Indianapolis Times, Volume 46, Number 159, Indianapolis, Marion County, 13 November 1934 — Page 13

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

TREASURY AIM TO PROP CASH SEEN VIA BILLS

One-Third of Proceeds of Last Sale Turned Into Balance. B 1 BARROW LYONS Tmn Serial Writer NEW YORK, Nov. 13.—The** who have watched the adroit financing of the United States treasury during the trying latter months of the New I>al, when industrial uncertainty and retrenchment have made large financing of any kind most difficult, were exceedingly interested today in the recent offering of the treasury department of $75000.000 132-day bills sold on a discount basis to the highest bidder. The feature of this offering, which attracted most attention was the fact that about one-third of the proceeds of these bills are to be turned into the treasury’ balance, while only SSO 000.000 is to be used to retire maturities falling due on Nov. 14. First Time in Months If was the first time in a number of months in which so large a proportion of cash realized from the sale of bills has been used to augment the treasury balance. Acute ob ervers surmised that Secretary Morgenthau was using this method of building up his cash balances in anticipation of $50,140,000 discount bills which become due on Nov. 21 and $992,496,500 of 2'* per cent certificates which fall due on Dec. I*. The treasury suffered a considerable drain in October, when it became necessary to satisfy the holders of $225,000,000 of the $1,250,000.000 in Fourth Liberty bonds called for redemption. From Oct. 1, when net cash available to the treasury stood at $2,193,117,439. the balance fell to $1,782,109,071 on Nov. 1, and was $1,731,465,470 on Nov. 6. $4,900, 000,000 Balance on March 1 This was a far cry from the balance of $4 901.768.920 on March 1. after the treasury had written up its books through the devaluation of the dollar by $2,808,221,137. or the total of $5,817,870,616 on April 1 following the collection of March income tax receipts. These large figures were reduced on March 2 when the gold "profit" was transferred to other accounts, $2,000,000,000 being set aside for the stabilization fund. With the swing to the left taken in the elections on Tuesday, financial experts were wondering what the attitude of capital would be to continue financing of the New Deal —whether there would be continued co-operation or a tendency to place great obstacles in the way of gov- I emment financing. Since so large a part of the funds 1 of banks are invested in govern- j ment securities, it is a foregone con- • elusion that the banks themselves can not afford to take an attitude . which would endanger the position of government securities. But their ability to absorb further issues has a limit. $5,700,000,000 Due in Year Within the next year, however, government maturities amount to the tremendous sum of $5,790,114 - 900. The largest items are $528 - 101 600 of 2*s per cent notes due on March 15. 1935. and $1,870,000,000 of called Fourth Liberty 4’s due on April 15. In addition. $416,602,800 of 3 per cent notes will be due on June 15 and $353,865,000 1 per cent notes mature on Aug. 1. Moreover, the government will need large sums for its relief and recovery’ measures. President Roosevelt has intimated he was depending upon recovery, which would mean higher earnings for corporations and taxpayers generally, to produce the wherewithal. Recovery, undoubtedly, would produce increased taxes, but with a turn upward in the financial tides it is also hoped that funds will flowmore freely into private enterprises. If the capital market for private investments opens up. as all investment bankers are hoping that it will, it is not clear as yet that those whose funds are accumulating in large bank balances will be as ready to invest in government securities. This is one of the dilemmas which New Deal financing faces.

MORE BUSINESS LINES REPORT IMPROVEMENT Seasonal Expansion Healthy, Says Standard Statistics. By Timm Spin'll NEW YORK. Nov. 13 —The present gradual uptrend of business volume. which has been under way since September, is contrasting sharply with the receding trends generally evident during the final months of 1C33. the Standard Statistics Company declared today. “Asa result.” the review continued. "an increasing number of lines again are registering year-to-year gams for the first time since May. ‘While this seasonal expension has been of comparatively moderate proportions, it has been essentially healthy in character. Business generally has been stimulated by a partial lifting of the uncertainties which hitherto have surrounded various phases of administration policies. and by recent clear-cut victories in the struggle against coercive tactics by unions, as well as by the substantial increase in 1934 farm incomes.” EXPENDITURES BY AAA $10,590,002 IN INDIANA Os Thu 510.355.217 Was Distributed in Benefit Payments. B, Ti mrt Special WASHINGTON. Nov. 13—Agricultural adjustment administration expenditures in Indiana amounted to $10.590 002 81 on Sept. 30. It was 'announced today. Os this sum. $10,385,217.70 was distributed to farmers in benefit payments and $204,785.11 was expended for general administration. Benefit payments were divided as follows: Wheat. $1489.33200; tobacco. $72,884.23; corn-hogs, SB,823,000.57.

Survey of Current Business Conditions United States Department of Commerce

BUS'Nt5b ACTIVITY NEW YORK TIMES)* • r;| I.i: *~3 Ml- ’ Ir. *£PT y T 'A**? V tool ‘ ■ 30 I —-Y " automobile; production a 160 j 130 j —yr m 1 ; I,.AwiO TPEIGHT CAP LOADINGS 100 60 ' ~i irHjp' —i-* 1 . 4Q , - - V 0 1 - ,!!■ 1I: !.; i! II.!.:: I■ .! !i: i ' I ill llim Inn FISHERS WHOLESALE PRICE INDEX* •00 ! 40 ! 1 : 1,1:!'. nil, ill n 1.111 COMMERCIAL FAILURES^ :Z °l 1 80 K—--40 r Xsr 00 I W <.O 20 1 : 1 .Ih 11 !I ■ I 111 M 111111111 FEDERAL RESERVE MEMBER BANK LOANS too I 90 j - ;n Ft;, jAS f t MAfl 'APR i MAY ivwM. '.j JlyTauG , SfcP CCT |**oV | DCC

