Indianapolis Times, Volume 46, Number 116, Indianapolis, Marion County, 24 September 1934 — Page 14

Trade and Industrial Developments.

PAGE 14

SILVER ISSUES BREAK. ENDING MARKET RALLY U. S. Smelting Leads Dip With Other Groups Following. MARKETS AT A GLANCE B I'nitrd Prm Stocks irregularly lower; L*. S. smelting breaks 6 points. Bond* irregular in dull trading. Curb storks drop fractions to 2 points. Call mony 1 per rent. Dollar steady in major currencies. Wheat closes % to T ANARUS cent lower; corn off \ to 1; oats drop to %. Cotton drops about 30 rents a bale. Rubber up about 10 points. Bar Silver unchanged at 49 s , cents an ounce. Copper 9 cents a pound. By United Pr> • NEW YORK. Sept. 24—A sharp break in silver shares halted a further recovery on the Stock Exchange in late morning dealings. Near noon the list showed a majority of declines, some more than a point. United States Smelting, whose directors meet for dividend action tomorrow. broke 4% points from the previous close to 113 T *. American Smelting was at 33, off 1 1 2 ; Cerro De Pasco 36. off 1%. and Howe Sound 49 s 2. off %. Gold mining issues were slightly lower; coppers were firm. Atchison, which reached 51%, dipped to 50, off \% from the previous close. New York Central and Southern Pacific showed fractional losses. Union Pacific was down a point. United States Steel met some selling and last nearly a point. The common was down fractionally. Other steels were off slightly. Small declines were noted in the mail order shares, electrical equipments and motors Utilities held a major portion of early gains that ran to nearly a point.

Money and Exchange INDIANAPOLIS STATEMENT —Sept. 24 C>armss $2,056,000 00 Debits 6.067.000 00 Treasury Statement ’Bv United Press i WASHINGTON. Sept 24 —Government \ expenses and receipts for the current fiscal year to Sept 21. compared with corresponding period ol the previous fiscal year: . , This rear Last year. Expense* . $1,373,199,343 85 $822 199.655 51 Receipts .. *94 532 723 1* 620 333 967 43, Deficit 478 666.620 71 201.865.688 08 Cash bal. .. 2 240.045.465 37 Bond Prices •By Fenner Ac Beane. 11 00 Prev. A. M. close Am A- For Ptrr 5s 2030 52 MU , A T Ac T db 5s 65 109 109 Atchison Gen 4s '95 Ml*i *2l '* B Ac O cv 4*zS '6O 55’a 55 Beth Steel 5s A 42 102*i 102'z Can Pac 4s 57 • 7* ‘B. Ch M StP&P ad) 5s A 2000 . 9 8; Ch M StP&P rs 5s A 75 ... 28U 2;’ Erie RR rs 5s '67 67>j 64U Goodyear 5s '57 99 99‘a Gt Nor 4Us D '76 60 Gt Nor 7s A 36 89** 88 Interboro RT 5s '66 .4>* i4J* Int T & T db 5S '55 ...... 58 s.‘j McKess Ac Robbison s'zs 'ao . 83 3 84 Nat Dairy db 5Us 48 98 98 i N Y Central 5s O 2013 63'i 63’ Nor A m 5s '6l 84- 84* Para Pb 5Us 'SO 55 U 56*a Poland 7s '47 J26’z Sin Cons 6';s B '3B 4 4 Texas Corp 5S 44 103 103 U S Rbbber 5s A 47 84 s 83' 2 Chicago Stocks •Bv Abbott. Hoppin Ac Cos 1 12 15 Hieh. Low. Ch*. j Bendix Avia’ion 12* 12'a 12U , Borc-Warner el 21 *1 E L. Bruce Cos 6 6 6 Butler Bros 8U 8' 8U Chicago Corp Com 2 2 2 | Chicago Corp pfd ... 25 2 25>j 25'a Cord Corp *!■ *. i Marshall Field & Cos. .. ll’a 11; 11*2 General House Util ... 7S 7. , Qt.aivfr Oi*s 123*2 123 123 2 gears Roebuck 39>. 38-a 38- 2 Swift * Cos. 19 U 19 19 Swift International 39 GOVERNMENT SHOWS TYPICAL FHA LOAN Clerk Borrows $579 from Bank, Repayable in Two Years. By United Pr,s WASHINGTON. Sept. 24. The typical loan made in the federal housing campaign was described today as follows: It went to a clerk who borrowed $579 from his neighborhood bank. The money will be used to put a new furnace into his home. It will be repaid over a period of two years. , That was shown in a breakdown of a typical group of 718 modernization loans made so far. Clerical employes received the most loans. Public employes, mechanics, business men. salesmen and corporation officers followed. Barbers were last. Meet loans were made for heating units, painting, plumbing, repairs and roofing. TOBACCO OUTPUT DROPS Ohio Production Totals 23.188.000 Pounds in 8 Months. By lime* Special DAYTON. 0.. Sept. 24 —Ohio tobacco production for the first eight months of 1934 was estimated today at 23.188.000 pounds, compared with 25.015.000 ast year. However, It is reported, the quality of the crop this year is the best since 1930. awarded army contract By Time* Special PHILADELPHIA. Sep: 24 The American Woolen Company has been awarded contract to supply the army quartermaster depot with 303 232 yards of 10-inch shirt flannel at $1 075 a yard net. it was announced today. OHIO LIQUOR NETS $439,433 By Tt me* Special COLUMBUS. Sept. 24 —Net profit of the Ohio liquor control department for the five weeks ended Sept. 1 totaled $169,560. bringing total net fo|i the year to that date to $439,433. it was reported today. , . m* JC-

