Indianapolis Times, Volume 46, Number 185, Indianapolis, Marion County, 13 December 1934 — Page 26

Trends m m m Ban by Florida on Transients Linked to Relief. BY VINCENT LYONS [l>M Financial Editor

'T'HE hitch-hikers who annually at this season of the year begin their trek to Florida in the hope of gaining some form of employment are to be turned back. Governor Sholtz has announced. These transients are to be barred because the state feels that there are enough native residents to fill all additional jobs created by the increased tourist trade. It would seem from this that Florida has come to the conclusion that charity begins at home. The annual pilgrimage of these “floaters'* to the Southern resort is several times the number of jobs available and. as a consequence, in due course many of these mdividtuls become charges of the state. Thus, while the state benefits from the increased trade part of this is nullified by the rise in expenditures for charity. While there are both social and economic elements in the situation, we shall limit ourselves to the economic significance of the trek. In the first place, it must be remembered that unemployment is so general that each state in the Union is hard pressed to take care of its own, who when circumstances permitted were taxpayers. When they were thrown out of work many of them, because of large iamilies, moved in with relatives and contented themselves with odd jobs. a a a 'T'HIS type of citizen surely is in need of a helping hand from the .community in which he lives and should be given the first opportunity of getting employment created in the home state. There is no logical reason why, since the state has to dole out relief to its unemployed and destitute, persons of other states should be permitted to gain the lion’s share of the jobs. In contrast to these individuals there are hordes of persons without famly ties who merely go south in the winter time to evade the discomforts of cold weather in the North. It is safe to assume that a considerable portion of them are what may be termed “unemployables.” persons whose nature and habits make them unsuitable for permanent jobs. Once in a state they impose on the local government’s charity to the extent of procuring shelter and food. Every one will agree that the depression has placed a heavier burden on the shoulder of state governments. Expenditures for relief have been mounting continually coincident with a decline in revenues. In numerous instances states have had to increase their bonded indebtedness in order to meet this pressing problem, despite the fact that 'economies were instituted all along the line. a m a THIS question of taking care of transients is not a difficulty in Florida alone. Other communities throughout the Nation have experienced an inrush of outsiders when a type of business experiences a seasonal expansion. Detroit, with its vast automobile industry, has taken steps to curb the influx by giving jobs only to citizens of the city. The Federal Government at present has a system whereby relief is extended to transients. Yesterday, how’ever, William Plunkert, National Director of Transient Relief, said that the Government will abandon this method. Persons now in such Federal camps will be sent to their communities of origin where, if they do not obtain employment, they will receive direct relief. Steps taken by Florida and Detroit in the matter of these transients represent the first action taken in regard to this situation. It will be interesting to see whether other local governments will adopt similar methods of copmg with their distrbution of relief.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local Commission dealers. Fruits—Cranberries, Cape Cod, late Howes, 25-lb. box. *5.75 Grapes. California Emperors. 27-lb. box. *2.40. Persimmons. California. 20s. *125 Quinces bushel. *3. Bananas. 4>aC a lb. 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 Lim’s. Mexican, per carton. 12s. 25c: Byram, seedless per hundred. *3. California rhubarb *1 40 a box. Pears Oregon D anjo box *3 50 Pineapples. 24-30s. *4 50; 365. *3.50: i2s. *2 50 Vegetables—Cabbage, Northern Danish. 50-lb. bag. 65c: red. 50-lb bag 90c New Cabbage m crates. (2®2 25 Onions, Idaho. sweet. Spanish. large 50-lb. *150: Michigan yellow, med. 10-lb. bag. 23c. western white. 50-lb. bag. *1 85: Michi?an. yellow *1 35 Potatoes. Green Mounains 100-lb bag $1 SO northern round white. 100-lb bag *1: Ohios. 100-lb. bag. *2 Idaho Russets. 100-lb- bag. *2 New potatoes. *2 25412 50 Sweet potatoes. Indiana Jerseva. bushel. *1 85; Tennessee Nancv Halls bushel. *1 40 Beans. flat strtngless. hamper. *3 75. Celery. Michigan, medium, dozen. 50c: tumbo. dozen. 75c; hearts: bunch. *1 Cucumbers doz. 90c. southern, bushel. *5.75 Endive, dozen 50c Egg plant. *1 50 dozen. Kale. Virginia, bushel. 75c. Lettuce, hothouse. 15-lb basket. 65c. California Iceberg head lettuce. S4 50 ManK Florida crate *3 Mint bunch. 15c. •aley dozen. 35c Peas hampers. *4n 47* Spinach, home-grown broadleaf. bushel. *1 Radishes, dozen 7sc. Tomatoes, hothouse. 8-lb. basket *1 35 Turnips home-grown, dozen 25c. Pumpkins, dozen *l. MISCELLANEOUS —Cocoanuts. Jamaica. 25 for *1.50. Ovsters. standards, gallon. *1 50; selects, gallon. *1 85 Chestnuts Italian a pound. 12'jc Sorghum molasses, gallon. 65c B.ack walnuts. 50->b. bag *l. Cider. 4 gallons to case *2. Half-gallons 6 to case. *1 75; quarts. 12 to case. *1.90 All quotations subject to change, up or down FBITTS AND VEGETABLES <Bv United Press) CHICAGO Dec. 13.—Apples—Michigan Mclntosh, bushel. *1 75*i 2; Jonathans. *1 504z1.75 Sweet Potatoes—Tennessee, bushel. *l. Indiana Jersevs. *lsO*jl.6S Carrots —California rrstes *2 50m 2 65. Illinois, bushel 45m SOc Beets—lllinois, bushel. 40 vi 50c Beans—Florida, bushel, green. *364 Cauliflower—Oregon, crates, it 2561 50 Cranberries—Massachusetts, ‘•-barrels. *4 50 6 5 50. Lettuce—California. Crates. *2 5064. Cabbage—Wisconsin, orates 506 65c Onion Mzrket 'SO-lb. sacks*—Michigan vellows. 75c6*l 03: western yellows. 90citl 10; Illinois and Indiana yallows 75690 c

