Indianapolis Times, Volume 46, Number 142, Indianapolis, Marion County, 24 October 1934 — Page 15

Developments in Trade and Industry

SHARES FIRM, VOLUME LIGHT ON BIG BOARD Airplane Issues Respond to England-Australia Races. ti l t n,ud Pros NEW YORK, Oct. 24—The main fcxxiy of stocks at noon today was around the previous closing lev*sLs, having firmed from early declines. A few s’ocks moved widely. Volume was light. American Telephone was 110%, op .; United states Steel, 33%, uncuanged ; Jnited States Smelting, 115, unchi <*d; Westinghouse Electric 31 i. unchanged; Woolworth 50 , up %; Chrysler 35 : 2 , unciianged: General Motors, 29a, up !*, and General Electric 18%, up %. Airplane shares gave belated response to the Australian air races, but they quieted later. Douglas Aircraft, most active issue on the board, reached 18 S, up l*j, and then lost half the gain. At its high Wright Aero was up 3 points at 50. Noranda Mines broke to anew 1934 low at 32 -, and then came back to 33 ~ where it was up 1% points from the previous close. Other golds were dull and steady. Silvers also moved narrowly. Coppers were firm. Among the special issues. General Printing Ink preferred on a few' sales rose to anew 1934 high at 89';t, up 3 points. Jewel Tea made anew top for the year at 52%, up •%. South Puerto Rico Sugar made anew 1934 low at 25 i, off 1. Her- j shey made anew high at 69, ex- j dividend, up IT.

Treasury Statement

ißv United Press* WASHINGTON. Oct. 21 - Government expenses and receipts for the curren fiscal rear, to Oct 22 compared i’h the corresponding period of the previous fiscal year: This Year I.ast Year. Expenses $2 059 65(1 050 54 SI 311 122.974 11 Receipts 1 IKS 072 726 11 886 995.025 21 Deficit 892 671.223 83 420,137.938 33 Cash Hal. 1,846 580.888.52 AIR MAIL POUNDAGE RISES OVER YEAR AGO Handlings at Chicago Port Increase During Third Quarter. Bp Timrx &peci'il CHICAGO, Oct. 24—Despite the scrapping of governmental airmail contracts, airmail poundage at the municipal airport here climbed above the 1933 period during the third quarter of the year, according to figures furnished today by the postoffice department. For the three months ended Sept. 30 airmail poundage handled, exclusive of mail delivered, amounted to 365,552 pounds, contrasted with 337.304 pounds in the corresponding period last year. For the first nine months of the year airmail volume came to 846.232 pounds, contrasted with 854.264 pounds in the similar period last year. THREE FIRMS REDUCE OWN STOCK HOLDINGS Stock Exchange Notified of Large Decreases in Shares. Bp Timm Special NEW YORK. Oct. 24.—Sterling Products, Inc., and American Agricultural Chemical Company has notified the New York Exchange of large decreases in their holdings of their own shares. A report of American Agricultural Chemical show 4.921 shares of its stock held, against 9,533 previously reported, and Sterling Products now hoids three shares, compared with 72.771 shares previously reported. The Barnsdall Corporation declared its holdings of its own stock or 11.784 shares, against 51.084 previously held. ARMOUR HOLDINGS SHOW Frederick 11. Prince First on Roster of Parking Company. B'i Timm Special CHICAGO. Oct, 24—With holdings totaling 58.700 shares of common stock and 20.000 shares of new $6 preferred issues. Frederick H Prince today was revealed as ihe largest stockholder of Armour & Cos. Mr. Prince, chairman of the company’s finance committee, on Oct. 12 held more combined stock of record than all members of the Armour family, according to an application filed with the Boston Stock Exchange. James A. McDonough, a director, was credited with 4.500 common shares and 1.000 preferred issues. COAITdUMPINGS - RECEDE Lake Erie Ships Load Shorter Tonnage in September. . Up Time * Sp, ini CLEVELAND. Oct. 24.—Bituminous coal dumpings into vessels at Lake Erie docks during September totaled 4.491.159 tons, compared with 5.051,567 in the corresponding period of 1933. statistics reveal. Loadings into vessels for the season up to Oct. 1 amounted to 29.658.760 tons, against 25.993,052 last year. AUBURN'rEPORTS - -OSS • ___ June. July and August Deficit Put at $679,066. By I'nitrd Prmt CHICAGO. Oct. 24 —Consolidated net loss of the Auburn Auto Company and subsidiaries for the months of June, July and August, was $679,066, it was announced today. The figure brought the total loss for 1934 to $2,324,531, directors of the company said. v gas PRICE A*? RAGE DECLINES NEW YORK, Oct. 24. The weighted average f. o. b-refinery price of motor gasoline in twelve domestic refinery districts on Oct. 13 was 5 672 cents a gallon, a decrease of 5.1 per cent from the preceding week, according to the research department of J. E. Jones Company.

