Indianapolis Times, Volume 46, Number 128, Indianapolis, Marion County, 8 October 1934 — Page 11

Developments in Trade and Industry

STOCKS MOVE IRREGULARLY IN DULL TURNOVER Few Special Issues Make Gains, but General List Is Slow. By f 'nitrfi prett * NEW YORK. Oct. 8 —Cigar stocks, preferred issues of Radio Corporation, and a few special shares made good gains in the morning dealings on the Stock Exchange today while the main list continued to fluctuate irregularly in dull turnover. General Cigar spurted 3'li points to anew high since 1930 in response to declaration of two $3 extras last -ypr-k. Bayuk Cigar rose 2 points to 33 Radio preferred A stock made a new 1934 high at 43, up 3 \ points, while the B issue reached 30 i, up I’* points. Other issues to gain fair amounts included Simms Petroleum at 14' i, up I’*. and anew high for the year; Continental Can, 86 i, up ' ■ and equal to its high; Owens Illinois Glass, 69'.., up 1 ! 2 , and American Woolen preferred, 41, up li. Steel common touched 33, off *4, p.nd then rallied slightly. American Telephone was down \ at 110'*. General Motors and Chrysler lost fractionally, as did Johns Manville, New York Central, Montgomery Ward, Western Union and Westinghouse Electric.

Money and Exchanye

IMM A NAPOLI S STATEMENT Clearings $1909.000 00 Debits 4 159.000 00

Treasury Statement

iß\ United Press) WASHINGTON Or) 8 Government expenses and receipts for the current fiscal vear to Oct 5. compared with the corresponding period of the previous fiscal vear: This Year Last Year Fxpenses . $l6O 027.372.26 $998,385,062 49 Receipts 1.048,000 394 26 779 012 239 95 Deficit 592.426.978 00 219.372.772 54 Cash bal 2.165.758 691 73

Gleanings

Truck Contracts Awarded The war department at Washington announces award of contracts for 335 trucks to cost $317,529. The Fargo Motor Corporation of Detroit received a contract for 177 trucks and the Diamond T Motor Car Company was awarded contracts lor 107 trucks. Debt Situation Improved Market improvement in the ratio of net debt of the Commonwealth of Massachusetts to both taxable property and assessed value of real and personal estate at this time, as compared with 1914, is revealed in a tabular history of the debt of the commonwealth for the Last twenty years, prepared by Estabrook & Cos Employment Unchanged The Cleveland employment situation showed only a slight change during September, as compared with August figures. The automotive and iron and steel groups continued on a downward trend, the former showing a drop og 12.1 per cent for the month. RFC Loan Requested Acting through the Denver & Salt Lake Western railway, the Denver <fc Rio Grande Western railway has requested approval from the interstate commerce commission for a Reconstruction Finance Corporation loan of $3,182,150. Air Art Criticised The Black-McKellar air mail act has been criticised as •'unreasonable and discriminatory" by air line officials. One official has recommended establishment of a permanent aviation commission to regulate commercial air transport operations. Division Works at Capacity Dalton and Powers, Cincinnati, division of Remington Rand. Inc., i operating in excess of rated capacity, H, T. Anderson, manager, announced. He said the company has more workers than ever before and is unable to keep up with orders for adding and tabulating machines. I,> National Ranks Reopened Fifteen national banks with frozen deposits of $15,000,000 were licensed and opened or reopened, according to J. F. T. O'Connor, currency controller. This brings the total for the first nine months of 1934 to 377, with frozen deposits of $318,316,000. YOUNGSTOWN DISTRICT CUTS OPERATING RATE Steel Production Placed at 26 Per Cent of Capacity. By l nitrd I'resn YOUNGSTOWN. O. Oct. 8 —The Youngstown steel district will operate at a 26 per cent of capacity this week, a drop of 3 points. But likely will jump to 30 per cent by midweek. mill managers said today. The decline mainly is because of a dip in operations at Youngstown Sheet and Tube Company's Campbell works, but will be offset by addition of two Bessemer plants next week. Inquiries have increased in volume and orders also are improved and late October is expected to see a fair recovery. WHEAT FARMERS ARE OWED $1.878J72 BY AAA 1933-34 Payments Now Ready in Washington. By Times Special WASHINGTON, Oct. B—lndiana farmers, who signed wheat contracts with the agricultural adjustment administration, have sl.878.772 in 1933-34 payments now due, it has been reported at the office of Henry A. Wallace, secretary of agriculture. The estimated second pavment for 19SS is $585,000 and the first payment for 1934 is $1,293,772. Payments of $78,659 have been made thus far on the second installment lor 1933.

