Indianapolis Times, Volume 46, Number 126, Indianapolis, Marion County, 5 October 1934 — Page 36

Developments in Trade and Industry

PAGE 36

TAX ON SALES OF ALL STOCK WILLHELP SEC Brokers Charge One Cent for Each SSOO of Gross Amount. BY CHARLES H. HUFF Times Saecltl Writer m NEW YORK. Oct. s.—New York Stock Exchange brokerage houses, as well as the Exchange Itself, have taken on new bookkeeping worries. For the first time in Its history the Exchange has begun computing the dollar volume of stock transactions. Brokers are now charging sellers of securities 1 cent for each SSOO of the gross amount of such sales. Such charges were debited in the ledger accounls, to appear later on the customers’ monthly statements alongside such other items as interest, commission, federal tax and state tax. The new charge is the registration fee which henceforth accrues to the new securities and exchange commission. Exchange to Fay SEC Accordingly, the trader will pay the broker (through deduction from his credit balance), the broker will pay the Exchange and, eventually, the Exchange will pay the SEC. The brokerage office will accumulate such deductions from customers’ accounts until such times as the Exchange calls for payment. The Exchange will accumulate the accretion until payment becomes due to the SEC on next March 15, covering transactions to the end of 1934, and on each succeeding March 15 for the business of the preceding calendar year. The same process, of course, applies to the New York Curb Exchange and to all other security exchanges throughout the country which have registered under the terms of the Securities Exchange Act of 1934. Discrepancy Indicated Only in the case of odd-lot brokerage houses, among member houses operating on the New York Stock Exchange, will the fee be paid by the brokers themselves. All other brokers are required, by rule of the exchange, to pass the charge on to the customer. This process is expected to lead to considerable discrepancy in collections. For instance, a customer will pay 2 cents if the gross of his sale exceeds SSOO, even by only a dollar and even if his net proceeds above commission is less than SSOO. But the exchange is required to pay the SEC, in its annual accountings, only one five-hundredths of 1 per cent “of the aggregate dollar amount of the sales of securities transacted on such national securities exchange” during the preceding calendar year. Computations Unavailable There are no available computations of dollar volume of Stock Exchange transactions in the past. Only a rough approximation is possible. In 1933 transactions of stocks alone totaled 654,816,542 shares. Taking the average between the average value of $17.35 per listed share at the beginning of the year and $25.59 at the end of the year, which would be $21.47, the total dollar volume would be $14,058,909,324, on which the SEC fee would have totaled $281,178. That does not include bond transactions or the business of other exchanges. On a similar basis last month’s business on the New York Stock Exchange, in stocks, with trading down to only 12.625,870 shares, and the average value per listed share on Sept. 1 at $24.90, would have taken a mere $6,292 from the pockets of the traders. Operation under SEC control was further signalized today by issuance of rule* by the New York Stock Exchange to members. One instruction was that members should i\ot transmit to specialists any orders except market or limited price orders. The committee on bonds notified members that, effective tomorrow. all cards placed in bond cabinets bear definite prices and that, if a card represents a market order, that fact may be indicated, but other members will not be obligated to regard it as other :han a limited order at the price designated.

MILK DISTRIBUTORS’ PROFITS RULED HIGH Pocket 4.41 to 8.34 Cents for Each Quart Sold. AAA Says. By United Press WASHINGTON. Oct. 5. The agricultural adjustment administration reported today that milk distributors in fifty cities pocket from 4.41 to 8.34 cents for every quart sold at retail and delivered to homes. Retail prices, it found, ranged from 9 cents a quart in half a dozen midwestern communities to 15 cents in Miami. Fla. The report was issued without comment but AAA officials are known to feel that most milk distributing costs are too high and should be scaled down. In many instances. they feel dairy farmers are not receiving their fair proportion of the ultimate consumers' milk money. Dr. Fred C. Howe, consumers’ counsel, said he hoped for more competition in the milk distributing business which would force down the spreads. HUDSON SALES cLIMB Production from May 1 to Sept. 1 Totaled 25.965 Cars. By Timet Special NEW YORK. Oct. s—Sales of Hudson and Terra plane cars in the United States for the period May 1 to Sept. 1. aggregated 25.965, an increase of 28 per sent over the 20.277 total ta the corresponding period of 1933. The Increase compares with an advance In sales of approximately 24 per oent for the industry as a whole during the same period. The above figures exclude Hudson’s Canadian and export sales which showed comparable gains.

Divergent Acts by U. S. Seen Bargaining Method in Soviet Trade Parleys Johnson Bill Forbade Loans to Nations in Default, Allowed Special Bank to Make Credits; Cummings Interpretation Barrier. Editor'* Note—This it the second of three articles analyzing the SovietAmerican trade negotiation deadlock, which is blamed for holding op at least AO,OOO American jobs in producing exports for sale to Moscow. a a a BY WILLIAM PHILIP SIMMS Scripps-Howard Foreign Editor WASHINGTON, Oct. s.—Here are the approximate figures involved in the Soviet-American debt and trade negotiations and the reasons for the stalemate. The Soviet union offered the United States something like $100,000,000 as a “lump-sum” payment of all American claims. In addition, it would cancel all counter-claims against the United States arising out of American armed intervention in Russia during and after the world war. (At the end of 1918, after the armistice, a force of 15,000 allies, including 4,500 Americans, marched on Petrograd. The campaign failed. The Americans were withdrawn in the spring of 1919).

