Indianapolis Times, Volume 46, Number 165, Indianapolis, Marion County, 20 November 1934 — Page 13

Trends Bus Travel Increase Partly Explains Rail Depression. By VINCENT S. LYONS lasatlal Id it**

COMMON carrier bus lines In 1933 transported 1,672.015.000 passengers, an Increase of more than 10.000 000 oxer the preceding year, according to the National Association of Motor Bus Operators. Putting these figures under the microscope undoubtedly will go a long way toward explaining some of the economic phenomena of the last few years. For instance, segregating the total shows that 1.323 025.000 revenue passengers were carried on city bus lines. 328.780.000 on Intercity lines and 20.210 000 on sightseeing and other busses. Thus, it is revealed that 75 per rent of the nation's bus travel was limited to intra-city traffic. This disclosure would seem to indicate that just as surely as the electric street car replaced the horse-drawn conveyance the former is lying outmoded by the motor bus. The progress made by the bus in the last few years, while the electric trolley was on the wane, has been manifest in hundreds of cities throughout the country. m m m THE 328,780.000 carried on intercity lines constitutes approximately 20 per cent of the entire bus passenger traffic. It Is here that the country's railroad systems are concerned. The latter have been persistently complaining of the inroads made upon their traffic by the advent of the motor bus. The figures presented would seem to indicate that their lamentations were not idle pratter. In 1933. the class 1 railways of the country carried a total of 432.950.000 passengers. Starting with 1923. when the number of passengers totaled 986.913,075. the railroads have shown a decline in every year, with the aggregate recession for the ten-year period being more than 50 per rent. While all of this drop can not be attributed to motor bus travel, it is safe to say that a large portion of it is. The National Association of Motor Bus Operators' study would have been a bit more illuminating if they had taken a leaf from the railroads by showing the traffic in terms of passenger-miles. The railroads report one passenger-mile as representing the transportation of one passenger for the distance of one mile. In 1933 the class 1 roads performed a revenue service for the public equivalent to the transportation of 16.345.047.000 passengers for the distance of one mile. If the bus operators had utilized this method it would have been possible to make a more equitable comparison of passenger traffic between the railroads and the busses. nan AND it must be remembered that bus passenger traffic is only one phase. Motor busses have garnered a large share of the freight business which ordinarily was carried by the railroads. As the National Association of Bus Operators’ study is merely concerned with passenger traffic, no figures are presented of freight volume. Other bodies, however, have shown that the railroads have lost a substantial volume of freight tonnage to their bus competitors. The motor bus industry is not to be regarded as an interloper: more than $331.000 000 had been invested in rolling stock at the close of last year. The number of miles of route operated increased from 400 000 in 1932 to 410.000 in 1933. In the matter of creating jobs, the industry had 85.578 employes on its pay rolls at the close of last year. "Despite burdensome taxes and other retarding factors” the association says. >1933 was a period marked by substantial progress in the industry, following two years of declines in the number of passengers carried and m bus miles operated. It furnished many reasons for optimism among those concerned with the future of bus transportation.”

TOLEDO BONDHOLDERS AGREEMENT ENTERED Sew Move Provides for Refunding of All Unpaid Issues. Mu T'mr* Mprrinl NEW YORK. Nov. 20 —An agreement. providing for the refunding' of all unpaid bonds matured or maturing during 1933-34. has been entered between the City of Toledo and the committee of bondholders j of that city according to Philip A. j Benson, president of the Brooklyn 1 Dime Savings Bank, and chairman of the bondholders committee. The agreement also provides for the payment of all unpaid interest, with a special fund having been set aside by the city for such purpose. The announcement came after numerous conferences between representatives of the city and of the bondholders committee. The committee states that it has ••been concerned as much as to the stability of the entire $27 000 000 bonded indebtedness as it has about the immediate problem of refunding the 1933-34 maturities.'* The provisions of the agreement are designed to effectuate that purpose. STEEL OUTPUT HIGHER Current Week's Rate Is Highest Since July 23. By Pm* NEW YORK. Nov. 20 —The steel lndustrv is operating today at 27.6 per cent, the highest rate since July 23. and a gain of 0 3 points or 1.1 per cent, from the level of 27 3 per cent shown a week ago. the American Iron and Steel Institute reported today. Current operations came within a narrow fraction of equaling the Julv 23 mark of 27 7 per cent. A month ago. the industry was operating at 239 per cent, while operations in the corresponding week of 1933 averaged 269 per cent of capacity. STOCK VALUES DECLINE By T>mr Sprrial NEW YORK. Nov. 20 —The market value of fifty stocks listed on the New York Stock Exchange at the close of business last week amounted to $11,567,080,125, a decrease of $403,746,875, as compared with the value at the close of the preceding week.

LONG TERM U.S. BONDS RISE $242,013,118 FROM YEAR AGO, STODY BY TREASURY SHOWS Sweeping Rise Reflects Improving Credit and Government Steps to Bolster Its Own Market; Held Aiding Future Borrowing Operations. Ay United Prr ** WASHINGTON, Nov. 20.—Holders of long term United States government bonds who held them through recent selling flurries are a quarter billion dollars richer than a year ago because of sharply higher prices for these securities. Figures compiled by treasury statisticians showed today that the open market value of seven government bond issues

