Indianapolis Times, Volume 46, Number 162, Indianapolis, Marion County, 16 November 1934 — Page 32

Trends Frazier-Lemke Act Nears Ruling- By Supreme Court By VINCENT R. LYONS

Tlbn ruuMltl 14)Kr nPHE Fra*r-Lrmke art, that much publicized piece of legislation pertaining to farm mortgage moratona, is rapidly reaching the stage where the Uiu’ed States supreme court will rule on its validity. The latest episode m the history of the art took place this week at Louisville. Kv. where a federal judge upheld it. About two months ago a Maryland court ruled against the measure. There has been considerable discussion recently to the effect that several acta, created by the administration in its effort* to end the depression, are to be pushed along in such a manner that the highest tribunal in the land will have an opportunity to rule on their constitutionality. The agricultural adjustment act is one of these. It a doubtful, however, whether the farming population of the nation is concerned a* much with all of thta as it is with the ultimate decision to be made In regard to the Frazier-Lemke act alone. And banks, particularly those in tne rural sections which hold considerable farm mortgages naturally are anxiously watching each step. m m m "INSOFAR a* the latest rievelopment in the rase is concerned tha Louisville Joint Stock Land bank, a lienholder, had instituted action to prevent application of the measure in the esse of a Hopkinsville farmer. The judge, as stated, sustained the act. A higher ruling probably will be •ought bv filing records of the case in the United States Circuit Court of Appeals at Cincinnati. In fact, it is suggested that the case may be brought to the United States supreme court in the earhr part of December before the circuit court has a chance to hear it. It is easy to understand why the Frazier-Lemke Act has aroused so much interest, for It has arrayed on opposite sides of the fence the mortgagee and mortgagor of approximately SB.OOOOOOOOO of farm properties throughout the country. When there is so much wealth involved there is bound to be difficulty. If *he constitutionality of the act Is upheld it will afford an opportunity for farmers to Rain relief from pressing financial obligations, By the same token, it Is held m some quarters, the act. if upheld, ; will freeze billions of dollars now , tied up in mortgages.

administration Rim of the measure Is to prevent wholesale foreclosure of farm properties with its resultant drastic effect on the prices of such real estate. The measure was not designed to give financially sound farmers a loophole through which to circumvent thetr obligations. As in all recovery legislation there are large contingents for and against the act. In view of the issues involved the quicker the Praaer-Lemke act is ruled upon by the august court in Washington, the better it will be for every one concerned. Lower court action on the measure means little, particularly when it is known that ultimately the life or death of the issue rests entirely with the supreme court. m m m WILLIAM I. MYERS, governor of the farm credit administration, has given out some figures apropos of the current discussion. Based on the average price per acre of land sold by the federal land banks between Jan. 1 and Sept. 30 farm real estate values show an increase of 30 per cent more than the corresponding period last year. The sale of land acquired by the banks o\er a pc nod of years, governor Myers reported, yielded S2O an acre this year, contrasted with sl6 05 an acre m the same 1933 period. Moreover, every district participated in the betterment. The renewed interest in farm real estate, according to Mr Myers, reflects general improvement in agricultural conditions and the diminishing pressure of farm indebtedness. BEEF STOCKS ON HAND GREATEST SINCE 1929 Storage Supplier on Nov. 1 Totaled IOS.ftTO.ONM Pounds. By Times Sprna! CHICAGO. Nov. 16 —Beef supplies on Nov. 1 amounted to 108.070.000 pounds, anew high record and an increase of 15,500 000 pounds during October. This year's total more than doubles the average stocks on hand at this season during the last five years. Last years supply at this time amounted to 59.233.000 pounds while the average for the five-year period was 53 120 000 pounds. The sensational increase Is attributed mostly to the heavy slaughtering of relief cattle during the last few months. The present supply represents about 300 000 cattle. Pork in storage on Nov. 1 totaled 499.838.000 pounds. Retail Coal Prices 1 Tha following prices represent qnotation* ftam leading Indianapolis coal cniri \ J-ccr.i csrrrme ch-* per ton wUi o* Med. DOMESTIC RETAIL PRICES lUtrtcite 113.9 C * sail Lump AM raul Mine Run 1.15 . ©s. Nut 8.90 1 Coke Bn Rw **o * Indusn* Ported Lump No. 4 f M Indiana Parted Lump No. I H Tutli~- ter m Mantucrr Lump Group "S' T.H Ppcahoo'ts Lump *32 Pptahcr.tt* Est 843 Pocahontas Mina Run IST Produce Markets Delltered m Indianapolis prices: Hasre hens lie: Leghorn hens, 7e, colored sar.r.f*:i 13c old root’cr*. Sc. ducks, 7c. geese V toung guinea* JOc old guineas. He Turkeys—N© ! young hens • lb* ami aver lie. voting toms. 14 Ibt and over. Me: young tom* 11-14 lbe . lie; No J, crooted breasts and tlua turkev* 11c: •id tains, all weights 13c No. 1 smetl? treah oowntrr run egg* mas off. 2c Each full case must weigh M lbs gross a datfucauer of lbc s paund tor each pound under U lb* will r- retd* Nutter STT Mb lie Nnttarfat—Ms. Quoted by tin Wbdiap Canpaar.

