Indianapolis Times, Volume 46, Number 127, Indianapolis, Marion County, 6 October 1934 — Page 12

Developments in Trade and Industry

PAGE 12

RELIEF DATA ‘JUGGLED' BY OTHER NATIONS Europe Uses ‘Fancy Names’ for Unemployment Situation. B'J Scripps-ffairard Xnrspaprr Alliance WASHINGTON, Oct. 6—Foreign nation* are doing a "lot of fancy juggling" with unemployment figures, Federal Relief Administrator Harry L. Hopkins believes. He recently returned from a first hand study of relief programs abroad. “You know we speak very frankly about relief and say it is relief,” Mr. Hopkins said. ‘Over there they do not do it that way. They beat around the bush and call it by fancy names, but it actually is relief ana tl*y are using government funds. They do not count among their unemployed the people to whom they give relief jobs, whereas we count them all. Then, too, each nation has a different manner in which they divide unemployment totals between those registered for jobs and those actually receiving direct relief. It is hard to tell exactly how many actually are supported by the government.” Many Idle in Britain Mr. Hopkin? cited estimates for June as supplied by the International Lobar Review. In Germany there were 3.224.981 persons registered as applicants for work, although the total unemployment figure was only 2.482.000. Austrian estimates for the same month were 263,883 persons unemployed and in receipt of benefits and 353.509 registered for work. In France 345.314 registered for jobs . hut the unemployment total listed was but 310.934 Great Briton and northern Ireland had 1.645,266 wholly unemployed in June with 447.320 more out of work due to temporary stoppages in industry. However, the registrations for jobs was 2,092.586. This figure for England represents a decline in unemployment of approximately 1.000,000 from the peak of the depression, Mr. Hopkins declared. Italy lists 941.257 as being wholly unemployed although Italian governmental officials say that all of these persons are at work on state projects. Flans Similar to CWA "England has no direct work relief program but in continental countries the governments put the unemployed on jobs.” the relief administration asserted. Some of their plans are similar to our CWA. but wages paid are low. In Germany work camps have been established and the system is almost identical with our work relief. Austria's relief burden is smaller, but her' again unemployed are placed iu work divisions to build houses, roads and other public improvements.” Mr. Hopkins thinks that England has tried more radical experiments in the form of recovery than President Roosevelt. He ovserved some of the governmental moves in regulation of agriculture which “are lurther advanced than any of Henry Wallaces thoughts.” The mast radical program, however, has been the housing campaign which apparently is •working.'' •But don't think that England has its situation any more settled than we have over here." Mr. Hopkins concluded. "They stil have twothirds of their unemployment, although they don't make such a fuss about it." WALGREEN COMPANY DECLARES DIVIDENDS Directors Vote 5 Per Cent Common Stock Fayment. By Tima Special CHICAGO. Oct. 6—The Walgreen company has delared a 5 per cent common stock dividend in addition to the regular 25 cent quarterly payment on the common stock, according to C. R. Walgreen, president. Both payments are payable Nov. 1 to stock of record Oct. 15. Sales of the company during the first eleven months of the current year were reported at S4B 536.844. as compared with s4l 038.172 for the preceding period, an increase of 18 2 per cent. Net income of the company during the fiscal year ended Sept. 30 was reported at $2,500,000 after charges, or equivalent to $2.50 a share on the common stock after preferred dividends, according to Dow Jones Company. MUNICIPAL ISSUES INCREASE IN MONTH Total Approved in September Amounts to 53.584.400. Bv Times Special NEW YORK. Oct. 6—New municipal bond issues approved by voters of fifty-eight municipalities in twenty-six states durirg September totaled 53.584.000. compared with ,$2.883 278 in August, and $25,132,750 in 1933; according to the Bond Buyer. Except for the authorization of a $565,000 issue by the voters of Kalamazoo county. Michivin. all items last month were for arjounts of less than $500,000. During September, the voters of twenty-five communities in seventeen states rejected proposals to issue bonds aggregating $2,189,000. as compared with $1,482,500 rejected in August, the report states. WARD SALES REACH PEA Mail Order Firm's September Best Since 1929. By Times Special CHICAGO, Oct. 6—September sales ot Montgomery Ward k Cos. aggregated $23,093,465. a gain of 39 2 per oent over the $16,583,709 reported last year. It was the best September sales record since 1929 For the first eight months the sales volume totaled $152,706,332. compared with $114,027,172 last year, an expansion of 33.9 per cent.

