Indianapolis Times, Volume 47, Number 203, Indianapolis, Marion County, 2 November 1935 — Page 14

Trends Protective Groups Coming In for Attention. BV JOHN T. FLYNN T'mea Speclsl Writer NEW YORK. Nov. 2—The early h*' eery of the New Deal seems so la: away that it is difficult to remember clearly. But generally every one can recall the brave words about "driving the money changers out of the temple." It was just about that time that American holders of foreign bonds were feeling the .

full force of the enormous losses they had sustained. Banking houses in America had sold to ill-in-formed investors billions of dollars of bonds of European, Asiatic, African and South American enterprises an and governments. It

John Flynn

was a sorry tale and at the moment the bankers were in bad because of their practices. Nevertheless they had been quite busy in that racket which has come in for so much airing recently—the bondholders’ committee racket. Immediately upon a default the bankers who had sold the issues rushed in to represent the bondholders. Whatever the facts were, Congress became convinced that the bondholders were not likely to get a very fair deal at the hands of the men who had sold them the tainted merchandise. a a a AN American Council of Foreign Bondholders had been organized on the European model in 1931 to represent bondholders in good faith and without connection of any kind w ; ith the bankers. But Congress thought the representation should be under the sponsorship of the government. The American council, I believe, agreed with this apd urged this course. Congress then passed Section II of the Securities Act of 1933 under which a foreign bondholders committee was authorized to be organized under Federal Trade Commission sponsorship, with $75,000 from the RFC to finance it. It was to come into being when the President thought it necessary. The act provided, however, that any one connected directly or indirectly with the bankers should not have any connection with this committee. My next recollection of this was that Commissioner Stevens of the Federal Trade Commission was handling the matter. The next I heard was that Mr. Stevens had resigned from the commission to become head of a foreign bondholders’ council, but not under Section 11. The President approved or at least did not object to the committee of the council. There were some very respectable persons on this committee. But there were also some bankers. At the time I protested that this was not what Congress had in mind, that Section 11 was being permitted to die quietly. I understand that the independent council of foreign bondholders called attention to this also. a a a THEN the new bondholders group was forgotten. And now suddenly it comes out that they have been functioning quite merrily with funds being supplied by great banking houses of New York and other places—J. P. Morgan & Cos., Kuhn, Loeb A- Cos., Dillon. Read Yb Cos., the Chase National Bank and a host of others. All this is brought to light by the SEC. Also the council is governed by an executive committee of five. They are Pierre Jay, chairman of the board of the fiduciary Trust Cos. and former vice president of the Chase National Bank; John C. Traphagen, president of the Bank of New York and Trust Cos.; Hendon Chubb of the Central Hanover and chairman of the U. S. Guaranty Cos.; Thon.as D. Thatcher of Simpson. Thatcher & Bartlett, well-known Wall Street law firm, and Francis White, former assistant Secretary of State. Is this what Congress intended? • Copyright, 1935. NKA Service, Inc.). CATTLE RECEIPTS SMALL October Figure at Chirago Lightest for Month Since 1932 Times S/terinl CHICAGO. Nov. 2 —Livestock receipts here during October amounted to 218,000 cattle. 40.000 calves, 306.000 hogs and 255.000 sheep, it was disclosed here today. The cattle supply was the smallest for the month since 1932 and with that exception the smallest since 1915. Hog receipts were the smallest for October since 1878 and the sheep supply was the lightest for the month in over 40 years. ('n Commission Row (Kci.rintfd From Late Times Yesterday) Quotations oelow subject to change ara average wholesale prices being ottered to buyer* by local commission dealers: Fruit—Cranberries, earlv blacks, 25-lb. box. $3 50, Fears—Michigan Bartletts bushel $2 25: Avocados, Florida, box $2 25' Cantaloupes—California Honev Dews $2 50: Casabas $2 25. Persians, s2® J. 25. Bananas 12-qt. basket, 35c. Persimmons—lndiana. 12-pt. .ase sl, Apples Jonathans. sl.lstf 1 25. Summer Rambos. *l. Delicious. $150; Wealthy*. si: Grimes Golden $1 15. Lemons— Sunktst 3605. $7 50. Grapefruit—64s to 70s. $3 75 Limes—Mexican a carton 12s. 20c; Persian seedless a hundred. S3. Vegetables—Beans, green, round stringless bu.. $2 50. Beets—Horn* grown doz 20c. Cabbage—New York. 50-lb. bag', 75c Carrot*—Home grown and Ohio 30c; new bulk, hall bu., 65c Cauliflower—Colorado. 11s. 12s crate. $1.75 Celery—Michigan, washed and trimmed, extra large. Ssr jumbo, doz.. 45c. Cucumbers—Hothouse. 2 do* box. $2 35 Kale—Home sown. bu., 50c Lettuce—lceberg Caliornia best. $4 25; home grown leaf 15tb basket. 60c Endive—Ohio, basket. 45c Mangoes—California grown, crate $3 25; small basket. 40c. Mint—Do?.! 50c Mustard—Home grown, bu, 50c. Onion*—lndiana vellow. 50-lb. bag 90c - Indiana white. 50-ib. bag. *1; Utah Spanish. 50-lb bag. $1 40. Parsiey— Home grown, d®*- i? 5c - —Telephone, hampers, $3 50. Potatoes—New Jersey Cobblers 100Jb. bag. $1 50; Michigan Round White 100- * l 30 Early Ohios. bu, $1 40; Idaho Russets. $1 90. Sweet potatoes—lndiana, Jersey*, bus, *1.40 Radishes—Ohio, buttons. 2-do*, baskets. 60c. Sage—Do*, ■4sc. Spinach—New Zealand, bu, 85c Squash —Bu $1153125 Turnips-New bu . 90c: bunch, do*, 25c. Tomatoes— California, repacked. 10-lb canon. $1.15 coz, 60c. Produce Markets (Reprinted From Late Times Yesterday) The prices quoted below ara paia tor stock gathered in the country, while delivered m Indianapolis the price will be 1 cent higher. Heavy breed hens. 17c Leghorn breed hens. 12c; springers over 4% lbs. 17c: under 4', lbs. i6c old cocks. 9e; Leghorn broilers 1% lb* and t:p. 12c; Legnorn springers, 12c; ducks white 4 lbs and up Bc. geese, full feathered and fat. 4c; old guineas. 15c; voung guineas. IV* lbs. up 25c: No. 1 strictly fresh eggs, loss of 25c pullet ~-s. 18 C , Each full case must weigh oS lbsl gross a deduction of 10c a pound under 55 lbs' will be made. Butter. No. 1. 3l‘ 3 #S2‘ac: butterfat. No. I, 26c; No. 2. 24c, Quoted

