Indianapolis Times, Volume 47, Number 196, Indianapolis, Marion County, 25 October 1935 — Page 24

T rends Liquid Bank Assets Principally in U. S. Bonds. BY VINCENT LYONS Tim*. Financial Editor

/''VVER 55 per cent of the liquid assets of weeky reporting member banks of the Federal Reserve System now are invested in United States government bonds or held as cash reserves, whereas in the final quarter of 1920 these two items represented less than 17 per cent of the total liquid assets, according to the Bureau of Business Research of Indiana University. The Bureau uses the term “liquid bank assets” in a liberal sense to include all loans, investments in securities and cash resources. Most of the assets classified as “other loans” in the weekly Federal Reserve figures are of an industrial or commercial nature and, therefore, fluctuations in this total may be considered as changes in the amount of commercial bank credit outstanding. There were a few months late in 1920 and early in 1921, the Bureau explains, during which over 50 per cent of all liquid bank assets were listed as "other loans.” There was a marked decline in commercial loans during the post-war depression and again during the industrial disturbances of 1924. a a a “'T'HE small decline in the rela- ■*- tive importance of commercial loans from 1925 to 1929," it is pointed out, “was largely the result of a greater tendency to secure working capital by floating additional stocks and bonds. There was a substantial decline in commercial loans early in 1930, but it was not until October, 1932, that this type of loan constituted less than 30 per cent of total liquid bank assets. “Late in January, 1934, the 25 per rent mark was crossed going downward. At no time since early in June, 1925, have commercial loans constituted more than 20 per cent of the liquid assets of reporting member banks. This is in marked contrast with the 50 per cent mark set about 15 years ago. “Much of the money that formerly was loaned to business concerns now is invested in government securities. Over 32 per cent of the liquid assets of reporting member banks are invested in direct obligations of the United States government. Obligations guaranteed by the Federal government increase this total to over 36 per cent of total liquid assets.” a a a this is in marked contrast with reports issued late in 1920 and early in 1921. At that time it was shown that less that 8 per cent of the liquid assets of reporting member banks was invested in obligations of the United States government. There were several months in 1929 and 1030 during which cash in vault and reserves with Federal Reserve Banks constituted less than 8 per cent of total liquid assets. November, 1932, was the first month in the period tinder consideration during which cash and reserves with Federal Reserve Banks were equal to more than 10 per cent of total liquid assets. Moreover, these cash resources have been mounting during the last three years, largely as a result of the scare given banks by the national banking holiday. Recently, cash resources have been as high as 19.4 per cent of total liquid assets. ROYAL DUTCH-SHELL DENIES SOVIET DEAL Sir Henry Doterding Says No Negotiations Are Under Way. By Times Special AMSTERDAM, Oct. 25.—Sir Henri Deterding, head of the Royal DutchShell Oil Interests, today denied reports that the organization was carrying on any negotiations with the Soviet. Business this year has been fairly satisfactory, Sir Henri stated. Final decision on the interim dividend on the Royal Dutch and Shell Transport will be taken at the end of November and if a dividend is ordered, it w r ill be payable in January. On Commission Row Quotations below subject to change are average wholesale prices being offered to Buyers by local commission dealers: FRUlT—Cranberries, early blacks. 25-lb. box $3 35. Pears Michigan Bartletts, bushel $2.25; Avocados. Florida, box $2.25. Cantaloupes- California Honey Dews $2 50; Casabas $3 25; Persians, S2oi 2.25. Bananas —7 hands, a pound. ss. Grapes- Michigan, 12-qt. basket, 35c. Persimmons, Indiana. 12-pr case. sl. Apples Jonathans, $1.15 1.35. Summer Rambos, $1: Delicious. $1,505.11.65; Wealthy s, $1; Grimes Golden < large!. $1.35. Lemons —Sunkist, 3025, $7 50. 4325, $7. Grapefruit. 04s to “os. $3 50. Limes—Mexican a carton 12s, 20c; Persian seedless a hundred. $3 Vegetables—Beans, green, round stringless bu.. $2 50. Beets—Home grown. doz., 20c. Cabbage—New York. 50-lb. bag. 75c Carrots—Home grown and Ohio, 30c; new bulk, half bu . 65c Cauliflower—Colorado. 11s. 12s. crate. $1 90. Celery—Michigan. washed and trimmed. Jumbo doz, oOe; Jumbo, do?.. 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—Do? , 50c Mustard—Home grown, bu.. 50c. Onions—lndiana yellow. 50-lb bag. 90c; Indiana white. 50-lb. bag, $1; Utah Span.sh 50-lb bag. $1.40 Parslev—Home erown. dor 35c. Peas—Telephone, hampers $3 ii3 75 Potatoes—New jersey Cobblers, 100lb. bag, $1 SO: Michigan Round White 100lb. bag, $1.20. Early Ohtos. bu., $1.30; Idaho Russets, $1 90 Sweet potatoes- Indiana. Jerseys, bus. $1 40. Radishes—Ohio, buttons 2-ctoz. baskets. 60c. Sage—Doz , 45c Spinach—New Zealand, bu., 65c Squash—Bu . $1 Turnips—New bu $115; bunch, do? 30c. Tomatoes—California, repacked. 10-lb. carton. $1.25; Doz., 60c. FRUITS AND VEGETABLES '■Bv United Press). CHICAGO. Oct 25 —Apples—Michigan Mclntosh, bu sl4ll 25 Carrots Illinois, bu 25c Swvet Potatoes—Tennessee, bu . 7' Beans —Louisiana, bu., $2 <i 250 Cabbage 60-70-lb. crates. 50® 65c Peas— California bu, hampers. $2 25®2 65. Tomatoes California lugs. sl2s'/175 Spinach Illinois bu 35 760 c Lettuce Western crates 5 do? $2 504 4 Cucumbers— Louisians bu $2512.50 Celery—Michigan, crates sl@l 50 Pears Michigan bu $Li 1.50 Onion market 50-lb sacks! Minnesota jeilows. 77*a '•/ 80c. Western Valencias. 97%cs 1 Illinois Yellows, sC®6oe 'small SUGAR MELT INCREASES Times Special NEW YORK, Oct. 25.—The sugar melt of 13 domestic refiners totaled 3.270.000 long tons from Jan. 1 to Oct. 12, contrasted with 2,910,000 in the same 1934 period, it was announced here today.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 24

NEW CHARGES MADE AGAINST ASSOCIATED GAS Joint Legislative Committee Says Millions Siphoned From Subsidiaries. i Hu 1 nit((l Press ALBANY, N. Y„ Oct. 25.—Service ! and holding companies dominated jby utility magnates “siphoned” millions of dollars annually from operating companies of the Associated Gas and Electric System, it was charged today at a hearing before the Joint Legislative Utilities Investigating Committee. Stuart Ross, cries accountant of

the committee, made the charge. Mr. Ross testified service companies charged operating concerns, which supply gas and electricity for millions of residents in New York slate, more than two and one-half times the actual value of service rendered.

