Indianapolis Times, Volume 46, Number 155, Indianapolis, Marion County, 8 November 1934 — Page 26

Developm ents in Trade and Industry

PAGE 26

INFLATION AIMS VIEWED AVENUE TO BANKRUPTCY

Economists Assail Plans of Father Coughlin, Owen and Thomas. BY JULES BACKMAN AND A. L. JACKSON Vir-rrnli.til< Statistic*. Inc. NEW YORK. Nov. B—The inflationists are again w.th us! Not satisfied with the havoc which already has been created in our monetary system. Father Coughlin, Senator Elmer Thomas, and ex-Senator Robert L. Owen, are again on the Job Recently Father Coughlin called the credit Inflation of the late 20 s one of the sources of our ills. However, his cure for that situation was not credit deflation. He seems to feel that credit inflation can best be cured by currency inflation. When will we learn that we can not borrow ourselves out of debt, or that we can not pull ourselves over the fence of prosperity by tugging at the boot straps of debt? Owen Presents Plan Mr. Owen .presented his plan for converting government bonds into currency to the President, and it is reported that it did not receive a hearty welcome, for which attitude Mr. Roosevelt is to be congratulated. Mr. Owen's theory that the depression Is due to a lack of bank deposits reveals very clearly that this leader of the Sound ' Money League has a poor conception of the place of money in our national economy. We can Increase bank deposits from now until doomsday, but unless business is ready 'readiness depends on the possibilities of using the funds profitably) to use the funds, nothing will happen. Credit is not the cause of business; it is prima- j rily a facilitating factor in business. As business activity increases, the amount of credit needed to enable the business machine to function smoothly is increased. The increase in credit is a result of business activity. It is true that after the cycle of expanding business has started, credit is both cause and effect in the business picture. However, when you are trying to, start the marhine, credit alone will not do the trick. Memory Is Short Wp hear a great deal about the necessity for creating confidence, so that credit will be used. Here again we find that the memory of man is short. Confidence is a result of good business conditions —not a cause. Was there a lack of confidence in j 1928 and 1929? If not. why then j the collapse? Certainly not because confidence was bad! Then again, take the situation in 1932 and the beginning of 1933. Confidenee was certainly at a low ebb. but despite this fact, business pro- : pressed steadily ahead. No—both ; credit and confidence come into existence with sound business condi- I tions. They are not the cause; they . are a result. Senator Thomas apparently is not yet convinced of the futility of toying with the number of grains of gold in the dollar as a means of creating prosperity. Our experience since the Warren gold plan was adopted land it might be added—dropped) indicated quite definitely that there is no casual relationship between movements in the price of gold, commodity prices, and business. However, as is usually the situation in such cases, the blame is laid not to the inherent unsoundness of the scheme, but rather it is laid to the fact that not a sufficient dose of devaluation has been taken. Believe Them Unworkable When will these gentlemen learn to analyze currency and monetary situations in terms of experience. *nd not in terms of experiment? The vast majority of monetary economists have definitely indicated their belief that these gold tinkering schemes are not valid, and will not work. The question might be asked of the devaluationists. ‘Why should we devalue only 50 per cent? If rising prices i regardless of the cause) are good and if these rising prices will result from devaluation, uhv not devalue down to 99 per cent?'* Why stop the flow of the good things of life at a level which apparently is not the maximum that is attainable? Why not go the full way? If the schemes of these men are followed through to their logical conclusion, we will have to go the full way and the full way is not prosperity, but national bankruptcy and the ehminatiwn of our middle classes. On Commission Row Quotations tx’.ow are averaga wholesale prices bemr cSered to buyers by local , dealers _ . IKI ITS—Cranberries. Cape Cod. early black*. 25-lb. bo*. *3 50 Grapes. California Emperors. 27-lb. box. *215 Persimmon*. Indiana. 12 qts . 90c Avacadoa bo*. *1 50 Quinces, bushel. *3. Bananas, pound. sc. Ap- es maiden blush $1 50; northern spy*, tl 35 Indiana Jonathan*. *1 85: grimes golden. *1 50 St i 75. 5* ons. California h-ner dews. 225 Lemons, sunkist. 360*. i * SO! red ball. 3605. *5.75. Grapefruit. , 70a-80s. *J. Limes per carton. 12s. 25c: seedless per hundred. 93e. VEGETABLES —Cabbage. Norhern Danish. 50-lb. bag. 60c: red pound. 3c. Onions. Idaho, sweet Spanish Urge 50-. b boi ers 10-lb bag 35c. aeatern white 50Kg *1 *V Michigan, yellow. *1 25: white, lb bag *1 75 Potatoes. Sew Jersey Cob--I,'ers. 100-lb. bag. *1 45: northern round white. 100-lb bag *1: Ohio* 100-ib bag. ( 55- Idaho Russets. 100-lb. bag *2. Sweet notatoes. Indiana Jerseys, bushel. *1 50; Indiana Nancy Halls bushel. st. Beans, round atnngless. bushel. *2 50. Beets, doien. 25c Carrots nome-gro* a. dozen. SSc Cauliflower, crate. *1 *5. Celery. Michigan, medium, doren 45c: Jumbo, dcien 65c hearts, bunch. 90c. Cucumbers. , hothouse doren. 125 Endive, dozen. 40c. Plant, doien. *1 50 Kale, home-grown. ; bushel 50c Lettuce, outdoor 15-lb. baske' 60s- Mango*. busheL *l5O Mint. dozen 50c Parsiee. dozen. Ssc. Pees— Hamper *3 75 Spinach, home-grown, broacleaf. bushel. 60c Radishes dozen jir Tomatoes, outdoor. 12-lb basket ,je. bushel. *2 Turnips home grown, dozen 25c. pumpkin*, dozen. *1 2* Retail Coal Prices ______ ______ __________. The folio* price* represent Quotation* from leading Indianapolis coal deader* A 25-cent carrying charge pei ton ill be • dde<l DOMESTIC RETAIL PRICES Anthracite Brazil Mine_Run ©oke. Rut Sue •J® l&fte t.o so."*:::::::: }g Indiana Forked Lump ho. I |JJ ‘Group' ‘V ' i* pweahontas Lump *;; RS§££ 2f?e Run *.

