Indianapolis Times, Volume 46, Number 123, Indianapolis, Marion County, 2 October 1934 — Page 13

D e v e 1 o pments in Trade and Industry

TRADING DULL ON DIG RtißO WITHLIST UP Silver Issues Lead Early Rally, but Prices Slip at Noon. LntUd Prr*a NEW YORK. Oct. 2—The stock market rallied after a steady opening today under the lead of stiver issues. Trading, however, was dull and prices slipped back from the day s highs before noon. United States Smelting spurted to 116**. up 3 * points, and then lost a point of the gain. Other silvers followed. At its high American Smelting was /t 34 *, up 1 *; Howe Sound. 51. up l'. and Cerro de Fa.vco 37 *, up l'. Gold miners were up fractions to a point. Coppers steadied. Industrial issues made small gains, a* did rails and utilities. A few special shares gamed a point or more and a few registered sizable losses# Slnss Shefl.eld broke 9'* points to 15%. and Midland Steel Products, preferred, of! 5 points at 45. anew low for the year. General Cigar and American Chicle made their customary daily highs at 51%. up Y . and 62%, up 1%, respectively. United States Steel common and Bethlehem made small gains, while United States Steel preferred declined more than a point to 72. American Telephone, American Can, Wcstmghou.se Electric. General Motors. Consolidated Gas and Montgomery Ward were up fractions.

Money and Exchange

INDIANAPOLIS STATEMENT c*,r.ngv ... $2 81200000 Debits 5 484 000 00

Treasury Statement

Rv I mitf4 rrraa WASHINGTON. Oft 2 - Government exrer.e* n*l receipt. for the current floral •*r to Sept 29, rompa:ed with the corre- : ponding period of the previous fiscal year. This Year. Last Year I \p*n*ea ft 495 571 502 70 SSOO 494 sc* 17 Pereipt* ... 953 899 530 42 672.001 525 10 Deficit 54! 671 971 88 23T.493 083 01 Cash ha] . 2 193.117.43* 62 WHEAT GROWERS WILL RECEIVE $70,000,000 Initial Benefit Payment *>n 1934 Contracts to Be Made. B'J 1 nilftl I’d a* WASHINGTON. Oct. 2.—Distribution of about $70,000,000 to wheat farmers, the first benefit payment installment on the 1934 crop control contracts, will bepin immediately. 1 George E. Farrell, chief of the AAA heat section, said today. Payments due farmers on the remainder of the 1933 adiustment benefits and on the first 1934 installments total about $93,000,000. "Compliance certificates are now being received in Washington In much better condition than earlier! in the season and auditing will be! more rapid from now on,” Farrell! said. "Where it is obvious that there j has been violation or noncompli- ] ance with the contract, the pay- j ments will be held up until the com- j pi lance can be cleared.” MARKET VALUE OF 100 COMMON STOCKS UP Increase of 53.043.000 Reported During September. By l niled I’d *• NEW YORK. Oct. 2.—The market value of 100 representative common stocks increased $3 043 000, or twoone hundredths of 1 per rent, to $12,541,379,000 in September, the stork exchange firm of Frazier. Jelke & Cos., reported. This was the second consecutive monthly rise and compares with an advance of 5.2 per cent in August. In September rails advanced 5.2 per cent, merchandising shares 3.4 per cent, chemicals 2.1 per cent, utilities 1.6 per cent, industrials 1.6 per cent, railroad equipments 1.3 per cent, motors 7-10 of 1 per cent, foods declined 4.2 per cent, oils dipped 3 per cent, mines dropped 2.7 per cent, electrical equipment 2.1 per cent, building shares 1.8 per cent and steels 1.1 per cent. GENERAL HOUSEHOLD CO. INCREASES PRODUCTION Marion Firm to Employ More Than 2.100 Men and Women. Fall production schedules of the General Household Utilities Company of Marion will be speeded up this week and each of the fourteen lines will be m operation, according to an announcement by A. R Perry, general manager. More than 2.100 men and women will be employed on two shifts, and an addition of a third shift within the next few weeks will increase the number by several hundred. it was stated. The new production schedule calls for 2600 to 2.700 household radio models and between 800 to 1.000 automobile sets daily. A heavy demand for household and auto radios is mostly responsible for the sharp increase m production. INDIANA RAILROAD ADDS 12 NEW CARS ON LINES All Major Divisions to Benefit by Improved Service. An addition of twelve new cars to the lines of the Indiana railroad system and changes in the time schedules, effective Sept. 30. was announced today. Installation of the new cars and the change in schedules was ordered after a careful study ot the traffic volume, it was reported. All major divisions of the system will benefit by the improved service. "An increase in passenger travel on the lines has been noted for seme mne, and a survey indicated that our existing service was inadequate to meet the needs of the public.” W. L. Snodgrass, general superintendent of traffic, stated.