PAGE 14

STATE SHARED FEDERAL SALES LEVY WEIGHED Plan Considered in Effort to Eliminate Present Overlapping. BY RI( HARD L. GRIDLEY United Pres* Staff Correspondent WASHINGTON, Nov. 2—Tax experts are studying a state-shared Federal sales tax in their effort to eliminate overlapping and conflictig taxes imposed by Federal, state and local authorities. Twenty-four states now impose sales taxes on most retail sales at rates ranging from % to 3 per cent. In many cases these are on top of the present Federal excise tax on a numoer of important manufactured articles. Several hundred mililons of dollars annually is estimated to ba the present yield to states from sales taxes, w hile the Federal government receives more than $300,000,000 annually from its manufacturers’ excise tax, which is considered a form of limited Federal sales tax. Burden on Public The principal objection to the sales tax in any form is that it places a heavier burden on that part of the public least able to afford taxes. This objection is partly offset by the fact that it makes the public more "tax conscious’’ because it is constantly reminded of the cost of government. The problem of whether the Federal government on the states should collect the sale tax, however, is far more complicated. A Federal taxe at a uniform rate with rebates to the states woulr eliminate state tax competition, but would raise the question of the distribution of the proceeds just as it would in the case of proposed Federal collection of state income taxes. Another argument against collection of sales taxes by the Federal goverrytnnnt is the belief that state tax collectors are more efficient in reaching the "small follow.’’ But independent state sales taxes have raised many difficulties. In neighboring states having different sales tax rates, merchant* the boundaries have been forced to absorb the retail sales tax to bring clown their prices in line with those in the lower rate or no -'ite adjoining state. Mail order houses, on the other hand, have ben able to avoid state sales taxes in Sealing with out-of-state purchasers. Commission Gives View The Interstate Commission on Conflicting Taxation has this to say with respect to the sales taax question: "Judged by anticipated economic effects and incidence, the manufacturers’ sales tax and state retail sales taxes appear equally undesirable. The manufacturers’ .-.ales tax has the disadvantage of being imposed at the time of the first sale. and. to the extent that and taax is shifted, it becomes an element in the price of the commodity upon which succeeding price margins are comput j(l. "Hence, it would be more likely to raise the price to the consumer by an amount in excess of the tax. The adoption of this tax would extend the application of a regressive levy to the states which do not have sales taes. A uniform Federal measure of this type would be especially hard to defeat or eliminate, because it would command the support of opponents of high income taxes and would dull the opposition of local retailers and others who fight sales taxes for competitives reasons. "The manufacturers’ sales tax would eliminate tax avoidance through uneconomical interstate trade now practiced ien sales tax states.” UTILITY SEEKS RIGHT FOR STOCK ISSUANCE Southern Indiana Gas Files Appeal With Commission. Permission to issue 80.000 shares of common stock valued at $lO per share for sale to the Commonwealth and Southern Corp. was asked today in a petition pled by the Southern Indiana Gas and Electric Cos., with the Public Service Commission. The company proposes to sell the entire issue to Commonwealth and Southern, its holding company, in return for $822,000 worth of preferred stock. The company also proposed to issue $1,000,000 worth of first mortgage bonds, the proceeds to be used for capital expenditures, including improvements and additions to the plant at Evansville, estimated to cost $1,092,586. Unlisted Stock (Reprinted From Late Times Yesterday) (By Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers 58% 59% Central Hanover B & T 110 1 112% Chase 33% 35 Chemical National 49% 51 Guaranty 276% 281 Irving 14% IS 1 * Manufacturers 35 36% National Citv 30% 32% Cent 111 'Chicago* 81*4 84 ■First Natl of Boston 41% 43’a FIRE INSFRANCE Aetna Fire . .... 54% 56% Citv of New York (new) 25% 27% Federal Ins 78% 82 Great American Ins 25% 27% Hanover Fire Ins 36% 38% Hartford Fire Ins 78 80 Hotne Insurance 32% 35% Ins Cos of N A 69' 2 71% National Fire 70> t 72% North River Insurance 25'a 26’, Phoenix Insurance 88% 90% U S Fire 51', 53% Westchester Fire 34' 36 Chicago Grain Futures (Reprinted From Late Timet Y'esterday) Prev. Wheat— High. Low. Close, close. Pee 98% .98% .97’, .S3 1 * May .98% 97% .97% .98 July 96 s * .89’ * .89% .89% CornDec 59% .58 .58’a .5S s 4 Mav 59 .58' a .58‘, 58 s , July 60 .59'a 59 s * .59% Oita— Dec 26’a 26 s , ,26%a .27 May 28 "a 28% 28%a 28'* July 28’,a .29 1 a RyeGee V"/ 49 .50* it .50* a May 52% .51 .52*,* .52*4 Julv ...... . . .52‘4b .52% BarleyDec 41k .41*, .41*4 .61 LardDec 12 40 12 25 12 25 12 17 Jan 12 10 11 92 12 05a 11.85 May .......... 11 90 11.72 11.60 b 11.62 .1 ihiftiri

