Indianapolis Times, Volume 47, Number 202, Indianapolis, Marion County, 1 November 1935 — Page 38

T rends Index of Business Rises to New High Mark. BY JOHN T. FLYNN

Timrs Special Writer VTEW YORK, Nov. 1 —lt is a •L little surprising that our professional optimists business and political—have failed to notice a phenomenon they have been looking for these last three years. It is this—that the index of business activity has just risen to :ne highest point it has known since the New Deal began. 1 think it is fair

to except that momenta r v flight of a few weeks in July, 1933, when the in f 1 a t ionary movement was enjoying a very brief elevation. If we mark business activity in March, 1933, as 62 the moment when the country more or less folded up during

John Flynn

the banking panic—then we can ! mark the highest point to the | present ri.se as 87. That was in the | latter part of January, 1933. After that business continued to decline pretty definitely until July. This looked very ominous because with the summer recession due a further decline was anticipated. But instead, business began to pick up in July and, with momentary pauses, it has been rising ever since. It has now touched 90. a a a rr'HIS figure conforms with Lhc widely spread current feeling of better business which is noticeable everywhere. It also is in harmony with the opinions of i those who think that inflation has j already begun to have its effect 1 and is due for further development. This latter conviction is reasonable. There is nothing in the fundamental business situation which can account for the rise but infla- j tion. Activity in the capital goods | industry, which alone could sup- , port a rise, has remained dormant, j There has been a pickup in house building. But it has not been sufficiently vigorous to amount to much. While security financing has been fairly good, it has all been for refunding purposes, with little new capital in sight. The banks have not altered lending policies in any important degree. Commercial loans are no larger than they were a year ago. What continues to go forward and to pour fresh supplies to purchasing power into the market is government spending. This continues at a pace not ! very different from last year. a a a nnHERE is not visible any sign that this policy of govern- | ment spending will be abated and 1 hence there is no reason to believe that this mild inflationary movement will cease. It will go on as long as government spending continues and alter that to whatever extent private capital steps in an takes up the load. It will end as soon as government spending is stopped, unless private capital assumes the burden. For this reason it is impossible to concede that it is a healthy j movement. It is also difficult to make any prophecy as to how far it will go. There is no goed ground for concluding that tlie Administration in an elect ion year will di- j minisli the force of the one thing which is producing the uplift. Therefore the most reasonable conclusion is that, it will continue through the winter. PEAK GLASS DEMAND DECLARED IMPENDING Development of Many New Products Seen as Aid. Tie: -ft Special NEW YORK, Nov. I.—A greater use of plate glass for building and 1 decoration than ever before was predicted for the next few years by the Pittsburgh Plate Glass Cos. as a result of the perfection of standard glass products and the development of many new glass products. Asa result of this prospect the company announced that it has retained the services of Walter Dorwin Teague, noted designer and decorator, and his staff. His work will consist chiefly of research and design in developing new uses for glass and new designs in glass. On Commission Row Quotations t>low sutijpct to change are average wholesale prices being ottered to buyers bv local commission dealers Fruit- Cranberries, early blacks. 25-lb. bo\ $3 AO Pears—Michigan Bartletts. b .'hel $L'75; Avocados. Florida, oox <3 25 C.lnt a loupes—California Honey Dews $2 50; Casubas 52 25. Persians. $2 u 225 Bananas - 7 hands a pound. 5c Granes Michigan. 12-qt basket. 35c. Persimmons—lndiana. 12-p’ case <1 Apples Jonathans. $1 lSu 1 25. Summer Rambns. t\ Delicious. <150; Wealthy*. $1; Grimes Golden $1 15. Lemons—Sunklst. 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 mi $2 50 Beets—Home grown, doz . 20- Cabbage— New York. 50-lb bag. 75c Carrots—Home grown and Ohio, 30c: pew bulk, halt bu . 65c Cauliflower—Colorado. 11s 12s crate. $1.75. Celery—Michigan, washed and trimmed, extra large, 85c Jumbo, doz . 45c. Cucumbers—Hothouse. 2 doz. box. $2 35. Kale —Home sown. bu sflc Lettuce—lceberg. Caliornia. best. $4 25; home grown ieaf. 15lb basket. 60c Endive—Ohio, basket. 45c Mangoes—California grown, crate. $3 25: small basket. 40c. Mint—Doz . 50c Mustard—Home grown, bu.. 50c. Onions-Indiana \ellow, 50-lb bag. 90c; Indiana white SO-!b bag. 11; Utah Spanish 50-lb bag SI 40 Parsley —Home grown, doz 35c Peas—Telephone, hampers. $3 50 Potatoes New Jersey Cohblers 100lb bag. *1 50 Michigan Round White. 100!b ban $i 31 Early Ohios fcu . $1 40; Idaho Russets. $1 90 Sweet potatoes- Indiana Jersey Ii a |1.40 Ra button l 2-rioz baskets 60c St.ge—Doz . 45e Spnach New Zealand bu 65c Funs'- Bu $1 I.s'i 125 Turnips—New bu 90c bunch doz 25c Tomatoes Calif- 1 ta repacted 10 -1 b carton $1 15; doz 6ic rams <\n vegetables (Bv U tiled Presst CHICAGO 1 App-s—Michigan Mclntosh bu $1 115 Carrots Illinois, bu 25<i, 35( Sweet Putato-s Tennessee b 51 Pr* Louisiana, bu S1 50 2 Cabbage 60-70-lb crates. 504; 60c Peas— C lllornla bu hampeis. $2 54 <; 325 Tomatces -California lug*. $140>;2. Spinach t T,, '*n:--. •! . 25'u35c Lettuce Western Crate.- 3 doz $3 25' , 4 Cucumber- F oriba bu $3 50® 3 75. Offer v Michigan, e *e 'Ov fiOr Pears Michigan Keifters, ' ••• ■’•'Wer -'* ■'""■a. rr-tes fi s c4, 51. Peppers California, crates, $2 40®

