Indianapolis Times, Volume 46, Number 154, Indianapolis, Marion County, 7 November 1934 — Page 16

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

PAGE 16

U. S. DISCARDING REVIVAL THEORY VIA RESTRICTION Indication Seen in Revamping of Both NRA and AAA Policies. By Time* Special NEW YORK. Nov. 7 —The theory that oroepenty can be fostered by rtnc:ing production is being abandoned by the administration after aimost a year and a half of experimenting in one way or another j with this approach to a solution of j cur economic problems, the Admin is- j trative and Research Corporation! declared today. This it is pointed out, has been j app..rrn for some time in the reorganization of the national recov-; ery administration and is now be- j ing further emphasized by the re-} visions which are being made in agricultural adjustment administration policies. Ru-sinet** Disappointed ‘'lnitially.” the review continued,' "it was believed that recovery would come if prices were raised by curb- l ing the production of the farmer and the business man. NRA and, AAA were the spearheads of this eflort. However, except for its sharp! improvement during the middle of 1933, the trend of business has been; disappointing. On relief and gov-, ernment work projects are prac-! tically as many persons as there j were a year ago. The figures this i winter actually may be higher than j last year. "These facts have been recognized j by the administration and they are j responsible for the gradual scrapping of practices designed to carry out the economy of scarcity. While, in the case of the AAA. there is no intention of abandoning some system of farm control, the plowing under of 10.000.000 acres of cotton land and the killing of 6.000.000 hogs —as was done last year—are things at the past. “AAA officials are tellling farmers that their position has been improved about all it can until general business improves more. Alien Markets Sought ■ "The chief effort of the adminUtnt ion's farm program now is to capture foreign markets. This was indicated by Secretary of Commerce Roper last week when he declared tha' the 'permanent solution of our fpmi problem rests to a considerable extent upon the revival of proper export demands for our agricultural products.* “In the reorganization of the NRA the relaxation of price and production control is to apply practically to all except natural resource industries, such as coal. oil. iron and steel. Among those codes which are in for an overhauling is that of the lumber industry with its elaborate system for controlling the volume of production and price levels.

Treasury Statement

(Bv United Prfssi WASHINGTON. Nov. 7.—Government expenses and receipt* for the current ver to Nov. 5. compared with the corresponding period of the previou* fiscal vrr: This Year. Last Year. F’D'ns-s $! 431 778.329 88 *1.802.768.228 76 HaCr:Dta 1 299.135.658 08 1.001 292 246 96 Defl it . 1 132 592.671 80 501 475.981 80 Caah Bal. 1.724.737 601 02 INDIANAPOLIS STATEMENT Clearings $2 862.000 00 rWfctts 8.118.000 00

On Commission Row

Quotation* below are average wholesale price* being offered to buyers by local commission dealers. FRUITS —Cranberries. Cape Cod. earlv blacks. 15-lb. box. *3 25 Grapes. California Emr-rors. 27-!b. box. *2.15. Persimmons. IndMna. 12 qts . 90c. Avacados box. *l5O. Qutr.c-s. bushel *3 Bananas, pound. sc. Sales maiden Mush. *1.50; northern spys. *Yjs Indiana Jonathans. *1.85; grimes golden. *1 50411-75. Melons. California honey dews. 32 25 Lemons, sunkist. 3605. *6 50 red ball. 360s *5 75 Grapefruit. 70s-80s. *3 Limes per canon. 12s, 25c: seedless per hundred. 93c. VEGETABLES —Cabbage. Northern Danish. 50-ib bag, 60c; red. pound. 3e. Chitons. Idaho, sweet Spanish, large.so-lb. boilers. 10-lb bag 35c; western white. 50bag *1.40 Michigan, yellow. *1 25; white, lb bag *1 75. Potatoes. New Jersey Cobblers 100-lb. bag *1.45: northern round white. 100-lb bag II: Ohios. 100-!b bag. *155 Idaho Russets. 100-!b. bag. *2. Sweet potatoes. Indiana Jerseys, bushel. s’. 50: Indiana Kancv Halls, bushel. *l. Beans, round stringles*. busheL *175: Beets, doren. 25c Carrot*, home-gresn. doren. jSc Cauliflower, crate. *1.75. Celery. Michigan, medium, doren. 45c; Jumbo, doren. 65c hearts bunch. 90c. Cucumbers, hothouse doren. 1 25; Endive, doxen. 40c. Egg plant do’en. 75c. Kale, home-grown, bushel 50c- Lettuce, outdoor. 15-ib. basket 60e Mangos. bushel. *l. Mint, doren. 50c Parriev. doren. 35c. Peas— Hamper *3 7* Spinach, home-grown, "roadie,f. bushel. 60c Radtshea dozen. 33e Tomatoes, outdoor. 12-ib. basket .sc. bushel. *2 Turnips home grown, doxen 35c. pumpkins, doren. *1.25. FRUITS AND VEGETABLES Bv United Press! CHICAGO Nov. *—Appies—Melt osh. bushels. 2%-lnch. *1 75. I; Jonathans. •I 25izl SO. Sweet po’a'oes —Tennessee. fcu lets. 75 -ißsc Lettuce —California, craits *1 75 :2 50. Peppers - Illinois, - Michigan, seuare crates 40* 75c. Oregon cauliflower —Cra-es. *1 35*1 35 Cranberries-Massa-chusetts. barrel. *3 10S3 25: Wisconsin. *3 26*3 65 Spinach—Missouri, bushels. .5 L 40c Carols-Illinois bushels. 50c: bunches l%c. Celery—Cabbage. Michigan fat crates. 35*t 35c Beets—lllinois and Indiana bunches, ’jfilc. Onions —Illinois, green bunches. 5$ 6c “ Onion Market iSO-lb sacks’—Michigan vellows. *’. Michigan whites. II 25(11 35. Western yellows. ilO5.