Rehabilitation of Banks to Be Completed Before Insurance Goes in Effect Failures So Far This Year Have Declined to Lowest Level in Fourteen Years, Due to Improving Conditions in Field. By Unitrtt Prt*n WASHINGTON, Nov. B.—The federal government plans to complete rehabilitation of the American banking structure within the eight months before permanent bank deposit insurance becomes effective, it was learned today.

The capital of alx>ut 5,500 of the country's 15,834 banks has been strengthened under the rehabilitation program. A few more banks are to be bolstered by July 1. A high government official said today that bank failures so far this year have fallen to the lowest level in fourteen years as a result of improving financial conditions and liberal use of government funds. Lowest Since 1920 It was estimated that less than seventy-five institutions have closed this year, the lowest rate since the year ended June 30. 1920, when only forty-seven institutions failed. This compared with a record of 2,430 closings in the twelve months ended June 30, 1932, and an average of more than 500 annually in the preceding decade. Chairman Leo T. Crowley of the Federal Deposit Insurance Corporation, which includes 14.117 of the country's 15.834 banks, has decreed that capital of the banks be increased to equal a tenth or more of deposits. Under this program, the Reconstruction Finance Corporation has authorized purchase of $1,129,711,760 in preferred stock and capital notes in 6,455 institutions. July Seen Deadline "Where there is impaired capital,” Mr. Crowley said, ‘‘we are using the ten to one yardstick of deposits to capital and we ought to have the job completed in the next eight months, or by July 1, next.” In addition to the RFC’s impending billion dollar interest in capital of now operating banks, the giant lending agency has authorized loans of $977,756,340 on assets Os 2,415 closed banks to free funds for depositors. A total of $623,130,341 already has been disbursed. Jesse H. Jones. RFC chairman, estimated that the ultimate loss to depositors in banks closed since the March, 1933. banking holiday would not exceed $2,000,000. This figure is relatively small in view of present total bank deposits of more than $40,000,000,000.

QUIETUDE FEATURE OF GRAIN TRADING Irregular Trend Displayed in Early Deals. By United Pres* CHICAGO. Nov. 8 —Grains settled back today on the Board of Trade after yesterdays sensational upturn. Wheat started cent lower to 1 i cent higher, corn was unchanged to '* cent higher, oats were cent lower to '* cent higher, and rye was unchanged to '* cent lower. There was some buying of May wheat against sales of December and July and this item tended to unsetle wheat to a degree. Yesterday's inflation talk, which brought the sharp upturn late in the session, had died down and some operators came into the pits to realize profits on the advance. (Bv Jamts E. Bennett & Cos l \ 11:00 Prev. WHEAT— Hizh. Low. A M close. Dec 101% 100 1 00% 100% Mar 100% .99% .99% .99% July 94% .93% .93% .94% CORN—t>M. 79% .78'.• .79 .78% Mav 81% .80% .80% .80 s , Julv .80’, .80% .80% .80% OATS— Dec 32% .31% .52 .52 Mav .30 .49% .49% .49% Julv .45% .45% .45% .45 2 RATE—— Dec 71% .70% .71 .71% Mav 74% .73% .73 H .74% July .(4% .il l • ‘3' .74’, LOCAL CASH MARKET Citr gram elevators are paying 90 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 veUow 71 cent*, and oats 43 cents. SENATE TO GET STUDY ON CHAIN STORES SOON Trade Commission to Submit Final Report After Survey. By Ti me* Special WASHINGTON. Nov. B—The final report on the federal trade commission's four-year investigation into chain stores will be presented by the senate at its next session, it was learned here today. Retaliating to charges that its assembled material was not representative, the commission pointed out that the inquiry has covered 1.660 chains with sales amounting to several billion dollars annually. The commission declared it would submit conclusions and any recommendations for new legislation which the body deems wise. stocT~rise foreseen Market Visioned Higher Year From Now in National Survey. Eighty-four per cent of investment bankers, investment company managers, and statisticians replying to the annual questionnaire on the stock market outlook conducted by Arthur A. Winston of Distributors Group, Inc., believed that the stock market will be higher a year from now. 13 per cent are undecided and 3 per cent believe that the stock market will be lower. The merchandising business, including mail-order houses and general stores, received the most favor. In reply to the question as to which five industries appeared the most attractive, the merchandising business rated well ahead of the chemical indusry* which ranked second.

