Indianapolis Times, Volume 46, Number 173, Indianapolis, Marion County, 29 November 1934 — Page 22

T rends • mm U. S. Seen Needing’ More Funds for Winter Needs. P.V VINCENT R. I VONS libu Fmißritl Editor SECRETARY of the Treasury Morgenthaus announcement i that. the government on Dec. 15 j *■sll not take any sups to retire the ( 4 per cent Home Owners Loan Cor- j potation o> cd r refinance $1 875 -i 000 000 of Fourth 4 . per cent Lib- j erty bonds which mature April 15 has se* observers of the financial situation wondering. There are approximately S3OO - I r HOU standing a* this time. It Is definitely known that the government would like to replace thfv h.gh in-terest-bearing .vciritie , with obligations of a much'lower rate. The treasury has scaled down the interest charge on other series of these bonds and replacement of the present issue with a lower rate j serie* would be distinctly in line j with Secretary Morgcnthaus pol- j icirs since he has oren in com- j mand of the nation’s finances. Insofar as the Liberty bonds are com • rne-d the treasury unriouDtedly desires to get the I)ec. 15 financing t •• f.f the way before d.>cios- i mg the terms of an offer to the 1 hnim r> of ■he called Liberties This effer involves so much money that t .. procedure seems to be the logical one. a a a PpHEREFORE. with the HOLC M and Liberty loan propositions pu hed aside for the moment, the , treasury can concentrate all its at- i tent ion on the method of meeting $992 000000.000 of treasury 2’* per cpnt certificates of indebtedness which mature on Decs 15 and must be refunded or paid ofl. Os course, the refunding scheme will be decided upon, but the type of securities to be offered in exchange and the rate they will bear will not be disclosed until a few days prior to the matnurity date. In view of the generally accepted fact that an exchange of securities will be made in connection with the D c. 15 maturity, it is the view in many quarters that the treasury at the same time will attempt to procure about $.500,000 QOO or $600,000,000 of new capital. With this new capital, it is reasoned. the government will be able to further the New Deal’s winter activities for the relief of the destitute and to create jobs. The belief that new funds will be borrowed is strengthened by the realization that the treasury’s cash balance #t the present time is only SBIOOOOOOO after excluding the profit from gold devaluation, the lowest figure in some tune. a a a INCIDENTALLY. recent dispatches from Washington indicaMng that the administration is stnduiu a drastic economy program have been received with mixed emotions in some circles. Depart - mcn heads, the dispatch says, have been notified by budget officials to pare their costs in submitting estimates of probable expenditures for the fiscal year beginning July 1, next. Those who are wary of accepting the proposal with whole-hearted favor base their skepticism on the recent conference of Senator Pat Harrison <Dem.. Muss * with President Roosevelt. As Senator Harrison us a reputed tax expert, these cynics are fearful lest his conference represented a discussion of ways and means to raise present let ics. This anxiety is displayed in the face of recent unofficial utterances from the administration that no boost would be made in tax rates at this session. Instead, it was said, the government will pay more attention to the closing up of loopholes under the prrsent system in order to increase its revenues. a a a T?ORMATION of a protective r committee for the holders of the refunding mortgage bonds of the Chicago. Indianapolis and Louisville 'Motion* Railroad, due in 1947. has been undertaken by Alfred H Meyers, assistant treasurer of the Now York Life Insurance Company. The continued uncertainties surrounding the atTairs of the Monon will make a readjustment of the road's structure unavoidable. Mr. Meyers aid m announcing formation of the croup The committee, he -aid. us not asking for deposits but us simply seeking the right to repre>ent the bondholders in any proceedings before the court under whose jurisdiction the road is being operated. U. S. LETS CONTRACTS FOR STORING OF HIDES Kingan A Cos. Receive Award for 5.6iM.(*00 Pounds. By 1 *,t.d WASHINGTON. Nov. 29—Federal Emergency Relief Administrator Harry L. Hopkins anoimced today contract awards to seven Arms to store than 38 000 000 pounds of cured !Tides and skins from slaughtered drought cattle. The products, he said, controlled by the Federal Surplus Relief Corporation will be stored for an undetermined period. The contracts were: Kmcan <Sr Cos.. Inc . Indianapolis. 5 600 000 pounds; Cudahy Packing Company. Kansas City. 3 500.000 pounds;’Cudahy Packing. Omaha. Neb 2 500.000 pounds. Cudahy Packing Sioux City. la.. 2 300.000 pounds; Union Storage Company. Er.e. Pa., 1 455.000 pounds; Kaufman A* Cos.. Baltimore. Md. 4 000 000 pounds; Central Cold Storage Company, Chicago. 3.000 000 pounds; Terminal Warehouse. New York. 4 000.000 pounds: Armour fc Cos. St. Paul. 6 000.000 pounds, and Armour & Cos.. Omaha. Neb. 6 600.000 pounds. NEW YORK TRADE UP Increase of IS Per Cent in Sales Shown in October. By Ttmes Spr<--<tl NEW YORK. Nov 29—Wholesale firms, chain store systems and department stores in the federal reserve district showed substantial gams m sales during October over a year ago. according to the Federal Reserve Bank of New York. Wholesale firms reported an increase of 16 per cent, the largest for any month since "last May. Department store sales displayed a gam of 8 per cent, while chain store business was up approximately 6 per ctn L