New York Stocks

ißy Abbott. Praetor k Paine ) 11 00 Prev Oil,— High. U A M cios. Amerada 40 39 ! a 39'a 40’, At] Rig 23 23 23 23 Barnsdaii 6’ 6 : , 6', 6S i Connoi Oil ..... 7’, 8 7*, I corn of Del . 17 16*. 16 7 * 17* Houston inemi 2’, 2’, 2’, 2’. Mid Cent Pet ... . 10‘j 1 Ohio Oli ’ 9’, #’ 9 a Phi.iip* Pe* 14 13'. 13’ 14 ! . Plymouth Oli .. S 8 * S'. 8' Shell Un 6', 6', 6'* 6'. Boc Vac II 7 , 13 1 a 13’. 13’, S O of o*l . 29'2 29'. 29’, 29 3 O of Kan Md 25 24’, 25 25', BOOf N J . 42’, 43’, 42’, 42 2 Tx* Corp . 21V, 2121', 21', Tidewater Assn. *’ Un Oil of Cal... 13 T ANARUS, 13’* 13 7 . 13 , Steel,— Am Roll Mills . 17' j 17'2 17 s 2 17’, Bc'h Steei . 28 27’, 27 ’, 28 Col Fuel k Iron 4' 2 4' 2 <'2 4 Mid Steel B', B,* B'a 8 Rep Ir A- Steel 12 7 , 12’, 12 7 . 12’, U S Steel .... 33'2 33', 33’. 33’, Motor,— Auburn 25 25 25 25". Chrysler 35’* 34’, 34’* 35', Cion Motors ... 29’, 23‘ a 29 1 3 29 7 , Graham Mot .. 2 2 2 2 Hudson 8", 8", 8 7 8 7 * M-ck Truck ... 24 1 . 24’, 24’, 25 Nash 14', 14', 14', 14 7 2 Packard 3’, 3’ 3’, 3 , Studebaker 2", 2 7 , 2 7 * 3 Motor Access— Rendix 12 2 12', 12' 2 12', ! Bohn Alum .. .. 54 1 2 54'2 54'. 53 2 Bngzs . ... 17’, 17>2 17'2 17’s Budd Wheel ... 2j 2' 2 2' 2 2‘ Eaton Mfg .. 14 1 , 14 7 14 7 , 15 E.ec A’ito Lite 24 ! 2 24', 24 23', Houdaille A 4', 4', 4', 4 Mullins Mfg Dfd 2.5 25 25 25 I Stew Warner d'2 6’. •* B‘, ! Timken Roll . 29’, 29', 29’, 29 7 „ Mining— Alaska Jun 19’, 19', 19', 19’, | Am Metais .. 15’, 15', 15’, 15'^ Am Smelt . ... 35-, 35’ 2 35'2 35', Anaconda ... 11 10 7 , 10 7 11 Cerro De Pasco .37", 37'2 37'2 37 Dome Mines ... 42’, 37' 2 37'2 37 Int Nickel . .. 24’, 24’, 24’, 24’, Isl Creek Coal.. 29 29 29 29"a Kennecott Cop . 17 7 , 17’, 17’, 17’, Mclntyre Mine . 47’, 47', 47‘* 47 Noranda Cop .. 39 39 39 39', Park Utah 3', 3', 3', 3', St Joe Lead ... 18 16 16 16 U S Smelters ...113 113 113 113 1 a A.Tiuements— Fox Then ll’ IP, 11’4 12', Loews Inc 29', 28’-* 29 29 Radio Corp 6‘, 6 6 s’, RKO 2‘ 3 2 1, a 2'i 2’, Warner Bros .. 5 5 5 5 Tohacros— Am Tobacca ''A" 75 75 75 75 Am Tob 8\... 77’ 77', 77> 77', Gen Cigars 56'2 .54’-, 56'* 53 L:gg k Myers B 98’, 98> a 98’, 98 7 , Lorillard 18 18 18 17’, Reynolds Tob B 48’* 48’, 48’, 48 7 , Rails— Atchison 51' 50’, 50’, 51'2 At 1 Coast Lines 30'* 30 3031 B A O 15 2 la 1 2 15*2 15 s * Can Pac 13 1 , 13 1 13', 13'a Ch k Ohio .... 42' 2 42’, 42’, 42’, C M A St P 33 3 3’, C M k St P pfd 5 5 5 5 Chi N W 6>i 6V 6Vi 6'* Dela A Hud .. 39 39 39 40', Del Lac A W . 18 ’4 18 18 18 ’ s Grt Northern pf 15' 2 15'/ 15', 15', 111 Central 17 17 17 11 M K A T 1.5' 2 15' 2 15'2 15’a N Y Cent ..22 22 22 22V, NYCASt Lpf 20' 2 20' 2 20' s 21 N Y New Haven 10', 10', 10', 10V, Norfolk A Wes 170 170 170 169'2 Nor Pac 19’, 18 7 , 19 19'2 Penn R R 23 22 7 , 22’, 23', Sou Pac 18' 2 18', 18’s 18', Sou R R 16 7 16’, 16 7 , 16 7 , Equipments— Am Loco 16', 16', 16' 16 Am Mach A Fdy 16’, 16’, 16’, 16', Am Steel Fdy .. 13 7 , 13 7 , 13 7 , 13 7 , Bald Loco 7 7 7’s 7’, 7 7 , Case J I 45’, 45’, 45 1 3 45’, Cater Tract. 27 27 27 26’, Deere A Cos ... 18 7 , 18'.. 18% 19 Elec Stor Bat . 38', 37’* 38 37', Oen Am Tk Car 34', 33', 34 34'2 Oen Elec 18', 17 7 18 17’, Int Bus Mach 141 140' 2 141 1400 Int Harvester 31'* 30’, 31', 30’, Nat! Cash Reg 14', 14'* 14', 14'. Pullman Inc . 37% 36 1 2 36’, 37 7 2 Rem Rand ... B', 8 B'* 8 VVestingh E1ec...3371 7 31% 31 7 * 32 Utilities— Am A For Pwr 6’, 6' 2 6' 2 6’, Am Pwr & Lit 4 7 , 4 s , 4 7 4’, A T A T 110’, 110', 110', 110', Am Wat Wks 16 7 , 16 7 , 16’, .6 7 , Col Gas A Elec fl 7 * Bs,8 s , B’, 8V Com A Sou l’s I*2 P, TV. Consol Gas 28>2 282’, 28' 2 28‘, Elec Pwr A Lit 4 4 4 4 7 * Int T A T 10 10 10 9’, lou G A E 'A' 14', 14', 14% 14", North Amer . 13', 13’, 13V* 13', Pac G A E . 13’, 13’, 13 s , 13 7 , So Cal Edison 11% IP* IP, IP, Sid Gas 7’, 7\ 7’, 7% United Corp ... 3’, 3’, 3’, 3’, Un Gas Imp 14’, 14’, 14’, 14% Western Union . 34', 34 34 34' 2 Rubbers— Firestone 13 7 , 13 1 2 13 7 , 14 Goodyear 21’, 21', 21', 21’ *, Kelly Spring ... 1 1 2 I'j 112l 1 2 I*2 U S' Rubber . 16'2 16'2 16% 16’, U S Rubber pfd 38', 37’* 37’, 38 Miscellaneous— Am Can ... 100 99' 2 99Va 99’, ‘Brklyn Man Tr 39' 2 39 39 39% Conti Can 86 86 86 86 Curtis Pub .... 17 17 17 17 Eastman Kodak 100’, 100>2 100’, 100‘2 Inter Rapid Tr . 15 15 15 15 Owens Bottle .. 69',2 68'2 69% 68 Raybestos Mfg.. 17'2 17% 17'. a 18 Foods— Am Sugar 64 64 64 64 Armour A ... 5 7 5 7 * 5 7 s’, Beatrice Cream. 18 18 18 18 Borden Prod 24 7 , 24’, 24 7 * 24'2 Cal Packing 34'2 34' 2 34 >fe 34', Corn Prod 65'2 65' 2 65% 65! Crm of Wheat 32 32 32 32 Cuban Am Sugar 7' 2 7' 2 7% 7 s * Gen Foods 29 7 , 29’, 29’* 30 G W Sugar 28 7 28’, 28 7 a 28'2 Natl Biscuit 29 28 7 , 29 29 ; , Nat! D Prod ... 16', 16', 16', 16', Purltv Bak .. 9-’ 9’, 9’, 10 S Porto Rico S 30’, 30', 30', 31'* Std Brands . ... 19', 19 19', 19’, United Fruit ... 74’, 74% 74’, 751* Retail Stores— Assn Dry Goods 11'2 IP2 IP2 IP, Or Un Tea ... 5 ! 2 5 ! 2 5'2 s', Hahn Dept Sts . s’, s* 5 7 , s‘* Kroger Groc 28 28 28 28 Macv R H 40' 2 40' 2 40% 40' 2 Mont Ward . . . 28 '-, 27’, 27 5 , 28 Penney J C . 62 61'2 61'2 62 Safeway St . 42', 42>, 42>, 42’, Sear, Roebuck . 40' 2337,9 7 ,40 40 Woolworth .... 48’, 48', 48', 48 s , Aviation— Aviation Corp . 4’, 4 1 , 4', 4'* C-irtiss Wright 2’, 2’, 2', 2’, Curtiss Wri iA). "'2 7' 2 "‘2 7'2 Douglas Air IS’, 15’, 15’, 15 7 , Nor Amer Av.... 3% 3% 3’, 3 s , Speerv Corp . .. 7', 7', 7’* United Aircraft. 9’, 9’ 9’, 9’, Chemicals— Air Reduction ..104 104 104 104 Com Solvents . 19’, 19 s * 19 s , 20', Dupont ... 90', 90 90 90'a Freeport Tex.... 26 26 26 26 Math Alkali . 27% 27', 27% 27', Montosonta Ch 53', 53', 53', 54 Natl Dis (new) 2P 21 s , 21 s , 2P Schenelev Dist 23 5 , 23’, 23S 23’, Tex Gulf Sulph 37>2 37 37’, 37'2 Union Carbide . 43', 43 s , 43 7 , 43’, l S Ind AICO 36' 2 36'2 36'r 37 Virg Ch 67. pfd 18', 18', 18', 19 [ Drugs—- ; Cotv Inc s', s>, s', s', ' Un Drug 12 12 12 IP, : Zonlte Prod .... 3* 3 7 3 7 , 4 Financial— I Adams Exp .. 7S 7', 7', 7% Allegheny Corp . P, I’, P, P, Lehman Coro . 69 68 69 68'2 Building—\m Radiator .. 13'a 13’, 13’, 13 s , Johns Manville 48 47’, 47’, 47- = Libbv Owens Gls 28 27' 2 27' 2 27’,

