Indianapolis Times, Volume 46, Number 138, Indianapolis, Marion County, 19 October 1934 — Page 32

Developments in Trade and Industry

PAGE 32

STOCK MARKET MOVES LOWER IN SMALL RANGE Wilson Makes New High: Other Packing Shares Are Quiet. Hu t'nit'd Prr NEW YORK. Oct. 19 —Prices were irregularly lower on the Stock Exchange during the morning trading today. Volume continued light. Wilson A featured in afctivity and was among the tew issues to advance. It ma/ie anew high for the year a 26’. up a point and its preferred, although dull, also made anew 1934 top at 88%, up T *. Other packing shares were quiet and slightly lower. United States Industrial Alcohol was another strong spot. It reached 39 up 1* on anticipation of heavy sales of anti-freeze alcohol shortly. Among other issues to register gams were the local tractions, refrigerator shares, notably Servel and Kelvinator. Celahese, which was up nearly a point, General A phalt, General Electric and Woolworth. Standard Oil of New Jersey continued weak, making anew low for the year at 40, off 7s. National Enameling on a fw sales declined , nearly 2 points to 21%. J. C. Penney lost a point to 65 Libby, Owens, Ford Glass was down l' at 2574. Consolidated Gas was a weak spot in the utilities, touching anew low on the movement at 26 3 i, off *4 point. Steel common, American Telephone and American Can were off fractions to a point.

Treasury Statement

•Bv United Press) WASHINGTON. Oct 19—Government expenses and receipts for the current fiscal year to Oet* 17. compared with the corresponding period of the previous fiscal year: This Year Last Year Expenses *1 943.955 053 86 $1,232,854,670.45 Receipts 1 134,598,554 92 866 113.924 97 Deficit 809 356.498 94 366.740.745 48 Cash Bal 1.950.354,135 93 SURPLUS SHOWS~GAIn IN FIRST 9 MONTHS £hawinigan Water Firm Reports Revenues at 58,962,677. By Times Special NEW YORK, Oct. 19.—The Shawinigan Water & Power Company reports for the nine months ended Sept. 30 after all expenses and fixed charges, but before depreciation and income tax, surplus of $2,294,799 compared with $2,054,856 for the corresponding period of 1933. Gross revenue for the first nine months amounted to $8,962,677 against $8,634,300 for the corresponding period last year. Net operating revenue, after all expenses, power purchased, water rentals, taxes, insurance and exchange on fixed charges, amounted to $5,244,201 compared with $4,689,550. The company continued to effect a substantial saving in the expenditures for exchange to meet bond interest payable in foreign currencies. For this purpose only $62,322 was required for the nine months contrasted with $333,388 for the corresponding period last year.

WOOL SENTIMENT IS IMPROVED IN BOSTON Most Interest Shown in Fleece and Western Grades. By United Press BOSTON, Oct. 19.—Sentiment is much improved in the Boston wool market as a result of the recent pickup in sales of greasy combing domestic wools, according to report of the United States Agriculture Department. Inquiries are being received on a wide range of fleece and westerngrown wools. Many bids are still too low to be acceptable, but an increasing number of buyers are coming back with new and higher offers which secure sizeable lines of wool. Much of the current demand is on short combing 64s and finer territory wools in original bags at 6365c, scoured basis.

STEEL FIRMS’ WAGES INCREASE $95,000,000 Employes Paid 5470,000,000 During: Last Twelve Months. B<i United frets NEW YORK. Oct. 19 —Wages paid by the steel industry in the twelve months since August, 1933, under operation of the steel code, increased 5y5.000.000. the American Iron and Steel Institute revealed today. Total wages paid amounted to $470,000,000. There have been three wage advances, one amounting to 164 per cent in August. 1933, the second in November. 1933. through adjustment of hours of work, and the third, amounting to 10 per cent, last April. Hourly wages now average 63.5 cents, against 473 cents in June. 1933. or an increase of 34 per cent. STOCK PAYMENT MADE Quarterly Incon’ Holders Receive 52.343.A74 During Year. Bu Time* NEW YORK. Oct. 19 —A total of $2,343.074 73 was distributed to stockholders of the Quarterly Income Shares. Inc. during the last fiscal year, according to Col. Benjamin F. Castle, vice-president. For each quarter during the last fiscal year which ended Oct. 13, a distribution rate of 3 cents a share has been maintained on the company's stock. Col, Castle stated. Liquor Prices Raised A uniform profit tax of 30 per cent in addition to the state tax will be levied on all liquor sold in Ohio •state-owned stores. This w*ll bring the lowest price whisky to $1.25 a fifth gallon as compared with $1.15 now charged. m Interest Rates Reduced Reduction of interest rates on loans aill become effective Nov. 1. in Canada, it was announced today. Brokers' rate on loans secured by *ock collateral will be 5 per cent jiuead of the 6 per cent flow