Mark

“In the first place, the holding company each time exacts full value for anything it does for the operating company,” he said. “For instance, if the holding company acquires some property and subsequently transfers it to an operating company, it gets paid either original cost or, in some instances, the system has juggled the property among its various holding companies with the ultimate result that an operating company was charged a price very much higher than the original cost and a price which could not be sustained as a result of hearings held before the Public Service Commission.” Committee counsel, Chairman John E. Mack indicated the activities of the service and holding companies tend to prevent the operating companies from reducing their rates to consumers. Utility Gives Figures By Times Spi rial NEW YORK. Oct. 25.—The number of Associated System companies eliminated since 1922 by merger, dissolution, consolidation, &c., is now 302, it was announced today. The latest of these mergers *ook place on Sept. 26, when the C. M. M. Corp., a holding company; Mohawk Limestone Products Cos., a quarrying firm, and Reading Transiti Corp., an inactive holding unit, were ! consolidated into Mid-State Fuel Corp. ANGAS SEES UPSWING IN AUTOMOTIVE TRADE Deferred Replacement Demand Held Important Factor. liH Times Special NEW YORK, Oct. 25—A sharp expansion in the automobile industry is predicted by Maj. L. L. B. Angas, internationally known economist, in a survey released today by the Brookmire Economic Service. His premise is based upon the deferred replacement demand rising sharply under the influence of returning confidence, plus the economic necessity of car owners turning in their wornout cars. Maj Angas predicts also a marked improvement in expansion demand from new car owners as well (those who have not owned cars before) and that these two classes of buyers will bring the passenger car demand beyond the industry’s present productive capacity. FARMERS SOLD 1934 WHEAT CROP EARLY More Than Half Sold From July to September. Times Special WASHINGTON. Oct. 25.—Sales of wheat by farmers during the 1934-35 season were somewhat earlier than usual, the Bureau of Agricultural Economics declared today. More than half the wheat crop left famers’ hands from June to September 1934. the peak of sales being reached in July, when 29.6 per cent of the total crop was sold. Normally, only about 20 per cent of the wheat marketed is sold in July. r - Oats and barley, the bureau reported, were marketed later in the season, the peak of sales in August. By the end of September, 54 per cent of the oats marketed had been sold, and 56 per cent of the barley.l ZINC OUTPUT DECLINES Both World and Domestic Total Lower in September. Times Special NEW YORK, Oct. 25.—World zinc | production in September totaled I 120,150 short-tons, against 122,212 j in August and 103,695 in September, 1 1934, the American Bureau of Metal Statistics reported today. United States production in September was 36,088 tons, against 35,522 in August. Chicago Grain Futures 11 30 Prev. Wheat— High Low. A M. close. Deo. .. 1.00% .99% 99' 3 99 May 99 ’• 3 .98% 98 7 * .95% July 89': 86 3 4 .89% .89 Corn — Dec 60 3 4 .60’* 60% 60 ! May 59'a .59 .59’: 59 3 1 July 60% .59% .60'4 .60% Oats— Dec 26% .26% .25% ,26%b 1 May 28% 28% 28': ,28%a July 28% 28 s * 28% 28% I RyeDec 50 3 4 .43% .50 ,50 3 b i Mav 53% . 51 3 4 52 ,52‘ea Julv .32% .52% 52% 52%b (a)—Ask. ib)— Eid. LOCAL CASH MARKET City grain elevators are paving 92 cents for No. 2 soft wheat. Other grades on their merits. Cash corn No. 2 yellow 77 cents and oats 21 cents. DR. KLEIN FORMS FIRM Times Special NEW YORK. Oct. 25—Dr. Julius Klein, Assistant Secretary of Commerce under Hoover, and Julien M. Saks today formed the firm of Klein & Saks, industrial, marketing and management constants.