Produce Markets

(By United Press' CHICAGO Oct B—Eggs—Market, steadv. receipts 2 504 cases, extra firsts. 23',c. fresh graded firsts. 22'.-c; current ; receipts 19',4/21>,c: dirties No 1. 18',c: No 2. 16c: checks No. 1. 16',c: No. 2. 14c Butter—Market steadv: receipts. 13 194 | tubs extra firsts 190-91*, score>. 24ff 1 24'c: extras '92 score', 24’„-c firsts <B989'. score. 23 ft 23 ’,c seconds (86-87', score'. 2245 22',c: specials. 255,25'c: standards 24',c Poultrv—Market, steadv; receipts 1 car. 18 trucks: geese. 9*nic: turkeys. 13 ) 15c old roosters 11c: ducks R •lJ'-.-c springers. 13i15c: hens, heavy. 15',c: guinea hens. *4 ■( 7 a dozen. Cheese —Supply liberal demand and trading moderate: market about steadv: Wisconsin round w hites and cobblers. 85? 95c fine quality and condition *1 0551110 Mmr.e--ota round whites partly graded. *! 455 j 170 Colorado McClures *1 70 lowa round 'whites. 904)92',c. Arrivals. 178 on track. : 321 Shipments; Saturday. 1.047: Sunj day. S6.

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers A 25-eent carrying charge per ton will be added. DOMESTIC RETAIL PRICES Anthracite *l3 90 Brazil Lump 590 Brazil Lump 590 Brazil Mine Run 525 Coke. Nut Size 8.65 Coke. Egg Size 8 65 Indiana Forked Lump No. 4 and 6.. 5 73 Indiana Egg -■ 571 Kentucky Lump Group “B'* 7 18 Pocahontas Lump 8 32 Pocahontas Egg 8.42 Pocahontas Mine Rub 1.70 New River Saokaleaa 8-25

Abreast of The Times on Finance

Building— Col Pal Peet .. 15’, 15', 15’, 15 Con*>>um 29', 29 29 29 Krivinator 13 * 13), 13; |3;, Bfldinz Hm 12 ! 2 12-2 12 i 12 Corp .25 24’, 24’, 24, Collins Aikman . 12 : 12 • 12]* Indus Ravon 25-2 25-, 25 1 , 25 *

Chicago Stocks

IBy Abbott. Proctor A Paine) 11.15 Prev. A M close. Berghoff Brew Cos >T, 3 Bork-Warner 22 22 2 Bu'ler Bros f Cities Service P Cord Corp 3* 3 , General House Util 7 s , J , Litbv-McNeil .B’, 6% Quaker Oats 123 123 2 Swift ACo 1?’ 18 , Walgreen Cos., com 20% 20 ,

