Indianapolis Times, Volume 47, Number 197, Indianapolis, Marion County, 26 October 1935 — Page 11

Review m m o Highlights of the News During This Week. BY VINCENT LYONS Ilmfi Financial Editor

HF'HE Now York, Now Haven & Hartford Railroad petitioned the court for permission to reorganize under Section 77-B of the Federal Bankruptcy Act following the action of the Interstate Commerce Commission in refusing to sanction a $5,000,000 loan from the Reconstruction Finance Corp. Wall Street, which can see some good In everything, when it wants to, inwardly applauded the development. Reorganization proceedings, it was reasoned, brings the road into the position of having everything to gain and little to lose since it has been unable to procure additional credit. In the last few weeks miscellaneous securities of the carrier have bee: buffeted about and are well deflated as a result. On Aug. 31 long-term bonus in the hands of the public amounted to $257,541,000, exclusive of indebtedness to Federal agencies. Spurred by peace gestures abroad stock values moved ahead impressively during the week, with the oils and the motors the leaders. The Dow-. Jones industrial average climbed to a four-year peak before slipping. Volume of trading continued at a fast pace. Meanwhile, the peace maneuvers had the opposite effect on commodities, which declined. ana A PROPOSAL of Indianapolis ■ Railways, Inc., to issue securities for a $3 120.000 PWA loan occupied much of the attention of the attention of the Public Service Commission this week. Representatives of organized labor urged the granting of the petition in order to create jobs and provide better service for the patrons of the road Secretary of the Treasury Morgenthau returned to his desk at Washington this week after a trip abroad. One of the first things lie did was to spike reports that tax collections are running behind estimates. He stated that all collections, other than on processing taxes, are slightly above forecasts. The slump in processing taxes is clue (o the fact that some $81,000.000 has been impounded by courts pending a test of the law. Corporation news was again favorable. Packard Motor Car Cos. reported $486,413 net income for the third quarter, which brought net for the first nine months to $776,873. In the corresponding period last year the company showed a loss of $5,348,409. Dividend announcements included resumptions by Chile Copper and Bunker Hill and Sullivan Mining and Concentrating Cos., a usual extra by Seaboard Oil and extras by Colgate-Palmolime-Peet, Hobart Manufacturing and Monsanto Chemical. tt tt tt CENERAL MOTORS ACCEPTANCE CORP. and Commercial Investment Trust, Inc., which together handle most of the automobile financing, stepped out with new plans. Both new schedules provide for simplification and reduced cost and are seen as an attempt to cope with the entrance into the field of many banks throughout the country. An optimistic announcement came from Secretary of Labor Frances Perkins. She estimated that 350.000 persons were added to the employment ranks of the country during September, and that an accompanying increase in weekly pay rolls made them $12,000,000 larger than in August. Factory employment, rose to the highest level since November, 1930, while factory pay rolls climbed io the best figure since May, 1931. ss a a Italy’s gold reserves were reduced 26.100.000 lire in the first 10 days of October, according to the latest condition statement of the bank of Italy. Since the end of July the loss has amounted to 1.232,334.000 lire, or 23.4 per cent. Meanwhile, the Bank of the Netherlands reduced its discount rate from 5 to 4% per cent as a result of the gradual amelioration of the recent monetary crisis. How the international situation has affected Holland, however, is seen from the fact that 13 changes have been made in the discount rate since April 4. CEMENT OUTPUT LOWER Shipments and Stocks Show Gain During September. By Times Special WASHINGTON. Oct. 25. Portland cement production in September aggregated 1.173.000 barrels, shipments were 7,799.000 barrels and stocks at the end of the month were 21.789.000 barrels, the Bureau of Mures disclosed today. Production for the month showed a decrease of 6 6 per cent and shipments an increase of 5 6 per cent as contrasted with the corresponding month a year ago. Stocks at mills were .3 of 1 per cent above a year ago. GOLD CURRENCY LOWER Italian Money in Circulation Off by One-Third in Year. By United Press WASHINGTON. Oct. 26. The ratio of Italian gold currency in circulation declined one-third during the past year, the Department of Commerce reported today. Gold holdings declined from 6.328.000.000 lire last year to 4.563.000.000. Notes in circulation increased move than a million lira. Chi capo Grain Futures (Reprinted From Late Times Yesterday) ißv United Press) Prev. Wheat— Htgh. Low. Close. Close. Dec 100% .99% 100'j 99 s * Mav 1 00 98 s . 99% 98’* Julv 90* t .88% 90 .89 CornDec l's .60% .61 .60*2 Mav 59 s * 59 59% .59% Julv 60*2 59% 60*2 .60*4 Oats— Dec. 2S 7 .26*2 .26% 26 s * Mav 28-’ 4 28 S 28%’ 28 s * Julv 28% 28 s * .28%* ,28 s * Rre— Dec 50* 49% SON* 50 s , Mav 52 s * 51 J 4 52 5 ,* 52% Julv 52’. 52*. 52 3 aV .52% Bariev— Dec 42t .42 Lard— Oct 14 12 14 07 14 10 14 22 Dec 12 75 12 55 12 75 12 72 Jan 12 40 12 25 12 40* 12 45 Mav „ „ „J 2 12 11 97 12.121 12.12 •Asked; tßid.

LAWYERS' FEES IN REVAMPINGS STILL PROBLEM Paramount - Publix Case Opens Way for More Reforms. BY JOHN T. FLYNN Times Special Writer NEW YORK, Oct. 26.—Federal Judge Coxe, in New York City, has struck a blow in favor of those exploited persons who buy securities in great corporations, lose most of their money and then see the remnants of it distributed to lawyers and receivers in reorganization proceedings.

The Paramount - Publix Corp. is in reorganization in a Federal bankruptcy proceeding. As usual, countless law firms, receivers, trustees, accountants, bond, debenture, stock and other committees swarm around and demand vast fees from the court for

