Indianapolis Times, Volume 46, Number 141, Indianapolis, Marion County, 23 October 1934 — Page 15

Developments in Trade and Industry

MINING SHARES TURN WEAK ON STOCK MARKET General List Is Irregular, Lower in Dull Turnover. Il l I nit l 4 Trent NEW YORK, Oct. 23.—Weakness in gold mining shares featured the morning dealings on the Stock Exchange today. That? roup declined 1 to more than 2 points while the general list was irregularly lower in dull turnover. Noranda Mines, the active issue, declined 2% points to 33 i, where it was within % point of its 1934 low. Alaska Juneau touched 17%, off V, Dome Mines, 39%, off 1%, and McIntyre Porcupine, 44 off a point. Silver issues were depressed in dull turnover, but toward noon they rallied. United States Smelting came back to 115 5 2 after touching 114%, off 1%. Montgomery Ward was the most active issue. It dipped to a fractional loss. Chrysler was next in volume with a % point dip to 35'i. Congoleum NUairn was relatively active at 30'i, up %. Recent favorites in the low-priced mercantile shares met profit-taking and turned dull. Tobaccos declined for a time but steadied at noon on record cigarette production figures for the first nine months of 1934. Steels were about steady and so were oils. Rails and utilities were mixed in a fractional area.

Treasury Statement

<Bv Uni'ed Press) WASHINGTON. Oct 23.—Government expenses and receipts for the current fiscal tear to Oct. 20. 1934 with the corresponding period ol the previous fiscal year: This Year Last Year Expenses $2 029.920.356 60 $1 294 885 372 58 receipt* 1.156 297.266 50 880.406 468 00 Deficit 873 223 090 10 414.478 904 58 Cash Hal. 1.871,209.808 51

On Commission Row

Quotation* below are average wholesale prices being offered to buyers by local commission dealers. 4 HlTTS—Cranberries. Cape Cod. early blacks. 25-lb. box, $2 85. Grapes. Ohio Concords. 12-qt basket. $1.65: California tokavs. 26-lb box. $1.65 Crabapples, Michigan hyslops. bushel. $1 85 Persimmons. Indiana. 12 qts,. 90c. Pears, New York Bartlets. bushel $2 50 Avacados. box $1 50. Quinces, bushel. *3. Bananas, pound. sc; pineapples, crate. $5 size 30. Apples, maiden blush. $1 50; northern spvs. $1 35, Indiana Jonathans. $1.60; grimes golden, sl.so'ft 1.75. Mellons. California honey dews, $1 85. VEGI.TABI.ES— Cabbage. Northern Danish 50-lb. bag. 60c; red. bushel. $1 10. Onions Idaho sweet Spanish, large. 50-lb. bag. $1.35; Michigan, yellow. $1 white, boilers 10-lh hag. 35c; Western white. 50lb hug. $1 75. Potatoes, New Jersey Cobblers 100-ib bag. $14.6; Northern Tound white. 100-lb bag. $1 10; Ohlos, 100-lb bag. $155: Idaho Russets. 100-lb. bsg. $2 Sweet potatoes; Indiana Jerseys, bushel. $1 5(1; Indiana Nancy Halls, bushel. $1 Beans, home-grown stringless bushel. $1 50 I.imas large, pound 25c Beets, dozen. 20c. Carrots. Ohio*, dozen. 35c. Cauliflower crate. $1.75 Celery. Michigan medium, dozen. 40c: jumbo, dozen. 65c; heart*, bunch. 90c Cucumbers, hothouse, dozen. $1 50 Endive, dozen. 40c. Egg plant, dozen. 75c. Kale. bushel, 50c. Lettuce outdoor. 15-lb. basket. 60c. Mangos bushel. 85c. Mint, dozen. 50c. Parslev. dozen 35c. Peas—Hamner. $2.75. Peppers, red finger, bushel. $1.75: 5-lb. basket. 50c. Radishes dozen. 25c. Tomatoes, outdoor. 12-lb basket. 45c; bushel. $1.50. Turnips, home grown, dozen. 20c; pumpkins, dozen. 35c.

Produce Markets

Delivered in Indianapolis prices: Heavy hens. 12c: Leghorn hens. 7c; colored springers. 1% lbs and over. 11c: Leghorn springers. 9c; old roosters. sc; ducks. sc; geese sc. voung guineas. 20c old guineas. 15c. No 1 strictly tresh country run eggs. los off 19c Each full case must weigh 55 lbs cross; a deduction ol 10c a pound for each pound under 55 lbs will be made. Butter No. 1. 28.29 c Buttcrfat—23c. Quoted by the Wadlev Company. tßy United Press! CHICAGO. Oct. 23 Eggs Market, firm; receipts 1 023 cases; extra firsts. 26c; fresh graded firsts. 24%c; current receipts. 21.i 23c dirties No. 1. 19c: No. 2. 17c; checks No. 1. 18'.: No. 2. 15c. ButterMarket steady; receipts. 11 869 tubs; extra firsts ,90-91’ • score,. 25%5i 26%c; extras ,92 score'. 26%c: firsts ,88-89'.- score'. 23%'.i21%r' seconds ,86'.i 87 1 1 scorn. 22% ,i23c specials. 27%'.'27%c: standards. 25 ’.c Poultrv Market, steady; receipts. 46 trucks. 3 cars; geese. 11c; turkeys. 16c; old roosters. 10'.-c; ducks heavy colored, 13e: springers colored, rivmouth Rock. ltc : hens 14'.-c guinea hens, dozen. ss'<i 7 Leghorn spiingers. 12'.c; white rock. Hcht springs. 14’.c Cheese -Twins. 12% ,12’c: Daisies. 12%513%c: Longhorns. 17 ■ (14c Potatoes Supplv moderate: demand and trading light; market, stendv: \\ -consul Round White. 85'.; 92'_c: commercial grade. 7n'.i77'zc; Idaho Russets. <1 40 160 Arrivals 49. on track 248. shipments 621.

