Indianapolis Times, Volume 46, Number 149, Indianapolis, Marion County, 1 November 1934 — Page 24

Developments in Trade and Industry

PAGE 24

TRADING DULL, IRREGULAR ON STOCK MARKET Special Issues Are Chief Attraction: General List Uncertain. t'mitt 4 prm NEW YORK. Nov. 1 —Special issues attracted chief attention in the extremely dull trading on the New York Stock Exchange today. Prices generally had an irregular tone. Spotted throughout the list were stocks which snapped one way or another through individual reasons. International Telephone was active and 1 • lower at 8 , on the current plans for investigating t teiegraph companies. Curtiss-Wnght slipped to equal its low of 2 5 *. Pennick &; Ford dropped 2' _• points to 56. A poor earnings statement hurt International Silver with the common off land 20 and the preferred off 4'* at 66 Radio preferred and A both advanced more than a point as result of a good earnings statement. Wilson A: Cos touched a newhigh of 29 and the preferred also was strong. The general list, however, showed no deflnPe trend. Chrysler and General Motors showed slight gains. United States Steel held about steady in fairly active trading. American Telephone was fractionally lower. Rails firmed under lead oi Atchison, which gained a point to 52\. Bonds were irregular, as were most commodities.

Money and Exchange

IN DIANA POUR ST.ATF.MI NT DeMts 1 257 wo %

Treasury Statement

ißv United Press i WASHINGTON Nov. I— Government expend and receipts for the current fiscal veer to Oct 30 compared w,:h the correspond.ns period of the previous fi-cal year: This Year Iji’ Year ttper.'es 12 231 073 *6t 75 $1 409 549.755 9 Receipts I 208 I*4 nj6 45 927 643.12039 Deficit 1 026 7*B 99* 70 461 906.623 37 Cash baMI *Ol 234 333 36 ROBERT BOYLAN SEEN NEW -PIT' PRESIDENT First Vice-President of Board of Trade Favored for Post. By Timet Sperint CHICAGO. Nov. I—The consensus among members of the Board of Trade today was that Robert P. Bovlan. first vice-president of the institution, will be nominated as president for 1935 on the regular ticket. The nominating committee has given notice that three meetings Bill be held this month to receive suggestions for candidates for the annual election, which Bill be held •ten. 7. The first vice-president of the exchange ordinarily moves up to the top position of the institution. Peter B- Carey, who has been president for the past two years, is not expected to be a candidate this year.

GOODYEAR WILL RAISE PRICES ON TIRES TODAY Advance of 12 to 25 Per Cent, to Go Into Effect. Users of Goodyear tires Bill have * to pay 12 to 25 per cent, more for these products starting today as the ■ result of a price boost of that; amount which has just been an-! nounced by John N. Lees, manager of the Indianapolis branch of the, Goodyear Tire and Rubber Com- ( pany. "Thus step is made mandatory by substantial increase in production costs durmg recent months." P. W. Litchfield. Goodyear president, declared m making public the price boost. "The price increase Bill vary according to the type and brand of tire and locally prevailing trade practices." it Bas said. INSOLVENCY INDEX UP SHARPLY FOR OCTOBER Figure of 63.9 Highest of Any Month Since March. By Timet Speriol NEW YORK. Nov. I.—Dun's insolvency index climbed to 65.9 during October, a gam of 123 points over the preceding month and the highest figure of any month this year since March, it was disclosed today. The increase over September, equivalent to an adtance of 22.9 per cent, was considerably above a normal expansion. For the five years. 1925-1929. inclusive, the average rise for October over September of only 3 points, represents an advance of 3.4 per cent. The index for September at 53 6 was the loaest for any month back to September. 1920.

AUTOMOBILE OUTPUT SHOWS STEADY RISE Registration of 1.564.690 N>* Psengrr Cars Reported. Bn Time* special DETROIT. Nov. I— Registration of 1.564.690 new passenger automobiles in the United States during the first nine months of 1934 is reported by R. L- Polk A: Cos., statisticians. The figures compare with 1.204 930 .units in the same period last year. In addition, commercial car. incliiding truck, registrations for the first nine months this year totaled 310.259. against 183 340 for the corresponding period in 1933. PEAK TAXES FORESEEN Called Prf§ WASHINGTON. Nov. I—Treasury experts today predicted tobacco and liquor taxes would set new high records for the fiscal year ending July 1. 1935. when they anticipate S9OO 000 000 will have oeen collected from these two sources. Estimates were based on collections for the first four months of the fiscal year.

NEARLY HALF FEDERAL DEBT OWFD TO NATION'S BANKS

9 -

/ —Reprinted from the United States News, an Independent weekly published In Washington.

