Indianapolis Times, Volume 46, Number 172, Indianapolis, Marion County, 28 November 1934 — Page 11

Trends a a a Business Men Study Recent Uptrend In Outlook. BY VINTENT S. LYONS Time* Financial editor

HOW genuine is the improvement which has taken place in the business situation during the last few weeks? That is the question that executives throughout the country are asking themselves and each other. For months they have been told that the illusory figure of prosperity ha been just around the comer. "Just around the corner." however, has proven to be a little farther away than it is indicated. On several occasions in the last twenty months the view has been nurtured that general trade and industry was emerging from the doldrums. Scattered economic barometers would point to considercrable betterment But the changed conditions which have arisen under national recovery legislation was lost sight of for th® moment by the over-zealous. Consequently, the spurts in certain lines developed to be adjustments to new situations. Eschewing their Poliyanna attitude of several years ago for a "show-me" front, business executives today are weighing the pros and cons carefully and methodically to determine whether the recent gains made along the economic front will stand the test of keen analysis. Their warine i.s natural when it is remembered J hat this is the sixth year of the slump for some lines and the cry that revival Is here has been heard numerous times during that period. m m a NATIONAL elections are no longer a factor. The New Deal received a sweeping vote of confidence. The view that radical sentiment, might be strong in the next congress and that reckless inflation w ill be resorted to has been tempered by the conviction in some quarters that the President will concentrate his efforts on warding off such an eventuality. In fact, only this w 3 ek we have an indication that this latter will develop. Senator Elmer Thomas il>m, Okla.. lieutenant of the inflationary forces, advised those in his contingent to proceed cautiously and not to seek an eariv showdown. The senator granted that inflationary schemes will stand little change of passage if, in the interim. material improvement ensues m business conditions. Furthermore, business undoubtedly has been heartened by the seemingly changed administration attitude toward labor. Extension of the automobile code without the changes that workers had demanded. was a blow to the labor group. Industry is beginning to realize that the administration does not aim to improve the position of the workers at the entire expense of itself. mam Reorganization of the national recovery administration has plavrd an important part in helping to bolster confidence. The threat of one individual with a big stick standing over the head of business has been supplanted by the less scary picture of a board ready to conciliate. Within recent weeks steel production and electric power output, two important business barometers, have moved up sharply: car loadings continued to exceed the totals of a year ago; several corporations decided to chance the securities act by issuing new securities to the public: Henry Ford completed plans for the production of one million cars next year; large indtis*-ial enterprises made outlays for improvements to plants and stockholders of companies were rewarded with substantial dividend disbursements. Even the lowly stock market has begun, to perk up. Arousing itself from its lethargic state this branch of commerce, ever since election day. has found an increased popularity. The turnover on several davs has been wtII above one million shares, contrasted with average sessions of 700000 and 800.000 shares for months previous. Moreover. values, with the exception of public utilitity stocks, have paraded impressively forward. a a a MARION county’s upswing is attested to by figures on life insurance sales for October of companies which transact about 85 per cent of all the life business in the county. Writings last month aggregated $3 835.842. an increase of 11.4 per cent over the $3 261.328 reported in the preceding month. A further indication of the betterment is afforded by the announcement from the Prudential Insurance Company that the three local offices of the company wrote more than 51.500.000 of business from Nov. 5 to Nov. 17. This showing was made following the launching of an advertising campaign. "In recent years.” the General Agents' Association of Indianapolis Geclares." large volumes of business life insurance arc written so the new business each month not only reflects the financial attitude of men and women buying personal insurance, but also includes the business outlook.”

Produce Markets

Delievered in Indianapolis price* Heavy hers* lie leghorn hen?. 7c: colored >r:::'.!:s. 12c o.d roosters 6c ducks. 7e: ere*e 6c; voting cumei*. 10c. old guineas. 15c T rkevs—Na l voting hens. * lbs ard c-er. He. v?un toms. 14 lbs and over He vo.inc torr.s. 11-14 !b* lie: No 2 crocked breasts and th.n tursevs c; oid tores, ai: weights 11c. No 1 strictly fre*h cour.Tv run eess. losa off. 25c Each fu.. case must weigh 55 lbs gross, a deduction of 10c a pound for each pound under 55 lbs will be made Butter So l 30i 31c B .tterfat—26c Quoted bv tbe Wadlew Companv. ißv United Pressi. CHICAGO. Nov 2* Eggs—Market, easv rec*-:p;. 1 :64 cases extea firs’s H':c Iresh graded firsts 26’.c. current receipts. 245. 25 .c dirties. No 1. 20>.-c. No 2. 18c; checks So 1, 18 ! k. No 2. 16c Butter - Market. seadv receipts. 6 689 tubs, extra firs** 90-91 -i score j:t2B ic extras *92 score*. 28’c* firsts 88-89 ■> secret 25 1 .., 26’.c seconds 86-87'j score. 24’ ; u25c. specials. 29-. 29’c standards 27c poultry Market, firm receipts. 44 trucks. springers U'iSil6c Leghorn spring era. fie ducas. 12*i 15c tur.evs W 21c roosters 10c Leghorn hens. 10*jc. hens, light. 11’.c heavy 14c capon? 6 to 7 lt 17 it 18c Cheese -Tains IV. 14c da;*ies 14 .614'jC. Longhorns 14'.r 14--c Pc: iicq Suppiv mocerate. demand anti • racing ..o market dull. Wisconsin round whites 81 .*, 85c one car fine duality 9fv commercial grade. 75c Idaho B ~.• *1 50 : l 57'j comb.na'ion grade. II *■ -i | n A sshington Btisse'S cmbinat.on grade. *1 40 r 1 50 Colorado McClure* 817'vl 90 Michigan round whites one tar *5-' Arrivals. *2 on track. 241; shipment* 125 freight 37 re.ief CIEVBLAND Nov 20 Butter—Market, firm extras. *3c standards Jlc Eggs— Market, ttesdv extra white, 33’,c curier.t rece.pta. 25c pullets 22t Poultry Market stoads fowls, colored. 4 !bs and up. 16c duck* light. 13c. geese heavy fat 14c geese ord.nary. ISe; turkevs young 214, 33c eld nena. 18c old toms. 18c. No. 2 turkeys 15c Potatoes—Maine !.•! 10 a 100-lb bag: Ohio best, mostly 7*,BSc a 100-lb. oai Michigan. Mtgtic a 10018. hoc.