Other Livestock

ißv United Press) ET WAYNE. Oct. 23.—Hogs—Market, steady 250-300 lbs.. $5 60 : 200-250 lbs.. 545 ' 180-200 lbs . $5 30; 160-180 lbs.. $5 20.’ 300-350 ibs . $5 35; 1.50-160 lbs. 475 140-150 lbs $4 50 130-140 lbs . $4; 120-130 lbs $- 50. 100-120 lbs . $3: roughs. *4 25 stags. $2 5. Calves. $7,504)8- Lambs. S6 25. I AFAYETTE Oct 23 —Market, steady to 5c higher. 225-275 lbs. $5 60 275-325 lbs.. <5 SOxi 550 200-225 lbs $5 50 i 5 55; 180200 lbs $5 40 ,i 5 45; 160-180 lbs . $5 20'.! 530 pigs $4 75 down; roughs. $5 down. Calves— Steady; $6 50 down. Lambs—s 6 down. ißv Times Special) LOUISVILLE Oct 23—Cattle—Commercial 300. market moderatelv active and generally steady on all slaughter classes, quality fair; bulk common to medium light grass steers and heifers, S3O 4 50. better finished l.ghtweights Quotable to around $6; b ilk beet cow s. s2.sosi 3; good kinds eligib’e higher: low cutters and cutter cows. $1.25 :2 25 sausage bulls mostly $2 75 down bu.k desirable Hereford stock calves salable $4 50 , 5 common to medium grade natives $2 50 350 Calves —Commercial. 300 market steady bilk desirable 200-250 lbs $5 50 180-195 lbs $5 25 255 lbs up. $5 05 160-175 b- $4 65 140-155 lbs $4 15: 120-135 lbs. $3 15 sows. $4 30 Sheep— Rece.pts. too market steady; better lambs. *$ 75 to mostly *6 choice eligible higher toirk*. mostly $4 75.;5 light throwouts. $3 50 desirable fat ewes. $l5O 72: moat stock ewes salable. $4 50 7 6.50 per heafc Receipts Monday; Cattle. commercials 1 436 government 1 313; calves commercial 675 hog*. 1041; sheep. 106 Shipment sMor.da\ Ca’tle commercial. 477: calves, commercial, 532; hogs. 397.

Retail Coal Prices

Tha toUowmg priers represent quotation* from lead:nc Indianaoo.ii coal dealer* A 25-cent carrvine charse oer ton will be added. DOMESTIC RETAIL PRICES Anthracite SISsKj Brazil Lump 5 90 Brazil Lump 5.90 Brazil Mine Run 525 Coke. Nut Size 8 65 Coke. Ess Size 8 86 Indiana Forked Lump No * and 6 . 573 Indiana Ees 5.71 KentuckY Lump Group "B" 7 IS Pocahontas Lump 8 33 Pocahontas Esc 843 Pocahontas Mine Run 7 70 New River Smokelea* 42* QUARTER SALES DECLINE By limn Sprcial NEW YORK. Oct. 23.—Sales of the American Colortype Company for the third quarter of 1934 amounted to f1.450.410. as compared with $1,186,387 in the same quarter of 1933, it was reported today. Sales ior the first nine months of the current year totaled $4,458,765, an increase of 20.9 per cent.

