Indianapolis Times, Volume 46, Number 167, Indianapolis, Marion County, 22 November 1934 — Page 22

Trends Gold Clause Cases Go Before Supreme Court Jan. 8. By VINCENT 8. LIONS rimrt ftnirrlil Cditar Announcement that tne . United States supreme court will hear arguments Jan. 8 on tne much mooted gold clause in both governmental and private obligations would seenr. to indicate that 1935 will get off to a good start in so far as clearing up some of tr*e recovery legislation is concerned. Four cases m which the government is directly interested, because validity of the abrogation of gcud payments, dollar devaluation and presidential acts are questioned, will be heard at one time This, it is believed, the a/ered status of bond contracts resulting from changes in the monetary system of the nation during the last nineteen months will be subjected to the scrutiny of the highest court in the land. Two of the cases involved bonds of the Baltimore Ai Ohio and Missouri. Pacific lailroads The point of issue here is whether holders of bunds, which have matured, are entitled to receive payment of p;. - CH - al in gold. The remaining cases involve the right of a holder of United States treasury certificates to collect m currency at the rate of $1 62 and the right of an owner of Lib-T’-. bonds to collect at the same ra*e on a security which has been called for redemption. a a a ORIGINALLY there mas quite a furor, when the government declared mat obligations payable In gold were not to be paid that way. Opponents of such a maneuver declared that the sacredness of a bond contract was Doing violated. Court suits were instituted and the natural progression of these actions has brought them to the point where they are about rrady to be heard by the supreme court. It Is strongly doubted that the highest tribunal will set aside the actions of the government. Such action would mean that the government as well as private corporations would have to return millions of dollars additional to holders of matured obligations. Arguing the rases before the supreme court will mean that that body will have a chance to pass on the merits of the government's actions. If it upholds the abrogation of the geld clause and payment of devalued dollars under bond contracts the avenue to court suits will be closed. m m m AN average loss of $6 10 on each ton of steel ingots produced in the third quarter of the year was sustained by the steel industry, according to the American Iron and Steel Institute. This contrasted with an average profit of $2 65 per ton produced in the preceding three months. The entire industry showed a deficit of $25.000 000 for the September quarter, contrasted with a profit of $24,600,000 in the June quarter. The institute presents those figures to show that there Is little foundation for reports, recently circulated. that drastic reductions in steel prices are in prospect. The sharp recession in operations, it is pointed out, has come from the tremendous slump in demand from the so-called durable goods industries. These are activities involving long-term commitments which will only be made when confidence in the future is re-established. “A price war in the steel industry." the institute says, would not restore such confidence, nor do anything but retard progress. It is true, of course, that keen price competition exists in the steel industry- today as it has always existed, but under the steel code today's competition is fair competition. Cut-throat price tactics are recognized as uneconomic and unprofitable. as well as completely inconsistent with the high wage levels now prevailing in the steel industry ”

RETAIL FOOD PRICES SHOW SLIGHT DECLINE Index for Nov. 6 Week. However, 8 Fer Cent Above Year Ago. Ft United Fret t WASHINGTON. Nov. 22—Retail food prices in the two weeks ended Nov. 6 were 8 per cent higher than in the corresponding period last year, the labor department repotted today, but were one-tenth of 1 per cent under the previous two weeks. The bureau reported that prices were about 2* per cent higher than ♦he low of April 15, 1933. when the 1913 index was 90 4, but were on a parity with those for November. 1931. and 27 per cent below the November. 1929. figures. A decline in meat prices that began in Sept ember continued during the two-week period, and fruits and vegetables also showed a downward t vnd. The bureau said a “marked seasonal increase” was shown in eggs, and reported a sharp rise in butter and slight increases in cheese and fresh milk. INSOLVENCY^INDEX" OFF November Business Failures Show Slight Decrease. By Times Special NEW YORK Nov. 22 Business failures In the United States during the first half of November showed a slight decrease as compared with the previous month, according to Dun ir Bradstrect’s insolvency index. The index now stands at 65 6. compared m ith 66 2 at the same date in October, and 84 2 for the corresponding period m 1933 Generally November failures are higher than any preceding months. COAL RATE CUT ASKED Wheeling A Lake Erie Petitions for Slash of 5 Cents a I’on. By United Press WASHINGTON. Nov. 22 —The Wheeling A- Lake Erie Railroad today petitioned the interstate commerce commission to establish a rate of $1 54 per ton on bituminous coal from the middle district of Ohio to way points on the Big Four railway. The petition claimed the present rate of $159 per ton violates the lone and short haul clause of the Ohio general code and is 5 cents per ton higher than the rates in effect from Coshocton to Cleveland over the Wheeling At Lake Erie and Bn; Four line.