New York Stock Exchange Prices

• B-. Abbott. Proctor Ac P*inc 11 A M Pr* Oil*— Hin N V clo* i AmnC 42 42 42 Atl Bit 24% 24 24 24'a Barr.Mlail 6% A • A l * 6% 8% 8 8% IS Pont "f I>l . ITS IT'* IT's 17% Moulton >n*w. 1 J 2 2% Mid Com Pet .11 11 11 11 ! Ohio oi in% io' is 1 . 10 Pnillsp* Pet .... IS' 15% 15 * 15% Pure Oil 7 7 7 7 Roval l>itch ... 37% 33% 33*. 34*. Shell Un *• 6% % Sor Vac 14'* 14'. 14'* 14 KO of Cal 29% 29% 29'* 29% SO of lnl 25*. 25*, 25** 25', RO of N J ... 43'. 42‘. 42 • 42’, Texas Coro 23', 22'. 32', 22 : Title, ater Ann . 9 9 9 9% Me*l— Reth Steel 27', 2*', 27', 26% Natl B<**l 35** 35’* 25*. 38% OMS S'eel 4*. 4% 4*. 4', R*p lAt St ... 12' 12't 12'* 12'. U S Pip* & T . I*'. 1 ; . ll’a 17'. U 8 Steel ... 32*. 32 32% 32'. U 8 S’eel old 72'• 72 72'. 73’, Young*’n SAc T lA' I*'. 16% l'e Mater*— Auburn 25 24* 25 23', Chrysler 32’. 32*. 32*. 32*. Oen Motor* .... 28’* 21*. 28*. 28'. Hudson ..... B'. B'. B'* 8 ; . Mac* Truck 24 24 24 24 Na*h 14 14 14 14% Studebaker 2’. 2’’. 2 . 3*. Meter Acceaaone*— Hendlx 12 11', 1® 11'* Bohn Alum .... 47 47 47 47'. Bor* Warner .. 21'. 21% 21'. 21'. F.a on Mff 14*. 14*. 14*. 14'* Eier Auto lite . 22', 22 22% 22 Mullin* Mfg ... 7', 7% 7', 7’* Murray Body ... 4’. 4". 4*, 4' Timken Roll 29'* 29*’* 29‘* 23', Minin*— Alasaa Jun 19% 19'. 19* 19*. Am Metals 18 15’. 15*. 1A Am Smelt 34'. 33*. 34’, 33 Anaconda ... 11 ’ 11’. 11 1 a ll' Cai Ac HecL 3', 3'* 3'. 3*. Cerro I> Pasco 37*. 37'<j 37*. 36', Dome Mine* .... 42*. 4t'a *2 41 1 Oranbf A', A', A'2 A', Home.take Mm . 400 Ho*e Bound 51 50 51 49'a In’ Nickel 24% 24 , 24’. 24*. Kennecott Cop 18*. 18'a 18'* 18 • Mrlntvre IMne 45'* 45'* 45'* 45 Noranda Cop 39% 39 39*. 39 Phelp, Dod*e 14*, 14', 14’, 14', S’ Joe I,eatT lA*. 1A 18% 17'.* U S Smelters .. llA r 113 llA'a 113 .Amn.ement,— C rot ley Radio... 14 14 14 14 Fox Thea 11'* 11*1 11% IP* Loews Jr.e 28', 27 28 27'* Radio Corp .... s* s*. s** s*a RKO . 2% . 2*. 2% 2*. Warner Bros ... 5 4% 5 4* Tobacrne— Am Tob >Bt 78 7A 7A 77 r,en Clears 50', .50 50', 50 Ll* A* M\ers (Bl 98% 98’, 98’, 98'* Lorillard 17 r . 17', 17', 17', Reynolds T 'Bi 48'. 47*. 48'. 47 s . Rails— Atchison •.. 50'* SO 1 * 50'* 49 J Atl Coast Lines 30 30 30 29 B Ac O .. 15', IS’a 15% 15 Can Pac 13', 13* 135. 131, Ch Ac Ohio 42’* 42 42 s * 42 C M Ar St P 3'* 3*4 3% 3'* C M Ac St P Did 5 4*. 5 4’. Cht MW . 5% 5% 5% s* Grt North pfd .. 14% 13% 14** 14 Hi Central .. 18% 15% 16% IA% I.ehlgh Valiev .. 10', 10', 10% 10 Lou A- Nash . 42 42 42 40 N Y Cent 21 % 21% 21% 21% N Y Now Haven 10 10 10 9** Nor Pac ..... 18% 18% 18% 11% Ten R R 22% 22 22% 21’, Sou Pac 18% 17% 18’a 18 Sou R R ... 15*, 15*a 15% 15‘a Sou R R pfd 18% 18% 18% 19

JOBLESS IN FRANCE REACHES NEW PEAK 44.9 Per Cent More Getting Relief in Province. F.‘y I nitrd Pres* PARIS. Oct. 2.—With 44.9 percent more getting relief in the provinces, France has reached anew high in unemployment figures. The number of unemployed work- i ers throughout the country re- j ceiving relief has reached an all-1 time record, according to a report just submitted to Premier Doumerque by Minister of Labor Marquet. The total number of unemployed is not available, but it is estimated that this number exceeds by a large number, those receiving help. The figures show that in the provinces there are 169.082 persons receiving aid; in Paris 88.372 and in the suburbs 68.269. The corresponding figures for 1932 were 116.724 for the provinces. 90.123 for Paris and 59.876 for the suburbs. COTTON MART STUDIED Profit to Be Obtained Through Efficiency in Production. H •/ lime* Special NEW YORK. Oct. 2.—" The United States can regain and hold its supremacy in cotton if the southern grower will bend his efforts untiringly toward turning out a product of superior quality and at a price which foreign competition can not meet." says C. T. Revere of Munds. Winslow & Potter, in his current cotton letter. "The profit will have to be obtained through efficiency in production with cultural costs so reduced that a reasonable margin will remain." RFC REDUCES RATE Cuts Interest and Dividends on Bank Stock Bought. By L aih and Prrn* WASHINGTON. Oct. 2 —The Reconstruction Finance Corporation has moved to stimulate bank lending by reducing interest and divi-* dends on RFC purchases of preferred stock and capital notes from 4to 3 '2 per cent. The move was in line with the drive to stimulate bank loans in the interest of business recovery. The ] reduction applies from Jan. 1, 1935. Ito April 1. 1939. Payments thereafter will be 4 per cent until retired. The rates will apply to all presently owned preferred stopk and capital notes and to purchases between now and Dec. 31, 1935.