Abreast of The Times on Finance

New York Stocks

(Reprinted From Late Timet Yesterday) 'By Thomson & McKinnon) Prev. Oils— High. Low. Close. Close. Amerada 75 s * 74 75 5 , 74% At! Rfg 23% 22% 23% 22 s , Barnsdail 10 s , 10 1 , 10% 10', Consol Oil 9*4 9 1 a 9% 9'a Cont of Del 24’ 4 23 1 a 24' 4 24 Houston .... 4‘* 4 4 4 Mid Cor.t Pet ... 14’, 14', 14% 14*4 Ohio Oil ll’a 11 Va 11 1 a 11% Pet Corp 11 Va 11 11 * * 10’, Phillips Pet 35 34% 35 34'a Plymouth Oil ... 10' 2 10' 2 10' 2 10 s , Pure 0:1 12 11’, 12 11% Royal Dutch 45% 45 s a 45’a 45' 2 Seaboard Oil ... 31 30 s , 30 s , 30’, Shell Un 12 11 * a 12 11% Skeliey Oil 17 16% 16% 16 Soc Vac 12*4 12 12 '4 12 ! 4 S O of Cal 37' 4 36*4 37', 36’a S O of Ind 27*, 27 '2 27*4 27*4 SOOf N J ..... 49' 4 48’a 48*a 43% Texas Corp 23 '4 23'a 23'a 22 s , Tidewater Assn.. 11 10% 11 10% Un Oil of Cal ... 20% 20% 20% 20% Acme Steel .... 71 70 71 70 Steels— Am Roll Mills ... 28% 28% 28% 28% Beth Steel 40% 39% 40% 40% Bvers A M .... 18 13 18 17% Col Fuel & Iron 3% 314 3% 3% Cruc Steel 26 25% 25*4 25 Inland Steel 99% 98% 99*4 99 Ludlum Steel... 24% 24% 24% 24% Mid Steel 23', 22% 22% 22% Natl Steel 75 73% 74% 72% Otis Steel . 16 15% 15’a 15% Rep Iron & Steel 18% 18 18% 18 Rep Iron & S pfd 82% 82% 82% 81% U S Pipe & Fdy. . 20*4 19% 20% 13% U S Steel ... 47Va 45% 46% 46% U S Steel pfd ...109 108 108 108% Warren Bros 3% 3% 3*4 3% Youngstown S&T 29% 27% 29% 28 Motors— Auburn 41 *4 37% 37% 42 Chrysler 86*4 84% 86% 85% Gen Motors 54% 53% 54% 53 Graham Mot .... 4 3% 4 3% Hudson 16% 16 Vi 16% 16 Hupp 3% 33 3 Mack Truck 24% 23% 24 24% Nash . . 17% 17% 17% 17% Packard 6% 6% 6% 6% Reo 4% 4 4 4 Studebaker 7% 7% 71/, 7% Yellow Truck .. 7 6% 6% 6% Motor Access—gendix 22% 22 22% 21% Bohn Alum 47% 46% 47a, 4 47% Borg Warner ... 60% 59% 60% 60 Boggs . 54% 53% 53% 53% Buad Mfg 7% 7 7 7 Budd Wheel 9% 9% 9% 9% gf ton . Mfg .. 28% 28% 28% 28% Eec Auto Lite .37 36% 36% 36% Elec Stor Bat. .. 51% 51% 51% 51% Houdaille - B-’ .27 26% 27 25% Mullins Mfg ... 14% 14% 14% 14% Murray Body .. 19% 19% 19% 19% Stew Warner .. 17% 17 s , 17% 17% Timken Roll ... 62 60% 62 60 Tim Det Axle .. 9*4 9 g% 9 Mining— Alaska Jun .... 14 14 14 13% Am Smelt 60% 59 60% 59% Anaconda 22 21% 21% 21% Cal & Hec'e .... 5% 5% 5% 5% Cerro De Pasco. 61% 60*4 61% 60 Dome Mines 37% 37% 37% 37% Granby 12% 12% 12% 12% Grt Nor Ore 14% 13% 14 13% Homestake Mine.39o 390 390 392 Howe Sound 54 53% 53 % 53% Ins Copper 6*4 6% 6% 6% Int Nickel 32% 31% 32% 31% Isl Creek C0a1... 25% 24% 24% 25% Kennecott Cop.. 27% 26% 27% 26% Mclntyre Mine.. 35 33% 35 34% Park Utah 35 33% 35 34% Phelps Dodge .. 25*4 24% 25% 24% St Joe Lead 21% 21% 21% 21 U S Smelters 98% 96 98 96 Vanadium 18% 18% 18% 18'% Amusements— Crosley Radio .. 16% 16*4 16% 16 Fox Theat 19% 18% 19% 18% Loews Inc 49 48% 48% 48% Radio Corp B '/a 7% 8 8 Paramount 9% 9% 9% 9’% RKO 5% 5 5 5 Warner Bros .... 7% 7% 7% 7% Aobaroos— ' Am Snuff 71'4 71% 71*4 72 Am Su rr.Tob ... 26% 26% 26% 25'% Am Totacco "A" 101% 101 101'* 101 Am Touac "B" 104% 103 104% 103 Ligg & Mv "B" 116 115'% 116 115 Lorillard 26% 25% 26 26 Pliillin Morris 57% 54% 56% 53% Revnlds Tob "B” 57 56% 56% 56% Rails— Atchison 49% 48% 48% 48% Atl Coast Lines. 26 25*4 25% 25 B & O 15*4 14% 15 14% Can Pacific .... 9*4 9 9 9% Ch & Ohio ... 45 44% 45 44% Chi & Gt W 1 % % 1 CM&StP . 1 1 1 1 C M & St P pfd.. 1% 1% 1% I*4 Chi N W 2*4 2*4 2% 2V 8 Dela & Hud . . 34 s , 34 34 33% Del Lac &W .. 14% 14% 14% 14% Erie . 10% 10 10*4 10 Erie nfd 13% 13„ 13% 13„, Grt Northern pf. 27% 26% 26% 26% 111 Central ..... 15% 14% 15 14% Lehigh Valley .. 