Indianapolis Times, Volume 47, Number 182, Indianapolis, Marion County, 9 October 1935 — Page 13

T rends moo Indiana Helps to Make Financial News. BY’ VINCENT LYONS limn Financial Editor

TN'DIANA clambered into the A financial last week and ramc into harbor with its name ronnertrd to two men who helped to make financ al news. A resident of the sta'e ana another who lived in Indianapolis for seven years became affiliated with two of the country's most amazing holding companv interests —the Van Sweringens and the Associated Gas <V Electric Cos. Georce Alexander Ball. Muncic manufacturer and capitalist, was the first to jump into the spotlight when he helped to organize the Mid-America Corp. the instrument which enabled the Van Sweringens to recapture stock control of the Allegheny Corp. and with it nominal domination ,:f a $3,000,000,000 amalgamation of railroad and miscellaneous assets. The Van Sweringens can not hold any stock in the Mid-America Corp. because to do so would subject them to a judgment by the banks which staged the auction sale of the Allegheny Corp stock. The intere Ms which incorporated the Mid-America Corp. in Ohio just, two days before the Allegheny Corp. .took was sold, however, are believed to be friendly interests of the Van Sweringens. Mr. Ball, for instance, has been a director of the New York, Chicago Ar St. Louis • Nicki Platet Railroad, a Van Sweringen property, for some time. a a a MR BALL was born in Green, . O, in 1862. In association with four of his brothers he began *he manufacture of glass at Buffalo N. Y., in 1888. In the same year he transported his activities to Muncie, Ind., and has remained there ever since. He is vice president, of the Ball Brothers Cos., the largest glass manufacturing plant in the world. Associated with his brothers Mr. Ball has donated $1,000,000 or more to educational and welfare work. Among those sharing in this burst of beneficence was Ball Teachers College (Indiana State Normal School), buildings for the Young Men’s Christian Association and the Young Women's Christian Association at, Muncie; Ball Memorial Hospital and the James Whicomb Riley Children's Hospital in this city. In explaining his connection with the Mid-America Corp. Mr. Ball declared that the action was made necessary by the situation that had developed. He said that the matter was put up to him a few weeks prior to the formation of the Ohio corporation and that his conection with it dates from that time. Mr. Bah attended the auction sale of the Allegheny Corp. securities in New York, although the bidding was done by Col. Leonard P. Ayres, vice president of a Cleveland banking institution. a a a HARRY REID, a Hoosier for a spell, was the other gentleman to break into the news. It was announced late last week that Mr. Reid has been named operating manager of the Associated Gas and Electric Cos. in New York. He succeeds Howard C. Hopson, elusive executive who provided some dramatic moments in the public utility lobby probe staged recently in Washington. Born in New York in 1873. Mr. Reid came to Indianapolis in 1920 *o take over the presidency of the Interstate Public Service Cos., predecessor organization of the Public Service Cos. of Northern Indiana. While acting in this capacity for the next seven years he lived here. Ho left this city to become president of the National Electric Power Cos., a unit of the Instill system. Following the collapse of the TnsiUl empire Mr. Reid organized Harry ltcid & Cos, specialists in reorganization and refinancing utilities, fixing rates, computing taxes and formulating plans for operation and maintenance. Mr. Reid is taking his entire organization with him to the Associated Gas and Electric Cos. On Commission Row Quotation'; below, sublect to change are average wholesale prices being offered to bvivers bv local commission dealers Fruit— Bananas. He a lb. Peaches. Michigan Eibcrtas, bu, 51.75. Pears. Michigan Rartlets. bu.. S3 40: Michigan scckles, hu . $1.50. Cantaloupes—Honev Dews. Colorado 6$ Rs $1,50. Watermelons Indiana Pound 15 :i 20c. Apples inewi Indiana Jonathans, tm $1.25frf1.35; Grimes Golden, bu SI 5,5 Summer Ranibos eating, bus . <1.15 Maiden Plush, SI 35; Wealthy.' bus. si Lemons. 3605. S6. Grapefruit, Isle of Pine S3 25. Dimes. a carton. 12s. 20c Persian seedlrss per 100. S3. Vegetables—Beans, erect) round stringless bu. SI 50; Kentucky Wonders $1.25. Beets, home grown, dor... 20c. Cabbage, home grown srt-ih bag. "no. Carrots home crown and Ohio. 30c: new bulk, half bu 6.5 c. Cauliflower. Colorado. 11s. 12s. crate si 75 Celery Michigan, washed and trimmed, jumbo doz.. 60c: medium, doz.. 45c. hearts, flat. SI 25. Corn, home grown, doz. 20c Cucumbers home grown, bu,. SI 60 Kale home crown, bu.. 40c Lettuce Iceberg California, best. $4.00 home crown leaf, 15-lb. basket, 50c Endue. Ohio, basket. 45c Mangoes, home grown bu. 5! 25: small basket. 35c Mint, doz , 50c. Mustard, home crown, bu 90c Onions home grown, vellow. 50-lb. bac. 90r home whre 50-lh _ bac. SI: Utah Spanish. 50.h bac. 5t.35 Parsley, home grown, doz 3nc Peas, telephone, hamper. 53.25. Potatoes Eastern. Jersevs. bu SI no 61 50; Michigan Round white, 100-lb. hag $1 25: Earlv Chios, bu.. SI 35 Sweet pof tatoes North Carolina. Jerseys, bu 31 10 Radishes. Ohm buttons. 2-doz. baskets 60c Rhubarb outdoor doz 30c Sage 'doz 45c Spinach, New Zealand, bu 65c' Squash, summer white. 30c Turnips new bu . SI 25. bunch, doz. 30c. Tomatoes, sTs'o” grown ’ 10 ' Ib - bask et. 45c; bushel. fruit* and vegetables (fv United Press! CHICAGO. Oc' 9 Apples ’,'ichican bushel, Wealthies. 65® 75c. Carrots—llliTentiessee bushel. 70® 75c Beans—lllinois nois bushel. 35® 50c. Sweet potatoes—br.shr. $t 2, Cabbage—6o-70-lb crates. 40(W.50c Peas—California bushel hampers] S. ,5,.3 Tomatoes Michigan 12-qt. bas--250.50c Spinash—lllinois bushel, Lettuce—Western crates. 5 doz.. • > ' S Peaches Michigan bushel. 50c J ’• Cucumbers Lauisiana bushel si-, - Crlet v Michigan crates. 51 r 1 50 Pears—Michigan bushel. SI 25 ~ 1.75. Onion maikf” 50-lb sacks l Minnesota yellows .-'- 75c. Idaho Valencias. $14(105: UliI?”,' 5 xnkows. 60h65c; Wisconsin yellows. Cnlisted Stock ( By Blyth & Cos ! M B YORK BANK STOCKS _ , Bid. Ask. Bankers 54 55% Central Hanovrr R fc T 104% 106- 1 . Chase 2S’ 29* Chemical National 45% 47 * Guaranty 263’ "67 r 'mg 12’ 13’ Manufacturers 29 3(D National City .].]]] 27 28 1 , Coni 111 (Chicago . .....]]]] 60% 63 Fust Natl of Bo ton 37's 39 FIRE INSURANCE Ae-na F!:e 55 56% City of New York Ins mew) 25 07 Federal Ins ... 76% 80 Great American Ins 24% 26% Hanover Fire Ins 37% 391" Hartford Fire 74% 751* Hnnm Insurance 3;, 32% Ins Cos of N A 65 68% National Fire . . 72 74 N’or'h River Insurance 25% 27% Phoenix Insuiance 88 90 h S Fire 50% S 3 Beatcnesier Fire 33 35

