Indianapolis Times, Volume 46, Number 161, Indianapolis, Marion County, 15 November 1934 — Page 24

Trends Volume of Building Permits Spurt In October. By VINCENT S. LYONS

< Tlbm Fintnnai Editor rHE buikiinj trade is so basically tied up a Ith general basics* recovers* that many economists i *1 that a distinct revival can not materialize until this branch of Industry arises out of the slough of | depress;on. It is true that the volt ume of building permits issued from month to month over the last few years represents only a small proportion of the figures prevalent in the more prosperous eras. With this thought in mind. October statistics on building permits granted throughout the country must be particular!/ comfoitmg to this group of economists. Dun fc Bradstreet. Inc., in issuing these figures, disclose that the increase over the preceding month was more than sixteen times greater than the normal seasonal increase during October. a a a THE aggregate volume of building permits for 215 cities was *37.446293. compared with *26.567, 925 in the previous month and *26.198 342 in October. 1933. The months total represented, with the exception of May. the largest dollar volume of any single month since April of 1932. Virtually every section of the country participated in the greatly improved showing over a year ago. The New England area failed to Jump on the band-wagon by a narrow* margin, reporting a decline of .2 per cent. Increases in other sections of the country ranged from 69 per cent in the west central territory to 139.8 per cent in the south central territory. a m a NO denials can be made that much of the betterment in the statistical picture is the direct result of the government sponsorship of home repairs and improvements. Had it not been for the fact that federal agencies helped to finance such activity on the part of individuals throughout the country, the October building report undoubtedly would not have been as bright as it is. And the fact that government project played such an important part in the showing will upset those recalcitrants who are mchned to pooh-pooh each and every endeavor of the administration to foster revival. It proves that people are willing to spend if they are given a lift. Little of the home modernizing and renovating would have occured if the government did not bring together the builder anci the home owner. a a a THE stock market has given an inkling of what was happening with the recent rise in value of shares in the building division. Issues in this category, which are expected to benefit from the renovating campaign, have reflected steady buying in recent weeks. Building permits issued in the first ten months of the year amount to *299.751.129. an increase of 15 per cent over the like period. This is the first time that the total for the first ten months has gained over the preceding year since 1925. which, by. he way. was the boom year in the building trades. The legions hoping for recovery can be well pleased with the October building report, which may be added to other recent evidences of improvement in business and industry. From now out monthly reports on permits can be studied for indications of sustained betterment.

GENERAL FOODS NETS $3,149,022 IN QUARTER Figure Compares With 53.236.296 in Same 1933 Period. The General Foods Corporation and subsidiaries in the September quarter showed net earnings of $3,149,022. after all charges and provision for income taxes, equal to 60 cents a share on $5,251,440 shares of no par value common stock outstanding. compared with $3,236,296. or 62 cents a share, for the corresponding period last year, it was announced today. Net for the first nine months totaled $9,031,734. or $1.72 a share, against $9,578,858. or $1.82, for the first nine months of 1933. Current assets as of Sept. 30, were $39,433,695, compared with $36.835.076 at the end of the same period in 1933. Current liabilities at the end of nine months this year were $6,482,708. contrasted with $5,701,345 a year ago. BANKERS~NAME GROUP TO AID EXPORT TRADE Body Will Advise Export-Import Banks on Problem. By iptctal NEW YOlliC Nov. 15—The American Bankers Association has appointed a committee of bankers to advise the export-import banks on method* of facilitating foreign trade, it was disclosed here today. Robert F- Maddox, director of the First National Bank of Atlanta. Ga.. has been made chairman of the committee. which has as its chief consultant Fred I. Kent, director of the Bankers Trust Company of New York. The first of the banks, organized last February, handles trade with Russia and the second unit, formed a month later, conducts activities relating to commerce with other nations. TAX BODIES' AT~T75.418 Government Units in Country Estimated by Professor. Governmental units in the United States number 175.418. according to Professor William Anderson of the University of Minnesota in his pamphlet. "Units of Government in the United States." issued by the public administration service. The units include 127.198 school districts. 20 262 towns and townships. 12566 incorporated places such as cities and villages. 3.053 counties. 8.580 miscellaneous. 48 states and one federal government. SHOE OUTPUT RISES By Timtt Spectel CHICAGO. Nov. 15.—Total production of boots and shoes in the United States from January to September this year amounted to 279.178,088 pairs, against 275,136,482 in the same period last year.

PAGE 24

MANY STOCKS 1 ON BIG BOARD AT NEW HIGHS Active Start Spurs Interest, Sending List Up Fractions to 2 Points. H <f l HI If it prr NEW YORK. Nov. 15 —An opening at the rate of more than 2 000.000 shares for a full five-hour day brought renewed interest into the stock market today with prices rising fractions to 2 points. New 1934 highs were recorded in many issues, particularly tobacco i shares. There was Interest also in automobile equipment shares with Briggs Manufacturing active and at anew high of 23, up 1 point. Borg Warner set anew high at 29 : t , up ?*. Other new highs included Continental Can at 614. up *4. Gillette at 14 4, up Bayuk Cigar at 444. F. E. Myers & Brother Company at 25. up 14 and Underwood Elliott Fisher at 534, up 14. American Telephone eased fractionally on plans for an investigation of the system by the communications commision. The remainder of the general list showed fractional gams.

