Indianapolis Times, Volume 47, Number 204, Indianapolis, Marion County, 4 November 1935 — Page 11

T rends Trading* in Stocks Registers Sharp Increase. BY JOHN T. FL Tr NN Time* Special Writer

YORK, Nov. 4.—The Stock Exchange has been called a barometer of business. I think this is not true. It is not a barometer but a thermometer. It registers fever. It tells us when the speculative temperature has risen or fallen. That is all. And unmistakably now It registers the rising fever.

Trading on the New York Exchange was three times greater during October than in the same month last year. But. despite that, trading for the year is behind last year. What we have had, therefore, is a rapidly rising curve of activity

John Flynn

in the last few months Will it continue? I.ast year trading passed the million mark on only two days. This year it surpassed the million mark 22 times and on 11 of those days it was well over two million. At least twice it threatened to spurt up to the three million mark. What is more interesting and significant is that the trading 7. as over a very much broader field. bub Ij'Oß Instances, last year around 930 stocks got. on to the ticker each week. This year the number w'as around 1020. What is more, the leading stocks —pacemakers— accounted for a much smaller percentage of the trading. This means, I think, that the public has been drawn in on a very much larger scale and that the buying represents more general public movement to get shares. What are more significant are the prices. At this time last year 25 leading industrial shares were priced at 134 (last price). This year the same industrial shares were priced at 192.20. Here is a rise of 43 per cent. The reason for it is perfectly plain. Three factors collaborate. (1) The actual rise in business, whatever the cause. <2> The large supplies of unused credit and the cheap money rates. (3) The widespread predictions of inflation which are sending many buyers Into common stocks. ana WALL STREET officials tell me many of the old customers are coming back. One Exchange mchiber told me a lady came to his office wiih her cash and gave him the names of some shares she wanted. She had been told in a dream to buy them. “It’s some time since they have been picking them in their dreams,” he said. But Wall Street is lull of tips, rumors. Slowly people go through the age-old processes of unlearning their hard-bought, wisdom. Will it continue? One point to be kept in mind is the rising tide of sentiment against government spending. If the government were to turn from borrowing to taxing and from spending to economy, the speculative boom would collapse pretty quickly. This is one reason why it will not collapse until after November, 1936. My morning Treasury statement shows me that the President has at his disposal unexpended appropriations of $7,044,642,000. With that much water in the dam for flooding the pleasant valleys of speculation, we are not likely to see a serious collapse. (Copvrisht. 1935. NEA Service. Inc. l

TANNERS MAKE PLEA Seek Release of 5 to iO Per Cent of Stored Hides. Times Special NEW YORK, Nov. 4.—The Tanners Council of America has approved a resolution to appoint a committee to seek the release of not more than 10 per cent and not less than 5 per cent of the drought hides, calf and kid skins held by the government within 69 days, it was announced today. The action was prompted, according to trade quarters, by the recent expansion in demand for hides, which suggests the market’s ability to absorb some of the supplies held by the government. INSURANCE SALES UP Times Special NEW YORK. Nov. 4.—New paid life insurance of the Fidelity Mutual Life Insurance Cos. of Philadelphia for the first nine months of 1935 amounted to $20,361,000. the greatest volume of any corresponding period since 1932, accordhrg to Walter LcMar Talbot, president. On Commission Row Quotations below subject to change are average wholesale prices being ottered to buyers by local commission dealers: Fruit—Cranberries, early blacks. 25-lb. box, $3 90 Pears—Michigan Bartletts, bushel, $2.25: Avocados. Florida, box $2.25. Cantaloupe -California Honey Dews. $2.50: Casabas $2.25: Persians, $2 50. Bananas —7 hands, a pound. 5%c. Grapes—Michigan. 12-qt. basket, 35c. Persimmons—lndiana. 12-pt. case. sl. Apples—lndiana Jonathans. *1.15( 1 25 Summer Rambos, $1; Delicious. *1.25 0 1.50. Wealthy*. $1: Grimes Golden *1.15. Lemons—Sunkist. 3605. $7.50. Grapefruit Texas. 64s to 70s, $3 50 Limes-Mexican a carton 12s. 20c: Persian seedless a hundred. $3 Vegetables-Beans, green, round stringless du.. $2 50. Beets —Home grown, doz . 20c. Cabbage—New York. 50-lb. bag. 75c Carrots—Home grown and Ohio. 35c; new bulk, half bu . eOc. Cauliower—New York, crate, $1 50. Long Island, large crate, $1 85. Celery—Michigan. washed and trimmed, extra large. 85c; jumbo, doz., 45c. Cucumbers—Hothouse, 2 doz. box. $2 35. Kale—Home grown, bu . 50c Lettuce grown leaf. 15-lb. basket, sl.lO. Endive— Ohio, basket. 45c. Mangoes—California grown, crate, $3 25: small basket, 40<>Mmt Doz., 50c. Mustard —Home grown, bu., 50c Onions—lndiana yellow. 50-lb. bag. 90c; Indiana white 50-lb bag. sl. Western Spanish. 50-lb bag. $1 40. Parsley—Home grown, doz . 35c. l’ens—Telephone, hampers -$3. P itatoes- Round Cobblers. 100lb bag, $1 50; Michigan Round White. 100lb bag. $1 30 Early Ohios. bu.. $1.45: Idaho Russets, $2 10 Sweet potatoes—lndiana. Jerseys, bus . $1.50 Radishes—Ohio, buttons doz baskets. 45c Sa.^e —Doz , 45c. Spinach—New Zealand. bu.. 65c Spuash Bu.. $1 15-T 1.25 Turnips—New bu . 90c: bunch doz 25c. Tomatoes— California, repacked. 10-lb. carton, $1 15. Produce Markets The prices quoted below ar* paid for a’oek gathered tn the country, while delivered in Indianapolis the price will be 1 cent higher: Heavy breed hens. 17c: Leghorn breed hens, 12c, springers, over 4‘a lbs.. 17c: under 4% lbs 16c old cocks. 9c Leghorn broilers I*.- lbs and tip 12e, Legnorn springers. 12c. ducks, white 4 lbs and up. Bc. geeawe full feathered and fat. 4c; old guineas. 15c: voung guineas, 1% lbs. up 35c: No 1 strictlv 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 l. 31 %8 33 %c; buiterfat. No. I, 2c; No. 2,24 c. Quoted

