Indianapolis Times, Volume 46, Number 179, Indianapolis, Marion County, 6 December 1934 — Page 28

Trends •mm Slash in Interest Rate on Deposits Favorable. BY VINCENT 8. LYONS TimM riaaMltl Editor

TY EG INNING Jan. 1, ail member Institutions of the Indianpolis Clearing House Assn, will pay to depositors 2 per cent annually on savings accounts, contrasted with the prevailing rate of 3 per cent. Asa consequence, those Individuals fortunate enough to have funds in the banks will receive only two cents of Interest yearly for each dollar deposited, against three cents now. It may seem anomalous to express the viewpoint that this slash in interest should be welcomed by all people who now have sums on deposit with any member of the association. But there is no denying that that is really the way the announcement should be received, albeit it means a decline in the earning power of the depositors’ dollars. Getting away from the local situation for a minute and taking a look at the national banking situation over the last few years will give a definite indication of why the slash in interest rates is a laudatory development. For a time when things economic were out of gear there was a tendency on the part of many commercial banks throughout the country to attract deposits into their vaults by any means. a a a WHAT this virtually amounted to was that some banks were engaging in .the unsound practice of competing for bank deposits at the risk of safety. Rates of 3% and 4 per cent were paid for the loan of funds and, in order to pay this rate to depositors, the banks in turn had to search out investments which yielded them considerably more than that. But every one knows that when the rate of return on an investment is high, the element of safety is on the downgrade. The attempt to put to productive use these funds which were employed at 34 and 4 per cent placed the banks which adopted this practice on thin ice. The institutions threw their money into questionable investments and when the denouement came they found themselves in the embarrassing position of carrying on their books securities which could not stand up under a strict investment analysis. . After this unhealthy situation was uncovered, the banks adopted an exactly opposite policy. Funds were invested only in the highest grade securities, such as United States Government obligations and issues of municipalities and corporations which were generally accorded a triple-A rating by recognized advisory services. One result of this was the sharp decline in loans to business, which the Government is now trying to foster. a a a WITH the arrival of- the depression anew impediment came, in the virtual closing of the new capital market. Whereas in former years banks had been able to invest the funds of depositors in new bond issues of corporations, they suddenly found this avenue shut by the reluctance of underwriting syndicates and corporations to chance public offering of new securities. TTius. the investment outlet for banking funds was considerably thinned. This, in turn, brought about rising values for United States Government securities and other highgrade issues to such an extent that yields were whittled down drastically. Asa matter of protection, banks had to pare the interest which they paid on deposits. This trend has been nation-wide and has been in effect for more than a year. In view of the changed conditions which have taken place in the banking field in the last few years, it can readily be seen that a scaling down of the interest rates on deposits is a healthy development. Excess reserves, which are nothing else but funds looking for - work, have piled up in bank vaults throughout the country and banks can not pay high rates for new deposits when they have large sums lying about idle. a a a AFTER all. it must have become apparent in the minds of many during the last few years that safety of principal is much more desired than a high rate of interest. There is no victory in receiving an attractive rate of interest when the deposit itself is placed in jeopardy by the bank’s scouting around for “investments” which will allow it to pay a high interest rate. In announcing the contemplated change, the Indianapolis Clearing House Association stated that the action had been delayed more than a year in the hope that money market conditions would change. But they haven't. For instance, call money on the Stock Exchange tomorrow will end a full year of remaining stationary at 1 per cent. Time money and other forms of credit accommodation also have been easier. The sooner people realize that the rate of interest paid on banking deposits should be flexible and kept attuned to the yields obtainable in the investment market the better it will be for every one. As the situation is today banks display a marked reluctance to slash their interest rates, fearful that such action will bring about wholesale withdraw'als. AMOS L. BEATY WILL QUIT CHAIRMAN POST Oil Industry Official to Submit Resignations Dec. 17. 8%l Time* Special WASHINGTON, Dec. 6—Amos L. Beaty, chairman of the Oil Industry's Planning and Co-Ordina-tion Committee, has notified committee members he would submit his resignation Dec. 17. Mr. Beaty gave as his reason for the action a desire to devote more time to personal interests and to his position as counsel with the Phillips Petroleum Cos. He said he might or might not retain his membership on the committee and did not care to discuss this. Well informed oil men said that back of Beaty's intention to resign was a desire to go ahead with a vigorous campaign for Federal control of the oil Industry.

PAGE 28

OLD ECONOMIC IDEA REFUTED BY EXPERIENCE Theory That Costs Set Prices Now Held Erroneous. BY JULES BACKMAN AND A. L. JACKSON Vice-Presidents. Economic Statistics. Inc. NEW YORK. Dec. 6 —One of the errors in economic reasoning which still is cropping up on all sides is the theory that prices are determined by the cost of production. We find this idea expressed in one of the planks of the National League i for Social Justice, in which it pledges the farmer a price equal to his cost of production plus a fair profit, and it was very prevalent in a number of the codes in connection with varicus price fixing attempts. This theory had its origin with the classical economists, starting with Adam Smith. The theory Is that the price of any goods should be equal to its cost of production. This theory considers only the costs (supply) involved and pays no attention to the demand for the commodity. Further development in the science of economics has indicated the fallaciousness of this idea. Economists today think of prices as being the result of both supply and demand. Fallacy Illustrated A simple illustration brings home the fallacy of the cost of production theory. Suppose we established an ice plant at the North Pole in order to sell ice. It is obvious that, despite the fact that we may have undergone a great deal of cost in setting up that plant, nobody would be willing to pay anything for the ice. Because costs are undergone, it does not necessarily follow that these costs must be covered in the price. There may have been wastes, inefficiency and so forth, involved in the production, or, as in the case of the ice plant mentioned above, there may have been no demand for the product. The confusion about this problem arises in a failure to differentiate between the long-time and the shorttime situation. The economist points out that over a long period prices will tend to equal cost of production. The theory in back of this generalization is that if producers continuously receive a price that is not sufficient to cover their cost, they will be forced out of business. . Demand Important It is obvious that if the product is not wanted by consumers there will be few, if any sales, regardless of how costs are, and practically all of the producers will be forced out of business. On the other hand, if prices are very much in excess of costs, because of a larger demand than supply, new producers will be attracted iijto the field and the competition of* their offerings will force the price down to the cost of production. In the cost of production economists include the entrepreneur’s profit and, therefore, the theory that the price tends to equal the costs of production over a long period of time does not presuppose that no profits will be made. Short Term Different On the other hand, in the shorttime period these relationships do not hold. For a short period of time a producer will be able to sell below cost, because he may have built up a surplus some time in the past, or he may sell below his cost because of a desire to earn some portion of his overhead expenses, which expenses must be paid whether the business is in operation or not. Or. on the other hand, prices may remain above the cost of production for a short period of time until hew producers finally are able to come into the field. It is the failure to distinguish between the short-time period effects and the longer period relationships that leads to the onesided theory of value and price formation held by many of our panacea economists.