LEAGUE HOLDS 4 POINT WHIP AGAINST ITALY Sanctions of Varied Kind Can Be Applied to Aggressor. By JOHN T. FLYNN Times Special Writer NEW YORK. Oct. 9.—Those who look forward to League of Nations action against Italy through the application of sanctions have been wondering just what could be done to put pressure on Mussolini to end or at least hamper him in his African adventure.

Linder Article 16, Italy having been declared the aggressor, sanctions of four kinds can be hpplied to her. They may be < 1) moral and diplomatic, <2.) financial and economic, <3> an in t e rnational boycott, <4 l military pressure. 1. Moral sanctions would take the form of public denunciation of Italy's course an and, perhaps,

Flynn

I some form of organized propaganda ; against her. Diplomatic sanctions I might go as fa: as severing of diplomatic relations and non-recognition. ] This might well hamper trade rela- ] tions and credit, even though economic and financial sanctions were not applied. It might discourage tourist trade, which would certainly cause a loss to Italy, which depends heavily on tourist expenditures. Barrier on Loans 2. Finnacial sanctions already voted by the 13 members of the League Council—would consist in refusal to make loans, short or long, or to advance commercial credits. The last alone would be serious since Italy's credit already makfes her a poor risk for loans. But financial sanctions might go further and take the form of loans to Ethiopia. Five years ago a pact was signed Lv Great Britain, Italy, France, Germany and 26 other nations providing for financial aid to the victim of an aggressor. But this pact has not come into force. Nevertheless, the League could recommend such a cource. Economic sanctions would apply j to trade between the aggressor na- ! 1 ion and League members. Exports of munitions, implements of war j and of materials which go into such i could be embargoed. Another | serious blow could be delivered by j closing the ports of member nations to Italian imports. Italy already suffers from a poor foreign market. This would seriously injure her. Could Close Frontiers League members could close frontiers to mails, telephone, telegraph, shipping and airplanes and could j keep their own ships, messages, etc., out of boycotted state. As Italy depends on other nations for her cotton, wool. iron, petroleum, manganese, rubber and other materials needed in war, a real boycott by League members would be very effective. But with Germany and Japan out of the League, could not Italy get what she needs from and through them? Could one or two nations of the League alone make such sanctions, short of military ones, effective? This is the test the League faces. (Copyright. 1935. NEA Service. Inc.) MILK MEETINGPLANNED Three Indianapolis Men (o Attend St. Louis Convention. Three Indianapolis men will take part in the program of the 28th annual convention of the International Association of Milk Dealers to be held in St. Louis Oct. 17-19, it was tnouneed today. Those appearing on the program include V. R. Corrigan of the Polk Cos., who was recently appointed secretary of the accounting section. E. V. Mitchell and B. C. Parcels of the same company. Other Livestock (By United Press) CHICAGO. Oet 9.—Hops—Receipts. 9000. including 2500 directs; unevenly strong to 10c. higher than Tuesday’s average; top. $1125: bulk desirable 180-250 lbs jllti 11.20: 260-300 lbs, 510.759, 1115: most 140160 lbs. $10.5041 10.85. best sows, $lO 25 Cattle Receipts. 8000: calves, receipts. 1500. fed steers and vearlings 25c higherall grades sharing upturn; she stock considerable price improvement: heifers ruling generally 25c higher, at least on common and medium grades; cows 109,15 c higher: bulls strong and vealers 25c up; all grades and classes active: best weighty steers. $13.25. yearlings. $12.75: bulk ‘better grade steers. sll 504/12.90: lower grades, [email protected]; light weight stockers and feeders, active: strong at week's 25® 50c upturn. Sheep—Receipts. 9000- lambs acme; opening trade fuilv 154125 c higherbest held for more advance: 6 cars westerns. $10: sorted 20 per cent and lessnatives upward to <9.75 and $10; best held higher; sheep strong: feeding lambs relatively scarce; firm i FT. WAYNE. Oct. 9 —Hogs—Steady to 25c higher. 225-2.4 lbs Sll 20: 250-275 lbs. sll 10. 27.4-300 lbs 511; 200-225 lbs.. $11.05. ISO-fOO lbs. $11: 160-180 ibs : $10.85; 300-350 lbs.. $10.85; 150-160 lbs” $lO 7a; 140-150 lbs $10.60 130-140 lbs $10.25 120-130 lbs. $10; 110-120-lbs.. $9.75: 100-110 lbs . $9.50; roughs. $9 75: stags. SB. Calves. $10.50; lambs. $9. LAFAYETTE. Oct. 9 —Market steady to 25c higher: 20-250 lbs. $11,20’./11 25 - 250-325 lbs . $lO 95 11 10: 160-200 lbs Sll' 11 10: 140-160 lbs. $10.5047 10.75: 120 lbs.. $9,504/9.75 roughs. $lO down: calves $lO down: lambs. $8.59 down. ‘By Times Special) LOUISVILLE. Oct 9—Cattle—Receipts 700, including 75 billed through; market opening slow; early sales, mostly steady but some bids and undertone weak; earlv bulk common to medium grade' grass .slaughter steers and heifers.' $4 754/ 6 75better finished grassers quotable S7’’.-8 and above: good grain on grass steers and heifers and desirable bahv bepf tvpe vearlings. quotable to around $9 50: bulk beef cows. $4 -./ 5 practical top. $5 50: most low cutters and cutters. $2.75 / 3 75: light /fhelly low cutters down to $2 50 or less: sausage bulls mostlv $3,754/5; stocker trade slow and steady: beef tvpe stockers and stock calves, mostly *6.500 8.50: most native feeding steers $5,504/7.50 Calves—- ! Receipts. 350: market, strong bulk good to choice vealers. $94/10: medium and lower grades including most heavy grass calves. $8 down Hogs—Receipts. 600: market, steadv: top and bulk better 180,240 lbs. *ll 10 245-295 lbs.. sl9 60 300 lbs un $lO 20; 160-175 lbs $lO 50 140-155 ; lbs , $9 65: 120-135 lbs $8.70; sows. $8.75. Sheep- Receipts 500. including 150 stock ewes; lambs in light supply: better grades 1 strong to 25c higher; plainer kinds and fat sheen unchanged, better lambs $8 to mostly $8 50: choice scarce quotable at around $9; plainer grade lambs, including bucks mostlv $5 5097 50 light culls down to $4 and less: bulk fat ewes $3 down: stock ewes salable mostlv $7 504/9 a head: plainer and older ewes down to $5.50.