INDIANAPOLIS, FRIDAY, OCTOBER 25, 1935

Hands Across the Sea

— m r^sr

New York Stocks

IBy Thomson & McKinnon) Prev. Oils— High. Low. Close, close. Amerada 72% 72 72 72’,j Atl Rfg 23% 23 23 23 Barnsdall lON 10% 10' 4 10's Consol Oil 9' 9 9 9'a 8% Cont of Del ... 23 3 4 23 1 2 23% 23% Houston (new).. 4' t 4% 4'4 Houston iddi .. 12% 12% 12 1 3 ■ Mid Cont Pet.... 34% 34V* 34% 34% Phillips Pet ■ .. Zi% 34'4 34%3334 3 * Pure Oil 11‘ a 11 11 Vs 10% Royal Dutch .... 44 43% 43 7 e 431: Seaboard Oil . 31% 31V 31 3 s 31 Shell Un 11 11 11 10% Skellev Oil 12 3 4 12% 12% 12% Soc Vac 12% 12 '4 12% 12 % SO of Cal 36 3 4 38% 36% 36% S O of Ind .... 27 3 4 27% 27% 27’a S O of N J 49% 49Vs 49', 2 49% Texas Corp 23 22% 22 7 8 22 7 s Tidewater Assn.. 10% 10 10% 9% Un Oil of Cal .. 19 3 a 1914 19% 19% Steels— Am Roll Mills .. 29% 28% 23% Beth Steel 39% 39 39% 38% Bvers AM ... 17% 17% 17% 17% Inland Steel ... 95% 95% 95% 95% L"dlum Steel . . 25% 25% 25% 26 Mid Stf’l 23 23 23 22% Nrtl St.eel ... .. 73% 73% 73% 73% Otis Steel ... 16% 15% 16% 15% Rep Iron & Stl. 17% 17 17% 17 Rep I & Stl pfd 79% 79% 79% . U S Pipe & Fdy 19'4 19% 19% T 9% U S Steel . 47*4 46% 47'4 46’. Youngstn S& T. 25% 26% 26% 26% Motors — Auburn 44% 43 44 42 1 2 Chrysler 87% 86% 87% 85% Gen Motors 52% 51% 52'2 51% Graham Mot ... 4% 3% 4% 3% Hudson 17' a 16% 17 16% Hupp 3' 4 33% 3'/a Nash 18 1 2 18 '4 18% 18 Paekard 7 6% 6% • 7 Reo 4% 4% 4% 4% Yellow Truck . 6'4 6 6'/a 6 Motor Access— Bendix 23% 23% 23% 23% Bohn Alum 49 % 49% 49 % 49% Borg Warner ... 63 62% 62% 62 Briggs 54% 54 54% 53% Rudd Mfg 7 6% 7 6% Budd Wheel ... 10 9% 10 10 Eaton Mfg 30% 30% 30% 30% Elec Stor Bat ... 51% 51% 51% 51'2 Houdaille "B” . . 24% 23% 24', 23% Murray Body .. 20 19% 19% 19% Stew Warner ... 17% 17'2 17% 17% Timken Roll 62% 62 62% 61% Timken Det Axle 9% 9% 9% 9% Mining— Alaska Jun 14% 14% 14% 14% Am Metals 27% 26% 26% 27 Am Smelt 56% 55% 56’2 55% Anaconda 21 ’ 2 21% 21% 21% Cal At Heela . . 5% 5% 5% 5% Cerro De Pasco . 59% 59 59‘a 59 1 2 Dome Mines . .. 39% 39% 39% 38% Granby 12% 12% 12% . . Gt Nor Ore 14 14 14 13% Howe Sound 52’ 2 52% 52% 52% Int Nickel .... 31% 31% 31% 31% Mclntyre Mine.. 36% 36’ 4 36% 36 Park Utah ... 4% 4 4 4 U S Smelters .. 97% 97% 97% 96 Vanadium ...... 18% 17% 18% 177$ Amusements— Groslev Radio .. 16% 16% 16% 16% Fox Theat 16% 16% 16% 16% Lews Inc ...... 48% 48 48% 48% Radio Corp ... 8% 8 B’a 8% Paramount 10% 10% 10% 10% Tobaccos — Am Sum Tob .... 25% 25% 25% 26V 8 Am Tob "B" . . 103% 102% 103% 103 Gen Cigars .. 54% 54% 54% 54% Lige & Myers 8.114% 114% 114% 113% Lorillard .. .. 25% 25% 25% 25% Phillip Morris. .50 49% 50 Reynolds Tob B 57 56% 56% ... Rails— Atchison 49% 49 49% 48% Atl Coast Lines 24% 24% 24% 24 B & O 15’ 4 14% 15% 14% Can Pacific 9% 9% 9% 9% Can Pacific 9% 9% 9% 9% Ch & Ohio .. . 45% 45% 45% 44 % Chi & Gt W pfd 2% 2% 2% 2% C M & St P .. 2% 2% 2% 2% C M & St P. l’a 1% l’a .. C M & St P pfd 1% 1% 1% 1% Chi N W . ... 2'a 2'a 2% 2% Del Lac & W . 15 15 15 14% Erie 10% 10% 10% 10% Grt Northern pfd 26% 26 26% 26 111 Central 15% 15 15% 15 Lou & Nash .... 45 44% 44% 45 M K A- T .5 7 5 5% M K A T pfd .. 11 11 11 11 ’ 8 N Y Cent 23% 23% 23% 22% N Y New Haven. 33 33 Nor Pacific 17% 16% 17% 16% Penn R. R 28 27% 28 27% Reading 35% 35% 35% Sou Pac 18% 18'2 18% 18 Sou R R 9' 4 9 9% 9 Union Pac .. . 95 1 2 95% 95% 94% W Maryland ... 8% 8 8 .... Equipments— Am Brake Shoe. 34 34 34 34% Am Car & Fdy. 21% 21'4 21 % 21 % Am Steel Fdy .. 18% 18 18% 18% ‘Bald Loco . .... 32% 2% 2% Gen Am Tk Car 41% 41 41% 41 Gen Elec 35% 35 35% 35% Gen R R Sig ... 33% 33 33 32 Pullmpn Ino ... 33’4 32% 33 33 Westingh Elec . 87 85% 86'% 85% utilities— Am " For Pwr ■ 6% 6% 6% 6% Am Power & Lit 7% 7% 7% 7% AT&T 144 3 1 142% 146% 142% Am Wat Wks .. IF% 17% 17% 17% Col Ga. & Elec.. 14% 14 14 14% Comm & Sou ... 2'4 2 2 2% Consol Gas ... 29% 29 29% 29% Elec Pwr & Lit . 5% 5% 5% 5 Int Hvdro Elec. 3% 3% 3% 3% Int T & T . 10% 10'2 10% 10' 2 Lou G & E A 20 1 4 20’ 4 20% 20% Nat Pwr & Lit.. 9 1 a 9% 9% 9% North Amer . . 22% 22’2 22% 22% Pac G & E ... 28 27% 27% 27% Peoples Gas ... 40 39% 39% 39 1 2 Pub Serf N J . 43% 43 43% 42 1 a So Cal Edison .. 24% 24% 24% 24% Std Gas 4’ 2 4', 4% 4% Stone & Webster 10 9% 10 9% United Corp 5% 5% 5% 5% Un Gas Imp . 17% 17% 17% 17% Ut Pwr & Lt A 2% 2% 2% 2% West Union 62 61'4 62 61 % Rubbers— Firestone 16% 15% 16% 15% Goodrich 10% 9% 10% 9% Goodyear ... 20% 19% 20% 19% U S Rubber pfd 33% 39% 39% 38% Miscellaneous— Allis Chalmers , 34 1 2 33 34% 33 Am Can . 146'2 146% , 146% 145% Am Mach & Fdy 28% 28% 28% 28% Anchor Cap . 16% 16% 16% 16% Burroughs Add. . 24% 24% 24% 24 J I Case 98% 98% 98% 97% Conti Can 94 94 94 94 Caterpillar Tract. 57% 57% 57% 57 Crown Cork . . 38% 38% 38% 38% Curtis Pub ...... 17% 17% 17% 17% Deere &Cos . 51% 51% 51% 51% Eastman Kodak. 153 lt>3 lt>3 163 Gillette 17% 17% 17': 17% Glidden .. 37% 37% 37% 37% Ingersoll Rand . 110 110 111 109% Int Bus Mach . 183 182' 2 183 182' 2 Inter Harv , . 59 58% 59 58% Natl Cash Reg . 18% 18% 18% 19 Rem Rar.d . 14 3 a 14% 14% 14% Underwood E ... 80': 80‘: 80% 80% Foods— Am Sugar 51' 2 51 1 a 51 % 51 % Armour 4% 4% 4% 4% Armour 6% pfd 66 65% 65% 66% Borden Prod 25% 25% 25% 25% Ca! Packing . 35% 34% 35% 34% Can Dry G Ale 11% 11’* 11% 10% Coca Cola 263 263 263 264 Corn Prod . 65% 64% 65'* 64% Cuban Am Sugar 56 55% 56 55' 2 Gen Baking ... 12% 12% 12% 12% Gen Foods 33% 32% 32% 32% Gold Dust 17 16% 17 16% G W Sugar 28 27% 28 28 Int Sait 27 26% 27 26% Natl Biscuit 32% 32% 32% 32 Natl D Prod 17% 17% 17% 17% S Porto Rico Sug 24% 34% 34% 34% Std Brandi 14% 14 14 14% United Fruit ... 7j£ €7% 67% 67%

