Indianapolis Times, Volume 46, Number 148, Indianapolis, Marion County, 31 October 1934 — Page 16

Developments in Trade and Industry

PAGE 16

STOCKS MOVE NARROWLY ON LIGHT VOLUME

Majority of Are Above Previous Close at Midday. By T'nifr,i Press NEW YORK. Oct. 31— Stocks, with few exceptions, moved in a fractional area during the first two hours of trading on the Stock Exchange today with volume small. Around noon a majority registered small gains. Exceptions to the fractional movements were Amerada at 42%, up 2; Corn Products Refining 63 up 1 ‘2; Spiegel. May. Stem 61%, up 2 -; United Fruit 70%, up 2%, and New York Steam 6 per cent preferred 80%, off 4 ! 2 . Steel common around noon was at 32, up %; American Can 100%, up 1 1 ; American Telephone 110%, up ; Case 45V up V New York Central 21%, up : 2 . and Johns Manville 48V up V Gillette continued to lead in activity. It reached anew top for the year at 14. up V while the preferred reached 67, up V for the first time this year. Pierce-Arrow continued to be heavily traded at anew record low of 3 *, of! % point. Oils were somewhat more active and firmer. Rails and utilities held firm. Gold shares eased slightly. Money and Exchange INDIANAPOLIS STATEMENT Ogl t 1 927.000 00 D<bits 4 339.000 00 (' (rings for the month ... 58.230.000 00 Debits lor the month 140.801,000.00 Treasury Statement (By United Press). WASHINGTON. Oct. 31.—Government expense , and r“ceipts for the current fiscal ■ ar to Oct 29. compared with the corrpspondins period of the previous fiscal vear: This Year. Last Year. ,'S ?2 ill 488.572 90 *1.408.524.480 38 I* • **• ip*s • l 202 480 154 89 922.334.724.38 Deficit 939 010.418 21 848.169,756.00 Cash bal.. 1.807.763 834 52 On Commission Row Quotations below are average wholesale prices being offered to buyers by local commission dealers. FRUlTS—Cranberries. Cape Cod. early blades. 25-lb. box. $3. Grapes. Michigan roncordi. 12-qt. basket. 50c; California Emperors. 27-lb. box, $2. Crabapples, Michigan hv lops, bushel. $lB5. Persimr.mr.s. Indiana. 12 qts., 90c. Pears, New York Bart lets, bushel, $2 50 Avacados, • >O. Ouincps, bushel. $3. Bananas, pound. sc; pineapples, crate. $5; size 30. Apples, maiden blush. 11.50; northern spys, $133 Indiana Jonathans. $185; grimes golden, $1.50*1175. Mellons. California honev dews. $2.25. VEGETABLES—Cabbage. Northern Dan--Ih. 50-lb bag. 60c; red. pound. 3c. | Onion'. Idaho, sweet Spanish, large, 50-lb. i ig. $140; Michigan, yellow. $1.15; white. | 10-lb. bag. 35c. western white. 50;b. bag. $1.75. Potatoes. New Jersey Cob-| h er.- 100-lb. bag. $135: rorthern round v bite. 100-lb. bag. $1: Ohios. 100-lb. bag. <: , . Idaho Russets. 100-lb. bag. $2. Sweet i • itoes, Indiana Jerseys, bushel. $1.50: 1 d.ana Nanrv Halls, bushel, sl. Beans, r ur.d stringless, bushel. $1.75. Beets. , en. 20c. Carrots, home-grown, dozen, 35c, Cauliflower, crate. $1.75. Celery. Michigan, medium, dozen. 40c: Jumbo, cl -n. 65c: hearts, bunch, 90c. Cucumbers, hothouse, dozen. 1.25. Endive, dozen. 40c. ! : plant, dozen. 75c. Kale, home-grown, bushel. 50c. Lettuce, outdoor. 15-lb. basu t 60c Mangos. bushel. 85c. Mint. l ien, 50c Parsley, dozen. 35c. Peas— Hamper. $3.75. Spinach, home-grown, broadleaf. bushel. 50c. Radishes, dozen. .70- Tomatoes, outdoor. 12-lb. basket. 45c: bushel, $1.50. Turnips, home grown, dozen. 2 c. pumpkins, dozen. $1.25. Produce Markets Delivered In Indianapolis prices: Heavy h-ns. 12c; Leghorn hens. 7c; colored .-pringers, 9c; old roosters. sc: ducks. sc: o e sc: young guineas. 20c; old guineas. 1 c; No. 1 strictlv fresh countrv run eggs. '< ss off. 24c. Each full case must weigh 55 lbs. gross: a deduction of 10c a pound r each pound under 55 lbs will be made. Butter—No. 1. 30 (31c, Butterfat—2sc. Quoted by the Wadlev Company. (By United Press) CHICAGO, Oct. 31.—Eggs Market, •eadv. receipts 1 071 cases: extra firsts 27 i .c. current receipts. 23 ii 25c. dirties No. ! 2-V; No 2 18c: checks No. 1. 18'ac: No 15c Buffer—Market., steady; receipts 8 158 tubs; extras (92*scoret, 28%c: firsts rl-89'; scorei, 24% -125’*c. seconds • 8687'.. .coret. 23%c; specials. 28%®29%c; vndards 27’ ; c. Poultry—Market, strong; :--ceipts 47 trucks, two cars due; geese. 12c turkeys. 14Yf 16c: old roosters, 10%c: ducks, heavy white. 15c: springers, heavy ( u-red 15c. Plymouth Rock. 16c: White Rock. 16',-c: hens, heavy. 16c; guinea hens, i..:.. $5,,7: light colored springers, 15c. Cheese—'Twins. 13®13'.c; daisies. 13%® 11c. Longhorns. lbill’ic. Potatoes—r poly liberal, demand and trading mod- : firm; Wisconsin Round Whites. 75:185 cents, one car fine quality, cents; Idaho Russets, $1.5051.60. one c : fair quahtv $1 35, United States No. 2. $l2O. combination grade 51.37%®1.30: Colorado McClures $1.70',; 1 80, combination ade $1 35. Oregon Russets No. 2 $1 30. Washington Russets. $1 50. Michigan : ;nd whites. 77’; 82’,-c. Arrivals 114, on track 278. shipments 651. CLEVELAND. Oct. 31— Butter—Market, f.rm extras. 32c: standards. 31%c. Eggs— Market, firm; extra white. 33c: current re- , .pts. 25c: pullets. 22c. Poultry-—Fowls colored 4 ’2 lbs. and up. 17c; ducks light, lie. geese heavy fat, 14c: geese ordmarv. 1 c: turxejs young. 19®20c: old hens, 17 18c Potatoes—Maine $17105 per 100- . v bag; Pennsylvania. 80c a 100-lb bag; 75c .1 109-H*. bag; Michigan, £5 i 90c a 100-lb. bag. FRriTS AND VEGETABLES (By United Press) CHICAGO. Oct. 31 Apples—Michigan Mclntosh bushels. 2%-;r.ch. $175. Jonathans. sl4o'ulso. Sweet potatoes—Tennessee bushels. 85®90c. Lettuce—California crates. $1 75 .: 250 Peppers—lllinois bushel-. 4065 c Celery-Michigan crates, squares. 40 , 60c: few 75c. Oregon cauli~f wer Crates, 90c-:$110; Michigan. sl. Grapes Michigan concord. 12-qt.. 33®37c; Now York 48*i55c. Cranberries—Massa-rlr.i-fts, ’e-barrels. $2 75*i 3 Spinach— Missouri bushels. 40 : 60c; Michigan. 50® t’ c Iliir.o:s 254:40c Carrots—lllinois Is. 40',i50c: bunches, !'ul2-3c Celery -Cabb.igf- Michigan flat crates. 35® 50c. Pee:- Illinois and Indiana bunches. %® Illinois, bunches. s'u 7e Or.: on naiket ■ 50-!b saoks —Michigan Michigan whites, $i l* 125 Western yellows. 90c'u*l; Illinois yellows. 504: 60c. BUSINESS FAILURES IN NATION INCREASE Insolvencies for Week Ended Oct. 55, Total 225, Say Dun A Bradstreet. By Time* Special NEW YORK. Oct. 31.—The fiumber of busines failure in the United States during the wek ended Oct. 25 was 225. according to Dun & Bradslreet, Inc. This compares with 214 for the preceding week, and 290 for the corresponding week last year. The above record covers the last two weeks of October. There was a substantial reduction for both weeks in comparison with the corresponding weeks of 1933. of nearly 25 per cent. For the first two weeks of the month, failures were much more numerous, and for the second week there was an increase over a year ago for the first time in more than a year. There were thirty-two insolvencies in the Dominion of Canada. A week ago the total wa* thirty-seven and last year twenty-six.