Brokers Are Forced to Be Firm Under the New Federal Reserve Ruling Regulations Must Be Obeyed, So Humane Trade-Room Gestures Have Been Abandoned; No Chances Are Taken. BY CHARLES H. HUFF Time* Special Writer NEW YORK, Oct. 6.—Wall Street brokers appeared today definitely to have abandoned one of their most humane trading-room gestures. It has come about in the wake of the new margin requirements established by the federal reserve board in furtherance of the purposes of the Securities Exchange Act. The trader who wants a little extra consideration now finds himself confronted by an impassive countenance and a cold heart. Brokers are taking no chances, it developed, on invading disputed technical grounds embraced in the farflung authority of the securities and exchange commission.

Os course, there have always been margin requirements, although brokers were at ' times permitted to use their own judgment as to what they considered safe. But now the broker's judgment is no longer a factor in the situation. He has been told explicitly how much margin a trader must put up if he wants to trade. And even overnight accommodation to regular and reliable customers is now a thing of the past. Brokers Were Lenient It had been the practice, probably because it was considered good business. for brokers to be lenient to favored customers. For instance, a trader might want to take on some stock on the spur of the moment, with a credit balance of meager proportions, but often the broker would be willing to execute the order and wait until the following day for strengthening of the margin account. But this form of trading on the cuff isn't being done any more. The brokers have been advised that they may get into serious contractual difficulties if they overstep, in any minute particular, the new law and the rules promulgated under it. It is conceded that many points will be subject to dispute until they are definitely clarified by judicial interpretation, but the average broker is not inviting himself to become a party to any test cases at this early stage in the proceedings. Customers May Enforce One interpretation upon this point, and one that does not encourage extraordinary hospitality on the part of brokers, is that in any contract which violates a stipulation of permissible credit, the broker would have no rights to enforce, but the customer, on the other hand, could enforce it against the broker. This, of course, is a disputed point, but there is no certainty that the interpretation is incorrect. A still further contention upon this point, unpleasant to the broker, is that a customer would be empowered to repudiate a contract which involved excessive extension of credit and to compel the broker to return all margin deposited. It. all appears very dangerous to most brokers, and their slogan has become safety first, even at the sacrifice of long-standing friendly relations.

Gleu.lngs

Auburn Sales Triple. The Auburn Automobile Company shipped 1.040 cars in September, tripling the 305 machines shipped in the same month last year, and exceeding by 26 per cent the shipments of September, 1931, the firm's record year. RFC Loans Mount. The Reconstruction Finance Corporation's total of loans to industry passed the $30,000,000 mark yesterday in the administration's drive to spur private business through government funds. The September report showed a total of 187 loans totaling $13,019,750 have been made under the new law authorizing direct loans to industry. Pullman Earnings Up. The Pullman Company, sleeping car company affiliate of Pullman. Inc., reports net earnings of $200.940 after taxes for August, com6pared with $135,806 in the same month last year. Sales L'p 7ft Per Cent Sales of Spiegel. May, Stern Company during September showed an increase of 70.25 per cent, as compared with the same period of 1933. Business during the month amounted to $2,339,911. against $1,374,288 in September, 1933. United Fruit Net l’p. The United Fruit Company reports an approximate profit of $lO.621.000 for the nine months ended Sept, 29. before federal taxes, against $9,087,000 in the corresponding period last year. The third quarter profit was about $4,304,000. compared with $4,713,000 in the preceding three months and $4,014,000 in the September quarter of 1933. Canadian Building Gains September building contracts awarded in Canada amounted to $12,494,000 compared with $8,386,900 for the corresponding period of 1933, an increase of 49 per cent. WOOLWORTH SALES OFF Decrease of 1.4 Per Cent Reported During September. By Ttmes Special CHICAGO. Oct. 6.—Sales reported by the Wool worth company during September totaled $21,342,021, as compared with $21,642,104 in the same month of 1933. a decrease of 1.4 per cent. Sales in the preceding month this year amounted to S2O, 794.945. The total September business brought sales for the first nine months of the year to $184,477,994, against $170,486,890 last year, an i increase of 8.8 per cent.

