Indianapolis Times, Volume 47, Number 189, Indianapolis, Marion County, 17 October 1935 — Page 20

T rends New Business Book Tells Interesting Story. nv VINCENT LYONS Tune* Financial Editor TT will come as a shock to some *■ people but the occasion does arise when a business earns a net profit that is too large. Roy A Foulke, in his new book, "B'hlnd tho Scenes of Business," published by Dun Sc Bradstreet, Inc., declares that abnormally high profits have been the ruination of sound business policies. In substantiation he offers the case of one of the larger manufacturers of radio receiving sets which in the year ended May 31, IH2O, showed net profits of $5,110,000 after all charges except dividends and bonuses. That would not seem large for a corporation with a tangible net investment in excess of $100,000,000, but here was a concern with a tangible net worth of only $12,550,000. That was certainly phenomenal if anything in the business world ever was, the author appends. Mr. Foulke uses incidents like this to develop the story he is telling. Unlike some writers on econonnc subjects who make frequent use of platitudes, the author fortifies the statements he makes b' citing actual cases. Thus, one i an (race, step by step, the working out of the problem. a a a ¥ > EH IND the Scenes of Business * js not a cursory book. It delves deeply into the bauince sheet and the income account, the two bellwethers of a unit’s health or sickness, and relates why certain items are favorable and why others are unfavorable. Mr. Foulke is well qualified to take the pulse of business. At present he is manager of the analytical report department of Dun cSc Brad-sti-cot. Inc. Ho has spent his life behind the scenes determining those factors which make for the successful or unprofitable operation oi a business enterprise. His book is based upon an intimate contact with, and an analysis of, thousands of American concerns. The examination which Mr. Foulke has made is fundamental. The corner merchant can get as much out of I lie book as the executive of a nationally known corporation. His recounting of sessions with officials of some of the nation's largest units which failed during the last few years is proof that even the "big fellow" can unconsciously pursue unsound policies.

a a a jV/fR. FOULKE makes some in- i ItA teresting observations on the causes of business failures. Although it is generally reported that the largest percentage of such defaults is directly traceable to poor management, closely followed by lack of capital, he says that it is quite likely that most of the failures attributed to other causes would have been anticipated under more capable, far-seeing, conscientious management. The very excuse of “lack of capital," he argues, points to lack of foresight—poor management. Poor or misguided management, the author contends, is brought to light by a great variety of factors. One of these factors is when liabilities and inventory are both heavy. A material drop in the price of products comprising the inventory often ends in business embarrassment. “The time is coming," Mr. Foulke writes in his concluding paragraph, “when the operating management of every important business enterprise will be forced by competition, or by some degree of co-operative action, m understand and apply to practical every-day use the basic directional finding instruments of the business world. The operation of the business unit will then be guided conscientiously, as a ship is guided bv a captain by day and night, through storm and calm, legs and deck-tossing seas." On Commission Row Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers FRUIT -Cranberries, early blacks. 25-lb. box $3.25 Pears—-Michigan Bartletts, bushel $2 25; Avocados. Florida, box $2. Cantaloupes—Colorado Rockyfords, standards 12s to 15s, 85c; Honey Dews. Colorado $1.75. Bananas—7 hands, a pound, 5s Grapes—Michigan 12-qt basket. 35c. Persimmons, Indiana, 12-pt. case, $1 Apples—lndiana Jonathans, 51.254iT.35; Summer Rambos. $1; Delicious. $1.504,1.65: Wealthy*., SI; Grimes Golden (large) $1.35. Demons - Sunkist, 3605. $6.75: 4325. $5 75 Grapefruit, 64s to 70s. $3.75. Limes— Mexican a carton 12s. 20c; Persian seedless a hundred. $3. Vegetables—Bean#, green, round strlngless bn.. $2 Beets—Home grown doz., 20c Cabbage—Home grown, 50-lb bag. 75c Carrots -Home grown and Ohio 30c; new tvilk. hall bu , 65c. Cauliflower—Colorado. 11s. 12s. crate. $1.90 Celery—Michigan, washed and trimmed, jumbo doz., HOc. Jumbo, doz. 45c; hearts, flat. $1.25. Cucumbers—Hothouse 2 do/, box. $2.10 Kale Home grown, bu.. 40c Lettuce — Iceberg. California, best. $3.75, home grown leaf. 15-lb basket. 50c Endive— Ohio basket. 45c Mangoes—home grown, bu.. $1.25. small basket. 35c Mint—Doz.. 50c Mustard—Home grown, bu.. 50c. Onions—lndiana vellow 50-lb. bag. 90c; Indiana white. 50-lb. bag. $1; Utah Spanish. 50-lb. bag. $1.40 Parsley—Home grown, doz.. 35c. Peas—Telephone, hampers. $3.25 Potatoes—New Jersey Cobblers. 100-lb bag. $1 50; Michigan Round White 100-lb bag.. $1 25, Early Ohios, bu . $1.35 Sweet potatoes- North Carolina. Jerseys, bus.. Si.lo. Radishes —Ohio, buttons, 2-doz. baskets. 60c. Rhubarb—Outdoor, doz. 30c Sage— Doz 45c Spinach—New Zealand, bu 65c Squash Bu.. $1 Turnips—New bu.. $1.25; bunch, doz . 30c Tomatoes—Home grown, 10-lb. basket. 65c bushel $2 25 Unlisted Stocks (By Blyth <fc CoT NEW YORK BANK STOCKS Bid. Ask. Bankers 53 s , 55’ > Central Hanover B & T 105 107 Chase 30’ 31', Chemical National 46 1 j 48', Guaranty 261 s * 265 Irving 13', 15 1 , Manufacturers .. 30’, J" National C‘v 28’* 29** Conti 111 (Chicago! . ... 63'_. 65'.. First Natl of Boston 38'i 40 FIRE INSURANCE Aetna Fire 550, 5- 3 City of New York Ins (new) 25 27 Federal Ins 77’ 4 79' a Great American Ins 25 s , 27'i Hanover Fir? Ins 37 s , 39’, Hartford Fire . 75' 3 77', Home Insurance 31 \ 33 Ins Cos of N A 68'- 70', National Fire 71 s , 73', North River Insurance 25', 27 Phoenix Insurance 87 s , 89 s , U S Fire 51’. 53' J Westchester Fire 33 s , 35 5 , MEETING DATES CHANGED B" 7 ,m'* .s'/>. rial WASHINGTON Oct. 17.-The eleventh annual convention of the National Fertilizer Association will be held at Atlanta. Ga„ Nov. 13, 19 and 20 Instead of Nov. 11, 12 and 13 as previously scheduled. Charles J. Brand, executive secretary and treasurer, announced today.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 20

SOCIAL CREDIT DOCTRINE GAINS HEADWAY HERE Plan Visions Buying Power Sufficient to Absorb All Production. BY JOHN T. FLYNN Timts Special Writer NEW YORK, Oct. 17.—The doctrine of social credit has been gaining headway and it is possible that we will hear more of It. The plan, | so little understood, can be easily | enmeshed in a haze of obscure lan- | guage.

