Indianapolis Times, Volume 47, Number 198, Indianapolis, Marion County, 28 October 1935 — Page 11

Wall St. Stock Performance Suggests Boom Has Arrived. RV RM I’M lIFNDF.RSHOT Time* Special Writer NEW YORK. Ocf. 28 —Action cf the stork market recently suggests that the much discussed and long awaited boom may be upon us. Trading at different times has reached 4,000,000-share day proportions. and prices have fluctuated rather wildly- It is safe to say, moreover, that stock prices have

advanced out of all proportion to recorded earnings, so it may be deduced that the urgent buying has been prom pted by other than normal factors. It often has been said of the market that it discounts business many months in advance, Assuming that to be the

Ralph Hcndvrshot

case, at least part oi the rise which has occurred may be put down to normal performance. The majority of our business leaders are of the opinion that a substantial pickup in trade is in the offing. The improvement already recorded has been impressive. War activities and the prospects of further disturbances have resulted in much foreign money being sent here for investment in stocks. This buying has contributed in no small measure to the advance in prices. a a a RUMORS have been circulating ■ in the financial district that some of the old crowd of market operators have been at work, and these rumors have been substantiated in part by the action of several speculative favorites. Still another factor which may well contribute to a sensational market performance if the current buying movement continues is the relative scarcity of so-called floating stock. All of the weakly held blocks of shares long sincj have passed into strong hands. Moreover, we have had virtually no new stock offerings since the great crash. Consequently, if and when the general public takes an active part in dealings we may expect wide fluctuations. a a a OUICK profits, made apparent by wide price fluctuations, are always inviting to the general pub - lic. And past experiences of a sad nature never constitute a deterrent to their desire to get into the game. Unfortunately, however, they usually step in at the top of a market movement rather than at a more desirable spot. And even those who do get in in time usually remain much too long. From all indications, therefore, it may well be deduced that the boom ship already has set its sails and is on its way. The skies are clear despite the Securities and Exchange Commission and the more rigid rules of the New York Stock Exchange. Where it is headed and what ports it may touch before the journey is completed are open to all sorts of conjecture. Some of the experts predict that it eventually will land on another pile of rocks. STEEL IMPORTS SOAR September Tonnage Highest Amount in Two Years. B;l C tilted Prats WASHINGTON, Oct. 28.—September iron and steel imports registered the highest tonnage received in any month since September. 1933. the Commerce Department reported today. Imports amounted to 53,158 tons, compared with 31.312 tons in August, 23.847 tons in September last year and 55,206 tons in September, 1933. Pig iron imports came chiefly from fire Netherlands, British India and Germany. Oil Commission Row Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers: Fruit Cranberries, early blacks. 25-lb. box. $3 50. Pears -Michigan Bartlctts, bushel $2.25; Avocados, Florida, box $2.25. Cantaloupes California Honey Dews $2.50; Casabas $2 25; Persians, s2<i'f2.2s. Bananas - ? hands, a pound, 5c Grapes- Michigan. 12-qt basket, 35c Persimmons —Indiana. 12-pt case, $1 Apples Jonathans. $1.15® 1.25. Summer Ratnbos. $1: Delicious. $1.53; Wealthys. $1; Grimes Golden 51.15. Lemons Sunkist, 3605, $7.50. Grapefruit 64s to 70s. $3.75. 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. $1.75. Celery Michigan. washed and trimmed, extra large. 85c. jumbo, dor,. 45c Cucumbers —Hothouse. 2 dor box $2.35. Kale- Home gown, bu . 50c Lettuce Iceberg. California. best, $4 25; home grown leaf. 15lb backet, 60c Endive—Ohio, basket. 45c Mangoes California grown, crate. $3.25. small basket. 40c. Mint—Dor.. 50c Mustard —Home grown, bu.. 50c. Onions Indiana yellow. 50-lb. bag, 90c; Indiana white 50-lb. bag. SI. Utah Spanish. 50-lb bag. $1 40. Parsley —Home crown, drr 35c Peas —Telephone hampers. $3 50 Potatoes New Jersey Cobblers. 100lb. bag. $1 50; Michigan Round White. 100lb. bag. $1 30. Early Ohios. bu . $1 40; Idaho Kusscts. $1 90. Sweet potatoes Indiana. Jersevs. bus . $1.40 Radishes —Ohio, but tons. 2-rior. baskets. 60c Sage—Dor . 45c. Spinach—New Zealand, bu 65c. Squash Bu.. $1.15 1.25 Turnips New bu.. 90c; bunch, dor.. 25c. Tomatoes— California, repacked. 10-lb, carton. $1.15dor., 60c 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’ i lbs., 16c: under 4'.- lbs., 15c; old cocks Bc, Leghorn broilers 1 1 lbs and up. 12c. Leghorn springers. 12c; ducks, wrote 4 lbs. and up. 6c. geese, full feathered and fat. 4c; old guineas. 15c; voting guineas. 11,I 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%v?32%c----butterfat. No i 2ic: No. 2 23c. Quoted by the Wadley Cos (By United Pressi CHICAGO. Oc 28. Eggs Market, steady, receipts, 2817 cases, fresh graded nrste, 28c.extra firsts, 28%c: current re--25 .i 27c dirties. 20 -1 24’c; checks. '2 . Butter Market, firm receots, 10.818 nib-., extra firsts t 90-91’.- score'. 2T%® r"** c extras '97 scorer 28c. firsts 1 88-89 •_■ score'. 26’../27c: seconds < 86- * a score 25%c; specials 28%'.'29c: standards. 27%c Poultry Market steadv receipts 25 trucks 1 car due. ducks la'*/ l/C geese 15c. spring chickens. 18o 1 19c; hens 1 2!c; turkeys. 16®22c: Leghorn chickens, lo’.c: old roosters, 15c Cheese Twins. '•/ 16c : Daisies 16' ,® 16' -c Longhorns 16%®16%c Potatoes—Supply liberal’ demand moderate market strong Idaho Russet Burbanks $1 55 ,1 70 commercials, S1 30 u 1.35; U. S No. 2 $1 30 Wisconsin Round Whites. 92%'.,95c commercials. 75*/ 85c; Michigan Green Mountains. $1: South Dakota Earlv Ohios 70cRound Whites. 75c North Dakota Cobblers 90c"/$lO5 Red River Ohios 95c® $1 Bliss Triumphs $1 10: Minnesota Cobblers' 90c. Colorado McClures, $1.35<ul 40.

