134 134 14 Am Loco 15 144 144 15 Am Mach A Fdv 134 134 13*. Am Steel Fdy... 114 114 114 114 Bald Loco 74 6*. 6*. 74 Burroughs .. .. li% 104 10*. 114 Case J I 364 36 36 36*. Ca’er Tract ... 234 234 234 Foster Wheeler 10 10 10 104 Gen Am Tk Car 31 31 31 3L Gen Elec 174 17V 174 177. Ingol Rand 51 51 51 ■ - Int Bus Mach 1374 1374 13<4 1374 Int Harvester .. 25 244 241. 244 Pullman Inc ...#374 364 , 374 Und Elliott ..44 43 4 43 4 44 4 Westing!". Elec . 294 28*. 284 29**

WHEAT PRICES PUSH FORWARD Visible Supply Reduction Puts Value Up After Lower Opening. By United Press CHICAGO. Sept. 17. Wheat prices moved higher on the Chicago Board of Trade today when a sharp reduction in the visible supply was reported and when corn futures showed pronounced strength. Wheat started lower as liquidation broke out. but prices soon edged hitrher when strength appeared in the corn pit. Offerings were quickly absorbed and there was rather heavy buying of December options around $1.03 a bushel. Commission houses joined with locals and the general public on the buying side. A decrease of 3.551.000 bushels in the domestic visible supply of wheat was well above the trade's expectation and spurred buying. Trade leaders said it was unusual for the stock to decline at this season of the year and the news generally was bullishly construed. At the extreme com futures were around 2 cents a bushel over Saturday's finish with commission houses leading a spurt of buying. Oats were buoyed by corn and by a strong feed situation. Provisions jumped 15 poinis higher at the start on new strength in hog prices at Chicago and held the advance well throughout most of the session. Chicago Futures Range —Sept. 17— Prev. Wheat— High. Low. 1100. close. Sept. 1 03** 1 02*4 1 03** 1.034 Dec .1.044 1 03*. 1 04 1 2 103 s . May 1054 1 044 1 04% .104'* Corn— Dec 774 764 .77 .754 Mar 79 .78 .784 .77 4 Oat*— Sept 53 .524 .524 .53 Dec 53% 52 4 .53 4 . 524 Mav 524 514 .524 .514 Rre— Dec 90% .774 794 .774 Mav 834 .814 .82% .81% Bariev— Sept 854 .854 .854 .89 Dec .82 .804 .814 .81 IM> Wat on Wheat Citv grain elevators are paying 92 cents for No. 2 soft red wheat Other trades on their merlta

Cash Grain

TOLEDO Sept 17— Oram In elevators, transit billing Wheat- No 2 red $1 06it 10' Corn No. 2 vellow BS’isß4 t sC. Gats No 2 whi'e. 58's<u59‘.-c Rye—No 2. 82 l .B3'jc. Track prices 24'jc ratei. Wheat No 1 red. $1.02 5 1 03; No 2 red *1014? 102 Com No 2 vellow. 79'579 , je: No. 3 'phew 78 1 4; 79c No 4 vellow. 77‘j<578 ! aC Gats- No 1 white. 55 ! a'558 , 5c; No. 2 white. 554558 c PROSPERITY ERA SEEN Ironing Out Process Under Way for Son; Time Revere Says. With the general commodity index sustained around the present level, C. T. Revere of Munds, Winslow <5: Potter expresses the opinion that it should be possible to correct numerous disparities between various producing and consuming groups, and give the country the basis for a prolonged period of sound prosperity. "The ironing out process has been under way for some time," he says, "and with progress toward the restoration of equilibrium between the various groups there is an automatic increase in general purchasing power. This, we believe, should be sufficient to make price deflation unnecessary.*

