Indianapolis Times, Volume 46, Number 168, Indianapolis, Marion County, 23 November 1934 — Page 36

Trends Conflict of Views in SEC Seen as Logical. Bjr VINCENT S. LYONS financial Iditoi

Differences o t opinion have developed in the of the securities and exchange comm listen in conner'ion with the registration statement for anew issue of bond.' of the Northern States Poa< r Company of Minnesota This breach undoubtedly will b" taken up by o^pr.ncuts of fed- ral rez iiation and uv-d to disparage the conurus .on The -nli* sf ;? msv be called that, arose over the question of wh 'her proper disclosures of the utility s financial n had b*-n made. Ferdinand P' ra fiery New Yorker who caused the fur to fly in the senate stock market and banking inquin* • and Robert Hcaly. former chief counsel of the federal trade comm. .n in its utility probe, were of the opinion that proper disclosures han not been made. The thret i • ininf i ■ mml - loners held opposite views, and. COB* sequently. w;*h the maJonty rule I • th refisti ition statement was declared effective. a a a T \ FHY VV .f th f tha’ the five comir, loners fai!*-d *o share the same opinion .. tr''i *o fath f m. Probably because this is the first time that a differ* nee has develop**!, the situation is endowed with more significance than it warrants. Even the most option ’ic can not loeicaliy b< h **• that the five gentlemen will entertain the same opinion on ever/ 1,-, e handled by the commission. There is no sound reason why an arrangement similar to that in use bv the United States supreme* bo devised and accepted As there are five commissioners: the decision of the majority should be binding. The dissenting minority should be permitted to have their say. Me: rs. P*-cora and Healy have promised that they will make public their views on this particular case. But now that the point has been brought out this practice should become policy Reasons both for and against always allow one to get a belt* r picture of a situation, therefore the dissenters should be urged to present their case. a a a Northern states power COMPANY’S application for registration of $10,000.0)0 refunding mortgage 5 per cent bonds, due in 1904. incidentally, was interesting in two other respects. In the first place it represented the first issue of long-term mortgage bonds to be registered since the adoption of the securities act last year, and in the second instance it is a further indication of improvement in the long somnolent investment security market. The northwestern utility is the third large domestic corporation to announce plans to acquire new capital within the last week. The other two were the Standard Oil Company of New Jersey and the Consolidated Gas, Electric Light and Power Company of Baltimore. The oil company deal, in connection with the calling of S9O 000.000 of debentures next February, involves $37 000.000 of new funds. And it might be mentioned that the betterment in the new capital market ha.> not been limited to the domestic scene. A cable dispatch from abroad states that the Finnish cabinet has agreed to the flotation by Brown. Harriman Sc Company, leading New York bankers. of a 510.000.000 loan at 4 per cent. The loan will be issued serially over five-year periods and the proceeds will be applied toward the refunding of the nation’s foreign debt. About ten days ago a South American republic completed arrangements for a loan from a New York banking syndicate.

REFUNDING OF DETROIT BONDS. NOTES STARTED New Iv*ues lo Exchanged for Certificates of Deposit. fly Tim-* Snr. i.il SEW YORK. Nov 23—The refunding of approximately $278 000.000 in City of Detroit bonds and notes i* underway with the announcement of the Detroit Bondholders Refunding committee that the new refunding issues are nowready for delivery in exchange for certificates of deposit. Hie depositaries tor the committee started yesterday distributing the new securities in exchange for the outstanding certificates. B. A. Hompkins. vice-president of the Bankers Trust Company. New York, and chairman of the bondholders committee announced today. Fondholders who have not yet deposited their bonds under the new plan will also have the opportunity of turning in their old bonds for exchange into the new securities, and will at that time receive payment of their past interest due. in accordance with the plan, it was stated.

SOYBEAN DEMAND MET Will Come From Varieties Developed From Orient Samples. Bt Tim,*.sp, , 7 j WASHINGTON Nov 23 —New and lncreasinc demand m this country for. soybeans for commercial, food and feed uses soon will be met by adapted varieties developed from the 4,578 seed samples brought from the Orient in 1930 and 1931 by the j Department of Agriculture. W. J. Morse of the bureau of plant in- j dustry. declared today. More than 4 000 of the samples j have been tested for two years at j mere than 100 experiment stations J in forty-three different states. Some of the most promising varieties have 1 been developed to the point where | there soon will be sufficient seed for farm planting. F. IL rRINt'E IN CHICAGO Fredrick H Prince, chairman of the finance committee of Armour A Cos. arrived in Chicago today to attend a directors meeting scheduled for tomorrow. Selection of a successor to the late president T. G. Lee. is expected at the meeting. HORMEL SALES. NET I P George A. Hormel A Cos., and subsidiaries net profit for the year ended Oct. 27 was $775 864. compared with $635,780 in the preceding year. Sales increased from $25,202,-

PAGE 36

BUYING ORDERS SWEEP MARKET AS SHORTS RUN Tickers Unable to Keep Pace for Time: Railroad Shares Lead. fly I W! tr,t NEW YORK. Nov. 23—A rally in railroad and railroad equipment hares and strength in leading industrial issues, notably the steels, brought wave of new buying and covering into the stock market xn the late morning dealings. Tickers were unable to keep pace for a time. Prices mounted to gains ranging to more than 2 points. Just before noon the tickers caught up. bur price, held around the best levels of the day. Wall Street saw ahead improvement in th heavy industrials. Republic Steel Corporation is credited with having purchased 50.000 tons of steel scrap in the last week or ten days. Other companies have been buying and estimates are that purchases have reached a total of betweeen 125.000 and 150.000 tons in the last two weeks, according to a Dow-Jones survey. The street believes the railroads will be given assistance shortly so that they can buy much needed equipment. Such purchases would start operations in the equipment companies which in turn would need machinery and steel. Union Pacific rose to 106. up 2; New York Central. 25%. up %; Atchison 54 v, up 1%, and Delaware St Hudson, 39 . up 1%. Pullman was bid up I s * to 47. Automobile issues made fractional gains. Tobacco shares were advanced to new highs at gains ranging to a point. Utilities ontinued to firm with Consolidai. ,’ Gas at 23 V up '% point. Monsanto Chemical. Air Reduction and Eastman made new highs for the year. Airplane issues made advances. Mercantle issues were better with McClellan leading in activity. Spiegel. May. Stem rose more than a point in the mail order division. In the steels. U. S. Steel reached 36. up \. while Bethlehem was at 29 a, up 1%.