FOREIGN BUYING SWELLS TRADE, REVIEW STATES Business Week's Index Moves Up to New Peak for This Year. I Times Special NEW YORK, Oct. 28.—Added to tha slowly swelling tide of domestic buying, the increased purchasing by foreign governments of raw maj terials, machinery, transportation | equipment, and the like gives asI surance of a sustained upward trend in American business, the magazine Business Week declared today. The publication's index of general activity now stands at 67.4. a j peak for the year, and at a level for October above any attained in ! the last three years. By next month, it is said, the barometer readings should even soar above those for the comparable period of 1931. Steel at New Top “Current steel activity," it was ' pointed out, “is the best for the j period since 1929, even without 1 much aid from Detroit. Construc- , lion volume probably will hit anew | high for the year in October. Industrial purchasing of coal has rei stored bituminous production to the { early January level of 8,000,000 tons i a week. “Railroads are carrying more freight now than for any period since October, 1931. And business | transacted by the common check in j the week ended Oct. 17 was from 1 to 26 per cent ahead of last year in j various parts of the country, with the East still holding its recently acquired lead. "Encouraged by the spectacular housing revival of the first nine months, when an 80 per cent gain in contract values was chalked up, homebuilders are still pouring forth ! Plans for new structures. Contracts for the first half of October ran 40 | Per cent ahead of the September j daily rate, 140 per cent of last year's average.” Production Compared The following tabulation shows the performance of leading production indexes for the first nine months compared with the corresponding period last year. Steel Percent I Automobiles ... ' : nk | Construction '. . j Residential , S A Nonresidential . "‘i I Public Works and Utilities —26 : Lumber ” | Factory Employment ...'.7,7.7.” 3 ; Factory Payrolls ' jin I Hard Coal Z\ ; Soft Coal 7.77 _ , I Oil Wells Driled 7. .... . 21 | Electric Power ... 7. 8 i Cotton consumed by U. si mills J 2 j Silk Consumption . ...7 n Wool Consumption . . . 9fi I Petroleum ' ''_ Cigars. Cigarets ’ 4.5 '■Preliminary. Chicago Stocks (By Abbott, Proctor Sc Paine! 10.30 Prev. , . A. M. Close. Asbestos 49, 43, Bcndix 22' 4 22 1 ” g Warner .7.7 62', 63 ‘ Butler B 75, 73^ i Chi C orp 3?, Cit Serv 2 ', 2’, ' Crane Cos 19% 19% , Cord 41 2 43 _ 5 1< 7, Hsld 18 ' iB% N °hlitt 30’ -3 1 I Per Circle 44 431, I Swift Int 31’ 4 31 , Marsh Field 1 2 1 12’b Gen Hsld 4% 4 i 4 New York Curb 'By Abbott, Proctor & Paine) 11:30 A. M. Prev. - N. Y. Close. Am Cyanide "B" 26% 27% ! Am Superpower 2', 2% Atlas Corp 12% 12 ;, 4 El L'and & Share 16 16'> | Ford of Cbn "A” 29% 30'j Gulf Oil of Pa 63 64' 4 Hiram Walker 23 s , 28 ; Humble Oil 60> 4 50 3 4 Imperial Oil Ltd 21 1 4 21 Lake Shore Min 46% 46% Lone Star Gas in l ., 10' , Long Island Lighting 4 7 , 4% Natl Bellas Hess . 2 Nia Hud Pwr 8% 8% I Novedal Agene 35% 36% i Penn Road 2 7 , 2 7 , Sonotone 2 7 , 2 7 , I Teck Hitches Gold 4 4 i Wright Hargraves Min .. ... 7 7 Unlisted Stock ißv E’lyth & Cos.) NEW YORK RANK STOCKS Bid. Ask. Bankers 58% 60’. Central Hanover B & T 108% 110 Chase 33% 35’, Chemical National 49 50% j Guaranty 2793, 283 ! I-ving . . . 14', 1534 J Manufacturers . 25% 27 1 National City 3 3 7, 32% ! Cont 111 'Chicago) 76% 79% First Natl of Boston 42% 44 7 4 FIRE INSURANCE I Aetna Fire 55% 57% j City of New York Ins (new) 25’, 27' 4 ; Federal Ins . 78% 81 I Great American Ins 26 7 4 27 7 , j Hanover Fire Ins 37’ 4 39 | Hartford Fire 79 7 4 81 7 ! Home Insurance 34’, 35 3 4 I Ins Cos of N A 69 1 4 72 National F.re 71% 73 7 4 j North River Insurance 25 s , 27 7 4 Phoenix Insurance 89% 92 IU S Fire 51% 53 3 , | Westchester Fire 34 3 4 36% Moneu and Exchange TREASURY STATEMENT IBv United Pros) I WASHINGTON. Oct. 28.—Government expenses and receipts for the current year , to Oct. 25 are compared with a vear I ago: This vear Last Year Expenses $2,575 275.233 23 $2,088,631,324 68 ! Receipts . 1.197.587.934 08 1.181.207.594.5! Deficit 1,327.687.299.15 907.423.730 17 Cash tal. 1.497.656.636.58 1.846.146.437.60 'Chicago Grain Eutures (Bv United Press) 11:30 Prev ! Wheat— High. Low. A M. close I Dec. _98 7 , .98', 98 3 , 1.00% Mav 98’ 4 97% 97% .93 7 , I July 85*2 .87% 87 3 4 .90 ; Corn— Dec 61’, .60 1 2 .60 s , .61 I Mac 59 s , .58 7 , .59 ,59 7 2 I July 60 3 , .59-’, .5934 ,60 7 2 i Oats—--1 Dec 26% .26’ 2 26 s , .26 3 4 May 28 s , .28' 2 .28 s , ,28% I Julv 28 s , .28 s , 20 s , .28 3 , Rve—--1 Dec 50’, .49% .50 .50% I Mav .. .52 7 4 .51% 52 .52 >2 j Julv .. 51 s , 51 7 2 :1% 52 7 2 LOCAL CASH MARKET 1 City grain elevators are paying 91 cents ; for No. 2 soft wheat. Other grades on their merits. Cash corn No 2 vellow 77 j cents and oats 21 cents. HELLER PROFITS GAIN I Times Special CHICAGO, Oct. 28—Walter E. j Heller <fc Cos., installment bankers 1 and factors, today announced profj its. after all charges and taxes, of $191,814 for the nine months ended Sept. 30, 1935. compared with $117,- ' 708 for the 1934 period.

