Indianapolis Times, Volume 46, Number 170, Indianapolis, Marion County, 26 November 1934 — Page 13

Trends Aim for City Loans at \ h of 1 Per Cent Doubtful. By VINCENT 5. LIONS I

lime* Fmanrla! Ldilm H LA GUARDIA. mayor of New York C.ty. always can be counted upon to five a rood performance. At the recent United States conference of mayors In Chscasro he exercised his penchant for stealing the show with his recommendation that congress be a ked to authorize low interest public works loans to principal cities of the country. The pudgy ita.ian who ended Tammany s lor.tr reign m New York Ci'v by having him-ell eK'ed mayor has vented his oratorical venom on bankers numerous times. Ir. his Windy City address Mr. La Guardia declared that “municipal credit has been attacked by some great financiers whose own credit lx not so good. We ve got to fight tnrm toe to toe."' According to the chief executive of the largest city in the country, congress should be asked to establish a plan whereby cities can conduct public works with funds bearing no more than one-eighth of 1 per cent interest. m a a 0~ NLY a short time ago Mr. La Guardia was involved in a skirmish with bankers in his own city. He had called for bids on $72.000 000 of bonds. The day of the sale arrived and. as it developed. only one bid was submitted. The tender, however, was from a large syndicate which had as its members virtually all of the largest banks and investment houses in the city. Then the fireworks started. After going over the bid with his aids he announced that the syndicate s offer for the bonds was rejected. He accused the bankers of "ganging up" on the city. A few days later the hanks made anew offer for the securities which was accepted. The rate given ’o the city was somewhat ijotter than the original offer, but there were other circum-\ stances in connection with the transaction which could not be figured out on a mathematical basis, that indicated the city fared little* or no better under the second offer. Consequently, there were some students of the controversy who were of the very definite opinion that Mr. La Ouardias victory in weaning another bid from the financiers was a Pyrrhic. ana THE New York City mayor's latest proposal seems slightly a>kew. It is difficult to imagine how a city can procure funds for public works at an interest rate of one -eighth of 1 per cent, when the United States treasury has to pay a higher charge than that for money which it borrows for the duration of 182 days. For longer term loans the government pays from 3 to 3.25 per cent. Therefore, in order to permit the smooth functioning of Mr. La Guardia's plan, the government would charge the cities one-eighth of 1 per cent interest on money for which it paid as high as 3 25. Simple mathematics tell us that the government bv this method shows a juicy loss of 3’. cents a year on every dollar it re-loans to the munirfpalities. Tile government can get money through taxation, borrowing or starting the printing presses. Borrowing is out because the government stands to lose 3 ! per cent. If the funds are procured via taxation the citizens of the local government which received a loan at one-etchth of 1 per cent have to shoulder an increased tax load. If the printing presses are put in motion, wp have inflation. a a a INTERESTING indeed was Mr. . La Guardia’s speech and it attracted considerable attention. A good follow-up would be for him to suggest the method bv which his plan is to come about. If he has a sound program which would permit loans at one-eighth of 1 per cent he should offer it and much more interest undoubtedly will be shown. No one can doubt that municipalities throughout the country occupy a much more important relationship to the federal government than thev formerly did. especially so since they have been forced to take care of the unemployed and destitute. The debt burdens of many of these local governments have pointed sharply upward in the last few years as a result of appropriations to meet these conditions. Nobility of purpose has not yet been generally accepted bv moneylenders as calling for a lower interest rate Moreover. Mr. La Guardia offers a blanket rate of one-eighth of 1 per cent for loans. Political, financial, industrial and social conditions are not the same throughout the country. Ordinarily. all these factors are taken into consideration by bankers before thev will loan money to a municipality.

On Commission Row I

Quotations below are average wholesale prices mt.j offered to Surer* by local commission dealers. FKI ITS—Cranberries. Car Co<l. earlv Hack* 24-lb box s4 Wisconsin Ar.'le- 2S-:t>. box. $4 Graves. California F— perori 27 b •"\ 43 . r I d.xna. 13 pt- . So c kvac.xdo- box. II 34 ij .:nce* - -n.fi. S3 B.vrar.as. pound. 4 J c. Apple*. ma:d*n blush. SI 50: Indiana Jonathans. 41 S' crimes c idea. St 35 3 1 15. Melon*. California honey dews. S2 75 sunkist 3 60s S' 50: red ball. 3SOs $5 Grapefruit Texas. cedlf'' S3 IS I.m.es Mexican per carton Us 25c Bvram. seedless, per hundred S3 Strawberries 12 box era**. S2 25.,2 50 California rhubarb SI 50 a box Pineapples crate. 85 50-8 rear home grown Kiefers, bushel. 75c Oregap. D anjo be\4 j3 }o. VIoRT tbuS—Cabbage. Northern Danish SO-lb bae 45c; red pound. 3c unions. Idaho sweet Spanish, large 50-'.b . Mi.-h.gan yellow mod. 10-. b bag. ;3c western white 50-ib bag SI 85; Mtchiex- yellow si 25 Potatoes Green Mountain iv-lb bat. *1 50 northern round white. 100-lb bag SI Ohtos 100-lb bag SI 75 ldab"> Ru'-et*. 10*-lt bag *2 Swef potatoes Indiana Jersevj bushels S! 85 Tennessee Nance Halls bushel SI 40 psns 3st strtngles*. hamper *2 50. SI 75 Celery Michigan, medium, doren Mr ■ .mb' doren 75c hearts bunch. 41. Cucumbers dor 40c southern bushel 44 dne doren. 45c Fgg p.art, doaen si 50. Kale home-grown, bushel 50c Lettuce hot* Jinn> 15-lb basket 80c. Icebergh head le”uce *4 7J Mango* Florida, crate S3 50. Mint bunch. 15c Pars.es doren Ssc P*ss hampers. S3 7Sst4 25 Spinach, home-grown browdleaf bushel. *Oc Radishes doren SAc Tomatoes, hothouse 8]h basket. *i 35 Turnips home-grown, doren 35c Pumpkins doren. S! Miscellaneous—Cocoaaut* Jamaica 25 for *1 50 Oesters. standards, gallon SI 50 aelecta ga.'on II 40 Chesr.uts. Italian, a pound 12 s iC Sarfhum molasses gallon 45c Black walnuts 50-lb bag I! Older 4 gallons to case S3 Half -gallons. 4 to case 11 75. quarts 13 to case. 41 90 Ail quotations t .eject to change, up or

