Indianapolis Times, Volume 46, Number 181, Indianapolis, Marion County, 8 December 1934 — Page 12

Trends mam Highlights of the News During the Last Week. BY VINCENT S. LYONS Times Financial Editor

THE National Association of State Tax Administrators, in convention at French Lick, was warned that states must co-operate closely in solving tax problems or see the Federal Government take charge ... The Agricultural Adjustment Administration announced that a total of $532,426,189 had been disbursed to farmers up to the end of November ... In an endeavor to promote public understanding and confidence, the American Bankers Assn, inaugurated a campaign to stimulate wider use of newspaper advertising . . . The National City Bank of New York, in its monthly letter, i tated that business men in their c' Iculations for 1935 are giving litt e weight to the much discussed possibility of inflation . . . A platform for economic recovery was submitted to the country’s in* dustrali.sts by the National Association of Manufacturers meeting in New York City . . . November business failures aggregated 923. against 1091 in the preceding month and 1237 in November. 1933, according to Dun & Bradstreet. Inc. . . . Permanent replacement of the present NRA setup through Federal incorporation of large industries and trade associations under charters embracing principles of Blue Eagle codes is receiving serious consideration by Administration officials, the United Press reports . , . Henry I. Harriman. president of the United States Chamber of Commerce, in a speech at Los Angeles declared there is much ground for encouragement in present business conditions. man ALL the evidence indicates the people are in a greater spending mood, John Dickinson, Assistant Secretary of Commerce, 6aid in appraising Christmas trade . . . Winthrop W. Aldrich, chairman of the Chase National Bank, warned municipalities that they can not long continue the practice of having the Federal Government shoulder the bulk of the relief problem and urged them to find new sources of taxation . . . The United States Treasury offering of $900,000,000 of bonds and notes was oversubscribed six times on the first day of offering. Books were closed the second day on the exchange offer made in connection with the $992,000,000 of certificates maturing on Dec. 15 . . . America's foreign trade for the first ten months of the year resulted in a favorable balance of nearly $400,000.000, against slightly more than $100,000,000 in the same 1933 period . . . November engineering construction awards totaled $134.415.000. an increase of 19 per cent over the October record . . . Farm land sold by the Federal Land Bank of Louisville increased 220 per cent over a year ago with prices $lO to sls an acre higher .. . November sales of Montgomery, Ward & Cos. aggregated $26,900,806, the highest figure for that month since 1929 and 28.2 per cent ahead of the corresponding month last year. man CORN, both in the cash and futures markets, continued its startling rise, the No. 1 white product climbing to sl.ll, the best level in six years. Other grains also moved forward impressively. . . . Dow-Jones industrial and railroad stock averages attained the best quotations in several months. . . . Corporation benevolence continued to lavish extra and increased dividend payments upon stockholders. . . . Production of electricity last week rose 8.4 per tent over the corresponding period last year, the best percentage gain since March. . . . Discard your fears and co-op-erate in the recovery program, Daniel Roper. Secretary of Commerce, told business leaders in an address before the congress of American industry. . . . Monetary gold stocks of the nation rose $49,000,000 during the week ended Dec. 5 to a fresh peak of $8,161.000.000. according to Federal Reserve Board figures. .. . The American consumer spent $1,500,000,000 on legalized liquor in the first year of repeal, the League of Distilled Spirits Rectifiers declares ... Constitutionality of the National Recovery Act was upheld by a Federal judge In Philadelphia, who denied the petition of two drug companies to restrain the Government from enforcing the tobacco code. . . . West Virginia has filed notice of Its intention to intervene in the Government suit against a private company in which the United States is seeking to require the company to accept l Federal license for its sll 000. <OO Hawks Nest hydroelectric project on New River. man ALMOST without exception the reports received from all-parts of the country on consumer buying this week indicated a sharp rise from the preceding week’s sales totals, according to Dun & Bradstreet, Inc. ... Revenue freight car loadings last week aggregated 488.118 cars, a reduction of 73.195 cars from the preceding week. . . No. 1 heavy smelting scrap was advanced $1 a ton at Pittsburgh, the sharpest rise in some time. . . . Sales of Sears. Roebuck & Cos. for the period Nov. 6 to Dec. 3. totaled $30,878,320, an increase of 7.4 per cent over the 1933 period. . . Secretary of Agriculture Wallace declares that if the railroads persist in seeking increased freight rates on farm products, they will prolong the depression and lose much business they now have. . . . A slow forward movement of business was reported in November by the Department of Commerce. ISSUES TO BE CALLED Tubiie Chatillon Corp. to Retire 7 Per Cent Vilagr Bonds. By Time* Sperml CHICAGO. D-c. B—The Tubize Chatillon Corp. will retire the remaining $528,000 of its first mortgage 7 per cent village bonds on Jan. 1, 1935, according to an announcement made today by J. E Bassill, president. Th* bonds are part of an original issue of $2,000,000 secured by a mortgage on the Mill Villege at Rom* Ga . and sold by the American Chatillon Corp. prior to its merger and consolidation with the Tubise Artificial Silk Cos. of America in 1930.