of eight or more years maturity rose to $5,194,132,296 on Nov. 16 from $4,952,119,178 on Nov. 16, 1933, an appreciation of $242,013,118. The sweeping rise reflected both improving credit of the United States and government steps to bolster its own bond market which were carried on early this year. More Funds Needed This rise during a period marked by currency inflation rumors and a continued unbalanced federal budget, both depressing factors, was believed to insure continued success in borrowing new' billions for recovery. About $4,600,000,000 more is to be borrowed to complete the recovery program. The fact that outstanding bonds are moving steadily upward is expected to make it easier. When the $4,600,000,000 additional money is borrowed, the public debt will be raised to the outside limit of $31,834,000,000 set by President Roosevelt in his last budget message. If that figure is reached, the administration will likely take drastic steps to balance the budget and "live within its income." New borrowings are likely on Dec. 15, when it may become necessary to sell $500,000,000 to $1,000,000,000 in new securities to replenish the treasury’s dwindling working balance of only $842,875,942. New funds obtained in December would carry the government aside from short term financing, to about March 15. On Dec. 15, $992,000,000 of short term certificates fall due and must be refunded. Yield at New Low The $242,000,000 rise in the long term bonds has reduced their yield to 3.061 per cent, anew post war low. from 3.549 per cent a year ago. The bonds used in this compilation represent only a fifth of the government's outstanding securities. Many millions have been added to the value of the others. Most of them are short term securities, however, and their advances naturally have been less rapid. Treasury officials were gratified with the rise in market prices as serving in part to refute reports that recovery steps were impairing the government s credit. A number of special conditions, however, were partly responsible for the rise. Hundreds of millions of dollars of government money was used to support the market earlier in the year, although $16,000,000 of the “support” bonds were sold during October. Another factor was idle capital seeking a return in government bonds when it could not find profitable employment in business.

Produce Markets

Delivered in Indianapolis prices: Heavy hens, lie: Leghorn hens. 7c: colored springers. 12c; old roosters. 6c: ducks. 7c; ?eese, 6c: voting guineas. 20c; old guineas. sc. Turkevs—No. 1 voung hens. 8 lbs. end over 15c: voung toms. 14 lbs. and over. 15c: voung toms. 11-14 lbs.. 13c: No. 2. crooked breasts and thin turkevs. 9c: old toms, all weights. 12c; No. 1 strictly fresh country run eggs, loss off. 26c. Fach full case must wenrh 55 lbs. gross: a deduction of 10c a pound for each Round under 55 lbs. will be made Butter o. 1. 30 ii 31c Butterfat—26c Quoted by the Wadlev fomnanv ißv United Press) CHICAGO. Nov. 20 - Eegs Market, unsetr'ed. receipts. 1 104 cases: extra firsts, i 30c: fresh graded firsts. 27%c: current re- < ce:p*s 24'.i26c: dirti-s No. 1. 20%c; No. 2. 18c; checks No. i. 19' 2 c; No. 2. 16c Bu’ter Market, unsettled: receipts. 11.580 tuts: extra firsts <9O-91%c score'. 26%® 28 ,c: extras <92 score'. 29c; firsts <BB- -- core- 25%®26: seconds < 86-87* a score). 24%®25e; specials. 29* 4 ®30 1 ,c: standards. 26*,c. Poultry—Market, unsettled; receipts 63 trucks. 1 car, 1 car due; springers. 13® 16c: Leghorn hens. 10c: ducks. 114i13c: geese. 11c: turkeys. 14® 19c. roosters, old. 10c: Leghorn springers, lie: hr. light ll%c; heavy. 13%c: capons. 6to 7 lb . 17® 18c Cheese—Twins. 13*,® 14< ; daisies. 14%®14%c: Longhorns. 14',® 14%c Potatoes Supply liberal: demand and 'rariing slow; market, dull: Wisconsin R . ind Whites. Rrt®B2%c: Idaho Russets, sl4s® 150; Washington Russets, eombination grade. *1 50. Michigan Round Whites. 80c Arrivals 80. on track 265. shipments 382.

Commodity Prices ■ Bv Fenner 8: Beane)

BUTTER Prev High Low Close Close Not ember ... .27 26% 27 36 s , December 27 26 s , 27 26% January 27% 26 5 , .2i% .26% EGGS Prev High Low Close Close November .... 22% .21% 22 s , 22 :::%% .* :Ift :2ft NEW BUSINESS BOOKS RECEIVED AT LIBRARY "The New Deal in Action." by Schuyler C. Wallace. Now Available. "The New Deal in Action.” by Schuyler C. Wallace, assistant professor of public law at Columbia university, is now available in the business branch of the Indianapolis Public Library. "Freedom Versus Organization.” by Bertrand Russell, has also been received. Other new arrivals are accident means, bv T. B Cornelius; collapse and recovery by James D. Magee; retail accounting by C. K. Lyons and N. A Brisco and Gauging Manual, compiled by the United States Industrial Alcohol Bureau. FORD SALES SET PEAK DEARBORN. Mich.. Nov. 20 —Ford dealers throughout the United States sold at retail in October, the largest volume of Ford commercial units for any October since 1930, it was announced today at the offices of the Ford Motor Company.

