Indianapolis Times, Volume 47, Number 195, Indianapolis, Marion County, 24 October 1935 — Page 15

T rends New Haven Denied $5,000,000 Loan From RFC. BY VINCENT LYONS Time* Financial Editor

TT isn't often that the Interstate Commerce Commission exercises its prerogative, under Reconstruction Finance Corp. regulations, to refuse sanction of a loan from the RFC to an individual railroad company. Consequently, this very action in connection with the application of the New York, New Haven & Hartford Railroad is causing comment in financial cirrles. A fortnight ago the carrier asked the ICC for permission for a $5,000.000 loan from the RFC. Extension of help from the government agency, it. was stated, would allow the New Haven to meet taxes and principal and interest on equipment trust obligations which Id'l due it the end of the year. We conclude,” the ICC said in refusing the Request, “that the present and prospective earning power of the applicant and the security offered as a pledge for the requested loan, are not such as to afford reasonable assurance of its ability to repay the loan.” • tt u a 'TPHE significance of the ICC s -*• action, outside of the resultant filing of a petition for reorganization bv the road, lies in the fart that it was the first lime since the establishment of the RFC that the regulatory agency for the railroads, in a formal opinion, had thrown out a request of a major carrier for financial assistance. Several other roads, however, have in the past, received informal notification that their bids for loans were refused. In view of this some people are wondering whether the ICC action means that it is going to revise its attitude toward the entire question of railroad assistance. On the basis of the terse comment which accompanied the commission’s announcement it might be inferred that further RFC loans will be determined strictly on their merits. Thus, government aid may be given only after the same tesls are applied as would be applied by a private banking house. Security offered for the requested $5,000,000 loan consisted of equity in stocks and bonds hypothecated with the RFC and the Railroad Credit Corp. for credits aggregatin:; more than $7,000,000. Therefore, as the collateral had already been pledged for other indebtedness th n re would bp little real security behind the new loan, as the ICC intimated. a a a TN addition to the $7,000,000 owed J to the RFC and the Railroad Credit Corp., the New Haven is indebted to banks to the extent of approximately $16,000,000 and owes the Public Works Administration $6,777,000 more. Add this to the many millions represented in outstanding bond issues and the debt situation of the road assumes prominence. Miscellaneous outstanding securities of the New Haven have been depressed for some time as is shown in their current market values: Issue Market Price Common stock 2% Preferred stock .. 6% Collateral 6s of 1940 38 Convertible 6s of 1948 27 4 1 js of 1967 26 4s of 1955 24 4s of 1956 . 24 > i 4s of 1957 12% 3%s of 1947 24 1 a 3*. -28 of 1954 24' 2 3%S of 1956 24' 2

ELECTION CAMPAIGNS' INFLUENCE MINIMIZED Disturbance to Business Untrue on Record, Study Points Out. 2’iitir* Special NEW YORK, Oct. 24.—Despite the common asumption that presidential elections prove disturbing to business and markets, an examination of records of the last 13 campaigns discloses little evidence to support this view, according to a survey issued today by Frazier, Jelke & Cos. In the presidential election years since 1884 the stock market has advanced nine times and declined four, while business has shown a rising tendency in six years and has declined in seven. In two of the seven years of recession, however, improvement began after the mid-year political conventions. Prior to the conventions stocks have declined in nine of the 13 years, while in the months following conventions markets have advanced in all but two campaigns—the exceptions being in 1900 and 1920, both Republican years. On Commission Row Quotations below subject to change are average w-hoT .-ale prices being offered to buyers by local commission dealers: FRUIT —Cranberries, early blacks. 25-lb. box $3 35. fears • Michigan Bart let's, bushel $3 35: Avocados. Florida, box $2.25. Cantaloupes- California Honey Dews $2.50: Casabas Sj 25, Persians. s2<?i 2.25. Bananas - 7 hands, a pound, ss. Grapes—Michigan, 12-qt. basket. 35c. Persimmons, Indiana. 12-pt case. sl. Apples Jonathans. $1.15 / 1 35 Summer Rambos. $1: Delirious. $1.50'.; 1.65; Wealth's. $1; Grimes Golden i large). $1.35. Lemons —Sunkist, 3605. $7.50. 4325, $7. Grapefruit. 64s to 70s $3 50 Limes—Mexican a carton 12s, 20c; Persian seedless a hundred. $3 Vegetables—Beans, green, round stringless bu.. $2 50. Beets—Home crown, doz., 20c. Cabbage -New York, 50-lb bag, "sc. Carrots—Home crown and Ohio. 30c; new bulk, half bu . 65c Cauliflower—Colorado. 11s. 12s, crate. $1 90. Celerv—Miohi?an. washed and trimmed, jumbo do*.. Oc jumbo, doz , 45c; hearts, flat. $1.25. Cucumbers—Hothouse. 2 doz. box. $2. Kale—Home grown, bu. 50c LettuceIceberg, California, best. $3.75 home grown leaf. 15-lb. basket, 50c. Endive— Ohio, basket, 45c. Mangoes—home grown, bu . $1 50 small basket, 40c Mint—Doz , 50c Mustard—Home grown, bu.. 50c. Onions—lndiana yellow. 50-lb. bag, 90c; Indiana white. 50-lb. bag. $1: Utah Spanish. 50-lb. bag. $1.40. Parsiey—Home grown, doz 35e. Peas—Telephone, hampers S3 <R3 75 Potatoes -New Jersey Cobblers. ,003b bag. $1 50; Michigan Round White, 100lb bag $1 20. Early Ohios. bu., $1 30; Idaho Russets. $1 90. Sweet potatoes- Indiana. Jerseys, bus.. $1 40 Radishes—Ohio, buttons. 2-do*, baskets. 60c. Sace—Doz . 45c Spinach—New Zealand, bu., 65c S<, rash—Bu .$1 Turnips—New bu $1 15; bunch, doz . 30c Tomatoes—California, repacked, 10-lb. carton, $1 25; Doz., 60c. FRUITS AND VEGETABLES (Bv United Press! CHICAGO Oct. 24—Apples—Michigan, bushel, wealthies. 408 50c Carrots— Illinois, bushel. 25+/ 35c. Sweet Potatoes— Tennessee, bushel 75c Louisiana bushel, %3'a 3 25. Cabbßge -60-70-!b crates 60865 c Peas—. alifornia. bushel hampers. $12547 3 25. Tomatoes—California lug. s: 35W1 .5. Spinach Illinois bushel 30? 60c Lettuce Western crate- 5 doz S2 25412 M. Cucumbers Louisville'. bush%' Sit; 225 Celerv M.chigar, crates $! • SLSo Pears—Michigan, bushel $125<?175 Onions—so-lb sacks western Valencias 95 ™!£pis Yellows, 65'aT5c; unclassified, 75577%c.