Abreast of The Times on Finance

WEEKLY BUSINESS INDICATORS legend WEtL Wtnsot 1523-1975 INCLUSIVE tIOO ——— l9Js - 1 'Business activity (new york times)* stee' i igot production construction contracts awarded* AH ff* MAI •.•' ~NC *Ov.D€C !• -MW jjui ymr alu*, SC*” 9C' v;Kt fl\ maa am *A- wt a-c XT XC. , 00 f —* * ■ V*, ] ‘oc r" * 1 1 ■ * too | — 1 — 1 —‘ ■ ■ — l — A ■ 1 90 Lje;- * 0 *° 60 I oL , 1 .1 ■; /1.,! 1;...; ilniiii; i!iii!lui 0 L......!... i..il ,i. i..1;1;, iui., 0L.1.i.1i.n!/.. AUTOMOBILE PRODUCTION A LUMBER PRODUCTION BITUMINOUS COAL PRODUCTION* 1 60 ; too | 100 j r -yO 10 o ! 11. I: I ,i. III! ; ■ 1:1 1 ' Ml 1 1. 11 li 1 1! 1,11 O : 1 1 1 ■. I! 1 1 11 1 i 1 ,!,: I! 1 ,! 1 1 ill 1 11 !! m 11 1II 1 ! 11. i, 111 FREIGHT CAR LOADINGS COTTON RECEIPTS ELECTRIC POWER PRODUCTION* 'OO ! ■“" 1 1 11 - 400 1 20 to —— 300 ——' ' 0 FISHER'S WHOLESALE PRICE INDEX* BOND PRICES* STOCK PRICES* 100 J I; 0 T ISO •40 L 5... . 1 . 1 .; I■l. ■ I.;; 60 t...h; : ill 11 1 1 : i'. I: ' :I: ''' .'i:7■l: :ii 11 !nl -nil 011 'l'■' 1-1 111 n 1 1 111 1 1111 1; i l 1 111 ! 111 ■ 1 1.1 ill■l ■1 ■. COMMERCIAL FAILURES* BANK DEBITS OUTSIDE NEW YORK CITY* BROKERS'LOANS NEW YORK CITY *2O f 140’j 100 1 Z 0 li ;ii:l.llil llilil liliin.li/II.M 1 111 l.ml.l.Ii:;. 40 j M aSi !m 11 1 ! I ■ 1 11 111 11111.11 il■ 11 C 11 11 111 1 1, n 111 1 1 Mll M 111 I nil 11 1 M 11 1 n ! 1 111 1 111. FEDERAL RESERVE MEMBER BANK LOANS TIME MONEY RATES* MONEY IN CIRCULATION* tool 150 1 1601 jr 50 j t COMPUTED NORMAL - 100 ■* CRAM'S ESTIMATE ms U. S. **<t> CANADA *1926*100 * NUMBER * DAILY AVERAGE, *1928-1950*100

