Indianapolis Times, Volume 46, Number 146, Indianapolis, Marion County, 29 October 1934 — Page 11

Developments in Trade and Industry

DECISION SEEN ON RAIL RATES BY YEAR’S END Pension Act Ruling Viewed Blow to Hopes of Carriers. BY W. lAN MACK Tlmf Special Writer NEW YORK. Ort. 29—Decision by the Interstate Commerce Commlsson on the railroad’s application for an upward revision of freight rates should be forthcoming before the close of the year, observers said today. Its preliminary investigation of the matter inaugurated sectional hearings in Denver last week to ascertain the views of shippers and other interested parties. Other hearings, following each other in rapid succession, will be held in Salt Lake City, Portland. Ore.; Birmingham, Dallas, San Francisco and Chicago. Then Meet in Capital Upon the conclusion of the inquiry in Chicago the commission's examiners, under the direction of Commissioner Atchison, are scheduled to reconvene at Washington on Nov. 20 for the final phase of the investigation. Students of the situation intimated that the carriers have lost one of their strongest arguments for an increase in rates through the District of Columbia supreme court’s decree holding unconstitutional the recently enacted railway pension act. Other factors at the road’s command include the gradual restoration of wage levels existing in 1929, increased material and equipment costs and loss of short-haul traffic to other transportation agencies. Labor Costs Cited Some authorities expressed the belief that in view of the cost of labor it is questionable whcther % the railroads’ plea for higher rates can be refused under present circumstances. This view is contrary to the recommendation made some time ago by Joseph B. Eastman, federal co-ordinator of transportation, that freight rates be reduced rather than increased as a means of stimulating loadings. The partial restoration of predepression wage rates on July has been reflected in rail earnings to a considerable extent, it was pointed out. In July gross revenues were 6.1 per cent lower than in the corresponding 1933 month, but operating expenses were 6.2 per cent higher. 4.>.6 Per Cent Lower Asa result net operating income was 45.6 per cent lower than last year, with the return on property investment down to 1.55 per cent from 2.77 per cent. Although the pressure of increased labor costs continued to operate in August, a change for the better was shown as the result of economics in other directions. Gross revenues, due to specific loadings, expanded 9.9 per cent over a year ago, but operating expenses increased 19 4 per cent. Net operating income was up 28.1 per cent. This, however, failed to lift the return on property investment, which was at 1.33 percent. ENGLISH BALANCES HUNT INVESTMENTS Difficulty Experienced in Using Available Money, Says Report. Bn T imes Special NEW YORK. Oct. 29.—A plenitude of funds has caused the easy money conditions prevailing during September to become accentuated in England's short loan market, according to the monthly review of Barclays Bank. Ltd. Supplies of loanable funds have been so great that difficulty has been experienced in finding full employment of floating balances. The downward trend of income from British overseas investments in 1932 was less marked than in the two preceding years, the review stated. Earnings, however, reflected the contraction in world trade. British capital invested abroad outstanding in 1932 aggregated £3.355.000.000, from which an income of £144,118,000 was derived. CORN DEADLINE SET AAA Fixes Nov. 10 as Time Limit for Applications. By r nltrct Press WASHINGTON. Oct. 29—The Agricultural Adjustment Administration today set Nov. 10 as the dead line for applications and agreements for harvesting and sale of corn fodder and corn stover. Under the agreements, producers may apply for allotments of corn stover and upon granting of the allotment. the AAA agrees to purchase at a fixed notice such quantities as may remain unsold on farms after next April 1. mill actTvFtTes DROP Lumber Industry Slump Continues Throughout Nation. Bit Times Special WASHINGTON. Oct. 29—Continued decline in lumber activities throughout the nation was reported by the National Lumber Manufacvurers Association for the week ended Oct. 20. New business, shipments and production were lower than for any week since July and for the first time in the last four weeks orders fell below those of the corresponding week in 1933. STEEL OUTPUT HIGHER Midwest Rate Starts New Week 4 Points Above Week Ago. But United Pres YOUNGSTOWN. Oct. 9—Steel operations in this district at the start of the week were at 30 per cent of capacity, mill men estimated today. This is a gain of four points over the current week’s average and contrasts with 31 per cent in the corresponding 1933 week, 19 per cent in the 1932 week and 30 per cent in the 1931 period.

Breaking Precedent

New York Stock Exchange Presents First Financial Statement in History. BY VINCENT S. LYONS Times Financial Editor

The high fence called “private organization” which the New York Stock Exchange has used to prevent the public from prying into its affairs has been cut down again. For the first time in the long history of the organization a statement of its finances has been presented for consumption by the public.

