Indianapolis Times, Volume 46, Number 125, Indianapolis, Marion County, 4 October 1934 — Page 18

D e v e 1 o pments in Trade and Industry

PAGE 18

PACIFIC COAST ISSUES DIP ON STOCK-MARKET Selling in California Firms Caused by Political Situation. Hy United Press NEW YORK, Oct, 4.—Stocks of California companies and oil issues were under pressure on the stock market today, losing fractions to'2 points, while the remainder of the list moved irregularly lower. The selling in California firms was a continuation of the movement started this week which coincided with reports that California investment was leaving the state in view of the political situation there. Standard Oil of California was one of the chief targets and touched another new low for the year at 26 i. off I’*. Union Oil of California was off 1% at 11 a new low Pacific Gas touched a low of 12%. off I*2, and California Packing dropped 2 points to 32%. This selling traced into the oil group generally and heaviness was aided there by the gasoline price situation in Texas. Phillips hit a new low of 13%, off 1, while Standard Oil of New Jersey. Amerada, and Atlantic Refining all had losses cf more than a point. Safeway Stores was another weak spot, dropping 4*2 points to anew 1934 low of 38%. The general list was narrow Rails were fractionally lower and motors were fractionally higher. Utilities held about steady while the bulk of the industrial division showed fractional declines. United States Steel dipped H of a point to 31T4.

Money and Exchange

INDIANAPOLIS STATEMENT C!**rlngs .... *2 765.009 01) Debits 4.983 000 00

Treasury Statement

ißv United Press WASHINGTON. Oct 4 - Government expenses end receipts for the current fiscal year to Oct. 2. compared with the corresponding period of the previous fiscal year: This Year Last Year; Expenses . *1.532.789.739.99 *956 074.869 28 Receipts . . 982 272.492 95 715.649 694 52 Deficit 550 517 247 04 242.425 174 76 Cash bal. 2.184.707.446 84 ...

On Commission Row

Quotations below are average wholesale prices being offered to buvera bv local commission dealers FRUlTS—Cranberriea. Cape Cod early blacks. 25-lb. box. *2 90 Grapes. Michigan Concords. 4-qt. basket. 18c, i2-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 Bartletts bushels. *3 50, Avacados box. $1 50 Quinces bushel. $2 75 Watermelons. 25e each. Bananas, pound. sV'c VEC.ETABI.ES— Cabbage Northern uanlsh 50-lb bag. 75c. red. bushel. $1.25. Onions. Idaho sweet Snanlsh. large. 50-lb bag. *140: Michigan, vellow. *1: Indiana 10-lb bag 20c: while boilers. 10-lb. bag. 35c: Western white 50-lb. bag. $1 75; homegrown pickling. 10-lb nag. 75c. Potatoes New Jersey Cobblers. 100-lb. bag. $1.60 Wisconsin round white. 100-lb. bajr $1.30 Ohlos. 100-lb bag $1 55: Idaho Russets 100-lb. bog $2 10 Sweet potatoes Eastern Yellow Jersevs. bushel. $1 40; Indiana Nancy Halls bushel. $125 Beans, homegrown stringless, bushel. $1: Kentucky wonder*, bushel. 85c: Limas, large, pound 20c Beets, dozen. 30c. Carrots. Ohio* dozen. 35c Ohio <cut offsi. washed. 22-lb bssket 75c: bushel $1.15 Cauliflower crate *1.35 Celerv. Michigan, medium dozen, 40c; Jumbo, dozen. 65c: hearts, bunch 90c Corn, home-grown, dozen. 15c: Cucumbers home grown. bushel. (2 00, dozen. 50e: 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. 50c Tomatoes. outdoor. 12-lb basket. 50c: bushel. *1 50. rmriTs and vegetables (Bv United Press! CHICAGO. Oct. 4 —Apples. Michigan Mclntoah. bushels. 2'3-tnch. *1.50 ■< 160. Tomatoes—Ohio. 8-lb. baskets. 359 40c. Sweet Potatoes —Tennessee, bushels. 809 90c Lettuce. California, crates. *2.255i3. Beans—lllinois, bushels, green. 50u 75c. Cabbage—Wisconsin, crates 50965 c Peppers—lllinois. bushels. 40fj 65c. Egßplants Ullnoti, bushels. 25ft3Sc Celery MichIngan. crates, square*. 404} 50c. Western Cauliflower—Crates. (1.1591.35. Grapes— Michigan concord 4 quarts. 11913 c. Cranberries—Massachusetts. 1-3 bushels. $2.4041 3 60 Onniofi market iSO-lb. sacksi—Michigan vellows. 55'u 75c; Idaho whites. Mu 110. Idaho yellows 759 80c Utah vellows. >5 ft 80c. TEXTILE STRIKE END SEEN AS GOOD OMEN Settlement May Foreshadow End of Industrial Depression. B<i Time* Special NEW YORK. Oct. 4—The settlement of the textile strike may mark the turning point of business and foreshadow the end of the present industrial depression. J. Frederick Talcott, president of James Talcott, Inc., textile firm, said today. “Since the settlement of the strike textile activity has definitely improved." said Mr. Talcott. "Moreover, It seemS to me that the textile strike was important in demonstrating to the government the need for revising certain NRA provisions which were impeding industrial progress. If such restrictions are removed. I believe that other branches of industry- will net be long in showing the improvement which is now so apparent in textile tfade.” 79 CHANGES FAVORABLE Unfavorable Dividends In September Exceed Previous Month. fit Timet Special CHICAGO. Oct. 4—A total of seventy-nine dividend changes during September were recorded as favorable, against seventy-seven in August, according to report today by the Standard Statistic Company. Unfavorable changes during the month were reported at twenty-four, as Compared with fourteen registered in the previous month. EXECUTIVES ARE NAMED Hadar Ortman Elected Head of Chicago Printing Firm. By Time* Sptrtat CHICAGO. Oct. 4 — Frank Warren. baa been elected chairman of the' executive committee of the W. F. Hall Prim mg Company, and Hadar Ortman was elected to succeed him as president. Mr. Ortman formerly was director of operations and finance for the Meredith Publishing Company, Des Udine 5, la.

