Indianapolis Times, Volume 46, Number 114, Indianapolis, Marion County, 21 September 1934 — Page 36

Trade and Industrial Developments.

PAGE 36

STOCKS SHOW UPWARD TREND IN UGHTDEAIS List Advances Fractions to 2 Points; Silk Price Spurts. MARKETS AT A GLANCE <By United Preu* Stocks up fractions to 2 points in light trading. Bonds irregularly higher; speculative issues in demand. Curb storks advance fractions. Chicago stocks steady. Call money I per cent. Dollar firm in major currencies. Wheat off to % cent; corn off M to H; oats lowvr. Cotton advances more than 75 cents a bale. Rubber up 17 to 23 points. Bar silver off Hi at 49* cents an ounce. Copper 9 cents a pound. By Unitfd Press NEW YORK, Sept. 21— Prices slowly rallied on the Stock Exchange during the morning dealings today. Around noon the list was fractions to 2 points above the previous close but volume continued light. Commodities were featured by a sharp runup in the market for raw silk futures on Commodity Exchange, Inc. A Japanese typhoon was the buying incentive that sent the various positions up 4 to 5 cents a pound. The market became tremendously active. Grains eased but cotton futures advanced about 85 cents a bale. Rubber futures were firm. Silver stocks were again in demand with U. S. Smelting up 2 points at 119. Several special issues picked up, notably Eastman Kodak, Coca Cola, Spiegel, May, Stem and Case 40\, up 1%. Textile issues strengthened on President Roosevelt’s request to strikers to return to work. American Woolen jumped up 39 %. up 2 points; and Celanese 21%, up 1%. Most rails firmed fractionally with the high priced Norfolk and Western jumping 2 points to 168. Building issues, store shares, aviation stocks and oils were higher. Wet stocks gained fractions to more than a point and so did chemicals. Money and Exchange INDIANAPOLIS STATEMENT ClNfinfiS .......a aa a $2,100.1)00 00 Debits 5.038.000.00 Treasury Statement •By United Press) WASHINGTON. Sept. 21.—Government expenses and receipts of the current fiscal year to Sept. 19. compared with the corresponding period ot the previous fiscal Tear: , _ This Year Last Year. Expenses . *1.338 832.164 85 $795,128,976 64 Receipts.. 870.077,272 54 597.033.673-76 Deficit 468.754 892 31 198.095.302 88 Cash Bal . 3.254,078.206 08

Chicago Stocks

ißv Abbott. Hoppin Sc Cos. 13 30 Prev. P M. close. Bendix Aviation 12' 11 Bore Warner 20 * 20 • Butler Bros 8* Chicago Corp com • f Chicago Corp pld 25 -5 Cities Service }* *, Club Aluminum 1 3 Commonwealth Edison 2 la Cord Corp 3, •}.* General House IJtll 7'a {’■ Llbbv-McNei) .... 2*a *‘t Nob-Sparks Indus Inc 13 l4 Pub Service N P 13'a U Quaker Oats 122 122 Sears Roebuck 3838’* Swift *Co 18*• if: ■ Swift International 39 38'a Vortex Cup Cos A 14*a 14 Bond Prices | ißv Fenner Sc Beane. Prev. Close, close. Alleg Corp 5s 'SO .. - 22* 22 Am 4c For Pwr 5s 2030 .if I* Atchison Gen 4s '95 101101 B Ac Ocv 4*js '6O 52* 52 3 a Can Pac 4s '57 JJJj* 27 CAc O 4>aS A 57 109’ 2 lOO 1 * Ch M St P Ac P adj 5s A 2000 B> 2 8* Ch MStPA:P rs 5s A ’75 26*, 26 Ooodvear 3a 57 99'z 99 Ot Nor 7s A '36 85*4 86 Interboro R T 5s ’66 .. . 74 l a Int TAcTdb 5s '55 .. 54*. 54 Mckess * Robbts.cn 5 ! 2 s '50.... 84 83* Nat Dairy db s's '4B 96> 2 96*4 N Y Central 5s O 2013 62*i 62 a Nor Am 5s '6l 84' 84* Para Pub sljss l js "50 .......... 57 Per.n R R 4',s D 'Bl 95 95 Poland 7s '47 .........125 125 Tob Pr N J 6>jt 2023 105*4 J 2* 1 * Un Pae Ist 4s '47 105 105 U S Rubber 5s A '47 84 S3V* FEDERAL FARM LOAN BONDS ißv Birth Ac Cos . Inc.) * Bid. Ask. 4s July 1. 1946-44 96 96' 2 is Nov. I. 1957-37 96 96‘ 2 4s Stay 1. 1958-38 95 95*a 4 l s July I. 1956-36 96 96>j 4• s. Jan. 1. 1057-37 96 96j 4*4* May 1. 1057-37 96 96** 4>aS Nov. 1. 1958-38 96V. 97* 4Hs stay 1. 1942-32 99 99‘a 4>a* Jan. 1. 1943-33 99 99>a 4's* Jan. 1. 1953-33 97*4 8.*4 4‘aS July 1. 1953-33 97V 97*4 4‘at Jan. 1. 1955-35 97V 97* 4 4‘aS Jan. 1. 1956-36 97* 2 98'a 5s Mav 1. 1941-31 100 V 100*4 5s Nov. 1. 1941-31 100 V 100*4 woolTmarket inactive rmettlrment Held Result of Lack of Demand. By United Prts* BOSTON, Sept. 21.—Hie Boston market for domestic wool remains practically inactive and unsettled because of the lack of a sizeable demand. Mills that occasionally need small quantities of wool cover their requirements from odds and ends offered at prices that have little significance in relation to the nominal quotations on sizeable lines of woo* Cable reports from foreign wool markets indicate a steadier tone abroad Retail Coal Prices rt following price* represent Quotation* from leading Indianapolis eoaf defers A 25-cer.t carrying charge ner ton will he added domestic an ail raids Aatcxacue 2! Bran! Lump MJ R3 as. R ::::::::::::::::::: tfi Ooka Nut B:aa Ml lndfar:a*Vorke<l Lome No 4 and • 4.75 Indiana Bn Ml Kentucky Lump. Group “B” 7.1} Pocahontas Lump 8-J5 Pocahontas Egg ... 8-35 Pocahontas Mine Run .0 Maw River Snok>s *3* POWER Ol'TPl'T DROPS Power output of the electric subsidiaries of the American Water Works and Electric Company for the month of August totaled 140.227.789 kilowatt hours, against 161.254.139 in 1933, a decrease of 13 per cent. For the eight months ended Aug 31, power output totaled 1,189.839.002 kilowat hours, against 1.088.950.546 In 1933. an increase of 9 per entt.