The economic society having produced goods and services, these goods and services can be obtained only in the process ot buying and selling. There must b e, therefore, enough purchasing power to buy these goods and services or some of them will remain unbought.

Flynn

The purchasing power is the in- , come of the community. Therefore the community will not be able to buy all it produces unless it produces as much income (money in- ! come) as it produces goods 'goods in value). We must have two machines in the country—one to produce goods I and services; one to produce income. What machine produces income? The same machine whicn produces goods and services. The income of the community consists of the sums expended by enterprises to produce. On other words, the costs of productions and the money income of the community are the I same. The reasons that goods are not j bought are (1) people are not willj ing to spend their whole money income; (2) enterprises insist on adding to their costs too large a profit. J. M. Keynes thinks anything over normal profit ruins things. I believe Major Douglas, social credit apostle, thinks all profit does. But he recognizes that there must be profit in the capitalist money economy which he supports. As there is not enough money income produced to equal the cost of production plus profits, the result is that the community can not buy back all the goods it produces. To overcome this, it resorts to credit, i That is. goods are sold on credit j to be paid for out of future income or are bought with borrowed funds to be repaid out of future income. | But credit tends to raise prices and whatever raises prices tends to disturb the whole system. This is directly contrary to the New Deal schemes to raise prices. The social credit plan attempts to overcome this first by recognizing it. Then it proposes to induce merchants or producers to reduce their prices in order to enable the community to buy. To recompense them the government will issue to them social credit, without interest, a species of fiat money. The community will buy more at the lower prices. The dealers will lose nothing. This is the barest outline of the plan. iCopvright. 1935. NEA Service. Inc.'

■LIBERTIES’ EXCHANGED RISE TO $998,090,050 Cash Needed for Operation Totals About $250,000,000. By t nitrd Pros* WASHINGTON. Oct. 17.—A total of $998,000,050 of the $1,250,030,000 Fourth Liberty Loan 4'i per cent bond issue, called for redemption Oct. 15, have been exchanged into lower interest-bearing securities, the Treasury reported today. Complete figures showed $568,910.050 had been converted into 2% per cent three and one-half year notes. The Treasury Tuesday began paying off in cash about $250,000,000 of the Fourth Libertys which had not been converted into other securities. HOME VACANCIES LOW Two Realty Firms Report Apartment Space Filled. W. H. Keller, secretary and treasurer of both City Rentals. Inc., and the Allison Realty Cos. today staled that neither organization has a vacant apartment in their entire list of properties. The demand for moderately priced dwellings, particularly in the twostory single and bungalow class is exceeding the immediate supply, it was announced, in the Eastern part of the city there is a waiting list for these types of properties. Mr. Keller said. KROGER SALES HIGHER By Timt s Special CHICAGO. Oct. 17.—Sales of the Kroger Grocery and Baking Cos. for the four weeks' period ending Oct. 5 amounted to $17,421,760. compared with $17,208,841 in the same period last year, an increase of 1.2 per cent, it was reported today.

Produce Markets The prices quoted below are paid tor stock gathered in the country, while delivered m Indianapolis the puce will be a cent higher Heavy breed heas. 16c: Letfh" .i breed hens, i3c; springers, over 1 lbs.. 15c: under 4% lbs 16c; 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 strictlv *-esh egges. loss oft. 24c. Each full case .uust weigh 55 lbs gross, a deduction of 10c a pound under 55 lbs will be made. Butter. No. 1. 304i31c; butterfat. No. 1. 23c: No. 2. 22c Quoted by the Wadiey Cos. By United Press' CHICAGO Oct. 17.—Eggs—Market, steady: receipts. 3687 cases: fresh graded firsts. 27c: current receipts. 25"/26%c; dirties. 20 ;t 24c. checks. 18 ,;21%c Butter Market firm Receipts. 7869 tubs. Extra fiirsts 190191 % score). 26v26'c extras <92 score., 27c: firsts (88-89% score', 25"; 25%-c; seconds .86-67% score. 24c: specials. 27%";28c: standards, 27c. Foultry Market, steady, firm. Receipts 50 trucks, one car due. Ducks. 16 .; 19c. duckhnjs 19c; geese. 15c: spring chickens. !%• •;20c: hens 17%-;.; 20c: turkeys. 16"; . leghorn chickens, 15"; 16c; old roosters. 13c Cheese—Twins, 15',";15%c; daisies, 15%!' 16c. longhorns. 15% 16c. Potatoes Supply heavy, demand very slow; ' v< ‘ak. Idaho russet bvirbanks. SI 30 .1 42%; U. S. No. 2. SI.05"; 1.10: Wisconsin round whites. 75® 80c: North Dakota cobblers. 85.;87%c, Minnesota early Ohios (showing freezing injury) 70c. Colorado McClures, *los® 1.30. Arrivals, 126; on track, 505, shipments, 790,

IXDIAXAPOLIS, THURSDAY, OCTOBER 17, 1935

Machine Tools Lead Durable Goods Recovery

iNDf* numbers (*vg MourwiY swiPMfNn is?6-ioo) Z4O In T -T j 1 <,,—i i ! i_ ,__i jz / | 0 i' "> ' jimllll.li] Lull mi, Ini ■ Ilnli Hull, 111 li, .. !i,m I w ,lm. I i.,n>i i.n '3 9 1 320 '9t 1922 1 923 '92-a- 1 925 > '926 ' '92? '928 '929 990 '93i 1932 i9JJ I 1934 1935 1936 rn