New York Stock Exchange Prices

(Bv Thomson A McKinnon) Prev. 11 AM. Prev. OiO— .. .. Hush. Low. NY Cloes. Atl Rf: 23', 23'b 23’* 23;. Barn: flail S’. S', 6'. 6', Consol 0)1 7 7 a ’’i 7 7 7 7 Con: of Del IS 7 , is 7, 16 7 IS' Pet Corn B’, 8 7 , 8\ B’2 Phillips Pet 14 7 , H 7, ll 7 , H * Sbri Oil 23'. 23-. 23’, 23 1 . Shell Un S’2 S’, S’, S’a Soc Vac 13’2 13 13'2 13’a SO of Ind 24'. 24 24’, 24 S O Os N J 41 41 41 • Texas Corp 2"', 20', 20', 20 Tidewater Assn.. B*2 B’a 8-'a Steel*Am Roil Mills... IS', 18', 18', IS', Beth S'eel 25', 25 25', 2d Col Fuel A- Iron 4', 4', 4 1 , 4*l Rep Iron A: Steel 11*2 11 1 a ll’i ll’i U S S'eel 32 31’, 31 ? , 31 7 a Motor*— Auburn ........ 23', 23', 23'* 23', Chrysler 32', 32', 32'33 7 Gn Motors 29'. 28'. 29 29 Graham Mot ... 1— I'. l’ Hupp 2’, 2’* 2’, 2 J , Nash 14 14 14 14', Yellow Truck ... 2 7 , 2 7 2 T 3 Motor Access— Bcndix ll 7 , ll’ 11'. ll’s hohn Alum 52' 2 52'2 526 52'. Bora Warner .. 23'. 23'. S3 3 , 23 : 2 Brices 17'. 17', 17', 17', Budd Mre 4'* 4', 4', 4 Flee Auto Lite.. 23 23 23 23 Houdaille A .... 4'. 4', 4'. 4', Stew Warner ... 7 7 7 6 7 , Timken Del Axle s’, s', s'i s’ Am Metals 14', 14', 14>, I'*-* Am Smelt . 35 35 35 34’, A laconda 10<, 10', 10', 10*, 1 Cal A- Hecla ... 2 7 2 7 , 2 7 3

Stock Studies

UNION OIL. s COMMON STOCK t r iMi MUWT.S PRICE R*NGC S CAt 20 C wr ——T— 50 vio 1 T. 40 ~~jl | |j-2* ° ' 3031 323334 30 31 32 33 34 ‘ ° WINCHESTER INSTITUTE Os fIHANCE

The Union Oil Company of California operates chiefly on the Pacific coast. It is fully integrated cal unit engaged in the production.; transportation, refining and marketing of petroleum products. The company has large production properties in California and also owns 405.000 acres in oil producing territory of Colombia. South America. The firm owns tank cars and trucks and also operates a small fleet of ships for foreign trade. Because of production restrictions on crude oil. it has had to purchase about half of its marketing requirements. FINANCIAL DATA As of Dor. 31. 19: Capital S’oclc Ui par* 4.386.070 shares. V ."ed deb! .................. $26.667.0dd Surpluses 47.060.129 C ard securities 16 386 383 Inventories ..••••••••••• 2fi.4flT.4fi7 Total current assets 66 796.514 Current liabilities 6 156.063 During 1933 the funded debt was reduced bv nearly 55.000.000. On April 1. 1934. bonds totaling 54.429,500 wer% paid. Last year surpluses dropped $3,600,000. net working capital dropped 52.100.000. and during the first six months of this year there was a further drop in net of 56.200.000. On Dec. 31. 1933. the book value of the common stock was 535 73. or slightly less than at the beginning of the >ear. On June 30. 1934. the current ratio was almost Si to 1. The company is in strong financial condition. Union Oil stayed "in the black" r.zh: through the depression, although earnings dropped. The low point was in 1933, when only 45 cents was earned on the capital stock, but 39 cents was earned in the first nine months of this year. The organization has maintained dividends right along, drawing cn surplus in 1931 and since. The pres- ' ent dividend is SI. The Union Oil Company was incorporated in 1890 in California. The capital s:cxj£ is listed on the New York. Los Ar.eeles, San- Francisco and Seattle stock exchanges. At a current price of around 14 it yields better than 7 per cent. I tAJ Kicfets Reserved winchester Institute 1 6i Futsnce. Winchester, lius)

Abreast of The Times on Finance

Dome Mines Int Nickel .. 23', 22 7 , 23 . I Isl Creek Coal . 29', 29 7 , 29 . 29 7 . | Kennecott Cop IS’, IS’, 16’, 16’, Park Utah . . 3', 3', 3’. 3 , Noranda Cop .. 32', 32', 32', 32 2 ! St Joe Lead ... 15 s , 15', 15 s s 15'1 I U S Smelters .114 114 114 113?, Amusements— Fox Theater ... 12'. 12 12 12'i Loews Inc 29'2 29' 2 29'2 29'2 Radio Corp .... s', 5*2 5*2 5 ] 2 Paramount 4 4 4 4 Warner Bros .. 4's 4 4 4*4 44 Tobaccos— Am Sum Tob .. 20', 20' 2 20', 204 Gen Cigars 52 514 52 514 Licg A Myers B 102 4 102 4 102 4 102 4 Lorrillard . 184 184 184 184 Philip Morris 32 4 32 4 32 4 314 Reynolds Tob B 48 4 48 48 4 48 4 Rails— B A O 154 154 154 154 Can Pacific ... 11 7 , ll 7 , ll 7 , ll 7 , Ch A- Ohio . ... 42'. 424 424 424 C M & St P 3', 24 24 .. C M A- St P pfd* 44 44 4', 44 Chi N W .... s', 54 s', 54 C.t North pfd ... 14 4 144 144 144 111 Central 16 16 16 164 MK&T t 6 S Mo Pac 24 24 24 N Y Cent 21 20 4 20 7 , 21 N Y New Haven 9', 94 94 94 Norfolk A West 1(5 165 165 1654 Nor Pacific 18', 184 18', 184 renn R R .... 124 22', 224 224 Sou Pac 174 17 17 174 Sou R R 164 IS 1 , IS 1 , 164 West Maryland. 84 84 84 84 Equipments— Am Car A- Fdy.. 154 15 15 Am Loco 154 154 154 154 Bald Loco .. 54 54 5 1 , 54 Gen Am Tk Car 344 34 344 344 Gen Elec ... 17', 154 17', 17", Gen R R Sig .. 25 4 25 4 25 4 . Pullman Inc ... 40 4040 40 West inch Elec .30 4 30 4 30 4 30', Utilities— Am‘A For Pwr . s', s'i 5% 54 A T A T ...110 1094 110 1104 Am W'at Wks ..15 15 15 15', Brook Un Gas .. 8 7 7 i 74 84 Com A Sou .... I', 14 17,I 7 , 14 Consol Gas . 26 25 4 25 4 26 Ini Hvdro Elec. 3 4 3*, 3', 3', Interboro R T.. 134 134 134 134 Int T A T 9', 9 9 Lou G A E "A" 13', 13', 13', . North Amer 124 12 s , 12', 124 Pac G A E ... 154 15', 154 154 Peoples Gas ... 21 21 21 204 Pub Scrv N J . 31', 31', 314 314 So Cal Edison 134 134 134 134 Stone A Webster 54 54 54 54 United Corp ... 34 34 34 34 Un Gas Imp ... 13’, 13', 13', 134 Ut Pwr A Lit A I', I', 14 I'. Western Union 33 4 33 4 33 4 334