Abreast of The Times on Finance

PORKERS MOVE DOWNISCENTS Finished Steers Unchanged, Other Cattle Tending Lower. Porker prices at the local stockyards this morning were around 15 cents lower than yesterday’s weak average as a result of extremely heavy supplies on hand during the last two sessions. Receipts at the yards today were estimated at 11,000, while yesterday’s figures amounted to 14.000. The bulk, 160 to 200 pounds, was selling at $5.50 to $5.35. Holdovers amounted to 891. Extremely heavyweights, scaling from 200 to 350 pounds, sold at $5.40 to $5.75, while few better grades were salable at $5.80. Light-lights, weighing 130 to 160 pounds, brought $3.85 to $4.60. Others weighing 100 to 160 pounds, sold at $2.60 to $3.60. Packing sows cashed in at $4.75 to $5.35. Early trading turned dull in the cattle market, with sales on finished steers fully stationary. Other steers and heifers were tending slightly lower than the previous close. Cows showed little change. Receipts numbered 1,800. Vealers again were 50 cents lower, selling at mostly $6 down. Receipts were 600. A steady trading range featured the lamb market, w'ith the majority of classes salable at $6.50 down. Extremely heavy grades ranged from $5 to $5.50. Fat ewes sold at $3 down, while throwouts brought $3.50 to $4.50. Receipts were 1,500. HOGS Nov Bulk Top Receipts 14 $5.15® 5.45 $5.90 7,000 15. 5.2561 n.55 6.00 T.ojO 16. 6.30® 5.60 6 00 5,000 17 5.306? 5.60 6.05 4.000 19. 5 206? 5.50 5 09 1.600 20 5 056? 5.35 5.80 11 000 1140-1601 Good and choice .. $4,356? 5.00 <l6O-180i Good and choice .... 5.056? 5.25 <l6O-2001 Good and choice 5.256? 5.45 <2r,o-22fl< Good and choice .... 5.456? 5.65 <2TO-250< Good and choice .... 5.656? 5 80 <250-300i Good and choice 5.606? 5.80 <275-3001 Good 5 406? 5.60 Pei-kimr sows <275-3501 Good 5.156? 6.35 <350-4251 Good 5 006? 5.25 (450-5501 Medium 4.906? 5.10 <275-5501 Medium 4 506? 5.00 <IOO-l3oi Slaughter Digs good and choice 2.60® 3.60 CATTLE —Receipts, 1,800 — —Steers—-<sso-9001 Choice $7 006? 8.00 Good 6.006? 7.50 Medium 4.006? 6 00 Common 2 506? 4.00 <9OO-1.1001 Choice 7.756? 8.75 Good 6.256? 7.75 Medium 4.256? 6.25 Common 3.0062 4.25 (1 100-1,300) Choice 8 50® 9.75 Good 6.2562 8.50 Medium 4 506? 6.25 <1.300-1.5001 Choice 8.756? 9,75 Good 6.506? 8.75 —Heifers—-(sso-750) Choice 6.506? 7 00 Good 5.00® 6.50 Common and medium 2 506? 5.00 <750-900) Good and choice ... 5.25® 7.50 Common and medium 2.50® 5.25 —Cows— Good 3.006? 2 25 Common and medium 2 25® 3.00 Low cutter and cutter 1.25® 2.25 —Bulls—(Yearlings Excluded) Good 2.85® 3.80 Common and medium 1.75® 2.85

VFALERS —Receipts, 600 — Good and choice $5.50® 6.00 \ Medium 3.50® 5.50 Cull and common 2.00® 3.50 —Calves—-<2so-5001 Good and choice 4.75® 6.90 Common and medium 2.50® 4.75 —Feeder and Stocker Cattle——Steers— ■soo-8001 Good and choice 4 00® 5 00 Common and medium 2 50® 4.00 <BOO-1.0501 Good and choice... 4.00® 5.25 Common and medium 2.75® 4.00 Good and choice 3 00® 4.25 Common and medium 2.50® 3.00 —Cows— Good 2 50® 8.00 Common ai : ir i'um 2.00 0 2.50 SHEEP tXD LAMBS —Receipts, 1.500 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—-(l2o-150) Good and choice 2.00® 2.50 411 weights, common and medium 1.50® 2 25

Other Livestock

(By United Pressi LAFAYETTE. Nov. 20 Market. 1047 20c lower 260-300 lbs *5 70m 5 80. 300-325 lbs $5 50; 230-260 lbs. *5 55415.65. 210-230 lbs $5 40 5.50: 190-210 lbs. $5 2041 5 30; 170-190 lbs. SS'aSlO; 160-170 lbs.. $4 90. pigs $4 50 down; roughs. $5 25 down. Calves 50c lower; $5 down; lambs steady. $6 down FT WAYNE Nov. 20 -Hogs- Market 15c lower; 250-300 lbs. $5 60 ; 225-250 lbs.. $5 45 200-225 lbs . $5 30: 180-200 lbs $5 15; 160-180 lbs $4 90: 300-350 lbs. $5 15: 150160 lbs $4 35; 140-150 lbs $4 10: 130-140 lbs $3 60: 120-130 lbs . s2.io 100-120 lbs.. $2 60; roughs. $4 75; stags. $3. Calves. *6 Lambs. $6. ißv Times Specail* LOUISVILLE. Nov 20 -Cattle—Receipts, commercial 250. government; supply light; quality plain. market slow, about steadv: bulk common to medium steers and heifers. $3 25m 4 50: better finished scarce, quotable to around $6. bulk beef cows. | $2 254i 3 low cutters and cutter cows. *147 | 2; sausage bulls, $2 75 down: most beef I :vpe .s-ork calves salable $4 50475; common to medium Stockers and feeders. $2.754i | 375 Calves—Receipts. 200: market steadv; ! bulk better vealers. *4 50 4? 5; few strictly; choice. $5 50 medium and lower grades $4 down Hogs—Receipts. 800: market j mostly 30c lower; some unsold amt held higher; top and bulk 200-300 lbs . $5 55; 180-195 lbs $5.15: 305 lbs. up. $5.10: 160175 lb $4 55; 145-155 lbs $4 05 100-135 lbs $3 35. sows. $4 20 Sheep—Receipts 100 generally steadv; bulk medium to good iambs. $5 50 6: choice*, eligible higher, bucks discounted *l. most light throwouts. $3 50. better fat ewes. *1.50412. MARKETINGS SHOWN Ry Time* gpreial LOS ANGELES, Nov. 20.—Showing "substantial progress toward recovery” the California and Arizona citrus industry marketed 77.416 cars of oranges, lemons and grapefruit for an f. o. b. return of these states of $90,775,000 during the year ended Oct. 31, according to the annual report of the California Fruit Growers Exchange.