SKILLED LABOR DEARTH STORY HELD UNSOUND Few Lines in Certain Areas Are Affected by This Condition. BY JOHN T. FLYNN Times Special IVriter NEW YORK, Oct. 24 —A characteristic of a time like this, when every one is weary of waiting for the dawn, is the persistent appearances of those unreliable barometers —straws in the wind. One hears all . ort: of tales as evidences of returning prosperity. One frequently heard story is that

a shortage in skilled labor has developed. It is difficult for people to believe that with ten million men idle there can be a shortage of any kind of labor. It is entirely possible that shortages of skilled labor may have developed in certain lines and

ra

Flynn

places. But before you can attach any importance to this, you must know what the lines and places are. For instance, Hartford, Conn., has ome large gun-making plants. There are certain types of work in these plants of an extraordinarily killed character and the number of men who can do the work is small. If any great volume of gun orders descended on these plants they would exhaust certain types of .■-killed labor in Hartford very quickly and would then have to go into the surrounding towns—Now Haven, Waterbury, etc.—for additional help. It is entirely possible that in certain types of work not over 200 men could be found who could uualify as skilled craftsmen. A hurry-up order for guns from the War Department or some foreign country might easily put these 200 men to work and produce what in those plants might be called a skilled labor shortage. But it would bear very little relationship to the whole problem of unemployment. Conflicting reports about skilled workers come from the New England shoe industry. Many shoe factories are located in very small towns. During the depression these plants have been running on a very limited schedule. A large number of skilled workers have moved away or have found work of less skilled character in other trades—work which pays less money, but is more constant. In several such towns, when these mills resumed operations, they promptly ran into what could be truthfully called a skilled labor shortage. But there are other shoe towns where great number of skilled workers are unemployed. What is true, therefore, is that in a few special lines in a few particular spots some factories have found that their skilled help has been decimated. But it is not true in any sense to say ' hat a shortage of skilled labor has developed. You have only to look at the vast building construction industry where over half of the workers were unemployed at the height of the summer building season; the metal trades where one-fourth of them are out of work, and the printing trades where 15 per cent are out of work. (Ccpyrght. 193"). NEA Service. Inc.)

Unlisted Stocks ißv Birth A Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers 5g% 583. Central Hanover BAT 108 lio 33'„ 35 Chemical National 46% as'. Guaranty 273% 278 Irving ijs. Manufacturors 341, 34.1, National Citv 33 3i--„ Cont 111 1 Clue ago 1 tfi , 531, First Natl of Bos.on 42'v 44 FIRE INSURANCE Aetna Fire sfi' t 53 Citv of New York Ins inewi .. 25% 2,'* Federal Ins 76', go Great American Ins 26-’ 28 Hanover Fire Ins 37 3 39% Hartford Fire 73 79- 1 , Homo Insurance 33 34% Ins Cos of N A 68', 71 National Fire 71 , 731., North River Insurance 25% 27% Phoenix Insurance 90% 92 1 - V S Fire 52', .54% Westchester Fire 34', 36', Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,237,000 Debits 5.785.000 TREASURY STATEMENT 'By United Press) WASHINGTON. Oct. 24.—Government expenses and receipts for the current fiscal vear to Oct. 22 as compared with year ago: This Year. Last Year. Expenses $2,456,633,275.11 $2,059,650,050.00 Receipts . 1 172.336.988 49 1.105 978.726 71 Deficit . . 1.284.266.286 62 833.671 323 83 Cash bal . 1.494.460.497.33 846.580,888.52 Produce Markets The prices quoted below are paid for stock gathered in the country, while delivered in Indianapolis the price will be 1 cent higher: Heavy breed hens. 16c: Leghorn breed hens. 12c: springers, over 4% lbs.. 16c: under 4’ 2 lbs., 15c; old cocks, 8c: Leghorn broilers 1% lbs. and up. 12c; Leghorn springers, 12c: ducks, white. 4 lbs. and up. 6c. geese, full feathered and fat, 4c; old guineas. 15c: veung guineas. 1'; lbs. up 25c; No. 1 strictly fresh ezgs. loss off 26c: pullet eggs. 18c. Each full case must weigh 55 lbs gross a deduction of 10c a pound under 55 lbs' will be made. Butter. No 1. 31>.4i32'-c----butterfat. No 1 25c. No. 2. 23c. ~ Quoted by the Wadlev Cos. IBy United Press) CHICAGO. Oci 24—Eggs—Marke*. unsettled: receipts. 3562 cases. Fresh graded firsts. 23c, current receipts. 25-; 27c- dirties. 208 24c checks 194/23c Butter Market, steady: receipts, 6376 tub'. Extra firsts (90-91 1 2 score'. extra; (92 score'. 27 5 ,c: firsts. 188-89% score 25%47 26' 2c: seconds - 86-87 1 - score. 24 1 ;25c special. 23%28%c: standards, 2"’.-c Poultry- Market, steady; receipts, 38 trucks. 1 car due. Ducks. Inf? 17c: geese 15c: spring chickens. !8 -:C0c: hens, 118 20e: turkeys 16822 c; leghorn hens. 118 !4r: old roosters. 15c Cheese —Twins. 15 1 1 v 16c: daisies. 16%-,/ 16%c: lonenorr,;. 16' ,cl6%c Potatoes—Supnlv liberal: russet burbank demand moderate; marke firm: northern stock demand light, •racing slow: market, firm on best northern .and Colorado stock Idaho russets. 51.35 .1.60, commercials. $1 20-/1.25. Wisconsin round whiles. 85c: commercials. 75c. Indiana round whites. 771 - North Dako- "> cobble-s. 92'.- 2.95; commercials. 82%‘ Sse Red River Ohms 90c: commercials. 70'-;S.'V M-nnesota cobblers. 85c. Colorado McClures. $1 22% REICH OUTPUT LOWER Times Special BERLIN. Oct. 24.—Pig iron output in Germany in September totaled 1.112.600 tons, compared with 1.144,900 in August, it was reported today. Steel production amounted to 1,378.100 tons, against 1,496,000 in the previous month.

