Indianapolis Times, Volume 46, Number 163, Indianapolis, Marion County, 17 November 1934 — Page 12

Trends r ■■ .. Wall Street Hope? Recent Betterment Will Continue. B* VINCENT S. LYONS Tinti Fiunlil Muar

HTHE WALL STREET trading fraternity which ha* been forced to get aiong on very lean picking* during the last few years is keeping its collective fingers crossed in the hope that the recent improvement in volume on the market will continue for some tune. Within the last meek brokers witnessed several interesting looking markets, culminating on Thursday m the largest single day's turnover since July 27. At no one time was there a sensational rise in stock values to pour riches into the laps of market operators This however, is all right as the stock market community should be more concerned with an expansion of volume than with a rampant rising market. ■ a * MUCH of the increased favor which the stock market has found developed since the national elections Whereas, transactions for a five-hour day before the holiday averaged around 500.000 and 600.000 shares, the volume since has risen to totals of two and three times this m the past week. Numerous items maw be brought forth to acrount for the betterment in stork market circles. The first, of course, is that the spectre of the national elections has been removed While the ultimate result represented little or no change from what Wall street had calculated. traders, nevertheless, like to have uncertainties definitely out of the way. m • • AVERY favorable dividend picture undoubtedly also has been responsible for a part of the better feeling which has been engendered. These disbursements have taken the form of extras, initials. resumptions and. in one instance, a very sizable stock declaration. Indications from Washington that the administration is moving to the right also have had their influence The removal of the ban on export of capital, the cessation of further grants by the Home Owners Loan Corporation and reports that world accord on currency stabilization us in prospect all have tended to bolster sentiment. Moreover, the general list of the stock market has held up in the face of weakness in the public utility group Many individual issues in the latter classification slumped to new low levels for the year, during the last few days. mam Misogynists have a hard pin . to swallow in the appointment of Miss Josephine Roche as ■assistant secretary’ of the treasury. Asa result. Miss Roche becomes the second highest lady in Washington official life. Miss Frances Perkins, secretary of labor, retains first ranking with her cabinet portfolio Miss Roche is famous in her own right as she has made her Rocky t Mountain Fuel Company yield profits throughout the depression, despite the fact that labor was given more than the ordinary share of earnings, and even the misogynists will have to agree that what Miss Roche has done is a mansized job

MONTH'S POWER SALES SHOW 1 PERCENT SLUMP LarjfM Rffwsinn I* in Municipal and Miscellaneous Use. Tim* * Sprrinl NEW YORK Nov. IT—September sales of electric energy to American consumers aggregated 5.774.163 000 kilowatt hours, a decrease of 1 per rent from the corresponding monh last year, according to the Edison Electric Institute. The largest single decline was in municipal aryl miscellaneous sales, which were off 195 per cent. Domestic service gamed 89 per rent and retail commercial sales were 6 7 per cent higher Wholesale commercial sales were 6 8 percent lower Betterment in residential sales brought revenues of the industry m September to $150,196 400. or 2 4 per cent above the same 1933 month. TIRE SHIPMENTS DROP Total of 3.182.903 Casings Moved During September. 6v Timn .'•prcial CHICAGO. Nov. 17 - Tire shipments tn the United States during September amounted to 3.182901 pneumatic casings, a decrease n 26 1 per cent from August and 9 1 per cent below shipments of the corresponding month of the previous year. According to the rubber manufacturers association production during the month was estimated a| 2.936.958 casings. This was a decrease of 16 9 per cent under August and '266 per cent below the 'ame month of 1933.

WHEAT EXPORTS SLUMP l S. and Canadian Shipments in Not. 10 Work. 3.413.12: Bushels. K Time. Sprriml NEW YORK. Nov. 17—Exports of wheat, including flour as wheat, from United States and Canadian ports totaled 3. 413127 bushels in the Nov. 10 week, compared with 4.133.990 bushels the prevous week and 5.252.640 bushels in the corresponding period last year. Dun & Bradstreet, Inc., declared today. For the season July 1 to date, wheat exports aggregated 68 511912 bushels, contrasted >nh 75 714.334 in the same period of last year. SILVER IMPORTS LOWER Bulk of Weeks Receipts Arrive from United Kingdom. WASHINGTON. Nov 17-Silver imports for the week ended Nov. 9 dropped to 54370 o*s from $5,395.681 for the previous week, the treasury reported today. Last week's purchases included *3.186.717 fro mthe United Kingdom and $1,261,346 from China.