Retail Stores— Best is Cos 55 7 a 55% 55% 55'% First Natl Stores. 49% 49% 49% 49 Gimbei Bros ... 7 7 7 7 Allied Sts 7% 7% 7% 7% Jewel Tea 55 55 55 55% Kresge S S 27% 27 27 27 Kroger Groc .... 27 26% 27 26% Macy R. H 55% 54% 54% 54 McCrory St 13 12% 12% 12% McLellan St ... 14 14 14 13% Marshall Field .. 12% 11% 12% 12% May Dept St ... 54 54 54 53 Mont Ward 34% 33 34% 33 Penney J C 80% 80 80 79% Sears Roebuck .. 60% 59% 60% 59 Woolworth 58% 58% 58% 58'/e Aviation— Aviation Corp .. 3% 3% 3% 3% Curtiss Wright . 2% 2% 2% 2% Boeing Aircft 15% 14% 14% 14% Curt Wright “A'' 8% 8 8 8 Douglas Air 33% 32% 33% 32% Nor Am Av 4% 4 4% 4% Sperry Corp .. 12% 12% 12% 12% Unitd Aircft New 20% 19% 20 20% Chemicals— Allied Chem 131% 131% 131% 131% Air Reduction ..163 163 163 Id3 Am Com Ale 30% 30% 30% 30% Col Carbon 95 95 95 96% Com Solvents ... 18% 18% 18% 18% Du Pont 135% 135 135 135 Freeport Tex ... 26% 26% 26% 26% Liquid Carb 33% 32 r3% 31% Math Alkali 33% 33 3'% 32% Monsanto Chem. 93',4 92% 93% 93 Natl Dis fnew) . 31Va 31% 31% 31% Schenlev Dist .. 49 48% 49 49 Tex Gulf Sulph .32 31% 31% 32 Union Carbide .. 70 70 70 70% U S Indus Ale. 46% 46 ' 46% 46% Drugs— Bristol Myers 40% 40% 40% 40% Coty Inc 5 5 5 5 Lambert 23% 23% 23% 22% Lehn & Fink ... 12% 12 12% 12% Sterling Prod .. 64% 64% 64% 64 Un Drug (new).. 10% 10% 10% 10% Vick Chem 40% 40% 40% 40% 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% 8% Chesa Corp .. . 45% 45% 45% 45% Lehman Corp .. 94 93% 94 93% Tr Conti Corp .. 6% 6% 6% 6% Building— Am Radiator ... 13% 17% 18% 17% Gen Asphalt .... 18% 18% 18% 18% Holland Furnace 21 20% 21 20 Int. Cement . 29% 28% 29% 28% Johns Manville . 83 86 36 85% Otis Ele- 20% 20% 20% 20% Household— Col Pal Peet 18% 18 18% 17% Kelvinat.or 14% 13% 13% 13% Servel Inc 11% 11% 11% 11% Simmons E’3d ... 17% 16% 17% 16% Textiles— Amer Woolen ... 9% 9% 9% 9% Belding Hem ... 13% 13% 13% 13% Celanese Corp .. 30% 30 30% 30 Collins Aikman .40 38% 40% 38% Indus Ravon ... 35 35 35 35 Kayser Julius .. 27 27 27 27% Chicago Stocks (By Abbott, Proctor & Paine) 11:13 Prev. A. M. Close. Allied Prod 35% 34% Asbestos 4% 4% Bendix 23Va 23% B Warner 63 62 E L Bruce 15% 15 Butler 7% 7 C S W 1% 1 % Chi Corp 3% 3% C Service 1% 2 Crane Cos 19 18% Com Ed 91 90% Cord 4% 4% El Hsld 18% 18% Iron Fire 25% 25% Libbv 8% 8% Noblitt 30% 30% P Circle 43% 42 Quaker Oats 136% 136 Swift 19% 19% Gen Hsld Ut 6% 6% Zenith 9 9% New York Curb ,'By Abbott. Proctor & Paine) 11:30 A. M. Prev. N. Y. close. Alum Cos of Am 78 % 78 Am Cyanide "B" 27% 26% Am Superpower 2 2% Art Metal 11 10% Atlas Corp 12% 12% Deere & Cos 51% 51' 2 Distillers Corp 28% 28% Ford of Can 'A” 30% 30% Gulf Oil of Pa 64% 64% Hiram Walker 28% 28% Humble Oil 59% 58% Imperial Oil Ltd 21% 20% Lake Shore Min 46% 46 Lone Star Gas 10% 9% Natl Bellas Hess 1% Nia Hud Pwr 8% 8% Novadel Agene ?6% 36% Pan Am Airways 39 1 a Park Davis 44% 41% Penn Road 2% 2% Sonotone 32% St of Ky 20% 21 Money and Exchange INDIANAPOLIS STATEMENT. Clearings $1,942,000 Debits 4,812.000 TREASURY STATEMENT (By United Press) WASHINGTON. Oct. 25.—Government expenses and receipts for the current fiscal year to Oct. 23 as compared with a year ago: This Year Last Year. Expenses . $2,482,042,539.81 $2,070,626,217.04 Receipts . 1.182.016.399 82 1.169.957.094 26 Deficit .. 1.300.026.140,13 900,669.212.78 Cash Bai. . 1.529.442.461.29 1.842.780 894.0 b Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers 58% 60% Central Hanover B & T 108% 110% Chase 33 34% Chemical National 47% 48% Guaranty 278% 282 Irving 14% 15-% Manufacturers 34% 36% National City 30% 31% Cont 111 iChicago) 68% 70% First Natl of Boston 41% 43% FIRE INSURANCE Aetna Fire 56 57% City of New York Ins inew).. 25% 27% Federal Ins 76% 81 Great American Ins 26% 27% Hanover Fire Ins 37% 39 Hartford Fire 78% 80 Home Insurance 34 35% Ins Cos of N A 69% 72 National Fire 71% 73% North River Insurance 25% 27% Phoenix Insurance 90% 92% U S Fire 51% 53% Westchester Fire 35 36% EARNINGS SHOW GAIN NEW YORK. Oct. 25.—Beneficial Industrial Loan Corp, and subsidiaries today reported consolidated net earnings for the nine months ended Sept. 30. of $3,917,837 after all charges and Federal taxes. This compares Kith $3,608,860 for the corresponding period last year.

