Indianapolis Times, Volume 46, Number 153, Indianapolis, Marion County, 6 November 1934 — Page 15

D e v e 1 o p m ents in Trade and Industry

30-HOUR WEEK CALLED THREAT TO TRADE GAIN Would Elevate Costs and Create Unstable Prices, Leaders Aver. BY W. lAN MAC K Tim** Spetial Writer NEW YORK. Nov. 6—Labor's growin % clamor Cor the adoption of a thirty-hour week in industry, calculated to spread employment so as to embrace most of the remaining jobless, was assailed by numerotu industrialists today as one of the greatest threats to economic recovery. Such a program, it was contended, inevitably would elevate manufacturing costs, thereby destroying the effects of eflorts toward the establishment of a price level insuring sustained consumer demand for goods. Lessons taught by the NR A experiment were cited generally as examples of the influence exerted upon the domestic economy by shorter hours of work and coincident wage increases. Purchasing power, it was explained, was more widely diffused under the system In force for more than a year, but the concomitant price advances, transla'ed into higher living costs, actually reduced individual buying power. with the result that demand for goods could not be expanded and increased unemployment ensued. Pressure for Wage Cuts Industry's response to shorter work-week demands, one executive intimated, will be pressure for lower wages as a means of reducing prices for finished goods sufficiently to bolder consumption and thus stimulate an upturn in plant activity next year. This action is contemplated. it was pointed out. to avert further contraction of industrial operations, regarded as inevitable in the event merchandise values fail to be cut to an extent necessary to maintain equilibrium in farm and urban purchasing power. "The fallacy of the proposal for the thirty-hour week.” another corporation official said, "should be as plain as the nose on ones face. Labor's demand assumes that sufficient work will be made available to provide employment for millions now idle through the curtailment of working time of those now employed. Obviously, the income of those whose time would be reduced must be increased proportionately if purchasing power is to b" sustained at its currently restricted level. Effect on Sales Stressed "At the same time, if wage rates are increased, the cost of production must rise correspondingly. Consequently. this would be reflected promptly in higher prices for goods. In such an event actual buying power would not be enlarged. The man now in a position to purchase an automobile, for instance, would find it more difficult to finance such a transaction. Therefore, fewer automobiles, or whatever the product might be. would be bought. Coincidentally, purchasing declines, and with it employment.” Another factor to be considered, it was indicated, is that, as costs rise, the tendency toward mechanization would be stimulated, since producers would be forced by competitive conditions to seek to poduce gods and materials at price levels which prove attractive to consumers. Such a development, authorities maintained, would not have the effect of stimulating employment in the manner the proponents of the shorter work-week envision, although it would do so until such a time as more modern equipment was installed. RAILROADS' EARNINGS UP FOR NINE MONTHS Net Operating Income Shows Moderate Increase. B'l Time * Speri'll WASHINGTON. Nov. 6.—Class 1 railroads for the first nine months had net railway operating income of $342,609,142. which was at the annual rate of return of 180 per cent on th'ir property investment, according to the Association of American Railroads, against $341.457.795, or 1 78 per cent, in the 1933 period. Gross operating revenues totaled $2,464 070.751 compared w ith $2,298.236 307 'or the same period in 1933. an increase of 7.2 per cent. Operating expenses amounted to $1 836,277.444 compared with $1,665,882,164 for the same period in 1933. an increase of 10.2 per cent. Class 1 railroads in the first nine months of 1934 paid $188,743,346 in taxes compared with $199,633,603 for the same period in 1933. a decrease of 5.5 per cent. COFFEE SUPPLY LOWER B y T i mes Special NEW YORK. Nov. 6.—World visible supply of coffee, exclusive of restricted stocks in Brazil, decreased 1 238.37* bags, or 14 9 per cent, during ' _*t>ber. the New York Coffee and Sugar Exchange declared today.

Chicago Grain Futures

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Above is shown the $5,500,000 distillery of Hiram Walker fz Sons. Inc., largest distillery in the world now in operation at Peoria. 111. The distillery occupies twenty-two acres on the Illinois river and has excellent water and transportation facilities. Maxi-