CARRIER GROUP LEADS MARKET HIGHER ON DAY Some Rails Advance More Than 2 Points; Utilities Steady. Hy r mit'd Prr NEW YORK. Nov. 28—Prices firmed in nearly all sections on the Stock Exchange today, with railroad issues showing consistent strength. Union Pacifi gained more than a point to 108, ex-dividend. Louisville and Nashville was up 2’j at 48 1 2 . Atlantic Coast Line up 14 at 35 and Atchison up nearly a point at 56. New York Central and Pennsylvania were steady. Utilities steadied and some of •hem made gains as noon approached. American Telephone rose point to 108’*. while Western Union was up nearly a point at ”54. Steel common rase 4 to 384; American Can 4 to 1054; Chrysler 4 to 34. and General Motors 4 to 324. Low priced motors were active and strong. Nash gained 14 to 174 and Hudson was up 4 at 114. Motor equipments were higher. Chemicals recorded wide gams. Case jumped 24 points to 554. Tobaccos were firm except George Hrlme, which sold off more than a point on the good news of extra dividend declarations. Directors ordered a special extra of $4.75, the usual annual extra of $2 and the regular quarterly dividend of $1.25. Treasury Statement ißv United Press) WASHINGTON Nov. 2# —Government expends and receipts for the current fiscal vr *o Not 26. compared with the corresponding period of the previous fiscal tear This Year Last Year Fxpenses *2 R27.R53.fi30 67 $1.840 670.186 41 Receip-s 1 .4-13 103 987 94 1 122 162 279 66 Deficit 1 584 579.851 73 727 507.906.75 Cash bal. 1 571 284 835 41 1.150.700 358.95

WHEAT FUTURES UP SLIGHTLY AT START Firm Tone in Liverpool Prompts Buying. #.'/ t'nitrei Prrii, CHICAGO. Nov. 28.—A firm tone m Liverpool encouraged further buying of wheat futures on the Board of Trade today and prices firmed. At the start wheat was to cent higher, corn was up 3 g to ■% rent, oats were unchanged to :t s cent improved, and rye was up % to a * cent. The trade paid little attention to reports of a storm in the southwest where moisture still is badly needed. Rains fell generally over the belt. Traders expected some evening up of position for the Thanksgiving holiday. •Bv James E. Bennett* 1100 Prev WHEAT— High. Low AM close Pec 100% .99 *2 1 00’, .99’, Mav . 99% .39 1 n .99% .99% Jnlv 93’i .92% .93' .92 CORN— Dec 90', 89% .90 88% Mav . ... 88’, .87', .88', .87', Julv 84% 84', 85 .83% OATS— Dec 53', .52% .53', .52', Mav 51 % .50% .51’, 50'. Julv 47*, 46’. .47% .46*, RYE— Dec 73 .72 .72’, .72 Mav 75*4 75', 75'. .74'4 July 76 .75% .76 .75 LOCAL CASH MARKFI City gram elevators are paying 89 cent? for No 2 soft red wheat other grade* on their merits Cash corn No 3 vellow 78 cents, and oats 43 cents On Commission Row Quotations oelow are average wholesale prices being offered to buver* bv local commission dealers. FRUlTS—Cranberries. Cape Cod. earlv blacks 25-lb box. $4 25. Wisconsin Ant-e-s. 25-lb. box. 84 Grapes. California Emperors. 27-lb. box, $2 25. Persimmons. Indiana. 12 pts . 90c. Avacados. box. *1 15 Quinces, bushel. *3 Bananas, pound. 4*,c Apples, maiden blush. $1 50; Indiana Jonathans. $185; grimes golden. $1 35# 175 Melons. California honev dews. $2 75 f emor, ,'inkiat 3605. $5 50: red ball. 360s $5 Grapefruit. Texas, seedless. $3 25. Limes. Mexican, per carton. 12s. 25c; Bvram. seedless, per hundred $3 Strawberries 12 box crate. *2 2547 250 California rhubarb. $1.50 a box. Pineapples, crate. $5 50 6. Pears, home grown Kiefers, bushel. 75c Oregan D anjo. box. $3 50. VEGETAHLLS —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 wes’ern white 50-lb. bag. SI 85: Michigan. vellow. $1 25. Potatoes. Green Mountains. 100-lb bg. $1.50; northern round whi-e. 100-!b bag 81: Ohios. 100-lb bag. 1 7* Idaho Russets. 100-lb. bag, $2. Sweet potatoes. Indiana Jersevs bushels. 8185: Tennessee Nancv Halls bushel. $1 40 Beans, flat stringless, hamper. $2 50. 41 75 Celerv Michigan, medium, dozen. 50c fumbo. dozen 75c: hearts: bunch. SI: Cucumbers, doz . 90c: southern, bushel. $4 dive dozen. 45c Egg plant, dozen. $1 50 Kale, home-grown bushel 50c. Lettuce hothouse. 15-lb. basket 60c Icebergh head Ip-ruce $4 75 Mangos. Florida, crate. <3 50 Mint bunch. 15c Parsley, dozen. 35c Peas, hampers. *3 754/4 25 Spinach, home-grown, broadleaf. bushel. 60c Radhes cloren. 50c Tomatoes, hothouse. 8Ib. basket. $1 35 Turnips, home-grown, dozen, 25c Pumpkins, dozen. $1 Mi'Ce'laneous —Cocoanuts. Jamaica. 25 so- $1 50 Oysters. standards, gallon. $1 50 selects gallon $1 90 Chesnuts. Italian a pound. 12 %c Sarghum molasses, gallon 65c B%rk walnuts. 50-lb. bag. $1 Cider. 4 gallons to case. $2. Half-gallons. 6 to case $1 75; quarts. 12 to case. $1 90 All quotations subject to change, up or down. rmt'lTS AND VEGETABLES Bv United Press i CHICAGO Not. 28 —Apples—Michigan Mclntcsh ousnel 2%-nc,i. $1.75 Jonathans $1 5061 75 Lettuce—California, crates. s3*i3 75 Sweet potatoes—Tennessee bushel. sllO 1125 Celery—Michcan square crates 40cw$l. Cauliflower— Oregon crates. $1 10 41 20 Spinach—Missouri bushels ISfHe: Kentucky 65c i Cranberries • Massachusetts. % barrels. $4 425 Carrots—niinois bushel. 40 *7 50c, ! bunches 1 3c Beans—Fior da bushel. 51 25*4 1 75 green*. Cabbaj *--Wisconsin and lUinoti. crates. 406 60c Retail Coal Prices rite following prices represent quotations eadmc Indianapolis coal dealers A 25-cent carrvinc eha-ea oer ton will oe : added DOMES lIL RET All PRICES Antnracite 813 oc Brazil Lumo 6#4 Brazil Mine Run 6 25 Coke Nut stza 8.90 Coke. Egg Size §-$0 Indiana Forkea Lump No * 454 Indiana Forked Lump No 6 5.84 Indiana Egg 5.71 Kentucky Lumo Group "B" 7.18 . Pocahontas Lump 432 i Focahoaua la Lti

