Indianapolis Times, Volume 46, Number 122, Indianapolis, Marion County, 1 October 1934 — Page 12

D e v e 1 o pments in Trade and Industry

PAGE 12

LIST DISPLAYS FALLING TREND IN DULL DEALS Stock Market Shows Dips of Fractions to as Much as 2 Points. tty Cmltett Press NEW YORK. Oct I—Stocks declined fractions to more than 2 points in the morning dealings today after an irregularly lower opening. Dealings were slightly above the recent pace for a time, but the list turned dull again before noon Du Pont was depressed to 88”, off 2%, while losses of 1 to 2 points were noted in Johns-Manville, Allied Chemical, Atchison, Auburn Auto, Celanese. Case, Chrysler,Commercial Solvents, Loews. Montgomery Ward. General Motors, Hows Sound. Industrial Rayon. New York Central. Pennsylvania Railroad, Union Pacific, Southern Pacific, Southern Railway. United States Steel. Union Carbide and Schenley. .National Biscuit was forced down to anew low for the year on fears over safety of the present dividend. Gold and silver mining stocks weakened. Farm shares, mail order stocks, mercantile issues other than mail orders, and rails were definitely lower. The few exceptions to the lower trend were General Cigar, which made anew high for the year at 51. up l 3 *: Commercial Investment Trust 46’a, ex-dividend 25 per cent in stock, up 3 3 i; Johns-Manville preferred 118. up 4. and Maytag first preferred 75. up 3 1 :-.

Speech Held Bearish if*/ t ailed Prtn* NEW YORK. Oct. I—Wall Street was almost unanimous today in classifying President Roosevelt’s speech as bearish. Many classified the address as pure politics. Greatest fault was found with the omission of such items as the dollar and the budget. The financial community had hoped the President would clarify his position on the future of the currency and that he would give an indication when budget balancing could be anticipated. •’Business and Wall Street had been hoping for reassurances that would have aided recovery, ’ one broker said. “Instead, the President made the same attacks on Wall Street and bankers that have been coming from Washington with regularity of late. The speech appears to be bearish on the markets.” Bankers resented the implication American bankers did not assist their' government as did British bankers. They also were prone to belittle the comparison of the United States and Great Britain. With regard to the latter one banker said: ‘There are many sharp differences between the two countries’ methods. England was pushed off the gold standard; we walked off. England balanced her budget and curtailed expenditures to bring recovery; we have an unbalanced budget and reckless expenditures.”

Money and Exchange

INDIANAPOLIS STATEMENT Clearings *2 022.000 00 DEBITS 5.441.000.00

Treasury Statement

<By United Press* WASHINGTON. Oct. I.—Government expenses and receipts for the current fiscal year to Sept. 28. compared with the corresponding period of the previous fiscal year: This vear. Last year. I Expenses 81.478 024 08117 $872,000.198 47 Receipt* . 938 813.521 50 659.033,548 49 Deficit . 539 210.559 67 212 966 649 98 Cash bal 5. 195.676,808 05 DIESEL MOTORS USE WEIGHED BY SOVIET Gasoline Shortage Prompts Union to Make Experiments. By United Prett MOSCOW. Oct. I.—The Soviet Union, faced with a chronic gasoline shortage, is experimenting widely with Diesel engines with the idea of using them for trucks, buses and tractors. Recently a caravan of forty motor trucks using thirty-eight different makes of these oil-burning motors completed a 5.000-ki.ometer run to determine which stood up best under hard conditions. Two of the motors were Soviet-made, the rest foreign. During the long journey from Moscow to the central city of the Caucasus. Tiflis. and return only two of the Diesel-motored trucks were forced to drop out. A few others required minor repairs, but mere able to keep up with the procession.

LOCAL INSURANCE CO. HAS EXCELLENT YEAR Hoosier Casually Firm Makes Steady Progress Over Long Period. The Hoosier Casualty Company, health, accident and automobile insurance underwriters, made an excellent showing during the last j year, as evidenced by Its recent j statement of conditions. The underwriting profit of the company for the seven-year period ended Dec. 31 last amounted to 2.2 per cent of the earned premiums Net volume of insurance written during 1933 was $518,110. as increase of $18,630 over the preceding year. The surplus increased $30.838 and the Arm gained an additional $lB 578 through investment operations. BANK DEBITS LOWER By Time 4 Specter CHICAGO. Oct. 1 —Debits to individual deposit account reported to the Federal Reserve bank of Chicago for the week ended Sept. 26 by 154 banka in forty leading clearinghouse cities in the seventh federal reserve district, aggregated $797.813,000. a decrease of 7.8 per cent compared with a week ago.