PAGE 38

RETAIL TRADE OUTLOOK GOOD, REVIEW STATES Year-End Prospects Favorable for All Lines Except Grocery. Time/, Special NEW YORK. Nov. 1 Retail trade gains throughout the country , have been general except in the New York area, the Standard; Statistics Cos. declared today in its | first-of -the-month resume of lead- i :ng industries. Mail order concerns continue their leading position, followed by department stores and variety stores. Year-end prospects, it is held, are favorable except in the grocery trade where adverse price trends continue. Opinions expressed on other lines of industry were as follows: PETROLEUM Ability of the petroleum industry to prevent price: weakness in California from spreading to other sections and gradual improvement >n that territory have brightened the outlook. Consumption of petroleum products is running well aifead of 1934 levels and a recurrence cK the severe gasoline price wars of last year is unlikely. RADIO—The selling season for sets is now approaching its peak, with good demand for moderate and j higher priced sets affording the basis for better profit margins. As a result, earnings of most manufacturers in this line should show considerable improvement over the past several years. Broadcasting revenues continue to gain, with prospect.-, quite promising well into next spring. PAPER —Seasonal dullness will prevail in several lines during tne next few months but prospects for the early part of next year are generally favorable, both as to stability of prices and good demand. CHEMICALS—With such leading consumers as the textile, automobile and steel industries maintaining high rates of activity, indications are that chemical sales will continue at the higher levels recently established. The annual contracting period this month should be passed without any major interruption in sales. UTILITIES Third quarter reports now coming in reveal that electric utility earnings were above 1934 levels not only for the quarter but for the nine months ended Sept. 30. Manufactured gas consumption continues to lag, but the natural gas industry has shown impressive improvement thus far in 1935. RAILROADS Freight volumes have held to high levels for some- - only one week in more than a month and a half having witnessed a drop below the 700,000 car level. Coal and miscellaneous freight should continue to support substantial gains over 1934 through most of the rest of the year. RAILROAD EQUIPMENT Manufacturers are still handicapped by the lack of orders, but the recent upswing in carloadings has brightened prospects materially. While no large contracts are expected over the near term, extension of the improvement in rail tonnage into 1936 should result in a revival of equipment purchasing by the carriers. AIM CONTROL CHANGE' Niagara Share C’orp. Calls Meeting of Holders for Purpose. Times N/.c rial NEW YORK. Nqy. I.—Directors of Niagara Share Cqrp. of Maryland have adopted a <olan to transfer control of Schoeilkopf. Hutton & Pomeroy, Inc., investment banking firm, to the common stockholders of the corporation, according to a letter sent today to Niagara Share stockholders by President J. F. Schoeilkopf Jr. A meeting of stockholders has been called for Nov. 7 at Baltimore to pass upon the plan. Chicago Grain Futures ißy James E. Bennett & Cos.) Prev. Hich. Low. 11:15 close. WheatDec. 98'4 .97-% .98 .98% Mav . .98% .97% .97*4 .98 July 90% .98% .90 .89% Corn— Dec 53% .58 .58% .58% Mav 59 .58 ’i .58% .58% July 60 .59% .59% .59% RyeDec 50% .49 .49% .50% May 32% .51 .52% .52% Oats— Dec 26% .26% .26% .27 May 28% .28% .28% .28% LOCAL CASH MARKET City grain elevators are paying 90 cents lor No 2 soft wheat.. Other grades on their merits Cash corn No. 2 yellow 66 cents and oats 21 cents. 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, 17c; Leghorn breed hens, 12c; springers, over 4%- lbs.. 17c; under 4% lbs., 16c: old cocks. 9c: Leghorn broilers 1% lbs and up. 12c; Legnorn springers. 12c; ducks, white. 4 lbs. and up. 8c; geese, full feathered and fat. 4c; old guineas. 15c; voung guineas. 1% lbs up 35c: No 1 strictly fresh eggs, loss of 25c: 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. 26c; No. 2,24 c. Quoted tßv United Press) CHICAGO. Nov. I.—Egg? Market, firm; receipts 2682 cases: fresh graded firsts. 28c extra firsts. 28’.c; current receipts. 25',;27%c. dirties 2(Ki23%c: checks, 19<: 22%c. Butter Market, firm; receipts. 7682 tubs: extra firsts 190-91 %>. 28%4;28%C' extras 192 *. 28%c: firsts 788-98%% 27® 27%c: seconds (86-87%). 26c: specials. 29%@29%c; standards. 28%: centraziled iß9y 27%c: centralized 188> 27c Poultry - Market, about steady; receipts 35 trucksducks, 154;17%c; geese, 15%c; spring chickens. 1S ■ z 19c; hens. 141.- 20c; turkevs, 164;23c; Leghorn hens, lift 14c; old roosters. 15c. Cheese Twins, 16u16%c; Daisies. 16% ® 16%c: Longhorns. 16%;17c. Potatoes Supply moderate: demand light: market, firm on best stock Idaho Russet Burbanks. SI 659/1 E 0: N. S No. 2. SL3O. Wisconsin Round Whites. 90c. Michigan Round Whites, si South Dakota Earlv Ohios 75c North Dakota Cobblers 95c'u $1: Red. River Ohioss 95c'..'$1 B’iss Tri- ! umnhs $1 15. Colorado McClures $1 35; u. ? No 2 <1 os. Arrivals 68, on track 364 i hipment.s 554. Monei / and Exchange INDIANAPOLIS STATEMENT Clearings $2 512 000 Debits 7.473.000 TREASURY STATEMENT ■Dv United Press! WASHINGTON. Nov. 1 Government expenses and receipts for the current fiscal vear to Oct. 30 as compared with a year ago: This Year. Last Year Expenses $2 604 163.169 28 $2,234.973.664.75 Receipts 1 225 212 689 17 1 208.184 666 45 Deficit 1.378 950 4RO 11 1.026 788 998 30 Cash bal, 1.482,816.259.06 1,601.294,339.36 A

