Indianapolis Times, Volume 46, Number 120, Indianapolis, Marion County, 28 September 1934 — Page 32

Business and Industrial Developments.

PAGE 32

SELLING PUTS STOCK MARKET LOWERON DAY Gold and Mining Issues, However, Stand Out on Upside. MARKETS AT A GLANCE Bt t nttrS rr Stocks dull and irregularly lower; (old and silver issues firm. Bonds irregularly loner. Curb stocks ease in dull trading Chicago stocks lower. Call money 1 per cent. Dollar easier against pound sterling Wheat IT Ik to } cent; corn drops % to 94; oats ease. Cotton off S to ft points. Rubber up moderately in li(ht trading. Bar silver up % at 50 cents an ounce. Copper 9 cents a pound. 8" Unit fit Press NEW YORK. Sept. 28— Stocks sagged during the morning dealings on the Stock Exchange today and around noon a majority registered declines of fractions to more than a point. Gold and silver mining issues, weak spots yesterday, stood out on the upside today. United States Smelting and other silvers were firm. Alaska Juneau in the gold division was the most active issue on the board. United States Steel sagged to 33%. off *4, and small losses were noted in nearly all the other leading industrials. National Biscuit made a new 1934 low at 28Si, off 1%. R. H. Macy declined to 40'i, off lH in the mercantile division, the recent strong spot. Steel shares followed United States Steel down. Motors made small declines, as did oils and utilities. American Telephone declined more than a point at the outset on reduction in dividends by two of its subsidiaries. It later rallied slightly from the low. General Cigar made anew top for the year at 49. up 1. and then lost nearly all of the gain.

Money and Exchange

INDIANAPOLIS STATEMENT Clctring* ' • • *?-22? 222 22 Debits 4.645.000 00 Treasury Statement tßv United Press* WASHINGTON. Sept 28 —Government expenses nd receipts for the current fiscal year to Sept 26. compared with the corresponding period ol the previous sisThis Year tsst Year. Expenses ..*1 458 125 054 80 *858.240.051.03 Receipts .. 925 990 724 27 645.842 965 48 Deficit ... 532.134.330 53 212.397.085 55 Cash Bal. . 2 207.281,177 44 FARM CASH INCOME IS UP BY $78,000,000 1934 Revena* $117,009,000 Above Year Ago. By TJnitr4 Prrtn WASHINGTON. Sept. 28—Farmers’ cash incomes from sale of their products. AAA benefit checks and from cattle bought by the government in drought areas totalled $572,000.000 in August. $78,000,000 more than in July and $159,000,000 more than in August last year, the bureau of agricultural economics reported today. Income from these sources during the first eight months of 1934 totaled $3,642,000,000. or $717,000,000 more than during the corresponding period last year. From the sale of farm products alone, farmers received $499,000,000 in August. The AAA paid them $47,000,000 and emergency cattle purchases furnished an additional $26,000,000 The bureau said it forsaw indications that the high point in cash incomes would be reached, as usual, this month and next. But this rise, it added, may be smaller than in past years. ROOSEVELT DISCUSSES NEW MORTGAGE PLAN U. S. Likely to Enter Field on Much Larger Scale. By L'ttitfi Prett WASHINGTON, Sept. 28— President Roosevelt has discussed with Jesse Jones, Reconstruction Finance Corporation chairman, the possibility of government financial assistance to the mortgage market. Mr. Jones explained that while he was not in favor of the government entering the field on a large scale, he believed it could "prime the pump" until institutions were created in large cities eligible to borrow from the R. F. C. He indicated that the proposed steps for assisting the mortgage market by helping’ out distressed properties was one of the steps in the broad program of credit expansion. He added that New York bankers, headed by Winthrop Aidrich, chairman of the board of the Chase National bank, were trying to work out a program by which insituations eligible to borrow could be created. WHEAT EXPORTS DROP U. S. and Canadian Shipments Total 3,881.173 Bushels. By T\mrt Bptcia^ NE WYORK. Sept. 28—Wheat exports from the United States and Canada dtinng the week ended Sept. 22 amounted to 3.881,173 bushels, compared with 3.650,365 bushels in the previous week, and 5.253.575 bushels in the same week of 1933, according to Dim <fc Bradstreet. Inc. Prom July 1 to date, wheat exports total 42.311.990 bushels, against 42*500,333 bushels for the same period last year. Corn exports during the week were nil. contrasted with 1.000 in the preceding week, and 2,000 bushels last year. SALES INCREASE SHARPLY Sales of the Stewart-Wamer Corporation and iu subsidiaries during the first six months of 1934 were around 75 per cent higher than in ths same period of the previous year, according to Joseph E. Ottia Jr.

