Indianapolis Times, Volume 46, Number 151, Indianapolis, Marion County, 3 November 1934 — Page 14

Developments in Trade and Industry

PAGE 14

BUSINESS SEEN STILL ON RISE; LEADERS CHARY Executives Want Further Reassurances on Policies. BY JULES BACKM AX AND A. L- JACKSON Eroa*i SWlHtle*. An analysis of the position of individual industries indicate that the following are in a position which is favorable—steel, automobiles, rubber. tires and tubes, silk. wool, newsprint and coal. The industries of building, nonfcrrous metals, lumber J and cotton are in an unfavorable position. Such industries as hides! and leather and petroleum are in I an uncertain position. Most of the factors outlined above and in the previous two articles indicate that the situation is favorable for business expansion. What. then, warrants a cautious j attitude rather than one of outright | optimism? Some Factors Cneertain Although the statistical position of Indus' Ts is very favorable, a number of the intangible factors are either unfavorable or uncertain, j Such factors are: The labor situa- | tion, including the problems of hours ! and the wages of labor; the outlook for NR A price fixing provisions; the outlook for the various production control schemes of the AAA; the large number of miscellaneous acts which are already on the statute j books and which may be used, such as the Thomas amendment with its 1 tremendous base for inflation and numerous other factors of a similar [ nature. These factors are tending to off- . set the favorable picture outlined above. In addition, the unsettlement in Central Europe, the chaotic condition of Germany, the disruption in foreign exchanges <e. g., further depreciation of the yen), the precarious status of the gold bloc, and international trade restrictions •e. g., tariffs, clearing systems.] quotas, etc ), are all tending to impede an increase in our international trade.

Maladjustment Corrected Summary—The maladjustment In the price structure which existed during the depression has been largely corrected. Retail sales (consumption goods > continue to hold up relatively well and the increases in purchasing power, plus government spending activities, indicate that demand for consumers' goods will continue to be sustained. However. the capital goods industries continue to be unduly depressed. Since a large number of the unemployed are located in these industries. it seems evident that the unemployment situation can not be solved in the immediate future and that as a result, relief expenditures will have to be continued. These expenditures will necessitate the continuation of the unbalanced budget. With the exception of the unbalanced budget, the financial situation is beginning to line up favorably and the conservatism expressed by the President and his advisers in recent talks is very encouraging. Recall Shifts in Policy However, the memories of business men still recall the shifts in policy which have characterized the administration, and they will probably want further reassurances that policies will not again be shifted to the "left." A period during which no important shifts in policy take place will give business the encouragement to go ahead. Thus, although most of the statistical signals are •green’’ and say "go ahead.” business men will continue to be cautious. We feel that in spite of these factors. business can continue to have an upturn in the immediate future. However, a complete and sustained recovery can not take place until the many problems which we have mentioned m this series have been solved. PRESIDENT HOLDS RATE ON HOME LOANS DOWN llouting Administration Fixes 5 Per Cent Basic Charge. Hjr f ailed Prcti WASHINGTON. Nov. 3—Direct Intervention by President Roosevelt to hold down home interest rates was revealed today by the federal housing administration in announcement of a 5 per cent basic rate for its home financing program. An exchange of letters between Housing Administrator James A. Moffett and the President showed a conflict over the rates to be applied on mortgages guaranteed through the FHA program By decision of the President the fla* S per cent rate will apply throughout the country. Mr. Moffett had suggested that the rat® vary between 5 and 6 per cent, depending on local conditions. Plus insurance and service charges the rate totals 7 per cent for some types of mortgages and in no case is lower than 54 per cent. REICH TRADE SHRINKS Cnfavorablr Balance in Nine Months at 5247.000.000 Marks. rfy ;■■>( s penal * BERLIN, Nov. 3 —An unfavorable trade balance of 247.00.000 marks was shown by Germany during the first nine months of the year, according to an analysis made today During the same period gold and foreign exchange reserves fell by 317 000 000 marks and now amount to only 152.000.000 marks, the Institute of Business Research pointed out. LEADERS SEE UPTURN Up Tian $ pens l CHICAGO. Nov. 3-Thirty-three per cent of business leaders in tbe United States are confident of an upturn in business in February. 1934. over that of September. 1934 •coordin* to a national statistical survey.

Banks to Abandon Plan for Nation-Wide Sendee Charge on Small Account Banking Code Committee Notifies NRA That Group Agrees to Dropping Entire Section Relating to Trade Practices. By Scrlpps-Ho*ar4 .Vev*paper A than’ 9 WASHINGTON, Nov. 3.—A bankers’ plan to install a nation-wide schedule of banking service charges has been quietly abandoned. The plan stirred a storm of protest when circulated a year ago by the bankers code committee. General Hugh S. Johnson indignantly denied he had approved the proposed schedule of fees. The proposition hung in midair.

During the recent AmerI ican Bankers Association convention here, Chairman Ronald Ransom of the banking code committee conferred with members of the National Industrial Recovery Board about the matter. Statement Is Issued The result was a statement, in 'he form of a letter from Mr. Ransom to NRA. formally agreeing to abandon not only the servicecharge schedule, but the entire section of the bankers' code dealing with trade practices. The action was due to realization ! that the NIRB. firmly opposed to price-fixing, would accept no fixing j of service charges under NRA. The abandonment was. in effect, j the first formal step away from- j price-fixing under the NIRB. NRA Makes Report An NRA statement, making public j Mr. Ransom's letter, said the code j committee and NIRB members had recognized "as a sound principle” that banks may properly make service charges where active checking accounts do not maintain balances to pay handling costs. But, the statement added, “the amount of these charges is a matter for determination by individual banks or groups of banks, and their depositors . . . and being solely a local problem, would not require the approval of the NRA.” NRA announced that any objections to deletion of the code's trade practice provisions must be submitted before Nov. 16 tc Deputy Administrator K. J. Ammerman.