TREND OF COMMODITY PRICES AND TRADE CHARTED

90 * —— ”60 65 j -J*MOODY’S DAILY . A/ £ 1 J i. .. j/ h J3O 5 ’ \ -A fr /moody’s weekly : © 33 ' **i 1 1 ! V /BUSINESS INDEX : 70 —¥ * ;V \ / 3,... • • • ' n* V ••. • t • • 65 : V —r 1 * 2 -* —• V no V / \ +++ f ** • r MOODY'S INVESTORS SERVICE -q SEP. OC NOvT DEC. JAN. Ftß. MAR. APT. MAY JUN. JUL. AUG. SEP. Uii liA4

Abreast of The Times on Finance

I Union Pac 99 99 99 98% i Bald Loco 7*. 7*. 7% 7% Burroughs 12% 12% 12% 12 Case J I 32% 31% 32% 31% Cater Tract ... 27 27 27 27. Ota Elec ... 17% 17% 17% 17% ! tngaoi Rand .. 55% 55% 55% 55 Int Harvester 29% 29% 29% 29% Pullman Inc ... 39% 39 39% 40 Rem Rand .. 7% 7% 7* 7% West Air B ... 19% 19% 19% 19% We*t!n*h Elec 31% 30% 31% 307. rtiUtlea— Am Power Ac Lit 4% 4*. 4% 4% A T Ac T 110 109 s * 109’* 109%

BOARD TO VIEW INDUSTRYTREND Survey Is in Connection with Federal Plan for Homesteads. Hu Scrippn-H uteard Hetespnper Alliance WASHINGTON, Oct. 2.—The bureau of subsistence homesteads, shown by a treasury statement to have a second $25,000,000 fund set aside for it, has announced a na-tion-wide study of Industrial trends as the basis for location of future projects. Anew map of the nation, charging the movement of industries, will be prepared by Dr. William E. Zeuch. chief of the division's planning section. Forty subsistence homestead projects have already been approved and allocations made to them out of a $25,000,000 appropriation from the National Industrial Recovery Act. The treasury statement showed they have also been allocated a similar amount from the emergency appropriations bill for the present fiscal year. Explaining that the industrial trend study would permit long range planning of homesteads, Dr. Zeuch said that it would look ahead for a period of twenty to thirty years because this is the period for amortization of the purchase price of homesteads. "Industrial permanency is one of the chief factors we must consider in establishing homestead communities,” he said. “Industry is continuously on the move. We intend, by our study, to gain a thorough knowledge of the probable direction of the movement in the various industries. Then, with this background, we can not only go hand in hand with industry, but point the way to the new direction in which industry can regionalize itself on sounder economic lines.”

Stock Studies

ARCHER DANIELS MIDLAND $ common stock X, - -n-wtt yuM EARNINGS PRICE RANGE JC*U 4 —— 1— 40 ' TOMBS XHUSDR-B _ j uflCft 30 I 0 bo 31 32 33 3430 31 32 33 341 ° WINCHESTER INSTITUTE OF FINANCE Archer-Daniels-Midland Company is the leading producer and distributor of linseed oil and also manufactures a wide range of other vegetable oils toegther with the cakes and meals resulting from the oil extraction. Through ownership of the Commander-Larabee Corporation the company is engaged in the flour milling and grain elevator business. Mills are located on the Atlantic and Pacific seaboards, while other mil.s and grain elevators are in several leading cities throughout the middle west. FINANCIAL DATA As of June 30, 1934 Common stock, shares . 549.546 7% Preferred stock <sloo par) $ 3,099,100 Surpluses 6.069.580 Cash 3.373,594 Inventories 15,261,977 Total current assets 22.841.376 Notes payable 8.900.000 Total current liabilities 12,088,501 During the twelve months ended June 30. 1934. surpluses gained about $1,500 000. Cash increased $2,100,000. , inventories were nearly $3,100,000 i larger but due to the increase of $3,650,000 in notes payable net working capital gained nearly $1,200,000. On June 30 the current ratio was nearly 2 to 1 while the book value of the common stock was 531.95, an increase of $3.09 during the year. The company has operated in the black every year of the depression, i For the fiscal year ended June 30, 1 1933, $1.79 was earned on the common and $3.82 earned for the 1934 fiscal year. The company has been liberal with dividends in the past. The present regular rate is sl. Also, a 25 cents extra has been paid this year Archer-Daniels-Midland Company was incorporated in 1923 in Delaware. Both classes of stock are listed on the New Y T ork Stock Exchange. At a current price of i around 34 4 the common yields nearly 3 per cent on its regular dividend rate. iAll rights reserved Winchester Institute of Finance. Winchester. Mass.!