BUILDING AWARD VALUES CHARTED H' 1~l - 1,, (li Aj/\ll H —• \i ~ ; I V I \J \. 1 ~ ! : ** ! ! ! I " I Residzktwl | -i —i —! I--1;!—! ; 1 • : ; i ! : i j ~ hr-r—t ! ii I V A • i • - J _ , | —i i MS j./ ift . ryutc utility 1 • nr-w-em\-c : . : 1 .* w mo nu mt mi m*

New York Stocks

(By Abbott. Proctor A: Painei il no A M Prev. Oils— High Low. N V close. At] Rfg 23% 22% 22% 23 Barnsaall 6' 6% 6% 6% Consol Oil 8 8 8 7% Com of Del 18% 16 1 16'* 16', Phillips Pet 13 1 2 13’* 13% 13 1 2 Pore Oil 6’, 6% 6% 6% Shell Un 6% 6', 6% 6', 1 Skeliey Oil 6% 6'* 8' 6', iSoc Vac 13% 13 13 13% 8O of Ind .... 24% 24% 24% 24’, SOof N J 40‘s 40% 40% 40 1 , Texas Corp ... 20% 20 20 20'a Tidewater Assn . 8% 8% 8% 8% Steel*— Am Roll Mills .. 17% 17% 17% 18'a Oulf Sts Steel . 18% 18% 18% 17 McKeesport Tin 89% 89% 89% 90'g Mid Steel 9 9 9 8% Rep Iron A Steel 12% 12% 12* 2 12;-, U S Steel 33% 33 33 33'g Motors— Auburn 28', 27 7 g 27% 28', Chrysler 36', 35% 35% 36', Gen Motors 30'g 29'g 29 7 g 30% Graham Mot ... i 3 , 1 3 1% 1% Hudson 9 7 9 7 g 9% 9'g Hupp 2% 2% 2*2 2% Mack Truck .... 25 25 25 25 Nash 14% 14’z 14 * a 14% Reo 2 3 g 2% 2 3 -g 2 3 g Studebaker 3% 3% 3 3 g 3% Motor Access— Bendlx 12% 12% 12% 12% Bohn Alum 53% 52'a 52% 53% Borg Warner ... 24 23% 23% 24 Briggs .. 17 3 17*2 17% 17% Elec Auto Lite . 24*2 24% 24% 24*2 Timken Roll 29 3 4 29', 29 3 4 29% Timken Det Axel (>% 6 6 6 Mining— Alaska Jun 18 3 4 18'a 18 ! 2 18'2 Am Metals 15*2 15 15 15% Am Smelt 36 3 4 36*/a 36% 37 Anaconda ll’g It 11 11 Cal A- Hecla .33 3 3*e Cerro De Pasco 38 38 38 38'4 Dome Mines . ... 41', 40% 41% 41', Granby 6*2 6% 6% 6'2 How e Sound .... 51 51 51 52 Int Nickel . 24% 24 3 4 24% 24 7 , Isl Creek Coal . 29', 29', 29', 29', Kennecott Cop . 18' 17 3 , 17% 18 Mclntyre Mine . 46 46 46 45'4 Park Utah 3 3 ,3% 3% 3*4 Phelps Dodge 14', 14 14', 14% U S Smelters . 116*4 115% 116*4 116*4 Vanadium ... 17 17 17 i7 Amusements— Fox Thea 13** 13 13 13'a Loews Inc 30 3 4 30'4 30*4 30*4 Radio Corp 5 7 , 5 7 , 5 7 , 6 PKO 2% 2% 2% 2 Vi Warner Bros ... 4% 4 7 , 4% 5 Tobaccos — Am Sum Tob-... 29% 20 7 4 29*4 20 5 , Am Tob IAI 78 3 4 78’4 78 3 4 79 Am Tob 'BI 80*4 80** 80*4 80% Gen Cigars 50*2 50 50’ 2 51 Lig A Myers B 100*, 100 *4 100 >, 100 Lorillard 18% 18% 18 7 , 18 3 , Reynolds Tob B 49 3 4 49 3 4 49% 50 Rails— Atchison 53 52', 53 52‘i Can Pac 12’2 12'2 12'2 12'a Ch A Ohio 43', 4343', 43'2 Chi A Gt W ... 2', 2 1 , 2* 2V* Del a A Hud ... 40% 40' 2 40' 2 41 Del Lac AW .. 18% 18'a 18*, 18% Grt North pfd - 15', 15 3 ,15 3 g 15 3 , M K A T 6% 6*2 6*2 6' 2 N Y Cent 22 21'2 21'a 21 7 , N Y Chi A* St L 13 13 13 12*2 Norfolk A West 169 168‘2 168'2 169 ** Nor Pac 20', 20*, 20*4 20% Penn R R 23*, 23', 23% 23'a Sou Pac 18'2 18 18 18*4 Sou R R 16'. 16 s , 16*, 17 Union Pac . . .. 103*2 103* 2 103*2 103 Equipments— Allis Chalmers . 13*, 13', 13's 13 3 , Am Mach A Fdy 17 3 , 17 3 , 17 3 4 17 s , Am Steel Fdy ... 13 * * 13*, 13*g 13*2 Bald Loco B*s 8 8 B*g Burroughs 14*'g 14 14 14 Case J I 44*4 46 5 a 46 5 g 47*4 Cater Tract 28*2 28 28 28 Deere A Cos 20*4 20 20 20', Gen Elec ... 18'2 18*4 18 3 i 18', Int Bus Mach 140 140 140 140 Int Harvester .. 34', 33', 33', 38',

