Indianapolis Times, Volume 46, Number 178, Indianapolis, Marion County, 5 December 1934 — Page 20

Trends • mm Acumen Displayed by Treasury in Financing 1 . BY VINCENT 8. LYONS rime* Financial Editor

else may be said * * of the Roosevelt Administration's conduct of financial and monetary affairs, it must be admitted, even by the severest critic &, that it has handled its ventures into the new capital market with an amazing acumen. If there is any doubt of this it should have been dispelled by yesterday s announcement of the resuits of the Treasury s latest offering of $300,000.000 of new bonds and notes. Confronted with the task of meeting on Dec. 15 the $392,000,000 maturing 2% per cent certificates of indebtedness and, at the same time, of acquiring additional funds for relief needs during the winter the Treasury Department, under Henry Morgenthau Jr., on Monday disclosed the terms of a gigantic $1,892,000,000 financing operation to take care of these problems, y The terms of this huge program were as follows: The cash needed for winter relief was to be procured through the sale of $450,000. 000 of 15 to 18-year 3% per cent bonds, maturing Dec. 15, 1952, but callable after Dec. 15, 1943, and $450,000,000 of 1% per cent 18month notes while the maturing $992,000,000 of 2'* per cent certificates of indebtedness was proposed to be met by offering holders of such obligations outstanding 1V per cent 18-month notes and 2% per cent 4%-year notes. a a a T TOW astutely the Treasury * gauged the market can be seen by delving into the finer points of the operation. The new securities as well as those offered in exchange for the maturing certificates were so neatly paced in the matter of interest rates and ma*uries that the successful conclusion of the financing arrangement virtually was assured before formal offering. The 15 to 18-year bonds bearing interest at the rate of 3% per cent, were an ideal investment for insurance companies and other institutional sources, which have been hard pressed seeking an outlet for their surplus funds. The I*4 per cent 18-month bills ostensibly were designed to appeal directly to the banking institutions of the country, which like to keep their funds in short and intermediate term securities. Therefore, when these two offerings, amounting to $900,000,000, were greeted with $5,400,000,000 of subscriptions on the same day of their formal sale little surprise was shown by students of the United States Government bond market. In other quarters unfeigned elation was displayed over the fact that the Treasury could sell almost a billion dollars of new securities in a single day. a a a TIOOKS have not been closed as yet on the exchange offering in connection with the Dec. 15 maturity of certificates, but this is as expected. The bulk of this issue is held by banking institutions and there is no question but that the swap will be made, for after all tendering of the securities for cash would only give the banks more non-working funds. Banks usually take their time about completing the exchange. Critics of the Administration’s financing tactics scoff at the success which has marked the Treasury’s trips into the investment market with the assertion that the government bond market represents about the only outlet for investment funds at this time, and that the public debt has risen to a fresh peak of $28,200,000,000. This view, however, fails to take Into consideration the fact that in the process of piling up this record debt, the Treasury has effected drastic savings for years to come through refunding operations which pared the interest rates on currently outstanding issues. Then, too, a large part of this debt has been incurred because the Government has made varied expenditures in an endeavor to foster business revival—and much of this will be returned in due course. 6 NEW VOLUMES NOW AT BUSINESS BRANCH “Roosevelt Versus Recovery" Among * Books Received at Library. "Roosevelt Versus Recovery," by Ralph Robey, and a revised edition of "Dynamite: The Story of Class Violence in America." by Louis Adamic, heav the list of recent publications now available at the business branch of the Indianapolis Public Library. Os the first of these books, it has been said that it is "perhaps the strongest attack on the economic program of the New Deal that yet has appeared in print." The revised edition of Mr. Adamic's work is concerned with what the labor movement in this country has done and failed to do during the years of depression. Other new volumes received include "About Annuities." by Stuart O. Landry; "Economic Citizenship." by J. A. Lapp and A. F. Ross; “Letter Writing for Typists." by Wallace B. Bowman, and “Log Cabins and Cottages: How to Build and Furnish Them," by W. A. Bruette. RAILROADS CUT FARES FOR LIVESTOCK SHOW Special Charges of One Cent a Mile Established by Monon and Big Four. Special rates of I cent a mile on passenger fare rates from Indianapolis to Chicago, where the International Livestock Exposition is nowin progress, have been announced by the Monon and Big Four Railroads On the Monon the rate is effective beginning with the 11:10 a. m. train from here Friday until the 1:30 a. m. train Sunday, and returning until the tram out of Chicago at 1145 p m Sunday. The Big Four special rate is effective on trains leaving this city at 15:45 a. m. Friday and 1:55 a. m. Sunday and returning urutl the 11:55 p. m. train from Chicago Sunday, a

PAGE 20

STATE TD GET $17,000,000 OF RAIL SPENDINGS Indiana Third in Benefiting From PWA Loans to % Railroads. Railroads will spend $17,000,000 of the $199 607.800 total oi Public Works Administration loans in the state of Ind.ana, according to the current issue of Railway Age. The distribution of these loans among the various states is being made on the basis of the expenditures to be made at the point of primary assembly, the magazine articles explains. The money will be expended directly in forty states, of which Indiana ranks tmrd Pennsylvania, with $81,000,000, and Maryland, with $18,000,000, rank first and second respectively. Stressing the immediate creation of employment and revival of purchasing power resulting from PWA loans to the railroads, the article points out that up to Oct. 15 these projects had created direct employment on the railroads to the extent of 3€,840.9")0 man-hours and had added $20,396,000 to railroad payrolls, while equipment and materials valued at $100,000,000 had been purchased. Loans Mean Jobs "One oi the most beneficial aspects of these PWA loans.” says Railway Age, "lies in the rapidity with which they are converted into jobs, pay checks and purchases of material, which mean still more jobs and pay checks. Sixty per cent of the total railroad allotments of $199,607,800 had been expended as of Nov. 3. "The railroads thus have continued the policy favorably commented upon in a report recently made to President Roosevelt by Donald R. Richberg, 48 per cent of all railroad money has been spent and 53 per cent of man-hours used, compared with 8 per cent of money and 7 per cent of man-hours in other non-federal projects. It is estimated that these PWA loans to railroads have resulted in the creation of more than 100.000 jobs. "If railroad purchases are to be increased, the earning power of the railroads must be improved,” the magazine continues. "Earnings are essential to credit not only because they reflect the ability both to pay interest on borrowed money and to provide for the ultimate repayment of the principal, but also because they directly affect the value of the collateral which a railroad has to offer as security: The Government itself insists on adequate collateral security for its loans to the railroads. "Until conditions are created which will reopen the private capital market to the railroads, there are many arguments in favor of a policy by which the Government will extend and the railroads w r ill apply for loans for maintenance and equipment. Recovery Would Be Hastened "These loans will enable the railways to make expenditures for improvements and maintenance which would be made later if earnings would then justify them or which will tend to improve the condition of the carriers by making their service more attractive. Such loans would increase buying from the durable goods industries and thereby hasten economic recovery.”