MOST SERIOUS TAX DOUBLING CITEDINSTUDY Occurs in Gasoline, Beer and Liquor, Tobacco and Amusement Levies. Following ii another in x s*ries of t3x dispachet. BY RICHARD L. GRIDLEY United Press Staff Correspondent WASHINGTON, Nov. 4—Taxes on gasoline, beer and liquor, tobacco and admissions are among the least objectionable levies yet devised by government officials, and in these fields are the most serious instances t,f overlapping Federal and state ux collections. Together they accounted for nearly a fifth of all governmental tax collections duriag 1934. The national government collected $9Ol--and the states $671,176,000, a total of $1,572,444,000. Both have collected even larger sums this year. A tentative proposal of the Interstate Commission or Conflicting Taxation would reserve gasoline taxes exclusively to the states; split liquor revenues between the Federal government and the states with not more than half to the states and halt further taxation of tobacco by the states. Gas Tax $202,575,000 In 1934 the Federal government collected $202,575,000 in gasoline taxes and the 48 states which tax the product took in $561,272,000. Tobacco brought the Federal government $425,169,000 and 19 taxing states $23,755,000. Alcoholic beverages yielded the Federal government $258,911,000 and 45 taxing states $79,906,000. Admission levies gave the Federal government $14,613,000 and 34 taxing states $6,243,000. There are more than 800 other items taxed by two or more Federal, state and local authorities, but most of them are not important from a revenue standpoint. About the only important tax source not subject to important overlapping is the personal property tax. Collections for this tax have been reserved for state and local governments, although a form of this tax has been enacted by the Federal government in new laws providing for sharply increased estate taxes. For decades the tobacco tax has been imposed only by the Federal government. In 1921 lowa went into this field with a 2-cent tax per package of 20 cigarets, followed in 1923 by Utah, South Carolina, South Dakota and Georgia. Gasoline taxes are levied by all states, proceeds of which largely go to highway purposes. They provided states with 30 per cent of their revenues in 1934, according to the American Petroleum Industries Committee, in recent years states relied more and more on the gasoline tax. 19 States Had Levy In 1922 only 19 states imposed gasoline taxes and in no cases higher than 2 cents a gallon. By 1935 all states were imposing gasoline taxes, notwithstanding the fact that the Federal government had entered the field with a tax of 1 cent. The 1935 state gasoline taxes range from 2 cents in the District of Columbia to 7 cents in Florida and Tennessee. Full effects of the taxes on alcoholic beverages have not yet been felt because of the short period that repeal has been in effect. Higher taxes on these products are generally opposed because they may encourage bootlegging by boosting prices. In fact, a number of groups are agitating for lower rates on the theory that they will reduce prices, discourage bootlegging and hence increase total revenues. The Federal government now imposes a 16-ments a gallon tax on beer and $2 a gallon on spirits. Maryland is the only state without a brer tax while in South Carolina it reaches 15 cents a gallon. California has no tax on spirits, while Colorado has the highest rate with $1.60 per gallon. A total of 19 states have monopolies on sale of spirits and hence no tax rale can be computed.

SPENDING BY FISHER BODY AT $185,000,000 Amount Poured Into Trade Channels Cited as Recovery Aid. By Times Special NEW YORK, Nov. 4.—Citing expenditures of his firm as an example of the part industry has played in speeding recovery, E. F. Fisher, general manager of Fisher Body, today revealed the fact that the body building division of General Motors has poured more than $185,000,000 into the channels of trade and commerce in the last 12 months. A large proportion of this sum has gone into wages and salaries to 50,000 employes, the Detroit executive disclosed. With employment showing a jain of 31 per cent over the average for the previous 12-month period, the Fisher Body pay roll for the vear is considerably higher than it was in 1934. he says, and is increasing as the demand for new models causes an upward revision of production schedules by the passenger car divisions. RAIL TRAFFIC AIDED Corn Crop Movement, Earlier Auto Schedules Are Factors. By Times Special CHICAGO. Nov. 4.—The movement of the corn crop to terminal points and the advance in the date of production of new. automobile models are expected to act as deterrents to the usual seasonal decline in rail traffic, according to H. E. Newcomet, vice president of the Pennsylvania Railroad. These two factors should help keep November s business up to the gains registered in October, which showed several new daily highs in weekly totals. Miscellaneous freight which has been flowing in unusual large proportions is also expected to help, Mr. Newcomet thinks.

Abreast of The Times on Finance

TREND OF COMMODITY PRICES AND TRADE CHARTED

90“ ——l ; 1180 i \ 1 „„ WOODY’S DA'LY f ! . / q ß° A p, / I60 x : WEEKLY ? s ' | § 7O 1 / I BUSINESS TREND ! |4() ° ♦’ 00 ; ' MOODY’S INVESTORS SERVICE j£Q SEP. OCT. NOV. DEC. JAN. FCB. MAR. APR. MAY jun. JUL. AUG. SEP. OCT. 1934 1935