Flynn

their services. Every one knows that it is common when such a company goes into bankruptcy for committees to be formed, from behind the scenes, to protect various hostile interests. Law firms are called in to represent these committees. Ostensibly these committees represent bondholders, stockholders, creditors, etc. But more often than not they are in collaboration with the insiders to retain control of the corporation. Insiders Frotected One thing they almost never do. That is to bring suits against those insiders whose bad management or worse has perhaps played a major role in bankrupting the corporation. Often one of the chief objects of such committees and their sponsored control is to protect insiders. However, often some unimportant committee, represented by some unimportant law firm, unconnected with these insiders, sets out to really protect the interests of the stockholders and bondholders. More than once I have seen such a committee, without funds, without very much encouragement from the courts, often sneered at by the top-lofty lawyers who represent the supine committees, force, by sheer industry and ingenuity, the trustees to take action against the insiders or the bankers to compel them to make restitution. Then when the time arrived for compensating the protectors of the estate, I have seen fat fees paid to dormant lethargic committees and their lawyers while the committees and their lawyers while the committees and attorneys who have done most of the work have been passed over with scant attention. Proxies Bulk Large This arises out of the practice of paying too much attention to those committees which hold the proxies or deposits of large numbers of security holders rather than to those who actually do the work. The court apparently has taken this attitude in the Paramount case. Lawyers asking immense fees were ruthlessly scaled down. But one or two firms who really did all of the work seem to have been let off with small fees, while the lawyers for thro? sponsored committees, who did nothing of importance to save company assets, have been given fees amounting to at least $225,000. There is still plenty of room for reform in reorganization fees. iCopyright, 1935. NEA Service. Inc.) TRADE IN SECURITIES DIPS FOR SEPTEMBER Volume 13.2 Per Cent Under Figure in August. SEC Reports. By I ii ited Press WASHINGTON, Oct. 26.—Securities valued at $1,678,543,118 were traded on the country's exchanges during September, the Securities and Exchange Commission reported today. September turnover was 13.2 per cent less than August. Stock sales m September were 59.433.430 shares valued at $1,407,018,984. a decline of 12.6 per cent, while bond sales were $271,503,356, a loss of 16.1 per cent. The New York Stock Exchange and the New York Curb Exchange together accounted for 95.8 per cent of the value of security transactions of the 21 registered exchanges. FARMING EXPORTS GAIN By United Press WASHINGTON. Oct. 26.—Exports of farm equipment from the United States during the first nine months were valued at $25,376 754. compared wi . *16,257.921 in 1934. and $8,731.744 in i933. the Commerce Department reported today. On Commission Row (Repr.nted From Late Times Ycsterdav) Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers: FRUlT—Cranberries, early blacks. 25-!b. box, $3.35. Pears—Michigan Bartletts, bushel $2.25; Avocados, Florida, box $2.25. Cantaloupes—California Honey Dews $2 50: Casabas $2 25. Persians, $2m2.25. Bananas —7 hands, a pound. ss. Grapes—Michigan, 12-qt. basket. 35c. Persimmons, Indiana. 12-pt. case. sl. Apples Jonathans. $1.1531 35. Summer Rambos. $1; Delicious. $1.5031.65; Wealthy*. $1; Grimes Goiden <large>. $1.35. Lemons —Sunkist, 3605. $7 50. 4325. $7. Grapefruit, 64s to 70s. $3 50. Limes—Mexican a carton !2s. 20c; Persian seedless a hundred. $3 Vegetables—Beans, green, round stringless du.. $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.. SOc: 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-!b. basket. 50c. Endive— Ohio, basket. 43c. Mangoes—home grown, bu.. $1.50; small basket, 40c Mint—Doz.. 50c Mustard—Home grown, bu.. 50c. Onions —Indiana yeilow. 50-lb. bag, 90c; Indiana white, 50-!b. bag. $1: Utah Spanish 50-lb. bag $1.40. Parsley—Home crown, doz.. 33c. Peas —Telephone, hampers. $3 03 75. Potatoes—New Jersey Cobblers. 10O!h bag, $1 50: Michigan Round White. 100lb bag. $1.20. Early Ohios. bu., $1 30: Idaho Russets, $1 90. Sweet potatoes—lndiana, Jerseys, bus. $1.40 Radishes—Ohio buttons. 2-doz. baskets. 60c. Sage—Doz 45c Spinach—New Zealand, bu.. 65c Squash—Bu., sl. Turnips—New bu, $1 15; bunch, doz.. 30c. Tomatoes—California repacked, 10-lb. carton, $1.25; Doz., 60c. V

