Indianapolis Times, Volume 46, Number 158, Indianapolis, Marion County, 12 November 1934 — Page 8

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

PAGE 8

BUILDING RISE MAY BOLSTER OTHERTRADES Federal Housing Activity and PWA Program Is Being Watched. BY ROBERT DENVER TlnM Su'uil Writer NEW YORK Nov. 12.—Since the procedure of anticipating future developments is the “stock in trade" of the real speculator, Wall Street today is still chiefly concerned with the problem of endeavoring to determine which of our leading industries ultimately will be found to have contributed most substantially to pulling the nation out of the depression. Though It may seem a bit paradoxical. since perhaps no other line has been so severely hit during the slump of the last five years, the tendency now is to look toward the construction industry as the "dark horse" in the race. Rapidly Taking Shape The financial community, or at least some of its more conservative observers, finds itself leaning in- j creasingly to the theory that the , means to revival in that direction i are rapidly taking definite shape. In an analysis of the situation, I Joseph S. Molloy, of Homblower j Weeks, members of the New York Stock Exchange, calls attention to j the many factors which are expected to contribute to an early rehabilitation of the construction line, and in consequence to the opera- j tions under the public works admin- j istration and the federal housing> administration, since such plans are I in line with the efforts of the gov- j emment to revive so-called “heavy j industries.’' Cite Harriman’s Stand The stand taken by Henry I Har- j riman, president of the Chamber of | Commerce of the United States, for a ten-year program of low-cost housing construction to Involve some 51 5.000 000.000 Ls cited as evidence of the willingness of “big busi- , ness ’ to back such a project. Moreover, title No. 2 of the housing act becomes operative this month, providing protection for leng-term loans to finance new home i building through the medium of aj mutual Insurance company to be set up by the federal government. That the program may be expected to have the backing of I private banking facilities is evident from the action of the Guaranty Trust Company of New York recently in asking approval of its application to act as mortgagee under the foregoing title. Laying Groundwork These developments, it is maintained. may be regarded as laying the ground work for a revival in the building trades. Since a number of | the leading steel producing companies have been experimenting with construction of steel frames for housing projects, it is believed that a pickup in home construction would give that industry a longneeded fillip. ’ Treating with this phase of the situation. Mr. Molloy says in part:—| *T understand that this situation is, beyond the development state and j ready for large-scale or mass production.” One of the largest mail order firms, it is recalled, used mass pro- j duct ion methods in its pre-cut j houses, performing at the same time all the functions involved, such as I providing financing, drawing plans j and making available materials,; labor and contractors. Accordingly, j it Is maintained, the aim of the steel industry is not new except insofar as the predominant materials involved are concerned. PRODUCTION RECORD OF CARS IS BRIGHT SPOT Auto Output for Year Expected Highest Since 1930. Bv Time* Special NEW YORK. Nov. 12.—The production record of the automobile industry for the current year and the last half of 1933 has been one of the brightest spots in progress toward recovery, according to Roy D. Chapin, president of Hudson Motor Car Company. While many industries are struggling to increase consumption, the production of automobiles this year will be the largest since 1930. Os the passenger cars in the United States now in use 63.1 per cent are more than four years old, and 43 per cent more than five years old. Mr. Chapin states. This is due to the fact that owners have been running their old cars longer because of the depression. M. L. WILSON TO TALK Assistant Secretary of Agriculture Speaker at Convention. By Timet Special ATLANTA. Nov. 12.—M. L. Wilson, assistant secretary of agriculture of the United States, will speak at the general industry session of the Tenth Annual Southern Convention of the National Fertilizer Association here tomorrow. Charles J. Brand, executive secretary and treasurer of the association, announced. Speaking on “Problems Which Agriculture Must Meet in the ruture." Mr Wilson will present ideas of particular importance to Southern fanners and especially cotton producers. FARMER DEBTORS AIDED Adjustment Groups Saved 23 Properties During October. Bp Ti met WASHINGTON. Nov 12 —By working out satisfactory debt-settle-ments with creditors on a voluntary basis the county larm debt adjustment committees m Indiana saved thirty-six farms for their owners during October, according to a report received today by A. T. Anderson of the farm credit administr jtioa The cases settled involved a .previous indebtedness of over $2^6,000.

Insurance Leadership

J. J. Fitzgerald Tells Some Interesting Things About Industry in This City. BY VINCENT S. LYONS Time* Financial Editor The Chamber of Commerce at the moment is collecting information that should tell us something about the position insurance occupies in Indianapolis, according to J. J. Fitzgerald, secretary-treasurer of the Grain Dealers National Mutual Fire Insurance Company and chairman of the chamoer’s insurance committee.

