Indianapolis Times, Volume 46, Number 166, Indianapolis, Marion County, 21 November 1934 — Page 20

4 Trends Reserve* Bank Loan to Belgium Held Significant. By VINCENT S. LYONS

I Mb** I taancial UlUi RECENT reports from Washing' . ton that the federal reserve banks have extended a $25,000,000 credit to Belgium, ostensibly lor the purpose of bolstering the latter's foreign exchange situation, *s one more tangible item added to the improving economic picture both at home and abroad. The manner in which the credit originated was as follows: Belgium was short of dollar balances which it needed in the normal conduct of its affairs; the reserve banks were willing to create a $25,000 000 credit for them; Belgium earmarked $25,000.000 in gold to back the loan and the reserve banks extended the funcs needed. It Is significant that this piece of co-operation is the first of its kind since the Roosevelt administration has been in power. This is not by and means the first time since March 4, 1933. that a central bank of Europe was in need of a helping hand from another country. The other occasions v hen co-operation was needed the interested parties didn't bother to meet and discuss their difficulties, but just gritted their teeth and withstood the shocks as well as they could. a a a AND as a consequence of this lack of concord between nations huge hoards of gold in the last two years have been moving back and forth across the Atlantic as foreign exchange rates continued their jittery performance by swinging in a wide arc, first attracting foreign gold to these shores and then turning about and making it cheaper to send gold, rather than dollars, abroad to meet obligations. Under ordinary workings of the gold standard the export and import of the precious metal from one country to another tends to correct the situation which brought about the gold movement in the first place. But these are not ordinary times, as abandonment of the metallic base, first by England and then by the United States, left both countries with monetary systems somewhat different from the full gold standard. Prance, Belgium. Holland and Switzerland all remained on gold throughout the economic upheaval. Foreign exchange speculators, however, reaped a harvest of profits for themselves by starting rumors that those nations were dangerously clo6e to the point where divorcement from the gold standard would be announced. a a a IN this connection it is interesting to recall the many times in the last two years that France, the leader of the European gold bloc, has been reported as ready to flee gold. At each fall of a cabinet the story would be revived. Today France still remains anchored to the yellow’ gold base, although it witnessed the nse and fall of several governments. In view of the unheaval which has taken place in foreign exchange, rates during the last few .years co-operation of the kind which has just been manifest between Belgium and the United States is distinctly heartening. Th?se quasi-pacts can do much to put a halt to the flighty performance of moneys of the world. In addition to this tangible item there has developed in the last few weeks several other factors indicative of a movement toward accord that have been of a somewhat less tangible nature. News dispatches from abroad have told of trial balloons which have been sent up by the administration in the Interest of currency stabilization.

BUB I AST week, according to reports in Washington, the treasury's $2,000,000,000 exchange stabilization fund stepped into the foreign exchange market and acquired considerable quantities of French francs. These purchases were made at a time when the French currency was below the point at which it was possible for gold to flow from Paris to New York. Operation of the stabilization fund are kept a dark secret, so there is no way of checking up on the story. The behavior of rates in the world markets, however, oftentimes gives a clew of unusual developments. This, undoubtedly, is the reason for the birth of the current report that the fund supported the franc Whether the world is definitely nearer to accord on stabilization than it was several months ago is a question that only those m authority can answer. There can be no denying, however, that recent events have permitted observers of the economic situation to hitch their ideas to something more than idle hopes. MORE CORN-HOG CHECKS WILL BE DISTRIBUTED Second Installment of $92,000,000 to be Paid Shortly. t* Timrt Special WASHINGTON. Nov. 21—Distribution of the second installment of corn-hog contract checks, aggregating $92,000,000. will begin within the next few days, it has been announced by the agricultural adjustment administration. Payments will be made as quicklv as compliance certificates come in from the 1.150.000 farmers participating in the adjustment program. Indiana's share in the disbursement will be $10,316,729. Other estimated payments are: Illinois. $16.417379: lowa. $30.930330: Wisconsin. $3,343,333 and Michigan. $1,344,436 RAIL RATES ADJUSTED L C. C. Gives Authority to Allow Additional Revenue. I| r ailed Frets WASHINGTON. Nov. 21—The Interstate commerce commission today granted western trunk-line earners authority to readjust class rates to yield additional revenue. The new' schedule generally increases long-haul rates which are not affected by truck competition. Petitioning earners testified that short haul rates were reasonable, but far hauls longer than 500 miles, where truck competition is not so prevalent, rates could be safely increased and sull hold the traffic.