Rubbers— Goodrich 9® 9® 9® 9® Goodyear 29® 20® 20® 20 Kelly Spring ... 1® 1® 1® 1® U S Rubber .15 15 15 15 U S Rubber pfd 34® 34® 34® 34® Miscellaneous— Am Can 100 100. 100 100® Am Mach & Fdy 18 18 18 Anchor Cap 15® 15® 15® . Brklvn Man Tr 37® 37® 37® 37® Burroughs Add 14®- 14® 14® 14® J I Case 46', 46 , 46 35® Conti Can 57® 57 57® 57 Crown Cork ... 21® 24® 24® 24® Deere & Cos 18 17® 18 17® Gillette 13® 13', 13® 13® Inter Harv .... 32® 32® 32® 32® Foods— Am Sugar 59® 59® SO 1 . 15® Armour Com . 5® 5® 5® 5® Armour 6' pfd 64’, 64® 64® 64® Borden Prod ... 25 25 25 24® Ca! Packing ... 37® 37’, 37® 37® Cont Bak A ... s’, 5® 5® . Corn Prod . ... 64 63® 64 63® Crm of Wheat .. 32', 32® 32® 32® Gen Baking ... 7® 7® 7® 7® Gen Foods 32 31® 31® 31® Gold Dust 16® 16® 16® 16® Loose Wiles 34 34 34 Natl Biscuit ... 26® 26® 26® 26® Natl D Prod 16® 16® 16® 16® S Porto Rico Sug 24 23® 24 24® Sta Brands .... 18 17’, 18 17® Ur> Biscuit 22’, 22® 22’, United Fruit ... 70 70 70 70® Wnglev 70® 70® 70® 70 Retail Stores — B- it ft Cos .36 35® 36 55® First Natl Stores 63’, 63® 63® 63® Gr Un Tea . 5 5 5 5® Hahn Dept Sts . 5® 5® 5® s’* Kresse S S 18® 18® 18® 18® Kroger Groc 28® 28 28® 27’, McCrorv St 7 7 7 7 MrLe'.ian St .. 9', 9® 9', 9® Mont Ward 27® 26® 27 27 rennev j c 64', 64 5 , 64 s , 64® Sears Roebuck... 39 38 s , 38® 38® I Wool worth 49', 49’, 49® 49’,

New York Bonds

ißy Fenner & Beane* 11:15 Prev. A M. N Y. close . Alice Corn 5s 'SO 24% Am A- For Par 5s 2030 5% A TA- T db 5s 65 lift', 110% Atchison Gen 4s 95 103% 103 B A O cv 4%s 60 53% 54 Be-h Steel 5s A 42 102% Can Pac 4s ’57 80% 81’ 4 C A- O 4%s A 57 HO Ch M St P A- P ad 5s A 2000 6% 7 Ch MS- PAP rs 5s A 75 24% 24*3 Cons Gas N Y 4%s 57 ..104 104’, Denmark 5%s ’55 96 Er;e RR rs 5s 67 66% 66 French 7s ’49 181 Goodvear 5s '57 102% 162% G: Nor 4%s D 76 74 Gt Nor 7# An '36 89 90 Interbcro RT 5s 66 76 76 In* T A- T db 5s 55 .. 59% 59'Mckess A- R'Ofcison %S 50 . 88% 88% Na- Dairv db 5%s 48 ... 100 99% N Y Central 5s O 2023 65% 65% Nor Am 5s '6l 85*. Psc Gas A- El 5s A 42 106 106% Para Pub S’.-s ' 50 55 Penn RR 4 5 D 81 97 96% Poland 7s 47 131 131% Roval Dutch 4s A 45 133 Shell Unton Oil 5s 52 102' 4 102% S;r Cons 6% B 38 104% 104% Texas Corn 5s 44 103% 103% Tob Pr N J 6%s 2022 106% 104 V On Pae Ist 4s 47 106 106’. U S Rubber 5s A 47 85% B=>% Western Un sss 'sl ... 83% Youngstown S g I h ’70... 74% So