Abreast of The Times on Finance

New York Stocks

(By Thomnson & McKinnon) Perv. Oils— High. Low. Close, close. Amerada ... ... 74% 74 74% 74% All Rfg . 22% 22% 22% 22% Barr.'dal! . • 10% 10% 10% 10% Cor.so, Oil . 9% 9% 9% 9% Cont of el ■ . 21% 23% 24% 24 Houston 4% 4 4% 4 M’d Con*. Pet . . 14% 14% 14% 14% Ohio Oil .. 11% 11% • 11% 71% Phillips Pet . 34% 34% 34% 34% Dir* Oil ... 11% 11% 11% 11% Royal utch 45% 45% 45% 45% Shell Un .11% 11% 11% r. % Skellev Oil ■ 17 16% 16% 1 Roc Vac 12% 12% 12% 12% 8 O of Cal . 36% 36% 36% 36% S O of Ind . 27% 26% 26% 27% S O of N J . 48% 48% 48% 58% Texas Corp . 23% 23% 23% 22% Un Oil of Cal. 20% 20> 3 20% 20% Acme Steel . . . 70 70 70 70 Steels— Am Roll Mills . . 28% 23% 28% 28%’h B’eel 40% 39% 40% 40% Col Fuel At Iron 3% 3’2 3% 3% Inland Steel ... 99% 99% 99% 99 Ludlum Steel .. 24% 24% 24% 24% Mid Steel . .. 22% 22% 22% 22% Na'l Steel .. .. 74% 73% 74% 72% Otis Steel . .16 15% 15% 15%' Rep I At S tl . 18% 18 18% 18 Rep I At Stl pf(i 82 82 82 81 % U S Pinp A: Fdy 19% 19% 19% 18% U S Steel ... 46% 46% 46% 46% U S Steel pfd . . 103% 108% 108% 108% Warren Bros 3% 3% 3% 3% Youngstn S& T 28% 27% 27% 28 Motors— Auburn 41% 4040% '42 Chrysler 86% 84% 85% 85% Gen Motors . .. 54% 53% 54% 53 Graham Mot .... 4 3% 4 3% Hudson 16% 16% 16% 16 Hupp 3% 33% 3 Mack Truck .... 24% 23% 21 24% Nash 17% 17% 17% 17% Packard 6% 6% 6% 6% Reo 4% 4% 4 % 4 Studebakpr ... J% 7% 7% 7% Yellow Truck 7 6% 7 6% Motor Access— Bendix 22 22 22 21% Bohn Alum ... 47% 47% 47% 47% Borg Warner .. 60% 5924 60 60 Briggs 54% 54 54% 53% Budd Mfg 7% 7% 7% 7 Budd Wheel 9% 9% 9% 9% Elec Auto Lite.. 36% 36% 36% 36% Elec Stnr Bat ... 51% 51% 51% 51% Houdaille 181 .. 25% 25% 25% 25% Murray Body .... 19% % % 19% 19% Stew Warner .. 17% r% 17% 17% Timken Roll 60% 60% 60% 60 Timkpn Det Axle 9% 9 9% 9 Mining— Alaska Jun .... 14 14 14 13% Amer Metals .... 27% 27 27% 27 Am Smelt 59% 53 59% 59% Anaconda 21% 21% 21% 21% Cal A; Hecla . . 5% 5% 5% 5% Cerro de Pasco 60% 60% 60% 60 Dome Mines .... 37% 37% 37% 37% Gt Nor Ore . 13% 13% 13% 13% Homestake Min 390 390 390 392 Howe Sound . 53% 53% 5324 53% Ins Copper 6% 6% 6% 6% Int Nickel 31% 31% 31% 31 1 2 Kenncott Cop .. 27% 26% 27% 26% Mclntyre Mine - 34% 31% 34% 34% Park Utah . 4% 3% 4% 4 Phelps Dodge . . 24% 24% 24% 24% St Joe Lead . ... 21%- 21% 21% 21 U S Smelters ... 96% 96 96% 96 Vanadium 18% 18% 18% 18% Amusements— Croslev Radio .. 16% 16% 16% 16 Fox Theat 19% 18% 19 18% Loews Inc 48% 48% 48% 48% Radio Corp .... 8 7% 8 8 Paramount 9% 9% 8% 9% RKO 5 5 5 5 Warner Bros ... 7% 7% 7% 7% Tobaccos— Am Tobabcco ‘A’ 101% 101 101% 101 Am Tobacco B' 104 10 104 103 Lib A- Myers ‘B’ 115% 115% 115% 115 Lorillard 26 25% 25% 26 Philip Morris 55% 54% 55% 53% Reynolds Tob ’G’ 57 56% 57 56% Rails— Atchison 48% 48% 48% 48% B Ai O 15 14% 15 14% Can Pacific 9 9 9 9% Ch A* Ohio 44% 44% 44% 44% C M & St. P .1 1 1 1 CM& St P pfd 1% 1% 1% 1% Chi N W ... 2’ 8 2% 2% 2% Dela A: Hud 34% 34 34 33% Pel Lac & W ... 14% 14% 14% 14% Erie 10 10 10 10 Erie pfd 13 13 13 13 Gt Northern pfd 27 26% 26% 26% 111 Central . . 15 14% 14% 14% N Y Central ... 23 22% 23 22% N Y New Haven 3% 33% 3 Nor Pacific .... 17% 17 17% 17% Penn R R 27% 27% 27% 27% Reading 34 34 34 34% Sou Pac 18% 18 18% 18% Sou R R 9% 9 9 9% Union Pac 94% 94% 94% 93% Equipments— Am Brake Shoe . 35% 35% 35% 36 Am Car Ai Fdy.. 23% 23% 23% 23 Amer Loco .... 18% 18% 18% 18% Bald Loco 3% 3.3 3 Gen Am Tk Car 43% 42% 43% 43% Gen Elec 35% 35% 35% 35% Gen R R Sig ... 34% 33% 34 34% Pullman Inc .... 37 36% 36% 36% West Air Br ... 27% 26% 27% 26% Westingh Elec... 90% 89% 90% 89% Utilities— Am Ai For Pwr . 