PAGE 12

PUBLIC WORKS AIM IS LAUDED BY STEEL HEAD Program Essential to Care for Unemployed, G. M. Verity Says. By 7 tmrt Sprru il NEW YORK Nov. 17. The public works program of the administration "us a plain matter cf necessity" and not a matter of courage or vusion on the part of the government. in the opinion of George M Vcriv chairman of American Rolling Mill Company. There is no real justification for criticism of the program. he states, as under existing conditions the government has no other course. The government has ‘a backbreaking proposition on its hands" in attempting to solve the unemployment problem soundly and permanently. This can be done only through a return of industrial activity. If industry' could corral all the courage and vision of ’he world, it could not. according to Mr. Verity, create a demand for durable goods until the public feels free to and is willing to buy them. ( oarage Challenged "The courage and initiative of private enterprise." remarks Mr. Verity in today's Daily Metal Trade, “is challenged when conditions entirely beyond its control have been created that have dried up purchasing power at its source. "The dramatic adventures during the last eighteen months, covering the whole gamut of financial, political. social and industrial activity and reform, has stirred up so many doubts, anxieties and uncertainties that their combined influence has temporarily restrained the courage and initiative of that large part of j our entire population, who are the real consumers of industrial products. and who always have worked and served to the best of their ability. Too Much Reform "After eighteen months of struggle to get out of depression it is clear that we have had too much of attempted reform in advance of recovery. We have taken our patient from the hospital and have given him exercise in excess of his returning strength. "As far as commerce and industry j are roncemed. it has not been a question of courage or of vision, it i has been a matter of common caution. A ship can make no speed in a fog. "When the sound and substantial j citizenship of the nation comes to feel that we are past the period of incrimination and reincrimination and attack as to the soundness and righteousness of their motives: when they come to feel that their business enterprises, large and small, are to again have a chance to profit as they serve; that their government's policies on finance and on monopoly, discovered or attempted, in either labor or busmes. are consistent with the best traditions of our history; when these things are an accomplished fact they will promptly begin anew era of planning of consuming and of buying that will set the wheels of commerce and industry in motion and take the problem of unemployment off the hands of their government. Initiative Dormant • If we are to go ahead again as we always have and as our business organizations of all kinds are so ready and anxious to do, our government must join us in recognizing that no organized or unorganized croup holds all of their evil or of good; that each and every group have their proportion of wrongdoers, which is usually small, and that every one of them have a preponder - ous of the constructive and the good. ' We must desist in the defamation of the character, purpose and ability of large groups of our citizens where onlv a few are guilty; we must denounce wrongdoing, chiseling and chicanery whenever and wherever found.” ADVERTISING IS URGED Million Dollar Program Planned to Aid Investors. Ky Times special CHICAGO. Nov. 17—The National Association of Securities Commissioners today recommended a million dollar advertising program ;o aid the American investing public in making the proper selection of securities, it was reported. A three-day session of the association ended with the adoption of a resolution calling for the creation of a clearing house in Washington to be set up by the federal securities commission to co-operate with state securities commissioners. BRITISH TRADE HIGHER

Both Imports and Exports Register Increase in October. By Timrn sprcinl LONDON. Nov. 17 —lmports into Great Britain during October amounted to $344,967,945. an increase of *36.139 875 over the corresponding month last year, the Board of Trade disclosed today. Exports gamed $13,087,795 over a vear ago to $183,742,725. Imports in October were the highest since Ferbuary. 1932. and exports were the best since Januaiy, 1931. HEAVY BUILDING GAINS k y r, mrt Sprriat CHICAGO. Nov. 17—Contract awards of heavy engineering construction during the current week amounted to *21.343 000. a slight increase over the preceding week, according to the Engineering NewsRecord. SOFT COAL OUTPUT UP By Timrt Bprcitl CHICAGO. Nov. 17.—Total production of bituminous coal in the United States durmg the week ended Nov. 10. amounted to 7275.000 tons, as compared writh 7.210 000 in the same week of 1933. the National Coal Association reported.