PAGE 22

ALIEN DEMAND SWELLS TRADE IN SPECIALTIES Year’s Sales Abroad Seen at 52,000.000,000 by Export Official. V T,mr, | NEW YORK Nov. 29—The foreign demand for American autos, radios and electric refrigerators wa<> a topic today in exporting circles, where the apparent revival under wa- in world trade is being viewed w ith sati. faction. Sharp mcrea.se in -ales of American products abroad over 1933 are noted in many classifications. American export sales for 1934 should amount to $2.000.000 000, m the opinion of Francis T. Cole, vTce-prr-:dent of the American Manufacturers’ Export Association. While an indicated $2,000,000,000 export volume this year would only represent 40 per rent of the 1929 peak of $5,150,000,000, the fact that •he sustained uptrend in recent months continues is viewed as encouraging. The American export sales reached their depression low point of $ 1 during the despondent year of 1932. t ln the prosperous and “normal” year of 1926, they amounted to $4,700,000,000. During the first nine months of 1934 the export volume of American goods achieved notable increases over the comparable nine months of 1933. a.s the following partial and selected list shows: \ulomohile Parts, Accessories v Mor 1134 $134,000 000 3 Months. 1033 65.000,000 Radios, Tubes Parts 9 Months, H 34 IIfi.SOOOOO 9 Months, 1033 9 000 000 llertrir Refrigerators, Parts 9 Month 1034 $8,730 000 9 Months. 1933 ... 4.300.000 Industrial Machinery 9 Months 103 4 $72.000 000 9 Months. 1933 36.500.000 flertrical Machinery, Appliances 0 Months. 1934 S4B 000 000 M IMS 28.00,000 Industrial Chemicals 9 Mor.-hs. 1034 $16.000000 • Months. 1933 ... 11 000,000 Office Appliances 9 Months. 1934 $17,500 000 9 Month; 1933 10.000.000 Agricultural Machinery 9 Month;. 1034 $16,000.1*00 > M •/< 8.000.000 Iron. Steel Semi-Manufacturers • Bars, plates, etc 9 Months. 103 4 $41.00f 000 ■ •' tbs 1033 14.000 000 Iron. Steel Advanced Manufactures • Cutlcrv tools, hardware, etc • o Months. 1014 S2O 000,000 9 Month; 1033 13 000.000 Steel Mill Manufactures o Month; 1934 $24 000.000 9 Months. 1933 11 000.000 Petroleum and Its Prodnrts 9 Months. 1934 $173 000.000 9 Months. 1933 -138,000,000 Meat Products 9 Months 1934 $26,300,000 9 Mon'hs. 1933 .. 17.500,000 leather 9 Months. 1934 $11,800,000 9 Months. 1933 .... ... 9.500.000 Fruits and Nuts 9 Months. 1 OTA $53 800 000 9 Monti s. 1933 .. 39.000 000 Tobacco and Its Manufactures 9 Months. '934 $"8 000.000 9 Months. 1933 45.000.000 t unmanufactured Cotton 9 Months. P3s $225 000 000 9 Months 1933 250.000.000 Wood Saw Mill Products 9 Months 193 1 s3l 000,000 9 Months. 1933 21.000.000 Paper 9 Months. 1934 $14,000,(400 9 Months. 1933 10,000.000 Coal 9 Mor.'hs. 1934 $41,500,000 9 Months. 1933 29.000 000 Tariffs and nationalistic polices among the major nations of the world remain the principal obstacle to any substantial revival of world trade, in the opinion of Mr. Cole.

