Indianapolis Times, Volume 46, Number 134, Indianapolis, Marion County, 15 October 1934 — Page 6

Developments in Trade and Industry

PAGE 6

ISSUES SHOW SMALL GAINS ON JEXCHANGE Prices Firm After Opening; Silver Stocks Best Gainers. ft nit'ii Press NEW YORK, Oct 15.—Pnces •irmed after an irregular opening on the Stock Exchange today. At noon a majority of issues showed small gains. Silver issues were the best gainers. At the highs. United States Smelting was at 117%, up 2% points: American Smelting 37%, up 1%; Corro De Pasco, 39';. ex-divi-dend. up 14. and Howe Sound, 53, up 1. Auburn Auto gained 14 to 29 4 in a firm automobile section. Liggett Ac Myers B stock made anew 1934 top a 7 99 i, up 4. in the tobaccos. Eastman Kodak firmed fractionally to anew high for the year at 1034. and American Chicle made anew stop at 64, up 14. Steel common and other leaders made small gains in the industrial section. American Telephone firmed despite an unfavorable report for the third quarter and the first nine months of 1934. Mercantile issues, leaders in last week's trading, were mixed. McClellan Stores, heaviest traded of any stock in the last six days, was again active, but it eased slightly. The Street learned that George K. Morrow and associates had acquired control of the company, which has been in receivership since early 1933.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings 53.497,000 00 Debits 6,678.000 00

Treasury Statement

(By United Pressi WASHINGTON Oct 15 —Government expenses and receipts for the current fiscal year ro Oct. 12 compared with the corresponding period of the previous fiscal year: This Year Last Year Expenses $1,700 653.412 28 $1,096,542,450.67 Receipt. 1.109.181.031 05 843 141.602 48 Deficit 681 472.381 23 253.400 848 19 Cash Bal. 2.097.673.644 83

Produce Markets

Delivered in Indianapolis prices: Heavy hens 12c; Leghorn hens. 7c; colored .springers, l* a lbs. and over. 11c Leghorn springers 9c. old roosters. 5c■ ducks Sc; geese, sc. voung guineas. 20c; old guineas. 15c; No. 1 strictly fresh country run eggs, loss off. 19c. Each full case must weigh .65 lbs. gross; a deduction ol 10 cents a pound for each pound under 55 lbs. will be made. Butter—No 1 28*J29c. Butterfat. 23c Quoted bv the Wadlev Company tßv United Pressi CHICAGO Oct 15 Eggs Market, steady, receipts 2.603 cases; extra firsts. 23c; fresh graded firsts. 22' c; current receipt 19'j ■/21 1 jc; dirties No. 1 18 1 aC; No 2,s 16c checks No 1. 17; No. 2. 14c. Butter Market. unsp’tled. receipts. 11.088 tubs: extra firsts i9O-91>2 scoret. 24 'ak; 25c: extra <92 scorei. 25'jc: firsts. 88-89'a scorei. 23 *i 23 ,c; seconds iB6-87'j scorei. specials, 26'./26'aC. standards. 24- I c. Poultry Market. steady: receipts. 24 trucks. I car due: geese 9*i lie; turkeys. 13*i 15c; old roosters. 11c: ducks. 105114 c: springers, 13'il5'ac: hens, heavy. 14c; Guinea hens. do/. s4'.; 7. Cheese—Twins. 2 1 '•( 12'jC. daisies. 12**113c: Longhorns. 12%'.i 13c Potatoes—Supply moderate; demand and trading moderate: market, •bout steady; Wlcoaun Round Whiles and Cobblers 801 / 90c commercial grade 70*i 75c: Idaho Russets, S1 350/1.50. fair quality. $l3O. combination grade. Sl.l2tafr 1.15; Colorado McClures, fine quality. 51.70 or 1.80 Arrivals 186. on track 296. shipments: Saturday 909. Sunday 45. CLEVELAND. Oct. 15—Butter—Market, firm extras 29’.c: standards. 29c Eggs— Market, firm; extra white. 30c: current receipts. 24c. pullets. 20c Poultrv—Market weak: fowl colored. 4'j lbs and up. 17c: broilers, colored, 5 lbs and and up. 16c: ducks, light. 12c: geese, heavy fat. 13c. Potatoes Maine $1 20 a 100 lb. bag: Ohio best mostly 90c*i $1 a 100 lh bag Idaho. $175fi185 a 100 lb. bag; Long Island. $1 25 a 100 lb. bag