Abreast of The Times on Finance

Lasting Peace in Automotive Trade Rests on Study of Labor Problems

Extension of Code Held Truce and Not Permanent Accord. BY WILLIS THORNTON ,NE.I Strtiti Staff Writrr DETROIT, Nov. 17. —Extension of the automobile code for ninety days—until Feb. I—is a truce, not a permanent peace. The fate of the huge auto industry, main prop of such recovery as has been achieved to date, will rest then on what ideas for stabilizing and improving it can be worked out before that time by a detailed study of its problems. Foremast in urging such a study is Frances James Dillon, recentlyappointed American Federation of Labor organizer in Detroit, who believes a study comparable to that made in the textile industry is necessary. Such phases of the industry as the thirty-hour week, the replacing of men by women workers, abolition of the merit clause, the speedup and the timing of operations, an annual wage, and a statutory board for the industry instead of the present idential board, are among the things Mr. Dillon believes must be exhaustively considered. Is “Head Man” Mr. Dillon, who replaced William Collins as the No. 1 A. F. of L. man in Detroit when the latter was shifted to the New York office, is the organizer who at Flint produced a solid front of 30,000 members in that city when a strike threatened last spiing. Dillon is “head man”; of the 163 A. F. of L. .federal auto unions in seventeen states. Mr. Dillon, who believes labor

SHIPMENTS OF PRODUCE HOLD Volume Near 2,500 Carloads Per Week Day, Report Says. Bn Times Special WASHINGTON, Nov. 17.—Fruit and vegetable shipments continue in steady volume, near 2.500 carloads per week day, the department of agriculture declared today in its weekly resume of midwest produce markets. The decrease of about 6 per cent compared with a year ago, it is stated, is mainly in grape 5, apples and potatoes, more than offsetting current activity in cabbage, celery, lettuce and citrus fruits. "The price trend,” the report said, “is rather firm, including further small gains on potatoes and onions, a slightly better tone in the Gabbage market, continued high price on southern beans and western peas and irregular scattering advances in the apple market. Celery holds the recent price upswing. Sweet potatoes, carrots and lettuce show little change in market value. “TradJ is reported fairly active in midwestern markets. Supplies of homegrown produce have decreased sharply in Ohio markets. Motor truck receipts of apples and lettuce at Kansas City upset the local market for these lines. “A rather firm tone prevailed in the potato market in mid-No-vember. Small price gams wpre report! and from northern Maine and the upper Lakes region and steady conditions in other producing sections and in most city markets.” WHITNEY WILL SPEAK New York Exchange Head to Talk at Dinner-Meeting Monday. By / imi * Spt rial CHICAGO. Nov. 17. Richard Whitney, president of the New York Stock Exchange, will speak before the Chicago Association of Stock Exchanges Monday evening. Mr. Whitney will address the annual dinner-meeting at the Palmer House, according to Thaddeus R. Benson, chairman of the associai tion.

RISE IN CRUDE PRICES SPURS RECLAIMED RUBBER USE l ltO T-g/ J- H s,\J f ”11 k ! I | I i /A < h I • Hl| \ I 1 , l\ W ! ! ml\ ipi\qouctioni: | .f m ■ ri —; : 1 iff: i !Vj Ii Ai k * w V . ; i j i L\ j f I W I | 'll ‘ j 'ii !! ! i " u 1916 1917 1918 1919 1930 1931 1931 1933 1934

The rubber restriction plan, which caused an artificial nse in crude rubber prices, greatly stimulated the use of reclaimed rubber during 1933. Another factor causing the use of reclaimed rubber was the expending uses of the product. For example, approximately as much rubber was used in other parts of the 1934 automobiles as was used In tires and

INDIANAPOLIS, SATURDAY,, NOVEMBER 17, 1934

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Franis James Dillon ‘deserves a lot of credit” for its conciliatory attitude when it called off a projected strike last spring, refused to estimate the number of paid-up members of his auto workers’ unions, but claims there are 250,000 men who have indicated that they would be paying dues if they had anything to pay them with. Extension of the present auto code without modification is looked upon by the organized auto workers as a minor set-back, especially as it puts off any day of reckoning until after the tool and die-making season for the new models. But the new expiration date, Feb. 1, is right in the midst of the spring produc-

