Indianapolis Times, Volume 46, Number 174, Indianapolis, Marion County, 30 November 1934 — Page 28

Trends m m m Hutchins Group Hits Alarmists Over Budget. BY VINCENT 8. LYONS Hbn Financial Editor

TJERE appears to be no substantial basis for the alarm with which our unbalanced budget is viewed in certain quarters of ftnnace and lndusry, according to the report of the commissioh of Inquiry into national policy In international economic relations, headed by Robert M. Hutchins, president of the University of Chicago. This study, excerpts from which were released earlier in the week, has been put into a 397-page book entitled “International Economic Rek *.ions.” The recommendations of the commission, the reasons for such views, a report of the director ol research and representative selections from the written statements of some of the witnesses at the public hearings of the commisaion are gathered together in the publication. The first two parts of the book. In which the recommendations and reasons are cited, is the most Interesting. In here will be found a lucid study of the many components entering into the foreign commerce of the world. Arguments are offered and broken down; others are subjected to analysis and found to contain merit.

BUT to continue with the commission and its view of the budgetary situation. “The maintenance of a large deficit, as an emergency measure," it is pointed out,” is nowJ.se dangerous to our financial structure ' indeed this policy is probably the only one which will permit that financial structure to be held together at all. “If there are dangers, they are less great than those of ahy alternative program. Indeed, it may be true that serious effort to balance the budget at present would actually make the real deficit larger and more enduring—simply because* of effects on business earnings, production and employment. “The prospects of balancing our budget within a reasonable period appear to depend primarily upon the behavior of those groups which exercise a measure of organized control'over prices and wages, upon government policy toward groups exercising such control, and, to single out one important factor, upon government policy as to freight rates. a a a *TF only those producers who A have gone furthest in sacrificing volume to price maintenance (and those labor groups which have suffered from unemployment rather than especially from decline of wage rates) would now make some concessions, or even accept their share of recovery in larger volumes instead of ffi higher prices, we might look forward to early conversion of the federal deficit Into a large surplus.” Going off on another tack the commission declares that the United States should avoid further currency devaluation on the premise that the need for it is very substantially reduced with so 'many countries already having devalued. It has been estimated that in the terms of trade and international finance only 20 per cent of the world has not devalued. “We should not fear devaluation by that 20 per cent,” the commission continues,” unless that devaluation is of an extremely drastic nature. Some assert, of course, that before power further to devalue is abandoned, an agreement should be secured with Great Britain and the important sterling area or group of countries whose currency is linked to sterling. “In our view' this is unnecessary (though not necesarily undesirable), for an agreement in its self will not sustain a currency. The improved business situation in the United Kingdom is the greatest assurance that moderate methods will be pursued ip financial affairs.”

CARS ON ORDER RISE SHARPLY BY CARRIERS Number on Nov. 1 Was 3,080 Against 127 Same Date Last Year. By Timet Special WASHINGTON. Nov. 30—Glass I railroads on Nov. 1 had 3,080 new freight cars on order, the Association of American Railroads announced today. On the same day last year 127 new freight cars were on order and on the same date two years ago, there were 2.465. The railroads on Nov. 1 this year also had thirty-four new steam locomotives and 101 new electric locomotives on order. New steam locomotives on order on Nov. 1, 1933. totaled one, and on the same date in 1932, there were three. No figures are available to show the number of new electric locomotives on order in previous years. In the first ten months of 1934, the railroads installed 21.671 new freight cars. In the same period last year 1.872 new cars were placed in service and for the same period two years ago. the total number installed was 2,799. CUBA SEEN AS MARKET FOR AMERICAN AUTOS Prospects for Improvement Definitely Favorable, Report Says. Bp Timet Special WASHINGTON, Nov. 30—Prospects for progressive beterment in the Cuban automobile market are definitely favorable, the department of commerce declared today on the basis of reports from its trade commissioner at Havana. The advices from the Cuban capital sfßd that the last three years have been particularly difficult for the Cuban automotive trade, because replacement purchases have been held down to a minimum. Asa result, the reports continued, there is now a large potential market for new passenger cars, trucks and automotive supplies to replace old equipment. ROAD’S NET DECLINES The Cincinnati, New Orleans & Texas Pacific Railway Company reports October operating income of (197,846, compared with $265,331 for October, 1933. Ten months operating income was $2,754,446. compared with $2.995874 for the corresponding period of last ayear.

