Indianapolis Times, Volume 46, Number 164, Indianapolis, Marion County, 19 November 1934 — Page 11

T rends Municipal Direction of Public Utility Advanced Here. By VINCENT S. LYONS lime. financial Lditor

Mayor-elect john w. , KERN S visit last work to Washington to discuss, among other matters, the proposal to have the rlty take over the properties o[ th* Citizens Gas Company is one more evidence of the national trend toward municipal ownership of public utility properties. him a beac f : Uw Tennessee valley authority project stands out in the progress made a,ong theje lines. The sharp slashes which have been made in utility rate in that area since the entrance of the government upon the scene undoubtedly has furthered th* agitation for the extension of the program to other mumcipaiit;e' throughout the country. The city of Indianapolis Is cne a’ep ahead of many other communities, for when the franchise was granted to the Citizens Gas Company a clause was interpolated In the contract, known as the charitable trust agreement, which permits the city to assume title to the company's property by giving |o stockholders of the private enterprise the price paid for their stock, plus accrued dividends. B B B IS other municipalities scattered . throughout the country no such clauses or agreements are in existence with the result that when city authorities contemplate entering the public utility business, the final t ay rests with the electorate. The voters ran decide whether they want municipal ownership or private ownership of public utilities. In the recent election several such projects in widely scattered legions of the nation were put in the hands of the people. Memphis, Tcnn.. overwhelmingly decided to issue bonds for the erection of a municipal distribution plant. Vancouver. Wash , frowned on a similar plan. Sacramento <Cal.) voters approved a $12,000,000 bond scheme to erect a power plant to compete with a private company. Et. Cloud, Minn., and Crcston, la., voted against municipal purchase of a power plant and waterworks, respectively. Indianapolis’ impediment to municipal ownership of public utility services has been financing. The contract between the city and the Citizens Gas Company provided the handy vehicle with which the rommunitv could enter the business. Jnit the manner in which the transfer could be completed was the barrier.

RECENT conferences of Mavor Sullivan and county commLsloners wi*h the Users Gas Company on the latter's petition for an exclusive pas franchise have been someuhat productive. The mayor, alonp with other city officers, invited the company to submit a proposal for financing the city’s acquisition of the Citizens Gas Company. This invitation was extended after the attorney for the Users Gas Company declared that his company was willing to finance the transaction. Incidentally, Mayor Sullivan presented some strong arguments against granting a franchise to the new enterprise. If the county commissioners act favorably on the petition, both the city and Marion county will forfeit valuable rights and enable a private company to reap the benefits, he said. Pointing out that it is his understanding that the city, when, as and if it takes over the Citizens Gas Company, will have the ncht to serve gas to residents of the county within a five-mile radius of the city limits. Mayor Sullivan declares that this privileges would be abrogated if the county commissioners were to grant the new franchise. ana J FURTHERMORE. the mayor avers that if the Users company were to obtain the franchise. Indianapolis would have to purchase its natural gas from that company, no matter whether its price was cheapest or not and the citizens would have to pay the added cost. Taking a long-term outlook. Mr. Sullivan further contends that in the c\cnt the city should extend l*s limits a conflict would ensue as two utilities would be serving gas withm the city limits—a private corporation and a publicly owned Utility. It seems that in view of the fact that Indianapolis is giving serious thought to the idea of municipal ownership of a public utility, the entire scheme can not be placed in jeopardy at the outset by calmly pushing aside the mayor's set of logical objections. Hearings on the pron\sal will be resumed Dec. 7.

On Commission Row

4 joU’iob* hc’.ow are average wholesale pr ces t>e:ng otTered to buyer* bv local ccmmiss on dealer*. Mil ITS—Cranherr’es. Cape Cod. earl* F ;vib bo* $3 7' Wisconsin Artie - * 25-. o box. *4 Grape*. Cahforr.ia Emperor* 27-lb no*. *2 la Persimmon*. Indiana II r'• Mr Aacalc>s. box. *1 IS 4 r.-rj f..-• el $3 Bar,ana* round 'c. Aip'.e*. rr.a.drn blush. 11.50. Indiana Jonathans I! I' gr.r-es golden. *135j!75. Metor* California bonev dew* $7 75. Lemorv sunk-*' 3Os $5 5P red ball. is Grapefruit Honda 70s-*r<. *: y* t.mes per oartor. ll* 2V seedless per - . icrec. 13 S’:a berries II bo* cra’e II IS ;2 so California rhubarb. $1 50 a bax Pineapples crate. SSMu. \ EOTTAHLtS—Cabbage. Northern Dan!*h 50- h bac Ssc red pound. 3c. Ciders Idaho eet Spanish, large 50-lb . 11 a-’ Michigan veLew md 10-lb bac - 50-lb bac *1 65 Michigan ve >■ lll*' Potatoes Greer. Mountains '.!V-:b bag. *! *5 northern round white IP lb bac ss< Ohio 100-lb bag l es Idaho R .saets 100-. b. bac *7 Seet r-a’oe Indiana .’ersevs. bushel. 1165. Tennessee Nancy Ha..s bushel *1 0 Bears r-und .-fring es* hamper. 12 *0 Bee:* T*a* J dor crate tl 50 Carrots, home-grr. doren 35c Caul.flower. crate. *' S Olers Michigan, medium down 'Ac ’utr.be deter. 75c hearts bunch ! C.turner - hothouse dcrer.. $175 End.se. e--er v * Fee plan’ coier. $! 50 Sale, home-groan rushes. SOt Lettuce not-h'-se. 15-lb basks 0c Mangos, Florida, crate $3 s Mint bur.ch. iSc Parsley, doren 35c Peas Hamper $3 25 :4 Spinach hctr.e-groan b-'*d.eaf bushel, eftc Rad -f.es. doren. 50c Tomatoes, hothouse g-lb basset. $1 25 Turnips, homegrear. doren 25c. Pumpkins, down. *1 25

