Indianapolis Times, Volume 47, Number 179, Indianapolis, Marion County, 5 October 1935 — Page 14

Review Highlights of the News During This Week. BY FREDERICK MATSON Time* Financial Writer

invasion of EthiA opia had repercussions on security and commodify markets in the United States. Reports that a clash was imminent Wednesday sent corporation shares tumbling: as much as five points on the New York Stock Exchange. Selling was heavy in all departments and prices suffered the worst break in 15 months. With the first shock over, however. and with news that, fighting had actually begun, the stock market pulled it'elf together and moved forward. .ading was light, but war stoei . such as aircraft issues, chcmic .-> and steels gained from fractions to two points. Ronds, both domestic and Italian, followed the same general trend, slumping at first and then steadying. Commodities, principally wheat and cotton, enthused over the war bulletins. A tremendous speculative demand for wheat, took place in Chicago and values were pushed over the dollar mark to the highest level of the season. The markets response to the African conflict was due largely to the fact that the world already faces a moderate scarcity in wheat supplies. Chicago quotations are 18 cents a bushel above the price prevailing at the end of August. Os local interest is the fact that wagon wheat was sold at $1 a bushel in Indianapolis yesterday for the first time in more than two years. The last time farmers received more than $1 a bushel here was on July 18, 1933, when they were piad $1.03, according to the Acme-Evans Cos., large city milling concern. a a a T ITIGATION of affairs of the ■*-* Indianapolis Water Cos., pending since 1932. was adjudicated in Federal Court yesterday when Judge Robert C Baltzell fixed valuation of the property at $21,392,821. He also stipulated fi per cent as a fair rate of return on the investment His findings were based on figures submitted by Albert Ward, master in chancery. The case started two years ago when the Public Service Commission ordered a temporary rate adjustment, pending an inventory. The water company lost an injunction suit. It has contended that its properties should be vealued at approximately $28,000,000 for ratemaking purposes as against the $22,400,000 fixed by the Public Service Commission. The utility sought a return of between 7 and 8 per cent. Att.v. Gen. Philip Lutz Jr., representing the commission, declared the decision was a victory for the state and city in that Judge Baltzell did not find the commission rates confiscatory as charged by the water company. Amicable settlement of the lease controversy between the City Utilities District and the Indianapolis Gas Cos. was indicated this week when directors of the gas company accepted two checks from the city to cover interest on outstanding bonds and income tax payments. Acceptance of the checks meant that default was avoided on the semi-annual interest on the 6 per cent bonds of the Indianapolis firm. Both checks had been sent to the directors earlier, but had been returned to the city without comment. Newton D. Baker, Cleveland attorney and Secretary of War in the Wilson administration, has been retained by the Indianapolis Gas Cos. for negotiations with the city over anew lease. a tt tt \ TWO-DAY discussion of goveminent versus private lending was featured at the twenty-sec-ond annual convention of the Mortgage Bankers Association of America which opened Wednesday at French Lick. Keynoting was Owen M. Murray, association president, who declared ‘'there is no occasion for any further extensive government lending.” Mr. Murray summarized results of past governmental activities in the loaning field and the serious consequences likely to result from present activities. The Administration's viewpoint was presented by William I. Myers, governor of the Farm Credit Administration. One of the most spectacular comebacks in recent financial history took place when the Van Sweringen brothers of Cleveland regained ontrol of their vast railroad empire Monday. Control was won on bids for stocks of the Alleghany Corp., chief holding company of the Van Sweringen group. By delivering to J. P. Morgan Sc Cos. the following day a check for $3,121,000 the Mid-America Corp., incorporated last week in Ohio, became the owner of 51 per cent of the common stock of Allegheny Corp The new Van Sweringen holding company received in return for this sum securities with a market value of $5,902,000. as well as demand notes against various holding firms totaling $10,000,000 and $13,787,000 in notes of the Van Sweringen Corp. FACTORY JOBS MOUNT In- rease of 4 Per Cent Reported in Manufacturing Employment. By Times Special NEW YORK. Oct. s.—Factory employment increased approximately 4 per cent during the summer months instead of the normal seasonal decline or the same amount, it was announced today by C. L. Bardo, president of the National Association of Manufacturers. The summer gain in factory employment took place following the invalidation of the NR A, showing clearly that removal of restrictive legislation barriers had a direct beneficial effect upon industry and employment, it was pointed out. BUTTES IMPORTS TAXED Bit I ime • Special WASHINGTON. Oct. 5.—A tax of 4 cents a pound has been put on butter imports from Denmark bv the United States Treasury because of payment of an export bounty of that amount by the Danish government, it was announced today,

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 14

REVIVED NRA PLAN SAME AS COOLIDGE'S AIM Voluntary Codes Will Be Chief Instrument Under New Deal. BY JOHN T. FLYNN Times Special Writer NEW YORK, Oct. s.—President Roosevelt’s step to hasten the process of reviving as much of the NRA as possible through the medium of voluntary codes under the Federal Trade Commission is so important an act that it should not be allowed to slip by without being noticed. The .job of handling this is given to the Federal Trade Commission and

what remains of the NRA. The President recognizes two distinct areas for agreement. One has to do with labor relations: the other refers to fair trade practices. Employers are urged to get together and make Agreements about labor and those about fair trade practices must be kept in separate titles. But all must be