Paraphrasing Mr. Fitzgerald’s statement, it can be | said that a peculiar situation 1 exists in this city insofar as its insurance business is concerned. Although activities in this field are i responsible for a substantial measure of the life-blood which courses through the city’s business channels, | there is a perceptible lack of statistical data available on the subject. A quick tour of the city and a rapid perusal of the classified telephone book gives one an idea of how important the insurance business must be. In addition to the hundreds of underwriters and agencies, there are a number of home offices. Are Community Asset “Some cities of the country, notably Hartford and Des Moines,” Mr. Fitzgerald continues, "have long been known as great insurance centers. They draw millions of dollars each year into their coffers because they looked far enough ahead to see that weU managed insurance companies are, after ah, a community asset. “They give employment to a great many people, invest in real estate, are heavy purchasers of securities, and are large purchasers of supplies; but above all they give tone and stability to a city. “Indianapolis has everything in Its favor to rival Hartford and Des Moines; In fact, it already is an important insurance center—only we don’t know It. We hope, however, through the data the chamber is collecting to lay before our people just what insurance means to Indianapolis.” May Forge to Front Indianapolis has an opportunity to forge gradually to the front as an insurance center and, taking into account the value that has accrued to other cities from the presence of insurance home officers, every effort should be bent toward capitalizing the opportunity. Business men will agree that Mr. Fitzgerald has presented a clear study of the situation as it is. That Indianapolis can make a bid for insurance leadership is not merely a pipe-dream; the facilities for such an eventuality are available. A will to win and co-operative effort would go a long way in fostering insurance progress. Incidentally, when the Chamber of Commerce study is completed, the scope of the insurance business in this city and the aggregate of money which directly and indirectly revolves around this field may prove to be amazing to many. And it will be because they Jiave not realized that a giant industry has been in their presence.

On Commission Row

Quotations below are averaee wholesale prices being offered to buyers by local commission dealers. FRUlTS—Cranberries. Cape Cod. earlv blacks. 25-lb. box. *3 50. Grapes. California Emperors. 27-lb. box, 52.15. Persimmons. Indiana, 12 qts., 90c. Avaeados box. $1.50. Quinces, bushel. $3. Bananas, pound. sc. Apples, maiden blush. $1.50; northern spy*. $1 35: Indiana Jonathans, $1.85: grimes golden. *1 50®l-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-lb. 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: Ohlos. 100-lb. bag. $1 55: Idaho Russets. 100-lb. bag, $2. Sweet potatoes. Indiana Jersevs. busheL $1.50; Indiana Nancy Halls, bushel. sl. Beans, round stringless, bushel. $2 50. Beets, dozen. 25c. Carrots, home-grown, dozen, 35c. Cauliflower, crate. $1.75. Celery. Michigan, medium, dozen. 45c: Jumbo, dozen. 65c hearts, bunch. 90c. Cucumbers, hothouse dozen. 125: Endive, dozen. 40c. Egg plant, dozen. $1 50. Kale, home-grown, bushel. 50c- Lettuce, outdoor. 15-lb. basket. 60c Mangos. busheL $1 50. Mint, dozen. 50c. Parsley, dozen. 35c. Peas— Hamper. $3.75 Spinach. home-grown, broaoieaf. bushel. 60c. Radishes, dozen. 35c. Tomatoes, outdoor. 12-lb. basket. 75c, bushel. $3 Turnips home grown, dozen 25c: pumpkins, dozen. $1.25. FRUITS AND VEGETABLES CHICAGO. Nov. 12 —Apples—Mclntosh. busheL 2'z inch . $1.7532: Jonathans. $1 25 .150. Lettuce—California, crates. *l2s® 250 - Sweet Potatoes—Tennessee, bushel. crates 40 ; 75c squares. Cauliflower—Oregon i crates. $135 Cranberries - Massachusetts, i . barrels s'soj3 75. Spinach—Missouri, bushel. 50 : 60c. Carrots—lllinois, bushel. 4050 c. Celery-Cabbage— Michigan flat ' crates. 35c Beets—lllinois and Indiana ; bunches s 4':l'jC. Asparagus—California [ crates. $1 25S 2 25.