Retail Coal Prices

The following prices represent Quotation* baa leading Indianapolis coal dealers A M-cem carrying charge oer ton arill be DOMESTIC BET All PIK ES Anthracite 113 uo Brazil Lump 664 Brazil Mine Run 6.25 Coke. Nut Size 8.90 Coke. Egg Site 190 gfeffcllS fc!2S SS t:::::::. 18 Kentucky Unp Group *B" 7.18 . so FitthOAtil 66a6Mt>tt6666 CSS

PAGE 26

STOCK MARKET PRICES FIRMER IN LIGHTDEALS Gains Range to Around Full Point, With Wilson Again Leading. By United Press NEW YORK, Dec. 13.—Prices firmed on the Stock Exchange today after a steady opening. Dealings continued light. Gains around noon ranged to more than a point. Wilson A featured in activity among the better grade shares. It made anew high for the year at 31H. up 1, and the preferred, selling ex-dividend, was up 1% at 1G2%. Paramount Publix certificates was the most active issue on the board, rising % to 3% Spiegel, May. Stern. McCrory issues and Hahn preferred were favorites in a strong mercantile division. Phillip Morris made anew high in the tobaccos at 42%, up 1, while Liggett & Myers and American Tobacco B gained a point each. General Motors and Chrysler were strong and the motor equipments resumed their rise. Rails were fractionally higher as were utilities. U. S. Steel and American Can each gained % point to 37% and 107 >4, respectively. Deere was up nearly 2 points in the farm shares. Radio preferred B continued to recover, reaching 4“*%, up 2%.

Money and, Exchange

INDIANAPOLIS STATEMENT Clearings $2,065,000.00 Debits 5,262,000.00

Treasury Statement

(By United Press) WASHINGTON, Dec. 13—Government expenses and receipts for the current fiscal year to Dec. 11 compared with the corresponding period ol the previous fiscal year: This Year. Last Year. Expenses .*3.167.413.967 83 *2,132,333,062.49 Receipts .. 1.604,538,632.34 1.259.549,470.64 Deficit .. 1.562,875.335.49 872,783,591.85 Cash Bal.. 1.545,892.111.75 1,022,981,679.12 LABOR GROUPS WEIGHING MOVE Auto, Steel, Textile Units Would Form Pact to Curb Resistance. By United Press WASHINGTON, Dec. 13.—Three of the nation’s mo6t powerful groups of industrial workers would form an “offensive alliance” under plans being studied today by high officials of the American Federation of Labor. Workers in the automobile, steel and textile industries would form a pact to combat employer resistance to organized labor if given the support of tr A. F. of L., it w£t reliably rep xi. William een, president of the A. F. of L. . •id such an alliance “is being given serious consideration.” Mr. Green is directing an intensive organization drive in the automobile. steel and textile industries. Mr. Green said his office had been informed of the existence of a “gentleman’s agreement” among leaders of the three industries to fight the spread of labor’s influence under the New Deal. “They are putting up a united front,” he said.

Produce Markets

Delivered In Indianapolis prices: Heavy hens 12c; Leghorn nens. 7c; colored springers. 12c: old roosters. sc; ducks. 7c; feese, 6c: young guineas, 20c; old guineas, sc. Turkeys—No. 1 young hens. 8 lbs., and over. 15c; young toms, 14 lbs. and over. 14c; young toms. 11-14 lbs.. 15c; No. 2. crooked breasts and thm turkevs. 9c; old toms, all weights, 11c; No. 1 strictly fresh country run eggs, loss off, 23c Eeach full case must weigh 55 lbs. gross; a deduction at 10c a pound for each pound under 55 lbs will be made. Butter No. 1. 32*533c. Butterfat—26c. Quoted by the Wadley Company. ißv United Press! CLEVELAND. Dec. 13—Butter—Market weak: extras. 32 1 jc; standards. 31c. Eggs —Market steady: extras, white, 27c: current receipts, 24c; pullets. 20c. Poultry— Market steadyr fowls, colored, 4' a lbs. and up. 17c: geese, ordinary. 12c: geese, heavy, fat. 14c; turkeys, young. 204121 c; old hens. 16c: old toms. 15c: No. 2 turkeys, 14c Potatoes—Maine. Sl#? 1.10 a 100lb. bag: Ohio. best, mostly 75(585c a 100lb. bag: Michigan. 89'<i90c a 100-lb. bag. WHEAT DATA COMPILED Argentine Grain Board Purchased 147,445,000 Bushels in Year. By 1 imet Special NEW YORK, Dec. 13.—The Argentine Grain Board, which fixes minimum prices for wheat in that country, purchased 147.445.000 els of wheat during the year ended Nov. 30, it was announced today. This represents 75 per cent of Argentina's exportable surplus for that year, and roughly 25 per cent of the worlds wheat exports during the same period, according to the Argentine Information Bureau. OVERSEAS SALES RISE General Motors Corp. Reports 81.4 Per Cent Gain. By United Brett NEW YORK. Dec. 13—General Motors Corp. sales in the overseas market in the first 11 months of the year totaled 204.135 units, a gain of 81.4 per cent over the corresponding 1933 period, and a gain of 27.5 per cent over the first 11 months of 1930, it was announced today. The volume Includes sales of cars and trucks from American, English and German factories. STIDEBAKER NAMES JORDAN By Timet Special CHICAGO. Dec. 13 —Edvard S. Jordan, formerly president ofvthe Jordan Motor Gar Cos., has been appointed special representative of the Studebaker Sales Corp, It las been announced.