PAGE 20

HOUSING PLAN YIELDING RICH j RETURNTOALL Loans Under Program Help Employment and Trade, Survey Shows. By S'-ripps-H award S ewpaprr Alliance WASHINGTON. Nov. 21 —Reports received by the federal housing administration indicate that the modernization program launched in August has hit its stride throughout the nation. Business men. bankers, building supply dealers and manufacturers inform the FHA that loans made under the modernization credit plan have brought about a decided upturn in employment and general business. The FHA reports that 3,707 better ' housing campaigns have been organized or are in the process. There are 10 204 lending institutions now making loans. Seme highlights gathered from the daily record compiled by Washington offices of the FHA are: During the week ending Nov. 2, the number of FHA insured loans made in the New England area increased 37 per cent over the previous ! week. Boost in Indiana Building construction in Memphis so far in 1934 is $354,900 ahead of 1933. Atlanta building permits were 47 per cent greater for September of this year than last. Indiana FHA officials report that $1,250,295 is being spent for modj ermzation, and 9.000 men have been pui back to work. The San Francisco better housing committee declares that FHA loans are being made at the rate of $350,000 a day in California. Approximately $1,500,000 is being j sppnt for home improvements in the District of Columbia. Bank Clearances Lp A house-to-house canvass in Grand Rapids, Mich., has reached ! 37.276 homes, with an estimated $551,604 worth of modernization j work resulting. Bank clearances for October in Little Rock registered a 65 per cent gain over October, 1933. Ft. Worth reports that 200 roofing jobs, costing $30,000 and giving employment for one week to 1,000 men, have resulted from the modernization drive. Toledo, during the first week in November, jumped its loan total ! from $56,000 to $300,000. In West Virginia the better housing movement is being placed on a permanent basis. An organization to be known as the West Virginia Better Homes Association has been formed with all managers and county chairman serving as directors. The Boston branch of a large radiator company reports that in the last two months it has increased its business SIOO,OOO over the usual amount done.

WHEAT FUTURES DIP ON REPORT OF RAIN Corn Opens Irregular in Chicago Trading. By United Press CHICAGO. Nov. 21.—Rain over a wide portion of the grain belt brought easiness into wheat "mures on the Board of Trade today. At the start wheat was off % to % cent, corn was ** cent lower to * cent higher, oats were unchanged to : . cent higher. Rye was unchanged to % cent up. and barley stood unchanged. Bv James E Bennett* WHEAT— Prev. High Low. 11 00 close Dec 99 .98% .98% 39% Ms- 97% .97% 97% 97% Ju.v 91'* 91% 91% .91% CORN— Dec 84 83% 83% .83% Mav .84’* .83% 84% .84% July 82% 82% 82% 82% i CATS—- ! Dec 52% 52% 52% 52% Mav 50% 49% .49% 49% I Jly 45% .45% 45% .45% j RYE— Dec 71% .71*. 71*, 71% I May 75% .74% .74% .74% [July "5% .74*, .74% .<5% LOCAL LASH MAKKEI Citr gram elevators are paying 88 cents i tor No i sort rets wheat. other grades r>n tnetr merits Cash corn No. 3 yellow I 76 cents and oat* 43 cents.

Produce Markets

Delivered in Indianapolis prices: Heavy hens. 11c: Leghorn hens. 7c; colored springers. 12c: old roosters. 6c; ducks. 7c: sr*ese, 6c: voung guineas, 20c: old guineas. 15c. Turkevs—No. X voung hens. 8 lbs. and O'er 15c: voting toms. 14 lbs and over. 15c voung toms 11-14 lbs . 13c; No. 2. crooked breasts and thin turkevs. 9r; old toms, ail weights. 12c; No. 1 strictly fresh country run eggs, loss off. 26c. Each full case nTjst weigh 55 lbs. gross: a deduction of 10c a pound for each bound under 55 (bs will be made Butter Ni 1. 30 U 31c Butterfat—26c. Quoted bv *ha Wadiev Company.

Retail Coal Prices

Tha following prices represent Quotation.* Itoir. leading Indianapolis coal dealers A 25-cent carrying charge oer ton will be added. DOMESTIC RET AII PRICES Anthracite sl3 OC Bran! Lump 6 W i Brazil Mine Run a-5 Coke. Nut Sire 8.90 Coke. Egg Size 8 90 Indiana Forked Lump No. 4 6 94 Indiana Forked Lump No. 6 6 84 Indiana Eic ■ S.il Kentuck? Lump Group ”B" .18 Pocahontas Lump 832 Pocahontas Egg 842 Pocahontas Mine Run 7 57 BUSINESS - FAILURES DIP Total for Not. 15 Week Declines 15 to 208. Report Shows. Sjl T’mrt Sprrial NEW YORK. Nov. 21.—Business failures totaled 208 in the week ended Nov. 15. Dun <§c Bradstreet, Inc., declared today, the lowest since the end of September. For two weeks preceding, the numbers were 223 and 233. respectively, and for the corresponding week of last year there were 259 similar defaults recorded. The reduction in the number in the latest report from the week preceding was 15. For the same two weeks of last year there was a decline of 79 and two years ago of • only 15.