Retail Coal Prices

Tfc* fe>i.o*:ng pr'.e** rez>re#cct cuotmon# >C;r. Ind rpo.: CM, d**.crs A JS amin* chart* pr ton mill oc imd. POMI s lIC HI I AIL PRICES AnUtrscu* til oc BrazU Lump ....a.... (St Bratii M:n* Run S.2S Cot*. Nut 8:u IK Cok* Egg S.*e •9i 1.-citr.a Forced Lump No 4 594 Indiana Perked Lump No. 4 ........ &*4 Indiana Egg 571 Ke&tucae Lump Group "B" ”11 Pocahoctaa Lump •S3 Pocafcoetat Iff *43 Fccabocta* M.n* Run V 47

AMERICAN TEL RALLY ARRESTS DIP IN MARKET Leading Utility Advances More Than 2 Points, Aiding Others. !By f 4 f*rraa * NEW YORK. Nov. 19 —A rally in American Telephone and Telegraph capital stock arrested another decline on the stock market today. Prices rose in the industrial and railroad sections and a mild re- * covery occurred in the utilities which had been driven to new lows at the | opening. i Short coverings caused American Telephone to rise from its opening of lor. to 103®. up 2’ points net. It fell off a point from the high, i but pressure was absent. Wall . Street is not as sure as the President of the company that investigation by the federal communicai non - commission can be igonred and ■ome commentators anticipate further declines. Nearly all utilities touched new lows at the outset, following a state- ! ment bv President Roosevelt that ■ the trend of uilities was toward municipal operation. A steadier,, tone was noted in the group after the other sections of the market advanced. Demand centered on merchandising shares and some of it spread to j automobile issues, automobile equipments. aviation shares and steels. United States Steel rose nearly a point and others fractions to more than a point on outlook for better demand. Rail shares firmed to gains ranging to more than a point. Building issues were better. Loew’s responded to a favorable earnings report to head a rise in the amusements. Allied Chemical gained 2 j points in its section.

Treasury Statement

(Bv United Press! WASHINGTON. Nov. 19 —Government expenses and receipts for the current fl'-ral v"ar to Nov 16 compared with the roriespondine period of the previous fiscal vear: This vear. Last vear Expenses. $2 6.3’,074.257 79 $1 634 120.091 56 Rrr. ipts . 1 380 177.512 21 1.082.139.5’.6 90 Deficit . 1 250 896.745 58 611 980.574 66 C* h ba! - 1.673.757 395.93

EASIER CABLES PUT WHEAT VALUES OFF Corn, However, Leads Upturn in Other Grains. B’l I nit ft Prmt CHICAGO. Nov. 19. Slightly easier cables brought lower wheat prices on the Board of Trade today, while com led an upturn in other grains. At the start wheat was unchanged to up \' A , and rye was up '% to l-}* cents. Week-end weather reports indicated ram over part of Kansas, buc generally the rest of the winter wheat belt remained dry and badly in need of precipitation. <Bv James E Bennett & Cos i 1100 Prev. WHEAT— High. Low. A M close. Dec 1 OF. 100', I.ol'a 101 Mar I.OO’, .99'a 99 7 , .99'a Julv 94'a .93 s , ,93 7 a ,93’ CORN— Dec 85 84', .84 7 x .84’, Mav 85 s , 84’, .85'* ,83 5 Julv 84 . 83', .83’* .83', OATS— Pec 53 ’, .53 .53', .53 Mav 50’, 50' a 50', SO 1 , Julv 46 . .46'. .46', .46'. RYE—rvc 73'. .73', .73' 2 ,72’i Mav 77’ .76’* .76’, ,75 7 July 77’, .77 .77'. ,76 s . LOCAL CASH MARKET Citv crain elevators are pavinc 91 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 veliow 74 cents, and oats 43 cents

Produce Markets

Drluered in Indianapolis prices: Heavy hens. 11c; Leghorn her.s. 7c; colored spr.ng*r. 12c: old roosters. 6c ducks. 7c: cecs*. Sc; young guineas. 20c old guineas. 15c Turkevs—No. 1 voting hens 8 lbs. and over 15c voting :emv 14 lbs. and over. 15c: voting toms. 11-14 lbs . 13c; No. 2. crooked breasts and thin turkevs. 9c; - :.\ No. l strictly fresh tntry in re.-'. 1098 off. 26c. Each full case must e:gh 55 lbs. gross: a deduction of 10c a pound for each pound under 55 lbs will be made. Butter No. 1. 30 :31c But'erfat—26c. Quoted by the Wad!** Company. LIVESTOCK SLAUGHTER SETS PEAK IN OCTOBER Estimated to Have Totaled More Than $110,000,000. The October slaughter of livestock this year was estimated to value in excess of $110,000,000. including government owned cows killed for the needy, according to a compilation made today. This is an. increase of about 50 per cent over the October valuations last year, and the highest in recent years for this season. Increases in numbers of animals handled, as well as the higher prices paid by packers for slaughter stock, contributed to the tremendous increase in payments tc farmers during the month. Since Jan. 1, it is estimated that' packers under federal inspection have slaughtered animals valued at more than S9OO 000.000. a gain of about $150,000,000 over the same period in 1933. INSI'RANCE SALE SPIRT Bu Time# Special PHILADELPHIA. Nov. 19 —Life insurance sales of the Perm Mutual Life Insurance Company in October were 4 per cent in excess of those in October of last year. William A. Law. president of the company, announced today. ESTBERG IS RE-ELECTED By Timet Special CHICAGO. Nov. 19.—The Federal Reserve bank has re-elected Edward R. Estberg. president of the Wakesha National bank. Waukesha. Wis. a class A director, and Standford T. Crapo. an executive of tfw? Portland Cement Company, a cares B director, u was reported today.