Worthington P. 134 134 134 134 CtliiOee— Am A For Pwr 54 5% SH 54 Am Pwr A Lit . 4 3’* 34 34 A T A T . 144 144 164 1% Col Gas A Elec 7*. 6% 7 7% Com A Sou . .. 14 14 14 14 Ccnaoi Gas .25** 25*. 25 4 25 4 Eiec Pwr A Lit 34 34 34 34 E P A L pfd .. 8* 84 84 7V IntTAT .... B*4 84 84 84 Lou O A E A 14 4 144 IJ4 •• Nat Pwr A Lit 74 7 7 74 North Amer .... 124 12 12 124 Pac OA E .. 164 164 16 4 134 Postal Tel pfd 124 124 124 . Pub Serv N J 294 294 294 29;. So Cal Edison . 104 10 4 104 10 * Std Gas 64 64 % 64 S’one A Webster 54 54 54 5 * United Corp ... 34 34 34 34 Un Gas Imp .. 16 16 14 16. Western Union .30 4 30 30 30 . Rubber*— Goodrich 9 * 8 * J Goodyear 19*. 194 194 * U 8 Rubber 164 134 134 164 U 8 Rubber pfd 36 33 36 33*. Miscellaneous— Am Bank Note . 12 12 12 12 Am Can 954 934 93 /a 96 Brklyn Man Tr 614 61 61 614 Conti Can 79 <9 <9 <9 Gillette 10*. 104 104 104 Glidden . 314 214 214 21’* Ir.’er Rapid Tr 164 134 13*. 16 < Owens Bottle ... 61 4 60 60 61 * Foods — Am Sugar 61 61 61 62 Armour A s’-* 54 54 * . Borden Prod ... 23*. 23 4 23 4 24 Cal Packing 3<4 36 36 37 Can Dry G Ale 134 13 * 134 13 2 Coca Cola .... 1274 1274 1274 129*. Cont Bak A .... s*. 54 54 Corn Prod 57*. 5.4 57 5 . 57% Crm of Wheat . 32 32 32 32 Cuban Am Sugar 74 7 7 ... Gold Dust 17 17 17 17 Her.hev • 64 64 64 ••• N’a’l Biscuit 30*. 29*. 294 304 Natl D Prod 16 154 154 15** Puritv Bak 94 94 94 9 Std Brands .... 184 174 18 184 Un Biscuit .... 21*. 214 21H 224 United Fruit ... 72 s . 714 714 ;24 Wriglev 64 64 64 64 Retail Stores— Asso Drv Goods 9 84 84 ... Best A Cos 30 30 30 Gimbel Bros ... 33 33 Gr Un Tea 44 44 44 . • Hahn Dept Sts . 4 4 4 44 Kroger Groc ... 26 25’* 25 4 26 Mont Ward .... 23 224 224 224 Safeway- St .. 454 454 454 - Sears Roebuck . 354 34 s . 344 35 W’oolworth .... 47 48 4 46 4 47 Aviation— Aviation Corp . 4 34 34 34 Curtiss Wright.. 24 24 24 24 Crtiss Wr (A)... 64 6 6 64 Dogias Air .... 15 144 14H 15 Nor Am Av .... 33 33 Sneerv Corp .. 7 64 6 s . 64 United Aircraft. 124 124 124 124 Chemical*— Air Reduction... 97 97 97 Allied Chem .117 1154 1154 117 Am Com Alcohol 23 4 22 4 22 4 23 4 Col Carbon .... 624 614 614 614 Com Solvents .. 184 17** 174 184 Dupont 854 83*. 834 844 Freeport Tex 7 27 27 27 Math Alkali . .. 24 234 24 234 Montosonta Ch 504 504 5n% 494 Schenelev Dist 204 204 204 204 Natl Dis (new) 19 184 18*. 184 Tex Gulf Sulph 34 33 33 4 334 Union Carbide . 404 39*4 39*4 41 U S Ind Alco.. 35 33 33 3bVa Drug*— Cotv Inc 44 64 44 4*4 Lambert 22 4 22 4 22 4 224 Un Drue 104 10 s . 10*. 104 Zonite Prod .... 34 34 34 34 Financial— Adams Exp .... 64 64 6*4 64 Allegheny Corp . 14 I’* I** 2 Am Int Corp .. 6 54 54 54 Chesa Corp ... 354 35 4 35 4 354 Transamerica .. s*. 54 3’. 54 Tr Conti Corp . 34 34 34 3** Building Am Radiator .. 124 114 114 13 Gen Asphalt .. 144 13 s . 13 s . 144 Int Cement ... 18** 18*. 18 s . 18 ? s Johns Manville 424 40** 41 41** Libbv Owens Gls 25 4 25 4 25 4 244 Otis Elev 134 134 134 134 Household— Col Pal Peet .. 134 134 134 134 Congoleum 26V* 26 26 26V* Kelvinator - 12 114 11*/* 12 Proc A Gamble 37 37 37 314 Simmons Bed . 84 84 84 84 Textiles— Am Woolen .... 74 74 74 74 Celanese Corp . 18% 134 184 19% Collins Aikman . 10** 10** 104 104 Gotham Hose... 44 4% 44 44 Kavser Julius ..14 14 14 Real Silk 54 54 54 ...

Bond Prices Bv Fenner & Beane

—Sept. 17— High. Low. 10:30. Alleg Corp 5s 'SO . 20 4 20 4 204 Am & For Pwr 5s 2030.. 49 484 49 AT&T db 5s 65 1074 107 4 107*4 Atchison gen 4s ’95 100 994 994 B&-0 cv 44s ’6O .... 51 >4 51 51 Beth Steel 5s A 42 ...1024 102 1024 Can Pac 4s ’57 75 75 75 CA-O 44s A '57 . 108*. 1084 108*. ChMStP&P adj 5s A 2000 7 4 74 7% ChMStP&P rs 5s A ’75 . 24 4 24 4 24% Erie RR rs 5s ’67 60 60 60 Goodyear 5s '57.. 99 984 99 Interboro RT 5s '66 ... 73*4 734 73 4 Int T&Tdb 5s ’55 .. 634 63% 634 McKess & Robb 54s ’SO 821/2 82 824 Nat Dairy db s*4s ’4B ... 96 954 96 NY Cent 5s O 2013 60 60 60 Para Pub 54s ’SO 51 V* 51 51% Poland 7s ’47 123 123 123 Shell Un Oil 5s ’52 100 100 100 Texas Corp 5s ’44 ....103 103 103 Tob Pr NJ 64s 2022 ...105 105 105 Un Pac Ist 4s ’47 104 104 104 Vanadium 5s ’4l 84 4 84 4 844 Western Un 5s ’sl 80 80 80 Money and Exchange INDIANAPOLIS STATEMENT —Sept. 17— Clearings $1,966,000.00 Debits 5.644,000.00 Treasury Statement IBv United Pressi WASHINGTON. Sept. 17.—Government expenses and receipts of the current fiscal vear to Sept. 14. compared with the corresponding period of the previous fiscal vear: This Year. Last Year. Expenses . $1,228,721.008 22 $733,058,228.24 Receipts.. 733,532.177.72 482.642.400.82 Deficit 495.188.830.50 246,415,827.42 Cash Bal.. 2.153,504.445.68