New York Stocks

(By Thomson & McKinnon) 11:30 ” 11:30 A. M. Prev. Oils— High. Low. N. Y. close. Amerada 72 71 '2 71 7 2 73 Atl Rfg 23 3 , 23 '4 23', 23', 4 Consol Oil . ... 9", 8 7 , 8 7 , 9 Cont of Del . 24’, 24 24’, 24 Houston (new) 4’, 4 1 , 4’, 4’, Houston (Old) . 12 3 4 12’, 12 7 , 12;, Mid Cont Pet .. 11’, 11 s , 11 s , . Ohio Oil lO- 3 , 10 3 4 10 3 /4 10 3 /, Phillips Pet 34’, 33 s , 33 5 ,337/,4 7 /, Seaboard Oil ... 31% 31 31 314, Shell Un 11% 11 11 U>/ 4 Skel.ey Oil 13V, 13% 13% 13Va Soc Vac 12 s , 12% 12% 12 7 / 2 SO of Cal 37% 36 3 4 36% 37% S O of Ind 28% 27 s , 27% 28 Texas Corp . 23% 22% 22% 22% Tidewater Assn . 10 s , 10% 10U 10 3 /, Un Oil of Cal .. 20% 20% 20% 19% Steels— Am Roll Mills .. 29>i 28% 28% 29 7 /, Beth Steel . . . 39% 38% 39 39% Byers AM., . 17 3 % 17% 17% 18% Cruc Steel .25 25 25 Gulf Sts Steel . 96% 96 3 , 96% 96 3 /8 Inland Steel .. 26% 25% 25% 25 Mid Steel 23% 23% 23% 23% Natl Steel 73% 73 73 73% Otis Steel 16% 15% 15% 16V, Rep Iron & Steel 18% 18% 18% 18V, Rep Ir & Stl pfd 81% 81% 81% 81 U S Pipe & Fdy 19% 19% 193/, 19% U S Steel ... 47% 46% 46% 47% U S Steel pfd .. 110% 110% 110% lIOV2 Warren Bros 3% 3% 3% Youngstn S & T 27% 27% 27% 27 7 / 2 Motors— Auburn 43% 42% 43 48% Chrys’er 88 86% 86% 88% Gen Motors .... 54 53% 53% 54% Hudson 16-% 16 16% 16 3 4 Hupp 3% 3% 3 % 3% Mack Truck ... 24 23% 24 23 3 /4 Nash 18 s , 18 18 Packard 6 7 , 6% 6% 6 7 , Reo 4% 4’, 4% 4% Studebaker .. .. 7% 7% 7% 7 7 , Motor Access— Bendix 22% 22 22 22% Borg Warner 63% 62 62% 63 Briggs 55 54 7 , 54 7 , 55% Budd Mfg 7% 73* 73, 7 3 , Budd Wheel 10 9% 9% 9 7 , Eaton Mfg 30 29 7 , 29 7 30% Elec Stor Bat 52% 52 52V* 52 Houdallle iBl ... 24% 24 24% 24% Mullins Mfg .... 15 15 15 15 Murrav Body ... 20% 19% 19% 20% Stew Warner . 18% 18 18 18 Timken Roll 63% 63% . 63 Timken Det, Axle 9% 8 7 , 8 7 , 9% Mining— Alaska Jun 14% 14% 14% 14% Am Smelt 57 56'.- 57 57% Anaconda ... 21% 20 7 20% 21V, Cal & Hecla . . 5% 5 3 , 5% ss,5 s , Cerro de Pasco . 58 57% 58% 58V, Granby . 12 3 4 12 3 4 12% ... Homestake Min 399 399 399 Howe Sound . 53 7 % 53 53 52% Ins Copner . ... 6% 6% 6-% 6% Int Nickel .... 31 3 , 31% 31% 31% Kennecott Cop . 25% 25% 25% 25% Mclntyre Mine . 36 35% 35% 35% Park Utah 4 4 4 4 U S Smelters ... . 96 Vanadium . ... 18 17% 18 18 Amusements— Fox Theat 18% 18 18% 18% Loews Inc .. . 48% 47% 48% 48% Radio Corp ... 8% 8 8% 8% Paramount 10 9% 9% 10% RKO 5 4% 5 5% Tobaccos— Am Sum Tob ... 26 26 26 Am Tob ”A" .101% 101 1 2 101% 101% Am Tob ••B" - 1 3% 103% 103% 103% Gen Cigars . ~8% 58% 58% 54% Ligg & Myers B 115 115 115 114% Loriilard . . 25% 25% 25% 25% Phillip Morris . 49% 49% 49% 49% Reynolds Tob B 56% 56% 56 s , ... Rails— Atchison . 50% 49 3 , 50% Atl Coast Lines 25 s , 24% 25% 25 B & O 15% 15V* 15% 15 3 , Ch & Ohio ... 45% 45 45V* 45% Chi & Gt W . 1 1 1 1 Chi & Gt W pfd. 2% 2% 2 3 i 2% •C M & St P pfd 1 3 4 1% 1% 1% Chi N W . 2>, 2% 2', 2Vs Dela & Hud ... 35% 35 35 7 > 35 Del Lac &W . 15% 15 15% 15 Erie . 10% 10% 10% 10% Grt Northern pfd 27% 26% 27% 26% 111 Central .. 15% 15% 15% 15 7 / 2 K C Sou 6 6 6 Lehigh Valiev .. 9 9 9 Lou & Nash ... 46% 45% 46% 46 MK&TS 4% 5 5 MK & T pfd 11% 11% 11% 10% N Y Cent 24V, 23% 24% 23% N Y New Haven 3% 3% 3% 3% N Y Ont & West 3% 3% 3% Norfo’k & West 105 195 195 Nor Pacific .. 17 7 , 17 17% 17% Penn R R .. . 28% 27% 28% 27 3 4 Reading 35% 35% ?5% Sou Pac 19V, 18% 19% 19% Sou R R 9 s , 9% 9% Union Pac . . 95% 95% 95% 95% Wabash 2 2 2 2 West Maryland .8% 8 B', 8 Equipments— Am Brake Shoe 37 37 37 37 Am Car & Fdv 23% 23 23% aS’, Am Loco 18% 18% 18% 18 s , Am Steel Fdf .. 19% 18% 18% 19% Bald t-oco 3% 3% 3% 3 Gen Am Tk Car 42 3 , 41% 42% 41% Gen Elec 36 35% 35% 35% Pullman Inc .. 31% 34 34% 34% West Air Br . 27% 26>- 26% 26% Westingh Elec .. 87 s , 87 ‘ 87% 87% Utilities— Am & For Pwr . 6% 6% 6 s , 6% Am Pwr <fc Lit . 8 7% 7 3 , 7% AT&T 145 144% 144% 144 3 , Col Gas & Elec 14 s , 14% 14% 14% Com & Sou . 2% 2', 2% 2% Consol Gas 29 s , 29 29 s ,' 29', Elec Pwr & Lit 5% 5% 5%, 5% Int Hydro E’.ec . 3% 3% 3% 3>, Interboro R T 20 20 20 20 s , Lit TANARUS& T 10% 10 7 j 10% 10% Lou G & E "A" 20 20 20 20% Nat Pwr & Lit 10% 10 10% 10 North Amer 23% 22% 22% 23% Pac G& E 27% 28% 28% 28% Peoples Gas 40% 40% 40% 41 Serv N J 43 1 , 43% 43% 43 s , Std Gas 5 4% 4% 4% Stone & Webster 10% 10% 10% 9% United Corp 5 3 4 5% 5,4 51., Ut Pwr & Lt A' 2% 2% 2 3 4 2 3 4 Western Union 63% 62% 63 62% Rubbers— Firestone 16% 16% 16 3 * 16% Goodrich 10% 10% 10 s , 10 Goodyear 20% 20% 20' 4 20 s , U S Rubber pfd 37% 37 37 39% Miscellaneous— Allis Chalmers 37% 35% 36% 37% Am Can 146% 146 146 146% Am Mach & Fdy 28% 28% 28% 28% Anchor Cap 17 16% 16% 16% Brklyn Man Tr 42% 42% 42% 42 Rurroughs Add 25% 25% 25% 25% J I Case . 101 99 1 2 101 ioo% Conti Can 94 3 4 94% 94% 95% Crown Cork . .. 40% 40% 40% 4 0% Curtis Pub . 17% 17% 17% 16% Deere &Cos 51 49% 50% SO 7 , Eastman Kodak 164% 163% 164% 163 Foster Wheeler 18% IS 3 , 18% 19 Gillette 17% 17% 17% 17% Glidden 37% 37% 37% 38 Int Bus Mach IS2>2 182% 182% 182% Inter Harv 59 s , 59 59% 59 Natl Cash Reg 19% 19 19 191, Owens Bottle 11 7 7 2 116 s * 117% 117 7 2 Rem Rand It 7 , 14 7 , 14% is l , Worthtng’n Pmp 21 20% 21 20 s * Foods— Am Sugar 55% 55% 55% 54 Armour 4% 4 s * 4 s , 4% Beatrice Cream 18% 16% 16% 16 7 , Cal Packing . 35 *, 35% 35% 35*2 Coca Cola 275 275 275 Cont Bak "A'* .. 8 7% 8 8% Corn Prod 67% 67% 67 s , 67% Cuban Am Sugar 6% 6% 6% 6 7 Gen Baking . 12% 12 7 12% 12% Gen Focds . 32% 32> 2 32% 32% G W Sugar .... 29% 29 29 28%