Abreast of The Times on Finance

MEASURES OF BUSINESS ACTIVITY IN INDIANA

BANK DEBITS NEWSPAPER ADVERTISING r i j ——| —| —j —'°[ —| —“i —[ —™—j— ———| —| io TrNrH ii i '■ J — - [ r-y M . —%%% S ' '92 1430 1951 >93? ' I3 '33-1 1335 50 19?6 1323 1930 1331 1932 J 933 1934 .1935 50 BUILDING ACTIVITY PIG IRON PRODUCTION y j | ~ r j 1' 00 ~ — /vV^-. J ! i U 1 I L '926 '923 >3.30 '33' '332 '333 '334 '335 '923 '333 1331 1 | NEW CAR SALES | AUTOMOBILE PRODUCTION jjpjijTji-jpn'" 00 '326 '323 1330 1931 '332 '933 '334 '335 '°° 1926 1929 1930 1931 1932 1933 1934 1935 USED CAR SALES . . COAL PRODUCTION r GASOLINE SALES ELECTRICITY PRODUCTION 15 j A t-j Al ill Aa J 15 15 Li I 1 30 1928 '929 1930 '93! '932 1333 1934 1935 ' >o 1928 1929 1330 1931 1932 1933 1934 1935 30 DEPT. STORE SALES LIFE INSURANCE SALES 50 j 501 1 50 25 j j 25 W- 25 30 1928 1929 1330 193' 1932 1933 1934 1935 1,0 '928 1929 1930 1931 1932 1933 1934 1935 30 THE ABOVE CURVES SHOW tr£ds CT ACTIVITY IN VARIOUS LINES OE TRADE AND INDUSTRY AFTER ALLOWANCES HAVE BEEN MADE FOR The USUAL SEASONAL VARIATIONS AND NORMAL YEAR TO YEAR CHANGES FIGURES AT THE ENDS OF THE CHARTS INDICATE PERCENTAGE DEVIATIONS from NORMAL.

New York Stock Exchange Prices

(By Thomson A McKinnon) 11:30 a. m. Prev. Oils— High. Low. N. Y. close. Amerada 73% 72 73 1 a 72’, Atl Rfg 23 22 3 , 22 3 , 23' a Barnsdall 9% 9% 9% 9% Consol Oil 3% 8 3 i 8% 8% Houston (new).. 4 1 , 4’, 4', 4 1 , Mid Cont Pet... 12 1 a 11% 12’ a 12 Ohio Oil 11', 11'a 11 1 a 11 Pet Ccrp 10' a 10 10 10 Phillips Pet 34' 2 34 34 1 2 33J Plymouth Oil ... 10% 10% 10 3 , 10% Pure Oil to 3 a 10Vs 10% 10Ti Seaboard Oil 31', 31 31% 30% Shell Un 11 10% 10 7 a lO 3 , Skcllev Oil ll 3 s 11% 11% 11% Soc Vac 12' a 11 7 8 12*3 11 7 3 S O Os Cal 3fi 7 a 36 1 s 36% 36% S O of Tncl 25% 25' 2 25% 25% S O of N J 49% 48% 49% 48% Texas Corp 23 22% 23 22% Tidewater Assn.. 9% 9% 9% 9% Un Oil of Cal.. 19% 19% 19% 19% Steels— Am Roll Mills.. 28% 28% 28% 28% Beth Steel 39-% 31% 39% 39% Byers A M 18% 18% 18% 17% Col Fuel A Iron.. 2% 2% 2% 2% Inland Steel 95% 95% 95% 95 Ludlum Steel .... 26% 26 26 26 Natl Steel 74% 74 74 73% Otis Steel 16% 16% 16% 16% Rep Iron A- Stl 17% 17% 17% 17% C S Pipe A Fdy. .20 19% 19% 19% U S Steel ... 47% 47% 47% 47% U S Steel pfd . 110 110 110 110% Young'vvn S& T 26% 26% 26% 26% Motors— Auburn 44 43 44 44 Chrysler 87% 86-% 87% 87% Gen Motors . .. 52% 51% 52'a 51% Gen Motors pfd 117% 117% 117% Graham Mot .. 3% 3% 3% 3 Hudson 17% 16% 17 16% Hupp 3% 33 3% Mack Truck . . 24 23% 23% 24 Nash 18% 18 18% 18% Packard 7 6% 6% 7% Reo 4% 4% 4% 4% Studebaker ..... 8 7% 7% 7% Yellow Truck .. 6% 6% 6% 6% Motor Access— Bcndix 24 24 24 23% Bohn Alum 49% 49% 49% 50 Borg Warner ... 63 62% 63 63% Briggs 54% 54% 54% 54% Rudd Mfg .... 