New York Stocks

•By Abbott. Proctor A A*M Prey. Oil*— High 1/** l*-Y ciOM. Amerada ” i A'i Rf* 25” 24 , 24’a 25 , Birnuhn ” * 21* S. a Coot of D1 1 1* • • 1 Houston <nw).. 3'* 33 f M.d Cont Pet ..IP* 11 } }* Ohio Oil . . 10' * 10 4 10 4 IOJ* .Phillip* Pf' ... 15’a 15 15 15'a I Plymouth Oil .. *” *’ *• *• I P^re Oil 2** • ” ,] *' Soc Vac 14. 14 a 14 • 14” IsO of Ca! 30” 30>a 30'a 31 3O of Ind 25” 25'a 25” 25 • SOof N J 43’ a 43'* 43 43’* | Texas Corp .. 22” 22” 21 i 22’a | T:deater Assn . 9” 9'a 9” 'a Un Oil of Cal 14 14 14 l*‘a Steel*— Am Roll Mill* 10’s 15'* lj‘a Re’h Steel 27', 27’* 27’* 28” Bvers .16” 16' 16' 17 Nfckeejport Tin M’ 85 * 86’* 82 Mid Steel B'* B’* 8” 8 Natl S’eel 35 38 38 36’* Otis S'eel 4” 4” 4” 4’* Rep Iron A Steel 13” 12” 12” 13” I Rep Ir ASt pfd 41 40’, 41 41 U S Stel . 33’* 32’* 32’, 33’* U S S'eel pfd . 75’, 74’* 74’* <5” Warren Bros 6'* 6' 6'* 6” Voungst n SAT 16” 16’* 16'* 16’a Motors— Auburn 25‘a 24'* 24'* 25” Chrysler ... 33‘* 32’* 32’* 34’. Gen Motors .. 29' a 28’. 28’. 29’* G-n Mot pfd . 102 a 102’a 102'a 102’* Graham Mot ... I’* I’* I s * 1” Hudson B’* B’* B'* B_, Hupp 2'a 2'a 2'a 2” Mat True 23' a 23'a 23” 25], Nash 14' a 14 14'* 14” Packard 3’, 3’* 3’* 3’. Reo 2'* 2'* 2 * 2', Siudebaker ... 3 2’. 2’* 2’. Yellow Truck 3'. 3’* 3’* 3” Motor Arres.%— Bendix 12; 11'* 12” 12], Bohn Alum .... 48’* 4i’a 4._ 3 48” Borg Warner .. 21’a 21” 21” 22 Bnggs 17’. 16 * 16_* 17 * Budd Wheel .. 2’. 2’. 2’* 2‘a Elec Auto Li'e .23 21 • 22” 22'* Houdaillr A" . 3’. 3’. 3'* 4 a Mullins Mfz pfd 25'a 25'a 2o” 25'a Murray Bodv 5 4 7 * 4 J S'fw Warner . <5 6 Timken Roll 29” 29', 29 . 29’. Timken Del Axel 0 , 4 5*2 $ 2 5 3 ,4 Minin* — Alaska Jun ... 19’. 19” 19” 20'. Am Smelt 35 34 34 34'* Anaconda 11*4 11” 11'. 11” Cal A Hecla . . 3’, 3'* 3 * 3'* Cerro De Pasco 37 36 36” • Dnmt Mines 41'* 41’. 41” 41], Gt Nor Ore .. 10'a 10'* 10” 10 a Howe Sound ... 50'2 49 49 50 a Ins Copper 3', 3’* S'* 3, Int Nickel 25’. 24’, 24’. 24’. Kennerott Coo . 18'a 18'.* 18” 18 Mclntvre Mine .. 45 45 45 45’a Noranda Con .. 33 3 39 PhciDS Dodge .. 14’. 14” }4” 74 U. S. Smelters .115 113’* 115 115’* Vanadium 16' x 16',a 16' 2 17

Amusements—- ! For Thea 12’. 12'* 12]* 12” iloews Inc 2 B’* 271* 28]* 29 * Radio Corp 5 5 * 5® RKO 2'j 2'_. 2' 2 2” Warner Bros ..5 4’* 4 3 * 5 . Tobaccos— Am Sum Tob .. 19’* 19’* 19' 19” Am Tob ' B'* ... 77’a 76 76'a cl Gen Clears . 51 49' 2 51 49Reynolds To B” 48 47 3 48 48'a Rails— Atchison 50 50 50 51'2 All C Lines .... 29], 29’* 29;* 32 Can Pacific 13 > 13 ’* 13 ]. 14 * Ch & Ohio .42 * 42'* 42* 43 ChA-Gt W pfd . 4” 4 2 1 > C M A: St. P .. 3'2 3' 2 3 a 3_, CM&St. P pld . s'* 5 s]. 5 3 * Ch! N W ... 6'* 5 3 s'* o'* Ch! N W nfd .. 10’* 10-2 10 3 * 11 , Dela it Hud ... 38 38 38 x-39'a Del Lac &W .. 17’* 16' 2 16 * 18 Erie ..12', 12'* 12'* 12* a Grt North pfd . 15'* 14'2 14’. 15'. 11l Central ... 17’, li 3 17’* 17-* Lehigh Valley.. 12 12 12 12 Lou A Nash ... 41’. 41's 41. 42 M K A T 6'* 6', 6'* 6‘* M KA T pfd . 14” 14’. 14” . Mo Pac pfd ... 3’, 3 3 , 3 s * 4” N Y Cent 21'a 20' 2 21’* 22 * N Y New Haven 10 10 10 10 2 Nor Pac 19” 18'* 18'i 18’* Penn R R 23'* 22’. 22’, 23” Reading 4040 40 37 2 Sou Pac 18'. 17'. 17 2 18 . Sou R R 16'2 15'2 15’. 17 Union Pac 100 3 4 99* 100\ 101 s Equipmmts— Allis Chalmers . 12'* 12 12 13 s . Am Brake Shoe 22'x 22' 2 22 2 23 Am Car A Fdy 16'* 16 16‘a 16-* Bald Loco 8 8 8 8 Burroughs 12'.* 11’. 11’1 12]* Case J I 43 40' 2 41' 2 43'* Cater Tract ... 27 26’* 26], 26’. Deere A Cos 18 17 17’* Elec Stor Bat 35 35 35 35 Gen Am Tk Car 32’. 32’. 32’, 33” Gen Elec ... 18” 17’. 17la .J?’* Int Bus Mach 140 14 140 141 Int Harvester .. 31 29', 29” 30 Natl Cash Reg . 13” 13” 13” 13 * Pullman Inc .... 4040 40 40] Rem Rand 8” 8” 8” 8” Und Elliott 46 46 46 48’* West Air 8i... 19’. 19” 19” 19” Westingh Elec . 31” 30” 30” 32” Worthington P. 15 15 15 17” t'tilities — Am A For Pwr . 6” 6” 6” 6’, Am Pwr A Lit . 4’, 4’a 4” 5

Stock Studies

ELECTRIC AUTO-LITE COMMON STOCK <t* ■■ 11 nwnct SMM tA*N*NGS PRICE RANGE SCAU - ——— _ . 125 .7L r 4j”“t ° " 30 31 32 3334 30 31 32 33 34 ‘ ° Winchester institute of finance