PAGE 12

PENNSY PROFIT SEEN LAROEST VIA RATE RISE

Boost in Freight Charges Would Lift Revenue $8,268,622. By Time* Special WASHINGTON, Dec. 8 The Pennsylvania Railroad will be the largest single beneficiary if the proposed schedule of freight rate increases is granted by the Interstate Commerce Commission. Revenues of this system would be swelled about $17,360,485 annually, according to an estimate made available today by the Bureau of Railway Economics. The next largest beneficiary would be the New York Central lines, with an increase in annual gross revenues of $13,710,695, followed by the Chesapeake & Ohio with an incre oesa apeake & Ohio with an increase of $8,418,771 and the Baltimore & Ohio with an increase of $8,268,622. Increases Estimated A table of the estimated revenue increases for the leading railroads follows: Estimated revenue Railroad — increase. Baltimore and Ohio $8.268 622 Boston and Maine 1.882 905 Central of Jersey 1.773.463 Chesapeake and Ohio 8.4i8.771 Delaware and Hudson 1 634,112 Erie 3.684,559 Lehigh Valley 2.597.136 Nickel Plate 1.818.641 New York Central 13,710 695 New Haven . 2.645.715 Norfolk, and Western 5.401.035 Pennsvlv vania 17.360.485 Pere Marquette 1.382 749 Atlantic Coast Line 1.460.231 Louisville and Nashville 4.249,700 Southern 4.153.102 Atchison 4.296.206 Chicago and Northwestern 4.114.519 Burlington 4.503.710 St. Paul 5 278 906 Great Northern 3.712,514 Missouri Pacific 3,665,402 Northern Pacific . 2.683.810 Sr Louis-San Francisco 2,166,942 Southern Pacific 3.430,490 Union Pacific 3.091.617 When the railroads of the country filed their petition for increased rates on Oct. 1 it was estimated that if granted their aggregate revenues would be increased $170,000.000. The commission was told by R. V. Fletcher, general counsel for the Association of Railway Executives. that the railroads merely seek to advance the price of what they sell when costs they can not control make such action imperative. Expenses Up 5300,000,000 “Due to circumstances over which they have no control,” he said, “the operating expenses of the railroads have been increased by nearly $300,000.000 annually. Without an increase in the rate base the railroad industry this year will probably fall short of earning fixed charges by $73,000,000, as compared with a similar deficit of less than $6,000,000 in 1933.” In opposing the increases, shipper* have stated that among the chief beneficiaries would be the most prosperous roads in the country. They said that the Chesapeake and Ohio would receive $7,000,000 more in coal revenues alone.