INDIANAPOLIS, TUESDAY, OCTOBER 2, 1934

Col O* l pfd 62% 62’* —2** 63 Com Ac Sou .... I*. 1% 1% l. Consol G* ,28% 28% 28% 28% Elec Pwr Ac Lit 4% 4% 4% 4% EPAc L pfd . 9% 9% 9*. 9% Int Hydro Elec 3*, 3% 3% 4 Int T At T 9’. 9’* 9% 9% Nat Pwr Ar Lit. 8% 8% 8% 8 North Amer ... 13% 13% 13% 13 a Pac GAt E .. 14% 14% 14% 14% Post*! Tel pfd 14% 14% 14% 1* Pub Serv N J... 11 31% 31% 31% Std Gas .7% 7% 7% 7% Stone Ac Webster 8 s** A 5, United Corp ... 3% 3% 3% 3 a Un Gas Imp .. 14% 14% 14% 14% Ut Pwr At Lit A 2 2 2 3 Western Union .33 32% 33 32 * Robbers— Firestone 13’* 13% 13% 14 Goodrich 9** 9% 9% 9% Goodyear 20% 20% 20% 20 * U 8 Rubber . 16 15% 16 15% U 8 Rubber pfd 38 37’, 38 36% Am Can 97% 97% 97% 97% Conti Can 84 84 84 82% Eastman Kodak 99% 99% 99% 99% Oillette 11% 11% 11% “% Armour “A” s s , s** 5% 5 a Beatrice Cream 18 18 18 18 Borden Prod ... 24% 24% 24 a 24 Cal Packing ... 37% 37 37% 37 Corn Prod 2% 62% 62% 61% G W Sugar 28’* 28% 28% 28 a Natl Btscui’ ... 26% 25% 26% 26% Natl D Prod 16% 16% 16% 16% S Por Rico Su* 31 30% 31 30% Std Brands 19% 19% 19 a 19 a United Fruit ... 74% 74% 74% 74% Retail Stores— Assn Drv Gds .. 10** 10% 10% 10% Best Ac Cos j}2% 32% 32% 32 Gr Un Tea 5% 5% 5% 5% Hahn Dept St* . 5% 4’, 5 . 5 Kresge S S 17% 17% 17% 17% Kroger Groc ... 27% 27% 27% 21 a Macy R H ..... 40% 40% 40% 40% Marsh Fields ... 11% 11% ll’a lli Mav Dept St ... 37% 37% 37% 37 a Mont Ward 26% 28% 26% 25% McLellan Sts ... 7% 7% 7% 7% Natl Tea 10% 10% 10% 10% Penny J C 60% 60 60 % 60 Sears Roe 38% 37% 38% 38 Woolworth 48*. 48% 48', 48V. AviationAviation Corp .. 3% 3% 3% 3% Curtiss Wrir .. 2", 2% 2% 2% Curt Wrlg "A” . 7% 7% 7% 7 Douglas Air 15** 15 15% 15 Nor Am Av 3% 3% 3V 3% Speerv Corp ... 7% 7 7 6% Unite Aircraft . 9 9 9 9 Am Com Alco .. 27 26’. 27 25% Col Carbon 67% 67V* 67% 65% Con Solvents ... 19** 19 19% 19 Dupont 89 87% 89 87'2 Freeport Tex ... 23% 23V, 23% 23% Liquid Carb 19V, 19% 19% 20 Math Alkali .... 26% 26% 26% 26 Natl Dis (new). 19% 18% 19% 18% Schenelev Dis 22% 21** 22V* 21% Tex Gulf Sulph 37% 36% 37 36% Union Carbide . 42% 42% 42% 41% U S Ind Alco 34% 34'/* 34% 34% Virg Ch 6% pfd 17% 17% 17% 18 Drugs— Un Drug 11% 11% 11% 11% Zonite Prod ... 3% 3% 3% 3% Financial — Adams Exp .... 6% 6% 6% 7 Allegheny Corp . 1% 1% 1% 1% Lehman Corp .. 68V* 68V* 68% 68% Transamerlca 5% 5% 5% 5% Tr Conti Corp. 3% 3% 3% 4 Building— Am Radiator . 13% 12% 13 12% Johns Manville 46 45 46 44% Libby Owens Gls 27 27 27 27 Otis Kiev 13% 13% 13% 13% Congoleum 28% 27% 28% 27 * Kelvinator 12% 12'* 12% 12 a Proc Ac Gamble- 36% 36% 36% 36% Textiles— Amer Woolen .. 8% 8% 8% J Celanese Corp .24 23 23% 23% Indus Ravon .. 24** 24V, 24% 24% Real Silk 6V* 6% 6'/* 6%

New York Bonds

ißv Fenner 6s Beane). 11:30 Prev. A M. N Y. close. Allen Corp 5s ’SO 24V* 24% Am A For Pwr 5s 2030 52% ,52 * A T A T db 5s ’65 108 * 108% Atchison Gen 4s '95 1 9VI / ? 1 91 '* B A O cv 4%s ’6O 34% 54 Beth Steel 5s A ’42 103% 105% Can Pac 4s ’57 77% 78/* Ch H St P A P adj 5s A 2000 7% 7% Ch MStPSP rs 5s A 75.. 25% 24% Cons Gas N Y 4%s ’sl 104 100% Denmark 5%s '55 92 92 * Erie R R rs 5s '67 63 63% French 7s ’59 184 184 4 Goodvear- 5s ’57 100 100 Gt Nor 4%s D ’76 70 70 Interboro RT 5s 66 75% 70. Int T 4 T db 5s ’55 59 59 Lorillard 7s 44 • .••••-125 125 McKess A Robbison 5%s 50 84 84 Nat Dairv db 5%s '4B 98% 98% N Y Central 5s O 2013 63 63% Pac Gas & El 5s A ’42 104% 104% Penn RR 4%s D ’Bl ,95% 95 Poland 7s ’47 • }|o 129* Roval Dutch 4s A '45 136% Sin Cons 6%s B 38 103 % 104 Texas Corp 5s ’44 103 103 Tob Pr N J 6%; 2023 105% 10,% Un Pac Ist 4s ’47 104% 105% U S Rubber 5s A 47.. ...... 84% 84* Youngstown SAT 5s 70 ... 83% 83%

Chicago Stocks

(Bv Abbott, Proctor A Paine) 11:15 Prev. A. M. Close. Butler Bros 8 8 Chicago Corp com 1% 1% Chi Corp pfd 24% 24% Cities Service 1% • Libby-McNeil 7 7 Public Service N P ,22?/* Quaker Oats 122 ¥2 *?2i/ 2 Swift Cos i|*/2 13 2 Swift International 38 4 Walgreen Cos com 25V4 25/4

