Indianapolis Times, Volume 46, Number 147, Indianapolis, Marion County, 30 October 1934 — Page 18

Developments in Trade and Industry

PAGE 18

RELIEF NEEDS SEEN AS TEST OF BANKTRUCE Administration and Business Think Differently on Question. Hy Unit'd Press WASHINGTON, Oct. 30 —The new trace between President Roosevelt and the bankers will be subjected to severe strain in the next ninety days. There are indications on the surface that the truce is more apparent than real. But there is sufficient evidence that both sides are sincere in their effort for co-opera-tion. That is the constructive interpetation which is being placed oy administration policy makers upon the outcome of the American Bankers’ Association four-day conference here. The big bankers, who somewhat influence the attitude of the little bankers, evidently are content to go along with Mr. Roosevelt on the budget and the dollar. Both sides realize the budget can not be balanced for at least another eighteen months. The administration is not likely further to juegle the gold value of the dollar until Anglo-American and preferably international monetary stabilization can be achieved. Even then the change in the value of the American dollar can not exceed 10 cents in terms of gold. Reynolds Speech Reealled But good intentions and mutually kind words do not diminish the breach between the administration and big business—including the bankers—on the question of human relief. The nearest thing to agreement reached here between the money men and Mr. Roosevelt was this: Big bankers, speaking through j Jackson Reynolds conceded that the destitute must be fed, clothed and sheltered. Common sense tells bankers and officials alike that the jobles will eat, sleep and possess j some degree of security through I the cold months or there will be riots and bloodshed in the streets, j On the part of the administration, Mr. Roosevelt said large relief expenditures could be curtailed as business revival provided increased employment. The president did not seize Mr. Reynolds’ hint that private philanthropy might carry a greater share of the burden. Dispute Foreseen Neither Harry Hopkins who directs the Federal Emergency Relief Administration nor Donald R. Richberg who shapes emergency policies in general is disposed to sacrifice | work relief. There is sure to be cabinet discussion and dispute in; which Mr. Roosevelt is expected to side with Mr. Hopkins. One of the things the bankers have in mind is to get Harry Hopkins out of the federal emergency relief administration. He was hand picked for the job by President Roosevelt. When congress fixed a comparatively low salary’ for the job, Mr. Roosevelt insisted that the figure be raised because Mr. Hopkins refused to come to Washington on any other terms. There has been no evidence that Mr. Roosevelt has lost confidence in Mr. Hopkins. The big bankers most emphatically state privately that the President should get rid of him. Until Mr. Roosevelt decides between now and January’ how relief I is to be administered through the winter the bankers’ truce must be tentative. Bankers may balk again if jobs are to continue to be created i on a grand scale by PWA, FERA or other federal expenditures.

New York Bonds

(By Fenner & Beane' 11:15 A M. Prev. | N Y. close. ! AUep Corp 5s 'SO 26 % 26% A T & T rib 5s '65 110% 110 ! Atchison Gen 4s '95 103% 103'■ ( Can Pac 4s 57 81% 81% i C & O 5s A 39 110% 101% Ch M St P & P adj 5s A 2000 6% 7% ! Ch MStP&P rs 5s (A) '75 . 24% 25% j Cons Gas N Y 4%s 57 103% 103% Denmark 5%s .65 96 95'-> Erie RRrl is '67 66% 66% ! Goodtoar 5s 7 102% 102% Gt Nor 4%s (D 1 '76 73% 74 I Gt Nia: 5s An- 36 89% 89 I Interboro R T 5s ‘66 76% 76% Int T * T db 5s '55 .59% 59% Mckess & Rebbison 5%s 'SO . 88% 88% Nat Dairy db 5%s '4B ... 99’, 99% N Y Central 5s O 2013 65% 65% Pac Gts & El 5s (A) '42 106 106 Para Pub 5%s 'SO 57% 57% Porn R R 4%s iD> 61 97 97 Poland 7s '47 132% 133 Shell Union Oil 5s '52 102% 102% Sin Cons 6%-s B’ '3B 104% 103% Texas Corp 5s 44 ;...103 102% Tob Pr N J 6%s 2022 106% 106 Un Pac Ist 4s '47 107% 107% U S Rubber 5s -A> '47 85% 85% Vanadium 5s 41 82% 82% Western Un 5s 'sl 81% 61% Y’ounsstown S & T 5s 'Bi '7O 84% 84%