PAGE 28

STUDY VIEWS ASSURANCE IN RICHBERG TALK Two Recent Speeches Seen Blow to Hopes of Inflationists. BY JULES BACKMAN and A. L. JACKSON Vice-Presidents, Economic Statistics. Inc. NEW YORK, Nov.- 30.—During the last week Donald itichberg, who is considered second in command of the administration, made two significant speeches—one in Atlanta and the other here. In his Atlanta speech he criticized inflation as a “quick remedy which would not cure the intoxicated follies of 1929." This statement, recognizing the ineffectiveness of inflation as a cure for our troubles, is a significant development, especially since it is expressed by a man so close to the inner circles as Mr. Richberg. It comes at a time when the inflationists, including the Sound Money league, committee for the nation, the “Radio Patrol!” and the senate bloc, are organizing their forces for further devaluation of the*dollar, conversion of government debt Into currency, etc. Credit Inflation Possible • Mr. Rlchberg’s statement may be taken as an indication that currency inflation is definitely out of the picture for the immediate future. (It might be added, however, that in light of the huge excess reserves and the large amount of unusued gold that credit inflation is still a distinct possibility.) In his New York speech several very reassuring remarks were made to business men. He pointed out that an arbitrary reduction in hours of work brings about dislocation in costs, because of the disproportionate increase in labor costs to different companies. This seems to be a definite rebuke to the advojsatess cf the thirty-hour week. In addition he suggested that the Houde engineering case (majority rule) had been misinterpreted by both capital and labor, and that it was his impression that the national labor relations board had not ruled In favor of majority rule in this case. His interpretation on this point, which has been a sore one to business men, must also be viewed as a definite reassurance to business. Against Arbitrary Rules He also suggested that the arbitrary imposition of fair practice rules Is impractical. He further suggested that these rules could be adopted only after they had been sanctioned by custom and that it was up to business to determine for itself what these fair practices should be. These statements, when combined with Mr. Richberg’s recent opposition to price fixing and production control, are certainly hopeful signs. If it can be taken to represent the administration’s viewpoint (and it seems unlikely that the No. 2 man of the United States would speak without Presidential approval), then it is indicated that the administration is tending to follow a more conservative path in its'economic philosophy. (Although Mr. Richberg also threatened that unless business takes on the unemployment the government will do so itself, the foregoing remarks must be taken as the more significant features of his talk.) No course will do more to inspire confidence on the part of business than carrying out the policies suggested by Mr. Richberg. Experiment has had its day; let us give experience a chance.

WILL CONTROL RUBBER Dutch East Indies to Enforce Quota Via Registration. AMSTERDAM, Nov. 30.—Obligations of the Dutch East Indian government will be fulfilled in regard to the international rubber restriction agreement, it was officially announced today. The excess of native rubber shipments in the Dutch East Indies above the natives’ quota is expected to be reduced to small proportions by complete registration of all rubber growing areas in that territory in 1935, it was said.

Triangle Common Market Formation Appears on Charts in Weekly Action

This is the second of s series of six articles which will appear explaining the sixniflcanco ot chart formations to market foUowers. BY HENRY J. KUEHLS Os the many formations that make up stock market action, one of the most common is the ordinary or common triangle. It appears in weekly action and often over a period of months. The one shown in the chart extended over a period of three months. This formation always indicates a pause in the trend and calls for an extension of the trend in which it was formed. It is not always possible to determine a large triangle of this size' in its early period of formation. The angle line foundations must be formed before the trader is able to determine the bounderies. By this I mean the high* and low points of the market’s action. ' After these lines are drawn along the top and bottom of the moves, the trader then has time to analyze the market’s action. If the triangle is formed in a rising trend then the market sooner or later breaks out cf the top, and if it forms in a downward trend the market is sure to break out on the bottom. The trader must be positive about

Abreast of The Times on Finance

HEADS INQUIRY

Paul Atlee Walker

Arrangements for a hearing into the activities of the American Telephone & Telegraph Company are being conducted by Paul Atlee Walker, chairman of the telephone division of the federal. communications commission.

DUNCAN URGES FINANCING AID Commercial Credit Company Head Praises Public’s Control. By Times Special NEW YORK, Nov. 30.—Showing the importance of installment financing to the future prosperity of the country, A. E. Duncan, chairman of the Commercial Credit Company last night outlined the economic effect of time payment selling in the years prior to and during the depression. Mr. Duncan spoke on the Forum of Liberty radio program. Defending the right of the average citizen to “use and enjoy articles while paying for them out of current income,” Mr. Duncan paid tribute to tne average time payment buyer by praising his “good character and moral responsibility.” As evidence that installment financing, properly controlled and administered, is sound, Mr. Duncan said: “To prove that the public usually buys only what it wants and can afford to pay for, let me say that our company on Oct. 31, 1934, bad around $60,000,000 of installment obligations on automobiles, of which only about $25,000 was over sixty days past due. “No convincing evidence has as yet been offered by any one to show that installment financing of the sale of merchandise had much part in bringing on or in prolonging the depression, or that the normal proportion of installment buying to cash buying was materially less during the depression than prior to it.” Mr. Duncan called attention to the influences of installment financing that should aid economic recovery—increasing current purchasing power of the public, encouraging mass production, reduction of colts, improved efficiency in production, along with the mahy social benefits. He also called attention to the-fact that “the federal government is today urging the use of installment financing as an important recovery measure to increase the purchasing power and reduce unemployment through the activities of the Tennessee Valley Authority for the purchase of electrical appliances and through the federal housing administration for the repairing and modernizing of homes as well as for building of new homes.” TOBACCO ACT SCORED Kentucky Producers Attack Legality of Kerr-Smith Measure. By Times Special LOUISVILLE, Nov. 30.—Members of the firm of Penn Brothers, Fayette county tobacco producers, have filed a suit in federal court attacking the constitutionality of the Kerr-Smith tobacco control act. The suit asks an injunction restraining the collector of internal revenue from collecting the 25 per cent tax imposed under the act on growers who fail to sign the government’s crop reduction agreement.

