Indianapolis Times, Volume 46, Number 139, Indianapolis, Marion County, 20 October 1934 — Page 12

Developments in Trade and Industry

PAGE 12

HIGH ISSUES IN STOCK MARKET CONTINUE DULL Trading on Exchange Led by Low-Priced Mercantile Shares. MARKETS AT A GLANCE Storks steady to firm; dull; mercantile issue* active. Ronds steady at small rain*. Curb stocks dull and irregular. Chicago stocks quiet and mixed. Dollar eases in terms of sterling; firm in gold currencies. Wheat off to % rent; corn drops % to *t cent; oats off •% to cent. Cotton unchanged to 1 point higher. Rubber off 10 to 12 points. Rv ELMER C. W ALZER I'ntted PrfNi Financial F.ditnr NLW YORK. Oct. 20.—Low-priced mercantile issues continued to lead trading on the Stock Exchange today while the high-grade issues of the principal divisions continued dull and steady. Measured by the averages, the market did practically nothing. In volume the same almost could be said. Sales in the first hour totaled 120,000 shares or a rate for the short session about comparable with markets a decade ago. Traders were holding aloof pending further developments in business which has not moved forward as many had anticipated or hoped. There was a tendency to postpone commitments until after President Roosevelt's speech before the American Bankers Association convention next Wednesday in Washington. News Has Little Influence Immediate news developments had little influence on the market. Steel operations in the Youngstown area were scheduled for next week at 28 per cent ot capacity, off a point from the present figure, but this had been anticipated. Building operations for September were down 2 1 2 per cent, from the previous month and down 17 4 per cent from a year ago. Department store sales in the New York area gained 5.4 per cent over 1933 for the first half of October. McCrory Stores A stock was the most active issue traded. It reached fi t, up ’2 point and anew high for the year. That was 6 % points above the record low made last year, or a rise of 1.700 per cent. The company is in receivership but earnings have been reported improving under the receiver who has materially reduced expenses. Th£ first preferred stock made anew top for the year at 42%. up 2' 2 points from the previous close and up exactly 40 points from the low made last year at 2' National Stores Active National Department Stores, also in receivership, was second in activity. It reached 3, up % point and equal to the 1934 high. Last year the issue made a low at % point or 12 1 2 cents a share. Its rise from the 1933 low therefore has been 2.300 p?r cent. The preferred stock of the company reached 20%. up 2% points on fairiy heavy deals in 10-share blocks. The issue so far thus year has ranged between a low of 5 and a high of 22'%. Its low made last year was 1%. United Stores was relatively active, reaching 5-H for a gain of % point. Higher grade mercantile issues were quiet but firm. Tobacco shares were firm again with American Tobacco B up more than a point on light turnover, and Liggett A* Myers B making its daliy high at 101, up '2 point.

Money and Exchange

INDIANAPOLIS STATEMENT Oaring* 1.944.000 no Debits . .... 5.165.000 00 C,rarings for the week . 14 439.000 on Debits for the week . 38 867 000.00 FOREIGN EXCHANGE (Bv Abbott. Proctor A- Paine) Prev. Close. close. S erling England $4 08 $4 95 Franc. France 0663 0663% Lira. Italy 0862 .OW2 France. Belgium 2351 2351 Mark. Germanv 4051 .4051 Guilder. Holland 6820 6820 Teseta, Spain 1375 .1375 Krone. Norwar 2488 2488 Krone. Denmark .2211 .2211

Treasury Statement

ißv United Press) WASHINGTON. Oct. 20 —Government expenses and receipts for the current t: al vear to Oct 18 compared with the corresponding period of the previous fiscal vear: This Year Last Year Expenses $1 084.012 209 99 $1 260.734.647 12 Receipt* 1.142 466 270 74 871.961 134 73 IVftcit 841 545.930 25 388.773.512.39 Cash bal. 1.913 493 554 08

Investment Trusts

By Abbott. Proctor A Paine! Bid. Ask American Bank Stocks Coro.. 90 95 American A General Sec A ... 3 00 5.00 American A Inv Tr share .... 1.75 Basic Industry shares 295 3.00 British Tvoe Inv Tr shares .40 .46 Ccollateral Trustee shares A 4 12 4 37 Corporate Trust shares iold> . 1.89 1.92 Corporate Trust shares (new).. 2 15 2.20 Cumulative Trust shares .. 363 3.70 Piersifted Trust shares A ... 625 Di'ersifled Trust shares B ... 687 Pnersifted Trust shares C 180 284 P \ersihed Trust shares P 4 30 4.40 First Insurance Stock Coro 437 487 F rst Common Stock Coro ... 48 .51 Fixed Trust Oil shares A ... 737 Fixed Trust Oil shares B 6 37 Fundamental Ins Inc 1.79 1 85 Incorporators Investments ... 15 80 17.12 Land Bank Bond shares 1 16 1 30 low Priced Trust shares 4 98 5.04 Mass Inc Tru<t shares .18 07 19.6 t Nation Wide Securities 298 304 North Am Trust shares ‘53 177 182 North Am Trust shares (55-561 2 19 2 24 North Am Trust shares 'sß* . 222 228 Selected American shares 231 Selected American shares Inc 105 1.14 Selected Cumulative shares .. 621 Se'ected Income shares ... 321 Std American Trust shares A 2.73 2 78 Trust Shares of America 2 63 2 68 Trusee Std Oil A 525 537 Trustee Std Oil B 455 470 USE lectric Lt A Pwr A ...1100 1137 Universal Trust shares 2 74 2.78

Retail Coal Rrices

Tha followmt prices represent auotattons from lead'.ne Indianapolis coat dealers A 2S-ccnt earmne charaa per ton will be added DOMESTIC RETAIL PRICES Antnracita - 813 wo Brasil Lump 5 90 Brazil Lump 590 Btazil Mine Run 6*5 Coke. Nut Slza 8.84 Coke. Iff Sls 8 *5 Indiana Forked Lump No. 4 and 6 . 573 Indiana Rrs 8.71 Kentucky Lump Orouo "B' 1 18 Pocahontas Lump 9 32 Pocahontas Egg ■ *43

