Indianapolis Times, Volume 46, Number 150, Indianapolis, Marion County, 2 November 1934 — Page 32

Developments in Trade and Industry

PAGE 32

STOCK MARKET DISPLAYS GAIN; TRADING SLOW List Up Fractions to More Than Point: Mercantile Issues Lead. B$ Prru NEW YORK. Nov. J.—Price* firmed fraction* to more than a point on the stock market during the morning dealings today. Trading wa* active for a time, but toward noon It dropped off to the re* cent dull pace. Beveral issues of the mercantile group were active, with McCrory Stores the most active issue on the board. All of the McCrory group made new 1934 highs. The A stock touched 7\, up a point; B, 6\, up T 4. and the preferred 56. up 6. United Stores issues also were strong, with the preferred at anew high for the year of 68, up 2 points. Mail order issues were active and higher Wilson issues continued to rise in the packing section. Rubbers gained fractions to more than a point on the recent tire price rise. Pressure lifted on rails and they advanced fractions to more than a point. Wet storks were higher, with Schenley. United States industrial Alcohol and American Commercial Alcohol up more than a point each. McKeesport Tin Plate rose 3 points in the special issues. Pivotal issues were better United Btatea Steel reached 32%, up %; American Telephone. 111. up 14;! American Can. 101 V up 4: Chrysler. 344. up 1. and Consolidated Gas, 264, up 4.

Money and Exchange

INDIANAPOLIS STATEMENT Clearing* 13 on*.one **o Debits *IAS 000 00

Treasury Statement

(Bv United Press* WASHINGTON Noe 2 —Government ex(tenses anO receipt* for the current fiscal rear to Oct 31. compared at*h 'he eorrespondtnc period of the prevous fiscal Th* Year La* Year Expen sea *2 254 024 177 17 *1 100.543 755 98 BeeeP'l 1 123 783 743 30 327 043 128 39 Deflct .. 100 240 20 78 43t 308.823.37 Cash hal. t. 811.817.972 77

Retail Coal Pricet

The following prices represent ouotatlons from leading Indianapolis coal deale* A 25-cent carrying charge per ton will Tie added. DOMESTIC RETAIL PRICES Anthraci'e II3JJO Braiil lump "04 Brazil Mine Bun JW Coke. Nut Sira * Coke. Egg Size * Indiana Forked Lump No. 4 5 34 Indiana Forked Lump No. 8 3 84 Tfigiam Bgc ... 5.71 Keetuckr Lump Group B‘ JJ? Pocahontas Lump Poeahontss Egg ; 42 Pocahontas Mine Bun 7-57

- On Commission Row

Quotations below are average wholesale prices being offered to buyera by local commission dealers. FRUlTS—Cranberries. Cape Cod. early btacks 25-ib box. 83 so crapes. Michigan Concord*. 12-at. basket. 50c; California Emperor*. 27-lb. box. *2 Crabapples. | Michigan hvslops bushel. $1.85. Perstm- , mans, Indiana. 12 qts.. 90c Peais. New York. Bartleta. bushel. $2 50 Avacados bo*. 81.50. Quinces, bushel. $3 _ Bananas, pound. sc: pineapples, crate. SS: sue 30 Apples, maiden blush. $1 30. northern spy* tISS: Indiana Jonathan* $1 85. grimes golden, 81.SOd 75. Mellons. California honey dews. >3.25. VEGETABLES —Cabbage. Northern DanUh. 50-lb. bag. 80c: red pound. 3c. Onions. Idaho, sweet Spanish, large. 50-lb. bag 81.40; Michigan yellow. $1.15: white, boilers. 10-lb. bag 33c; western white. 50lb. bag. $1 7s. Potatoes. New Jersey Cobbler* 100-lb. bag. $135. northern round white. 100-lb hag. $1; Ohio*. 100-lb. bag. •1 55; Idaho Rutse;*. ’•->. bag $2. Sweet potatoes. Indiana Jersey*. bu*heL $1 50; Indiana Nancy Halit, bushel. sl. Beans, round stringless. bushel. $1 75. Beet*, dozen. 20c Carrots home-grown, doren 35c. Cauliflower, crate. >1 75. Celery. Michigan, medium, dozen. 40c; Jumbo, doten. 85c: hearts, bunch. 90c. Cucumbers hothouse doren 125 Endive, dozen 40c Egg plant, doren. 75c. Kale, home-grown, bushel 50e. Lettuce, outdoor. 15-lb. basket. 60c Mangos bushel 85c. Mint, dogen. 50e Parslev dozen. 35c. Pea*— Hamper. $3 75 Spinach, home-grown, broad'eaf. bushel 50c. Rsduhes doren. 30c Tom.azoes outdoor. 12-lb. basket 45c: bushel $1.50 Turnips, home grown dozen 20e. pumpkin*, dozen. $1 25

EMPLOYMENT GAINS REPORTED IN CANADA IQfreme in Lumber Camp Labor Is Outstanding Factor. By Ti mrt Special OTTAWA. Nov. 2.—Employment bv 8.864 Canadian firms on Oct. 1 touted 933.486 persons, an Increase of 10.408 from the previous month, according to the Dominion bureau of statistics. The bureau's index, based on 1926 as 100. stood at 100 on Oct. 1. compared with 98.9 on Sept. 1. and 90.4 on Oct. 1. 1933. Larger employment at lumber ramps a as reported the outstanding factor of the month's gains, while mining activities showed the largest percentage gam. UTILITY REMITS TAXES Checks for $712,006 Sent to 68 County Treasurers. Checks totaling $712,006 have been sent to sixty-eight county treasurers In Indiana in payment of November property tax Installments of the Public Service Company of Indiana. Northern Indiana Power Company and affiliated companies. Tha largest tax payment was made by the Public Service Company of Indiana with checks totaling $578,344 to fifty-eight county treasurers. The Northern Indiana Power Company s installment was $126,420 and the Traction Light and Power Company $7,241. WHEAT EXPORTS LOWER Total In Week Off From $4,050,430 to $.454,000 Bushels. Exports of wheat 'including flour as wheat i from United States and Canadian ports, as reported to Dun <fc Brmdstreet. Inc., for the week ended Oct. 27, totaled 3 464.006 bushels, compared with 4.050.430 bushels in the previous week and 4.181.162 bushels in the corresponding week of last pear. Com exports for this meek were nil. compared with nothing m the preceding meek and 2.000 bushels last year.