Electric Auto-Lite Company is the largest independent manufacturer of automobile accessories, making a wide range of supplies and parts for automobiles and specializes in starting. lighting and ignition systems. The company also manufactures storage and dry batteries for a wide range of commercial uses. Among its customers are most of the important automobile manufacturers, including Ford, Nash. Hudson and Packard. Plants are well located throughout the country and are modernly equipped. FINANCIAL DATA iAs of June 30. 1934) Common stock iss par* shares 1.208.121 Preferred stock (SIOO pan 84.197.i00 Surpluses 2'sl2’oSi Cash and securities 2 Inventories 2.714.801 Total current asserts . 6.'3.059 Current liabilities 1.101.455

During the six months period ended June 30 capital stock outstanding increased bv 278.287 shares, surplus gained $2,000,000, cash was up nearly $l.lOO 000. inventories were $500,000 larger, while net working capital gained nearly $1,200,000. The current raito on June 30 was 6 to 1. while the book value of the common was $11.22. a gain of 30 cents during the six months period. Electric Auto-Lite managed to keep out of the red in the past few years, but only 45 cents was earned on the common in 1933. For the first six months of this year, however. 77 cents was earned. The company has been liberal with dividends drawing on surplus in 1930. 1931 and 1932. However, the last dividend was paid in January, 1933. Electric Auto-Lite was incorporated in Ohio in 1922. Both i classes of stock are listed on the New York Stock Exchange. The common is currently selling at around 23*3. All Rights Reserved Winchester Institute of Finance. Winchester. Mass.)

Retail Coal Prices

The folio* :ng prices represent quotations I from leaning Indianapolis coal dealers. A 25-cect carrying charge per ton will be added. DOMESTIC RETAIL PRICES Anthracite sl3 #0 ! Brazil Lump $.90 ! Brazil Lump 590 Brazil Mine Run a35 Coke. Nut Size 8.*5 Coke. Egs Size . .. 865 Indiana Forked Lump No 4 and I . 5.13 Indiana Ees 5-T1 Kentucky Lump Group "B" • If 1 Pocahontas Lump *32 Pocahontas Ees 843 Pocxhonles Mine Run - 25 New Ruer Smokeless •

Abreast of The Times on Finance

A T A 7 110’* 110'* liO'a 111*4 Am Wat Wks .. 18'a 18‘a 16” 17 Col Gas A Elec . 9’. B’. B’, 9'* Com A Sou IS 1” 1” I’. Consol Gas 29 28’3 29 29** Int Hvdro Elec.. 4 4 4 4 l Int TAT .. 9’, 9’* 9’, 10', Lou GAEA. 14'. 14’, 14’. 14'. Nat Pwr A Lit . B'. 8 8 B'. North Amer 13’. 13'a 13', 14', Pac G A E .. 14’, 14’, 14” 15 Pub Serv N J 32’, 31’* 31 s , 32', So Cal Edison .. ll'a 11” 11” 11’. S’d Gas B'. 7’, 7’, 8 S'one A Webster 6 6 6 6', United Corp 4 3’, 3’. 4 Un Gas Imp .. 14’* 14’, 14’* 14’, W'estern Union . 34’, 33', 33'* 34” Rubber*— Firestone 14 1*” 14 14 Goodyear 21** 21 21 21’* U S Rubber . 16 15’, 15’* 16’. U S Rubber pfd 38'i 37” 37'a 39 Miscellaneous Am Bank Note 13 13 13 13’. Am Can 98 97'a 97'2 98’. Brklvn Man Tr 39 38’, 38’. 39’. Conti Can 83'a 83'a 83'a 83’, Curtis Pub ... 18'. 18', 18', 18’, Eastman Kodak 99®, 99'a 99” 99 Gillette 11’, ll'a 11’. 11” Glidden .... 22’, 22’, 22’. 24 Owens Bottle .. 65 64'a 64 3 66 Armour "A" . . 5” s’, s’, 6 Beatrice Cream 18', 18', 18>, 18 Borden Prod .24 4 24', 24'. 24’, : Cal Packing3 3 3, 37 3 * 37 3 * 38 Canada D G Ale 15 15 15 15 Corn Prod . 63',* 63', 63'* 63” Crm of Whea? . 32 32 32 Gen Foods 30” 30 30 30 Gold Dust 17", 17’* 17 3 * 17” G W Sugar 29'a 29'. 29', 29'a Loose Wiles ... 38’. 38', 38’. 39 Natl Biscuit ... 38’, 38', 33'. 39 Natl D Prod ... 16 v , 16’, 16’, 16 3 , Puritv Bak .... 10 9’, 9’, 9 3 , Std Brands 19' 2 19>. 19', 19'. Un Biscuit 22’, 22’, 22’, 22 4 United Fruit .. 74’2 74 74 74'.2 Retail Stores— Assn Drv Goods 10' 2 104 104 11 Best A Cos 32 32 32 324 First Natl Stores 63 4 63’, 63’, 63’, Oimbel Bros . 3 4 34 34 4 Hahn Dept Sts . s', s’, s', 5” Kresge S S .... 174 17 174 184 Kroger Groc .. 28 274 28 284 Macv R H . . 40 4 39 4 40 4 40 4 Marshall Fields . 114 114 114 124 May Dept St. 37'.. 374 374 38 4 Mont, Ward . 26’, 25 4 26’, 27 4 MclJean Stores 7 4 7 4 7', 74 Natl Tea 10 s * 104 104 194 Penny J C 60 60 60 60 4 Safeway St 46'* 464 46'* 454 Sears Roebuck . . 394 384 384 394 Woolworth 47’, 48’, 48 4 484 Aviation— Aviation Corn .. 4 4 4 44 Curtiss Wright 2’, 241, 24 24 Curtiss Wright A 74 7’, 7’, 74 Douglas Air Nor Am Av 3'* 34 34 34 Speery Corn ... 74 6'* 7 74 Wright Aero ... 46 46 46 474 Chemicals— Air Reduction .101 101 101 1014 Allied Chem .. 1254 125 125 1264 Am Com Alco . 27 26 26 274 Com Solvents . 194 19 19 4 20’, Dupont 884 88 4 88 4 90’, Math Alkali ... 26’, 26', 26’ 8 26’, Monsante Chem 53 53 53 53’, Natl Dis inewi 204 194 194 194 Schenelev Dist . 23 224 224 234 Tex Gulf Sulph 364 364 364 364U S Indus Alco 36 35 4 354 36 Virg Ch 64 pfd 18 18 18 184 Drugs— Lambert 244 24', 24 4 24'/* Un Drug 12 114 114 12 Zonite Prod ... 4 34 34 34 Financial— Allegheny Corp 14 14 14 2 Am Int Corp . 64 64 64 64 Transamerica . 54 54 54 54 Tr Conti Corp . 4 4 4 4 Building— Am Radiator .. 13 124 13 134 Johns Manville . 454 44’* 45 47 Libv Owens Gls 28 274 28 284 Ulen Const 2 2 2 2 Household — Col Pal Peet ... 144 144 144 144 Congoleum .... 274 274 274 284 Kelvinator 13 124 124 134 Mohawk Carnet 15 15 15 15 Proc A Gamble . 94 94 94 94 Simmons Bed . 94 94 94 94 Textiles— Celanese Corp . 24'., 23 4 23’* 25 Collins Aikman . 124 124 124 12’* Gotham Hose .. 5 5 5 54 Indus Rayon ... 254 254 25’* 25 Kayser Julius ..14 14 144 ...

