Indianapolis Times, Volume 47, Number 205, Indianapolis, Marion County, 5 November 1935 — Page 13

Trends Capital Goods Industry Lags Behind. BY JOHN T. FLYNN Tlmti Sperll Writer

NEW YOKE. Nov. 5 Despite the upsurge In market operations, the rising tile of bank reserves—now at record levels—the rosy prophecies of coming profits, that capital goods industry we have heard about until many must be weary of the name, refuses to Join In the procession. Some confusion arises out of mis-

naming the capital goods industries by the title, durable goods industries. Durable goods are not necessarily capital goods, still further is it wrong to speak of heavy industries as synonymous with capital goods industries. A watch is a durable goods.

John Flynn

So is a dinner coat. Many men have bought several new cars since their last dinner coat. A car, however, is also a durable goods. Furniture, dishes, carpets—all these belong to the durable goods industries. But they are essentially consumers’ goods. And they are all bought either for cash or on very short-term credit. u tt tt THE important characteristic to look for the kind of industries whose revival we seek is that its products are the subject of purchase and long-term credits—houses, roads, public buildings, locomotives, railroad equipment, great dynamos, etc. For this reason one of the goods indices to the capital goods industries is the amount of new capital issues put out by corporations. But for the same reason the only ones which are important are those brought out to raise new capital to be used on plant expansion or construction or the installation of new machinery. Perhaps new working capital might be included, but this is doubtful. With this in mind, we can appraise the volume of the new capital issues in the quarter closed Sept. 30. The total was impressive—sl.loo,ooo,oo0 —or more than in the two preceding quarters put together. a a a IUT precious little of it was for new capital. Look at the figures nich reveal the uses to which the new stocks and bonds registered with the SEC are to be put: Not to be sold . $ 155,907,765 To buy real estate 252,710 To buytold securities.. 73,102,622 To retire preferred stock 37,164,315 To pay old bonds, debts 769,309,854 Organizing expenses.. 1,242,988 Selling costs 34,313,026 Total $1,041,793,280 This leaves only $62,617,893 which might have made its way into the capital goods industries. But, of course, this is too much to hope for. Most of it was for working capital. And we can not know how much of these securities will ever be actually sosd. We are indebted to the SEC for the monthly compilation of these figures—the first that have ever given us any inkling of what security issues were really destined for. (Copyright, 1935, NEA Service, Inc.)