NONGOLD BASE j VIEWED BENEFIT Early Fall of Metallic Bloc Foreseen as Revival Siart. Hit 7 imr* Special NEW YORK, Nov. 6AH nations will be forced off gold soon, Rene Leon, authority on foreign exchange, predicted today. This, he declared, would be more effective in bringing about stabilization of the currencies of the great commercial nations and revival in world trade, than any other event that could transpire in international finance. It inevitably would mean, he asserted. that the leading industrial nations would find it necessary to confer on exchange stabilization, and that divorced from gold, all currencies more accurately would reflect the true conditions of world 1 commodity markets, removing artificial advantages gained through manipulation of exchange and i largely eliminating the dangers of large international flights of capital. "The fact that there have not ’ been large shipments of gold from Belgium, with the belga below the I gold shipping point, suggests that Belgian exchange is being supported with credits from other gold bloc ! centers,” said Mr. Leon. "This can not be done indefinitely. "Both in Belgium and Holland powerful elements are working for the desertion of those countries from the gold bloc. Gold bloc currencies as as strong as their weakeast link. Today Belgium appar- ! ently is the weakest link, and if Belgium leaves gold the others must i follow eventually. "France can afford to lose con- | siderable gold, how’ever, before reI fusing to supply it uopn demand. There is a great deal of "bad money” in France—alien money that is ready to leave the country if it seems that gold no longer will be obtainable. France would be i justified in letting most of this go i out, for its presence is a disturbing element in her situation. "If the gold bloc went off gold, it would mean the end of deflation for I the countries composing it. Export and import quotas, together with exchange controls to protect the j currencies, no longer would be necessary. Trade would flow more | freely and conditions would be far better for general stabilization of exchanges than they are today.” The immediate effect of a breakup of the gold bloc, said Mr. Leon, would be a tremendous strengthening of sterling exchange. TIN CONSUMPTION RISES Hague Council Reports Increase of 3.8 Per Cent in 12-Month Period. j Bv Times Special NEW YORK. Nov. 6—World consumption of tin for the twelve months ended last August totaled 121.400 tons, according to a bulletin of The Hague statistical office of the International Tin Research and Development Council. This represnets an increase of 13.8 per cent, while after allowing for depletion of consumers’ stocks, actual consumption for the same comparative periods is estimated at 136.900 and 121.800 tons, respectively. or an increase of 12.4 per cent for the year. The depletion of con--1 sumers’ stocks is estimated to have been 15.500 tons during the twelve months ended last August, and 4.800 tons in the previous year. BRITISH ISSUES RISE Corporate Funding for First Ten Months Totals 124.092.018 Pounds. Bp Times Special LONDON. Nov. 6.—New capital issues brought out m Great Britain during October totaled 23.446.272 pounds, compared with 10.026.260 in October last year, the Midland Bank. Ltd., reported. Corporate funding for the first ten months of 1934 aggregated 124.092,018 pounds, against 113.728.556 in i the corresponding 1933 period.

CHRISTMAS STIRS JOBS More Than Half Million Will Get Employment in Season. By rimes Special NEW YORK. Nov. 6 —The Christmas shopping season will create more than 500.000 temporary jobs, according to an estimate made by the National Retail Dry Goods Association. At least $30,000,000 will be paid in extra wages during the season, the group declared. Channing E. Sweitzer. managing director of the association. says that indications point to a strong wave of buying. - STOCK VALUES INCREASE By Timet Special NEW YORK. Nov. 6 —The market value of fifty representative stocks listed on the New York Stock Exchange as of Nov. 3 was $11,547,346,675. an increase of 5178.829.125, or 1.5 per cent, as compared with the market value of SI 1.368.517.750 at the close of the preceding week, according to a compilation by Paul H. Davis & Cos., members of the New York Stock Exchange. .

Abreast of The Times on Finance

WORLD'S LARGEST DISTILLERY

Wall Street BY RALPH HENDERSHOT

Time* Special Writer NEW YORK, Nov. 6 Joseph P. Kennedy, chairman of the securities and exchange commission. is doing as effective work these days in helping to promote a recovery in business as any man in Washington or elsewhere. His complete understanding of financial problems stands him in good stead

at this time, when the administration and the bankers are trying to find a basis upon which they can work in harmony. Among his most re c e n t achievements is the perfection of a questionnaire to be used in the registration of securities for trading purposes. It expresses exactly