John T. Flynn

filed with the FTC. All provisions affecting labor will be referred to the NRA. The title containing fair trade practices agreements will be considered by the FTC. 10 Hold Hearings Both titles will be considered and acted on only after open hearings. All must be approved by the President in the end. It differs from the old NRA in that the agreements will be binding not on everyone in the trade, but only on those who are parties to it. There is nothing new in this. It is precisely the same as the plan set up under President Coolidge by Assistant Attorney-General William Donovan. It may well be called the Coolidge plan. The only difference is that under Coolidge the codes were considered by the FTC and the Attorney General, while here they are considered by the commission and the NRA. The other important difference is that, under Coolidge, the code makers were hampered by the anti-trust acts while now the anti-trust acts are suspended to permit concerted action of business men. In other words, Roosevelt has finally come to adopt the Coolidge plan. This will surprise many who have been under the impression that all this was part of anew deal. Enforcement a Problem But the most important element in these provisions is this: Who is going to enforce codes when they are adopted? It was on the problem of enforcement that the NRA with all sorts of power went on the rocks. It was on the question of enforcement that the old Coolidge plan, now revived, went on the rocks, At-torncy-General Mitchell dicsovered that they broke down on two fronts. First, employers refused to live up to them, thus inflicting injury on those who did. But more important he found that the codes were used as cloaks for employers to agree on prices, production and other matters against the public interest. He found there was no way to police these codes. Indeed he said at the time that it would take the army and navy to perform this task. But this is where we find ourselves now at she end of two years of diddling with NRA. (Copyright, 193!i. NEA Service. Inc.) On Commission Row (Reprinted From Tate Times Yesterday) Quotations below, subject to change, are average wholesale prices being offered to buyers by local commission dealers. Fruit—Bananas. 5c a lb. Peaches, Michigan Elbertas. bu. 51.75. Pears. Michigan Bartlets. bu.. 52.40: Michigan seckles. bu.. $1.50. Cantaloupes—Honev Dews. Colorado 6s, Bs. $1.25. Watermelons, Indiana Round. 20@25c. Apples tnewi. Indiana Jonathans, bu.. 51.25^71.35; Grimes Golden, bu.. 51.35. Summer Rambos. eating, bus.. $1.15: Maiden Blush. $1.35: Wealthy*. bus.. sl. Lemons. 3605, $6. Grapefruit. Isle of Pine. $3.25. Limes, a carton. 12s, 20c. Persian seedless per 100, $3. Vegetables—Beans, green, round stringless. bu.. $1.50: Kentucky Wonders Si. Beets, home grown, doz.. 20c. Cabbage, home grown, 50-lb. bag. 75c, Carrots home gtown and Ohio. 30c: new bulk, half bu.. 65c. Cauliflower, Colorado. 11s. 12s. crate. $1.85. Celery, Michigan, washed and Trimmed, jumbo doz.. 60c: medium, doz., 45c: hearts, flat. $1.50. Corn, home grown, doz., 15® 20c. Cucumbers, home grown, bu,, $2. Kale, home grown, bu.. 40c Lettuce. Iceberg. California, best. 53.50: home grown leaf, 15-lb. basket. 65c. Endive, Ohio, basket, 60c. Mangoes, home grown, bu.. $1: small basket. 25c. Mint. doz.. 50c. Mustard. home grown, bu . 50c Onions, home grown, yellow. 50-lb. bag. $1: home grown, white. 50-lb. bag. $1.15: Utah Spanish. 50lb bae. $1.40. Parsley, home grown, doz., 35e Peas, telephone, hamper. $2.25. Potatoes —New Jersey Cobblers. 100 lb bag. $1.50: Michigan Round white, 100-ib. bag] $125: Early Chios, bu.. $1.35. Sweet potatoes—North Carolina, Jerseys, bu $1 10. Radishes. Ohio buttons, 2-doz. baskets. 60c Rhubarb, outdoor, doz. 30c. Sage doz 45c. Spinach. New Zealand, bu.. 75c. Sciuash, summer white. 75c. Turnips, new bu.. $1.50: bunch, doz., 25c. Tomatoes home grown. 10-lb. basket. 40c: bushel, Unlisted Stock (Reprinted From Late Times Yesterday) ißy Blyth fz Cos., Inc.) NEW YORK BANK STOCKS Bid Ask Bankers 55’, 57* t Central Hanover B & T 105 107% Chase ... 28% 30% Chemical National 44% 46% Guaranty 268% 272 i Irving 13% 15 Manufacturers 29% 31 National City .. 27% 29% Cor.’ 111 Chicago* 62% 64' - First Natl of Boston . 38% 40% FIRE INSURANCE Aetna Fire ...... 54% 56% City of New York Ins (new).. 24% 27% Federal Ins 76% 80 Great America Ins 25% 27 Hanever Fire Ins .. 37% 39% Hartford Fire 74% 76% Home Insurance 31% 33% Ins Cos of N A 66 69% National Fire 72 74 North Hirer Insurance 25% 27% Phoenix Insurance 88 90 t T S Fire 51 % 53% Westchester Fire 33 35 Produce Markets (Reprinted From Late Times Yesterday! The prices quoted below are paid tor stock gathered in the country, while delivered in Indianapolis the price will be a cent higher Heavy breed hens. 16c: Leghorn breed bens, 12c. neavv Dreed cocks. 7c: Leghorn breed ocks. sc; colored broilers. 2 lbs. anc up. 15c; Leghorn broilers. 1% lbs. and up, 12c: bareback broilers 10c; ducks, full feathered and fat, 4c; geese, full feathered and fat, 3c; guineas, 15c each No. 1 strictly fresh eggs, loss of 24c. Each full case must weigh 55 lbs. gross, a deduction of 10c a pound under 55 lbs., will be made. Butter —No 1. 394130 c; butterlat, 22c, Quoted by the Wadley Cos.

INDIANAPOLIS, SATURDAY, OCTOBER 5, 1935

Bond Market Existing in Fool s Paradise

— ' I'mllMßTitl I ! ! ~ Ii ii —I JCO ;4 00 i ! i \ f 4 I 1 Trend of Bo>d Yields - | _ Aft i j V'Yj I* “, O' Talus 450 ! *.,A %,yS | ; i 550 —J / r coo ! ,** . ; -...: _ ft; _ fouiPstoG 5 j ** i ; World Iff crediti ! • ttj War (■*RMSGS J y €.30 ftf 1 B L lyS 140 t! • M * I • !S 7.00 7 1 ! ! It ; Postwar _ -1 *; / j j J Depress toy ft ,* - 750 u —i —f —i; 8 00 —H J I .j . L 830 —Panic 1873-i *_L Wholesale A . oimssioV L mn I I Commodity Prices j luu V Depression 1884 j " '7’ iV* a i PWicl9o7 i “Tf 7 / \‘l 80 io eo X—iX-V/i Baring Failure V / | 1893 Y j ~Rich Mans Panic * a*_. 40 1 Silver Depression yjt\ v < 1875 1880 1885 1890 1895 1000 1905 1910 1915 J 920 1925 1930 1935