Kerensky Regime Debts, Quarrel Over Credits Upset U. S.-Soviet Pact Official Circles Silent Over Breakdown in Treaty Which • Promised to Land Hundreds of Millions of Dollars of Orders. Editor'* Notr—Some 80,00* lob* await American worker* making tilings for export to Soviet Russia. It is estimated that *2(t,OMM6H) worth of trade monthlv is being lost through the breakdown of Soviet-American trade negotiations. Who. or what. Is holdinr things up? Following is the first at a series of three articles tellinr what is going on behind the scenes at Washington. ana BY WILLIAM PHILIP SIMMS Scripps-Howard Foreign Editor W ASHINGTON, Oct. 4.—Soviet-American trade which eventually promised to land hundreds of millions, if not billions, of dollars’ worth of orders for this country’s products, has been sidetracked. Why, is still something of a mystery. Neither state department nor Soviet embassy here has taken the pains, or has felt at liberty, to dispel it. The writer is in a position to do so in this series of articles for the readers of The Indianapolis Times. V The two keys to the deadlock are, first, the Russian debt to the United States and, second, the size and nature of the credits which the Soviet Union wishes to obtain in this country.

Stock Studies

MONTGOMERY WARD 1 COMMON stock _ | ftM I " r wot EARNINGS PRICE RANGE scACf ; _ YKAR JWJKE —-, 50 I JAR. 31 I . BTTI 8 —4O Sim tinol ° '“'-■fa I 20 1 S —§■ f ■ 10 Jilk i * L. o “ 130 31 32 33 34130 31 33 3334 winchester institute of finance ■ ■

Montgomery Ward was originally founded as a “mail order” business in Chicago back in 1872 The present company is the outgrowth of several changes and reorganizations in this original company. It ranks as the second largest mail order enterprise in the world, selling to some seven million customers. Its mail order business is carried on from nine plants. The company’s experience a fc w years ago in entering the retail store field developed many problems, but as of last March the company was operating a chain of 489 retail stores throughout the country. Nearly half of its business comes from these stores FINANCIAL DATA As of July 31. 1934 Common stock, shares 4,467,240 Capital stock line. Class A) $121,266,581 Profit and loss surplus 13,093,899 Cash and securities 9.854.191 Inventories 63.245.587 Total current assets 90.951.056 Current liabilities 9.731,937 During the six months ended July 31, profit and loss surplus increased nearly $3,500,000. While cash and securities dropped $15.500.000, inventories increased nearly $15,000,000. Net working capital gained $2,700,000. On July 31, the current ratio was 9'* to 1 while the book value of the common stock was $25.22. a gain of 77 cents in the six months’ period. Earnings have suffered during the depression. For the fiscal year ended Jan. 31. 1934. 18 cents was earned. The three previous years, however, the company operated in the red. In the seven months ended Aug. 3. Ward earned 91 cents a share, compared with 74 cents in the same period a year ago. No dividends have been paid on the common stock since 1930. There are now accumulated dividends on the Class A 5t0ck—201,554 shares outstanding—totaling $7 a share. Montgomery Ward was incorporated in its present form in 1919 in Illinois. The common stock is listed on the New York Stock Exchange. Its current price is 27 , 1 . All Rigt®* Reserved Winchester Institute of finance. Winchester. Mass.

Other Livestock

ißv United Pressi CHICAGO. Oct. 4.—Hors—Receipts. 11.000. includinß 4.000 directs; slow. 5 lo 10c higher than Wednesday. 220-290 lbs.. $6.25*16.35: top $6 40: 190-210 lbs. *5.505/ 6 25: lißht lights. $4,504/5.50: strong weight pigs. S3 •74 25: most packing sows. $5 25 .1 5 60: light lights. 140-160 lbs., good and choice. $4 504/ 5 .60. light weights, 160200 lbs. good and choice. 55.15’"6.35; medium weights. 200-250 lbs., good and choice. $6 15 /6 40: heavy weights. 250-350 lbs., good and choice s6.ls'<i 6.40. packing sows. 375-550 lbs medium and choice. s4'a 5.65: slaughter pigs. 100-130 lbs., good and choice. $3 u 4 50. Cattle—Receipts. 7.000 commercial, calves. 1.500 commercial: better grade fed steers and yearlings comparatively scarce but only slow; steady with Wednesdays 25 to 50c downturn: lower grades both steers and light heifers and mixed yearlings moderately active, fully steady: not much in steer run of value to sell above $9; other killing classes mostly steady although vealers and weighty calves, dull and weak. Steers. 550900 lbs. good and choice *5.75'./9.25; 9001.100 lbs. good and choice. $6 25 ./ 9.75. 1 100-1.300 lbs., good and choice. $6.50 i 10 25: 1.300-1.500 lbs . good and choice. $7 254110 25 : 550-1.300 lbs., common and medium. $2 75 ; 7.25 heifers. 550-750 lbs., good and choice $5 25418 common and medium. *2 75®5 25: cows. good. $3.25'7 5 25. common and medium $2 60 © 3 25: Jow cutter and cutter. $1 75©2 60: bulls vearlings excluded, good beefi. $345 3.73: cutter common and medium. $203.25: vealers. good and choice. $6 5047 8; medium $57 6 50; cull and common. $4415 Stocker and feeder cattle, steers. 5501.050 lbs., good and choice. $4.2596; common and medium. $2 7547 425 Sheep— Receipts 18.000 commercial. 8.000 government. opening generally steady; bulk fat lambs bid $6 50 down asking $6 75 upward for best natives; slaughter ewes. $1 50472.25; medium to good range steers. $4 75475 25: best held around $6: slaughter sheep and lambs, lambs. 90 lbs down good and choice. *6 2596 75; common and medium. *5.259 6 35; ewes. 90-150 lbs., good and choice $1 65*72 50: all weights, common and medium. $1 50472: feeding lambs. 50-75 lbs good and choice, $5,359 6 10. •By Times Special) LOUISVILLE. Oct. 4—Cattle—Receipts. 400 commercial. 650 government; demand somewhat improved on outside account; market moderately active; fully steady to strong as compared with recent davs; bulk common to medium grass steers and heifers salable $31?4.50: better finished kinds Quotable to around $6. bulk beef cows. *2 50*73: low cutters and cutters. *1259 2 25: sausage bulls. *3 down: desirable Hereford stock calves. *4 7595 25: common to medium grade natives. *2.759 3.75; calves. 525 commercial, including 350 stock ca.ves vealers steady; bulk better grades. *6 u 6 50. medium and lower grades. $5 50 down. Hogs—Receipts. 500 market 10c higher top and bulk 200-250 lbs $6 10: 183-195 ibs $5 *5 255 lbs. up *5.65! ISO--175 lbs. $5 25 140-155 lbs.. $4 75; 120-135 lbs.. $3 25 desirable sows. $4 90 SheepReceipts. 250. market steady; bulk better lambs, *64r6 25: choice auotah'e. $6 50 bucks discounted and most throwout*. S3 50. desirable fat slaughter ewes salable. *t 50*, 2 stock ewes quotable $69 7 50 a head for better kinds. 50® WORKERS INSURED Marsh McLennan, insurance underwriters of Indianapolis, announce that a group plan of pension insurance has been arranged for 500 employes of Mead-Johnson St Cos, Evansville. The plan was drawn up by Irving W. Barnett of the insurance firm.