Other Livestock

(Bv United Pressi CHICAGO. Dec. 6.—Hops—Receipts. 13.000 directs; active, strong to 10c higher than Wednesday; weights above 240 lbs.. s6f6 10; top. $6 10; 200-240 lbs.. $5.6036: 170-190 lbs.. $4.7535.60: light lights. $4.60 down; slaughter pigs $3 75 down; packing sows. $5.60'5?5.75; light lights. 140-160 lbs., good and choice. $434.*5; light weight, 160-200 lbs., good and choice. $4.5035.75: medium weights. 200-250 lbs., good and choice. $5.60 1 6.10: heavy weights, 250-350 lbs., good and choice. $6®6.10: packing sows. 275-550 lbs., medium and choice. $4 75@5 80: slaughter pigs. 100-130 lbs., good and choice. $275(34. Cattle—Receipts. 8000: calves. 2000: fed steers and yearlings fairly active; fully steady; supply strictly good and choice offerings small; early top medium weight steers. $9.75: some confidently held at $lO or above: plain weighty bullocks getting less action than comparable light kinds; all heifers fullv steady but lower grade beef cows and cutter cows weak; bulls firm: vealers steady to 25c lower. Slaughter cattle and vealers. steers. 550-900 lbs., good and choice. $6 2539 25: 900-1100 lbs., good and choice. $6 50(39.75: 1100-1300 lbs . good and choice. $6 50310 25: 1300-1500 lbs. good and choice. $6 50(310 25: 5501300 lbs . common and medium. $2 75® 6 50: heifers. 550-750 lbs., good and choice. $5 50 3 8 50; common and medium. $2,503 5.50; cows. good. $3.25® 5 25; common and medium. $233.25; low cutter and cutter. $1.5032: bulls lyearlings excluded*, good 'beef*. $2.75® 3. *5: cutter common and medium. $2 40 33 35: vealers. good and choice. $5.50® 7: medium. $4 5035.50: cull and common. $3 34 50 Stocker and feeder cattle, steers. 550-1050 lbs., good and choice. $435 common and medium. $2 50 34. Sheep—Receipts. 15.000: fat lambs fairly active, opening undertone fully steady to strong: asking 25c or more higher: sheep and feeding lambs firm: early bids on better grade lambs around $7 25: bulk held $7 50 upward: slaughter ewes. $2®2.75 mostly. Slaughter sheep and lambs, lambs. 90 lbs. down, good and choice. $6 853 7 60: common and medium, $5.7537; ewes. 90-150 lbs., good and choice. $1 85$ 2 75; all weights common and medium. $1.5032; feeding lambs, 50-75 lbs., good and choice $5.6536.35. LAFAYETTE. Dec. 6 —Market, steady to 5c higher: 250-300 lbs.. $5 90 3605 : 300325 lbs . $5 75: 210-250 lbs . $5 8035 85: 190210 lbs.. $5.6035.70; 170-190 lbs.. $5 353 550: 160-170 lbs.. $5 20: pigs. $4 50 down: roughs. $5 50 down. Calves—Steady; $6.50 down. Lambs—Steady; $7 down. (By Times Special! LOUISVILLE. Dec 6 —Cattle—Receipts. 300; government. 200: run includes several lots steers and heifers: demand fairly broad: market moderately active, fully steady: most steers and heifers salable $3 5035; sales in this range including two loads plain but fat southerns at $4 50 35: very little on hand eligible above $5 50. but strictly good kinds quotable to $6 50 and above, bulk beef cows. $2 5033: practical top. $3 25; low cutters and cutters, $125 • 2 25; sausage bulls. $3 down: stockers practically absent Calves—Receipts. 250: market, steadv: bulk better vealers. $63 6 50: strictly choice. $7: medium and tower grades. $5 50 down. Hogs—Receipts. 700: market 10c higher: top and bulk 230300 lbs $6 : 200-225 lbs $5 85 305 lbs. up. $5 55: 180-195 lbs.. 85.25: 160-175 lbs.. 84.30; 140-155 lbs.. 83 89; 120-135 lbs, $3.10; sows. $4 25 Sheep—Receipts. 100; supply light, quality plain; market generally steady: most medium to good lambs. $3.7568 25: choice, quotable higher: bucks mostly 84.753 3.33; common throwouu, $4: better 1U *VM, $1.5002,