Other Livestock

ißy United Pres*) CHICAGO. Oc’ 15—Hogs—Receipts. 27.000. including 12.000 directs: une\enlv 10 to 25 ci ms .owrr than Friday's average; earl' top S' 80. bulk better grade. 220300 lbs. $5 70i5 80: 170-210 lbs. $5 2v. 5 75. light light.- $4 85 0 5 25: packing sows. $54 75. 5 10. few smooth light weights. $5 25 light lights. 140-160 lbs good and choice. 54 65 ;5 25; light weights. 160-200 lbs good and choce. ss'us .0, medium weights. 200-250 lbs. good and common, S3 50.1 5.80. heavy weights. 250-350 lbs. good and choice. $5 65 i 5 80; packing sows. 275-550 lbs medium and choice $t a 5 25, slaughter pigs. 100-130 lbs . good and choice. $3 50 .4 65 Cattle Receipts. 25.000 commercial. 10.000 government; calves. 2.500 commercial. 2.000 government very little donp. stefr and vearllngs run excessive other killing classes also being in too liberal supply; few early sales steers and vrarlings 25 cents under late last week and most bids 25 to 40 cents down: medium to good steers and yearlings predominating m run. sprinkling choice all weights hrre prospects 25 to 40 cents down at close; ear.v top vearllngs. $9. weighty steers. $9 23 slaughter cattle and vealers. steers. .350-900 lbs good and choice. $6 25 '..•8 75: 900-1.100 bs good and choice. $6 25 *5 925 1.100-1 300 lbs., good and choice. $6 25 : 10; l 300-1.500 lbs. good and choice. $7 510 25 550-1.300 lbs common and medium. $2 75 9 7 heifers 550-750 lbs., good and choice. Ss'.iß, common ar.d medium. $2 75‘! 525 cows, good $3 25*5 5. common and medium. $2 65 3 25: low cutter and cutter. $2 :2 65 bulls vearlirlgs excluded' good .beef , $3 14 cutter, common and medium. S2 53 25; venters good and choice. $6 5C .• 8 medium <5.i6 50. cull and common $4 : 5 Stocker and feeder cattle, stern 550-1 050 lbs good and choice $4 25 <5 5 75; common and medium $2 75 a4 25 Sheep—Recepits. 20 000 commercial; fat lambs opening slow indications around 25 ce: sheep, steady; feeding lambs firm bulk natives bid under $6 50: best held around $6 75: slaughter ewes. $1 30*12 25: feeding lamb* ss<i6. or above: slaughter sheep ar.d limbs lambs 90 lbs down, good and choice. $6 2S<u 6 75. common and medium. $5 16 35 ewes. 90-150 lbs good and choice. $16552 50: all weights, common and medium. $150; 2. feeding lambs. 50-75 lb*. good and choice. 35.35<d6.10. WEEK'S WOOL TRADE SHOWS IMPROVEMENT Texas tirade* Less Active Since Rrccnt Price Advance. ... BOSTON. Oct. 15 Ail encouraging amount ot Du uncss has developed in the last week on territory wools, according to the report of the United States agriculture department. Sales have included a broader selection than has been taken from territory’ lines for many weeks. Bids were rejected on a considerably larger volume than was actually moved. Spot Texas wools were quiet and Texas wools held in the country have been less active since the recent advance in prices. Fleeces were quiet except in a few cases where pressure to sell enabled buyers to pick up small lots offered below the generally quoted prices. RECEIVES PROMOTION NRW YORK. Oct. 15.—Promotion of James Ingram to the New York headquarters staff of the General Sales Company. Inc., was announced today. Mr. Ingram had been manager of the Philadelphia sales district for the organization.

TREND OF COMMODITY PRICES AND TRADE CHARTED 90 1 60 85 : H -N “150 MOODY’S DAILY . A/ j 8 % COMMOOITY INDEX Ad / v I, 2 7 L—Ttr— Jf- ': r.~. ‘ 130 § S AiV .’MOODY’S WEEKLY *• g ® ±J V.’•* /BUSINESS INDEX *J 7 cHr -v —r —— v t'2o ■•• • i 65 4 111 0 / \ .•••'“V* I I Vr MOODY’* INVESTORS SCRVICE | jqq OCT. NOV. OEC. JAN. FEB. MAR. APR. MAY JUN. JUL AUG. SEP. OCT. 1933 1934