Abreast of The Times on Finance

PORKER VALUES El :n TO LOWER General Run Off 5 Cents; Lightweights Hold Steady. Slight weakness featured early trading in the pork market at the | local stockyards todaj. The general I run was around 5 cents lower than 1 yesterday’s close, while few light | grades were unchanged. The bulk, 160 to 200 pounds, was salable at $5.15 to $5.45, while heav- ; iest kinds on hand, scaling from 200 to 350 pounds, cashed in at $5.50 t $5.85. Good and choice grades were reported salable at $5.90. Light butcher classes, weighing 130 to 160 pounds, brought S4 to $4.75, while light lights, ranging from TOO to 130 pounds, sold at $2.75 to $3.75. Packing sows brought $4.50 to 55.35. Receipts were estimated at 7,000: holdovers. 294. Initial dealings in steers in the cattle market were scarce with a slightly lower tendency prevailing Quality was mostly plain. Bulk of early grades sold at $7.50 down. She stock showed only a slight change. Receipts were 800. Vealers again were unchanged, selling at $7 down. Receipts numbered 500. With only little action displayed in the lamb market prices were generally steady at the previous close. Most kinds were salable at $6.75 down, while bulks were discounted sl. Throwouts ranged from $3.50 to $4.50. Receipts were 1,500. HOGS Nov. Bulk Top Receipts 2. $5.10® 5.50 $5.90 4.500 3. 5.20C5 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 8. 5.15® 5.45 5.90 7.000 5140-160. Good and choice....s 4.50® 5.15 (160-180) Good and choice ... 5.15® 5.35 (180-2001 Good and choice.... 5.35® 5.55 (200-220* Good and choice ... 5.55® 5.65 (220-2501 Good and choice.... 5.75® 5.90 (250-230) Good and choice.... 5 70® 5.90 (275-300) Good 5 60® 5.70 Packing sows: (275-350) Good 5.00® 5.35 (350-4251 Good 4.85® 5.25 (450-5501 Good 4.75® 5.00 (275-550) Medium 4.50® 4.85 (100-130) Slaughter pigs good and choice 2.75:2 3.75 CATTLE —Receipts, 800.— —Steers—-(sso-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® 950 Good 6.50® 8 50 —Hellers—-(sso-750) Choice 6.75® 825 Good 5.25® 6.75 Common and medium 2.50® 5.25 (750-900) Good and choice .... 5 50® 7 50 Common and medium 2.50® 5.50 —Cows— Good 3 25® 4 2b 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® (.00 Medium 4.00® 6.50 Cull and common 2.00® 4.00 —Calves—-(2so-500) Good and choice 4.75® 6.60 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 2.60® 3.00 Common and medium ■ 2.00® 2.50 SHEEP AND LAMBS —Receipts, 1.500. Lambs. 90 lbs. down, good and 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 Other Livestock (Bv United Press) FT WAYNE. Nov. B—Hogs—Steady: 250 i 300 lbs.. *5.75: 225-250 lbs.. S5 55; 200(<i 225 lbs.. $5 40: 180-200 lbs.. $5 25: 160-180 lbs . $5: 300-350 lbs . $5 25; 150-160 !bs.. $4.50; 140-150 lbs . $4 25; 130-140 lbs.. $3.75; 120-130 lbs.. 73 25; 100-120 lbs.. *2 75: roungs. $4 50: stags. $2.75, Calves. $7. Lambs. *s® 6.25. LAFAYETTE Nov B.—Market, fteadv to 5c lower 240-300 lbs . *5 700(5 75; 300-325 lbs.. $5.50: 220-240 lbs, $5 220 lbs . $5 -*005.50; 180-200 lbs . $5 20® 5 30: 160-lou lbs. *5®5.10: pigs. $4.50 down: roughs. $5.40 down: calves, steady. $6 down; lambs, steady. (By Times Special) LOUISVILLE. Nov. B—Cattle—Receipts. 425: supply slaughter cattle: moderate demand fairlv broad: market moderately active and generallv steady: bulk common to medium steers and heifers. *3.75® 4.75: few common down to *3 25; better finished steers and heifers quotable *s'd 6 or better; bulk beef cows. 52.50<n3: practical top. *3.25: sasage bulls mostly *2.75 down; low cutters and cutters. *l2s® 2 25: desirable Herford stock calves salable *4 50 to mostlv *5; common to medium grade Stockers and feeders. *2 75® 3 75: calves. 300. including 100 stock calves: market, steady; bulk better vealers. $5 50®6: strictly choice. $6.50; medium and lower grades. *5 down. Hogs— Receipts. 600; market. 10c lower: top and bulk desirable 200-300 lb*.. *5 70: 180-195 lbs *5 30: 305 lbs.. *5.25: 160-175 lbs.. *4 70; 140-155 lbs. *4 20; 120-135 lbs., *3 20: desirable sows, *4 35. Sheep—Receipts. 175. including 75 stock ewes: market steady; most medium to good lambs. *5 50®f: choice kinds quotable higher; bucks discontinued. *l. and light throwouts. *3.50: fas ewes. $1 5002: most stock ewes salable. $6 50 a head down; choice eligible higher. FARM EXPORTS SHOW DIP September Index Held to Be Lowest in Twenty Y'ears. By Time* Special WASHINGTON. Nov. 8 —The value of exports of agricultural products by the United States in September. based on an index of fortyfour principal farm products, dipped to 5. the lowest level for this month in more than twenty years, it was disclosed today. With cotton excluded, the index was 61, compared with 66 and 57 dunng the like 1933 and 1932 months respectively.

