Indianapolis Times, Volume 46, Number 160, Indianapolis, Marion County, 14 November 1934 — Page 13

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

LIST STEADIES IN AFTERNOON AFTER DECLINE Trading Turns Dull and Mixed Following Recession: Specialties Up. Ha 1 Prr.m NFJW YORK, Nov. 14—Stocks steadied in early afternoon dealings today af ? er a decline, led by utilities, had carried most issues down fractions to more than a point. Trading turned dull. Toward the end of the third hour prices were irregular. United States S'eei was at the previous close of 34 .. Genera! Motors and Chrysler were fractionally lower, while Auburn showed a small gain. Briggs Manufacturing dipped from its 1934 high to a small loss on profit-taking. Several special Issues were in fair demand Bigelow-Fanford rose to 26. up •. and held most of the gam. American Shipbuilding was up IS at 20*.. American Tobacco issues scored good gains in a firm tobacco group American Chicle equaled its 1934 high at 70. up N. Rails were dull and slightly lower. Utility shares quieted in the afternoon and prices came back from the lows, which, in many instances, were new minimum levels for the year or longer. Wet stocks met good demand. Oils were about steady. Chemicals were firm.

Money and Exchange

INDIANAPOLIS STATEMENT r>*rlng* 13 628 non !>hus 7 398 000 00

Treasury Statement

•Bv United Prrw* WASHINGTON Nov 14 Government e\rer.e-, and rrcrip-s for the current veer to N->v 12. I'wmoared *ith the corresponding period of the previous fiscal year This Year. Last Year. Espouses t 2.567 959.357 12 $1 635.073 I'M 90 R#r<-ipts . 1 3AO 495 303 18 1 061.947.232 94 rvflcit 1 207 454 053 94 573.125 S7S 96 Cash bal 1.608 092 246 40

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers. FRI ITS —Cranberries. Cepe Cod. early blacks 25-lb box. $3 50: Wisconsin Antlers 25-lb. box. S4 Grapes. California Emperors 27-lb. box. *2 15. Persimmons. Indiana. 12 qt* , 96c. A", acados. box. $1.50 Quinces, bushel. $3. Bananas, pound. 5c Apples, maiden blush. *1 50: Indiana Jonathans. $185: grimes golden. $1 35b I 75. M'lons. California hor.ev dews. $2 75. Lemons, sttnklst. 3605. $5 75. red hall. 3605. $5 Grapefruit. 70s-80s. $2 75. Limes per • arton 12s. 25c* seedless per hundred. $3 'r*wbernes. 12 box cra’e. $2 254 2 50; California Rubarb $1 50 a box; pineapples, crate. $5 506. \EC.ETABLE6—Cabbage. Northern Danish. 50-lb bag. 60c. red pound. 3c. Onions Idaho. sweet Spanish, large 50-lb . t4n Inarana white boilers. 10-lb. bag. 35c. western white. 50-lb bag $1 85; Michigan vellow $1 25. Potatoes. New Jersey Cobblers 100-lb bag. $1 45. northern round w hi'e. 100-Ib. bag. $1: Ohlos. 100-lb hag. 1 55: Tdahn Russets 100-lb. bag $2. Sweet P'-'afnes Indiana Jersevs. bushel. $1 60. Tennessee Nar.f v Halls. bushel. $1 60 Beans, round sf rmgless. hamper. S2 25'u 2 75 Beets, doren. 25c. Carrots, home-grown, dr.ren. 35c. Cauliflower, crate. $1 85 j Ceierv. Michigan, medium, doren. 45c: junior, dozen. 65c hearts. bunch. 90c. Cucumbers, hothouse dozen. $1 25 Endive, dozen. 4hc Egg plant, dozen. *1 50. Kale, home-grown, bushel. 50c. Lettuce hot* house. 15-lb. basket. 60c. Mangos, bushel. ! 50. Mint, dozen. 50c Parsley, dozen. 35c Peas—Hamper $3 4. Spinach home-grown, broadleaf. bushel. 60c Radishes dozen. 45c. Tomatoes, outdoor. 12lb basket. 75c. bushel. *2 Turnips home grown, dozen 25c; pumpkins, dozen. $1 25

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 113.<M) Brazil Lump fO4 Brazil Mine Run 525 Coke. Nut Size 8 90 Coke. Egg Size 8 90; Indiana Forked Lump No. 4. 5 94 1 Indiana Forked Lump No. 6 5.84 j Indiana Cct ••• 5.il KentuckrHLump Group “B" 7 18 ! Pocahontas Lump 832 ( Pocahontas Egg 8 42 ! Pocahontas Mine Run *-5*

Produce Markets

Delivered in Indianapolis prices: Heavy hens. 11c. Leghorn hens. 7c; colored springers. 12c. old roosters. sc. ducks, .c: geese. 5c voting guineas. 20c. old guineas. !5c Turkovs— No. 1 young hens. 9 lbs and pier !6o: voting tons. 14 lbs. and ot er. 17c sour.c ’om* 11-14 lbs. 15c: No 2 crooked breasts and thin turkevs. 11c: old tom< all weigh*s 13c. No. 1 *trlctlv fresh countrv run eggs. loss off. 26c Each full rase must welch 55 lbs gross, a deducation of 10c a pound for each round under 55 lbs will be made Butter No 1 30 31c B : terfat—26c. Quoted by the Wadlev Company. SEC TO OPEN OFFICES IN SEVEN KEY CITIES (lose Supervision Will Re Kept Over Securities Trading. By r*nff Press WASHINGTON . Nov. 14 —The securities and exchange commission today completed plans to insure stringent federal regulation of the nation's forty-one stock exchanges through seven regional offices throughout the country Field branches will be established in New York. Boston. Chicago. Denver. San Francisco. Ft. Worth end Atlanta. Through these offices close supervision over the exchanges and securities dealings in those territories will be exercised by the control board at Washington. The first office will be establshed before Jan. 1 in New York City, where a large corps of attorneys, accountants and investigators will be maintained. ALLOW COUPON CASHING PCotmasters May Honor Stubs of Federal Farm Mortgage Bonds. By fiw*< WASHINGTON. Nov. 14—W. I. Myers, governor of the Farm Credit Administration, has authorized postmasters to cash interest coupons clipped from Federal Farm Mortgage Corporation bonds, it was disclosed today. Approximately $lO 600 000 m interest will be due tomorrow on the $710,000,000 of 3 per cent bonds, issue of 1944-1949. outstanding on that date. Oil Production Tp Daily average crude ml production last week rose 115.026 barrels to 2 409.747 barrels, according to the Oil and Gas Journal. Large increases in output mere reported by Oklahoma, Texas and California. The me in Oklahoma alone was 52,500 barrels daily.