Chicago Stocks Abbott. Hoppin Sz Cos ——

—Sept. 17— High. Low. 11:30 Asbestos Mfg 1% !* I*4 Bendix Aviation 114 114 11% Berghoff Brew Cos 3% Borg-Warner 20 194 19% Butler Bros 74 7% 7% Chicago Corp. com l’s Commonwealth Edison .. ... 39 5 . Cord Corp 34 Marshall Field &• Cos 9** General House Util .. 74 7 Iron Fireman .. 14 Libbv-McNeil 74 7 Lvnch Corp •• 27 4 27 274 Noblitt-Sparks Ind Inc. 13*4 Quaker Oats . ■ 21 Swift & Cos 184 18 184 Swift International .... 35** 354 354 Utilitv * Ind *4 Vortex Cup Cos 15 Walgreen Cos com ... 234 Zenith Radio *

MAJOR ANGAS' BOOK DRAWS 2 REBUTTALS Wall Street Pamphlets Hit Views of Briton. By United Press NEW YORK. Sept. 17. —Two critical interpretations of Major L. D. B. Angas' "The Coming American Boom’’ were offered to Wall Street today. One is "Air Pockets in the Coming (Angas) American Boom,” written by Harold M. Fleming, formerly with Eastman. Dillon Sr, Cos., and Fred H. Jorgensen of Graham & Cos., and the other, “A Critical Review,” by H. T. Reccius of Toerge & Schiffer. The former review questions Major Angas’ contention that President Roosevelt has a definite recovery program which slowly is going into effect. Mr. Reccius’ pamphlet expresses fear that the stock boom will come only because of “true inflation.” WUENSCH IS~NQMINATED Indianapolis Banker Slated for Post With I. B. A. Midwest Group. Edwin J. Wuensch, vice-president or the Indianapolis bond and Share Corporation, has been nominated for the executive committee of the Central States Group of the Investment Bankers’ Association of America, it was announced today. Francis F. Patton of A. G. Becker St Cos., has been nominated for the chairmanship of the group. *

THE INDIANAPOLIS TIMES

RELEASES MESSAGE

191 H Mr >

John Burke SEARS-ROEBUCK OUTLAYHERE UP Total of $33,806,521 Put Into Circulation in Four Years. Providing an index of the extent to which business recovery advanced in Indiana last year, General R. E. Wood, president of Sears, Roebuck & Cos., today announced his firm’s expenditures in this state during 1933 increased 61 per cent over those for 1932. General Wood’s announcement was released in Indianapolis through John Burke, manager of the Sears retail store in this city, where preparations have been completed to welcome customers during the celebration starting Thursday of the 48th anniversary of Sears, Roebuck & Cos. Contained in the message Mr. Burke received from General Wood was an itemized list of expenditures the company has made in Indiana during the past four years for merchandise purchases, pay roll, newspaper advertising, rent and taxes. The list showed a total of $33,806,21 had been put into circulation in this state through expenditures Sears made here over the fouryear period. This was exclusive of amounts spent for supplies, .traveling expenses, store openings or remodeling projects. The money was distributed as follows: For merchandise purchased from 224 manufacturers, in seventy-eight different cities in the state, $28,815,676; for wages and salaries of resident Indiana employes, $2,986,135; for newspaper advertising, $1,018,961 and for rent and taxes $985,749. The greater part of the increase was accounted for by the more generous purchases of merchandise from Indiana manufacturers, the statement Mr. Burke received from General Wood explained. “Two hundred twenty-four Indiana manufacturers in seventy-eight different cities got in on those orders. We wanted that merchandise fast. Indiana sources were on the job. They agreed to deliver the goods on time. And they did. That’s one of the reasons why Sears left 61 per cent more money in this state than in 1932.” Engineering Awards Up By Times Special NEW YORK, Sept. 17.—Engineering awards this week of $20,317,00 are higher than last week, the Engineering News-Record declared today. Both federal and state and municipal public works are down, the former to $2,842,000 and the latter to $12,801,000.