Abreast of The Times on Finance

INDIANAPOLIS, SATURDAY, OCTOBER 26, 1935

New York Stocks

ißv Thomson <Sc McKinnon) (Reprinted From Late Times Yesterdav) Prev. Oil*— High. Low. Close, close. Amerada . .... 73 72 73 72% Atl Rfg 23*2 23 23'* 23*4 Birnsdail 10% 10>* 10% 10'* Consol Oil 9*4 8 3 i 8 3 * 8% Com of Dei . ... 23’* 23 1 a 23 s * 22 3 a Houston (new) . 4% 4 ; 4 1 * ... Houston ioldt .. 12 s * 12% 12* £ . Ohio Oil 10 3 4 10 3 10 3 4 11 1 2 Phillips Pet ..... 34*2 33 T * 33'* 34*4 Pure Oil 11*4 10 1 * 11 10'* Roval Dutch 44 43% 44 43*2 [Seaboard Oil ..33 3 30% tCj 31 I Shell Un .... ll** 10% 11 10 3/ 4 Skelley Oil ... 13*2 12*2 13 * 4 12'* Soc Vac . ... 12*2 12* 12 3 * 12*4 S O Os Cal ... 37 1 * 36*4 36 s * 36 3 * S O of Ind ... 28*4 27*4 28 27'* S O N J . . 50 49*2 49 s * 49 3 Texas Coro . 23*4 22 3 4 22% 22 7 * Tidewater Assn . 10% 10 10'* 9 s * Un Oil of Cal . 19 3 * 19Vi 19% 19*2 Steel*— Beth Steel 3379 7 39 39% 38 3 * Byers A M 18 s * 17 s * 17 3 * 17 3 * Col Fuel k. Iron 2% 2*2 2*2 2*2 C rue Steel .26 26 26 ! Gulf Sts Steel... 96' 4 95'2 95 3 * .. 1 McKeespt Tin . 125> 2 125*2 125*2 125 Mid Steel 23% 23 23** 22 s * I Natl Steel 7**4 73% 74 73*2 I Otis Steel . . 16 3 8 15 7 a 16 15% I Reo Iron k Stl 18 17 17 3 * 17 I Rep Irn k Stl pf 80*4 80'* 80‘1 . iu S Pipe k Fay 20'* 19*4 19 s * 19*4 U S Stee ... 47*2 46 s * 46% 46% U S Stef, pfd ...110 109*2 110 109*2 [Warren Bros ... 3 s/ s 3% 3 5 / 3** [ Motors— Auburn 44% 43 44 42*' 2 I Chrysler 88 3 4 86% 87% 85 s * | Gen Motors .... 53 3 * 5i 7 * 53** 51’4 [Graham Mot ... 4* 2 3 7 * 4*4 3 3 * j Hudson 17*4 16 s * 16 3 4 16°* Hupp 3% 33 % 3‘a 1 Mack Truck 24*2 23% 24 % 23 ! Nash 18 3 4 18'a 18*4 18 Packard 7 6% 6% 7 ! Reo 4*/z 4*4 4*2 4*4 [ Studebaker 8 7% 7 3 s 7 s * 1 Yellow Truck ... 7 6 6% 6 Motor Access— I Bentiix .... 23 3 4 22% 22 % 23% Borg Warner ... 63 62% 62 % 62 [ Briggs 55' 4 54 54% 53 * a Budd Mfg 7% 6 7 a 7*/a 6% I Budd Wheel 10 9% 9% 10 Eaton Mfg 30 % 30 30** 30*4 1 Elec Auto Lite-. 38*/4 37% 37 s * 37% Elec Stor Bat... 52 51*/ 2 52 51*2 Houdaille B”.. 24*4 23 7 8 24* 1 23% Mullins Mfg..., 15*4 15*4 15 3 4 15 >2 Murray Body-... 20** 19 3 4 19 7 8 19% Stew Warner... 18 17% 17 3 4 17 1 2 Timken Roll .... 62 3 4 61% 62% 61*4 Timken Det Axle 9*4 9*/a 9*4 9*4 Mining— Alaska Jun.... 14% 14*4 14*4 14*4 Am Metals 27*4 26% 27 27 Am Smelt 6% 55 3 4 56 3 s 55% Anaconda 21% 21 1 a 21% 21% Cal k Hecla ... 5% 5% 5 3 4 5% Cerro De Pasco 59% 58 58)4 59% Dome Mines... 39% 39 39 38% Granby 12% 12% 12% . - Gt Nor Ore .... 14% 13% 13% 13% Howe Sound... 53% 52% 52% 52% Ins Copper 6% 6% 6% 6% Int Nickel 31% 31*4 31*2 31% Isl Creek Coal.. 25% 25 25 25*4 Kennecott Cop .. 25% 25*4 25% 25% Mclntyre Mine-. 36*4 35% 35*4 36 Park Utah 4*4 4 4 4 Noranda Cop ... 24% 24% 24% 24*2 U S Smelters ... 97% 97 97 96 Vanadium 18% 18*4 18% 17% Amusements— Crosley Radio .. 17 16% 16% 16% Fox Theat 17*4 16% 17% 16% Loews Inc 49% 48 48% 48% Radio Corp 8% 8 B*4 8% Paramount 10% 10% 10% 10_ a RKO 5% 5% 5% 5% Warner Bros .... 8% 7% 8 Tobaccos— Am Sum Tob ... 26 25% 26 26% Am Tob “A” ...101*4 101 101*4 • Am Tob “B” ... 103% 102% 103% 103 Gen Cigars .. 54% 54*4 54% 54% Lig k Myers 'B’lls 114% 115 113% Lorillard 25% 2a% 25% 20,2 Phillip Morris... 50% 49% 50*4 ••• Rails— Atchison 50 49 49% 48% Atl Coast Lines.. 24% 24 24 24 B& O 15% 14% 15% 14% Can Pacific 9% 9*4 9 4 9,* Ch & Ohio 45% 45 45% 44 is Chi &GtW .... 1 1 1 Chi &Gt W pfd. 2% 2 2 2% 2% C M &St P . 1% 1% 1% • • CM& St P pfd. 1% 1% 1% i,? Chi N W 2's 2% 2% 2% Dela k Hud ... 34 % 34% 34% 33% Del Lac &W ... 15'* 15 15 14 2 Erie 10% 10% 10% 10% Erie pfd 13% 13% 13% 14 Grt North pfd •• 26% 26 26% ?? 11l Central 15% 15 15% la K C Sou 6*4 6% 6% ... Lehigh Valley ... 9Vs 8% 9 s Lou & Nash .... 45 44% 44% 4a MK&T ... s's 4% 4% 5% MK & T pfd... 11% 10*2 10% 11% N Y Cent 23% 2314 23% 22% N Y New Haven 3% 33% 3 N Y Ont & West 3% )% 3% . Norfolk k West .194 194 194 190'* Nor Pacific 17*4 16% 16% 16% Penn R R 28% 27% 27% 27*4 Reading 35*4 . Sou Pac 19 18% 18% 18 Sou R R 9*4 9 9% 9 Union Pacific ... 