New York Stocks

(By Abbott, h.ppin, Oils— Huh. Low. H Y. clou. Amerada 43 43 43 43 At! Rff 35 34% 35 35% BamadaU % *% •’* W Cent of Del -... I*% 1% 18% l‘a Houston mew).. 33 3 } Houston 01di... 18 1* } }•% Mid Cent Pet .. 11% 11 11 "J* Ohio Oil 10% 10% 10% 10 x Pet Corp 9% 9% J i • • Phillips Pet 15 • 15% 15% 15% Plymouth Oil .. 8% 8% 8 ■ 9 Royal Dutch ... 34 34 34 34% ::::::: i% i'% ■: ifc SO of Cal .... 31% 31% 31% 31% SO Os Ind 35% 25% 25% 25% SOof N J .... 44% 43% 43% 43 . Texas Corp 23% 23 23 23% Tidewater Assn 9% 9% 9% 9* L'n Oil of Cal .. 15 14% 14% 15 Steel*— Am Roll Mills -. 17% 17% 17% 17% Be'h S’eel 29% 28% 28% 29% Ludlum Steel ..13 13 12 11 Mid Steel 8% 8% % 8n Mid Steel 8% 8% 8% 8% Natl Steel - 37 36% 38% 37% Rep Iron St Steel 13*. 13% 13'. 13% Rep USc St pfd 41% 41% 41% 42 U S Pipe <fe Fdy 19*. 19 s * 19 s * 20 17 S S'eel 34% 33 s . 34 34% U S Steel pfd .. 75% 75 75% 78 Motor*— Auburn 26 s * 25% 26% 28 Chrysler 34 33 s . 33% 34% Gen Motors 29 s . 29S 29% 29% Graham Mot ... 1% I s * 1% 1 Hudson 8% 8% 8 a 8% Hupp 2% 2% 2% 2% Nash 14% 14% 14% 14 a Packard 4 3 s . 3 s * 3% Reo 2% 2% 2% 2% Studebaker .... 2% 2% 2 a 3 Motor Acre**— Bendix 12% 12% 12% 12% Bohn Alum 49 s * 49% 49% 50 Bore Warner ... 22 22 22 22 Briees 17% 17 17% 1 Budd Wheel .. 2*. 2% 2% 2% Elec Auto Lite 23 22 s * 23 23 a Houdaille ‘A" .. 4% 4% 4% 4% Mullins Mfg •• 7% 7% 7 * 7% Mullins Mfe pfd 26 26 26 25 a Murray Body .. 5% 4. 5 5a Stew Warner ... 6% *% Timken Roll 30 29% 29% 30% Timken Det Axel s’* 5% 5% a,a Mining— Alaska Jun 20% 19% 19% 19% Am Metals .... 15% 15% 15 l5 a Am Smelt 35% 34 35 a 34 a Anaconda 12 11% 11 * 11s Cerro De Pasco 37% 36 37% 36 * Dome Mines .... 41 40% 41% 40 s * Granby 6% 6% 6% 6% Howe Sound .... 9% *B% 49 s * 49 Int Nickel 25% 25 25% 25 Int Silver 2 2 2 26 Kennecott Cop . 19% 18% 19% 19 Mclntyre Mine.. 5 44 45% 44 a Noranda Cop ... 39% 39 39% 39* Park Utah ... 3% 3% 3% 3% Phelps Dodge ... 15 15 15 15 St Joe Lead ... 17% 17% 17% }7 U S Smelters....lls 111% 113 112 Vanadium 17% 17% 17% 17,4 Amusements— Pox Thea 13 12% 12% 13 Loews Inc 29% 29 29 9% Radio Corp .... 6 5% 6 6 RKO 2% 2% 2% 2% Warner Bros ... 5% 5% 5% 5% Tobaccos— Am Sum T0b.... 19% 19% 19% 19% Am Tob (A*.... 76 76 76 75% Am Tob -8i... 77'* 76% 77 77% Gen Cigars ... 49% 48V* 48% 48 Ligg St M <B).. 98 98 98 98% Lorillard ... . 18% 18% 18% 18% Reynolds T (B) 48% 48 48% 48% Rails— Atchison 51% 51% 51 s * 51% Atl Coast Lines . 32 32 32 32 BSc O 16% 16% 16% 16% Can Pac 14 14 14 14V# Ch Sc Ohio 43 42 s * 42 s * 43% C M &St P pfd 5% 5' 2 5% 5% Chi N W 6% 6V* 6% 6% Chi N W pfd... 11% 11 11% 12 Dela Sc Hud 41% 41% 41% 41 Del Lac Sc W 18% 18 18 18% Erie 12% 12 s . 12 s . 13V. Grt Northern pf 15 s . 15% 15% 16 111 Central 17 s * 17% 17% 17 s * K C Sou B'* 8% 8% Bs*8 s * Lehigh Valley .. 12 s . 12 12 12% Lou Sc Nash 42 42 42 42 s . M K Sc T 6 s * 6% 6% 6% MKSc T pfd... 15% 15% 15% 16% Mo Pac pfd ... 4% 4V. 4% 4% N Y Cent 22% 22% 22% 22% N Y Chi Sc St L 14' 2 14 14% 14 N Y C Sc St L pf 22 22 22 22% N Y New Haven 10% 10% 10% 11 Nor Pac 19 s . 19% 19 s . 19% Penn R R 23% 23 s . 23% 23% Sou Pac 19% 19 19% 19% Sou R R 16% 16% 16% 16% Sou R R pfd ... 21 20% 20% 21% Union Pac 102 101% 102 102 West Maryland.. 9% 9% 9% 9% Equipments— Allis Chalmers . 13% 13% 13% 13% Am Brake Shoe 23 23 23 23 Am Loco 18 18 18 18V* Am Mach Sc Fdy 14% 14 s . 14% 14% Am Steel Fdy... 13% 13% 13% 14 Bald Loco 8% 8 8 8% Burroughs 12% 12% 12% 12% Case J I 44 5 , 43 44% 44% Deere 8c Cos 18 18 18 18% Foster Wheeler 12 12 12 12 Gen Am Tk Car 33% 33 33 33% Gen Elec 18 s . 18% 18% 18% Int Harvester .. 30% 30% 30% 31 Natl Cash Reg . 13 s * 13 s * 13 s * 14 Pullman Inc ... 40 s * 40% 40% 40% Rem Rand 8% 8% 8% B s . West Air B ... 19% 19% 19% 19% Westingh Elec . 32% 32% 32% 32% Utilitiea—--9m & For Pwr.. 7 7 7 7 Am Pwr & Lit . 5% 5% 5% 5% AT&T . .111% 111% 111% 112% Col Gas & Elec 9% 9% 9% 9% Com St Sou .... IV. 1% 1% 1% E P & L pfd 10 10 10 9% Int TANARUS& T 10% 10% 10% 10% Natl Pwr & Lit. Bs.8 s . 8% 8% 8% North Amer .... 14% 14% 14% 14% Pac G & E 14% 14% 14% 15 Peoples Gas 26 26 26 26% Postal Tel pfd . 15% 15 15% 15% Pub Serv NJ .. 32 s . 32% 32% 32V. So Cal Edison . 12 11 s . 11% 12 Std Gas 8% 8% 8% 8% Stdw Gas pfd . 9 9 9 9% Stone & Webster 6% 6% 6 s , 6% United Corp ... 4 4 4 4% Un Gas Imp .. 14% 14% 14% 14 s , Western Union.. 35% 34 s * 35 35% Rubbers— Firestone 14 14 14 14% Goodrich 10% 10% 10% 10% Goodyear 21 s * 21% 21 s * 22% Kelly Spring ... 1% 1% 1% I s * U S Rubber 16% 16 s . 16% 17 U S Rubber pfd 39 s * 39 39 39% Miscellaneous— Am Bank Note . 13% 13% 13% 14 Amer Can 99 98% 98 s * 98% oCntl Can 84% 83 s * 84% 83 s * Curtis Pub . 18% 18% 18% 18% Eastman Kodak. 99% 99% 99% 100 Gillette 11 s * 11 s . 11% 12 Glidden .24% 24 24 24 Inter Rapid Tr 13% 13 s * 13% 14% Owens Bottle ... 67% 66 s * 67% 67 Foods—i Am Sugar 67 66 66 67 Armour lAi 6 5% 5% 6% Beatrice Cream'y 18% 18 18% 18 Borden Prod .. 25% 24% 25 % 25 Cal Packing 38 s * 38% 38% 38% Can Drv G Ale.. 15 s , 15 s , 15 s * 15 s * Cont Bak (A).. 6% 6% 6% 6% Corn Prod . 64% 63% 64% 64 5 , i Crm of Wheat 32 32 32 32% I Cuban Am Sugar 7 s * 7 s * 7 s * 8% I Gen Foods 29 s . 29 s * 29% 30 I Gold Dust 18 18 18 18 I G W Sugar 29% 29% 29% 29% l Loose Wiles .... 38% 38% 38% 38% Natl Bisc lit 29% 28% 28 s , 29% I Natl D Prod ... 17 16 s * 16 s . 17 IS Porto Rico S 31 s , 31% 31 s . 31% Std Brands 19 s , 19% 19 s , 19% Un Biscuit 22% 22 22 22% I United Fruit . 74% 74 74% 74% Retail'StoreyAssn Dry Goods 11% 11% 11% 11% 1 First Natl Stores 64 63% 63% 64% Gunbel Bros ... 4 3 s , 4 3 s * , Gr Un Tea 5% 5% 5% 5% ! Hahn Dept Sts 5% 5% 5% 5% Kresge S S 18 18 18 18% , Kroger Groc ... 28 28 28 28% Macy R H .. 41% 40% 40% 41% Marshall Fields 12% 12% 12 s , 12% Mont Ward 27% 26 s , 27 27% Penny J C 61% 60% 60% 60% Safeway St ... 46% 46% 46% 46 s * Sears Roebuck .40% 39 s . 4040% Woolworth .... 49% 49 49 49% Aviation— Aviation Corp -.4% 4 4 4% Curtiss Wright. 2 s * 2 s * 2% 2 s * Douglas Air ... 16% 16 16 16 s , Nor Am Av ... 3% 3% 3% 3% Bpeerv Corp .. 7% 7% 7% 7% : United Aircraft 9% 9% S% 8% Chemicals— Air Reduction ..102 101% 101% 100 Allied Chem 129 129 129 128% Am Com Alcohol 28% 28 28 28% Col Carbon 68% 68% 68% 69% Com Solvents... 20% 20% 20% 20% Du Pont 91 90% 90 s * 91 Freeport Tex ... 23% 23% 23% 23% Liquid Carb ...21% 21% 21% 21% Math Alkali 27% 27% 27% 27% Monsanto Chem 53 s . 53% 53% 53% I Natl Dis inewl. 20% 20% 20% 20% Schenelev Dist .23% 23% 23% 23 s * Tex Gulf Sulph 36% 36% 36% 36% Union Carbide 43% 43% 43 s * 43 s . U S Indus Alco 38 37% 37% 38 I Vir Chm 6% pfd 13 18 18 18%