New York Stocks

ißy AbOott. Boppin > Midday Prey. I Oils— High. Low N Y Close Amerada 41>< 41* 42 All Rtg 24 23’> 24 34 Barnsdal! 6* 6'a 6* 6% Consol Oil 8% 8% 8% 8* Com of Del .. 18% 18'* 18*. 18% Houston i new I . 33 3 > Mid Cont Pet .. 11% 11* 11% IH4 Ohio Ol! 10 1 a 10 10’ 10 Philip* Pet .... 15* 15% 15* IS* Plymouth Oil .. 9 9 9 9‘a Pure Oil 7*ll 7% 7% 7*4 Sbd Oil 23% 23‘a 23% 23* Shell Un B*. 6*, B*. 8H 8O of Cal .... 33% 32% 32% 32* 8 O of Ind ... 25* 25% 25* 25* 8 Oof N J ... 43* 43* 43* 43* Sun Oil 89* 69* 69* 69 Texas Corp .... 33* 22* 22* 22 Tidewat Assn -. 9* 9* 9* 9 Un OU of Cal.. 15 15 15 IS Meals— Am Roll Mills .. 18* 16* 16* 16 Bash Steel 38 27 * 28 27* Bvers A M .... 18 15* 16 15* ; McKeesD Tin .. 87 86* 87 85 Natl Steel ... 35 34* 34* 3S_ Rep I * Stl .. 12* 12* 12* 12* RI A Btl pfd.. 40* 40 40* 40 iU 8 P A Fdy.. 18* 18* 18* 18* IU 8 Steel .. 32* 31* 32* 31 U 8 Bteel _pfd.. 72 71* 72 71* ( YgS 8 it T ... 15* 15* 15* 15* 1 Motor*— j Auburn 24* 24* 24* 24* ! Chrysler 33 31* 32* 32* (*n Motors ... 29 28* 28* 28* I Hudson 7* 7 7* 7* ! Hupp 2* 2* 2* 2* Nash 14 14 14 13* ! Packard 3* 3* 3* 3* Reo 2* 2* 2* .. Studebaker 33 33 Motor Access— Bendlx 12 12 12 11* Bohn Alum .... 47% 47% 47* 47* Brigss 18* 16 16* 16 Eaton Mfg 14 14 14 13* Elec Auto L .. 22* 21* 22* 21* Houdallle A .... 3* 3% 3% 3* Mullins Mfg ... 7’a 7* 7* 7* Stew Warner .. 5% 5* 5* 5* Timken Roil ... 28* 28* 28* 28* Mining— Alaska Jun .... 18* 17* 18* 17* Am Metals .... 16* 16* 16* 16* Am Smelt 34% 34* 34* 34* Anaconda 11* 11* 11* 11* Cerro De P .... 37* 37* 37* 37* Dome Mines ...43* 43 43 43* Homestake Min .410 410 410 407 Howe Sound ... 50* 50 50 * 50* Int Nickel .25 24* 24* 24* Isl Creek Coal . 28* 28* 28* 28* Kennecott Cop 19 18* 19 19 Mclntyre Mine- 47 * 47 47 48* Noranda Cop ... 40* 40* 40* 41* Pheips Dodge ... 14* 14* 14* 14* St Joe Lead ... 17* 17 17* 16 U S Smelters . 119 117 119 117 Vanadium I 16 16 16 16 Amusements— Crosley Radio .. 13* 13* 13* 13* Loews Inc 27* 26% 27* 26* Radio Corp .... 5* 5* 5* 5* RKO ■ ■ 2* 2* 2* 2* Tobacco*— Gen Cigars .. 46* 45* 46* 45 Ligg & Myers 896 95* 96 95* Lorillard • ■ 17 17 17 17 Reynolds Tob B 46* 46 46* 46* Rails— Atchison 49* 49* 49* 49* Atl Coast Line 29* 29 29* 29* B& O 15 14* 15 14* Can Pac 13* 13* 13* 13* Ch & Ohio ... 42 41* 42 42 Chi & Gt W 2 2 2 2 C M <t St P pfd 5* 5* 5* 5 Chi N W ... 6* 6* 6* S% Chi N W pfd ... 11* 11% 11% 11 Dela & Hud ... 39* 39 39% 39* De! Lac & W .. 17* 17 17* 17 Erie 11* 11* 11* 11% Grt Northern pf 14* 14* 14* 14* 111 Central . 16* 16* 16* 16% 111 Central pfd . 2 2 2 25 Lou & Nash ... 40% 40% 40% 40* M K & T 6% 6* 6% 6* Mo Pac .- 3 Mo Pac pfd .... 4 1 la 4* 4* 4% N Y Cent ... 21% 20* 21% 20* N Y New Haven 10* 10* 10* 10 Norfolk & Wes 168 168 168 168 Nor Pac 17* 17* 17% 17% Penn R R 22* 22* 22* 22% Sou Pac 17% 17% 17* 17% < Sou R R 16* 16* 16* 16% Sou R R pfd ... 20 19* 20 20% Union Pac 99* 98’ * 99* 99 Equipments— Allis Chalmers . 12 11% 12 12 Am Brake Shoe 21 21 21 20% Am Car & Fdy . 15 15 15 15 Am Loco 15* 15% 15* 15* Am Steel Fdy .13 13 13 12% Bald Loco 7* 7* 7* 7* Burroughs 12 12 12 12 * Case J I 40* 39*i 40* 39*4 Cater Tract ... 24% 24* 24’* 24*2 Elec Stor Bat ■■ 75 34% 35 34* Gen Am Tk Car 32* 32 32* 32 Gen Elec 18% 18 18 17* Int Harvester .. 28 27* 28 27* Natl Cash Reg . 13% 13’* 13* 13% Pullman Inc ... 38% 37% 37% 37* Rem Rand .... 7* 7% 7* 7% Und Elliot 47* 47* 47* 47 West. Air B 18% 18 18* 18 Westlngh Elec . 31% 30* 31 30*