New York Bonds

(By Fenner A Beane 1 Prev. Close, close. Alleg Corp 5s ’SO ... 25” 23” Am A For Pwr 5s 2030 52” 53',2 A T A T db 5s 65 108”. 108” Atchison Gen 4s 95 101” 101” B A O cv 4”s ’6O 55 56” Beth Steel 5s A '42 103” . Can Pac 4s '57 78 78” Ch M St P A P adj 5s A 2000 7” 8” Ch M St P A P rs 5s A ’75 . 25” 26” Erie RRrf 5s 67 64” . Goodyear 5s ’57 100” 100” Gt Nor 4”s D '76 70 70” Gt Nor 7s An '36 88” 88” Interboro Rt 5s '66 75’ 2 76 Int T A T db 5s 55 60” 61” McKess A Robbison s”s ’SO . 85 85” Nat Dairy db s”s '4B 9 98” N Y Central 5s O 2013 64” 65 Nor Am 5s '6l 83” Pac Gas A El 5s A ’42 104” 104” Para Pub s”s ’SO 60 60” Poland 7s ’47 129'. 128',. Shell Union Oil 5s ’52 100” Texas Corp 5s ’44 103” 103 1 /. Tob Pr N J 6”s 2022 106 Vanadium 5s ’4l 83” ...

Chicago Stocks

(Bv Abbott. Proctor & Paine) 11:15. Prev. A. M. close. Bendix Aviation 12 12 5 /s Borg-Warner 21'2 22 Butler Bros 8 B’4 Chicago Corp. com 1% Its Chicago Corp, pfd 25 Chicago Mail Order 10 Cities Service . I s * 1 3 4 Commonwealth Edison 45% .. General House Util 7% 7** Great Lakes Dredge 14 3 4 15 Libbv-McNeil 7% Quaker Oats 122 1 a 123 Swift * Cos 18 7 % 19 Swift International 38 38'2 Utility & Ind. pfd 2% 2'2

On Commission Row

Quotations below are average wholesale prices being offered to buyers bv local commission dealers FRUlTS—Cranberries. Cape Cod early blacks. 25-lb. box, $2 90. Grapes. Michigan Concords. 4-qt. basket. 18c. 12-qt. basket. 40c: California seedless. 27-lb. box. 51.90; Crabapples. Michigan hvslops. bushel. $2. Persimmons. Indiana. 12 pts. 90c. Plums Italian prunes. 16-lb. box. SI.IO. Pears. Michigan Bartletts bushels $2.75: Avacados box. $1.50 Quinces, bushel. S3. Watermelons. 25c each. Bananas, pound. 5Vc. VEGETABLES—Cabbage Northern Danish 50-lb. bag. 75c; red, bushel, $1.25. Onions. Idaho sweet Spanish, large. 50-lb bag. $1.40: Michigan, yellow. $1: Indiana. 10-lb. bag. 20c; white boilers. 10-lb. bag. 35c. Western white. 50-lb. bag. 51.75: homegrown pickling. 10-lb. bag. 75c. Potatoes. New Jersey Cobblers. 100-lb. bag. 51.60. Wisconsin round white. 100-lb. baju SI 30: Ohios. 100-lb bag. $1 55: Idaho Russets. 100-lb. bag. $2.10. Sweep potatoes Eastern Yellow Jersevs, bushel. $1 40; Indiana Nancv Hails, bushel. $1 25 Beans, homegrown stringless, bushel. $1: Kentucky Wonders, bushel. 85c: Limas, large, pound 20c Beets, dozen. 30c. Carrots. Ohios dozen. 35c: Ohio icut offs', washed. 22-lb i basket. 75c: bushel. $1.15 Cauliflower. I crate $1 35. Celery. Michigan, medium, j dozen. 40c: jumbo, dozen. 65c: hearts. I bunch. 90c. Corn, home-grown, dozen. 15c; j Cucumbers, home grown, bushel. $2.00. dozen. 50c; dills, dozen. 75c. Endive. 2 dozen. 60c Egg Plant, dozen. 75c. Kale bushel 60c. Lettuce, outdoor. 15-lb. basket. 65c Mangos, bushel. 85c Mint, dozen. 50c. Parsley, dozen. 35c. Peas, hamper $2.75. Peppers, red finger, bushel. $1.75: 5-lb. basket. 50c Radishes. 2 dozen. 65c Spinach New Zealand, bushel. 50c: broadleal basket. 50c Tomatoes, outdoor. 12-lb basket. 50c; bushel. $1.50. FRL'ITS AND VEGETABLES ■By United Press! CHICAGO Oct. I.— Apples—Michigan McIntosh bushels 2't inch. *1.2551.50. Tomatoes —Ohio 8-quart. 405 50c; lew. 60c; 12 quarts 655 75c. Sweet Potatoes— Tennessee bushel. 90c 4 ?51. Lettuce—California crates *1 75*i3.25. Beans—lllinois bushel, green. 75c*i51.25. Cabbage—Wisconsin crates. 405 75c. Carrots —California crates sls 175 Peppers—lllinois bushels. 355 50c Eggplant—lllinois bushels. 25 5 35c Celery—Michigan crates squares. 30 5 65c flats. 355 50c. Cauliflower, western crates *llOs 1.15. Michigan. 85c-j*lls. Grapes—Michigan Concord. 12-qum. 225 25c. 4 quarts. 12513 c. Cranberries—Massachusetts boxes, 1-3 bushel. Onion -Market 1 50-lb. sacks'—Michigan Yellows. 70575 c: Idaho Whites. *lsl 10: Idaho Yellows. 756 80c: Utah YeUows. 73 6 80c. STEEL MEN SUBPENAED By Time* Special WILMINGTON. Del.. Oct. I—OfI ficials of twelve locals of the Amali ga mated Association of Iron. Steel and Tin Workers have been subpenaed to appear in United States district court here on Oct. 15 in the hearing on the government's petition for a permanent injunction against the Weir ton Steel Company.