Abreast of The Times on Finance

New Shifts in U. S. Financial Posts Aimed to Bring About Internal Accord

FDIC Chairman, Comptroller of Currency to Get New Positions. By United Prrs * WASHINGTON. Nov. 21. A further realignment of high government banking officials fully as important as the recent shift of Marriner S. Eccles to chairmanship of the federal reserve board was studied today by administration leaders. Latest reports today were that former Representative Charles West (Dem., O.) would be named chairman of the Federal Deposit Insurance Corporation, succeeding Leo T. Crowley, who will be made comptroller of the currency. This post would be resigned by J. F. T. O'Connor. present comptroller, to become federal reserve agent at San Francisco. The result of this three-way shift, some said, would put an end to a factional fight in the FDIC. Differences of opinion have resulted between Messrs. Crowley and O'Connor, ex-officio director,.the only two directors of the corporation. Would Reward West This move would remove Mr. O'Connor from the affairs of the corporation and reward West for the unsuccessful part he played in the recent Ohio senatorial campaign where he lost to Vic Donahey. Mr. West has been mentioned as a budget director, now temporarily filled, but this talk has subsided. From present indications, Daniel Bell will continue acting budget director at least until formulation of the new budget next January. In addition to the above reported changes, administration officials counted a number of additional important appointments that might be made shortly. They included: Two directors for the Reconstruction Finance Corporation. One director for the Federal Deposit Insurance Corporation. One Federal trade commissioner. One banking assistant to Secretary of Treasury Henry Morgenthau Jr. Have Important Bearing All these appointments would necessarily have an important bearing on the administration's financial and economic program and it is likely that men of New Deal leanings ultimately will be named. The latest step to liberalize the government's banking program and bring it in close co-operation with administration moves was taken by President Roosevelt in the appointment of Marriner S. Eccles, the liberal Utah banker, as governor of the federal reserve board. Because of his past association with Secretary Morgenthau and known sympathy with New Deal policies. Mr. Eccles was expected to begin a broad program of treasurybanking co-operation in the interest of ecenomic recovery.

Wall Street BY RALPH HENDERSHOT Times Special Writer NEW YORK. Nov. 21.—Announcemenl has been made by the General Foods Corporation of the inauguration of an old-age pension plan which will retire men employes at the age of 65 and women at the age of 60. This is a step in the right direction. The company

is doing a favor not only to society but also to itself. It is to b? congratulated One of the things most feared by the average man or woman is that ot being a charge upon others when he or she reacnes the age at whicn work becomes lmpossible or a drudgery. And the

wish to escape such condition accounts for many of the strange things which people do during the course of their lifetime. It is normal business practice for corporations to charge off in the way of depreciation a certain amount from earnings each year to retire worn-out plants and machinery. There would seem to be nc good reason why they should not make a similar charge for worn-out or incapacitated employes. it it a THE United States Chamber of Commerce has just voted to co-operate fully with the administration in its efforts toward recovery. The action suggests that it has not been co-operating heretofore. Perhaps it would be more accurate to say that it confirms the suspicions many people had that this national representative of big business had been withholding its nelp. if not actually acting as a retarding influ- ; enee. According to the Washington dispatches, the vote was prompted by a belief that recovery depends largely on the united efforts of government. banking and business lead- ! ers It seems rather strange that it 1 took this organization so long to i come to that conclusion. The latest election returns may be supposed to have had something to do with its changed attitude a tr a RUMORS are about again that the Radio Corporation of Ameri ica shortly will place television sets on the market. Such rumors have been circulated from time to time for several years and probably will prove accurate one of these days. It is known that the big company has be.n working diligently for a long time on television apparatus, and it is reasonable to suppose that definne progress has been made in the creation of a set which is near enough perfection and which can be sold at a sufficiently low price to be attractive to the general public. Several other large concerns also are reputed to be working on television, and the chances are that if Radio goes on the market with a set these others will follow. It would occasion no great surprise if the development of this new product resulted in the growth of an entirely ' new industry.