The fact that the New York Stock Exchange, which has always looked upon itself as a private institution that need not show its hand to the millions of people who indirectly create the business w’hich allows it to exist, should issue a condition statement is a precedent shattering episode. And persons in all walks of financial life undoubtedly will look upon the development in this light. Figures given out by the exchange are not as revealing as those which this same body has a-ked of companies whose shares are traded in on the floor of the organization. This, however, Is secondary. The prime factor is that it has deemed it wise to allow the nation to get a rough idea of how the Big Board fared in a financial way during 1933. Shows Loss for Year It may come as somewhat of a relief to people that the institution, like many other lines of enterprise, : uffered a net loss of $287,003 during 1933. Their assets were figured at $43,846,054. including $2,111,738 in cash and $1,262,537 in securities. The land and building upon which the Stock Exchange stands was valued at $31,444,298, less $5,455,908 for depreciation, which brings the book value down to $25,988,390. Those persons who desired to ascertain just how much the exchange valued its memberships received a disappointment as this was passed over. These seats during the halcyon days of 1929 attained the peak figure of 25,000, but at present are worth a little more than SIOO,OOO. The “equity representing the interest in the exchange of all members” was put at $27,570,287 in the report, which amounts to $20,051 for each of the present 1.375 memberships. However, such intangible items as good will and profit possibilities, would bring the worth of seats considerably higher. Second Important Step Public presentation of a financial statement is the second important step to be taken by the organization in the last few months to win favor. Just around this time last month the institution announced the personnel of a “brain trust,” which would sit in on various committee meetings. Including in this group were several men who were in no way connected with the exchange. The attitude of the exchange in these instances probably is not entirely unselfish. Thousands of investors throughout the country have become disillusioned by the sharp practices in stock market trading which were disclosed by the senate in its recent investigations. Then, too, the volume of trading has fallen off to such an extent that many member firms, in the interest of economy and aim to survive, have *>een forced to amalgamate with other firms. Consequently, the Stock Exchange, by coming out in the open, is attempting to court public favor. Undoubtedly the presence of the securities exchange commission, which will act as the watchdog of stock market trading, is in large measure responsible for the change in the exchange’s methods. The latter is merely adjusting itself to the times.

Stock Studies

NATIONAL POWEP & LIGHT ( COMMON STOCK PEP f' —— V""' IMCC SHAPE EARNINGS PRICE RANGE SCALE _ , - 2 - I TANARUS, ft riii. ° |29 30 31 32 33130 31 32 33341 ° WINCHESTER INSTITUTE OF FINANCE The National Power Sc Light Company is a holding company. The companies under its control form one of our large utility systems, affiliated with Electric Bond <fc Share. Its subsidiaries operate in Alabama. North Carolina, South Carolina. Tennessee, Pennsylvania and Texas. The territories served include a total population of about 3.435.000. Sales of electric power and light account for about 83 per cent of its revenue, 10 per cent is derived from transportation, and 6 per cent from gas. FINANCIAL DATA As of December 31. 1933 Common stock no i>ar ....5,456.061 shares Preferred stocks mbs. $ 90,054.409 Funded debt unci, subs.) .... 208.156.500 Tamed surplus 26.108.359 Plant and pr-pertv 516.132.510 cash and <es 40 167,023 Net working capital 34,012.695 During 1933 funded debt was only slightly decreased, but subsidiary preferred stocks outstanding were 56.000.000 less. Plant and property was figured at $2,800,000 less, cash and securities increased $3,100,000. while net working capital gained $2,250,000. Earned surplus, on the other hand, decreased $2,000,000. On December 31. 1933, the book value of the common stock was $21.13 or 32 cents less than at the beginning of the year. National Power Sc Light has kept in the black right through the depression. although earnings have successively declined from $2.17 earned on the common stock in 1929 to only 90 cents in 1933. For the twelve months ended last August 31, $1.06 was earned on the common. For many years the annual dividend rate has been sl. A reduction this year leaves the present rate at 80 cents. National Power & Light was incorporated in 1925 in New Jersey. The common stock is listed on the New York and Philadelphia Stock Exchanges. At a current price of around B*4 it sells to yield 9 \ per cent on the present dividend rate. iAll Right* Reserved. Winchester Institute of Finance, Winchester, liass.i

Abreast of The Times on Finance

Wall Street BE RALPH HENDERSHOT Times Special Writer. NEW YORK, Oct. 29.—Dispatches from Washington say the administration is conducting a quiet campaign to induce big business enterprises to use part of their large surpluses to rehabilitate their plants and equipment. The idea behind it is that such expenditures not only would put a great many people to work and thus speed recovery but it would cut the amount of future taxes by reducing the re-

lief of expenditures of the government. Moreover, it is argued that industry would then be in better condition to meet the demands of an upturn in business. This request on the part of the government is a reasonable one, and it should have a fair chance of

§i|k jmk

being effective. It is no secret that many industrial plants have become obsolete or partially so since the depression began, and it would be good business to bring them up to a high state of efficiency. It is also well known that a majority of the larger concerns have the money with which to do this work. The truce which has just been effected between President Roosevelt and the bankers should help to put over the proposal. While Mr. Roosevelt's speech was not particularly definite on a great many points, it is reasonable to assume that he discussed conditions freely and frankly with the bankers in private. Otherwise they would not have jumped on the bandwagon. ana IF, as it is assumed, the President made some very definite promises to the bankers it is reasonable to suppose that among these promises was an agreement to discourage the idea of inflation as it is popularly regarded. No doubt, also, it w T as agreed that further financial legislation would be of a refining rather than of a reform character. Such promises would be likely to encourage expenditures for so-called heavy equipment. The fact that the President made a special point of the safety of property and the right of capital to a reasonable profit in industry in his speech last week also should contribute materially to success of his plan. Many business people had been of the opinion that the country was going radical, and they were interested more in the safety of their capital than in its use in industry. Now that they have been reassured the chances are that they will be not only willing but anxious to put it to w’ork. a a a IT would be well if business leaders were to co-operate as far as possible with Mr. Roosevelt in his latest efforts. The Chief Executive is showing consideration by putting his suggestion in the form of a request, but he could put on pressure if the need arose by placing taxes on corporate surpluses. Aside from that, though, prices are relatively low at the present time, and the cost of rehabilitation would be small in comparison with that of normal times. Generally speaking, plants are built at or near the peaks of business booms. It would seem desirable to reverse the procedure. GOLD OUTPUT RISES Value at 85,546,644 in September, Volume Is 546,477 Tons. By Times Special TORONTO, Oct. 29.—September gold production in Ontario totaled $5,546,644, or 546,477 tons of ore, compared with $3,488,106, or 454,875 tons of ore in the corresponding month last year, a gain of 20 per cent by weight, it was reported. riIELrS GETS NEW JOB By 7 imes Special NEW YORK. Oct. 29.—George H. Phelps, prominent advertising and public relations counselor, will become a partner of Fenner & Beane, international investment house, on Nov. 1. it was announced today.