INDIANAPOLIS, THURSDAY, NOVEMBER 8, 1934

STOCKS AGAIN MOVE UPWARD ON BIG BOARD

U. S. Steel Assumes Leadership With List Maintaining Gains. By United Press NEW YORK, Nov. 8 —United States Steel common stock today assumed leadership of the stock market. It reached 34%, up s ,k, while its preferred touched 77 H, up Pi. Other steels were mixed, but the main list had a firm undertone despite moderate profit-taking. The impressive leadership aided the market in maintaining yesterday's gains. These were increased at and shortly after the opening. But later profit-taking brought some irregularity. The early rise brought several issues into new high ground for the year or longer, including International Harvester preferrred at 126, up 2 ? i ; McKeesport Tin Plate 95, up •%; McLellan preferred 76%, up v; Continental Can 60%, up %, and Liggett & Myers B 104'4, up ->i. J. I. Case touched 50%, up l'.g, before running into selling Allied Chemical held a 2-point gain. Rubber shares were active and firm. South Puerto Rico Sugar was up more than a point in its section, while United States Industrial Alcohol gained a point in the alcohols. Rails and utilities were mixed in a narrow range. Mercantile issues were mostly higher, notably several in the department store group. Treasury Statement (By United Press) WASHINGTON. Nov. B—Government expenses and receipts for the current fiscal year to Nov. 6. compared with the corresponding period of the previous fiscal year: .This Year. Last Year. Expenses $2,444,454,271.52 $1,525,197,151.98 Receipts 1,309,135.249.76 1.023.335,957.03 Deficit 1.135.319 021.76 501.861.194.95 Cash Bal. 1.731,465,470.97

Stock Studies j CREAM OF WHEAT $ COMMON STOCK 4* r— — r SHARf EAPNINGS PRICE RANGE SCALE X r=-| 40 TfTiu^-lVH 30 T* —H-W-i—-1 - -*■ —•— —i- J - O-—•• 13Q8132 33 34130 31 32 33 34 ( WINCHESTER INSTITUTE OF FINANCE:, The Cream of Wheat Corporation specializes in the manufacture and marketing of only one product—cream of wheat. Sales have been built up through extensive national advertising. The success of this company is proof of the power of advertising in making sales. Cream of wheat is sold by practically every grocery store in this country and Canada and in many foreign countries. The principal plant is located in Minneapolis. FINANCIAL DATA (As of Dec. 31. 1933) Common stock (no par) 600,000 shares. Surplus $2,276,391 Cash and securities 2,633.675 Inventories 446,588 Total current assets 3 257,057 Current liabilities 610,180 During 1933 ‘.here was little change in the firancial setup. Cash was practically the same, inventories being $78,000 larger while net working capital gained about $130,000. Surplus was about $90,000 larger. The current ratio at the end of the year was 514 to 1, while the book value of the common was $5.79, an increase of 15 cents during the year. Cream of Wheat has shown good earning ability right through the depression. In 1933 $2.15 was earned and $1.44 in the first nine months of this year. Cream of Wheat has been liberal with dividends. For several years the rate has been $2, while cash extras of 50 cents were paid in 1930 and 1931, and 25-cent extras in 1932 and 1933. No extra has been paid this year. The present rate is $2. Cream of Wneat was incorporated in 1929 in Delaware. The common stock is listed on the New York Stock Exchange. At a current price of around 32 3 i the stock yields slightly better than 6 per cent. (All Riqht Reserved. Winchester Institute of Finance, Winchester, Mass.) Produce Markets Delivered in Indianapolis prices: Heavy hens. 11c: Leghorn nens. 7c: colored spi.ngers, 12c: old roosters. sc; ducks. 7c; geese, sc; voung guineas. 20c; old guineas, 15c Turkevs —No. 1 young hens. 9 lbs. and over. 16c: young toms, 14 lbs. and over, 17c: voung 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 oS. 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 by the Wadley Company. CEMENT OUTPUT HIGHER September Figure 36.2 Per Cent Above Same Month of 1933. Ba Times Special WASHINGTON, Nov. B.—September production of Portland cement aggregated 7.680.000 tons, an increase of 36.2 per cent over the corresponding month last year, according to the department of commerce. Shipments last month came to 7.388.000 barrels, which was 13.4 per cent ahead of a year ago. Mill stocks at the close of September totaled 21,716.000 barrels, an expansion of 2.4 per cent. WHITE HAS NEW TRUCK Anew medium heavy duty truck, adaptable for all general hauling purposes, is announced by the White Motor Company. Designated as model 718, this truck cojnbines high load carrying capacity with a medium size economical power plant, having a gross rating of 20.000 pounds with a range of wheelbases from that of a tractor of 130 inches by increased steps of 18 inches up to 190 inches. CASE MEETING SET By Time Special CHICAGO, Nov. B.— Directors of the J. I Case Company will meet Nov. 15, it was announced today.

