Indianapolis Times, Volume 46, Number 176, Indianapolis, Marion County, 3 December 1934 — Page 14

T rends m m m Farm Real Estate Market Appears Looking Up. BY VINCENT S. LYONS Tlmei financial Editor

THE real estate market, at least In the agricultural sections of the country, appears to be looking up. If the report of the Federal Land Bank of Louisville can be accepted as a criterion. Distinct evidence of this is had in the fact that a greater volume of sales has taken place this year at prices which average somewhat above a year ago. From July 1 through to Nov. 19 this year the Federal Land Bank disposed of 165 farms and, in addition, seven parcels of land, consisting of portions of farm units, for $628 029. From July 1 to Nov. 30. last year, a slightly longer period. the institution sold forty properties fpr $195,014. Moreover, the real estate sold thus far this year yielded from $lO to sls an acre higher tnan a year ago. No special type of farm predominates among those sold, the report discloses: they represent an average cross section of the farms possessed by the Federal Land Bank of Louisville as to type, adaptability and probable use. The acreages represented in the transactions ranged from 40 to 400 and the purchase price varied from SSOO to $16,000. nan MORE Indiana properties were sold in the period than those of any other state in the land bank’s territory. Os the 165 farms which weie put on the block 64 were in the Hoosier state; 52 in Kentucky, 42 in Tennessee and 7 in Ohio. Os the forty sold in the approximately corresponding period of last year 13 were in Indiana, 10 in Kentucky, 10 in Tennessee, and 7 in Ohio. “While the bulk of the buyers at this time are farmers,” the report says, “there is a significant interest in farm lands on the part of investors, which is contributing to the pick-up in inquiries and sales. Both farmers and investors apparently have decided that the current rising price level for farm products and the conservative price level for farm lands constitute a combination of which they should avail themselves without further waiting.” This survey, added to the statement several weeks ago of William I. Myers, governor of the Farm Credit Administration, that farm real estate values of the country as a whole in the first nine months of the current year had increased 20 per cent over a year ago, indicates the great betterment which has taken place in the agricultural situation in the last year or more. nan THERE was a time a few years ago when many people entertained the view that the farm real estate situation was in a state of chaos and that it would be years and years before improvement would begin to make itself felt. This pessimism was engendered because larmers, confronted with the problem of meeting indebtedness at a period when prices of farm foods were low. witnessed their properties thrown on the market, as a result of foreclosure proceedings, and sold to the highest bidder. With the availability of farm lands increasing by leaps and bounds as a result of continued foreclosures, the value of farm properties depreciated sharply. Each forced sale put the aggregate worth of such land deeper into the mire. About this time the Government attempted to arrest the trend by formulating policies of relief. The latest set of figures would seem to indicate that Administration movements, which brought about higher quotations for a long list of farm products and the birth of the Frazier-Lemke Act. have been highly productive. The spectre of indebtedness at present docs not hang as ominously over the head of the American farmer as it did two years ago.

Produce Markets

Dehevered In Indianapolis prices: Heavy hens. 11c; Leghorn hens. 7c: colored springers. 12c; old roosters. 6c; ducks. < c; geese. 6c; voung guineas. 20c: o!d guineas. 15c Turkevs—No. 1 young hens. 8 lbs and over. 14c; voung toms. 14 lbs and over. 14c; voung toms. 11-14 lbs.. 12c: No. 2 crooked breasts and thin turkevs. 8c: oid totns. all weights. 11c: No. 1 strictly fresh countrv run eggs, loss off. 2oc. Each full case must weigh 55 lbs. gross: a deduction of 10c a pound for each Round under 55 lbs will be made. Butter o 1 30®31c. Butterfat—2t>c ©noted bv the Wadlev Company (By United Press). CHICAGO. Dec. -Egg- Market steady receipts. 768 cases, extra firsts. 29c: fresh graded firsts. 26c: current receipts. 24 i 25'-c dirties. No 1 204 c; No. 2. 18c. checks. No 1. 184 c. No 2. 16c ButterMarket. steadq: receipts. 7.870; extra firsts (90-91 1 j score). 27';n29c. extras (92 scoret 29c- firsts 188-89 . scorei. 2b } * i26'-c seconds iSfi-ST 1 .- score'. 24L i2sc: specials. 29’ - j 30c standards. 28c Poultry—Market steadv; dull receipts 12 trucks 1 car. 2 cars due; springers, heavy. 16.i16Lc; light. 13'< i 14c. ducks. 12 15c: geese. 11c: turkevs' 17c hens. 9*.4,13'ac capons. 6 to 7 lbs 17 .i 18c- la-shorn springs. 10'sc. Cheese—Twins. 13'* 14c daisies 14 , 14'-c Lor.chorns. 14 1 * • 14';C Potatoes — Supply moderate, demand and trading si iw ; market dull; Michigan round whites. 77c Wisconsin round whites. 82’. ‘BSO. Idaho Russet* $1 50 (1 55; U S No. 2. *lls eombiantion grade, $1 20 • 1 22' Colorado McClures $l9O 7195. Arrivals 96. on track 260. shipments 503. Saturday. 49. Sundav.