On Commission Row

Quotations oelow are averase wholesale prices beine offered to buyers by local commission dealers FRUlTS—Cranberries. Cape Cod. late Howes. 25-!b. box $5 Grapes. California Emperors, 27-lb. box. $2.25. Persimmons. California. 40s-50s. $1.75 Quinces. bushel. $3. Bananas, 4%c. Apples. Indiana Jonathans. $1.85; Grimes Golden. $1.35®1.75. 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® 2.50. California rhubarb. $1.40 a box. Pears. Oretron D'anjo, box. $3.50. VEGETAKI.fcS —cabbage. Northern Danish. 50-lb bag 65c; red. 50-lb bap. 90c Onions. Idano sweet Spanish, large 50-lb.. $1 40. Michigan yellow, med.. 10-lb. bag. 23c: western white 50-lb. bag. $1 85: Michienn 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 Jersey s bushels. $1.85: Tennessee Nancy Halls bushel. $1 40 Beans, flat stringless, hamper. s2® 2 25. Celery. Michigan, medium, dozen. 50c; jumbo, dozen. 75c; hearts: bunch. sl. Cucumbers doz $1: bushel. $4. southern, bushel. $4 50 Endive dozen, 38®40c Egg plant. S3 crate. Kale, home-grown, bushel 50c Lettuce hothouse. 15-lb. basket. 60c; California Iceberg head lettuce. $4 50. Mangos. Florida, crate $3 Mint bunch. 15c. Parslev. dozen. 35c. Peas, hampers. 53.75*/4 Spinach home-grown, broadleaf. bushel. 65c Radishes dozen. 75c Tomatoes hothouse 8-lb. basket. $1.25® 1.35. Turnips, home-grown dozen 25c. Pumpkins, dozen SI MISCELLANEOUS—Cocoanuts Jamaica. 25 for $1 50. Oysters, standards gallon. S! 50: selects gallon. SI 90. Chestnuts Italian a pound 12'-c Sorghum molasses, gallon. 65c Black walnuts. 50-lb bag SI. Cider 4 gallons to case. S2 Half-gallon*. 6 to case. SI 75; quarts. 12 to case. $1.90. All Quotations subject to change, up or down

Produce Markets

Delievered in Indianapolis prices: Heavy hens. 11c; Leghorn hens. 7c: colored springers. 12c old roosters 6c; ducks. 7c: : geese. 6c; voung guineas. 20c: old guineas. 15c Turkets—No. 1 young hens. 8 lbs. and over. 14c: voung toms. 14 lbs and . over. 14c: voung toms. 11-14 ibs.. 12c: No 2 crooked breasts and thin turkeys. 8c: old toms, all weights. 11c: No. 1 strtctlv -esh country run eggs, loss off 23c Each full case must weigh 55 lbs gross: a deduction of 10c a pound for each pound under 55 lbs will be made Butter No 1. 30®31c Butterfat—26c Quoted bv j the Wadiev Company ■Bv United Press) CLEVELAND. Dec s.—Butter—Marlcet steady extras. 33c: standards. 32c. Eggs Market steady: extra white. 31c: curj rent receipts 25c: pullets 22c Poultry— I ?teadv fowls colored. 4% lbs and up, ! 16c ducks. 13c; geese, heavy, fat. 14c: geese ordinary. 12c: turkeys, voung. 18S 19c. toms. 14c: No 2 turkrvv 14c Pototoes—Mimes. *1 *t 1.10 a 100-lb bag Ohio best mostly 75'<t8zc a 100-lb bag; Mich:gsn 80c a 100-lb. bag: New Jersey. $1 a 100-lb. bag.

Retail Coal Prices

m* following prices represent quotations Don leading Indianapolis coal dealers tdded DOMESTIC RETAIL PRICES Antnracite sl3 00 Brazil Lump gs 4 Brazil Mine Run 525 Coke. Nut Size 8.90 Coke. Egg Size g9O Indiana Forked Lump No 4 694 Indiana Forked Lump No 6 584 Kentucky lump Group -B" 7.18 Indiana Egg 5.71 Pocahontas Egg g 49 Pocahon-a* Lump g.sj TRAFFIC MANAGER NAMED Appointment of E. S. Stepfiens as general traffic manager of the Chij cago Sz Eastern Illinois Railroad. | was announced today by C. T. O'Neal, president.