the facts and figures the commission desires for passing on permanent registration, thus eliminating much of the unnecessary work the various corporations and the commission have been called upon to do in the past in order to meet the requirements of the law. For fear of being charged with evading the law corporations wishing to have their securities registered have compiled huge masses of data, much of which is not essential. The cost of this work has been great, and it has added to the work required by the commission to go through it for the facts it actually desires. 0 0 0 IT would occasion no great surprise if a similar procedure were worked out for investment bankers who seek the right to sell a security they have underwritten. Such a questionnaire would go a long way to eliminate the worst features of the securities act, compliance with which now is so costly and difficult. The securities act takes in so much territory and has such heavy penalties for violation that underw r riters have been afraid to offer securities for sale. Their lawyers have added to their extreme discomfort by pointing out all the things which could happen if one “t” is not crossed and one “i” is not dotted. And where the lawyers have not been sure of their ground they have advised against marketing operations of any kind. Many people in Washington believe the bankers to be unnecessarily afraid. But the bankers realize the necessity of keeping within the law. They have kept high-priced lawyers in their employ for years, and they know the value of keeping a close watch on details where the law is concerned. They are taking no chances on a judge or jury being lenient a few years hence, as they are being urged to do by those instrumental in enacting the law. 000 IF the securities and exchange commission can see its way clear i to eliminate some of the obviously ; nonessential details by preparing a questionnaire of all the facts it needs to know, it is reasonable to suppose that the bankers will welcome it with open arms. Such a memorandum would serve at some later date to show that they had tried to live up to the letter of the law, and it would make it possible to pass the buck if they were put on the spot. Mr. Kennedy realizes the need for long-term financing if the country ' is to make much headway toward recovery, and he has |}ie courage ! to take the action necessary to encourage such financing. Many another man would be inclined to sit j tight and evade the risk of criticism which might some day be leveled at . him for his trouble. . ELECTION DETERRENT TO CHICAGO BUSINESS Somes Lines of Wholesale Trade Get Christmas Stimulus. Bp Times Special CHICAGO, Nov. 6.—Business in this territory last week reflected thfr effects of the customary pre-election letdown, according to the Chicago Association of Commerce. The general picture was not as bright as in recent weeks despite the fact that several wholesale lines reflected the first pull of Christmas activity and retail turnover was kept at fair proportions by last minute visitors to the Century of Progress. In the industrial field, several factories reported small increases in pay rolls and personnel. Steel output held its average with indications of another spurt.

Most Markets Closed Principal stock and commodity exchanges throughout the country remained closed today. Election Day. Trading, however, was continued as usual at the local Union Stockyards as well as in other centers. AH banks in Indiana were closed all day, according to Arthur V. Brown, president of the Indianapolis Clearing House Association. Indiana banks are required by state laws to remain closed on Election Day.

INDIANAPOLIS, TUESDAY, NOVEMBER 6, 1934

mum capacity is 100.000 gallons daily. Matured whisky is imported from the Canadian plant for blending purposes, while much of the Peoria product is stored in two rack warehouses of 70.000 barrels capacity each. A third rack is in contemplation.

CLOSED BANKS’ LOSSESLOWER Jones Visions It Reduced to $2,000,000,000 as Assets Rise. Bn United Press WASHINGTON, Nov. 6.—The ultimate loss to the public in closed banks may be held to $2,000,000,000, Jesse H. Jones, Reconstruction Finance Corporation chairman, said .today. This loss, Mr. Jones said, is considerably less than that estimated several months ago because of rising prices of assets yet to be distributed to closed banks depositors. ‘‘Everything is worth more than it was a few months ago,” Mr. Jones said, “and there is a better feeling all over the country.” Continued slow progress in the RFC's program of loans to industry, however, was reported today by Mr. Jones. Only 340 loans aggregating $21,000,000 he said, had been authorized, and of this amount only $3,400,000 had actually been disbursed in cash. The RFC has a $300,000,000 pool for such loans to industry.

Hendershot

(Reprinted from yesterday) HOGS Oct. Bulk. Top. Receipts. 30. $4.90® 5.15 $5.60 9.000 31. 4,85® 5.20 5.65 7.000 Nov. 1 5.00(3 5.40 5.80 6.000 2. 5.10(55 5.50 5.90 4.500 3 5.20(3 5.50 5.90 2,500 5. 5.20® 5.50 5.90 6.000 (140-1601 Good and choice . . $4.55® 5.15 1160-1801 Good and choice 5.30(3 5.50 1180-200 1 Good and choice ... . 5.50® 5.70 1200-2201 Good and choice 5.70®. 5.80 i220-250i Good and choice .... 5.90® S.OO i250-290i Good and choice 5.85®. 6.00 (275-300) Good 5.65(3 5.85 Packing sows: (275-3501 Good 4.85® 5.25 1350-425 p Good 4.75(3 5.00 (450-550) Good 4.50®) 4.85 (275-5501 Medium 4.25<3 485 (100-130) Slaughter pigs good and choice 2.73.75 CATTLE —Receipts, I,Boo—-(550-900) Choice s(.oo® 3.00 Good 6.00®! 7.50 Medium 4.00® 6.09 Common 2.50®1 4.U0 (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 8.25® 9.25 Good 6.25® 8.50 Medium 4.25® 6.25 (1,300-1,5001 Choice 8.50® 9.50 Good 6.50(3 8.50 —Heifers—-(sso-750) Choice 6.75® 8.25 Good 5.25® 6.75 Common and medium 2.50® 5.25 1750-900) 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. 500— Good and choice $6.50® i.OO 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, 1.000 choice $6.25® 6.75 Common and medium 4.00® 6.25 90-120 lbs., good and choice... 2.00® 2.50 Sheep—-(l2o-150) Good and choice ... 1.75® 2.25 All weights, common and medium 1.25® 2.00