Local Livestock (Reprinted from vesterday) HOGS Dec. 1. $5 30® 5.85 $6 20 3 000 3. 5.30® 5.95 6 40 10 000 4. 5.505i 5.80 6.10 12.000 5. 5.35® 5.65 6.00 9 000 6. 5 35® 5.75 6.10 9.000 7. 5.40® 5.80 6.15 9,000 * 140-160* Good and choice.. $4.25® 4.85 (160-180) Good and choice ... 5.25® 5 70 (180-2001 Good and choice.... 5.70® 590 1200-220) Good and choice 5 90® 6 00 1220-2501 Good and choice 6 00® 6 15 1 250-2901 Good and choice 6 00® 6.15 1290-350) Good and choice 5 80® 6 00 (275-350) Good 5.25® 5.50 Packing sows: 1350-425) Good 5.10® 5.35 <425-5501 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. 600— —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 —Heifer*— (550-7501 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 250® 5 25 —Cows— Good 3 00® 2.25 Common and medium 3.25® 3.00 Low cutter and cutter 1.25® 2.25 Bulls—(Yearlings Excluded) Good 2 85® 3.50 Common and medium 1.73® 2.85 VEALERS —Receipts. 600— 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® 5.50 Common and medium 2.50® 4.75 —Feeder and Stocker Cattle——Steer*— <SOO-8001 Good and choice 4 00® 5.00 Common and medium 2.50® 4.00 iBOO-1.050) Good and choice... 4 00® 5.25 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. 1.500 — 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 Produce Markets Delivered in Indianapolis prices: Heavy nens. 11c; Leghorn hens. 7c; <ciorea springers. 12c; old roosters. 6c; ducks. 7c; geese. 6c: voung guineas. 20c: old guineas. 15c. Turkevs—No. 1 young hens. 8 lbs., and over. 14c; young toms. 14 lbs. and over. He: voung toms. 11-14 lbs.. 12c: No. 2, crooked breasts and thin turkevs. 8c; old toms, all weights. 11c; No. 1 strlctiv resh count rv run eggs loss c£f. 23c Each lull case must weigh 55 lbs. gross: a deduction ol 10c a pound for each pound under 55 lbs. will be made. Butter No. 1. 30®31c Butteiiat—26c. Quoted bv the Wadlev Company DIVIDEND IS DECLARED By T lines Special CHICAGO. Dec. B.—Directors of The Square D Cos. have declared a dividend of 27 S cents a share on Class A stock, and also are considering plans for funding the accrued dividends on the Class A stock amounting to $6 60 a share as of Dec. 31, according to F. W. Magm, president.

Abreast of The Times on Finance

Administration Not to Seek Abrupt Changes in Banking, Capital Hears

Duncan U. Fletcher

LABOR SURVEY AS COMPLETED

Relations Held Stable in Railways and Utilities Field. By Times Special NEW YORK, Dec. 7.—New Deal legislation and generally unsettled labor conditions throughout the country have had little effect on the forms of labor relationship on the railroads and in the public utilities field, the National Industrial Conference Board asserted today in reporting a survey just completed. “In public utilities, most of the employes carry on their working relations with employers now, as they did prior to the National Recovery Act, either individually or through shop committees and company organizations,” the Conference Board stated. “On the railroads, organized labor unions still remain the major medium of labor relations.” Little Recent Activity This latest study, reported in a pamphlet entitled "Individual and Collective Bargaining in Public Utilities and on Railroads,” is a current extension of previous surveys of labor relations made by the board. It covered 697 public utility companies and 66 railroads. Nearly one-half of the public utility companies included in the survey report individual negotiations as the exclusive form of labor relations in their plants. Employee representation—through shop committees or company organizations—combined with individual bargaining. comprise the sytsems of labor negotiation in 45 per cent of the public utility employees covered by the survey. Os the utility workers now under employe representation 8.6 per cent have adopted this form of dealing since the NIRA. Os those under union agreements 16.5 per cent selected their bargaining medium after passage of the NIRA. Those public utility workers who selected employe representation after the act number 28.420. Those who adopted union representation total 11.191. Latest figures revealed in the board’s pamphlet show that practically three-fourths of the employes included in the study comprising 760.000 railroad workers, or over 72 per cent of the total number of railroad employes, bargaining with their managements through the medium of organized labor Unions Stronger on Roads Seventeen per cent of the railroad employes covered by the survey deal through some form of shop committee or company labor organization. Individual bargaining is the method used by 8 per cent of the employes covered in this study. In October 1934. employe representation was in effect on at least 36 railroads and over 130,0C0 employes were negotiating with their managements through these agencies of collective dealing. HUDSON SHIPMENTS UP Motor Car Firm Fourth Largest Producer in Country. By Times Special CHICAGO. Dec. B.—Shipments of the Hudson Motor Car Company, during the first ten months of the current year ending Oct. 31 amounted to 3.9 per cent of the independent automobiles manufactured in the United States during that period, it was reported. Shipments of all kinds of passenger cars during the perido, excluding the three largest producers, amounted to 189.348 cars, of which 75,623. or 39.9 per cent were Hudson or Terraplane cars, making the company the fourth largest producer of cars in the country.