8% 8% 8% 8% Lou & Nash 46% 45’a 46 45% M K & T 4*a 4% 4% 4% MK & T pfd... 10% 10% 10% 10 N Y New Haven 3% 33 3 N Y Ont <fc West 3% 3% 3% 3% Norfolk & West 195% 193’% 193% 195% Nor Pacific 18 17 17% 17* a Penn R R 27% 27% 27% 27% Reading 35 34 35 34% Sou Pac 18V* 18 18% 18% Sou R R 9% 9 9% 9% Union Pac 95% 94% 95* 4 93*4 Wabash 1% I*B 1% 1% West Maryland . 8 7% 7% 7% Equipments— Am Brake Shoe . 36 35% 36 36 Am C &. F 24*4 23*4 24% 23 Am Loco 19% 18% 18% 18% Am Steel Fdv .. 20% 19% 20% 19*4 Baldwin Loco .. 3% 33% 3 Gen Am T Car. 43% 42% 42% 43% Gen Elec 36 35% 36 35% Gen R R Sig ... 35 33% 35 34% Pullman Inc .... 37% 36% 37% 36% West Air Br 27% 26% 27% 26% West Elec 90% 89% 89% 39% Utilities— Am & For Pwr. 6% 6% 6% 6% Am Power & Lit 8% 8 8 8% AT&T 146 144 145 144 Am Wat Wks .. 19% 19 19 18% Col Gas & Elec-. 15% 15% 15% 15*2 Com & Sou 2% 2*4 2*4 2% Consol Gas 29% 29% 29*4 29** Elec Pwr & Lite. 6 5*4 5*4 5*4 Int Hydro Elec . 3% 3% 3% 3% Interboro RT .. 22% 21 22% 20 s , Int TANARUS& T 10*4 10% 10% 10% Lou G & E (A*.. 20% 20 20 20% Nat Pwr & Lit.. 10% 10*4 10*4 10% North Amer... 25% 25% 25% 25'a Fac G& E 29 28'* 28% 28% Peoples Gas .... 39% 37% 38 40 Pub Serv N J 44% 44 44% 43% So Cal Edison. ... 26 25% 25% 22% Std Gas 5 4% 5 5 Stone & Webster 14% 12% 14% 12% United Corn .... 6% 6 6 6 Un Gas Imp 17% 17% 17% 17% Ut Pwr &Lt (A) 2*4 2% 2*4 32% Western Union .. 63% 62% 63 61% Rubbers— Firestone 16% 15% 16% 15% Goodrich 11% 10% 11% 10 Goodyear 20% 19% 20% 19% U S Rubber ..15 14% 15 14% U S Rubber pfd . 39% 37 39% 37% Miscellaneous Allis Chalmers 36% 35% 36% 35’, Am Can 143% 142 143% 142% Am Mach & Fdy 28% 28 28*4 28 Anchor Cap . 16 15% 15% 15% Brklyn Man Tr. 44% 42% 44% 42% Burroughs Add 25*4 25% 25% 25% J I Case 105*4 101*a 105% 101 Conti Can . 94% 93 94 93% Caterpillar Tract 56*a 55% 56*4 56 Crown Cork ... 43% 42 42% 41 Curtis Pub ... 18*4 18% 18% 18*4 Curtis Pub pfd . • 96% 96% 96 96*4 Deere & Cos. .. 56% 54% 56 55% East Kodak .166% 166% 166% 166 Foster Wheeler 21% 19% 21'* 19% Gillette 17% 16% 17 17 Glidden 37% 37% 37% 37 Ingersoll Rand .114% 112% 114 111 Int Bus Mach.. 182 182 182 180% Inter Harv . .. 58% Natl Cash Reg . 19 18 5 Jr 18% 18% Owens Bottle ...125 123% 124% 122% Rem Rand ■ 14% 14*, 14% 14% W'orthingtn Pmp 21% 20% 21% 20% Foods— Am Sugar 54 54 54 53% Armour 4% 4% 4% 4% Armour 6% pfd . 65 65 65 65 Beatrice Creamy. 16 16 16 16 Borden Prod ..26 25% 25% 25* 4 Cal Packing 35% 35 35% 34*, Canada D G Ale 14% 14 14% 13% Coca Cola . 276 276 276 270 Cont Bak “A" .. 8 8 8 8% Corn Prod 69% 67 s , 69% 67% Crm of Wheat 37% 37% 37% 32’, Cuban Am Sugar 6% 6% 6% 6% Gen Baking .. 12 11% 12 11% Gen Foods 33% 32*4 33%% 33*4 Gold Dust 17% 16% 17 17*4 G W Sugar 29% 28% 29% 28% Int Sait 26% 26% 26*4 26 Loose Wiles ... 38% 38% 38% 38 Natl Biscuit ... 35% 34*4 35 35% Natl D Prod ... 18 17% 17% 17% P'.Titv Bak 16*4 16*4 16% 16% S Porto Rico Sug 25* 25% 25 s , 25*, Std Brands 15 14% 15 14% Un Biscuit .... 24% 23*4 24 24% United Fruit . 69% 68% 68% 69% Ward Bak "B".. 2 2 2 1% Wriglev 79 79 79 79 Retail Stores— Assd Drv Goods 16% 15% 16 15% Best & Cos ■ 54*4 54*4 54% 54% First Natl stores 47*4 47% 47% 47% Gimbel Bros 6% 6% 6% 6 s , Allied 7*a 7% 7*, 7*4 Kresge S S 27*4 27 27*4 27% Kroger Groc ... 27% 37 27*4 26% Macv R H 53*4 52% 53*4 52% McCrorv St 12% 11% 11’, 12*, McLellan St ... 14 13% 14 13 Marshall F.eld .. 12% 12% 12% 12% Mav Dept St ... 53% 53% 53% 53% Mont Ward 34% 33*, 34 33% Natl Tea 10 9% 9’, 9*, Pennev J C 80 79% 80 79% Safewav St 36 34 s , 36 34% Scars Roebuck 59% 59 59', 58*, Woolworth 59% 58% 53 57% Aviation — : Ariatipys Corp .. 3% 3% 3% 3% Boe,ng Air-ft .. 13 s , 13% 13 s , 13*a Curtiss Wright . 2% 2*, 2% 2*, Curtiss Wr "A". 6% 8 8% 7’, Douglas Air 33', 32% 33', S3 Nor Am Av .... 4 3% 4 4 Sperry Corp . .12 11% 11% 12 Un: Anrcft new. 20% 19% 19% ’i% Chemical*— Air Reduction ylMtt 184 % 164% 164