Abreast of The Times on Finance

SWEDEN SOLVES MONEY WORRIES Purchasing Power Is Made More Reliable by Foreign Nation. By Times Special CHICAGO, Oct. 6.—The best answer to those who say that money can't be managed by men in order to keep the dollar's buying power constant is Sweden, Dr. Irving Fisher declared today. "Sweden has shown the way toward making the purchasing power of money more reliable,” Dr. Fisher said. Sweden also has practically abolished inflation and deflation. ‘The country has so regulated the flow of her circulating medium, including checking deposits, as to keep her domestic commodity price level as constant as possible from September, 1931, to date.” A nation wide press release recently showed that Sweden is further on the road to recovery than any other country in Europe. In my opinion, Dr. Fisher asserted, "Sweden would be still further on the road, if, before stabilizing her price level, she had raised it by monetary reflation sufficient to cure the damage recently done to Sweborough bill, the power to correct any changes in the value of the gold-bar dollar to keep it in line with the desired price level is vested in the Monetary Authority of dish debtors by the recent deflation.” "If, as proposed in the Goldsthe United States and made permanent, America would then be fully equipped to achieve as fine an adjustment of the price level as Sweden has already achieved,” Dr. Fisher said.

FORECLOSURES DROP REPORTED IN CHICAGO September Sales Smallest Since January, 193. By Timex Special CHICAGO. Oct. 6.—Real estate foreclosures in Cook county in September represented the smallest total since the compilations were begun in January, 1930. according to the Builders Commercial Agency. Forced sales last month, it was reported, amounted to 963 and involved property values of $9,895,287, compared with 1,152 and $11,790,475 in the preceding month and 1,151 and $19,993,695 in September a year ago. For the first nine months of the year foreclosures aggregated 9.556 and involved $130,981,071 of property values, contrasted with 12,335 and $293,429,377 in the corresponding period last year. DOUBT, UNCERTAINTY DECRIED BY GIRDLER Steel Trade Held Bark by These Influences, He Says. By United Press NEW YORK. Oct. 6.—The steel industry- is being halted on the threshold of a period of greater activity than at any time in its history because of "the present state of doubt and uncertainty." according to Tom M. Girdler, president of the Republic Steel Corporation. He said there were three outstanding factors "holding us back from regaining confidence in the future." They were: Failure of the administration to effect monetary stability; the hesitation jvith respect to long-term financing and distribution of investments and the labor situation. Unless the general situation improves, he hinted, steel wages might be cut. NEW PLAN ANNOUNCED Johns-Manville Will Support Federal Housing Program. By United Press WASHINGTON, Oct. 6. —The Johns-Manville Corporation has announced a plan for 100 per cent support of the federal housing program through establishment of the Johns-Manville Credit Corporation. The corporation, according to the announcement will be capitalized at $1,000,000 and have "11.000 credit agencies on exactly the same credit basis or plan of the government” of 5 per cent annual interest on loans. RURAL SALES SPIRT August retail sales registered an increase of 5 per cent over the corresponding month last year, according to figures issued by the department of commerce. As compared with the preceding month, the department reported, there was a rise of 17 per cent*