New York Stocks

Sale* today approximated 230,000 share*, against 400,000 shares last Saturday. Dow-Jnne* preliminary closing average* showed industrial 95.01, up .11; railroad 26.03, off .05, and utilit.e* 19.88, up .02. By Abbott. Proctor Si Paine) Oili— Prev. High Low. Clos* close Atl Rfg 23% 23 23% 22% Barnsdall 8% *>', 6% 6% Consol Oil .... 7% 7% 7% 7 7 * Cont of Del . I*% 16% IS 7 * 16% Ohm Oil .... 9'* 9'. 9% 9 Phillips Pet .. 13*. 13 1 a 13*. 13' 2 Pure Oil 6% 6% Ci 6’a Rova! Dutch 33 33 33 33*. StxJ Oil 22 22 22 22 I Shell Un ', B'i 'i % Sor Vac ... 13’ 13'. 13'. 13 8 O of Cal 29'. 29 29 29'. . S O of Ind 2424'. 2424' . f3Oof N J ... 40*. 40', 40% 40'a I Texas Corp 20% 20'. 20’. 20'. I Tidewater Assn 8% 8% 8% B',. : Un Oil of Cal . 13*. 13*. 13% 13 Am Roll Mills 18 17% 17*. 17’. Beth Steel 28'. 27*. 28 28'. Inland Steel ... 38% 38% 38% 38*. Natl steel 30*. 38*. 30*. 36', Rep Irn Si Stl 13 12% 13 12* Rep Irn 8c S'l pfd 38 38 38 38', U S Steel . 33*. 33', 33*. 33', U S Steel pfd .. 74'a 74'a 74'a 74'a Motors— Auburn 27 * 27*. 27*. 28 Chrysler 36', 35*. 36', 36'. Gen Motors 30 29% 30 29 1 . Graham Mot ... I’. 11.I 1 . 17.I 7 . 1 7 Hudson 9 7 * 9*. 9 7 . 9*. Hupp 2*. 2*. 2*. 2*. Nash 14*. 14*. 14* a 14 1 a Packard 3*. 3*. 3*. 34a Reo 2' a 2*. 2'a 2', Studebak-r ... 3', 3'. 3', 3'. ! Yellow Truck 3'. 3'. 3'. 3V Motor Access— Bendix 12' a 12*. 12*. 12*. Bohn Alum ... 51*. 51 51'. 52 Bora Warner . . 23*. 23*. 23% 23*, Briggs .... 17 *, 17'a 17'a 17*, Elec Auto Lite .. 24’a 24', 24’a 24', Houdaille A 4'a 4% 4% 4'a i Mullins Mfg pfd 25 25 25 27 Murray Body . . 4 7 4’, 4*, 5 Timken Roll 29 7 29'a 29'a 30 Timken Det Axel 6'. 6 8 6 Mining— Alaska Jun 18' 2 18*. 18'a 18 Am Metals 15 15 15 1414 Am Smelt 36 7 . 36*. 36*. 36',a Anaconda 11 10-*, 11 11 Cal Si Hecla .3', 3 3’. 3% Cerro De Pasco 38', 38', 38', 38 Dome Mines . .. 41*, 41'. 41', 41*. Os Nor Ore ll'a ll'a 11% 11% Ins Copper .... J** 33*. 3'. Int Nickel . .. 24*, 24*. 24*, 24*, Kennecott Cop . 17'a 17' a 17'a 17*. Mclntyre Mine 45 45 45 45'a Phelps Dodge ... 14 13 4 14 13 7 b St, Joe Lead ... 17'a 17'a 17 * a 17 U S Smelters ..115'a 115' a 115% 115*. Amusements— Fox Thea 13*. 13 7 13*. 13*. Loews 1nc3370 7 30'a 30*. 30’a Radio Corp .... 6 s’* 5 7 . 5", RKO 2*. 2% 2% 2*. Warner Bros ... 4* 4*. 4*. 41. Tobaccos— Am Sum Tob .. 20% 19** 19*. 20', Am Tob A" ... 78'a 78'a 78'a 781, Am Tob ' B" 80’, 80*, 80*. 78'a Gen Cigars . 50'. 50% 50'. 50'. Ligg & Myers B 101 100101 100', ; Lonilard . ... 18', 18’ 18'. 18', Reynolds Tob B 50 49", 49:. 49*a Rails— Atchison ....... 53 52*. 53 52*, Atl Coast Lines 30', 301* 30% B & O 15". 15 % 15*. 15% Can Pac 12'a 12 • 12‘a 12‘a Ch A' Ohio 43 1 a 43 1 a 43‘a 43‘a CMkStP ... 3’* 3', 3'. 3 C M Si St P pfd 5 5 5 5 i Chi N W pld ... 10*. 10*. 10'* 11’, I Del a & Hud . . 40' 2 40'a 40Va 40' 2 Grt Nortnern pfd 15*. 15*. 15*. 15% M K & T 6*. 6* a 61a 61a M K & T .... 15% 15'a 15', 15*. Mo Pac pfd... 3 '-a 3'a 3* a 3'a N Y Cent 21% 21 21*, 21% N Y New Haven 9% 9*. 9’, 9% Norfolk & Wes 169 168'a 169 169 Nor Pac 20% 20 20 20% Penn R R 23% 23% 23% 23 -, Sou Pac 18% 18 18'* 18% Sou R R 16 16 16 16% SOU R R pfd 20 20 20 19% Equipments— Allis Chalmers 13% 13 13% 13% Am Car AFd pfd 34% 34'* 34', 34% Am Loco .. ... 17% 17% 17% 17% Am Loco pfd 42% 42% 42% 44% Am Mach & Fdv 17% 17% 17*, 17% Am Steel Fdv.. 13% 13% 13% 13*. Bald Loco B% 8 8 8 Burroughs 14% 14 14% 14 case J I 48 46% 48 47% | Cater Trac .... 27% 27% 27% 27% I Deere &Cos ... 20% 20% 20% 20% i L’lcc Stor Bat . 42% 42% 42% 42% Foster Wheeler . 10% 10% 10% 11 i Gen Elec 18% 18% 18% 18% Gen R R Sir 26 26 26 25 lnt Bus Mach . .140% 140% 140%. 140 Int Harvester .. 34% 33% 34% 34% Natl Cash Reg .. 16*. 16% 16% 16% Pullman Inc .... s0 39% 40 39% Rem Rand 8% 8% 8% 9 Und Elliot 49 49 49 48*. West Air B . 26% 26% 26% 26% Westingh Elec .. 32% 32% 32!* 32%