INDIANAPOLIS, THURSDAY, NOVEMBER 1, 1931

Aviation— Aviation Corp .. 34 34 34 34 Boering Aircft .. 7 7 7 7 Curtiss Wright... 24 24 2', 2 , Douglas Air .... 17 17 17 16', Nor Am Av .... 34 3Vs 34 34 Sperry Corp ■ . 7 1 , 74 74 74 United Air new. 84 84 84 84 Chemicals— Air Reduction .104', 104 104'. 1034 Allied Chem ...128 128 128 127 Com Solvents ... 184 184 184 184 Dupont 92 4 92 4 92 4 92 4 Freeport Tex .. 26 4 26', 264 264 Math Alkali .. 24V, 244 244 244 Monsanto Chem 55 s , 55 55 554 Natl Dis inew). 22 4 21 4 22 23 4 Schenley Dist ... 244 23'. 244 234 Union Carbide ..42 4 42 4 42 4 42 4 U S Indust Ale 37 4 37 4 37 4 37 . Lehn A Fink .. 144 144 14-4 . Sterling Prod ... 58', 58 4 58 4 58 4 Un Drug inew). ll 1 , ll 7 , ll 7 , Vick Chem 324 32 4 32 4 32 4 Zonite Prod .... 3’, 3’B 34 34 Financial— Adams Exp 6-4 64 64 6 , Allegheny Corp . I', 14 14 14 Am Int Corp... 64 64 64_ 6_, Transamerica .. 54 54 54 54 Building— Am Radiator ... 144 14 144 144 Holland Furn . 54 54 54 Johns Manville 48 4 48 4 48 4 48 Libby Owens Gls 24 24 24 24 Household — Col Pal Peet 164 16 164 lb Congoleum 294 29 294 29:, Kelvinator 144 14', 14'* 14, Proc A Gamble. 394 394 394 394 Textiles— Amer Woolen .. 84 8 B4 7- 4 Celanes; Corp .. 26 4 26 4 264 264

Chicago Stocks

(By Abbott. Proctor & Paine) 11:00 Prev. A.M. Close. Butler 74 74, Bendix I}.* 11.. 4 Chicago Corp 14 14 Comm A Southern 41 404 Elec Household 14 14 Gen Household g 4 4 Iron Fireman 17 4 4' 4 Prima 2 * 2 4

Produce Markets

Delivered in Indianapolis prices: Heavy hens. 12c; Leghorn hens, 7c: colored springers. 9c; old roosters. sc; ducks, sc. geese sc; young 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 for each pound under 55 lbs. will be made. Butter—No. 1. 30®31c. Butterfat—2sc. Quoted bv the Wadlev Company. ißv United Pressi CHICAGO. Nov. 1.- Eggs—Market, firm; receipts. 896 cases; extra firsts. 28c. fresh graded firsts. 27c; current receipts. 23®® 25®c; Dirties. No. 1. 20c; No. 2. 18c; checks No. 1. 18'zc: No. 2. 15c. Butter — Market, firm; receipts. 8.666 tubs; extras ,92 scorei. 28®; firsts ,88-89® score*, 24® '<26®c extra firsts *904i91® scorei. 27® 28®c: seconds *B6-87® scorei, 24c; specials 39"29®c; standards, 28c. Poultry— Market, steady to firm; receipts. 2 cars 57 trucks; geese. 12c; turkeys, 14® 16c; old roosters. 10®c; ducks. 13® 16c; springers. 15® 16c; hens. 12® 15c; guiena hens doz.. ss® 7. Cheese —Twins. 13®13®c; daisies, 13 ®c: Longhorns. 14®14®c. Potatoes— Supply liberal; demand and trading moderate on Russets; slow on others; market strong on Russets, about steady on others; Wisconsin Round Whites. 80® 85c; one car cotton bags, 92®c; commercial grade. 72® 75c Idaho Russets, $1.50® 165; United States garde No. 2. 51.22®: combination grade sl27®: Colorado McClures, $1.72®. Arrivals. 128. on track. 291; shipments. 766.

Retail Coal Prices

The following prices represent quotations fTom leading Indianapolis coal dealers. A 25-cent carrying charge per ton will be added. DOMESTIC RETAIL PRICES Anthracite -Sl’-JjO Brazil Lump 6.04 Brazil Mine Run 5%a Coke, Nut Size 6-90 Coke Egg Size f%O Indiana Forked Lump No. 4 5 94 Indiana Forked Lump No. 6 a 84 Indiana Ecg ... Kentucky Lump Group ' B" * >8 Pocahontas Lump g Pocahontas Mine Run *•>>* REALTORS URGE U. S. QUIT HOUSING ACTIVITY National Group Disapproves Direct Federal Construction. B;/ Tines special CHICAGO. Nov. I.—The .federal government has been urged to stay out of the housing field in a resolution passed by the National Association of Real Estate Boards. The resolution states that while the necessity of this particular juncture of subsidy to housing projects .for the low wage group under cer- ! tain conditions is recognized, direct I construction by government is disapproved. j The association says that successful development of housing requires more than mere acquisition of land ■ and construction of buildings; it requires detailed knowledge of the i local market and of local habits of living.