Valet to Prince of Wales Cattle Yearns for •Copy of ‘Burke’s Peerage’ to Answer Queries on Royalty

.By l nitt and Prtss CHICAGO. Dec. .—Walter Little. valet d'chamber to five classy bulls entered in the International Livestock Exposition by the Prince of Wales, tossed aside his currycomb in disgust today. “Why,” asked Walter, "should I know when the prince is going to get married? All I do is ‘tend his cattle.” A little lady from What Cheer, la., with a black perasol had just left the stall where five shorthorn bulls entered by his royal highness were on exhibition. "I wonder if I couldn’t have a souvenir of the prince—he’s so dashing,” she suggested slyly. "Just a hair from his cow's tail —you wouldn’t mind?” She was given a hair from the fly-swishing tail of Princeton Nep-

INDIANAPOLIS, SATURDAY, DECEMBER 8, 1934

jgs&fc. Ira fiajgafc/' •

Leo T. Crowley

Stock Studies

PACIFIC MILLS * CAPITAL STOCK PER 11 ———.PRICE share EARNINGS PRICE RANGE SCALE gfe i i'i l . V 130 31 3 2 33 34130 31 32 33 34f WINCHESTER INSTITUTE OF FINANCE

Pacific Mills, Inc., is one of the largest textile manufacturers in the world, with an annual capacity of 330,000,000 yards. Cotton goods production accounts for about threequarters of output, while worsted goods comprises the remainder. In dollar value, however, worsted make up about 75 jer cent of value and cotton the balance. The company’s export department is represented in 42 foreign countries. Mills are located in Massachusetts and South Carolina. FINANCIAL DATA (As of June 30) Capital Stock (SIOO par) ...396.123 shares Capital Deficit $ 1.638,708 Cash 1,372.430 Investories 14.177.127 Total Current Assets 21,828.034 Current Liabilities 6,832.031 During the 11 months ended June 30, capital deficit condition improved by about $1,500,000. Cash gained $650,000, inventories were $6,100,000 greater, while net working capital increased $2,750,000. On June 30 last the current ratio was nearly 314 to 1 while the book value of the capital stock was $95.86, or a gain of $3.70 in the 11 months period. Pacific Mills has operated profitably in only four of the last ten years. Earnings on the capital stock were $2.54 in 1933 and $2.25 in the first half of this year. Profits this year were largely due to appreciation in inventory values. From December, 1925, to Sept, 1 this year, when 50 cents was paid on the capital stock, no dividends have been paid. Pacific Mills was incorporated in 1850 in Massachusetts. The capital stock is listed on the New York and Boston Stock Exchanges. The stock is currently selling at 1914. (All Rights Reserved. Winchester Institute of Finance. Winchester. Mass.). REPAYMENT OF FARM LOANS SHOW INCREASE Agricultural Conditions Improving In All Sections. By Times Special CHICAGO, Dec. B.—Repayment of farm credit loans to institutions have shown a marked increase and reflected great improvement in the country’s agricultural conditions, according to Gov. W. I. Myers of the Farm Credit Administration. Payments on federal land bank loans to Oct. 1 increased 42 per cent, although the total amount becoming due climbed 7 per cent, Gov. Myers stated in his address at the nineteenth annual meeting of the National Association of County Agricultural Agfents here this week. Approximately $1,500,000,000 has been loaned by the farfti credit organization to refinance 550,000 mortgage loans to farmers, Mr. Myers stated. C. G. DAWES TO SPEAK Former Vice-President to Talk on Progress of Recovery. By Times Special CHICAGO. Dec. B.—Gen. Charles G. Dawes, chairman of the City National Bank & Trust Cos., and former Vice-President of the United States, will discuss the progress toward recovery before fellow bankers and members of the Chicago Association of Commerce Wednesday, it was made public today. Mr. Dawes’ speech will be based on personal studies of national recovery over a period of several months, and wall be titled “The Coming Great Recovery in Durable Goods and the End of the Depres--1 sion.”