Utilities— Am & For Pwr .. 6 6 6 6% Am Power & Lit 4% 4% 4% 4% AT&T 111% 110% 111 110*, Am Wat Wks .. 15*, 15% 15*, 15% Col Gas & Elec . B’. 8% 8% B*, Com & Sou 1% 1% 1% l’ Consol Gas . .27 26*, 26*. 26*. Elec Pw & Lit 4 3% 4 3% Int Hvdro Elec .. 3% 3% 3% 3% Int T & T . 9% 9*, 9% 9% Natl Pwr & Lit 8 8 8 8 North Amer 13% 13% 13% 13% Pac G & E ... 15 14% 15 14% Pub Serv N J .. 31% 31 31 31% So Cal Edison 12% 12% 12% 12% Stne & Webster s*, 5% 5% s'* United Corp .... 3*, 3% 3% 3_ lUn Gas Imp . 13% 13% 13% 13'* Ut Pwr & Lit A 2 1% 1% 1% Western Union 34* , 4 34 1 ? 34-’4 35 Rubbers—i Firestone 14% 14% 14% 14% Goodrich 9% 9*, 9 9s Ooodvear •• 21*, 21', 21% 21 2 Kelly Spring ... 1% 1% 1% 1 2 |U S Rubber ... 16 15*, 16 16 | Miscellaneous— Am Bank Note 12% 12% 12% 12% Am Can . 102*, 102*, 102% 103 Brklvn Man Tr 40% 4040% 39% Conti Can . 86** 86'* 86 * 81 ! Crown Cork .22 22 22 ,£i' 2 Eastman Kodak 104% 103 103 104 Gillette 13 12% 12% 13 I Glidden 22% 22*, 22% 23 i Inter Rapid Tr . 15% 15% 15** 15 Owens Bottle .. 75% 75% 75% <5 2 Foods— Am Sugar 59 59 59 59% Armour A 6% 6% 6 * 6 Beatrice Cream 17 17 17 17 , Borden Prod 26 25% 25% ,6 . Can Dry G Ale 15% 15% 15% 15% Corn Prod 64% 64% 64% 64% Cuban Am Sugar 6', 6% 6% 6% Gen Foods ... .31 30*, 30*, 30% Gold Dust . 17% 17% 1c % 17% G W Sugar 28 27'* 28 28 Nat] Biscuit . ... 29% 29% 29% 29', Nad D Prod ■ 16% 16% 16% 16*, Std Brands 19% 19% 19% 20% United Fruit . 73 73 <3 i3 Retail Stores—- ! Bpst & Cos 35% 35 35% 35 Gimbe! Bros .. 4', 4', 4 , 4% ;Gr Un Tea . 5% 5% 5% 5% • Hahn Dept Sts 6 s’, 6 5% Krestre S S 18% 18% 18., 18'* Kroger Groc 29% 29% 29% 29 Marv R H 44% 44% 44% 44 , May Dept St 41 41 41 40% Mont Ward 28% 28% 28% 28 . Penny J C .... 66% 65*, 66% 66% Safewgv St 44% 44% 44% 4a% Sears Roebuck 41% 40*, 40% 41 5 Wool worth .... 50% 50% 50*, 50%

Cotton Prices

CHICAGO Prev. High. Low Close, close. Januarv 12.45 12 40 12.40 12.46 March 12 53 12 47 12.47 12.54 Mav 12 57 12 51 12.51 12.57 Julv 12 60 12 55 12 55 12 61 December .... 12 42 12 36 12.36 12.41 NEW YORK Januarv 12 33 12 31 12 32 12 35 March 12 40 12 36 12 36 12 39 Mav 12.44 12 41 12.42 12 44 Julv 12 50 12 45 12 45 12 49 OctcbFr 12.21 12 20 12.21 12 21 December .... 12 31 12 26 JI BJ2 39 Spot 12 50 12.50 NEW ORLEANS January 12 36 12 36 12 36 12 38 March 12 43 12 39 12.40 12.43 Mav 12 47 12 44 12 44 12.x0 Julv 12 49 12 49 12 49 12 54 October 12 18 12 18 12 18 12 19 December .... 13 31 12 28 12 30 12 33 Spot .... 12 60 1 2.64

Coffee

Santos Prev. High. Low Close close March 10 48 10 48 10 48 10.48 Mav 10 55 10 52 10 52 10.52 Julv 10 55 10 55 10 55 10 54 September 10 57 10 57 10 S7 10.56 December 10 49 10 46 10 48 10 52 Ria Januarv 7 14 7 14 7.14 7 38 March 7 45 7 32 7 34 7 46 Mav 7 53 7 46 7 46 7 51 Julv 7 50 7 50 7 50 7 57 September 7 54 7 54 7.54 7 62 December 7 06 7 06 7.06 7 20

Sugar

Prev. High Low Close close January 1 .5 1.74 1.74 1.77 March 1 76 1 74 1.75 1 78 Mav 1 80 1 7* 1 78 1 *1 Julv I*4 182 I*3 185 September 1 88 1 86 1 86 1 *9 December 1.7* 17* 1.74 1.77

Abreast of The Times on Finance

Aviation—- ! Curtiss Wright . 2*. 2% 2% 2% ! Curtiss Wright A 7'. 7 7% 7% , Douglas Air ... 16% 15% 16'* 15% Nor Am Av 3*. 3% 3*. 3% 1 Speerv Corp .7 7 7 61* ; united Aircraft 9% ' 9% 9% Wright Aero 47% 46 47% 45% Chemicals— Air Reduction .104’* 104 104% 104 Allied Chem ...130 130 130 130% Col Carbon 68% 68 68 66% Com Solvents .. 20 19% 20 19% Dupont . 93% 92% 93 93% Freeport Tex .. 27 26% 26% 27% Liould Carb ... 21 21 21 20 Math Alkali .. . 26 25% 26 26 Natl Dis inewl 20*. 20% 20*. 20% Schenelev Dist 24% 24 24% 24 Tex Gulf SulDh .78% 37% 38% 37% Union Carbide 44% 44% 44% 44% U 8 Indus Alcoh 39 38% 39 381. Drugs— Cotv Inc 5% 5% 5% 5% Lambert 24% 24% 24% 24. Un Drug 12*. 12% 12% 12% Zonlte Prod 4 4 4 4 Financial— Adams Exd 7 7 7 7 Allegheny Coro 1% I*4 1, 1 * Am Int Corn .. 6% 6% 6% 6% Ch<>sa Corp ... 39% 39% 39% 39 Transamerica... 5% 5% 5% a. Building— Am Radiator... 13% 13% 13% 131, Gen Asphalt... 17 17 17 17 Int Cement 23 23 23 23 Johns Manville 47% 4,% 47% 47 a Libbv Owens Gls 25% 25*. 25% 26 Otis Elev 14 14 14 14% Ulen Const I*. 1% 1% 18 Household— Col Pal Peet ... 15% 15 15 IS Kclvinator 15% 1" J* * 2 Mohawk Carpet 15% la 15% *5 Proc Si Gamble. 39% 39% 39 , 39 a Amer Woolen .. , 8 Celaness Coro . 26 25 26 25 s Gotham Hose.. 5% 5, S , 5 s Indus Ravon 26% 26 . 26 . 26/a Real Silk 6% 6% 6% 6%