INDIANAPOLIS, WEDNESDAY, NOVEMBER 21,1934

WSSPk /jEHHgg&y

(By Thomson & McKinnon) i 11:00 A. M Prev. Oils— High. Low. N. Y. close, j Ameraca 47 47 47 46'2 At Rfg 25'2 25% 25% 25% Barnsdall 6'2 6% 6% 6% Consol Oil 8' 2 8% 8% B’2 Cont of Del 18% 18% 18% 18% Houston (new).. 2% 2% 2% .. Mid Cont Pet ... 11% 11% 11% 11% Ohio Oil 10% 10% 10% 10% Phillips Pet 5% 15% 15% 15% Plymouth Oil .. 9% 9% 9% 9% Pure Oil • .... 7% 7% 7% 7 Seaboard Oil ... 25% 25% 25% 26 Shell Un 6% .6% 6% 6% Soc Vac 14% 14V2 14% 14% S O of Cal 33 32% 32% 33% S O Os Ind 24% 24% 24% 24% SOOf N J .... 42% 41% 41% 42% Texas Corp 21% 21% 21% 21% Tidewater Assn . 9 9 9 9 Un Oil of Cal... 15% 15% 15% 15% Steels— Am Roll Mills... 19% 19% 19% 19% Beth Steel 29% 29 29 29% Inland Steel ... 44 44 44 McKeesport Tin 91% 91% 91% 90% tlatl Steel 42% 42% 42% 42 Rep Iron & Stl 13% 13% 13% 13% Rep Ir & Stl Pfd 39 39 39 39% U S Pipe & Fdy 21 21 21 21 U S Steel .. 35% 35% 35% 35% Youngstown S&T 18% 18% 18% 18% Motors— Chrysler 36% 36% 36% 36% Gen Motors 31% 31 31% 31 Graham Mot ... 2% 2% 2% 2% Hudson 10% lOV4 10% 10% Hupp 3% 3Vs 3% 3 Nash 15% 15 15% 15 Packard 4% 4 4 4% Studebaker 2% 2 2% 2% Yellow Truck .. 3% 3% 3% 3% Motor Access— Bendix 15% 15% 15% 15% Bohn Alum .... 58% 58% 58% 58 Borg Warner ... 28% 28% 28% 28% Briggs 22% 22% 22% 22% Budd Wheel ... 3% 3% 3% 3% Elec Auto Lite . 27% 27% 27% 27 Elec St or Bat .. 46% 46 46 45% Houdaille A .... 6% 6% 6% 6% Mullins Mfg ... 9% 9% 9% 9% Murray Body .. 6% 6% 6% 6% Stew Warner ... 7% 7%' 7% 7% Timken Roll 34% 34 34 34 Timken Det Axle 6% 6% 6% 6% Mining— Alaska Jun .... 17 16% 16 7 /* 17% Am Metals 14% 14% 14% 14% Am Smelt 36% 36 36 36 Anaconda 10% 10% 10% 10% Cal & Hecla .... 2% 2% % 3 Cerro de Pasco 38% 38% 38% 38% Dome Mines ... 37 36% 37 36% Granbv . 6% 6% 6% 7 Gt Nor Ore ... 11% 11% 11% 11% Howe sound ... 47% 47% 47% 47% Int Nickel ... 23 22% 23 22% Kennecott Cop . 16% 16% 16% 16% Mclntyre Mine.. 42 42 42 41% Noranda Cop... 31% 31 31 % 31 St Joe Lead .... 15% 15% 15% 157* U S Smelters 116% 116% 116% 116% Amusements — Croslev Radio... 13% 13% 13% 13% Fox Theat 13% 13% 13% . • Radio Corp .... 5% 5% 5% 5% Paramount .... 3% 3% 3% 3% RKO 1% 1 % 1% 1% Warner Bros ... 4% 4% 4% 4% Tobaccos— Am Sum Tob... 22 22 22 21% Am Tob “8”.... 83% 83% 83% 84% Ligg & Myers B 108 107 108_ 107 Lorillard 18% 18% 18% 18% Reynolds Tob B 50% 49,% 49% 50% Rails— Atchison 52% 51% 51% 53% Atl Coast Lines. 29% 28% 28% 29% B& O 14% 13% 13% 14% Can Pacific .... 11% 11% 11% 11% Ch & Ohio 43% 43% 43 s * 43% C M & St P pfd 4% 4% 4% 4% Chi N W 5% 5% 5% 5% Dela & Hud ... 39V* 38 38 39 Del Lac & W 7% 17 17 17% Grt Northern pfd 14% 14% 14% 14% 111 Central 16% 15% 15 s * 16% Lehigh Valley .. 10-% 10 10 lot* Lot; & Nash 41 41 41 42 M K & T 5% 5% 5% 6 MK & T pfd .. 13% 13% 15% 13% Mo Pac 2% 2% 2% 2% M.. Pac pfd .... 3% 3% 3% 3% N Y Cent ? 20% 19% 19% 20% N Y New Haven. 8% 7% 7Vi 8% Nor Pacific 18% 18 18 18% Penn R R 22% 21% 21% 22% Sou Pac 17% 16% 16% 17% Sou R R 15% 15Vi 15% i5% Union Pac 104% 102 102 104 West Maryland . 8% 8% 8% 9 Am Loco 17% 16% 167* 18 Am Steel Fdy .. 16’% 16% 16% 17 Bald Loco • 6% 6% 6% 6% Gen Am Tk Car 37% 37% 37% 37 Gen Elec ... 19% 19% 19% 19% Gen R R Sig ... 26% 26% 26% 27% Pullman Inc ... 46 46% 46% 45% West Air B 26% 26% 26% 26 7/ Westingh Elec.. 347* 34% 33% 34% Utilities— Am & For Pwr . 5 5 5 4% Am Power & Lit 3% 3% 3% 3 s * AT&T 105% 104% 104% 105 Am Wat Wks .. 13% 13 13 13% Col Gas & Elec 7% 7% 7% 7% Com & Sou IV* 1 1. 1% Consol Gas .. 22 21% 21% 22 Elec Pwr & Lit. 3% 33 3 Int Hvdro Elec . 2% 2% 2% 3 Tnterboro RT .. 13*4 13% 13% 1374 Int T & T ..9 8% 8% 9 Nat Pwr & Lt . 7 6'* 7 6% North Amer ... 11 10% 10'* 11 Pac G & E ... 13% 13 * 13% 13% Peoples Gas .... 20% 28% 28% 28% Pub Serv NJ .. 28% 28 28 27% So Cal Edison.. Iris 11% 11% 11% Std Gas 5% 5% 5% 5% Stone & Webster 4% 4 7 * 4% 4% United Corp .. 2% 2% 2% 3 Un Gas Imp ... 12% 12% 12% 12% Ut Pwr & Lt A 2% 2% 2% 2% Western Union . 33'* 32% 32% 33% Rubbers— Goodrich 10% 10% 10% 10% Goodvear 23% 23% 23% 23% Kellv Spring ... 1% 1% 1% 1J? U S Rubber .. 18 * 16% 16% 18% U S Rubber pfd 37% 27% 27% 27% Miscellaneous— Allis Chalmers 14% 14% 14% 14% Am Can .. . 103% 103 103% 102% Am Mach & Fdv 20'* 19% 19% 20% Anchor Cap 17% 17% 1(% 17% Brvlvn Man Tr 37% 3i% 37% 3i% Burroughs Add • 15% 10% 10% 16 J I Case 61% 50% 51 517. Conti Can . 60% 60 60% 60 Caiernillar Trac 32 ■* 32% 32% 33 Crown Cork . . . 27% 26% 2, 2i