(By United Press) CHICAGO. Nov. 6.—Hogs—Receipts. 23,000, including 8.000 directs; active, strong to 10 cents higher; 220-320 lbs.. Ss.Bs<fz. 6; top. $6; 170-220 lbs., *5.35#5 85; light lights. $4.50'1l 5.25; good slaughter pigs. $3 ■fi 4.25; packing sows mainlv $5.50#5.75; light lights, 140-160 lbs., good and choice, 54.35® 5135; light weight. 160-200 lbs., good and choice. *SS 5.80; medium weights. 200-250 lbs., good and choice. *5.60@6: heavy weights. 250-350 lbs., good and choice. $5.85@6; packing sows. 275-550 lbs., medium and choice, $4.50'!i5.80: slaughter pigs. 100-130 lbs., good and choice, 53#.4.35. Cattle —Receipts. 8.000 commercial. 1 000 government; calves 2.000 commercial. 300 government; fed steers and vearlings less active; generally steady with strictly good and choice weighty offerings in broadest demand on shipper accounts; comparatively few low priced steers in crop; best weighty bullocks. tlO; vearlings. $9.10: heifer yearlings, $8.25: other killing classes generally "steady to strong: slaughter cattle and vea.’ers: Steers. 550-900 lbs., good and choice, s6# 8 50 : 900-1 100 lbs., good and choice. $6.25 #9: 1.100-1.300 lbs., good ar.J choice. $6.25 #10: 1 300-1.500 lbs., good nd choice, S6 75'510: 550-1 300 lbs , com ..on and medium, *2.75 1 6 75; heifers. 550-750 lbs., good and choice. 55.2S 1i 8; common and medium. 2.75 c 5 25i cows good. $3.50# 4.50: common and medium. *2.40#3.50: lowcutter and cutter, *1.50#2.40: bulls (yearlings excludedi good beef). 93 25 #4; cutter common and medium. *[email protected]; vealers. good and choice, $5.503 7; medium. $4 50® 5.50. Stocker and feeder cattle: Steers. 5501.050 lbs., good and choice. S4# 5.25. common and medium. *2 50 Q 4. Sheep—Receipts. 11.000: fat lambs, opening slow, around steady; big killers paving upward to *6 50 for best sorted natives; little done on fed westerns: sheep steady; best light ewes around *2.25; handy-weight feed- : mg iambs steadv at *5.50, slaughter sheep and lambs, lambs. 90 lbs. down good and i choice. *6#6 75; common and medium. 55.25@6 10; ewes. 90-150 lbs . good and i choice. $1 65 3 2 50: all weights, common ! and medium. $1.50@1 90; feeding lambs. 50-75 lbs., good and choice. *5.50#6.10. FORT WAYNE Ind.. Nov. 6—Hogs—- ! Steadv to 5 cents higher; 250-300 lbs. *5 80 225-250 lbs . *5 60 200-225 lbs *5 45: ! 180-200 lbs.. *5 30; 160-180 lbs . $5.05. 300I 350 lbs . *5 3: 15-190 lbs, *4 50: 140-150 i lbs. $4 25 130-140 lbs. *3.75: 120-130 lbs. *3 25; 100-120 lbs.. *2 75: roughs, 450; stags. 375. Calves. 7; lambs. 625. LAFAYETTE. Ind.. Nov. 6—Market, steadv: 240-300 lbs.. *5.75#5 80: 300-325 lbs.. *5 50 : 220-240 lbs. *5 65 # 5.70 : 200220 lbs. *5.456553; 180-200 lbs.. *5 256 5 35:; 190-180 lbs.. *s@s 10: pigs. *4 50 down; roughs. *5 down; calves, steady. $6 down; lambs, steady. $4 down.