Local Livestock

(Repfinted from yesterday) HOGS Nor. B'ilk Top Receipts 22. $5 20<i 5 50 $5.90 8,000 23. 5 00,1 5 30 5 80 14.000 24. 5 Oo',i 5 30 5 80 3.000 26. 4.90? 5 20 5 70 9.000 27. 5 25',i 550 510 9.000 28 5 15',i 5.50 6.10 5.000 ’6O-180 Good and rho'ce .... 5 15? 5.40 180-2001 Good and choice .... 5 40'., 5 65 2 n O-220> Good and choice .... 5 65',i 585 ■220-250' Good and choice 5 83',i 600 250-300> Good and choice 6.00'<? 6 10 ,275-300' Good 5.90', i 605 Good 5.40 H 5.71 Packing sows: (275-3501 Good 5 25? 5 50 '350-4251 Good 5 40'-i 575 ,450-530' Medium 5 15? 540 (275-550 1 Medium 5.00 i 5.25 <IOO-130' Slaughter pigs good and choice 2.253 3 25 CATTLE —Receipts. 700— —Steers—-<sso-9001 Choice $7 00? 800 Good 6 00 ,i 7.50 Medium 4 00',$ 6 00 Common 2 50? 4.00 <9OO-1.1001 Choice 7 75? 8 75 Medium 4 25 7 6 25 Common 3 00? 4 25 1 1.100-1.300) Choice 8 50U 9 75 Good 6 25 ,i 8 30 Medium . 4 50# 625 1 300-1.500) Choice 8 75,i 975 Good 6 50'si 8 75 —Heifers—--550-750) Choice 6 50? 700 Good 5.00,5 6 50 Common and medium 2.50? 5.00 ,750-900, Good a’4d choice Common and medium 2 503 5.25 —Cows— Good 3 00? 2 25 Common and medium 2 25? 3 00 Low cutter and cutter 1.25:3, 2.25 Bulls—(Tearlings Excluded) , Good 2 85? 3 50 Common ar.d medium 1.75J1 2.85 VEALERS —Receipts. 500— 'Good and choice $5 50? 650 Medium 3 75'g 5 50 Cull and common 2.00 a 3.75 —Calves—--250-500' Good and choice.... 4 75jT 550 Common and medium 2.500, 4.75 —Feeder and Stocker Cattle——Steers— 'oo-8001 Good and choice .... 4 00? 500 Common and medium 2 50 ■; 4 00 800-1 050' Good and choice... 400 : 525 , Common and medium 275 u 400 Good and choice 3 00 ? 4 25 Common ar.d medium 2 50? 3.00 —Cows— Good 2 50 ? 3 00 Common ar.d medium 2.00a 2.50 SHEEP AND LAMBS —Receipts. 1.000 che-.ce ssll6 725 Common and medium '4.50? 650 90-120 :bs. good and choice... 2.00a. 250 Sheep—--120-150) Good and choice... 1.752 2 25 i All w eights common ar.d 1 medium 125 32 00 NEWSPRINT TRICE I P By Tieir* Special NEW YORK. Nov. 29 —The Great Northern Paper Company. largest United States producer of newsprint, announced today its 1935 price schedule showing an increase of $2 50 a ton for the first six months on newsprint contracts. HOCHSCHILD PROMOTED Harold K. Hochschild. vice-presi-dent and secretary of th# American Metal Company, Ltd., has been elected president to succeed Dr. Otto Sussman. who was made chairman of the board. BANK PROFITS DROP By T iWfl spcrtol MONTREAL, Nov. 29.—The Bank of Montreal reported net profits for the year ended Oct. 31 of $3,204,369. ; compared with $3,496,594 in the preceding year, it was announced today.

Abreast of The Times on Finance

Price Rise, Bonuses, Loans Give Farmer Something, for Which to Be Thankful Men Who Raised the Fare for Today’s Dinners Aided Substantially Through Governmental Undertakings During Past Year, Survey Discloses. By l nit' and Press WASHINGTON, Nov. 29. —The men who raised the turkeys, pumpkins, pigs, corn and rest of the fare for the nation’s Thanksgiving dinners have, themselves, many items to be thankful for today. Among them:

TO SPEND $21,243,645

Samuel T. Bledsoe The sum of $21,643,645 will be spent for maintenance in 1935 by the Atchison, Topeka & Sante Fe railway, of which Samuel T. Bledsoe is president. Os the budget $2,250,000 is for the air-condition-ing of 280 additional passenger cars.