New York Stock Exchange Prices

A M. Prev. Oil*— High. Istm. tt T. clow. All Rff 24 24 34 23% 411 *‘a *% •' *' OoruMjl Oil • 7’* 7 • * Cent of Del .... 11 Is% 17 Ohi<> Oil ... J 9 # * * ; Plvmou'h Oil >’a *% •% *% j lure Oil *'j •'* •’■ •'* .•** Vac 12% I*% 11*. 114 SO of Cai 12' >l4 12'* 32 SO of Ind 244 34 4 244 I*‘ SOof 14 J ... 41 404 404 404 Texs* Corp .21 304 21 >O4 Tidewater Avsn S : s *** 8’ *% Un Oil of Cai... 13 IS 1$ 144 Steel*— Am Roll Mills .. 17*. 17 174 104 Beh B'eel 23 4 23 25 4 25 4 Crue Steel ..... 9 9 9 ... Inland B'eel .. 124 12 124 •• McKeesport Tin 88 *0 a* *7 Natl S-eel . 374 374 374 374 Rep Iron Ac S'eei 12 12 12 114 Rep Ir Or St pfd 14 34 14 • ■ C S S-eel ... 37 4 324 32 4 314 iV 9 Steel nfd 744 74 74 4 73 4 Younga'ii BAcT 10 154 10 15* MMer*— Aulurn - 2S 24** 22*2 Chnsier 344 344 34*. 334 Oen M-Wors 39’. 294 294 29 Graham Mot l*. 14 14 14 Hudson 94 9 94 *4 Hupp 24 24 24 24 N?h 14 14 14 13 Ftritard 3 4 34 34 34 Ren 34 3 24 24 Rtudebaker .... 33% 3 3 • Yellow Truck ..I 33 3 Motor Area# ■ Bendix 114 114 114 114 Bohn Alum 53 524 53 53 Bor* Warnr .. 24 23 4 24 23 2 Brins .. 10 17*. 18 121? Elec Auto lLtLe 23’. 23 4 234 22 4 Elec S'or Bat ..41 41 41 41 Houdaille A’... 54 44 54 4*. Murra" Bodv ... 44 44 44 4 Stew Warner ... 7 o*. 7 J,* Timken Roil 294 284 294 28. Timken Det Axle 54 54 5 . 5 Minina— Alaska Jun 174 174 174 174 Am Smelt 35 *. 35 35 . 34 a Anarnnda ... 10'. 104 104 10 Cai At Hecla 2*. 24 24 24 Cerro De Pasco 3<4 374 37 4 38 Dome Mines 384 384 38 * 384 Granbv IS 4 54 SH G Nor Ore ... 104 104 10 Howe Round ... 47*. 47*. 474 *7 Ins Copper ... 3’. >4 34 * Int Nickel . 23 4 23 23 23 111 Creek Coal 39\ 23*. 29 4 294 K*nnecott Cop . 18*. 184 184 18 . Mclntvre Mine 44 4.3 434 43. Park Utah 34 34 34 3 . Nnranda Cop ... 33 4 33 33 4 32 I'helps Dodge ... 13*. 13*. 13*. 13.* S' Joe Lead .. 154 I}4 .J®!' 1 ,}?, 4 U 8 Smelters ...113% 1134 1134 112 . Amnaement*— Crosier Radio— 124 124 124 12 Fox Theat 12 4 12 4 124 12 4 Loews Inc 304 304 304 29 . Radio Corp .... 54 54 54 54 Paramount. 4 34 34 4 Warner Bros .. 44 4* 44 44 Tobarcaa— Am Sum Tob .. 314 204 214 204 Am Tob •A”... 794 794 794 • Am Tob •B” 814 804 81 804 L;gg A; Myers B 1024 1024 1024 1024 Iyinllard 184 184 184 18 Phillip Moms 32 4 32 324 324 Remolds T •B" 484 474 484 48 Rails— Atchison .- .. 52’. 52 4 524 51*. Atl Coast Lin** 284 2* 28 4 28 B * O 144 14*. 144 144 Can Pacific 11’. 114 114 114 Ch A- Ohio 42*. 42 424 42 C M * St P pfd 5 5 5 44 Chi N W .. 54 54 54 54 Dels A- Hud ... 37 4 37 4 37*4 374 Del Lae At W.. 174 184 174 I*4 Erie .... 114 114 14 U> Grt Northern p 15 144 144 144 til Central 154 154 154 154 N Y Cent 214 204 214 204 N Y Near Haven 84 84 84 84 Nor Pacific 184 184 184 174 Penn R R 22 4 32 22 4x 23 Sou Par 174 174 174 17 Sou R R 184 1* I*4 154 Union Pae ....1004 1004 1004 984 Equipments— Am Brake Shoe.. 34 34 24 24 Am Car A Pdy . 144 144 144 144 Am Lckco ... 15** 15* 154 154 Am Steel Fdv.. 134 134 134 134 Bald Loco 54 54 54 5 Gen Am Tk Car 35 35 35 35 Gen Elec .. I*4 18 184 174 Gen R R Sig .. 2*4 354 254 254 Pullman Inc ... 39 4 39 4 39 4 39 4 West Air Br ... 25 4 25 25 4 24 4 Westmgh Elec .. 314 31 31V* 30*4 Utilities— Am Power A Lit 44 4*4 44 4% AT&T ..1104 1094 1104 109 Vs Am aWt Wks . 14’. 144 144 144 Cos! Gas A Elec.. 8 8 8 74 Com A Sou 1 14 14 14 Consol Ots . 28 4 28 4 38 4 25 4 Elec P*r A Lit . 3*. 34 3*. 34 Int Hvdro Elec 34 34 34 3 1 '. Interboro RT . 13’* 13** 134 134 Int T A* T .. 9 84 9 9 Nat. Par A Lit.. 7’. 7’ 7’. 74 North Amer 12% 124 13** 124 Pac GA E .... 154 154 15% 154 Pub Serv N J ... 32 32 32 31*. So Cal Edison . 134 134 134 134 Std Gas . .... 7 7 7 64 Stone A- Webster 54 54 54 5 United Corp 34 34 34 34 Un Gas Imp .. 13* 13*. 13 s . 134 Western Union . 33 4 33 33 4 33 Rubbers— Firestone 144 144 144 134 Goodrich 10 9*4 94 94 Goodvear 314 204 214 204 C S Rurhet !* 154 I s I*4 U S Rubber pfd 364 364 364 35 Miscellaneous— Allis Chtlmers . 134 13 134 124 Am Can . 101 101 101 100** Am Mach A Fdv 184 18 184 18 Anchor Cap 16 15*. 16 154 Brklvn Man Tr 384 384 384 38 [Burroughs Add 14 134 1* , 14 !J I Case 464 46 464 454 ; Conti Can 58 57 4 58 57 4 Caterpillar Tract 314 304 314 • Crown Cork 24 4 24 4 24 4 24 Deere ACo 18** 184 184 17% Eastman Kodak 105*. 1054 10S4 105 Gillette 134 134 I*4 134 i Glidden 324 224 224 . Inter Hare 32*. 32 324 314 Natl Cash Reg .16 154 16 15%