Money and Exchange

INDIANAPOLIS STATEMENT Debxt.> 5.322.000 00

Treasury Statement

(By United Press) WASHINGTON. Nov. 23.—Government excenres ar.d receipts for the current fisca itar to Niv. 21. compared with the corresponding period of the previous fiscal year: This year Last year. Exrer‘es $2.758 957.512 99 $1,762 Bil 712.80 R.reip-s . 1 411.107.728 11 1,106,256 395 67 Deficit . 1 347.349 784 88 656.564.817 13 Casa bal. • 1.601.643 619 58 1.230,076.537 25

Stock Studies

The Motor Wheel Corporationone of the largest manufacturers of automobile wheels—wood, steel and wire . . . also makes brake drums and parts, tire rims, automotive stampings and pressed steel parts. Many of the leading makes of cars use the company's products. To diversify output Motor Wheel also manufactures domestic oil heating units and steel and wood barrels for the brewing industry. FINANCIAL DATA (As of Sept. 30) Common Stock ($5 par) ....850.000 shares Profit A- Loss Surplus $4. 920.730 Cash and Securities 464.656 Inventories 2,152.258 Total Current Assets 2.117.970 Current Liabilities 398,239 During the twelve months ended Sept. 30. cash and securities decreased about $400,000. Investments, on the other hand, gained SBOO,OOO. while net working capital was $500.000 greater. Profit and loss surplus also gained $350,000. On Sept. 30. the current ratio was nearly 8 to 1. while the book value of the common stock was $10.82. an increase of 24 cents during the twelvemonths. In past years Motor Wheel has had good earning ability. Deficits, however, occurred in 1931 and 1932. A small profit resulted in 1933 while 72 cents was earned on the stock in the first nine months of this year. In years back, the company has been iiberal with dividends. No dividends. however, have been paid since 1931. Motor Wheel was incorporated in 1920 in Michigan. The common stock is listed on the New \'c-rk and Detroit Stock Exchanges. It is currently selling for about 9%. All ru:V* rp'ervpd Winchester Institute of Finance. Winchester. Mass.)

FOOD INDEX DECLINES AFTER FOUR-WEEK RISE Dun & Bradstreet Compilation Off to $2.41 in Nov. 20 Week. B 9 Time* Sprcial NEW YORK Nov. 23 —After equalling the year's high point last week, the weekly food index, issued today by Dun Bradstreet. Inc., showed a moderate decline during the week ended Nov. 20 This was the first loss in the last four weeks and brought the index to $2 41 from $2 43 in the preceding week, a drop of 0.8 per cent. Compared with the same week of last year, when it stood at 51. 96. the latest figure shows an increase of 23 0 per cent. Contributing to this week's decline were lower prices for flour, wheat, mess pork. lard, butter, beans, steers, hogs, and lambs. The list of items showing advances included com. rye. oats, barley, bellies, sugar, cottonseed oil. and potatoes. J. A. KENNEDY PROMOTED The Northern Indiana. Public Service Company has named J. A. Kennedy vice-president and controller in charge of accounting and finance, according to Dean H. Mitchell, general manager. Mr. Kennedy formerly was with the Price, Waterhouse <fc Go. RFC LOAN CONSID. WASHINGTON. Nov. .—Proposal for a loan of $3 000.000 to the R;o Grande railroad is being considered by the Reconstruction Finance Corporation, it was announced today.

