Indianapolis Times, Volume 46, Number 136, Indianapolis, Marion County, 17 October 1934 — Page 10

Developments in Trade and Industry

PAGE 10

PLUNGERS MAY BE DEPRIVED OF MARKET RIGHTS

Cases of Three Who Made Fortunes in Grain Pits Studied. ity l nit'd Prc ,* WASHINGTON. Oct. 17. - A decision neared today on which hinges the business future of three men who dipped into world grain pits and made fortunes. The answers of two of them to government charges that they violated the grain futures act are being studied by three cabinet members. and the case of the third and most prominent comes up Nov. 15. If the cabinet tribunal, called the grain futures commission and composed of Secretary of Agriculture Henry A. Wallace. Secretary of Commerce Daniel C. Roper and At-torney-General Homer S. Cummings. rejects the appeals, trading privileges on all contract markets will be refused. Men Are Named The three men are: Arthur W. Cutten, eccentric millionaire speculator and Chicago Board of Trade member, charged with concealing his operations and manipulating the wheat market to his own advantage. Adrian Ettinger and Ewing W. Brand, both of Cleveland, also Board of Trade members, who operate in partnership and are charged with substantially the same practices as Mr. Cutten. All have recourse to the courts if their appeals are denied and the markets closed to them. In the only other comparable proceedings brought under the grain futures act, the Chicago Board of Trade went to court and won from the government. Board Was Convicted The board had been convicted by the commission, in an action tantamount to stopping its operations, of refusing membership to the Farmers National Grain Corporation which it later admitted to the floor. If a restraining order is Issued against the three men and subsequently is disobeyed by any one of them, the department of justice will prosecute the violator. The grain futures act provides a maximum penalty of SIO,OOO fine or a year’s imprisonment or both for fracture or violation of a commission order. Cases of this sort are rare, but it is felt that there may be more if administration plans for additional regulation of commodity exchanges are strengthened by legislation. New Bill Introduced Chairman Marvin Jones of the house agriculture committee introduced a bill providing much stricter trading rules at the last session. It passed the house, but died in the senate. It probably .will be reintroduced in revised form early in January. Mr. Ettinger and Mr. Brand were cited by Secretary Wallace on Jan. 17 and a preliminary hearing was held in Cleveland a week later. They waived their right to oral argument before the commission, concluding their defense with the filing of briefs. Mr. Cutten was cited April 11 and preliminary hearings were held in Chicago in midsummer. He retained the right of oral argument.

13 RAILROAD FIRMS PAY LOANS IN FULL Fifty-Three Companies Borrow to Meet Interest Obligations. By l nital Prc* WASHINGTON. Oct. 17.—Thirteen of the fifty-three railroads which obtained loans from the Railroad Credit Corporation to meet fixed interest obligations have paid back what they borrowed in full, it was announced today. The corporations lent $73,691,386 to the fifty-three railroads, of which $16,287,947 has been paid back. Thirteen roads paid $4,282,318 in full. The corporation, financed through a po<A of co-operating roads, is holding its third annual meeting here. E. G. Buckland, president, said affairs of the corporation are being liquidated ‘as rapidly as conditions permit.” INTEREST MOUNTS IN 30ST0N WOOL MART Sales of Fair Quantities and Finer Territory Grades Reported. By t nitcd I'irt* BOSTON, Oct. 17.—Greater interest is being shown by buyers in the Boston wool market and sentiment is becoming more hopeful, according to report of the United States agriculture department. Sales of fair quantities of 64s and finer territory wools have been reported. Occasional sales of strictly combing Ohio Delaine have been made at 28 cents or around 688 71 cents, scoured basis. Sales of 58s. 60s. 5 - blood, clothing wools, have been closed at 24® 25 cents, grease basis, and 48s, 50s. l blood, clothing wools, have been moved at 248 26 cents, grease basis. STERLING PLANT WILL OPERATE FULL FORCE Approximately 800 to Be Employed Under New Schedule. By Timr Special KOKOMO. Oct. 17.—Full operations of the Sterling plant of the Reliance Manufacturing Company, will be resumed immediately, according to Carl Lewis, manager. Under the new schedule the number of employes at the plant will be increased to approximately eight hundred, as compared with two hundred workers in the last few weeks, it wag reported. Operations of the company's plant in Michigan City also will be increased. Mr. Lewis stated Additions will be made to the Kokomo force as rapidly as the materials can be cut.

Reprisals Against U. S. Money Policy Feared as Result of China's Tax

Possibility of Foreign Action Aimed at American Silver Program Studied by Government Officials: Consequences Unknown. BY RICHARD L. GRIDLEY United Press Staff Correspondent WASHINGTON, Oct. 17.—Possibility of further foreign reprisals against American monetary policy was studied by government officials today in an analysis of the consequences