Abreast of The Times on Finance

During the Kerensky regime, which followed the overthrow of the czar early in 1917, the United States advanced to Russia $187,730,000. When the Bolshevists succeeded Kerensky later ill the same year they confiscated all domestic and foreign property within their frontiers. American property thus confiscated is estimated at $60,000,000. U. S. Claims 5400,000,000 At face# value, some $97,000,000 worth of pre-Soviet bonds were outstanding in America. Altogether, American claims approximated $350,000,000, though interest and padded estimates about double this sum. American claims for confiscation are sometimes piacea as high as $400,000,000. Upon assuming power, the Soviet government repudiated these and other foreign obligations. Moscow claimed the money was not borrowed by it. On the contrary it was advanced to or used by preceding regimes to fight the Communists. Thus, Moscow claims, it is neither legally nor morally bound to repay. The United States sees it differently. While firmly standing by its policy of repudiation, the Soviet government of today, however, admits that as i matter of practical business and better relations, a settlement between the two countries would be plain common sense. Second Plan in Offing The Soviets wish to hasten their second five-year plan. They are anxious to make life more comfortable. They need hundreds of millions of locomotives, rails, ferrous and nonferrous products, cotton and other American products. To buy these they need large, long-time credits, and to get these credits they are willing to settle the American claims. An understanding to this effect was reached last fall at the time of American recognition. But hardly had Ambassador Bullitt and Foreign Commissar Litvinov begun negotiations in Moscow last spring there was a hitch. The Soviets expected that the United States would extend them a long-term loan or credit amounting to several hundred million dollars. On this they would pay a certain rate of interest. On top of this, an extra “interest charge’’ of say, 2*2 to 5 per cent, this to be used to pay off American claims. The United States, however, was of a different mind. It war, willing to advance certain credits. But it would neither pledge itself to any large, fixed amount, nor extend such long term credits as the Soviets required. Deadlock Persists Transferred from Moscow to Washington, negotiations were resumed by Secretary of State Hull and Soviet Ambassador Troyanovsky. But the deadlock persisted. Ambasador Troyanovsky cabled Moscow for new instructions. They came. He laid them before Secretary of State Hull. Concessions were made. Yet. thirty minutes later .the plainly irritated state department issued a formal communique saying it was no longer "possible to be optimistic that any agreement will be reached.” The two countries were far apart. Apparently the breakdown had come. Today, it would seem, what little hope there still may be for Soviet-American trade hangs by he slenderest of threads. Tomorrow—Details of the SovietAmerican proposals. LARGER U. S. FRUIT QUOTA IS GRANTED France Gives Increase Because ot American Favors on Wine. Hy ( mlt <1 Press PARIS, Oct. 3.—United States fruit growers have been allowed an import quota of 5,828 tons out of a total of 16.000 tons for October. Npvember and December by government decree. Last year, for the same period, the American quota was 3,780 tons. The increase was due to American favors for French wines and liquors. Canada received a quota of 520 tons, the result of anew trade treaty. Tlie first American fruit of the new season, California pears, is due at Le Havre Oct. 8. It probably will be held in port because distribution of import licenses is expected to take several weeks. AUTO SALES SHOW DROP September Sales in Chicago Off From Previous Months. Hy 7 inn * Special CHICAGO, Oct. 4.—September registrations of new cars in Cook county last month declined sharply from the preceding month but were ahead of September. 1933, according to figures tabulated by R. L. Polk <fc Cos. New cars sold last month numbered 4,914, against 6,521 In August and 4,386 in September, 1933. Part of the drop is due to the Labor day holiday and part to seasonal factors. \ '*