Abreast of The Times on Finance %

DISCUSS ECONOMIC SCENE

Hiii jfl

C. L. Bardo

IB

Joseph T. Robinson

Expressions on the current situation w'ere voiced by the above four in public announcements and in private audiences with President Roosevelt. C. L. Bardo, National Association of Manufacturers president, declared business must have more definite ideas as to the direction in which the government is headed. George A. Sloan, Cotton-Textile Institute president, urges stirring up of activity in consumer goods industries in order to revive the durab’e goods field. Joseph T. Robinson (Can., Ark.) and Rudolph S. Hecht., American Bankers Association presid'nt. told the chief executive of definite signs of improving in the economic situation.

New York Stock Exchange Prices

(By Thomson & McKinnoni 11:00 11:00 Prev. OH*— High. Low. A M. close. Atl Pfg 25 3 4 25 1 2 25 3 4 25' 2 Barnsdall 6> 4 6*4 6V* 6' 4 Consol Oil . .. 8 3 8 3 * B’s B' 2 Cont of Del . . 19' 2 19V* 19 3 s 19Vs Mid Cont Pet . 11' 2 11V, ll 1 * 11 1 a Ohio Oil .. 10' 10\ 10 3 s 10'b Pet Corp 9’* 9'a 9'* 9’* Wall Street —B. PM 1 lIENPERSHOT Time* Special Writer NEW YORK, Nov. 28—Industrial stocks on the New' York Stock Exchange approximately are at the highest level reached since iast February, which was the peak attained since the collapse in 1932. Recently prices of these shares have been pushing forward in impressive

fashion, and. while the volume of dealings has not been large, the upturn has brought considerable cheer to the Street. Os particular importance is the fact that the rise has been based largely on the actual and potential betterment in business rather than on

such uncertain and intangible things as inflation prospects and foreign exchange fluctuations. The trade reports in most lines record almost daily evidence of gradual but steady improvement. It seems almost certain that the inflation fight will be resumed in the next congress, but the average man probably will do well to keep his eyes on the business ball and let the legislators take care of the other things. Many people have found in the last month or so that there is plenty of business available for those who will go out after it with diligence and courage. a a a THE accumulation of needs Is great after the many years of the depression, and most people have adjusted their modes of living to the new conditions sufficiently to resume buying. Morover, the fear to spend even for necessities is passing. and every inch gained by business in its fight for recovery makes sales resistance just that much less. It is becoming more and more apparent that the more co-opera-tive attitude of bankers and big business people toward the administration is proving a helpful influence on trade. They realize that their hope for defeating inflation and radical legislation lies chiefly in the help they give to pull business out of the mire. And the stage would seem to be well set to make their help most effective. Bankers and business leaders of this country are entitled to very little praise for their conduct during the depression. For the most part, they sat back with their hands folded. bemoaning the bad state of conditions and criticising the administration for its efforts to make things better. They showed little or no initiative, taking the position thaf the trade fever had to burn itself out and that anything they might try to do to help would be wasted effoft. an n IT seems rather unusual and strange that those entirely outside the field of trade and banking were obliged to carry the ball for those we had looked upon as industrial leaders. Outside interests are entitled to the credit for the restoration of public confidence in the banks. To them also must be given the credit for the renewed faith which has been created in the various exchanges and their securi- ! ties. Avery decided change in the at- ' titude of our dethroned leaders | toward the future has taken place of late, however. And this change already has been felt in an improvement in business. It is this improvement and the prospects of ad- | rational betterment that the indus- | trial stocks are reflecting at this tune.