SWINE MARKET TURNS UNEVEN

Prices Steady to 25 Cents Higher; Cattle Market Unchanged. Following two days of sharp decreases, porker prices were mostly steady to 25 cents higher in early trading at the Union Stockyards this morning. Light slaughter pigs displayed the increase. Receipts estimated at only 4,000 were sharply lower than during the two preceding days. The bulk, 160 to 200 pounds, was selling at $5.45 to $5.65. Heavy grades, scaling 200 to 300 pounds, sold at $5.70 to $4.80. Few’ choice kinds brought $5.85. Light slaughter classes, weighing from 130 to 160 pounds, cashed in at $4.25 to $5, while smallest kinds, scaling 100 to 130 pounds, were salable at $3 to $4. Packing sows held at $4.25 to $5. Holdovers were 184. Early trading was dull in the cattle market with few sales steady at the previous close. Few early sales of steers ranged from $6.75 to $8.50. Cows were steady to strong. Receipts were 1.000. Vealers continued unchanged, selling at $7.50 down. Lamb values were stationary to slightly lower than yesterday’s average. Most early sales ranged from $6.50 down. Odd-head brought $6.75. Bucks w’ere discounted sl. Throwouts sold from $3 to $4.50. Receipts were 1.200. HOGS Oct Bulk. • Top Receipts. 11. $5 75'./ 5.95 $6.10 6.00(1 12. 5i75(<? 5.95 6.10 5.000 13 5 90',? 6.15 6 30 2.000 15 5.75(05 5.80 6 00 10.000 16 5 75'll 1 5.80 5.85 6.500 17. 5.45-6 5.65 5.85 4.000 1140-160/ Good and choice $4.75-6) 5.25 1160-180/ Good and choice 5.40 c,? 5.60 .180-200/ Good and choice . 5.604* 5.70 (200-220/ Good and choice . 5.704? 5.80 (220-250/ Good and choice 5.754* 5.85 /250-290/ Good and choice ... 5.70(a) 5.80 .290-350/ Good and choice 5 504* 575 Packing sows: 1275-350/ Good 4.654?) 5.10 /350-425* Good 4.754* 5.00 (425-550/ Good 4.60® 4.35 /275-5501 Medium ... 4.004* 4.75 (100-130/ Slaughter pigs good and choice 3.00® 4.00 CATTLE Receipts 1,000 —Steers—-(sso-9001 Choice $ 7.504* 9.00 Good 6 25@ 8.25 Medium 4.254* 6.50 Common 2.73/3 4.25 (900-1.100/ Choice 8.50(310.00 Good 7.004* 9.00 Medium 4.504S 7.00 Common 3.25(3 4.50 f 1.100-1.300) Choice 9.00/310.00 Good 6.75(3 9 00 Medium 4.754? 6.75 (1 300-1.500/ Choice 8.254*10.00 Good 7.25(3 9 25 —Heifers—-(sso-750/ Choice (00(3 7.75 Good 5 50(3 7 00 Common and medium 2.754* 5.50 /750-900' Good and choice 5 754? 800 Common and medium .. 2 754* 5.75 —Cows— Good 3.504? 4 50 Common and medium 2 50'3 3.50 Low cutter and cutter 1.254* 2.50 —Bulls—(Yearlings Excluded) Good 3.004? 3.50 Common and medium 2 00(3 3.00 VEALERS Receipts. 500 Good and choice $ 7.004? 7.50 Medium . 4.504* 7.00 : Cull and common 2.50(3 4.50 —Calves—- : ‘250-500/ Good and choice 4 754? 6 50 ! Common and medium 2.50(3 4.75 —Feeder and Stocker Cattle — (Steers) 'SOO-800/ Good and choice ... . 4 504? 5.50 Common and medium 3.004* 4 50 'BOO-1.050' Good and choice 4 4.50*3 5.50 Common and medium 3 004? 4 50 Good and choice 3.004? 4.25 Common and medium 2 50(3 3.00 —Cows—j Good 2 504? 3 00 ( Common and medium 2.004* 2.50 SHEEP AND LAMBS Receipts. 1.200 Lamtvv 90-lb. down, good and choice $ 6 ijfl 6 75 Common and medium v .. 4 004? 625 90-120 lbs., good and choice . 2.004* 250 Sheep—-(l2o-150/ Good and choice . 175® 2.20 All weights, common and medium 1.254? 2.00

Produce Markets—Delivered In Indianapolis prices: Heavy hens, lie: Leghorn nens, 7c: colored springers, l'j lbs. and over. 11c; Leghorn springers. 9c; old roosters. sc; ducks. ! sc; geese. sc; young guineas. 20c. old guineas, 15c; No. 1 strictly fresh coun!t rv run eggs, loss off. 19c Each full case must weigh 55 lbs. gross; a deduction of i 10c a pound for each pound under 55 : ; lbs will be made Butert— No. 1. 27-28 C. Butierfat. 23c. Quoted by the Wadley Company. ißv United Pressi CHICAGO. Oct. 17.—Eggs— Market, firm: receipts 1.682 cases; extra firsts. 24c: fresh graded firsts, 23c: current receipts. 21 *t < 22'_-c; dirties No 1. 19c;-No. 2. 16c; checks No 1. 17c: No. 2. 14c Butter—Market, firm: receipts 6.328 tubs: extra firsts <9O--1 1 - score:. 25' v<i 25 1 .jC; extras <92 score' 26c. firsts SB-89’.- score'. 2324 c; seconds 86-87’.. score'. 22'.-c: specials 26’; , G27c; standards. 25'c. Poultry—Mar- ! ket. steady: receipts 29 trucks: one i i car due; geese. 9*illc: turkevs, 13 '<i 15c: old roosters, lie. ducks. 10*u 14c; springers heavy rocks. 15c: hens, heavy 14’jc: ' guinea hens a docen. $4 i 7 Cheese—Twins, 1 ! 12*,4i U’jc: daisies. 12** *i 13c; Longhorns ' ' 12’si 13c. Potatoes—Supply moderate, de- ! ' mind and trading good, market stronger: ! Wisconsin Round Whites and Cobblers. : : mostlv Round Whites. 82'a4190c. one car ' fine qualitv 95 cents, commercial grade 80 cents Idaho Russets. $1.35 u 150 two cars fine quality *l6O Arrivals 69. on track ! 212. shipments 805. CLEVELAND. Oct. 17—Butter—Market firm; extras. 30c: standards. 29c. Eggs— F si, ga'ra white. 30c. current receipts. 24c pulrets 20c Poultry—Market weak: j fowls, colored. 4'; lbs. ar.d up. 17c: ducks. ! light. 12c. geese heavy, fat. 13c; turkevs. I voung, 22c Potatos-l-Maine. *1 20 a 100 ; lb sack Pennsylvania. 90c a 100 lb. sack: Idaho. $1 75*i 1 85 a 100 lb. sack: New Jersey $1.20 a 100 lb. sack Retail Coal Prices Th following prices represent Quotations from leading Indianapolis coal dealers A 25-cer.t carrying charge oer ton will be added DOMESTIC RETAII PRICES Anthracite sl3 90 Brazil Lump 590 Brazil Lumo 590 Brazil Mine Run 625 : Coke. Nut Sire 8 65 Coke. Egg Site 8 85 Indiana Perked Lumo No 4 and 6 573 Indiana Egg 5 71 Kentucky Lump Group •‘B" 7 18 Pocahontas Lumo 8 32' Pocahontas Egg 842 : Pocahontas Ming Run t. 770 1 New River Smokeless 8.25