PAGE 22

YEAR'S BUYING ! BY ROADS PUT AT $625,000,00 Purchases From Manufacturers Almost Double 1933, Dunn Says. fly 7 imrt Specia I CINCINNATI. Nov. 22.—Railwaybuying from ali manufacturers this year will amount to $625,000,000, 'compared with less than $320,000,000 last year, and of this $530.000 000 will be done from the durable goods Industrie- as compared *ith about $2.34 -500.000 last year, Samuel O. D inn, publisher of the Railway Age. declared in an address here last night before employers in the maJchmery and allied products industry. ! This large increase in buying this year," Mr. Dunn declared, "has been due to loans made by the government to the railways and to the mrreae in their own net operating income in the early part of this year. As large as the increase has been, however, the buying done has been less than one-half as great as in 1929. Further Rise Needed 'The railroads to further greatly increase their buying both to put their properties in good condition and to promote general economic recovery. Additional loans ifrom the government will help. But •hey will be unimportant as a means of stimulating buying as compared with the effects that would be proj duced by restoration of railway learning capacity and credit. ‘ Tiie still profoundly depressed durable goods industries are the key to the present economic situation, and recovery can go no further without revival of their business and employment. The railroads are among their largest customers. The amount of buying done by the railroads from them ordinarily depends and will continue to depend upon •he amount of railway net operating income earned. The problem of increasing buying by the railways is therefore essentially the problem of increasing the amount of earnings made by them in excess of their operating expenses and taxes. "Their net operating income, and, Therefore, their buying can be large!y increased only by increase of their traffic and reduction of the operating expenses incurred by them in carrying each ton and each passenger one mile. Traffic Gain Urged "The first essential to an increase in the net operating income of the railways is. of course, an increase in total production and commerce and thereby in their traffic. Adequate increase of their traffic is dependent also upon federal and state legislation to equalize terms of competition in transportation by applying comparable regulation to them and their competitors and withdrawing subsidies from their competitors. "Their not operating income and buying power are, however, being adversely affected by advances in prices under NRA and the advance in wages they agreed to make last spring when their traffic was increasing. There can be no solution of the problem of increasing railwaybuying that does not attack the problems of both increasing their traffic and reducing their unit costs of operation. "Government or business policies adverse to either of these results curtail railway buying, delay revival of the durable goods industries and I thereby postpone economic rej covery." RAIL earnings seen LOWER FOR OCTOBER Slightly Smaller Total Expected Compared With 1933. i R'l Times Special NEW YORK. Nov. 22.—Earning reports of leading railroads of the country for October, due shortly, are expected to show a slightly smaller total than in the same month of 1933 according to a survey compiled by Theodore Prince, manager of the bond department of Redmond & Company. t "Even should total operating revenues in November and December be above the like 1933 months because of better business conditions, net operahmc income will continue to make unfavorable comparisons with 1933 due to increased wages, higher casts for materials and the pension bill.” Mr. Prince stated. • For the first nine months of the current year it is probable that the net loss after charges will be around S3B 000.000 as compared with a net loss of $39,296,000 in the like 1933 period, the survey shows. LEHMAN IS PROMOTED i fly Timet Special PITTSBURGH. Nov. 22—Chester H. Lehman has been appointed vicepresident in charge of sales of the B!aw-Knox Company, it was announced today. Previously he was secretary of the company.

CAR LOADINGS TREND SHOWN

! 1 TWBUIANO* HikGOMS OF CARS OF CARS 11CC 1 5* ■ "■ ■ ■ YEAR - .... WEEKINOEO - TO ,C -“ NOVEMBER 10 - SO OATE lt:C — 1 ± 48 ■ - BSO_J j 46 i- - Sm ■■ " is —c*as■■ SB 35c—- ~ loj isc —■ u. M bS| M ~ jfl| mSh

CwngUf* b 7 ttnki Earning Indicator, -J

Abreast of The Times on Finance

SEC Plans Co-operation of Federal, State Officials in Curbing Stock Frauds

Program Would Put End to Abuses Since New Laws. Hi) United Press WASHINGTON, Nov. 22. Unified action by federal and state authorities to curb traffic of millions of dollars of fake securities and to end bucket shop rackets is being planned today by the securities and exchange commis- ( sion. The program, it was learned, embraces strict co-operation between state "blue sky” commissions and the SEC to end abuses, which have sprung up after enactment of the securities act of 1933 and the securities and exchange act of 1934. It was learned that the stock market regulatory body is “eagerly” awaiting the co-operation plan of the National Association of State Security Commissioners, which met recently in New Orleans. Landis Urges Program This latest step to protect the public from fake securities follows a decision by SEC to establish "flying squadrons" in seven key cities throughout the country and raid illegal dealers and bucket shops. James M. Landis, commission member, is urging the state and federal co-operation program asserting that dealers in unregistered securities, in many instances, are evading the jurisdiction of state security commissions through interstate transactions. “Adequate surveillance of these markets.’' Mr. Landis said, "can not be | accomplished by the federal government alone. Their supervision would require a veritable army of men. Much has already been done by states through direct suppression of frauds and by effective registration of brokers and dealers. Interstate Agents Enter "But the interstate aspects of these markets have on occasion made them unamenable to state control. and such security distribution these days of the undesirable kind has sought the shelter of interstate commerce.” Landis disclosed that the commission has uncovered “several large schemes of the sell and sw-itch type” in which the long distance telephone was used to reach customers out-of-the state. The commissioner asserted that a “well planned" attack on the fake dealers is needed to “clean up the situation" and invited the investment banking group to assist federal and state authorities.

Stock Studies

Pullman Incorporated is a holding company formed under a reorganization plan w-hich combined the old Pullman Company and the Pullman Car and Manufacturing Company, while other companies were subsequently purchased. More than sixty-five years ago the old Pullman Company began operation of the sleeping cars so wrcll known to the travelers of this country. The present corporation, through its subsidiaries, still operates sleeners and chair cars and also manufactures a wide range of types of cars and accessories. Company is taking a leading part in a,ir conditioning passenger cars. FINANCIAL DATA (As of Sept. 30) Cab’lal stock (no par) 3.820.469 shares Surplus $53,299,990 Case, and securities 34,560.876 Inventories 11.416.347 Total current assets 71.552.783 Current liabilities 11.243.318 During the twelve months ended Sopt. 30. cash and securities decreased about $3,200,000, while inventories gained $3,300,000. Net working capital, however, was 52.500.000 less and surplus dropped $10,600,000. On Sept. 30, the current ratio was 64- to 1 while the book value of the capital stock was SO7 76 or $2 32 less than a year previous. Pullman's earnings are showing a maiked pick up. Deficits resulted in 1932 and 1933. but for the first nine months of this year 64 cents wa> earned on the capital stock. The company has always been liberal with dividends. The present rate of $3 has been maintained for the last three years. Dividend payments have drawn heavily on surplus in 1931 and on. but because of the company's large surplus this was possible without impairing financial strength Puliman was incorporated in Its form in 1927 in Delaware, lee capital stock is listed on the New York Stock Exchange. At a current price of around 44*4 it sells to yield 64 per cent. (All rich-* reserved. Winchester Institute of Fsr,ance. Winchester. Mass.)