IXDIAXAPOLIS, MONDAY, OCTOBER 28. 1935

Int Salt 26% 26% 26% 26% Loose Wiles .... 37% 37% 37% 38 Natl Biscuit ... 33 32 32% 32’, Natl D Prod ... 17% 17% 17-% 17% Purity Bak ... 16% 16% 16 s , 16 S Porto Ricog S 24% 24% 24V, 24 Std Brands .. 14% 14% 14V, 14% Un Biscuit . 22% 22% 22% 22% Ward Bak “B” .2 2 2 1% Retail Stores— Assd Dry Goods 16% 16 16 16% Best & Cos 56 56 56 56% First Natl Stores 49 49 49 49 Gimbel Bros 7% 7 7 7% Allied Sts 7% 7% 7 s * 7% Jewel Tea 55 7 / 4 55% 55% 55 Kresge S S .... 27V, 26% 26 7 , 27% Kroger Groc ... 27 26% 26% 27 McCrory St. .. 12% 12% 12 s , 12% Marshal Field .. 12% 12 12% 12 Mont Ward ... 34% 34% 34 7 34% Natl Tea 9% 9% 97^ Penney J C 80 79% 79% 79% Safeway St. ... 34 3 4 34 5 , 34% 35 Sears oßebuck .. 61% 60 7 , 61 V, 51% Woolworth 58% 57% 58 58 Aviation— Aviation Corp .. 3% 3% 3% 3% Boeing Aircft 14% 14% 14% .. Curt Wright ‘AV 8 7% 7% 7% Douglas Air . ... 33% 32 33 32% Nor Am Av .... 4V* 4 4%, 4% Sperry Corp .... 12*4 12% 12% 12% Chemicals— Allied Chem . 170 168% 168% 169 Vi Am Com Alco.. 31% 30% 30% 31% Com Solvents .. 18% 18% 18% 18% u Pont 136% 136 136% 136% Freeport Tex .... 27% 27' 27% 26% Liquid Carb ... 34% 33% 34% 33% Math Alkali . . 32% 32% 32% 33 Monsanto Chem 93% 92% 92% 93% Natl Dis (new) . 33% 32% 33 33% Schenley Dist. . 49% 49 49 Tex Gulf Sulph 32% 31% 31% 31% U S Ind Alco. 47 46% 56% 56% NDrugs— Bristol Myers .. 41 3 4 41 41 41% Coty Inc 6% 6 6 6% Lambert 23% 23% 23 % 23% Lehn & Fink 13% 13 13% 12% Sterling Prod .. 66% 66% 66% 66 1 /, Un Drug (new).. 10% 10% ,0% 10% Vick Chem 39% 39% 39% 39% Zonite Prod .... 5% 5% 5% 5% Financial— Adams Exp ... 8% 8 ,; , 8%, 8% Allegheny Corp . 1% 1% ]•% 1% Am Int Corp .... 9 8% 9 8% Chesa Corp .... 45% 45% 45% 451.4 Transamerica.... 9% 9> 2 9’ 2 9% Building— Am Radiator 18% 17% 18 18 Gen Asphalt 18% 18% 18% 18% Holland Furnace 21% 21% 21% Int Cement .29 29 29 28% Johns Manville 87% 83% 85% 87% Libby Owens Gls 48 47% 47% 48 7 I Otis Elev . . . 20’ 4 20% 20V, 20 U S Gypsum . . .83 82% 83 83% Ulen Cons 2% 2% 2% 2 7 /, Household— Col Pal Peet 18 17% 18 18% Congolsum 41% 41V, 41’, 41% Kelvinator .. 14 13% 13 s , 14 Mohawk Carpet . 21% 21 21V, 21 7 , Proc & Gamble. 50% 50% 50% 50% Servel Inc 11% 11 Vi n% 11% Textiles— Amer Woolen ... 9% 9% 9’% 9% Celanese Corp . 30 29% 29% 30 Collins Aikman . 40 39% 39% 40% Kayser Julius 27 27 27 ... SHOE PRICES RAISED Times Special MILWAUKEE, Oct. 28.—Shoe manufacturers here have advanced prices 25 cents to $1 a pair, following increases made in other shoe manufacturing centers.

(Reprinted from Saturday) DAILY BOND INDEX 20 20 20 60 Ind. Rails. Utils. Bonds. Today x 90.1 79.5 101.7 90.5 Yesterday .... 90.0 79.4 101.8 90.4 Week ago . . 89.8 77.6 101.0 89.5 Month ago . 89.6 80.8 100.7 90.4 1035 high . 90.0 86.4 101.8 90.9 1935 low 83.6 71.0 89.3 83.0 x New high (Copyright. 1935. by Standard Statistics) IT. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Prev. Close, close. Treasury* 4%s 1947-52 114.25 114.26 4s 1944-54 110.15 110.20 3%s 1946-56 108.28 108.26 3%s 1940-43 107.8 107.9 3%s 1941-43 107.15 107.15 3% s 1943-45 105. Iss. 3 7 s 1941 107.21 107.24 3%s 1944-46 104.23 104.23 3%s 1946-49 103 103 16 3%s 1949-52 103.10 103.5 3s 1954-55 102.21 102 22 3s 1946-48 102.15 102.14 2%s 1955-60 100.1 99 31 2%s 1955-47 100.25 100.23 Home Owners Loan Corp. 2%S 1949 99.24 97.26 3s 1952 100.28 100.24 Federal Farm Mortgage Corp. 3' 4 s 1964 102.20 102.18 3%s 1949 101.1 101.2 2%s 1947 101.11 101.9 35 7 ,, 1947 100.4 100.4 DOMESTIC Prev. Close, close. Alleg Corp 5s '44 77% 77% Aileg Corn 5s '49 67% 67% Alleg Corp 5s 'SO 25 23 7 2 Am Frgn Pow 5s 2030 74 73% Am Tel & Tel 5%s 43 113% 114% Am Tel & Tel 5s '65 113 s * 113% Am & Cos (Del) 4%s '55 96 95% Atl Coast Line 4s '52 94 94 Atl Coast Line 4%s ’64 77 7 3 76 Atch Top & S Fe 4%s ’4B ...107% 107% Am Wat Wks 5s '44 107% 107 Am Rolling Mills 4%s '3B 120% 119% Balt & Ohio 5s ’95 71% 71 Balt & Ohio 6s 95 81*2 81% Balt & Ohio 4%s '6O 56% 55% Buff Roch & Pitt 4%s '57 ... 63% 63% Beth Steel 5s '36 102% 102 3 4 Chi Milw & St P 5s ’75 11 7 2 11% Chi Milw & St P 5s 2000 4% 4 Cleve Un Term 5s 73 99% 99 7 2 Cleve Un Term 4%s ’77 90% 98% Col Gas 5s Mav ’52 - 98% 98% Col Gas 5s ’6l 97% 97% Can Pac Pern 4s 85 84% Cent Pac 5s ’6O 85% 85% ie Four 4%s ’77 73 s , 74 Colorado Sc So 4%s ’BO 52 52 Chi & West Ind 4s ’52 97% 97 Chi & West Ind 5’ s 62 106 10S Chi Sc Nor West 4%s '49 ... 8% 8% Chesa Corp 5s 47 106 106% Del Sc Huds 4s '43 77% 78% N Y Dock 4s 'sl 67 * 67 N Y Dock 5s ’3B 53 53% Erie 5s '75 67% 68% Erie 5s ’67 67% 68% Gen Cable 5%s ’47 98 7 2 98% Grt Northern 7s '36 100 1 , 100% Grt Northern 4%s '77 91% 91% Gen Stl Cast WW 5%s ’49 .. 79% 79% Hud Sc Manhat Ref 5s '57 .. 83 83 111 Cent 4%s ’B6 .. . 53 51% 111 Cent 5s '63 60% 60 Interntl Hv Elec 6s '44 ... 44% 44% Interntl Tel & Te! 4%s '39 ... 79% 79% Interntl Tel & Tel 5s '55 .. 72% 73 Imerntl Tei & Tel 4%s 52 ... 68 69 3 ,

New York Bonds

NAME BROKERS FOR LINT POOL Firm Appointed to Give Out U. S. Orders in New York Market. Times Special NEW YORK, Oct. 28.—The brokerage firm of Paine, Weber & Cos., which has been appointed to manage the transactions in cotton futures of the government cotton pool under AAA jurisdiction, this week will allocate the business among Cotton Exchange Clearing Association members. This new arrangement, superceding a policy of passing the huge business of AAA through six New York City and one New Orleans cotton firms, was determined jointly by Secretary of Agriculture Henry A Wallace Jr. and Oscar Johnston, management of the government cotton pool, following conferences with the cotton trade. A change in the brokerage set-up for the government has been under consideration since last June when Robert J. Woods of Paine, Webber & Cos., carried a petition to Washington protesting the practice of passing all government brokerage business through a small arbitrarilv chosen group of firms. Several times since then the government business has been the cause of dissension among the Cotton Exchange membership. The trade presumed that the AAA officials would simply decrease the volume of transactions going to their customary brokerage representatives and turn the trimmed portion over to Paine, Webber & Cos. to distribute among various Cotton Exchange member firms. “Under the new plan to be put in operation,” Mr. Woods said, “a more equitable distribution of the government business will be achieved and it was for that purpose that the change was determined upon. “Back in the days of the Federal Farm Board under the Hoover Administration, co-operative brokerage business was handled exclusively by one New York cotton brokerage firm. The start off for AAA distributed the business among seven firms and the change now to be effected will provide still more widespread distribution.”