Wall Street BY RALPH HENDERSHOT Times Special Writer NEW YORK, Nov. 29.—The department of commerce reported that exports for October were the highest since April, 1931. This is one of the most cheerful pieces of news to reach the financial district in months. It reflects in part the nation's monetary policy, and it indicates that our manufacturers are still able to hold their own in the

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foreign markets. While our exports were increasing, however, our imports fell somewhat. That might appear at first thought to be favorable also. But if we are to collect payments on cur outstanding debts in foreign countries, and if we are to take our rightful place among the bankers

of the world, we can not continue for long to keep the balance of foreign trade in our favor. An ideal development would be a continued increase in trade in both directions. Other countries are able to make some things cheaper than we can make them here, and if the tariffs were properly adjusted they undoubtedly would find their way into this country. This also would bring down the cost to the American consumers. u a a THE Guaranty Trust Company of New York believes that the determination of business to work with the government in a joint effort to speed trade recovery is bearing fruit. It also provides a very tangible reason for this co-operation. In the current issue of the Guaranty Survey it says in that respect: “Whether the new congress will be more or less given to experimentation than the preceding one remains to be seen. But it appears to be the opinion of many business men that the administration will oppose legislation of an obviously un-j sound nature, that the strong influj ence of the President over congress will make him an invaluable ally of; business in resisting such tendencies ! and that any tangible p-.ogress jhat can be made toward recovery within ! the next few weeks as a result of concerted effort will be the strongest possible deterrent to drastic and I unsettling legislation.”

BBS THE Wisconsin state banking department has ordered that no state bank, mutual savings bank or trust company shall pay more than 24 per cent interest on any time or savings deposit. This step is sound for more reasons than one. Foremost among them, however, is the fact that it reduces the competition among banks for new accounts. When a bank pays more interest than it should in order to attract- accounts it is flirting with danger. In order to make such payments it must invest its funds in more speculative issues, and to the extent it does so the safety of it£ deposits is impaired. SALES TA)TeXEMPTION GIVEN RESERVE BANKS Ruling Made by Aid in Illinois Department of Finance. By Times Special SPRINGFIELD. Nov. 29.—J. M. Braude, associate director of the state department of finance, has ruled that sales of goods to or by the federal reserve banks are exempt from the Ilinols state sales tax along with other agencies, departments or instrumentalities of the federal government. The ruling came as somewhat of a surprise because the reserve banks, although under federal government supervision, are privately owned by member institutions. Under the ruling persons purchasing meals in a restaurant operated I by a postofflee or other government [department do not have to pay the sales tax.

1. Increase of nearly a billion dollars in farmers’ cash income so far in 1934. 2. About $736,000,000 from October crop and livestock marketings, AAA benefit payments and drought cattle purchases. 3. More than half a billion in bonuses thtough 1933 and 1934 crop control programs. 4. Some $1,500,000,000 in loans advanced through the farm credit administration. U. S. Supplies Sauce As millions of farm families made ready the holiday feast, the bureau of agricultural economics supplied sauce for their dessert with the announcement that from January to November—despite ravages of an unprecedented drought—they had taken in $5,045,000,000. In last year’s period cash farm income w r as $4,099.000.000. Substantially higher prices for virtually all important crops were reflected. Most of the increase came from marketings, which yielded $4,614,000,000, compared to $3,967,000,000. Last month alone brought $736,000,000 to farmers compared to $659,00,000 in September and $620,000,000 in October, 1933. Sales supplied $48,000,000 more than a month previous. Particularly flush today are 71,827 farmers whom Monday’s mail brought $3,774,423 in AAA benefit checks. The 3,000,000 farmers in the government production adjustment “partnership” have received altogether $519,293,546. Wheat growers got $•127,463,772. Cotton planters have received $190,587,843 in rental and parity payments and an additional $51,144,363 through government cotton options. The emergency cattle buying program sent $97,000,000 into the drought zone. Sheep men got $4,425,452. Tobacco Belt Aided One of the most thriving farm territories is the belt from Virginia to Florida, where most United States cigaret tobacco is raised. The jeans of these farmers are jingling with tobacco money. A price of more than $27 per hundred pounds prevailed in several quarters. To tobacco growers participating in the acreage adjustment plans, the ' government has distributed nearly $18,000,000. The AAA reported $132,067,326 paid to corn-hog contract signers and announced anew plan for next year involving payment of $150,000,000 to $165,000,000. More than $150,000,000 is still to be paid under this year’s program. Another item in the government’s Thanksgiving tidings to farmers was the farm credit administration's estimate that more than $1,500,000,000 had been loaned. Land bank loans totalled $723,000,000, land bank commissioner's loans $520,000,000, production credit associations $76,000,000, regional agricultural credit corporations $210,000,000, emergency crop loans $92,000,000 and banks for co-operatives-$55,000,000.