New York Stocks

'By Abbott, Proctor At Painri 11 00 A M. Prev. Oil.— High. Ixiw. N Y. close. Amerada 41', 41 41', 41'* i All Rfg 23% 23', 23% 23'. Barr,dal! IP, 6‘, 6% 6', Con,ol Oil 7% 7% 7% 7', Corn of Del .... 16% is ii% ' Ohio Oil 8% B', B', 8% ! Phillip, pt 13% 13’, 13 , 14 3 O of Cal 29 28% 28’, 29 3 O of Ir.d 24', 24', 24', 24', 3OOf N J 41', 41', 4P 41', Sun Oil 70 70 70 10% Tide*at*r Assn B’, 8 8 B'* Steel.— Beth 8-eel . . . 27’, 27', 27’, 28 Col F lei Ac Iron 4 1 1 4% 4% 4% Inland Steel 39 39 39 39 Mid S-eei B', B', 8 1 , 8% Natl Steel 38 38 38 37-, O-.s Steel 4', 4', 4’, 4', Itep Iron A- Steel 1? 7 12’, 12', 12% Rep Ir At St pfd 3' 38’, 37 37 . U 8 Pipe At Fdv 18', IS, 13', 13’* 1 U 8 Steel 33 % 33 % 33'2 33', U S S-eei pfd 75 1 2 75', 75'2 75 Warren Bros ... 6', 6 : 6', 6'., Motor,— . A lburn 27 25 25% 27’, Chrysler 35’. 35’, 35’, 35', Oe n Motors . 30 29’, 29’ 29 s . ; Gen oMtors pfdlo3 103 103 103% I Graham Mot l’i !’, I’, I’, Packard 3’, 3'. 3\ 3', R*o 2>2 2% 2% 2’, j S-udebaker 3', 3', 3', 3', Yellow Trust ... 3’, 3’, 3% 31a I Motor Acres*— Bendix ...... 12’, 12’, 12’, 12’a ; Bohn Alum 52% 52% 52'a 52', Bore Warner ... 23’, 23’, 23’, 23*, Briees 17’, 17’, 17’, 17’, Bldd Wheel 2’, 2', 2', 2'. I Platon Mfe .. 15’, 15% 15’, 15’, Filer A .to Lite . 24', 24'. 24'. 23', ; S'ea Warner 6’, 6'2 6% 6 . Timken Det Axel 6 6 6 6 Mining—--1 Alaska Jun 15 15 15 15 !Am Smelt 35’, 35'2 35% 35''2 ; Anaconda .. i0 7 * 10’, iO’a 10% I Cerrn De Pa.sco . 37’a 37'3 37 ! 2 37’, j Dome Mines ... .39 39 39 39 1 Howe Sound ... 49'2 49% 49% 49' 2 lint Nickel .. 24’, 24% 24’, 24’, Kennecott Cop . 17% 17' 2 17'2 17’, Mclntyre Mine 44', 44', 44', 4.3’ Noranda-Cop ... 33’, 32' a 33’, 33' a Park Utah .... 3’, 3 % 3’, 3’, Phelps Dodge ... 14’* 14% 14’, 14' 2 U S Smelters... 115 115 115 115 Amusements— Fox Thea 12’, 12’, 12’* 12a Loews Inc 30% 29', 29’, 30’, Radio Corp .... s’* 5% s’, s’, Tobaccos— Am SnufT 68 63 63 67'2 Am Sum Tob ... 20', 19’, 20'* 19', Am Tob B' ... 80' 2 80'; 80% 80', Gen Cigars .. . . 49’, 49% 49% 50 Reynolds Tob B 49' 4 49 49% 49’% Rails— Atchison 52’, 52’, 52’* 52 B At O 15 s 15' 4 15'4 15'4 Can Pac 12% 12'* 12'* 12’* Ch At Ohio 43 42’ t 43 42’a C M At St P 2’ 2’, 2’, 3 1C M & St P pfd 5 5 5 4’* Chi N W . s’* s* s’* s’, Gt Northern pfd 16 15 15 15 111 Central 16’, 16'* 16'* 16% Lehigh Valiev .. 10’* 10’* 10’* 10'2 M K At T pfd . 15'2 15' 2 15' 2 15'2 N Y Cent 21’ 4 21’, 21% 21’, N Y New Haven 9’* 9’* 9’, 9’* Nor Pac 19’, 19’* 19’a 19' a Penn R R 22'2 22' a 22 1 a 22’* .Sou Pac 18'* 17’, 17’* 17’* Sou R R 16' 4 15’ 4 16' 4 16'* Sou R R pfd ... 20 19', 19', 4 20 Union Pac 100'2 100'2 100>2 100% Equipments— Allis Chalmres.. 13% 13’, 13% 13’ Am Car At Fdv . 16' 2 16’a 16% 16'* Am Mach At Fdv 17'a 17', 17> 2 17’* Am Steel Fdv . 1.3’, 13'2 13’, 13' 2 Bald Loco .. 7’* 7’ 7’, 7’ 4 Bald Loco pfd . 28’* 28’* 28’, 29’* Burroughs .... 14% 14’* H'2 14', Clase J I 48 47', 47’* 47% Cater Tract 28’, 27'- 28'2 27 Deere At Cos . . 19', 19 19’ 4 19 Orn Am Tk Car 35’* 35’, 35’, 35% Gen Elec .. 18’, 18', 18*. 4 18% Gen R R Sig 25 25 25 26 Int Harvester . 33’, 33' * 33'2 33' a Natl Cash Reg.. 16', IS’* 16', 16' 2 Pullman Inc .. 38'2 38'2 38'2 38'2 West Air B ... 25'2 25’2 2n‘a 25’, Westingh Elec .. 31’, 31’, 31’, 31'2 Utilities— Am At For Pwr. 6 6 6 5% Am Pwr & lLt 4’, 4's 4% 4% A T A- T UO'j 110’, 110' 2 110', Col Gas At Elec 4’, 4', 4’, 4’, Col G A- E pfd 64'2 64'2 64'2 65'.. Com At Sou ... 1 1 2 I’* 1 1 2 I’, Consol Gas 27', 27 27', 26’, Int T A- T 9’, 9% 9% 9'2 Lou GAEA' 13’, 13’, 13’, Nat Pwr At Lti B', B', B', B', North Amer ... 13', 13', 1.3', 13 Par G At E .. 15’, 15', 15’, 15 Postal Tel pfd . 14’, 14% 14’, . So Cal Edison. 12', 12', 12', 12'* Uinteo Corp ... 3’* 3’, 3’* 3% Un Gas Imp .. 13’, 13 'j 13’, 13 1 a Western Union-. 33', 33’, 33', 33’, Rubbers— Goodyear 9’, 9’, 9% 9’, Goodyear 21'* 20’, 20’, 21', U S Rubber 16 16 16 16 U S Rubber pfd 36'2 36% 36% 36'2 Miscellaneous— Am Bank Note.. 13 13 13 13 Amer Can 101’, 101 101% 103 Crown Cork . 22 22 22 22 1 2 Curtis Pub pfd . 80, 80 ’i 80% 80', : Eastman Kodak 103’, 103' 2 103'2 103'2 Gillette .. 13 12' 2 13 12’, Inter Rapid Tr.. 14’ 14’, 14’* 14% Foods— Armour (A) ... 6% 6 6', 6 Borden Prod .. 25'a 25' 2 25% 25% Cal Packing 38 37>, 38 36’, Corn Prod .... 65% 65' a 65% 65’, Crm of Wheat 32', 32', 32', 32’, Cuban Am Sugar s’, s’, ss,5 s , s’, Gen Foods 31’, 31’, 31’, 31’, Gold Dust 17’, 17'* 17'* 17’, G W Sugar 27', 27 27 27 % Hershev 69 69 69 66 Loose Wiles 36’, 36% 36’, 37 Natl Biscuit 29 28 s ** 28’, 29 1 2 Natl D Prod 16% 16', 16> 2 16', S Porto Rico Sug 26 2.6’, 25’, Spencer Kellog . 26', 26 26', I Std Brands .... 19’, 19’, 19’, 19’, United Fruit . . 72', 72>, 72', 72'2 Wriglev 70 70 70 69’, Retail Stores — Gimbel Bros ... 4', 4% 4', 4'4 Hahn Dept Sts . 6 6 6 s’*