Abreast of The Times on Finance

Only Woman President of Big Store Sees Through Eyes of the Customers

Mrs. Hortense Odium Has Memories as Shopper to Guide Her. B'J 7 imes Special NEW YORK. Oct. 9.—Memories of the heavy heart that one sensitive woman often carried away from a shop because of a rude, overbearing salesperson have been the chief influence in shaping policies of a great metropolitan retail store during the year just past. The memories are those of Hortense Cdlum, only American woman president of such an organization. She herself was the sensitive shopper. When she became the head of Bonwit Teller's, Inc., one year ago, she had never held a job nor earned a penny. She was, as she said, "just an average wife and mother.” But in 12 months her business has been so successful that important retail men now pause to marvel and take pointers. She has made relatively few changes in personnel. Yet she has transformed the entire spirit of the place, brought in many extra dollars of revenue and thousands of new customers, some of whom regularly exchange friendly letters with her. "You knotv,” she said, “I always felt and said that woman's place was in the home and I am not sure I have changed my mind. I suppose it depends mainly on circumstances, But one thing I know’— men do not understand women and never will. So perhaps being president of a store that sells to one's own sex is an extension of woman's place. ‘‘Anyway, w’hat I have done has been done simply by putting myself into the customer’s place. You remember one year ago, I refused to say very much about what I planned to do. I didn’t want to take it out in talk—and besides I might have been W’rong. But I didn't think I was.

New York Stock Exchange Prices

ißy Thomson A McKinnon 1 11:15 A. M. Prev. Oils— High. Low. N. Y, .close. Amerada 65% 65' , . 65 All Rfg 21% 21 1 8 21% 21% Barnsdall 9% 9% 9% 9% Cont of Del 20 19% 20 19% Houston 3% 3% 3% 3% Ohio Oil 10 10 10 10 Pet Corp 9% 9% 9% 9% Phillips Pet 29% 29 29% 29% Pure Oil . , 8 7% 7% 7% Shell Un 9% 9% 9% 9 Soc Vac 10% 10% 10% 10% SO of Cal 32% 32% 32% 32% S O of Ind ... .25 24% 24% 25 S O Os N J 44% 44% 44% 44% Texas Corp 20% 20% 20% 20% Tidewater Assn 8% 8% 3% 8% Un Oil of Cal .18 18 18 18 Steels— Am Roll Mills. 25% 25 25', 25 Beth Steel .. .. .36% 36% 36% 36% Bvers AM . ... 16% 16% 16% 16% Col Fuel & Iron 2'., 2% 2% 2% Inland Steel ... 94 93% 93% 92% Mid Steel 21% 21% 21% 21% Natl steel 69% 69 69 69% Otis Steel . .. 14% 14% 14% 14% Rep Iron A Steel 15% 15% 15% 15% Rep Ir A Stl pfd 71 71 71 72% U S Steel ... 43% 42% 42% 43% U S Steel pfd .. . 108% 108% 108% 108% Motors— Chrsler 72% 71% 71% 72% Gen Motors 46% 45% 45% 46% Hudson 13% 13% 13% 13% Hupp 2% 2% 2% 2% Mash 15% 15% 15% 15% Packard 5% 5 5 5% Reo 3% 3% 3% 3% Studebaker ... 5% 5% 5% 5% Yellow Truck ... 5% 5% s'a 5% Motor Access— Bendix 21% 20% 21% 21% Bore Warner .... 56% 56% 56% 56% Eriggs 48% 47% 48 48% Budd Mfg 6% 6% 6% 6% Budd Wheel 9 8% 8% 8% Eaton Mfg ... 27% 27% 27% 27'., Elec Auto Lite.. 31 30% 30% 30% Elec Stor Bat... 45 45 45 45 Houdaille "8”... 22 21% 22 21% Murray Body ... 16% 16% 16% 16% Stew Warner .. 15% 15% 15% 15% Timken Roll .... 58% 58% 5812 58% Mining— Am Metals 27 27 27 27% Am Smelt 50% 49% 49% 58 Anaconda 21% 21% 21% 21% Cal & Hecla 6% 6% 6% 6% Cerro De Pasco 58% 58% 58% 58% Dome Mines 39% 39 39 39% Granby 12% 12% 12% 12% Grt Nor Ore ... 12% 12% 12% 12% Ins Copper ... 7% 7% 7% 7% Int Nickel . . 31% 30% 31% 31% Kennecott Cop . 25% 25% 25% 25% Phelps Dodge ... 25% 25% 25% 25% St Joe Lead ... 23 22% 23 22% Vanadium 16% 16% 16% 16% Amusements— Fox Theat 16% 15% 15% 16% Loews Inc 42% 42% 42% 42% Radio Corp .... 7% 7% 7% 7% Paramount 10% 10% 10% 10% RKO 4-% 4% 4% 4% Warner Bros ... 7% 7% 7% 7% Am Tobacco A'. 98% 98% 98% 98% Am Aob B'.. 100% 100% 100% 100% Lorillard . . . . 24% 24% 24% 24% Reynolds Tob B' 54% 53% 54% 54 Rails— Atchison 44% 44% 44% 44% Atl Coast Lines 21%' 21% 21%; 21% B Ac O 13% 13% 13% 13% Can Pacific .... 9 9 9 9 Ch A Ohio ... 44% 43'% 43% 44% C M & St P . 1% 1% 1 % 1 % C M Ac St P pfd 1% 1% 1% 1% De! Lac Ac W . 14 13A, 13% 14% Erie 9% 9% 9% 9% Eric? pH . , 12% 12% 12% 13 Gt Northern pfd 23% 22% 22% 24 111 Central . 14 13% 13% 14 Lehigh Valiev ..8 8 8 7% Lou A Nash ... 41 41 41 41 N Y Cent 21 20% 20% 20% N Y New Haven 5 5 5 N Y Ont Ac West 4 4 4 3% Nor Pacific . .... . 14% 14% 14% 14% Penn R R 25% 25% 25% 25-% Sou Pac 16% 16% 16% 16% Sou R R 8% 8% 8% 8% Union Pac 93% 90 90% 93% Equipments— Am Car Ac Fdy . IR% 18% 18% 19% Bald Loco 2% 2% 2% 2% Gen Elec 33% 33% 33% 32% Pullman Inc .... 31% 31 31% 31% West Air Br ... 22 21% 21% 22% Westingh Elec.. 75% 74% 74% 75% Utilities— Am Ac For Pwr . 5% 5% 5% 5% Am Power Ac Lit 6% 6% 6% 6% A T Ac T . . 139% 139' , 139’, 139’, Am Wat Wks .. 15% 15% 15% 15 1 2 Col Gas A- El 13% 12% 12% 12% Comm A* Sou ... 1% 1% 1% 1% Consol Gas . 28% 28% 28', 28% Elec Pwr Ac Lit 4% 4% 4% 4% Interboro R T 20% 25% 20% 20% Int T Ac T ■ .9% 9 9% 9% Lou GAc E lA> 19% 19 19% 18% Nat Pwr Ac Lit . 9% 9 9% 9 North Amer ... 20% 20 20% 19% Pac G A- E ... 27% 26% 27 26% Pub Serv N J ... 40 39% 39% 39% So Cal Edison 22', 22 1 s 22’, 22% Stone A- Webster 7% 7 7% 7 United Corp 4% 4% 4% 4% Un Gas Imp .. 15’, 15% 15% 15% Western Union.. 49% 45% 49% 48% Rubbers— Firestone 13% 13% 13% 13% Goodrich 8% 8% 8% 8% Goodyear 16% 16% 16% 16% U S Rubber . . 12% 12% 12% 13 U S Rubber pfd . 33% 33% 33% 34% Miscellaneous — Allis Chalmers- 27% 27% 27% 27% Am Can 139 139 139 139 Am Mach A: Fdy 26% 26% 26% 26% Anchor Cap ■ 12 12 12 11% Brklyn Man Tr 43% 43’, 43% 43% Burroughs Add . 19 18% 18% 19 J I Case 81% 80 80% 81% Conti Can 87_ 86% 86% 86 Caterpillar Tract 51% 51% 51% 51% Deere ACo 40 3 s 40 4<f% 40% Eastman Kodak 153 153 153 154 Foster Wheeler . 16% 16% 16% 16% Gillette 16% 16 16 16% Glidden 35 34 j 34_J 34 Inter Harv .. 55 54% 34% 4% Natl Cash Reg • 16; 16; Owens Bottle . 9898% 98 s 98 Rem Rand 13% 12% 13 13 Underwood E ... 74 74 ,4 .4 Foods — Armour ... 3% 3% 3% 4 Borden Prod ••• 23% 23% 23% 23 . Cal Packing 34% 34% 34% 34% Canada Drv G A 9% 9% 9% 9% Cora Cola . . .. 247% 247% 247% 246 Corn Frod 61% 61% 61% 61% Cuban Am Sugar 6 6 6 6 Gen Baking .... 11% 11% 11% 11% Gen Foods ..... 33 32% 32% 33%