August Orders Highest for Any Month Since Boom Year. The progress that has been accomplished recently in the machine tool industry is graphically indicateu in the above chart, contained in the Survey of Current Business, published by the Department of Commerce. Orders received by the industry in August were the largest for any months since 1929. The terrific impact of the depression upon this industry, which is very senstive to changes in industrial activities, can be observed by the drop from an average index of orders in 1929 of 155.8 to an average index of 19.6 in 1932, W. H. Myer, acting chief of the machinery division of the Department of Commerce, declares in an accompanying article. In February, 1929, the peak month for that year, the index stood at 186.3, while the low point for a period of more than 16 years was reached in March. 1933, when the index dropped to 7.4. "The rising tide of machine tool business,” Mr. Myer declares, “may be viewed as a visible sign of returning confidence; it should be noted, however, that other products which are generally sold to industry, for which monthly sales data are available, have not recorded increases in business comparable with those of the machine-tool industry. "Although the machine tool industry accounts for only some 2 or 3 per cent of our total machinery production, it is nevertheless one of the key industries in a highly mechanized country such as the United States. Our ability to maintain a high standard of living and to compete successfully in the markets of the world depends to a very large extent upon our manufacturing technique. "Machine tools are the basic tools of industry, for they constitute the equipment with which other productive machinery is made, and without high standards of machine tool equipment all of our manufacturing facilities must inevitably suffer.”

INDUSTRIAL JOBS HERE AT NEW TOP September Index Highest Since August, 1934. Industrial employment in Indianapolis climbed to the highest level since August. 1934, the Indianapolis Chamber of Commerce announced today. September jobs of the 50 | industries used in the compilation were 532 more than in the preceding j month and 505 ahead of the correI sponding month last year. Many industries report that they ; are not only more active than they have been fpr many months, but ; that they are submitting estimates for more future business than has been in sight for some time. General business statistics com- ! piled by the chamber disclose a marked improvement over preceding months and a year ago. GOLD IMPORTATIONS CROSS $380,000,000 France Heads List With Shipment of $188,200,000 Since Sept. 9. Ky l ait ut Press NEW YORK. Oct. 17.—The flow of gold into the United States which has been under way since Sept. 9 reached $380,600,000 yesterday as additional quantities continued to pour in. Since the inauguration of the movement France has shipped $183.200.000; England $103,100,000; Holj land $55,700,000, and Canada. India and Latin-American countries the i remainder. The lie de France and the AquiI rania arrived yesterday with large 1 shipments from France and England.

Busigraphs TREND OP DEPARTMENT STORE SALES i 150 i h •r* DOTTED USE IS THE PAST Q l ; TEN YEARS AVERAGE OT 5 ‘ // THE SAME MONTHS lO- -p* \ 7 —; - Li , l , y V \ x_ u v'///;'/ 7?,'// //. v, *- o ft £SO J 9. 0•■ ;%< % , JL/{V/Y/A//Y/I/A//Y/. £ s .o.f DJ pmamjjas Lili 19 35 THE PARKER CORP. GENERAL DISTRIBUTORS INCORPORATED INVESTORS Department store sales in the first nine months were more than 4 per cent ahead of 1934, while September sales are estimated to have passed a year ago by 7.5 per cent Many purchasers are now’ giving; first place to quality rather than to price.