Gleaning the News

Middle West Utilities Yesterday the creditors and stockholders* of the Middle West Utilities Company promised to come into court soon with a plan of reorganization that is acceptable to ali parties. It was ruled, however, that they will have only until Monday to make an amicable settlement. A plan on which all factions agree, with the exception of the representative of the Martin Lindsay common stockholders’ committee, provides for anew company with 3.000,000 common shares to be distributed 63 per cent to the secured creditors, 37 per cent to the unsecured creditors, one stock purchase warrant to each preferred share and one stock purchase warrant for each 25 shares of common. Issue Privately Placed Anew issue of $10,000,000 of serial debentures of the Chicago District Electric Generating Corporation has been privately placed Proceeds of the financing are to be utilized in connection with the redemption of the balance of $8,000,000 of 5*4 per cent debentures, due October 1, 1934. which have been called for retirement and for cancellation of more than $2,000,000 short-term notes, due March 1, next. Insurance Sales at Peak August represented ,an all-time high in sales of insurance by the Northwestern National Life Insurance Company of Minneapolis, Joel T. Traylor, local general agent, reports. The volume last month amounted to $6,300,927, or 18 per cent ahead of the previous peak month of August. 1929. The Indiana agency, of which Mr. Traylor is head, made an excellent showing last month. Food Index Rises An increase of 3 cents was registered in Dun & Bradstreet's weekly FARM CREDIT BUREAU LAUDED BY PROFESSOR Purdue Official Says FCA Is Boon to Farmers. By Time* Special * ' LAFAYETTE, Sept. &•.- -“T h e Farm Credit Administration ultimately wTI 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 been assistant to W. I. Myers, governor of FCA. and spent much of his t‘ in charge of the development of a plan tor the co-ordination of field activities of the different farm credit organizations. CAR LOADINGS CLIMB The Southern Pacific Railroad handled 25.892 cars of revenue freight during the week ended Sept. 15. compared with 23.325 cars the previous week and 25.185 in the same we*k of 1933. it was announced today. y*