New York Stocks

!! Pre*. Oils— High. Dow. AM. close. I Atr.er'l 44 43 43 43% AM Rtg 34 ! 2 24% 24 1 a 24% Bamsdail 6% 6% *4 6% i C0r.40. OH .... 6% 8% § : > 4 Con? of Del 18% 18% I*'* I*% Houiton 'Oldt... IS 1 . IS'a 15% ••• Mi Cont Pet .. ns ns 11% •• - Ohio 0:1 ... 10 a 10% 10* 10*a Phllilpi Pet ... 15* 15% 15% 15% P .re O'.! 7% " ■ **e 7% S*xJ Oil 24 24 24 24’ Sr.*;; Un 6% 6% 6% 6% i Skelirr OU 7 7 7 7 80c Vac 14% 14 14 14' 8 Oof Cal ...32 a 32% 32% 32% S O of Kan 24 25% 25% 24 S O of N J . 43 1 a 43% 43% 43>a Texas Corp . 22% 22% 22’. 22;. T.<l* a**r Asm . 9% 3% 8% St**.*— Am Roll Mill* • 14’. 14 ! 16*4 14’. Beth Steel 2% 28 28 27’. B-.er* A M . 17% IT 1 . 17% 16% MrK*'por*. Tin . 87% M. 4 St*e; . B>a • % •’a • % Natl S-eel 35 % 35% 35 1 . 35% Otis Steel 4% 4% 4% R*p I A SM 13’* 13 13 13 Rep I A- 8 pfd 41 41 41 41 > 4 L 8 Pipe L Fdy 18% 18'a 18% 18’4 U S S'eel . 33>4 32 • a 32’a 32% U S s-e* pfd—' 71 ’a 71 ’a 71'a 72% Warren Bros ... 6'a 6'a 6'2 •- Motor*— Alburn 25 24% 24% 24% C. rli>.*r 33% 32% 32% 33% r,r. Motors 23% 23% 29% 29% Hudson 8% 8 8 8 Mark Truck .... 24% 24% 24% 24% Nash 15 14% 14% 14% Packard 3% 3% 3% 3% Ro ...i... 2% 2% 2% 2% S'-idebaker .... 33 32% Y*:>T Truck .. 3% 3% 3% ... Motor Access— B-ndix 12% 12 12 12% Borg Warner ... 21% 21 21% 21% Br:ge-. 14% 14% 16% 16% B:Jd Wheel .... 2% 2% 2% 2% Eron Mfe . 14% 14% 14% 14% E>r An, Lite 22% 22% 22% 22% Houdallie A ... 4% 4% 4% 4 M.rrav Body ... 5% 4% 4% 5% S'*w Warner ... 5% 9% 5% 5% Timken Roll 23% 23 29 29% Timken Det Axel 5% Mining— Alaska Jin 18% 13% 18% 18% Am Mtais 17 16% 16% 17 Am Smelt .34% 33 33% 34% Anaconda 12 11% 11% 11% Cerro De Pasco .37 35% 35% ... Homestake M;n . 410 410 410 410 Home Sound 43 49 49 50% Int Nickel ... 25% 24% 24% 25 Kennecott Cop . 19% 19 19 18% Mrln'vre Mine . 47% 47 47 47 Noranda Cop .. 40% 40% 40% 40% Park U'ah ... 3% 3% 3% 3% Phelps Dodge... 14% 14% 14% 14% U 3 Smelters ...117 112% 112% 118% Amusements— Fox The* 12% 12 12 Loews Inc 27% 37% 27% 27% Radio Corp .... 6 3% 5% 5% Warner Bros ... 4% 4% 4% 4% Tobaccos— Am Snuff .... 63 63 63 Am Sum Tob... 18% 18 18 18 Am Tob 'B 75% 75% 75% 75% Licg A- Myers B 96% 96 96 96% Lorillard 17% 17% 17% 17% Kesnolds Tob • B ’ 46% 46% 46% 46% Rail*— Atchison 51% 50 50 50% Atl Coast Lines . 30 29% 29% 30% B & O 15% 15% 15% 15% Car. Pac 13% 13% 13% 13% Ch A- Ohio 43 42% 42% 42% Chi 6c G? W ... 2% 2% 2% 2 C M A' St P 3% 3% 3% 3% C M A- St P pfd 5% 5% 5% 5% Chi N W 6% 6% 6% 6% Chi N W pfd ... 12 12 12 11% DeU A- Hud ... 4040 4040 Del Lac A- W .. 18% 17% 17% 18 Erie 12% 12% 12% 12% Grt Northern pf 15% 14% 14% 15 111 Cen'ral 17% 16% 16% 17 Lou A - Nash .... 41% 40’, 40% 41 M K A T 6% 6% 6% 6% M KA- T pfd.. 16% 15% 15% 16 Mo Pac —2% Mo Pac pfd • • 4 N Y Cent 23% 21% 21% 21 N Y Chi A- St L 12% 12% 12% . . N Y New Haven 10% 10% 10% 10% Nor Pac 18% 18% 18% 18% Prnn R R 23% 23 23% 22% Sou Pac IS'a 17% 17% 17% Sou R R 16% 16 16 16% Sou R R pfd ... 20% 20% 20% 20% Union Pac ..100 99 99 100% West Maryland.. 9% 9% 9% 9 Equipments— Allis Chalmers.. 12% 12% 12% 12% Am Brake Shoe.. 22% 22 22 ... Am Car A Fdy.. 16% 16% 16% 16% Am Loco ...... 17 17 17 16% Am Mach A- Fdy 14% 14 14% 14 Am Steel Fdy .. W. 13 13 13% Ba'.d Loco ... 8 7% 7% 7% Bald Loco pfd .. 31% 31% 31% 31 Case J I 42% 41 41 41% Cater Tract .... 26% 26% 26% 2<% Deere A- Cos 17% i7% 17% 17% Gen Elec 18% 18% 18% 18% Ingsol Rand ... 53 53 53 Int Harvester .. 28% 28% 28% 29 Natl Cash Reg . 14 14 14 13% Pullman Inc .. 38% 38% 38% 38% Rem Rand ... 8 8 8 8 Wrstingh Elec 31% 3i% 31% 31% Worthington P . 16 16 16 ... Utilities— Am A For Pwr . 6% 6% 6% 6% Am Pow A Lit.. 5% 5 5 5 A T A T ill 110% llffSr 111% Am Wat Wks . 17% 16% 16% 15% Brook Un Gas . 58 58 58 .• • Col Gas A Elec . 9% 8% 8% 9 Com A Sou —l% 1% 1% 1,2 Consol Gas . 28% 28 28 27 g Elec Pwr A Lit- 4% •}% 4% 4 EPA- L pfd . 9% 9% ?% 9% Int Hvdro Elec. 4% 4 4 3% Int T A T .. 10% 10 10 9% Lo u G A E A . 14 14 14 14 Nat Pwr A Lit- 8% 8% 8% 8 North Amer .. 14 13% 13% 13% Pac G A E ... 14% 14% 14% 14% Peoples Gas 20% 2a 2a 24% Postal Tel pfd 14% 14% 14% 14% Pub Serv N J . 31% 30% 31_ 31* So Cal Edison . 12% 11% 11 a 11 3 Std Gas 8 6 8 <% Std Gas pfd 8% 8% 8% 8 * Stone A Webster 6% 6% 6% 6 United Corp .. 4% 4 4 4 Un Gas Imp 14% 14% 14% 14 * Ut Pwr A Lit A 2% 2% 2% 2% Western Union .34% 33% 33 ... Rubber*— Firestone 14% 14 14 14 Goodrich 10% 10 a 10 a 10* Goodyear 21% 21% 21% 2L Keily Spring .... 1% JS 1% U S Rubber ■ 16% 10% Js* J* • U S Rubber pfd 38% 3.% 3.% 3.% Miscellaneous— Am Bank Note . 13% IS’a 13% 13 Am Can -. 98% 98 98 a 98 Brrklyn Man Tr 41'a 40% 40 a 41 *