Treasury Statement

•By United Press) WASHINGTON. Nov. 15.—Government expenses and receipts for the current fiscal •ear to Nov. 13. compared with the corresponding period of the previous fiscal year: This year. Lest year. Expenses $2 584.947 068 69 $1,648,982 190 52 Receipts.- 1.362.523 888 57 1.066 213.095.94 Deficit . 1 222 423 180 03 582.769,094 58 Cash bal. 1.673,657.419 94

Produce Markets

Delivered In Indianapolis prices: Heavy hens. 11c: Leghorn hens. 7c; colored springers. 12c; old roosters. sc; ducks. 7c; geese. sc. voung guineas. 20c; old guineas. 15c. Turkeys—No. 1 voung hens, 9 lbs. and O'er 16c; voung toms. 14 lbs. and over. 17c; voung toms. 11-14 lbs., 15c; No. 2. crooked breasts and thin turkevs. lie; old toms, ail weights. 13c. No. 1 strictly fresh country run eggs, loss of!. 26c. Each full case must weigh 55 lbs. gross; a deducation of 10c a pound for each pound under 55 lbs will be made. Butter No. 1. 30® 31c Butterfat—26c. Quoted bv the Wadlev romnanv (Bv United Press) CHICAGO. Nov. 15 Eggs Market, steady; receipts 1.028 cases; extra firsts, 30c. fresh graded firsts. 27%c; current receipts. 24'.i26c; dirties No. 1. 20%c; No. 2. 18c: checks No. 1. 19%c: No. 2,16 c. Butter- Market, easy; receipts. 6.391 tubs; exfra firsts (90-91% score). 27 ®29%c; extras (92 score). 29%c; firsts 188-89% scorei. 28®26%c: seconds iB6-87% scorel. 24%®25c: specials. 30®30%c: standards, 27%c Poultry—Market, steady: receipts. 40 trucks. 1 car. 1 car due; geese. 11c; turkevs 15%c: old roos'ers. 10c: ducks, small, lie: springers. 4 lbs. up. 14%®16c; hens, heavy. 14c; guigiea hens, a dozen. IS#7; Leghorn springers. ll%c: Leghorn hens 10%r. Cheese—Twins, 13%4; 13%c; Dai-es. 14® 14%c: Longhorns. 14%®15c. Potatoes—Supply modernate: demand and trading slow: market, about steady; Wisconsin Round Whites. Kißsc; Idaho Russets. slso® 160; Colorado McClures. $1 77%® 190 Arrivals 87, on track 240. shipments 693.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers. FRlTTS— Cranberries. Cape Cod. early blacks. 25-lb. box. $3.50: Wisconsin Antlers 25-lb. box. $4. Grapes. California Emperors. 27-lb. box. $2.15. Persimmons. Indiana. 12 qts.. 90c. Avacados. box. $1.50. Quinces, bushel, $3 Bananas, pound. 5c Apples, maiden blush. $1 50; Indiana Jonathans. $185: grimes golden. $135? 1.75. Melons. California honev dews. $2.75. lemons, sunkist. 3605. $5.75. red ball. 3605. $5. Grapefruit. 70s-80s. $2 75. Limes per carton. 12s. 25c: seedless per hundred. $3. strawberries. 12 box crate. $2 25®2.50; California Rubarb $1.50 a box; pineapples, crate. $5 50® 6. VEGETABLES —Cabbage. Northern Danish. 50-lb. bag. 60c; red pound. 3c. Onions. Idaho, sweet Spanish. large 50-lb.. $1 40: Indiana white boilers. 10-lb. bas. 35c; western white. 50-lb. bag $1 85; Michigan. vellow. $1.25. Potatoes. New Jersey Cobblers. 100-lb. bag. $1.45; northern round white. 100-lb. bag. $1; Ohtos. 100-lb. bag. $1 55: Idaho Russets. 100-lb. bag. $2. Sweet potatoes. Indiana Jerseys, bushel. $1.60. Tennessee Nancy Halls. bushel. $1.60. Beans, round stringless, hamper. $2 25®2 75 Beets, dozen. 25c. Carrots, home-grown, dozen. 35c. Cauliflower. crate, $lB5. Celerv. 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, bushel. 50c. Lettuce hothouse. 15-lb. basket. 60c. Mangos, bushel. *1 50. Mint, dozen. 50c. Parsley, dozen. 35c Peas—Hamper. (3.75® 4. Spinach home-grown, broadleaf. bushel. 60c. Rad•'hes, dozen. 45c Tomatoes, outdoor. 12lb basket. 75c. bushel. $2 Turnips home grown, dozen 25c: pumpkins, dozen $1.25 FRITTS AND VEGETABLES (By United Pressl CHICAGO. Nov. 15.—Apples—Michigan Mclntosh, bushels. 2% inch. $175®2; Jonathans. sl2s® 1.65 Lettuce—California crates. s2® 2 65 Sweet potatoes—Tennessee bushels. 90c® $1: few $1.10: Illinois. 90c® sl.lO. Celerv Michigan crates. -Oure 50®60c. Oregon cauliflower crates. >: 15® 1.25 Spinach—Missouri bushels. 40 t soc; Illinois. 25®50c Cranberries — Massachusetts. % barrels. $3.50® 3 85 Car--ott—lllinois bushels. 40c bunches 2e. j Ceierv-cabbaee—Michigan flat crates. 30® 40c Betts—lllinois and Indiana bunches ' l%c: bushels. 30®40c. Onions—lllinois bunches, green. 7®Sc.

Gleanings

First Foreign Issue An interesting development has taken place in the New York investment market. For the first time in about four years an issue of foreign securities is being offered to the public. The flotation, which consists of $4 195.000 Government of the Argentine serial treasury notes bearing interest ranging from 2 l s to 5 per cent, is being underwritten by a syndicate headed by Brown Brothers. Harriman & Cos. Steel Outlook Good The outlook in the iron and steel industry remains favorable, the Iron Age says. Expansion in output has been hesitant, however, it was pointed out; declines in some producing centers offsetting gains in others. Globe A Rutgers Fire The Globe <fc Rutgers Fire Insurance Company, which has been in rehabilitation for some time, later in the month will ask the court to declare its plan operative. It is hoped by company officials that business can be resumed early in December. AUTO CAPACITY DOUBLED Oldsmobile Spending $2,500,000 for Record Year in 1935. By l mitr and Prett LANSING. Mich Nov. 15.—The Oldsmobile dinsion*of General Motors is spending $2 500.000 to double its production capacity for 1935. company officials said today. Nearly 2.000 men are Installing machinery, enlarging assembly lines and rearranging the plant. The company plans the largest production ye*| of it* history in 1935.