Finance - - Business - - Industry

Utilities— Am it For P ... 6* 6* 6* 8 A m T*T U :::iio* iw% m 2 i* c“ oftE “:: 6* 8% j* 8* Cos! GSt E pfd . 62% 62% 62% 61 Com & Sou .... IS 1% 1> Consol Gas . .. 26% 2b% 26’* 26% 8?/ * |* * U nS 1 Am* is 4 ift i 4 £ Pac OSt E ... 14% 14% 14% 14% Peoples Gas ... 23% 23% 23% 22 • Postal Tel pfd .. 14% 13% J* Pub Serv NJ .. 30% 30 30* 30% So Ca! Edison .. 11% 11* 11% 11% Std Gas ... 7% 7% 7* 7% Std Gas pfd .. 7% 7% 7* .% Stone A Web .. 5% 5% 5% 5* Un Corp ... 3% 3* 3* 3* Un Gas Imp .. 14 14 14 14 Ut Prw A Lit A 2* 2* 2* 2 Western Union . 33% 32% 33 32* Rubbers— Goodrich 9% 9* 9% 9% Goodyear 21% 21 21* 20* U S kubber 15* 15% 15* 15* U S Rubber pfd 36* 25% 36* 35% Miscellaneous— Am Can 98* 97* 98* 97% Anchor Cap .... 15% Brklvn Man Tr 41% 41* 41% 41% Conti Can 81* 81 81* 81 Curtis Pub 17 17 17 16* Eastman Kodak 97% 96 97* 95 Gillette 11* 11 11 11 * Glldden 2 2 2 2% Owens Bottle ... 63 62 5 4 63 62V* Foods— Am Sugar 63% 63% 63 * 63% Beatrlc Cream . 18% 18* 18% 18% Borden Prod .. 24* 24* 24* 24% Cal Packing .. 37% 37% 37% 37* Can Drv G Ale 15 14* 15 14% Coca Cola 130% 129% 130% 127% Gen Foods 29% 29% 29% 29 Gold Dust 17% 17 % 17% 17* G W Sugar 28 28 28 28 Natl Biscuit .. 30% 29% 30 29% Natl D Prod .. 16% 16% 16* 16% Purity Bak .. . 9% 9% 9* 9% S Porto Rico S 31 31 31 30* Std Brands ... 19% 18* 19% 19 United Fruit .. 73* 73% 73% 73% Retail Stores— Assn Drv Goods 10* 10% 10% 9 Best ACo 31 29% 31 29% First Natl Stores 61% 61 * 61% 61% Gimbel Bros ... 3% 3% 3% 3% Gimbel pfd ... 19% 19% 19* 18% Gr Un Tea 4% 4* 4* 4* Hahn Dept Sts. 4*/ 4* 4% 4* Kresge S S 17* 17% 17* 17% Kroger Groc ... 27* 27* 27* 27* Macy R H .. .. 37 36* 37% 36%* Marshall Fields 11% 10* 11% 10% Mont Ward 25% 24* 25% 24* Penny J C .... 59% 57* 59% 58 , Safeway St .... 46% 45 45 46 Sears Roebuck. 39 37* 39 37% Woolworth .... 48% 47% 48 47* Aviation— Aviation Corp .. 4 4 4 4 Curtiss Wright 2* 2* 2* 2% Curt Wright A 6* 6* 6* 6* Douglas Air ... 15% 15% 15% 15* Nor Am Av .... 3* 3% 3% 3% Speery Corp .. 7* 7% 7% 7% United Aircraft. 12% 12% 12% 12% Chemicals— Air Reduction ..101 100% (01 100 Allied Chem ...122 121 * 121* 121 Col Carbon 65 65% 64% 64 Com Solvents .. 19* 19 19* 19 Du Pont 87* 86% 87* 86 Freenort Tex ... 22% 22 22% 21* Math Alkali ... 26 25% 26 25* Monsanto Chem. 5252% 52* 52% Natl Dis (new). 19* 19% 19% 19% Schenlev Dist .. 22% 21% 22% 21* Tex Gulf S ... 35 34% 35 34% Union Carb ... 42* 41* 42* 41* U S Ind Ale . 34* 34 34* 33* Virg C 67 pfd 16% 16% 16% 16% Drugs— Cotv Inc ... 5* 5% 5% 5% McKes & Rob .. 26% 26 26% 26% Un Drug 11% 11 11 11 Zonite Prod 10* 10* 10% ... Financial— Adams Exp .... 7* 7 7* 7* Allegh Corp ... 1* 1* 1* 1% Am Int Corp .. 6% 6* 6* 6% Chesa Corp .... 37 37 37 35* Cont Ins 27 27 27 27 Transamerica .. 5% 5* 5* 5* Tr Cont Corn .. 3* 3* 3* 3* Building— Am Radiator .. 13% 12% 13 12% Gen Asphalt .. 15% 15% 15% 15 Johns Manv ... 44% 43 44% 42* Libbv Ow Gls .. 26% 26% 26* 26% Otis Elev 13% 13* 13* 13* Ulen Const 1% 1% 1% 1* Household — Col Pal Peet .. 14* 14* 14* 14 Congoleum 27% 27% 27% 27% Kelvinator 12% 12% 12* 12* Proc & Gam .. 37% 36% 37% 37 Simomns Bed . 9% 9 Vfe 9% 9 Textiles— Am Woolen . ..l 9% 8% 8* 8* Celanese Corp .. 21* 20% 21% 19% Colins Aik 12% 11% 12% 11% Gotham Hose .. 5 5 5 4* Indus Rayon ... 23% 22* 23* 22

food index during the week ended Sept. 18, which brought the figure to $2.41. Butter, hogs and pork products contributed the best increases. In the corresponding week last year the index was only $1.92. Line Abandoned The Wabash Railway has received permission from the Interstate Commerce Commission to abandon its Altamount branch in Effington county, Illinois. The commission held that the branch, which is 9.48 miles long, had outlived its usefulness due to improved highways and bus and truck services. Road Votes Dividends The first dividends on the 5 per cent preferred stock and certificates of indebtedness of the Atlantic Coast Line railroad have been announced. On the forme* - shares $2.50 was declared and on the latter issue 6 per cent interest. Both distributions will be made when earned, but directors set Nov. 10 as the payable date. Yearling Feeders Bought Scott Meiks, manager of the Producers’ Commission Association of Indianapolis, has returned here after making purchases of cattle in the Panhandle district of Texas. Mr. Meiks, with Will Knapp, cattle buyer of the association, have to date purchased about 7,000 head, principally steer and heifer calves as well as steer and heifer yearlings. Shipments will be made to Indiana. Ohio and Illinois. Radio Sales Rise Radio sales of the Stewart-Wamer Corporation are running substantially ahead of 1933, according to Frank A. Hiter, vice-president and general sales manager. August sales were approximately four times those of August. 1933, and exceed the total of the first eight months of last year. September is likewise showing encouraging gains. Clearings at High A further recovery appears in bank clearings. The total fox the twenty-two leading cities in the United States for the week ended Wednesday. Sept. 19, as reported by Dun & Bradstreet. Inc., was $4,863.357.000. against $4,635,788,000 for the same week of last year, a gain of 4.9 per cent. This contrasts with an increase of 5.3 per cent in the previous week. Clearings the last week exceeded those of any preceding week back to the middle of July. An increase at this time is seasonal. glasTproduction IS UP August Total 7.449.906 Square Feet, Against 7.241.887. By Ti me,' Special PITTSBURGH. Sept. 21.—Polished plate glass production during August by members totaled 7,449.906 square feet, compared with 7,241,887 in the previous month and 11,326.618 square feet in August a year ago, the Plate Glass Manufacturers of America reported today. Output for the first eight months rose to 62.581.044 square feet from a total of 60,803,359 in the like 1933 period. V