B 1 HENRY J. KUEHLS. Times Special Writer NEW YORK. Oct. s.—The trend of bond prices when compared to the price level can be very clearly analyzed. A falling price level always brings about a rising bond market, while a rising price level produces a falling bond market. The rising price level from 1897 to 1920 reduced the price of high grade bonds from a yield of 3.75 per cent to 6.75 per cent in 1920. From this high yield bond prices gradually increased even in the deflation period of 1921 and during the stabilization period of 1921 to 1929 to a yield of 4.25 per cent. **■ Bond prices gradually declined until 1931, when there developed a general collapse of credit, with the bond market registering the greatest decline in history. This group of bonds sunk to a level of over 9.50 per cent yield. Bond prices then have shown a remarkable comeback and have recovered fully 80 per cent of the depreciation .lost since the break in 1929. The bond market especially in the higher grade groups is now back to a stabilized level and is now reflecting the cheap money that exists today. This indicates that the high grade bonds are selling in the upper levels and will from this period forward register by lower prices the gripping of inflation. A rapidly rising price level will bring on lower bond prices as it has in the past. The only reason bonds are selling where they are is because of the artificially cheap money market which can not continue indefinitely. It is this rapidly rising price level that is graually robbing the bondholder of his purchasing power of his dollar and especially so when the 59-cent dollar actually registers on a higher price level. The bond market of today is existing in a fool’s paradise in face of the clouds of the inflation horizon. a falling price level always increases the purchasing power of the dollar for the bondholder, while a rising price level reduces the purchasing power of the bondholder’s dollar. There is no doubt but that the bond market will go Into a great sinking spell if inflation grips as is now inevitable. The enormous inflationary forces built up over the last three years are sure to register their effects before long. The government bond market is already casting the shadows of this eventuality. At some future date there will be a tremendous switching of bonds into common stock, which will more than likely start the inflation market. CORN CROP ESTIMATES. EXCEED U. S. REPORT Private Forecasters Place Crop at 2,237,000,000 Bushels. By l imes Special CHICAGO, Oct. s.—Five of the country's leading individual crop forecasters this week estimated that the 1935 corn crop, as of Oct. 1. would total more than 2,237,000.000 bushels, it was announced today. The total compares with the government's Sept. 1 report of 2,184,000.000 bushels. On Sept. 1 the private estimates were reported at 2,231.000.000 bushels for the current year crop. It also was higher than the government's estimate for that month. The average of the private estimates in the recent report indicated that crop conditions have improved during the last month. The five-year average corn crop in the United States is 2,562.000,000 bushels and last year the harvested crop amounted to 1.377.000.000 bushels, The private estimates, preceding the government report, showed a spring wheat crop of 158.000,000 bushels as of Oct. 1. WABASH PLAN PUSHED Hopes to Complete Reorganization Before RFC Loan Falls Due, By Times Special NEW YORK. Oct. s.—Completion of the reorganization of the Wabash Railway, controlled by the Pennsylvania Railroad, before the close of the current year is believed possible, it was announced today. The company hopes to have ultimate plans completed before Jan. 1. This is the date on which a 515,000.000 loan from the Reconstruction Finance Corp, falls due, it was stated. ENGINEERING AWARDS UP Indiana Projects Help to Swell Week’s Total Throughout Nation. Bit l imes Special NEW YORK. Oct. 5. —Engineering construction awards throughout the country this week aggregated $28,650,000. contrasted with $25,356.000 in the corresponding week last year, the Engineering News-Record announced today. Among the larger projects were a $590,000 strip steel plant for the green Steel Cos., Anderson. Ind.. and the first two of five units for the $1,000,000 motor truck plant for the International Harvester Cos., Fort Wayne, Ind.