INDIANAPOLIS, THURSDAY, OCTOBER 4, 1934

WHEAT VALUES UP; 4 NATIONS FOLLOWTREND Canada, Argentina, France and United States Are Interested. By United Press CHICAGO, Oct. 4.—The complexion of sentiment around grain tables on the Board of Trade suddenly turned bullish and prices edged higher. Around mid-session wheat was 1 to 1% cents higher, corn was up •% to a cent and ohts were 7s t to a cent improved. j Hy United Press CHICAGO. Oct. 4.—Four of the biggest wheat producing countries gambled for high stakes in the markets of the world today. Canada. Argentina. France and the United States figuratively sat around the rim of the wheat market —players in one of the most dramatic trading games imaginable. Canada, with a big stack of blue chips in front of her in the form of a tremendous total supply was “sitting tight.” The government was supporting the market and Canada was wagering that world supplies are so limited that the other players will be buying chips later for almost any price Canada chooses to ask. For Fraance it was just about the last hand but as she prepared to withdraw from the game she had put into it all the wheat she could. She and Argentina have been backing the other side of the game—betting that the wheat market isn’t going to go materially higher despite the small world supply. They have been boldly selling wheat under world parity. The United States was “staying” on every hand, her markets fluctuating and sensitive to every foreign influence. Thus expert Chicago grain men painted the picture of the world wheat market today. The price of December wheat at the various table corners today was: Chicago, 96 H cents, up slightly on a technical reaction from a threeday slump; Buenos Aires, 50% cents; Winnipeg, 76% cents; Liverpool, October, 69 cents; Rotterdam, November, 58 cents. Probably the most significant play today was made in Winnipeg, where John I. McFarland, head of the government’s central wheat buying agency declared the Canadian government will not dump its enormous wheat holdings until rPctual consumers demand necessitates such a move. Mr. McFarland said his organization has been supporting the market since the fall movement of wheat commenced in western Canada and is continuing the support although most of the higher grade wheat has left the farms. Chicago Futures Range WHEAT— 1:00. Prev: Open. High. Low. P. M. close. Dec.— New... .96 >4 .97% .94 .95% .95% May .. .96% .97% .94% .96 .95% July .91% .92% .90 .91 .90% CORN— DecOld . .83% ' .83% .83% .33% .83% New... .74% .74% .72% .73% .73% May... .75% .77 .75 .757* .76 July . .75% .77 .75 .757* 76% OATS— Dec.— New .. .47% .48 .46% .46% .47 May... .46% .47% .45% .453, .457'* July . . .42 .42% .41 .41% .41% RYE— Dec.— New... .69% ,7t .68 .58% .69% May... .72% .74% .71% .72 .72% BARLEY— Dec.— Old .. .73% .74% .73% .73% .73% May... .71% .71% .71% .71V, .71% LARD— Oct... 8.72 8.75 8.70 8.70 8.80 Dec... 8.80 8.85 8.77 8.77 8.80 Jan... 8.90 8.95 8.87 8.90 8.97 Local Wagon Wheat City grain elevators are paving 84 cents tor No. 2 soft red wheat. Other grades on their merits.

Produce Markets

Delivered In Indianapolis prices: Heavy hens. 12c: Leghorn hens. 7c; colored springers. 1% lbs. and over. 12c; Leghorn springers 10c; old roosters. sc: ducks. sc: geese. sc; young guineas. 20c; old guineas. 15c. No. 1 strictly 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. 284729 c. Butterfat. 21c. Quoted bv the Wadlev Company. (By United Press) CHICAGO. Oct. 4. Eggs Market, steady; receipts 2.067 cases; extra firsts, 23c: fresh graded firsts. 22c; current receipts. 19921 c: dirties. No. 1, 18%c; No. 2. 16c; checks, No. 1. 16c: No. 2,14 c Butter —Market, steady: receipts. 9,520 tubs, extra firsts (90-91% secret. 23%© 24c: extras (92 scorei. 24%c; firsts (8889% score). 22% 47 23c; seconds 86-87 1 2 score), 22c; sneeials. 24%© 25%c; standards. 24c. Poultry—Market firm; receipts. 2 cars. 26 trucks. 2 cars due: geese, old. 745 9%c; turkeys. 13© 15c: old roosters, 11c: ducks. 8©13%c: springers. 13© 16c: hens. Leghorn. 10%c: guinea hens. $447 7 a dozen. Cheese—Twins. 12%©12%c; daisies. 12%4ii3c: longhorns. 12% ©l3c. Potatoes—Supply moderate: demand and trading moderate; market about steady; Wisconsin cobblers and round whites. 90c to $1.05: unclassified and scabby. 55c: Colorado McClures, fair quality and showing decav. *1.35: Oregon rnssets. United States No. 2. $1.30: Washington russets, combination grade. *4.4091.43%: Idaho russets. $1.55© 1 65. Arrivals. 102: on track. 221; shipments. 756. CLEVELAND, Oct. 4.—Butter—Market, steady; extras. 28c: standards. 28c. Eggs —Market, firm: extra white. 27c; current receipts. 22c: pullets. 17c. Poultry—Market. steady, fowls, colored 4% lbs. and up. 18c: roosters old. 12c; ducks white. 5 lbs. and up. 17c. Potatoes—Maine. $1,204/ 1.25 a 100-lb. bag: New York 51.05®1.15 a 100-lb. bog; Idaho, *1.7501.90 a 100-lb. bag. g

Retail Coal Prices

Tht following prices represent quotations from leading Indianapolis coal dealers. A 25-cen: carrying charge per ton will be added. DOMESTIC RETAIL PRICES Anthracite *l3 90 Brazil Lump 5.90 Brazil Ltimn 590 Brazil Mine Run 5.25 Coke. Nut Size 8.65 Coke. Egg Size 8.6a i Indiana Forked Lump No. 4 ar.d 6 . 573 i Indiana Egg 5.71 1 K-ntuckv Lump Group "B” 7 18 ; Pocahontas Lump 8 32 ; Pocahontas Ege 842 • Pocahontas Mine Run 7.70 l New River Smokeless 825 FOREIGN BONDS RISE Hy Times Special NEW YORK. Oct. 3 —Representative foreign bonds rose 2.52 per cent during September, according to i Foreign Bond Associates, Inc., whose index of 50 representative issues went up from 54.76 on Aug. 31 to | 56.14 on Sept. 29. The sixteen South American issues in the index appre- : ciated 3.42 per cent during the month, the thirty European Issues I 2.16 per cent, and the four Asiatic i issues 2.46 per cent.