Stock Studies

El_EG**C BONG & 3WMC I CAW At STOCK * ' " ■ ■ VBK.C SMMW EAWNWfBS P*ICC BBM9C A SCALf *2.SO = ———|— 42*. I '.SO —■■ * J 75 • IPO-7 *v— ——--50 50 rnF °to Hi afeyfe* V33.gr 0 WINCHESIC* institute of.finance

The Electric Bond & Share Company has helped in the organization of many leading utility holding companies Including American & Foreign Power, American Power & Light. Electric Power fe Light, and United Gas Corporation. The company still acts in a supervising capacity of utility holding companies and its income is derived principally from supervision services as well as from interest and dividends from investments in these companies. FINANCIAL HAT A ■ Sept 30. 1934 I Common stock tss pari 5,207.147 shares. Preferred stocks $145,565,500 Surpluses 371.040.180 Investments 507.789.082 Cash and securities 41.641 292 Net working capital 39,180.988 During the twelve months ended Sept. 30. investment increased nearly $7,900,000, but cash and securities were about $9,000,000 less and net working capital $9,600,000 less. Surpluses remained very nearly the same. On Sept. 30, the net asset value of the common stock based on the market value of the investments held was $18.96. Electric Bond & Share has kept out of the red although earnings dropped to 44 cents on the common in 1933 and to 30 cents for the twelve months ended Sept. 30, 1934. No dividends are paid on the common. The company was originally incorporated in New York in 1905 and | incorporated in its present form in i 1925. All classes of stock have unI listed privileges on the New* York Curb Exchange, while the common is also listed on the Philadelphia Stock Exchange and traded on the San Francisco Curb. The common is | currently selling at around 9* on I the New York Curb. ' All Right.* Reserved. Winchester Institute of Finance. Winchester. Mass.) SOUND MONEY GROUP WITHDRAWS SPEAKERS Will Halt Efforts in Campaign Until After Election. The Indiana sound money committee. conducting an educational ' campaign throughout the state on ; the dangers of excessive inflation, today announced that it would withdraw its speakers from the field and otherwise stop all efforts until after the election next Tuesday. "The question of sound money is I so closely identified with other important administrative problems which are being generally discussed in the present political campaign 1 that the Indiana sound money committee believes it advisable to curI tail its educational program until after the election next Tuesday.” the j statement said. "With so many closely allied questions being discussed and so many of them of a highly controversial nature, it has been found difficult to keep partisanship and a political atmosphere out of discussions of the subject in which we are so vitally interested." RAIL SUBSIDY ACQUIRED j B*T Special ! NEW YORK. Nov. 3 —Capital | stock of the Redstone Railway Company. a subsidiary, has been sold by the Youngstown Sheet and Tube Company, according to word re- | ceived by the New York Stock Ex--1 change.

Abreast of The Times on Finance

LIGHT PORKERS RISEIOCENTS Other Grades Generally Steady; Veals Even at $7 Down. Initial trading interest in hogs at the local stockyards this morning centered around lightweights and prices for grades weighing 160 to 190 pounds were 10 cents higher than yetserday's best average. All other classes remained fully steady. Receipts were estimated at 2,500 with demand considered around normal for a wek-end session. The bulk, 160 to 200 pounds, was selling at $5.20 to $5.50. Extremely heavy porkers weighing from 200 to 350 pounds, brought top prices of $5.55 to $5.90. Slaughter pigs, scaling 130 to 160 pounds, held at $4 to $4.75, while others ranging from 100 to 130 pounds, sold at $2.75 to $3.75. Packing sows cashed in at $4.50 to $5.25. Holdovers numbered 465. Early demand was slow and draggy in the cattle market with practically all classes inactive and fully stationary. No early sales were reported. Receipts numbered 100. Vealers again remained unchanged, selling at $7 down. Receipts were 200. Lamb values showed only a slight change with most early arrivals in small lots to sell at $6.50 down. Good and choice ewe and wether lambs were reported selling from $6.75 to $7. Receipts were 200. HOGS Oct. Bulk. I’op Receipts 29. $4.90(5* 5.15 $5.60 7.000 30 4.900 5.15 5.60 9,000 31. 4.85@ 5.20 5.65 7.000 Nov. 1 5 00® 5.40 5.80 6,000 2. 5.100 5.50 5.90 4.500 3 5.20(5* 5.50 5.90 2.500 (140-160 Good and choice . $4,500 5.00 (160-1801 Good and choice . . 5.20<5? 5.40 (180-2001 Good and choice . ... 5.40(55 5.60 (200-220) Good and choice ... 5.50(5* 5.70 (220-2501 Good and choice 5.80(5* 5.90 (250-290) Good and choice 5.75(5* 5.90 (275-300) Good 5.554* 5.75 Packing sows: <275-350) Good 4.85(5? 5.10 (350-425) Good 4.85(5? 5.10 (450-550) Good 4.50® 4.85 (275-550) Medium 4.25® 485 (100-130) Slaughter pigs good and choice 2.65® 3.65 CATTLE —Receipts. 100— —Steers—-(sso-900) Choice $7 00® 8 00 Good 5.75® 7.25 Medium 4.00® 5.75 Commcn 2.50® 4.00 (900-1.10)1 Choice 7.50® 8.50 Good 6.00® 7.75 Medium 4.25® 6.00 Common 3.00® 4.25 (1.100-1.3001 Choice 8 00® 9.00 Good 6.00® 8.25 Medium 4.50® 6.25 (1 300-1.5001 Choice 8.50® 9.25 Good 6 50® £.50 —Heifers—-(sso-7501 Choice 6.75® 8.25 Good 5 25® 6.75 Common and medium 2.50® 5.2' (750-900) Good and choice .... 5.50® 7' Common and medium 2.50® ' —Cows— Good 3.*25® 4. Common and medium 2.50® 3.2 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. 200— Good and choice $6.50® (.00 Medium 4.00® 6.50 Cull and common - 2.00® 4.00 —Calves—-(2so-5001 Good and choice 4.75® 6.50 Common and medium 2.50® 4.75 —Feeder and Stocker Cattle——Steers— (soo-8001 Good ana choice 4.00® 5.25 Common and medium 2.75® 4 00 iBOO-1.050i 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 0 2.50 SHEEP AND LAMBS —Receipts. 200— 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-1501 Good and choice ■ 1.75® 2.25 All weights, common and medium 1.25® 2.00

