Indianapolis Times, Volume 46, Number 111, Indianapolis, Marion County, 18 September 1934 — Page 13

Trade and Industrial Developments.

STOCK MARKET BECOMES DULL AFTER ADVANCE Prices Hold at Highs for Day, However: Steels Come Back. By t m"'4 Pf'f NEW YORK. Rept. 18—Stock market trading was dull thus afternoon despite gains which ranged from fraction* to a point. Opening steadiness was followed by a mild recovery in the first hour and prices held around their highs of the day. No group showed outstanding strength, although United State* Steel issues—depressed in recent trading— came back nicely. The preferred showed 2% points’ gain at 71* 1 and the common was up % at 30%. American Telephone was easy in the morning trading and then found a market difficult. Just before 1 p. m the stock appeared at 109 bid and 109** offered, against a previous of 109 Some so-called farm shares, including Case and mail order issues, firmed, while McLellan Stores raced to anew high of 7'. up l' points, and held near the top in fairly active trading Money and Exchange INDIAN ATOMS STATEMENT Ciearln** 12.251.000 M Debit* 5,290.000 00 Treasury Statement ißv United Pr#"* WASHINGTON Sep' 1* Government expense* and receipt* of the current fiscal jar o Sep' 15. compared with the corresponding period of the previous fiscal rear. Thi* vear Last vear. Fxpense* . *1 237 o*6 240 42 *745 7*5 *4*74 Receipt* ... 7*l 031 Ml *1 504 *ls 932 92 Deficit .. 47* 054 24**1 241.169.313 82 Ca*h bal... 2.164.*33 577 3*

Chicago Stocks - By Abbott. Hoppin At Co .l

Prev. 12 30. close Asbes'O* Mix I s , 1% Bendix As'latlon 11% 11% Bora-Warner pfd 19% 19% Butler Bra, 7 s # % Chicago Corp. com I % l a Chicago Corp pfd 25% 27% Cities Beni ice I s * >% Commonwealth Edison 29% 39% Corp Corp 3% s* Electric Household 14% 14% General House Util 1 1 Iron Fireman 1* Na’ional-S'andard 25 25 s Nobii't -Sparks Ind Ine 13 s , 13 s , Prim# Cos 3 2 ■ Quaker Oata 1 21 .. 5 ?2, Ssift * Cos . 18% 18% Bwift International 35 s , 36% Walgreen Cos. com 23% 23 s ,

Bond Prices Bv Penner * Beane

By Fenner Beane. High. Low Close j ATA-T flb 5s '*s I<>7% 107% 107% , Atchison Ken 4< 9i .... 99\ 99 99', ' BAD cv 4%s 60 SI SO'i SO 1 a Can Par 4s 57 ... *5% 75 75 ChMS.PA’P adj 5s A 2000 7' i <% 7 ChMBtP*P rs 5s A 75 24’ i 24 24'a Coodvear 5s *57 98% 98 a Oil. Nor 7s A 3# .... 82' 82 82** Inlerboro Rt 5s 'W ... 74 73 73 a In' TAT dh 5s *55 .. 52% 52% 52% McKes* A Robb 5%* *SO 82 81% 81 t N*t FHiirv db s's 48 .. 96% 9* *6 NY Cent 5s O 2013.. 60' j 60'm 60‘2 Nor Am 5a *1 ... - 84' Par Oas A El 5s A 42 .103’ 2 Para Pub s'j* *SO .. 53'* 52 * 53 * Penn RR 4>.s D *Bl - 93% 93 W% Poland 7s *47 124*2 124’. 124-2 Shell Un Oil 5s *52 ... 100*a 100'* ]{'• Texas Corp 5s *44 103 102 • 10Tob Pr NJ *'2S 2022 105 105 105 I’S Rubber 5s A *47 ... 83% 83% 83 * Western Un 5s 51 .. 79’, 79% .9 * Ygstwn SAT 5* B 70 .. 83’i S3 S3 FEDFRSI. FIRM 131.45 BONDS ■Bv Blvth A Cos.. Inc > Bid Ask 4s July 1. 1948-44 94'* 94\ 4s Nov 1. 1957-37 93 N 93;. 4s Mav 1. 1958-38 93S 93-. 4'.S JulT I. 1958-38 94 2 95 4'*s Jan 1. 1957-37 94 2 95 4’.S Nov. 1. 1958-38 95’. 98 4<2S Mar 1. 1942-32 97*. 98% 4’ as Jan. I. 1953-33 95*. 96% 4’,s July 1 1953-33 95*. 98'. 4',S Jan I. 1956-38 95 * 9*% 5s Mar 1. 1941-31 99*. 100 Other Livestock Bv United Prea CHICAGO. Sept. 18 - Hogs—Receipts. 16 000. including 5.000 directs: market : .low 10*120c lower than Monday; 200-300 lbs *7 156 725 top. $7 35 170-200 lbs $5 50. 7 20; light lights. *5 756 6SO: F°o,“ ; pc' ** '' packing sows. *6 156 6 60; light fights 140-180 lbs good and choice *5 50 * 550 light, eights, 180-200 lb* . good and choice *6 25*1 725 medium weights. 200250 lb* good and choice. silo 7 3a. hsveifght. 250-350 lbs good Mid choice *?