Indianapolis Times, Volume 46, Number 156, Indianapolis, Marion County, 9 November 1934 — Page 38

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

PAGE 38

'MIDDLE ROAD POLICY' SEEN ADOPTED SOON Roper Statement Is First From Administration Since Election. BY RICHARD L. GRIDLEY I’nitad rr SUB Crre<*nd€Ot WASHINGTON. Nov. 8 —An important administration statement, coming immediately alter the sweeping Democratic victory, strengthened belief today that President Roose- | veil hopes to pursue successfully a “middle of the road” policy in the recovery fight. Secretary of Commerce Daniel C Roper, in the first administration expression of policy following the election, emphasized that no sudden j turn to left or to right as regard? monetary and other recovery mac- , ters was contemplated. Evidence that the administration would be able to hold congTess to its program was seen despite the election of many inflationists and other monetary experimentalists., The new congress will present a considerably larc*T bloc of straight New Deal advocates. Thus group; could be counted on to support President Roosevelt strongly in economic matters. Cites Fundamental Policies Many observers believed the Roper pronouncement and the congressional analysis meant that the. -middle of the road’ policy would, meet no serious obstacle providing busmes continues Its slow upturn; through the winter. Among Secretary Roper's statements were expressions: Defending the right to strike but maintaining at the same time “the right to work without molestation.” That consolidation of gams in the recovery fight must come before remaining problems are attacked. That equalization of prices and elimination of disparities is sought rather than a rise of all prices. j Pointing out the dual nature of the President's program, including j emergency relief with recovery, and j secondly, fundamental reforms. Emphasizing that emergency activities will be reduced as rapidly as normal busines revives. That the government is bound to encourage business profits for its own financial salvation so that the recovery debts can be paid off gradually through taxes. No Danger of Dictatorship "Unhesitatingly,” Mr. Roper said, **l state that we are not going to have a dictatorship to the left nor an autocracy to she right. The immediate future should record return of caring for the unemployed to the states and local committees. "Inflationists and silverites were not believed strong enough for major disruption in the administration I policy, although a few concessions might be made. "The soldier bonus issue is not expected to make more progress than currency inflation. Because of the strong position of President Roosevelt. it was not believed his hand could be forced. The apparent inability of the government's silver program to promote rising commodity prices likely will bo used as a strong argument against further rehabilitation of silver. Moreover, some government economists are satisfed that potential credit and monetary inflation steps already taken are more than sufficient to promow recovery once confidence of the business man is restored. They are equally sure that should inflation "take hold.” they have suffscent powers to control it. ARMOUR FIRM HEAD TO BE NAMED SOON Efforts to Learn Parking Concern Successor Unavailing. ByT iMM Special CHICAGO. Nov. 9—Whether a member of the Armour family again will head the packing firm of Armour Ar Company probablv will be determined at the regular directors' meeting next Thursday, it was learned today. Efforts to ascertain the name of the successor to the late T. G. Lee as president of the huge concern have ben unavailing, but a name frequently mentioned is that of P. D. Armour, grandson of the founder. Mr. Armour returned as a director of the company at the last annual meeting, after having withdrawn as vice-president and director m 1931. when Mr. Lee was selected to succeed the late F. Edson White as the active operating head of the firm.

STEEL INGOT OUTPUT UP FOR TEN MONTHS Volume 21.730.391 Tons. Against 19.274.2*4 Last Year. *y 1 imrs Special NEW YORK. Not 9.—Production of steel ingots throughout the country in the first ten months of the year was 21.730.394 tons, or 83 578 tons daily with opera.ions at 73.96 per cent of capacity, against 19.274.- | 284 tons, or 74.418 tons daily wnth operations at 34.23 per cent, in the corresponding period last year, the American Iron and Steel Institute estimated today. October output of all companies aggregated 1.461.932 tons, contrasted with 1251 630 tons in September and 2.084.894 tons in October. 1933. The rate of production last month was 24 59 per cent, the highest rate since July. silve’iTmoney at >eak Additional 530.420.151 Distributed to Public in October. By Ti Mn Special WASHINGTON. Nov. 9—New silver money climbed to anew peak of $829,463,833 as of Oct. 30. following the distribution of an additional $30,420,151 last month, the treasury department disclosed today. At tho same time It was revealed that receipts of silver under the oa•nonalization program during the week ended Nov. 2 were 7,157273 ounce*, bringing the total since Aug. 9 to 105,226,210 ounces.

If Inflation Conies? Adverse Effects Are of Two Kinds, Immediate and Final, With Difference Confused.

The feUovinc article, reprinted from Poor * Review, represent* a sane dim Minn of the twe avenue* of escape for investor* in the event that currency inflation malerialires. mam Inflation adversely affects bonds and all other obligations bearing a fixed rate of return. But the adverse effects are of two kinds, immediate and final. Confusion exists among investors because of failure to differentiate between the two.