Abreast of The Times on Finance

New York Stocks

(By Thomson it McKinnon) 11:00 A M. Prev, Oils— High. Law. N. Y. Close. Atl Rtg 25% 25'i 25*2 25% Barnsdall 6% 6% 6*4 6% Consol Oil 8% BVs 8% 8% Cont of Del .... 19 18% 19 18% Houston old > .. 16% 16S 16% 16% Mid Cont Pet .. 12 11 *4 11% 12 Ohio Oil . 10% lot. 10% 10'. Pet Corp 9'. 9 9 9% Phillips Pet 15S 15% 15% 15% Plymouth Oil ... B*. B*2 B s . 8% Pure Oil 7 7 7 7 Royal Dutch .... 30% 30*'. 30'. 30 Shell Un 7 7 7 6% Skelley Oil 7% 7% 7% 7% Soc Vac 14% 14% 14% 14 a SO of Cal 32% 32% 32% 32% SO of Ind 25% 25% 25% 25% SOof N J .... 42% 42% 42% 42% Texas Corp ... 21% 21% 21% 21*. Tidewater Assn . 9% 9 9 9 Un Oil of Cal... 16% 16% 16% 16 Steels— Am Roll Mills... 21% 21 21% 21 Beth Bteel . .. 31% 31 Vs 31% 31% Col Fuel & Iron 4% 4% 4% % Natl Steel ... 44% 44% 44% 4.> Rep Iron Sc Steel 14% 14% 14% 14% Rep Ir Sc St pfd 43% 43% 43% 44% U S Pipe Sc Fdv 21% 21% 21% 21% U S Steel .. 39 38% 38% 38% U S Steel pfd.. 83% 83, * 83% Warren Bros • 5*4 5% 5% 9 Youngstn S& T 19% 19% 19% 19% Motors— Auburn 27% 27 % 27% 27 Chrysler 40% 40% 40% 40% Gen Motors .... 33% 33 33 4 33“ Graham Mot .. 2% 2% 2% 2_ Hudson 12% 12% 12% 12 a Hupp 3% 3 3' e 3. a Mack Truck 26% 26% 26 2 26 4 Nash 18% 18% 18% 18% Packard 4% 4% 4% 4% Reo 2% 2% 2% 2% Studebaker .... 2V. 2 2 2 Yellow Truck ... 4% 3% 4'/. 3 7 /. Motor Access— Bendlx 17% 17 17 17 Bohn Alum .... 60% 59% 59% 60 Borg Warner .. 28 28 28 28 Briggs 25 24 5 . 25 24 Budd Mfg s*/. 5% 5% s*/ Eaton Mfg ... 18 18 18 18 Elec Auto Lite.. 27% 27% . 27 Elec Stor Bat .. 48% 48 48% 48% Houdaille “A”.. 7% 7% 7% 7% Mullins Mfg ... 9% 9% 9% 9% Murray Body ... 7% 7% 7% 7. Stew Warner .. 9 9 9 8/b Timken Roll • 33% 33% 33% 33% Timken Det Axle 6% 6% 6% 6% Mining— Alaska Jun .... 18% 17% 18% 17% Am Metals 15V. 14'/* 15 14% Am Smelt 38 37% 37% 37% Anaconda 11% #l% 11% lON Cal & Hecla ... 3% 33% 2% Cerro De Pasco. 42 40% 41% 40% Dome Mines .... 38 38 38 38 Granby 7% 6% 7'% 6% Gt Nor Ore .... 12 11% 12 12 Howe Sound ... 51% 50'% 50% 49% Ins Copper 33 32% Int Nickel 23 % 23'/. 23% 23% Kennecott Cop . 18% 17% 18% 17% Mclntyre Mine . 41*4 41*4 41% 41% Park Utah 3% 3% 3% 3*4 Noranda Cop ... 32% 31% 32% 31% Phelps Dodge ... 15% 14% 15% 14% St Joe Lead .... 17% 16% 17 16% U S Smelters .120% -9*2 120% 119*4 Vanadium 20% 20% 20*4 20% Amusements— Crosley Radio .. 15 14% 14% 14% Fox Theat 13% 13% 13% 14 Loews Inc 36% 36*4 36% 36% Radio Corp 6% 6% 6% 6% Paramount 3% 3% 3% 3% RKO 2% 2 2% 2 Warner Bros ... 5 1 /. 5 5% 5 Tobaccos— Am Sum Tob ... 20% 20% 20% 23 Am Tobacco A.. 82% 82*/. 82'% 83% Am Tobacco B . 85% 84 84 85% Gen Cigars . 57% 57% 57% 57% Ligg & Myers B 108 108 108 108 Lorillard 24% 22 22 21% Phillip Morris . 39% 39*/. 39% 39% Reynolds Tob B 53% 53% 53 % 53% Bails— Atchison 56% 55% 56 56 s . I Atl Coast Lines 37 36 Vi 37 36% B & O 15% 15% 15% 15% Ch & Ohio 45% 45V t 45% 46% Chi & Gt W pfd 4% -4% 4*4 4% CM St P pfd 4% 4% 4% 4% Del Lac & W ... 20% 19% 19% 19% Erie 14% 14 V. 14*/. 14*/. Erie pfd 17% 17% 17% 17% Grt North fd ... 17% 17% 17% 17% 111 Central 18% 18*4 18'/. 18% Lou & Nash.... 48 48 48 48% M K & T 6% 6% 6% 6% M K & T pfd lo'z 15*2 15% 16 N Y Cent 22% 22% 22% 22% N Y New Haven 8% 8% 8% 8% Nor Pacific 21% 21% 21% 21% Penn R R 25% 24% 24% 25% Reading 44 Sou Pac 19% 19V. 19% 19% Sou R R 17 s . 17*4 1717% Union Pac 108% 108 V. 108% 108% West Maryland. 10 10 10 10 Equipments— Am Brake Shoe. 24% 24% 24% 24*,i Am Car & Fdy.. 18% 18% 18% tB% Am Steel Fdy .. 17 s . 17% 17% 17% Bald Loco 5% 5% 5% 5% Gen Elec 20 s . 20 20% 20% Gen R R Sig .. 28% 28% 28*= 29*. Pullman Inc .. 49',2 49*4 49% 49% West Air Br . 26 25% 26 2 Westingh Elec .36 35% 35% 35% Utilities— Am & For Pwr 5*4 5% SV. 5 Am Power & Lit 4% 4% 4% 4 AT&T 110 109% 109% 109% Am Wat wks... 14% 14% 14% 14% Col Gas & Elec 8% B*4 8% B*4 Conn & Sou .. I*4 I*4 I*4 I*4 Consol Gas ... 24% 23% 23% 23% Int Hydro Elec. 2% 2% ■ 2% 2% Interboro R T . 14% 14*4 14% 14*4 Int T & T ... 9% 9% 9% 9% Lou G & E ‘A’ 13% 13% 13% 13% Nat Pwr & Lit 8 7% 7% 8 North Amer .. 13*4 12% 13% 13*4 Pac G & E 15 14% 15, 14% Pub Serv N J .. 30% 30% 30% 30% So Cal Edison. 12% 12*4 12 s . 12*4 Std Gas 6*4 6% 6% 6*4 Stone & Web... 12% 12*4 12% 12% United Cor .... 3*4 3% 3*4 3% Un Gas Imp 13% 13 13 13% Western Union. 37% 36% 37 37*. Rubbers— Goodrich 11 11 11 11 Goodyear 25% 25 25 25*/. Kelly' Spring ... 1% • 1% 1% 1% U S Rubber 17*4 17*4 17 Vi 17 V. U S Rubber pfd 41 40*2 40*5 40% Miscellaneous— Allis Chalmers . 15% 15*i 15% 15% Am Can 106% 106% 106% 106% Am Mach & Fdy 22*4 22 22% 21% Brklyn Men Tr. 41 40% 40% 41 Burroughs Add . 15% 15% 15% 15% J I Case 55% 54% 55% 54 s . Conti Can 63 62% 62% 63% Caterpillar Tract 34% 34% 34% 34% Crown Cofk .. 26*4 26% 26*4 26% Curtis Pub 21 20% 21 20% Curtis Pub pfd. 91 91 91 89% Deere & Cos .. 25% 24% 25% 24% Gillette 13% 13% 13% 13% Glidden 28*. 28 28 27% Ineersoll Rand . 69% 69 69 71 Inter Harv ... 39% 39% 39% 39% Natl Cash Reg . 18% 18% 18% 18% Owens Bottle .. 85% 85% 85% 86% Rem Rand 10% 10% 10% 10% Underwood E .. 58% 58% 58 s . 58% Worthingtn Pmp 21% 21*. 21*4 21V. Foods— Am Sugar 69% 67% 69 69*4 Armour Com ... 5% 5% 5% 5% Armour 6% pfd 71 70% 70% 70% Beatrice Creamy 18% 18 18% 18% Carr Dry G Ale. 16% 16% 16% 16*2 Cont Bak A .... 5% 5% 5% 5% Corn Prod ..... 67% 66% 67% 66% Crm of Wheat 34% 34% 34% 34% Cuban Am Sugar 6 6 6 5% Gen Baking 7% 7% 7% 7% Gen Foods ..... 35 34% 34% 35 Gold Dust n 17% 17% 17% 17% G W Sugar .... 30% 30*. 30*4 29% Natl Biscuit 30% 30 30 30*. Natl D Prod ... 17*4 17% 17*4 17*. Purity Bak 8% 8% 8% 8% S Porto Rico Sug 23*8 23% 23*/. 23% Std Brands 25 25 25 24 5 . United Fruit ... 73 73 73 74 2 Ward Bak. B ... 1% 1% 1% 1% Wrigley 74*8 74% 74 V. 74*. Retail Stores— Asso Drv Goods 12% 12% 12% 12% Best &Cos 38% 38% 38% 38%