Stock Studies

CHRYSLER CORP. * CQMMOW STOCK >2S( CARNINGS PRICE AM*C ys® 3 'TT"|||!' e 0 “flit: ’ —ltn rfrij-' 80 WINCHESTER INSTITUTE of FINANCE The Chrysler Corporation is one of our three largest producers of j automobiles and trucks. Its leadng makes of passenger cars are the Chrysler, Dodge and Plymouth, while its subsidiaries manufacture commercial cars and trucks and a wide range of automobile parts and supplies. In the first nine months of this year unit sales were 523,283 compared with 387,000 units sold in the first nine months of 1933. The company’s exports this year have increased 121 per cent and represent 22 per cent of the total exports of the member companies of the Automobile Manufacturers’ Association. Chrysler's principal activity is centered around Detroit. FINANCIAL DATA lAs of Sept. 30, 1934) Capital stock ($5 par) shares 4,345,788 Funded debt $30,150,500 Surpluses 64,375,722 Cash and securities 50,718,685 Inventories 26,173,780 Total current assets 85,744,553 Current liabilities 31,652,343 In the three months ended Sept. 30, funded debt was decreased by $10,000,000. Cash and securities were nearly $2,000,000 larger, inventories decreased over $9,000,000, while net working capital dropped $7,800,000. Surpluses declined over $500,000. On Sept. 30 last the current ratio was 2.7 to 1 while the book value of the common stock was $21.19, exactly the same as three months earlier. Chrysler’s earnings picked up last year when $2.78 was earned on the common stock, while $2.17 was earned in the first nine months of this year. Chrysler has been liberal with dividends drawing on surplus in 1930, 1931 and 1932. The present annual rate is sl, while a cash extra of 25 cents was paid this year. Chrysler was incorporated in 1925 in Delaware. The stock is listed on the New York, Detroit and Los Angeles Stock Exchanges. iAll rights reserved. Winchester Institute nf Finance Winchester. Mass.)

tubes. Since the early part of 1934, rubber consumption has declined, due to the decrease in activity of rubber-consuming industries. The present high level of inventories of reclaimed rubber is likely to necessitate lower production schedules of reclaimed rubber during the next few months. The current weakness in crude rubber prices also may adversely affect the use of reclaimed rubber., _

Survey Similar to That Made of Textiles Advocated. tion season, and just the time for a strike if the studies and hearings on problems of the industry do not open up direct hop! of changes favorable to labor after Feb. 1. The struggle to unionize the auto industry has been sharpened by pointed efforts of Alfred P. Sloan Jr., president of General Motors, to encourage anew employe representation or company union plan in the G. M. plants. The unions have flooded the town with literature in a counter-barrage, and redoubled their own organizing efforts. Organized dissatisfaction with the present code as extended will continue to grow unless studies during the critical coming three months open the way to change after that time. “Every man. woman and child who has lifted his voice in favor of the union is out walking the street,” declares Dillon. “That was the very thing we were told the President would protect us from when we agreed to a truce last spring. It hasn't come. Still Has Hope “We haven't given up hope yet, but we are going to expect that the problems of the industry will be tackled in a serious way this winter, or else we can’t answer for what will happen in the spring.” Thus America's bell-wether industry, with fairer prospects than most for bigger and better things in 1935, is given three months to diagnose itself and have a prescription ready for taking when the extended code expires Feb. 1.

BUILDING RISES OVER YEAR AGO Additions, Alterations Up 42 Per Cent over - 1933 During October. By Times Special WASHINGTON, Nov. 17.—Additions, alterations and repairs to all kinds of property showed a gain of 42 per cent in dollar volume in October over the comparative month last year, the federal housing administration disclosed today. Figures are based on building permits issued in 498 leading cities of the country and reported to the bureau of labor statistics. In these cities the total of permits for all types of modernization work issued in October amounted to $10,522,620, compared with $7,439,710 last October. The gain in new construction over the same period and in the same cities was 13 per cent. One of the most interesting features of the report was the volume installations, which also are financed by modernization loans, in cities which report this activity. Cincinnati, 0., for example, reported only $116,020 in alterations and repairs, and $201,010 in installations. Columbus, 0., showed $24,400 in alterations and repairs and $93,090 in installations. In Stamford, Conn., alterations and repairs amounted to $18,105 while installations were made at the rate of $18,205. Some of last month’s most striking gains in additions, alterations and repairs were made by the following cities: City. 1934 1933 Cleveland. O $330,200 $84,635 Jacksonville, Fla 102.708 45,000 Battle Creek, Mich 176,712 2,200 Tucson, AriZ 37,966 17,242 Salem, Ore 23.028 10.164 Evansville. Ind 110,010 20,598 Cedar Rapids, la 74,523 20.188 Monroe. La 19.90 Q No Report New Haven. Conn 34,430 9,230 Savannah. Ga 39.633 3,536 Portland, Me 27,260 6.930 Wichita. Kan 20,051 11.415 St. Louis. Mo 138.693 66,318 Houston, Tex 123:780 19.480 Jackson. Miss 129,316 12,345 NORTHWEST TRADE OFF By Times Special MINNEAPOLIS. Nov. 17.—Retail trade in the Ninth federal reserve district declined from September, but was substantially higher than that of the same period a year ago, the Minneapolis Federal Reserve bank said today.