The holder of a bond (which is not defaulted) loses nothing in dollars, during the period of inflation he receives the stipulated number of dollars of interest; when the bond comes due, he receives the stipulated number of dollars of principal. His final loss is not in dollars, but in purchasing power. Presumably because of the rise in the price level accompanying inflation, his dollars of income and of principal will buy less than they did before the period of inflation. The bondholder, in fact, always loses in purchasing power whenever there is a general nse in the price level whatever the cause. Immediate Effect Cited "But there may also be an immediate effect to bonds in a period of actual monetary inflation; a decline in their market price. Such a decline is the result of a shift of funds from bonds to domestic equities and commodities or a shift to other countries. In a period of rising prices caused by increasing business activity, there may be a shift of fjinds. But such a shift will be confined domestically and will not be so farreaching in effect. The reason for the greater shift in the event of inflation is that the extent of inflation is difficult to gauge, whereas natural economic forces limit any general price rise. It is interesting to note the course of French rentes from 1920 to 1930, the period of French inflation and of stabilization. A decline in rents after the war to below half their pre-war level reflected the shift in funds as the result of fear and lack of knowledge as to the extent of inflation. This was the immediate effect. Rose Subsequently The subsequent rise to the pre-war level reflected conviction of French investors that inflation was over. Meanwhile, a more than 500 per cent increase in the cost of living in France indicated the loss suffered by holders of rentes through the inflationary period. This was the final effect. Recent decline in rentes reflects renewed fears of inflation. United States government bond prices were not affected appreciably when the United States cut loose from the dollar or when the dollar was devalorized. The reason: devalorization put a definite limit, for the moment, on inflationary possibilities. If we believed that the government were soon to resort to radical inflationary expedients, we would now recommend sale of high grade bonds on the belief that an immediate decline in price would follow. The decision as to whether proceeds should be held for subsequent repurchase of bonds at lower prices or whether equities should be purchased would be up to the individual Investor. Common Stocks Outlet The investor who desired to maintain his purchasing power and who was willing to assume the risks attendant in equities, should in such an event buy common stocks. The investor who was content to suffer some loss in purchasing power for the sake of an assured dollar return should plan to return to high grade bonds. Naturally the possible extent of inflation and the extent of the price decline of high grade bonds would have much to do with the decision. At the present moment, we do not anticipate further inflationary developments. But some slight possibility exists. This means that individual holders of high grade bonds must hold themselves ready to act quickly in order to avoid an immediate loss in market value. This recommendation holds true even though the individual might be willing to accept a final reduction in purchasing power in order to avoid the risks involved in equities.

WALLACE, WARBURG TOMES AT LIBRARY •New Frontiers’ and *lt’s Up to Us' Received Here. “New Frontiers.” Secretary of Agriculture Wallace's latest book, has been received at the business branch of the Indianapolis public library. In his study Secretary Wallace states the belief that “working with the capitalistic order as it has come to us out of the past, the United States can develop policies which will enable the representatives of agriculture. ' dustry and consumers of work together more efficiently than in days gone by.” James P. Warburg. New York banker, in his book. “It's Up To Us," propounds the question “Is there a fundamental inconsistency between she administration's money policy ard its industrial and agricultural measures. Other bocks received are: "The Stock Market.” by Solomon S. Huebner: “Social Security in the United States.” a record of the seventh national conference on social security and Who s Who in America,” 19341935 edition. surpTus"cars higher Increase of 2.175 Cars Shown in Two Weeks Ended Oct. 14. By Ttmei Special WASHINGTON. Nov. 9—Class 1 railroads on Oct. 14 had 319.700 surplus freight cars in good repair and immediately available for service, an increase of 2.175 over the Sept. 30 total, according to the Association of American Railroads. Reports also showed 8.511 surplus stock cars, a rise of 1.689 compared with Sept. 30, while surplus refrigerator cars totaled 8332. a decrease of 681 for the same period.

Abreast of The Times on Finance

PORKERS DP 15 CENTSATPENS Cattle, Lambs Unchanged; Vealers Strong at $7.50 Down. Porker prices at the Union Stockyards this morning were generally 15 cents higher, as compared with the previous close. Few underweights, however, remained fully steady. No extreme action was displayed in any classes and the usual run was on hand. The bulk of 160 to 200 pounds was selling at $5.30 to $5.60. Heaviest weights, scaling 200 to 350 pounds, brought $5.65 to $6. Small slaughter pigs weighing 130 to 160 pounds was salable at $4 to $4.75, while extreme lights weighing 100 to 130 pounds cashed in at $2.75 to $3.75. Packing sows sold at $4.75 to $5.50. Receipts were estimated at 7,000; holdovers, 157. Trading turned dull in the cattle market with practically all grades unchanged. Most classes were scarce and nothing was on hand to command top prices. Receipts were 500. Vealers moved sharply 50 cents higher, selling at $7.50 down. Receipts numbered 500. Slight strength was evident :n the lamb market in early traoin.; with prices around the preiious close. The general bulk sold at $6.75 down, while top held at $7. Only a few grades were active. Receipts were 2,000. HOGS Nov. Bulk Top Receipts 3. $5.20# 5.50 $5 30 2.500 5. 5.201(1' 5.50 5 90 6.000 6. 5 30'S 5.60 6.00 6.000 7. 5 20'S! 5.50 5.90 5.500 8. 5.15# 5.45 5 90 7.000 9. 5.30# 5.45 6.00 7.000 'l4O-1601 Good and choice $ 4.50® 5.25 il6O-180i Good and choice 5 30'S .6 60 1180-2001 Good and choice... 5.50# 5.70 <2OO-2201 Good and choice .. 5.705' 580 i220-250i oGod and choice .. 5.90# 6.00 i250-290i Good and choice... 5.85# 6.00 '275-300) Good 5.65# 6.85 Packing sows: 1275-350) Good 5.25# 5.50 (350-425) Good 5.00# 5.40 (450-5501 Medium 4 85® 5.25 '275-5501 Medium 4.75# 5.00 (100-130) Slaughter pigs good and choice 2.75# 3.75 CATTLE —Receipts 500 — —Steers—-(sso-900) Choice $7 00# 8 00 Good 6.00# 7.50 Medium 4.00# 6 00 Common 2 50# 4.00 (900-1.1001 Choice 7.50# 8.50 Good (£oo# 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 6.7.6# 8.25 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# 4.25 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 . $7 00# 7.50 Medium 4.50# 7.00 Cull and common 2.00# 4.50 —Calves—-(2so-500) Good and choice 4.75# b. 50 Common and medium 2.50# 4.75 —Feeder and Stocker Cattle——Steers— (soo-800) Good and choice 4.00# 3.25 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. 2.000 ! Lambs. 90 lbs. down, good and choice *6 25n 700 1 Common and medium 4.00# 625 90-120 lbs., good and choice... 2.00# 2.50 S O2(MSO> Good and choice . 1.75# 2.25 All weights. common and medium 1.25# 2.00