Local Livestock

Other Livestock

RISE IN PRICES OCCASIONS CUT IN FIRELOSSES Roosevelt Policies Lessen ‘Moral Hazard/ Aiding Insurance Earnings. By Times Special NEW YORK, Nov. 6.—A phenomenon of popular psychology which apparently had its inception in the nation-wide banking holiday of March, 1933, has caused fire I losses to recede to levels 50 per cent under two years ago, it was said | today. Indicated fire losses for 1934 should aggregate only $275,000,000, which would compare with $316,897,733 for 1933; $442,143,311 during 1932, and $452,017,026 in 1931. The 1934 total is expected to be the lowest in many years. The nation’s fire losses as reported by the National Board of Fire Underwriters during September reached the exceptionally low figure of $16,243,870, which was 20 per cent below September a year ago. Before the nation's banking structure collapsed the monthly total was averaging around $35,000,000 and $40,000,000 a month. Decrease Immediate When President Roosevelt assumed office and closed the nation’s banks the fire losses of that month were $35,321,248. The next month, April, 1933, witnessed a sharp and unexplainable drop to $27,825,970. The major down trend has since continued for no rational reason except for what insurance men call “moral hazard.” “Moral hazard” refers to preventable fires caused by carelessness, incendiarism, lack of caution and other reasons—in short, absence of honesty or reasonable caution. Fire insurance executives assert that normally 40 per cent of the nation’s fires may be attributable to the “moral hazard.” Executives Amazed The following compilation of the national board of fire underwriters shows the down trend in monthly fire losses since March, 1933, which continues to surprise executives who are frankly skeptical of its continuation. Obviously company earnings have gained thereby. 1933. 1934. January $35,547,565 $28,002,583 February 36.661,481 31.4-.3.484 March 35,321,248 31.312,359 April 27,825,970 22,028.943 May 24.338,714 25,271.459 June 21.578.609 20,005,692 July 20,004,049 19.484.027 August 23,626,506 19.613,146 September 20.447.571 16.243.870 October 21.456,382 November 22.454,300 December 27,626,439 Insurance men believe these results are a matter of mob psychology. The principle reasons ascribed for the down trend are: Rising commodity prices were induced by New Deal policies and cheapening of the money. Many an individual and small merchant stood to make inventory gains. This, it is argued, would deter unethical individuals from causing their properties to be fired to collect quick damage claims from the fire insurance companies. 60-Day Rule Invoked The banking crisis caused invocation of the sixty-day rule on policy contracts for payment of fire damage claims. Last January this period was reduced to thirty days. This may have discouraged the ar-son-minded from burning his property for quick money if, perhaps, his creditors were pressing him. Collapse of the banking structure apparently instilled a public fear for the solvency of insurance companies as well as financial institutions, despite the good solvency record of fire insurance companies throughout the depression. COLD WEATHER SPURS WOOLEN GOODS SALE Shipments Rise 20 Per Cent in Week, Mills Increase Activity. By United Press NEW YORK, Nov. 6.—W00l goods and clothing sales in the last full week in October broadened, and mills became more active, according to the New' York Wool Top Exchange Service report. Shipments were about 20 per cent ahead of the previous w r eek, the service said. "Indicative of the improvement in the men's clothing business was the sale of labels by the code authority, cutters receiving 1,047.000 labels as compared with 842.000 labels during the previous week,” the report stated. “Retail movement of garments was quite brisk, stimulated by much colder weather in many sections of the country. Sales of overcoats and similar heavy garments were the heaviest on record for this period of the year in the Chicago area. Manufacturing activity registered good gains, some mills working on two shifts.”

Treasury Statement

Bp United Press WASHINGTON. Nov. 6 —Government expenses and receipts tor the current fiscal vear to Nov. 3, compared with the corresponding period of the previous fiscal vear: This Year. Last Year. Expenses $3,371,145.154 59 $1 491.612.752.45 Receipts.. 1.276.070.495.12 990.219.735.24 Deficit •• 1.095.074.659 47 501.393,017.21 Cash bal... 1758.162,135.32

Other Livestock

(By Times Special) LOUISVILLE. Nov. 6.—Cattle —Commercial. 400; generally steady market on most slaughter classes, quality rather plain; bulk, common to medium, steers and heifers, *3.75#4.75: few common, *3.25; better finished quotable. 45 to around *6 50; bulk beef cows. *2 50#3: low cutters and cutters, *1.25#2 25; sausage bulls mostly 52.75 down; bulk better Hereford stock'ealves. *4 50#5: most feeding steers. $3#3.75. Calves —Commercial 250; market steady, bulk better, vealers. *5 50# 6: strictly choice handyweights. *6 50: medium and lower grades *5 down. Hogs— Receipts. 700: market, steady: top and bulk desirable. 200-250 lbs . *5 85: 18C-i95 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 Sheep—Receipts. 200. including about 50 stock ewes; salable supply slaughter classes light, market generally steady: bulk better lambs. *6: choice quotable. *6 25 and above: bucks discounted $1 a hundredweight; most light throwouts. *3 50: bulk fat ewes. t1.50#2. most stock ewes, salable. *6 50 a head down. Receipts Monday, cattle, commercial 1 817, government 38. calves commercial 598; hogs 1,003; sheep 355. Shipments Monday, cattle commercial 894, calves commercial 409. sheep 247,