New York Stock Exchange Prices

II y United Pres* NEW YORK, Nov. 4.—Stocks moved irregularly in lighter trading this morning. Profit-taking reduced prices of many leading issues while new buying came into a long list of 1 specialties. General motors and Chrysler slipped back while Auburn held a point gain and Hudson was up fractionally. Motor equipments were quiet and irregular. U. S. Steel firmed a point to 47% and held most of the rise and other steels were strong with Bethlehem up more than a point. Utilities were irregular, rails firm and oils mixed. Liquors, leaders last week, went down on realizing sales with Schenley off nearly a point at 55. Phillips gained 1% to anew high at 36 % in the oils. Goodrich issues were strong in the rubbers. Silvers mounted with American Smelting at anew top at 61%. The latter then eased to a small net loss. U. S. Smelting was up 2 points at 100% and Cerro De Pasco 62% up 1%. ißy Thomson & McKinnon) 11:15 A. M. Prev. Oils— High. Low. N. Y. Close. Amerada 75)4 75*4 75% 75% Atl Rfg 23 >4 23‘/a 23'4 23 Vs Barnsdall 10% lOV2 lO'/i. 10% Consol Oil 9Vi 9V* 9 *'2 . Cont of Del . .. 24% 24% 24% 24% Houston (new).. 4% 4% 4% 4% Mid Cont Pet .. 15 14% 14% 14% Ohio Oil 11 Vi 11% 11)4 ... Pet Corp 11% 11 % 11% ... Phillips Pet .... 35% 35% 35'2 . Plymouth Oil ... 11)4 11% 11% 10% Pure Oil .... 11% 11% 11% 11% Royal Dutch .. . 46Vi 46Vi 46Vi 46 Seaboard Oil 31 31 31 30% Shell On 12Vi 12% 12% 13% Skellev Oil 16% 16% 16% 16% Soc Vac 12% 12)4 12% 12 S O of Cal 37% 37% 37% 37% S O of Ind 28% 28% 28% 28 S O of N J ... 49% 48 7 g 48% 48% Texas Corp ... 23)4 23 23 . Tidewater Assn . 11 10% 10% 11 Un Oil of Cal .. 20% 20% 20% 20% Steels— Am Roll Mills .. 29 28% 28% 27% Beth Steel 41 40% 41 40 Byers AM .... 17% 17% 17% .. Col Fuel & Iron 3% 3Vi 3% 3% Inland Steel ... 99 98Vi 98% ... Ludlura Steel .. 24% 24; 24*/ 2 Mid Steel 23% 23% 23% 23% Natl Steel 75% 75Vi 75% 75% Otis Steel 16)4 15% 16% 15% Rep I & Stl ... 18)4 18 18 18% U S P & F .. 19% 1914 19% 19% U S steel 47*4 46% 4714 46% U S Steel pfd ... 107 107 107 106% Warren Bros 4% 4 4 4 Youngstn S&T3I Vi 30% 31 % 30% Motors— Auburn 39 38% 38% ... Chrysler 85% 83% 84% 85% Gen Motors 54% 53% 54% 54% Graham Mot 3% 3% 3% 3% Hudson 16% 15% 16% . Hupp 3% 33 3% Mack Truck .... 23% 23% 23% 23% Nash 17% 17% 17% 17% Packard 6% 6% 6% 6% Reo 4 3% 4 Studebaker 7% 6% 6% 7% Yellow Truck... 7 6% 6% 7% Motor Access— Bendix 22% 22% 22% 22% Bohn Alum 47% 47% 47% 47% Borg Warner 60% 60)4 60% 60% Briggs 54% 53Vi 53% .. Budd Mfs 7% 7Vi 7% 7% Budd Wheel 9% 9% 9% 9% Eaton Mfg . . 29 3 8 29 29 28% Elec Auto Lite. 36% 36)4 36V4 36% Elec Stor Bat .51 51 51 51)4 Houdaille "8”... 27% 26% 27% 27% Murray Body 19% 18% 19 18% Stew Warner ... 17% 17% 17% 17% Timken Roll . 64 63% 63% 63% Timken Det Axle 9% 9% 9% 9)4 Mining— Alaska Jun .... 14% 14 14 14% Am Smelt ...... 61% 60% 60% 61% Anaconda 21% 21% 21% 21% Cal Sc Hocla . .. 5% 5% 5% 5% Cerro De Pasco . 62% 61% 62 1 61% Dome Mines ... 37% 37% 37% 37% Granby 13 13 13 12% Gt Nor Ore .... 14% 14% 14% 14 Howe Sound ... 54% 54 54% 53% Ins Copper 6% 6% 6% 6% Int Nickel .. 33 32% 32% 32% Kennecott Cop . 27% 27% 27% 28% Mclntyre Mine . 35 34% 34% 35% Park Utah 4% 4% 4 % 4% Phelps Dodge 25% 25 25% ... St Joe Lead .... 21% 21% 21 % ... U S Smelters 100% 99% 100 Vanadium 18% 18% 18% 18% Amusements— Crosley Radio .. 16% 16% 16% 16% Fox Theat 19 19 19 19% Loews Inc 48 48 43 48% Radio Corp 8 7% 7% 8 Paramount 8% 8% 8% 8% RKO 4% 4% 4% 4% Warner Bros .... 8 7% 7% ... Tobaccos— Am Snuff . ... 7J3. Am Sum Tob 26% 26% 26% Am Tob "A" .. 101% 101% 101% Am Tob “B" 104% 104 104% 104% Ligg & Myers B 116% 116 116% 116 Lorillard ... 26 26 26 26 Phillip Morris 56% 56 56% 56 Reynolds Tob B 56% 56% 56% 56% Rails— Atchison 49% 48 49% 48% Atl Coast. Lines 26% 25% 25% 25% B * O 14% 14%. 14% 14% Can Pacific .... 9% 9% 9% 9% Ch & Ohio 45% 44% 45% 44% C M Sc St P pfd 1% 1% 1% 1% Chi N W .2% 2 2 % 2% Dela & Hud ... 34% 34 34% . Del Lac Sc W.. 14% 14% 14% 143. Erie 10% 10% 10% 10 Erie pfd 13% 13% 13% 13% Grt Northern pfd 27% 26% 27% 27 111 Central 15% 15% 15% 15 Lehigh Valley .. 8% 8% 8% 8% Lou & Nash ... 46% 45% 46% 46 M K & T .5 4% 5 4% MK & T pfd . 10% 10% 10% ... N Y Cent 23% 22% 23% .. N Y New Haven 33 33 Norfolk Sc West 195% 195% 195% 195 Nor Pacific 19% 18% 19% 18% Penn R R 27% 27 27% 27 Sou Pac 18% 18% 18% 18% Sou R R 9% 9% 9% 9% Equipments— Am Brake Shoe 36% 36% 36% 36% Am Car & Fay . 24% 23% 24% . Am Loco ... 19 19 19 18% Am Steel Fdy 21 21% 21 20% Bald Loco .3% 33 3% Gen Am Tk Car 42% 42% 42% 42% Gen Elec 36 35% 36 35% Gen R R Sig ... 35% 35% 35% 35% Pullman Inc 37% 36% 37% 36% Westingh Elec .. 89% 88% 89% ... Utilities— Am Sc For Pwr 6% 6% 6% 6% Am Power Z: Lit 8% 8 8% 7% A TA- T ... 145% 145% 145% 145 Am Wat Wks . . 18% 18% 18% 18% Col Gas St Elec . 14 13% 14 14% Comm Sc Sou ... 2% 2% 2% 2% Consol Gas 30% 29% 30% 29% Elec Pwr & Lit 5% 5% 5% 5% Int Hvdro Elec 3: 3% 3% 3% Int TAT. 10% 10% 10% 10% Nat Pwr A Lit 10% 10% 10% 10% North Amtr 25 24% 24% 25 Pac G A E 29% 29 29% 28% Peoptes Gas . 36% 35% 36% 37 Pub Serv N J 44% 44% 44% 44% So Cal Edison . 26 25% 25% 25% Std Gas 4% 4% 4% 4% Stone A Webster 13% 12% 13% 13% United Corp 5% 5% 5% 51, Un Gas Imp . 17% 17% 17% 17 Ut Pwr A Lt A’ 2% 2% 2% 2% West Union . 62 61% 61% 62% Rubbers— Firestone .. 16% 15% 15% 16% Goodrich .... 11>, IP, 11% 11% Ooodyear . 20% 20% 20% 20% U S Rubber 14% 14% 14 s , 14% U S Rubber t>fd 39% 39% 39% 39