New Fork Bonds

ißv Fenner M Beane). Prev Close dose Ailef Corp Ss SO 544 344 Am it For Pwr Ss 2?JO S3’ 54 Aiehuon Gen 4s 95 101S 1014 B &O cv 44s 60 ... 574 57 Cab Pac 4s 57 784 7’ Ch U St P * P Ad) Ss A 2000 $4 *4 Ch MStPAtP rs 5s A ’75 274 28 1 . Erie RR rs 5s 07 654 65H Goodyear 5s '57 .100 100 Gt Nor 7s An 10 89 894 trierboro RT 5s TB4 754 Net Dairy db 54* 48 984 984 N T Central 5s O >Oll 88 85 4 Pac Gas & El 5s A ’4l 1054 1054 Para Pub 54* 50 63 592, Poland 7s "47 110 1284 Shell Union 011 5s '53 1004 1004 8m Cons 84s B 33 104 104 Tob Pr N J 84s 3013 1054 1054 Cn Pac Ist 4s '47 1044 105 4 Vanadma 5s 41 034 .. Youngstown I I T it 1 70 04

Abreast of The Times on Finance

Drugs— Lambert 24 24% 23% 24% McKess Si Rob 27% 27% 27% 26% Un Dru* 11% 11% 11% 12, Zonite prod .... 3% 3% 3% 4% Financial— Adams Exp .... 7% 7% 7% 7% Allegheny Corp.. 2 1% 2 1% Am Int Corp ... 6% 6% 6% 6 s * Cont Ins 28% 28 28% 28% Lehman Corp ..68% 68 68% 68% Tranaamerlca .. 5 s * 5 s * 5% 5% Tr Conti Corp . 4 4 4 4 Building— Am Radiator ... 13% 13% 13% 13 s , Johns Manvtlle 48% 47% 47% 48 Libby Owens Ols 29 29 29 28% Household— Col Pal Peet .. .15 14 s . 14% 15 Congoleum 28% 28% 28% 28% Kelvinator 13% 13% 13% 13% Proc & Gamble. 37% 37% 37% 37% Simmons Bed .. 10% 10% 10% 10% Textiles— Amer Woolen .. 9 9 9% 9% Belding Hem ... 12% 12% 12% 13, Cclanese Corp .. 24 s . 23% 24% 24% Gotham Hose .. 5% 5% 5% 5% Indus Ravon ..25% 25 25 25% Kavser Julius . 14% 14% 14% 14% Real Silk 6 s * 6% 6% 6%