Produce Markets

Delivered In Indianapolis prices; Hesvy hens He: Leghorn hens, .c; colored springers. 12c old roosterv sc. ducks, .c; geese. sc. young guineas 20c. old guineas. 15c Turken —No. 1 young hen*. 9 lbs. and over. l*c: young toms. 14 lbs and ire- young toms. 11-14 lbs . 15c; No. 3 crooked breasts and thin turkeys. 11c; old toms all weights. 3c. 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 madr Butter—No. 1 30*i lie Butterfat—2sc. Quoted by the Wadiey Company ißt United Press! CHICAGO Soy. 7. Eggs—Market easy: recepts 2*05 cases <fortwo d’*’ : e * tr * Srs-s 28c fresh graded firsts. 27c current tece nts 33% •' 25’ „-c: dirties. No 1 20c. f lic cheeks. No 1 !%e; No 315 c Butter- Market, unsett.ed. receipts. 18J.5 tubs .for two days'; extra* -93 score' 28c; .88-89 score' 34%n-c extra first* 790-91% score*. 27412 c seconds .**'*j 1 ’ sco*e 24c special* 21 1 1 <- 29c. standards. ••6c Poultry- Bteadv: receipt*. 54; trucks. 1 car due. Geese—He Turkeys \ouna ton* 14c. old umm, ISc* old looser*. 10c; ducks. heavy. H*lfc. springs heavy colored. 15c. hens. 4 * lbs. up lie; medium. 12c Guinea hens_ doxen. *s*i 7. Leghorn springs 13c; Leghorn Kps 10%e Cheese—Twins. 1313'c: Daisies. 13%*14e: Longhorns. 14%15c. Potatoes —Bupriy libers; northern stock demand and trading slew, market dtLui ether stock demand and trading moderate, market steady Wisconsin round whites. 77%4*8c. commercial grade 73 .cent*: Idaho russets *1 Colorado Uci: 85g 11* Arrival*. 72; op track.

This photo shows the Burlington Zephyr passing through Galesburg. 111., on its way to Lincoln, Neb., to inaugurate cn Nov. 11 a daily round-trip service between that city and Kansas City, Mo. ThjS is the first of a fleet of stainless steel creations under construction by the Edward G. Budd Manufacturing Company. Next year two similar