RUGGED TORIES DRAW ATTACKS IN ICKES' BOOK Secretary of Interior Defends Brain Trust in New Work. Harold L. Ickes, secretary of the interior, defends the Roosevelt brain trust, accuses the Republican Henry P. Fletcher of insincerity, and treats Messrs. Hoover and Mellon with scant courtesy in "The New Democracy,” published this week. Mr. Ickes as an author is brisk, vigorous, epithetical. When Mr. Ickes, the onetime Bull Mooser, the incorruptible Progressive and watchdog of public works funds, settles into old-fashioned excoriation of the Tory and “rugged individualist,” his sword flashes. The Descent on Washington When the secretary of the interior describes the descent on Washington m the post-inaugural days of 1933. for example, he strikes hard. “The strangest procession to come to Washington after March 4,” Mr. Ickes writes, “was composed of those who had been among the great and the powerful under the old regime. “Rugged individualists who had been loudly asserting their ow-n self-sufficiency, their ability to stand on their own feet, to conduct their own affairs without any suggestion from government, came, a broken and humble crowd. “Hat in hand, they begged the strong man in the White House to save them from themselves. Nothing proud or haughty or overbearing about these men now'. They knew that they had failed to meet the test, that the government which they in large measure controlled had been unable to serve either them or itself. They were as frightened as little children seeing ghosts at night.”

The Reason for the NRA It was this descent on Washington by industralists, bankers and producers generally which brought about NRA, AAA, the demands for control by the government of oil, coal, etc. Mr. Ickes whacks rugged individualism unmercifully. It means, he says, oppression for the mass. “It implies exploitation of the many by the few. It means regimentation in mill, mine and factory so that a few may grow rich and powerful at the expense of the many. It is the doctrine of ruthlessness, the imposition by the strong of their will upon the weak.’’ And as to rugged individualsts themselves: "There are many varties of the genus rugged individualist. The quack doctor and the shyster lawyer come readily to one’s mind as representatives of this class of undesirable citizens. Manufacturers and purveyors of deleterious drugs and impure foods as rugged individualists are in a class by themselves. In order to add to their wealth they are even willing to undermine health or destroy lives. Kidnapers and Chiselers “Peddlers of dope, kidnapers, bootleggers, grafters, cheaters, chiselers and law breakers of various sorts and degress form the rank and file of the rugged individualists and share their cynical philosophy.” Mr. Ickes’ book contains useful statistics on the amount of wastage in farm soil, water and timber depletion, etc., growing out of unrestricted capitalistic enterprise. He holds that democracy will work, that a classless society may be erected around a strong government with a truly educated citizenship and that economic planning is the onlv way out. He discards Marxism and the assorted fascisms equally. “When a man of brains tells you to beware of the brain trust, do not argue with him,” Mr. Ickes writes, “search him. You may find the reason for his views in his pocket.

CO-OPERATIVE BUYING ADVOCATED FOR CITIES Huge Savings Could Be Effected, Official Declares, CHICAGO, Nov. I.—Huge savings in the purchase of supplies could be effected by American cities if they were to take a lesson from European cities with their highly developed methods of co-operative buying. Paul V. Betters, executive director of the American Municipal Association, and the United States conference of mayors, reported this to, the association after a summer’s study of municipal problems abroad, Amazing advancement in pool purchasing has been made in countries all over Europe, and especially in Britain, Belgium and Denmark, he reported. LIVESTOCK SHOW NEARS International Exposition Will Be Held at Chicago. Bu Timet Special CHICAGO, Nov. I.—With the approach of the closing date for filing entries in the 1934 international livestock exposition, to be held in its new and greater home at the Chicago Stockyards Dec. 1 to 8, the management announced today that the largest entry of livestock in the history of the exposition has been received. This year is the thirty-fifth anniversary of this largest of the continent's livestock shows, held annually since its inception. RFC TO OFFER BONDS Sale of PWA Issues Will Be Made on Nov. 14. Bn Time* Special WASHINGTON, Nov. I—A total of $3,938,200 of municipal, district and county bonds and $1,200,000 of equipment trust certificates of the Chesapeake & Ohio railroad, which were taken over from the public works administration by the reconstruction finance corporation. Bill be offered for sale Nov. 14. The bonds represent the fourth public offering of this nature by the RFC.

Educating the Public

New York Stock Exchange Aims to Correct Wealth of Misinformation on Trading. BY VINCENT S. LYONS Times Financial Editor

Public antipathy toward Wall Street, which was in a state of somnolence while stock market values sky-rocketed prior to 1929 but aroused itself again wnen that bubble burst, is now in the process of being subjected to extensive laboratory work by the New' York Stock Exchange, the citadel of the financial district in New York.