Abreast of The Times on Finance

of the Chinese government’s new export tax on silver to check the drain of the metal into the United States. The Chinese imposed a 10 per cent export tax on metal leaving China in an effort to halt deflation within that country caused by the recent advance in silver prices on heavy buying by the United States. As Chinese money was on a silver standard, rising silver prices caused a corresponding increase in the world price of Chinese money, and in turn made it more difficult for foreign countries to buy Chinese goods. China's action, immediately at least, proved a boomerang, as silver soared Tuesday to another new five-year high price. Results Not Determined Possible consequences of the tax could not immediately be gauged accurately by American officials. For the time being, the United States silver purchase program was expected to proceed as usual. In some quarters, China’s step was regarded as tantamount to a devaluation of Chinese currency and another move in the successive world wide reduction in currency values. Many countries, including the United States, have sought to meet foreign competition and expand exports through abandonment of gold standards and cheapening currencies. If the Chinese government carries out its policy of trying to prevent deflation at home by restricting silver imports through successively higher export taxes, it was believed in some quarters that another world wide currency deflation might be started. It was pointed out that China might achieve foreign trade benefits at the expense of such countries as Japan which might lead Japan further to reduce the value of her currency. Corresponding reduction in other currencies might follow. Other Reprisals Feared Such a development might touch off various counter reprisals, it is felt. American authorities are studying this possibility in formulating monetary policy. The apparent strange manner which China has used to keep down the value of her money in the world markets was explained as caused by her complicated monetary system. Most money in China is now silver coin. It passes in many cases as bullion rather than as “tokens,” as is the case in most western countries. Because of the relatively small amount of paper money outstanding, it would be difficult to devalue or reduce the silver content of the Chinese money.

Stock Studies

INTERNATIONAL NICKEL t common stock r 1 '■ r— —— PBicc SMAHt EARNINGS PRICE RANGE SCALf 5 ————l—-50 I -ftl —l| ~ ~20 I.iix j WF:: I3Q 31 32 33 34|30 31 32 33 34| WINCHESTER INSTITUTE Os FINANCE i mi ■■■■— The International Nickel Company of Canada produces approximately 90 per cent of the world's commercial supply of nickel. Although nickel production is the company's chief business, it also produces copper, platinum and platinum metals, gold, silver and selenium. Nickel is being used more and more as an alloy with other metals. The firm recently has brought out the much advertised "Monel metal” so largely used in equipment for kitchens, restaurants and the manufacture of utensils. The company owns over 100.000 acres of proved mineral lands in Canada. FINANCIAL DATA As of June 30. 1934 Common stools ino pan 14.584.025 shares. Seven per cent preferred stock $27,627,825 Funded debt 5.050.914 Surpluses 88.704.851 Cash and securities 17.482.668 Inventories 18.423.207 Total current assets 42.812.697 Current liabilities * 5.456.555 During the twelve months ended June 30. the funded debt decreased about 53.300.000. Cash and securities gained $8,200,000. inventories were up more than $1,300,000 and net working capital gained $3,800.000. Surpluses gained $13,000,000. The current ratio, as of June 30. was nearly 8 to 1 and the book value of the common stock was $10.38. a gain of 99 cents in the twelve months period. Earnings were cut sharply during the depression years with a 14cent deficit in 1932. Earnings were 53 cents in 1933 and in the first six months of this year they jumped to 62 cents on the common stock. The company has maintained a liberal dividend policy. No dividends, however, were paid in 1932 or 1933. but so far this year two 10-cent and one 15-cent dividends have been paid. The common stock, therefore, now can be considered on a 60-cent annual dividend basis. International Nickel Company was incorporated in 1916 in Canada. Stock is listed on the New York. Montreal and London Stock Exchanges. At a price of around 25 it sells to yield nearly 2 1 : per cent. All Right Reserved Winchester Institute of Finance. Winchester. Mass, i GROSS REVENUES DECLINE By I ime* Special CHICAGO. Oct. 17.—The Quebec Power Company and subsidiaries during the first nine months of the current year ended Sept. 30 reported gross revenue at $2,848,577, as compared with $2,856,745 in the same period last year.

INDIANAPOLIS, WEDNESDAY, OCTOBER 17, 1931

ISSUES HIGHER IN TRADING ON STOCKMARKET Silvers Drop as London Prices Decline; Rail Gains Noted. By United Press NEW YORK. Oct. 17.—Stocks were irregularly higher in the late morning dealings today after an early rise that embraced the entire list. Silvers and some of the alcohol shares were lower near noon, while gains were noted in rails, chemicals, amusements, foods and oils. Steels were mixed and utilities steady. Trading lightened after an active opening that 'brought out blocks ranging to 5,000 shares. United States Smelting touched 120li, up points, and then declined to 118 when the price of silver at London declined. Other silvers sold off with the leader. The London silver price declined following indications from China that that country might be forced to exchange its silver for United States gold and abandon a silver standard. Such a move would mean reduction of United States treasury buying of silver in London and might preclude a rise in price that mining companies had been hoping for. The price at New York declined 114 cents to 54? s cents a fine ounce. At noon United States Steel was at 33%, up %: Bethlehem, 28%, off %; Atchison, 54, up 1; National Distilleries, 21, off 1%; Spiegel, May, Stern, 61%, up 2%; Standard Oil of California, 30%, up %, and Allied Chemical, 131 Vi, up %.

Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,399,000.00 Debits 6,040.000.00 Treasury Statement (By United Press) WASHINGTON. Oct. 17.—Government expenses and receipts for the current fiscal year to Oct. 15. compared with the corresponding period of the previous fiscal year: Thlc Vpa r T.acf Vfuu* Expenses $1,828,396,679.00 $1,128,421,152.97 Receipts.. ,1.121.363.496.11 854,518,550.28 Deficit ... 707,033.182.90 273,902,602 6a Cas hßal. 2,048,650.617.77 ' w 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 Crabapples, Michigan hyslops. bushel. $1.85. Persimmons. Indiana, 12 qts., 90c. Pears. N>w York. Bartlets, busnel, $2.50. Avacados. box. $1.50. Quinces, bushel, $3. Bananas. pound. 5',4c; pineapples, crate, $5 size 30. VEGETABLES—Cabbage, Northern Danish. 50-lb. bag. 65c; red, bushel $1 10. 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 Jersey Cobblers, 100-lb. bag. $1.45; Northern round white. 100-lb. bag. $1.10: Ohios. 100-lb. bag. $1.55; Idaho Russets. 100-lb. bag,' $2. Sweet potatoes; Indiana Jerseys, bushel, $1.50; Indiana Nancy Halls, bushel, sl. Beans homegrown stringless bushel $1.75; Kentucky Wonders bushel $1.50: Limas large, pound 20c. Beets, dozen. 20c. Carrots. Ohios, dozen. 35c; Cmio (cut offsi 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, $1: Endive, dozen, 40c. Egg plant, dozen, j 60c. Kale, bushel. 50c. Lettuce, outdoor. 15l lb. basket. 60c. Mangos, bushel, 75c. Mint, dozen. 50c. Parsley, dozen. 35c. Peas, hamper. $2.75. Peyppers, red finger, bushel, i 51.75: 5-lb. basket. 50c. Radishes, dozen. 1 25 c. Spinach. New Zealand, bushel, 35c; broadleaf. basket. 60c. Tomatoes, outdoor, J 12-lb. basket, 45c; bushel. $1.50. Other Livestock (By United Press) | CHICAGO. Oct. 17.—Hogs—Receipts, j 26.000, including 11.000 directs; fairlv ! active; steady to 10 cents lower; packing | sows about steady; better grade. 220-300 j lbs.. $5.65475.75: top, $5.75: some held higher; 170-210 lbs.. $5.25475.65; light lights, $4,754/ 5.25; packing sows. $4,754/ I 5.25; light lights. 140-160 lbs., good and ! choice. $4.504i 5.25; light weights. 160-200 | lbs., good and choice. $4,904/ 5.65; medium weights, 200-250 lbs., good and choice. I $5,504/ 5.75; heavy weights, 250-350 lbs., [ good and choice. $5,604(5.75: packing sows. | 275-550 lbs., medium and choice. $44*6.35: I slaughter pigs. 100-130 lbs., good and (choice. $3,254/ 4.50. Cattle—Receipts. 10.I 000 commercial. 1.000 government; calves, i 1,500 commercial. 30C government; weighty i steers about steady; comparatively scarce; better grade yearlings and light steers, dull; prospects weak to 25 cents lower; lower grade all representative weights about steady: largely ltght steer run: early top weighty steers. $9.75; some held higher; not much life in market on light cattle selling above $7: other killing classes steady to weak; most steers, $64/ 8.50; slaughter cattle and vealers. steers. 550900 lbs., good and choice. $6,254/8 50; 9001,100 lbs., good and choice. $6,254/ 9; 1.1001.300 lbs . good and choice. $6,254/ 9.75: ! 1.300-1.500 lbs., good and choice. $74/10: ’ 550-1.300 lbs., common and medium. $2.75 I 4/7; heifers. 550-750 lbs., good and choice. $5-4/8: common and medium. $2.754i5.25: j cows. good. $3.25474.75; common and medium, $2,654/ 8.25; low cutter and cutter, j $24/2.75; bulls tyearlings excluded! good I ibeef). $34/4: cutters, common and me- | dium. $24/3.25: vearlers, good and choice, i $64/ 7; medium. ss® 6: cull and common. : $44/5: Stocker and feeder cattle, stockers. 550-1.050 lbs., good and choice. $4 254/5.73: common and medium. $2,754/4.25. Sheep —Receipts. 15.000: fat lambs, undertone weak to 25 cents lower: most bids suggesting full decline: best natives held $6.50 upward: bulk bid. $6 25 or below; sheep, steady; feeding lambs, strong: bulk feeo- ■ ing lambs. $54/5.85; strictly choice absent; slaughter sheep and lambs, lambs. 90 lbs. down, good and choice. $6 7/6 60: common and medium. 54.754/ 6.10: ewes. 90-150 lbs , good and choice. $1.6547 2.35: all weights, common and medium. $1,504/1.90; feeding lambs, 50-75 lbs., good and choice. ss.jj i 6.10 1 FT. WAYNE. Oct. 17—Hogs steady to isc lower 250-300 lbs., $5 65; 200-250 lbs., $5.50: 180-200 lbs.. $5.40; 160-180 lbs.. $5 25: 300-350 lbs. $5.40: 150-160 lbs.. $4.50; 140-150 lbs.. 54.25: 130-140 lbs.. $3.75: 120-130 lbs.. $3: 100-120 lbs.. $2.25: roughs. S4: stags. $2 50. Calves—s 7: lambs. $6. LAFAYETTE. Oct. 17.—Hogs—Steady: 225-250 lbs.. $5.60: 250-270 lbs., $5.55: 275-300 lbs.. $5.50; 300-325 lbs.. $5.35; < 210-225 lbs . $5.55: 200-210 lbs.. $5.50: 190200 lbs $3.45: 180-190 lbs.. $5.40; 170-180 | lbs.. $5.30; 160-170 lbs.. $5.15 150-160 lbs.. $4 75: 140-150 lbs.. $4 50: 100-140 lbs.. $2 54/4 25. roughs. $4.75 down. Calves — $7 top: lambs. $6; few. $6 25. /By Times Speciali LOUISVILLE. Oct. 17.—Cattle—Receipts. 350. demand fairly broad for all classes; slaughter cattle trading moderately active, fully steady; bulk common to medium grade light grass steers and heifers. 534? 4 25: load around 760-lb heifers. $4.35; odd : head better kinds. $54/5.50, and strictly good lightweights quotable higher: bulk beef cows $2 594? 3: low cutters and cutters $1 254/ 2 25: sausage bulls $2 75 down; desirable Hereford stock calves quoted. $4.50 i5: common to medium grade natives *2 50 / 3.50 Calves—Receipts. 225, steady; good ;to choice vealers. $64/8.50; medium and lower grades mostly $5 down. Hogs—Receipts. 600: mostlv steadv. except pigs 120135 lbs.. 50c higher; 200-250 lbs.. $4.60: 180195 lbs.. S5 35: 255 lbs up. $5 15: 160-175 lbs. $4 75; 140-155 lbss4 25: 120-135 its, $3 25: sows. $4 40. Sheep—Receipts. 300. including 50 stock ewes: mostly steady; bulk better iambs $64/ 6 25: choice eligible higher: bucks mainlv *54/ 5.25: light throwouts. *3 50; better fat ews. $1.505 2. stock ewes quotable mostly *6477 50 for better kinds. DIVIDEND IS DECLARED ' By Time* Special CHICAGO. Oct. 17—The Minneapolis Honeywell Regulator Company has declared a dividend of 50 cents a share in addition to the regular quarterly payment of 50 cents. Both are payable Nov. 15, of record Nov. 3.