STOCK MARKET RESUMES RISE; STEELS IN LEAD List Displays of Fractions to More Than Point;' Tobaccos Strong. Hy f Tress NEW YORK Nov. 26—Stocks gained fractions to more than a point m dealings today under leadership of steels, communications and tobaccos. United States Steel common was the first active issue in its section, rising to 38' t . up International Telephone was the most active issue on the board. It rose to 9s, up *, while American Telephone reached 109'.. up 1 Nearly all the tobacco .■'hares made new tops for the year or longer. Mercantile issues were active and firm with Spiegel. May. Stern at a new high of 72, up 2 T s. Utilities made small gains. Steel shares followed United States Steel up. Considerable bulling of t,'ie rails was noted and the group made gains ranging to more than a point. New highs were made bv such is-'-ues a Bngc' Eastman. Coca-Cola. Woolworth. Hamilton Watch preferred. and International Harvester preferred. Hamilton preferred on a few odd-lot transactions readied 58. up 12 points. Motors, rubbers and oils were firm. Some profit-taking was encountered as noon approached and prices eased from the high. Traders were more cautious in view of the rerent string oi advances which were said to have impaired the markogs technical position. *

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $1,726.000 00 Debl’s 4 535.00000

Treasury Statement

'Bv United Press! WASHINGTON. Nov. 26—Government expenses and receipts for the current fiscal fell *n Not 22 compared wih the corresponding period of the previous fiscal vear: This vear Last vear. Expenses. *2.790 610 201 72 $1 806 472 024 31 Receipts 1 428 135.104 26 1.114 233.726 26 Deficit 1.202.475.127 47 692 232.297 95 Cash bal 1 597.100.252.98 1 187.104 338 89 WHEAT AT DOLLAR IN CHICAGO TRADING Futures Up as Much as 1 Cent on Alien Strength. Hu I nitril /’r. * CHICAGO, Nov. 26.—Dollar wheat again became a reality on the Board of Trade today when futures firmed on strength abroad. Corn was unsettled. At the start wheat was unchanged to a cent higher, corn was % cent lower to % cent higher, oats were unchanged to up % cent, and rye was of! % to % cent. Most strength in wheat was shown by the nearby futures, with buying in December and May fairly active. The weather situation in the southwest over the week-end was unchanged. Cash corn remained strong, but selling broke out early in the distant futures. •Bv James E. Bonnet! i Wheat— 11 90 Prev. High. Low A M. close. December 100% 99% 99% 99% Mav 99 98- . 9RI, 98% Julr 93 92 92% 92% Corn— December R 7% 86% 87% 87 Mav 86% 86% 86% 86% Julv 84 83% 83% 83% Oats— December ...... 23 52% 52% 52% Mav 50% 50x. 50% C% Jtilv 46% 46% 46*2 46% Kve— December 72% 71% 71% 77% Mav 75% 74% 74% 75% JulX’ <5 |4 • 4 > |5% LOCAL CASH MARKET Citv grain elevator* are paying 89 cents for No 2 son red wheat, otner grades l on their merits Ca'h mm No. 3 veliow 78 cents, and oats 43 cents RUSSIAN IRON OUTPUT TOPS AMERICAN TOTAL September and October Figure Higher. Year's Level Lower. B't 7 mr* S/irrinl NEW YORK. Nov. 26. —ln an exclusive report from Moscow appearing in Business Week today, it is stated that the daily output of pic iron in Russia in October averaged 57.000 tons, compared with a daily average of only 30.605 tons in the United States during the same period. ' This puts Russia in first place in both September and October as a producer of pie iron.” the report continues, “and while its total output for the year will not be as large as that of the United States it will be larcer than production in any other country. Russia has been the j leading producer of pig iron in Europe since 1932. • The Magnitogorsk blast furnaces. Russia's largest, are scheduled to produce 1.157.000 tons of pig iron this year and turned out the millionth ton on Nov. 18.” TIN CONSUMPTION OFF Depletion of Stocks. However, Shows Gain Over Year Ago. The worlds apparent consumption of tin for the year ended Scpj tember. 1934. was 118.700 tons, compared with 121.100 tons in the prej ceding twelve months, while actual consumption in manufacture during ■ the year ended September. 1934. was 134.500 tons, compared to 125.800 tons, or an increase of 6 9 per cent over the previous comparative period. according to the November bulletin of The Hague statistical office of the international tin research and development couned. Depletion of consumers’ stocks is ! estimated as 15.800 tons for the 1934 period, compared with 4,700 tons in 1 the previous year. v *

Abreast of The Times on Finance

$40,000,000,000 Involved in Lawsuit Over Gold Clause in Bond Contracts

Supreme Court to Hear Arguments Started by Dollar Cut. Hy Srripps-H'Heard .V evipapcr Alliance WASHINGTON, Nov. 28—A lawsuit involving about $40,000,000,000 is coming up before the supreme court Jan. 8 for argument. This $40,000,000,000 isn't held by any one now. It is theoretical money which owners of bonds and other evidences of debt, stated in gold, want to collect from the debtors. It amounts to an attempt to collect $1.69 for every $1 gold bond. The government itself has $21,000.000.000 of these bonds outstanding. Railroad and private issues bring the total to somewhere between $90,000,000,000 and $125,000,000.000. President Roosevelt’s gold devaluation of the dollar from 100 theoretical gold cents to 59 cents plus is the reason. The supreme court has swept aside precedent to allow the federal government and the Reconstruction Finance Corporation to participate in one of four cases which will be argued together, under an order just issued. The case started when Norman Norman of New York City, holder of a SI,OOO B. O. railroad per cent gold bond, demanded on the payment date last February $38.10 in interest instead of the usual $22.50. This, of couse, is the interest on $1,690 —the present value of the wold, which was worth SI,OOO when the bond was issued.