1 I ] y Ordinary Trianccje , —HIT —~~ France Accepts i|T T Hoover P law I b ii'fkr i I \ f ( 4rt^ % 'vU.S.STLEL * f L-lj fa/ 4 [ Div.ct)T7fP4s ~*l fpp Wi , lx .'"Hoover Selling!. Li max 1 E Debt Moratorium Lii lttii lii 'i-r-i 11 11it*i; ii i i.? ru APR. MAY OJUN. JUL. I AUG. SEP.

the type of formation, as there are two other triangles which denote opposite market action. The declining or falling triangle is formed with a flat base and a declining top, which indicates the end of an advance and lower prices, as ' " ' . -

INDIANAPOLIS, FRIDAY, NOVEMBER 30, 1934

STOCKS MOVE NARROWLY AS TRADING. EBBS Utility Issues Lower, but Some Tobaccos Reach New Highs for Year. By United Press NEW YORK, Nov. 30—Stocks moved narrowly in light morning dealings on the Stock Exchange today. Around noon the list was irregularly lower, but there was no particular presure in any section. Utility issues were consistently lower, while tobaccos stood out on the upside, most of them making new highs for the year. Mercantile shares registered small gains as did some of the wet stocks. Coppers were firm, motors steady, and rails irregular. United States Steel ranged over a quarter point area and at noon was at 3814, off Vs. American Telephone dipped to 107%, off %; American Can 106, off %; Case 53, off Chrysler, 39, off Consolidated Gas 23%, off 1; New York Central 22%, off %, and Western Union 35%, off %. New highs were made by Lorillard, Reynolds B, Radio preferred B, and Commercial Credit. Small advances were noted in such issues as Underwood, Elliott Fisher, Woolworth, Phillips Petroleum, Ingersoll Rand and National Distillers.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $ 2.184,000.00 Debits 4.832.000.00 Clearings for the month ... 55,325,000.00 Debits for the month 139,311.000.00

Treasury Statement

I (By United Press) WASHINGTON. Nov. 30.—Government expenses and receipts fo> the current fiscal year to Nov. 27, compared with the corresponding period of the previous fiscal year: Expenses $2,841,047,650.58 $1,883,001,185.71 Receipts.. 1.448.496,906.50 1,127.452,156.21 Deficit... 1.392.550,744.08 755,549,029.50 Cash Bal. 1,562,418,701.21 1,122,094,249.90

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers. FRUITS —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, busnel. $3. Bananas, pound, 4%c. Apples, maiden blush. $1.50; Indiana Jonathans, $1.85; grimes golden, $1.35®1.75. Melons, California honey dews, $2.75. Lemons, sunkist. 3605. $5.50: 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 Kiefers, bushel. 75c. Oregan D'anjo. box. $3.50. VEGETABLES—Cabbage. Northern Danish. 50-lb. bag, 65c; red pound, 3c. Onions. Idaho, sweet Spanish, large 50-lb., $1.40; Michigan yellow, med., 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 stringless, 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-lb. basket. 60c. Icebergh head lettuce, $4.75. Mangos. Florida, crate, $3.50. Mint, bunch, 15c. Parsley, dozen, 35c. Peas, hampers, $3.75®4.25. Spinach, home-grown, broadleaf, bushel. 60c. Radishes. dozen, 50c. Tomatoes, hothouse, 8lb. basket. $1.35. Turnips, home-grown, dozen, 25c. Pumpkins, dozen, sl. Miscellaneous—Cocoanuts. Jamaica, 25 for $1.50. Oysters, standards, gallon, $1.50; selects, gallon, $1.90. Chesnuts, Italian, a pound, 12 %c. Sarghum molasses, gallon, 65c. Black walnuts, 50-Ib. 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 down. FRUITS AND VEGETABLES (By United Press) CHICAGO. Nov. 30.—Apples—Michigan Mclntosh, bushel. 2%-inch, $1.75@2; Jonathans, $1.50®1.75. Lettuce—California, crates, $2.50®3.50. Sweet Potatoes—Tennessee, bushel. sl.lo® 1.15. Celery—Michigan. square crates, 40c®$1. Cauliflower— Oregon, [email protected]. Spinach—Missouri, bushels. 25®50c. Cranberries—Massachusetts, % barrels, $4.25. Carrots—lllinois, bushels. 40® 50c: bunches, 2® 3c. Beans— Florida, bushels. $1®2.25. Cabbage—Wisconsin and Illinois, crates, 50®65c. Onion market (50-lb. sacks)—Michigan, yellow, 6.Bc®sl; michigan, whites, $1.10: western yellows. 95c®$l; Illinois and Indiana yellows, 65® 85c. CANADIAN LOADINGS DIP By United Press OTTAWA, Nov. 30.—Carloadings on Canadian railways during the week ended Nov. 17 totaled 50,264 cars, compared with 51,288 in the preceding week, and 47,420 in the like 1933 week, the Dominion bureau of statistics reported today. The bureau’s index adjusted for seasonal variations advanced to 77.05 from 72.22 the preceding week.

the market always breaks out of the bottom. The other triangle L; known as the rising or ascending triangle, which has a fiat top and a rising base. This always indicates the end of a decline with a risin; trend ahead.