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. $3 Grapes. Michigan Concords. 12-qt. basket. 50c; California Emperors. 27-lb. box. $2. Crabapples, Micnigan hvslops. bushel. sl-85 Persimmons, Indiana. 12 qts . 90c. Pears. New York. Bartiets. bushel. $2.50. Avacados, box. $1 50. Quinces bushel. S3 Bananas, pound sc; pineapples, crate. $5: size 30. Apples, maiden blush. $1.50, northern spys. $1 35: Indiana Jonathans. $1 85: grimes golden. $1,504? 1.75. Mellons, California honev dews. $2.25. VEGETABLES—Cabbage. Northern Danish. 50-lb. bag. 60c; red, pound. 3c. Onions, Idaho, sweet Spanish, large. 50-lb. bag. $1.40. Michigan, yellaw. $1 la: white, boners. 10-lb. bag. 35c. western white. 50lb bag SI 75. Potatoes. New Jersey Cobblers 100-lb. bag. SI 35: northern round white. 100-lb bag. *1: Ohios, 100-lb. bag. $1 55: Idaho Russets. 100-lb. bag. $2. Sweet potatoes. Indiana Jerseys, bushel. $1.50: Indiana Nancv Halls, bushel. sl. Beans, round stringless, bushel. $1.75. Beets, dozen. 20c Carrots, home-grown, dozen, 35c Cauliflower, crate. $1.75. Celery, Michigan, medium, dozen. 40c: jumbo, dozen 65c: hearts, bunch, 90c. Cucumbers, hothouse, dozen. 1.25. Endive, dozen. 40c. Egg plant, dozen 75c. Kale, home-grown, bushel. 50c. Lettuce, outdoor. 15-lb. basket 60c Mangos. bushel. 85c. Mint, dozen. 50c Parsley, dozen. 35c. Peas— Hamper $3 75. Spinach, home-grown, broadieaf bushel. 50c. Radishes, dozen. 30c Tomatoes outdoor. 12-lb. basket. 45c; bushel. $1 50. Turnips, home grown, dozen. 20c pumpkins, dozen. $1.25. FRUITS AND VEGETABLES Bv United Press’ CHICAGO. Oct 29—Apples—Michigan Mclntosh, bushel. 2’i-inch. St 75. Jonathan' SI 50 Sweet potatoes—Tennessee, bushels. 85c u 90c. Le’tuce—California crt., 1504i 250 Peppers—lllinois, bu . 254i65c. Ceierv—Michigan, crates. 40 ft 6sc; isquaresi flats 30 S 50c. Oregon—Cauliflower, crates. 85c ■: $1 10. Michigan. [email protected]. Grapes —Michigan Concord 12-qt . 354?37c. Cranberries — Massachusetts. L barrel. $2,754? 3. Spinach—Missouri, bushels. 40'S 50c. Carrots—lllinois. bushels. 40fi50c: bunches. l‘jS2c. Celery-Cabbage—Michigan. flat crates. 30 S 3Sc Beets—lllinois and Indiana. bunches, lc. Green anions—lllinois, bundles. 7fc9c. *

INDIANAPOLIS, MONDAY, OCTOBER 29, 1934

DRIVE OPENED FOR INDUSTRY TO FIXPLANTS Move Aimed to Meet Demands of Recovery and Put Money to Work. BY THOMAS L. STOKES Times Special Writer WASHINGTON, Oct. 29.—The Roosevelt administration is engaged in a quiet campaign to induce big industries to dip into their surpluses and bring obsolescent plants and equipment up to date, a process that would put billions dollars to work. This move has a two-fold objective: First, to stimulate the heavy goods industries which supply the necessities of plant rehabilitation and, second, to put factories in shape to meet the demands of a recovery that some administration officials see in the offing. Direction of this campaign has been turned over ifo James A. Moffett, federal housing administrator. It is a corollary of the housing program and the youthful former Standard Oil official has wide contacts with big industrialists and speaks their language. Much Machinery Obsolete He is preaching the need of putting idle surpluses to work in numerous conferences with industryheads, and already has received commitments from several for plant rehabilitation expenditures. Commerce department experts are unable to estimate how much could be spent in this way, but it mounts into the billions. Private estimates range from $25,000,000,000 to $50,000,000,000, thus leaving a gap of over a billion dollars. With railroads it's a problem of getting the money, and the federal government is prepared to increase its help. With many other key industries it is merely a question of utilizing surpluses. Plan Fits In The housing administrator’s campaign fits in with the reported intention of the administration to relax the brakes on NRA production control somewhat and depend upon increased production with lower prices to spur business and spread factory employment. There is now a conflict within the administration over application of this theory. The NRA administrative board yet has taken no positive action. A group within the administration which is working upon the giant public w-orks program to be submitted to congress wants to make large use of rural electrification in the new recovery drive, to do for other areas of the country what is being done in the Tennessee valley.