McKess & Rob 5%s ‘SO 102% 102 Natl Dairy 5%s ’4B 104% 104% Natl Steel 5s ’56 105% 105% Nickel Plate 4%s ’7B 60% 60% Nickel Plate 5%s ’74 69% 69% Nickel Plate 6s ’35 64 64 N Y Cent 5s 2013 74% 73% N Y Cent 4%s 2013 (old) 69 68% Nor Amer Cos 5s ’6l 101 101% Nor Pac 3s 2047 71 70 Nor Pac 4%s 2047 82% 83 Nor Pac 6s 2047 98% 98% Nor State Pow 5s ’4l 108% 106% Penn Ry 4%s 'B4 ... 104% 104% Penn Ry 4%s ’Bl 104% 104% Penn Ry 4%s ’7O 96 95% Pac G Sc E 5s ’42 105% 105% Portland Gen El 4%s '6O 71% 72 Para Publix 5%s 'SO 96 s , 96% Penn P & L 4%s ’Bl 106 105% Postal Tel & Cab 5s ’53 33% 34% Rem Rand WW 5%s ’47 104% 104 Sou Pac 4%s '6B 73% 73 Sou Pac 4%s ’Bl 73 72% Sou Pac 4%s '69 73% 73 Sou Rail 4s ’56 43% 43 Sou Rail 6s ’56 54 54 Sou Rail 6%s ’56 56% 56% Sharon Stl Hooo 5%s ’4B ... 100 1 / 100% Texas Pac 5s 'BO 91% 91% Union Pac 4s '47 111% 111 3 , United Drug 5s ’53 92 92 U S Rubber 5s ’47 99 99% NY NH & Hart 6s '4B 29 28% NY NH Sc Hart 4%s ’67 27% 27% Warner Bros 6s ’39 84 83 3 4 Western Mary s'iS ’77 104% 104% Western Marv 4s '52 ... 95% 55% Youngstown S & T 5s '7O . . 100% 100% Youngstown S & T 5s ’7B .. .100% 100% FOREIGN Argentina A 6s ’57 97% 96% Canad’an Govt 4s ’6O 104%, 104% Denmark 5%s ’55 99% 99% German 5%s '65 31% 30% German 7s ’49 39% 38% Italy 7s 'sl 65 65 Japan 6%s ’54 97 96% Poland 7s ’47 102 104 Rome 6%s ’52 53% 54% Tokio Citv 5%s ’6l . 80 % 80% COMMERCIAL CREDIT EARNINGS INCREASE Quarter Net 51.64 a Share, Against sl.ll in 1934 Period. Times Special BALTIMORE, Oct. 28.—Commercial Credit Cos., after charging off or providing reserves for all losses and doubtful items, Federal and other taxes, showed ’"et income from operations of $2 178.458 for the final quarter compared with $1,420,778 for the same period of 1934. After payment of preferred dividends and provision for minority interests, there remained $1.914,587, or $1.64 per common share, compared with $1,055,645, or sl.ll per share, for the same period of 1934. Consolidated net for the first nine months was $5,523,724, compared with $3,800,346 for the same period of 1934. After preferred dividends there remained $4,529,212. or $4.29 per common share, compared with $2,705,492, or $2.83 per share.

PRESENT AUTO 10% DEVELOPED, EXECUTIVE SAYS Relegation to Scrap Heap Held Due to Research Achievements. Times Special PITTSBURGH. Oct. 28.—While chemistry has developed thousands of useful products from nature's raw materials, like coal, natural gas, petroleum, cotton, wood and corn, the chemical structure of these natural raw products remains virtually unknown, and clearly exemplify the primitive state of man's knowledge. This was the gist of remarks addressed today by Col. J. Frank Drake, president of the Gulf Refining Cos., and Dr. Edward R. Weidlein, director of the Mellon Institute of Industrial Research, to about 50 bankers and industrialists on tour of research laboratories of the east, sponsored by the National Research Council. On the visit to the Gulf Refining Cos. laboratories Mr. Drake declared that today’s automobile motors will be relegated to tomorrow's morgue due to the researcher’s achievements of new and improved fuels and lubricants. 10 Per Cent Developed At the Mellon Institute Director Weidlein opined that the automobile as a unit has developed no more than 10 per cent upon its course and that, considered in the same light, radio may be regarded as only one month in age and television only a day old, with unlimited possibilities lying before them. ChenLcal technology has learned to transfer farm products into important commercial outlets in recent years. They are now being used to make plastics in large variety, rayon, cellulose wrappings, artificial sausage casings, paper stock, heat insulating materials, smokeless powder, photographic films, lacquers and artificial leather, Director Weidlein pointed out. The touring industrialists this morning visited the group of buildings which the Gulf Refining Cos. has erected for its geologists, geophysicists, chemists and other scientists for purposes of industrial research. “Miniature earthquakes” produced by setting off dynamite explosions were demonstrated. Core Samples Displayed Core samples from two and a half miles below the earth’s surface, from 1 the deepest oil well in the world, 1 were displayed to show the nature !of oil-bearing rocks. This deepest oil well of the Gulf Cos. is located ; far underneath the flush east Texas I field. Geologists forecasted the finding of oil at that great depth by the foregoing means. The research tourists previously went through the Goodrich Rubber Cos. laboratory and plant at Akron, O. Os special interest, as an example of successful research, was the company’s new plastic, Koroseal. While not a rubber, nor even synthetic rubber, Koroseal is a synthetic chemical product which replaces rubber for some purposes. About 400 pounds a week of Koroseal are being produced currently at the Goodrich pilot plant. Production will expand with its markets. LANDIS AND BROKERS WILL CONFER TODAY Segregation of Activity Is to Be Discussed at Meeting. Times Special CHICAGO, Oct. 28.—James M. Landis, chairman of the Securities and Exchange Commission, and nearly all major officials of the SEC, attended the meeting of the Associated Stock Exchanges here today. The meeting was called to consider the advisability of segregation and dealer activity—which would be a revolutionary revision of the brokerage system in the United States. W. W. Spaid, head of the Associated Stock Exchanges, will conduct the round table conference which will not be open to the public. Other SEC officials besides Mr. Landis include Robert E. Healy, a member of the commisison: David Saperstein, head of the trading and exchange division; Willis J. Ballinger. chief of special studies, and Thomas Gammack.' executive assistant to Mr. Landis. Dr. Kemper Simpson, who is making a study of segregation for the SEC, also is viewed as a like attendant at the meeting. TRANSIT REVENUES UP Gains in Week General Throughout Country, Report Says. Times Special NEW YORK. Oct. 28—Transit revenues for the calenda. week ended Oct. 19. as reported by a representative group of companies, recorded continued improvement over last year, as shown by the Transit Journal Indicator which stands at 104.92 as compared with the corresponding week in 1934. For the week ended Oct. 12, the Indicator stood at 101.73. Resumption of the higher trend which was noticeable in September occurred during the week, which was an entirely normal one, as was the corresponding week last year. Gains were general all over the country, only a few scattered properties having small declines. Other Livestock (Bv United Press’ CLEVELAND. Oct. 28—Cattle—Receipts, 1000; steady; choice to prime steers 1230 lbs. and un. sll4/12.25; choice 750-1100 lbs.. SlOfi 11.50: good grass cattle, s7w 8.50. Calves— Rece:pts. 800: 50 cents advance on choice: prime veals. !1K 12: choice. $9.50 Q 10.50. Sheep and lamos— Receipts. 3000: active: choice lambs. SB</ 9.'0; good. $66 9: medium, %I'n 8. Hoes— Receipts, 1400: 5 cents higher; 250-300 lbs., $94/9.25: 270-250 lbs. $9 65; 180-220 lbs.. 59.65 '"O- 7 90 lbs., $9 65; pigs, 150180 lbs.. $94/9.25. LAFAYETTE. Ind . Oct. 28—Hogs—Market, 104/15c: pigs, steadv to 5c lower: 170210 lbs.. $9.404, 9.45: 210-235 lbs. $9 23' / 9 30: 235-260 lbs.. $9 15 -, 9.20; 260-300 lbs., S9 054,9.10; 300-325 lbs., S9: 140-170 lbs.. 59.204/9.40: 120-140 lbs.. $8 754/9: 100-120 lbs. SB.2S<F/8 50; roughs. $8 50 down Colies, $lO down. Lambs. $8.50 down.