Abreast of The Times on Finance

New York Stock Exchange Prices

■Bv Thomson & McKinnon' 11 A M Prrr. Oil*— High. Lo* N Y. close. Atl R.'r 25>, 25 1 i 25% 27 Barn'dail 6% 6% 6% 6% Cor.fol OH B', 8% B>* 8% Cor.t of Del .. 18% 18% IS 3 . 18 3 , Ho. Mon in**'.. 2% 2'* 2% 2% Mid Corn Pet . 11 11 11 11 Oh o Oil . . . 10', 10% 10'a 10'. Phll.iDs Pet .... 15' a IS 3 * 15'a 15'. P .r* Oil 7 7 7 7 Seaboard Oli . 28 2<5 26 Snell Un 6% 6% S'. 6% Soc Vac . ... 14 3 4 14 3 4 14V, 14% SO o' Ind 24'. 23% 24' , 24 S O of N J ... 42 42 42 42 Texas Corp 21% 21% 21% 21% T:dater Assn ,6. 8* 8* 8. Un 0:1 of Cal 16 15 3 4 18 15% Steel.— Am Roll Mills 19 IS 1 . l'i 18’. B*-h P’ael 25 1 a 29 29 27% McKeesport Tin 92‘* 92 : 4 92’,. Na! P’rrl . 43 42’, 43 42’ a O'IS S-eel 4 3 4 4 3 , 4 3 4 4 3 4 ReP I A, Stl 13', 13% 13% 13'. Rep lA, Stl pfd 39 1 4 39 ‘4 39 1 4 39U S Pipe sic Fdv 20 3 4 20 3 4 20% 20% U S Steel . 33', 35 3 , 35% 35', U S S’eel pfd .. 79 79 79 78', Warren Bros s’ 5% s'* s', Youngstn SAt T 18*. 18', 18 ! a 18 1 a Motors— Chrysler 36% 38'i 36‘.3378 7 Gen Motors .... 31% 31 31 31 Hudson 10 ■ 4 10*4 1 0 '4 10% Hupp 33 33 Mack Truck .. 26 25’-* 25 3 * 25 3 * Nash 15 14% 15% 15% Packard 4 3% 3 7 e 4 Reo 2% 2', 2', 2'i Studebaker 2 2 2 2' a Motor Access— Borg Warner ... 23', 28% 28% 28’, Briges 23'* 22 7 s 25 22's B.dd Mfg .. 5 7 b 5 3 s 5 7 a s’t Elec Auto Lite 27‘, 27% 27's 27', Mirras Body .. 6% 6 3 8 6% 6% Stew Warner ... B’, 8% 8% 8% T.mken Roil 34 33% 33% 34 Timken Det Axle 6% 6% 6 7 e 6 Minina — Alaska Jun 17 16 17 16 3 * Am Metals 13’* 13% 13 3 * 14 Am Smelt 35% 35% 35 3 8 35‘a Anaconda . 10% 10 10's 10% Cerro De Pasco 38’* 38'a 38‘e 38 3 a Dome Mines ... 36'a 36‘, 36% 36 3 a Granby 7\ 7% 7 3 a 7% Int Nickel .. 23’a 23 23 23 Kennecott Cop . 18% 16"a 16*8 16’* Mclntyre Mine , 41‘, 41'2 41‘, 41 1 2 Park Utah 3'a 3% 3% 3 1 a Noranda Cop ..32 32 32 31 7 a Phelps Dodge ..14 14 14 14 St Joe Lead ... 15 3 * 15% 15% 15% Vanadium 18 18 18 18 Amusements— Croslev Radio .. 13% 13 3 * 13 3 * 14 Fox theater ... 13'* 13'* 13‘* 13 3 a Radio Corp .... 5 7 a s'* 5 7 a 5% Paramount 3 3 * 3 5 a 3 3 % RKO 2 1% 2 1 7 8 W'arner Bros ... 4% 4% 4% 4% Tobaccos— Am Sum Tob ... 22 3 * 22\ 22% Am Tob A 83’ 2 82 '2 8382’ 2 Am Tob B 86'a 85’, 86 5 a 85U Ligg A: Myers B 109‘, 108 3 * 109‘, 108’, Lonllard ... 19 '* 19 19 19'* Phillip Morris . 38'* 38 38'* 37 '2 Reynolds Tob B 50 3 * 50>4 50 3 4 50'i Rails— Atchison ... 53 3 a 53 53'a 53 ! 4 Atl C't Lines .. 30', 30'4 30', 29’* B & O 14 14 14 14 Can Pacific 11‘e 11 ll’a 11 1 a Ch & Ohio ... 43'* 43‘4 43' 4 43 3 a Chi <fe Gt W 2 2 2 C M A: St P 2 3 l 2 3 4 2 3 4 2 5 a C M A- St P pfd 4', 4 3 a 4', 4’* Chi N W . . 5 3 a s'a s'a 5 3 a Dela & Hud ... 39 39 39 39' 2 Del Lac Ac W .. 17', 17', 17‘, 17 1 2 Erie pfd I4 7 s 14 3 * 14 ’4 14 3 4 Grt North pfd 14 7 * 14 3 4 14 3 * 14 3 * 111 Central .. 16' 4 16', 16'* 16'* Lehieh Valiev . 10'* 10'* 10'* 10'a M A- T ... 5 7 a 5 7 a 5 7 4 5 7 a M K A T pfd .. 13', 13’, 13', 13 1 , Mo Pac pfd .. 3 '2 3 3 a 3 3 a 3', N Y Cent . . 20 7 a 20 1 , 20 3 * 20 3 2 N Y New Haven 8' a 8 8 8 3/ 4 N Y Ont & West 5’ 4 s'i s'a 5' 8 Nor Pacific .... 18 T ANARUS% 18 7 a 18 7 x 19 Penn R R 22 3 2 22'a 22'* 22 1 2 Sou Pac 17 5 a 17 3 a 17 3 a 17'* Sou R R 16' a 16 16'a 16 Union Pac 104'. 104 104'* 104 Equipments Am Car & Fdv . 16H 16% 16% 1*" Bald Loco 6'a 6 6 6Va Gen Am Tk Car 37 37 37 37 Gen Elec . 19'* 19% 19‘a 19% Pullman Inc . 47 46 46% 45% West Air Br 27% 27 , 27>4 27 Westingh Elec 34 33% 33% 37% Utilities— Am A For Pwr 5 5 5 4% Am Power A Lit 3% 3% 3% A T A T 107% 106% 107 106% Am Wat Wks . 13% 13% 13% 13% Col Gas A Elec. 7% 7% 7% 7% Conn A Sou .. 1% 1 1% 1% Consol Gas . 22% 22% 22% 22% Elec Pwr A Lit . 32% 2% 3 Int Hvdro Elec.. 2% 2% 2% 2% luterboro R T.. 13% 13% 13% 14 Int TA T . ... 9 8% 8% 8% Nat Pwr A Lit.. 7% 7% 7% 7 North Amer ... 11% 11 11 11 Puh Serv N J... 28% 28 28% 18% So Cal Edison 12% 12% 12% 12% Sid Gas 5% 5% 5% 5% Stone A Webster 4% 4% 4% 4% United Corp .... 2% 2% 2% 2% Un Gas Imp . 13 12% 12% 12% Ut Pwr A Lit - A" 2% 2% 2% 2% Western Union . 33 32% 33 33 Rubbers— Firestone 16% 15% 16% 15% Goodrich 11% 10% 10% lOV4 Goodyear 25% 24% 25 24 Keliev Spring... 1% 1% 1% 1% U S Rubber . 16% 16% 16% 16% U S Rubber pfd. 38% 37% 38% 37% Miscellaneous— Ailis Chalmers.. 14% 14% 14% 14% Am Can 105% 103% 105% 103% A..i Mach A Fdy 20% 20% 20% 20 Brkiyn Man Tr . 38% 38% 38% 39 Burroughs Add . 15% 15% 15% 15V J I Case 52% 52% 52% 52 Conti Can 61% 61% 61% 61 % Caterpillar Tract 33% 33% 33% 33Va Crown Cork .27% 27% 27% 27 Curtis Pub pfd . 84% 84% 84% Deere ACo . 23% 22% 23% 22% E.'.-tman Kodak 115 114% 114% 114% Foster Wheeler.. 13% 13% 13% 13% Gillette 14% 14% 14% 14% Giidden . 27 26% 27 26% Inpersoll Rand . 64 62 64 £1 3 * Inter Harv ... 38% 37% 38% 38 Natl Cash Reg . 16% 16% 16% 16% Owens Bottle .. 87 87 87 87 Rem Rand ... 9% 9% 9% 9% Underwood E .. 53% 52% 52% 53 Foods— Am Sugar 60% 60'4 60’ 2 60% Armour Com 6 6 6 6 Armour 6'' pfd 69 ‘a 69 69% 68% Beatrice Cream. 18% 18% 18" 2 18 Borden Prod ... 25% 25% 25% 25_ Cal Packing . .. 37% 37% 37% 37% Can Dry G Ale 16% 16% 16% 16 Coca Cola 149% 148% 149% 148% Corn Prod 69 69 69 69 Crm of Wheat-. 34% 34 34 Gen Foods 34 33% 34 33 * Gold Dust 17 16% 17 17 G W Sugar ... 27% 27 27 2,% Natl Biscuit ... 29% 29% 29% 29% Natl D Prod .. 17% 17 17 17 Puritv Bak 9% 9% 9 a 9% S Porto Rico Sug 24% 24% 24% 24% Std Brands —. 19 18% 18% 19 Un Btscuit 24% 24% 24% 24% United Fruit ... 72 71% 71% 71-, Wriglev 73 s 4 73% 73 3 4 74 Retail Stores — Best A Cos 39% 39 39 39 First Natl Stores 64 64 64 64 Gr Un Tea ... 5% 5% 5% .. Hahn Dept Sts . 5-a 5% 5% 5% Kresee S S .. 21% 21% 21% 21% Kroger Groc ... 29 29 29 29 Macv R H 48% 48% 38% 48 McCrorv St ... 8% 7% 7% 7% McLellan St .. 13 12% 12% 12 Marshall Field . 12% 12*2 12% 12 May Dept St. . 45% 45% 4a% 45% Mont Ward .... 29% 29% 29% 29 Natl Tea 10% 10% 10% 10% Pennev J C ... 68% 67% 68 68% Safeway St ... 45% 45% 45% 46 Sears oßebuck .. 41% 41 41% 41'* ! Woolworth 53 7 * 53 53 a 53% | Aviation—i Aviation Corp .. 4% 4 4 4H i Boeing Aircraft 10% 9% 10% 9%