COMPUTED NORMAL • 100 A CRAMS ESTIMATE tor u. S. and CANADA + 1926 = 100 4 NUMBEF 9 DAILY AVERAGE *1928-1930 = 100

Wall Street BY RALPH HENDERSHOT ; Timrs Special Writer NEW YORK, Nov. 13 —The organization of the Steel Labor Relations Board, instead of constituting a stop toward peace in the industry’, has served as a signal for a sharp increase in union agitation among steel workers, according to the Iron ge. The cases submitted to that tribunal have piled up with

startling rapidity, hat publication observes. This is rather discouraging news. An outbreak of labor troubles at this time would act as a damper on trade recovery, which appears io have taken anew lease on life in recent weeks. It might offset all efforts to prime the

pump of business. Labor would share equally in the bad effects with capital, and if too many setbacks are encountered the idea might, get out that we are permanently on a lower trade scale than we have experienced in the past. The steel companies are far f-om prosperous these days. They can ill afford to raise their wage levels. In fact, they probably will find it difficult enough to continue present payments. Some of these concerns, it is safe to say, are overcapitalized, and most companies are faced with | obsolescent plants and equipment. The issue of whether capital or labor will be obliged to pay for the mistakes of the past probably will have ' to be met sooner or later, but this would seem to be a rather bad time for all concerned to decide upon it if the decision cannot be made without a strike. a a a XX FALL STREET is paying close * ’ attention to the new’ government which has been formed in France. The question of whether or not France remains on the gold standard will depend in large measure upon the men selected for the new cabinet. And if France goes off gold the other countries still maintaining the standard may be expected to follow suit. With the world off gold almost anything could happen in the foreign exchange markets. Sooner or later, no doubt, efforts would be made to bring about international stability, but in the meantime each nation probably would use its resources to secure currency and trade advantages. France probably could hold her own in any international currency battle due to her large gold resources. but countries like Germany, which have relatively little of the yellow metal, might be expected to fall by the wayside. Germany might go through another priming press fiasco such as happened but a few years ago. She is finding the going very rough as it is. man ON the other hand, though, the leading nations might be forced to get together quickly on international stabilization if France were to kick over the traces. In such an event world gold abandonment might prove beneficial rather than otherwise. The leaders seem as far apart now as they were months ago. and there seems to be little hope of them getting together unless forced to do so by an international emergency. COAL OUTPUT DECLINES Indiana's Production Off 4,000 Tons in Oct. 27 (Week. A decline in bituminous coal production in Indiana for the week ended Oct. 27 was shown today in a report by the United States bureau of mures. Indiana produced 308.000 tons for the period, the report said, as compared to 312.000 tons produced during the previous week and 336.000 i produced during the same penod Hut year.

PORKER VALUES DROP 15 CENTS

Cattle Market Steady to Lower; Veals, Lambs Unchanged. Extremely heavy receipts on hand at the Indianapolis Union Stock- j yards this morning and a large car-ry-over from the previous session, sent porker prices generally 15 cents lower than yesterday’s average. Receipts today were estimated at approximately 12,000, an increase of 1.000 over the holiday supply. Practically all classes were active in the early session. The bulk, 160 to 200 pounds, sold at $5.15 to $5.45, while heaviest kinds available, weighing 200 to 350 pounds, brought $5.50 to i $3.85. Among the lightweight supplies, ! porkers weighing from 130 to 160 pounds, cashed in at $3.95 to $4 60. Extremely light lights, scaling from 100 to 130 pounds, were salable at $2.70 to $3.70. Packing sows ranged from $4.75 to $5.25. Holdovers numbered 218. Initial trading developed slow in the cattle market, especially in slaughter steers, where most grades w’ere tending lower. Several loads of beef steers were valued to sell betw’een $7.25 to $9.25. Best heifers sold at $7.50. Vealers continued to display a steady trading range, selling at $7 down. Cattle receipts were 2,200; veals, 600The lamb market was quiet and around steady, with most classes salable at yesterday’s best prices. General run sold at $6.75, with ex- ! ception of a few good and choice I selling at $7. Extremely heavy classes ranged from $5.75 to $6.25. Receipts were 2.000. HOGS ! Jov. Bulk Ton Recolots 7. $5 20ft 5.50 $5 90 5,500 8. 5.10 wo 45 0.9 U 'i.UuO 9. 5.30 ft! 5 45 6.00 7 000 10. 5 30ft 5 60 6 OS 3 000 12. 5.30 ft 5.60 6.05 10.000 13. 5.15 ft 5 45 5.85 12.000 i 'l4O-160) Good and choice .. $4.45ft 5.10 • 160-180' Good and choice 5.15 ft 5 35 ! 1 180-200' Good and choice 5.35 ft 5 55 1.200-220' Good and choice 5 55ft 5 75 I '220-250' Good and choice 5.75 ft 585 I '250-390' Good and choice 5 70ft 5 85 ; '275-3001 Good 5 50ft 5.70 Packing sons 275-350' Good 5 15ft 535 .350-425' Good 5.00 ft 5.25 450-550' Medium 4 75ft 510 275-550' Medium 4 60ft. 5 00 'IOO-130' Slaughter pigs good and choice 2.70 ft 3.70 CATTI-E —-fie cipts, 2.200 —Steers—-(sso-900) Choice S7 00ft 8 00 Good 6 00ft 7.80 Medium 4.00 ft 6 00 Common 2 50ft 4.00 (900-1.100) Choice 7 50ft 8.50 Good 6 00® 7 75 Medium 4 25ft 6 00 Common 300 ft 4.25 il.loo-1.300l Choice R 25ft 9.25 Good 6 25ft 8 50 Medium 4 25ft 6.25 U. 300-1.500) Choice 8.50 ft 9 50 Good 6.-0® 8 50 —Heifers—-)sso-750) Choice ft 75® 8 2b Good 5 25ft 6.75 Common and medium 2.50 ft 5.25 (750-900) Good and choice .... 5 50® 7.50 Common and medium 2 50ft 5 50 —Cow*— Good 3 25 ft 4 2b ; Common and medium 2 50ft 3.25 Low cutter and cutter 1.25 ft 2.50 —Bulls—(Yearlings Excluded) | Good 3.00 ft 3.55 Common and medium 2.00 ft 3.00 VEALERS —Receipts. 600— Good ar.d choice *7 00ft 7.50 Medium .. 4 59ft 7.00 Cull and common 2.00 ft 4.50 —Calve*— ! '250-5001 Good and choice 4 75ft ft 50 Common and medium S.soft *.7f —Feeder and Stocker Cattle——Steers— (soo-8001 Good ard choice 4 00ft 8.25 ; Common and medium 2 75ft 400 • 800-1.050) Good and choice-.. 4.00 ft 5.25 ' Common and medium 2 75ft 400 Good and choice 300 ft 425 ; Common and medium 2.50 ft 3 00 Good Oft A.OO Common and medium .002 2.50 snrrr and ul. —Receipts. 2.000 — Lamhs. 90 IBs. down, good snd choice *8 25 9 . 00 1 Common and medium 4 00ft 625 90-120 iha, good and choice .. 2.00 ft 350 Good and choice L7sft 2.3* 41) weight*. common and . „ medium Ul| 3.00