Hendershot

BEnER ALIEN TONE AIDS WHEAT VALUES All Other Grains Also Up in Initial Dealings. By United Press CHICAGO. Oct. 29.—A better feeling in Liverpool encouraged buying of wheat futures on the Board of Trade today. Wheat started % to % cent higher, corn was up % to % cent, oats advanced % to \>2. cent and rye was up % to % cent. Advices from the Argentine were less optimistic and a better demand for futures sprung up at Liverpool and sifted through into the local wheat pit. A cable from the Argentine says the ministry of agriculture revealed the appearance of yellow rust over a wide area of growing wheat. 11:00 Prev. WHEAT— High. Low. A. M. close. Dec 97 .96 .65 .96% Mav 96 7 a .95’* .95% .95 7 a Julv 92 .90% .90% .91% CORN— Dec 75 .74% .74% .741 Mav 77’, .761 .76% .76% July 77% .76% .76% .76% OATS— Dec 50% 49% .50 .49% Mav 48% .48 .48 .47% Julv 43% .43% .43% .43 RYE— Dec 68% .67% .68% .67% Mav 71% .701 .70% .71 July 72 .71% .71% .71% BARLEY— Dec 78 .78 .78 .77% LOCAL CASH MARKET Citv grain elevators are paying 85 cents for No. 2 soft red wheat. "Other grades on their merits. Cash corn No. 3 yellow 68 cents, and oats 43 cents. BANK DEPOSITS GAIN Chicago Institutions Report Rise in 17-Day Period. By Times Special CHICAGO, Oct. 29.—The eighteen national banks reporting to the Chicago Clearing House Association increased their deposits by $32,565,000 between the end of September and October 17, bringing the outstanding aggregate to $1,737,828,000, it was disclosed today. Part of the expansion, it was explained, may be due to the fact that month-end deposits are ordinarily near the low as a result of periodic cash requirements of depositors.

Other Livestock

FT. WAYNE Oct 29.—Hogs— Steadv to 10c lower; 250-300 lbs.. $5.40; 225-250 lbs . $5.25: 200-225 lbs.. $5.10; 180-200 lbs.. $5; 300-350 lbs.. $5; 160-180 lbs.. $4.85, 150160 lbs.. $4 40; 140-150 lbs.. $4.15; 130140 lbs. $3.85; 120-130 lbs.. $3 15; 100-120 lbs.. $2 65; roughs. $4 25; stags. $2.50. Calves. $7; lambs. $6.25. LAFAYETTE. Oct. 29.—Hoes, steadv to 25c higher: 225-300 lbs.. $5.2535.35; 300325 lbs . $5: 200-225 lbs . 55.090 5.15: 180200 lbs . $4 85*14 95: 160-180 lbs.. $4 60'* 4.75: pigs, $4.40 down: roughs. $4.75 down; calves. $6 down; iambs. $S down. Bp Times Special LOUISVILLE. Oct. 29 —Cattle—Commercial 1.600; government 900: market, fairly acme and fullv steadv to strong: trade on most slaughter classes: quality fair: Stockers scarce, quotable fullv steadv to strong; bulk common to medium light grass steers and heifers. $3?4 30, few better finished offerings. $5 5 5.50: nothing strictly good included: bulk beef cows. $2 50 33: practical top $3.25: low cutters and cutters. $12547 2 25: sausage bulls, mostly $2 75 down: desirable Hereford Stockers quotable mostly $4 2545 4 75: common to medium grade natives. $2 5045 3 50. Calves, commercial 700. including 250: stock calves considering strict sorting; tealer market steadv to weak: bulk better grades s64i 6 50: strictlv choice. $7; medium and lower grades. $5 down Hogs. 1.100; market not established generally asking: steady, but most bids. 105 20c lower than Saturday, with most loss on weights from 195 lbs down: bidding. $5 35 for better. 200-250 lb. weights. Sheep—Receipts. 500; mostly Steady; bulk better lambs salable $5 75 u 6: few choice. $6.25 or better: bucks. $4.75 45 5: light thpowouts. $3.50: fat ewes mainly $1 50-32; most stock ewes salable. $53 6 50 a head, choice young ewes quotable to $7.50.

New York Stock Exchange Prices

(By Thomson it McKinnoni 11 00 A. M. Prev. Oil*— High. Low. N Y. close. Amerada 39% 39% 39% 39 At! Rfg 23'-, 23% 23% 23 ! Barnsdall 6% 6% 6% 6’. Consol Oil 7% 7 1 2 7% 7% Cont oJ Del 16 15% 15', 16% Ohio Oil 8-. 8% 8 1 S' , Pet Corp B’, 8•% 8% .. Phillips Pet 14', 14', 14', 14 Pure Oil 6", S' 6% 6% Sbd Oil 22'. 22'. 22', 22 . Shell 6', 6', 6', Soc Vac 13', 13', 13'. 13', S O of Cal 31'* 30’* 31', 3D", S O of Ind 23N 23>* 23'* 23% SOof N J 39% 39'* 39’, 39'. Tidewater Assn B'* 8 B'* B', Un Oil of Cal .. 14% 14% 14% 14'* Steels— Am Roll Mills... 16% 16 7 , 16 7 , 16 7 s Beth Steel 25 24', 24 7 , 25 Byers AM 16’* 16' 16% 15 1 a Mid stpel 8 8 8 Natl Steel . . 37% 37' a 37% Rep Iron & Stl 12 12 12 12', Rep I & Stl pfd 34' 2 34' 2 34 1 2 34 U S Steel .33 7 , 31% 31% 31% Youngstn S & T 16 16 16 15 1 2 Motors— Auburn 23 1 2 23 23' 2 23% Chrysler 34' a33 7 ,34 1 2 34', Gen Moftrs ... 29% 28% 29', 29 Gen Motors pfd 103 103 103 103 Graham Mot ... I 1 * 1% 1% 1% Hudson 8 : 2 8' 2 B'2 B'2 Hupp 21 21 2% 2' 2 Packard 3', 3 5 , 3*a 3?, Sudebah.er ... I*. 1% 11 ... Yellow Truck . 1H 1", 1 3 ...