On Commission Row

Quotations below are average wholesale prices being offered to buyers bv local commission dealers. FRUlTS—Cranberries. Cape Cod. late Howes. 25-lb box. $5 Grapes California Emperors. 27-lb. box. $2.25. Persimmons. CaMiornia. 40s-50s. $1.75 Quinces, bushel. $3. Bananas. 4%e. 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; Bvram. seedless, per hundred, $3. Strawberries. 12-box crate $2.25®2.50. California rhubarb. $1.40 a box. -Bears. Oregon D'anjo. box. *3.50. VEGETABLES—Cabbage. Northern Danish, 50-lb bag. 65c: red. 50-lb bag. 90c Onions. Idaho, sweet Spanish, large 50-lb., $1.40: Michigan vellow, med.. 10-lb. bag. 23c: western white. 50-lV>. 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-!b. bag. $2. Sweet potatoes. Indiana Jerseys bushels. *1.85; Tennessee Nancy Halls bushel. *1.40 Beans, fiat stringless, hamper. 52®2.25. Celery. Michigan, medium, dozen. 50c; jumbo, dozen. 75c; hearts: bunch, *l. Cucumbers doz . *1: bushel. *4. southern, bushel. *4 50 Endive dozen, 38® 40c. Egg plant. *3 crate. Kale, home-grown, bushel 50c Lettuce hothouse. 15-lb basket. 60c; California Iceberg head lettuce, *4.50. Mangos. Florida, crate S3. Mint, bunch. 15c. Parslev. dozen. 35c. Peas, hampers. $3 75®4 Spinach, home-grown, broadleaf. bushel. 65c. Radishes dozen. 75c. Tomatoes hothouse. S-lb. basket. *1 2581.35. Turnips, home-grown, dozen. 25c. Pumpkins, dozen. *l. MISCELLANEOUS—Cocoanuts, Jamaica. 25 for *1.50. Oysters, standards, gallon. *1.50: select*. gallon. *1.90. Chestnuts Italian a pound. 12%c. Sorghum molasses, gallon, 65c. Black walnuts. 50-lb bag. *l. Cider. 4 gallons to case. *3. Half-gallons. < to casa. (1.75; quarts. 12 to case. *1.90. All quotations subject to change, up or down.