In an endeavor to sidetrack the storm of criticism which has been levelled at Wall Street during the past few years, Richard Whitney, president of the New York Stock Exchange, has inaugurated a campaign to educate the American public in the history of the institu- j tion, its functions, practices and the economic forces exerted through its activities. The methods to be utilized in disseminating facts about the exchange have not, as yet, been made public. However, it is safe to assume that the advertising columns of newspapers, magazines and periodicals will be used to some extent. There also is a possibility that the radio may be used. Will Fulfill Need The Stock Exchange's movement to educate the public in the intricacies of stock market trading will fulfill a long-felt need, and one that will redound to its own benefit. Millions of dollars have been put into the market by persons who merely felt the urge to gamble but had no conception of the rudiments of trading procedure. Many of this type when forced to take lasses on transactions because of market rules they could not comprehend or could not meet, became critics of the Stock Exchange and all things connected with Wall Street. They were not in a position to know the circumstances and immediately turned “sour” when stung. At the same time it is admitted, however, that members of the Stock Exchange have participated in some unethical practices. But these infractions of rules, when discovered, have resulted in fines and suspensions. Public Attitude Sought The Stock Exchange plans to determine the attitude toward the exchange of public men, of the press, of farmers, of labor, of women, of the clergy and of politicians before launching its educational drive. It will also attempt to learn the reasons for antagonism where such antagonism exists. When all the answers to these questions are tabulated, it is probable that a large share of the animosity will be directly traceable to a lack of understanding. It is also likely that an anaylsis of some of the answers will reveal that some of the unpopularity is due to prejudices. Facts and informatiim can do more to win public favor than any imaginable quantity of empty defenses of stock market trading. The Securities and Exchange Commission has done much to bring about this trend. By carrying on an educational campaign the exchange is attempting to sell itself to the public and to recapture some of the business which has been lost to it, just as an ordinary business enterprise would do.

WHEAT PRICES MOVE lIPWABD AT OPENING Pegging at Winnipeg Puts Value Up Slightly. By United Press CHICAGO, Nov. I.—Pegging of prices at Winnipeg had a leveling influence on wheat on the Board of Trade today and prices moved higher. Wheat started % to a cent higher, corn was up V*. to V 2 cent, oats were % to % cent higher, and rye was up to Ti cent. Buying, led by locals and commission houses, turned up at the start and trading was rather active. Liverpool reported Argentine crop reports as unfavorable and that Egypt and the continent were buying wheat. Short covering was in evidence. Profit-taking soon developed, but the advance ivas well maintained throughout the opening minutes of the session. Winnipeg Price Pegged By t niterl Press WINNIPEG. Man., Nov. I.—Beginning today, prices on the Winnipeg grain market will be pegged. The minimum price for December futures Bill be 75 cents. The minimum for May futures will be 80 cents. The pegging order Bas issued by the 'louncil of the exchange at the request of the dominion government. John I. McFarland, head of the government wheat agency, said in an the action follOßed outside selling on the Winnipeg exchange which B-as hammering down the market. 11:00 Prev. WHEAT— High. Low. AM. Close. Dec 97'. .95® .96® .95® Mav 95® .94® .94® .94® July 89® .97® .88® .3, a CORN— Dec "6® .76® 16® -12^* \lav .77® .76® ,77Vi -* July : 77® .76® .77 .76® OATS—--1 rjec 50® 49® .49® .49® Mav .48® ,47 s . 47® *<® July 43® .42® .42 a 43 RYE— Dec 68® .67® .68® .67® \f a Y ...... .12 .*0 4 .ll 2 July 71® .71® .71® .70® BARLEY— Dec 76® 16® .76® 76 LOCAL CASH MARKET Citv grain elevators are paying 85 cents for No 2 soft red wheat. Other grades l on their merits. Cash corn No. 3 vellow ; 68 cents, and oats 43 cents. grain exports drop WASHINGTON, Nov. I.—Total exports of grains from the United States during the week amounted to 43.000 bushels, as compared with 178 000 in the preceding week, and 280.000 bushels in the same week of 1933.

NOG PRICES UP 15 TO 20 CENTS i Few Underweights Steady: Cattle, Veals Remain Unchanged. With a heavy demand prevailing in the pork market, prices in early trading at the Indianapolis Union stockyards this morning were sharply 15 to 20 cents higher than yesterday's best average. Underweights, however, remained unchanged with only slight interest displayed. Receipts were estimated at 6,000, atound normal for a regular session. The bulk. 160 to 200 pounds, sold at $5 to $5.40. Heaviest grades available, weighing from 200 to 350 pounds, were selling at $5.45 to $5.80. Light lights, scaling 130 to 160 pounds, brought $3.90 to $4.65. Others weighing 100 to 130 pounds, cashed in at $2.65 to $3.65, while packing sows ranged from $4.25 to $5.15. Holdovers numbered 295. Interest again was light in the cattle market and practically all classes were salable at yesterday’s close. Beef steers and heifers sold from $3 to $6.25. Receipts were 300. Vealers continued stationary, selling at $7 down. Receipts numbered 500. Initial strength featured lamb trading with prices strong to mostly 25 cents higher. Majority of classes sold at $6.75 . down. Few better kinds brought $6.85 to $7. Bucks were discounted sl. Throwouts ranged from $3.50 to $5. Receipts were 1,300.