MONTHLY 1 DAILY FROM JUNE I,T1 ,T 48 ' , * | DAILY AVERAGE " t 300 COMMON STOCKS 42 i I 40 ! ■ ■ ■ Wetucl Market Bureau, Inc. ■ •-- ■■ 38 ! 36 r[ 34 } 1 Jll 1 J,| 111 miii r i iii iiT TyZy I 1 1 1 1 1 11 1 1 I 11 1 iS i Wr I 1 11 1 1 11 ii i T“i i 1 WWr 1 i 1 1 h' l 1 1 1 1 1 1 11 1 1 M 1 1 l 1 1 1 1 i it 1 * 1111 1 i 11 ii in i 1 ii ii in i ; j -5 M I 1 1 I I ll I I I I I I II I I 1 I I I I 1 1 “IIIIIIiIIIIIII I I I I I I l I I I 1 I n n IIIIIIIIIIIIII ! 1 I I I 1 1 [ I I 1 1 1 1 1 1 1 1 1 11 1 1 1 11 ii ii ii in ii ■ |Q I I I I I I I II I I I I 1 I I I I I 1 I I I I ' 1 o^->'OZ^iaCY>, 7 14 21 285 12 19 26 2 9 16 23 30 6 13 20 27 0z00a.245 JUNE JULY AUG. SEPT.

TEXAS CATTLE OUTLOOK POOR Death of Million Animals or Bankruptcy of Owners Visioned. By United Press AMARILLO. Tex., Oct. 4.—Death by starvation of nearly 1,000,000 cattle or virtual bankruptcy of a great number of stockmen was the outlook today of the cattle and sheep industry in the Texas Panhandle and eastern New Mexico unless the federal government lends a hand this winter. A survey indicated continuance of the government’s stock-buying program was essential if the industry was to survive the winter without ruination. “The future of the southwest for years to come is involved in the cattle-buying program,” Dr. H. L. Kent, president of the New Mexico A. and M. college, said. Statistics gathered from ranchers, department of agriculture records, feed brokers and government officials revealed approximately 901,000 head of cattle must be wintered in the Texas Panhandle and eastern New Mexico with approximately 46,500 tons of locally produced forage crop available. With normal production ot forage crops, approximately 1,118,000 head of cattle and 148,300 head of work stock are wintered in those counties. Cattle Men Protest By Times Special WASHINGTON, Oct. 4.—lntimation from President Roosevelt that cattle purchases in drought territories will not be carried beyond the original program was followed today by announcement that leading ranch interests of the southwest will fly to Chicago for the purpose of conferring with Secretary of Agriculture Wallace and seeking purchase of 2,500,000 more cattle.

Local Livestock

HOGS Sept Bulk. Top Receipts 28. $6.2547 6.55 $6.70 5.000 29. 6.05® 6 30 6.50 2.000 Oct. 1 6.0043/6.25 6.45 3.000 2. 5.7547 6.00 6.15 7.000 3. 5.75© 5.85 6.20 5.000 4. 5.85® 6.10 6.40 4.500 (140-1601 Good and choice $5.10® 5.75 (160-1801 Good and choice 5.85® 6.05 (180-2001 Good and choice 6.05® 6.20 (200-220) Good and choice 6.20® 6.30 (220-250i Good and choice..... 6.25® 6.40 (250-290) Good and choice .. . 6 20® 6.30 (290-3501 Good and choice . • 6.00® 6.20 Packing sows: (275-350) Good 5.25® 3.50 (350-425) Good 5.10® 535 (425-550) Good 4.75® 5.25 275-5501 Medium 4.50® 500 (100-130) Slaughter pigs good and choice 2.50® 4.10 CATTLP Receipts. 600 —Steers—--550-9001 Choice S 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 d.IOO-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 (550-7501 Choice $ MIU© (.73 Good 5.50® 7.00 Common and medium 2.75® 5.50 (750-900) Good and choice ... 5.75® 800 Common and medium 2.75® 5 75 —Cows— Good 8.50® 4.50 Common and medium 2.50® 3.50 Low cutter and cutter 125® 2 50 —Bulls—lYearlings Excludedi Good 3.00® 3.55 Common and medium 2.00 0 3.00 VEALERS Receipts, 600 Good ana choice • $ (.00® Z.SU Medium 4.50® 7.00 Cull and common 2.50® 4.50 Crilvc- 1 (250-500) Good and choice ... 4.75® 6.50 Common and medium 2.50® 4.75 —Feeder and Stocker Cattle—(Steers) <SOO-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 2 003 2.50 sheep and lambs Receipts. 1 300 Lambs. t)0-ibs down good ana choice * 6.50® 7.00 Common and medium 4.25® 6.50 90-120 lbs. good and choice 2 00 1* 2.50 Sheep—-<l2o-150) Good ana choice .. 1.7502.25 All weights common and medium 1.25® 2.00

Other Livestock

(Bt United Press) LAFAYETTE Oct. 4—Market. 10c and 15c higher: 225-275 lbs.. $6.10'./6.15 275 325 lbs.. S5 90 200-225 lbs $6 05© 6 10: 180-200 lbs. $5 854(5.95; 160-180 lbs, $5 60©5.75 140-160 lbs *4 85 (5 10: 125140 lbs. *3 854/4.35 115-125 lbs. *29o© 340: 100-115 lbs . 12 25'•/2.50: roughs. *5 down. Calves —Steady: *6.50 down; few, *7. Lambs —Steady to 25c higher. *6.25 down. FT. WAYNE. Oct. 4.—Hogs—2sc higher; 250-300 lbs.. *6.25: 200-250 lbs.. *6.10: 180 200 lbs. *5 90: 160-I*o lbs *5 75: 300-350 lbs.. *6: 150-160 lbs.. *5; 140-150 lbs. *4.75: 130-140 lbs.. *4.25: 130-130 ids. S3 50; 100120 lb*.. *2.85; roughs, *4 25; stags. *3.50. Lambs—*6.2o. Calves—*7.so