BUSINESS RECOVERY IS UNDER WAY IN AUSTRIA Froduction Index Rises Sharply in Last Three Tears. Times Special NEW YORK. Nov. s.—Although among the first of the various European countries most seriously affected by the general economic depression, Austria has emerged out of the depression levels and today is on the road toward a fair recovery, according to a report of the Alexander Hamilton Institute. In 1931 the banking system of the country practically collapsed and had to be completely reorganized During the next two years trade was stagnant and unemployment increased. The extent of recovery in Austria is shown in the index of production which rose from 79 in 1932 to 97 in July, 1935. The total number of unemployed declined from over 400.000 at the end of February, 1933, to 209,000 at the end of August, the reoprt stated. STANDARD OIL DIVIDEND By United Tress CHICAGO, Nov. s.— The board of directors of the Standard Oil Com-{ pany of Indiana today voted a dividend of 25 cents a share on the capit?.! stock outstanding, payable Dec. 16 to stockholders of record at the close of business Nov. 15. On Commission Row Quotations below subject to change are average wholesale prices being offered to buvers bv local commission dealers: Fruit—Cranberries, early blacks. 25-lb. box $3 90 Pears—Michigan Bartletts. bushel. *2 25: Avocados, Florida, box $2 25. CantJfloupe—California Honey Dews. $2 50; Casabas $2 25. Persians. $2 50 Bananas —7 hands, a pound, s'aC. Grapes—Michigan. 12-at. basket. 35c. Persimmons—lndiana. 12-pt case. sl. Apples—lndiana Jonathans. 61.15® 1.25. Summer Rambos. sl. Delicious. $1 25 ff 1,50. Wealthys. $1: Grimes Golden $1.15. Lemons—Sunkist. 380s. $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.. 60c. Cauliower—New York, crate. $1 50. Long Island, large crate. $1 85 Celery—Michigan, washed and trimmed, extra large. 85c; lumbo, doz., 45c Cucumbers—Hothouse. 2 doz. box. $2 35 Kale- Home grown, bu.. 50c. Lettuce - Iceberg California, best. $4.50; home grown leaf 15-lb basket. $1 10. Endive— Ohio, basket. sc. Mangoes—California grown, crate. $3 25; small basket. 40c. Mint - Doz.. 50c Mustard—Home grown, bu., 50c. Onions—lndiana yellow, 50-lb. bag, 90c; Indiana white 50-lb. bag. $1; Western Spanish. 50-lb bag. *1 40 Parsley—Home grown, doz . 35c. Peas—Telephone, hampers. $3. Potatoes—Round Cobblers. 100lb bag $1 50 Michigan Round White. 100lb bag. $1 30. Early Ohios. bu., $145: Idaho Russets, $2 10. Sweet potatoes—lndiana. Jerseys, bus $l5O Radishes—Ohio, buttons, doz. baskets, 45c. Sage—Doz. 45c Spinach- New Zealand, bu.. 65c. Squash-3u.. $115111.25 Turnips—New bu . 90c; bunch, doz.. 25c. Tomatoes— California, repacked. 10-lb. carton. $1,15. Produce Markets Tht prices quoted below are paid for stock gathered in the country, while delivered in Indianapolis the price will be I cent higher: Heavy breed hens. I7c; Leghorn breed hens. 12c : springers, over 4'-j lbs . I7e: under 4% lbs.. 16c; old cocks. 9c: lejhorn broilers 1% lbs and up. 12c: L*fciiorn springers, 12c; ducks, white. 4 lbs end up 8c; geese, full feathered and fat, 4c; old guineas. 15c; voung guineas. 11* Iha. up. 25c: No. 1 strictly fresh eggs, loss of 25c; pullet eggs. 18c. Each fu” esse must weigh 55 lbs. gross, a deduction of 10c a pound under 55 lbs will be made. Butter. No. 1. 31%®33%e: kuiterfat. No. 1,26 c, No, 2,24 c, Quoted

CHINA LEAVES SILVER MONEY; ISSUESNOTES Managed Currency Will Be Used as Full Legal Tender. By United Press SHANGHAI. Nov. s.—China has abandoned the silver standard and substituted a managed currency for silver as full legal tender. The method of leaving the silver basis closely paralleled that followed by the United States in abandoning the gold standard—nationalization of the metal on which the nation's currency was based. Silver, like gold in America, no longer will circulate. Announcement of the nationalization of silver, effective at once, was made by the finance ministry. The announcement said that the note issues of the governmentowned Central Bank of China, the Bank of Communications and the Bank of China would be unified and would henceworth serve as full legal tender. Notes issued by all other banks will gradually be withdrawn from circulation. Metal Will Be Exchanged for Notes Holders of silver will be required to exchange the metal for notes of the three banks W'hich were vested with the right to issue currency by the finance ministry’s order. It was officially announced that the government banks will buy and sell foreign exchange in unlimited quantities for the purpose of maintaining the present exchange value of the Chinese dollar. “The government is determined to avoid inflation,” the statement said. “It will ieke energetic measures to deal with speculation.” The Central Bantc of China will be reorganized, the finance ministry announced, as a central reserve bank, owned principally by banks and the general public. Its chief function will be to maintain stability of the national currency. After two years it will enjoy the sole right to issue paper money.

AUTO COMPANY AIDS WORKERS $60,000,000 Fund Set Aside to Stabilize Employment Throughout Year. Times Special NEW YORK, Nov. 5.—A $60,000,000 fund has been set aside by the General Motors Corp. for use in an experimental effort to stabilize employment and to make possible increased annual earnings for automobile workers, according to an announcement made by Alfred P. Sloan Jr., president. The fund will be devoted chiefly to building up inventories largely of component parts, so that the rate of factory operations can be maintained steadily throughout the year. Investments have been made in warehouses for the storage of such parts. Working schedules will be adjusted as far as possible in an attempt to give the greatest regularity of employment to the maximum number of workers. Earlier introduction of new cars, it is hoped, will provide substantially more employes with more regular work and higher annual earnings than would be possible otherwise. The employment stabilization fund represents an effort entirely apart from the $50,000,000 program of plant expansion announced last July.