96% 95 96% 94)4 Wabash 2% 1% 2% ... Equipments— Am Brake Shoe 35% 34 35% 34% Am Car & Fdy 22% 21*4 22 21*4 Am Loco 17% 17% 17% 17*4 Am Steel Fdy ... 19*4 18 19)4 18* Bald Loco 32% 2% 2% Gen Am Tk Car. 41% 41 41% 41 Gen Elec 35% 35 35*4 35% Gen R R Sig . . 33*4 33 33 32 Pullman Inc ... 33'* 32% 32% 33 West Air Br ... 25% 24% 25% 25 Westingh Elec... 87% 85% 86% 85% Utilities— Am k For Pwr. 7*/s 6% 6% 6% AT&T 146 142% 144% 142% Am Wat Wks. 17% 17% 17% 17% Col Gas & Elec 14% 14*4 14% 14*4 Consol Gas . 30 29 29% 29% Elec Pwr & Lit 5% 5*4 5% 5 Int Hvro Elec .. 3*4 33% 3% Interbdro R T ... 2! 19% 21 19% Int Tk T - ... ll'* 10% 11% 10% Lou G & E ‘A’ .. 20% 20 20% 20'4 Nat Pwr & Lit.. 10** 9% 10 9% North Amer 23*4 22*2 22% 22% Pac G & E 28*4 27% 28*4 27% Peoples Gas 41% 39% 41 39% Pub Serv N J ... 43% 43 43% 42% So Cal Edison .. 24% 24% 24% 24% Std Gas 4% 4% 4% 4% Stone & Webster 10*4 9% 10 9% United Corp ... 5% 5% 5% 5*4 Un Gas Imp .. . 17% 17*4 17% 17% lit Pwr & Lit 'A’ 3 2*2 2% 2% Western Union . 63 61% 61% 61% Rubbers— Firestone 16*4 15% 16% 15*4 Goodrich 10*4 9% 10 9% Goodyear 20% 19% 20*4 19'* U S Rubber ... 15 14% 14% 14% U S Rubber pfd. 39% 39 39*4 38% Miscellaneous— Allis Chalmers . 35*4 33 34% 33 Am Can 146* 2 145% 145% 145% Am Mach & Fdy 28* * 28 28 28% Anchor Cap ...17 16% 17 16% Brklyn Man Tr . 42% 42*4 42% 43*4 Burroughs Add . 25 3 4 24'* 25 24 J I Case 93 96% 98% 97% Conti Can 94 7 8 94 94 7 s 94 Caterpillar Tract 57% 57 57% 57 Crown Cork 40% 38% 40% 38% Curtis Pub . . .. 17% 16% 16% 17% Curtis Pub pfd.. 96 96 96 99% Deere &Cos 51 % 51 51 51* 2 Eastman Kodak 163% 162 163*2 163 Foster Wheeler.. 18% 18 18% 18 Gillette 17% 17'* 17% 17% Glidden 37% 37% 37% 37% Ingersoll Rand..lll 110 111 109*2 Int Bus Mach ..183 182*4 182*4 182% Inter Harv 59* 2 58% 58% 58* 2 Nat Cash Reg 20' 3 18% 194 19 Owens Bot 116*8 114*2 116-s 116 Rem Rand 15 14* 2 15 14 4 Underwood E .. 80*2 80% 80% 80% Worth Pump ... 19*4 18 19)4 17*2 Foods— Am Sugar 52*2 51 3 2 524 51*4 Armour 4% 4% 4% 4% Armour 6 pet pd 66* 2 65% 66* 2 66*4 Beatrice Cream . 16** 16*4 164 15% Borden Prod ... 25% 25% 25% 25% Cal Packing ... 354 34% 35 1 2 34% Can Dry G Ale . 11% 114 11% 10% Coca Cola . . 278 273 276 264 Con Bak A” .. B*2 8% S% B*4 Corn Prod . ... 65*4 64 1 a 65*4 64% Crm of Wheat . 37% 37% 37% 37% Cub Am Sugar . 5% 5% 5% 5*2 Gen Baking ... 12% 12% 12** 12*4 Gen Foods 32% 32% 32% 82% Gold Dust 17% 16 % 16% 16*2 G W Sugar ... 28% 27% 28*4 28 Int Salt 27 26% 26% 26% Loose Wiles 38 37% 38 37*2 Natl Biscuit . 32% 31% 31% 32 Natl D Prod... 17% 17% 17% 17% Purity Bak . 16*2 16% 16'* 16% S Porto Rico Sug 24% 24% 24% 24% Std Brands ... 14*4 14 14 14% Un Biscuit . .. 22*4 21% 22% 21% United Fruit . . 68% 67% 68 67% Ward Bak ’B”.. 1% 1% 1% 2 Retail Stores— Assd Drv Goods 15% 16% 16% 16% Best & Cos 06*4 55% 56% 55% First Natl Stores 49 3 2 48% 48*2 49 Gimbel Bros-... 7% 7 7% 7 Gr Un Tea 3% 3*2 3% 3*2 Allied 7*2 7*4 7% 7% Jewel Tea 55 55 55 55*2 Kresge S S ... 27% 27 27% 27 Krogvr Groc ... 27 26% 26 s 26*2 Macv R H 55% 54 54 54 McCrorv St 13 12* 2 12% 12% McLellan St 14 13% 13% 13% Marshall Field... 12*4 11% 11% 11% Mav Dept St. . 54*4 53% 53% 53 Mont Ward . . 34% 33% 34% 33 Natl Tea 9% 9% 9% 9% Penney J C ... 80% 80 80% 79% Safeway St. 35*2 25 35 35 Sears Roebuck 60% ?9% 60 1 * 59 W T oolworth 58% 57*2 57*2 58% Aviation— Aviation Corp ... 3*2 3% 3% 3% Boeing Aircft. .. 15*4 14% 14% 14% Curtiss Wright 2% 2% 2% 2% Curtiss W ight A 8% 8 8 8 Douglas Air .. . 33*2 32% 32% 32% Nor Am Av ..... 4’a 4 <4 4’a Sperrv Corp . 12*2 12% 12% 12% United Aircraft 20 s * 19% 19% 20% Chemicals — Air Reduction ..164% 163 164% 163 Allied Chem 171*2 169*2 169% 17'% Am Com Alcohol 31% 30* 2 30% 31% Col Carbon . 95% 95 95'* 96% Com Solvents . 18*2 18% 18% 13% Du Pont ... 136*2 135 135*2 13: Freeport Tex...’ 26% 26% 26% 26%