HOGS Oct. Bulk. Top. Receipts. 26. $5.00® 5 80 $5 70 7.000 27. 4.90'S 5.15 5.55 3.000 29 4 90'S 5.15 5 60 7,000 30 4.90'S 5.15 5.60 9,000 31. 4 8541 5.20 5.65 7,000 Nov. 1. 5.004? 5.40 5.80 6,000 'l4O-1601 Good and choice $4 40'S 4.75 ,160-180) Good and choice 500'S 5.25 (180-200, Good and choice 5.2545 550 '2OO-220, Good and choice 5.50'S 5 70 ,220-250, Good and choice 5.70'S 5 80 ,250-290, Good and choice 5.65® 580 ,275-300) Good 5.45® 5 65 Packing sows: _ ,275-350, Good 4,90'S 1 5.15 '350-425, Good 4.75® 5 00 (450-550, Good 4.60'S 485 ,275-550, Medium 4.25® 485 ■IOO-130, Slaughter pigs good and choice 2.65® 3.65 CATTLE —Receipts, 800— —Steers—-,sso-900) Choice *7.00® 8.00 Good 5.761 7.25 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 B.oo® 9.00 Good 6.00® 8.25 Medium 4.50® 6.25 ,1.300-1.500) Choice 8.50® 9.2d Good 6.50® 8.50 —Heifers—--550-750) 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. 500Good 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 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 50® 3.00 Common and medium 2.00® 2.50 SHEEP AND LAMBS —Receipts, 1,300 Lambs. 90 lbs. down, good and choice *<-25® 6.75 Common and medium 4,25® 6 2a 90-120 lbs., good and choice... 2.00® 2.50 1 Good and choice 1.75® 2.25 All weights. common and medium 1.25® 2.00

Other Livestock

(BY United Press) CHICAGO. Nov. I.—Hogs—Receipts. 22 - 1)00 including 9 000 directs; mostly strong to 5 cents higher than Wednesdays average: packing sows. 10 to 15 cents higher; bulk to choice. 220-350 lbs . *5.50® 5.80: top. $5.85; 170-210 lbs *5.250 5.70; light lights S4O 5 most packing sows. $5,250 550: best, $5 60; light lights. 140-160 lbs., good and choice. S4O 5; light weights. 160200 lbs good and choice. $4 6505.65; medium weights. 200-250 lbs.. good and choice, $5 350 5.86; heavy weights, 250-350 lbs good and choice. $5.800 5 85, packing sows 275-550 lbs., medium and choice. $4 2505.80: slaughter pigs. 100-130 lbs. good and choice. $2.750 4. Cattle—Receipts, 8 000 commercial. 1.500 government; calves 1,500 commercial. 500 government; fed steers and yearlings, active, strong to 2-> rents higher, mostly on shipping accounts; upper grade showing most advance: top. $9 10 for 1.117-pound average: bulk better kinds s9*l 8 90; she-stock slow. bareiv steady; vealers fairly active; fully steadv; bulls steadv: slaughter cattle and vealers. steers. 550-900 lbs., good and choice. $5 7a j ®8 25 900-1.100 lbs., good and choice. *64; 8 75. 1.100-1.300 lbs., good and choice. s6® 9 50; 1.300-1.500 lbs . good and choice. $6 50 Vi 9 50; 550-1,300 lbs., common and medium. *2.50® 6.50; heifers. 550-750 lbs good and choice. *5.25*18: common and medium. *2.75® 5 25; cows, good $3 25';. 4 50. common and medium >2 40 a 3.23. low cutter and cutter. *1.50® 2 40: bulls ■ yearlings excluded* good (beef). $3 25® 4 cutter, common and medium. *2o 3 35: v ealers. good and choice. $5 50*4 7; medium. *4 50® 5. 50. cull and common. S3 50*i 4->■■ stocker and feeder cattle, steers 5501,050 lbs., good and choice. 54®5.25; common and medium. $2 50® 4. Sheep—Receipts 10.000, indications around steadv on ail classes; talking *6.50® 6.75 on good to choice native lambs, best held well above *6 85; slaughter ewes. *175®2 25: eariv bulk white-faced feeding lambs. *5 60 downward, choice black faces scarce: slaughter sheep and lambs, lambs. 90 lbs. down, good and choice. *6.25® 6 85: common and medium. *5 50® 6 35. ewes 90150 lbs . good and choice S! 65® 2 50: all weights common and medium. *1.50® 1 90. feeding iambs. 50-75 lbs., good and choice. *5.50® 6.10. „ „ . u (By Times Special) LOUISVILLE. Nov. I.—Cattle Commercial. 400: moderately active and generally steady market on most classes of slaughter cattle; bulk, common to medium light grass steers and heifers, *3 50 ®4 50 few common. *3. only cutter grades below better finished selections quotable around *6, bulk beef cows. *2.50®3, practical ton, *3 25; low cutter and cutters. *125®2z3. sausage bulls mostly *2 25® 2 75. most beef tvpe stork calves salable. *4 50 down: common to medium grade natives. *2 50 ®3.75. calves commercial 250 steadv; most b-'ter vealers, *5 50® 650 strict.v choice eligible. *7: medium and lower grades. *5 down. Hogs—Receipts. 600: market steadv to 15c higher, advance on weigh’s from 200 lbs. up, top and buik better. 200-250 lbs. *5 55; 180-195 ibs *5 15 255 lbs UP *a 10: 160-175 lbs $4 55 140-155 lbs $4 05 120-135 ibs.. *3 05: desirable sows *4 20 Sheep—Receipts. 200: generally steady, most befer lambs 'stable *6 choice, quotable *8 25 or better: bucks. $1 less bulk light throw-outs. *3 50 i better fat ewes. *lso® 2 most stock ewes salable. *6.50 a head down.