This the Soviet Union would do, frankly because the American claims stand in the way of trade relations. The Soviets, however, made a condition: That the United States would have to extend twenty-year credits, amounting to approximately $300,000,000, to purchase American goods. United States Refused The United States refused. The amount offered to pay off the American claims represented a much better bargain than was obtained from Italy on war debts—a bargain which Italy now refuses to honor, incidentally—but the credit terms were deemed impossible. The amount was considered exorbitant and the term too long. While the United States was willing to guarantee certain credits, it preferred each one to be negotiated on its own. Five years would be the maximum. Finally, the Soviet Union offered to compromise on twenty years for part, the balance to be paid in a somewhat shorter time. This compromise was as follows: First, the only wav she can possibly pav oft the American claims is to camouflage payment in the form of extra Interest oh American credits. Second, she would have to be assured at the start not only that the credits would be large enough to make such repayment feasible, but they would have to be on sufficiently long terms to prevent repayment becomine a dangerous burden. Third, for every dollar America claims from Russia. Britain and France claim at least ten The American terms will have to be such that Britain and France can not force the Soviet Union to duplicate them Fourth. Germany has agreed to cancel her claims, provided Russia does not recognize the claims of other countries. The German claims automatically would be revived if Russia recognized those of the United States. These figures are only approximate, but they afford a working idea of how far from an agreement the two countries are. Can't “Recognize” Loan Public opinion also plays a part. The Russians are convinced the proceeds of the Czarist and Kerensky loans were used in an attempt to crush them. The leaders in Moscow would not dare recognize them now. The Johnson act, passed April 13, forbids loans to foreign governments in default to the United States. The act, however, took pains to make it possible for the especially created Export-Import bank to extend credit to Russia. On March 16 the bank decided not to extend such credit while the U. S. S. R. was in default. Attorney-General Cummings ruled within the meaning of the Johnson act the Sonets were in default. Here are strangely and admittedly inconsistent acts on the part of the American government. The most logical explanation is that it was maneuvering for bargaining power. Few believe hostile influences will be allowed to stand in the way—once the administration decides to go ahead—any more than they did a year ago when the President made up his mind to extend recognition. (Tomorrow —What the Stalemate Is Costing Us.).

On Commission Row

Quotations oelow are average wholesale prices being offered to buvers bv local commission dealers FRL’ITS —Cranberries. Cape Coa 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: Crat apples. Michigan hvslops, bushel. $2. Persimmons. Indiana. 12 pts. 90c. Plums Italian prunes. 16-lb box. $1 10 Pears. Michigan Bartletts bushels. $3 50. Avacados box. $1.50 Quinces bushel. $2 75. 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, vellow. si: Indiana, 10-lb bag. 20c: white boilers. 10-lb. bag. 35c: Western white. 50-lb bag. $1 75: homegrown pickling. 10-lb bag. 75c. Potatoes. New Jersev Cobblers. 100-lb. bag. 51.60 Wisconsin round white. 100-lb. bag_ $1.30: Ohios 100-lb bag $1.55: Idaho Russets. 100-lb bag $2.10 Sweet potatoes Eastern Vellow Jersevs. bushel. $140: Indiana Nancv Halls bushel. $1 25 Beans, homegrown stringless bushel. SI: Kentucky Wonders, bushel. 85c: Umas. large, pound 20c Beets, dozen. 30c. Carrots. Ohioa dozen. 35c: Ohio icut offs', washed 22-lb basket 75c: bushel. $1.15 Cauliflower, crate $1 35. 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. Parslev. dozen. 35c. Peas, hamper. *2.75 Peppers, red Anger, bushel. *1 <5: 5-Ib. basket. 50c Radishes. 2 dozen. 65c. Spinach. New Zealand, bushel. 50c: broadleaf basket. 50c. Tomatoes, outdoor. 12-lb basket. 50c: bushel, $1.50. FRUITS AND VEGETABLES <Bv United Press l CHICAGO. Oct. s.—Apples—Michigan; Mclntosh bushels 2*j Inch. 11.4091.60. Tomatoes—Ohio 8-lb baskets. 35<350c. Sweet Potatoes—Tennessee bushels. 90c 9 *1 Lettuce—California crates. S2 25i3. Beans—lllinois bushels green. 5015 85c. Cabbage Wisconsin crates. 50@60c. Peppers—lllinois bushels. 25i40c Eggplant—lllinois bushels. 25c Celerv— Michigan crates, squares. 401? 60c: flats. 25*!50c JauUflower— Western crates. *1 10 7 1 25; Michigan, 90c 15*1 25 Grapes— Michigan Concord 12 quarts. 25526 c; 4 quarts. 11 13c. Cranberries Massachusetts 1-3 bushels. *2 4045 260 Onion Market <SO-lb. sacks' Michigan veilows. 5575 c: Idaho w hites SI 9 I 10: Idaho yellows. 75ti80c. Utah yellows. 75Q80c OIL OUTPUT DECLINES WASHINGTON. Oct. s.—August crude oil production amounted to 79.058.000 barrels, or 2.550.000 barrels daily, according to the bureau of mines. The yield was 81.000 barrels daily under July and 208,000 under August, 1933. /

Abreast of The Times on Finance

Wall Street BY RALPH HENDERSHOT— Times Special Writer. NEW YORK, Oct. s.—The fight between the Brooklyn-Man-hattan Transit Company and the securities and exchange commission over the question of whether bonds of the company should have been registered under the new securities law before having been offered for sale some months ago is proving an interesting one. Not the least of the inter-

esting phases of the battle is the fact that Joseph P. Kennedy, chairman of the commissioin, is a large stockholder in B. M. T. Apparently the Tesuits of the fight will be based on the question of whether the operation involved was an interstate one. The bank-

Hendershot

ers making the original offering and the company say it was interstate and therefore did not come under the jurisdiction of the federal law. The commission claims otherwise. The bonds recently were relisted from the New York Stock Exchange. The company’s claim is based on the contention that the bonds were sold orally and without the use of the mails entirely within the confines of New York state. The commission is expected to require the company to show, however, that at the time of completion of sale all ultimate owners were residents of New York state. a u Tk/rR. KENNEDY is not presiding at the hearings because of his personal interest in the affair. It may be said, however, that he was instrumental in no small measure in instigating the hearings, and it is to his credit that he is not allowing personal interests to influence his official actions. Bankers in Wall Street are keenly interested in the case. Their underwritings in the future will be guided partially by the outcome. It is fair to assume, however, that if they feel the burden of proof of location of owners is theirs, they are likely to adopt the subterfuge of local distribution in order to avoid the expense and other features of registration. a a a DESPITE the fact that Canada has had no such banking difficulties as we have had in this country during the depression, the Dominion is to have a central bank. This was authorized by the last session of parliament, and the public is now being invited to subscribe to its capital stock of $5,000,000. Evidently the dominion has circumvented the most dangerous feature of such an organization, viz., the danger of granting excessive credit for political reasons. It has no direct contact with the public, and its control over chartered banks and over the currency of the country is designed to influence the general price level and the trend of business through manipulation of its rediscount rate. Chartered banks and their employes are prevented from owning stock in the central bank.