RETAIL TRENDS CHARTED |T- I L-rAvi ! ii I {-£/ ;eo AELBOUSGiG PpwM 1 i |V 1 \/^*~ 1 | J I 5 r\ Vi /T-f /V {6O J J | , I j \ j "* v v j°;T —- •VTA.’; I S TORE StLKs\ I Vv 1 mxr i 1 , v . . * 1 * 1 1 1 Tu | a laA 4H " Y\J—j— - i IRetau. Fiuck\ \ j ! ; *> J J I J j ''■y' J t —i—L >im sr ~ , mo mn nao met *******

The above chart shows the trend of retail sales, purchasing power and retail prices. ‘The composite index of retail sales." Economic Statistics Inc., says, "includes department store, five and ten-cent chain store, restaurant and mail order sales. The purchasing power index is a composite of income received by fanners, wage earners and railroads. The total income of all three has been corrected for the cost of living. Note how purchasing power usually leads the curve of retail sales. The current upward trend in purchasing power indicated further improvement in retail distribution.''

INDIANAPOLIS, FRIDAY. NOVEMBER 23, 1934

Curtiss Wright . 2% 2\ 2% 2S Curtiss Wright A B'* 8% 8% . 8% Douglas Air ... 22% 21% 22 21% Nor Am Av 3% 3% 3% 3% Sperrv Corp 8% 8% 8% 8% United Air New 11% 11% 11% 11% Chemirals— Air Reduction . 112% 111% 111% 110% Allied Chem 133% 132 133% 131% Am Com Aleo 3i% 3% 31% 3! Com Solvents ... 21% 21 21% 21 Dupont 97% 97 97% 96% Freeport Tex 27 26% 27 27% Liquid Carb 2i% 21% 21% 21% Ma-h Alkali 28% 28% 28% 28% Monsanto Chem 59-, 59 59% 59% Nat; D:s >new I 25% 25 25% 24% Schenlev Dist 27% 27% 27% 27% Tex Gulf Sulph 35 24% 35 34% Union Carbide 43% 44% 45% 44% U S Ind Alco 43 42% 43 42% Drugs— Bristol Mvers .. 33 33 33 Cotv Inc ... 4% 4% 4% Lehn A Fink . 15% 18% is% Stirling Prod ... 59 58% 59 58 • Ui. Drug ' new 1 . 12% 12 12% 12% Vick Chem 33 32'* 33 32% Financial — Adams Exp 7 7 7 6% Allegheny Corp . 1% 1% 1% 1% Am Int Corp ... 6% 6% 6% 6%