Ilrndershot

Abreast of The Times on Finance

STEEL INGOT PRODUCTION JAW |FM> MAC APR MAf jtj* j } JtAT [ SCT IQE T { NTv j f* (. 20 r>! I':! i ■ 1 1 1111 ! n:! n!! II i; 1 1 nil n1! 11 1 1 111 ii • 1 1 .111 LUMBER PRODUCTION 1001 80 60 0 1 11! 1 111 1 11 n ! 111 1 11 il 1111 1 111 1 111 1 1 n ili 11 li ii Imt COTTON RECEIPTS 400 300 —;r 0 i! m 1 11 illljll BOND PRICES® 120 "" 601 ■ 111111111111 ■ 111 hil 111111111111111111111 li 11 li in BANK DEBITS OUTSIDE NEW YORK CITY* 1401 I 20 [— 40 TIME MONEY RATES® 150 100 —— so / -- - , "l o rnrhYU..., j '.'.TTiT/iViT "Miuj iTriT'iTi'rriTlujJ •AN. FCB.I MAR j APR. I MAY [JUNE | JULY | AUG | SCPT | OCT | NOV | DEC.

INDIANAPOLIS, TUESDAY, NOVEMBER 13,1^34

New York Stocks

(By Thomson & McKinnon) 11 A M. Prev. Oils— High. Low. N. Y. close. Amerada 44% 44% 44% 44% Atl Rfe 25',2 25 3 * 25% 25-78 Barnsdall 6'2 6% 6% 6% Consol Oil 8% B*2 8% 8% Cont of Del ... 18% 18% 18 3 8 IB'/z Houston inew) . 32% 33 Mid Cont Pet .. 11% 11% 11% 1174 Ohio Oil 10' 8 9% lO'/b 9% Phillips Pet 15% 1574 15% 15',2 Plymouth Oil •• 974 9 9% 9 Pure Oil 7% 7% 7% 7% Seaboard Oil ... 28'a 25 3 4 26 7a 25'2 Shell Un 7 6% 7 7 Soc Vac 14% 14% 14% 14% SO of Cal 3375 33% 33'2 33' 2 S O Os Ind 24% 24% 24% 25 S O of N J ... 437-s 43% 437% 43>4 Texas Corp 22 21% 22 22 Tidewater Assn. 9% 97-a 9% 974 Un Oil of Cal .. 15% 157, 157s 1574 Steels— Am Roll Mills .. 19% 19 19 18% Beth Steel 28% 27% 28 27% Bvers AM 18 18 18 18 Col Fuel & Iron 4% 4% 4% 4'/a Cruc Steel 21% 21% 21% 21 Inland Steel .. 43% 437* 43% 41 McKeesport Tin. 94"2 94% 94% 94 Natl Steel 39% 39% 39% 39>2 Rep I& S 13'4 13% 13% 13% Rei I& S pfd . 38% 38% 38% 37% U S Pipe & Fdv 20% 20* 2 20% 20% U S Steel 35% 3474 34% 34% U S Steel pfd.. 78 78 78 77% Warren Bros 6% 6% 6% 6% Youngs'wn S& T 18% 17% 17% 18 Motors— Auburn 26 25% 25'2 25% Chrysler33l%6 1 % 36% 36% 36% Gen Motors .... 3i 30% 30% 31% Graham Mot ... 2 1% 2 1% Hudson 9% 9% 9% 9% Hupp 2% 2% 2% 1% Mack Truck ... 26% 26% 26% 26'2 Nash 15% 1574 15% 15'2 Packard 3% 3% 3% 2% Reo 2% 2% 2% 2' 2 Studebaker ... 2% 2% 2% 2% Yellow Truck... 3% 3% 374 3% Motor Access— Bendix 14% 14% 14% 14% Bohn Alum .... 57% 57% 54% 56% Borg Warner ... 27% 27% 27% 27% Briggs 21% 20% 21% 20 Budd Mfg 5% 5% 5% 5% Budd Wheel .... 3% 33 3 Eaton Mfg .... 17 16% 16% 1674 Elec Auto Lite. 26 25% 2574 26 Elec Stor Bat . 43% 43% 43% 43% Houdaille "A”.. 6% 6 6% 6% Mullins Mfg 9% 9% 9% 9 Murray Body ... 7% 6% 774 6% Stew Warner ... 7% 774 7% 7% Timken Roll .. 31% 31% 31% 31% Timken Det Axle 6% 6% 6% 8% Mining— Alaska Jun .... 17% 17% 17% 18 Am Smelt 38 37% 37% 36% Anaconda 1174 11% 11% 11% Cal & Hecla... 33 32% Cerro De Pasco. 40'4 4040 39% Dome Mines ... 40% 40% 40% 40 Granby . 5 4% 5 4% Howe Sound ... 50% 50 50 49% Ins Copper 3% 3'4 3'4 3'4 Int Nickel 24 23% 23% 23% Isl Creek Coal . 29% 29% 29% 29% Kennerott Cop . 17% 17% 17% 17% j Mclntve Mine . 44% 44% 44% 45% Park Utah ... 3% 3% 3% 3% Noranda Cop .. 34% 34% 34% 43% Phelps Dodge ... 14% 14% 14% 14%, St Joe Lead .... 