Indianapolis Times, Volume 46, Number 129, Indianapolis, Marion County, 9 October 1934 — Page 11

Developments in Trade and Industry

RETAIL ISSUES FEATURE STOCK MARKET SALES Genera! List Is Irregular: Continental Can Has New High. By t nilr4 Prr NEW YORK. Oct. 9—Mercantile issues featurrd the morning dealings on the Stock Exchange today, several rising to new 1934 highs. The general stock list was irregular and dull. Low priced shares of the merrhantile group made the best showing New tops were made by the McLellan issues at 10%, up 1 * for the common and 68T, up 1 % for the preferred. The McCrory Stores shares also made new tops for the years, the common at 4 i, up , and the preferred 28, up 3. Both these cr mpanies are in receivership and both are reported making money now that they have reduced costs by securing lower rentals. Other mercantile shares making a good showing included R H. Macy at 42, up 1' ; Marshall Field, 12%, up %; Spiegel, May, Stern, 61 %, up 1%; Sears Roebuck. 40%, up 1%, and J. C. Penney, 62'.. up ■%. The latter company yesterday reported the best September sales total in its history. Elsewhere in the list there were few features. Continental Can made anew 1934 high at 87%, up 1, and Reynolds Tobacco B made anew top at 49%, up • United States Smelting was up nearly 2 points at mu. Brokers Go to School By I niti <1 I’ri i* NEW YORK, Oct. 9—Wall Street brokers, many of whom have been out of college for a decade or more, were back in the classroom today 'earning intricacies of the new margin requirements established by the federal reserve system. More than five hundred representatives of most of the brokerage houses in New York, including partners, margin clerks and office managers, attended the first school arranged by the Association of Stock Exchange Firms. Brokers presided over the discussions. Among the discussions were the types of margin sheets to be used, procedure in computing new margins and questions arising from loans between brokers. The Stock Exchange announced that Standard Statistics Dow-Jones Collateral Loan Service and the Fitch Publishing Company, Inc., records of lowest, marget prices had been approved for margin purposes.

Treasury Statement

ißy United Press* WASHINGTON. Oct. 9—Government expenses and receipts for the current fiscal yer to Oct 6. compared with the corresponding period ol the previous fiscal year: This Year Last Year. Expense* |1 676 305 478 76 $1 009.500.550 42 Receipt* . 1.058.600 806 OR 789 973.878 79 Deficit ... 617.704 673 70 219.526.671.63 Cash bal . 2,139.590 396 91

Local Livestock

HOGS Oft. Bulk Top. Receipts 2. *5 753/ 6 00 $6.15 7.000 3. 5.753? 5 85 6 29 5.000 4. 5 85'ft 6.10 6 40 4 500 5 5 950 6 20 fi 50 5.000 6. 6 050 fi 30 6 50 2.000 7. 6 05516 30 6 50 6.000 8 6 05 '-i 6 30 6 50 6.000 < 140-1 <SO• Good and rhoicp $5 2557 6.00 Ilfio-180> Good and choice .. 605 i 625 i !80-200i Good and choice .. 6 255? 635 1200-2201 Good and choice .. 6.35'/ 645 (220-2501 Good and choice .. fi 40 ./ 650 (250-200i Good and choice .. 6 355? 6.45 (200-3501 Good and choice .. 6.153* 6.35 Packins sows: (275-3501 Good 5 255? 5 50 (35a-4isi Good 5 10.? 535 (425-550) Good 4 755*' 5.25 275-556> Medium 4 503? 5.00 (100-130' siauchter pigs good and choice 3.00 51 4.50 CATTir Receipts. 2.400. —Steers—-(sso-9001 Choice S 7 509 900 Good 6 2532 8 25 Medium 4.253) 6.50 Common 2.75 i 4.25 <P 0-I.loot Choice 8 50 ( 10 00 Good 7.00 it 9 00 Medium 4 5031 7.00 Common 3 253? 4 50 (1 100-1 3001 Choice 900 .7' 10 00 Good 6 753* 9.00 Medium 4 7531 6.75 (1 300-1.5001 Choice 8 253? 10.00 Good 7 2531 9.25 —Heifers 1530-7501 Choice . $ 7 009 ,75 Good 5 5031 7.00 Common and medium 2 753? 5 50 (750-900) Good and choice ... 5 753? 800 Common and medium 2.75 <1 5 75 Good C ° W . S TT. 3 SOU 4.50 Common and medium 2 503? 3 50 Low ctitter and cutter 1.253? a so —Bulls—(Yearling* Excluded! Good 3 0031 3.65 Common end medium 2.00il 3.00 VEALERS Reootpts, 800. Good and choice 3 750 3? 850 Medium 5 00.? 7.50 Cull and common 2.50"'l 5.00 —Calves—-(2so-5001 Good and choice ... 4 7531 6.50 Common and medium 2 50(£ 475 —Feeder and Stocker Cattle—(Steersi (500-800 Good and choice .... 4 500 550 Common and medium 3 0031 4.50 (800-1 050) Good and choice-. 4 50'.? 51.50 Common and medium 300 3 450 (Heifers! Good and ehoiee 3 00 9 4 25 common and medium 2 5031 300 —Cows— Good 2 503? 3 00 Common ar.d medium 3.005? 2 50 SHEEP 4\D LAMBS Receipts. 2 300. Lamps 90-ibs. down good ana Cholo* $ 6 50 3? (00 Common end medium . 425i 650 90-120 lbs good and choice 200 i 250 Sheep—-(l2o-150) Good and choice 1.7502 21 All weights common and medium I 35# 3 0* COMPENSATION RATE RAISE BEING FOUGHT Employers Group Is Opposed to 14.6 Per Cent Increase. B Time* Sprc/gl ST. PAUL. Minn., Oct. 9.—Opposition to the proposed increases in compensation insurance rates has been expressed by several groups of employers at a recent hearing at the state office building. The raring bureau's proposal calls for an average increase of 14 6 per cent, with a surcharge on policies where the annual premium is less than S3OO. A decision is expected before Oct 15, so that the rates, if approved, can go into effect Nov. 1. Employers and employes, as well as insurance companies, will never consent to the state of Minnesota engagtoe in the compensation insurance business, according to Clyde B Helm, secretary of the Insurance Federation of Minnesota.