Other Livestock

,By United Press) I FT WAYNE. Nov. 9—Hogs—lsc higher; 250-300 lbs.. S5 90: 225-250 lbs. *5.70; 220225 lbs.. *6 55. 180-200 lbs *5 40: 160-180 | ibs *5.15: 300-350 lbs.. *5 40: 150-160 lbs.. '*4 65 140-150 lbs . S4 40: 130-140 lbs , 53 90: 120-130 lbs.. S3 40: 100-120 lbs.. *2 90: roughs. 54.75: stags. *3. Calves. $7; lambs. *6.25. LAFAYETTE. Nov 9 Hogs—Market. 10-15 C higher: 280-300 lbs.. *5.90; 300-325 lbs $5 65 240-280 lbs. ** 85. 230-240 lbs.. *5 75: 220-230 lbs.. *5 70; 210-220 lbs., 60 200-210 ibs.. *5 50; 190-200 lbs.. 55 40; 180-190 lbs. S5 30; 170-180 lbs., 55 20: 160-170 lbs. 55 10; 150-160 lbs., :54 50 140-150 lbs 54.25: pigs. 100-140 lbs.. 52 50<44; roughs. *5.25 down; calves, top. 56 50, lamb market, steady. *6. __ ißy Times Special* LOUISVILLE. Nov. 9 —Cattle— Receipts. ! 350 supplv slaughter classes light, quality , generally plain; demand dependable: mar- | ket mostlv steady; bulk common to me- i dium steers and heifers. *3.755 4.75. com-i tr.on kinds down to *3 25: cutter grades as i low was *2.50. better finished steers and heifers quotable. 554}6; and above; bulk beef cows. *’ 40f3. practical top., *3 25: j low cutters and cutter cows. 51204 r 2 25: most sausage bulls. *2.25442.75; Hereford i >'ock calves salable mostlv $4.50®5. common to medium grade natives. *2. ist?3. .5. I Calves—Receipts. 350: strong, active marj ket on vealers; buik better grades. S63i i 6 50: medium and lower grades. *5 down. Hogs—Receipts. 500: market most.y 20c I higher: pigs from 100-135 lbs . 5c up: top and desirable 200-300 lbs . *5.90; 180-190 | lbs . *5 50; 305 lbs. up. *5.45: 160-175 ibs.. ! 54 40 140-155 ibs.. *4 40; 100-135 lbs . *3 .0; : desirable sows. *4 55 Sheep—Receipts. 1 100 demand dependable for light supply: I market generally steady, medium to good | lambs *5 505 6 choice eligible higher; i bucks discounted *l. bulk light throwouts. I 53 50 fat ewes. *1504/2; stock ewe* mostly $6.50 a head down; choice eligible higher. FORECLOSURES GAIN By T t par* Special CHICAGO, Nov. 9—Real estate foreclosures filed in Cook county during October numbered 1,212, involving property values of $13,150,879. the Builders’ Commercial Agency reported today. This compares with 963 and $9,895,287 in the preceding month. INTEREST RATE PARED OSHKOSH. Wis., Nov. 9 —EfTeci\e Dec. 1. members of the Oshkosh Clearing House Association will reduce the interest paid on deposits from 2 b to 2 per cent.