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AMERICAN TEL BREAK TO LOW UNSETTLES LIST Issue Slumps 4 Points to New Bottom for Year, Volume Off. Rp I **,l Prrtt NEW YORK, Nov 16—American Telephone and Telegraph broke to anew low for the year at 104*4, off 4\ points today, unsettling the rest of the stock market. .Selling was ascribed to impending investigation of the company by the federal communications commission. | Other pivotal stocks turned weak (Losses of fractions to more than a point were showui by Atchison at si . Montgomerv-Ward at 29. I Westmghouse Electric at 33**, New | York Central at 21 and U. S. Steel j at 34 V The Dow, Jones utility average [broke to anew low since 1932 Consolidated Gas issues made new low's, I he common at 22 V off IV and the preferred at 80%, off 2V North American made anew low at 11, off S. Others of the group sold off. Rails eased small amount*. Communications went down with American Telephone In the belief the federal communications might turn the investigation to other units when it finishes math Telephone. Silvers made rather wide declines. Tobaccos met profit-taking, as did wet stocks, some of the mercantile shares and building issues. Motors held better than other groups. Steels were only slightly lower. Chemical* were firm, as were automobile equipments. Trading was lighter than recently. Sales to noon totaled 540,000 shares, against 700.000 share* in the corresponding period yesterday. Money and Exchange FVWAVAPOUS STATEMENT ! Clearing* $1730,000 00 [ * 1 Treasury Statement ißv muted Preset WASHINGTON, Nov. 16—Government expense* and receipts for the current fiscal year to Nov. 14. compared with 'he corresponding period of the previous fiscal year This Year bast Year. Expenses *2 591.189.748 38 *1 659,895 966 15 Receipt* 1 165.614 067 79 1.071 799.697 36 Deficit 1 226,575 690 59 588,096 268 79 ! Cash Ral. 1 695,169 518 19

Wall Street BY RALPH HENDERSHOT Tlnfi Special Writer NEW' YORK. Nov. 16—The Home Owners’ I .nan Corporation has stopped accepting applications for loans until further notice. The reason given for the action was that applications already exceed present resources of the corporation. The announcement read as If the stoppage was only temporary, but many people in the financial district were

inclined to believe that it would be permanent. The corporation, of course, has served its purpose to a very great extent, assuming that now we definitely are on the road to recovery in general business. Most of the emergency cases which could be taken care of have been afforded re-

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lief. and there is no point in the government becoming too heavily involved in the real estate mortgage business. But it would be unfortunate indeed if nothing further were done by the government to see that the proper sou. of real estate mortgage agencies are established. Real estate to a very large extent consumes the tangible backbone of the nation’s wealth and taxing power, and it is the one outstanding representative of wealth for which no adequate means of financing is afforded. Its ! social imponance ranks very high also. mam TkylOST real estate units are too small to attract the attention of investment bankers, and where I these units have been grouped together for tha purpose of making up a worthwhile offering of securities the results have been far from satisfactory. It should be obvious that three years is much too short a period for a real estate mongage. Probably only about one person in a hundred is able to pay off his mort- ! gage when it matures. And renewals invariably are seized upon to I add service charges which help to make total interest demands usurious. They also help to render such mortgages unsafe for investment in many Instances. It might be feasible to establish ! federal laws under which real estate I mortgage houses could operate, and these houses might be able to take over some of the mortgages the Home Owners’ Loan Corporation al--1 ready has accumulated. In fact, they might be able to useJhe methods of that concern as a pattern after which to operate, combining it j with the investment trust idea of financing. m m m THERE would seem to be no good reason why ten or twenty-year real estate mortgages could not be granted and these mortgages used as collateral against which to issue i investment trust securities. If the mortgages were conservatively writ- ! ten and if provision were made for regular monthly amortization such securities should prove safe tor investment. And if the books of those making the mortgages were subject | to government Inspection, the public no doubt could be interested in such securities, despite thetr unfori tunate experiences with guaranteed mortgage certificates. No doubt, also, securities of this kind could be listed successfully on the recognized exchanges That would give them the benefit of liquidity. a factor they never have enjoyed in me past.

taevisa** nu.l 0 6 CASS 04 CMS i rt 00 YEAR L. __ ■ H WEEK tltoco - TO I—- — -TTiq NOYCMHB 3 : so °* Tt I,M*Zj * ■ ■ "■■■■*' 48— *SO |U ■ 41 !■ 500 22 H ■j> m ■= 10 ~i ° ■ —— ♦oo—?|gf u- gNg Igp—. —a kaJ ” (■J ImJ to — aU LJ LJ 250 a Bj H acß H - <0 so— —n B B - Compiled by Brooks Earning Indicator.