TREND OF COMMODITY PRICES AND TRADE CHAR TED

90 1 | 160 85 l i | j 1 50 MOODY’S DAILY . A/ ' i £ 75*V —jC ** § **\ iV /moody’s weekly o CD v.*\ /BUSINESS INDEX • 7 c f-r —: -V — /— i 120 ; • *•* •. f !•••••• • • •• % 65 V—r-’; X 11 0 *. / \ MOODY'S INVESTOHS SERVICE | |Qjj OCT. NOV. DEC. JAN. FEB. MAR. APR. MAY __JUN. JUL- AUG SEP OCT. 1933 *934

New York Stock Exchange Prices

ißy Abbott, Proctor ic Paine* 11 00 Prev. Oils— High Low A M close. Amerada 30% 33% 39% 39 Atl Rfg 23% 23 23 23% Barnsdall 6 % 6% 6% 6% Consol Oil 8 7% 8 7% Cont of De 1.... 17% 18% 17% 17 Pet Corp 8% 8% 8% 8% Phillips Pet H 13% 14 14% Plymouth 0i1... 8% 8% 8% 8•* Pure Oil 6% 6% 6% 6% Shell Un 6% 8% 6% 8% Soe. Vac 14 13% 14 12% S O of Cal 29% 20% 20% 20 S O of Ind 25% 24% 25% 24% S O of N J 43% 43 43% 43 Sun Oil 88 68 68 67% Texas C'orp .... 21% 21% 21% 21% Tidewater Assn . 8% 8% 8% 8% Un Oil of Cal.. 13% 13% 13% 13% Steel*— Am Roll Mills.. 16% 16% 16% 17% Path Steel 27% 27% 27% 27% Natl Steel 35% 35% 35% 35% Rep iron fc Steel 12% 12% 12% 12% U S Steel . . . 33 1 ( 32%. 33 33 1 s Warren Bros 6% 6% 6% 6% Youngst'n SkT 16 15% 15% 16% Motors— Auburn 24% 24% 24% 24% Chrysler 34% 34% 34% 34% Gen Motors 29% 20% 20’, 06% Gen Motors pfd 102 102 102. 102% Graham Mot .. 1% 1% 1% 2 Hupp 2% 2% 2% 2% Nash 14 14 14 14 Packard .... 3% 3% 3% 3% Yellow Truck ... 3% 3% 3% 3% Motor Access — Bendix 12% 12% 12% 12% Bohn Alum 53% 53 53 53 Borg Warner .. 22% 22 22 22% Briggs ... 17% 17% 17% 17% Elec Auto Lite.. 23% 23% 23% 23% Hondallle 'A' ... 4% 4 4% 4% Mullins Mfg .... 26 26 26 25% Stew Warner .. 6% 6% 6% 6% Timken Roll ... 29% 29% 29% 20%

Wall Street

BY RALPH lIENDEKSHOT

Times Special Writer NEW YORK, Oct. 9.—ln President Roosevelt's latest “fireside” talk he took a backhand slap at the bankers of this country by making the point that the bankers of England had supported their government throughout the depression. The inference was, of course, that the American bankers had not supported our government, and it was

taken very much to heat in Wall Street. The attitude was that the President had been unfair in that he had been inaccurate. An investigation would seem to indicate that the President had been a little off in his statistics. Dr. Max Winkler is authority for the

Hendershot

statement that leading London banks have only about 25 per cent of their total security investments in the bonds of Great Britain, whereas the investments of American banks are made up of United States government bonds to the extent of more than 50 per cent. The figures, however, do not tell the entire story, although they are quite convincing. English banks do not depend to a very great extent on government bonds and other investments for liquidity. They hold commercial paper largely for that purpose. In this country, though, the banks have been obliged to keep most of their funds in short-term government obligations in order to remain as liquid as they desire to be. In other words, their holdings represent self-protection for the most part rather than government support. a a a ANOTHER factor also enters into the situation. English government bonds do not. as a general rule, include tax-exempt provisions. This means that they are more suitable for the average investor in that the yield is more in line with other securities than are government bonds in this country. Consequently the general public in England can afford to hold the major portion of the bonds of their country, and the government is not so much dependent upon support from the banks. The question of the time when purchases and sales of government bonds are made is still another consideration in any unbiased discussion of the issue. The record of the action of the London bankers is not easily available in this country, but the federal reserve bank figures indicate quite conclusively that our bankers sold long-term government obligations in the open market at a time when the government was doing its best to put over a longterm bond issue. a a a HAD the bankers been on the buying side of the market in even a modest way, rather than on the selling side, it is reasonable to assume that the latest government financing program would have gone over better. They maintain, of course, that the reason why they sold was that they did not have sufficient confidence in the longterm monetary policy of the government. and also that they already held too many of the government's obligations. While there probably is a great deal to be said on both sides of the issue, the arguments presented by our bankers to show that Mr. Roosevelt was wrong in his contention are not entirely convincing. That the chief executive did not rise in banking favor by makng the assertion. however, is well supported by statements heard in the street.