PORKER PRICES REMAINSTEADY Cattle Market Unchanged; Veals, Lambs Move Downward. Porker prices remained mostly steady in early trading at the Indianapolis stockyards this morning. Few choice kinds were up slightly, while the majority continued unchanged. The bulk, 160 to 200 pounds, was selling from $4.90 to $5.15. Heaviest grades, weighing from 200 to 325 pounds, were salable at $5.25 to $5.50. Good and choice weights sold at $5.60 down. In the lightweight division, hogs scaling 130 to 160 pounds, brought $3.90 to 54.65, while extremely small classes, weighing 100 to 130 pounds, cashed in at $2.65 to $3.65. Packing sows ranged from $4.25 to $4.85. Receipts were estimated at 7,000; holdovers, 293. Trading in the cattle market showed little change from Saturday’s close. Few steers were salable from $3,50 to $5.50, while most cows brought $2.50 to $3.50. Early supplies on hand consisted mostly of cows. Few low cutter and cutter grades sold at $1.25 to $2.50. Veal prices were sharply 50 cents lower, selling at $7 down. Cattle receipts were 700; veals, 500 . Lamb values moved around 25 cents lower than last Friday’s average. Most graders were selling at $6.50 down, while few choice kinds brought $6.75. Bucks were discounted sl. Throwouts sold at $3.50 to $5. Receipts numbered 600. HOGS Oct. Bulk. Top. Receipts. 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 26. 5.00® 5.30 5.70 7,000 27. 4.90® 5.15 5.55 3,000 29. 4.90® 5.15 5.60 7,000 < 140-1601 Good and choice $4.40® 4.90 G6O-1801 Good and choice 4.90® 5.05 (180-200) Good and choice .... 5.05® 5.25 (200-220) Good and choice 5.254i 5.35 (220-250) Good and choice 5.35® 5.55 (250-290) Good and choice 5.35® 5.40 1290-350) Good and choice 5.15® 5.35 Packing sows: (275-350) Good 4.75® 4.90 (350-425) Good 4.60® 4.85 (450-550) Good 4.50® 4.75 1275-550) Medium 4.25% 4.60 GOO-130) Slaughter pigs good and choice 2.65@ 3.65 i CATTLE —Receipts, 700— —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 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®: 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 $6.50® 7.00 Medium 4.00® 6.50 Cull and common 2.00® 4.00 —Calves—-(2so-500) Good and choice 4.75® 6.50 Common and medium 2.50® 4.75 —Feeder and Stocker Cattle——Steers— (soo-800) Good and choice 4.00(5? 5.25 Common and medium 2.75® 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 2.507? 3.00 Common and medium 2.00® 2.50 SHEEP AND LAMBS —Receipts. 600— Lambs. 90 lbs. down, good and choice $6.25® 6.75 Common and medium 4 25® 6.25 90-120 lbs., good and choice .. 2.00® 250 Sheep—--1120-150' Good and choice • 1.75® 2.25 All weights, common and medium 1.25® 2.00

Other Livestock

(By United Press! CHICAGO. Oct. 29. Hogs Receipts. 24,000. including 9.000 directs; mostly steady with Friday's average; weights under 200 lbs., strong to 10c higher in instances; better grade 220-310 lbs., $5.40 ! 4?5 60; early toD S5 60: 170-210 lbs., $4.85 i’ll 5 40: light lights 53.75*1 4.75: most sows. 54.754? 5.10; light lights. 140-160 lbs.; good , and choice. 53.754? 4.75: light weight 160- I 200 lbs. good and choice, $4,504/ 5.35: medium weights 200-250 lbs., good and choice. 35.104i 5.60: heavy weights. 250-350 lbs., good and choice. 55.354? 5.60; packing sows, £75-550 lbs., medium and choice. $44? 5.25; slaughter pigs. 100-130 lbs., good and choice. $2,754? 3.75. Cattle—P-eceipts. 23,000 commercial. 3.000 government: calves, receipts. 3 500 commercial. 1.000 government: largely steer run with in between grades predominating: very sizeable crop short feds: also sprinkling better grade fed steers and yearlings: not enough done to make market: undertone weak to 25c off: other killing classes uneven: mostly steady to weak on she-stock: strong on bulls and barely steady on vealers; weighty sausage bulls up to $3.35: most vealers, $5 504/6 50; slaughter cattle and vealers: Steers. 550-900 lbs., good and choice. $5.75 4?8: 900-1,100 lbs., good and choice. $5,854? 8 50: 1,100-1.300 lbs good and choice. $6 4?9.50: 1.300-1.500 lbs., good and choice. 56.754J9.75: 550-1.300 lbs. common and medium. $2.50416.75. heifers, 550-750 lbs., good and choice, $5 254i8: common and medium, $2 754/5 25; cows. good. $3 254/ 4 75; common and medium. $2 754/3.25; low cutter and cutter. $1,754/ 2 75; bulls I ■Yearlings excluded’ good ’beef’ *34?4: cutter, common and medium. $24/ 3 35; vealers good and choice. $5 504/7: medium. $4 504?5 50: cull and common. $3 504/ 450 i stocker and feeder cattle S’eers. 550-1.050 j ibs . good and choice. $44/5 50: common and medium. $2,504? 4. Sheep—Receipts. 18 000. fat lambs, supply limited: earlv : bids and indications weak to 25c off: best j natives held $6 75 up: initial bids around j $8 50: sheen steady: feeding lambs, weak: I slaughter sheep and lambs: Lambs 90 lbs. j down, good and choice. $6 104?6.85: com- , man and medium. $5.25^6.25: ewe*. 90-150 lbs., good and choice. $1.654?3 35: all weights, common and medium. $1 504?1.90; j feeding iambs. 50-75 lbs., good and choice, *5.7536.10,