PORKERS DROP 5 TO 25 CENTS Lightweights Show Largest Decrease: Receipts at 14,000. Porker prices moved sharply lower in early trading at the Indianapolis Union Stockyards today as a result of extremely heavy supplies on hand. The general run was around 5 to 20 cents lower than yesterday, while several underweights showed a 25cent drop. Receipts were estimated at 14,000, equaling Monday’s high figures, and the largest for more than a month. The extremely large run of hogs is attributed by commission houses and packers to a regular seasonal gain. The bulk. 160 to 200 pounds, was selling at $5 to $5.30. while weights ranging from 200 to 350 pounds sold at $5.40 to $5.75. Few better grades were reported selling at $5.80. Holdovers numbered 282. Extremely light slaughter pigs, scaling from 100 to 130 oounds, cashed in at $2.50 to $3.50 while weightier classes, ranging from 130 to 160 pounds, brought $3.75 to $4.50. Better classes of yanking sows ranged from $4.75 to 4>5.i0. With only slight action displayed in the cattle market, practically all grades were dull and fully stationary. No early sales were reported. She stock remained unchanged. Quality was plain. Receipts were 500. Vealers showed little change, selling at $6 down. Receipts numbered 500. Steady trading range featured the lamb market, with most early sales ranging from $6.50 down. Extremely heavy kinds were salable at $5 to $5.50, while throwouts sold at $3.50 to $5. Fat ewes brought $2.50 down. Receipts were 500. HOGS Nov. Bulk Top Receipts 17. SS.3OiS 5.60 $6.00 4,000 19 5.20® .8.50 5 90 1,400 20 5.05® 5.35 5.80 11.000 21. 5.05® 5.35 5.80 7.000 22 5.20® 5.50 5.90 8.000 23 5.00® 5.30 5.80 14,000 (140-160) Good and choice $4 25® 5.00 (160-1801 Good and choice 5.00® 5.20 (180-200) Good and choice 5.20® 5.40 (200-220) Good and choice 5.40® 5.60 (220-250) Good and choice 5.60® 5.80 (250-300) Good and choice .... 5.70® 5.80 (215-300) Good 5.50® 5.70 Parking sows (275-3501 Good 5.25® 5.50 (350-425) Good 5.10® 5.35 (450-550) Medium 5 00® 5.25 (275-550) Medium 4.75® 5.10 (100-1301 Slaughter pigs good and choice 2.50@ 3.50 CATTLE —Receipts, 500— —Steers—-(sso-9001 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® 3.75 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 (750-900) 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® 2.85 VEALERS —Receipts. 500 — Good and choice $5 50® 6.50 Medium 3.75® 5 50 Cull and common 2.00® 3.75 —Calves—-(2so-500) Good and choice 4.75® 6.50 Common and medium 2.50® 4.75 —Feeder 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, 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 00® 2 50 Sheep—-(l2o-150) Good and choice •. 1.75® 2.25 Alt weights. common and medium 1.25® 3 00

Lehman Corp .. 69% 69% 69% 68 * Transamerica .. 5% 5% 5% 5% Tr Conti Corp .. 3% 3'* 3% 3'* Building— Am Radiator ... 16 15% 15% 15% Ger. Asphalt .... 17 17 17 16% Holland Furnace 8% 7% 8% 7% In? Cement .26 25 26 25% Johns Manvllle 55% 55 55% 54% Llbbv Owens Gls 28% 28% 23% 28'* U & Gvpsum 50% 49% 49% 49% Household — Cos. Pal Peet ... 17% 17 17% i7 Congoleum 35% 35% 35% 35 Kelvinator .17 16% 16% 17 Prcc A Gamble 43% 43% 43% 43% Servel Inc . • 7% 7% 7% . * Simmons Bed 11 11 % % Textiles — Amer Woolen ... 8% 8% 8% 8% Br'.ding Hem ... 12% 12% 12% 12% Celanese Corp .. 29% 29 29 2 -8 * Ccll'ns Aikman • 13% 13% 13% 13% Indus Rayon ... 26% 26% 26 * 26 1

Chicago Stocks

(By Abbott. Proctor A Paine) 1100 Prev. A M. close. Borg Warner 28% 28% Bu'ier Bros g% 8 Crane Cos 8% 8% Com A Edison 42 42 Cord Cork 3% 3% Marshall Fields 12% 12% Quaker Oats 128 128 Swift 18% 18% Swift Int 34 34 Walgreen 27% 28 Zenith Radio 2% 2%

Yew York Curb

(By Thompson A McKinnon) 12 noon Prev. N. Y. close. Am A For Pwr War 3 Am Cyanide B 17 16% Am Gas A El 18 17% Am Superpower 1% 1% Ass Gas A El % % Atlas Corp 8% B’s Can Indus Ale A 8% Can Marc 2 2% Cities Serv 1% 1% Commonwealth Ed 42% 42 Consol Gas of Balt 55 55 Cord Corp 3% 3% El Bond A Share 8 7% Fisk Rubber 9% 9 Ford of Can A 24% 24% Ford of Europe 9% 9% Great Atl and Pac 139 137% Glen Alden Coal 23% 23% Hiram Walker 27 27 Humble Oil 44% 43% Natl Bellas Hess 2% 2% Pan Am Airways 33% Penn Road 17s 1% Sal Creek Products 6% Sherwin Williams 82% 82% Std of Ky 17% 17% Wright Hargraves Min 8% 8%