FIRM TONE IS NOG FEATURE AT LOCAL PENS Cattle Market Largely Cow and Heifer Run; Sheep Move Up. Steadiness prevailed in swine at the city yards this morning, prices showing little change from yesterday's final figures. Weights of 160 to 300 pounds sold jin a range of $9.55 to $9.70; 300 pounds up, $9.25 to $9.45; 130 to 160 pounds, $9.25 to $9.75; 100 to 130 pounds, $3.50 to $9. Packing sows brought $8.25 to $9. Hog receipts were 5000 with 117 held over. The cattle market was mostly a cow and heifer run. Trade was active in all she stock, prices holding strong to higher. Odd head and small lots of beef steers sold under $9. Several heifers went for $7 to $lO, common kind mostly under $5. Beef cows were $4.50 to $6; low cutters and cutters, $3 to $4.25. Vealers opened 50 cents lower at $10.50 down but later recovered to sell at sll down. Cattle receipts were 700; calves, 600. Lambs were up a quarter with better grade ewe and wethers ranging from $8.55 to $9.50. Bucks were discounted the customary 50 cents to sl. Slaughter class sheep brought $2 to $4. Receipts were 1500. HOGS Oct. Bulk Top. Receipts. 19. $10.50® 10.80 SIO.BO 2000 21. 10.255J10.50 10.55 4500 22. 10.20 a 10.30 10.35 5000 23. 10.00©10.15 10 20 5000 24. 9.70® 9.90 9.90 5500 25. 9.70® 9.00 9.90 5000 Light Lights. (140-160) Good and choice . $9.50(@ 9.85 Medium 8.55® 9.60 Lightweights. (160-180) Good and choice .. 9.75® 9 90 Medium 9.25® 9.75 (180-200) Good and choice ... 9.75@ 9.90 Medium 9.25® 9.75 Medium Weights. (200-2201 Good and choice . 9.75® 9.90 (220-2501 Good and choice.. 9.70® 9.85 Heavyweights. (.250-290) Good and choice . 9.55® 9.75 (250-350) Good and choice ... 9.25® 9 55 Packing sows. (275-350) Good 8.75® 900 (350-475 Good 8.60® 8.85 (425-450) Good 8.50® 8 75 (275-450) Medium 8.25® 8.60 Slaughter pigs. (100-140) Good and choice ••• 8 50® 9.50 Medium B.oo® 9.25 CATTLE —Receipts, 700— (500-900) Choice slo.oo® 11.25 Good 8.50ffii0.75 Medium 6.75® 8.75 Common 4.75® 6.75 (900-1100) Choice 11.00® 12.00 Good [email protected] Medium 7.00® 9.00 Common 5.00® 7.00 (1100-1300) Choice 11.50®12.25 Good 9.25 @11.50 Medium 7.00® 9.25 (1300-1500) Choice [email protected] Good 9.50® 11.50 Heifers (500-750) Choice 9.00@1000 Good 7.50® 9.00 Common and medium 4.00@ 7.50 ,750-900) Good and choice ... [email protected] Common and medium 4.00® 8.00 Cows Good 5.25® 6.25 Common and medium 4.25® 5.25 Low cutter and cutter 5.00® 4.25 Bulls, good 5.50® 6.00 Cutter, com. and med. bulls... 4.00® 5.50 VEAI.ERS —Receipts. 600— Good and choice slo.oo® 11.00 Medium [email protected] Cull and common 5.00® 8.00 Calves (250-500) Good and choice ... 7.00® 9.50 Common and medium 4.00® 7 00 —Feeder and Stocker Cattle—-(soo-800) Good and choice ... 6.75® 8.75 Common and medium 4.50® 6.75 1800-1050) 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, 1500— Lambs, 90 lbs. down, good and choice $ 8.75® 9.50 Medium 7.00® 8.75 Ewes (90-125) 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 Other Livestock (Bv United Press) CHICAGO, Oct. 25. Hogs Receipts, 11,000, Including 4500 directs; mostly steady to 5c lower than Thursday’s average; underweights strong; top $9.80; bulk 180-300 lbs., [email protected]; better grade 140160 lbs., [email protected]; most sows, [email protected]. Cattle —Receipts, 1500; calves, receipts, 500; very little beef in run; crop mostly cows and heifers; no fed heifers here but grassy kinds getting better action at $6.50 down to $5; all grades cows steady with cutters more active than beef cows; dressed beef market very sluggish, best steers around $9.50; bulk $8 down tc $6; no measurable change on bulls or vealers selling at $5.25 down and $lO down respectively; best weighty sausage bulls quotable to $5,50 and better and selected vealers to $10.50; fairly good clearance feeders at $6 25@8. Sheep—Receipts. 4000; fat lambs strong to 25c higher; closing active at full advance; other classes firm; native lambs [email protected]; best lots [email protected]; comeback westerns, [email protected]; four loads ra)her plain rangers, $8.50; lo igh around 75 lb. feeding lambs; two loads 96 lb. feeding ewes, $3.50. LAFAYETTE. Oct, 25.—Hog market, 10® 25c lower; 170-210 lbs.. $9,[email protected]: 210250 lbs.. $9 [email protected]; 250-325 lbs., $9.20® 9 35; 140-170 lbs , [email protected]; 120-140 lbs., $8.75@9; 100-12 C lbs., [email protected]; roughs, $8.75 down: calves, 50c lower: $9.50 down; lambs, 25c higher: $8.50 down. FT WAYNE. Ind, Oct. 25.—Hogs—10c higher: 160-180 lbs, $9 65; 180-200 lbs, $9.55: 200-220 lbs, $9.45; 220-240 lbs, $9.30: 240-280 lbs, $9.15: 280-300 lbs, $9.05; 300350 lbs, $8.85- 150-160 lbs, $9.65; 140-150 lbs, $9.40; 130-140 lbs, $9.10: 120-130 lbs, $8.90; 110-120 lbs, $8.60; 100-110 lbs, $8.40; roughs. $8.25: stags, $6.50. 'Bv Times Special) LOUISVILLE. Oct. 25—Cattle—Receipts, 600. salable supply slaughter cattle light, liberal sha-e of run Stockers, feeders and directs; demand dependable for most classes slaughter cattle; market generally steady: bulk common to medium grade light grass steers and heifers. [email protected]; better finished offerings quotable $7.50@9; most grassy beef cows, $4 25@5 25: practical top, $5.75: low cutters and cutters mostly $3.25@t; sausage bulls generally $4.25® 5.25: light beef type Stockers and stock calves mainly $6®8.50: buik native feeding steers $5.50® 7.50. Calves —Receipts. 650, Including 300 stock calves: vealers steady, bulk good to choice grades s9® 1C: medium and lower grades including heavy grass calves mainly [email protected], Hogs—Receipts, 400. ms.rket steady; top and bulk better 180-240 los, $9.65: 245-295 lbs. $9.15; 300 lbs. up. $8.75: 160-175 lbs, $9.15; 140155 lbs. $8.30: 120-135 lbs, $7.35; sows. $7.30. Sheep—Receipts. 250: demand fairly broad for ail slaughter classes: market fullv steady; most better lambs. [email protected]: choice scarce, quotable to $9: plainer grade lambs including bucks mostly $5 50® 7.50: light culls down to S4: bulk fat ewes. $3.50 down. 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% 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; young guineas, 1% lbs. up. 25c; No. 1 strictly fresh eggs, 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%@32%c: butterfat. No. 1. 25c; No. 2. 23c. Quoted by the Wadley Cos. (Bv United Press) CHICAGO. Oct. 25.—Eggs—Market unsettled: receipts. 3321 cases; fresh graded firsts. 28c: dirties. 20@241c; checks. 19® 23c: current receipts. 25® 27c. ButterMarket steady; receipts. 5513 tubs; extra firsts 90-91% score). 27@27' 4 c; extras (92 score). 28c; firsts 'BB-89% score'. 25%@26%c: seconds 86-87% score). 24%@ 25c: specials. 28%@29c: standards. 27%c; cent. 89. 26%c; cent 88 25%c. PoultryMarket steady to firm; receipts 1 car. 30 trucks. 1 car due; ducks. 15® 17c; spring chickens. 184/20c; hens. ll@21c; turkeys, 16@22c: Leghorn chickens. 15917 c; old roosters. 15c. Cheese—Twins, 15%@16c: daisies. 16'.itil5%c: longhorns. 16%®16%e. Potatoes —Supply moderate: demand moderate; market firm. Idaho Russet Burbanks. $1 32 % @ 1.60: U. S. No. 2. *115; Wisconsin Round mercials. 55@77%c; North Dakota Oobblera. 77%®90c: Red River Ohios, 85®95c; Minnesota Cobblers, 62 %® 90c, Colorado McClures, $1.20. 7*