INDIANAPOLIS, MONDAY, NOVEMBER 4, 1935

Miscellaneous— Allis Chalmers.. 43 42% 42% 35% Am Can 143 142% 142% 144 Am Mach Sc Fdy 29% 29 29% 29 Brklyn Man Tr. 43% 43% 43% 43 Burroughs Add . 25% 25 25% 25)4 J I Case 103 101 Vi 103 104 Vi Conti Can 95 94% 94% 94% Caterpillar Tract 57 56V4 56)4 56% Crown Cork 46Vi 45% 46% 45% Curtis Pub ... 18% 18% 18% 18% Deere &Cos 56% 55% 55% 55% Eastman Kodak 165% 165% 165% 166% Foster Wheeler.. 23 22% 22% 22% Gillette 17 17 17 16% Glidden 37% 37% 37% 37% Ingersoll Rand ..119 118 118 118 Inter Harv 57% 57*4 57)4 57% Natl Cash Reg .. 19% 19% 19% 19% Owens Bottle ...125 125 125 125 Rem Rand .. 14% 14% 14% 14% Worthingt'n P.. 22 21% 22 21'% Foods— Armour 4% 4% 4% 4% Borden Prod. ... 25% 25% 25% 26 Cal Packing 36 36 36 36% Canada D G Ale 14 13% 13% 14% Coca Cola 775 275 275 275% Corn Prod ... 69% 68% 68%* 68% Crm of Wheat .. 37% 37% 37% 37% Cuban Am Sug. 6% 5 7 /, 5 7 /, 6% Gen Baking ... 11% 11% 11% 12% G-en Foods 32% 32% 32% 33 Gold Dust 17 16% 16% 16% G W Sugar 29% 29% 29% 29% Int Salt 26% 26% 26% 26% Natl Biscuit 36 35% 35% 35% Natl D Prod.... 17% 17*2 17% 17% Purity Bak 16% 16% 16% 16% S Porto Rico Sug 25 25 25 25% Std Brands 15*/a 14% 14% 15% Un Biscuit 24 24 24 24% United Fruit 68% 68% 68% 69 Retail Stores— Assd Dry Goods . 15% 15% 15% 15% Best &Cos 55% 55' . 55% 54% Gimbel Bros 6% 6% 6% 6% Gr Un Tea 3% 3% 3% .. Allied Sts 7% 7% 7% 7% Kresge S S 27% 27 27% 27)4 Kroger Groc ... 27% 27% 27% 27% McCrory St 12'% 12*4 12% 11% McLellan St ... 13% 13% 13% 13VMarshall Field. 12% 12% 12% 12% Mont Ward .... 33% 33% 33% 33% Penney J C ... 80)4 79% 80% 79% Safeway St 34 34 34 34 Sears Roebuck . 59% 59*4 59*4 59% Woolworth 58% 58% 59% 58% Aviation— Aviation Corp .. 3% 3% 3% 31, Boeing Aircft . 13 12% 13 12% Curtiss Wright . 2% 2% 2% 2% Curtiss W ’A”. 8 8 8 8 Douglas Air 33% 32% 32% 32% Nor Am Av .... 4% 4- 4% 4 Sperry Corp . .. 11% 11% n% mi Utd Aircft 1 new) 19% 193" jgT* jg# Chemicals— Air Reduction .167 167 167 166% Allied Chem ...161% 158% 158% 163