On Commission How

Ouoiation* below are average wholesale prices oeing offered w> buver* by local commission dealers FRI'ITS -Cranberries. Cape Cod. late Howes. 25-lb box $4 50 Grapes. California Emperors. 27-lb. box. $2 25. Persimmons. California. 40s-50s. $1 75 Quinces bushel. $3. Bananas. 4 J c Apples. Indiana Jonathans. $lB5 Grimes Golden $1 35u 175 Melons. California Honey Dews $2 75. Lemons. Sunkist, 3605. *5 50 4325. $5 50. Grapefruit. Texas, seedless. $3 Limes. Mexican, per carton. 12s. 25c; Byram. seedless, per hundred. $3. Strawberries. 12-box crate $2 25 a 2 50. California rhubarb. $1 40 a box. Pears. Oregon D'anjo. box. $3 50 VEGETAbiaS —Cabbage. Northern Dan lsh 50-lb bag. 65c red. 50-lb bag 90c Onions. Idaho sweet Spanish, large 50-ib *1 40: Michigan vellow. rr.ed.. 10-lb bag. 23c: western white 50-!b. bag. *1.85: Michigan tains. 100-lb bag. *1.50. northern round white. 100-'.b bag. *1; Ohio* 100-lb bag *1.75: Idaho Russets. 100-!b bag. *1 Sweet ?9tatoes. Indiana Jerseys bushels. *185: enneasee Nancy Halls bushel. *l4O Bean*, flat stnngless. hamper. *2 25 Celery. Michigan, medium, ooien. 50c. Jumbo, dozen. 75c; hearts: bunch. SI Cucumbers doz . $1 southern, bushel. *4 SO. Endive dozen. 5c Egg plant dozen. $1 50 Kale, home-grown bushel 50c. Lettuce hothouse. lt-lb basket. 60c; California Iceberg head lettuce, $4 50 Mangos Florida, crate. *3 Mint bunch. 15c Parsley, dozen. 38c Peas, hampers s2s<u4 50 Spinach, home-grown, broadleaf bushel. 65c Radishes dozen. 75c. Tomatoes, hothouse. *-!b basket. 81 35 Turnips, homegrown. doaen. 25e Pumpkins, dozen 81 MISCELLANEOUS—^Cocoanuts Jamaica 35 for 11.56. Oysters, standards gallon. 8150; aeele a gallon *l9O Chestnuts Italian a pound 12'.c Sarghum molasses, gallon. 85c Black walnut 50-lb. bag sl. Cider. 4 gallons to case. $2. Half-gallons. • to case. 81.75; quart*, 13 to case. 81.90. All quotations subject to chance, up or down.

PAGE 14

900 MILLIONS IN NEW FUNDS SOIIGHTBY U. S. Treasury Offers Equal Sums of Long and Short-Term Securities. Hy L niti <1 Prt WASHINGTON, Dec. 3 —Nearly a billion dollars in new money was ought by the United States Government todav to meet the expected j heavy costs of the recovery program ; :n the first three months of next | year. Although budget experts are 'studying means to cut Government j costs, the Treasury figured it needled at least a billion dollars of new money to run until March. It sought to obtain this cash today in borrowings from the public. The new funds are to be secured through an offering to the public at par of $450,000,000 of 3 4 per cent 15 to 13-year bonds and $450,000,000 of l'g per cent 18-month notes. Refunding Offer Made Along with the sale of the $900,000,000 of new securities the Treasury offered to refund in another transaction $992,496,500 of certifi- | cates falling due Dec. 15. Holders have the option of exchanging these for 11, per cent 18-month notes or 2 4 per cent 4',2-year notes. Sale of the new securities, together with $745,033,824 cash now in the Treasury, will give the Government 51,645.033,824 cash to finance itself until March. This sum is in addition to expected heavy tax collections over the next three months. The fact that less than a billion dollars in new money was sought indicated to some observers that the Government was preparing to exercise more “economy” at a period when relief needs have reached new peaks. Under-Secretary of Treasury Thomas Jefferson Coolidge in announcing the financing today, said no additional new money would be needed before March 15, and that special efforts to sell the bonds to small investors would not be used. Debt Sets Record Sale of the $900,000,000 of new securities will carry the public debt to anew record peak of $28,201,317,389 from the present level of $27,301.317,389. At this level it will still be far under the $31,834,000,000 ‘‘outside limit” set by President Roosevelt in his preliminary plan to lick the depression. While the Treasury was borrowing new money today, other Government officials were studying steps to bring down Government costs so that the budget might eventually be balanced. One way to reduce costs may be the separation of thousands of government employes from the swollen lederal pay roll. Government employment, the Civil Service Commission reported today, reached a peak of 680.181 at the end of October and showed a gain of 116.694 workers since President Roosevelt took office March 4, 1933. It was the largest federal pay roll since the war-time force was disbanded in 1920. Most additions have been in the •emergency” organizations and these would feel the brunt of any economy. More than a thousand workers have already been dropped from the Department of the Interior. The Agricultural Adjustment Admins ration has lost 600 arid several hundred have been dropped from the Federal Deposit Insurance Corporation, and the office of the Controller of the Currency.

REVAMPING OF CARRIERS NEAR Stage Is Now Being Set for Reorganizations, Study Says. By Times Special NEW YORK. Dec. 3.—For over two years the government has supported a number of leading railroads, which otherwise would have passed into receivership, but now there are definite signs that the stage is being cleared for orderly receiverships. Poor's Review declared today. “When Congress meets next February." the study continues, “it will probably be asked to revise the bankruptcy law in an effort to facilitate the reorganization of railroads. Two major changes among others have been proposed: reduction of present 62 2-3 per cent minimum assent requirement of security holders needed to sanction changes; set-up of capitalization pattern of so simple a form and so drastic in nature that subsequent reorganization should be permanent. “Apparently, the Administration desires these changes, ail of which should speed up reorganizations, before it allows any new receiverships. Preliminary steps have already been taken to speed the Missouri Pacific reorganization with the meeting of the creditors, bankers, owners, and Government representations in the road’s trustees. Similarly. hearings on a plan of reorganization for the Chicago & Eastern Illinois are scheduled to begin before I. C. C. some time in December. "Starting action on these reorganizations wilt aid both in future organizations and in ascertaining the type of change needed in the law.” CHEVROLET WINS AWARD By United Press WASHINGTON. Dec. 3.—Major General Louis H. Bash, quartermas-ter-general of the army, today announced approval of a contract award to the Chevrolet Motor Cos. for the purchase of thirty 14ton light trucks at a unit cost of $1.34739. The total cost of the contract was s4o y~ \