Hendershot

On Commission Row

Quotations below are average wholesale prices being oflered to buyers by local commission dealers. FRUlTS—Cranberries, Cape Cod, early blacks. 25-lb. box, $4.25, Wisconsin Antlers, 25-lb. box. $4. Grapes, California Emperors, 27-lb. box, $2.25. Persimmons, Indiana, 12 pts., 90c. Avacados. box. $1.25. Quinces, bushel. S3. Bananas, pound. 4 : >4C. Apples, maiden blush, $1.50; Indiana Jonathans, $1.85; grimes golden, [email protected]. Melons, California honey dews, $2.75. Lemons, sunkist. 3605, Ss.so: red ball. 3605. $5. Grapefruit, Texas, seedless. $3.25, Limes, Mexican, per carton, 12s. 25c; Byram, seedless, per hundred. $3. Strawberries. 12 box crate. $2.25? 2.50. California rhubarb, $1.50 a box. Pineapples; crate, $5.50?6. Pears, home grown KMers, bushel. 75c. Oregan D'anjo, box. $3.50. VEGETABLES—Caooage. Northern Danish. 50-lb. bag, 65c; red pound. 3c. Onions. Idaho, sweet Spanish, iarge 50-lb.. 51.40; Michigan yellow, mcd.. 10-lb. bag, 23c; western white. 50-lb. bag. $1.85; Michigan. yellow. $1.25. Potatoes, Green Mountains. 100-lb. bag, $1.50; northern round white. 100-lb. bag $1; Ohios, 100-lb. bag. $1.75; Idaho Russets. 100-lb. bag, $2. Sweet potatoes. Indiana Jerseys bushels, $1.85; Tennessee Nancy Halls bushel, $1.40. Beans, flat strineless, hamper, $2.50. $1.75. Celery, Michigan, medium, dozen, 50c; Jumbo, dozen. 75c; hearts: bunch. $1; Cucumbers, doz., 90c; southern, bushel. $4. dive, dozen, 45c. Egg plant, dozen. $1.50. Kale, home-grown, bushel. 50c. Lettuce hothouse. 15-!b basket. 60c. Icebergh head lettuce. $4.75. Mangos. Florida, crate, $3.50. Mint, bunch. 15c. Parsley, dozen. 35c. Peas, hampers. $3.75? 425 Spinach, home-grown, bushel. 60c. Radishes. dozen. 50c. Tomatoes, hothouse. 8Ib. basket, $1.35. Turnips, home-grown, dozen. 25c. Pumpkins, dozen, $1 Miscellaneous—Cocoanuts. Jamaica. 25 for $1 50. Oysters, standards, gallon. $1 50; selects, gallon. $1.90. Chesnuts, Italian, a pound. 12'je. Sarghum molasses, gallon, 65c. Black walnuts. 50-lb. bag. sl. ; 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 I down. TRADE BOARD WEIGHS OIL FUTURES TRADING Inquiry Into Establishment of Market Started in Chicago. By Times Special CHICAGO. Nov. 29.—An inquiry 1 into the possibilities of establishing a futures market in petroleum and petroleum products has been inaugurated by the Chicago Board of j Trade. Peter B. Carey, president of the ! exchange, has been authorized by directors to name a committee to conduct the inquiry. The Commodity Exchange. Inc., of New York, has been weighing the possibility of creating a futures market for oil products for some time. SALES QUOTAS DROPPED Copper Producers Extend Waiver for Two Months. Primary producers of copper have voted to extend the waiver of their sales quotas in favor of secondary j custom and by-products quotas for a period of two months beginning Dec. 1, it has been announced. This action; according to copper trade authorities, assures maintenance of the present 9-cent a pound market , on domestic shipments of blue eagle copper to the end of January.