Stock Studies

COMMERCIAL CREDIT 4. COMMONOOg caoninos emcc *anoc scau yiZ • * k> 31 32 3334130 31 32 0 WINCHESTE* INSTITUTE Os FINANCE The Commercial Credit Company is both a pioneer and a leader in the field of commercial banking. It has played a big part in making possible the large sales of automobiles and household mechanical epuipment on installm°nts. The company lends money to manufacturers and distributors on sales of automobiles, mechanical refrigerators. oil burners and time and labor saving machinery which are paid for on the installment plan, end also purchases bills receivable. Automobile financing constitutes the largest part of its business. FINANCIAL DATA fAs of June 30. 1914' I Common stock $lO p*r> ... 954.052 shares P eferrefl stocks ... s2l 493.175 Funded Debt 2 *20.600 Shor’ Term Note* 13.399.900 Surpluses 9.053.6i3 Ad* snees 95.487 431 Cash 18 758.3? i Reserves 12.980.438 During the 12 months ended June 30. funded debt was decreased by $3,700,000. preferred stock also was about $1,100,000 less. The increase of nearly $55,300,000 in short term notes is absorbed in part by the increase of $38,700,000 m advances and nearly $6,000,000 in cash. Reserves-. also increased $3,400,000. while surpluses mere up $1,400,000. During depression years earnings naturally dropped off. but a deficit showed only in 1932. Net of $1.52 was shown on the common in 1933 and $2 83 in the first nine months of this year. Dividends have been successively reduced from the old $2 rate and finally omitted in June, 1932. This year, however, dividend payments have been resumed and the common slock is now on a $1 annual dividend basis. Commercial Credit m as incorporated m 1912 in Delaware. The common stock is listed on the New York Stock Exchange. At a current price of around 20 the common sells to vie id about 3 per cent, i Ai> Ri(hu Reserved Winchester Institute of Flounce, Winchester, Hut.

Abreast of The Times on Finance

Owen* Bottle ... 79 4 794 794 79 Rem Rand ... B*. 84 B*. 84 Underwood E . 504 50 50 Fm4i— Am Sugar 594 584 594 59 Armour com . s’. s* s’. 54 Armour A % pfd 65 4 85 *5 64 . Baatrice Cream 17 164 17 i64 Borden Prod ... 25% 254 25*. 25*. Cal Packing ... 38 4 37 4 38 4 37 4 Cont Bak A'* .. 5% 54 54 54 Corn Prod ... 65 65 65 64 4 Crm of Wheat . 32*. 324 32*. 32*. Cuban Am Sug . 6 6 6 s*. G*n Baking .... 74 7 7*. 74 Gen Food* 314 31*. 314 314 Gold Dust 164 I*4 184 I*4 G W Sugar 27 26*. 26*. 26*. Loose Wiles .... 35 35 35 34 Natl Biscuit .... 26 •* 26% 264 284 Nat! D Prod .... 164 164 184 164 Puritv Bsk 94 94 94 • _ S Porto Rico Sug 244 23’. 24*. 234 Std Brand* 84 17’. 184 18 Un Biscuit 234 234 23 4 23 United Fruit ... 79 69 4 70 68 4 Retail Store*— Best A Cos ... 364 384 364 354 First Nail Stores 634 634 634 634 Oimbel Bros .... 4 4 4 4 Gr Un Tea ... 5 5 5 5 Hahn D*P’ Sts 54 s*. 54 54 Kresge S3 ... 184 18'. 184 18*. Kroger Groc ... 28 27’. 28 274 McCrory St 7*. 64 74 64 McLellan 8> 9’, 9V 94 9'. Marshal! Field . 114 11 11 11 Mav Dept St ... 404 40 404 39*. Mont Ward .... 28', 274 27 27*. Penny J C 66'* 64*. 6SV. 644 Safewav St .. 444 444 444 - Sears Roebuck . 394 39'. 39 ■ 384 Woolworth .... 504 49’. 504 o 0 Aviation— Aviation Corp .. 3’* 3*. .3’. 34 Boeing Aircfl .. 74 7V 74 64 Curtiss Wright 2'* 2'4 24 24 Curtiss Wright A 7 64 64 6 4 Douglass Air... 184 17 184 I*4 Nor Am Av..... 34 3 34 3 Sperry Corp 74 7 4 74 7 4 U Aircraft new B*. 84 84 8 4 Chemicals — Air Reduction . 104 4 104 104 4 103 4 Allied Chem 128 1274 127*. 1284 Am Com Alcohol 28 274 28 26 •* Com Solvents .. 194 184 184 18' Du Pont 92 4 92 4 924 91*. Freeport Tex ... 26*. 26 4 264 26 Liquid Carb ... 204 204 204 20 Math Alkali 25 244 25 244 Monsanto Chem 55 4 55 4 55 4 54*. Natl Dis mewl. 224 224 224 22 Schenlev Dist 25 244 25 22 Tex Gulf Sulph 364 .364 364 384 Union Carbide 43 4 43 43 4 43 U 8 Ind Alcohol 384 38 384 37