New York Stock Exchange Prices

(By Thomson & McKinnon) 11:00 A. M. Prev. Oils— High. Low. N. Y. Close. Atl Rfg 26% 2 26 26%. Barnsdall 6% 6% 6% 6% Consol Oil 8% 8% 8% I ] Cont of Del ... 19% 19% 19% 19% Mid Cont Pet .. 11% 11% }l% Ohio Oil 10% 10% 10% 10% Phillips Pet ... 15% 15% 15% 15 Pure Oil I l * 7 7% 7% Roval Dutch ... 30% 30 s , 30% 20% | Shell Un 7 6% < 6g Skelley Oil 7% 7% 7% ... Soc Vac 15 14% 15 I}}* SO of Cal .... 32% 32% 32% 32% S Oof Ind 25 24% 25 25 SOOf N J Texas Corp ....•81% 21 21% 21% Tidewater Assn . 9% 9% 9% 9% Steels— Am Roll Mills.. 20% 20% 20% 20% Beth Steel 31% 31% 31%l 31% Bvers A M 19% 19% 19% 19% Natl Steel 45% 45 45 401, Otis Steel 5% 15% Rep Iron & Steel 15% 14% 15% 14% Rep It &St pfd 42% 42% 42% 42 U S Steel 38% 38 38 38 Vs U S Steel pfd... 83% 83% 83% 83% Youngst’n S& T 19% 19% 19% 19% Motors— Chrysler 39% 39 39 39% Gen Motors .-... 33 32% 32% 32% Graham Mot ... 2% 2% 2% 2% Hudson 12% 12 . 12% 11% Hupp 3% 3% 3% 3% Mack Truck ... 27 27 27 26% Nash 17% 17% 17% 17% Packard 4% 4 4 4 Studebaker 2% 2 2 2 Motor Access— Bendix 16% 16% 16% 16V, Borg Warner ..28 28 28 28 Briggs 24% 23% 23% 24 Budd Mlg 5% 5% 5% 5% Eaton Mlg 18% 18% 18% 18% Elec Auto Lite. 47 46% 47 46% Houdaille , 'A”.. 6% 6% 6% 6% Stew Warner .. 8% 8% 8% 9 Timken Roll ... 34% 34 34 34% Timken Det Axle 7 ,7 7 e!4 Mining— Alaska Jun .... 17% 17% 17% 17% Am Metals .... 14 14 14 14 Am Smeit 36% 36% 36% 36% Anaconda 11 Vi 11% 11% 11 Cal & Hecla ... 33 33 Cerro De Pasco . 40% 39% 39% 40% Gt Nor Ore .... 11% 11% 11% 11% Int Nickel 23% 23% 23% 23% Kfnnecott Cop . 17% 17% 17% 17% Park Utah 3% 3% 3% 3% Phelps Dodge .. 14% 14% 14% 14% St Joe Lead ... 17 17 17 17 U 8 Smelters ...118x 118 118% 118% Vanadium 19% 19% 19% 19% Loews Inc 35% 35 35% 35 Radio Corp .... 6 5% 6 6% Paramount 3% 3% 3% 3% RKO 1% 1% 1% 1% Warner Bros ... 4% 4% 4% 4% Tobaccos— Am Sum Tob .. 22 22 22 22 Am Tobacco A. 85 84 85 84% Am Tobacco 8.. 87% 86% 87% 86% Gen Cigars 5614 56% 56% 56% Ligg & Mvers 8109% 109 109 109 Lorillard 39% 39 % 52% 38% Phillip Morris .. 39% 39% 52% 38% Reynolds Tob B 51% 51% 52 51% Rails— Atl Coast Lines. 34% 34% 34% 34% B& O 15% 15% 15% 15% Can Pacific .... 12% 11% 12%,' 11% Ch & Ohio 44% 44% 44% 44% Chi & Gt W .... 2 2 2 2 Chi N W 5% 5% 5% 5% Dela & Hud ... 41% 41'/a 41% 41 % Del Lac &W .. 19% 19% 19% 19Vi Gt Nor pfd 16% 16% 16Vi 16V, 111 Central 17% 17% 17% 17% Lou & Nash .. 46 46 46 44‘/a MK & T pfd .. .13% 13% 13% 14’/a N Y Cent 22Vi 22 22% 22% Nor Pacific 20'% 20% 20% 20% Penn R R 24 23% 23% 23% Sou Pac 18% 18% 18% 18% Sou R R 17% 16% 16% 16% Union Pac 106% 106% 106% 106% Equipments— Am Br Shoe ... 25% 25% 25% 25% Am Steel Fdy .. 17% 17% 17% 17% Bald Loco 5% 5% 5% 5% Gen Am T Car . 39 39 39 38% Gen Elec 20% 20% 20% 20 Vi Gen R R Sig .. 29 29 29 28% Pullman Inc ... 50% 50 50 50% West Air Br ... 26% 26% 26% 26% Westingh Elec . 35% 35 35 35 % Utilities— Am & For Pwr . 5% 5% 5% 5% Am Pow & Lt .. 4% 4 % 4Vi 4Vi AT&T 1081/8 107% 107% 108 Vi Am Wat Wks ..15 15 15 15% Col Gas & El .. 8% 8% 8% 8 7 / g Conn & Sou ... 1% 1% 1% 1% Consol Gas ... 23% 23V. 23V. 14V. El Pw & Lt 3% 3% 3 % 3% Int Hydro Elec 2% 2% 2% 3 Interboro % T . 13% 13% 13% 13% Int T .sc T ...< 9% 9Vi 9% 9% Lou G & E “A*. 14% 14Vi 14% 14% Nat Pwr & Lit. 8 8 8 8 North Ainei 13% 13% 1314 13% Pea G & 2 15 15 15 16% Peoples Gat .. 23% 23% 23% 23% Pub Serv N J . 30% 29% 30 30% So Cal Edi.son • .2% 12% 12% 12% Stone & Webster 5% 5% 5% 5% United Corp ... 3% 3% 3% 3% Un Gas Imp ... 13% 13% 13 7 s 13% Ut Pwr & Lt ‘A’ i% 2% 2Vs 2% Western Union . 3*% 35% 35% 35% Rubbers— Firestone 17V4 1714 17% 17 Goodrich 11 11 11 11% Goodyear 25 24% 25 25 Kelly Spring ... 1% 1% 1% 1% Miscellaneous— Allis Chalmers . 15% 15% 15% 15% Am Can 106% 106 106 106% Am Mach & Fdy 20 % 20% 20% 20% Burroughs Add . 15% 15% 15% 15% J I Case 54% 54 54% 55% Conti Can 63 62% 62% 62% Caterpillar Tract 33% 33% 33% 33% Curtis Pub 21 21 21 20% Deere & Cos. .. 23% 23% 23% 23% Eastman Kodak 113% 112% 112% 114 Foster Wheeler . 13% 13% 13% 14 Gillette 13% 13% 13% 13% Odidden 28 % 28 28 28 Ingersoll Rand . 65% 65 65 64 Inter Harv 38 38 38 38 Nat Cash Reg .. 17% 17% 17% 17% Rem Rand 10% 10% 10% 10% Underwood E ... 56% 56 56% 55% Worth Pmp .... 19 19 19 19 Foods— Am Sugar 63 63 63 63 Armour Com ... 5% 5% 5% 6 Arm 6% pfd .... 70% 70% 70Vi 70% Bord Prod 25% 24% 24% 25 Can Dry G Ale . 16 16 16 16% Gen Foods 34% 34% 34% So Gold Dust 17% 17% 17% 17% G W Sugar .... 29 28 7 /s 28 7 /s 28 Loose Wiles .... 36 36 36 36% Natl Biscuit ... 30% 30 30 30 Natl D Prod 17% 17% 17% 17% S Por Rico Sug. 24% 24 24 24% Std Brands 19% 19% 19% 19% United Fruit ... 72 72 72 71% Best & Cos 39% 39% 39% 38% First Nat Sto .. 65% 85% 65 7 /s 65% Gr Un Tea .... 5% 5 5 5% Hahn Dept Sts. 5% 5% 5% 5% Kresge S3 21 % 21 21% 20% Kroger Groc ... 29% 29% 29% 29% McLellan St ... 12% 12% 12% 12%