Other Livestock

ißv United Press i CHICAGO Nov. 3.—Hogs—Receipts. 8 000: including 7.500 directs; holdovers. 1 000; market, steadv with meagre supplv on hand: nominal top. *5.80 compared with *5.65 last Friday Cattle—Receipts. 1 900 commercial: 1.500 government; calves. 400 commercial. 500 government; fed steers and yearlings closed about steadv: fat cows fullv 25 cents lower; bulls and vealers steadv: extreme top strictly choice fed steers. $9.35: best light steers. *9.1: practical too long vearlings. *8 75: yearling heifers. *8 best grass heifers *5. Sheep—Receipts. 5.000; compared Fridav last weke fat lambs mostly 25 cents lower; sheep strong to shade higher: feeding lambs weak to lower: week's top native and range lambs. *6 85: bulk natives 56.50*16.75: fed westerns. *6 50- t 6.65. range lambs. *6 ./6.75: bulk slaughter lambs. *6.50 down: few vearlings. slaughter ewes, *1.75@ 25: feeding lambs. *3 50© 6. LAFAYETTE. Nov. 3 Market, steadv: 240-300 lbs.. *5 75-5 80. 300-325 lbs.. *5 50: 220-240 lbs. *5 55-5 70 200-220 lbs. *5 4041 5 50; 180-200 lbs. *slsh 5 30: 160-180 lbs. *4 904i 5: pigs. *4.50 down; roughs. *5 down Calves—Steady. *6 down. Lambs—s6 down. By 7 ime* Special LOUISVILLE. Nov. 3 —Cattle— Receipts. 225; market, nominal compared week ago: steers from 1.000 lbs. up. strong to 25c higher: other slaughter classes, generally steadv: Stockers and feeders, unchanged: week's bulk common to medium light grass steers and heifers *3 50*1 4.50: common. *3. cutter grades below better finished offerings, mostly *s*i6: bulk beef cows. *2 50i3: practical top. S3 25: low cutters and cutters. *1.25*/ 2 25: sausage bulls, mostly *2.75 down: desirable Hereford stock calves mostly *4 50r5; most feeding steerA *3*/ 3.75 Calves—Receipts. 175: market. seadv: bulk better vealers. *5 50 > 6 50. stnctlv choice. *7; medium and lower grades. *5 down: market closing steady to 50c lower for week Hogs—Receipts. 150: mostly 10c higher: bulk better 200-250 lbs. (5 85: 180-195 lbs. (5 45: 255 lbs. up. *5 40. 160-175 lbs . (4 85; 140-155 lbs . *4 35: 120-135 lbs *3 35: desirable sows. (4 50: market closing unevenly. 25u 40c higher than last Saturday: most advance on weights 200 lbs. up Sheep— Receipts. 50: market steadv and unchanged for week: most better lambs at close. *6: choice quotable. *6 25 and above: bucks, discounted. (1: light throwouu. *3 50: fat ewes. 81 504j,3. stock ewes, mostly *6 50 a head down.

INDIANAPOLIS, SATURDAY, NOVEMBER 3, 1934

GRAIN VALUES TURN WEAK IN SHORT SESSION Aggregate Trade Is Small in Extremely Shaky Market. BY HARMAN W. NICHOLS United Press StafT Correspondent CHICAGO. Nov. 3.—With the next !torn of affairs in the grain world I uncertain, traders on the Chicago Board of Trade today hurried into (the pits to even up their positions for the week-end. Wheat finished % to % cent lower, (December 98% cants; corn was U Ito 1% cents lower; December 76% cents, and oats were % to % cent off; December 50% cents. Events weer recorded with such rapidity during the last week that operators were reluctant to take a chance on what might develop over the holiday. Strength in foreign markets lent prices a firm tone here early in the session, but scattered selling later brought a recession. The market was shaky with values bobbing back and forth across the previous finish line. Trade in the aggregate was small. Conflicting influence tended to restrict speculative operations and December wheat and corn acted rather tight, the former going to around 2% cents over the May delivery. There were scattered purchases of December wheat against sales of May early. Grasshopper destruction of grain was reported in Australia and had some effect on the Liverpool market, which finished 1% cents improved. Buenos Aires and Rotterdam also were higher. Corn ran into profit-taking on the upturn, while oats was quiet. Provisions showed a firm undertone. WHEAT— Prev. Open. High. Low. Close, close. Dec. 01d... .99% .99% .98% .98% .99% New 99% .99% .98% .98% .99% May 96% .97% .96% .96% .96% July 90% .90% .89% .89% .89% CORN— Dec. old-,. .78% .78% .77% .77% .78% New 78% .78 Vi .76% .76% .77% May 78% .78% .77% .77% .77% July 77% .77% .76% .76% .77% OATS— Dec. new ...51% .51% .50% .507* .51% May 49 .49V* .48% .48% .49 July 44% .44% .4375 .43% .44% RYE— Dec. old .. .70% .707* .69% .69% .70% New 69% .69% .69% .69% .70% May 73% .73% .72% .72% ,73 July 73% .73% .72% .72% .727* BARLEY— Dec 77 Vi .77V* .77% ,77V* .77V* May 74'* .74% .74% .74'/* .74V* LARD— Nov 9.92 9.90 9.92 9.87 Dec 9.90 LARD — Nov 9.90 9.92 9.90 9.92 9.87 Dec 9.90 9.95 9.90 9.95 9.87 Jan 10.00 10.05 9.97 10.05 9.97 May .... 10.32 10.42 10.32 10.42 10.35 BELLIES— Dec 13.82 13.82 13.82 13.82 13.50 Jan 13.75 13.75 13.75 13.75 13.37 CHICAGO PRIMARY RECEIPTS —Bushels — Today. Last week. Wheat 309.000 515.000 Corn 381.000 646.000 Oats 126.000 85,000

Cash Grain

(By United Press) CHICAGO. Nov. 3.—Casn grain: Wheat —No. 2 red. $1,007*: No. 1 hard, $1.07; No. 3 hard. $1.03%; No. 2 red. 97%c (garlicky). Old corn—No. 1 yellow. 81 %c; No. 2 yellow, 81 %c; No. 3 yellow. 81c. New corn—No. 2 yellow, 80%®80%c; No. 3 yellow, 79%®80%c: No. 4 yeliow. 76 Ca 78%c; No. 3 white, 83%c. Oats—No. 3 white. 53%®54**c. Barley—Quotable 75c (5/ $1.15. Timothy—sl6.so® 17. Cloverseed —sls® 18.75. Soy beans —No. 2 yellow, 82 fn 83c icountrv station commission basisi. Buckwheat—No. 2. $1.25. Cash provisions: Lard. $10.02; loose. $9.92; leaf, $10; bellies, $13.50. TOLEDO Nov. 3.—Grain Close (In elevators. transit billing); Wheat—No. 2 red, $1.01%®10.2‘a. Corn--No. 2 yellow. 84® 85c. Oats —No. 2 white, 57%®58'/2C. Rve —No. 2. 75®r76c. (Track prices. 24%c ratei: Wheat—No. 1 red. 97%®98c; No. 2 red. 96% (n 97c. Corn —No. 2 yellow, 79' ® 80%c; No. 2 yellow, 7?'-®Boc. Oats—No. white. 54%@56c; No. 2 white. 54®58%C. LOCAL CASH MARKET City grain elevators are paying 88 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 68 cents, and oats 43 cents.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers. FRUlTS—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. $2.50. Avacados box. $1.50. Quinces, bushel. $3. Bananas, pound. sc: pineapples, crate, $5; size 30. Apples, maiden blush. $1.50; northern spys. $1.35: Indiana Jonathans. $1.85; grimes golden. 51.50'31.75. 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, 50lb. bag. $1.75. Potatoes, New Jersey Cobblers. 100-lb. bag. $1.35: northern round white. 100-lb. bag. $1; Ohios. 100-lb. bag. $1.55; Idaho Russets, 100-lb. bag. $2. Sweet potatoes. Indiana Jerseys, bushel. $1.50: Indiana Nancy Halls, bushel. sl. Beans, round stringless. bushel. $1.75. Beets, dozen, 20c. Carrots, home-grown, dozen 35c. Cauliflower, crate. $1.75. Celery. Michigan, medium, dozen. 40c; Jumbo, dozen. 65c: hearts, bunch. 90c. Cucumbers, hothouse, dozen. 1.25. Endive, dozen. 40c. Egg plant, dozen. 75c. Kale, home-grown, bushel. 50c. Lettuce, outdoor. 15-lb. basket. 60c. Mangos. bushel. 85c. Mint, dozen. 50c. Parsley, dozen. 35c. Peas— Hamper. $3.75. Spinach, home-grown, broadleaf. bushel. 50c. Radishes, dozen. 30c. Tomatoes, outdoor, 12-lb. basket. 45c; bushel. $1.50. Turnips, home grown, dozen 20c; pumpkins, dozen. $1.25. FRUITS AND VEGETABLES (Bv United Pressi CHICAGO. Nov. 3.—Apnles—Michigan Mclntosh bushels. 2' 2 inch. $1.65 ft 1.75; Jonathans. sl.3sft 1.60 Sweet potatoes— Tennessee bushels. 75ft 90c. Lettuce— California crates. $2ft2.75. Peppers—lllinois bushels. 40ft 75c. Celerv—Michigan sauare crates 404/85c. Oregon—Cauliflower crates. slftl.ls: Michigan, $125. Graces—Michigan Concord. 12 quarts. 30 4/38c. Cranberries—Massachusetts. > 4 barrels. $2.75ft 3; Wisconsin. $3.15® 3.50. Somach Missouri bushels. 40ft 50c; bunches. 2ft2 3 4 c. Celerv —Cabbaee. Michigan flat crates. 30ft 35c. Beets—lllinois and Indiana, bunches, lc. Onions—lllinois green bunches. 6ft Bc.