New York Stock Exchange Prices

(By Abbott. Proctor & Pain*' 11:15 Prev. Oils— HlCh. Low A M close. Atl Rfg 23’s 23’* 23’ 23’, BarMdaU 6% 6' 6% 6% Consol Oil 8 7 7 * 7’, ri Cont of Del 16 5 * 16% 16 s , 16 s * Ohio Oil 9 s , 9 s , 9 s , 9% Pet Corp 8 8 7 , 8’ 8_ Phillips Pet ... 13 7 , 13 s , 13% 13% Plymouth Oil ... 8 7 Bs,8 s , 8% 8% Pure Oil 6 s , 6', 6% 6 , Shell Un 6% 6% 6% 6% Soc Vac 13 7 13% 13 s , 13': SO of Cal 30 27% 30 28% 5O Os Ind 24% 24% 24% 23% SOM N J ... 41': 41 s , 41% 41”, Sun Oil 70 70. 70 70% Texas Corp 21 20’s 21 21 Tidewater Assn . 8% Bs,8 s , 8% 8% Un Oil of Cal . 14% 14% 14% 14 Steel,— Am Roll Mills .. 18 s , 18% 18% 18% Beth Steel 29 28 s , 28% 28% Cruc Steel 19% 19% 19% ,9% Ludlum Steel ... 13% 12% 13% 13% Otis Steel 4 s , 4% 4% 4% Rep Iron & Steel 13% 13% 13% 13% Rep Ir &St pfd 40% 39% 40% 39 s , U S steel ■ 34% 33% 33% 33% U S Steel pfd 76 76 76 75% Youngstn S& T 17% 17 17 s , 17% Motors— Auburn 29% 28% 29 28% Chrysler 37% 36% 36% 36 Gen Motors . ... 30 s * 3(T% 30% 30% Gen Motors pfd 102% 102'2 102% 102 s , Graham Mot ..2 2 2 2 Hudson 10% 10 10% 9 s , Hupp 2% 2% 2% 2 s , Mack Truck 25 25 25 25 Packard 3% 3% 3% 3 s , Studebaker .... 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... 24 24 24 24 Briggs 12% 12% 12% 17% Budd Wheel .... 2% 2% 2% 2% Eaton Mfg 16% 16% 16 s , 16% Elec Auto Lite.. 25% 25% 25% 24 s , Houdaille (Ai... 4% 4% 4% 4% Murray Body .. 5 5 5 4 7 , Stew Warner .. 6% 6% 6% 6% Timken Roll ... 30V* 30 30 30% Mining— Am Metals .... 15% 15% 15% 16 Amer Smelt .... 38 37% 37% 38 Anaconda . 11% 11% 11% 11% Cerro De Pasco 39% 38% 38% 39% Dome Mines ... 43 43 43 42% Granby 6% 6 s * 6% 6”, Gt Nor Ore 11 11 11 11 Howe Sound ... 53 s * 53 1 2 53% 53% Int Nickel 24% 24 s , 24% 24% Kennecott Cop . 18% 18% 18% 18 s , Park Utah 4 4 4 3% Phelps Dodge ... 14% 14% 14% 14 U S Smelters ...120% 118 118 120 Amusements— Fox Thea 14 13 s , 13% 13 s , Loews Inc .... 31% 31% 31% 31% Radio Corn .... 6% 6% 6% 6 RKO •• 2% 2% 2% 2% Warner Bros ... SV* 5% 5Vs 5% Tobaccos— Am Sum Tob ... 20% 19 s * 20 s , 19% Am Tob ••A” ... 77% 77V: 77% 77 Am Tob B” ... 79% 79% 79% 79% Gen Cigars 51% 51% 51% 511a Ligg & Myers B 100% 100 100% 99%