Chicago Stocks

(By Abbott. Hoppin & Co.I 11 30 Prev. Chicago, close. Bendix Aviation 12 s , 12% Berghoft Brew Cos 3% 3V, Borg-Warner 22% 22% Butler Bros 8% 8% Chicago Corp com I s . 1% Cities Service 1% I s * Cord Corp 4 Crane Cos 8 8 Electric Household 15% 15 General House Util 7*/* 7% Iron Fireman ... 15 Noblitt-Sparks Industries. Inc. 14% 14% Swift &Cos 19V. 19% Swift International 38% 39 Utility Sc Ind. pfd 2% .■ Vortex Cup Cos 13% 13% U. S. PREPARES MORTGAGE HELP Government Will Back New Trust Companies Entering Field. By United Press WASHINGTON, Sept. 28.—The government today prepared to pump more millions of dollars into recovery channels through financial hacking of new trust companies specializing in mortgage loans. Jesse H. Jones, Reconstruction Finance Corporation chairman, said that his organization is ready to purchase preferred stock and capital notes in the new companies, if private capitaal comes forward to buy the common stock. The plan has President Roosevelt’s “hearty indorsement.” “By this step, we hope to rebuild the lagging mortgage market on a sound basis. Private capital from banks, insurance companies and clearing houses should take advantage of the plan to form the new institutions,” Mr. Jones said. Chairman Jones pointed out that loans by the Home Oowners Loan Corporation, federal housing administration and Farm Credit Corporation and other agencies are limited in “size and scope.” The new plan provides refinancing for such large projects as hotels, factories and skyscrapers. “We hope that private capital instead of RFC money will be used primarily in this progrem,” he asserted.

Gleanings

Auto Exports Spurt

Export sales of automobiles rose sharply during the first six months of the year, according to the United States Chamber of Commerce. Since the first half of 1932 the volume has trebled, while in the same period truck and bus sales have quadrupled. Shafer Third in Sales L. S. Shafer, in the new City Trust building, general agent of the Ohio State Life Insurance Company, ranked third among all the representatives of the company in a pot of gold contest, which was a feature of the rally being put on by the field force in honor of President U. S. Brandt. Lynn E. Bell of the Michigan agency was first and J. C. McFarland, general agent at Cincinnati, second. Sales Drive Launched A sales campaign will be launched in Mississippi, Louisiana, Texas and Kentucky by the A. B. C. Brewing Corporation, according to an announcement made today by Dwight Thomas, secretary. Coast Line Makes Plea By United Press WASHINGTON, Sept, 28. Reof the Sierra Railway Company of California today petitioned the interstate commerce commission for authority to abandon nineteen miles of trackage known as Angel’s branch in Tuolumne and Calaveras counties in California, because traffic does not produce revenues sufficient to pay maintenance and operating costs.

Other Livestock

(By United Press' LAFAYETTE. Sept. 28 —Hogs—Market steady to 20c higher: 225-275 lbs.. $6,506 660 275-325 lbs *6 2566 40; 200-225 lbs., $6 45 6 6.50. 180-200 lbs., $6 30(66.40: 160180 lbs.. $66015: pigs. $5.50 down: roughs. $5 75 down: calves. $6.50 down, lew at $7: iambs. $6 down. FT WAYNE. Sept 28— Hogs—Steady: 250-300 lbs., $650: 200-250 lbs $6 35: 18b--200 lbs . $6 15; 160-180 lbs.. $5 95: 300-350 lbs.. $6 25: 150-160 ibs.. $5 25; 140-150 lbs.. $5: 130-140 lbs . $4 75; 120-130 lbs . $4.10: 100-120 lbs. $3 35: roughs. $4.75: stags. $2 SO: calves. $7.50; lambs. $6 25. •By Times Special* LOUISVILLE. Sept. 28.—Cattle—Commercial. 125; supply lipht. demand not verv broad, market slow, about steadybulk common to medium grassv steers and heifers salable. $354 25; few better finished kinds eligible to $5 50 and strictly good kinds quotable higher; beef cows mostly 82 2593: low cutters and cutters. $162; sausage bulls mostly $2.75 down: desirable Hereford stock calves mostly. $4 5065. common to medium grade natives. $2 506 3.50 Calves —Commercial. 400. including around 100 stock calves: market steady: bulk better vealers. $69650; medium and lower grades $5 50 down. Hogs—Receipts. 700; market steady: top and bulk 200-250 lbs. $6 50: 180-195 lbs. $6 25; 255 lbs up. $6 05. 160-175 lbs. $5 65; 140-155 lbs . $5 15; 120-135 lbs .$3 65 Sows. $5 30 Sheep 650, including 362 stock ewes: lambs mostly steady; fat ewes weak to 35c lower: bulk better lambs. $66635; choice quotable higher bucks mostly $595.25: light throwouts. $3 50: most desirable fat ewes. $1,506 2; better stock ewes salable. $697.50 perhead. Receipts Thursday, cattle, commercial. 349: government. 138; calves commercial. 309: hogs, 731, sheep. 433 Shipments Thursday, cattle commercial. 308; government. 127; calves commercial. 241; hog*. 373. sheep. 434.