*i 730 packing SOW*. 2.5-550 lb* medium snd choice. $5 2548 25. .'slighter Pigs. 100-130 lbs. good and choice 43 7>*i 550 Cattle Receipts. 8 000 commercial. I 000 goternmeji*. calves 2.000 c mmercial. 1 >OO government; quality and weigh’* considered, fed steers strong to 2V h*.h*r and short fed kinds in run. strong: instances f zhrr on kinds of valve to se*l at tmt. efffrings selling above $a sn. usually if'/ 5 h cher. other killing classes Arm with all heifers snaring steer advance; not r ich heef In run; western supply comr sing about 2 500 head, mainly stockers weighty steer*. *lO 25. slaughter cattle and X'.lers Steers 550-900 lbs. good and choice 88*19 50 900-1 100 lbs . good and r n,*B 50*110; 1 100-1.300 lbs. good aid choice 87*110 25 1.300-1.500 lbs., good and choice. JBh 10 58 . 550-1 300 lbs _ comnn and medium. s3*t • 75 heifers. 550-150 lb good and choice *5 506 8 25; common ad medium. *3 1 5 75; cow* good iJ 3 syi common and medium. S2 JO’3 JO. lo cutter and cutter cows UAAftlSfi. bulls vearltngs excluded good beer. S3 7> a, J 5 cutters, common and medium. B*.o * 340. vealers. good and choice. *6 506 850 medium s*i6 50; cull and common. *4 o 5 stockers and feeders cattle Steers, 850-1 050 <b*. good and choice. *4 25ys .5; common gnd medium $2 425 Sheep - Receipts 18 000 fat lambs indications around stead* improsed quality con- * lie red: better grade w-err. held above *S So*rS 65. asking around *8 .5 on top natives; sheep about steady; supply letter grade feeding lambs limited; few sales s’ead* around 88.756#: plainer offerings down to *4 75 and belo* : s aughter sheep and lamb* Lamb* 90 lbs down, good and choice *6 25*> 8. *5. common and medium. *5” 640 ewes. _9O-150 lh* rood and choice. *1756 2.5 all wetgh t*. common and medium. *1.50 u 2 15; feeding lamb* 50-75 lbs . good and choice. *5 SOW 8 25 FT WAYNE Sept 19 —Hogs—Steady; 350-JOO lbs *7 30 200-250 lbs . *7.20, 180MO Iba. 87 IS 180-180 lb* . (7 300-350 lba . *7 15 150-160 lbs . ** 50: 140-150 lb* . *6 25. 130-140 lbs. *6 120-130 lbs. *5 75.100120 !hg. *5 10 roughs *5 50. stags. *3 25 Calves 750 lambs. *6 25. LAFAYETTE. Sept 18 Hogs-Receipts. s-eadv to 5c lower 225-300 lbs . *• 256 735 200-225 lbs *7 ISn 720 180-200 lbs 87 00ft 710 100-180 lbs *6 85*i 0.95 140180 lb* *6 25 II 650 125-140 lba 45 75:6. 115-125 lbs. *5 25i 550 100-115 lbs. *4.5 •i5 rough* *6 25 down; top calves. *. lambs. *6 down. .Bv Time* Special' LOUISVTU.fi. Sept. 18—Cattle—Receipts. 250 supply light, quality plain market slow and generally steady, bulk fnmno# to medium grass steer* and heifers as table *3 254 s<f loaf qualified cutter grade* quotable down to *2 50 or less: better fln:*hed steer* and beifers salable *5 *. or be-ter; bulk beef cows. $2 50 63: r tactical top *3 25 sausage bulls mostly 2 25<i 3 mos* desirable Hereford stock calve* *4 504(5 few better kinds eligible high*: common to medium natives mostly *2 5P.i 350 Calves—Receipts 300 including M stock calves, sealer* steady bulk be’ter grades. *B6 658 medium and lower grades. *5 58 down Hogs-Receipt*. *OO market mostly steady: sow s unevenly higher top and bulk. 185-275 lbs 47.28. 248 lb* up 46 75 180-188 Ihs *6 58 140156 lb*. *6 120-I*s lbs *4 50. sows, $6 Sheep Receipts 500 including 175 stock * .ambs m light supply; demand fairly broad market fully steavd bulk better lamb*. *5 756# choice *6 25 bucks mostly (4 7*4(5 light throwouts 43 58. butk desirable fat ewes 41506 225 most better stock ewe* salable *#6 750 a head, choice quotable to (4 and above. Pennsy Promotes Downes Bv Time* Special PHILADELPHIA. Sept. 18-J. R. Downes, chief of freight transportation of the Pennsylvania Railroad Company, has been appointed assistant vice-president, it was announced today.