Abreast of The Times on Finance

RELATIVE COST OF COMMODITIES BOUGHT BY FARMERS AS OF SEPT, 15, 1934 (Accoo<m ti in nt e ttucvirimt) COMMODITY INDEX NUMBERS. 1310-1914.100 BOUGHT Q 25 50 75 100 <25 ISO ITS 111 EQUIPMENT I AND SUPPLIES _ 1 I FOOD I '* PllD . • • • *""T All COMMODI- * ‘ "" „ TIES BOUGHT - - ■ 4 CLOTHING ' 1 'j FURNITURE ' -i : . . ) ®t* BUILDING ■ . . 'I . MATERIAL __ I MACHINERY • , - \> 4 SEED ’ • lI 'I 1' I I I I W asrmm *tr**MM tsjm

New York Stocks

(By Thomson & McKinnon) 11:00 A. M. Prev. Oils— High. Low. N. Y. close Atl Rig as 7 * 25% 25% 25% Barnsdall 6V* 6 6 Consol Oil 8% 8 .§'/• s’ Cent of Del .... 19Vs 19 19 19 , MiO Cont Pet ... 12% 12 12 11% Ohio Oil 10 10 10 10% Pet Corp 9', 9% 9 * 9 * Phillips Pet 15'2 15% 15 2 15 s Plymouth Oil .. 8% B'2 8/2 8 2 Pure Oil ... 7% 7% 7% J Royal Dutch ... 30 30 30 30% Seaboard Oil ...*26% 26!* 26V* 26% Shell Un 7 7 J, 6% Skelley Oil 7Vi Ts 7% 7's Soc Vac 14% 14% 14% 14% SO of Cal 32% 32 32% 32 SOof N J 42% 42% 42% 42% Texas Corp 22 21% 21% 21% Tidewater Asm 9 9 9 9 Steels— Am Roll Mills .. 20% 20% 20% 20% Beth Steel 32 31 % 31% 31% Cruc Steel 23% 23% 23% 23 Inland Steel 45% 44% 44% 44% Mid Steel 12 12 12 12 Natl Steel 44% 44 % 44% 44% Otis Steel . ... 5% 5% 5% 5% Rep Iron k Steel 14% 14% 14% 14% Rep Ir Stl pfd. 44% 44% 44% 43% U S Pipe k Fdv 21 % 21% 21% 21 U S Steel .39 38% 38% 38 U S Steel pfd . . 82% 81% 82% 81% Warren Bros 6 5% 5% 0 Youngstn S& T 19% 19% 19% 19% Motors— Chrysler 40% 39% 40% 39% Gen Motors ... 33% 33 33% 32'4 Graham Mot ... 2% 2 2 2% Hudson 12% 12% 12% 12 Hupp 3V* 33 3 Nash 18% 18 18% 18 Packard 4% 4 4% 4 Reo 2% 2% 2% 2% Studebaker 2% 2 2 2 Motor Access — Bendix 16% 16% 16% 16% Bohn Alum .... 59% 59% 59% 59% Borg Warner ... 28 27% 27% 27% Briggs 24 23% 23% 23% Budd Mfg 6 5% 5% 5% Budd Wheel ... 3% 3% 3% 3% Eaton Mfg .18 18 18 18 Elec Auto Lite . 27% 27% 27% 27% Elec Stor Bat . 47% 47% 47% 47% Houdaille A .... 7% 7% 7-’s 7% ; Murray Body ... 6% 6% 6% 6% 1 Stew Warner .. 8% . 8% Timken Roll 33% 33 33 33 Timken Det Axle 7 7 7 6% Mining— Am Metals .... 13% 13 13% 13 Am Smelt 36% 35% 36% 35% Anaconda 11 10% 10% 10% Cal & Hecla 32% 2% 3 Cerro De Pasco. 41 39% 41 39% Dome Mines ... 37% 37% 37% 37% Howe Sound ... 50 49% 50 48% Int Nickel . 22% 22% 22% 23 Isl Creek Coal . 32% 32% 32% 32 Kennecott Cop . 17% 17 17% 17 Mclntvre Mine . 42 42 42 41% Noranda Cop 3% 3% 3% 3% St Joe Lead .. 16% 16% 16% 16% U S Smelters 120 118% 120 118 Park Utah ... 31% 31% 31% 31% Vanadium 20% 20 20% 19% Amusements— Fox Theat 14V* 14% 14% 14 Loews Inc 36% 36% 36% 36% Radio Corp ... 6% 5% 6 6 Paramount 3% 3% 3% 3% RKO 1% 1% 1% \ 3 * Warner Bros .. 4% 4% 4% 4/s Tobaccos— Am Sum Tob 22% 22% 22% 22% Am Tobacco ’B’. 86% 86 86 85% Gen Cigars 57 Vi 57% 57 Vi 57 Ligg * Mvers B ins 10R 108 107% Lorillard 22 21% 22 21% Phillip Morris 39% 39% 39% 39% Reynolds Tob B 53% 52% 53% 52 4 Rails— Atchison 57% 56% 56% 56% Atl Coast Lines 37% 36% 37 35 B & O 15% 15 s * 15% 15% Can Pacific. .... 