INDIANAPOLIS, WEDNESDAY, OCTOBER 9, 1935

"For tw’o years I had been observing the workings of the store at the request of my husband whose company had acquired an interest in it” (her husband, from whom she was granted a divorce this week, is Floyd Odium, head of the gigantic Atlas Corp. One of the first rules Mrs. Odium made was that all dissatisfied customers were to be referred straight to her. It was almost unheard of—that a president who is supposed to be a remote god sitting w’ay off somewhere should see just any person w’ho W’anted to make a fuss! But Mrs. Odium calmly persisted. She knew how one woman's bad experience with a store could ruin that store forever in a community.

G W Sugar .... 28% 23% 28% 28% Loose Wiles 39 39 39 38% Natl Biscuit 30% 30% 30% . Natl D Prod 16% 16% 16% 16% Purity Bak 15% 15% 15% 15% Std Brands 12% 12% 12% 12% Un Biscuit 21% 21% 21% 21% United Fruit ... 65 63% 63% 66% Retail Stores— Assd Dry Goods 13% 13% 13% 14% First Natl Stores 46% 46 46 46 Gr Un Tea 2% 2% 2% 2% Allied Sts 6% 6% 6% 6% Kresge S S 25% 25% 25% 25% Kroger Groc 27% 27 27'/a 27% Macy R H 48% 48% 48% 48% N. Y. Bonds (By Abbott, Proctor Ac Paine! (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 20 Inds. Rails. Util. Bonds. Today . 89.8 78.4 100.6 89.6 Yesterday 89.7 78.4 102.6 89.5 Week Ago .. .. 90.0 79.9 100.6 90.2 Month Ago ... 89.4 81.2 101.5 90.7 1935 high 90.0 86.4 101 6 90.9 1935 low . ... 83.6 71.0 89.3 83.0 (Copyright, 1935, by Standard Statistics.) U. S. GOVERNMENT BONDS Libertvs Prev. Close, close. 4th 4’,s. 1933-38 100.12 100.14 Treasury* 4 %s. 1947-52 114.7 114.5 4s. 1944-54 110. 109.30 3%5. 1946-56 108.6 108.5 3%5, 1943-47 105.16 105.10 3%5. 1941-43 106.19 106.16 3’,S. 1943-45 104.13 104.12 3%5. 1941 107.3 107.2 3 Us. 1944-46 104.6 104.6 3%5. 1949-52 103. 102.37 3s. 1954-55 102.16 102.13 3s. 1946-48 102. 102.1 2%5. 1955-60 99.23 99.21 2%5. 1945-47 100.5 100.8 Home Owners Loan Corp. 2%s 1949 99.4 98.28 3s, 1952 100.14 100.12 Federal Farm Mortgage Corp. 3%5. 1964 102.6 102.3 3s. 1949 106.20 100.17 2%5. 1947 101. 100.5 3s. 1947 99. 99.15 DOMESTIC Prev. Close, close. Alleg Corp 5s '44 77 76% Alleg Corp 5s '49 67 66% Alleg Corp 5s 'SO 22% 22 Am Frgn Pow 5s 2030 70 69% Am Tel & Tel 5%s '43 112% 113 Am Tel & Tel 5s '65 113 113% Arm 4s '55 94% Atl Coast Line 4s '52 . 91% 91 Atch Top & S Fe 4%s '4B 106% 106% Am Wat Wks 5s '44 105% 105 Am Rolling Mills 4%s "38 ....111 3 , 111 3 , Balt & Ohio 5s '95 72 71% Balt Ac Ohio 6s '95 79% 80 Balt & Ohio 4%s '6O 56% 57 Duff Roch A Pitt 4%S '57 61% 61% Beth Steel 5s 36 103 103 Chi Milw A St P 5s '75 10% 10% Chi Milw A St P 5s 2000 3% 4 Cleve Un Term 5s '73 99% 99% Cleve Un Term 4%s '77 91% 91% Col Gas 5s May '52 95% 95% Col Gas 5s April ’52 96% 96% Col Gas 5s '6l 95% 95% Can Pac Perp 4s . 83 83% Cent Pac 5s '6O 85% 85 Big Four 4%s '77 74 73% Big Four 5s '63 81% 83 Colorado A So 4%s "80 49% 50 Chi A West Ind 4s '52 97% 97% CIM A West Ind 5%s '62 105'-. 105% fT&'.av Nor West 4%s '49 .... 8% 9 CMFGas 5s '57 105 105% Chesa Corp 5s '47 .104% 105 Del A Huds 4s '43 78% 80 N Y Dock 4s 'sl 69 69 N Y Dock 5s '3B 52 52 Erie 5s '75 65% 66% Erie 5s '67 65% 66% Gen Cable 5%s '47 99 99 Grt Northern 7s '36 99% 99% Grt Northern 4%s '76 91 , 90% Grt Northern 4%s 'll 89% 89% Gen Stl Cast WW 5%s '49 81 82 Hud A Manhat Ref 5s '57 ... 