Stock Studies

The Ohio Oil Company was originally a unit of the Standard Oil Company but has operated independently since 1911. The company has expanded operations materially during the last few years, acquiring subsidiaries, so that it is now a fully integrated oil unit. However, Ohio Oil’s greatest activity .continues in the production of crude, in which it holds a dominant position. Crude oil reserves, are widely scattered in the best production Centers in fifteen states of this country and in Mexico. The company operates over 15,000 oil wells and 174 gas wells. FINANCIAL DATA (As of Sept. 30) Common stock (no par) shares., <5,648,052 Preferred stock (*IOO par) *58,094.300 Treasury stock icom. and pfd.) 4.965,328 Profit and loss surplus 12,209.466 Cash and securities 11,123.922 Inventories 23,593 562 Total current assets 38.429,027 Current liabilities 4.438,375 During the three months ended Sept. 30, cash and securities increased by $250,000 but inventories, on the other hand, were just slightly less, while net working capital declined nearly $350,000. Surplus, also, was $200,000 less. On Sept. 30, 1934, the current ratio was nearly B*l to 1 and the book value of the common stock $12.48 or SO.OI less than on June 30, Earnings have been somewhat erratic during the depression years with deficits in 1931 and 1933. During the first nine months of this year, however, 38 cents was earned on the common. Dividend policy also has been erratic from necessity. No dividends were paid in 1933, but two quarterly dividends of 15 cents have been paid this year so that stock may be considered on a 60-cent annual dividend basis. Ohio Oil was incorporated in 1887 in Ohio. Both classes of stock are listed on the New York Stock Exchange. At a current price of around 10 the common yields nearly 5% per cent. (AH rights reserved. Winchester Institute of FUuuAc. Winchester. Maw.*