N. Y. Bonds (Reprinted from Saturday) DAILY BOND INDEX 20 20 20 60 _ . Inds. Rails. Utils. Bonds. Today 90.4 x 78.9 102.0 90.5 Yesterday 90.3 79 0 102.0 90 4 Week ago 90.1 71* 101.7 90.5 Month ago .... 89.6 78 4 100.1 89.4 high 90.3 86.4 102.0 90.9 1935 low 83.6 71.0 89.3 83 0 x—New high. (Copyright, 1935, by Standard Statistics) L T . S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Treasurys Prev. ~,, ~ Close. close. pa 4 ® J?| 3 : 45 ns.i ii 4.30 1Q^ 4 ?; 47 106.11 106.10 ? 1941 107.27 107.26 } 944 ‘ 48 104.29 104.28 pi = Jo in'il 103.18 3s loi’i'fo 3 102 29 102.29 P.s Josf'tn 102 23 1 02 24 23*| l 9 100.6 100.8 J/4S lyos-57 100.29 100.29 Home Owners Loan Corp. Federal Farm Mortgage Corp 3s 4 1947 47 10221 3S 1947 100.28 100.30 DOMESTIC Prev. aiw c. .i, Close, close. a! es Corp 5s ’44 771/, 771/ Alleg Corp 5s ’49 68 * 68 Am Frgn Pow 5s 2030 72% 72% Am Tel & Tel 5> 2 s ’43 U3% 11 Am Tel & Tel 5s ’65 ! 4 “37^ Arm &Cos (Del) 5%s ’43 95% 95 £ Atl Coast Line 4s ’52 94 041/ Atch Top & s Fe 4% s ’4B 'ma insi Am Wat Wks 5s 44 ?! ! "108% 09% Am Rolling Mills 5s ’3B 118% 119% Ba t & Ohio 5s ’95 713* 7? 2 Ba t & Ohio 6s ’95 gl% 81% Balt & Ohio 4%s ’6O- ? 7 2 ci 7 4 Beth Steel 5s ’36 . ' inos! ino-v chi Mu* &stp 5s ’75 ::;•••• ic% 10 X* Chi Milw & St P 5s 2000 4 4 Cleve Un Term 5s ’73 991, oq% Cleve Un Term 4%s ’77.... 903! qn> Cos Gas 5s May •52..... 98% 98% Col Gas 5s April ’52 9g% 99 Col Gas 5s ’6l 971* Can Pac Perp 4s pii? fl 7 4 Cent Pac 5s 60 ' R4l aft 8 Big Four 4% S '77 ! Coloradol & So 4%s ’BO 50 511? |!|i^s?*s’^J* Con 43 . 4S ,' 49 10 §* 10 8 ' 2 Def s & Hud" I s ; 4 4 3 7 :: 10 4? 108 ;* N Y Dock 5s ’3B . % gf, 4 £ 2 Erie 5s ’67 If,, 88 Grt Northern 7s ’36 11111 * 102*% 102 4 Grt Northern 4%s 77 . " 93a 4 Gen Sti Cast WW 5%s '49 'a? 03 I** pi SSSfiteV" i;* sh Interlake C & I 5s ’sl 75% ™ 8 fia Si PkMtl •••::: Interntl Te! & Tel u ” 73 ’* 725 Mcpw *Ro* 5%s 4 ’50 S 52 ■■itl'd Midvale Stl '36 . . }2?,? 10 ?? 4 Natl Dairy 5%s ’4B }2i 4 J2J ? Natl Steel 5s ’36 104 ‘ Nickel Plate 4%s ’7B . 4 Nickel Plate 5%s ’74 7} S° 2 Nickel Plate 6s ’35 22 2 N Y Cent 5s 2013 ! ?? 83 2 N Y Cent 4%s 2013 (old69 69% Nor Amer Cos 5s '6l 199 102 Nor Pac 4%s 2047 cl 1 22 % Nor Pac 6s 2047 98% fa Ous Steel 6s ’4l iff. 4 ,22, Penn Rv 4%s ’B4 .! i22. 4 !2°? 8 Penn Ry 4%s ’Bl .. JSL 2 221 5 S Penn Ry 4 %s ’7O ! i" 4 2 £* 104 8 Pac GAE 5s ’42 ... . infs inV Portland Gen El 41 ; s '6O 7V3 4 71 - 4 Para Publix 5%s ’SO . 4 2 2 Penn Pal 4% s ’Bl !!! " 2 ,2c Postal Tel Cab 5s *53 ....33 7 34 |Tr^ n 4>J’6B 5 ' 3S ' 47 I Si--* ISS lit ? * Sou Ran 4s 56 . : ill* llv. Sou Rail 6s ’56 ...I;; * 4 ? 2 Sou Rail 6 is ’56 1 si s* Texas Pac 5s ’BO 1 90% 91 Texas Pac 5s ’79 ”i 90% 90% Texas Pas 5s '77 9ia 8 91 1 2 Union Pac 4s ’47 ill 110% United Drug 5s ’53 . 92% 91% U S Rubber 5s ’47 99% 99% N Y N H A Hart 6s ’4B 2?>f ?!. Y N H * H Hart 4%s ’67 . . 27% 27% Warner Bros 6s ’39 83% 83 3 . Western Marv 5%s '77 I0> 3 4 ms Western Marv 4s '52 96% ggi Tounestown S A T 5s '7O . 100 100% Youngstown S A T 5s ’7B 100 100 FOREIGN Argentina A 6s '57 97 97 Argentine B 6s ’SB 97% 96% Canadian Govt 4s '6O 105% 10*% Denmark 5%s ’55 100 100 French 7s 49 176 175 German 5%s '65 32 33% German 7s ’49 41% 41% Italv 7s ’sl 60% 60% Japan 6%s ’54 98% 97% Poland 7s ’47 103 103 Rome 6%s ’52 51% 51 Yokohama 6a ’6l 86 85%

Am Com Alcohol 34% 33-% 34% 34', Col Carbon . . 97% 97% 97% 98% Com Solvents.. 18% 18% 18% 18% Du Pont 138% 137'- 1376 137% Freeport Tex 29% 29% 29% 29% Liquid Carb .... 351- 35% 35% 35 Math Alkali ... 32% 32% 32*4 32% Monsanto Chem 91' * 91% 91% 92 Natl Dis (new 1.. 34% 33% 33% 34 Schenley Dist ... 55% 54% 55 55% Tex Gulf Sulph 32% 32 32 32 Union Carbide 70% 70% 70% 70% U S Indus Alco 46% 46 46Vs 46% Drugs— Bristol Myers ... 4114 41 41'4 41 Coty Inc 6 6 6 6 Sterling Prod ... 67% 67'4 67% 67 Un Drug (new). 10% 10% 10% 10% Vick Chem.. .. 40% 40*2 40% 40% Zonite Prod .... 5% 5% 5% 5'% Financial— Adams Exp 9% 9 9 9% Allegheny Corp. 1% 1% I*4 1% Am Int Corp ... 9% 9% 9% 9% Chesa Corp .... 45 44% 44% 45 Lehman Corp .. 91% 91% 91% 92 Transamerica ... 9% 9% 9% 9% Tr Cont Corp .. 7 7 7 7 Building— Am Radiator 18% 18 18 17% Gen Asphalt 19% 1914 19% 19*, Holland Furnace 24% 23% 23% 24% Int Cement ... 32% 32 32% 32 Johns Manville . 88V4 87 88% 87 libby Owens Gls 48 47% 48 48% Otis Elev 20% 20% 20% 20>4 U S Gypsum .. 86*4 85 86 >4 84)2 Ulen Cons 5 5 5 5 Household— Col Pal Peet ... 18*4 18 18 18% Congoleum 40 V- 40'4 40% 40% Kelvinator 14 13% 14 13% Mohawk Carpet.. 21% 21% 21% 11% Proc & Gamble.. 51% 51% 51% 50% Servel Inc 11*4 11 ;i% 11 Simmons Bed ... 18% 18*4 18% 18)4 Textiles— Amer Woolen... 9*4 9% 9% 9% Belding Hem 13% 13% 13% 13% Celanese Corp .. 29% 28% 28% 29% Collins Aikman.. 39% 39% 39% 40% Indus Rayon . . 33 32% 32% 34