83% 83% 111 Cent 4%s '66 50 3 8 50% 111 Cent Jt 4%s '63 53 58 111 Cent 5s '63 61% 61 Interlake C A I 5s 'sl 76 76% Interntl Hv Elec 6s '44 42% 42 Interntl Tel A Tel 4%s '39.... 77 Interntl Tel A Tel 5s '55 70’i 70 Interntl Tel A Tel 4%s '52 ... 66 66 McKess A Rob 5%s 'SO 101 100% Midvale Stl 5s '26 101% 101% Natl Dairy 5%s '4B 103% 103;* Natl Steel 5s '56 . .104% 104% Nickel Plate 4%s '7B 57 5i% Nickel Plate 6s '35 58% 60 N Y Cent 5s 2013 .. 70% 71% N Y Cent 4%s 2013 (old) 65% 66% Nor Amer Cos 5s '6l 101% 100% Nor Pac 3s 2047 72% 71% Nor Pac 4%s 2047 82 81% Nor Pac 6s 2047 96% 96% Nor States Potv 5s '4l 106% Otis Steel 6s '4l 99% 103 Penn Rv 4%s 'B4 302’s 103 _ Penn Rv 4'. s 'Bl 103% 103“* Penn Rv 4%s ’7O 96% 96% Pac G A E 5s '42 104% 105 Portland Gen El 4%s '6O .3% (2-, Para Publix 5%* 'SO . 96% Penn PAL 4%s 'Bl 104 s 105% Postal Tel A Cab 5s ’53 30% 30% Rem Rand WW 5%s '47 104 104 Shell Union Oil 5s '47 102% ,03 Sou Pac 4%s '6B ‘l% 71 Sou Pac 4%s 'Bl 69'a F9'e Sou Pac 4%s '69 70 Sou Pac 4s '49 77% 7, % Sou Rail 4s '56 38% 39 Sou Rail 6s '56 51% 52 Sou Rail 6%s ’56 53% 52% Sharon S;1 Hooo 5%s ’4B ... 99% 99% Texas Pac 5s 'BO 91 % 90 Texas Pac 5s '79 92 91% Texas Pac 5s '77 93 91% Union Pac 4s '47 111% 111-* United Drug 5s 53 90 90 U S Rubber 5s "47 97', 98 NY NH A Hart 6s '4B ...... 31% 32% NY NH A Hart 4%s 67 . . . 29% 29% Warner Bros 6s 39 81% 81% Western Mary 5%s ’ll 105 105 Western Mary 4s '52 .. 96% 95% Youngstown S A T 5s ’7O . . . 99 98% Youngstown SAT 5s ’7B . . . 99 99 FOREIGN Brazil 8s '4! . 27% 27% Canadian Government 4s '6O . 102 101 % Denmark 5%s '55 96% 96% German 5%s '65 . 27% 27% German 7s 49 37 35% Italy 7s 'sl 56% 59 Japan 6%s '54 97% 97% Poland 7s '47 104 104 Rome 6%s '52 48 50 Tokto Citv 5%s '6l 78% 78% Yokohama 6s 61 83% 82%

Ah

Hortense Odium

Bonwit Teller's, Which She Heads, Has Shown Gain in Revenue. Asa home woman she had been to bridge parties and teas where such experiences were passed on, and sometimes embroidered in the passing. Some nervous women wept on her shoulder, toldher their life stories and left, placated and her friends for life. Now there are almost no dissatisfied customers to see, but Mrs. Odium's door is still wide open. Any employe with a problem can discuss it with her and most of them do. She meets with the entire staff for heart-to-heart talks. Each department has its own staff meetings and frank get-togethers. When new merchandise comes in. the buyer explains it to the salespeople and they ask questions until they know what it is all about. "We had an interesting sample not long ago." Mrs. Odium declared, "about how little you can judge by dress. It was a rainy day and a woman in a nondescript rain hat and coat was waiting for a friend. A sweet little salesgirl, just to pass the time pleasantly for the woman, showed her costume jewelry and she bought $750 worth before she left!” People write in to tell Mrs. Odium how polite and efficient a certain saleswoman has been and Mrs. Odium proudly posts the letter on the bulletin board or reads it in sales meetings. She has had thousands of letters since she started the custom of sending a courtesy card signed by herself to every cash customer. "The card was the result of suddenly thinking one day that it was unfair for people with charge accounts to get more attention than those who pay at once.” (Copyright. 1935, NEA Service. Inc.)