IRREGULARITY RULES IN GRAINS AT START Easiness Abroad Is Held Cause of Uncertain Tone. fl.y United Press CHICAGO, Nov. 23.—Grain prices were irregular on the Board of Trade today, disturbed by uneasiness over the foreign grain situation. Wheat started V 2 cent lower to % cent higher, corn was cent off to % cent higher, oats were unchanged to % cent lower, rye was unchanged to up M cent, and barley was unchanged. Much cooler weather was reported over a major portion of the grain belt. Liverpool was lower at the start and held beneath yesterday’s finish most of the day. (By James E. Bennett) Wheat— 11:00 Prev. nigh. Low. A. M. close. Dec .98% .97% .97% .98'/* Mav 97% .96% .97% .97% July 91% .91 .91% .91% CORN— Dee 85 % ,84% .85% .85 May 86% .85% .85% .85% July 83% .82% .83% .33% OATS— Dec 52% .52% ,52% 53 May 50% .50 .50% .50% July 46% .45% .46 .46'% RYE— Dec 71% .70% .71% .71% May 74% .73% .74'% .74% July 74% .74% .74% .74'% LOCAL CASH MARKET City grain elevators are paying 87 cents for No. 2 soft red wheat, other grades on their merits. Cash corn No. 3 vellow 78 cents, and oats 43 cents.

Other Livestock

(By United Press) CHICAGO. Nov. 23. Hogs Receipts, 27.000. including 12,000 directs; slow. 54/ 15c lower than Thursdav; weights above 240 lbs., S6(O 6.10: top. $6.10; 170-240 lbs., $54/6: light lights. s4@s; slaughter pigs, $3.50 down; packing sows. SS.6O'S 5.75; light lights, 140-160 lbs., good and choice. $44/5; light weight 160-200 lbs., good and choice, $4,754/5.75; medium weights, 200250 lbs., good and choice, $5,604/6.10: heavy weights, 250-350 lbs., good and choice. $64/6.10: packing sows, 275-550 lbs., medium and choice. $4.754/5.85; slaughter pigs. 100-130 lbs., good and choice. $34/4. Cattle—Receipts. 2.000; calves, receipts, 1.000; all yearlings and light steers fully steady; in-between grade strees with weight in narrow demand, weak; other killing classes mostly steady: best around 1.200 lbs. steers. $8.75: holding several loads scaling 1.200-1.300 lbs. at $7 504/8.25; warmed up and short fed native light weight steers, $4 504/6.50: few weighty sausage bulls. $2,854/3; selected vealers, $5.75 “to small interests: slaughter cattle and vealers' Steers 550-900 lbs., good and choice. $6,254/8.75: 900-1 100 lbs., good and choice. $6,254/9.25: 1.100-1.300 lbs., good and choice, $6,254/ 10; 1.300-1.500 lbs., good and choice, $6,754/ 10: 550-1,300 lbs., common and medium. $2,754/6.50; heifers. 550750 lbs., good and choice. $54/8; common and medium. $2,504/5: cows. good. $3,254/ 5: common and medium. $2 254/3 25; lowcutter and cutter. $1,504/2.25; bulls, yearlings excluded, good. beef. S2 754/ 8.50; cutter, aommon and medium. $2,254/3.10; vealers. good and choice. $4,504/5.75: medium. $44/4.50: cull and common, $2 504/4: stcckers and feeder cattle: steers, 550-1.050 lbs., good and choice. $44/5.25; common and medium. $2,504/ 4. Sheep—Receipts, 5.000: fat lambs, undertone strong to 25c up: talking $6.50 to $6.75 on better grades: bulk as yet unsold: sheep firm: feeding lambs, scarce; slaughter sheep and lambs: lambs. 90 lbs. down, good and choice, 56.154/6.75: common and medium. 55.254/ 6.25: ewes. 90-150 lbs., good and choice, $1 654/2 50: all weights, common and medium. $1 504/ 1.90; feeding lambs, 50-75 lbs., good and choice. $5.254?6. LAFAYETTE. Nov. 23—Market 104/25c lower: 260-300 lbs $5 654)5.75: 230-260 lbs., $5,554/5.60: 210-230 lbs. $5,354/ 5,45: 190-210 lbs.. $5,154/ 5 25; 170-190 lbs.. $4.90 45 5: 160-170 lbs., $4.80: pigs. $4 35 down; rougs. $5 25 down. Calves- —$54/5.50 down. Lambs—s 6 down. FT WAYNE. Nov. 23—Hogs—Steady to 15c lower. 250-300 lbs. 55.65; 225-250 lbs.. $5 50; 200-225 lbs., 35 180-200 lbs.. $5 25: 160-180 lbs. $5 . 300-350 lbs. $5.25: 150-160 lbs. $4.40: 140-150 lbs. $4.15: 130140 lbs.. S3 65: 120-130 *bs.. $3 15: 100-120 lbs $2.65: roughs. $5; stags. S3. Calves—s6.so. Lambs— $6.25. (By Times Special) LOUISVILLE. Nov. 24.—Cattle—Receipts. 15C. government 300; supply very light: quality plain; most slaughter classes around steady; bulk steers and heifers of quality to sell at $3 254/4 50: few cutter grades down to $2 50 or less: better finished steers and heifers, quotable to around $6; bulk pla.ner trade beef cows. S2 254/2 75: practical top. $3: low cutters and cutters. sl4/2: bulk sausage bulls. $2,254/2 75: stockers very slow and unchanged. Calves—Receipts. 200; market, steadv; bulk better vealers, $4 504/5: strictlv choice. *5.50: medium and lower grades. S4 down Hogs—Receipts. 500. including 146 billed direct; market. 10c lower: top and bulk. 200-300 lbs. $5 70; 189-195 lbs.. $5.30: 305 lbs. up. $5.25: 160175 lbs . $4 70: 140-155 lbs $4 20; 100-135 lbs . $3 50: sows. $4 35 Sheep—Receipts. 50 general!/- steadv: bulk medium to good lambs. $5 504/6; choice quotable to *6 25 or be-*er bucks discounted and most light throwouts. $3 50.