Survey of Current Business Conditions United States Department of Commerce

LEGEND BUSINESS ACTIV<TY(nCW YORK^ TIMES)? STKMNGOT.PRODUCTION CONSTRUCTION.CONTRACTS, AWARDED* 1001 s\ l 0U ' .n 1 1,1 1 ■i?l,•< ii i, i!, 11 1 iii 1 1, 11 r< nl< '<<!*■' In 1 1 mil o 1 1 1 1 1 111 1 1 n 1 1 111! 11' Init In 1 1 1 nl in ilu lliu li nil oliiilinlniiliiiluiiiikiliiili:il:iii ■iitLiiß.mJ AUTOMOBILE PRODUCTION a LUMBER PRODUCTION BITUMINOUS C3AL PRODUCTION*^ 1601 “ °0 100 to Vu ■,■ I■ ■.ln<■ r■■ l l< l . 1 1 0 11 , t,n til n hull ill 111 iUh Hub II iliiilinliiiA o , i!,, 1 1 1 ! i!l m 1 111 1 11 nh 11 It ll ltm 1 n l l lll Ui-lx FREIGHT CAR LOADINGS COTTON RECEIPTS ELECTRIC POWER PRODUCTION* — 100 80 300 p- 1,0 eo 200 100 1/—^ 40— 100 - 90 *** y ZZZZY F **~ , 1 11111,11111111111 mll n 111111 mim iii 1111111111 iii o aoLj.iiTrHrririT.iiiiiiiiiiiiiuiin.iuiiiixiiiuj FISHERS WHOLESALE PRICE INDEX* BOND PRICES* STOCK PRICES* ,00 < ° ■ -- ' 100 ‘OO !n 1 1 11 ,1,,,1,,,,1.,.1i,,1, J feoh ll l l n 1 1 niLi 11 1 n l ln l lll l i.ln l l l iiiln>ln 1 luiii oliiilinliiiiliulmlimlmliijliiiilnilnilim COMMERCIAL FAILURES* BANK DEBITS OUTSIDE NEW YORK CITY* BROKERS' LOANS NEW YORK CITY 220 1 nor 180 /~Y 120 to ?nl,i■ I■ ■ 1 1 1<iii.■ 1 1 ■ <.l<i<l l l,il <■l"< <1 <i■ 1 1<1 1 hil l 40 1 niiiu 1 11 u 1 1li 1 111 1 1 ii 1 1 111 1 n 1 1nihnIsLlttu.1 olnillnlniilmliiili nilmli.i.ll mln .1 mln-uJ FEDERAL RESERVE MEMBER BANK LOANS TIME MONEY RATES* MONEY IN CIRCULATION 100 F — " 150 r ~ 160 A> 90 - ■in ,1 . .TITTmITTI 111 || 111 1 111 [m Iri I' "I"' I"" O IjuTvif I tic 1 0 I maV I iei 1 may | Ju<* fjuJl lUlm ocr j ioi | occ JAN. I F(8.l MAR. |AP R ImByI.IUNE buuTAui.l SEPT, loci I NOV, I etc. JAN. Ireß.l MAR 1 APR.IMAYIJUNt (JULY 1 ado I SEP lOC .1 * COMPUTED NORMAL lOO A CRAM'S ESTIMATE ft* U. S. and CANADA *1926*100 9 DAILY AVERAGE * 1928- 100

TRACTIONS UP ONBOOARD Utility Issues Steady After Meeting New Selling in Early Deals. By United Press NEW YORK. Nov. 20.—Local traction issues and a few special stocks advanced in the morning dealings on the Stock Exchange today while the remainder of the market was slightly under the previous close in lighter dealings. Advances in the tractions amounted to more than 2 points in the case of Brooklyn-Manhattan Transit, which was reported to have arrived at an agreement on unification. Interborough Rapid Transit reached 14*2, up P/2, and Manhattan Railway 25, up 2ls. Utilities met further selling for a time with the leaders making new lows. They steadied later when American Telephone met additional support and rose to 103! 8 , up 1 point. United States Steel, Allied Chemical, American Can, the leading motor shares and some of the aviation shares declined fractions to more than a point. Among issues to show gains were U. S. Gypsum, Owens Illinois Glass, Colgate, Palmolive, Peet preferred and Eastman preferred. Associated Dry Goods issues soared on the SSO extra dividend declared by its subsidiary, Lord & Taylor. The common stock reached 13*2, up l*/i; Ist preferred, 75, up 9, and 2nd preferred 52, up 6*4.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,158,000.00 Debits 5,166,000.00

Treasury Statement

<Bv United Press) WASHINGTON. Nov. 20.—Government expenses and receipts for the current fiscal year 'o Nov 17. compared with the corresponding period of the previous fiscal year: This Year Last Year Expenses $2,643,498,058.72 $1,707,542,291.35 Receipts 1.390.031.141.17 1.090.439.085 42 Deficit ... 1.253.466.917.55 617.103.205 93 Cash Bal.. 1.670.298.621.48 1,265.432.637.38