Rich Texas Oil Area Found When Water Well Spouted Vast Hoard of Black Gold People of Corsicana, Seeking Municipal Water in 1894, Encountered Slick Liquid but Did Not Realize Strike. By Unit'd Press DALLAS, Texas, Oct. 31. The American Petroleum Institute owes the convention to be held here Nov. 12-15 to a wave of Lady Luck’s hand at Corsicana in 1894, when she changed a water well into the first spigot to tap the greatest petroleum pool in the world.

Corsicana was seeking a municipal water supply. They drilled a deep well, but into their shaft came a black, slick liquid they could not drink. Disappointed, they drilled deeper and found water, drank and were content. Wells Increased By the next year, however, east Texans began to realize the value of the vast black se* that was beneath their feet, and wells were drilled in increasing numbers. The well that opened the Electra field in north Texas also was a water well. W. T. Waggoner, ranch owner of Wichita county and founder of Texas’ first oil millions, promptly recognized the value of the oil and developed the field. It was named for his daughter. The Burkburnett field owes its being to a teamster’s mistake in judgment. Teamster’s Error S. L. Fowler, a farmer, formed a pool for a test well from contributions of his friends and neighbors. The site of the well was selected, but the teamster who hauled in the material dumped it far from the selected spot. Where it was dumped the field was located. The selected site later was found barren. Trucks which could not navigate the rough and sandy lands of Reagan county provided a source of wealth for the University of Texas. The machines became hopelessly stuck on university land. In order to pull them clear they were unloaded. And where the materials were unloaded was found the oil. Visitors to the A. P. I. convention, between meetings, will visit the working fields.