Abreast of The Times on Finance •

Mining— Alaska Jun 18% 18% 18% Am Metals .... 15% 15% 15% 15% Am Smelt 34% 34% 34% 34% Anaconda 10% 10% 10% 10% Cal & Heel a ... 33 33„ Cerro De Pasco 36% 36% 36% 36% Dome Mines ... 40% 40% 40% 41 Int Nickel .... 24% 24% 24% 24% Kennecott Cop.. 17% 17=8 17% IT% Mclntvre Mine . 45 44% 44% 45% Noranda Cop .. 37% 37% 37% 38% Phelps Dodge .. 13% 13% 13% 13% U S Smelters ..110% 109% 110% 109% Vanadium 16% 16% 16% 17 Amusements— Fox Thea 11% 11% 11% 12 Loews Inc 28% 23% 28% 28% Radio Corp 6% 5% 6 6 Warner Bros .. 4% 4% 4 7 4 5 Tobaccos— Am Sum Tob 18% 18% 18% 18% Am Tobacco ‘A’ 75% 75% 75% 74% Am Tobacco B 77% 77% 77Vi 76% Gen Cigars 56% 55% 55% 55% Ligg & Myers B 98% 98% 98% 08% Lorillard i8 17% 18 13 Reynolds Tob B 49% 48 7 s 49 48% Rails— Atchison 51 51 51 50% B & O 15% 15% 15% 15% Can Pac 13% 13V* 13% 13% Ch: & Gt W ... 2 2 2 2% C M & St P . 33 32% CM& St P pfd 5 4% 5 4% Del Lac & W 17% 17% 17% 18 Grt Northern pfd 15 1’ 15 15 N Y Cent .. . 21% 21% 21% 21% N Y New Haven 10% 10% 10% 10% Norfolk fc Wes.. 170 170 170 170 Penn R R 22% 22% 22% 22% Sou Pac 18% 18 18% 18% Sou R R 16% 16% 16% 16% Sou R R pfd.. 19% 19% 19V* 19% Union Pac 99 99 99 100 Equipments— Allis Chalmers . 13% 13% 13% 12% Am Car & Fdv • 16% 16% 16% 16% Am Mach & Fdv 17 17 17 17 Bald Loco 7% 7Vi 7% 7% Case J I ... 45 45 45 45 Elec stor Bat 38% 38 38 38 Gen Am Tk Car 34 34 34 33% Gen Elec .. 18 17% 17% 17% Int Harvester . 30% 30% 30% 31 Natl Cash Reg . 14% 14% 14% 14% Pullman Inc ... 36% 36% 36% 36% Rem Rand ... 8 8 8 8 Westingh Elec .. 31% 31% 31% 31% Utilities— Am Pwr <te Lit:. 4% 4% 4% 4% AT&T- 110% 110 110% 110% Col Gas & Elec 8% 8% 8% 8% Col G & E pfd 64 64 64 64 Com & Sou ... 1 % 1 % 1 % 1 1 i Consol Gas . 28% 27 27% 27% Elec Pwr & Lit. 4 4 4 4 Int T & T .. 9% 9% 9% 9% Nat Pwr Ar Lit . 8% 8% 8% 8% North Amer ... 13% 13% 13% 13% Pac.G & E ... 13% 13% 13% 13% Pub Serv N J ... 31% 31% 31% 31% So Cal Edison.. 11% 11% 11% 11% United Corp ... 3% 3% 3% 3% Un Gas Imp ... 14% 14% 14% 14% Western Union . 33% 33% 33% 34 Rubbers— Goodyear 21 20% 20% 20% Kelly Spring ... 1% 1 % 1% 1% Miscellaneous— Am Can .99% 99% 99% 100 Brklvn Man Tr 38% 38% 38% 38% Conti Can 87% 87 87% 86% Gillette 11% 11% 11% 11% Glidden 23 23 23 23% Inter Rapid Tr.. 14% 14% 14% 15 Raybestos Mfg.. 17% 17% 17% 17% Foods— Armour "A" ... 5% 5% 5% 5% Borden Prod ... 25% 25 25% 25% Cal Packing 34% 34% 34% 34% Canada Dry G A 15 15 15 15 Corn Prod 65 65 65 65 Gen Foods 29% 29% 29% 29% G W Sugar ... 28% 28% 28% 28% Int Salt 30 30 30 Natl Biscuit ... 28% 28% 28% 28% Natl D Prod ... 16% 16% 16% 16% Purity Bak .... 9% 9% 9% 9% S P Rico Sug .. 30% 30% 30% 30% Spencer Kel ... 26 26 2S 26 Std Brands 19% 19% 19% 19% United Fruit .. 74% 73% 73% 74% Retail Stores— Asso Drv Gds.. 12 12 12 12% Best & Cos 33% 33% 33% 33%

Stock Studies

BEECH NUT PACKING * COMMON STOCK pe p—i " SMARt EARNINGS PRICE RANGE SCALf (5 £ i—r—i —r— • 75 s 1 I 2 —i - *j — —25 0 " 30 31 32 33 34 30 31 3g 3336 ‘ ° WINCHESTER INSTITUTE OF FINANCE