INDIANAPOLIS, FRIDAY, SEPTEMBER 28, 1934

FARMING COST. INCREASED GY 1920 EXPANSION Income and Outgo Balanced Before Outbreak of World War. (Thi, U the second of a .cries of Are articlei written for the Scripp.-Howard newspapers by the head of AAA, describing the Roosevelt farm program.) BY CHESTER C. DAVIS Administrator, Agricultural Adjustment Act In the course of achieving wartime expansion, in which he put 40,000,000 acres of grassland to the plow, the American farmer greatly increased his costs. In order to buy mere land, to buy motor-driven farm machinery, farm holdings were heavily mortgaged at war-time values; the average mortgage debt per acre in 1920 was 235 per cent of what it had been in 1910. The war prices for commodities were worked back into the American farmer’s production costs; the price of American farm land rose in direct proportion to the prices of the crops raised upon it. But so long as prices were rising, the fact that costs were rising was obscured by increasing margins of profit. During the years just before the war, his income and his outgo balanced without stress on either side of the scale. But when the military phase of the war was at an end, and military expenditures ceased, the balance went against him with a jolt. Six Major Reasons There were six major reasons why the American farmer did not share in the good times of the 19205. 1. During the war years the United States, instead of sending our surplus goods abroad to pay debts, was in a position to receive the surpluses of other nations’ goods to pay their debts. 2. While American tariffs were walling out foreign goods, European nations were closing their foodstuffs markets to outsiders with tariff and quota barriers and “imperial preferences.” 3. In such world markets as remained, the American farmer was meeting new competition. 4. The post-war anti-immigration laws sharply restricted population growth in the United States. For many years the farmers of the United States had enjoyed an expanding domestic market. More people are now leaving this country than are coming in. 5. The American who was eating 5.6 bushels of wheat per year when the war started, had room for only 4.6 bushels in his diet during the 19205, upsetting agriculture as a whole, 6. The millions of horses and mules had been displaced by automobiles, trucks and tractors. The horses and mules had eaten the crops produced on 35,000,000 acres of land. City Workers Affected Any one of these six major changes would have left the American farmer with a surplus. The city workers who were on the street because of the shrinkage in the farmer’s income were the largest group in the American community to suffer as a result of his misfortune, but they were not the only group. The wage cuts and unemployment with which they were all too familiar were shared by the agricultural laborers to whom, in 1926, the American farmer had paid $932,000,000. The business of rural merchants was practically at a stand's! .11. A further group to whom the fall in farm prices meant disaster was the group holding the $10,000,000,000 of American farm mortgage debt. Balance Was Lacking What were the means proposed by the Roosevelt administration to lift the American farmer out of the slough of depression? The farmer’s central difficulty was the lack of balance between his crops and his markets. Year after year surplus crops were breaking prices; as long as his returns were declining it was inevitable that he should be able to buy only fewer and fewer of the things he needed and to pay only less and less of his accumulating debts. The primary effort of the administration has therefore been directed toward the restoration of a proper balance between the amount of produce which is raised on American farms and the amount of produce which can be absorbed by available markets. (Tomorrow: The Agricultural Adjustment Act, and How It Works.)

On Commission 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-lb. box. sl.lO. Pears. Michigan Bartletts. bushel. *2 65; Avacados box. $1.50. Quinces, bushel. $3. Watermelons. 25c each. Bananas, pound. 54c. VEGETABLES—Cabbage. Northern Danish. 50-lb. bag. 75c; red. bushel. $1.35. Onions. Idaho sweet Spanish, large. 50-lb. bag. $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-lb. bag. *1.35. Wisconsin round white. 100-lb. bag. *1.55; Ohios. 100-lb bag. $1.50: Idaho Russets. 100-lb. bag ,*2.10. Sweet potatoes. Eastern Yellow Jerseys, bushel. 81.50: Indiana Nancy Halls, bushel. $1.35. Beans, homegrown stringless, bushel $1; Kentucky Wonders, bushel 85c; Limas, large, pound. 20c. Beets, dozen. 30c. Carrots. Ohios. dozen. 30c; Ohio (cut offs', washe-7, 22-lb. basket. 75c; bushel *1.25. Cauliflower, crate. 81.60. Celery. Michigan, medium, dozen. 45c; Jumbo, dozen. 65c: hearts, bunch. 90c. Corn, home-grown, dozen. 20 c: Cucumbers, home grown, bushel $1.50; dozen. 35c; dills, dozen. 75c. Endive. 2 dozen, 65c. Egg Plant, dozen. 75c. Kale, bushel 60c. Lettuce, outdoor. 15-lb. basket. 65c. Mangos, bushel $1 Mint, dozen. 50c. Parsley, cozen. 35c. Peas, hamper. 52.50. Peppers, red finger, bushel *1.75; 5-lb. basket. 50c.1 Radishes. 2 dozen. 75c. Spinach New Zealand, bushel 60c: broadleal. basket. 50c. Radishes. 2 dozen. 75c. Sptnbushel $1 25. Tomatoes, outdoor. 12-lb basket 50c: bushel $1.50. FRUITS AND VEGETABLES ißv United Press i CHICAGO. Sept. 38—Apples—Michigan Mclntosh, bushel. 24-inch. *1.356150 Tomatoes—Michigan. 8 quart baskets. 356 40c Sweet Potatoes—Tennessee, bushel 90c: New Jersey. $1 256 1.35 Peaches— Michigan, bushel .*29 2 50. Lettuce—California. crates. $29 325 Beans—lllinois, bushel, green. 50c6*125: wax. *l. Cabbage—Wisconsin. crates. 506 65c Carrots —California, crates. *1.506 1.75. Peppers— Illinois, bushel 509 65c! reds. *1.50 Eggplant— Dlinois. bushel 256 35c Celery— Michigan, crates, squares. 259 50c. Cauliflower—Western. crates. 90c651.10. Grapes —Michigan Concord. 4 quarts. 12614 c. Cranberries—Massachusetts. 1-3 bushel 82 506 3.60. Onion Market (50-lb sacks'— Michigan yellows. 65d724c; Idaho whites. £161.10; Idaho yellows. 75680 c; Utah yeltwa. 75680 c.

DELAYS SEC RULE

MjjMfeyy T A-

WASHINGTON. Sept. 28. Regulations concerning stock market short selling, floor trading, puts and calls, and “straddles” will not be made by the securities and exchange commission until late in October, chairman Joseph P. Kennedy, ab <ve, said today. Despite this, he said, manipulations of security prices after Oct. 1 are outlawed.