Stock Studies

Do PONT * COMMON STOCK P*. ■ ‘ ~t<XMCC MMf £AmNGS PRICE RNS*GC SCALE 5 . ——- (SO * — l l 3 r=f |*f ig'f 100 ° bo 31 32 33 34130 31 32 33 34l ° WINCHESTER INSTITUTE OF FINANCE There is hardly an industry in this country but that is using in some form or another a product of E. I. Du Pont De Nemours Cos. Du Pont is the outstanding company in the production of all forms of chemicals. explosives, dyestuffs, paints, varnishes and finishes, cellophane, rayon and coated fabrics of a wide variety. Many of its products are sold under nationally advertised trade names. Through 23 per cent ownership of General Motors common stock and a control of United States Rubber Company, Du Pont is a factor in the automobile and tire industries. FINANCIAL DATA As of June 30. 1934. Common Stock (S2O par) 11.057.211 Shares Se-„ Debenture Stock ($100)...5109,294,800 Surplus 180.389.841 Investments in Gen. Motors... 157.000,000 Cash and Securities 75,548.806 Inventories 37,081.227 Total current assets 133.501.414 Current liabilities 11,166.276 During the year ended June 30, cash and securities dropped $3,800,000; inventories, however, were $12,200,000 larger. Net working capital increased $6,000,000 and surplus gained $11,800,000. The current ratio on June 30 last was about 12 to 1. while the. book value of the common stock was $33.99, an increase of $1.06 during the twelvemonth period. Although Du Pont earnings dropped in 1932, the company has made a fair showing right through the depression. In 1933 earnings were $2.93. while $3.10 was earned in the first nine months of this year. The company has maintained a liberal dividend policy, although reductions were necessary. A regular dividend of $2, plus 75 cents extra was paid in 1933 and the stock is now a regular $2.60 annual dividend basis, while an e*tra of 50 cents nas been paid this year. Du Pont was incorporated in its present form in 1915 in Delaware. Both classes of stock are listed on the New York Stock Exchange. At a current price of around 92% the common sells to yield 2.8 per cent on its regular dividend basis. (All Richts Reserved. Winchester Institute of Finance. Winchester. Mass.) WHOLESALE TRADE UP IN NEW YORK DISTRICT September Sales Averaged 5 Per Cent Ahead of Year Ago. By Time* Special NEW YORK. Oet. 31.—Sales of wholesale establishments in September averaged 5 per cent ahead of the corresponding month last year, according to the Federal Reserve bank of New York. At the same time department store sales rose 2 per cent. The gain in wholesale volume was slightly under the year-to-year increase for August. Gains were apparent in groceries, men's clothing, drugs and hardware, but, excluding liquor sales, grqperies were 3 per cent under a year ago. Declines were recorded by stationery and jewelry firms. Sales of cotton and silk goods also were smaller.