New York Stocks " 11 "By Aabott. Hoppin At Cos.

—ept 18— Pree Oil#— High. Low. 11 IS close. Amerada ....... 42'. 41% 41% 42 Atl Hit 22*. 22% 22*. 22\ Barntdaii 8% 6 8 Con*o! OH * 7 s # "’a " a Cont of De! ... 17' 17 17', 17 Houston <old>... - .- • 14 Indian Rfg 2% 2% 2N 2% Ohio Oil 10 1 10 9* PhlUip* Pe 14’, 14 s . 14* 14% Plymouth Oil .. 1% *' *'a *' Pure Oil 7 7 7 7 Sbd Oil 22 22 22 22 Shell Un **, 6% '• 6% 91mm* Pet# .... 9'. 9'. 9% 9 s . Hoc Vac 13*. 13', 11', 13’. 9O of Ct! 31', 31', 31', 31', SO of Ind 25*. 25% 25* 25', BOof N J 41*. 41 'a 41*. 41*. Texaa Corp . 21 s . 21% 21'a 21’, Tidewater Inn Bs,8 s , * ! * l'i B s , Merit— Am Roll Mill* .. 15', 15% 15% 14% Be'h S'eel 26% 2* 2*', 2*'. Ludlum Steel ... 11 11 11 10% Natl Steel 35% 35% 35', 35', OtU S'*: 4 4 4 4 Rep Iron A- Steel 11’, 11 s , 11% 11% U S Pipe * Fdv 18% I* 1 , 16% 17 V a S'eel .. 30% 30% 30% 29', V 8 Steel pfd .. 71% 70 71% 69 Motors— Autourn 22 •21 'a 22 !% Chryiler 30% 30 30% 31% Conti Mo'or ... % % % % Gen Motor* 27% 27'. 27% 27% Graham Mot .. 1% I’, I’. I’* Hudson 7*. 7% 7% 7% Hupp 2% 2% 2% 2% Msefe Truck ... 23 22% 23 22% Na*h 12% 12% 12% 12% Packard ........ 3% 3". 3% 3% Reo 2% 2% 2% 2'. Saudehaker 2% 2% 2% 3 Yellow Truck .. 3% 3% 3', 3% Motor Arcea*— Bendlx 11% 11 s . ll*, 11% Bohn Alum ... 44% 44% 44 s , 45% Borg Warner .. 19% 19% 19% 19% Briggs .... 5% 5% s', 15*. Budd Wheel . 2% Eaton Mfg ... 14’, 13% 13% 13% Elec Auto ILte . 21% 21% 21% 21% Murray Bodv ... 6% 6’, 6% 4% Ttmken Roll ... 27 s , 26 s , 27% 26% Mining— Alaska Jun ... 17 16% 17 16% Am Smelt 33 32', 33 32% Anaconda .. . 10% 10', 10% 10% Cerro De Pasco. 3* 35% 36 35% Dome Mine* ... 42 41% 42 41*, Howe Sound ... 48% 46% 48% 47 Int Nickel 24% 24 24% 24 Kennecott Cop . 17 s , 17% 17% 17% Mclntyre Mine . 45% 45% 4£% 45 Phelps Dodge ... 13 s , 13% 13% 13% U S Smelters ..114', 112% 114 113', Vanadium 14’, 14 s , 14% 14% Amusement#— Crosley Radio .... ..4 .. 10% Fox fhea 10% 10 10% . Loews Inc 27 25% 27 25% Radio Corp ... 5% 5% 5% 5 RKO 2 2 2 2 Warner Bros ... 4% 4 4'/a 4 Tobacco,— Am Tob "B'' ... 74 73’, 74 73% Gen Cigars ... 42% 42', 42% 42 Ligg At Myers B 94% 94% 94% 94% Lorillard 16', 16% 16', 16% Reynolds Tob B 45% 45% 45% 46 Rail*— Atchison 47% 46% 47% 46 B At O 14% 14 14V, 14 Can Pac 1.7% 13% 13% 13 Ch At Ohio 41 40 s , 41 40% Chi &Ot W ... 2 2 2 2% C M * St P pfd 4 s , 4 s , 4 s , 4% C R T A- P 2% 2% 2% 2% Dela At Hud ... 36 35% 3* 35% De! Lac At W ... 13% 13 13 s * 13', Erie 10', 10% 10', 9 s , Erie pfd 15 15 15 14% Ort Northern pf 13’, 13", 13% 13% 111 Central .... 14 s , 15 s # 14% 14% Lehigh Valley ..10 16 10 i0 Lou At Nash 38 37% 3* 38", M K At T ... 5% 5% 5% 5% MKA- T pfd .. 14 13% 14 13 s * N Y Cent ... 19% 19', 19% 19% N Y New Haven 9', 9% 9% 9% N Y N Haven pf 14', 14', 14% 14 Nor Pac I*', 16% 16% 16 s , Penn R R 20 s , 20% 20% 20% Sou Par 16 s , 16% 16 s , 16 Sou R R 14 s , 14% 14 s , 14", Sou R R pfd ... 18 17% 18 17% Union Pac 95% 95 95% 94 Equipment*— AUts Chalmers .. 11% 11 11 11", Am Brake Shoe 19 s , 19% 19 s * 19% Am Car A- Fdy . 13 s , 13 s , 13 s , 13', Am Loco 14 s , 14 s , 14 s , 14% Am Steel Fdy . 11 s , 11 s , 11% 11% Bald Loco 7 s , 7 s , 7 s , 7 Burroughs 11% 11% 11% 11% case J I 38% 37 38 37', Cater Tract .... 23 s , 23% 23 s , 23% Poster Wheeler 10 10 10 10 Gen Am Tk Car 31', 31", 31% 31 Gen Elec .. 18 17 s , 18 17 s , Int Bus Mach 137 137 137 137 Int Harvester . 25% 25 25'2 24% Natl Cash Reg . 12 s , 12 s , 12 s , 12 s , Pullman Inc .. 36 s , 36 36 s * 36 Rem Rand .... 7% 7*4 7% 7%

New Barriers Impeding World Flow of Commerce

Clearing Agreements, State Monopolies, Bilateral Pacts Check Trade. BY W. lAN MACK Times Special Writer New impediments today becloud the world trade horizon. Until recently the movement of goods in international commerce was restricted by such barriers as depreciated currencies, foreign exchange embargoes, import quotas and an increasingly widespread tendency towards economic nationalism. Now these deterrents are being abetted by others, equally as potent, in the form of clearing agreements, bilateral trade accords and state import monopolies. That Washington is cognizant of these deterrents is evidenced by the j fact that negotiations are now under way to obtain multilateral agreements, principally with LatinAmerican nations, Used by Debtors Although tending to curtail the volume of exports and imports entering into world trade, the original restrictive measures had little adverse effect upon the triangular flow of commerce. They were put into effect principally by debtor nations as a means of protecting their gold reserves, depleted to exiguous proportions by the exigency of meeting service charges on their obligations to the creditor powers. The scramble for gold incident to the servicing of these external debts, incidentally, was responsible for the collapse of commodity prices. Funds Help Up Clearing systems are the outgrowth of rigid foreign exchange restrictions. The latter prevented exporters from readily obtaining the proceeds of their sales to foreign countries, and created considerable friction among the various nations. This dussatisfaction was particularly noticeable in the case of countries which have an unfavorable trade balance with nations where such restrictions are in force. To remedy this situation the clearing agreements were reached so as to facilitate the settlement of merchandise balances. Such arrangements have become quite numerous of late. Germany has been concluding agreements with most countries which have an unfavorable balance of trade with the Reich. Systems likewise have been arranged between Austria and a number of nations. Used for Interest The German deals have been principally with England. Switzerland and Holland. Under the British-German agreement the surplus of German exports into the United Kindom is utilized only for the payment of interest on the Dawes and Young loans, with the remainder payable to Germany at specified intervals. Most of the clearing systems have worked out satisfactorily for the countries involved, especially those