Wall Street BY RALPH HENDERSHOT’ Timaa Cnaalsl W filer

Times Special Writer. NEW YORK, Sept. 28.—Alfred P. Sloan Jr., president of the General Motors Corporation, and one of the most progressive industrialists in the United States, sees the dawn of anew era for working men approaching in this country. He expects them to live longer, have more leisure, education and better health, he says in the current issue of Atlantic Monthly,

Paying a high tribute to Preside n t Roosevelt for his “courageous and successful struggle against the fear psychology,” he nevertheless points to what he regards as one weakness in the recovery program, namely, the tendency to treat material

Hendershot

progress as ended. What capital and labor both need, in Mr. Sloan’s opinion, is the birth of anew industry. And he follows this by saying that one new industry that seems to meet these requirements is the manufacture and assembly of machine-made homes. Mr. Sloan will find many competent authorities in agreement with him when he suggests the need of anew industry. But on the point of whether machine-made homes meet this requirement he is likely to encounter a wide difference of opinion. The difference will arise over the question of whether the public will accept machine-made houses. n n IT is one thing to sell people a standard make automobile, but quite another to sell them a house of that sort. The one is more or less a permanent investment in addition to being a home, while the other is a cross between a luxury and a necessity, which can be disposed of quite easily or traded in for a newer and more up-to-date model. Machine-made houses would have to be more or less standard, and that is a feature which many people dislike. They wish to own individually constructed homes, and would prefer to pay a little more to get them. Certainly they would not like to have their homes known by their model or year of manufacture, as is the case with, automobiles, ana THE Investors’ Credit Corporation has been organized to furnish investors with the facilities for buying stocks and bonds on a timepayment basis. Purchasers will be required to advance from 30 to 45 per cent against the purchase price, and they may pay off the remainder out of income. They will pay 5 per cent for the privilege. While the idea of partial payments for securities is not entirely new, this is the first time that any important Wall Street group has taken it seriously. And because of its relative newness many people are wondering just how sound it is. The concern will not have the right to sell out their clients on a market break, as do brokers with margin accounts, and markets have a habit of breaking quite sharply at times. In all probability all of the various factors have been looked into quite carefully by the founders of the company, however, and they undoubtedly feel they have gotten around all difficulties. CORN POSITION STUDIED Import Os All Available Exportable Held Possible Based on normal consumption, the United States has approximately eight months supply of corn and eight months supply of oats, Fenner & Beane declared today in a survey. If this country imported all the available exportable surplus from foreign countries, it is said, it would not affect the acute existing shortage.

Retail Coal Prices

the 101 l owing price* represent quotations from leading Indianapolis eoal dealers A 25-cent carrying charge oer ton will be added DOMESTIC RETAIL PUCES Antnraclte 813.50 Brazil Lump 5.90 Brazil Egg S9O Brazil Min Run 523 Coke Nut Size 865 Coke. Egg Size 8.65 Indiana Forked Lump No. 4 and 6 . 573 Indiana Egg .- 5.71 Kentucky Lump Group ‘'B” 7.18 Pocahontas Lump 8 32 Pocahontas Egg 8 42 Pocahontas Mine Run 7.70 New River Smokeless 8 25 A. O. SMITH LOSS CUT A net loss of $250,251 was shown by the A. O. Smith Corporation in the year ended July 31, contrasted with a deficit of $1,931,389 in the corresponding period of 1933.

GRAINS MOVE WITHIN SMALL TRADINHANGE Scattered Buying Toward Close Brings Wheat Up From Lows. BY HARMAN W. NICHOLS. United Press Staff Correspondent CHICAGO. Sept. 28. Grain values moved about nervously in a narrow trading rut on the Board of Trade today in a market without special feature. Scattered buying appeared in wheat just before the close and slight gains from the lows were registered. The close found the principal grain % to % cent lower; corn % cent lower to % cent higher, and oats % cent lower to % cent higher. Wheat opened fractionally lower at the start when long holders let go their contracts, but later rallied, only to dip again in sympathy with an easier tone in Argentine and on liquidation in the local rye pit. Liquidation appeared early, but resting orders to buy wheat steadied the market. Routine news, as a whole attracted little attention, with most operators disposed to act with caution on both sides. Messages from the southwest revealed there has been fairly good business in both cash wheat and flour, with sales of the latter product estimated at 350,000 to 400,000 barrels, supposedly a reflection of a break in futures here earlier in the week. Trade over the corn tables was small with the price trend easily turned. The country sold only 50,000 bushels to arrive with receivers paying around the same price for grain from the country as prevailed in the spot market. Sellinfi in rye uncovered stop loss orders and the market developed independent weakness. Oats were without feature. Provisions averaged lower for the day with commission houses active sellers of futures, especially for January delivery.

Chicago Grain Futures

12:15 Prev. WHEAT— High. Low. Chicago close. September .. 1.04% 1.04 1.04% 1.04% December ... 1.03 s * 1.03% 1.03*4 1.03% May 1.03% 1.03% 1.03% 1.04 CORN— December ... .78% .77% .77% .78% May 80 .79% .79% .80'/* OATS— September .. .54% .53% .54V .56% December ... .52% .51% .51% .52% May 51% .51 .51% .51% Rye— September .. .75'% .74% .74% .75% December ... .77 .75% .76 .77% May 80 .79% .79'/* .80% BARLEY— September .. .84 .84 .84 .84% December ... .80 .79 .79 .80% Local Wagon Wheat City grain elevators are paying 92 cents for No. 2 soft red wheat. Other grades on their merits.