Busigraphs

CIGARETTES SMOKED (bureau of internal revenue) 15-j j I*ll 'T V/ // v/// line is the past^ J '/ Y/Y/ V VLTEN years average cry. £ Y/ Y/ y/y. same months /Ly THE BARKER COUP. GENERAL DISTRIBUTORS INCORPORATED INVESTORS More cigarets were smoked in September than in any September in the history of the industry Furthermore, cigaret consumption in the first nine months of this year was 5 per cent ahead of the corresponding month of 1934, and exceeded by 25 per cent the past 10-year-average for the period.

CORPORATE PROFITS UP SHARPLY OVER 1934 Earnings for First Nine Months Show Gain of 18.1 Per Cent. Times Special BOSTON. Nov. 5.—A study of earning reports for the third quarter and the first nine months of this year made by the United Business Service reveals that corporate profits are running considerably above 1934. Statements of 224 representative companies show combined net profits, less deficits, of over $202,000,000 in the third quarter, compared with $142,000,000 in the same period in 1934, an increase of 41.9 per cent. Earnings for the nine months were 18.1 per cent above the level for the corresponding period last year. In all but four of the 25 industries analyzed, aggregate profits for ihe third quarter were above 1934. SEES BUSINESS UPTURN Times Special SAN FRANCISCO Nov. s—Relieved of uncertainty, business is on the uptrend and there is a • unanimity of better feeling" throughout the nation, A. D. McDonald, president of the Southern Pacific Cos., declared today.

Abreast of • The Times on Finance

WEEKLY INDEX OF BUSINESS TREND Prepared by Administrative and Reiearch Corporation, New York. 1926 = lOC 100 r"iij)ii rrm'-r timi ii ii iiii in | httt m n i ii T i iI i 100 ■ i 1, 60 t 4 90 1934 7 *j 80 \ ~ * BO jp 1 60 / ' \ j * 60 5o 50 'ftO ! ■ ‘ 11 1 11 1 J 11 ] 11 1 11 1 1 11 1 11 1 1 11 : 11 ! !1 1 1 11 1 40 JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC •• ** * V * V

Business is running substantially ahead of seasonal expectations, according to the Administrative and Research Corp. Weekly Index of Business Trend. For the week ended Oct. 26 the index rose to 93.2, as against 85.8 for the week and 66.7 for the corresponding week last year. Automobile asesmblies remained the brightest 6pot in the picture. Domestic cotton takings and steel operations were up markedly, while electric production climbed to the highest level in its history. Gains in building contracts and petroleum output contributed to the upward trend, offsetting the decreases during the week in bituminious coal production and in member bank loans and discounts.

Banking, Speaker Raps Apparent Stabilization Money Pegging Without Revival of International Trade Shows Lack of Confidence, Trade Barriers, He Says. Times Special URBANA, 111., Nov. s—The present apparent stabilization of the dollar and the pound may prove to be the perfect “fool’s paradise,” Prof. Ivan Wright, banking authority of the University of Illinois faculty, said here yesterday before the Conference on Banking. The conference, which is meeting today and tomorrow, is being sponsored by the Univer-

sity College of Commerce. Stabilisation without the revival of international trade and finance indicates the lack of confidence and insurmountable trade barriers, Dr. Wright pointed out. The present stabilization is strained and unnatural, he said. “If the pound-dollar stabilization was economically sound trade would increase between these two countries as trade increased when stabilization took place after the World War,” said the speaker. Silver Added to Metallic Base “When, as and if economic and financial conditions do right themselves for stabilization of the currencies with confidence the dangers of unprecedented credit expansion and rising prices in terms of American dollars will probably be uncontrollable. The world's present gold base in terms of the present American dollar is 229 per cent of the gold base of 1925. In addition we have added silver to the metallic base and many countries have reduced the gold reserve requirements of their central banks. Under these conditions the investor and the wage-earner face unprecedented loss of purenas-. ing power, he said. “It is generally believed that the present stability of the pound and the dollar is artificial and the result of a management through the stabilization funds of the two respective countries. If other countries resort to currency depreciation can the United States hold out against it? he asked.