New York Bonds

(By Fenner A Beane) Prev. Close, close. Alleg Corp 5s ’SO 25’, 25% Am A For Pwr 5s 2030 53 52’, A T A T db 5s 65 108’* 108’2 A'chison Gen 4s '95 102', 102', BAO cv *'as 'SO 55’, 56 Beth Steel 5s A ’42 103'2 105 Can Pac 4s '57 19 78’, C A O 4s A 'B9 101'* Ch M St P A P adj 5s A 2000 7% 7 7 Ch MStP A P rs 5s A ’75 27’, 27 s , Erie RR rs 5s '67 64 7 , Goodyear 101 101', G 7 Nor 4s A '36 89', 89', Interboro RT 5s '66 77', 77', Int T A T db 5s '55 .. 60', 60 McKess A Robbison 5' is 'SO . 87 87 Nat Dairy db s',s '4B 98 7 , 99 N Y Central 5s O 2013 64’, 64'’, Nor Am 5s '6l 84', 84', Pac Gas A El 5s A ’42 104 103 7 , Para Pub 5%s ’SO 96 59V, Texas Corp 5s '44 103 103' Un Pac Ist 4s '47 106 106 V, U S Rubber 5s A '47 84 Western Un 5s 'sl 80'/, ... PATENT SUIT FILED AGAINSTOIL FIRM Refining Corporation Fails to Pay Royalties. By United Press NEWARK, N. J., Oct. B.—A suit for royalties and an accounting has been filed in federal court by the Universal Oil Products Company, a South Dakota corporation, against the Derby Oil and Refining Corporation, incorporated in New Jersey. Papers in the case were filed by the law firm of Wallheit, Carey and Hartpence of Jersey City, attorneys for the Universal Oil Products Company. The affidavits charge that the defendant corporation has failed to pay to the plaintiff royalties due ior the use of a patent for refining oil. The petition asks that the defendant be compelled to pay these royalties, that it be ordered to make an accounting to the plaintiff and that damages be awarded the plaintiff. A preliminary injunction, restraining the defendant from using the patent pending the outcome of the litigation also is asked. No answer has yet been filed and no date has been set for hearing. QUARANTINE HALTS FODDER DISTRIBUTION Existence of European Corn Borer in Indiana Reported. Sale of corn fodder to the agricultural adjustment administration for distribution to farmers in drought areas was halted in Indiana today because of a state quarantine due to the existence of the European corn borer. J. H. Skinner, dean of the agricultural school at Purdue university, announced he had received word from AAA headquarters at Washington to halt signing of additional contracts for fodder and corn stover. Farmers who already have contracted to furnish fodder in definite amounts will be given instructions in regard to handling their allotments, Skinner said. Farmers under contract were requested by Skinner to contact their county agricultural agents on details of the emergency plans. LINCOLN LIFE GETS BUSINESS INCREASE Gain of 58.7 Per Cent Shown in First Eight Months. By l imes Special FT. WAYNE. Oct. B.—Paid business of the Lincoln National Life Insurance Company during the first eight months of the current year showed an increase of 58.7 per cent over the first nine months of 1933 according to Arthur F. Hall, president. Every month for the first three quarters of the current year have shown a substantial increase in volume of business orer the same months of last year, according to the report. The sharp increase in volume ot life insurance sold this year has been due mostly to a large number of policies and greater sales effort, rather than to incieased size of individual policies. Mr. Hall stated. THRESHING IS RESUMED Frosts, Wet Weather Lower Grain Prospects in Canada. : By Times Special NEW YORK. Oci. B—After hav- ; ing been interrupted by rains and snow, threshing has been resumed in many districts in the provinces of Canada, and should be completed in Saskatchewan and Manitoba within ten days, according to a current crop report. Conditions are more backward in the northern Alberta and Peace river areas, where much grain is unthreshed and some coarse grains uncut. The frosts and wet weather of recent weeks have lowered grades.

Chicago Futures Range

11 00 Prev. WHEAT— High. Low A M. close Dec 9 8 9* v * .974 .934 Mav 98 s * 97S .974 ,97 s * July 92'. 92 ,92 s . ,92V* CORN— Doc. 74 S .734 .744 .744 May 764 .764 .764 .76 4 July 764 .764 .764 .764 OATS— Doc 494 84 .49 .484 Mav 48 4 .47 4 48 ,47 s * July 434 .434 .434 .434 RYE— Doc 714 .714 .714 .714 May 754 744 .744 .74 s . BARLEY— Dec. 7* .76 .76 .76

INDIANAPOLIS, MONDAY, OCTOBER 8, 1934

'SILENT BOOM' MAKES LONDON STOCKS SOAR

Nervousness Is Felt Over Future Course of Gold Nations.

By United Press LONDON, Oct. B.—A “silent boom,” devoid of the ballyhoo trational with soaring security prices, is carrying London stocks to levels twenty to thirty times greater than their current earnings per share. The financial observer finds little back-slapping and no cheery observations that “they are bound to go higher,” but the old British rule—“never buy a share at a price greater than ten times current earnings”—apparently has gone out of date. Illustrative of the recen increase in prices, Woolworth, Ltd., has climbed to a level twenty-eight times its current earnings on each share, while Marks & Spencer, a rival chain-store system, is selling at thirty times current earnings. Even in the boom of 1927-28, Englishmen never bid. the best industrials up higher than twelve or fifteen times their per share earnings. A survey of brokerage offices indicated that investors are bidding up the most attractive shares chiefly because they don’t know what else to do. Although current reports, based on the general business improvement in 1933, make cheerful reading, the long-term outlook is admittedly obscure. Nervousness is cropping out in some circles over uncertainty as to the course to be followed by the “gold bloc” nations. It is argued that the group is bound to break up and to devalue their currencies, a move which would rob Britain of the moderate trade gains it has won by the depreciation of the pound. Gloomy statistics from these quarters are believed partly ’-esponsible for dampening the long-term optimism usually accompanying soaring stock markets.