May Dept St ... 45% 45% 45% 45 Mont Ward .... 29% 29% 29% 29% Natl Tea 10% 10% 10% 10% Pe nev J C 68% 68% '68% 68 Safeway St 48 48 48 48 Sears Roebuck . 41H 41 41% 41% Woolworth 551s 55 55 54% ATiation— Aviation Corp . 4% 4% 4% 4% Boeiiyt Aircft .. 9% 9% 9% 10 Curtiss Wright 2% 2% 2% 2% Curtiss Wright A 9 8% 8% 9 Douglas Air ... 23% 22% 23% 23%

HO6 PRICES UP 5 T 025 CENTS Cattle Market Active and Strong; Lamb Values Stationary. A strong tendency prevailed in the pork market during early trading at the Union Stockyards today. Most classes were around 5 to 25 cents higher than Wednesday’s best prices. Few underweignts remained steady. Receipts were estimated at 8.000, slightly above a normal session. The bulk, 160 to 200 pounds, was selling at $5.20 to $5.75, while heaviest kinds, scaling from 200 pounds and upward, were salable at $5.80 to $6.20. Initial top held at $6.85. Trading in the lightweight division on hogs weighing 130 to 160 pounds ranged from $3.50 to $4.25. Extremely light-lights, scaling 100 to 130 pounds, brought $2.25 to $3.25. Good packing sows were reported selling at $5 to $5.75. Holdovers numbered 407. Early dealings in the cattle market were active and strong to slightly higher than Wednesday’s close. Most trading centered around slaughter steers. Top price for steers was quoted at $9.25, Receipts were 700. Vealers were strong to largely 50 cents higher, selling at $7 down. Few better grades were salable at $7.50. Receipts were 500. With only slight interest displayed in the lamb market, practically all prices were unchanged. The bulk ranged from $7 to $7.25. Heavy grades sold at $5.50 to $6.50, while throwouts brought $4 to $5.50. Receipts were 2,000. HOGS Nov. Bulk Top Receipts 23. $5.00® 5.30 $5.80 14.000 24. 5.00® 5.30 5.30 3.000 26. 4.90® 5.20 5.70 9,000 27. 5.25® 5.50 5.90 9.000 28. 5.15® 5.50 6.10 5,000 30. 5.20® 5.75 6.25 8,000 (160-180) Good and choice $4.00® 4.75 (180-2001 Good and choice 5.20® 5.60 1200-220) Good and choice 5.60® 5.90 f220-250) Good and choice 5.90® 6.10 (250-300) Good and choice 6.10® 6.25 (275-300) Good 6.10® 6.20 (275-350) Good 5.95® 6.10 Packing sows: (275-350) Good . 5.50® 5.75 (350-425) Good 5.35® 5.65 (450-550) Medium .... 5.25® 5.50 (275-550) Medium 5.00® 5.35 (100-130) Slaughter pigs good and choice 2.25® 3.25 CATTLE —Receipts. 700— —Steers—-(sso-900) Choice $7.00® 8.00 Good 6.00® 7.50 Medium 4.00® 6.00 Common 2.50® 4.00 (900-1.100) Choice 7.75® 8.75 Good 6.25® 7.75 Medium 4.25® 6.25 Common 3.00® 4.25 (1,100-1,300) Choice 8.50® 9.75 Good 6.25® 8.50 Medium 4.50® 6.25 (1.300-1,500) Choice 8.75® 9.75 Good 6.50® 8.75 —Heifers—-(sso-750) Choice 6.50® 7.00 Good 5.00® 6.50 Common and medium 2.50® 5.00 (750-900) Good and choice 5.25® 7.50 Common and medium 2.sJ>@ 5.25 —Cows— Good 3.00® 2.25 Common and medium 2.25® 3.00 Low cutter and cutter 1.25® 2.25 Bulls—(Yearlings Excluded) Good 2.85® 3.50 Common and medium 1.75® 2.85 VEALERS —Receipts, 500— Good and choice $6.50® 7.50 Medium 4.50® 6.25 Cull and common 2.50® 4.50 —Calves—-(2so-500) Good and choice.... 4.75® 5.50 Common and medium 2.50® 4.75 —Feeder and Stocker Cattle——Steers— (soo-800) Good and choice .... 4.00® 5.00 Common and medium 2.50® 4.00 (800-1,050) Good and choice... 4.00® 5.25 Common and medium 2.75® 4.00 Good and choice 3 00® 4.25 Common and medium 2.50® 3.00 —Cows— Good 2.50® 3.00 Common and medium 2.00® 2.50 SHEEP AND LAMBS —Receipts, 2.000 — Lambs, 90-lbs. down, good and choice $6.25® 7.25 Common and medium 4.50® 6.50 90-120 lbs., good and choice... 2.00® 2.50 Sheep—-(l2o-150) Good and choice... 1.75® 2.25 All weights common and medium 1.25® 2.00

Other Livestock

(By United Press) FT WAYNE. Nov. 30—Hogs—Steady to 10c higher; 250 to 300 lbs. *6.10; 225 to 250 lbs. 55.90; 200 to 225 lbs, 55.75; 180 to 200 lbs. $5.50; 160 to 180 lbs. $5.15; 300 to 350 lbs, $5.65; 150 to 160 lbs, $4.10; 140 to 150 lbs. $3.85: 130 to 140 lbs. $3.50: 120 to 130 lbs. $3: 100 to 120 lbs. $2.50; roughs. $5; stags, $3. Calves, $7. Lambs. $6.75. LAFAYETTE, Nov. 30. —Hog market 5c to 30c higher. Pigs steady; 250 to 300 lbs. $6.1006 20: 210 to 250 lbs. $5.90*; 6: 190 to 210 lbs. $5.600 5.75; 170 to 190 lbs. $5.25115.45; 160 to 170 lbs, $5. Pigs, $4.25 down. Roughs. $5.50 down. Calves, $6 down. Lambs, $6.25.