tune, winner of second prize in the senior yearling bull class. "When do you think he’ll get married?” she asked. Walter looked at Princeton Neptune. Princeton winked back lazily. “Oh, I mean the Prince of Wales,” said the lady from What Cheer. Since the livestock exposition opened five days ago the keepers of the prince’s longhorns have been deluged with questions—not about the longhorns, but about Wales and the Duke of Kent’s marriage to Princess Marina. The first question usually is the same: “Oh. mister, does the Prince of Wales name the little calves himself?” The attendants patiently explain that on the prince’s 4000-acre ranch near Calgary, Alberta, there are

Senate Banking Chief Finds Experiments Unwanted. By United Press WASHINGTON, Dec. 8. Word that the Roosevelt Administration is not disposed toward abrupt changes in the banking structure was being passed out quietly today from Congressional quarters here. This development was regarded as another of the reassuring gestures aimed at bringing private interests more and more into the recovery movement It came as banking authorities predicted rehabilitation of the banking structure would be completed in six months at a total cost of $3,000,000,000. The word was considered another in the series of reassurances put forth during the summer and early fall to the effect that the Administration was* soliciting suggestions from capital and industry, and would abide by them as much as possible.

Questionnaire Studied Chairman Duncan U. Fletcher of the Senate Banking Committee has been analyzing responses to a questionnaire sent to bankers and financiers. He found the preponderant opinion one of stern opposition tc further immediate experiment' ng with banking legislation. Senator Fletcher sought these opinions as a guide to possible new banking and monetary legislation. One answer to Senator Fletcher’s questionnaire which attracted particular attention was from Dr. T. J. Anderson Jr. of New York University, who advocated unification of the banking system “by requiring all banks of commercial deposit to take out Federal charters.” He listed advantages of Federal incorporation and supervision as: 1. Elimination or reduction of jurisdictional controversies over banking. 2. Uniform rules of practice and prevention of shifting from one type of control to another to escape restrictions. 3. Establishment of nation-wide banking standards. 4. Formation of emergency policies which could be put Into effect uniformly and effectively in any such crisis as the banking holiday of 1933. 5. Establishment of a unified system of bank examination. 6. Introduction of a uniform national credit policy. 7. Elimination of so-called ••chain” banking. 8. Establishment of a deposit insurance plan unon a more stable basis than at present. Such a move is, according to Dr. Anderson, “The most significant single prerequisite to a truly strong, well-supervised and depressionresisting banking system.” The rehabilitation news cams from Jesse Jones, chairman of the Reconstruction Finance Corp., and Leo T. Crowley, chairman of the Federal Deposit Insurance Corp. Program to Expire Mr. Jones said his agency’s program to lend money to banks and to purchase their preferred stock and capital notes will be terminated within the next six months, while Mr. Cowley said that capital structure of the nation’s 15,936 banks would be fully repaired by June 30, 1935, under FDIC standards of a 10-to-l deposit to capital ratio. Chairman Jones said the RFC has assisted banks to the extent of $2,666,641,879, of which $1,217,425,423 has been repaid. He estimated slightly less than $500,000,000 would complete the program. Authorities hope to obtain repayment of all disbursed funds, although doubts are expressed as to whether they will get all the $61.000,000 owed by the Central Republic Bank of Chicago, the Dawes’ loan. Mr. Jones said loans on assets of closed banks totaled $702,500,000 He estimated about $300,000,000 more would complete this program. Purchases of preferred stock and capital notes have reached $920,000,000 and about $200,000,000 more will be needed. Os this $70,000,000 has been repaid. Up to the present, according to the American Banker, 1294 have been opened, bringing the total as of Dec. 1 to 15,936. INSURANCE MEN CONFER Indiana Lumbermens Mutual Cos, Now Holding Parley. The Indiana Lumbermens Mutual Insurance Cos. is holding its national fieldmen’s conference this week at its office. 518 N. Delaware-st. Fieldmen from 43 states are attending this conference to discuss sales and advertising problems, also fire and casualty insurance underwriting. Frank B. Fowler, president and manager of the company since its inception 38 years ago, delivered the first address at the opening session.