New York Stock Exchange Prices

(By Abbott, Proctor & Painci 11 00 A. M Prev. j Oil— High. Low. V. close. Atl Rfs 21 23 23 23 1 • Barr.*-!*!! B’. 6% 6% B’. Cor,t of Del ... 16% 16% 16% 16% Mid Cent Pet .. 10 . 10% 10’, 10% Ohio Oil 9’. 9 9 9’ ! Phillips Pet . 13% 13% 13’, 13% Roval Dutch ... .32% 32 . 32'. 32% Bbd Oil ... 22 21'j 21% 22% Soc Vac 13% 13% 1.3% 1.3% j SO of Cal 29 29 29 29 ! 8O of Ir.d . ..24% 24% 24% 24% 8 O Os J 41% 41% 41% 41 Texas Corp ... 20% 20% 20% 20% j Un Oil of Cal .. 14 14 14 14% Steel,— Am Roll Mill*. 17% 17'. 17% 17% Be-h S-eel . ... 28% 27% 27% 27% Inland Steel 39 39 39 39 McKeesport Tin 89% 89% 89% 89% i Mid S’eei 8% 8% 8% 8% ' Na-1 Steel 37% 37% 37% 37% U 8 Bteel 33% 32% 33% 33% V S Steel pfd .75 75 75 75 Motors— A lburn 27% 27 27% 27% Chrysler 35% 35% 35% 35% Gen Motors. 29% 29% 29% 30 Gen Motors pfd 103% 103% 103% 103% Graham Mot ... 1% 1% 1% 1% Hudson 9% 9% 9% 9 s . Hupp 2% 2% 2% 2% Nash 14% 14% 14% 14% Packard 3% 3% 3% 3% Reo 2% 2% 2% 2% Studebaker .... 33 33 Yellow Truck .. 3% 3% 3% 3V Motor Acer**— Bendix 12% 12% 12% 12% Bohn Alum ... 52% 52% 52% 52% Borg Warner. ... 2.3% 23% 23% 24 Briggs 17% 17% 17% '7% Budd Wheel 2% 2% 2% 2% Eaton Mfg . 15% 15% 15% 15% Elec Au-O Lite . 24% 23% 23% 24% I Murray Body ... 4% 4% 4% 4% ; Stew Warner 6% 6% S', 6% i T.mxen Roll 20% 29% 29% 29% ! Timken Det Axel 6 6 6 6 Mining— Alaska Jun 18% 17’, 17% 18% Am Metals 15 15 15 15 Am Smelt 36’ 35% 35% 36% Anaconda 11 10% 10’, 10% Cal AHecla 33 33 Cerro IDe Pasco 57% 36’, 37 37% Dome Mines .. . 40% 39% 39% 41 Howe Sound .. 50 50 50 50% Int Nickel . .. 24% 24% 24% 24% Kennecott Cop 17% 17% 17% 17% Mclntyre Mine. 45% 45 45 45% Noranda Cop .. 35% 35 35 36% Park Utah 3% .3% 3% 3% Phelps Dodge . 14% 14% 14% 14% U S Smelters 114% 114% 114% 115% Vanadium 16% 16% 16% 16% Pox Thea 13 12% 12% 13% Loews Inc 30% 30% 30% 30% Radio Corp s’, S’, 5% s’, RKO .. 2% 2% 2%% 2% Warner Bros ... 4’, 4% 4% 4% Tobaccos— Am Sum Tob ... 19% 19% 19% 19% Am Tobacco A 78% 78% 78% 79 Am Tobacco B 80 80 80 80% lugg At Mvers B.lOl’i 100% 101 101% Reynolds Tob B 49% 49 43 49% Rails— Atchison 52% 51% 52 52% B A’. O 15% 13% 15% 15% Can Pac 12% 12% 12% 12% Ch & Ohio 43 43 43 43 C M At St, P pfd 4% 4% 4% 5 Chi N W . 5% 5% 5% . Del Lac & W ... 17% 17% 17% 17% Erie .12% 12% 12% 12% Grt North pfd . 15% 15 15 15% 111 Central 16% 16% 16% 16% K C Sou 7\ 7% 7% 8% Lehigh Valiev •• 10% 10% 10% 10% M K At T 6% 6% 6% 6% N Y Cent 21% 21% 21% 21% N Y New Haven 9% 9% 9% 9% N Y Ont k West 5% 5% 5% 6% Norfolk A: Wes 169% 168% 168% 169 Nor Pac 19% 19% 19% 20 Sou Pac 17% 17 5 a 17% 17% Penn R R 22% 22% 22% 22% Sou R R 16% 15% 15% 16% Equipments— Allis Chalmers . 13% 13% 13% 13 Am Brake Shoe 24 24 24 25% Am Car & Fdv. 16% 16% 16% 16% Am Steel Fdy . 13% 15% 15% 15% Bald Loco 8 8 8 8 Burroughs 14% 14% 14% 14% Case J I 47 46% 46% 47 Cater Tract 27% 27% 27% 27% Deere & Cos .... 19% 19% 19% 19% Elec Stor aßt 43% 43 43% 43 Gen Am Tk Car 35 35 35 36 Gen Elec 18% 18% 18% 18% Int Harvester -. 33% 33% 33% 34% Natl Cash Reg . 18% 16% 18% 16% Pullman Inc .... 39% 39% 39% 40% Rem Rand .... 8% 8% 8% 9 West Air Bl .. 26 25% 26 26% Westingh Elec.. 31% 31% 31% 31% Utilities— Am A - For Pwr.. 6 5% 5% 6 AT&T 110% 110 110 110 Am Wat Wks . 15% 15% 15% 15% Col Gas A; Elec . 8% 8% 8% 8% Com At Sou 1% 1% 1% 1% Consol Gas 26% 26% 26% 26% E P * L pfd ... 8% 8% 8% 9 Int Hydro Elec.. 3% 3% 3% 3% Int T At T ... 9’s 9% 9% 9% Nat Pwr A- Lit.. 8% 8% 8% 8% North Amer .... 13% 13 13 13% Pac G & E 15% 15% 15% 15% Peoples Gas 22 21% 21% 22%

Wall Street BY RALPH HENDERSHOT Time, Special Writer. NEW YORK, Oct. 23—The securities and exchange commission has adopted a new T and important policy—the policy of reporting its findings to the public after it has made investigations of market activities which it feels may or may not include irregularities. Its first report, issued late last week, was the result of its findings in the case of Me-

Leilan Stores. It found that the securities and exchange act had not been violated. The comission is to be complimented on its new policy. The public has a right to know the facts about unusual market movemen ts, whether

they be good, bad or indifferent, and the commission will help greatly to restore confi- ! dence in the markets by letting investors know, through its reports that it is watching deevlopments carefully. In one particluar, however, the commission would do well to act with care. Before it makes an unfavorable report on a stock it should be quite certain that it is right. To take too much for granted in that respect might do a great body of security holders harm. It would also do an injustice to those who have been identified with the market activity of a stock issue. a a r THE Street has not been particularly impressed with some of the investigators who have been assigned to dig out the facts on market movements. Its criticism has been directed at the inexperience of such investigators, particularly those who know little or nothing about market manipulative practices. The charge also is made that some of these investigators J adopt the attitude of prosecutors rather than fact-finders. Joseph P. Kennedy, chairman of the commission, is a Wall Street man and knows all the tricks of the trade. But it is obvious he can not make the investigations personally. He must depend on the findings of his lieutenants. To be on the safe side, however, it might not be a bad idea if he were to hold a final hearing in his own offices and allow those under suspicion to tell their story to him direct before mskingan adverse report.