TREND OF COMMODITY PRICES AND TRADE CHARTED

90 r I? 60 ! I r MOODY’S DiLY A / 80 V i L “ ,3 1 3 •*A lr r/\/ .*MOODY’S WEEKLY *. o “ 7 ;.‘ y jX r \ / BS'SS INDEX | |2O : , ;v \ .f \ _ ,/ ’ ; \ 65 yy' pr ~\ } 110 ! V | B q| MOOOY’S INVESTORS SERVICE 1 jqq OCT. NOV. DEC. JAN. FEB. MAR. APR. MAY . JUL. AUG. SEP. OCT. NOV. 1933 1934

New York Stocks

(By Thomson it McKinnon) Prev. Oils— High. Low. Close, close. Ail Rfg 25% 25’ 25’* 25’, Bamsdail 6’, 6% 6’, 6 , l Consol Oil B’, B'* 8' 8% Com of Del ... 18% 18 18’ 2 18’, Houston icldi. 16% 16% IB 1 18’, Mid Corn Pet... 11’, IP. IP, IP, Ohio Oil 10’, O', 10', 10% Plymouth Oil ... 9’, 9’, 9’, 9’, Pure Oil 7’, 7% 7’* 7’, Seaboard Oil ... 28’, 26’, 26% 28:, Shell Un 6’, 6’, 6’, 7 Skeiiev Oil B’, 6’, 6’, 6’, Soc Vac 15 % 14’, 14’, 15 S O of Cal 34 34 34 34', R O of Ind 24’, 24’, 24’, 25 S O Os N J 43 42’, 42’, 43’, Texas Corp 22% 22 22 22'a Tidewater Assn.. 9', 9% 9'a 91, Un Oil of Cal... 16', 16', 16'a 18 Steel,— Am Roll Mills .. 18’, 18% 18’, 19% Beth Steel 27 * 27% 27', 27’, Byers A M 17*, 17’, 17’* 18 Cruc S'eei 2P 21'a 21'a 21'a Inland Stel 42 42 42 43’, Ludlum Steel ... 13’, 13’, 13’, .. Mid S'eei 9’, 9% 9* 9’, Natl Steel 39’, 39’, 39’, 39'a Otis Steel 4’, 4’, 4’, 4'* Hep lr <fc Stl pfd 37 1 a 37!a 37>a 38 U S Pipe Ac Fdv 20 20 20 20', U S Steel 34'a 34', 34'a 34% U S Steel pfd... 791, 78' 78’, 78% Motor*— Auburn 25’, 25’, 25', 25% Chrysler 36', 35’, 35’, 36’, Oen Mo’ors . . 30 J , 30', 30', 30% Gen Motors pfd 105'2 105'a 105'a 105'a Hudson 9% 9% 9’, 9% Hupp 2’, 2’, 2’, 2’, Mark Truck 26’, 26’, 26’, 26’, Nash . 15 14’, 14’, 15 Packard 3’, 3’, 3’, 3’, Keo 21* 2', 2’, 2% Studebaker 2 I’, I’* 2’, Yellow Truck ... 3'.a 3'a 3'a 2’,, Motor Access— Bendix 14'a 14 14 14'a Bohn Alum .... 57‘a 57', 57''a 57 Borg Warner ... 27’, 27’, 27’, 27% Briggs 21’a 21', 21', 21’ Budd Mfg 5' a s'a s'a 5% Budd Wheel .... 3', 33 3 Eaton Mfg 16*, 16’, 16% 16’, Elec Auto Lite.. 26 25', 25', 25% Elec Stor Bat .. 43 43 43 43 Houdailie A 6>, 6 6', 6', Murray Body .. 7 6% 6’, 6'* Stew Warner ... 7’, 7’, 7% 7’, 'iimken Roll •••• 32', 3P, 32', 31’, Mining— Alaska Jun .... 17’, 17% 17’, 17% Am Metals 15 15 15 15 4m Smelt 36’, 36’, 36% 36% Anaconda IP, 11 11 IP, Cal A Hecla ... 3‘, 3% 3', 3', Cerro De Pasco. 39 38' a 38'a 39', Dome Mines ... 38’, 38', 38’, 39 Oranbv ... s', 5 s', 4’, Hmhestake Min 370', 370', 370', 360 Int Nickel .. 24 23’, 23% 23% Isl Creek Coal . 29% 29% 29% 29', Kennecott Cop.. 17 16’, 16’, 17 Mein*■ re Mine ..43% 43% 43% 44 Park Utah 3% 3% 3% 3% Noranda Cop ... 34% 34% 34% 34% Phelps Dodge .. 14% 14% 14% 14% St Joe I,ead .. 15’, 15% 15% 16 U S Smelters ..120 1190% 119% 119 Vanadium 17’, 17% 17% 17% Amusements— Croslev Radio ..14 1* 14 14% Pox Theat 139 13 13% 13% Loews Inc ••••• 30% 30% 30% 31% Radio Corp .... s’, 5% s’, s’, Paramount 4% 4% 4% 5% RKO 1% P, 1% 1% Warner Bros .... 4’, 4% 4% 4% Tobareoa— Am Sum Tob ... 22% 22% 22% 22% Am Tobacco “A" 80’, 80’, 80’, 80% Am Tobacco * B ' 83 83 83 83 Oen Cigars . 55% 55% 55% 54% Ligk * Mvers B 104% 104 104 104% Lonllard 18’, 18% N?% 18’, Phillip Morris 36% 36 36 36% Reynolds Tob B 49% 49%'a 4914 49% Rails— Atchison 54% 53% 53’, 54’, All oCast Lines 3(1% 30 30'* 30% B * O 15 14% 15 15 Can Pacific IP, IP* 11% 12% Ch Ar Ohio 43% 43 43 43% C M Ac St P . 2% 2% 2% 3 CM* St P pfd 4% 4% 4% 4% Chi It W .... 5% 5% 5% 5% Dela Ac Hud ... 40% 40% 40% 41 Del Lac Ac W .. 17 17% 17% 18 111 Central .... 17 16% 16% 17% Lou Ac Nash 41% 41% 41% 43 M K & T ... 6% 6% 6% 6% MKA- T pfd.. 14-’, 14% 14% . N Y Cent ... 21% 21 21% 21% N Y New Haven 8% 8% B’* 9% N Y Ont A- West 5% 5% 5% 5% Nor Pacific 19% 19% 19% 19', Penn R R 22’, 22’, 22% 23% Reading 40% 40% 40% . ■ Sou Pae 18% 17M 17% 17% Sou R R 16% 16% 16% 16% Union Pae 104 103’, 104 103’,