6% 6% 6% 6% Am Power & Lit 8% BV4 8% B'/a AT&T . ... 144 144 444 144 Am Wat Wks ... 19% 19 19 18% Col Gas & Elec . 15% 15% 15% 15% Com & Sou . 2% 2% 2% 2% Consol Gas . 29 1 4 29 1 2 29% 29% iFiec Pwr & Lit 6 5% 6 5% Interboro R T , 21% 21 21% 20% Int T & T . 10% 10% 10% 10% Lou G A: E **A” . 20 20 20 20% Nat Pwr & Lit . 10-% 10% 10% 10% North Amer . . 25% 25% 25% 25% Pac G & E .... 29 29 29 28% People Gas ... 39% 38% 38% 40 Pub Serv N .1 . 44% 44 44% 43% Stone A* Webster. 1.3% 12% 13 12% United Corp .. . 6% 6 6 6 Un Gas Imp 17% 17% 17% 17% Ut Pwr A: Lt ‘*A” 2% 2% 2% 2% Western Union . 62% 62% 62% 62% Rubbers— Firestone 16 15% 16 1574 Goodrich 10% 10% 10% 10 Goodyear 19% 19% 19% 19% U S Rubber ... 14% 14% 14% 14% U S Rubber pfd . 37% 37 37% 37% Miscellaneous— Allis Chalmers . 36% 36% 36% 36% Am Can . 142% 142 142% 142% Am Mach & Fdy. 28 28 28 28 Anchor Cap . . 15% 15% 15% 15% Brklyn Man Tr . 42% 42% • 42% 42% Burroughs Add . 25% 25% 25% 25% J I Case 101% 101% 101% 101 Conti Can . . 93% 93% 93% 93% Caterpillar Tract 56% 56% 56% 56 Crown Cork . . 42% 42 42% 41 Curtis Pub 18% 18% 18% 18% Curtis Pub pfd . 96% 96% 96% 96% Deere & Cos .. 55% 54% 55% 55% Eastman Kodak 166% 166% 166% 166 Glidden .. 37% 37% 37% 37 Ingersotl Rand .111% 112% 112% 111 Inter Harv .. 58% 57% 58% 57% Natl Cash Reg . 18% 18% 18% 18% Owens Bottle . 125 12.3% 124% 122% Rem Rand .... 14% 14% 14% 14% Foods— Am Sugar 54 54 54 53% Armour 4% 4% 4% 4% Beatrice C'ream’v 16 16 16 16 Borden Prod . . 26 25% 26 25% Cal Packing . 35 35 35 34% Can Dry G Ale . 14% 14 14% 1.3% Cont BnktAi.... 8 8 8 8% Corn Prod 68% 67% 68% 67% Cuban Am Sugar 6% 6% 6% 6% Gen Baking .... 11% 11% 11% 11% Gen Foods .... 33 32% 33 33% Gold Dust 17% 17 17% 17% G W Sugar 29% 28% 29*a 28% Int Salt 26% 26% 26% . Loose Wiles 38% 38% 38% 38 Natl Biscuit 35% 34% 34% 35% Natl D Prod 18 17% 18 17% Puritv Bak . 16% 16% 16% 16% S Porto Rico Sug 25% 25% 25% 25% Std Brands 15 14% 15 14% Un Biscuit 24 23% 23% 24% Rrtail Stores— Best A* Cos 54% 54% 54% 54% First Natl Stores 47% 47% 47% 47% Gimbel Bros .... 6% 6% 6% 6% Allied S's 7% 7% 7% 7% Kresge S S .... 27% 27 27 27*4 Kroger Groc ... 27'a 27 27% 26% Macv R H 53 52% 52% 52% McCrorv St 12% 12 12% 12% McLellan St ... 13% 13% 13% 13 Marshall Field .. 12’ 4 12% 12% 12% Mont Ward .... 34% 33% 34% 33% Nati Tea 10 10 10 9% Penney J C 79% 79% 79% 79% Safeway St ... 34% 34% 34% 34% Sea*s Roebuck . . 49-% 59 59% 58% Woclworth 58% 58% 58% 57% Aviation— Avia.ion Corp .. 3% 3% 3% 3% Boeing Aircft .. 13% 13% 13% 13% Curtiss Wright . 2% 2% 2% 2% Douglas Air 33% 32% 33% 33 Nor Am Av 3% 3% 3% 4 Sperry Corp .12 .12 12 12 United Aircraft 20% 20 20% 19% Chemicals—--1 Allied Chem 165% 164 164 166 lAm Com Alcohol 34% 33% 34% 33 i Col Carbon . ... 96% 96 96 95% i Com Solvents .. 18% 17% 18% 17% IDu Pont .. . 136 135% 136 134 Freeport Tex 29% 28% 29% 28% i Liquid Carb .. 34% 34% 34 % 35 Math Alkali 32% 32% 32 32% Monsanto Chem 93% 93 93% 92% Natl Dis 33% 32% 33% 32% | Schenlev Dist 54% 53% 54% 52% Tex Gulf Sulph 32% 31% 32% 31% Union Carbide 70% 70 70% 70% U S Ind Alcohol 47% 47 47% 46-% Drugs— Bristol Mvers ... 41% 41% 41% 41% C6tv Inc .. 5% 5% 5% 5% Lambert 23 22% 22% 23 Un Drug- 10% 10% 10% 10% Vick Chem 40% 39% 40% 39% Zonite Prod ... 5% 5% 5% 5% Financial— Adams Exp 8% 8% 8% 8% Allegheny Corp . 1% 1% 1% 1% Am Int Corp 9% 9% 9% 9% Transatr.eriea 9% 9 s * 9% 9% Tr Conti Corp .7 6% 7 6% Building— Am Radiator 18% 18 18% 18 Gen Asphalt 19% 19% 19% 19 Holland Furnace 25% 25 25% 24% Int Cement 32 31% 31% 31% Johns ManviUe 86 85 84 85% Libby Owens Gls 47 1 3 47 47 % 45% Otis Eiev 20 19% 20 19%