Oruga— Coty Inc 44 44 44 44 Lambert 25 4 25’. 254 Sterling Prod .. 594 58584 58*.

Chicago Stocks

1100 Prev. A. M close. Bendix 12% 11% Bors Warner 24 23'. Berghoff 3'a •• Butler Bros. 7% 7% Cities Service 1% 1% Crane & Cos 1% Com & Edison 41 41 Elec Household 13’. 14 Gen Household 13% 14 Gen Household Util 5% 5% Libbv McNeil 6'. 6 Quaker Oats 128 .. Swift ACo 18% 18% Walgreen 24% 34*.

Wall Street

BY RALPH HENDERSHOi Times Snecial Writer. NEW YORK. Nov. 2.—lnvestment bankers at their White Sulphur Springs convention seemed to be well pleased over the fact that about 61 per cent of the foreign bonds outstanding in this country are yielding interest regularly. Their attitude seems to arise, however,

from the excellent manner in which a very bad investment situation is being overcome rather than from any idea that good judgment was used in the flotation of these securities. Compared with corporate securities, of course, the showing of the foreign bonds is

not a particularly bad one. But when it is considered that a nation has many more resources upon which to draw to meet its obligations, and that when it declines to draw upon such resources investors are unable to do anything about it, the bankers who really went out soliciting these loans can scarcely point with pride to their handiwork. a a a

IN all fairness, however, it must be recognized that the American bankers had little experience with foreign financing when they began underwriting foreign securities. In all probability, if they ever get back into the field, they will make good use of the experience they have gained during the last five years. In fact, they say as much in a spe- ! rial report on the subject. This report says in part: “Those nations which have faith- ! fully and promptly lived up to their obligations and have utilized all of their efforts to meet their debt obligations will find the American bondholder receptive to new issues. Those borrowers, on the other hand, who treated lightly their foreign engagements and who at the first excuse suspended debt service need not be surprised if they find the American market closed to them for many years to come.” a a a

THAT the bankers are laying the groundwork for re-pntering the foreign field is rather pvident. This is as it should be, despite the unfortunate results of their past efforts. If the United States is to take its rightful place as one of the leading banking and trading nations of the world it must be prepared to grant , loans upon occasion. Older banking countries have their difficulties and have learned the business through actual experience, so we probably should not feel too badly by reason o 1 naving had our taste of it. Another interesting development originating at the convention is the seemingly new attitude the investment bankers have taken toward public utilities as investments. Heretofore they always have expressed the belief that the government was entirely out of order, from an economic point of view, in attempting

to compete with private interests in the industry. Now they take the attitude that maybe the government will be able to makp ago of it, after all. At any rate, they regard the activities of the government in that direction as a test of the situation, and they are quite willing to wait and see how it turns out. m m m \ NYONE at all familiar with jTV banker reasoning, however, will know that they really have not changed their point of view. They arc making the best of what they regard as a bad situation. They are convinced that the government’s efforts will quickly prove disastrous and that it will not be long before the public becomes aware of the failure and demands a return to private ownership and management of utilities. The sooner this happens the better pleased they will be. and in the meantime they will bear up (t best they can.

INDIANAPOLIS, FRIDAY, NOVEMBER 2, 1934

,Un Drug -new).. 12 114 12 Vick Chem 334 324 324 ••• Zomte Prod .... 4 34 * ••• Financial— Adams Exp *4 64 64 64 Allegheny Corp . 14 14 14 •• Am Int Corp ... 64 64 64 6 , Transamerica .. 54 54 54 s_ 3 Tr Conti Corp .. 3*. 34 34 34 Buildinr— Am Radiator ... 144 144 144 144 Int Cement ... 21*. 214 214 . Johns Manvtlle • 494 48 ■* 49 4 48 Libby Owens Gls 24 4 23 24 . 23 Otis Elev 134 134 134 13 * :U S Gypsum ... 39*. 39*. 394 394 j Household— Cos! Pal Peet .... 164 18 164 I*4 , Congoleum 29’* 294 29 * 28'. Keivinator 154 144 15 * 14*. Mohawk Carpet 134 134 134 . • i Proc A Gamble. 39 4 39*. 39’. 394 Servel Inc 64 54 64 54 Simmons Bed ... 9 84 9 B*. j Textile*— Balding Hem ... 12 12 12 114 Celanese Corp .. 28 274 28 264 i Collins Aikman.. 11 11 11 194 [lndus Rayon ... 26 4 254 25 1 * 25** 1 Kavser Julius .. 144 14 s . 144 ...