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TREND OF COMMODITY PRICES AND TRADE CHARTED

—1 I—l1 —Ii I—l1 —I f —I —i 1 —I —P MOODY’S DAILY . /\f COMMODITY INDEX A* / m a „ 85 —TTHi# i S T7r\i / /t-'-'i/ I I A AIV x'oody’s weekly : , g * '4/ V***. / BUSINESS INDEX \\ I—l2o • : v i • •* 1 V I | yt 1 i MOOOTI WVCSTT*S SCRVICt i 1 ! 100 I SOW DEC. JAN. FEB. MAR. APR, MAY JUN. JUL. AJC. SEP* OCT. NOV. 1933 **4

Leo T. Crowley

New York Stocks

Hal <:•’ Mt ■ j s|>. - Hi ggsgS)

Daniel Bell

Curtis Pub 20% 19% 19% 19% Deere &Cos .22 21% 21% 22% Eastman Kodak 111 110 111 110 Foster Wheeler.. 13% 13% 13% 13% Gillette 14% 14% 14% 14% Glidden 25% 25% 25% 25% Int Bus Mach ..151 149% 149% 151 Inter Harv ... 37% 37% 37% 38 Natl Cash Reg.. 16 16 16 16% Owens Bottle .. 88 88 88 87% Rem Rand 9V4 9% 9% 97* Foods— * Am Sugar 60% 60% 60% 59% Armour Com ... 6 5% 6 6 Armour 6% pfd 68% 68% 68% 68% Beatrice C ream. 17% 17% 1774 1774 Cal Packing ... 38 38 38 38 Can Dry G Ale . 25% 24% '.!4% 15% Corn Prod 68% 68% 68V* 687* Crm of Wheat 34% 34% 3474 34 Cuban Am Sugar 5% 5% 5% 4% Gen Baking 7% 7% 7% 7% Gen Foods 34% 34% 34% 34% Gold Dust 16% 16% 16% 17 Int Salt 30V* 30 30 31*4 Loose Wiles .... 35% 3574 35% 35% Natl Biscuit 29% 29 29% 29 Natl D Prod 17 16% 16% 17 Std Brands ... .19 18% 18% 18% Ward Bak - 'B". 174 174 1% 1% Retail Stores— Assd Dry Goods. 13% 13 13% 13 Hahn Dept Sts.. 57* 5% 5% 5 7 /* Kresge S S 21% 21 21% 21% Kroger Groc ... 23% 29% 29% 29% Macv R H 47% 47% 47% 47% McCrorv St 7% 7 7*4 674 McLellan St 11% 11 11 11 Marshall Field . 11% 117* 11% • Mav Deot St ... 44% 43% 44 43% Mont Ward 29% 29 28% 29*4 Natl Tea 10% 10% 10% • Penney J C ... 67% 67% 6774 68 Sears Roebuck . 41% 41% 41*4 41% Woolworth 52% 52% 52% 53 Aviation— Aviation Corp .. 4% 4% 4% 4% Boeing Aircraft. 9% 9*4 9** 9% Curtiss Wright . 2% 2% 2% 2% Curtiss Wright A 8% 8% 8% 8% Douglas Air .... 2174 21% 21% 21% Nor Am Av 4 4 4 3% Sperrv Corp .. . 9 8% 874 8% United Aire new 1174 117* 1174 11% Chemicals — Air Reduction ..112 110 112 10974 Allied Chem 135 163% 1337a 1 ’ , Am Com Alcohol 307* 29% 30 30% Col Carbon 72*a 72 72 71% Com Solvents ... 20% 20% 20% 20% Dupont, 96% 96% 96% 967* Freeport Tex ... 27% 27% 27% 27% Liquid Carb 21% 21% 21% 21% Math Alali 26% 26% 267* 26 Monsanto Chem. 57% 57% 57% 57* Natl Dis new . 24% 23% 24% 23% Tex Gulf Sulph. 35% 35 35 35 4 Union Carbide .. 45 44% 44% 4474 U S Indus Ale . 42% 42% 4214 43 Drugs— Bristol Myers .. 33% 33% 3374 33% Cotv Inc ....... 5 5 5 u‘/8 Lamben ........ 27 27 27 27 Sterling Prod 5974 58 2 59 4 59 * Un Drug (new). 12 3 12 Vb 12, 12 Financial — Adams Exp ••••• 7% 7 7 7% Allegheny Corp 1% I*4 1 4 i * Am Int Corp... 6% 6% 6% 6* Chesa Corp 3874 38% 38a 38a Lehman Corp ... 69 69 69 69% Tr Conti Corp... 3% 374 3 % 3% Building— Am Radiator... 16*4 157'* 16 16 Gen Asphalt 17 17 17 17 Holland Furance 7% 7% 7% 7 * Int Cement ■ 26% 26 26% 26 Johns Manville 55% 55 55% 55% Libby Owens Gls 28% 27% 28% 27% Otis Elev 14% 14% 14% 14 U S Gypsum ... 507* 49*4 50*/4 49% HouseholdCol Pal Peet ... 17 17 17 17 Congoleum .... 3574 34 % 3474 35% Kelvinator 16 16 16 16 Proc & Gamble. 447* 43% 43% 44 Servel Inc 7 67* 674 6% Simmons Bed Textiles — Celanese Corp... 29% 29 29 29% Indus Ravon ... 26% 26% 26_ 4 26 2 Real Silk 8 7 774 8%