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers A 25-ccnt carrying charge per ton will be added DOMESTIC RETAIL PRICES Anthracite *l3. yo Brazil Lump 5.90 Brazil Lump 5.90 Brazil Mine Run 5.25 Coke. Nut Size 8.65 Coke. Egg Size 8 65 Indiana Forked Lump No 4 and 6 5.73 Indiana Egg 5.71 Kentucky- Lump Group "B" 7.18 Pocahontas Lump 8 32 Pocahontas Egg 842 Pocahontas Mine Run 7.(0 New River Smokeless 8.25 CHASE NATIONAL BANK DEPOSITS, ASSETS OFF Decline Reported in Three Months Ended Sept 29. By Timet Special NEW YORK. Oct. s.—Total resources of the Chase National bank of New York as of Sept. 29 aggregated $1,774,890,000, compared with $1,810,699,000 on June 30, according to the condition statement of the institution. Deposits at the close of the third quarter amounted to $1,488,962,000, which contrasts with $1,533,446,000 three months earlier. The bank’s investments on Sept. 29 in United States government obligations, direct and fully guaranteed, totaled $491,819,000, including $46,222,000 of Reconstruction Finance Corporation notes which were carried as a separate item in the same amount in the June 30 statement, when direct obligations of the government owned amounted to $417^86.000. 4

INDIANAPOLIS, FRIDAY, OCTOBER 5, 1934

FEDERAL QUIZ ANENT BANKING, TAXESIMPENDS Secretary of Treasury to Undertake Study of Problems Soon. BY RICHARD L. GRIDLEY United Press Staff Correspondent WASHINGTON, Oct. s.—Studies to determine the administration’s banking and taxation policies in the next session of congress are to be undertaken by Secretary of Treasury Henry Morgenthau Jr. within the next few weeks. His recommendations are likely to be based on a comprehensive survey of the two problems by his fourteenman “brain trust,” which completed its work this week. Suggestions made by this “brain trust” were guarded closely today pending their examination by Mr. Morgenthau. but it was fumored widely that they urged new governmental control over banking and steps toward a more general sales tax. Committees Await Word Congressional committees, meanwhile, were understood to be awaiting word of the administration’s intend ! ons on these subjects before formulating definite policies. This is particularly true of tax matters, as congressional circles have “softpedaled” the subject presumably because of the impending fall elections. Mr. Morgenthau has indicated an “open mind” on both banking and taxation problems until he has had an opportunity to consider the reports. Many observers, however, have indicated it would be difficult for the administration to avoid the necessity of higher taxes to meet recovery expenditures and further important changes in banking laws. The administration’s policy with result to taxes and prospects of balancing of the federal budget are not likely to become known until President Roosevelt’s budget message to Congress next January. The President has indicated that in the interim, Daniel W. Bell, the treasury’s commissioner of accounts, would continue as acting budget director. Close Co-operation Seen This arrangement was expected to make for extremely close cooperation among the White House, the treasury and the bureau of the budget on budget matters. According to Secretary Morgenthau, the administration has not yet decided whether taxes would be boosted, lowered or continued at present levels. Despite whatever changes are made in the rates, drastic revision of present tax methods is in store. Proposals for increased taxes are likely to meet with widespread opposition in the next congress, particularly if moves are made toward widening the present form of iimited sales tax which include levies on such products as gasoline, oil, automobiles, parts, tobacco and other products.