Gleaning the News

Steel Orders Gain Increased operations in the steel industry last week were brought about by a slight increase in orders from miscellaneous manufacturers and bv larger structural awards, the magazine Steel reports. In turn, the improvement is visioned as indicating widespread depletion of stocks and a moderate seasonal expansion in some industries. Chicago Trade Good Trade observers of the Chicago Association of Commerce report that both wholesale and retail turnover last week remained ahead of a year ago. Wholesalers, it was reported. are getting big demands from rural outlets. Central Bank Hit The Guaranty Trust Company, in its monthv survey of business and financial conditions, takes occasion to point out the pitfals present in the establishment of anew govern-ment-controlled central bank. “The most ominous possibilities of such a proposal.” the bank says, “lie not :n the fact that it would extend the control of the government over the business of banking, but that it would alter the nature of the banking process in such a way as to place the entire economic life of the country under the regulation of public officials." Dividend Record Good The dividend record registered further improvement last week, according to the Standard Statistics Company. Favorable dividend changes during the period numbered twenty, contrasted with sixteen in the preceding week. Unfavorable changes aggregated only five, against nine the week preceding. I*. S. Loans Increase Loans through all government corporations and credit agencies increased $100,000,000 to a total of $6,644,000 000 between June 30 and July 31. Secretary of Treasury Henry Morgenthau announced today. These organizations, he explained, increased their holdings of govern-

Finance - - Business - - Industry

Conti Cn 82 82 82 81% Cirtl* Pub 18% 18% 18‘a 18% Gillette 11 10% 10% 11 Gildden 23 23 23 23% Inter Rapid Tr . 14% 14% 14% 14% Owens Bottle ... 63’a 63 a 63 a 64 Foods— Armour A••• 8% 6% 6% 6. Beatrice Cream 18 18 18 § a Borden Prod 25% 25% 25; 25 Cal Packing 38% 37% 3-% 38% Cana Drv G Ale 15% 15% 15% la Corn Prod ..61 * 61% 61% 64% Crm of Wheat 32;. Cuban Am Sug . 7 Gen Foods ... 29% 29% 29% 29% Gold Dust 18 17% 1 1 a 18 G W Sugar 29 28% 29 ... f'atl Biscuit .... 30% 29% 30% 30 I'atl D Prod ... 18% 15% 16% 16% Purity Bak ... 9% 9% 9% 9 * Spencer Kellog 26 26 26 26 S’d Brands 19% 19 19, 19% United Fruit ... 73% 73% 73% *3 a Retail Stores— As3 Drv Goods 10* 10% 10% 10% Best A- Cos 31% 31% 31% 31% First Natl Stores 63 63 63 62 Gimbel Bros • 3% 3% 3% 3 a Gimbel pfd 5 5 5 • • Hahn Dept Sts 5 4% 4 a 4 s Kresge S S .... 18 18 18 I<% Kroger Groc ■ 27% 27 5 a 2i;a 27 * Macv R H 39% 39% 39% 39 Marshall Fields 11% 11% I}> Ilf* Mon' Ward 26 25% 2a% 2V a penny J C 59% 59 59 59% Safeway St 46 46 46 46 2 Wool worth 48% 48 48 * 48 Aviation— Aviation Corp ..4% 4 4 4;a Curtiss Wright 2 3 2% 2% 2a Curtiss Wright A 7% 7% 7 2 < a Douglas Air ... 16 lB% 16 4 16 Speery Corp ... 7% 1% 1 * ?a Chemical*— Air Reduction . .192% 102% J 02% }62'2 Allied Chem 123 122% a 122 Am Com Alcohol 26 26 26 -6 Col Carbon 65 65 65 6a Com Solvents ... 20 19% 19% 19 a Du Pont .... 89-2 88% 88% 88* Freeport Tx 2t 5 a 24 -4 24 Liquid Card .. . 2Pa 21 5 a *1 a Math Alkali . 27% 26% 26% 26% Montoson Chem 53 52 52 53 Natl Dis 'new) 20 19% 19 2 19% Schenlev Dist • 23% 22% 22% ~~ a Tex Gulf Sulph . 36% 35% Union Carbide 43 42’i 42 a 42 * U S Ind Alcohol 36 35% 35% 35% Drugs— Coty Inc 5% 5 5% ••• Lamhert 23 5 a 23% 23% 23 a Un Drug 11% 11% 11% 11 a Zonite Prod .... 3% 3% 3;a 0 4 Financial— Adams Exp 7% 7% 7% 7% Allegheny Corp.. 1% 1% la 1% Am Int Corp ... 6% 6% 6% 6% Ches? Corp ... •„ 38 Lehman Corp .. 69 68% 69 68% .. 5% 5% 5% 5% Tr Conti Corp-. 4 4 4 Building— Am Radiator ... 13% 13% 13% 13% Gen Asphalt .... 17 16\ 16% 16% Int Cement ... 21 20% 20% 22 Johns Manville 45% 44% 44% 45 Libby Owens Gls 27% 27% 27% Household— Col Pal Peet ... 15% 15 15 15 Congoleum 27% 27% 27% 27% Kelvinator 13% 13 13 13 Proc A Gamble 37% 36% 37 37% Simmons Bed .. 10 9% 9% 9% Textiles— Amer Woolen ... 9% 9% 9% 9*/a Beldlng Hem ... 11 Celanese Corp .. 22% 21% 21% 21% Collins Aikman . 12ta 12% 12% 12% Gotham Hose .. 5% 5% 5% ... Indus Rayon ... 24 23 7 a 23 7 a 24 MORE U. S. MACHINERY PURCHASED BY CANADA Mining. Textile, Metal Equipment Demand Rises Sharply. By Timr Special WASHINGTON, Sept. 24.—A notable improvement in Canadian demand for machinery made in the United States was reported today. According to advices from Consul Damon C. Woods of Toronto, the demand for mining machinery is currently most active. Other lines, especially textile, automotive, metal working and printing industries, have been installing new equipment. Replacement needs by Canadian industry have accumulated during the last three years, according to Consul Wood, and have supplied the basis for many recent orders. COUPONS TO BE PAID U. S. A. Fiscal Agents Will Pay San Paulo Coffee Loan in Full. Speyer & Cos. and J. Henry Schroder Banking Corporation, fiscal agents for the state of San Paulo 7 per cent coffee realization loan of 1930, announce that sufficient funds have been deriosited with them to pay in full, in lawful currency of the United States, the Oct. 1 coupons of the dollar bonds of the above loan. EMPLOYMENT INDEX UP By 7 imes Special DETROIT, Sept. 24.—The employment index of the industrial department of the Detroit board of commerce rose to 70.8 on Sept. 15, compared with 70.2 on Sept. 1 and 64.5 on Sept. 15, 1933, it was announced today.