New York Stocks

(Bv Abbott. Proctor & Paine) 11:00 A. M. Prev. Oils— High. Low. N. Y. close. Amerada 42 41% 41 % 43 Atl Rfg 23% 23% 23% 23% Barnsdall 6% 6% 6% 6% Consol Oil 7’* 7% 7% 8 Cont of Del .... 17% 16% 16% 17% Mid Cont Pet... 10% 10 10 10% Ohio Oil 9% 9% 9% 10% Phillips Pet 14% 14% 14% 143. Plymouth Oil .. 8% 8% 8% 8% Pure Oil 7 6% 6% 7 Sbd Oil 22% 22 22 23% Shell Un 6% 6% 6% 6% Skelley Oil 6% 6% 6% 6% Soc Vac 14% 13% 13% 14% S O of Cal ... 27% 27% 27% 27% S O of Kan ... 25% 25% 25V* 25% S O Os N J 42% 41% 41% 42% Texas Corp . 21% 20% 20% 21% Tidewater Assn 8% 8% 8% 8% Un Oil of Cal... 13 12 12 13% Steels— Am Roll Mills.. 16% 16% 16% 16% Beth Steel 27% 27 27% 26% Byers A M .... 11% 16% 16V* 16 Col Fuel & Iron. 4 4 4 4% Mid Steel 7% 7% 7% 7% Rep Ir & Steel. 12% 12% 12% 12% U S Steel ... 32% 32V* 32V* 32% U S Steel pfd .. 73 73 73 73% Warren Bros ... 6% 6% 6% 6% Motors— Auburn 24% 23% 24 24'% Chrysler 33% 33% 33% 32% Gen Motors .... 29 28% 28% 28% Graham Mot ... 1% 1% 1% 1% Hupp 2% 2% 2% 2% Nash 13% 13% 13% 13% Packard 3% 3% 3% 3% Reo 2 Vs 2% 2'/* 2 Vs Motor Access— Bendix 12 11% 11% 12 Bohn Alum 53 52% 52V* 51% Elec Auto Lite-. 23 22% 23 22% Houdaille “A” . 4% 4% 4V* 4 Murray Body 4% 4% 4% 4% Timken Det Axel 5% SVz 5% 5% Mining— Alaska Jun 19% 19% 19% 19% Am Metals .... 15% 15 15 15% Am Smelt 34% 33% 33% 34',s Anaconda 10% 10% 10% 11 Cal & Hecia 3V* 33 3% Cerro De Pasco 36% 36% 36% 36*** Howe Sound ... 50V* 50% 50% 50% Int Nickel 24% 24% 24% 24% Kennecott Cop . 18 18 18 18 Noranda Cop ... 39 38% 39 394'* Park Utah 3% 3% S*/* 3% St Joe Lead ... 18V* 16V* 16V* 16% U S Smelters ...113 113 113 114% Vanadium 16 16 16 16 Amusements— Fox Thea 11% 11% 11% 11% Loews Inc 28% 27% 28% 27% Radio Corp .... 5% 5% 5% 5% Warner Bros ... 5 5 5 5

Wall Street

BY RALPH HENDERSHOT

Times Special Writer NEW YORK, Oct. 4.—Once more the financial markets seemingly have expressed disdain for the economic ideas of President Roosevelt. His Sunday night radio address was followed Monday by a fairly severe slump in both stocks and commodities. Such action has become more or less a habit of late and is strangely similar to that of

the last few months of the Hoover regime. The fact that the street, generally speaking, is out of sympathy with the Roosevelt administration raises the questio nos whether it is not deliberately “rigging” the market on occasion to cast reflection on

jßßar

Hendershot

the chief executive. Whether or not such is the case, market action serves as an effective means of creating public opinion. The weight of evidence would seem to indicate that the market’s action was due to acts of omission rather than commission on the part of Mr. Roosevelt and also that it was the result of natural rather than artificial forces. non IN the early months of Mr. Roosevelt’s reign almost every official act on his part was followed by a burst of strength in the stock and commodity markets. Most of these acts were interpreted as either constructive or suggestive of inflation, which undoubtedly accounted for the advance in prices. Asa consequence stock and commodity traders got in the habit of anticipating his pronouncements by buying in advance of his adai'bsses. Most people had expected the President at least to pour oil on the troubled waters of business and finance Sunday night. Some thought he might pull another rabbit out of his hat for the benefit of trade. When he failed to do either it is reasonable to suppose that those who had bought previously in the hope of a market rise hastened to dispose of their holdings, causing the recession in prices. nun WALL STREET was very much interested in the Washington dispatches Monday quoting Jesse Jones, chairman of the Reconstruction Finance Corporation, as saying he thought the administration has no intention of creating a central bank or of placing any further restrictions on banking. It sincerely Hoped he was speaking with authority. The Street has been very jittery in recent months over the possibility of further encroachment of the government in the private banking field. So certain have the leaders been of new moves toward socialization of the banks that they have laid rather advanced plans to combat it. And they have no idea of giving sip these plans, irrespective of Mr. Jones’ opinion. They figure the next congress will demand new banking reforms and regulations, and they are taking no chances on the President not listening! to them.

