Indianapolis Times, Volume 46, Number 113, Indianapolis, Marion County, 20 September 1934 — Page 26

Trade and Industrial Developments.

PAGE 26

STOCK MARKET TRENDS LOWER IN DULL DEALS

Metals Encounter Brunt of Selling: General Changes Small. MARKETS AT A GLANCE <Bv Unit*-! Prm. Stock* irregularly lower in dull trading. Rondt hither; speculative issues firm. Curb storks up fractions to a point. Chicago stocks quiet and steady. Dollar steady in major currencies; Arm in terms of pound. Wheat up \ to 1 cent; corn up 94 to 1; oats higher. Chicago livestock: Hogs weak; cattle, sheep strong. Cotton rises about fib rents a bale. Rubber up 4 to 9 points. Bar silver unchanged at 49' * cents an ounce. Copper 9 rents a pound. B’l T'nited Press NEW YORK. F< p* 2"—The stock market tm-ned irregularly lower today in e?flrrmely dull trading. Metals received the brunt of the selling, most of it coming from profit-taking after recent good rises. U. S. Smelting had a two-point loss at 119. Amcnran Smelting held about steady. Cerro dc Pasco was off •a to 36 V Another heavy spot was American Telephone, which dropped l’.i points to 109 i. In the general list priefc changes ! mainly were small. United States I Steel dropped '= point to 31V General Motors and Chrysler held slightly above their previous closes. New' York Central had a fractional decline while Atchison w'as about steady. Money and Exchange TNDIANAPOLI STATEMENT Clrinßs S! oi no j Debits 4.431.00000 Treasury Statement <Bv United Pressi WASHINGTON. Sept 20.—Government expenses and receipts of the current fiscal year to Repr 18. compared with the corresponding period of the previous fiscal year. This Year Last Year, j Expenses 1 3?0 656 003 73 *792 560 160 37 Receipt* . . *44 7.35,009 "3 577 685 629 42 Defint 475 921.*30 03 21 A.874.’31 55 ] Cash bal .. J. 174.522 14* 33 Bond Prices ißv Fenner A: Beane • Prev. Close. Close. Alleg Corp 5s 50 21 20 Am & For Pwr 5s 2030 4> ;*B>. A TA- T db 5s ’65 108% 10* . j Atchison gen 4s 35 100% 100 -• , Btc Oc\ 4%.* ’6O 81% SI 1 /| Brazil 6%s <26i 57 3S . 34';. Can Pac 4s 57 *• a •* * C A- O 4%s A 57 lO&'a 109 CMSP A- P adj 5s A 2000 8% *. CMSP&PItSsA '75.. 25% 25' Erie R R rs 5s 67 63'z 62 z Ooodvear 5* '57 99% 90% Ot Nor "a an ’36 • - •% *5 Interboro RT 5s '66 —... *4 ‘J - Int TA-Tdb 5s '55 M'.a S3** McKess A Rob 5%s ’SO M *3 Nat nairv db 4’s '4* N Y Central 5s O 2013 *•!'* Pac Gas A E! 5s A 43 104’. 10a Penn R R 4%s D 81 Ma % Poland 7s 47 124|* Shell Union Oil 5s '52 100% J6O Texas Corp 5s '44 • J??, * Tob Pr N J 6% s 2022 JJS * Un Tae Ist 4s 47 165 104 a Vanadium 5s '4l ?4 - Western fn 5s 'sl : FEDERAL FSRM LOAN BONOS .By Blyth A Cos.. Inr.i Bid Ask 4* Jutv 1. 1946-44 95 95'4s Nov 1. 1957-37 94 94 z 4s Ma I. 1956-3* 94 94% 4' S July 1. 1956-36 95 95 a 4*.S Jan. 1. 1957-37 95 95 % 4%s May t. 1957-37 • 9a% 4**s Nov. t. 195**3* 95 , 96 4';* May 1. 1942-32 9* . 98% 4'.* Jan. I. 1943-33 9*', 9*', 4 1 jS Jan. 1. 1953-33 J* - 4%* July 1. 1953-33 96 96 - 4%s Jan. I. 1955-35 96% 96*;; 4%s Jan 1. 1956-38 96 . 9. j 5a Mav 1. 1941-31 100 JOO’, 5S Nov. 1. 1941-31 100’. 100’a | On Commission Row Quotations below are average retail prices being offered to buyers by tocai commission house dealers. Peaches— Michigan Elbert**. bushel. S3 Piums— Michigan large blue, hall bushel. $1; Italian, hall bushel SI. Tears—Michigan Bartlett*. bushel. S. 50. Lemon*—Sunklst. S5 50 Grapes—California seedless crate S_l 90 Grapefrutt—Caltfoma seedless. $4..a. Watermelons —25fi sfle. Bananas —Pound 5%e Fineapples—24 size. S6: 30 size. $7 —Vegetables— Endive—Ohio. 2 doz. basket. 75c. Sweet Corn—Home grown, dos., 20c. Cabbage—Northern. 50-lb bag 65c. Celery—Michigan, mediums, dozen. 45c: Jumbo. 65c | Cranberries —25-lb. box. S3 Onion*—ldaho sweet Spanish. large 50Ih, bag. SI 50: Michigan veJow. SI.10: western whites. 51.95. Pickling onions—lo-lb. bag 90c Potatoes—Northern Cobbiers. bag. •1 65 Wisconsin round white. 100-ib. bag. SI 60- Idaho russets. $2.25. seet no*atoes—Eastern Yellow Jersevs bushel. SI 60. Tenn nanev halls hamper *'lie sns—Round strtndw*. pushet. St: home-gTOwn Kentucky Wonders. 75c. borne-crown Limas, large, lb™ -sc. Beets—New. 30c do*. Carrots—Ohio do*.. 35c. Cauliflower — ISc-lts. crate. SI .5 Lettuce —Outdoor. 15-lb basket. .sc: Iceberg California crates. *4 50 Cucumbers—Home grown, bu.. Si -5. Egg plant—Home grown, doz 90c. Peas—Hamper. S2 50 Peppers—Home grown bu 12 Radishes—Basket ol 2 dor . .5c Sni-arh—Home grown. New Zealand, bu 6 V BroarHeaf 12-lb basket 60c. Tomatoes—Outdoor basket. 50c. bu.. IIM FRLIT4 ANP VEGETABLES ißv United Press> CHICAGO. Rep? 20 - Apple* Michigan Mcln*o‘h bushel. 2% - mrlv SI 25 Wealthiea. SI 25 Tomatoes Michigan 12-quart baske’s 25c Ohio. 255140 c Sa ret Pot atces— Tennessee, bushel. Sir tto Virginia barrel. S3 75 Peaches— | Michigan bushel Si 90-.'2 50 Lettuce — California, cratew S2 50*jJ5O. Beans—j Illinois green, bushel. 50i85c. Cabbage Wisconsin, crates 60u*5c Carro's— Wisconsin, crates. 82 25 :2 sfl Peppers— Illinois bushel 70 * 85c Eggplant—llU-! nai bushel 20 40c Celery—Michigan, crate* SsiSoc squares Western Cauliflower Cra'es. It ISVI 25 Grapes— | Michigan Conaord. 12 quarts. 25' : 27c Crarberr es Massachusetts, boxes 1-3: bushel, *2Soi2*o Onion M ■ sack*—Michigan vcilows. 65n75c: Idaho whites. 90c i S’. 15 Idaho veilows. 75 :85c . L’t*h yellows. 75 385 c. WOOL PRICES DECLINEj Manufacturers Talking Lower on Ohio Fleece Grades. By Untied Press BOSTON. Sept. 20—The decline In price* in London, m the opinion '■ of members of the Boston wool trade, confirms the trend in prices j reported at sales m Australia since the opening of the new season, ac- ; cording to yesterday's report of the United Stales agriculture depart- i menu Domestic wools in Boston are i mostly very quiet. Some manufacturers who have recently inquired for wool have been talking lower price* on Ohio and similar fleece wools