(By Thomson Ac McKinnoni 11 oo A M. Prev. Oils— High Low. N Y. close. Amerada 46% 46% 46'/a 47 Atl Rfg 253, 25% 251* 25% Barnsdall 6\ 6% 64* 6% Consol Oil 8% 85a 854 8% Corn of Del ... 18 3 * 18% 18% 18% Mid Cont Pet... lIV* Ilia 11% 11$. Ohio OH 10% 10% 10 10% Pet Cory 10 10 10 10 Phillips Pet 16* 155* 1554 15% Plymouth 0i1.... 9% 9'/2 9% 9% Pure Oil 7 3 * 754 754 7% Seaboard OU ... 27'* 27V, 275* 27 Soc Vac 14 s * 1452 14% 54 s . SO of Cal 34 33’a 33% 34 S O of Ind 25 25 25 255* BOof N J 4* 4254 42 3 4 4254 Tidewater Assn. 9-,* 9% 954 9 3 * Un Oil of Cal... 15*4 15*4 1554 1554 Steel*— Am Roll Mills .. 1% 1854 1834 19% Beth Steel 28'/ 2 28>/a 285* 28% Ludlum Bteel ... 1454 1454 145* 1454 Mid Steel 1054 10% 104 k 10% Natl Steel 41V* 41% 41V* 41% Otis Steel ...... 4 s * 45k 4 5 4 4% Rep Iron * Stl 13 1254 1 3 13% Rep Ir * Btl pfd 38% 38% 38% 38% U S Pipe <fe Fdy 214* 21 21 214* U 8 Steel .. .. 35% 35 35 39V* U 8 Steel pfd .78 77 % 77% 77% Youngst'n S& T 18% 18% 18% 18% Meters— Auburn 25% 3544 25% 25% Chrysler 36% 36 36 36% Gen Motors ... 31% 30% 30% 30% Graham Mot... 2% 2% 2% 2% Hudson 10% 9% 9% 10 Hupp ............ 3% 3 Mack Truck ... 26V* 26% 26V* 26% Nash 15% 15% 15% 15% Packard 4% 4 4% 4 Reo 24r 254 254 24* Studebaker 2*4 2 2 2‘/a Yellow Truck ... 3% 3% 3% 3% Meter Acre*#— Bendlx 15% 14% 15% 15 Bohn Alum 58% 58 58 % 58% Borg Warner ... 28% 28% 28% 28% Briggs 22% 22% 22 V* 224 Buda Mfg 6% 5% 6 544 Budd Wheel ... 33 33 Elec Auto iLte . 264* 25% 25% 26% Elec Stor aßt . 4554 45 % 45% 45% Houdaiile “A’’.., 6% 6% 6% 6V* Murray Bodv ... 6% 64* 6% 8% Stew Warner ... 74k 744 7% 7% Timken Roll 344* 334* 33% 34 Timken Det Alxe 7 6% 7 6% Mining— Alaska Jun ...17" 16% 16% 17% Am Metals 14% 14% 144* 15% Am Smelt 36% 36% 36V, 36% Anaconda 105* 104* 10% 10% Cerro De Pasco . 39% 39 39 39% Dome Mines ... 37 3644 36% 37 Granby .. 6 5% 6 5% Gt Nor Ore .. 11% 11% 11% 11% Ins Copper 33 3 Int Nickel 23% 2344 23% 23% Kennecott Cop.. 16% 16% 164* 17% Mclntyre Mine.. 41% 4044 41% 40% Park Utah 3% 34k 34* 3% Noranda Cop... 3342 33% 33% 34 Phelps Dodge ... 14% 14 14 1444 St Joe Lead ... 1544 1 54* 15% 16 U 8 Smelters 118 117% 118 1184a Amusements— ’ Pox Theat 13% 1344 13 4* 134* Loews Inc 31% 30% 31 3154 Radio Corp .... 6 5% 6 5% Paramount 4% 4 44* 4 Warner 8t05,... 4% 4% 4% 444 Tobaccos— Am Sunff ...... 70 70 70 70 Am Sum Tob... 22% 22% 22% 23% Am Tob iA> 82 81% 814* 82 Am Tob B> 84% 83% 84 84 Gen Cigars 5% 5% 544 55% Ligg * Mvers B 105% 105% 105% 106% Lorillard 18% 1844 1 844 18% Phillip Morris .. 38% 384* 38% 38 Revolds Tob 8.. 49% 49% 49% 50 Rails— Atchison 5454 54 54 554* Ail Coast Lines 30% 3044 30% 31% B Ac O 15 14% 14% 15% Can Pacific 11% 11% 11% 11% Ch Ac Ohio. 434* 43 43 43'a C M Ac 8t P 24* 25* 254 2% C M Ac St P pfd 4% 4% 45* 4% Chi N W ... 5% 5% 5% 54a Chi N W pfd 10% 10% 10% 10% Dels A- Hud ... 41 4(I s * 404* 40% Del Lac Ac W 18% 18 18 184a Get Northern pf 1544 15 15 15 3 4 111 Central 16% 164* 164 2 16% Lehigh Valiev .. 