Abreast of The Times on Finance

New York Stocks

11 00 A M Prev. Oil*— High. Low. N Y. close. Amerada 4io 45% 45 45‘ ATI Rfg 26 254 26 254 Bamsdall 64 64 64 64 Conaol Oil 84 84 B', 84 Sont of Del 184 184 184 18 4 Mid Cort Pet .. 114 114 114 114 Ohio Oil 104 104 104 104 Phillips Pet 16 154 16 154 Plymouth Oil ... 94 94 94 94 Pure Oil "4 74 74 74 Seaboard Oil .. 27 264 27 264 Shell Un 6% *4 64 64 Skelley OH 7 7 7 64 So- Vac 144 144 14'. 144 S O of Cal 344 34 344 34 8 O of Ind 25 4 25 25 4 25 S O of N J .. 42 4 42 4 42 4 424 Tidewater Assn . 94 94 94 94 lUn Oil of Cal .. 154 154 154 154 I Steels— Am Roll Mills .. 194 184 194 184 Beth Steel 284 78 284 274 Byers A M . . . 18 18 18 174 Col Fuel k Iron 4"* 44 44 44 Crue Steel ... 23 4 22 4 23 4 21 4 I udlum Steel ... 134 134 134 134 Mid Steel 94 94 94 94 Natl Steel 414 404 414 404 Fsp Iron k Steel 134 13 134 124 Rep Ir At St pfd 38 4 38 4 38 4 37 4 U S Pipe k Fdy 204 204 204 20 U S Steel 35 4 34 4 35 4 34 4 U S Steel pfd 78% 78 78 78 Younkst’n Sk T 184 174 184 174 Motors— Auburn 264 284 264 28 Chrysler 36 4 36 4 36 4 36 Gen Motors 314 304 31 30 4 Hudson 94 94 94 94 Hupp 24 24 24 24 Mack Truck ... 27 264 264 264 Nash 154 154 154 154 Packard 34 3 s , 34 34 Reo 24 24 24 24 Studebaker .... 2 2 2 2 Yellow Truck ... 34 34 34 34 Motor Access— Rendlx 154 144 154 144 Bohn Alum 584 574 584 574 Bore Warner ... 29 4 28 4 29 4 28 4 Brieits 23 22 224 22 Budd Wheel 33 3 2 4 Eaton Mfe ... 17 17 17 164 Elec Auto LPe .26 4 254 26 4 254 Elec Stor aßt .. 45 4 45 4 45 4 44 4 Houdaille “A” . 64 64 64 64 Mullins Mfe .... 94 94 94 . • Murrav Bodv ... 74 7 74 7 Stew Warner ... 8 74 8 79 Timken Roll ... 344 324 34 324 Timken Det Axle 7 64 7 64

Mining— Alaska Jun .... 17 4 174 174 174 Am Metals .... 15 15 15 144 1 Am Smelt 374 37 37 4 37 Anaconda 104 104 104 104 I Cal Ac Hecla ... 33 33 i Cerro De Pasco 394 39’4 394 38' Dome Mines ...384 38 4 38 4 39 4 Oranhv 54 54 54 54 Gt Nor Ore 114 114 114 Howe Sound ... 504 *94 50' t'" Int Nickel 23 4 23 4 234 234 I® Creek Goal .. 174 164 174 294 Mclntyre Mine.. 43 4 43 4 43 4 43 4 Park Utah 34 34 34 34 Phelps Dodge .. IV, 134 134 14 St Joe Lead .... 154 154 154 154 L S Smelters ...122 4 1204 122 4 120 4 Vanadium 184 174 184 175* Amusements— Croslev Radio .. 144 144 144 14 Fox Theat 134 134 134 134 Loews Inc 314 304 314 304 Radio Corp 64 54 6 54 Paramount 44 44 44 4 RKO 14 14 14 14 Warner Bros ... 44 44 44 44 Tohaecos— Am Sum Tob 23 4 23 4 23 4 23 4 Am Tobacco "'A” 814 SI 3 , 814 814 Am Tobacco *B”84 4 84 4 84 4 84 4 Gen Cigars .. 554 55% 554 554 Llgg At Myers 'B’ 106 105 106 1044 Lorillard 19 184 19 184 Phillip Morris 384 37 384 374 Reynolds Tob B' 504 50 504 50 Rails— Atchison 554 55 554 55 Atl Coast Lines. 314 304 304 304 Bk O 154 154 154 144 Can Pacific 114 114 114 114 Ch At Ohio 43'* 43 4 43 4 43 4 Chi t Gt W ... 24 24 24 ... C M At St P pfd 44 44 44 44 Ch. N W 54 54 54 *4 Dela A- Hud ... 40’ 2 404 404 404 Del Lac AW. 184 184 184 184 Erie 124 124 124 1?^ Gt Nor nfd 154 154 154 154 HI Central 17 16 3 , 17 164 Lehigh Valiev .. 114 114 114 114 M K At T pfd .. 15 15 15 144 Mo Pac pfd .... 34 34 34 • N Y Cent 22 214 214 214

Wall Street -BY RALPH HENDEKSHOT-

Times Special Writer NEW YORK, Nov. 15.—One of the biggest "problems facing the nation today is that of straightening out of international relations. These have become so complicated and involved by reason of the trend of many countries toward nationalism, currency devaluation and debt payment defaults that it is small wonder that any commerce is car-

ried on at all between the various powers. Probably the first thing to do to straighten out the situation is for the leading nations to decide upon some basis for the stabi--liza t i o nos currencies. Wit ho u t that trade treasties can mean very little. But that problem is no easy one