New York Stocks

(By Thomson & McKinnon) 11:00 A. M. Prev Oilf — High. Low. N. Y. close. Atl Rfg 25% 25% 25% 25% Barnsdall 6% 6% 6% 6% Consol Oil R% 8% 8% 8% Cont of Del ... 19% 19% 19% 19% Houston iold >... 16% 16% 16% 16 Mid Cont Pet .. 11% 11% 11% 11% Pet Corp 9% 9% 9% 9%. Phillips Pet 15% 15% 15% 15% Plymouth Oil .. 8% 8% 8% 8% Soc Vac . 14% 14% 14% 14% S O of Cal 32% 32' 2 32% 32% S O of Ind 24% 24 24% 24 S O Os N J 42% 42% 42% 42% Texas Corp ... 21% 21% 21% 21% Tidewater Assn. 9% 9 9% 9 Steels— Am Roll Mills .. 20% 21% 20% 20% Beth Steel 31% 30% 31% 30% Byers A M 19% 19% 19% 19 Crur Steel 24 23% 23% 23% Ludlum Steel .. i6% 16 16% 16 McKeesport Tin 93% 93% 93% 93% Mid Steel 12% 12% 12% 11% Natl Steel 45% 45% 45% 44% Otis Steel 5% 5% 5% 5 Rep Iron k Steel 14% 14% 14% 14% Rep Ir Ar Stl pfd 42 42 42 41 % U S Pipe k Fdy 22% 22% 22% 22 U S Steel . ... 38% 37% 38% 37% U S Steel pfd... 83% 82% 83 82 Warren Bros ■ 6% 6% 6% 5% Young'wn S & T 19% 19% 19% 19% Motors— Auburn 26% 26% 26% 26% Chrysler 38% 38 38 38 Gen Motors 32% 32 32% 31% Gen Motors pfd . .. .. 106 Graham Mot ... 2% 2% 2% 2% Hudson 11% 11% 11% 11% Hupp 3% 3% 3% 3% Mack. Truck... 27% 27% 27% 27 Nash 16% 16% 16% 15% Packard 4% 4 4 4 Studebaker 2% 2 2% 2 Yellow Truck... 3% 3% 3% 3% Motor Access— Bendix . 16% 16% 16% 16% Bohn Alum 60% 60 60 60 Borg Warner ... 28% 28% 28% 29% Briggs 24% 23% 23% 23% Budd Mfg 6 5% 6 6 Budd Wheel 3% 3% 3% ... Eaton Mfg .... 18% 18% 18% 18% Elec Auto Lite.. 27% 27% 27% 27% Houdaille “A".. 6% 6% 6% 6% Stew Warner ... 9 8% 9 8% Timken Roll . . 35% 34% 35 35% Timken Det Axle 7% 7% 7V* 7% Mining— Alaska Jun 17 16% 16% 17 Am Metals 14% 14% 14% 14 Am Smelt .36% 36 36% 36% Anaronda 11% 11 11 11 Cerro De Pasco. .38% 38% 38% 38% Dome Mines ... 36% 36 36 36% Granbv 7 6% 7 7 Howe Sound .... 49 48% 49 48% Int Nickel . . 24 23% 24 23% Kennecott Cop . 17% 17% 17% 17 Park Utah 3% 3% 3% 3% Phelps Dodge .. 14% 14% 14% 14% St Joe Lead .. 16% 16 16 16 U S Smelters .118 117% 118 116% Vanadium 20% 20 20 19% Amusements— Croslev Radio .. 14% 14% 14% 14% Fox Theat i3% 13% 13% 13"s Loews Inc 35% 35% 35% 35% Radio Corn .... 6 5% 6 6 Paramount 3% 3% 3% 3% RKO 2 1% 2 2 Warner 8r05... 4% 4% 4% 4% Tobaccos— Am Sum Tob .. 23% 22% 2?% 23% Am Tob "B" 88% 87% 88% 87% Gen Cigars 57 56% 56% 57 Ligg A: Myers B 110% 110 110% 110 Lorillard 19% 19% 19% 19 Phillip Morris .39% 38% 38% 39% Reynolds Tob B' 50% 50% 50% 50% Rails— Atchison 55% 55% 55% 54% Atl Coast Lines. 32 31% 32 31% B k O 15% If. 15% 14% Can Pacific .... 11% 11% 11% 11% Ch & Ohio 44% 44% 44% 44% Chi it Gt W 2 1% 1% .• • Chi k Gt W pfd 4% 4% 4% 4% C M A- St P 33 3 1 C M A: St P pfd 4% 4% 4% 4' Chi N W .... 5% 5% 5% 5% Chi N W pfd ... 10% 10% 10% 10 Dela A; Hud . 41% 41 41% 40% Del Lac & W 19% 18% 19% 18% Grt Northrn pfd 16% 15% 16% 16% 111 Central 17% 17 17% 1.% K C SOU 8% 8% 8% 8 Lehigh Valley... 11% 11 11% 11 Lou A- Nash ..42 42 42 42 M K A- T - ... 6% 6% 6% 6% M KAr T pfd . 14% 14% 14% 14% Mo Pac 3% 33 3% N Y Cent 22% 21% 22% 21% N Y New Haven 8% 8% 8% 8% N Y Ont A- West 5% 5% 5% 5% Nor Pacific 20% 19% 20% 19 s Penn R R 23% 23% 2j ■* 23% Sou Par 18 s 18% 18% 18% Sou R R 1”% .I" 17% 17 a Union Pac . .106% 106 106 2 105 West Maryland . 9% 9% 9% % Equipments— Am Car k Fdv 17% 17% 17% 17% Am Loco ... 19 18 9 19 18 • Am Steel Fdv . 17% 17’. 1< % %% Bald Loco 6% 6% 6% 6% Gen Am Tnk Car 38 3.% 38 2<% Gen Elec 20% 20 20-. 20 Pullman Inc 49% 49% 49% 49% West Air Brake 2,% 27 2 7 2. West inch EHec . 35’g 35*2 35 * 35* Utilities— Am k For Fwr 5% 5% 5% 5% TtTt 108% 109'; 108% Am Wat Wks .. 14% 14% 14% 14 Col Gas A- Elec 8% I . 8;. > a Conn A- Sou ... 1 . 1% IJ* * Consol Gas . 24% 23% 24% 23 Elec Pwr A Lit 3 * 3 % 3 -, Int Hvriro Elec . 32% 3 2 Ir.’erbero RT . 1* D% H * iStVWY a; iS- 4 r > Pic G A: E... 14'a 14% 14% 14% Peoples Gas ... 24% 23% 23% 22% Pub Serv N J ... 29 % 29% 29;* 29% So Cal Edison.. 12% 12; 12 l2'. Std C.as • 6% 6% 6% 6 , Stone A- Webster 5% 5% 5% 5 United Corp ... 3% 3 jL* 2 . Un Gas Imp 13 * 13% 13% 13 ut Pwr A- Lt < A) 2% j% 2% 2 s Western Union.. 35 1 * 34 3 4 35 * 34 2 Robbers— Firestone 17 S l*' 2 W 2 Goodrich H l * 10> • Goodvear -*% ♦ -J,* •?,'* Kelly Spring ... 1% l' \ 2 ' ' U S Rubber 17% 16% 17% 16 • U S Rubber pfd 39% 38% 39% 38 s Miscella neons— Allis Chalmers . IS IS 1* 1* Amer Can . . 106 106 106 105 Am Mach k F 20% 20% 20% 20% Anchor Cap 18 s 1A 18 lB s B-klvn Man Tr . 39% 38% 39 38 . Burroughs Add . 15% 15% la% 15’. J I Cae 54*2 54 54 1 2 54 Con'l Can 62% 62 62 Caterpillar Tract 34% 34 34% 34 * Crown Cork .... 27 27 2. 2. Curtis Pub 21% 21 21 -1 Curtis Pub pfd . 86% 8686 • JV. Deere A- Cos 24% 23% .4 23 Fas man Kodak 16% 116% 116% 116 Gillette 14 s * 14% 14% .4% Ghdden 2*% -8 28% 28 Int Bush Mach 153 153 153 152% Inter Harv .. 39% 39 i 39 . Natl Cash Reg . 17% 17% 17% 16% Owens Bottle • 87 s , 87' Bi‘ 8i 3 Rem Rand • 10% 10% 10% 10 Underwood E -55 1 5 55% 55 w 55% Pm 19% 18% 19% 18%