Abreast of The Times on Finance

New York Stocks

lißv Thomson & McKlnr''-' 11 00 A M Prev. Oil.— High. Lew, N Y. close. Atl P.fg 25". 25 7 . 2S 7 . 2S 7 . Rarnsdall 6' 2 6’ 2 *' Consol O:! B'. '♦ *'• B'. Con. cf Del .. I*' 18’. 18', i8 ; , Houston new-) . 2', 2’, 2’, 2 , i Ohio Oil 10‘ 2 tO*2 tO*2 10 Phillips Pst 1® 15’ 15 7 15', Plymouth Oil .. S’, ’2 9', 94 Pure Oil .... "’i 7'* 7:, 7'. Seaboard Oil ... 27 27 27 26', Shell Un . . 6'i 6’, 6’, ■'• So. Vac 14'a 14', 14> 2 14', S O of Ca! 33 33 33 33 S O of Ind .. 24 7 24 7 a 24 7 , 25 SOof N J 42 7 , 42', 42', 42‘. Texas Corp 21’, 21', 21’, 21’, Tidewater Assn .9 9 9 9', Ur. Oil of Cal 15', 15’, 15', 16’, Steel,— Am Roll Mills 19', 18’, 19 18‘, Be h Steel 29', 28’, 29 28', Bvers AM 18', 18_ 18 1 a 17 7 , Co' Pu*l At Iron 4 7 4 7 4 7 4'j Cruc Steel 23 23 23 22'2 Inland S’cel . 43 1 , 43', 43 7 , 42 1 , Lualum Steel 14 34 14 14' 2 Qlati Steel 41 ’2 41 41> 2 40', Rep Iron A- Steel 13’, 13', 13*, 12’, Rep Ir ASt pfd 3V. 39'.337,9 7 , 38‘ 2 U S Pipe A Fdv 21', 21', 21 1 2 21 U S S’eel . .33 7 ,33 7 , 35', 35 U S Steel pfd . 79 77’, 78 1 2 78', Warren Bros 6 7 , 6’, 6 7 , 8 Youngs *n SAT 19 18'. 18'a 18’, Motor*— Chrysler 37 36 36 s ii 36 Oen Motors .. 31'a 30 I ', 31 1 a335,0 5 , Graham Mot ... 2’ 2 2’ 2 2' 2 2', Hudson 10', 9 7 a 10', 9 5 , Hupp 3 Mack Truck .•• 26', 28’, 26’, 28’, Nash IS’, 15', 15’, 15'. Packard 4', 4', 4', 4', Reo 2' 2 2' 2 2' 2 2' 2 Studebaker 2', 2 2', 2', Motor Arress— Benriix . IS', 15', 15’, Warner 28', 27', 28', 28 Briggs 23', 22', 23 22', Rudd Mfg B', s’ 8 6 Budd Wheel ... 33 33 Eaton Mfe ■ 17 1 2 17’, 17', 17', Elec Auto Lite 27', 28' 2 26', 28', Elec Stor Bat . 45 44 7 44 7 , 44 7 , Houdaille A .. 6', 6', 6', 6', Murray Body .. S 7 , 6 3 , 6 7 , 6', Stew Warner . . 8 1 , 8 B', 8 Timken Roll ... 34', 34 34', 34', Mining— Alaska Jun 17’i 17 17', 17 Am Metals 14', 14’i 14', 14', Am Smelt 36 35', 35', 36', Anaconda 10 7 , 10 7 , 10', 10', Cerro De Pasco 38'2 38' 2 38 1 2 38', Dome Mines . . 37', 37’, 37', 37', Granby ..... 6', 6 6', s', Gt Nor Ore IP, IP, IP, 11'2 Int Nickel 23'. 23', 23', 23', Kcnnecott Cop 16 7 , 16', 16 7 , 16> 2 McTntvre Mine 41*2 41' 4P, 42 Park Utah 3', 3', 3', 3', Noranda Cop ... 33', 33 33', 33', St Joe Lead . . . 15 7 , 15 7 , 15 7 , 15', U S Smelters 117', 117', 117', 116', Amusements— Fox Theat .. . 13’, 13', 13', 13', Loewsllnc 37,3 7 , 33 33', 32', Radio Corp 6 5 7 , 5 7 , s*a Paramount 4', 3 7 , 4 4 Warner Bros 5 4 7 , 5 4 7 , Tobarcos— Am Sum Tob . 22 7 , 22>a 22 1 2 22 s , Am Tob A 81 1 2 81 1 2 81' 2 81' 2 Am Tob B 84', 83’, 84', 84 Liee A Mvers B lOS'2 106' 2 106 1 2 107 Lorillard P, 18' 2 18 s , 18’, Reynolds Tob B 49' 2 49', 49'2 49

Wall Street

- BY RALPH HENDLRSHOT-

Times Special Writer NEW YORK, Nov. 19.—Joseph P. Kennedy, chairman of the securities and exchange made the statement yesterday in a Boston address that the government was not put into business by the securities act as a judge of values, that it does not advise and does not indorse or approve issues. Reg-

istration, he said, is not to be regarded a-s a "trade mark of safety.” Technically, Mr. Kennedy is correct. Actually, however, his statement is open to challenge, at least so far as the implication is con ce r ned. The commission is very actively engaged in trying to keep worthless securities

i !r

off the market, and it is obliged to judge values in the course of its day’s work whether or not it wishes to do so and whether or not it has been commissioned to do so. In all probability the government through the commission would like nothing beter than to say to the investing public that no security may be offered for sale unless it measures up as a first-rate investment. Unfortunately. however, it is not equipped to do so. The government stamp of approval on an issue would mean little or no more than the stamp of any other well setup investment institution. a a a IT is not within the power of man to say whether a security will stand the test of time. Too many unforseen factors enter into the question to do so. And while it is one thing for an individual to pass judgment on a security, it is quite another thing for the government to go on record officially as having done so. The repercussion, if it guessed wrong, would be much more serious. The state department approved the sale of foreign securities in the United States some years ago, and it was taken for granted by a great many people that approval of the sale meant approval of the issues also. Such was not the case, of course, and it is well that it was not. Some of those issues did not stand up so well. It is natural that Mr. Kennedy does not want his commission to repeat the mistake of the state department. if the latter's action can be regarded as hav ig been a mistake. That is why he takes every opportunity available to tell the investing public the extent of the government's responsibility. It is known, however, that he takes his assignment very seriously and desires to keep questionable securities off the market. And to do that job -Tfectively he must do much mere then see to it that registration statements are filed. a a a INCIDENTALLY, in a sense, the government is requiring the bankers to take responsibilities in the issuance of securities it is not willing to assume. Penalties are provided if any security a oanker offers for sale does not stand up—if it can be proven by as much as an eyelash that he did not supply ail of the pertinent facts concerning the issue and the company behind it when he made the offering. Not only the banker but others concerned with the issue share in such penalties. That is one of the main reasons why bankers have been hesitant about offering securities lor sale. The point is advanced that any judge and jury would be reasonable when weighing possible misdeeds under such circumstances. Mr. Kennedy himself holds that belief, and many bankers are coming around to that idea. Their legal advisers, however, ask how it is possible to be sure that such would be the case, and the answer must be that one can not be sure.