Finance - - Business - - Industry

1 Und Elliot 45 45 45 43% Weat Air B ... 17% 17% 17% 17", Wes'ingh Elec . 29 s , 29 29 s , 29% Utilities— Am * For Pwr s s , 5 5 5% Am Pwr Ac Lit . 4 I t * • A T At T ...110 110 110 119 s , Am Wat Wks .. 14% 14% 14", 14% Col Gas At El . 7% 7% 7% 7% Com At Sou 1", 1% 1% 1 % Consol Gas 25", 25% 2a% 25% Elec Pwr At Lit 3N 3% 3 s . 3% Int T Ac T B s , 8% 8% 8S Lou O At E A- 14% 14% 14% 14 Nat Pwr At "Lit . 7% 7% 7% 7% North Amer .. 12% 12% 12% 12% Pac OAt E .. 14% 14% 14% 14% Postal Tel pld . 13% 13., 13% 12% Std Oas ... 6% 6% 6% 6% 8d Oas pfd • 7 J fj* Stone At Webster 5% 5% 5% 5% United Corp 3% 3% 3% 3% Un Gas Inmp . • 14 13 s # 14 13% Ut Pwr At Lit A 2 2 2 2 Western Union.. 31 31 31 31 Rubbers— Goodrich 9 9 9 9 Goodyear 20 19 s , 20 19 a U 8 feubber ... 14", 14Va 14% 14% U S Rubber pfd 34% 34 34% 33% Miscellaneous— Am Bank Note 12 11% 11% 11] Am Can 95 94% 95 94% Anchor Cap 15% 14% 14% 8.-kivn Man Tr 41% 41", 41% 41% Conti Can 78 s , 78% 18% 79 Cur.tiss Pub . 16 15 s , 15 s , 16 Eastman Kodak 95 . 84 95 93 Gillette 11 10% 10% 10% Olidden 22 22 22 21% Inter Rapid Tr 13% 13", 13% 13 , Food*— Armour Ass,5 s , s s , 5% 5% Borden Prod .. 24 24 24 23% Cal Packing ... 37% 36% 37% 36 Canada Dry G A 13 s , 13% 13 s , 13 Corn Prod 59 59 59 58 Gen Foods 23% 28% 28% 28% Gold Dust 16% I®% 16% 1* G W Sugar 27% 27% 27", 27% Ir.t Salt . 29% 29", 29% 30 Loose Wiles . 36% 36% 36V, 37 Natl Biscuit ... 29 29% 30 29", Natl D Prod 16 15 s , 16 16 Purity Bak 9% 9% 9 s * 9% S Porto Rico Sug 30% 30 s , 30% 30% Spencer Keilog . • . • 25 Std Brands 18% 18% 18", 18% Un Biscuit 21 s , 21 s , 21% 21% United Fruit ... 72% 72% 72% 73 Retail Stores— Asso Dry Goods 9 9 9 9 Best A- Cos 30% 30% 30 s , 30 First Natl Stores 61 60% 60% 61 Hahn Dept St* . 4% 4 4% 3% Kresge S S 16 s , 16 s ', 16 s , 16 s , Kroger Groc ... 26% 26% 26", 25% Macv R H 35 s , 35 s , 35 s , 36 Marshall Fields.. 10 9 s , 10 9% Mont Ward 23% 22 s , 23% 22% Penny J C 56 55 56 54% Safeway St . ... 45 45 45 45% Sears Itopbuck .. 36 35% 36 35% Woolworth 47 47 47 46% Aviation— Aviation Corp .. 3% 3% 3% 3% Curtiss Wright.. 2% 2% 2% 2% Douglas Air .... 14% 14% 14% 14% Speerv Corp .. 7 6 s , 7 6 s , United Aircraft 12 11 s * 12 12% Allied Chem .117 116 s , 117 116% Am Com Alcohol 24 24 24 23‘/a Com Solvents .. 18% 17% 18% 18 Dupont 85% 84% 84% 84% Freeport Tex ... 26 s , 26% 26% 27 Math Alkali ... 24 23% 24 24 Monsanto 51 50 % 51 50% Natl Dis tnewi 18% 18", 18% 18", Tex Gulf Sulph 33 s , 33% 33 s , 33% Union Carbide . 40", 39 s , 40% 39 s , U S Indus Alco 34 34 34 33 Virg Ch 6% pfd 15 15 15 14% Drugs— Cotv Inc 4% 4% 4", 4 s ', Lambert 22% 22% 22% 22% Lehn At Fink 13 12% 12 s * 10 Un Drug 11 10", 11 10% Zonite Prod ... 3% 3% 3% 3% . Financial— Adams Exp .... 6", 6% 6% 6% Allegheny Corp 1% 1% 1% I s , Am Int Corp ... 5% 5% 5% 6 Cont Ins 26", 26% 26% 26% Lehman Corp .. 69 68 s , 69 69 Transamerica ... 5% 5% 5% 5% Building— Am Radiator ... 12% 12% 12Vi 12 Gen Asphalt ... 14% 14% 14% 14% Int Cement 18 ’B% 18% 18% Johns Manville . 42% 41 s , 41% 41% Libbv Owens Gls 26 25% 26 25 s , Otis Elev 13% 13 s , 13% 13 s , Ulen Const 1% IV, 1% 1% Household— Col Pal Pept ... 13% 13% 13", 13% Kelvinator 12 11% 11% 12 Mohawk Carpet. 14 14 14 13% Proc A: Gamble 36% 36% 36% 36 s , Simmons Bed ... 8% 8% 8% 6% Textiles— Belding Hem ... 10% 10% 10% 10% Celanese Corp . 19", 19 19% 18% Gotham Hose .. 4 s , 4% 4% 4% Indus Rayon ... 21% 21 s , 21% 21% Kavser Julius ... 14 14 14 14

which have had an adverse trade balance, enabling the latter, mostly creditor powers, to obtain better treatment for their holders of foreign bonds. They are reported to be exerting an unfavorable influence, however, on the trade of countries which normally have a favorable balance of trade. The United States especially has suffered, since it has not only an excess of exports over imports but is a world creditor as well. Bilateral trade agreements and state foreign trade monopolies, such as the one just put into effect in Germany, have a similar effect on world trade generally, economists declared, since they violate the principle of triangular trade and tend to narrow down international commerce to a point where the exports and imports of each country are approximately balanced.

MEMBER BANKS PROP U. S, BOND HOLDINGS Expansion of $53,000,000 Is Shown During Week. By Times Special WASHINGTON. Sept. 18.—Holdings of United States government securities by Federal Reserve member, banks throughout the country expanded $53,000,000 during the week ended Sept. 12. according to figures issued today by the federal reserve board. In recent weeks the institutions had been reducing their holdings of federal obligations. At the same time a $14,000,000 increase was reported in “all other.” or commercial, loans. Net demand deposits rose from $12,948,000,000 to $13,401,000,000. The statement (000.000 omitted) compares as follows: Sept 12. Sept. 5. 1934. 1934. Total loans and inv *17.778 *17.755 Total loans and disc 7.855 7.889 On securities 3.162 3.210 All other 4.693 4 679 Total investments 9 923 9.866 U. S. government sec ... 6 573 6.520 Other securities . 3 350 3 346 Res ba! with F. R. bank 2 939 2 924 Cash in vault 254 236 Net demand desposits 13.041 12.948 Time deposits 4.496 4.500 Government deposits 1.091 1,089 Due from banks 1.514 1.497 Due to banks 3.784 3 777 Total bor. from F R. bank 6 6 •Revised. OPEN NEW EXCHANGE New York Tobacco Market to Start Business Tomorrow. By TANARUS, me* Special CHICAGO. Sept. 18—Formal opening of the New York Tobacco Exchange. Inc. will be held tomorrow, according to an announcement made today. The exchange will trade in tobacco futures on contract basis to be United States standard flue cured type 12, grade B4F, Nine various types and numerous grades will be delivered under the specified form of contract that has been adopted.