m * Wk* W ” *A dr m

W 4#*"% ***%. ; I ipfwv-

Rudolph S. Hecht

Phillips Pet . 11' s 15', 15', 15% Plymouth Oil ... B*4 8% 3\ 8% Pure Oil 7!4 7' 4 7*4 7% Shell Un 6’, 6 * 6’, 6% Soc Vac 14’a 14% 14% 14% S O of Cal 32'4 32 32*4 32 SO of Ind .. . 24% 24*4 24'2 24'4 SO of N J ... 43', 42 5 ,43 V, 43 Texas Corp . 21’/, 21% 21’, 21% Tidewater Assn . 9% 9 9% 9 Un Oil of Cal . 16 16 16 15% Steels— Am Roll Mills . 20% 20% 20% 20% Beth Steel 31% 305* 31% 31 Byers A M 19% 18% 19'4 19% Inland Steel .... 45 45 45 45 Ludlum Steel .. 15% 15% 15'% 15% McKeesport Tin 94 94 94 93% Mid Steel 11% 11% 11% 11% Natl Steel 45V* 4544 45*4 45 Otis Steel s* 5% 5% 5*4 lep Iron A Steel 14% 14% 14% 14% Rep Ir A Stl pfd 41% 41% 41% 41* 2 U S Pipe A Fdy 21 *2 21% 21*2 21% II S Steel ... 38% 37% 38*4 37% U S Steel pfd .. 83% 83 83% 83% Warren Bros 6 6 6 6 Youngstn S & T 19% 19% 19% 19% Motors— Auburn 26*2 25% 26% 25% Chrysler 39% 38% 39 38*2 Gen Motors .... 32% 31% 32% 32 Graham Mot ... 2% 2% 2*4 2% Hudson 11% 11% 11% 11% Hupp 33 3 3'g Mack Truck .... 27% 26% 27% 26% Nash 17% 16V2 16% 16* 4 Packard 4% 4 4% 4 Reo 2% 2% 2*2 2% Studebaker 2% 2 2% 2 Motor Access— Bendix 16*4 16% 16% 16% Borg Warner ... 28 27% 28 28*4 Briggs 23% 23*2 23% 23% Buad Mfg 5% 5% 5% 5% Eaton Mfg .18 17% 18 18 Elec Auto Lite . 27% 27 27% 26% Houdaille "A”... 6% 6% 6*2 6% Murray Body 6* 6'* 6‘s 6% Stew Warner .9 8% B’, 8% Timken Roll 34% 33% 34% 34% Timken Det Axle 7 7 7 7 Mining— Alaska Jun 14 14 14 14*4 Am Smelt 37 36% 36% 36*2 Anaconda ... 11% 10% 11 11% Cal A Hecla .32% 2% 3 Cerro De Pasco 39% 33% 39% 39% Dome Mines . 36% 36% 36% 36% Granby 7% 7% 7*4 7*4 Howe Sound .... 49% 49 49*4 49 Ins Copper 3% 3*4 3*4 3*4 Int Nickel .. 23% 23% 23'2 23% Kennecott Cop . 17% 17% 17% 17% Mclntyre Mine . 41% 41*2 41% 41% Noranda Cop ... 33% 32% 33% 32% Phelps Dodge .. 14% 14% 14% 14% St Joe Lead ... 16% 16 16% 15% U S Smelters ..117% 117*2 117*2 117% Vanadium 19% 19% 19% 19% Amusements— Fox Theater 13% 13% 13*2 13% Loews Inc 35% 34*4 35 34% Radio C'orp 6% 6 6% 5% Paramount 3% 3% 3% 3% KRO 1% 1% 1% 1% Warner Bros .. 4% 4*2 4*2 4% Tobaccos— Am Snuff .... 68% 68% 68*2 68 ! Am Sum Tob .. 21% 21’* 21% 21’,' Am Tob (A> ... 84% 84% 84% 85 ! Am Tob 181 ... 86% 86% 83% 87 I Gen Cigars 56% 56% 56% 56% L A Mvers •B* 109% 109% 109% 103% Loriliard 19% 19% 19% 19% Reynolds Tob B 51% 50% 51% 50% Rails— Atchison 56 55% 56 55% Atl Coast Lines . 35*4 33% 33 33% B& O 15% 15% 10% 15% Can Pacific 11% li' B 11% 11% Ch A Ohio . 44% 43*2 44% 44% Chi A Gt W ... 2 2 2 2 C M A St P 2% 2% 2% 2’, C M A St P pfd 4% 4% 4% 4% Chi N W ... 5*4 s*B 5% 5% Dcla A Hud ... 42% 41% 42% 41*4 Del Lac & W ... 19% 19*4 19*2 19% Erie 12*4 12% 12% 12% Erie pfd 16% 16', 16% 16% Grt North pfd .. 16% 16% 16% 16% 111 Central ... 17% 17% 17% 17% Lehigh Valiev .. 11’, 11% 11% ll’s Lou A Nash .. 47% 44% 46*2 44 M K & T ... 6% 6% 6% 6*, M K At T pfd . 15 15 15 15 Mo Pac 2 2 2 2*a Mo Pac pfd 3% 33% 3% N Y Cent ... 22% 22% 22*4 22*4 N Y New Haven 9 8% 8% 9 N Y Ont A- West 5% 5% 5% 5% Nor Pacific 20% 20', 20% 20*4 Penn R R 24% 23% 24 24 Reading 42 42 42 41 Sou Pac 18*8 18% 18% 18% Sou R R 17% 17*8 176 17*8 Union Pac 108% 108 108 108 West Marvland 9% 9% 9% 9% Equipments— Am Brake Shoe . 26 Am Loco .. 18% 18*4 18*4 18% Am Steel Fdv . . 17% 17% 17*8 17% Bald Loco 5% 5% 5% 6% Gen Am Tk Car 38% 38 38*2 38 Gen Elec 20% 20', 20% 20 Pullman Inc 50*4 49’, 50% 50 Wret Air Br 27 27 17 27 Westineh Elec . 36% 34*4 35*4 35 Utilities— Am * For Pwr . 5% 5% 5% 5% Am Pwr & Lit 4', 4 4 4% A T A T . 108% 108% 108*4 108% Am Wat Wks . . 15 14*4 14% 14*4 Col Gas A- Elec . B*, 7*, B*, B*4 Conn A- Sou . ... I*4 1% I*4 11% Consol Gas 23*4 22*4 22 23', Elec Pwr & Lit 33 3 3*, In’ Hvdro Elec . 3 2", 33 Interboro R T - 13*4 13% 13*4 13% Int T A- T .. 9*. 9% 9% 9*4 Nat Pwr A- Lit . 7*, 7% 7% 7*2 North Amer ... 13 12% 13 12% Pac G A- E 15% 15% 15% 15 Peoples Gas ... 22% 22 22 23 Pub Serv N J 30*, 29% 30 30 So Cal Edison . 12% 12% 12*2 12% Std Gas ■.. 6*, *, 6*, 6% United Corp 3*, 3 3*, 3*, 'Un Gas Imp 13% 13** 13% 13*4 Western Union 35’, 35 35 * 35% Rubbers—- ; F.restone 17% 16% 17% 17 Goodrich 11% 11 51% 11 Coodv*ar 25% 24% 25*2 25 IU S Rubber 17% 16% 17% 16*4 U S Rubber pfd 39% 39 39% 33', Miscellaneous— I Allis Chalmers .16 15% 16 15% Amer Can 105% 105*4 105% 105 B-klvn Man Tr . 40% 4040 39% Burroughs Add 15% 15% 15% 15% J I Case 54% 53’, . 54*2 52% Conti Can 63% 63% 63’* 63% 1 Caterpillar Tract 33% 33% 33% 33% Curtis Pub 21% 21 % 31% 21 1 Deere &Cos 22% 22% 22-* 2 Eastman Kodak 114% 114% 114% 115 Foster Wheeler.. 14 13% 14 14