Wall Street BY RALPH HENDERSHOI Times Special Writer. NEW YORK, Oct. 17.—With the improvement in the market during the last few days and the generally more optimistic attitude toward the outlook in the financial district and elsewhere, underwriting houses have begun giving .serious thought to the sale of new securities. Severallwere of the opinion that if they had something to sell they

would have no difficulty in disposing of it. September financing was below normal, the total of new issues amounting to only $17,187,000. Os that SIO,OOO- - was for refunding purposes. Asa matter of fact, the amount of new financing

for the last year or more has been unusually small, and investment funds have been piling up in large quantities despite the unsatisfactory business conditions. Brokers in Wall Street have been contributing their quota to the lack of investment demand. It is known that in any number of instances they have advised their clients against placing their surplus funds in securities. Taking their cue from economists and bankers, they have been instrumental in preventing investors from taking on securities which have been selling at distress prices. Their motives have been of the highest, and time alone will tell whether their judgment was good. n a 'T'HE chief difficulty underwriters of new securities will have in taking advantage at an early date of any sustained improvement in the market is the length of time required to prepare an issue for sale. Preparation of the registration statement usually takes from four to six w T eeks, and after that another twenty days must elapse before an offering can be made under the new securities act. The banking code requires underwriters to wait for still another three days while dealers are deciding whether or not they will take the quota offered them. The restrictions which have been placed on the underwriters likely will prove a beneficial market influence rather than otherwise, however. It will give the market a chance to get better under way before it is obliged to compete with new offerings. In the past the bankers were able to take advantage of a good market situation on a moment's notice, and not infrequently the general market was stultified before it had a chance to get going. nan AT this particular time it is well that new securities be held off the market. Investors have gone through such a long siege of declining and irregular price trends that they have lost confidence to a large extent in the market ever coming back. Moreover, the usual speculative influence is unlikely to be felt because of the restrictions placed upon pool operators, so the market will need more coddling than normally. The underwriters, of course, will suffer initially because of their inability to take advantage of market situations, but in the long run they, too. should benefit. The open market is unlikely to be quite as tricky as in the past, and the likelihood of loss on commitments probably will not be so great. Moderate First Mortgage Loans on Improved Indianapolis Rea) Estate The Indianapolis Morris Plan Company Delaware and Ohio Sts. Rl-1538 • BE SAFE injure Your Car Today —Full Protection trSyii®State Automobile Insurance Ass’n. LI-8571. *th Floor Occidental Bl<l>.

Lorillard .. . 18% IR% 18% 18% 1 Reynolds Tob B 50 49% 49 s * 49% Rails— Atchison 54 s , 53 54 53 Atl Coast Lines 32 32 32 31 Bfc O 16% 16 s , 16% 16% | Can Pac 12% 12 s , 12% 12% j Ch & Ohio ... 43% 43% 43 : 43% ; C M & 8t P ... 33 33% CM & St P pfd ss,5 s , 5% ss,5 s , 5% Chi N W 6% 6% 6% 6% Chi N W pfd ... 12 12 12 11 s , Del a &• Hud ... 42 42 42 42 Del Lac & W .. 19% 19 s , 19'* 19% Erie 13% 13 13% 12% Grt North pfd . 16% 16% 16% 15'* 111 Central .. 17% 17% 17% ID, Lehigh Valley •• 12% 12 12 11 Lou & Nash ... 43% 43% 43 2 42 * MK & T pfd .. 16% 15% 15', 15 s , Mo Pac pfd 4 4 4 4% N Y Cent . •■ 23 22% 2*% *2% NYC&St Lpf 20% 20% 20% 21 N Y New Haten 10 s , 10% 10% 10% N Y Ont A- West 6% 6% 6% 6 Nor Pac 21% 20 s , 21 20% Penn R R 24% 23% 23% 23% Sou Pac 19% 19 19 18% Sou RR • 17% 17 17 16% Sou R R pfd .. 21% 21 21% 20% Union Pac .104’* 103% 104': 103% Wabash 2 2 2 2% West Maryland. 9% 9 s , 9 s , 9 , Equipments— Allis Chalmers . 13% 13% 13% 13% Am Brake Shoe 25 24% 24% 24 Am Car & Fdv. 16 s ? 16% 16 s , 17% Am Loco ...... 18 18 18 18 Am Mach & Fdy 18 17% 17% 17% Bald Loco 8% 8% 8% 8% Burroughs 14 s , 14 14 13% Case J I 49% 48% 48% 48% Cater Tract 28 27% 27 s , 27 s , Deere & Cos 20% 19% 20 20 Gen Am Tk Car 36 35% 36 35 Gen Elec 18 s , 18% 18 s , 18% Int Bus Mach... 140 140 140 141 Int Harvester .. 33% 33% 33% 33 Natl Cash Reg . 15% 15% 15% 15% Pullman Inc ... 40 39%335,9 5 ,39 s * Rem Rand 7 Bs*8 s * 8% 9 Und Elliot 49% 49 49 49% West Air B 33% 32% 32% ... Utilities — Am & For Pwr . 6% 6% 6% 6% AT&T ..117% 110% ltl% 110% Brook Un Gas . 59% 59% 59% 60 „Coi Gas & Elec. 9 8% 8% 8% Xom & Sou .... 1% 1% 1% 1% Consol Gas .. 28% 28% 28 s , 28% Elec Pwr & Lit.. 4 4 4 4 Int Hydro Elec ■ 3 s , 3 s , 3% 3% Int T & T .... 10% 10', 10% 10 Nat Pwr & Lit.. 8% 8% 8% 8% North Amer .... 14 13% 13% 14 Pac G & E ... 14% 14% 14% 14% Postal Tel pfd.. 14% 14% 14% 14 s , Pub Serv N J... 32% 32 s * 32 s * 32% So Cal Edison ..12% 12 12 12 Stone & Webster 5% 5 s 4 5% 5% United Corp .... 3% 3% 3% 3 s * Un Gas Imp ... 14% 14 14% 14 Ut Pwr & Lit <A| 2 2 2 2 Western Union . 35% 35 35 34 s , Rubbers— Firestone 14% 14% 14% 14% Goodrich 10 10 10 9% Goodyear 22% 21% 21% 21v, U S Rubber. 16% 16% 16 s , 16% U S Rubber pfd 38 s * 38% 38% 38% Miscellaneous — Amer Can 103% 103 103 103 % Brklvn Man Tr.. 39 39 39_ 39 Conti Can • 87'* 86% 86% 87 Eastman Kodak 103% 103% 103% 102% Gillette 12% 12% 12% 12% Owens Bottle .. 73 72V* 72% 72'* Foods— Am Sugar 61 s , 61% 61% 61% Armour /A( .... ss*5 s * 5% 5% 5% Borden Prod ... 26% 26 26 26 Cal Packing . 38% 36 s , 38% 36% Can Dry G Ale . 15% 15% 15% 15% Coca Cola 140% 139% 140% 139 Corn Prod . 66 65% 62 66% Crm of Wheat . 32% 32% 32% 32 Cuban Am Sugar 7% 7% 7% 7% Gen Foods 31 30% 31 30% Gold Dust 17 s * 17 s , 17% 17 s , G W Sugar 29% 29% 29% 29V, Int Salt 30 30 30 31 Loose Wiles 38% 38% 38% 37 Natl Biscuit 30 29% 30 29% Natl D Prod 17 1 6% 16% 16% Puritv Bak 10', S Porto Rico Sug 29% 29 s , 29% 29% Std Brands 20% 19% 20 19% Un Biscuit 23% 23% 23% 23'/* United Fruit .. 73% 72% 72% 727, Retail Stores— Asso Dry Goods 12% 12% 12% 13 First Natl Stores 66 s , 66% 66% 66% Gimbel Bros ... 4% 4% 4V, 3% Gr Un Tea . . 5% 5% 5% 5% Hahn Dept Sts s s , 5% 5% 5% Jewel Tea 507, 50 50 50'4