THE INDIANAPOLIS TIMES, TUESDAY, SEPT. 18,1934

FEDERAL AIMS HELD CADSING TEXTILESTRIKE NRA Labor Policy and U. S. Cotton Control Plan Cited in Report. By Timet Bprciol NEW YORK, Sept. 18.—The NRA labor policy and the government’s raw cotton control program are responsible for the unfavorable conditions against which labor in the cotton textile industry is now striking, the Alexander Hamilton Institute declared today. Reviewing problems involved in the present textile workers’ strike the institute asserts that the sharp rise in the price of raw cotton and in wage rates necessitated such an increase in prices of cotton textiles that the demand was severely curtailed. Consequent reduction in cotton mill activity made it impossible to provide labor with satisfactory working conditions. Consumption Declined Consumption of raw cotton by the mills declined from 697,000 bales to 359,000 bales during the year ending June 30, the first twelve-month period during which mills operated under the NRA, the review said, adding that because of NRA labor policy, this curtailment of mill activity was not accompanied by a laying off of workers. Instead, the number of employes increased during the year from 408,000 to 427,000. “As an offset to this reduction in hours,” the institute said, “the NRA provided for an increase in wage rates. Wage rates were consequently advanced during the year from 22.5 cents per hour to 38.1 cents per hour. The worker’s weekly earnings were consequently not reduced. They amounted to $10.97 in June this year as against $10.95 in the same month last year. “Despite this maintenance of earnings, however, labor discovered that it was worse off this year than last year because of the rise in the cost of living. The purchasing power of the worker was reduced because high wage rates made for high prices and high prices necessitated the curtailment of working hours so that high wage rates failed to provide the worker with an increase in earnings corresponding to the rise in prices. Labor Misses Point “Labor, however, failed to realize that the development of unfavorable conditions was due to a considerable extent to high wage rates and curtailed hours and consequently demanded, as a solution to its problem, a further increase in wage fates. “In other words, labor is demanding a measure that will make its condition worse instead of better. Labor is consequently on a strike because of the mill owners’ refusal to yield to labor’s demand although this refusal is for labor’s own good. “It is thus evident that for the good of themselves, for the good of labor and for the good of consumers, mill owners can not give in to the demands of labor, especially since the need is for a reduction in wage rates in order to provide fair profits, reasonable prices and enough work to sustain the mill hands’ purchasing power. “A revision of the NRA’s labor policy is thus needed and also a modification of the government’s raw cotton control program, since a complete solution of the problem is also dependent upon lower cotton prices.”

CORN-HOG PAYMENTS NOW TOP $78,500,000 More Than $2,250,000 Paid to Producers Last Week. By Timet Special WASHINGTON, Sept. 18.—More than $2,250,000 a day were paid to producers co-operating in the cornhog program on their adjustment contracts last week, the agricultural adjustment administration announced today. Payments up to Sept. 14 exceeded $78,500,000, a preliminary report shows. This amount represents nearly 60 per cent of the total first instalment of approximately $133,000,000 now being paid to farmers participating in the corn-hog program. Checks have been mailed to over 800.000 contract signers in thirty-nine states. Approximately 1,200.000 contracts have been signed by farmers. Corn-hog adjustment payments in Indiana, up to Sept. 13, and not previously announced, are as follows: County. Amount. Boone $ 29.496.65 Cass 144,811.40 Decatur 17,164.00 Delaware 6,030.75 Fountain 147,584.65 Franklin 84.682.60 Jennings 2.031.35 Johnson 7,668.00 Lake 8,471.65 Lawrence 46.968.35 Marshall 127,615.25 Martin 3.830.90 Noble 105.198.10 Orange 2,619.15 Porter .. 139.25 Pulaski 70,939.25 Putnam 138,261.10 St. Joseph 1.113.70 Spencer 37.395.15 Steuben 1,341.55 Tipton 670.55 Vanderburg 31.049.10 $1,015,082.45 LUMBER QUOTA PARED Cut From 3.845.000.000 to 3,073,500,000 Feet Ordered. By United Press WASHINGTON. Sept. 18—The national lumber code authority today fixed total production for the fourth quarter at 3.073,500,000 feet, compared to 3,845,000,000 feet for the third quarter. The softwood quota was placed at 2.596.200,000 feet and hardwood at 477,300,000 feet, t .-''V ■'i;' - ...i ' ’V'“ >

Pared Farm Income Held Cause of Birth of AAA Reduction from $9,658,000,000 to $4,201,000,000 in Six Years Cited in Report. By Scrippt-Hotcnrtl Seictpaper Allianet WASHINGTON. Sept. 18.—In 1932 the American cash farm income was $4,210,000,000. In 1926 those same people had had a cash income of $9,658.000,000. That is why the Agricultural Adjustment Administration was born. That, in brief, is the premise laid down in the new AAA booklet entitled “Achieving a Balanced Agriculture.”

After pointing the need for crop control to curtail surplus, it devotes a chapter to “The Farm Situation, 1934,” beginning as follows: “What was the situation in which the American farmer found himself a year’s experience of the recover./ policies of the Roosevelt administration? The picture is in sharp contrast with the situation at the close of 1932. Shows Sharp Gain “From August 1933, when distribution of benefit payments began, to April 1934, farm cash income totaled $4,199,000,000. an increase in farm income of about $1,200,000,000, or 38 per cent, over the income of the same period of the preceding year. The benefit payments contributed nearly one-fifth of the increase. Charts in the booklet set forth in detail how each crop was affected to make up the 38 per cent income increase. They also show the future goal of “parity price levels” which the administration seeks to obtain for the farmer through AAA and other governmental agencies. Restoration of the farm market, with the farmer able to buy both capital equipment and manufactured goods for his farm and home, will lead to economic revival, the AAA authors contend. Conclusions Drawn They conclude: “A national policy for agriculture has been in the making for more than a decade. The MeNary-Hau-gen bill and the export debenture plan were among the early expressions of concern about our farm surpluses. The act creating the farm board was a concrete measure which recognized the need for action to assist the farmers. “There must be balance between the income of the farmers and the income of their neighbors in the cities and towns. Insofar as we are successful in achieving and maintaining such a balance we shall insure a fair share of our national income to the producers of the farm commodities on which our basic national welfare to a large extent depends.”