Chicago Stocks

tßy Abbott, Proctor Si Painei Close, close. BerghofT Brew Cos 2*4 3 Borz-Warner 23% 23, Butler Bros J, 2 Chicago Corp com \ % Cities Service \/ * 8 Commonwealth Edison 42 42 General House Util 7% 7% Iron Fireman 16 -s 16 /, Kingsbury Brew Cos 2% 2 Libby-McNeil 6 % Quaker ats "S, 8 swift & ca \V /a Swift International Utah Radio * 4 1

U. S. Bonds

(By United Press 1 NEW YORK. Oct. 20 —Closing Liberty bonds (decimals represent thirty-seconds): Liberty Prev. Close, close. 3%s (32-47) 103.28 103.26 First 4%s (32-471 103.26 103.25 Fourth 4'is (33-381 104 104 Treasury 4%s 3%s (451 102.2 102 4%s (47-521 111 28 111.26 3%s (41-431 June 103.19 103.16 3%s (46-49) 101.5 101.2 3s (51-55) 100.3 100.1 3s (46-49) 100.4 100.4 Home Owners Loan Corp 3s May 1. 1952-51 97.28 98 2 4s July 1, 1951 98.2 98.7 Federal Farm Mortgage Corporation 3%s March 15. 1964-44 100.6 100.16 3s March 1. 1952-44 ....... 97.30 98.4 FEDERAL FARM LOAN BONDS (Bv Blyth & Cos.) Bid. Ask, 4s. July 1. 1946-44 981* 99% 4s. Nov. 1. 1957-37 97% 97% 4s. Mav 1. 1958-38 87% 97% 4%s JulV 1. 1956-36 99 99% 4%5. Jan. 1. 1957-37 99 99% 4%s Mav 1. 1957-37 99 99% 4%5; Nov. 1. 1958-38 99% 99% 4%5. Mav 1. 1942-32 100% 100% 4%5. Jan. 1. 1943-33 99% 99% 4%5. Jan. 1. 1953-33 99 * 99% 4%5. Jan. 1. 1955-35 99% 99% 4%5. Jan. 1. 1956-38 99% 100% ss. Mav 1. 1941-31 101 * 101% ss. Nov. 1. 1941-31 101V* 101%

New York Bonds

(By Fenner & Beane) Prev. Close, close. Alleg Corp 5s 'SO *7% 27% Am & For Pwr 5s 2030 A T & T db 5s '65 109% 109% Atchison Gen 4s '95 103 102 * B & O CV 4%s '6O 56 56 Beth Steel 5s A ’42 103% l®*! 8 Can Pac 4s '57 80 79% C & O 4%s A 39 110% 110 7 * Ch M St P & P adj 5s A 2000 8 Ch MStP&P rs 5s A ’75... 27% 27% Cons Gas N Y 4%s ’57 105 104% Denmark 5%s 55 95 95% Erie RR rs 5s ’67 67% 67*. French 7s '49 183 183 Goodyear 5s ’57 102% 10.% Gt Nor 4% D ’76 74 ... Gt Nor 7s An '36 91% 90% Interboro RT 5s '66 76 77 Int T&Tdb 5s '55 59% 59% Lorillard 7s '44 125 125% McKess & Robbison 5% 'SO .. 87% 87% Nat Dairy db 5%s '4B 99% 99% N Y Central 5s O 2013 67 67 Nor Am 5s '6l 85% Pac Gas & El 5s A 42 104*, 104% Penn RR 4%s D 'Bl 96% 96% Poland 7s '47 133% 133% Royal Dutch 4s A '45 135 135 Shell Union Oil 5s '52 102 102% Texas Corp 5s 44 102*. 103 Tob Pr N J 6%s 2022 108 107*, Un Pac Ist 4s '47 107 106*, U S Rubber 5s A '47 85 85 Western Un 5s 'sl 80 80

New York Curb

(By Abbott, Proctor & Paine) Prev. Close, close. Alum Cos of Am 52'a 53 ' Am Cvanide B 16 5 a 1 6 1 2 ; Am Gas & El 20 3 8 20's iAm Superpower 1 5 8 l 3 s j Asso Gas & El Vi '/a Atlas Corp . . B’s 8 5 * Brazil Tract & Lit 12 12 Can Marc 2'i, 2< Carrier Corp 9 3 8 8 5 8 Cities Serv I* B 1 3 4 Cord Corp 3 7 8 3 3 4 j Creole Petrol 12 3 4 12 3 , ; Deere A- Cos 20' 8 20>4 j Distillers Corp 15 14 3 , El Bond A- Share 10’ 10'„ ! Fisk Rubber 7 3 8 6' 2 | Ford of Can A 23', 23' 4 I Ford of Europe 10' 8 10 Glen Alden Coal 21 3 4 21 7 8 ! Gulf Oil of Pa 52 >2 52 >2 I Humble Oil 39 5 8 . Imperial Oil Ltd 16 3 8 16' 4 Hud Bay Min 12 3 4 12' 4 Int Petrol 30 1 s 30' 8 Lake Shore Min 57 57 Libbv McN Libby 6' 2 ... Mt Producers 4 5 8 ... Natl Bellas Hess A 3 2 1 Nia Hud Pwr 4> 4 4 3 8 Penn Road l 7 a l 7 s St Reiris Paper 2 1 7 Sherwin Wms 70 3 8 70' § Std of Kv 15’s Technicolor Ind 13 3 8 13 3 8 Teck Hughes Gold 4' s 4 Un Gas 2 2i Un Pwr * Lit A l'a l's Wright Hargraves Min 9 3 8 9 3 8

Xew York Bank Stocks

ißv Abbott. Proctor A Paine) Bid. Ask. Bankers 56 3 4 57'* Brooklvn Trust 87 90 Centra! Hanover 112'i 113’i Chase National 2324’ Chemical 39 39'< National Citv 21’s 21’a Com Exchange 44 3 44’* Continental 12'a 12'i ! Empire 17 17 t a ; First National 1.405 !Guarantv 291 293 Irving > 14 3 4 15 Manhatten ACo 25J* 25* s Manufactures 18’ 19’ < New York Trust 92 3 93*z Public -TT. 28’* 28 s . BOND ASSET VALUE RISES 31 PER CENT Foreign Issues Associates Earn $2,388 on Interest Charges. Hy Time* Sprcial NEW YORK. Oct. 20—The Sept. 30. 1934, asset value of a unit of foreign Bond Associates securities, representing one *IOO debenture and two shares of common stock, amounted to *149.30. according to the pamphlet report of the company for the first nine months of the year. This compares with $113.92 as of Dec. 31. 1933. and with 5138.68 as of June 30, 1934, and represents an j increase of 31 per cent in the nine months and 74 per cent in the | three months ended Sept. 30.