000 . SUCH hearings really would sene two purposes. In addition to greatly reducing the possibility of mistake and of the doing of injustice they would tend to keep investigators under better control. If given too much leeway it would be the easiest thing in the world for investigators to build up the worst sort of "racket” by preying on brokers and traders who are doing their best to conduct a legitimate business. Moreover, those who would i like to evade the provisions of the , act probably would pay well for ' "whitewashes."

Abreast of The Times on Finance

Pub Serv N J 31 31 31 31 So Cal Edison.. 12 12 12 12% United Corp 3% 3% 3% 3% Un Gas Imp 13% 13% 13% 13% Ut Pwr At Lit A 1% 1% I’, 1 1 West Union ... 33% 33% 33% 34% Rubber*— Firestone 13% 13% 13% 14% Goodyear . ... 20% 20’, 20’, 21% Kelly Spring . . IS IS 1% I‘a U S Rubber 16 16 18 16 U S Rubber pfd 36% 36% 36% 37 Miscellaneous— Am Bank Note 13 13 13 12% Am Can 103 102% 103 102% Brklvn Man Tr 39 38% 39 39% 1 Conti Can 87% 87% 87 , 87% Curtis Pub 17% 17% 17% 1.% ! Eastman Kodak 104 104 104 103 j Gillette 12% 12% 12% 12% , Oltdden 23 23 23 22% Inter Rapid Tr 14% 14% 14% 15 Owens Bottle .. 78% 78% 78% 78 Foods— Armour A 6% 6% 6% 6% Borden Prod 25% 25% 25% 25* Cal Packing 38% 36% 36% 37% Corn Prod 65% 65% 65% 65% Crm of Wheat . 32% 32% 32% 32% Cuban Am Sug 5% 5% 5% 6 Gen Foods 31% 31% 31% 31% Gold Dust ...... 17% 17% 17% 18% G W Sugar 27% 27% 27% 27% Loose Wiles 38% 38% 38% 37% Natl Biscuit . .. 29% 29% 29’* 29% Natl D Prod ... 16% 16% 16% 16% Purity Bak .. -9% 9% 9% 9% S Porto Rico Sug 2 27% 27% 28% Spencer Kellog . 26 26 26 26% Std Brands .... 19% 19% 19% 19% Un Biscuit 23% 23% 23% 23% United Fruit ... 72% 72% 72% 72% Wriglev 69% 69% 69% 61% Retail Stores— Assd Dry Goods 12 12 12 12% 1 Best A: Cos 35% 35 35 36 First Natl Stores 66% 66 66% 64% Gimbel Bros 4% 4% 4% 4% j

PORKER PRICES RISEJOCENTS Cattle Market Weak to Lower; Lamb Values Strengthen. Strong undertone developed in hog trading at the Union Stockyards this morning with the majority of prices around 10 cents higher than yesterday's average. Receipts were estimated at 9,000, the largest on hand for more than a week. The bulk, 160 to 200 pounds, sold at $5.55 to $5.70, while heavier kinds scaling 200 to 300 pounds, brought $5.75 to $5.85. Lightweight porkers, weighing 130 to 160 pounds, cashed in at $4.35 to $5.10. Extremely small classes ranging from- 10 0 to 130 pounds, were at $4.25 to $5. Holdovers numbered 130. Initial trading was slow in the cattle market, with sentiment weak to slightly lower than the previous close. Most steers were salable under $8.50. Several grades remained inactive. Receipts were 2,300. Vealers held stationary, selling at $8 down. Early sales of lambs were strong to slightly higher than yesterday. The bulk sold at $6.75 down. Few small lots brought $7. Bucks were discounted sl, while throwouts ranged from $3.50 to $5. Receipts were 2,000. HOGS Oct. Bulk. Top. Receipts. 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 22. 5 35® 5 60 5.80 7.000 23. 5.55® ’.70 5.85 9.000 1140-160’ Good and choice .. $4.85® 5.25 4160-1 SOi Good and choice.... 5.55® 5.65 (180-200) Good and choice ... 5.65®: 5.75 (200-2201 Good and choice ... 5.75®- 5.80 1220-2501 Good and choice.... 5.804/ 5.85 (250-2901 Good and choice ... 5.75® 5.80 (290-350) Good and choice.... 5.55® 5.75 Packing sows: (275-3501 Good 5.00® 5.25 ,350-425) Good 4.85® 5.15 (450-5501 Good 4.75® 5.00 (275-550) Medium 4.25® 4.85 (100-130) Slaughter pigs good and choice 3.10® 4.10 CATTLE —Receipts. 2.300 —Steers—-(sso-900) Choice $7.25® 850 Good 6.00® 7.75 Medium 4.00® 6.25 Common 2.75® 4.00 (900-1.1001 Choice B.oo® 9.00 Good 6.00® 8.50 Medium 4.25® 6.25 Common 3.00® 4.25 (1.100-1.300) Choice 8.50® 9.50 Good 6.25® 8.75 Medium 4.50® 650 (1 300-1.500) Choice 9.00® 9.75 Good 7.00® 9.00 —Heifers—-(sso-750) Choice 7.00® 7.50 Good 5.25® 7 00 Common and medium 2.50® 5.25 (750-900) Good and choice 5.50® 7.75 Common and medium 2.50® 5.50 —Cows— Good 3 25® 4 25 Common and medium 2 50® 3.25 Low cutter and cutter 1.25® 2.50 Bvills—(Yearlings Excluded) Good 3 00® 3.55 Common and medium 2.00® 3.00 VEALERS —Receipts, 700— Good and choice $7.00® 8.00 Medium 4.50® 7.00 Cull and common 2.50® 4.50 ,250-500) Good and choice 4.75® 6.50 Common and medium 2 50® 4.75