New York Stocks

(By Thomson A; McKinnon) 11:15 A. M. Prev. Oils— High. Low.. N. Y. ciose. \tl Rfe 22% 22' 22% 22', Barnsdall 9% 9% 9% 9'2 Consol Oil 8% 8 1 a 8% 8% Cont of Del ... 20% 20% 20% 20% Houston (new) .. 3% 3% 3% 3% Mid Cont Pet ... IDs 11 3 b 11% 11% Ohio Oil 10% 10 10% 10% Phillips Pet .. . 30Vi 30 30% 30% Plymouth Oil ... 10% 10% 10% 10% Pure Oil . 8% 8% 8% 8% Royal Dutch 42 42 42 41% Seaboard Oil ... 30% 30% 30% 29% Shell Un . 9% 9% 9% 9% Skellev Oil 10% 10% 10% 10% Soc Vac . 11% 11% 11% 11)2 S O of Cal 33 33 33 33 S O of Ind .... 25% 25% 25% 25'/4 S O of N J 45% 45% 45% 45 Texas Corp . ... 21-% 21% 21% 21% Tidewater Assn . 8% 8% 8% 9Vs Un Oil of Cal ... 19 18% 19 19Vb Steels— Am Roll Mills .. 27 26% 27 26% Beth Steel . . 38% 37% 38% 38% Inland Steel ... 94% 94% 94% 94% Ludlum Steel . . 25% 25% 25% 25 McKeesport Tin 121 121 121 122 Natl Steel 72% 71% 72 72 Otis Steel 15% . 15% Rep Iron k Steel 16% 16% 16% 16% Rp Irn & Stl pfd 77Vs 77'% 77% 76% U S Pipe k Fdy. 18 17% 17% 17% U S Steel . . 45% 45%, 45% 45% U S Steel pfd ..109% 109*,2 109% 110% Warren Bros 3% 3% 3% 3% Youngs’n S & T 25% 25%. 25% 25% Motors— Auburn 43 42% 42% 42% Chrysler 81 80% 80% 81 Gen Motors .... 49% 49% 49*% 49% Graham Mot ... 2% 2% 2% 2% Hudson 15% 15% 15% 15% Hupp 2% 2% 2% 2% Mack Truck 24% 24% 24% 23% Nash 16% 16 16% 16 Packard 5% 5% 5% 5% Reo 3% 3% 3% 3% Studebaker 6 5% 5% 6 Yellow Truck ... 6 5% 6 5% Motor Access—Bendix . 23% 23% 23% 23% Bohn Alum -19% 48% 49'% 48% Borg Warner ... 62% 62Vi 62% 63 Briggs 50% 50% 50% 50V g Budd Mfg 7% 7 7 7Vs Budd Wheel ... 9% 9% 9% 9% Eaton Mfg 29% 29% 29% 29% Elec Auto Lite. .. 35% 35% 35% 34% Elec Stor Bat... 48% 48 48% 48 Houdaille "8”... 24% 23% 23% 24% Murray Body ... 18% 18% 18% 18% Stew Warner ... 17% 17% 17% 17% Timken Roll . 63% 63% 63Vs 63 Timken Dei Axle 9% 9% 9% 9% Mining— Alaska Jun 14% 13% 13% 14% Am Smelt 52% 52% 52% 52% Anaconda 21% 20% 20% 20% Cal & Hecla .. 5% 5% 5% ss; Cerro De Pasco 58% 58% 58% 58 Gt Nor Ore .... 13 13 13 12% Howe Sound .. . 53% 53% 53% 59% Ins Cooper 6% 6% 6% 6% Int Nickel 30% 30% 30% 30% Isl Creek Coal . 27 27 27 26% Kennecott Cop . 25% 25 25% 25% Mclntyre Mine .. 35% 35% 35% 36 Park Utah 3% 3% 3% 3% Phelps Dodge ... 24% 24 24 24'% St Joe Lead .... 21 21 21 20% U S Smelters ... 95% 95% 95% 95% Amusements— Crosle.v Radio .16 15 16 14% Loews Inc 48 47% 48 47% Radio Corp . .... 8 7% 8 8 RKO 5% 5% 5%, 5% Warner Bros .... 7% 7% 7% 7% Tobaccos— Am Sum Tob 23% 23% 23% 23% Ligg & Myers B 116% 116 116 116% Lorillard ... 25'A 25% 25% 25% Phillip Morris .48 48 48 48 Reynolds Tob B . 56% 56% 56% 56% Rails— Alchison . 48% 48 48 47% Atl Coast Lines .23 22% 23 23% 5& o 15% 14% 15% 14% Can Pacific 9% 9% 9% 91/. Ch k Ohio 45% 44% 45% 44% Chi kGt W pfd 2% 2% 2% 2% CM&StP 1 1 1 1 C M & St P pfd 1 % 1% 1% 1% Chi N W . ... 2% 2% 2Vs 2% Dela & Hud 34 33% 34 34 Del Lac & W 14% 14 14 14% Grt Nortb n rn pfd 26% 25% 25% 25% I’l Central 15 14% 15 15% MK ... 