m |||||||!|||| I J|||||| i/p

Homer Cummings

The company refused and Norman went to court. Bondholders of the St. Louis, Iron Mountain & Southern railway, now in receivership, made a similar demand and went to court. Two other men, Johhn M. Perry, with SIO,OOO in Liberty bonds, and F. Eugene Nortz, with $106,300 in gold certificate currency, brought

Foods— Am Sugar 61 60' 2 60' 2 61 Armour Com 6’ l fi 6'4 6', Armour 6' r pfd 70 s , 70'4 70 s , 70'2 Beatrice Cream. 18 s * IS 3 * 18 s , 18' 4 Borden Prod . 25' 2 25' 2 25 s , 25 s , Can Drv G Ale 16’a 16 s , 16 s , 16' 2 Coca Cola 151 150 7 a 151 ISO 1 * Corn Prod ... 69 s , 69 69'* 69’* Cuban Am Sug 5 1 * s'* s'* 5 Gen Baking .... 7 3 / 4 7 S 4 7 5 4 7' 2 Gen Foods 34 s 4 34 s , 34 s , 34 3 4 Gold Dust 17 7 * 17 s * 17 s * 17 s 4 G W Sugar 27' 2 27'* 27', 27 s , Hershev 73' 2 73 l 2 73' 2 72', Loose Wiles 37 37 37 36' 2 Natl Biscuit 30' 2 30 s , 30 s ; .30' 4 Natl D Prod 17' 2 17 s , 17 s , 17' 4 Purity Bak 87,B 7 , Bs,8 s , 8 5 /, B'2 S Porto RiCQ Sug 24' 2 24' 2 24' 2 . Std Brands' 19 s , 19', 19 s , 19 Un Biscuit 25', 24 s 4 25', 24 '2 United Fruit .73 72'/ 2 72' 2 72> 2 Ward Bak "B”. I s , 1% I s , l*e Wrigley 74 74 74 74 Retail Stores— Assd Dry Goods. 13 s , 13>/ 4 13', 13', First Natl Stores 64' 2 64' 2 64' 2 64' 4 Gr Un Tea ... 5>4 s>; 5'4 5 5 4 Hahn Dept Sts-. 6 5 7 , 5 7 ss,5 s , Jewel Tea 56 7 , 56 7 , 56 7 , 56' 2 Kresge S S 21 s , 21', 21 s , 21 '2 Kroger Groc ... 29' 2 29' 2 29' 2 29' 2 Macv R H 49' 2 49 49 s , 48 s , McCrorv St 7 7 , 7 s i 7 s i 7 s , McLellan St 13 12'* 12 7 , 12'a Marshall Field. 12 s 4 12 s , 12 s , 12' 2 May Dept St ... 45 s , 44 7 , 45 s , 44 s 4 Mont Ward 30 s , 30', 30 s , 30' 2 Natl Tea 10', Hl'i 10 ’4 10' 4 Penney J C ... 69 68 s 4 68 s 4 69 Safeway St .... 47 46'i 47 49 '2 Sears Roebuck.. 42 '2 42', 42 '2 42 Woolworth 55 54 s , 54 1 , 54' 2 Aviation— Aviation Corp.. 4' 2 4 s , 4' 2 4 s ; Boeing Aircft ... 10'* 10 10 10', Curtiss Wright... 2 s , 2% 2 S 4 2 s , Curtiss Wright A B'2 B'2 B<'i Bs,8 s , Douglas Air .... 22 '2 22'4 22', 22', Speerv Corp • 9 BTs8 T s 9 9 United Aircraft N 12' '2 12>4 12’• 12 > 2 Chemicals— Air Reduction. 112 112 112 112 Allied Chem . 135 1 it 135', 135' 2 134 7 , Am Com Alcohol 33 s , 33', 32 s , 33 '2 Col Carbon 74 U 74'4 74' , 74'4 Com Solvents.... 22 5 , 22', 22', 22 Dupont - 100 99' 2 99'2 99 5 , Freeport Tex ... 28 28 28 27 7 , Liquid Carb 23 s i 23>, 23 s , 23 Math Alkali .. . 29', 29', 29', 29 s , Monsanto Chem 61 s , 61 v r 61 s , 61 ' * Natl Dis 1 new!. 26 7 , 26' 2 26 s , 26 s , Schenlev Dist . 28 ! 2 28'4 28'i 28 1 2 Tex Gulf Sulph . 36 35' 2 35' 2 36 Union Carbide . 45 7 , 45 s 4 45 T , 45 s , U S Indus Alco 44 7 , 44 '2 44 '2 44 '2 Drugs— Coty Inc s's', s', 5 Lambert 27 1 , 27 1 2 27 7 , 27'2 Sterling Prod .61 61 61 61 Un Drug mew). 