Motor Access— Bendix 11* IP* ll 7 * IT. Borg Warner .. 23'* 23 23'* 22% Briggs 16’* 16’* 16', 17 Budd Mfg 2'. 2'* 2 1 .. Houdailie (A) .. 4' 2 4' 2 4' 2 4' 2 Timken Roil 28 27’* 27'* ... Mining— Alaska Jun 18 17'. 17% 17 7 , Am Me’als 4' 2 4’ 2 4' 2 Anaconda 10'. 10'. 10', 10' 2 Cal & Hecla ... 2 7 2 7 . 2 7 . Cerro de Pasco . 36 1 2 36 36% 35', Dome Mines ... 39’* 39’* 39 * 39’* Gt Nor Ore 11 11 11 11', Howe Sound .... 48'2 48 48'2 48 Ins Copper 33 33 Int Nickel 23 s , 23'2 23’, 23', Kennecott Cop . 17 17 17 17 Mclntvre Mine . 43 43 43 42 ', Noranda Cop .. 33% 33'. 33'. 33'* Phelps Dodge ..14 14 14 Amusements— Fox Theater ... ll 1 * 11% ll 1 * 12'* Loews Inc 29', 28 7 29', 28’* Radio Corp s’* s’* s’* 5 5 Paramount 4', 4', 4', .. Warner Bros ... 4'- 4' 2 4' 2 4' 2 Tobacco!!— Am Tobacco A . 78 78 78 Am Tobacco B . 79'2 79 79'. 79 '* Gen Cigars 51 51 51 ...’ Phillip Morris .. 33 32'* 33 Reynolds Tob B 49'* 49 49'* 49'* Rails— Atchison 51 s , 51 ’2 51 s , 51’, B& O 15'* 15’* 15’* 15’, Can Pacific 12’, 12'. 12’, 12’, Ch & Ohio 42' 42'* 42'* 42'2 C M & St P pfd 4 1 * 4 , 4% 4'* Del Lac & W 17’, 17’, 17’, 17', Grt Northern pf 14 s , 14’- 14'2 14' 2 M K & T 6 6 6 o’* si' £ ent „ 31’. 21 1 , 21'* 21', N Y New Haven 9' 2 9',2 9' 2 9' 2 Penn R R 22', 22 22 22 Sou Pac 17’ 2 17’, 17’ 2 17'4 Sou R R 16 1 a 16', 16', 16 Union Pac 100 ‘ 2 100 ’ 2 100' 2 100 West Maryland . 9 9 9 9 Equipments— Am Car & Fdy . 15' 2 15 1 2 15'. ... Am Loco 16'* 16 16 15’, Bald Loco 4’, 4' 2 4', 4’* Gen Am Tk Car 34'2 34' 2 34'2 .. Gen Elec 18', 18 18', 18 Pullman Inc ... 39' 2 39'* 39'2 West Air B 25 24 1 2 24% ... Westingh Elec .. 30'* 29’a 30% ... Utilities— AT&T 110', 99 7 , 110 110 1 Am Wat Wks ... 15', 15 15 15 Coi Gas & Elec. B'* 8 8 B', Com & Sou I'2 I’, 1% l-s. Consol Gas 26 25 s , 25 7 , 25’* Elec Pwr & Lit. 3’* 3’* 3’* 3% Int Hydro Elec.. 3% 3’, 3’, 3’, Int TANARUS& T 9> 2 9% 9'! 9’a Lou G& E "A”. 13’* 13’* 13% .. North Amer .... 13 13 13 13 Pub Serv N J .. 31 ’2 31 1 2 31'2 31 >2 So Cal Edison... 13 5 B 13 5 a 13% 13’* Std Gas 7’a 7’a 7'a 7'a Stone & Webster 5' 4 s',a 5' 8 .. Un Gas Imp .14 14 14 14 Pt Pwr & Lit 'A' 1 7 a 1 7 a l’a . Western Union.. 33', 2 33',2 33'2 33',a Rubbers— Goodyear 19 7 a 19’,, 191, 1934 Kelly Spring ... 1% 1% l'a . U S Rubber .... 15 15 15 15’ 8 Miscellaneous— Allis Chalmers.. 12% 12% 12% ... Am Can 100’* 100’* 100’* ... Am Mach & Fdy 18’ s 17’* 17'* Burroughs Ada.. 14’* 14’* 14’ 4 ;L I Case 45'a 44' 2 45% ... Conti Can 57' 2 57> 2 57' 2 57% Crown Cork 23'2 23 23'2 23'a Deere &Cos .... 18 17% 17'. Gillette 13'* 12 7 13’ * 12% Glidden 22 ’2 22'2 22'2 22 Ingersoll Rand . 50‘ 2 50'2 50% Inter Harv33 l 32'a 32'r ... Natl Cash Reg .. 15% 15’* 15 s * ... Armour Com ... 5 7 a 5 7 s a 7 * 574 Cal Packing 37 37 37 36’* Borden Prod 25 24 5 a 21’4 25'a Crm of Wheat . . 32’* 32% 32’a 32% Cuban Aon Sug.. 6' 2 6' 2 6'2 . Gen Foods 31’* 31’* 31’* 31’* Gold Dust 16% 16'* 16',4 16'* G W Sugar 27 27 27 27 Loose Wiles 35% 35 35 35'/* Natl Biscuit 27'a 26’* 26 7 a 26 3 * Natl D Prod .. 16’* 16% 16'2 16% Std Brands .... 19' 2 19’* 19% 19% Wriglev 70 70 70 Retail Stores— A*ssd Dry Goods 10 r, 4 10 3 /4 lO 1 * ... Best & Cos 35V* 351* 35'* ... First Natl Stores 64 7 a 65 7 , 64 7 , 65 Gimbel Bros ... 4'* 4% 4'a 4' a Jewel Tea 50 1 50’a 50' .. Kresge S S .... 18',a 18'a 18' B 18% Kroger Groc .28 27’a 27% 28' Marshall Fields. 11'4 I0 7 a 11’ 11 Mont Ward 27% 26 7 g 27'a 27 Penney J C ... 65 64’ s 64'* 65' a Safeway St ... 431 43% 43’* 43' 2 Sears Roebuck. 39 38’* 38 7 a 39'1 Woolworth 50% 50 50% 50' a Aviation— Aviation Corp... 3 3 /* 3% 3’i 37. Boeing Aircff .. 7% 7’a 7’a . Curtiss Wright 2’ 2 2' 2 2' 2 2% Douglas Air .... 17 16’* 17 16’* North Am Av ... 3'/a 3' B 3'4 Sperry Corp 7 6’/* 7 6% United Aircraft N BV* 8 8 Chemicals— Air Reduction . 10314 103 1 4 103'4 103 I '* Am Com Alcohol 27 26% 26 1 2 Com Solvents... 18'a 18V4 181 18’4 Du Pont 91 Vs 90% 91 91 Freeport Tex ... 27 27 27 Math Alkali ... 24% 24% 24'4 24’2 Monsanto Chem 54 53% 54 54