On Commission Row

Quotations below are everagc wholesale price- being offeree to buyers bv local comm*sion dealers. FRI ITS—Cranberries. Cape Cod early blacks. 25-lb box. S3 Grapes. Michigan Concords. 12-ot basket. 50c; California Emperors. 27-lb. box. $2 Crabapples. M.cnigan hvslops. bushel. SI 85 Persimmons. Indiana. 12 qts . 90c. Pears. New York Baitiers, bushel. $2 50 A\ acados. box. SI 30. Quinces, bushel. S3 Bananas, pound. sc; pineapples, crate. $5; sire 30. Apples, maiden blush. $1 50; northern spvs. SI S3 Indiana Jonathans. $1 85 grimes golden. SI 50■<> 1 75. Mellons. California honey dew s. $2 25. VEGETABLES —Cabbage. Northern Danish. 50-lb. bag. 60c; red. pound, 3c. Onions Idaho, sweet Spanish, large. 50-lb. bag. SI 40. Michigan, yellow. SI.Is. white, boners. !0-!b bag 35c. western white. 50lb bag St 75. Potatoes New Jersey Cobblers. 100-lb bag SI 35. no-thern round white, 100-lb bag. $1; Ohios. 100-!b. bag $1 55 Idaho Russets. 100-lb. bag S2. Sweet potatoes. Indiana Jerseys bushel. $1.50: Indiana Nancv Halls, bushel. SI B'ans. round stringless. bushel. $1 75 Beets, dozen. 20c Carrots, home-grown, dozen. 35- Cauliflower, crate. SI 75 Celery. Michigan, medium, dozen. 40c Jumbo, dozen. 65c hearts bunch. 90c. Cucumbers, hothouse, dozen 125 Endue, dozen, 40c. E*g 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, broadleaf. bushel. 50c Radishes dozen. 30c Tomatoes outdoor. 12-lb. basket 45c; bushel. $1 50. Turnips, home grown, dozen. 20c pumpkins, dozen. $1 25.

Treasury Statement

;By United Press i WASHINGTON Oct 30 —Government expenses and receipts lor the current fiscal 'ear to Oct 27. compared with the corresponding period ol the previous fiscal year. This Year Last Year. Expenses |2 lIP <25 "71 29 81.3*9.949.637.90 Receipt* • 1 193 301 435 42 915.751 837 *9 Deficit . 926 123 615 87 474 197 800 01 Cash bat 1 823 295.527 59

Money and Exchange

INDIANAPOLIS STATEMENT Clearings ‘HtifcX 22 sebiU 4.?MI00.00

Rail Bondholders Look to Eastman; Changes in Laws Forecast for 1935

C. & E. I. Group’s Attorney Tells of Fears of War. BY BARROW LYONS Times Special Writer NEW YORK, Oct. 30 —lnternecine war among the railway systems of the country that would destroy the value of hundreds of millions of dollars in railway securities and might force many roads into bankruptcy, is threatened today unless the strong hand of Joseph B Eastman, federal railroad co-ordinator, is upheld in the Chicago & Eastern Illinois Railway Company case, Louis B. Wehle, attorney for the C. & E. I. bondholders’ protective committee, declared today. In this instance the New Y'ork Central railway, a road for which J. P. Morgan & Cos. long has been the fiscal agent, has declared its intention of taking from the C. & E. I. its crack passenger service from Chicago to Florida and the southeast and transferring it to the Cleveland. Cincinnati, Chicago & St. Louis Railway Company, a subsidiary. Two Sides Lined Up The principal reason given for the change by the New York Central is the fact that the “Big Four” is in a much better position to advertise the route and obtain traffic. On one side of this fight are the great institutional investors —insurance companies and savings banks —whose position is threatened by any serious depreciation in railway ! securities. Transfer of the pas- j senger traffic of the C. & E. I. to the New York Central ”Big Four” would be a serious blow to. the earning power of the smaller line. On the other side of the fight are the banking houses that long have represented the railroads, and to a considerable extent controlled them, which seek by every means in their power to strengthen the position of their clients, seriously weakened by prolonged depression and continued dearth of traffic. Worried Over Loans Those who have estimated the earning power of a number of the large railroads 'for the next ten months declare that, in view of their present cash positions, their borrowing power is endangered, even if there were to be a serious revival of the capital market. In discussing the situation Mr. Wehle, who has had many years of experience as a railroad attorney, refused to go as far as this. He trankly admitted, however, that there was danger of a more intensive warfare for traffic than the railroads have experienced in many a day. ’’With the intensified famine in traffic and earnings in the last five months, after a short period of steady revival in business from Jan. 1 to June 1,” asserted Mr. Wehle, "it has become apparent that the financial condition of a number of roads, hitherto classed as strong roads, has become such that under the RFC law as it stands, their recourse to government loans has become more uncertain. Approaching Limit “Some of the carriers seem to be approaching the limit and there may come a time not far distant when some may be unable to cross the threshhold, unless one of two things can happen. Either provisions of the RFC act must be relaxed by congress, which would require adequate security in some form for the further extension of loans, or there must be a marked improvement in cash position and earning power established by future borrowers. “The result of this condition is a tendency toward cannibalism, which can be averted only by invoking such legal principles as have been established, either by common law or statute.”