. Other Livestock

(By United Press) CHICAGO. Oct. s.—Hogs—Receipts, 12,000 including 5,000 directs; moderately active. 5c to 10c higher than Thursday; 220-290 lbs., $6.30©6.40; top $6.45; 170210 lbs., [email protected]; 140-170 lbs., $4.75® 5.75: 100-140 lbs., $3.25@5; packing sows. $5 25® 5.65; light lights, 140-160 lbs., good arid choice, $4.75®5.75; light weights, 160200 lbs., good and choice, $5.40(6 6.35; medium weights, 200-250 lbs., good and choice, $6.20©.6.45; heavy weights, 250350 lbs., good and choice, $6.20®6.45; packing sows, 275-550 lbs., good and choice. $4.25415.75; slaughter pigs, 100130 lbs., good and choice. $3.25®4.75. Cattle—Receipts, 2,000 commercial 500 government; calves 700 commercial 300 government; mostly steady with vealers steady to weak; practically no weighty steers in run; best yearlings early $8 25; some held higher: choice heavy heifers bid $7.85; selected vealers $7.75®8 to small interests; bulk $6.50@7; steers 550900 lbs., good and choice. $5.75®9.25; 9001,100 lbs., good and choice. $6.25® 6.75; 1,100-1,300 lbs., good and choice. $6.50®. 10.52; 1.300-1,500 lbs , good and choice, $7.2545 10.25: 550-1.300 lbs., common and medium, $2.75®7.25; heifers. 550-750 lbs., good and choice, $5.25®8: common apd medium. $2.75®5.25; cows good. $3.25® 5.25; common and medium. $2.65® 3.25; low cutter and cutter, $1.75®2.65; bulls ivearlings excluded good beef), s3® 3.75; cutter common and medium. $2®3.25; vealers good and choice, $6.50®8; medium, ss® 6.50; cull and common, s4® 5; stocker and feeder cattle: Steers 550-1.050 lbs., good and choice, $4.25®6; common and medium. $2.75®4.25. Sheep—Receipts, 7.000 commercial. 2,000 government; native lambs steady; early top $6.75 to small killers; bulk bid $6.50; rangers held for strong prices; initial bids lower; sheep firm; feeding lambs steady. FT. WAYNE, Oct s.—Hogs—Steady; 250300 lbs.. $6.25; 200-250 lbs., $6.10; 180-200 lbs.. $5.90: 160-180 lbs., $5.75; 300-350 lbs., $6; 150-160 lbs., $5; 140-150 lbs., $4.75; 130140 lbs.. $4.25; 120-130 lbs., $3.50; 100-120 lbs., $2.85; roughs, $4.25; stags, $2.50. Lambs. $6.50; calves. SB. (By Times Special) LOUISVILLE, Oct, s.—Cattle—Receipts, 450. run includes several loads southerns, both Stockers and killers and load or so in feeder flesh; salable supply slaughter cattle moderate, mostly slow cleanup trade at prices steady to weak as compared with Thursday; sausage bulls, weak to 25c lower; bulk, common to medium, grass steers and heifers, $3®4.50; cutter grades $2.75 down to around $2.25; better finished lightweights salable to around, $6; bulk beef cows, $2.50®3; good kinds eligible higher: low cutters and cutters, sl2s© 2 25; sausage bulls, mostly $2.85 $4.75®5 25; common to medium grade down: desirable Herefords stock calves, natives, mostly $2.75®3.75. Calves—Receipts. 600, including 275 stock calves; vealers mostly 50c higher; better grades. $6.50® 7; mediums, $5.50® 6; plainer sorts, $5 down. Hogs—Receipts, a00; market, 10c higher: top and bulk 200-250 lbs., S6 20 180-195 lbs.. $5.95; 255 lbs. up $5.75; 160-175 lbs, $5.35: 140-155 lbs, $4.85: 120135 lbs, $3 35; desirable sows. $5. SheepReceipts. 300: market, steady: bulk better lambs. $6®6.25; choice kinds eligible higher: bucks, mainly ss® 5 25: light throwouts. $3.50: fat ewes. $1.50®2; stock ewes, mainly $6®7.50 a head. TELEPHONE CO. GAINS New York Firm Adds 7,246 Stations Daring September. By Times Special CHICAGO, Oct. 5.—A net gain of 7,246 stations in September was reported by the New York Telephone Company, largest unit in the Bell System. This compares with a net ' gain of 9.912 stations in September, j 1933. For the nine months ended Sept. 30, the company had a net gain of 174 telephones, against a loss of 117,274 in the corresponding period last year. BANK CLEARINGS LOWER By Times Special NEW YORK. Oct. s.—Bank clearings at twenty-two leading cities in the week ended Wednesday amounted to $4,660,860,000, against $4,807,489,000 in the same 1933 week, a decline* of 3 per cent, Dun & Bradstreet, Inc„. report.

New York Stock Exchange Prices

(By Abbott. Proctor & Paine! 11 A. M. Prev. Oils— High. Low. N Y. close. Amerada 4IU 41 41 40% Atl Rf* 23 22*! 23 22*. Barnsdal! 6% 6% 6% 6 Consol Oil 7% 7% 7% 7% Cont of Del ... 17 16% 18% 16% Mid Cont Pet... 10% 10% 10% 10*. Ohio Oil 9* 9* 9% 9*i Phillips Pet .... 14 s * 14% 14% 147* Plymouth Oil .. 8% 8% 8% 8% Pure Oil 6*4 6% 6** 6*,a Sbd Oil 21% 20*4 21'a 21 Shell Un 6% 6% 6% 6 s * Soc Vac 13% 13*. 13*. 13% SO of Cal 28'a 27*. 28'a 27% SO of Kan 25*. 25% 25'a 25*. SO Os N J.... 42'a 42% 42% 42 Texas Corp 217* 21*. 21% 20% Tidewater Assn. BVa 8% B’,a 8% Un Oil of Cal.. 13 13 13 12*4 Steels— Am Roll Mills.. 17% 17V, 17% 17% Beth Steel 28'a 27% 28'a 27% Cruc Steel . .. 18% 18 18% 18 McKeesport Tin 87 87 87 87*4 Natl Steel .... 35% 34% 35% 34% Otis Steel 4% 4% 4% 4% Rep Iron & Stl.. 12% 12% 12% 12 Rep Iron & Stl p 39% 38% 39* a 37 U S Steel 33% 33 33% ... Warren Bros 6’,* 6'/* 674 6% Motors Auburn 26 25% 25% 24V, Chrysler 35% 34% 35% 34% Gen Motors 29*4 29 29% 29 Graham Mot ... 2% 1% 2% 1% Hudson ........ 8% 8% 8% 8% Hupp 2% 2% 2% 2% Mack Truck .... 25% 25% 25% 24% Nash 13% 13% 13% 13% Packard 3% 3% 3% 3% Reo 2% 2% 2% 2% Studebaker 2% 2% 2% 2% Motor Access— Bendix 12% 12 12% 11% Bohn Alum .... 54% 53 53% 52% Borg Warner ... 21% 21% 21% 21 „ Briggs 17% 17% 17% 17 Eaton Mfg 14% 14% 14% 14% Elec Auto Lite.. 24% 23% 24V, 23% Houdaille A .... 4 4 4 4% Mullins Mfg pfd. 25 24 25 23 I Stock Studies 1 NASH MOTORS % COMMON STOCK L SHAM EARNINGS PRICE RANGE S6AU Y3ARB KMDBD ’ -Q 3 ' BOV. SO | ’ Tf^2o °"3031 32 33^130 31 32 3334 " ° WINCHESTER INSTITUTE OF FINANCE - Nash is one of our leading automobile manufacturers, producing medium and lower priced cars. Early this year Nash brought out the new “Lafayette” car, popular in the lower priced field. Plants, efficiently arranged, are located in Kenosha and Racine, Wis. FINANCIAL DATA (As of NOV. 30. 1933). Common Stock (no par) shares 2,646.200 Surplus $23,793,473 Cash and Securities 29,915,368 Investories 2,077,014 Total Current Assets 33,190,878 Current Liabilities 2.312,341 During the fiscal year ended last November, surplus dropped $2,500,000. Cash and securities were about $2,200,000 less while inventories increased $1,000,000. Although net working capital declined $2,100,000, the companuy has maintained a strong liquid position. The current ration on Nov. 30 was 14% to 1, while the book value of the common stock was $14.29, a decrease of $1.21 during the fiscal year. In past years Nash has shown good earning power. Since 1929, however, earnings dropped successively to 39 cents on the common in 1932, a deficit of 45 cents in 1933, and for the six months ended May 31, the deficit was 38 cents a share. This last deficit was largely the result of costs involved in putting out the new “Lafayette” car. Nash has paid dividends right along and drawn on surplus every year since 1929. Last year 75 cents was paid on the common and the present rate is sl. The strong financial condition, and not earnings, warranted the payment of these dividends. Nash was incorporated in Maryland in 1916. The common stock is listed on the New York and Boston exchanges. At a current price of around 14% it is selling to yield about 7% per cent on the present dividend rate. (All Rights Reserved, Winchester Institute of Finance, Winchester. Mass.).