Rails— Atchison ... 55’, 34 54’, 53 7 , At! Coast Lines 30 * 29’, 30‘, 26 , B A O 15 14S 15 15 Can Pacific 11 1 2 IP. ll'a 11', Chi A G’. W ... 2', 2 1 a 2'. 2'. Chi N W s'* s'a s', 5> 2 Deia A Hud ... 41 41 4! 40 s , Del Lac A W ... 18', 17’, 18 17’, Erie 12 12 12 12 Grt Northern pfd 15 14 7 a 15 IS 111 Central .. 16’, 16', 16’, 16' 2 K C Sou ... 7 7 7 7 7 7 7' 2 Lehigh Valley . 10’, 10’, 10’, N Y Cent 21 '2 20 7 , 21’ 21', N Y New Haven 8 7 , B'. 8 7 B'. Nor Pacific .. 19', 19 19', 19 Penn R R 23'2 22', 23', 22 s , Sou Pac 18', 17 s , 18', 17 s , Sou R R 16', 16', 16', 16’, Union Pac 105', 105', 105', 104 West Maryland. 9', 9', 9', 9 Equipments— Am Brake Shoe 25 7 * 25 7 25 7 , 25’, Am Car A Fdy . 17’, 17', 17' 2 18 s , Am Loco ..18 18 18 18 Am Steel Fdy 16’, 16*, 16', 16', Bald Loco . . 6*2 6', S' 2 6', Gen Elec . . 19'2 19', 19’, 19', Pullman Inc .... 46', 46 46', 45' 2 West Air Br 26', 26', 26', 25 s , Westingh Elcc .. 34’,33 7 , 34'2 34 Utilities— Am A For Pwr . 5 4 7 , 4 7 , 4 7 , Am Power A Lit 3 s , 3*, 3 s , 3’, AT&T ■■ 103', 101'a 102'2 101', Am Wat Wks .. 13’, 13', 13', 13', Col Gas A Elec . 7' 2 7 7', 7’, Com A Sou P, P, I', I', Consol Gas 22’, 2P, 2P, 22', Elcc Pwr A Lit . 33 33 Int Hydro Elec 33 33 Interboro R T . 13', 13’i 13', 13’, Int T A T .B', ’, B', B', Nat Pwr A Lit . 7 6 s , 6 7 , 7'a North Amer ... 10 7 , 10', 10 7 , 11 Pac G A E ... 13’, 13’, 13', 13’, Peoples Gas ... 20 19 7 * 19 7 , 20', Pub Serv N J . 27', 26 1 2 27', 28' 2 So Cal Edison . 11 1 2 11 ’2 11' 2 12’, Std Gas . 6 5' 2 s’, fit. Stone A Webster 5 5 5 5 United Corp 3 2 7 , 33 Un Gas Imp . 12'2 12 12 12 7 , Ut Pwr A Lt A 2', 2', 2' a 2 Western Union 35 34 34 1 2 33 ’ 2 Rubbers— Firestone 16 15 s , 15*, 15' 2 Goodrich 10’i 10> 2 10 s , 10 • 2 Goodyear 34', 23’, 24 24 Kelly Spring ... I' 2 I' 2 I' 2 1' 2 U S Rubber .. 16’, 16’, 16’, 16', U S Rub pfd . 38 7 a337,8 7 ,38 7 ,38’ 2 Miscellaneous— Allis Chalmers.. 14', 14', 14', 14', Amer Can 104', 103 7 , 104’, 104’, Am Mach A Fdv 21 1 0 20'* 20 7 g 21 Brklyn Man Tr . 36 1 , 36', 36', 35' s Burroughs Add . 16', In 7 * 16', 16 J I Case 52’ 2 52 52', 51' a Conti Can . 60 7 , 60', fiO’g 61 Caterpillar Tract 33'1 32’, 33 32'* Crown Cork ... 26', 26', 26', 26', Deere A Cos 2P, 21 21’, 20', Eastman Kodak 109’, 109’, 109’, 109', Foster Wheeler . 13’2 13', 13'2 13 Gillette 14 s , 14'2 14 s , 14> 2 Glidden . . 26’, 26 26', 26 Int Bus Mach 148 148 148 147 Inter Harv ..38 37 37 s , 37', Natl Cash Reg 16 7 , 10*2 16' 2 16 s , Owens Bottle . 84 84 84 84 Rem Rand . S’* 9',4 9’, 9's Underwood E 52 52 52 Worthington P. 18 18 18 18 Foods— Am Sugar CO 7 , 60 1 , 60’a 61'2 Armour Com 6 6 6 6 Aromur 6 r r pfd 68 68 68 67 I ', Beatrice Cream'v 18’, 18‘i 18 1 , 18 Borden Prod .! 25', 25 25', 25 Cal Packing 39' 2 39' 2 39 1 2 39 Canada Dry G A 16', 16', 16', 16'', Crm of Wheat, . 34 34 34 34 Cuban Am Sugar 5% 5 7 / 5 7 , ss/,5 s /, Gen Foods 34’, 34' a 34', 34’a Gold Dust 17', 16 7 , 17% 17', C, W Sugar 28’, 28',, 28'i 28’, Loose Wiles 36 36 36 35' 2 Natl Biscuit ... 29’, 28~k 28% 28’* Natl D Prod .. 16’, 16 s , 16 s , 16’ 2 S Porto Rico S 24 7 , 24>, 24 7 , 24’2 Std Brands . ... 18 7 , 18 s , 18 7 , 18’, United Fruit 71'2 71V* 71V, 71 Retail Stores— Assd Drv Goods 12'2 12’2 12'2 12 Best A Cos .. 38'2 38’, 38'2 •37' 2 Hahn Dept Sts . 5 7 , 5 7 , 5% 5 7 , Kroger Groc 29’ 2 28 7 , 29' 2 28’, Macv R H 48’, 472 48', 47' 2 McGrorv St 6 7 , 6 7 , 6 7 , 6' 2 McLellan St ... 11'2 IP, ll'i IP, Marshall Field .. 11'2 ll'i ll'a 11', May Dept St .. - 43’, 42 s , 43 7 , 42’, Mont Ward 30', 29’, 30’, 29', Nat! Tea 10’ 2 lO’/a 10' 2 10’, Penney J C 68', 68 68’* 68', Safeway St 46 45' 2 46 45'. 2 Sears Roebuck .. 42'., 41’, 42', 41 Woolworth 53 52’i 52’, 52*. Aviation— Aviation Corp .. 5 4 s , 4 7 , 4 s , Boeing Aircft . 10>', 9 7 , 9 7 , 9 7 , Curtiss Wright . 33 33 Curtiss Wr "A”. 9 8 7 ', 9 8", Douglas Air 23’* 22’* 22 7 , 22 5 , Nor Am Av. 4.. 4', 4 4 4 Sperry Corp .9', 9 9 9 Uni Aircft - New. 12 s , 12'* 12!, 12'/, Chemicals— Allied Chem ... 136'* 135'* 136', 134' 2 Am Com Tlcohol 31 30' 2 31 30' 2 Col Carbon 73', 73 73 72' 2 Com Solvents .. 2P, 20’i 21’i 21 Dupont 97', 96’, 97 96 I ', Freeport Tex ... 17’, 17', 17’, 17 s , Math Alkali ... 26’, 26 26 26‘, Natl Dis mewl.. 24’, 24' a 24', 24 Schenlev Dist .. 27'/, 2fi 7 , 27', 26’, Tex Gulf Sulph. . 36 35' 2 35'2 3.5' Unicn Carbide . 45’ 2 45 45 44', U S Ind Alcohol 43', 42 s , 42’i 424, Drugs— Cotv Inc s', s', s', s'i Lambert 27' 2 27' 2 27'2 27' 2 Sterling Prod . 59’, 59', 59’, 59 7 , Un Drug inew) 12', 12 12’ * 12', Vick Chem 33', 33 33 33'2 Zonite Prod ... 4 4 4 3 7 , Financial— * Adams Exp .... 7’* 7', 7'4 7’, Allegheny Corp P, I’* l'i P, Am Int Corp ... 7 7 7 6 s , Chesa Corp 39'*337,8 7 , 39 Vi 39 Transamerica ... 5 7 , 5*4 5 7 , s’i Building— Am Radiator ... 16 15 s , 15 7 , 15’, Gen Asphalt ... 17', 17' 2 17', 17 Holland Furnace 7'i 7’, 7’i 7' 4 Int Cement ... 26 26 26 26 Johns Manville . 55’, 54 55’, 54', Libby Owens Gls 26 s , 26'i 26 s , 26', Otis Eiev 14 7 , 14 7 , 14 7 , 14 s , U S Gypsum ... 48', 47'2 48'i 46 s , Ulen Cons 2 2 2 2 Household— Col Pal Peet ...17i 16 7 , 17*4 17 Congoleum ... 35', 34' 2 35 34 1 2 Proc A Gamble 44', 43 7 , 44', 44 Servel Inc .... 7 6 7 7 6’, Simmons Bed .. 10’* 10'2 10'2 io' 2 Textiles— Amer Woolen .. 8 7 8 7 , 8 7 , E’i Belding Hem ... 12', 12', 12’, 12', Celanese Corp .. 31', 30' 2 31 30' 2 Collins Aikman . 13’, 13' 2 13’, 13'2 Indus Ravon ... 27 27 27 26', Real Silk 7', 7*4 7*4 7