INDIANAPOLIS, SATURDAY, OCTOBER 6,1934

PRESIDENT GETS PLAN FOR HUGE PUDUCWORKS Report of Mississippi Valley Committee Filed With Secretary lekes. By Times Special WASHINGTON, Oct. 6.—Administration officials have before them today a general plan for what may be the nation's next and greatest public works project—orderly development of the Mississippi River Valley, from the crest of the Rockies to the Appalachians. A preliminary report of the Mississippi Valley Committee, outlining policies for the development, has been filed with Secretary Ickes for transmission to the President. It approved by Mr. Roosevelt for it may form the basis of major recommendations to the next congress. The recommendations cover proposals for development of a vast system of reservoirs throughout the mid-west to control flood waters and soil erosion, and include plans for development of water transportation and water power. Maps are Drawn The Mississippi Valley committee, first a part of the National Planning Board and now of the National Resources Board, has had the benefit of all available government data in its study of the river and its tributaries, including studies of army engineers and of a special committee which reported to the Army. The reservoir system, at one time called impractical by advocates of levees for control of the Mississippi’s flood waters, has been studied intensively. Maps of possible reservoir systems on tributaries have been drawn. And although power interests in the past have fought the reservoir system, the possibilities of water power development in connection with the project are detailed. The reservoir system, its advocates contend, would represent the wisest national investment for, in addition to flood control, it would have benefits in power production, control of stream flow for navigation and irrigation and might even modify the weather. National Experiment The Missouri, Arkansas, Red and Ohio rivers could be made navigable the year around, it is contended. Possibility that government authorities similar to the Tennessee Valley authority may be recommended to congress to carry on the gigantic development is seen in repeated declarations of the TVA directors that their work is a national experiment in methods for other similar developments. Efforts to create a Missouri Valley authority have caused belief that individual boards may be set up to administer pdojects on the major Mississippi river tributaries, their work co-ordinated by a main board for the entire valley.

Stock Studies

Jam." agricultural chemicaJ ! % CAPITAL STOCK ; Os a f—'" ' I" ■" i.^PWCtI SMART EARNINGS PRICE CANGE SCALf TEAR KJTUBD JOTS 30 a-— if!l T np„ 0 "Mil BE: °PO34 32 3.1 34430 3t 32 33 C WINCHESTER INSTITUTE OF FINANCE The American Agricultural Chemical Company is engaged in the manufacture and sale of commercial fertilizers. In addition it also manufactures related nonfertilizer chemicals which constitute about a quarter of its volume sales. The company owns phosphate mines in Florida and Tennessee, but the nitrates and potashes used—mostly imported—are purchased. In the processes of fertilizer manufacture large quantities of sulphuric acid are used, most of which the company manufactures for its own use. Sales cover practically the entire farming sections of the United States and parts of Canada and Cuba. FINANCIAL DATA As of June 30. 1934 Capital stock shares (no par)... 233,206 Surpluses $8,333,492 Cash 4.461,251 Inventories 4,857,801 Total current assets 12,193.739 Current liabilities 581,013 During the twelve months ended June 30. capital stock outstanding was reduced from 315,701 to 233.206 shares. Surpluses declined about $500,000. Cash was a little more than $700,000 less, while inventories gained $1,400,000; net working capital, however, declined $1,700,000. On June 30 last the current ratio was 22 tc 1 and the book value of the common stock was $84.09, an increase of $15.14. The American Agricultural Chemical Company's fiscal year ends June 30. For the fiscal years 1930-1933. inclusive, the company was in the red each year. This year, however. $4.19 was earned on the capital stock. For several years past no dividend has been paid on the stock. A recent quarterly dividend payment of 50 cents placed the stock on a $2 annual basis. The American Agricultural Chemical Company was incorporated in 1913 in Delaware. The stock is listed on the New York and Boston Stock Exchanges. At a current price of around 38 it yields about 5 1 * per cent. ‘All rights reserved. Winchester Institute of Finance. Winchester. Mass.i COAL OUTPUT HIGHER By Times Special CHICAGO, Oct. 6.—Production of bituminous coal in the United States during the week ended Sept. 29 amounted to 7.250,000 tons, as compared with 6,876.000 tons in the same week last year, according to a report made today by the National Coal Association.

American Industry Suffers Great Loss Through Stalemate in Trade Negotiations With Soviet Republic _ -i Editor'* Note—Thi* I* thf lat of thrrr article* ilrarribfnt the Snrirt-4mrrlran MRfip. " "t trade negotiation deadlock and whit it mean* to United States InduMrv and labor.