Equipment*— Am Car A- Fdv.. 17'k 17' - , 17'i 17', Amer Loro ... IF 18 18 18'* Am Steel Fdy IS"* 154 15'* 15 Bald Loco ... 6 s * 6'* 6 1 * 6'4 Gen Am Tk Car 37', 37 37' 37 Gen Elec IS'* lS'k 19'. 19U Pullman Inc ... 45 44 44 s * 45'. Westinqh Elec.. 34 33 1 * 33 s * 33*. It ilities— Am A For Pwr.. s’i s'. s'. s', Am Pwr A Lit . 4 3 7 3 7 * 4 A T A- T IUU 111 ltl Ill's Am Wat Wks . 14', 13 s . 13 s , 14 s , Col Gas A* Elec 7 s * 7N, 7'* 7’. Con As Rou 15.I 5 . 1’ I'* IN. Consol aOs . 24'. 22 s * 23’. 24' Elec Pwr A- Lit . 3'* 33 3'* Ir.t Hvdro Elec. 3'. 3'. 3 s , Interboro R T .. 12'* 12’, 12 s , 12'* In? T A- T 9'. 9’, 9', 9". LOU G A- E A . 14' 14 14'* J4' Nat Pwr A* Lit. 7 s * 7'4 7’. 7 s , North Amer ... lit, 11', 11’. 11 s * Pac G A- E 14", 14 s , 14 s . 15 Peoples Gas .... 21 20 s * 3ns, 20 s * Pub Sen* N J ... 29'* 29'. 25* 29 s , So <Ca’. Edison.. 13'. 12'j 12'* 13 s * S*d Gas • •• 6", S'j 6'* 6", Stone A Webster s’-* s'. 5U 5 l * United Corp .... 3'* 3', 3'a 3'. Un Gas Imp 13'* 13 13 13'. U Pwr A* Lt - 'A'' 2'* 2'* 3'* 2'* Wes'ern Union . 34', 34'-* 34'j 35 Rubbers— F'.res'ore 15' * 19'a 15'a 15 s . Goodrich IP'. 10' IP I . 10'* Goodyear 23 22'a 23 23 U R Rubber . 16'. 16'a 16'g 16 s , U R Rubber pfd 37 s . 37'a 37 s . 37 5 . MisceUaneous— Allis Chalmers 14% 14'. 14'* 14'a Am Can 104'* 104'* 104'* I'M', Am Mach A Fdy 21 s * 21', 31’a 21 s * Brklvn Man Tr 36 35 s . 35 s , 35 s . Burroughs Add . 16 15 s , 15 s . 15 s * J I Case si’a 50'a 51'a 5t Conti Can ■ 60% 60 60 s * 60 Ca'erpUlar Tract 33 s . 33 s a 33'a 33 Curtis Pub . 20% 2P 20 20 , C-irt-.s Pub pfd . 83 s . 83 s . 83 s . 83'* Deere A* Cos 19'* 19'* 19'a 19 s . Eastman Kodak 110 110 110 M 2 Foster Wheeler. 13'. 12 12', 12 Gillette 14'a MH 14 s * 14% Ghdden . ... 24 24 .4 24', Ingersoll Rand . 56 56 56 56 Ir.t Bus Mach 145 s . 145 145 s . 144f Inter Harv .. 36'a 36% 36'. 36-* Natl Cash Reg . 17', 17 17 l. 1 * Underwood E .SIS 51S 51% 51 Worthington P. 17's A* a 1< x ••• Fo#ivAm Sugar 1N 61S 61 s * 81 s . Armour Com •• 6 l ; Amour 6*% pfd . 67 67 67 6. Beatrice Creamy 17 s * I<* L* 18 Borden Prod .. 26 25 s * .5 * . Can Drv GA> . 15., J* 1* I*,, Corn Prod .. 68 1 * 68 68 6.'* Crm of Whaat.. 34*• 34 3}'i 33’a Gen Foods .... 34'a 33 s * S3* 33. Gold Dust .... 17'a I<* it* O W Sugar.... 28 s . 28 s . 28 s . 28 s . Int Pall 30"* 3P’a 3P s a • Loose Wiles .... 36 36 36 36 5 . Natl Biscuit 27 s * 37', 27', 27'. Nat! D Prod-... 17 16 s . 16 s , 16 Punt* Bak 9 s . 9 s , IS 9 s , B*d Brand* .... 19'. 16*. 18 s . 18*. Ur Biscuit 22 s . 32 s . 22S 22 s , United Fruit ... 72 s . 73 5 , 72 5 . .2 s , Ward Bak B>.. I s . I s * 1 5 2 Retail Store*— Ass and Dry Goods 11 s . 11 s . 11 s . ll'z Best A CO 36", 36 s , 36S 37 First Ntl Stores 64'* 64’* 64‘* 64'* Gr Un Tea . 5 s * s s . 5\ s s , Hahn Dept Sts . ss,5 s , 5, s s , Kresge S S .... 19 s , 19'* 19'* 19 s , Kroger Groc ... 28> 28 28 28'* Macs R H 46 48 46 46 MeCrorr St 6 1 * 6t 6^ Mr Lell as St ... 10 s * 10H 10 s * 11 Miuakaii Field .18 w 10*% 18 s * 101*