llixV *7' Jisll

to solve. In fact, it looks like an almost impossible barrier at the very start. It might be possible to get somewhere with an international conference, called for that express purpose, or it may be necessary to await a complete collapse of the gold standard and a currency war before an agreement will be politically possible. When and if the currency problems are solved it will then be possible to work out such things as tariffs and trada preferentials, assuming the latter is to become a permanment part of world trade agreements. But inasmuch as it will be necessary some day to begin almost from scratch on the subject of tariffs, it might be well to give some consideration now to the idea of provfding permanent elimination of some of the unsatisfactory tariff making practices of the past. a a a JAMES P. WARBURG, vice-chair-man of the Bank of Manhattan Company, has some very interesting ideas on the subject. In a speech delivered in Chicago a few weeks ago. he advanced the idea that congress be given the power to fix the nation's tariff policies, but that the President be delegated to carry out these policies with the aid of a tariff commission. He would, however, place safeguards around the powers given to the Chief Executive in that respect. Mr. Warburg hit the nail on the head when he said that: ‘‘Under the old system it made very little difference whether the traditionally hightariff Republicans or the traditionally low-tariff Democrats were in power. In either case the horsetrading process between various sectional and special interests meant mutual back-scratching and consequently higher and higher tariffs.” a a a IF congress were to deside on the international trade policies of the country, and if the President were to get the job of carrying out these policies and reporting back to congress. several important benefits would result. In the first place we at least would have a definite policy, which would be known to every one. Secondly, the horse-trading practices of tariff fixing would be eliminated to a very large extent. And still another benefit would be the establishment of a better balance between industry and agriculture. In other words, the interests of one could be sacrificed for the other when either became unduly depressed.

INDIANAPOLIS, THURSDAY, XOYEMBEK 15,1934

N Y New Hav .. 94 94 94 94 Serf At West .171 171 171 171 Nor Pacific .... 204 194 20-. 194 Penn R R 23 4 23 4 23 4 23 4 Sou Pac 184 184 184 184 Sou R R 174 16’, 174 16% Union Pac 1054 105 4 105 4 1054 Am Car 4: F ... 174 17 174 17 Am Loco 19 4 19 19 4 18 4 Am Steel Fdy .. 164 154 164 154 Bald Loco 64 64 6 4 6Gen Am T Car 37 4 37 4 37 4 37 Gen Elec 194 194 194 19 Gen R R Sig .. 28 28 28 28 Pullman Ir.c ... 454 45 4 45 4 45 4 West Air Br 26 4 2 6 26 4 25’, Westingh Elec .. 35 4 344 35 34 Utilities— Am A: For Pw .. 54 5 54 '54 Am Pow Ac Lt .. 4 3 4 3 4 34 A T A: T ..11' 1104 1104 1114 Am Wat Wks .. 144 134 14 14 Col Gas A: El .. 7 4 7 4 7 7 s * Conn A: Sou ... 14 14 14 14 Conson Gas ... 23 4 23 4 23 4 234 Elec Pw At LI . 3 4 3 4 3 4 3 4 Int Hvdro Elec. 33 33 Interboro R T .14 134 14 134 Int T As T ... 94 94 94 94 Lou G Ac E A 134 134 134 14 Nat Pwr Ac iLt 74 7? 74 74 North Amer ... 114 114 11’, 114 Pac G Ac E .. 144 144 144 144 Peoples Gas .. 20 4 20 4 20 4 20-'* Pub Serv N J .. 294 294 294 294 Sol Cal Edison . 124 124 124 124 Std Gas .. 64 64 64 64 Stone A: Webster s'* 54 54 54 United Corp .. 34 3 34 34 Un Gas Imp 134 134 134 134 Ut Pwr At Lt A.. 24 24 24 24 West Union .... 364 35 4 36 35 4 Rubbers— Firestone 164 15 s * 164 154 Goodrich 114 104 11 104 Goodyear 24 4 23 4 24 4 23 4 Keilv Spring ... I 7 * 14 l l * 14 U S Rubber 17!. 164 16’. 164 Miscellaneous— Allis Chalmers .. 154 164 154 15 Am Can 1054 1044 1054 105 Ab Mach A: Fdy 214 214 214 214 Anchor Cap . 174 17 174 ... Brklvn Man Tr . 364 364 36? ... Burroughs Add . 164 154 16 154 J I Case 53 4 52 4 53 4 514 Conti Can 61 4 60 4 61 604 Caterpillar Tract 334 33 33 324 Crown Cork 26 26 26 . . Curtis Pub 204 204 204 194 Deere Ac Cos. .... 214 20 4 214 20 Eastman Kodak 1104 110 3 . 1104 1104 Foster Wheeler . 134 134 134 124 Gillette ; 144 14 4 144 144 Glidden 254 254 254 25? Ingersoll Rand . 59 584 59 58 Int Bus Mach ..1464 146 1464 1454 Inter Harv 38 4 37 4 38 4 374 Nat Cash Reg .. 174 174 17', 17', Oens Bottle .... 83 83 83 824 Rem Rand 94 94 94 94 Underwd E .... 53'. 52 4 53!. 514 Worthgton Pmp. 174 174 174 17 Foods— Armour Com ... 64 6 8 64 Beat Cream 184 184 184 18 Borden Prod ... 25 4 24 4 24 4 244 Cal Pack 40 394 40 394 Can Dry G Ale. 16 154 16 154 Coca Cola 148 4 148 4 148 4 148 Corn Prod 68 4 68 4 68 4 68 Crm of Wheat .. 34 4 344 344 34 Gen Foods 34 s . 34'. 34'. 334 Gold Dust 17 164 17 17 G W Sugar .. 29 29 29 29 Int Salt 31 31 31 31 Loose Wiles 364 36 36 36 Nat Biscuit 274 27 4 274 274 Natl D Prod ... 17 164 164 17 S Por Rico Sti . 264 26 26 264 Std Brands .... 194 14 184 184 United Fruit ... 72 4 72 4 72 4 72 4 Wrigley 744 744 744 744 Retail Stores— Asso Dry Gds .. 124 124 124 12 Best Ac Cos 364333,6 3 , 364 364 First Nat StO .. 64'. 64 4 64 4 64 4 Gimbel Bros .... 4 4 4 4 4 4 44 Gr Un Tea .... 5 3 , 54 5 4 5% Hahn Dept Sts . 54 54 54 54 Jewel Tea 534 53 4 53 4 ... Kresge S S ... 194 194 194 194 Kroger Groc ... 28 4 28 4 28 4 28 Macy R H 46 4 454 46 4 454 McCrorv St 74 7 7 6’. McLellan St ... 114 114 114* 104 Marshall Field . 114 104 114 104 Mav Dept St —4O s 404 40’. 41 Mont Ward 294 29 294 284 Natl Tea 104 104 104 104 Penney J C ... 674 67 4 67V, 674 Safewav St .... 46 45 4 45 4 46 Sears Roebuck . 414 414 414 40% Woolworth 53 % 53 53 524 AviationAviation Corp .. 44 44 44 4 Boeing Aircraft . 94 84 9 84 Curtiss Wright . 2 3 , 24 24 2’. Curt Wright A.. 84 84 8 74 Douglas Air ... 224 214 21 21 Nor Am Av 34 34 3% 39 Sperrv Corp ... 84 84 84 64 United Air. new 10 9 4 94 94 Chemirals— Air Reduction ..109 109 109 110 Allied Chem ...135 4 135 135 4 134 4 Am Com Alco .. 314 30 30% 294 Col Carbon 72', 714 724 72 Com Solvents ... 214 214 214 214 Dupont 97’. 964 974 97 Freeport Tex .. 274 27 27 4 27 Liquid Carb ... 224 214 224 214 Math Alkali ... 27 264 27 26% Monsanto Ch... 58 4 57 4 58 4 57 4 Natl Dis (new) . 244 24 244 234 Schenlev Dist .. 27 4 27 4 27 4 27 4 Tex Gulf Sulph . 354 35 354 344 Union Carbide .. 45', 45 45', 45 U S Ind Alco .. 434 424 42% 42% Drugs— Bristol Myers .. 35 35 35 344 Cotv Inc 54 s*. SV. 5 Lambert 274 27 27', 27 Lehn & Fink ... 154 154 15% 154 Sterling Prod ... 594 594 • 594 594 Un Drug <new). 124 124 124 124 Vick Chem 344 33 4 34 33 Vs Zonite Prod .... 4 4 4 4 Financial— Adams Exp 74 74 74 74 Allegheny Corp.. 14 14 14 14 Am Int Corp ... 7 64 64 6% CMhesa Corp ... 38 4 38 4 38 4 384 Lehman Corp .. 694 694 694 ... Transamerica .. 54 54 54 54 Tr Conti Corp .. 34 34 34 34 Building— Am Radiator ... 16 154 16 154 Gen Asphalt 174 174 174 174 Holland Furnace 74 74 74 7'/2 Int Cement ... 25 4 25 s . 254 25 Johns Manville . 56 55 4 55 4 554 Libby Owens Gls 26 4 25 4 25 % 254 Otis Elev 144 144 144 144 U S Gypsum ... 464 454 464 454 Household— Coi Pal Peet ... 174 174 174 17 Congoleum 33 4 33 4 33 4 33 V, Kelvinator 164 15’. 154 16 Mohawk Carpet. 164 154 164 154 Proc k Gamble 44 4 43 4 44 4 434 Servel Inc 6 s . 64 64 64 Simmons Bed .. 104 104 104 104 Textiles— Amer Woolen .. 84 84 84 84 Belding Hem ... 124 124 124 12V. Celanese Corp .. 314 304 304 304 Collins Aikman.. 14'. 13% 144 134 Gotham Hose .. 54 54 54 54 Indus Ravon ... 27 4 264 27'. 264 Kayser Julius .. 16’. 164 16’. ...