New York Stocks

i (Reprinted From Late Times Yesterday) (By Thomson & McKinnon) Prev. Oils— High. Low. Close, close. Amerada. .63 62% 63 62% ! Atl Rrf 21% 20% 21 20% Barnsdali 9% 9% 9% 9% Consol Oil ...... 7 % 7% 7% 7% Corn of Del .... 19% 19% 19% 19% Houston (new).. 2% 2% 2% 2% Mid Cont Pet... 10 10 10 9% Ohio Oil 9% 9% 9% 9% Pet Corp 9% 9% 9% 9% Phillips Pet .... 28% 27% 28% 27% Plymouth 0i1... 9% 9% 9% 9% Pure Oil 7% 7% 7% 7% Royal Dutch ... 41% 41 41 41% Seaboard Oil ... 27% 27 27% 27 Shell Un 9% 9% 9% 8% Skellev Oil 10% 10% 10% io% Soc Vac 11 10% 10% 10% S O of Cal 32% 32% 32% 32% S O of Ir.d ... 25 24% 24% 24% S O of N J 43% 42% 43% 42% Texas Corp 19% 18% 19% 18% Tidewater Assn.. 8% 8% 8% 8% Un Oil of Cal... 17% 17% 17% 17% Steels— , Am Rol Mills 25% 25% 25% 25% Beth Steel 37% 36% 36% 36% Byers A M 16% 16 16 15'% Cruc Steel 24 23% 23% 23% Inin dnSteel 91% 90% 91% 90 Ludlum Steel •. 24% 24 24% 24% McKeesport Tn 120 1119 120 118% Mid Steel 21% 20% 20% 20% Natl Steel 68% 66 68 67% Otis Steel 15% 14% 15% 14% Rep Iron & St.l 16% 15% 16 15% Rep Ir & Stl pfd 72% 72% 72% 72% U S Pipe & Fdv 17% 17% 17% 17% U S Steel ... 44 43 43% 42% U S Steel pfd .. 109 107% 109 106% Warren Bros . 2% 2% 2% 2% Youngstn S& T. 24% 24 24 24 Motors— Auburn 37% 35% 36% 36% Chrysler 72% 71% 71% 71% Gen Motors .... 45% 45 45% 45 Graham Mot ... 2 1% 1% 1% Hudson 14>4 13% 13% 13% Hupp 2% 2% 2% 2% Mack Truck 21% 20-% 20% 21 Nash 15% 14% 15 15% Packard 5% 4% 5 5 Reo 3% 3% 3% 3% Studebaker 5% 5% 5% 5% Yellow Truck ... 5% 5% 5% 5% Motor Access— Bsndix 21% 20% 21% 21% Bohn Alum 50% 50% 50% 46% Bore Warner ... 56% 54% 56 54”, Briggs 49% 48 48% 47*4 Budd Mfg 5% 5% 5% 5% Budd Wheel 8% 8% 8% 8% Eaton Mfg 28 27 27% 27% Elec Auto Lit 9.. 31% 30% 30% 30% Elec Stor Bat ... 45% 45% 45% 45 Houdaille "E” .. 22% 21% 22 22 Mullins Mfg .... 13 12% 12% 12% Murray Body ... 17% 17 17% 17% Stew Warner ... 14% 14% 14% 14% Timken Roll .... 57 56 56 56% Timken Det Axle 8% 8% 8% 8% Mining—Alaska Jun 15% 15% 15% 15% Am Metals 26% 24% 26% 24*4 Am Smelt 49% 48 49% 47% Anaconda 21% 20% 21% 20% Cal & Hecla .... 5% 5% 5% 51* Cerro De Pasco . 58% 57 58 56% Dome Mines 39% 39% 39% 39% Granby 12% 12% 12% 12 Gt, Nor Ore 12% 12% 12% 12% Howe Sound 52 51 51% 50% Ins Copper 7% 6% 6% 6% Int Nickel 30% 30% 30% 29% Isl Creek Coal .. 27% 27% 27% 26% Kennecott Cop .. 25% 24% 25'- 24% Mclntyre Mine . 37% 37 37% 37 Park Utah 4% 3% 4% 3% Phe’ps Dodge ... 24% 24 24% 23% St Joe Lead .... 23% 21% 22% 21% U S Smelters ... 97 96 96 95 Vanadium 17% 17% 17% 17 Amusements— Fox Theater 16% 16 16% 16% Loews Inc 43% 42% 42% 42% Radio Corn 7% 7% 7% 7% Paramount 10% 10% 10% 10% RKO 4% 4% 4 % 4% Warner Bros ... 7% 6% 7% 6% Tobaccos— Am Sum Tob .. 23% 23% 23% 22% Am Tob "A" 98 98 98 97% Am Tob ‘'B' 101 % 100% 100% 100% Gen Cigars 55% 55% 55% 54% Ligg Sz Myers B 14% 13% 14 14 Lorillard 24% 23% 23% 24 Phillip Morris 47% 46% 46% 46% Reynolds Tob B 54% 54 54 54 Rails— Atchison 46% 44% 45 45% I Atl Coast Line . 21% 20% 21 21% B&O 13% 13 13% 13% ! Can Pacific .... 9% 9 9% 9% ! C'n A; Ohio 44% 43% 43% 43% CMft St P ... 1 % 1 % 11 g 1 O M ft St P pfd 1% 1% I*B 1% Chi N W 2% 2 2 2 Chi N W pfd ... 5’4 5 5 5 Dela fiz Hudson . 32 31 31 32 Del Lac <fe W ... 13% 13% 13% 13% Erie 9% 9% 9% 9% Erie nfd 13 12% 12% 12% Grt Northern pfd 23% 22% 22*4 23 111 Central 14% 13% 14 13% K C Sou s*, 5*4 5*4 5% Lehigh Valiev... S', 6 8 7% Lou A- Nash 4’*, 40% 40% 41 M K A- T ... 3% 3% 3% 3% M K A T pfd... 7% 7% 7% 7 Mo Pac .... 1% 1 % 1% 1 % Mo Pac pfd 2% 2% 2% 2% N Y Cent 21 % 19*4 20*, 21% N V New Haven 5 4*, 4% 4% N Y Ont. A West 3% 3% 3% 3% Nor Pacific .... 15 14% 14% 14% Penn R. R 25% 24% 25% 25% Reading 34% 34’., 34% 35 Sou Pac 17*8 16*8 16*i 17 Sou R R 8% 7*4 73, 8% Union Pac . ... 94*4 rO% 92% 94 West Maryland . 7% 6% 7 7% Equipments— Am Brake Shoe.. 31% 31% 31% 31% Am Car A Fdv. 19*4 19% 19% 19 Am Toco ... 15 14% 14% 14% Am S’ee! Fdv... 1 15*, 15% I*% Bald Loco 2% 2% 2% 2% Gen Am Tank C 39 38% 38% 38% Gen Elec 33 32% 33 32% Gen R R. SiS ... 32% 32% 32% 30% f’ulman Inc .... 3? 31 31 31*, West Air Br ... 23 22% 22*4 22% Westingh Elec... 76% 75 75% 75 Utilities— Am A* For Pwr 5% 5% 5*4 s*, Am Power & Lit 6*4 6% 6*4 6% A T A- T .. 138 137 137% 136% Am Wat Wks . I*% 15 16% 15 Col Ga; A' Elec 12% 12% 12% 42% Comm A* Sou ... 1% 1% 1% 1% Cnnso! Gas . 27% 26% 27% 27% ripe Tsa- r ,S* I,it 4*, 41, 4% 43, Inf Hvdro Elec . 2% 2% 2% 2% Tnterboro R T . 21% 19* 4 20% 10% Int T A T . . 9*s 8% 8% 9 Tou G A E “A” 16*8 18% 18% 18% Nat Pwr A Lit . 9 8% s% r% North Amer ... 19% 19 19% 19 Pac G A E .... 26% 25% 26% 25*4 Peoples o*s .. 35% 35% 35% 35 Pub Serv N J . . 79% 79 39* s 39% So Cel Edison .. 23% 21% 22 21% Rtd Gas ... 3% 33% 2*4 Ston“ A Web. . 7% 6*4 6% 6% TTpitd Corp .4% 4 4 4% ■%%%m *5 %% ster T* i Un Gas Imp 15% 15*4 15% 15*, Ut Pwr A- It "A"2% 2% 2% 2% Western Union . 47% 48 46% 46% Rubbers— Firestone 14% 13% 14% 14 Goodrich 8% 8 8% 8 Goodvear 17% 16% 17% 16% U S Rubber .. 13% 12% 13 :2* a U S R-.bber pfd 34% 33% 34% 33 Miscr’lqorous Allis Chalmers . 28*, 27 27% 265„ Am Can 142% 141% 142 140% Am Mach A Fdv 26* s 25% 25% 25% Anchor Cap 12 12 12 12 BrkJvn Man Tr 42% 41% 41% 42% Burroughs Add . 19*, 19 19 19 J I Caep . . 782% 79% 82 78% Conti can 86% 85% 85% 15% Caterpillar Trac 51*8 51 51% 60% Crown Cork ■■ 32% 32% 32% 32% Curtis Pub ... 16% 16 16% (5% Curtis Pub pfd 102'- 102% 102% 101 Deere A Cos 39*8 38% 39 38% Eastman Kodak 153% 1a2% 1,3% 151% Foster Wheeler 15% 15% 15% 15% Gillette 16 15% 16 15% Glidden ■ 36% 35 * 36 35% Ingersoll Rand 102 102 102 701 Int Bu s Mach 176 174% 176 175 Inter Harv .. 56 7 4 54 55 56 Natl Cash Reg .. 17 16% 17 16*8 Owens Bottle ••• 9"% 97 97% 97% Rem Rand .... 13 12% P% 11* 8 i Underwood E • 72% 72% 72% 72 Worthington Pm 16% 16 16 16