INDIANAPOLIS, THURSDAY, NOVEMBER 29, 1934

OIL UNITS SAVE ON DEBT COSTS BY HUGE CALLS Redemption Deals Undertaken by 11 Companies Involve 189 Millions. BY W. lAN MACK Times Special Writer NEW YORK, Nov. 29.—Prevailing easy money market conditions, abetted by the improved status of the industry, are enabling major oil companies to retire their funded debt prior to maturity through various operations insuring substantial savings in fixed charges. To date, eleven companies have announced 'redemption progiams since last July, ’with the aggregate of indebtedness affected by such transactions amounting to $189,501,000. In all instances, the called bonds were of the better grade obligations and were quoted marketwise at premiums above parity. Despite distant maturities, they were called for redemption under indentural provisions permitting their retirement at stated intervals. Strong cash positions and the ability to negotiate private loans and bank credits on attractive terms motivate the companies to undertake the operations. Economies to Aid Net Coincident with the reduction of fixed charges, estimated in excess of $4,000,000 annually, the programs should have the effect of bolstering earnings available to the equities in various companies. Although additions to per share income are expected to be relatively small in all cases, market observers anticipate that this betterment will be reflected in the market value of the junior stocks. Among companies which have completed redemption programs and which have anounced such operations for the near future, together with the amounts involved, are:— Shell Union Oil $27,480,000 Gulf Oil of Pa 2,000.000 Standard of N. J 90,000.000 Continental Oil 5,595,500 Humble Oil and Rff? 18.950.000 Sun Oil Cos 7,597,000 Sun Pipe Line Cos 3,500,000 Associaied Oil 3 482.000 Magnolia Petroleum. !.. 1.500.000 Standard of N. Y 14,000.000 General Petroleum 14,197,000 Earnings Up Sharply Evidence of the improved position of the industry is seen in the fact that net income of twenty-five companies in the first nine months of the current year amounted to $44,918,000, against a loss of $9,849,000 in the corresponding 1933 period. Operations were profitable in all three quarters this year, while two periods in 1933, the first and second, were unprofitable in that deficits aggregated $38,053,000. The $28,204 net shown in the third 1933 quarter reduced the nine months’ loss. Insuring the maintenance of the trade's betterment is the fact that, only a short time ago, a general slash in crude prices was averted during the recent gasoline price war. Such a development would have resulted in a lower price scale for some time and would have meant adverse inventory adjustments in year-end financial statements. Important units, incidentally, are intent upon restoring stable conditions which are essential to orderly and profitable operations.

Sherwin-Williams is the outgrowth of a business originally established in 1866. The company now manufactures and sells a complete line of paints, varnishes and lacquers. It also manufactures analagous products, such as disinfectants, coal tar products, dyes, colors, and similar chemicals. The company also produces many of the important raw materials it uses, owning lead and zinc mines and smelters. The company and its subsidiaries operate 879 paint plants. National advertising itks played a large part in building up sales. FINANCIAL DATA (As of Aug. 31) Common stock ($25 par), 635,583 shares. Preferred stock $15,012,400 Surplus 14.749,042 Cash and securities 8.689,117 Inventories 13.454.142 Total current assets 28.119.172 Current liabilities 4 027,821 During the fiscal year ended Aug. 31, preferred stock was reduced by nearly $300,000. Cash and securities gained $1,200,000, inventories were up $1,800,000, net working capital gained $2,600,000, while surplus increased $1,900,000. The current ratio on Aug. 31, was 7 to 1, while the book value of the common stock w r as $50.29 or an increase of $3.94 in the fiscal year. Sherwin-Williams has always had good earning ability, but earnings were slightly in the red in the 1932 fiscal year. In 1933 $3.53 was earned and this jumped to $5.31 in the 1934 fiscal year. The company has also been liberal with common dividends. Although it has been necessary’ to reduce them they have not been omitted. In 1933 $1 w"\s paid while the common stock is now v on a $3 annual basis. Sherwin-Williams was incorporated in 1884 in Ohio. Both classes of stock are listed on the Cleveland Stock Exchange and admitted to unlisted trading on the New York 1 Curb. The price has advanced since the accompanying chart was drawn. At a current price of 82 it is selling to yield nearly 3*i per cent. (All Rights Reserved Winchester Institute of Finance. Winchester. Mass.) AAA "PAYMENTS SHOWN Cotton Growers Get $71490,887 Up to Nov. 17. By United Frets WASHINGTON, Nov. 29. The agricultural adjustment administration today reported the following payments by states, totalmg $71,- ! 190.887 as of Nov. 17, to cotton grow- . ers participating in the 1934 control ! program: Alabama. $6,882,783; Arizona. $531,621, Arkansas, $7,001,433; California, $537,929; Florida, $180,676; Georgia, $6,538,812; Kentucky. $26,802; Louisiana. $3(908.285; Mississippi, $7,233,603; Missouri, $838,440; New Mexico, $406,057; North Carolina. $3,224,579; Oklahoma. $4,792,344; South Carolina, $4,698,101: Tennessee, $2,166.- ! 322; Texas, . $22,078,043; Virginia, $145,049.