INDIANAPOLIS, FRIDAY, NOVEMBER 9, 193-1

REVAMPED NRA BELIEVED NEAR TO PERMANENCY / Major Provisions, Including Section 7-A, Seen Continued by Congress. By Scripps-Hoteard S’cicspaper Alliance WASHINGTON, Nov. 9—The NRA. under its new management, is making progress toward permanency, in the opinion of some of its highest officials. They share the view of Donald R. Richberg, chief of the National Emergency Council, that the Recovery Administration is "on its way up” and “growing stronger every day.” Like Arthur D. Whiteside, a member of the National Industrial Recovery Board which succeeded General Hugh S. Johnson, they consider it inevitable that the major provisioins of NIRA, including Section 7-A. will be continued by congress before NIRA expires June 16. They concede an enormous amount of dissatisfaction in industry. And they realize that many employers still believe NRA is on the way out. But NRA is making substantial gains against many of the sources of complaint, they say, and toward making enforcement a possibility rather than a theory. Three Major Problems The vast bulk of NRA’s difficulties arise from three problems: 1. The disparity of wage-an-hour provisions among related or overlapping codes—and the resultant clamor of employers for inclusion in the code with the least onerous labor provisions. 2. Resistance to the collection of assessments to support code authorities; one large firm complains that eighty-four code authorities have billed it for code dues. 3 Conflicting and confusing definitions of industries and functions, which result in overlapping jurisdictions between related codes. Recovery leaders are endeavoring to reduce such causes of noncompliance by seeking to persuade “neighbor” industries to merge their codes —thus wiping out conflicts over wages and hours and replacing a handful of code assessments with a single levy. Groups Aim Mergers Groups which NRA says are now making overtures toward amalgamation include: eight woodworking codes, five glass codes, 20 heating, ventilation and sanitation equipment codes, four paper machinery codes, seven jewelry and watch codes, six button codes four fur codes, seven “light sewing” codes, five clay products codes, and thirtynine grocery manufacturing codes. New York dispatches describe a similar movement to consolidate nine or more apparel manufacturing codes. In some cases the amalgamation will take the form, not of outright code mergers, but of coordination of wage-and-hour and assessment provisions. Something of this sort is hoped for as a result of a recent meeting here of representatives from twenty-three related durable-goods industries. SCATTERED BUYING AIDS GRAIN VALDES Firmness Shown in Face of Easiness Abroad. By United Press CHICAGO, Nov. 9.—Scattered buying by commission houses and locals brought firmness to grains on the Board of Trade today in the face of weakness abroad. Wheat started % to Vz cent higher, corn was up to % cent, oats were unchanged to up Vs. There were no sales of rye reported at the beginning. The market was not active during the first few minutes of trading, although there was some covering in evidence. The cables showed Liverpool fractionally lower, while Rotterdam finished on the offside - . No precipitation was noted overnight. (By James E. Bennett & Cos.) 11:00. Prev. WHEAT— High. Low. A. M. close. Dec 1.00% .99% 1.00% .99' i May 99% .98% .99% .98% JulV 94 .93 .93 1 * .92% CORN— Dec 79% .78% .79% .78% Mav 81 .80 1 4 .81 .80% Julv 80 7 8 .80 >b .80’* .8018 De° ATS T 51% .51 1 4 .51% .51% Mav 49% .49% .49% .49% Julv 45% .45 .45% .45 Dec. .69% .69% ,69% .69% Mav 72% .72% .72% .72% July 73 .72% .73 .72 LOCAL CASH MARKET City grain elevators are paying 89 cents for Nc. 2 soft red wheat. Other grades on thfir merits. Cash corn No. 3 yellow 71 cen*s, and oats 43 cents.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers. FRUlTS—Cranberries, Cape Cod. early blacks. 25-lb. box. 53.50 Grapes. California Emperors. 27-lb. box. *2.15. Persimmons. Indiana, 12 qts., 90c. Avacados box. *1.50. Quinces, bushel. *3. Bananas, pound. sc. Apples, maiden blush. *1.50; northern spys, *1 35: Indiana jonathans. *1.85: grimes golden, $1.50<5?1.75. 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,so-Ib. boilers. 10-lb. bag, 35c; western white. 50bag *1.40: Michigan, yellow. *1.25; white, .b. 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 Jersevs. busheL *1.50; Indiana Nancv H&lls. bushel. *l. Beans, round stringless. bushel. *2 50. Beets, dozen. 25c. Carrots, home-grown. dozen, 35c. Cauliflower, crate. *175. Celery. Michigan, medium, dozen. 45c: jumbo, dozen. 65c hearts, bunch. 90c. Cucumbers, hothouse dozen. 1 25: Endive, dozen. 40c. Eeg plant, dozen. *1.50. Kale, home-grpwn. bushel. 50c. Lettuce, outdoor. 15-lb. basket. 60c Mangos. busheL SI 50. Mmt, dozen, 50c. Parsley, dozen, 35c. Peas— Hamper. *3 75. Spinach. home-grown, broadieaf. bushel. 60c. Radishes dozen. 35c. Tomatoes, outdoor. 12-lb. basket <sc. busheL *2. Turnips home grown, dozen 25c; pumpkins, dozen. *1.25. FRUITS AND VEGETABLES ‘Bv United Presa. CHICAGO. Nov. 9_— Appies—! Michigan Mclntosh. bushel. 2'2-inch. *1.504i2. Jonathans. *1 254/1.50 Sweet Potatoes— Tennessee bushels. 85c Illinois. •ST9Oc. Lettuce—California. crates 51.352.60. Peppers—lllinois, bushels. *0 9 /5c Celery - Michigan, square crates. 504485 c: flats. 405 50c Oregon—Cauliflower. crates. *1 35. Cranberries—Massachusetts * barrels. *3 504(3 75 Spinach—Missouri, bushels. 254i 40c Carrots— Illinois, bushels. 40650 c. Celery—Cabbage. Michigan flat crates 25& 30c few. 40c. Beets—lllinois and Indiana, bunches. Ic. Onions—llu* nan*. grezu bunches. 566 c.

Planting of 6 Million More Acres ' Next Year Will Be Allowed Cotton Farmers Joining Adjustment Plan

AAA Section Recommends 25 Per Cent Slash Below Base Acreage. By United Press WASHINGTON, Nov. 9. Cotton farmers participating in the acreage adjustment plan will be allowed to plant an additional 6,000,000 acres next year, it was learned today. The AAA cotton section, it developed, has recommended to Secretary of Agriculture Henry A. Wallace that the full 25 per cent reduction below “base” acreage permitted by the- 1935 contracts be sought. Its suggestion probably will be accepted. This year's reduction averaged 40 per cent. Under the proposed program, cooperating growers would qualify for an estimated $100,000,000 in benefit payments by limiting total plantings to about 31,000,000 acres or 25 per cent less than the annual average during the five years, 1928-32. Assuming that, as this year, about 2,000.000 acres will be cultivated by non-cooperators, the total cotton area would approximate 33.000.000 acres compared to 27,000,000 in 1934. An average yield of 170 pounds per acre would produce a crop of slightly more than 11,000,000 bales. News that the full 25 per cent cut would be sought came as the department of agriculture’s crop reporting board issued its November production estimate, showing the 1934 crop to be substantially less than 10.000,000 bales. The AAA must submit the new