The Beech-Nut Packing Company is one of the leaders in the manufacture and sale of food specialties. Among itk food products are bacons, hams, jellies, condiments, chewing gum and confections. Its largest sales are of chewing gum and candies. Through thg' thirty-five years of the company's existence its products which have a nation-wide distribution are known for quality. National advertising has played a big part in maintaining sales. Plants are modern and well equipped, several of which are located in New York state and one in California. FINANCIAL DATA As of Juno 30, 1934 Common stock is2o pan. 446.250 shares. Surplusses S 9.470.165 Cash and securities 10.056.873 Inventories 4,624.532 Total current assets 15.582.921 Current Liabilities 689.106 (All Rights Reserved. Winchester Institute of Finance. Winchester. Mass.* During the twelve months period ended June 30. 1934, cash and securities increased nearly 51,700.000. Inventories, however, were about 51.000.000 loss. Net working capital increased nearly $400,000 while surpluses gained 573.000. On June 30, 1934, the current ratio was 22 to 1, while the book value of the common stock was 544.72, an increase of 50.54 during the twelve months period. Beech-Nut Packing has made substantial earnings continuously, although there was a drop in 1932. The common stock earned 54.12 in 1933 and 51.67 in the first six months of this year. For several years the annual dividend rate has been 53. which still is maintained. The company paid a cash extra of 25 cents Oct. 1. The Beech-Nut Company was incorporated in 1899 in New York. The common stock is listed on the New York Stock Exchange. At a current price of around 66U the stock sells to yield about 4'i per cent on its regular dividend. (AU Rights Reserved. Winchester Institute ot Finance. Winchester. tbu.i

INDIANAPOLIS, TUESDAY, OCTOBER 9, 1934

First Nat St .. 64% 64% 64% 64% Gimbel Bros •. 3% 3% 3% 4 Hahn Dept Sts. 5% 5% 5% 5% Kresge S S .... 17% 17% 17% 17% Macy R H 41% 40% 41% 40% Marshall Fds .. 12 11% 12 11% Mav Dep St ... 39% 39V* 39% 39% Mont Ward 28 27% 28 27% Penny J C 62 62 62 61% Sears Roeb .... 40% 4040% 39% Woolworth 48% 48% 48% 48% Aviation— Avia Corp 4 4 4 4 Curtiss Wr .... 2% 2% 2% 2% Douglas Air .... 15 15 15* 15% Nor Am Av .... 3% 3% 3% 3% Speery Corp ... 7 7 7 7% United Air 9% 9% 9% 9% Chemicals— Air Reduc 102% 102% 102% 102% Allied Chem ...128 123 128 127% Com Soiv 19% 19% 19% 19% Dupont 90% 90% 90% 89% Freeport Tex .. 26% 26% 26% 26% Math Alkali ... 26% 26% 26% 27’* Natl Dis (new) 21% 21% 21% 21% Schenelev Dist . 23 23 23 23 V* Tex Gulf Sulph 37% 37% 37% 37% Union Carbide •• 44 43% 43% 43% Drugs— Coty Inc 5% 5 5% 5% Lehn & Fink.. 14 13% 13% 14 Un Drug 11 % 11% 11% 11% Zonite Prod .... 3% 3% '3% 3% Financial— Adams Exp .... 7% 7% 7% 7% Allegheny Corp.. 1% 1% 1% 1% Am Int Corp ... 6% 6% 6% 6% Lehman Corp .. 68% 68% .. 68% Transamerica .. 5% 5% 5Vi 5% Tr Conti Corp.. 3% 3% 3% 3% Building— Am Radiator .. 13% 13% 13% 13% Gen Asphalt .. 15% 15% 15% 15 Johns Manville . 47% 47 47% 47% Libby Owens Gls 27% 27 27 27% Household— Col Pal Peet 15% 15% 15% 15% C'ongoleum .... 28% 28% 28% 28% Kelvinator ... 13% 13% 13% 13% Simmons Bed.. 9% 9% 9% 10 Textiles— Amer Woolen... 8% 8% 8% 8% Celanese Corp.. 24% 24% 24% 24% Indu Rayon .... 25% 25% 25% 25%

New York Bonds

(By Fenner & Beane) 11:30 A. M. Close. Alleg Corp 5s 'SO 26 25% Am & For Pwr 5s 2030 51% 52% A T & T db 5s '65 108% 108% Atchison Gen 4s '95 102% 102 % B iSi O cv 4%s ’6O 55% 55% Beth Steel 5s (A) ’42 103% 103% Can Pac 4s ’57 78% 79 C & O 4%s (A) ’57 109% 109% C M St P & P adj 5s (A) 2000 7% 7% Ch MStP& Prs 5s (A) ’75. 27% 27% Cons Gas N Y 4%s ’57 104% 100% Denmark 51%s ’55 92% . Erie R R rs 5s ’67 64% 64% Goodyear 5s ’57 .... 101 101% Gt Nor 4%s (D) ’76 69% . Interboro R T 5s 66 76% 76% Int T & T db 5s ’55 59% 60 Lorillard 7s ’44 125 Mckess & Robbinson 5%s ’50.. 87% 87% Nat Dairy db 5%s ’4B 98% 98% N Y Central 5s O 2013 64% 64% Pac Gas & El 5s (Al ’42 103% 103% Para Pub 5%s ’SO 60 60 Shell Union Oil 5s ’52 101 101% Texas C’orp 5s 44 103 103% Tob Pr N J 6%s 2022 107% 107% Un Pac Ist 4s ’47 106% 106% U S Rubber 5s (A > ’47 84% 84% Western Un 5s ’sl 81 80