New York Stocks

I i ßy Abbott. Hoppin i 11 45 A M Prev. Oil High. Low. N Y close. A-; Rig 23*. 23’, 23% 24 B -r.*d*l! 6% 6', 6’, 6', Consol Oil 8% 8 1 . B’, *. Cont of D*l ... I*', 1* , 18'. 18% M.d Con? P*t .. 11' 11' 11% 11 .34% 31 ’ 31 % 34% Un . ... 6% 6% 6% 6 J Roc VC 14'. 14 14', 14% S O of C! 32% 32% 32% 32% S O of Ind 42% 42% 42% 42% Sin Oil 68% 6*% 68% 63 | Tmi* Corp .. 22% 22% 22% 22’. (Tidewater Asn . 3% 9% 9’, 5% jUn Oil of Cat .. 14% 14% 14% 14% >teel—i Am Roll Mills . 2*’, 27% 27% 27% Bver* AM . 15% 15% 15% 15% Col P.! A Iron . 4'., ' Inland S’*wl . 35% 35'* 35% 35 1 M.d H'i ... 71% 7% 7% 7% Ns?l S'rcl 35 35 35 35 P.*D I A Stl 12% 12% 12% 12% Hop I A S pfd 4040 4040 |U SPA Fdy. . 18% 18% 18% 18% us s; . 3:% 31% 31% 31% U 8 S'C.I pfd . 72% 72% 72% 72% jYg SAT .... 15% 15% 15% 15% Motors— Auburn 25% 24 25 23% Chrts>r 32% 31% 32% 31% Gn Motor* ... 28', 28% 28% 28% j Graham Mo? .. 1% 1% 1% 1% Hudson 8 7% 8 7% Hupp 2% 2% 2% 2<. : N%h 13% 13% 13% 13% Pacxard 3% 3% 3% 3% S’udrbaker 3 2’, 2’, 2’, Motor Access— Bondi* 12 11 12 12 Brhn Alum 47 47 47 47 Borg Warner .. 20% 20 , 20% 20 Briggs . 16 15% 15% 18 E>c Auto L ... 22% 21% 21% 21? Mullins Mfg .. 7% 7% 7% 7 I iilinx M pfd . 23 23 23 24 Murray Body .. 4', 4', 4% 4', I Mining—- ‘ Alaska Jun .... 17% 17 3 , 17% 17% !Am Me'als 16% 16 16 16% lAm Smelt 14% 33% 34 34 Anaconda ...... 11% 11% 11% 11% I <%! A Herla ... 3% 3% 3% 3% i Cerro D P 37% J 5% 36% 37 . I Dome Mines ... 43% 43% 43% 43% Hoe Sound ... 50% 49% 49% 50 Ins Copper 3% 3% 3% 3% . 21% 24% 24% 24% Kenneco'i Cop . 18% 18% 18% 18% Mrlnl'fe Mine . 46% 46% 46% 46% Vorznda Cod . ~41 % 41 41 41 Part: Uiah . . 3% 3% 3% 3% Phelps Dodge 14% 14% 14% 14% !u S Smelters ..118% 117 117 119 Vanadium 16% is 16 15% Amusements— Crosier Radio . 13% 13% 13% ... Fox Thea 11% 11% 11% 11% Loews Inc .... 27% 27 27 26% Radio Corp 5% 5% 5% 5% RKO 2% 2% 2% .. Warner Bros ... 4% 4% 4% 4% Tobarros— Am Sum Tob 17% 17% 17 'a 17% Am Tobacca A’ 73 72% 73 71 Ain Tobacco B . 75 74% 74% 74% Gen Cigars 44 s , 54% 44% . Llgg A Mvera B' 95% 95% 95% 95 Loriliard 16’, 16’, 16% 16% Revnolds Tob B 46 45% 45’, 45% Rails— Atchison 48% 48% 48% 48% B A O 15% 15% 15% 14% Can Pac 13 s , 1.3% 13% 13% Ch A Ohio ... 42% 41 % 42 42 Chi A- Gt W .. 2 2 2 C M A St P 3% 3% 3% 2% C M A St P pfd 5 5 5 4% Chi N W .. 6 s , 6% 6% 6% Chi N W pfd . 11 11 11 10% Deia A Hud .. 38% 37% 38% 37% Del Lac A W . 16 s , 16% 16% 16% Erie ... 10% 10% 10% 10% Ot North pfd .. 14% 14% 14% 14% til central .... 16% 15% 16 15% Lou A Nash .. 39 39 39 40 M K A T .. 5% 5% 5% 5% M K A T pfd 14% 14% 14% 14% N Y Cent ... 21% 20% 21 20’, N Y New Hav -.10 10 10 9’, Nor Pac 17% 17% 17% 17% Tenn R R 21% 21 s , 21% 21% Sou Pac 17% 17% 17% 17* a Sou R R ... 16% 15% 16 15% Sou R R pfd . 19% 19% 19% 19 Union Pac . 99 99 99 99 West Maryland . 8% 8% 8% 8% Equipments— Allis Chaim ... 12 11’, 12 11 s , Am Loro —. 16 i6 16 15% Am S'eel Fdy .. 12% 12% 12% 12% Bald loco 7% 7% 1% 7‘2 Burroughs 12% 12% 12% 12% Case J I 40% 39% 4040% Cater Tract 24% 24% 24 s * 24% Deere A Cos .. 17 16’, 17 16% Flee St Bat 34% 34% 34% 35 Gen Am Tk Car 32% 32% 32% 32% Oen Elec 18 17 s , 18 18% Gen R R Sie .. 24% 24% 24% 24% Int Harvester 27 s , 27 27 s , 27%