Abreast of The Times on Finance

New York Stocks

(By Thomson St McKinnon* 11 00 A M. Prev. Oil,— High. Low NY. Close. Amerada 47% 4*% 47% 47% : Atl Rfg 24% 2 24% 24% Barnsdall 6% e 6 6', Consol OH 8 7** 8 7% Cont of Del .... 18 17% 17% 17% Mid Cont Pet .. 12% 12 12 12 Ohio Oil 9% 9% 9% 9% Phillips Pet 14*. 14% 14% 14% Pure Oil % 8% 6% 6% Royal Dutch ... 30 30 j 30 29% Seaboard Oil ... 25% 25 'J 25% 25% Soc Vac 14% 14% 14% 14% SO of Cal ..... 31% 31% 31% 31% S O of Ind .... 25% 25% 25% 25% SOof N J 41% 41 s , 41 s , 41% Texas Corp 20 s , 20% 20% 20% Tidewater Assn 8% 8% 8% 8% Un Oil of Cal.. 15% 15% 15% 15% Steels— Am Roll Mills.. 20% 20% 20% 19% Beth Steel 30% 29% 30 29% Byers A M 19 s , 18 s , 19 s , 18% Cruc Steel 21 s , 21% 21% 22 Inland Steel 45% 44 45 43% Mid Steel 10% 10 10 10% Natl Steel 43% 43 43% 43% Rep Ir <fc 3teel 14 13% 14 13% Rep Ir St St pfd 40% 40% 40 s , 39 5 , U S Steel .. . 377, 37 37% 37 U S Steel pfd 83 83 83 82% Youngst’n S & T 18% 187i 18% 18% Motor,— Auburn 24% 24 s , 24% 24% Chrysler 39% 39% 39 37% Gen Motors .... 31% 31% 31% 31% Graham Mot .. 2% 2% 2% 2 Hudson 11% 10% 11% 11 Hupp 274 2% 2% 2% Mack Truck ... 26% 26% 26% 26 s , Nash 18% 17% 18% 17% Packard 4% 4% 4% 4% Reo 2 1% 1% 2% Motor Access— Bendix 16 15% 16 1574 Bohn Alum 58% 58% 58% 58 Borg Warner ... 27% 27% 2774 28 Briggs 25 5 , 25% 25% 25% Budd Mfg 5% 57, 5% 5% Eaton Mfg .. 17% 17% 17% 17% Elec Auto Lite 26 5 , 26% 26 5 , 26% Houdaille A’ ... 7% 7 3 /* 7% 7% Mullins Mfg 974 9 974 9% Murray Body .. 7 7 7 6% Stew Warner .. 8% 8% 8% 8% Timken Roll 337, 32% 33% 33 Timken Det Axle 6% 6% 6% 674 Mining— Am Smelt 36% 36 74 36% 35% Anaconda 1174 11 11 10% Cal St Hecla .. 33 33 Cerro De Pasco 41% 41% 4174 41% Dome Mines .. 36% 36V, 3674 36% Granby 6% 674 6 % 6% Gt Nor Ore ... 1174 11% 117, 1174 Howe Sound .. 5174 50% 5174 50% Ins Copper 274 274 274 274 Int Nickel 23 22% 2274 227, Isl Creek Coal .35 24% 35 3474 Kennecott Cop.. 1774 16% 1674 167, Mclntyre Mine.. 40% 4074 4074 41% Park Utah 374 374 3 % 374 Phelps Dodge .. 14% 14% 14% 1474 St Joe Lead ... 17% 17V, 1774 17 U S Smelters ...124 123% 124 12374 Vanadium 19 19 19 187, Amusements— Loews Inc 35% 2474 3574 3474 Radio Corp .... 574 5% 574 574 Paramount .... 374 374 3 % 3V, RKO 2 174 1% 174 Warner Bros ... 4% 4% 474 474 Tobaccos— Am Snuff 67 67 67 68 Am Tobacco A.. 81% 81 81% 79% Am Tobacco B 83 81% 83 82 Ligg St Myers B 104% 10374 10474 103% Lorlllard 2074 207, 20% 21% Phillip Morris . 42 5 , 4274 4274 41% Reynolds Tob B. 50% 5074 507, 50 7, Rails Atchison 55% 5474 5474 537, Atl Coast Lines 36 35 36 35 BSt O 15 14% 14% 14% Can Pacific ... 1174 117, 1174 1174 Ch St Ohio ... 44% 44 44 44 C M & St P pfd 474 474 4 % 474 Chi N W 574 574 574 5 Chi N W nfd... 1074 1074 10% 10 Dela & 7iud ... 44% 43 4374 42% Del Lac &W .. 1974 1874 18% 187, Grt Ntaeth pfd.. 17% 16 s 4 17% 1674 111 Central 17% 16% 177, 17 K C Sou 8 7% 8 77, Lehigh Valley .. 1074 1074 107, 1074 Lou Sc Nash .... 467, 4674 4674 4674 MK&T 6 6 6 6 MK & T pfd .. 14% 14'% 14% 137 M Pac pfd 27, 2% 274 2% N Y Cent 22’4 21% 217, 2174 N Y New Haven. 8% 774 8 8 Nor Pacific 2174 21 2172 207, Penn R R 24 74 23 % 247, 237, Sou Pac 18*4 177, 18% 177, Sou R R 167, 1674 1674 16%

Wall Street ’BY RALPH HENDERSHOT'

Times Special Writer NEW YORK, Nov. 13.—Hard pressed to find an outlet for their funds and apparently anticipating a gradually downward trend in interest rates and a favorable securities market in the coming months, many of the large commercial banks are making substantial loans to corporations. Such corporations, in turn, are using

these funds, together with some of their own, to retire high interestbearing bonds. The new financing methods seem - ingly represent the latest response of the banks to the Government’s efforts to have more credit made available. The institutions find it difficult to make com-