12% 12% 12% 12 4 Ch k Ohio 46% 45% 46% 44 s Chi 4 Gi W 2% 2% 2% 2 C M & St P 2' S 2% 2% 3 O M & S* P Dfd 4% 4% 4% 4Vs Chi N W . 11% 11% }}% Jl Chi N W pfd 11% 11% 11% 11 Dela k Hud .44 43 43% 42% Del Lac k W . 20% 19% 20% 19% Erie 14% 14 14% 14 Erie pfd 17% 17% 17% 17% Grt Northern pfd 17% I<% 17_ 17 111 Central .- • ■ 18% 18% 18% 18_* K C Sou .... 9 9 9 8% Lehigh Valley . 11% 11% 11% Lou & Nash ... 48 47% 48 47 M K k T ••• 6% 6% 6% 6% MK k T pfd . 15% 15% 15% 15% Mo Pac pfd .... 3% 3% 3 4 33 N Y Cent 23% 22% 23% 22% N Y New Haven 9 8% 9 8% Nor Pacific. ... 21% 21% 21% 21 Penn R R 25% 25% 25% 25% Reading 44 44 44 42 * Sou Pac 19% 19% 19 l9 Sou R R 18 17% 17% 17% Union Pac . 109% 108% 109% 108% West Maryland.. 10% 10% 10% 9% Equipments— Am Brake Shoe 24% 24% 24% 24% Amer Car k Fdy 18 17;'* 17 * 18 Amer Loco 19% 19% 19 2 18 2 Am Steel Fdv . 17% 17% 17% 17% Bald Loco 5% 5% 5 * 5 2 C,en Am Tk Car 39% 38% 39% 38% Gen Elec ... 20% 20% 20 * 20% Gen R R Silt ... 28% 28 28% 29% Pullman Inc ... 49% 49% 49 49 s West Air Br ... 25% 25% 25% 25% Westingh Elec 35 35% 35% 35 Utilities— Am k For Pwr .5 5 5 5 Am Power & Lit 4 3% 4 4 AT&T 110% 109% 110% 109% Am Wat Wks • 14 s * 14 s * 14% 14% Col Gas k Elec 8% 8% §'2 8% Conn k Sou ... 1% 1% 1% )' Consol Gas . 24% 23 s * 24% 24 Elec Pwr k Lit . 3% 3% 3% 3% Int Hylro Elec 2 s * 2 s * 2 s * 2% Interboro R T . 14 14 14 14 Int T k T .. 9% 9% 9% 9% Lou G k EA . 13% 13% 13% 14 Nat Pwr k Lit 8% 8 8 8 North Amer ... 13 s * 13% 13 s * 13% Pac G k E .... 15 15 15 14% Peoples Gas 23 s * 22% 23 s * 22% Pub Serv N J N 33% 33% 33% 31% Std Gas 6 6 6 6 Stone * Webster 5% 5% 5% 5% i Unied Corp ... 3% 3% 3% 3 |Un Gas Imp . - 13% 13% 13% 13 * Wesern Union . 36% 35% 36 s * 36% Rubbers— Firesone 17 16% 17 16% Goodrich 10% 10% 10 s * 10% Goodyear .. .. 25% 25 25% 25 Kelly Spring ... 1% I s * 1% 1% U S Rubber 17 16 s , 17 16 s * U S Rubber pfd 40% 39% 40% 39 Miscellaneous— Allis Chalmers 15% 15% 15 s * 15% iAm Can 106% 106% 106% 106% Am Mach it Fdy 21% 21 21 s . 20% Anchor Cap 18 s * 18 s * 18% 18% Brklvn Man Tr 41 40** 41 40% Burroughs Add 15 s * 15% 15 s * 15 s * ! J I Case ... .. 54 54 54 53 Coni Can 63 62% 62% 63 Caerpillar Tract 34 33 s * 33% 33% Curtis Pub . 20% 20% 20% 20% Deere kCo 23% 23% 23 s * 23 Eastman Kodak 113% 113 113% 112% Foster Wheeler. 15% 15% 15 s * 15 Gillette 13% 13% 13% 13% Glidden .. 27% 27 27% 27 % Ingersol! Rand.. 69 68 % 69 68 j Int Bus Mach 158% 157% 158% 157 ! Inter Harv .. 39 38 s * 39 38% Natl Cash Reg.. 18% 18% 18% 18% Ow*ns Bottle ... 85 84 s * 85 85 Rem Rand 10 s * 10 s * 10% 10% Underwood E .. 58% 58% 58% 58 Worthington P . 22 21** 21% 21% Foods — j AmowTom" ' *5% *2% "g Armour S'T- pfd 70% 70% 70% 70% Borden Prod 24% 24 s , 24 s , 24 s , i Cal Packing 37% 37% 37% 37% ! Can Drv G Ale 16 s * 16% 16% 16% Coca Cola . 157% 156% 157% 155 | Corn Prod 66% 66 66% 66 Cuban Am Sugar 5% 5% 5% 5% i Gen Baking ■% ’% ’ ■% • Gen Foods 35 35 35 35 | Gold Dust 17% 17V. 17% 17% o w Suear 4 29% Loos* Wilt* .... 36% 35V* 56% 33