New York Stock Exchange Prices

(By Thomson A McKinnon t 11 00 Prev. Oils— High. Low. A. M. close. Amerada 43% 43’, 43% 44'. Atl Rfg 25'. 25', 25'a 25 Barnsdall 6' 2 6** 6® 6 ! 2 Consol Oil 8% B'2 B>2 B'2 Cont of Del ... 18® 18% 18% 18® Houston icld)... 15% 15’, 15 % 15 Mid Cont Pet ... 11 11 11 10’, Pet Corp 9 9 9 9 Phillips Pet 15 s , 15', 15% 15 s , Plymouth Oil ... 9 9 9 9 Pure Oil 7', 7 7 Shell Un 6 s , 6 s , 6 s , Skellev Oil 7% 7' 7’, 7', Soc Vac 14’, 14', 14', 14', S O ofCCal 31,3 1 , 33 33 32% S O Os Ind 25 24 s , 24’, 24% S O Os N J 43 42’, 42 7 , 42’, Texas Corp .... 21’, 21’, 21 s , 21 s , Tidewater Assn S’, 94* 9% 9'a Steels— Am Roll Mills . 18’, 18 1 , 18% 18’, Beth Steel 27% 27 27’ a 27>* Col Fuel & Iron 5 4 7 4 7 * 4 s , Cruc Steel 19’ a 19'2 19 1 a . Inland S'ee' 4039 s , 40 39’, Ludlum Steel ... 14 ! 2 13% 14‘. . McKeesport Tin 95 94'2 95 94% Natl Steel 39® 39 394* 39', Otis Steel 4’, 4% 4’, 4 7 , Rep Ir & Steel 12’, 12% 12’, 12’, Rep Ir & Stl pfd 36’* 36', 36', 36 U S Pipe & Fdy 20% 20’, 20 s , 20 U S Steel ... 34' 2 34', 34',33 7 , U S Steel pfd . . 76’, 75', 76’, 75' 2 Warren Bros ... 6’, 6' 2 6' 2 6' 2 Yngstwn S & T . 17 16 7 , 16 7 16 7 Motors— Auburn 26% 26', 26*2 26 I ', Chrysler 36',335,5 5 , Ss’337,5 7 , Gen Motors ....33 7 , 30 5 ,337,0 7 , 30' 2 Hudson 9’, 9'a 9’s 3’, Hupp 2% 2 s , 2’, 2' 2 Mack Truck .... 25', 25', 25>, 24 7 „ Nash 15', 15 15 15 Packard 3’, 3% 3 s , 3% Reo 2', 2', 2 1 , 2', Studebaker 33 33 Yellow Truck .. 3% 33 3'A Motor Accessories— Bf ndix 13' a 13% 13’, 13 Bohn Alum 55 54'2 54’, 54% Borg Warner ... 26’, 26', 26', 26', Briggs 18 s , 18’ 2 18 1 2 18', Budd Mfg 5 7 , 5 7 , s’, s’, Eaton Mfg 16 15% 15 7 , 15 s , Elec Auto Lite . 24 7 , 24' 2 24'2 24’, Murray Body ... 5' 2 s', 5% s', Stew Warner ... 7', 7', 7', 74, Timken Roll ... 31’,337,0 7 , 30’, 33 Timk Det Axel .. 61, 6', 6’, 644 Mining— Alaska Jun .... 18>/a 18>/* 18'/* 18'/a Am Metals 15 15 15 15 Am Smelt 3744 37 37 3 7 Anaconda 11', 11'/, 11', 1144 Cal & Hecla 33 33 Cerro De Pasco . 39 38 38% 38% Dome Mines ... 41 41 41 Gt Nor Ore .... 11'4 11V, U l ', 11'/, Howe Sound ... 4344 49 49 49 Ins Copper .... 3‘, 3' 4 3% 3', Int Nickel .. . . 24 23% 23’, 23’, Konnecott, Cop . 17% 17’, 17’2 17 1 2 Mclntyre Mine . 45’, 45’, 45’, 45 Park Utah . ... 3* 3' 2 3 s , 34, Noranda Cop ... 35 34% 34*6 35 Phelps Dodge .. 14’, 14V2 14% 144i Amusements— Fox Theat 12’, 12% 12% 12 7 , Loews Inc 31’, 31 1 2 31 1 2 31 s , Radio Corp 644 6 6', 6 Paramount 4’4 4'4 4’, 4'A RKO 1% 17,l 7 , l 7 i 2 Warner Bros ... 4 7 4 4% 4% 4V4 Tobaccos— Am Tobacco B 82 1 2 81'4 81*4 82 7 , Lige & Myers B 104104 104*4 103'i Lorillard 18% 18U 18', 18', Phillip Morris 36', 35’i 35% 35% Reynolds Tob ‘B’ 3944 49 4944 49 Rails— Atchison 54% 54'4 54*4 54% Atl Coast Lines . 30V, 30% 30% 30 B & O 15% 15% 15'4 15% Can Pacific 1244 12*4 12*4 12% Ch & Ohio 43 42 % 43 42% CM& St P pfd 5*4 5 5% s'/, Chi N W 5% 5% 5% 5% Dela & Hud ... 40% 4044 40*4 40 Del Lac & W ... 18*4 18 18% 18 Erie 12% 1244 12V 2 12% Grt Northern pfd 15% 15% 15% 15% 111 Central 16% 16% 16% 16% M K & T 6'i 6*4 6% 644 M K & T pfd . 15% 15% 15% 15 Mo Pac pfd ... 3% 3% 3% 3% N Y Cent 22 21% 21% 21% Nor Pacific 19% 19’, 19% 19% Pen R, R 23*4 23 23 23 Sou Pac 18% 18% 18% 18% Sou R R 17% 16% 17 16% Union Pac 103% 103% 103% 103’, West Maryland. 944 9% 9V4 9% Equipments— Am Brake Shoe 24'i 24V4 24’2 24% Am Car & Fdy. 16% 16% 16% 16% Am Loco 17% 17% 17'/, 17% Am Steel Fdy... 15% 14% 15 14'4 Bald Loco 5Vi 5% 544 5% Gen Am Tnk Car 37 36% 37 36% Gen Electric ... 18% 18% 18% 18% Fullman Inc .... 43% 43 43 42% Westingh Elec . 32% 32 32 32% Utilities— Am & For Pwr 5% 5’4 5’4 5% Am Power & Lit 4% 4% 4% 4% AT&T 112 111% 11144 111’, Air. Wat Wks 15% 1544 .. 15% Col Gas & Elec 8% 8% 8% 8% Com & Sou .... 1% 144 1% 1% Consol Gas . 26% 26 26% 27% Elec Pwr & Lit 3% 3’i 3% 3’i Int Hydro El .. 3% 3% 3% 3% Chicago Stocks (By Abbott. Proctor & Paine) 11:00 Prev. A. M. close. Bendix 13% 13% Borg Warner 2644 26% Butler Bros 8% 844 Chicago Corp pfd 26% 26% Cities Service 1% 1% Crane & Cos 8% 8 Common & Edison 42'4 42% Cord 3% 3% Elec House Util 13% 13% Gen House Util 13% 13% Iron Fireman 18 17% Grt Lakes Dredge 16% 1644 Libbv •••••••••• 6 s , 6% Marshall Fields 11% 1144 Noblitt Sparks 13% 13’, Quaker Oats 128% 128 Swift 19 18% Swift Int 37% 3744