New York Stocks

ißv Abbott, Proctor k Painei 11:00 Prev. I Oita— High. Low. A. M. close. Amerada 40' a 40% 40 4 40 4 Barnsdall 6 4 64 6% 8 4 Consol Oil 74 74 74 74 Cont of Del 17 164 164 17 Mid Cont Pet .. 104 10 4 10 4 104 Ohio Oil 94 94 94 94 Phillips Pet 134 134 134 14 Shell Un 64 64 64 64 Skeiley OH 64 64 64 64 Soc Vac 134 134 134 134 SO of Cal ... 29 4 28 4 28 4 29 SO of Ind . . 23 24 4 24 4 25 SOof N J 414 414 414 42 Sun Oil 634 684 684 69 Texas Corp .. 214 21 21 21' Tidewater Assn 84 8 4 84 8 Un Oil of Cal 14 14 14 144 Steels— Am Roll Mills . 184 184 184 184 80-h Steel 28 4 28 28 4 28 4 Gulf Sts Steel . 17 17 17 20 Ludlum Steel 134 134 134 124 MrKesport Tin 90 4 89 4 90 4 89 4 Otis Steel 44 4% 44 44 Rep Iron k Stl 134 134 134 134 Rep Ir k Stl pfd 394 394 394 40 U S Pipe k Fdv 194 194 194 194 U S Steel 34 4 33 4 33 4 334 Motors— Auburn 294 284 29 274 Chrysler 364 35 4 36 36 Gen Motors 30 4 294 294 294 Oen Motors pfd..1024 102 s * 1024 1024 Graham Mot -. 2 2 2 2 Hudson 94 94 94 9 Hupp .... 24 24 24 24 Marie Truck ... 244 244 244' 2V* Mash 144 144 144 144 Packard .... 34 34 34 34 Studebaker ... 3 24 33 Yellow Truck .. 34 34 34 34 Motor Arcess— Ber.dix .. • 124 124 124 124 Bohn Alum ... 534 534 53 4 52 4 Borg Warner . 234 234 234 24 Brizes .... 184 174 174 184 Budd Wheel —. 2% 24 24 24 Fafon Mfe .. 154 154 154 15 '4 Firr Auto Lite 25 244 244 244 Mullins Mfz nfd 26 26 26 26 Murray Bodv ... 54 5 5 5 Stew Warner .. 64 64 64 64 Timken Roll 29% 294 294 294 Timken Det Axei 6 6 6 5 4 Mining— Alaska Jun .... 184 184 184 184 Am Metals .... 164 164 164 164 Amer Smelt .... 37 4 36 4 36 4 36 Anaconda 114 114 il4 114 Cerro De Pasco 39 4 38 4 38 4 38 Dome Mines 424 424 424 42 Granby Gt Nor Ore ... 114 114 U 4 11 Howe Sound . 54 4 52 4 54 4 52 Int Nickel 24 4 24 4 24 4 244 Kennerott Cop 184 184 184 184 Noranda Cop 384 384 384 384 Park Utah ■■ 34 34 34 34 Phelps Dodee.... 144 144 144 144 Sr Joe Lead 17 17 17 164 U S Smelters 1174 117 1174 115 Vanadium 17% 174 17y 174 Amusements— Loews Inc 304 304 304 304 Radio Corp .... 64 6 64 6 RKO 24 24 24 24 Warner Bros ... 54 54 54 5 Tobaccos— Am SnufT 66 4 66 4 66 4 65 4 Am Sum Tob . 194 194 19*2 194 Am Tob (Ai ... 77 4 77 4 77 4 77 4 Am Tob 181 ■. . 80 79 4 80 80 Gen Clears 53 53 53 57 Tig A- Myers 181 99 4 99 4 99 4 994 Lorillard 184 184 184 184 Reynolds T <BI 494 494 494 53 Rails— Atchison 53 52 4 52 s * 53 B k O 154 154 154 154 Can Pac 124 124 124 124 Ch A- Ohio 43 43 43 434 C M * St P pfd 54 54 54 54 Chi N W ... 6 6 6 64 Dela k Hud ... 404 404 404 41 Del Lac k W .. 194 184 194 194 Ort North pfd . 154 154 154 154 Lehigh Valley . 12 12 12 124 M K A- T 64 64 64 7 N Y Cent 22 4 22 4 22 4 22 4 N Y Ont k West 6 6 6 64 Norfolk & Wes 168 4 168 4 168 4 168 Nor Pac 204 194 204 20 Penn R R ... 234 23% 23 4 23 4 Sou Pac 184 184 18*a 18*8 Sou R R . 164 164 164 17 Union Pac 1014 1014 1014 102 Equipments— Allis Chalmers . 13 124 13 134 Am Brake Shoe 23 4 23 4 23 4 23 4 Am Car A Fdv . 164 16*2 164 17 Am Loco . 174 174 174 174 Am Loco pfd 534 43 4 43 4 43 Am Mach A Fdv 174 1"4 174 174 Am Steel Fdv 144 14 4 144 14 Bald Loco 84 8 84 84 Burroughs 144 134 144 13*2 Case J I . 474 47 474 464 Cater Tract . . 27 4 27 4 27 4 274 Deere A Cos ... 194 194 194 194 Elec Stor Bat .. 42 42 42 43 Gen Elec ... 184 184 184 184 Int Hart ester .. 324 3 2 32 4 32 4 Natl Cash Reg . 154 154 15*a 134 Pullman Inc ..39 39 39 39 Rem Rand ... 9 9 9 9 Und Elliot ... 49 49 49 484 West Air B .. 23 4 23 4 23 4 234 Westlngh Elec . 324 32 324 324 Utilities—> Am A For Pwr 64 64 64 64 Am Power A Lit 5 5 5 44 A T A T 111*2 Ill's Ill's Ill's Col Gas A Elec 84 84 84 B s * Com A Sou 14 14 14 14 ! Consol Gas 26 4 28 4 28 4 28 4 E P A L pfd 104 104 104 94 Int Hvdro Elec 34 34 34 34 Int T A T ... 10 94 10 94 North Amer .... 134 134 13'* 134 Pac G A E 134 134 134 134 Peoples Gas 244 244 24 s * 25 Pub Serv N J 32 4 32 4 32 4 32 4 std Gas 8 8 8 8 United Corp ... 34 34 34 34 Un Gas Imp 144 144 144 144 Western Union 354 344 35 344 Rubbers— Firestone 14 14 14 13 s * Goodvear 22 4 22 4 22 s , 224 U S Rubber . 16 s , 16 s , 16 s , 164 U S Rubber pfd 38 4 38 4 38 s * 384 Am Can 1024 1024 1024 1014 Conti Can 87** 86 s * 86 s * 874 Curtis Pub pfd 79 79 79 80 Eas’man Kodak 103 4 103 4 103 4 103 Olldden .... 24 s , 24 5 , 24 s , 24 5 , Owens Bottle ... 714 714 714 714 Foods— Am Sugar . 62 4 62 4 62 4 62 4 Armour "A” .. 5 s * 5 s * s s * 54 ! Beatrice Cream . 174 174 174 174 Borden Prod 25 s , 25 s , 25 5 , 254 Corn Prod ... 68 67', 68 674 Crm of Wheat 32 32 32 314 • Cuban Am Sugar 74 74 74 7 s , < Gen Foods 30 s , 104 304 30 Int Sa.t 31 31 31 31'. Natl Biscuit . 29 284 28’, 284 Natl D Prod 16'* 16 s , ts, ie’ a Pur.-- 3ak 10'* ’.O 104 10 Porto Rico Sug 29 29 29 29 S-.d Brands .. 19 s , 19 s , 194 19 s * United Fruit 734 734 734 734 Ward Bak A 6 6 S 7% Retail Stores—- ; Gimbel Bro* 3’, 3', 3’, 44 Gr Un Tea 54 s s , 54 54 Hahn Dept Sts . 6 6 6 6 Kresge S S .... 184 184 184 18 Kroger Groc ... 28 s , 28 4 28 4 Macv R H 43 s * 43 43 5 , 43 4 Marshall Fields 12 114 12 12 May Dept St . 404 404 404 40'* Mont Ward 294 284 284 284 Penny J C 644 64 644 64 Sears Roebuck .. 41 s * 41 41 4 40’, Woolworth 50 49 s * 49’, 494 ATiation— Aviation Corp 4 4-4 4 I Curtiss Wright . 24 24 24 2 s , Curtiss Wr A 74 74 7 s , 7 s , Speerr Corp 7', 7 7', 7'* United Aircfrat 9 s * 9 s * 9 s * 9 s * Chemirals— Air Reduction 105 105 105 1054 , Allied Chem IS! 131 131 131 l Am Com Alcohol 28 4 27’, 28 284 i Col Carbon 67 4 67'* 674 67'* i Com Solvents 20 4 20 204 20 Dupont 92 4 92'* 924 32 4 Natl Dts < new l 224 22 224 324 Schenley Dtst 24 23 s * 2J S * 33 s * Tex Gulf Sulph 37 4 374 J 74 37% Union Carbide 45 44’* 45 44 s * U S Ind Alcohol 574 37 37 4 37 4 Vlr Chem 64 pf 19 19 19 19% Drugs— Coty Inc ... 54 54 54 54 Un Dt*f 134 134 134 134 Zooitt Prod .... 4 4 4 44