Abreast of The Times on Finance

URGES ECONOMIES

a,A- jQL _ fhiL-Ln- oSgjy

Winthrop W’. Aldrich

By Times Special SAN FRANCISCO, Dec. 3.—The municipalities and the states must very speedily abandon the idea that the United States Government is a very convenient place to deposit burdens which they themselves are in a position to bear, Winthrop A. Aldrich, chairman of the Chase National Bank of New York, declared today before the Commonwealth Club of San Francisco.

PORKERS SHOW STRONGTREND Majority of Classes Rise 10 Cents; Few Grades Unchanged. Despite extremely heavy receipts on hand in early trading at the local stockyards today, the majority of hog prices were largely 10 cents higher than last week's close. Few classes, however, remained stationary. The initial increase was attributed mostly to an exceptionally large demand prevailing. Receipts were estimated at 10,000, a large supply for a Monday session. The bulk, 160 to 200 pounds, was selling at $5.30 to $5.95. Better grades on hand weighing from 200 pounds and upward, were salable at $5.75 to $6.40. Top prices also held at $6.40. L ght lights, scaling 130 to 160 pounds, brought $3.57 to $4.50, while slaughter pigs, weighing 100 to 130 pounds, sold at $2.50 to $3.50. Packing sows cashed in at $5 to $5.75. Holdovers numbered 346. Quality was plain in the cattle market, with several classes of slaughter steers tending around 25 cents lower than Saturday. Early bulk of steers was valued to sell at $6.50 down. She stock showed only a slight change. Receipts were 1.300. Vealers were sharply 50 cents lower, salable at $7 down. Receipts were 500. Initial dealings remained unchanged in the lamb market. Bulk of native grades was selling at $7 down. Some better classes were equivalent to $7.25. Western kinds were inactive. Fat ewes sold at $2.50 down. Receipts numbered 2,200. HOGS Nov. Bulk Top Receipts 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 Dec. 1. 5.30® 5.85 6.20 3.000 3 5.30® 5.95 6.40 10.000 140-160i Good and choice . . $4.00® 4.75 (160-180) Good and choice . .. 5 30® 5.80 HBO-200) Good and choice ... 5.70® 6.10 1200-220) Good and choice ... 6.00® 6.30 :220-2501 Good and choice ... 6.20® 6.40 i250-290i Good and choice ... 6.20® 6.30 (290-350) Good and choice ... 6 05® 6.30 (275-350) Good 5.50@ 5.75 Packing sows: (350-425) Good 5 35® 5.65 (425-550) Good * 5.25® 5.50 (275-550) Medium 5.00® 5.35 (100-130) Slaughter pigs good and choice 2.50® 3.50 CATTLE —Receipts. 1.300 —Steers—-(sso-900) Choice $7.00® 800 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 2.50® 5.25 —Cows— Good 3 00® 2.25 Common and medium 2.25® 3.00 Low cutter and cutter 1.25® 2.25 Bulls—(Yearlings Excluded) Good 2.85® 3.50 Common and medium 1.75® 2.85 VEALERS —Receipts. 500— Good and choice $6 50® 7.50 Medium 4.00® 6.50 Cull and common 2.00® 400 —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® 525 Common and medium 2.75® 400 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. 2 200— Lambs 90-ibs. 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 Sheet)— • 120-150) Good and choice... 1.75® 2.25 All weights common and medium 1.25® 2.00 NEW MEMBER ADDED A. D. Thrasher Joins McTarsney & Brown Cos. A. D. ’ T 'hrasher. former!’- with the L. B. Calvelage Cos., has joined i firm of McTarsney & Brown, west side rea 1 estate and insurance agents, it was announced today. Mr. Thrasher has been connected with the latter company for the past twenty-five years. McTarsney & Brow-n believe the addition of M". Thrasher will make their firm more adequate in handling real estate deals, and also in carrying on their insurance business.

INDIANAPOLIS, MONDAY, DECEMBER 3, 1934

CENTRAL BANK IDEA SEEN VIA RESERVEBANKS Policy Changes Proposed to Bring About Dual Setup of System. BY RICHARD L. GRIDLEY United Press Staff Correspondent WASHINGTON, Dec. 3.—Transformation of the Federal Reserve system into a virtual “central bank” through concentration of its powers in the Federal Government were reported under consideration today. According to present thought the Reserve system would be retained as is. However, power would be sought by legislation, or other means, to allow selection of Federal Reserve Bank governors by the Federal Reserve Board at Washington. The Reserve board is appointed by the President. Washington to Dictate This, banking students said today, would be in effect to make a “central bank” out of the Reserve system. Policies would be determined by Washington officials rather than largely by the present 12 regional Federal Reserve Banks. Management of the 12 regional Federal Reserve Banks is now a joint matter between the governor, appointed by the directors of each bank, and the chairman of the board (Federal Reserve Agent), appointed by the Federal Reserve Board at Washington. This "dual” setup results usually in one or the other of the ranking officials dominating policies in each district. If the governors of the banks were appointed by the Federal Reserve Board and if “New Dealers” were made chairmen f the boards, control over the banns by the Reserve Board would be increased. First Step Visioned The first step in the program of br in ging “administration-minded” officials into key chairmanship jobs is expected shortly in the appointment of Controller of Currency J. F. T. O’Connor as Federal Reserve Bank chairman at San Francisco. Another change may take place at Cleveland, where a succcrr-r must be found for L. B. Williams, who resigned last week. These changes would give j Federal Government, through the Federal Reserve 3oard, closer supervision over banking. Another step might be the closer determ: ation by Washington fficials of “open market policies” of the various Reserve Banks under which they undertake to make credit easier or tighter as conditions may warrant.