BUYING SENDS GRAINSHIGHER Advance, However, Is Curbed by Profit-Taking Operations. By United Press CHICAGO. Sept. 20—A sharp advance in Liverpool wheat generated a buying movement on the Board of Trade today which resulted in a higher price trend. Wheat finished % to 1% cents higher, corn was 1% to 1% cents higher, and oats were up :, 4 to 1% cents. Although commission houses and locals were fair buyers here, the upturn encouraged profit-taking and prevented a major advance. Winnipeg wheat showed relative firmness with continued unfavorable weather for harvesting. Liverpool finished equal to IT*1 T * to 2% cents per bushel higher, with short covering and an improved demand dominating factors. There still was some disposition on the j>agt of traders to employ caution in their operations and many were reluctant to take a definite stand on one side or the other. The meather man indicated there might be a frost in some sections of the corn belt, and this brought buying into the yellow cereal futures market, with prices climbing higher. Oats and rye largely were influenced by activity of the other pits. Provisions averaged higher, with cash houses again on the buying side. Chicago Grain Futures Hh,ti— Prev. Open. Hlsh. Low. Close, close. O’.d IBSS 104% 103% .104 1 03% New 103% 104% 103% .104% 103% Deo Old 107', 104’. 103 s . 104% 103% New 103 s , 104'. 10.7% 104% 103% Mav .1 04 1 04% 103% 1.04% 1.03% Cum— Sent P. a ,76% .77% .76’, .77% ,76% Dec - Old .77 78 .77 .78% .76% -7 78 77 77% T£ . . 78% .79% .78% .79% .78 o*t— S3’, 53 , 53% 5.7% 52'. New 53% 53% 53% 53% .52% Dec - Old S3 53 .52% .52% .52 New 52% 53% 52% 52% .51% Mu 51% .52% .51% 52% .51% Use— Seot Old .78% 79% New .79 79’. .78% .78% .78% Dec “ Old 80% 80% 80% 80% .79% New 80% *O% 80% 80% .70% Mas— 83% 84% .83% 83% .82% Rarlev— Sept Oid 87 .86 New 87 .86% Dec New 80% 81% 80% 80% .80% May— .77% .77% .77 .77 .78% Lard— Sept 9 27 9 22 Oct 9 37 9 37 Nov. 9 40 9 40 Dec. 9 49 9 50 9 40 9 45 9 42 Jan. 9 50 9 57 9 50 9 55 9 50 Bellies— Sept. 14 55 14 55 Oct 14 10 14 10 Jaa 13.70 13 97 Laral Wicnn Wheat Citv erain elevator* are paving 92 cents for No 2 snft red wheat. Other grades on their merits. CHEESE CONTRACTS LET By t nilret Press WASHINGTON. Sept. 20—Six concerns today received contracts from the Federal Surplus Relief Corporation to furnish 2,805.000 pounds of American swiss cheese lor relief distribution.