SECURITY HOLDINGS UP FOR INSURANCE FIRMS Group of 816 Companies Bought $1,528,000,000 During 1933. Evidence of the large investment demand for securities, which has not been hampered by regulatory measures tending to restrict trading and the issuance of new securities, is shown by the fact that approximately $1,528,000,000 of securities were bought during 1933 by a group of 816 insurance companies, according to figures taken from the 1934 edition of Poor’s Insurance Company Purchases and Sales, just issued by Poor’s Publishing Company. Purchases of the four largest buyers amounted to $547,905,877, or about two and one-quarter times the amount of their purchases in 1932, with the Prudential Insurance Company of America ranking as the largest individual buyer during 1933, its purchases aggregating SIBB,770.361, compared with $73,596,599 in 1932. , The Equitable Life Insurance Company is second with $136,426,993, against $26,416,596. The Metropolitan Life Insurance Company is third with $121,876,739. against $107,412,226. and New York Life Insurance Company fourth with purchases amounting to $100,831,784, compared with $35,368,044.

On Commission Row

—Sept. 17Quotations below are average retail prices being offered to buyers by local commission house dealers. Peaches—Michigan Elbertas, bushel. $3. Plums—Michigan large blue, half bushel. *1; Italian, half bushel. sl. Pears—Michigan Bartletts, bushel. $2.50. Lemons—Sunkist. $5 50. Grapes—California seedless, crate. $l9O. Grapefruit—California seedless. $4.75. Watermelons—25 I S 50c. Bananas—Pound s'c. Pineapples—24 size. $6: 30 size. *7. —Vegetables— Endive—Ohio. 2 doz. basket, 75c. Sweet Corn—Home grown, doz., 20c. Cabbage—Northern. 50-lb. bag. 75c. Celery—Michigan, mediums, dozen. 45c: jumbo. 65c. Cranberries—2s-lb. box. S3. Onions—ldaho sweet Spanish large. 50lb. bag. $1 50; Michigan yellow. $1.10; western whites. *1.85. Pickling onions—lo-lb bag. 90c. Potatoes—Northern Cobblers. 100-lb. bag. *1.65; Wisconsin round white. 100-lb. bag. $1 60- Idaho russets. $2.25. Sweet potatoes—Eastern Yellow Jerseys burhel. $1.60. Beans—Round stringless. busheL tl; home-grown Kentucky Wonders. isc; home-grown Limas, large, lb.. 25c. Beets—New. 30c doz. Carrots—Ohio. doz.. 35c. Cauliflowe*— 15c-lls. crate. *1.75. Lettuce—Outdoor. 15-lb. basket. 75c; Iceberg California crates. $4.50. Cucumbers—Home grown, bu.. *1 25. E(:g plant—Home grown, doz.. 90c. Peas—Hamper. $2.50. Peppers—Home grown, bu.. *2. Radishes—Basket of 2 doz.. 75c. Spinach—Home grown. New Zealand, bu.. 65c; Broadleaf. 12-lb basket. 60c. Tomatoer—Outdoor, basket. 50c; bu.. *1.50. I. U. Honors Cage Star By United Press BLOOMINGTON, Ind., Sept. 17. —Robert Porter, Logansport, today was named president of the Indiana university union board. Porter is a senior and star on the varsity haglrorha]! team.

BANK EXAMINER RULES ADJUDGED LOAN DETERRENT Some Degree of Co-Ordina-tion Urged in Examinations by Bodies. By Times Special NEW YORK, Sept. 17—One of the key logs which has jammed up the flow of the enormous credit reserves of the country’s banking system into business channels has been the stringent policies followed by federal bank examiners, the Administrative and Business Research Corporation declared today. This has been frequently pointed to by bankers in defense against criticism leveled at them by administration spokesmen who have charged the banks with failure to co-operate in the recovery movement by not making loans readily available to business. Another handicap to the loan making function of banks has been the lack of uniformity in the examination standards‘of the various government bank regulatory bodies. Bankers have asked that there Be some degree of co-ordination in the examinations to which they are subjected. These are by (1) controller of the currency, (2) federal reserve system, (3) Reconstruction Finance Corporation and (4) Federal Deposit Insurance Corporation. “Taking in hand an obviously confusing situation and recognizing the validity of bankers’ protests against it,” it is declared, “Secretary of the Treasury Morgenthau rounded up examiners of the several federal agencies for their first joint conference.” Law Presents Case F. M. Law, president of the American Bankers Association, presented the case for the barkers: “It stands to reason that as long as examiners believe it to be their duty to constantly hammer on loans that are admittedly good, only because they are slow, it will have the effect not only of forcing banks to exert unnecessary pressure on such loans, but will prevent them from making new loans except those that are liquid and of short duration.” “To the fairness of the stand taken by Mr. Law, President Roosevelt agreed, stating that the rule of reason should be the predominating guids of bank examiners instead of strict adherence to regulations that were used in normal business periods. New System Seen “Virtually assured, as a result of the conference, is the adoption of a co-ordinated system of federal banking examinations and a reclassification of loans to separate sound long-term credit and doubtful loans. The scope of the application of such a policy can be visualized when it is realized that approximately 14,000 banks of the country, through membership in the FDIC, are now under federal regulation. Only about 1,160 state commercial banks, which have not joined the FDIC, would not be subject to this further step in the direction of centralized banking control. “To business improvement the liberalization of the attitude of federal bank examiners promises to be a contributing factor, because an easing up on the extremely cautious policy of appraising bank assets should have the effect of encouraging banks to make an increased use of their excess reserves—currently totalling about $1,900,000,000—f0r business loans."