10% 10% 10% 11 % M K Ac T 64, 6% 6% 6% N Y Cent 21% 21 21 21% N Y New Haven 9% 9 9 9% Norfolk Ac West 171% 17144 1714, 171 Nor Pacific 19% 195* 19% 20% Penn R R 23% 23 23 23% Sou Pac 18% 17% 17% 18 Sou R R 17 18% 16% 16% Union Pac 105'/* 105 105 105 1 /* Equipments— Am Brake Shoe. 25% 25% 25% 25% Am Car Ac Fdv.. 17% 16% 17% 17% Am Loco ... 18% 184* ... 19 Am Steel Fdy... 16% 16 18% 16% Bald Loco 6'a 6% 6% 6% Gen Am Tk Car 37 37 37 37 Gen Elec 19% 1944 19% 19% Pullman Inc .... 454', 44% . 45% West Air Br 26% 26 26 26% Westlngh Elec... 34% 33% 33% 344, Utilities— Am Ac For Pwr. 8 8 5 5_ Am Power Ase Lit 3% 3’,* 3% 3% A T * T 109 105 3 * 1054* 109% Am Wat Wks .. IV* 13% 12% 14 Col Gas A Elec. 7% 7% 7% 7% Com A Sou .... 1% 14* 1% 1% Consol Gas 23% 22% 32% 33% Elec Pwr A Lit.. 3% 33 34a Int Hydro Elec . 33 3 34, Interboro R T.. 13 12% 13 13% Int T A T ... . 9Va 9 9 9 Lou G A E .Ai 134s 134, 13% 13% Nat Pwr A Lit.. 7% 7% 7% 7% North Amer.... 11% 11 11 11% Pac G A E 14% 14% 13% 14% Pub Serv N J .. 295. 29% 29% 92% So Cal Edison 12 s , 12% 12% 12% Stone A Webster 5% 5 5% 5 United Corp ... 33 33 Un Gas Imp . 13% 13 13 13% rt Pwr ALt< AI 24a 2% 2% 2% Western Union.. 35% 34 34 35% Rubbers — Firestone 16% 16 16 164, Goodrich 10’, 10% 10% 10% Goodyear 24% 23% 23 s * 23* Kelly Spring ... 1% 1% 1% 1% U S Rubber 16% 164 j 16% 16% Misrellaneou*— Allis Chalmers . 15% 14% 14% 15% Amer Can .. 104% 104% 104% 104% Am Mach A Fdy 21% 21% 21% 2% Brklvn Man Tr.. 344 a 34% 34% 35% Burroughs Add . 16% 15% 15% 16% J I Case 52% 51 % 51% 52% Conti Can 60% 60% 60% 60% Caterpillar Tract 32% 31% 31’, 32 5 , Crown Cork . 26% 26 26 26% Curtis Pub pfd.. 84 84 84 84% Deere ACo .. 20% 20 * 20 % 21 Eastman Kodak 109% 109% 109% 109% Foster Wheeler,. 13% 13% 13% 13% Gillette 14% 14% 14% 14% Glldden 26% 25% 25% 26 Ingersoll Rand.. 59 59 59 58% Int Bus Mach.. 147% 147 147 147 Inter Hav ... 37% 37 37 37% Nat! Cash Reg .. 17% 16% 16% 17% Owens Bottle .. 83 82% 82% 84 Rem Rand 9% 9% 9% 9% Underwood E . 54 54 54 54 Worthingt Pum 18% 18% 18% 18% Foods— Am Sugar 61 60 60 59% Armour Com . 6% 6 6 6 Armour 6% pfd. 68 67% 87% 67% Beatrice Cream 18% 18% 18% 18% Border. Prod . 24% 24% 24% 24% Can Drv G Ale 16% 16% 16% 16% Coca Cola ..149% 146% 148% 143% Cont Bak "A”.. 7 6% 6 s 6% Corn Prod .. 68% 68% 6f% 66% Crm of Wheat.. 34% 34% 34% 34% Cuban Am Sug,. 5% 4 s , 4 s , 5% Gen Baking . 8 8 8 7% Gen Foods 34% 34 34% 34% Gold Dust 17% 17 17 17% G W Sugar 28% 28% 28% 28% Hershev 70% 70 70 Im Salt 31% 31% 31% 31 Natl Biscuit 29% 28% 28% 29% Natl D Prod . 16% 16% 16% 16% S Porto Rico Sue 25% 25 25 25% St Brands 19 18% 18% 19 Un Biscuit 23% 23 s * 23% 23% United Fruit . 72% 71% 71% 72% Ward Bak B”.. 1% 1% 1% I s , W rifle v 74 74 74 74% Retail Stores— Assd Dry Good* 12 12 13 12% Best A Cos 36% 36% 36% 37% First Natl Stores 63% 63% 63% 63% Oirnbel Bro* 4% 4% 4% 4% Hahn Dept Sts . 5% 5% 5% 5% Kre see S S .. 20’* 1% 20 20 Kroger Groc .. 26% 28% 26% 28-, Vtaev R H 47% 47 47 47 McCrorv St .... 8% 6% 6% 6% McLeUan St .. 11% 11 11 11% Marshall Field . 10% 10% 10% 11% Mont Ward .. 26% 2E% 39 28% Natl Tea •• 18% 19% 19% 19% Penney i C .. 87% 67 17 67%