blessed events galore of which his highness knows nothing. Little is a tall, black-haired youth who snatches a snooze now and then on a bale of hay alongside the exposition stall. But he has slept in Windsor Castle, and he has ridden at the hunt with royalty. “But I'd just as soon have a pitchfork in my hand as a riding crop,” he said, giving Princeton Neptune a slap on the buttocks. After graduating from the University of Alberta he was invited to spend a year at Windsor, occupying the room that once was Anne Boleyn’s. He returned to Canada to become assistant foreman of Wales’ ranch in the foothills of the Canadian Rockies. “If I come back to the exposition next year I'm going to bring along a copy of ‘Burke’s Peerage,’” he said. “Then I can alternate between pitching hay and pitching answers.”

EXHIBITORS AT POULTRY SHOW ENJOY BANQUET

Value of Exposition as Aid to Improving Breeds Is Stressed. Exhibi.ors in the Indianapolis National Poultry Exposition, which closes at the Indiana State Fairground tomorrow held their annual banquet last night in the SpinkArms. Brief talks were made by twelve nationally known judges of the American Poultry Association, officers of the Greater Indiana Poultry and Pet Stock Association, group sponsoring the show, and leading exhibitors. A. W. Arter, Ft. Wayne, exposition secretary, praised the function of the Indianapolis show in fostering a better relationship between commercial poultrymen and breeders by increasing the former’s interest in breeders’ efforts to produce better standard bred stock with its greater market value. Representatives of 16 national and regional specialty clubs meeting here this week attended the banquet. Norman T. Maxon, Barrington, 111., National Rhode Island Red Club president, announced that the club’s national meet will be held here at the time ui the 1935 exposition. Speakers included George Weymouth, Spencer, exposition president and Inland Poultry Journal publisher; Leon Todd, Purdue extension poultryman; Frank Conway, show superintendent; D. E. Hale, Glen Elyn, 111., t merican Poultry Association vice-president; A. O. Schilling, Rochefer, N. Y., and H. V. Tormohlen, Portland, toastmaster. Judging was concluded Friday with the selection of champion birds in each of the breeds represented. All Rhode Island Reds and Australorps also were judged Friday. The grand champion of the show —the best specimen among the 2500 standard bred birds in competition —was to be selected today by sealed ballot of seventeen judges. Breed champions selected yesterday are: White Plymouth Rock, Overbrook Farm, Brendonwood; White Cornish, George R. Hall, Commiskey' (Ind.); Dark Cornish, Kennie R. Nelson, Lewisburg, Tenn.; Orpington, J. B. Ardashier, Frankfort, for his Buff Orpington hen; single comb Rhode Island Red, Walter E. Gainey, Danville, 111.; rose com!? Rhode Island Red, Lee W, Fox, Brookville, O.; Buff Wyandotte, John L. Gray, Crawfordsville; Black Java, Orville Collins, Putnamville; white created Black Polish, Glen T. Ells, Pontiac, Mich.; Golden Spangled Hamburg. C. W. Reynolds. Indianapolis; White Minorca, David Mitchell, Dayton, O.; Black Australorp, Overbrook Farm; Partridge Wyandotte, W. H. Milward, Madison, Wis.; light Barred Plymouth Rock, John Yant, Canton, 0., and dark Barred Plymouth Rock, C. N, Myers, Hanover, Pa. WARRANTS CALL ISSUED By Times Special CHICAGO, Dec. B.—A call has been issued by The Chicago Board of Education for $170,450 of its 1931 and 1932 tax-aacopation warrants as of Dec. 11 on which date interest on the called certificates will cease.