Stock Studies

The American Smelting & Refining Cos. is one of the largest nonferrous metal smelting and refining companies in the world. While the company does some mining itself, its principal activities and revenue come from smelting and refining operations. It acts in this capacity for many large mining companies, including Kennecott Copper, Nevada Consolidated and St. Joseph Lead. Plant capacity is ample and properties are well located. FINANCIAL DATA (As of June 30) Common Stock ino par).. 1,829,532 shares Preferred Stocks $68,400,000 Funded Debt (incl subs.) 38,418,800 Surpluses 11,888,779 Investments 17,246,931 Cash and Securities 60,311 725 Total Current Assets 91,918,241 Current Liabilities 17.419,451 During the twelve months ended June 30, preferred stocks were reduced by $1,600,000, while funded debt was about $400,000 less, and investments decreased $15,900,000. Inventories increased nearly $21,000,000, while net working capital gained $16,000,000. Surpluses, however, totalled $5,700,000 less. On June 30 last the current ratio was 5 3 i to 1, while the book value of the common stock was $45.66, or $230 more than a year previous. American Smelting operated in the red in 1931 and 1932; in 1933, however, earnings picked up to 77 cents, while $1.07 was earned in the first half of 1934. With the payment on Dec. 1 of 54.25, all back dividends on the 7 per cent preferred iave been cleared up. No dividends have been paid on the common since early 1932. American Smelting was incorporated in 1899 in New Jersey. Both classes of stock are listed on the New York Stock Exchange. The common is currently selling for around 36 3 2. i All Riehts Reserved. Winchester Institute of Finance. Winch ster. Mass.)

Other Livestock

(By Times Special! LOUISVILLE. Dec. 3. —Cattle —Receipts. 900: government. 350: slaughter classes in light supplv: market active, 25c to 50c higher: most advance on medium and lower grade steers and heifers: bulk common to medium steers and heifers. $3.50 ots: better finished kinds. $5.50®6.5:'; top $6 85 for twenty-six head 1030-lb. steers; bulk beef cows. $2.50® 3: practical top. $3.25; low cutters and cutters. $1.25® 2.20; bulk sausage bulls. $2.50® 3: stockers in better demand mostly kinds of quality to sell from $4.50 down. Calves—Receipts. 400: market, steady: bulk good to choice veaiers. ss® 6: strictly choice. $6.50; medium and lower grades $4.50 down Hogs—Receipts. 1.400. including 71 direct: market 5c lower than Saturday or 10c higher than Friday; top and bulk desirable 230-300 lbs.. $6.25: 200-225 lbs.. 6 10: 305 lbs. up. $5.80 180-195 lbs . $5 50: 160-175 lbs 54.55 140-155 lbs. $4 05: 120-135 lbs . S3 35: sows. $4.50. Sheep— Receipts. 150: market, steady; bulk medium to good lambs. $5.75® 6 25: choice absent quotable higher; most bucks. $4 75 ® 5 25; common iptit throwouts, $3.50: better fat ewes. $ToO®2. AMOS NAMED EXECUTIVE By l ime* Special CHICAGO. Dec. 3.—Frank B Amos has been appointed account executive of Maxon, Inc., according to an announcement made today by Lou R. Maxon. president. The appointment becomes effective at once. Mr. Amos was formerly connected with the Studebaker Corp. HOLT GETS NEW JOB By Times Special MONTREAL. Dec. 3.—Relinquishing the presidency of the Royal Bank of Canada after serving twenty-six years in office, Sir Herbert Holt will become chairman of the board and chairman of the executive committee, it was reported.

Survey of Current Business Conditions United States Department of Commerce-

LEGfcND ■■■■ BUSINESS ACTIVITY (NEW YORK TIMES)* STEEL INGOT PRODUCTION CONSTRUCTION CONTRACTS AWARDED* *0 ■ ” / v- ®° , *0 K V *0 *o ’0 4 1 *0 ■ jT -A | 60 ~—\r ZO . ;o ’ ’ *** '- %n 1.1 ■I, nl 111 i 111 ill nl, Hill mlm 111 nil n!m Lull nlmll, : Inlllm hull II lllillllilm .! 11 11. I, l.n. f) m lmTiTi il * ,!j , i!I m.I:. 11 m 11. 111 ,i. 1,.. 1.■,. AUTOMOBILE PRODUCTION LUMBER PRODUCTION BITUMINOUS COAL PRODUCTION 0 (60 p— ——————————————i too| 100 r ; ■ 130 —jr 80 7 o t ■ JX 00 loLiLnliiuldiliiiliiiilnilildmiliufßnliifl olinlmlniiliuliuluulmhiiliiulinliuliml ol■■■ 1■ ■ ■ 1.. i. 1,,,!:,. 1,,, l 1,. ■ll■. I, ■., 1.,, i,,, I, ■,, FREIGHT CAR LOADINGS COTTON RECCIPTS ELECTRIC POWER PRODUCTION* (00 | —oo ' | — , jo 300 ■ no 60 200 ’ ' ' OO iii,iii.iiiii-uii.i!,,.im, o .J a0..1,, i:i ii.... 1 FISHER'S WHOLESALE PRICE INDEX* BONO PRICES* STOCK PRICES* 100 " 170 7 ISO ~~— o 1... 111111111 ll I 1111 11111 l llllluilimllilllllllll J fcO In ill lIInII 111 ill I ill n I 1111111111111111 lln I 111 111 oll.il, nln, iln ilml ~, 11, i .1,, 11,,, COMMERCIAL FAILURES* BANK OEBITS OUTSIDE NEW YORK CITY* BROKERS LOANS NEW YORK CITY 220 I— l 0 100 1 ! “ lto jar ‘ i zo - bo1 40 ' OO 4,0 - A - n - r . Z 0 1,.. !i. 11111 ll In 111,111,. I m l.n !■. iI ll 111.1.1.11. 40 lluilmi 0 mimLm ill I ill nil, 111 i, .ImlmJ FEDERAL RESERVE MEMBER BANK LOANS TIME MONEY RATES* MONEY IN CIRCUIATION* • •00 (SOI i*o| r ■ 90 (00 r 140 V-L-80 SO - ■pywtolmlatoSK3 * COMPUTED NORMAL * 100 A CRAMS ESTIMATE US. * CANADA * 1926 * 100 * NUMBER * DAILY AVERAGE *1928-1930 = 100