Latest Stock, Bond and Commodity Quotations

TRADE, BANKS' POSITION HELD BESTINJEARS A. B. A. Review Says Affairs Now Faced on Basis of Realism. ll j/ Timm Sprrinl NEW YORK. Nov. I.—The midautumn banking and business status in the United States may be- considered the soundest it has been for three years, if for no other reason than that responsible persons are facing matters on a basis of Realism.” the American Bankers Association publication Banking says in its current business review. “There is less of a spirit of experimentation on the part of the government and less of a spirit of intransigeance on the part of busine.sr,” the review declares. “Both are convinced that an understanding is necessary and are trying to reach it. The government has commenced to realize that its plans for ending unemployment and the heavy dram upon the treasury can succeed only if long term capital can be induced to turn to the heavy industries, and has been endeavoring to satisfy business interests that its plans are entirely consiten with investment safety.

More Co-operation Apparent “It must be admitted,” the publication continues,” that so far business has shown a disposition to wait a little longer before making the plunge. An increasing spirit of accommodation and co-operation Is apparent, however. This is especially true of banking, which is taking the lead in a general endeavor to get business and the government together in a satisfactory recovery program. “Probabilities indicate that the administration will follow as conservative a policy in monetary matters as political exigencies will permit and. while the price rais ng policy announced by the President is in the offing, that policy will not be pursued further by monetary manipulation. “It seems probable that the fear of inflation will be gradually allayed, but in the meanwhile it is a definite obstacle to recovery financing. The policy of price raising, whatever the means adopted for the purpose, also gives rise to considerable misgiving. “Accepting these fears as real obstacles to recovery there seems to be little question that there is more of a disposition on the part of finance and industry to discount them and to co-opcrate as far as possible with the government. This certainly is true of banking. The refunding of Fourth Liberties during Otcober is counted a substantial success and this success was largely due to the disposition of the banks to aid in the process. Miscellaneous Loans Rise “The most notable feature of the statements of reporting banks is the increase in miscellaneous loans ordinarily going to commerce and in-dustry-notable not only because of the increase in the profitable placing of funds, in itself, but in its implications as to the general business situation. The increase in these loans in the banks as a whole commenced in the week of July 11, and between that date and Oct. 10 the spread was $306,000,000, marked by a steady advance from week to week. The increase seems to be widespread. “Business on the whole has been, as a banker has expressed it, ‘as good as good business men expected.’ Trade has picked up seasonably but little if any more. There has been no sudent improvement and none is expected. Little immediate improvement in the construction and capital goods industries is anticipated in the immediate future. Activity in industry is largely confined to consumption goods industries. Reduced crop movements, following a reduction in general freight movements in the summer letdown, have reduced railway earnings, already at a low point, with the result that demand for betterments and equipment so badly needed is still inactive, with a dragging effect upon the equipment and machinery industries.’

On Commission Row

Quotations below are average wholesale prices being offered to buyer* by local commission dealers. FRUlT9—Cranberries. Cape Cod. early blacks 25-lb box. *3.50 Grapes, Michigan Concords. 12-qt. basket, 50c; California Emperors, 27-lb. box, $2. Crabapples, Michigan hyslops, bushel. $1.85. Persimmons. Indiana. 12 qts . 90c. Pears, New York Bartlets, bushel, 12.50. Avacado*. box, *1.50. Quinces, bushel. *3. Bananas, pound. sc: pineapples, crate, *5; size 30. Apples, maiden blush, 51.50; northern spy*. $135; Indiana Jonathans. $1.85: grimes golden. slso® 175. Mellons. California honey 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, yellow, *1.15; white, boners, 10-lb. bag 35c; western white. 60Ib bag $1 75. Potatoes. New Jersey Cobblers. 100-ib. bag, *1.35: northern round whi*e. 100-lb bag *l. Ohios. 100-lb. bag, $1 55: Idaho Russets. 100-lb. bag. (2. Sweet fotatoes, Indiana Jerseys, bushel. *1.50; ndiana Nancy Halls, bushel. *l. Beans, round stringless, bushel, *1.75. -Beet.*, 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 80c Mangos. bushel, 85c. Mint, dozen, 50c. Parsley, dozen, 35c. Peas— Hamper. S3 75. Spinach, home-grown, broadleaf. bushel. 50c. Radishes, dozen, 30c Tomatoes, outdoor. 12-lb. basket 45c; bushel. *l5O Turnips, home grown, dozen. 20c; pumpkins, dozen. *1 25.

Other Livestock

■By United Press) FT WAYNE. Nov. I—Hogst Steady to 10c higher; 250-30 Ibs *5 60: 225-350 lbs , *5 40 200-225 lbs . $5 30 180-200 ibs . 15 10; 160-180 lbs. 14 95; 300-350 lbs.. $5.10: 150160 lbs . $4 40; 140-150 lbs *4 15; 130-140 ibs. $3 65. 120-130 lbs.. $3 15; 100-120 lbs.. $2 65 rough* *4 50; stag*. $2 75. LAFAYETTE. N1 Market. 10® 20c higher, pigs, steady 240-30 lbs.. *8 60® 565 30-325 lbs $5 40 200-240 lb*.. *5.50® 555 200-220 ibs. *5 30® 5 40: 180-200 lbs. 55 10® 520 160® 180 lbs. *4 80® 4.95 Digs, *4 40 down: roughs. *5 down. Calves, steady. *6 down Lambs, steady. *6 down. VOTE STOCK RETIREMENT NEW YORK. Nov. 1 Stockholders of the International Shoe Company at a special meeting approved j the proposal of directors to retire 410,000 common shares of treasury ‘stock.