Hendershot

Abreast of The Times on Finance

THE TREND OF CARLOADINGS

New York Stocks

INDIANAPOLIS, FRIDAY, NOVEMBER 16, 1934

Sears Roebuck .. 41 s , 40% 40% 41% Woolworth 53% 52% 52% 52% Aviation— Aviation Corp .. 4 3% 3% 4 Boeing Aircraft . 9% 9 9% 9 Curtiss Wright . 2% 2% 2% 2% Curtiss Wright A 8% 7% 8 8% Douglas Air .. 22 21 % 21% 21 % Nor Am Av 3% 3% 3% 3% Speery Corp 8% 8% 8% 8% United Air New . 10% 10 10% 9% Chemicals— Air Reduction ..110 109 110 109 Allied Chem ...13412 133% 134% 135 Am Com Alco .. 30% 30V* 301* 30 Cos! Carbon 71 71 71 72 Com Solvents ..21% 21 21 21% Dupont 97 96% 96% 97% Freeport Tex ..28 27% 27% 28 Liquid Carb ... 22% 20% 22% 22% Math Alkali ... 27 26% 26% 26% Monsanto Chem 57% 57 V, 57% 58% Natl Dis (new). 2414 23% 23% 24% Schenlev Dist . 27% 26% 26% 27% Tex Gulf Sulph. 35% 35% 35% 36 Union Carbide .. 45% 44% 44% 44% U S Tnd Alco.. 42% 42 42 42% Drugs— Bristol Mwers .. 34% 34% 34% 34% Cotv Inc 5V4 5% 5% 5% Lambert 27% 27% 27% 27% Lehn A Fink ... 15% 15% 15'% 15V* Sterling Prod ... 60V, 59% 59% 59% Un Drug mew).. 12% 12% 12% 121* Zonite Prod .... 4 4 4 4 Financial— Adams Exp .... 7% 7% 7% 7% Allegheny- Corp.. 1% 1% 1% 1% Am Int Corp.... 6% 6% 6% 6% Chesa Com 39% 39 39 39 Lehman Corp... 69% 69 69 69% Transamerica ... 5% 5% 5% 5 7* Tr Conti Corp.. 3% 3% 3% 3% Building— Am Radiator.... 15% 15% 15% 15% Ge Asphalt 17V, 17 17 17% Holland Furnace 7% 7% 7% 7% Johns Manville . 54% 53% 54% 54% Libby Owens Gls 26% 25% 25% 26% Otis Elev 14% 14% 14% 14% U S Gypsum.... 46% 45% 46% 45% Household— Col Pal Peet.... 17% 17 17 16% Congoleum 34% 33% 33% 34% Kelvinator 16V* 15% 15% 16% Mohawk Carpet. 16% 16% 16% 16 Proc A Gamble.. 43% 43% 43% 4374 Servel Inc 6% 6% 6% 6% Simmons Bed .. 10% 10V, 101* 10% Text lies— Apier Woolen ... 8% 8% 8% 8% Celanese Corp . 30% 30V, 30% 30% Collins Aikman,. 14% 13% 13% 14% Indus Ravon .. 26% 26% 26% 26% Kayser Julius .. 16% 16% 16% 16V* Chicago Stocks (By Abbott, Proctor A Paine) 11:00 Prev. A. M. close. Bendlx 14% 15 Borg Warner 281* 28% Bastian Blessing 4% 4% Butler Bros BV* 81* Berghoff 2% 2% Chicago Corp 1% 2 Cities Service I s * 1% Crane Cos 8% 8% Cord 3V 3% Elect House 13% 14 Gen House 7V* 7% Ctrt Lakes Dredge 16 16% Iron Fireman 18% 18% Noblitt Sparks 14% 14% Pub Servos 111 12 11% Prima 2 2 Swift 18V* 18% Walgreen 26 25 New York Curb (By Abbott, Proctor A Paine 1 12 1 Noon) Prev. N Y. close. Allied Mills 9>4 91* Am Superpower 1 % 1 % Atlas Corp 9 8% Distillers Corp 15 V, 15% El Bond A Share 8% 8% Hiram Walker 27 27% Imperial Oil Ltd 17Vi 17% Lake Shore Min 53% 53% Natl Bellas Hess 2% 3 Pan Am Airways 33 33 Stock Studies The Commercial Investment Trust Corporation, together with its subsidiaries, forms one o our largest organizations for financing installment sales. Its facilities are extended to both individuals and dealers. The company leads in the textile factoring field, but the of its business is the financing of automobile sales. The purchase of the capital stock of the Universal Credit Corporation soml time ago gives the company the Ford business. FINANCIAL DATA lAx of June 30. 19341 Common stock (no pari ..2.013.117 shares Preferred stock tno par) $ 14.046.100 Funded debt 13.461,000 Notes payable 128 597.736 Advances 225.467.806 Surpluses 48.815 531 Cash and securities 30.601.518 Net working capital 109,412.780 During the twelve months ended June 30 there was considerable change in the financial setup because of the large increase in business. Notes payable were $97,000.000 larger, while advances increased by more than $96,000,000. Cash and securities gained $14,300.000: net working capital was up $14,400,000. while surpluses increased nearly $6,900,000. On Oct. 1 a 25 per cent stock dividend was paid, so that total shares of common stock outstanding now total 2.514 941. Commercial Investment Trust has shown very steady earning power right through the depression. A gain in business increased earnings last year to $3.55. while for the first six months of this year $2.52 was earned on the old capitalization. The corporation has been liberal with dividends. On Oct. 1 of this year a stoefc dividend of 25 per cent was paid and the annual $2 cash dividend rate, which has been maintained since 1932, is continued on the new stock. Commercial Investment Trust was incorporated in 1924 in Delaware. Both classes of stock are listed on the New York Stock Exchange. At a current price of around 54 the common sells to yield nearly 3 s * per cent. (All Rights Reserved. Winchester Institute Winchester, Mass.)

HOUSING BODY NOW FIRST IN HOME ACTIVITY

Home Owners Loan Corporation Relegated to Second Place by Move. (Copyright, 1934. by United Press) WASHINGTON, Nov. 16—The Home Owners’ Loan Corporation, born a little over a year ago amid much fanfare as an emergency organization to relieve thousands of Americas distressed home owners, today was relegated to second place in favor of the new federal housing administration. Announcement that the HOLC will accept no more applications for loans is believed to mean primarily that the administration is turning back to private lending institutions in its efforis to stimulate flow of credit. “A great many of these applications being filed with us can and should be taken care of by private lending agencies,” HOLC Chairman John H. Fahey said. Rank Co-operation Lacking The FHA has encountered considerable difficulty in getting banks to co-operate in working out the new homes project. Two reasons advanced for this are that organization of an entirely new division within the bank would be required to handle this business, and that if banks started this business, they might antagonize large mortgage companies, good customers of the banks. Withdrawal of the HOLC from the lending field quite definitely will act as a stimulus for FHA plans. Applications now on file with HOLC will all be considered, but corporation officials believe that they now have more than enough to use all the $1,200,000,000 remaining credit. "The corporation already has disbursed approximately $2,000,000,000,” directors said, "to finance mortages on 650,000 homes. The remaining $1,200,000,000 at the disposal of the corporation is expected to care for some 400,000 applications now pending. Are Well Advanced "A large part of these applications are well advanced in the process of examination and approval, and will probably be completed and the loans closed by February or March, next.” Mr. Fahey said about 1,750,000 applications have been received, which would indicate that approximately 700,000 applicants will be refused loans. "A careful resurvey of the situation ... satisfies us that, a very substantial proportion of these applications are not eligible and can not be accepted by the corporation,” Mr. Fahey said. "We continue to receive thousands of applications which we find after investigation are not eligibleand can not possibly be made the basis of a loan.”