7 6% 7 6% Budd Wheel ... 9% 9", 9% 9% Eaton Mfg ... 30% 30 30% 30% Elec Auto Lite . 38% 37% 37% 38 Elec Stor Bat ... 50% 50%' 50% 50% Houdaille "B" .. 24% 24% 24% 24% Mullins Mfg ... 15 7 8 15% 15% 15% Murray Body ... 20% 20 20% 20 Stew Warner ... 18 IT 3 , 17% 17% Timken Roll . 62% 62% 62% 63% Timken Det Axle 9% 9% 9% 9% Mining— Alaska Jun ... . 14 13% 13% 14 Am Metals 26% 26% 26% 26% Am Smelt 53% 53% 53% 53 Anaconda 21% 21% 21% 20% Granby 13', 13 13% 13 Howe Sound ... 52% 52% 52% 52% Gt, Nor Ore ... 14 14 14 14 Int Nickel 31% 31% 31% 31% Kennecott Cop . 24% 24% 24% 24% Mclntyre Mire.. 36% 35% 36% 35% St Joe Lead 20% 20% 20% 20% U S Smelters 94 93 94 93 Vanadium 18% is 18% 18% Amusements— Crosley Radio.. 16% 15% 16% 15% Loews In 49% 49% 49% 49% Radio Corp 8% 8% 8% 8% Paramount 11% 11 11 10% RKO 5% 5% 5% 5% Warner Bros 7% 7% 7% 7% Tobaccos— Am Snuff .... 71% 71% 71% 72% Am Tob 1B .104 103% 103% 103% Lie A- Myers (B) 113% 113 113 113% Lorillard 25% 25% 25% 25% Reynolds T (B) 57 56% 57 06% Rails— Atchison 49% 49 49% 49:1^ Atl Coast Lines 24% 24% 24% 24% 5 P ■■ • 18% 15% 15% 15% Can Pacific .... 9% 9'-, 9% q.s. C h & Ohio 45% 45 ' 45 45% p pfd i?’ ,1 ' ! 1% Chi N W 2% 2% 2% ' 2% De a <fc Hud 34% 34% 34% 35 Del Lac AW. .. 15% 35% 15% 15% f rle 11 11 11 11 Erie Pfd 14 14 14 13% Grt Northern pfd 26% 26% 26% 26% Ih Centra! .. . 15% 15% 15% 15% Lou A: Nash . . 45% 45% 45% 45% M K A T 5% 5% 5% 5% MK & T pfd . 11% 11% 11% 11% Mo Pac 1% 1% 1% .. Mo Pac nfd . . . *% 2 3 , 2% 2% N Y Cent 23% 23’, 23%’ 23% N Y New Haven 3% 2% 2% 2% N Y Ont A- West 3% 3% 3% 3% Nor Pacific .... 17% 17 17% 17% Penn R R .... 27% 27% 27% 27% Sou Pac 19 18% 19 18 3 , Sou R R 9% 9% 9% 9% Union Pac . 96% 96% 96% 97 West Maryland 8% 8% 8% 8% Equipments— Am Brake Shoe 33', 33% 33% 33% Am Car A- Friv. 21% 21% 2’.', 21% Am Steel Fdy .. 18% 18% 18% 18 Bald Loco 32% 3% 2% Gen Am Tk Car 40% 40% 40% 40% Gen E’.ec 35% 35 35 34% Pullman Inc 33% 33% 33% 33% vest Air Br . . 25% 25 25% 25 Westingh Elec . 86', 85% 86% 86 Utilities— Am A- For Pwr 6% 6% 6% 6% Am Power A: Lit 7% 7% 7% 7% A T A- T .143% 142% 143 142 Am Wat Wks .. 17% 17%’ 17% 17% Col Gas A- Elec.. 14% 14% 14% .. Comm A- Sou .. 2% 2% 2% 2% Consol Gas . 29% 29% 29% 29 % Flee Pwr A- Lit -. . . . 5% Int Hvdro Elec . 3% 3% 3% 3% Int T A- T 10% 10% 10% 10% Lou G A E "A" 20% 20% 20% 20% Nat Pwr A- Lit. 10% 10 10 9% North Amer ... 23 22% 2.3 22% Pac G A E 28 28 28 27% Peoples Gas ..40 4040 39% Pub Sen NJ .. -<3% 42% 42% 42% So Cal Edison. . 24% 24% 24% 24% Sid Gas 4% 4 3 s 4% 4% Stone A- Webster 8% 8% S', 8' = United Corp ... 5 s * 5% 5% 5% Un Gas Imp . 17% 17% 17% 17 Ut Pwr A- Lt A 32% 32% Western Union 62 61% 62 61% Rubbers— Firestone 15% 14% 15% 14% Goodrich 10 9% 9% 9% Goodyear 70 19 20 18%