Produce Markets

Delivered In Indianapolis price*: Heavy hens. 11c; Leghorn nens. 7c; colored sprinters. 12c. old rooster* sc: ducts. 7c: feese. sc: voung guineas. 20c; old guineas. 5c Turk’evs—No 1 young hens. 9 lbs. and ever. 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 oS. 24c. Each full case must weigh 55 lbs. gross: . deduction of 10c a pound for each pound under 55 lbs. will be made. Butter —No. 1 30 -J3IC Butterfat—26c. Quoted by the Wadiey Companv ißv United PTessi CHICAGO Nov. 12 —Potatoes—Supply liberal, demand and trading moderate: market, steady. Wisconsin round whites. So ;SI ;C one car. fine quality 82 ! ; c. commercial grade 77 ! jc. Idaho Russets. $1 52 1 <57 . combination grade. *l3O. Colorado Modi.res. *1 30 Oregon Russets combination c ade *1 32’j Arrivals 178. on track 03 shipm.en's Saturday 826. Sunday 69 Poultry Market firmer receipts 13 trucks 3 cars due. geese. 12c; turkeys, young •pss. 15' :c. old toms 13c: hens. 15 ! jC: o'.d roosters, 10c: ducks, white. 4'2 lbs. up. 14c. colored 4 ! lbs up. 14c; springers, colored 4 ibs. up. 15c. Plymouth Rock. 15c. hens. 4 j lbs. up 14c: under. 4 ! a lbs . l!c: guinea hens, per dor.. *567; Leghorn springers. 12c: Leghorn hens, ll'jc: black chicks. 11c Cheese—Twin*. 13 813 l ic; daisies. 13 . a 14c Longhorns. 14 ! 2*j15c. B "er prices to Chicago retailers: Best 92-93 score., tubs 31vi32 l jC: print. 326 J3'ic; cartons. 33d34’_-c. good *9-91 scorei tubs 29 530 c. pnnta 30 , a€31 , *c; cartons. 31632 c. CLEVELAND. Nov. 12—Butter—Market, steady extras 32 ! jc: standards. 31c Eggs —Markov steady ex-ra white. 33c: currer.- receipts 25c: pullets. 22c PoultryMarket. steady, fowl colored. 4‘a lbs. ar.d up 16c ducks, light 11c: geese heavy fat. 14c geese ordinary. 12c: Turkeys, young 185 19c; old hens. 16617 c old terns ISc Potatoes —Maine. *lls-5125 a 100 lb. bag LIVERPOOL WHEAT Range of wheat prices today, in United S’ates equivalents on a basis of sevenday grain bill of (4 99'-: Prev. High. Low Close, close. Dec 75 : 74‘ 74‘a .75 l March *o ! a -79 ! j 80 l ,80’a May C i II 1 * ll'l *2 J LOCAL CASH MABREI Cite gram elevators are paying 89 cents for No. 2 soft red wheat. Other grade* oa their menu. Cash corn No- 2 yellow U cent*, and oau 41 cent*.

Abreast of The Times on Finance

NAMED PRESIDENT

/ - k | f ' Om%KM.

Jay Gould At the age of 41, and after serving ten years as general manager, Jay Gould has been elected president of Best Foods, Inc. The company is the largest mayonnaise company in the world and the largest margarine manufacturer in the country.

Wall Street BY RALPH HENDERSHOT Times Special Writer NEW YOFK, Nov. 12.—The advance in stock and commodity prices the day- after election had the boys in Wall Street looking all over the lot for explanations. Some thought it was due to fresh possibilities of inflation because of the break in the French franc and the likelihood of abandonment of the gold standard by France and

other nations which still hold to the yellow metal as a backing for their currency. Others thought the improvement in business and the chances of a further increase were the most important factors. The elect returns were interpreted in several different ways. A few peo-

Hendershot

pie were disheartened by the apparent vote of confidence given to President Roosevelt and his New Deal, while some contended that the vote was a highly favorable development. The latter argued that since Mr. Roosevelt was more firmly in the saddle than ever, he would be better able to ride herd on the insurgents in congress. That United States government bends were lower appeared to support the inflation theory, although even that could not be regarded as being airtight. It is rather obvious that the government will be forced to sell a considerable amount more of bonds, and if business continues to improve the banks may be inclined to put their surplus funds in trade paper rather than in government securities. THEN, too. there were those who thought the jump in stock and commodity prices here was due to anticipation of a flight of capital to this country because of the political and financial unrest in Europe. According to report, ome rather heavy investments have been made in American securities of late through Amsterdam and London banks, these deals having been put over privately rather than in .the open market. During the last few months the experts have been spending as much time on postmortems as they used to spend on the spreading of rumors and tips. At that, though, they must find something to occupy their time. They have very little business to transact. 000 THE American bureau of metal statistics places the world gold output at 19.617.000 fine ounces for the first nine months of this year. This compares with 17.795,000 for the corresponding period of last year. If production continues at its current rate it is expected that anew high record will be recorded this year. The total figure would be 26*154.000 ounces, contrasted with 24.282.000 in 1923, which was the largest amount ever produced in one year up to that time. The increase in the price of the yellow metal has been responsible for the larger production. Mines which had been shut down for years were reopened. The reopenings are stil going on. so it is entirely likely that 1935 may set still another high record. History reveals that a wave of business prosperity invariably follows every spurt in gold production. so the big increases recently hold out promise of better times ahead. ASPHALT OUTPUT RISES Increase of 25 Per Cent Shown in First Eight Months. By Times Special WASHINGTON, Nov. 12.—A gain of 25 per cent in asphalt and road oi! consumption during the first eight months of 1934 over the same period last year, was reported today by the Asphalt Institute. The combined asphalt and road oil consumption during the 1934 period was 2.666.628 short tons, as compared with 2 131.092 short tons in 1333. J. E. Penny backer, managing director of the Asphalt Institute, accounted for the substantial inby pointing out that the emergency highway provisions of the recovery act affected road building during only three months of 1933.