Abreast of The Times on Finance

Wav Dept St 41 40% 40% 41% Mont Ward 29 28 28% 28% Natl Tea 10% 10’, 10% 11 Pet,.iev J C 68 67% 67% 68 Safeway St ... 46% 45% 46% 46% Fears Roebuck .41% 40% 40% 41 Woolworth 52% 52% 52% 52 Aviation— Aviation Corp . 4% 3’, 4% 4 Boeing Aircraft 8 , 8% 8% B’, Curtiss Wright 2’, 2', 2% 2’, Curtiss Wright A 8% 8 8 8% Douglas Aalr .. 21% 21% 21% Sl’, Nor Am Av 3% 3% 3% 3% Sperry Corp 8% 8% B’, 8% United Alrclt new 9% 9% 9% 9’, Chemical*— Air Reduction .108’, 108 108% 108 Allied Chem . 133% 133% 133% 134% Am Com Alcohol 29% 29 29% 29 Col Carbon 72 71% 71% 72% Com Solvents .. 21% 21% 21% 21% Dupont .... 97’, 96’, 97% ..7% Freeport Tex ... 26% 26% 26% 27 Math Alkali . 26% 26% 26% 27 Monsanto Chem 57’, 57% 57% 57% Natl DiS new... 23% 23 23% 23 Schenlev Dt.st . 27% 27 27% 27% Tex Gulf Stllph 34% 34 34% 34 Unton Carbide 45% 44% 45% 45% U S Indus Alcoh 42% 42% 42’, 42% Drugs— Cotv Inc 5 5 5 Lambert 27 27 27 27 Lehn A Fink .. 15 15 15 15 Sterling Prod 59% 59 59 60 Un Drug tnew) 12% 12% 12% Vick Chem 33% 33% 33% 34 Financial— Adams Exp .... 7-’, 7% 7’, 79 Allegheny Corp . 1% I’, 1% 1% Am Int Corp .. 6% 6% 6% 6’, Chesa Corp ... 38', 38% 38', 38’, Transamerica s’, s’, s’, s’, Tr Conti Corp 3% 3’a 3’, 3% Building— Am Radiator ... 16 15’, 15% 15% Gen Asphalt 17% 17’, 17*, 18 Holland Furnace 7% 7% 7% 7% Int Cement . 24’, 24% 24% 24% Johns Manville 54’, 54% 54% 54% Libbv Owens Gls 25% 25% 25% 25% Oti* Elev 14% 14% 14% 14’, U S Gvpsi.m .. 46% 46% 46% 46% Household—• Col Pet Peet .. 17% 16% 17% 17 Congoleum 32’, 32 32% 32 Kelviantor . 16% 16% 16% 16% Proc A Gamble 44 43% 43’, 44% Servel Inc 6% 6% 6% 6 9 Simmons Bed . 10% 10% 10% 10% Textiles— Am Woolen 8% 8% 8% 8% Belding Hem .12 12 12 12’, Celanese Corp . 30% 30 30 30’ Gotham Hose . . 5% 5% 5% 5% Indus Ravon ... 26', 26% 26% 26% Real Silk 6% 6’, 6% 6%

Chicago Stocks

(Bv Abbott. Proctor & Paine) 11:00 Prev. A. M. close. Allied Products 10% 10% Bendix 14 14’* Bore Warner 27% 27% Butler Bros 8% 8% Comm & Edison 42% 42% Cord Corp 3% 3% Gen House Util 7 7 Great Lakes Dredee 16% 16% Prima Beveraee 2Va 2% Quaker Oats 128 128% Smlbt 18% 18% Walereen 25% 26% Zenith Radio 2 2%

New York Curb

(Bv Abbott. Proctor & Paine). 12 Noon Prev. NY. close. Am Superpower 1% 1% Atlas Corp 8% 9 Distillers’ Corp 15% la's El Bond k Share 8% 9% Ford of Europe 9% 9% Gulf Oil of Pa 57 58 Hiram Walker 27% 27% Humble Oil 43 43 Imperial Oil Ltd 17% li% Lake Shore Min 55 55% Lone Star Gas 5% 5% Nia Hud Pwr 3’* 3% Novadel Aeene 20% 20% Pan Am Airways 34% 35 Park Davis 30% 30% Penn Road 2% 2% Wright Hargraves Min 1% LOCAL INSURANCE UNIT REPORTS SALES SPURT Pacific Mutual Life Volume in First Ten Months up 135.5 Per Cent. Sales of the local office of the Pacific Mutual Life Insurance Company of Los Angeles in the first ten months of the year increased 135.5 per cent over the corresponding months of last year, the third best gain of the more than one hundred agencies of the company. Earl T. Bonham, Indianapolis general agent, declares that a large part of this increase is due to the fact that Pacific Mutual continues to write disability insurance. Increased volume was shown in all four departments of the agencylife. accident, noncancellable and annuities. STEEL EXPORTS AT PEAK Heavy Purchases by Japan in Tirst Nine Months Responsible. By United Press WASHINGTON, Nov. 14.—Heavy purchases of iron and steel scrap by Japan raised American exports of these products to the highest levels in history in the first nine months of this year, the department of commerce reported today. Os total scrap exports of 1.275.414 gross tone in this period, Japan took 779.334 tons; Italy took 158.245 tons; Poland. 99.826 tons; United Kingdom, 87.143 tons: Canada, 40,828 tons; China, 21 389 tons, and Belgium, 18.730 tons.