Hendershot

Chicago Stocks

(By Abbott. Proctor & Painei 11:00 Prev. A M. close. Bendix 15 ’ 2 15’, Butler Bros B' 2 B’, Borg Warner 28', 28 Cities Service 1' 2 I' 2 BerghofT 2'* • 3 Com Edison 41 41 ’ 2 Cord Corp 3 s , 3’ 4 Grt Lakes Dredge 18' 2 17’, Chicago Mail .. 12' 2 13 Libbv 6', 6', Marshall Fields 11' 2 11', Noblitt Sparks 14' 2 14 1 > Pub Servos 111 10' 2 11' Quaker Oats 127 ’ 2 128', Swift 18 1 2 18 ! 2 Util Inv Com '2 ' Walgreen 26 25’, Vortex Cup 15' 2 15' 2

New York Curb

(Bv Abbott. Proctor & Painei 12 (Noon) Prev. N Y. close. Allied Mills 9 ! . 9 Am Cvanide 17** 17 Am Superpower 1 1 a l’a Atlas Corp 9 8 5 s El Bond and Share 8' 8 1 * Ford of Eurooe 9 3 9’s Gulf Oil of Pa 56 56 Hiram Walker 25;* 25 u Humble Oil *2': 42 3 < Imperial Oil Ltd Ly J*.* Lake Shore Mine 53 3 s 53 3 * Natl Bellas Hess 2’* 2’ Nia Hud Par 3’a 3*s Pan-Amer Airways 3 3 3 33 s * Park Davis 31 Penn Road 2 2_ St Regis Paper l’ 1* Sal Creek Products *'• Sheraun Wms *s.‘ Std of Kv IT** 1< a Technicolor Ind 12 a Teck Hughes Gold 4 4 Un. Gas Un Par A: Lt. \ * Wright Hargraves Min 8 1 * silk Trading TO START San Francisco to Begin Futures Dealings Dec. 17. By Times Special SAN FRANCISCO. Nov. 19—Directors of the California Commodity Exchange. Ltd., of San Francisco, have set Monday, Dec. 17. as the opening date for tracing in raw silk futures. The first transaction will be made in March. 1935, options and all trades may be made only in active silk months, namely January, March, May, June, July, September, October and December.