HUGE PROGRAM BY ELECTRICAL TRADE PUSHED Publication Urges 2-Year Home Electrification . Drive Be Started. Bjl Times Special NEW YORK* Nov. 17.—Stating it is up to the electrical industry to take advantage of the changed outlook in Washington whereby the President has invited business to step forward, inspired by the profit movie, and do the work required to bring full recovery. Electrical World in its leading editorial or its midNovember issue, calls for a twoyear home elctrification program to be carried on under national leadership throughout the country. Citing Henry Ford's commitment to "a recovery business venture of major magnitude,” the editorial declares; “The electrical industry has a large opportunity and even more necessity to go to work for recovery. It has the organization, the money, the man-power and the products and services that can be sold. Each branch of the industry is a well-knit ond harmonious unit. Leadership as Needed “The public and industry are receptive to the idea of American electrification. All that is needed is leadership and a plan that will focus the industry as a unit upon a large sales promotion and marketing program. “For example,” the editorial continues, ‘t‘he American home is the center of interest and attention. The administration and the electrical industry are promoting home electrification, which is ssential to more comfortable and convenient living. Why not organize a twoyear drive to electrify the 19.000,000 homes now served? Whrat greater market can be visualized? “Business salvation for all branches rests in doing this task rapidly and in volume, instead of maintaining the present spot market approach with single product selling. Has Missed Opportunity “The public is ready to accept the home elctrifica'tion idea. It ties into the federal housing program and the home loan program. It lies back of the TVA and other government projects. National promotion of the idea already is ressponsible for large increases in appliance sales. But the electrical industry has not grasped this opportunity in an organized way. It has capitalized upon this promotion in village trickles instead of national surges. “There now exists a golden oppotunity to electrify American homes,” the editorial concludes, “which the electrical industry should seize, and thus lead the way to revovery.”

Local Livestock

(Reprinted from yesterday) HOGS Nov .. „ Bulk Top Receipts 10. $5.30(7® 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® 3.45 5.90 7,000 15. 5.25® 5.55 6 00 7 500 16. 5.30® 5.60 6.00 5,000 (140-160) Good and choice $4 60® 5.25 (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® 590 (220-250) Good and choice ... 5.90® 6 10 (250-300) Good and choice 5.65® 6.00 (275-300) Good 5.65® 5.85 Packing sows: (275-350) Good 5 25® 550 (350-4251 Good 5.10® 5.35 (450-550) Medium 5.00® 5.25 (275-550) Medium 4.75® 5.10 (100-130) Slaughter pigs stood' 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® 8 00 Common 2.50® 4.00 1900-1.100) Choice 7.50® 3.50 Good 6.00® 7.75 Medium 4.25® 6.00 Common 3.00® 4.25 (1,100-1,300) Choice 8.25® 9.25 Good 6.25® 8 50 Medium 4 25® 6.25 (1.300-1,5001 Choice 8.50® 9.50 Good 6.50® 8.50 —Heifers—-(sso-750) Choice 6.75® 825 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 VEALEKB —Receipts. 500— Good and choice $6 00® 650 Medium 3.50® 6.00 Cull and common 2.00® 3 50 —Calves—-(2so-5001 Good and choice 4.75® e.so Common and medium 2.50® 4.75 ✓—Feeder and Stocker Cattle——Steers— - (500-8001 Good and choice 4 00® 3.25 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 3.00® 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-150) Good and choice 2.00® 2.50 41! weights. common and medium 1.50® 2.25