Hendershot

Chicago Stocks

(By Abbott, Proctor k Paine) 11:00. Prev. A. M. close. Rendix 15% 14% Borg Warner 29 3 . 28 Butler Bros 8 8 Chicago Corp pfd 26% 26% Cities Service 1% 1% Com * Edison 41% 41% Chicago Mail Order 12% 12 Swift 18% 18% Swift Int 37% 37%

New York Curb

(By Abbott. Proctor <fc Paine). 12 iNoon) Prev. N. Y. close. Allied Mills 84 84 Am Cvanide B 17 164 Am Gas & Ei 18' 2 18' 4 Atlas Coni 84 84 Carrier Corp 12 1 2 124 Cord Corp 34 34 Distillers Corp 154 154 Dow Chem 76 76 El Bond & Sharo 9 9 Hiram Walker 274 274 Libby McN Libbv 64 6 Lone Star Gas 54 54 Natl Bellas 33 Pan Am Airways 34 .344 Park -Davis 31 31 Penn Road 2 24 Sal Creek Products 64 64 Sherwin Wms 784 777* Std of Kv 164 164 Technicolor Ir.d Tech Hushes Gold - 44 Un Gas 14 14 Un Pwr <sr Lt “A" 14 14 Wrisht Harsraves Min 9 9

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealera. A 25-cent carrying charge per ton will added. DOMESTIC RETAIL PRICES Anthracite Brazil Lump fO4 Brazil Mine Run 535 Coke. Nut Size 8.90 Coke, tee Size §®s Indiana Forked Lump No. 4 5 94 Indiana Forked Lump No. 6 584 Indiana Egg ■ jj.'l Kentucky Lump Group 3 >lB Pocahontas Lump 8.32 Pocahontas Egg 5.43 Pocahontas Mine Run *-57 3,000 TO GET WORK By Timr Sprcial CHICAGO. Nov. 15.—The General Household Utilities Corporation, of Illinois, will employ a total of 3,000 workers when active production of refrigerators gets underway the latter part of December, H. C. Bonfigg, vice-president reported today.