Tobaccos— Am Sum Tob .. 19% 19 19% 18% Am Tobacco B . 76% 76% 76% 77 Gen Cigars .... 49 48% 48% 49 Ligg A Myers B 98% 98% 98% 98% Lorillard 17** 17% 17% li% Reynolds Tob B. 48% 48% 48% 48 Rails— Atchison 50% 50% 50% 50 Atl Coast Lines.. 29% 29% 29% 29% B & O 15% 15V* 15% 15% Can Pac 13% 13 13% 13% Ch & Ohio 42 % 42 Vi 42% 42% Chi N W 6 6 6 6% Del Lac & W .. 17% 17 17 17 Erie 11% 11% 11% 11% Grt North pfd . 14% 14% 14% 14 * 111 Central 16% 16% 16% 18% M K & T 6% 6% 6Vi 6% N Y Cent 21% 21 21 21% N Y New Haven 10% 10% 10% 10 Nor Pac 19% 19% 19% 18 s * Penn R R 23 23 23 98% Sou Pac 171* 17% 17% 17% Sou R R 16 16 16 15% Sou R R pfd 18% 18% 18% 19 West Maryland . 8% 81* Bs*8 s * 8% Equipments— Allis Chalmers . 12% 12% 12% 13 Am Mach & Fdy 15% 15% 15% 15% Bald Loco pfd . 30% 30% 30% 30% Burroughs 12V* 12% 12% 12% Case J I 42% 42 42% 42% Cater Tract ... 26% 26% 26% 26% Deere & Cos ... 18% 174* 17% 17% Gen Elec 18 18 18 18 Int Harvester . 30 30 30 29% Pullman Inc ... 36% 36 36 37 Rem Rand 7% 734 734 7% Westingh Elec ..31 31 31 31 Utilities— Am & For Pwr .6% 6 6 6% AT&T 109% 109% 109% 109% Am Wat Wks ... 15% 15% 15% 16% Col Gas & Elec. 83* 8% 8% 8% Com & Sou 1% 1% Jl% 1% Consol Gas 28% 27% 27% 27% Slec Pwr & Lit.. 4% 4% 4% 4% Int T & T 93* 8% 9% 9% Nat Pwr & Lit.. 8 8 8 8 North Amer 13 1234 12% 13 Pac G& E .... 13% 12% 12% 13% Peoples Gas .... 25% 25% 25% 25% Pub Serv N J .. 31% 31% 31% 313* So Cal Edison .. 11% 11% ll 3 * 11% Std Gas 7% 7% 7% 7% United Corp ... 3% 3% 3% 3.* Un Gas Imp .. 14% 14% 14% 14% Ut Pwr & Lit A 2% 2% 2% 2 Western Union.. 32% 32 32% 32/a Rubbers— Firestone 13% 13% 13% 14 Goodyear 20% 20% 20% 203* Kelly Spring ... 1% 1% 1% 1% U S Rubber 15% 15% 1534 15% U S Rubber pfd. 373* 37 37 37% Miscellaneous— Am Bank Note.. 13 13 13 12% Conti Can 84% 84% 8434 84% Crown Cork .... 2i% 21% 21% 21% Eastman Kodak. 99 99 99 99% Inter Rapid Tr.. 14% 143* 14% 14% Owens Bottle .. 65 65 65 64% Raybestos Mfg-. 173* 173* 1734 163* Foods — Am Sugar 63% 16% 16% 63 Beatrice Cream. 18 17% 17 7 /* 1834 Borden Prod ... 24% 24% 24% 24% Cal Packing .... 35 323* 3234 3 534 Can Dry G Ale . 15% 15 15V* 14% Corn Prod 63% 63 63 63 % G W Sugar 28% 28% 2834 28% Natl Biscuit 28% 273* 28 27% Natl D Prod .... 16% 16% 16% 16% Purity Bak .... 93* 9% 93* 9% S Porto Rico Sug 31 >4 31V* 31% 31% Std Brands 1934 19 19V* 19>4 United Fruit ... 74% 74% 74% 743* Hahn Dept. Sts- 5V* 5% SV 5 Kresge S S .... 17% 17% 17% 17% Kroger Groc ... 28% 28% 28V* 273* Macy R H 393* 39% 3934 40 May' Dept. St... 38% 38% 38% 38 Mont Ward 27V* 26% 26% 26% McLellan Stores . 734 734 75* 7% Penny J C 61 61 61 61 Safeway St .... 4254 40% , 40*4 42% Sears Roebuck .39 385* 383* 38% Aviation— Aviation Corp .. 4 35* 3% 3% Curtiss Wrignt . 2% 2% 2% 2% Douglas Air ... 15V* 15 15% 15% Nor Am Av .. 314 334 3’* 334 Uniteck Aircraf* 9 1 * 934 9V* 9 Wright Aero ... 44 44 44 46 Allied Chem 125V* 125 125 125% Am Com Alcohol 27% 27% 27% 27% Com Solvents .. 20 19% 19% 19% Dupont 88% 88 88’“ 88% Freeport Tex . 25 24% 24% 24% Natl Dis (new) 20% 19% 20% 19% Schenelev Dist .23 22% 23 22% Tex Gulf Sulph 36% 36% 36% 38% Union Carbide • 433* 42% 42% 43 U S Indus Alco 36 35% 35% 35 Financial— Adams Exp .... 7 6% 6% 7 Lehman Corp .. 68% 68% 68% 68% Transamerlca .. 534 5% 5% 5% Building— Am Radiator ... 13 1254 13 12% Gen Asphalt . . 14% 14% 14% 14% Int Cement 20 20 20 20% Johns Manville 46% 46% 46% 45% Libby Owens Gls 273* 27% 275* 27% Household— Col Pal Peet 14% 14% 14% 14% Congoleum 28% 28% 28% 28% Kelvinator 12% 12% 12% 125, Proc & Gamble 373* 37% 375* 373* Textiles- — Belding Hem ... 123* 12% 12% 12% Celanese Corp . 24’* 23% 2354 23’* Gotham Hose .. 5 5 5 5

Chicago Stocks

(Bv Abbott. Proctor & Paine). 11:00 Prev. AM close. Berghoff Brew Cos 33 Cities Service . 1% 1% Commonwealth Edison 43 ‘a 43 ! a General House Util 7% 7% Iron Fireman 15% 15% Libby-McNell 6% 7 Prima Cos 2 2 Public Service N P 12% 12% Swift & Cos 18% 18% Walgreen Cos com 26 26

U. S. Bonds

(By United Press) NEW YORK. Oct. 4—Liberty bonds: (decimals represent thirty-seconds i Liberty 1:00 Prev. P M. close. 3%s <32-47) 103.12 103.4 Fourth 4)45 (33-38) 101.13 103.12 Treasury 4>s—3%s (45) 100 22 100.13 3%s <4l-43> March 102 4 3%S (40-441 June 102.4 101.29 3%S (46-49) 100 99,26 3s (51-55) 99. 93.26 3s (46-48) 99. 98 24