THANKS to Every One of You To the voters of Indianapolis and Marion county, the candidates on the Democratic State, County, City and Township tickets who were successful in the Tuesday election, extend heartful thanks and appreciation for YOUR support. YOU voted for a continuation of GOOD GOVERNMENT in City and County and expressed your confidence in the policies of the NEW DEAL and President Roosevelt. It will be the aim of the Democratic officials and the Democratic organization in Indianapolis and Marion County to guard against any betrayal of your confidence and trust as expressed in the results of the balloting Tuesday, and continue the good government in both the City Hall and the Courthouse. To those Republicans and independent voters who voted the Democratic ticket, we particularly express our Thanks and Appreciation. And we wish, for every one of YOU, all the prosperity, the security and happiness and the more abundant life that is hound to come under the policies of the New Deal. Sincerely — Marion County Democratic Central Committee

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Inter R T 13% 13% 13% 14 Int TANARUS& T ... 9% 9% 9% 9% Nat Pwr & Lt . 8% 8 8 8 North Amer 13% 13 13 13% Pat G & E 15% 15% 15% 15% Peoples Gas ... 22% 22% 22% 22% Pub Serv N J ..32 31% 31% 32 So Cal Edi 14% 14% 14% 14% Stone & Webs .. 5% s’, s’, 5% United Corp ... 3 s , 3 s , 3 s , 3 s , Un Gas Imp 14% 13 s , 13’, 13% Ut Pw & Lt “A" 2 17,l 7 ,1% 2 West Union ... 35 34% 34% 34% Rubbers— Firestone 14% 14% 14% 14’, Goodrich 10% 10 10% 10% Goodrich 2_% 22’, 22% 21% Kelly Spring ... I’, I’, 1% 1% L S Rubber ... 16 s , 16% 16% 16% U S Rub pfd ... 37% 37 s , 37 s , 37-% Miscellaneous— Allis Chaim 14% 14 14% 13% Ain Can 103% 103% 103% 103% Am Macn & Fdy. 19‘, 19% 19% 19’, Bi-r. Man Tr • ... 37% 37% 37% 37% Burroughs Add. 14’, 14V 2 14% 14% J I Case 50% 49% 49- 2 49% Conti Can 60’, 59% 59% o 5 Cater Tract ... 33% 32% 33% 32% Crown Cork .... 26% 26 26% 26 Curtis Pub 17% 17% 17% 17% Curtis Pub pfd . 80 80 80 80 Deere & Cos 19’, 19% 19% 19% East Kodak 108% 108 108 108 s , Foster Wheeler ■ 11% 11% 11% 11% Gillette 14% 14 14 14% Glidden 23% 23’, 23’, 23’, ir.t Bus Mach .142% 142% 142% 143 Inter Harv 34% 34% 34% 34% Natl Cash Reg. 16', 16 . 16% 16■ Owens 80tt1e.... 81% 81% 81% 81% Rem Rand 9% 9 9% 9 Unatrwood E . 51 *, 51 51'* 50% Worthing Pmp 16 * 16 16 16', Foods— Am Sugar 60% 60’* 60% 60 Armour Com . 5 , 5% 5% 6 Armour 6% pld 66% 66t* 66% 60% Borden Prod ... 26% 26% 26% Cal Packing 39% 39% 39% 39% Canada Dry G A 15% 15% 15% 15 Coca Cola 149% 149 149 149% corn Prod 67’, 67% 67% 67% Crm of Wheat.. 33’, 33% 33% 33% Gen Baking .... 8 8 8 7% Gen Foods .... 34 33% 34 33’, G W Sugar 29% 28 29 27% Hershey 69 69 69 69 Natl Biscuit ... 27% 27% 27’g 27’, Natl D Prod 17 16% 16% 17 Purity Bak .... 9% 9% 9% 9’, S Porto Kico Sug 25’, 24 s , 25% 24% Std Brands 18% 18% 18% 18% Un Biscuit 23% 23% 23% ... United Fruit ... 71 71 71 71% Ward Bak •B”. 1% 1% I s , 1% Wrigley 74% 73% 74% 71 Retail Stores— Best & Cos 37 37 37 ?7 Gimbel Bros ... 4’, 4% 4% 4% Gr Un Tea ... SV, 5% 5% 5% Hahn Dept Sts 5% 5% 5% 5% Kresge S S 19 18% 19 18% Kroger Groc ... 29 28’, 28% 28% Macy R H 46‘4 45% 46 45% McCrory St .... 7 6% 6% 7 HARDWARE SALES UP. TRADE ORGAN REPORTS October Promises to Exceed Volume of Last Six Months. By Times Special NEW YORK. Nov. 8. —Retail hardware sales are holding strong, with October totals promising to exceed the consistently fair volume of the past six months, Hardware Age declared today A sharp contrast remains between the comfortable totals of wholesale and retail operations and the persisting inactivity among manufacturers. This can only mean that back-logs of inventory in the hands of large buyers have been lasting through a longer period than was generally anticipated. An increase in credit sales and in the purchasing of major items, as reported by many stores, seems to point to a rise in the buying public's confidence regarding the outlook. HOT OIL ELIMINATION SEEN LIFTING PRICES Defeat of Evil Would Bring 70 per Cent Spurt, Hose Review Says. By Times Special NEW YORK, Nov. B—An increase of 70 per cent from the current top of $1 a barrel would occur in crude oil prices if the hot oil problem were eliminated completely, the T. S. Hose petroleum review declared today. The law-breaking producer, it was contended, represents less than 1 per cent of the entire industry. That this small percentage be allowed to act as a menace to the stability of the industry as a whole does not seem likely. Characterizing the general petroleum outlook as rosy, the review cited the sharp improvement in basic conditions as proof that the federal administration’s latest drive seemed successful.