Finance - - Business - - Industry

. Natl Cash Reg . 13’, 13% 13’, 12% 1 Pullman Inc .... 37’, 37% 37% 37% Rem Rand 7 s , 7% 7’, i% West Air B 31 30% 30% 30% Utilities— • Am A For Pwr.. 6% 6% 6% 6 Am Pwr A Lit... 4% 4% 4% 4% A T A T ...111 110 110 111% Am Wat Wks .. 15% 15% 15% 15 Col Gas A Eic 8% 8 8 8% Col G A- £ pfd . 61 61 61 Com A Sou 1 % 1 % 1 % l'i Consol Gas .. 26% 25% 26% 26% Elec Pwr A Lit.. 4 4 4 4 Int T A T . .. 9% 9% 9% 9 Lou GAEA.. 14% 14% 14% .. North Amer .... 13 12', 13 12’, Pac OA E 14% 14% 14% 14% Postal Tel pfd.. 14% 14 14 13% Pub Serv N J... 30% 30 30% 30% ! So Cal Edison .. 11% 11% 11% 11% ■S-d Gas pfd .. 7% 7% 7% 7 s , Stone A- Webster s’, 5% 5% s’, United Corp .... 3% 3% 3’, 3 s , iUn Gas Imp 14 13% 13’, 14 West Union ... 33% 32% 32% 33 Rubbers— Firestone 14% 14% 14% 14% Goodrich 9% 9% 9% 9% Goodyear 21 20’. 21 21 Kelly Spg 1% 1% l'i 1% U S Rubber 15% 15 15% 15% U S Rub pfd ... 36 35% 36 36 Miscellaneous— Am Can 97 97 97 97% Anchor Cap .. 15% 15% 15% 15% Bklvn Man Tr.. 42% 41% 41% 42% Conti Can 81% 80% 81 80% Crown Cork ... 22% 22% 22% 21 Glidden 22% 22% 22% 22% Int Rap Tr 14 s , 14% 14% 14% Foods— Am Sugar 63 s , 63 s , 67 s , 63 Armour A 6% s’, S’, 6 Beat Creamery . 18% 17% 18% 17% Borden Prod ... 24% 24% 24% 24% Cal Pitrk 38 37% 37% 38 Can Drv G Ale 14% 14% 14% 14% Cont Bak A .... 6 6 6 Corn Prod .... 60% 60 60 60 Cuban Am Bug.. 7 s , 7 s , 7% . Gen Foods 29% 29 29 29 Gold Dust 17% 17% 17% 17% G wr Sugar 28 28 28 28 Natl Biscuit ... 30 29 s , 30 30 Natl D Prod ... 16% 16% 16% 16 Puritv Bak 9% 9% 9% 9% Rtd Brands 18% 18 s , 18% 18% United Fruit 72% 72% 72% 72% Retail Stores— Best A Cos 29% 29% 29% 29% Gr Un Tea ... 4’, 4% 4% 4% Hahn Dept Sts.. 4’. 4% 4% 4% Kresge S S 17% 17% 17% 17% Kroger Oroc ... 27% 27% 27% 26% Macv R H 36 .76 36 36% Mont Ward 25% 24% 24% 24% Penv J C 58 56% 58 56% Safeway St 45% 45% 45% 45 Sears Roebuck . 37% 36% 37% 36% Woolworth 47% 47% 47% 47% Aviation— Aviation Corp .. 4% 4% 4% 4 Curtiss Wright 2% 2% 2 s , 2% Curtiss Wright A 6 s , 6% 6 s , 6% Douglas Air 15 15% 15% 15 Speery Corp .... 7% 7% 7% 7 United Aircraft. 12% 12V, 12% 12% Chemicals— Air Reduction ..101 100 100'/ 2 100 Allied Ohem 121 120% 121 120% Col Carbon 64 64 64 64 Com Solvents .. 19% 19% 19% 19% Dupont 87 86*2 86% 86 Freeport Tex ... 24% 23’. 24 24% Liquid Carb ... 20% 20% 20% 20 Math Alkali 25% 25% 25% 25% Montosonta Ch. 52% 52 52% 51% Natl Dis inewi . 19’, 19'', 19% 19% Schenelev Dist . 21% 21% 21% 21% Tex Gulf Sulph 34% 34’. 34% 34% Union Carbide . 41’, 41% 41% 41% U S Ind Alco 34 34 34 34% Virg Ch 6% Pfd 17 16% 16% 16% Drugs— Cotv Inc 5% 5% 5% Lambert 23 23 23 23 Lehn A- Fink .. 13% 13% 13% 12% Un Drug 11 11 11 11 Financial— Allegheny Corp . 1% l’i 1% l’i Transamerica .. 5% 5% 5% 5% fr Conti Corp . 3% 3% 3’. 3% Building— Am Radiator .. 13 12% 13 13 Gen Asphalt ... 15% 15 15% 15 Int Cement ... 19% 19% 19% 19 Johns Manville . 43% 42% 43% 43% Libby Owens Gls 27 27 27 27% Household— Col Pal Peet.. 14% 14% 14% 14% Kelvlnator . 12% 12% 12 s , 12% Mohawk Carpet 14 14 14 14 Proc A Gamble 36’, 36% 36% 37% Textiles— Amer Woolen .. 8% 8% 8% 8% Celanese Corp . 20% 20% 20% 20% Collins Aikman 11% 11% 11% 11 Indus Ravon ... 22 22 2 22% Chicago Stocks Prev. 12:30. Close. Bendix Aviation 12% 113* BerghofT Brew Cos 3% 3 Bore-Warner 20% 20 Butler Bros 7’. 8% Chicago Corp com 1% 2 Chicago Corp pfd 25% 25% Cities Service 1% 1% Commonwealth Edison 41% 41’, Cord Corp ...... 3% 3% General House Util 7% 7% Libbv-McNeil 7% 7% Noblitt-Sparks Ind Inc 14 14 Prima Cos 2% 2% Swift A Cos 18% 19 Swift International 37% 38% Zenith Radio 2 2%

• Produce Markets Delivered in Indianapolis prices. Heavy hens. 13c: .Leghorn hens. 8c: 1934 broilers, 2 lbs. and over. 13c; Leghorn broilers. 1> 2 to 2 lbs. and over 11c; old roosters. sc; ducks. 4c; geese sc; voting guineas, 20c; old gtiineas. 15c; No. 1 strictlv 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® 29c Butterfat. 21c. Quoted bv the Wadlev Company. (Bv United Press) CHICAGO. Sept 20 —Eggs—Market, steady: receipts. 2.735 cases; extra firsts, 22c: fresh graded firsts. 21‘2c; current receipts. 180 20c; dirties. No. 1. 18c; No 2 14c; checks. No. 1. 17c; No. 2. 14c. Butter—Market steady; receipts, 10.597 tubs; extra firsts 190-91 1 i scorei. 23 4 '</ trj 24c; extras <92 scorei. 24'rc; firsts 8889' 2 score'. 230 23'2c: seconds 186-87’2 scorei. 22 0 22 1 2C. Poultry—Market, firm; receipts. 33 trucks. 2 cars. 2 cars due; frvers. 16®l8c: broilers. 17®18c; geese, spring. 10c: turkeys. 13® 14c; old roosters. 11c: ducks. 12® 16c: springers. 15® 18c; hens. 16-/1 Sc: Leghorns ihens). 8® 12c. Cheese—Twins. 12’< ® 12'-c: daisies. 12 I *® 13c; Longhorns. 12*4® 13c. Potatoes—Supply moderate: demand and trading moderate: market, steady: Wisconsin Cobblers, burlap bags. sl.lo'/1.15: cotton bags, si 20: unclassified. SI; Triumphs. unclassified. 95c; Minnesota Cobblers. $1 [email protected]: earlv Ohios. sl.lO-7 1.15. Cobblers. $1.1501.20: Triumphs. $1 40® 1 50; Colorado Triumphs, fair Quality. $1.40; combination grade. $1 35. Arrivals. 89; on track. 283; shipments. 436. NEW YORK. Sept 20.—Potatoes—Quiet; Long IsLind 40c® sl.lO bag. Sweet Potatoes—Quiet: Jersey, basket. 50c® $135; southern, barrel. slso® 2.75: southern, basket. 50c® sl. Dressed Poultry—Steady to firm: turkevs. 15® 32c: chickens. 17® 28c broilers. 16®23c; capons. 26®32c: fowls. 10® 21c; Long Island ducks. 15® 17'.c Lue Poultry—Quiet: geese. 8® 10c: turkevs. 13® 18c: roosters. 12c; ducks, li® 14c: fowls 12--/21c: chickens. 20® 25c: capons 20 1 25c: broilers. 10® 22c. Cheese — Steady: state whole milk, fancy to specials. 19® 20c: Young America. 13'2®14c. Eggs—Receipts. 14 581 cases: market firm: special packs including unusual hennery selections. 25'..® 30c; standards. 24 ® 25c: firsts. 22®23’.c: seconds. 21®21' 2 c; mediums. 20' .-'</ 20’yc; dirties, 20’iC: checks, 17'-/ 18c. Butter—Receipts. 8 854 packages. market firm; creamerv higher than extras. 26’ 2 ® 27c; extra i9i scorei. 26c: first '9O to 91 score'. 25 1 2®25 , t c; first RR to 89 score). 24'2® 25c: seconds. 23® 24c; centralized '9O score'. 25' 2 c; centralized 'SR to 89 scorei. 24'-® 25c; centralized 184 to 87 score'. 23'-/24c. 21 COMPANIES FAIL TO REGISTER ISSUES Stocks and Bonds Represented in Bin Board Move. By Times Sprcinl NEW YORK. Sept. 20.—A total of twenty-one companies, with either stocks or bonds listed, have notified the New York Stock Exchange that they will not register their issues under the Securities and Exchange Act. The Butte and Superior Mining Company and the Chicago, St. Paul. Minneapolis and Omaha Railway are among those who have indicated their securities will not be registered. Other companies which will not file follow: Ffth Avenue Bus Securities Corporation. common stock; Mackay Companies preferred stock. Pocahontas Consolidated Collieries Inc. bonds: Prairie Oil and Gas Company and Prairie Pipe Line, common stocks: Art Metal Construction Company, capital stock. Fifth Avenue Bank of New York, capital stock First National bank, capital stock; Keystone Telephone Company. bonds Manhattan Railway Company certificates of deposit: North American Cement Corporation, debentures. Rossia Insurance Company of America, capital stock; U. S. Trust Com&anv. capital stock; Warner Company. nnds without warrants: Victor Fuel Company, bonds: Havana Electric Railway Company, purchase warrants for common stock: Internationa; Faper Company, preferr*d stock, and Western Maryland Railroad. preferred stock.