—Feeder and Stocker Cattle——Steers— csoo-8001 Good and choice 4 00® 5.25 Common and medium 2.754/ 4.00 ■ 800-1.050 Good and choice .... 4 00® 5.25 Common and medium 2.75® 4.00 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. 2.000 Lambs. 90 lbs. down, good and choice $6 50® 7.00 Common and medium 4 25® 6.50 90-120 lbs., good and choice... 2.00® 2.50 Sheep—-(l2o-150* Good and choice . 1.75® 225 All weights. common and medium 1 25@ 2 00 INQUIRIES FOR WOOL RECEIVED AT BOSTON Finer Territory Grades Are Named in Fair Quantities. i liy I tiitfil Pres* BOSTON, Oct. 23.—Inquiries for i wool are being received on the Bos- ! ton market, according to a report of the United States Agriculture Department. The shorter staple of the finer grades of territory wools was recently moved in fair quantities. Short French combing 64s and j finer territory wools have calls at 63-65 C, scoured basis. Clothing 58S, 60S. blood, territory wool has been sold at around 65C, scoured basis, while good French and average strictly combing of similar lines has brought 68-70 C, scoured basis. Estimated receipts of domestic wool at Boston, reported to the Boston Grain and Flour Exchange during the week ending Oct. 20 amounted to 78.700 pounds, compared with 349.200 pounds during the previous week.

Hendershot

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

INDIANAPOLIS, TUESDAY, OCTOBER 23, 1934

Hahn Dept St* s’, s’, s’, s’* Kresge S S 18% 18% 18% 18% Kroger Groc ... 29% 29 29 29% Macy R H .. 43% 43% 43% 44% Marshall Fields. 11% 11% 11% 11% Mont Ward 28% 27% 27% 28% Penny J C 66 65 65 66% Sears Roebuck 40’, 40% 40% 41 Woolworth 50% 49% 49% 50 Aviation— Curtiss Wright. 2 s , 2% 2% 2% Curtiss Wright A 7’, 6’, 6’, 7 s , Dougias Air ... 17% 16’, 16% 17% Nor Am Av .... 3% 3% 3% 3% Speery Corp 7% 7 United Aircraft 8% 8% 8% 9 Chemical,— Air Reduction ..105% 105% 105’, 105% Allied Chem ..129% 129% 129% 130 Col Carbon 68% 68% 68% 68 Com Solvents .. 19% 19% 19% 19% Du Pont .... 93% 92% 93 93% Freeport Tex ... 26% 26% 26% 27 Liquid Carb 20% 20% 20% 20 Math Alkali .... 25% 25 25 25% Monsanto Chem 54% 54 54% 54 Nat] Dis (new).. 21% 20% 21 21% Schenelev Dist . 24% 24 24 24% Tex Gulf Suiph 37% 37% 37% 37% Union Carbide 43% 43% 43% 44 U S Indu Alcohol 37% 37% 37% 38 Drugs— Cotv Inc 5 5 5 5% Lambert 24’, 24’, 24% 24% Un Drug 12% 12% 12% 12% Zonite Prod 3% 3% 3% 3% Financial— Adams Exp .... 7 6% 6% 7 Allegheny Corp.. 1% 1 % 1% 1% Chesa Corp .... 38% 38% 38% 39 Lehman Corp .. 68 68 68 68 Transamerica ... 5% 5% 5% 5% Tr Conti Corp.. 3’, 3% 3% 3% Building— Am Radiator 13% 13% 13% 13% Gen Asphalt .... 17% 16% 17 17% Int Cement ... 22% 22% 22% 22% Johns Manville . 46% 46% 46% 47% Libby Owens Gls 25% 24% 25 25% Household — Congoleum .... 30% 29% 30% 29% Kelvinator .. 15% 15 15 15 s , Proc Ac Gamble . 39% 39% 39% 39% j Textiles— Belding Hem .. 12% 12% 12% 12% Celanese Corp . 26% 25% 26 26‘/a Collins Aikman. 12% 12% 12% 13 Gotham Hose .. 5% 5% s®, 5% Indus Rayon ... 25% 25 25% 26

Chicago Stocks

(By Abbott, Proctor Ac Paine) 11:00 Prev. A. M. close. Borg-Warner 23% 24 Butler Bros 8% 3% Chicago Corp com 1% 1% Cities Service 1% 1% General House Util s’, 5% Iron Fireman 16% 16% Kingsbury Brew Cos 2 2 Quaker Oats 127 128 Swift 19 19 Swift Inter 38% 38% Walgreen 24% ...