French Experiencing Deflation “We could and It would seem the wise thing to do, but we would probably face a long period of deflation similar to that which France is now experiencing. Such hardship in the long run, however, w-ould ptove far more profitable than the insanity of kidding ourselves into calling a dime a dollar,” he said. “Managed stabilization without the revival of international trade and a free gold market w T ill create a false confidence in the soundness of monetary conditions in countries with stable currencies. On such a foundation unwarra ted credit expansion can take place in countries with excess gold supplies. A good example of such unsound expansion is found in the United States, where the . nprecedented increase in bank deposits is accounted for by the increase in the government debts. World Gold Has Increased 129% The fact that we have vast excess gold reserves makes this increase in government debt and bank ; deposits seem safe to many. If this increase in bank deposits should result in an orgy of speculation and capital investments it would be followed by the inevitable bankruptcies and reorganzations. Upon examination we find that in terms of the present American dollar the world's gold supply has increased 129 per cent since 1925. ! The year 1925 is selected for com- ! parison because it was in that year | that England returned to the gold standard after the World War. The actual increase in gold supply is only 26.75 per cent. But the devaluation of the currency has inflated the gold supply in terms of monetary units until the present gold held by central banks of 50 countries is 229 per cent of the gold held in 1925. SEC STUDIES PROPOSAL North American Cos. Seeks Authority to Set Up Deposit Trust. By United Press WASHINGTON. Nov. s.—Securities and Exchange Commission officials today were examining the application of the North American Cos. for permission to divest itself of holdings in District of Columbia public utilities! North American filed an applicafion to be allowed to set up a deposit trust whereby it would sell participating shares' in the stock which it now holds of the Washington Railway and Electric Cos. LOCAL CASH MARKET City gr.n elvt°t* paying 90 cents for No. 2 soft trneas. Other graces on their roeri's. Cash corn new No. 4 yellow 51 etnu tad eats 18 cents.

INDIANAPOLIS, TUESDAY, NOVEMBER 5,1935

EXCHANGES CLOSED Today being a legal holiday in New York on account of elections all security and commodity markets are closed. Chicago stock and commodity exchanges are open.

BANK RESERVES NOW PAST FIVE BILLIONS Huge Gain Caused by Many Contributory Factors. Times Special NEW YORK, Nov. s.—The gain in bank reserves since the low for the depression has been at an unparalleled rate, according to the Alexander Hamilton Institute. From July 1932 to the middle of the following year, the increase w r as $213,000,000. In the next twelve months, reserves rose $1,707,000,000 and another $1,000,000,000 was added between July 1934 and the middle of this year. Total reserves have now passed the $5,000,000,000 mark. The process has been fostered by a number of factors. The large expenditures of the Government have been one influence. There has, moreover, been a marked inward movement of gold contributory to this end. During the first eight months of the current year net imports were in excess of $860,000,000. During the past two years there has been witnessed not only a return of domestic capital from abroad but some attraction of foreign capital. The great volume of these excess reserves has given rise to innumerable speculations upon the extent of a credit inflation which might be brought about. Now such an inflation would mean that the reserves were put to more profitable employment —which raises the question as to why they have not been employed hitherto instead of being rather steadily augmented. Turning to the avenues of outlet for bank funds some restrictions and barriers are apparent. In the matter of investments there is the exceedingly low going rate of return resulting from the high price area reached by the general bond market. But apart from the matter of yield there is an obvious objection to an increased use of funds in investments. The trend of commercial loans attests the dormant state of the need of business as a whole for credit; the rate of return on investments and, more influential, the exceedingly high ratio of these assets to the loan and investment total, about sufficiently for the growth of the excess reserve total while the factors tending to swell total reserves have been operative.