Abreast of The Times on Finance

PORKERS AGAIN ARE IRREGULAR Cattle, Veals Hold Steady; Lambs Unchanged at $6.75 Down. A two-way trading range featured dealings in the pork market at the local stockyards this morning. The general run was steady to 15 cent” higher than yesterday, while few fight grades moved around 5 cents lower. The bulk, 160 to 200 pounds, was selling at $4.85 to $5.20, while grades scaling from 200 to 350 pounds, brought $5.30 to $5.65. Some choice classes were reported salable at $5.70. In the small classes, slaughter pigs, weighing 130 to 160 pounds, cashed in at $3.90 to $4.65, whiie others ranging from 100 to 130 pounds, sold at $2.65 to $3.65. Packing sows held at $4.25 to $5. Receipts were estimated at 7,000; holdovers, 177. With only a little action displayed j in the cattle market, prices generally were steady at the previous close. Few steers brought $4.25 to $6. Attractive grades were absent. Receipts were 700. Vealers again resumed a steady trading range, selling at $7 down. Receipts numbered 600. Inital trading continued dull and scarce in the lamb market, with practically all prices around yesterday’s average. Most kinds were selling at $6.50 down. Few better grades brought $6.75. Bucks were $1 less, while throwouts ranged from $3.50 to $5. Receipts were 1,500. HOGS Oct, Bulk. Top. Receipts. 25. $5.15(3; 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 30. 4,90® 5.15 5.60 9 000 31. 4.85® 5.20 5.65 7,000 (140-160) Good and choice $4.40® 4.75 (160-180) Good and choice 4.85® 5 10 (180-200) Good and choice 5.10® 5.30 (200-220) Good and choice 5.30® 5.50 (220-250) Good and choice.... 5.50® 565 i250-290i Good and choice 5.50® 565 1275-350) Good 5.30@ 5.50 Packing sows: (275-350) Good 4.85® 5.00 (350-425) Good 4.75® 4.90 1450-550) 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, 700— —Steers—-(sso-900) Choice $7.00® 8.00 Good 5.75® 7.25 Medium 4.00® 5.75 Common 2.50® 4.00 (900-1.100) Choice 7.50® 8.50 Good 6.00® 7.75 Medium 4.25® 6.00 Common 3.00® 4.25 (1.100-1,300) Choice 8 00® 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 5.25® 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 1.25® 2.50 —Bulls—(Yearlings Excluded) Good 3.00® 3.55 Common and medium 2.00® 3.00 VEALERS —Receipts, 600— Good and choice $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® 5.25 Common and medium 2.75® 4.00 (800-1.050) Good end choice... 4.00® 5.25 Common and medium 2.75® 4.00 Good and choice 3.00® 4.25 Common and medium 2.50® 3.00 —Cows— Good 2.50® 3.00 Common and medium 2.00® 2.50 SHEEP AND LAMBS —Receipts, 1.500 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® 2.50 Sheep—-(l2o-150) Good and choice 1.75® 2.25 All weights, common and medium 1.25® 2.00 Other Livestock (BY United Press) CHICAGO. Oct. 31. —Hogs—Receipts, 20.000. including 9.000 directs: mostly 5 to 10 cents higher than Tuesday's average; packing sows. 10 to 15 cents higher; slaughter pies steadv: 220-350 lbs.. $5.50*1 5 75; top. $5.75; some held higher: 170210 lbs mostly $5.2535.65; bulk packing sows. $5®5.35: light lights. 140-160 lbs., good and choice. $43 5; light weight. 160220 lbs . good and choice. $4.653 5 60; medeium weights. 200-250 lbs., good and choice. $5.3335.75: heavv weights. 250-350 lbs. good and choice. $5.503 5.75: packing sows. 275-550 lbs., medium and choice, $4 2535,45: slaughter pigs. 100-130 good and choice. $2 75® Cattle—Ri 10.000 commercial. 500 government; ca. 1.500 commercial. 200 government; largely steer runr hardlv enough done to make a market: few earlv sales better grade fed steers and vearlings fullv steadv, but market generally draggv and slow on rank and file of crop: earlv toj) medium weights. $9 25; sprinkling. *8.253 9.10: big bulk of crop unsold; other killing classes about steady, but genera! market very little light; slaughter cattle and vealers. steers, 550-900 lbs . good and choice. *5.7538.25; 900-1.100 lbs., good and choice. $63 8 75: 1 100-1.300 lbs., good and choice. $63 9 35: 1.300-1.500 lbs. good and choice. $6 50 t 9 50: 550-1.300 lbs . common and medium. *2 50 36.50; heifers. 550-750 lbs. good and choice. $5 38; common and medium. $2.75 35 25: cows, good $3 2534.50: common and medium. $2 603 3 25: low cutter and cutter. *1.75 3 2 60: bulls 'yearlings excluded) good beefi S3 2534; cutter, common ana medium *233 40: vealers. good and choice. *5 5637: medium. *4.503d.50 cull and common. *3.50 3 4 50: Stocker and feeder cattle, steers. 550-1.050 lbs . good and choice. $43 5 25: tommon and medium *2 503 4. Sheep—Receipts 12.000. largely a killer run: indications fullv steadv: asking higher: bidding. $6.75 on natives: best held well above *6 85: sheen, firm: feeding lambs, steadv: earlv bulk white faces. $5 60 downward: slaughter sheet) and lambs, lambs. 90 lbs. down. $6 25 : 6 85: common and medium. $5 253 635 ewes. 90-150 lbs., good and choice. sl6s*. 2 50: all weighus. common ar.d medium. 51.503 1.90: feeding lambs. 50-75 lbs., good and choice. *5.50 3 6 10. FORT WAYNE. Oct 31—Hogs—Steadv to 15c higher: 250-300 lbs . *5 50 : 225-250 lbs., *5 30: 200-225 lbs. *5 20: 180-200 lbs. *5; 160-180 lbs. *4 85: 300-350 lbs *5; 150160 lbs.. *4 40; 140-150 lbs. *4 15 130140 lbs. *3.65: 120-130 lbs.. *3 15; 100-120 lbs., *2.65; roughs. $4 SO; stags. *2.75. Calves—*7; lambs. *6 25. LAFAYETTE. Oct 31.—Market, steadv to 15c higher: 230-300 lbs $5 4535 50; 210230 lbs.. *5.253 535 190-210 lbu . *5 35 10 170-190 lbs. *4 75 3 4 90; 150-170 lbs.. *4 40 C 4 60; pigs *4 15 down; roughs. $4.75 domn: roughs. $4.75 down. Calves steady, $6 down; iamb*, steady, $6 down.

INDIANAPOLIS, WEDNESDAY, OCTOBER 31,1934

SILVER POLICY HELD IMPEDING CHINA ODTLOOK

U. S. Program Seen as Cause of Current Deflation in China. By rime* Special NEW YORK, Oct. 31.—The silver purchasing program of the United States has been responsible for China currently experiencing a period of deflation which is having an adverse effect on economic conditions in the country, the Alexander Hamilton Institute declared today. The Chinese government is greatly concerned over the siiver purchases and has communicated with the American government to this effect, the institute says. In the meantime, however, China has realized that no immediate measures would be taken to relieve the situation and on Oct. 14 imposed an export tax on silver of 10 per cent, less 2’4 per cent for minting charges on silver dollars and mint bars. Move Is Interpreted “The imposition of an export tax on silver by China,’’ the institute continues, “technically means the abandonment of the free silver standard because the essence of the silver standard is the free redemption of paper money in silver and the maintenance of a free silver market. “Since the imposition of the export tax, there is no longer an unrestricted market for silver in Chinia. “The first effect of the silver purchase act of the United States, therefore, was to force the largest silver using country in the world to modify its standard in order to protect its currency from appreciation, to prevent a sharp drop decrease in prices, and to check the large outflow of silver. Tax Temporary Move “However, the export tax is at best a tempoarry measure and can not fully protect the Chinese currency in the future. If the American government should continue its silver purchase program and if prices of silver should continue to rise sharply, the Chinese government may be forced to abandon silver completely and adopt another currency system. “The benefits of the silver legislation in the United States also are highly doubtful. At best, it will result in an increase in silver certificates outstanding which, when returned to the federal reserve banks, will merely tend to increase the member bank balances with the reserve banks. “The silver legislation, therefore, has failed to bear out the promises made by the silver advocates and the sooner it is repealed the better for the United States and the better for the silver using countries.