Wall Street BY RALPH HENDERSHOT —-

Times Special Writer. NEW YORK, Oct. B.—Federal control of oil production appears now to be virtually a lost cause. Even those most in favor of it in recent months seem to have switched to a substitute—interstate compacts—by which they hope to accomplish the same results but which probably never will come es-

fectively into being. This development constitutes a blow to the larger companies, which have expensive organizations t o maintain, but it should help the independent concerns by permitting them to enter more freely into competition for available tusiness.

Hife, ft

Hendershot

The fight for production control has existed throughout the major part of the industry’s life. The attack has been conducted from various angles, and during the greater part of the time it has been confined to efforts within the industry itself. With the birth of the oil code and the appointment of an oil administrator, however, it became partially a governmental affair. Secretary of the Interior Ickes, who is also code administrator, has been a strong proponent of limitation of production. He has succeeded in part in curtailing output by setting up limitations for various producing areas. Some of the independents, however, have refused to abide by his orders and have appealed to the courts for protection. One case recently was scheduled to come before the United States supreme court, but was withdrawn by the government on technical grounds. * a a IN the last congress Mr. Ickes sought to have enabling legislation passed. The independents put up such a fight, though, that congress, instead of acceeding to his wishes, appointed a committee to investigate the situation. At a hearing before this committee, which has just been completed, it became apparent that the heads of the major companies were no longer in favor of federal control, as such, and that the administrator was being left to fight a lone battle. The switch in the attitude of the major company officials probably was prompted by fear that federal regulation might be declared unconstitutional by the supreme court and by fear also that the committee in charge of the investigation might decide to recommend federal supervision of the transportation and sales end of the business as well as production. They now want congress to pass a law which would permit the states to enter into a compact to control production under the direction of a duly appointed board. a a a THE committee, of course, is going ahead with its investigation and probably will make some definite recommendations to congress. But with both sides of the controversy now more or less opposed to the idea, it is reasonable to suppose that direct federal control will be dropped from consideration. It is still too early to determine how seriously the committee will regard the new scheme of interstate compacts. But even though it does approve of them, and congress passes the necessary legislation to put them into effect, the various states will have to approve the idea before it can be effective. The Democratic nominee for Governor in Texas, who is supposed to have the election cinched, is reported to be opposed to regulation of output, and the comacts never could amount to much if Texas failed to string Rlong. DIVIDEND IS DECLARED NEW JERSEY, Oct. B.—The board of directors of Quarterly Income Shares, Inc„ announces the declaration of a distribution of 3 cents a share to holders of record Oct. 15, 1934, for the quarter ending on that date, payable Nov. 1.

Modernization Credit Plan Termed Gigantic‘Loan Umbrella)System Will Provide Money for Home Repairing

NAMED ON BOARDS

ffr jS .'mmll —■ rtiMi

Percy H. Johnston, above, New York, president of the Chemical Bank and Trust Company, today is a director of the Great American Insurance Company, Great American Indemnity Company, American Alliance Insurance Company and the Rochester Insurance Company.

INFLATION IS SEEN, SURVEY INDICATES Possibility Grows Rapidly, Credit Men Believe. By Times Special NEW YORK. Oct. B.—’The possibilities of inflation are growing rapidly is the opinion of 90 per cent of members of the National Association of Credit Men, according to a na-tion-wide survey released today. In connection with the opinion on inflation possibilities it is significant that the entire far-west and the south are unanimous in believing that possibilities are expanding. The survey indicated that 60 per cent of the various business enterprises were making move against inflation. Approximately 30 per cent, however, admitted that they were building up larger inventories. Three per cent indicated that foreign balances, when arose out of foreign transactions, were left abroad and were not drawn down in American funds. 1.165 BANKS REOPEN IN U. S. THIS YEAR 41 State, National Institutions Started in September. By United Press NEW YORK, Oct. B.—A total of 1.165 banks in the United States were reopened in the first nine months of the year, according to the American Banker. Os these reopenings, 394 were under national charter and 771 were state banks. In September, 41 banks reopened, of which 26 were under state charter and 15 were under national charter. SHOE OUTPUT RISES Daily Production Is Reported at 2,500 Pairs. By Times Special MARION, Oct. 8. Total daily production of shoes by the Daly Brothers Shoe Company is now 2.500 pairs, according to Frank L. Butterworth, factory manager. The plant is now operating on an eight-hour shift and employs more than 400 men and women. Present indications are that a further increase in production will be made before 1935, officials report.

Local Livestock

HOGS Oct. Bulk. Top. Receipts 1. $6.00® 6.30 $6.50 2.600 2. 5.75® 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 6. 6.05 @ 6 30 6.50 2.000 7. 6.05® 6.30 6.50 6.00 (140-160* Good and choice.. .$5.25® 6.00 (160-180) Good and choice... 6.05®) 625 'IBO-2001 Good and choice... 6.25® 635 (200-2201 Good and choice... 6.35® 6.45 (220-2501 Good and choice... 6 40® 6.50 (250-2901 Good and choice .. 6 35® 6.45 (290-3501 Good and choice... 6.15® 6.35 Packing sows: (275-350) Good 5.25® .60 (350-425) Good 5.10® 535 (425-550) Good 4.75® 5.25 275-5501 Medium 4.50® 5.00 GOO-130) Slaughter pigs good and choice 3.00® 4.50 CATTLE Receipts, 1.400. —Steers—-(sso-900) Choice $ 7 50® 9.00 Good 6 25® 8.25 Medium 4.25® 6.50 : Common 2.75® 4.25 I (900-1.100) Choice 8.50® 10 00 j Good 7.00® B OO Medium 4 50® 7.00 Common 3 25® 4 50 (1.100-1.3001 Choice 9 00®10.00 Good 6.75® 9.00 ! Medium 4.75® 6.75 ! 11,300-1.500) Choice 8 25®10.00 I Good 7.25® 9.25 : —Heifers (550-750) Choice 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 SO® 4 50 Common and medium 2 50® 350 Low cutter and cutter 1.25® 2.50 —Bulls—(Yearlings Excluded) Good 3 00® 3.55 Common and medium 2.00® 3.00 VEALEKS Receipts. 900. Good and choice $7.50® 850 Medium 5 00® 7 50 Cull and common -- v 2 50® 5.00 —Caives—-'2so-500) Good and choice .. ♦ 75® eso j Common and medium .... 2 50® 4 75. —Feeder and Stocker Cattle—'Steer*' (500-800 Good and choice .... 4 50® 550 Common and medium 3 00® 450 'BOO-1 050) Good and choice.. 4.30® 5 1 .50 Common and medium 3 00® 450 (Heifers) Good and choice 3 00® 4.25 common and medium —..... 2 50 ® 3.00 —Cows— Good 3 50 ® 3 00 Common and medium 2.00® 2.50 SHEEP AND LAMBS Receipts. 1.300. Lambs. 90-lbs. down, good and choice I 6 50® 7.00 Common and medium 4.25® 6.50 90-130 lbs. good and choice 2 00® 2.50 Sheep—-(l2o-150) Good and choice ... 1.7533.3* All weights, common and medium B* W ■