INDIANAPOLIS, THURSDAY, DECEMBER 6, 1934

Gimbel Bros ... 4% 4*4 4% 4*4 Hahn Dept Sts 6% 6% 6% * Jewel Tea 57 57 57 57% Kresge 8 S 21% 21 21% 21% Kroger Groc ... 29% 29% 29% 29*2 Macy R H 47% 47% 47*% 47-a McCrory St .... 7% 7% 7% 7% McLellan St ... 14% 14 14% 14V Marshall Field.. 12 s . 12% 12 2 I'% May Dept St ... 45 45 45 4*% Mont Ward 30% 30% 30 s -,1 so' Natl Tea 11% 11*. 11% 11 s . Penney J C ... 72% 72% 72*. 72% Sears Roebuck .. 41 s . 41% 41V, 41% Woolworth 55*. 55 55 55 AviationAviation Corp ..5% 5 5% 4% Boeing Aircft .. 11% 11 11% 11 Curtiss Wright ..3% 33 . 3*. Curtiss Wr A .. 9% 9% 9% 9% Douglas Air 24% 24 24*. 24*2 North Am Av... 4 3% 4 3% Speery Corp ... 9% 9 s . 9% 9% Uni Aircft New 14 s . 14V. 14% 14 % Chemicals— Air Reduction.. .113 113 113 112% Allied Chem 136% 136% 136% 139 Am Com Alcohol 33% 33 s . 33% 33% Col Carbon 73% 73 73 73 Com Solvents .. 22% 22'/. 22% 22 Dupont 98% 98% 98 s . 98% Freeport Tex .. 27% 27% 27% 27% Liquid Carb 25 24% 25 23% Math Alkali .... 29% 29% 29% 29 5 . Monsanto Chem 59% 58% 58% 59 Natl Dis (new). 28% 28% 28% 28% Schenley Dist . 28% 28*/ 4 28 s . 28% Tex Gulf Sulph 35% 35 35'% 35 Union Carbide 46V. 45% 46 45% U S Ind Alcohol 45*. 45% 45*4 45% Drugs— Coty Inc 6% 6% 6% 6% Lambert 29% 29% 29% 29 4 Lehn & Fink .. 15% 15% 15% 15% Sterling Prod 60% 60% 60% 60 Un Drug (new) 14% 14% 14% 14% Zonite Prod 4% 4% 4% 4 s . Financial— Adams Exp 7% 7% 7% 7%. Am Int Corp .. 7 7 7 6% Chesa Corp 43% 43% 43% 44 Lehman Corp .. 71*4 71% 71*4 71 Transamerica .. 5% 5% 5% 6 Tr Conti Corp .. 4 4 4 4 Building— Am Radiator .. 16% 16 16 16 Gen Asphalt .. 17% 17V. 17*/. 17% Int Cement 29% 29% 29'4 29% Johns Manville 54% 54% 54% 54% Libby Owens Gls 28% 28% 28% 28% Otis Elev 15'/. 15 15 15*4, U S Gypsum ... 48% 48% 48% 49 s . Household— Col Pal Peet .. 17% 17*4 17% 17 Kelviantor 16% 16*4 16*2 16% Proc & Gamble. 43% 43% 43% 43% Simmons Bed .. 11*4 11*4 11*4 11 Textiles— Amer W*)len •• 8% 8% 8% 8% Belding Hem .. 12% 12% 12% 12*4 Celanese Corp . 30 29% 30 29% Collins Aikman* 14% 14% 14% 14% Gotham Hose ... 6 5% 6 5% Indus Ravon .. 28% 28% 28% 28’.

Chicago Stocks

(By Abbott, Proctor & Paine) 11:00 Prev. A. M. Close. Asbestos Mfg 1% 1% Bendix Aviation 17 J 7 Chicago Corp, com 2% 2% Chicago Corp, pfd 29% 29% Cord Corp 4 3% Electric Household 7 14% 14% Marshall Field & Cos 12 % 12% General House Util 6% 6 Perfect Circle 32% 32 Swift & Cos 18% 18%

i\ew York Curb

(By Abbott. Hoppin & Cos.). 12 (Noon) Prev. N. Y. close. Alum Cos of Am 51 51 Am Cyanide “B” 17% 17% Am Superpower 1% 1% Atlas Corp 10 10 Distillers Corp 16% 15% El Bond & Share 8% 8% Gulf Oil of Pa 56i/4 56% Hiram Walker 28 28 Humble Oil 45% 45% Lake Shore Min 54 53% Lone Star Gas 5 5% Natl Bellas Hess 2% 2% Newmont Min 40% 39 Pan Am Airways 41% 41 St Regis Paper 1% 1% Sal Creek Products 6% 6% Std of Ky 17% 17*2 Teck Hughes Gold 4% 4*/s

Produce Markets

Delivered 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: voung toms. 14 lbs. and over. 14c; voung toms. 11-14 lbs., 12c: No. 2, crooked breasts and thin turkevs. 8c; old toms, all weights. 11c: No. 1 strlctiv resh 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 the wadlev Company. (By United Press) CHICAGO. Dec. 6. —Eggs—Market steady: receipts, 1,233 cases: extra firsts, 28%c; fresh graded firsts. 27c; current receipts. 24@25%c; dirties. No. 1, 20%c; No. 2, 18c; checks. No. 1, 18%c; No. 2,16 c. Butter—Market steady; receipts. 7,486 tubs; extra firsts (90-91% score). 27%@29*4C; extras (92 score). 29*,4c- firsts (88-89% score). 25%®26%c; specials. 29%®30%c: standards. 28c. Poultry—Market about steady; receipts, 30 trucks: springers, heavy, 15®>.6c: lights. 10%@14c; ducks. 13@16c: tuikeys. 16c; hens, 9@lsc; Leghorn hens. 9%c; capons. 6 to 7 lbs.. 19cLeghorn springers. 11c. Cheese—Twins, 13%®14c: daisies, 14*4® 14%c; Longhorns. 14%@14%c. Potatoes—Supply moderate; demand and trading slow; market dull; Wisconsin round whites no sales reported; asking 82®85c for U. S. No. 1. asking 82c for commercial grade; bidding 80c for U S No. 1, bidding 71 %c for commercial grades; Idaho Russets $1.50® 1.57%: U. S. No. 2. $1.60® 1.65. Arrivals. 36 • on track. 182; shipments. 434. CLEVELAND. Dec. 6.—Butter market steady: extras. 33%c: standards. 32c. Eggs —Steady; extra whites. 29c; current receipts, 25c* pullets, 22c. Poultry market steady; fowls, colored, 4% lbs. and up. 12c: ducks, light. 13c; geese, heavy fat. 14c: geese ordinary. 12c; turkeys, young, 18®19c; old hens. 16c: old toms. 14c; No. 2 turkevs. 14c. Potatoes—Maine. sl®l.lo a 100-lb. bag: Ohio, best, mostly 75'<t 85c a 100-lb. bag; New Jersey. $1 a 100lb. bag.

