Indianapolis Times, Volume 46, Number 143, Indianapolis, Marion County, 25 October 1934 — Page 18

Developments in Trade and Industry

PAGE 18

MORNING SALES ARE ERRATIC IN STOCK MARKET Snap of Yesterday’s Late Trade Missing: Issues Irregular.

By T'nO'd Press NEW YORK. Oct. 25—The stock market was crractic in the morning dealings today. It opened active and firm. steadied and around noon was Irregular with leading issues little changed. Selective buying was noted m various sections, but the snap of yesterday's last ten minutes when rails soared was missing. The short inti rest is relatively small and hence the market lacks the potential buying power to set off a real rally on good news. Tlie President's speech was Interpreted as good news but not held a* a miracle depression cure. Wall street, it was said, needs concrete busint s expansion for incentive to buy stocks. Railroad issues sank fractions to more than 2 points after the opening but rallied later from the lows. Atchison touched 54 .*, off 2 and came bark to 55. Union Pacific rallied % point after touching 102%, off 2 ! i. New York Central steadied after touching 23, off Others movrd correspondingly. Weakness developed in Coasolidated Gas when New York Steam, three-quarter owned subsidiary, omitted its dividend due at this time. Gas opened at 28. up 14, declined to 26**, anew low on the movement, rallied to 27** and then broke again to 26%. Other utilities were not affected. Steel common dipped to 34, off %, and held there. American Telephone was at its previous close of 111 I *. American Can lost % point to 102%. Wool worth eased but developed strength toward noon.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings ' 22 Debits a.039.000.00

Treasury Statement

ißv United Press) WASHINGTON. Oct. 25 - Government expenses ;ind receipts for the current fiscal year to Oct 23. compared with the corresponding period of the previous fiscal year: This Year Last Year. Expenses $2,070,626.217 04 $1,324,803.757 03 Receipts. 1 169 957.004 26 890.358.639 01 Deficit .. 900.669.212.78 434.445.118.02 Cash bal.- 1.842.780.894 06

RADIO DEMAND SPURT FORESEEN BY SARNOFF R. C. A. Chief Expects Fall Trade to Be Best in Several Years. By Times Special CHICAGO, Oct. 25.—A greater demand for radio receiving sets will develop this fall than has been witnessed in the past three or four years. David Sarnoff. president of the Radio Corporation of America, declared today. The development of short-wave and all-wave sets, which has made programs of radio stations all over the world available to listeners, has supplied the stimulus for conversion of old receiving sets to more modern Instruments and is an important factor in the upturn in demand, the official declared. It was indicated by Mr. Sarnoff that transmission of facsimile messages by radio air waves will be the forerunner of television for entertainment purposes. ONE-SIXTH OF CATTLE BOUGHT IN ARID AREA More Than 7.006,000 Purchased in Twenty-Four States. By Timi s special WASHNGTON, Oct. 25.—The result of the cattle purchasing program by the government was disclosed today by the argicultural adjustment administration. It was disclosed that the government. through its agencies, has acquired virtually one-sixth of all the cattle in the twenty-four states in the drought territory. More than 7.000.0C0 head have been bought out of a total of 45,598,050. The government has paid $90379.155. or an average of Sl3. under its program. The appropriation for the purpose was $101,217,500. RECAPITALIZATION PLAN FOR WILSON IS DENIED Meat Packing Unit Nowhere Near Program, Official Says. By Times special CHICAGO. Oct. 25 Recent rumors that Wilson fc Cos., third largest meat packers in the country, would shortly announce a recapitalization plan or some other program to clear up dividend accumulations have been scouted by Thomas E. Wilson, chairman of the company. “We are nowhere near a program of that sort.” Mr. Wilson declared. Dividend arrearages on the 7 per cent cumulative preferred stock now amount to $26.25 a share. Payments on accumulations have been made this year, but no steps have been taken to reduce the amount of unpaid dividends.

Retail Coal Prices

Th following prices represent quotations from leading Indianapolis cos! dealers A 25-cent carrying charge oer ton will be Added. DOMESTIC RETAIL TRUES Anthracite $13.90 Braril Lump f-J® Brail) Lump Bra ail Mine Run 5.2a Coke. Nut Siae § *? diar.a Forked Lump No. ♦ and 6 . 1 73 Kentucky Lump Group B 718 Pocahontas Lump J 32 Pocahontas Egg *}3 Pocahontas Mine Rub > ,0 New River Smokelea* 12* HEARING DATE SET By Time* special CHICAGO. Oct. 25—Federal Judge H. Wilkerson today set Dec. 15 as the date for hearing argument on the proposed plan of reorganization of the Middle West Utilities Company. Judge Wilkerson set the bearing date between lengthy sesWxa of the Unsuil trial.