Stock Studies

C*P£RP4LLAR TRACTOR $ COMMON STOCK £. ■"■■■ ■ *•£ EARN'NGS PRICE PAN6C 3CMf ~=j jITTTT 2I 1-' 4 "'■** -4ir ■fiq “ W4**CWf9tet IWSTTWC Os

The Caterpillar Tractor Company is the leading producer of the socalled tracktype tractors used on farms and for road work. The company also produces a wide range of farm equipment and machinery. Its products have a world wide market and are sold largely through its own dealer organizations. Manufacturing activity is centered around Peoria. 111. FINANCIAL DATA As of August 31, 1934 Capital stock cno par) ... 1.882 240 shares Surpluses $27,810,416 Cash and securities 3.061,250 Inventories 8 656.649 Total current assets 20.960 092 Current liabilities 930.598 Early in April this year the company paid its entire funded debt totaling $5,090,000. During the twelve months ended Aug. 31. cash and securities were about $3,500,000 less Inventories, however, increased 51.000.000. The working capital dropped $2,500,000, but this may be accounted for by the payment of funded debt. Profit and loss surplus increased nearly $2,200,000. On Aug. 31 the current ratio was about twenty-two to one. while the book value of the common stock was $19.62, an increase of $1.16 during the year. In past years Caterpillar Tractor has had good earning ability but they naturally suffered during the depression. The company went ‘’in j the red" 86 cents a common share iin 1932. Earnings were 16 cents in j 1933. while for the first eight months of this year $1.42 was paid. The increase in farm income should result in larger sales for the company. The firm has shown a generous dividend policy. It drew on surplus for dividends in 1931 and 1932. A recent payment of 25 cents places the stock on a $1 annual dividend basis. The Caterpillar Tractor Company was incorporated in 1925 in California. The stock is listed on the New York Stock Exchange. At a current price of about 274 it sells to yield better than 34 per cent, j All Rights Reserved Winchester Institute of Finance, Winchester. Mass.