12' i 12 s , 12' 2 12' i Vick Chem 33 s , 33' 2 33> 2 33' 2 Zonite Prod 4 3 7 , 4 4 Financial— Adams Exp 7 s , 7'j 7' 2 7' 2 Am Int Corp . . 6 7 , 6 3 4 6 7 , 6 S 4 Chesa Corp .... 4040 40 39' 4 Lehman Corp .. 70' i 70's 70' ; 70' Transamerica .. 5 7 , s', 5 S 4 s s , Tr Conti Corp .. 3 s * 3 3 /4 3 3 4 3T, Building Am Radiator ... 16', 16 16', 16 Gen Asphalt ... 17 s , 17', 17' 2 17 Holland Furnace B s , B'4 B s , B s , Int Cement . . . 27 s 4 27' 4 27 s 4 27 Johns Manville 56 55' 2 56 56 Libbv Owens Gls 29 7 ; 29 '2 20' 2 29 s ; Otis Elev 15' 4 15 15 1 4 15 U S Gvpsum ... 50 ’2 50*2 50 '2 50*2 Household— Col Pal Peet ... 17', 16 7 , 16 7 , 17 Congoleum 35 s , 35' 4 35 5 , 35*4 Kelvinator 16 7 , 1 6' 2 16' 2 16 s , Mohawk Carpet. 16 7 , 16 7 , 16 7 , 16 s 4 Proc & Gamble. 43’, 43v, 43 s , 44 Servel Inc 7 s , 7', 7 s , 7'i Simmons Bed .. 11', 11 11 11 Textiles— Amer Woolen .. 9'i, 9 9', 8 1 , Bolding Hem .. 12 7 , 12 s , 12 s , 12 s , Celanese Corp .. 30 s , 30 30' 2 29 7 , Collins Aikman. 15'., 15 15' 15', Gotham Hose .. ss,5 s , ss,5 s , ss,5 s , 5' 2 Indus Rayon ... 27', 27', 27', 26 7 ,

Chicago Stocks

ißv Abbott. Proctor & Paine) 11:00 Prev. A M. close. Bendix 17 16 s , Borg Warner 28 s , 29 '4 Butler .. B'i B', Chicago Corp 2 2 Chicago Corp Dfd 28 7 , 28 Cities Service .. 1 ! 2 1 '2 Cord Corn 3 S 4 3 5 4 Com * Edison 46 Grt Lakes Dredge 18 18', Libbv McNil 6' 2 6' 2 Marshall Fields 12 s , 12'a Noblitt Sparks 14', 14 s 8 Pub Servos 111 12' 2 ... Sears Roebuck 42' Swift Int 35' 2 35 Walgreen *• 28 '2 28

New York Curb

(Bv Abbott, Hoppin & Painei 12 00 Prev. iNoon( close. Alum Cos of Am 52*2 51 '2 Amer Cvanide 181 17 s , 17’, Amer Superpower I s , I s , Atlas Corp 9', 9 Carrier Corp, 12 s , 12 s , Distilers Corp 18', 18 El Bond <t Share 8 7 , B*2 Fisk Rubber 9' 4 9' 2 Hiram Walker 29 28 7 * Humble Oil 44', 44', Natl Belas Hess 33 Nia Hud Pwr 3 s , 3 s , Novadel Agene 20 s , 20 s , Park Davis 31 '4 31 s , St Regis Paper I s , I s , Sal Creek Products 6*2

Produce Markets

Delievered in Indianapolis prices Heavy hens. 11c; Leghorn hens. 7c; colored springers. 12c. old roosters. 6c ducks. 7c. geese 6c. young guineas. 20c; old guineas. 15c Turkevs—No. 1 young hens. 8 lbs . and over. 14c; voung ioms. 14 lbs and over. 14c voung oms. 11-14 lbs 12c; No. 2. crooked breasts and thin turkevs. Sc; old toms all weights lie; 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 Sound under 55 lbs will be made Butter o. 1 3045 31c Bu’te rfat—26c. Quoted bv the Wadley Company. HENRY GAGE APPOINTED Henry E. Gage has been appointed a special representative of the Ohio State Life Insurance Company by L. S. Shafer, general agent here. He formerly was with the United Mutual Life.