Stock Studies

Chart Reading Irtvestors Advised on How to Study Interesting Graphs Showing Trends of Both Stocks and Commodities.

1 i iji 1 \\ ' G4P_—** -Falling - TRIANGLE —^ . ?istance. _T: l tvrL.— 1 -TY_- 1 " Ordi"ai\ l.j] ■'it ".''Ml '' Triasgle^Ju 1 JjjJJjf fef • p *' v i|u[ Sy Rt OIjT Head _ Orpimitv --- Smodudirvßottom Tjmamsle *\ * waBKBKBBKKBB mamtaaamamLamammmmm hbhbii taataaaamKa wmamaamas MAR APR. MAY I JLIN. JLiL AUG. SEP.

This is the first of a series of six articles written for The Indianapolis Times which will explain the significance of chart formations to market followers:

By Times Special BY HENRY J. KI’EHLS NEW YORK, Nov. 29.—The investor or speculator who buys stocks or commodities should do so intelligently. He should be fortified with charts which depict the market action daily, weekly and even monthly. For trading purposes it is almost necessary to use charts, as they act as road maps and indicate by the action of the market its possible trend. Market action is made up of many formations which indicate by their form the registration of coming events that will affect the market one way or another.

In order that the trader may profit by the use of charts it is essential for him to note and interpret such formations. They appear from time to time and vary in duration, giving the trader opportunity for analysis. Some of the important factors that make up the various movements in the market follow: Rising major trend (bull market) runs from one to six years. Downward major trend (bear market) runs from one to four years. Minor trend runs from one to three months. Immediate trend runs from one to three weeks. Major trading zone runs from one to twelve months. Minor trading zone runs from one to three weeks. Pressure area or supply area, where large amount of stock is offered for sale. Resistance level or support areas, where small amount of stock is for sale and large amount of stock is wanted. Starting or breakaway gap, appears after a top or bottom is reached and indicates the beginning of a big move. Terminal or exhaustion gap, appears at the end of a long rising or falling market and indicates a change of trend. Falling or descending triangle, indicates the top of a move with lower prices for the future. Rising or ascending triangle, indicates the bottom of the move with rising prices ahead. Head and shoulders, indicates the termination of a major move. These and other formations, some of which are shown on the chart, of value to the trader will be discussed in detail in remaining articles of the series. LOCAL CASH MARKET City grain elevators are paying 89 cents for No. 2 son red wheat. Other grades on their merits. Cash corn No. 3 yellow 78 cents, and oats 43 cents

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MEXICO PAYS ON ALIEN DEBT President Rodriguez Orders 20,000,000 Pesos Be Used for Purpose. By United Press MEXICO CITY, Nov. 29.—As one of his last acts of public office, President Rodriguez, who will be succeeded tomorrow by General Alazaro Cardenas, today ordered the payment of more than 20,000.000 pesos (about $5,600,000* to apply to the public debt, government bonds and other obligations. The sum included more than 3,500.000 pesos payment on loans made to Mexico by American and British oil companies. The president said he desired to turn over the presidency with no commitments pending and with fewer liabilities and more asset* than when the present administration took office. Among the payments ordered were the retirement of more than 9,000,000 pesos of interior public debt bonds and 1.000,000 pesos on highway contracts. NEW BOOKLET ISSUED History *and Function of Federal Reserve System Given. By Times Special CHICAGO, Nov. 29—A new booklet consisting of thirty-one pages revealing the history and functions of the federal reserve system, was released this week by the federal reserve agents’ conference. The new booklet has been prepared mostly lor the use of banks and trust companies interested in membership in the system. The issue carried full requirements for membership in the system.