Business Leaders Asked to Develop Relief Mills With U.S. Providing Labor

Leading Representatives Have Been Sounded Out on Proposition. By Scripps-Hotcard Seicspapcr Alliance WASHINGTON. Nov. 6—Leading representatives of American business are being sounded out today by administration leaders on establishment of industries in the rural-m- ---! dustrial communities being set up by Relief Administrator Hopkins for 1 destitute families. Secretary cf Commerce Roper has outlined the J program to his business advisory and planning council and sought cooperation of its members. Develpoment of small industries to provide part-time employment is a major featuree of Hopkins’ plan for getting unemployed off the relief rolls and on to small plots of ground where they can earn a living. While some of the communities are to be entirely agricultural, others will depend partially on manufacturing. The recent survey of business conducted by the census bureau shows the possibilities of industrial decentralization in certain lines, Roper said. Broad Expansion Seen Although establishment of communities is only in the experimental stage, the possibilities of its expansion on a broad basis make is a subject of considerable interest among business leaders. Two communities are actually under way, a third is ready to start and negotiations for land purchase are under way in nine others. Hopkins’ program lists fifty prospective sites for such communities, and he has laid before President Roosevelt plans for development on a much larger scale. All From Relief Rolls The communities are being planned to accommodate from 150 to 700 families, all to be taken from relief rolls. Several applications for permission to establish industries are already on file in Hopkins’ office. Organized labor is watching development of the program closely, apparently in the fear that it contains possibilities of lowering wages. The feeling exists among some labor representatives that prospects of cheap labor would be the chief inducement for a manufacturer to embark in the new communities.

Produce Markets

Delivered in Indianapolis prices: Heavy hens, 11c; Leghorn hens, 7c; colored springers, 12c; old roosters. sc; ducks. 7c; geese, sc; young guineas. 20c; old guineas, 15c. Turkeys—No. 1 young hens, 9 lbs. and over. 16c; young toms, 14 lbs. and over, 17c; young toms, 11-14 lbs.. 15c; No. 2, crooked breasts and thin turkeys, 11c; old toms, all weights. 13c. No. 1 strictly fresh country run eggs, loss off, 24c. Each fall 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 by the Wadley Company. (By United Press) CHICAGO, Nov. 6.—Poultry—Market, steady; receipts. 50 trucks, 3 cars due: geese, 11c; turkeys, young toms. 14c; old toms 13c, hens 15c; old roosters, 10c; ducks, heavy, 14fffl5c; springers, colored, 4 lbs. and up, 15c; No. 2,12 c; hens, 4' 2 Ids. and up, 14c; medium, 12c; guinea hens per dozen, $5(3:7; Leghorn springs, 12c. Cheese—Twins, 23tf?13 , .2C; Daisies. 13'/2c: Longhorns, 14*i@15c. Potatoes—Supply liberal; demand and trading slow; market, steady on Russets and McClures, dull on others; Wisconsin Round Whites, 75ifi.80c; Idaho Russets. $1.57*2'51.67 1 2, combination grade. $1.25; Colorado McClures, $l.B2V a ; Washington Russets. $1.70'31.72*/2; arrivals 96, on track 284, shipments 603. CLEVELAND. Nov. 6.—Butter—Market, firm; extras, 32c. standards 32c. Eggs— Steady; extra white, 33c; current receipts, 25c; pullets. 22c. Poultry—Market, steady; fowl colored 4Vi lbs. and up, 17c; ducks light. 11c; geese, heavy fat. 14c; geese, ordinary, 12 c; turkeys, young, 19(ei20c: old hens, 17fS18c. Potatoes —Maine, $1.15 fa 1.25 a 100 lb. bags; Michigan, 85@90c l 100 lb. bag. RUBBER INDUSTRY HAS PRONOUNCED UPTREND Mechanical Division Operates on Expanded Schedules. Bp Times Special NEW YORK, Nov. 6.—A strong upward trend characterized movements in the rubber goods industry during the first half of the current year, Dun & Bradstreet, Inc., report. The mechanical division was operating on expanded schedules, reflecting the higher rate of activity in most industrial plants, which called for replacements of belting, hose and packing. Retail departments were benefited by increased pay rolls and auspicious weather conditions, an important factor in this division, as well as by the enlarged demand for automobile tires. Considerable rain during the spring months was conducive to the movement of raincoats and rubbers, and during the summer rubber bathing specialties and vacation novelties sold actively. POOL RETURNS FUNDS Railroad Credit Corporation Repays 25 Per Cent. Bp United Press WASHINGTON, Nov. 6.—The Railroad Credit Corporation reported today that it had returned $18,419,797, or 25 per cent of the emergency freight revenues collected since March, 1933. The corporation reported eleven liquidating distributions up to Nov. 1. Os the returns $8,034,733 was :n cash and $10,385,064 in credit on obligations due the corporation.