Liouid Carb .... 33% 32 33*4 .. . Math Alkali . . . 33% 33 33 32% Monsanto Chem 93*4 92*2 92% 93 Natl D:s ... 32% 31% 32*2 31% Schenlev Dist .. 49% 48% 49% 49 Tex Gulf Suloh 32 31% 31% 32 Union Carbide 72 71*4 72 70% U S Indus Aico 46 7 a 46 46*2 46% Drugs— Bristol Myers.... 41% 40% 41% 40i 2 Cotv Inc 5% 5 5% 5 Lambert 23% 23 23% 22% Lehn & Fink ... 13% 12 12% 12% Sterling Prod ... 65% 64% 65% 64 Un Drug 10% 10% 10 1 2 10* 2 Vick Chem 39* 2 39 *2 39*2 40* 2 Zonite Prod .... 5% 5 5% 5% Financial— Adams Exp . .. 8% B*4 B*2 8% Allegheny Corp . !% 1% 1% 1% Am Int Corp ... 9 8% 9 8% Chesa Corp 45% 45% 45*4 45*2 Lehman Corp .. 94% 93 3 2 93*2 93 % Transamerica ... 9% 9 9*4 9 Tr Conti Corp .. 6% 6% 6% 6% Building— Am Radiator ... 18% 17% 18 17% Gen Asphalt .... 18% 18% 18*2 18% Holland Furnace 21% 20% 20% 20 ilnt Cement ... 29% 28% 29*2 28% I Johns Manville . 87% 86 86 85% ! Libby Owens Gls 46% 44% 46*4 44% i Otis Elev 20% 19% 19% 20*4 1U S Gvpsum .... 83 82% 82% 82* 2 j Ulen Cons 2% 2 2*4 2 | Household—- > Col Pal Peet ... 13% 18 18% 17% Congoleum ...... 41 40* 2 40% 40% Kelvinator 14% 13% 14 13% Mohawk Carpet. 21% 20% 21% 20% Proc & Gamble. 51% 51% 51% 52% Servel Inc .... 11% 11% 11% 11% Simmons Bed .. 17% 16*2 17V* 16% Textiles— Amer Woolen ... 9*2 9% 9*i 9% Belding Hem ... 13% 13 3 4 13% 13% Celanese Corp ... 30% 29% 29% 30 1 Collins Aikman . 30% 38% 39% 38Vi Gotham Hose .. 7% 7% 7% 8 Indus Ravon ... 35 34% 34% 35 I Kavser Julius ... 27% 26% 27% 27% j Real Silk 9*/* 9% 9% 9% N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 90.0 79.4 xlOl 8 90.4 Yesterday 90 0 79 0 101.5 90.1 Week ago 89.8 77 2 100.9 89 3 Month ago .... 89.8 80.6 100.8 90 4 1935 high 90.0 86 4 101.6 90.9 1935 low 83.6 71.0 89,3 83,0 xNew high. (Copyright. 1935, by Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Treasurys Prev. Close. Close. 4%S 1947-52 114.26 114.28 4s 1944-54 110.20 110.20 3%s 1946-56 108.26 108.27 3%s 1940-43 107.9 107.12 3%s 1943-47 106.9 106.12 3%s 1943-45 105 104.31 3) 4 s 1941 107.24 107.22 3%s 1944-46 104.23 104.24 3)as 1946-49 103.16 103.16 3)aS 1949-52 103.5 103.6 3s 1954-55 102.22 102.22 3s 1946-48 102.14 102.15 2%s 1955-60 99.31 99.30 2%s 1955-47 100.23 100.22 HOME OWNERS LOAN CORP. 2%S 1949 9.26 99.22 3s 1952 100.24 100.25 Federal Farm Mortgage Corp. 3Vis 1964 102.18 102.15 3s 1949 101.2 100.30 2%s 1947 101.9 101.11 3s 1947 100.4 DOMESTIC Prev. Close, close. Alleg Corp 5s ’44 77)4 76% Alleg Corp 5s ’49 67% 67% Alleg Corp 5s ’SO 23*2 23 Am Frgn Pow 5s 2030 73% 71% Am Tel & Tel 5%s '43 114 113% Am Tel & Tel 5s ’65 113% 114 Arm & Cos (Del) 4%s 1955 95% 95% Atl Coast Line 4s ’52 94 94 Atl Coast Line 4%s '64 76 76 Atch Top & S Fe 4%s ’4B ...107*2 107% Am Wat Wks 5s ’44 107 106% Am Rolling Mills 4%s ’3B ...119% 117*2 Balt & Ohio 5s '95 71 70% Balt & Ohio 6s ’95 81*2 80% Balt & Ohio 4%s ’6O 56% 55% Buff Roch & Pitt 4%s ’57 63% 62*2 Chi Mihv & St P 5s ’75 ll) s 11 Chi Milw & St P 5s 2000- 4 4 Cleve Un Term 5s ’73 99% 98% Cleve Un Term 4‘is ’77 98% 98% Col Gas 5s May ’52 98*2 98% Col Gas 5s April '52 98% 98% Col Gas 5s ’6l 97% 97% Can Pac Perp 4s 84% 84% Cent Pac 5s ’6O 85'% 84*4 Big Four 4%s '77 74 74% Big Four 5s ’63 81 81 Colorado & So 4*is 80 52 52 Chi & West Ind 4s ’52 97 97 Chi & West Ind 5%s ’62 ...106 105% Chi & Nor West 4%s ’49 8% B*a Ccn Gas 5s ’57 105% 105 Chesa Corp 5s ’47 106*4 105% Del & Muds 4s ’43 78’i 78% N Y Dock 5s ’3B 53% 52*2 Erie 5s ’75 68% 66% Erie 5s ’67 68*2 66*2 Gon Cable 5%s ’47 98*2 98% Grt Northern 7s ’3 6 100’i 100*8 Grt Northern 4%s ’76 92*'8 90% Grt Northern 4%s ’77 91% 90% Hud & Manhat Ref 5s ’57 .... 83 83Vi 111 Cent 4) is ’66 51% 52 111 Cent .It 4%s ’63 57% 56)i 111 Cent 5s ’63 60 60 Interlake C & I ’sl 76 76% Interntl Hv Elec 6s ’44 44% 44 Interntl Tel & Tel 4%s '39 ... 79% 78 Interntl Tel & Tel 5s ’55 .... 73 71*4 Interntl Tel & Tel 4%s '52 .. 69% 67% McKess & Rob s*is ’SO 102 102 Midvale Stl 5s ’36 101% 101% Natl Dairy sVis ’4B 104% 104% Natl Steel 5s '56 105*2 105% Nickel Plate 4%s ’7B 60% 59% Nickel Plate 5%s ’74 69*2 69 N Y Cent, 5s 2013 73% 72 N Y Cent 4Vis 2013 (01d)... 68*2 67 Nor Amer Cos 5s ’6l 101 % 101 Vi Nor Pac 3s 2047 70 70 Nor Pac 4%s 2047 83 82% Nor Pac 6s 2047 98% 98 Nor States Pow- 5s ’4l 106*4 106% Otis Steal 6s ’4l 100% 100*4 Penn Rv 4Vis ’B4 104% 104*4 Penn Ry 4Vis ’Bl 104% 104% Penn Rv 4%s ’7O 95% 95% Pac G & E 5s ’42 ...105% 105% Portland Gen El 4Vis 60 72 72 Para Public 5%s ’SO 96% 96% Penn P & L 4%s 'Bl 105% 105% Postal Tel & Cab 5s ’53.... 34% 34% Rem Rand WW 5%s '47 104 104*% Shell Union Oil 5s ’47 103 102% Sou Pac 4%s ’6B 73 72% Sou Pac 4%s ’Bl 72% 73 Sou Pac 4%s ’69 73 73 Sou Pac 4s ’49 79 78% Sou Rail 4s ’56 f 43 42*2 Sou Rail 6s ’56 54 53Vi Sou Rail 6%s ’56 56% 56 Sharon Stl Hoop 5* is ’4B 100'i 100% Texas Pac 5s ’79 91 91 Union Pac 4s ’47 111% 111 United Drug 5s ’53 92 92 U S Rubber 5s ’47 99% 98* i NY NH & Hart 6s ’4B 28% 28% NY NH & Hart 4%s ’67 27% 26% Warner Bros 6s ’39 83% 82% Western Mary 5%s ’77 104* 2 104% Western Marv 4s '52 95% 96 Youngstown S & T 5s ’7O 100% 99% Youngstown S & T 5s *7B 100% 99% FOREIGN Argentina A6s ‘57 96% 96% Argentina B 6s *SB 97 96% Brazil 8s ’4l 26% 26% Canadian Govt 4s ’6O 104% 104% French 7s ’49 176 175 German 5%s '55 30% 30% German 7s ’49 38% 38* a Italy 7s ’sl 65 65 Japan 6%s ‘54 96% 96*2 Poland 7s ’47 104 103% Rome 6%s ’52 54% 53* 2 Tokio City 5%s ’6l 80% 80 Yokohama 6s ’6l 84% 84% Unlisted Stocks (Bv E’vth & Cos.) (Reprinted From Late Times Yesterday) NEW YORK BANK STOCKS Bid. Ask. Bankers 58% 60 s * Central Hanover B & T 108*2 110*2 Chase 33 34% Chemical National 47* i 48% Guaranty 278% 282 [lrving 14*a 15% Manufacturers 34% 36 1 a National City 30% 31% Corn 111 'Chicago) 68*4 70*4 First Natl of Boston 41% 43% FIRE INSURANCE Aetna Fire 56 57% City of New York Ins (new).. 25% 27* 2 Federal Ins 76% 81 Great American Ins 26% 27% Hanover Fire Ins 37*4 39 Hartford Fire 78*4 80 Home Insurance 34 35% Ins Cos of N A 69% 72 National Fire 71 % 73*2 North River Insurance 25% 27% Phcenix Insurance 90% 92*2 U S Fire 51*2 53% Westchester Fire 35 36% Produce Markets j (Reprinted From Late Times Yesterday) The prices quoted below are paid for , stock gathered in the country, while de--1 livered in Indianapolis the price will be 1 cent higher: Heavy breed hens. 16c; Leghorn breed hens. 12c: springers, over 4*2 lbs., 16c; under 4% lbs., 15c; old 1 cocks. 8c: Leghorn broilers I*2 lbs and i up. 12c: Leghorn springers. 12c: ducks, white, 4 lbs. and up. 6c. geese, full feathered and fat. 4c: old guineas, 15c; young I guineas. I*2 lbs. up. 25c; No. 1 strictly fresh eggs, loss off 26-: pullet eggs. 18c. Each full case must weigh 55 lbs. gross, 1 a deduction of 10c a ,*ound under 55 lbs will be made. Butter. No. 1. 31 3 = <f?32 7 2 c; : butterfat. No. 1. 25c; No. 2 23c. Quoted . by the Wadley Cos. LOCAL CASH MARKET City grain elevators are paying 93 cents for No. 2 soft wheat. Other grades on I their merit- Cash corn No. 2 yellow 77 i cents ar.u oats 21 cents.