New York Stock Exchange Prices

(By Thomson <Ss McKinnon) Prev. Oils High. Low. close. Amerada 43% 43% 43% 43_i Atl Rfg 25 2a 25 24 8 Barnsdall 6% 6% 6% 6 . Consol Oil 8 a 8'" 8% Cont of Del .... 18% ? 18% 18 * Mid Cont Pet ... 11 11 D 1 2 7 ® Ohio Oil 9% 9% 9.8 Pet Corp 9 9 9 J Phillips Pet 15% lj> 15 s 15 Plymouth Oil ... 8% 8% 8 a 9 Pure Oil ‘% ‘/* 7/8 Seaboard Oil 25% 25_. 25 2 ... Shell Un 6% 6% 6% 6 Soc Vac •■ • 14% 14 14 13 s S Oof Ind 25 24% 25 SOof N J 43 42% 42% 42 2 Texas Corp 21_a 21 3 21 s 21 2 Un Oil of Cal .. 15% 15% 15% 15 s Steels— Am Roll Mills . 18% 17% 18% 17% Beth Steel 27 26_ t 26 8 26 4 Byers A M 17% 17% 17% 17 4 Rep Iron & Steel 12% 12% 12 2 12 ,4 U S Pipe & Fdy 20% 20 20 20 U S Steel 34 33'4 34 34 Warren Bros. •• 6% % 64 os Youngst'n S& T 16% 16% 16% 16%

Wall Street BY RALPH HENDERSHOT-

Times Special Writer NEW YORK, Nov. 9.— When the bankers and the administration began talking about patching up their differences a week or so ago doubting Thomases were to be found on every hand. Many of those in Wall Street thought the President had his fingers crossed when he made his famous American Bankers Association speech, and no

small part of those in Washington thought the bankers meant little or nothing by their promises of co-op-eration. But it is beginning to look as though there was an important measure of sincerity on both sides. The most recent loan figures show a decided pickup, and

A ' "VP. sJji&k

Senator Duncan U. Fletcher, chairman on the senate banking committee, has said that any movement in the next congress for drastic banking reform would be likely to collapse. Incidents such as these are quite convincing to your correspondent. The President has not told the bankers that thefy are a great bunch of fellows, and the bankers have not opened their vaults to all those who would borrow money in the interest of recovery, but that is hardly to be expected or desired. If Mr. Roosevelt were suddenly to treat all bankers like long lost prodigal sons, and if the bankers were to lift all loan restrictions, the man in the street might well wonder whether the entire country had not become topsy-turvy. a a a IN view of the fact, however, that a full measure of banking reform has been achieved, Mr. Roosevelt can well afford to ease the pressure on the people in that branch of business. And, by the same token, now that most of the weak spots caused by the depression have been 'eliminated and business seems to be on the mend the bankers can easily loosen up on their loan restrictions without running undue risk. Certainly there is nothing to be gained by keeping the bankers on the spot continuously or by applying over-rigid loan restrictions. Most people have adjusted their affairs to the changed business conditions, and the causes of the depression have been corrected about as well as it is possible to correct them, so it would seem that the sensible thing to do would be to co-operate to the fullest extent in getting the wheels of business turning again. nan SENATOR FLETCHER’S prediction is likely to prove most reassuring to the financial and business world. It is extremely difficult for bankers to make loans or for business people to borrow with any certainty of being able to make repayments if they have more than the normal business risks with which to contend. Changes of any kind always tend to interfere with the smooth performance of trade, so, while reforms occasionally become necessary, they should not be Indulged in merely because somebody gets a bright idea. The fact that the promises of cooperation between the bankers and the administration do seem to have been made in good faith should be encouraging. Developments of late indicate that business is ready to go ahead, but it is important that as many obstacles as possible be climated so that its progress may be helped and not hindered.

j BS

Senator Bankhead

cotton program to producers before Dec. 1. Those who haven’t signed contracts may do so, but little additional sign-up was foreseen. The plan will provide, it was learned, that a contractor with a ■base” of 100 acres who planted sixty acres this year may plant at least seventy-five acres in 1935. Officials emphasized that the voluntary program, based on acreage, has nothing to do with the Bankhead act, based on baleage. They expressed private fears, however, that unless the Bankhead plan is continued another year the voluntary program would collapse. Cully A. Cobb, cotton section chief,