McLtllan St 9% 9% 9% 10 Marshall Field .11% 11 11 11 % Mav Dept St... 42% 42% 42% 42% Mont Ward 29 28% 28’, 28% Penney J C .... 68% 67', 68% 67’, Safeway St 45 44% 44% *5% Sears Roebuck 41% 41 41 41% Woolworth .. 51% 51 51% 51 s , Aviation— Aviation Corp . 4% 4% 4% 4 Curtiss Wright 2% 2’, 2% 2_> Curtiss Wright A 7 6% 6% o', Douglas Air ... 19% 19% 19% 11% Nor Am Av .... 3% 3% 3% J% Sperry Corp 8% 8% 8% 1% United Aircraft N 8% 8% 8 , * Chemicals— Air Reduction . 104 103% 103% 104 Am Com Alcohol 29% 29% 29% 29% Col Carbon .. 69% 69% 69% 69% Com Solvents... 20% 20% 20 s , 20% Du Pont ... 95% 95% 95% 95% Freeport Tex .. 26’, 26% 26’, 26 , Liquid Carb 21% 21% 21% 21% Math Alkali . 26% 26% 26 s , 26% Monsanto Cher* 57% 57% 57% 57 Natl Dis (new( . 23% 22% 22’, 22’, Schenlev Dist . 27% 27% 27% 27% Tex Gulf Sulph 36% 36 36% 36% Union Carbide 44% 44% 44% 44% U S Ind Alcohol 41% 40’, 40% 39% Drugs— Coty Inc 4% 4’, 4% 4% Lambert 26% 26% 26’, 26% Sterling Prod . 61% 61 61 61 lUn Drug (new). 12% 12 12 11% iVick Cnem ... 34% 34 34 33% Zomte Prod ... 3% 3% 3’, 3’, Financial— Adams Exp .... 7% 7% 7’, 7% ! Allegheny Corp I s , I’, I’, I’, :Am Int Corp . 6 s , 6% 6% 6% | Lehman Corp 68’, 68% 68% 68% ! Transamerica s’, ss,5 s , 5% ss,5 s , |Tr Conti Corp . 3’, 3 , 3 s , 3’, Building— Am Radiator... 15% 15% 15% 15% Gen Asphalt . . 16% 16’, 16% 16% Holland Furnace 7% 7’, 7’, 7% Int Cement 23% 23% 23% 23 Johns Manville 51% 51% 51% 51 s , Libby Owens Gls 25% 25% 25% 25% Otis Elev 14 14 14 14% U S Gypsum ... 42’, 42’, 42’, 42% Ulen Cons 2% 2% 2% 2% Household— Col Pal Peet ... 16% 16% 16’, 16% Congoleum .... 30% 30% 30% 30% Kelvinator 15% 15% 15% 15’, Mohawk Carpet 15 15 15 16 Proc & Gamble. 41 s , 41% 41% 40% Servel Inc 6% 6% 6% 6% Simmons Bed... 9% 9% 9% 9% Textiles— Amer Woolen ... 9% 9% 9% 9% Belding Hem ... 11% 11% 11% 11* Celanese Corp . 29% 29 29% 29, Collins Aikman 12% 12’, 12% 12% Indus Ravon ... *6% 26% 26% 26 2 Real Silk 6% 6% 6’4 6% New York Curb (By Abbott. Proctor & Paine) 12 (Noon) Prev. NY. close. Allied Mills 8 7% Am Gas &El 1% l§'a Atlas Corp 8-, 8% British Celanese 2% 22 Distillers Corp }5% 15% El Bond & Share 10% 10% Gulf Oil of Pa 56 45% Humble Oil j?% 41% Lake Shore Min 5i , 56_ Mt Producers J , 4-,a Natl Bellas Hess 33 Newmont Min 40 2 40 Park Davis 29 , 29% Wright Hargraves Min 9 9 ALABAMA TOWN IS ‘YARDSTICK’ Athens Increases Power Consumption 100 Per Cent Since TWA. By United Press BIRMINGHAM, Ala., Nov. B. Athens, Ala., a small upstate town of some 4,000, has increased its electric power consumption 100 per cent since the advent of the Tennessee Valley Authority’s ‘‘yardstick” power rates, according to Edward Falck, a rate engineer of TVA. The increase was disclosed by Mr. Falck in testimony before the Alabama public service commission here in a hearing at which the Alabama Power Company asked permission to sell to the authority transmission lines and power distribution facilities in fourteen northern Alabama municipalities desiring the “yardstick.” Mr. Falck estimated that if the United States as a whole had the same consumption as Athens, electricity consumption would have been 21,000,000.000 kilowatt hours in 1932 rather than 12,000,000,000, as reported by the census bureau. “Under the TVA structure,” the engineer continued, “the nation’s bill for the 21,000,000.000 kilowatt hours would have been $463,000,000, instead of $633,000,000.”