Chicago Stocks

(By Abbott, Proctor & Paine) 11:15 Prey. A. M. Close. Borg-Warner 22% 22 Butler Bros 8% 8 Chicago Corp com 1% 1% Chicago Corp pfd 26 26 Cities Service 1% 1% Commonwealth Ed 44 44 Cord Corp 3% 3% General House Util 7% 7% Great Lakes Dredge 15% 15% Libby-McNeil 6% •% Noblitt-Sparks Industries, Inc. 14 14% Perfect Circle 30 29 Quaker Oats 123 123 Swift & Cos 18% 18% Swift International 28% 39% Vortex Cup Cos 13% 13% Walgreen Cos com 25% 25%

Other Livestock

ißy United Press) LAFAYETTE. Oct. 9—Hogs—Steady: pigs, steady to 25c higher: 225-275 lbs., $6.25—6.30: 275-3C'. lbs. $64/6.20: 200225 lbs.. $6,204/ 6.2 > 180-200 lbs.. $6,054; 6.10: 160-180 lbs., $5.854/5.95: pigs. $5.25 down: roughs. S5 down: calves. 50c higher. S7 down, few at $7.50: lambs, steady at $6.50. FT. WAYNE. Oct. 9.—Hogs—Steady to 10c higher: 250-300 lbs.. $6.40; 200-250 lbs., 56.25: 189-200 lbs.. $6.05; 160-180 lbs.. $5.90; 30-350 lbs.. $6.15: 150-160 lbs.. $5.25: 140150 lbs.. $5; 130-140 lbs. $4.50: 120-130 lbs.. $3.75: 100-120 lbs.. $3; roughs. $4.50; stags. $2.75. Calves, $8; lambs, 6.50. (By Times Speciaii LOUISVILLE. Oct. 9.—Cattle—Commercial. 250; fresh receipts light and only small holdover from Monday; quality plain; demand fair; market about steady with Monday's levels; most steers and heifers of quality to sell from 534i4; cutter grades dowm to aroimd $2.25: well finished lightweights quotable to $6 and above: bulk beef cows, $2.50473. low cutters and cutters. $1.2545 2.25; sausage bulls scarce considered salable, S3 down; Stockers and feeders generally steady; bulk desirable Hereford stock calves salable. $4.50 47 5: common to medium grade natives. $2 5045 3.50. Calves Commercial, 275: market steady: better vealers. $6,504/7: medium and lower grades. $6 down. Hogs —Receipts. 500: market steady; top and bulk. 200-250 lbs.. $6.25; 180-195 lbs.. S6; 255 lbs. up. $5 80; 160-175 lbs.. $5.40: 140155 lbs. $4 90: 120-135 lbs. $3 40: desirable sows. $5 05. Sheep—Receipts. 400; generally steady: bulk better lambs salable. 5645 6.25: choice offerings eligible higher bucks mainly $545 5.25; light throw-outs. S3 50: better fat ewes. J 1.0045 2: desirable stock ewes quoted $645 7.50 a head.

Produce Markets

Delivered in Indianapolis prices: Heavy hens. 12c; Leghorn hens. 7c colored springers. I 1 * lbs. and over. 11c. Leghorn springers 9c: old roosters, sc: ducks. sc: geese. sc; young guineas. 20c: old guineas, 15c: No. 1 strictly fresh country run eggs, loss off. 19c. Each full case must weigh 55 lbs gross; a deduction cf 10 cents a pound for each pound under 55 lbs will be made. Butter—No. I, 28*5 290 Butterfat. 23c. Quoted by the Wadiey Company. ißy United Press) CHICAGO. Oct. 9—Eggs—Market steady: receipts. 2.959 cases; extra firsts. 23'ic; fresh graded firsts. 22’ ; c, current receipts. WatiSl'ic: dirties. No. 1. 18’jC. No. 2. 16c; checks. No. 1. 16’jc: No. 2 14c Bu’ter—Market easy: receipts. 10 177 tubs; extra firsts 190-91 ’ i score'. 23.w24c; extras (92 score. 24'<c. firsts 'BB-89’ 2 score 1 - 22'j'.i23c: seconds (86-87 1 * score. 22c: specials. 24*'u 25'<c: standards. 24c Poultrv—Market firm: receipts. 22 trucks; geese 9Or 11c: turkeys. 1347 15c: old roosters 11c; ducks. B''ii3' 2 c: springers, heavy Plymouth Rock. 16c: light rock springs. 14c; hens, heavy. 15c: medium. 12‘jc; guinea hens, dozen. 54.’7; Leghorn springers. 12c. Cheese Twins. 12 1 *'<l l2 1 2 c: daisies. H’Vu 13c: longhorns. 12 j 4il3c. Potatoes—Supply moderate: demand and trading slow: market dull; Wisconsin cobblers and round whttes 8047 90c; combination grade. 77’jc; Idaho Russets. *1 35 <<7150: combination grade. *1 2047 1 27' 2 ; Oregon Russets. United States No. 2. sl27'*; North Dakota Red River Ohio*, 8125; arrivals, 70, on track. 280; shipments, 701.