New York Bonds

•By Fenner & Beanei 11 30. A M Prev. N Y. close. Alleg Corp 5s ’SO 25 24% Am & Por Pwr 5* 2030 52% 52% A T & T db 5s '65 108 108 B & O cv 4%s '6O 55/4 55 Beth Steel 5s A 42 101% 106 Can Pac 4a 57 77' a 77' 4 Ch M St P & P adj 5s A 2000 7% 7% Ch M St P & P rs 5s A 75 27 26’ 4 Erie R R rs 5s 'B7 64 64% Goodyear 5s '57 100% 100% Gt Nor 4%s D '76 70% 70 Gt Nor 7s A '36 89 88 Interboro R T 5s '66 78% ... Lorillard 7s '44 125 MeKess & Robbison 5%s 'SO 86 % 86% Nat Dairy db 5%s 48 98% 99 N Y Central 5s O 2013 64 >B% Pac Gas & El 5s A 42 103% 103% Para Pub s',* 50 61 81% Penn RR 4%s D 'Bl 95 95% Poland 7$ '47 131% 133 Sin Cons 6%s B 38 104% 104% Texas Corn 5s '44 103 103% i Tob Pr N J •%* 2022 10*% 10* Un Pae Ist 4s '47 105% 105% j Vanadium 5s '4l 83% 83% : Youngstown S St T 5s B '70..' *4 0i

Latest Stock, Bond and Commodity Quotations

SEC PROGRAM MAY GET TEST ON BMTBONDS Calling of Four Leading Bankers to Testify Weighed by Body. By United Press WASHINGTON. Oct. 4.—The securities and exchange commission today temporarily adjourned ths Brooklyn-Manhattan Transit Corporation's $8,000,000 bond issue case after a sharp controversy between members over whether to call as witnesses four leading New York bankers and all BMT directors. Robert E. Healy. presiding commissioner. adjourned the case subject to future call after the sharp verbal clash between commisison Counsel John J. Burns arid Commissioner Ferdinand Pecora, when Burns attempted to conclude the case. In the meantime, Mr. Healy said, the commission will determine whether to call the bankers and directors, thus extending the scope of the investigation into the negotiations and alleged agreement prior to the sale of the bonds. Commissioner Pecora. former inquisitor of the senate banking and currency committee, made the request that the bankers be called. The firms named were Hayden, Stone & Cos.; J. and W. Seligman & Cos.. Lehman Bros, and Kuhn, Loeb & Cos. The stock market control program, which began Monday with licensing of national exchanges, sped into activity in another sphere today, when it was to resume hearings on the registration application of the New York Mining Exchange of Jersey City. Mr. Pecora’s suggestion to call the four bankers came after testimony indicating that the underwriters received subscriptions for the bonds as early as May 23, although the BMT board did not formally authorize the issue until June 4. Testimony was developed also tending to show that each of the four firms had a member on the directorate of the BMT and that the underwriters obtained the bonds at 95, later reselling them at 98%. A. W. Williams, BMT counsel, vigorously depending the issue as legal and asserting that there was no attempt to violate the 1933 securities act, explained that the bonds were sold to the New York underwriters in a purely intrastate transaction. This, he explained, exempted them from registration and if the underwriters later made itnerstale sales or used interstate communications in the transactions, that was beyond the BMT control. He said that if the bonds were denied listing on the exchange, it would unfavorably affect their holders. Commissioner Robert E. Healy, presiding at the hearing, said that he expected to make a formal ruling on the advisability of calling the bankers, perhaps today.

Gleanings

“Street” Loans Drop Collateral borrowings by members of the New York Stock Exchange at the end of September amounted to $831,529,447, a decline of $42,678,429 from the preceding month. The ratio of member borrowings to the market value of all listed stocks was 2.57 per cent, against 2.68 per cent a month earlier. The total face amount of government secuirties pledged as collateral for borrowings was $44,467,525 at the close of September, compared with $66,092,850 a month darlier. Corn-Hog Payments About $100,000,000 in benefit checks, or 75 per cent of the first instalment, has been paid to farmers participating in the corn-hog control, the agricultural adjustment administration announces. Mora than 1,030,000 contracts have beeri forwarded to the department of ag* riculture for approval. Payment to Indiana farmers up to Sept. 28 were $8,467,247. Steel Downturn Halted The downward trend of steel production apparently has been halted and consumption of hot metal ha* been increasing moderately of late, the Iron Age declared today. The divergent tendencies in different markets apparently signify nothing more than extreme sensitiveness to fluctuations in demand at a time when forward buying is almost nonexistent. Pig iron output last month totalled 898.043 tons, or 29,935 tons daily, compared with 1,054,382, or 34.012 daily, in August. The daily rate represented a decline of 12 per cent. Government Grain Rule The Alberta government, under R. G. Reid, premier, has advocated that the Winnipeg Grain Exchange be administered under federal government responsibility. Flour Output Rises September flour production came to 5,730,998 barrels, contrasted with. 5,091,145 barrels in the corresponding month last year, according to a survey made by General Mills, Inc., based on activities of 90 per cent of all flour mills in the country. FIRMS TO CONSOLIDATE | Livingston Company Will Join Abbott, Proctor & Paine. | H;i T ime* Special | NEW YORK. Oct. 4 —The firms ;of Livingston Sc Cos. and Abbott, Proctor & Paine, investment brokers, will consolidate Nov. 1, it was announced today. The partnership will combine into one firm composed of all of the present members of Abbott, Proctor Sc Paine, together with the following partners of Livingston Sc Cos : Gerald W. Livingston. Walter W. Price, William S. Gilbert. John B. Finnerty, John L. Clark. Martin C. Lee, Peter H. Troy and Ross H. Walker.