BANK CLEARINGS UP SHARPLY FOR WEEK Increase of 5.5 Per Cent Is Reported. By Times Special NEW YORK, Sept. 17—Reversing the downtrend of the past four weeks, bank clearings rose to the highest level in over a month for the week ended Sept. 12. The total for twenty-two leading cities in the United States, as reported by Dun & Bradstreet, Inc., was $4,377,510,000, a gain of 5.5 per cent over the comparative figures of a year ago. This contrasted with a loss of 4.4 per cent for the week preceding. At New York City, clearings were $2,852,060,000. a reduction of only 0.2 per cent, while the aggregate for centers outside New York of $1,525,450,000 was 18.1 per cent higher. In the last three months only two weeks have shown an increase in bank clearings. Reductions due almost wholly to the large losses at New York City, caused by unusual activity in stock dealings last year. This week’s total was larger than that of the preceding week by $862,241,000, whereas a year ago, for the same two weeks, the increase amounted to $470,940,000. Other Livestock (By United Press) FT. WAYNE. Sept. 17.—Hogs—Receipts, 20c to 25c higher: 250-300 lbs., $7.30: 200250 lbs., $7.20; 180-200 lbs . $6 10; 160-180 lbs.. $7; 300-350 lbs., $7.15; 150-160 lbs. S6 50; 140-150 lbs., $6.25; 130-140 lbs., *6; 120-130 lbs.. $5.75: 100-120 lbs.. $5.10; roughs. $5.50; stags. $3.25; calves, $7.50; lambs. $6 25. LAFAYETTE. Sept. 17.—Hogs—10<£(40c higher: 225-300 lbs.. $7.30’8 7.50 ; 200-225 lbs., 160-180 ibs.. $6 90'§,7; 140-160 lbs.. $6.25 fa 6.50; 125-140 lbs . $5.753 6: 115-125 lbs., $5 253 5.50; 100-115 lbs.. $4.753 5; roughs $6.25 down: top calves. $6.50; lambs. $6 down. (Bv Times Special) LOUISVILLE. Sept. 17.—Cattle—Receipts, 1.100; run sharply curtailed as compared with week ago; trade moderately active, strong to 25c higher than close last week on most slaughter classes; advance largely for better grade steers, heifers and beef cows: most early sales, common to medium steers and heifers, $3,504*4.50: scattered head down to $3 or less; several loads and lots belter finished steers i and heifers all weights. ss<i6; early top I 1.029-lb. steers. $6.50; bulk beef cows, j $2 5033: good $3.25 and above for heifer tvpes low cutters and cutters.*l32.2s; sausage bulls mostly $3 down; light Hereford Stockers slow, bulk salable *4.503 5.25. Calves—Receipts. 900, including about 300 stock calves: market steady; Bulk better< vealers. $63 6.50: mediums, $53 5.50; lower grace vealers and grass calves, mostly $4.50 down. Hogs—Receipts. 700; market, 25c higher than Friday and Saturday; top and bulk 185-275 lbs . $7.20 280 lbs. up. $6 75 1 60-180 lbs.. *6 50; 140-185 lbs.. *6: 120-135 lbs.. *4.50: sows. *5; grassy and unfinished hogs subject to a discount. Sheep—Receipts. 1,700. including around 1 200 stock ewes: market, steady; bulk better lambs, *5.7536; choice kinds quotable to *6 25 or better; bucks discounted and most throwouts. *3 50; fat ewes, mainly *1 503 2.25 for better kinds; stock ewes salable mostly *637.50 a head. Rabbi Leaps to Death ATLANTA, Ga„ Sept. 17.—Despondency over poor health was blamed today for the suicide of Rabbi Cecil Levi, 65, widely known Jewish leader, who leaped to his death from the fifteenth floor of a downtown oftfice building yesterday.

—For the Reader — For the convenience of The Tunes' readers there is printed on Page one of this edition a resume of the early trend of prices on the New York Stock Exchange, together with quotations of a selected group of issues. The Times has decided to abandon the policy of repeating in Its early editions closing quotations of the previous day in the miscellaneous stock, bond, produce, livestock and commodity futures markets. Replacing this will be stories which should be of interest to the business men of Indianapolis Subsequent editions, however, will contain the latest quotations in the various markets. This is one of a series of steps calculated to improve the financial section of this newspaper.

Merchandise Distribution Shows Increase for Week Normal Fall Weather in Most Parts of Country and Heavy Purchases Incident to Opening of Schools Cited. By Times Special NEW YORK, Sept. 17.—Distribution of merchandise at retail was given a further stimulus last week by normal fall weather in most parts of the country, the return of many after prolonged vacations and the heavy purchases incident to school openings, Dun 6c Bradstreet, Inc., declared today In their weekly review.