Gleanings

Auto Financing Gains Retail financing of new passenger automobiles in September gained 9 per cent over the corresponding month last year and 112 per cent over the same 1932 month, according to preliminary figures of the department of commerce. For the first nine months the volume was 55 per cent ahead of last year. Rank Statement Federal reserve member banks increased their holdings of obligations fully guaranteed by the United States in the extent of $13,000,000 during the week ended Oct. 17, according to the weekly condition statement issued today. The report •for the first time segregates “all other’’ loans. Grants on acceptances and commercial paper amount to $465,000,000. an increase of sl.000.000 during the week, while loans on real estate were off $1,000,000 to $984,000,000. “AH other” loans were $5,000,000 higher at $3,316,000,000. Corn Checks Ready Corn and hog allotment checks approximating SIOO,OOO. which will be distributed to 543 farmers in this county, have been reecived by Horace Abbott, agricultural agent for Marion county. The checks constitute about two-fifths of the money due the farmers on hog contract allotments and one-half of allotment due. Distribution will begin today and will continue through Friday. Wholesale Prices OsWholesale commodity prices during the week ended Oct. 20 dipped three points to 74 8. according to the National Fertilizer Association. Nine of the fourteen groups in the index were affected by price changes during the week. Six groups advanced and three of the most important groups declined. Hardware Trade Picks I'p An active and improved movement of hardware continues through wholesalers and over retail counters, in contrast to the prevalent quietness reported among manufacturers. Hardware Age reports. Wholesale hardware houses are feeling the effect of decidedly unproved farm conditions and there is a growing willingness among retailers to place future orders.

Abreast of The Times on Finance

Jewel Tea 52' 2 52', 52'2 51 7 * Kre.ge g S 18 5, 18', 18', 18% Macv R H 44'2 44 44 44 Mont Ward 28'* 27’, 27’, 27% Penney J C ... 66', 68 : 2 66% 66% Safeway St . 43', 43 43% +4 .Sears hoebuck.. 41', 41 4! 40’, Woolworth 50‘. 49’* 50% 50 | Aviation— Aviation Corp . 4 4 4 3% ! Curtiss Wr iA> 7', 7 7'4 7 Doug.as Air . . . 18’, 17 ’* 17 , 16 , Nor Am Av 3'* 3’ 3 , 3% Speerv Corp ..7', 7 7 6;, United Aircraft 9', 8% B’, B’* W right Aero ... 49’, 47 49’* 47 4 hemiral*— Air Reduction . 105', 105’, 105’, 106 .Allied Chern .. . 128'2 127’, 127’, 129’, ■ Col Carbon ... 68 67 ! 2 67% 68% Com Solvents . 19’, 19’, 19’* 19'a Dupont .. 93’ 2 93 93', 93', Freeport Tex . 26 4 28'a 26’, 26'a Natl Dis 1 new 1 . 21', 21 21'* 21 Schenlev Dist . 24', 24', 24', 24 Tex Gulf Sulyh 37’, 37-, 37-, 38 i Union Carbide .. 44 43’, 44 44', Drugs— Cotv Inc 5 5 5 5 Lambert 25’, 25’, 25’, 25', ! Un Drug 12’, 12’, 12’, 12% J Financial—- ! Adams Exp 6’, 6’, 6’, 6’, Allegheny Corp . I’, 1’ l’ I’* Transamerica .. s', s', s', s’, ITr Conti Corp... 3’, 3’., 3’, 3’, Ruilding— Am Radiator ... 13’, 13’, 13’, 13’, Gen Asphalt ... 16’, 16% 16’, 17 Int Cement .22 22 22 22', Johns Manville 47', 46", 47', 46', Libby Owens Gls 25', 25 25 25' * Otis Elev .. 14', 14', 14', 14'.* Household—- ! Col Pal Peet ... 15 15 15 15', ! Congoleum 30 30 30 29’/, ; Kelvlnator 15’, 15 1 2 15’, 15 ! 2 j Proc At Gamble 39’, 39’, 39’, 40 ! Textiles— Belding Hem ... 12’* 12', 12', 12' 2 ! Celanese Corp 26', 2 26 25’, i Indus Rayon ... 25’, 25’, 25’* 25’, ' Kavser Julius ... 14 14 14 14