MILLER TIRES-AUTO ACCESSORIES' PHILCO AUTO RADIOS ©USE OUR NEW BUDGET PAY PLAN No Woi+inq ~ ~ Ncr'Red Tope ROSE TIRE COMPANY INC. 930 N, MERIDIAN ST. R 1.8355

Daniel C. Roper

Stock Studies

NATIONAL CASH REGISTER a * COMMON STOCK p E r" —T l *^ share EARNINGS PRICE RANGE SCALt 3- m* M |t 50 -3 Sr iTifl o ilnM riMi-.„ 130 31 32 33 34130 31 32 33 34| WINCHESTER INSTITUTE OF FINANCE The National Cash Register Company is the largest manufacturer of cash registers in the world and controls 90 per cent of the output of the United States. The company manufactures over 500 different types and sizes, many of them serving special purposes. In addition, it manufactures accounting and special clerical labor-saving machines. Although basic patents have run out, patents on improvements protect its machines, while its progressive research department is constantly making new improvements. Principal plants are located in Dayton, O. FINANCIAL DATA As of Dec. 31. 1933. Common Stock (no par) ..1,628,000 Shares Surpluses $ 8.170,548 Cash and Securities 2.490.110 Inventories 8.210,358 Total Current Assets 18.490,402 Current Liabilities 2,145,880 During 1933 cash and securities dropped about $2,300,000, while inventories gained nearly $2,100,000. Surpluses dropped nearly $600,000. Net working capital at the end of 1933 was $300,000 less, but during the nine months of this year it increased about SBOO,OOO. On Dec. 31, the book value of the common stock was $20.02 or 35 cents less than at the beginning of the year. On Sept. 30, 1934, the current ratio was Vh to 1. Earnings were hit hard in the past few years with deficits in 1932 and 1933. Last year, however, the situation began to improve, resulting in a 75-cent profit on the common stock in the first nine months of this year. National Cash Register has been liberal with dividends, but owing to deficits nothing was paid in 1932 and 1933. So far this year there have been two 12 la-cent dividends. National Cash Register was incorporated in 1926 in Maryland. The common stock is listed on the New York Stock Exchange. It is currently selling at 15 :, i. (All Rights Reserved. Winchester Institute of Finance, Winchester, Mass.)

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, $3.25. Grapes, California Emperors, 2,7-lb. box, $2.15. Persimmons, Indiana, 12 qts., 90c. Avacados box, $1.50. Quinces, busnel. $3. Bananas, pound. sc. Apples, maiden blush, $1.50; northern spys. $1.35; Indiana Jonathans, $1.85; grimes golden, $1,50'31.75. Melons, California honey dews, $2.25. Lemons, sunkist. 3605, $6.50. red ball, 3605. $5.75. Grapefruit, 70s-80s. $3. Limes per carton. 12s. 25c; seedless per hundred, 93c. VEGETABLES—Cabbage, Northern Danish. 50-lb. bag. 60c; red, pound, 3c. Onions, Idaho, sweet Spanish, large,!o-lb. boilers. 10-lb. bag. 35c; western whit 50bag. $1.40: Michigan, yellow, $1.25; hite, lb. bag, $1.75. Potatoes, New Jersey Cobblers, 100-lb. bag. $1.45: 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. 25c. Carrots, home-grown dozen. osc. Cauliflower, crate, $1.75. Celery. Michigan, medium, dozen, 45c: jumbo, dozen, 65c hearts, bunch, 90c. Cucumbers, hothouse, dozen. 125; Endive, dozen. 40c Egg plant, dozen. 75c. Kale, home-grown, bushel. 50c. Lettuce, outdoor, 15-lb. basket, 60c. Mangos. bushel, sl. Mint, dozen. 50c. Parsley, dozen, 35c. Peas— Hamper, $3.75. Spinach, home-grown, broadleaf, bushel. 60c. Radishes, dozen. 35c. Tomatoes, outdoor. 12-lb. basket. 75c, bushel, $2. Turnips home grown, dozen 25c; pumpkins, dozen, $1.25. FRUITS AND VEGETABLES (Bv United Press) CHICAGO. Nov. 6.—Anples—Michigan Mclntosh, bushels. 2 ! 2 inch, $1.75 Sweet Potatoes—Tennessee, bushels, li'a 80c. Lettuce —California, crates $1.75j2 50 Peppers—lllinois, bushels. 25fi 50c, few higher Celerv —Michigan, square crates. 40'u 65c. few, 85c. Oregon Cauliflower—Crates. $1 < 1.25: Michigan. *1.15*11.35. Grapes—Michigan Concord. 12-qt.. 30*t35c. Cranberries —Massachusetts, bbls.. ss*/ 3.25. Spinach —Missouri, bushels. 251/ 40c; Illinois. 25 a 35c Carrots—lllinois busdMs. 40 • 50c. Celery-cabbage, Michigan, flat crates. 35 40c. Beets bunches. ‘2*l lc. Onions—lllinois, green, bunches. s''! 6c.