Other Livestock

(Bv United Pressl LAFAYETTE. Oct 30.—Market steady to 10c higher; 225-300 lbs.. $3 35(1 5 40; 300-325 lbs . $5 10 200-225 lbs . $5.05315.20: 180-200 lbs. $4 85-i 4 95. 160-180 lbs. S4 60 1 4 75. pigs. $4 40 down; roughs. $4 75 down calves steady. $6 down: lambs, steady. $6. FT WAYNE. Oct. 30—Hogs—Steady to ;5c lower: 250-300 lbs.. $5 35;" 225-250 lbs.. $5 20 200-225 lbs $5.10: 180-200 lbs.. $5. 160-180 lbs 54 85; 300-35 C lbs. $5: 150-160 lbs . $4.40. 140-150 lbs $4 15: 130140 lbs. $3 65 120-130 lbs.. $3 15; 100-120 lbs $2 65: roughs. $4 25; stags. $2.50; calves, $7; lambs. $6 25. 'By Times Speciali LOUISVTLLE. Oct. 30 —Cattle—Com- > merc;al. 350. slaughter cattle in light supply demand (airly broad; market moderately active, fully steady: bulk common to medium light grass steers and heifers. s3'-i 4.50: be'ter finished offerings quotable to around $6. bulk beef cows. $2 50'a 3: practical top. $3 25; low cutters and j cutters. $1 25 : 2 25: sausage bulls. $2.75 down; Stockers, slow; most stock calves M kbit, $4.30 down, with common to medium grade natives generally $2.50 i 3 50. Calves—Commercial. 2O0; vealers weak; better grades $5 50376 50. top $6.50: mei dium and lower grades. S5 down. Hogs— Receipts. 700; market. 5c higher; top and bulk 200-250 lbs. $5 40: 180-195 lbs *5 15: ■ 253 lbs up $4 95. 160-175 lbs , $4 55; 1401551bs . $4 05; 120-135 lbs S3 05. desirable sows. $4 20 Sheep—Receipts, 225. including 65 stock ewes; steady; most better ; lambs salable. $5.75 66. choice quotable. $6 25 or better; bucks $6 25 Or better: bucks mainiv 54.75*i5: light throwouts, $3 50: most fat ewes. $15037 2: bulk stock lives salable. $6 50 per head down: choice quotable $7 or better. Receipts Mondav Ca’tle commercial. 1 445 govern- ! ment. 813. calves, commercial. 691; hogs. *49 sheep. 565 Shipments Monday— Ca’tle. commercial. 507; calves, commercial. 431; sheep. 539.

Produce Markets

Delivered in Indianapolis pTices: Heavyhens. 12c: Leghorn nens. 7c; colored springer.-. 9c: old roosters sc: ducks. sc: geese. sc: voung guineas, 20c old guineas. 15c. No. 1 strictly fresh country run eggs, loss off. 24c. Each full case must weigh 55 lbs. gross: a deduction of 10c a pound lor each pound under 55 lbs will be made Butter—No. 1. 30 q 31c. Butterfat—2sc. Quoted bv the Wad’ev Company. ißy United Pressi CHICAGO. Oct 30 —Eggs—Receipts 944 cases, market steady; extra firsts 7>-c: fresh graded Arsis 26^*ac: current receipts 23>i 25c dirties No 1 20c. No. 2. fßc: checks No 1. 18*zC. No 2. 15c Butter —Market steady, receip-s 11.461 tubs: extras 92 score i. 28’c: firsts 88-89': score'. 24'.-325 s ,c seconds 86-87’: score> 23 1 :C . specials 28 , 8 29*.c : standards. -7*:c Poultry —Market firm receipts one car. 11 trucks; geese. 7 6 11c turkeys. 14 15c old roosters. 10* ; c ducks. 12 ; 14c; springers 12-ii 16c; hens. 12*715c: Leghorn hens, lie: guinea hens a dozen. $537 7 Cheese—Twins. 13 lS',c. daisies, 13 : :47 14c longhorns 148 14*10. Potatoes—Supply liberal: demand and trading slow, market steady Wisconsin Round white. 75*i85c. commercial grade 72’ic: Idaho Russets *1 451 55; United States No. 2 $1 25 combination grade Sl27*jc; Washington Russets, combination grade $1 40. United S’ates No I Si 25. combination grade $127*1; Washington Russets, combination grade. $1 40. United Bttte* No 2. SI 60; Colorado JfsClures. medium sized, tl 60 Arrival*—7.V on track 260, shipments 541.