INDIANAPOLIS, MOXDAY, XOVEMBER 12, 1934

NEW BEMANBS SEEN BLOW TO STABLEBUDGET Balance Held Contingent on Paring Appeals to OneThird or Less. Bpr t . ited Press WASHINGTON, Nov. 12.—Prospects of balancing the budget in the next fiscal year were regarded in government circles today as virtually nil, unless congressional appropriation demands are kept to one-third or less of the amounts to be sought in legislation next session. This likelihood became clearly evident after examination of present government expeditures and the new requests for funds bound to be made by blocs in the next congress. It was pointed out that for the present year the government already was running $1,000,000,000 behind current revenues with twothirds of the fiscal year ahead. Revenue to Rise While some increase in revenue through new taxes and larger returns from present tax sources might result, especially with continued pickup in business, these funds would finance only a small percentage of the demands which will be made, it was shown. Appropriations for normal government activities and relief are expected to be about the same as this yeai or between six and seven billion dollars. On top of this various senators and congressmen will seek congressional approval of plans to spend from anything upwards of $10,000,000,000 more. Unless virtually all these projects are defeated, the budget is bound to be more out of gear than at any time since the onset of depression officials said. Some Demands Listed Some of the larger of these demands are expected to be $2,000,000,000 or more for cash payment of the bonus, $5,000,000,000 for public works, $2,000,000,000 for expanded aid to rural and city home owners, various waterways and harbor projects including the St. Lawrence waterway and additions to the TVA totalling approximately $1,000,000.000 Other congressmen are returning to Washington with various schemes for which they will ask sums ranging from $100,000,000 to $250,000,000. Despite the great number of demands for treasury funds, it was pointed out that this was by no means unusual. Congress annually is asked to appropriate many times the amount which finally goes into the budget.

Stock Studies

AMCRIGAN BANK NOTE COMMON STOCK pen f—- 1 11 -.1.-—raicf SHM* EAANINGS PRICE RANGE SCAkC , f||T[-|-- <0 ° o |. Ti 2 f.JL SO t : 83 § ft °bo il 3g T 33 3430 31 32 33 a4 0 WINCHESTER INSTITUTE t>F FINANCE The American Bank Note Company was organized as a consolidation of several companies engaged in the printing and engraving of corporations securities, stamps, paper money and the like. Today it is the leading company in the printing and engraving of corporation securities, as well as in the engraving and printing of bonds for many state governments and cities throughout the country. Furthermore, it dc?s a considerable business in the printing of postage and revenue stamps and paper money for various foreign countries. The company's specialized processes for engraving and printing make its work extremely difficult of duplication. FINANCIAL DATA (As of Sept. 30, 1934). Common stock ($lO par) . . .652,773 Shares Preferred stocks (incl. subs.) ....$6,918,762 Surpluses 5.223.401 Cash and securities 3.284.588 Inventories 1.800.135 Total current assets 5,583.627 Current liabilities 478.032 During the twelve months ended Sept. 30, 1934, cash and securities were about $500,000 less and inventories just sligtly more. Surpluses decreased $750,000, while net working capital decreased $600,000. On Sept. 30 the current ratio was better than 11 to 1 while the book value of the common stock was $lB, or $1.16 less than a year ago. In past years American Bank Note has had excellent earning ability. Depression conditions, however, have forced deficits from'l93l and on. A deficit of 78 cents was shown in 1933 and 84 cents for the first nine months of this year. For many years the company has maintained a $2 dividend rate on the common. In 1932, however, only 50 cents was paid and no dividend since. American Bank Note was incorporated in 1906 in New York. Both classes of stock are listed on the New York Stock Exchange. The common is currently selling at about 124. iAll rights, reserved. Winchester Institute of Finance, Winchester. Mass.) HIGHWAY TRADES AID STATE EMPLOYMENT Wholesale, Retail Firms Depend on Motor Transport. Automotive, petroleum and other trades connected with highway transportation provide jobs and wages for one out of every five persons employed in wholesale, retail, and service trades in Indiana, according to a survey by the national highway users conference. Out of a total of 57.127 wholesale, retail and service establishments operating in the state in 1933. 12,164. or one-fifth, were wholly dependent on motor transport. The total volume of sales for all wholesale, retail and service business in Indiana amounted to $1,023,406,000, of which $182,048,000 represented purchases by motor vehicle owners of $Ol classes.