INDIANAPOLIS, FRIDAY, SEPTEMBER 21, 1934

GRAINS TREND DOWN DESPITE CLOSING SPURT

Sharp Rise Near Finish Develops Following Stocks’ Rise. By United Press CHICAGO, Sept. 21.—Although grains on the Board of Trade held beneath the previous closing level most of the day, the market exhibited a strong undertone. Toward the finish a sharp rally ensued when stocks took a turn for the upside. Wheat finished unchanged to off l* cent; September $1.04!; corn was up * to cent; September 77 a i cents; oats was unchanged to up % cent; September 54% cents. Weakness in Liverpool brought tired longs into the market and rather persistent selling resulted in prices drifting lower at the start. Firmness in stocks and in the corn pit encouraged a rally around the middle of the session but the advance was short lived and prices soon worked lower. Liverpool dropped 2% to 2% cents a bushel with liquidation reported the dominating factor. The new crop of Argentine wheat was reported the dominating factor. The new crop of Argentine wheat was reported offered for sale abroad for January and February shipment and there also was some hedging of the old crop grain in Liverpool. There was moderate support on the downside today but at the extreme wheat was off around a cent. Frost in parts of the corn belt lent strength to the yellow cereal and there was good buying in this pit most of the season. Oats showed independent strength on good buying but for the most part the advance was limited to fractional proportions. Provisions were unsettled. Local Wagon Wheat City grain elevators are paying 93 cents for No. 2 soft red wheat. Other grades on their merits. Cash Grain (By United Press) TOLEDO, Sept. 21.—(Grain in elevators, transit, billing): Wheat—No. 2 red, $1.05* @1.06*. Corn —No. 2 yellow, 84*®85%C. Oats—No 2 white, 59*@60Vic. Rye—No. 2. 81%@82%c. (Track prices 24%c rate). Wheat-No. 1 red, $1.01%@1.02%; No. 2 red. $1 [email protected] Vi. Corn—No. 2 yellow, 80 @Bo*c; No. 3 yellow, 79@80c; No. 4 yellow. 78® 79c. Oats—No. 1 white, 56*@ 59*/2C; No. 2 white, 56@59c. Other Livestock .(By United Press) FT. WAYNE. Sept. 21.—Hogs—25c lower; 250-300 lbs., $6.90: 200-250 lbs., $6.75; 180200 lbs., $6.55; 160-180 lbs., $6.35; 300-350 lbs., $6.65; 150-160 lbs., $5.75; 140-150 lbs., *5.50: 130-140 lbs.. $5.25; 120-130 lbs., $4.75; 100-120 lbs., $4; roughs. $5; stags. $2.75. Calves. $7.50; lambs, $6.50.

LOANS FOR HOUSING AT $1,000,000 DAILY Moffett Says Program Is Advancing Rapidly. By United Press WASHINGTON. Sept. 21.—The federal housing administration estimated today that $1,000,000 a day in loans was being made in the campaign to improve American homes. James A. Moffett, administrator, said the program was going forward rapidly. The first phase, covering repair and modernization work, already is far advanced, he explained. The second part of the program, calling for release of funds for 1,000,000 new homes was expected to be under way by November. Mr. Moffett revealed that 7.000 banks with resources of $32,000,000,000 and with credit facilities made available through every state, had pledged to make modernization and repair loans to property owners. Mr. Moffett assures business that obviously it must operate on the profit system and that the administration’s position was that prices must be fair to both producer and consumer.

BUSINESS IS SOUND, BABSON AID FINDS Fears Discounted in Talk to Ad Club. The fears of eastern business executives concerning business recovery are unfounded, James M. Matthews, Babson Institute distribution director, told the Advertising Club here yesterday. Mr. Batthews just has completed a tour of twenty-nine states. Other conclusions of Mr. Matthews were that the country is vastly improved over 1933; that business will boom steadily-m the next eighteen months, and that the national debt is not to be regarded as dangerously large. “When business can not spend money the government should do it to spread employment,” Mr. Matthews asserted WHEAT EXPORTS FROM U. S„ CANADA INCREASE Shipments For Week Ended Sept. 15 Total 3,650,365 Bushels. Exports of wheat from United States and Canadian ports, as reported to Dun & Bradstreet, Inc., for the week ended Sept. 15, 1934, totalled 3.650.365 bushels, as compared with 3,491,780 bushels in the previous week and 2,894,178 bushels in the corresponding week of last year. For the season, July 1 to date, wheat exports aggregated 38.430,817 bushels, as against 37,246.758 bushels for the same period a year ago. Corn exports for this week were 1.000 bushels, compared with nothing in the preceding week and none last year. Few the season, com exports totaled 2,000 bushels, as against 20.000 bushels few the like period in the previous year.

i Wall Street by RALPH HLNDERSHOT Time* Special Writer. GEORGE N. PEEK, special trade adviser to President Roosevelt, made another ten-strike this week when he outlined in a letter to the chief executive the importance of capital movements in international trade relations. He showed how the United States, despite its creditor position, was jockeyed into an em-

barrassing positi o n financially through what seems to have been rather sharp practices on the part of foreign nations. “The withdrawals by foreigners of $2,550,000,000 short-term banking funds,” Mr. Peek stated in his letter, “were responsible for the