INDIANAPOLIS. WEDNESDAY, DECEMBER 5, 1934

Natl Biscuit ... 30% 29% 30V. 30 Natl D Prod ... 17% 17V. 17% 17 Purity Bak 8% 8 s * 8% 8% S Porto Rico Sug 23 5 . 23V* 23 s * 22% Std Brands .... 19% 18 s * 19V* 19 s * United Fruit 72Va 72% 72V. 72 5 /. Retail Stores— Assd Drv Goods 12 12 12 12% Best & Cos . . 39 38% 39 38% Gimbel Bros 4 4 4 4 Kahn Dept Sts . 6 6 6 5% Kresge S S 21VI 21 21V* 20 s * Kroger Groc ... 29 s * 29% 29 s * 29% McCrory St 7% 7% 7% 7% McLellan St 13% 13% 13% 13% Marshall Field 12''* 12 12% 12% May Dept St ... 44% 44% 44% 43 s * Mont Ward 30' 29% 30% 29 s , Natl Tea 11 s * 11% 11% 11% Penney J C 71 s /* 70 71 s /* 70% Sears Roebuck . 41% 41 41% 41 Woolworth 55 54% 54% 54% Aviation— Aviation Corp... 5 4 s /* 5 4% Boeng Aircft . 10% 10 10 9% Curtiss Wright 3% 3!g 3% 3 Curtiss Wright A 9% 9% 9Vs 9 Douglas Air 24% 23 s /* 24V* 24% Nor Am Av 4 4 4 3% Sperry Corp 9Vi 9% 9% 9% United Aircraft N 14V* 13% 13% 13% Chemicals— Air Reduction .. 111% 111 111% 110% Allied Chem 136 135% 136 135% Am Com Alcohol 33% 33 V. 33% 32 s * Col Carbon . ... 73 72V* 73 72'4 Com Solvents ... 21% 21 Vi 21% 21% Du Pont 98% 98 98 98% Liquid Carb 23% 23% 23 Vi 23% Math Alkali ... 29% 29'% 29% 29!i Monsanto Chem 58 s * 58% 58% 58 Natl Dis 1 new) . 28% 27 s . 28% 27% Schenlev Dist . 28 s * 28% 28% 27 s * Tex Gulf Sulph 34 s * 34% 34% 34% Union Carbide 46% 46 46 46 U S Indus Alco .45 Vi 45% 45% 44% Drugs— Bristol Myers .. 34% 33% 34% 33 s * Coty Inc 6 s * 6% 6% 67* Lambert ... 29% 29% 29Vi 29 Lehn & Fink ... 15 15 15 15 Sterling Prod. . 60% 60V* 60 s * 60% Un Drug mewl. 14 13 s * 13% 13 s * Vick Chem .... 34% 34% 34% 33 s * Zonite Prod ... 4 4 4 4 Finanical— Adams Exp . ... 7 S/ * 7Vi 7% 7% Allegheny Corp . I s /* 1% I s * 1% Am Int Corp .. 6 s * 6% 6% 6% Chesa Corp ... 44% 43% 44% 42 s * Lehman Corp .. 70 s * 70% 70% 70 s * Transamerica . . 6 5% 5 s * 6 Tr Conti Corp . 4 3% 3% 3 s * Building— Am Radiator ... 16 15% 16 15% Gen Asphalt .. 17% 17% 17% 17% Int Cement ... 29% 28 s * 29% 28% Johns Manville 55V* 54% 55% 54% Libbv Owens Gls 28% 28 s * 28% 28% U S Gypsum 49% 49 49 49% Ulen Cons I s /* I s /* I s /* I s /* Household— Col Pal Peet .. 17% 17% 17% 17 Congoleum 34% 34% 34% 34% Kelvinator .... 16 s * 16% 16% 16 Mohawk Carpet . 16 16 16 16 Proc k Gamble 43% 43V* 43% 43% Servel Inc ... 7% 7% 7% 7 Simmons Bed .. 10% 10% 10 s /* 10 s * Textiles— Amer Woolen ... 8% 8 8% 8% Celanese Corp 30% 29 s * 30% 29 s * Collins Aikman . 14% 14% 14% 14 s , Indus Rayon . 28% 27% 28% 27'

Chicago Stocks

(By Abbott, Proctor & Paine) 11:00 Prev. A. M. Close. Allied Products 13% 13% Bendix 16% 16% Borg Warner 28 27% Butler Bros 8% 8 Chicago Corp 2% 2% Cities Service 1% 1% Crane Cos 9% 9% Com k Edison 47 47 Cord 3% 3% Kiogsberrv Brew 1% 2 Libbv 6%‘ 6% Marshall Fields 12% 12 Noblitt Sparks 14% 14% Quaker Ooats 129 129 Swift 18% 18% Walgreen 28% 28 Zenith Radio 2'* 2%

New York Curb

(By Abbott, Proctor k Paine) 12:00 Prev. (Noon) Close. Alum Cos of Am ' 51 50 % Am k For Pwr War 3% Am Cyanide B 17 s * 17% Atlas Corp 10 9 s * Can Indus Alco A 7% 7!* Distillers Corp 16 15% El Bond A- Share 8% Bs,*8 s ,* Ford of Europe Bs*8 s * 9 Gulf Oil of Pa 56% 55 Hiram Walker 27% 27 Humble Oil 47 s * 44% Imperial Oil Ltd 16% 16% Natl Bellas Hess 2% 2% Nia Hud Pwr 3% 3 s * Novadel Agane 21 21% Pan Am Airways 41% 41% Penn Road 1% I s *

Breaking of Trend Lines Is of Real Importance to Traders in Both Rising and Falling Markets

This is the fifth of a series of six articles written tor The Indianapolis Times which will explain the significance of chart formation to market followers. BY HENRY J. KUEHLS NEW YORK, Dec. s.—The breaking of trend lines either in a rising or falling market is of real importance. Chart No. 2 shows two instances where the lower base line of a triangle was violated and how the market dropped to a lower level. The chart also demonstrates the breaking of a minor trend line and the weaknes sos the market in consequence. The actions depicted in Chart No. 2 involve all minor trends. Chart No. 1 shows the market breaking through a major or bear market line, the first time since 1929. The breaking of a major trend is of utmost importance, as it always indicates a change of trend. Volume of sales always picks up on the breaking of a major trend line. This was plainly indicated in August. 1932. with a volume of over 5.000.000 shares. The trader, in order to analyze market action, should draw trend lines wherever possible, at the holding or breaking of such lines. The following are more formations in market action: Double Bottom appears at the

CARRIER GROUP lf'ds mm HIGKERON DAY Gains at Midday Amount to as Much as 4 Points; Volume Light. lift Lniteii Press NEW YORK, Dec. 5.—A rise in railroad shares set off a general advance today on the Stock Exchange. Around noon gains ranged lo 4 points, but volume failed to pick up after an early burst of ac.ivity featured by blocks of 1000 to >OOO shares. National Distillers opened with >OOO shares and was the most active ssue. It ran up to 28%, up 1%, and jarried up other wet stocks. Aviation shares were again actively traded with United Aircraft, the leader, at anew high of 14%, up % point. Renewed buying sent the motorshares upward followed by the equipments. Chrysler gained a point and others were up fractionally. Houdaille Hershey issues made new highs. American Telephone was a strong ;pot in the communications, which rose after a setback in the early trading. Telephone reached 111, up 1%, while Western Union rose 1% to 37%. Utilities generally were firm. Rails held advances ranging to more than a point. American Sugar jumped 3% points to 69% to lead its division. U. S. Smelting was up 2 at 120 in the silvers. Steel common rose more than a point to 39%; new highs for the year were made by a number of special issues.