ment securities by $160,000,000 during the month, bringing the total to $601,000,000. The increase in loans was attributed largely to a gain of $157,000,000 in Home Owners Loan Corporation advances. Reconstruction Finance Corporation loans dropped from $2,667,000,000 in June to $2,543,000,000 in July. Another Extra Voted The name of the Glen Alden Coal Company has been added to the roster of corporations which have declared extra dividends. The coal concern has voted a special disbursement of 25 cents, together with the regular quarterly declaration of the same amount, both payable Oct. 20 to stockholders of record Oct. 6. These payments represent the first to be made since the end of 1931. Copper Stocks Fall Copper stocks in the western hemisphere decreased 28.500.000 pounds during August, according to Dow, Jones & Cos. Outside North and South America, however, an increase of 15.000,000 pounds was reported. Apparent consumption of copper in the United States was 61.000.000 pounds in August, and abroad it was 155.5000,000 pounds. Chicago Firms Ask Listing Applications of 300 companies have been filed with the securities and exchange commission for temporary registration on the Chicago Stock Exchange. This total consists of 249 firms with stocks listed and fifty-one with bonds listed. More than 99 per cent of trading of the exchange thus far this year as been in securities of the 300 companies for which applications are on file. Construction Higher Awards of construction contracts totaled $120,244,500 in August, a slight increase over the July total, and 13 per cent above the volume placed in the some month last year, the F. W. Dodge Corporation reports. The totals for non-resi-dential and public works projects were above August, 1933, but residential and publ* utility work showed declines.

INDIANAPOLIS, MONDAY, SEPTEMBER 24, 1934

GRAIN VALUES SANS FEATURE IN DULLDEALS Quotations Shift About Unimpressively, Waiting on Weather. BY HARMAN W. NICHOLS l'nit*d Press* Staff Correspondent CHICAGO, Sept. 24.—Grain prices shifted unimpressively in a narrow range on the Board of Trade today in one of the dullest sessions in some time. Wheat finished 1 2 to Vs cent lower, September Sl.O3 1 2; corn was off % to cent, September 77% cents; oats were off % to % cent, September 54 % cents. The market depended entirely on weather for an incentive. iWntry weather prevailed over much of the Canadian northwest, curbing harvesting activities and strengthening prices at Winnipeg. Scattered snowflurries were reported on this side of the international line with prediction for more snow overnight and general rains over the entire grain belt. The weather news from Canada worked bullishly on the trade here early and a rally ensued. Later increased selling developed and prices eased. Routine developments attracted little attention. No mention was made around the pits about settlement of the textile strike. Liquidation was under way in the wheat pit and the market there finished IVi to 1% cents lower. Corn generally was disposed to follow the action of w-heat and to watch the weather over the growing area. It was generally believed the crop was safe from damage by frost, since the weather map indicated the Canadian cold wave would not move very far into this country. Oats were dull and without special feature. Provisions declined along with hogs. Chicago Futures Range Prev. Wheat— High. Low. 10:00. close. Sept 1.04% 1.03% 1.03% 1.04 Dec 1.04% 1.03% 1.03% 1.03% May 1.04% 1.03% 1.04 1.04% Corn— Dec 78% .77% .77% .78 May 79% .78% .79% .79% Oats— Sept 54% .54% .54% .54% Dec 53% .52% .52% .53% May 52% 52 .52% .52% RyeSept 77 Dec 79% .79 .79 .79% May 83 .81% .81% .82% Barley— Sept 76 Dec .80% May 75% .75% .75% .75%

NATION'S BANKING ENTERS NEW PHASE Granting of Credit Will Be Under U. S. Control By Times Special BOSTON, Sept. 24.—Banking in the United States has entered a period of fundamental change, in which the function of granting credit will pass from the hands of private banks and bankers to governmental control, United Business Service asserts in its latest report, published today. The federal government already has gone into the banking business “in a big way,” according to the report. The outstanding agricultural credit extensions of government agencies, headed by the Federal Land banks, now amount in all to nearly $2,900,500,000 and Reconstruction Finance Corporation loans to about $2,500.000,000. To these must be added the Home Loan bank advances, less repayments, totaling $86,000,000 and the government's 20 per cent guarantee of home modernization loans. Government domination of banking is expected to be extended. Plans for a central bank of issue, consolidation of the federal reserve banks and unification of all banking under federal control now are being discussed. Dangers of governmental direction of banking lie in the granting of loans on a political, rather than on a business basis, and in lax management where the government bears the risk, experts feel.