INDIANAPOLIS, SATURDAY, NOVEMBER 2, 1935

Allied Chem 165% 163 s , 164 168 Am Com Alcohol 36’, 33*, 34’, 33 Col Carbon .98 98 97*, 95% Com Solvents .. 18 s , 17% 18% 17% Du Pont ... 136 135% 135% 134 Freeport Tex .. 29’, 28% 29% 28', Liquid Carb .... 35% 34% 35% 35 Math Alkali . 32% 32%335,2 5 , 32% Monsanto Chem 93% 93 93 92% Nat Dis (new 1 .. 33% 32*4 32% 32% Schenley Dist ... 55 53 s , 54’, 52’, Tex Gulf Sul .. 32% 31*4 32 3!% Union Carbide .71% 70 70% 70% U S Indus Alco 47 s , 46% 46% 46% Drugs— Bristol Myers ..41% 41% 41% 41* 4 Cotv Inc : 5% 5% ss,5 s , s s , Lambert 23% 22% 23% 23 Lehn & Fink ... 13% 12% 13% 12*4 Sterling Prod .. 67 67 67 66% Un Drug new) . 10% 10*4 10*4 10% Vick Chem 40% 40% 40% 39% Zor.ite Prod 5% s*, 5% 5% Financial— Adams Exp 8% B*4 B*4 8% Allegheny Corp . 1% 1% 1% 1% Am Int Corp ... 9% 9% 9% 9% Lehman Corn •• 92% 92% 92% 92% Transamerica ... 9*4 9% 9% 9 s , Tr Conti Corp .. 7 6% 7 6% Building— Am Radiator 18% 17% 18 18 Gen Asphalt .. . 19% 19% 19% 19 Holland Furnace 25% 24*, 25% 24% Int Cement . 32% 31 s , 32% 31% Johns Manville 87 85 67 85% Libby Owens Gls 47% 47 47 46% Otis Elev 20 19% 20 19' <2 U S Gypsum 84% 83% 84% 84 Ulen Cons 5% 4Va 5 % 4*% Household— Col Pal Peet ... 18*4 18% 18% 18% Congoleum 40% 39% 40% 40 Ke Ivina tor 13% 13 s , 13% 13*4 Mohawk Carpet 21 % 20’, 21 % 20% Proc & Gamble 50% 50 50% 50% Serve! Inc ... 11% 11% 11% 11% Simmons Bed... 18% 17% 18% 17% Textiles— Amer Woolen... 9% 9% 9% 9% Belding Hem .. 13*4 13 % 13% 13% Celanese Com . 30 29% 29% 29 Collins Aikman.. 40% 39% 40% 39*4 Gotham Hose... 8% 8 8% 8 Indus Rayon... 34% 34 34 34 Real Silk 10 9 9 7 / B 8 N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Todav *9O 3 79.0 102.0 90.4 Yesterday 90.1 78.7 101.9 90.2 Week ago 90.1 79.4 101.8 90.4 Month ago 90.0 79.9 100.7 90 2 1935 high 90.1 86.4 101.9 90.9 1935 low 83.6 71.0 89.3 83.0 •New high. (Copyright. 1935, by Standard Statistics) U. S. GOVERNMENT BONDS Treasurys Prev. Close. close. 4%S 1943-45 114 30 114.29 4s 1944-54 110.20 110.16 3*4S 1946-56 108.29 103.24 3%s 1940-43 107.10 107.11 3%s 1943-47 106.10 106.11 3%s 1943-45 ...105.2 105.3 ?'is 1941 107.26 107.23 3%s 1944-46 101.28 104.24 3'aS 1946-49 103.18 183.17 3%s 1949-52 103.15 103 12 3s 1951-55 102.29 102 21 3s 1946-48 102.24 102.19 2%s 1955-60 100.8 100.3 2*4S 1955-57 100.29 100.25 Home Owners Loan Corp. 2Vis 1949 99. 2 99.24 3s 1952 100 31 100.26 Federal Farm Mortgage Corp. 3'As 1964 102.21 102.18 3s 1949 100.30 100.2S 3%s 1947 101.12 ... 2%s 1947 100.6 101.11 DOMESTIC Prev. Close, close. Alleg Com 5s ’44 77% 771, Alleg Com 5s ’49 68 68V2 Alleg Corn 5s 'SO 23% 24 Am Fren Pow 5s 2030 72% 74% Am Tel & Tel s'is '43 113% 113% Am Tel & Tel 5s ’65 113% 114 Arm &Cos (Deli 5%s ’43 95% 95% Atl Coast Line 4s '52 94% 94 Atl Coast Line 4%s ’64 78 78% Am Wat Wks 5s ’44 109% 109*4 Am Rolling Mills 5s ’3B 119% 118% Balt & Ohio 5s ’95 72 71% Balt & Ohio 6s ’95 81% 80% Balt & Ohio 4%s ’6O 55% 55 Buff Roch & Pitt 4%s ’57 .... 64% 64% Chi Milw & St P 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 90% 91 Col Gas 5s Mav ’52 98% 98% Col Gas 5s Artril ’52 99 98% Col Gas 5s ’6l 97% 97% Can Pac Pern 4s 84% 84% Cent Pac 5s ’6O 84% 84 Big Four 4%s ’77 72% 73% Colorado & So 4%s ’BO 51 % 51% Chi & West Ind 4s ’52 97% 97% Chi & Nor West 4%s ’49 ... 