News and Views in the Business World

U, S. SECURITY PORTFOLIO PUT AT 17 BILLIONS About $12’,000.000,000 Is in War Debts. Treasury Study Shows. By United Pr,*, WASHINGTON, Nov. 29 -The government's security portfolio today reached a peak value on the books of $17,036,083,055, but like the portfolios of many a citizen a good share of the certificates arc worthless. The seventeen billion figure was the actual cost to the government of the securities. About twelve billion of the total is represented by war debts of high’- dubious value. Most of the balance is in recovery investments on which the government hopes to collect. Along with the rise in holdings, treasury figures showed today that the depression's cost for relief and recovery have exceeded $7,500,000,000. The total cost to the government, exclusive'of last tax revenues, was set at $7,523,928,068 but $4,123,915,017 of this vast sum was listed by the treasury as "recoverable.” That much went into loans and other assets. Will Recover Fart On this basis, it was estimated the government ultimately might recover about 54 cents of each dollar put out for relief and recovery. Relief costs are not recoverable. Among the sums listed as ultimately recoverable was $2,345,671,715 from the Reconstruction Finance Corporation, whose assets mostly went into loans and stock purchases in bank. The governmen's interest in the Federal Farm Mortgage Corporation was set at $196,180,857 and in the Federal Deposit Insurance Corporation at $157,789,015. Securities of these agencies are among the seventeen billion securities total and are regarded as the most likely to return the government a fair share of their cost prices. Taxes, Loans Used Taxes or money borrowed from the public was used by the governI ment to buy the seventeen billion i dollars’ worth of stocks, bonds and notes. Most of these are now in default in interest or principal or are not paying regular dividends. Although these securities cost the taxpayers about half the market value of all stocks listed on the New York Stock Exchange, they are returning the government less than $100,000,000 annually in in- | tcrest and principal. They are required to be carried ;on the government’s books, how- ! ever, at their face value until con- ! gress writes them down to “market ; prices” or otherwise wipes the slate i clean. LAKE SUPERIOR ORE SHIPMENTS INCREASE Total of 22,810,600 Tons Reported for Current Season. By Timm Special DULUTH, Nov. 29. —Shipments of ore from the Lake Superior district during the 1934 season which ended this week amounted to 22,840,600 tons, an increase of 625,702 tons over the 1933 season, it was reported mdry. T ie current year's shipments displayed a decrease of approximately 1,218.136 tons, compared with ore shipments reported in 1931, according to John Woodfill, vessel agent of the M. A. Hanna Company. Shipments from Minnesota during the seas m amounted to 16.211.531, with 13.011.836 tons shipped from the Duluth Superior harbor, and 3,199.695 tons at Two Harbors. More than 2.286,766 tons were shipped from Ashland and 3.751,303 from Marquette and Escanaba, Mich.

LIQUID CARBONIC WILL VOTE ON PENSION PLAN Stockholders at Annual Meeting Next Month to Consider Proposal. By TimrS'Spf rial NEW YORK, Nov. 29.—A cooperative annuity plan providing old-age retirement incomes lor employes will be considered by stockholders of the Liquid Carbonic Corporation at their annual meeting on Dec. 6, it was disclosed today. The system, if adopted, will be underwritten by the Equitable Life Assurance Society and will replace the present plan. The annuity arrangement, similar to that recently announced by the General Foods Corporation, provides that an employe reaching the age of 65 years’may retire on a monthly pension amounting to approximately 1.5 per cent of his monthly salary multiplied by the number of years o! his service to the company. NEXT WHEAT PARLEYS ARRANGED FOR LONDON International Conference Is Set for March §, Next. By United Press BUDAPEST. Hungary, Nov. 29. The international wheat conference decided today that the next conference shall be held in London on March 5, 1935. The importing nations have agreed on problems affecting them and will depart from the current conference. France, which is seeking an export quota, and the United States, Argentina, Canada and Australia, the four importing nations, will continue negotiations on acreage reduction and export quotas. COAL OUTPUT HIGHER Indiana’s Yield for Nov. 10 Week - Put at 340,000 Tons. Indiana produced 340,000 tons of coal during the week ended Nov. 10, a report of the United States bureau of mines showed today. The production was 15,000 tons more than that of the previous week but 15,000 tons under the output for the same period ia 1933.