McCrory St 11% 11% 11% 11% McLellan St 13% 13% 13% 13% May Dept St 51% 51% 51% 51% Mont Ward 31% 31% 31% 31% Penney J C 81% 81 81% 81% Safeway St .. 33% 33% 33% 34 Sears Roebuck . 55% 55 55% 55% Woolworth 59% 59% 59% 59% Aviation— Aviation Corp .. 3% 3% 3% 3% Boeing Aircrft.. 15% 14% 15% 14% Curtiss Wright.. 32% 2% 3 Curtiss Wri (A) . . 3% 8 8% 8% Douglas Air 30% 30% 30% 30’., Nor Am Av 4% . . 4% Sperry Corp ... 12% 12% 12% 12% Utd Aircraft new 19 184# 19 18% Chemicals— Air Reduction ...146 146 146 146 Allied Chem ...165% 165% 165% 164 Am Com Alco ..26 26 26 26% Col Carbon ... 85% 85 85% 85 Com Solvents .. 17% 17% 17% 17% Du Pont 127'., 126% 127'., 127',., Freeport Tex .... 24'a 24% 24% 24 Liquid Carb , 31% 31% 31', 31 Monsanto Chem 84% 84 84 85% Natl Dis (new). 29% 29% 29% 29% Schenlev Dist. . . 41', 41% 41% 41 % Tex Gulf Sulph 31% 30' 2 30% 31 Union Carbide . 66% 65% 65% 66 Drugs— Cotv Inc 4% 4% 4% 4'4 Lambert 21% 21% 21% 21% Lehn & Fink ... 11 11 11 10% Un Drug (new). 9% 9% 9% 9% Zonite Prod ... 5Vs 5 5% 4% Financial— Adams Exp 7% 7% 7% 7% Am Int Corp ... 7% 7 s # 7% 7% Lehman Corp . 90 90 90 90%’ Transamerica .. 7% 7% 7% 7% Tr Conti Corp.. 6 6 6 6 1 a Building— Am Radiator ... 16% 15% 15% 15% Gen Asphalt ... 18% 18'., 18% 18 Holland Furnace 18% 18% 18% 17% Int Cement . ... 26% 26% 26% 27 Johns Manville . 73% 73 73% 73 Libby Owens Gls 38% 38 ’2 38%/ 38% Otis Elev 18% 18% 18’ 2 18% U S Gypsum ... 71% 71% 71% 72 Household— Col Pal Peet ... 17 16% 17 16% Congolem 35% 35 % 35 ’4 35 % Kelvinator 13 13 13 13 Proc & Gamble. 51% 51% 51% 51'% Servel Inc .... 10% 10% 10% 10% Simmons Bed ... 13% 13% 13% 13% Textiles— Amer Woolen ... 9 9 9 9 Belding Hem ... 13 13 13 13% Celanese Corp .. 26% 26 26 26', Collins Aikman.. 30% 30 30% 30% Gotham Hose ... 7'/# 7% 7% 6% Indus Rayon ... 30% 29% 30% 30% Chicago Stocks (By Abbott, Proctor & Paine) 11:00 Prev. A. M. close. Allied 29 29% Bendix 21 21% Borg Warner 56% 56% Butler . 6% 6% Central Southwest i% 1% Chicago Corp 2% 2% Cities Service I s # 1% Crane & Cos 15% 15% Cord 3% 4 Elec House 17% 17% Grt. Lakes Dredge 22% 22% Noblitt Sparks . 26'. 1 26% Marshall Fields 9% 9-% Swift 16 16 1 Swift Int ... 28% 28% Walgreen 29 29% New York Curb (By Abbott. Proctor & Paine) 12:30 A. M. Prev. N. Y. close. Allied Mills 17 Am Cyaide ”B” 23% 23% Am Superpower 1% 1% Atlas Corp 10% 10%. Deere & Cos. 40% 40% Distillers Corp 25% 25% El Bond & Share 12% 12% Fisk Rubber 5% 5% Ford of Can "A" 24 24% Gulf Oil of Pa 62 61% Hiram Walker 23V, 23% Humble iOl 52 7 3 52% Imperiad Oil Ltd 19% 19% Lake Shore Min 46% 47 Newmont Min 59% 59% Nia Hud Pwr 8 8 Novadel Agene 29% 29% Pan-Am Airways 38% 38% Penn Road 2% 2% Sonotone 2% 2% St of Kv 20% 20% Wright Hargraves Min 7% 7% Money and Exchange INDIANAPOLIS STATEMENT Clearings 52.086.000 Debits 5,709,000 TREASURY STATEMENT (By United Press) WASHINGTON. Oct. 9.—Government expenses and receipts for the current fiscal year to Oct. 7 as compared with a year ago: This Year. Last Year. Expenses $2,009,461,366 $1,678,305,478 Receipts 1.073.668,959 1.058.600.805 Deficit 935.792.406 617.704.673 Cash balance 1.740.323.148 2.139.590.396 BOZIC JOINS T. P. BURKE Engineer and Economist Connects With Local Investment Firm. Alexander J. Bozic. engineer and economist, has become associated with the investment firm of T. P Burke & Cos.. Inc., it was announced today. Mr. Bozie will be in charge of the company's statistical and research department. In addition to work abroad. Mr. Bozie has been engineer for the United States Steel Corp, the Standard Gas and Electric Cos., and i the American Gas and Electric Cos. His recent connections have been | with Harland Allen Associates, con- | suiting economists ol Chicago, and I Selected Investments Cos. of Chicago.

PAGE 13

NEW BANK ACT DRAWS PRAISE FROM MITCHELL Probably Best Obtainable at Present, Head of State Group Says. By Times Special TURKEY RUN STATE PARK. Oct. 9.—The Banking Act of 1935 is probably the best obtainable at present. B. D. Mitchell, president of the Indiana Bankers Association, declared here today before the annual meeting of Region Five of the association. Central control is made as free from political influence as circum-

stances permit under the act, he said, and offered the opinion that "some measure of banking reform nationally was inevitable and necessary since loose freedom of banking in private hands, as in the past, has proven inadequate and unworkable.” “Everything de-