Other Livestock

<By Tunes Special* LOUISVILLE Ncv. 14—Cattle—Receipts. 1.000. including 700 show cattle; demand somewhat weaker for slaughter classes market verv slow; fully 256 50c lower than high Monday time. Stockers slow, steady to weak; bulk common to medium'steers and heifers. $3 2564.50; few common. *3: better finished scarce quotable $5 to around IS: bulk beef cows. $2 256 275 prac-ical top. $3: low cutters and cutters. *162: bulk sausage bulls. *2.256 2 75. beef type etock calves mostly 5*.50 65. common to medium grade strikers er.d feeders. *2 754/3 75. Ctlvfi—h.'ceip's. 275 including €5 stock calves: market, steady, bulk better vealers. *6ti a 50. medium and lower grades. 15 down. Hogs- Reccip’s RCO market. 5c higher, top and bulk 200-300 lbs . 15 90; 180-195 lbs 15 50 .705 lbs up. to 45: 160-175 lbs. *4 90; 140-155 lbs 14 40: 100-135 ibs *3 70 sows. 14 55 Sheep—Receipts. 150. generally steadv; market on slaughter classes; bulk meium to goo lambs. *5 50<g6: choice quotable higher: Bucks dtscour.te; bulk light throwouu. *3 50; better fat ewes, tl 5092 mtr.t stock ewes salable, $6 50 a tea down. 4

INDIANAPOLIS, WEDNESDAY, NOVEMBER 14, 1934

SWINE VALUES TURNJJNEVEN General Bulk Stationary; Few Underweights 5 Cents Higher. With exception of a few lightweights moving around 5 cents higher than yesterday’s average, the pork market at the Union Stockyards this morning remained fully stationary. Mostly light butcher classes were in demand. The bulk of 160 to 200 pounds was salable at $5.15 to $5.45, while heaviest kinds, weighing from 200 to 350 pounds, cashed in at $5.50 to $5.85. Good to choice classes were reported selling at $5.90. Receipts were estimated at 7,000, the lightest for the last two sessions. Initial dealings were active in the lightweight division. The bulk of 130 to 160 pounds sold at $4 to $4.75, while extremely small kinds, scaling 100 to 130 pounds, brought $2.75 to $3.75. Packing sows ranged from $4.75 to $5.35. Holdovers numbered 692. Steer trading in the cattle market was weak to slightly lower than in the previous session. Some classes were valued to sell from $7.50 to $8.75. Low grades ranged from $4.25 to $6.50. Cows showed little change and heifers were dull. Receipts were 1,200. Vealers again were unchanged, selling at $7 down. Receipts were 600. With only slight interest displayed in early trading in the lamb market, practically all classes remained steady, with exception of a few kinds slightly lower. The general bi sold at $6.75 down, while bucks were discounted sl. Sheep brought $3 down. Receipts were 1,300. HOGS Nov. Bulk Top Receipts 8. $5.1541 5.45 $5.90 7.000 9. 5.3045! 5.45 6.C0 7.000 10. 5.30i© 5.60 6 05 3 090 12. 5.304$ 5.60 6.05 10.000 13. 5.154$ 5.45 5.85 12,000 14. s.lb® 5.45 5.90 7.UOU il4o-160i Good and choice $4 504? 5.15 tl6o-180i Good and choice .... 5.154$ 5.35 1 180-2001 Good and choice .... 5.354$ 5.55 i2OO-220i Good and choice 5.55® 5.75 1220-2501 Good and choice ... 5.75 m 5.90 1250-3901 Good and choice ... 5.7045) 5.90 (275-300) Good 5.50® 5.70 Packing sows: (275-350) Good 5.154$ 5.35 (350-425) Good 5 00® 5.25 1 450-550) Medium 4.754$ 5.10 (275-550) Medium 4.60® 5.00 (100-1301 Slaughter pigs good and choice 2.75® 3.75 CATTLE —Receipts. 1,200 —Steers—-(sso-900) Choice $7,004$ 8.00 Good 6.004$ 7.50 Medium 4.004$ 6 00 Common 2.50® 4.00 (900-1,100) Choice 7.504$ 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 6.254$ 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 VEALERS —Receipts. 600— 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® 5.25 Common and medium 2.75® 4 00 (800-1.0501 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, 1.3C9 Lambs. 90 lbs. down, good and Lambs. 90 lbs. down, good and Common and medium 4.00® 6.25 90-120 lbs., good and choice... 2 25® 3.00 Sheep—-(l2o-1501 Good and choice... 2.00® 2.50 All weignts. common and medium 1.50® 2 25

Other Livestock

(By United Press) CHICAGO. Nov. 14.—Hogs—Receipts. 30.000. including 14.000 directs; slow-, 10 cents lower than Tuesday; weights above 240 lbs. $5 85 a 5.95: top. *5.95: 170-230 lbs. $5 35 a 5 90; light lights. 54.5055.15: slaughter pigs. $364; packing sows. $5.60a 5 75; light lights. 140-160 lbs., good and choice. S4 2565.25. light weights. 160200 lbs. good and choice. $56 5.70: medium weights. 200-250 lbs . good and choice. *5 60'S 5 9o; heavy weights. 250-350 lbs. good and choice $5 80S 95; packing sows. 275-550 Ibs medium and choice. 54.75'>. 580 slaughter pigs. 100-130 lbs . good and choice. 13 'u 4 25. Cattle—Receipts. 12.00 commercial. 100 government; ca,ves. 2 000 commercial. 100 government: few strictly finished weighty steers strong to shade higher; others verv slow and steady with week's decline: she-stock and bulls weak, tending lower; vealers 25 cents lower than earlv Tuesday; prime around 1.275 lb. steers. $9 90: next best price. *9 85: practical top sausage bulls. 13: best vealers. 16 oO; slaughter cattle and vealers. steers. 550-900 lbs good and choice. *6 256 8.75: 900-1.100 lbs good and choice. *6 25 69 25: 1.100-1.300 lbs. good end choice. $6 256 9 90; 1.300-1 500 lb? goed and choice. $6.75 6 9 90; 550-1 300 lbs., common and medium. *2.756 6.75: heifers. 550-750 lbs, good and choice $5.25 6 8 25: common and medium. *2 756 5 25: cows. good. *3 2.0-4 4 75: common and medium. *2 256 3 25; lowcutter and cutler. *1.756 2 25: bulls tvearl:ngs excluded' good beef'. $34/ 3 75; cutter. common and medium. $2 )3 15; vealers. good and choice. $5,504/6 50: medium. *4 504/5 50: cull and commcn 4 50; s'oekers and feeder cattle, srockers. 550-1.050 ibs. good and cnoice. *46 525 common and medium. *2 756 4 Sheep—Receipts. 13.000 slow, fat lamb undertone weak to 25 cents lower; most bids suggesting fuli decline: talking *6 50 6 6 75 on bet'er grades be.v held higher: sheep and feeding lambs little changed; slaughter sheep and lambs, lambs 90 lbs down, good and choice. 86.254 k": common and medium. *5.509 6 35: ewes. 90-150 lbs., good and choice. *1 654x2.50; all weights, common and medium. *1.5031 90; feeding lambs, .50-75 ibs., gooc and choice, 55.506 eao. JT