IX'PIANAPOLIS, MONDAY, OCTOBER 1, 1934

SOUND MONEY LEAGUE BACKS CENTRAL BANK Former Senator Owen Sees It Being Accomplished Without Inflation. By Times Special NEW YORK, C ct. I.—Sponsoring the movement to establish a central bank by the government, Robert L. Owen, former United States senator, today declared that such a purpose can be accomplished without inflation and without the central bank’s becoming a competitor to the private banking institutions of the country. Mr. Owen’s remarks were made in connection with the formal announcement of the formation of the Sound Money League, a nonprofit, nonpartisan organization, of which he has been elected president. ‘1 do not pretend to speak for the President or for his advisers who are conscientiously studying this question,” the former senator said, ‘‘but I can not believe that they are meditating erection of a government central bank that would lend to business, directly or indirectly, in competition with private banks. Prime Purpose Cited “The prime and final purposes of a central bank should be to fill the gap left in the nation’s creditmoney system through the destruction of some $20,000,000,000 in bank deposits, and to make the buying and debt-paying power of the dollar stable. “This we believe can be worked out by the committees of congress in such manner that there need be no call for the government’s going into the business of commercial lending.” The league in making its statement declares that it proposes to hasten the end of the depression, relieve unemployment, restore values and fight either inflation or deflation. It also demands that congress exercise the constitutional duty to regulate the value of money, a duty heretofore left in the hands of the privately owned Federal Reserve System. Seen Saving Banks “The league believes that the reorganization of our banking system and the prompt creation of a gov-ernment-owned central agency to stabilize money and provide credit may be the only instrument which can save the private banks. Local bankers must continue to grant or refuse credit to individuals. “The function of the central bank should be to control the total amount of bank credit money manufactured by all the banks oi the nation. “The Sound Money League proposes to organize state committees in forty-eight states, to inform public opinion, to request candidates for office to answer yes or no to the plan proposed and to submit thenreplies to the voters.”

Chicago Futures Range

WHEAT 11:15. Prev. High. Low. A. M. close. Dec 1.02% 1.01% 1.02% 1.02% Mav 1.02% 1.02V4 1.02% 1.0314 July 97 Va .97 .97% ... CORN— Dec .78% .77% .78 .78 Mav 80' 4 .79' 8 .79% .79% July 80% .80 .80% ••• OATS— Dec 52 .51 >2 ,517a .51% Mav 51 1 a .50% .51 .51 July 46% .45% .46% .. RYE— Dec 75 .74% .74% .75% May 78 .77% .77% .78’/a BARLEY— Dec 79 .78% .78% .79 May 75% .74'% .75% .73% Local Wagon Wheat City grain elevators are paying 91 cents tor No. 2 soft red wheat. Other grades on their merits.

Produce Markets

Delivered in indlanapolls prices Heavv 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: voung guineas, 20c; old guineas, 15c; No. 1 strictly fresh country rum eggs, loss oft 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 bv the V/adlev Company (By United Press) CHICAGO. Oct. I.—Eggs—Market, steady; receipts. 5,707 cases; extra firsts, 23c; fresh graded firsts 22%c: current receipts. 184* 21c; dirties No. 1. 18c: No. 2,14 c; checks. No. 1. 16c; No. 2. 14c Butter—Market, easy; receipts 11.958 tubs; extra firsts 1 9091% score*. 23%4)24c; extras (92 score!. 24%c; firsts 'BB-89% scorei. 23®23%c: seconds (86-87% score). 22® 22%c: specials 24%4)25 1 4 c; standards. 24%c. PoultryReceipts. 1 car. 28 trucks; market, easv; frvers not quoted: broilers not quoted; geese, 94) 11c: turkevs. 13(g. 15c: old roosters, 11c: ducks old. 8%4712c; spring ducks. 9% 4; 12c: springers. 13'5.16%c; hens, 13%4i16c; guinea hens dozen. S4®7. Cheese—Twin. 14%4) 12%c; daisies. 12% ® 13c; Longharns. 12 3 4 'Vi 13c. Potatoes—Supply moderate: cobblers, demand and trading slow, market dull; Russets, demand and trading moderate. market steadv. Wisconsin Cobblers, sl4} 1.05; Idaho Russets $1,504} 1.80; commercial grade. $1 304/ 1.32%: United States No 2 $1.30; Washington Russets, combination grade. $1.50: Colorado McClures, $1.60 4/167%: North Dakota early Ohios. $1.15. Arrivals 140. on track 283. shipments Saturday 805. Sunday 68.