Moneu and Exchange

INDIANAPOLIS STATEMENT Clearings $2,041,000.90 Debits 5,989.000.00

Treasury Statement

(By United Press) WASHINGTON Dec. s.—Government expenses and receipts for the current fiscal year to Dec. 3. compared with the corresponding period of the previous fiscal year:' This Year Last Year Expenses $2.96‘..153.152,62 $1,989,610,763.31 Receipts. 1.491.037.636.76 1.150.137.607.41 Deficit . 1.473.115.513.86 839.473,155.90 Cash Bal. 1.561,820.426.31 1.078.043.224.20 WHEAT AGAIN PISES IN INITIiUDEALINGS Firmness at Liverpool Aids Prices at Chicago. Hi) l/nitrtl press CHICAGO, Dec. s.—Firmness at Liverpool again firmed wheat deliveries on the Board of Trade today. The major grain started to % cent higher, corn was up % to % cent, oats were up % cent, and rye was up l’/s to 1% cents. The demand from China and Japan continued good and with continued bad weather reports from Australia, Liverpool tended upward 'Bv James E. Bennett) WHEAT— 11:00 Prev. High. Low. A. M. close. Dec 1.0114 1.00% 1.01% .99 s * May 1.02% 1.00% 1.01 s * 1.00% July 95% .94% .95% .94% CORN— Dec 94% .93% .94% .93 % May 92% .91% .92% .91 July 89% .8874 .89% .88% OATS— Dec 57% ,56 s * .57% .56 May 55% .54% .55 .54% July 50 .49% .50 .49 % RYE— Dec 80% .7774 .80% .78% May 79 s * .79 .79% .78% July 79 ,78 s * .7874 .77% I.OCAI CASH MARKET City grain elevators are paying 90 cents tor No 2 soft red wheat other grades on their merits Cash corn No 3 yellow 88 cents and oats 49 cents. FUEL PEAK~ EXPECTED Consumption This Year May Reach 568,128,000 Barrels. Up Times Special NEW YORK, Dec. s.—Premilinary figures prepared by the foreign department of Henry L. Doherty & Cos. indicate that motor fuel consumption in 1934 will reach anew peak at approximately 568.128.000 barrels, compared with 539,158,000 barrels in 1933. Consumption in the United States was estimated at 400.000,000 barrels, against 381,561.000 last year, and in other countries at 168,128.000 barrels, against 157,597.000 barrels. EARNINGS DROP SEEN With November carloadings below a year ago, earnings of the Union Pacific Railroad for the month are expected to be slightly lower than in the same month last year, according to Carl R. Gray, president.

CHART I CHART 2 i—--1,1 BHC*KI36I I 3J ——————-i - BtARMfRKir .J- L P TBMOI.VEj I • ’jllf I ; %.. 1932

bottom of a period of accumulation; Double Top appears at the top of a period of distribution. Triple Bottom, similar to double bottom, indicates greater activity on the upside. Triple Top, similar to double top, indicates greater activity on the down side.

Unwieldy Budget Held Presenting Main Reason for Fears of Inflation Development, If It Comes, Will Not Be Due to the Actions of Persons Seeking Monetary Changes, Economist Declares in Study. This is one of a series of weekly articles written for The Indianapolis Times by members of the Eronomirs Department of New York University's School of Commerce, Accounts and Finance. a a a BY WILLFORD I. KING Are we at present menaced by a wave of inflation which, if it occurs, will wipe out the holdings of all creditors, wreck our industries, reduce the salaried class to penury and, in short, play havoc similar to that wrought a decade ago in Poland, Austria and Germany? One things seems to stand out clearly. Practically no one in a position of authority desires inflation of the type

described. Certainly President Roosevelt is strongly against it. His advisers have the same attitude, it would bp hard to find a single member of rither house of Congress who is not bitterly opposed to anything of the sort. Reflation Not Dangerous Os course many members, perhaps a majority, favor reflation—that is raising the price index to the 1926 level. There is nothing radical in this idea. It represents merely an attempt to secure equity between debtors and creditors. Few of the reflationists are inflationists. It is, therefore, safe to say that inflation, if it comes, will not be due to the actions of persons seeking monetary changes. Wherein, then, lies the menace of inflation? The answer is: In the unbalanced budget. Each month the Nation is spending far more than it receives in taxer. Each month, therefore, the national debt is growing larger. The spenders at Washington now talk of billions as unconcernedly as their predecessors of a few years ago talked of millions. As yet the Nation's credit is unimpaired. The advocates of spending contend that its credit will be equally strong when the national debt climbs to fifty billions. Perhaps. Who knows? What we do know is that in the past nation after nation has gayly pursued the course of allowing expenses to run far ahead of income, and that history records but few such instances in which the end has not been bankruptcy. Are we immune to the forces which have dragged down the credit of other nations? Suppose that we are not. What will be the result? The answer is that some day the market for United States securities will collapse to such an extent that neither cajolery nor threats will induce buyers to take the bonds offered At this time the Government will presumably have outstanding vast commitments for building, for relief, for salaries and for other purnoses. Will it do what other governments have so often done in the past under similar circumstances, print money to pay its bills Time alone can tell. Paper Money Useless Past experience indicates that the printing of money rarely, if ever, solves the fiscal problems of a government. As more money is printed, prices and wages rise, thus making necessary increased Government expenses. But larger expenses call for still more money, and the presses are speeded up. The end is too well knowi to require comment. Now let us return to the original query: Are we menaced by inflation? There can be but one answer. W decidedly are, and will continue to be until the budget is balanced. When that feat is accomplished, the menace will disappear. The fundamental question therefore. is: When will the budget be balanced? NRA TO INVESTIGATE AUTO TRADE PROFITS Capital Structure Also to Be Subject of Roosevelt-Inspired Probe. Hi / Timm Special WASHINGTON, Dec. 5. The NRA will investigate the automobile industry’s profits and capital structure in connection with its inquiry into the possibility of shortening working hours, raising wages and smoothing out the peaks and dips in production. This was disclosed by Clay Williams, chairman of the NRA Administration Board. The inquiry was ordered by President Roosevelt when he extended the automobile code a month ago.