FT. WAYNE DAIRYMEN FORM CO-OPERATIVE New Plan Started to Help Prices and Stabilize Market. By United Press FT. WAYNE. Ind., Nov. s.—Dairyfarmers in the Ft. Wayne area today announced anew- plan for milk merchandising which they hope will bring better prices and a more stable market. Under the set-up, all milk is to be sold to dealers by the Wayne Cooperative Milk Producers’ Association, a farmers’ organization, and direct sales from farm to dealer are to be eliminated. Louis Houk, secretary-manager of the co-operative, states that two dairies here already have agreed to take their entire supply from the association and that 10 others are buying a part of their supply under the new plan. PROFITS SHOW INCREASE Times Special NEW YORK, Nov. s.—Fifteen of the leading automobile accessory manufacturers report an increase of approximately 49 per cent in profits during the first half of 1935 over the same period of 1934. Poor’s Publishing Cos. announced today.

CANADA-U. S. DUTIES TO BE REVISED SOON Reductions to Be Sought With New Regime in Saddle. By Scripps-Hoicard Xeiespaper AUiar.ee WASHINGTON, Nov. s.—Renewed and accelerated tariff negotiations with Canada are expected to start as soon as anew minister to Washington is appointed by the new Ottawa government. Drastic reductions in duties over a wide field of commodities dealt with between this country and her one-time leading customer are predicted. The new Mackenzie King government is committed to a low-tariff policy. Negotiations, started formally last January, had progressed almost to the stage of a trade agreement when Canada's election came along last month and suspended action. The Dennett government was turned out and Minister Herridge resigned. His successor’s first job will be to resume the negotiating task in an effort to restore at least part of the international trade of the boom days. Canada Is Big Customer Canada, which buys more United States goods than all of South America, bought $948,000,000 worth from us in 1929, but only $211,000,000 in 1933. The United States imported $503,000,000 from Canada in 1929 and $185,000,000 in 1933. Fields where Canada could grant tariff concessions to help United States wage earners and producers include: Electrical, industrial and agricultural machinery, iu which Canada’s purchases here dropped from $144,000,000 in 192 J to $15,000,000 in 1933; iron anc. steel mill products, which slumped from $73,000,000 to $6,000,000; automobiles, from $103,000,000 to $14,000,000, and petroleum, gasoline, copper and its manufactures, cotton and oranges, all of which tell similar stories. Canadian “empire preference” on tariffs is held partly responsible for the precipitate slump in our shipments to Canada, just as our Haw-ley-Smoot tariff of 1930 is blamed for the slump in Canada’s shipments to this country. Reduction Will Help Trade Any reciprocal reductions would of course reduce our trade barriers of the Hawley-Smoot type. To improve the volume of United States purchases from Canada they would have to affect agricultural and animal products, including furs, lumber and dairy products primarily. Some of the most serious decreases in Canadian exports to this country are: Woodpulp and newsprint, from $183,000,000 in 1929 to $84,000,000 in 1933; lumber and its manufactures, from $31,000,000 to $2,000,000; meat and dairy products, from $16,000,000 to $1,000,000 and furs, from $16,000,000 to $3,000,000.

ENGINEERING AWARDS HIGHEST SINCE 1931 Total Construction During Week Amounts to $58,970,000. Times Special NEW YORK, Nov. s.—The volume of engineering construction reached its highest point for any week since October, 1931, last week with a total value of $58,980,000, With a significant improvement in industrial building activity, the Engineering News-Record announced today. The average weekly expenditure for October reached nearly $39,000,000, against an average of $27,000,000 a week for the year to date. “This remarkable acceleration,” the report stated, “is traced to Che going into action or the big relief-works fund, in part, and also to a marked revival of private construction.” Including only 25 per cent of the funds of the Works Progress Administration, “so that the relation of financing to actual construction will be represented in proper proportion,” the report said, that the overall picture of new capital for construction, including Federal and non-Federal money, shows a total of $2,400,000,000, compared with $1,160.000.000 a year ago, an increase of 104 per cent. MONEY IS BEING REPAID R. F. C. Head Reports That 54 Per Cent Has Been Returned. Bp United Press WASHINGTON. Nov. s—Borrowers have repaid $3,076,847,659 or 54 per cent of the $5,693,931,729 of the funds they received from the reconstruction Finance Corp., according to Chairman Jesse Jones. Total authorizations up to Oct. 31 were $10,281,361,454 but $907,871,734 of this sum was cancelled and $987,865,593 remains available to borrowers. More than a billion dollars was advanced directly to the states. Chicago Stocks (By Abbott. Proctor & Paine! 11:30 Prev. A. M Close. BerghofT 4% 4% EJdtler 7% 7% Chicago Corp 4% 4 3 . Chicago Corp pfd 46% 48 Cities Service 2% 2% Com & Edison 97 97 Cord Corp 4% 4% Crane .. 21 3 4 21 3 4 Elec House IS 1 ? 18’ 4 Gen House 4 % 4% Grt Lakes 28% 27% Iron Firemen 25% 25% Libby 8". 8 Swift 19% 19' 4 Zenith 12% 11% Chicago Grain Futures (Bv James E. Bennett & Cos.) 11:30 Prev. Wheat— High. Low. A. M. Close. Dec 98 .96% .97 1 4 .99 ! May 97 96% ,96 3 4 .97% July 89 1 4 .88% .89 .89% Corn— Dec 58% .58 .58% .58 ! 4 May 59% .58 ! 2 .59 .58 3 4 July | .60Va ,59 3 4 .60% .60 Oats— Dec 26 3 4 .26% .26% .26 3 4 May 28% .28H .28% ,28 s . July 28 s . .28-% .28% .28% RyeDec! 49% .48% .49 .49% May 51% .51% .51% .52% July .51% .51% J> 1% .52