New York Stock Exchange Prices

I By Abbott. Proctor At Paine 11 00 Prev. Oil*— High. Low. AM. close. Amerada 42 41 41 41 ' AM Rfr 23% 23'• 23S 23 j l Barr.sda;) 6'* 6% 6% 6% Cor.no. Oil 7% 7% 7'-* Cont of Dels ... 16% 18'* i% 16 | M.d Cont Pet .. 10', 10% 10’, 10*4 Or.io 0:1 9% 9', 9', % | Pet Corp .... 8% B’, B', 8% Plymouth Oil ... 8% 8% 8 1 2 8 a P .re 0.1 6 1 a 6’, 6’, 6‘a •Sbd Oil 22’a 22' 22 1 , 22 Sod Vac 13 1 a 13', 13', 13'* 8 O of Cal 29\ 29', 29', 29’, S O of led ... 24 , 24', 24' 24 • BOOs N J 41 S 41 41 ’ 41 1 * Sun Oil 71 71 71 70 T'xas Corp 20 s , 20’, 20’, 20% Tidewater Asn . B’, 3% B', B', Un Oil of Cal . 14 , 14', 14', 14 ■ Steel,— Am Ron Mills .. 18’, 18', 18', 18% B< h o'ce. 28 , 28 , 28’, 28'. Bver* A M ... 17', 17', 17', 16’, Cr-ic S-eel . 19’, I9‘. 19 s , !B'a Inland Steel 39 a 39', 39 . .39 Natl B*eel 40 39 39 39 OMs S'eel 4 s , 4’, 4', 41, Rep 1 At S'! 13V, 13', 13'. 12 , Rep I <fc Stl Pfd 33 37 37 37 U S S’eel . 34% 33% 34 34% UR St eel pfd 76', 75' a 76% 76% Youngstwn 8 As T 16% 16% 16% 16% Motor,— At. burn 27% 26% 26% 26% Chrysler . ... 37% 36% 36% 36% Gei, Motors .... 30% 30 30% 30% Graham Mot ... 1% I’, I', 17,l 7 , Hudson 9% 9% 9 s , 9’, Hupp 2% 2% 2 , 2% Macic Truck ... 25% 25% 25% 26 Nash 15 14% 14% 14% Packard 3% 3% 3’, 3’, Reo 2 1 a 2% 2% 2% Studebaker 3% 3% 3% 3% Yellow Truck 3% Motor Access— Bendlx ... 12% 12% 12% 12% B'.hn Alum . 53% 53% 53% 53% Burg Warner .. 24% 24 24% 21% Briggs 18 17% 17% 17% B .dd Wheel 2% 2% 2% 2% Eaton Mfg .. 16% 15% 16 15% Elec A .to Lite 25 24’. 24’, 24% Houdaillc A . 4% 4% 4% 4% Mullins Mfg ... 8 8 8 8% Murray Body ... 5 5 5 4% S'ew Warner 7% 7% 7% 7% Timken Roll 29% 29% 29% 29% Timken Det Axel 6% 6% 6% 6% Mining— Alaska Jun 18% 18 18 18% Am Metals 15% 15% 15% 15 Am Smelt 36’. 36% 36% 36% Anaconda 11% 10% 10% 10’, Cal <v Heel a ... 33 33 Cerro De Pasco 38 38 38 37’. Dome Mines 40% 4040 39% Granby 6% 6% 6% 5% Howe Sound 50% 49’. 49’. 49% Int Nickel . 24% 24% 24% 24% Kennecott Cop 17% 17’, 17% 17% Noranda Cop 35% 34% 34’, 34% Park Utah .. 3% 3 s , 3% 3% Phelps Dodge . 15% 15% 15% 15 St Joe Lead .. 17% 17% 17% 17% Vanadium .. 17% 17% 17% 16% Amusement,— Fox Thca 12’, 12% 12% 12% Loew Inc 31*. 29% 30% 30% Radio Corp 6 s’, 6 6 Warner 8r05.... 4% 4’* 4% 4’, Tobaccos— Am SnufT ... 68 68 68 67% Am Sum Tob .. 20% 20% 20% 20% Am Tob 'Bi 81 81 81 81 Gen Cigars . 50% 50% 50'i 50% L.g A- Myers Bi 103% 103% 103’, 102% Lorillard 18% 18% 18% 18% Reynolds T iB) 49% 49% 43% 49% Rails— Atchison . ... 56 54% 55 56% /Ml Coast Lines.. 33 32% 32% 33% B Ac O 16% 16% 16% 16% Can Pac 12% 12% 12% 12-% Ch A: Ohio .. 44 % 44% 44% 44% Chi Ar Gt W 2% 2% 2% 2% Chi & Gt W pfd 5 5 5 4%

Wall Street

-BY KALPII HENDERSHOT-

Times Special Writer. YORK, Oct. 25.—Washington dispatches state that the administration is preparing to combat in the next congress the movement already under way for the creation of a central bank in the United States. The same dispatches say that proposals are being considered, however, which

would give the gov ernment a much tighter control over money and credit than it has ever had in the past. Evidently President Roosevelt hopes to compromise the two extreme views now held in this country on money and credit. If a central bank is not

formed and if the government does not take over the money issuing power, the more conservative banking element will be pleased, he no doubt figures. But if the government steps in and takes a more active and direct hand in the regulation of credit, he probably reasons that the demands of the so-called radicals will be met to a large extent. Many bankers feel that the creation of a central bank under strict government domination would constitute the > forerunner of government ownership of the banks. It is known, of course, that some congressmen are planning to fight for government ownership in the next session, but they are very much* in the minority, and their efforts are expected to carry little weight. a a a 'T'HE mere creation of a central bank means little or nothing. It is the type of central bank created that counts. So by tightening up on the effectiveness of the federal reserve system the same results would be obtained as would happen if a central institution with moderate powers were created. If the proposals which are now being studied are adopted the government’s control over banking will be as effective as the administration in power at any given time wishes it to be. In other words, the President, through his appointive power, could be as lenient or firm in the interest of the public as he desired. He would not be obliged to carry out any set policies, but his would be the responsibility in the event of another breakdown in the system. It would appear to be highly desirable if the same thought were carried out in the commercial banking legislation as was maintained in the new laws covering investment banking, publicity. If the various federal reserve banks made periodic as well as special reports to the President on their activities and if these reports were made public property they should prove helpful. The public has a right to know why rediscount rates are raised or lowered and when and why credit is either expanded or contracted. Such facts could well be contained in the reports. a a a NO one will question the fact that the availability or lack of | credit has an important bearing on business. If this be admitted, it ! should be apparent that business men would be able to conduct their affairs on a much more satisfactory basis if the findings and policies of the feredal reserve system were made available to them. Banking and financial operations always have been made to appear mysterious to the public, and all sorts of technical terms have been employed to throw a smoke screen around fundamental and simple facts. Such practices should be discouragedkin the of stabilising busDpess in the future.