POWER RATES REDUCED By United Fret* HARRISBURG, Pa.. Nov. 23.—Sixteen Pennsylvania public utility companies of the state have filed rate reductions totaling $1,413,829, the major part of which will effect savings to domestic and commercial consumers, the public service commission announced today.

INDIANA TRADE AIDED DY RISE IN AUTO SALES Used and New Car Volume in Contra-Seasonal October Gain. Automobile sales made a substantial contra-seasonal advance and were largely responsible for the small gain made by the Indiana general business index during October, according to the bureau of business research, school of business administration, Indiana university. Both new and used car sales were well above normal and prices were reduced in order to attract buyers, it was said. Some lines of ready-to-wear moved slowly because of tmfavoiable weather conditions, but total department store sales made seasonal gains in most sections of the state. The dollar value of retail trade was slightly above a year ago. “Industrial employment,” the review said, “continued to decline and compared unfavorably with the like period a year ago. There was little change in ' the percentage of employes working on full time schedules. Employment in plants manufacturing textile products was slightly above a month ago and a year ago. Insurance Sales Up “Life insurance sales made more than the usual seasonal improvement. Potatoes, cabbage, onions and meats led the decline in retail food prices during October. “Some divisions of the steel industry were a little more active out total output was far under normal. Manufacurers of automobiles ordered only small quantities of steel. Manufacturers of farm products use more steel than in September. Retail demand for domestic coal was light, but Indiana coal mines operated on schedules above a month ago and a year ago. “Less than the usual improvement was reported in the production of electricity. The limestone industry remained very quiet. Automobile production had a small contraseasonal gain. Most auto parts and accessory plants operated oft restricted schedules. Furniture factories were a little more active during October. Building Activity Low “Building activity remained at an extremely low level. Minor repair jobs continued to constitute the major building activity in some sections. Bank debits made less than the usual seasonal gain, but continued to compare favorably with the like period a year ago. “The general level of farm prices declined during the month ended Oct. 15, but there was little change in prices farmers paid for commodities bought. Relatively good prices were received for oats, barley and corn. Cattle receipts made a substantial contra-seasonal decline but remained well above normal. Hog receipts made a good gain. “The heat and drought of last summer caused more barren cornstalks than was realized before husking began. The late potato crop was particularly good in the north one-third of the state. Soy beans turned ‘out better than was expected.”

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. 52.15. Persimmons, Indiana. 12 pts., 90c. Avacados. box. $125. Quinces, bushel. $3. Bananas, pound. 4 3 %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. 360s $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. 55.50®6. VEGETABLES—Cabbage. Northern Danish. 50-lb. bag. 65c; red pound. 3c. Onions. Idaho, sweet Spanish, large 50-lb.. $1.40: Michigan vellow. med., 10-lb. bag. 23c; western white. 50-lb. bag. $1.85: Michigan. vellow. $1.25. Potatoes. Green Mountains. 100-lb. bag, $1.45: northern round white. 100-lb. bag 95c: Ohios. 100-!b. 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. $1.50. Carrots, home-grown, dozen. 35c. Cauliflower, crate. $1.65. Celery. Michigan, medium, dozen 50c: lumbo. dozen. 75c: hearts; blunch. $1 ®1.25. Cucumbers, hothouse. $1.25; Endive. dozen, 45c. Egg plant, dozen. $1.50. Kale, home-grown, bushel 50c. Lettuce hothouse, 15-lb. basket. 60c. Icebergh head lettuce. $4.50*3 5.00. Mangos. Florida, crate. $3.50. Mint, bunch. 15c. Parsley, dozen, 35c. Peas—Hamper. Spinach, home-grown, broadleaf, bushel. 60c. Radishes. dozen. 50c. Tomatoes, hothouse. 8-lb. basket. $1.25. Turnips, homegrown, dozen. 25c. Pumpkins, dozen. $1.25.

Produce Markets

Delivered in Indianapolis prices: Heavy hens, lie; Leghorn hens. 7c: colored springers, 12c; old roosters, 6c; duck?, 7c; geese, 6c: young guineas. 20c; old guineas, 15c. Turkevs—No. 1 voung hens. 8 lbs. and over 14c; young toms. 14 lbs. and over. 14c: voung 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. 25c; 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 n 31c. Butterfat—26c. Quoted bv the, Wadlev Companv.

Retail Coal Prices

The following prices represent quotations tiom leading Indianapolis coal dealers. A 25-cent carrying charge csr ton will be added. DOMESTIC RETAIL PRICES Anthracite Sl l 29 ■ Brazil Lump f Brazil Mine Run §-25 1 Coke. Nut Size §.90 j Coke. Eg? Size - •••••• f i Indiana Forked Lump No. 4 6.94 ] Indiana Forked Lump No. 6 5.84 j Indiana Egg - S'il I Kentuckv Lump Group B u.lB : Pocahontas Lump g-J* , Pocahontas Egg §J? | Pocahontas Mine Run V- 5 < HUDSON ORDERS HEAVY Volume of Books Exceeds $6,500,000, Company Announces. The Hudson Motor Car Company announced today that orders on its books for delivery, during the remainder of 1934, of its new 1935 models of Hudson and Terraplane ! cars, on which production has started, exceeds $6,500,000. ; Orders in excess of the original quota, it was announced, were placed by a number of territories, forcing the manufacturing schedule : for this initial production period for ' the new models up to its maximum.