Abreast of The Times on Finance

Financial— Adams Exp 74 74 74 7% Allegheny Corp . 1% I s * I s * I s * Am Int Corp ... 64 64 64 7 Lehman Corp .. 69 69 69 694 Transamerica .. 54 54 54 54 Tr Conti Corp . 34 34 3’, 34 Building— Am Radiator .. 134 134 134 134 Gen Asphalt ... 15 s * 154 15 s * 154 Irt Cement .... 214 21 214 21 Johns Manvllle • 47 4 474 474 474 Libby Owens Gls 28 s * 28 s * 28 s * 284 Household— Col Pal Peet 15 s * 154 154 154 Congoleum 29 4 29 4 29 4 29 4 Kelvinator .. 134 134 134 134 Proc k Gamble 394 39 39 39 Va Textiles — Amer Woolen ... 94 9 9 9 Celanese Corp .. 25 4 25 4 254 254 Indus Rayon ... 26 4 26 4 26 4 264

Chicago Stocks

ißv Abbott. Proctor & Paine) 11.15 A. M Close. Butler Bros 84 84 Chicago Corp. com 26 264 Chicago Mall Order 12 114 Commonwealth Edison 434 444 Great Lakes Drpdge 17 174 Noblitt- Sparks Ind, Inc 14 14 Prima Cos. 2V* 24 Public Service NP 11 114 Swift & Cos, 184 184

New York Bonds "

(By Fenner & Beane) Prev. Close, close. Alleg Corp 5s ’SO 50 27 Am k For Pwr 5s 2030 534 A T k T db 5s ’65 109 1084 B k O cv 44s ’6O 564 564 Atchison Gen 4s ’95 103 103 Beth Steel 5s A 42 1034 Can Pac 4s '57 78 s , 784 C k O 44s A '57 1104 1094 Ch M St P 5c P adj 5s 2000 8 8 Ch M St P & P rs 5s A ’75 . 27V, 274 Cons Gas N Y 44s ’57 1044 1044 Denmark 54s '55 92 924 Erie R R rs 5s '67 66 4 66 4 French 7s ’49 182 Goodyear 5s '57 102 102 Gt Nor 44s D ’76 71 Gt Nor 7s An ’36 90 894 Interboro RT 5s 66 754 764 Int T k T db 5s ’55 594 MrKess k Robbison 54s ’SO . 884 884 Nat Dairy db 54s ’4B 99 4 99 4 N Y Central 5s O 2013 66 s * 664 Nor Am 5s ’6l . . 854 Pac Gas & Si 5s A ’42 1044 1044 Para Pub 54s ’SO 584 Penn RR 44s D ’Bl 96 96 Poland 7s ’47 1304 131 Shell Union Oil 5s ’52 1014 101V* Sin Cons 64s B ’32 105 1044 Texas Corp 5s ’44 103 4 Tob Pr N J 64c 2022 108'* 108 Un Pac Ist 4s ’47 1044 1064 U S Rubber 5s A '47 85 85 Vanadium 5s ’4l 83 824 Western Un 5s 'sl 80'/2 81 Youngstown S k T 5s B 'l7. 84 84

RAILROAD CO. FORMS BOARD Pennsylvania Sets Up Body to Settle Employe Differences. Hy Times Special PHILADELPHIA, Oct. 15.—An adjustment board for the settlement of differences arising between the Pennsylvania Railroad Company and various groups of employes in the equipment maintenance department has been formed, Pennsylvania officials announced today. The board was approved by the Pennsylvania management and by the Brotherhood of Railroad Shop Crafts of America. The new adjustment board is the third of its kind to be established on the Pennsylvania system. The first, formed in June, covered engine and train service employes, and the second, announced last month, was established to resolve questions at issue between the railroad * and employes in its maintenance of way department. A total of 73.000 men, almost three-quarters of the entire body of Pennsylvania railroad employes, are represented in the jurisdiction of the three adjustment boards already established. The agreement announced today also provides machinery for the local adjustment of disputes by negotiation between divisional, regional and general officers of the railroad and representatives of the men. In the event that amicable settlements can not be made locally, disputes are then referred to the system board of adjusimnt. The authority of this board, as in the case of the train service and maintenance of way groups, will be final in the settlement of all disputes, and no appeal can be taken from its decision. The three adjustment boards have been established under the amendments made to the railway labor act in the last congress. The new board will be known as the Pennsylvania Railroad-Long Island Railroad Shop Crafts Adjustment Board.

Retail Coal Prices

The following prices represent Quotations trorr. leading Indianapolis coal dealers A 25-ctnt carrying charce oer ton will be added DOMESTIC RETAIi PRICES Anthracite * 13. sec Brazil Lump 5,90 Brazil Lump 590 Brasil Mine Run 525 Coke. Nut Site 8.65 Coke. Ege Size ••••; f E Indiana Forked Lump No. 4 and 6 . 5.i3 Indiana Eee 5.71 Kentucky Lump Group "B'* ......... 7.18 Pocahontas Lump 8.33 Pocahontas Eee 842 Pocahontas Mine Run T. 70 New Riser BmokekM .............. Ui

INDIANAPOLIS, MONDAY, OCTOBER 15, 1934

PORKER PRICES DROP3SCENTS Heavy Receipts Force Hog Values Off Steady; Cattle Weak. Extremely heavy receipts on hand in early trading at the Union Stockyards this morning sent porker prices sharply lower than Saturday’s average. Prices generally were around 25 to 35 cents lower, with underweights showing the minor decrease. Receipts estimated at 10,000 were the largest on hand for any session during the last few weeks. The bulk, 160 to 200 pounds, sold at $5.75 to $5.80, while heavier kinds, weighing 200 to 300 pounds, brought $5.85 to $5.95. Top was $6. In the lightweight division, hogs weighing 130 to 160 pounds, cashed in at $4.45 to $5.20, while smaller grades, scaling from 100 to 130 pounds, sold at $3 to $4.20. Packing sows ranged from $4.25 to $5.25. Holdovers were 158. Initial trading was slow in the cattle market and prices were slightly lower than last week’s close. Most quality was plain. Few yearling steers sold at $7.85. Receipts were 1,200. Vealers moved around 50 cents lower than last Friday’s average, selling at mostly $8 down. A decrease of 25 cents was displayed in the lamb market, with the bulk of ewe and wether grades salable at $6.50 down. Few choice kinds brought $6.75. Bucks were discounted sl, while throwouts sold at $3 to $4.50. Receipts were 1,200.