WHEAT PRICES DROPSUGHTLY Commission Houses Rally to Support of Corn Futures. By United Press CHICAGO, Oct. 17.—A light wave of profit-taking broke out in the wheat pit on the Chicago Board of Trade today and prices held steady t£> a shade lower. Wheat started unchanged to cent off. corn was % cent lower to •% cent higher, oats were unchanged to up % cent, and rye w-as unchanged. Trade at the start was light with commission houses and locals rallying to the support of corn in the December and July deliveries. The trade paid little attention to routine news developments. 11:15 Prev. WHEAT— High. Low. A M. close. Dec 1.01 s * 1.00 s * 1.00 s * 1.01% May 1.01% 1.00% 1.00% 1.01% July 96% .95% .95% .96% CORN— Dec 78% .77% .77% .77% May 81 .80% .80% .80% July 81% .80% .81 .80% OATS— Dec 52% .52% .52 5 , .52% May 50% .50% ,50 s * .50% July 46% .46 46 .46% RYE— Dec 74% .73% .74 .74 May 77 .76', a." 6% .76% LOCAL CASH MARKET City grain elevators are paying 90 cen*s for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 68 cents, and oats 43 cents.

Hendershot

$250.00 REWARD For Information Leading to Arrest and Conviction of parties responsible for breaking windows and damaging Kroger Stores and property at following locations: 4107 E. Michigan St. 2666 Northwestern 2102 N. Harding St. 30th & Cornell 2614 Speedway Ave. 40th & Boulevard Place 3373 W. Michigan Street During the Night of Oct. 16th to Oct. 17th, 1934 Notify either Police or Detective Department , Police Headquarters , City of Indianapolis . Kroger Grocery sßakingCo.