Foods— Am Sugar 52% 51% 51% 51 Armour 4 3% 3*B 4 Armour 6% pfd. 59% 59 59% 59% Beatrice Cream. 15% 15% 15% 14% Borden Prod ... 23% 23 23 23*8 Cal Packing ... 34 33% 33% 33% Can Dry G Ale.. 9% 9% 9% 8% Coca-Cola 243% 243% 243% 244 Corn Prod 62 61% 61% 62% Crm of Wheat •• 37% 37% 37% 37*8 Cuban Am Sugar 6% 6% 6% 5*4 Gen Baking 11% 11% 11% 11% Gen Foods 33 32% 32% 32% Gold Dust 16 15% 15% 15% G W Sugar 28% 28 28 27*4 Loose Wiles .... 38% 37 38% 37% Natl Biscuit .... 31% 30% 30% 30% Natl D Prod 17% 16% 17 16% Purity Bak 15% 15% 15% 15% S Porto Rico Sug 24 23% 24 24 Std Brands 13 12% 12% 12% Un Biscuit 21 20% 21 21 United Fruit ... 65% 64 65% 64 Ward Bak 1% 1% 1% 1% Wrigley 77 76% 77 76 Retail Stores— Assd Dry Goods. 14% 14% 14% 14 Best A Cos 51% 51 51*4 50 First Natl Stores 46% 45 45 46% Gimbel Bros ... 4% 4% 4% 4% Hahn Dept Sts.. 6% 6 6 6 Jewel Tea 57 57 57 56 Kresge S S 25% 25% 25% 26% Kroger Groc ... 27% 27% 27% 27% Macy R H 47*4 47% 47% 47% McCrorv St 13 12% 12% 12% McLellan St 12% 12% 12% 12 Marshall Field .. 9% 9% 9% 9% Mont Ward .... 31% 30% 31 31 % Natl Tea 10% 10% 10% 10% Penney J C 80% 80% 80% 80% Safeway St 33 32% 33 32% Sears Roebuck .. 55 53 % 54 54% Woolworth 61 59*4 60 60 Aviation— Aviation Corp .. 3% 3% 3% 3% Boeing Aircft ... 15% 15 15 15% Curtiss Wright . 3% 2% 33 Curtiss Wr "A”. 8% 8 , 8% 8% Douglas Air 31 % 31% 30% 29*4 Nor Am Av 4% 3% 4 3% Sperry Corp 12% 12% 12* B 12% Unit Aircraft ... 19% 18% 18% 18% Chemicals— Air Reduc 147% 147 147 145 Allied Chem 166 165 165 165 Am Con Aicoh .. 25% 24% 24% 25% Col Carbon 86% 86% 86% 86 Com Solvents ... 18 17% 17% 17% DU Pont 129% 127% 128 126% Freeport Tex ... 23% 22% 23 23 Math Alkali . .. 31% 30% 31 30% Monsanto Chem 83 82 82% 31% Natl Dis 29% 28*4 28% 18% Schenley Dist ... 40% 4040% 39% Tex Gulf Sulph. 31% 31% 31% 31% Union Carbide .. 65% 65 65% 64% U S Ind Alco ... 43 43 43 43% Drugs— Bristol Mvers ... 35% 35 35% 34% Coty Inc 4% 4% 4% 4% Lambert 22 21% 21% 21*4 Lehn & Fink ... 10% 10% 10% 10% Sterling Prod... 63% 63% 63% 63% Un Drug g% 93., 93 g i Zonite Prod 4% 4% 4% 4% Financial— Adams Exp 7% 7% 7% 7>, Allegheny Corp.. 1% 1% ju 1! Am Int Corp ... 8% 7% 7% 7% Chesa Corp .... 42*:, 42% 41% 41% Lehman Corp ... 88% 87% 87% 88 Transamcriea .. 7% 7% 7* a 73 Tr Conti Corp... 5% 5% 5% 5% Building Am Radiator... 16% 16% 16% 15*8 Gen Asphalt .... 17% 16% 17 16% Holland Furnace 18% 18% 18% 18 Int Cement .27 27 27 27 Johrs Manville 73% 73 73% 73 Libby Owens Gls 39% 38% 38% 39 Otis Elev . 18 18 18 18 U S Gypsum 68% 68% 68% 68% Household— Col Pal Peet..., 17% 17% 17% 17% Congoleum 36 *6 36 35 Kelvinator 13% 1.7% 13% 13 Mohawk Carpet.. 19% 19% 19% 19% Proc A Gamble.. 52 51% 51% 51% Servel Inc 10% 10% 10% 10 Simmons Bed... 14% 13% 1378 13% Textiles— Amer Woolen ... 9% 9% 9% 8% Belding Hem ... 13% 13 13*s 12% Celanese Corp... 27% 26% 26% 26% Collins Aikman.. 30% 30 30% 30 Gotham Hose.. 7% 7 7% 6% Indus Rayon ... 31% 31% 31% 31 Real Silk 9 9 9 9 SECURITIES LAW CASE TO BE HEARD MONDAY Subpcna Power, Constitutionality of SEC Challenged. By Times Special WASHINGTON, Oct. s.—The case of J. Edward Jones, oil royalty dealer. versus th: Securities and Exchange Commission will be brought up on appeal Monday before the Circuit Court of Appeals in New York, it was announced today. Unusual attention has been focused upon the case as Mr. Jones, considered the largest royalty dealer in the country, is challenging the subpena power of the SEC and also the constitutionality of the securities law. Mr. Jones is making his appeal from a decision of Judge Cassey in New York, upholding the commission’s stand, refusing the dealer permission to withdraw an oil royalty registration statement, it was said. Commodity Prices (Reprinted From Late Times Yesterday) (By Abbott, Proctor A Paine) COTTON NEW YORK Prev. High Low Close Close January 11.00 10.97 10.97 10.96 March' 11.10 11.00 11.04 11.02 Mav 11.17 11.05 11.07 11.09 July 11.14 11.08 11.10 11.12 October 11.05 10.97 10 98 10.98 December ■ 10 99 10.89 10.93 10.92 Spot, up 5: middlings, 11.20. NEW ORLEANS Prev. High Low Close Close January 11.08 11 00 11.03 10 93 March 11.15 11.05 11.10 10.98 Mav 11 22 11.12 11.16 11 04 Julv 1123 11.17 11.18 11.07 October 11 08 11.01 11 02 10 97 December . 11.05 10.96 10.99 10.88 Spot, up 5; middlings, 11.35. NEW YORK COTTONSEED OIL Prev. High. Low. Close, close. January 10.58 10.42 10.56 10.51 March ' 10 63 10.47 10.63 10.55 October 10.57 10 45 10.57 10 55 BUTTER Prev. Close, close. November 25% .26% December 26*8 .... EGGS Prev, Close, close. November 25% .25% October 24% .25 SUGAR Prev. High Low Close Close January 2.20 2 19 2.18 2.15 Mav ...r..,. 2.23 2.22 222 221 December .... 2.59 2.58 2.53 2.58