Chicago Stocks

(By Abbott. Proctor & Gamble) 11:00 Prev. A. M. close. Borg-Warner 23’, 23’, Chicago Corp. com I’, 1 ; , Chicago Corp, pfd 25’, 26 Cities Service . 15,I 5 , I’, General House Util s’, 6 Iron Fireman 17', 17 Lion Oil 3' 2 Quaker 127 1 2 127'i Swift 18’, 19 Swift Int 38', 33vi

New York Bonds

(By Fenner & Beane) Prev. Close, close. Alleg Corp 5s ’SO 26 1 2 27 Am At For Pwr 5s 2030 52 1 2 52 ’i A TAt T db 5s ’65 110 ‘ 107’ 4 Atchison Gen 4s ’95 104 B At O CV 4 1 2 S ’6O 56’i Beth Steel 5s A 42 103’, 103% Can Pac 4s ’57 82’, CAt O 4*as A ’57 110'., 110% C MSt P & P adj 5s A 2.000 7 5 a 7 3 , Ch M St P At P rs 5s A ’75 . 26 s , 26’, Cons Gas N Y 4’ 2 s ’57 104’, 105 Denmark 5' 2 s '55 95', 95’, Goodyear 5s ’57 102% 102’, Gt Nor 7s An '36 90% 91 Interboro RT 5s 66 77 76’, In) T & T db 5s ’55 60', 60', McKess At Robbison 5% ’SO .. 88 88 Nat Dairy db 5%s 48 99% 99% Pac Gas & El 5s A '42 105% 105% Penn RR 4%s D 'Bl 96’, 96% Poland 7s '47 132% 132% Royal Dutch 4s A '45 135% 135% Shell Union Oil 5s ’52 102', 102 Texas Corp 5s '44 103% 102’, U S Rubber 5s A '47 85% 85% Vanadium 5s '4l 83% Western Un 5s 'sl 80 80% Youngstown S&T 5s B '7O .. 84% 85%

ALL GRAIN FUTURES SHOW FIRMER TONE Values Aided by Betterment in Alien Marts. By United Press CHICAGO, Oct. 24.—Wheat prices on the Board of Trade firmed fractionally today in sympathy with a better tone at Liverpool and Rotterdam. The principal grain started \ to cent higher, corn was unchanged to up % cent, oats were unchanged to U cent higher and rye was up % to cent. Fears that rain in Argentina might cause further rust to the grain there lent Liverpool a strong undertone Rotterdam closed ~k to TANARUS% cents a bushel higher. The market here was not active at the start, although the price trend leaned to the upside. Commission houses and locals rallied to the support of the buying side. A much better feeling was shown around the corn tables after yesteiaiay's easiness. li no Prev. WHEAT— High. Low. AM. close. Dec 98% .97% .97’, 97% May .98% .97% .98 .97% Julv 93% .92’, .92% .92% CORN— Dec 75’* .74% .74% .74’, Mav 77% .76% .76% .76’, July .77% .76% .77 .77% OATS— Dec. 51% .50% .50% .50% Mav 48% .48% .48% .48% Julv 43% .42% .42’, .43% RYE— Dec 70% .69% .70 .69% Mav 72% .71% .72 .71% LOCAL CASH MARKET Citv grain elevators are paving 86 cents tor No 2 soft red wheat. Other grades on their merits. Cash corn No. 3 vellow 68 cents, and oats 43 cents.

Retail Coal Prices

The following prices represent Quotations from leading Indianapolis coat dealers \ 25-cent carrying charge per ton will be added DOMESTIC RETAII PRICES Anthracite *13.90 Brazil Lump 5 90 Brazil Lump 5.90 Brazil Mine Run 5.25 Coke. Nut Size 8.65 Coke. Egg Size 8.65 Indiana Forked Lump No. 4 and 6.. 5.73 Indiana Egg .. 5.71 Kentucky Lump Grout) "B’’ 7.18 Pocahontas Lump 8.32 Pocahontas Egg 8.42 Pocahontas Mine Run 7.70 New River Smokeless 8.25

Produce Markets

Delivered in Indianapolis prices: Heavy hens. 12c: Leghorn nens. 7c; colored springers. I‘2 lbs. and over, lie; Leghorn springers. 9c: old roosters. sc: ducks. sc; geese. sc; vounc guineas. 20c: old guineas. 15c: No. 1 strictly fresh country run eces. loss off. 19c Each full case must weigh 55 lbs gross: a deduction of 10c a pound for each pound under 55 \bs will be made. Putter —No. 1. 29''} 29c. Butterfat—24c. Quoted bv the Wadlev Company U. S. LABOR POLICIES DECLARED AS UNFAIR 7" Per Cent of Business Men Out of Sympathy With Plan. By Tim ft Upfcinl NEW YORK. Oct. 24.—The government's labor policies have tended to discriminate unduly in favor of employes, according to returns of a questionnaire sent to 1.347 executives of business enterprises in this city by the Merchants’ Association of New York. Seventy-seven per cent of those who answered the questionnaires have returned replies not in sympathy with the New Deal labor policies. Louis K. Comstock, president of the merchants group, declared that the retries indicated “the recovery program evidently has succeeded in stimulating business rather than in making it really healthy.” *