INDIANAPOLIS, MONDAY, NOVEMBER 26, 1934

Attorney-General Likely to Present Case for United States. suit in the United States court of claims for payment of the face value of their holdings, plus 69 cents on every sl. In the Iron Mountain case, in which the Bankers' Trust Company and William H. Bixby of St. Louis attack the validity of the gold devaluation order and the laws which authorized it, the government obtained supreme court consideration without waiting for the circuit court of appeals to decide. This was done despite the fact that the government won both railroad cases in the lower courts. The two claims court cases were certified by the supreme court without any decisions having been handed down. Attorney-General Cummings personally may argue the cases. So-licitor-General J. Crawford Briggs, in seeking the court's consent for federal participation, made it plain that an adverse decision would shake the country. ‘•The solvency of many citizens, industries and local governments, perhaps even the financial stability of the national government, may be affected by the determination of this great issue,” he told the court. Twelve railroad reorganizations and hundreds of corporate reorganizations under the bankruptcy acts as amended in the New Deal are held up in the courts by the demands of bondholders for such payments on gold clauses.

SWINE VALUES DROP 10 CENTS Cattle, Veals Unchanged; Lamb Prices Higher at $7 Down. Weakness appeared in hog trading at the Indianapolis stockyards this morning, and the majority of classes on hand were generally 10 cents lower than last week’s closing prices. No particular interest was evident in any grades. Packers were slow in making purchases early, with the majority awaiting further developments. Receipts were estimated at 9,000, as compared with 14,000 last Monday. The bulk of 160 to 200 pounds, sold at $4. 90 to $5.20, while 200 to 350pounders, brought $5.30 to $5.60. Top was $5.70. Extremely small slaughter classes, weighing from 130 to 160 pounds, were salable at $3.65 to $4.40, while light-lights, scaling 100 to 130 pounds, cashed in at $2.40 to $3.40. Good packing sows were reported selling from $4.75 to $5.40. Holdovers numbered 262. Developments were slow in the cattle market, with slaughter classes fully unchanged. Quality was plain. Most steers brought $6.50 down. Receipts were 700. Vealers also held unchanged at $6.50 down. Receipts numbered 400. Strong undertone featured early trading in lambs. The majority of classes were around 25 to 50 cents higher than Saturday’s average. Bulk of ewe and wether lambs ranged from $6.75 to $7, whiiW extremely heavy kinds brought $5.50 to $6.50. Throwouts sold at $4 to $5.50. Slaughter ewes held at $2.50 down. Receipts were 1,000. HOGB Nor. Bulk Tod Receipts 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 24. 5.00® 5 30 5 80 3.000 26. 4 90® 5.20 5.70 9.000 (140-1601 Good and choice ... $4.15® 490 1 160-ISO I Good and choice ... 4 90® 5.10 (180-200i Good and choice ... 5.10® 5.30 (200-220 Good and choice ... 5.30® 5.50 1 220-250 1 Good and choice 5.50® 5.70 (250-300* Good and choice.... 5.60® 5.70 (275-300* Good 5 40'S' 5.60 Packing; sows: (275-350) Good 5.15® 5.40 (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 2.40® 3.40 CATTLE —Receipts, 700— s(sso-9001 Choice s7.oo®} 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 6.5. Ji 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. 400— Good and choice $5 50® 6 50 Medium 3.75® 5.50 Cull and common 2.00® 3.75 —Calves—-(2so-5001 Good and choice 4.75® 8 - 8(J Common and medium 2.50® 4.75 —Feeder and Stocker Cattle——Bteers— (soo-800) Good and choice 400® 5.00 Common and medium 2 50® 4 00 1800-1. 050i 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 50 ® 7 00 Common and medium . . 4.50® 6 50 90-120 lbs., good and choice... 2 00 ® 2 50 SheeD—-(l2o-150) Good and choice • 1.75® 225 4l> weignts common and medium I£s® 2 00

Other Livestock

(By United Pressi FT WAYNE. Nov 25—Hogs—5c lower; 250-300 lbs 85.60: 225-250 lbs. 85 45 200225 lbs . S5 30: 180-200 lbs $5 20. 160-180 lb' 84 94: 300-360 lbs SS 20 1 50.160 lbs. 5435 140-150 ihs 5410 130-140 lbs . S3 60: 120-130 lbs. S3 10: 100-120 lbs. S2 8b roughs. So. stags. S3 Calves. S6: lambs. 86 50. CATTLE BID DATES SET Bu Time* Bprrial WASHINGTON. Nov. 26.—Bids on the precessing of additional drouzht cattle into canned beef and veal for the needy unemployed will be opened Nov. 30 by the Federal Surplus Relief Corporation.