LAST QUARTER CAR LOADINGS' RISE FORESEEN Increase of 6.4 Per Cent Anticipated Over Same 1934 Period. By Times Special WASHINGTON. Oct. 5 Further bullish material for business was presented today when the American Railroad Association disclosed today that freight car loading of the 29 principal commodities in the final quarter of the year will be 4,805.388 cars, an increase of 6.4 per cent over the corresponding period ’ last year. The forecast was based on estimates prepared by the 13 shippers’ regional boards which cover the entire country. The automobile industry accounts for 69.290 cars of the 289.553 cars increase. Anticipated shipments of automobiles, trucks and parts incidentally, represent a gain of 108.6 per cent over the corresponding 1934 period. This abrupt increase is due in part to the fact that the automotive industry is now producing its new models in the last part of the year instead of the early months which was formerly the practice. Grain Volume Up All grain shipments for the fourth quarter are estimated at 225.918 cars, an increase of 25.4 per cent over the same 1934 period when the total was 180.098 cars. Only four of the 29 commodities are expected to show a decline. They are hay, straw and alfalfa; livestock; poultry and dairy products and cement. The reduction anticipated in the movement of livestock results from the fact that such shipments were stimulated in 1934 because the government was buying and shipping livestock from the drought areas. Totals Compared The tabulation below shows the total loading for each district for the fourth quarter of 1934 and the quarter of 1935; Actual Estimated Shippers' Advisory Loadings Loadings Boards 1934 1935 Allegheny 618.626 662,531 Pacific Coast. 164.149 174.336 Pacific Northwest 140.336 170.361 Southeast 426.047 454.111 Southwest 313,759 324.373 Great Lakes 215,590 283.173 Atlantic States 536.700 554,758 Central Western 220.841 229.440 New England 114,163 117.495 Northwest 234.369 250.371 Mid-West 648.056 700.977 Ohio Valley 592.909 607,629 Trans-Missouri-Kansas . 290,290 275.833 Total .4.515,835 4,805.388 INDIANA STANDARD UNIT TO BUILD NEW PLANT Pan-American Pete to Erect Cracking System at Texas City. By Times Special CHICAGO. Oct. s.—The PanAmerican Petroleum and Transport Cos., a subsidiary of the Standard Oil Cos. of Indiana, is preparing to build anew cracking unit at the Texas City (Tex.) plant. “We have no announcement to make at this time,” Standard Oil officials said. ‘‘Although there have been negotiations regarding possible building of a unit, no contract has been signed and nothing definite has been settled.” Erection of the cracking unit will involve $5,000,000, it is said, but company offiicals would not confirm this figure. Local Livestock (Reprinled From Late Times Y’esterday) HOGS Sept. Bulk. Top. Receipts. 28. $11.204/11.35 $11.35 2000 30 11.00tai1.15 11.15 7000 Oct. 1. 10.60® 10.75 10.80 7000 2. 10.60® 10.75 10.80 4000 3. 10.85® 11.00 11.05 3000 4. 11.10@11 15 11.20 2000 Light Lights. (140-160) Good and choice.. $10.35® 10,85 Medium [email protected] Lightweights. (160-180) Good and choice.. 10.85® 11.10 Medium 10.204/10.85 (160-200) Good and choice.. 11.00® 11.15 Medium [email protected] Medium weights. (200-2201 Good and choice.. 11.10® 11.20 (220-2501 Good and choice.. [email protected] Heavyweights. (250-2901 Good and choice . 10.90® 11.05 (290-3501 Good and choice . 10.604/ 10.90 Packing sows. 1275-3501 Good 10.00® 10.25 (350-4251 Good 9.854/ 10.15 1425-4501 Good 9.50® 10.00 i275-315) Medium 9.00® 9.75 Slaughter pigs. 1100-140) Good and choice-. 9.25® 10.35 Medium [email protected] CATTLE —Receipts, 500 — (500-900) Choice $10.50®11.50 Good [email protected] Medium 7.00® 9 00 Common 5.00® 7.00 (900-1100) Choice [email protected] Good 9.25®11.50 Medium 7.25® 9.25 Common 5.25® 7.25 (1100-1300) Choice 11.55®12.50 Good 9.504/ 11.75 Medium 7.25® 9 50 (1300-1500) Choice [email protected] Good [email protected] Heifers (500-750) Choice [email protected] Good 8.004 J 9.25 Common and medium 4.00® 8.00 (750-9001 Good and choice ... [email protected] Common and medium 4.25@ 8.25 Cows Good 5.25® 6 25 Common and medium 4.25® 5.25 Low cutter and cutters 2.75® 4.25 Bulls good 5.50® 6.25 Cutter, com. and med. bulls... 4.00@ 5.50 VEALERS —Receipts, 500— Good and choice $lO 00® 10.50 Medium 8 -®2*U2 00 Cull and common 5.50® 8.00 Calves (250-500) Good and choice .... 7.00® 9.50 Common and medium 4.00@ 7.00 —Feeder and Stocker Cattle—-(soo-800) Good and choice 6.75® 8.75 Common and medium 4.50® 6.75 • 800-1050) Good and choice 7.00® 8.75 Common and medium 4.50® 7.00 Good 4 00® 4.75 Common and medium 3.50® 4.00 SHEEP AND LAMBS —Receipts, 100 C Lambs. 90 lbs. down, good and choice sß.(s® 9.50 Medium 7.00@ 8.75 W (9O-125) Good and choice 2.50@ 3.50 All weights, common and medium - - l.aO® 2 50 (120-150) Good ana" choice.. 2.00<@ 300