Chicago Stocks

(By Abbott, Proctor & Paine) 11:00 Prev. A. M. close. Bendix 15% 15% Berg Warner 28% 28% Cities Service 1% * ? Crane Cos 8% 8* Chicago Mail 14% 14% Gen House Util 6% 6_a Grt Lakes Dredge 18% 18% Pub Serv 111 }l% Swift Int 34 34%

New York Curb

(By Abbott. Proctor & Painet 12.00 Prev. N. Y. close. Aillied Mills 9*4 9*i iAm Cyanide "B" J 6% 16* Am Gas &El 17% 17 4 Am Superpower % Atlas Corp 8% 8 * Can Indus Ale “A” 8% 8 /2 Can Marc ?*/* 2/* Cities Serv 1% 1 Consol Gas of Balt 53% 52 Creole Petrol 13 * 13% Distillers Corp 15% 15% : El Bond & Share % 7% Ford of Can "A” 24% 24% Ford of Europe 9% 9% Glen Alden Coal 22% 23 Gulf Oil of Pa 55 55 Hiram Walker 25% 25 2 Humble Oil 42% 42% 1 Imperial Oil Ltd li% 17 k i Hud Bay Min 12 12 i Int Petrol 31% 31% Lake Shore Min 53% 53% j Natl Bellas Hess 2% 2 * I Nia Hud Pwr 3% 3% I Park Davis 31% 31 I Penn Road 1% }■* ! St Regis Paper J * 1% ; Sherwin Wms 82% 82 I Std of Kv 17*2 lj% I Teck Hughes Gold * J% ! Un Gas 1% 1% Un Pwr & Lt A 1% 1% I Wright Hargraves Min

CARRIER GROUP I SHOWS LOSSES; UTILITIES FIRM Rails Decline 1 to 2 Points With Some Reaching New Bottoms. Bff United Press NEW YORK. Nov. 21.—Weakness in railroad shares brought the stock market down before noon today after an irregularly higher opening. Rails declined 1 to 2 points and some of them made new lows for the year. Utilities, however, were steadier. In the rail group, issues of New York, New Haven & Hartford made new lows for the year, the common at 7%, off I*4, and the preferred at 11%, off 1%. Union Pacific declined to 102, off 2; New York Central 19%, off 1%; Atchison 51*4, off I*2, and Baltimore & Ohio 13%, off 1. The drop in rails was an unsettling influence on other sections. Leading issues were down small amounts around noon. United States Steel sold off to 34%, off %, but came back to 35%. American Telephone held around the previous close on short covering after a onehalf point dip. Motors dipped fractionally. A few issues gained, notably some of the j mercantile shares, amusements and } building issues. In the latter group United States Gypsum rose a point to 50*i. Liggett & Myers B made anew 1934 high at 108, up 1, in the tobaccos.