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers. A 25-cent carrying charge Der ton will be added. DOMESTIC RETAIL PRICES Anthracite *13.00 Brazil Lump 6.94 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 MAY FORM RAIL GROUP By Times Special CHICAGO. Dec. 6. Railroad banking quarters hear that a protective committee to represent holders of equipment trust certificates of the Chicago, Rock Island and Pacific Railway Cos. is in process of formation. The road is under trustee management pending reorganization.

CAR LOADINGS CHARTED

THOUSANDS MILLIONS OF CARS OF CARS 1100 ' - ... WEEttENOED - 52 TO 5 ' NOVEMBER 24 I 50 DATE - ,OOJ ' 48 950 - ■ - 46 1 500 — jjjjj cp H H ————- 350 ** W 14— ~ [ql Enlo pi —tx LmJ LJ U *im ComDiied by Protika Eanunc Indicator.

STOCK MARKET UPWARD TREND IS MAINTAINED List Swings Forward to Gains of Fractions to 2 Points. By United Press NEW YORK, Dec. 6.—The stock market swung forward to gains oi fractions to 2 points today in an improved volume of trading. It was a selective market with chief strength and trading in individual groups. Aviation stocks, particularly, were active with fractional gains in most issues and Boeing touching anew high for the year at 11%. Farm equipment shares came to life with Deere & Cos. up 2 points at 26%, the preferred touching anew high of 18% for a factional gain; Case showing 1% advance at 56 and International Harvester 1% gain at 40 a i. Caterpillar Trafltor touched a new high of 35 for a fractional gain. Other new highs included Briggs Manufacturing, General Motors preferred, National Lead, McKesson & Robbins issues, McLellan Stores, Mesta Machines. Radio issues underwent some profit taking, after the sharp rise yesterday. In the general list United States Steel was unchanged at 38%, American Telephone showed a fractional gain at 109%, rails were about steady while coppers were extremely active at firm prices.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,011,000.00 Debits 5.271.000.00

Treasury Statement

(By United Press) WASHINGTON, Dec. 6.—Government expenses and receipts for the current fiscal year to Dec. 4. compared with the corresponding period of the previous fiscal year: _ This Year. Last Year. Expenses . $2,985,869,481.11 $2,012,161,254.37 Receipts .. 1.505.077,661.20 1.170,914,041.29 Deficit .... 1.480.791,819.91 841,247.213.08 Cash bal.. 1.553.551.769.82 1.040,187.225.78

GRAM VALUES DROP ON REALIZING SALES Profit-Taking Follows Sharp Rise Yesterday. By United Press CHICAGO, Dec. 6—Profit-taking, following yesterday’s sharp upturn, brought easiness into grain prices on the Board of Trade today. At the start the principal grain was unchanged to % cent lower, corn was % cent lower to % cent higher, oats were off Vs to % cent, and rye was Vs cent lower to % cent higher. The action of outside markets had little effect on wheat and there was rather heavy selling of the nearby deliveries. Corn showed underlying strength on a continued good cash business while oats eased with wheat. (By James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. close. Dec 1.03% 1.02% 1.02% 1.02% May 1.04% 1.03% 1.03% 1.D3% July 97% .96% .97% .97 Corn— Dec 95% .94% .94% .94% May 92% .91% .92 .92% July 90% .88% .89*4 .89% Oats— Dec 58% .56% .57 .59% May 55*4 .54% .54% .55 July 50% .49% .49% .50% RyeDec 82 .80% .81*4 .80% May 81*4 .79% .80% .80% July 79% .79 .79*4 .79% LOCAL CASH MARKET City grain elevators are paying 93 cents for No. 2 soft red wheat, other grades on their merits Cash corn No. 3 vellow 92 cents STOCK VALUES ON N. Y. EXCHANGE UP SHARPLY Increase of $2,000,000,000 Shown During November. By Times Special NEW YORK, Dec. 6.—Listed securities on the New York Stock Exchange recorded an appreciation of more than $2,000,000,000 during November, according to the official monthly compilation. The total market valuation, as of Dec. 1, of the 1186 listed stock issues, aggregating 1,304,936,095 shares, amounted to $33,888,023,435, compared with 1,188 stock issues aggregating 1,305,416,543 shares on Nov. 21, with a total market value of $31,613,348,531. A year ago, the total market value of the 1,211 stock issues was $32,542,456,452. The average market value of all shares was $25.97 on Dec. 1, compared with $24.22 a month ago and $25.13 a year ago.