INDIANAPOLIS. FRIDAY, NOVEMBER 1, 1935

U S Gypsum ... 81% 83% 84 84 Ulen Cons ... 4% 4% 4% 4 * Household— Coi Pal Peet ... 18% 18% 18% 18% Congoleum 40 39% 39% 40_ Kelvinator . 13% 13% 13% 13;% Mohawk Carpet . 21% 21% 21% 20;s Proc A: Gamble . 50% 50 50 50‘s Serve; Inc ... 11% 11% 11% 11 s Simmons Bed .. 18 17% 17 s l<-% Textiles— Amer Wooien .. 9% 9% 9% 9% Celanese Corp .. 30 29% 29% 29 Coihns Aikman . 40% 39% 40 39% Gotham Hose 8% 8 8% 8 Indus Rayon . 34% 34 34% 34 Real Siik 10 9 10 8 Chicago Stocks (Bv Abbott. Proctor A: Pairei 11:15 Prev.Ctucago.close. Butler Bros ... 8 8_ Chicago Corp 4 3-4 Cities Service 2% 2% Commonwealth Edison 97 96% Cord 4% 4% Crane . 20% 19% Electric Household 18% 18% Genera! Househlod . 5% 5% Great Lakes Dredge 29% 29 Iron Fireman 25% 25% Noblitt Sparks 30% 30 Swift 18% 19 Zenith 10% 10% N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails Util. Bonds. Today 90.1 78.7 *101.9 90.2 Yesterday 89.9 78.8 101.8 90.2 Week ago 90.9 79.0 i11.5 90.1 Month ago 89.8 80.4 100.7 90.3 1935 high 90.1 86.4 101.8 90.9 1935 low 83.6 71.0 89.3 83.0 ‘New high. (Copyright, 1935, by Standard Stat.sties.) L T . S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasurys Prev. Close. Close. 4%s 1943-45 114.29 114.25 4s 1944-54 110.16 110.17 3%s 1946-56 103.24 108.24 3%s 1940-43 107.11 107.7 3%S 1943-47 106.11 106.3 3% S 1943-45 105.3 105.2 3%s 1941 107.23 107.19 3%s 1941-46 104.24 104.22 3%s 1946-49 103.17 103.14 3%s 1949-52 103.12 103.6 3s 1951-55 102.21 102.22 3s 1946-48 102.19 102.14 2%s 1955-60 100.3 100.1 2%s 1955-57 100.25 100.21 Home Owners Loan Corn. 2%s 1949 99.24 99.22 3s 1952 100.26 100.24 Federal Farm Mortgage Corn. 3%s 1964 102.18 102.18 3s 1949 100.29 100.30 2%s 1947 101.11 101.8 DOMESTIC Prev. Issue. Close, close. Alleg Corp 5s ’44. 77% 77% Alleg Corp 5s ’49 68% 68% Am Frgn Pow 5s 2030 74% 73% Am Tel A; Tel 5%s ’43 113% 113% Am Tel & Tel 5s '65 114 113% Arm Si C’o 4%s ’SO 95% 59% All Coast Line 4s ’52 94 93% Atl Coast Line 4%s ’64 78% 78 1 2 Atch Top & S Fe 4%s ’4B 108% 104% Am Wat Wks 5s ’44 .109% 109% Am Rolling Mills 4%s ’3B 118% 117% Balt At Ohio 4%s ’6O 55 55% Balt & Ohio 6s ’t; 80% 80% Balt & Ohio 4%s ’6O 55 55% Buff Roch & Pitt 4%3 ’57 64% 63 Beth Steel 5s ’36 102%, 102% Chi Milw &StP 5s ’75 10% 10% Chi Milw & St P 5s 2000 4 4% Cleve Un Term 5s ’73 99% 99% Cleve Un Term 4%s ’77 91 90% Col Gas 5s May ’52 98% 98% Col Gas 5s ’6l 97% 97 % Can Pac Perp 4s 84% 84% Cent Pac 5s ’6O 84 84% Big Four 4%s '77 73% 73% Big Four 5s 63 81% 81% Colorado At So 4',is ’BO 51% 51 Chi A; West Ind 4s ’52 97% 97% Chi & West Ind 5%s ’62 106 105% Chi & Nor West 4%s ’49 8% 8% Del & Huds 4s ’43 76% 76% N Y Dock 4s ’sl 67% 68% N Y Dock 5s '3B 54% 54% Erie 5s ’75 65% 65% Erie 5s ’67 65% 66 Gen Cable 5%s ’47 98% 98 Grt Northern 7s ’36 100% 100% Grt Northern 4%s ’76 91% 31% Grt Northern 4%s '77 . ..... 91% 91% Gen Stl Cast WW 5%s ’49 ... 81 80% Hud & Manhat, Ref 5s ’57 .... 82% 83% 111 Cent 4%s ’66 52 51% 111 Cent Jt 4%s ’63 56% 57 1 2 111 Cent 5s ’63 60% 60'2 Interlake C & I 5s ’sl 76 76% Interntl Hv Elec 6s ’44 42% 42% Interntl Tel fc Tel 4%s ’39 ... 78% 78% Interntl Tel & Tel 5s ’55 72 72% Interntl Tel & Tel 4%s ’52 ... 67% 67 McKess & Rob 5%s 'SO 102% 102% Midvale Stl 5s ’36 101% 101% Natl Dairy 5%s ’4B 104 104 Natl Steel 5s ’56 . 106 105% Nickel Plat* 4 , ?s ’7B 59 59 Nickel Plate 5%s ”74 69 69--a Nickel Plate 6s ’35 63% 64% N Y Cent 5s 2013 72% 72% N Y Cent 4%s 2013 (old) 67% 68 Nor Amer Cos 5s '6l 101% 101% Nor Pac 3s 2047 70% iO% Nor Pac 4'is 2147 83% 83% Nor Pac 6s 2047 98 98% Otis Steel 6s ’4l 100% 99% Penn Rv 4 1 is 'B4 }oj ?p.l = s Penn Rv 4%s 'Bl 104% 104% Penn Rv 4%s ’7O 96% 96% Pac G & E 5s ’42 ... 105% 105% Portland Gen El 4%5'60 70 -4. <1 2 Para Publix 5%s 'SO '• • • 93 93- 4 Penn PA- L 4%s ’Bl 106 10S Postal Tel & Cab 5s ’53 32% 33 Rem Rand WW 5%s ’47 104% 104% Shell Union Oil 5s '47 104 103 2 Sou Pac 4'is ’6B '2 * 73 4 Sou Pac 4%S 'Bl P 2% 72% Sou Pac 4%s ’69 ‘3 ® 4 Sou Pac 4s ’49 76 II a Sou Rail 4s ’56 42 42% Sou Rail 6s ’56 53% 53 Sou Rail 6%s ’56 56% 56% Sharon Stl Hoop 5%s 48 100 Texas Pac 5s ’BO 9J 91% Texas Pac 5s '79 91 91 2 Texas Pac 5s ’77 4 J* 2 i?}i 2 Union Pac 4s ’47 l i2, s niL 4 United Drug 5s '53 92 2 9^B U S Rubber 5s '47 99% 99% NY NH & Hart 6s ’4B 27 27 4 NY NH & Hart 4%s ’67 25% 27 2 Warner Bros 6s ’39 ,2- ibli 2 Western Mary 5%s '77 lpo ‘J’ ! Western Mary 4s ’52 96 8 9o 4 Youngstown SA:TSs %0 ... 100.4 100 2 Youngstown S&T 5s ’7B 100 100 FOREIGN Argentina A 6s ’57 97 96% Argentine B 6s ’SB :'' PI ha 8 Brazil 8s '4l -inkCanadian Govt 4s ’6O 10 not ooi 8 Denmark 5%s ’55 99% 99% French 7s '49 1™ ,qi 2 German 5%s ’65 33,2 33 2 German 7s '49 41 40 2 Italy 7s ’sl 0- 3 60 Japan 6%s ’54 43. Rome 6%s o 2 2% 4 Tokyo City 5%s '6l ° 4 . 8 “U 8 Yokohama 6s ’6l 80 2 85 2 Unlisted Stock (By Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers • • ® B J JP’? Central Hanover B & T 4 Chemical National 49 4 01 Guaranty ,1, Irving 14 8 I®;* Manufacturers ”0 • National City "V 8 33,2 Cont 111 tChicago) 81 % B |, First Natl of Boston 41% 43 a FIRE INSURANCE Aetna Fire 8 ?% 56% City of New York tnew) 2d% 27.4 Federal Ins t?_ 4 Great American Ins 20-a 2(2 Hanover Fire Ins 36 4 3s 1 ,2 Hartford Fire Ins ' 8 8 2. Home Insurance ;*,? 3?, 8 Ins Cos of N A 69% 71% National Fire *9 1 * North River Insurance 2e s 2s 1 a Phoenix Insurance 58 2 90 2 U S Fire 51 % 03% Westchester Fire 34% 36