INDIANAPOLIS, THURSDAY, NOVEMBER 22, 1934

James M. Landis

PORKERS UP 15 CENTSJIT PENS Cattle Market Stationary; Lambs Steady at $6 Down. Despite continued heavy supplies on hand in early trading at .the local stockyards today, porker prices showed a general increase of 15 cents over yesterday. This was the first advance registered this week. Today’s receipts were estimated at 8,000, as compared with 7,000 yesterday. The bulk of 160 to 200 pounds, sold at $5.20 to $5.50. The usual run of heavyweights, scaling from 200 to 350 pounds, were salable at $5.55 to $5.90. Small slaughter pigs, weighing 130 to 160 pounds, cashed in at $4 to $4.75, while lightest kinds available, weighing 100 to 130 pounds, were selling from $2.75 to $3.75. Good packing sows ranged from $5 to $5.50. Holdovers numbered 301. Trading developed slow in the cattle market with early sales dull and unchanged at yesterday’s best prices. She stock showed little change. Quality was plain. Receipts were 500. Vealers held unchanged at mostly $6 down. Few good and choice kinds brought $6.50. Receipts were 400. Price changes were narrow in lambs and most grades were salable at $6 down. Throwouts ranged from $3 to $5, while slaughter sheep sold at $2.50 down. Receipts were 800. HOGS NOV. Bulk Top Receipts 16 $5.30® 5.60 $6.00 6.000 17. 5.30® 0 60 6.U5 4.000 19. 5.20® 5.50 5.90 1,400 20 5.05® 5.35 5 80 11,000 21. 5.05(77) 5.35 5.80 7.000 22. 5.20® 5.50 5.90 8.000 (140-160) Good and choice.... $4.50® 5.15 1160-180) Good and choice 5.20® 5.40 (180-2001 Good and choice 5 40® 5.60 (200-2201 Good and choice 5.60® 5 80 (220-250) Good and choice 5.30® 5.90 (250-300) Good and choice 5.75® 5.90 (273-300) Good 5.55® 5.75 Parkin" sows' (275-350) Good 5.25® 5.50 (350-4251 Good 5.10® 5.35 (450-550) Medium 5.00® 5,25 (275-550) Medium 4.75® 5.10 (100-i3oi Slaughter pigs good and choice 2.75® 3.75 CATTLE —Receipts. 500— . —steers—-(sso-900) Choice $7 00® 8.00 Good 6.00® 7.50 Medium 4.00® 6 00 Common 2.50® 4.00 (900-1.100) Choice 7.75(3 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® 300 Low cutter and cutter 1.25® 2.25 —Bulls—(Yearlings Excluded) Good 2.85® 3.50 Common and medium 1.75® 2.85 VEALERS —Receipts. 400— Good and choice $5.50® 6 .60 Medium 3.75® 5 50 Cull and common 2.00® 3.75 —Calves—-(2so-500) Good and choice 4.75® e.so Common and medium 2.50® 4.75 —Feedor and Stocker Cattle——Steers— (soo-800) Good and choice 4.00® 5.00 Common and medium 2,50® 4 00 (800-1.050) Good and choice... 4 00® 5.25 Common and medium 2.75® 4.00 Good and choice 3.00® 4.25 Common and medium 2.50® 3.00 —Cows— Good 2.50® 3.00 Common and medium 2.00® 2.50 SHEEP AND LAMBS —Receipts, 800 — Lambs 90 lbs. down, good and choice $6.00® 6 50 Common and medium , 4 on® 6 no 90-120 lbs., good and choice... 2.00® 2 50 Sheen—-(l2o-150) Good and choice... 1.75® 2.25 A!' weignts. common and medium 1.25® 2 00

Other Livestock

-By United Press) LAFAYETTE. Nov 22.—Hogs—Market, 10c to 15c higher: 280-300 lbs. $5.90: 300325 lbs $5 60: 260-280 lbs . So 85: 240-260 lbs $5 80: 230-240 lbs $5 70 220-230 lbs , *5.65: 210-220 lbs $5 55: 200-210 lb? . $5 45. 190-200 lbs $5 35: 180-190 lbs. $5 25: 170180 lbs. $5 15: 160-170 lbs. $5 05. 150-160 lbs, $4 60 140-150 lbs. $4 35: 100-140 lbs $2 60414.10; roughs $5.25 down; calves market steadv. top $5. lambs steady, top. $6. (Bv Times Special) LOUISVILLE. Nov. 22 —Cattle—Commercial 300. government 250; supply very light quality plain: marke' generally steadv most common to medium steers and heifers. $3 25'3 4.50 very few of quality to sell above $5: strictly good quo'able to $6 bulk beef cows. S2 25412 75: practical top. $3: low cutters and cutter cows. $14,2; sausage bulls, mostly S2 25i2 75; Mockers slow: about steadv. Calves—Receipts 200: market, steady: bulk better ••eaiers. $4 5015: strictly choice. $5.50: medium and lower grades $4 down. Hogs— Receipts. 500; market. 25c higher; top and bulk 200-300-lb weights $5 80: 180-195 lbs $5 40. 305 lbs. up $5 35: 160-175 lbs. $4 80 140-155 lbs . $4 30; 100-135 !bs . $3 60 sows $4 45 Sheep—Receipts 100: market steadv most medium to good iambs. *5.50 -'■/ 6 choice quotable around $6 25 light throwouts. $3 50: fat ewes mostiv *1.50-42. MEMBERSHIP GAIN CITED A report issued by the Mortgage Bankers’ Association of America for its past fiscal year reveals an increase of 30 per cent in the number of members over the previous year, the largest increase cm record.