Local Livestock

HOGS Oct Bulk. Top. Receipts. 9. $6.05® 6.30 $6.50 6,000 10. 5.90® 6.15 6 35 5.500 11. 5.75® 5.95 6.10 6,000 12 5.75® 5.95 6.10 5,000 13. 5.90® 6.15 6.30 2,000 15 5.75® 5.80 6.00 10,000 (140-1601 Good and choice $4.95® 5.50 (160-180) Good and choice 5.55® 5.75 (180-200) Good and choice 5.75® 5.85 (200-220) Good and choice 5.85® 6.85 (220-250) Good and choice 5.90® 6.00 (250-290) Good and choice 5.85® 5.95 (290-350) Good and choice 5.85® 5.95 Packing sows: (275-350) Good 5.00® 5.25 (350-425) Good 4.85® 5.10 (425-550) Good 4.75® 5.00 (275-550) Medium 4.25® 4.75 GOO-130) Slaughter pigs good and choice 3.00® 4.25 CATTLE Receipts, 1,200 —Steers—-(sso-900) Choice $ 7.50® 9.00 Good 6.25® 8.25 Medium 4.25® 6.50 Common 2.75® 4.25 (900-1.100) Choice 8.50®10.00 C-ood 7.00® 9.00 Medium 4.50® 7.00 Common 3.25® 4.50 (1.100-1,300) Choice 9.00®10.00 Good 6.75® 9.00 Medium 4.75® 6.75 < 1 300-1.500) Choice 8.25®10.00 Good 7.25® 9.25 —Heifers—-(sso-750) Choice 7.00® 7.75 Good 5.50® 7.00 Common and medium 2.75® 5.50 (750-9001 Good and choice ... 5.75® 8,00 Common and medium 2.75® 5.75 —Cows— Good 3.50® 4.50 Common and medium 2.50® 3.50 Low cutter and cutter 1.25® 2.50 —Bulls—(Yearlings Excluded) Good 3.00® 3.50 Common and medium 2.00® 3.00 VEALERS Receipts, 500 Good and cjioice $ 7.00® 8.00 Medium 4.50® 7.00 Cull and common 2.60® 4.50 —Calves—-(2so-500) Good and choice ... 4 75® 6.50 Common and medium . 2 50® 4.75 —Feeder and Stocker Cattle—iSteers) (500-Bflp> Good and choice .. . 4 50® 5.50 Common and medium 3 00® 4.50 <BOO-1,050) Good and choice 4 4.50® 5.50 Common and medium 3.00® 4.50 Good and choice 3.00® 4.25 Common and medium 2.50® 3.00 —Cows— Good 2.50® 3.00 Common and medium 2.00® 2.50 SHEEP AND LAMBS Receipts, 1,200 Lambs. 90-lb. down, good and choice $ 6.25® 6 75 Common and medium 4 00® 6.25 90-120 ibs.. good and choice.. 2.00® 2.50 Sheep—-(l2o-150) Good and choice.. 1.75® 2.20 All weights, common and medium 1.25® 2.00

Other Livestock

ißy United Press i FT. WAYNE. Oct. 15.—Hogs—35 0 40c lower; 250-300 lbs.. $5 80: 200-250 lbs., S5 TO: 180-200 lbs . S5 60: 160-180 lbs. $5 45; 300-350 lbs.. $5.60; 150-160 lbs.. $4.75: 140150 lbs.. $4.50; 130-140 lbs.. $4; 120-130 lbs., $3 25; 100-120 lbs.. $2 50; roughs. $4 25; stags. $2.50. Calves—s7.so; lambs. $6.25. LAFAY’ETTE. Oct. 15— Market. 25*0 400 lower: 225-275 lbs. $5.700 5.75: 275-325 lbs.. $5.5005 65: 200-225 lbs. $5.650 5.70: 180-200 lbs.. $5 550 5.60; 160-180 ibs.. $5 30 0 5 45; pigs. $5 down; roughs. $4.75 down. Calves, steady. $7 down; iambs, steady. $6 25 down. ‘By Times Special) LOUISVILLE. Oct. 15.—Cattle—Receipts. 1 500, run mostly medium and lower grade grass steers and heifers; demand narrow for steers, bu: outlet apparently dependable for light butcher steers and heifers; market on lighter weights, steady with close last week, or around 25c higher than last Monday: bulls and cows, mostly steady with close last week; bulk common to medium, light grass steers and heifers. S3O 4 25; few $4.50; but very little included in the run of value to sell above $5 35: early top on steers. $6.25; bulk beef cows. $2 50 03: practical top. $3 25; low cutters and cutters. $1 2502 25; sausage bulls. $2 75 down: Stockers, active. Calves—Receipts. 1.000. including 300 stock calves: vealers. market steady: bulk better grades. $6 500.7; mediums. $5 2506; plainer grades. $5 down. Hogs— Receipts. 1.100: market. 25c lower than last Friday and Saturdav: top and bulk on 200-250 lbs. $5 75: lftO-195 lbs $5 50: 255 lbs. up. $5 30; 160-175 lbs.. $4.90: 140-155 lbs.. *4 40; 130-135 lb*.. $2 90; sows. $4 55. Sheep —Receipts. 250; steady: bulk better lambs, S6O 6 25: choice eligible higher bucks mostly. *5®8.35: light throw-outs. 83 50; better fat ewes. 81.5003; stock ewes moderatelv acute better kinds salable 86&7.50 a head.