3% 3% 30 3% M K & T pfd .. . 8% 8% 8% 8% N Y Cent 23 220 22% 22% N Y Ont k West 4 4 4 4 Nor Pacific 17% 17 17 16% Penn R R 27% 27 27 27 Pou Pae 18% 13% 13% 18% Sou R R 9Vi 9 % 9 % 9 Union Pac 96 94% 95% 94% Equipments— Am Brake Shoe . 33'/s 33 33 34 Am Car & Fdv . 21 21 21 20% Bald Loco 2% 2% 2% 2% Gen Am Tnk Car 40% 40% 40% 40 Gen Elec 35 34 34% 3'% Pullman Inc 32% 32% 32% 31% West Air Br ... 22% 22% 22% 23% Westmgh Elec .. 85V 4 83% 85 84% Utilities— Am & For Pwr .6% 6 6% 6 Am Power & Lit. 7% 7% 7% 7 A T k T ..142% 141% 142% 141% Am Wat Wks .17% 16% 17% 16% Col Gas & Elec . 13% 12% 12% 3% Comm k Sou ... 1% 1% p. p Consol Gas . 29% 28% 28% 28% Elec Pwr k Lit . 5% 5 5% 43" Interboro R T ~ 21% 20% 20% 21% Int T & T . . . 9% 9% 9% 9% Nat Pwr & Lit . 9% 8% 8% 9% Nat Pwr & Lit.. 9% 8% 8% 9% North Amer . 21V, 20% - 21% 20% Pac G& E 27% 27% 27% 27% Pub Serv N J 40% 4040 0 393', So Cal Edison . 23 23 23 23 Std Gas 3% 3% 3 3 „ 2% Stone k Webster 7% 7■ ■ 73, 7% United Corn . . 5% 4% 5% 4% Un Gas Imp 16% 16% 15% 153;. Ut Pwr & Lt A 2% 20 20 20 West Union .. . 59% 57% 59% 57 Rubbers— Firestone . 14% 14% 14% 14% Goodrich S% 8% 8% 8% Goodyear 17% 17% 17% 17% U S Rubber . 13% 13V, 13% 13% U S Rubber nfd . 34% 34% 34% 34% Miscellaneous— Allis Chalmers . 30 3 i 30% 30% 300 Am Can . 145%, 144 144 143 Vs Am Mach & Fdv 23% 28% 280 29 Anchor Cap . . 15% 14 3 , 11% 147, Brklvn Man Tr . 42% 42 0 42 0 42 3 8 Pu-rrmghs Add . 203, 20% 203, 20 J I Car,, . R3 3 i BV, 831, 88 Conti Can . 89% 89 89% 89 CaferDi'Oe Tract 53 54’, 54% 53% Curtis Pub 17% it 3 ,, p3 s pi, Deere & Cos. 47 ar 47 45% r 's*man T <n%k 156% 1560 poo 15*% F"-ter Wheeler 17% 17% , n% 173, C. ... 18 17% 177, ls Giidden 37% 37 37% 37 Toge-roll Rand 110 110 110 110 Tot Bus ’fach . .176% 174 P 4 P 6% TrtW Her'' ... 570 57 57 57 XTofi o-H R g . . 19% ,9 10% 19 cwen' Bottle .. 105% 10<% in*'. jru T 7, r , p~nrt . . 14 1.3% H 3 , 14 7 T od° r wood E RO% 80% 80% S'”, V.'o’-th'ogton Pmp 17 17 17 17 Foods—- - 4m Sugar 52% 52% 52V. 520 ‘rrncur 4% 4% 43, 41, ‘rmour 6% nfd . 6’% 61% 620 61% T, or C ien Prod . .. 25 s , 24% 24% 24’, Col Packing . 34% 34% 340 351, can Dry G A'e . 9% 9’, 9", 90 Cont Pak VA" . . R 3 * gs, gs, g% C~r n Prod 64 3 , 64% 64% 643, cubao 4m Sugar s % 5% s s , so Gen Baking . .. 13% l’’ 7 , 127, p * Gen Foods 34% 333, 34 34 Gn’d Dust 16 s , 16% 16% 160 G, W Sugar . ... 28% 28% 28% 28% 'NM Bis-uit 3D, 31 s , 3P, 31% Nit' T3 °rod . . . 13% 173, I*l, 177, D. B’k . 17 17 17 17 S Pr-*o Pico Sue 93% 23% 935, 23'; *d PranHs 13’, p% 137, pa, 77-4 Biscuit • . 22% i9 99 220 TT-ited p. Jit 64% 6% 69% 680 Word Bak •B” ■ 2% 2 2% P 4 Retail Stores— First Natl Stores . • . is 3 , Girr.bel Bros .... 6% 6 s , 6% G% Gr Un Tea 3 s , 3% 3% 3% Allied Sts 7% 7 3 * 7% 70 Kresge S S 26 7 s 26 7 s 26’* 26% Kroger Groc .... 26 25% 25% 26 McCrory St 13 12% 13 12% McLeUan St ... 14% 14% 14% 14% Marshall Field ..11 11 11 11% May Dept St ... 53 52% 53 53% Mont Ward 33% 32% 32% 32%