INDIANAPOLIS, SATURDAY, OCTOBER 20, 1934

NEW DEAL GDLD POLICY FLAYED BY LEHIGH DEAN Dr. Neil Carothers Speaks Before Sound Money Committee. The monetary policy of the federal government was severely condemned last night by Dr. Neil Carothers, dean of the school of business administration at Lehigh university. Dr. Carothers spoke before an audience of approximately seven hundred persons in the Academy of Music auditorium. He came to Indianapolis under the auspices of the Indiana sound money committee. “The monetary developments in this country for the past eighteen months are unprecedented in the history of the world,’’ Dr. Carothers declared. "Tinkering with the standard of value has killed reviving investment and destroyed confidence,” Lie said. "There is only one way to bring about a return to confidence. Let the President announce that the present devaluated gold dollar is the standard dollar of this country, that we shall return to an actual gold standard at the earliest possible moment, and that the next congress will be asked to repeal the Thomas’ inflation act and every silver measure now on the books.” Traces Money Course Tracing the course of money manipulation in the United States, Dr. Carothers asserted that the goldpurchase plan has been a failure. "It has terrified the banking and investment interests as well as the common man. The decline in prices causes a violent demand for inflation to raise prices and to relieve debtors. “The present administration is the first in the history of the country to yield to this pressure. It is a political matter. “Prices have gone up not because of the monetary policy but because there is a general economic recovery and because of the A. A. A. and the N. R. A. and all that. Inflation does not help the debtor class. The only people who benefit are the stockholders and speculators.” “When credit revives” prophesied Dr. Carothers, “inflation will come into its own. There is a possible issue of 412 billion dollars of extra currency and credit. When this dynamite does explode, we may go on another speculative spree like that of 1928 and 1929.” Cites Inflation Danger The more immediate danger, declared Dr. Carothers, is that the government may inflate still further in order to carry the expenses of recovery and relief. Saying that there is some question as to the merits of a stable price level, he pointed out that “the important fact is that a managed currency lives only in the minds of a few visionaries.” “Bi-metalism is a way to give dishonest profits to an unimportant industry,” he explained. “The silver interests know that if they had the right to have silver coined at the weight of the old silver dollar, they could make a profit of two or three cents through this overvalued coin. They are the most relentless and best organized bloc in congress today. The present administration has given them the most glorious opportunity in history. The Thomas Inflation Act authorized the President to establish bi-metalism at any ratio he chooses. “Last December, the President ordered the treasury to buy all the silver produced in this country at the arbitrary price of 6414 cents an ounce. Certificates were to be handed to the people, the silver behind each one worth about 40 cents. The silver certificates pouring into circulation are merely debased fiat money, serving to inflate the cur- ! rency still more.” STEER BRINGS $751.7,5 New Record Price Paid for Grand Champion in Pittsburgh. By Unit* rt Press PITTSBURGH, Oct. 20. The highest prices paid for fat show cattle and lambs in the United States i this year were established at the j second annual livestock show in j Pittsburgh. John Porteus, Coshocton county, O. received $751.75 for his 970-pound I grand champion steer. The pur-* \ chase was made by the Pittsburgh | Provision Packing Company at 7713 j cents a pound. Porteus said he would use the money to enroll at ! Ohio State university.

On Commission How

Quotations below are average wholesale prices being offered to buyers by local commission dealers. FRUITS —Cranberries. Cape Cod early blacks. 25-lb. box, $2.75. Grapes, Michigan Concords, 12-qt. basket. 40c. California seedless, 26-lb. box, $2.10. Crabapples. Michigan hyslops. bushel. $1.85. Persimmons, Indiana. 12 qts., 90c. Pears, New York. Bartlets. ousnel $2.50. Avacados, box, *1.50. Quinces, bushel. $3. Bananas. pound. s’c: pineapples, crate. $d size 30. VEGETABLES—Cabbage, Northern Danish. 50-lb. bag. 65c; red. bushel sl.lO. Onions. laaho sweet Spanish. large, 50-lb. bag $1.35; Michigan, veilow. 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: Chios. 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; Ohio icut offs) washed 22-lb. basket 75c; bushel *1.15. Cauliflower crate *1.75. Celery, Michigan medium, dozen. 40c; Jim bo. dozen. 65c: hearts, bunch. 90c. Cucumbers, hothouse, dozen, *l. Endive, dozen. 40c. Egg plant, dozen, 60c. Kale, bushel. 50c. Lettuce, outdoor. 15lb. basket. 60c. Mangos, bushel, 75c. Mint, dozen. 50c. Parsley, dozen, 35c. Peas, hamper, *2.75. Peyppers, red finger, bushel, *1 5-lb. basket. 50c. Radishes, dozen. 25c. Spinach. New Zealand, bushel. 35c; broadleaf. basket, 60c. Tomatoes, outdoor. 12-lb. basket. 45c: bushel. *1.50. FRUITS AND VEGETABLES (By United Pressi CHICAGO Oct 20—Apples—Michigan Mclntosch. bushels. 2>2-inch. *1.65; Jonathan. *1.35G150 Sweet potatoes— Ten- : nessee bushels. 35ft90c. Lettuce—California crates. *2x2.75. Cabbage—Wisconsin crates. 50'<, 60c. Peppers—lllinois bushels. 20x 25c. small; large 40*i60c. Eggplant —lllinois bushels. 25ft 30c Celery—Michigan crates, squares. 404i75c. Cauliflower —Oregon crates Sl<il.ls; Michigan. sl4* 125 Grapes—Michigan Concord. 12-qut., 334i 35c. Cranberries—Massachusetts, barrels, *2 65ft2.75. Spinach—Missouri bushels. 40i 50c; Michigan. 50ft70c. Carrots —Illinois bunches. IWCISc. Celerycabbage—Michigan flat crates. 30ft35c. Beets—lllinois and Indiana bunches lc. Onions—lllinois green, bunches. 7ft9e Onion market (50-lb. sacks) —Michigan yellows, gsft9oc; Idaho yellows, 854j95c. Indiana and Illinois yellows, 50fi750.