CONCORD SEEN IN EFFORTS TO SPEEDREVIVAL Administration and Business Leaders Move Toward Common Ground. •Copyright. 1934. by United Pressl WASHINGTON, Nov. 15.—Signs increased today that business leaders and administration are moving toward a common front in an effort to cash in on present recovery gains as an answer to prospective new left-wing drives in congress. The movement, aparently already out of the cocoon stage, is a direct result of the smashing Democratic election victory. It is intended to head off such demands as the thirty-hour week and other experimental legislation. Contributing to the general air of increased optimism, retailers foresee the biggest Christmas business since 1929. One indication of a forwardlooking policy was seen in the Pennsylvania railroad’s order of fiftyseven new high speed locomotives, emphasizing the faith of that great corporation that better times will return. Business Leaders Confer While no public statements have been made, two important business leaders have been recent White House visitors and some suggestion has been made that they might be among leaders of the effort by business to show willingness to carry its share of the recovery burden. The movement would be in line with the recently publicized truce between bankers and the administration, only extended throughout all industry. Within the administration active efforts in the same direction are being headed by Housing Administrator James A. Moffett, former vice-president of Standard Oil Companies of California and of New Jersey. Mr. Moffett’s program depends almost entirely upon co-operation of private industry and involves no use of government funds for construction. It has been speeded up substantially in recent weeks. Precludes Public Works This move is seen as an effort to produce results sufficient to discourage efforts to launch another large public works program which would involve spending billions of federal money. It also is intended to affect relief costs directly by increasing employment in private industry, Administrator Moffet estimates that there is a need for housing that would entail the building of 500.000 homes a year for ten. years. The U. S. Chamber of Commerce has set the need even higher—at 750,000 homes a year. This would mean expenditure of three to five billions dollars a year —of private, not government, money. Frozen Mortgages Hurdle The hurdle which the construction program must jump is some twenty-one billion dollars in frozen mortgages. That is the job Mr. Moffet has tacklecT with the expectation that if he succeeds, private funds will flow back into the market in a huge stream. The weapon of his attack is title 2 of the national housing act, which provides for government-sponsored insurance of mortgages. This was not expected to be in operation until December at the earliest, but is already under way.

Stock Studies

ALLIS CHALMERS $ COMMON STOCK mi r -^wicc IHW EARNtNGS PRICE RANGE SCALE 3 -g —ffmT" 2 —Hfl s *1 —i 4O ’--liHih' 20 IllMl rl-J--e> ° po 31 32 33 34130 31 32 3334| WINCHESTER INSTITUTE OF FINANCE

The Allis Chalmers Manufacturing Company is one of the longest established and largest makers of steam, oil and gas engines, having supplied over six* million-horse power to industries throughout the world. The company also produces a wide range of electrical equipment, such as hydro-electric plants, turbines, generators and general electric power equipment. Another branch of business manufactures farm machinery and implements such as tractors and a wide range of mechanical farm devices. Tractor sales have become a large factor in its output. Sales are nearly world wide. Plants are well located. FINANCIAL DATA (As of Dec. 31. 19331. Common Stock (no par)... 1,322."38 shares Funded Debt $13,858,000 Profit and Loss Surplus 8.830."31 Cash and Secuirties 6.343.355 Inventories 10.11 1, 897 Total Current Assets 26.334.303 Current Liabilities 2.879.860 During 1933 the company increased its cash position by about 51,200.000, but during the nine months of this year cash and securities dropped to $3,640,963. Inventories during 1933 dropped about. $1,600,000, while net working capital was $1,700,000 less. Profit and loss surplus declined $2,900,000. The current ratio on Dec. 31, 1933, was better than 9 to 1, while the book value of the common was $27.37, a drop of $2.28 during the year. Earnings of Allis Chalmers have suffered during the depression. Deficits occurred in 1932 and 1933, while for the first nine months of this year the deficit was 69 cents, a much smaller loss than in the previous year. Orders received in the first nine months of this year were about 62 per cent greater than in 1933. The last dividend was paid in May, 1932. Allis Chalmers was incorporated in 1913'in Delaware. The stock is listed on the New York Stock Exchange. It is currently selling for around 14®s. (All Rights Reserved, Winchester Institute of Finance. Winchester. Mass.!. '

Difference in Income, Wealth Shown in Study Considerable Proportion of Riches Found Unproductive by Economists: Real Wage Important.

BY JULES BACKMAN AND A. L. JACKSON Vice-Presidents. Economics Statistics. Inc. NEW YORK. Nov. 15.—A reader queries. “Will not a redistribution of wealth result in a more evenly distributed income, and thus do away with want in the midst of plenty?’’ This reader apparently favors the proposals which deal with shifting from one class to another. These schemes are, in essence, attempts to create purchasing power as a means of solving the problem of business recovery.

In analyzing this question, we : must first determine the relation- ! ship between wealth and income. : and must then decide in which of I the two the average person is primarily interested. A simple analy- ! sis should help to clarify the first j problem. The individual does not ! need wealth in order to receive an | income. A moment’s careful reflec- | tion will lead to the conclusion that most of us who receive an income have little wealth. Differentiations Stressed The wage earner who earns Sls a week and lives in poverty usually has no wealth, but he certainly has some income. Although the total wealth is used in producing the total income, the ownership of wealth does not necessarily coincide with the ability to secure income. The second point to remember is that all wealth does , not yield income. Consumers goods, such as clothing or food, are wealth, but they are not used by the consumer to produce income in the business man’s sense of the word. Likewise, an old master painting, a Rembrandt, is wealth, but it yields no money income. There is no reason to believe that wealth and income should be proportionate to one another. The ordinary facts of our economy indicate that they have no fixed relationships. Thus, a redistribution of wealth does not necessarily mean a similar redistribution of income. Money and Real Income The above analysis also helps answer the second question, namely, which is more important to the average person—wealth or income. What wc are interested in is not the ownership of wealth, but rather in how that wealth is to be used to produce income. If it is used efficiently, a larger income will result, but the whole increase in income does not go to the owner of wealth. A small portion of it does, but the major part is distributed to people who have no wealth. Another point to consider in connection with income is the difference between real income and money income. It is not the amount of dollars which the employe or the farmer receives which indicates his state of well-being, but rather the goods and services that he can buy with those dollars; % e., his real income. If we increase the amount of dollars which people receive, but at the same time, through price fixing devices, inflationary schemes, monopoly, waste, etc., cause a sharp increase in costs and in turn a sharp rise in prices, then it is obvious that the real income may be reduced even though dollar income has increased. It is by ignoring the above simple truths that we go astray into all sorts of panaceas which are supposed to bring recovery but, in reality, hinder it. T. P. BURKE WILL OPEN BRANCH IN TERRE HAUTE C. N. Power Will Have Charge of New Office of Investment Firm. T. P. Burke & Cos., investment security dealers, today announced the opening of a branch office in Terre Haute under the management of C. N. Power. Paul R. Kuhn, who has been connected with the Indianapolis office of the firm for the last three years, will be associated with Mr. Power at Terre Haute. The firm maintains a branch in Ft. Wayne in addition to the Indianapolis and Terre Haute offices. MARYLAND CASUALTY TO TRANSFER MARTIN Local Resident Manager Will Go to St. Louis Office. Hobart A. Martin, resident manager in charge of the Indianapolis branch office of the Maryland Casualty Company, will assume charge of the St. Louis branch office on Dec. 1, as resident vice-president, Silliman Evans, president of the company, announced today. J. Frank Miller, who is now resident manager at Kansas City, will be transferred here to succeed Mr. Martin, it was disclosed.