Buy Building & Loan Shares Your Money Stays Here, Works Here Earns Here

i \\ E PAY Highest Cash Prices for MUSICAL INSTRUMENTS LINCOLN '’"V,!” LOAN 00. 201W.Wash.St McSHta

Influx of Buyers Seen With the mid-season furniture market less than a month awaij, the Merchandise Mart in Chicarjo is humming. Invitations arc being mailed to more than 10,000 buyers throughout the country.

QUITS UTILITY POSTS

. Jag

Howard C. Hopson Announcement has been made that Howard C. Hopson, featured player in the recent utility lobby probe, has resigned as an officer and director in all units of the Associated Gas and Electric Cos. system.

N. Y. Bonds

(Reprinted From late Times Y'eslerday) (Bv Abbott, Proctor <M Paine). Daily Bond Index 20 20 20 60 , Inds. Rails Utiis. Bonds Today 89.7 78.4 100.3 89 4 Yesterday 89.5 78.6 100 2 89 4 Week ago 89.7 80.8 100.7 90 4 Month ago 88.8 79.8 100 8 89 8 1935 high 90.0 86.4 101 6 90 9 1935 low ...... 83.6 71 0 89 3 83 0 (Copyright. 1935, bv Standard Statisics) t ! . S. GOVERNMENT BONDS Libertys. Frev. ... ~ . Close, close. 4th 4%s 1933-38 100.9 100.6 Treasury*. 4%s 1947-52 114 113 28 4s 1944-54 109 25 109 23 3%S 1940-43 106.2 105 30 3%S 1943-47 105.2 104.26 3%s 1943-45 105.2 104.26 3%s 1941-43 104.9 104.5 3%s 1944-46 104 103.28 3%s 1946-49 102.31 102.27 3%S 1949-52 102.20 102 27 3s 1954-55 .. 102.8 101.30 3s 1946-48 101 23 101 18 2%S 1955-60 99.11 99.5 2%s 1945-47 100.5 100 Home Owners’ Loan Corp. 2%s 1949 98 19 98 17 3s 1952 100.2 99.30 Federal Farm Mortgage Corp. 3%s 1964 101 2 101.21 3s 1949 100.6 100 3 2%S 1947 100 16 100 14 3s 1947 9.98 .99 DOMESTIC Prev. Close, close. Alleg Corp 5s 44 77 77 Alleg Corp 5s '49 66 65 Alleg Corp 5s 'SO 23 24 Am Frgn Pow 5s 2030 69% 69 Am Tel & Tel 5%s '43 113% 113 Am Tei & Tel 5s '65 113 112% Atl Coast Line 4s '52 92% 93% Atl Coast Line 4%s '64 78% 77% Atch Top <V S F 4%s '4B .—..106% 106*8 Am Wat Wks 5s '44 ...104% 104% Am Rolling Mills 4%s '3B 111% 111 Balt & Ohio 5s 95 72 72% Balt & Ohio 6s '95 79 79% Balt fc Ohio 4%s '6O 55% 56 Buff Roch & P.tt 4%s ‘57 61 60% Beth Steel 5s '36 303 103 Chi Milw Ac St Fss ’75 9% 10% Chi Milw & St P 5s 2000 3% 3% Cleve Un Term 5s '73 98% 98*4 Cleve Un Term 4%s '77 90% 90% Col Gas 5s May 52 95 94% Col Gas 5s '6l 95% 94% Can Pac Perp 4s 82 82 Cent Pac 5s '6O 85% 85% Big Four 4%s '77 73% 74 Big Four 5s 63 83 84 Colorado & So 4%s 'BO 50 50 Chi fiz West Ind 4s '52 97 96% Chi & West Ind 5%s '62 105% 105'., Chi fiz Nor West 4%s '49 8% 8% Con Gas 5s '57 105 105 Chesa Corp 5s '47 104% 105 Del & Huds 4s '43 78 79 N Y Dock 4s 51 69 69% N Y Dock 5s '3B 52% 50 Erie 5s ’75 65% 65% Erie 5s '67 65% 66% Gen Cable 5%s '47 99% 98% Grt Northern 7s '36 99% 99% Gre Northern 4%s '76 90 90% Grt Northern 4%s '77 89 89% Hud Ac Manhat Ref 5s '57 .... 84 83% 111 Cent 4%s '66 49% 50% Interlake C&I 5s 51 75% 75% Internatl Hy Elec 6s '44 43 44 Interntl Tel Ac Tel 4%s '39 76% 76% Interntl Tel Ac Tel 5s '55 68% 68% Interntl Tel Ac Tel 4%s '52 .. 65 66 McKess Ac Rob 5%s 'SO .. ...101 100 Midvale Stl 5s 36 101% 101% Natl Dairy 5%s '4B 103% 103% Natl Steel 5s '56 104% 104% Nickel Plate 4%s '7B 57% 58 Nickel Plate 5%s '74 66% 66 Nickel Plate 6s '35 58 61 N Y Cent 5s 2013 71 % 73(4 N Y Cent 4%s 2013 (old) 65% 66% Nor Amer Cos 5s '6l 100% 100% Nor Pac 3s 2047 71*4 71% Nor Pac 4%s 2047 82 82 Nor Pac 6s 2047 ... 96% 96% Nor States Pow 5s '4l ...106% 105% New Orleans Term 4s '53 .... 79% 79 Otis Steel 6s '4l 99% 99% Penn Rv 4%s 84 102 % 102% Penn Ry 4%s ’Bl 102% 103 Penn Ry 4%s ’7O 96*4 96 Pac G ft E 5s ’42 105% 304% Portland Gen El 4%s '6O 72 72% Para Publix 5%s 'SO 96%, 96% Penn P Ac L 4%s 'Bl 105 105" Postal Tel A: Cab 5s '53 30% 30% Rem Rand WW 5 s '47 103% 104 Shell Union Oil 5s ’47 103 103 % Sou Pac 4%s ’6B 70% 70% Sou Pac 4%s ’Bl 69% 70 Sou Pac 4%s '69 '7O 70 Sou Pac 4s '49. 76% 76% Sou Rail 4s ’56 33 38% Sou Rail 6s ’56 49 r 50 1 . Sou Rail 6%s ’56 53 52% Sharon Stl Hoop 5%s ’4B ... 99% 99% Texas Pac 5s '79 911, qok Texas Pac 5s ’77 .... 92 91 Union Pac 4s ’47 ii... 111% 112 United Drug 5s '53 99 90% U S Rubber 5s ’47 . 9714 97% NY NH Ac Hart 6s 48 32 33% NY NH A- Hart 4’ s '67 29*4 30 Warrvr Bros 6s ’3O si 31 West Mary 5%s ’77 ...105 104 West Mar” 4s '52 95% 95% Younest’n AA*T 5s ’7O os% 93% Youngst'n SftT 5s '73 98% 98 FOREIGN. Argentina A6s '57 ... 95% 95 Argentine R6s 'SB 95% 95", Rrazil 8s '4l 27% 26*4 Canadian Govt 4s ’6O . 101% 301 % Denmark 5%s '55 96% 96 Italv 7s ’sl 53', 52% •Tanan 6%s 54 97% 97 Poland 7s '47 102 101 Pome 6%s '52 45 42% Tokio Citv 5%s '6l . . 78% 73% Yokohama 6s 61 32*4 82% OPENS LIVESTOCK MART Bn Times Special FARGO. Oct. s.—Farmers and business men from both North and South Dakota assembled here this week to attend the opening of the first livestock market in this section, it was reported today. The new Union Stockyards Cos. is owned by the Union Stockyards Cos. of St. Paul. LOCAL CASH MARKET City grain elevators are paying $1 tor No, 2 soft red wneat. Otner grades oi 'heir merits Cash corn No. 2 yellow 77 cents and oats 21 cents.