| Wall Street | BX RALPH

Timet Special Writer. New YORK, Oct. 20.—From a banking point of view the most important issue still to be settled by the Roosevelt administration and by congress is whether the monetary policy of the country is to be determined in the future by bankers or by the government, acting through appointive officials. The

issue has been clouded to a very great extent by banking and credit questions of a temporary nature, but it is likely to be brought out into the open before the next congress has been in session long. When President Roosevelt came into office one of his first acts was

to take over control of the situation. He has held that control ever since. But his actions in that connection were made necessary by the emergency conditions, so the question of whether control will be turned back to the bankers after the emergency is over remains an open one. They had dictated policies for several years prior to March, 1933. It would seem important that the issue be settled one way or another in'order that responsibility for actions taken may be established. If the government is to take over the duties it should stand ready to accept the responsibilities involved, and the same would hold true in the case of the bankers. Monetary policies have an important bearing on business, and the public should know who is to be praised or blamed for the results.

a a a THAT there is a tremendous interest in the question is indicated by the number of private and public debates which have been held and which are scheduled to be held over the issue. For instance, Frank A. Vanderlip, former president of the National City bank, and Walter E. Spahr, professor of economics at New York university, are scheduled to debate the issue. Mr. Vanderlip will take the affirmative side of the topic ‘Should a federal monetary authority be established to exercise complete control over the currency?” Quite naturally most bankers are in favor of having control turned back to them. They are afraid of the political influences if money and credit are made a matter entirely for government supervision. But, on the other hand, bankers have selfish interests to serve, and, besides, they lack the police powers to carry out their dictates even though in every case they decided issues on their merits.

tt u n HERETOFORE it has been a case of the bankers making the snowballs and the Federal Reserve authorities throwing them. And no one has been held accountable. The senate banking committee revealed irregularities in the banking profession, but reserve officials were not even called upon to testify as to their responsibility. It would seem to a casual observer that the Federal Reserve board would have been interested in the excessive use of the nation's money and credit for speculative purposes and that if it did not have the power to regulate such things it might not be a bad idea to grant it power to do so. President Roosevelt has been calling bankers amd other monetary authorities down to the White House for the last week. It is quite possible he is getting their reactions on the issue. In all probability he will have some definite recommendations on the subject to make to the next congress when it convenes io January.

Stock Studies

UNITED STATES RUBBER ' COMMON STOCK eta f" ■ I 1 1 ■■ l eMCt Smarc EARNINGS v, PRICE RANGC SCALf J I ■■ r rz H iJ- 30 ►f tibtrfr" * WINCHESTER INIMITUTE OF FINANCE The United States Rubber Company is one of the largest producers of rubber goods in this country, manufacturing practically every important article produced either wholly or partly from rubber. Its tire business is one of the largest in the country, supplying original equipment for automobile manufacturers. Through a wholly owned subsidiary United States Rubber operates large rubber plantations in Sumatra and British Malaya, with an annual output of 50.000.000 pounds of crude rubber. Since 1928 the company has been under the of the Du Pont interests. FINANCIAL DATA As of June 30, 1934 Common stock (no par' 1,464.571 shares Common stock and surplus *12.278.654 8 Per cent preferred stock (SIOO par) 65,109,100 Funded debt 69 375.532 Investments (plantations) .... 25.914.800 Cash and securities 4.675.484 Inventories 31,308.379 Total current assets 54.236,412 Current liabilities 13,330,108 During the twelve months ended June 30. the funded debt was decreased by approximately $1,900,000. jCash and securities were $1,200,000 less but inventories increased $13.400.000. et working capital gained $6,500,000. Common stock and surplus were $2,800,000 larger. The current ratio was about 4 to 1 on June 30, while the book value of the common stock was $8.38, an increase of $1.93 during the period, j Deficits have ruled for several I years, largely due to wide price fiuc- ! tuations in crude rubber. The rubber plantations, however, have oper- ' ated at some profit last year and in the first half of this year. The last dividend on the common stock was paid in 1921, and the last dividend on the preferred—noncumulative—was paid in 1928. The United States Rubber Company was incorporated in 1892 in New Jersey. Both classes of stock are listed on the New York Stock Exchange. The common is currency selling for 164 and the preferred sells for 38. (All right* reserved. Wincheeter InstituU of Finance. Winchester, Mur*

FUTURE PRICES WEAKEN UNDER UNEVENSALES Scattered Liquidation in Wheat Pit Causes Decline. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO. Oct. 20. Scattered liquidation in the wheat pit cast a depressing shadow over the entire market today and prices averaged lower on the Chicago Board of Trade. Wheat finished 1U to 1 1 4 cents lower, December 97 1 4 cents; corn was down % to 1% cents, December 76 cents, and oats were % to a cent lower. The principal grain got off to a lame start when outside markets dropped. Selling by commission house longs soon set in and shook the entire market lower. Support came at times from shorts, forced to cover, and from week-end evening of positions. During the last week domestic markets have been depressed by unsettled conditions in foreign markets. Argentine offerings and French selling at ruinous prices worked against the English market. The domestic situation has been strong, but the influence from abroad proved unsurmountable. Liverpool October wheat today sold within a few cents of the low for the season. Com showed relatively more strength than wheat, but prices for the yellow grain generally were lower. Oats were dull and kept pace with activity in the major pits. Provisions were firm at the start but later slumped. CHICAGO PRIMARY RECEIPTS —Bushels— Today. Last week. Wheat 406,000 647,000 Corn 706,000 719,000 Oats 104,000 203,000 LOCAL CASH MARKET City grain elevators are paying 88 cents tor No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 68 cents, and oats 43 cents.