16% 15% 15% 16 | U S Smelters ..122% 121 121 119% Vanadium 18% 18 18 87s j Amusements— Fox Theat 13% 13% 13% 13% Loews Inc Si’s 31 31% 31% Radio Corp 6% 6 6 67s Paramount 4% 4% 4% 4% RKO 1% 1% 1% 1% Warner Bros ... 4% 4% 4% 47* Tobaccos— Am Sum Tob 22% 22% 52% 22% 4m Tobacco A" 80% 80% 80% 80% Am Tobacco ’ B” 83', 83% 83% 82% Gen Cigars 55% 55% 55% 54% L;c >V Mvers 'B' 104% 104% 104% 104% Lorillard 18% 18% 18% 18% Reynolds Tob B' 49% 49% 49% 49% Rails— Atchison 55>j 54% 55 55% B & O 15% 14% 15 15% Can Pacific .... 12% 11% 11% 12 Ch A: Ohio 43% 43% 43% 43% C M ft St P pfd 5% 5 5 5 Chi N W ... 6 5% 5% 5% Del Lac & W ... 18% 18 18 18’ a Frle 11% 11% 11% 12% Grt North pfd . 15% 15% 15% 10% 111 Central .... 17 16% 17 17% N Y Cent . 22 21% 21% 22 N Y New Haven 9% 9% 9% 9% N Y Ont A- West 5% 5% 5% 5% Nor Pacific ... 20', 20% 20% 20% Pern R R . .. 23% 23 23 23% Sou Pac 18 s , 18% 18% 18% Sou R R 17 16% 16% 16% Union Pac 105 105 105 105 Wabash 2 2 2 2 West Mary 9% 9% 9% 9% Equipments— Am Brake Shoe 25% 25% 25% 25 Am Car & Fdy . 17 17 17 16% Am Steel Fdy .. 15% 15% 15% 15% Bald Loco 6** 6% 6% 6% Gen Am Tk Car 36% 36% 36% 37% Gen Elec 19% 19% 19% 19% Other Livestock IBy Times Special) I LOO%A ILLE. Nov. 13 —Cattle—Receipts. 1 r yo including 1.300 show cattle; slaughi t( r cattle 11 light supply; market less ac- . v.ve; easier tendency on cows: other slaughter clssses about steady; general quality plair, range on common to medium steers and heifers. II 2504.75; bulk, 'S3 50'5 4 50; b< tier finished offerings quota- ! %s'<j 6 aid above; cutter steers and I heifers. 12 25ft 3: most beef cows of qualI i’> to sell %)otn $2 50® 2.75; few, $3 and afve low utter and cutter cows, mostly $ - 25<i2 25- sausage bulls. *2 75 down; ; mo t bee', type stock calves *4 aO<TS: commc. to jjedium grade stocker* and feeder* 42 7571 3 75. Calves—Receipts. 250; 1 i.ar'.et steady: bulk better vealers. *6fc 6.5 . medium and lower grades. *5 down ,H-. *— Receipts 600 market steady; top [a nr bulk 200-300 .bs *5 85 180-195 lbs I 305 lbs up. S5 40 160-175 lbs .*4 85; 1 14C..5 lbs . $4 35: 100-135 lbs . S3 65: sows. S' 50. Sheep—Receipts. 150; generally • sfa/.v: market on all slaughter classes; mei'.vim to good lambs mostly *5 50 6; • few choice. *6 25 or better: bucks discounted. 81; threwoutj. 83 50: ft ewes. 181 50(63: stock ewe* Aostly *6 50 head; few choice. 87 and at Ja.

LEGEND 9<><X*ooo<XXH 1933 CONSTRUCTION CONTRACTS AWARDED® n rtt j 1 c .**’ i Jliwt | MPT f OCT j NOv | Me, 100 I ’ 1 80 0 111 1 111 li ITI I I ■ll n 1 1 1111 1 111 1 n 1111111111 In linn BITUMINOUS COAL PRODUCTION® 100] 40— 20 nI ■ 11 1 ■■ 1 1 1 n 1 1 1 m 1 11 ■! 1111 1 111 1 111 1 1111 1 111 1 1 n li-Lii ELECTRIC POWER PRODUCTION® 120 1 10 .00 . aol. 11 1 1 iiTiVTfn7Ti 11 1 11 1 1 1 11 ■ li i llnul in_l.i_nli.m STOCK PRICES® <SO | 60 0; m 1 111 1 m 1 1 111 1 111 1 1111 1 111 1 111 1 1 " 1 1" 1 1 111 1 11111 BROKERS’ LOANS NEW YORK CITY 100] 80 20 Ct 111 1 111 1 1 n 1 1 111 1 111 1 1111 1i 11 1 n 1 1 1111 1 111 1 111 1 111 il MONEY IN CIRCULATION ® r^C.—l I poll 11 1 L1 1.1 1 1 11 1 1 x 1 In jl.iiiilijn.il nil Ml 1 111 1 111 lujli JAN. I FEB T MAR I APR. [MAY I JUNE IjUIY[AL'(M SEPT. | OCT | NOV J DEC.