Other Livestock

(By Times Special) LOUISVILLE, Oct. 31.—Cattle—Receipts, commercial 375; salable supply slaughter cattle light; demand fairly broad; market active, fully steady; bulk common to medium light grass steers and heifers. $3.50 ®4.50; few common, $3; better finished offerings quotable around $6; bulk beef cows, $2.50®3; practical top. $3.25; low cutters and cutters, $1.25®2.25; sausage bulls, mostly $2.75 down: stockers slow; most stock calves, salable $4.50 down; bulk feeders, $3®3.75. Calves—Receipts, commercial 200; better grade vealers strong, others steady; bulk better vealers, $5.50® 6.50; strictly choice eligible higher, medium and lower grades. $5 down. Hogs —Receipts. 700; market steady; top and bulk desirable, 200-250 lbs.. $5.40; 180-195 lbs.. $5.15: 225 lbs. up. $4.95; 160-175 lbs., $4.55; 140-155 lbs.. $4.05; 120-135 lbs., $3.05; desirable sows. $4.20. Sheep—Receipts. 250. including 65 stock ewes; generally steady on all slaughter classes, most better lambs, $6; choice scarce quotable higher bucks discounted, $1 per hundredweight: light throwouts. $3.50; better fat ewes, $1.50®2: most stock ewes salable, $".50 down; few choice, $7 or better. BANK LOANS PAID OFF Irving Trust Cos., Receivers for R. Hoe & Cos., File Final Report. By Times Special NEW YORK, Oct. 31.—The Irving Trust Company, making its final report as receiver of the business of R. Hoe & Cos., for which reorganization plans have been filed, has disclosed that under its administrations bank loans of $1,864,868 had been paid off in addition to a balance of $250,000 receivers’ loan, while several cases of litigation pending at the start of the receivership have been close successfully. The company’s unfilled orders, as of Sept. 26. of $1,566,635 (compare with%51.197,~ 908 at the start of the receivership. OIL ALLOWABLE FIXED Texas November Flow Set at 953,995 Barrels Daily. By United Press AUSTIN. Oct. 31.—The Texas Railroad Commission today issued November allowable orders permitting a statewide oil output of 953,995 barrels daily. The United States Bureau of Mines had estimated the market demand for Texas oil during November at 957.300 barrels daily. 8 BANKS LIQUIDATED By United Press WASHINGTON, Oct. 31.—Voluntary liquidation of eight national banks with capitalization of $2,300,000 was announced today by the controller of the currency's office. The largest bank listed was the Calcasieu National bank of Lake Charles, La., with capitalization of $1,200,000, which is to be replaced by another institution. SHIPMENTS UP SHARPLY By Times Special DETROIT. Mich., Oct. 31. Leonard Refrigerator Company shipments to customers during the fiscal year ended Sept. 30 were 40 per cent ahead of shipments for the previous fiscal year, and 60 per cent greater than 1932 sales, it was announced today. RAIL LOAN APPROVED WASHINGTON, Oct. 31.—The interstate commerce commission today approved an application for a Reconstruction Finance Corporation three-vear loan of $833,575 to the Litchfield and Madison Railway Company to be applied toward payment of bonds maturing Nov. i.