TOTAL bond sales NEW YORK STOCK EXCHANGE u, (DOW, JONES A CO} O AOOj > a ... 7\ V?/A < V. 7) /?. y, %'DOTTE.J USE IS THE PAST^U V V/ VX V, O TEN YEARS AVERAGE O s//. O '/■ // V/// V// THE SAME MONTHS , // ° 'oo- /'pfyfipfy'/fyfpytpjf fiCCf'Y/y 3 . .xwAfi r v\ lil .i ; 5 0 sondjfm a m j j a s 2 1934 I 1925.. the parkeb corp. general distributors INCORPORATED INVESTORS Sales of bonds on the New York Stock Exchange in the nine monihs of this year were 11 per cent below sales in the corresponding months of 1934. Sales of corporate bonds are 12 per cent below 1934 sales. This condition, together with the more active stock market, is one more indication that investors are now more interested in equities.

Busigraphs

STOCK SALES, GIFTS CONTINUE IN SEPTEMBER Outright Donations, However, Show Sharp Decline During Month. By Unite/] Prcx* WASHINGTON, Nov. 1. ‘’lnsiders” disposed of thousands of shares of stock in American corporations by gift and sale during September, it was shown today in reports published by the Securities and Exchange Commission. . Presumably the rise in security prices tempted most of the traders to dispose of large blocks of their

holdings. Gifts of securities in anticipation o f higher Federal gift taxes next January declined sharply. Alost important trade of the month was the sale o f 5000 shares of Bethlehem Steel Corp. preferred stock by Charles Al. Schwab, its chairman. He reduced his holdings to 8178

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Schwab

shares. K. W. Todd Cos., Pittsburgh, sold 24,970 shares of Carnegie Metals Cos. stock during September; E. L. Cord sold 3500 shares of Aviation Corp. of Delaware: Oliver F. Peters, St. Louis, bought 125 shares of International Shoe Cos. common stock, increasing his holdings to 63,275 shares, while Griffin Watkins, Wood River, 111., sold 2000 shares of the stock, reducing his holdings to 32,200 shares. Atlas Corp. bought 5970 shares of Madison Square Garden Corp. common stock, increasing its holdings to 14,070 shares. Central States Electric Cc., Richmond, Va., disposed of 197,000 shares of Shenandoah Corp., reducing its holdings to 1,111,271 shares. W. R. Timken, New York City, sold 13,500 shares of Timken Roller Bearing Cos. common stock, reducing his holdings to 230,431 shares. Largest security gift of the month was 10,500 shares of Colgate PalmOlive Peet Cos. common stock, worth $189,000 at present prices, by William B. Johnson Evanston, 111. Samuel L. Bickford, New York City, gave away 13,000 shares of Bickfords, Inc., common stock worth $169,000. Simon Edison, St. Louis gave away 2000 shares of Edison Brothers Stores, Inc. common stock worth $76,000, and reduced his holdings to 12,422 shares, while Harry Edison, St. Louis, sold 804 shares, reducing his holdings to 14,300 shares. D. Emil Klein, New York City, gave away 2000 shares of D. Emil Klein Cos. common stock worth $36,000. During August George Horace Lorimer, editor of the Saturday Evening Post, gave away 5000 shares of Curtis Publishing Cos. common stock, worth $90,000, reducing his holdings to 70,000 shares. 800 POWER OFFICIALS SEEK FPC’S SANCTION Ask Permission to Serve in More Than One Capacity. Timex Special WASHINGTON, Nov. I.—Nearly 800 applications have been filed with the Federal Power Commission by utility officers and directors asking permission to serve in more than one utility company or bank. The time limit for filing such applications under the new utilities holding company provisions expired last week. Under the new law the officers or directors can serve with move than one company or with a bank only upon authorization of the Power Commission. NORMAL PAY ROLL SEEN Times Special SOUTH BEND. Nov. I.—Normal employment for the Studebaker Corp.'s regular pay roll of approximately 6000 workers by Nov. 15 was predicted today by officials of the company. SHOE PRICES ADVANCED Times Special NEW YORK, Nov. I.—The International Shoe Cos. announced today increases in the price of various makes of shoes of 5 cents to 15 cents a pair. CARPET PRICES RAISED Times Special BOSTON, Nov. I.—The BigelowSanford Carpet Cos., Inc., announced today price advances up to 10 per cent on many carpet qualities, including the complete line of Lokweave fabrics.