TRADE ACCORD URGED BEFORE STABLEMONEY Restrictions on International Flow of Goods Must Be Eliminated. BY JULES BACKMAN AND A. L. JACKSON (Vice-presidents, Economic Statistics, Inc.i NEW YORK. Nov. 22.—One of the most hopeful signs that has been in evidence recently is the order of the treasury eliminating all foreign exchange restrictions. These restrictions were first imposed after the banking holiday in March, 1933, to prevent a flight of capital, which was taking place because of inflation fears generated after abandonment of the gold standard, passage of the Thomas amendment and similar actions. Although these restrictions were steadily tightened in the first few months after they were imposed, it is generally acknowledged that a flight of capital was not entirely prevented. Since the revaluation of gold last January, these restrictions have been steadily eased. Asa matter of fact it is fairly well known that in recent months practically all requests made to the treasury for foreign exchange have been granted. Must Still Report Thus, the elimination of these restrictions was primarily a formal recognition of a condition that was already existing. it should be pointed out, however, that although the restrictions have been lessened, it will still be necessary to report all requests for foreign exchange in excess of $5,000 a week by any one person or organization. The primary significance of this step is probably found as another sign of conservatism on the part of the administration, and, as such, it is another indication that further devaluation of the dollar is not likely in the immediate future. On the contrary the elimination of these restrictions must be considered as a definite and constructive step toward final stabilization of the currency. May Be Reimposed We realize fully that these restrictions can be reimposed at a moment’s notice. But we are assuming that the necessity for that will not arise. It will be a long step toward recovery in international trade, if de facto (temporary) stabilization in the international exchange market is accomplished. It is obvious that de jure (legal) stabilization is not leasible at the present time. A large number of restrictions on trade, such as tariff carriers, import quotas, exchange restrictions, and so forth, must be eliminated, and the troublesome question of war debts must be solved, if a free flow of gold is to take place. Trade Must Flow Again Because of the close relationship between movements of goods and exchange stabilization, these difficulties must be overcome before final stabilization on a permanent basis can be affected. In addition, a trial period must be undergone, in which time the external values of the currency can be adjusted to each other in light of the relationships existing between the various internal economies. If this were not done first, the currencies might be stabilized on a basis which would result in maladjustments in the future balances of payment of the foreign countries. This, in turn, would upset any stabilization that might be agreed upon. However, the step that has been taken indicates that we are moving in the right direction. If future actions conform to recent indications. more hope can be had for an international stabilization of currencies and the attending recovery of world trade. ALL GRAINS HIGHER IN CHICAGO TRADES ———————— • Reversal of Sentiment Abroad Causes Firmness. Hit I niti and Frets CHICAGO. Nov. 22—A reversal of sentiment abroad lent firmness to grains on the Board of Trade today. At the start wheat was 4 to 4 cent higher, corn was unchanged to up % cent, oats were up 4 to 4 cent, and rye was up % to 4 cent. Bartlett Frazier & Co.'s Liverpool cables reported there was a decidedly better feeling in Liverpool today and a better demand sprang up for wheat. Argentine crop estimates were reduced. (By James E Bennett) 11:00 Prev. WHEAT— High Low. A. M. Close. Dee 99 5 a .99 1 a .99' -C8 7 a Mav 98 3 4 ,98 ! * .98’, .S7 3 * July 92 s a .92'4 ,92 3 * .914 CORN— Dec 85 5 a .844 .854 .844 Mav 86'a .844 .85'2 .84'2 Mav 86 3 a .85*, .854 .85!* July 844 .S3 1 1 .84 83 OATS— Dec .534 .53 .53 1 a .534 Mav 50 3 * .50-2 .50 1 2 504 July 46 5 a .46 3 46'a .46' a RYE— Dec 724 .71 T a .714 .724 Mav 754 .744 .74'a .754 July 75 .74 7 a ,74 7 g .754 LOCAL CASH MABKEI Cltv grain elevators are paying S3 cents for No. 2 soft red wheat, other (trades on their merits. Cash corn No. 3 vellow 78 cents, and oats 43 cents. COTTON GINNINGS OFF Figure More Than 2,500,000 Bales Under Year Ago. By United Press WASHINGTON. Nov. 22. The census bureau today reported 8.632.991 bales of cotton had been ginned from this year's crop prior to Nov. 14, compared to 11,248.200 bales ginned from the 1933 crop prior to the corresponding date a year ago. The estimated 1934 crop, according to the agriculture department’s last report, approximates 9,600,000 bales.