No Additional Great Lakes Water Needed to Make Inland Watenears Navigable, War Secretary Dern Says

Problem Held to Be One of Slackwatering Streams at Strategic Points. fCopvrlßht. 1934. bv United Press) WASHINGTON, Nov. 12. The Illinois Waterway and the other great inland waterways of the middle west require no more water from the Great Lakes to make them navigable, Secretary of War George H. Dern said today. There is plenty of water available at present, and to be made available by the great flood control and other waterway projects now under way in the Illinois river, Mississippi and Missouri rivers watersheds to take care of navigation on these streams, Mr. Dern stated. Problem Is Cited The problem of navigation on these streams and providing for the great volume of water-borne commerce now envisaged by inland waterway proponents is one of slackwatering the streams at strategic points, and control of flood waters, rather than that of obtaining water from the Great Lakes system, Secretary Dern said. The cabinet member has just returned from a tour of inspection of river and harbors works, and flood control projects along the Mississippi from St. Paul and Minneapolis, Minn., to New Orleans. It was no flying trip. He and his party made the entire journey by boat, and Dern, who was a construction engineer himself in his youth, personally inspected the

BUSINESS PACE HOLDSIN WEEK Steel Activity Advances and Retail Sales Remain Encouraging. By Times Special NEW YORK, Nov. 12.—Business activity last week remained at practically the previous week’s level, the Administrative and Research Corporation declared today. Although no appreciable change in the general trend occurred, steel activity advanced further and retail sales remained encouraging. “With overhanging elections now out of the way,” it was stated, “business is able to concentrate its attention on future plans, which should lead to a higher level of activity in the coming months. “Steel production showed a further improvement during the week. Reported activity advanced to 26 per cent of capacity, a slightly higher level than during the corresponding week of last year. The previous week’s rate was 25 per cent. Steel consumers have shown a steady demand for the last few weeks, and the automotive trade is expected to become a more active buyer. “Retail sales continued to show a favorable trend and merchants are looking for a brisk trade during November and December. It is estimated that stores will hire 187,000 workers in this month and 354,000 in December if present favorable sales continue. Chain stores reported increases for the first ten months ranging from 5 to 33 per cent. “Average daily output of bituminous coal advanced slightly, petroleum production declined. Bank debits outside New York City and loans and discounts of member banks shrunk further.” OFFICES OPENED HERE Credit Clearing Company Locates in New City Trust Building. The Credit Clearing Company, established seven years ago in Nashville, Tenn., has opened offices in the New City Trust Building. The company solves credit problems for the average person. Clyde L. Cox, vice-president, will have charge of the local offices. The branch will be the company’s first venture in Indiana.