Hendershot

heavy inroads upon our gold stocks from September, 1331, to June, 1932, inclusive. The withdrawal of this gold demoralized our banking system. The consequent pressure exerted by bankers to liquidate loans shattered prices. This situation was accentuated by interest defaults on many foreign bonds, accompanied by correspondingly low market prices.” But that was not all. It was explained to Mr, Roosevelt that the capital movements for 1922-29, inclusive, indicate that we ourselves had made available to foreigners the funds which made possible in later years their withdrawal of our gold. With no responsibility for our national welfare, it was pointed out, these investments were thrown on our market, converted into shorttime balances, in turns into gold and withdrawn at the most critical periods. u *t tt IT should be rather obvious from Mr. Peek’s findings that we came out a very poor second best in our financial dealings with foreign nations. Despite the fact that other countries owed us $25,202,000,000 at the end of 1933 and we owed them but $4,557,000,000, they were able to draw down from us in the critical years—from 1930 to 1933—52,289,000,000, while we were able to collect only $521,000,000 from them. In other words, Uncle Sam was really Santa Claus. It would be rather difficult to place the blame for these happenings on any one in particular. They were the result largely, no doubt, of carelessness. When one country borrows from another there is relatively little the lender can do if the borrower refuses to repay the loan. The picturl would have been a little clearer, if Mr. Peek had revealed the countries which owed us money and also those which claimed their credits here. We still might be able to do something about it. IT is common knowledge, of course, that the investment bankers in this country made many unsatisfactory loans to foreign countries in the few years prior to 1929. They have been publicly criticised for it. But the state department passed on these loans. With its representatives in the countries which obtained money it might be assumed that it could have kept fairly well informed. Certainly some method should be set up now to watch such situations in the future. Mr. Peek declined to say whether he had made any recommendations to the President, but he probably has some very definite ideas on the subject.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission house dealers. FRUITS —Peaches: Michigan Elbertas, bushel. $2. 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. $1.90. Grapefruit: California seedless, $4.75. Watermelons: 25 9 50c. Bananas: Pound. s*/ 2 *.ic. 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. 65c. Celery: Michigan, mediums, dozen. 45c: jumbo, 65c. Cranberries: 25-lb. box, $3. Onions: Idaho sweet Spanish, large, 50-lb. bag. $1.50; Michigan yellow, $1.10; western whites. $1.85. Picking onions: 10-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 bushel. $1.60. Tenn. nancy halls hamper, $1.25. 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: 15c-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. Pepoers—Home grown, 'ou.. $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 ißy United Press) CHICAGO. Sept. 21.—Apples—Michigan Mclntosh, bushel. 2*,i-incn. t1.25i51.50. Tomatoes—Michigan. 12 quart-baskets, 25c: Ohio. 8 quarts, 35940 c; 12 quarts, 40® 50c Sweet Potatoes Tennessee, bushel, *191.15. Peaches Michigan, bushel. $1.75® 2.50. Lettuce—California, crates. *1.50®3.25. Beans—lllinois green, bushel. 35® 60c Cabbage Wisconsin, crates. 50® 75c. Carrots California, crates. $2.25@2 35. Peppers bushel, 50® 75c. Eggplant—lllinois, bushel. 20® 35c. Celery—Michigan, crates, squares. 35® 65c. Western Cauliflower, crates, sl® 1.25; Michigan. 75c9*1.25. Grapes—Michigan Concord, 12 quarts. 25c. Cranberries —Massachusetts, boxes. 1-3 buheel. *2.50. Onion—Market 150-lb. sacks)—Michigan yellows. 65®75c; Idaho whites, 90c®51.15; Idaho yellows. 75®85c: Utah yellows. 75@85c. Produce Markets Delivered in Indianapolis orlces Heavy hens. 13c: Leghorn hens, 8c; 1934 broilers, 2 lbs. and over 13c; Leghorn broilers. iy 2 to 2 lbs. and over lie: old roosters, sc: ducks. 4c: geese sc: young guineas. 20c; old guineas. 15c: No. 1 strictly fresh country run eegs. loss off 19c. Each full case must weight 55 lbs. gross: a deduction ot 10 cents a pound for each pound under 55 lbs. will be made. Butter—No. 1, 28® 29c. Butterfat. 21c. Quoted bv the Wndlev Company (By United Press) CHICAGO. Sept. 21. Eggs—Market, easy: receipts. 6.017 cases: extra firsts. 22c: fresh graded first. 21' 2 c; current receipts. 18920 c: dirties No. 1. 18c; No. 2. 14c; checks No. 1,17 c: No. 2. 14c. But-ter-Market, firm: receipts. 11.974 tubs: extra firsts. 90-91' 2 score. 249 24*4c: extras. 92 score. 25c; firsts. 88-89' 2 score, 23 ® 23‘ 2 c; seconds. 86-87 ti score. 22® 22' 2 c: specials. 25' 2 ®26c; standards. 25c. Poultry—Market, about steady: receipts, 1 car. 41 trucks. 2 cars due: fryers. 15® 16c; broilers. 17® 18c: geese. 9® 10c: turkevs. 13®15c; old roosters. 11c; ducks. 12916 c: springers. 15® 18c; hens. 16® 19c Leghorn hens. 8® 12c. Cheese—Twins. 12 1 4®12 ! 2 c; daisies. 12*4®13c; longhorns, 12*4® 13c. Potatoes—Supply, moderate: demand and trading, slow; market, about steady; Wisconsin cobblers, *1.0191.17 l 2: unclassified. 90c®*l: ,-Triumphs. 81.25® 1.35; Minneota cobblers. *1.07' 2 ; North Dakota cobblers *ll7*a; early Ohios, $1.15® 1.1.20; Idaho russets, *1 5591.75; combination russets. -1.37‘i. Arrivals. 81; on track. 275: shipments. 718. CLEVELAND. Sept. 21.—Butter—Market, firm: extras, 29c: standards, 29c. Eggs — Market, steady; extra white. 24e; current receipts. 21c. Poultry—Market, firm; fowls, colored. 4*i lbs. and up. *l9®2oc; colored fowls medium. 17c; Leghorn fowls, 3* lbs. and up. 14c; old roosters. 13c; ducks white, 5 lbs. and up. 16e. Potatoes — New Jersey. *1 40® 145 a 100-lb. bag; Idaho. $2lO a IflC-ib. bag; Ohio mucks, *1.1561.20 1 Wfb. hag.