Latest Stock, Bond and Commodity Quotations

NEW DEMANDS FOR FARM AID SEENINOFFING Organizations Discussing Forms of Appeals at January Session. BY DANIEL KIDNEY Time* Special Writer WASHINGTON, Nov. 6.—The still embattled, but somewhat less embittered, farmers will be back with demands for additional aid and relief when the next congress meets in January. Farm organizations over the land are discussing the form of their demands. In all likelihood they will range from sjifrht modifications of present larm iawA. including the credit set-up anil AAA, to a plea for debt cancellation. Senator (Cotton Ed) Smith (Dcm.. S. C.) has announced preparation of a bill to provide the farmers with a separate bank system under governmental auspices. Farmers’ unions in various states are vociferous in demanding extension of the Frazier-Lemke mortgage moratorium idea, the bill passed by the last congress having been found partially unconstitutional in the courts. Canccllationists Active A merger of the farm debt cancellationists with the inflationists, with a demand to print the money for the farm mortgage pay-off, also is a possibility. Robert Catherwood, Farmers’ union leader from Ambia, Ind., is in Washington armed .with huge maps to show the debt-incumbered land in his district. He charged that the large insurance companies are reducing Hoosier farmers to tenants and that all federal efforts thus far funish only temporary relief. In his opinion the farm debts in his district can never be paid, regardless of parity farm prices. Drastic action must be taken to reduce debts, he said, and thus permit the farm family to continue to live on its own land, “not as a business but as a way of life.” The argument may wax strong when the farmers are bringing pressure on congress. But a joker is contained in it. The farm credit administration points out that while farmers are billed in semi-annual installments for both principal and interest, a five-year period is provided by the farm land bank law during which no principal payments need be made. Hopeful Signs In other words, only interest payments are actually due, under the law, until July, 1938. An optimistic report, showing a 2.2 per cent gain in interest payments during August, was presented to the American Bankers’ Association convention by W. I. Myers, governor of the farm credit administration. An average of 83.7 per cent had been paid throughout the country, he said. Another hopeful sign cited by Mr. Myers was that appeals from farmers for emergency aid to prevent foreclosure have dropped from the peak of 370 a day to 60 or 70. Where the debt, through a second mortgage bringing the total to 75 per cent of the “normal appraised value,” is handled through federal financing no interest payments need be made for the first three years. BECOMES LOCAL AGENT George R. Savage Joins Harris, Upham & Cos. as Indiana Aid. George R. Savage, for the last twelve years connected with the Continental Illinois Company, Chicago banking organization, has become associated with Harris, Upham & Cos. as field representative in Indiana. Mr. Savage was for nine years the Indiana representative of the Continental Illinois Company and for the last three years has been in the Chicago offices. RFC Loan Report September loans authorized by the Reconstruction Finance Corporation came to $15,722,128, according to the monthly report issued today. The report revealed ninety-nine loans aggregating sl4 851.688 and increases in old loans in the amount of $870,439. Baunks continued to get the bulk of the grants, acquiring $11,742,171 of the aggregate. Gardner to Speak At the November meeting of the Marion County Bankers Association, which will be held Thursday evening in the Washington hotel, Leo M. Gardner will be the principal speaker. Mr. Gardner will explain the new state law governing banking operations. Ewing jox also will speak at the meeting. Mail Pilot Hurt in Crash By United Press ROCKWOOD, Pa., Nov. 6—Airmail pilot P. L. Brooks of Central Airways was injured early today when he made a forced landing in a heavy rainstorm on the Charles Brugh farm, two miles north of here. The plane was damaged badly.

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