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers. A 25-cent carrying charge per ton will be added. DOMESTIC RETAIL PRICES Anthracite sl3 00 Brazil Lump 604 Brazil Mine Run 5.25 Coke. Nut Size 8.90 Coke. Egg Size .. .. 890 Indiana Forked Lump No 4 594 Indiana Forked Lump No. 6 5 84 Indiana Egg 571 Kentucky Lump Group "B' 7.18 Pocahontas Lump 8.32 Pocahontas Egg 8 42 Pocahontas Mine Run 7.57

Other Livestock

FT. WAYNE. Nov. 3—Hogs—Steady to 10 cents higher 250-300 lbs . *5.75: 225250 lbs *5 55: 200-225 lbs. *5 40: 180-200 lbs (5 25; 160-180 lbs. *5 : 300-350 lbs, *5 25: 150-160 lbs.. *4 50. 140-150 lbs., *4 25; 130-140 lbs.. 83 75; 120-130 lbs.. 83 25: 100-120 lbs . 32 75; roughs. *4 50; stags. 83.75. Calves—B7. Lambs—*6.2s.

New York Stock Exchange Prices

Sales today approximated 310.000 shares, against 200,000 last Saturday. Dow, Jones preliminary closing averages showed industrials 94.95, up 0.53; railroads 34.76, up 0.03; utilities 19.36, up 0.10. (By Thomson & McKinnoni Prev. Oils— High. Low. Close, close Amerada 42% 42% 42% At! Rfg 24% 24% 24% 24 Barnsdall 6% 6% 6% 6% Consol Oil 8 7% 8 8 Cont of Del .... 17% 17 17 17 Houston (new).. 33 32% houstdn (01d(... 14% 14% 14% ... Ohio Oil 9% 9% 9% 9% Pet Corp 8% 8% 8% ... Phillips Pet .... 14% 14% 14% 14% Plymouth Oil ... 8% 8% 8% 8% Seaboard Oil ... 25% 25 25% 24% Shell Un 6% 6% 6% 6% Soc Vac 14 13% 13% SO of Cal 32% 32% 32% 32% S O Os Ind 24% 24V, 24% 24% S O Os N J 41% 41 41% 40V, Texas Corp 21% 21 21 21 Tidewater Assn.. 9% 9 9% 9 Un Oil of Cal . 15% 15% 15% 15V. Steels— Am Roll Mills .. 17% 17% 17% 17V* Beth Steel 26% 25% 26% 25% liyers A M 15% 15% 15% 15% Inland Steel 39% 39% 39% 39% McKeesport Tin 90 90 90 89 V, Natl Steel 39 38 38% 39 Otis Steel 4% 4% 4% 4 Rep Iron & Steel 12 11% 11% 11% U S Pipe & Fdy. 18 18 18 18 V 8 Steel 32% 31% 32% 37% Warren Bros . 5 s * 5% 5% 5% Yogstown S & T 16 16 16 15%

Wall Street "BY RALPH HENDERSHOI”

Times Special Writer. YORK, Nov. 3.—The Investment Bankers of America have decided to follow the lead of the American Bankers Association in getting behind the government in its efforts to pull the country out of the depression. This is an important step, for the nation needs long-term funds fully as much as, if not more than, it needs the short-term loans

which the commercial bankers are in a position to furnish. But the investment bankers boint out that because of certain provisions of the securities act they are not able to co-operate as effectively as they would like to. In effect, they tell President Roosevelt that if he will use his in-

fluence to get congress to modify the laws under which they are now operating they stand ready to put their shoulders to the wheel to help the recovery along. it tt tt THE attitude of the investment bankers is sound from a practical standpoint, assuming they are as sincere as they claim to be. It is true that they are greatly handicapped in the issuance of securities. It also probably is true that they would like to make a great many more long-term loans to business than they do. The more loans they make the greater their profits. In a sense their position resembles that of a merchant more than it does that of a banker. They buy at wholesale and resell at retail. They use their own or borrowed funds only during the process of distribution. The investment bankers declare that they have plenty of money to loan to business. They mean by this that the market now is sufficiently good to absorb all the securities that business concerns need to sell to finance their operations. This is decided encouraging, for it means that the markets finally have gotten over the indigestion caused by the huge amounts of secuirties put on the market in the last year or so of the boom. a tt a ROBERT T. CRANE, the newly elected president of the Investment Bankers Association of America. announced he would appoint a committee to consult with the President or his lieutenants on all investment banking matters. This was a businesslike step. It makes it possible to bring about the greatest amount of co-operation between the government and the bankers. But there is very little this committee can do. except, perhaps, to help provide the facts and arguments which may or may not lead to revision of the Securities Act, the one stumbling block to the resumption of long-term lending. It can not make agreements to speed lending, for it could not make good on its promises. a tt a IN making the point that business people are to blame for the lack of long-term financing the investment bankers are taking a page from the American Bankers Association’s book which they can not use. It is rather obvious that it does not accurately represent the actual situation, except that business people are unwilling, unless put to it, to assume the obligations imposed on them by the Securities Act any more than are the bankers. They are all in the same boat, and it is unfitting that the bankers should lay the blame on business men.