REORGANIZED FIRM TO START OPERATIONS Abbott, Troctor & Paine will Begin Business Here Today. Abbott, Proctor & Paine, organized by former partners of Abbott, Hoppin & Cos., will start operations today in Indianapolis, New York, Chicago and other cities. The newly formed firm is a member of the New York Stock Exchange, the Chicago Board of Trade and other principal security and commodity exchanges in the United States and Canada. Louis C. Seaverns and Burford L. Porter, partners of the new firm, will direct operations in Chicago and other offices in that district. These include the Indianapolis office under the managership of James T. Hamill and Kenneth K. Wolling. "■ MORE BONDS DEPOSITED ! By Time* Special NEW YORK. Oct. I.—A total of $12,155,000 of Alleghany Corporation bonds of 1950 have declared in favor of the company's plan to pay interest in preferred stock. This represents $53.62 per cent of the $24,532,000 total of bonds outstanding.

Donald Richberg Viewed Assistant President Due to Numerous Posts Entrusted to Him Under New Deal

Chicago Lawyer, 53, With Salary of $14,000 a Year, Will Deal Directly With Roosevelt and Ali Policy Proposals Will Pass Only Through Him to White House. BY LYLE C. WILSON United Press Staff Correspondent WASHINGTON, Oct. I.—Donald R. Richberg, 53-year-old lawyer, emerged today from the shakeup of New Deal policy making machinery as an untitled but actual assistant President of the United States—salary $14,000 a year. Mr. Roosevelt scarcely would concede that there is an assistant President. Mr. Richberg would deny it. But here

are his responsibilities: Director of the industrial emergency committee, executive secretary of the executive council, executive director of the national emergency council and general counsel (on leave) of NRA. Sitting with Mr. Richberg on the executive council are Mr. Roosevelt, all cabinet members, the budget director and the heads of the principal commissions and agencies. The

Wall Street BY RALPH HENDERSHOT

Times Special Writer. NEW YORK, Oct. I.—When the government took over control of the monetary policy of this country the eyes of a great many people in Wall Street and elsewhere turned to the Federal Reserve banks to see how they were going to take it. These banks, being dominated by local bankers in their respective districts, have their own ideas about money and credit, and they have been known in the past to tangle

with the federal lut h 0 rities on matters of policy. But for mar.y months these bankers ha’ c kept their own council, speaking only as individuals when they had anything to say publicly, and then only on rare occasions. More recently “mutiny” seems to have broken out

M\

Hcndershot

aboard ship, and last week the federal advisory council came out with blast which tended to put the administration “on the spot.” This council, which is really a statutory body, asked for a return to the gold standard, a fixed value for the dollar and a balanced budget, all of which was rather embarrassing to the President. It also criticised the government for its interference in business. The federal reserve board, which stands at the top of the heap in an executive sense, was quick to note the “insubordination” and took the council to task for having overreached its bounds. It made the point that the council had been discourteous even in having failed to make its criticism to the board instead of to the council headquarters, declaring that nothing had been mentioned at the junior body’s meeting with the board in Washington less than two weeks ago. a st tt EVIDENTLY the incident has a direct connection with the movement to take over the monetary authority of the country which has been going on ever since President Roosevelt came into power, and which probably will result in the creation of a central bank at the next session of congress. Leading bankers in Wall Street had exercised a strong influence in establishing monetary and credit policies in the United States up until March, 1933. They were able to do this through the New York federal reserve board in Washington. But President Roosevelt changed this immediately upon assumption of office. He called them “money changers” in his inaugural address, and has given them the cold shoulder ever since. When Secretary Morgenthau was appointed head of the treasury department and virtually took over control of the federal reserve board the bankers realized that their reign was over, at least for the time being. They have been highly critical ever since, but rarely openly. Their open criticism last week, even though camouflaged by the fact that is was made public in Chicago, evidently represented a desire to carry the fight directly to the public. And coming on top of a similar criticism by the United States Chamber of Commerce, staged in a Washington “release,” it undoubtedly was designed to give the impression that the great body of industrial and banking leaders of the country were losing confidence in the administration.

BANKERS profess to fear that the government plans to take over and operate the banks. It probably would be more accurate to say that they fear the creation of a central bank through which the government permanently will supervise the operation of the banks and dictate monetary and credit policies in the United States. The Constitution gives congress the right to coin money and regulate the value thereof, but congress has delegated to the President the right to regulate the value of money within certain limits. The regulation of credit, which is much more important these days, has been largely a private matter. A central bank might be given much more power in that respect than i bankers would like.

Government Bonds Home Owners’ Loan Corporation and Municipal Bonds BOND DEPARTMENT The Union Trust Cos. of Indianapolis 120 E. Market Dey 5341

national emergency council is more select: Five cabinet members, the budget director and heads of seven independent agencies, mostly of emergency character. Mr. Richberg will deal directly with Mr. Roosevelt. Policy proposals will pass only through him to the White House. Supporting the capital’s inclination to call Mr. Richberg "deputy President” is the fact that he probably has the best general knowledge outside the White House of what actually has been done by the many multiple agencies of emergency and reform created by congress and administered by New Dealers. Mr. Roosevelt intends to use that knowledge. Richberg has just completed a report on all phases of Roosevelt administration achievements and problems. Mr. Richberg and Miss Perkins drove General Hugh Johnson out of the NRA eagle’s nest. General Johnson bitterly charged that Mr. Richberg had been disloyal. Devised Co-Ordination Plan While the general stormed, Mr. Richberg devised a co-ordination plan. Johnson left to permit Mr. Roosevelt to adopt it. The principal objective is to make NRA and AAA pull together. The income of farmers and consumers has lagged behind the price increases effected under Mr. Johnson’s industrial recovery. The new national industrial recovery board, in which seven men take General Johnson’s place, is subject in all its actions to general approval of the emergency committee, of which Donald Richberg is the director, and, perhaps more important, the only full-time member. He has written books. He was a labor—railway brotherhood —lawyer. He battled Samuel Insull in Chicago long before that fight was popular. He was a progressive Republican until he joined the New Deal. Suspected of Radicalism Big business suspected him of radicalism when he came here as NRA’s highest paid executive. That idea may be fading, while some of his progressive cronies are muttering that “Don” is becoming cool to the enthusiasms of his youth. Mr. Richberg’s own analysis is: “I have never been as radical as I have been pictured. I am antisocialist. But, as for my so-called radicalism, I am as radical in my beliefs as ever.”