U.S. MAY EASE RESTRICTION ON MONEYEXODUS Early Dropping of Foreign Exchange Barriers Is Indicated. BY RICHARD L. GRIDLEY United Press Staff Correspondent iCopyright. 1934. by United Pressi WASHINGTON, Oct. 15.—The United States soon may further relax foreign exchange restrictions hurriedly thrown up more than a year ago when a panicky flight of capital abroad threatened, the United Press learned today. Increasing international financial stability, less nervousness, and the fact that American capital was "smuggled” abroad despite restrictions were cited as reasons for an early dropping of exchange barriers. When the administration embarked on its dollar cheapening program in April, 1933, official steps were taken to prevent Americans from sending capital, credit and cash to foreign countries. Licenses for foreign exchange transactions were ordered obtained from the treasury for all dealings other than ordinary commercial transactions, necessary tourist withdrawals to fill obligations entered into prior to March 9, 1933. Confidence Improved The restrictions, the United Press learned today, were effective in curbing the outflow of American capital until after the nervousness had passed. Later, with improving confidence credit began to flow to this country in a natural manner as indicated partly by the flood of nearly a billion dollars in gold to domestic shores. Part of this gain was attributed to a return flow of capital, although the government’s $35 an ounce bid price for the metal was the principal factor. Because of this and the fact that smuggling of capital can not be controlled, treasury officials have considered lifting some restrictions against outward flow of capital because they were not believed necessary. Few applications for funds to transfer abroad have been denied and little has been put in the way of shipping credit abroad to purchase foreign stocks or property, although these transactions could be considered a flight of capital. Intention Disclosed Intent to further relax foreign exchange restrictions was disclosed today following inquiries of some Americans to transfer funds to Canada to buy silver metal there. Funds for purchase of silver, however, are only a small part of the international credit restriction picture and the government’s consideration of easing foreign exchange restrictions covers nearly all phases of foreign exchange movements. A decision on releasing funds for silver transactions in Canada is likely to be made within a few days and may be followed with a general lifting of restrictions on other transactions which now require a license from the treasury. Anything resembling a “nervous” flight of capital from the United States, however, undoubtedly will be prohibited.

Stock Studies

CONGOU EOM NAWN $ COMMON STOCK eta f " i ■■< ionics SMART EARMINGS PRICE RWMBC bCAt* IAO- 3 ° too T '!■— 20 .50- | -l-f ys £:s 0 fca'a&aa43i aaniST * WN4CH€SWR INSTITUTE Os FH>MN>€E

The Congoleum Nairn Company is one of the leading producers of linoleums and wall coverings. Through extensive national advertising, its products have a national reputation for quality. The repairing and remodeling under the new housing act should directly benefit Congoleum Nairn, since its products are adapted more to replacement and remodeling demands than to new building requirements. The company’s plants are modern, and are equipped with the latest and most efficient machinery for the producing of inlaid linoleums. Branch offices are maintained in principal cities throughout the country. FINANCIAL DATA As of June 30, 1934 Commcm stock (no par). .1,390,000 shares Surplus *14.199,469 Cash and securities 7,777,840 Inventories 5,033,327 Total current assets 15.295,658 Current liabilities 674,888 On March 1 the company retired all funded debt oustanding, amounting to $995,500. It also retired its first preferred stock, totaling $1,039,.j00. During the twelve-month period ended June 30. cash and securities dropped about $3,000,000; inventories were about $2,400,000 larger, and net working capital was $1,300,000 less. Surplus increased $400,000. The current ratio on June 30 was nearly 23 to 1, while the book value of the common was $22.44, or 32 cents less than a year previous. The Congoleum Naim Company has operated in the black throughout the depression. Profits pickde up materially last year, when $1.66 was earned on the common stock, and the increase apparently is continuing, since sl.ll was earned in the first six months of this year. The company has been generous with dividends. It drew on surplus in 1932, paid $1.30 in 1933. The present annual dividend rate is $1.60, and is being safely earned. Congoleum Nairn was incorporated in 1919 in New York. The common stock is listed on the New York and Philadelphia stock exchanges. At the current price of around 29 H it sells to yield nearly 54 per cent. All right* -eserved Winchester Institut* ot Finance. Winchester, Mus.

Chemical Industry in Canada Augments the Dominions Resources Growing Trade Encouraged by Trend Toward Economic Nationalism; Mining Output Is Expanded, Royal Bank Survey Indicates. * By Times Special MONTREAL, Oct. 15.—The conservationist’s warning of twenty years ago that world resources in some commodities might soon become exhausted has been superseded by today’s notion that chemical research can devise substitutes, if and when necessary, according to the conclusion of the Royal bank of Canada in a discussion of Canada’s growing chemical industry.

The Canadian chemical industry ranks among the large world producers. While the depression has caused a little contraction in volume, the need for new products has led to the building of new plants and new equipment. The worldwide trend to economic nationalism has spurred the Canadian chemical industry to grow and develop, the Royal bank's survey says. Aluminum Important Canada’s aluminum industry ranks high in production, as does her rayon industry. Recent years have greatly expanded the commercial uses for nickel through discoveries of various nickel-steel alloys. Nickel mining is a virtual Canadian monopoly. Canadian Industries, Ltd., has expanded and diversified until this company is the largest Canadian manufacturer of acids, alkalies, chlorines, fertilizer—as well as a large producer of artificial leather and cellophane. Shawinigan Chemicals, Ltd., at Shawinigan Falls, Que., is a major producer of carbide and synthetic organic compounds. The nitrogen fixation plant of the Cyanamid Company at Niagara Falls was also discussed by the bank’s survey. Acid Fertilizer Made Canada’s largest source of sulphuric acid is the plant of the Consolidated Mining and Smelting Company at Trail, B. C. Sulphur smoke from the smokestacks of the smelter is recovered and used in fertilizer. The International Nickel smelter at Coppercliff, Ont., likewise recovers large proportions of sulphur from the smoke. At this plant, however, the sulphur so recovered is made into sulphuric acid. About 150 tons daily are so obtained.