Produce Markets

Delivered in Indianapolis nrlcesi Heavy hens, 11c; 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 (Bv United Press) CHICAGO. Nov. 3.—Eggs—Market steady; receipts. 1.643 cases: extra firsts. 28c; fresh graded firsts, 27c; current receipts. 23' 2ft 25'iC: dirties. No 1. 20c; No. 2. 18c; checks. No. 1. 18' 2 c: No. 2. 15c. Eggs— Market, easv: receipts. 7,187 tubs; extras (92 score). 23c; firsts 'BB-89*2 score). 24'jft26c; extra firsts <9O-91*2 score*. 27 4/28c. seconds. 1 86-87' 2 score). 24c- specials. 28 1 2 ft29c. standards. 27'c. Poultry —Market, steady; receipts. 15 trucks. 1 car due; geese. 11c: turkeys. 14ft 16c; old roosters. 10' 2 c; ducks, heavy white. 15c; springers, colored. 14c: Rock. 15c; hens, heavy. 14c Leghorns, 10c: guinea hens, a dozen, s4ft7. Cheese—Twins, 13ftl3'2c: Daisies. 13 1 j >fi 14c: Longhorns. 14ftl4*2C. Potatoes—Supply moderate: demand and trading slow; market firm on Russets and McClures, dull on others: Wisconsin round whites. 75'>/85c. commercial grade, 72' 2 ft 75c: Idaho Russets. sl.6oft 1.70: United States No. 2. $125; Colorado McClures. $1.85; poor color, $157*2. Arrivals. 99; on track. 255: shipments. 665. EXTEND FILING DATE Rif Time* Special DAYTON. 0.. Nov. 3 —The United States District Court here has deferred until Dec. 1 the date for the National Pumps Corporation to file a plan of reorganization under section 77-B of the bankrutpey act. Filing originally was scheduled for Nov. 1.

. Motor*— Auburn 25 25 25 24% Chrysler 34% 33% 34% 34 'Gen Motors .... 29% 29% 29% 29% i Graham Mot ... 1% 1% 1% 1% | Hudson S’* 8% B'* . 1 Nash 14% 14% 14% 14% Packard 3% 3% 3% 3% ; Reo 2% 2% 2% 2% ' Btudebaker .... 2% 2% 2% 2% , Yellow Truck 2% 2% 2% 3 I Motor Access— Bohn Alum .... 53% 52% 53% 53 ! Borg Warner .. 24% 24% 24% 24% Briggs 18 17% 17. 17% Budd Mfg 5% 4% 5% 4% I Budd -Wheel 2% 2% 2% 2% Elec Auto Lite.. 23% 23% 23% 23% Elec St or 8at.... 43 42% 43 42% ' Houdaille (A).. 5% 5% 5% 5% (Murray 80dy.... 4% 4% 4% 4% 1 Timken Roll 29% 29% 29% 29% Timken Det Axle 6 6 6 5% Mining— Alaska Jun 18% 18% 18% 18% Am Metals .... 13% 13% 13% 13% Amer Smelt 35% 34% 35 35 Anaconda 10% 10% 10% 10% Cal & Hecla 2% 2% 2% 2% Cerro de Pasco 37 36% 36% 37 Dome Mines .... 40 39% 39% 40 Howe Sound ... 47 47% 47% 47% Int Nickel 52% 22% 22% 22% Isl Cr Coal 29% 29% 29% 19% Kenn Cop 16% 16% 16% 16% Mclntvre Mine 44% 44% 44% 44% Park Utah 3% 3% 3% 3% Noranda Cop ... 34% 33% 34% 33% Phelps Dodge .. 14 13% 14 13% St Joe Lead 16 15% 16 15% U S Smelt 114 113** 113% 114 Vanadium 15% 15% 15% 16 Amusement*— Fox Theat 12% 12% 12% 12% Loews Inc 30% 30% 30% 30% Radio Corp .... 5% 5% 5% 5% Paramount 4'/* 3% 4% 4 RKO 1% 1% 1% 1% Warner Bros ... 4% 4% 4% 4% Tobaccos—(Am Sum Tob .. 22% 21V* 22% 21% Am Tob "A” .. 80 80 80 80 Am Tob "B" ... 81% 81 81% 81% Gen Cigars .... 53% 53 53% 52% Ligg & My "B" 102% 102% 102% 102% Lori Hard 18% 18% 18% 18% Phillip Morris . 32% 32% 32% 32% Reyn Tob "B” . 48% 48% 48% 48% j Rails— Atchison 527% 52% 52% 52% B & O 14% 14V* 14% 14% Can Paciic .... 11% 11% 11% 11% !Ch & Ohio 42% 41% 42 42 Vs Chi & Gt W 1% 174 1% ... Ch & Gt W pfd 4 4 4 C M & St P pfd 4 4 4 4% Chi N W 5% SV, 5% 5% Chi N W pfd .. 10% lO's 10% 10 Del Lac Si W 17'/* 17% 17V* 17% Grt Northern pf 15 147* 15 14% 111 Central 15% 15% 15% 15’* M K & T ... 6% 6 6V* 5% MKSi T pfd .. 14% 14Vi 14'/* 14 Mo Pac pfd 3% 3% 3% . . N Y Cent 20% 20% 20% 20% N Y New Haven 8% 8% 8% 8% N Y Ont & West SV SV s'* 5V* Nor Pacific 18% 18% 18% 17% Penn R R 22% 22% 22% 22% Sou Pac 17% 17'* 17% 17V* Sou R R 16'/* 16V* 16V* 16 Equipments-i-Am Car Si Fdy.. 15'/* 15V* 15% 14% Am Loco 16 15% 16 Am Steel Fdy... 13% 13% 13% 13% Bald Loco s'/* 5% s'/* 5V* Gen Am Tk Car 35% 35% 35% 35 Gen Elec 18V* 18 18V* 18% Gen R R Sig ... 26 26 26 25% Pullman Inc ... 39*4 39% 39% 39% West Air Br .... 25'/* 25V, 25V, 25V* V/estingh Elec .. 31% 31% 31% 30% Utilities— Am & For Pwr 5% 5V* 5V* 5% Am Power & Lit 4% 4% 4% 4Vs AT&T 110% 110 110% 1097* Am Wat Wks ... 15 14% 15 147-', Col Gas & Elec BV* 7% 8 9 Conn & Sou 1% IV* IV* IV* Consol Gas 26% 25% 26% 25% Elec Pwr & Lit . 3% 3% 3% 3% Int Hydro Elec 3V* 3V* 3% 3Vi Interboro R T . . 14 V* 14 V* 14% 14 Int T & T 9 8% 9 9 Nat Pwr & Lit.. 8 77 7 * 8 77* North Amer 13 12% 13 12% Pac G & E 16% 16V* 16% 16V* Peoples Gas 21 Vs 21 21 % 21V* Pub Serv N J 32 31% 32 31% So Cal Edison... 14 13% 14 13% Std Gas 7% 7% 7% 7 Stone & Webster 5V* 5% 5Vi 5% United Corp 3% 3% 3% 3% Un Gas Imp 13% 13% 13% 13% Ut Pwr & Lt A lVi 1% 1% 1% Western Union.. 33% 33 33% 34 Rubbers— Goodrich 10 9% 9% 9% Goodyear 21% 21V* 21 *4 21 Kelly Spring ... 1% 1% 1% 1% U S Rubber ... 16V* 15% 16% 16 U S Rubber pfd. 36 36 36 34% Miscellaneous— Am Can 101% 101% 101 % 101 Am Mach & Fdy 18V* 18V* 13'4 18% Burroughs Add . 1474 14 14 14 J I Case 47 47 47 4674 Conti Can 58 74 58’/* 58V* 58 Caterpillar Tract 31 Vs 31 31 % 31V* Crown Cork 24% 24'/* 24% 24% Deere & Cos ... 19V* 19 19'/* 19 Eastman Kodak 105% 105 105 105% Gillette 14 13% 13 7 /* 13% Glidden 23 2274 23 2274 Int Bus Mach ..140 140 140 140 Inter Harv .... 33 327* 33 32'/s Natl Cash Reg.. 16'/* 16 16'/* 16 Owens Bottle ... 80 80 80 79V* ! Rem Rand .... 9 8% 9 874 Underwood E .. 51 50% 51 5074 Foods— Am Sugar 60 60 60 59% Armour Com ... 6 57* 574 57* Armour 6% pfd.. 64% 64Vs 6474 6474 Borden Prod ... 26 25% 26 257, Cal Packing 38'% 38'/* 38'% 38 Cana Dry G Ale 14% 1474 1 474 14% ! Coca Cola 144’% 144 144 i Corn Prod 65% 65% 6574 66V* Crm of Wheat.. 3274 32% 32% 32% j Cen Baking ... 7’% 7% 7'% 77V* Gen Foods 32'% 32 32'% 32 Gold Dust 16% 16V* 16'/* 16% G W Sugar 27Vi 27V* 27'/* 27 Hershev 69 68% 69 68% Natl Biscuit 27 2674 2674 26% Natl D Prod . 16'% 16/< 16% 16% S Porto Rico Sug 247* 24V* 24% 24% United Fruit ... 70V* 70 70'/* 70% Retail Stores— Best & Cos 36'% 36% 36% 36 % First Natl Stores 63 62'% 62'% 63'% Gimbel Bros ... 4 374 3% 4 Gr Un Tea 5 5 5 474 Hahn Dept Sts . 574 574 574 5'% Kresge S S 18'% 18% 18'% 18% Kroger Groc ... 28 2774 2 8 28 Macy R H 44 44 44 44 McCrory St .... 7% 7% 774 7'% McLellan St 9% 974 9% 9% May Dept St ... 4040 40 Mont Ward 28 27% 27% 27% Penney J C 66% 66'/* 6674 66% Safeway St . 44% 44'% 44% 44% Sears Roebuck 3974 39% 39V* 39% Woolworth 507* 50% 50'% 50% Aviation— Aviation Corp .. 3% 3% 3% 3% Boeign Aircft .. 774 7'4 7Vi 7% Curtiss Wright . 274 27* 2',4 2'/* Curtiss Wright A 6% 6% 674 Douglas Air .... 18% 177'* 1774 18 Nor Am Av 3% 3'/* 3V 3'/* Sperry Corp . 7% 774 774 77* Un Aircraft New 874 8 % B'% 874