New York Stocks

11:00 . A. M. Prev. : Oil*— High. Low. N. V. close, j Atl Rfg 24’. 24’. 24% 24% BarnsdaU ...... 6 1 . 6% 6’. 6% j Consol Oil B’. B‘. 8% B'*j Cont ol Del 17’. 17'a 17' 2 17% ; Houston mew).. 2’. 2’. 2’. 2% Houston lOidi... 14 -2 14 1 a 14% • Mid Cont Pet .. 10% 10% 10% 10% | Ohio Oil 9% % 9% 9 s , Pet Corp B’. B’. B’. 8' Phillip? Pet ... 15 14’, 14’a 15% P.i mouth Oil ..9 8 9 9 j Pure Oil .... 6% 6% 6% 6% Royal Dutch ... 30•’ 30’. 30% 32 1 * Shell Un 6% 6% 6 6% Soc Vac 14 13 13’. 14 S O of Cal 33' 32> 32% 33 5O of lnd 24% 24'a 24'a 24% 6OOf N J 42’, 41’* 41’* 42 3 * Tzias Corp 21’a 21 1 ■ 21‘* 21 3 a Tidewater Assn. 9 3 9 1 . 9% 9'* Cn Oil of Cal .. 15’. 15',a 15% 15% Steels— Am Roll Mills .. 17'a 17 17'. 15’* Beth Steel 26'a 25% 25‘a 26 Bvers AM .. IS * 15% la 3 . 16% Col Fuel <te Iron. 4'. 4% 4 s * 4% Natl Steel 3E' 38'. 38'. 38% Otis Steel . ... 4’. 4’s 4’s *• Rep Iron & Steel 12 3 . 12’. 12’. 121. U S Pipe Sc Fdv- 19’. 18’. 19'a 19 U S Steel 32'.a 31’. 31’. 32% U S Steel pfd.. 75 74% 74'a 75 Warren Bros. 61. 6‘* 6% #'/ Youngst'n S<kT 16 15% 15% 15% Motors— | Chrysler 35', 34% 34% 35',. Gen Motors 29 7 a 29'. 29% 30 Hudson 9% B’* 8’ 3 Hupp 2 s . 2% 2% 2% Nash 15 14 3 < 14 s . 14% Packard 3 s * 3 s . 3% 3',a Reo 2% 2 1 . 2’* .. Studebaker 33 33 Yellow Truck .. 33 ..3 3 . Motor Access— Bendix 12’. 12’a 12% 12‘a Bohn Alum 54 54 54 54 Borg Warner ... 25’, 25 25 24", Briggs 18% 18 18 18% Butd Mfg 6 5% s*, 5% Budd Wheel 2’s 2’, 2’* 2’, Elec Auto Lite . 24', 25 3 24', 2*-. Elec Stor Bat .. 43’* 42 3 42’* 43 Murray Body .. 5 4’, 4’, 4’. Stew Warner ... 7 7 7 7 Timken Roil ... 30% 29’. 30‘2 30 Mining— Alaska Jun 18', 18', 18V, 18% Am Smelt 35% 35’, 35% 35% Anaconda 10’ 10'. 10'. 10 a Cerro De Pasco. 37’. 37 3i' 37% Dome Mines ..... 40', 40V, 40', 40 Gt Nor Ore .... ll 11 11 lit, Howe Sound .... 47 '2 47% 47‘2 48 Int Nickel 23'. 23', 23', 23 Kennecott Cop.. 17 16’ 16’. 16’, Mclntyre Mine.. 44'2 44 44 44 2 Park Utah 3', 3% 3',a 3 , Noranda Cop ... 33'. 35 35 35% Phelps Dodge ... 13’, 13% 13*, 13% St Joe Lead ... 15% 15'. 15% 15', U S Smelters....ll5 3 114'a 114* 2 114% Vanadium 16-’, 16% 16’. 16V. Amusements— Crosley Raditt.. 13 13 13 12% Loews Inc .... 31'* 30’. 30% 31V, Radio Corp .... s’, s’* 5 3 s’, Paramount 4> 4', 4V, 4V. Warner 8r05.... 4‘2 4 3 4% 4% Tobaecow— Amer Snuff .... 67 66 66 66 Am Sum T0b.... 22% 21 s , 22 23 s * Am Tob A 80 80 80 80% Am Tob tB) 81’. 81% 81% 82% Gen Cigars .... 55'2 55% 55*2 551. L A M\ers ißi 103’ 2 103'. 103 '2 103 Lorillard 18’, 18', 18‘, 18*, Phillip Morris .. 3f*, 35', 35V* 35', Reynolds T iß> 49’, 49% 49', 49V, . Rails— Atchison 52'.2 52 52 53 Atl Coast Lines.. 29 29 29 28’* E Sc O 15 15 15 15 Can Pac 12% 11’, 11’, 11'. Ch A: Ohio 42 s , 42*, 42 s , 42’* C M Se St P 33 33 Chi N W s*s 5*4 s’, 5% Dela At Hud 39 ' 39 39 38’. Del Lac & W.... 17 s . 17’, 17 s , 17’* Erie 11*. 11 s ,II s , 12 Ort Northern pfd 14’, 14’, 14’, 15 111 Central 15 s * 15 s . 15 3 16 Lehigh Valley .. 10 3 . 10’. 10 s . ... Lou Sc Nash 41’. 41V. 41'. 41 s . M K Ar T 6’. 6 6 6'. Mo Pac 2'. 2'. 2*/ 2'. Mo Pac pfd .... 3% 3’, 3’, 3% N Y Cent . 20’, 20 s , 20% 21V, Norfolk A- West.l67% IST’ 3 167> a ... Nor Pacific 18% 17’, 17’, IS' 2 Tenn R R 32 s , 22’, 22 s , 22% Sou Pac 17’, 17', 17’, 17% Sou R R 15’, 15 s , 15’, 16V, Union Pac 102 101 V, 102 101 Equipments— Am Loco 16'a 16', 16% 16% Bald Loco s*. s'. s> s'. Geu Am Tk Car 36>, 36 36 36 Gen Elec 18 17’, 17% 18 Pullman Inc ... 4i% 40 s . 41 40’, Westingh Elec .. 31V, 31*a 31% 31V, Utilities— Am A: For Pwr s s , 6 s , Ar' Power Sc Lit. 4', 4*. 4'. 4% A T St T 11l 110’. 110 3 * 111 Am Wat Wks .. 15', 15'* 15> 15 Cos Gas Sc Elec*. B', 7’, B', 8 Conn Sc Sou ... l’ l' l' 13.l 3 . Consol Gas 26 3 , 26’, 26’, 26', Int Hvdro Elec.. 3', 3‘, 3% 3*. Interboro R T.. 14 14 14 14*. Int TSc T . .. 9 9 9 9 Nat Pwr * Lit-. B', 7’* 7% 7% North Amer ... 12’. 12 s . 12 s . 12 3 . Pac G Sc E ... 16% 15', 15*, 16% Pub Serv N J... 31’. 31 s . 31 s , 32 So Cal Edison.. 14 s . 14', 14', 14*. Std Gas 7', 7', 7', 7V. United Corp .... 3', 3', 3', 3', Un Gas Imp 13 s , 13 s , 13 s . 13’* Ut Pwr St Lt iA) 2 I’, 2 l’ Western Union.. 34 34 34 33 V* Rubbers— Firestone 14% 14% 14*. 14% Goodrich S’. 9*. 9 3 9 s , Goodvear 20’, 20’, 20’, 21 s , U S Rubber ... 16 15 s , 15 s . 16 U 3 Rubber pfd 36 36 36 36% Miscellaneous— Allis Chalmers.. 13*4 13 s , 13 s , 13’. Amer Can . 102 102 102 102 , Am Mach & Fdy 19‘, 18'. 18', 19 Brklvn Man Tr-. 38’. 38'. 38'. 38', Burroughs Add.. 14’, 14 14', 14 J I Case 48 46 5 . 46", 47 s , Conti Can 59 s . 59’* 59’* 59', Caterpillar Tract 32‘s 31*a 31 s . 32', Crown Cork 26 25', 25', 25 s , Curtiss Pub ... 17', 17*, 17', 17 Eastman Kodak 107', 107 107', 107’. Gilette 14 s . 134* 14 13’. Inter Harv 33'. 33', 33’. 33 Natl Cash Reg.. 16’a 16 s . 16 s , 17 Owens Bottle .. 80’, 80 s , 80 s . 81 Foods— Am Sugar 59 5 . 59 s . 59 s . 59', Armour Com ... s’, s*a ss,5 s , s’. Armour 6 pfd 65 5 , 65 65 65 V. I Beatrice Cream 17 17 17 17 Borden Prod ... 26’, 25', 25 3 26’4 Cal Packing 39 s , 39’, 39', ?9’, Canada Dry G A 14*, 14', 14‘, 14', Coca Cola 146’, 146’, 146’, .46’, Corn Prod 67 *, 67 67 67 Cont Bak “A"... s*. s s , 54, s>, i Gen Baking ... 74, 7', 7 s , V, Gen Foods 33’, 33’, 33', 33‘, Gold Dust 16 s . 16 s , 16 s , 17 G W Sugar .... 27 s , 27 5 , 27 s , 28 Hershev 69 63 69 69 Loose Wiles .... 35 s , 35', 3b 1 * 35’A Nstl Biscuit 27’, 26’, 26', 27’. Natl D Prod .. 16‘, 16 ! , 16', 16 s , S Porto Rico Bug 24’, 24 s , 24 s , 24 s , Std Brands 18S 18>, 18’, 18’ i Un Biscuit 23 23 23 23 Ward Bak ' B' I s , I s , l*u I*4 j Wrigley 75 74 74 70’, j Retail Stores— Asad Dry Goods 11’, lli 11*4 11 Best *<N 37', 57 37, 36N ' Or Un Tea S’, 5’4 5H 5 Hahn Dept Sts.. S’* s’, s’, s’, JCresge S S 18 s , 18 s , 18 s * 18 s * Kroger Groc ... 28 s , 28', 28', 28*, Macy R H 44 s , 44’, 44’, 45 McCrorv St .... 7>, 7*, 7 s , 7H Marshall Field .. II s * 11 11 11*4 Mont Ward .... 28', 27H 27*4 28'. Natl Tea 10‘, 10', 10', 10’, Penney J C .... 67’, 67’, 67‘, 67 Safeway St 45’, 45 45 5 , 44*4 Sear. Roebuck.. 40 39*4 89', 40 Woolvartb 51% 51 51 51V, A nation— Auauoa Coi# .. 4 4 4 3’,