Produce Markets

Delievered in Indianapolis prices; Heavy hens, lie; Leghorn hens. 7c; colored springers. 12c; old roosters. 6c; ducks. 7c; geese.. 6c; young guineas. 20c; old guineas. 15c. Turkeys—No. 1 young hens. 8 lbs., and over. 14c; young toms. 14 lbs. and over. 14c; young toms. 11-14 lbs.. 12c; No. 2. crooked breasts and thin turkevs, 8c: old toms, all weights. 11c; No. 1 strictly fresh country run eggs, loss off. 25c. Each full case must weigh 55 lbs. gross: a deduction o* 10c a pound for each pound under 55 ibs, will be r-ade. Butter No. 1. 30031 c. Butterfat—26c. Quoted bv the Wadley Company. (By United Press) CLEVELAND. Nov. 30—Butter—Market firm; extras, 33c; standards, 32c. Eggs— Market steady; extra white, 33 ! 2c; current receipts. 25v; pullets. 22c. Poultry market steady; golwls, colored, 4‘ 2 lbs and up. 16c; ducks, light, 13c; geese, heavy fat, 14c; geese, ordinary. 13c: turkeps, voung. 21022 c; old hens, 18c; old toms. 16c; No. 2 turkeys, 15c. Potatoes—Maine, *I.OOO 1.10 a 100-lb bag; Pennsylvania. 700 80c a 100-lb bag; Michigan. 80090 c a 100-lb bag; Ohio, best, mostely 75585 c a 100-Ib bag.

INSURANCE All Kinds With the Exception of Life A. J. Wichmann & Cos.. Inc. 712 Circle Tower

The HOOSIER CASUALTY CO. 15th FL Fletcher Trust Bldg. A strong stock company writing accident and health and automobile insurance. Asset* Over $740,000

Nor Am Av .... 3% J% 3% 3% Sperry Corp ... 9% 9 9% 9 un Aircft new .12 11% 12 12% Chemicals— Air Reduction ..112 112 112 112 Col Carbon 73% 73% 72% 73 Com Solvents ... 21% 21% 21% 21% Dupont 100 99 99 99% Freeport Tex ... 27% 27% 27% 27% Liquid Carb ... 23% 23 23 24 Math Alkali ... 28% 28% 28% 29 Monsanto Chem 61% 60% 60% 61 Natl Dis inewt. 26% 26% 26% 26% Schenlev Dist .. 27% 27% 27% 27% Tex Gulf Sulph 36% 35% 35% 35% Union Carbide . 44 43 % 44 45% Drugs— Coty Inc 6 6 6 6 Lambert 28% 28 28% 27% Sterl Prod ... 60% 60% 60% 60% Un Drug mewl . 13% 12% 13% 12% Vick Chem 33% 33% 33% 33% Financial— Adams Exp 7% 7% 7% 7% Chesa Corp .... 39V* 39 39% 38% Lehman Corp .. 70 70 70 70 Transamerica .. 6 5% 6 6 Tr Conti Corp . 3% 3% 3% 4 Building— Am Radiator ... 16% 16% 16% 18% Gen Asphalt ... 18 18 18 17% Holland Furn .. 8% 8% 8% 8% Int Cement .... 28V* 28% 28% 28 Johns Many ... 55 54% 54% 55% Libby Ow Gls .. 29 28% 29 29% U S Gypsum .. 51% 60% 50% 50% Household— Col Pal Peet .... 17% 17% 17% 17% Congoleum 35 34% 35 34% Kelvinator 17% 16% 17% 16% Proc & Gamble . 43% 43% 43% 43% Servel Inc 7% 7% 7% 1% Textiles— Celanese Corp .. 30 30 30 30% Coll Aikman ... 14% 14% 14% 14% Goth Hose 6% 6% 6% 6% Indus Rayon ... 26 26 26 26%

Chicago Stocks

(By Abbott, Proctor & Painei 11:00 Prev. * A. M. close. Bastian Blessing 4 ... Chicago Com 2% 2% Cities Service 1% 1% Cities Service 1% 1% Cord Cork 3% ... Iron Fireman 18% 18% Lynch Glass 30% ... Noblitt Sparks 13% ... Perfect Circle 31% Pub Servos 111 14 14 Swift Int 39 Walgreen 28% 28%