FEDERAL BOND EXCHANGE GOOD Treasury Satisfied With Rate of Liberty Loan Conversions. By United Press WASHINGTON, Sept. 17.—Treasury officials today reported subscriptions of $1,044,000,000 so far toward the fall refinancing of $1,774,000,000 and termed the response very satisfactory. Subscriptions of $530,000,000 have been received toward the refunding of $1,250,000,000 in called Fourth Liberty Loan 4*4 bonds. Books on this issue remain open. The conversion of $524,000,000 Treasury certificates maturing Sept. 15 brought subscriptions of $514,268.000, which was termed “nearly perfect.” The Treasury was said to anticipate that about $900,000,000 would be subscribed toward the Liberty Loan conversion before the books are closed. If a premium is offered within the next few days, the figure probably will be higher, they said. Thus far Liberty Loan holders have applied for $386,000,000 in four-year 2 ] £ per cent notes and $144,000,000 for 3 5 4 bonds of 1944-46. It was pointed out that if the $900,000,000 figure is reached the ratio of subscriptions to offerings will approximate that of the $1,000,000,000 refinancing of last April. Subscriptions then totalled SBOO,000.000. “We feel very good about the operation,” a high treasury official said. “There is no problem for us now and we have adequate cash to pay off those who do not wish to exchange their holdings.”

LOCAL LIVESTOCK

Sept. Bulk. Top. Receipts 11. $6,503 6.55 $6.65 7,000 12. 6.503! 6.65 6.75 5.000 13. 6.60® 6.80 6 95 3.000 14. 6.703 7.00 7.15 3.500 15. 6.853-7.10 7.25 2,000 17. 7.103; 7.30 7.50 4,000 Market Higher (140-160) Good and choice...s 6.50® 7.00 —Light Weights—-(l6o-180) Good and choice... 7.00® 7.25 (180-200) Good and choice... 7.25® 7.35 —Medium Weights—-(2oo-220) Good and choice... 7.353 7.45 (220-250) Good and choice... 7.40® 7.50 —Heavy Weights—-(2so-290) Good and choice... 7.40® 7.50 (290-320) Good and choice... 7.20® 7.45 —Packing Sows—-(27s-350) Good 6.10® 6.50 (350-425) Good 6.003’ 6.35 (425-550) Good 5.85 3 6.50 (275-550) Medium 5.50® 6.10 —Slaughter Pigs—-(loo-130) Good and choice... 5.00® 6.00 CATTLE Receipts, 800; Market, Steady —Steers—-(sso-900) Choice $ 7.25® 8.75 Good 6.253 8.00 Medium 4.25® 6.50 Common 3.003 4.25 (900-1,100) Choice 8.503 9.75 Good 6.753; 8.75 Medium 4.50® 7.00 Common 3.253 4.50 (1,100-1.300) Choice 9.00® 10.25 Good 7.253 9.25 Medium 5 25 3 7.25 (1,300-1,500) Choice 9.00® 10.25 Good 7.50® 9.50 —Heifers—-(sso-750) Choice $ 7.00® 7.75 Good 5.753 7.00 Common and medium 3.003 5.75 (750-9001 Good and choice ... 6.00® 8.00 Common and medium 3.00® 6.00 —Cows— Good 3.50 3 4.50 Common and medium 2.50® 3.50 Low cuter and cutter 1.25® 2.50 —Bulls—(Yearlings Excluded) Good 3.25® 3.50 Common and medium 2.25® 3.25 VEALERS Receipts, 400; Market, Steady. Good and choice $ 7.00 3 7.50 Medium .. 4.50® 7.00 Cull and common 2.50® 4.50 —Calves—-(2so-500) Good and choice.... 4.75® 6.50 Common and medium 2.50® 4.75 —Feeder and Stocker Cattle—(Steers) (500-8001 Good and choice ... 4.50® 5.50 Common and medium ■• • 3.00® 4.50 (800-1.050) Good and choice • 4.503 5.50 Common and medium 3.00® 4.50 i Heifers) Good and choice 3.00® 4 25 Common and medium 2.50® 3.00 —Cows— Good 2.50® 3.00 Common and medium 2.00® 2.50 SHEEP AND LAMBS Receipts, 700: Market, Steady Lambers, 90 ibs. down, good and choice $ 6.253 6 .5 Common and medium 4 00® 6.25 —Ewes—-(9o-120) Good and choice ... 2.00® 2.50 (120-150) Good and choice 1.75® 2.50 Ai lneg htS :- COmmon ... and 1.25® 2.00 Other Livestock (By United Press) CHICAGO. Sept. 17.—Hogs—Market, 14.000. including 7,000 directs; market active. fully 5c ingher than Friday; 210-300 lbs.. $7.30®7.40: top. $7.50: 170-200 lbs $6.75® 730 light lights. $5.75®6.60: good pigs. s4® 5; packing sows, $6,253 6. <5; fight lights, 140-1160 lbs., good and choice. 5d.503 6.75: lightweight. 160-200 lbs., good and choice. *6.503 7.35: medium weights, 200-250 lbs., good and choice. *7 20® 7.50: heavyweights. 250-350 lbs.. good and choice. *7.15®7.50: packing sows. 275-550 lbs., medium and choice. *5.25®6 80; slaughter pigs. 100-130 lbs., good and choice. s4® 5.50. Cattle—Receipts. 20,000 commercial. 8.000 government; calves, 2.500 commercial. 4,000 government; better grade fed steers ana long yearlings and practically all grades heifers and mixea yearlings; strong to 25c higher; common and medium grade steers, both native and western grassers slow, weak; beef cows dull, but cutter cows and bulls strong; vealers ruling fully steady; general killing quality rat steer run plain; about 10.000 grassers in run. both killer kinds and replacement offerings selling weak: best fed steers early, *9 50, but some held above *10; market ruling steady on kinds selling at *8 upward: slaughter cattle and vealers: Steers. 550-900 lbs., good and choice, *5.75® 9 25; 900-1,100 lbs., good and choice. S6 253 10; 1.100-1.300 lbs., bood and choice. *7310 25; 1.300-1 500 lbs., good and choice, *7.753 10 50: 550-1.300 Ibs , common and medium. *337.75: heifers. 550-750 lbs., good and choice. *5 50 38 25; common and medium. *335.75. cows. good. *3 503 5.50: common and medium. *2.503 3 50; low cutter and cutter. $1 503 2 50; bulls, yearlings excluded, good beef, *3 2534 25; cutter, common and medium. *2.50 33 40; vealers. good ar.d choice. *6 50 3 8 50: medium, $536.50: cull ar.d common. $43 5: Stocker and feeder cattfe: Steers. 550-1.050 lbs., good and choice. *4.253 5 75: common ana medium, *2.75® 425 Sheep—Receipts. 16.000: general quality plain: undertone strong to 15c and more higher on the few strictly good and choice slaughter lambs available; early top. *6.75; others bid. *636 25. with better kmds held *6 50 upward: sheep about steady: feeding lambs weak; bulk. $6 down: slaughter sheep and lambs: I Lambs. 90 lbs. down. *6.25®6.75: common and medium. *536 40: ewes, 80-150 lbs., good and choice. *1.7562 75: ail weights, common and medium. *1.50® 2.15; feeding 1 lambs: 50-75 lbs., goad and choice, *5.60 4IA