Looking for a Desirable Place to Live? J Desirable rental property is getting scarce. Recent surveys show there are 50% less vacancies now than a year ago. If you plan to move don’t delay your choice of anew place to live. The easiest, quickest way to find what you want is to follow the attractive offerings in Times Want Ads for a few evenings. Turn now to the listings in today’s TIMES WANT ADS. See Classifications 17 to 24 Times Want Ads

SUBMITS HOME PLAN

■ isSjjp WKm E * s: ~* if

Edward A. Filene

Voicing the opinion that the present home building program may prove a “menace to lasting recovery, Edward A. Filene, Boston merchant and administration supporter, offered an alternate scheme in which a worker might purchase transferable home ownership wherever his job called him.

COAST WELLS SET NEW MARK Kettleman Hills District Output Is Valued at $100,000,000. By United Press COALINGA, Cal., Dec. B.—One hundred wells and $100,000,000 worth of oil is the record of the Kettleman Hills district south of this city since the discovery made in the Milham well, October, 1928. Marking the sixth anniversary, the 100th well was copleted last month. In six years the field has produced 88,000,000 barrels of oil, the average price being sl.lO. Although search for oil had been going r*n for many yeers in the area, it was not until 1928 that the Milham Exploration Company spotted its first well under the direction of the late Seth Hardison, pioneer Coalinga oil man. Previous attempts failed because equipment was not sufficient to reach the depth of hg ihgravity deposits. Several wells now exceed a mile in depth. Potential daily production is rated at 478,955 barrels daily, but curtailment has limited this figure to 50,000 to 60,000 barrels. Recent estimates by petroleum experts set the production future at 1941 million barrels, giving the field a life of 100 years. Average drilling costs per well have averaged $200,000. Added to costs of roads, plants, pipelines, and housing, this means that one-third of the money returned for crude has been spent in field development, LOCAL CASH MARKET City grain elevators are paying 92 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yeUow 92 cents and oats 50 cents.

News and Views in the Business World

(farmers here REDUCING DEBT TO LAND RANKS

Louisville Instiution Reports Payments of Past Due Installments. By Times Special WASHINGTON. Dec. B.—Collections on Federal Land Bank loans in the Louisville district during November were almost 20 per cent above the amount of installments maturing in that month, due to farmers paying past due instillments. Frank D. Rash, president of the Louisville Land Bank, said at a conference of the 12 land bank presidents meeting in Washington today. Loan installment collections in the district, which includes, Ohio, Indiana. Kentucky and Tennessee, amounted to $734,000 during November, compared with maturities of $627,000. President Rush said the volume of sales of farm land by the Louisville Land Bank has also shown a large increase, total sales during the five months ending Nov. 30, amounting to $628,000, compared with $195,00C during the corresponding period in 1933, an increase of over 200 per cent. Reflects Improvement “The collection of Installments on Federal Land Bank laans~has improved steadily with the advance of the marketing season of corn, cotton and tobacco crops; and the new interest in farm real estate also undoubtedly reflects the improvement in agricultural conditions in the Louisville district,” the bank president said. “I think this healthier condition is borne out further by the improvement in pasture conditions over the district. Pasturage, which furnishes a good index of drought damage, is now over 73 per cent of normal compared to 55 per cent in the early season and 54 per cent at present for the country as a whole. Emergency Requests Off “The decline in the number of requests for emergency refinancing of farm mortgage debts,” according to Mr. Rash, “indicates that the pressure of creditors for liquidation has diminished greatly during the year. Applications for loans were running around 400 a day at this time last year and have now declined to around 80 a day.” The total outstanding loans of the Federal Land Bank of Louisville and of the Land Bank Commissioner in the district amount to more than $258,000,000 representing over 110,000 mortgage loans to farmers. WHEAT EXPORTS RISE U. S. and Canadian Shipments at 4,238,667 Bushels, By Times Special NEW YORK, Dec. 7.—Exports of wheat (including flour as wheat) from United States and Canadian ports, as reported to Dun & Bradstreet, Inc., today for the week ended Dec 1, totaled 4,238,667 bushels, compared with 3,807,533 bushels in the previous week and 6,191,176 bushels in the corresponding week of last year. For the season, July 1 to date, wheat exports aggregated 78,714,39 C bushels, as against 92,877,609 bushels for the same period a year ago.