Motors— Auburn 25% 25% 25% 25% Chrysler 35% 35% 25% 25; a Gen Motors .... 30% 30% 3?% 30 a Graham Mot ... 7% 1% 1% *_ Hudson 9 1 8 9% 9 1 * 9% Mack Truck 25 25 2o 25 Nash 14% 14% 14% 15 Packard 3% 3% 3% It Reo 2% 2% 2% 2 /* Studebaker 3 2 % 2% 3 Yellow Truck .. 3% 3Vs 3Vb 3 Motor Access— Bendix 13% 13% 13% 13% Bohn Alum 54 % 54% 54% 54 2 Borg Warner ... 26% 26 26% 26% Briees 19% 18% 19% 18% Budd Mfg 5% 5% 5% 5% Budd Wheel ... 2% 2% 2% 2% Eaton Mfg 16 15% 16 15% Elec Auto Lite . 24% 24% 24% 24% Elec Stor aßt .. 43V* 42% 43 43% Houdaille "A”... 6 5% 6 5% Mullins Mfg .... 9% 8% 9% 8% Murray Body .. 6% 5% 6% 5% Stew Warner ... 7% 7 7% 7 Timken Roll •• • 30% 30Vi 30% 30% Timken Det Axle 6V2 6Vi 6 % 6% Mining— Alaska Jun .... 1774 17% 17% 17% Am Smelt 36% 36% 36% 36% Anaconda 10% 10% 107s 11 Cal & Hecla 27 8 274 2 % 274 Cerro De Pasco . 38% 38 38 38 Dome Mines ..40% 4040 % 40 Granby 5% 5% 5% 6Vs Int Nickel 23% 23% 23% 24% Kennecott Cop.. 17& 17% 17% 17 Mclntyre Mine.. 45 45 45 45 Park Utah 3% 374 374 374 Phelps Dodge .. 14 74 14% 147'4 14% St Joe Lead ... 16 16 16 16 U S Smelters.... 11774 117 11774 116% Amusements— Fox Theater 12% 12% 32% 12% Loews Inc 31% 307s 31% 30% Radio Corp .... 57* 5% 5% 5% Paramount .... 4% 4% 4% 4% RKO 2 174 2 1% Warner Bros .. 4% 4% 4% 4V4 Tobaccos— Am Sum Tob 22 22 22 2274 Am Tob (B) 81% 81% 8174 81 % Gen Cigars . .. 5574 55% 5574 56 Lig & Myers <B> 104 103% 103% 104 Lorillard 18% 18% 18% 1874 Phillip Morris ■. 35% 35% 35 5 / g 35 Reynolds T <B) 4974 49 V* 49% 4974 Rails— Atchison 54% 53% 54% 53% Atl Coast Lines.. 29 29 29 29% B& O 1574 1 574 1 574 147a Can Pacific 12% 12 12 12 Ch & Ohio 43 74 4 3 4 3 4 3 Chi & Gt W.... 2% 274 2% ... C M & St P pfd 4% 474 474 4% Chi N W 5% 5% 5% 57s Gt Northern pfd 1474 1474 14% 15 111 Central ... 16 16 16 15% M K & T pfd.. 15 15 15 1574 N Y Cent 21 74 21 74 21’4 2174 N Y New Haven 9 9 9 9 Nor Pacific 18% 1874 18% 18% Penn R R 22% 2274 22 % 22% Sou Pac 17% 17% 17% 17% Sou R R 16% 167* 16% 16% Union Pac 10374 10374 103% 1037a Equipments— Am Car & Fdy 16 16 16 16% Am Steel Fdy.. 147a 1474 14% 14% Bald Loco 5% 574 5% 57a Gen Am Tk Car 37 37 37 37 Gen Elec 78% 18% 18% 1874 Gen R R Sig.... 26 26 26 26 Pullman 1nc.... 43 427* 43 42% West Air Br 26% 26% 26% 26Vi Westingh Elec.. 327* 3174 32 % 32 Utilities— Am & For Pwr . 5% 5% 574 5% Am Power & Lit 4% 4% 4% 4% AT&T ...111% 111% 111 1 * 111% Am Wat Wks .. 15% 15% 15% 15 7a Col Gas & Elec.. 8% 874 8% 8 Conn & Sou ■% I*4 1% 174 Consol Gas 26% 25% 26V* 26 Int Hydro Elec. 3% 374 3% ... Interboro R T.. 14% 14V* 14% 14 Int T & T S% 9% 974 9% North Amer ... 12% 1274 127*. 12% Pac G & E 15% 15% 15V ... Pub Serv N J.. 317* 31% 31% 31% So Cal Edison ..14 14 14 14% United Corp ... 3% 3% 3% 3% Un Gas Imp ... 13% 1374 13% 13% Ut Pwr & Lit A 2 2 2 2% Western Union.. 35 34% 35 34% Rubbers— Firestone 14% 147* 14% 14% Goodrich 10 9% 9% 10 Goodyear 21% 21% 21% 21% Kelly Spring ... 17% 15% 157. 13% U S Rubber 16% 16% 16% 16% U S Rubber pfd 37 s * 37% 377* 377* Miscellaneous— Allis Chalmers.. 14 13% 14 13% Am Can T 02% 1027* 10274 102% Am Mach & Fdy 19% 1974 19% 19’* J I Case 50 49 50 49% Ccntl Can 5974 59% 59% 59% Caterpillar Tract 33 32% 32% 32% Crown Cork .... 26 26 26 26% Curtis Bub pfd-. 80 80 80 80 Deere & Cos . , 19% 19% 19% 19 Eastman Kodak 109% 109-a 109% 109% Gillette 14% 14 14 14 Glidden ........ 24% 237* 24 23% Inter Harv ..... 35% 35 35% 34 1 Natl Cash Reg .. 16V2 1674 16% 16% Owens Bottle ... 81 81 81 817a Rem Sand 9 9 9 9 Foods— Am Sugar 61 61 61 60% Armour Com .6 5% 5 6 Armour pfd 66% 66% 66% 66% Beatrice Cream.. 17% 1774 17% 17% Borden Prod .. 25% 25’* 25% 25% Cal Packing .39% 39 39 39’* Canada D G Ale 15 15 15 15% I Coca Cola 149 149 149 149 Corn Prod 67% 67% 67% 67% ! Crm of Wheat .. 33% 33% 33% 33% Gen Baking .... 8 7’* 7% 8 Gen Foods 34% 34 34% 34% Gold Dust, 17% 17 17% 17% G W Sugar .. 28’* 28% 28% 28% Int Salt 30 30 30 30 Loose Wiles .... 36% 35’* 36% 36 Natl Biscuit 27% 27 27% 27% Natl D Prod .... 17 16% 17 17 Purity Bak .... 9% 9% 9% . S Por Sico Sug . 25% 25% 25% 25% j Std Brands 18% 18% 18% 18% United Fruit .... 70’* 70% 70% 70% i Best & Cos 37 37_ 37 37 i Wrielev 74% 74% 74% 75 First Nat! Stores 63% 63 63 63_* ; Gimbel Bros ... 4% 4% 4% 4% Gr Un Tea .... 5% 5% 5% 5% Kresge S S .... 18‘ 18% 18% 18 Kroger Groc .... 28% 28% 28% • Macv R H 45 45% 45’* 45% McCrorv St .... 6% 6% 6% 6% McLellan St .. 9% 9% 9% 9% Marshall Field.. 10% 10% 10’* 10Mav Dept St-... <1 *l% *l% 41% Mont Ward .... 28’* 28% 28% 28'2 Penn J C .... 08 68 68 67% Sears Roebuck .. 41 40% 40% 41 Woolworth 51 Vi 50 51% 51*4 Aviation— Aviation Corp . 4 3% 3% 4 Boeing Aircraft.. 7 s * 7% 7% 7% Curtiss Wright . 2% 2% 2’* 3** Curtiss Wri A) 8% 6% 6% 6% Douglas Air ... 19% 19% 19% 19% Nor Am At...... 3** 3% 3% 3% Sperry Corp B’* 8% 8% 8% U Aircraft inew) 8% 8% B’* 8%