Hendershot

Commodity Prices "■“ By Fenner & Beane)

NEW YORK COTTON January 12.15 12.09 12.14 12.09 March 12.22 12.13 12.20 12 15 May I 12 24 12.15 12.22 12.14 July 12.23 12.13 12.21 12.15 October 11.97 11.87 11.96 11.90 December 12.13 12.03 12.12 12.05 NEW ORLEANS COTTON January 12.17 12.17 12.17 12.10 March 12.24 12.15 12.23 12.19 May 12.26 12.16 12.23 12.20 July 12.20 12.16 12.22 12.18 October 11.95 11.89 11 94 11 88 December 12.14 12.07 12.13 12.09 SUGAR Prev. High. Low. Close, close. January 1.75 1.74 1.75 1.75 March 1 69 1.69 1.70 1.69 May 1 73 1.72 1 73 1.23 July 1.77 1.76 1.77 1.76 September .... 1.80 1.79 1.30 1.80 December 1 83 1 82 1 83 1.83 . BUTTER r Prev. High. Low. Close, close. November 26 7 .26 7 g .26 7 .27 December 27'a .27 .27 .27',* January 27'2 .271 a .27Vz .27‘/2 i EGGS \ November 21 J s .21 1 2 .21\ .21 1 2 ' December 22 Vs .22'2 .22 Vs .22 1 2

Investment Trusts

(By Abbott, Proctor & Paine) Bid. Ask. American Bank Stock Corp .. .93 .96 American and General Sec A 3.00 5.00 j American & Inv Tr Sh 1.75 Basic Industry Shares 2.95 3 OO British Type Inv Tr Sh 38 .44 1 Collateral Trustee Shares A . 415 4.25 1 Corporate Trust Shares (old). 1.86 1.90 Corporate Trust Shares (new) 2.13 2.17 Cumulative Trust Shares 3 60 3.65 Diversified Trust Shares A... 6.25 Diversified Trust Shares B .. 6.75 .... Diversified Trust Shares C .. 2.73 2.78 Diversified Trust Shares D .. 412 4.25 First Insurance Stock Corp .. 4.37 475 First Common Stock Corp ... .47 50 Fixed Trust Oil Shares A .... 7.25 . . Fixed Trust Oil Shares B .... 6.12 Fundamental Ins Inc 1.71 1.92 Incorporators Investments ... 15 63 16 80 Land Bank Bond Shares 5.70 5 90 Low Priced Trust Shares .... 480 490 Mass Inv Trust Shares 17.71 19 21 Nation Wide Securities ... 2.90 300 North Am Trust Shares (53) .. 1.75 177 No Am Trust Shares 155-561.. 2.16 9 20 North Am Trust Shares (58) . 2.18 2.22 Selected American Shares 2.23 Selected American Shares Inc 102 1.12 Selected Cumulative Shares .. 603 Selected Income Shares 3.11 Sid American Trust Shares A 267 2.71 Trust Shares of America 259 263 , Trustee Std Oil A 525 5.37 1 Trustee Std Oil B 4.37 4.50 U 8 Electric Lt 6c Pwr A 10 75 11.00 Universal Trust Shares 2.75 2.80