8% 8% Con Gas 5s ’57 104% 104% Chesa Com 5s ’47 10 §!? Del & Hu4s 4s ’43 76% 76% N Y Dock 4s ’sl 67 67% Erie 5s ’75 6 65% Erie 5s ’67 66V4 65% Grt Northern 7s ’36 102 1 4 Grt Northern 4%s ’76 92% 91% Grt Northern 4%s ’77 92 91% Gen Stl Cast WW 5%s ’49 .... 82 81 Hud & Manhat Ref 5s ’57 .... 83% 82% 111 Cent 4%s '66 53 52 111 Cent 5s ’63 59% 60% Interlake C & I 5s ’sl 76 16 Interntl Hv Elec 61 ’44 43 * 42% Interntl Tel & 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 ’56 106 106 Nickel Plate 4%s ’7B 60 2 59 Nickel Plate 5%s ’74 70 2 69 Nickel Plate 6s ’35 63 2 63% N Y Cent 5s 2013 74 a 72% N Y Cent 4%s 2013 (old) 69% 67% Nor Amer Cos 5s ’6l 102 101 s Nor Pac 3s 2047 'O% 70% Nor Pac 4%s 2047 83% 83% Nor Pac 6s 2047 98 98 New Orleans Term 4s ’53 81% 81% Otis Steel 6s ’4l 100% 100% Penn Ry 4%s ’B4 J9l, 8 Penn Rv 4%s ’Bl 104 a 104 a Penn Ry 4%s ’7O 96% 96% Pac G & E 5s ’42 105% 105% Portland Gen El 4%s ‘6O (1% 70 4 Para Publix 5%s ’SO 91 93 Penn P & L 4%s ’Bl 106 106 Postal Tel & Cob 5s %3 34 32 2 Rem Rand WW 5%s ’47 104% 104% Shell Union Oil 5s ’47 104 104 Sou Pac 4%S ’6B '3 .* 72 a Sou Pac 4%s 'Bl ‘3 72 2 Sou Pac 4%s ’69 ‘3 2? 8 Sou Pac 4s ’49 ;7 76 Sou Rail 4s ’56 42% 42 Sou Rail 6s ’56 53 * Sou Rail 6%s ’56 56 56% Sharon Stl Hoot) 5%s ’4B ...100% 100 Texas Pac 5s ’79 90% 91 Union Pac 4s ’47 110% 110’ United Drug 5s ’53 91% 92*2 U S Rubber 5s ’47 99% 99% NY NH & Hart 6s ’4B 28% 27 NY NH & Hart 4%s ’67 27% 25% Warner Bros 6s ’39 83% 83*4 Western Mary 5%s ’77 105 105 Western Marv 4s ’52 96% 96% Youngstown S & T 5s ’7O ...100% 100% Youngstown S & T 5s ’7B ....100 100 FOREIGN Argentina A 6s ’57 ... 97 97 Argentine % 6s ’SB 96% 97 Canadian Govt 4s ’6O 104 s , 104% Denmark 5%s ’55 100 99% French 7s ’49 .175 175 German 5%s '65 33% 33% German 7s ’49 41% 41 Italy 7s ’sl 60% 60% Japan 6%s ’54 97*8 97*2 Poland 7s ’47 103 103 Rome 6%s ’52 51 51% Tokyo City 5%s ’6l 82% 81% MORTGAGES PURCHASED Controller O’Connor Reports Gain in Insurance Company Buying. Times Special WASHINGTON, Nov. 2.—A large number of sales in first real estate mortgages have been made to various life insurance companies by receivers of closed banks, according to Controller of the Currency F. J. T. O'Connor. The Lincoln National Life Insurance Cos.. Ft. Wayne, Ind.; Indianapolis Life Insurance Cos., Indianapolis. Ind., and the Western and Southern Insurance Cos., Cincinnati. 0.. as well as many others, have been interested in the purchase of these mortgages. CHAINS’ SALES DECLINE New Y'ork District Shows 2 Per Cent Drop in September Times Sprcial NEW YORK, Nov. 2 —September sales of chain store systems reporting to the Federal Reserve agent at New York were 2 per cent below a year ago, it was announced today. Wholesale firms averaged 13.1 per cent higher than 1934. Ten-cent and variety chain stores showed sales below a year ago for the first time in several months. Grocery chain systems reported a smaller decline in total sales than in August, the report states,.