Local Livestock

HOGS Sept Bulk. Top Receipts 28. $6.25® 6.55 $6.70 5,000 29. 6.05®) 6 30 6.50 2.000 Oct. X 6.004? 6.25 6.45 5,000 2. 5.754? 6.00 6.15 7,000 3. 5.75® 5.85 6.20 5,000 4. 5.85® 6.10 6.40 4.500 5. 5.95@ 6.20 6.50 5,000 (140-160) Good and choice $5.15® 5.95 (160-180) Good and choice 5.95® 6.15 (180-200) Gobd and choice .... 6.15® 6.25 1200-220 Good and choice 6 25® 6.35 (220-250) Good and choice .... 6 30® 6.35 (250-290) Good and choice 6.25® 6.35 (290-350) Good and choice 6.05® 6.25 Packing sows: (275-350) Good 5.25® 5.50 (350-425) Good 5.10® 535 (425-550) Good 4.75® 5.25 275-550) Medium 4.50® 5.00 (100-130) Slaughter pigs good and choice 2.50® 4.15 CATTLE Receipts, 600 —Steers—-(sso-900) Choice $ 7.50® 900 Good 6.25® 8.25 Medium 4.25® 6.50 Common 2.75® 4.25 (900-1,100) Choice 8.50010.00 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 4.754? 6.75 (1,300-1,500) Choice 8 25®10.00 Good 7.25® 9.25 —Heifers (650-750) 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® 6.75 —Cows— Good 3 SO® 4.50 Common and medium 2.50® 3.50 Low cutter and cutter 1.25® 2 50 —Bulla—(Yearlings Excluded) Good 3.00® 3.55 Common and medium 2 OC® 3.00 VEALERS Receipts, 500 Good and choice S 7.50® 9.00 Medium 5.00® 7.50 Cull and common 3.00® 5.00 —Calves—-(2so-500) Good and choice ... 4.75® 6.50 Common and medium 2.50® 4.75 —Feeder and Stocker Cattle—i Steersi (500-800 Good and choice .... 4.50® 5.50 Common and medium 3.00® 4.50 (800-1.W0) Good and choice.. 4.50® 5(.50 Common and medium 3.009 4.50 • (Heifers) Good and choice 3 00® 4.25 common and medium 2.50® 3.00 —Cows— Good 2.50® 3.00 Common and medium 2.00® 2.50 SHEEP AND LAMBS Receipts. 1.000 Lambs. 90-lbs. down, good and choice t 6 50 ® 7.00 Common and medium 4.25® 6.50 90-120 lbs. good and choice 2 00® 2.50 Sheep— G2O-150) Good ana enoice .. 1.7592.24 All weights common and medium 1.25® 1.00 Government Bonds Bought Member banks in the Chicago federal reserve district expanded their holdings of United States government securities by $36,000,000 during the week ended Wednesday, bringing the combined holdings to anew peak of $678,000,000. In the New York area federal bond investments were curtailed by $19,000,000. Deposits, however, dropped in both territories, reflecting withdrawal of funds for dividend and interest requj cements.