INFLATION TALK MINIMIZED BY SEN.FLETCHER Breathing Spell in Banking Legislation Predicted: Lending Urged. By United Prrsn WASHINGTON. Oct. 26—Credit or monetary inflation predictions are unjustified at this time, Duncan U. Fletcher, chairman of the Senate Banking and Currency Committee, said today in predicting a ‘ breathing spell" in banking legislation at the next session of Congress. The Florida Democrat said in an

interview that "the long waited thaw of bank funds has come.” He looked for continued economic improvement, but not of the boom variety. “Banks ought now to be willing to take some little risk in loans and encourage business,” Mr. Fletcher said. “And we

Iras

Fletcher

! seem to be starting in that direction. If the banks keep up we can pull down government expenditures.” Conditions Improving Discussing the economic situation generally, he said conditions “are rapidly improving” as shown by increased lending on commercial j paper by banks and increased car- ; loadings. “There will be no boom acceleration or inflation but rather a gradual economic improvement of sound, nature,” he predicted. “I don’t think rumors of credit or monetary inflation have any justification. There is no need of inflation. “If any increase in funds is necessary, the banks now have sufficient reserves. There is plenty of money in the country. The only thing neded is continuation of capital requirements for its use. Moreover, the President has authority, if necessary, to issue $3,000,000,003 in silver certificates.” Spending Is Praised Large government expenditures, primarily, wiped out much of the bank credit deflation which had amounted to $21,000,000,000 by 1933, he said, estimating that by government spending approximately $9,000,000.000 have been replaced. “Now there is coming along use of bank credit by banks which is materially helping the situation,” he said. “We would have gone bankrupt is the government had not spent large sums.” The only possibility of new banking legislation next session, Mr. Fletcher said, would be merely clarifying amendments to get rid of minor kinks in New Deal laws. Even these may be unnecessary, he predicted. GOLD, SILVER INFLOW UP SHARPLY IN WEEK Yellow Metal Received Heaviest Since June 14 Week. By United Press WASHINGTON, Oct. 26.—G01d imports for the week ended Oct. 18 amounted to $122,592,053, the highest since the week ending June 14, when they approximated $125,000,000, the Department of Commerce announced today. Silver imports last week were $14,764,991, nearly three times che previous week. Silver exports amounted to $26,646. all to Canada. There were no gold exports. The bulk of gold came from France, which sent $83,823,224. The United Kingdom sent $31,098,997 and British India $4,342,275. The United Kingdom sent $12.353,050 silver and Mexico $1,680,517. HUPP SELLS PROPERTY Michigan Plant Purchased by Walker Interests. By United Press JACKSON. Mich., Oct. 26.—Property of the Hupp Motor Car Corp. here has been purchased by the Walker interests of Racine, Wis., manufacturers of automobile equipment, it was announced today. It was reported that the plant would be opened within 30 days. Preparations for the installation of ! machinery in the plant are under ] way. The property includes about j nine acres of land and 150,000 feet of floor space. STOCK LISTING VOTED By Times Special NEW YORK, Oct. 26.—A. O. Smith Corp.’s application for listing of 500,000 shares of no-par value common on the New York Stock Exchange has been approved by the committee on stock list. Commodity Prices (Bv Abbott. Proctor & Paine) (Reprinted From Late Times Yesterday) 1 COTTON NEW YORK Prev. High. Lot*’. Close, close. January 10.95 10.87 10.88 10.90 March 11.01 10.97 10.97 10.94 Mav 11.04 10.95 11.00 10.99 Julv 11.08 10.97 11.01 11.01 October 11.17 10.99 11.17 10.93 December •• 11.97 11.91 11.91 10.96 Spot, 11.30, off 5. NEW ORLEANS Prev. High. Low. Close, c'ose. January 10.88 10.87 10 88 10.87 March 10.97 10.88 10.93 10.92 Mav 10.99 10 92 10.92 10.95 Julv 11.04 10 94 11.00 10.95 October 11.18 11 04 11 04 11.10 December ... 10.96 10.90 10.90 10.96 Spot. 11.25. weak. SUGAR Prev. High. Low. Close, close. January 2.15 2.14 2 15 2 16 March 2 11 2 11 2.11 2.12 Mav 2.16 2 16 2 16 2 17 July 219 219 2.19 2.20 December 2 45 2.40 2.45 2 41 NEW YORK COTTON SEED OIL Prev. High. Low Close, close January • 10.28 10.20 10.28 10.26 March 10.35 10.26 10 33 10.34 October 10.56 10 42 10.56 10 .26 December 10.27 10 20 10 27 10.28 BUTTER Prev. Close, close. November 27% -27% December 27% 2i-2 EGGS Prev. Close, close. October -24 •2 2? ’* November 24 .24 December >24 >24

Import of Cotton Goods From Japan at Record; Purchases Here Decline Balance of Trade Between Two Nations as a Result Is on an Even Keel for First Time in Two Years. (Copvrieht. 1935. by United Press) WASHINGTON. Oct. 26.—Japan is selling the United States a recordbreaking amount of cotton piece goods despite recent campaigns to curtail Oriental imports, Departments of Commerce statistics revealed today. At the same time, Japan has reduced its raw cotton purchases here to such an extent that the balance of trade between the two countries practically is on an even keel for the first month in the past two years.