Abreast of The Times on Finance

FIRST STREAMLINE DIESEL-POWERED TRAIN IN SERVICE

Curtiss Wright.. 2' 2'4 2'/, 2'4 Curtiss Wr A .. 6 s , 6 s , 6 s , 6 3 . Douglas Air .... 19‘* 18’, 19 18 s , Nor Am Av ..... 3V, 3V, 3V4 3Vs Speery Corp 8 8 8 '8 Un Aircraft New BT4 BV4 B s /, 8 3 .4 Chemical!!— Air Reduction ..103’, 103'/, 103'4 103’, Am Com Alcohol 29 28*2 28’. 28’, Com Solvents .. 19 s 4 19 s , 19’, 19' 2 Dupont 93’, 92 s . 93'. 93'. Math Alkali .... 26', 25’,. 26V* 24’, Monsanto Chem 56'2 56 56 55'2 Natl Dis (new) . 23’, 22’4 22 s 4 22'. Schenley Dlst .. 27’, 27', 27', 25V Tex Gulf Sulph . 35 '2 35'a 35' 2 36', Un Carbide 44 43 s , 43’, 44 U S lnd Alcohol 39 s , 39', 39'a 39V4 Coty Inc 4’. 4 5 ,. 4 s * 5 Lambert 26'. 26 26’. 26V4 Sterling Prod . 59', 59'. 59‘ 59 Un Drug (new). ll 5 a 11% 11% 12 Financial— Adams Exp ... 7 7 7 7V4 Allegheny Corp . I 3 * 1% l s 4 1 5 Am Int Corp .. 6 3 , 6'/, 6V, 6'4 Lehman Corp ... 66 66 66 66', Transamerica .. 5’4 5 5 4 ss,5 s , 5% Tr Conti Corp .. 3 3 . 3 s , 3% 3 3 /, Building— • Am Radiator .. 14 3 , 14'4 14% 14 3/ 4 Holland Furnace 6’, 6 7 , 6% 7', Int Cement ... 22 s , 22% 22 s , 23'. Johns Manvllle . 50 49 49'* 50 3 s Libby Owens Gls 25% 25 1 ', 25', 25V, U S Gypsum .. 40’8 40% 40’/, 41 Household— Col Pal Peet .. 16V, 16'/s 16'% 16'/, Congoletim 30 30 30 30 Krlvinator 15’. 15'2 15% 15% Proc & Gamble 40’,3339 3 3339 3 39 s , Servel Inc .... 6 3 , 6 3 , 6", 6 3 , Simmons Bed ... 9’, 9T, 9 3 ,s 9V. Textiles— Amer Woolen .. 8% BT, 8% 8 3 % Beldine Hem ... 12 12 12 12% Celanese Corp .. 28% 27’i 27 7 ', 27 , Indus Rayon .. 26 3 ,26 V, 26% 26V. Kayser Julius ..15 15 15 15

New York Curb

(By Abbott, Proctor & Paine) 12:00 Noon Prev. N. Y. close. Allied Mills 7% 7% Am Cyanide “B" 16% 16 3 , Am Gas & El 19% 19% Am Superpower 1% 1% Atlas Corp 8% 8 1 /, Can Indus Ale “A" 8% 8% Carrier Corp 9 8% .Consol Gas of Balt 59’, 60 Creole Petrol 13 13 Crown Cork Inti 6 3 i 6 3 i Distillers Corp 15 15% fcl Bond Sc Shares 9 s , 99* Fisk Rubber Bs,8 s , 8% Gen Aviation 4 4 Glen Alden Coal 24% 24% Int Petrol (30 s , 30% Natl Bellas Hess 32% Park Davis 29'/2 29% Sherwin Wms 74’, 75% Wright Hargraves Min 9% 9%

Chicago Stocks

(By Abbott, Proctor & Paine! 11:00 Prev. A. M. close. Bendix 12'/ 12% Borg Warner 25 25% Butler Bros 7% 8 Chicago Corp pfd 26 26 Cities Service I s , 1% Crane . . 7% 7% Comm Sc Edison 42 42% Cord Corp 3% 3% Gen House Util s'/2 5% Grt Lakes Air % % Grt Lakes Dredge 16% 16% Libby •••... 6'4 6% Pub Servos 111 10% 11 '4 Swift 18% 18 s , Iron Fireman 17 S 4 17%

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 $13.00 Brazil Lump 6.04 Brazil Mine Run 5.25 Coke. Nut Size 8.90 Coke. Egg Size 8 90 Indiana Forked Lump No. 4 5.94 Indiana Forked Lump No. 6 5.84 Indiana Egg 5.71 Kentucky Lump Group “B’* 7.18 Pocahontas Lump 8.32 Pocahontas Egg 8.42 Pocahontas Mine Run 7.57 COURTS UPHOLDING NRA, FEDERAL SURVEY SHOWS Administration Supported in 90 Per Cent of Cases. By Timet Special WASHINGTON. Nov. 7.—A survey made public today by the recovery administration's legal division disclosed that the courts throughout the country are upholding the National Recovery Administration in more than 90 per cent of the cases in which it is concerned. In slightly more than seven months, it was stated, 129 court actions have been recorded, of which all but ten upheld the government’s contention. The report of the division said that in the period of Sept. 15 to Nov. 1 there were only six decisions adverse to the government’s contentions out of seventy-three cases on which federal courts acted. WARD SALES~SET PEAK Mail Order -Unit’s October Volume Highest of Year. By Timet Special CHICAGO. Nov. 7.—October sales of Montgomery Ward Sc Company aggregated $29,703,511, the best month thus far this year and an increase of 30.4 per cent over the corresponding period of 1933, according to figures issued today. Only two October totals in history topped last month's aggregate. These were in 1930 and 1929, and represented two of the best months in the company’s history. MAP HOUSING CAMPAIGN The American Gas Association, representing 500 gas utility companies and 400 makers of gas appliances, is formulating plans for immediate creation of region and state agencies to co-operate with the better housing program of the federal housing administrator.