FRAZIER-LEMKE INFLATION BILL BEINGSPEEDED Measure for Mortgage Refinancing May Be Forced to Early House Vote. Up I nitrrl Press WASHINGTON, Nov. 2.—Congressional supporters of the FrazierLemke farm mortgage refinancing bill predicted today that the battle for currency inflation would be fought on that issue next session rather than on the soldiers’ bonus. Democratic and Republican House leaders forecast that the $3,000,000, 000 inflation-refinancing measure would be forced to a House vote shortly after Congress meets. Rep. William Lemke <R., N. D.) has been active for weeks in attempting to line up sufficient votes to force direct House action. A vote-forcing petition requiring 218 signatures now lacks but 11 names. 89,000,000,000 Invoved The Frazier-Lemke bill provides for long-term refinancing of the country’s entire $9,000,000,000 farm mortgage burden through issuance of new currency. Supporters of the plan predict, however, that only $3,000,000,000 in "greenbacks” will be necessary, utilized as a sort cf revolving fund. If the bill is forced to a vote over Administration objections, leaders agree that it will pass the House. Its Senate fate is more doubtful although the election year situation will make it a difficult measure to vote against. More than 30 state Legislatures have memorialized Congress in the last year to act on it. Mobilization Seen With signs pointing to a bonus measure stripped of currency expansion, congressional inflationists are expected to center their fight, on the refinancing bill. The Amer- ’ ican Legion’s failure to back the Patman inflation-bonus bill is expected to swing sufficient support behind the Legion bonus measure to kill off the Patman legislation. The Patman bill passed the House last session but a swing of three votes would have substituted for it the Vinson Legion bill with its lack of inflation tinge. If Frazier-Lemcke bill supporters in the House succeed in getting 11 more Representatives to sign the vote-forcing petition a week after Congress meets, a vote on the measure is automatic on Jan. 13. Busigraphs AUTOMOBILE PRODUCTION IN THE UNITED STATES (U. S. UEPT. OF COMMERCE) ® OO I DOTTED LINF 15- THE PAST TEN !EARS AVERAGE OF THE SAME MONTHS a _T7| sondjfmamjjas 1934 I 1955 the d ark£R CORP general DISTRIBUTORS INCORPORATED INVESTORS Twenty-three per cent more motor vehicles were manufactured in the nine months of this year than in the same 1935 period. The drop in September was due to preparation for the new 1936 models, which are now appearing, .two months earlier than usual. GOLD, SILVER INFLOW DECLINES FOR WEEK Yellow Metal Imports 835,374,808, Against 8122,592,952. By United Press WASHINGTON, Nov. 2—A drop in gold imports to the United States and a sharp curtailment of government foreign silver purchases was shown today in Department of Commerce figures for the week ended Oct. 25. In this period silver imports largely representing government purchases fell to $3,9*3,413 from $14.764.911 in the preceding week. A lessened financial strain abroad was shown in a decreased flow of gold to the United States. Gold imports in the week fell to $35,374,808 from $122,592,953 in the preceding week. Os the $3,943,413 silver imports in the week ended Oct. 25, $2,203,800 came from the United Kingdom; $966,481 from Mexico; $274,314 from Peru and $242,783 from Canada. BUILDING OFF IN WEEK Awards, However, Higher Than Average Week to Date. Times Special NEW YORK, Nov 2.—Engineering awards last week totaled $28,329.000, a drop from the preceding week's record volume, but higher than the average week to date, according to Engineering News-Rec-ord today. The total Is made up of: Private 58.768.000 and public, $19,561,000, of which $4,250,000 is Federal and $15,311.000 state and municipal. Corresponding figures a year ago were; Total. $39,922,000; private, $5,815,000; publio. $34,107,000; Federal. $4,966,000, and state and municipal, 329,141,000. LOADINGS SHOW DROP Decrease of 25,121 Cars Reported in Oct. 25 Week. By United Press WASHINGTON. Nov. 1. The American Association of Railroads announced carloadings for the week ended Oct. 25 totaled 707,826 cars, a decrease of 25,121 below the preceding week and 83,018 above the same week in 1934. Miscellaneous freight loadings totaled 205.378 cars or 12.455 below the preceding week but 41,255 above the corresponding week last year. Loading of merchandise less than carload lots totaled 169.189 cars, 299 below last week, but 4485 above the .same week last rear..

National Spending Spree Advocated in New Book as Avenue to Prosperity Teachings of Thrift and Saving Discarded by David Cushman Coyle, Former Official of Public Works Administration. By United Press WASHINGTON. Nov. 2.—A national spending spree was advocated today by David Cushman Coyle, author, lecturer and economist, as a means of attaining permanent prosperity. Teachings of thrift and saving were discarded in his book, "Brass Tacks,” published by the National Home Library. The more we spend the more we'll have, Mr. Coyle contended. "Saving for a rainy day only makes it rain.” is one of the economic theories advanced in the book, which was written while the author was a member of the New Deal Resettlement Board of Review. The adage that "You can't eat your cake and have it too” is just so much "poppycock” to Coyle. We

can nave more only by spending more, he claimed. Resigned Federal Post Mr. Coyle came to Washington in 1933 as an official of the Public Works Administration. He resigned his government connections a few days before publication of this book. In 1933 he published "The Irrepressible Conflict—Business vs. Finance.” The problem today, he contended in his new book, is one of consumption; and hence of spending—"We have come to a time when the insistent demand is not for capital, nor for labor, but for buyers to carry away the goods.” Technological employment is the only means by which the millions thrown out of work by mass methods of production can find a place in the new social system, he said. Millions who once worked in production will never see factory or farm jobs again, he added. The 1929 crash and subsequent depression was caused, not by spending and extravagance, Coyle contended, but by putting savings into a "lot of overbuilding and the bankrupt mills and apartment houses that now scand out like a lot of sore thumbs all over the landscape.” Bought Blue Sky ‘‘Some of the bankers think the era was an age of thrift. Never before did we save so much, nor buy so much of the blue sky.” Mr. Coyle contended that "if we can increase our rate of spending and cut down the rate of savings, the amount of business failure will be diminished.” He estimated the depression had cost the United States more than $40,000,000,000 a year since 1929. If the government could get us out of the depression and keep us out by spending anywhere up to that amount annually “until doomsday” it would be cheap, Coyle said. Mr. Coyle would have the government raise the billions of dollars are needed for such spending through imposing heavy income taxes. The money would be spent, according to his theory, for "services” rather than on production for consumption efforts. Local Livestock (Reprinted From Late Timei Yesterday) HOGS Oct. Bulk. Top. Receipts. 26. $9,654? 9.85 $9.85 2000 28. 9.504i) 9.70 9.70 6000 29. 9.55(9 9.65 9.70 5000 30. 9.50(9 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 r. B.lo® 9.00 Lightweights. (160-180) Good and choice ... 9 259 9 35 Medium 8.75® 9.25 (180-200) Good and choice ... 9:30® 9.40 Medium 8.70® 9.25 Medium Weights. (200-220) Good and choice ... 9.35® 9.40 (220-250) 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® 8.75 (350-4751 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 $lO 2591150 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 75911.75 Medium 7.25® 9.75 (13001500) Choice 11.75® 12 75 Gcod 9 75® 11.75 Heifers (500-7501 Choice 9 25910 25 Good 7.75® 9.25 Common and medium 4 25® 7.75 (750-900) Good and choice ... 8 2J®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 $lO 00 911 00 Medium 8 00 9 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-8001 Good and choice ... 6 75® 875 Common and medium 4.50® 6 75 1 800-1050• 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 (120-1501 Good and choice ... 3 00® 4.00 REPORTS SHARP GAIN Times Special NEW YORK. Nov. 2.—The report of Fidelity Fund. Inc., for the September quarter shows that unrealized appreciation of securities increased $303,470 to $377,854.