MAINTAINS DIVIDEND

#• Ifr! H jig .V,

Walter S. Gifford

Maintenance of the S9 annual dividend rate on the capital shares has been voted by the American Telephone <fc Telegraph Company, of which Walter S. Clifford is president.

Wall Street -B 1 RALiTJ UK . S IOT-

rimf*s Special Writn N r EW YORK. Nov. 23.—The administration in Washington has turned its attention to the question of corporation proxies. It should find plenty of food for thought in this very much overworked method of disfranchising stockholders. It is obvious, of course, that the

majority of shareholders of most companies can not attend the meetings of those concerns, and it is fitting and proper that such shareholders should nave an opportunity to vote on proposals through the use of proxies. But the proxies furnished should be sufficiently clear, and they should

contain enough pertinent information to enable those who get them to vote intelligently. • Control of a great many corporations is perpetuated year after year through the use entirely of the praxy racket. Those who exercise such control furnish inadequate reports on their policies and actions, for the most part, and not infrequently they assume the attitude that the properties belong to them instead of to stockholders. a tt n THE Securities Act requires full and complete data be available when securities are offered for sale. The Securities Exchange Act makes it necessary for corporations wishing to have their securities listed to furnish detailed information of their financial condition. The same idea should be carried out where the use of proxies is concerned. When new directors are to be elected, for instance, stockholders should be appraised of the qualifications of those proposed for the jobs. And in the case of re-elec-tions they should be acquainted with the records of those who make up the new slates. It is not enough that those in control print the names of candidates on a piece of paper and request that stockholders sign their names on the dotted lines. Moreover, brokers should not be permitted to vote the stocks they hold for clients. Merely because the owner has borrowed money on his shares should not disfranchise him. It is not at all unusual for the banker for a corporation to canvass his broker friends for the votes they control through their margin accounts, and if the votes are not forthcoming it is possible on occasion to bring pressure through the calling of loans. a a a IT may well be argued, of course. that most stockholders are careless with their voting privileges. But one of the reasons why such is the case is that these privileges are meaningless in most instances, and the stockholders know it and merely refrain from kidding themselves. If they were dissatisfied with the management of any given concern they would have little or no chance of bringing about a change. The cost of making a fight would be ou*- of all proportion to the value of the shares held, whereas those in control could use the corporation’s money with which to oppose him. The New Deal for investors will not be complete until the proxy racket has been eradicated.

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Moderate First Mortgage Loans on Improved Indianapolis Real Estate The Indianapolis Morris Plan Company Delaware and Ohio Sts. RI-1536

WE BUY and SELL Indianapolis Railways s’s of 1967 Traction Terminal s’s of 1957 Columbia Club Realty Cos. Preferred Stock Prices on Request City Securities Corporation 420 Circle Tower Lincoln 5535

Latest Stock, Bond and Commodity Quotations

RUSSIAN GOLD WILL DE USED FOR U. S. GOODS Shiploads of Ore Sent to Tacoma for Purpos Q by Soviet. 'Cojivrnh' 1934 dv U: :teri Prpssi NEW YORK. Nov. 23.—Soviet Russia is sending shiploads of gold bearing ore to Tacoma, Wash., to build up a reserve of hard money for the purchase of American goods, it was learned today. fI.II / mti 'I /’r. <4 WASHINGTON. Nov. 23—The Soiiet Union probably will use profits from gold ore shipped to the Umted States to pay interest on large credits for which it is negotiaiing with the United States, Soviet officials said today. Gold thus may solve one of the biggest problems of the government today; that of reviving the still depressed heavy industries by opening for them the market of Soviet Russia. The Soviet government is in the market for several hundred million dollars worth of American goods. It wants steel products, railroad rails and other transportation equipment, electrical goods, production machinery and some semi-manufactured metals. Large Buying Seen Normal annual purchases of SIOO,000.000 or more are forecast on the basis of previous purchases. American officials are eager to get this market because heavy industry iars behind in the recovery program, liie main obstacle has been the question of old Russian debos and new credits to finance the sales. The United States has established the special Russian Export-Import bank to advance credits to exporters as soon as the money questions are settled. A difficult point has been the method of repayment.

Supply Inexhaustible Here gold enters the picture. Unniined soirees of gold in Soviet Russia are described by some engineers as “practically inexhaustible." Some great Siberian rivers have been washing gold out of the mountains into their beds for millions of years without being touched. The Soviet government plans to exploit this goid and use it to pay for imports. Gold is acceptable payment in the United States, whereas, wheat, oil, timber or other soviet products might not be. Some of-the gold profits probably will be used to purchase gold producing machinery so that more precious metal may be obtained. Soviet representatives today said that ore shipped to America to date is only the beginning of larger shipments. INSURANCE SALES CITED Men in Business for Themselves Resume Purchases. Ity Times Special FT. WAYNE, Ind„ Nov. 23.—A significant trend in the nation’s economic recovery w'as disclosed here today in an analysis of occupations of larger buyers of life insurance made by the Lincoln National Life Insurance Company. Men in business for themselves are again buying large amounts of life insurance where in the two years past large buyers were found almost exclusively among salaried men, according to the analysis. These facts are encouraging, Arthur F. Hall, president, said.

Hondnrshot

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