INDIANAPOLIS, WEDNESDAY, NOVEMBER 7, 1934

trains will go into daily Burlington service between Chicago and the Twin Cities. In its coast-to-coast tour this original Zephyr traveled 28,000 miles, exhibited in 203 different cities in twenty-seven states and averaged 2.6 miles per gallon of furnace oil, its specified fuel at the economical cost of 4 cents a gallon.

SWINE VALUES GAINJOCENTS Cattle, Veals Stationary; Lambs Steady to Lower. With the exception of extremely lightweights remaining unchanged, porker prices in early trading at the Indianapolis Union Stockyards today were generally 10 cents lower than yesterday’s session. The initial drop was attributed mostly to a slight decrease in demand for all classes. Receipts numbering approximately 5.500, continued around a normal figure for a week-day session. The bulk, 160 to 200 pounds, was selling at $5.20 to $5.50, while 200 to 350 pounders, ranged from $5.55 to $5.90. In the lightweight division, porkers weighing 130 to 160 pounds, cashed in at $4 to $4.75. Smaller grades, scaling 100 to 130 pounds, were salable at $2.75 to $3.75. Packing sows brougnt $4.50 to $5.25. Holdovers were reported at 234. Early trading developed slow in the cattle market, especially in steers, with a slightly lower tendency prevailing in the majority of classes. Several loads of steers were valued to sell from $7.50 to $9.50. She stock remained stationary. Receipts were 1,400. Veal prices were unchanged, selling at $7 down. Receipts numbered 500. An uneven trading range was displayed in the lamb market. Good to choice grades continued steady, while others and heavyweights showed a small decrease. Bulk of good and choice kinds sold at $6.75 down. Receipts were 1,000.

Local Livestock

HOGS Nov. 1 $5.00® 5.40 $5.80 6,000 2. 3 5.20® 5.50 5.90 2,500 5. 5.20® 5.50 5.90 6.000 6. 5.30® 5.60 6.00 6.000 7. 5.20® 5.50 5.90 5,500 (140-160) Good and choice ....$ 4.50® 5.15 G6O-180) Good and choice ... 5.20® 5.40 1 180-200( Good and choice ... 5.40® 5.60 i2OO-220i Good and choice ... 5.60® 5.70 1 220-250 1 Good and choice ... 5.80® 5.90 1 250-290 1 Good and choice 5.75® 5.90 (275-300) Good 7 . 5.55® 5.75 Packine sows: (275-350) Good 5.00® 5.35 (350-425) Good 4.75® 5.00 (450-550) Good 4.75® 5.00 (275-550) Medium 4.50® 4.85 (100-130) Slaughter pigs good and choice 2.75@ 3.75 CATTLE —Receipts. I,Boo—-(550-900) Choice $7.00® 8.00 Good 6.00® 7.50 Medium 4.00® 6 00 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 8.25® 9.25 Good 6.25® 8 50 Medium 4 25® 6.25 (1.300-1.500) Choice 8 50® 9.50 Good 6.50# 8.50 —Heifers—-(sso-750) Choice 75® 8.25 Good 5.25® 6.75 Common end medium 2.50® 5.25 (750-900) Good and choice 5 50D 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 VEALEBS —Receipts. 500Good and choice $6.50® i.oo Medium 4.00® 6.50 Cull and common 2.00® 4.00 —Calves— (250-500) Good and choice 4.75® 8.50 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 cholca... 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 — Lambs. 90 lbs. down, good and choice $6.25® 6.75 Common and medium 4.00® 6.25 90-120 lbs., good and cholca... 2.00® 2.50 Sheep—-(l2o-150) Good and choice ... 1.75® 2.25 All weights, common and medium 1.25® 2.00

Other Livestock

FT. WAYNE. Nov. 7.—Hogs—Steady to 5 cents lower; 250-300 lbs . *5 75; 225-250 lbs.. *5 55 ; 200-225 lbs., *5.40: 180-200 lbs.. *5 25; 180-180 lbs. *5: 300-350 lbs.. *5 25; 150-180 lbs.. *4.50: 140-150 lbs . *4.25; 130140 lbs.. *3.75: 120-130 lbs.. *3 25: 100-120 lbs., *2 75; roughs. $4.50; stags. *2.75; calves. *7: lambs, *8.25. By Timr* Special LOUISVILLE. Nov, 7—Cattle—Receipts. 400. supplv slaughter classes: light quality generally plain; market mostly steady; bulk common to medium steers and heifers. *3 75®4.75: common down to *3 25: better finished steers and heifers quotable f to *6 and above: bulk beef. cows. *2 58 o 3- practical top. *3 25; most sausage bulls. *2 25 5 2.75. Hereford stock calves salable mostly *44i 5. and common to medium grade Stockers and feeders. *2.754i 3 75: calves. 200 mraket fullv steady to strong on better grades: others unchanged; most better vealers. *5 504*8: strictly choice. *6 50; medium and lower grades. *5 down. Hogs—Receipts. 600: market 5c lower on all weights and classes; top and bulk desirable 200-300 lbs.. *5 80: 180-195 lbs . *5 40: 305 lbs. up. *5.35: 160-175 lbs. *4 80; 140155 lbs . *4.30: 120-135 lbs. *3.30: desirable sows. *4 45. Sheep—Receipts. 150; generally steady on all slaughter classes: bulk better lambs. *8; choice quotable. *6 25 and above; bucks discounted *1: light throwouts *3 50: fat ewes *15032: most stock ewes satiable *6 50 a head down: choice quotable *7 or better. LAFAYETTE. Nov. 7—Market steady; 140-300 lbs.. *5 753 5 80 : 300-325 lbs.. *5 56: 220-240 lbs.. *5 654 570 : 200-220 lb*.. *5 45 rs.ssv, 180-200 lbs.. *5 253 5 55: 180-130 lbs . 3365.13; pig*. *4 50 down; roughs, 35 down: calves, steady. 33 down: lamb*, steady. 33 down.