Chicago Futures Range

Prev. Wheat— High. Low. 11:15. close. Dec 99% 98% .98% 1.00’4 Mav 1.00 .98% 99*4 1 00>4 July 94% 93 .93% .95 CornDec 76% .75% 76 .76% May 78% .77% .78 % .78% July 78% .78Vi .78% .7814 Oats— Dec. 50% .49 Vi .49V4 .50% May 49% .48Vi .48% .48 s July 44% .43% .44 .44% RyeDec 71 Vi 69% .70% .71% May 74% .73 73% .74% BarleyDec 76 V, .75% 75 Vi .77 Vi May 73 .71% .71% .73 Local Wagon Wheat Cltv grain elevators are paying 88 cents for No. 2 soft red wheat. Other grades on their merits. A. sTIT 75 YEARS OLD Large Chain Started With Single Store in New York. The Great Atlantic & Pacific Tea Company has announced plans for its 75th anniversary celebration. This company started in 1859 as a single store on Vesey street, New York. Yesterday its anniversary sale, was celebrated by 90.000 employes in 15,000 •'•tores serving 6,000,000 customers a day. The development of retail food distribution with the growth of America is portrayed in a series of posters by Louis Fancher to be displayed in A&P stores during the celebration.

EXPORT SPURT DURING AUGUST BELOWNORMAL Increase Attributed to Ad-* ditional Shipments of Foodstuffs. BY JULES BACKMAN AND A. L. JACKSON (Vice-President*, Economic Statistics. Inc.) fig Times Special NEW YORK, Oct. 2.—A great deal of discussion has been aroused by the foreign trade figures reported for August. A careful analysis of these figures indicates that they were not so favorable as they apl peared at first glance. Export increased to $172,000,000 from $161,800,000. However, this increase was not so great as that which normally should occur in August. Asa result, Economics Statistics, Inc., index of exports declined from 46.5 per cent in July to 46.1 per cent in August. , A further analysis of these figures indicates that the increase in exports was due entirely to a sharp rise in exports of food products, including vegetables, animals, animal products, grains, grain preparations, foods and tobaccos. The total for this group was approximately $25,000,000 greater in August than in July, while the increase in total exports was slightly more than $10,000,000. Three Reasons for Rise There were three principal reasons for the increase in our exports of food products; first, an increase in volume should seasonally take place at this time of the year; second, the fear of higher prices, because of the drought, has led many foreign countries to purchase these goods now in anticipation of their needs later in the year, and third, prices of these various food products increased. Thus on balance it appears that the volume of exports in August was quite unfavorable. The import figures were definitely unfavorable, a decline of 6.1 per cent taking place in the face ol a normal rise of 5.5 per cent. Sharp declines were recorded in the inedible animal and vegetable products, hides and skins, crude rubbers, metals and manufacturing, and wood and pulp. Inventories Burdensome The decline in the first two classifications can be traced directly to the unsettled market conditions created by drought. The declines in rubber, metals, wood and pulp are direct results of the unfavorable domestic statistical positions of these commodities and industries. Inventories of all these products were exceptionally burdensome during the period under consideration. The sharp increase in exports is being used as an argument to indicate the effectiveness of devaluation, that devaluation had little to do with the increase recorded in the August figures is indicated by the analysis. The importance of devaluation is a means of stimulating export trade is largely a myth at present. Exchange restrictions and quotas are immediately set up to offset all devaluation advantage by which the country may profit. A good example was seen recently in the case of Czechoslovakia, where the value of the crown was reduced to 16 2-3 per cent.

Local Livestock

HOG!? Sept Bulk. Top Receipts 26. $6.40® 670 $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 1 6.00® 6.25 6.45 5.000 2. 5.75® 6.00 6.15 7,000 (140-1601 Good and choice $5,000*6.60 G6O-1801 Good and choice 5.60® 5.95 ilßo-200i Good and choice .... 5.80® 6 00 (200-220) Good and choice 5.90® 6.10 (220-250) Good and choice 5.95® 6.15 (250-290) Good and choice 5.90® 8.10 (290-3501 Good and choice 5.60® 6.05 Packing sows: (275-350) Good 5.25® 5.50 (350-4251 Good 5.10® 535 >425-5501 Good 4.75® 5.25 275-5501 Medium 4.50® 5.00 (100-1301 Slaughter pigs good and choice 2.50® 4.00 CATTLE Receipts. 2,000. —Steers—-(sso-9001 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® 1000 Good 7.00# 9.00 Medium 4.50® 7.00 Common 3.25® 4.50 11.100-1.300) 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 7.250 9.25 —Heifers >550-7501 Choice $ 7.00® (.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. 700. Good and choice $ 7.00® 7 50 Medium 4.50® 7.00 Cull and common 2.50® 4.50 —Calves—->2so-5001 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 (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. 2,000. Lambs. 80-lbs. down, good and choice * 6.00® 6.75 Common and medium 4 00 ® 6 00 90-120 lbs. good and choice 2 00® 2.50 Sheep—- • 120-150) Good and choice 1.75®2.25 All weights common and medium 1.25® 3.00

Other Livestock

>By Times Special i LOUISVILLE. Oct. 2—Cattle —Receipts. 300 supply light; Quality generally plain: market mostly steady: bulk common to medium grass steers and heifers salable $39 4 50' few in cuter flesh down to $2.50 or less: better finished lightweights quotable *59 6 and above: bulk beef cows, *2 509 3: low cutters and cutters mostly $125 9 2 25: bulk sausage bulls. *3 down; desirable Hereford stock calves mostly *4 754} 5.25; common to medium grade natives. *2 75®3 75 Calves— Receipts. 300: market steady; bulk better vealers. lie 6 50: medium and lower grades. *s_so down Hogs—Receipts. 700: market 25c "ower top and bulk. 200-250 lbs.. *6: 180-195 !bs *5 75 255 lbs. up $5 55: 1 OOPS lbs. $5 15: 140-155 lbs 14 65 120135 lbs $3 15: sows. s4*o Sheep—Receipts. 900 market steadv: bulk belter lam u s $69 625 choice quotable *6 50 bucks, mostly $59 5 25: throwouts, *3 50; fat ewes. *1 509 2 stock ewes mostly *6® 7.50 head lot bans* hind.