Pennev j c 81 81 81 81% Safeway St 35’, 35% 35% 35% Sears Roebuck 58% 58% 58% 58% Woolworth 59% 59% 53% 59', Aviation— Aviation Corp . . 3 3 8 3% 3% 3% Boeing Aircft 15% 15% 15% 15't Curtiss Wright . 2% 2 7 s 2% 2’, Curtis Wright A 8% 8% BVs 8% Douglas Air 31% 31% 31% 31% Nor Am Av 4% 4% 4Vs 4% Speery Corp 12% 12% 12% 12% United Aircft new 19% 19% 19'/2 19% Chemicals— Air Reduction .160 159% 160 159% Allied Chem . 171 171 171 171 Am Com Alcohol. 29% 28% 29% 28% Com Solvents ... 19% 18% 18% 18% Du Point 135 134% 134 V, 134 7 , Freeport Tex 26% 26 26 26% Monsanto Chem 90 90 90 90V, Natl Dis (newt 32% 31% 32 1 8 31% Schenley Dist 48% 46% 48 47% Tex Gulf Sulph . 31% 31% 31% 31% Union Carbide . 71% 70% 71% 70% U S Indus A1 ... 45V4 45 45% 44% Drugs— Coty Inc 5% 4 7 , 4 7 8 5 Lamber 22 21 7 * 22 22 Lehn & Fink ... 11 11 11 10 7 8 Sterling Prod . 63%, 63% 63% 63% Un Drug (new).. 11 10% 11 10% Zonite Prod 5 4% 5 4 7 / 8 Financial— Adams Exp . 8% 8% 8% 8% Allegheny Corp . 1%, 1% 1% 1 % Am Int Corp .... 8% 8% 8% 8% C’hesa Corp . 43% 43% 433, 431,, Transamerica ... 8 8 8 8 Building— Am Radiator ... 17% 16’, 17 17'a Gen Asphalt . . 17% 17% 17% 17% Holland Furnace 19% 19% 19% 18% Int Cement . . 27% 27 27 27% Johns Manville . 81 80% 81 81 Libby Owens Gls 40% 40% 40% 40% U S Gvpsum . 79 79 79 77 Ulen Cons 2% 2% 2'/s 2 Household— Col Pal Peet .. 17% 17% 17% 17% Congoleum .. . 39% 39% 39%, 40 Kelvinator . . 13% 13% 13% 13% Mohawk Carpet.. 20% 20% 20% 20Vs Proc & Gamble. 51% 51% 51% 51% Servel Inc ... 11% 11 11% 11% Simmons Bed ... 15'/s 14% 15Vs 14% Textiles— Amer Woolen ... 9% 9% 9% 9% Celanese Corn 29% 28% 28% 28% Collins Aikman 34% 34% 34% 34% Indus Rayon 34% 34 31 34 Kayser Julius . 25% 25% 25% 24Vi Chicago Stocks (By Abbott, Proctor & Paine) 11:30 Prev. A. M. close. Bendix 23% 22V, Butler Bros . 6% 7 Central Southwest 1% 1% Cities Service 1% 1% Crane Cos 16V4 16 Elec House 18% 18% Libby 9’s 8% Noblitt Sparks 29'% 29 Pub Service of 111 4040 Swift 17 Vi 16% Gen House 3% 3% Nortex Cup 17V-2 17% Berghoff . 41/2 4% New York Curb (By Abbott, Proctor & Paine) 12 (noon) Prev. N. Y. close. Allied Mills 17 17 Alum Cos of Am 77% 76% Am Cyanide “B” 27% 28 Am Superpower 1% l’s Atlas Corn 12% 12 Deere & Cos 47 45 Vs Distillers Corp . . 26% 26 Vi El Bond & Share 12'% 12% Ford of Can “A” 26% 25V, Ford of Europe 8% 8% Hiram Walker 25% 25 Humble Oil 55% 55% Imperial Oil Ltd 19V 2 19% Lake Shore Min 47% 47% Lone Star Gas BV2 Bs/s8 s /s Long Island Lighting 4'i 4% Natl Bellas Hess 1% 15/sl 5 /s Navadel Agene . . 32'/i 32% Penn Road 32% St of Ky 20% 20 Vi Teck Hughes Gold 4 4 Wright Hargraves Min 7'% 7'% Money and Exchange TREASURY STATEMENT IBv United Press) WASHINGTON. Oct. 17.—Government expenses and receipts for the current fiscal year to Oct. 15 as compared with a year ago: This year Last year Expenses 82.189.945.747.30 $1,828,396,679.00 Receipts . 1.120.192.387.78 1.121.363,496.10 Deficit . 1.069.754.359.52 707.033.182.90 Cash bal. 1.698.865.372.94 2.048.650.617.77 Chicago Grain Futures (By James E. Bennett & Cos.) Prev. High. Low. Close. close. Wheat— Dec 1.02% 1.00% 1.01% 1.00% May 1.01% 1.00% 1.01 .99’, July 92% 91% 91% .90% Corn— Dec 60% .59% .59% .60% May 59% .58% .58% .59 July 60% .59% .59% 59% Oats— Dec 27% .27% .27% .27% May 29 .28 3 , 28% .28% July ......... .28 ’s .28 8 .28' 8 .28% Eye— Dec 51% ,49% .50% .49% May .53% .51% .52% .51% July 54 .51% .53 .52% EOCAL CASH MARKET City grains elevators are paying 93c for No. 2 soft wheat. Other grades on their merits. Cash corn No. 2 yellow 79 cents and oats 21 cents. Other Livestock >By United Press) FT. WAYNE. Oct. 17. Hogs steady to 10c lower: 160-180 lbs.. S10.50: 180-200 lbs.. $10.40; 200-225 lbs., $10.30: 225-250 lbs.. $10.20; 250-275 lbs.. $lO. 275-300 lbs., $9.90: 300-350 lbs.. $9.65: 150-160 lbs., $10.30: 140-150 lbs.. $10.10: 13-140 lbs.. $9.80: 120-130 lbs.. 53.50: 110-120 lbs.. 59.25; 100-110 lbs.. $9: roughs. $9; stags. $7.50. Calves, S10; lambs. $8.50. LAFAYETTE. Oct. 17.—Market steady; 160-200 lbs., $10,404? 10.50; 200-250 lbs.. $10.25® 10.35; 250-325 lbs.. $9 904; 10.20' 140160 lbs.. $104; 10.25; 120-140 lbs., $9,504; 9 75: 100-120 lbs.. $94; 9.25; roughs. $9.25. down. Calves, top. $9. Lambs. $8.50 down. 'By Times Special' LOUISVILLE. Oct. 17.—Cattle—Receipts. 600. demand broad for all classes slaughter cattle: market active, fully steady to strong: bulk common to medium grade grass steers and heifers. $54; 7: only common dairvbred and off colored selections down to $4.50: better finished grassers Quotable to S8 and above; bulk beef cows. $44;5; practical top. $5.50: most low cutters and cutters. $34; 3.75. only thin shelly lowcutters down to $2.75; sausage bulls generallv S4" 5; best heavies quotable to $5.25: stocker and feeder trade slow, unchanged Calves—Receipts 400, including 100 stock calves; market steady; bulk good to choice grades. $8,504; 9.50: medium: and lower grades, including heavy grass calves, mostly $7.50 down. Hogs—Receipts, 500: market steady: top and bulk better 180-240 lbs.. $10.50: 245-295 lbs.. $10: 300 lbs up. $9 60: 160-175 lbs . $10: 140-155 lbs. $9 15: 120-135 lbs.. $8.20: sows. $8 15. SheepReceipts. 44. lambs in light supply: market not fully established: most bids steady, some interests asking strong to 25 cents higher or $84;8.50 for most better lambs; choice eligible higher: plainer grade lambs. Including bucks, considered salable mostly. $550417.50: light culls down to $400: bulk fat ewes. $3.50 down; better stock ewes Quoted $7.50&9 a head, plainer and older down to $5.59.