GRAINS UNEVEN IN SMALLRANGE Lack of Aggressive Support Turns Wheat Prices Downward. By United Press CHICAGO, Sept. 18.—Wheat and corn prices moved aimlessly in a narrow trading range on the Chicago Board of Trade today. A lack of aggressive support appeared, however, and the price trend took to the offised. An announcement that the government contemplated purchase of 5,000,000 to 15,000.000 bushels of North Pacific Coast soft wheat attracted considerable attention from the trade. If the plan materializes, it will have considerable influence on the market, cash handlers said. The local cash basis was well maintained today with all receipts coming direct to an elevator, presumably for shipment to the east. Liverpool closed % to 1% cents lower. A fairly strong undertone was established in corn but activity was light and the yellow cereal was disposed to follow the pace set by wheat. Oats at tirres showed independent strength on a strong feed situation and more resistance to selling than in other pits. Chicago Futures Range WHEAT— IiA.M. Prev. High. Low. Chicago, close. Sept 1.04% 104 104 1 04 1 s Dec. 1.05% 1.04 V, ,1.04V* 1.04% May 1.05% 1.04% 1.04% 1.05% CORN— Dec 77% .77% .77% .77% May 79% .79% .79% .79% OATS— Sept 53% .53% .53% .53% Dec 53’4 .52% .52% .52% May 52% .52*4 .52% .52% RYE— Sept 78 .77% .73% .... Dec 80% .79% .80 .80% May 84% .83% .83% .84 BARLEY— Sept 88 .88 .88 .87% Dec 82% .82% 88% .82%

On Commission Row

Quotations 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. *l. Pears—Michigan Bartletts. bushel, *2.50. Lemons—Sunkist, *5.50. Grapes—California seedless, crate, *1 90. Grapefruit—California seedless. *4.75. Watermelons—2s@soc. Bananas—Pound 5%c. Pineapples—24 size. $6; 30 size. *7. —Vegetables— Endive—Ohio. 2 doz. basket. 75c. Sweet Corn —Home grown, doz.. 20c. Cabbage—Northern. &0-lb. bag. 75c. Celery—Michigan, mediums, dozen, 45c: jumbo. 65c. Cranberries—2s-lb. bcx. *3. Onions—ldaho sweet Spanish, large. 50lb. bag. *1.50: Michigan yellow. *1.10; western whites, *1.85. Pickling onions—lo-lb. bag, 90c. Potatoes —Northern Cobblers, 100-lb. bag. *1.65: Wisconsin round white, 100-lb. bag, *160; Idaho russets. *2.25. Sweet potatoes—Eastern Yellow Jerseys bushel. *1.60. Beans—Round stringless, bushel, *1; home-grown Kentucky Wonders. 75c, home-grown Limas, large, lb.. 25c. Beets—New, 30c doz. Carrots—Ohio. doz.. 35c. Cauliflower—lsc-lls. crate. *1.75. Lettuce—Outdoor. 15-lb. basket. 75c; Iceberg California crates. *4.50. Cucumbers—Home grown, bu.. *1.25. Egg plant—Home grown, doz., 90c. Peas—Hamper. *2.50. Peppers—Home grown, bu.. *2 Radishes—Basket of 2 doz.. 75c. Spinach—Home grown. New Zealand, bu 65c: Broadleaf. 12-lb. basket. 60c. Tomatoes—Outdoor, basket. 50c, bu.. *1.50. FRUITS AND VEGETABLES <Bv United Press. CHICAGO. Sept. 18.—Apples—Michigan Mclntosh bushel 2%-inch. (1 1561 35. Tomatoes—Michigan. 12-qt. baskets. 256 50c: Ohio. 8-qt . 25640 c. Sweet potatoes—Tennessee bushel. *1 1561.25: Virginia. *1.156 1.25. Peaches—Michigan bushel, II 9062 50 Lettuce—California crates. *1 61.75. Beans—lllinois green bushel. 506 60e Cabbage—Wisconsin crates. 506 75c. Carrots—California crates, *2.506 2 75: Illinois bunches. 2c. Peppers—lllinois bushel. 75685 c. Enplant —Illinois bushel. 256 35c. Celery—Michigan crates, squares. 40650 c; flats, 35640 c Western cauliflower crates. *1 15612$ Grapes—Michigan Concord. 4 qts.. 11613 c. Cranberries —Massachusetts boxes, 1-3 bushel. *2 50. Onion market (50-lb. sacks)—Michigan, yellows. 70680 c; Idaho white, 90e6tLi$: Idaho yellows, 806 Me; Utah yellows. 80 *oe-

Wall Street Exchange to Withhold Names of Companies Seeking Listing. BY RALPH HENDERSHOT

Times Special Financial Writer 'T'HE New York Stock Exchange has stopped making public the names of corporations which have made application for temporary registration under the rules of the securities and exchange commission. It explained that the reason for doing so was that it “feared publication of further names might lead

to mistaken conclusions as to those which had not yet applied.” The exchange is to be commended for its frankness in stating its reason for the step, but it is doubtful that is reasoning in that connection was sound. The public is interested in this situation because

Hendershot

of its heavy investment in these companies, and it is bound to assume that something has gone wrong because of the exchange’s refusal to furnish the facts concerning it. It is no secret that the managements of several important companies resent the interference of the government in what they regard as private business. It is possible that some of them have refused to make application for the registration of the securities of their companies on these general principles. If this is so the public, particularly the shareholders of those companies, have a right to know it. a a u IF the reason for failure to comply with the commission’s request is due to vacations the public has a right to know that, too. A great many important questions are bound to arise in the running of any large company, and it would seem that if officials are obliged to make trips to Europe or elsewhere, either for business or pleasure, they should leave someone behind with sufficient authority to act on these questions. In the final analysis it is safe to say that the exchange and the commisison will set investors right on the question of registrations. That is to say, all efforts will be made to see to it that corporations register under the new rules, and those which refuse to fall in line will be forced in one way or another to do so. There is little chance, it is reported in responsible quarters, of any important stock being delisted. tt u n BUT failure to make full and complete announcements is likely to lead to more “mistaken conclusions” than would publication of the facts. An example of this was furnished in a recent break in Allied Chemical which was off more than 8 points. Rumor had it that the company would not apply for registration, and it is possible that the break was due, at least in part, to that rumor. Company officials refused either to affirm or deny the report, and the exchange likewise declined to comment on it. It was learned on good authority, however, that the company already has filed jts application. That the exchange was sincere in its efforts to protect the investing public by taking the step it did few people familiar with its viewpoint will deny. But if later developments prove its judgment faulty, its good intentions will not protect it from criticism. There are many who feel the exchange would be a great deal more popular with the public if it did not attempt so often to carry the loads of others.