GRAINS MOVE DOWN ON HEAVY REALIZING Rye Suffers Sharpest Drop in Chicago Pit. By United Press CHICAGO, Nov. 16. Heavy profit-taking pushed grain prices lower on the Board of Trade today. Wheat started Va to 7 * cent lower, corn was off Vs to 3 s cent, oats were As cent lower to Vs cent higher, and rye was off I*4 to 1% cents. Cables reported Liverpool slightly easier, the English market failing to reflect the strength here yesterday. Traders trooped to the wheat pit at the start to realize profit on yesterday’s rather sharp upturn. Corn, on the other hand, held relatively firm with the cash situation a buoy to futures. (Bv James E Bennett <V Cos 1 11:00 Prev. WHEAT— High. Low. A M. close. Dec 100 3 * 1 00*/* 100*2 I.OIVs Mav I.OOVi 99*2 .991* 1 00 3 * July 94 7 / .94*4 .94 5 4 .95*4 CORN— Dec .83 Vi 82 *4 83*4 .82*,a Mav 84*4 .83*4 84 . 83 7 g July 83 Vi .82% .83*4 .83% OATS— Dec 52*4 .52*4. .52*4 .52*4 Mav 50% .50 . 50*4 . 50*4 July 46 3 4 .46*2 .46*4 ,46 3 i RYE— Dec 71 3 * ,70>/2 .71% .71 3 4 Mav 74% 73 3 4 .74*4 .75** July 75*4 .75 .75*2 .76% LOCAL CASH MARKET City grain elevators are paying 90 cents for No. 2 sort red wheat. Other grades on their merits. Cash corn No. 3 yellow 71 cents, and oats 43 cents. i On Commission Row | Quotations below are average wholesale prices being offered to buyers by local commission dealers. FR ClTS—Cranberries. Cape Cod. earlv 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, *1.3591.75. Melons. California honev dews. *2.75. Lemons, sunkist. 3605. *5.i5. red ball. 3605. S5. Grapefruit. 70s-80s, *2 75. Limes per carton. 12s, 25c: seedless per hundred. *3. strawberries. 12 box crate. *2 2562 50; California Rubarb *1.50 a box: pineapples, crate. *5.5066. VEGETABLES—Cabbage. Northern Danish. 50-lb. bag, 60c; red pound. 3c. Onions. Idaho, sweet Spanish, large 50-lb., SI 40: Indiana white boilers. 10-lb. bag. 35c; western white, 50-lb. bag SI 85; Michigan. yellow. 51.25. Potatoes. New Jersey Cotblers. 100-lb. bag. *1.45; northern round white, 100-ib. bag. *1: Ohios, 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 25412 75 Beers, dozen. 25c. Carrots, home-growr, 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, bushel. 50c. Lettuce hothouse. 15-lb. basket. 60c. Mangos, bushel. *1 50. Mint, dozen. 50c. Parsley, dozen. 35c Peas—Hamper. *3 756 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. FRUITS AN!> VEGETABLES (Bv United Press' CHICAGO Nov 16 Apples—Michigan Mclntosh. bushels. 2'j-inch. *1.756 2: Jona!hans> *1 5061 65 Lettuce—California. crates. *2 256 2.65 Sweet potatoes— Tennessee, bushels. 90c*r*l: few. *1 10. Ce’.erv -Michigan. crates. 40‘S85c; souares flats. 40S 50c. Oregon Cauliflower—Crates 75c4? *1.25. Spinach—Missouri, bushels. 46 6 50c Cranberries—Massachusetts * barrels *3 50 63 85 Carrots— Illinois, bushels. 40vz 50c bunches. I’262‘ic CeleryCabbage—Michigan, flat crates. 306 40c. Beits—minors and Indiana, bunches. 15a 6 2c. Onions—Eltnols, grien. bunches, & 67c.