Other Livestock

(By United Press) CHICAGO. Nov. 12.—Hogs—Receipts, 33.000, including 12.000 directs; market active. fully steady with Friday; spots strong to higher: weights above 220 lbs., $5,900 6; top $6.05; 170-210 lbs.. $5.5005.90: light lights. $4.75®5.50; slaughter. $3.255? 4 25; good packing sows, $5.650 5.80, light lights. 140-160 lbs., good and choice. $4.50 ®5.50; light weight. 160-200 lbs., good and choice. $5.3511 5.90; medium weight, 200-250 lbs., good and choice, SS.BO'S 6.05; heavy weights. 250-350 lbs., good and choice, $5 900 6.05; packing sows. 275-550 lbs., medium and choice. $4.750 5.85; slaughter pigs. 100-130 lbs., good and choice. $3.25 iT: 4.50. Cattle—Receipts. 22.000 commercial. 1.500 government: calves 3.000 commercial. 500 government; fed steers and ve-'-.rlings slow, unevenly steady to 25 cents lower: strictly good and choice offerings with weight steady. FORT WAYNE. Ind.. Nov. 12—Hoes— Five cents lower; 250-300 lbs.. $5.85; 225250 lbs.. $5.65: 200-225 lbs.. $5 50: 180-200 lbs.. $5 35: 160-180 lbs. $5 10. 300-350 lbs., 53.35: 150-160 lbs.. $4 60: 140-150 lbs . $4 35; 130-140 lbs . $3.85: 120-130 lbs.. $3 35, 100-120-lbs.. $2 85; roughs. $4.73; slags. $3. Calves—s 7; iambs. $6.25. LAFAYETTE Ind.. Nov. 12— Hog market. steadv: 280-300 lbs., $5 90: 300-325 lbs , $5 65: 240-280 lbs.. $5 85; 230-240 lbs . $5.75; 220-230 lbs . $5.70; 210-220 lbs.. *5.60: 200210 lbs . $5 50; 190-220 lbs $5 40; 180-190 lbs., *5.30: 170-180 lbs.. $5 20: 160-170 lbs.. *5.10: 150-L6O lbs . $4.60: 140-150 lbs.. *4.35: 100-140 ibs. $2 604/4 10: roughs, $5 25 down; calf market. 50 cents lower: top. *6; lamb market, steady to *6. (By Times Special) LOUISVILLE. Nov. 12.—Cattle—Commercial. 1.700; demand dependable for most slaughter classes; quality less desirable than week ago. market moderately active; generally steadv: most steers and heifers of quality to sell. *3 .50®4 50; few common. *3 25. and cutter grades down to $2 25; few better finished steers and heifers. SSB 6; latter early top for 588 lb. weights bulk beef cows, $2 5045 3; practical top. *3 25: good kinds and smooth heifer tvpes higher; low cutter and cutters. $1 25 8 2 25; most bids and early sales on sausage buls. $2 75 down: bulk beef tvpe stock cahes. $4,500:5: few. $5.25; feeder steers, mostly $384; calves, commercial 700, including 175 stock calves; market steadv: bulk, better; veaiers. $645 6.50: latter only for stnc’ly choice medium and lower grades. $5 down Hogs—l.2oo. including 142 direct, market 5c higher than Saturday or 5 cents lower than last Fridav; f op and bulk better. 200-300 lb. weights. 5 85; 180-195 lbs . $5 45; 305 ibs up. *5 40. 160-17 lbs . $4 85: 140-155 lbs . *4 35; 100135 lbs.. $3.65. sows. 450; sheep 350. including 100 stock ewes; generally steady, bulk, medium to good. lambs. *5 50 0 6 choice, quotable higher: bucks, discounted and light rhrowouts mostly *3 50; bulk fat ewes. $1 500 2; stock ewes, mostly $6 50 per head down. Receipts. Saturday: Cattle, commercial 74. government 62: calves, commercial 405: hogs. 257; sheep. 12 Shipments Saturday, cattle, commercial 183; government. 70. calves, commercial. 110.

iillllik ■ ■ ~s w r . . ■ ■ iC.)

George H. Dern construction of each project. His trip occupied twenty-nine days. He was accompanied most of the way b? Major-General Thomas G. Ashburn, head of the Inland Waterways Corporation. Together they made a detailed study of navigation requirements. More Locks Contemplated Mr. Dern said the Illinois waterway now has more water than the Panama canal, and nearly twenty times the water contemplated for

Major Markets Closed Principal markets in the United States remained closed today. The 1934 Armistice holiday. They will reopen tomorrow. This is the first time New York markets have been closed for the holiday, which has just been made legal. In additions to the security markets closing there, banks will suspend operations for the day and all commodity centers will be inoperative. Other important markets to be closed include the Chicago Board of Trade, Chicago Stock Exchange, New Orleans cotton market, all Boston markets, and the Pittsburgh Stock Exchange. Livestock dealings will be conducted in major centers.