Hendershot

FRI., Nov. 9 Proof From Indianapolis Times '■“ BLDG. & LOAN GO’S. NEWTON sVI. B ” k> TODD JELL. 415 Lends* Bldg.

Program Not Related to Bankhead Act, Officials Say. predicted that the south would vote to retain the Bankhead act. A referendum of the cotton belt will begin next month. If an “unmistakable” majority favors the act. President Roosevelt is directed by law’ to proclaim it effective for another year. The Bankhead plan recently has been showered with criticism. A strong bloc headed by Senator Ellison D. Smith (Dem., S. C.> has announced its opposition. Mr. Smith promises to introduce an amendment for the act's repeal. Another group led by exporters, complains that the act is losing foreign markets which normally absorb 7,000,000 to 8,000,000 bales of United States cotton. They point to domestic exports during the first two months of the current marketing season which totaled only 747,000 bales, or 47 per cent less than last year and 28 per cent less than ttv ten-year average. The measure is opposed from within the AAA itself. Oscar Johnston, manager of the cotton pool, holds it is dangerous and unworkable. Mr. Cobb said he had no fear of America’s losing its dominance over world cotton trade. No other country is equipped to produce cotton as efficiently, he declared. The critics of the Bankhead act are complaining, he said, “before the game is over—and that isn’t justified.”

Chemicals— Air Reduction ..194 104 Allied Chem ...131 139 131 130% Am Com Alcohol 29 29 29 28% Col Carbon .... 71% 69% 71% 70 Com Solvents .. 20% 20% 20% 19% Dupont . 95% 95 95% 95 Freeport Tex .. 26% 26% 26% 26% Liquid Carb 20% 20% 20% 21% Math Alkali 26% 26% 26% 26% Monsanto Chem 57 57 57 57% Natl Dis (new) 22% 22% 22% 22% Schenlev Dist . 27% 27 27 27 Tex Gulf Sulph 36 35% 35% 36 Union Carbide .. 45 44% 45 U S Indus Alco. 41 39% 41 40% Drugs— Coty Inc 5 5 5 4% Lambert 26% 26% 26% 26% Sterling Prod.. 60 60 60 60% Un Drug (new) 11% 11% 11% 12 Zonite Prod... 3% 3% 3% 3% Einancial— Adams Exp 7% 7% 7% 6% Allegheny Corp.. 1% 1% 1% 1% Am Int Corp ... 6% 6% 6% 6% Lehman Corp.... 68% 68% 68' 2 68% Transamerica.... 5% 5% 5% 5% Building— Am Radiator.... 15% 15% 15% 15% Gen Asphalt 17% 17% 17% 17% Holland Furnace 7% 7% 7% 7% Int Cement 24% 23% 24% 23% Johns Manville . 53% 52 53% 52 Libby Owens Gls 25% 25% 25% 25 % U S Gypsum 45% 44 45 43% Household— Col Pal Peet.... 17 16% 17 16% Congoleum 31% 31% 31% 30% Kelvinator 16 15% 16 15% Mohawk Carpet 15 15 15 i5 Proc & Gamble 41% 41% 41% 41 Servel Inc 6% 6% 6% 6% Simmons Bed .. 9% 9% 9% 9% Textiles — Amer Woolen .. 8% 8% 8% 9 Belding Hem... 12 11% 12 11% Celanese Corp.. 29% 29 29% 29% Collins Aikman 13% 12% 13% 12% Indus Rayon ... 26% 26% 26% 26%