Gen R R Sig ... 28% 28 28% 28 Pullman Inc .. 45% 4574 4574 4574 West Air Br 26% 26 26 26% Westingh Elec .. 34% 33% 34 3474 Utilities— Am & For Pwr . 5'% 5% 5% 5% Am Pow & Lit 4% 4% 4% 4% AT&T 112% 1117, 11274 112% Am Wat Wks . 15% 15 15 15% Col Gas & Elec. 8% 8 8 8% Conn & Sou ... 17s 174 174 1% Consol Gas . ... 25% 24 24 26' 4 Elec Pwr & Lit . 3% 3% 3% 3% Tnt Hydro Elec.. 3% 3% 3% 3% Interboro R T.. 13% 12% 12% 13% Int T & T .. 9% 9% 97s 9% Lou G & E "A”. 14% 14% 147a 14% Nat Pwr & Lit.. 8 7% 774 874 North Amer 12% 12% 12% 12% Pac G& E 15% 15% 15% 15% j Peoples Gas .... 2 1 2074 207 y 32'/2 I Pub Serv N J .. 3174 31 31 32 So Cal Edison.. 14 13% 13% 14 Sid Gas •• 7 6% 6% 7'4 Stone & Webster 5% 5% 5% 5% United Corp .... 374 3% 3% 37c Un Gas Imp 13% 13% 1374 13% Ut Pwr & Lt ‘A’ 2% 274 274 274 Western Union . 3574 35 35 3374 Rubbers— Firestone 16% 15% 15% i5% ' Goodrich 10% 1074 1074 107i 1 Goodyear 23% 23% 23% 23% Kelly Spring ... 1% 174 17a 1% U S Rubber 17 16% 16% 16% U S Rubber pf . 3874 3874 38% 387a Miscellaneous— Allis Chalmers.. 14% 14'4 14% 147-4 Am Can 104% 103% 103% 104% Am Mach & Fdy 21% 21% 21% 21% Anchor Cap . 17 1674 17 16% Brklyn Man Tr. 37 36 36 37% Burroughs Add . 15 14% 14% 14% J I Case 52 5174 51% 50% Conti Can 59% 59% 59% 59% Caterpillar Tract 34% 33% 33% 3474 Curtis Pub .. 20% 19% 20% 19 Curtis Pub pfd . 84 84 84 80% Deere & Cos . 19% 197s 1974 19% Eastman Kodak 110% 110 110 110% Foster Wheeler.. 12% ll's 11% 12% Gillette 14% 14% 14% 14% Glidden 24% 2474 24% 24% Ingersoll Rand . 55% 55% 55% 547, Int Bus Mach... 145 145 145 145 Inter Harv 36 3574 35% 36 Natl Cash Reg. 17% 16' 8 17 17% Owens Bottle... 82% 82 82% 82 Rem Rand .... 974 974 9% 974 Foods— Am Sugar 61% 61% 6174 61% Armour Com 674 67 # 6% 6'4 Armour 6 % pfd 6774 67 67 67 Beatrice Cream 18 18 18 17% Borden Prod 26'4 26% 26% 26% Canada Dry G A 15% 15% 15% 15% Coca Cola 148% 148% 148% 149% Cont Bak A ... 6% 6% 6% 674 Corn Prod 67% 66% 66% 67% Crm of Wheat . 33% 33% 33% 33% Cuban Am Sugar 6 6 6 6 Gen Baking 8 7% 774 774 Gen Foods 34% 34% 34% 34% Gold Dust 17% 17% 17% 17% G W Sugar 29% 297* 29 29 Hershev 71 70 71 70 Loose Wiles 36 36 36 36', Natl Biscuit 27% 27 27% 27% Natl D Prod ... 17% 16% 17 74 1 7', S Porto Rico S 27 27 27 26% Std Brands 19% 18% 18% 187* Un Biscuit 23% 23% 23% 23 United Fruit ... 73 72% 73 72% Ward Bak B ... 2 2 2 Wrigley 73 73 73 747s Retail Stores— Assd Drv Goods. 12 12 12 12 Best & Cos 37 37 37 37% Gimbel Bros ... 4% 474 4% 4% Gr Un Tea 5% 5% 5% 5% Hahn Dept Sts. 5% 5% 5% 6 Jewel Tea 54 54 54 54 Kresge S S 19% 19% 19% 19% Kroger Groc 28% 28% 28% 30 Mary R H 46% 46 46% 46 McCrorv St .... 7 6% 6% 7 McLellan St .. 11% 11% 11% 11% Marshall Field . 11 10% 10% 11 Mav Dept St 41% 41% 41% 41% Mont Ward 29 28% 28% 29% Natl Tea ... 11 10% 11 10% Penney j c ... 67% 67% 6714 aa Safeway St 45% 45 45 45% Sears Roebuck . 41% 40% 40% 40- 8 Woolworth .... 52% 52 52% 52 Aviation— Aviation Corp . 4% 4% 4% 4 Boeing Aircraft. 8% 8 8% 8% Curtiss Wright . 2% 2% 2% 2% Curtiss Wri lA) 8% 8% 8% 7% Douglas Air 21% 20% 21% 20% Nor Am Av 3% 3% 3% S’* Sperry Corp ... 8% 8% 8% 8% Utd Aircraft new 9% 9% 9% 9% Chemicals— Air Reduction ..168% 108% 108% 107% Allied Chem .. 134% 133% 133% 133% Am Com Alcohol 25% 29 29 29% Col Carbon .... 73 72% 72% 72% Com Solvents 21% 20% 21 21% Dupont . ... 96% 95% 95% 96% Freeport Tex 27 26% 26% 27 Liquid Carb... 21% 21% 21% 21% Math Alkali ... 27% 26% 26% 27 Monsanto Chem 57% 57% 57% 57% Natl Dis (llewi.. 23 22% 22% 22% Schenlev Dist .. 27% 27 27 % 27% Tex Gulf Sulph.. 34% 33 33 35 Union Carbide . 45% 44% 44% 45% U S Indus Alco 42% 42', 42% 42% Drugs— Lambert 27 26% 27 26% Lehn & Fink ... 15 15 15 Sterling Prod .61 60% 60% 61 % Un Drug inew’.. 12% 12% 12% 12 Zonlte Prod ... 4 4 4 4 Financial— Allegheny Corp . 1% 1% 1% 1% Am Int Corp ... 7 7 7 Chesa Corp 39 39 39 39% Lehman Corp . 69% 69% 69% 69 Transamenca .. 5% • 5% 5% 5% Tr Cont Corp... 4 3% 3% 4 Building— Am Radiator ... 17% 16 16% 16 Holland Furnace 7% 7% 7% 7% Int Cement ... 25% 25’, 25% 25% Johns Manville . 56% 54% 56 54% Libby Owens Gls 25% 25% 25% 25% Otis Elev 15 14% 14% 14% U S Gvpsum .. 46% 45% 46% 46% Household — Col Pal Peet ... 17', 16% 17 17% i Congoieum 32% 31% 31% 3", Kelvinator 16% 16% 16% 16% Mohawk Carpet .15 14-, 15 la Proc & Gamble . 42% 42% 42% 42% Simmons Bed .. 10% 10% 10% 10% Textiles—--1 Amer Woolen .. 8% 8% 8% 8% ; Belding Hem .. 12% 12% 12% 12% , Celanese Corp .. 31% 31% 31% 36% ; Collins Atkman .14 13% 13% 13% 'lndus Rayon ... 27 26% 26% 27% KAfser Julius ... 17 1% 16% !•%