INDIANAPOLIS, THURSDAY, SEPTEMBER 20,1934

TAX PROGRAM AIMS CONFLICT IN WASHINGTON

Division of Opinion Seen Needing Decision by Roosevelt. BY THOMAS L. STOKES Times Special Writer WASHINGTON, Sept. 20.—A division has developed within the treasury over a tax program at the January session of congress which will require a decision soon by i President Roosevelt. A “pay-as-you-go” group favors a substantial increase of taxes to finance the recovery program as far as possible, while others would have only a very moderate program and sopie would confine tax lexislation at the coming session to plugging up tax loopholes. When Senator Pat Harrison, (Dem., Miss.), chairman of the finance committee, emerged from the summer White House last week to express the hope no taxes would be necessary, his statement was interpreted largely as the natural attitude of a politician before election. Position Is Supported Inquiry here develops that he has support for his position within the treasury. His support comes from a group which holds that tax increases should be withheld until the spending program of the government takes hold better and business is improved beyond its present state. Tax increases at this time, this group contends, would deter recovery. Disagreeing sharply, another group seeks to take up some of the slack of growing national debt by a rather substantial tax increase. They argue it is an essential precaution to ward off a possible recourse to inflationary measures and would instill confidence. The strict budget-balancing influence left the treasury with the resignation of Lewis Douglas, former budget director, who favored retrenchment of expenditures and a tax program providing increases all along with exemptions only for incomes of SSOO or less a year. Spending to Continue The administration is planning to carry on the large ’ spending program that Mr. Douglas opposed and it was inferred in some quarters that his departure likewise meant that the administration would not follow his tax ideas. Secretary Morgenthau has refused to commit himself until President Roosevelt has studied the whole problem. Meanwhile, however, he has experts busy working upon tax plans, including a permanent, long-time tax program which would base taxes upon capacity to pay and possibly realize thereby a redistribution of wealth. The question now is whether to throw this permanent reform measure into the coming congress or withhold it until later. Some who argue for immediate reform point out that postponement will bring the test nearer to the 1936 presidential election when congress—if it runs true to form—will be susceptible to political influences and wary about invading new fields. Some Taxes Expire The tax issue will be raised in congress by the expiration of numerous miscellaneous taxes which brought in over $250,000,000 during the last fiscal year. These could be continued by resolution, but those upon whom they fall would have something to say about this and thus agitate the question. Representative Robert L. Doughton (Dem., N. C.), chairman of the house ways and means committee, said today he thought it might be possible to get along without tax increases, though if they were needed congress would vote them. He expressed his continued, unaltering opposition to a sales tax. His sub-committee which is studying the whole tax structure looking toward permanent reforms will begin work here after the November election, he said.

AUGUST INSOLVENCY INDEX SHOWS DROP Decrease of 28.2 Points Is Shown Since January. Dun’s insovlency index for the first half of September makes a further drop to 53.6 from 54.2 for August. The decline was slightly less than seasonable for the first fall month. It compares, however, with 74.7 and 129.2, respectively, for the first half of September in the two preceding years, continuing the heavy reduction heretofore noted. For this year to date, there has been a reduction each month with the exception of April and June. The decline from January this year to August has been 28.2 points, equivalent to a reduction of 34.2 per cent. For the year 1933, the decline from January to August was 92.7 points, or 51.6 per cent. Relatively, the reduction was greater in 1933 than during this year, but the insolvency index in that year was higher. The five-year average, covering the years 1925 to 1929, inclusive, may be considered more nearly normal in the matter of seasonal decline. The reduction for the period from January to August in those years averaged 48.6 points, equivalent to a falling off of 34.8 per cent. It is apparent that the decline this year has been about seasonal. CLOSED BANKS PAY By United Press PHILADELPHIA, Sept. 20.—William D. Gordon, state secretary of banking, today announced the payment of $2,462,616 in dividends to 60.607 depositors in seven closed banks, including two in Pittsburgh and one in Washington, Pa.

Wall Street BY RALPH HENDERSHOT Times Special Writer. THE senate banking committee this week branded the banking system of this country as “outmoded and archaic and incapable of adequately performing those functions so essential to the economic safety and welfare of the nation.” It referred to it also as a “banking labyrinth” which is “m-

coherent, and is - jointed and diversified.” In concluding a report in which it condemned §ro u p banking the committee demanded basic banking reform. Wall Street was inclined to feel that the committee had dealt with the banking profession a little