RECENT SILVER ACT PUTS END TO PROPAGANDA Large Scale Buying May Retard Recovery, Is Viewpoint. BY CLARENCE W. FACKLER Professor of Economies. New York University By United Prcst NEW YORK, Oct. 9.—The recent nationalization of silver has quieted the agitation for the “do something for silver” movement and promises to dampen gradually the ardor of those people who have funds invested in silver mining stocks. The higher prices paid for silver during the World war, and the greater attention given to it by various governments, revived the hopes of the silverites that eventually something could and would be done for silver. That the agitation is strong and has gained force since 1932 is shown by the fact that the proposal to buy silver on a monthly basis hase been raised ten-fold since that date. Bordering on absurdity, the proposed amount of fifty million ounces is more than double the production of silver in the United States in 1332, and a little less than one-third of the world's production of silver in that year. Silver Facts Related Here are some of the simple facts relating to the silver question which the investor should know. To begin with, nearly two-thirds of the world’s production of silver comes annually from Mexico and the United States, with Canada and Peru of less importance but still prominent in the field. India and China still remain the chief consumers. Since 1900 the annual production of silver in the world has advanced from an average of 167 million ounces to 253 million ounces by the beginning of the second quarter of this century. In 1932, however, production fell agr-in to 164 million ounces. The investor may be astounded to be reminded again that the silver producing industry in the United States contributes only about 3-1,000 part of the total annual income of the nation. Like the steel, textile and coal industries, it is concentrated in rather definite areas, and so only a section of the country is directly affected by its condition. Nevertheless, silver prices have fallen less than the average of all commodity prices, hence the holders of the white metal are able to buy more with dollars which they derive from the sale of their silver than in 1928-1929. Labor Under False Notion If the investor will examine the suggestion that the purchasing power of the Orient will be increased by higher silver prices, he will find that only in China and in two small African countries are external values quoted extensively in silver. Determined “quantitative” money advocates labor under the false notion that if silver prices are raised, the hoarding of silver by orientals will stop. They will exchange, it is said, their gold for silver, and this gold flowing back into western lands will stimulate higher prices generally. Another faction of the same group apply the same incorrect logic to the remonetization of silver domestically. At present the investor should be very sure that in respect to the second case more silver money at home has little chance of being inflationary. Foreign Purchases Dangerous The biggest damage can corhe from purchasing of silver abroad, which if carried to such an extent as to raise the silver stocks to 25 per cent of the total monetary stocks, would cost upward of $500,000.000 and add so much to the money in circulation or to the bank reserves. With respect to its inflationary effect, it is likewise relatively unimportant, because it will take about fifty-two years to acquire the necessary 1.300,000,000 ounces of silver in order to bring the silver stocks to their required level. The prevailing silver acts probably will be repealed long before this time has elapsed. What may very well happen is that the continual buying of silver on a large scale may cause a slowing down of the recovery movement, if not a return of the depression itself, as a similar buying campaign did from 1890 to 1893. Developments in the silver movement should be watched closely by every investor. The effects of the movement do not promise to be nearly as inflationary as the cry for the nationalization of credit and the establishment of a central government bank. SEASONAL RISE SHOWN IN COAL PRODUCTION Indiana Output Totals 298,000 Tons During Week. A seasonal upturn in bituminous coal production in Indiana for the week ended Sept. 22 was noted today in the report of the United States bureau of mines. . Indiana produced 298,000 tons for the period. 20.000 tons more than the previous week and 42,000 more than was produced for the same period in 1933. The state’s production was more than 4 per cent of the nation's output. PRICE REACTION IS SEEN Current Advance in Commodities May Be Checked. B<t Timee Special NEW YORK. Oct. 9—Despite the fact that commodity prices rose to anew high for the recovery period in August, the Alexander Hamilton Institute expects a halt in the current upward movement. Now that the effects of the drought and of the acreage curtailment measures are fairly known, the institute believes that some recession may occur which will develop into a considerable reaction.

Repayments Made Under Home Modernization Are Just Like Bank Account Housing Credit Program Requires Borrowers to Pay in Monthly Installments: Government Puts 5 Per Cent Limit on Discount. (This is the second of two articles written for the Scripps-Howard newspapers be the official who has charge of the credit phase of the property improvement program. BY ROGER STEFFAN Director of Moderniration Credits, Federal Housing Administration. WASHINGTON, Oct. 9. Twenty-four hours before “modernization credit’’ flashed across the country, if a property owner, who had an established relationship with a bank, had taken to the bank ample collateral, government bonds for example, and been granted a small loan at 5 per cent, he would have been well satisfied.

On an open loan basis it would have been hard for him to get accommodation for as long as a year, compared with one to five years now. But suppose he succeeded. Asa man on a salary, he would have had to start saving to pay the loan on the due date. The chances are he would have begun putting aside a little every month into his account so that at the end of the term he would draw one check and pay off the loan. No one ■would say that because this customer kept depositing a few dollars in a checking account so he could meet the loan, he should count the theoretical loss he sustained from not being able to invest the money at 5 per cent as part of the interest charge on the loan. 5 Per Cent Discount Limit That is almost identically the way the transaction is handled for a borrower on the modernization credit plan. He pays 5 per cent discount —never more, because the government won’t permit it. But because this plan is intended for nondepositors, the government requires that payments be made in definite monthly installments. On these payments, as a rule, he gets no interest. The fact that the monthly installments are required by contract is to the borrower's advantage. That is a sure-fire safety device against “forgetting to pay.” When all’s said and done, the property owner, without the requirement of a checking account, without any collateral except his earning power and his good name, gets a 5 per cent loan, just as surely as the “collateral borrower.” Three Essential Factors The mathematical “ratio between gross return and average balance outstanding” is almost exactly the same in every borrowing relationship. The MCP includes in one package the three things that have to be considered together in an ordinary loan: First—The cost of the credit. Second—The cost of the repayment plan, paid for in the lower return on accumulating sums. Third The deposit account which adds to the “ratio” of the ordinary customer, but as a special concession is absent in the MCP. MCP Faces Difficulties “Why is it,” I have been asked, “that in some states modernization loans have run up against difficulties because of interest rate laws?” The answer is that interest rate laws are behind the times. These laws, well intentioned and having served a good purpose in times past, give no recognition to the fact that consumer credit is with us to stay, and that the public insist on buying on time-financing plan. Recognition of this state of affairs have been very prompt in New York. At a special session ot the legislature a special act was passed stating that laws relating to interest rates, term of notes and requirements for security all could be waived for modernization loans so that any institution in the state could do time-financing upon the terms prescribed by the federal housing administration. Other states are looking forward to similar action by their legislatures during the winter, so that added impetus can be given the movement to make more liberal the relationship between banks and the borrowing property owners.