Abreast of The Times on Finance

|C M 4 St P 3% 3% 3% 3% C M Ac St P pfd 5% 5% 5% s’. Chi N W .... 6% 6% 6% 6% Chi N W nfd ... 12% 12 s , 12 s . 12 Dela A: Hud ... 43% 41% 42% 43 Del Lac Ac W 19% 19 19% 20 Erie 14 13% 13% 13% Erie pfd 19 18% 18% 16 Grt North pfd. 16% 16 16% 17 XU Central 18% 17% 17% 18% K C Sou 9% 9% 9 s , 9 Lehigh Valley .. 12% 11% 11% 12% M K Ac T .7 6% 6% 7 M K Ac T pfd 17% 16 s , 16 s , 16% Mo Pac pfd 4% 4% 4% 4 N Y Cent .... 23% 23 23% 23% N Y C Ac St L 13% 13% 13% 12 NYCA:St Lpd 23 5 . 21% 21% 21% N Y New Haven 10% 10% * 10% 10% N Y Ont Ac West 8% 6% 6% s’. Nor Pac 21% 20% 20% 21% Penn R R 24% 23% 23% 2 ■* Reading 42 42 42 40 Sou Pac 19 s , 18% 19 19% Sou R R 19% 18% 18% 18% Sou R R pfd 23% 21% 21S 23 Union Pac 104 102% 103 104% West Wary land.. 8% 9% 9% 10 Equipment,— ; Aliis Chalmers . 13% 13% 13% 13% Am Brake Shoe 25’. 25’. 25% 24% Am Car Ac FTiv 17% 17% 17% 16‘, Am C Ac F pfd. 34% 33 33 32% Am LeKO .. 18% 18 18% 16’, Am Loco pfd 44% 44 44 42% Am Mach Ac Fdy 17% 17% 17% 17% Am Steel Fdy 16% 15% 15% 15 Bald Loco • .. 8% 8% 8% 8% Bald Loco pfd.. 32 32 32 27% Burrough 15 14% 15 14’. t Case J 1 49% 48% 49 48% Cater Tract ... 29 28% 28% 28% ; Deere Ac Cos. ... 20 19% 19% 20 'Foster Wheeler .'ll% 11% 11% 10% Gen Am Tk Car 36 35 s . 35% 35% Gen Elec .. 18% 18% 18% 18% Gen R B SIR.. 27 27 27 26 Ingso! Rand ... 54 54 54 52 Int Bus Mach .140 140 140 140% Int Harvester.. 34% 34% 34% 33’* Natl Cash Reg . 16% 16% 16’, 16% Pullman Inc ... 40% 4040 40 R>m Rand 9 8% 8% 8% Und Elliot ... 50 49% 49% 43% West Air (81.. 26% 25% 25% 26% Westlngh Elec . 32% 32 32 32’. Worthington P. 17’, 17% 17% 18 Utilities— Am Ac For Pwr .6% 6 6 6 Am Power Ac Lit 4% 4% 4% 4% AT&T .. 111% 111% 111% 111% Am Wat Wks ... 16% 16 16 15% Brook Un Gas . 55% 55% 55% 56 Col Gas & Eiec.. 9 8% 8% 8% Com & Sou ... 1% 1% 1% 1% Consol Gas .. 28 26% 27 27% Elec Pwr & Lit.. 4% 4 4 4 EP & L pld . Bs,8 s , Bs,8 s , Bs,8 s , 8% Int Hvdro Elec. 3% 3% 3% 3% Int T Ac T 10% 10 10% 10 Lou G Ac E IAI.. 13% 13% 13% 13% Nat Pwr Ac Lit.. 8% 8% B s , 8% North Amer 13% 13% 13% 13% Pac G & E 15% 15’* 15% 15% Peoples Gas 23 22% 22% 23 Postal Tel pfd . 16 15% 15% 14% Pub Serv N J ... 32% 32% 32% 31 t 4 So Cai Edison. 13% 13 13 12% Std Gas 7% 7% 7% 7% Stone Ac Webster 5% 5% 5% 5% United Corp .. 3% 3% 3% 3% Un Gas Imp 14 13% 13% 13’. Ut Pwr & Lit A 2 2 2 2 Western Union 36 35 35% 35% Rubbers— Firestone 14% 14 14 14 Goodrich 10 10 10 9% Goodyear 21% 21% 21% 21% Kelly Spring ... 1% 1% I s * 1% U S Rubber . 16% 16% 16% 16% U S Rubber pfd 39% 37% 38 37% Miscellaneous— Am Bank Note. 13% 13% 13% 13% Am Can 102% 102% 102% 102% Conti Can 89% 88% 38% 89% Crown Cork .23 23 23 23 Curtis Pub pfd SO O . 80’. 80% 80% Eastman Kodak 106’* 106 106 105 Gillette 13% 13 13 13 Glidden 23% 23 23% 22% Inter Rapid Tr. 14% 14% 14% 14% Owens Bottle .81 81 81 81 Raybestos Mfg . 18% 18% 18% 18% .Foods— Am Sugar 62 61% 62 59% Armour A 6% 6V, 6% 6% Borden Prod ... 25% 25% 25% 25% Cal Packing . 38% 37% 37% 38 Can Dry G Ale 15% 15% 15% 15% Coca Cola 142 142 142 142 Cont Bak A 6% 6% 6% 6% Corn Prod 66% 65% 66 66 Crm of Wheat . 32% 32% 32% 32% Cuban Am Sugar 6% 6% 6% s’. Gen Foods 32 31% 31% 31% Gold Dust 17% 17% 17% 17 % G W Sugar 28% 28 28% 27’, Loose Wiles .... 36% 36 36 36% Natl Biscuit .... 28% 28 28 28% Natl D Prod ... 16% 16% 16% 16% Purity Bak 9% 9% 9% 9% Spencer Kellog . 26% 26% 26V, 26% Std Brands 20 19% 19% 19% Un Biscuit 23% 22’i 22% 23 United Fruit ... 72% 72 72 72 Wrigley 70 69% 69% 69% Retail Stores— Assn Dry Goods 12% 12% 12% 11% Best & Cos 35 s , 35% 35% 34% First Natl Stores 65 64% 64% 64% Gimbei Bros .... 4% Gr Un Tea .. 5% 5% 5% s s , Hahn Dept Sts . 6% 6 6 5% Kresge S S .... 18% 18 18% 18% Kroger Groc ... 29% 29% 29% 29% Macv R H . . 44% 43’, 44V, 44 Marshall Fields . 12 11% 11% 11% Mav Dept St. . . 42% 42% 42% 42% McCland Stores 10 9% 9% 3% Mont Ward . 29% 28% 29 28% McCrorv Stores . 6% 6% 6% 6% Natl Tea 11 11 11 10% Penny J C 67’, 6?% 67% 66% Safeway St ... 44% 44% 44% 43% Sears Roebuck . 41% 41% 41% 41% Woolworth —•• 50% 50% 50% 50% Aviation— Aviation Corp .. 4 4 4 4 Curtiss Wright 2% 2% 2% 2% Curtiss Wright A 7% <% 7% 7% Douglas Air ... 18% 17% 18 17 s , Speerv Corp .... 7% 7% 7V, 7% United Aircraft . 9 8% 9 8% Chemicals— Air Reduc-ion .107 106% 106% 107 Am Com Alco .. 28 27% 27% 27% Col Carbon ... 68% 68% 68% 68 Com Solvents .. 20 s , 19% 20 20V, Dupont 94% 93% 94% 94 Freeport Tex .. 27 27 27 26% Liquid Carb v... 21 s , 21% 21 s * 21% Math Alkali 25% 25% 25% 25% Montosonta Ch. 54% 53% 54% 53% Nat Dis 1 new) .. 22% 21% 21 s , 22% Schenelev Dist .. 24’, 24% 24% 24% Tex Gulf Sulph.. 38 37% 37% 37 s * Union Carb 44% 43% 43% 44 U S Ind Alco ... 38% 38% 38% 38%