While sales as a whole were placed at 4 to 8 per cent larger than during the opening week of September, the gain in many divisions ran to a larger percentage, the review pointed out. The largest increase for the week was recorded in wearing apparel lines, dry goods, groceries, house furnishings, hardware, paints and plumbing supplies. Cheaper Goods Bought “To the rising trend of food prices,” the review continued, “is attributed the sudden shift of interest from the better grades of merchandise to items in the cheaper categories, in marked contrast to the tendency which has been gathering strength since the first of the year. Protracted vacations in some of the leading industrial centers also have been cited as a contributing factor, and losses suffered from the drought in some sections of the middle west have forced buyers to make replacements with goods of a quality inferior to that purchased during the spring months. “While buying in some of the wholesale markets was interrupted by the observance of the religious holidays, buyers visiting the leading centers were more numerous than during the previous week, and the orders placed were sufficient to keep volume above that of a year ago. The effects of the textile strike were markedly in evidence in the dry goods trade, orders going unfilled even at the higher prices, with the pressure for shipment insistent. “Industrial activity continues to reflect the depressing influence of labor difficulties and the unsettled legislative situation, but retailers’ stocks generally are low, and with a continuance of the current strength of consumer buying, increased production can not be far distant. Appears More Favorable “Notwithstanding the uneasiness displayed in many directions, the situation, as a whole, appears more favorable than a year ago, as consumption now is running higher in relation to production. “Politics played no minor role in the trade developments of the week, chiefly because of the hesitancy it engendered regarding long-term planning, in the face of the uncertainty of fresh encumbrances being fastened on the already heavy weight which business has been forced to carry on the rather rough detours it has been obliged to take, during the last few months, in its endeavor to reach a higher eminence of security.”

HIGHER FARM INCOME SEEN FOR FARMERS Abbott, County Agricultural Agent, Predicts Gain. Increase of several thousand dollars in the income of Marion county farmers was predicted today by Horace E. Abbott, county agricultural agent, following his announcement that a 5 per cent increase has been authorized in wheat crop acreages under the agricultural adjustment administration. The acreage of 1935 wheat crops on farms under allotment contracts may be increased from 85 per cent of the average acreage for the 1930 to 1932 base period to 90 per cent, Mr. Abbott said. Base acreage is about twenty-five acres, and approximately 200 Marion county farmers have signed wheat allotment contracts. Farmers still will be eligible for payments from the government, the new increase in acreages having no effect on these reimbursements, Mr. Abbott said. FINANCIAL STRAWS The total number of General Motors Corporation comrtion and preferred stockholders for the third quarter was 349,524, compared with 348.230 for the second quarter and 355,789 for the third quarter of 1933. There were 330,475 holders of common stock, the balance of 19,049 representing holders of preferred stock. The investment companies common stock index declined with the general market during the last week, as evidenced by the averages compiled by Distributors Group, Inc. The average for the common stocks of ten leading management companies, influenced by the leverage factor, stood at 10.32 as of the close Sept. 14, compared with 11.26 on Sept. 7. Crown Cork and Seal Company has sold an automatic crowner and bottle filler to the A. B. C. Brewing Corporation of St. Louis. Installation is to start at once so that bottling capacity of the brewery can be stepped up sufficiently to maintain orders on hand. Feed Grain Shortage Feared By Timet Special NEW YORK. Spe.t 17.—An acute shortage of feed grains before the beginning of the next crop year is feared, according to Fenner <fe Beane, commission house. This forecast is made on the basis of the federal governments crop report of Sept. 1, coupled with the estimated carry over for the year and the average disappearance of the crops over the last eight years. Possibility that feed grain importations may be necessary is 1 elt is many circles.