Chicago Grain Futures

(Reprinted from yesterday) WHEAT— Prev. Open. High. Low. Close, close. Dec. (old) loo’a inis 100'j 1.00’ 3 ioiv* Dec. inewi 100’, 1 01’ 2 100', I.oo’a 101 Mav 99 3 1 00'a .99'* .99' J l.O0 3 . Julv 94*. .95'* .93 N J4li .95 U CORN— Dec. fold! .82.84’j .82'!, ,83 7 . .82> 2 Dec. inew) .82’* 84H .82'. 83 7 .82' 2 Mav ..... 83 s . ,84 7 . .83*. .84 .83 7 , Jluv 83’. .83 7 .82*4 .83 .83U OATS— Dec. lold> .52’, 52 7 ,52’. ,52 7 . .52U Dec. (new) .52*. .53 52‘. .52*. 52S Mar 50 = 4 50*i .50 ,50 ! . 50>. Julv 48 3 .45’. .48’ 2 .48*. .46*4 RVE— Dec. (Old) .70'2 .71*. ,70'j .71*4 .71*4 Dec mewi 71*. .71*. .71*. .I\\ .71*. Mav ... .73 3 .75 .73*4 74*. .75', Julv ... .75 .75*4 .75 .75** .76H BARLEY— Mav 74 .74 .74 .74 ,74’ a Dec 77 .77 .77 .77 .77' a LARD— Nov 10 35 10 33 10 35 10 35 10 32 Dee 10 40 10 42 10 37 10 43 10 40 Jan 10 50 10 52 10 50 10 52 10 52 Mav .... 10.90 10.92 10 87 10.92 10.90 BELLIES— Dee 14.20 14.20 14 20 14 20 14 20 Jan. 4... IUO 14.20 14.1* 14.15 14.25

SPEAKS ON HOMES

fr- • Y | * ‘ He s£i

Fred Hoke The progress of the government's home renovating campaign was described by Fred Hoke, federal housing chirf here, in and address beforo the Exchange Club yesterday.

Wall Street BY RALPH HENDERSHOT Times Special Writer NEW YORK, Nov. 17—Wall Street declined to take very seriously Harild L. Ickes’ threat of government seizure of the oil industry. Most people in the financial district looked upon the statements in his Dallas (Tex.) speech as those of a man who was slipping and who was making a desperate effort to build himself back up to his former

position through bluster and abuse. Mr. Ickes, who is secretary of the interior and also oil code administrator, apparently, like General Hugh S. Johnson, has more work thrust upon him than he can perform. Ever since the secretary took over the job of oil ad-ministrator-he has

been trying to rejuvenate the industry by limiting production through the establishment of production allowables for the various states. Several of the independent producers have refused to abide by his edicts, however, bectuse they maintain he had no authority for making them and because they contend they gave the larger companies an unfair advantage in the trade. The oil produced above the allowables He has termed “hot oil,” and he has expressed his views of those who pump it in no uncertain terms. In his Dallas address he referred to them as a “contemptible and law-less minority,” as “incapable even of ordinarily decent behavior,” as ‘‘stealing their neighbors’ oil,” as “those who have been engaged in the crooked business of dealing in hot oil” and as being “engaged in this rotten hot oil game.” nun MR. ICKES took occasion also to cast reflection on the state of Texas, where, he claimed, most of the trouble with “hot oil” producers exists. In one part of his address he referred to it as “the land of alibis.” In another he termed it “his empire which calls itself a state.” From there he went into the subject of filling stations, which he called on one occasion “greasing palaces” an don another “lubrication emporiums.” At the rate filling stations are being built,” he said, “it might be well to adopt the necropolis type of architecture in anticipation of the day, shortly to come, when groups of filling stations will be in very truth cities of the dead.” For several months after Secretary Ickes became administrator the larger companies worked along with him. They thought, evidently, that he would be able to control the situation. But when the last congress refused to give him the power he demanded, deciding, rather, to conduct an investigation of its own, and when, more recently, the government declined to go through with a case in the United States supreme court which would test his .authority. they withdrew their support, and, according to latest reports, are demading interstate compacts. nun LACKING the support now of al- • most the entire industry, the administration is in a rather tough spot. He would welcome, no doubt, a chance to retire from the situation. for it has involved a great deal of work, an overflowing measure of grief, plenty of abuse and but little or not credit. But if he did abandon the fight at this time he would be regarded as a failure, in all probability. He has demonstrated that he is a warrior of no mean ability, but yesterday's speech, many people feel, indicated that he has begun to crack under the strain. FHA MAPS CAMPAIGN 4 Seeks to Eliminate Present Evils in Home Mortgage Field. By L'nitrii Bret* WASHINGTON, Nov. 17.—Before pressing its new homes campaign, the Federal Housing Administration will drive to eliminate present evils in the home mortgage field, reestablish stability of real estate and mortgage investments, organize national mortgage associations, and establish a nation-wide mortgage market, it was learned today. FHA officials based their decision on the opinion that these purposes are more emergency in character.