BRITISH BANK TRACES SLUMP IN PUUND RATE Excess of Imports, Speculation Factors, Barclays Declares. By Time a Special LONDON, Nov. 26.—Owing to the position occupied by sterling as the leading international currency, its recent weakness in terms of the i | gold exchanges is a matter of world - ; wide importance, Barclay’s Bank. Limited, declared today in its monthly review. At first sight, the bank declares, an adequate explanation of the fall i in value is not readily apparent, j especially as many of the factors | generally associated with the deprej ciation of a currency are entirely absent in the case of the United Kingdom. Financially, conditions in ! the country compare favorably with I those in any other part of the world. The budget has been balanced on sound lines, internal prices are comparatively stable and there is no suggestion of any inflationary de- ! veloprTients affecting the currency. | Moreover, the gold reserves of the Bank of England have been greatly strengthened. Numerous Factors Cited ‘‘Summing up the position,” the review says, ‘‘it is clear that numerous factors have been responsible for the weakness of sterling in terms of gold. In part, at least, the recent trend of the exchanges has been due to the increase in the excess of imports which has been accentuated by the customary autumn demand for foreign # currencies and possibly by a reduction in the volume of foreign money in the London market. ‘‘At the same time, speculative influences have undoubtedly played a part, while the depreciation of the United States dollar, uncertainty as to future monetary policy in America and the rise in the visible trade balance of that country have also influenced the position. Certain of these features, however, are of a temporary nature. ‘‘ln so far as the depreciation of other currencies has adversely affected the British trading position, their influence should be only transitory and already, in the case of the United States, the fall in the dollar value of sterling and the ri.se in American internal prices has tended to reduce any advantage which may have arisen as a result of the devaluation. Risks at Minimum ‘‘ln the meantime, through the linking of many currencies to the pound since the departure of the United Kingdom from the gold standard in September, 1931, there is a large part of the world in which exchange risks have been reduced to a minimum, with the result that business has bpen greatly facilitated between the various countries in the group. ‘‘Nevertheless, exchange stability over as wide an area as possible is an aim to be kept constantly in view and the re-establishment of an international monetary standard is a prerequisite to a return to normal conditions of world trade.” BUILDING PERMITS RISE SHOWN ON WEST COAST October Increase Points to Success of Housing Program. Outstanding increases in the num- \ ber and value of building permits issued throughout eight western states during October vouch for the success of the national housing pro- j gram in this area, the Bank of! America business review, declared today. Fifty-five cities in eight far western states reported building permits totaling $7,623,065 last month, an inj crease of $3,191,809, or 72 per cent 1 over the preceding month, and a | gain of 35.2 per cent over October, 1933. In adidtion to the encouraging fact that the dollar value of western i building permits was at an exceptionally high level during October, it was notable that the number of permits registered an outstanding gain. These increases were registered in both metropolitan and rural areas. CEMENT OUTPUT RISES Portland Industry Produced 6,675,000 Barrels During October. I By Times Special WASHINGTON, Nov. 26.—Production of the Portland cement industry during ‘October amounted to 6,675.000 barrels, an increase of approximately 32.5 per cent as compared with the corresponding month of 1933, it was announced today. The industry also shipped 8,439,000 barrels from mills and had 19,969.000 barrels in stock at the end of the month. Shipments showed an j increase of 25 per cent, while stocks at mills were 2.4 per cent higher . than last year. BITTER OUTPUT LIGHT By Times Special WASHINGTON. Nov. 26.—Despite large supplies on hand this fall, production of butter and manufactured j dairy products are expected much . lighter during the winter months, ! according to the bureau of agriculj ture economics. PATHE ORDER SIGNED By Times Special NEW YORK. Nov. 26—Supreme Court* Justice Cotillo has signed an order authorizing a meeting of stockholders of Pathe, Inc., on March 4 to pass on reorganization of the company.

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers A 35-cent carrying charge oer ton will be added. DOMESTIC RETAII PRICES Ar.tnracate *13.0c Brazil Lump 604 Brazil Mine Run 5 25 Coke. Nut Size 890 Coke Egg Size 890 Indiana Forged Lump No 4 59* Ind.ana Porked Lump No. 6 5 84 Indiana Egg 5.71 Kentucky Lump Group ”B" 7 is I Pocahontas Lump 8 32; Pocahontas Egg 4.43

ISSUES BOND CALL

In.

Charles E. Arnott Retirement of $28,197,000 in bonds and debentures on Feb. 15. next, has been announced by the Socony-Vacuum Oil Company, Inc., of which Charles E. Arnott is president.

Wall Street BY RALPH HENDERSHOT Times Special Writer

NEW YORK, Nov. 26. Extra dividend payments have been authorized by several large concerns during the last week or two. While the decision to make these extra disbursements no doubt was prompted, at least in part, by fear of a tax some time later on corporate surplusses, the receipt of this

cash is almost certain to help stimulate business. It remains to be seen, of course, whether the companies making the extra payments for tax reasons are using good judgment. The administration Is known to favor the use of surplusses wherever possible for plant rejuvenation and

extensions, with a view of stimulating trade, but little evidence has been produced as yet to indicate that it proposes to tax it into such use. From past experiences, however, it is known that when taxes are needed wealthy corporations have not been overlooked. And it is felt that when the time comes to pay the cost of the New Deal there will be a mad scramble to find taxable items. Corporate heads will not admit that they are putting their houses in order against such a time, but it is reasonable to suppose that such is the case. In some instances, though, the extra dividends are being authorized because they have been earned and are justified. a a a FRANCE is said to have caused quite a sensation at the international wheat conference when she asked for an export quota even larger than that of the United States. Heretofore that nation had not been an expo ter of wheat, and it is doubtful that it ever will be an exporter of consequence. But the request furnishes food for thought for all nations now attending the conference, and more particularly the United Statees. It brings home the fact that every effort to cut production or exports by artificial means constitutes an invitation to some other nation to go after the "protected” market. 808 THE word ‘‘confidence” is being used by almost every other person one meets these days to denote one of the prime requisites for a return to normal business. It is used so often, in fact, that one begins to wonder whether it means the same to all people and whether it fits the particular condition in question. The hope for profits is the chief motivating force in business activities, and confidence probably might be described as a state of mind which comes after one’s business judgment has been verified through the receipt of profits. It would seem that we get confidence after we transact profitable business rather than vice versa. Ordinarily the term would not be worth special attention, but the fact that it has come into nearly as much prominence as the one about recovery being ‘‘just around the corner” did some months ago causes its careless use to become rather annoying. QUARTER NET HIGHER The Central and South West Utilities Company net income for the September quarter was $276,992, before prior lien and preferred dividends. but after provision for retirement and full preferred dividend requirements of subsidiaries, compared with $120,099 in the same quarter of 1933. LUMBER PRICES PARED By Times Special WASHINGTON. Nov. 26 NRA today ordered, effective Dec. 8, a reduction in the minimum prices of all domestic hardwood lumber except walnut. The new price schedule will take effect unless "good cause to the contrary is shown*”