HOG RECEIPTS RISETO 9,000 Quotations at Union Stockyards Are Unchanged From Saturday. The feature of trading at the Union Stockyards this morning was receipts of 9,000, with quotations in all classifications unchanged from those prevailing on Saturday. Veaiers were steady at $7 down. Sheep were about steady at last week’s closing levels. The most were $6.75 down and some heavier grades $5.75 to $6.25. (Reprinted from Saturday). HOGS Nov. Bulk Top Receipts 5. $5.20® 5.50 $5.90 6,000 6. 5.30® 5.60 6.00 6,000 7. 5.20® 5.50 5.90 5,500 8. 5.15® 5.45 5.90 7.000 9. 5.30® 5.45 6.00 7,000 10. 5.30® 5.60 6.05 3,000 (140-160) Good and choice ..$ 4.60® 5.25 (160-180) Good and choice... 5.30®5.50 (180-200) Good and choice... 5.50® 5.70 (200-220) Good and choice... 5.70® 5.80 (220-250) Good and choice ... 5 90® 6.05 (250-290) Good and choice ... 5.85® 6.05 (275-300) Good 5.65® 6.85 Packing sows: (275-350) Good 5.25® 5.50 (350-425) Good 5.00® 5.40 (450-550) Medium 4.83® 5.25 (275-550) Medium 4.75® 5.00 (100-130) Slaughter pigs good and choice 2.85® 3.85 CATTLE —Receipts 1,000 — —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® 9.50 Good 6.50® 8.50 —Heifers—-(sso-750) Choice 6.75® 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 VEALEBB —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® 6.50 Common and medium 2.50® 4.75 —Feeder and Stocker Cattle——Steers— (soo-800) Good and choice .... 4.00® 9.25 Common and medium 2.75® 4 00 1 800-1.050 1 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 2.30® 3.00 Common and medium 2.00® 2.50 SHEEP AND LAMBS —Receipts 1,700 — Lambs. 90 lbs. down, good and choice $6 25® 7.00 Common and medium 4.00® 625 90-120 lbs., good and choice... 2.00® 3.50 Sheep—-(l2o-150) Good and choice 1.75® 3.25 41! weights, common and medium 1.25® 2 00

Treasury Statement

(Bv United Press) WASHINGTON, Nov. 12.—Government expenses and receipts for the current fiscal year to Nov. 9. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses *2 526 104.523 16 *1.583.640.885 96 Receipts 1,341.688.823 01 1.046.403 089 27 Deficit . 1,184 415.700.15 537J37.796.69 Cash Bal. 1.7J4,733.062 28

Illinois Development Has More Than Panama Canal, He Declares. the Monongahela river, which is expected to carry more freight and commerce than the Illinois. Two more sets of locks and dams in the Illinois waterway at strategic points, would completely slackwater that project, he said, and assure ample water for navigation at all times. Construction of these dams has been approved, he said, and work will be pushed just as soon as funds are received from the PWA. A dam and navigation lock in the Mississippi river at Alton, 111., will be necessary, he said, to assure ample water at all times in that stream for naviation between the Illinois and Missouri rivers. Another Dam Likely Another dam may be necessary in the Mississippi at or near the mouth oi the Missouri. Army engineers are now studying the problem to determine whether the same ends may not be attained by dredging the channel deeper, and making it more narrow than at present. Navigation on the Missouri will be assured, he said, by construction of the great Ft. Peck, Mont., dam, which is now under way and which will turn into the Missouri an even flow of water far greater than that sought by Chicago from Lake Michigan. Secretary Dern was highly enthusiastic over the construction work being carried on by army engineers. He described these men as “the greatest body of engineers in the world.”

END FORESEEN OF CAPITALISM Stuart Chase, Economist, Says We Must Prepare for Collectivism. Private capitalism has donned its plug hat and walked out on the rest of us, Stuart Chase, prominent economic and writer, declared in an address last nigth at Kirshbaum community center inaugurating the open forum series sponsored by the Jewish Community Center Association. During his address Mr. Chase alternately blew hot, cold and lukewarm over the Roosevelt program. “It looks,” he said, “as though the government must take over a large part of the responsibility that capitalism has abandoned. Hence, if we have a trace of realism in our natures, we must prepare for some form of collectivism and for government interference. We milst be prepared to shift from savings to spending, from production to distribution, from vendability of goods to serviceability. “No one man can be an arbiter of vast social change— not even Mr. Roosevelt —but large bodies of intelligent persons, working together, can aid the transition and keep it from becoming too brutal. The many plans and schemes advanced, both inside and outside the new deal, are answers to an insistent demand, a demand that is going to mount and mount. “It seems to be that the new deal is trying to face the problem squarely. I hope to live to see the day when we can drop economics into the sea and devote ourselves to the things which should make up our real business, the arts, the sciences and the study of life itself.”

DR. WIRT WILL SPEAK AT BANKERS’ MEETING Gary Educator to Address Region 2 of Indiana Group. By United Press GARY, Nov. 12.—Dr. William A. Wirt, Gary educator, instigator of the famous senate “Red Plot” inquiry last summer, will speak at the twenty-fifth annual meeting of Region 2 of the Indiana Bankers’ Association here Thursday. Other speakers on the program wili include M. J. Kriesle, Tell City, president of the Indiana Bankers’ Association; Douglas Malloch, Chicago poet and lecturer; W. W. Gasser, Gary; J. Raymond Schutz, professor of sociology at Manchester college, and B. D Mitchell, Kokomo, vice-president of the state bankers’ association. Bankers from eighty-six financial institutions in Lake, Porter, La porte, St. Josephh, Starke, Pulaski, Jasper, Newton, Fulton, Marshall and Elkhart counties are expected to attend the meeting. MAP FARM CONFERENCE Annual Parley to Be Held at Purdue University. Jan. 14-18. By in ited Press LAFAYETTE, Nov. 12.—The annual agricultural conference, one of the principal yearly events in Indiana farm circles, will be held at Purdue university, Jan. 14 to 18. A feature will be the amusement contests for which more than S3OO in prizes are offered. The contest is open to all rural organizations, provided the majority of the performers live in the country or in towns and villages of less than 2,500 population.