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Maxim Litvinow

Wall Street -BY RALPH HENDERSHOT-

Times Special Writer. NEW YORK, Oct. 6.—George S. Van Schaick, superintendent for insurance for New York state, is expected to issue a report shortly showing important progress in untangling the guaranteed real estate mortgage mess. This will constitute welcome news for certificate holders, who have been receiving relatively

little return on their investments for some time, in the mortgage companies who were responsible largely for the troubles of these concerns have been ousted, and their duties have been assumed by anew personnel built up by the insurance chief. These new men

JjL 4 Jff

Hendershot

have had their hands full, and the fact that they are now able to report progress is encouraging. For the last year or more mortgage certificates have been passing rapidly into the hands af “chiselers,” who have taken advantage of the impatience and discouragement of the original owners. This movement has been due in large measure to thelack of information furnished such holders. So much confusion existed in the corporate affairs of the concerns that Mr. Van Schaick was unable even to make reassuring statements. nan ONE of the most important developments which have taken place has been the creation of subsidairy companies to take over such parts of the old companies’ business as could be profitably salvaged, such as mortgage service and title guarntees. Stock in these subsidairies is held intotal by Mr. Van Schaick for the benefit of creditors and certificate holders of the parent concerns. After the segregation of the good from the bad has been completed and other wrinkles have been ironed out it is assumed that most if not all of the old companies will be liquidated. The new subsidiaries, in all probability, will be sold to private individuals and should bring much more as going concerns than as parts of companies under liquidation. The proceeds could then be turned over to creditors and certificate holders. a a a IN veiw of the efficient manner in which difficult situations are being worked out, and in view of the gradual improvement which seems to be taking plice in real estate conritions, it would occasion no great surprise if creditors and certificate holders of the big guaranteed mortgage companies were to come out much better than most of them expect. It would seem the part of wisdom, therefore, for certificate holders to sit tight with their securities. a a a THE insurance chief would seem to be giving much more consideration to certificate holders and creditors of the mortgage companies in the administration of their affairs than he is giving to property owners affected by these mortgages. This probably is as it should be under the circumstances, but it would appear that property owners also are entitled to an opportunity to work out their problems, and that if Mr. Van Schaick is not in a position to look after their interests another state bureau should be st up for that purpose. It seems hardly fair that a state official, supported by a well-trained legal staff, should pit his ability against those of private individuals, who pay taxes to help support his department, when the results of his efforts stand to benefit another group of individuals.

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Russia Ready to Place Billion-Dollar Order as Soon as She Receives Credit Facilities From U. S., Union’s Foreign Commisar Says. BY WILLIAM PHILIP SIMMS Scripps-Howard Foretjn Editor WASHINGTON, Oct. 6.—lt is estimated that American farms and factories are losing $20,000,000 a month during these, the most critical times in their history, through the sidetracking of Soviet-American trade negotiations here. Translated into jobs, this means that upward of 80,000 fulltime workers could be employed creating commodities for shipment to the Soviet Union if the United States and Russia could come to terms.

Russia would like to buy hundreds of millions of dollars’ worth of transportation equipment, electrical goods, machinery of nearly all varieties, ferrous and non-ferrous metals, cotton and other strictly American products. David Ostrinsky, American economist and student of Russia, estimated that a Russian market for $5,000,000,000 worth of American goods is available in the next decade or so. Billion Dollar Order Waits Maxim Litvinov, Soviet foreign foreign commissar, has said his government is ready to place orders for manufactured goods and raw materials totaling $1,000,000,000, provided it received adequate credit facilities. He saw no reason why the United States should not get 60 or 70 per cent of this business. The key to this bgusiness is credit. The total of world trade is down to a third of its normal value, and Soviet exports are hit with the rest. Therefore, Russia at present must content herself with comparatively few purchases abroad unless she can obtain credits. No enterprise into which the United States is now throwing vast sums to "prime the pump” of business surpasses the Soviet Union as a credit risk. Regardless of whether times get better, it is estimated that her gold output alone will reach $300,000,000 annually during the next five years. That the Soviets can pay for what they buy is not questioned. That they will not voluntarily default—as Britain, France, Italy, Germany and other European debtors have done—also seems a fairly safe bet. Need Credit Facilities Russia today is about where the United States was, economically, in the 1850’s. Occupying one-sixth of the globe’s land surface, she is just starting to build one of the earth’s greatest economic empires. To succeed, she must continue to have recourse to credit facilities abroad for at least another generation. There are only about 50.000 miles of railways in Russia. In the United States there are 250,000 miles. She has 170,000,000 inhabitants. We have only 125,000,000. Thus she has a bare seventh as much railroad per capita and only a twelfth as much per square mile of territory. As the