PWA FUNDS CREATE MORE EMPLOYMENT $414,000,000 in First Year Spent on Materials. By United Prc*x WASHINGTON, Sept. 24.—Publi© works administration funds aggregating $414,000,000 were spent for materials during the first year of the program, creating 1,100.000 manmonths of indirect employment in production units, it was reported today. Administrator Harold L. Ickes asserted that the 1.100.000 manmonths of primary indirect employment reflected only employment in factories and does not include the secondary indirect employment created by production of raw materials j and by the transportation of both raw and finished materials. Excluded from the figures also were all materials and employment resulting from $723,000,000 in allotments from PWA funds to the citizens conservation corps and civil: works administration. KELVINATOR PLANS CAMPAIGN By I imes Special DETROIT, Sept. 24—With details of production, distribution and organization virtually completed, the Kelvinator Corporation stands ready to make an aggressive bid for a large share of the 1935 sales of the air conditioning industry, George W. Mason, president, de-, dared today. Pointing out that Kelvinator officials feel that the air conditioning industry at the present time is on the threshold of the greatest year. Mr. Mason revealed that years of experimental work and controlled test installations in various sections of the country are back of the products his company will take into the i field next year. •

Little Faith Displayed in Mexico’s Bond Plans Any One Familiar With Past Fiscal Record Not Likely to Be Swayed, Winkler Says. Dr. Max Winkler, economist, write* on economic questions for The Times from time to time. Today he consider* Mexico’s bond situation. BY DR. MAX WINKLER Time* Special Writer According to reports from Mexico, holders of the republic's external commitments are about to be offered a plan providing for the resumption of the service which has been in continuous default for two decades wlvh but one minor interruption.

Any one familiar with the past fiscal record of the country and its attitude toward the rights of creditors is not likely tc be swayed into entering into heavy commitments with the expectation of reaping spectacular profits, since current prices for most Mexican loans are only slightly above what one might term souvenir values. To begin with, why is it necessary to propose anew agreement in regard to Mexico's defaulted bonds? No less than five agreements have been proposed with n the last twelve

WEEK’S TRADE CONTINUES UP Fall Outlook Better Than Had Been Predicted, Experts Say. By Times Special NEW YORK, Sept. 24.—With business sentiment generally brighter this week, the fall outlook apparently is better than had been predicted recently, according to Business Week. Although sharp expansion will come later this year than usual, fall business is getting well under way, the report states. Retail trade, so far this month, is following along the upeurve started in August. Conditions in the steel industry are better. Steel operations advanced, partly as result of manufacturers’ efforts to build up depleted supplies in anticipation of fall business and partly through a somewhat increased demand from miscellaneous customers and small fill-in orders from automobile concerns. After a seven-week decline in operations, steel gained for the second consecutive week and is back at the level attained in the middle of August. Belief that this marked the beginning of the anticipated upturn was voiced by observers. Sharp expansion in production schedules still awaits large orders from the automobile industry which may not materialize until the middle of November. No important demand from the railroads is seen during the next few months, unless anew program of government projects is launched in this field. However, it is pointed out, the industry may receive earlier impetus from the increase in gov-ernment-financed construction work. Several large public projects now are maturing. The present month’s pickup has carried employment and pay rolls in manufacturing industries above the preceding month’s levels, according to the United States bureau of labor statistics. The gain over a year ago was not as large as in the earlier months of this year, it was explained, due to the fact that employment and pay rolls in August a year ago were boosted by last summer’s “pre-inflation” push. Nondurable goods industries showed the largest gains. The usual seasonal increases occurred in the textile, food and leather groups. Gain in factory employment, estimated at approximately 73,000, partly was offset by the loss shoiin by the nonmanufacturing industries, which left a net pickup of only 15,000 employes. The largest decrease in the latter group was in the anthracite mining industry. The reason for the slump was attributed to labor difficulties. CHAIR BUSINESS BOUGHT General Fireproofing Acquires Aluminum Company Line. By United Press YOUNGSTOWN, 0., Sept. 14. Purchase of the aluminum chair business of the Aluminum Company of America by the General Fireproofing Company was announced today by George C. Brainard, General Fireproofing president. The Aluminum Company’s plant at Buffalo, N. Y., has been dismanTed and all the equipment moved to the local plant, where it will be set in operation today. It will increase the number of employes in this division of the plant here from 20 to 200, Mr. Brainard said. Produce Markets Delivered in Indianapolis prices: Heav> hens, 13c: Leghorn hens, 8c: 1934 broilers, 2 lbs. and over. 13c; Leghorn broilers. 1% to 2 lbs. and over lie; old roosters. sc; ducks, 4c; geese sc; voting guineas, 20c; old guineas, 15c; No. 1 strictly fresh country run eggs, loss off 19c, Eiach full case must weignt 55 lbs. gross; a deduction ol 10 cents a pound for each pound under 55 lbs. will be made. Butter—No. 1. 28'ft 29c. Butterfat, 21c. Quoted by the Wadiey Company <By United Press) CHICAGO. Sept. 24 —Eggs—Market easy; receipts. 4.145 cases: extra firsts. 22c: fresh graded firsts. 21c; current receipt. 184519%c; dirtie No. 1, 17%c; No. 2. 14c: chickens No. 1. 16%c: No. 2. 14c. Butter—Market, easy; receipts. 10.491; extra firsts <9O-91 5 2 score), 24'524%c: extras 92 score l . 24%c firsts score l . 23% 3 23%c; seconds. 22'5 22%c: specials. 25%4i25%c; standards. 24%c. Poultrv—Market. steady; receipts. 22 truck. 4 cars due: frvers. 154516 c: broilers. ; 174i18c: geese. 9iloc turkeys. 134i15c: old roosters. 11c; ducks. 12316 c: springers. 15318 c: hens. 14%317c; guinea hens, dozen. 5445.7. Cheese—Twins. 12%4512%c: Longhorns. 12%((i13c: Daisies. 12 3 *'&l3c. Potatoes—Supply liberal, demand and trading moderate: market steady; Wisconsin cobblers. $1 10451 22%; United S-ates No 2. 75c: North Dakota *riumphs. ?1 3031.40: cobblers. SI. 1031.17%: Early Ohios. 51.153 1 20: Minnesota cobblers. 51 1045 1 20: Early Ohios. SI 1045 1.20; Coloi rado McClures. 51.6545,175: triumphs 51.75; j Idaho russets late section. $1.40% 1.80 1 early section. $1 6545 1.75; commercial ?rade. SI 303 135 Arrivals. 163 on track. 20. Shipments: 756 Saturday. 46 Sunday. CLEVELAND. Sept. 24—Butter—Market, weak: extras. 29c; standards. 29c. Eggs— Market, steady: extra white. 24c: current receipts. 21c. Live poultry—Market weak on springers, steady on others: fowls colored 4% lbs. and up. 193 20c: old roosters. 12c: ducks white light. 12c. Potatoes—New Jersey. $1 3545 140 a 100:b bag. Ohio mucks $1.1545 125 a 100-Ib j bag. REICH STEEL OUTPUT UP By United Press BERLIN, Sept. 24.—German production of steel ingots in August totaled 1.067,000 tons, compared with 1.036,000 in July and 706,000 in August, last year, it was reported today.