INDIANAPOLIS, WEDNESDAY, OCTOBER 24, 1934

BRITISH TRADE NEARING LEVEL RULING JN 1929 Building Trades, Raw Material Imports and Others Above Peak. BY HOWARD CARSWELL Times Special IVriter NEW YORK, Oct. 24 —Currently popular allusions in the United States to Great Britain's progress in apparently emerging from the slough of economical depression are borne out by several standard trade indices of the London Economist, a checkup at the British Library of Information revealed today. The Economist’s complete weighted index, covering a broad range of British industries, indicates that the August pace of industrial activity approximated the monthly aver- j age of the prosperous year of 1929. Many Industries Included Included in the Economist’s complete index are such industries and indicators as employment, textiles, miscellaneous manufacturing, bank clearings, coal, commodity prices, electricity consumption, shipping movement, building, raw materials imports, exports, postal receipts, motor vehicle registrations and others. In contrast with the United States, rail car loadings are not considered a significant trade index. Exceeding 1929 in their present activity are the building trades which for some months have enjoyed a veritable boom; raw materials imports, electricity consumption, postal receipts, motor vehicle registrations and perhaps other indices of lesser importance. Shipping Near 1929 Level The British shipping movement is near the 1929 level although exports, which are important to the British Isles, and the heavy industries continue in their slump. Bank clearings and certain other indices also remain below 1929. Employment is high in the distributive trades although obviously low in the heavy industries and certain depressed lines. The Economist’s complete weighted index of general activity for recent months follows, with comparisons, The year 1924 represents the base of 100. COMPLETE INDEX. 1929 monthlv average 110.0 August. 1934 110.0 August, 1933 103.7 July, 1934 106.9 January 1933 95.5 June. 1934 111.3 August. 1932 94.2 May. 1934 105.6 January. 1932 94.4 April. 1934 107.6 March, 1934 109.2 February. 1934 108.7 January. 1934 109.4 The employment comparisons follow. the year 1924 being taken hereinafter as 100: August. 1934 107 August, 1933 58.5 April. 1934 106 August. 1932 97 January, 1934 — 104 There follow other standard indices which can only hint in a broad way the present state of activity in Britain. While such industries as coal and textiles are important there, the limitations of space permit only a few “high spots’’ to be given here. Indices hereinafter shown are those which Americans deem significant in appraising activity in this country. Other significant indices follow (1924 representing 100): Electricity Consumption August, 1934 ... 125iAugust. 1933 .... 108 January. 1934 . 103 August. 1932 ... 99 1929 monthly av. 11l Postal Receipts August. 1934 ... 119 August. 1933 115 January. 1934 . 123 August. 1932 113 1929 monthly av. 115 | Motor Vehicle Registrations July. 1934 173 July, 1932 126 July. 1933 165 1929 monthlv av. 151 Building Activity August, 1834 ... 219! August. 1932 .... 138 August. 1933 .... 197 1929 monthly av.. 131 Imports Raw Materials August. 1934 .... 151'August, 1932 .... 11l August. 1933 .... 145,1929 monthly av. 113 Exports British Manufacturers August, 1934 .... 70 August, 1932 . .. 62 August. 1933 .... 66 1929 monthly av.loß Movement of Shipping August. 1934 108 August. 1932 98 August. 1933 ... 105!1929 monthlv av.lll Provincial Bank Clearings. August. 1934.... 94! August. 1932 101 August. 1933 ... 97! 1929 monthly av.. 99 London Bank Clearings. August. 1934.124 August. 1932 121 August. 1933 119 1929 monthlv av.. i3l REVENUE RECEIPTS UP September Collections Are Highest In Six Months. B;i United Press WASHINGTON, Oct. 24.—Internal revenue collections in September were the highest in six months, rising to 5379.737.183, the treasury reported today. The previous high for the year was $390,352.>17 in March. The September figure was $60,752.204 higher than for the corresponding period last year. FRENCH SUBSIDIARY FORMED B;i Times Special NEW 7 ARK, N. J., Oct. 24.—Establishment of the Gilby Wire Societe Anonyme, with main offices in Paris and the plant in Puteau. France, to take over the European business, was announced by Wilbur B. Driver, president of the Gilby Wire Company. BAILLIE IN NEW POST Bti United Press ST. PAUL, Oct. 24.—Joseph M. Baillie. assistant controller of the farm credit administration here, has been named controller of the office at Louisville, it was announced here today. Mr. Baillie will leave for Louisville Sunday. BUYS 200 TANK CARS Purchase by the General American Transportation Corporation of more than 200 tank cars formerly belonging to the Archer-Daniels-Midlands, Inc., Minneapolis linseed oil producers, is announced. SUN OIL PAYS 9 PER CENT B<i Times Special NEW YORK, Oct. 24.—Directors of the Sun Oil Company have declared a dividend of 9 per cent in stock on the common, payable Dec. 15, and the regular quarterly payment of 25 cents a share. R. L. WATKINS ACQUIRED Sterling Products, Inc., has acquired the t\ L. Watkins Cos. through an exchange of stock, it was reported today.

Oil Runners Use Aliases for Shipping Texas Violators Call Selves Mae West, Will Rogers and lekes. Ba Times Special NEW YORK, Oct. 24.—The names of such important personages as Mae West, Will Rogers and even Harold Ickes have been borrowed by runners of “hot” crude oil in Texas, in violation of the NRA, in shipping the petroleum out of the state, the T. S. Hose Petroleum Review declared today. “Virtually no ‘hot’ oil is being shipped through pipe lines,” Mr. Hose explained. “Therefore, the source of evil lies in tank car and truck shipments. They should be absolutely stopped for a month and not one barrel allowed to move during that period. Every shipping request should be examined; those who have signed fictitious names traced and prosecuted. Demoralizing Industry “As conditions stand today a few racketeers producing ‘hot’ oil in violation of the code are demoralizing the industry. “When a group of men comprising less than 1 per cent of an industry is in a position not only to ignore the laws of our land, but also to laugh at them through the medium of signing fictitious names to shipping permits, the situation becomes the business of every American citizen.” At the same time it is disclosed that Jerome Lewine, president of the Commodity Exchange, Inc., has appointed a committee to consider the question of establishing an oil futures market in this city. Coast W’ants Market This committee, it is said, is to investigate the feasibility and desirability of trading in both crude oil and gasoline futures. It was learned that plans for such exchange have been in mind for some time and that they now have been brought to a point of possible action by the price war in the oil industry. About 1,200 oil dealers on the Pacific coast, it was said, have joined in agitating for a futures market. “Trade papers have mentioned favorably the desirability of the establishment of an oil exchange as a price stabilizing factor,” says the announcement. The committee includes Eugene A. Canalizo, chairman; Herold A. Bache, James Coker, J. Chester Cuppia, John L. Julian, Floyd Y. Keeler, Theodore A. Laurer, Jerome Lewine and Philip B. Weld.