C II 1% E | Tabernacle I TUESDAY, -Jj 7:30 P.M. wjL October 30, HOY. HO HE IST F. WAGNER (Fighting Boh) U. S. Senator from New York Statesman, Orator and Humanitarian ♦ Will Bring a Message From Pres. Franklin H. ItooscveU ♦ ... Unusual Parade ... Monument Circle —East Washington Street, 7 P. M. SEN. FREDERICK VAN NUYS— Chairman Reception Com. HON. DANIEL C. TOBlN— General Chairman MAYOR REGINALD SULLlVAN— Temporary Chairman HON. TALCOTT POWELL —WiII Present Senator Wagner PAID POLITICAL ADVERTISEMENT

Had DU <newi. 22 21% 91% 2U* Schene >v DU 23% 22% 23'. 23 Tex Gulf Suiph 36'a 36', 34% 3*', Union Carbide 42 42 42 42% U S Indus Alco 37'* 37% 37% ... Drugs— Cotv Inc 5 5 5 4% Sterling Prod ... 59 58’* 59 Un Drug (new).. 12 12 12 12 Vick Chem 32% 32% 32% . Zomte Prod .... 3', 3% 3'a 3% Financial— Adams Exp 6% 6', 6\ 6% Transamenca... 5% 5% 5% 5% Building— Am Radiator 14% 14 14% 14% Int Cement ... 21% 21% 21% 21% Johns Manville 47% 47% 47% 47 Libbv Owens Gis 25 24% 24% 24', Col Pal Pm ... 15% 15% 15% 15% Kelvinator 14% 14% 14% 14% Proc A- Gamble 39 38% 39 19 Servel Inc ... 5% 5% 5% Simmons Bed ... 9% 9 9 f% Textiles— Belding Hem ... 12% 12% 12% 12% Celane.-e Corp . 26% 26'* 26% Gotham

Chicago Stocks

(By Abbott. Proctor & Paine) 11.00 Prev. A M. close. Butler Bros 8% 8% Conti Chicago ■ 17,I 7 ,1% Conti Chicago pfd 26 25% Cities Service 1% 1% Smith & Cos 17% 17'* Vortex Cup 13% 13

New York Bonds

By Fenner & Beane. 11:15 Prev. NY. close. Am & For Pwr 5s 2030 52 52% Atchison Gen 4s 95 103'* 103 s , B &O cv 4'4s '6O 55’, 55% Beth Steel 5s A '42 102’* 103 Can Pac 4s '57 81% 81% Ch M St P & P ad 5s A 2000 7 % 7% Ch MStPA- Prs A 75 25’* 26 Cons Gas N Y 4%s '57 103% . Denmark 5%s '55 *95% 95% Goodyear 5s '57 102% 102'* Gt Nor 7s An 36 89% 89% Interboro RT 5s '66 76 76% Int T <fc T db os ’55 60 60 Lorillard 7s 44 125 124% Mckess & Robinson 5% '50.... 88 % 88% Nat Dairy db 5%s '4B 99% 99% N Y Central 5s O 2013 65% 66 Nor Am 5s '6l 86 86% Para Pub 5%s 'SO 56 55% Penn RR 4%s D 81 97 97 Poland 7s '47 132’* 132% Shell Union Oil 5s '52 102% 102% Texas Corp 5s '44 103 103 Tob Pr N J 5%s 2022 106 106% Un Pac Ist 4s '47 107% 106'* U S Rubber 5s A 47 85 85 Vanadium 5s '4l 82% 83 Western Un 5s ’sl 81% 81% Youngstown S & T 5s B '7l 84% 84%