Hendershot

too harshly, but, generally speaking, bankers in the district agreed that reform of some sort was necessary. They were not in agreement, however, as to the kind of reforms necessary or the best way to go about correcting the weaknesses in the system. One of the chief criticisms of banking by bankers in the Street is the ease with which charters can be secured. Little thought is given, it is charged, to the question of whether a new’ bank is needed in the territory selected or whether the proposed board of directors know anything about banking. The results under such circumstances are bound to be unsatisfactory, it is argued. a u tt ANOTHER condition which is severely criticised is the great number of different types of banks which are in existence and the wide difference in the laws under which they operate. This tends to cause no little confusion, bankers state, and they would establish but one type of bank in the different divisions of banking and make all laws uniform. Some of the more advanced thinkers, such as James P. Warburg, vice-chairman of the Bank of the Manhattan Cos., also would establish definite qualifications for bank officers. He believes this would make for much fewer mistakes in judgment. Still others contend that branch banking would solve the nation’s banking problems. The suggestions for banking reforms should come from the bankers themselves. They know, or should know, the situation better than any one else. The trouble is, however, they are not sufficiently well organized to get their views properly correlated and presented. They follow the hit-and-miss system, speaking individually rather than as a group. a a tt COMMERCIAL banks are supposed to be represented by the American Bankers Association. But the bankers who really count take very little interest in the organization. The present head of the association, for instance, is a relatively small banker in Texas. And while he may be an expert in his field, he is so far from the scene of big banking that he can not speak accurately for members of that group. Up until recently the big bankers in Wall Street were content to leave the association work to junior members of their firms, while they did the important work through the Federal Reserve Bank of New York and directly with high authorities in Washington. But the new administration cut off this channel of communication, and since the they have been floundering about rather aimlessly. TWO JOIN CHICAGO MART By Times Special CHICAGO, Sept 20.—Jules Destombe, French commodity broker with offices in Paris, and Earl S. Potter and William H. Combs, New York brokers, have been elected members of the Chicago Board of Trade.

Gleaning the News

Steel Activity Up A moderate increase in miscellaneous orders for iron and steel was reported today by the Iron Age. “With current business dull,” the review says, “government financed construction work must be looked to as a sustaining force in the market. So cautious are buyers in placing business that orders for truckloads are being placed where carload orders ordinarily would be expected.” Power Output Slumps Production of electrcity in the Sept. 15 week aggregated 1,633,683,000 kilowatt hours, against 1,663,212,000 in the corresponding week last year, the Edison Electric Institute reports. This represented the poorest year to year comparison in a year and a half. Not to Market Hides Hides from cattle bought by the government in the drought area will not be made into shoes for the unemployed In the near future, according to Harry L. Hopkins, federal relief administrator. The government aid, however, revealed that a committee of department of agriculture experts and representatives of the tanning industry are going over the possibility of making some of the sheepskins into gloves, coats, etc., for the needy. C. & O. Nets 52.36 \ The Chesapeake & Ohio railway, in the first eight months, showed net income of $18,074,169, after charges, which was equivalent, after preferred dividends, to $2.36 on the common shares. This compares with $16,984,970. or $2.20 a share, in the 1933 period. Dividend Rate Halved The Consolidated Oil Corporation has declared a dividend of 14 cents on the common shares, payable Oct. 31 to holders of record Oct. 1. Previously, the shares had been receiving 28 cents. Unsatisfactory marketing conditions and increased labor and material costs, the company stated, are for th# action.

Relaxation of Control Over Corn, Hogs Likely Referendum of All Farmers Will Be Undertaken to Map Program. By United Press WASHINGTON, Sept. 20.—Widespread easing of agricultural crop restrictions appeared possible today with a strong movement under way to suspend operation of the Bankhead cotton act. At the same time test of farm sentiment indicated corn and hog controls would be lightened. Secretary of agriculture Henry A. Wallace will confer Saturday with congressional leaders from cotton states to determine the future of the Bankhead act, which is now under fire by Senator John H. Bankhead.

himself author of the measure. The movement to eliminate the Bankhead control has resulted from the decreased production^which falls below the Bankhead restriction of 11.000,000 bales. Mr. Wallace said unfavorable reports had been received regarding operation of the laws, which originally was oposed by the department of agriculture. The measure finally was approved at the insistence of cotton state representatives led by Mr. Bankhead. Suspension of the law could be effecte:, Mr. Wallace declared, by a declaration by President Roosevelt that the emergency it sought to alleviate had ceased to exist. The legal staff of the AAA is investigating effects of suspension of the law. Easing corn-hog restrictions next year appeared as the AAA completed a series of regional meetings to learn what farm leaders desire in regards a future program. A referendum of all corn-hog farmers will start soon.

BANKING PLAN WILLJK AIRED Senator Smith to Detail Plan Tonight Before Farmers. BY DANIEL M. KIDNEY Times Special Writer WASHINGTON, Sept. 20—Senator (Cotton Ed) Smith, who conducted an inquisition into the color of Dr. Rexford Guy Tugwell's economic ideas, now has a “radical” plan of his own. He wants to nationalize banking to the extent of having the federal government completely underwrite agriculture and marketing. Mr. Smith outlined his ideas to Secretary of Agriculture Wallace. He announced that he will give the public the full details of his plan tonight, when he is principal speaker at the national farmers’ union convention at Des Moines. “I want a banking system for agriculture completely divorced from that for commercial and industrial business,” Mr. Smith said. “The two things are not in the same class. “Agriculture depends upon the variable factors of nature, which are beyond control. “It was a depressed industry for years before r le general depression. Only a special system of banking for agriculture will solve this problem." Although Mr. Tugwell was made undersecretary of agriculture over Mr. Smith’s protest as chairman of the senate agriculture committee, the senator hasn’t changed his views regarding the Columbia university professor. He still thinks what the department needs for high positions are “real dirt farmers.” Nor has he been converted to crop control as a permanent policy. He told Mr. Wallace that he thought all the Bankhead law restrictions should be lifted from cotton next year because “we are 1,000,000 bales short now.” As to AAA being generally helpful in solving the farmers’ problems, the South Carolina senator scoffed: “I’ll fire a few shots into the woods on that subject in my Des Moines speech.”

Acts on Limestone Code Acting upon the request of the code authority of the limestone industry, General Hugh Johnson, NRA administrator, has signed an order extending the effective period of the industry’s allowable cost formula 30 days until Oct. 15. Bankers Acceptances Up For the first time since January the volume of bankers acceptances registered an increase over the preceding month in August. The American Acceptance Council reports that the outstanding volume of bills at the end of August was $520,002,718, against $515,604,714 a month previous. On Aug. 31, 1933, the total was $694,011,611. ' Chrysler Cuts Debt Walter P. Chrysler, Chrysler Corporation chairman, announces that 510.000,000 of 6 per cent gold debentures of Dodge Brothers, Inc., have been called for redemption on Nov. 1. After this retirement is completed the outstanding amount of the bonds will be $30,026,500, which constitutes the only funded debt of the Chrysler Corporation. Bank Rules Relaxed Furthering its efforts to spur expansion of credit to business and its own federal program the government, through J. F. T. O'Connor, comptroller of the currency, defined slow loans as those that are merely •flagged”, sans prejudice to a bank's rating. The definition was interpreted as the administration’s answer to the banks statement that doubt over classification of slow loans will act as a deterrent to the extension of new credits. Millis to Speak Fred Millis, Indianapolis business man and authority on co-operative marketing and advertising, will address the convention of the United States Brewers’ Association, which will be held in New York City on Oct. 9. In his speech Mr. Millis will describe the results of a study of the sales resistances of the brewing business as shown by a nation-wide investigation made under his direction during the last lour montiis.