Treasury Statement

(Bv United Press) WASHINGTON. Nov. 21—Government expenses and receipts for the current fiscal year to Nov 19, compared with the corresponding period of the previous fiscal year; „ ~, This Year Last Year Expenses $2,667,934,541.39 $1,722,426,106.96 Receipts .. 1.399.606.302.39 1.094.213.214 39 Deficit . 1.268.328.239.00 628.212.892.57 Cash Bal. 1.656.681.509.89 1.254.312.321.97

On Commission Row

Quotations below are average wholesale prices being offered to buyers by 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. $L2a. Quinces, bushel, $3. Bananas, pound. 4%c. Apples, maiden blush. $1.50; Indiana Jonathans, $1.85; grimes golden. [email protected]. Melons, California honey dews, $2 75. Lemons, sunkist. 3605. $5.50; red ball, 3605. $5. Grapefruit. Florida. 70s-80s. $2.50. Limes per carton. 12s. 25c; seedless per hundred. $3. Strawberries. 12 box crate. $2.25®2.50. California rhubarb, $1.50 a box Pineapples, crate, $5.50®6. VEGETABLES—Cabbage. Northern Danish. 50-lb. . bag. 65c; red pound 3c. Onions. Idaho. swe>t Spanish, large 50-lb., $1.40; Michigan yellow, med., 10-lb bag, 23c; western white. 50-lb. bag. $1.85; Michigan, yellow. $1.25. Potatoes, Green Mountains. 100-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. $1.60® 1.75; Tennessee Nancy Halls, bushel, $1.40. Beans, round stringless, hamper. $2®2.25. Beets. Texas, 3 doz. crate. $l5O. Carrots, home-grown, dozen. 35c. Cauliflower, crate, $1 65. Celerv. Michigan, medium, dozen. 50c; jumbo, dozen. 75c; hearts; blunch. $1 (51.25. Cucumbers, hothouse. $1.25; Endive dozen, 45c. Egg plant, dozen. $1.50. Kale, home-grown, bushel. 50c. Lettuce hothouse. 15-lb. oasket. 60c. Mangos. Florida, crate. $3.50. Mint, bunch, 15c. Parsley, dozen. 35c. Peas—Hamper. $4®4.25 Spinach, home-grown, broadleaf. bushel. 60c. Radishes, dozen, 50c. Tomatoes, hothouse. 8-lb. basket. $1.25. Turnips, homegrown, dozen. 25c. Pumpkins, dozen. $1.25.

Other Livestock

(By United Press) FT WAYNE. Nov. 21.—Hogs—Market. 5c higher; 250-300 lbs.. 85.65: 225-250 lbs.. $5 50: 200-225 lbs.. $5.35; 180-200 lbs $5 20; 160-180 lbs.. 54.95: 300-350 lbs.. $5.20: 150160 lbs.. $4 4; 140-150 lbs.. $4.15: 13-140 lbs.. $3.65; 120-130 lbs., $2.15; 100-120 lbs $2.65; roughs, $4.75; stags. $3. Calves, $6; lambs, $6. . „ . , ißy Times Special i LOUISVILLE. Nov. 21.—Cattle—Commercial 300: government. 300; supply light; quality plain; market slow, about steady: most common to medium steers and heifers. $3.25®4.50: cutter grades. $J down to around $2.50: very little included of value to sell above $5; latter for some 905lb. steers, strictly good kinds quotable around $6: bulk beef cows, 52.25®3; low I cutters and cutter cows, 2; most sausage bulls, $2,254)2.75: stockers slow, about steady. Calves—Receipts. 200: market steady; bulk better vealers. $4.50®5; sirictly choice. $5.50: medium and lower grades, $4 down. Hogs—Market, steady; top and bulk, 200-300 lbs.. $5.50: 180-195 lbs). $5.15; 305 lbs. up. $5.10: 160-175 lbs.. $4.55; 140-155 lbs.. $4.05; 100-135 lbs.. $3 35; sows. $4.20. Sheep—Receipts 50; steady: market on meager supply; medium to good lambs quotable $5.50®6: choice eligible $6 25; bucks out at $1 discount; light throwouts. $3.50 food Trices DECLINE IN EAST AND MIDWEST Meats, Fruits and Vegetables Drop Slightly, Report Shows. By Scripps-Haward Newspaper Alliance WASHINGTON, Nov. 21.—A halt in the increase of retail food prices has been followed by slight declines, largely in meats, fruits and vegetables, the labor department reported today. This break for the family market basket, however, was largely confined to eastern and central states. The retail food price index is at 115.3 per cent of the 1913 level, a decrease of .3 of 1 per cent in the last month, .8 per cent higher than a year ago. but still 28 per cent under November, 1929. Eggs, dairy products and cereal prices increased, however, during the last month.

HITS POWER MEN

u

Judson King The power companies are prepared to go into the courts, organize security holders and promote propaganda campaigns by allied industries in an effort to delay execution of the Roosevelt power program until another Herbert Hoover gets into the White House, Judson King, director of the National Popular Government League warns.