Farm Cash Income Gains ! $1,200,000,000 as Result of Government's Program Rural Sales Increased 65 Per Cent Between March, 1933, and March, 1934; Failures Decline by 52 Per Cent in 1934. (This the last at a aeries at lira arllelee written for th* Sertpps-Howard newspapers by the head of AAA, describing the Roosevelt farm program). BY CHESTER C. DAVIS Administrator. Agricultural Adjustment Act What was the situation in which the American farmer found himself after a year's experience of the recovery policies of the Roosevelt administration? The picture is in shaip contrast with his situation at the close of 1932. From August, 1933, when distribution of benefit payments began, to April, 1934, the farm cash income totaled $4,199,000,000, an increase of about $1,200,000,000, or 38 per

Wall Street - BY RALPH HENDERSHOT Times Special Writer. NEW YORK, Oct. 2.—lnstead of simplifying the sugar situation in this country and Cuba, as it had hoped to do, the government seems to have complicated matters by its recent efforts. Two different disputes have arisen in consequence, and both are regarded as serious in the sugar trade. One is with the

Cuban people, and the other is with the London sugar interests. The Jones-Cos-tigan law, which nas been amplified by the recent Cuban trade ’•eaty, provides that raw sugar brought in from Cuba shall get preferential treatment to the extent of sl.lO a

' *■ IIS

Hendershot

hundred pounds in the way of duty. In other words, the duty is 90 cents instead of $2. But when sugar is brought in for reshipment the duty is refunded. The American refiners have found they can import raw sugar from Cuba, paying the 90-cent duty, and then refine it and ship it to another country and in doing so collect a refund from the government of $2. This "bounty” permits them to lay the refined product down in London at 1 cent a pound, freight and British duty not paid, the net "profit” on the refund bringing the price up to 2.1 cents a pound. n tt TATE & LYLE, LTD., of London, largest of the British refiners and a power in the London market, naturally has resented the entrance of the American competition on such a price basis. They, in turn, according to all accounts, have warned distributors in their district not to handle the American product under penalties which they are in a position to apply. The net result has been tfiat Americans have been able to dispose of relatively little sugar. The argument with the Cubans has arisen over the minimum price of 2.29 cents set by Cuba, which became effective Sept. 1. American refiners claim that this minimum price should not be applied to sugar for which contracts were made prior to the effective date. The Cubans claim otherwise. They will not permit sugar to leave the country unless the minimum price is paid. nun REFINERS in this country require about 400,000 tons of raw sugar to fill their needs this year. Os this about 200,000 tons already Kave been contracted for. Two Cuban members of the suger export permit committee are in New York at the present time, and are said to be angling for the additional 200.000 tons required. It is reported in the trade that they are willing to waive the minimum price and accept 2.18 cents, but have not been successful even on that basis. While the ships of the American refiners are tied up at the Cuban ports unable to load, the trade in New York is wondering how the whole thing is going to work out. It is far from satisfied with the results of the President’s efforts. MACNAMARA IS PROMOTED G. A. McNamara, district freight agent for the Canadian Pacific-Soo Line railways in Indianapolis the last six years, has been promoted to division freight agent at Detroit. Paul D. Salmon has been named to succeed Mr. McNamara.

Other Livestock

(Bv United Press! CHICAGO. Oct. 2—Hogs—Receipts. 20.000. including 10.000 directs; market slow, about steadv with Monday's close: 220-300 lbs at $6 254;6 35; top $6 35; 170-210 lbs.. *5 25®*.25: most light lights. $4.509 5; strong weight pigs. *3®4; packing sows $59 5.50; light lights. 140-160 lbs., good and choice. $4.259 5 25: light weight 160-200 lbs good and choice. $5 9 6.20; medium weights, 200-250 lbs., good and choice. $69 6 35: heavy weights, 250-350 lbs., good and choice $6 1096 35: packing sows. 275-550 lbs. .medium and choice. *495 60: slaughter pigs, 100-130 lbs., good and choice. $2,759 425 Cattle—Receints. 8.000: commercial. 1.500 government; calves 2.000 commercial. 500 government: better grade led steers and yearlings steady to strong, instances higher; other grades and classes mostly steadv with bulls 10c to 15c lower and vealers easv: early top around 1 225 lbs, steers $10.15: long yearling* bid. $9.75: holding best heifers sbove $8 25; weighty sausage bulls $3.25: practical top sealer*. $8; few select *8.25: steers. 550-900 lbs . good and choice. *6® 950 ; 900-1.100 lbw good and choice. *6 509 10 25: 1.100-1.300 lb*., good and choice. *6.75# 10.50: 1.3001 500 lbs good and choice. *7.50910.75: 550-1 300 lbs., common and medium. *2.<5 97.50; heifers. 550-750 lbs., good and choice. $3.259 8.25; common and medium. *2 75® 5 25; cows. good. *3 25®5.50; common and medium. *2.7593 25; low cutter and cutter. *! 75 9 2.75; bulls (yearlings excluded!. good beef. *393.75: cutter common and medium. *2 259 3.25: vealers good and choice. *6 509 8 25. medium. *596 50 cull and common. *495: Stocker and feeder cattle' steers 550-1.050 lbs good and choice $4 2596: common and medium. *2 75® 425 Sheep—Receipts. 8 000 commercial 21.000 government: early trading slow most bids and sales fully steadybest sorted natives bid. *6 75: bulk native and rangers *6 50 down: odd lots throwouts *59 550 sheep steady bulk desirable fat ewes *1.759 2.25: few range feeding lambs early *5 259 5 75; slaughter sheep and lambs: lambs 90 lbs. down, good and choice *6 2596.75: common and medium $5.2596 35: ewes. 90-150 !br. good and choice. *1 659 2 50: all weights, common and medium. *1 5092: feeding lambs. 50-75-lbs.. good and choice. *5 3596. FT WAYNE Oct 2—Hogs—2sc lower; 250-300 lbs.. *6; 200-250 lbs *5 85 180200 lbs *5 65 160-160 lbs . *5 45: 300-350 lbs. *5 75: 150-160 Rl. *4 75 140-150 lbs *4 50 130-140 Is. *4 25: 120-130 lbs *3 60; 100-120 lbs . *2 85: roughs. *4 25: stag*. $2 50. Calve* *7.50: lambs. *6 25. LAFAYETTE. Oct 2 -Market—2sc lower; 225-275 lbs. *5 9596: 275-325 lbs *5 75 95.90; 200-225 lbs *5 9095 95 180-200 lbs.. *5.759 585 160-160 lbs. *5.50 9 5 65. 140-160 lbs *4 5095 125-140 lbs . *3.75® 4 25. 115-125 lbs.. *3 9 3.25 100-115 U., *2 2593.50; roughs. *5 25 down. Calves—*6.so down, iamb*, steady. M down.