INDIANAPOLIS, THURSDAY, OCTOBER 24, 1935

U S Rubber . . . 14% 14% 14% 13% U S Rubber pfd. 39% 38% 38% 37% Miscellaneous— Allis Chalmers.. 32% 31% 32% 31% Am Can 147% 146% 146% 149% N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 89.9 78 9 101.4 90.1 Yesterday 89.7 78.3 101.3 89.8 Week ago 89.8 77.6 101.1 89.5 Month ago 89.7 80.0 100,6 90.1 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) (By Abbott, Proctor & Paine) U. S. GOVERNMENT BONDS Treasury’s Prev. Close. close. 4 Us. 1947-52 114.26 114.24 4s. 1944-54 110.22 110.19 3%5. 1940-43 107.14 107.10 3%5. 1943-47 106.12 106.08 3%5. 1941-43 107.17 107.19 3’,s. 1943-45 105.6 105.5 3’,s. 1941 107.28 107.30 3’,s. 1944-46 104.28 105. 3%5. 1946-49 103. IN) 103.21 3%s 1949-52 103.13 103.16 3s. 1934-55 102.29 102.29 3s. 1946-48 102.21 102.20 2%5. 1955-60 100.1 100.1 2%5. 1955-47 100.30 100.31 Home Owners Loan Corp. 2%5. 1949 99.27 99.28 3s. 1952 100.29 101. Federal Farm Mortgage Corp. 3% s 1964 102.20 102.19 3s 1949 ................. 101.2 101.1 2%s 1947 101.11 101.16 3s. 1947 100.5 100.5 domestic Prev. Close. close. Alleg Corp 5s ’44 77% 77 Alleg Corp 5s ’49 67 66 s Am Frgn Pow 5s 2030 72% 71 =4 Am Tel & Tel 5%s 43 113% 113% Am Tel & Tel 5s ’65 113% 113% Arm ACo (Deli 4%s ’55 95% 96 Atl Coast Line 4%s ’64 76 74 Atch Tob & S Fe 4%s '4B ... 107 107% Am Wat Wks 5s ’44 107 106% Am Rolling Mills 4s ’3B 118% 116 Balt & Ohio 5s '95 ' 70% 70% Balt & Ohio 6s ’95 80% 80 Balt, & Ohio 4%s ’6O 56% 56’., Buff Roch A Pitt 4%s ’57 ... 62% 62% Beth Steel as ’36 102% 101% 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 Mav ’52 98% 98 Col Gas 5s April ’52 98% 98% Col Gas 5s ’6l 97% 97% Can Pac perp 4s 84% 84% Cent Pac 5s ’6O 83% 84% Big Four 4%s ’77 . 73% 72% Colorado A So 4%s ’BO 52 52 Chi A West Ind 4s ’52 96% 97 Chi A West Ind 5%s '62 105% 105% Chi A Nor West 4%s ’49 3% 8% Chesa Corp 5s '47 106% 106% Del A Huds 4s '43 77% 77% N Y Dock 5s '3B 52 51% Erie 5s ’75 66 63% Erie 5s '67 ... 66% 64 Gen Cable 5s '47 98% 98% Grt Northern 7s ’36 100% 100% Grt Northern 4%s '76 90% 90% Grt Northern 4%s ’77 90% 89% Gen Stl Cast WW 5%s ’49 78% 78% Hud A Manhat ref 5s ’57 84 84 111 Cent 4%s ’66 52% 51% 111 Sent Jt 4%s ’63 56% 58% 111 Cent as '63 ... 60% 60% Interlake CAI 5s ’sl 76% 76% Intertl Hv Elec 6s ’44 44 43% Interntl Tel A Te! 4%s '39 ... 78% 78 Interntl Tel A Tel as ’55 71', 70% Interntl Tel A Tel 4%s '52 ... 67% 67 McKess A Rob 5%s ’SO 102 102 Midvale Stl 5s '36 101% 101 % Natl Dairv 5%s 48 104 104 Natl Steel 5s '56 105% 105% Nickel Plate 4%s '7B 61 " 59 ‘ Nickel Plate 5%.s '74 70% 68 Nickel Plate 6s 35 62% 63% N Y Cent 5s 2013 72% 71% N Y Cent 4%s 2013 (old) 67% 66% Nor Amer Cos 5.s '6l 101% 101% Nor Pac 3s 2047 7n 69'Nor Pac 4%s 2047 82% 82% Nor Pac 6s 2047 98 97% Nor States Pow 5s '4l 106% 106% New Orleans Term 4s '53 81% R! Otis Steel 6s ’4l inn% 100% Penn Rv 4',s 84 104 100 Penn Rv 4%s ’Bl .104’- 104% Penn Ry 4%s ’7O 96 * 95% Pac G A E 5s '42 . . 105** 105% Pert!and_Gen El 4%s ’6O 72% 72'Para Publix o'-s ’SO 97 9?% Penn PAL 4%s 'Bl in ihe Postal Tel A Cab 5s '53 34% 35 Pern Rand WW 5%s '47 104 104 Shell Union Oil as '47 102% 102% Sou Pac 4%s '6B 72% 72% Sou Pac 4%S 'Bl 72% 72 Sou Pac 4%s '69 72% 72 Sou Par 4s -43 79 7gig Sou Rail 4s '56 43% 425. 8 Sou Rail 6s '56 54 52 Sou Rail 6’-s *56 . 56 54% Sharon Stl Honn 5%s '4B 100 100% Texas Pac 5s '77 91 91 Union Pac 4s '47 ill 111 3 , United Brug as '53 91% 91% U S Rubber as '47 08% 90% NY NH A Hart 6s '4B 27 29% NY NH A- Ha-t 4%s ’67 26 27 Warner Bros 6s '39 82% 82% Western Mary 5%s '77 104% 104% Western Marv 4s '52 95 95 Youngstown SAT 5s ’7O .... 99% 99% Youngstown SAT 5s ’7B 99% 99% FOREIGN Argentina A 6s '57 97% 97 Argentina B6s 'SB 97% 97% Brazil 8s '4l 26% 27 Canadian Govt 4s 60 104% 104% Denmark 5%s ’55 99% 99 German 5%s '65 30% 30% German 7s 49 37% 37% Italy 7s ’sl 66% 60% Japan 6%s '54 96% 96% Poland 7s '47 102 102 Rome 6%s '52 51'* 48% Yokohama 6s '6l 81% 84%