New York Bonds

(By Fenner A Beane). 11:15 Prev. A M. N Y. close. Alleg Corn 's 'SO 24’. 24*. Am. & For Pwr 5s 2030 52 514 A T A T db 5s '65 110 110'. Atchison Gen 4s '95 103 1024 B A O CV 44s '6O 54 53 Can Pac 4s 57 80 4 80 Ch M St P A P ad] 5s 2000 7 6*, Ch M St P A P rs 5s A '75 25 244 Erie RR rs 5s 'B7 66 4 66 Goodvear 5s |Gt Nor 5s An '36 . 89 4 89 4 ; Interboro RT 5s '66 76 76 Int T A T db 5s '55 60 594 . Mckess A Robbison 54s '50.. BR4 88 I Nat Datrv db 54s '4B 994 994 i N Y Central 5s O 2013 65 64 4 Pac Gas A El 5s A '42 106 4 106 4 ; Penn RR 4'.s D 'Bl 964 96*. Poland 7s '47 1294 1304 Shell Union Oil 5s '52 102'* 1024 Sin Cons 64s B '3B 104 4 104 4 Texas Corp 5s '44 1034 103*. Tob Pr N J 64s 2022 106*. 1064 Un Pac Ist 4s '47 106'* 1064 U S Rubber 5s A '47 86 854

WORLD TRADE GUNS DISCLOSED 111 STUDY Marching Toward Recovery, Commerce Dept. Says. Un Time * Special . WASHINGTON, Nov. 2.—Reports to the Department of Commerce today indicated that the world is marching slowly toward economic recovery, despite political turmoil, exchange uncertainties and severe trade restrictions. World shipbuilding registered an expansion of more than 500,000 gross tons, or approximately 75 per cent, for the September quarter as compared with the corresponding period la'-t year. Exports of leaing chemicals and allied products from the United States in the first eight months of the year were valued at $75,000,000, an increase of about 25 per cent over the 1933 period. Monthly production records of the Swedish iron and steel mills were broken in August and Austria’s industry showed considerable improvement.

Other Livestock

(By United Press I CHICAGO. Nov. 2. Hogs Receipts, 17.000, including 8.000 directs: moderately active, about steady with Thursday's average; 220-350 lbs.. $5,607(5.75: top $5.80; 170-210 lbs., $5©5.60; light lights. $47(5; most pigs. $3.50 down; packing sows. $5.10 0(5.50; light lights. 140-160 lbs., good and choice, s4© 5; light weight 160-200 lbs., good and choice. 54.60© 5.55; medium weights. 200-250 lbs., good and choice, $5.35© 5.80; heavy weights, 250-350 lbs., good and choice. $5.60©5.80; packing sows. 275-550 lbs., medium and choice. $4.25© 5.60; slaughter pigs, 100-130 lbs., good and choice, $2.75© 4. Cattle—Receipts, 2.500 commercial. 2,00 government. Calves —Receipts, 1.000 commercial, 500 government; few loads better grade steers and yearlings. steady to strong but market on liberal supply lower grade scale; few loads common to medium fresh arrivals very slow; steady to weak: general market not nearly as active as Thursday on steers; fully as active, however, on she stock, bull’s and vealers; no strictly choice steers here; best $8.15: slaughter cattle and vealers; steers 550-900 lbs., good and choice. $5,757(8 25; 900-1,100 lbs., good and choice. $67(8.75; 1.100-1,300 lbs., good and choice. $6©9.50: 1,300-1.500 lbs., good and choice. $6.50© 9.50; 550-1.300 lbs., common and medium. $2.50© 6.50; heifers, 550750 lbs., good and choice. $5,257/8; common and medium. $2.75©5.25; cows. good. $5 25©4 50; common and medium. $2,257/ 3 25; low cutter and cutter. $1,507/2.25; bulls, yearlings excluded, good. beef. $3.25 7/4: ciitter. common and medium. s2© 3.35 . vealers. good and choice. $5,507/ 7; medium, 84.50®5.50; cull and common. $3.50©4.50; stocker and feeder cattle; steers. 550-1.050 !bs . good and choice. $47/ 5.25; common and medium. $2,507/ 4 Sheep—Receipts, 19 000; few' sales fat natives about steady I at $6.75©6.85 to small killers and traders: bulk bid lower at $6 50 down: sheep and feeding lambs, steady: bulk slaughter ew'es. $1.75© 2.25; slaughter sheep and lambs: ’a mbs 90 lbs. down, good and choice. *6.257/ 6 85; common and medium. $5,507/ 6.35: ewes. 90-150 lbs., good and choice. $i 65© 2 50; all weights medium, $1.50© i 90: feeding lambs. 50-75 lbs., good and choice, $5.50© 6.10. FT. WAYNE. Nov. 2.—Hogs—Market, 5® i 10c higher; 250-300 lbs.. $5.65; 225-250 lbs.. , $5.45; 200-250 lbs.. $5.30: 180-200 lbs . | $5.15: 160-180 lbs . $4.90: 300-350 lbs., $5.15; 150-160 lbs. $4.50: 140-150 lbs $4.25: 130- ! 140 lbs . $3.75; 120-130 lbs.. $3 25 100-120 lbs . $2.75; roughs. $4.50; stags. $2.75. Calves, $7; lambs. $6.25. LAFAYETTE. Nov. 2—Market. 5© 15c higher: 240-300 lbs.. $5.75© 5.80. 300-325 ( lbs.. $5 50: 220-240 lbs.. $5,657/ 5.70; 200220 lbs.. $5 407) 5 50; 180-200 lbs. $5,157/ 5.30: 160-180 lbs.. $4.90© 5: pigs. $4.50 ■down: roughs. $5 down; calves steady, $6 down; lambs. $6 down. (By Times Special) LOUISVILLE. Nov. 2 Cattle—Commer--1 cial, 325; generally steady market on slaughter classes: bulk common to medium !!ght grass sters and heifers. $3 50© 4.50: few common. $3. better finished steers and heifers quotable ss®6; bulk beef cows. $2.50©3; practical rop. $3.25: . most low ; cutters and cutte: cows. $1 25©2 25: , sausage bulls. $2.75 down: desirable Herei ford stock calves. $4 50© 5: most feeding i steers. s3©3 75 Calves—Commercial. 575. ! including 225 stock calves: vealers steadv. most better grades. $5.59© 6.50: strictly ! choice. $7; medium and lower grades. $5 down. Hogs—Receipts. 600: market 20c higher: top and bulk desirable. 200-250 libs.. $5.75; 180-195 lbs. $5 35; 255 lbs. up. $5.30; 160-175 lbs., $4.75: 140-155 lbs.. $4 25; 120-135 lbs . *3 25; desirable sows. ; 440: sheep. 225 including 60 stock ewes: genenllv steadv market on all slaughter I classes; most better lambs. $6: choice i ouotable. $6 25 or better; bucks discounted s sl per hundredweight: light throwouts. |s3 50; be'ter fat ewes. $1.50© 2; most i stock ewes salable. $6.50 per head down