New York Stock Exchange Prices

(Bv Thomson & McKinnon) 11 A M. Prev Oils— High. Low. N. Y. close. Amerada 48 48 48 48 Atl Rfg 25% 25% 25% 25% Barnsdall 6% 6% 6% 6* Consol Oil 8% 8% 8% 8% Cont of Del ... 19'4 19% 19V* 14,i Mid Cont Pet .. 11% 11% ll’a 11% Ohio Oil 10 10 10 10% Phillips Pet 15% 15 * lo * 15% Plymouth Oil .. B*2 B’B 2 B*B Shell Un 6 7 * 6% 6% 7 Soc Vac 14 7 s 14% 14 7 a 14-4 SO of Cal 31% 31% 31V* 31% S O of Ind .. 25 25 25 25'* S O Os N J .. 42' 2 42>2 42>2 42% Texas Corp •. 22 21 3 /4 21% 21V* Tidewater Assn . 9 9 9 9 Un Oil of Cal . 16Vi . 15% 16'/4 15% Steels— Am Roll Mills • 20 7 * 20% 20% 20% Beth Steel 31% 31'/* 31 Vi 31% Bvers AM ... 19'4 19 19 19% Cl uc Steel ...22% 22% 23% 22% Ludlum Steel 15% 15% 15% 15% McKeesport Tin .93% 93% 93% 93% Mid Steel 12V* 12 12 12 Otis Steel 5% 5% 5% 5% Rep I & Stl 14% 14% 14% 14% Rep I & S pfd 42’,4 42 •/ 42 >4 43 U S Pipe & Fdy 21 21 21 21% U S Steel ■ 38 38% 38% 38% U S Steel pfd . .82 81% 82 81'4 Young’wn S & T 19 19 19 19 Motors— Chrysler 40 39% 39% 40 Gen Motors ... 33% 32% 33 33 * Graham Mot ... 2% 2V* 2% 2 * Hudson 12'/a 12',* 12'8 12 2 Hupp 3'l 33 o'/s Nash 18% 18% 18% 18% Packard 4'/* 4 4V* 4 * Studebaker 2 2 2 2 Yellow Truck.. 3% 3'2 3% 3 4 Motor Access — Bendix 16% 16% 16% 16% Bohn Alum .... 59 59 59 59 4 Briggs 24 23% 23% 24 Budd Ms? 5*4 5V4 5% 5/2 Budd Wheel ... 3% 3% 3% 3V? Eaton Mfg 18 18 18 18 Elec Auto Lite.. 27% 27% 27% 27% Elec Stor Bat... 47 46% 47 46% Houdaille “A”... 7% 7 7*/* 7 Body ... 6% 6 3 4 6% 6% Stew Warner ... 8 7, 8 8% Sty 9 Timken Roll . • 33% 33% 33'e 33% Timken Det Axle 6% 6% 6% 6% Mining— Alaska Jun 17% 17% 17% 17% Am Metals 13% 13V* 13% 13% Am Smelt 36Vi 35% 35% 36% Anaconda 11 10% 11 10 8 Cerro De Pasco 39% 39'/4 39% 39% Dome Mines ... 37% 374* 37% 37 * Granby 6% 6% 6% 7 Gt Nor Ore 11% 11% 11% U% Homestake Min 380 378 380 375% Int Nickel 23% 22% 22% 23% Kennecott Cop . 17% 17 17*A 17% Park Utah 3% 3V4 3% 3% Noranda Cop .. 32% 32% 32% 33 Phelps Dodge .. 14% 14% 14% 14% Vanadium 20 20 20 20 Amusements— Fox Theat 14% 13% 14 14 Loews Inc 36% 36 36% 36% Radio Corp .... 6% 6 6 6% Paramount .... 3% 3% 3% 3% RKO ... 1%. I 7 * 1% 1% Warner Bros ... 5% 5 s'/* 5 Tobacco*— Am Sum Tob 21% 21% 21% 21% Am Tobacco “A" 84 84 84 84 Am Tobacco “B” 86% 86% 86% 86% Lig & Myers ‘B' 108% 108% 108% 108% Lorillard 22% 21% 21% 21% Phillip Morris 39% 39 39% 39% Reynolds Tob B' 52% 51% 51% 52% Rails— Atchison 55% 55% 55% 55% Atl Coast Lines 34% 34% 34% 34% B& O 15% 15 15 15% Can Pacific .... 12% 12% 12% 12% Ch & Ohio 45% 44% 44% 45% C M & St P pfd 4% 4% 4% 4% Chi N W 5% 5% 5% 5% Dela & Hud ... 41% 41% 41% 41 s * Del Lac & W... 19 19 19 19V* Erie 13% 13% 13% 13% Grt Northern pfd 16V* 16 16% 16% Lehigh Valley . 11% 11% 11% 11% M K & T ... 6% 6% 6% 6% MK & T pfd... 14% 14% 14 s * 14 N Y Cent 22 21% 21% 22% Nor Pacific .... 20% 20% 20% 20% Penn R R 24% 24 24 24% Sou Pac 18% 18% 18% IBV2 Sou R R 17% 17 17 17 West Maryland . 9% 9 5 * 9% 9% Equipments— Am Car & Fdy . 18 18 18 18 Amer Loco 18% 18% 18% 18% Am Steel Fdy . 