Am Mach & Fdy 27% 27% 27% 23% Anchor Cap ... 17 16 7 z 16% 16% Brklyn Man Tr . 42 7 4 42 7 a 42% 42% Burroughs Add 23% 23% 23% 23 '2 J I Case 99 97% 98% 98% Caterpillar Tract 57'i 57% 57% 57'j Curtis Pub ... 17 '2 17 1 2 17*2 17 5 a Curtis Pub pfd.. 98% 98% 98% 99 Deere &Cos .... 51% 51 Vi 51% 52 Eastman Kodak 163 Vi 163' 2 163*2 163 Fester Wheeler.. 18'/ a 18% 18% 18 Gillette 17*4 16% 17% 17 Glidden 37Vi 37Vi 37’ 2 37% Ingersoll Rand. 110 110 “ no 109 7 a Int Bus Mach ..182 181% 181 1 2 181% Inter Harv ... . 59 7 a 57% 57% 59', Natl Cash Reg.. 19% 19'a 19% 19% Owens Bottle 118 112% 118 112 Rem Rand 14% 14% 14% 14% Underwood E.... 81 % 81 81 Vi 80% Foods— Am Sugar 51% 51% 51% 51*4 Armour 4% 4% 4% 4% Armour 6% pfd. 66 66 66 66 Borden Prod 24% 24% 24% 24% Cal Packing ..'... 35 34% 34% 34% Coca Cola 264 162 164 260 Cont Bak (A) 8 8 8 8% Corn Prod 64% 63% 64 63* > Cuban Am Sugar 5% 5% 5% 5% Gen Foods 33% 33% 33% 34% Gold Dust 17 16% 16% 17 G W Sugar 28% 28% 28% 28% Int Salt 26% 26% 26% 26% Natl Biscuit 32% 32% 32% 32 Natl D Prod 17% 17% 17% 17% Purity Bak 16% 16% 16% 16% S Porto Rico Sug 24% 24 24% 24% Std Brands 14% 14% 14% 14% United Fruit 68 68 68 67% Retail Stores— Best &Cos 55% 55% 55% 54% Gimbel Bros 7 7 7 7 Jewel Tea 55 54% 55 54% Kresge S S 27% 27% 27% 27% Kroger Gros ... 26% 26% 26% 28% Mac.V R. H .54 54 54 53% McCrory St 11% 11% 11% 12% McLellan St 13% 13% 13% 13% Marshall ield ... 11% 11% 11% n% May Dept St. .. 52% 52% 52% 52% Mont Ward ... 35% 33% 33% 32% Penney J C .... 80 80 80 80% Sears Roebuck . 59Vi (59 59 % 59% Woolworth 58% 59% 58% 58% Aviation— Aviation Corp .. 3% 3% 3% 3% Boeing Airrft .. 15% 15 15% 15 s 4 Curtis Wright ... 2% 2% 2% 2% Curtiss Wright A 8% 8% 8% 8% Nor Am Av ... 4% 3% 3% 4 Sperry Corp .... 12% 12% 12% 12% United Air new 20% 20 20% 20% Chemicals— Am Com Alco .. 32 31% 32 31% Col Carbon . . 96 96 96 97 Com Solvents . 13% 18% 18% 18% Du Pont 135% 135 135 136% Freeport Tex ... 26% 26 26% 26 Math Alkali 33 32% 32% 32% Monsanto Chem 94% 94 94 93% Natl Dis .new) .32% 32% 32% 32% Schenlev Dist .. 32 31% 31% 32% Union Carbide .. 71% 71 71 72% U S Ind Alco .. 47% 47% 47' a 47% Drugs— Bristol Myers ...40% 40% 40% 40 Lambert 2.7% 22% 22% 22% Lehn & Fink .... 12% 12% 12% 12% Sterling Prod 64% 64% 64% 63% Un Drug inew). 10% 10% 10% 10% Zonite Prod 5% 5% 5% 5% Financial— Adams Exp ... 8% 8% 8% 8% Allegheny Corp.. 1% 1% 1% 1% Am Int Corp... 8% 8% 8% 9 Chesa Corp 45% 45% 45% 45% Tr Conti Corp... 6% 6% 6% 6% Building— Am Radiator 17% 17% 17% 17% Gen Asphalt 19% 18% 19% 18% Holland Furnace 20 19% 20 19% Johns Manville.. 87% 87*4 87% 87% Household— Col Pal Peet 17% 17% 17% 17% Congoleum 41% 40% 40% 40% Kelvinator 14*4 14 14% 14% Mohawk Carpet.. 20% 20-% 20% 20% Servel Inc 11V* 11% 11% 11% Simmons Bed... 16% 16% 16% 16% Textiles— Amer Woolen .. . 9% 9% 9*4 9% Belding Hem ... 13% 13% 1.3% 13% Celanese Corn .. 30% 30*4 30% 30 Collins Aikman . 33% 38 38% 38% Gotham Hose.. 8 7% 8 8 Kayser Julius... 28 26% 27% 26*2

Chicago Stocks 'Bv Abbott, Proctor A Paine) 11:30 Prev. A. M. close. Butler Bros 7% 7% Cent S W 1% 1% Chi Cont 3% 3% Cities Serv 2 2% Crane Cos '... 17% 17% Cord 4% 3% Elec Ho.d 18% 13% Gt Ll:s Drdge 28% 23% Noblit- 30% 30% Pines Winter 3% 3% Pub N J 50% 50% Swift 19% 19% Bendix 24 24 Borg W 62% 63% New York Curb <Vy Abbott, Proctor A Paine) 12 noon Prev N. Y. close. Alum Cos of Am 78 73 Am Cyanide B” 27 27 Am Superpower 2% 2% Atlas Corp 12% 12% Deere A Cos 51 % 52 Ei Bond A Share 14% 34% Gulf Oil of Pa 65% 63% Humble Oil 57*, 57% Imperial Oil Ltd 20% 20% Lone Star Gas 9% 9% Hia Hud Pwr 8% 8% Penn Road 2 s , 2% St of Ky 20% 20% COAST OIL FLOW CUT LOS ANGELES. Oct. 24 California crude oil output last week averaged 642.000 barrels daily, against 644.270 in the previous week. it was reported here today.

FURTHER GAIN FOR BUSINESS HELD POSSIBLE Economist Cites Retarding Influences, but Finds Position Strong. BY A. L. JACKSON Economics Statistics, Inc. NEW YORK, Oct. 24.—With only minor interruptions, business activity has been rising since September. 1934. There was a slight reaction during the summer months of 1935. but in the past three months business has resumed its upward trend and anew high for the recovery period was again established last week. There are a number of bearish implications in the present business situation. These factors are principally based upon fear, caused by such uncertainties as war, the effect which might result from any decisions made against the New Deal measures by the Supreme Court, the continuation of large government deficits, etc.

A war involving nations such as England and France or the rest of the large European powers would adversely affect business in this country. However, as long as war remains a. localized affair between Italy and Ethiopia. American business will not be handicapped to any material degree. Naturally, the uncertainty that is caused by the probability of a war between the more important powers will prevent business from recovering as rapidly as it might otherwise. Basic Factors Favorable Regarding the New Deal measures, it is my opinion that should all of those measures be declared unconstitutional. business prospects would be improved. There might be a psychological reaction, but this would be temporary and of little importance. The basic forces underlying t he various industries and commodities affected by the New Deal are unusually favorable at present and would be much more effective in restoring normal business conditions in the nation, should there be no restrictions similar to the AAA, the Guffey Coal Act, etc. It. is true that in time the huge budget deficits incurred by the present administration will have to be met. This debt can be met either by increased taxation or by inflation and repudiation. For political reasons, higher taxes in the immediate future are not probable. On the other hand, the fear of inflation will be with us constantly. This fear will act merely as an additional stimulus to business for a few months at least. From the long range point of view this factor is very dangerous indeed. Statistical Position Cited According to a statistical compilation, demand has been exceeding new supply since September, 1934. Stocks of both raw and finished goods have been reduced to the lowest level recorded since January, 1928. With that exception, stocks are now at the lowest since 1926. Commodity prices have been increasing steadily. Never in the past have these basic forces been more favorable for a rise in productive activity than they are at present. These factors, combined with ihe favorable outlook for agricultural purchasing power, indicate that both production and sales will continue upwards with only minor interruptions for several months.