SHARP BREAK IN UTILITY ISSUE WEAKENS LIST

Consolidated Gas Declines More Than 2 Points 0 to New Low. B'j United Prcag NEW YORK, Nov. 13.—A break of 2% points to 23 T s . a record low for the present stock, in Consolidated Gas, unsettled the stock market after a firm opening today. Around noon the main list show-ed declines in nearly all sections. Selling of Consolidated Gas followed a statement by the New York Power authority that the electricity rate in this section could be cut as much as 40 per cent. Otl£r utilities followed Consolidated Gas down. People's Gas dropped to 20*t, off TV while Public Service of New Jersey was off 1% to 30%. Silver shares held part of early gains that had ranged to more than 2 points. Automobile equipments continued in favor with Briggs Manufacturing, the active feature, rising to anew 1934 high at 21%, up 1%. Automobile issues and rubbers eased fractionally. United States Steel eased to a fractional lass, as did Westinghouse Electric, Allied Chemical, American Can, American Telephone, Atchison. Montgomery Ward, New York Central and Commercial Solvents. Treasury Statement ißv United Press) WASHINGTON. Nov. 13.—Government expenses and receipts for the current fiscal year to Nov. 10, compared with the corresponding period of the previous fiscal year: This year. Last year. Expenses $2,538,564,442.89 $1,601,745,656.24 Receipts . 1.348.833.087 89 1.056.592,916 92 Deficit. . ? 1,189.731,355.00 545,152,739.32 Cash bal.. 1,707,784,730.85 Chicago Stocks (By Abbott. Proctor & Paine) 11:00 A. M. Prev. N. Y close. Bendix , 14% 14% Borg Warner 27 27Vs Chicago Corp 2 2 Cities Service 1% 1% Iron Fireman 18% 18% Marshall Fields 11 11 Noblitt Spark 14V* 14 Swift 18% 18% New York Curb (Bv Abbott. Proctor & Painei. 12 iNoon) Prev. N. Y. close. Am Cyanide “B’’ 16'* 16 : *4 Am Gas & El 18% 19',a Atlas Corp 9 9 Axton Fisher Tob 59 Brazil Tract &. Lt 11% 11% El Bond & Share 9% 10 Fisk Rubber 10 9% Glen Alden Coal 24% 24% Gulf Oil of Pa 56', 2 56% Humble Oil 42% 42% Imperial Oil Ltd 176 17 Vi Int Petrol 32% 32% Lake Shore Min 57 56% Libbv McN Libby 6Vi 6% Lone Star Gas 5% 5% Natl Bellas Hess 3% 3Vi Nia Hud Pwr 4 4% Penn Road 2'4 2% Std of Kv 16 16% Wright Hargraves Min 8% 9

DAVID LAWRENCE BOOK RECEIVED AT LIBRARY “Beyond the New Deal” Offers Trenchant Criticism. “Beyond the New Deal,” by David Lawrence, editor of the United States News, has been received at the business branch of the Indianapolis public library. The book offers trenchant criticism of various aspects of the New Deal and marshals impressively the figures of expenditure and prospective debt and taxes. Other new books received are; “Color in Advertising,” by Joseph Binder; “Accountants’ Reports,” by William H. Bell; “Dentistry: Its Professional Opportunities,” by Ruth Y. Woodhouse and Chase G. Schiffman, and “Merchandise Traffic Report,” prepared by the United States federal co-ordinator of transportation. lOWA BUSINESS SHOWS GAINS DURING OCTOBER Employment in State Increases 2.7 Per Cent in Month. By United Brest DES MOINES. la., No. 13—During October lowa business showed an improvement over the three preceding months, Frank E. Wenig, state labor commissioner, reported today. Mr. Wenig said employment in the state gained 2.7 per cent and pay rolls increased 4 per cent during October over September. The employment gain over October, 1933, was 2.8 per cent, and 13 per cent above October, 1932. The largest October gains in industrial groups were 5 per cent in food products, 4.5 per cent in textiles, 7.7 per cent in leather products, 3.1 per cent in railway car shops. BUSINESS AT CHICAGO EQUALS PACE OF 1933 Executives See Pickup in Christmas Trade Before Month-End. By Times Special CHICAGO, Nov. 13.—Business in this area last week remained at about the same pace as a year ago, according to trade observers of the Chicago Association of Commerce. The lull w.ll be of short duration, according to leading executives of distributing houses, who foresee a sharp expansion in Christmas and holiday buying before the Thanksgiving Day holiday arrives. Factory employment and production were spotty, with a slight majority of companies reporting indicating slight increases. NET LOSS REPORTED Consolidated net loss of the Aviation Corporation and its subsidiary companies for the nine-months’ period ending Sept. 30, 1934 was $1,711,757, compared with a profit of $395,819 for the same period of 1933. Mail revenue for the ninemonths’ period amounted to $1,052,332, compared with $3,743,060 for the same period of the previous year.