Business Co-Operation Is Needed in NRA Revision, Secretary Roper Asserts Commerce Chief Pleads With Leaders of Industry to Dis-card-‘Crutches of Waiting and Unfounded Fears’ and Join in 6-Point Program. By United Pres • NEW YORK, Dec. 6.—Secretary of Commerce Daniel C. Roper today pleaded with business leaders to discard “crutches of waiting and unfounded fears” and co-operate in six-point recovery program including revision of NRA. General improvement in the past three months shows “we are definitely on the road to better days,” he told the National

Association of Manufacturers. Now, he said, the Government needs full co-operation in consolidating and revising original recovery devices as H moves into the second phase of its efforts to restore confidence and accelerate recovery. Secretary Roper advanced j this program: Outlines Program 1. Return relief responsibilities to state and localities as soon as possible to relieve the Federal Government of its heavy financial burden. 2. Plan a sound public works program that will provide projects of general utility without conflicting with private investment and private industry. 3. Devise a “practical plan” of unemployment reserves to assure safety of employes without penalizing business progress. 4. Open foreign markets to improve trade. 5. Prepare for Congress suggestions and recommendations looking toward preservation of features of the NRA which have proved workable, but elimination of those which have not. 6. Release and re-employment of capital by business as soon as possible for stimulating recovery. ‘The first phase of our recovery efforts has been devoted almost exclusively to problems of an imperative emergency nature. The second phase must necessarily comprehend many emergency problems, which could not be settled conclusively in the 19 months that have elapsed since the inauguration of President Roosevelt,” Mr. Roper said. The secretary said the time had come 'frankly and comprehensively” to analyze the gains thus far and reccify mistakes. He said “bitter experience” has taught the public that “one group of our people can not be prosperous and another suffer depressed conditions without destroying the sensitive balance needed safely to maintain our economic and social structure.” Speaks on Agriculture Speaking of agriculture, he said that much has been accomplished, but that the central problem is now that of equitable prices for agricultural products that will provide a standard of living for farmers comparable to that of industrial workers. Business and industry, he said, can not prosper when agriculture is depressed. He 'defended the Government’s spending program as providing “indisputable staying power for banks, industry and business, until a revived earning power can once more produce substantial and consistent profits,” adding that the Government will taper off expenditures as rapidly as possible. He assured business the Government will ‘ levy taxes to pay for the burden of emergency costs only as business is able to assume the additional responsibility.”

Stock Studies

The Sun Oil Cos. in recent years has carried' out an extensive program of development and expansion so that the company is now a fully integrated oil unit. Sun Oil is active in the production, refining, storage and distribution of a full line of petroleum products. Distribution is principally throughout hte northeastern part of this country and parts of Canada, also in Michigan, Oklahoma, Texas and Florida. FINANCIAL DATA (As of June 30) Common Stock (no par) 1,719,170 shares 6% Preferred Stock (SIOO par). $10,000,000 Funded Debt 7,463,500 Profit and Loss Surplus 13,424,706 Cash 3.699,623 Inventories 16.633,723 Total Currant Assets 25.803.516 Current Liabilities 9.293,552 During the 12 months ended June 30, funded debt decreased nearly $4,300,000. Cash and securities were about $300,000 less; inventories, however, gained $2,000,000, while net working capital was up $1,200,000. Profit and loss surplus increased nearly $3,600,000. On June 30, the current ratio was better than 2 4 to 1 while the book value of the common stock was $42,10, or $1.93 greater than the year previous. Sun Oil has stayed in the black right through the depression with 1931 the low earnings point amounting to $1.63 on the common. In 1933. earnings were $3.68 and $2.05 in the first half of this year. The earnings trend has been upward since 1931. The regular dividend rate has been $1 for several years. In addition stock dividends have been paid amounting to 9 per cent in common stock in 1933, and 9 per cent in common is also payable Dec. 15 of this year. Sun oil was incorporated in 1901 in New Jersey. Both classes of stocks are listed on the New York Stock Exchange, while the common is also listed on the Philadelphia Stock Exchange. At a current price of around 70 the stock yields less than 14 per cent on its cash dividend rate. (All Rights Reserved. Winchester Institute of Finance, winchester. Mass.) SALES SHOW INCREASE By Time* Special CINCINNATI, Dec. 6.—Sales of W. T. Grant & Cos. in November amounted to $7,493,579, compared with $6,898,939 in the same month last year, an increase of 8.6 per cent. In the first eleven months sales were $70,549,591' against $65,196,893 in the same period a year ago.

SWINE VALUES MOVEUPWARD Weights Above 180 Pounds Advance 10 Cents; Others Even. Despite a continued heavy run of receipts and holdovers on hand in early trading at the Indianapolis Stockyards today, porker prices were unchanged to 10 cents higher. The advance was registered on weights above 180 pounds. Today’s supplies were estimated at 9000, the same as yesterday’s figures. Holdovers numbered 1347, the largest carry-over from a previous session for more than a month. The general bulk of 150 to 200 pounds was selling at $5.35 to $5.75. Top weights on hand scaling from 200 to 350 pounds were reported salable at $5.75 to $6.05. Few better classes reached the top price of $6.10. Lights, ranging from 130 to 160 pounds, sold at $3.75 to $4.50, while slaughter pigs, weighing 100 to 130 pounds, brought $2.50 to $3.50. Packing sows cashed in at $4.75 to $5. Only a slight change was evident in the cattle market, with the majority of classes selling between $4 to $6.75. Several kinds, however, remained inactive. Receipts numbered 1000. Veal prices were strong to slightly higher than yesterday, with the regular run salable at mostly $7.50 down. Few choice brought $7.75. Receipts were 700. With an improved demand prevailing in the lamb market, practically all prices were slightly higher than yesterday’s close. Most grades sold at $7.75 down. Heavies brought $7 down, while throwouts ranged from $4.50 to $6. Slaughter sheep sold at $3 down. Receipts were 2100. HOGS Nov. Bulk Top Receipts 30. $5.20® 5.75 $6.10 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 6. 5.35® 5.75 6.10 9.000 (140-160) Good and choice . $4.25® 4.85 (160-1801 Good and choice .... 5.25® 5.55 1180-200) Good and choice 5.65® 5.85 (200-220) Good and choice 5.85® 5.95 (220-250) Good and choice 5.95® 6.10 (250-290) Good and choice 5.95® 6.10 (290-350) Good and choice 5.75® 5.95 (275-350) Good 5.25® 5.50 Packing sows: (350-425) Good 5.10® 5.35 (425-550) Good 5.00® 5.25 (275-550) Medium 4.75® 5.10 (100-130) Slaughter pigs good and choice 2.50® 3.50 CATTLE —Receipts. 1000— —Steers—-<sso-900) Choice $7.00® 8.00 Good 6.00® 7.50 Medium 4.00® 6.00 Common 2 50® 4.00 <9OO-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 7 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, 700— Good and choice $7.00® 7.75 Medium 4 50® 7.00 Cull and common 2.50® 4.50 —Calves—-<2so-500) Good and choice.... 4.75 9 5.50 Common and medium 2.59® 4.75 —Feeder and Stacker Cattle——Steers— -1500-800) Good and choice .... 4.00® SJ)O Common and medium 2.50® 400 (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, 2100— Lambs. 90-lbs. down, good and choice $7.00® 7.75 Common and medium 5.00® 7.00 90-120 lbs., good and choice.. 2.50® 3.00 Sheep—-(l2o-150) Good and choice.. 2.00® 2.75 All weights common and medium 1.25® 2.50