On Commission Row

Quotations below are average wholesale prices being offered to buyers bv local commission dealers. FRUlTS—Cranberries, Cape Cod. early blacks. 25-lb. box. $3.75; Wisconsin Antlers. 25-lb. box. $4. Grapes. California Emperors. 27-lb. box. $2.15. Persimmons. Indiana. 12 pts.. 90c. Avacados, box. $1 25. Quinces, bushel. $3. Bananas, pound, 4%c. Apples, maiden biush, $1.50; Indiana Jonathans, $1.85; grimes golden, $1.355 1.75. Melons. California honey dews. $2.75,. Lemons, sunkist. 3605. $5.50: red ball. 3605. $5. Grapefruit. Florida. 70s-80s. S2 50. Limes per carton. 12s. 25c; seedless per hundred. $3. Strawberries. 12 box crate. $2 2547 2 50. California rhubarb. $1.50 a box Pineapples, crate. $5,504^6. VEGETABLES—Caooage. Northern Danish. 50-lb. bag. 65c; red pound. 3c. Onions. Idaho, sweet Spanish, large 50-lb.. SI 40: Michigan yellow, med.. 10-lb. bag, 23c; western white. 50-lb. bag. $1.85; Michigan. yellow. $1 25. Potatoes. Green Mountains. 300-lb. bag. $1.45; northern round white. 100-lb. bag. 95c: Ohios, 100-lb. bag. $1.65: Idaho Russets, 100-lb. bag. $2. Sweet potatoes. Indiana Jerseys, bushel, *1.65; Tennessee Nancv Halls, bushel. *1.40. Beans, round stringless, hamper. $2 50. Beets, Texas. 3 doz. crate. $1.50. Carrots, home-grown, dozen. 35c Cauliflower, crate. $1 65 Celery. Michigan, medium, dozen. 50c jumbo, dozen. 75c: hearts, bunch. *l. Cucumbers, hothouse, dozen. $1.25: Endive, dozen. 45c Egg plant, dozen, *1 50. Kale, home-gvown. bushel. 50c. Lettuce hothouse. 15-lb. basket. 60c. Mangos, Florida, crate. *3 50. Mint, bunch. 15c. Parsley, dozen. 35c. Peas—Hamper. $3,254} 4. Spinach, home-grown, broadieaf. bushel. 60c Radishes, dozen. 50c. Tomatoes, hothouse 8-lb. basket. *1.25. Turnips, homegrown, dozen. 25c. Pumpkins, dozen. $1.25. FRUITS AND VEGETABLES ißv United Press) ! CHICAGO. Nov 10.—Apples—Michigan Mclntosh bushels. 2% inch. $1 754}2: Jonathans. *1 50m 1.75. Lettuce — California crates s2'./2.75. Sweet potatoes—Tennessee bushels sl4lllO. Celery—M*chigan crates 40m 60c Oregon cauliflower crates. 90c4i s 1.15. Spinach—Missouri bushels. 40 tifiOc Cranberries—Massachusetts % barrel-. *3 50 m 3 75; few *3 90 Carrots—lllinois bushels. 45m 50c. bunches, 14?2c. i Celerv-cabbaee— Michigan flat crates. 354 t :40c Beets—lndiana and Illinois bunches, %Ml%c. Onions—lllinois green bunches. 54i Bc. Onion market (50-lb. sacksi Michigan yellows. 50C47*1; Michigan whites. 85c4}*1 25. western yellows. 90c<| tl; Illinois and Indians yellows, 50 u 60c.