i Murray Body ... 4% *% 4% 4% [ Stew Warner .. 6% 6% 6% 8 Timken Roll .... 29% 29 29% 28% Minins—Alaska Jun 19* a 19 19% 19% Am Smelt 35% 34% 35% 34 Anaconda 11 10% 11 10% Cerro De Pasco.. 37% 37 3.% 37 Granbv 6% 6% 6% 5% Howe Sound ... 50 50 50 50 Int Nickel 24% 24% 24% 24% Kennecott Cop.. 18 17% 18 17% Mclntvre Mine . 46% 46% 46% 45% Park Utah 3% 3% 3% 3% Phelps Dodge.. 14% 14% 14% 14% U 8 Smelters ...113% 112 113% 111% Vanadium 16 H 16\ 16H 15 • Amusements— Fox Thea 12 11% 12 11% Loews Inc 29% 28% 29% 28% Radio Corp .... 5% 5% 5% 5% RKO .... 2% 2% 2% 2% Warner Bros ... 5 4% 4% 4% Tobaccos— Am Snuff 65% 85% 65% 64% Am Tob "A" ... 73 73 75 75 Am Tob "B” ... 77% 77 77% 76% Gen Cigars 49% 49% 49% 49 Ligg & Myers B 99 98% 99 98% Lorillard ... 17% 17% 17% 17% ■Reynolds Tob B 48*4 48% 48% 48% Rails— Atchison |. 51% 50% 51% 50% B& O 15% 15% 15% 15% Can Pac 13% 13 13% 13 Ch & Ohio 42% 42% 42% 42% C M & St P pfd 5% 5 5% 5 Chi N W 6 6 6 5% Dela & Hud 39% 40 37% Del Lac & W... 17% 17% 17% 16% Erie 12% 12% 12% 11% Gt Northern pfd 15% 15 15% 14% 111 Central 17 16% 16 * 15% M K & T 6% 6% 6% 6% MK & T pfd .. 15% 15% 15% 14% N Y Cent 22% 22 22% 21% N Y New Haven 10% 10% 10% 10 Nor Pac 19% 19% 19% 19 Penn R R 23% 23% 23% 22% Sou Pac 18% 18% 18% 17'* Sou R R 16% 16% 10%) West Maryland. . 9 9 9 8% Equipments— Allis Chalmers.. 12% 12% 12% 12% Am Car & Fdy. 16 16 16 15% Am Loco 16 16 16 15% Am Mach & Fdy 16% 16 16 15% Bald Loco 7% 7% 7% 7% Burroughs 12*4 12% 12% 12% Case J I 46% 44% 46 44% Cater Tract ... 26% 25% 26% 25% Deere &Cos .... 19 18% 19 18% Elec Stor Bat .. 36% 36 36% 36 Gen Am Tk Car 33 33 33 32% Gen Elec 18% 18% 18% 18 Int Bus Mach.. 139% 139% 139% 139% Int Harvester... 31% 30% 31 30 Natl Cash Reg.. 14% 13% 13% 13% Rem Rand 8 7% 8 ,;% Westingh Elec... 32 31% 32 31% Utilities— Am & For Pwr....6% 6% 6% 5% Am Pwr & Lit 4% 4% 4% 4% AT&T 111% 110% 111% 109% Am Wat Wks ... 16% 16% 16% 15% Col Gas & Eleo 9% 8% 9% Bs*8 s * Com & Sou 1% 1% 1% 1% Consol Gas .... 28% 28% 28% 28% E P & L pfd 9% 9% 9% 9% Int T & T 10 10 10 9% Nat Pwr & Lit.. 8 8 8 8 North Amer .... 13% 13% 13% 13 Pac G& E 13% 13% 13% 13% Postal Tel pfd.. 14% 14% 14% 14% So Cal Edison... 11% 11% 11% 11% Std Gas 7% 7% 7% 7% Stone & Webster 6 6 6 5% United Corp .... 3% 3% 3% 3% Un Gas Imp 14% 14% 14% 14% Ut Pr & Lt "A” 2% 2% 2% 2% Western Union. 34% 34% 34% 33 Rubbers— Goodrich 10 10 10 9% Goodvear 217* 20V2 2i% 20 7* U S Rubber 16% 15% 16% 15% U S Rubber pfd 38 37% 37% 36% Miscellaneous— Am Can 98% 98 98% 98% Brk Man Tr.... 38% 38% 38% 39,, Conti Can 85% 84% 85'2 84% Curtis Pub .... 17% 17% 17% 18 Eastman Kodak. 99*% 99% 9972 99 Gillette ........ 11% 11 '/a 11 Vi 1174 Foods— Am Sugar 63 63 63 62 Armour “A” ... 5% 5% 5% 5% Borden Prod .. 24% 24% 24% 24% Cal Packing ... 34% 33% 347* 33% Can Dry G Ale.. 15% 15% 15% 15 Corn Prod 65 64 65 63 Crm of Wheat . 32 32 32 32 Cuban Am Sug . 7% 7% 7% 7% Gen Foods 29% 29% 29% 29*/i G W Sugar 29 29 29 287i Int Salt 30 30 30 30 > 2 Loose Wiles 3874 38 38 38% Natl Biscuit ... 287* 27% 28% 287s Natl D Prod .. 16% 16% 16% 16% Std Brands .... 19% 19% 19% 19% Un Biscuit 2274 22% 227 g 227i United Fruit .. 75 7474 74% 74% U. S. Bonds (By Fenner & Beane) 11:30 Prev. A. M. close. Alleg Corp 5s 'SO 25% 247s Am & For Pwr 5s 2030 5274 52% Atchison Gen 4s '95 1017* 101% B & O CV 4%s '6O 55>/i 55 Can Pac 4s ’57 7774 7774 Ch M St P & P adj 5s A 2000 8 774 Ch M St P & P rs 5s A '75... 28% 2774 Cons Gas N Y 4%s '57 104% 106% Denmark 5%s '55 92 9274 Erie RR rs 5s '67 6474 S4 Goodyear 5s '57 100% 101 Gt Nor 7s An '36 88 88% Interboro Rt 5s '66 7774 ... Int T & T db 5s '55 60*4 60 McKess & Robbison 5% '50.. 86%.. 86*4 Nat Dairy db s*/*s '4B 99 9874 N Y Central 5s O 2013 6474 63% Nor Am 5s '6l 83% 83% Pac Gas & El 5s A '42 103 102V4 Para Pub 5%s 'SO 61 60 Roval Dutch 4s A '45 13574 Shell Union Oil 5s '52 101 101% Sin Cons 6%s B '3B 104% 10474 Texas Corp 5s '44 10374 103 Tob Pr N J 6*/bs 2022 107 107 Un Pac Ist 4s '47 106 U S Rubber 5s A '47 . 85 84 Youngstown S & T 5s B ’70.. 84 8474