Abreast of The Times on Finance

Natl Cash Reg . 17 16' 2 16 7 g 16*'s Pullman Inc ...33 7 ,33 7 39 7/ g 40 Rem Rand ..... 9> 9 9 9Vg Und Elliot 48’, 48'i 48Vi 49 W>st Air B 25 3 24'a 25 25 Westlngh Elec . 32'/a 32 32 33V Utilities— Am Power & Lit 4'a 4' 2 4',i 4'a A TAT ...HO 3 , 109*4 110 110 3 , Am Wat Wks .16 16 16 16 Col Gas A Elec. 8 3 i 8% 8 3 , 8 3 ', Com A Sou l'-a l*/i lVa 1 * 2 Consol Gas 27*/ 26 7 g 27 27', Elec Pwr & Lit. 4 4 4 3 7 g Int Hydro Elec . 3'i 3% 3'2 3*/a Int TA T . ... 10 9*4 9*4 10 Nat Pwr A Lit-. 7% 7 7 , 7 7 8 North Amer 13% 13'/, 13% 13% Pac G A E ... 14% 14*4 14% 14% Peoples Gas ... 23’, 23% 23% 23% Postal Tel pfd.. 14% 14% 14% 15% So Cal Edison 12 12 12 12 Stone A Webster 5% 5% 5% 5*4 United Corp .... 3% 3% 3% 3% Un Gas Imp 13% 13% 13% 14 Ut, Pwr A L (Al i% 1% i% 1% Western Union.. 34’, 34% 34*4 35 Rubbers— Goodrich 9% 9% 9% 9% Goodyear 21% 21% 21% 2i% Kelly' Spring ... 1% 1% 1% 1% U S Rubber 16 16 16 16% U S Rubber pfd 38 37% 37% 37% Miscellaneous— , Am Bank Note. 12% 12', 12% 12% Amer Can 103 102*2 102% 103% Anchor Cap . 16% 16% 16% 16 Brklvn Man Tr. 39% 39% 39% 39*4 Curtis Pub . 17*4 17*4 17'% 17% Eastman Kodak 104 104 104 104 Gillette 13% 12% 13 13 Glidden 22% 22% 22 3 % 23% Inter Rapid Tr.. 15*4 14% 15 14% Owen Bottle 75% 75 75% 75% Foods— Am Sugar 59% 59% 59% 59% Armour Al .... 6% 6% 6% 6V, Borden Prod .. 25% 25% 25% 25% Cal Packing 38 37% 37% 38 Canada Dry G A 15’, 15*4 15% 15'i Cont Bak < At.. 6% 6% 6% 6% Corn Prod 65% 64% 64% 65 % Crm of Wheat . 32% 32% 32% 32% Cuban Am Sugar 6*4 6V* 6V, 6% Gen Foods .... 31 % 31 31 31% Gold Dust 17% 17% 17% 17% Natl Biscuit 29% 29% 29% 29*4 Natl D Prod 16% 16% 16V, 16% Purity Bak 9% , 9% 9% 9% S Porto Rico S 29% 29% 29% 29% Spencer Kellog . 26% 26'2 26% 24% Std Brands 20 19% 19% 20% United Fruit 73 73 73 73% Retail Stores — Best A Cos ... 34% 34% 34% 34% Hahn Dept Sts . 5% 5% 5% ss,5 s , Kresge S S ... 18% 18% 18% 18% Kroger Groc .. 30% 29* 2 29% 30V, Macy R H . ... 44*4 44% 44% 44 Marshall Fields . 12 12 12 12 May Dept Sts.. 4040 4040% Mont Ward 28% 28% 28% 28% Penney J C 66% 65% 65% 66% Safeway St ... 44% 44% 44% 45% Sears Roebuck 40% 40% 40% 41*4 Woolworth 50% 50% 50% 50 AviationAviation Corp .4 4 4 4 Curtiss Wright.. 2% 2% 2% 2% Crtiss Wri (A).. 7% 7% 7% 7% Speerv Corp 7% 7 7 7'g United Aircraft . 9% 9% 9% 9'% Chemicals— Air Reduction . 104% 104% 104% 105*% Allied Chem 131*2 131 131 132% Col Carbon 68% 68% 68% 69% Com Solvents 20 19% mg 20 Dupont ... 93% 93% 93% 94 Freeport Tex... 27% 27% 27% 27% Liquid Carb 20*,g 20 20 21% Math Alkali . 26% 26% 26% 26% Natl Dis (new) . 20% 20% 20% 20% Schenelev Dist 23% 23% 23% 23% Tex Gulf Sulph 38% 38 38 37% Union Carbide 44% 44% 44% 44% U S Ind Alco . 39% 39% 39% 39% Drugs—p°ty Inc 5% 5% SV 5% Lehn A Fink ... 14% 14% 14% 14’ 2 Zonite Prod .... 3% 3% 3% 4 Financial— Adams Exp 7% 7% 7% 7% Allegheny Corp . 1% 1% 1% 1% Transamerica ... 5% 5% 5% 5% Lehman Corp ..68 68 68 68 Tr Conti Corp .. 3% 3% 3*/g 3% Building—&Am Radiator ... 13 1 2 13% 13% 13't Gen Asphalt 17% 16% 17 16% Libby Owens Gls 26% 25% 25% 27 Ulen Const 1% 1% 1% 17, Household— Congoleum 30 29% 29% 30 Kelvinator . 15% 14% 15 14% Proc A Gamble 39% 39% 39% 39% Celanese Corp . 26% 25% 26 25% Gorham Hose . 5% 5% 5% 5% Indus Rayon .27 26% 27 27

Chicago Stocks

(By Abbott. Proctor <fc Painei 11:15 Prev _ A M. close. Bendix Aviation 12% 12% Borgi-Warner 23% 23% Butler Bros 8% 8% Chicago Corp com 1% 1% Chicago Corp pfd 26% 26 Cities Service 1% 1% Cord Corp 3% 3% Electric Household 14 15 General House Util 7% 7% Iron Fireman 16 16 Quaker Oats 126 126% Swift & Cos 19 19 Util Ins % % Walgreen 24% 24*2

New York Bonds

• tßy Fenner & Beane' 11:30 A M. Prev. N. Y. close. Am A- For Pwr 5s 2030 524 53 A T A- T 109’ 109 '2 Atchison Gen 4s 95 1024 1024 B & O cv 4>jS '6O 56 564 Beth Steel 5s A 42 103 s * 103 s * Can Pac 4s '57 80 79 s * C A- O 44s A 57 1104 1104 Ch M St P A- P adj 5s A 2000 8 84 Ch M St P A- P rs 5s A '75 27 27 Cons Gas N Y 44s '57 104 4 105 Denmark 54s ‘55 95 954 Erie RR rs 5s ’67 6*4 68 French 7s 49 183 184 Goodvear 5s 57 1024 102 s * Gt Nor 7s A '36 91 914 Interboro RT 5s '66 77 764 Ir.t T A T db 5s '55 59 4 60 Lorillard 7s 44 . ..1254 . McKess A- Robhison 54s 'SO . 88 88 Nat Dairy db 54s '4B 99 4 99 4 N Y Central 5s O 2013 67 674 Penn RR 44s D 'Bl 96 964 Poland 7s '47 133 132 Sin Cons 64s B '3B 105 105 Texas Corp 5s 44 103 1024 Tob Pr N J 64s 2022 108 1074 Un Pac Ist 4s '47 106 s * 1074 U S Rubber 5s A 47 85 854 Western Un 5s 'sl 804 80 JOINS TAILOR STAFF P. J. Clark Now Associated With Royal Clothing Firm. P. J. 'Pop) Clark, well known Indianapolis tailor, has joined the staff of the Royal Tailors at 5 North Meridian street, it was announced today. Mr. Clark was manager of the Raab Brothers Tailoring Company branch store here for more than eighteen years. During the last five years he has been in business for himself on Pennsylvania street. Net Profit Steady Net income of the Atlantic Refining Company for three months ended Sept. 30 amounted to $2,384,700. equivalent to 89 cents a share on common stock, as compared with $2,377,578, or 89 cents in the preceding quarter.