Other Livestock

(By United Press) FT. WAYNE, Dec. 6—Hogs—Steady to 15 cents higher: 250-300 lbs.. *5 95: 225250 lbs., $5.75; 200-225 lbs.. *5.60; 180-200 lbs , *5 40: 160-180 lbs.. *5.15; 300-350 lbs., 5 50: 15C-160 lbs., *4.25: 140-150 lbs., *4; 130-140 lbs., *3.75; 120-130 lbs.. *3.25: 100120 lbs.. $2.75; roughs, $5: stags. $3. Calves —l7. Lambs—s 7. TIRE WORKERS RECALLED AKRON, 0., Dec. 6 Increasing business caused the General Tire and Rubber Cos. to recall to work at once more than 150 employes who had been idle several weeks. The plant's production schedule will then return, officials declared.

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

Latest Stock, Bond and Commodity Quotations

STRETCH-OUTS END IN TEXTILE FIELDVISIONED Labor Board Member Sees Industry Gain Through Organization. BY DANIEL M. KIDNEY Timfi Special Writer WASHINGTON, Dec. 6.—End of the stretchout, one of the principal grievances of textile workers, was predicted today by Frank P. Douglass, recent appointee to the Textile Labor Relations Board. His forecast was based on his expectation of results from three Work Assignment Boards just named by Secretary of Labor Fiances Perkins. One labc and one management member were appointed for each of the textile groups—silk, wool and cotton. Each pair will function under an impartial chairman, Walliam A. Mitchell. The entire setup will be under the Textile Labor Board. Mr. Douglass said he was beginning to see what ails the textile ; industry. “A handful of employers j who underpay and overwork labor through the stretchout are setting the selling price of the product,” he j asserted. “Organization Needed” “As long as the 5000 mills are so loosely affiliated, and as long as these few offenders refuse to deal with a union that can make and keep contracts, this condition will prevail. “What is needed is organization of both labor and management, such a board as this with powef to enforce decency. That will bring a fair price for textiles and stop the ruinous competition of laoor-sweat-ing mills.” The stretchout is the expedient of assigning more machines for an operator to tend. This form of exploitation was increasing when the textile strike of last September was called, it was charged by Fraicis E. Gorman, who led the strike. To Study Operations The new Work Asignment Boards are to “study operations and to work out a permanent plan of work assignments in the industry, meanwhile handling stretchout complaints,” the Labor Department announced. Workers’ representatives are E. A. Oliver, Cincinnati, and Miss Ruth Reticker and Godfrey C Brown, ’ both of Washington, D. C. Employers’ representatives are Earl R. Stall, Greenville, S. C.; Harold J. Walter, Uxbridge. Mass., and John W. Nickerson, Manchester, O. Mr. Mitchell, the chairman, was technical adviser and senior marketing expert in the cotton processing and marketing section of AAA. He is experienced both in textiles and in labor mediation and arbitration. VIRGINIA DARE STORE TAKES NEW QUARTERS Women’s Wear Shop Rents Property of William H. Block Cos. The Virginia Dare store, now located in the Hotel Washington building, moved today to 12 E. Washington-st. The store is one of a nation-wide chain of approximately 75 women’s wear shops in the principal cities of the United States. The new storeroom has a frontage of 17*% feet and a depth of 120 feet and includes the ground floor and the basement. The property is owned by the William H. Block Cos. Kurt Pantzer of the law firm of Smith, Remster, Hombrook & Smith, represented the Block company in the legal proceedings. TAX CORN-HOG INCOME lowa Assessment Board Rules on Benefit Payments. By Times Special DES MOINES, Dec. 6. —Corn-hog benefit payments to lowa farmers are taxable under the state net income tax which becomes effective Jan. l, the State Board of Assessments and Review has ruled. The board directed Lavem Clark, head of its income tax division, to obtain from the 100 county cornhog association information of all benefit payments in excess of SI,OOO. AWAIT MERGER VOTE Bell Telephone Company’s Petition Is Before Pennsylvania Board. By Times Special PHILADELPHIA, Dec. 6.—Approval of the merger of Philadelphia’s two telephone systems is before the State Public Service Commission for a decision. Permission to absorb the Keystone Telephone system is asked by the Bell Telephone Company, which said Philadelphia was the only large city in the United States served by two systems. DEPOSITORIES SOUGHT Sullivan Calls for Propositions From State Banking Institutions. State Auditor Sullivan today called for propositions from state banking institutions to become state depositories for a two-year period beginning Jan. 7. Approximately $15,000,000 will be allotted to the various banks, which are required to pay 2 per cent interest on the average monthly minimum balance.