Stock Studies

COLUMBIA GAS & ELECTRIC $ COMMON STOCK )) f— ■■■*■'■ ...i— ■ Mnnce SHMU MftKMNGS PRICE RANGE SCALE 2- | -i-r- -eo O- * Jh Jt ■ * . —J—lni II . O 29 30 51 32 A3130 31 3)2 3334| ( WINCHESTER INSTITUTE OF FINANCE

Columbia Gas and Electric Corporation, through its subsidiaries, is engaged in the production and distribution of gas—mostly natural gas. In addition it operates some electric utilities. The company has several operating groups, all integrated and interconnected. The cities and territories served comprise Cincinnati, Columbus and Dayton, Ohio; Binghamton, N. Y.; Pittsburgh, Pa.; sections of Kentucky; Charleston, W. Va., and across to Washington, D. C. The company also has oil properties and gasoline plants, but these are entirely separate from its gas properties. FINANCIAL DATA (As of Dec. 31. 1933) Common stock (no par). .11,738.551 shares Preferred stocks $117,483,644 Funded debt 116,667,800 Surplus 37.050,514 Reserves 130.567,035 Plant and property 608.433,211 Investments 82,105,860 (All rights reserved) During 1933 there was little relative change in financial items. Surplus dropped about $4,000,000, while reserves were nearly $3,000,000 larger. Plant and property was listed at about $2,500,000 less, while investments also were about $3,000,000 less. Cash of $9,680,000 showed a slight increase. On Dec. 31, 1933, the book value of the common stock was $17.35, 63 cents less than at the beginning of the year. Earnings have been steadily declining. During 1933 51 cents was earned on the common stock, while 46 cents was earned in the twelve months ended June 30. 1934. Recent rate cuts are adversely affecting earnings. In 1932 and 1933 the company paid dividends of $1.12% and 77% cents, respectively, in 5 per cent convertible cumulative preferred at par. The last quarterly dividend of 12 1 2 cents in stock was paid May 15 of this year. Columbia Gas and Electric was incorporated in 1926 in Delaware. The common stock is listed on the New York and Pittsburgh stock exchanges. The common is currently selling at S-’i cents. (Ail riahts reserved winchester Institute of Finance. Winchester, Mass.) SUGAR STOCKS PARED New Y’ork Warehouse Supply Off to 521,785 Bags. By Times Special NEW YORK. Oct. 24.—New York warehouse stocks of Cuban raw sugar are now down to 521.785 bags, or about 140.000 bags under stocks cn the corresponding date a year ago, according to figures issued today. Withdrawals by American refiners and exporters are averaging 20.000 bags daily. Domestic beet sugar producers, incidentally, have distributed 80.1 per cent of their Jones-Costigan law quota for this year, it was learned. This is about 20 per cent ahead of last year’s distribution.

PRIVATE FUNDS MAY BE SOUGHT BY GOVERNMENT Recruiting of Small Investor Aimed to Provide Cash. By United Press WASHINGTON, Oct. 24 —Administration officials today considered recruiting small investors to add their funds to the vast sums now beng lent the government by large banks. The move to direct the money of average citizens into government channels as in Liberty Loan days was revealed by Secretary of Treasury Henry Morgenthau Jr. in connection with the government's sale of a $50,000,000 issue of eighteenyear 3 per cent Home Owners’ Loan Corporation bonds directly to investors through a banking group. Wide Distribution Aimed In denominations of as low as $25 to attract the investor of sm%ll means and to provide wide distribution, Secretary Morgenthau said that the HOLC bonds, interest and principal guaranteed by the government, would not be sold to the New York and Chicago banks. If the current issue is successful. Mr. Morgenthau indicated, it would be tried again. He refused to say whether It would be extended to regular government bonds, but added that “we must borrow a lot of money.” New Market Seen The government’s action was the first since the war to make the small investor “bond conscious” and was believed by some a step toward opening a new’ market for government bonds. Banks hold $15,000,000,000 of the government’s $27,100,000,000 of outstanding securities. The banks’ holdings represent about 30 per cent of their own resources. A banking group of sixteen members is acting as “salesmen” for the HOLC bonds on a straight commission basis of % per cent, or $312,500 for the issue. In no sense is it an underwriting and the bonds are being sold at their market price (about 98) but in no case below’ 97.

Wall Street ’BY RALPH HENDERSHOT-

Times Special Writer. NEW YORK, Oct. 24.—The American Federation of Labor in its October survey of business makes the unqualified statement that “we can hope for no important gains in employment before next spring.” It does not reveal the basis for its contention, nor does it quote any authority. It merely makes the arbitrary assertion, and one wonders what “inside” in-

formation it may have to cause it to be so certain. No one, of course, doubts that it has exper t s watching business developments at all times. And it is quite possible that they have as good a line on the trade outlook as anyone. But when it