mSKa /Mi

mercial loans to most of the smaller business concerns, but in--directly they are helping to place more money in the hands of the public, and the chances ate that part of this money will find its way into active trade channels. To a very marked degree these operations reflect the confidence of the bankers in the business outlook. Certainly they would not tie up the funds of their depositors in loans such as these represent if they feared any new banking disturbances or if they did not believe these loans could be refunded through the sale of new bonds should the need arise. nun THE question arises, of course, as to how investors are faring as a result of these operations. Edwin J. Schlesinger, an investment authority, believes they are being mistreated. He contends that bondholders should have a voice in saying whether or not the bonds they hold shall be called before maturity. There is a great deal to be said for his argument. It has been customary for corporations to take advantage of every market opportunity to secure their funds as cheaply as possible from investors. When the bond market is at its best they sell bonds, and when there is a boom in the stock market they sell stocks. Investors consequently have been in the habit of paying too much for their securities. Mr. schlesinger suggests that only a certain percentage of any concern’s bonds should be callable in any one year and that the premium paid on such bonds should be higher than is customarily the case. This would make it easier for investors to keep their funds employed at times when money rates are low. m HE suggests also that sinking fund provisions be made more liberal. He would make these partially permissive as well as mandatory so as to make it possible for a corporation to retire its bonds through purchase in the open market whenever it has surplus funds on hand. Obviously, if greater consideration were given investors by bankers and corporations the relationship between them would be greatly improved. It is entirely possible that a more steady stream of investment funds would be made available for corporate use and the peaks and vallejs of public financing would be leveled to some extent. _

Union Pac 106% 105% 106% 105% West Maryland . 9% 9% 9% 9% Am Car Sc Fdy .17% 17% 17% 17 Am Loco 18 17% 18 17% Am Stl Fdy 16% 16% 16% 16V, Bald Loco 5% 5% 5% 5% Gen Elec 19% 19% 19% 19% Pullman Inc ... 47 46 s , 47 46 5 , Westingh Elec . 34% 33% 34 V, 33% Utilities — Am St For Pow . 4% 4% 4% 4 s , Am Pow St Lit .. 3% 3 s , 3% 3% A T St T 107 106% 107 1097a Am Wat Wks ..14 14 14 13 s , Col Gas St Elec . 7 s , 7% 7% 7% Conn Sc Sou ... IV, 174 1% IV, Consol Gas .. 23 % 22 s , 23% 22 Int Hvdro Elec. 2% 2% 2% 2% Int T St T . 8% 8% 87, 8% Nat Pwr Sc Lit. 774 7% 774 7% North Amer . 12% 12 s , 12% 12 s , Pac C St E 14% 14 s , 1474 1474 Peoples Gas ... 217, 21% 217, 21 Pub Serv N J .. 30% 307, 30% 30% So Cal Edison .. 1274 12 12 12 Std Gas .5 5 5 5% Stone St Webster 474 4% 474 4% United Corp ... 32% 32% Un Gas Imp 12 s , 12% 12% 12% Ut Pwr St Lt 'A’ 2 2 2 2 West Union ... 34% 34% 3474 3474 Rubbers— Firestone 16% 1674 16% 16% Goodrich 11 10% 11 11 Goodyear 2474 23% 24% 23% Kelly Siring .... 1% 174 l% 1% U S Rubber 1... 17% 16 s , 17% 167, U S Rubber pfd 42% 41% 42% 417, Miscellaneous— Allis Chalmers .. 1474 14% 14% 14% Am Can 107% 106% 107% 106% Am Mach & Fdv 21% 21 21% 20% Anchor Cap . ... 1874 1 874 18*4 18% Burroughs Add . 15 1474 15 1 5 J I Case 5274 52 52% 51% Conti Can 60% 60% 60% 60 Caterpillar Tract 34 s , 337, 34 s , 33% Deere St Cos. . 25 74 2 4 24 7* 23% Eastman Kodak.lll% 111% 1117a 111% Foster Wheeler. 14% 14% 1474 14 Gillette 13% 13% 1374 13% Glidden 2674 267a 26% 26% Inter Harv 38% 37 38% 37 Natl Cash Reg .. 17% 17 17% 17% Owens Bottle ... 83 83 83 82% Rem Rand . 10 9% 10 9% Worthingtn Pmp 2074 20 20% 19% Foods— Am Sugar 6474 6474 6474 6474 Armour Comp .. 5% 5% 5% 5% Beatrice Creamry 1774 17 1774 177, Borden Prod .. 2474 23% 2474 23 s , Cal Packing .... 16% 35 s # 36% 36% On Dry G. Ale... 1574 15% 15% 15% Corn Prod 65 7, 6474 64% 65 Crm of Wheat . 35*4 3574 35% 35 Gen Baking ... 7% 7% 774 7% Gen Foods 34% 33% 34 34 Gold Dust 1774 17% 17% 17% Loose Wiles ... 35 35 35 35 Natl Biscuit 29% 28% 28% 28% Natl D Prod ... 16% 1674 1 674 16% Purity Bak 974 9% 9% 974 S Porto Rico Sug 23*4 22 s , 23*4 22% Std Brands .... 1874 1874 18% 1874 Un Biscuit .... 24% 2474 2474 24 United Fruit ... 7374 73V, 73% 73 Wrigley 74 74 74 73% Retail Stores— Asso Dry Goods. 1174 11*4 11*4 1174 Best & Cos 37 V, 3674 3674 37 First Natl Stores 60*4 60 60 61 Gimbel Bros ... 474 4% 4% 4 Hahn Dept Sts . 6% 6*4 6% 6*4 Kresge S S 20% 20*4 20% 2074 Kroger Groc ... 2974 2874 2974 29*4 Macy R H 45 4474 45 45 McCrorv St ...* 8 7% 774 7y* McLellan St ... 15% 15*4 15% 147, Marshall Field . 11*/, 10% 1174 11 May Dept St ... 45 45 45 44% Mont Ward 29*4 28% 29 28% Penney J C 72% 72 7274 717, Sears Roebuck.. 4074 39% 40 3974 Wool worth 53% 53 53% 5274 Aviation— Aviation Corp.. 6 5% 574 5% Curtiss Wright A 974 9% 9% 9% Douglas Air 2374 23 23% 22% Nor Am Av 374 3 % 374 374 Sperry Corp ... 9*4 874 9 9% United Air New. 1474 14*/, 14% 14 Chemicals— Allied Chem ....133 133 133 133 V, Am Com Alco ..-32 31% 32 31% Col Carbon 73*4 7374 73*4 72 Com Solvents .. 2174 21 21*/, 21*/, Dupont 96% 95 95% 95*4 Liquid Barb ... 28*4 27% 28 27*4 Math Alkali ... 28>4 2774 28*/, 2774 Mosanto Chem . 5574 55 5574 55 74 Natl Dis (new). 27% 27 27% 26% Schenlev Dist .. 26% 26 2674 25% Tex Gulf Sul ... 34 33% 34 34 Union Carbide .. 45*% 45 74 4574 45 U S Indus Alco . 44 43*4 44 43*4 Drugs— Bristol Myers ... 33 3274 33 32% Coty Inc 6 6 6 574 Lambert 29 V* 29% 29'/4 29 Lehn & Fink ... 16 16 16 16 Sterling Prod ... 59% 59% 59% 59% Un Drug (new) 13% 13>/ 1374 1374 Vick Chem 34 34 34 34% Financial— Adams Exp ... 7 7 7 7 Allegheny Corp.. 174 174 174 I*4 Am Int Corp .. 6% 6*4 6% 6% Chesa Corp ... 44 44 44 43 % Lehman Corp ..71 71 71 71*4 Transamerica .. 5% 5% 5*4 5% Tr Conti Corp . 3% 3% 3% % Building— Am Radiator ... 15% 14% 1574 14% Gen Asphalt ..16 16 16 16 Holland Furnace 974 8% 9 8 Johns Manville. 52*4 51 % 52 74 51*4 Otis Elev 14% 14% 1474 14*4 U S Gypsum ... 4674 4674 46% 47 Household— Col Pal Peet .. 17% 17*4 17*4 17% Congoleum 33% 3374 33% 33% Kelvinator 1674 16*4 16*4 16% Proc & Gamble 43% 4374 43*4 43% Servel Inc 6% 674 644 6% Simmons Bed... 10% 10*4 1074 10*4 Textiles— Amer Woolen .. 7% 7% V!m 7% Belding Hem .. 12 11% 12 ~ 11% Celanese Corp . 32*4 31*2 31% 30% Collins Aikman.. 1374 13*4 13*4 13*4 Gotham Hose . 5*4 5 5*4 n 5 Indus Rayon ... 30% 2874 3 0 2874