SWINE VALUES REMAINSTEADY Cattle, Lambs Unchanged; Veals Stationary at $6 Down. With only little interest evident in hog trading at the Indianapolis stockyards today, porker prices remained generally steady. Initial sales were slow and draggy on most classes The bulk of 160 to 200 pounds, was selling from $5.05 to $5.35, while heavies, weighing, 200 to 350 pounds, brought $5.40 to $5.75. Few better grades were reported selling at $5.80. Receipts were estimated at 7.000. the lightest for the week. Holdovers numbered 613. In the lightweight division, slaughter pigs, weighing from 130 to 160 pounds, cashed in at $3.85 to $4.60. while smaller kinds, scaling 100 to 130 pounds, sold at $2.60 to $3.60. Packing sows were salable from $4.75 to $5.35. Trading in the cattle market was slow in slaughter classes and around steady with yesterday’s best prices. Bulk of steers was valued to sell under $8.50. She-stock showed little change. Receipts were 800. Vealers held unchanged, selling at $6 down. Receipts numbered 500. Lamb values continued unchanged with the bulk selling from $6.25 to $6-50. Extremely heaviers ranged from $5 to $5.50, while throw outs brought $3.50 to $4.50. Slaughter ewes cashed in at $3 down. Receipts were 1,000. HOGS Nov. Bulk Top Receipts 15. $5.25® 5.55 $6.00 7,500 16. a.3o® 5.60 6.00 6.000 17. 5.30® 5.60 6.05 4,000 19. 5.20® 5.50 5.09 1.400 20. 5,05® 5.35 5.80 11.000 21. 5.05® 5.35 5 80 7,000 (140-160) Good and choice $4 35® 5.00 (160-180) Good and choice 5.05® 5.25 (180-200) Good and choice 5.25® 5.45 (200-220) Good and choice 5.45® 5.65 1 220-250) Good and choice 5.65® 5.80 (250-300( Good and choice 5.60® 5.80 (275-300) Good 5.40® 6.60 Parking sows: (275-350) Good 5.15® 5.35 (350-425) Good 5.00® 5.25 (450-5501 Medium 4 90® 5.10 (275-550) Medium 4.50® 5.00 GOO-1301 Slaughter pigs good and choice 2.60® 3.60 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 (900-1.100) Choice 7.75® 8.75 Good 6.25® 7.75 Medium 4.25® 6.25 Common 3.00® 4.25 (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-750) Choice 6.50® 7,00 Good 5.00® 6.50 Common and medium 2.50® 5.00 (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® 2.25 —Bulls—(Yearlings Excluded) Good 2.85® 3.50 Common and medium 1.75® 2.35 VEALERS —Receipts. 500— Good and choice $5 50® 6.00 Medium 3 50® 5.50 Cull and common 2.00® 3.50 —Calves—-(2so-500) Good and choice 4.75® 6.50 j Common and medium 2.50® 4.75 —Feeder and Stocker Cattle——Steers— j (500-800) Good and choice 4.00® 5 00 i Common and medium 2.50® 4.00 ! (800-1.0501 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® 3.00 Common and medium 2.00® 2.50 SHEEP AND LAMBS —Receipts, 1,000 choice $6 00 ® 6.50 Common and medium 4 00® 6.00 90-120 lbs., good and choice .. 2.25® 3.00 Sheep—--1120-1501 Good and choice 2.00® 2.50 AD weights. common and medium 1.50® 2.25 BUSINESS GAINS CITED By United Press ATLANTIC CITY, N. J., Nov. 21. The business of twenty large manufacturers has improved from 6 to 50 per cent, during the last six months, Bernard Lichtenstein, vicepresident of the Alexander Hamilton institute, reported today.

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TUGWELL BILL TO BE PUSHED FORJIOOPTION Pure Food and Drug Measure to Be Introduced at Next Session. BY DANIEL M. KIDNEY Times Special Writer WASHINGTON. Nov. 21.—The Tugwell-Copcland pure food and drugs bill will be ready for reintroduction as soon as congress convenes, according to W. G. Campbell, chief of the food and drug administration in the department of agriculture. Launching the build-up for better backing of the Tugwell bill in the next congress, Mr. Campbell issued a press release warning against patent medicines containing cinchophen and amidopyrine. The statement pointed out that “there is no provision in the present food and drug act to compel manufacturers to declare either of these drugs." Asked whether this was meant to sway sentiment for passage of the Tugwell bill, Campbell said it was not the primary in-

tention. Will Keep Up Fight “But there will be a Tugwell bill in the next congress, whether it carries that name or not," he said. "We will continue to introduce such bills until they finally become law." Last session the Tugwell bill, strengthening food and drug laws, was introduced by Senator Copeland (Dem., N. Y.) an M. D. It was revised and made less stringent, but failed to Yfiss. Politically minded supporters of the bill say it should be handled without the undersecretary appearing in the picture. This view, however, is not shared by Mr Campbell. “Dr. Tugwell is the first high governmental official who has taken a personal Interest in modernizing the food and drug laws to apply to conditions as they are today,” he declared. “He should be given full credit for such a bill when it is finally passed.” No Protection Now Under the Tugwell bill two courses would be open for the department in curbing dangerous sale of cinchopher* and amidopyrine, Campbell expla’ned. Its use could be halted in certain patent,medicines as “adulteration,” or the company could be made to state the quantity used plainly on the label. Neither course is open under the present law. Cinchophen, a chemical anodyne and sedative, is sometimes used by sufferers from neuralgia, rheumatic pains, neuritis and similar conditions. Amidopyrine is frequently found in headache remedies and other pain killers. Cinchophen causes a degeneration of the liver cells. Anndopyrine may cause a reduction in the number of white blood cells, Campbell said in warning against their use.

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