INDIANAPOLIS, TUESDAY, NOVEMBER 20, 1934

New York Stocks

(By Thomson & McKinnon i 11;00 A. M. Prev Oils— High. Low. N. Y. close. Atl Rfg 25'2 25 1 2 25' 2 25% Barnsdall 6% 6% 6% S' 2 Consol Oil B s /* 8 8 8 3 s Cont of Del 18% 18% 18% 18% Pet Corp 9' 2 9% 9% •• Phillips Pet 15% 15% 15% 15% Plymouth Oil ... 9% 9*2 9% 9% Pure Oil 7 7 7 7 Shell Un 6% 6% 6% 6% Skelley Oil 7Vi 7% 7V* 7% Soc Vac 14% 14% 14V* 14% SO of Cal 33% 32% 32% 32% SO Os Ind 24% 24% 24% 24% S O Os N J 42 41% 41% 42% Texas Corp 21% 21% 21% 22 Tidewater Assn.. 9% 9% 9% 9% Steels— Am Roll Mills... 19 18% 18% 18% Beth Steel 29 28% 28% 29 Byers A M 17% 17% 17% 18% Col Fuel & Iron 4V4 4% 4'4 4% Ludlum Steel .. 14% 14% 14% 14% McKeesport Tin 92% 92% 92% ... Mid Steel 10% 10% 10% 10% Otis Steel ...... 4% 4% 4% 5 Rep Iron & Stl 13% 13% 13% 13% U S Steel 35% 35% 35% 35% U S Steel pfd 79 79 79 78% Youngstown S&T 18% 18% 18% 18% Motors— Chrysler 35% 35% 35% 35% Gen Motors 30% 30% 30% 30% Graham Mot .. 2% 2% 2% 2% Hudson 10% 10 10% 10% Hupp 3% 3% 3% 3 Mack Truck 26% 26% 26V* 26% Nash 15% 15% 15% 15% Packard 4% 4% 4% 4% Reo 2% 2% 2% 2% Studebaker 2% 2 2% 2 Motor Access— Bendix 15% 15'% 15% 15% Bohn Alum 58 58 58 57% Borg Warner ..28 28 28 27% Briggs 23 22% 23 22% Budd Mfg 6% 5% 5% 6% Budd Wheel 3% 3% 3% 3 Eaton Mfg 17% 17% 17% 17% Elec Auto Lite . 26% 26% 26% 26% Elec Stor Bat... 44% 44% *4% 44% Houdaille A 6% 6% 6% 6% Mullins Mfg ... 9% 9% 9% 9% Murray Body .. 6% 6% 6% 6% Stew Warner ... 8 8 8 8 Timken Roll ... 33% 33% 33% 34% Mining— Alaska Jun 17 16% 17 16% Am Metals 14% 14'% 14% 14% Am Smelt 36 36 36 36% Anaconda 10% 10% 10% 10% Cal & Hecla 33 33 Cerro de Pasco . 38% 38% 38% 38% Dome Mines ... 37% 36% 37% 36% Granbv 6% 6% 6% 6% Gt Nor Ore 11% 11% 11% 11% Ins Copper 2% 2% 2% 3 Int Nickel 23 22% 22% 2.3 Kenr.ecott Cop.. 16*4 16% 16% 16% Mcln'vre Mine.. 41% 41% 41% 41% Noranda Cop ... 32 31 32 31% Phelps Dodge... 13% 13% 13% 14 St Joe Lead ... 15% 15% 15% 15% U S Smelters ... 116% 116 116 116% Vanadium 1814 1814 1814 18 Amusements— Fox Theat 13% 13% 13% 13% Loews Inc 33% 33% 33% 33% Radio Corp 5% 5% 5% 5% Paramount 3% 3% 3% 3 s * Warner Bros ... 4% 4% 4% 4% Tobaccos— Am Snuff 68% 68% 68% 68'% Am Sum Tob .. 21% 21 s * 21% 22 Am Tob "A”... 82 82 82 82 Am Tob "B'\ . 84% 84% 84% 84% Ligg & Myers B 106% 106% 106% 106% Lorillard 18% 18% 18% 18% Phillip Morris . 36% 36% 36% 37% Reynolds Tob B 49% 49% 49’* 49% Rails— Atchison 54 53% 53% 53% Atl Coast Lines.. 30 29% 30 31 B & O 14% 14% 14% 14% Can Pacific 11% 11% n% n% Ch & Ohio ... 44 43 3 43% 43% Chi & Gt W pfd 4% 4% 4% .. Chi N W 5% 5% 5Vi 5% Del* & Hud 39% 39% 39% 41 Del Lac & W ... 17% 17% 17% 17% Erie 12 12 12 12 Erie pfd 16 16 16 Grt Northern pfd 15 15 15 15 111 Central 16% 16% 16% 16% Lehigh Valley .. 10% 10% 10% 10 s * Mo Pac pfd 3% 3% 3% 3 s * N Y Cent 21 20% 20% 21 N Y New Haven 8% 8% 8- %3 Norfolk & West 171% 171% 171% Nor Pacific 18% 18% 18% 19 Penn R R 22% 22% 22% 22% Sou Pac 17% 17% 17% 17% R R 16% 16 16 16% Union Pac 105 105 105 105% West Maryland. 9% 9% 9V 9 % Equipments— Am Steel Fdy... 17% 17 17% 16% Bald Loco 6% 6% 6% 6% Ger. Elec 19 s , 19 19% 19 s * Pullman Inc .... 46% 46 46 46 West Air Br ... 27 28% 26% 26% Westingh Elec .. 33% 33% 33% 34 Utilities— Am & For Pwr.. 4% 4% 4% 4% Am Power & Lit 3% 3", 3% 3 s * AT&T 103% 102% 103% 102% Ant Wat Wks .. 12% 12% 12% 12% Col Gas & Elec. 7% 7% 7% 7% Com A Sou 1% 1% 1% 1% Consol Gas 21% 21% 21% 21% Elec Pwr & Lit. 33 33 Int Hydro Elec.. 2% 2% 2% 3 Interboro R T . 14% 13% 14% 13 Int T * T ■.. 8% 8% 8% 8% Lou G & E (A) 13% 13% 13% 13% Nat Pwr & Lit.. 6 7 6% 6% 6% North Amer .... 10 s * 10% 10 s * 10% Pac G * E ... 13% 13 13% 13% Peoples Gas 19% 19 s , 19% 20 Pub Ser\ N J.... 28 s , 25 26 s , 26 s , So Cal Edison .. 11 s , 11 s , 11 s , 11% B*d Gas ..5% 5 5% s s , Stone & Webster 4% 4% 4 s , 4% United Corp ... 32% 33 Un Gas Imp ... 11% 11 s , 11% 11% Ut Pwr * Lt A 2% 2% 2% 2% Western Union.. 33% 33 33 33 s , Rubbers— Firestone 16 s , 16 s , 16 s , 16 7 Goodrich 0% 10% 10% 10 L. Goodyear 23% 23% 23% 23% Kellv Spring ... I s . 1% 1% 1% U S Rubber... 16% 16% 16% 16% U S Rubber pfd 38 38 38 38 Miscellaneous— .... Allis Chalmers.. 14% 14% 14% JJ% Amer Can . .102% 102% 1®2% 103 : , Am Math * Fdy 20% 201 J®.' 4 Brklvn Mac. Tr.. 38% 3.% 38-■ 36% Burroughs Add.. 15% 15% 15 , 15 s j j t Case 51% 51 51 52 Icwa cto'6os. 59% 69% 60*