Chemical*— Air Reduction . 102% 102% 102% 102% Allied Chem 128 128 128 127% Am Com Alcohol 29% 27% 28% 27% Com Solvents... 19% 18% 19% 18% Du Pont 92% 92% 92% 92% Freeport Tex... 26% 26% 26% 26% Math Alkali . ... 24% 24% 24% 24% Monsanto Chem 55% 5* 55% 54% Natl Dts (newi 22% 22% 22% 22% Schenlev Dlst .. 25% 24% 25% 24% Tex Gulf Sulph 36% 36% 36% 36% Union Carbide 44 43% 44 43% U S Indus Alco. 38% 37% 38% 37% Cotr Inc 4% 4% 4% 4% Lehn St Fink ... 14% 14% 14% 14% Sterling Prod .59 58% 58% 59 Un Drug new).. 11** 11 11% 11% Vick Chem 32% 32% 32% 32** Zontte Prod 4 3 s * 4 3% Financial— Allegheny Corp.. I** 1% 1% ... Chcsa Corp 37% 37% 37% .. Transamerlca ... 5% 5% 5% 5% Tr Conti Corp... 3% 3% 3% 3% Building— Am Radiator .. 14*. 14% 14*. 14% Gen Asphalt .. 13% 15% 15** 15% Holland Furnace 6% 6% 6% 5% Int Cement 21% 21% 21% 22 Johns Manville . 49% 48’* 49 48% Libbv Owens Gls 24% 24% 24% 24% U S Gypsum ... 40 39% 4040 Household— Col Pal Peet.... 16% 16% 16% 16% Congoleum ..... 30 29% 29% 29% Kelvinator 15% 14% 15% 15 Proc & Gamble.. 40 39% 40 39% Servel Inc 6% 6% 6% 6 Simmons Bed.. 9V 9% 9% 9 Textiles— Amer W001en.... 8% 8% 8% 8% Belding Hem .. 12% 12% 12% 12 Celanese Corp.. 28 s * 27% 28% 27% Collins Aikman . 11% 11% 11% 11 Indus Rayon .. 26% 26 26% 26%

Chicago Stocks

(By Abbott, Proctor & Paine) Prev. Close., close. Bastlan Blessing 4% . Bendix 12% 12 Borg Warner 24% 24 Butler 8 7H Cities Serv 1% I** Crane & Cos 7% 7% Comm Edison 42 41% Grt Lakes Air % ••• Grt Dredge 16% ... Iron Fireman 17% ... Pub of Nor 111 11 Swift 18% 18 s * Swift Int 37% ... Vortex 29% ...

U. S. Bonds

By Vnited Press NEW YORK. Nov. 3 —Closing Liberties. (Decimals represent thirty-seconds.) Liberty Prev. Close, close. 3%s (32-47) 103.27 103.27 First 4%s (32-471 103.17 103 16 Fourth 4%s (33-38( 14)3.30 103.29 Treasury 4'*s-3'is (45) 101 28 101.24 4%S (47-52) 101.18. 111.11 3%s (41-431 March 102.30 102.22 3%s (40-43) June 103 6 102.31 3 7*S (41) 103.2 102.30 3;s (46-49) 100.25 100.23 3s (51-55) 99.30 99.22 3s (46-48) 99.31 99.27 Home Owners I,oan Corporation 3s May 1, 1952-51 97.27 98 4s July 1. 1951 99.6 99.14 Federal Farm Mortgage Corporation 3'is March 15. 1964-4* 100.10 100 20 3s March 1, 1952-44 97.26 97.31 FEDERAL FARM LOAN BONDS (By Blyth & Cos.) Bid. Ask. 4s July 1. 1946-44 99 99% 4s Nov. 1. 1957-37 98 98% 4s May 1, 1958-38 98 98% 474s July 1, 1956-36 99% 99% 4'is Jari. 1. 1957-37 99'/* 99% 4%s May 1. 1957-37 99% 99% 47is Nov. 1. 1958-38 99% 100 4'/is May 1, 1942-32 100'/* 100% 4%s Jan. 1, 1943-33 100'/* 100% 4'/is Jan. 1. 1953-33 99% 100’* 4'/is Jan. 1. 1955-35 99’/* 100'/* 47is Jan. 1. 1956-36 99% 5s May 1. 1941-31 101% 101** 5s Nov. 1. 1941-31 10174 101%

New York Bonds

(By Fenner & Beane) Prev. Close, close. Alleg Corp 5s 'SO 24** 24% Am & For Pwr 5s 2030 527* 51% A T & T db 5s '65 1107* 110'/* Atchison Gen 4s '95 102% 102** B&O CV 4'/is '6O 547* 54 Can Pac 4s ’57 : 80% 80 Ch M S P & P adJJ 5s A 2000 7 6% CMStP&P rs 5s A ’75 24% 24% Cons Gas N Y 4'/is '57 104'/* 104 Denmark 57is ’55 9674 96 Erie RRrf 5s '67 66% 667* French 7s '49 180% .. Goodyear 5s ’57 10272 102*4 Gt Nor 5s An ’36 90 89% Interboro RT 5s ’66 76% 76% Int T&Tdb 5s '55 60% 60% Mckess & Robbinson 5%s ’SO. 88%8 8 % Nat Dairy db 5%s '4B 99% 100 N Y Central 5s O 2013 647* 65 Nor Am 5s ’6l 85'/* 85% Pac Gas & El 5s (A) ’42 106% 106% Penn R R 4'/is ID) ’Bl 96*i 96% Poland 7s ’47 128% 128% Shell Union Oil 5s '52 102% 102 % Sin Cons 6%s iß> '3B 104% 104% Texas Corp 5s ’44 103 103'* Tob Pr N J 6%s 2022 106% 106% Un Pac Ist 4s ’47 106% 1067* U S Rubber 5s (A) '47 86% 854* Vanadium 5s '4l 8074 81 %