. SEPT. 17, 1934

SENATE GROUP URGES REFORM IN BANKPOLICY Report Condemns Group Practices; Finds Unit Idea Also Dangerous. By J’nited Prr* WASHINGTON. Sept. 17—The senate banking committee today demanded basic reform of America's “archaic” banking system in a report that condemned group banking practices. The report was based on the committee’s investigation into banking in Cleveland, 0., and Detroit, Mich., an analysis of which was published several months ago. Operations and collapse of the Guardian Detroit Union Group. Inc., and the Detroit Bankers Company in Detroit, were cited as emphasizing the weaknesses of group banking. Inquiry into the Union Trust Company and the Guardian Trust Company of Cleveland was declared to show the weakness of the whole commercial banking structure. Not Market Reaction Defining group banking as something distinctive from either branch or chain banking, the report found that the collapse of the Detroit organizations could not be attributable either to the stock market debacle, the depression, the banking holiday or the “constituency, competency or honesty of the persons controlling these institutions.’* Prior to the Detroit collapse, it said, many competent banking authorities favored group banking as practiced in Detroit. But, it added, evils and abuses uncovered at the inquiry impelled the conclusion that centralized control of unit banks “possesses inherent latent deficiencies and dangerous potentialities which inevitably become patent when the system commences to function.” The committee found that unit banking of all sorts carries much the same “dangerous potentialities.’* The weaknesses, it added, were not to be considered as confined to tha Detroit situation. Highlights of the practices revealed in Detroit were sketched as undue concentration of control, drainage of unit resources to maintain a group dividend policy, “window dressing,” false, confusing and unintelligible reports, loans on group stock and loans to officers, listing of stock on exchanges and dubious ability to impose the double liability on holders of stock. Confidence Has Shown Faith “The most patent deficiency of group banking,” the report said, “is that the group is only as strong as its weakest unit. Loss of confidence in one unit necessarily occasions diminution of trust in the affiliated units. The group companies must strain every resource to maintain public faith in all the units, including the parent company.” Instead of a comprehensive and flexible system there exists only a “banking labyrinth” which is “incoherent, disjointed and diversified. Prescient, basic banking reforms are necessary,” it concludes, “reformation and correction, in retrospect of comparative trivialities, will not suffice.” HIGHEST RECORD SET BY CHICAGO COMPANY Investors* Syndicate Reports Best Month in History. By Times Special MINNEAPOLIS, Sept. 17.—With a volume of new business over $200,000 greater than ever previously recorded in any one month, Investors’ Syndicate reports that August was the biggest month in the forty-year history of the company. Business written during the month was 77 per cent greater than in the same month a year ago. Business for this year, so far, la over $22,000,000 ahead in face value of certificates WTitten, of the corresponding period in 1933, and supports a belief in the opinion of King Merritt, general sales manager, that 1934 will break all records by a large margin. “This Is indicative, ** Mr. Merritt said, “of a gradual awakening on the part of the public generally to a need in the life of the average Individual for systematic management of his income so that something can be accumulated for the future.” INVESTMENT HOUSE WILL REORGANIZE New York Firm Will Assume Name of Abbott, Proctor & Paine. Abbott, Hoppin & Cos., Investment brokers, announce that the firm of Abbott, Proctor & Paine will be formed as of Oct. 1. Partners in the new firm ave Gordon W. Abbott, William Ross Proctor Jr., Lewis A. Williams, James F. Shaw, Hugh E. Paine, Maynard ,C. Ivison, William F. Philips, Louis C. Seaverns, Burford L. Porter, Robert W. Atkins and Louis S. Colwell as general partner®, John Sise as a special partner, all of whom are present partners of Abbott, Hoppin & Cos., and also Michael M. van Beuren as an additional special partner. Personnel of the local office will remain unchanged, James T. Hamill and Kenneth K. Wooling, managers of the Indianapolis branch, said. STEEL CO. IS LISTED N. Y. Exchange Approves Request of Republic Steel Corp. By Times Special CHICAGO. Sept. 17.—Request of the Republic Steel Corporation to list its deposit receipts, representing the preferred shares of the company, under the new consolidation plan, has been approved by the New York Stock Exchange. In connection with the proposed acquisition of the Corrigan, McKinney Steel Company and control of Truscon Steel Company, Republic plans certain changes in capital structure which will provide adequate working capital for the consolidared company; create a capital struc* :-e which will permit payment of divicmds as earnings justify; retire the present restrictive re. funding and general mortgage, and liquidate all outstanding bank loans, officials said.