Other Livestock (By United Press) CHICAGO. Oct. 24.—Hogs—Receipts. 13.000 Including 8.000 direct.: fairly active, mostly 25 to 35 cents lower than Wednesday’s average; top. $9.85: bulk, 180-250 lbs. $9.65-5?9.80: few 260-300 lbs., $9.35-5, 9.70; better grade. 140-160 lbs., $9.25 -ft 9.60: most sows, $8.25(5/8.50: best. 58.90. Cattle—Receipts. 5000; calves. 1500: good and choice fed steers and vearlings strong to 25 cents higher although moderate holdover following Wednesday's sharp decline; not manv steers suitable for shippers in crop: best $12.50: all grades light cattle getting fairly good action; but common and medium grade weighty kinds slow, steady: general undertone on all classes more dependable than Wednesday. Stockers and feeders largely 25 rents lower for the week: fairlv active at $6.5055 8. Sheen —Receipts. 6000: fat lambs active, bids and sales fullv steadv to strong; she-p and feeding lambs little changed; native lambs. $3.7555 9 freely: few best lots held $9.15 and above: good comebacks. $8.75. Native ewes. $345 4 mostly; desirable feeding lambs eligible upward to $9; strictly choice range feeders scarce. FORT WAYNE. Oct 24 —HO2S—2O4/25c lower; 160-180 lbs., $9.55; 180-200 lbs.. 50.45: 200-220 lbs.. $9.35; 220-240 lbs.. $9.20; 240-230 lbs.. 59.05; 280-300 lbs.. 53.95: 300350 lbs., $8.75: 150-160 lbs.. $1.55: 140-150 lbs. $3 30: 130-140 lbs., $9; 120-130 lbs., $8.80: 110-120 lbs., $8.50; 100-110 lbs., $8.30: roughs, $8.25. LAFAYETTE, Oct 24.—Hogs—Market. 104? 25c lower: 170-210 lbs.. $9,604/0.65: 210-250 lbs., 50.4045 9.50: 250-325 lbs.. $9 20 4/ 9.35: 140-170 lbs.. $9.2545 9.50: 120-140 lbs.. $8.7545 9; 100-120 lbs. $3,254/8.50; roughs, $8.75 down; calves $lO down: lambs, $8.25 down. (Bv Times Special) LOUISVILLE. Oct. 24.—Cattle—Receipts 400: salable supply slaughter cattle light demand fairlv broad for all classes market moderate!-, active fullv steadv early; bulk common to medium grade light grass steers and heifers. $5,254/7.25: better finished kinds scarce, quotable to around $9: bulk grassy beef cows $4 254/ 5.25: practical top around $5 75: most lowcutters and cutters. $3.2545 4; thin shellv low cutters down to $3 or less: bulk sausage bulls. 54.2545 5.25: most light beef type Stockers and stock calves. $6.5045 8.50: native feeding steers. $5.504?7.50: inferior to common ieht, southern dairvbred Stockers. $445 5, Calves—Receipts. 325: including 150 stock salves: vealers mostly 50c higher: bulk, good to choice grades $94 1 10: medium and lower grades including heavv grass calves mainlv $8.50 down to around S5 Hoes —Receipts 400: market. 25c lower. tOD and bulk better. 130-2' , 0 lbs.. $0 65; 245-295 lbs.. $9 15. 300 lbs. un $3 75: 160-175 lbs . $9.15: 140-155 lbs.. $8.30-120-135 lbs . $7.35: sows. $7.30. Sheep Receipts. 150: lambs in verv light sudoUdemand dependable. market generally steadv; most better lambs. $845 8.25: choice scarce and nuotable higher plainer grade lambs ineludicn bucks mostlv $5.5045 7.25: light rulls down to $4. bulk fat ewes. $3.50 down. Chicago Grain Futures Bv United Press 11 30 Prev. lVheat— High. Low. A. M. close. Dec 1.n0% .99'% 1.00 99% Mav 99% .99% .99% .99 July ..••■*•• .89% .89'a 69% .88% Corn— Dec 61% .60% 60% .61 % Mav 60% 59 59% .59** Julv 60% .59% .59% .60% Oats— Dec. .27 .26% .26% *26% Mav 28% .28% .28% +.28% July 28% .28* a .28% Rye— Dec 50% .50% .50% *.50% Mav 52% 52% 52% +52% Julv .52% .52% .52% T 52% •Ask. -Bid. LOCAL CASH MARKET City gram elevators are paving 92 cents for No. 2 soft wheat. Other grades on their merits. Cash corn No. 2 yellow 77 ceats and oats 21 cents.

Soybean Exports Soar Chicaqo merchants are export inq soybeans at ihe heaviest pace in history, sparred bit the record crop this year. If is estimated that more than 500,000 bushels hare been sold for export in the last week.

PAGE 15

PUTS ON WORKERS

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The Delco-R?my unit of the General Motors Corp., at Anderson is now employing a full force of 6900, an increase of 300 over the Aug. 1 figure, according to F. C. Krocgcr. president and general manager of the Indiana subsidiary.