Caterpillar Tract 32% 32'a 32 3 * 32*4 Crown Cork.... 27*4 27 27 27 Curtis Pub 20 20 20 20* 2 Deere &Cos . ... 22 a 21 s 8 21* 4 22L Eastman Kodak 109'2 109*2 109*2 109 3 4 Foster Wheeler . 13 3 4 13 a 13 3 4 13 * 4 Gillette 14 s * 14* 2 14' 2 14L Glidden 25’ a 25 a 4 25’* 25 3 4 Int Bus Mach. 150* a 149 5 a 149 s a 149 Inter Harv Natl Cash Reg . 16 3 a 16 a e 16 3 a 16V2 Owens Bottle • . 85 84 85 84 Rerr. Rand .... 9*a 9*4 9% 9*2 Ur.derwood E ... 52 51 3 /4 52 52 Foods— Am Sugar 60 3 i 60 3 . 60 3 a 60V* Armour Com .6 s’a 5 7 a 6 Armour 6 r 7. pfd 68*4 68 68* 4 68*/ 4 Borden Prod ... 24’a 25’k 25’* 25 Can Dry G Ale 15’a 15’a 15’a 15 3 i Corn Prod .■ 68*4 68* 4 68*4 68*s Crm of Wheat . 34*4 34*. 34*4 34 Gen Foods 34'/ 2 34 3 a 34*/ 2 34*/ 2 Geld Dust 17 17 17 17 *4 G W Sugar 27 7/ 27 3 a 27 3 /g 27 7 Nati Biscuit 29Ve 29 29 28 3 ,* Natl D Prod ... 17 16 3 4 16 7 a 17 Purity Bak 9 3 r 9 3 9 3 a 9 3 Std Brands 18 5 a 18*/ 2 181'a 18 3 ,4 United Fruit ... 71*/ 2 71 */ 2 71 Vi 71 Retail Stores— Assd Drv Goods 13* 2 13’ a 13*4 12 Best & Cos 38 1 2 38*/ 2 38*/ 2 38*4 First Natl Stores 64*z 64 64 64T Gr Un Tea 5* 2 s*/ 2 5*4 5 3 * Halm Dept Sts . 5 7 4 5 7 /g 5 7 /e 5 7 /a Kresge S S . 21 5 a 214 21 * 21 < a Kroger Groc . 29 3 a 29\ 29 \ 29 2 Macy R H 47*4 47*i 47*' 2 47"a McCirorv St .... 6 3 4 6*4 6 3 4 6* 2 McLellan St 10 7 a 10 3 4 10 3 4 11 May Dept 5t.... 43 3 4 42 3 4 42 3 4 43*a Mont Ward 29 3 4 2914 29* 2 29 5 a Penney. J C .. . 68 3 4 67 3 4 68 68 3 4 Safeway St ... 45 s 8 45 5 a 45 5 a 46 Sears Roebuck .. 41* 2 41V* 41 * 2 41*4 Woolworth .... 53 52V* 52 3 4 521* Aviation— Aviation Corp . 4*4 4* 4* 4*4 Boeing Aircraft . 9 3 4 9 s * 9 5 9 5 a Curtiss Wright . 2 7 a 2 3 4 2 7 * 3 Curtiss Wri (A) 8 7 * B* 2 8* 2 8 3 a Douglas Air ... 22*,a 22V* 22*4 22*4 Nor Am Av 3 7 a 3 7 '* 3 7 * 3’ Sperrv Corp 9 8 7 a 87* 8 7 * Utd Aircraft new 12 11 s /* 11% 1214 Chemicals— Air Reduction ..169 109 109 109 Allied Chem -.134% 134% 134* 2 135% Am Com Alco.. 29% 29% 29% 30*4 Col Carbon 72 72 72 72*4 Com Solvents . 21% 21 21% 21V* Dupont 96% 96 96* a 96 7 a Freeport Tex .. 27% 27% 27% 27% Liquid Carb 22 22 22 22 Math Alkali .. . 26% 26% 26% 26% Monsanto Chem 58 57% 57% 58% Natl Dis (new) 23*4 23% 23% 23% Schenlev Dist .. 26% 26% 26* 2 26% Tex Gulf Sulph.. 35% 35% 35% 35% Union Carbide . 44% 44% 44% 44% U S Indu Alco . 43*4 43 43*4 43 Drugs— Coty Inc .... ... 5*4 5% 5V* 5*4 Lambert 27 27 27 27% Sterling Prod ... 59*4 59 59 59 Un Drug inew). 12 12 12 12 Vick Chem 33 s * 33*4 33% 3314 Financial— Adams Exp .. 7*a 7*4 7% 7*4 Allegheny Corp 1% 1% 1% I s * Am Int Corp ... 6% 6% 6 s * 6% Chesa Corp ..... 38% 38% 38% 38% Lehman Corp . 69% 69*4 69% 69% Transamerica .. 5% 5% 5% 5% Tr Conti Corp... 3% 3% 3% 3*4 Building— Am Radiator ... 15% 15*4 15% 15% Holland Furnace. 7*4 7*/a 7% 7% Int Cement ... 26 26 26 26* a Johns Manville 54% 54 54*4 54% Libby Owens Gls 26* 2 26 26* 2 26’ 2 Otis Elev 14% 14*4 14% 14% TT S Gypsum ... 49*4 48% 49% 48* 2 Household— Cos! Pal Peet ... 16% 16*4 16% 17 Congoleum 34% 34% 34% 34 7 4 Kelvinator .16 16 16 16* Proc & Gamble 44 43% 43% 44 Servel Inc 67* 6*4 6% 7 Textiles— Amer Woolen ... B s * 8% 8% 8% Belting Hem ... 12% 12% 12% 12% CeLnese Corp . 29% 29% 29% 30% I Collins Aikman • 13% 13% 13% 13% < Indus Raron . 27 27 27 27 Real Silk 7% 7% 7 7 /. 7*4

Chicago Stocks

(By Abbott. Proctor & Paine) 1100 Prev. A. M. close. Allied Products 12 s * 12% Bendlx 15*4 15 s * Borg Warner 28 27% Berghoff 2% 2% Cities Service I*2 1* 2 Core Corp 3% 3% Gen House Util 6% 7 Grt Lakes Dredge 18% 18*4 Libby 6% 6*4 Nat l Stand 25% Noblitt Sparks 14% 14*4 Pub Servos 111 10*2 Prma 2 Swift 18’a 18% Swift Int 35 35% J R Thompson 5% 5% Walgreen 26% 26- 2

A’ ew York Curb

(By Abbott. Proctor & Painei 1J i Noon i Prev. N. Y clos. Alum Cos of Am 51 52 Am Cvanide >B 16% 16% Am Superpower 1 % 1% Atlas Corp 8% 8% Distillers Corp 15% 15% El Bond and Share 7*2 7% Humble Oil 42', 42% Lake Shore Min 53% 54 Natl Bellas Hess 2% 3 Pan-Am Airways 33'* 33’, Park Davis 31 31 Penn Road 1% 2 St Regis Paper 1% 2 Sal Creek Products 6% • Std of Kv 17'i 175i LOCAL CASH MARKEI Citv grain elevators are paying 90 cents for No 2 soft red wheat. Other grades on their meMts. Cash corn No. 3 yeiloa 74 cents, and oaU 13 ctnu

TRADE VOLUME SHOWINGMINS A. F. of L. Reports Better Business, but Cautiousness Toward Rise. By Cnitcd Press WASHINGTON, Nov. 20.—The American Federation of Labor today reported business but indicated a cautious attitude toward improvement in "business sentiment.” Other reports indicated serious labor controversies remain close under the surface. The federation's monthly bulletin declares it could not forecast how far improvement in sentiment "will succeed in stimulating business.” However it noted upturns in soft coal, steel, electric power, textiles, and building construction and declared the business world in a better position to go ahead than at this time last year. "The strong wine of business optimism,” the report said, “may stimulate industry to action again, but production and employment can not go on increasing unless a steady increase in workers’ buying power creates a growing market for goods.” The federation emphasibed that little progress had been made toward the goal of the NRA to increased consumption through increased purchasing power. Actual purchasing power of the average workers’ wage fell slightly from September, 1933, to September, 1934, it was noted.