Other Livestock

(By Times Special* LOUISVILLE Nov 26 -Cattle- Rec!p’. 300 government. 300: supply moderate to . light; trading moderately active fully steady on most slaughter classes as compared with close last week; most steer' and heifers of quality to sell from $3 25 4, 4 50. few in cutter flesh down to around 52 50: sprinichng be'ter finished ",ers and heifers. 554,6.50. top 17 for 12 head 1 185lb. steers; bulk beefs cows. 43.296r3.75: prac'ical ’op S3: low cutters and cutter'. ! 114,2: bulk sausage bulls 93.396r2.7S i feeder steers in fair demand, bulk -alable 534,3 50. Calves Receip’a, 350; ma*ke; fully steady to strong on be'ter vealei' others unchanged, bulk befe r grade-- 55 4,5 50: mediums. 54', 4 50. plainer grade. 53 50 down Hogs Receiptl 000 including 189 billed direct market 54,10 c lower than las* Friday and Saturday mos' loss on weights from 175 lbs down; top and bulk 200-300 lb' *6.4 180-195 lbs 84 24 90S Ihs up 84 2" 160-175 Id- 84 60. 140155 lb'. 44 10. 100-134 lb' 83 40 'ows 54 30 Sheep—Rece.pt-.. 250 market, stead--, mos medium to good lambs $5,504,6 choice quotable. $4 ~,4 or better, bucks , mainly 54 504,5; light throwouts, *3.50. I better lat ewes. 11.50U2.

Latest Stock, Bond and Commodity Quotations

MEXICU HINTS BUND ACCURD SANS BANKERS President Rodriquez Implies Debt Service Proposal Will Be Direct. BY HOWARD CARSWELL Time* Special Writer NEW Y’ORK, Nov. 26—What American and other foreign holders of Republic of Mexico bonds may hereafter receive on their holdings may be under anew debt-servicing arangement between the Mexican government and the foreign bondholders rather than the international committee of bankers for Mexico, it was learned today. In a message to the Mexican congress on Sept. 1, President Rodriguez indicated that anew program for redemption of Mexico’s foreign debts would probably be proposed. The implication was aparent that a new readjustment agreement would not be negotiated directly with the international committee, with which is deposited most of the Mexican bonds of $509,000,000 face amount. Ezra Suit Dismissed The New Y’ork court of appeals dismissed last week the suit of Silas Ezra of Chicago, for an accounting of the $7,000,000 fund representing the balance not paid out of the $45,000,000 remitted agreements of 1922 and 1925. Mexico suspended remissions on the bonds in 1927. This decision of the court of appeals definitely ends attempts made since 1930 to compel the international committee of bankers to distribute funds against the wishes of the Mexican government, in the opinion of Jerome S. Hess, of Hardin, Hess fc Elder, legal counsel for the government of Mexico. Accounting Asked Mr. Ezra brought suit as a depositing bondholder for an accounting of the $7,000,000. Court dismisal recognized the contention of the government of Mexico that New Y’ork state courts lack jurisdiction over Mexican debt. Disposition of this fund now awaits an understanding between Mexico and the International Committee of Bankers, which is headed by Thomas W. Lamont, of J. P. Morgan & t; Co. The previous suits involving 4disposition of the $7,000,000 suffered court dismissal. The first suit was ; brought by Gustavo Gallopin. who did not deposit his bonds with the i international committee. His suit | to compel an accounting was dismissed by the supreme court of New Y’ork county and its appellate division. " Bankers’ Suit Failed The second case was an accounting suit brought by the international committee of bankers against i all classes of bondholders, which ■ asked the court to distribute the $7,000,000 in litigation. This was dismissed in 1932 on the contention of the Mexican government that New York state courts lack jurisdiction, the same reason for dismissal of the latest suit I brought by Silas Ezra. MEAT PACKERS’ PLANT VALUE $1,500,000,000 80 Per Cent of Figure Used in Buying Livestock, Materials. By 7he < Special CHICAGO, Nov. 26.—Figures made public today by the Institute of American Meat Packers revealed that the aggregate plant value of the finished products of the meat packing industry in 1933 was nearly $1,500,000,000, of which approximately 80 per cent was used in the purchase of livestock and other materials also containers, fuel and purchased electric energy. In a report based upon an analysis of census figures recently released by the United States department of commerce, the institute disclosed that the plant value of packing house products last year was sl,487.920,253, and that $1 199.274,507 was spent for materials, containers, fuel and electric energy, the purchase of livestock being the largest single expease. ‘‘As these figures demonstrate,” explained Mr, Woods, ‘the value added to packing house products by manufacture was $288,645,746; but of this amount, more than $112.000.000 went to wage earners in 1.073 plants, and additional millions of dollars of expense was incurred in such necessary items as taxes, rent, interest, depreciation and insurance { WHEAT CROP ABOVE DOMESTIC NEED SEEN Excess for 1935-36 Period Visioned at 165,000,000 Bushels. By I nth <1 Press WASHINGTON. Nov. 26.—A possible excess production of 165,000,000 bushels in American wheat for the crop year 1935-36 over domestic consumption requirements was foreseen today by the bureau of agricultural economics in its monthly report on world wheat prospects. "It would seem from an examination of all factors that the acreage which has been and will be planted for harvest next year is likely to be 5 or 6 p°r cent less than the acreage sown for the base period 1930-32, but above that seeded for harvest in 1934,”’ the report said. "This would indicate an area to be sown for harvest in 1935 of somewhere around 62.000,000 acres. This acreage, with average abandonment of yields, would result in a crop of approximately 79 r '>,ooo.ooo bushels.” IMPROVE TRAIN SERVICE Pennsylvania Announces Betterment in Pavsenger Schedules. Improved passenger schedules on several Pennsylvania railroad trains was placed in effect yesterday, it was announced from local Pennsylvania headquarters today. Chicago, Indianapolis, Louisville. Ft Wayne and Logansport patrons wfll benefit by the improvement in schedules, which in some instances will be much faster than on the present tune tablis.

Hendershot

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