COSTOF LIVING DIPS IN MONTH, SURVEYSHOWS October Recession First Since April; Index Still Above Year Ago. By Times Special NEW YORK, Nov. 14.—1n the first decline since April, the October cost of living index of wage earners fell one-tenth of 1 per cent, according to a study issued today by the national industrial conference board. Despite the recession, living costs at the close of the month were 3.7 per cent higher than in the corresponding month of last year. The index, however, was 19.9 per cent lower than in the corresponding month of 1929. The board's indexes consequently placed the purchasing power of the dollar at 123.6 cents in October, compared with 123.5 cents in September, 139.9 cents in April, and 100 cents in 1923. | The indexes showed declines of 1.0 j per cent in food prices; 0.1 in clothing, and increase of 0.6 in housing; j 0.1 in fuel and light (gas and electricity unchanged), and 0.4 in sundries. Thus two price declines, with food the major item, overbalanced slightly the increases in three items in October. Rents continued their upward trend, the report pointed out, and became 5.1 per cent higher than in October, 1933, but still 27.9 per cent under October, 1929. Although coal prices rose 0.2 per cent from September to October, the report explained this was less than usual, with the higher level 2.1 high than a year ago but 7.5 per cent lower than in October, 1929. The advance in the cost of sundries was explained as due to increases in the prices of admissions to motion picture theaters as well as in prices of tobacco and house furnishings. Wholesale Prices Rise By Times Special WASHINGTON. Nov. 14.—For the second consecutive time in several weeks wholesale commodity prices advanced from 74.6 to 74.9 during; the last week, according to the index of the National Fertilizer Association. The latest index, 74.9, compares with 75.1 a month ago and 69.4 a ; year ago. Wall Street BY RALPH HENDERSHOT Times Special Writer NEW YORK, Nov. 14.—Controller of Currency J. F. T. O’Connor believes that greater care should be used in the future in granting charters to new banks. He will find few people who will argue against him on that point. One of the chief causes of weakness in the American banking system in the past was the granting of bank char-

ters without due regard to the abilty of the proposed managements t o run banks and without questioning whether new institutions were needed in the communities where they were to operate. It requires more than capital to run a bank successfully and with the proper safe-

guards to depositors. It requires capable management, the same as any other business, and there must be a need and demand for the services offered. In a general business, of course, the funds used are those of stockholders and creditors, whereas in the case of a bank most of the money used belongs to depositors. And the chief interest of depositors is the safety of their funds. The banking business is a profession all its own, and it would be advisable for the government to recognize it as such. It might very well require bank executives to prove their ability to hold their jobs. A doctor or a lawyer is obliged to take examinations to prove his capabilities. The responsibilities of a banker are equally great. But even though the government or the states do not see fit to go as far as holding examinations, they can prevent a sizable portion of bank failures in the future by using care in the issuance of charters. * a a UNITED STATES government agencies are planning to call on cotton farmers greatly to reduce their acreage again next year, according to Washington advices. They are reputed to have taken the position that the sharp slump in shipments to other countries, particularly Germany, has made it essential that our output be reduced. There may be sound arguments in favor of crop reductions, but our inability to sell more of our products abroad would not appear to belong among them. If we do not compete in the w’orld markets with our cotton surplus, it is reasonable to suppose that we are willing to give up those markets. This we can scarcely afford to do, even temporarily, for by doing so we invite other nations to increase their production, and permanent loss to us of such markets might be expected to result. nan THIS year we cut our cotton acreage to a very large extent, and weather conditions reduced the yield still further. That the same thing might happen again next year is not impossible. And, in addition to the loss of our markets in such an event, the payments made to farmers for crop curtailments constitute no small drain on the government’s resources. COAL RATE SUSTAINED By Timrs Special ,j WASHINGTON. Nov. 14. The supreme court has sustained the freight rate of $1.76 on bituminous coal from the Cambridge, Ohio,! mine district to Mansfield, Ohio,! fixed by the Interstate Commerce! Commission.

Indiana’s Position in Big Four-C. & E. I. Controversy Believed to Be Important One. _ BY VINCENT S. LYONS Time* Financial Editor

The current controversy involving the Louisville & Nashville Railroad, the Cleveland, Cincinnati, Chicago and St. Louis (Big Four) Railway and the Chicago & Eastern Illinois I Railroad over trackage rights to the south is visioned by many students of the railroad situation as offering the first test of Federal Co-ordinator Eastman’s powers.