Hendershot

INDIANAPOLIS, WEDNESDAY, NOVEMBER 28, 1934

George A. Sloan

LABOR PRAISES HATTER RULING BY U.S. BOARD Danbury Decision Censures Boycott of Worker Election. Ry Scrippe-Hotcnrd S rwepaper Alliance WASHINGTON, Nov. 28.—A second Danbury Hatters decision, this one by the national labor relations board, is expected by labor men to plug one of the possible loopholes left by the Houde majority rule decision. The first Danbury Hatters case, dragging from 1902 to 1915, ended with the supreme court's famous decision that a labor boycott of nonunion products violated the antitrust laws. In the new case, a company union boycotted an election of collectivebargaining representatives supervised by the NLRB. The board has given the Danbuy & Bethel Fur Cos., hat makers in the hat-making center, until Wednesday to recognize a union of the United Hat Fur Workers. This union got nineteen of twentysix votes cast in the election Aug. 17. A few hours prior to the vote, a meeting of the shop union had voted seventy to twenty-six against participating. The labor board reported that President Pizetsky of the company started the shop union in July at the end of a general two-month strike of Danbury hatters. The United union charged, and the board's decision supports the charge, that workers were offered their old jobs back, at that time, on condition that they join a company union. The NLRB ruled that the company violated the collective bargaining guarantee of Section 7-A. Labor men consider this a valuable supplement to the Houde decision, in w'hich the board ruled that a majority may designate the col-lective-bargaining representatives to negotiate for the whole unit—plant, company, craft or department.