Housing Administration Official Explains Present Plan; Grants Reported in Excess of 1,000 Daily; Unheard of Few Years Ago. This is the first of two articles, written for the Scripps-Howahd newspapers by the official who has charge of the credit phase of the property improvement program. a a a BY ROGER STEFFAN Director of Modernization Credits Federal Housing Administration. WASHINGTON, Oct. 8. How is the modernization credit plan for renovizing property taking hold? What is the idea behind this lowest cost time-financing in history? How does this “bargain credit” compare with “gilt-edged collateral loans”?

These are the prevailing inquiries, mixed with the practical business of setting anew enterprise in motion, that have crowded in, since this amazing credit innovation was announced last August. Today home modernization loans are for the first time reported in excess of 1,000 a day—a new peak. Two months ago it was stated that when the modernization credit division received “1.000 loans a day in the bag” it was “over the hump.” Outpouring Is Stupendous An experienced observer in consumer credit knows that the steady, daily rise in demand mounts until an average level is reached and then continues indefinitely at about that figure. Therefore, even if the 1.000 loans a day now being reported should prove to be the daily top on modernization credit it would mean the most stupendous outpouring for property improvements ever recorded. At that rate, without considering the cash work, which may be several times that, some $200,000,000 will have been advanced to property owners in the form of business-like loans not doles up to Dec. 31, 1935, when this privilege of obtaining “bargain credit” expires. Five years ago no such program would have been practical of the idea. Now, all is changed. Because ban’. ; are willing and able to fit in the work involved in handling modernization it became possible to start the idea known as the modernization credit plan. MCP Is “Loan Umbrella” Whether every bank, on a proper allocation of all costs, can make a profit on this business, remains to be seen. Nothing like this has ever been attempted on such a gigantic scale. Undoubtedly many institutions can show a profit. That is what the government wants—a fair profit to induce production. The modernization credit plan is the biggest “loan umbrella” ever spread in America. It gives cover to any property owner with a fairly steady income, who wants to borrow money to repair his house or his store. He can do it on small monthly payments out of his income. This low cost time-financing is even better in many cases than would be a regular 5 per cent bank loan, made by a selected borrower on the choicest of government bonds. And yet, this modernization credit is opened at some of the biggest banks to the property owner, however humble, if he’s honest and “good pay.” Tomorrow: The basis of the repayment plan.

Other Livestock

(By United Press) CHICAGO. Oct. 8. Hogs Receipts. 21.000 including 9,000 directs; active, mostIv steady to strong with Friday; lights, 104,250 higher; 220-200 lbs. 5(5.254,6.35; top. *6.35: 170-210 lbs., $5,754)6.25; 140160 lbs.. $5.25015.75; pigs. $5 down; packing sows, largely $5.354,3.65: light lights. 140-160 lbs., good and choice. $5015.85: light weights, 160-200 lbs., good and choice. $5.50016.25; piedium weights. 200250 lbs., good and choice. $6.1505.6 35; heavy weights, 250-3 >0 lbs., good and choice. $6,150; 6.35; packing sows, 275-550 lbs., good and choice. $4,254) 5.75: slaughter pigs, 100-130 lbs., good and choice. $3.5005 5. Cattle—Receipts. 19.000 commercial; 2,000 gavernment. Calves—Receipts, 2.500 commercial, 1,500 government; generally slow market except on common and medium heifers and cutter cows; in between steers predominating, very slow, weak: not much action on meager supply better grade steers and yearlings, due to continued dullness in dressed beef: not much beef in run. however; but all killers in bearish mood; best light steers early, $9 25; several loads held around $10; stockers and feeders slow, steady: steers 550-900 lbs., good and choice. $5 75 (a 9.25: 900-1,100 lbs . good and choice. $6.2545 9.75: 1,100-1,300 lbs- good and choice. $6.50*110 25; 1.300-1.000 lbs., good and choice. $7.2545 10.25:500-1,300 lbs., common and medium. 52.754i7.25; heifers. 550-750 lbs., good and choice. $5,254; 8; common and medium, $2.754i 525; cows, good. $3.25455: common and medium. $2 65 453.25; low cutter and cutter. $1,754*2 65: bulls, yearlings excluded, good, beef, $345 3 75: cutter, common and medium. $245 3.25: vealers. good and choice. $6.5045 8; medium. $54;6.50: cull and common, $445 5. stocker and feeder cattle: steers. 550-1.050 lbs., good and choice. $4 254J6: common and medium, $2.75454.25. Sheep—Receipts, 24 000 commercial. 5.000 government: fat lambs slow ; undertone 104; 25c or more lower; best lots held ground $6.50 45 6.65; bidding $645 625 on'bulk; sheep steady: strong weight feeding lambs, steady to strong: undertone weak on others; light weights predominating; slaughter lambs and sheep: lambs 90 lbs. down, good and choice $64)6 65; common and medium. $54)6.15; ewes 90-150 ibs.. good and choice. $1 65452.50: all weights, common and medium. $1,504)2; feeding lambs. 50-75 lbs., good and choice. $5 35456 10. LAFAYETTE. Oct. 8 —Hogs— Market steady to 25c higher: 225-275 lbs. *6 254; 6 30: 275-325 lbs. $64)6 20; 200-225 lbs.. $6 20 45 6 25: 180-200 lbs $5 054,6 10: 160180 lbs.. $5 8545* 95; pigs, *5 25 down: roughs. $5 down: calves. 50c higher: $7 down; few at $7.50; lambs steady. *6.30. FT. WAYNE. Oct. 8 —Hogs—Steady: 250300 lbs . $6.40: 200-250 lbs.. *6 25; 180-200 ibs. $6.05: 160-180 lbs. $5 90: 300-350 lbs.. $6.15; 150-160 lbs.. $5 15; 140-150 lbs.. $4 90; 130-140 lbs . $4 40: 120-130 lbs.. $3 65; 100-120 lbs *3; roughs. *4.50; stags 12 50; lambs. SS 25; calves, *8 (By Times Special i LOUISVILLE. Oct B—Cattle—Commercial 1.700. quality of run very plain, demand rather limited: market opening very slow; earlv sales medium and lower grade steers and heifers, fullv 25c lower; spots on steers 50c off; prospec's for ;ncomplet clearance most early sales medium and lower grade steers and heifers, *3’? 4 25: some common heifers down to $2 75 ear;v top $5 25 for 1.024-lbs. steers cows little changed: bulk beef cows. 12.5093; lowcutters and cutter cows $1 254,2 25: sausage bulls fully steady with last week's close, bulk $3 down, stockers about steady; desirable Hereford stock calves mosGv $4 754)5 25 Calves—Commercial 850 include 400 stock calves, vealers steady with Friday and Saturday better grades. *6 50 4)7. medium and lower grades. *6 down Hogs—Receipts. 1 000; market 5c higher than Friday and Saturday: top and bulk better 200-250 lbs.. $6 25 180-195 lbs. $6. 255 ibs. up *5 80: 160-175 ibs *5 40: 140155 lbs *4 90. 120-135 ibs *3 40. desirable sows. *5 05 Sheep— Receipts. 700, including 250; stock ewes steady to weak; most better lambs around *8 few more desirable to *8 25 bucks mainly *5; light throwouts, *3 50; fat slaughter ewes. *f 50 472: most better stock ewes salable, *6S I 7.50 a head.