New York Stocks

(By Thomson <fc McKinnon ( 11 00 A M. Prev. Oils— High. Low. N Y. close. Amerada 46 7 a 46 7 a *64 . 17 Atl Rig 254 25'4 35u 254 Barnsdall 6', 6’4 . 64 Consol Oil 8' 8 4 8 s 8 4 Con; of Del • ... 184 184 184 184 Hous’.on 1 new) , .. ... ... 2 Houston (old).. .. ... 15’, Md Cont Pet it’s Ohio Oil 104 104 10 ! , 104 Pet Corp .... 9‘4 9*4 9 1 * . Phillips Pet ... 15 1 2 154 15 : 2 15 3 4 Plymouth Oil ... 9 9 9 94 Royal Dutch ... 30 4 304 30', 30 Shell Un 64 6' 6 s , 6', SOC Vac .... 144 144 14-4 14--, SO of Cal .... 32 7 s 32 ; 2 32 : 2 324 S O of Ind 24 ! a 24 244 244 S O Os N J 42 1 414 41 3 4 414 Texas Corp .... 21 7 , 214 21 s , 214 Un Oil of Cal .. 154 154 154 15'4 Steels— Am Roll Mills .. 194 19 194 194 Bc-h Steel 28 4 28 4 23 284 Bvers A M 174 174 174 174 Rep Iron & Steel 134 134 134 13 Rep Ir A- Stl nfd 394 39-* 394 29 U S Pipe A Fdy 20 4 20 4 20 4 20 4 U S Steel . 35 4 344 34 4 34 4 U S Sreel ptd .. 78 774 774 774 Warren Bros 54 54 o 4 0 Motors— Auburn 24 4 24 4 24 4 244 Chrysler 36 354 35- 354 Gen oMtors .... 31 30 4 30 4 30'4 Hudson 104 10 10 4 10 Hupp 33 33 Nash 154 15 154 154 Packard 4 4 4 4 Rco 2 2 2 24 S udebaker 2 2 2 24 Motor Access— Bendix 154 154 154 154 Bohn Alum ... 58 4 58 4 584 584 Borg Warner ... 284 28 28 284 Briggs 22 4 22 22 4 22 4 Budd Mfg ... s*B a 3 , a-4 54 Elec Auto Lite •• 28 27 4 2t4 2;;* Houdaille 'A'.... 6 4 64 64 o 2 Murray Bodv .. • 64 64 64 64 Stew Warner ... 74 7 s <4 74 Timken Roll 34 334 334 334 Timken Det Axle 64 64 64 61 Mining— Alaska Jun ... 174 17 17 17 Am Smelt 354 354 554 36 1 Anacorda • 104 104 104 104 Ccrro De Pasco 38 38 38 384 Dome Mines 37 4 37 4 3( 4 3i 2 Granby 74 7 4 7 4 7 Gt Nor Ore 11 11 11 11 Homestake Min. 360 360 360 3(5 Ins Copper 24 24 24 - lilt Nicxel 23 224 23 -.3 Kennecott Cop 16’* 164 16 * 16'* Mclntyre Mine 414 414. 414 42 Noranda C0p.... 314 314 314 31_ Phelps Dodge 134 13 4 134 134 St Joe Lead ... . 154 154 154 15 * Vanadium 18 18 18 lrs Amusements— C'rosley Radio ..14 14 14 134 Fox Theater ... 134 134 134' 134 Loews Inc 33 4 33 4 333 s 333* Radio Corp .... 54 54 53a s’s Paramount 34 34 34 3^s R.KO 14 14 14 1 7 s Warner Bros .. 44 44 44 44 Tobaccos— Am Tob (B) 844 84 84 844 Gen Cigars . . 564 56 564 Lig A Myers B 108 1074 108 108 Lorillard 19 19 19 19 Phillip Morris 374 374 37Va • Reynolds Tob B 504 49 s 50 504 Rails— Atchison 52 4 51 4 52 52 B A O 134 134 134 144 Can Pacific . 114 11 11 114 Ch A Ohio 43 4 43 4 43 4 43 4

Wall Street Times Special Writer

NEW YORK. Nov. 22—The effectiveness of the new- exchange restrictions has been demonstrated on several occasions of late. The most recent evidence was furnished in the case of the American Telephone and Telegraph stock, which broke from 1094 at the close on last Thursday to 1014 the following Saturday on a turnover of

less than 60,000 shares. Most of the orders executed, in those two days were in 100-share lots. Before the regulations went into effect such a small amount of selling, which was induced by the announcement that the company’s rate structure would be investigated, could

have been absorbed without any difficulty and without any appreciable break in price. Sponsors of the issue could have supported it immediately after the news broke, and investors probably would not have been frightened into selling. But, of course, such an operation now probably would come under the heading of market rigging, and it might get those responsible for it into no end of trouble. Opinions differ as to whether the best interest of investors is served by the working of the law, but it would seem that in the long run they should come out just as well, if not better, with no market interference permitted. Stock bought for support invariably finds its w-ay back into the market sooner or later, anyway. This point, however, probably will not be satisfactorily settled until we have gone through another boom and depression. No doubt, in view of the machinery which has been set up for curbing speculation, the market is unlikely again to get into such a dangerous position fs it was in 1929. If such proves to be the case the decline which might be expected to follow a forward movement probably would be quite temperate even without artificial support. a a a THE utility stocks have been under rather heavy pressure of late, due to the aparently unfriendly attitude of the administration in Washington toward these companies. It is possible that this attitude has been misinterpreted, or at least the motive which has prompted it. The charges which have been made against the utilities during the last year or more have not been satisfactorily answered. The attitude of the utility heads has been to let them go by default, apparently, with the idea that they would blow ever and be forgotten. The bankers in Wall Street and the officials of the New York Stock Exchange have discovered that such a policy is not very practical. If they can not be answered, of course, that is another matter. It is not to be assumed that utility properties will be taken over by the government or any of its agencies without the payment of a fair price. And a fair price is all that holders of utility securities should ask. If the market price and a fair price do not coincide the market price should be the one to make the adjustment. b a a Electricity has come to mean a great deal to the welfare of the nation, both socially and industrially. If electricity can be produced and distributed cheaper through better development and interconnection of our natural water power resources it would seem that this should be done, even though the government is obliged to take the initiative and furnish the capital. It is possible, therefore, that the attitude of the- administration is one of progress rather than one of persecution, and if such is the case it would seem to conflict with its attitude toward other industries.