years, and bondholders would be content if Mexico were to adhere to any of them. Mexico's external debt comprises about $280,000,000 par value of government or government-guaranteed obligations, and some $245,000,000 par value of railway obligations. These amounts are exclusive of accrued interest. In 1922 an agreement was entered into between the government and an international committee of bankers, but only one year's payments were made. Other agreements were made in 1924 and 1930. Early in 1931 anew agreement was reached, providing for the payment of interest during 1931 and 1932 in Mexican silver pesos at the rate of 2.20 pesos to the dollar. These amounts were to be held in a bank in Mexico as confidential deposits, ana as a result no silver deposits were made. Toward the end of 1931, a further agreement was signed providing for the extension of the agreement reached earlier in the year for eighteen months, with the understanding that payments on the Mexican debt would commence on or before Jan. 1, 1934. Judging by the past fiscal performance of Mexico, one would not seem justified in viewing with optimism Mexican government obligations, in spite of theoretical possibilities.

LOCAL LIVESTOCK

HOGS Sept. Bulk. Top. Receipts 18. $7.05@ 7.25 $7.45 5,000 19. 6 90® 7.15 7.35 5,500 20. 6.75® 7.05 7.35 5.000 21. 6.70® 7.00 7.15 6,000 22. 6.50® 7.15 7.25 1.000 24. 6.00® 6.90 7.05 5.000 (140-160) Good and choice ...$ 5.75® 6.25 (160-180) Good and choice... 6.50® 6.80 (180-200) Good and choice 6.95® 7.05 (200-220) Good and choice ... 6.95® 7.05 (220-2501 Good and choice ... 6.85® 6.95 (250-2901 Good and choice ... 6.85® 6.95 (290-320) Good and choice ... 6 00® 6.25 Packing sows: 275-350) Good 5.85® 6.75 (350-425) Good 5.85® *45 (425-550) Good 5.60® 6.00 (275-550) Medium 6.00@ 6.25 GOO-130) Slaughter pigs good and choice 3.25@ 5.00 CATTLE Receipts, 900 (550-900) Choice $ 7.50® 9.00 Good 6.50® 8.25 Medium 4.50® 6.75 Common 3.00® 4.50 (900-1.100) Choice 8,[email protected] 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 (550-750) Choice $ 7.00® 7.75 Good 5.75® 7.00 Common and medium 3.00® 5.75 (750-900) Good and choice ... 6.00® 800 Common and medium 3.00®, 6.00 —Cows— Good 3.50® 4.50 Common and medium 2.50®; 3.50 Low cutter 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 — (250-500) 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, 1.500 Lambs. 90-lbs. down, good and choice $ 6 25® 7.00 Common and medium 4.25® 6.25 —Ewes—-(9o-120) Good and choice ... 2 00® 2.50 (120-150) Good and choice ... 1.75®2.25 All weights, common and , „ medium 1.20@ 2.00 Other Livestock (Bv United Press) CHICAGO. Sept. 24. Hogs—Receipts, 25.000, including 9,000 directs: market, moderately active. 10® 20c lower than Friday: 210-300 lbs.. S6 90®7; top. $7.05: 170-200 lbs., $6.40®6.90: light lights, 55.25 ®6.25; pigs. S4®s; packing sows. $6®6.35: light lights. 140-160 lbs., good and choice. 55.25®6.35: light weight 160-200 lbs., good and choice. 56.15®7: medium weights. 200250 lbs , good and choice, $6.85®7.05: heavy weights, 250-350 lbs., good and choice, $6.75®7: packing sows, 275-550 lbs., medium and choice, $5.25®6.40: slaughter pigs. 100-130 lbs., good and choice. $3.75 ® 5.25. Cattle—Receipts. 25.000 commercial. 300 government. Calves—Receipts. 2.500 commercial. 300 government: meager supply strictly good and choice fed steers and yearlings, steady on shipper account: earlv top, $10.90; several loads. 510.25® 10.65; best lieht yearling steers. $9.50: undertone weak to 25c lower on rank and file fat steer crop: choice fed heifers. 25higher but others and fat cows, weak; very liberal supply beef in run; crop includes about 9,000 western erassers: bulls, steady: vealers weak: 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: 1.300-1,500 lbs . good and choice. sß® 11: 550-1.300 lbs., common and medium. $2.75®8: heifers. 550-750 lbs,, good and choice. $5 25® 8; common and medium. $2.75® 5.25: cows. snod. 53.50® 5: common and medium. $2 758 3 50; low cutter and butter. $1.7552,75; bulls, yearlings excluded, good. beef. $3.25® 4.25: cutter, common and medium. $2.50®3.40; vealers. zood and choice. $6.75® 8.50: medium. $5®6.75: cull and common. S4®s Stocker and feeder cattle steers 550-1.050 lbs . good and choice. $4.25®6; common and medium. $2.75® 4 25. Sheep—Receipts. 20 000 commercial. 3.000 government: indications around st.eadv on strictly good and choice native lambs: such kinds scarce: talking lower on others: best native lambs held $7 upward: early bids under $6.75: sheep weak- feeding lambs s*eadv: slaughter sheen and lambs: lambs 90 lbs. down, good and choice. $6 40® 7.10; common and medium. $5 25®6 50- ewes. 90-150 lbs., good and choice. $1.75®2.75: all weights, common and medium. $1 50 ® 2 15: feeding lambs. 50-75 lbs . good and choice. $5.50®6.25. FT. WAYNE. Sept. 24—Hogs—Market, 15®25c lower: 250-300 lbs. $6 80: 200-250 lbs $6 65: 180-200 lbs $6 45 160-180 lbs . $6 35: 300-350 lbs.. $6 50: 150-160 lbs $5 60: 140-150 lbs. $5.35: 130-140 lbs.. $5.10: 120130 lbs $4 50: 100-120 lbs.. $4: roughs. $3: stags. 52.75. Calves. $7.50; lambs. $6.50. LAFAYETTE. Sept. 24—Market. 10® 25c lower 225-800 lbs $6 7586 85 190-225 lbs . $6 70® 6.75: 160-190 lbs $6 40® 6.60: 140160 lbs $5 50 ® 5.75: 125-140 lbs. $4.75® 5 25: 115-125 lbs.. s4® 4.25 r 100-115 lbs $3 25® 3 50: roughs. $5.75 down top calves. S6 50; lambs. $5 25. (By Times Special) LOUISVILLE. Sept. 24—Cattle—Commercial. 1 600: run liberal, quality or.lv limited and inquiry on outside account fair; demand from all local killers rather uncertain: run includes several loads steers; practically nothing done on these; hardlv enough trading to establish a market. but most early sales slaughter classes around 25c lower than last week s hieh; earlv sales common to medium, steers and heifers 5315 4 50: few better finished steers and heifers. ss® 6; earlv top for good 957 lbs. steers. $6 75; bulk beef cows and buds. $3 down low cutters and cutters, mostly *l3 2: bulk desirable Hereford stock calves. *4.50®5- Calves—Commercial. 900 including 219 stock calves and 217 billed through: market '’eadv with Fridav and Sa'urdav: bulk better vealers. *6® 6 50: medium and lower grades $5 50 down Hogs—Receipts 1 200 marke* 20c lower than last Fridav and Saturdav; top and bulk. 185-273 lb. weigh's. $6 70: 280 lbs. up $6 25: 160-180 lbs . *5 85: 140-155 lbs., *5.35: 120-135 lbs . $3 85: sows. $5 50. Sheep—Receipts. 1000 including around 600 stock* ewes: steady: bulk better iambs. $698 505. choice quotable to $6.75: bucks. sss 554 light throwouts mostlv $3.50; most better fat slaughter ewes. $1.50'82.25; desirable stock ewes salable JS&T.aO.