New York Bonds

Bv Fenner & Beane 11:10 Prev. A.M. N Y. close. Alleg Corp 5s 'SO • . 27% 27 Am & For Pwr 5s 2030 53 53 A T & T db 5s '65 109% 309% Atchison Gen 4s '95 104 99 B & O CV 4%s ’69 56's 56 1 a Beth Steel 5s A ’42 103% 103% Can Pac 4s '57 80% 80*2 Ch M St P & P ad 5s A 2000 7% 7% Ch M St P & P rs 5s A ’75. 27 26% Cons Gas N Y 4*25 ’57 104% 104% Denmark 5%%s ’55 95% 95 Erie RR rs 5s ’67 67% 67% Goodyear 5s '57 103 102 3 4 Gt Nor Us An ’36 91V 2 91 '2 Interboro RT 5s '66 76% 761* ! Int T & T db 5s ’55 60 59 ‘.2 Lorillard 7s '44 ..125 McKess & Robinson 5%s ’50.. 87% 87% Nat Dairy db 5%s ’4B 99% 99% N Y Central 5s O 2013 67 % 67% Pac Gas & El 5s A '42 104% 104% Penn R R 4%s D ’Bl 96% 96% Poland 7s '47 . 133 132t 2 Sin Cons 6%s B ’3B 104% 105 Texas Corp 5s ’44 103 103 Tob Pr N J 6' 2S 2022 107% 10714 Un Pac Ist 4s ’47 107% U S Rubber 5s A ’47 85Vi 85 Western Un 5s 'sl 80% 80% Youngstown S & T 5s B ’7O . 84 '.4 84% WHEAT FUTURES UP ON BUYING SUPPORT Operators Move Slowly on Both Sides. By United Press CHICAGO. Oct. 23.—Commission house and local buying supported wheat at the start of the Board of Trade today and prices advanced fractionally. Wheat started % to \'t cent higher, corn was Vs cent lower to Vs cent higher, oats were up % to Vi cent, and rye was up la to r 2 cent. Liverpool started lower in sympathy with the late decline here yesterday. Activity here was limited with operators preferring to go sjpw on both sides of the market. 11:00. Prev. WHEAT— High. Low. A M. close. Dec 98'a .97 .97 3 4 ,97' 4 May 98% .97% .97% .97% July 93 % .92% .93 .92% CORN— Dec. 75% .75 .75% .75% May 77% .76% .77% .77% Julv "... .78% .77% .78 .77% OATS— Dec 51 .50% .51 .50% M&V 48% .48% .48% .48% Julv 43% .43% .43% .48% RYE— Dec 70% .69% .70 .69% May ' 72% .71% .72 .71% BARLEY— Dec. 78 .78 .78 .77% LOCAL CASH MARKET City grain elevators are paying 86 cents tor No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 68 cents, and oats 43 cents. COMMERCIAL CREDIT INCOME EQUALS sl.ll Third Quarter Figure Compares With 57 Cents Year Ago. By Times Special BALTIMORE, Oet. 23.—The Commercial Credit Company earned sl.ll a common share in the quarter ended Sept. 30, compared with 57 cents per share for the same period j of 1933. Gross purchases of receivables for the third quarter were $98,879,467, compared with $62,774,034 for the same period of 1933. Net income credited to earned surplus, after provision for Federal | taxes and all other charges, was ! $1,420,778.72 for the third quarter, compared with $906,404.88 for the same period of 19j33. Net income for the nine months ended Sept. 30, 1934, was $3,800,346.05, compared with $1,837,159.44 for the same period of 1933. STOCK VALUES DROP By Times Special NEW YORK, Oct. 23.—The market value of fifty representative stocks listed on the New York Stock Exchange at the close of business for the week ended Oct. 20 was sll.651.879,500, a decrease of $66,957,625 or 0.57 per cent, as compared with the preceding week, according to a compilation by Paul H. Davis & Cos.