Shorn of all technicalities, the contest, in its simplest form, amounts to whether the Louisville & Nashville will be allowed to route its Chicago to Florida passenger traffic over the lines of the Big Four instead of over the | Chicago & Eastern Illinois, as it has I been doing for yea>-s. Since the squabble came to a i head, there has been the customary activity on the part of counsel for .he roads concerned. Reams of copy were written throughout the country about the significance of the issues involved and the question was posed: Is Mr. Eastman's power over the nation's railroad system to be ■ given an airing by the courts? Nationally, the contest is alive j with interest. There is, however, | some measure of local interest which i nas been lost sight of because the | weightier national issues have been in the limelight. Both Serve Run In the first place the dispute ceni ters around approximately 300 miles of track from Chicago to Evansville —a run which is served by both the C. & E. I. and the Big Four. Over this route about 200,000 persons are served, a larsre proportion of whom are citizens of this state. A comparison of the two roads’ position in regard to this mileage shows the C. & E. I. considerably ahead of the Big Four on several points. The former serves a larger proportion of the population, has more miles of double track and has an additional edge in speed of trains. The Big Four, a New York Central subsidiary, is reputed to be better equipped. Consequently, it is not amiss to conjecture whether the people of this state who are ale ; ui: 1 and- - route would be able to have a voice in the argument. The interstate commerce commission always nas listened attentively to plaints of individuals. Although the issues involved are national, it may develop that the difficulties will be ironed out by the voice of the 200,000 persons along the route. Involves Some Expense Co-ordinator Eastman declared on one occasion that the Big Four j would have to go to considerable expense to bring its spur on equal [ footing with the C. & E. I. And, it must be remembered, Mr. Eastman has been virtually dedicated to the principle of eliminating exj penses and duplication of services. The C. & E. 1., the first road to present a reorganization plan under the railroad bankruptcy act, is, incidentally, heavily in debt to the Reconstruction Finance Corporation. Its bonded indebtedness is also weighty. Should the road lose its business with the Louisville & Nashville, investments of both the RFC and bondholders are placed in jeopardy. The New York Central and the Louisville & Nashville are equally annoyed that Mr. Eastman should have overruled the regional co-ordinators’ decision that the L. &; N. could reroute its trains over the Big Four. The ensuing court battle, with its many issues at stake, should prove interesting to both the country and the persons along the disputed route.

Hendershot

UNSETTLED TREND PBEVAILS IN WHEAT Some Traders Take Profits on Corn Deals. By United Press CHICAGO. Nov. 14.—Wheat futures were without particular incentive on the Board of Trade today and started unsettled. Wheat was % cent lower to 14 cent higher, corn was off 14 to Uz cent, oats were unchanged to U cent lower, and rye was unchanged. Liverpool was steady to a shade easier, but this proved no guide to activity on the local market. Some traders came into the corn pit to take advantage of yesterday's bulge, selling for profit. (Bv James E. Bennett A Cos.) 11:00 Prev. WHEAT— High. Low. A M. close. Dec 1.00 .99 '* .99'* .99 s . Mav 99 s * .98'* .98 s * .99’* July 94'* .93 'lt .93'* .93 s * CORN— Dec 81 ’ * -80 s * .81 .81’* May 83 V* ,82 s * .82 s * .83'a July 83'* .82** .82 s * .83'* OATS— Dec 51 s . .51 s * -51 s * .51 s * Mav 49', .49'* .49'* 49 s , July 45 s * .45'* .45'* .45 s * RYE— Dec 70 ! j .69'* .89’, .70’, May .73 s * .73 .12\ .73'* July 74'* .73 5 4 .73 s * .74'* LOCAL CASH MARKET Citv grain elevators are paving 90 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 vellow 71 cents, and oats 43 cents. BUILDING PERMITS GAIN October Volume 40.9 Per Cent Ahead of Preceding Month. By Times Special NEW YORK, Nov. 14—Building permits issued in 215 cities throughout the country in October had a value of $37,446,293, an increase of 40.9 per cent over the preceding month and 42.9 per cent ahead of the corresponding month last year, according to Dun & Bradstreet, Inc. Except for last May, the October aggregate was the heaviest since April, 1932. The normal seasonal gain in the month is about 2.5 per cent. GASOLINE AVERAGE UP The weighted average f. o. b. refinery price of domestic motor gasoline on Nov. 3 was 5 818 cents a gallon, an increase of 2.3 per cent over the preceding week and 5.3 per cent over a year ago, the J. Edward Jones Research Deparement announced tod§j.

Railroad Rerouting

CARRIER BONDS BEING STUDIED New York Bankers Favor Year’s Extension of Legal Status. 11 S l imes Special NEW YORK. Nov. 14 —The banking community is almost unanimously in favor of continuing for another year the emergency measure under which railroad bonds legal for investment on Jan. 1, 1931. are continued in that status, unless now in default. Hearings on the question have been held during the last few days by the joint legislative committee on banks of New York state. Prior to the depression, in order that railroad bonds might qualify for the legal list, it was required that the railroad earn its fixed charges a minimum of 1.5 times in at least four of the preceding five years. The demoralization of the railroad industry which set in early in 1930 made it necessary that the requirements be relaxed if catastrophic dumping of railroad bonds by trust companies and savings banks was to be avoided. Since these institutions are compelled by state law to select their investments only from the legal list, a moratorium on its requirements was enacted early in 1932. It was provided that only bonds whose interest or principal was defaulted subsequent to Jan. 1, 1931, should be struck from the legal list. In 1933 the amendment was renewed and it is now in effect until April 1, 1935. Unless it is renewed again, trust companies and savings banks will be forced to dispose after next April one of those investments in companies whose earnings since the end of 1930 do not qualify them for the legal list according to the pre-de-pression requirements. Renewal of the amendment at the next session of the legislature, which convenes in January, is not, however, the simple matter it was last year because of changed conditions. For there now exists a plethora of funds seeking safe investment. The failure of railroad earrings to hold any substantial recovery has kept the door of the capital market closed to all but a few exceptions in the industry.

Stock Studies

SO. PORTO RICO SUGAR t COMMON STOCK PC* f— "■ ' '■ price SHAW EARNINGS PRICE RANGE SCAU _ TZARS KXHKD ["■"! 50 3 --3KPTXMESR JO - ■ ° |3Q 31 32 33 34}30 31 32 3334 j ° WINCHESTER INSTITUTE OF FINANCE

The South Porto Rico Sugar Company is a holding company, which, with its subsidiaries, constitutes one of the leading companies in the sugar industry. Subsidiaries are active in all branches of the industiy. They operate large sugar cane plantations in Porto Rico fully equipped with all modern facilities. Other subsidiaries manufacture raw and refined sugar, molasses and other sugar cane products. Company is one of the lowest cost producers in the industry.