Produce Markets Delivered in Indianapolis prices: Heavv hens, 12c; Leghorn hens. 7c: colored springers. IV2 lbs. and over. 12c; Leghorn springers. 10c; old roosters. sc; ducks, sc; geese. sc: voung guineas. 20c: old guineas. 15c. No. 1 strictly fresh country run eggs, loss off, 19c. Each full case must weigh 55 ltos. 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 by the Wadlev Company. (By United Press) CHICAGO, Oct. 5. —Eggs—Market, firmer; receipts 4,318 cases; extra firsts 23'ic; fresh graded firsts 22' 2 c; current receipts, 19'*®21>2c; dirties No. 1. 18'jc; No. 2, 16c: checks No. 1. 17c; No. 2. 15c. Butter —Market, firmer; receipts 10,510 tubs; extra firsts )90-91',2 score). 24®24%c: extras (92 score). 24V2C; firsts (88-89‘2 score). 23@24' 2 c; seconds (86-87'2 scorei, 22©22%c; specials 25®25'2c; standards 24'ic. Poultry—Market, easy; receipts. 37 trucks, 2 cars, 1 car due; geese.' young. 12c; turkeys. 13@15c; old roosters. 11c; ducks. B®l3 l ic; springers, heavv, White Rock, 15c; hens, heavy, 14'ic; guinea hens s4®7 a dozen; light White Rock and Plymouth Rock springs. 13' 2c; Leghorn springs, lIV2C. Cheese—Twins, 12%© 12'2c; daisies 12%®13c; longhopis. 12% © 13c. Potatoes—Supply moderate; demand and trading slow; market, weak; Wisconsin Cobblers and Round Whites. 85 ©95 cents. Triumphs, $1.20®1.25; lowa Cobblers 95 cents; Colorado McClures, $1.57%®1.62%; Oregon Russets. $1.50, United States No. 2, $1.30; Michigan Rural Russets. $1.50® 1.65, commercial grade *1.15, United States No. 2 $1 25®1.27'2; Washington Russets, combination grade. $1.45, United States No. 2. $1.30 Arrivals 102. on track 242, shipments 838. Chicago Futures Range Wheat— 1 00. Prev. Open. High. Low P. M. close. Dec. (Old) .96% .96% .96 *4 .96% .96% Dec. (new) .96’, .97’, 96% .97% .96% Mav 97% 98>a 96’, .98% .97% July 92 .93'-i 92 .93% .9214 CornDec 1 old) .74’/, .75 1 4 .74’* .7514 .74% Dec. (new) 74% .75V* .74'/, 75% .74% Mav 77 .77% .76*4 77'® .76% July ....* .77 .77’, .76 3 * .77*, .77 Oats— Dec. (old) .47’, .47’, .47’, .47% .47% Dee. (new) .47% .48% .47% 48’, .47*, Mav 47% .47’* 46% .47’, 46% July 42% .43% .42% .43'* 42V* Rye— Dec. (old) .70% .71% .69% .71%. 69V* Mav 73% .74% .72% .74% .70 EarleyDee. (old) .75% .76% .75V* .76% .74% Mav ... .74% .74% .74% .74% .71% Lard — Dec 895 915 895 9.15 882 Jan 8.95 922 895 9.22 695 REVENUES RETURNED Railroad Credit Corporation Refunds Freight Money. By Times Special CHICAGO, Oct. s.—The railroad Credit Corporation has returned $17,696,106 through liquidating agencies, representing 24 per cent of the emergency freight revenues collected by the participating carriers through March 31, 1933. Os this amount, $7,697,422 was in cash and $9,998,594 in credits on obligations due the corporation, officials revealed. Construction Contracts Down. Engineering and construction contracts awarded in the week ended Oct. 3 totaled $25,356,000, compared with $26,605,000 in the preceding week.

Retail Stores— Best &Cos 32% 32% 32% 32% Gimbe! Bros 4 3% 3% 3% Gr Un Tea 5% 5% 5% 4% Hahn Dept Bts.. 5% 5% 5% 5 Kresge S S .... 18% 17*. 18% 17% Kroger Oroc .. 28% 28% 28% 28% Macv R H 41% 40 41% 39 Marshal! Fields 11% 11% 11% 11% May Dept St 4040 40 38% Mont Ward . ... 28% 27% 28% 27% McLellan Stores 8% 7% 8% 7% Natl Tea I! 11 11 107* Penney J C 61% 61% 61% 61 Safeway St 41% 41 41% 40% Sears Roebuck.. 40% 39% 40% 38% Woolworth 48% 48 48 48 Aviation— Aviation Corp... 4 3% 4 3% Curtis Wright .. 2% 3% 2% 2% Curtiss Wr 1 A).. 7% 7% 7% 7 Douglas Air 16 15 7* 16 15 Speerv Corp 7 7 7 6% United Aircraft. 9% 97a 9% 8% Wright Aero .... 45 44 45 43 Chemicals — Air Reduction ..103% 102 102 100** Alied Chem ... 127 126 127 125 Am Com Alcohol 28% 27% 28% 37% Col Carbon 66% 66% 66% 65 Com Solvents ... 20% 19% 20% 197* Dupont . 90** 90% 90% 90 Freeport Tex.... 25% . 25% 25% 25 Liquid Carb .... 20% 20% 20% 19% Math Alkali .... 27% 27% 27% 26% Mentoson Chem. 51 5! 51 52 Natl Dis (new 1.. 21% 21% 21% 20% Scheneiev Dist.. 24 23% 23% 23 Tex Gulf Sulph.. 38 36% 38 36% Union Carbide 43% 43% 43% 42% U S Ind Alcohol 37 36 36% 35** Vir Chem 6% pf 18 17% 18 17 s * Drugs— Lambert 24 24 24 2474 Un Drug 11% 11% 11% 11 Financial— Adams Exp 7% 6% 7% 6% Am Int Corp.... 6% 6% 6% 6% Chesa Corp 39 39 39 38% Transamerica .. 5% 5% 5% 5% Tr Conti Corp.. 4 4 4 3% Building— Am Radiator .. 13% 13% 13% 13% Johns Manville . 47% 46% 47% 46 Libby Owens Gls 28% 28 28% 27% Otis Elev 147* 14 1474 1* Household— Col Pal Peet.... 15 15 15 14% Congoleum 29 28% 29 .29 Kelvinator 13% 12% 13% 12% Proc & Gamble. 37% 37% 37% 37% Simmons Bed ... 97s 9% 97s 97 Textiles— Amer Woolen ... 8 2 8% 8% 8% Belding Hem ... 12 v s 12% 12% 12 s Celanese Corp 25% 24% 25% 24% Collins Aikman. 1274 1274 1274 12 Gotham Hose .. 5 5 5 5 Indus Rayon ... 268 25% 2674 2574 Chicago Stocks (By Abbott. Proctor & Paine) 11:00 Prev. A M. close. Bendix Aviation 12% 11% Borg Warner 22 21% Butler Bros B‘s 7s Chicago Corp com 1% 17s Chicago Corp pfd 26 ... Chicago Mail Order 11 10 Cities Service 1% 14 Commonwealth Edison 44% 43% Cord Corp 374 37s Marshall Field & Cos 12*2 ... General House Util 7 1 Great Lakes Dredge 15 1474 Iron Fireman 1574 15 Libv-McNeil - % 674 Noblitt-Sparks Indus Inc 147s 14 Public Service N P 12 12 Sears Roebuck 4074 38 Swift & Cos 19 18% Swift International 39 38 Walgreen Cos. com 2674 26 SALES OF NEW ISSUES IN CANADA ADVANCE September Total Is Rej. irted at 513,383,000. By Times Special NEW YORK, Oct. s.—Total sales of new issues in Canada during September amounted to $13,383,000, as compared with $1,164,724 in the same month of 1933, according to a repoi made today by the Dominion Secu.ities Corporation. Issues made by the Provinces of New Brunswick, Saskatchewan and Nova Scotia accounted for $9,634,000 of the total, while the bulk of the balance was made up of an issue for $9,634,000 from the city of Quebec. Total sales, exclusive of Dominion of Canada financing, amounted to $179,626,304 for the first threequarters of the current year as compared with $116,629,106 in the corresponding period of 1933. Chicago HOLC Busy. Morwe than $15,500,000 worth of Chicago homes were put on a sound financial basis by the Home Owners’ Loan Corporation in the last month. The corporation’s production rate in Illinois showed an increase even over the previous month’s record, so that half the total applications now have been acted upon. " WE BUY AND SELL: U. S. Government Bond# U. S. Territorial and Insular Bonds Indiana Municipal and Gravel Road Bond* Land Bank Bonds Home Owners’ Loan Corporation Bonds Bonds and Stocks ot Indiana Corporations General Market Municipal and Corporation Bonds i Indianapolis Bond and Share Corporation 129 tart Martel Street telephone tiler