"hi A Gt W pfd 4 , 44 44 4 4 M A St P 2 4 2 4 2 4 2 - C M A St P pfd 44 4N, 44 *4 Chi N W ... 54 5 4 5 * 5 Chi N W pfd ... 10 10 10 10 Erie - 114 114 H 4 11 • Grt Northn pfd 144 144 14’* 14 111 Central . ... 154 154 i54 164 M K A T 54 54 s', 54 Mo Pac 24 24 24 24 Mo Pac pfd .. . . 3 2 3 4 3 4 3 4 N Y Cent 20 4 20 4 20 4 204 N Y New Haven 8 74 7\ '-• Norfolk A Westl69 4 168 169 16 4 Nor Pacific ... 184 184 134 184 Penn R R 22 4 21 4 22', 224 Sou Pac 17 16’* 164 17 Sou R R 154 154 154 154 Union Pac 103 1024 1024 102 Aro Car A Fdy . 17 17 17 174 Am Loco • 174 174 174 I*4 Bsid Loco 64 64 64 64 Ger, Elec •• 194 194 194 194 Gen R R S;g ... 26 4 26 4 26 4 26 4 Puliman Inc ... 47 4 45 4 45 4 45 4 West Air Br ... 27-2 274 274 274 Westingh Elec ..33 4 33 4 33 4 33', Utilities— Am A For Pwr 5.5 5 a A T A T . 107 1064 106 , 106 Am Wat Wks .. 134 134 13’* 134 Conn A Sou .... 14 1 1 14 Consol Gas 23 224 22 4 22 Elec Pwr A Lit 34 33 3 4 Int Hydro Elec 2 33 3 Interboro R T 14 4 13-4 14 134 Int TAT 84 84 84 84 Lou G A E 'A’. 134- 134 134 14 North Anrer .... 114 104 11 11 Pac G A E .... 14 14 14 134 Peoples Gas ... 20 4 19 4 20 4 20 Pub Serv N J . . 28 4 28 4 28 4 28 4 So Cal Edison . 12-4 124 124 124 Std Gas ..... 54 54 54 54 United Corp ... 3 24 3 2 * Un Gas Imp 12’* 124- 124 124 lUt Pwr A Lit 'A' 24 24 24 24 Goodyear .... 234 224 23 23 4 Kelly Spring 14 14 14 14 Miscellaneous—- ! Allis Chalmers . 144 144 144 144 Am Can 103 4 103 4 103 4 103'. Am Math A Fdy 20 19 , 194 204 Brklrn Man Tr 394 374 394 374 Burroughs Adci 154 I 3 ’* 154 15 • J I Case 514 514 514 51'. Conti Can 61 , 60- 61 4 60 4 Caterpillar Tract 334 33 33 33 Crown Cork ... 27 27 27 27 Curtis Pub .. 194 19'a 194 la • Deere A Cos. 224 22 22 4 224 Eastman Kodak 113 1114 113 1114 Gillette 144 144 144 144 Glldden ... 254 254 154 la's Int Bus Mach.. 149 4 149 4- 149 4 149 4 Owens Bottle .. 87 864 87 884 Rem Rand ... 94 94 94 94 Underwood E 52 51 52 51 Worthing n Pmp 18 18 18 174 Foods— Am Sugar 60 4 60’, 60 4 60 4 Armour Com • 54 54 54 54 Armour 64 pfd 68 s 68 4 68 4 68 4 Beatrice Cream 18 18 18 174 Borden Prod ... 25 24 4 244 25 Cal Packing . 374 364 384 374 Canada Dry G A 154 154 154 15 * Corn Prod .68 4 68 634 68 Crm of Wheat . 34 4 34 4 34 4 344 Gen Foods .... 344 34 344 34 Gold Dust 17 164 164 164 G W Sugar 26’* 264 264 27 Int Sait 30 30 30 30 Natl Biscuit ... 29 4 29 4 29 4 294 Natl D Prod ... 17 164 17 17 Purity Bak . . • 94 94 94 9 S Porto Rico Sug 234 244 244 244 Std Brands .... 194 19 194 19'* United Fruit ... 714 7-4 714 71 Retail Stores — Assd Drv Goods 131* 134 134 134 ! Best A Cos 39 39 39 384 First Natl Stores 64 64 64 64 G'mbel Bros .. 44 44 44 44 Hahn Dept Sts . 54 54 54 5 4 Jewel Tea 56 56 56 56 Krcsge S S 214 214 214 214 Kroger Groc 29 29 29 294 Macy R H 48’s 474 48 48 , McCrory St 74 74 74 7", Marshall Field.. 124 12 124 124 May Dept St-... 454 45 4 45 4 404 Mont Ward ... 29 4 28 4 29 4 29 ! Penney J C 68 4 68 4 68 4 68 4 Sears Roebuck . 404 40 4 40 4 41 Woolworth 53 4 53 4 53 4 53 4 Aviation— Aviation Corp . 44 44 44 44 ! Curtiss Wright . 24 24 24 2'* Curtiss Wri lA) 84 84 84 84 Douglas Air .... 214 214 214 214 Nor Amer Av ... 34 34 3 * 34 Sperry Corp .... 84 84 B’* 8 Utd Aircralt new 114 114 114 114 Chemicals — Air Reduction ..1094 1094 1094 110 Allied Chem 133 132 4 1324 133 Am Com Alcohol 30 4 30 4 30 4 30 4 Col Carbon .... 72 4 72 4 72 4 72 4 Com Solvents-... 20 4 20 4 20 4 20 4 Dupont 974 964 974 97 4 Liquid Carb 22 214 22 214 Math Alkali 28 4 27 4 28'* 27-4 Monsanto Chcm 58 4 58 4 58 4 58 4 Natl Dis (new).. 24 4 24 4 24 4 24 Schenlev Dist . 27 27 27 264 Tex Gulf Sulph 35 344 35 344 Union Carbide . 44 4 44 4 444 44 '4 U S Indus Acoho 424 424 424 424 Drugs— Lambert 274 274 274 27 Sterling Prod ... 58 4 58 4 58’* 584 Un Drug (new). 124 , 12 124 12 Vick Chem .... 33 4 33 4 33 4 33 4 Zonite Prod .... 3 4 3:i 34 ...is Financial— Adams Exp .. 7 7 7 64 Ahhegheny Corp 14 14 14 14 Am Int Corp ... 64 64 6 4 64 Transamerica .. 54 54 54 54 Tr Conti Corp .. 34 34 34 34 Building—!Am Radiator . 16 154 154 154 Gen Asphalt . . 164 164 164 17 | Holland Furnace 74 74 74 74 Int Cement 26 25 25 264 Libby Owens Gls 28 4 28 4 28 4 274 Johns Manville ■ 554 514 54 4 544 U S Gypsum ... 494 494 494 49 ! Household Col Pal Poet ..17 17 17 164 Congoleum 35 35 35 35 Kelviantor ... • 164 164 164 164 Mohawk Carpet 154 154 154 ■ Proc A Gamble 4.34 43 4 43 4 43 4 Servel Inc 74 74 74 .74 Simmons Bed . • • 104 104 104 114 Textiles — Belding Hem .. 124 124 124 12’, Celanese Corp .. 23 4 28 23 4 28 4 ; Collins Aikman • 134 134 134 134 : Gotham Hose .. 54 54 54 o’*