Other Livestock

(By United Press) CHICAGO, Oct. I.—Hogs—Receipts, 21,00U, including 9,000 directs; very slow, unevenly 25 to 50 cents lower tiian Friday; weignts above 200 Ids., $6.20(56.0u; top, Sb.bU; 170-200 lbs.. $5.50-$6.25; light lignts, $o down; most pigs beiow_ $3.00; packing tows largely $5.40 downward. Lignt, ugnts. 140-160 lbs., good and choice, $4.2a 4a.ao; light weignt, 160-200 lbs., good and cnoice, $0.2541/6.50; medium weignts, 200250 lbs., good and choice, sb,[email protected]; heavy weights, 200-350 lbs., good and cnoice, Sb.io4i 6.50; packing sows, 27a-000 lbs meaium and choice, sis4io.6o; slaughter pigs, 100-130 lbs., good and cnoice, $2,754/4.25. Cattle— Receipts, 19.000 commercial. 5,000 government; calves. 2.000 commercial 2.00 u government; small supply beter grade led steers and long yearings selling nrm to shade higher on shipper accounts; in-oetween grades predominating in run; about steady; dressed trade market very bearish and a retarding influence in live market; all otner classes very uneven; cows under pressure; hellers fully steady; bulls firm, but vealers 25 to 50 cents lower; Dest few steers, early $10.25; bulk selling at sß.ao down: Dest led heifers. $8.35; slaughter cattle and vealers. steers, 550-900 lbs., good and choice $64/9.50; 900-1.100 lbs., good and choice! $6,504/10.25; 1,100-1,300 lbs good and choice $6 75®10.50; 1,300-1,500 lbs., good and enoice! s7.sofc 10.75; 550-1,300 lbs., common and meaium, $2.754/,7.5, hellers. 550-750 lbs., good and choice $5.20'a8.25. common and medium. $2.704/5.20: cows, good, $3.501//5.50; common and medium. $2.75®3.50; low cutter and cutter. *l.lO •• 2 75; bulls (yearlings excluded, good been. $3,254/4; cutter, common and medium. $2.25(//3.40; veaiers. good and choice, Sb.ou 1/8.50; medium. $54/ 6.50; cull and common. 544t5; Stocker and feeder cattle, steers. 550-1,050 lbs. good and choice, $4 2o</b. common and medium. 82.754i4.25. sneep Receipts. 24.000 commercial, la.ooo government; lambs, slow, undertone weak to 25 cents lower; better grades held $6./a. upward; ea#v bids downward from $6.50. sheep, steady: feeding lambs, steady to weak; slaughter sheep and lambs, lambs. 90 lbs. down, good and choice. $6.2d®6.70. common and medium. $;>.25®'6.3d. _ ewes, 90-150 lbs., good and choice. 51.65&2 50 all weights, common and medium. sl.au 4i 2; feeding lambs, 50-75 lbs., good and choice. $5.00®6.10. FT. WAYNE. Oct. I.—Hogs—Steady to 5c lower; 250-300 lbs.. 86.25: 200-250 lbs.. $6.10: 180-200 lbs., $5.90; 160-180 lbs.. $0.70 300-350 lbs.. $6; 100-160 lbs.. $5: 140-150 lbs. $4.75; 130-140 lbs.. s4.ao; 120-130 lbs $3.85; 100-120 Is.. $3.10: roughs. $4.50; stags. $2.50. Calves. s7.ao; lambs $6.25. LAFAYETTE. Oct. I.—Hog market steady, to 15c lower: 225-275 lbs., $6.20® 6.2a; 275325 lbs.. $647,6 15; 200-225 lbs.. $6.15 n (6.20: 180-200 lbs., $64/6.10; 160-180 lbs $5,754/ 5 90; pigs. $6 25 down: roughs. *a.so dow-n: calves, steady. $6.50 down; lambs, steady. $6 down . , (By Times Special) LOUISVILLE. Oct. I.—Cattle—Receipts, commercial. 1,100; general quality of run rather plain, demand from local killers not very broad but fair outlet on outside account: market opening moderately active- fully 25c higher than low time last week on steers, heifers and medium and lower grade cows; sausage bulls, strong to 25c higher; early sales, common to medium; steers and heifers, s3'-/4 50, fewbetter finished kinds, $54/5.50 with load around 1.100 lbs.: steers bid $6; bulk beef cows. $2,504/3; odd head. $3.25; low cutters and cutters. $1,254/2.25; bulk sausage bulls, $3 down: few $3.25: asking higher for desirable Hereford stock calves, but no early sales. Calves—Receipts, commercial. 66. including 300 stock calves: vealers. steady; bulk better grades. $64/ 6.50; medium and lower grades. $5.50 down; market. 15c lower than Saturday or 25c under last Friday Hogs—2oo-250 lbs., $6 25: 180-195 lbs.. $6; 255 ibs. up $5 80: 160-175 lbs $5.40; 140-155 lbs.. $4.90; 120135 lbs.. $3 40: sows. $5 05. Sheep—Receipts. 800. including 350 stock ewes; all classes steadv: bulk better lambs salable. $64)6 25. choice eligible higher bucks mostly $54)5 25, and light throwouts. $3 50; most 'better fat ewes. $1,504)2: better stock ewes quotable. $64/7.50 a head.