17% 17% 17% 17% Bald Loco 5% 5% 5% 5% Gen Elec 20% 20% 20% 20% Pullman Inc ... 49 49 49 49% West Air Br .. 25% 25% 25% 25% Westingh Elec . 35% 34% 35% 35 Utilities— Am Power & Lit 4% 4 4 4% AT&T 107% 107% 107% 107% Am Wat Wks .15 14% 15 15% Col Gas & Elec . 8% 8% 8% 8% Com & Sou 1% 1% 1% 1% Consol Gas ... 24% 23% 23% 23% E' Pwr & Lit .. 3% 3% 3% 3% Interboro R T . 14 14 14 14% Int T & T . . 9% 9% 9% 9% Natl Pwr & Lit. 7% 7% 7% 8% North Amer ... 13% 13% 13% 13% Pac G & E ... 15 15 15 15% Pub Serv N J... 31 30% 31 30% So Cal Edison .. 12% 12% 12% 12% Std Gas 6% 5% 6 6% Stone & Webster 5% 5% 5% 5% United Corp ... 3% 3% 3% 3% Un Gas Imp ... 13% 13% 13% 13% Rubbers— Goodrich 11% 11 11% 11 Goodvear 24% 24% 24% 25% U S Rubber 17 16% 16% 16% U S Rubber pfd 39% 39 39 39% Miscellaneous— Allis Chalmers . 15% 15% 15% 15% Am Can 105% 105% 105% 105% Am Mach & Fdy 19% 19% 19% 19% Brklvn Man Tr 39% 39% 39% 40 J I Case 53% 53% 53% 53% Conti Can 62% 62 62 62% Curtis Pub . 20% 20% 20% 20% Curtis Pub pfd 87% 87% 87% 88% Deere & Cos 23% 23% 23% 23% Eastman Kodak 113'. 113% 113% 113% Foster Wheeler 15% 15 15 14% Gillette 13% 13% 13% ' 13% Glidden 27% 27% 27% 27% Inter Harv 38% 38% 38% 38% Natl Cash Reg . 17% 17% 17% 18 Owens Bottle ... 84% 84% 84% 84% Rem Rand ... 10% 10% 10% 11 Worthing'n Pmp 20% 20% 20% 20% Foods— Am Sugar 64% 64% 64% 64% Armour Com 5 5% 5% 5% Armour t'r pfd 71 71 71 71% Borden Prod ... 24% 24'* 24% 24'* Gen Baking ... 7% 7% 7% 7% Gold Dust 17% 17% 17% 17** G W Sugar 28% 28% 28% 28% Hershev 72 72 72 71 Int Salt 30% 30% 30% 30% Natl Biscuit ... 30% 29% 30% 30% Natl D Prod 17% 17% 17% 17% S Porto Rico Sug 22 21 21 22% Std Brands ... 19% 19 19% 19% Un Biscuit 25% 25% 25% 25% United Fruit ... 72 72 72 71*, Wriglev 75 74 * 75 74 Retail t=*res — Best & Cos ... 39 39 39 39% First Natl Stores (15% 64% 65% 65% Hahn Dept Sts 5% 5% 5% 5% Jewel Tea 57% 57% 57% 57% Kresge S S 21 21 21 21% Kroger Groc 29% 29% 29% 29% Macy R H 46% 46% 46% 47% McCrory St 7% 7% 7% 7% McLeUan St .... 12% 12% 12% 12 May Dept 5t.... 44Va 44% 44% 44%

Mont Ward 29'h 29's 29' g 29'i Natl Tea 114 104 114 104 Penney J C 68 4 68'i 684 684 Sears Roebuck.. 4014 40-4 404 41 Woolworth 55 544 55 55 Aviation— Aviation Corp . 44 4% 44 44 Boeing Aircraft.. 9•’4 94 94 94 Curtiss Wright... 24 24. 24 24 Curtiss Wri (A) 9 8% 9 94 Douglas Air 234 234 234 234 Nor Amer Av... 34 34 34 34 Sperrv Corp 94 9 9'4 94 Utd Aircraft new 124 124 124 12% Chemicals— Allied Chem ...1364 1364 1364 136 Am Com Alcohol 33% 33 33 334 Col Carbon .... 724 724 724 73 Com Solvents 21V* 214 214 214 Freeport Tex 27 4 274 27 4 27 4 Math Alkali 28 4 28 4 28 4 29 3 ,4 Monsanto Chem 58 58 58 59 Natl Dis (new) 27 4 27 27 4 274 Schenley Dist 28 4 28 28 4 28 4 Tex Gulf Sulph 354 354 354 354 Union Carbide 454 454 454 46 U S Indu Alcohol 44 44 44 44% Drugs— Bristol Myers .. 334 33% 334 334 Cotv Inc 74 64 74 64 Lambert 28 4 28 4 28 4 28 Sterling Prod . 60 4 60 60 4 60 Un Drug (new) 134 13% 13% 14 Vjck Chem .. 344 344 34'/ a 344 Zonite Prod 4 4 4 4'/a