INDIANAPOLIS, MONDAY, NOVEMBER 19, 1934

NIRB'S PEACE IS SHATTERED BY LABOR RIFT Accord Pervades Council Until Workers Question Appears. BY RODNEY DITCHER

Times Special Writer WASHINGTON, Nov. 19.—a’spirit oi brotherly love and mutual affection envelops the national industrial recovery board. So much can be said, even though the board, observing at the outset that thousands of curious eyes were turned upon it because of doubt whether seven men could function harmoniously in an administrative unit, virtually went into hiding. Speaking privately and individually. NIRB members vie in high praise of one another. The libeial members butter the conservative members and the conservative members pour treacle on the liberal members. And each privately boasts that the board has achieved a splendid unanimity on nearly—not quite—every issue. Labor Problem Appears But there's one big wedge which drives the boys far apart whenever it comes in view—the labor problem. The instant a labor question arises, members Williams and Whiteside of industry and membei Hillman of labor, set their teeth and begin to glare. Members Hamilton, Marshall, Henderson and famith take sides or start trying to compromise. Lately, though not a word has leaked out about it, NIRB hss been grappling with an issue involving wages and hours of a group of 3,000,000 persons. Months ago, an executive ordei was prepared abandoning service codes for industries employing those men and women—cleaning and dyeing, garages, barber shops, shoe repairing, laundries, and the like. General Johnson neglected to sign it. Hillman Raises Point The document, came before NIRB and only sheer luck kept it from being signed as a routine matter. It was Mr. Hillman who raised a terrible roar and insisted that the 3.000.000 must not be deprived of the protection offered by minimum wage and maximum hour provisions. Admittedly, these provisions are poorly enforced, though they have greatly benefited workers. Mr. Hillman also demands compliance. At last reports, Mr. Hamilton and Mr. Henderson were backing him, with Smith and Marshall on the fence and nobody being sure whether Messrs. Henderson and Smithappointed as ex-officio members—were to have votes. Roosevelt may have to decide.

DOLLAR BONDS HERE ACQUIRED BY BRITISH Removal of Exchange Curbs Stimulates Demand. By Times Special NEW YORK. Nov. 19.—Brisk demand for foreign dollar bonds listed here was credited to the influence of the latest move by the United States treasury in lifting restrictions which had been in effect on foreign exchange transfers since early in the spring of 1933. The major portion of such demand originated w r ith London interests, it was said, indicating that the British financial world looks upon the latest exchange move by Washington as,of real significance, opinion here to the contrary notwithstanding. The revival of British interest in foreign obligations payable in dollars', was regarded in local circles as indicating that London is satisfied that Washington is definitely through •with dollar devaluation, that is, provided, of course, new exigencies do not arise to change the picture. In other words, British investors apparently are satisfied that bonds payable in dollars may now be bought with difinite assurance that payment at maturity, or upon call, will be made in dollars of current worth. COLUMBIA NET DROPS Utility Firm Earns 53,235 During Quarter Ended Sept. 30. By Times Special CHICAGO. Nov. 19—Net income of the Columbia Gas & Electric Company for the quarter ended Sept. 30 amounted to $2,235 after taxes, charges and subsidiary dividends, as compared with $822,550 in the quarter of the previous year. The company reported net income for the first nine months of the current year ending Sept. 30 at $7,555,061 after taxes and other deductions. equivalent after preferred stock dividend requirements to 21 cents a share, against 32 cents for the same period of 1933. NEWSPRINT PRICE RISES Two Firms Boost 1935 Contracts $2.50 to $5 a Ton. By Times Special CHICAGO, Nov. 19—Next year’s contracts of newsprint by the ; St. John Power and Paper Company and the Canadian International Paper Company will be increased in price $2.50 a ton in the first six months and not more than $5 in the last six months, it was announced today. This action, first taken by the International Paper Company, brings the companies newsprint price to $42.50 a ton for the first six months and to $45 in the remaining half year.

Silas Strawn, Hoover Aid, Gives Co-Operation Pledge of Chamber of Commerce

Significance Attached to Action of Staunch Republican. By Unit' and l‘i > WASHINGTON. Nov. 19—Industrialists who six months ago publicly and privately predicted the complete collapse of the New Deal, today pledged their whole-hearted support to the President. Through the United States Chamber of Commerce, they offered to co-operate with agricultural and "all other organizations" in submitting a permanent recovery program to the administration. Business, through its surprising Jut not unexpected gesture, indicated it was convinced Mr. Roosevelt would remain in the White House at least six more years. It also revealed a desire for an alliance with the President, rather than pin faith on the incoming congress which, many believe, will display ideas that will make the New Deal look reactionary by comparison. Actual announcement of the action by the chamber was dramatic. It was made more so by the fact that Silas H. Strawn, the pillar of the chamber's conservatism, leading Republican and close friend of Herbert Hoover, chose to make the statement personally. Calls for Press The white-haired Chicago attorney, who raised SBOO,OOO in the midwest for Mr. Hoover's last campaign, and who has been outspoken in his criticism of the New Deal, called the press to the headquarters *of the chamber. There he read a resolution adopted by the chamber’s board of directors. These are the words he spoke with emphasis: "Since the last meeting oi this board there is evidence oi a growing determination by business, industry and agriculture to co-operate in every possible manner to promote an improvement in recovery from our existing economic condition. Says He Is Receptive "Utterances by the President encourage the belief that he is fully conscious of this attitude and that he is receptive of suggestions for the promotion of the common welfare. "Therefore, this chamber pledges itself to co-operate to the fullest with all other organizations in an endeavor to reach a common agreement upon a program which will be fair and just to all and which will accelerate the efforts toward recovery. "To that end the president of the chamber is authorized to appoint such committee or committees as he ’may deem wise and expedient. The commtitee or committees thus appointed are requested to report to the board at its next meeting or to the executive committee, if prompter action is necessary. ’ Then Mr. Strawn undertook to explain the resolution and to reveal the ideas behind it. His words were pungent, but his request that they not be published was emphatic. Inner Thoughts Secret The inner thoughts of the staunch Republican who became a New Dealer—in spite of himself—remain a secret, at least for the present. He did say for publication, however, the resolution meant simply that the chamber proposed a "huddle” between business, agriculture and others to draw up a program for permanent recovery, fair to all. It would be submitted then to the President. Mr. Roosevelt, on an inspection tour of the Tennessee Valley development, which has been one of the principal targets of business critics, withheld comment. Not so Secretary of Interior Harold L. leases, who accompanied tne President and who has had numerous tilts with Republican business men. Mr. Ickes told the United Press aboard the presidential train in Tennessee: “I am glad to see that Mr. Strawn realizes the advantage of co-opera-tion with the federal administration. This is the first instance of it.”