Abreast of The Times on Finance

. *> v. BHSpppfpr

Joseph B. Eastman

WORKERS SHOW UNEVENTREND Few Butcher Kinds 5 to 10 Cents Higher, Others Hold Steady. With the exception of a few butcher classes around 5 to 10 cents higher, perker prices again w r ere generally steady in early trading at the Union Stockyards this morning. Activity w’as light and demand continued around normal. Receipts were estimated at 9.000, the largest for the last five sessions. The bulk of 160 to 200 pounds sold from $4.90 to $5.15, while extremely weighty classes, scaling 200 to 350 pounds, were salable at $5.15 to $5.50. Good and choice porkers were reported selling at $5.55 to $5.60. Small slaughter pigs, weighing from 130 to 160 pounds, brought $3.90 to $4.65, while lightest grades available, scaling 100 to 130 pounds, were salable at $2.60 to $3.65. Packing sows ranged from $4.25 to $5. Holdovers numbered 240. Initial trading developed slow in the cattle market, with few slaughter classes of steers tending slightly lower than yesterday. Bulk of steers was selling under $7, while few belter grades held about SB. Choice heifers brought $6.50 to $7. Veals remained unchanged at $7 down. Cattle receipts were 2,000; veals, 600. Slight weakness was displayed in lamb trading. Bulk of all grades sold at $6.50, while choice kinds brought $6.75 down. Bucks were discounted sl. Throwouts ranged from $3.50 to $5. Receipts were 2,000. HOGS Oct. Bulk. Top. Receipts. 24. $5.15 'a $5.40 $5.75 9.000 25. 5.15® 5.40 5.80 6,000 26. 5.00(5 5.30 5.70 7,000 27. 4.90® 5.15 5.55 3,000 29. 4.90(53 5.15 5.60 7,000 30. 4.90® 5.15 5.00 9.000 (140-160) Good and choice $4.40® 4.90 1160-180) Good and choice 4.90®j 5.05 (180-2001 Good and choice 5.05® 5.25 (200-220) Good and choice ... 5.25(<i: 5.45 (220-2501 Good and choice ... 5.35® 5.60 (250-2901 Good and choice 5.35@ 5.60 (275-350) Good 5.15® 5.45 Packing sows: , . „„ (275-350) Good 4.85® 5.00 (350-425) Good 4.75® 4.90 (450-550) Good 4.50® 4.80 (275-550) Medium 4.25@ 4.75 100-130) Slaughter pigs good and choice 2.65® 3.65 CATTLE —Receipts, 2,000 — —Steers—-(sso-900) Choice $7.00® 8.00 Good 5.75® 7.25 Medium 4.00 w 5.75 Common 2.50® 4.00 (900-1.100) Choice 7.50® B.do Good 6.00!® 7.75 Medium 4.25® 6.00 Common 3.00® 4.25 (1.100-1,300) Choice B.oo® 9.00 Good 6.00® 8.25 Medium 4.50® 6.25 (1.300-1.500) Choice 8.50® 9.25 Good 6.50® 8.50 —Heifers—-(sso-750) Choice 6.75® 8.25 Good . 5.2a® 6.75 Common and medium 2.50® 5.25 (750-900' Good and choice 5.50® 7.50 Common and medium 2.50® 5.50 —Cows— Good 3.25® 4,25 Common and medium 2.50® 3.25 Low cutter and cutter -t 1-25® 2.50 —Bulls—(Yearlings Excluded) Good jj-JJOJ? 2-55 Common and medium 2.00® 3.00 VEALERS —Receipts. 600— _ Good and choice $6.50® (.00 Medium 4.00® 6,a0 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® 5.25 Common and medium 2.75® 4.00 (800-1.050' Good and choice... 4 00® 5.25 Common and medium 2.75® 4-20 Good and choice 3 00® 4.2a Common and medium 2.50® 3.00 —Cows— Good 2.50® 3.00 Common and medium 2.00® z. 50 SHEEP AND LAMBS —Receipts, 200— Lambs. 90 lbs. down, good and choice $6.25® 6.(5 Common and medium 4 25® 6 25 90-120 lbs., good and choice .. 2.00® 2.50 Shfep—-(l2o-150) Good and choice 1.75® 2.25 All weights, common and medium 1.25® 2.00

Other Livestock

•BY United Pressi CHICAGO. Oct 30— Hogs Receipts. 22.000 including 7.000 directs; steady to 10 cents higher than Monday's average: better grade 220-350 lbs.. $5.40'<7 5.65: top. $5 70.: 170-210 lbs.. $537 5.55: light lights. $4 6 4.85: most sow s. $4 851?5.10: best. $5 30; light ligh’s. 140-160 lbs . good and choice. $4'>74.85: light weight 160-200 lbs. good ana choice. $4 60 7 5 50: medium weights. 200-250 lbs good and choice. $5 25® 5 75: heavy weights 250-350 lbs.. good and choice. $5.4537 5 70. packing sows. 275-550 lbs. medium arrt choice. $4-; 5.30 slaughter pigs 100-130 lbs cood and choice. $2.75'n 4 Cattle—Receipts. 8.000 commercial. 1 000 government, calves 1.500 commercial. 400 government, very draggy market: practically all grades and classes killing cattle under pressure. sizeable supply grade steers and yearlings in crop: few early sales strictly good and choice vearhngs. $7 9033 8 90: lower grades all weights ST down: most grassy and short fed offerings selling at $5 50 down to $4 Slaughter cattle and vealers: Steers 550-990 lbs good and ehoice. $5 75 5 8 900-1 100 lbs good and choice. $5 755 850 1 100-1.300 lbs. good and choice. $6 ■<j9 25. 1 300-1.500 lbs. good and choice S6 50: 9.75: 550-1 300 lbs. common and medium $2 505 650 heifers. 550-750 lbs. §ood and choice. $568: common and melum $2 7531 5 25. cows, good. S3 25'<f4 50: common and medium. S? 655 3 25; low cutter and cutter. $1 7582 65: bulls (yearlings excluded' good ibeef', S3 2584: cutter common and medium. $2313 40; vearhngs good and choice. $5 508 7: medium. 54 508 5.50 cull and common. S3 50-5 4 50: stocker and feeder cattle: steers. 5501 050 lbs good and choice 14315 50 common and medium. $2 50 54. Sheep—Receipts. 8.000. fat lam undertone strong to 25 cents higher: sheep steady: feeding lambs weak; biding $6 50376.75 for better grade native lambs; scattered ewes. $1 75 * 2 25. bulk feeding lambs as yet unsold; slaughter sheep and lambs: Lambs 90 lbs. down, good and choice $6 25 8 6 85: common and medium. $5 25336.35: ewes. 90-150 lbs. good and choice. SI 6582 35 all weights, common and medium. 81508 1.90; feeding lambs, 50-75 lbs., good and choice, $5.6066.10.