RIG RUSINESS DRAWN CLOSER TO ROOSEVELT Raskob, Lund and Harriman Elected to Roper’s Ad- * visory Body. BY THOMAS L. STOKES Times Special Writer WASHINGTON. Sept. 21. Big bv - s interest which have opened anew offensive against the Roosevelt program were drawn more closely today into administration councils. This was signified by election to Secretary of Commerce Roper’s advisory and planning council of John J. Raskob, one of the financial backers of the Amferican Liberty League; Robert L. Lund, chairman of the National Association ol Manufacturers, which recently opened fire on numerous Roosevelt policies, and Henry I. Harriman, president of the U. S. Chamber of Commerce. The capital speculated today as to whether these men were admitted to closer contact with the administration in a strategic move to moderate their opposition or whether the action indicated further swing to the business and industrial viewpoint. In other words, was this another clever stroke by President Roosevelt, acting through Secretary Roper, or does it mean a change toward more conservative policies by the administration? Perhaps a little of both, was the consensus. Mr. Raskob was placed on a committee to study the best plan lor unemployment insurance, one of the major reforms of the administration in the coming session of Congress. The chairmanship of this committee was assigned to Ralph E. Flanders, industrialist who was highly critical of the NRA and administration labor policy in a speech made before trade association executives and code authorities here yesterday. Others on this important committee were Walter C. Teagle, chairman of the Standard Oil of New Jersey; W. A. Julian, treasurer of the United States; Henry S. Dennison and Morris E. Leeds.

LOCAL LIVESTOCK

Sept. Bulk. Tod. Receipts 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 21. 6.70® 7.00 7.15 6,000 (160-180) Good and choice. ■* 6 50® 6.90 (180-200) Good and choice 6.90® 7.10 (200-220) Good and choice.... 7.10® 7.15 (220-250) Good and choice.... 7.10® 7.15 (250-290) Good and choice.... 7.00® 7.10 (290-320) Good and choice.... 6.80® 7.00 (275-350) Good 6.00® 6.35 (350-425) Good 5,85® 6.25 (425-550) Good 5.75® 6.00 (275-550) Medium 5.25@ 5.85 Packing sows: (100-1301 Slaughter pigs good _ „ _ and choice 3.75® 5.25 CATTLE Receipts, 400. —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 [email protected] Good 7.00® 9.00 Medium 4.50® 7.00 Common .. 3.25® 4.50 (1.100-1.300) Choice [email protected] Good 7.25® 9.25 Medium 5.25® 7.25 (1.300-1.500) Choice 9.00® 10.25 Good ... y... 7.50® 9.50 —Heifers—-(sso-750) Choice I 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 cui.gr and cutter 1.25® 2.50 —Bulls—(Yearlings Excluded) Good 3.25® 3.50 Common and medium 2.25® 3.25 VEALERS Receipts, 700. 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—(Steers) (500-800) Good and choice ... 4.50® 5.50 Common and medium 3.00® 4.50 (800-1.050) 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 AND LAMBS Receipts, 1,000. Lambers. 90 ibs. down, good and choice * 6.50® 7.25 Common and medium 4.50® 6.50 —Ewes—-(9o-120) Good and choice .... 2.00® 2.50 (120-150) Good and choice ..- 1.75® 2.25 All weights, common and medium 1.25® 2.00 Other Livestock By United Pres* CHICAGO. Sept. 21—Hogs—Receipts, 13,000. including 8,000 directs: slow. 5 to 10 cents lower than Thursday; 210-280 lbs.. *[email protected]; top. *7.20; 170-200 lbs., *6 50 ®7.10; light lights. *5.50® 6.50; pies. *4@s; packing sows, *6.1096.50; light lights. 140-160 lbs., good and choice. *5.25 9 6.50: light w-eights. 160-200 lbs., good and choice. 56.25&7.15: medium weights. 200-250 lbs., good and choice. *[email protected]: heavy weights, 250-350 lbs., good and choice, *6 90® 7.20; packing sows, 275-550 lbs., medium and choice, *5.2596,60: slaughter pigs. 100-130 lbs., good and choice. *3.7595.25. Cattle Receipts. 2.500 commercial, 1.000 government; calves. 500 commercial. 2.000 government; largely a cleanup trade at steady prices; bulls firm and vealers strong to 25 cents higher: best 1,230-lb. steers. *9.65 to shippers; good 945-lb. yearlings at $8; practical top sausage bulls. *3.35; few at *3.40; selected vealers. *8.50® 8.75 to small interests; slaughter cattle and vealers. steers. 550-900 lbs., good and choice. *6®, 9 75; 900-1,100 lbs., good and choice. *6.75 @10.50; 1,100-1.300 lbs., good and choice, *7.25@11; 1.300-1.500 lbs.. good and choice. *B® 11: 550-1,300 lbs., common and medium, *2.75@8: heifers. 550-750 lbSj good and choice. *5.50® 8 25: common and medium. *2.75® 5 50; cows. good. 13.50® 5 50; common and medium. *2.75 9 3.50; low cutter and cutter. *1.759 2.75: bulls ivearlings excluded), good (beef). *3.25® 4.25; cutter, common and medium, $2.50®. 340: vealers. good and choice. *6.75®8.75; medium. *596.75: cull and common. *4 n 5: stocker and feeder cattle, steers 550-1.050 lbs., good and choice. $4.259 5.75; common and medium. *2.7594.25. Sheep—Receipts, 12.000; fat lambs in broad demand; undertone strong to 25 cents higher; early bids and sales good and choice native lambs upward to $7; best held above *7.25; sheep firm: little done on feeding lambs: ind.catlons around steady, slaughter sheep and lambs, lambs. 90 lbs. down, good and choice, S6 [email protected]; common and mediumj *5.50® 6.65; ewes. 90-150 lbs., good and choice. $1.759 2.75: all weights, common and medium. 51.5092 15: feeding lambs. 50-75 lbs . good and choice. *5.50 ® 6.25. LAFAYETTE, Sept. 21.—Market—Steady to 25c lower; 225-250 lbs.. *6.859.7; 190-225 lbs . *6.80@6 90; 170-190 lbs.. *6.6096.70; 150-170 lbs . *696.50; 130-150 lbs., *5 50® 5.75; 120-130 lbs.. *4 5095; 110-120 lbs, *3.7594 25; roughs. *5.75 down; top calves. *7: lambs. *6 50 down. ißy Times Special) LOUISVILLE. Sept. 21.—Cattle—Receipts 300; market generally steady on all slaughter classes; quality plain: bulk common to medium steers and heifers, *3® 4 50; low qualified cutter grades down to 12 50 or less; better finished offerings. *5 @6 and above; bulk beef cows, *2 259 3; low cutters and cutters. *l9 2: sausage bulls, *2 75 down; desirable Hereford stock calves mostly *4 50®5; common to medium grade natives, *2 509 3.50. Calves— Receipts. 600. including 235 stock calves; market, steady; bulk better vealers, *6® 6.50; medium and lower grades, *5.50 down hogs—Receipts. 800; market, steady; top and bulk. 185-275 lbs.. *6 90: 280 lbs. up. *6.45; 160-180 lbs . *6.05; 140-155 lbs.. *5 55; 120-135 lbs.. *4.05; sows. *5.70. SheepReceipt*. 400, steady; bulk better lambs. *6 9 6 25, choice to *6 50 and above; bucks mostly. *59 5.25; light throwouU. 83.50; better fat slaughter ewea, *1,50®2.25; moat stock ewes, 86&7.50 hsas.