FINANCIAL DATA As of Sept. 30 Common stock (no pan shares . . 745 734 8% Preferred stock isloo pari. $5,000,000 Profit and loss surplus 3,818,752 Cash ~ 3,214,475 Inventories 3 804.830 Total current assets 7.641 987 Current liabilities 1,296.031 During the fiscal year ended Sept. 30, securities amounting to nearly $6,700,000 were disposed of, so that cash assets were $7,000,000 less. Inventories, on the other hand, increased $2,300,000. Net working capital was nearly $4,500,000 less while profit and loss surplus decreased $5,100,000. On Sept. 30 last, the current ratio was s’i to 1 compared with 9** to 1 the year previous. The company’s earning record is somewhat erratic, but profits have been shown each of the depression years. For the 1933 fiscal year $2.22 was earned on the common, while $1.95 was earned in the year ended Sept. 30 last. Common dividend payments also have been erratic, although at no time were dividends omitted. During the calender year 1933, SI.BO was paid on the common stock, while the stock is now on a $2.40 annual basis. South Porto Rico Sugar was incorporated in 1900 in New Jersey. Both classes of stock are listed on the New York Stock Exchange. At a current price of 24-i the common sells to yield 9% per cent. (All rights reserved Winchester Institute of Finance. Winchester. Mass.) 8 CHICAGO BANKS PAY Disbursements to Depositors Shown in Third Quarter. Bu Timet Special CHICAGO. Nov. 14.—Eight of the twenty closed Chicago banks, for which reports of the Sept. 30 quarter have been made public, made distributions to depositors, it was disclosed today. Three were making their first returns since closing. Four in this group still have repaid nothing. Two show attorneys unpaid.

Latest Stock, Bond and Commodity Quotations

FEDERAL STEP SEEN INSURING SOUNDJ’OUCIES Devaluation of Dollar Held Obviated by Removal of Capital Ban. j By railed Press WASHINGTON. Nov. 14—The Roosevelt administration has turned i its back on further devaluation of ; the dollar in favor of continued conservative monetary policy. That was the general interpretation placed today on the treasury order removing restrictions against the movement of American capital or currency to foreign countries. The move was believed to indicate the administration had little fear of possible inflation moves by this winter's congress. Because of returning world confidehce in the dollar and American fiscal affairs, treasury officials said there was no longer need for barriers against the “flight of capital.” The bars were erected nearly two years ago, when formulation of the Roosevelt monetary policy was begun. May Ship It Abroad Americans now can, without government approval, send their currency or credit abroad and deal in foreign exchange, just as they could prior to the financial crisis of March, 1933. “This order.” undersecretary of treasury Thomas Jefferson Coolidge explained, “will permit people to take their money out of the country whenever they want to.” It was explained in one quart?' that the administration would not risk lifting the foreign exchange restrictions were there any immediate passibility of monetary inflation or devaluation which, undoubtedly, would send American money flowing abroad to seek safety in foreign countries. Hoped Entering Wedge It was hoped in some quarters that the lifting of the exchange restrictions by the United StatesWvas an entering wedge in an eventual world-wide opening of exchange restrictions. Industrialists havte claimed that inability to receive payments from many countries with foreign exchange restrictions has tended to curtail world trade. Although giving assurance of a continued conservatory monetary policy administration officials were mapping today more liberal internal fiscal and banking policies. Selection of the liberal Utah banker, Marriner S. Eecles, as Governor of the Federal Reserve Board I was believed the forerunner of the appointment of additional ‘‘New Dealers” to important government \ financial posts. Two high treasury positions as as- | sistant to Henry Morgenthau Jr., are open as are two directorships of the Reconstruction Finance Corpora at ion, one federal trade commissioner and one director of the Federal Deposit Insurance Corporation. PACIFIC COAST PLANS TO LIFT ORIENT TRADE Commercial interests Unite to Strike Better Balance. Commercial interests in Pacific 1 coast cities are projecting an ambitious program designed to stimulate trade with the Orient, according to the weekly 'review of the Bank of America. Advices from their representatives in china and Japan have excited | the interests of Pacific coast manufacturers and shippers in the mod- | ernization trend which is gathering ! increasing momentum in those I countries. Visualizing an expanding market across the Pacific for western lum- ! ber and other building materials, petroleum, grains and many fabricated products, the comercial bodies i of Seattle, Portland, San Francisco t and Los Angeles are consolidating in a unified attempt to strike a better balance of trade between Pacific coast ports and the Orient, it Is reported. FARM LOAN TOTAL UP SHARPLY FOR MONTH Increase of 30 Per Cent Shown in First Half of October. Ify 7 imes Special CHICAGO, Nov. 14.—An inciease of 30 per cent was reported in the volume of loans from production credit associations during the first half of October, according to a survey by the farm credit administration. The increase was attributed mostly to a heavy financing demand by farmers to be used for fattening feeder cattle. The sharp advance In loans was made in comparison with preceding weeks. More than 3,980 loans totaling $4,624,000 were made during the last two weeks in October, compared | with $3,488,000 during the preceding fifteen-day period, the survey reported. CITY ICE BONDS CALLED By 7 imes Special CLEVELAND, Nov. 14.—The City Ice and Fuel Company has called for redemption on Dec. 1, at 102, the balance of $170,000 bonds of City Ice Delivery Company 6 per cent bonds, outstanding, after paying off $85,000 of the bonds which mature on that day. The called bonds are due Dec. 1, 1935 and 1936.

\ BE SAFE insure Your Oar Today —Fay Proterttaa fe9(gfißstat* Automoblli Insurant* Ass’n. U-6571, 7th Floor Occidental Bldg.

Moderate First Mortgage Loans on Improved Indianapolis Real Estate The Indianapolis Morris Plan Company Delaware and Ohlo_Sta._Rl2ls36^

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