REFUNDING IS URGED OF ST. LOUIS BONDS Citizens Committee Recommends Action on $5,000,000 Issue. By Times Special ST. LOUIS, Mo., Nov. 19.—Refunding of approximately $5,000,000 St. Louis bonds that will mature between February. 1935, and November, 1936, was among the suggestions made by the citizens committee on city finance headed by W. L. Hemingway in a report submitted to Mayor Bernard F. Dickmann. The committee also proposed that the city issue not more than $3,000,000 of the $16,100,000 bonds voted on May 15, 1934, before Nov. 30, 1936, and that anew issue of unemployment relief bonds, in an amount not greater than can be retired at the rate of $300,000 annually be proposed to the voters. Further recommendations was made that the city's general revenue budget be cut as to reduce the prospective municipal deficit of $750,000 by the end of the current fiscal year, and to balance the budget for the 1935-36 fiscal year. CANADA'S TRADE GAINS Exports and Imports Both Show Sharp Rise Over 1933. By Times Special OTTAWA. Ont., Nov. 19—Canadian exports in the seven months of the .fiscal year ended with October totaled $334,780,352, an increase of $60,000,000, the Dominion bureau of statistics announced today. imports increased by $69,000,000 ttfe. total of $311,000,000. BANK ACCEPTANCES RISE By Times Special CHICAGO. Nov. 19—The total volume of bankers’ acceptances outstanding on Oct. 31 amounted to $561,601,752, as compared with $539 - 420.385 on Sept. 30, and $736,790,945 on Oct. 31, 1933. the American acceptance council reported.

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Silas H. Strawn

HOS POTATIONS DROP 10 CENTS Heavy Receipts Force All Classes Down: Cattle Scarce, Steady. Extremely heavy supplies on hand during early trading at the Indianapolis Union stockyards today sent porker prices generally 10 cents lower than last week's close. Receipts were estimated at approximately 14.000, about double for any normal session. Today's large increase in supplies was attributed mostly to a seasonal advance around this time of tne year. Initial demand also was strong. The bulk of 160 to 200 pounds, was selling from $5.20 to $5.50. while weighty grades, scaling 200 to 350 pounds, cashed in at $5.55 to $5.90. Good and choice sorted grades were reported selling at $5.95. Lights, weighing 130 to 160 pounds, brought $4 to $4.75, while smaller kinds, scaling 100 to 130 pounds, sold at $2.75 to $3.75. Packing sows ranged from $4.75 to $5.50. Holdovers numbered 219. Early sales remained unchanged in the cattle market, with trading scarce on steers and heifers. The initial bulk ranged from $3 to $6 25. Cows were slow, with most kinds tending lower. Receipts were 800. Weak undertone was evident in veal trading and most classes were 50 cents lower than Saturday, selling at $6. Receipts numbered 400. Only a slight trading interest was displayed in the lamb market. The majority of early sales held stationary with Friday’s average. Bulk of all classes was selling at $6.50 down. Receipts were 800. HOGS NOV Bulk Lop Kecelpt--13. $5,154. 5.45 $5.85 12.000 14 5.1519 5 45 5 90 7.000 15 5.25'?/) 5.55 6 00 7.500 16 h.3o® 5.60 6.00 5.000 17. 5.30® 5.60 6.05 4.000 19. 5.20® 5 50 5.09 1.400 <l4O-1601 Good and choiro $4.50® 5.25 1160-1801 Good and choice ... 5.20® 5.40 <IBO-2001 Good and choice.... 5.40® 560 <2OO-220 Good and choice. ... 5.60®, 580 (220-2501 Good and choice (250-3001 Good and choice . 5.75® 5.95 (275-3001 Good ... 5.55® 5.75 Parkine sows: (275-350) Good 5 25® 5.50 (350-425) Good 5.10® 5.35 (450-5501 Medium 5 00® 5.25 (275-550) Medium . . 4.75® 5.10 (100-130) Slaughter pigs good and choice 2.75®. 3.75 CATTLE —Receipts. 800— —Steers—-(sso-900) Choice $7 00® 8 00 Good 6 00® 7 50 Medium 4.00® 6 00 Common 2 50® 4 00 (900-1.1001 Choice 7.75® 8.75 Good 6 25® 7 75 Medium 4 25® 6.25 Common 3 00® 25 <1 100-1,300) Choice 8 50® 9 75 Good 6 25® 8 50 Medium 4 50® 6 25 (1.300-1.500) Choice 8 75® 9.75 Good - . 6.50®. 8.75 —Heifers—-(sso-7.60) Choice 6 50® 7 00 Good 5 00® 6.50 Common and medium 2.50® 5 no (750-9001 Good and choice . 5 25® 7.50 Common and medium 2 50® 5.25 —Cows— Good 3 00® 2 25 Common and medium 2 25® 3 00 Low cutter and cutter . 1.25® 225 —Bulls—(Yearlings Excluded! Good 3 00® 3 75 Common and medium . .. 2 00® 3On VEALERS Receipts. 400Good and choice . $5 50® 650 Medium 3 50® 5 50 Cull and common 2 00® 3 50 —Calves—-(2so-5001 Good and choice 4.15® b. 50 Common and medium 2 50 ® 4.75 —Feeder and Stocker Cattle——Steers— .soo-8001 Good and choice . . 4 00® 500 Common and medium ■ 2 50® 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® 300 —Cows— Good 2 50® 8.00 Common and medium . 2.00® 2 50 SHEEP AND LAMBS —Receipts. 800 — Lambs. 90 lbs. down, good and choice $6 00® 6 50 Common and medium 4 00® 6.00 90-120 lbs., good and choice . • 2 25® 3.00 Sheep—-il2o-150i Good and choice 2 00® 2.50 311 weights common and medium 1.50® 2 25