Other Livestock

(By United Press) CHICAGO. Nov. 15.—Hogs—Receipts. 29.000, including 13.000 directs; active, 10c higher than Wednesday; weights above 240 lbs.. $64/6.10: top. $6.10: 1.0-230 lbs.. $5.507'6: light lights. $4.75'!/5.25; slaughter pig.; S3 25'"4 25; good packing sows. $5.70 So 8a; light lights. 140-160 Igs.. good and choice, $4 50''/5.50; light weight. 160-200 lbs., good and choice. $5 25® 5.90: medium weights. 200-250 lbs., good and choice, $5.75''/ 6.10; heavy weights. 250-350 lbs., good and choice. s6® 6 10; packing sows. 275-550 lbs., medium ar.d choice. $4 75'// 5 90: slagh-er pies. 100-130 lbs.. good and choice. $3 257/ 4.50. Cattle Receipts, 7 000 commercial, 500 government; calves. 2.000 commercial. 100 government: meager supply better erade steers with weight: strong to 25c higher on shipper accounts: lower grade heavies and rank and Sie light s-eers ar.d yearlings about steady: idp $9 60: comparatively little above $9: bulk of steer crop selling at $8 25 down to $5 50. with common kinds s3®4; very dull ar.d weak to lower again on cows and bulls: salughter cattle and vealers: steers, 550-900 lbs., good and choice. $6 25 7/8 75 : 900-1 100 lbs good and choice. $6 25® 9.25: 1.100-1.300 lbs.. good and choice. $6 250 10; 1 300-1.500 lbs., good and /•hoice. $6.75'/ 10: 550-1 300 lbs., common ..nd med:um. $2 75-"'; 6.75: heifers. 550-7.50 lbs., good and choice. $54/8 25; common and medium. $2 75 /5; cows, good. $34/ 4 75: common and medium. $2/8; low cutter and cutters. $1.50®2: bulls, yearlings excluded, good, beef $2.75'// ® i. so; cutter, common and medium. $24/ 2 90; vealers. good and choice. $5 50476 50; medium. $4 50 b 5.50: cuil and common. s3'/i 4 50: stocker and feeder cattle: s’eers, 550-1.050 lb*, good and choice. s4® 5 25; common ar.d medium. $2 75® 4. Sheep— Receipts. 12 000: slow: undertone, weak to 25c lower on slaughter lambs: sheep and feeding iambs. relatively scarce; about steady; bulk fat lambs bid $6 50 downward; best held well above $6 65: slaughter sheep and lambs: lambs 90 lbs. down, good and choice. $6.10® 6 75: common and medium. $5.50'// 6 25 ewes. 80150 lbs, good and choice. 51.554j2.50: all weights, common and medium. $1.50® 190: feeding lambs. 50-75 lbs., good and choice. $5.50 66.10.

PORKER PRICES MOVEUPWARD Majority of Classes Rise 10 Cents: Vealers Steady. Interest replaced dullness in the swine market in early trading at the Indianapolis Union Stockyards today and the majority of prices showed an advance of 10 cents over the previous close. Receipts were estimated at 7.500, extremely heavy as in the preceding sessions this week. However, initial demand was active, and the bulk of 160 to 200 pounds, sold at $5.25 to $5.55. Heavy kinds, weighing from 200 to 350 pounds, brought $5.60 to $5.95. Few choice grades sold at $6. Lighter classes less active, scaling 130 to 160 pounds, were salable at $4.10 to $4.85. Smallest weights available, ranging from 100 to 130 pounds, cashed in at $2.85 to $3.85. Packing sows were reported selling from $4.75 to $5.50. Holdovers numbered 241. Initial activity developed slow in the cattle market, with choice steers steady at $9.75 down. All other grades were of little interest. Receipts were 800. Veals resumed a steady trading range, salable at $7 down. Receipts were 500. Lamb values continued stationary, with most classes selling at $6.75 down. Extreme heavy kinds were reported selling from $5.75 to $5.25, while throwouts ranged from $3.50 to $6. Few fat ewes sold at $3 down. Receipts numbered 1,800. HOGS Nov. Bulk Top Receipts 9. $5.30® 5.45 $6.00 7,000 10. 5.30® 5.60 6.05 3.000 12. 5.3048 5.60 6 05 10.000 13. 5.15® 5.45 5.85 12,000 14. 5.15® 5 45 5.90 '7.000 15. 5.2548 5.55 6.00 7,500 • 140-1601 Good and choice.... $4 6048 5.25 (160-1801 Good and choice ... 5.25# 545 (180-2001 Good and choice.... 5.4548 5.65 (200-220) Good and choice—. 5.6548 5.75 (220-250) Good and choice.... 5.85® 6.00 (250-300) Good and choice ... 5.8048 6.00 (275-300) Good 5.60® 5.80 Packine sows: (275-350) Good 5.2548 5,50 • 350-425i Good 5.1048 5.35 (450-550) Medium 5 00® 5.25 )275-550) Medium 4.75@ 5.10 (100-130) Slaughter pies good and choice 2.75® 3.85 CATTLE —Receipts, 800— —Steers—-(sso-900) Choice $7 0048 8.00 Good 6.0048 7.50 Medium 4.0048 6 00 Common 2.5048 4.00 (900-1.100) Choice 7.5048 8.50 Good 6.0048 7.75 Medium 4.2548 6.00 Common 3.0048 4.25 (1,100-1.300) Choice 8.2548 9.25 Good 6.2548 8.50 Medium 4.2548 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. 500— Good and choice $7.00® 7.50 Medium 4.5048 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 Stoeker Cattle——Steers— • 500-800) Good ana choice 4.00® 8.25 Common and medium 2.75® 4 00 (800-1,050) Good and choice... 4.00® 5.25 Common and medium 2.75® 4.00 Good and choice 3 00® 4.25 Common and medium 2.50® 3.00 —Cows— Good 2.50® 3.00 Common and medium 2.00® 2.50 SHEEP AND LAMBS —Receipts. 1.800 Lambs. 90 lbs. down, good and Common and medium 4.00® 625 90-120 lbs., good and choice... 2.25® 3.00 Sheep—-(l2o-150) Good and choice . 2.00® 2.50 411 weights, common and medium 1.50® 2.25