Local Livestock

HOGS Sept Bulk. Top Receipts 22. $6.50® 7.15 $7.25 1,000 24. 6.00® 6.90 7.05 5,000 25. 6.40® 6.70 6.95 5,500 26. 6.40® 6.70 6.95 4,000 27. 6.25® 6.55 6.70 4,500 28. 6.25® 6.55 6.70 5,000 (140-160) Good and choice $5.50® 6.15 (160-180) Good and choice.... 6.25® 6.45 (180-200) Good and choice.... 6.45® 8.60 (200-220) Good and choice 6.60® 6.70 (220-250) Good and choice.... 6.65® 6.75 (250-290) Good and choice.... 6.50® 6.65 (290-350) Good and choice 6.30® 6.50 Packing sows: (275-350) Good 5.85® 6.10 (350-425) Good 5.75® 6.00 (425-550) Good 5.50® 5.85 (275-550) Medium 5.25® 5.75 (100-130) Slaughter pigs good and choice 3.25® 4.75 CATTLE Receipts, 500 —Steers — (550-900) Choice $ 7.50® 9.00 Good 6.25® 8.25 Medium 4.25® 6.50 Common 2.75® 4.25 (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® 10.00 Good 6.75® 9.00 Medium 4.75® 6.75 (1.300-1,500) Choice 8 25®10.0G0 Good 7.25® 9.25 Heifers (550-750) Choice $ 7.00® 7.75 Good 5.50® 7.00 Common and medium 2.75® 5.50 (750-900) Good and choice ... 5.75® 8.00 Common and medium 2.75® 5.75 Good ~~ C0W . 5 77. 3.50® 4.50 Common and medium 2.50® 3.50 Low cutter and cutter 1.25® 2.50 —Bulls—(Yearlings Excluded) Good 3.00® 3.55 Common and medium 2.00® 3.00 VEALERS Receipts. 800 Good and choice $ 7.00® 8.00 Medium 4.50® 7.00 Cull and common 2.5C® 4.50 —Calves—-(2so-500) Good and choice ... 4.75® 6.50 Common and medium 2.50® 4.75 —Feeder and Stocker Cattle—i Steers) (500-800 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 AND LAMBS Receipts. 900 Lambs. 90-lbs. down, good and „ choice ... $ 6 00® 6.75 Common and medium 4.00® 0.00 (90-120i Good and choice ... 2.00® 2.50 (120-150) Good and choice ... 1.75®2.26 All weights, common and „ medium 1.25® 2.00

Other Livestock

(By United Press' CHICAGO, Sept. 28 —Hogs—Receipts, 17.000. including 8.000 directs: market slow 15c to mostly 25c lower than Thursday; 210-300 lbs.. *6 6566 75; top. $6.80, 170-200 Ibs.. *666.65; light lights, *596: pigs. $4 25 down; packing sows. *5.759 6.10; light lights. 140-160 lbs., good and choice. ** 759 6; light weight. 160-200 lbs., good and choice. *5.756 6.75; medium weights. 200-250 Ibs.. good and choice, $6.50 66.85: heavy weights, 250-350 lbs., good and choice. *6 5066 80; packing sows. 275550 lbs., medium and choice. *4.756 6.25: slaughter pigs. 100-130 lbs., good and choice, *3 256 4.75. Cattle—Receipts. 2.000 commercial. 2,500 government; calves 500 commercial 2.000 government; mostly steady with weighty fed steers suitable to ship slow in narrow demand; hardly enough fed steers and yearlings offered to make a market; best medium weight steers early at *9.25: package choice heavy heifers at $8: practical top sausage bulls at $3.25: selected vealers. *8.5068 75; slaughter cattle and vealers: steers 550-900 lbs . good and choice. *5 75 6 9 50 ; 900-1,100 lbs., good and choice. *6 256 10 25; 1.100-1.300 lbs. good and choice. *6.75610 50; 1.300-1.500 lbs good and choice. $7.50610.75: 5501.300 lbs., common and medium. $2 756 7 50; heifers. 550-750 lbs., good and choice. *5 256 8 25; common and medium. *2 756 5 25: cows good. *3 506550: common and medium, *2 9063.50: low cutter and cutter. *1.756 2 90. bulLs (yearlings excludedi, good * beef *3 2594; cutter common and medium *2 25 6 340: vealers good and choice. *6.75 i 9 8 75: medium, $566.75; cull and common. 1 *49 4; stocker and feeder cattle; steers i 550-1.050 lbs., good and choice, *4 256 6; common and medium. *2.756 4 25. Sheep—--10.000 commercial; 8.000 government; fat lambs undertone steady to strong: bulk natives bid. $6.50: best held *6.75 upward; sheep and feeding lambs Uttle changed; native ewes *1 5063-25: slaughter sheep and lambs: lambs 90 lbs. down, good and choice. *6 25 9 6 75: common and medium, *566 35: ewes. 90-150 lbs. good and choice. $1.656350; all weights common and medium 815062: feeding lambs. 50-75 lba.. flood and choice, $5,5066.25.

Stock, Bond and Commodity Quotations.

Stock Studies

T*E WATER ASSOC* o*l* . • COMMON STOCK ■ wmm i * - ■* * MW BAMMMGS pmcc ft*N6C acall ZOO ———— ' 20 "Jt-'lit*: -IrarW-? 0 bo *3*33 a3 31 3233 H ° WINCHCSMB IMSinVTE Os fmAMCE

Tide Water Associated Oil is & holding company some of whose subsidiaries have been active in the oil industry for many years. The company is engaged in the production, transportation, refining and marketing of oil products. Company’s market stations are widely scattered throughout the country. Its position as a producer of crude oil has been much improved through its east Texas properties. The recent expansion of the company has aimed principally to modernize plants and increase efficiency and oil reserves rather than to immediately increase sales. FINANCIAL DATA As of June 3. 1934 Common stock (no pari ...5,629.277 shares Preferred stocks <inc. subs.). .$83,246,900 Funded debt and equiv 7.140.940 Surplus 21.001.146 Cash and securities 14.165.296 Inventories 30.320>81 Total current assets 52.544,752 Current liabilities 9,518.225 During the twelve months period ended June 3, funded debt and purchase money obligations were reduced by nearly $4,200,000, while preferred stock outstanding was $3,300,000 less. Cash and securities increased about $2,200,000, inventories gained more than $5,000,000, while net working capital increased $5,400.000. Surplus increased nearly $7,200,000. Financial strength was much Increased during this twelve months period. On June 30 the current ratio was 5*6 to 1, while the book value of the common was $13.85 a gain of $.91 during the twelve month period. With the exception of the year 1931, when the company had a deficit of $1.75, profits have resulted each year. In 1933 $.58 was earned, while during the first half of this year $.13 was earned. No dividends have been paid on the common since 1931. Tide Water Associated Oil was incorporated in 1926 in Delaware. The common stock is listed on the New York stock exchange. It is currently selling for around 9%. All Rights Reserved. Winchester Institute of Finance, Winchester, Mass.