Kresge S 3 ... . 18 s , IR% 18 s , IR% Kroger Gros ... 29 s , 29% 21 7 . 39 Macv R H 45 44% 44% 45% Marshall Fields . 12% 13% 12% 12 May Dept St ... 41% 41% 41% 40% Mont Ward 29% 28% 28% 29 I Natl Tea 11 10 s . 10 s * 11 Penny J C 66’: 66% 66% 65% | Safeway St 44% 43% 44 s , 43% 1 Sears Roebuck . 42 41 s * 41 s , 41% ! Wooiworth 50% 50 50 % 50 j Aviation— Aviation Corp .. 4 4 4 4 Curtiss Wright 2 s , 2 s , 2 s , 2% Curtiss Wright A 7% 7% 7% 7% Douglas Air .... 16 16 16 15 s , | Speery Corp 7% 7% 7% 7% United Aircraft. 10 9% 9% 9 s , Chemicals— Air Reduction .10.6% 105% 105% 104 s , Allied Chem 132% 131 131% 130%Am Com Alcohal 29% 29% 29% 28 s , Com Solvents .. 20 s , 20% 20% 20% Dupont 94% 93% 93% 93 Freeport Tex ... 28 27% 28 27% Math Alkali 27% 27% 23 s , 27% Montosor.ta Chm 54% 54 54% 54 : Natl Dis 1 new 1. 22% 20% 21 22% Schenelev Dist . 24% 23% 23 s , 24% Tex Gulf Sulph 38% 37 s * 38 37% Union Carbide 45 44% 44% 44 , U S Indus Alco. 39 38 38 38 Drugs— Coty Inc 5% 5% 5% 5% Lambert 25 s , 25 25% 25 Un Drug 13% 13% 13% 13% Financial — Adams Exp 7 s , 7% 7% 7% Allegheny Corp . 1% 1% 1% 1" Am Int Corp .. 6% 6 s * 6% 6 , Lehman Corp ..69 69 69 * 6R , Transamerica .. 5% 5% 5% SJ,5 J , Tr Conti Corp... 4 4 4 4 Building— Am Radiator ... 13 s , 13% 12% 13% Gen Asphalt 15% 15 s * 15% 15% Int Cement ... 22% 22% 22% 22 s , Johns Manville 48 s , 48 46 4/•, Libbv Owens Gls 28% 27% 27% 28% Otis'Elev 14% 14', 14% 14% Household— Col Pal Peet ... 15% 15% 15% 15% Congoleum 29% 29% 29 * 29% Kelvinator . 14% 14% 14 s , 14 Proc &- Gamble 39 s , 39% 39% 39% Simmons Bed .. 10 10 10 10 Textiles— Bolding Hem ... 13 12% 13 12% Celanese Corp . 26 s , 26% 26% 26% Collins Aikman . 13% 13% 13% 13 Indus Rayon ... 27 s , 27 27 27% Kayser Julius H * Chicago Stocks (By Abbott. Proctor & Paine 1 Prev. 11:15 close Butler Bros Bs*8 s * 8% Chicago Corp com 1% 1% Chicago Corp pfd 26% 26 Commonwealth Edison 43% 44 Cord Corp 3% 3 s , Electric Household 15 14% Great Lakes Dredge 17% 17 Libby-McNeil 6 s , 6 s , National Standard 26% 25% Quaker Oats 123 126 Swift & Cos 18% 18 s , Swift International 38% 38% New York Bonds /By Fenner & Beane/ 11:30 A. M. Prev. N Y. close. Alleg Corp 5s 'SO 27% 27 Am & For Pwr 5s 2030 53% 53 Va A T & Tdb 5s '65 109', 109 Atchison Gen 4s '95 103 103% B & O CV 4%s '6O 57% 57% Beth Steel 5s (A( ’42 . . 103% Can Pac 4s '57 80 79V* C & O 4%s (A) '57 110 110 C M S P & P ad| 5s (Ai 2000 8% 8 C M S P & P rs 5s (A) '75 27% 27% Denmark s'.is '55 92% Erie R R rs 5s '67 68 67% French 7s ’49 183 180 s , Goodyear 5s ’57..... 102 102', Gt tfor 4%s CD) '76 74 73% Gt Nor 7s An .36 91% 91 Interboro R T 5s ’66 76 76 Int T & T db 5s ’55 59% 57% Lorillard 7s '44 125% Mackess & Robbison 5%s 'SO ■ 88 88% Nat Dairy db 5%s '4B 99% 99% N Y Central 5s O 2013 67 67 Nor Amer 5s '6l 84 Va Pac Gas & El 5s (A) '42 104% 104% Para Pub SV2S 'SO 59% 50 s , Penn R R 4%s /Dt 'Bl 96% 96% Poland 7s ’47 132% 133% Shell Union Oil 5s '52 101% 101% Sin Cons 6%s (Bi '3B *OS 104% Texas Corp 5s '44 103% 103 Tob Pr N J 6%s 2022 107% 108 Un Pac Ist 4s '47 107% 106', U S Rubber 5s (A) '47 86 85V: Vanadium 5s '4l . 83% Western Un 5s 'sl 80V* 80% Youngstown S & T 5s 181 ’7O. .. 84V* 31 PROJECTS GRANTED Non-Federal Allotments Totaling $2,838,700 Authorized. By United Press WASHINGTON, Oct. 17.—Nonfed era 1 allotments aggregating $2,838,700 and covering thirty-one additional projects have been authorized by the public works administration. The allotment included: Carter County, Okla., building, loan and grant, $3,000; Baltimore county, Md., school additions, grant, $48,000; Berkeley, Cal., schools, grant, $228,000; New York City, fire station, loan and grant, $503,000; New York City, school, loan and grant, $548,000.

* Government Bonds Home Owners’ Loan Corporation and Municipal Bonds BOND DEPARTMENT The Union Trust Cos. of Indianapolis 120 E. Market RBey 5341

Latest Stock, Bond and Commodity Quotations

INFLATION PRICE IN COMMODITIES APPEARS FIXED Dollar Wheat and 12-Cent Cotton Hold Despite Money Talk. By Times Special NEW YORK. Oct. 17.-Dol!;r wheat and 12-cent cotton stari exposed as inflated values in the light of futures market reactions follow ng the two recent statements from Washington on the subject of monetary policy, traders in the two leading farm products conducted. Near delivery cotton stood around 11.94 cents a pound a week ago and was still showing distinct signs of easiness just previous to the Wtdte House statement urging the neces- 1 " sity of higher prices. It bounded up sharply in the next two days of trading and resumed the decline on Columbus day, Washington stories denying administration aims for further money devaluation. Wheat was “in the nineties” before the first statement, to 3 over $1 a bushel immediately afterward. then back under $1 after ths second pronouncement from the capital city. AAA Becomes Partner The exact location of the “economic price levels” for cotton and wheat are still uncertain, as they must always be in the nature of things, but they are somewhere below $1 for wheat and 12 cents for cotton, the expert traders are convinced. The position of the government, with its 12-cent loan valuation on cotton, is thus brought into question. Theoretically, the loan value should peg cotton prices, regardless of economic facts or beliefs since a cotton farmer, presumably would refuse to sell his lint for less than the sum he could borrow on it. There is a catch in this assumption, though. The cotton farmrr takes aboard a few obligations when he borrows from the government. One is that he accepts the AAA as a partner, and agrees to abide by its rules. Some would rather sell their cotton outright to private commerce then take the loan and make these agreements. Grain Trade Worries The grain trade is beginning to worry a little about the number of times the bureau of agricultural economics of the department of agriculture is revising its estimate of the 1934 world wheat crop. So far this estimate has been revised six times. Some have been up and some down. Production in forty reporting countries, which include about all producers except Russia and China, was set today at 2,878,768,000 bushels, which was up 7,500,000 bushels from the last previous estimate. In another recent statement, the bureau of agricultural economics gave the count of livestock in United States at 115,449,000. It must have been a difficult job to take that census. Available grain for feeding the livestock was estimated at 60,600.000 tons this season, which would make a little less than half a ton per head. Whether this was enough was not vouchsafed, but the bureau did say that only 91,000.000 of hay will be available and 93,000,000 tons are needed. RUBBER OUTPUT DROPS By Times Special CHICAGO. Oct. 17.—Consumption of rubber by manufacturers in the United States during September amounted to 30,352 long tons, a decrease of 8.9 per cent from the August total of 33,310 tons.