Retail Coal Prices

The following prices represent quotations txom ead’.ns Indianapolis coal dealers. A 25-cent carrying charge per ton will be added. DOMESTIC RETAIL PRICES Anthracite lls.oo Brazil Lump 804 Brazil Mine Run 5.25 Coke. Nut Size 8.90 Coke. Egg Size 890 Indiana Forced Lump No. 4 5 94 Indiana Forked Lump No. 6 5.84 Indiana Egg 5.71 Kentucky Lump Croup "B" 7.18 Pocahontas Lump 5.32 Pocahontas Egg 8 42 Pocahontas Min# Run .............. 7.57

News and Views in the Business World

TREASURY POST HELD FOR TEAR BY MORGENTHAU Many Improvements Made in Financial Affairs During Tenure. B'J 7 n Ued Teres WASHINGTON. Nov. 17.—Sweeping improvement in the nation's financial affairs was seen by administration officials today as Henry Morgenthau Jr. rounded out his first year as secretary of the treasury. The gloom that hung over the treasury a year ago when President Roosevelt shifted Mr. Morgenthau from the farm credit administration was gone. In its place officials counted a half dozen real achievements in handling the nation's finances. Keenly aware of his increasing responsibilities as financier of the government's recovery program. Secretary Morgenthau and his family departed for a week at Sea Island. Ga., there he will plan toward the administration's latest problems—taxation and balancing of the budget. Knowledge Is Widened One year in office in a most difficult financial period has left no visible mark on the youthful secretary. His hair is a little grayer and the lines in his face are deeper but he has maintained his robust health. Frequent contact with business and banking leaders has widened his knowledge of finance. His known administrative ability has knit the treasury department into an efficient unit. There are no longer cries from banking leaders against his lack of financial training. Mr. Morgenthau was named acting secretary of treasury Nov. 16, 1933. On Jan. 1 he was promoted to secretary. Hus first move was to steady the government bond market. Then began a program of building up confidence among investors by assurances of “sound” money. Devalued Dollar Devaluation of the dollar to 59.06 per cent of its former gold, value came in Fqjpruary and establishment of tha dollar on an international gold bullion standard. Shortly, congress directed Mr. Morgenthau to purchase up to 1,300,000.000 ounces of silver in a price raising scheme. He raised $3,500,000,000 in new funds to carry out the recovery program, despite a rise in the debt to a record peak. Borrowings are costing the government only 3.039 per cent now compared with 3.310 per cent a year ago. RAIL LOADINGS SLUMP 17,525 CARS FOR WEEK Total, However, Is 11,859 Cars Above Same 1933 Period. Association of American Railroads announced today that carloadings |of revenue freight for the week ended Nov. 10 totaled 594,932, a .decrease of 17,525 cars from the preceding week, but 11,859 cars above the correspc i ding week in 1933. Miscellaneous fro ght loadings for the week totaled 824.201, a decrease of 10,817 cars befow t’ e previous week, but 18,120 above the corresponding week last year. Loadings of merchandise less than coarload lot freight totaled 160,588 cars, 1,949 below the preceeding week and 5,515 below 1933, RAIL REVENUES GAIN Operating Income of Milwaukee Road Expected Lower. B)/ Times Special CHICAGO. Nov. 17. Gross revenues of the Milwaukee railroad during October will show a slight increase, compared with the $8,193,415 for the same month last year, according to H. A. Scandrett, president of the Chicago, Milwaukee, St. Paul <fc Pacific Company. Net operating income of the company, however, will run slightly under the $1,233,033 figure for October last year, due mostly to increased expenses, it was reported. HOLLAND GOLD LOWER By Times Special AMSTERDAM, Nov. 17.—Reflecting shipments to America, gold reserves of the Bank of Netherlands declined 1,600,000 guilders to 880,900,000 guilders during the past week, according to the condition statement issued today.

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