Wall Street RALPH HENDERSHOT Times Special Writer. 'T'HERE is an excellent reason | why almost every stock and j bond to be delisted from the N. Y. Stock Exchange when the govern- j ment. officially takes over regulation j on Oct. 1 has been placed in that! position. Some are so closely held that the market in them is of little consequence. Others are bonds

which are to mature shortly, while still others are bank securities which never should have been listed. .This means that industry, generally speaking, has submitted gracefully to the regulations the government has seen fit to impose on the

H I

Hendershot

sale of its securities. It means also that investors, for the first time, will have full and adequate information on the securities they are asked to buy—something the New York Stock Exchange had tried for many years to get for them, but was only partly successful in doing. The exchange long ago recognized the advisability of corporations taking investors into their confidence. It kept pressing progressively forward in that direction. But there were speed limits beyond which it might not go. Too much pressure or an arbitrary stand might cause companies to ask for delisting, which would react against the interest of its members. Moreover, it was difficult to secure a change in the contract under which stocks were listed in former years. nan BECAUSE the exchange had progressively raised the standard of its listing requirements companies like the Standard Oil Company of Indiana kept their shares on the New York Curb Exchange, where somewhat more latitude was permitted. Recently, when it became certain that regulations would be the same on all exchanges, that company applied for and received listing on the “big board.” Officials of the New York Stock Exchange are very happy these days. Many of them feared, although they were keeping a stiff upper lip, that some of the larger companies might refuse to comply with the government requirements. Now that they are virtually all within the fold and the exchange business is still intact they can breathe a sigh of relief. Not the least of their satisfaction arises from the fact that they now can “pass the buck” to the government on all matters of regulation. a a a A GREAT many brokers likewise are pleaded over most of the regulations. No longer will they be required to make apologies to clients over margin calls and such things. The government has set the standard, and they need only pass along all criticism of trading practices to the broad shoulders of Uncle Sam. Another cause for satisfaction on the part of brokers is the fact that their neighbors can not take away their business because they are able to offer special inducements. Their business now stands on a merit-of-service basis, and, while some of them still feel the regulation will tend to discourage trading, others have taken the position that the long-range outlook is better than it ever was.

BUDGET CHANGE AIMED Present Method Unsatisfactory, Chamber Declares. By United Prens WASHINGTON, Sept. 24.—A radical change in the manner of preparing the federal budget was proposed today by a special committee of the United Chamber of Commerce. “The present budget system.” said the committee, “has not resulted in a well-rounded method of fiscal planning; neither has it produced satisfactory control of expenditures." On Commision Row Quotations below are average wholesale prices being offered to buyers by local commission dealers. FRUlTS—Cranberries. Cape Cod early blacks. 25-lb. box. $3, Grapes. Michigan Concords. 4-qt. basket. 16c: 12-qt. basket, 38c: California seedless. 27-lb. box. $1.65. Crabapples. Michigan hyslops. bushel. $2. Persimmons. Indiana. 12 qts.. 90c. Plums. Italian prunes. 16-11 . box, sl.lO. Pears. Michigan Bartletts. bushel. $2.65: Avacados box. $1.50. Quinces, bushel. $3. Watermelons. 25c each. Bananas, pound, s'<c. VEGETABLES—Cabbage. Northern Danish, 50-!b. bag, 75c: red. busht-i, $135. Onions. Idaho sweet Spanish, large. 50-lb. bay. $1.40; Michigan, yellow, $1: Indiana, 10-lb. bag. 22c; white boilers. 10-lb, bag. 35c; Western white, 50-lb. ag. $1.75; homegrown pickling. 10-lb bag, 75c, Potatoes. Northern Cobblers. 100-!b. bag. $1.50: Wisconsin round white. 100-lb bag. *1 55; Ohios, 100-lb. bag. SI 50: Idaho Russets. 100-lb. bag .$2.10. Sweet potatoes. Eastern Yellow Jerseys, bushel. $1.50: Indiana Nancy Halls, bushel. $1 35. Beans, homegrown stringlcss. bushel. $1; Kentucky Wonders, bushel. 85c: Limas, large, pound. 20c. Beets, dozen. 30c. Carrots. Ohios. dozen. 30c: Ohio 'cut ofTsv washed. 22-lb. basket. 75c; bushel. $1.25 Cauliflower, crate. $1.60. Celery, Michigan, medium, dozen. 45c: Jumbo, dozen 65c: hearts bunch, 90c. Corn, home-grown, dozen 20c; Cucumbers, home grown, bushel, $1.50: dozen. 35c; dills, dozen, 75c Endhe. 2 dozen. 65c. Egg Plant dozen. 75c. Kale bushel. 60c Lettuce, outdoor. 15-lb. basket. 65c Mangos, bushel. *l. Mint, dozen. 50c Parslev, dozen 35c. Peas, hamper $2 50 Peppers, red finger, bushel, $1.75; 5-lb. basket. 50c Radishes 2 dozen. 75c. Spinach New- Zealand, bushel 60c: broadfeaf, baske*. 50c Radishes. 2 dozen. 75c. Spinbushel. $1.25. Toma'oes outdoor. 12-lb. baske*. 50c: bushel. $1 50 Onion market <3O-lb. sacks)—Michigan yellows. 55® 70c: Idaho whites. 85c® $125 Idaho yellows. 75®.85c. Utah yellows. 75 ®3sc. FRUITS AND VEGETABLES (Bv United Press) CHICAGO. Sept. 24—Apples—Michigan Mclntosh, bushel. .2’ a inch, $1 25® 1 50. Tomatoes —Michigan. 12-qt. baskets. 35c; Ohio. 8 qts.. 309 40c Sweet Pota'oes— Tennessee, bu Sl®l 10 Peaches—Michigan. bu $2 3 2 50. Le'tuce—California, crate $232 35 Beans—lllinois, green bu . 50c® $1 Cabbage—Wisconsin, crate 50®75c. Carrots—California, crate. sl3 2 25. Peppers— Illinois bu.. 50® 80c. Eggplant—lliinoi. bu.. 25835 c. Celery—Michigan, crate squares. 50875 c: flats. 35® 50c Western Cauliflower, crate, sllo® 1.15: Michigan 60c 3sl 25. Grapes—Michigan Concord 4 qts 12® 13c. Cranberries—Massachusetts, boxes. 1-3 bu.. $2 50. Retail Coal Prices Hie following pneea represent quotations from leading Indianapolis coal dealers 4 25-cent carrying charge per ton will he added. DOMESTIC RETAIL PRICE? Anthracite .$13.50 Brazil Lump 6 90 Brazil Egg 5.90 Brazil Mine Run 5.25 Coke. Nut Size 8 56 Coke. Egg Size 8.50 Indiana Forked Lump No. 4 and 6. 5.75 Indiana 'Egg 5.75 Kentucky Lump. Group "B" 7.15 Pocahontas Lump .. ( 25 Pocahontas Egg X 35 Pocahontaa> Mine Run WO New River Smokiest