EFFECTS OF DROUGHT MINIMIZED IN STUDY Towns and Cities Not Tightening Down Under Fear. By United Press NEW YORK, Sept. 18.—With rains bringing back the fall forage and pasturage, the land between the Canadian border and the Texas Panhandle is not the droughtstricken desert pictured by the average citi2n, a report by the American Institute of Food Distribution Inc., said today. Towns and cities from which American farmers draw supplies, the review said, are not tightening down under f&ar that most of the people must go through the winter living on food issued by the government. “With the exception of a few communities where the surrounding country was burned out,” the report said, “the wholesalers and retailers of foods in the drought country are having a big business—so prosperous that the head of one big company wondered if ‘he were not living in a fool’s paradise.' ” MORE RUBBER IS USED August Consumption of Crude Material Increases. By Times Special CHICAGO. Sept. 18—Consumption of crude rubber by manufacturers in the United States during August amounted to 33.310 long tons, against 32,647 in July and 44.428 in August, 1933, according to the Rubber Manufacturers Association. Domestic stocks of crude rubber on hand Aug. 31, totaled 362,647 long tons. This was a slight decrease from July 31, and a 10.7 per cent increase over the same period of 1933* the report Ute4>

Stock, Bond and Commodity Quotations.

FLAYS BANK PLAN

Wk

Dr. H. Parker Willis

CENTRAL BANK HITBYWILLIS Former Reserve Board Aid Says Political Tinkering Causes Disaster. That political management of banking and especially of central banking has proven, must invariably prove, the lutimate, the all-compre-hensive, curse upon a nation’s finances and business is the conclusion voiced by Dr. H. Parker Willis former executive secretary of the federal reserve board, in the Fitch Investors Service's current study of this pressing subject. “What is wanted,” he says, “is to consolidate the entire control of bank credit in the hands of the treasury. The purpose of such consolidation is to bring about a complete power of directing credit. Our government advisers have never abandoned the notion of directing the course of commodity and security prices by dictating the discounting and open market policy of central banking—a notion widely advocated in Great Britain. “With an actual banking mechanism at the beck and call of the treasury, it would be easy to order the creation of central bank credit or “reserve credit” when desired. “It is this political interference with the discount rates, eligibility systems, and oftentimes the personnel, which from the very opening of the reserve banks has been the great curse of the undertaking, and at times has threatened to bring down in open disaster, the entire structure of reserve banking. “It was this same sort of political tinkering and dictation which, in the earlier experiments with central banking in the United States, invariably caused disaster. It will have a like result on this occasion —indeed, is already exerting precisely the same sort of influence as on former occasions.”

TVA ANNUAL SAVING PUT AT $16,000,000 Estimate Made on Reduced Power Costs. By Seripps-Howard newspaper Alliance WASHINGTON, Sept. 18. The government’s electric yardstick project in the Tennessee valley, organized in June, 1933, today is the geographic center of a continuing series of rate reductions saving users more than $16,000,000 annually. A file kept at Tennessee Valley Authority headquarters here shows total estimated savings by reductions of $16,295,000 annually in eleven states, while a twelfth, Arkansas, has a special board investigating rates. The first major reduction followed TVA’s announcement of its rate schedule, ranging from 3 cents for the first fifty kilowatt hours of domestic consumption down to four mills per kwh. The large operating companies of the Commonwealth and Southern Corporation in Alabama, Tennessee and Georgia shortly afterward reduced their domestic rates from 15 to 28 per cent. Produce Markets Delivered in Indianapolis prices Heavv hens, 13c: Leghorn hens, 8c: 1934 broilers. 2 lbs. and over. 13c; Leghorn broilers, 1% to 2 lbs. and over 11c; old roosters, 5c ducks. 4c: geese. sc; young guineas. 20c old guineas, 15c; No. 1 strictly fresh country run eggs, loss off 19c. Each full case must weight 55 lbs. gross; a deduction of 10 cents a pound for each pound under 55 lbs. will be made. Butter —No. 1. 28'b 29c. Butterfat. 21c. Quoted by the Wadley Company. (Bv United Press' CHICAGO. Sept. 18.—Eggs—Market easy: receipts. 2.697 cases; extra firsts, 22c fresh graded firsts. 21%c; current receipts 18' i i 20%c; dirties No. 1. 18c: No. 2. 14c; checks No. 1,17 c: No. 2. 14r. Butter—Market easy; receipts. 10.512 tubs; extra first (9091% score i. 23 %' 24c; extra (92 score i. 24%c: firsts 188-89 % scorei. 236 23%c; seconds <B6-87% score'. 226 22%c: specials. 24%'b25%c: standards. 24%c PoultryMarket. firm; receipts, 27 trucks. 1 car due: frvers. White Rock. 15c% broilers. 16tjl7c;' geese. 9fillc; turkeys. 136 15c: old roosters. 11c; ducks. ers. 14% 1 617 , jc; heavy hens. 17c; light hens, 14c. Cheese—Twins. 12%6 12%c; daisies. 12% t '&13c; Longhorns, 12%ft 13c. Potatoes—Supply moderate; demand and trading slow; market, dull: Wisconsin Cobblers. $1.156 120; scabby. 80 cents; Triumphs. *1.27%; Colorado Triumphs. *1.90; Idaho Russets. *1.806 185: United States No. 2. *1.22%: Minnesota cobblers. *1.05: North Dakota Cobblers. *1 20; Triumphs. *1 50. Arrivals, 69; on track, 280: shipments. 521. NEW YORK. Sept. 18— Potatoes—Market. steady; Long Island, 50c6*1.10 bag: New Jersey. *l6 1.05 bag: southern, 75c a 100 lbs. Sweet potatoes—Easier; Jerseybasket, 65c651.50: southern, barrels *1 25 @3: southern, basket. 50c6*1.50. Dressed poultry—Steady to firm: turkeys. 196 32c: chickens 156 28c: broilers. 16 6 23c; capons, fowls, 10621 c: Long Island ducks. 14617%c. Live poultry—thill: geese, 8610 c: turkeys, 15 6 20c roosters. 12c; ducks. 12619 c: fowls. 12621 c: chickens. 206 25c: capons. 206 25c: broilers. 10 6 22c Cheese—Dull: state whole milk, fancy to special, 19620 c: Young Americas, 13%1114c Butter—Receipts. 14,044 packages: market, steady to firm; creamery higher than extras 26%626%c: extra 92 scoret, 25*40: first* (90-91 scor-'-. 256 25%e: first 88-89 score.. 24624%c: seconds, 23 6 23%c. Egg*—Receipts. 25.189 cases: market irregular: special packs, including unusual hennery selections. 25’26 30c standards. 2462.5 c: firsts. 22 6 22%e: seconds. 2!621%e: mediums. 20%6 20%c dirties. 20%c; checks. 17618 c. Stock Values Drop By Timet Special NEW YORK, Sept. 18 —The market value of fifty representative stocks listed on the New York Stock Exchange at the close of business last week was $10,983,217,000, a decrease of $481,164,301, or 4.20%, as compared with the preceding week, Paul H. Davis Sc Cos., members of the -iFrXffhsi rtUiClofiful A