INDIANAPOLIS, TUESDAY, OCTOBER 30, 1934

More Protection Aimed for Stockholders in Revamping Moves. B’/ Times Special NEW YORK, Oct. 30.—Vital amendments to the railroad section of the bankruptcy act of 1933 are slated for enactment at the next session of congress, it was learned today in an authoritative quarter as a step toward early rehabilitation of the nation’s bankrupt railroads. The chief change in the act, as now contemplated in administrative circles, the news source said, will be with respect to the rights and voices of stockholders in the reorganization of a bankrupt system. At present the act stipulates that twothirds of the stockholders, in addition to the creditors of the bankrupt, must approve a reorganization plan before it may be made effective. Amendment Considered There is now under consideration an amendment, one version of which would lower the two-thirds degree of approval. Another version would eliminate entirely the requirement oof approval by stockholders and leave sanction of a reorganization plan entirely up to the creditors, the courts and the interstate commerce commission. One school of thought in the administration would even omit the approval of the creditors, it was said, but it is not expected that its opinion will prevail. There has as yet been no complete test of the reorganization machinery provided for railroads under the 1933 act. At the moment little disposition is being shown on the part of security owners of most bankrupt railroads to bring them out of bankruptcy, the general feeling being that present traffic levels are too low to provide a definite base on which to plan new capital organizations. An exception is the St. LouisSan Francisco railway, which the interstate commerce commission has asked the federal court to declare insolvent. Should the court so decide, the effect w’ould be to allow reorganization of the road without requiring the approval of the stockholders. Opposed Request At a recent hearing on the Frisco case in St. Louis the Reconstruction Finance Corporation surprised observers by opposing the commission’s request. It later was learned that this was done in order to set the case over until after congress had met. Interests representing the stock control of the Frisco in 1933 wrote a reorganization plan to which twothirds of all the road’s security holders assented. Later some of the security holders became dissatisfied with the plan and, together with the RFC, were able to force Its cancellation. Since then the stockholders have balked at any reorganization which would leave them out of the picture. In government quarters it is felt that, inasmuch as the bankruptcy of the carrier occurred when the stockholders were in control, they should not have a voice in reorganizing it. Bondholders of the Frisco apparently not in sympathy with this view have, likewise failed to advance a reorganization plan. Court Action Threatened It is to end such stalemates as exist in the Frisco case that the administration is sponsoring amendments to the bankruptcy act. In some sections of Wall Street the opinion is that the administration wishes to penalize the stockholders of all bankrupt railroads on the theory that it was their management and not business conditions which primarily resulted in the bankruptcies. This is the real issue at dispute between railroad bankers and the administration, it is said. The harmony overtures which were made at the bankers’ convention in Washington last week may result in a settlement of the question. If such a settlement does not occur and congress enacts the proposed amendments, Wall Street may carry the issue of stockholders’ rights in reorganizations into the federal courts, it was said in responsible quarters.

OFFICE SPACE

and plk The available vacancies in the several ofiice buildings under our management offer a full range m price, sue and type of ofiice space KLEIN & KUHN Inc. Property Management LINCOLN 3S4S

CO-OPERATION WITH U. S. HELD BETTER_POLICY Helping Government Will Bring Dividends, Says Economist. This is the fourth of a series of articles to be published weekly in The Indianapolis Times. The articles are written by members of the economics department of New York University’* School of Commerce, Accounts and Finance. BY LOUIS BADER NEW YORK, Oct. 30.—As the courage of business men rises with a gradual improvement in economic affairs, certain phases in the federal government's program to restore prosperity come under attack. Much of the criticism has to do with reforms such as the price fixing feature of the NRA codes and the AAA attempts to regulate supply. Most of the criticism takes this form: “Price-fixing can not be enforced because the only way prices can be satisfactorily enforced is through the law of supply and demand; the reform, therefore, can not reach attainment and is impossible.” In the case of the so-called law of supply and demand, all the economist did was to say that his observations suggest that under conditions of perfect competition prices of particular commodities will go up or down as the supply or demand for them varies. Conditions Never Ideal The economist also says that probably we have never had these ideal conditions in any market; that probably they are impossible of attainment, and that markets are characterized more in prosperity and less in depressions by conditions of imperfect competition. Disparities in prices between particular goods and services cause stresses and strains, which finally burst and begin the downswing of the business cycle. They are inherent in a capitalistic economy. Every one in business desires to earn a profit. Profits can best be earned under a control of the supply or a manipulation of the demand. Manufacturers, by means of combination, trade associations; unified control of supply; branding, advertising and other forms of sales promotion, and shortened hours of operation have secured a fair measure of control. Prices for the products produced by such manufacturers have not fluctuated in the ways expected under conditions oi perfect competition. Prices of farm products, a relatively few manufactures and wages of unorganized labor have, however, widely fluctuated. More Goods Competitive The depression caused a few more products and services to become subject to competition and. price variations. Industries and trades seemed to be happy to get under the cover of the NRA codes to eliminate all price competition. The AAA moved to make it possible for farmers to have the same opportunity of enjoying the profits of imperfect competition, and Section 7A of NIRA was set up to do a similar thing for unorganized labor. Business men should be realistic. The law of supply and demand is largely a creation of man and works only when he permits. If it is not to the interest of one man to have it work, it also may not be to the interest of another to have it work, and under democratic control that is as much his right as the other’s; he must be protected in it. Recovery we want, but reform may be just as necessary, otherwise we may. shortly again be seeking recovery. Co-operation with the government in the use of what is workable or must be worked in the government’s program may yet pay substantial dividends.