New York Stock Exchange Prices

(By Thomson & McKinnon) 11 AM. Prev. Oils— High. Low. NY dost. Amerada 42' 2 41 ’a 42-a 40% Atl Rfg 24 23% 24 23’t Barnsaall 6'. 6% (U* 6’ Consol Oil 7’% 7 a i' <% Cont of Del ... 16% 16 s * 16% 16'z Mid Cont Pet .. 10’, 10% 10’, 10% Ohio Oil 9'* 9% ,f% 9 Phillips Pe- 15 14”, 15 14% Plymouth Oil .. B' 2 8% 8% B'j Pure Oil t> 6* 6% 6% Roval Dutch ... 32', 32’, 32', 32 Sbd Oil 23 23 23 22’. Shell Un 6' 2 6'. 6’, 6', Soc Vac ns 13’, 13’, 13' S O of Cal ... 32' 2 31’ 32’, 31’. SO of Ind 24 23’, 24 23 2 SOOf N J ... 40’2 40', 40'2 40', Texas Corp 20 20 20 .. Tidewater Assn . B’, 88’, 8 , Un Oil of Cal . 14% 14 s , 14’. 14'2 Steels— Am Roll Mills... 16% 16’, 16% 18'2 Beth Steel 25’, 25 25’, 24 a Col Fuel A: Iron 4'* 4’. 4'* Natl Steel 37’. 37'. 37'. 3.'2 Otis Steel .... 4'. 4 l * 4 1 * 4 Rep I & Stl 11’. 11 1 2 U’. 11’, Rep I & Stl pfd 34 33'2 33'2 U S Steel ... 32', 32', 32', 31'2 U S Steel pfd... 74’, 74'. 74’, 73', Warren Bros ... 5 5 , 5V2 s’, s’. Motors— Auburn 23’, 23 1 2 23’, 23'. Chrysler 34' 2 34', 34'. 34 Gen Motors 29', 29 29 28’. Gen Motors pfd 103'2 103', 103', Hupp 2’, 2’, 2’, 2’, Mack Truck 24’* 24'2 24' 2 24'2 Nash 14 3 14’, 14’, 13’, Chicago Stocks (By Abbott. Proctor & Paine) Prev. Close, close. Borg Warner 23'* 22’, Butler Bros ?’ 7 2 Cont Chicago Corp 1"* }:* Cities Service 1,2 |. 2 Gen House Util s’. s;s Swift & Cos 18'2 18', New York Bonds (By Fenner & Beane) 11:15 A. M. Prev. N. Y. close. Alleg Corp 5s 'SO 26'2 Am & For Pwr 5s 2030 52 52 A T & T db 5s 65 110'A 110>'. Atchison Gen 4s '95 103 103’, B & O CV 4' 2 s '6O 54 53 1 a Beth Steel 5s A '42 103 Brazil 6' 2 s (26) '57 31'/2 Can Pac 4s '57 81'/ 2 BIV4 C & O 5s A ’39 110'A Ch M St P & P adj 5s A 2000 7V. 6’, Ch M St P & P rs 5s A '75 . . 25’/4 25 Cons Gas N Y 4' 2 s '57 103 3/ 4 Denmark 5'. 2 s '55 96 95’s Erie RR rs 5s '67 66V2 66 French 7s '49 . 37’i Goodyear 5s '57 102 ',2 102% Gt Nor 4' 2 s D ’76 74 73% Gt Nor 7s A '36 89% 90 Interboro RT 5s '66 76% Int T & T db 5s '55 59% 59', McKess & Robbison 5' 2 s 'SO 88‘/ 2 88% Nat Dairy db 5%s '4B 100 100 N Y Central 5s O 2013 65% 65% Nor Am 5s '6l 86 86'2 Pac Gas & El 5s A '42 106’, 106% Para Pub 5%s 'SO 57% Penn R R 4%S D 'Bl 96% 96% Poland 7s "47 131% 132 Royai Dutch 4s A '45 133 Shell Union Oil 5s '52 102% 102% Sin Cons 6%s B '3B 104'/4 104% Texas Corp 5s ’44 103 103 Tob Pr N J 6Vis 2022 106V4 106% Un Pac Ist 4s 47 107 107% U S Rubber 5s A '47 85% 85% Vanadium 5s '4l 82% Western Un 5s 'sl 81% 81% Youngstown S&T 5s B 70 • 84% 84%

WHEAT STARTS OFF ON ALIEN EASINESS Chicago Values React to Situation Abroad. By United Press CHICAGO, Oct. 31—Action of foreign markets continued to dominate sentiment on the Board of Trade today. World terminals cabled of easiness in grain prices and values here turned slightly lower. Wheat started % to l- 2 cent lower, corn was unchanged to % cent off, oats were off % to % cent, and rye was 14 cent lower to 14 cent higher. Broomhall said Liverpool opened lower on renewed liquidation influenced by freer offers of French wheat and favorable conditions in the Pampas and Buenos Aires provinces of the Argentine. Buenos Aires and Rotterdam also held lower. Commission houses led a mild selling wave in the local wheat pit at the start. 11:00 Prev. WHEAT— High. Low. A M. close. Dec 96 .95% ,95’. .95% May 95% .94% .94% .95% July 89% 88% .88% .89% CORN— Dec 75% .74% .75% .75% May 77% .76% .77V, .76% July 77% .76% .77% .77 OATS— Dec 50 .49% .49% .49% July 43% .43% .43% .43% rye;— Dec 68 .67% .68 .68 May 71% ..70% .71% ,71V. July 71% .71 .71 .71 BARLEY— Dec 77 .76% .77 .76% May 72% .72 .72 .72 LOCAL CASH MARKET City 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. BUYS MEXICAN SILVER U. S. Treasury Purchases Direct From Government. By Times Special WASHINGTON, Oct. 31. —The United States treasury has been buying silver directly from the Mexican government, Secretary Morgenthau has disclosed. The secretary did not disclose how much had been, or would be, obtained by that means. He said that purchases elsewhere in the world were being made in the open market. ASSETS GAIN REPORTED Total assets of Quarterly Income Shares, Inc., as of Oct. 15, were $28,468,553.36, with investments shown at cost of $27,498,904.35, according to the annual statement (certified by independent auditors) being mailed to stockholders Nov. 1. This compares with total assets of $14,810.542 as of Oct. 15, 1933. Don’t BE Confused by IMITATION SLATES VOTE CITIZENS SCHOOL TICKET (Paid Political Advertisement) I BE SAFE insure Vonr Car Today —Foil Protect*ou Automobile Insurance Ass’n. 1.1-&S7I. 7th Floor Ot^iden>al_J4ljljC_ Moderate First Mortgage Loans on Improved Indianapolis Real Estate The Indianapolis Morris Plan Company Delaware and Ohio Sts, RI-153S