cent, over the same period of the preceding year. The benefit payments contributed nearly one-fifth of the increase. The market prices he received for the things he sold and the market prices he gave for the things he bought had both risen to approximately the same extent. Two Factors Overlooked Those who deduce from this fact, however, that the farmer was no better off in May, 1934, than in May, 1933, are overlooking two vital considerations. One is that for farmers who were co-operating in the agricultural adjustment administration's programs, the market price was only part of their total returns. The other consideration is that the increase in total farm income made it possible for the farmer to buy many more units of the things he needed, even though the relation between their unit prices and the unit prices of what he sold remained the same. The increase in farm purchasing power is irrefutably shown by the increase in sales in rural areas that began in the autumn of 1933, starting first in the areas where the agricultural adjustment administration's crop-control programs first got under way. The federal reserve board’s figures for department store sales in its southern districts showed an increase of 16 to 18 per cent during the last quarter of 1933 as compared with the last quarter of 1932, while the country as a whole showed only a 5 per cent rise. Rural Sales Spurt During the first five months of 1933 one of the largest of the mail order houses suffered a loss of over $3,000,000; during the same period in 1934 the loss was turned into a profit some $700,000 larger than the former deficit had been. Between March 1933 and March, rural sales rose 65 per cent. During the first six months of 1934 commercial failures dropped 42 per cent in the cities, but in the rural areas they dropped 52 per cent, showing where business was most rapidly improving. The reduction comprised in the agricultural adjustment programs does not apply to the production of that amount of farm commodities normally consumed by the American people, to the amount which we can export at that time, or to the carryovers which are made from year to year in sufficeint amount to keep the nation from suffering in case of unexpected shortages due to crop failure. What it does apply to is the amount of our farm commodities for which there is no market, except at prices which the farmer may rightly consider ruinous. Farmer’s Horizon Widened The definition of parity price as a relation between city made and farm grown commodities causes the farmer to think of his own welfare as definitely related to the welfare of the nonagricultural producers who with him make up the American economic community. That sense of community greatly widens the farmer’s horizon; he is becoming accustomed to assist in the formulation of national economic policies. What is needed is a balanced agriculture—with balance between the production of farmers’ fields and the consumption of their product, between the income of the farmers and the income of their neighbors in the cities and towns. Insofar as we are successful in achieving and maintaining such a balance we shall insure a fair share of our national income to the producers of the farm commodities on which our basic national welfare to a large extent depends.

On Commission Row

Quotations below are average wholesale prices being offered to buvers bv local commission dealers FRUITS —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. *1 90; Crabapples. Michigan hvslops. bushel. $2 Persimmons. Indiana. 12 pts. 90c. Plums Italian prunes. 16-lb. box. sl.lO Pears. Michigan Bartlett* bushels *2 75; Avacados. box. $1.50. Quinces, bushel. *3 Watermelons. 25c each. Bananas, oound 5%c 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. *1 75; homegrown pickling. 10-ib. oag. 75c. Potatoes. New Jersey Cobblers. 100-ib. bag. *1.60 Wisconsin round white. 100-lb. bag *1.30; Ohio*. 100-lb. bag. *1.55; Idaho Russets. 100-lb. bag. $2.10 Sweet potatoes Eastern Yellow Jerseys, bushel. *1.40; Indiana Nancy Halls, bushel. *1.25 Beans, homegrown strlnglesa. bushel. 61: Kentucky wonders, bushel. 85c; Limas, large, pound. 20c. Beets, doren. 30c. Carrots. Ohlos. dozen. 35c; Ohio (cut offs), washed. 22-lb basket. 75c: bushel. *1.15 Cauliflower crate *135 Celery. Michigan, medium dozen. 40c: jumbo, dozen. 65c: hearts, bunch. 90c. Corn, home-grown, dozen. 15c; 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; broadleaf. basket. *oc. Tomatoes outdoor. 12-lb basket. 50c: bushel. *1 SO.