Hendershot

Produce Markets

Delivered in Indianapolis prices: Heavy hens, lie: Leghorn hens. 7c: colored springy?. 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 Press! CHICAGO. Nov. 2. Eggs Market, steadv; receipts 1.859 cases: extra firsts. 28c: fresh graded firsts. 27c: current receipts. 23 , 325'jc: dirties No. 1. 20c: No. 2 18c. checks No. i. 18'jc: No. 2. 15c. B„tter—Market unsettled: receipts. 10 048 tubs extras 92 secret. 28'jc: firsts <BB- - score', 24 3 <'826 , jc: extra firsts (8687’j score*. 24c: specials. 29529'je: standards 2" 3 e. Poultry—Market, firm; receipts. 49 trucks: geese, 11c: turkeys Ufa 16c Potatoes—Supply liberal: demand trading rather slow; market firm on Russet* and McClures, dull on others: Wiscon Round Wnite. 77'3<ff!J0c. 1 ear •I'jC. unclassified 50c: Idaho Russets. SI 50*51 62'j; United States No. 2. SI 15*j 1 27’j. Arrival 79. on track 271, shipments 622 KLINEDINST PROMOTED At a meeting of directors of the Timken Roller Bearing Company. L. M Klmedinst was elected to the board and also promoted to the office of vice-president in charge of sales to fill the vacancy created by i the recent resignation of Judd W. Spray.

SLUMP LOSSES WILL PREVENT REPLACEMENTS Immediate Substitution of Old Equipment Held Impossible. Sy Timet Special NEW YORK, Nov. 2.—lmmediate inauguration of a gigantic program for the replacement of obsolete industrial equipment as a means of providing anew impetus to the laggard recovery movement was characterized today by numerous corporation officials as an impossibility under present conditions. Cited as factors deterring such projects on a large scale were the huge losses incurred by most corporations during the slump era, with resultant diminution of their surplus and working capital positions and the low rate of plant operations prevailing in most trades. Generally regretful, this response came fro mexecutives to the quiet campaign being waged by the Roosevelt administration to induce the nation’s big industries to dip into their surpluses and bring obsolescent plants and equipment to date, a process calculated to put billions of dollars to work. After stressing their inability to undertake complete renovation projects, most officials insisted they are co-operating to as great an extent as possible by keeping their plants in working condition and by making such replacements as are necessary. Already Invested in Plants In mast instances officials maintained that the general conception of the word “surplus” is incorrect. They pointed out that this balance sheet item, except in isolated instances, already is represented in large measure, in addition to capital funds, by investments in plant and equipment. Moreover, it was explained, depression losses, together with the disbursement of dividends from surplus accounts, had depleted working capital positions to the point that available cash balances are vital to operting exigencies. “Take our industry as an example,” declared an executive of a large steel company. “We are operating at less than 30 per cent of capacity, with more than two-thirds of our equipment idle. This capacity, excessive on the basis of current demand, can be put in operation on very short notice, because we have kept it in good working condition. Very few companies have operated at a profit throughout the depression, and the losses of most units have made quite a dent in surplus accounts, which are down substantially from the 1929 level. Steel Capacity Expanded “The cash position of practically every company in the industry have been reduced considerably in the last fiv years. What remains today must be utilized almost exclusively for operating purposes. But we haven’t been lax in all these years. Asa matter of fact, nearly every company has dismantled some obsolete equipment, and the capacity of the trade as a whole actually has increased by nearly two million tons in the last five years. Some companies, incidentally, are even now making additions to existing plants to help in the campaign.” Automobile company officials pointed cut that their plants always are kept in good running order. Every autumn, it was explained, practically every unit in the industry undertakes retooling operations which, in some instances, necessitates large outlays. Foundries and assembly lines, they said, must be maintained to insure production on an efficient and economical basis. Plants and equipment, they insisted, are in such good running order that the itidustry as a whole could assemble two million more cars than will have been built in 1934 without difficulty. FOOD INDEX DISPLAYS ADVANCE DURING WEEK Aided by Boost in Dairy Quotations, Figure Rises Cent. Bp Timet Special NEW YORK, Nov. 2.—As a consequence of the sustained advance in dairy products, Dun & Bradstreet’s weekly food index rose one cent to $2.38 as of Oct. 30. It represented the first upward movement in the last five weeks, the number having declined steadily since the 1934 high point was reached on Sept. 25. The latest figure compares with $1.91 at this time last year. Lower prices were recorded this week for flour, wheat, rye, oats, barley, beans, peas, steers and hogs, which were more than balanced by advances in butter, eggs, corn, lard and lambs.

GOVERNMENT DEFICIT PASSES BILLION MARK Treasury Statement Reveals Figure Exceeded on Oct. 20. By Unit' ll Prrxx WASHINGTON. Nov. 2.—The govemment deficit for the fiscal year 1934 passed the $1,000,000,000 mark on Oct. 30. when the deficit reached $1,026,788,998.30, the treasury revealed. On Oct. 30, total receipts stood at $1,208,184,666.45, while expenditures for the year were $1,129,101,226.47. This year's deficit compared with a deficit of $481,906,629.57 on the corresponding date a year ago. On Oct. 20, 1934. the public debt stood at $27,168,804,527.83 as compared with $23,050,256,717.27 on Oct. 30, 1933. MERCHANT TONNAGE DIPS By Tim'* Sprrxnl WASHINGTON. Nov. 2. The American Merchant Marine reported tonnage on June 30 showed 24,940 vessels of 14.861.834 gross tons, an increase of thirty-nine vessels, but a decline of 198.323 gross tons from a year ago. according to the commerce department.