Aft your Service... every minufte ol every day ♦ O The telephone is ready to serve you twenty-four hours each day. It never sleeps; it never takes time off; it is always on the job! Day in and day out, the telephone is always available—to meet emergencies ... to run errands ... or to call your friends. Q If you want a telephone . . . call, write or visit our Business Office... Indiana Bell Telephone Company

New York Stocks

(By Thomson & McKinnon' 11 AM. Prev. Oil).— Hich. Low. NY. close. ! Amerada W j 40% 40% 40 Barnsdall 6% 6% 6% 6 Consol Oil 7% 7 • 7% 7% Cont of Del ... 16' 2 16 16' i 16 | Ohio Oil 8 B% 8 a S’ 1 , (Phillips Pc’. .... 14', 14', 14’, 14% Pivmouth Oil ... 8% B' 2 8* a 8% | Pure Oil 6% 6% 6% 6 , I Sbd Oil 20% 20% 20% 22% Shell Un 6% 6', 6% 6% Soc Vac 13-', 13 '* 13'. 13', SO of Cal 31% 3131% 31 SO of Ind .... 23% 23% 23% 23', SOof N J 39 b 39% 39 39': Texas Corp 20% 20% 20 3 20 Tidewater Assn . 8% 8% B‘, 8' Us Oil of Cal .. 14 1 a 14*2 14 1 2 14 1 2 Steels— Am Roll Mills .. 16’, 16 ! a 16 3 16'2 Inland Steel ... 39% 39% 39s 38'2 Natl Steel 37% 37*2 37*2 37*2 Rep 1 & Stl . 11% 11'2 11 ’a 11 1 a Rep I & Stl pfd. 33% 33 J ,33 3 , U S Pipe & Fdy. 17 1 . U S Steel ... 32 31% 31% 31’, U S Steel pfd • 72- s B 72% 72% 72% Warren Bros • 5% 5% s', 5% Youngstn S& T 15% 15% 15% 15% Motors — Auburn 24 23% 24 23 Chrysler 34', 33'2 34 33'2 Gen Motors 29', 2S 3 , 29 28’, Graham Mot ... 1% 1% 13,l 3 , 1 % Hudson 8% B'2 8% 8 Hupp 2% 2i, 2% 2', Mack Truck 24 1 2 Nash 13% 13’, 13’, 13’, Packard 3". 3% 3 5 s 3", Studebaker 31s 3 3'. 3 Yellow Truck ... 33 33 Motor Access— Bendix ll 7 s ll’i 11% 11 7 b Bohn Alum 51'2 51% 51'2 52 Borg Warner ... 22’, 22’, 22% 22% Briggs . . .... 17 17 17 17 Elec Auto Lite . 23', 22 7 b 23', 22’a Elec Slot- Bat. .. 41 41 41 41' 2 Houdaille "A” .. 4'2 4'2 4'? 4'2 Murray Body ... 4% 4 3 a 4% 4% Timken Roll • 27 7 e 27', 27', 28 Timken Det Axle 5 7 b 5 7 b 5 7 ... Mining— Alaska Jun 18 17 7 s 17 7 b 17 7 s Am Metals 14 14 14 Am Smelt 34’, 34% 34’, 34*2 Cal & Hecla . 33 32% Cerro De Pasco. 36% 36% 36’ s 36', Gt Nor Ore 11 11 11 11 Homestake Min 375 375 375 Howe Sound ... 48 48 48 47 Int Nickel 23% 23', 23% 23', Isl Creek Coal.. 29’, 29 3 , 29’, .. Kennecott Cop.. 16 7 s 16 7 a 16 7 b 16’, Noranda Cop ... 33% 331, 33 3 8 33'* Phelps Dodge... 14 14 14 14 U S Smelters....ll3 113 113 113>2 Amusements— Crosley Radio ..12 12 12 12 Loews Inc 29 % 29 7 8 29'a 29 Radio Corp 5% 5% 5% 5% Paramount .... 4‘B 4'a 4% 4'a Warner Bros ... 4% 4 3 /a 4% 4% Tobaccos— Am Sum Tob ... 19% 19'2 19% 20'4 Am Tob "A” ... 79 78 79 78 Am Tob "B” .. 80 80 80 79', Gen Cigars 51 51 51 50", Ligg & Myers B . . 100'2 Lorillard 17’* 17% 17’, 17% Reynolds Tob B 48’* 48',2 48% 48 Rails— Atchison 52 51% 52 50’, Atl Coast Lines 28'a 27’, 28'a 28 ’ S B & O 15% 15Vs 15% 15', Can Pacific .... 12 12 12 12 Ch & Ohio .. 42 42 42 42'2 C M & St P pfd 4’, 4’, 4’, 4’, Chi N W 5 5 a 5' 2 5'2 5% Dela & Hud ... 37’, 37% 37' 2 37' 2 Del Lac & W... 17 5 a 17'2 17% 17% Erie 11’, 11% 11’, 11'2 Grt North pfd . 15 15 15 14% 111 Central 16% 16ta 16'a 16% N Y Cent 21’a 21 21'* 20 7 a N Y New Haven 91, 9Vi 9Vi 9% Norfolk & West 166 166 166 166 Nor Pacific .... 19 18 s * 18’i 18'2 Penn R R 22'4 22 22' a 21’, Sou Pac 17% 17 17% 17 Sou R R 16 16 16 16 Union Pac 100% 100% 100% 101 West Maryland . 9 9 9 9 Am Loco .... 15% 15% 15% 15% Am Steel Fdy... 14-% 14% 14% 13% Bald Loco 5% 4% 5% 4% Gen Am Tank C 34’, 34% 34% 34% Gen Elec 18% 17’, 18% 18 Pullman Inc ... 38% 38% 38% 39 Westingh Elec .. 30% 30% 30% 29% Utilities— Am & For Pwr . 5% 5% 5% 5% Am Power & Lit 4% 4Vi 4 4% AT&T . 109% 109% 109% 109% Col Gas & Elec 8% 8 8 Com & 50u.... 1 1 2 1 % 1 1 2 l'/a Consol Gas ... 25% 25% 25’, 25% Elec Pwr & Lit.. 3% 3 3 /, 3% 3% Int T & T 9% 8 8 9 North Amer ... 12% 12% 12% 12% Pub Serv N J . 31% 31% 31% 31% Std Gas . 7 6% 7. 7 Stone & Webster 5% 5 5% 5% United Corp 3% 3% 3% 3% Un Gas Imp ... 13% 13% 13% 13% Western Union . 32% 32% 32% 32ta Rubbers — Firestone 13% 13% 13% 13 Vh Goodyear .... 19% 19% 19% 19% Kelly Spring IV2 1% 1% 1% U S Rubber pfd 35 35 35 Miscellaneous — Allis Chalmers.. 12% 12% 12% 12% Amer Can .100% 100 100% 100 Am Mach & Fdy 18% 18 18 18% Anchor Cap. . 15% 15 Vi 15% 15'/2 Erklyn Man Tr.. 37 37 37 Burroughs Add.. 14% 14% 14% 14'i J I Case 45% 45 45V, 44% Conti Can ... 57V 2 56% 57'i 57% Caterpillar Tract 29 28'% 28% 28% Crown Cork 23 23 23 23% Curtis Pub .... 16% 16% 16% 16% Gillette 13% 13% 13% 13 Glidden 22% 22% 22% 22 Inter Harv 32% 32% 32% 32% Natl Cash Reg . 15% 15% 15% 15% Foods— Am Sugar 59 59 59 ••• , Armour com 5% 5% 5% 5% Armour 6% pfd 64% 64% 64'/ 2 64 Beatrice Cream. 17 17 17 16% Borden Prod ... 24% 24% 24% 24% Cont Bak A 5% 5 3 , 5% ... Corn Prod 61% 61% 61% ... Crm of Wheat .. 32% 32% 32% Gen Foods 32 32 32 31% Gold Dust 16% 16% 16% 16% G W Sugar .... 27 27 27 27 Natl Biscuit .... 27% 26% 27% 26’, Natl D Prod 16% 16% 16% 16% S Porto Rico Sug 23% 23% 23% 23% Std Brands .... 19% 19% 19% 19 Un Biscuit 22% 22% 22% . United Fruit ... 67% 67 67% 67% Wrigley 70'% 70V, 70V, 70