Woolworth Considering Change The f-\ Tl . Woolirnrth Cos. moil raise its price rnv f/e to o l()-ccnt top. The rlccisinii rests rw results of tests n> ( Oiwda. The rowpni> ;/ deported from its oripi nol JO-reiit policy in 1932 u hen the rove/e nos raised to 20 cents.

PAGE 11

Busigraphs COTTON spindle activity (p. s DEPT or COMMCBCO IJOi > < *0- ~ L- L. v- ~ 771 ..’.l—. —2= o 2 U •/ V; r/ VV/ ' tsfs *'**'( sos - 1 '// // '// // 'HE SAME V s-HS * - Hii iimii asondjfmamjja TMt PA3K£B COSP GENEPAL D'S t P'BU t OBS INCOSPOSATEO INVESTORS Cotton textiles was one of the first industries to register improvement from depression conditions. In spite of strikes and special taxes spindle activity during the first nine months of this year was practically the same as in the corresponding period of 1934, but 6.5 per cent below the same months of 1933. In September activity was 23 per cent ahead of August.

SWINE VALUES OFF 20 CENTS Steers Scarce in Cattle Mart: Sheep Move Up Quarter. Most hog classes opened the -week's trading at the city yards 20 ! cents under final prices of last 1 week-end. Underweights were the | exception, holding their loss to 10 j cents. Weights of 160 to 250 pounds sold for $9.50 to $9.70; 250 to 325 pounds, $9.25 to $9.45; 130 to 160 pounds, 1 59.15 to $9.65; 100 to 130 pounds, i $8.40 to $8.90. Packing sows brought 1 SB.OO to $8.75. a few selling up to $9. Porker receipts were 6000. HoldI overs were 109. Steers were extremely scarce in the j cattle market, quality of those on hand mostly plain. Small lots sold ; under $9. Most of the available supply was she stock and feeders. Market held slow but steady. Most heifers were obtainable /aider SB.OO. choice kinds salable to SIO.OO or better. Beef cows brought $4.50 to $6.00; low cutters and cutters, $3.03 to $4.25. Bulls generally were $5.75 down. Vealers were steady, good to choice selling for $10.50 to sll. Cattle receipts were 1500; vealers, 500. Lambs showed strength, prices rising 25 cents. Bulk of better grade | ewe and wethers sold for $8.75 to 1 $9.75. Bucks brought a discount of 50 cents to SI.OO. Slaughter sheep were $2.00 to $4. Receipts were 1000. HOGS i Bulk. Top Receipts. ,22. $10,204/10.30 $10.35 5000 23. 10.004,10.15 10.20 5000 ; 24. 9.704/ 9.90 9 90 5500 I 25, 9.704/ 9.90 9 !I0 5000 I 26. 9.654/ 9.85 9.85 2000 | 28. 9.504 c 9.70 9.70 6000 i Light Lights. I (140-160) Good and choice $9 40® 965 : Medium 8 .754/ 9.50 • Lightweights. j (160-1801 Good and choice 9 604/ 970 ! Medium 9.104, 9.F0 ; (180-200) Good and choice 9 604, 970 Medium 9.10/,, 9.60 Medium Weights. 1200-220) Good and choice 9.604/ 9.70 (220-250i Good and choice .. 9.504/ 960 Heavyweights. (250-290, Good and choice . 9 354? 9.50 (290-350) Good and choice 9.054, 9 35 Packing sows. (275-350) Good 8 60® 8 85 (350-475) Good 8.504, 8 75 1425-450) Good 8.254/ 8 60 (275-450) Medium 8.004/ 850 Saiughter pigs. (100-140) Good and choice . 8.40® 9.40 Medium ... CATTLE —Receipts, 1500 — (500-900) Choice slo.oo® 11.25 Good 8.504; 10.75 Medium 6.75® 8.75 Common 4.754/ 6.75 (900-1100) Choice 11.00® 12 00 Good 9.004,11.25 Medium 7.004, 9.00 Common 5.004, 7.00 (1100-1300) Choice 11 504, 12 25 Good 9.254, 11 57 Medium 7.00® 9.25 (1300-1500) Choice 11.59® 117l 17 25 Good 9.504/11.50 Heifers (500-750) Choice 9 00® 10.00 Good ... 7 50® 9.00 Common and medium 4 nO4; 7 59 (750-990) Good and choice . 8 004,10 25 Common and medium . 4.004/ 8.00 Cows Good 5.25® 6.25 Common and medium 4.254/ 5 25 Low cutter and cutter 3 004, 425 Pulls, good 5X9® 6.00 Cutter, com. and med. bulls 4 004, 5 50 VEALERS —Receipts, 500— Good and choice slo.oo®ll 00 Medium B.oo® 10.00 I Cull and common 5.004/ 8.00 : Calves (250-500) Good and choice . 7.00® 950 Common and medium 4 004, 7,00 —Feeder and Stocker Cattl-(soo-800i Good and choice 6 754? 8 75 : Common and medium 4.504, 6.75 i (209-1050) Good a- 7 and choice 7.0' 7 4, 8 Common and medium 4.504, 7 ot Good 4.094, 4 75 j Common medium 3.50® 4.00 SHFEP ANY) I. VMBS —Receipts. 1000Lambs. 90 lbs. down, good and chn’re $9 no 4? 975 Medium 7.25® bVo Ewes. '9O-125) Good and choice 3 004/ 4 00 A!' weights, common and medium 2 50® 3.F0 (120-150) Good and choice 2 004/ 3 00 Other Livestock (By Times Special) LOUISVILLE Oct. 28.—Cattle—Receipts I 2000: run mostly slaughter c'asses lower grade cows in liberal supplv: demand , broad from all interests: market active. ' fu’lv steadv to strong with close lav/ wprk: bulk common to medium e-adp ,;ght grass steers and heifers. $5.25® 7 25: better finished offerings quotable. $7,504,9: latter for 32 head pos-lb, sleerw bu’k grassy beef rows. $4.25® 5.25- practical ’OO. $5.75 most low cutters and cutters. $3.25® 4 4 sa"su>e bulls eelebie most! 7 / $4 25® 5.25: light bcf tVBt and stock calves iargelv $64, 8.50: most native Dedir? steers. $5.50® 7.50: iuf'-rior to coirn-n iigh’ southern riairybred sioekers. s4® 5. Calves —Rceiots, 950: including 475 -to'k calve vea’ers steady with cio** last we*k: bulk good to choice grades. $94, if); medium and lower grades. $8.59 down to around $5 Hogs—Receipts. 7CO: market 10c htghpr than Saturday or 7 0c under last Fr’davbetter 180-240 lbs.. $9.55: 245-295 lbs $9 05' 309 lbs, U p $8 65 ’6O-175 lbs. $9 05 140155 lbs. $8 20: 120-135 !bs.. $7 25- sows $7.20. Sheep—Receipts. 259: lambs in i ght supplv: market generally steady most better lamb-. .534,8 50: choice considered salable to around $9: plainer g-ade lamb' including bucks. $5 50® 7 50: light culls down | to $4: bulk fat ewes. $3.50 down. 1