RECORD CASH SALE OF CORN REPORTED Farmers’ Grain Corporation Is Purchaser. By United Preen BUFFALO, N. Y., Oct. 9.—The largest single cash sale of com ever made in the United States between two companies for domestic consumption was reported today by officials of the Eastern Grain Elevator Corporation. The purchaser was the Farmers’ National Grain Corporation of Chicago. The amount of com involved was 2,7500,000 bushels, enough to fill a dozen lake freighters. It would take a train, from sixteen to twenty miles long with from twenty to twenty-five locomotives to move the com at one time. The sale price was reported to be close to $2,500,000. Although larger sales of com have been made in Chicago, none has been on a cash basis, it was reported. The 2.750.000 bushels of com are now stored in the Concrete, Central and Nisbett elevators. STEEL OUTPUT RISES By United Preen NEW YORK. Omt. 9 —The steel industry 7 is operating currently at 23.6 per cent ot capacity, compared with 23.2 per cent a week ago, an increase of .4 points or 1.7 per cent, according to the American Iron and Steel Institute*

NEW STORE HEAD

jf 4 \ • TB

J. M. Shapiro

Coming to Indianapolis from New York, J. M. Shapiro will be manager of the new Brooks Apparel Company store. The establishment is the seventeenth in the Brooks chain, and will occupy the old Brenner building, 26-28 East Washington street. The store will feature ladies’ apparel. Mr. Shapiro formerly was in charge of the New York branch of the Brooks firm.

BUYERS TURN TO WHEAT PIT Shipments to China Are Reported, News Brings Interest. By United Preen CHICAGO, Oct. 9.—Cables told of sales of four cargoes of Australian wheat and one of Argentine for shipment to China today and the news brought buyers into the wheat pit on the Chicago Board of Trade. At mid-session wheat was unchanged to Vz cent higher, corn was up 3 s to IVs cents, and oats were Vz to ~s cent improved. Although wheat was nervous and lower at the start, losses were recovered when the expected selling at Winnipeg did not materialize. Under the new Canadian regulations effective today, prices at Winnipeg held to a narrow range. The trade here generally was quiet with traders preferring to await the government report due tomorrow. Cash prices were unchanged and receipts were seven cars. Corn was up fractionally in sympathy with activity in the big pit, but there was no news directly related to this cereal. Only 10,000 bushels were booked to arrive early and cash circles reported prices unchanged. Receipts were forty-one cars. Oats also were higher, but there was little or no activity. Cash prices were unchanged and receipts were five cars. WHEAT— 1:00 Prev. Open. High. Low P. M close. Dec. (old i .96% 96% .96% .98% .96% Dec. i new) .96 .97% .96 .96% .96'* Mav 96% .97% .96% .97 .96% July .. .90% .91% .90% .91% .91% CORN— Dec. foldi .73% .74 .73 , .74 .73% Dec. inew) .72% .74 .72% 73% .73 May 75% .76' 2 .75% .76% .75 July 75% .76% .75% .76% .75% OATS— Dec. mew) .49 .49% .43% .49% .48% Mav 43 18% .47% 48% .47% July 43% .44% .43% .44 .43% RYE— Dec. 'old) .70% .72% .70% .71% .70% Dec. (new) . ... . .70% Mav .... 74 .75% .73% .74% .74% July 74% .74% .74% .74% .73% BARLEY— May 74% .75 .74% .75 .74% LARD— ' Oct 8 97 8 97 8 87 8 95 9 00 Dec 9 05 9.07 9 00 9 07 9 07 Jan 9.15 9 17 9 10 9.17 9 17 May 950 9.52 945 9.52 957 LOCAL CASH MARKET City grain elevators are paving 85 cents for No. 2 soft red wheat Other grades on their merits. Cash corn No. 3 veilow 68 cents, and oats 43 cents APPROVE NEW PROGRAM Indiana Associated Telephone Cos. to Spend S I O,OOO. By Timee Special LOGANSPORT. Ind., Oct. 9—A rehabilitation program of the Indiana Associated Telephone Corporation has been approved and work will start shortly after the first of the year. The new program calls for an expenditure of more than $40,000, according to Walter Uhl, manager. Plans for carrying out the new program are being made.