Government Bonds Home Owners’ Loan Corporation and Municipal Bonds BOND DEPARTMENT The Union Trust Cos. of Indianapolis 120 E. Market Riley 5341

News and Views in the Business World

9.500 LEAVING CCC A MONTH FORJW JOBS Many Others Honorably Discharged Absorbed by Industry. BY DI’ANE WILSON Cnlted l*rr. Stall Corrrpondfnl WASHINGTON, Nov. 12.—Industry is recruiting workers from the ranks of the civilian conservation corps at the average rate of 9,500 a month, it was learned today. More than 53,000 have resigned voluntarily from the reforestation camps since last April to take new jobs. Prior to that an average oi about 5.000 a month left the camps. In addition, thousands honorably discharged due to expiration of their year of service have been reabsorbed oho private enterprise. Officials are gathering statistics to show what became of the boys after they were discharged from the camps, but these figures will not be available for some time. Was First Attack Historians of the future probably will find in the CCC a stirring epic of the fight to overcome the depression.' Initiated on April 5, 1933, it was the first blow struck by the Roosevelt administration against unemployment. A total of 850.000 boys have been enrolled in the camps, of this number 350,000 are in the forests at present. The program has cast the government about $470,000,000 up to Nov. 1. Os this total aobut $116,000,000 has been sent home to needy families who otherwise would have been on the relief rolls. About $20,000,000 has been spent for land which was added on to the national parks. Benefits Tremendous The tangible benefits of the CCC have been tremendous. The departments of agriculture, interior and war estimate that the work done by the CCC boys has been worth $275,000,000 to the nation. Up to Sept. 1, 21,000 miles of telephone lines were constructed, and 28,000 maintained; 35,588 miles of truck trails and minor roads were built and 46,000 miles maintained: 1,251,000 acres of forest lands were improved; 150,000 acres were planted to trees; 609.000 soil erosion dams were built in gullies and 995 fire lookout towers were erected. The corps waged a winning fight against blister rust. The most important feature of all, CCC officials believe, is that when industry revives it will find hundreds of thousands of young men ready to go to work in the best of health and spirits. STUDEBAKER COMPANY PLANS REORGANIZATION Present Debts to Be Eliminated Under New Move. By Times Special NEW YORK, Nov. 12.—Provision of approximately $5,500,000 new cash for reorganization of the Studebaker Corporation is projected in a plan to be presented to the United States district court for the northern district of Indiana, Harold Hirsch, chairman of the reorganization committee stated here today. The plan will provide for the elimination as such of the corporation’s present funded and other debt amounting, with accrued interest, to more than $23,000,000. The plan further contemplates, through an exchange into common stock of a new corporation, the retirement of the existing preferred stock amounting to $5,808,200 par value. After consummation of the plan the aggregate of securities senior to the common stock of the new company will amount to $6,867,698 in the form of new debentures to be created under the plan, as compared with a total debt and preferred stock of over $28,000,000 of the present company. MIDWEST STEEL RATE BEST IN FIVE MONTHS Substantially Higher Output Is Seen for Novenfber. By United Press YOUNGSTOWN. 0., Nov. 12. Mill managers in the youngatown steel district today predicted substantially higher operations during the remainder of November as they reported operations this week at 31per cent, the highest rate in five months. The rate next week will be Vi point higher than that this week and compares with 29 per cent in the corresponding week last year, 19 per cent two years ago and 29 per cent three years ago. Operators announced twenty-nine or thirty of the eighty-three open hearts would be making steel next week. OIL STOCKS INCREASE Total of 5331.876.000 Barrels or Hand Nov. 3. By Times Special WASHINGTON. Nov. 12.—Total stocks of domestic and foreign crude petroleum on hand Nov. 3 amounted to 331.876,000 barrels, an increase of 930000 barrels over the preceding week, according to the oil administration. Domestic supplies accounted for 704000 barrels of the advance and foreign 216,000. Daily average crude output during the week was 335,000 barrels, a dip of 80,000 from the previous week.