During the first nine months the United States imported 27,239.078 ! square yards of piece goods valued at $1,320,024. compared with 7.287.017 square yards valued at $363,201 for ; the entire year of 1934. The previous peak was approxiI mately 11.000.000 square yards in I 1923. In 1932, imports from Japan ; shrank to a depression low of | 789,244 square yards valued at onlv | $56,691. Less Than 1 Fer Cent Officials explained, however, that ; despite the increase in cotton piece I goods imports, they amounted to less-than 1 per cent of our annual j domestic production of 7,000,000 square yards. Japan was far from the leading country to send the United States cotton goods, statistics showed. Figures for 1934 showed the following relationship between major cotton importing countries: Country. Square Yards. Value. Switzerland 15,667.971 $2,330,433 United Kingdom 9.900.990 2.184,586 Japan 7.287.017 363.201 Belgium 3,060,374 516,725 While Japanese imports increased from $183,189 during the first nine months of 1934 to $1,320,024 this year, the general increase of total imports in this classification was only $45,000. This indicated that Japanese products were crowding out foreign competitors far more than they were invading the field supplied by domestic mills. During August and September, sales of American raw cotton to Japan declined from $15,961,000 in 1934 to $12,343,000 This represented a loss of approximately $3,500,000. Despite this. Japan still was our best market for cotton, taking more than 25 per cent of the total. British Buying 4 Spurts The United Kingdom, second largest cotton buyer this season, jumped from $6,424,000 during the first two months of the previous buying season to $10,490,000 during August and September this year. Value of the raw cotton sent to Japan during the shipping seasons ending in July during the last two years were ' approximately constant, amounting to $102,895,000 for the 1934-35 season and $102,948,000 for the 1933-34 season. The amount of cotton, however, varied considerably more because of price changes. For 1934-35, 1,521.195 running bales were shipped while for 1933-34, 1,845,601 bales were sent. During August, the latest month available for all exports and imports statistics, Japan bought American goods valued at $11,680,259 while Americans bought Japanese goods valued at $12,839,014, a slight balance in favor of the Oriental nation. This was the first month since 1933 that Japan had a favorable trade balance. 42 WEEKS’ LOADINGS AHEAD OF LAST YEAR Cumulative Total 25,312,516 Cars, Against 25,272,584 Year Ago. Times Special WASHINGTON. Oct. 25.—Revenue freight loadings for the first 42 weeks of the year amounted to 25.312,516 cars, contrasted with 25,272,584 in the corresponding period last year, according to a compilation made today on the basis of reports by the American Association of Railroads. In the first seven months loadings were below those for the 1934 period. In the last 12 weeks, ho lever, traffic has been stimulated and every week but one has exceeded the total for the corresponding 1934 week. Loadings for the Oct. 19 week amounted to 732.947 cars, 1937 below the preceding w?ek but 92,220 cars above the 1934 period. COTTON GINNED DOWN Drop of 154.105 Bales Reported From Y'ear Ago. By United Press WASHINGTON, Oct. 26.—The Commerce Department today reported 6.589,799 bales of cotton were ginned from the 1935 crop before Oct. 18. compared with 6,743.904 bales for 1934. a decline of 154,105 bales. The report was recorded in running bales counting round as half bales and excluding linters. The revised total of cotton ginned this season prior to Oct 1 was 4,231,487 bales. ACCEPTANCES INCREASE September Witnessed Customary Seasonal Extension in Volume. Times Special NEW YORK. Oct. 26.—The outstanding volume of bankers acceptances at the end of September was $327,834,317, according to the American Acceptance Council. This represents a seasonal expansion over the end of August figure of $321,807,411. Robert H. Bean, executive secretary of the council, said there is little to substantiate belief that the banks will have a large enough increase in business to overcome the 1935 deficiency. 539,905.034 DISTRIBUTED Times Special NEW YORK. Oct. 26.—Distributions of $39,905,034 have been made or authorized to date by group investment funds and investment trusts operating under the supervision of Administrative and Research Corp.. according to an announcement today by Col. Benjamin i F. Castle, vice president.

Bank Clearings Spurt Bank clearings in 22 lending cities for the week ended Oct. 23, amounted to $5,619,897,000, an increase of 27 per cent over the $1,130,187,000 figure for the same week last gear.

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total corporate FINANCING (commercial A financial chronicle) ® OO I DOTTED LINZ IS THE PAST TEN YEARS AVERAGE OF pr y, THE SAME MONTHS 'A % 7/ 400 , V rt" -I N , V , o \ / V , ° '%•' : ' f 2 ‘vT“ 2 2 00 o i y i: SONOJ FMAMJJAS I ’93=* THE PARKER CORP. Gc>'F n ‘L DISTRIBUTORS INCORPORATED INVESTORS Total corporate financing lias shown some signs of life the past few months. However, of the Sl.598.900,000 total in the first nine months of this year only $231,000,000 was for new’ financing. From January, 1925 to December, 1931. the number of shares listed on the New Y’ork Stock Exchange increased 300 per cent. Today there are actually fewer shares listed on the “big board” than in 1931.