A

Mitchell

pends on how this new’ act is administered,” Mr. Mitchell pointed out. “Liberalization of loaning provisions and rediscount privileges paves the way for tremendous credit expansion. Means of control are provided that are adequate if they are w’isely used. "Capably administered, this act can prove a tower of financial strength and credit control; unwisely administered, under political influence, it w’ould become an instrument of wild and disastrous inflation. Only time and experience can answer these questions. No workable banking act can be made foolproof. We have to trust human management, because no other is possible.” The Postal Savings System was attacked by Mr. Mitchell as giving competition to banks. “I have no doubt,” he said, "that a serious effort will be made during the next session of Congress to at least modify the law’ governing such deposits.” Mr. Mitchell paid tribute to the banking laws and policies in Indiana and urged that greater attention be paid to public education concerning the simple fundamentals of the banking business as it exists today. Magnus J. Kreisle, former president of the Indiana Bankers Association. discussed "The Banker and His Community” at the meeting, and John W. Miller, a certified public accountant of Indianapolis, spoks on “Audits and Credit Files.” The recently enacted social security laws were discussed also. WHEAT CONTINUES * DOWNWARD TREND Weakness Abroad Again Acts as Depressant. By United Press CHICAGO, Oct. 9. Scattered selling prompted by further weakness abroad depressed wheat futures today on the Board of Trade. At the start wheat was % to •'% cent lower, corn was off M to l’g cent, oats were cent lower to ’s cent higher, and rye was off -li to "s cent. (Bv James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. close. Dec ...1.05'% 1.04% 1.05% 1.05 s # May 1.04 1.02% .103% 1.03 July 92% .92% .92% .92% Corn— Dec 62% .61% .61% .63% May 60% .50% .59% 60% July 60% .60-% .60% .60% Oats— Dec. 28% .28% .28% .28-% May 29% .29% .29% ,29%. July 29% .29% .29% .29% Rye— Dec 54% .53% .54% .54% May 56% .55% .569# .56% LOCAL CASH .MARKET City grains elevators are paying 99c lor No. 2 soft wheat. Other grades on their merits. Cash corn No. 2 yellow 81 cents and oats 21 cents. NEW QUARTERS TAKEN Stale Distributing Cos. Will Move to 1040 North Mcridian-st. A total of 18.000 square, feet of space will be available to the State Distributing Cos., radio and refrigerator dealers, when they move to new quarters at 1040 North Me-ridian-st. At present the company is located at 316 North Illinois-st. Klein & Kuhn negotiated the lease on the Meridian-st Building, which was occupied for many years by the Johnson Chevrolet Cos. Produce Markets The prices quoted below are paid for stock gathered in the country, while delivered in Indianapolis the price will be a cent higher: Heavy breed hens. 16c; Leghorn breed hens, 13c; springers, over 4% lbs.. 15c; under 4%. lbs. i6c; old cocks, 8c; Leghorn broilers. 1% ibs. 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 egges, loss off. 24c. Each full case must weigh 55 lbs. gross, a deduction of ; 10c a pound under 55 lbs. will be made. I Butter. No. 1. 30®31c: butterfat. No 1, 23c; No. 2. 22c. Quoted by the Wadiey Cos. (Bv United JPress) CHICAGO. Oct. 9.—Eggs—Market, steady; receipts 7204 cases: fresh graded firsts. 27c: current receipts. 24@25%c: dirties. 2047.24 c; checks. 18®21%c Butter—Market. firm; receipts 8043 tubs; extra firsts 190-91% score’. 25%4/25%c; extras ’92 score’. 26%c: firsts 38-89% score/, 24% 4/25%c; seconds (86-87% score' 23%c specials. 274/27%c: standards. 26c. Poultry —Market irregular; receipts 1 car. 26 trucks. 1 car due: ducks. 14 'a 17c: ducklings. 19c: geese. 15c: spring chickens. 16 ® 19%c: hens. 11®21%c; turkevs. 14% 20c: Leghorn hens chikens. 124515%: old roosters. 15c: broilers. 20c. Cheese—Twins. 15%44 15%c: daisies. 15%®16c: Longhorns. 15%@16c. Potatoes—Supplv heavy: demand slow: rnaret slightly weaker. Idaho Russet'. $1.3545 1 50' ron-mercials. $1 154/ 125 U S. No. 2. $1,104/1,15: Wisconsin Round Whites 30% 82%c Bliss Triumphs. 354/ 90c: North Dakota Cobblers. 854;87%c. Red River Oo.ios. 90c: commercials. 82 %c; Bliss Triumph? 95c4/$1.05; Colorado McClures $1 10% 1.15. Arrivals, 128. on track, 469 shipments, 775. STOCK OFFERING IS MADE CHICAGO. Oct. 9.—Hegarty. Conroy and Cos., Inc., are offering 40.000 shares of $1 par value common stock of the Mueller Brass Cos., a Michigan corporation, at S2O a share. The shares being offered are outstanding and owned by individual stockholdi ers.

Explosion Breaks Stock Common shores of the Gliddrn Cos. on the yew York Stock Excha npr slumped C j. points in response to the. explosion Monday in the company's Chicnqo plant. AH hut i, of the loss iras recovered in subsequent trading, kov't ver.

Busigraphs

OUR COTTON EXPORTS <p. s. DCpt. or commccO 12DO „ POTTTJ I'M !' THt PAST ! TFS Y£*Rs A VEX AGE Os a* t \ TVE SAME MONTHS u i > < 6PO i A °/ m ' 2 . // rri \ < I— // /% 77 % : . T c.-I.U 1: * 5 ' NOJ F M A M J J * PAPKER COB? GENES*.. IS’-.S rows INCORPOBATED INVESTORS

Cotton exports dropped 34 per cent in the 12 months ended Aug. 31. compared with the corresponding 1934 period. Asa result, war and scares of wars find only 560,000 bales of American cotton in European ports, against nearly twice that amount a year ago and 1,670,000 bales two years ago.