New York Curb

(Bv Abbott. Proctor & Painei Allied Mills 7'/* 7% Am Cyanide “B” 16 ls'/i Am Gas & El 19% 19% Am Superpower 17* 17i Ass Gas & El 9-16 '/* Atlas Coro 87* 87* Can Indus Ale ’'A” 87* .. elites Serv 1% 17-* Consol Gas of Balt 60 Cord Corp 3% 37* Deere & Cos 19% 19 Distillers Coro 14% 13% Dow Chem 74** .. El Bond & Chare 9% 9% Fisk Rubber 87* 97* Ford of Can “A'’ 24% 23% Ford of Europe 9% 10 Gen Aviation 4 Glen Alden Coal 23% 23% Gulf Oil of Pa 54% 537* Hiram Walker 27** 25% Humble Oil 39% 38** Imperial Oil Ltd 16% 167* Hud Bav Min 11% 12 Int Petrol 30 1 /* 30% Lake Shore Min 56 56% Libbv McN Libbv 6*4 6% Natl Bellas Hess 2% 2% Park Davis 29% 29% Sal Creek Products 8 6% Sherwin Wms IS* 7 * 74% Std of Kv 15% 157* Technicolor Ind 13% 13 Un Gas 2 2 Un Pwr Si Lit “A” 1% 1%

Money and Exchange

INDIANAPOLIS STATEMENT Clearings 8 2.280,000 00 Debits 6.751.000 00 Clearings for the week 13.947.000.00 Debits for the week 31 370.000.00 FOREIGN EXCHANGE By Abbott, Proctor & Paine) Prev. Close. close. Sterling. England *4-98 1 84.98V* Franc, France 0659' * .0659 Lira. Italy .0855V* .0855 Vi Franc. Belgium 2336 .2333 Mark. Germany 4025 .4024 Guilder, Holland 6767 .6765 Peseta. Soain 1366 .1366 Krone. Norway 2501 .2504 Krone, Denmark 2223 .2226

Treasury Statement

(By United Press) WASHINGTON. Nov. 3.—Government expenses and receipts for the current fiscal year to Nov. 1. compared with the corresponding period of the previous fiscal vear: This Year Last Year. Expenses *2.292.098.313.07 *1.453,629.442 71 i Receipts 1,221.766.746 00 961.781.026 99 Deficit . 1.070.331.567 07 491.848,415.72 Cash Bal. 1,782,109.071.85

Daily Price Index

By United Press NEW YORK. Nov. 3.—Dun 6c Brad- j street's daily weighted price index of J ihirtv basic commodities compiled for the , United Press: 1930-1931 average 100( —Today. 115 87— Yesterday ... 115.85 Year ago 99 78 Week ago .. 114 94 1934 high 120 95 Month ago 115.61 1934 low ..... 10105 (Copyright. 1934. Dun 6c Bradstreet. Inc.) BERGESON NAMED AUDITOR C. T. Bergeson, former assistant auditor and junior clerk of the Standard Oil Company of Indiana, has been appointed general auditor, according to an announcement made today. W. D. Roberts will continue as assistant treasurer.

Latest Stock, Bond and Commodity Quotations

STOCKS HIGHER AS SPECIALTIES FEATURESPURT Several Issues Climb to New Tops: Volume Remains Small. MARKETS AT A GLANCE Stocks steady at gains of fractions to about a point. Bonds dull and irregular. Curb stock quiet and mixed. Chicago stocks dull and irregular. Dollar steadier in sterling; easier in gold currencies. Cotton steady around previous closing levels. Rubber steady after break of fifty points. BY ELMER C. WALZER United Pre** Financial Editor NEW YORK. Nov. 3.—Stocks continued to advance today i.i light turnover. Gains ranged to a point in the main list, while special issues : had advances running to mere than 4 points. Budd Manufacturing Company was the most active issue on the board. It reached 574, up 1. while the preferred touched 46 %. up 4'g. Budd is the builder of the famous Chicago, Burlington & Quincy Zephyr. Several issues made new tops for the year, including American Sumatra Tobacco at 2214, up 74; Universal Leaf Tobacco 58%, up 2%; Wilson preferred 91%, up 1; CocaCola 144%, up 2; McCrory B 6%, up %, and the preferred 56%, up 1%. Oil shares continued in fair demand. Building issues were better, especially the Celotex group. Schenley gained nearly a point in the wet division. Noranda continued to rally in the golds. General American Transportation was up nearly a point in the railroad equipments. American Woolen preferred jumped nearly 3 points in the textiles, where Celanese was up fractionally. Silvers were barely changed. Week in Review Net results of this week on the Stock Exchange were practical neglect of the leading stocks which barely moved, and gains in special issues for special reasons. Trading continued on a light basis—around a half million shares a day for full sessions. Other markets also were dull. Bonds were higher on the week. The dollar gained against gold currencies to the point where a gold shipment left France for New York. Commodities were mixed with a substantial gain in grains sufficient to lift the United Press index nearly a point. A feature of the week was a sharp decline in the price of Stock Exchange seats. The latest sale was for $70,000, a decline of $20,000 for the week. That was anew low since 1932 and, except for that year, when the low was $68,000, it was anew minimum since 1919, when a seat sold at $60,000. Other Lines Pick Up Despite the drop in stock market business, other lines showed .some signs of a pickup. Steel operations rose more than a point on orders from the automobile industry, which in turn was stepping up production. Electricity output rose to the best level since July 23. Car loadings declined only slightly more than seasonal. Ordinarily those things, together with a long list of fairly good third quarter reports, retention of the 50cent token dividend on United States Steel preferred stock, and a long list of extra dividends would have brought, an active rally. However, no trader wanted to make commitments in advance of election despite clear- indications of the outcome. Railroad shares had a sinking spell for a time when a few shares were offered, buit they rallied later. Oils firmed on practical breakup of the gasoline war. Utilities dipped with Consolidated Gas for a time, but came back. Mercantile issues, notably those of companies in returnover. Tobaccos gained on outlook for higher earnings. PEARSALL IN NEW PORT By Time* Special CHICAGO, Nov. 3.—Robert E. Pearsall has been appointed manager of Armour & Company’s produce division, succeeding H. S. Johnson, retired, it was announced today.

Enter November 5 Beginning First Winter Term. Arrange to start yonr business training next Monday, or as soon thereafter as possible, day or evening. Special business courses are demonstrating daily their definite value and effectiveness. Young men and women who are specifically prepared are finding their way into desi-able positions. This Is the Indiana Business College of Indianapolis. The others are at Marion, Muncie, logansport. Anderson. Kokomo. Lafayette, Columbus, Richmond, and Vincennes—Ora E. Butz. President. For Bulletin giving full particulars, get in touch with the I. B. C. nearest you. or Fred W. Case. Principal. Central Business College Architects 6s Builders Bid-., Penntylvania A Vermont Sts. Indianapolis

gjMBU woes AT LOWEST fptctt NOW 1,0 K - Washington St. 259 K. Washington St. SToitra 303 W. Washington St. ’ H>9 ill S. Illinois St.

Quality LINOLEUM At Lowest Price* In City 9x12 Felt Bass Pi ne Rugs *4.os) fi and 9-ft. wide enameled surface floor covering. Regular <jq 59c ouallty Sq. yd }/C OK b c * c t t f Linoleum Cos. Mi E. Wash. St. K1.39*4