Hendershot

Stock Studies

T£LAUTOGRAPH CO*4>. • COMMON STOCK pc ■ ■ ■■ r sham EARNINGS PRICE RANGE SCARI 0 ■ 30 31 32 33 34 30 31 32 33 34 ‘ ° 1 WINCHESTER INSTITUTE OF FINANCE

Telautograph Corporation owns the patents and manufactures and leases the machines used for the electrical transmission of handwriting. These instruments are found in banks, hotels, railroads, radio stations and the like. All the machines are leased, none are sold. Leases run from one to five years, and about three-quarters are on a five-year basis. The present average unexpired term is about three years. Machines are leased throughout the United States and in many foreign countries. The life of its patents has been prolonged through constant improvements. FINANCIAL DATA As of June 30. 1934 Capital stock ($5 par) 228,760 shares Surpluses ~51,417,708 Depreciation reserve 1.363,035 Instruments and equipment 2.036,122 Patents and contracts 1.706,581 Net working capital 195.251 During the six months ended June 30. there was relatively little change in the financial setup. Profit and loss surplus decreased while depreciation reserve increased. On June 30 the current ratio was about six and one-fourth to one. while the book value of the common stock was $11.20, 3 cents less than on Dec. 31, 1933. Telautograph has had steady earning ability right through the depression: in fact, 1931 showed record earnings of recent years; $1.09 was earned on the capital stock in 1933, and 40 cents in the first six months of this year. The company has been very liberal with dividends, although it has several times reduced the rate rathar than draw on surplus. One dollar, paid in 1933, is the present rate. Telautograph was incorporated in 1915 in Virginia. The capital stock is listed on the New York Stock Exchange. At a current price of around 8% it sells to yield almost 12 per cent. (All Rights Reserve<L*Wlnchestfr Institute ol yißanfß Wiaciiciiw 4 |f*s j

INDIANAPOLIS, THURSDAY, OCTOBER 25, 1934

Drugs— Coty Inc 5% 5% s’, 5 Lambert 27% 26% 26% 27 Lenn & Fink .. 14% 14% 14% 14% Un Drug 13% 12% 12% 12', Financial— Adam* Exp 7% 7% 7% 6% Ailegh Corp .... 2 I’, 2 1% Am Int Corp ... 7 7 6’, Chesa Corp .... 40% 40% 40% 40% Lehman Corp .. 69 69 69 69 Transamerica .. 5% 5% 5% 5% Tr Conti Corp .. 4 4 4 3% Building— Am Radiator ... 14% 14% 14% 14% Gen Asphalt 17 17 17 17 Int Cement 23% 23% 23% 23 Johns Manvllle . 49% 48% 49% 48% Lib yOw Gis .. 26% 25’, 25% 25% Otis Kiev 14 s , 14% 14 s , 14% Ulen Const 1% 1% 1% I s , Household— Col Pal Peet ..16 15’, 15% 16 Congoleum 30’, 30 30% 30 Kelvinator 16% 16 16 16 Proc & Gamb .. 39% 39% 39% 39% Simmons Bed ... 10 9% 9% 9% Textiles— Am Woolen 8% B’, B’, B’, Beiding Hem ... 12% 12 s , 12% 12% Celanese Corp .. 27’, 26’, 27% 26% Collins Aiyman.. 12% 12 12 12% Indus Rayon 26% 26% 26% 26%

Chicago Stocks

(By Abbott. Proctor & Paine) 11:00 A. M. Close. Borg-Warner 24% 24% Butler Bros Bs,8 s , 8% Chicago Corp. com 1% 1% Cities Service 1% 1% Commonwealth Edison 41 41 Crane Cos 7% 7% General House Util 5% 6 Libbv McNeil 6% 6% Swift & Cos 19 19% Swift Int 38% 38%