News and Views on Finance.

WIRE CONTROL CONFLICT HELD AS GROUNDLESS

Communications Commission Given All Data for Which It Asks. BY CHARLES A. HUFF Times Special Writer NEW YORK. Sept. 24—Persistent reports of supposed friction between executives of the major telephone companies and the new federal communications commission were dissipated today by inquiry. On the contrary it was developed that exchanges have been proceeding harmoniously, and that the new government agency and company managements are working with a fine spirit of co-operation. The most disturbing report to gain circulation in financial circles was to the effect that representatives of the major communications units had gathered in an indignation conference. as an outcome of which accredited representatives were to be sent to Washington to lodge formal protest with Henry Morgenthau Jr., secretary of the treasury, against the demands of the recent sweeping questionnaire issued by the commission. Report Groundless. This was to be in the nature, it was made to appear, of an open declaration of war against the federal regulation plans. Inquiry revealed that this report was without the slightest foundation. It was learned that the major telephone companies had got under the wire last Saturday by providing all of the data required bv the questionnaire. The companies, it was further learned, have until Oct. 6 to furnish the commission with information stipulated by a supplementary questionnaire. It was stated that the data shipped to Washington by one of the companies last week literally filled a compartment in a Pullman coach. Old Data Uncovered Another report breezed about was to the effect that the companies were protesting against the commission's request for a considerable amount of old data, which was furnished to the Interstate Commerce Commission about twenty years ago. There was no such protest, it was learned today, but on the contrary, the commission was able to get a large amount of such information from the old records. It was admitted by telephone executives that differences of opinion has arisen, but that all such differences have proved susceptible to amicable discussion. It also was pointed out that hearings will ensue, relative to the data which has been filed, but that such hearings promise nothing more alarming than an effort to arrive at agreement upon points which may not now’ be definitely clear. Harmony Prevails In no case, however, is there a semblance of a fight, said the telephone men. Such hearings may occupy a period of weeks, it was added, before the basis of the new commission's operations are fundamentally established. The far-reaching scope of the commission’s questionnaires was explained by the fact that the commission took over its job with a clean slate and a clear desk, and undertook to equip itself with essential information from the ground up. The program of the new commission was described as one of the most thorough-going ever undertaken by a government agency. And all is proceeding harmoniously, say the men who are most directly interested in it.

SLIGHT DROP NOTED IN BUSINESS ACTIVITY Dun & Bradstreet Index Dips in Sept. 19 Week. Showing only a very slight decline, the business activity barometer, compiled by Dun & Bradstreet, Inc., stood at 61.0 for the week ended Sept. 19. compared with 61.2 the week before. Smaller car loadings and bank clearings and a less than seasonal increase in electric power output were responsible for the slight decrease. The price factor turned upward for the latest reported week, while steel operations increased for the second successive week following seven weeks of decline. This week’s barometer compares with 63.8 at this time last year, or a drop of only 4.4 per cent. IRON ORE USE DROPS SHARPLY IN AUGUST Lake Superior Consumption Off From Previous Month. By Times Special CLEVELAND, Sept. 24—August consumption of Lake Superior iron ores by furnaces dipped to 1,443.943 tons from 1,599.864 in the previous month, and 2,611.903 in August last year, it was reported today. Stocks of ore on hand at furnaces and Lake Erie docks at the close of August were 32.713.477 tons, compared with 30,155.875 on the like 1933 date. Reports disclosed that furnaces in blast on Sept. 1 totaled 56, off 11 from the previous month. WOOL MARKET QUIET Strike and Small Orders Held Cause of Inactivity. By United Press BOSTON, Sept. 24.—Business in the Boston market for domestic wools last week was almost entirely at a standstill as result of the continued influence of the strike and the small amount of orders for goods received by mills in operation, the United States agriculture departments reports. Most of the extremely limited trading was on wools suitable for woolen manufacture and prices in these transactions were irregular. Quotations on western grown wools were unchanged. Fleece wool quotations were inclined easier because of the continued iinactivity and the uncertainty of the demand outlook.