Thomson & McKinnon MEMBERS \ ORK ypw York Stork Ex^hansre CHICAGO I New York Curb Exchange TORONTO I New York Cotton Exchange New Y’ork Coffee and Sugar Exchange - X T nrvn New ° r,eans Cotton Exchange MIL 111 nr-AD • Chicago Stock Exchange FT. WAYNE I Chicago Board of Trade EVANSVILLE I Winnipeg Grain Exchange Indianapolis Office An - Jther eadin s Exchange* 200-214 Circle Tower LI. 5501

TWO LEADING UTILITY UNITS REVISE STATUS American Water Works and Associated Gas Properties Take Action. Ba Times Special WASHINGTON. Oct. 5. The American Water Works and Electric Corp. and the Associated Gas and I Electric Corp, hoth moving through I controlled groups ot properties today joined the list of utility comi panics seeking to adjust their posi- ! tions to the requirements of the j public utility act of 1935. Subsidiaries of both big groups ; have filed with the Federal Power Commission applications for author- | ity to consolidate groups of electric power properties now operating as j separate entities. j Action on the part of the American Water Works and Electrir System was taken by the Monongahela West Penn Public Service Cos. and the Kanawha Traction and Electric Cos., subsidiaries. The application filed by those units .sought permission to merge their facilities and at | the same time to dispose of certain properties of the Kanawha Cos. In West Virginia All the operating properties of ; these two companies are situated in West Virginia with the exception of i certain properties of the Kanawha Cos., which are located in eastern Ohio. The proposed merger is understood to have already been approved by the Ohio Public Service Com- : mission while an application for similar authority is now resting be- | fore the West Virginia Public Serv- | ice Commission. The Associated Gas and Electric ] Corp. acted through the West FlorI ida Power Cos., the Ocklawaha Power Cos. and the Florida Power Corp, which controls the aforementioned j two units. The Florida Corp. itself i is a subsidiary of the Penn South- ; ern Power Corp.. voting trust cer- ! tificates for whose stock recently were acquired by the Associated Gas and Electric. Merger Authority Sought The petition here seeks authority for the merger into the Florida Power Corp. of the two controlled units and is made under two sec- | tions of the federal power act. | The West Florida and Ocklawaha ; properties are both licensees of the ' Federal Power Commission for water power projects in Florida. Approval of the transfer of such licenses is sought under Section 8 of the act. The second application is made under Section 203, which necessitates approval of the sale or lease ! or other disposition of facilities subject to the control of the commission. Chicago Grain Futures (Rrprinled From Late Time* Yesterdav) ißy James E. Bennett & Cos.) Wheat— Prey, High. Low. Close, close. Dec 196*8 1 94*8 1 96', 196% [Mav 194*4 19.3% 194% 195% July 95*8 .93*8 .95% .96 i Corn—- ! Dec. 63 1 8 .69*, .62*4 .61% I Mav 69*, 59*8 ,69% 69% July 61*8 .60 61% .61 Oats— Dec 29% .28% 29% 29% Mav 30*r .30 30% .30% July 30% .29*8 30 30%, ! Rye—--1 Dec 55 .53 .55 .55% May 57', 55% 57% .57% July 57*4 57 .57% .57%

/ WILL BE \ CLOSED Next MONDAY OCT. 7th On Account of HOLIDAY |DB Clothing-Jewelry Shops 43-45 So. Illinois

Fidelity Trust Company Member Indianapolis Clearing House Association 148 E. Market St. General Commercial Banking Tour Account Solicited