Studebaker 33 33 Yellow Truck ... 2’, 2’, 2% 3 Motor Access— Bendlx 11% 11% 11% 11% Bohn Alum 52 52 52 52% Borg Warner ... 23% 23% 23% 23 Budd Mfg 4 4 4 4 Budd Wheel ... 2% 2% 2% 2% Elec Auto Lite . 23% 23 23% 22% Murrav Body .. 4% 4% 4% 4% Stew Warner .. 7 7 7 7 Timken Roll . 28% 28 28% 27% Timken Det Axle s’. 5% 5% s’. Mining— Am Metals 14% 14% 14% ... Am Smelt 35% 35 35% 34% Cal fc Hecla .. . 32% 33 Cerro De Pasco 37’, 37% 37% 37% Dome Mines ... 38% 38% 38’. 38% Howe Sound ... 48% 48% 48% 48 Ins Copper 33 3 Int Nickel 23% 23% 23% Kennecott Cop . 16’, 16% 16’, 16’, Mclntyre Mine . 43% 43% 43% 44 Norsnda Cop .. 33% 33 33 33% Park Utah ... 3% 3% 3% 3% Phelps Dodge ..14 14 14 14 St Joe Lead ... 15% 15% 15% 15% Amusements— Croslev Radio .. 12% 12% 12% 12% Fox Theater .. 12% 12% 12% 12% Loews Inc 29% 29 29% 28% Radio Corp s’, 5% 5% 5% Paramount 4% 4% 4% 4% RKO 2 1% 1% 1% Warner Bros .. 4% 4% 4% 4% Tobaccos— Am Sum Tob .. 20% 20% 20% 20% Am Tob <AI .. 79 79 79 79 Am Tob (B) 80% 80% 80% 80 Gen Cigars 51% 51% 51% 51 Ligg &- Myers B 101% 101% 101% Lorillard ... 18 18 18 17% Phillip Morris 32 31% 32 31% Reynolds Tob B 48% 48% 48% 48% Rails— Atchison 51% 51% 51% 51% Atl Coast Lines 28% 28’. 28% 28% B & 0 15% 15% 15% 15% Ch & Ohio ... 42% 42% 42% Chi & Gt W 2 2 2 Chi N W 5% 5% 5% 5% Del Lac & W . . 17% 17% 17% 17% Grt North pfd 14% 14% 14% 14% 111 Central ... 16% 16% 16’, 16% Lehigh Valiev . 10’. 10% 10% . N Y Cent - 21% 21'* 21% 20% N Y New Haven 9% 9% 9% 9% Norfolk A- West . 165% 165% 165% 166 Nor Pacific . ... 19'* 19 19% Penn R, R 22% 21’, 22% 21% Sou Pac 17% 17’, 17% 17’, Sou R R 16% 16% 16% 16% Bald Loco - . 5% 5% 5% 5% Gen Am Tk Car. 34% 34% 34% 34% Gen Elec 18% 17% 17% 17% Pullman Inc ... 39% 39 39% 39 West Air Br ..24% 24% 24% 24% Westingh Elec... 30% 30 30% 30% Utilities— Am & For Pwr 5% 5% 5% 5% AT&T ...110% 110 110% 109% Am Wat Wks .. 15 15 15 15 Brook Un Gas . 8 8 8 8% Conn & Sou 5. 1% 1% 1% 1% Consol Gas . . 25% 25% 25% 25% Int Hydro Elec 3’. 3% 3% 3’, Interboro R T . 13% 13% 13% 13% Int T & T ... 9% 9% 9% 9% North Amer .... 12’, 12% 12’, 12% Pac G & E 15% 15% 15% 15% Peoples Gas .. 21’, 21% 21% 22 Pub Serv N J .. 31% 31% 31% 31% So Cal Edison . 13% 13V. 13% 13% Std Gas 6% 6% 6% 7 Stone & Webster 5 5 5 5% United Corp ... 3% 3% 3% 3% Un Gas Imp .. . 13% 13% 13% 13% PL Pwr & Lit A 1% 1% 1% 1% Western Union. 33 32% 33 32%

The Democratic Party Keeps Its Promises It Promised and Gave to You One of the Best Administrations This or Any Other City in America Has Ever Had.