—Anomaly— Business Loans Off at Big Centers Despite Banks’ Co-Operation Plea. BY VINCENT S. LYONS Times Financial Editor Only a short time ago much ado j was made of the fact that when President Roosevelt urgently asked American bankers to increase their loans to business the financial gentry came back with the retort that they would co-operate to the fullest extent in the administration drive to promote recovery. Since all of this went on at the American Bankers' Association convention at Washington, the condition statement of Federal Reserve Banks for the week ended Nov. 7 has been made public. An analysis of this report brings to light some interesting things that should occasion embarrassment to bankers jn certain parts of the country. During the week, it is revealed, member banks In New York City curtained their business loans by $9,000,000 and member institutions in the Chicago area reduced grants of the same type by $7,000,000. Decline Is Small Now while the aggregate decline of $16,000,000 represents a small proportion of the aggregate of such loans, it is nevertheless interesting to discover that banks in tb>. t—o largest Federal .Reserve areas r e* duced their loans at all in the first full week since they pledged their co-operation to the President. Persons who construed the qua sipact between the administration and the bankers as one of the most favorable signs to appear on the economic horizon in months undoubtedly will be taken aback by this development, as well they might. The decrease can not be explained away by saying that it was due to reductions on real estate loans or advances on commercial paper and acceptances, for the loans item was recently segregated to show the extent of advances in the various kinds of loans. And. as a result, the term, “other loans,” today represent more than ever before outright loans to business. Key Point in Drive Expansion of commercial loans •has been one of the key points in the administration drive to foster revival. Bankers have been exhorted on numerous occasions by President Roosevelt; Jesse Jones, Reconstruction Finance Corporation chairman, and others to adopt a more liberal loan attitude. A dearth of potential borrowers, who have good security to offer, together with the fact that executives are afraid of drawing a reprimand from national examiners by making loans on the border-line, has bec-n offered as the bankers’ alibi. While banks can point with pride to a sharp increase in commercial advances during the past six months, the record is somewhat beclouded as a result of the latest week’s showing. The condition statement of all reporting Federal Reserve member banks, which is issued every Wednesday, will indicate whether institutions in other sections of the country pursued the same courses as did the New York city and Chicago banks.

WHEAT FUTURES DIP IN OPENING TRADES

Easiness Abroad Yesterday Held Responsible. By United Press CHICAGO, Nov. 13.—Easiness in foreign markets yesterday when domestic exchanges were closed Drought selling into wheat futures on the Board of Trade today and prices dropped fractionally. Wheat started % to •% cent lower, corn was unchanged to U cent higher, oats were off Vi to % cent, and provisions were steady. Liverpool yesterday led a downturn in world markets during the holiday pause here and the price depression abroad continued today. Chicago Grain Futures (By James E. Bennett & Cos.) 11:15 Prev. Wheat— High. Low. A. M. close. Dec 99% .98% .99 .99% May 99% .98% 98% 99% July 93% .93 .93 .94 Corn— Dec .80% .79% .79% .79’, May .81% .81% .81% .81% July 81% .81% .81% .81 % Oats— Dec. 51% .50% .51 .51% May .49% 49 49% 49% July 45% .45% .45% .45% RyeDec 70 .69% .69% .70 Mav 73% 72% 72% .73 July 73% .72% .72% .73% Produce Markets • % Delivered in Indianapolis prices: Heavy hens, lie; Leghorn hens, 7c; colored springers 12c; old roosters. sc: ducks. 7c; zeese. sc: voung guineas. 20c; old guineas. 15c. Turkevs—No. 1 younz hens. 9 lbs and over 16c; younz toms. 14 lbs. and over. 17c; vounz toms. 11-14 lbs.. 15c: No. 2. crooked breasts and thin turkeys. 11c: old toms, all weights 13c; No. 1 strictlv fresh country run eggs, loss off. 26c Each full case must weigh 55 lbs. gross, a deducation of 10c a pound for each Dound under 55 lbs will be made Butter No. 1. 30® 31c Butterfat—26c. Quoted by the Wadley Company. LOCAL CASH MARKET City grain elevators are paying 89 cents for No 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 71 cents, ar.d oats 43 cents. SAVING DEPOSITS CLIMB Increase of 52,250,000 Reported for Current Year, By Times Special CHICAGO, Nov. 13 —An increase of approximately $2,250,000 over last year in Christmas Club accounts in mutual saving banks is reported by the National Association of Mutual S*ings banks. Deposits in fifteen states whlre mutual saving banks operate such clubs will amount to $33,426 919, as compared with $31,220,409 last year, the report states. SALES SCHEDULE CHANGED By United Press FLINT. Mich., Nov. 13.—Sales operations of the Buick Motor Company, will be reorganized into fourteen zones effective Nov. 15, according to an announcement made by Harlow H. Curtice, president.