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $1,861,000 00 Debits 4.055.000.00

Treasury Statement

ißy United Press) WASHINGTON. Oct. 29.—Government expenses and receipts for the current fiscal year to Oct. 26. compared with the corresponding period of the previous fiscal year: * This Year Last Year Expenses $2,108,923.208 83 $1,378,310,142 09 Receipts . 1,188,474.720 96 913 108 049 84 Deficit .. 920 448 487.87 465,202,092.25 Cash bal.. 1,826,702,114.44 INSURANCE RECEIPTS UP The Provident Mutual Life Insurance Company for the nine months ended Sept. 30, 1934, reports that the amount paid to the company during that period on account of new insurance and annuities was more than double the corresponding amount for last year. The increase was 105 per cent. NET EARNINGS DROP By Times Sperinl NEW YORK, Oct. 29.—Net earnings of the American Water Works and Electric Company for the year ended Sept. 30 were equivalent, after payment of preferred dividends, to $1.06 on the common stock, compared with $1.35 in the same period of 1933.

Latest Stock, Bond and Commodity Quotations

STOCKS SHOW FIRMER TREND IN DIM DEALS Specialties Move Forward as Leaders Hold to Narrow Course. tty United Prrts NEW YORK. Oct. 29 Prices firmed slightly after a narrow and irregular opening on the Stock Exchange today. Around noon most issues were fractionally above the previous close, but there was no feature and dealings continued light. Gillette was an active specialty. It equaled its high for the year at 13%, up %. Other special issues to attract attention were Hazel Atlas Glass at 82, up 1; Ingersoll Rand 50%, up 1; Universal Leaf Tobacco 52%, up 1%. and anew 1934 high, and Reynolds Metals at 22, up 1 %. Leading issues made little progress. United States Steel held around the previous close, while small gains were noted in Case, Chrysler, Du Pont, General Electric, General Motors and Westinghouse Electric. Wet stocks were strong, with National Distillers fairly active. Rails were steady to firm. Standard Oil of California rose nearly a point in the California group, but Its strength was not transmitted to other oil shares. Utilities were steady to firm, with Consolidated Gas unchanged at 25\ and People’s Gas up % at 22%, th 9 latter on a single sale. INSURANCE FIRMS MERGE By 'J imrs Special WASHINGTON. Oct. 29.—Consolation of the American Medical Life Company, of Washington, with the j Occidental Life Insurance Company, | of California, owned by the Transamerica Corporation, was announced j today.

Produce Markets

Delivered in Indianapolis price:;: Heavy hens, 12c; Leghorn hens, 7c; colored springers, 9e; old roosters. sc; ducks. sc; geese. sc; young guineas. 20c old guineas, isc; No. 1 strictly fresh country run eggs, loss off. 24c. Each full case must weigh 55 lbs. gross; a deduction of 10e a pound for each pound under .35 lbs. will be made. Butter—No. 1. 28'b 29c. Butterfat —24c. Quoted by the Wadley Company. ißy United Press i CHICAGO. Oct. 29 Eggs Market steady; receipts. 1.168 cases: extra firsts. 27'.'C; fresli graded firsts. 26’.c: current receipts, 234? 25c: dirties. No 1. 20c; No. 2,18 r: cheeks. No. 1. 18 1 c; No. 2 15c. Butter Market, steady: receipts. 10,902 tubs; extra firsts 1 90-91 1 -i scorei. 27 ' ?<■ 28r; extras <92 scorei. 28c; firsts ’BB-89'j scorei. 24 ’ i'n 25 I<e: 1 <e: seconds 186797 score l 23 1 jC: specials. 28 1 .■ 4/ 29c: standards. 27’-c. Poultry Market, firm; receipts. 21 trucks. 1 car due: geese, 11c; turkeys. 16c: old roosters. 10’?c; ducks, heavy colored. 13c; springers, heavy. White Rock, 16c; hens. 4 1 j lbs. and up. 14'.c; medium. 12r; guinea hens. $54? 7 dozen: Leghorn hens, 10c: Leghorn springs. 12’ e. Cheese Twins. 13 13 1 jc. daisies. ll’/'iPc: Longhorns, 14 'it 14’ ?c. Potatoes Supply liberal; demand and trading moderate; market steady; Wisconsin round whites. 75 n 87Lc’ a IdahoRussets. $1.45*1.1.52'j: U. S No. 2, $1,256$ 1.30: Colorado McClures. $17545 180. Arrivals. 195: on track. 359 ishiptnents. Saturday. 838: Sunday, 64 CLEVELAND Oct 29 - Butt or Market, firm: extras. 32c: standards, 31'.>c. Eggs —Market, firm; extra while, 33c; current receipts, 25c: pullets. 23c Poultry- Market. weak; fowls, colored. 4',? lbs. and up, 17c; ducks, light, lie's geese heavy fat. 14 'jc 'dgeese. ordinary. 12c: turkeys, voting. 204/21c: old hens 174/ 18c. Potatoes - Maine, $1.65@1 75 a 100 lb. bags: Pennsylvania. 90c a 100 lb. bag; Michigan. 854/j 90c a 100 lb. bag.

PAGE 11