Gillette 13% 13% 13% 13% Glidden 28 27*a 27 27% Int Bus Mach 152% 152 152*4 153 Inter Harv 38% 38** 38% 38*s Natl Cash Reg . 17 17 17 16% Owens Bottle 85*2 85*2 85*2 82% Rem Rand . ... 10% 10% 10% 10% Underwood E 55% 55*8 55% 55 Foods— 4 Armour Com 6 5% 6 5% Armour 6% pfd 70*4 70*2 70*4 70*8 Borden Prod 25*8 25% 25% 25% Coca Cola 153 153 153 153 Cont Bak "A"... 5% 5% 5% 5% Corn Prod . 69% 68% 69*4 63% Crm of Wheat . 34% 34% 34% 34% Gen Baking . . 7% 7*4 7% 7** Gen Foods 35 34% 35 35 Gold Dust 17*2 17*8 17% 17% G W Sugar 28% 28% 28% 28% Hershev 71% 71% 71% 72 *2 Loose Wiles 36 36 36 36% Natl Biscuit 29% 29% 29% 29% Natl D Prod ... 17% 17% 17% 17*4 Puritv Bak 9 8% 8% 3 Std Brands .... 19% 19% 19% 19% United Fruit . 71% 71>/ 4 71% 71% Retail Stores— I Best A Cos 39*i 38*4 38*4 39% First Natl Stores 65*4 64*4 64% 65*4 Jewel Tea 57 57 57 56% Kresge S S 20% 20% 20% 20% Kroger Groc .... 29% 29% 29% 29% Macv R H 47% 46 47% 48 McCrorv St .... 7*4 7% 7*B 7*4 McLelan St . 12% 11% 12*4 12% Marshall Field . 12 12 12 12 Mav Dept St . 44% 44% 44% 44*4 Mont Ward 29% 29* 2 29% 29% Penney J C 69 63% 69 68% I Sears Roebuck 41% 41% 41% 41% Wool worth . 55 V* 54% 55% 55% | AviationAviation C’orp 4% 4*4 4% 4*4 Boeing Aircft 10*4 9*4 10** 9% Curtiss Wright 32% 2% 2% Curtiss Wri iA 8% 8% 8% B*4 Douglass Air 23% 22% 22% 2.3', Nor Am Av 3% 3% 3% 3% Sperrv Corp 9 8% 8% 8% Utd Aircraft new 12% 11% 12*, 11*4 Chemicals— Air Reduction . 111% 111% 111% 112 Alied Chem . 136% 136% 136% 135% Am Com Alco 33 33 33 32% Col Carbon . . 73% 73% 73% 73% Com Solvents . 21% 21% 21% 21% Dupont 99*4 98% 99 98% Freeport Tex .. . 27% 27% 27% 27% Math Alkali 29% 28% 29% 29% Monsanto Chem 61% 61 61 61 Natl Dis mewl 26% 25% 26% 26% Schenlev Dist 27% 27* 2 27’* 27% Tex Gulf Sulph . 35 35 35 35% Union C’arbiae 46% 45% 46 45% U S Indu Alcohol 43 42% 43 43 Drugs— Cotv Inc 5% 5 5* z 5 Lambert 27% 27% 27% 27% Sterling Prod . 60 60 60 59% Un Drug (new) 12% 12% 12% 12% Vick Chem 33% 33% 33% 33% Zonite Prod 4 4 4 4% Financial— Adams Exp 7 s * 7’* 7 s * 7% j Allegheny Corp . I*4 1% 1% 1% Am Int Corp 6% 6% 6% 6*4 i Transamerica 6 5% 6 6 Tr Cont! Corp 4 3% 4 3% ' Building— Am Radiator 16% 15% 16 16 Holland Furnace 8% 8% 8% 8% Int Cement 27’* 27% 27% 27% Johns Manville 56'* 56% 56*4 56% Libby Owens Gls 28% 28% 28** 29 U S Gypsum 50% 50% 50% 50% Household— Col Pal Peet ... 17 16% 17 16% i Congoleum 34** 34% 34% 35 Proc & Gamble 43% 43% 43% 43% Servel Inc 7% 7 7 7% Simmons Bed 11 10% 11 11V* Textiles— Amer Woolen ... 8% B*4 B*4 8% Belding Hem . 12% 12% 12% 12% Celanese Corp . 30% 29% 30% 29% ' Collins Aikman 14*2 14% 14% 14% Gotham Hose . . 6% 6% 6% 6', ! Indus Ravon 26% 26% 26’* 26% j Chicago Stocks (By Abbott. Proctor & Painei 11:00 Prev. ! A, M close. Bendix 16% 16% i Borg Warner 27’, 28 Butler Bros e% 8% Com & Edison 48 48 Crane Cos 9*4 8% Houd Her 6 Hoi'd Her (At 28 Gen House 7 Libbv McNeil 6% 6*2 Pub Serv 111 13 14% i Swift Cos 18% 18% i Vortex Cup 14’* 14** Walgreen 28*2 28% j New York Curb ißv Abbott. Proctor A Painei 12 (Nooni Prev. \ N Y. close. ; I Alum Cos of Am 52*2 53 I Am A For Pwr War 3% Am Cvanide B" 17’* 16 s * Am Gas AE! 19** 19% j Am Superpower 1% 1% Atlas Corp B’* 9 El Bond A Share 8% B** Fisk Rubber 9% 9% Ford of Can A" 25% 25*, , Glen Alden Coal 23% 23*2 i Humble Oil 43’* 44% Lake Shore Min 52% 52 Nat! Bellas Hess 2% 2% Newmont Min 38 39 Nia Hud Pwr 3** 3’* Penn Road 2 2 St Regis Paper 1% 1% Sal Creek Products 6% Sherwm Wms 82% 82 Std of Ky 17 Wright Hargraves M:n 8 8% INSURANCE SALES UP j By Tim ft Special CHICAGO, Nov. 28—Life insurance sales in Illinois during October j amounted to $43,082,000, an increase of $9,645,000 over September, and 9 per cent over the same month of 1933, the Illinois Chamber of Commerce reported.

Communications Probe Commission of Seven Confronted With Task of Halting $20,000,000 a Year Competitive Battle.

Editor s Not?—The newest of the New Peal atencies starts next month to delve into the communications problem. On the flndints of the federal rommonirationi commission depends what legislation is recommended to congress In the way of control and rates. Herewith is the background of the situation. a u a Ry i n<t> <1 I’rc ,* WASHINGTON, Nov. 2£. —A New Deal commission of seven members is endeavoring today to heal sore spots in the nation’s great communications industry. It is confronted with the task of halting a $20,000,000-a-year competitive battle between major telegraph companies, and restoring profitable business conditions to an industry that has been losing money in recent years.

The seven men to whom, j the job has been assigned constitute the federal communications commission, directed by the last congress to study rates, business methods and the financial status of telegraph, telephone and radio companies. They must answer four major questions: 1. Is Government-regulated monopoly of telegraph operations the solution to the problem? 3. Would complete government -ownership be feasible? 3. Should a policy of unrestricted competition be continued? 4. Would consolidation of the Western Union and Postal Telegraph companies be in the public interest? Hearings Start Dec. 3 The commission starts hearings Dec. 3 on proposals to consolidate the major telegraph companies, and will study rates and other phases of the communications question. For years the average American has accepted telephones, telegrams and the radio casually. His annual expenditure for telegrams was estimated two years ago at 88 cents. His monthly telephone bill was less than 70 cents. Interest in the communications industry spread rapidly when President Roosevelt indicated a desire to peek into the bookkeeping of major companies. One most important question before the commission involves unification of radio and cable operations. Some contend consolidations are necessary to win leadership in foreign fields. Congress has refused repeatedly to revise the 1927 radio act prohibiting such action. Arguments Cited American executives are preparing to bombard the commission with these arguments: 1. Radio and cable are supplemental to each other and should be operated under one management as in Great Britain. 3. Cable lines provide faster and more accurate service at present than the radio which often is subject to adverse atmospheric conditions. 3. Radio is a necessary service for smaller centers and inland points not directly served by cable. 4. In wartime radio does not afford the secrecy provided by cables. 5. Bitter competition between radio and cable companies is resulting loss of business to foreigners. Competition between major telegraph companies is another problem. Postal Telegraph and Western Union are spending millions annually in a bitter fight over exclusive contracts, rates and special services. The battle has been made more tense with the invasion of the telegraph field by the powerful American Telephone and Telegraph Company. The communications experts are devoting close study to arguments for mergers of principal telegraph companies. One high official said: "We would not want to upset the President’s recovery program by approving anything that might throw men out of work. Our job is to see that the United States has the best communications system in the world. The question is, ‘will consolidation accomplish that result?’ ” Will Weigh Mergers The commission also wants to as- ! certain if mergers would benefit I persons living in sparsely populated areas now without telegraph facili- i ties. Some company executives contend that with expensive competi- j tfon it is impossible to extend lines ! into small communities. Mr. Roosevelt’s interdepartmental committee appointed last year to study the communications problem reported that although the United States "does not have a fully adequate telegraph service, it must be i remembered that competitive pri- ! rate enterprise has made our already j extensive telegraph service possible.” A majority of the committee concluded that unrestrained competition resulted in higher rates, and said that under unified service, rales j might be lowered and facilities ex- j tended. t