Hendershot

Other Livestock

(By United Press) CHICAGO, Oct. 20.—Hogs—Receipts. 9.000, including 8,500 directs; estimated holdovers, 1,000; market, around 10 cents lower in dull cleanup trade; top. best kinds $5.80, compared with Friday last week when top was $6.10. Cattle—Receipts, 1.500 commercial, 300 government: calves, 300 commercial, 100 government; compared Friday last week, good and choice yearlings and light steers, 25®50c lower, decline erasing last week's late advance; heavy steers steady to 25c lower; week's extreme top. heavy steers, $10.15; light steers, $9.60; practical top yearlings. $9, with $8.50 best at close; most fed steers, $6.50@9; grassers. $6 down to $3.75; all heifers, weak to 25c lower; fat, cows. 15®25c off; bulls, steady, and vealers 50c lower; Stockers, $6. Sheep—Receipts, 3,000. all commercial; for week ended Friday. 50 doubles from feeding stations, 19,600 directs; compared Friday last week, fat lambs, around 25c lower; sheep, weak; feeding lambs, strong to higher; week’s top native lambs. $6.75, closing top, $6.50 with better grade offerings at finish. $6.25 to mostly $6.50; native lambs. $6.50 down; rangers, $6®6.50: slaughter ewes. $1.50®2.25; bulk feeding lambs. ss® 6; top, $6.15. FT. WAYNE. Oct. 20.—Hogs—Steady to 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., $4.75; 140150 lbs.. $4.50; 130-140 lbs.. $4; 120-130 lbs., $3.50: 100-120 lbs.. $3; roughs. $4.25; stags. $2.50. Calves —$7.50. Lambs —$6.25. LAFAYETTE. Oct. 20.—Market steady to 5c higher: 225-275 lbs.. $5.55®5.60: 275-325 lbs.. $5.30® 5.50: 200-225 lbs.. $5.50® 5.55: 180-200 lbs.. $.40 5 n.45; 160-180 lbs.. $5.20® 5.30: pigs. $4.75 down: roughs. $5.00 down. Calves—Steady. $6.50 down. Lambs— Steady, $6 down. (By Times Special) LOUISVILLE, Oct. o.—Cattle—Receipts. 150; market nominal compared with close last week; market fully steady to strong on all slaughter classes; closing bulk common to medium light grass steers and heifers. $3®4.50; several lots better finished lightweights, $5®5.50; strictly good baby beef type yearlings quotable $6 and $6.25’' paid for some good 1.039-lb. steers, week's bulk beef cows, $2.50®3; practical top. $3.25; good kinds eligible higher low cutters and cutters mostly [email protected]: sausage bulls generally [email protected]; bulk desirable Hereford stock calves. $4.50®5: common to medium grade natives. $2.50® 3.50. Calves—Receipts, 225, including 150 stock calves: market, steady: bulk better vealers. 6®6.50: medium and lower grades, $5 down: market closing fully 50c lower than last Saturday. Hogs —Receipts 150: market, steady: top and bulk better 200250 lbs.. $5.50; 180-195 lbs.. $5.25: 253 lbs. up $5.05: 160-175 lbs.. $4 65: 140-155 lbs., $4.15: 120-135 lbs.. $3.15; sows. $4.30: market closing mostly 50c lower than last Saturday. Sheep—Receipts. 100, including 80 stock ewes: market nominal compared close last week; lambs weak to 25c lower; other classes unchanged: closing bulk desirable lambs. $5.75 to mostly $6; choice quotable $6.25. or better; bucks mainly $4.75®5: light throwout.s. $3.50; bulk better fat ewes. $1.50®2; better stock ewes Suotable, $6®7.50 a head; plainer kinds own to $4.50 or less. ACME BUILDINGS ARE ACQUIRED BY DURHAM Furniture Company to Employ 75 Additional Workers. By Times Special NEW CASTLE, Oct. 20.—The Durham Manufacturing Company, makers of chromium-plated tabular furniture, have acquired the Acme Machine Products Company buildings, and are installing new machinery to start production, R. V. Stover, general manager, has announced. Approximately seventy-five additional men will be employed by the company when production of new lines of furniture is started, Mr. Stover stated. New manufacturing equipment is being purchased and production is expected to begin the first of the year. Furniture to be manufactured by the company is of modernistic design and has become popular after being exhibited at the Century of Progress, it was stated. FRUIT TRADING IS SLOW DURING WEEK Homegrown Receipts Reported More Liberal at Few Points. I By Times Special WASHINGTON, Oct. 20.—TradI ing in fruits and vegetables during I the last week was regarded as slow |in the nud-westem markets, according to a report today by the United States department of agri- ; culture. Homegrown receipts were more i liberal at some points, while both Chicago and St. Louis reported dull markets. Supplies were heavy and demand moderate at Cincinnati. Carlots of fresh produce moving by rail this month are reported averaging nearly 3.000 a day, about the same as in the previous week last year, it was reported. DIVIDEND IS DECLARED i By Times Special BOSTON, Oct. 20—A dividend of 20 per cent, payable on all policies expiring in December, has been declared by the American Mutual Liability Insurance Company,

QUITS GRAIN POST

jtpr “ n Ijj ifi&Mt flppe Kk Je B! Mi

George S. Milnor Resignation of George S. Milnor as vice-president and general manager of the Farmers National Grain Corporation was announced this week. He will return to private business.

PORKERS SHOW UNEVENTREND Few Underweights 5 to 10 Cents Higher; Other Grades Steady. With exception of a few lightweights moving from 5 to 10 cents higher, porker prices remained fully steady in early trading at the Indianapolis stockyards this morning. The bulk of 160 to 200 pounds, was selling to $5.60, while heavier grades scaling from 200 to 300 pounds, sold at $5.65 to $5.75. Few choice brought $5.80. In the lightweight division, porkers weighing 130 to 160 pounds, cashed in at $4.25 to $5. Smallest kinds scaling 100 to 130 pounds, brought $3 to $4. Packing sows ranged from $4.25 to $5. Receipts were estimated at 4,500; holdovers, 474. Initial trading was scarce in the cattle market, and practically all grades were unchanged at the previous close. Receipts numbered 100. No test was made of veals and prices held steady. Odd head brought $7. Early trading in lambs was mostly stationary with yesterday's average. Bulk sold mostly at $5 to $6.50. Several classes were inactive. Receipts were 200. HOGS Oct Bulk. Top Receipts. 15. $5.75® 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 20. 5.35® 5.60 5.80 4,500 (140-160) Good and choice $4,750 5 25 (160-180) Good and choice 5.35® 5.55 (180-200) Good and choice 5.55® 5.65 (200-220) Good and choice 5.65® 5.75 (220-250) Good and choice .... 5.70® 5.80 (250-290) 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® 485 (275-550) Medium 4.00® 4.75 (100-130) Slaughter pigs good and choice 3.00® 4.00 CATTLE —Receipts. 100— —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 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-7501 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) G<*)d 3.000 3.50 Common and medium 2.00® 3.00 VEALERS —Receipts, 100— 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® 6.50 Common and medium 2.50® 4.75 —Feeder and Stocker Cattle—(Steers) (500-800) Good and choice .... 4 50® 5.50 Common and medium 3 00® 4.50 iBOO-1.050i Good and choice... 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, 200— Lambs. 90-lb. down, good and choice $ 6 25® 8.75 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