While regional groups discussed the possibility of divorcing production limitation, processing tax, and benefit payments on hogs from joint operation with the corn program, it was learned that the legal division had ruled against placing a small processing tax on hogs with which to supplement corn taxes to pay corn acreage adjustment benefits, as had been proposed. AAA legal advisers declared that if any processing tax is retained on hogs, benefits must be paid on hog production adjustment, according to terms of the agricultural act. The plans now in mind for 1935 comprise corn planting on about ninety million acres, compared with recent annual averages in excess of 105.000,000 acres, and holding the crop to approximately 2,250.000.000 bushels. The reduction of 25 per cent in hog farrowing this year would be decreased to 20 per cent in 1935 by present plans. Mr. Wallace made clear, however, that much of the future depends on farm reaction to proposals and questions advanced in the nationwide poll to be undertaken. Administrator Chester C. Davis said AAA would probably fix a date soon for returns to be completed and leave all other details to state and county corn-hog program officials.

LOCAL LIVESTOCK

Sept. Bulk. Too. Recetpts 14. $6.70® 7.00 $7.15 3.500 15. 6 85® 7.10 7.25 2.000 17. 7 10®! 7.30 7.50 4 000 18. 7.05® 7.25 7.45 5,000 19. 6.90® 7.15 7.35 5,500 20 6.75® 7.05 7.35 5.000 Market. Lower. (140-160) Good and choice....! 6.00® 6.50 —Light Weights—--1160-1801 Good and choice ... 6 50® 6.95 (180-200) Good and choice.... 6.95® 7.15 —Medium Weights—--1200-220) Good and choice 7 15® 7.25 1220-250) Good and choice.... 7.20® 7.35 —Heavy Weights—-(2so-290) Good and choice.... 7.25® 7.35 (290-320) Good and choice ... 7.10® 7.25 —Packing Sows—-(27s-350) Good 6.10® 650 (350-425) Good 6.00®! 6.35 (25-550) Good 5.85® 6.15 (275-550) Medium 5.50® 6.10 —Slaughter Pigs—-(loo-130) Good and choice ... 3.75® 5.25 CATTLE Receipts, 800; Market, Steady. —Steers—-(sso-900) Choice $ 7.50® 9.00 Good 6.50® 8.25 Medium 4.50 3 4 6.75 Common 3.00® 4.50 (900-1.100) Choice 8.50® 10.00 Good 7.00® 9.00 Medium 4.50® 7.00 Common . 3.25® 4.50 (1.100-1.300) Choice 9.00® 10.25 Good 7.25® 9.25 Medium 5.25® 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 5.75® 7.00 Common and medium 3.00® 5.75 (750-900) Good and choice ... 6.00® 8.00 Common and medium 3.00® 6.00 —Cows— Good 3.50® 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, 600; Market, Steady. Good and choice $ 7.00® 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 — 1 Steers I (500-8001 Good and choice ... 4 50® 5.50 Common and medium 3.00® 4.50 1800-1.050) Good and choice . 4 50® 5.50 Common and medium 3.00® 4.50 (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 ANT) LAMBS Receipts, 1,500; 3larket, Steady. Lambers. 90 lbs. down, good and choice $ 6.00® 7.00 Common and medium 4.00® 6.25 (90-1201 Good and choice ... 2.00® 2.50 (120-150) Good and choice 1.75® 2.50 All weights, common and medium 1.25® 2.00 Other Livestock Bt United Press CHICAGO. Sept. 20.—Hogs—Receipts, 16.000, including 8,000 directs: slow, steady to 10c lower than Wednesday; 210-300 lbs.. $7.20® 7.35; top. $7.35; 170-200 lbs.. $6 60® 7.20: light lights, $5.75® 6.60; good pigs. s4® 5.25; packing sows. $6 25® 6 80; light lights, 140-160 lbs., good and choice. $5 50® 6.60; light weight. 160-200 lbs., good and choice. $6.40® 7.25; medium weights. 200-250 lbs . good and choice, $7.10®7.35: heavy weights. 250-350 lbs., good and choice, s7® 7.30; packing sows. 275-550 lbs.. medium and choice. $5 50 0 6.75; slaughtered pigs. 100-130 lbs., good and choice. $4®5.50. Cattle—Receipts, 7.000 commercial. 300 government; calves. 2.000 commercial. 300 government; strictly gc-d and choice sea steers and yearlings strong; medium weights'and weighty kinds ruling 10 to 15 cents higher: top. $lO 80; several loads $10.25® 10 50; In between grade fed steers mostly steady, but common killers and general in between heifers weak to ?5c lower; other killing classes mostly steady; practical top weigntv sausage bulls, $3 40 vealers, $8 down; slaughter cattle and vealers: steers. 550-900 lbs., good and choice, s6® 9.75: 900-1,100 lbs. good and choice, $6 75® 10 50: 1.100-1.300 lbs., good and choice. $7.25® 11.00; 1,3001.500 lbs., good and choice, sß® 11; 5501.300 lbs., common and medium. 52.75®8; heifers. 550-750 lbs., good and choice, *5 5008.50; common and medium. $.1.75® 5 50: cows, good $3.50® 5 50: common and medium, $2.75®3.50: low cutter and cutter. $1.75®2.75: bulls (yearlings excluded' good 'beef', $3.2504 25; cutter common and medium. $2 5003.40: vealers good and choice. $6.50®8 50: medium. ss®6 st>: culi and tommon, S4®s; Stocker and feeder catle. steers. 550-1,050 lbs. good and choice. $4.25®5.75; common and medium. $2.75® 4 25. Sheep— Receipts, 16.000: lambs active, firm to 15c and more higher: natives. $6.75®6.90 early; best held $707.10: 6 doubles choice range lambs. $6 75: native ewes, steady, $1 50® 2 50: early bulk range ewes at outside: feeding lambs weak; slaughter sheep and lambs. 90 lbs down. 1 good and choice $6 40®7.!0; common and j medium. $5 25®6 50; ewes. 90-150 lbs., good and choice. $1 7502.75: all weights] common and medium. 51.5002.15; feeding lambs, 50-75 lbs., good and choice. $5.50® 6 25 FT WAYNE. Sept. 20—Hogs. 5c to 75c lower: 250-300 lbs.. $7.15: 200-250 lbs.. $7; 180-200 lbs. $6 80: 160-180 lbs. $6 60 300350 lbs $6 90; 150-160 lbs $8: 140-150 lbs.. $5.75: 130-140 lbs., $5.50; 120-130 lbs.. $5: 100-120 lbs. $4 25; roughs $5 25; stags. $3 I calves. $8: lambs. $8 50. LAFAYETTTE, Ind . Sept. 20—Hogs— Steady to 15c lower: pigs 25c® $1 lower 225-300 lbs. $7 100 715 200-225 lbs S7O 7.05: 180-200 lbs *6 3006 90 160-180 lbs. $6 05® 6 65: 140-160 lbs. *5 750 6 125-140 lbs.. $505 50 115-125 lbs $4 25® 4 50: 100115 lbs., $3 500 3 75: roughs, *8 down; top calves. *7; lambs $6 down • By Times Special' LOUISVILLE Sept. 20.—Cattle—Commercial. 425: market slow, about steady with Wednesday’s loss: bulk, common to medium, steers and heifers salable. *3 0 4 50: low quality cutter grades down to $2 50 or less: bulk beef cows $2 25 0 3 low cutters and cutters. *l®2: sausage bulls in narrow demand; extreme top. S2 75: Bulk. $2 50 down most desirable Hereford stock calves $4 50®S: common to medium grade natives. $2 50 03 50 calves, commercial. 500 including around 200 stock calves; market steady: bulk better vealers. $606 50; medium and lower grades. $5 50 down. Hogs—Receipts 850: market. 100 25c lower: most loss on weights from 180 ios. down: top and bulk. 185-275 lbs. $8 90; 280 ibs up *8 45; 160-180 lbs.. *6 05: 140-155 lbs.. *5 55; 120135 lbs.. $4 05; sows. $5 70 Sheep—Receipts. 250. steady; bulk better lambs. *6 0 6 2.6: choice eligible higher, bucks mostly *5: throwouts. *3 50 desirable fat slaughter ewes. *1 500 2 25: better stock ewes salable mostly. *BO 17 50 per head. Receipts, Wednesday, cattle, commercial. 464 government, none: calves, commercial. 252: hogs. 927: sheep. 359: shipments Wednesday, cattle, commercial 74; government. 38: calves, commercial. 98; hogs, l3i sheen. 140.