BOOKS CLOSE MONDAY ON U. S. BOND OFFER By United Press WASHINGTON, Sept. 21. Secretary of Treasury Henry Morgenthau said today that books win close Monday on the exchange offering of 2* per cent, four-year treasury notes for Fourth Liberty loan 4%'s. Subscriptions, however, for 3*4 per cent treasury notes, which are offered also for the bonds, will remain open indefinitely. Heavy demand for {he shortterm notes by banks were reported as the reason for closing the books.

BUSINESS FAILURES DECREASE SHARPLY Second Lowest Mark For Year Is Reached. Business failures in the United States for the week ended Sept. 13 dropped to the second lowest figure for a full week this year. The number roported to Dun & Bradstreet Inc., was 199, while for the live days of the previous week, 174 failures were recorded. A year ago the number was 275. Retail and wholesale defaults rose twenty-seven and six, respectively, while the number in the manufacturing group showed a decline of six insolvencies, carrying the total in that group to forty-eight. In the other commercial classification, there was a decline of two failures. When analyzed by geographical divisions, increases were shown for New England, south Atlantic, south central, central east, central west and western. The number for t! * middle Atlantic division was un changed, while for the Pacific the total was lowered by six failures. ILLINOIS BUILDING OFF NEARLY 50 P ER CENT Only 946 Projects Authorized by Officials During August. By Times Special CHICAGO, Sept. 21.—A decline of nearly 50 per cent was registered during August in Illinois building constructions, according to a report made today by the Illinois department of labor. During the month this year 946 building projects, estimated to cost $1,220,944, were authorized by building officials in sixty-five Illinois cities. This is a decrease of 12* per cent from the total approved during 1933. The sharpest reduction in the Chicago district was noted in nonresidential buildings, where a drop of 73.3 per cent was registered. These figures dropped from $1,240,800 in July to $331,635 in August, and 50.9 per cent in addition, the report stated. NEW HEAD ELECTED By Times Special CLEVELAND, Sept. 21.—Alexander C. Brown, former president of In-dustrial-Brown Hoist Cos., has been elected first vice-president of the Cleveland-Cliffs Iron Cos., it was announced today.

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News and Views on Finance.

REVISION ASKED IN ROAD POLICY

Highways Reason for Large Gas Tax, Official Says. By Times Xperiaf ATLANTIC CITY. N. J.. Sept. 21. —Gasoline sales can be increased greatly by efforts to secure more miles of ail-weather highway through a revision of highway policies, J. E. Pennybacker. managing director of the Asphalt institute, told members of the National Petroleum Association meeting here today. “Such a revision.” Mr. Pennybacker pointed out, “can best be effected by public opinion awakened by advertising showing that high gasoline taxes are a result of 60.000 miles of expensive highways where they are not needed and too few inexpensive roads where they are needed.** “Many of you have driven hundreds of miles on expensive pavement stretching like ribbons across thinly populated districts and have noted a very meager traffic,” he said. “I might be funny and call it a monument to traffic yet unborn, or a monument to the millions of dollars pouring from every oil refinery and siphoned from the pockets of 24.000.000 motorists—a monument to testify to our national slogan, ’the devil with costs.’ But the subject warrants the most precise analysis and I prefer to nail down and rivet the charge that we are building thousands of miles of expensive pavements where they are not needed.” After showing that experts generally are agreed that roads carrying a daily average of less than 1,500 vehicles do not warrant expensive construction, and that on this basis the national needs for heavy traffic pavements are 90,000 miles, Mr. Pennybacker stated that today there are 150,000 miles of high-type pavement in existence, or about 60 per cent more than is needed if properly located. PERU PLEA IS DENIED Heating Company Not Allowed to Discontinue. The Public Service Commission today denied the petition of the Peru Heating Company to discontinue operations. In its order, the commission ruled that “after a detailed study of acts which created the Public Service Commission, nothing can be found to give this body power to order discontinuance of sendee by a public utility.”

INSURANCE All Kinds With the Exception of Life A. J. Wichmann & Go., Inc. 712 Circle Tower

OFFICE SPACE

ifP^ The available vacancies in the several office * buildings under our management offer a full range in price, cixe and type ol * • ' m office space, h 4? KLEIN ft' 1 KUHN Inc. Property Management LINCOLN 3S4S B n ' 1 * CaP'^iL-S