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Donald Richberg

Local Livestock

HOGS Sept Bulk. Top. Receipts 25 s6.4o's 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 29. 6.05® 6 30 6.50 2,000 Oct. 1 6.00® 6.25 6.45 5,000 1140-160' Good and choice .. $5.25® 6.00 (160-1801 Good and choice ... 6.00® 620 ÜBO-200) Good and choice ... 6.25® 6.35 (200-220) Good and choice.... 6 30® 6.40 (220-250) Good and choice ... 6.35® 6.45 (250-2901 Good and choice ... 6.30® 6.40 (290-350) Good and cohice.... 6.10® 630 PackinK sows: (275-350) Good 5 60® 5.85 (350-425) Good 5.50® 5.75 (425-5501 Good 5.25® 5.60 (275-550) Medium 5.00® 5.50 (100-130) Slaughter pigs good and choice 3.00® 4.50 CATTLE Receipts. 700 —Steers—-(sso-900) Choice $ 7.50® 9.00 Good 6 25® 8.25 Medium 4.25® 6.50 Common 2.75® 4.25 (900-1,1001 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® 10.00 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 —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 00® 3.55 Common and medium 2.00® 3.00 VEALERS Receipts. 600. Good and choice $ 7.00® 7.50 Medium 4.50® 7.00 Cull and common 2.50® 4.5 U —Calves—-(2so-500) Good and choice ... 4.75® 6.50 Common and medium 2.50® 4.75 —Feeder and Stocker Cattle — iSteers) (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® 425 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. Lambs. 90-lbs. down, good and choice 5 6.00® 6.75 Common and medium 4.00® 6.00 90-120 lbs. good and choice 2 00® 2.50 n2<MSO) Good and choice ... 1.75®2.25 All weights, common and . ... GETS $290,000 ORDER By Times Special DETROIT. Oct. I.—The Continental Motors Corporation announces the receipt of orders through its aircraft engine division, from the ordnance department of the United States government, aggregating more than $290,000. These orders are for radial type engines to be used in tanks and combat cars.

We announce that the firm of Abbott, Hoppin & Cos. ♦ has this day been dissolved by mutual consent Gordon W. Abbott Hugh E. Paine Harold C. llaughet Batard C. Hoppin Matnard C. Ivison Lons S. Colwell Wm. Rom Proctor William F. Philips . A Louis C. Sea vermb G. Beekman Hoppw Lewis A. illiams RcKrORD L . PoRTER llcgh E. Paine James F. Shaw Robert w Atfjn . s j OH n Sise September 29,1934 S P ecial P^rtnert

Abbott, Proctor & Paine MEMBERS New York Stock Exchange CHicigo Board of Trade New York Curb Exchange Chicago Stock Exchange New York Cotton Exchange Chicago Curb Exchange New York Produce Exchange Chicago Mercantile Exchange Montreal Curb Market Montreal Silver Exchange. Inc. New York Coffee and Sugar Exchange. Inc Commodity Exchange. Inc. The undersigned announce the formation of the above firm to execute commission orders iD Stocks • Bonds * Commodities Gordon W. Abboti Bcrford L. Porter Wm. Ross Proctor Robert W. Atkins Lewis A. Williams Louis S. Colwell James F. Shaw Hugh E. Pains Hugh E. Pain* Matnard C. Ivibon John Sise William F. Philips Michael M. van Becren Louis C. Seaverns Special Partnera t OFFICES AT: Continental Bank Bldg., Indianapolis Riley 5491 120 Broadway Union Trust Building 208 So. LaSalle Street NEW YORK PITTSBURGH CHICAGO 201 Notre Dame St.. W. 29 West l 2th Street Irving Zueike Building MONTREAL ANDERSON APPLETON PRIVATE WIRES TO: Andersoo Appleton Boston Buffalo Chicago Lexington Louisville Montreal New York Pittsburgh Quebec St. Louis Toronto October 1,1934

Latest Stock, Bond and Commodity Quotations

AAA FINANCED LARGELY FROM PROCESSING TAX Internal Revenue Bureau Collects From Packer, Miller. Etc. (Thi* the tourth of a serte* o| five article* written for the Seripp*-How jrit newspapers bv the head of AAA. describing the Roosevelt farm program.) BY CHESTER C. DAVIS Administrator. Agricultural Adjustment \rt The agricultural adjustment program is being financed largely by the receipts from processing taxes, collected by the bureau of internal revenue from the first domestic processor each of the basic commodities the miller, the cotton textile manufacturers, the meat packer, and so on. Who pays the processing tax dc-' pends on the supply and demand conditions for a given commodity. Demand for a product may be either elastic or inelastic. It is inelastic when about the same amount of the product is bought, no matter whether the price is high or low. It is elastic when a rise in price is immediately followed by a drop in quantity sold. Experience with the processing taxes seems so far to indicate that in the case of cotton goods and of wheat flour the tax has been consistently paid by the consumer. Effort Is Varied In the case of hogs, on the other hand, the effect of the tax has been varied. Many farmers have assumed that they themselves were paying part of the tax. but in no case has it ever been contended that they paid all of the tax. From January to March, 1934. the tax appeared to be generally paid by the consumer. Twice, during the days immediately following the raising of the tax Feb. 1 and March 1, the packers absorbed a part of the tax. During most of the period after processing taxes were levied, farmers received more than they did in the corresponding period a year before in price alone, and. in addition, they got their benefit payments. If there were no tax, there could be no benefit payments. If there were no benefit payments, no plan for voluntary control of production would be feasible. If there were no control of production, supplies would be excessive and prices would continue at ruinously low levels. Increase in Small Fund The tax does not directly represent more than one-half cent in the 7.9 cent average of a one-pound loaf of bread, more than 3.4 cents iri the price of a woman's cotton dress, more than 6.2 cents in the price of a man's work pants, more than 7.6 cents in the price of a sheet, 3.2 cents in that of a bath towel, or 1.3 cents in that of a yard of unbleached muslin. The government policy for agriculture contained in the agricultural adjustment act offered a means by which the farmer’s original difficulty, that of overproduction, could be corrected. At the same time the government undertook parallel policies to stimulate recovery on the part of the groups whose decreased purchasing power was the cause of agriculture’s further decline. These measures were of course taken primarily on behalf of the groups concerned, but wherever they restored those groups to the market the farmer received a substantial benefit. (Tomorrow: U’hat a balanced agriculture means to the nation.) ADAMS VOTES DIVIDEND Directors of the J. D. Adams Manufacturing Company at their regular meeting declared a quarterly dividend of 15 cents a share on tha common capital stock, payable Nov. 1 to stockholders of record Oct. 15, it was announced today.