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"I Make This Pledge To The People of Indianapolis" • I shall practice in my administration the most rigid economy to the end that taxes may be further decreased. • Overlapping governmental units and overlapping governmental functions must be abolished in an effort to simplify and make more efficient the business of government. • I shall protect the rights of citizens and taxpayers in all utility matters. The attitude of the City must be clear-cut and courageous against exorbitant rates and iniquitous franchises. • • I shall wholeheartedly endeavor to encourage industry and attempt to bring new industries to Indianapolis to increase the payrolls and to increase the purchasing power of the people of this City. • I shall carry forward the principles of decency, honesty and economy which have characterized the administration of Reginald Sullivan. INDIANAPOLIS MUST CONTINUE TO GO FORWARD! JOHN W. KERN. Vote for KERN—Vote Democratic and Keep Good Government! (PAID POLITICAL ADVERTISEMENT)

Rubber,— Firestone 13% 13% 13% 13% i Goodyear 20% 20 20% 20 I U S Rubber .. 15% 15 J 5% 1 U S Rubber pfd 35 35 SS ... Miscellaneous— Allis Chalmers 12% 12% 12% 12 5. Am Can . . 100% 100', 100% 100% Am Mach & Fdv 18% 18 18% 17% I Brklyn Man Tr 38 38 38 37% I Burroughs Add . 5 52 52 J I Case 46 45% 45% 45 Conti Can 57% 56% 57% 57 Crown Cork 24% 23% 24% 23% j Eastman Kodak 104% 104% 104% . Gillette 14 13% 13% 13% i Inter Harv ... 32% 32% 32% 32% Owens Bottle . 77% 77% 77% 77’, Underwood E . 49% 49% 49% ... Foods— Amer Sugar ... 58% 58% 58% 58% Armour Com ... 5% s’. s’. 5% Cal Packing ... 37'* 37% 37% 37%: Borden Prod ... 25 25 25 24’,: Corn Prod 63% 62% 63% 62% Crm of Wheat 32% 32% 32% 32% Cuban Am Sugar 6 6 6 6 Gen Baking .... 7 7 7 7% C, W Sugar 27 27 27 26% Natl Biscuit ... 27 26% 27 26% Natl D Prod ... 16’, 16'- 16’, 16% Std Brands 18% 18% 18', 18% United Fruit ... 64 64 64 68% Wrigiev 70 70 70 70% Best & Cos 35% 35% 35% 35% Kresge S S 18% 18% 18% 18% Kroger Groc ... 27% 27’, 27% 27% McCrorv St. ... 7% 7 7 6’. McLellan St . 9% 9% 9% 9% Marshall Fields 11% 10’, 11% Mont Ward 27% 27 27 26% ; Pennev J C 64% 64% 64% 64% Sears Roebuck . 39% 38% 39 38% j Woolworth 56 49’s 49’, 49% j Aviation— Aviation Corp .. 3’, 3’, 3’, 3’s : Boeing Aircraft 7% 7 7 Curtiss Wright 2% 2’, 2% 2’, Curtiss Wright A 6% 6’, 6’, 6% Douglas Air . 16’. 16% 16% 16% United Air new. 8% 8 8 8% Chemicals— Allied Chem ..128% 128 128% ... Com Solvents ... 58% 18% 18-% 18% Dupont .... 92% 91'. 91% 91% Freeport Tex ... 26% 26 s , 26% . Math Alkali 24% 24% 24% 20% Natl Dis mew) 21% 21% 21% 21% Schenelev Dist . 23% 23 23% 23 Tex Gulf Sulph . 36% 36% 36% 36% Union Carbide 42’, 42’. 42’. 42% U S Indus Alco 37% 37% 37’, 37’, Drugs— Cotv Inc 4’, 4’. 4% Un Drug (new) 12% 12% 12% 12% Vick Chem 32% 32% 32% 32% Financial— Adams Exp ...q 6% 6’, 6% ... Allegheny Corp ■ 1% 1% I’. 1% Tvansamerica. . . 5% s'* 5% 5% Building— Am Radiator... 14% 14% 14% 14_ Gen Asphalt ... 15% 15 14% 15% Int Cement . 21% 21% 21% 21 Johns Manville 48% 47% 48% 47% Libbv Owens Gls 24% 24% 24% 24 Otis Elev 13% 13% 13% 13% U S Gysum 39V, 39% 39', 38% Household — Col Pal Peet.... 16 16 16 16 Congoleum 29% 29'* 29% 29% Kelvinator 14’, 14’, 14% 14% Proc & Gamble 40 39’, 4039 V. Textiles — Amer Woolen .. 8% B'. 8% 7% C'elanese Corp . 26’, 26% 26’, 26%

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MISS PERKINS VISIONS SLASH IN IDLETOTAL Rise in Employment Held Contingent on Trend of Business. Bu Tiute, SpcriqJ GREENCASTLE, Ind., Oct. 31. Miss Frances Perkins, secretary of labor, predicted an appreciable decrease in unemployment by winter if business continues its upward trend, when interviewed last night at De Pauw university. Admitting she was delving into the “unpredictable" in attempting winter's labor forecast, the cabinet lady declared that employment now is 38 per cent above the winter of two years ago and shows signs of spurting further ahead with the coming of seasonal stimulation. “Charting our employment curve today, we find it is characteristic of a recovery period.’’ Miss Perkins attested. “Employment charts show a high upward trend, followed by a slight dip as business hits its summer slump, and now the curve forges steadily upward again.” Business is better along many industrial trades, in consumption goods, transportation and light industries. In heavy industries, business still remains sluggish, Miss Perkins said. Extension of the federal emergency reliei administration this winter will alleviate the unemployment situation, the cabinet member confided. She frankly declared that no system of unemployment relief insurance can be launched before next July, at the earliest, as succor for the nation's jobless. Pointing out that people spend more money for enjoyment and pleasure when they have spare time. Miss Perkins declared that with shorter hours will come stimulation of many Industries and creation of additional ones to supply new needs.