Chicago Stocks (Bv Abbott, Proctor & Paine) 11:30 Pre-. _ , A M. close. Butler Bros 7% 7% Chicago Corn 4% 4 Chicago Corp pfd 46 45% Cities Service 2% 2% Com & Edison 97 97 Cord 4% 4 Crane 22 22% Elec House 18 % 18% Gen Houes 4% 43, Great Lakes 28 29 Pub Service of 111 53 53 Quaker Oats 137 136% Noblitt Sparks 31% 31% g w !£ T , 19‘/a 19% Zenith 11% n New York Curb (By Abbott, Proctor A Paine) 12:00 Prev. Noon. Close. Am Cyanide “B” 26% 26% Am Superpower 2Vi 2% Atlas Corp 12% 123/s Axton Fisher Tob 54% 55 El Bond A Share 16% 16 Fisk Rubber 6% 6 3 4 Ford of Can “A” 28 27% Ford of Europe 8% 8% Hiram Walker 30 30% Imperial Oil Ltd 21 % 21 Natl Bellas Hess 1% .. Nia Hud Pvt 9% 9% Penn Road 32% Wright Hargraves Min 7% 7% Unlisted Stock • (By Blyth A Cos.) NEW YORK BANK STOCKS , Bid. Ask. Bankers 58% 59% Central Hanover B A T 111% 113% Chase 33% 35% Chemical National 50% 513/i Guaranty 280% 284 Irving 14% 16% Manufacturers 35% 37 National City 31% 32% Cont 111 (Chicago) 80% 82% First Natl of Boston 80% 8294 FIRE INSURANCE Aetna Fire 55 56% City of New York (new) 25% 27% Federal Ins . 78% 82 Great American Ins 25% 27% Hanover Fire Ins 36% 38% Hanford Fire Ins 78% 80 Home Insurance 33% 35% Ins Cos of N A 69% 71% National Fire 70% 72 % North River Insurance 25 3 s 27% Phoenix Insurance 88% 90% U S Fire 51% 53% Manchester Fire 35% 36% Money and Exchange TREASURY STATEMENT IBy United Press) WASHINGTON. Nov. 4.—Government expenses and receipts for the current flheal year to Nov. 2 as compared with a year ago: This Year. Last Year. Expenses . $2,669,995,498.68 $2,292,093,313 07 Receipts. 1 268.300.642 54 1.221.766 746.00 Deficit . .. 1.401.694.856.14 1.070.331.567.07 Cash bal. . 1.474.421,519.25 1,782.109.071.85 Chicago Grain Futures (Bv James E. Bennett A Cos.) 11:30 Prev. Wheat— High. Low. A. M. close. Dec 98% .97% .97% .98% Mav 97% .97 .97% .97% July 89% .88% .89% .89% Corn— Dec 58% .58% .58% .58 May 59 .58% .58% .58% July 59% .59% .59% .59‘/4 Oats— Dec 26% .26% .26% 26% May 28% .28% .28% .28% RyeDec 50% .50 .50% .50% May 52% .52 .52% .52% LOCAL CASH MARKET City grain elevators are paying 90 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new No. 4 yellow 51 cents and oats 19 cents. TRANSIT REVENUES UP Continued Improvement Shown Over Last Year. By Times Special NEW YORK, Nov. 4.—Transit revenues for the week ended Oct. 26, as reported by a representative group of companies, recorded concontinued improvement over last year, as shown by the Transit Journal Indicator, which stands at 104.48. compared with the corresponding week in 1934. For the Oct. 12 week the Indicator stood at 104.92 Little change in the rate of improvement occurred last week. While the figure was not quite so high as the preceding one. it has been exceeded only twice since the Indicator was established just a year ago. .As before, the gLins were general and were participated in by all but a few scattered properties.

PAGE 11

BUSINESS PACE IN WEEK RISES; INDEX AT67 P. C. Figure Compares With 57.4 This Time Last Year, Review States. Times Special NEW YORK. Nov. 4.—The index of business activity, cojnpiled by the magazine Business Week, rose to 67 per cent last week, compared with 66.8 per cent in the preceding week and 57.4 per cent in the corresponding week last year. Rarely in the last five years have so many favorable factors come to light in a single week, the magazine reported. Electric power production reached anew all-time high, breaking the record established three weeks ago. Steel activity is edging close to 52 per cent of capacity, promising a profitable last quarter to metal working industries. Motor assemblies are being stepped up rapidly to meet public demand after the automobile shows. Railroad buying is coming forward, and carloadings have finally pushed ahead of last year's record. A better margin of profit is likely before the year is over. Check transactions, a sensitive indicator of public and commercial spending, are far above the depressed levels of October, 1934. Construction is also rounding out a good month. Basis Laid Earlier “The firm foundation for this quarter’s business,” Business Week said, “was laid back in the second quarter. Industrial production, aafter reaching the 1935 low in May, when the Federal Reserve Board’s index read 85 per cent of the 19231925 average, climbed steadily upward to 88 per cent in September, even though automobile assemblies struck the year’s low in that month. With steel, motor and tire plants set to expand operations to the close of 1935, the Federal Reserve index should easily reach 90 per cent before the new year begins, maxing the best showing for the quarter in five years. “Accompanying this production record is the equally significant improvement in employment and pay rolls. September marked anew peak in both for the present revival, bringing manufacturing employment back to the November, 1930, level and pay rolls to the best levels since May, 1931. Factory employment and pay rolls have been on the rise since July, employment expanding 5 per cent, pay rolls more than 10 per cept. “Gains in manufacturing industries have contributed most to reducing the volume of unemployment. Omitting consideration of the net increase in new workers, the September unemployment of 7,600,000 was the lowest since August, 1931. But the net increase in the working population, added to the 7,600,000, brings the total unemployed to just less than 9,500,000, the lowest in 14 months, according to records compiled by the Conference Board. Unemployment Halved “Since the March, 2935, peak, unemployment in manufacturing and mechanical industries has been clit in half; that in trade by 38 per cent; in domestic and personal service by 36 per cent; in mining by 21 per cent and in transportation by only 17 per cent. “From farm areas comes the news that September f£rm cash income increased by more than the usual amount over August. With $56,000.000 of benefit payments added to $636,000,000 of income from sale of farm products, cash income reached the high of the year. Estimates for 1935 have been stepped up to $6,800.000, compared with $6,400,000 for 1934.”