Wall Street “BY RALPH HENDERSHOT-

Times Special Writer NEW YORK, Dec. 3.—The charge is being made in some quarters that the Administration, in Washington and the business leaders are indulging in more ballyhoo about the business improvement than is justified. In all probability we always will have the pessimists with us, but it would seem that they

should have had their fill of gloom during the last few years and now should be ready to crawl into their shells for a while. The truth of the matter is that business is better —considerably better. This fact is just beginning to dawn upon a great many people. And the betterment can be

wmjJßsm

measured on such old trusty yardsticks as steel output, electric production, farm income, automobile sales and corporate returns. That people the happy about it and are buoyed up with renewed nope is both natural and desirable. It goes without saying that the psychological effect of this improvement in trade sentiment will in itself prove a stimulant to business. When people see tangible gains in their own business and when they witness price increases in their investments they will spend more. And this spending benefits others, spreading in an ever-widen-ing circle. • a a a THERE is a type of ballyhoo which does more harm than good—the type which is not based on facts. Some people respond, only to find they have been misled. They become overextended, and their collapse hurts business generally. But it is extremely doubtful that the executives of the many large companies which have paid extra dividends within the last few weeks are kidding themselves. They may issue cheerful statements based on thin prospects, but when it comes to making actual cash payments out of the treasuries of their concerns that is another story. If the prospects were not favorable they would be running the risk of getting into trouble later on. ana EXCHANGE authorities in both New York and Chicago are giving serious thought these days to the establishment of markets for petroleum futures. Producers of oil. generally speaking, oppose the idea on the basis that storage facilities are not available, so that contracts for future delivery would be difficult to make. Some of those in the trade would like to see such markets come into existence, believing they would help to stabilize prices. The exchange people, of course, are interested in the commissions which might result. It is difficult to gauge Jhe soundness of the large producers’ side of the argument. As conditions in the industry stand now. these concerns are able to do just about as they wish in the matter of prices. An active market in futures might interfere with that advantage On the other hand, however, producers could hardly be expected to provide new storage facilities unless they were able to make a profit on the expenditures. And if they can’t see their way clear to build the tanks other interested parties probably could not justify the cost of them.

Financial— Adams Exp .... 1% 14 ... 14 Am Int Corp .. 64 64 64 64 Lehman Corp .70 69 4 69 4 70 4 Transamerica .. 5% 54 5% 54 Tr Conti Corp .. 34 3% 34 34 Building— Am Radiator .. 16% 16 164 164 Int Cement ... 29 284 29 28'-> Johns Manville . 544 54 54 4 54 4 Libby Owens Gls 28% 28 28 28 4 U S Gypsum .. 50 49!i 494 50 Household— Col Pal Peet .. 17% 17y 17% 17% Congoleum 354 35 35 35 Kelvinator 164 164 164 164 Proc & Gamble 43 4 43 4 43 4 43 4 Serve! Inc 7 7 7 7% Simmons Bed ..11 11 11 104 Belding Hem .. 124 124 124 124 Celanese Corp .30 29 4 30 29 4 Collins Aikman . 14% 144 14 4 14% Gotham Hose .. 6 6 6 6% Indus Rayon .26 254 26 254

Chicago Stocks

(By Abbott, Proctor & Paine) 11:00 prev. A. M. close. Bendix 164 164 Butler Bros 8% 8% Cities Service 14 14 Crane Cos 94 9 % Grt Lakes Dredge 174 174 Quaker Oats 128 4 128 Swift 184 18% Swift Int 34 4 354 Walgreen 27% 28 4

New York Curb

(By Abbott, Proctor &: Paine) 12:00 Noon Prev. N. Y. close. Alum Cos of Am 51 514 Am Cyanide •'B" 174 174 Am Superpower 14 14 Atlas Corp 10 94 Distillers Corp 16 16'% El Bond <fc Share 84 84 Ford of Europe 94 94 Hiram Waiker 26 4 274 Lake Shore Min 52 4 52 4 Natl Bellas Hess 24 24 Newmont Min 39'/8 39 Pan Am Airways 39 4 384

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers. A 25-cent carrying charge oer ton will be added. DOMESTIC BETAIL PRICES Anthracite *13.00 Brazil Lump 6*4 Brazil Mine Run 5.25 Coke. Nut Size 8.90 Coke. Egg Size 8 90 Indiana Forked Lump No. 4 6.94 Indiana Forked Lump No 6 5.84 Kentucky Lump Group “B’’ 7.18 Indiana Egg 5.71 Pocahontas Egg 8 42 Pocahontas Lump 8.32