Largest Wheat Grower Would Make Monetary Sacrifices to Avoid War Thomas D. Campbell, Owner of 95.000-Acre Farm in Montana, Declares No Gain in Prices Could Offset the Harm That Comes From Destruction. BY RUTH FINNEY Times Special Writer WASHINGTON, Oct. 25.—The country’s biggest grower of wheat is willing to make any financial sacrifice necessary to prevent war. Thomas D. Campbell, whose 95.000-acre wheat and flax empire in Montana is w’orld-famous, wants no profits caused by international conflict and thinks his fellow wheat growers agree with him. “The farmer is a fair man and a

thinker,” he said in an interview today. “All he wants is fair tariff protection, a stable price. No gain in wheat prices could possibly offset the harm that comes from destruction of property and lives on the World War scale.” Mr. Campbell, a Republican, is here to bring President Roosevelt encouraging tidings from the agricultural West. He doesn't think AAA is perfect, but he thinks it is on the right track and should be made permanent. Farmers Behind President The 38 agricultural states—wheat, cotton, tobacco a id corn —are sol.dly behind Roosetelt, he thinks, and probably will stay there. “At least we have an administration trying to make the tariff effective for the farmer,” he said. “All the Republicans are doing is trying to discredit the AAA. They won't get farmer votes that way. There is nothing the farmer resents so much as unfair criticism of AAA.” If the Supreme Court invalidates the farm program, Mr. Campbell is still for it. “Hundreds of laws are passed every year that are declared unconstitutional by state courts,” he says. “That's nothing to get upset rbout. The laws can be amended and made constitutional if the people want them.” “We've amended the Constitution 21 times and wiped out one of the amendments,” he said. “It can only be amended when two-thirds of the people want it amended, and if twothirds want a thing it’s going to be done.” Approves Exchange Rules Mr. Cambell thoroughly approves President Roosevelt’s plan to regulate commodity exchanges. “Thirty-two millions peoole who depend on agriculture for a living are affected by what goes on at the exchanges,” he said, “and they can’t be present to protect their interests. The only person who can protect them is a neutral—Uncle Sam.” He believes there is a serious problem in getting correct information to the farmer and getting the farmer’s side of a question fairly presented to the industrial east. The farmer is constantly being frightened by false reports of what Is going on in other parts of the world, as part of a general program to discredit the Roosevelt administration, he believes. On the other hand, he said, enemies of the President are making a joke of the agricultural program in the East, trying to ridicule it to death with quips about little pigs and payments “for doing nothing.” “The AAA contracts are a twoway proposition,” he said. “You can't just go out and buy a piece of land and get paid for not growing anything on it. You have to be a bona fide farmer and you have to promise to grow 54 per cent of your three-year average.” Mr. Campbell said he was paying an income tax this year for the first time in seven years. Incidentally he thinks the real producers of the country are not afraid of taxes, and that the hue and cry about Roosevelt taxation comes from “taxexempt coupon clippers who have no thought except to discredit me administration.” SUPPLY OF COFFEE REACHES NEW PEAK Increase of 30 Per Cent Registered in Last Three Weeks. By Times Special NEW YORK, Oct 25.—Domestic visible supply of coffee increased 396,000 bags, or 30 per cent, in the last three weeks to reach 1.708,000 bags, the highest level since Feb. 14, 1934, the New York Coffee and Sugar Exchange disclosed today. Heavy Brazilian clearances for United States ports in the last three weeks probably set a record for recent years, it was said. GAS OUTPUT HIGHER Times Special NEW YORK. Oct. 25.—An increase of 20.6 per cent in gas output of the Commonwealth and Southern Corp. system during September lifted the total to 878,508 300 cubic feet, from 728,459.600 cubic feet a year earlier, it was announced today.