Wall Street BY RALPH HENDERSHOT Time, Special Writer NEW YORK, Nov. 7.—Leo T. Crowley, chairman of the Federal Deposit Insurance Company, and one of the foremost banking leaders in the country, has a rather unique idea of how to ward off bank failures in the future. Mr. Crowley would make it possible for the F. D. I. C. to purchase the poor assets of banks which find themselves in trouble, with the idea of selling the

good assets to some strong bank in the community and thus obtain the utmost in the way of proceeds from the sale of such assets. He figures, and rightfully so, that when a bank or any other financial concern is forced into bankruptcy and its assets are

HV/aHh

thrown on the market for sale the prices realized are usually much below their actual worth. In the case of the banks, almost all of which are insured by the F. D. I. C., the losses sustained through bankruptcies would constitute quite a drain on the resources of the corporation, and consequently on other banks which contribute to the insurance fund. > Another advantage of such a plan is that it would tend to prevent bank runs. The merger, which would be engineered by the F. D. I. C., could be handled without general public knowledge. Deposit accounts would be taken over by another bank, and funds would be provided through the sale of slow assets for those depositors who did not wish to do business with the merged institution. StiH another feature is that communities would not be left without banking facilites as they were in many instances during the recent bank troubles. THE large banks in*the New York area should welcome Mr. Crowley’s plan. They have fought the deposit insurance idea all along on the grounds that it required the strong institutions to support the weak ones and placed a premium on bad banking. They pictured a general collapse of the banking system if the country were to run into any such situation as existed early in. 1933. The efforts which have been made and which will be made to strengthen all banks should go a long way toward eliminating this fear. Moreover, Mr. Crowley has come out strongly for a $5,000 maximum of insurance on deposits, which also will greatly reduce the liability of the banks and cause them to rest more ea ily. In view of his experience in banking and his high position, Mr. Crowley’s suggestions should bear considerable weight with the administration. n tt st THE head of the Federal Deposit Insurance Corporation is not worried over the large amount of government securities held by the banks at the present time. He argues that the total seems large only because of the small amount of commercial loans. He calls attention to the fact also that these securities are the safest investments banks can make, and holds they could be easily liquidated if the occasion ever arose. He maintains, tou, that the banking system is suffering from excess liquidity rather than from a lack of liquidity.

Other Livestock

(By United Press) CHICAGO, Nov. 7.—Hogs—Receipts. 29000. including 11,000 directs; slow, 10 to 15 cents lower than Tuesday: 220-320 lbs., So. 7oli;i.Bd; top. $5.85: 170-210 lbs.. $5.25® 5.75; light lights, $4.50#5.15; good slaughter pigs. S3U *. pacicing sows mainly *5.40® 5.65: light lights, 140-160 lbs., good and choice. $4.25 a 5.25; light weights, 160-200 lbs.. *[email protected]; medium weights, 200-250 lbs., good and choice, *5.506 5.85; heaty weights 250-350 lbs., good and choice. *5.70®0.85: packing sows, 275-550 lbs., medium and choice, *4.506 5.75; slaughter pigs, 100-130 lbs . good and choice. *3<&4.25. CattleReceipts, 13.000 commercial. 500 government; calves. 2.500 commercial. 200 government; strictly choice steers and yearlings about steady: inbetween grades weak to 25 cents lower; common kinds steady to weak; better grades predominating In run; not much she stock here; beef cows, strong; ail heifers steady: best steers, early. *9.65; light steers. $9.40: fed heifers. *B-25; bulls and veaiers steady: slaughter cattle and veaiers. steers. 550-900 lbs, good and choice. *666.50; "00-1,100 lbs., good and choice. *6.256 9: 1.100-1.300 10s.. good and choice. *6.25@10; 1,3001.500 lbs., good and choice. *6.75®10 : 5501 300 lbs., common and medium. *2.75'u 6 i5 heifers. 550-750 lbs . good and choice. |5 25®8; common and medium. *2.756 5 25; cows. good. $3.5004.75, commoa and medium. *2 4003 50! low cutter and cutter. *1 75®2 40 bulls (yearlings excludedi good (beef) $3 2504; cutter common and medium. *2 0 3.50. veaiers. good and choice, $5 50 07; medium. *4.5065.50; cull and common. *3 50 0 4; stockers and feeder cattle stockers. 550-1.050 lbs., good and choice. *405.25: common and medium. *2 500 4. Sheep—Receipts. 10.000; fat lambs, fairlv active; bids and early sales fully steadv; asking higher; early bulk. *6 50 downward, best held around *6 75; slaughter sheep and lambs, iambs. 90 lbs. down good and choice. *606.75; common and medium. *52506.10; ewes, 90-150 lbs. good and choice. *1 6562 50; all weights, common and medium. *15001.90: feeding lambs. 50-75 lbs., good and choice. *5.500 6.10. COMMODITY PRICES UP WASHINGTON, Nov. 7.—Wholesale commodity prices advanced from 74.3 to 74.6 during the week ended Nov. 3, according to the N- , uonal Fertilizer Association.