Government Bonds Home Owners’ Loan Corporation and Municipal Bonds BOND DEPARTMENT The Union Trust Cos. of Indianapolis 12# £ Market RBey 41

Latest Stock, Bond and Commodity Quotations

BANKERS TRUCE MAY BE SEALED BY ROOSEVELT Administration Drops Plan of Creating Central Issue Bank. BY THOMAS L. STOKES Tim** Special Writer \\ ASHINGTON, Oct. 9.—A true# between the administration and the bankers may be sealed formally when President Roosevelt addresses the American Bankers Association convention here in two weeks. This does not mean that President Roosevelt has capitulated to the banker viewpoint, nor that the bankers have approved everything that the chief executive has in his program. The administration has opened the way for co-operative endeavor by passing out word, privately, that it has no present intention of creating a central bank of issue, such as was advocated in congress last session and such as has been hinted frequently since to create terror in the banker heart. Experts Are Studying Treasury experts, it is true, are studying ways and means of centralizing the federal reserve system still further, making it more responsive to the treasury, but tha bankers are being consulted on this. Mr. Roosevelt’s conciliatory message to business in his recent speech was directed also to the bankers, for they must finance industry. The banking element was soothed by his emphasis upon retention of the profit system, even though he gave tacit warning that they must cooperate by pointing out how English bankers had assisted their government. Aid of the bankers is needed to furnish capital for the heavy goods industries and in the treasury’s refinancing program. Indication of a partnership with the administration necessarily bars the alternative, government taking over of banking and credit through a central bank or otherwise. Co-operative Spirit Is Felt A spirit of co-operation has cropped up in developments of the last few days and week, namely, a less stringent policy in bank examinations by reclassifications of loans; reduction of interest rates on money the R. F. C. advanced the banks by purchase of preferred stock and capital notes; creation of new mortgage companies to which the R. F. C. will lend and the opening of the administration’s ear to banker complaints. Dominant now in administration bank policy are two conservatives, Chairman Jesse Jones of tfte R. F. C. and Eugene R. Black, former federal reserve board governor. Both are doing missionary work, Mr. Jones from his office here, and Mr. Black in travels about the country as liaison between the administration and the banks. Significant also is the continued presence here of Frederick M. Law, president of the American Bankers’ Association, who has been in and out of the White House frequently. He is in daily contact with Mr. Jones, a fellow citizen of Houston.

On Commission Bow

Quotations below are average wholesale prices being offered to buyers by local commission dealers. FRUlTS—Cranberries, Cape Cod early blacks, 25-lb. box. $2.75. Grapes. Michigan Concords. 4-nt. basket. 18r. 12-qt. basket, 40c. California seedless. 27-lb box. $2 10. Crabapples, Michigan hvslops, bushel. $1.85. Persimmons. Indiana. 12 qts. 90c. Pears. New York Bartletts. bushel. $2.50. Avacados. box. $1.50. Quinces, bushel. $2.75. Bananas, pound. 5%c. VEGETABLES—Cabbage. Northern Danish. 50-lb bag. ,75c; red, bushel. $1 10. 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-lb. bag. $1.75; home-grown pickling. 10-lb bag 75c. Potatoes. New Jersey Cobblers. 100-lb. bag, 51.50; Northern round white. 100-lb. hag, $1.25: Ohios. 100-lb. bag *1.55; Idaho Russets, 100-lb. bag $2.10. Sweet potatoes. Indiana Jerseys, bushel. $1 40: Indiana Nancy Halls, bushel. si. Beans, homegrown, stringless, bushel. $1.50; Kentucky Wonders, bushel, $1; Limas, large, pound, 20c. Beets, dozen, 25c Carrot l :. Ohios. dozen. 35c: Ohio (cut offs, wash'd 22-lb. basket. 75c; bushel, $1.15, Cauliflower, crate, $1 25. Celery. Michigan. medium, dozen. 40c; Jumbo, dozen, 65c: hearts, bunch. 90c. Cucumbers, hothouse, dozen, 90c. Endive, dozen. 40c Egg plant, dozen, 75c. Kale bushel. 50c. Lettuce outdoor. 15lb. basket. 'Boc Mangos, bushel. 85c. Mint, dozen. $2 75 Parsley, dozen. 35c. Peas, hamper. $2 75, Peppers, red finger, bushel, $1.75; 5-lb. basket. 50c. Radishes 2 dozen, 65c. Spinach. New Zealand bushel 35c; broadleaf. basket. 60c. Tomatoes outdoor, 12-lb. basket. 50c; bushel. $1 50. ERUITS AND VEGETABLES ißv United Press* CHICAGO. Oc'. 9 Apples—Michigan Mclntosh, bu-he:. 2%-incn. $1.50 , S 1 65: Wisconsin $2 Tomatoes—Ohio 8-quart baskets. 354/ 4/ 50c. Sweet, potatoes—Tennes.co bushel 90'8 9.5 c. Lettuce—California crate S2 25V/2 50 Bean*—lllinois, bushel, green. 25c'-, $125. Cabbage- Wiscon'in. crate 504/65c Peppers—lllinois, bushel. 35 u 50c Michigan. oO'-/75c. Egg- • plant Illinois bushel. 25c. Celery—Michigan crate r-quares. 50'-; 80c fiats. 40c; highballs 254/40c. We;--ern cauliflower— Cra-e $1154/140; Michigan, 90c4; S1 25. Grape;—Michigan Concord. 12-quart. 2541) 28c: 4-quart 134514 c. Cranberries—Mascachuset's. % barr; $2 35412 50. Spinach—lllinois and Michigan, bushel 25® 50c. Carrol bunches. 1%4r2c. Ceierv-cabbage—Michigan flat boxes. 254$ 35c Beets—lllinois and Indiana bunches, 14i1%c. Green onions—6® 7c bunch. Onion market. < 50-lb. sacks ■ —Michigan vallows. 654/70c: Idaho wh:t" $1; Idaho yellows 75 0 80c Indiana and Illinois yellows. 40® 50c. DIVIDEND IS DECLARED By Timee Special CLEVELAND, Oct. 9—Directors of the City Ice and Fuel Company have declared the recular dividend of $1.62% a share on the preferred stock, payable Dec. 1, to holders of record Nov 15. Regular quarterly dividend of 50 cents a share on the company's common stock also was declared, payable Dec. 31 to holders of record Dec. 15.

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