Produce Markets

Delivered in Indianapolis prices: Heavy hens, lie; Leghorn nens, 7c; colored springers, I'/* 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 o 5 lbs. will be made. Butert—No. 1,27-28 c. Butterfat. 23c. Quoted by the Wadiey Company. (By United Press) CHICAGO, Oct. 20 . Eggs Market, steady; receipts. 1.024 cases: extra firsts. 25c; fresh graded firsts. 24c; current receipts. 21ft.23c; dirties. No. 1. 19c: No. 2. 17c; checks. No. 1. 18‘ac; No. 2. 15c. Butter—Market, steady: receipts. 6,721 tubs, extra firsts '9oft9l'j) score, 25 ! 26 26'4C-. extras i92 scorei firsts (884/89'i score), 23 , 4ft24’4c; seconds )86'i87‘j score) 22 l 3 ft23c; specials ,25’4ft27 J 4C: standards. 25 5 4C. Poultry—Market, about steady; receipts. 12 trucks: one car due; geese, lift 12c; turkeys. 16c: old roosters. 11c: ducks, heavy white, 15c: colored, 13c; springers, 4 lbs. and up. 13’jft 15’jc; under 4 lbs.. 13' 2 ft 15c; hens, heavy. 14c; medium. under 4’ * lbs.. 12c: guinea hens. doz.. s4ft7; leghorn springers. 12'jC. CheeseTwins. 12'4® 124 c: daisies. 12 J 4ftl3c: Longhorns. 12 J 4ftl3c. Potatoes—Supply moderate; demand and trading slow; market. steadv: Wisconsin round whites. 80ft 90c. commercial grade. 75c: Idaho russets. $1 404/ 1 55. combination grade, tl 25; Colorado McClures, *1.77'2180. one ear small and poor color. *1 50 arrivals. 117. on track. 245. shipments. 891.

ACID-KNOX INSTANT RELIEF 1 From IN DIGESTION. m GASTRITIS, VI SOUR STOMACH GUARANTEED I OS SALE AT ALL HAAG DRUG STORES

Latest Stock, Bond and Commodity Quotations

WINTER RELIEF FUND INCREASE IS HEW VITAL Violence Seen If There Is Failure to Care for Destitute. BY LYLE C. WILSON United Pres* Stff Correspondent iCopyright. 1934. by United Press) WASHINGTON. Oct. 20.—Emergency unemployment relief must be stepped up to meet a cold weather destitution peak and prevent violence in the United States this winter, responsible officials believed today. Conviction that violence would accompany failure to care for the destitute is based on the opinion that men would seize food, clothing and perhaps shelter before they would starve or succumb to exposure in large numbers. Potentialities of violence are no different this winter than last. Before relief plans are in final form a major decision must be made regarding pay scales on construction projects financed with government funds. State and federal Public Works Administration projects now pay workers the prevailing local union wage scale. Would Enrage Labor This wage policy is questioned by at least one of President Roosevelt's principal emergency relief advisors. An inquiry revealed this dissenter believes maximum employment from emergency construction spending should bo sought by reducing wages below established union scales, although not below subsistence levels. That would spread work. It would enrage organized labor. President William A. Green of the American Federation of Labor rejected such a suggestion three months ago in connection with housing administration projects. Labor believes that policy would reduce wage levels generally. In defense of the sub-union wage scale, it is argued that the most successful emergency project is the sl-a--day Civilian Conservative Corps. Organized labor condemned that pay schedule, but administration officials consider CCC to be w’orking almost perfectly without hurting outside wage standards. There is no indication of general support for a sub-union wage scale policy. Opinions Vary Administration opinions vary as to the probable attitude of ultraconservative congressmen and business leaders toward relief this winter. In one authoritative quarter the opinion was expressed that socalled “tories” would be glad to substitute a dole for the more expensive administration work relief program. ‘ I think the tories would rather have a bread line costing $8 a week a person than to provide proper jobs through work relief at sl2 a week,” was the manner in which the idea was expressed. Still another responsible official took this position: “The conservative elements would be willing this winter to approve practically unlimited human relief expenditures if the administration would materially curtail its other emergency spending and new deal planning to remake the social order.” Reject Viewpoints New dealers generally reject both of these viewpoints because they believe a dole or unlimited emergency relief at the expense of long time new deal planning would merely temporize with the unemployment problem. Their objective, admittedly difficult of achievement, is to move relief as quickly as possibly from the emergency phase. They expect a substantial upturn of private employment to help within a month. By next autumn they hope better business will have cut far into the 10,000,000 or so of unemployed persons.

Quality LINOLEUM Af Lowest Prices In City r 0 $4.85 6 and 9-ft. wide enameled surface floor covering. Regular QQ/ f)9c quality. Sq. yd JjC OK*Vt t e Linoleum Cos. 961 F>. Wash. St. RI-3986

Evening School Strong courses offered In SeeretsrlsL Stenography. Accounting, Bookkeeping and kindred subjects. Spend part of yonr evenings In selfimprovement Cost low. Contra! Business Cellige Architect* * BailAerc Bwlldln. Indianapolis,

9x12 Yel-Loom Rugs Heavy quality rugs in beautiful shades of rusts * . rods and tans suit- f|, 8 5 able for living and I 11 -. dining rooms. " w United Rug & Linoleum Cos. 139 VV. Wash. opt,0 The-t l f n e dUnll

P\tU outlet! ''SHOE STORES tMLIABIE SHOES Ks LOWEST PWCESI NOW ts* E. Washington St. —3— to* W. Washington St. 3TOHES 10*-111 S. Illinois Bt.

INT^-STRINQ WHITE FURNITURE CO. 74*.149 W. WASH. §T.

• “My Clients bleep Well" Unemployment Insurance For yourself in old age. Enjoy • contented and secure futnre. (Retirement Annuities) Ro F. Lindemait Aetna Ltfs Insurance Cos. 19th Jloor Illinois Bid*. Rl-960*