BONDS DISPLAY IMPROVED TONE AS FAITH RISES Prime Liens Stable at Tops. While Others Reflect Renewed Demand. By Timet Spccinl NEW YORK, Oct. 7.—lncreasing evidence of improved business sentiment, inspired by the mutual under- ■ standing reached between government, banking and industry, is be- j ing reflected currently in higher prices for fixed income obligations of most categories. Primary liens remain in demand around their highest levels for the year, with the average yield again at the July low point of around 3.8 per cent, while intermediary and some speculative issues already are beginning to discount expectations of expanding industrial operations in 1935. Although conceding that the extent of next year’s recovery movement will be determined by developments affecting commodity prices, students of the bond market expressed confidence that Washingtons more conciliatory attitude toward private initiative will exert a constructive influence upon longterm investments. For this reason, it was pointed out in various quarters, a fairly long extended recovery in bond values, with coincident lowering of the returns obtainable from lesser quality securities, is envisioned as an early prospect. Thin Market Prevails Due to the dearth of new capital issues in recent years, existing bonds have been absorbed by permanent investors to such an extent that the floating supply of available securities is recognized as being relatively small. This has brought about a condition operating to accelerate upward movements in prices and to minimize declines in a liquidating market. Periodic investors, especially, appear to be taking advantage of this factor, now employing idle funds in medium-grade obligations to a considerable extent. The preference shown for inter--1 mediary issues, authorities ex--1 plained, is motivated by the apparent security of principal and yield at prevailing quotations, generally about midway between the highs and lows for the year. Such purchases are made primarily for capital appreciation. purposes and are liquidated when consolidating movements make their appearance. This procedure, incidentally, is advocated by numerous observers inasmuch as too many uncertainties still exist in the economic situation to forecast

Hendershot

long-term trends with accuracy. Southern Railway Liens Demand of good caliber has been coming into the various Southern Railway bonds of iate at prices where good value is believed to be represented in their respective classifications. Among such issues are the first consolidated mortgage 5s of 1994, the development and general 4s, 6s and 6 J /2S of 1956 and the subsidiary Mobile & Ohio collateral trust 4s of 1938. Prices of these securities currently range from about two points below par for the first mentioned bond to a discount of more than 35 per cent in the case of the last. For the first eight months of 1934, operating revenues of the system were larger than those for the corresponding 1933 period. Income available for fixed charges, however, were smaller, reflecting increased maintenance charges and larger transportantion and other expenses. About 77 per cent of the first eight months’ charges were earned in the period. Expectations are that, for the year as a whole, the carrier will earn about 85 per cent of its charges, contrasted with 96 per cent last year, 38 per cent in 1932 and 67 per cent in 1931.

INDEX OF EMPLOYMENT DECLINES AT DETROIT Figure Off From 54.1 to 50.2 in Last Two Weeks of October. By Times Special DETROIT, Nov. 7.—The employment index of the industrial department of the Detroit board of commerce receded to 50.2 as of Oct. 30, compared with 54.1 two weeks earlier and 37.3 a year ago, which was the lew point following the bank holiday. It is expected that the trend will now be upward with automobile companies preparing to get under way on their 1935 schedules. However, a temporary letdown is expected around the Christmas holidays. The power consumption index at the end of October was 109, contrasted with 126 on Sept. 30 and 109 on Oct. 30, last year. OHIO HOME LOANS UP 5,022 Grants, Involving $14,767,416, Disbursed in Month. By Timet Special COLUMBUS, Nov. 7.—A total of 5,022 loans, having a total value of $14,767,416 were disbursed to Ohio home owners during October, according to Henry G. Brunner, state manager. Last week 1,339 loans were disbursed, with l total value of $6,927,365, of which $3,529,800 was covered by Home Owners’ Loan Corporation bonds. COLLECTIONS IMPROVING Store Sales Also Reveal Expansion During October. By Timet Special NEW YORK. Nov. 7.—Sales and collections In 103 major markets throughout the country show a slow but steadily improving trend, according to a survey made by the National Association of Credit Men. For the third successive month the number of cities reporting good collections and sales showed an increase. DICKEY PLAN APPROVED KANSAS CITY, Nov. 7.—The reorganization plan for the W. S. i Dickey Clay Manufacturing Company, which has been in receiverI ship since January, has been ap- | proved in federal court here.

Slump Costs Lift Federal j Expenditures Total Spending Under New Deal Is Approaching 11 Billions. BY RICHARD L. GRIDLEY United Press St.ff Correspondent WASHINGTON, Nov. 7.—Federal expenditures under the New Deal neared $11,000,000,000 today as recovery costs were shown to have already run the government “in the red’’ to the extent of $5,600,000,000. Thus, in the first twenty months of the New Deal, the administration has piled up the largest deficit in peace-time history. It is prepared to spend at least $6,000,000,000 more in its effort to lick the depression. Treasury figures showed today that $10,045,968 of federal money had been spent between the Roosevelt inauguration on March 4, 1933, and Nov. 1, 1934, or more than double its income of $5,133,297,880 in the same period. . Bulk for Recovery Included in the vast expenditures, however, were $5,616,225,120 for recovery or relief costs. Had it not been for these expenses, the budget would have been in balance, as ordinary cost of governpient in this period was only $5,116,820,848, or approximately equal to income. On a daily basis, the government under President Roosevelt spent for all purposes $17,800,000 every twen-ty-foor hours and received in income only $8,500,000. A total of $9,300,000 was borrowed every twentyfour hours to make up the deficiency. As recovery costs average about $9,300,000 daily, had it not been for this item the federal budget would have been balanced. The Reconstruction Finance Corporation was the largest user of recovery money under Mr. Roosevelt, having taken for direct loans and expenditures nearly $2,000,000,000 of the $5,616,225,120 recovery costs; civil works took $814,000,000; emergency relief, $1,250,000,000; emergency conservation, $330,000,000 and public highways, $267,000,000. Six Billions Available Despite the already huge recovery and relief expenditures of $5,616,225,120, treasury officials counted today $6,176,972,905 as still available for future expenditures of this character. The latter sum represented unexpended appropriations under the emergency and recovery agencies set up by congress. If billions of dollars additional is voted for public works by the next congress, this sum would be increased by the amount of the new appropriations. Several billions of dollars of the $5,616,225,120 “recovery” costs to date under President Roosevelt were estimated by treasory officials today to be ultimately recoverable by the federal treasury jphen borrowers repay government agencies and when the government withdraws, if it does, hundreds of millions of dollars invested in various banks. More than half of the “recovery” expenditures were estimated to have gone into realizable assets.