New York Bonds

(By Fenner <si Beane) 11 A. M. Prev. N. Y. Close. Alleg Corp ss. ’SO 27% 28 Am & For Pwr ss. 2030 42’, 52% A T & T db ss, '65 110% 110% Atchison Gen 4s. '95 104% 104% B & O cv 4%5. ’6O 57% 58% Can Pac 4s. '57 83 83% Ch M St P & P adj ss. A 2000 8% 9 Ch M St P & P rs ss. A ’75.. 28% 29 Cons Gas N Y 4%5, ’57 104 s * 104% Denmark 5%5. ’55 95’, 95% Erie RR rs ss, '67 69% 68 % Goodyear ss, ’57 ...102’, 102’, Gt Nor 4'26. D ’76 76 74% Gt Nor 7s, A ’36 92% 92 Interboro RT ss, '66 76’s 76% Int T & T db ss. ’55 60’,, 60% McKess & Robbison 5%5, ’SO 88 Nat Dairy db 5%5, ’4B 99% 99% N Y Central ss. O 2013 68 % 67 Pac Gas & Elec ss, A '42 106 105% Para Pub 5%5, ’SO 57% 57 Poland 7s, ’47 131% 131'’2 Shell Union Oil ss. '52 102% 102% Sin Cons 6%5, B '3B 104% 104% Texas Corp ss. ’44 103 103 Tob Pr N J 6Vis. 2022 107 107 Un Pac Ist 4s, ’47 107 % 107% U S Rubber ss, A 47 86% 86 Western Un ss. ’sl 80% 79% Youngstown S& T ss, B ’7O . 84% 84%

GRAIN VALUES RISE WITH BUSINESS LIGHT Strength in Outside Markets Brings Advance. By United, Press CHICAGO, Oct. 25.—Strength in outside markets brought an advance in grain prices on the Board of Trade today. Wheat started % to % cent higher; corn was up 14 to % cent; oats was Vs to % cent higher; rye was up % to % cent, and barley advanced Vi cent. Strength appeared at Liverpool on fears of damage to wheat from frost in the Argentine. Rotterdam closed ’2 to IV2 cents higher. The volume of business in grains at the start was small. Wheat— 11:00 Prev. High. Low. A. M. close. December 98% 97% 97% 98% May 98% 97% 97% 98% July 93% 92% 93 93% Corn— December 75% 74 % 75 75% May 77% 76% 77% 77% Oats— December 50% 50% 59% 50% May 48 47% 47% 47% July 42 5 s 42% 42% 43 Rye— December 70% 69% 69% 69% May 72% 71% 71% 71% Barley— December 78'% 78% 78% 78 LOCAL CASH MARKET City grain elevators are paying 87 cents tor No. 2 soft red wheat. Otner grades on their merits. Cash corn No. 3 yellow 68 cents, and oats 43 cents.

Produce Markets

Delivered In Indianapolis prices: Heavy hens, 12c: Leghorn hens. 7c; colored springers. lVa lbs. and over. 11c: Leghorn springers. 9c; old roosters, sc; ducks. sc; geese. sc; young guineas, 20c; old guineas. 15c; No. 1 strictly fresh country run eggs, loss off, 19c. Each full case must weigh 55 lbs. gross; a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter—No. 1, 28*329c. Butterfat—24c. Quoted bv the Wadley Company. (By United Press) CHICAGO. Oct. 25.—Eggs—Market, firm; receipts, 2.262 cases; extra firsts. 27*20; fresh graded firsts. 26* 2c; current receipts, 23'ti25c: checks. No'. 1. 18*,2c: No. 2. 15c; dirties. No. 1,20 c; No. 2. 18c. Butter— Market, firm; receipts, 7,664 tubs; extra firsts. 90-91*2 score. 26* a*B 27* ;>c: extras, 92 score, 27 1 2 c; firsts, 88-89 score. 2 1 a 25'jc: seconds, 86-87 1 2 score, 23*223*20; specials, 28*228*ic: standards. 27c. Poultry—Market, steady; receipts, 40 trucks, 1 car; geese. 11c; turkeys. 16c: old roosters, 10’ 2 c: ducks, heavy. 13c: springers, 4 lbs. up. 13*2*315*20; under 4 lbs.. 13*i*815c; hens, Leghorn, 10c; heavy hens. l4Vic; medium. 12c: guinea hens, dozen. ss*3 7: Leghorn springers. 12c. Cheese—Twins, 12*<<3,12 3 c: daisies. 12'*<'ti 13*<c; longhorns. 13 3 4*314*2C. Potatoes Supply, liberal; demand and trading, slow; market. about steady: Wisconsin round whites, 80*3 90c: commercial grade. 75*5.77*2c; Idaho russets. SI 40'3T.55: United States No. 2's. $1.25, Colorado McClures. 51.77*2*3 1 80; arrivals. 142; on track, 280; shipments. 656. U. S. CAR DEMAND UP SHARPLY FOR EUROPE Sweden Showing; Outstanding Gains, Auto Offiical Says. By United Press NEW WORK. Oct. 25.—Demand for American cars is doubling in various European countries, with Sweden showing outstanding improvement. George F. Bauer, export manager of the Automobile Manufacturers’ Association, said today. Returning from Munich, where he attended the International Highway Congress. Mr. Bauer explained that in view of failure of nationalistic policies to solve unemployment problems, many European nations are abandoning obstructionistic tactics regarding imports and are looking to reciprocal agreements to expand trad*. "Sweden, which has always been reasonable in international trade matters,” Mr. Bauer said, "is expected to increase imports of Americafn cars by as much as 100 per cent compared with last year. A. H. DAVIS NAMED AGENT tty 7 Special CHICAGO. Oct. 25—The Grand Trunk Railway has appointed A. H. Davis general western passenger agent, it was announced today from Chicago headquarters. He succeeds C. G. Qrttenburger, who retired after serving fifty years with the company.