PAGE 13

Business Losses Reduced During ’33, Figures Show; New Gains Are Expected $4,480,600,000 Loss in 1933 Compared to $8,000,977,000 in 1932 Revealed in Tax Reports; 4-Year Loss Put at $25,000,000,000. BY RICHARD L. GRIDLEY United Press Staff Correspondent WASHINGTON. Nov. s.—American business cut its losses almost in half during 1933, figures compiled by the Treasury Department revealed today. Income tax returns of the 446,842 organizations reporting in that, year showed an aggregate loss to business of $4,480,600,000 after dividend and tax payments, compared with the record breaking deficit of $8,000,977,000 in 1932, the bottom depression year.

Ability of business to start its climb out of “the red’’ during 1933 was regarded as highly encouraging by Administration officials. They said the 1934 and 1935 reports to be made public later are expected to show further improvement. The 1933 income tax returns showed that business took in gross receipts of $84,234,006,000. Its cost of operation, however, was $85,164.079,000, leaving a loss of $930,073,000. This was swelled to $4,480,600,000 after dividend payments of $3,127,459,000 and tax payments of $423,068,000. In 1932, on a slightly smaller gross business of $81,637,987,000, a loss of $8,000,977,000 was suffered after dividend payments of $3,885,601,000 and tax payments of $236,034.099. The 1933 business loss showed a total deficit in the four years beginning with 1930 of nearly $25,000,000,000. This drain on corporation resources depleted their combined surplus to $36,079,525,000 by the end of 1932. Heavy drafts on surplus were made to pay dividends, meet taxes and to absorb losses.