Marion County Bonds—

Issue Sold at 2.90 Per Cent, Lowest Interest Rate on Record: Reflects Economies. BY VINCENT S. LYONS Times Financial Editor

In this transitional era of a wobbly municipal credit structure, it is refreshing to note that Marion county has been able to sell a bond issue bearing an interest rate of 2.90 per cent, the lowest rate in the history of the county. Procuring a coupon rate of 3 per cent or under constitutes quite an achievement in municipal circles in these times.

The county’s bond issue, I w’ hi c h was awarded on Wednesday to a group headed by the Harris Trust and Savings bank of Chicago, consisted of $206,000 serial obligations, maturing from 1936 to 1944. Moreover, in connection .with the flotation, it is interesting that the county in addition to getting the attractive interest rate of 2.90 per cent, was paid a premium of $587 by the successful bidder. An indication of the attractiveness of this week’s transaction is had by a comparison with the previous flotation. On Aug. 1, the county sold SIB,OOO of bridge bonds at a rate of 3.60 per cent. The latest operation represented considerably more in dollars, and, at the same time, the interest was 7-10 of 1 per cent lower. Laid to Economics Fabian Biemer, chief deputy auditor of Marion county, attributes the happy conclusion of the financing to the economies which have been adopted by the present administration and the improved financial situation which has resulted as a consequence of the prompt payment of indebtedness by taxpayers. Undoubtedly, one important reason for the speedy payment of indebtedness has been the slash of 26 cents per SIOO which has been made in the county’s tax rate. Citizens now pay 30 cents as contrasted with 56 cents previously. Marion county’s bonded indebtedness amounts to $4,850,030, after giving effect to the latest sale. The statutory bond limit is $11,964,451, a considerable distance removed from the present amount. The next piece of financing to be undertaken will be in the latter part of next month when bids will be sought on $67,200 of refunding bonds. Eight Bids Submitted Competition for the new $206,000 bond issue was rather keen, eight banking syndicates submitting tenders for the obligations. Bids ranged all the way from 2.90 tier cent to 3.65 per cent with the latter, incidentally, carrying no offer of a premium. The winning bid was the only one which was under 3 per cent. The time has passed when municipalities could sell bond issues at random, content in the knowledge that a market would be found for such obligations. The realization in recent years that municipalities, too, can become paupers has made investment bankers cagey. Consequently, conditions must be right before a banking syndicate will buy an issue of bonds. There have been hundreds of occassions in the last few years when bankers declined to make bids for obligations of various localities. With this in mind, Marion county’s ability to pare the interest on its bonds from 3.60 to 2.90 per cent within the last three months is quite a feat. BUYING OF WHEAT PUTS PRICE HIGHER Advance Is Attributed to Liverpool Firmness. bp United Frets CHICAGO, Nov. 2 —Relative firmness in Liverpool, reflecting strength in other markets yesterday, brought buying into wheat, futures on the Board of Trade today. Wheat started unchanged to % cent higher, corn was up T 4 to % cent, oats were unchanged to V< cent higher, and rye was unchanged to up % cent. Activity here at the start was not as pronounced as yesterday but numerous small buying orders indicated that the public still was in the i market. Unfavorable corn husking reports aided com. 11-oo Prov. Wheat— High. Low. A M. close. Dec 984 .974 .984 .974 Mav 96 4 .95% .96 4 .96 July 894 .88% .89 4 .894 CornDec 774 .774 .77% .774 i Mav * .774 .774 .774 .774 Julv 774 .784 .77 .784 | Oats—- ! Dec 504 .504 .504 .50% Mav 48 4 .47 4 48 .48 4 July 43% .43 4 .43% .43*, RyeDec .69% .89 4 .694 894 Mav 724 .724 .724 .724 July 724 .72 .724 .724 Barley— Dec 76 Vi .76 .76 .78 May 724 .724 .724 .73 LOCAL CASH MARKET Citv grain elevators are paying 87 cents 1 for No. 2 soft red wheat. Other grades ;on their merits. Cash corn No. 3 yellow | 68 cents, and oats 43 cents. SECURITY FIRMS MERGE Abbott, Proctor & Paine Combine With Livingston & Cos. The consolidation of Abbott, Proc- ! tor & Paine with Livingston & C 0.,! stock brokers, became effective with the opening of business yesterday. The new firm, whose head offices are in New York City, retains its i Indianapolis branch in the Continental building. James T. Harnill ! and Kenneth K. Wooling are the local co-managers. The new firm has twenty-six offices in the United States and Canada and maintains leased wires to sixteen other cities in addition to those in which its offices are located. ' SEED CORN PURCHASED , Bv Time* Special DES MOINES, la., Nov. 2—A total of 22,031 bushels of seed com has been purchased for use among farmers in the lowa drought areas, Governor Clyde L. Herring has announced. .