BELGIANS QUIT MONEY PARLEY WITHOUTLOANS Nation Seen Confronted by Difficulty in Staying on Gold Base. By Timex Special NEW YORK, Oct. 25.—The Brussels monetary conference last week at which representatives of gold bloc nations conferred on the international money situation ended as a serious disappointment to the Belgians, well-informed banking circles here reported today. The conference, it is asserted, was called chiefly because of the tenuous strands which hold the belga to gold. Should Beligum be forced off gold, the position of the French franc would be in serious danger—and that bears a threat direct to all other gold currencies, it is pointed out. Got Less Than Desired Despite the fact that as a result of the conference steps to increase international trade were taken and a general commission is to be convoked at Brussels inside of three months, such measures, it is believed, may prove insufficient. Belgium, it is reported, wanted substantial loans from France. Informed quarters assert that these she did not get. So when the Belgium parliament meets on Nov. 12, it is thought the representatives to the Brussels conference will report with very much less than had been hoped for. This gives rise to the opinion in some of the best-posted quarters that there is a possibility the present Begium cabinet will turn in its resignation. That might mean that the country would shelve the gold standard. Possibility of Changes Those who observe with caution however, point to the contingency always present that the situation may change overnight. French authorities may decide to give Belgium the loans she so greatly desires, or the expedients agreed upon may seem sufficient to keep Belgium on the gold standard. But the possibility that such things may happen have been very much under discussion in the private conferences in financial board rooms here and abroad, and the result last week was a wave of selling of gold bloc currencies and purchasing of sterling, which put sterling up almost 2 per cent in a week in terms of American currency. Influences in this country, moreover, tended to accentuate the movement. Despite assurances of President Roosevelt that there would be no soldier bonus and that he was opposed to the idea of a central bank, European eyes could see nothing except the enormous spending contemplated here for building and public works-spending that is likely to leave a deficit of some $5,000,000,000. Sterling Rises to $4.98. This has caused widespread European buying of sterling against the dollar, which tended during the last days of the week to depress United States money still further against the pound, until sterling rose to $4.98 on Saturday’s exchange market, a gain of 8% cents from the low of the previous week. Two other influences tended to give strength to the pound. The fact that the slump of the franc made it possible to purchase more gold in Paris by first purchasing sterling in London, tended to give the English currency strength in terms of the dollar also; and the fact that the speculators who had been selling the pound because of seasonal influences were running to cover, also made it firmer. MOST RELIEF FUNDS SEEN REALIZED UPON August Recoverable Assets Gain $36,744,886. By United Press WASHINGTON. Oct. 25.—Nearly 60 cents out of every dollar of the federal government’s recovery and relief expenditures since the depression have gone into assets and loans and may eventually be recovered, treasury department officials said today. Up to Aug. 31, the treasury reported that $6,991,775,907 had been spent for recovery and relief, during which time the federal government in returned received $4,138,050,200 in assets of the recovery agencies that might eventually be realized upon. The gain in recoverable assets during August, the treasury reported. amounted to $36,744,886. Among the wholly owned government recovery agencies, the treasury said the Reconstruction Finance Corporation yet has $2,346,000,000 of recoverable assets and the public works administration, $181,000,000. STEEL SALES APPROVED . Corrigan McKinney Transferred to Republic Steel. Cleveland Cliffs Iron Company stockholders have approved the sale of the business property and assets of the Corrigan McKinney Steel Company to Republic Steel Corporation upon the terms contained in the contract which has been entered into between these two companies and which will be considered at a special meeting of the stockholders of each company called for that purpose. Out of a total of 895.531 shares of preferred and common stock entitled to vote at the Cleveland Cliffs Iron meeting, 830,791 shares were represented in person by proxy and the vote in favor of the merger was unanimous. CURB SEAT BRINGS $17,500 By Times Special NEW YORK. Oct. 25.—A seat on the New York Curb Exchange has been sold for $17,500, a decline of $2,500 from tne previous transaction, It was announced today.

U.S. Warned Not to Tinker If Ref unding of ‘ Liberties' Is to Be Stamped Success Conservative Course Is Essential for Next Six Months to Provide $3,000,000,000 Refinancing; Must Avoid Bond Market Upset. By Times Special NEW \ORK, Oct. 2-5.—A brief review of the monetary history of this country during the past year seems to be in order. The call for a refunding of $1,870,000,000 of the liberties due in 1938 has been accompanied by statements to the effect that the mere fact that these bonds were called, indicates that during the next six months no tinkering with our currency will take place. It is in this connection that the review of recent history becomes advisable.