I Buy Bldg. & Loan | Newton and Stocks t .jj Sell ' 415 Lemcke Bldg. ■ Mortgage Loans On Indtanapoli* Improved Real Estate THE UNION TRUST CO. of Indianapolis 118 E. Market. 81-8841 State and Municipal Bonds Federal Land Bank Bonds—Home Owners Ixian Corp. Bonds Bought, Sold, Quoted. BLYTH & CO., INC. 1416 CIRCLE TOWER. „ , „ . I L, '. BBMNew York. Chicago. Boston. San Francisco. Seattle. Portland p”— )tODH 6 (pOWPART investment Securities We are interested in the purchase of high grade INDIANA MUNICIPAL BONDS INDIANAPOLIS Continental Bldg. Riley 3321 NEW YORK SOUTH BEND MUNCH

Latest Stock, Bond and Commodity Quotations

STOCK MARKET 1 PUSHES HIGHER ON GOOD NEWS Increase in Turnover Accompanies Rally; Other Markets Up. By United Press NEW YORK. Oct. s.—Prices advanced fractions to more than 2 points on the Stock Exchange in the early trading today. Curb prices joined the rise: bonds improved, led by amusements and rails: grains firmed; small advances were noted in silk, hides and copper. An increase in volume accompanied the rally, but It was not of proportions to encourage large-scalS" commitments. News included several favorable Items, although none was outstanding, and traders were by no means sure a turn in the market had come despite predictions of some of the chart readers. On the favorable side were a statement by Donald R. Richbprg that the NRA might scrap price control and lift the ban on production; end of the gasoline price war in east Texas; sharp gains in mail order sales; improvement in general retail business which brought short covering into stocks companies of which operate in that state. Railroad stocks and bonds were in iair demand, the latter scoring gains ranging to more than 2 points. Chemical issues were up 1 to more than 2 points; Spiegel, May, Stem rose 2\ 4 to 62 74 in the mail order division. U. S. Smelting gained 2 in a firm silver group. U. S. Steel was up a point. Chrysler gained a point to 3574 in the motors, where Auburn rose nearly 2 points. Case was i* nearly 2 points in the farm equipments. Continental Can made a new 1934 high. Other good gainers included Allied Chemical, Com Products, Delaware <fc Hudson, Union Pacific, Western Union antkß. H. Macy. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,459,000.00 Debits 6,378,000 00 Treasury Statement (By United Press) WASHINGTON, Oct. s.—Government expenses and receipts for the current fiscal year to Oct. 3, compared with the corresponding period of the previous fiscal year: This year. Last year. Expenses ..$1,561,421,571.71 $971,971,144.24 Receipts ... 1,004.023.428 18 733,134,583.73 Deficit .... 557.398.143.53 238,836.560.51 Cash bal... 2,201,681.045.38 The HOOSIER CASUALTY CO. 15th FI. Fletcher Trust Bldg. A strong stock company writing accident and health. Also automobile insurance. Assets over $740,000. Moderate First Mortgage Loans on Improved Indianapolis Real Estate The Indianapolis Morris Plan Company Delaware and Ohio Sts. RI-1536 INSURANCE All Kinds With the Exception of Life A. J. Wichmann & Cos., Inc. 712 Circle Tower ® anU a* ', lB *3.36o'°^ BE SAFE insure Yoor Car Today J —Fall Protection State Automobile Insurance Ass’n. H. 8571, 7th Floor Occidental Bldg._ ★★ ★ ★ General Banking Courteous, dependable service Bankers -Trust Cos.