GRAIN STARTS SHADEHIGHER Chicago Prices Are Slightly Up in Unimpressive Session. By United Press CHICAGO, Oct. 15.—Grain prices on the Chicago Board of Trade started the week steady to a shade higher today in a dull, unimpressive session. Wheat was unchanged to % cent higher, corn was 14 cent higher to Va cent lower, oats were up 4 to 14 cent, and rye was % cent lower to % cent higher. There was nothing in the news of particular interest to the trade. Liverpool and Rotterdam wheat held firm with a scarcity of sellers in both centers. ; Harvesting returns brought slight ! firmness into corn, although activity | here, too, was at a minimum.

Chicago Futures Range

11:15 Prev. WHEAT— Hieh. Low. A M. close. Dec 1.01 H 100', 1.00 s , 1.00 s * Mav 1.01 H I.oo'i 1.00 7 * 1.00% July 96 s * .95% .96 s , .96 CORN— Dec 77*4 ,75 s ’, .77 ,75 5 /* Mav 79'* .77 7 , .79% .78 July 79% .784 .79 s '* .78% OATS— Dec 52% .51% .52 .51% May 50% .49% .50% .49% Julv 46% .46 .46% .46 RYE— Dec 74% ,73 s * .74% .74% May 77% .76% .77% .76% Julv 76% .76% .76% .76 LOCAL CASH MARKET City grain elevators are paying 89 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 68 cents, and oats 43 cents.

On Commission Row

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, 12-qt. basket. 40c. California seedless. 26-lb. box. $2 10. Crabappies. Michigan hvslops. bushel, *1 85. Persimmons, Indiana, 12 qts., 90c Pears. New York. Bartiets, bushel, $2 50. Avacados, box. $1.50. Quinces, bushel, *3 Bananas. pound. 5%c; pineapples, crate. $5 size 30. VEGETABLES—Cabbage. Northern Danish, 50-lb bag, 65c: red, bushel sl.lO. Onions. Idaho sweet Spanish, large. 50-lb. bag $1 35; Michigan, yellow. 90c; Michigan, 10-lb. bag. 20c; white, boilers. 10-lb. bag. 35c: Western white, 50-lb. bag. $1 75;. Potatoes, New Jersev Cobblers. 100-lb. bag. $1.45: Northern round white. 100-lb. bag, SI 10; Onios. 100-. b. bag. $1 55; Idaho Russets. 100-lb. bag. $2, Sweet potatoes; Indiana Jerseys, bushel, $1 50: Indiana Nancy Halis. bushel, sl. Beans, homegrown. stringless, bushel, *1.75; Kentucky Wonders, bushel $1.50: Limas, large, pound 20c. Beets, dozen. 20c. Carrots. Ohios, dozen. 35c. Ohio icut offs<, washed 22-lb basket, 75c; bushel. $1 15. Cauliflower crate, $1.75. Celery. Michigan, medium, dozen, 40c; Jumbo, dozen. 65c; hearts, bunch. 90c. Cucumbers, hothouse, dozen. SI. Endive, dozen. 40c. Egg plant, dozen. 60c. Kale, bushel. 50c. Lettuce, outdoor. 15lb. basket. 60c. Mangos, bushel. 7Sc. Mint, dozen. 50c. Parsley, dozen. 35c. Peas, hamper. *2 75 Peppers, red Anger, bushel. *1.75; 5-lb. basket. 50c. Radisnes. dozen. 25c. Spinach. New Zealand, bushel. 35c; broadleaf basket, 60c. Tomato**, outdoor. 12-lb. basket. 45c; bushel, *1 50. FRUITS AND VEGETABLES <Bv United Press) CHICAGO Oct. 15.—Apples—Michigan Mclntosh, bushels. 2% Inch. SI 40® 150 Sneet Potatoes—Tennessee, bushels. 85 n 90c Lettuce—California, crates $1.50® 250 Bear.s—lllinois —Green, bushels. 40® 75c wax. 25®50c. Cabbage—Kisconsm. crates, 50®60c. Peppers —Illinois, bushels. 60<8 75c Eggplant—lllinois, bushels. 25c. Celery—Michigan, crates, squares. 30®50c: flats 30?i 40c Oregon Cauliflower—Crates. sl.lo® I 15. Grapes—Michigan Concord. 12 quarts. 29®30c; 4 quarts. 15®17c Cranberries—Massachusetts % barrels. $2 4082 50 Spinach—lllinois and Michigan. bushes. 25 @ 35c Carrots—Tdinoi*. bunches. l%e. Celery—Cabbage. Michigan, flat crates. 25 8 33c Beets—lllinois and Indiana. bunches. l@l%c. Onions—Green, bunches. Illinois. s®Bc. Onion market 150lb. sacks—Michigan yellows. 70875 c Idaho whites, *1; Idaho yellows.7sl*Boc. Indiana and UUnoU yellows. 40860 c.

GUEST SPEAKER

Ur fc W 2

Stuart C. McCleod

Speakers at the monthly meeting of the Indianapolis chapter of the National Association of Cost Accountants at the Washington Wednesday night will be Stuart C. McCleod, New York, national secretary, and C. H. Knapp, Newark, N. J., controller of Wiatt & Bond, Inc.

Wall Street — BI RALPH HENDERSHOJr"

Time* Special Writer. NEW YORK, Oct. 15. Wall Street was in a more cheerful mood today than it has been for a long time. The rise in stock prices late last week was an important contributing factor, but there were other helpful factors, too, such as the first increase in electricpower output in six weeks and the conference between a Morgan part-

ner and President Roosevelt. The statement by the President that thq general price level must be raised constituted still another favorable development. The turnover in stocks on the big board Wednesday was close to 1,000,000 shares. That was the