STRAUS GIFTS OF SECURITIES TOPSyOO.OOO Jesse and Percy Dispose of 127.000 Shares of Macy Stock. Ky United Pres* WASHINGTON. Oct. 17.—Gifts valued at more than 55.000,000 were made during August by Jesse Isidor Straus, multi-millionaire Ambassador to France, and his brother Percy S. Straus, president of R. H. Macy & Cos., the Securities and Exchange Commission disclosed today. Jesse Straus gave away 52.000 Macy shares,

worth $1,144,000. of .vhich 2500 shares A’ent to his son. Jack Isidor. Percy Straus gave away 75.000 shares, worth $3,900,000. of wh. cli 7000 shares went to his son Ralph. Although no reason was cited for the huge gifts, they are believed in line with simi-

§*

Bloomingdale

1a r benefactions made recently by John D. Rockefeller Jr. and George F. Baker, presumably in anticipation of higher gift taxes. Other Gifts Shown Other important gifts by wealthy individuals during August were shown by SEC reports. This class gave away securities valued at nearly in July, and an additional $6,000,000 was disposed of in August. S. J. Bloomingdale gave away 10.000 shares of Federated Department Stores stock worth $240,000. Edward S. Moore gave away 6000 shares of National Biscuit Cos. common, w T orth SIBO,OOO. Macauley Makes Gift Lloyd R. Smith, Milwaukee, through an investment company, gave away A. O. Smith Cos. stock worth $298,845. Mrs. G. Smith Slocum gave away 3000 shares of Smith stock worth $150,000. Kenneth B. Schley, New York, gave away 2000 shares of Underwood Elliot Fisher worth $160,000; Alvin Macauley, Packard Motor Car Cos. president, 15,000 shares of Packard worth $75,000 and Rollin White, Cleveland, 2000 shares Cleveland Tractor Cos. worth $28,000. In other security transactions many “insiders” were shown to be selling securities. William G. Mather, Cleveland, was shown to have sold 27.000 shares each of Cleveland Cliffs Iron Cos. $5 preferred anu Cliffs Corp. common. He bought 100 shares of Otis Steel Cos. common stock. The Centennial Development Cos., Bridgeport, Conn., acquired 56.300 shares of American Chain Cos., Inc., while Walter B. Lashar indirectly disposed of 82,000 shares. N. Y. Bonds (Reprinted From Late Timeu Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Utils. Bonds. Today 89.9 77.6 101.1 83.5 Yesterday ... 90.0 77.4 101.0 89 5 Weak aeo 89.7 77.9 100.6 89.4 Month aeo ... 89.3 80.8 101.2 90.5 1935 High .... 90.0 86.4 101.6 90.9 1935 Low .. 83.6 71.0 89.3 83.0 (Copyright, 1935. bv Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasurys Prev. Close, close. 4%s 1947-52 114.23 114.15 4s 1944-54 110.22 110.8 3%S 1945-56 108.20 108.16 3%s 1940-43 106.30 106.28 3%s 1943-47 106. 105.26 3%S 1941-43 107.10 107.7 3%s 1943-45 104.31 104.22 3%s 1941 107.27 107.21 3’As 1944-46 104.21 104.17 3'/ 8 S 1946-49 103.17 103.13 3‘sS 1949-52 103.11 103.6 3s 1951-55 102.29 102.20 3s 1946-48 102.18 102.12 2’As 1955-60 100.6 99.31 3%s 1955-47 100.23 100.17 Home Owners Loan Corp. 2%s 1949 99.20 99.15 3s 1952 100.27 100.22 Federal Form Mortgage Corp. 3%s 1964 102.14 102.9 3s 1949 101. 100.25 2%S 1947 101.12 101.5 3s 1947 99.29 99.25 DOMESTIC Prev. Close, close. Alleg Corp 5s '44 77 76% Alleg Corp 5s '49 65% 68% Am Frgn Pow 5s 2030 70% 71 Am Tel & Tel 5%s ’43 113% 113 Am Tel & Tel 5s ’65 113%- 113% Arm & Cos (Del) 4s ’55 95% 95% Atl Coast Line 4s '52 ... 93% 93 Atch Top & S Fe 4%s ’4B ...107 107 Am Wat Wks 5s ’44 106 106% Am Rolling Mills 4%s ’3B 113% 114% Balt & Ohio 5s '95 70% 70% Balt & Ohio 6s ’95 79% 80 Balt k Ohio 4%s '6O 56 58% Buq Roch & Pitt 4%s ’57 63 62% Chi Mitw & St P 5s ’75 11% 11% Chi Milw & St P 5s 2000 3% 4 Cleve Un Term 5s ’73 99% 98% Cleve Un Term 4%s ’77 91% 91% Col Gas 5s May ’52 96% 96% Col Gas 5s ’6l 95% 96 Can Pac Cerp 4s 84% 84% Cent Pac 5s ’6O 84% 85% Big Four 4Vis ’77 .. 73% 73 Big Four 5s 63 81 79% Colorado & So 4%s 'BO 49 49 Chi & West Ind 4s '52 96% 96 Chi & Nor West 4%s ’49 3% 8% Chesa Corn 5s ’47 105’105 Del & Huds 4s ’43 77% 77% N Y Dock 4s ’sl 63 63 N Y Dock 5s ’3B 51% 52 Erie 5s ’75 64% 64% Erie ss. '67 64% 64% Gen Cable 5%s '47 99% 99% Grt Northern 7s ’36 99% 99% Grt Northern 4%s ’76 91 91’* Grt Northern 4Gs '77 91 91% Gen Stl Cast WW 5%s 49 80 80 Hud & Manhattan Ref 5s ’57 83% 83% II! Central 4%s 66 ..... r. 0% $03 3 111 Cent .n 4i-s ’63 58 58 111 Cent 5s ’63 . 60% F.9% Tnter Hr Elec 6s ’ s 4 46 45 Inter Tel k TANARUS% 4%s ’39 73 73% Inter Tel k Tel 4%s '52 67% 67 P Lorillard 7s ’l4 130 130 McKess & Peb 5’ s 'SO 102 102% Nat Dairy s’, s ’49 104 103% Nat Steel 5s ’56 . 105 105 Nickel Plate 4%s ’7B 55 55% Nickel Plate 5%s ’74 6-t 63 * Nickel Plate 6s ’35 63 62% N Y Central 4%s 2013 (old). 65% 65% Nor Amer Cos 5s '6l 100% 101 Nor Pac 3s 2047 79% 70% Nor Pac 4%s 2047 62% 82 Nor Pac 6s 2047 96% 96% Nor States Pow 5s ’4l 107 106% New Orleans Term 4s ’53 .... )82 80% Otis Steel 6s ’4! 100 100% Penn Rv 4%s 'B4 10'% ICS’s p enn Rv a'is '3l 103% 103% Penn Rv 4'is ’7O 55% 95% Pac G & K 5s '42 105' . 105% Portland Gen El 4\s '6O 7.3% 73% Para Publix 5 ! s 'SO 96', 96% Penn P k L 4%s 'Bl 105% 105% Postal Tel k Cab 5s '53 35% 7t% Rem Rand WW 5%s '47 101% "0", Shell Union Oi! 5s ’47 103 3 , 102% Sou Pac 4%s '6B 72 71% Sou Pac 4’ s '69 71% 71% Sou Pac 4%s ’Bl 713, 7]3 g Sou Pac 4s ’49 78' i 78 Sou Rail 4s '56 41% Sou Rail 6s ’56 51% 51'Sou Rail '6%S '56 . . .. 54% 54% Sharon Stl Hoon 5%s ’4B .100% 100% Texas Pac 5s ’BO 90% 91 Texas Pac 5s ’77 91% 91 Unon Pac 4s ’47 111% 111% TJni’ed Drag 5s ’53 90’, 10% U S Rubber 5s ’47 98% 98% NY NH k Hart sis ’4B 29 27% NY NH k Hart 4%s ’67 27% 24’, W’arner Bros 6s ’39 82 % 82% Western Marv 5%s ’77 104 10 4 West Marv 4s ’52 96 95 Youngstown S&T 5s ’7O ... #9% 99% Youngstown 8&T 5s 78 .... 99% 99%

Five Industries Favored Wool, rayon, cigarcts, electric poicer and shoes arc the onhj important industries in vhich production this year is likely to better or equal the post-var high, the Standard Statistics Cos. declares.

5 Long —3 Short By Timrs Special GREENSBURG. Ind.. Oct. 17.—The Decatur County Independent Telephone Cos., the longest line in the state, alphabetically speaking, today took a step to save wear ttnd tear on the local citizenry's vocal chords. The five word corporation title is to be replaced by the three word title—Public Telephone Corp. The company is now in the process of reorganization and a financing and construction program will be announced shortly.