New York Curb

(By Abbott, Proctor & Paine 12 (Noon) Prev. N. Y. close. AAer Cyanide (B) 17% 17% Amer Superpower 1% 1% Atlas Corp 9 8% Distillers Corp 16 3 4 16% El Bond and Share 8% 9% Hiram Walker 28% 28% Natl Bellas Hess 2% 2% Niag Hud Power 4 3% Penn Road 2 Std of Ky 17 17 GRAIN FUTURES DIP ON ALIEN EASINESS Weakness in Liverpool Yesterday Induces Selling. Bp United Press CHICAGO, Nov. 30.—Easiness abroad brought selling into grain futures on the Board of Trade today. At the start, wheat was off % to 1% cents l corn was unchanged to % cent lower, oats were down % to % cent, rye was off % to % cent and barley was unchanged to V* cent lower, A price depression in Liverpool yesterday when domestic markets were closed induced selling at the start. There also was some profittaking on the recent advance. (By James E. Bennett) WHEAT--11 :00 Prev. High. Low. A. M. Close. Dec 99% .98% .98% .99% May 99% .98% .98% .99% July 92% .91% .91% .92% CORN— Dec 91% .89% .90% .90 Vs May 89% .87% .88% .88% July 86 .84% .85% .84% OATS— Dec 53% .52% .52% .53% May 51% .51% .51% .51% July 47% .47 .47% .47% RYE— Dec 72% .72% .72% .72% May 75% .73% .75 .75% July 75% .75% .75% .74% LOCAL CASH MARKET City grain elevators are paying 89 cents for No. 2 soft red wheat, other grades on thetr merits. Cash corn No. 3 yellow 78 cents, and oats 43 cents

Active Trading in U. S. Government Securities Municipal Bonds Land Bank Bonds Gravel Road Bonds General Market Securities w Direct Private Wire to Principal Markets leivatimant eurl * l ** Pfaff 8 Hughel incorporated Chicago, Ft. Wayne, Evansville INDIANAPOLIS Illinois Bldg.. Lincoln 2565

WE BUY AHD SELL: U. S. Government Bonds U. S. Territorial and Insular Bonds Indiana Municipal and Gravel Road Bonds Land Bank Bonds Home Owners' Loan Corporation Bonds Bonds and Stocks of Indians Corporations General Market Municipal and Corporation Bonda

Indianapolis Bond and Share Corporation 129 to* Moris# Street Relepioee May 4551 '

Latest Stock, Bond and Commodity Quotations

BANK FAILURES SET NEW LOW FORJ4YEARS Only 57 Institutions With $40,000,000 Deposits Shut in Year. By United Press WASHINGTON. Nov. 30—Bank failures In the United States have dwindled to the lowest level in fourteen years with only fifty-seven institutions with combined deposits of less than $40,000,000 closing so far this year, Federal Reserve board figures showed today. These closings compared with a record of 2.430 failures in the year ended June 30, 1932, which tied up a total of $1,761,002,000. Closings were ths smallest since 1920. when fortyseven failures tied up $20,725,000. Along with the rapid decline In bank closings, the Federal Deposit Insurance Corporation, which Is supplying insurance up to 55.G00 for individual accounts in 14,100 of the country’s 15,600 banks, reported today another sweeping rise in bank •deposits. Deposits of all the FDIC banks as of Oct. 1 were estimated at $37,000.000,000, a gain of nearly $1,250,000,000 over June 30 total of $35,• 766.394.000. Os the fifty-seven bank closings in the first eleven months of this year, only seven institutions with total deposits of $1,700,000 were mrmbers of the FDIC. The other fifty banks were state Institutions and their deposits were not insured. About $38,000,000 were involved in these closings. Officials ascribed four of the closings to defalcations, two because the banks were not “economically justified” and the seventh as “bad management.” An analysis of 13.936 FDOC banks showed today that 49,115,221 bank accounts were receiving deposit insurance protection, of which 48,398,617 w’ere insured in full. The remainder of 716.604 accounts were larger than $5,000 and hence were only partly insured. On this babis, it was estimated today that $16,000,000,000 of the deposits of the FDIC banks were fully insured and nearly $21,000,000,000 were not insured. At the same time the census bureau reported that the depression reduced the dollar volume of wholesale business in the United States by 53.6 per cent. Wholesale trade amounted to $68,950,000 in 1929 and $32,030,504 in 1933. Establishments declined olny 3.3 pier cent in the period. Sales drops reported ranged from 25.5 for tobacco to 75.7 per cent in lumber and building materials. CHRYSLER WORKERS UP Some New Castle Departments Are on Three Shifts at Present. By Times Special NEW CASTLE, Nov. 30.—Employment at the Chrysler Corporation factory here is mounting steadily, with some of the departments now operating on three 6hifts, it was disclosed here today. The outlook is reported to be highly encouraging. Although it will take some time to get into production on new models there is reason to believe a pronounced upturn will develop next month.

OFFICE SPICE Tne money value of office space is not determined by the number of square feet bul by the number of useable square feet We invite you to use our custom-built service. KLEIN' KUHNmc. PROPERTY MANAGEMENT Lincoln 3545 INDIAN APOLIS

BE SAFE 1 osore Your Cw Today 'hStthß - ral L/ TOt ~ tto9 fejjfcSSJlState Aufomebili Insurance Ass’n. LI-8571. 7th Floor Occidental Bldg.

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

*® nk