INDIANAPOLIS, FRIDAY, OCTOBER 19, 1934

U. S. SECURITY COST IN YEAR IS S2MOOO SEC Has Staggering Cash Needs; More Work Planned. By United Pret* WASHINGTON, Oct. 19—The government's security business regulation probably cost $2,000,000 annually—about four times the currently expected federal revenue from the program—the United Press learned today. Heavy cash needs of the securities and exchange commission, which is handling the regulation, became known today when plans were drawn for an elaborate increase in its activities. The multitude of data and painstaking detail necessary to regulate the vast security business, it was learned, has resulted in steps to increase the commission’ personnel to at least 800, compared with earlier estimates of about 300. Assumes Supervision Complete supervision of the nation's security markets and most securities was assumed by the commission Monday. The agency is charged with enforcing various federal bans on manipulation of stock market prices, pool operations and other now unlawful practices. Because of the previously unforseen wide scope of the commission’s activities, it was reported that the agency, in current budget hearings, would ask at least $2,000,000 for its first year's operations. The commission already has available approximately $800,000; representing a $500,000 appropriation by the last congress and the transfer of about $300,000 from the federal trade commission. $500,000 Security Revenue Wall street estimates today placed the maximum in new security revenue to be raised under the securities act at only $500,000, or about a quarter what it will cost to run the commission. A tax of 1-500 of 1 per cent is levied on the value of all stocks and bonds traded on registered exchanges and registration fees are charged for new issues of securities. These figures were based in part on an estimated turn-over on the New York Stock Exchange of 308,000.000 shares annually at $25 per share, and bond sales of $3,326,000,000 at 90 per cent of par value. It was learned today that the SEC was making rapid strides to set up branch offices in leading cities and send investigators into various forms of field work. Branch Offices Considered Under consideration for branch offices are Boston, Chicago and San Francisco, leading speculative centers of the country. In addition, a branch may be established at either St. Louis or Kansas City. Field men already are at work investigating activities of various small stock exchanges which have asked to be exempt from operations of the securities act. Meanwhile SEC officials have begun a close watch on Wall street activities with installation in their Washington headquarters of a general news ticker, a financial ticker and New York Stock Exchange and bond tickers.

SELLING TURNS GRAINSLOWER Outside Market Weakness, Liquidation Cause Decline. By United Press CHICAGO, Oct. 19.—Weakness in outside markets and mild liquidation moved grain prices low r er on the Chicago Board of Trade today. Wheat started 3 s to 5 * cent lower; corn was down 14 to % cent; oats w'as off to M cent, and rye w’as •Is to % cent lower. The failure of Liverpool to reflect the relative strength here depressed traders at the start. Scattered selling broke out and resulted in all deliveries of wheat slipping below the dollar line. There w r as fair buying by commission houses in May wheat and a slight rally from the low 5 figures at the beginning resulted during the first ten minutes. 11:15 Prev WHEAT— High. Low. A M. close. Dec 99** .98*4 .99’* ,99 7 Mav 99’* .99 .99% 1.00% July 94 3 s .94 .94.95 CORN— Dec 77’ 2 .76*s .77 ,77 7 a May .82*4 .79’* ,79’ 2 .80% July 80*8 .79 5 * .80 .8014 OATS— * Dec 51 7 * ,51* .51*8 .52 May 49* .49% .49 1 4 .50 July 45** .45 .45 .45*8 RYE— Dec 73’ 2 .72 .72% ,73 7 8 Mav 75* .74% .74** .76’* BARLEY— May 75% .75% .75% .76 LOCAL CASH MARKET Citv gram elevators are paving 89 cents tor No 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 68 cents, and oats 43 cents.

Other Livestock

'By Times Special) LOUISVILLE. Oct 19—Cattle—Receipts. 275; supply very light, qualitv plain; market generally steady; bulk common to medium light grass steers and heifers salable $3lO 4.50; better finished offerings ouotable to around. $6 bulk beef cows, 82.500 3 good kinds eligible higher low cutters and cutters. $1.25 0 2 25; sausage bulls mostly $2.7F down; bulk better Hereford stock calves salable. $4 500 5 common to medium grade natives. *2 5003 50. Calves—Recess. 550, including 200 stock calves: market, steadv; good to choice vealers. $6 06 50; medium and lower grades. $5 down. Hogs—Receipts, 500: market 10c lower: 200250 lbs $5 50: 180-195 lbs $5 25; 255 lbs. up. $5 05: 160-175 lbs.. $4 65; 140-155 lbs. $4 15: 120-135 lbs. $3.15; sows mostly $4 30. Sheep—Receipts. 200. generally steady: market on all slaughter classes desirable lambs salable. $5 75 to mostly $6: choice quotable higher; bucks mainly $4.7505. light throwouts. $3.50: better fat ewes, $1.500 2: desirable stock ewes salable mostly $647 5C * hjad; plainer kinds down to around $4 50. Shell Retires Bonds Retirement of $26,000,000 principal amount of 5 per cent debentures, due in 1949, was anounced in New York today by the Shell Union Oil Corporation. The issues are being retired at 102 and interest.