FLORIDA SEES BOOM SEASON Experts Predict Greatest Tourist Trade Since Depression. By T'nitrd Press ST. PETERSBURG. Fla., Oct. 8. —Evidence that Florida may enjoy its greatest tourist season is seen by statisticians in the reservation and building activities. Hotels are preparing to open two and three months earlier than customary as a flood of inquiries regarding accommodations and reservations come in. Apartment owners, restaurant and real esjtate associations, and city officials, are making efforts to keep prices withn moderation. John N. Brown, president of the Florida State Hotel Men's Association has notified his entire membership that rates are not to be raised more than 10 per cent. Building activity is increasing for thj first time in more than five years. Hundreds of new homes have been erected on the gv.lf keys to the west of St. Petersburg. Tourists statisticians in St. Petersburg, who have been uncannily accurate in making predictions for the season at this time of year, predict anew all time record with not less than 52,000 names listed by the end of March on the city information bureau records. It is said that only one out of five ask to have their names registered. Questionnaires submitted to early arrivals at the city information bureau produced the following information : Eighty-two per cent entered the city on rubber tires, automobile and by bus. Sixteen per cent arrived by rail. Two per ceht came by water and air. Twenty per cent indicated their intention of establishing permanent residence here. Twenty-five per cent of the registrants were from New York state.

Stock Studies

UNITED CARBON * COMMON .StOCK shSw< £ AWNINGS PRICE RANGE SCAkf r„. ec I.oo' S / S- *lt* 40 *>■ = ---S'Hf i ||~*> 0 130 31 32 33 34130 31 32 33 341 ° WINCHESTER INSTITUTE OF FINANCE The United Carbon Company specializes in the production of carbon black, supplying about 27 per cent of our domestic requirements. Under normal conditions half of the company’s output is exported. Carbon black is a product used largely in the manufacture of tires, printer’s ink, paints, etc. The firm also supplies natural gas to public utilities serving several large cities located in the south and south central sections of the country. Sales of natural gas account for approximately 35 per cent of United Carbon’s income. Some very favorable contracts have been made with the utilities. FINANCIAL DATA Ax at June 30, 1931 Common stock mo pari . 370,127 shares. 7% preferred stock (SIOO pari. $1,477,905 Profit and loss surplus 1.276.423 Cash .. 1.486.353 Inventories 644 877 Total current assets 3.391.691 Current liabilities 561.061 Since June 30 the company borrowed a million dollars on one and two-year notes to retire $1,000,000 worth of preferred stock. Also, during the twelve months period ended June 30 preferred stock was further reduced by nearly $300,000. During this period profit and loss surplus gained nearly $300,000, cash was $600,000 larger but inventories were about $600,000 less, while net working capital decreased over $200,000. United Carbon has shown no deficits although in 1932 only 5 cents was earned on the common stock. One dollar and thirty-nine cents was earned in 1933, while for the first six months of this year $1.65 was earned. Dividend payments have been erratic. Last year 50 cents was paid, while the recent quarterly payment of 60 cent now places the stock on a $2.40 annual basis, which apparently is being safely earned. United Carbon was incorporated in 1925 in Delaware. The common stock is listed on the New York Stock Exchange. At a current price of around 41U. the stock yields about s‘* per cent on its present dividend rate. ■AH Rights Reserved. Winchester Institute of Finance Winchester. Mass.) LOCAL CASH MARKET Cltv grain elevators are paivng 86 cents for No 2 soft red wheat. Other grades on their merits. Cash corn, 67 cents and oats 43 cents

Mortgage Loans On Indianapolis Improved Beal Estate THE UNION TRUST CO. of Indianapolis US E. Market. * *l-5*41