GRAIN VALUES RISE IN CHICAGO TRADING Upswing Occurs in Sympathy With Trend Abroad. By Unit eel Press CHICAGO, Nov. 7.—Grain prices on the Board of Trade pushed fractionally higher today in sympathy with a rise in foreign markets terday.Wheat started Y to ■?* cent higher. corn was up V* to % cent, oats were Vs to ti cent improved, rye was unchanged to up % cent, and barley was up -li cent. While domestic markets were closed yesterday during the election holiday, Liverpool and Winnipeg registered advances.

Chicago Grain Futures

(Bv James E. Bennett & Cos.) WHEAt— 11:00 Prev. High. Low. A M. close. Dec 99 .98 .98% .98V* Mav 97% .96% .97% .96% July 90% .90% .90% .90% CORN— Dec 78% 77% .77 s , .77% Mav 79% .78% .79’, .78’* July 78% .78% .78% .77% OATS— Dec 51% .50% .51% .61% Mav 49 .48 s , 48 s * .48% July 44% .44 .44 .44 RYE— Dec. 70% .69% .89% .70 May 73% .72% .72% .72% July 73 s , .72% .72% .72% LOCAL CASH MARKET City grain elevators are. paying 87 cents tor No. 2 soft red wheat. Other grates on their merits. Cash corn No 3 vellcw 68 cents and oat* 43 cents B-MfYoW WEIGHING REVISED APPLICATION Action Seen Ending Controversy Over $10,000,000 Issue. Hy Timet Special WASHINGTON, Nov. 7. The controversy which resulted over the listing of the Brooklyn-Manhattan Transit Corporation’s $10,000,000 bond issue is believed to be nearing a solution, it was said here today. According to reports, directors of the corporation are weighing the possibility of ending the episode by filing anew application. As the situation stands now there is a possibility that the matter may become a test case. Company officials had attributed the failure to file a registration application to th3 expense and the length of time required. PHONES IN USE GAIN Bell System Reports Rise of 32,000 During October. By Timet Special NEW YORK. Nov. 7.—An increase of 32.000 telephones in service throughout the Bell system was shown during October, according to the American Telephone and Telegraph Company. In the comparative month last year the increase amounted to only 13,400 telephones.

Latest Stock, Bond and Commodity Quotations

WEALTH STUDY HELD CONFUSED BY DEMAGOGUES Control Problems Made to Conflict With Ownership, Income Spread. This Is th? fifth of a serifs of weekly articles to be published in The Indianapolis Times writ'en bv members of the economics department of New York unlversl’y s school of commerce, accounts und finance. BY HERBERT B. DORAU Careful and competent economists are cautious about drawing conclusions as to the distribution of our national wealth and income. Even after extended study of the most reliable facts, experienced students regard their findings as tentative and approximate. This is as lt should be in dealing with facts so ; difficult of accurate ascertainment, i and so dangerous to social solidarity, i particularly in times such as these. Unfortunately, similar restraint does not characterize all public utterances dealing with this difficult question as to how our wealth, and income are divided, and even more unfortunately the public is not in a position or disposed to recognize authoritative conclusions. It is reported that a cabinet member recently stated that 2 per cent of the people own 80 per cent of the wealth of the United States. Refutation Difficult From another source we are told that 1 per cent of the people own 60 per cent of the wealth. It is difficult to refute such statements since there is no official or authoritative source of facts from which such conclusions legitimately can be drawn. We know little enough about the distribution of income, and unfortunately even less about the distribution of wealth. Certainly the evidence is insufficient to justify such conclusions. The public is excusably confused and naturally believe the statements that are in line with what, at the moment, they would like to believe is true. It is doubtful whether any great number of casual readers even clearly distinguish between the distribution of wealth and the distribution of income. In addition to distinguishing between the annual flow of income and the fund of accumulated wealth it is necessary to understand the difference between the ownership of wealth and control of wealth. Control Centralized The modern corporation and a highly developed credit system make it possible to control much more than one owns. While this is highly advantageous and likely to create problems of another sort, there is, however, no necessary direct relationship to the distribution of the ownership of wealth. The way In which the total national income of a people is distributed is far more important than the way in which the accumulated fund of weath is distributed.

Confusion Prevalent It is unfortunate, however, that the layman can be led to confuse these three measures and to attach undue significance to the less important. This is no doubt due to the fact that the more striking statement can be made about concentration of control and the distribution of ownership and because the worst impression is carried over to apply to the measure of the greatest importance, namely, the distribution of income. In a recent estimate of the distribution of income, Colonel Leonard V. Ayres finds that 10 per cent of the people probably obtained as much as 34.6 per cent of the total income, while 50 per cent obtained 74 6 per cent of the total income. One aspect of income distribution, which is rarely recognized, is the fact that the same people do not necessarily for long appear in the same classification. An average distribution over a five or ten-year I period or through the ups and downs of a business cycle would no doubt disclose a very different picture. Income Most Vital In “America’s Capacity to Consume,” recently published by the Brooklyn Institution, the authors ! after careful analysis concluded that ;30 per cent of our national income I went to reward labor of all classes, | and 20 per cent to the reward of | past savings, as a return for the use |of capital. A little simple mathe- ! matics will demonstrate that the important problem still is the distribution of currently earned income, no matter how unevenly ownership j nr control of the result of past savings may be distributed. Income is a better measure of economic position and prosperity than wealth, income can give satisfaction directly; wealth, in a large way. affords only the means of production. WILL SEEK FEED FUND Nebraska Relief Administrator to Ask $250,000 Revolving Fund. • ;/ Timet Special LINCOLN, Nov. 7.—A $250,000 revolving fund to purchase feed for I cash sale to Nebraska farmers who are unable to locate feed for their j livestock will be sought by Rowland I Haynes, federal relief administrator ! for Nebraska, it was disclosed today. The relief administration already is furnishing feed to farmers with not more than ten animals who are on relief.

Moderate First Mortgage Loans on Improved Indianapolis Real Estate The Indianapolis Morris Plan Company Delaware and Ohio Sts. RI-1536

I BE SAFE JbWjWSk (n,or Yonr Car Today —Fan £%yP9state Automobile Insurance Ats’n. LI MII. 7th Floor Ovcldfta) BU*.