PORKER PRIGES REMAIN STEADY Cattle. Veals Stationary: Lambs Move 25 to 50 Cents Lower. A further slight reduction in receipts and an improved demand at the Indianapolis livestock exchange today checked the recession of hog prices and resulted in a steady trading range for all classes. Receipts were estimated at 4000. a decrease of 500 from yesterday. Only approximately 158 hogs remained unsold at. the local market. Following sharp price declines for the last three sessions, hog values are now around 45 to 60 cents lower than at this time last week. The bulk. 160 to 250 pounds, cashed in at $10.50 to $10.70. The top price held at $10.75. Light slaughter pigs, scaling 130 to 160 pounds, brought. $9.90 to $10.40, while packing sows sold at $8.50 to $9.50. Activity was limited in the cattle market, with most slaughter classes slow and unchanged. A single load of steers weighing 1100 pounds brought $11.50, while few small lots cashed in from $9.50 down. Most heifers were salable at $5 to $7.50, with cows bringing $4.25 to $5.50. Receipts were 700. Trading in veals was practically a continuation from yesterday, with the bulk of good and choice grades selling from $9.50 to $lO. Receipts numbered 700. Demand strengthened in the lamb market and as a result prices were largely 25 to 50 cents higher. Bulk of better grade ewe and wether classes sold at $8.75 to $9.50. Bucks again were discounted from 50 cents to sl. while all classes of slaughter sheep ranged from $2 to $4. Receipts were 1500. HOGS Oct Bulk. Top. Receipts. 10. $11.20"; 11.30 sll 30 4000 11. 11.004?! 11.20 11.25 4000 14. 10.80"; 11.00 11 00 .5000 15. 10.60"; 10.00 10.85 6000 16. 10.50® 10.70 10.75 4500 17. 10.504; 10.70 10.75 4000 Light Lights. 1 140-160.) Good and choice $10,154? 10.65 Medium 9.404/10.25 Lightweights. 'l6O-180) Good and choice . 10.604?10 75 Medium 10.00 V; 10.65 'IBO-200) Good and choice . 10 60® 10 70 Medium 10.104/10.60 Medium weights. (200-230) Good and choice . 10 604/10 65 (220-250) Good and choice . 10.504; 10.60 Heavyweights. (250-290) Good and choice . 10 30®10.50 (250-350) Good and choice . 10.104; 10 30 Packing sows. (275-350) Good 9.2.V® 9.50 (350-475) Good 9.00® 9.35 (425-450) Good 8.754?) 9.25 (275-315) Medium 8.50® 000 Slaughter pigs. (100-140) Good and choice . 9.154/10.15 Medium 8.25® 9.75 CATTLE —Receipts, 700— (500-900) Choice $lO 00"? 11 25 Good 8.504; 10.75 Medium 6.754; 8 75 Common 4.754; 6.75 (900-1100) Choice 11.004; 12.00 Good 9.004; 11 25 Medium 7.004D 9 00 Common 5.00® 7.00 (1100-1300) Choice 11.50"; 12 25 Good 9.254/11.50 Medium 7.00® 9.25 (13001500) Choice 11 504/12 25 Good [email protected] Heifers (500-750) Choice 9.00®10.00 Good 7.504?) 9.00 Common and medium 4.004/ 7.50 (750-900) Good and choice ... 8.004; 10.25 Common and medium 4 00® 8 00 Cows Good 5.004? 5.75 Common and medium .4004/ 5.00 Low cutter and cutter 2.754/ 4 00 Bulls, good 5.504/ 6 00 Cutter, com. and med. bulls . 4 00® 5.50 VEALERS —Receipts, 700— Good and choice ■ $8,754/ 9 50 Medium 7.n04; a.75 Cull and common 4.50® 7.50 Calves (250-500) Good and choice ... 7.00® 950 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 '3OO-1050) Good and choice... 7 004/ 875 Common and medium 4.50® 7.00 Good 4 00® 4 75 Common and medium 3.50® 4.00 SHEET AND LAMBS —Receipts. 1500Lambs. 90 lbs down, good and choice $3 25® 0 00 Medium . 6.50® 8.25 Ewes '9O-125' Good and choice . 3 00® 4.00 All weights, common and medium 2.50® 3.50 (120-150) Good and choice 2.00® 3.00

Breed, Elliott & Harrison Established 1912 1115 CIRCLE TOWER GOVERNMENT BONDS FEDERAL AND JOINT STOCK LAND BANK BONDS HOME OWNERS’ LOAN CORPORATION BONDS REAL ESTATE PREFERRED STOCKS AND BONDS BUILDING A LOAN STOCKS INVESTMENT TRUSTS

-WE BUY, SELL-

and gladly furnish quotations on: Bonds of the United States Government, Its Territories and Insular Possessions Home Owners’ Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Corp. 129 EAST MARKET STREET

BUSINESS AIMS ACCEPTANCE OF NRA PRINCIPLES Replies to Questionnaire of Berry Are Declared Favorable. By United Press WASHINGTON. Oct. 17—Industry generally wants the basic principles of NRA—regulation of competition and minimum labor standards—retained on a permanent basis. Maj. George L. Berry, coordinator for industrial co-operation, said today after obtaining a cross section of opinion. Maj. Berry's conclusions were based on replies from industrialists to an invitation to attend a conference, here over permanent legislation i along modified NRA lines. The letters were sent to 5200 leaders of industry and labor Replies in Hundreds Hundreds of acceptances have already been received. "I would eall all the answers | favorable,” Maj. Berry said, "be- ! cause those who are unable to accept have all expressed approval in some measure of the plan." President Roosevelt will probably head the list of Administration officials who will address the business conference which will be held shortly after his return here. General Hugh S. Johnson, first administrator of NRA. also will participate. as the type of legislation sought will preserve in some measure the broad policies of the recovery law. However, it is made clear that the Administration wishes to turn away from a law dealing only with emergency problems of recovery and toward permanent regula- ! tion for business. Sloan, Swope Accept The first batch of acceptances received for the conference included those of Alfred P. Sloan, president of General Motors; Gerard Swope. | president of General Electric Cos.; Walter c. Teagle, president of Standard Oil of New Jersey and Henry P. Kendall, industrialist and head of the Commerce Department's j business advisory council. Robert L. Doughton. chairman of i the House Ways and Means ComI mittee, recently revealed that available NRA data was being analyzed i for House and Senate committees and probably would be considered in December in line with the President's request for hearings on the subject. GAS TRADE IMPROVES Industry Progresses Despite Steps for Federal Control. By Timrx Special CHICAGO. Oct. 17.—Despite steps taken recently toward Federal control of all utilities, progress has been accomplished in the gas indus- | try, P. s. Young of Newark, N. J., j told delegates to the convention of | the American Gas Association, j Bernard J. Mullaney, vice presi- : dent of the Peoples Gas Light and 1 Coke Cos., and former president of ( the association, was elected a di--1 rector at the annual meeting. BAUMAN HEADS GROUT By Times Special EVANSVILLE, Ind., Oct. 17.— 1 Grover E. Bauman, wholesale lumI ber dealer, has been appointed chairman of a local business clinic, it was announced here today. Arthur P. Eberlin. secretary of the Chamber of Commerce, was named secretary of the group.

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