Federal Guns Trained on Fraudulent Stock Sales Via SECs Seven Branches

Squadrons Will Pounce on Bucket Shops, Security Bootleggers. (Copvrfxht. 1934. bv United Presai WASHINGTON. Nov. 15.—Flying squadrons will soon be established in the nation's principal cities by the federal government for quick raids on bucketshops and security bootleggers, it was learned today. Plans for the squads are nearing completion by the securities and exchange commission, headed by Joseph P. Kennedy, to insure strict enforcement of the 1933 securities act arid the 1934 securities exchange act. The squads, composed of expert investigators, will be stationed in New York. Boston, Chicago, Denver, San Francisco, Ft. Worth and Atlanta, key regional offices efi the commission. A high commission official told the United Press that activities of the squads will be aimed to curb fraudulent stock sales. The raiders will not be interested in the work of the stock exchanges themselves. Similar to Dry Raids "We will be as firm in suppressing these activities as we are lenient in protecting the honest dealer,” he said. Work of thesquads will be similar to raids on stills and gambling dens in driving out this form of law violation. "Despite the securities act,” he said, "we are receiving complaints continually that stocks are being sold fraudulently and by misrepresentation. Many of those offered are not registered as required under the law.” Penalties for such violations include maximum sentences of $5,000 fine or five years imprisonment or both. Seen As Cheaper. "We feel that the regional offices,” the official said, "will prove cheaper and more effective in the long run than by directing the activities from Washington headquarters.” In adidtion to the fraudulent secuirties problem, the investigators will be assigned to war on bucket shops and what he called a recent wave of "gyp artists,” who are practicing the old "sell and switch” securities racket. "The honest man has nothing whatever to fear in this. Reputable bankers and brokers are co-operat-ing already wi*h us in our efforts to clean up the situation because they know that unless stock is honest, the public will lose confidence,” the United Press was told. Other Livestock (By United Press) LAFAYETTE. Nov. 16 -Market, steady: 260-300 lbs., $5.906 6; 300-325 lbs . $5 75: 230-260 lbs , $5.75® 5.85: 210-230 lbs $5.60 @5.70: 190-210 lbs. $5.40@570; 230-260 lbs . 55.75@5 85. 210-230 lbs . $5 60 @5.70: 190-210 lbs., $5 40@5 50; 160-190 lbs.. $5 10 @5.30; pigs. $4 50 down; roughs, $5.50 down: caives, 50c lower; $6 down; lambs, steady; $6 down <Bv Ttmes Special) LOUISVILLE. Nov. 16.—Cattle—Receipts 200, salable supply very light, quality plain; market slow quotable around steady: bulk common to medium steers and heifers salable, s3@4 50; better finished selections quotable around $6: bulk beef cows. $2 25 @2.75; practical top $3; low cutters and cutters. sl@2; bulk sausage bulls, $225 @2.75: beef type stock calves mostly. $4 50 @5; common to medium grade stockers and feeders. [email protected]. Calves 225; vealers fully 50c lower; most better grades $5 @5.50; strictlv choice $6, medium and lower grades $4.50 down. Hogs—Receipts, 600, steady; top and bulk better 200-300 lbs, $6; 180-195 lbs. $5.60. 305 lbs. up, $5 55: 160-175 lbs , $5: 140-155 lbs., $4.50; 100-135 lbs,, $3 80; sows. $4.65. SheepReceipts. 100; market generally steady; bulk medium to good lambs $5.50@6; choice eligible higher; bulk light throwouts, $3 50: better fat ewes, $1.50@2.

RETAIL STORE SALES AT PEAK IN OCTOBER Public Spent $454,326,000 in Establishments During Month. By Times Special NEW YORK, Nov. 16.—A total of $454,326,000 was spent by the American public in department stores, mail order, general chain and variety stores during Ostober. the highest October sum since 1931, the international statistical bureau revealed today. Last month’s figure contrasts with $404,062,000 in the preceding month and $389,276,000 in October last year. The bureau pointed out that with the holiday buying period ahead sales for the first ten months are within less than $500,000,00 of the entire total for 1933. FORD MOTOR ARRANGES FOR MILLION-CAR YEAR St. Louis and Long Beach, Cal., Assembly Plants to Be Opened. By Times Special DETROIT, Nov. 16 —Clearing the way for the promised production of 1.000,000 cars next year, the Ford Motor Company has announced that the Long Beach, Cal., assembly plant will be reopened soon. The company also confirmed recent reports that the assembly plant at St. Louis also will be reopened. Anew sales branch has been opened at Green Island, N„ Y., and the branch at Charlotte, N. C., has been reopened. MELICK IN NEW POST James B. Melick, former vicepresident in charge of sales and advertising for the Holeproof Hosiery Company, has been appointed general sales manager for Hiram Walker and Sons, Inc., Peoria. 111., largest distillery in the world, it was announced today. ★ ★ ★ it General Banking Courteous, T*o*nto bit service Bankers Trust Cos

INSURANCE Alt Kinds With the Exception of Life A. J Wichminn A Go., Inc. 712 Circle Tower