Mortgage Loans J On Indianapolis Improved Real Estate THE UNION TRUST CO. ot Indianapolis U E. Market. *l-0341

Latest Stock, Bond and Commodity Quotations

TRADE CLOUDS POINT TO RISE, BANKDECLARES Those Hoping for Upswing in Fall Encouraged by Showing. By Timet Special NEW YORK. Oct. 2.-Trade reports have been better during September. and those who have been hoping fora moderate pick-up in industrial activity during the fall are encouraged accordingly, the National City Bank of New York declares today in its monthly review. Retail trade began to improve in the latter part of August, and in department stores , and variety stores generally the gains were vigorous enough to make that month the best of the year to date, allowing for seasonal factors in the comparison, it is pointed out. The federal reserve board's adjusted index of department store sales, which had declined from 77 in May to 73 in July U 923-1925 average 100). recovered to 79. According to preliminary reports, September figures will show that the improvement has been maintained. Weather Aids Buying "This showing is in line with the expectations of some of the large merchandising concerns.” the review continued, "and while it Is due in part to cooler weather bringing in buying which had been deferred during the heat wave, it also is based upon improved consumer buying p< ’er. ‘•Moreover, the breaking of the drought, with heavy rainfall over most of the affected area, has been helpful both in fact and sentiment. The rains came too late to oe of value to the grain crops, except possibly late corn, but they have started grass growing again in the pastures, and the prospect for late forage crops is materially improved. "Another factor favorable to retail improvement has been the declining tendency in finished goods prices, which has persisted through the summer. The Fairchild index shows a drop of 2.6 per cent since last April, while in the same period prices of raw materials as reported by the bureau of labor statistics have advanced 10 per cent and prices of farm products 24.2 peif cent. Disparity Is Narrowed ‘‘These converging movements, narrowing a disparity which has penalized the raw material producer, obviously aid in restoring his purchasing power and are helpful to trade. To be sure, the situation invites the comment that the narrowing of the spread must come out of the earnings of the manufacturer and distributor, unless it is accomplished by reducing costs, and thus is not an unqualified benefit at a time when earnings are needed to restore the economic equilibium and when the tendency in costs is all the other way. “On the basis of the factors cited there was reason to expect a seasonal improvement in trade, despite the obvious liandicaps in the way of any broad business expansion. It has been demonstrated several times during the depression that business in goods of everyday use can make an impressive upswing after a period of quietness and recession, without much support from the heavy industries.” APPLICATION IS FILED By United Press SPRINGFIELD. Oct. 2.—The Illinois Central Railroad has filed an application with the Illinois commerce commission for leave to discontinue operation of trains Nos. 1 and 4 between South Bend, Ind., and Kankakee. The application stated that operation of the trains is at a loss and that public convenience no longer requires them.

Produce Markets

Delivered in Indianapolis prices: Heavy hens. 12e; Leghorn hens. 7c; colored springer*. 1% lbs. and over. 12c; Leghorn springers. 10c; old roosters. 5c ducks, sc; geese, sc; voung guineas 20c; old guineas. 15c. No 1 srrictlv fresh country run eggs, loss off, 19c. Each full case must weigh 55 lbs. gross; a deduction of 10 cent a pound for each pound under 55 lbs. will be made. Butter—No 1. 28® 29c. Butterfat. 21c. Quoted bv the Wadlev Company. (By United Pressl CHICAGO Oct. 2 Eggs—Market easy; receipts. 1,140 cases; extra firsts. 22%c; fresh graded first*. 21%c; current receipts, 10®20%e; dirties. No. 1, 18%c; No. 2. 16c; checks. No 1,16 c; No 2. 14c. ButterMarket easy, receipts. 11,091 tubs; extra firsts (90-91% scorei. 23%*/24c; extras, >92 score), 24%c; firsts (88-89% score), 23%® 24%c; seconds (86-87% scorei. 22c; specials. 24% ® 25%c; .standards, 24%c. Poultry—Market, steady to weak: receipts. 1 car. 29 trucks. 2 cars due. Geese. 9® lie; lurkevs. 13® 15c; old roosters. 11c; ducks. 10® 14c; springers. 13® 16c. hens, 12%®! 15%c; guinea hens, dozen. s4®7. CheeseTwins. 12%®12%c; daisies. 12%®13c; longhorns, 12%®13c Potatoes-Supply moderate: demand and trading slow; market. steadv to weaker, Wisconsin Cobbleia and round whites. 90® 95c; unclassified, 80*i 85c; Minnesota round whites, partly graded. 80<t;90c; Early Ohio aandland section. $1; North Dakota Triumphs, 1 car fai rquallty, mouldy. $1.15; Idaho russets. $1,504; 1.70; United States No 2. sl.lo® 1 35; Washington russet*. United Slates No, 2 11254; 1.30. Arrivals. 37: on track. 216; shipments. 557. FRUITS AND VEGETABLES >Bv United Press i CHICAGO. Oct 2 —Apples- Michigan Mclntosh, bushel, 2%-lnch. 11.35® 150, Tomatoes —Ohio, 8-quart basket*. 40c; 12quart. 604; 70c Michigan. 404; 50c. Sweet potatoes—Tenn. bushel. 90c® *1 Lettuce— Csllornta. crates *2 504/3 25 Beans—lllinois. bushel, green. 50c®.*l Cabbage— Wisconsin, cra'es. 504;$c; few 75c Carrots—California, cra'es. *l®l 75 Peppers —lllinois, bushel. 354; 60c. Eggplant—lllinois. bushel. 35c Celery—Michigan, crates, squares. 404; 60c Cauliflower—Western, crates $1,104; 125. Grape*—Michigan Concord. 12 quarts. 254; 26c Cranberries— Massachusetts. 1-3 bushel. $2 50. Onion market—Michigan vellows. 55/75c: Idaho white*. sl4; 1.10: Idaho vellows. 754; 80c; Utah yellows. 75® 80c.

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers. A 25-cent carrying charge Der ton will be added DOMESTIC RETAIL PRICES Anthracite $13.90 Brazil Lump 5.90 Brazil Lump ?•?? Brazil Mine Run J. 25 Coke. Nut Size * Coke. Egg Size •••• *65 Indiana Forked Lump No. 4 and 6 ; 73 Indiana In s "l Kentucky limp Group "B'' 7 18 Pocahontas Lump § Pocahontas Egg ••••- I.l} Pocahontas Mine Run J7D New River Smokeiew 825

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