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Soviets have almost no improved highway’s, the comparison becomes all the more startling. These are only a few samples of Russia's requirements. But she will buy from us only in proportion to the credits extended. She is not in a position to pay cash and will accept credit only on terms which she is convinced she can meet. She seems fully to realize that default would be disastrous. An American railway adviser in Moscow told the writer that if the United States mises the train now. it will be left behind for good. The opportunity will not knock at our door a second time.

FARMERS IN ENGLAND NOW DESERTING LAND Decline of 27,900 Shown Since 1933. By United Press LONDON, Oct. 6.—British farm workers are going “off the land.” The latest returns published by the department of agriculture show that 21.500 less regular and casual male workers were employed on farms during the 1933-34 period, while women and girl workers dropped by 6,400. Agriculture in this country has not yet been put into a position where it could assist materially in the reduction of unemployment. Actually, unemployment figures are raised by nearly 28,000, due to the decrease in farm workers, which is not included in the ordinary unemployment total. Critics of present government measures to aid the agricultural industry claim that if Britain assisted her farmers to only one-quarter the extent that Italy does, there might be 2,000,000 on the land instead of the present total of 687,000 in Britain and Wales. IRON PRODUCTION DIPS By Times Special CHICAGO, Oct. 6.—A decrease of 12 per cent in the daily rate of production of pig iron during September, was reported today by the Iron Age. Daily output during the month amounted to 28.935 tons, against 34,012 tons in August.

News and Views in the Business World

FRANCE OPENS DRIVE TO DUMP SURPLUSWHEAT More Than 200,000 Tons Exported at Cost of $12,000,000. (Copyright. 1934. by United Pres.o PARIS, Oct. s—The government, aided by a special fund of hundreds of millions of francs, has opened a drive to dump millions of bushels of French surplus wheat on the markets of Europe. It i s estimated that over 200,000 tons has been exported already at a subsidy cost of $12,000,000. With the object of clearing the French market of the bulk of 000.000 bushels held over from pre-'""* vious bumper crops the government obtained from parliament a credis of 800,000.000 francs ($53,104,000., most of which was to be used to subsidize exportation, the governpaying to exporters the difference between the world price and the government regulated price in France, which is about $2 a bushel. Wheat cargoes are leaving French ports in increasing numbers for England and Ireland, and Germany, the Scandinavian nations and others have arranged for big purchases Minister of Agriculture Hrnri Queuille recently said that oneeighth of the surplus had been disposed of abroad. Reports from European grain markets indicated that French export of wheat was at cheap prices, underselling other exporters and upsetting markets. This is expected to continue for a considerable period because the government considers subsidization of exportation the only means to rid the market of the surplus. Paradoxically France continues to import wheat, mainly from Canada. Canada furnished 6.000.000 bushels in the first eight months of this year. WARD SALES INCREASE SHARPLY IN MONTH Business During September Fixed at $23,093,465. By Times Special CHICAGO, Oct. 6—Total volume of business of Montgomery Ward &; Company during September was around 40 per cent above any month last year, according to a sales report released today. Actual sales of the company during the month amounted to $23,093, 465, as compared with $16,583,708 in the same period of 1933. This was an increase over the previous year of $6,509,757, or 39.25 per cent. The increase in September brought the total volume of business for the company during the first eight months of 1934 to $152, 706, 322. This compares with sll4, 027,172 in the same period of 1933, an increase of 39.02 per cent. COFFEE CONSUMPTION OFF By Times Special NEW YORK, Oct. 6.—Coffee consumption throughout the world in the three months ended with September, the first month of the new crop year, aggregated 5,372,320 bags, against 5,823,591 bags in the corresponding period last year, the New York Coffee and Sugar Exchange disclosed today.