Busigraphs SHOE PRODUCTION IN THE UNITED STATES L.U.S. DEPT. OF COMMERCE) 40 a | 30.2 ~*~% __ # //'////'/.% '.TO* YEARS AVERAGE OF/ - 7/ '/ y/// V '/'a™ l **** MOSTm/Y, b’° °* ASQNC JFMAJAJJA 1934 I THE PARKER CORP GENERA*. DISTP'e.'TORS INCORPORATED investors The shoe manufacturing industry has been one of the leaders in maintaining steady production through the depression. Just about the same number of shoes were manufactured in the first eight months of this year as in the corresponding months of 1934, but 12.5 per cent more than in the 10-year average for those months. Low retail prices have stimulated sales and maintained production*

New U. S. Issues Strong Government- bond dealers construe as favorable the fact that both the 1 1-2 per cent notes and the new 2 3-U per cent bonds issued by the Treasury in September have moved ahead to command a full point premium.

Thomas D. Campbell

N. Y. Bonds ; (Reprinted From Lhte Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails Utils. Bonds Todav 90.0 79 0 101.5 90.1 Yesterday 89.9 78 9 101 4 90.1 Week ago 89.9 77.7 101,0 89.5 ! Month ago 89.7 80.3 100.5 90.2 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) TT. S. GOVERNMENT BONDS (By Abcott, Proctor 6c Painej Treasurys Prev. Close, close. 4%S 1947-52 114,28 114.26 4s 1944-54 110.20 110.22 3%S 1946-56 108.27 108.24 3%s 1940-43 107.12 1071.4 3%S 1943-47 106.12 106.12 3%s 1941-43 107.15 107.17 3%S 1943-45 104 31 105.6 3%s 1941 107.22 107.28 3%S 1944-46 104.24 104.28 3%S 1946-49 103.16 103.20 3%s 1949-52 103.6 103.13 3s 1954-55 102.22 102.29 3s 1946-48 102.15 102.21 2%s 1955-60 99.30 100.1 2%s 1955-47 100.22 100.30 Home Owners Loan Corp. 2%s 1949 99.22 99.27 3s 1952 100.25 100.29 Federal Farm Mortgage Corp. 3'is 1964 102.15 102.20 3s 1949 100.30 101,20 2 3 is 1947 101.11 101.11 3s 1947 100.4 100.5 DOMESTIC Prev. Close. close. Alleg Corp 5s '44 76% 77% Alleg Corp 5s '49 .. 67% 67 Am Frgn Pow 5s 2030 71% 72% Am Tel & Tel 5%s ’43 113% 113% Am Tel & Tel 5s ’65 114 113% Arm & Cos (Del.) 4s '55 95% 95% Atl Coast Line 4s '52 94 93% Atl Coast Line 4%s '64 74 76 Atch Top &S Fe 4%s ’4B 107% 107 Am Wat Wks 5s ’44 106% 107 Am Rolling Mills 4%s ’3B 117% 118% Balt, & Ohio 5s ’95 70% 70% Balt & Ohio 6s '95 80% 80% Balt A: Ohio 4%s '6O 55% 56% Chi Milw <SI St P 5s 2000 4 3% Cleve Un Term 5s ’7" 98% 99% Cleve Un Term 4%s '77 98% 91 Col Gas 5s May ’52 98% 98% Col Gas 5s Anril ’52 98% 93% Col Gas 5s ’6l 97% 97% Can Pac Perp 4s 84% 84% Cent Pac 5s ’6O 84% 83% Big Four 4%s ’77 74% 73% Big Four 5s ’63 81 81% Colorado & So 4'is ’BO 52 52 Chi & West Ind 4s '52 97 96% Chi & West Ind 5%s '62 105% 105% Chi & Nor West 4%s ’49 8% 8% Con Gas 5s ’57 105 105 Chesa Corp 5s ’47 105% 106% Del & Huds 4s '43 78% 77% N Y Dock 4s ’sl 67 68 N Y Dock 5s ’3B 52% 52 Erie 5s '75 66% 66 Erie 5s ’67 66% 66'i Gen Cable 5%s '47 98% 98% Grt Northern 7s ’36 100% 100% Grt North 4%s ’76- 90% 90% Grt North 4%s ’77 90% 90% Hud & Manhat Ref 5s ’7.... 83% 84 111 Cent 4%s '66 52 52% 111 Cent 5s ’63 60 60% Interntl Hy Elec 6s ’44 44 44 * Ir.terntl T & T 4%s ’39 78 78% Interntl T6c T 4%s ’52 67% 67% i/cKess & Rob 5%s 50 102 102 Na% Dairy 5%s ’4B 104% 104% Nat: Steel 5s ’56 105% 105% Nickel Plate 4%s ’7B 59% 46' 2 Niccel Plate 5%s '74 69 67% Nickel Plate 6s 35 64 62% N Y Cent 5s 2013 . .. ..72 72% N Y Cent 4%s 2013 (old).. 67 67% Nor Amer Cos 5s '6l lffl % ioi% Nor Pac 3s 2047 70 74 Nor Pac 4%s 2047 82% 82'i Nor Pac 6s 2047 93 98 Otis Steel 6s ’4l 100'i 100 Vi Penn Ry 4%s ’B4 ....104% 104 Penn Ry 4%s ’Bl 1941/, 1041/, Penn Ry 4%s ’7O 953* 93 2 Pac G & E 5s ’42 105% 10534 Portland Gen El 4%s ’6O 70 ra-2 Para Publix 5%s 'SO 95% 97 Petnn P & L 4%s ’Bl 105% 106 Postal T * C 5s 53 34% 34% Rem Rand WW 5%s ’47 104% 104 Sou Pac 4'is '6B 72*4 793' Sou Pac 4%s ’Bl 73 791 Sou Pac 4%s ’69 73 797* Sou Pac 4s '49 73:. 7a Sou Rail 4s ’56 4914 4371 Sou Rail 6s '56 53% si Sou Rail 6 1 2S *56 5*3 55 Sharon Stl Hood 5*2S ’4B lOO’a 100 Texas Pac 5s '7 l 91% 91 United Drug 5s '53 92 913.4 U S Rubber 5s ’47 .. . 931 2 00% NY NH * Hart 6s ’46 28% 27 NY NH A- Hart 4%s '67. ... 26% 26 Warner Bros 6s ’39 82% 82% Western Marv 5%s '77 104% 104% Western Marv 4s ’52 96 95 Youngstown S&T 5s ’7O 99% 9934 Youngstown S &T 5s ’7B 99% 993 4 FOREIGN Argentina (A) 6s ’57 96 3 i 971, Argentine ■B> 6s 'SB 96% 97>7 Brazil 8s ’4l 26% 26% Canadian Go\? 4s '6O 104 1 * 10fDenmark 5%s 55 993. 931, German 5%s ’65 30L 0% German 7s '49 38% 37% Italv is 51 65 66 t Japan 6 1 2s 54 ogi/- qci. Poland 7s ’47 103% 102 Rome 6s o 2 531/, 111, Tokio City 5%s ’6l 30 BUSINESS SHOWS GAIN Times Special NEW YORK, Oct. 25.—J. I. Lyle, president of the Carrier Corp., manufacturer of fair conditioning equipment, reported today that contracts closed by the corporation for 1935 to date were 34 per cent greater than for the like period last year.