News and Views in the Business World

SMALL TRADES, SOUND, FAIL TO GET BANK HELP

Credit Difficulty Is Felt by 44.8 Per Cent of Concerns Surveyed. By timra Special WASHINGTON, Nov. 13—Small manufacturers throughout the country have exerienced difficulty in receiving bank Dans despite the fact that a great many of tnem were financially sound and normally would be regarded as mast acceptable credit risks, according to a survey issued today by the Bureau of the Census, Department of Commerce. Os the 4.387 concerns with borrowing relationships. 44 8 per cent reported difficulty, i. e., they were unable to secure any credit or their credit lines were unduly and dangerously restricted. Projecting this percentage to embrace all manufacturers employing less than 250 wage earners each, it is estimated that at least 65.000 are restricted in their operations by unusual credit stringency. In nine of the Federal Reserve districts the percentage of borrowing manufacturers experiencing credit difficulty was over 40 and in no district did this figure fall below 32 per cent. Nor was this situation confined to a few industries. On the contrary, practically every phase of American industrial life was affected by the restrictive influence of our financial structure. Needs at $10,912,000 Os the 1,964 manufacturers reporting credit difficulty, 1,253 estimated they would need during the present year $10,915,000 to meet maturing obligations, 117 estimated that they will require $14,779,000 during 1933 for the same purpose. Projection of these estimates to include all manufacturers of similar size and position in the United States indicates over 62,000,000,000 will be required the five-year period ! from 1934 through 1938 by manufacturers employing from 21 to 250 wage earners to meet maturing obligations already contracted at the close of 1933 and those expected to be incurred under normal operations. “Surprising as it may seem," the study points out, “a great many of the manufacturers who could secure but limited funds or none at all were financially sound and normally would be regarded as most acceptable credit risks. Rations Are Good “Os the 1,964 firms reporting credit difficulty no less than 450, or 22.9 per cent, had current rations of 3 and over and 818, or 41.7 per cent, had current ratios of 2or more. Furthermore, 644. or 32.2 per cent, of these firms enjoyed net worth to debt rations of 3 or more and 49.5 per cent of the establishments had such ratios of 2 or better. “Obviouosly, there is no panacea for the present ills. Progressive action must be taken on a wide front to meet and overcome the obstacles laced by industry.” In conclusion the report, prepared for the small industries committee of the Business Advisory and Planning Council lays down recommendations lor federal bank examiner r Federal Reserve Banks, the Reconstruction Finance Corporation and urges changes in the securities act and the banking system.

COTTON PROGRAM URGED Fixed Plan for Product Advocated by Economist, By Times Special NEW YORK, Nov. 13.—Pointing out that the nation is “becoming disturbingly aware that our wellmeant efforts to correct the statistical position of cotton by reducing the size of our own crop has served merely to stimulate foreign production on a scale hitherto unknown,” C. T. Revere, economist for Munds, Winslow & Potter, members of the New York Stock and Cotton Exchanges, states that “the time has come to adopt a fixed program for dealing with our cotton prob'em.” “In considering our cotton policy,” Mr. Revere says, “it is time for us to ask ourselves if we have not been guilty of what Lenin singled out as the fatal shortcoming,of capitalism —the willingness to dig its own grave for the sake of an immediate profit.” On Commission Row j Quotations below are average wholesale prices being offered to buyers by local commission dealers. FRUlTS—Cranberries. Cape Cod. early blacks. 25-lb box. *3.50. Wisconsin Antlers. 25-lb. box. $4 Grapes. California Emperors. 27-lb. box. *2 is. Persimmons, Indiana. 12 qts.. 90c Avacados. box, *1.50. Quinces, bushel, *3. Bananas pound. 5C Apples, maiden blush. *1 50 Indiana Jonathans, *lB5 grimes golden. *1J5®1,75. Melons. California honey dew*. *2 75. Lemons, sunkist. 3605. *5 1 5 red hall. 360a, *5. Grapefruit. 70*-80s. *2 75 Limea per carton. 12s. 25c; seedless per hundred. *3. VEGETABLES—Cabbage Northern Danish. 50-lb. bag. 60c. red pound. 3c. Onions. Idaho, sweet Spanish, large 50-lb , *1 40 Indiana white boiler* 10-lb bat. 35c: western white, 50-lb bag *1 85 Michigan. ye.low. *1.25 Potatoes New Jersey Cobblers, 100-lb bag. *1 45; northern round white. 100-lb bag. *1; Ohlos. 100-lb bag, *1 55: Idaho Bassets. 100-lb. hag *2. Sweet potatoes, Indiana Jerseys, bushel. *1 60, Tennessee Nancy Halls, bushel. *1.60. Beans, round stringless. hamper. *2 75. Beets, dozen, 25c. Carrots, home-grown, dozen, 35c Cauliflower. crate. *1 85. Celery, Michigan, medium. dozen. 45c: Junior, dozen, 65c hearts. bunch. 90c. Cucumbers, hothouse dozen. (1 25 Endive, dozen. 40c Egg plant, dozen. *1 50. Kale, home-grown, oushel. 50c Lettuce hothouse 15-lb. basket. 60c Mangos, bushel. *1 50 Mint, dozen. 50c Parsley, dozen, 35c. Peas—Hamper, *4® 4.50. Spinach, home-grown, broadieaf. bushel. 60c Radishes. dozen 45c. eTomatoes. outdoor. 12lb basket. 75c, bushel. *2 Turnips home grown dozen 25c, pumpkins, dozen. (1 25. CARRIER PAYS TAXES Through its recent payment of its second 1934 tax instaliment, amounting to $4,062.18, the Illinois Central System has enriched the treasury of Marion county this year by a total of $8,124.38. Its tax payments in Indiana since the first of the year have amounted to $103.173.79. LINCOLN LIFE SALES UP By Timet Special FT. WAYNE, Ind., Nov. 13.— An 82 per cent rise in business of the Lincoln National Life Insurance Company for October over a year ago was reported today by Arthur P, Hall, president of the company.

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