AUBURN PROPOSES TO ISSUE 3-YEAR NOTES Automobile Firm Asks Approval of SEC for Listing. Times Special AUBURN, Ind., Nov. s.—The Auburn Automobile Cos. has asked approval of the Securities and Exchange Commission of an issue of $2,809,125 in notes carrying 4 3 i per cent interest to be offered stockholders, it was announced today. The notes are to be issued for a term of three years and will be convertible into Auburn stock at SSO a share. The Cord Corp., largest holder of Auburn stock, already has agreed to take its percentage of the notes represented by its holding in Auburn and also has agreed to underwrite the entire issue. Present capitalization of the Auburn Cos. consists of 224,729 shares of capital stock, it was stated. The company has no funded debt nor preferred stock outstanding. COMMODITY PRICES DIP Decrease of 0.5 Per Cent Reported For Week Ended Oct. 26. Times Special WASHINGTON, Nov. s.—Wholesale commodity prices during the week ended Oct. 26 showed a decline of 0.5 per cent, compared with the preceding week, according to a report released today by the United State Department of Labor. The decrease brings the commodity index to 80.3 per cent of tha 1926 average. This is 5.4 per cent above the corresponding week a year ago, and 34.7 per cent above the depression low point, the report stated. REPORTS BUSINESS GAIN Bp Times Special EL WOOD, Ind., Nov. s.—Postoffice officials announced today that business here has steadily increased during the last six years. Current receipts were reported at $3,794.79, the largest since April, 1929. with the exception of the Christmas months. Local Livestock HOGS Oct. Bulk. Top Receipts. 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 2. 9.30® 9.40 9.45 1200 4. 9 45® 9.55 9 55 4000 5. 9.35@ 9.45 9.50 4000 Light lights. ■ 140-160) Good and choice $9 00® 9.25 Medium 8.25® 9.00 Lightweights. 1 160-1801 Good and choice 9 25® 9.40 Medium 8.75® 9.25 'l3O-2001 Good and choice... 9 35® 9.45 Medium 8.85® 9.35 Medium Weights. i2OO-220i Good and choice... 9.40® 9.45 (220-2501 Good and choice... 9 35® 9.45 Heavyweights. 1250-2901 Good and choice.... 9 30® 9.40 (290-3501 Good and choice.... 9.10® 9.30 Packine sows. (275-350) Good 8 50® 8.75 .350-475) Good 8 35® 8.65 (425-450) Good B.oo® 8.50 (275-4501 Medium 7.75® 8.25 Slauehter Pigs. (100-140) Good and choioe... 8 75® 9 00 Medium B.oo® 8.85 CATTLE —Receipts, 2000— (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 (1300-1500) Choice 11.75312.75 Good 9.75311.75 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 Bulls, good 5.50® 6 00 Cutter, com. and med. bulls... 4.00® 5.50 VEALERS —Receipts, 500— Good and choice $1100®11.50 Medium . 9.00®11.00 Cull and common 6 00® 9.00 Calves '250-500) Good and choice... 7.00® 950 Common and medium 4.00® 7.00 —Feeder and Stocker Cattle—-'soo-800) Good and choice ... 6 75® 875 Common and medium 4 50® 6.75 'BOO-1050) Good and choice ... 700 ® 8.75 Common and medium 4 50® 7 00 Good 4 00 ® 4.75 Common and medium 3.50® 4.00 SHEEP AND LAMBS —Receipt*. 1500Lambs. 90 lbs. down, good and choice $9 00310.00 Medium 7.253 9 90 Ewes. i (90-125) Good and choice... 4.003 5.00 All weights, common and medium A 3.509 4.50 .(120-ISOJ Good and choice... 3.003 4.00

New Bureau Established A new bureau to trace stolen securities has been established in Xnv York by the Commercial Crime Commission. It will function as 'a central registration bureau for all stolen stocks and bonds.

ELECTED CHAIRMAN

■■■m Wmmtmy • -v-:

Ken R. Dyke

At their convention in Atlantic City, the Association of National Advertisers elected Ken R. Dyke, general advertising manager of the Colgate-Palmolive-Peet Company, chairman of the board.

SWINE VALUES DROPJOCENTS Cattle Market Unchanged; Veals Sharply Higher at $11.50 Down. A weak undertone developed in the pork market in early trading at the Indianapolis Union Stockyards today and as a result prices were generally 10 cents lower than yesterday’s strong average. Despite a liberal supply on hand which was estimated at 4000. only 93 hogs were held over for tomorrow’s market. Today’s slight drop in prices, however, came in face of a fairly strong demand prevailing in practically all classes. The top price paid for better grades held at $9.50. The general bulk of 160 to 275 pounds, cashed in at $9.35 to $9.45, while heavyweights, scaling from ! 275 pounds and upward, brought $9 to $9.30. In the lightweight division, hogs weighing 120 to 160 pounds, sold at $9 to $9.25. Extremely light slaughter pigs ranged ( from $8.75 downward. Packing sows brought $8 to $8.75. Trading was active in the cattle market, especially in slaughter steers, and prices were mostly steady. The bulk of better grade steers sold at $10.50 to $12.25, some were slightly higher. Cleaner grades brought $6.50 to $9.50. Good and choice heifers held at $10.75, w'ith the bulk under $9. Beef cows ranged from $4.50 to $6. Receipts numbered 2000. Light receipts and a strong demand were mostly responsible for a $1 advance in the veal market. The bulk of good and choice grades sold at sll to $11.50. Receipts were estimated at only 500. A strong undertone developed in the lamb market and prices were 25 cents or more higher than yesterday’s close. The bulk of better grade ewe and wether classes sold at $? to $9.75. Bucks were discounted from 50 cents to sl, with a few selling at $lO. Slaughter sheep held at $3 to $5. Receipts numbered 1500. FOREIGN BONDS RISE Times Special NEW YORK. Nov. s.—Fifty representative foreign bonds rose 1.15 per cent during October, according to a report made today by the Foreign Bond Associates, Inc. The index of j these issues appreciated from 56.53 on Sept. 30 to 57.18 on Oct. 31. Grcensburg Man Joins Journal Times Special BATES VILLE, Ind., Nov. 5. Kenneth Kramer, former Greensburg newspaper man, has been added to the Washington staff of the Wall Street Journal, according to word received here. He is a son cf Mr. and Mrs. H. H. Kramer.