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Hendershot

largest total in some time, and brokers who have been starving for business for months were given fresh hope of being able to carry on. The improvement in prices is expected to attract public participation in the market, a development long awaited. There are a great many people both in and out of Wall Street who feel the stock market is getting ready to stage a substantial upward movement. They have been impressed by the European buying which has taken place of late, and hold that the only thing needed to get the market going is a little stimulation, which could easily come from a modest betterment in business. an tt IN ALL probability the shifting of the clocks back an hour with the passage of daylight saving accounted in part for the increase in the electric output, although the gain was made on a basis of comparison with last year when similar conditions prevailed. But it is fair to assume that general business improvement helped to boost the figures also. That President Roosevelt had invited a Morgan and Company partner to come to the White House for a conference was taken to indicate that the Chief Executive was ready to forgive the “money changers” and make a truce with them. The bankers have felt for some time that they were being left out In the cold so far as the nation’s council meetings were concerned, and they have been quite put out about it. a a a AN interesting bit of statistics was brought out in dispatches from Washington last week relating to the attitude in administrative quarters. The statement was made that the administration believes national assets were iower than liabilities in March, 1933, which is another way of saying that the nation was bankrupt. Now, however, the nation is felt to be solvent again, having been made so by the rise in the general price level. Just how President Roosevelt proposes to raise the price level still further remains to be seen. Perhaps he has not definitely made up his own mind about it and wishes to get the point of view of the bankers. The fact that he does not wish prices to rise too rapidly suggests that further dollar devaluation and outright inflation are not being given serious consideration. EXCHANGE RULE IN EFFECT By Times Special * WASHINGTON. Oct. 15.—The full weight of federal regulation of stock exchanges and upon speculation was thrown into action today, Chairman Joseph P. Kennedy of the securities and exchange commission announced.

Latest Stock, Bond and Commodity Quotations

RUSSIA ENJOYS INDUSTRY BOOM, OBSERVER SAYS Steel Car Official Sees Progress in Heavy Industries. BY CHARLES H. HUFF Time* Special Writer NEW YORK, Oct. 15.—Russia, particularly Moscow, gives the impression of being in the midst of a sweeping industrial boom, according to first-hand reports brought back by N. S. Reeder, vice-president of the Pressed Steel Car Company. Mr. Reeder was in Russia several weeks to observe industrial gwHtransportation developments. Most remarkable, said Mr. Reeder, was the vast number of large manufacturing plants producing heavy products, as compared with an almost complete dearth of such factories formerly. Plants are operating at high speed, are expanding their capacities, and are increasing in number with amazing rapidity, he said. Steel Output Heavy Industrial plants of the Soviet were described as turning out heavy tonnages of rolled steel, automobiles, trucks, machine tools, airplanes and various other equipment items. It was significant, Mr. Reeder said, that all parts entering into motor truck production were being made in plants within Russia. Moscow, said the returned visitor, discloses the tremendous problems that are presented by the city's rapid growth from a population of about a million to more than four million. The city, he said, is a beehive of construction activity. The building of a passenger subway is one of the major projects under way. The subway, he added, has become an urgent necessity for the Russian capital, because of the extreme congestion in surface traffic facilities, due to the tremendous population increase. Railroads Are Congested Work on the subway, Mr. Reeder said, is carried on twenty-four hours a day, and the work is being speeded with the hope that the first section will be completed in time for operation during the early part of next year. Russia’s railroad facilities are heavily congested, according to Mr. Reeder. The Soviet roads are carrying more freight and passengers than at any time in the country’s history. “Russia still has a long way to go, of course,” said Mr. Reeder, “before its industry catches up with that of the United States; but the country is hard at work to make up for lost time. Its progress undoubtedly will be interesting to watch.” R. R. RATE COMPLAINTS ARE FILED WITH I. C. C. Chicago Livestock Exchange Charges Unfair Shipping Costs. By United Press WASHINGTON. Oct. 15.—The Chicago Livestock Exchange has filed complaints with the interstate commerce commission against railroad rates for transportation of meat and packing house products from points west of Chicago to Chicago and points east, charging they are lower than the rates on livestock. The complaint charges the lower rates on animal products gives the slaughterer located west of Chicago a “decided advantage” over those located in the Chicago area or eastward. The points of origin affected include the state of Illinois, lowa, Kansas, Minnesota, Missouri, Nebraska, North and South Dakota and Wisconsin. The complainants asked that the railroads be required to answer the charges in a hearing and that after investigation a cease and desist order be issued to stop alleged violation of the interstate commerce act. CQMMENT ON TRAIN RUMORS IS GUARDED Louisville & Nashville Lines May Be Operated by Big Four. By United Press CHICAGO, Oct. 15.—Officials of the Big Four and Louisville iz Nashville railroads said they were “not in a polition to comment" on the proposed operation of L. & N. trains by the Big Four, which has been rumored in railroad circles here. However, it was learned from a reliable source that the project for the Big Four to operate the through trains of the L. N. and C. & E. I. through trains north of Evansville has been virtually completed. The date on which the change is to be made originally was set for Oct. 15, it wa3 understood, but in view of complications that have arisen it may be changed to later this month. VITAL STATISTICS^ Marriage Licenses John Wood. 24. ot 2901 Tinda.i "r*et, zardr.er. and Catherine G Orr. 21, oi 2127 Boulevard place, beauty operator. William E Carroll. 24. of 271 Milev a’ nue. iaundrvman. and Helen E Tr-:. -y. 24. of 2734 North Chester street, waltre-s. Norval Morton Johnson. 21. of 69 Layman avenue, porter, and Bessie Ki Rivers. 17. of 1509 North Bancroft street, housework. Newton Buser 31, of 5134 West Fo irteenth street, prin’er, and Ruby Randall, 27. of 1054 West Thirtieth street, housekeeper. Matthew Joseph La/Tey. 33 of 2215 Gullford avenue, telegraph operator, and Teresa Frances McMahon. 30. of 4305 College avenue, stenographer Ray Dailey. 31. of 1229 4 Olive sire? 7 , laborer, and Dessie Lyle. 31 of 641 B.rch street, housekeeper Delbert Nugent 26. of 29 West An/ na street factory worker and Louise Hir.ds, 19. of 8 East Tabor street Frank Harris. 48. of 824 North Pennsylvania street. Janitor, and Virg. a Downing, 30. of 3716 Ruckett street, *. housekeeper Harold Wrightman. 24. of 2202 Woodlawn avenue driver, and Margaret Courtnar. 23. of Bridgeport, cashier. Dallas A. Jones. 24. of 1607 East Kelley street, plumber, and Louise E Bergman, 21. of 1328 West Thirtieth street, housekeeper.