Retail Stores— Asad Dry Goods. 10% 10% 10% 10% F;rs: Natl Stores 6* 64 64 64% Gimbei Bros ... 4% 4% 4% 4% Gr Un Tea ... 5% 5% s', s', Hahn Dept Sts . 5% 5% 5H SV* Kresge S S ... 18 18 18 18 Kroger Groc ... 28 27% 28 27% Macv R H 43 43 43 42'. McCrorv St... 7', 6% 7 6% McLeiian St 9S 9 9S 9 May Dept St 40'. 40'. 40 >. 40 Mont Ward 27% 26% 27 26% Penney J C 64% 64% 64% 64% Safeway St 44% 44% 44% 44% Sears Roebuck.. 39', 38% 39% 38% W’oolworth 50 49% 49% 50 Ariation— Aviation Corp . 3% 3% 3’s 3% Curtiss Wright 2% 2% 2% 2% Curtiss Wright A 7 7 7 6% Nor Am Av 3% 3% 3% 3% Sperry Corp 6% 6’, 6% 6% Chemicals— Air Reduction .103% 103’, 103’, Col Carbon 66% 66% 66% 67 Com Solvents.. 18% 18% 18% 18% Dupont 91% 91% 91% 90% Freeport Tex ... 26% 26’* 26% 26% Monsanto Chem 55 54% 55 54 Natl Dis tn.ewi.. 22 21 21% 21% Schenelev Dist . 23% 22% 23% 22 * Tex Gulf Suiph 37 36% 37 Union Carbide 42% 41% 42% U S Indus Alco 37% 37% 37% ... Drugs— Lambert 25% 25% 25% 26 Sterling Prod . 59 58% 59 59 Un Drug (new). 12', 12% 12% 12 Vick Chem 32% 32% 32% 32% Financial— Adams Exp 6’, 6% 6% 6% Am Int Corp ... 6% 6% 6% . Chesa Corp 37’, 37’* 37% 38 Lehman Corp ... 67'. 67 67 67 Transamerica .. 5% 5% 5% 5% Tr Conti Corp.. 3% 3’, 3% 3% Building— Am Radiator ... 14% 14% 14% 13’, Holland Furnace 5% 5% 5% Johns Manville 47% 46% 47% 46% Libby Owens Gls 24% 24% 24% 24% U S Gypsum ... 4040 4040 Household— Col Pal Peet ... 16 15% 15% 15% Congoleum . 29% 29% 29% 29 Kelvinator - • 14% 14% 14% 14% Proc & Gamble 39 39 39 38% Textiles— Celanese Corp.. 26% 25% 26 26 Gotham Hose ... 5 5 5 5% Indus Rayon ... 24’, 24’, 24’, 24’,