Chicago Stocks

(By Abbott, Proctor Sc Paine) 11:00 Prev. A. M. Close. Bendix / 16% 16 Borg Warner 28% 28 Berghoff 2% 2% Butler Bros 7% 7% Cities Service ....% 1% 1% Crane Cos 10 9% Com St Edison 46% .. Cord Corp 4 4% Gen House 8% 7 % Grt Lakes Dredge 17% 17% Iron Fireman 18% 18*4 Lynch Glass 33*4 ... Natl Stand 27 3 // 27% Swift, 18 17% Swift Int 33% 33

Hendershot

New York Curb

<By Abbott, Proctor & Painel 12:00 (Noon I Prev. § N. Y. Close. Allied Milfs 12 Mi 12 3 i Am Cyanide B IS 3 -* 16'/4 Am Superpower l‘/ 1U Atlas Corp 9 3 4 974 Distillers Corp 147a 15 El Bond & Share 8 97a Ford of Europe 8 3 BV2 Gulf Oil of a 54*4 54 Mi Hiram Walker 26'a 26V Humble OU 44 43Mi Lake Shore Min 51 s s 52 Novadel Agene 21 '4 21‘i Penn R ad 1 3 4 Vs Std of :y 17 7 /s 177 s STOLK SHIPMENTS Dip Number of Cattle Going to Corn States Lowest in 16 Years. By United Press WASHINGTON, Dec. 13.—The Bureau of Agricultural Economics has reported that shipments of stocker and feeder cattle into com belt states dropped 45 per cent below the five-year average in November and fell to the lowest level n 16 years. Total movement from July to November was the smallest on record, with shipments of only 1. 100.000 j head. Reports from the West indicated the number of cattle fed this winter will be considerably smaller than last except in California. RECEIVES Wayland Bailey Is Made Operations Supervisor of Sears. Wayland Bailey, who recently became associated with the executive offices of Sears. Roebuck & Cos. at Chicago, has been promoted to supervisor in operations. | Mr. Bailey was well known in local merchandising circles, having been connected with several local stores. He was superintendent of the Goldstein Brothers store before going to Sears. Mr. Bad'jy is the son of Mr. and Mrs. J. F. B&Jey, 1909 N. Pennsylvania-sfc.