presumes to state that there is not even any hope for a pick-up it begins to look as though it were stepping into the fields of the crystal gazers. It would not be so bad if the trend of business were not dependent, to some extent at least, on public psychology. But affecting the attitude of great numbers of workers, as it is bound to do, the tatement itself is likely to act as a business deterrent. Your correspondent would like to point out that there is “hope” for an improvement in trade and an increase in employment, although there is no “certainty” of such a development. nun THE very fact that business has been stagnant for so long provides a basis for hope of an improvement. The surplus of goods on the shelves of the merchants and in the homes of the people has been reduced to a minimum, so that the need for new production is great. This need will find reflection in better business as soon as the proper contact between consumption and production has been established again. Indications are that the government will expend greater efforts and more money toward “priming the pump” of trade this winter than ever before, and that, too, should prove beneficial. The banks also have begun to loosen up on credit —a favorable factor. Sentiment in Wall Street and elsewhere is better than it has been, which is a good sign. Favorable indications, in are available on every hand. Individually they may not count for much, but collectively they furnish every reason for hope. Bank deposits have increased materially so far this year; London and Amsterdam investors have been buying our securities; the Reconstruction Finance Corp. has been able to dispose of some of its municipal bond holdings at a profit, and borrowers from the government are paying off their loans at a very rapid rate. a a a THE return to normal business conditions is expected by most authorities to be a slow, gradual process, to be sure, but it is entirely possible that the pickup may be faster than they expect. The floating supply of world capital could easily begin to concentrate in the United States during the coming winter, and the result might well be a stimulation of trade. The fact that most people thought in 1929 that we were in a “new era” of permanent prosperity should be proof enough that almost anything can happen in business, and it should cause such organizations as the American Federation of Labor to be hesitant about making such statements as “we can hope for no important gains in employment before next spring.^ 1

WILL NOT QUIT YET

' v • 5

General W. W. Atterbury By Times Special NEW YORK, Oct. 24.—A denial of recent reports that General W. W. Atterbury, president of the Pennsylvania railroad, would retire soon was issued from company offices. The general does not contemplate relinquishing the presidency until he attains the age of 70 on Jan. 31, 1936, it w T as said.

SWINE PRICES DROPSHARPLY Heavy Receipts Cause Hogs to Dip 10 to 40 Cents Lower. Extremely heavy receipts and a large carry-over from the previous session at the local stockyards today sent porker prices 10 to 40 cents lower than yesterday’s close. Receipts again were estimated at 9.000, with holdovers totaling 1,061. The bulk, 160 to 200 pounds, sold at $5.15 to $5.75, while weighty grades, scaling 200 to 300 pounds, were selling at $5.50 to $5.75. In the lightweight division, hogs weighing 130 to 160 pounds, cashed in at $4 to $4.65, while extremely small kinds, ranging from 100 to 130 pounds, were salable at $2.75 to $3.70. Packing sows brought $4.25 to $5. General trade in the cattle market was slow, with undertone weak to slightly lower than yesterday. Best grades of steers were selling at $9 down. Practically all other classes were inactive. Receipts numbered 1,200. Vealers remained steady at $8 down. Only a slight change was displayed in lamb trading. The majority of classes was salable at $6.75 down. Bucks were discounted SL while throwouts ranged from $3.50 to $5. Receipts numbered 3,000. HOGS Oct. Bulk. Top. Receipts. 18. $5.45ft 5.70 $5 90 6,000 19. 20. 5 35 r 'i 5.60 5 80 4,500 22. 5 35®) 5.60 5.80 7.000 23. 5.55®, 5.70 5.85 9,000 24. 5.15®) 5.40 5.75 9.000 1140-160) Good- and choice .. $4 50®/ 5.00 (160-1801 Good and choice .... 5.15® 530 < 180-200) Good and choice ... 5.30® 550 (200-220) Good and choice ... 5.50® 5.60 1220-250) Good and choice ... 5.60® 5.75 (250-290) Good and choice 5.60® 5.65 1290-350) Good and choice ... 5,406 b 5.60 Packing sows: 1275-350) Good 4 85®) 5.10 (350-425) Good 4.75® 5 00 (450-550) Good 4 60® 485 (275-550) Medium 4.25'® 4.75 iloo-130i Slaughter pigs good and choice 2.75® 3.75 CATTLE —Receipts, 1.200 —Steers—-(sso-900) Choice $7.25® 850 Good 6 00® 7.75 Medium 4.00® 6 25 Common 2 75® 400 (900-1.100) Choice 8 00® 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® 6 50 (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 (750-9001 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 —Bulls—(Yearlings Excluded) Good 3.00® 3.55 Common and medium 2.00®) 3.00 VEALERS —Receipts. 600— Good and choice $7.00® 8.00 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— (soo-800i Good and choice .... 4 00® 5 25 Common and medium 2.75® 400 ■ 800-1.050 Good and choice ... 4 00® 525 Common and medium 2 75® 4.00 God 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 I AMBS —Receipts. 3 000Lambs. 90 lbs. down, good and choice $6 50® 7 00 Common and medium 4 25® 650 90-120 lbs., good and choice .. 2.00 , 250 Sheep—-(l2o-150) Good and choice 1.75® 225 All weights. common and medium 1.25® 2 00

Hendershot

Other Livestock

(Bv Times Special'. LOUISVILLE. Oct. 24.—Cattle—Commercial. 400, eoveT.ment. 100: run includes fair quota rejected abortion tes’ed: cows, salable supplv; other classes, light demand; fairlv broad for most slaughter classes with all grades cows especially active market fuilv steady: bulk common to medium light grass s’eers and heifers, s3®4 80; very little in run of quality to sell above $5. but strictly good lightweights eligible somewhat higher; bulk beef cows. S2 50®3: good kinds and smooth heifer tvpes Quotable higher bulk low cutters and cutters. SI 25® 2 25: sausage bulls. $2.75 down: desirable Hereford stock'calves ouotabie $4 50®.0 common to medium grade na*iv. $2.50® 5.50. Calves, commercial. 225: market fuilv s’eadv to In spots. 50c higher on choice vealers: mos* better vealers. S6® 6 50; strictly choice quotable to $7; medium and lower grades. 15 down Hogs—Receipts, 700; market 10c higher, top and bulk desirable 200-250 lbs.. 50.60; 180-195 lbs. $5.35. 225 lbs. up: $5 15. 160-175 lbs . 4 75: 140-155 lbs . S4 25: 120-135 lbs, $3 25; sows $4 40 Sheep—Receipts. 250. including about 100 stock ewes: steadv: bulk bet'er lambs *5.75® 6. choice kinds eligible higher; bucks, mostly $4.75® 5; light throwouts. $3.50: better fat ewes, $1.50®2: most stock ewes salable $4 50® 6 50 a head w ith choice kinds at s7® 7 50. BANK STRUCTURE FIRM Six New Banks Opened in Last Week. Review Reports. By 7 imrs Special NEW YORK. Oct. 24—The nation’s banking structure remains in good position despite rumors of inflation, Rand McNally & Cos. report. The review shows six entirely new banks, one reopened and three conservator banks being succeeded by banks. Five banks last week were discontinued, three changed their title ana one was absorbed.