Around Oct. 15, 1933, the treasury called $1,875,000,000 of bonds. Despite this fact, less than two weeks later the President announced the adoption of the Warren gold plan which proved to be one of the big fiascos and one of the principal causes of uncertainty in the entire monetary policy of the New Deal. About two months later, the treasury decided to purchase newly mined silver at 64% cents, a price very much out of line with world prices. Refunding Successful These two acts were undertaken despite the fact that a large number of bonds had been called for redemption on April 15, 1934. Prior to the redemption date, all the talk again reverted to sound money. We had stabilized our currency at a level equal to 59.06 per cent of the old gold parity and all rumors regarding inflation tended to be sidetracked. Asa result, the refunding operation was terminated successfully. About April 15. 1934, a call was issued for an additional $1,200,000,000 of bonds, to be redeemed as of Oct. 15. Did this prevent unsound monetary steps from being taken? The answer is a definite “no.” On May 22, under pressure from the silver interests, the President sent a message to congress recommending silver legislation. This message resulted in that monetary monstrosity —the Silver Purchase Act of 1934. In line with the provisions of this act, silver was nationalized at the beginning of August. Certainly in this case the “mere” fact that the treasury had started a refunding operation did not deter the administration from engaging in monetary tinkering. Os course, during the period when the bonds had to be converted, inflation was sidetracked again. Fails to Achieve Goal It might be noted at this point that this second call did not achieve its goal. According to information available, $600,000,000 worth of the called Liberties were converted into short-term Treasury notes, slightly more than $400,000,000 were converted into long-term bonds, while the balance was presented for cash. Thus little progress was made in this operation to reduce the unwieldly short-term debt. At present there are no indications as to whether or not further monetary tinkering has been definitely eliminated from the future monetary policy of this country. However, it seems to us in light of the refinancing which must be undertaken during the next six months that a conservative course of action and abstinence from monetary tinkering would be the best policy to follow. On Dec. 15, almost $1,000,000,000 worth of 2% per cent notes mature; on March 15, 1935, $528,000,000 worth of 2% per cent notes mature; while on April 15, $1,870,000,000 Liberties 4Vis must be paid. Thus, with a total refinancing of more than $3,000,000,000 to be undertaken during the next six months, it seems obvious that the wisest course that the administration could follow would be to abstain from any acts which will unnecessarily upset the bond market. However, as the above given brief historical review indicates, the mere calling of these bonds is not a guaranty that conservatism will rule.

' On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers. FRUlTS—Cranberries. Cape Cod. early blacks, 25-lb. box. $2 85. Grapes. Ohio Concords, 12-qt. basket, $1.65; California tokays, 26-lb box. 51.65. 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 spys, $1.35; Indiana Jonathans. $1.60; grimes golden, 51.50tn.i5. Mellons. California honey dews, $1.85 VEGETABLES —Cabbage. Northern Danish. 50-lb. bag, 60c; red. bushei. sl.lO. Onions Idaho sweet Spanish, large. 50-lb. bag. $1.35; Michigan, vellow, $1; white, boilers. 10-lb. bag. 35c; Western white. 50lb. bag, $1.75. Potatoes. New Jersey Cobblers. 100-lb bag, 51.45; Northern round white. 100-lb. bag. $1.10; Ohios, 100-lb. bag, $155; Idaho Russets, 100-lb. bag, $2. Sweet potatoes; Indiana Jerseys, bushel $1.50; Indiana Nancy Halls, bushel. sl. Eeans. home-grown stringless bushel. $1.50. Limas large, pound 25c. Beets, dozen. 20c. Carrots. Ohios. dozen. 35c. Cauliflower crate. $1.75. Celery. Michigan medium, dozen. 40c; jumbo, dozen. 65c; hearts, bunch. 90c. Cucumbers, hothouse, dozen, $1.50. Endive, dozen. 40c. Egg Elant, dozen. 75c. Kale, bushel. 50c. ettuce outdoor, 15-lb. basket, 60c. Mantos. bushel. 85c. Mint, dozen, 50c. Parsley. ozen. 35c. Peas—Hamper. $2.75. Peppers, red flr.ger. 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. CHICAGO FRUIT MARKET *By United Press) CHICAGO. Oct. 25. —Apples—Michigan Mclntosh, bushels, 2*2-inch. $1 50; Jonathan, *1.50 Sweet potatoes—Tennessee, bushels. 85-3950; Indiana, $1.403 1.50. Lettuce—California. crates. $1.754j2 50. Cabbage—Wisconsin, crates. 40® 50c. Peppers—lllinois, bushels. 25@50c. Celiery— Michigan, crates, squares, 50<S 75c: flats, 40c. Cauliflower —Oregon, crates. $1; Illinois. 40'465c: Michigan. 75cft$l. Grapes —Michigan Concord. 12 quarts. 353 39c; New York, 50c. Cranberries—Massachusetts, ** barrels. *2 758 2 85; Wisconsin. 5335 3.15. Spinach—Missouri, bushels. 25*3 40c Illinois 20"3 40c: Michigan. 50c Carrots —Illinois, bushels, 403 50c: bunches! li&l'sc. Celery-Cabbage—Michigan, flat crates. 15<3 35c. Beets—lllinois and Indiana. bunches, lc. Onion*— Illinois green, bunches. 5*3.80. Onion market 1 50-pound j sacks'—Michigan yellows. 85890 c; Idaho yellows. $1 1.05; Michigan whites, sl.lO. HUDSON SALES INCREASE By 7 w* Special CHICAGO. Oct. 25.—Sales of the Hudson Motor Car Company during the week ended Oct. 13 were the largest for any seven-day period since August and were 30 per cent above the same week j# 1933, it was reported today.