Other Livestock

(By United Press) LAFAYETTE. Nov. 15.—Hogs—Steady: 10c higher; 160-300 lbs., $5 90''/ 6; 300-325 lbs., $5.75; 230-260 lbs . $5 75® 5.85; 210230 lbs.. $5,604/ 5.70: 190-210 lbs., $5,40 4 5 50; 160-190 lbs . $5.10®.5.30: pigs. $4 60 down; roughs, $5.50 down. Calves—Steady; $6 dow'n. Lambs —Steady: $6 down. FT. WAYNE. Nov. 15—Hogs—Steady to 10c higher: 250-300 lbs. $5 80. 225-250 lbs.. $5.60; 200-225 lbs.. S5 45: 180-200 lbs . $5.15: 300-350 lbs . $5 30: 150-160 lbs.. $4 60: 140-150 lbs . $4.35: 130-140 lbs , $3 85; 120130 lbs.. $3.35: 100-120 lbs . $2 85: roughs, $4.75: stags. $3. Calves—s 7. Lambs—66.2s ig.6.50 on choice. (By Times Special) LOUISVILLE. Nov. 15.—Cattle—Receipts. 325: market, slow, about steady with Wednesday's loss: common to medium grade, slaughter steers and heifers quotable mostly $347 4 50; best lightweights quotable to around $6; bulk beef cows. $2 2547 2 75; practical top. $3: low cutters and cu'ters mostly sl®2: bulk sausage bulls. $2 25® 2 75; bulk beef type stock calves, $4 50 ® 5: common to medium grade Stockers and feeders 52.754/3.75. Calves —Receipts. 200; market not established: indications for a generally s’eady market. or s6® 6.50 for most better grades; choice in broad demand and held higher Hogs—Receipts, 800: market 10c higher, top and bulk 200-300 lb' . $6 180-195 lbs . $5 60: 305 lbs. un. $5 55 160-175 lbs.. 55: 140-155 lbs $4.50; 100-135 lbs , $3 80; sows $4 65. Sheep—Receipts. 75: salable supplv very light: market generally steady bulk medium to good lambs $5 504/8 choice, quotable higher: bucks discounted: light throw-outs, mostly $3 50: better fa> ewes. $150472: stock ewes, salable mostly $6 50 a head down.

Chicago Grain Futures

)Bv James E. Bennett <St Cos.) 11 Prev. Wheat— High. Low. A M. close December 99' 2 99 994 994 May 99 98* 2 99 4 99 July 934 93 1 a 93 4 934 Corn— , December 814 804 814 814 May 83 4 82 4 83 824 Julv 82 4 82 4 82 4 82 4 Oats— December 524 514 52 514 May 49’, 494 494 434 July 464 46 46 4 464 Rve— December 70 694 704 704 May 734 724 724 734 July 74 734 74 744 LOCAL CASH MARKET City grain elevators are paying 83 cents for No. 2 soft red wheat. Other grade* on their meriu. Cash corn No. 3 yellow 71 cents, and oats 43 cents.

Latest Stock, Bond and Commodity Quotations

INTEREST CUTS FOR RAIL LIENS DRAWS ATTACK Official Sees Suggestion for Slashes as Blow to Credit. F r Tims* Sprri'H NEW YORK. Nov. 15—A general scaling of bond interest charges by railroads, as suggested in some quarters, might sftock the financial community to such an extent that hopes for restoration of railroad credit would disappear, according to Fairman R. Dick, advisor on finance and credit to the Association of American Railroads. Mr. Dick said it would be practically impossible to obtain a return of investor confidence in railroad securities, if present holders of securities were made to withstand an interest reduction. These are the chief prospective buyers of new railroad securities, when and if the ntarket is restored. Interest Load Reduced Most people recognize that there has been a large increase in taxes and expenses since the ’9os, Mr. Dick remarked, but they are generally unaware that the burden of interest charges today is only 22 por cent of gross revenues, while in the former period charges consumed as much as 34 per cent of gross. To state it another way, he said, not operating income in the ’9os was 28 per cent of gross operating income. This was a safe margin. Today the net is 10 per cent of the gross, which is distinctly an unsafe margin. “Now% if there were a sufficient margin, credit might be restored today by scaling down charges, but with the present insufficient margin no reduction of charges can restore it,” Mr. Dick declared.

Investor Key to Problem He said that the success or failure of the suggested procedure of scaling down interest charges would depend on the investor’s state of mind. In his recent address before the Investment Bankers’ Association, he remarked that “a scaling today, so that interest charges would conform with the net earnings of forty years ago, would mean a scaling that would disregard all return on the large increases in trafic, In investment and in efficiency that have taken place since that time.” Turning his attention to the solution of the problem by other doors than the abortive scaling of charges, Mr. Dick said restoration of credit depended on attaining a safe margin of profit. If the present level of traffic is continued indefinitely, the margin can only be restored to safety by an increase in rates, or a decrease in expenses, he continued. Cutting Costs Difficult In regard to paring expenses, Mr. Dick said, reduction of taxes seems impossible in view of the national debt burden. The railroads can not stop purchasing materials and supplies, the prices of which have advanced materially. Labor savings are prohibited by that section of the Emergency Railroad Act, which forbids discharge of workers as a resoult of co-ordination. Congress is the only body capable of alleviating the present difficulties by passing a bill for comprehensive control of trucks and waterways, he asserted. This accomplished, he believes it possible to work out a scientific rate structure for all forms of transportation.

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