BANKS TO WEIGH PUBLIC RELATIONS Series of Meetings Will Feature A. B. A. Convention. By Times Special NEW YORK, Nov. 4.—A special feature of the American Bankers Association convention to be held at New Orleans, Nov. 11-14, will be a series of constructive customer relations conferences which will serve as a clinic for the consideration of experience and practice in this field. Seven developments have occurred during the year in the nation-wide customer relations program of the association, it is stated, which will be discussed for the first time in a national way at the coming convention. Among these subjects are training through American Institute of Banking Chapters of leaders in customer relations conferences for banks, the development of similar programs in connection with universities and state educational departments, the use of vocafilms for visual education in institutional training and co-operation with state associations in spreading constructive customer relations programs. These projects have been tried out in several localities with successful results, it is stated, and will be called to the attention of the bankers at the convention through the clinic meetings, which will be held under the direction of Frank M. Totton, chairman of the public education commission of the association. COPPER IMPORTS DROP Production of 66"0 Tons Reported During September. Times Special NEW YORK. Nov. 4.—lmports of copper by the United States in ore concentrates unrefined, refined ingots and bars, old and scrap, during September totaled 14.343 tons, compared with 21.013 tons in August, a decrease of 6670 tons, the American Bureau of Metal Statistics reported today. However, for the period of January to September, these imports amounted to 195,523 tons, against 152,422 tons in the like 1934 period.

New York Markets Closed Tomorrow All New York security and commodity markets in'll be closed due to it being elect inn day and therefore a legal holiday. Chicago stock and commodity exchanges will all be open.

Busigraphs

FIRE LOSSES IN rut UNITED state* (nat’l BOARD of fire UNDERWRITER j) 40 1 1- — S , / 5 30 * i”slf SPITS i Z / ///& vuurs a\tiace orJv 0 . JLAvia m sth.- A/ S O-N P* FMAMJJAS BARKER C ' P. GENCRAL OtSTB-BjTORS INCOP IRATE D INVESTORS

Fire losses in t.*e first nine months were 11 per cent less than in the 1934 period. In one way this is an indication of better times—for whatever the cause may be, fire losses in the past have run high when business has run low.

HUG PRICES UP 10 TO 15 CENTS Cattle. Lambs Unchanged: Veals Sharply Lower at $10.50 Down. With a moderate supply on hand, the pork market moved 10 to 15 cents higher than Saturday’s average at the Indianapolis Union Stockyards today. Initial trading was fairly active compared with recent sessions. Receipts were estimated at only 4000, while holdovers numbered 89. The moderate increase in values sent the top prices for good and choice grades up to $9.60, the highest point in approximately a week. The general bulk of 160 to 275 pounds cashed in at $9 45 to $9.55, while heavy grades, ranging from 275 pounds and upward, brought $9.10 to $9.40. Medium lightweights, from 120 to 160 pounds, sold at $9.10 to $9.35. Extremely light slaughter pigs sold from $8.55 down. Packing sows held at $8 to $8.75. e Cattle Trading Slow Early trading developed slow in the cattle market and as a result practically all classes remained unchanged, especially slaughter classes. Better grade Sv lers sold at $10.50 to $12.50, while ot.xer classes in small lots held under $9.50. Heifers sold at $5.25 to $7.50, with better kinds eligible from $9 to $10.50. Receipts numbered 1000. With a weak demand prevailing in the veal market prices were largely 50 cents lower than Saturday’s best average. The bulk of good and choice kinds sold at $lO to $10.50. Receipts were 400. A steady trading range ruled In the lamb market and trading was extremely light. The bulk of better grade ewes and wether lambs was salable from $8.75 to $9.50. Bucks again were discounted from 50 cents to sl, while slaughter sheep brought $3 to $5. Receipts numbered 1000.

HOGS Oct. Bulk Top Receipts. 29. $9.55(8 9.65 $9 75 5000 30. 9.50(8 9.60 A 9.65 4500 31. 9 40® 9.50* 9.50 4000 Nov. 1. 9.40(8 9.50 9.50 4000 2. 9 308 9.40 9.45 1200 4. 9.45® 9.55 9.55 4000 Light lights. (140-160) Good and choice $9 108 935 Medium . 8.25® 9.10 Lightweights. (160-180) Good and choice ... 9 408 9 50 Medium .... 8.90 8 9.40 (180-200) Good and choice ... 8 90 8 9 40 Medium 9.45® 9.55 Medium Weiehts. 1200-2201 Good and choice .. 9 508 960 (220-250) Good and choice... 9.45® 9.55 Heavyweights. (250-290i Good and choice .. 9 408 9 50 (290-350) Good and choice... 9.20® 9.40 Packing sows. (275-3501 Good 8.608 8 88 (350-475) Good 8.35 8 8.75 (425-4501 Good B.oo® 850 (275-450) Medium 7.75® 8.35 Slaughter Pigs. (100-140) Good and choice... 8 75 8 9.10 Medium B.oo® 9.00 CATTLE —Receipts, 1000— (500-900) Choice $10.25811 50 Good 8.75811.00 Medium 7.00® 9.09 Common 5 00 8 7.00 (900-1100) Choice 11.25812 25 Good 9 25 811.50 Medium 7.25 8 9,25 Common 5.258 7.25 (1100-1300) Choice 11.75812.75 Good 9.75811.75 Medium 7.258/9 75 <I3OO-1500) Choice 11 75812.75 Good 9.75® 11.75 Heifers (500-750) Choice 9 25810.25 Good 7 758 9 25 Common and medium 4.25® 7 75 (750-900i Good and choice 8 25810 50 Common and medium 4 50® 8.25 Cows Good 5.25 8 6 25 Common and medium 4 258 5 25 Low cutter and cutter 3.008 4 25 Bulls, good 5.50® 6.00 Cutter, com. and med. bulls . 4.00® 5.50 VEALERS —Receipts. 400Good and choice $lO 00810 50 Medium . 8 00810 00 Cull and common 5 00® 8 00 Calves (250-500) Good and choice . 7 008 950 Common and medium 4 00® 700 —Feeder and Stoeker Cattle—-(soo-800) Good and choice . . 6 758 875 Common and medium 4.50 8 6 75 >BOO-1050) Good and choice . . 7.00 8 875 Common and medium 4.50 8 7 00 Good 4 00 8 4 75 Common and medium ? 50® 4 00 SHEEP AND LAMBS —Receipts. 1000— Lambs. 90 lbs. down, good and choice *8.758 9 50 Medium 7.00® 7.75 Ewes. (90-125 Good and choice .. 4.00® 5,00 All weigh i common and medium . 3 508 450 (120-15 C Good and choice 300 ® 400 6 her Livestock (Bv United Press) CHICAG ). Nov. 4 —Hogs—Receipts 14 - 000 including 5000 directs; very slow mostly 5 to 10 cents higlwr than Friday’s average: top $9 50; bulk 180-250 lbs.. $9 39 8950 : 260-300 lbs.. $9 2089 45: better arade. 140-160 ibs.. $8 85® 9 30: best sows. $8 60. Cattle—Receipts. 16,000: calves. 3000: very liberal run zood and choice medium weight and weighty fed stevrs here: early market dull and weak: several loads. sl2 258 12 60: some held around sl3: better action on vearlings and light steers; kinds scaling under 950 lbs. 25 cents higher; all heifers unevenly higher: best. *1150: cows about steady, but slow, sharp reduction in western grass cattle receipts stimulating stoeker and feeder trade which is generally 25 to 40 cents hizher at $8 down: best stock calves. $9 SheepReceipts. 4 000 all classes active; falambs. ( rra; good to choice natives and comebacx lambs *9 50 to mostly *9 75 top $lO on choice n"tirs to small killers: slaughter ewes *3.508 4 85; lew rather plain feeders. *8.85. FT WAYNE Nov. 4—Hogs—lo to 20c higher; 160-180 ibs. *9 30 189-200 lbs *9 20 - 200-220 Ibs 19 10- 220-240 lbs , <9 2)0-280 lbs *8 85 : 280-300 lbs.. $8 75 300350 Ibs $8 55: 140-160 lbs. $9 120-110 lbs.. $8 75 100-120 lb* *8 50 Roughs. *8 stags. *6: calves. $10.50: lambs. 89. LAFAYETTE. Nav. 4.—Hoe market 1525c higher; 200-250 lbs. 89.20®9.30. 250325 lbs.. *989.15: 140-200 lbs.. *9 108920 100-140 lbs.. *8 6088 85: roughs. *8 50 down; calves, *9.50 down; lambs, *8 75 down.