Selling Climax brings about an abrupt change, many times signaled by the appearance of a terminal or exhaustion gap on the down side Buying Climax brings about an abrupt change of trend, frequently signaled by terminal or exhaustion gap formation on the up side.

PORKER PRICES DROPJOCENTS Cattle, Veals Unchanged; Lamb Values Weak to Lower. Continued heavy receipts and a large carry-over from the previous session at the Union Stockyards this morning sent porker prices generally 15 cents lower than yesterday s unever average. Today's supplies were estimated at approximately 9000, with the initial demand showing slight weakness. Holdovers from yesterday numbered 901. The bulk, 160 to 200 pounds, was selling at $5.35 to $5.65, while extremely heavy kinds weighing from 200 to 350 pounds, brought $5.65 to $5.95. Good and choice weights were reported selling at $6. In the lightweight division, porkers scaling 130 to 160 pounds, cashed in at $3.75 to $4.50. Extremely light lights, ranging from 100 to 130 pounds, sold at $2.50 to $3.50. Packing sows held at $4.75 to $5.50. Prices were generally steady in the cattle market, especially on slaughter steers. Few better grade steers were reported salable at SB, while regular bulk sold at $7 down. Receipts were 1200. Vealers continued unchanged, selling at $7.50 down Receipts numbered 700. Weak undertone prevailed in lambs, with the majority of classes sliehtly lower than yesterday's close Native kinds sold from $7.25 to $7.50 while several heavy grades brought $7. Throwouts cashed in at $4.50 lo $6. Slaughter sheep brought $3 down. Receipts were 2500. HOGS Nov Bulk Top Receipts 28. $5,154? 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 4. 5.50® 5.80 6 10 12.000 5. 5.35® 5.65 6.00 9.000 (140-1601 Good and choice $4 25® 4.85 (160-1801 Good and choice ... 5.25® 5.55 (180-2001 Good and choice . . 5.55® 5,75 (200-220) Good and choice ... 5.75® 5.85 (320-250) Good and choice ... 5.75® 600 'MSO-2901 Good and choice .. 5 85® 600 (290-250) Good and choice . . 5 65®> 5.85 (275-3501 Good 5.25® 5.50 Parkins sows (350-4251 Good 5.10® 5.35 (425-5501 Good 5.00® 525 (275-550) Medium . . 4.75® 5.10 (100-130' Slaughter pigs good and choice . 2.50® 3.50 CATTLE —Receipts 1,200 — —Steers—-(sso-9001 Choice $7 00® 800 Good 6 00® 7.30 Medium 4.00® 6.00 Common 2 50® 4.90 ■9OO-1.1001 Choice 7 75® 8.75 Good 6 25® 7.75 Medium 4 25® 6 25 Common 3.00® 4.25 U 100-1.3001 Choice 8.50® 9.75 Good 6.25® 8.50 Medium 4.50® 6.25 (1.300-1.5001 Choice 8.75® 9.75 Good 6 50® 8 75 —Heifer*— 1550-750) 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 Balia—(Yearlings Excluded) Good 2.85® 3.50 Common and medium 1.75® 2.85 VEALERS —Receipts 700— Good and choice $7 00® 7.50 Medium 4.50® 7.00 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——Steer*— 'SOO-800) Good and choice .... 4.00® 5.00 Common and medium 2.50® 400 'BOO-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 2.500 bambs. 90-lbs down, good and choice $7 00® 7.50 Common and medium .. 5.00® 7on 90-120 lbs., good and choice . 2.50® 3.00 Sheep—-'l2o-1501 Good and choice . 2.00® 2.75 All weights common and medium 1.25® 2.50

Other Livestock

(By United Pressl FT. WAYNE. Dec. s—Hogs—Steady to 25c lower: 250-390 lbs 15 90; 225-300 lbs. *5.70; 200-250 lbs.. *5 55; 180-200 lbs.. *5.35 160-180 Ibs $5; 300-350 lb' $5 50: 150-160 lbs.. $4 25: 140-150 lbs . $4: 130-140 lbs . *3.75; 120-130 lbs.. *3.25; 100-120 lbs.. *2.75 roughs. $5; stags. *3; calves, $7; lambs *7.25. LAFAYETTE Dec. s—Hogs—Market. 10c to 15c lower, pigs, steady: 250-300 lbs 15.854/ 6: 300-325 lbs.. *5 75: 210-250 lbs *5.70® 5 80: 190-210 lbs.. *5 50® 5 60; 170 lbs . So.Bo 190-210 lbs *5 50® 5.80; 170190 lbs.. *5 30® 5.40: 160-170 lbs *5 15 pigs. *4.50 down: roughs. $5.50 down; calves, steady *6.50 down; lambs f ’jc higher. *7 down. (By Times Special) LOUISVILLE. Dec. s—Cattle—Receipts. 400 government. 300; demand fairly broad; market moderately active fully steady; bulk common to medium steers and heifers *3.50® 5; early top. *6 50 for load 1.130 lbs., at *3 down: bulk beef cows *2.50® 3: practical top *3 25: low cutters and cut'ers sl2s® 2 25: bulk sausage bulls. $2.50® 3: plain stockers quotable. *4 down to around *2 50 for inferior southerns. Calves—Receipts 250. market mostly 50c higher; bulk better vealers. *6®6 50 strictly choice S7; medium grade. *5®5.50; plainer sorts *4 50 down. Hogs 800 market 2flc lower: top and bulk desirable 230-300 lbs *5 90 200-225 lbs *5 75: 305 lb*.. UP. *5 45: 180-195 lbs *5 15: 160-175 lbs.. 4.20: 140-155 lbs. 3 70: 120-135 !bs.. *3: sows. *4.15. Sheep—Receipts, 150. market *tr><ly: bu'k medium to good lambs. 5.7'® 4 25: choice scarce quotable somewhat b>-her: most bucks salable, *4-75 ® 5 25; common light throwouts. $3.50; better let ewes. $1.50® 2.