Other Livestock

'Bv United Press) LAFAYETTE. Nov. 28 —Hogs— Market, j 154) 25c hicher; pies steadv; 260-300 lbs., i $647 6 15: 300-325 lbs. $5.85. 230-260 lbs.. $5 804/5 90 210-230 lbs, $5 6047 570 190210 lbs. $5.35475.30: 170-190 lbs.. $54)5.20; j 160-170 1%.. $4 90: pies. $4.25 down: roughs. ; $5 50 down. Calves—Steady; $5 50 down Larnbs—s6 25 down. FT WAYNE, Nov 28—Hogs—Steadv to 35c higher 250-300 lbs. $6 05 225-250 lbs.. $5 80: 200-225 lbs $5 15: 180-200 lbs.. *5.30: 160-180 lbs . $5 05 300-350 lbs $5 55: 150160 lbs . $4 10 140-150 lbs . *3 85: 130-140 lbs. $3 50 1 20-130 lbs. $3: 100-120 lbs. $2.50 roughs. *5. stags. $3 Calves. *6 50: lambs, $6 50 'Bv Times Specialt I LOUISVILLE. Nov 28 —Ca*Te—Receipts. ' 200: supply verv light; mostly low queli r:ed slaughter classes market, dull: auotable around steady: bulk steers and heifers of quality to sell. *3 2547 4.50: prac- : ticallv nothing included of value to realize more than *5. but strictlv good kinds j ouotable around $6- bulk beef cows, sal--1 able. $2.25442.75: practical top. *3, low cuti ters and cu’ter:-. $1442: bulk sausage bulls 'salable $2 2544 2 75: stockers scare®, quoti able around steadv Calves— Receipts. 150: j i steadv b'ilk*EOT'd vealers. $544 550 choice ! $644 8 50. medium and lower grades $4.50 down Hogs—Receipt, 709. narket. un- ■ i evenlv steadv to l-25c higher, full ad- I • a nee on weights from 230 lbs. up. 200- j : 300 lbs $5 s<i- most 230-300 lbs av-1 •races. $6 305 lbs. up $5 55 18"-195 lb* $5 25 160-175 lbs $4 45 140-155 lbs 13 95. ; 120-135 ib' *3 25 sow- $4 4" Rei helots. 250: s'eadv; bulk medium o good lambs. $5 754/6 25: choice f*d offrings. : oimtable. $6 50446,75- most bucks $4 75b 5 25. common ' gpr throwouts. S3 50; betj ter fat ewes. $1.50442 1 SECOND DISTRIBUTION MADE By 7 ime* Special JACKSON. Fla., Nov. 28 —Second ! distribution of bonds amounting to $61,478 to depositors of Lakeland, Fla., was announced today by the Florida municipal bondholders protective committee. Checks were i mailed on Nov. 24.