- 1935 Monthly; DAILY FROM APR.l 37 4Q 1 - t! : ~j DAILY AVERAGE 4 g i 300 COMMON STOCKS 40 1 WETSEL.MARKET BUREAU. INC 1 36 7 36 j _ i _ ~ iitr ii •t* ! ! 32 n ■ — 1 —;n —n ———i —■ —s— -26 • 1 1 ; ; ; 1 i !• ! 24 '"' i ; ;"T~yi :tt' : ; ; : : : i~ 1 * ii . . i t ii ii i * ;' 1 r 111 ; ' i ;"r: : ZOTiTn.. iTm .1,1, , . i'i I ‘ 1 ‘ l " , "l :; ; ia 1111 I. I I 1 1 I I l | | , | , | I | ! 1 * ' 1 ’ 1 ' ' 1 • ' O iii ,i , .j—; I—i1 —i r—i 1 i — ; r- —i —-! —' —i —l*l -ii —i r—i r—i * ■* —t i All IQ 25 2 5 16 232* 6 13 2Q273 H IQ 25 I t 522 29 5 12 19 26 3 10 72A Sozotll APR, MAV JUNE JUUV AUG. SEPT. OCT I

Dual System of Taxing Brings Increase in Cost, Critics of Plan Declare Federal and State Income Levies Also May Drive Citizens to Lower-Rate State. (This is another of a serin of dispatches on progress toward eliminating double taxation in America). BY RICHARD L. GRIDI.EY United Press Staff Correspondent WASHINGTON, Nov. I.—The personal income tax levied by the Federal government and 33 states is the most important problem of officials seeking to work out tax reform that will eliminate overlapping and competing state and Federal taxes. Principal objections to the present dual system of Federal and state income taxes are that they may drive citizens to a lower rate neighboring state; that collection is more mostly; that some citizens may be forced to pay income taxes in two or more states and that excessive taxation in

some cases may dry up tax revenues. The importance of the income tax from the standpoint of the Federal government is shown in figures that these revenues have supplied from 25 to more than 59 per cent of total income. Billion Annually Federal income tax collections are now running at more than a billion dollars annually, when the corporation income tax is included. States are estimated to be collecting an additional $100,000,000 annually in income taxes. Among some of the immediate remedies to apportion the income tax receipts between the Federal government and the states are the following: 1. Legislation to allow a credit against the Federal tax for state taxes and local taxes of a personal nature. 2. A substantial credit against taxes in the •small incomes, graduated downward as the income rises. 3. Additional Federal taxes to replace credits allowed states by taxation of salaries of Federal, state and local employes as well as tax-exempt securities. Billion Annually Federal income tax collections are now running at more than a billion dollars annually, when the corporation income tax is included. States are estimated to be collecting an additional $100,000,000 annually in income taxes. Among some of the immediate remedies to apportion the income tax receipts between the Federal government and the states are the following: 1. Legislation to allow a credit against the Federal tax for state taxes and local taxes of a personal nature. 2. A substantial credit against taxes in the small incomes graduated downward as the income rises. 3. Additional Federal taxes to replace credits allowed states bytaxation of salaries of Federal, state and local employes as well as tax-exempt securities.

BANK MEETING BEGINS MONDAY Prominent Speakers Chosen by University of Illinois Conference. Times Special URBANA. 111, Nov. 1. Three outstanding speakers of national reputation in their respective fields are to be on the program of the University of Illinois Conference on Banking to be held here next Monday and Tuesday. Dr. H. Parker Willis, professor of banking in Columbia University, will be the speaker Monday evening, and will deal with the position of commercial banks in the United States in relation to their enormous holdings of government securities, under the subject, ‘‘The Future of Government Bonds. W. McC. Martin, governor of the Federal Reserve Bank of St. Louis, one of the oldest executive officers in point of view of years of service in any of the Federal Reserve banks, will speak Tuesday on the subject. “The Federal Reserve System under the New Banking Act.” Another topic of interest is the question of the operations of the Federal Deposit Insurance Corp. under the new law. This subject is to be discussed by Francis C. Brown. FDIC counsel, under the title ’“The Aims and Objectives of the Federal Deposit Insurance Corp. He will speak Tuesday morning. The Bankers’ Conference is sponsored by the College of Commerce of the University of Illinois, in cooperation with the Illinois Bankers’ ! Association and several of the | county bankers’ federations of the ; state. The sessions of the conferj ence will be open to the public, as j far as space permits.

Food Index Declines A decline of 1 cent, during the Inst week brought the Dun <£• Bradstreet weekly fond index for Oct. 29 to $2.72, or 1 cents under the high level registered in the final week of September.

PORKER PRICES CONTINUE DOWN Values Mostly 5 Cents Lower at Local Yards; Cattle Receipts Off. The hog market continued its downward trend at the Indianapolis Union Stockyards today. Weights over 160 pounds were steady to 10 cents lower, while underweights were steady to 15 cents lower. Receipts came to 3500, compared with 4000 yesterday, and holdovers numbered 109. Cattle receipts amounted to 400 contrasted with 1000 j esterday. The undertone of trading was steady on the light supply. Lambs were steady to strong. HOGS Oct. Bulk. Top. Receipts. 26. $9.65@ 9.85 $9.85 2000 28. 9.50 r! 9 70 9 70 6000 29. 9.55® 9.65 9.70 5000 30. 9.50® 9.60 9.65 4500 31. 9.40® 9.50 9.50 4000 Nov. 1. 9.40® 9.50 9.50 4000 Light lights. 1140-160) Good and choice . $8.85® 9 25 Medium B.lo@ 9.00 Lightweights. (160-180) Good and choice ... 9.25® 9 35 Medium 8.75® 9.25 (180-200) Good and choice . . 9:30® 9 40 Medium 8.70@ 9.25 Medium Weights. (200-2201 Good and choice ... 9.35® 9.40 (220-2501 Good and choice ... 9.30® 9.40 Heavyweights. (250-290) Good and choice ... 9.25® 9.35 (290-350) Good and choice ... 9.05® 9.25 Packing sows. (275-350) Good 8.50® 875 (350-475) Good 8.35® 8.60 (425-450) Good B.oo® 8.50 (275-450) Medium 7.75® 8.25 Slaughter pigs. (100-140) Good and choice ... 8 50® 9.00 Medium 7.75® 8.75 CATTLE —Receipts, 400 — (500-900) Choice $10.25®11.50 Good 8 75®11.00 Medium 7 00® 9.00 Common 5.00® 7.00 (900-1100) Choice 11.25®12.25 Good 9.25® 11.50 Medium 7.25® 9.25 Common 5.25® 7.25 (1100-1300) Choice 11.75®12.75 Good 9.75®11.75 Medium 7.25@ 9.75 (13001500) Choice 11.75® 12.75 Good 9.75®11.75 Heifers (500-750) Choice 9.25® 10.25 Good 7.75® 9.25 Common and medium 4 25® 7.75 (750-900) Good and choice ... 8.25® 10.50 Common and medium 4.50® 8.25 Cows Good 5 25® 6.25 Common and medium 4.25® 5.25 Low cutter and cutter 3.00® 4.25 Dulls, good • • 5.50® 6.00 Cutter, com. and med. bulls... 4.00® 5.50 VEALERS —Receipts, 500— Good and choice $10.00®11.00 Medium 8 00® 10.00 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 (800-1050) 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, 1000— Lambs. 90 lbs. down, good and choice 8.75® 9.50 Medium 7.00® 7.75 Ewes. (90-125) Good and choice ... 4 00® 5.00 All weights, common and medium 3 50® 4.50 (120-150) Good and choice ... 3.00® 4.00 Other Livestock (By United Press) FT. WAYNE, Ind.. Nov. I.—Hogs Steady to 10c lower; 160-180 lbs. $9.10; 180-200 lbs.. $9: 200-220 lbs.. $8.90; 220240 lbs.. $8.80: 240-280 lbs.. $8.65; 280-300 lbs., $8.55; 300-350 lbs.. $8 35. 140-160 lbs. $8.90: 120-140 lbs., $8.65: 100-120 lbs. $8.40. Roughs Receipts, 775; stags, 6; calves. H; lambs, 9. LAFAYETTE. Ind.. Nov. I—Hogs Steady to 5c lower; pigs. 15c lower; 200250 lbs.. $9.05(8 9.15: 250-325 lbs , $3,904; 9- 140-200 lbs., $8,851; 9.05; 100-140 lbs.. $8,354; 8.60; roughs $8.50 down, calves, $lO down; lambs. $8.75 down. CLEVELAND. Nov. I.—Cattle—Receipts. 150; lighter choice to prime steers. 1250 lbs. up. sll® 12.25; choice 750-1100 lbs. slo® 11.50: good grass cattle. $74;8.50; good heifers, $8,504; 9.a0. Calves—Receipts, 100; steady: prime veals $114; 11 50; choice, $9,504; 10.50. Sheep and lambs Receipts, 700; 154; 25c lower; choice lambs. $94; 9 60; good. $84;9; medium. $74;8. Hogs--Re-ceipts. 400: 54; 15c lower: 250-300 lbs., $8,754; 9: 220-300 lbs.. $9.35: 180-220 lbs., $9.35: 150-190 lbs.. $9.35; pigs, 150-180 lbs., $9®9.25. U. G. I. SELLS INTEREST NEW YORK, Nov. I.—The United Gas Improvement Cos. has disposed of its entire interest in the common stock of the Consolidated Gas. Electric Light and Power Cos. of Baltimore, according to John E. Zimmerman, president.