Produce Markets

Delivered in Indianapolis prices: Heavy hens, 12c; Leghorn hens, 7c; 1934 broilers, 2 to 4 lbs., 12c; over 4 lbs.. 13c: Leghorn broilers, 10c; old roosters sc; ducks, 4c; geese, sc; young guineas, 20c; old guineas, 15c; No. 1 strictly fresh country run eggs, loss off 19c. Each full case must weight 55 lbs. gross: a deduction ol 10 cents a pound for each pound under 55 lbs. will be made. Butter—No. 1, 29® 30c. Butterfat. 21c. Quoted by the Wadley Company (By United Press) CHICAGO. Sept. 28.—Eggs—Market steady; receipts. 1,58'i cases: extra firsts. 22 s *c; fresh graded firsts, 21%c; current receipts. 18®20c: dirties. No. 1. 17%c; No. 2. 14c; checks. No. 1,16 c: No. 2. 14c. Butter —Market steady: receipts, 13.969 tubs; extra firsts (90-91 % score), 24®24%c; extras (92 score). 24%c; firsts (88-89% score!. 23@23%c: seconds (86-87% score*. 22®22%c; specials. 25%@25fac; standards. 24%c. Poultry—Market about steady; receipts, 3 cars. 26 trucks, 5 cars due: fryers, white Rock, 13%c; broilers. 16c: greese, 9® 11c; turkeys, 13@15c; old roosters. 11c; ducks. ll®16c: springers. 13®17c: guinea hens. s4®7 dozen; hens, No. 2. 10c; Leghorn hens, 7® 10tic. Cheese —Twins. 12%@12%c; daisies. 12%(B 13c; longhorns. 12%@13c. Potatoes—Supply moderate; demand and trading slow: market dull; Wisconsin cobblers. $1 1.10; Idaho russets. $1.55; combination grade. $1.27%@1.37%; Washington russets. $1.50; United States No. 2. $1.30; Oregon russets, $1.50; No. 2. $1.37%; Colorado McClures, $1.50. Arrivals, 44: on track, 258; shipments. 502. STEEL MERGER FAVORED By Times Special NEW YORK, Sept. 28.—Following careful study of the proposed merger plan of the Republic Steel Corporation and the Corrigan, McKinney Steel Company, the Standard Statistics Company, Inc., has advised stockholders of the former company to accept the merger and recapitalization proposals and to deposit their preferred stock.

Moderate First Mortgage Loans on Improved Indianapolis Real Estate The Indianapolis Morris Flan Company Delaware and Ohio Sts. RI-1536

Roy E. McCoy Representing Travelers Insurance Cos. Residence Burglary Ins. Riley 3334

BE SAFE lnanrn Vonr Car Today —Foil Protwtlon Automobile Insurance Ass’n. LI. *571. 7th Floor Occld-ntal Bldg.

INSURANCE All Kinds With the Exception of Life A. J. Wiehmann & Cos.. Inc. 712 Circle Tower

jCEUUKW ROB W a S' (pOWFART investment Securities We are interested in the purchase of high grade INDIANA MUNICIPAL BONDS INDIANAPOLIS Continental Bldg. Riley 3321 NEW YORK SOUTH BEND MUNCH

RESERVE HITS ADVISORY BODY ON SUGGESTIONS 'Outside Their Jurisdiction,* Board Says in Reply to Council. By United Press WASHINGTON. Sept. 28—The federal reserve board sharply rebuked the federal advisory council today for urging important changes in the administration's financial policies. The action of the council yesterday was "entirely outside their jurisdiction,” the board said in a resolution. Federal reserve board members were obviously agitated by the advisory council’s financial reform recommendations and were at a lass to explain why the recommendations were not made to the board when the council held its last meeting here on Sept. 18. The reserve board’s resolution critcising the council was sent to council headquarters in Chicago. At its meeting here on Sept. 18, only routine and minor matters were discussed with the reserve board by the council, reserve board officials said. The matter of changes in the government’s financial policies were not discussed with the board, it was said. Gold Return Urged By United Press CHICAGO, Sept. 28.—Return to the gold standard and a dollar of fixed value was urged today by the federal advisory council, a statutory body of the federal reserve system, as a necessary perlude to national economnc recovery. Recovery can not even be hoped for, the council said in a statement sent to the federal reserve board and member banks, until industry can rely on a gold dollar of "definitely and permanently fixed gold content, with other forms of currency redeemable at all times in gold bullion.” A balanced governmental budget, the council added, likewise is necessary to restore confidence among businesss men and taxpayers. The report criticised invasion of business fields by government agencies and denied that any extension of the credit system or inflation of currency is desirable. The council had not met previously since Nov. 21, 1933. Since that time, it said, events have proved that “certain economic principles” are “fundamental and unchangeable and that our true course lies in frank recognition of these principles and conformity with them. “Further monetary experimentation holds out no promise of success,” it said, “and the repetition of expedients which have repeatedly failed in this and other countries can lead only to disaster.” The statement remarked that “a currency of fluctuating value will not materially affect the general price level nor will it adjust the discrepancies between the prices of different commodities; prices fluctuate as a result of business activity alone and are not its cause.”

City Securities Corporation Investment Securities We Own and Offer $22,000 City of Washington Indiana 4% Sewer Bonds Denominations SI,OOO Due 1953 to 1959 These bonds comprise the only debt of the Civil City of Washington. Price to Yield 33/4% 420 Circle Tower Indianapolis Telephone::: Lincoln 5535

WE BUY AND SELL: V. S. Govotnmont Bonds U. S. Territorial and Inaulai Bonds Indiana Municipal and Gravsl Road Bonds Land Bank Bond* Homs Ownsra’ Loan Corporation Bonda Bond, and Stocks oi Indiana Corporations Gsnsrsl Markst Municipal and Corporation Bonds f Indianapolis Bond and Share Corporation 119 lost Marti Straat HtpSoas tllap 4SSI