CARBON BLACK FINDS LARGER TRADE OUTLET About 82 Per Cent of It. However, Still Goes Into Rubber Products. Times Special NEW YORK. Nov 4 —The expanding uses and improved coloration effects of carbon black, supplied as an ultra-fine piement powder. exemplify a noteworthy achievement of industrial research conducted largely by Binney <fc Smith, the research and distribution unit of ths Columbian Carbon Cos. Its studies at the Mellon Institute of Industrial Research at Pittsburgh have extended the miscellaneous uses of carbon black into new commercial markets such as the sulphur cements, acetate rayon yarn, rubber wire insulations, radio resistors, drv batteries and many another where it is appreciated more for its strengthening properties than for coloration effects. Currently its usage in molded plastica is a market being aggressively exploited. Previously Was Wasted Carbon black, originally called i carbon smut, is elemental carbon in its purest commercial chemical state. It is not to be confused with lamp black or chimney smoke, which are essentially the carbon soot or smudge off taroiLs. Charcoal and coal are also essentially carbon, but in a less pure and different form. Carbon black is the fine pigment powder ’pulled, out” or “cracked” out of thi flame of burning natural gas from low pressure gas and oil wells, which gases were once wasted. Producel mainly in Texas, the United States enjoys a virtual world monopoly in this very important fine black pigment. Russia, Japan ar.d Rumania produce only small quantities of inferior quality. The growth of the carbon industry thus far has paralleled that of the automobile industry, inasmuch as 82 per cent of production goes into rubber products, primarily auto tires. Until 1912, it was employed for coloration until it was discovered that carbon black has a great strengthening effect on rubber. The typical auto tire contains about four pounds of carbon black and its usage at least triples the life of the tire. However, this is the low-priced product based on heavy output. With 32 per cent of carbon black production going into rubber products. the remaining outlets are ink. to the extent of 10 per cent; paints and lacquers for 5 per cent, and the miscellaneous uses, like paper, typewriter ribbons and so on, for the remaining 3 per cent. It is in expanding the miscellaneous outlets that research results have been conspicuous, although the new markets are too recent to account for much volume. Production Quadrupled In the last 12 years production of carbon black has quadrupled. The indicated production for 1935 is 310,000,000 pounds. The record year was 1933, when output approximated 360,000.000 pounds. The high quality, ultra fine carbon black is going more and more into lacquers, paints, inks and paper as a black pigment, with one notable research achievement being the development of an automobile lacquer of extreme blackness and superior weather resisting virtues. Paint and ink oils also are being worked on by the researchers. Usage of emulsified carbon black in concrete highways to cut down the glare is a growing market. The Japanese have been importing much of the finely ground quality powder to give their ebony teakwood furniture a superior black gloss.

BIG ADVERTISERS AIM TO EXPAND ’36 SPACE Survey Shows 71 Per Cent Hav Added to Funds. Timet Special NEW YORK, Nov. 4.—A survey by the magazine Sales Management, released today, disclosed that 71 per cent of a selected group of the largest general and automotive newspaper advertisers will increase advertising appropriations in 1933 over 1935. Through an independent research, organization the magazine some 250 leading companies; “From present indications will your appropriation for 1936 be larger or smaller than 1935?” A response was received from about 100 companies, it was stated, and of these some 10 per cent did not give a direct answer, but of those remaining 71 per cent said next year's advertising appropriations would be larger, 4 per cent said smaller and 25 per cent declared spending would be about the same next year as during 1935. COLLECTIONS hTgHER Store Accounts Paid at Faster Rate During September. Times Special WASHINGTON, Nov. 4—Opencredit accounts receivable of department stores were paid at a higher rate in September. 1935. than in September. 1934, while there was a slight decline from August to September of this year, according to the Department of Commerce. Collection figures were 40.6 per cent for September. 41.1 per cent for August and 39 per cent for September. 1934. Payments on installment-credit accounts receivable were made at a higher rate in September than in September of last year, with a slight decrease as compared with August of this year. The collection percentages on these accounts wer 16.2 for September. 16 3 for August and 15 6 for September. 1934. LOANS REPAIRS | AND NEW HOME BUILDING See Your Local Building and Ix>an Assns.