SWINE VALUES MOVE UPWARD Underweight Division Leads With Increase of 25 Cents. A strong upward movement in hog prices got under way at the Indianapolis Union Stockyards today. Prices generally were 10 to 15 cents higher, with the major in- ! crease being recorded in the lightweight division. The sharp upturn was attributed to a continued lisht run of receipts, which were estimated at 3000. Only 99 hogs remained unsold today. The top price was $11.40. The general bulk of 160 to 275 pounds cashed in at $11.25 to $11.35. Heavy butcher classes, weighing from 275 pounds and upward, were salable at $10.90 to $11.20. Light slaughter pigs, scaling 130 to 160 pounds, brought $10.50 to sll. Other light grades, from 00 to 130 pounds, sold at $9.75 to $10.25. Good packing sows cashed in at. $9.55 to $10.50. Trading was less active in the cattle market with the majority of classes unchanged. Steers, consisting largely of lightweights and short, feds, were valued to sell downward from sll. All she stock were slow and slightly lower, with bulk of i heifers selling at $5.25 to $8.50. Few brought $9. Bulls sold mostly at $5.85 down. Receipts were 1500. Probably the sharpest increase for the current year was registered in the veal market. The majority of all classes ranged from $1 to $1.50 higher than yesterday’s best average. Bulk of better grade veals sold at $10.50 to sl2. Receipts numbered 700. A strong undertone continued to rule in the lamb market and as a ] result prices were steadv to largely 50 cents higher than the previous i close. The bulk of better grade ewe and wether lambs sold at $9 to $lO. Bucks were discounted from 50 cents to sl. Slaughter sheep remained at $2 to $4. Receipts were 1500. HOGS Oct. Bulk. Top Receipt' 3. $10,854/11.00 $11.05 3000 4. 11 1045 11.15 11.20 2000 5. 11.0545 11.20 11.20 1000 7. 11.15® 11.25 11.30 3000 8. 11 1545 11.25 11.30 3500 9. 11.25® 11.35 11.40 3000 Light Lights. (140-160) Good and choice $lO 754/ 11 25 Medium 10.00®11.00i Lightweights. U6O-1801 Good and choice . 11.1545 11 30 i Medium . 10.504/ 11.25 ! ’l6O-2001 Good and choice . 11.254/ 11.35 1 Medium [email protected] Medium weights , (200-220) Good and choice . 11.304/ 11.40 ' (220-2501 Good and choice 11.30® 11.40 i Heavyweights. (250-2901 Good and choice . 11.20® 11.30 (290-3501 Good and choice . 10.90® 11.20 Packing sows. (275-3501 Good 10.15® 10.50 I (350-4251 Good 10.00® 10.25 I (425-450) Good 9.75® 10.15 (275-315) Medium 9.254/ 10.00: Slaughter pigs. GOO-1401 Good and choice . 9.75® 10.75 Medium 8.75® 10 40 CATTLE —Receipts. 1500— (500-900) Cho'ce $lO 50®11 50 Good 3 [email protected] Medium 7 00 @ 9 00 Common 5 0045) 7 00 (900-1100) Choice 9.25® 11.50 Good 9 25® 11 50 Medium 7 25®} 9.25 Common 5.25@ 7.25 (1100-1300) Choice 11.5512.50 Good 9 [email protected] Medium 7.2547) 9 50 (1200-1500) Choice 11.75(912.75 Good [email protected] Heifers (500-750) Choice 9 254710 25 Good 3.0047 9.25 Common and medium ... 4 00@ 8.00 (750-900) Good and choice .. 8 25@10 50 Common and medium 4.25@ 8.25 Cows Good 5.2547 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@ 550 VEALERS —Receipts. 700— Good and choice $lO 50® 12 00 MPdium 8 50® 10 50 Cull and common 6 00® 8.50 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@ 875 Common and medium 4 50@ 6.75 (800-1050) Good and choice ... 7 00@ 8.75 Common and medium 4 50® 7 00 Good 4.0 047 4.75 Common and medium 3504 J 4.00 SHEF.P AND LAMBS —Receipts. 1500— Lambs. 90 lbs down, good and choice . $3.00® 10.00 Medium ... * 7 25® 900 Ewes 1 90-125■ Good and Choice .. 3 00@ 400 All weights, common and medium 2 5047 3.50 (120-150) Good and choice . 200 3 300 J. O. M’KINSEY APPOINTED By Times Special CHICAGO, Oct. 9—James O McKmsey, executive of the management counsellor firm bearing his name, has been elected chairman and senior executive officer of Marshall Field & Cos., it was announced today.

Government Bonds Home Owners’ Loan Corporation and Municipal Bonds The Union Trust Cos. ★ of Indianapolis ★ BOND DEPARTMENT 120 E. MARKET Riley 5341

UTILITY GROUP TO MAKE TEST OF WORK RELIEF Oklahoma Company Disputes PWA Right to Build Power Plant. t nit-'I Press WASHINGTON. Oct 9 —Til'S electric lighting troubles of an Oklahoma village today apparently headed the New Deals work relief program toward a Supreme Court test of its constitutionality. The question was the kind that high-priced lawyers call •interesting.” involving the legality of Congress appropriating money in lump

sums for President Roosevelt to spend. New Deal attorneys claim that it is lawful, providing the President has an integral spending program of which Congress approves. Utility lawyers retort that Congress has violated the Constitution b ecause it has not specified h o w every penny of

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Ickes

the relief appropriation is to be spent. The five justices of the United States Court of Appeals here must decide that question in connection with the plaint of the Oklahoma utility company, which claims the Public Works Administration has no right to erect a municipal power plant in Hominy, Okla. Right Disputed Attorneys for the company told the court that Administrator Harold L. Ickes not only was seeking to drive them out of business, but that he had no constitutional right to spend $143,000 in Federal funds on the plant. Dean Acheson, one of the company’s attorneys and former Under- • Secretary of the Treasury who resigned in protest over New Deaf monetary policies, indicated that if the appeals court decided in favor of the government, the case would be appealed to the high tribunal. A Supreme Court decision in favor of the utility company, according to experts, automatically would make Mr. Roosevelt’s entire work relief program unconstitutional. Whether such a decision would have any great practical effect was problematical. Most of Fund Spent Most of the $3,300,000,000 in the original program has been spent. As authorities pointed out. a public works school house, whether erected unconstitutionally or not. still is a perfectly useful school house and could hardly be torn dowm. The workers who built it have been paid in legal currency even though the payment might be illegal. The government can’t get back the cash. Such a ruling thus would be unin portant. insofar as work already done is concerned, but would prohibit Congress from making future gigantic appropriations without telling the Administration exactly how they should be spent. The Appeals Court will not maks its decision for several weeks. U. S. TO CLOSE BOOKS FRIDAY ON OFFERING $860,000,000 of Fourth Liberties Tendered for Exchange. By United Press WASHINGTON. Oct. 9—The Treasury will close its books Friday night on further subscriptions of Fourth Liberty Loan 4% per cent bonds for new 2 ! * per cent 10 to 12-year bonds, it was announced today. Os the $1.250,000.000 Fourth Liberties called for redemption Oct. 15, a total of $860,000,000 has been exchanged into ’ower interest bearing securities. These included $429,000,000 exchanged for 1% ppr cent 3%-year notes and $431,000,000 for the 2\ per cent bonds. BUSINESS DEFAULTS UP Failures Rise to Highest Level for More Than a Month. Rtf / nnrs Speci/il NEW YORK Oct. 9.—Business failures in the United States during the last week rose to the highest level for more than a month, but the increase was still under that for the corresponding month last year. Dun & Bradstreet, Inc., announced today. Insolvencies for the week ended Oct. 3 amounted to 207. compared with 204 in the preceding week, and 248 in the corresponding week a year ago. The increa.se in defaults during the week appeared mostly in the South and Pacific Coast states. The East and West showed a slight decrease.

LOANS For Modernisation. For a New Home. THE RAILROADMEN’S BLDG. & LOAN ASSN.

BUY A HOME WITH A LOAN FROM A LOCAL Building & Loan Assn.