Chicago Stocks

(By Abbott, Proctor & Paine) 11:00 Prev. A. M. close. Bendix 13% 13% Borg Warner 26% 26% Cities Service 1% 1% Crane Cos 8% 8 Commn Edison 42 42% Elec House Util 13% 13% Iron Fireman 18 18 Grt Lakes Air % V* Grt Lakes Dredge 16% 16% Noblitt Sparks 14 13% Perfect Circle 31 31 Swift 18% 18% Swift Int 37 37 Vortex Cup 13% 13% Zenith Radio 2% 2%

New York Curb

(By Abbott, Proctor & Paine). 12:00 Prev. (Noon) N Y. close. Alum Cos of Am 51 % 52 Am Cyanide "B” 16% 16% Am Gas & El 19 19% Atlas Corp 3% 8% Distillers Corp 15% 15% El Bond & Share 9% 9% Fisk Rubber 9% 9% Ford of Can ‘A' 25% 24% Glen-Alden Coal 24% Gulf Oil of Pa 56% 56 Hiram Walker 27% 27% Humble Oil 42 42% Imperial Oil Ltd 17% 17% Int Petrol 31% 31% Nia Hud Pwr 4 4% Novadel Agene 20% 20% Penn Road 2% 2% Sal Creek Products 6% 6% Std of Kv 15% 15% Teck Hughes Gold 4% 4'%

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 604 Brazil Mine Run 525 Coke, Nut Size 8.90 Coke. Egg Size 8 90 Indiana Forked Lump No. 4 594 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

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I BE SAFE insure Your Car Today —Fall Proterttsa HLy|Bstatß Automobile Insurance Ass’n. 1.1-5571. 7th Floor Peel den talßldg^

Latest Stock, Bond and Commodity Quotations

MOTOR SUPPLY DIVISION LEADS MARKETHIGHER Prices Firm in All Groups With Turnover in Small Volume. By United Prem NEW YORK. Nov. 9 —Automobile equipment issues led a rally on the Stock Exchange in the late morning trading today. Prices firmed in nearly all sections of the list, and around noon were fractions to more than a point above the previous close. Briggs Manufacturing was the most active issue on the board. It reached 19%, up 1% and anew high for the year. Mullins Manufacturing was up nearly a point at 9%, while its preferred spurted 3% points to 34% on a few ten-share lot sales. Fractional gains were noted in other motor equipment shares including Bendix, Houdaille Hershev, Murray Corporation, and Stewart Warner. Automobile issues gained fractionally. Building shares were active, with Johns Manville up more than a point. Amusements made small gains. Chemicals were featured by a rise of nearly 2 points in Columbian Carbon. Mercantile issues, oils, utilities and silvers were up fractions to a point. Volume was small in the early trading when prices were mostly lower and there was no perceptible pickup when the market rallied.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,285.000 00 Debits 7.540.000 00

Treasury Statement

• (By United Press). WASHINGTON. Nov. 9.—Government expenses and receipts for the current, fiscal vear to Nov. 7. compared with the corresponding period of the previous fiscal vear; This Year. Last Year. Expenses $2,496,632,910.95 $1,542,015.621 30 Receipts . 1.319,496.959.89 Deficit ... 1.177.135,951.06 510,268,653.30 Cash bal . 1.713.929.203 31

Produce Markets

Delivered In Indianapolis prices: Heavy hens, lie; Leghorn nens, 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, lie; old toms, all weights. 13c. No. 1 strictly fresh country run eggs, loss off. 24c. Each full case must weigh 55 lbs. gross; a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter—No. 1. 30#31c. Butterfat—2sc. Quoted by the Wadley Company. (By United Press) CHICAGO, Nov. 9. Eggs Market, steady; receipts. 508 cases; extra firsts, 28c; fresh graded firsts, 27c; current receipts. 23%#25%c; dirties No. 1,20 c; No. 2. 18c: checks No. 1,19 c; No. 2,16 c. But-ter-Market, steady; receipts. 8,213 tubs; extras (92 score), 28%c; firsts (88-89% scorei, 25%#26c; extra firsts (90-91% scorei. 27# 28%c; seconds 186-87% scoret, 24#24%c; specials. 29#29%c; standards. 27%c. Poultry—Market, easy; receipts. 4l trucks. 2 cars, 1 car due; geese, ll've; turkeys, 14%c; old roosters, 10c; ducks heavy, 13%.c; springers heavy. 14#15%c; lights, 13#14%c; hens lights, ll%c; heavy. 13%c; guinea hens. ss# 7 dozen; Leghorn springers, ll%c; Leghorn hens, 10%c. Cheese —Twins. 13# 13%c: daisies, 13%#! 14c: Longhorns, 14%#15c. Potatoes Supply moderate; demand and trading slow: market, about steady; Wisconsin Round Whiles, 80-85 c. unclassified, 52%c; Idaho Russets. $1.55# 1.65, United States No. 2, $1.20# 1.25; Colorado McClures, $180: Oregon Russets No. 2. $135. Arrivals 51, on track 226, shipments 670. AUBUR'J EXPORTS SOAR October Total More Than Four Times Greater Than Year Ago. By Times Special AUBURN, Ind., Nov. 9—Export shipments of new 1935 Auburn mod-* els for October were more than four times greater than those of October, 1934, R. S. Wiley, export manager, announced here today. The October shipments weje the largest in the company’s history, with the exception of October, 1929. Mr. Wiley also announced that the company had appointed distributors in five new markets in the lasij week, Sydney, Australia; Macassar, Celebes, D. E. I.; Sofia, Bulgaria; Brussels, Belgium, and Madras, India.

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