Thomson & McKinnon MEMBERS NEW YORK fHirArfi ?few Exchange TOROYTA NeW York ° Urb Exchan * 9 IUuu.MU New York Cotton Exchange BOSTON I New York Coffee and Sugar Exchange SOUTH BEND 0 I New Orleans Cotton Exchange pvri VVAYIVT*' Chicago Stock Exchange PVAYSVTTTU Chiea?;o B ° ard ° f Tr!,da I-* Aho lL*L*£i Winnipeg Grain Exchange Indiatl(ipoliß Office And other leading Exchanges 200-214 Circle Tower LI. 5501

MOTOR, STEEL CHIEFS SOUGHT FOR NRA MEET Berry Urges Executives to Attend Proposed Conference. By United Press WASHINGTON. Oct. 25—George L. Bern-, the President's industrial oc-ordinator. today urged steel and automobile executives to participate in the proposed industry planning conference here, and emphasized they would not be asked to consider further NRA legislation. He said discussions would seek to determine what problems are most troublesome to industries and to consider what would be the course mast adaptable to industry as a whole.” Problems expected to be laid before the conference by most business groups include elimination of unfair competition, establishment of j uniform improved labor standards, i nn< 3 increase of employment and purchasing power. Questioned Berry’s Plans Trade associations in the steel and automobile industries had questioned Berry’s plan to attempt to solve these problems in mass meetings of industrial and labor leaders. In letters to both groups. Mr. Berry suggested that if management and labor can compose their differences on legislation, “some instrumentality, might be presented to Congress.” “It is quite possible, of course.” he wrote Alfred Reeves, vice president of the Automobile Manufacturers' Association "that the answer might be that no legislation at all is desired.” Controversial Matters Out Assuring Mr. Reeves that there is no intention of injecting controver- | sial matters, Mr. Berry said the con- | ferences do not contemplate arriving I a t any solution through mass 1 meetings. He said each industry I with its related groups will meet : separately to report their own views Ito a sub-committee made up of | representatives from all the groups. I Mr. Berry’s letter to W’alter 3. ; Tower, executive secretary of the ; American Iron and Steel Institute, elaborated further on the plans for the conferences which probably will be held late in November. He suggested a joint management : and labor meeting for industry as a whole, to last several hours and be followed by separate gatherings of labor and management of related industries out of which would come recommendations and suggested names for a final working committee. FAR WEST BUSINESS BEST IN FOUR YEARS Retail Trade Continues to Score Heavy Gains, Bank Says. Timex Special SAN FRANCISCO, Oct. 25—Far | Western business activity continues at the highest level since July, 1931. according to the Wells Fargo Bank. The bank’s index stood at 82.4 per cent of the 1923-25 average in September, against 82.5 per cent in August and 70.8 per cent in September, 1934, 67.7 pier cent in September, 1933, and 62.9 per cent in 1932. Automobile sales throughout California have followed the usual seasonal trend of being well under the spring peak. Nevertheless they are running at the highest rate attained at this time of year since 1930. Similarly, retail trade continues to score heavy gains over recent years making its best showing in the interior regions of the state. SHIPMENTS SET PEAK Washing Machine Makers Cite Record for September. Times Special NEW YORK, Oct. 25.—For the second successive month factory shipments of household washing machines reached anew high record in- September when the industry shipped 154,008 units, J. R. Bohnen, secretary of the American Washing Machine Manufacturers’ Association, stated today. This compared with 144.283 in August this year and 104,589 in September, 1934. LUMBER OUTPDTThGHER Production Shows Gain in Week While Shipments Fall Off. By Times Special NEW YORK. Oct. 25.—The National Lumber Manufacturers’ Association today reported lumber production during the week ended Oct. 12 at 236,257,000 feet, shipments at 201,103,000 feet, and new orders booked at 199,292,000 feet. Revised figures for the preceding week were: Production, 234,123.000 feet; shipments, 224.385,000 feet, and orders, 216,017,000 feet.

☆ Commercial Banking Savings • Trusts American National Bank AT INDIANAPOLIS

Your Local Building & Loan Association Makes Modernization Loans and Loans on New Homes.