VISIT AROUSES INTEREST

■B|. - JkL" M 488

Myron C. Taylor

Wall Street today was weighing the significance of the conference this week of Myron C. Taylor, chairman of the United States Steel Corporation, with President Roosevelt.

PORKER PRIGES DROPJUGHTLY Cattle, Vealers Unchanged; Lambs Steady at $6.50 Down. Weakness again appeared in hog trading at the Union stockyards this morning. Initial prices were generally 10 cents lower than yesterday's advance. Few underweights remained steady. The bulk, 160 to 200 pounds, was selling at $5.35 to $5.60, while heavier kinds, scaling from 200 to 300 pounds, sold at $5.65 to $5.75. Top held at $5.80. Extremely small grades, ranging from 100 to 130 pounds, cashed in at $3 to $4, while 130 to 160-pounders brought $4.25 to $5. Packing sows were salable at $4.25 to $5. Receipts were estimated at 8,000; holdovers, 545. The cattle market continued unchanged, with a slow week-end cleanup trade prevailing in practically all classes. Receipts were 600. Veal prices held stationary at $7.50 down. Receipts were 600. Only a slight change was evident in lamb trading, with a majority of classes selling at $6.50 down. Initial top held at $6.75. Bucks were discounted sl. Throwouts ranged from $3 to $4.50. Receipts numbered 1,500. HOGS Oct Bulk. Top Receipts. 13. $5.90(0, 6.15 $6.30 0000, 15 5.75(0! 5.80 6 00 10,000 16. 5 75® 5.80 5.85 6,500 17. 5.'45® 5.65 5.85 4,000 18. 5.45® 5.70 5.90 6.000 19. 5.35® 5.60 5.80 8,000 (140-160) Good and choice $4 75® 5,25 (160-180) Good and choice 5.35® 5.55 (180-200) Good and choice 5.55® 5.65 1200-220) Good and choice 5.65® 5.75 (220-250) Good and choice 5.70® 5.80 1250-290) Good and choice 5.65® 5.75 (290-350) Good and choice 5.45® 5.65 Packing sows: (275-350) Good 4.85® 5.10 (350-425) Good 4.75® 5.00 (425-550) Good 4.60@ 4.85 (275-550) Medium 4.00@ 4.75 (100-130) Slaughter pigs good and choice 3 00® 4.00 CATTLE —Receipts, 600 —Steers—-(sso-900) Choice $ 7.59® 9.00 Good 6 23® 8.25 Medium 4.25® 6.50 Common 2.75® 4.25 (900-1.100) Choice 8.50® 10.00 Good 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 (750-900) Good and choice ... 5.75® 800 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, 600 Good and choice $ 7.00® 7.50 Medium 4.50®' 7.00 Cull and common 2.50® 4.50 —Calves—-(2so-500) Good and choice ... 4.75® SSO Common and medium 2.50® 4.16 —Feeder and Stocker Cattle—(Steers) (500-800) Good and choice .... 4.50® 5.50 Common and medium 3.00® 4.50 (800-1.050) Good and choice .4 4.50® 550 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, 1,500’ Lambs, 90-lb. down, good and choice $ 6.25® 6.75 Common and medium 4.00® 6 25 90-120 lbs., 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

'By United Press) CHICAGO, Oct. 19. Hogs Receipts, 18.000, including 10 000 directs: weights 160 lbs. up. unevenly strong. 10c higher than Thursday's average; sows shared advance: pigs and light lights, steadv; bulk 220-310 lbs. 85 750 5 90; top $5.95. 170-210 lbs . $5.250 5.85; light lights. $4.50 05.25: packing sov . SSO 5 45; light lights, 140-160 lbs., good and choice. $4 500 5 25; light weight. 160-200 lbs., good and choice. $5.1005 80: medium weights. 200-250 lbs., good and choice, $5.6505.95; heavyweights. 250-350 lbs. good and choice, $5.700 5.95; packing sows. 275-550 lbs., medium and choice. $4.250 5.55: slaughter pics. 100-130 lbs . good and choice. $3,250 4 50. Cattle —Receipts. 3.000 commercial, 300 government. Calves—Receipts, 800 commercial. 100 government: fed steers and yearlings and fat she-stock extremely dull: only fair clearance for week-end; light demand for lower grade kinds: best yearlings $lO 25; medium weight steers, $7.85: fair carryover of these kinds; market around steadv; bulk she-stock lower grade, at $1.750 3.25: bulls, weak, better kinds $2 850 3.10: vealers weak to 25c lower: bulk $5 500 6 50; few select, $7 and up; slaughter ca-tle and vealers. 550-900 lbs . good and choice. $6.250 8.25: 900-1.100 lbs. good and choice. $6 25 0 8 75: 1.1001.300 lbs., good and choice. $6.750 9 75; 1 300-1 500 Ids., good and choice. S7O 10: 550-1.300 lbs., common and medium. $2.75 07; heifers. 550-750 lbs . good and choice. SSO 8; common and medium. $2.750 5.25; cows. good. $3.250 4.75; common and medium $2.75 0 3.25: low cutter and cutter. S2O 2.75: bulls 'yearlings excluded', good beef'. $304: cutter, common and medium. S2O 3.75: vealers. good and choice. S6O 7.25: medium. SSO 6: cull and common. $405: stocker and feeder cattle: steers, 550-1.050 lbs , good and choiee. $4 250 5.75: common and medium. $2.750 4 25. Sheep —Receipts. 6 000. all commercial; fat lambs, fully steady: good to choice offerings $6 250 6.50: best he’d higher; sheep steadv; few ewes. $1 50 0 2 25: feeding lambs fair; early sales. $6 downward; slaughter sheep and lambs: lambs 90 lbs. down, good and choice. $6 100 6 60; common and medium. SSO 6.15: ewes 90-150 lbs., good and choice. $1 6502 35: all weights, common and medium. $1.5001 90; feeding lambs, 50-70 lb*., good and choice, 55.50fef.15.