Latest Stock, Bond and Commodity Quotations

BUSINESS GAIN PREDICTED FOR LASTQUARTER Steady Expansion of Trade Expected to Extend Into 1935. By Timet Sprrial NEW YORK. Oct. B.—A growing confidence that the worst days of 1934 have passed and probability that the last quarter will see a slow but steady expansion of trade continuing into 1935, is reported by Business Week. “The maritime strike that threatened to break this month has been avoided.” the publication continues, "and the prestige of the Presidential office has been thrown into the balance for a truce in industrial strife. The executive order reducing hours and increasing wages in the cotton garment industry has been postponed until Oet. 15 when a special board shall have reported its findings to the President for final decision. This holds off a break in that major industry and indicates that the administration is willing to lend an ear to manufacturers’ protests. “The President's stress on the place of private initiative and operation of industry was intended to reassure those who view each encroachment of government under the guise of the present emergency as | a threat to their own existence. Nevertheless, the role of government regulation of industry is not being abandoned. NRA to Reorganize NRA is to be reshaped and presented to congress for permanent sanction. In its reorganization, business opinion can exert an influence. The President is continuing the conferences with leading business men begun at Hyde Park, getting their opinions and suggestions. “While the boards established to control the NRA machinery following General Johnson's resignation are not altogether acceptable to business, which had been led to expect a greater representation, they are believed to be reasonably satisfactory. Activity of the policy board headed by Richberg shoud be watched rlosely. It is expected to consider the troublesome proolems of price control, production limitations, to preserve the best features of the codes and eliminate the bad, to co-ordi-nate the often conflicting actions of the New Deal’s many alphabetical organizations. It is likely to promote greater competition. “Decline in industrial production in August to 73 per cent of the 19231925 base was a result of decreased activity in steel and automobile plants. September may see a further slight drop in the index due to the textile strike influence, but the last quarter promises to turn upward again. Employment, Payrolls Up This decline in production is offset by other favorable factors, including the rise in manufacturing employment and payrolls, in retail trade, in farm income, and a further drop in commercial failures to the low of the year. “Rains in recent weeks retarded retail sales somewhat, but the margin over a year ago will still be substantial. Consumer buying constitutes the most encouraging factor on the horizon. In the west, rainy weather has relieved parched fields and made good forage crops. Cash farm income in August totaled $572,000,000, the highest of any month since January, 1931. With September and October the peak months for marketing, farmers will have even more cash in their pockets this fall. The first months’ result totaled $3,600,000 against $2,900,000,000 last year.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers. FRUITS- Cranberries. Cape Cod early blacks. 25-lb box. $2 75. Grapes. Michigan Concords 4-ot basket, 18c 12-qt basket, 40c California seedless. 27-lb box. $2 10. Crabapples Michigan hvslops, bushel. $1 85. Persimmons. Indiana. 12 ats.. 90c. Pears. New York Bartleirs bushel. *2 50. Avacados. box. $1.50. Quinces, bushel. $2.75. Bananas, pound. s ! c. VEGETABLES—Cabbage. Northern Danish, 50-lb bag. 75c: red. bushel. sl.lO. Onions. Idaho sweet Spanish, large, 50-lb. bag $1 40. Michigan yellow. 90c Indiana, 10-Ib. bag. 20c; white, boilers, 10-lb. bag, 35c: Western white. 50-!b. bag. $1.75; home-grown pickling 10-lb. bag 75c. Potatoes, New Jersey Cobblers. 100-lb. bag, $1 50; Northern round white. 100-lb bag. *1.25: Ohms 100-lb. bag. *1.55; Idaho Russets. 100-lb bag *2 10. Sweet potatoes, Indiana Jerseys, bushel. *1 40. Indiana Nancy Halls, bushel. sl. Beans, homegrown. stringless, bushel. *1 50, Kentucky Wonders. bushel. SI; Limas, large, pound, 20c. Beets, dozen. 25c Carrots. Ohlos, dozen, 35f Ohio (cut offsi washed 22-lb. basket. 75 r. bushel. *1 15. Cauliflower, crae $125. Celery. Michigan. medium, dozen. 40c; Jumbo, dozen. 65c: hearts, bunch. 90c. Cucumbers, hothouse, dozen, 30c. Endive, dozen. 40c. Egg plant dozen, 75c Kale bushel. 50c. Lettuce outdoor. 15lb. basket t6oc. Mangos bushel. 85c Mint, dozen. $2 75 Parslev. dozen, 35c. Peas, hamper $2 75. Peppers, red finger, bushel. *1.75 5-lb. basket sp c Radish* 2 dozen. 65c Spinach. New Zea’and bushel 35c; broad>af basket. 60c Tomatoes, outdoor. 12-lb. basket. 50c; bushel. *1.50. FRUITS AND VEGETABLES ißy United Pressi CHICAGO Oct 8 —Apples Michigan Mclntosh, bushel 2',-lnch. $1,504) l 75 Tomatoes—Ohio. 8-qt. , baske-s. 354j50c. Sweet potatoes—Tennessee bushel. 35c4g 51; Illinois. 75c?Sl Lettuce—California, crate *2 a2 75 Illinois, bushel leaf, 404 p 50c. Beans—lllinois, bushel, green. 50c4? 51: wax, 504) 7.5 c. lima. Michigan 12-qt. 2547 50c Cabbage Wisconsin, crate 504 g 75c Peppers—lllinois, bushel 2545 50c. Eggplant—lllinois, bushel 20b 30c Celery Michigan, crate square- 404,60 c. Western cauliflower—Crate $1 15 1 25, Michgan. *14)140. Grapes—Michigan Concord. 12 qts.. 264/27c 4 q . s 12',45 13c. Cranberries—Massachusetts, 1 , barrel, *2 354,2 50 Spinach- Illinois and Michigan. bushel. 254) 35c. Carrots—lllinois, bunches, ',c Celery cabbage —Michigan flat boxes 254,35 c Beets—lllinois and Indiana bunches. 14zl',c Onion market 50-!b. sacks - Michigan yellows 60 9 70c; Idaho whites. *1; Idaho yellows. 75"si80c; Indiana and Illinois yellows, 404,50 c. ORDERS ARE RECEIVED Bit 7 i mo Special DETROIT. Mich.. Oct. 3. A brighter outlook for the marine industry is evidenced by orders during the last two weeks for marine motors. Orders aggregating more than $60,000 indicate the beginning of a very active market for small craft, experts believe.

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