BANKERS HEAR REPORTS FROM U, S.AGENCIES Indiana Deposits in Licensed institutions Increase 89 Per Cent. By United Preen WASHINGTON. Oct. 23.—Progress in the federal government’s banking rehabilitation program and release of funds of closed banks was reported by government agencies as the American Bankers Association began its annual convention here yesterday. Promise of early publicity on the administration’s banking legislation policy was forthcoming from the treasury department as experts of that agency rushed to finish a special banking study. The Federal Reserve Board and the Federal Deposit Insurance Corporation reported new bank openings and additional institutions coming under the protection of the insurance “pool.” The Federal Reserve Board reported only 361 banks, exclusive of mutual savings banks, with combined deposits of $206,718,000, still were unlicensed. New Pay-Off Plan The FDIC announced that 14,117 of the nation's 15,834 operating banks were members of the insurance corporation of Sept. 1. On June 30, the corporation reported, deposits of these institutions aggregated $35,766,394,000, and to date only six small members had been forced to close. Controller of Currency J. F. T. O’Connor, announced the start of the government’s new pay-off plan for depositors in insolvent national banks under which about 300 receiverships are to be wound up by making $4,000,000 of Reconstruction Finance Corporation money available to depositors. Figures of the FDIC on state bank deposits, exclusive of mutual savings banks, for the period from Dec. 30, 1933 to June 30, 1934, and the percentage of licensed commercial, banks of each state covered by the report include the fact that deposits of 464 licensed banks in Indiana increased almost $65,000,000, or 89 per cent. Among other significant figures shown in the reports oi condition of the insured commercial banks of Indiana were loans and investments totaling $391,397,000 and cash and due from banks, including balances with the federal reserve bank of the district, amounting to $159,651,000. Banking houses, furniture and fixtures of the banks were shown to be valued at $21,406,000. Deposits Show Gain Total deposits in these banks as of June 30, 1934, were $486,263,000 as compared with a figure of $421,287,000 on Dec. 30, last year. The total capital stock and other items of capital account in the banks was shown to be $82,303,00 by the tabulation. More than 4,700 employes, including officers, directors and persons employed on a part time basis, are engaged in the banking business of this state, it was revealed by figures asked for as part of the report from which the insurance corporation built up this abstract. The abstract is much more detailed in its figures than previous pictures of the nation’s banking system. It was compiled on the basis of reports received by the Federal Reserve Board, the office of the controller of the currency and the FDIC. Issue Oversubscribed The latest offering of $75,000,000 in 182-day bills by the treasury attracted total subscriptions of $205.632,000, Secretary Morgenthau disclosed today. The average interest rate was 0.2 per cent.

Home Owners 9 Loan Corporation of the United States of Ameriea 3% Bonds, Series A Ftflly and unconditionally guaranteed both as to principal and interest by the United States of America. Exempt both at to principal and interest, from all Federal, State, and local taxation (except turlaxet, estate, inheritance, and gift taxes) note or hereafter imposed. Dated May 1, 1934 Due May 1, 1952 Issued under authority of Home Owners’ Loan Act of 1933, as amended. Redeemable at the option of the Corporation on any interest-payment date on and after May 1, 1944, at par and accrued interest. Interest payable May 1 and November 1. National Banks, under a ruling of the Comptroller of the Currency, are permitted to carry these bonds in their statements as “United States Government Bonds”. The bonds are legal investments for savings banks and trust funds in many states. They may be accepted as security for fiduciary, trust, and public funds, the investment or deposit of which is under the authority or control of the Federal Government, and are acceptable at face value in payment of indebtedness due the Home Owners’ Loan Corporation. They are listed on the New York Stock Exchange and are available in denominations of $25, SSO, SIOO, SSOO, SI,OOO, $5,000, SIO,OOO and SIOO,OOO. The undersigned have been authorized by the Board of Directors of Home Owners’ Loan Corporation, and on its behalf, to facilitate the establishment of a broader investment market in the bonds of the Corporation. Local banks, investment dealers and all persons who are interested in the purchase of these bonds are invited to communicate with any of the undersigned. Descriptive circular prepared by the Corporation will be furnished on request . At current market prices these bonds yield approximately 3.10% to maturity JFe recommend these Bonds for investment Field, Glore & Cos. Brown Harriman & Cos. The First Boston Corporation Edward B. Smith & Cos. (■corporate^ Kidder, Peabody & Cos. Lehman Brothers J. A W. Seligman A Cos. Lee Higginson Corporation Bancamerica-Blair Hayden, Stone & Cos. Corporation Blyth A Cos., Inc. Stone & Webster and Blodget Goldman, Sachs & Cos. liMrv.rat.i W’hite, W r eld & Cos. F. S. Moseley A Cos. G. M.-P. Morphy A Cos. Alex. Brown A Sons

Federal Securities Act Seen Upheld by Court Economist Regards New Law as Supported by Constitution; Cites Many Precedents.

This is the third of * series of articles to be published weeklv In The Indian* apolis Times. The articles are written by the staff of the economics department of New Yrk University's School of Commerce. Aceunts and Finance. BY THOMAS J. ANDERSON JR. NEW YORK, Oct. 23.—A new type of federal regulation of economic affairs, which is likely to be scrutinized by the United States supreme court sooner or later, is that embodied in the securities act of 1933. The severity of some of the penalties imposed in it and its alleged effect in drying up the issue of new securities have led to much of the criticism. If the law should be attacked as

unconstitutional, what is the likelihood that it would be sustained by the supreme court ? The occasion for passage of the law was the failure of state bluesky laws, adopted in all states except Nevada, to protect the public from enormous losses due to the widespread sale of worthless or fraudulent securities. Registration Is Required The method by which protection to the investing public is sought in the federal law is to require registration of securities (with certain exceptions, such as government and charitable institution issues and commercial paper) with the federal securities and exchange commission as a prerequisite to their distribution through the channels of interstate commerce and the mails. Asa condition of this registration detailed information must be filed relative to the issue proposed, the issuing organization and its control, and underwriter or dealer agreements concerning the marketing procedure to be followed. Severe penalties are specified for violations of the terms of the act. Investors Are Protected State laws to protect investors—generally by requiring registration of security salesmen with an appropriate state authority prior to their undertaking the sale of securities within the state—have been attacked as unconstitutional. The contention was made that these laws interfered with freedom of contract, resulted in an unconstitutional delegation of legislative powers to administrative bodies and placed an unreasonable burden upon interstate commerce. Although in the lower federal courts some of the earlier state laws were declared unconstitutional, the supreme court in later cases has definitely established the constitutionality of several of these laws. The court held that the right to freedom of contract may be reasonably modified in the interest of public welfare, that the laws reviewed did not unconstitutionally delegate legislative powers and that their restrictions upon interstate security sales were not unreasonable burdens upon interstate commerce. Commerce Clause Cited The constitutionality of the recent federal law depends mainly, without a doubt, upon the adequacy of the commerce clause of the Constitution as a basis for its passage. Under the commerce clause congress possesses authority to regulate all interstate and foreign commerce Unless the supreme court should hold that the interstate shipment and sale so securities is not a part of interstate commerce there is little reason to believe the securities act would be held unconstitutional on other grounds. The power to regulate interstate commerce “is vested in congress as absolutely as it would be in a single government.” Another constitutional principle to be noted is that it is not within the province of the supreme court to pass upon the wisdom of the law.