SWINE MARKET MOVES UPWARD Most Grades Up 25 Cents; Several Lightweights Unchanged. A sharp decrease in early supplies at the Indianapolis Union Stockyards today sent porker prices sharply higher than yesterday’s close, with exception of underweights. Porkers weighing from 160 pounds and upward were around 25 cents higher, while underweights remained unchanged. Receipts were estimated at 5,000, the lightest on hand for any session this week. Yesterday’s supplies numbered 9,000. The bulk, 160 to 200 pounds, were salable at $5.15 to $5.50, while heaviest grades, scaling from 200 pounds and up, brought $5.65 to $6.10. Light slaughter pigs, weighing 130 to 160 pounds, sold at $3.50 to $4.25. others ranging from 100 to 130 pounds, held at $2.25 to $3.25. Packing sows cashed in at $5 to $5.75. Holdovers numbered 671. Slaughter steers w'ere active in the cattle market, with the majority strong to slightly higher than yesterday's average. Bulk of steers ranged from $8.50 down. Receipts were 700. Vealers again remained stationary, selling at $6.50 down. Receipts were 500. Lamb values also were slightly higher than the previous close, with most classes selling at $7 down. Extremely heavies brought $5.50 to $6.50. Top held at $7.25. Few slaughter sheep sold at $2.50 down. Receipts numbered 1,000. HOGS Nov. Bulk Top Receipts 22. $5.20-3. 5.50 $5.90 8,000 23. 5.00 ft. 5 30 5.80 14,000 24. 5.00(ai 5 30 5,80 3.000 26. 4.90 ft 5 20 5.70 9.000 27. 5.25 ft 5.50 5.90 9.000 28. 5.15 ft 5.50 6.10 5,000 (160-180) Good and choice ... 5 15ft 5.40 (180-2001 Good and choice ... . 5 40(a 565 (200-2201 Good and choice ... 5,65 ft 585 (220-250) Good and choice 5.85 ft 600 (250-3001 Good and choice 6.00 ft 6.10 (275-3001 Good 5,90 ft 6.05 1275-350) Good 5.40 ft 5.75 Packing sows: (275-350) Good 5.25 ft 5.50 (350-425) Good 5.40 ft 5.75 (450-550) Medium 5.15 ft 5.40 1275-550) Medium 5.00 ft 5.25 (100-1301 Slaughter pigs good and choice 2.25® 3 25 CATTLE —Receipts, 700— —Steers—-(sso-900) Choice $7 00ft 800 Good 6.00 ft 7.50 Medium 4 OOftj 6.00 Common 2.50 ft 4.00 (900-1.100) Choice .. 7.75 ft 8 75 Good 6 25ft 7 75 Medium 4.25 ft 6 25 Common 3.00 ft 4.25 (1 100-1,300) Choice 8.50 ft) 9.75 Good . 6.25 ft: 8.50 Medium 4.50 ft 6.25 (1.300-1,500) Choice 8.75 ft 9 75 Good . 6.50 ft 8.75 —Heifers—-(sso-7501 Choice 6 50ft 700 Good 5.00 ft/ 6.50 Common and medium 2.50 ft 5.00 i750-900i Good and choice • . 5 25ft 7.50 Common and medium 2.50 ft 5.25 —Cows— Good 3 00® 2.25 Common and medium 2.25 ft 3.00 Low cutter and cutter 1.25 ft 2.25 Bulls—(Yearlings Excluded) Good 2 85ft 3.50 Common and medium . 1.75 ft 2.85 VEALERS —Receipts, 500— Good and choice $5.50® 6.50 Medium 3.75 ft 550 Cull and common 2.00 ft 3.75 —Calves—--250-500) Good and choice ... 4 75® 550 Common and medium .. 2.50 ft 4.75 —Feeder and Stocker Cattle——Steers— -500-800i Good and choice .. . 4 00ft 500 Common and medium 2 50ft 400 - 800-1.050) Good and choice 4 00ft 5.25 Common and medium 2 75ft 4CO Good and choice 300 ft 4.25 Common and medium 2.50 ft 3.00 —Cows— Good 2.50® 3.00 Common and medium 2.00 ft 2.50 j SHEEP AND LAMBS —Receipts. 1,000 — Lambs. 90-lbs. down, good and choice $6 25ft 7 25 Common and medium ... 4 50ft 6 50 90-120 lbs., good and choice .. 2.00 ft 250 Sheep—-(l2o-150) Good and choice... 1.75 ft 2.25 All weights common and medium 1.25 ft 2.00 Soil erosion costs Oklahoma farmers $100,000,000 annually through reduction of crop yield ana increased costs of producing crops on poor soil, according to estimates. Moderate First Mortgage Loans on Improved Indianapolis Real Estate The Indianapolis Morris Plan Company Delaware and Ohio Sts, Rl-1536 — __ ; BE SAFE I nan ro tout Car Tndaj —Full Protection Sgflbyfflstatt Automobile Insurance Ass’n. LI-83*1 7th Finer Peridental Bldg

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

Latest Stock, Bond and Commodity Quotations

FEDERAL TAX EXPERTS AIM TO END GAPS Elimination of Loopholes Rather Than New Levies Seen Goal. Ry L niti and Pn *• WASHINGTON. Nov. 28—Elimination of loopholes in the existing federal tax structure rather than new levies will be the goal of the incoming congress, members of the powerful house ways and means committee indicated today. Members of the committee are of the opinion that the taxes now on the statute books are sufficient to meet ordinary expenses of the government, providing they are admin- ; istered properly and the full amount j assessed is collected. Armed with comprehensive infor- : mation gathered by taxation experts I during summer and fall months, a j subcommittee headed by Representative Samuel B. Hill (Deni., Wash.) will begin intensive study of the entire tax structure next Monday. Experts Seek Flaws The tax experts, under the direction of H. L. Parker, have made every effort to find the flaws in the tax law's which cast the government millions of dollars annually.. In addition to plugging the loopholes, the committee will attempt to clarify administrative provisions of the laws. Representative Hill pointed out that the ordinary expenditures of the government for the present fiscal year have exceeded revenue by | $72,000,000. When emergency ex- ! penditures are added to the total, however, the deficit amounts to approximately $1,040,000,000. Weigh Excise Taxes Mr. Hill said the question of whether or not the present excise taxes on gasoline and other commodities are to be renewed, would j undoubtedly be presented to the j house. These taxes which raise ap- : proximately $425,000,000 annually | expire at the end of the present j fiscal year. Unless re-enacted this revenue will be lost. The tax on gasoline alone amounts to $151,000,000 annually. Until the treasury department submits its report to the committee Representative Hill said, it will be very difficult to get a true picture j of the revenue situation. Collections thus far are about $22,000,000 ahead of those for the same period last year. Likewise the committee will be unable to formulate a policy in regard to liquor taxes until a report has been received. GATES NAMED MANAGER Local Man Appointed to Position With Harris, L’pham & Cos. Edward E. Gates, Jr. has been appointed manager of the Indian... branch of Harris, Upham & t leading brokerage firm, it was a nounced today. He succeeds Ke neth L. Ogle, who resigned that position a short time ago. Mr. Gates has been assistant manager of the local branch for the last four years. He is a native of Indiana and a graduate of the Colorado School of Mines, of Indiana University and the Indianap-t Dlis Law School. COCOA SUPPLIES DROP NEW YORK, Nov. 28—Holdings ! of cocoa beans in New York wareI houses were estimated at 868.568 bags, a decrease of 2,000 bags during the last week, according to the New York Cocoa Exchange. Cocoa stocks have declined gradually during the last few weeks, it was repori ed.

OFFMICt The money value of office space is not determined by lb* number of equare feet but by the number of useable square feel. We invile you to u* our custom-built service. KLEIN t KUHN. PROPERTY MANAGEMENT Lincoln 3545 INDIANAPOLIS

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