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

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FRUEHAUFCASE TO BE TRIED BY LABORJOARD First Auto Industry Case Is Second Test of Wagner Act in Court. BY HERBERT LITTLE Timm Sprrial Writer WASHINGTON. Nov. s.—The | three members of the National Labor Relations Board will convene tomorrow in Detroit to take evidence and pass judgment on the board's first automobile case. By deciding to take original jurisdiction instead of letting a recuonnl director hear the Fruehauf Trailer Cos. case, the board has picked the automobile industry’ for the second leading test of the Wagner labor act in the courts. Similar procedure was followed in the Greyhound bus case in Pittsburgh. which will be ready for the board’s decision on Nov. 15, the deadline for filing of briefs. 11 Cases Pending The 11 other pending cases, and most of the cases in preparation, will come up to the board on appeal from regional board ruling. In Detroit the board is moving into one of the most difficult situations it will have to face, for this is a leading mass-production industry and a stronghold of company unionism. Furthermore, the A. F. of L. has selected the industry for a recruiting drive, and has chartered an international self-gov-erning union for the industry. Three independent non-A. F. of L. unions have joined forces to compete with the federation. The Fruehauf Cos., leading tractor and carryall producers in the country. employs about 600 in its Detroit plant. The board's complaint mentions the firm's branch offices in leading cities, to show interstate commerce justifying federal action. Discrimination Charged Two complaints have been issued. The first charged discriminatory disenarge of six members of an A. F. of L. union, from July 5 to July 15. The Wagner Act was signed July 5. Violations of two of its unfair practice provisions, forbidding interference with employes’ rights to join labor organizations and discrimination against employes because of union affiliations, were charged by the board after investigation. The second case made similar charges in connection with the discharge on Oct. 10 of J. L. Peterson, a sub-foreman who had been in the company’s employe more than eight years. The board has consolidated the two cases for hearing. CORN CROP PLACED AT 2,220,000,000 BUSHELS Exjwrls Estimate Yield for 1935 at 23.6 Bushels an Acre. By United Press CHICAGO. Nov. 5.—A corn crop of 2.220,003,000 bushels for 1935 was estimated today by leading private crop experts. The estimate, which was an average of predictions by five veteran crop observers, was approximately 7.000,000 bushels above the October estimates by the Department of Agriculture and 17,000,000 bushels under the estimates of the same private experts a month ago. Th<? average com production for the last five years was 2,562,000,000 bushels. Nat C. Murray, one of the experts who aided in computing the probable corn production, said that the corn yield per acre averaged 23.6 bushels, and that the damage by frost this year was 9.4 per cent as compared with 1.9 per cent last year. FACTORY PAY ROLLS UP By Times Special NEW YORK, Nov. s.—Factory pay rolls in September, rising to a new peak ior the recovery, reached the highest level since May, 1931, according to the Alexander Hamilton Institute. The index for the month stood at 72.1, an increase of 3.6 per cent over the previous month. PROPERTY LOANS GAIN Bjf Times Special PHILADELPHIA, Nov. s.—The ex tent to which city and farm real estate mortgages are regaining favor as an investment medium is shown by the marked increase in the flow of life insurance funds into these loans, William H. Mingsley. vice president of the Penn Mutual Life Insurance Cos., declared today.

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