PAGE 13

ALIEN CAPITAL MOVEMENT HIT AS UNHEALTHY Peek Says Complete Data Must Be Prepared to Stem Migrations. By Cnitrel Brett WASHINGTON, Sept. 18—The government must prepare complete foreign trade data if unhealthy movements of capital between the United States and foreign nations is to be halted, special trade adviser George N. Peek told President Roosevelt today. He blamed ignorance of America’s international position for her unfortunate experience with foreign trade and investments. “We have through lack of knowledge of our international position continued to accumulate quick liabilities and slow or frozen assets.” he said. Mr. Peek would not say whether he had recommended definite action to the President to prevent unfavorable migrations of capital. His suggestions were presented in a survey of United States foreign trade during the last thirty years which, he said, he had discussed with Mr. Roosevelt. Intensive Study Made “We are making an intensive study of the situation and our laws,” he said, declaring that from the American viewpoint the foreign trade situation “has been cumulatively disadvantageous to us because of a large net increase in debts owing to us from abroad. “We are undertaking to develop balance sheets between this country and each of the countries with which we are dealing or purpose to deal. As indicated, certain information is not now available to the government,” Mr. Peek wrote. “In years past, we have gone to great trouble to regulate the flow of emigration and immigration. The lime has arrived when, as a nation, we must pay close attention to the migration of capital and its relation to our foreign trade to avoid such movements as occurred during the 1923-29 period.” Alien Investments Up He pointed out that between 1914 and 1933, foreign investments had increased in the United States only from $4,500,000,000 to $4,557,000,000. whereas United States’ investments abroad increased $23,702,000,000. Only $10,304,000,000. he said, was attributable to war debts. Between 1923-29 he said, the United States purchased or invested $7,140,000,000 in foreign holdings. Balances Withdrawn Between 1929-33, Mr. Peep added, foreigners withdrew $2,550,000,000 in short term funds and purchased $261,000,000 net additional United States stock and bonds. They repurchased also “at low prices in our security markets from American investors in the neighborhood of $516,000,000 net of foreign bonds.” He asserted that since 1923, foreigners have repurchased $4,380,000,000 in foreign bonds and stocks held by Americans. “Many were bought at depreciated prices. Some of this has been done by nations which have defaulted in their obligations and have set up exchange restrictions in their trade with this country,” Peek said. SURVEY OF 595 FIRMS SHOWS GAINS IN 1933 Net Profit of Group Amounts to $2,124,000,000 for Year. By Timet Special CHICAGO, Sept. 18.—Net profit of 595 industrial, railroad and utility corporations, during 1933, tabulated in a composite income account by the Standard Statistic Company, amounted to $2,124,000,000 compared with $1,461,000,000 in 1932. Total reduction of dividends for the 595 corporations during the year was approximately 20 per cent lower than in 1932. A consolidated loss totaling $391,000,000 was reported after dividends and reconciliation of surplus debts and credits. Cash and equivalent of the corporations was reduced 4.6 per cent in 1933, from $4,512,000,000 to $4,304,000,000. The majority of this was attributed to finance inventory account, which increased from $4,669,000.000 in 1932 to $5,124,000,000, or 9.7 per cent.

FINANCIAL STRAWS

The committee for the first mortgage bonds of the Celotex Company has agreed to support the reorganization plan proposed by the reorganization committee, William B. Nichols, chairman of the committee, announced today. The arrangement between the two committees was reached on the basis of certain changes to be made in the original plan of reorganization. As a result the new first mortgage bonds are to be dated Sept. 1, and will bear interest at 6!i per cent from that date. The refunding operation for the city of Detroit which has constituted the largest undertaking of its kind ever carried out will be brought to a final conclusion in November when the new refunding bonds will be issued to bondholders, it was indicated today in an announcement by the bondholders refunding committee, of which D. A. Tompkins, vice-president of Bankers Trust Company, New York, is chairman. Sales of the ‘Terminix” division of the E. L. Bruce Company, largest hardwood flooring manufacturers in the world, for the first eight months were 58 per cent aby/e the same 1933 period. Retail Coal Prices The toiiowtng once* represent quotation* from leading Indianapolis coal deaitrt. A 25-ceot earning charge oer too trlil o* added. DOMESTIC KETAIL MUCIS Anthracite MJ-Jf Brazil Lump } g Brazil In *-5 Coke. Nut Size §4l Coke. Egg Size J Indiana Forked Lump No. 4 and S. |.7S Kentucky Lamp. Oroep *3"....... jil Pocahontas Lump • g Poeahontaa Est Pocahontas Mine Ron ..hmiui>h ii; *iear 4Uer Oeeaklaae mM