IBA TO HEAR WHITLEY TALK Stock Exchange President to Address Body on Securities Act. By Timrn Special CHICAGO, Oct. 23.—Richard Whitney, president of the New York Stock Exchange, will address the forum on the securities exchange act at the convention of the Investment Bankers Association of America, Oct. 27 to 31, at White Sulphur Spring, W. Va., it was announced today. The program of the meeting announces that Trowbridge Callaway of Callaway, Fish & Cos., New York, a former president of the association, will preside, assisted by Fredrick M. Eaton of the law firm of Cotton, Franklin, Wright and Gordon, New York. The discussion is expected to develop many questions from the floor. Mr. Callaway and others will speak from the viewpoint of parctical operation under the iaw and Mr. Eaton will comment on legal aspects of the questions. This forum will be Oct. 29. Nineteen foremost points relating to the economic and financial positio nos the railroads will be discussed at the convention's railroad forum Oct. 27. Among these will be: Railroad earnings and credit during the last year and at present; changes in the credit position of the industry and in the credit position of selected issues during the last two months; railroad credit and earnings in the depression of the ninetiesfi, with a discussion of credit restoration then and of factors preventing similar measures today, and possible methods of restoring railroad credit today. The problems that have developed in the operation of the investment bankers code will be brought before the convention in two forums. One meeting will take up problems of enforcement, handling of complaints on infractions of the code, co-oper-ation with state securities commissions in preventing fraud, examination of salesmen, code education and service charges. Francis F. Patton of A. G. Becker &: Lyter to Speak Fred O. Lyter, assistant superintendent of agencies for the Connecticut Mutual Life Insurance Company, tomorrow will address members of the Jones agency, Indianapolis representatives of the company. Mr. Lyter is now visiting Connecticut Mutual agencies in this part of the country. Servel Pays sl4 Due to accumulations, directors of Servel, Inc., have declared a dividend of sl4 on the 7 per cent cumulative preferred stock, payable Dec. 1 to stockholders of record Nov. 15.

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DROUGHT AIDS ALL DIVISIONS IN DAIRY FIELD Industry Gains Soundest Footing in Years, Survey Shows. By Timet Special NEW YORK. Oct. 23 Effects of the drought proved fortuitous for the dairy industry, which has gained the soundest footing in several years, Dun <fc Bradstreet, Inc., declared today in an analysis of the dairy industry. The resulting decreased production, with the accompanying price advances, has benefited all divisions of the industry, even though higher costs of operation have tended to reduce net income of some of the distributers. The leading creameries, It Is pointed out, are being operated on the most economical basis ever achieved, due to the new equipment being installed, and unfair competitive methods have been reduced greatly since the adoption of the codes. “Gains in consumption of milk and the various dairy products generally,” the survey declares, “are indicated in all parts of the country, and sales, as a whole, have risen to dollar totals from 10 to 25 per cent higher than those of a year ago, with unit sales also higher. Statistical Ficfure Better “The large inventory write-offs made necessary at the end of 1933, because of the low prices, give evidence of being replaced at the close of the current year by moderate profits, in view of the more favorable statistical position of the industry. “The devastation of pastures caused by drought conditions of the past summer has curtailed the output of milk sharply in some areas. Asa consequence, prices have tended to move upward, which is evidenced by the reports which give the average increase over last year's quotations as ranging from 10 to 15 per cent. “Although fewer creameries have gone into bankruptcy thus far this year than for the corresponding period of 1933, the number of failures among retailers and wholesalers of milk and dairy products has increased, which has left the monthly average of insolvencies about at the same figure as for a year ago. Money Loss Heavier “The amount of money lost through these bankruptcies is running heavier than last year, as for the 119 failures recorded from January to September, inclusive, the involved liabilities totalled $2,525,968, as against $2,478,554 for the 175 failures recorded for the entire twelve months of 1933. “With the exception of May and July, when the decrease was trifling, consumption of creamery butter every month this year has exceeded the comparative figure of 1933. The total for the eight months of 1934 rose to 1,155,758,000 pounds, a gain of 6.5 per cent over the consumption for the corresponding eight months of 1933, and higher by 4.8 per cent than in 1932.” COAL OUTPUT DROPS Production In Indiana During Week Totals 304,000 Tons. Indiana produced 304,000 tons of coal during the week ended Oct. 6, a report of the United States bureau of mines showed today. Productioin in the state for the same period a month ago was 309,000 tons, and in 1933 was 262,000 tons. The state produced more than 4 per cent of the nation’s output during the week.

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