PORKER VALUES REMAINSTEADY Lambs Strong to 25 Cents Higher; Cattle, Veals Unchanged. With only slight action displayed during the early trading at the | union stockyards this morning, porker prices remained unchanged. Estimated receipts of 6.000 were sharply lower than in the two preceding sessions. The bulk, 160 to 200 pounds, was selling from $5.15 to $5.40. Weighty grades, scaling 200 to 300 pounds, brought $5.50 to $5.75. Choice weights were salable at $5.80. Small classes, weighing from 130 to 160 pounds, cashed in at $4 to $4.75, while extremely light kinds, scaling 100 to 130 pounds, sold at 52.75 to $3.75. Packing sows brought $4.25 to $5. Few choice sold at $5.15. Holdovers numbered 1,210. Trading in the cattle market continued slow on practically all grades. The bulk of steers was salable from $3 to $6.25. Few low grade cows remained unchanged. Receipts were 900. Vealers again held stationary, selling at $8 down. Receipts numbered 500. Slight strength was evident In the lamb market, with various grades strong to around 25 cents higher than yesterday’s average. Most classes were salable at $6.75 down. Few choice sold at $6.85 to $7. Bucks were discounted sl, while throwouts brought $3.50 to $5. Receipts were 2,000. HOGS Oct. Bulk. Top.. Receipts. 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® 5.70 5.85 9,000 24. 5.15® 5.40 5.75 9.000 25. 5.15® 5.40 5.80 6.000 (140-160) Good and choice .$4.50® 5.00 <l6O-1801 Good and choice 5.15® 5.30 (180-200) Good and choice ... 5.30® 5.50 (200-220) Good and choice ... 5 50® 5.60 (220-250) Good and choice.... 5.60® 5.80 (250-290) Good and choice ... 5.600/; 5.65 (290-350) Good and choice ... 5.40® 5.60 Packing sows: (275-350) Good 4.85® 5.15 (350-425) Good 4.75® 5.00 (450-550) Good 4.60® 4.85 (275-550) Medium 4.25# 4.75 (100-130) Slaughter pigs good and choice 2.75# 3.75 CATTLE —Receipts, 900— —Steers—-(sso-900) Choice $7.25® 8.50 Good 6.00® 7.75 Medium 4.00® 6.25 Common 2.75® 4.00 (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 (750-900) 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 —Bulls—(Yearlings Excluded) Good 3.00® 3.55 Common and medium 2.00# 3.00 VEALERS —Receipts. 500— 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—-(soo-800) Good and choice 4 00# 5 25 Common and medium 2.75® 4 00 ■BOO-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 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® 650 90-120 lbs., good and choice... 2.00# 2.50 Sheep—-(l2o-150) Good and choice . 1.75# 2.25 A!1 weights. common and medium 1.25® 2.00 REALTY STATUS STRONG Wise Men Buying at Present Levels,i National Head Says. By Times Special OMAHA, Oct. 25.—Hugh Potter,! president of the National Associa- I tion of Real Estate Boards, declared today that wise men are buying and not selling real estate on the pres- i ent market. “There has teen an extraordinary withdrawal from the market of real estate that a year ago was for sale,” j Mr. Potter said. '

FIRST WINTER TERM Oct. 29 to Nov. 5 Arrange to .tart your business training during the upening week of the Ftrt W inter Term, or aa soon thereafter a. possible. Special buaineas coarse, are demonstrating daily their definite value and effectiveness. Young men and young women who are specifically prepared are finding their way into desirable positions. This is the INDIANA BUSINESS COLLEGE of Indianapolis. The others are at Marion, Muncie. I.ogansport. Anderson. Kokomo. Lafayette. Columbus. Richmond and 1 ineenne* —Ora E. Bnti President. For Bulletin, rising full particulars, get in touch with the I. B. C. nearest you, or Fred W . < ase Prinrii-al. Central Business College Architects A Builders Bldg.. Pennsylvania A Vermont Sts.. Indi^anoli**

Latest Stock, Bond and Commodity Quotations

HOUSING GROUP TO TEST CLAIM ECHOEDBY ABA Moffett and Aides Held Disappointed Over Lack of Support. By Tim's Special WASHINGTON, Oct. 25—The claims of bankers that they are wining and ready to co-operate in the administration recovery program, loudly echoed at the American Bankers Association convention here, will be put to a practical test soon by the federal housing program. James A. Moffett, Federal Housing Administrator, and his aides are disappointed over the failure of many bankers so far to support what is now regarded as the mainspring; of the renewed recovery movement revolving about stimulation of the heavy goods industries. Banking assistance has fallen far below expectations. President Roose--1 velt is fully aware of this. 8,800 Make Loans Whatever the bankers profess about their desire to co-operate, the records tell the story. Os 23.000 financial Institutions of all sorts circularized by the Federal Housing Administration. 8.800 have agreed to make loans for modernization and repair under the housing act. While the 8.800 represent about 90 per cent of resources of the banks and other institutions circularized, only 2.300, or 25 per cent of these, have made loans for modernization and repair authorized by the housing act. In sharp contrast is the very active support given by a large number of financial institutions. Mr. Moffett is high in his praise of their contribution to his campaign. Profit Held Small The lukewarm—and often actually chilly—attitude of many banks is hard for the administration to comprehend. Some bankers say the business is not worth bothering about because of the small profit involved for them, though the administration points out that the improved business through revival of all the industries affiliated with housing will react to their advantage. Housing officials say that at the outset, some banks were nearly swamped with applications of unsound character. This cooled their enthusiasm for the new government venture, despite the fact, as is pointed out here, that this first rush of applications was followed by worthwhile ones. Lack of co-operation is most noted among banks in New York and Pennsylvania.

MOVEMENT OF WOOL IN BOSTON IS SLOW Bids Being Made on Numerous Lots of Sizable Volume. By United Press BOSTON, Oct. 25.—The movement of wool in the Boston market continued slower than last week, according to the report of the United States agriculture department. Bids were being made, however, on numerous lots of sizable volume, but prices offered are in many cases below fairly firm asking prices unchanged from last week. Despite the quieter trend of sales, the undertone of the market is quite hopeful because of the active bidding and a strengthening of asking prices in several large producing centers. Texas wools in the country are reported to be selling quite freely at; 65-67 c, scoured basis, delivered cast, on strictly combing and at 62-63 c on French combing types of twelve months wools. TRADE PACT PLANNED By Times Special WASHNGTON, Oct. 25.-The United States in the near future will negotiate anew reciprocal trade agreement with Switzerland, the state department announced today. This brings the trade pacts now in progress of negotiation to twelve. Retail Auto Sales Off From August to September retail sales of new passenger automobiles showed a decrease of about 5,5 per cent, according to the bureau of foreign and domestic commerce.

OFFICE SPACE A W 4 The available vacancies m the several office buildings under our management offer a full range m pnee, size and type ol office apace KLEIN & KUHN Inc. Property Management LINCOLN 354S