Chicago Stocks

(By Abbott. Proctor & Paine) 11:00 Prev. A M. close. Bendix 12 Borg Warner 23 22% Butler Bros 8% 8% Chicago Corporation 1% 1% Cities Service 1% 1% Cord 3% 3% Iron Fireman 17% 17', 2 Kingsberry Brew 1% • Quaker Oats 18% 17% Swift 18Va 17V, WHEAT QUOTATIONS OISPLAY STEADINESS Values Hold Despite Weakness Abroad. By L'nitcd Press CHICAGO, Oct. .30.—Wheat futures on the Board of Trade held steady to a small fraction lower today, despite pronounced weakness in other world markets. Corn and other grains were inclined to the upside. Wheat started unchanged to •% cent lower, corn was up Vs to cent, oats were Vs to 3 /s cent improved, and rye was unchanged to up Vs cent. Liverpool slipped lower on advices from Argentina and Winnipeg. Broomhall said: “English market is weak today following the sharp break at Winnipeg and Chicago yesterday and the easiness in Buenos Aires. General selling prevailed during the morning on the cheaper Argentine offerings.” Trade in the local market was not active. WHEAT— 11:00 Prev. High. Low. A M. close. Dec 95% .94% .95% .94% May 95 .93% .94% .94% July 89% .88% .89% .88% CORN— Dec 74% .73% .74% .73% May 76', .75% .76', .76 July 76% .75% .75% .76V, OATS— Dec 50'', .49 .50 .50 Mav 48% .47 .48 .47'/ 2 July 43% .42% .43'/, .42’, RYE— Dec 67% .66% .67% .66% Mav 70% .69% ,702a .70% July 70% .70 .70% .69% BARLEY— Dec 77 .75% .76 May 71% .71% .71% LOCAL CASH MARKET Citv grain elevators are paying 84 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 68 cents, and oats 43 cents.

Latest Stock, Bond and Commodity Quotations

STOCK MARKET MOVED UPWARD IN LIGHTDEALS List Up Fractions to 2 Before Leveling-Off Develops. By United Press NEW YORK. Oct. 30.—Prices firmed in early dealings on the Stock Exchange today. Stocks attained levels fractions to more than 2 points above the previous close and then leveled off with volume small. Pierce Arrow was actively sold and the price approached zero. It was around $1 a share, against a previous close of 1%. Selling was based on announcement of a reorganization plan that would eliminate all equity from the issue. Other motors made small gains. Steels firmed slightly, and so did rails, utilities, tobaccos and special issues. Greatest interest centered on mercantile issues where McCrorv and its preferred made new highs for the year. Pressure eased on tobacco shares. Recent selling in some of the issues was reportedly unloading by one large holder and hence was no reflection of any change in the industry. Universal Leaf Tobacco made anew high for the year. Reynolds B and American Issues made small gains. Cigar issues were strong, notably Bavuk. MEAT PACKERS SALES HIGHER IN SEPTEMBER Value Up 2 Per Cent Despite Dip in Tonnage Involved. By Times Special CHICAGO. Oct. 30.—Despite the fact that )he September tonnage of sales billed to foreign and domestic customers by American meat packers was 4.5 per cent under the preceding month, the value of these sales was 2 per cent above August, according to the Federal Reserve bank of Chicago. Contrasted with a year ago, the September sales value was 23 per cent higher, but tonnage was off 19 per cent. Compared with the 192433 average last month’s sales were 24 per cent smaller and the tonnage 9 per cent smaller. Export shipments in September decreased moderately from the preceding month and consisted largely of lard forwarded to the United Kingdom. MORE COPPER BOUGHT Foreigners Purchase More Metal; Deny Market Pact. By Times Syccial NEW YORK, Oct. 30.—Heavy foreign buying of copper, coupled with persistent but unconfirmed reports regarding a prospective international marketing control agreement, featured the metal markets last week. Demand from continental Europe and Japan was particularly active, despite denials regarding the possibility of agreements covering selling co-operation and production control for producers outside tha United States.

Are You Looking for Quarters in Washington? This building-, located in the heart of downtown Washington, three blocks from the White House, is for rent. It is ideal for the headquarters of a manufacturer, distributor, or both.

Siil I r 1 fF=r ' PI Some Important Factors: 1. 5-story building. 2. Ground floor display window. 3. Passenger elevator. 4. Flight elevator. 5. Alley loading platform. 6. Rei'iforced floor* to carry excessive weight. 7. 22,500 square feet of floor space. 8. Occupied for 12 years by The Washington Daily News, now moving into its own building. 9. Available about Jan. 13, 1935. For further information as to rental, etc., apply to the Real Estate Department, Rational Saving* and Trust Company, Washington, D. C.