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MOTOR TRUCK OUTPUTHEAVY Production for Year Second Largest in History of Industry. Times Special NEW YORK, Nov. 2.—lncreasing recognition of the advantages inherent in motor truck transportation is reflected in the 1935 production figures of American motor truck manufacturers, according to A. J. Brossean, vice president of the commercial car division of the Automobile Manufacturers’ Association. Indications are that 725,000 units will be turned out of the factories by the end of the year. This represents a 21 per cent increase over 1934, and places this year's production second only to that of 1929. A total of 535,041 trucks were manufactured during the first eight months of this year. Added demand for American motor trucks abroad boosted 1935 foreign sales 28 per cent over last year. The estmate for twelve months of foreign sales is 193,000 units, or more than a quarter of the total production. Studies on motor truck operation completed during the past year by government agencies, indicate that the main reasons for shippers’ selection of trucks are economy, fast service and door-to-door delivery. Motor trucks paid over one-fourth of the motor vehicle special tax, although they constitute only an eighth of the vehicles registered. CENSUS OF BUSINESS TO START IN JANUARY Secretary of Commerce Roper Announces Date for Program. By United Press WASHINGTON, Nov. 2.—The Department of Commerce will begin its 1935 census of business early in January, Secretary Daniel C. Roper said today. The census, covering ever yline of business, will seek to provide a national picture of the volume of business, persons employed and wages paid. Meanwhile, the department reported it had completed transfer of 2815 volumes of records on the population of 1900 to St. Louis where an alphabetical index of the 75.994,575 names will be compiled. BOND FINANCING DOWN Canada Reports Material Slash in First 10 Months. Times Special NEW YORK, Nov. 2—Bond offerings in Canada during October were materially lower than in the corresponding month of 1934, and total Canadian financing for the first 10 months is also behind that of the same period last year, according to the Dominion Securities Corp. So far this year all classes of Canadian bond issues have totaled $311,226,861 compared with $482,230.440 for the first 10 months of 1934. The reduction is accounted for largely by a decrease in Canadian government financing. In October last year a large portion of the Dominion government's financing for that year was placed, bringing tha 10 months' total to $298.666.666. This year, the 10 months’ total amounted to only $138,737,987.

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BIG INVESTORS SEEN AWAITING BETTER YIELDS Institutions Show Antipathy Toward Refundings: New Issues Sought. 7'imes Sprcial NEW YORK, Nov. 2.—Noth mg short of industrial demahd for new money will lead to lasting benefits for tha topheavv position of the J capital market, according to pre-. vailing opinion in the investment! field. This opinion is not expressed, but it is quite widely held. It is born largely of the failure of this year's considerable financing operations to make even a dent in money's unemployment situation. It is supported by evidence that large institutional and individual investors are developing an increasing antipathy toward out-and-out refundings and are showing an inclination to lock up their cash boxes until industry decides to borrow money. It is in carrying out this attitude that institutions have come close to freezing up their buying operations in the open markets. They do a little buying, both in corporate highgrades and in governments, but such I buying is not even absorbing their increase in cash assets. Against Low Coupons The reason for this is that many ; institutional investment authorities j have no fatn in the present investment standards. They are not willing to believe that the current schedule of coupon rates and yields will endure. They are opposed to putting too much money into a 3% per cent coupon for the next 25 or 35 years. They believe that industrial borrowing of new money will start a return of higher rates. They want their cash available when that return gets under way. Hence they are disposed to await both the return and the thing that will produce it, namely, industrial borrowing. Industry's Opportunity In the meantime industry as a whole—big industry, in particular—is charged with letting a grand dfT*. portunity go by the boards. Never in a generation, it is pointed has the stage been so set for borrowing by industry for purposes df expansion, rehabilitation and replacement of obsolete equipment. Not since the World War have the money coffers been so overflowing with capital that wants to go to work. Utilities May Head There is a rumbling of report that some of the public utilities may show* a leadership in actual new borrowing—financing for some purpose other than replacing debt and cutting interest charges. The investment market expected last spring that noticeable borrowing of new* money would be under way before this time. There has been nothing more than a smatter- ! ing of a few millions here and there. Even offerings of stocks, as w*ell as bonds, have been for the purpose of producing funds with which to redeem securities outstanding. A lot of money and a lot of paper have changed hands, but it has been little more than a shuffling of the same old debt. The aggregate of invested money, aside from that ab-| sorbed by governmental agencies has been about sta ionary. GETS FEDERAL CONTRACT Times Special NEW YORK. Nov. 2—The York I Ice Machinery Corp. has received a | contract from the United States Navy Department to furnish Freon refrigeration equipment for 18 new destroyers now under construction. LOCAL CASH MARKET City grain elevators are paying 90 cent# for No. 2 soft whea*. other grades on their merits. Cash corn No. 2 yellow 68 tents nd oats 21 cents.

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