PORKER PRICES DIP 25 CENTS Cows Show Strong, Active Trend in Cattle Market. Weakness which has characterized trade in hogs at the city yards during the week continued this morning, prices dropping fully 25 cents on all swine classes. The bulk, 160 to 250 pounds, sold for $9.70 to $9.90; 250 to 300 pounds. $9.55 to $9.65; 300 pounds up. $9.25 to $9.45; 130 to 160 pounds. $9.25 to $9.75; 100 to 130 pounds. $8.50 to $9. Packing sows brought $8.25 to $9. Fresh receipts of porkers totaled 5500. Holdovers were 203. Steers and heifers were scarce in the cattle market, the trend slow and steady. Cows were unusually active, prices strong to 25 cents higher. A few steers sold for 36.50 to $9. Very few heifers went above $7.50. Beef cows brought $4.50 to $6. Low cutters and cutters ranged from $3 to $4.25. Culls sold mostly at $5.75 down. Vealers were $1 higher, good and choice kinds .selling for $10.50 to sll. Cattle receipts were 700; calves. 600. Lambs were steady to 2 5 cents higher in the sheep market. Bulk of better grade ewes and wethers sold for $8.50 to $9.25. Bucks were available at a discount of 50 cents to sl. Slaughter sheep made the market at $2 to $4. Receipts were | 1800. HOGS Oct. Bulk Top. Receipts. 18. $10.60 @IO.BO $10.85 3500 19. 10.50® 10 80 10 80 2000 21. 10.25® 10.50 10.55 4500 22 10.20® 10 30 10.35 5000 23. 10.00'S 10.15 10 20 5000 24. 9.70@ 9.90 9.90 5500 Light Lights. (140-160) Good and choice . $9.50® 9 85 Mpdium 3.55® 9.60 Lightweights. (160-180) Good and choice .. 9.754; 9.90 Medium 9.254; 9.75 (180-200) Good and choice ... 9.754; 9.90 Medium 9'.25® 9.75 Medium Weight.';. 1200-220) Good and choice ... 9 704; 9.90 (220-2501 Go< and and choice ... 9.65® 9.80 Heavyweights. (250-2901 Good and choice ... 9.55® 9 65 1250-350) Gcod and choice ... 9.25® 9 55 Packing sows. 1275-350) Gcod 8 754) 9.00 (350-475 Good 8 604; 8 85 (425-4501 Good 8.504; 8.75 (275-4501 Medium 8.254;. 860 Slaughter pigs. (100-140) Good and choice ... 8 504; 9 50 Medium 800® 9.25 CATTLE —Receipts, 700— (500-900) Choice $lO 001711.25 Good 8.5041:10.75 Medium 6.754ij 8.75 Common 4 75(40} 6.75 (900-1100) Choice 11.00®1200 Good 9 00 4}. 11.25 Medium 7.00® 9 00 Common 5.00® 7.00 (1100-1300) Choice 11.50 40.12.25 Good 9.25® 11 50 Medium 7.00® 9.25 (1300-1500) Choice 11.504; 12.25 Good 9 50(0.11.50 Heifers (500-750) Choice 9.00® 10.00 Good 7.50® 9 00 Common and medium 4.00® 7.50 1750-9001 Good and choice ... 8.00®10.25 Common and medium 4 00® 8 00 Cows Good 5.25® 6.25 Common and medium 4.25® 5.25 Low cutter and cutter 3.004; 4.25 Bulls, good 5.504 c 600 Cutter, com. and med. bulls... 4.00® 5.50 VEALERS —Receipts, 600— Good and choice $10.50® 11.00 Medium 8.50® 10.50 Cull and common 5.50® 8 50 Calves (250-500) Good and choice ... 7 00® 050 Common and medium 4.00® 7.00 —Feeder and Stocker Cattle—-(soo-800) Good and choice • • s 75® 875 Common and medium 4.504; 6.7.4 i3OO-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, 1800— Lambs, 90 lbs. down, good and choice $ 8 40'.; 9.25 Medium 6 75®. 3.50 Ewes (90-125' Good and choire . 3 00® 4 00 All weights, common and medium .. 2 50® 3.50 (120-150) Good and choice . . 2.00® 3.00 Other Livestock (By United Press) CLEVELAND. Oct. 24.—Cattle -Receipts, 225: market, steady: choire to prime steer; 1250 lbs. and up. 511® 12 25: choice. 7501100 lbs., slo® 11 50: good grass cattle. s7® 8.50. Calves—Receipts. 400 marked, strong: prime veals. $10.50® 11.50: choice veals. $9.50® 10.50. Sheep and lambs 1500. 25 cents lower; choice iamb-- 19®9.50 good. sß®9, Hogs—Receipts 1200; 25 cents lower; 250-300 lbs.. $9.50®9.75: 220-250 !b* $9.90; 180-220 lbs . S9 90 150-190 lbs., $3 90 pigs, 150-180 lbs.. $9.90. RUBBER EXPORT TAX UP AMSTERDAM, Oct. 24.—The Dutch-Indian export duty on native rubber today was raised % cent to a level of 12Dutch cents a pound.

r—WE BUY. SELL.—— end 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

F. C. Krocgcr

TAX REVENUES TOP ESTIMATE, TREASURY SAYS All Collections, Other Than Processing Levy, Running Ahead. By l uitrd Prrfi, WASHINGTON. Oct. 24—Government tax collections, other than processing taxes, are running slightly above estimates. Secretary - of Treasury Henry Morgenthau Jr., said today, Remarking that tax collections are ‘encouraging.” the Treasury head said all collections other than processing taxes rose to $804,615,000 in the three months ended Sept. 30, from $681,000,000 in the first quarter of the previous fiscal year, a gain of 18 per cent. A large part of the gains, however. were erased by the sweeping decline in processing tax collections in anticipation of the Supreme Court battle over their constitutionality. For the three months to Sept. 30. Mr. Morgenthau said, processing tax collections dropped $83,000,000 under a year ago. He said $81,000,000 had been impounded by the courts pending a test on the law. The Secretary said that the Treasury had made no plans to recommend new taxes in the next session of Congress should processing tax collections be invalidated. President Roosevelt has warned that new tax sources would have to be found if the processing tax collections were cut off. Questioned as to charges by former Budget Director Louis W. Douglas that the government was “rigging the bond market.” Secretary Morgenthau said “they weren't worth answering.”

CUT RATE DEALS END IN MORTGAGE BONDS Few Offerings Now in Market, New York Dealers Report. By Times Special NEW YORK, Oct. 24.—'The “cutrate” market for guaranteed mortgage certificates has virtually vanished since the Mortgage Commission of the State of New York has been in operation, it was disclosed today. A survey by the commission disclosed that brokers report that it was not a “bid” market, with little or nothing offered; in other words, people are trying to buy certificates and holders were not interested in present offers. “With the Mortgage Commission in control, holders of guaranteed mortgage certificates have confidence in the future of their investments and are not disposed to offer them at prices ridiculously below their real worth,” the survey stated. HHUi General Banking Courteous, dependable service Bankers -Trust Cos. INVEST with Ist Mortgage Security on Improved Real Estate BUY Building & Loan Shares

§11? PRESENTATION OFFICE SPACE The facilities and wide selection of space offered by this organization enable you to come to a quick decision based on pertinent facts reguarding any business location. KLEIN, KUHN.., PROPERTY MANAGEMEU? Lincoln 3545 INDIANAPOLIS