WORLD COPPER RESERVES RISE IN FEWYEARS Sixteen-Million-Ton Gain Is Reported Since 1931; Chile Is First. By Timet Special NEW YORK, Oct. 19.—World copper-ore reserves have risen by 16.288.200 tons, from an estimated 88,542,000 tons in February, 1931, to a present estimated worid total of 104.830.200 tons, according to the Engineering and Mining Journal. Chile, with 35;498.500 tons; Africa, with 22,395,400 tons, and the United States, with 20,992,700 tons, retain their respective positions on the list of reserve countries, but with different tonnages, as on the 1931 compilation, the publication states. Europe, with 10,851,000 tons, accounted for principally by the inclusion of estimated Russian tonnages, displaces Canada in the fourth position. Canada, credited with 5,620,200 tons in the present estimate, ranks fifth in the major reserve countries, the balance of the world figure being made up of smaller quantities led by Mexico with 1,600,000 tons. U. S. Holdings Largest The copper metal reserves of the United Btates are between 30,000,000 and 35,000,000 tons, of which 20,000,000 are officially reported. Os the total known world reserves the United States owns about 56 per cent. Including its share in Roan Antelope (Africa) and international Nickel, it owns or has an interest in about 60 per cent. The United States and Great Britain together own 83 per cent of the known copper ore reserves of the world. At the rate of consumption during the last ten years, it is estimated that these known world reserves will last sixty-five years. “This figure is merely indicative of the sufficiency of reserves,” the journal adds, “and it must not be taken as a specific length of life, because the reserves are not completely known and the rate of the last ten years might be considerably increased. But one may assert with perfect safety, however, that no need exists for this generation to worry about where its copper is coming from.” Russian Figures Conflicting Reports on Russian copper-ore reserves vary somewhat depending upon their sources, according to the publication. “One does not have to accept the Soviet figures with complete assurance, but on the other hand, no estimate of world ore reserves can well ignore Russian possibilities. Even if the tonnages were accepted without reservation, the time element in their exploitation is another matter. “The tonnages need occasion no concern, because if they are verified, we know by much experience that with money available on the scale of the South American or the Rhodesian development, a decade or a decade and a half would be required to get into normal capacity production. Besides, a world demand would be needed to encourage such exploitation. Neither such demand nor ample capital is at present available. Settles Mine Controversy “Chile, not Rhodesia, is entitled to claim possession of the world’s largest copper mine. The current trend in publicity is to overemphasize the Rhodesian coppers. Katanga is ’ repeatedly referred to in the press as the world’s greatest copper mine, which it is not. “The Chuqujcamata, of the Chile Exploitation Company is the world's premier copper mine. It has at least a thousand million tons of ore developed and more copper in its known reserves than all of Rhodesia.”

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. 12-qt. basket. 40c. California seedless, 26-lb. box. $2.10 Crabapples. Michigan hvslops. bushel. $1.85. Persimmons. Indiana. 12 qts., 90c. Pears. New York. Bartlets. bushel. $2.50. Avacados. box. 51.50. Quinces, bushel. $3. Bananas. pound. 54c; 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-!b. bag, $1.45; Northern round white. 100-lb. bag. SI.10: Ohios. 100-lb bag. $1.55; Idaho Russets. 100-lb. bag. $2. Sweet potatoes; Indiana Jerseys, bushel. $150; Indiana Nancy Halls, bushel. st. Beans homegrown stringless bushel $1.75; Kentucky bushel $1.50: Limas large, pound 20c. Beets. dozen. 20c. Carrots. Ohios, dozen. 35c: Ohio (cut 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. sl. Endive, dozen. 40c. Egg plant, dozen, 60c Kale, bushel. 50c. Le'tuce. outdoor 15lb. basket 60c. Mangos, bushel. 75c. Mint, dozen. 50c Parsley, dozen. 35c. Peas, hamper. $2.75. Pevppers, red finger, bushei. $1 75: 5-lb. basket. 50c Radishes, dozen. 25c Spinach. New Zealand, bushel. 35c: broadleaf. basket. 60c Tomatoes, outdoor. 12-lb. basket. 45c; bushel. $1.50.