Latest Stock, Bond and Commodity Quotations

LARGER CROPS. LOWER PRICES SEENJOR 1335 Farm Income Expected to Hold Around Level of Six Billions. BY W. lAN MACK Times Special Writer NEW YORK Dec. s.—Larger crops, increased market supplies and lower prices are indicated for most farm products during the 1935 harvesting season, agricultural econo mists today predicted Coincidentally, the cash income ot the agrarian community is expected to remain in the neighborhood of the $6,000,000,000 level reached this year. This amount bv the way. is 38 per cent in excess of the farmers’ return in 1932, the depression's low point. Until next summer, it was forecast, existing and in some instances higher prices will rule for farm commodities generally. This year's yields were drastically reduced by the devastating drought which ravaged the Middle West throughout last summer. Surpluses Disappear In consequence surpluses carried from previous years, with the exception of the huge cotton reserves, have disappeared. This, accordingly, has opened the way for less drastic curtailment of production under AAA programs next year. Increased consumer demand for farm goods in the latter half of 1935, one observer intimated, will depend primarily on the extent of the recovery in the durable goods industries, which have been moribund throughout the revival of the last year and a hf/lf. Exports to foreign points, on the 3ther hand, are expected to be less than during better growing conditions that are anticipated abroad "Some further improvement in cash income available for family living, due to anticipated reductions in prices for finished goods, seems in prospect for next year,” this authority said. Many Increase Outlays "Asa result families with some leeway, after food and other necessities have been met. may increase heir expenditures for clothing and home furnishings. Repairs and improvements on homes in response to the Federal house program also may get under way actively." One industry that should benefit materially from the improvement in the farmers’ financial position, it was pointed out, is the agricultural equipment trade, Sales volume of the industry this year was 55 per cent above that for 1933. Several companies are understood to be planning large production schedules for next year, with some units contemplating increases of 100 per cent over 1934. Fertilizer consumption is expected to be on a parity with that for this year. Economist Gives Advice Only by reducing quotations for its products so that existing disparities between finished goods and farm prices are eradicated, another economist said can industry hope to expand its production next year to a level exceeding that for 1934. An enlarged sales volume at a lower price level insuring a modest profit, it wa, c pointed out, should be preferable to a restricted turnover at high prices. The latter process, the authority explained, spells losses because of the increased costs incident thereto. FARM PAYMENTS SHOWN AAA Disbursements Up to Nov. 1 Put at $421,697,389. fiD tJnitert Pren a WASHINGTON. Dee. s—The Agricultural Adjustment Administration reported today that the total of rental and benefit payments made to wheat, cotton, tobacco and corn-hog producers up to Nov. 1 was $421,697,389. To finance the payments the AAA collected $550,081,419 in processing taxes. In addition to benefit and rental payments, $169,389,731 was spent to buy up surplus agricultural commodities. Payments were divided as follows: Wheat $108,669,557; cotton $166,786,379; corn-hogs, $129,668,799, and tobacco, $16,572,652.

Other Livestock

(By United Press) CHICAGO. Dec. s—Hogs—Receipts. 41,000. including 14,000 directs; unevenly 10 to 25 cents Tower than Tuesday; weights above 230 lbs.. *5.90® 6: top. *6; 170-230 lbs.. *4.75® 6.90; light lights. s4®/4.50; pigs, *3.50 down; packing sows. $5.50® 5.(0; light lights. 140-160 lbs., good and choice, $3.75®4.75; light weight, 160-200 lbs., good and choice. $4,50® 5 65; medium weights, 200-250 lbs., good and choice, $5.50® 6: heavy weights; 250-350 lbs., good and choice. *5.90® 6; packing sows. 275-550 lbs., good and choice, *4.75® 5.75; slaughter pigs. 100-130 lbs., good and choice. *2 50®i3.75. Cattle Receipts. 12 000 commercial; 2000 calves; better grade fed steers and yearlings scarce, strong; Instances higher: lower grades moderately active and mostly stead;; medium grides predominating in crop: other killing classes uneven: all heifers ruling steady: beef cows steady to weak and cutters 10c to 15c lower; bulls strong to 10c higher, vealers firm; best weighty steers, *lO.lO light steers of long yearling type. $9.75; very few well finished steers or yearlings in run. Slaughter cattle and steers, steers 550-900 lbs., good and choice. $6.25®/9 25. 900-1100 lbs., good and choice, $6 25®/9.75; 1100-1300 lbs., good and choice. *6.25® 10 25: 1300-1500 lbs., good and choice. *8 75®/10.25 550-1300 lbs., common and medium *2 75®/6.50; heifers, 550-750 lbs , good and choice *5 50®/8 25; common and medium $2.50®/ 5.50; cows. good. *3 50® 5 25; common and medium *2 25®) 3.50: low cutter and cutter. *1.75®/2 25: bulls (yearlings excludedl good (beefi, $2.75®> 3 50; cutter, common and medium *2 25® 3 25: vealers good and choice, $5.50®i7 medium *4 50®/5.50: cull and common. *3®/ 4 50. Stocker and feeder cattle, steer* 550-1050 lbs, good and choice. *4® 5; common and medium. *2.50®/4 Bheep— Receipts 17.000. fat iambs slow: talking 25c to 40c lower: earlv bids downward from *7.25 on lambs now held upward to *7 50 and above: firm: feeding lams meeting active demand despite moderately Increased numbers Slaughter sheep and lambs, lambs 90 Ibi . down, good and choice *6 75®/7.50; common and medium. *5 75® 690 ewes. 90-150 lbs., good and choice. *lßs® 2 73: al. wei B hs common and medium. *lso®>2: feeding lambs. 50-75 lbs. good and choice, *5 50 ® 6 25.

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