Latest Stock, Bond and Commodity Quotations

NRA PROPOSES MOVE TO HELP LABORTSMGHTS Labor Advisory Board Will Air Many Problems at Conference. By United Pm ss WASHINGTON. Oct. 24—A second great drive to protect the rights or organized labor under Blue Eagle codes will be planned this week at the national recovery administration. American Federation of Labor heads are hastening here from their annual convention in San Francisco for a NRA labor advisory board meeting tomorrow which promises far-reaching significance. Heading items for discussion will be several along lines of convention mandates: 1. Organization of industrial uniovis. These unions, organized vertically and covering all classes of labor, were authorized, following defeat in a bitter fight last year. They will be sought first in mass production industries. Important ones already are functioning in bituminous mining, clothing workers, automobi’ , rubber tire, and aircraft manufacturing industries. Strong membership drives are in prospect. Hours Cut Seen 2. Reduction of work hours. The federation again voted for a 30-hour week by law. Pending congress action, an attempt will be made to reduce hours in individual codes, wherever possible. The auto code up for renewal Nov. 4 likely will be first considered. Demands for shorter hours than the present 42 weekly, and increased wages, again will be made. 3. Demand for presidential investigation of charges that S. Clay Williams, new’ recovery board chairman, is "unfair to labor.’’ Mr. Williams is a tobacco manufacturer and an active industrial leader. He ran afoul of labor in NRA hearings on tobacco codes. One year ago the federation convened in Washington. The recovery act had affirmed the bargaining rights of labor. Millions of unemployed were going back to work. Administrator Hugh S. Johnson addressed the meeting as labor’s champion. He assured workers the law would be enforced; that he would wring concessions from industry such as had not been known before. Industrialists were frightened at the prospect. Many New Members The year brought the federation new members by hundreds of thousands where millions were hoped for. Serious battles in steel, automobile, Cotton textile industries were solved by presidential labor relations’ boards. Today labor leaders look to the recovery board for renewed support of *hoir cause. Sidney Hillman, president of Amalgamated Clothing Workers union, represents them officially. Dr. Leon C. Marshall, political economist specializing in labor affairs, is andther member. WOOL DEMAND SLOWER Few Scattered Lots Still Active on Boston Market. By United Press BOSTON, Oct. 24.—Demand is slower than last week on Ohio and similar fleeces in the Boston market, although scattered lots of a few graies are moving, according to the report of the United States agriculture department. Strictly combing 58s, 60s, half blood, Ohio wools are bringing 2829c in the grease, while strictly combing 565, three-eighths blood, moved at 29-30 c. The volume of business on the active grades, however, is very moderate and several grades are not receiving calls for more than sample bags.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers. FRL'lTS—Cranberries, Cape Cod early blacks. 25-lb. box. $2 85. Grapes. Ohio Concords. 12-qt. basket, 51.65; California tokays. 26-!b box. 51.65 Crabapples, Michigan hyslops. bushel Si 85 Persimmons. Irdiana 12 qts., 90c Pears, New York. Birtlets. bushel, $2.50 Avacados, box $1 50. Quinces bushel. $3 Bananas, pound, sc; pineapples, crate. $5 size 30. Apples, maiden blush. $1.50: northern spy*. $1.35; Indiana Jonathans. $1.60: grimes golden, $1.5091.75. Mellons. California honey dews. $1.85 VEGETABLES —Cabbage. Northern Danish. 50-lb. bag. 60c: fed bushel. $1 10. Onions. Idaho sweet Spanish large. 50-lb. bag. $135: Michigan, yellow, $1 white, boilers. 10-lb. bag. 35c; Western white, 50lb. bag, $1 75 Potatoes. New Jersey Cobblers. 100-lb bag. $1 45 Northern round white. !00-lb. bag sl.lO, Ohios, 100-lb. bag $155: Idaho Russets. 100-lb. bag. $2. Sweet potatoes; Indiana Jersey*, bushel, $1.50: Indiana Nancy Halls, bushel, sl. Bear.s home-grown string!ss bushel, $1.50. Limas large, pound 25c. Beets, dozen. 20c. Carrots Ohio*, dozen. 35c. Cauliflower crate. $1.75. Celerv. Michigan medium, dozen, 40c; jumbo, dozen 65c; hear's. bunch. 90c Cucumbers, hothouse, dozen, $1 50. Endive, dozen 40c. Egg plant, dozen. 75c Kale, bushel. soc. Lettuce, outdoor. 15-lb. basket, 60c Mangos. bushel. 85c M.nt. dozen 50c. Parsley, dozen. 35c Peas—Hamper. $2.75. Peppers, red Anger, 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. Insolvency Index Up Dun's insolvency index stood at 65.3 for the first half of October, almost 12 points above September but more than 11 points under the level of a year ago. For the year to date the index stands at 63 5, against 114 l in the corresponding period of last year.

BE SAFE insure Yoor Car Toilnjr JjjjgVgjSXSM —Foil Frnte^tloa BiyjoSstate Automobile insurance Ass'n. 1.1-6571. 7th Floor Occidental Bldg,

Moderate First Mortgage Loans on. Improved Indianapolis Real Estate The Indianapolis Morris Plan Company Delaware and Ohio Sta. RI-ISSt

PAGE 15