Produce Markets

Delivered In Indianapolis prices: Heavy hens. 11c: Leghorn nens, 7c: colored springers. 14 ibs. 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 of 10c a pound for each pound under 55 lbs. will be made. Butert—No. 1. 27-28 c. Butterfat. 23c. Quoted by the Wadiey Company.

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers A 25-cent carrying charge pet ton will be added. DOMESTIC RETAIL PRICES Anthracite , $13.90 Brazil Lump 5 90 Brazil Lump 5,90 Brazil Mice Run 525 Coke. Nut Size 8-65 Coke. Egg Size • •••• 8.6; Indiana Forked Lump No. 4 and 6.. 5 .3 Indiana Egg 5.71 Kentucky Lump Group “V‘ ".18 Pocahontas Lump 8 32 Pocahontas Egg f42 Pocahontas Mine Run 7.70 Mil River Smoke Ita 1.14

Wall Street —BY RALPH HENDERSHOI

Time* Social Writer. NEW YORK, Oct. 19—The new margin requirement regulations went into effect this week, along with several other rulings, and, as had been anticipated, they had virtually no effect on prices on the various exchanges of the country. Brokers already had established their margin figures at levels which

in many cases were above those requested by the government, so it was but natural that the introduction of the change .should occasion no forced selling. It is of interest to note that all of the government regulations pertaining to exchange dealings have been intro-

If

duced thus far with a minimum of disturbance. Many investors probably have not even noted the change. Considerable credit is due the Seceurities and Exchange Commission for the smoothness of the operation, although it must be granted, first, that brokers had anticipated the change in advance and, second, that it came at a time when the markets were dull and prices were low. In all probability the effectiveness of the commission will be measured for the mast part by its ability to prevent pool operations and market “jiggles." It already has investigated two or three market movements on the New York Stock Exchange, but apparently has found nothing out of order. The latest investigation was the run-up in McLellan stores, which now seems to have been due to acquisition of a controlling interest in the company by people already identified with it. nan OF the fifteen members of the governing committee of the newly formed Canadian Commodity Market three have beei. named from New York. This development reflects the interest taken by Americans in the speculative markets in Canada as well as the keenness with which Canadians view this interest. Silver future trading, which has been eliminated from the markets in the United States by the nationalization of the white metal, is to be inaugurated shortly in the Canadian Commodity Market. a a a THE recent movement toward mutual understanding between business and government can be prematurely killed by stubborn or unwise action on the part of business leaders or a resumption of the sneering and criticism of everything connected with finance by government officials, J. P. Maher, partner in the New York Stock Exchange firm of Shields te Cos., believes. If encouraged by both groups, however, he contends that it may break the stalemate that threatened the recovery. “This movement,” he adds, “does not mean the end of the New Deal or a weakening in the main features of the administration’s policies. Neither does it mean that business men and financiers desiring to cooperate with the government like everything and every policy of the New Deal.

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Latest Stock, Bond and Commodity Quotations

NEW NRA LAW ADDS VOLUMES TO CODE BOOKS More Than 10.000 Pages Put on Statutes, Lawyer Says. By Timet Special NEW YORK. Oct. 19.—While any calculation involves guesswork, administration of the National Recovery Act has added over 10,000 pages of new "law” in one year, and the financing of NRA administration costs American industry at least $100,000,000 annually, Gilbert H. Montague, New York attorney, estimates. Mr. Montague is chairman of committees on NRA of both the New York State Bar Association and the Merchants Association of New York. “The American Bar Assocation," he said, “estimates that the trade practice provisions of 485 codes and 95 supplemental codes prohibit between 4,500 and 5.000 methods of business conduct, with each code and supplemental code averaging ten close y printed pages and having the force of an act of congress with violations being criminal offense. “Last June the National Industrial Conference board reported that the total annual expenditure represented by sixty-four reported coda budgets amounted to $11,596,940, or an average of $181,202 for each industry. “Using this average as a basis, it was estimated that the administration of all NRA codes, including those approved, pending or supplemental, might be expected to increase the total cost to at least $100,000,000. “Hundreds of business men, having complied with every provision of every code that they ever thought applied to them, are awakening to the unpleasant realization that they are today in peril of criminal penalties, injunction proceedings, damage suits and heavy money forfeitures for failure to comply with unsuspected provisions of other codes to which they never paid any attention because they did not realize that they were in any way applicable to them. “The profusions of functions and powers of the President under the National Industrial Recovery Act have had to be delegated to thousands of functionaries in and out of NRA. This is an invitation to the possibility of hole-in-the-corner, particularistic, overlapping, coercive, monopolistic, uneconomic and unevenly enforced executive - made laws.”

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