Hendershot

On Commission How

Quotations below are average wholesale prices being offered to buyers by local commission dealers. FRUlTS—Cranberries. Cape Coo, 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, pc :nd. 44c. Apples, maiden blush. $1.50; Ino. na Jonathans, $1 85: grimes golden, $1.35-3 1.75. Melons, California honey dews. $2.75. Lemons, sunkist. 3605. $5.00: 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, sweet Spanish, large 50-ib . $1.40; Michigan vellow. 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 Jersev* bushel. sl6o® 1 75; Tennessee Nancy Halls, bushel. $1.40 Beans, round stringless, hamper. s2® 2 25. Beets. Texas. 3 doz. crate. SI SC. Carrots, home-grown, dozen. 35c. Cauliflower, crate. $1 65. Celerv. Michigan, medium, dozen 50c; jumbo, dozen. 75c: hearts; biunch. $1 ® 1.25. Cucumbers, hothouse. $1.25; Endive. dozen, 45c Egg plant, dozen, $1.50. Kaie, home-grown, bushel 50c. Lettuce hothouse. 15-!b. basket. 60c Icebergh head lettuce. $4 50® 5.00. Mangos, Florida, crate. $3.50. Mint, bunch. 15c. Parsley, dozen. 35c. Peas —Hamper. $4®,4 25. .Spinach, home-grown, brnadicaf. bushel. 66c. Radishes, dozen. 50c Tomatoes, hothouse. 3-ib. basket. *1.25. Turnips, homegrown, dozen. 25c. Pumpkins, dozen. $1.25. FRUITS AND VEGETABLES (Bv United Press) CHICAGO. Nov. 22—Apple*—Michigan Mclntosh. 2'r ;nch. $16052. Jonathans. $16551.85 Sweet pota'oes—Tennessee, bushels 90c® $1: few. si.lo. Illinois, 85c® *1: Indians *1 40®1.75. Celery—Michigan, crates, square.' 305 80c: flats 50c Oregon Cauliflower, erases. $1®1.15. Smnach — Missouri, bushels. 605 65c, Cranberries— Ma'sachusetts. bbi' . $3 50® 4 Carrots — lihnois, bushels. 405 45c. Celery-capbade Michigan flat crates. 30®.40". Beet.—lllinois and Indiana 15 2- bushels. 40c Union marker iSO-;b sacks Michigan vellows. 50c® $1; Michigan whites. 85c ' $r 25: Western vellow*. 90c® *1 Illinois and Indiana yellows. 505 90c WINTER TOURS RESUMED Chicago & Northwestern Renews Holiday Program this Year. California escorted winter tours, not operated since 1930, will be renewed this year by the Chicago &: Northwestern Railway-Union Pacific system with a sixteen-day Christmas ar.d New Year s holiday tour and twenty-one-day tours in January and February, according to John C. Pollock, manager of the department. The tour will leave Chicago on Friday, Dec. 21. returning at 8:50 a. m. Sunday morning, Jan. 6, while the other ours will leave Chicago in the morning on Sunday, Jan. 13, and Sunday, Feb 10, returning on Feb. 2 and March 2.

Latest Stock, Bond and Commodity Quotations

VOLUME LIGHT, CHANGES SMALL IN STOCK DEALS Public Utility Division Shows Strength After Recent Slump. H’l United /'rrst NEW YORK, Nov. 22—Small changes were recorded In most of ’he leading issues on the Stock Exchange during the morning dealings today, while special issues moved over wider arcs. Volume was relatively light. Several recent favorites made now highs for the year, including Columbia Pictures at 39 4. up 4: Eastman Kodak 113, up 14; Liggett & Myers 108. up 1; May Department Stores 454. up 4>; Monsanto Chemical 594, ex-dividend, up 11.-;l 1 .-; F. E. Myers 6c Brothers 264. up 4. and Universal Loaf Tobacco 614. up . Interstate Department Stores preferred rose 64 to 704 on one sale. Other mercantile issues were firm. Homestake rose 3 points to 360 ;n a steady to firm gold division. Silver shares were dull and irregular. Utilities were strong with Consolidated Gas up 1 at 23 and American Telephone up 1 at 107. Among the leaders in the industrial section, U. S. Steel was at 34 *, off 4; American Can 1034, up 4; Chrysler 354. up 4; General Motors 304, up 4. and Du Pont 984, off •.