Thomson & McKinnon MEMBERS NEW YORK CHICAGO l nr \ T/'"!* TORONTO w E,rha,,,w New \ ork folinn Rxehamr* BOSTON New York Coffee ami Sugar Rxehang* SOUTH BEND P I New Orlittn* Cotton Ksclia ige \V I YVP j Chicago Stork Kwhatuf PV AV’CVII f n Chicago B..srd of Trad* lliLifj j Winnipeg Grain Ksehantr* /tldionopolis Office | Anti other leading Rxriiangea 200-214 Circle Tower LI. 5501

DEEP OPTIMISM OF MOR6ENTHAU BEING ATTACKED Treasury Chief Fails to Be Moved by Inflation Possibilities. BY JOHN T. FLYNN Times Special Writer NEW YORK. Oct. 28.—New Deal critics can be depended on to pounce on anything Secretary Morgenthau says. The Secretary came home from Europe filled with optimism about our financial situation and quite unmoved by the rising tide of gold here and the swelling pools of loan-ere-

Hi

ated deposits in the ban ks. It looked like inflation to some and was. at least, a point of apprehension to others. Charles R. Gay, president of the Stock Exchange, pointed to the growing dangers in the situation. Asa result Mr. M o r g e n t ha u s critic s observe

Flynn

tearfully the spoctacle of the finance minister glowing over the approaching inflation while the head of the | great speculative market warns the public of its perils. The positions should be reversed, says one of the chief journalistic foes of Mr. Roosevelt. Mid it points j with pride to the record under Mr. Coolidge, when the Wall Street | leaders were whipping up the speculative frenzy while Mr. Mellon “was ; quietly urging that perhaps the time I had come to buy high grade bonds.” Mr. Mellon's Assurances Alas! How short is the human j memory. All through the rising I wind of speculation, almost every I time there was a warning or a break : in the market, Mr. Mellon rush 7 d | into the breach to assure the public I that all was well and getting better. As early as January, 1927. the ia | S. W. Straus, whose company ultiI mately ended in such tragedy, j warned that the country “had reached the saturation point.” It ! had indeed. But promptly Mr. Mellon took him to task and said he j didn't know what he was talking ■ about. Three months later there was a break in the market as Mr. Mellon f was sailing for Europe. Ho commented on the break and said all j was going along in orderly fash'on. His statement, was a regular market j bulletin. Three months later things ! grew uncertain. There was a fall in the market following a sensational decline. That was in June. Go back to your newspapers and read the bulletins issued by the President himself. It sounds for all the world like some of the flashes that were sent out of brokers’ offices I in those hectic days. Coolidge Issued Bulletins In the fall the market *o give way seriously—the weakness of October—which was really the first j great premonitory stagger. Throu':n- ---! out the flay, as the market was deI dining, little bulletins on business j were coming over the ticker from | the President. These things were so unusual that they were com- ! mented on at the time. The final blow came, however, in January, 1928. Brokers’ loans had been rising most dangerously. A publication that in December they had gone up nearly $350 090 0":0 frightened Wall Street. Selling started. Then the President gave out a statement that he “was of the opinion that the record-break-ing increase in brokers’ loans is not large enough to cause unfavorable comment.” Its a little strange now to be te’d how the government was quietly trying to restrain speculat on. Secretary Morgcnthau may be wrong in not thinking of a brake on speculation now. But it would seem io be unfair to say he suffers by comparison with Mellon and Coolidge. (Copyright 1535 NEA Service. Inc i AUTO OUTPUT CLIMBS Week’s Total Up From 44,116 lo 62,015, Cram’s Discloses. Times Spi rial DETROIT. Oct. 28—Production of passenger cars and trucks in the United States and Canada last we < totaled 62.915. e r rnpared w.th - 416 the preceding week and with 23.626 a year ago last Cram s Reports, Inc., announced today. The current increase in production was due to heavier schedules put into effect by companies manufacturing low priced cars. Weekly increases may be expected for an indefinite period. DEBENTURES CALLED Times Special NEW YORK. Oct. 28—The TriContinental Corp. has called for redemption on Dec. 1. at par and accrued interest, the $2,335,300 outstanding 20-year 5 per cent gold debentures. Series A, due June 1, 1947. of Investors Equity Cos., Inc.

LOANS REPAU), AND NEW HOME BLILDING See Your Buiiding and Loan Assns.