SWINE MARKET MOVESUPWARD Prices Generally 10 Cents Higher; Cattle, Veals Remain Steady. With extremely light receipts and a strong undertone on hand at the Union Stockyards . this morning, porker prices were generally 10 cents higher than yesterday. The bulq of 16 Oto 200 pounds, was selling at $5.11 to $5.50, while weighty grades ranging from 200 to 350 pounds, were salable at $5.55 to $5.90. Top also held at $5.90. Few light hogs, scaling 130 to 160 pounds were reported selling at $4 to $4.75. Bulk of light slaughter pigs, weighing from 100 to 130 pounds, sold at $2.75 to $3.75. Receipts were estimated at only 4,500, lightest on hand for several weeks. Holdovers numbered 489. Cattle values continued unchanged, with a week-end clean-up trade prevailing on all classes. Bulk of steers and heifers was selling from $3 to $5. Few kinds were inactive. Receipts were 500. With only slight action evident, vealers remained stationary at $7 down. Receipts numbered 500. Initial trading was scarce in the lamb market and the majority of classes held steady at the previous close. Bulk of ewe and wether lambs sold mostly at $6.75 down. Few choice grades held at $7. Bucks were discounted sl. while throwouts ranged from $3.50 to $5. Receipts were 800. HOGS Oct. Bulk. Top. Receipts 27. $4.90© 5.15 $5.55 3.000 38 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 Noy. 1 5 00© 5.40 5 80 6 000 2. 5.10© 5.50 5.90 4.500 (140-160 Good and choice $4 50© 5.00 (160-180) Good and choice 5.10© 5.35 (180-200) Good and choice 5.35© 5.60 1200-220) Good and choice 5.50© 5.70 1220-250) Good and choice 5,80© 5.90 1250-290) Good and choice 5.75© 5.90 1275-300) Good 5.55© 5.75 Packing sows: .275-350) Good 4.85© 5.10 <350-425) Good 4 85© 5.10 1450-5501 Good 4.50© 4.85 (275-550) Medium .. 4.25© 485 (100-130) Slaughter pigs good and choice 2.65© 3.65 CATTLE —Receipts, 500— —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® 825 Good 5 25® 6.75 Common and medium 2.50® 5.25 (750-9001 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, 500— Good and choice $6.50® 7.00 Medium 4.00® 6.50 Cull and common 2.00® 4.00 —Calves—-(2so-500) Good and choice 4.75® 6.50 Common and medium 2.50© 4.75 —Feeder and Stoeker 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 3 50® 3.00 Common and medium 2.00® 2.50 SHEEP AND LAMBS —Receipts, 800— 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— . il2o-15ffi Good and choice . . 1.75® 2.25 All weights. common and medium 1.25® 2.00 MORE CARS NEED REPAIR WASHINGTON, Nov. 2.—Class 1 railroads had 296,418 freight cars in need of repair on Oct. 1, an increase of 3,245 over Sept. 1, according to the American Railway Association.

INSURANCE All Kinds With the Exception of Life A. J. Wichmann & Cos., Ine. 712 Circle Tower

I BE SAFE imor. Vonr Cr Today jßEyHstata Automobile Insurance Ass’n. T.l-8571. 7th Floor Peridental Bldt-

The HOOSIER CASUALTY CO. 15th FL Fletcher Trust Bldf. A atrong stock company writing accident and health. Alao automobile insurance. Assets over >740,000.

Government Bonds Home Owners’ Loan Corporation and Municipal Bonds BOND DEPARTMENT The Union Trust Cos. of Indianapolis 120 E. Market RUfT

Latest Stock, Bond and Commodity Quotations

BRIGHT, DISMAL FACTORS CITED BY ECONOMISTS

Balance Sheet Presents Developments on Both Sides. BY JULES BACKMAN AND A. U JACKSON Viee-Preaidenta, Economic* S(att*tics. Inc. !n WednedaT' article we outlined the statu, of aeveral of the broad farlort afteclint the economic outlook. Today we present a balance sheet of th financial situation. Favorable Developments The rapproachmcnt whicli took place between bankers and the administration is one of the outstanding favorable developments in recent weeks. The President in his recent talks has given definite indications of a turn to the ’’right.” Crowley’s suggestion that the permanent pianos deposit insurance will not be put into effect, but rather that the temporary plan will be continued is a sound move. The recent increases in business loans, the large amount of excess reserves, and the sharp increases in deposits, all indicate that adequat® funds are available for business expansion, and that some expansion has taken place. The dollar has been stable in terms of gold since last January. The treasury lias continued to finance itself through orthodox means. The huge maturities coming due in the next six months and the calling of the liberty 414* a week ago indicate that a conservative course will be the best one for the treasury to follow. Unfavorable Developments The government deficit has been large and is increasing rapidly. Although government spending for emergency purposes has not stepped up to any extent, the outlook for the winter, in light of the proposals of administration spokesmen for huge public works projects indicates that a great deal of spending may take place this winter. Although this spending will act as a stimulant to business, we feel that it will fail to prime the pumps just as it has failed in the last few years. Congress Is likely to have some radical ideas in connection with inflation and a central bank. Recent advices from the administration indicate that it does not favor a central bank. However, it also has been intimated that the objectives of a central bank could be achieved by changes in the federal reserve act. This step would be unsound. The continuation of the silver purchases, despite protests by China, indicates that the administration has not yet abandoned monetary panaceas. The relatively low level of velocity reflects the fact that business is not using the funds which it has available. Although, as mentioned above, there are indications that the administration is becoming more conservative, it must be remembered that the administration has been subject to sudden shifts in the past, and if any unlooked-for developments take place, such as a break in farm prices, we have no assurance that a shift to the “left” and to unsound measures will not again take place. This factor is probably the most important of those listed in this tabulation. GOLD OUTPUT AT PEAK By I’imet Special OTTA.WA, Ont., Nov. 2.—Canadian gold production in August totaled 264,870 ounces, the highest monthly output on record since June, 1932, the Dominion bureau of statistics reports.

WE BUY AKD SEMU U. S- Gossmasot BamdW * —* - O. S. Territorial *a4 losvla. Bonds ■ --w lidlint Municipal tod Grrrtl Road Boadl Land Bank Bonds Roma Owner*' Loam Cocpocattoa Bond# Bond* tod Stocks of Indiana Corporations Qanaral Market Manlctpal and Corporation Bonds r Indianapolis Bond and Sharo Corporation >29 Fort Mortat Street Tetephea. IHef 4551

Moderate First Mortgage Loans on Improved Indianapolis Real Estate The Indianapolis Morris Plan Company Delaware and Ohio Sts. RI-1538

B** U 87 l* o '*** .3,36o'°°° i and