INDIANAPOLIS, THURSDAY, DECEMBER 13, 1934

MORTGAGE UNIT OF $50,000,000 SOUGHTBY RFC Jesse Jones Hits Bankers for Failure to Aid Lift of Market. By United Press NEW YORK, Dec. 13.—Jesse H. Jones, chairman of the Reconstruction Finance Corp., today criticized bankers and business men for failure to aid in reviving the mortgage market. He offered $25,000,000 in RFC funds toward a mortgage financing institution if private interests would match that figure. Addressing the Bond Club of New York, he urged that New York bankers and investment specialists direct their attention to the mortgage field. “I appreciate that some of you have agreed to assist in a small way in organization of a mortgage company to lend on mortgage certifiactes,” he said, “but you have not gone anything like far enough—you have shown no real interest. Ashamed of Interest Lack “I am ashamed to admit the lack of interest and co-operation shown.” Mr. Jones’ statement was directed at one of the most difficult problems confronting the Administration—the re-establishment of sound mortgage conditions as a prerequisite for a widespread housing drive. The RFC head pleaded with the group to take the lead in meeting the problem. “No one seems to be willing to go into the business—as a business,” he said. “Our thought has been to encourage and assist in the organization of mortgage companies and mortgage trust companies to be operated as a business for legitimate profit. Asks Fifty Millions “You gentlemen in New York City could make a great change in your whole business atmosphere if you would organize a substantial company or companies, to be operated on sound lines, lending upon first mortgage certificates of the companies that have heretofore been in the business, but are no longer able to assist their investors.” Mr. Jones said such a company should have at least $50,000,000 capital. % “If you will organize such a company,” he said, “and actually invest $25,000,000 in its capital and give it sound management, the RFC will buy $25,000,000 of its capital notes and if necessary we might go further.” Mr. Jones urged bankers to stop condemning real estate and mortgages and offer “some real assistance.” He said he was aware of losses suffered through real estate, but pointed out that “at least money loaned on real estate stayed in this country.” CHICAGO GRAINS UP MODERATELY EARLY Rise Follows Reports of Firmness Abroad. By United, Press CHICAGO, Dec. 13.—Grain prices on the Board of Trade pushed fractionally forward today when cables carried reports of firmness abroad. At the start wheat was M to % cent higher; com was unchanged to % cent up; oats was up % to & cent, and rye firmed % cent. Broomhall’s estimate of smaller Argentine shipments lent the Liverpool market firmness Resales of wheat from Liverpool to Shanghai also had some effect. The start here was rather dull with commission houses and locals supporting the buying side with small purchases. High Low 11:00 Prev. WHEAT A. M. Close Dec .10074 100*4 100% 10074 May 101*4 100% 100% 1007, July 95*4 9474 94% 94% CORN— Dec 91% 91 91*4 917s May 88*2 87*4 87% 88 July 8574 8574 85*4 8574 OATS— Dec 55*4 5474 55% 54% May 53 52 s 4 5274 52% July 48% 48 48 4774 RYE— Dec 79 78% 78% 78% May 78*4 77% 7774 77% July 77*4 76% 76% 76% LOCAL CASH MARKET City grain elevators are paying 91 cents for No. 2 soft re<? wheat, other grades on their merits. Cash corn No. 3 yellow 86 cents and oats 51 cents.

(By E. Rauh & Sons Cos. 1 Hides —Green country cows and steers, 3‘ 2 c flat; Green country bulls and glues. 2c flat: Green country calf hides. 4'4c flat: Green country kip. 3‘/2C. No. 1 large horse hides with full heads, shanks, maned and tails. $2.50; medium size. *2. All No. 2 grade horse hides. 50c less; glues and ponies half price. No. 1 rendered tallow. 1 4®4‘ac; No. 2 at value. Yellow grease. 3@37jc: dark grease. 2>2@3c. WHEELER URGES U. S. TAKE CREDIT POWER Montana Senator Also Renews Fight for Silver. By United Press WASHINGTON, Dec. 13.—Reconcentration of credit powers in the hands of the Government instead of “a few bankers,” was urged yesterday by Senator Burton K Wheeler (D.. Mont.). He renewed: his fight for remonetization of silver as “a right step” toward prosperity. Senator Wheeler charged railroads had indulged in “racketeering” when they borrowed public funds to “bail out” banker loans and said racketeering vould continue “as long as men in Y igh finance set an example as they have been doing the past few years.’ BOOTH HEADS BEAN STUDY By Times Special CHICAGO. Dec. 13.—George E. Booth has been named chairman of a committee to study the possibilities of establishing a futures market in soy beans of the Chicago Board of Trade, Peter B. Carey, board president, has announced.

Hides and Skins

‘Other Loans’ Lose Status of Former Days as Index of Business Activity Pace Federal Expenditures Seeping Into Business Channels Held Obviating Need for Credit in Many Cases; Declining Trend Cited as Effect. BY JULES BACKMAN and A. L. JACKSON Vice-President*. Economic Statistics, tnc. NEW YORK, Dec. 13. The decline in business loans during the last sev’en weeks has brought us several inquiries from readers as to whether or not this decline indicates that the rise in business activity which has been in progress during the last two months is about to be terminated. To the business man it seems illogical to find business loans declining when business activity is increased, lt is necessary for us to reconcile these two situations.

Up to about two years ago, the figures of business loans gave a fairly reliable reflection of the trend of business activity. As business activity expanded, the demand for credit increased and the total amount of business loans outstanding advanced accordingly. Conversely, when business activity decreased, there was less need for these loans and they tended to contract. Spiked as Trade Index However, m the last two years, a very important factor has entered into the situation, and has so upset this normal relationship that, at the present time, changes in the total amount of business loans have no significance. The current decline does not indicate that business will be retarded in the immediate future. / The factor referred to above is government spending. In order to iully understand why government spending decreases the importance of business loans, it is necessary to trace the effects that accompany the making of a loan. The business man makes loans so that he can secure demand deposits for use in the ordinary course of his business. If he can secure deposits through another source, it is obvious that he will not need to borrow in order to get these deposits. This situation is easily illustrated oy examining the recent changes in loans and in demand deposits. Since the banking holiday of 1933, a period in which business has been fairly active, net demand deposits of reporting member banks increased about $4,000,000,000, while business loans have advanced only slightly more than $100,000,000. In Business Channels These deposits have found their way into the hands of business men. The sequence of events is as follows: The Administration spends a certain sum for relief or on a public works project. The recipient uses the funds to buy goods, and thus transfers the deposit to the credit of a business man. The building up of deposits through this source obviates the necessity for borrowing by the business men who receive the deposits. On the contrary, it enables some business men to repay old loans. Although deposits have increased sharply, it must not be assumed that the increase is spread equally among all concerns. There are numerous firms that have not received their share of these new deposits. These firms are the ones that must still come to the banks for accommodations. The amount of new borrowing by businesses which had not received these newly created deposits was, until several months ago, insufficient to offset the repayment of loans by those who had. Recently, however, these new borrowings have been slightly in excess of repayments.