jg|f r ; '" V

Joseph P. Kennedy

PORKERS SHOW BETTER TREND

Cattle, Lambs Unchanged; Veals 50 Cents Off at $6.50 Down. With receipts estimated at only 5.000, porker prices were slightly higher than yesterday's average in early trading at the local stockyards today. Most kinds were around 5 cents higher, while some light grades were up more. Underweights held steady. The general bulk of 160 to 200 pounds, was selling from $5.30 to $5.60. Weighty kinds, scaling 200 to 350 pounds, brought $5.65 to $6. Top also held at $6. Holdovers numbered 299. Extremely light lights, weighing from 130 to 160 pounds, were bid in at $4 10 to $4.85, while 100 to 130 pounders sold at# $2 85 to $3.85. Practically all classes of packing sows ranged from $4.75 to $5.50. Early dealings in the cattle market were slow and about steady with the previous close. Quality was plain. Early supplies consisted mostly of odds and ends valued to sell at $5.50 down. Receipts were 500. Vealers slipped around 50 cents lower, selling at mostly $6.50 down. Receipts numbered 500. Early sales of lambs were mostly unchanged, with few' handy weights salable at $6.50 to $6.75. Heavy classes were under pressure Throwouts cashed in at $3.50 to $5, w’hile fat sheep brought $3 down. Receipts w'ere 1,000. HOGS Nov. Bulk Top Receipts 10. $5.30@ 5.60 $6.05 3,000 12. 5.30@ 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. 5.25@ 5 55 6.00 7.500 16. 5.30@ 5.60 6 00 5,000 1140-160) Good and ch0ice....54.60® 525 (160-180 Good and Choice 5.35® 5.55 (180-200) Good and choice ... 5 50@ 5.75 (200-220) Good and choice.... 5 70@ 5 90 • 220-250) Good and choice.... 5 90@ 6.00 (250-300i Good and choice.... 5 65® 6.00 (275-300) Good 5.65® 5.85 Packing sows: (276-350) Good 5 25® 5.50 (350-425) Good 5 10@ 5.35 (450-550) Medium 5 00® 5.25 (275-550) Medium 4 75® 5.10 (100-130) Slaughter pigs good and choice 2.85 @ 3.85 CATTLE —Receipts, 500— —Steers—-(sso-900) Choice $7 00® 8.00 Good 6.00® 7.50 Medium 4.00® 6.00 Common 2.50® 4.00 (900-1,100) Choice 7.50® 8.50 Good 6.00# 7.75 Medium 4.25® 6.00 Common 3.00® *.25 (1.100-1,300) Choice 8.25® 9.25 Good 6.25® 8.50 Medium .. 4.25® 6.25 (1.300-1,500) Choice 8.50® 9.50 Good 8.50# 8.60 —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 26® *.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 $6 000 6 50 Medium 3 50@ 600 Cull and common 2 00® 3 50 —Calces—--1250-5001 Good and choice 4.75® 6.50 Common and medium 2.50® 4.75 —Feeder and Stoeker Cattle——Steers— (soo-800) Good and choice 4.00® 5.25 Common and medium 2.75® 4.00 <BOO-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. 1.000 - Lambs. 90 lbs. down, good and Lambs. 90 lbs. down, good and Common and medium .... 4 00® 625 90-120 lbs., good and choice... 2 25® 3.00 Sheep—-(l2o-1501 Good and choice . 200 ® 250 41! weights. common and medium 1 50® 2 25 Other Livestock < Bv United P'essr FT. WAYNE Nov 16 Hogs—Market, 10 @lse higher; 250-300 lbs $5 90. 225-250 lbs. $5 75; 200-225 lbs. $5 60 180-200 lbs $5 45; 160-180 lbs $5 20: 300-350 lbs $5 45 150-160 lbs . $4 65; 140-150 lbs., *4.40 130140 lbs . *3 90: 120-130 lbs *3 40, 100-120 lbs. *2 90: roughs, *5: stags, *3 Calves. *6 50; lambs, *6 Breed, Elliott & Harrison Established 1912 1115 CIRCLE TOWER GOVERNMENT BONDS FEDERAL AND JOINT STOCK LAND BANK BONDS HOME OWNERS’ LOAN CORPORATION BONDS REAL ESTATE PREFERRED STOCKS AND BONDS BUILDING A LOAN STOCKS INVESTMENT TRUSTS

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WORLD ACCORD ON CURRENCIES REPORTED NEAR

International Stabilization Held Being Discussed Behind Scenes. BY C. T. HALIJNAN i nttad Prea* Staff Cerre,pendent (Copyright, 1934. bv United Press) LONDON, Nov. lfi.—Despite retirenre of authorities, belief grew in financial circles today that something in the nature of international stabilization of currencies is undep discussion behind the scenes. It was pointed out that the United States equalization fund has been consistently aiding the gold bloc nations to defend their currencies. Although in the end. considerable gold moved from the continent to New York, many contend the current; crises in Paris. Amsterdam and Brussels are far less severe than in the past. Thus the United States policy is envisaged as one of informal, de facto stabilization, ending a period of violent currency fluctuations and culminating in the recent treasury order removing restrictions on capital movements. Two Warnings Sounded It w'as noteworthy, however, that this quasi-stabilization was promptly follow'ed by two warnings from the gold bloc nations that they are not prepared to acrept final stabilization without, some adjustment of their currencies sufficient to lowerpresent high prices. Dr. P. J, Oud, Dutch finance minister, in an unexpected speech Wednesday insisted the Netherlands would be forced to consider some adjustment in the value of the florin, if and w'hen general stabilization occurs. Equally significant w'as the Swiss proposal to create a special "tourist franc” worth sixteen to the pound to encourage the lucrative British tourist trade. It makes the sterling money of the tourists worth more in Switzerland than in and reacts to the disadvantage of the French tourist trade. V Adjustments Held Vital Th is two members of the gold bloc with the widest, international connections have seized this moment) to remind the world that some adjustments of their strenuouslydefended currencies is vital to them. Finally, at least one well-intormedi financial commentator, writing the London Daily Telegraph, points out that the British treasury's persistent reduction of the floating debt, which is an unmistakable hardship on the l<ondon discount market, mav be of greater significance than the public realizes. "The floating debt will presently be so small,” he declared, "hafc should the country return to gold, there is no danger ol foreign funds being withdrawn from treasury bonds and treasury bills in event of unexpected happenings. The query naturally arises whether a return to gold is contemplated early in 1935.” KELLY HEARING DELAYED By Trm?K Bperinl .JERSEY CITY, Nov. 18.- A hearing on an application for the appointment of receivers for the Kelly. Springfield Tire Company, whte was scheduled for early this wee! has been postponed until next Mon* day, according to Vice-Chancellor Charles M. Egan. /

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