WHEAT OPENS OFF, OTHER GRAINS RISE Weakness Abroad Causes Dip in Major Staple. B’l United Press CHICAGO, Nov. 20.—Weakness abroad brought selling into wheat futures on the Board of Trade today, but other grains showed independent strength. Wheat started unchanged to H cent lower; corn was unchanged to up % cent: oats was up *4 to % cent net; rye was unchanged to up *4 cent, and barley was off % cent. Liverpool wheat started lower and the easier feeling sifted through to the local pits. A strong cash situation induced further buying of corn futures and new highs again were touched, despite sales for profit.

Chicago Grain Futures

(By James E Bennetti 11 00 Prev. WHEAT— High. Low A M. close Dec I.oo*, .99% 100', 101 Mav 99% 98’* 98% 99’, July 93% 92 s , .92% .93’. CORN— Dec 85' 2 84’, 84 s , 85 May 88 84 s , 85 85 s , July ,84% 83% 83 s , 83 s , OATS— Dec 53% 52% 52 s , .53% May 50% .50% .50% 50% July 46% .46% 46% .46', RYE— Dec 73% .73 .73% .73% May 77 .76', .76', .76 s , July 77% .76 s , .76 s , .77%

Government Bonds Home Owners’ Loan Corporation and Municipal Bonds BOND DEPARTMENT The Union Trust Cos. of Indianapolis 120 E. Market *Hej 5341

Latest Stock, Bond and Commodity Quotations

NRA REVISIONS HELD MAIN JOB OF GOVERNMENT Must Shape Inchoate Mass of Legislation, Rulings Into Policy. This Is another in the series of articles published weekly In the Times and written by members of the economics department of New York University's School of Commerce, Accounts and Finance. BY COLI.IS STOCKING As the NRA enters its second phase the test of the administration is that of shaping an inchoate mass of legislation and rulings into a more definite and permanent governmental policy. Various features of the present program must be co-ordinated, contradictions eliminated and unworkable principles discarded. Codes must be revised. But before effective revision can be accomplished the matter of general policy must be determined. Such a definition of policy hinges primarily upon the clarification of the three most disputed provisions of the present laws. Clause 7A. concerning the right of labor to organize, must be interpreted definitely and finally. The question of price fixing and the limitation of output must be settled. While Clause 7A quite clearly gives the laborers the right to be represented by representatives of their own choosing, it does not specify just what is to be done with minority groups.

Roosevelt Is Criticised President Roosevelt in connection with the automobile dispute in February declared that the law’ permitted independent representation of any number of groups within any company or industry. The President was criticised for his stand on the ground that it robbed the law of its effectiveness and spirit. In September the national labor relations board very definitely reversed the President's earlier position and in the Houde Engineering Corporation case held that the majority had the right to negotiate for all laborers. With regard to price fixing, 70 per cent of the codes approved include some type of minimum price fixing provisions, in general such provisions have been opposed by the Consumers’ Advisory Board on the ground that minimum price fixing tends to establish monopolistic conditions to the detriment of the consumer. Heretofore our experience with price fixing has been confined primarily to the regulation of public utility prices. Such price fixing has been based upon an entirely different principle from that involved in the codes. In connection with public utility regulations emphasis has been placed upon maximum and not minimum prices. Discuss Price Fixing The minimum price fixing of the codes, instead of protecting the interest of all concerned, has tended to protect the inefficient producers against the competitively lower prices of the efficient producer. On this and similar grounds the price fixing provisions have been denounced by some of the code administrators and have been declared to be unenforceable. Where they have been enforced the effects have been to freeze industry at fractional capacity, to further unemployment, and to tax the consumer in the form of higher prices. With regard to limitation of output, 15 per cent of the codes fix a limit to the number of hours that machines may be operated, and a few codes go to the extreme of limiting the installation of new machinery. The limitation of machine hours is a logical corollary of price fixing provisions and has worked out with the same or similar undesirable results. The thoroughgoing analysis made of Clause 7A and the majority rule decision handed down by the national labor relations board have been greeted with widespread acclaim that can not be ignored. Earlier this year it was announced that no more minimum price provisions would be included in the codes. The recent rejection of the minimum service charge amendment of the banking code was in conformity with this earlier announcement. Opposition Is Growing The trend is definitely away from detailed price fixing, and such provisions are bound to be removed from some of the codes. There is ! a growing opposition to the limitai tion of machine hours. In cases ; where such provisions are retained they are almost certain to be revised to safeguard the respective interests of laborers and consumers. The above tendencies, if they continue will very significantly change I the nature of the NRA. Many of the detailed regulations which exist today are contrary to the basic principles of private enterprise. Such regulations for some industries will no doubt be abandoned in favor of [ the protection which is afforded by j competition operating through the market. In other numerous cases where industry has become so organized that competition is ineffective in harmonizing divergent interests, direct governmental regulation is in- ; evitable. This regulation seems des- ! tined to be formulated in accordance ! with some fitting refinement of the principles now employed in our pubi lie utilities regulation.

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