News and Views on Finance.

ROADS AIMING BODY TO HALT 1 U. S. CONTROL

Final Details to Be Given Out at Meeting Set for Tomorrow. By United Press CHICAGO, Sept. 20.—A more closely knit organization of railroad executives, to direct the policies of the industry, was formulated today at a meeting of heads of the principal railroads of the country. The organization was initiated at the suggestion of Joseph B. Eastman, lcderal co-ordinator of railroads. Final plans for formation of the new organization to be known as the American Railroad Institute were drawn at a meeting of the advisory committee of the Association of Railway Executives, composed of the presidents of the principal carriers of the country. The program calls for the consolidation of the American Railroad Assoeiaiton and the Association of Railway Executives. Tentative plans already have been drawn and lack only approval of the latter organization. Joint Meeting Set Final details will be submitted for approval at a joint meeting of the two organizations tomorow, 1+ was announced. The purpose of the new organization will be to take over all functions of the two present bodies and additional powers which will permit the coordination of activities to a greater extent. The move is regarded in railroad circles as an attempt to block the movement toward government ownership of railroads. Pelley May Be Head The president of the new institute, it was reported, will be John J. Pelley, president of the New York, New Haven and Hartford Railroad. His retirement from the presidency of the railroad he now heads has been rumored in railroad circles for several months. The institute will be grouped into several divisions including transportation, traffic, law, research and others /ith a directing head for each. A special body will direct coordinating activities between the various roads. The move was described by railroad men as one of the most important in the history of American railroads, its effects, it was said, would be of far reaching importance in transportation. COTTON CONDITIONS IN WEST AREA IMPROVE Rains, Cloudiness Unfavorable In Eastern Sections. By United Press WASHINGTON, Sept. 20.—Conditions improved in the western cotton belt during the past week, while rains and cloudiness generally were unfavorable to growth in the eastern section, the weather bureau reported today in its weekly crop report. Most of the central parts of the belt reported favorable progress, the bureau said, while in Texas, virtually all sections improved with premature openings halted by rain or coolness. Bolls were filling out in wetter areas, and prospects for a top crop were improved considerably. The reijprt said harvest was well advanced in central states of the belt and nearly completed in some localities. Progress of Arkansas cotton was “fairly good,” with green bolls appearing and a second growth reported as the result of rain. BUSINESS SEEN HURT BY STATE ELECTIONS By Times Special NEW YORK, Sept. 20.—“ California and Maine elections threw cold water on the revolt of business and reprimed the administration pump, private business and banking were dismayed, and naturally more uncertainty and caution exist as to commitments,” Electrical World states in its latest issue. “But the administration is striking hard to get a business revival,” the review continues. “Construction project releases were expedited, corn funds were made available, investment needs of small business are to be supplied—all forces are in action to create a favorable business background for coming elections. “Recessions in general business were greater than in the electrical industry. Equipment sales and energy sales are holding up well and a September upturn is expected.” FARM CREDIT BUREAU LAUDED BY PROFESSOR Purdue Official Says FC'A Is Boon to Farmers. By Times Special LAFAYETTE, Sept. 20—“ The Farm Credit Administration ultimately will give farmers the same advantages for financing their operations that manufacturers and urban businesses have enjoyed in this country for years.” This opinion was voiced by Dr. E. C. Young, ot the Purdue university farm management department and assistant dead of the graduate school, upon his return from a year's leave of absence. During the last year he has be*n assistant to W. I. Myers, governor of FCA, and spent much of his ti in charge of the development of a plan for the co-ordination ol field activities of the different farm credit organizations. NEW DIRECTOR IS NAMED By Times Special NEW YORK, Sept. 20.—James F. Bell, Minneapolis, chairman of General Mills, Inc., has been elected a director of the American Telephone and Telegraph Company. He will fill the vacancy caused by the resignation of Eugene V. R. Thayer last July. Mr. Bell Is not a relative of the late Alexander Graham Bell, inventor of the telephone.