Hendersbot

EARLY BUYING WAVE PUTS WHEAT HIGHER Opening Quotations Almost Full Cent Up. By United Press CHICAGO, Dec. 3.—A wave of buying broke out in the wheat pit on the Board of Trade today, when cables reported strength at Liverpool. At the start wheat was 1 2 to 4 cent higher, corn was unchanged to ■■’i cent higher, oats were up % to a cent, and rye was % to 2 cents improved. Weather continued unfavorable to wheat in Australia. Argentina and India, and only liquidation was able to check a sharp advance at Liverpool. The trade paid little attention to heavy precipitation over much of the domestic belt. In the corn pit buyers snubbed the nearby futures and centered their interest in May and July. (By James E. Bennett) Wheat— 1100 Prev. High. Low. A M. close. Dec 1 004 1 004 1 004 .964 May 1.004 100 1.004 .994 July 94 4 .93 4 .93 4 .93 4 Corn— Dec 93 4 .92 4 92 4 .924 May 92 .91 914 .91 July 894 .884 .89 .88 4 Oats— Dec 554 .544 544 . 54 May 54 .53 4 .534 . 524 July 494 434 .484 .434 Rye— Dec 774 .76 4 .77 .764 May 78 .764 .77 .76 July 774 .764 .774 .754 LOCAL CASH MARKEI Citv grain elevators are paving SO cents for No. 2 soft red wheat, other grades on their merits Cash corn No. 3 vellow 38 cents and oats 49 cents. L. &~nTbusiness rises Rate Reduction in Passenger Service Increases Rail Traffic. By 7 imea Special NEW YORK, Dec. 3.—The Louisville and Nashville Railroad, after making drastic reductions in rates I to the Gulf Coast, is now enjoying ! the heaviest business southward j for the last four years, it was announced today by officials of the company. On every run, the luxurious PanAmerican, L. & N. Gulf Coast flyer, since the rate reduction became effective, is now carrying a record crowd to resorts along the Gulf of Mexico between New Orleans and Pensacola, in western Florida.

Latest Stock, Bond and Commodity Quotations

LIST DISPLAYS DULL TRADING, UNEVENTREND Most of the Leaders Move Moderately Lower in Early Dealings. By United Pm* NEW YORK, Dec. 3.—Trading was dull with prices irregular in the morning dealings on the Stock Exchange today. Most of the leaders, including United States Steel. American Telephone. Chrysler. General Motors, the electrical equipments. National Distillers. Case. Sears. Roebuck and Montgomery Ward eased fractionally. A few issues advanced, including United Aircraft, which made anew high for the year at 12 *. up 4 in fairly active turnover: some of the coppers, most of the utilities, amusements and textiles. Pierce Arrow was active in the low-priced motor shares. It touched T s, up 4. and then sagged to the previous close. Leading motors were dull. Airplane shares failed to follow United upward. Rails were unchanged to fractionally lower. American Sugar preferred made a new high at 129'*, up 1-1*; Columbia Pictures at 414, up IN; Mckesson & Robbins preferred at 374, up 3 2 * and Minneapolis-Honeywell Regulator 62. up 2.

Treasury Statement

•By United Press). WASHINGTON. Dec. 3.—Government expenses and receipts for the current fiscal year to Nov. 30. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses .$2 892.632.093 1 1 $1,908.696 977 09 Receipts .. 1.460,391.130.67 1.136.504 402 34 Deficit ... 1.432.240.962 44 772 465 574 75 Cash bal . 1.597.408.038 91 1.106i839J)61.43 ADVERTISING WILL BE STIMULATED American Bankers Assn. Maps Three-Fold Program. Ry Times Special NEW YORK, Dec. 3.—Plans for stimulating wider use of informative newspaper advertising by banks in promoting public understanding and confidence in regard to existing banking conditions and methods were announced here today by R. S. Hecht, president of the American Bankers Association, as a part of his organization’s activities in aid of general business recovery. Three-fold lines of activity in this connection in co-operation with member banks are being followed, Mr. Hecht said. A general groundwork was prepared through a nationwide survey of advertising by banks relative to their willingness to extend justifiable loans to industry and trade, and this, he said, revealed that a large number in all parts of the country are pursuing aggressive policies along this line. TRAFFIC GAINS SHOWN FOR UNITED AIR LINE Passenger Volume Up 17 Per Cent, Express 142 Per cent. By Times Special CHICAGO, Dec. 3.—Passenger business of the United Air Lines during the first 10 months of the current year increased 17 per cent, and air express 142 per cent over the same period of 1933, according to W. A. Patterson, president. The company carried 127,237 revenue passengers this year, compared with 108,713 in the previous year. Express tonnage amounted to 444 tons, against 181 in the corresponding year. The United Lines now are carrying approximately 50 per cent of all United States air mail. New winter schedules calling for flying of approximately one million miles a month, have been announced. Nearly 40 per cent of this mileage is without mail pay. Reduction of rates recently has increased both the volume and the income, it was reported. CRUDE OIL STOCKS DIP BY 1,353,000 BARRELS Government Report Also Shows Gain in Consumption. By United Press WASHINGTON, Dec. 3.—The Department of Interior announced today that domestic and foreign crude petroleum stocks totalled 326,323,000 barrels at the close of the week ended Nov. 24, a decrease of 1,353,000 barrels from the previous seven-day period. The report showed crude oil production is decreasing and consumption increasing. Daily average production amounted to about 2,400,000 barrels or about 45,000 barrels less than the average for the previous week. Crude runs to stills showed an increase of 10,000 barrels, with the daily average set at the 2,580,000barrel mark. NEW OFFICIAL NAMED Fowler McCormick Is Promoted by International Harvester. By Times Special CHICAGO, Dec. 3.—Election of Fowler McCormick as vice-president of the International Harvester Company, was announced today following a meeting of directors. He also will have charge of the company’s foreign sales. Associated with the company for the last ten years, Mr. McCormick joined the manufacturing and engineering department in 1925. He is 35 years old, and is the son ol Harold McCormick and a grandson of John D. Rockefeller. BONDS ARE CALLED By Timrs Special ) NEW YORK. Dec. 3.—The Chase National bank of New York is notifying bondholders of the Union Electric Light and Power Company of Illinois first mortgage 5% per cent issues, series A. due Jan. 1, 1954, that 125,000 principal amount of issues, has been drawn for redemption on Jan. 1, 1935, for account of the sinking fund.