Stock Studies

The Colgate-Palmolive-Peet Cos., which is both a holding and operating company, is a merger of three long established concerns, Colgate & Cos., the Palmolive Cos., and Peet Brothers Cos. It now is the second largest manufacturer of soaps in this country. Besides soaps the company produces a wide range of toilet articles, such as dentifrices, toilet powders and perfumes. National advertising has played a big part in building up company’s business. Its Palmolive soap has large sales not only in this country, but in foreign countries as well. Plants are adequate, modern and well located. FINANCIAL DATA (As of June 30) Common stock <no par) 1.981.716 shares. 6 1 "* Preferred stock *sloo par) $24,773,014 Profit and loss surplus 7.878.222 Cash and securities 16.146.112 Inventories 16.590,724 Total current assets 40.392.453 Current liabilities 6.530.540 During the six months ended June 30, cash and securities increased $3,400,000, inventories, however, were $260,000 less. Net working capital gained nearly $2,200,000 while surplus increased $1,700,000. On June 30 the current ratio was about 6*4 to 1, while the book value of the common stock was $17.09 or an increase of ! $1.05 in the six months period. Earnings suffered in 1932 and 1933 resulting in small deficits. During the first six months of this year, however, the company earned 84 cents on the common stock. The company in the past has had a fairly liberal dividend policy. In 1930 and 1931, $2.50 was paid on the common each year. Due to a drop in earnings, however, dividends were reduced in both 1932 and 1933. Common stock is now on a 50 cents annual basis, while a 25-cent cash extra was paid Dec. 1. Colgate-Pa !molifce-Peet was incorporated in 1928 in Delaware. Both I classes of stock are listed on the New York Stock Exchange. The common is currently selling at around 17%. Ail Right* Reserved. Winchester Instituto al munc*. Winchester, Km)

HOGS EVEN TO J CENTS LOWER Cattle, Lambs Hold Steady; Vealers Strone at $7 DownA sharp increase in receipts at the Indianapolis Union Stockyards this morning forced porker prices generally 5 cents lower than the previous close. Several underweights, however, continued unchanged. The large demand which prevailed in yesterday’s session was somewhat smaller today, and early supplies were estimated at approximately 12,000, exceeding the previous figures by 3000. The bulk, 160 to 200 pounds, brought $5.45 to $5.75. Top price was $6.15. Heavyweights, scaling from 200 to 350 pounds, were selling at $5.85 to $6.10. Light slaughter pigs, ranging from 130 to 160 pounds, brought $3.90 to $4.80, while others weighing 100 to 130 pounds, sold at $2.65 to $3.65. Good packing sows cashed in at $5 to $5.75. Holdovers numbered 669. Trading turned extremely dull in the cattle market, especially in slaughter steers and heifers. Quality was plain. Bulk of all classes was valued to sell under $7. Cows remained unchanged. Receipts were 1100. Strong undertone prevailed in veals, with the bulk salable at $7 down. Receipts were 700. Initial sales of lambs were irregular. Good and choice grades remained stationary, while others were tending lower. The bulk of handy weights selling at $7 to $7.25, while heavies brought $6.25 to $6.75. Throwouts ranged from $4.50 to $5.75. Fat ewes held at $3 down. Receipts were 2000. HOGS Deo. Bulk. Top. Receipts. 7. *5.40® 5.80 $6.15 9,000 8. 5.40® 5.80 6.15 4,000 10. 5.30® 5.70 6.05 12,000 11. 5.40® 5.70 6.05 9,000 12. 5.50 -J) 5.80 6.20 9.000 13. 5.45@ 5.75 6.15 12,000 (140-160) Good and choice • *4.40® 5.10 (160-180) Good and choice... 5.45® 5.65 (150-200) Good and choice .. 5.65® 5.85 (200-220) Good and choice .. 5.85® 6.00 (220-250) Good and choice .. 6.00® 6.15 (250-290) Good and choice... 6.05® 6.15 (200-350) Good and choice... 5.80® 6.05 (275-350) Good 5.40® 5.75 Packing sows: (350-425) Good 5.25® 5.50 (275-550) Good 5.15® 5.40 (275-550) Medium 4.85® 5.35 (100-130) Slaughter pigs good ahd choice 2.60® 3.65 CATTLE —Receipts, 1100— —Steers—-(sso-900) Choice *7.00® 8.00 Good 6.00® 7.50 Medium 4.00® 6.00 Common 2.50® 4.00 (900-1100) Choice 7.75® 8.75 Good 6.25® 7.75 Medium 4.25® 6.25 Common 3.00® 4.25 (1100-1300) Choice J5.50® 9.75 Good 6.25® 8.50 Medium 4.50® 6.25 (1300-1500) 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® 3.00 Common and medium 2.00® 3.00 Low cutter and cutter 1.25® 2.25 —Bulls—(Yearlings Excluded) Good 2.85® 3.50 Common and medium 1.25® 2.00 VEALERS / —Receipts. 700Good and choice *B.oo® 7.00 Medium 4.00® 6.00 Cull and common 2.00® 4.00 —Calves—-(2so-500) Good and choice .... 4.75® 5.50 Common and medium 2.50® 4.75 —Feeder and Stacker Cattle——Steers— (soo-800) Good and choice 4.00® 5.00 Common and medium 2.50® 4.00 (800-1050) Good and choice ... 4.00® 5.25 Common and medium 2.75® 4.00 Good and choice 3.00® 4.25 Comon and medium 2.50® 3.00 —Cows— Good 2.50® 3.00 Common and medium 2.00® 2.50 SHEEP AND LAMBS —Receipts, 2000— Lambs. 90-lbs. down, good and choice * 6.75® 7.25 Common and medium 4.50® 6.75 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. 13.—Hogs—Steady to 10c lower: 250-300 lbs , *6; 225-250 lbs., *5.85: 200-225 lbs. *5.75; 180-200 lbs . *5.55; 160-180 lbs.. *5.30; 300-350 lbs.. *5.65; 150160 lbs , $4 50; 140-150 lbs.. *4 25 130-140 lbs.. *3 90; 120-130 lbs.. S3 40; 100 120 lbs., *2 90. roughs. *5: stags. *3. Calves, *7; lambs, *7. LAFAYETTE. Dec. 13.—Hogs—Steady to 10c lower; 250-300 lbs.. *64,6.10; 300-325 lbs. *5 90: 200-25 C lbs . *5.806 5 90: 180-200 lbs.. *5 50 6 5.65; 160-180 lbs. *5 30 6 5.40; pigs, *4.75 down: roughs. *5 50 down; calves. *6 down; lambs. *6 50 down. ißv Times Special) LOUISVILLE Dec. 13—Cattle 200. slaughter classes in light supply; market slow but steady at weeks decline: bulk common to medium steers and heifers quotable *3.25-4.75: load 1000 pound steers valued upwards at *5.50; strictly good kinds auotable higher; bulk plainer grade beef cows *2 00-12 50. very little eligible above $2 75 mos: low cutters and cutters tl.oo-t1.75: bulk sausage bulls salable *2 75 down: supplv stockers liberal mostly kinds of value to sell at $4.00 down to around i *2.25 for inferior southerns: good Hereford and Angus stock calves salable around I *5.00; calves 150, steady bulk better veal- | ers *5.50-*6.00; strictly choice quotable *6 50; medium and lower grades (5.00 down. Hogs 800. market 10c lower; top and i bulk 230-300 oour.ds. *6 00 ; 260-225 pounds. 1 $5.85: 305 pounds up *5 55; 180-195 pounds. I *5 25: 160-175 pounds. *4 55 140-155 pounds. *4.05: 126-135 pounds *3 35 sows; *4 25. Sheen 75 steadv bulk medium to I good lambs S5 75-*S 25: choice absent i Quotable higher; most bucks *4.75-*5 25: I common light fhrowouts *4 00: better fat; ewes *1.50-*2 00. KROGER SALES UP Sales of the Kroger Grocery <fc Baking Cos. for the four weeks end- j ed Dec. 2, amounted to $17,066,616, 1 against $16,268,311 in the corre- : spending period in 1933, reports, show. 1