DEPLETED CASH SEEN ASSURING TREASURY DEAL Note Offering Expected to Precede Bond Issue to Refund Maturities. rimc Special NEW YORK. Nov. I.— I The present rate of government expenditure and tlie prospect of a seriously - pleted Treasury balance in spite of the weekly borrowing of $50,000.000 above bill maturities have led many of the government bond houses to expect a Treasury note offering not later than the middle of November, to precede a bond offering in December to provide for note maturities. For a time it had been expected in some quarters that the Treasury would be able to confine itself to its weekly sale of bills until the time arrives to take care of $418,000,000 of note maturities Dec. 15. It is now generally believed, however. in view of the expenditure figures showing an approximate outlay of $25,000,000 daily, that the Treasury will decide upon a replenishment of its balance about the middle of next month, if not sooner. Opinion is that the Treasury will offer $250,000,000 or $300,000,000 of five-year notes in its November financing probably with a 1% per cent coupon rate. This would mean the borrowing of about $500,000,000 of new money for the month, taking into account continuation of the $50,000,000 a week bill sale. It is expected that the December bond offering, probably for a medium term, will amount to SSOO - 000.000, to provide additional money beyond the sum needed for the note redemption. The government bond market lias recently set up some records for minimum activitiy. It has been the product of the unique combination of a market virtually devoid of both buyers and sellers. FEWER FREIGHT CARS IN NEED OF REPAIRS Decrease of 893 Reported by Railroads During September. Times Special WASHINGTON, Nov. 1.-Class I railroads on Oct. 1 had 284,427 freight cars in need of repairs or 15.5 per cent of the number on line, a decrease of 893 cars from Sept. 1, at which time there were 285,320, or 15.6 per cent, the Association of American Railroads announced today. Freight cars in need of heavy repairs on Oct. 1 totaled 231,227, or 12.6 per cent, an increase of 2457 cars compared with the number in need of such repairs on Sept. 1, while freight cars in need of light repairs totaled 53,200, or 2.9 per cent, a decrease of 3350 compared with Sept. 1. Locomotives in need of classified repairs on Oct. 1 totaled 10,335, or 22.6 per cent of the number on line. This was a decrease of 68 compared with the number in need of such repairs on Sept. 1, at which time there were 10,403, or 22.7 per cent. RETAIL SALES EXPAND SHARPLY IN DETROIT Total for Week II Per Cent Ahead of Last Year. Times Special DETROIT. Nov. I—Two distinct signs of better times for Detroit were made known today. Retail sales showed an increase of 14 per cent over the corresponding period of last year during the last week and the number of families on relief roils dropped by more than 3800. Increased pay rolls at automobile plants and the satisfactory shopping weather were credited by the Retail Merchants’ Association as important factors in the good gain in retail sales. An increase in the number of WPA workers in Wayne County indicated that a goodly’ number of the persons released from relief rolls had found employment with the Federal projects. MORE JOBS FORECAST Material Improvement by Next Spring Declared in Prospect. l imes Special CLEVELAND, Nov. 1. —Material improvement in employment conditions by next spring were forecast today by C. J. Stilwell, president of the National Machine Tool Builders Association. “’Progressive mechanization is one of the most powerful influences which make for increasing employment,” Mr. Stilwell said, “’and if past experience is to be repeated, this year's remarkable influx of machine tool orders indicating further advances in mechanization and plant efficiency will be reflected in the near future in a broad rise in employment. BUICK SALES AT~PEAK Retail Deliveries in 10-Day Period Best in Several Years. Times Special NEW YORK, Nov. I.—Retail deliveries of the Buick Motor Car Cos. for the second 10-day period of October amounted to 4367 cars, against 4163 for the first 10 days, and were the largest for any 10-day period in the past four and one-half years, the company announced today. The sales were almost three times those of the corresponding ' 1934 period and were the second largest for the like period since 1929.

JV Commercial Banking Savings • Trusts American National Bank AT INDIANAPOLIS

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