STORE VOLUME UP FOR MONTH Indianapolis Reports Gain of 22.5 Per Cent During September. Department store trade in Indianapolis registered an increase of 22.5 per cent over the preceding month, according to the monthly review of business conditions issued today by the Federal Reserve Bank of Chicago. The increase for the Seventh Federal Reserve District as a whole was 20 per cent. For the second successive month. Chicago department store trade was less than in the corresponding period of 1934, and Indianapolis trade also registered a fractional loss for September in the comparison, so that sales for the district as a whole aggregated only 3 per cent above those of last September. However, owing to the fact that there was one more Saturday in the month last year, daily average sales this September totaled 5 per cent heavier than a year ago. A somewhat greater than seasonal rise—ll per cent—took place in stocks between the end of August and Sept. 30. and they exceeded by 1 per cent those held at the same time in 1934. The rate of stock turnover for the year 1935 through September was 3.11 times, against 2.89 times for the corresponding period last year. Indianapolis department stores continued to run counter to the trend in the matter of inventory position. Although stocks in September for the district were 1.1 per cent heavier than a year ago, Indianapolis units reported stocks were 12.1 per cent lower. Local Livestock (Reprinted From Late Times Yesterday) HOGS Oct. Bulk Tod. Receipts. 19. SlO-oOt) 10.80 SIO.BO 2000 21. 10.25 Fr/ 10.50 10.55 4500 22. 10.201 it 10 30 10.35 5000 23. 10.00 24. 9.704 J 9 90 9.90 5500 25. 9.701<t 9 00 9.90 5000 Light Lights. (140-160) Good and choice . $9.50'?? 985 Medium Lightweights. (160-180) Good and choice .. 9.7543! 990 Medium 9.2541 9.75 (180-200) Good and choice ... 9.75(5i 9.90 Medium 9.25'& 9.75 Medium Weights. (200-2201 Good and choice . 9.75*5 9.90 (220-250) Good and choice . Heavyweights. (250-290) Good and choice . 9.55® 9.75 (250-3501 Good and choice ... 9.25'a, 9.53 Packing sows. 1275-3501 Good 8.75(g 9.00 (350-475 Good 8.608 85 (425-450) Good 8.50% 8.75 (275-450) Medium 8 25® 860 Slaughter pigs. (100-140) Good and choice ••• 8 50® 9 50 Medium 8 00® 9.25 CATTLE —Receipts, 700— (500-900) Choice $100001125 Good 8.50% 10.75 Medium 6.75® 8.75 Common 4.75%, 6.75 (900-1100) Choice 11.00® 12.00 Good 9 00% 11.25 Medium 7 00® 9 00 Common 5.00%) 7.00 (1100-1300) Choice 11.50% V 2 25 Good 9 25% 11 50 Medium . . 7.00% 9.25 (1300-1500) Choice 1150%12 25 Good 9.50® 11.50 Heifers (500-750) Choice 9 00®10 oo Good 7 50® 9 00 Common and medium .. 4.00% so ,750-900) 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 3.00% 4.25 Bulls, good 5,50® 6 00 Cutter, com. and med bulls... 4.00® 550 VEALERS —Receipts, 600— Good and choice $lO 00®1100 Medium 8 00% 10.00 Cull and common . 5.00® 8.00 Calves *250-500) Good arid choice ... 7 00® 950 Common and medium . . 4.00® 700 —Feeder and Stocker Cattle—-("soo-800) Good and choice . 6.75® 8 75 Common and medium 4.50® 6 75 *BOO-1050) Good and choice . 7.00® 875 Common and medium 4.50® 7 00 Good 4 00® 4.75 Common and medium . 3.50® 4.C0 SHEEP AND LAMBS —Receipts, 1500Lambs, 90 lbs. down, good and choice $ 8 753 9 50 Medium 7.00® 8 75 Ewes '9O-125' Good and choice 3 00® 400 All weights, common and medium 2.50® 3.50 (120-150) Good and choice .. 2 00® 3 00

REAL ESTATE MORTGAGE LOANS On Indianapolis J Improved Real Estate THE UNION TRUST CO. 118 EAST MARKET STREET

EXPERTS SEEK SUBSTITUTE FOR PROCESSING TAX Study Being Made in Event Present Levy Is Ruled Out by Court. i By United Press WASHINGTON. Oct 26.—Administration officials are studying possibilities of re-imposition of processing taxes on farm products should the present AAA processing tax system be outlawed by the Supreme Court, it was learned today. Constitutionality of the existing taxes is being attacked on the ground they represent an improper delegation of executive power. Should the Supreme Court rule against the government, legal experts said today, Congress could levy a direct processing tax for revenue purposes that would be constitutional. Speculation Increases President Roosevelt indicated recently that new sources of revenue would be required if the present processing taxes are thrown out. As the time approached for the hearing on the question, speculation over what new taxes might be imposed increased in administrative circles. Some congressional tax experts have suggested that a general sales tax or higher levies on small inI comes could be imposed to recover j any possible loss in processing tax income. Both of these methods, however, are frowned upon by some members in view of the unpopu- ; larity of imposing new taxes in an i election year. : Although Secret ary of Treasury Henry Morgenthau ‘ Jr. said the Treasury has not drawn plans for tax recommendations to Congress should the present processing levies be outlawed, a high Treasury official said today it was a “good hunch * | that re-imposition of processing ! taxes would be given closest con- | sideration. Tax Rales Listed Present processing tax rates promulgated by the Secretary of Agriculture include 30 cents a bushel on wheat, 5 cents a bushel on field corn. 4.2 cents a pound on cotton, $2.25 a hundredweight on hogs, 1.39 | to 3.2 cents a pound on tobacco. 1 ; cent a pound on peanuts and 30 cents a bushel on rye. Mr. Morgenthau said existing tax collections were the only red spots on the Treasury’s books.’ Other collections, he said, are up to expectations, but there has been a sharp slump in processing tax revenues because of the present court attack on the AAA law. Between July 1 and Oct. 22. proc- | essing tax collections fell to $49.- , 106.001 from $169,751,003 in the cor- ! responding period of last year. More than $100,000,000 of unpaid taxes are i believed tied up in the present liti- ; gation. ENGINEERING AWARDS SET 4-YEAR RECORD Previous Peak for Year Exceeded by 31 Per Cent. By Times Special NEW YORK. Oct. 26.—Engineering construction awards of $58,980.000 this week, reported by Engineer- : ing News-Record, top the previous high for the year by 31 per cent and [ last year’s highest week by 5 jxr I cent. This is the largest volume of j work put under contract in one | week since October, 1931. State and municipal awards are the highest for any week this year while private awards are only the third highest week and Federal awards the sixth highest week. The figures are: Private, $18,095 - 000; public, $40,885,000; Federal, $12,738,000; state and municipal, $28,147,003. Comparable figures a year ago are: $22,625,000; private. $2,897,000; public, $19,728,000; Federal, $2,516,000. and state and municipal, $17,212,000. PER SHARE NET RISES Pacific Lighting Figure up From 52.37 to 54.05 on Common. Times Special SAN FRANCISCO, Oct. 25Pacific Lighting Corp. earned $4 05 on the outstanding common 'stock for the 12 months ended Sept. 30, contrasted with $2.37 a share in the corresponding period last year, according to the company’s earnings statement released today. Total revenues from electric sales : showed a rise of 4.5 per cent over a year ago. Industrial gas revenues registered an increase of 16 7 per cent. BFTTER OUTPUT HIGH Times Special LINCOLN, Neb.. Oct. 25—A. E. Anderson. Federal agricultural statistician, today reported the 91.334.000 pounds of creamery butter manufactured in Nebraska during 1934 was the second highest in the last five years. RAIL DIRECTOR NAMED j By 7 itnes Special PHILADELPHIA, Oct. 26 George Stuart Patterson, of this : city, has been elected a director of the Pennsylvania Railroad Cos, succeeding the late General W. W Atterbury.

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