CLEVELAND INSTITUTION PARES MORTGAGE RATE Society for Savings Cuts Interest From 6 to sli Per Cent. By Times Special CLEVELAND. Nov. 19.—The Soicety for Savings is reducing the interest rate on mortgage loans from 6to s '-2 per cent, it was announced today. Payments will remain the same, but the one-half of 1 per cent will be applied to reduction in principal of loan if the contract is fulfilled within the first four days of the month when interest, etc., is due. This is the first reduction of this kind that has been made in this section. Other clearing house banks have taken no action m this respect. The Society for Savings is the largest mutual savings bank in Ohio. CARRIER ORDERS RAILS The Norfolk & Western railway has placed orders with two steel companies for 10,000 tons of 131pound steel rail. Denver & Rio Grande Western railroad is inquiring for four diners.

Latent Stock, Bond and Commodity Quotations

HOLC TO KEEP 5 P. C. CHARGE ON PROPERTIES Rate to Continue Despite Savings on Reduced Bond Interest. By United t'rt st WASHINGTON. Nov. 19.—The Home Owners’ Loan Corporation will continue its 5 per cent interest charge on refinanced properties despite savings expected to reach $35.000.000 a year as a result of reduced interest on HOLC bonds. This was disclosed by officials today as they surveyed the advisability of calling in approximately $321,000,000 of the original 4 per cent bonds and floating an issue of similar size at a rate about 1 per cent lower. The HOLC already has converted about $308,000,000 of the 4 per cent bonds into 3s. thus saving more than $3,000,000 annually in interest charges. Th° 3s are guaranteed fully as to interest and principal, while only interest is guaranteed on the 4s. The period for voluntary conversion expired Oct. 27. out he remainder of the issue is callable cn dividend dates of January and July. Comersion Discounted Wall Street has already discount- ! ed the possible conversion by bidding the 4s up to par. Bond interest rates were originally fixed by the HOLC act at 4 per cent, but when the government guarantee was applied the directors were given authority to fix the rate. The rate was cut to 3 per cent in April and to per cent in July. The 5 per cent charge to home owners will continue, officials said, to create a reserve against possible losses. They added, however, that installment payments to date have been satisfactory. When the corporation was established on a basis of a 1 per rent spread between the home owners’ rate and the bond rate, officials expressed the view that the HOLC i would eventually liquidate at 100 cents on the dollar Bonds now being issued are at 2 :! * per cent, or a 21* per cent spread. $353,800,000 Are Out There are $353,880,000 of these outstanding and the remainder of HOLC financing, about $1,200,000,i 000, is expected to continue at the ; same rate. When the HOLC operation has 1 been completed, it will have $3,000,1 000,000 in bonds outstanding, which at rates 1 and l'i per cent below that originally fixed will mean a •paper” saving of about $35,000 000 a year. The saving over the eight-een-year life of the bonds will be I about $630,000,000. Call on the outstanding 4 per cent ' bonds will depend on the condition i of the market in government securi- | ties and on the treasury program for ; long-term financing, 'the 3s and 2"iS are callable only after ten ; and five years, respectively.

Stock Studies

The Douglas Aircraft Company is the outgrowth of the old DavisDouglas Company originally loaned in 1920. The company is one of the leading designers and builders of military aircraft in this country. Through a controlled subsidiary, the Northrop Corporation, it also manufactures commercial aircraft. The company has sold manufacturing rights to the Fokker Aircraft Company of Amsterdam, Holland, for all countries of Europe, except Russia. Royalties will amount to around $2,000 on each craft manufactured. Asa result of the recent Australian flight orders for several planes for foreign countries have already been placed. FINANCIAL DATA (As of An*. 31. 19341 Capital stock mo pari 467 403 sharps Surpluses $1,091,632 Notes payable 435.000 Cash and securities 770.824 Inventories 2 539.709 Total current assets 3,872 677 Current liabilities 817,091 During the twelve months ended Aug. 31. cash and securities dropped $2,000,000; inventories, on the other hand, were $1,400,000 larger, while notes payable increased $435,000. Surpluses were almost 2600,000 less. The current ratio on Aug. 31 was 4 :; i to 1 and the book value of the common stock was $8.72 or $1.21 less than a year previous. Unfilled orders on Aug. 3i of this year totaled $5,604,000, or more than double the unfilled orders on Aug. 31. 1933. Douglas has kept m the black right through the depression with the exception of the nine monihs’ operation ended Aug. 31, 1934, when the deficit was 59 cents. This was not an operating deficit, however, but rather due to the charging off of several nonoperating losses. Company paid dividends through September, 1933. Since then dividends have been omitted. Douglas Aircraft was incorporated in 1928 ii Delaware. The capital stock is lis'ed on the New York and Los Angeles stock exchanges. The capital stock sells for around 21. (All Rights Reserved Winches’er Institute of Finance. Winchester. Mass.) JEWEL TEA SALES UP IN FOUR WEEKS PERIOD Volume for Nov. 3 Period is 15.26 Per tent Ahead of Year Ago. Jewel Tea Cos., Inc., today reported that sales for the four weeks ending Nov. 3, were $1,391,136.81, compared with $1,206,910.53 for ! parallel weeks In 1933, an increase j of 15.26 per cent. The average number of units in ; operation was 1,537 in 1934 and ! 1,450 in 1933. Sales for the first forty-four weeks of 1934 were $14,269,318.63 as compared with $11,848,921.97 for a like period in 1933. an increase of 20 43 per cent. The average number of units in operation was 1,514 in 1934 and 1.434 in 1933. RUBBER OUTPUT RISES 111/ Tunis Special CHICAGO, Nov. 19—Crude rubber consumption by manufacturers in the United States during October totaled 31.347 long tons compared with 30,352 in the previous month. Imports of crude rubber in the same month amounted to 35,298 long tons

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