Treasury Statement

(Bv United Press) WASHINGTON. Nov. 22.—Government expenses and receipts for the current, fiscal year to Ncv 20. compared with the corresponding period of the previous fiscal year. This Year. Last, Year. Expenses . *2.688.215.739 29 *1 .754.003.R67 so Receipts , . 1.404,422.045.71 1.103.178.221.78 Deficit . 1.283.793.603 58 650.825.645.82 Cash bnl .. 1,641,126,409.45 1,230,076.537.25

Chicago Stocks

(By Abbott. Proctor k Pair.ei 11 00 Prey. AM. cose. Bendix 15' 15 5 Bore Warner 28'? 2R’ Butler Bros B'a 8 l 4 Cities Service T’* l's Cent 111 pfd 6-’ 4 7 Chicago Mail 14’ i 15 Com k Edison 42 '• 42 Gen House 6’ 6' 2 Great Lakes Dredge 18'o 18'* Marshall Fields 12 12- 1 * Prima .. 2 2 Swift 18*2 18'a Swift Hit 33 33 Walgreen 28' 28'a

New York Curb

(Bv Abbott, Proctor k Painei 12 Noon) Prev. N. Y Close. Alum Cos of Am 49'a 52 Am k For Pur 2 7 Am Cyanide B 17iis6 s Distillers L/m 16! 15’* Dow’ Chem 78'j Ei Bond A; Share 8 7 7 * Fisk Rubber 9 Hiram Walker 26' 4 26'1 Humble Oil 43' 4 42’* Mi Producers 4 '2 Natl Bellas Hess 2 7 4 2 3 ' Prnr. Road 1 7 13a Std o Ky 171 2 IV/a

Produce Markets

Delivered in Indianapolis prices: Heavy Pens, 11c; Leghorn hens. 7c; colored springers, 12c; old roosters. 6c; ducks. 7c; grese. 6c; young guineas. 20c; old guineas, 15c. Turkeys—No. 1 young hens. 8 ibs. and over 14c; young toms. 14 lbs. and over. 14c; young toms. 11-14 lbs , 12c; No. 2. crooked breasts and thin turkeys, 8c; old toms, all weights. 11c; No. 1 .strictly fresh country run eggs, loss off. 26c. Each full case must weigh 55 lbs. gross: a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter No 1. 30® 31c. Butterfat—26c. Quoted bv the Wadlev Companv. (By United Pre.ssi CHICAGO. Nov 22.—Eggs—Market, .steadt; receipts. 1.058 cases; extra firsts. 30c; fresh graded fiists. 27’aC: current receipts. 24® 26c; dirties: Nr. 1. 20'2C. Wo. 2. 18c; checks. No. 1. 19'jc: No. 2. 16c Butter—Market, seadv: receipts. 7.899; tubs; extra firsts (90-91 ’i scorei. 27®29c: extras (92 score. 29'2C; firsts tBB-89’a score'. 25 3 4 4j26' 4 c; seconds 'B6-87’j scorei. 24 , 2 ®25c specials 30tU30'_c: standards. 27 Vic. Poultry—Market, firm: receipts 36 trucks, one car: springers. 13® 16c: Leghorn hens, 10c; ducks, geese 12c: furkevs. 20c: roosters. 10c: Leghorn springers. 11c: hens. 11’2®13c: capons. 6 to 7 lbs.. 176/180. Cheese, twins, lj’a® 14c; daisies. 14 1 4 4/t 4 1 2 c; Longhorns. I4 l i'>/ 14'tC Potatoes Supply moderate: demand and trading slow; market steady; Wisconsin round white. 82 7 g45 85c: one car. fine quality. 90c: Idaho Russets. Sl.sft 4/1.60; combination grade. *13077132'?: Colorado McClures. *1 85 Arrivals. 69; on track. 243: shipments. 462.

Retail Coal Prices

The following prices represent quotations trom leading Indianapolis coal dealer*. A 25-cent carrying charge oer ton will be added. DOMESTIC RETAIL PRICES Anthracite $13.00 Brazil Lump 604 Brazil Mine Run 5.25 Coke. Nut Size 8.90 Coke. Egg Size 8 90 Indiana Forked Lump No. ♦ 6 94 Indiana Forked Lump No. 6 5.84 Indiana Egg 5.71 Kentucky Lump Group "B" 7.18 Pocahontas Lump 8.32 Pocahontas Egg 8.42 Pocahontas Mine Run 7.57 UNSUCCESSFUL FARMING CALLED STATE BURDEN New York Planning Board Flays Back-to-Farm Movement. Hi) I niti <t I‘rr.HH ALBANY, N. Y„ Nov. 22. New York state’s planning board 'tamed today that “unsuccessful farming places a financial burd-rn on the state.” Robert Whitten, board consultant. commenting upon a “back-to-the-farm” movement, said: “The lure of the farm may prove as disastrous to the citybred as the lights of the city to those who might better have stuck to the soil. It is quite possible for one to starve to death under his own vine and fig tree.” “A tragic phase of the submargiral farm land problem,” he said, “is the growing migration from urban to rural districts of the inexperienced who vainly hope to succeed as fanners where the experienced have failed.” NEW CODE ANNOUNCED Terminal Grain Elevator Trades Linked to Exchange. By United Pm* WASHINGTON. Nov. 22—The agricultural adjustment administration today announced that the terminal grain elevator industry had been placed under the fair competition code of the grain exchangesthrough amendment of the code. The move was considered more feasible than setting up a separate code since most industry members are also members of grain exchanges.