Latest Stock, Bond and Commodity Quotations

STORE SALES FOR NOVEMBER TOPYEAR AGO Gain Over October Less Than Seasonal, Reserve Board Reports. By United Press WASHINGTON. Dec. 13— Sales of the country's department stores in November increased less than usual over October, but were 11 per cent ahead of a year ago. the Federal Reserve Board reported today. Wide gains over a year ago were registered in all parts of the country except the huge shopping districts in the north Atlantic states, the board reported. While average sales in November were 11 per cent over November, 1933, sales for the first 11 months of this year were 13 per cent ahead of a year ago. Boston Sales Drop The Boston reserve district was the only one showing a decrease in sales in November, transactions falling 1 per cent below a year ago. New York showed a gain of 6 per cent and Philadelphia 5 p/r cent. Cleveland gained 15 per cent, Richmond 17 per cent. Atlanta 24 per cent, Chicago 16 per cent, St. Louis 12 per cent, Minneapolis 19 per cent, Kansas City 15 per cent, Dallas 21 per cent and San Francisco 19 per cent. Variety Stores Prosper While department store sales in November failed to show a seasonal rise, retail variety stores showed a sharp gain over October, the Department of Commerce reported. Daily average sales of the low-priced variety stores showed c gain in November of 2.5 per cen. over October, the department estimated. November sales showed an increase of 8 per cent over November, 1933, compared with a gain in October of 5 per cent over October, 1933. FLORIDA HAS HIGHEST GASOLINE TAX IN U. S. | Average Motorist There Paid $60.12 Last Year, Is Report. By Times Special NEW YORK, Dec. 13.—The average Florida motorist paid $60.12 in gasoline taxes last year and an' additional $17.88 in registration fees. This represents the highest per vehicle gasoline tax in the United States, according to figures compiled by the American Petroleum Industries Committee. Florida, together with Tennessee, has the highest gasoline tax rate in the country, the state levying a 7cent tax in addition to the 1-cent Federal tax. In Tennessee motorists paid a per vehicle gasoline tax of $49. This was equalled by South Carolina, which has a 6-cent state tax, and was nearly equalled by Alabama motorists who were forced to pay $47 last year in taxes on their motor fuel. In releasing the figures, showing the per vehicle gasoline taxes paid in the states last year, the American Petroleum Industries Committee pointed out that none of the figures include city or county gasoline taxes, but they do include taxes collected from both the Federal and State Governments on motor fugl. POLAND WILL BACK U. S. LOANS TO CITIES American Funds to Municipalities to Be Protected. By Times Special WARSAW, Poland, Dec. 11.— American loans to polish municipalities will be protected in the Government’s latest move to reform budgets, reduce indebtedness and enforce economies in Polish cities, according to Col. Ignacy Matuszewski, whose appointment as chariman of a commisison to carry out the reforms has been confirmed. It has been revealed that the commission was granted wide authorities, including the prolonging of the municipalities’ short term credits to ten years and other debts to 50 years. Polish urban finances have been a source of trouble to the government which has instructed Col. Matuszewski to make a thorough house cleaning before inaugurating the ambitious program to build a chain of modern slaughterhouses and make other needed municipal improvements with the new loan which Poland hopes to obtain from England.

MAIL, EXPRESS TRADE SHOWS SHARP PICKUP i Railway Express Agency Reports 20 Per Cent Gain Over Year Ago. By Times Special CHICAGO, Dec. 13.—Business of the Railway Express Agency is running about 20 per cent ahead of last year and is the best since 1931. officials of the company disclosed today. Improvement in business of the agency, which is owned by the railroads of the country, has been especially noticeable in general merchandise The mail, baggage and express traffic of the Chicago, Rock Island and Pacific Railway is the best for this time of year since 1929 "Heavy Christmas tolume this year started about 10 days earlier than it has in recent years and we are very much encouraged abour the increase,” P. C. Francis, manager of the division, reported. FARM CENSUS TO BEGIN Enumeration Starts Jan. 2; Expect Tabulation Results in June. By Times Special WASHINGTON. Dec. 13.—Onehalf of the 25,000 men and women who will travel across the country during January to count the farms and their residents have been chosen. The enumeration will begin Jan. 2. William L. Austin, director of the Census Bureau, said he hoped field work would be completed in January and tabulations in Juna.