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STEEL TRADE'S CASH POSITION UP IN QUARTER

16 Units Prop Status Despite Substantial Operating Cost. BY W. lAN MACK Times Special Writer NEW YORK, Nov. B.—The nation's steel industry, as represented by sixteen units accounting for 80 per cent of total capacity, improved its cash and working capital positions in the third quart:, of the year, despite a consolidated operating loss ninefold greater than a year ago, an analysis of earnings statements indicated today. For the group as a whole the deficit after charges for depreciation, depletion and absolescence amounted to $18,808,214 for . the quarterly period, contrasted with a loss of only $2,654,673 in the corresponding 1933 months. The showing for the first nine months, bolstered by a combined net profit approximating $10,000,000 for the six months ended June 30, was much more encouraging, however, in that the deficit amounted to $8,772,267, agiinst $49,493,023. Deductions Top Losses Contributing to betterment in cash and working capital positions generally was the fact that depreciation allowances for the third quarter exceeded the losses recorded. In the case of the United States Steel Corporation for instance, such charges amounted to $10,224,776, compared with a reported deficit of $9,826,767. Net working capital, consequently was slightly higher than on June 30, and was about $18,1)00,000 in excess of the $352,910,000 shown on Dec. 31 1933. Likewise, the Bethlehem Steel Corporation expanded its available cash resources during the third quarter and nine months. For the September period the corporation had an interest charge of $1,671,845, which left $990,357 of the operating profit of $2,662,202 shown for the three months. The deduction for depreciation was $3,390,483, contrasted with a reported deficit of $2,400,126, against $283,097 a year ago. For the nine months the corporation’s profit was $139,472, compared with a 1933 loss of $9,365,394. Only Three Show Net Os the sixteen companies, only three reported profits after charges for the third quarter. These included the Ludlum Steel Company, with a net of $7,570, against $166,305 a year ago; the M. A. Hanna Company, with $425,000, against $477,424, and the National Steel Corporation, with $347,199, against $756,565. For the nine months, however, these three and four others— Bethlehem, Granite City Steel, Inland Steel and Wheeling Steel—reported incomes in excess of charges. Units showing losses in the third quarter included Bethlehem, as above recorded; Eastern Rolling Mill Company, with $187,651, against $68,167 a year ago; Granite City Steel, with $46,314, against a profit of $202,857; Gulf States Steel, with $205,374, against a net of $166,670; Inland Steel, with $53,476, against a net of $623,612; Interlake Iron, with $344,720, against $215,228; Jones & Laughlin, witi $1,826.227, compared with $997,133; Republic Steel, with $2,122,106, against a net of $148,239; Wheeling Steel, with $930,788; Youngstown, with $1,257,371; United States Steel, as above; Superior Steel, with $157,177. and Wickwirc Spencer, with $229,886.